UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C.  20549

** **

**FORM 10-Q**

(Mark one)

**[X] QUARTERLY REPORTPURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

 

For the quarterly periodended **June 30, 2012**

or

**[ ] TRANSITION REPORTPURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

 

For the transition periodfrom _______________ to _______________________

 

Commission File Numbers: 000-10972

 

First Farmers and MerchantsCorporation

(Exact name of registrant as specified in its charter)

 

| Tennessee                                                                                               | 62-1148660                                |
|-------------------------------------------------------------------------------------------------------------------|-------------------------------------------|
| (State or otherjurisdiction of incorporation or organization)                                                |  (I.R.S.Employer Identification No.) |
|                                                                                                              |                                      |
|                 816 SouthGarden Street |                                      |
|                 Columbia, Tennessee    | 38402-1148                                |
| (Address of principalexecutive offices)                                                                 |  (Zip		Code)                         |

 

931-388-3145

(Registrant’s telephone number, including area code)

 

 

(Former name, former address and former fiscal year,if changed since last report)

             

Indicateby check mark whether the registrant (1) has filed all reports required to befiled by Section 13 or 15(d) of the Securities Exchange Act of 1934 during thepreceding 12 months (or for such shorter period that the registrant wasrequired to file such reports), and (2) has been subject to such filingrequirements for the past 90 days.               [X]Yes           [  ] No

 

Indicateby check mark whether the registrant has submitted electronically and posted onits corporate Web site, if any, every Interactive Data File required to besubmitted and posted pursuant to Rule 405 of Regulation S-T during thepreceding 12 months (or for such shorter period that the registrant wasrequired to submit and post such files).  [X]Yes  [  ] No

Indicate by check mark whether the registrant is alarge accelerated filer, an accelerated filer, a non-accelerated filer, or asmaller reporting company.  See definitions of “large accelerated filer,”“accelerated filer” and “smaller reporting company” in Rule 12b-2 of theExchange Act.

| Large accelerated filer [    ]                                                                           | Accelerated filer [ X ]                         |
|------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------|
| Non-accelerated filer [    ] (Do not check if a smaller reportingcompany)       | Smaller reporting company [    ] |

    

 

Indicate by check markwhether the registrant is a shell company (as defined in Rule 12b-2 of theAct). [ ] Yes [X] No

 

As of August 6, 2012, the registrant had 5,330,000shares of common stock outstanding.

 

 

 

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** **

**PART I - FINANCIAL INFORMATIO**N

 

 

**Item 1. FinancialStatements.**

 

 

Thefollowing unaudited condensed consolidated financial statements of theRegistrant and its subsidiaries are included in this Report:

 

Condensedconsolidated balance sheets – June 30, 2012 and December 31, 2011.

 

Condensedconsolidated statements of income - For the three months and six months endedJune 30, 2012 and June 30, 2011.

 

Condensedconsolidated statements of comprehensive income - For the three months and six months ended June30, 2012 and June 30, 2011.

 

Condensedconsolidated statements of cash flows - For the six months ended June 30, 2012and June 30, 2011.

 

Selectednotes to condensed consolidated financial statements.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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| **FIRST FARMERS AND  MERCHANTS CORPORATION AND SUBSIDIARIES**                                    |
|--------------------------------------------------------------------------------------------------|
| **CONDENSED CONSOLIDATED BALANCE SHEETS**                                                        |
|                                                                                             |   | **June 30,** |   | December 31, |
| ** **                                                                                       | ** ** | **2012** |   | 2011 |
|                                                                                             | *(Dollars in Thousands, Except Per Share Data)* | **(Unaudited)** |   | (1) |
| **ASSETS**                                                                                       | Cash and due from banks | ** $         18,442** |   |  $         17,927 |
|                                                                                             | Interest-bearing due from banks | **            19,560** |   |             16,500 |
|                                                                                             | Federal funds sold | **            15,000** |   |             38,594 |
|                                                                                             |               Total cash and cash equivalents | **            53,002** |   |             73,021 |
|                                                                                             | Securities | ** ** |   |   |
|                                                                                             |      Available-for-sale (amortized cost $360,392 | ** ** |   |   |
|                                                                                             |        and $309,374, respectively) | **         364,535** |   |           314,270 |
|                                                                                             |      Held-to-maturity (fair market value $34,238 | ** ** |   |   |
|                                                                                             |        and $37,275, respectively) | **            32,429** |   |             35,214 |
|                                                                                             |           Total securities | **          396,964** |   |           349,484 |
|                                                                                             | Loans, net of deferred fees | **          518,687** |   |           517,802 |
|                                                                                             |      Allowance for loan and lease losses | **            (8,772)** |   |              (9,200) |
|                                                                                             |           Net loans | **         509,915** |   |           508,602 |
|                                                                                             |   | ** ** |   |   |
|                                                                                             | Bank premises and equipment, net | **            26,947** |   |             25,537 |
|                                                                                             | Other real estate owned | **              8,243** |   |               8,827 |
|                                                                                             | Bank owned life insurance | **            24,742** |   |             23,621 |
|                                                                                             | Goodwill | **              9,018** |   |               9,018 |
|                                                                                             | Other assets | **            17,729** |   |             19,339 |
|                                                                                             |           TOTAL ASSETS | ** $   1,046,560** |   |  $    1,017,449 |
| **LIABILITIES**                                                                                  | Deposits | ** ** |   |   |
|                                                                                             |      Noninterest-bearing | ** $      150,155** |   |  $       144,003 |
|                                                                                             |      Interest- bearing | **         737,293** |   |           712,427 |
|                                                                                             |           Total deposits | **         887,448** |   |           856,430 |
|                                                                                             |   | ** ** |   |   |
|                                                                                             | Securities sold under agreements to repurchase | **            18,670** |   |             16,347 |
|                                                                                             | Accounts payable and accrued liabilities | **            17,071** |   |             16,265 |
|                                                                                             | Federal Home Loan Bank advances | **            10,100** |   |             17,100 |
|                                                                                             | TOTAL LIABILITIES | **          933,289** |   |           906,142 |
| **SHAREHOLDERS'**                                                                                | Common stock - $10 par value per share, 8,000,000  shares | ** ** |   |   |
| **EQUITY**                                                                                       |         authorized; 5,330,000  shares issued | ** ** |   |   |
|                                                                                             |         and outstanding as of  June 30, 2012 and | ** ** |   |   |
|                                                                                             |          December 31, 2011 | **            53,300** |   |             53,300 |
|                                                                                             | Retained earnings | **            57,328** |   |             54,890 |
|                                                                                             | Accumulated other comprehensive income | **              2,548** |   |               3,022 |
|                                                                                             |         TOTAL SHAREHOLDERS' EQUITY BEFORE  NONCONTROLLING INTEREST - PREFERRED STOCK OF SUBSIDIARY | **         113,176** |   |           111,212 |
|                                                                                             | Noncontrolling interest - preferred stock of  subsidiary | **                  95** |   |                    95 |
|                                                                                             | TOTAL SHAREHOLDERS' EQUITY | **         113,271** |   |           111,307 |
|                                                                                             |         TOTAL LIABILITIES AND | ** ** |   |   |
|                                                                                             |            SHAREHOLDERS' EQUITY | ** $   1,046,560** |   |  $    1,017,449 |
| The accompanying notes are an integral part of the condensed  consolidated financial statements. |   |   |   |
| (1) Derived from audited financial statements.                                                   |   |   |   |

 

 

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| **FIRST FARMERS AND MERCHANTS CORPORATION AND  SUBSIDIARIES**                                    |
|--------------------------------------------------------------------------------------------------|
| **CONDENSED CONSOLIDATED STATEMENTS OF INCOME***(unaudited)*                                     |
|                                                                                             |   |   | Three Months Ended | Six Months Ended |
|                                                                                             | *(Dollars in Thousand, Except Per Share Data)* |   | June 30, | June 30, |
|                                                                                             | * * | **2012** |   | **2011** | **2012** | **2011** |
| **INTEREST AND**                                                                                 |      Interest and fees on loans |   | ** $** | **6,968 ** |   |  $ | 7,528  | ** $** | **13,948 ** |  $ | 15,065  |
| **DIVIDEND INCOME**                                                                              |      Income on investment securities |   | ** ** |   |   | ** ** |   |
|                                                                                             |             Taxable interest |   | **1,250 ** |   | 1,143  | **2,434 ** | 2,068  |
|                                                                                             |             Exempt from federal income tax |   | **778 ** |   | 910  | **1,587 ** | 1,843  |
|                                                                                             |             Dividends |   | **64 ** |   | 88  | **112 ** | 136  |
|                                                                                             | Other interest income |   | **35 ** |   | 11  | **79 ** | 29  |
|                                                                                             |           Total interest income |   | **9,095 ** |   | 9,680  | **18,160 ** | 19,141  |
| **INTERST EXPENSE**                                                                              |      Interest on deposits |   | **855 ** |   | 1,077  | **1,759 ** | 2,242  |
| ** **                                                                                       |      Interest on other borrowings |   | **124 ** |   | 178  | **291 ** | 385  |
|                                                                                             |           Total interest expense |   | **979 ** |   | 1,255  | **2,050 ** | 2,627  |
|                                                                                             | Net interest income |   | **8,116 ** |   | 8,425  | **16,110 ** | 16,514  |
|                                                                                             | Provision for loan and lease losses |   | **520 ** |   | 750  | **1,120 ** | 1,475  |
|                                                                                             | Net interest income after provision |   | **7,596 ** |   | 7,675  | **14,990 ** | 15,039  |
| **NONINTEREST**                                                                                  |      Gain on loans sold |   | **129 ** |   | 70  | **248 ** | 243  |
| **     INCOME**                                                              |      Trust department income |   | **500 ** |   | 498  | **1,036 ** | 1,024  |
| ** **                                                                                       |      Service fees on deposit accounts |   | **1,642 ** |   | 1,713  | **3,290 ** | 3,316  |
| ** **                                                                                       |      Brokerage fees |   | **68 ** |   | -  | **110 ** | -  |
| ** **                                                                                       |      Earnings on bank owned life insurance |   | **216 ** |   | 180  | **335 ** | 357  |
| ** **                                                                                       |      Gain on sale of securities |   | **943 ** |   | 374  | **2,155 ** | 434  |
| ** **                                                                                       |      Loss on foreclosed property |   | **(112)** |   | (237) | **(526)** | (457) |
|                                                                                             |      Other non-interest income |   | **(26)** |   | 96  | **91 ** | 199  |
|                                                                                             |           Total noninterest income |   | **3,360 ** |   | 2,694  | **6,739 ** | 5,116  |
| **NONINTEREST**                                                                                  |      Salaries and employee benefits |   | **4,430 ** |   | 4,144  | **8,703 ** | 8,278  |
| **    EXPENSE**                                                                   |      Net occupancy expense |   | **521 ** |   | 497  | **989 ** | 975  |
| ** **                                                                                       |      Depreciation expense |   | **358 ** |   | 332  | **686 ** | 638  |
| ** **                                                                                       |      Data processing expense |   | **506 ** |   | 483  | **981 ** | 947  |
|                                                                                             |      Legal and professional fees |   | **311 ** |   | 273  | **499 ** | 549  |
|                                                                                             |      Stationary and office supplies |   | **72 ** |   | 90  | **121 ** | 165  |
|                                                                                             |      Advertising and promotions |   | **292 ** |   | 344  | **586 ** | 677  |
|                                                                                             |      FDIC insurance premium expense |   | **356 ** |   | 383  | **712 ** | 767  |
|                                                                                             |      Other real estate expense |   | **47 ** |   | 182  | **158 ** | 293  |
|                                                                                             |      Other noninterest expense |   | **1,523 ** |   | 1,319  | **2,735 ** | 2,671  |
|                                                                                             |           Total noninterest expenses |   | **8,416 ** |   | 8,044  | **16,170 ** | 15,960  |
|                                                                                             |      Income before provision for income taxes |   | **2,540 ** |   | 2,325  | **5,559 ** | 4,195  |
|                                                                                             | Provision for income taxes |   | **451 ** |   | 306  | **1,141 ** | 631  |
|                                                                                             | Net income before noncontrolling interest -  dividends on preferred stock of subsidiary |   | **2,089 ** |   | 2,019  | **4,418 ** | 3,564  |
|                                                                                             | Noncontrolling interest - dividends on preferred  stock of subsidiary |   | **8 ** |   | 8  | **8 ** | 8  |
|                                                                                             | Net income for common shareholders |   | ** $** | **2,081 ** |   |  $ | 2,011  | ** $** | **4,410 ** |  $ | 3,556  |
| ** **                                                                                       | Weighted average shares outstanding |   | **5,330,000 ** | ** ** | 5,392,760  | **5,330,000 ** | 5,410,205  |
|                                                                                             | Earnings per share |   | ** $** | **0.39 ** |   |  $ | 0.37  | ** $** | **0.83 ** |  $ | 0.66  |
| The accompanying notes are an integral part of the condensed  consolidated financial statements. |   |   |   |   |

 

 

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| **FIRST FARMERS AND MERCHANTS CORPORATION AND  SUBSIDIARIES**               |
|-----------------------------------------------------------------------------|
| **CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE  INCOME***(unaudited)* |

 

|                                                                                                                                                                                                                                      | **Three Months Ended** |                | **Six Months Ended** |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------|---------------------|----------------------|
|                                                                                                                                                                                                                                      | ** June 30,**     |                | **June 30,**         |
|                                                                                                                                                                                                                                      |  2012             |  2011          |                 | 2012 | 2011 |
| **Net Income**                                                                                                                                                                                                                            |  $                | 2,081          |  $              | 2,011  |   |  $ | 4,410  |  $ | 3,556  |
| **Comprehensive Income**                                                                                                                                                                                                                  |                   |                |                 |   |   |
| Unrealized appreciation (depreciation) on  available-for-sale securities, net of taxes of $953 and $1,210 for 2012 and  2011, respectively for three months and net of taxes of $533 and $1,213 for  six months                           | 1,522             | 1,934          |                 | 852  | 1,938  |
| Less:  reclassification adjustment for realized  (gains) losses included in net income, net of taxes of $363 and $144, for  2012 and 2011, respectively for three months and net of taxes of  ($830) and  ($167) for six months | (580)                  | (230)               |                 | (1,325) | (267) |
| Net unrealized gain (loss) on available-for-sale  securities                                                                                                                                                                              | 942               | 1,704          |                 | (473) | 1,671  |
| **Comprehensive Income**                                                                                                                                                                                                                  | 3,023             | 3,715          |                 | 3,937  | 5,227  |
| Less:  comprehensive income attributable to the  noncontrolling interest                                                                                                                                                             | -       | -    |                 | -    | -    |
| Total Comprehensive Income                                                                                                                                                                                                                |  $                | 3,023          |  $              | 3,715  |   |  $ | 3,937  |  $ | 5,227  |

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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| **FIRST FARMERS AND  MERCHANTS CORPORATION AND SUBSIDIARIES**                                                     |
|-------------------------------------------------------------------------------------------------------------------|
| **CONDENSED CONSOLIDATED STATEMENTS OF CASH  FLOWS **                                                        |
| * *                                                                                                          | *(Dollars in Thousands)* | **Six months ended June 30,** |
|                                                                                                              | * (unaudited)* | **2012** | 2011 |
| **OPERATING**                                                                                                     | Net income available for common shareholders | ** $                     4,410** |  $          3,556 |
| **ACTIVITIES**                                                                                                    |    Adjustments to reconcile net income to net cash  provided | ** ** |   |
|                                                                                                              |      by (used in) operating activities | ** ** |   |
|                                                                                                              |        Provision for loan losses | **                        1,120** |              1,475 |
|                                                                                                              |        Provision for depreciation and amortization of | ** ** |   |
|                                                                                                              |           premises and equipment | **                           686** |                 639 |
|                                                                                                              |        Deferred tax expense | **                           (50)** |                 102 |
|                                                                                                              |        Net securities gains | **                      (2,155)** |               (434) |
|                                                                                                              |        Gains on loans sold | **                         (248)** |                      - |
|                                                                                                              |        Proceeds from sale of mortgage loans held for  sale | **                      14,165** |                      - |
|                                                                                                              |        Funding of mortgage loans held for sale | **                    (12,597)** |                      - |
|                                                                                                              |       Gain on sale of OREO | **                           526** |                      - |
|                                                                                                              |       Gain on sale of assets | **                           (10)** |                      - |
|                                                                                                              |        Amortization of deposit base intangibles | **                               -** |                   18 |
|                                                                                                              |        Amortization of investment security premiums, | ** ** |   |
|                                                                                                              |           net of accretion of discounts | **                        2,128** |                 718 |
|                                                                                                              |        Increase in cash surrender value of life  insurance contracts | **                         (335)** |               (615) |
|                                                                                                              |        (Increase) decrease in | ** ** |   |
|                                                                                                              |           Other assets | **            		              814** |              4,105 |
|                                                                                                              |        Increase (decrease) in | ** ** |   |
|                                                                                                              |           Other liabilities | **                           637** |                 648 |
|                                                                                                              |                Total adjustments | **                        4,665** |              6,656 |
|                                                                                                              |                Net cash provided by operating  activities | **                       		9,091** |            10,212 |
| **INVESTING**                                                                                                     | Proceeds from sales of available-for-sale securities | **                    339,076** |            83,446 |
| **ACTIVITIES**                                                                                                    | Proceeds from maturities and calls of  available-for-sale securities | **                      35,045** |                      - |
|                                                                                                              | Proceeds from maturities and calls of  held-to-maturity securities | **                        2,770** |              2,655 |
|                                                                                                              | Purchases of investment securities | ** ** |   |
|                                                                                                              |       available-for-sale | **                  (425,115)** |        (107,025) |
|                                                                                                              | Net (increase) decrease in loans | **                      (3,698)** |            10,713 |
|                                                                                                              | Proceeds from sale of OREO | **                        1,323** |                      - |
|                                                                                                              | Purchase of life insurance premium | **                         (786)** |                      - |
|                                                                                                              | Purchases of premises and equipment | **                      (2,086)** |            (2,463) |
|                                                                                                              |                Net cash used in investing activities | **                    (53,471)** |          (12,674) |
| **FINANCING**                                                                                                     | Net increase in deposits | **                      31,018** |            22,662 |
| **ACTIVITIES**                                                                                                    | Net increase in securities sold under agreements to  repurchase | **                        2,323** |              5,985 |
|                                                                                                              | Payments to FHLB borrowings | **                      (7,000)** |            (7,000) |
|                                                                                                              | Repurchase of common stock | **                               -** |            (1,511) |
|                                                                                                              | Cash dividends paid on preferred stock | **                             (8)** |                   (8) |
|                                                                                                              | Cash dividends paid on common stock | **                      (1,972)** |                      - |
|                                                                                                              |                Net cash provided by financing  activities | **                      24,361** |            20,128 |
|                                                                                                              | Increase (decrease) in cash and cash equivalents | **                   		(20,019)** |            17,666 |
|                                                                                                              | Cash and cash equivalents at beginning of period | **                      73,021** |            32,499 |
|                                                                                                              | Cash and cash equivalents at end of period | ** $                  		53,002** |  $        50,165 |
|                                                                                                              | Supplemental disclosures of cash flow information | ** ** | ** ** |
|                                                                                                              | Cash paid during the period for expenses | ** ** | ** ** |
|                                                                                                              |        Interest on deposits and borrowed funds | ** $                   1,993** | ** $        7,107** |
|                                                                                                              |        Income Taxes | **                      1,563** | **            1,607** |
|                                                                                                              | Loans to facilitate sale | **                            74** | **                     -** |
|                                                                                                              | Real estate acquired in settlement of taxes | **                      1,191** | **            1,375** |
| *     The accompanying notes are an integral part of  the consolidated financial statements.* |   |   |

 

 

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**NOTESTO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

 

 

**NOTE 1 – SUMMARY OFSIGNIFICANT ACCOUNTING POLICIES**

 

The accompanying unaudited condensed consolidatedfinancial statements reflect all adjustments that are in the opinion of FirstFarmers and Merchants Corporation’s (the “Corporation”) management, necessaryto fairly present the financial position, results of operations and cash flowsof the Corporation.  Those adjustments consist only of normal recurringadjustments. 

           

The accompanying condensed consolidated financialstatements are presented in accordance with the requirements of Form 10-Q andconsequently do not include all of the disclosures normally required byaccounting principles generally accepted in the United States of America orthose normally made in the Registrant’sannual report on Form 10-K.  Accordingly, the reader of the Form 10-Q shouldrefer to the Registrant’s Form 10-Kfor the year ended December 31, 2011 for further information in this regard. The condensed consolidated balance sheet of the Corporation as of December 31,2011 has been derived from the audited consolidated balance sheet of theCorporation as of that date.  The results of operations for the period are notnecessarily indicative of the results to be expected for the full year.

 

**Reclassifications:**  Certain reclassifications considered to beimmaterial have been made in the prior year condensed consolidated financialstatements to conform to current year presentation.  These reclassificationshad no effect on net income.

 

**NOTE 2 – FAIR VALUE MEASUREMENT**

** **

The fair value of an asset or liability is the pricethat would be received to sell that asset or paid to transfer that liability inan orderly transaction occurring in the principal market (or most advantageousmarket in the absence of a principal market) for such asset or liability. Fairvalue measurement must maximize the use of observable inputs and minimize theuse of unobservable inputs.  In estimating fair value, the Corporation utilizesvaluation techniques that are consistent with the market approach, the income approachand/or the cost approach. Such valuation techniques are consistently applied.Inputs to valuation techniques include the assumptions that market participantswould use in pricing an asset or liability. Financial Accounting StandardsBoard (“FASB”) Accounting Standards Codification (“ASC”) Topic 820, “Fair ValueMeasurements and Disclosures” (“ASC Topic 820”) establishes a fair valuehierarchy for valuation inputs that gives the highest priority to quoted pricesin active markets for identical assets or liabilities and the lowest priorityto unobservable inputs. The fair value hierarchy is as follows:

 

-  Level 1 Inputs  - Unadjusted quoted prices     in active markets for identical assets or liabilities.

 

-  Level 2 Inputs  - Inputs other than quoted     prices included in Level 1 that are observable for the asset or liability,     either directly or indirectly. These might include quoted prices for     similar assets or liabilities in active markets, quoted prices for     identical or similar assets or liabilities in markets that are not active,     inputs other than quoted prices that are observable for the asset or     liability (such as interest rates, volatilities, market consensus,     prepayment speeds, credit risks, etc.) or inputs that are derived     principally from or corroborated by market data by correlation or other     means.

 

-  Level 3 Inputs  - Unobservable inputs for     determining the fair values of assets or liabilities that reflect an     entity’s own assumptions about the assumptions that market participants     would use in pricing the assets or liabilities.

 

Transfers between levels of the fair value hierarchyare recognized on the actual date of the event or circumstances that caused thetransfer, which generally coincides with the Corporation’s monthly and/orquarterly valuation process.

 

 

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**Recurring Measurements**

** **

The following table summarizesfinancial assets measured at fair value on a recurring basis as of June 30,2012 and December 31, 2011, and by the level within the fair value hierarchyutilized to measure fair value (dollars in thousands):

 

| **Assets measured at fair value on a recurring basis  as of June 30, 2012**     |    |          |    |
|---------------------------------------------------------------------------------|---------|---------------|---------|
| **Available-For-Sale Securities**                                               | Level 1 | Level 2       | Level 3 | Total |
|     U.S. Government agencies                                     |  $ | -        |  $ | 79,893  |  $ | -  |  $ | 79,893  |
|     U.S. government sponsored agency mortgage backed  securities | -  | 213,796  | -  | 213,796  |
|     States and political subdivisions                            | -  | 51,972   | -  | 51,972  |
|     Corporate bonds                                              | -  | 18,874   | -  | 18,874  |
| **    Total assets at fair value**                               |  $ | -        |  $ | 364,535  |  $ | -  |  $ | 364,535  |
| Assets measured at fair value on a recurring basis  as of December 31, 2011     |    |          |    |
| Available-For-Sale Securities                                                   | Level 1 | Level 2       | Level 3 | Total |
|     U.S.Government agencies                                      |  $ | -        |  $ | 59,001  |  $ | -  |  $ | 59,001  |
|     U.S.Government sponsored agency mortgage backed  securities  | -  | 176,050  | -  | 176,050  |
|     States and political subdivisions                            | -  | 59,946   | -  | 59,946  |
|     Corporate bonds                                              | -  | 19,273   | -  | 19,273  |
|     Total assets at fair value                                   |  $ | -        |  $ | 314,270  |  $ | -  |  $ | 314,270  |

 

The following is adescription of the valuation methodologies and inputs used for assets measuredat fair value on a recurring basis and recognized in the accompanying balancesheets, as well as the general classification of such assets pursuant to thevaluation hierarchy.  There have been no significant changes in the valuationtechniques during the three months ended June 30, 2012.  

 

***Available-for-Sale Securities***

 

Where quoted marketprices are available in an active market, securities are classified withinLevel 1 of the valuation hierarchy.  If quoted market prices are not available,the Corporation obtains fair value measurements from an independent pricingservice, such as Interactive Data, which utilizes pricing models to determinefair value measurement.  The Corporation reviews the pricing quarterly toverify the reasonableness of the pricing.  The fair value measurements considerobservable data that may include dealer quotes, market spreads, cash flows, theU.S. Treasury yield curve, live trading levels, trade execution data, marketconsensus prepayment speeds, credit information and the bond’s terms andconditions, among other factors.  U.S. government agencies, state and politicalsubdivisions, U.S. government sponsored agency mortgage-backed securities, andcorporate bonds are classified as Level 2 inputs.

 

**Nonrecurring Measurements:**

** **

The following table summarizesfinancial assets measured at fair value on a nonrecurring basis as of June 30,2012 and December 31, 2011, and by the level within the fair value hierarchyutilized to measure fair value (dollars in thousands):

 

| **Assets measured at fair value on a nonrecurring basis  as of June 30, 2012**     |    |    |                                                                                                        |
|------------------------------------------------------------------------------------|---------|---------|-------------------------------------------------------------------------------------------------------------|
| ** **                                                                         | Level 1 | Level 2 | Level 3                                                                                                     | Total |
|     Impaired loans (collateral dependent)                           |  $ | -  |  $                                                                                                     | -  |  $ |      6,721      |  $ | 7,265     |
|     Other real estate owned                                         | -  | -  |                905     | 905     |
| **Assets measured at fair value on a nonrecurring basis  as of December 31, 2011** |    |    |                                                                                                        |
| ** **                                                                         | Level 1 | Level 2 | Level 3                                                                                                     | Total |
|     Impaired loans (collateral dependent)                           |  $ | -  |  $                                                                                                     | -  |  $ | 13,604      |  $ | 13,604     |
|     Other real estate owned                                         | -  | -  | 8,827                                                                                   | 8,827     |

*** ***

*** ***

8

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*** ***

***Impaired Loans (Collateral Dependent)***

 

The estimated fair value of collateral-dependentimpaired loans is based on the appraised fair value of the collateral, lessestimated cost to sell.  Collateral-dependent impaired loans are classifiedwithin Level 3 of the fair value hierarchy.

 

The Corporation considers the appraisal or evaluationas the starting point for determining fair value and then considers otherfactors and events in the environment that may affect the fair value. Appraisals of the collateral underlying collateral-dependent loans are obtainedwhen the loan is determined to be collateral-dependent and subsequently asdeemed necessary by the Chief Credit Officer.  Appraisals are reviewed for accuracyand consistency by the Chief Credit Officer.  Appraisers are selected from thelist of approved appraisers maintained by management.  The appraised values arereduced by discounts to consider lack of marketability and estimated cost tosell if repayment or satisfaction of the loan is dependent on the sale of thecollateral.  These discounts and estimates are developed by the Chief CreditOfficer by comparison to historical results.  Fair value adjustments for the sixmonths ended June 30, 2012 and 2011 were $1.4 million and approximately$448,000, respectively, and $1.2 million for the year ended December 31, 2011.

 

Loansconsidered impaired under ASC 310-35, “Impairment of a Loan,” are loans forwhich, based on current information and events, it is probable that thecreditor will be unable to collect all amounts due according to the contractualterms of the loan agreement.  Impaired loans are subject to nonrecurring fairvalue adjustments to reflect (1) subsequent partial write-downs that are based onthe observable market price or current appraised value of the collateral or (2)the full charge-off of the loan carrying value.

 

***Other Real Estate Owned***

 

Other real estate owned (“OREO”) is initially recordedat fair value at the time of acquisition, as determined by independentappraisal or evaluation by the Corporation, less costs to sell when the realestate is acquired in settlement of loans.  Quarterly evaluations of OREO areperformed to determine if there has been any subsequent decline in the value ofOREO properties.  Estimated fair value of OREO is based on appraisals orevaluations, less costs to sell.  OREO is classified within Level 3 of the fairvalue hierarchy.  OREO assets are subject to nonrecurring fair valueadjustments to reflect subsequent partial write-downs that are based on theobservable market price or current appraised value of the collateral.  Fairvalue adjustments for the six months ended June 30, 2012 and 2011 were approximately$454,000 and $473,000, respectively, and $1.1 million for the year endedDecember 31, 2011.

 

Appraisalsof OREO are obtained when the real estate is acquired and subsequently asdeemed necessary by the Chief Credit Officer.  Appraisals are required annuallyand reviewed for accuracy and consistency by the Chief Credit Officer.  Theappraised values are reduced by discounts to consider lack of marketability andestimated cost to sell.  Appraisers are selected from the list of approvedappraisers maintained by management.

** **

**Unobservable(Level 3) Inputs**

 

Thefollowing table presents quantitative information about unobservable inputsused in nonrecurring Level 3 fair value measurements (dollars in thousands).

 

| * *                              | **Quantitative Information about Level 3 Fair Value  Measurements**                                                                       |
|---------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------|
| * *                              | Fair Value at 		June 30, 2012                                                                                                             | Valuation 		Technique(s) | Unobservable 		Input | Range 		(Weighted 		Average) |
| Impaired loans (collateral-dependent) |  $                   7,265                 |  Market 		comparable 		properties |  Marketability 		discount |  5.0% - 		10.0% (7%) |
| Other real estate/assets owned        |  $                      905 |  Market 		comparable 		properties |  Marketability 		discount |  5.0% - 		10.0% (7%) |

 

9

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            ASC Topic 825,“Financial Instruments,” requires disclosure of the fair value of financialassets and liabilities, including those financial assets and liabilities thatare not measured and reported at fair value on a recurring basis ornon-recurring basis. 

 

            The followingmethods and assumptions were used to estimate the fair value of each class offinancial instruments for which it is practicable to estimate that value:

 

*Cash and due from banks* – The carrying amount approximates fair value.

 

*Interest bearing depositsin other banks* – The carrying amountapproximates fair value.

 

*Federal funds sold* – The carrying amount approximates fair value.

 

*Securities held-to-maturity* – Fair values are based on quoted market prices, ifavailable.  If a quoted price is not available, fair value isestimated using quoted prices for similar securities.  The fair valueestimate is provided to management from a third party using modelingassumptions specific to each type of security that are reviewed and approved bymanagement.  Quarterly sampling of fair values provided by additionalthird parties supplement the fair value review process.

 

*Loans held for sale* – The fair value is predetermined at originationbased on sale price.

 

*Loans (net of theallowance for loan  losses)* – Thefair value of fixed rate loans and variable rate mortgage loans is estimated bydiscounting the future cash flows using current rates at which similar loanswould be made to borrowers with similar credit ratings and for the sameremaining maturities.  For other variable rate loans, the carryingamount approximates fair value

 

*Federal Home Loan Bankstock* – The carrying value of FederalHome Loan Bank (“FHLB”) stock approximates fair value based on the redemptionprovisions of the FHLB.

 

*Federal Reserve Bank stock* – The carrying value of Federal Reserve Bank stockapproximates fair value based on the redemption provisions of the FederalReserve Bank.

 

*Accrued interestreceivable* – The carrying amountapproximates fair value.

 

*Deposits* – The fair value of fixed maturity time deposits isestimated by discounting the future cash flows using the rates currentlyoffered for deposits of similar remaining maturities.  For depositsincluding demand deposits, savings accounts, NOW accounts, and certain moneymarket accounts, the carrying value approximates fair value.

 

*Repurchase agreements* – The fair value is estimated by discounting futurecash flows using current rates.

 

*Advances from FHLB* – The fair value of these fixed-maturity advances isestimated by discounting future cash flows using rates currently offered foradvances of similar remaining maturities.

 

*Accrued interest payable* – The carrying amount approximates fair value.

 

*Commitments to extendcredit and letters of credit* – Thefair value of commitments to originate loans is estimated using the feescurrently charged to enter into similar agreements, taking into account theremaining terms of the agreements and the present creditworthiness of thecounterparties.  For fixed-rate loan commitments, fair value alsoconsiders the difference between current levels of interest rates and thecommitted rates.   The fair values of letters of credit and lines ofcredit are based on fees currently charged for similar agreements or on theestimated cost to terminate or otherwise settle the obligations with thecounterparties at the reporting date.  The fair values of thesecommitments are not material.

 

 

 

10

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Thefollowing table presents estimated fair values of the Corporation’s financialinstruments as of June 30, 2012 and indicates the level within the fair valuehierarchy of the valuation techniques (dollars in thousands).

 

|                                                                                  | **Fair Value Measurements at June 30, 2012 Using**             |
|---------------------------------------------------------------------------------------|----------------------------------------------------------------|
|                                                                                  | **Carrying 		Amount**                                          | **Quoted 		Prices in 		Active 		Markets for 		Identical Assets  		(Level 1)** | **Significant 		Other 		Observable 		Inputs (Level 2)** | **Significant 		Unobservable 		Inputs   (Level 3)** |
| Financial assets                                                                      | ** **                                                     | ** ** |   |   |
|       Cash and cash equivalents                              | ** $ 18,442**                                             | ** $     18,442** | ** $                      -** | ** $                   -** |
|       Interest-bearing deposits in other banks               | **    19,560**                                  | **        19,560** | ** ** | ** ** |
|       Federal funds sold                                     | **    15,000**                                  | **        15,000** | ** ** | ** ** |
|       Federal Home Loan Bank and Federal Reserve  bank stock | **      3,879**                       | ** ** | **                3,879** | ** ** |
|       Securities available-for-sale                          | **  364,535**                                             | ** ** | **            364,535** | ** ** |
|       Securities held-to-maturity                            | **    32,429**                                  | ** ** | **              34,238** | ** ** |
|       Loans held for sale                                    | **      1,185**                       | ** ** | **                1,185** | ** ** |
|       Loans, net                                             | **  509,915**                                             | ** ** | ** ** | **         525,568** |
|       Accrued interest receivable                            | **       4,141**                 | ** ** | **                4,141** |   |
| Financial liabilities                                                                 | ** **                                                     | ** ** |   |   |
|       Non-interest bearing deposits                          | **  150,155**                                             | **      152,968** | ** ** | ** ** |
|      Interest bearing deposits                                    | **  737,293**                                             | ** ** | **            739,626** | ** ** |
|       Repurchase agreements                                  | **    18,670**                                  | ** ** | **              18,670** | ** ** |
|      Advances from Federal Home Loan Bank                         | **    10,100**                                  | ** ** | **              10,337** | ** ** |
|       Accrued interest payable                               | **          821** | ** ** | **                    821** | ** ** |
| Off-balance sheet credit related instruments:                                         | ** **                                                     | ** ** | ** ** | ** ** |
|       Commitments to extend credit                           | ** **                                                     | ** ** | **                    119** |   |
|                                                                                  |                                                           |   |   |   |

The estimated fair values offinancial instruments as of December 31, 2011 were as follows (dollars inthousands):

 

 

 

 

 

|                                                                                                | December 31, 2011 |
|-----------------------------------------------------------------------------------------------------|-------------------|
|                                                                                                | Carrying          | Fair |
|                                                                                                | Amount            | Value |
| Financial assets                                                                                    |              |   |
|       Cash and due from banks                                              |  $           | 17,927  |  $ | 17,927  |
|       Interest-bearing deposits in banks                                   | 38,594       | 38,594  |
|       Federal funds sold                                                   | 16,500       | 16,500  |
|       Securities available-for-sale                                        | 318,166      | 318,166  |
|       Securities held-to-maturity                                          | 35,214       | 37,276  |
|       Loans, net                                                           | 508,602      | 523,847  |
|       Accrued interest receivable                                          | 4,095        | 4,095  |
| Financial liabilities                                                                               |              |   |
|       Deposits                                                             | 856,430      | 858,775  |
|       Federal funds purchased and                                          |              |   |
|             securities sold under agreements |              |   |
|             to repurchase                    | 16,347       | 16,347  |
|       Other short term liabilities                                         | -            | -  |
|       Advances from FHLB                                                   | 17,100       | 17,521  |
|       Accrued interest payable                                             | 878          | 878  |
| Off-balance sheet credit related instruments:                                                       |              |   |
|       Commitments to extend credit                                         | -            | 109  |

 

11

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**NOTE3 – SECURITIES**

 

            Theamortized cost and estimated fair value of securities at June 30, 2012 andDecember 31, 2011 were as follows (dollars in thousands):

 

|                                                                            | Amortized         | Gross Unrealized  | Fair          |
|---------------------------------------------------------------------------------|-------------------|-------------------|---------------|
| **June 30, 2012**                                                               | Cost              | Gains             | Losses        | Value |
| Available-for-sale securities                                                   |              |              |          |   |
|     U.S. Government agencies                                     | ** $**       | **79,780 **  | ** $**   | **226 ** | ** $** | **113 ** | ** $** | **79,893 ** |
|     U.S. Government sponsored agency mortgage backed  securities | **213,438 ** | **801 **     | **443 ** | **213,796 ** |
|     States and political subdivisions                            | **48,824 **  | **3,148 **   | **- **   | **51,972 ** |
|     Corporate bonds                                              | **18,350 **  | **537 **     | **13 **  | **18,874 ** |
|                                                                            | ** $**       | **360,392 ** | ** $**   | **4,712 ** | ** $** | **569 ** | ** $** | **364,535 ** |
| Held-to-maturity securities                                                     | ** **        | ** **        | ** **    | ** ** |
|     States and political subdivisions                            | ** $**       | **32,429 **  | ** $**   | **1,809 ** | ** $** | **- ** | ** $** | **34,238 ** |
|                                                                            |              |              |          |   |
|                                                                            | Amortized         | Gross Unrealized  | Fair          |
| December 31, 2011                                                               | Cost              | Gains             | Losses        | Value |
| Available-for-sale securities                                                   |              |              |          |   |
|     U.S. Government agencies                                     |  $           | 58,793       |  $       | 214  |  $ | 6  |  $ | 59,001  |
|     U.S. Government sponsored agency mortgage backed  securities | 175,352      | 843          | 145      | 176,050  |
|     States and political subdivisions                            | 56,452       | 3,494        | -        | 59,946  |
|     Corporate bonds                                              | 18,741       | 582          | 68       | 19,273  |
|                                                                            |  $           | 309,338      |  $       | 5,133  |  $ | 219  |  $ | 314,270  |
| Held-to-maturity securities                                                     |              |              |          |   |
|     States and political subdivisions                            |  $           | 35,214       |  $       | 2,061  |  $ | -  |  $ | 37,275  |
|                                                                                 |                   |                   |               |  |  |  |  |  |  |  |  |  |

 

           

            Certaininvestments in debt securities are reported in the financial statements at anamount less than their historical cost.  Total fair value of these investmentsat June 30, 2012 and December 31, 2011, was approximately $130,636 and$85,009, which was approximately 33% and 24%, respectively, of theCorporation’s available-for-sale and held-to-maturity investment portfolio. The Corporation evaluates its investment portfolio on a quarterly basis forimpairment.  The analysis performed as of June 30, 2012 and December 31, 2011indicated that all impairment was considered temporary, market driven dueprimarily to fluctuations in market interest rates and not credit-related.

 

The followingtable shows the Corporation’s investments’ gross unrealized losses and fairvalue of the Corporation’s investments with unrealized losses that were notdeemed to be other-than-temporarily impaired, aggregated by investment classand length of time that individual securities had been in a continuousunrealized loss position at June 30, 2012 and December 31, 2011 (dollarsin thousands):

 

 

| **June 30, 2012**                                                | **Less than 12 months** | **12 months or Greater** | **Total**                                                                                                    |
|------------------------------------------------------------------|-------------------------|--------------------------|--------------------------------------------------------------------------------------------------------------|
| ** **                                                       | **Fair**                | **Unrealized**           | **Fair**                                                                                                     | **Unrealized** | **Fair** | **Unrealized** |
| **Type of Security**                                             | **Value**               | **Losses**               | **Value**                                                                                                    | **Losses** | **Value** | **Losses** |
| **     U.S. Government agencies**            | ** $**             | **29,972 **         | ** $**                                                                                                  | **113 ** | ** $** | **              - ** | ** $** | **               - ** | ** $** | **29,972 ** | ** $** | **113 ** |
| **    U.S. Government sponsored agency mortgage** | **98,560 **        | **443 **            | **                  -** | **                    -** | **98,560 ** | **443 ** |
| **       backed securities**       | ** **              | ** **               | ** **                                                                                                   | ** ** | ** ** | ** ** |
| **    Corporate bonds**                           | **1,960 **         | **9 **              | **144 **                                                                                                | **4 ** | **2,104 ** | **13 ** |
| ** **                                                       | ** $**             | **130,,492 **       | ** $**                                                                                                  | **565 ** | ** $** | **144 ** | ** $** | **4 ** | ** $** | **130,636 ** | ** $** | **569 ** |

 

 

12

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|  

                                                |                |                 |    |       |         |       |
|--------------------------------------------------------------|---------------------|----------------------|---------|------------|--------------|------------|
| December 30, 2011                                            | Less than 12 months | 12 months or Greater | Total   |
|                                                         | Fair                | Unrealized           | Fair    | Unrealized | Fair         | Unrealized |
| Type of Security                                             | Value               | Losses               | Value   | Losses     | Value        | Losses     |
|      U.S. Government agencies            |  $             | 15,063          |  $ | 7     |  $      | -     |  $ | -  |  $ | 15,063  |  $ | 7  |
|     U.S. Government sponsored agency mortgage | 40,792         | 145             |    |       | 40,792  | 145   |
|        backed securities       |                |                 |    |       |         | 67    |
|     Corporate bonds                           | 29,154         | 67              | -  | -     | 29,154  | -     |
|                                                         |  $             | 85,009          |  $ | 219   |  $      | -     |  $ | -  |  $ | 85,009  |  $ | 219  |

 

Theamortized cost and fair value of available-for-sale securities andheld-to-maturity securities at June 30, 2012, by contractual maturity, areshown below.  Expected maturities will differ from contractual maturitiesbecause issuers may have the right to call or prepay obligations with orwithout call or prepayment penalties.

 

|                       | **Available for Sale**                      | ** **                            | **Held to Maturity** |
|----------------------------|---------------------------------------------|---------------------------------------|----------------------|
| **June 30, 2012**          | Amortized                                   | Estimated                             |                 | Amortized | Estimated |
|                       | Cost                                        | Fair Value                            |                 | Cost | Fair Value |
| Within one year            |  $      9,138 |  $     9,229 |                 |  $     2,325 |  $         2,357 |
| One to five years          |        24,198 |       24,821 |                 |         8,503 |             8,945 |
| Five to ten years          |        82,061 |       82,929 |                 |       11,371 |           12,093 |
| After ten years            |        31,557 |       33,760 |                 |       10,230 |           10,843 |
| Mortgage-backed securities |      213,438            |     213,796            |                 |                - |                     - |
| **Total**                  | ** $  360,392**                   | ** $ 364,535**                   | ** **           | ** $   32,429** | ** $       34,238** |

 

The carrying value of securities pledged as collateralto secure public deposits and for other purposes was $222.7 million at June 30,2012 and $196.1 million at December 31, 2011.

The book value ofsecurities sold under agreements to repurchase amounted to $26.5 million and$22.2 million at June 30, 2012 and December 31, 2011, respectively.

Gross gains ofapproximately $943,000, $374,000, $2.2 million and $434,000 resulting fromsales of available-for-sale securities were realized for the three months andsix month periods ended June 30, 2012 and 2011, respectively.

**NOTE 4 – LOANS**

** **

            Thefollowing table presents the Corporation’s loans by class as of June 30, 2012and December 31, 2011 (dollars in thousands):

 

|                                    | **June 30, 2012**                                                                  | December 31, 2011                                                                          |
|-----------------------------------------|------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------|
| **Commercial**                          | ** **                                                                         |                                                                                       |
| Commercial and industrial               | ** $        64,875**                       |  $          60,448                       |
| Non-farm, non-residential real estate   | **         146,697**                       |            140,147                       |
| Construction and development            | **           30,884**            |              29,042            |
| Commercial loans secured by real estate | **             9,578** |                6,161 |
| Other commercial                        | **           39,190**            |              45,630            |
|                                    | **         291,224**                       | **           281,428**                   |
| **Retail**                              | ** **                                                                         |                                                                                       |
| Consumer                                | **           12,656**            |              14,297            |
| Single family residential               | **         194,830**                       |            196,913                       |
| Other retail                            | **           19,977**            |              25,700            |
|                                    | ** $      227,463**                                  | ** $      236,910**                                          |
| **Total**                               | ** $      518,687**                                  |  $        518,338                                  |

 

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*Loan Origination/Risk Management.*The Corporation has certain lending policies andprocedures in place that are designed to maximize loan income within anacceptable level of credit risk. Management reviews and approves these policiesand procedures on a regular basis. A reporting system supplements the review processby providing management with frequent reports related to loan production, loanquality, concentrations of credit, loan delinquencies and non-performing andpotential problem loans. Diversification in the loan portfolio is a means ofmanaging risk associated with fluctuations in economic conditions.

 

Commercial and industrial loans are underwritten afterevaluating and understanding a borrower’s ability to operate profitably andexpand its business prudently. Underwriting standards are designed to promoterelationship banking rather than transactional banking. Once it is determinedthat the borrower’s management possesses sound ethics and solid businessacumen, the Corporation’s management examines current and projected cash flowsto determine the ability of the borrower to repay their obligations as agreed.Commercial and industrial loans are primarily made based on the identified cashflows of the borrower and secondarily on the underlying collateral provided bythe borrower. The cash flows of borrowers, however, may not be as expected andthe collateral securing these loans may fluctuate in value. Most commercial andindustrial loans are secured by the assets being financed or other businessassets such as accounts receivable or inventory and may incorporate a personalguarantee; however, some short-term loans may be made on an unsecured basis. Inthe case of loans secured by accounts receivable, the availability of funds forthe repayment of these loans may be substantially dependent on the ability ofthe borrower to collect amounts due from its customers. 

 

Commercial real estate loans are subject tounderwriting standards and processes similar to commercial and industrialloans, in addition to those of real estate loans. These loans are viewed primarilyas loans secured by real estate. Commercial real estate lending typicallyinvolves higher loan principal amounts and the repayment of these loans isgenerally largely dependent on the successful operation of the propertysecuring the loan or the business conducted on the property securing the loan.Commercial real estate loans may be more adversely affected by conditions inthe real estate markets or in the general economy. Management monitors andevaluates commercial real estate loans based on collateral, geography and riskgrade criteria. As a general rule, the Corporation avoids financingsingle-purpose projects unless other underwriting factors are present to helpmitigate risk. The Corporation also utilizes third-party experts to provideinsight and guidance about economic conditions and trends affecting marketareas it serves. In addition, management tracks the level of owner-occupiedcommercial real estate loans versus non-owner occupied loans. At June 30, 2012,approximately half of the outstanding principal balance of the Corporation’scommercial real estate loans were secured by owner-occupied properties. 

 

With respect to loans to developers and builders (constructionand development) that are secured by non-owner occupied properties that the Corporationmay originate from time to time, the Corporation generally requires theborrower to have had an existing relationship with the Corporation and have aproven record of success. Construction loans are underwritten utilizingfeasibility studies, independent appraisal reviews, sensitivity analysis ofabsorption and lease rates and financial analysis of the developers andproperty owners. Construction loans are generally based upon estimates of costsand value associated with the complete project. These estimates may beinaccurate. Construction loans often involve the disbursement of substantialfunds with repayment substantially dependent on the success of the ultimateproject. Sources of repayment for these types of loans may be pre-committedpermanent loans from approved long-term lenders, sales of developed property oran interim loan commitment from the Corporation until permanent financing isobtained. These loans are closely monitored by on-site inspections and areconsidered to have higher risks than other real estate loans due to theirultimate repayment being sensitive to interest rate changes, governmentalregulation of real property, general economic conditions and the availabilityof long-term financing.

 

The Corporation originates consumer retail loansutilizing a computer-based credit scoring analysis to supplement theunderwriting process. To monitor and manage consumer retail loan risk, policiesand procedures are developed and modified, as needed, jointly by line and staffpersonnel. This activity, coupled with relatively small loan amounts that arespread across many individual borrowers, minimizes risk. Additionally, trendand outlook reports are reviewed by management on a regular basis. Underwritingstandards for home equity loans are heavily influenced by statutoryrequirements, which include, but are not limited to, a maximum loan-to-valuepercentage of 80%, collection remedies, the number of such loans a borrower canhave at one time and documentation requirements.

 

The Corporation contracts with a third party vendor toperform loan reviews.  The Corporation reviews and validates the credit riskprogram on an annual basis. Results of these reviews are presented tomanagement.  The loan review process complements and reinforces the riskidentification and assessment decisions made by lenders and credit personnel,as well as the Corporation’s policies and procedures. 

 

 

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The goal of the Corporation is to diversify loans toavoid a concentration of credit in a specific industry, person, entity,product, service, or any area vulnerable to a tax law change or an economicevent. A concentration of credit occurs when obligations, direct or indirect,of the same or affiliated interests represent 15% or more of the Corporation'scapital structure. The Board of Directors recognizes that the Corporation'sgeographic trade area imposes some limitations regarding loan diversificationif the Corporation is to perform the function for which it has been chartered.Specifically, lending to qualified borrowers within the Corporation's tradearea will naturally cause concentrations of real estate loans in the primarycommunities served by the Corporation and loans to employees of major employersin the area. 

 

All closed-end commercial loans (excluding loanssecured by real estate) are charged off no later than 90 days delinquent.  If aloan is considered uncollectable, it is charged off earlier than 90 daysdelinquent.  When a commercial loan secured by real estate is past due, acurrent assessment of the value of the real estate is made.  If the balance ofthe loan exceeds the fair value of the property, the loan is placed onnonaccrual with a specific reserve equal to the difference between book valueand fair value assigned to the credit until such time as the property has beenforeclosed.  When the foreclosed property has been legally assigned to theCorporation, a charge-off is taken with the remaining balance, reflecting thefair value less estimated costs to sell, transferred to other real estate owned. 

 

Allclosed-end consumer loans (excluding conventional 1-4 family residential loansand installment and revolving loans secured by real estate) are charged off nolater than 120 days (five monthly payments) delinquent.  If a loan isconsidered uncollectable, it is charged off earlier than 120 days delinquent. For conventional 1-4 family residential loans and installment and revolvingloans secured by real estate, when a loan is 90 days past due, a currentassessment of the value of the real estate is made.  If the balance of the loanexceeds the fair value of the property, the loan is placed on nonaccrual andforeclosure proceedings are initiated.  When the foreclosed property has beenlegally assigned to the Corporation, a charge-off is taken with the remainingbalance, reflecting the fair value less estimated costs to sell, transferred toother real estate owned.

 

*Non-Accrual and Past Due Loans*.  Loans are considered past due if the requiredprincipal and interest payments have not been received as of the date suchpayments were due. Loans are placed on non-accrual status when,  (i) principalor interest has been in default for a period of 90 days or more, or (ii) fullpayment of principal and interest is not expected. Loans may be placed onnon-accrual status regardless of whether or not such loans are considered pastdue. When interest accrual is discontinued, all unpaid accrued interest isreversed. Interest income on non-accrual loans is recognized only to the extentthat cash payments are received in excess of principal due. A loan may bereturned to accrual status when all the principal and interest amountscontractually due are brought current and future principal and interest amountscontractually due are reasonably assured, which is typically evidenced by asustained period (three to six months) of repayment performance by the borrower. The Corporation had no loans that were 90 days or more past due that were notincluded in nonaccrual loans as of June 30, 2012.

 

 

The followingtable provides details regarding the aging of the Corporation’s loan portfolioas of June 30, 2012 and December 31, 2011 (dollars in thousands):

 

| **June 30, 2012**                              | 30 - 89 Days 		Past Due | 90 Days and 		Greater Past 		Due* | Total Past Dues | Current       | Total Loans   |
|------------------------------------------------|-------------------------|-----------------------------------|-----------------|---------------|---------------|
| **Retail**                                     |                    |                              |            |          |          |
|   Consumer                                |  $                 | 28                           |  $         | 43       |  $       | 71  |  $ | 12,585  |  $ | 12,656  |
|   Single family residential               | 613                | 2,789                        | 3,402      | 191,428  | 194,830  |
|   Other retail                            | 17                 | 329                          | 346        | 19,631   | 19,977   |
| **Retail total**                               |  $                 | 658                          |  $         | 3,161    | ** $**   | **3,819 ** | ** $** | **223,644 ** | ** $** | **227,463 ** |
| **Commercial**                                 |                    |                              |            |          |          |
|   Commercial and industrial               |  $                 | 209                          |  $         | 3,922    |  $       | 4,131  |  $ | 60,744  |  $ | 64,875  |
|   Non-farm, non-residential real estate   | 384                | 1,632                        | 2,016      | 144,681  | 146,697  |
|   Construction and development            |                    | 2,253                        | 2,253      | 28,631   | 30,884   |
|   Commercial loans secured by real estate | -                  | -                            | -          | 9,578    | 9,578    |
|   Other commercial                        | -                  | -                            | -          | 39,190   | 39,190   |
| **Commercial total**                           |  $                 | 593                          |  $         | 7,807    | ** $**   | **8,400 ** | ** $** | **282,824 ** | ** $** | **291,224 ** |
| **TOTAL**                                      |  $                 | 1,251                        |  $         | 10,968   | ** $**   | **12,219 ** | ** $** | **506,468 ** | ** $** | **518,687 ** |
|                                           |                    |                              |            |          |          |

 

15

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| December 31, 2011                            | 30 - 89 Days 		Past Due | 90 Days and 		Greater Past Due* | Total Past Due | Current       | Total Loans   |
|----------------------------------------------|-------------------------|---------------------------------|----------------|---------------|---------------|
| Retail                                       |                    |                            |           |          |          |
|   Consumer                              |  $                 | 73                         |  $        | 4        |  $       | 77  |  $ | 14,220  |  $ | 14,297  |
|   Single Family Residential             | 5,131              | 1,002                      | 6,133     | 190,780  | 196,913  |
|   Other retail                          | 1                  | -                          | 1         | 25,699   | 25,700   |
| Retail total                                 |  $                 | 5,205                      |  $        | 1,006    |  $       | 6,211  |  $ | 230,699  |  $ | 236,910  |
| Commercial                                   |                    |                            |           |          |          |
|   Commercial and industrial             |  $                 | 3,858                      |  $        | 1,419    |  $       | 5,277  |  $ | 55,171  |  $ | 60,448  |
|   Non-farm, non-residential real estate | 2,166              | 320                        | 2,486     | 137,661  | 140,147  |
|   Construction and development          | 44                 | -                          | 44        | 28,998   | 29,042   |
|   Other commercial                      | 1,441              | 159                        | 1,600     | 50,191   | 51,791   |
| Commercial total                             |  $                 | 7,509                      |  $        | 1,898    |  $       | 9,407  |  $ | 272,021  |  $ | 281,428  |
| TOTAL                                        |  $                 | 12,714                     |  $        | 2,904    |  $       | 15,618  |  $ | 502,720  |  $ | 518,338  |
|                                              |                         |                                 |                |               |               |  |  |  |  |  |  |  |  |  |  |

*Includes all loans on non-accrual status and all bankruptcies.  Loansare automatically placed on non-accrual status once they reach 90 days past due;therefore ,the Corporation has no loans greater than 90 days past due werestill accruing interest.

 

The following table summarizes the impaired loans byloan type as of June 30, 2012 and December 31, 2011 (dollars in thousands):

|                                  |                                     |                                      |                                   |                          |                | Average Recorded Investment |
|---------------------------------------|------------------------------------------|-------------------------------------------|----------------------------------------|-------------------------------|---------------------|-----------------------------|
| **June 31, 2012**                     | Unpaid 		Contractual 		Principal Balance | Recorded 		Investment with 		no allowance | Recorded 		Investment with 		allowance | Total 		Recorded 		Investment | Related 		Allowance | Quarter 		To Date           | Year 		to Date |
| **Commercial**                        |                                     |                                      |                                   |                          |                |                        |   |
| Commercial and industrial             |  $                                  | 4,795                                |  $                                | 374                      |  $             | 3,436                  |  $ | 3,810  |  $ | 167  |  $ | 3,792  |  $ | 4,318  |
| Non-farm, non-residential real estate | 3,203                               | 1,219                                | -                                 | 1,219                    | -              | 1,215                  | 1,978  |
| Construction & development        | 719                                 | -                                    | 719                               | 719                      | 53             | 719                    | 670  |
| Other Commercial                      | 1,379                               | -                                    | 1,379                             | 1,379                    | -              | 3,107                  | 1,379  |
| Commercial total                      |  $                                  | 10,096                               |  $                                | 1,593                    |  $             | 5,534                  |  $ | 7,127  |  $ | 220  |  $ | 8,833  |  $ | 8,345  |
| **Residential**                       |                                     |                                      |                                   |                          |                |                        |   |
| Consumer loans                        |  $                                  | -                                    |                                   |  $                       | -              |  $                     | -  |  $ | -  |  $ | -  |  $ | -  |
| Single Family Residential             | 3,418                               | 2,344                                | 637                               | 2,981                    | 105            | 1,249                  | 3,018  |
| Other retail                          | -                                   | -                                    |                                   | -                        |                | -                      | -  |
| Retail total                          |  $                                  | 3,418                                |  $                                | 2,344                    |  $             | 637                    |  $ | 2,981  |  $ | 105  |  $ | 1,249  |  $ | 3,018  |
| **Total**                             |  $                                  | 13,514                               |  $                                | 3,937                    |  $             | 6,171                  |  $ | 10,108  |  $ | 325  |  $ | 10,082  | $ | 11,363 |

 

 

 

 

 

 

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|                                  |                                     |                                        |                                   |                          |                | Average Recorded Investment |
|---------------------------------------|------------------------------------------|---------------------------------------------|----------------------------------------|-------------------------------|---------------------|-----------------------------|
| **December 31, 2011**                 | Unpaid 		Contractual 		Principal Balance | Recorded 		Investment 		with 		no allowance | Recorded Investment 		with 		allowance | Total 		Recorded 		Investment | Related 		Allowance | Quarter 		To Date           | Year to 		Date |
| **Commercial**                        |                                     |                                        |                                   |                          |                |                        |   |
| Commercial and industrial             |  $                                  | 5,839                                  |  $                                | 738                      |  $             | 5,678                  |  $ | 5,446  |  $ | 601  |  $ | 5,069  |  $ | 5,069  |
| Non-farm, non-residential real estate | 4,378                               | 2,986                                  | 2,115                             | 4,573                    | 307            | 5,232                  | 5,232  |
| Construction & development        | 870                                 | -                                      | 870                               | 870                      | 203            | 941                    | 941  |
| Other Commercial                      | 3,238                               | -                                      | -                                 | 1,498                    | -              | 1,527                  | 1,527  |
| Commercial total                      |  $                                  | 14,325                                 |  $                                | 3,724                    |  $             | 8,663                  |  $ | 12,387  |  $ | 1,111  |  $ | 12,769  |  $ | 12,769  |
| **Residential**                       |                                     |                                        |                                   |                          |                |                        |   |
| Consumer loans                        |  $                                  | -                                      |  $                                | -                        |  $             | -                      |  $ | -  |  $ | -  |  $ | -  |  $ | -  |
| Single Family Residential             | 1,388                               | 142                                    | 1,075                             | 1,217                    | 131            | 1,269                  | 1,269  |
| Other retail                          | -                                   | -                                      |                                   | -                        | -              | -                      | -  |
| Retail total                          |  $                                  | 1,388                                  |  $                                | 142                      |  $             | 1,075                  |  $ | 1,217  |  $ | 131  |  $ | 1,269  |  $ | 1,269  |
| **Total**                             |  $                                  | 15,713                                 |  $                                | 3,866                    |  $             | 9,738                  |  $ | 13,604  |  $ | 1,242  |  $ | 14,038  | $ | 14,038 |

 

 

| **June 31, 2011**                     | Unpaid 		Contractual 		Principal Balance | Recorded 		Investment 		with 		no allowance | Recorded Investment 		with 		allowance | Total 		Recorded Investment | Related 		Allowance | Average 		Recorded 		Investment |
|---------------------------------------|------------------------------------------|---------------------------------------------|----------------------------------------|----------------------------------|---------------------|---------------------------------|
| **Commercial**                        |                                     |                                        |                                   |                             |                |                            |
| Commercial and industrial             |  $                                  | 11,505                                 |  $                                | 4,032                       |  $             | 995                        |  $ | 10,038  |  $ | 340  |  $ | 8,703  |
| Non-farm, non-residential real estate | 7,685                               | 13,143                                 | -                                 | 3,212                       | -              | 6,384                      |
| Construction & development        | 1,725                               | -                                      | 208                               | 1,894                       | 108            | 1,548                      |
| Other Commercial                      | 3,309                               | -                                      | 400                               | 3,634                       | -              | 3,200                      |
| Commercial total                      |  $                                  | 24,224                                 |  $                                | 17,175                      |  $             | 1,603                      |  $ | 18,778  |  $ | 448  |  $ | 19,835  |
| **Residential**                       |                                     |                                        |                                   |                             |                |                            |
| Consumer loans                        |  $                                  | -                                      |                                   |  $                          | -              |  $                         | -  |  $ | -  |  $ | -  |
| Single Family Residential             | 1,328                               | 457                                    | 668                               | 1,125                       | 103            | 1,275                      |
| Other retail                          | -                                   | -                                      |                                   | -                           |                | -                          |
| Retail total                          |  $                                  | 1,328                                  |  $                                | 457                         |  $             | 668                        |  $ | 1,125  |  $ | 103  |  $ | 1,275  |
| **Total**                             |  $                                  | 25,552                                 |  $                                | 17,632                      |  $             | 2,271                      |  $ | 19,903  |  $ | 551  |  $ | 21,110  |

* *

* *

*ImpairedLoans*.  Loans are considered impairedwhen, based on current information and events, it is probable the Corporationwill be unable to collect all amounts due in accordance with the originalcontractual terms of the loan agreement, including scheduled principal andinterest payments. Impairment is evaluated in total for smaller-balance loansof a similar nature and on an individual loan basis for other loans. If a loanis impaired, a specific valuation allowance is allocated, if necessary, so thatthe loan is reported net, at the present value of estimated future cash flowsusing the loan’s existing rate or at the fair value of collateral if repaymentis expected solely from the collateral. Interest payments on impaired loans aretypically applied to principal unless collectability of the principal amount isreasonably assured, in which case interest is recognized on a cash basis.Impaired loans, or portions thereof, are charged off when deemed uncollectible. Interest income recognized on impaired loans (which approximates cashbasis interest received on impaired loans) was approximately $225,000 and$578,000 for the six-month periods ended June 30, 2012 and 2011,respectively.  The average balance of impaired loans for the six-monthperiod ending June 30, 2012 was $8.4 million for commercial loans and $3.0million for residential real estate loans, totaling $11.4 million.

 

 

17

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*Troubled Debt Restructurings. *Included in certain loan categories of impaired loansare certain loans that have been modified in a troubled debt restructuring,where economic concessions have been granted to borrowers who have experiencedfinancial difficulties.  These concessions typically result from our lossmitigation activities and could include reductions in the interest rate,payment extensions, forgiveness of principal, forbearance or other actions. Modifications of terms for our loans and their inclusion as troubled debtrestructurings are based on individual facts and circumstances.  Loanmodifications that are included as troubled debt restructurings may involveeither an increase or reduction of the interest rate, extension of the term ofthe loan, or deferral of principal and/or interest payments, regardless of theperiod of the modification.  All of the loans identified as troubled debtrestructuring were modified due to financial stress of the borrower.  In orderto determine if a borrower is experiencing financial difficulty, an evaluationis performed to determine the probability that the borrower will be in paymentdefault on any of its debt in the foreseeable future with the modification. This evaluation is performed under the Corporation’s internal underwritingpolicy.

           

When the Corporation modifies loans in a troubled debtrestructuring, the Corporation evaluates any possible impairment similar toother impaired loans based on the present value of expected future cash flows,discounted at the contractual interest rate of the original loan or leaseagreement, or use the current fair value of the collateral, less selling costsfor collateral dependent loans. If the corporation determined that the value ofthe modified loan is less than the recorded investment in the loan, impairmentis recognized through an allowance estimate or a charge-off to the allowance. In periods subsequent to modification, the Corporation evaluates all troubleddebt restructuring, including those that have payment defaults, for possibleimpairment and recognize impairment through the allowance.

 

As of June 30, 2012,the Corporation did not have any commitments to extend additional funds toborrowers with loans modified and included as a troubled debt restructuring.

 

During 2012, certain loans were modified in troubled debtrestructurings, where economic concessions were granted to borrowers consistingof reductions in the interest rates, payment extensions, forgiveness ofprincipal, and forbearances.  Presented below, segregated by class of loans, aretroubled debt restructurings that occurred during the six months and threemonths ended June 30, 2012 (dollars in thousands):

 

|                                        | **Three Months Ended June 30, 2012** |
|---------------------------------------------|--------------------------------------|
|                                        | ** **                           | **Post-** | ** ** |
|                                        | ** **                           | **Modification** | **Net Charge-offs** |
|                                        | **Number of**                        | **Outstanding** | **Resulting from** |
| * *                                    | **Loans**                            | **Balance** | **Modifications** |
| Retail:                                     |                                 |   |   |
| Single family residential                   | 2                                    |  $                   158 |  $                             - |
| **Total trouble debt restructurings**       | 2                                    |  $                   158 |  $                             - |
|                                        | **Six Months Ended June 30, 2012**   |
|                                        | ** **                           | **Post-** | ** ** |
|                                        | ** **                           | **Modifications** | **Net Charge-offs** |
|                                        | **Number of**                        | **Outstanding** | **Resulting from** |
| * *                                    | **Loans**                            | **Balance** | **Modifications** |
| Commercial:                                 |                                 |   |   |
|   Commercial and industrial            | 3                                    |  $                   554 |  $                        197 |
|   Non-farm non-residential real estate | 1                                    |                            - |                            222 |
| Retail:                                     |                                 |   |   |
|   Single family residential            | 2                                    |                       158 |   |
| **Total trouble debt restructurings**       | 6                                    |  $                   712 |  $                        419 |
|                                             |                                      |  |  |  |

 

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Loans retain their accrual status at the time of theirmodification.  As a result, if a loan is on non-accrual status at the time itis modified, it stays as non-accrual status, and if a loan is on accrual statusat the time of the modification, it generally stays on accrual status. Commercial and consumer loans modified in a troubled debt restructuring areclosely monitored for delinquency as an early indicator of possible futuredefault.  If loans modified in a troubled debt restructuring subsequentlydefault, the Corporation evaluates the loan for possible further impairment. The allowance for loan losses may be increased, adjustments may be made in theallocation of the allowance, or partial charge-offs may be taken to furtherwrite-down the carrying value of the loan.  The Corporation considers a loan in defaultwhen it is 90 days or more past due or transferred to nonaccrual.  

 

As of June 30, 2012,the Corporation did not have any loans that were modified in troubled debtrestructurings that have subsequently defaulted.

* *

*Credit Quality Indicators.*As part of the ongoing monitoring of the creditquality of the Corporation’s loan portfolio, management tracks certain creditquality indicators including trends related to (i) the weighted-average riskgrade of commercial loans, (ii) the level of classified commercial loans, (iii)net charge-offs, (iv) non-performing loans  and (v) the general economicconditions in the State of Tennessee.

 

The Corporation uses a risk grading matrix to assign arisk grade to each of its commercial loans.  Loans are graded on a scale of 1 through8.  A description of the general characteristics of the eight risk grades is asfollows:

**Risk Rating 1        Minimal Risk**

 

General Characteristics:

-  Substantially risk free 
-  Federal, state, or municipalsubdivisions with acceptable investment grade credit rating.
-  Large national, regional, or localentity with proven access to capital markets.
-  Diversity in borrower’s line ofbusiness with stable and diversified sales base.
-  Borrower is considered to be anindustry leader with many consecutive years of strong profits and exhibits afinancial condition, equity position, liquidity, and debt service capacity farexceeding industry norms.
-  Borrower has an abundance ofunpledged financeable assets coupled with superior cash generationcapabilities.
-  Industry conditions and trends arepositive and strong.
-  Borrower has strong managementwith evidence of management succession.
-  A credit rating by Moody’s,Standard & Poor, or other qualified rating agency that is grade A orhigher.
-  A cash secured loan with the cashon deposit in the Corporation or a guaranty from the federal government alsowarrants this risk rating.

**Risk Rating 2            Modest Risk**

** **

General Characteristics:

-  Borrower shows strongprofitability, liquidity, and capitalization better than industry norms and astrong market position in the region.
-  Borrower may have limited accessto public markets for short-term needs or capital requirements, but has readyaccess to alternative financing.
-  Loans may be unsecured based onthe financial strength of the borrower or secured by collateral that isconsidered liquid and marketable.
-  Borrower has a proven history ofprofitability and financial stability.
-  Borrower has a strong market positionin its industry and has an abundance of financeable assets available to protectthe Corporation’s position.
-  Borrower’s proven and steadymanagement with good management succession.
-  Borrower can withstand majormarket instabilities of short duration.
-  Credit rating by Moody’s, Standard& Poor, or other qualified rating agency that is grade BAA or higher. 

**Risk Rating 3            Average Risk**

** **

General Characteristics:

19

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-  Borrower shows a stable earningshistory and financial condition in line with industry norms with indicationsthat these trends will continue.
-  The credit extension is consideredsound, however elements may be present which suggest the borrower may not befree from temporary impairments in the future.
-  Borrower’s liquidity and leverageis in line with industry norms.
-  Borrower has good management withacceptable management succession.
-  Under most economic and businessconditions, borrower has access to alternative financing but limited or noaccess to capital markets for short-term or capital needs.
-  Borrower may be an individual witha sound financial condition and liquidity with proven historical income torepay the debt as scheduled.
-  Credit extensions are generallysecured by acceptable collateral.

**Risk Rating 4            AcceptableRisk**

** **

General Characteristics:

-  Credit is to a borrower withsmaller margins of debt service coverage and with some elements of reducedfinancial strength.
-  Borrower is generally in a loweraverage market position in its industry.
-  Borrower shows satisfactory assetquality and liquidity, good debt capacity and coverage, and good management incritical positions.
-  Borrower’s management is ofunquestioned character but management succession may be questionable. 
-  Borrower can obtain similarfinancing from other financial institutions.
-  Interim losses or moderatelydeclining earnings trends may occur, but the borrower has sufficient strengthand financial flexibility to offset these issues.
-  Credit may be to individuals witha moderately leveraged financial condition but with satisfactory liquidity andincome to cover debt repayment requirements.
-  Business borrowers may havemoderate leverage, but must have historically consistent cash flow to coverdebt service and other operating needs.
-  Business borrowers may also haveerratic or cyclical operating performances but should demonstrate strong equitypositions to support these profitability swings.
-  Asset-based loans that havestabilized and proven performance with the financial capacity to provide forannual clean up may qualify for this rating.
-  Borrower has no access to capitalmarkets but would be financeable by another financial institution or financecompany.
-  Credit extensions are generallysecured by acceptable collateral.

**Risk Rating 5            Pass /Watch **

 

General Characteristics:

 

Loans considered for this risk rating require a heightened level ofsupervision.  

 

A) Transitional, Event Driven – This category of risk rated 5 loanscaptures responses to early warning signals from a relationship and, therefore,signifies a specific, event-driven, transitional credit grade. The event isgenerally something unplanned or unexpected such as a death, a disaster, theloss of a major client, product line, or key employee; divorce, or healthcondition of the owner or key management person. This category may be used intransitional upgrades as well as transitional downgrades of creditrelationships.  Under these criteria, this category necessitates a plan ofaction to either upgrade the credit to a “Pass” rating (i.e., Risk Rating 1-4),downgrade the credit to a criticized asset, or exit the relationship within sixmonths.

 

20

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B) Ongoing Supervision Warranted**-**This category may also beutilized to identify loans having inherent characteristics which warrant morethan the normal level of supervision.  Loans meeting these criteria mayinclude larger, more complex loans with unusual structures.  Loans, which,due to structure or nature of the collateral require above average servicing,may also be considered for this risk rating.  Unlike other criteria listedpreviously for this category, these particular characteristics tend not to beone-time or transitional in nature; therefore, these loans may be expected toremain in this risk rating category longer than six months.  A loan mightremain in this risk rating category for its life or until the characteristicwarranting the rating can be eliminated or effectively mitigated.

-  Borrower may exhibit decliningearnings, strained cash flow, increasing leverage, or weakening market positionsthat indicate a trend toward an unacceptable risk.
-  Borrower’s liquidity, leverage,and earnings performance is below or trending below industry norms. 
-  Interim losses and other adversetrends may occur but not to the level that would impair the Corporation’sposition.
-  Borrower may be a newly formedcompany or in a new line of business or may be an established business with newor unproven management.  Borrower should be adequately capitalized, butmay not yet have achieved stabilized cash flow.
-  Borrower generally has a smallmarket position in its industry.
-  Borrower may be engaged in anindustry that is experiencing an economic downturn or is particularlysusceptible to uncontrollable external factors.
-  Borrower management is of goodcharacter although some management weakness may exist, including lack of depthor succession.
-  Borrower generally has limitedadditional debt capacity and modest coverage, and average or below-averageasset quality, margins, and market share.
-  Borrower’s ability to obtain financingfrom other financial institutions may be impaired.
-  Credit to individuals withmarginal financial condition and liquidity but with income still sufficient toservice the debt.

**Risk Rating 6               Special Mention**

 

A special mention asset has potential weaknesses that deservemanagement’s close attention. If left uncorrected, these potential weaknessesmay result in deterioration of the repayment prospects for the asset or in theinstitution’s credit position at some future date. Special mention assets arenot adversely classified and do not expose an institution to sufficient risk towarrant adverse classification.

** **

General Characteristics:

-  Borrower’s cash flow may not besufficient to fund anticipated cash needs.
-  Sufficient or modestly sufficientfinanceable assets are available to protect the Corporation’s position. 
-  Adverse trends in borrower’s operations/profitsor unbalanced position in borrower’s balance sheet but not to the point whererepayment is in jeopardy.
-  Borrower generally shows limitedliquidity or high leverage.
-  Borrower’s financial position isin the lower quartile of industry norms.
-  Borrower’s business exhibits adeteriorating market position in the industry.
-  Borrower’s management lacks depthand succession.
-  Business is unable to withstandtemporary setbacks without affecting repayment capability.
-  Borrower is not financeable byanother bank but possibly by a finance company or specialized lender. 

**Risk Rating 7            Substandard**

 

A substandard asset is inadequately protected by the current soundworth and paying capacity of the obligor or of the collateral pledged, if any.Assets so classified must have a well-defined weakness, or weaknesses, thatjeopardize the liquidation of the debt. They are characterized by the distinctpossibility that the Corporation will sustain some loss if the deficiencies arenot corrected.

 

21

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General Characteristics:

-  The primary source of borrower’srepayment no longer provides satisfactory support and repayment is dependent onsecondary sources.
-  A substandard loan is inadequatelyprotected by the current sound worth and paying capacity of the obligor or bythe collateral pledged, if any.
-  Normal repayment from the borroweris impaired although no loss of principal is envisioned.
-  A partial loss of interest orprincipal will occur if the borrower’s deficiencies are not corrected. 
-  Borrower’s cash flow is generallynot sufficient to fund anticipated cash needs.
-  Borrower’s financeable assets maynot be sufficient to protect the Corporation’s position.
-  Adverse trends in borrower’s operationsthat jeopardized debt repayment may require the borrower to undertake asignificant reorganization of financing or the business.
-  Borrower shows poor liquidity andhigh leverage impairing the repayment of the debt in accordance with agreedupon terms.
-  Borrower’s management lacks depthand succession; may be inexperienced or of questionable character. 
-  Borrower’s market position in theindustry is deteriorating.
-  Borrower is not financeable byanother bank or finance company.

 

**Risk Rating 8       Doubtful**

** **

An asset classified as doubtful has all the weaknesses inherent in oneclassified substandard with the added characteristic that the weaknesses makecollection or liquidation in full, on the basis of currently existing facts,conditions, and values, highly questionable and improbable.

** **

General Characteristics:

-  Inadequate primary source ofrepayment.  Assumes a less thansatisfactory secondary source of repayment on a most-likely case basis. There may be adequate secondary source of repayment on a best-case basis. 
-  Borrower has the same weaknessesfound in Substandard borrowers.
-  Loss probability is extremely highbut because of certain important and reasonably specific factors that may workto strengthen the loan, its classification as an estimated loss is deferreduntil a more exact status may be determined.
-  Pending factors may include a proposedmerger or acquisition; liquidation procedures; capital injections; perfectingliens on additional collateral; and refinancing plans.
-  Borrower’s cash flow isinsufficient to fund cash needs.
-  Borrower’s financeable assets areinsufficient to protect the Corporation’s position.
-  Borrower’s source of debtrepayment is dependent on liquidation of assets with a probable loss. 
-  Borrower may no longer be a goingconcern, or may not exist as a going concern for the foreseeable future. 
-  No alternative financing sourcesexist for borrower.

** **

The following tables present risk grades andclassified loans by class of commercial loan in the Corporation’s portfolios asof June 30, 2012 (dollars in thousands):

 

 

 

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| ** **

**June 30, 2012**                                                                                                                                                                                                                                           |                          |                                      |                             |                                        |               | ** **               |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------|-------------------------------------------|----------------------------------|---------------------------------------------|--------------------|--------------------------|
| Commercial Loan Portfolio:  Credit risk profile by  internally assigned grade                                                                                                                                                                                      | Commercial 		& Industrial | Non-Farm, 		Non-Residential 		Real Estate | Construction 		& Development | Commercial Loans 		Secured by 		Real Estate | Other 		Commercial | Commercial 		Loan Totals |
|                                                                                                                                                                                                                                                                    |                          |                                      |                             |                                        |               | ** **               |
|   Pass                                                                                                                                                                                                                                                             |  $                       | 57,934                               |  $                          | 143,470                                |  $            | 29,509              |  $ | 8,402  |  $ | 36,335  | ** $** | **275,650 ** |
|   Special Mention                                                                                                                                                                                                                                                  | 2,749                    | 1,350                                | 601                         | 409                                    | -             | **5,109 **          |
|   Substandard                                                                                                                                                                                                                                                      | 1,124                    | 1,877                                | 774                         | 767                                    | 1,476         | **6,018 **          |
|   Doubtful                                                                                                                                                                                                                                                         | 3,068                    | -                                    | -                           | -                                      | 1,379         | **4,447 **          |
| **TOTALS**                                                                                                                                                                                                                                                              | ** $**                   | **64,875 **                          | ** $**                      | **146,697 **                           | ** $**        | **30,884 **         | ** $** | **9,578 ** | ** $** | **39,190 ** | ** $** | **291,224 ** |
|                                                                                                                                                                                                                                                                    |                          |                                      |                             |                                        |               |                     |
| Retail Loan Portfolio:  Credit risk profiles based  on delinquency status classification                                                                                                                                                                           | Consumer                      | Single-Family 		Residential**             | Other Retail                     | Retail Loan 		Totals                        |               |                     |
|   Performing                                                                                                                                                                                                                                                       |  $                       | 12,588                               |  $                          | 190,757                                |  $            | 19,623              |  $ | 222,968  |   |   |
|   Non-performing*                                                                                                                                                                                                                                                  | 68                       | 4,073                                | 354                         | 4,495                                  |               |                     |
| **TOTALS**                                                                                                                                                                                                                                                              | ** $**                   | **12,656 **                          | ** $**                      | **194,830 **                           | ** $**        | **19,977 **         | ** $** | **227,463 ** | ** ** | ** ** |
| *Loans are classified as non-performing loans and are  automatically placed on non-accrual status once they reach 90 days past due.   For the purposes of this calculation,  all loans rated at or below Substandard  (RR7) are classified as non-performing. |
| **Single-family residential loans includes first  mortgages, closed-end second mortgages, residential construction loans, and  home equity lines of credit (HELOC's).                                                                                                   |
|                                                                                                                                                                                                                                                                         |                               |                                           |                                  |                                             |                    |                          |  |  |  |  |  |  |  |  |  |  |  |

** **

| **December 31, 2011**                                                                                                                                                                                                                                             |                          |                                      |                             |                                        |               | ** **               |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------|-------------------------------------------|----------------------------------|---------------------------------------------|--------------------|--------------------------|
| Commercial Loan Portfolio:  Credit risk profile by  internally assigned grade                                                                                                                                                                                | Commercial 		& Industrial | Non-Farm, 		Non-Residential 		Real Estate | Construction 		& Development | Commercial Loans 		Secured by 		Real Estate | Other 		Commercial | Commercial 		Loan Totals |
|                                                                                                                                                                                                                                                              |                          |                                      |                             |                                        |               | ** **               |
|   Pass                                                                                                                                                                                                                                                       |  $                       | 50,163                               |  $                          | 132,291                                |  $            | 27,613              |  $ | 2,979  |  $ | 44,837  | ** $** | **257,883 ** |
|   Special Mention                                                                                                                                                                                                                                            | 4,137                    | 4,232                                | 504                         | 439                                    | -             | **9,312 **          |
|   Substandard                                                                                                                                                                                                                                                | 1,692                    | 2,033                                | 925                         | 677                                    | 1,480         | **6,807 **          |
|   Doubtful                                                                                                                                                                                                                                                   | 4,456                    | 1,591                                | -                           | -                                      | 1,379         | **7,426 **          |
| **TOTALS**                                                                                                                                                                                                                                                        | ** $**                   | **60,448 **                          | ** $**                      | **140,147 **                           | ** $**        | **29,042 **         | ** $** | **4,095 ** | ** $** | **47,696 ** | ** $** | **281,428 ** |
| Retail Loan Portfolio:  Credit risk profiles based  on delinquency status classification                                                                                                                                                                     | Consumer                      | Single-Family 		Residential**             | Other Retail                     | Retail Loan 		Totals                        |               |                     |
|   Performing                                                                                                                                                                                                                                                 |  $                       | 14,225                               |  $                          | 193,784                                |  $            | 25,368              |  $ | 233,377  |   |   |
|   Non-performing*                                                                                                                                                                                                                                            | 72                       | 3,129                                | 332                         | 3,533                                  |               |                     |
| **TOTALS**                                                                                                                                                                                                                                                        | ** $**                   | **14,297 **                          | ** $**                      | **196,913 **                           | ** $**        | **25,700 **         | ** $** | **236,910 ** | ** ** | ** ** |
| *Loans are classified as non-performing loans and are  automatically placed on non-accrual status once they reach 90 days past due.   For the purposes of this calculation, all loans rated at or below Substandard  (RR7) are classified as non-performing. |
| **Single-family residential loans include first  mortgages, closed-end second mortgages, residential construction loans, and  home equity lines of credit (HELOC's).                                                                                              |

** **

** **

23

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*Allowance for Loan Losses.*The allowance for loan losses is a reserve establishedthrough a provision for loan losses charged to expense, which representsmanagement’s best estimate of probable losses that have been incurred withinthe existing portfolio of loans. The allowance, in the judgment of management,is necessary to reserve for estimated loan losses and risks inherent in theloan portfolio. The Corporation’s allowance for loan  loss methodology includesallowance allocations calculated in accordance with ASC Topic 310,“Receivables” (“ASC Topic 310”), and allowance allocations calculated inaccordance with ASC Topic 450, “Contingencies” (“ASC Topic 450”), Accordingly,the methodology is based on historical loss experience by type of credit andinternal risk grade, specific homogeneous risk pools and specific lossallocations, with adjustments for current events and conditions. TheCorporation’s process for determining the appropriate level of the allowancefor loan losses is designed to account for credit deterioration as it occurs.The provision for loan  losses reflects loan quality trends, including thelevels of and trends related to non-accrual loans, past due loans, potentialproblem loans, criticized loans and net charge-offs or recoveries, among otherfactors. The provision for loan  losses also reflects the totality of actionstaken on all loans for a particular period.  Therefore, the amount of theprovision reflects not only the necessary increases in the allowance for loan  lossesrelated to newly identified criticized loans, but it also reflects actionstaken related to other loans including, among other things, any necessaryincreases or decreases in required allowances for specific loans or loanpools.  

 

The level of the allowance reflects management’scontinuing evaluation of industry concentrations, specific credit risks, loanloss experience, current loan portfolio quality, present economic, politicaland regulatory conditions and unidentified losses inherent in the current loanportfolio. Portions of the allowance may be allocated for specific credits;however, the entire allowance is available for any credit that, in management’sjudgment, should be charged off. While management utilizes its best judgmentand information available, the ultimate adequacy of the allowance is dependentupon a variety of factors beyond the Corporation’s control, including, amongother things, the performance of the Corporation’s loan portfolio, the economy,and changes in interest. 

 

The Corporation’s allowance for loan  losses consistsof three elements: (i) specific valuation allowances determined in accordancewith ASC Topic 310 based on probable losses on specific loans; (ii) historicalvaluation allowances determined in accordance with ASC Topic 450 based onhistorical loan loss experience for loans with similar characteristics andtrends, adjusted, as necessary, to reflect the impact of current conditions;and (iii) general valuation allowances determined in accordance with ASC Topic450 based on general economic conditions and other qualitative risk factorsboth internal and external to the Corporation.  

 

The allowances established for probable losses onspecific loans are based on a regular analysis and evaluation of problem loans.Loans are classified based on an internal credit risk grading process thatevaluates, among other things: (i) the obligor’s ability to repay; (ii) theunderlying collateral, if any; and (iii) the economic environment and industryin which the borrower operates. This analysis is performed at the relationshipmanager level for all commercial loans. When

a loan has an assigned risk rating of 8 (Doubtful) or higher, a specialassets officer analyzes the loan to determine whether the loan is impaired and,if impaired, the need to specifically allocate a portion of the allowance for loan losses to the loan. Specific valuation allowances are determined by analyzingthe borrower’s ability to repay amounts owed, collateral deficiencies, therelative risk grade of the loan and economic conditions affecting theborrower’s industry, among other things.

 

Historical valuation allowances are calculated basedon the historical loss experience of specific types of loans and the internalrisk grade of such loans at the time they were charged-off. The Corporationcalculates historical loss ratios for pools of similar loans with similarcharacteristics based on the proportion of actual charge-offs experienced tothe total population of loans in the pool. The historical loss ratios areupdated quarterly based on actual charge-off experience.  A historicalvaluation allowance is established for each pool of similar loans based uponthe product of the historical loss ratio and average balance of the loans inthe pool. The Corporation’s pools of similar loans include similarlyrisk-graded groups of commercial and industrial loans, commercial real estateloans, consumer real estate loans and consumer and other loans.

           

The components of the general valuation allowanceinclude (i) the additional reserves allocated to specific loan portfoliosegments as a result of applying an environmental risk adjustment factor to thebase historical loss allocation and (ii) the additional reserves that are notallocated to specific loan portfolio segments including allocations for groupsof similar loans with risk characteristics that exceed certain concentrationlimits established by management.

 

There is an inherent imprecision in calculating thespecific portion of the allowance for loan and lease losses (“ALLL”).  Therefore,a factor may be added to the allocation of each of the identified segments ofthe loan portfolio to account for the imprecision.

 

 

24

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Included in the general valuation allowances areallocations for groups of similar loans with risk characteristics that exceedcertain concentration limits established by management. Concentration risklimits have been established, among other things, for certain industryconcentrations, large balance and highly leveraged credit relationships thatexceed specified risk grades, and loans originated with policy exceptions thatexceed specified risk grades. 

 

Theallowance for loan losses is maintained at a level considered adequate toprovide for the losses that can be reasonably anticipated.  Management’speriodic evaluation of the adequacy of the allowance is based on theCorporation’s past loan loss experience, know and inherent risks in theportfolio, adverse situations that may affect the borrower’s ability to repay,the estimated value of any underlying collateral, composition of the loanportfolio, current economic conditions and other relevant factors.  Thisevaluation is inherently subjective as it requires material estimates that maybe susceptible to change.  During the first quarter of 2012, as part of thequantitative analysis of the adequacy of the allowance for loan losses,management adjusted its projection of probable loan losses.  In prior years,the Corporation used a historic loss period of four quarters for all segmentswhen estimating the historic charge off rates calculated in accordance with ASCTopic 450.  During the first quarter 2012, the Corporation changed the historicperiod to a rolling eight quarter historic look back period to better reflectthe risk related to each individual segment of loans.  This change did not havea significant impact on the recorded amount of the allowance for loan losses.

 

The following table summarizes the allocation in theallowance for loan losses by loan segment for the six months ended June 30,2012 and June 30, 2011 and the year ended December 31, 2011 (dollars inthousands):  

 

|                               | ** **                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | **Residential** | **Consumer &** | ** **      | ** **  |
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---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------|--------------------|-----------------|-------------|
| **Three Months Ended**             | **Commercial**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | **real estate** | **other retail**   | **Unallocated** | **Totals**  |
| Beginning ALLL balance - 3/31/12   |  $                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        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                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | **6,677 ** | ** $**        | **1,564 ** | ** $** | **159 ** | ** $** | **372 ** | ** $** | **8,772 ** |
| ** **                         | ** **                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | ** **      | ** **         | ** **      | ** **  |
| **Three Months Ended**             | ** **                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | ** **      | ** **         | ** **      | ** **  |
| Beginning ALLL balance - 3/31/11   | **$**
5,594
$
1,723
$
279
$
98
$
7,694
  Less: Charge-offs

(464)

(14)

(31)

-  

(509)

  Add: Recoveries

35  

1  

33  

-  

69  

  Add: Provisions

273  

235  

(16)

258  

750  

**Ending ALLL balance - 06/30/11**

** $**

**5,438 **

** $**

**1,945 **

** $**

**265 **

** $**

**356 **

** $**

**8,004 **

** **

** **

** **

** **

** **

** **

**Six Months Ended**

** **

** **

** **

** **

** **

Beginning ALLL balance - 12/31/10

 $

6,915  

 $

2,001  

 $

408  

 $

96  

 $

9,420  

  Less: Charge-offs

(2,621)

(258)

(127)

-  

(3,006)

  Add: Recoveries

73  

1  

40  

-  

114  

  Add: Provisions

1,071  

201  

(56)

260  

1,476  

**Ending ALLL balance - 06/30/11**

** $**

**5,438 **

** $**

**1,945 **

** $**

**265 **

** $**

**356 **

** $**

**8,004 **

** **

** **

** **

** **

** **

** **

Beginning ALLL balance - 1/1/11

 $

6,915  

 $

2,001  

 $

408  

 $

96  

 $

9,420  

  Less: Charge-offs

(3,353)

(52)

(147)

-  

(3,552)

  Add: Recoveries

103  

-  

104  

-  

207  

  Add: Provisions

2,292  

164  

(173)

842  

3,125  

**Ending ALLL balance - 12/31/11**

** $**

**5,957 **

** $**

**2,113 **

** $**

**192 **

** $**

**938 **

** $**

**9,200 **

**           **

25

 

The following table details the amount of the allowance forloan losses allocated to each portfolio segment as of June 30, 2012, June 30,2011 and December 31, 2011, disaggregated on the basis of the Corporation’simpairment methodology (dollars in thousands).

 

** **

** **

**Residential**

**Consumer &**

** **

** **

**Ending ALLL balance - 6/30/12**

**Commercial**

**Real Estate**

**Other Retail**

**Unallocated**

**Total**

Loans individually evaluated for impairment

 $

219

 $

106

 $

-

 $

-

 $

325

Loans collectively evaluated for impairment

6,458

1,458

159

372

8,447

**Balance**

** $**

**6,677**

** $**

**1,564**

** $**

**159**

** $**

**372**

** $**

**8,772**

**Ending ALLL balance 6/30/11**

** **

** **

** **

** **

** **
Loans individually evaluated for		impairment
 $
345
 $
-
 $
-
 $
-
 $
345
Loans collectively evaluated for impairment

5,093

1,945

265

356

7,659

**Balance**

** $**

**5,438**

** $**

**1,945 **

** $**

**265**

** $**

**356**

** $**

**8,004**
**Ending ALLL balance - 12/31/11**** $**1,111** $**
131** $**
-** $** 
-** $** 1,242Loans individually evaluated for impairment 4,846 1,982 
192 
938 
7,958Loans collectively evaluated for impairment** $****5,957**** $****2,113**** $**
**192**** $** 
**938**** $** **9,200**
**  Balance**

 

 

The following table shows loans related to eachbalance in the allowance for loan losses by portfolio segment and disaggregatedon the basis of the Corporation’s impairment methodology (dollars inthousands):

 

 

** **

**Residential**

**Consumer &**

**Other**

** **

June 30, 2012

**Commercial**

**Real Estate**

**Other Retail**

** **

**Totals**

Loans individually evaluated for impairment

 $

2,662  

 $

1,274  

 $

-    

 $

-    

 $

3,936  

Loans collectively evaluated for impairment

 $

288,887  

 $

211,389  

13,637 

838 

514,751 

**Balance**

** $**

**291,549 **

** $**

**212,663 **

** $**

**13,637 **

** $**

**838 **

** $**

**518,687 **

June 30, 2011

** **

** **

** **

** **

** **

Loans individually evaluated for impairment

 $

17,653  

 $

1,125  

 $

-    

 $

-    

 $

18,778  

Loans collectively evaluated for impairment

280,511  

230,309  

 $

14,838  

 $

1,139  

526,797  

**Balance**

** $**

**298,164 **

** $**

**231,434 **

** $**

**14,837 **

** $**

**1,139 **

** $**

**545,575 **

December 31, 2011

** **

** **

** **

** **

** **

Loans individually evaluated for impairment

 $

12,625  

 $

1,217  

 $

-    

 $

-    

 $

13,842  

Loans collectively evaluated for impairment

268,796  

219,881  

14,055  

1,228  

503,960  

**Balance**

** $**

**281,421 **

** $**

**221,098 **

** $**

**14,055 **

** $**

**1,228 **

** $**

**517,802 **

** **

** **

** **

 

** **

**NOTE 5 – BORROWED FUNDS**

** **

The Corporationis a party to the Blanket Agreement for Advances and Security Agreement (the“Blanket Agreement”) with the FHLB ofCincinnati.  Advances made to the Corporation under the Blanket Agreement arecollateralized by the FHLB stock and qualifying residential mortgage loanstotaling 150% of the outstanding amount borrowed. These collateralizationmatters are outlined in the Blanket Agreement dated June 20, 2006 between the Corporationand the FHLB.  The advances mature at varying dates throughout 2013 at interestrates ranging from 2.61% - 3.76%.

 

26

 

 

 

 

 

Scheduled annual principal maturities and interest rate terms ofborrowings under this credit line as of June30, 2012 for the next year were as follows (dollars in thousands):

 

2013 

 

$10,100 

 

FHLB stock totaling$3,009,000 at June 30, 2012 was carried at cost.  The stock is restricted and can only be sold back to the FHLB at par value.

 

The Corporation also has a Cash Management Advance Line of CreditAgreement (the “CMA”), dated June 21,2010, with the Federal Home Loan Corporation.  The CMA is a component of theBlanket Agreement.  The purpose of the CMA is to assist with short-termliquidity management.  Under the terms of the CMA, the Corporation may borrow amaximum of $40 million, selecting a variable rate of interest for up to 90 daysor a fixed rate for a maximum of 30 days.  There were no borrowings outstandingunder the CMA as of June 30, 2012.

 

**NOTE 6 –POST-RETIREMENT BENEFIT PLAN**

 

 

**Six months ended**

(dollars in thousands)

**June 30, 2012**

June 30, 2011

Service cost

** $                        46**

 $                        12			

Interest cost

**                         192**

                           78			

Expected return on plan assets

**                              -**

                              -			

Amortization of prior service cost

**                            (8)**

                         (120)

Amortization of net loss

**                              -**

                              -			

Net periodic pension cost

** $                       230**

 $                       (30)

 

TheCorporation currently expects to contribute approximately $472,000 to its postretirement benefit plan during the year ending December 31, 2012, of whichapproximately $78,000 was contributed in the first six months of 2012. 

** **

** **

**NOTE 7 – RECENT ACCOUNTING PRONOUNCEMENTS**

** **

*ASU No. 2011-03, “Transfers and Servicing (Topic 860)- Reconsideration of Effective Control for Repurchase Agreements.”* ASU 2011-03 is intended to improve financial reportingof repurchase agreements and other agreements that both entitle and obligate atransferor to repurchase or redeem financial assets before their maturity. ASU2011-03 removes from the assessment of effective control (i) the criterionrequiring the transferor to have the ability to repurchase or redeem thefinancial assets on substantially the agreed terms, even in the event ofdefault by the transferee, and (ii) the collateral maintenance guidance relatedto that criterion. ASU 2011-03 was adopted on January 1, 2012 and did not havea significant impact on the Corporation’s financial statements.

 

*ASU 2011-04, “Fair Value Measurement (Topic 820) -Amendments to Achieve Common Fair Value Measurements and DisclosureRequirements in U.S. GAAP and IFRSs.”*ASU 2011-04 amends ASC Topic 820, to converge the fair value measurementguidance in U.S. generally accepted accounting principles (“GAAP”)  andInternational Financial Reporting Standards. ASU 2011-04 clarifies theapplication of existing fair value

measurement requirements, changes certain principles in ASC Topic 820and requires additional fair value disclosures. ASU 2011-04 was effective for interimand annual periods beginning after December 15, 2011, and the adoption of thisASU did not have a significant impact on the Corporation’s financialstatements.  

 

 

 

27

 

 

 

 

 

*ASU 2011-05, “Comprehensive Income (Topic 220) -Presentation of Comprehensive Income.”*ASU 2011-05 amends Topic 220, “Comprehensive Income,” to require that allnon-owner changes in stockholders’ equity be presented in either a singlecontinuous statement of comprehensive income or in two separate but consecutivestatements. Additionally, ASU 2011-05 requires entities to present, on the faceof the financial statements, reclassification adjustments for items that arereclassified from other comprehensive income to net income in the statement orstatements where the components of net income and the components of othercomprehensive income are presented. The option to present components of othercomprehensive income as part of the statement of changes in stockholders’equity was eliminated. ASU 2011-05 is effective for interim and annual periodsbeginning after December 15, 2011 and the adoption of this ASU did not have asignificant impact on the Corporation’s financial statements.

 

*ASU 2011-08, “Intangibles - Goodwill and Other (Topic350) - Testing Goodwill for Impairment.”*ASU 2011-08 amends Topic 350, “Intangibles – Goodwill and Other,” togive entities the option to first assess qualitative factors to determinewhether the existence of events or circumstances leads to a determination thatit is more likely than not that the fair value of a reporting unit is less thanits carrying amount. If, after assessing the totality of events orcircumstances, an entity determines it is not more likely than not that thefair value of a reporting unit is less than its carrying amount, thenperforming the two-step impairment test is unnecessary. However, if an entityconcludes otherwise, then it is required to perform the first step of thetwo-step impairment test by calculating the fair value of the reporting unitand comparing the fair value with the carrying amount of the reporting unit.ASU 2011-08 is effective for annual and interim impairment tests beginning afterDecember 15, 2011, and is not expected to have a significant impact on theCorporation’s financial statements.

 

ASU 2011-11, *“Balance Sheet (Topic 210) -“Disclosures about Offsetting Assets and Liabilities.”* ASU 2011-11 amendsTopic 210, “Balance Sheet,” to require an entity to disclose both gross and netinformation about financial instruments, such as sales and repurchaseagreements and reverse sale and repurchase agreements and securitiesborrowing/lending arrangements, and derivative instruments that are eligiblefor offset in the statement of financial position and/or subject to a masternetting arrangement or similar agreement. ASU 2011-11 is effective for annualand interim periods beginning on or after January 1, 2013, and is not expectedto have a significant impact on the Corporation’s financial statements.

 

ASU 2011-12 *“Comprehensive Income (Topic 220) -Deferral of the Effective Date for Amendments to the presentation ofReclassifications of Items Out of Accumulated Other Comprehensive Income inAccounting Standards Update No. 2011-05.”* ASU 2011-12 defers changes in ASUNo. 2011-05 that relate to the presentation of reclassification adjustments toallow the FASB time to deliberate whether to require presentation of suchadjustments on the face of the financial statements to show the effects ofreclassifications out of accumulated other comprehensive income on the componentsof net income and other comprehensive income. ASU 2011-12 allows entities tocontinue to report reclassifications out of accumulated other comprehensiveincome consistent with the presentation requirements in effect before ASU No.2011-05. All other requirements in ASU No. 2011-05 are not affected by ASU No.2011-12. ASU 2011-12 became effective for the Corporation on January 1, 2012and did not have a significant impact on the Corporation’s financialstatements.

 

 

 

 

 

 

 

 

28

 

 

 

 

 

** **

**Item 2.  Management'sDiscussion and Analysis of Financial Condition and Results ofOperations.**

** **

**FORWARD-LOOKING STATEMENTS**

** **

Certainstatements contained in this report may not be based on historical facts andare “forward-looking statements” within the meaning of Section 27A of theSecurities Act of 1933, as amended, and Section 21E of the Securities ExchangeAct of 1934, as amended (the “Exchange Act”). These forward-looking statementsmay be identified by, among other things, the use of forward-lookingterminology such as “could,” “would,” “expect,” “believe,” “intend,”  “may,”“will,” “can,” or “should” or future or conditional verb tenses, and variationsor  negatives of such terms.  These forward-looking statements include, withoutlimitation, those relating to the Corporation’s valuation methodologies,contributions to the Corporation’s post-retirement benefit plan and returns onthe plan’s assets, characterization of accrual and non-accrual loans,concessions granted for troubled debt restructurings, impairment of securities,repayment of loans, loan portfolio concentrations, fair value of impairedloans, satisfaction of capital adequacy requirements, payments on advances fromthe FHLB, risk rating classifications of loans, calculation of our allowancefor loan losses, adequacy of traditional sources of cash generated fromoperating activities to meet liquidity needs and the realization of deferredincome tax assets.  We caution you not to place undue reliance on suchforward-looking statements in this report because results could differmaterially from those anticipated due to a variety of factors.  These factorsinclude, but are not limited to, conditions in the financial market, liquidityneeds, the sufficiency of our allowance for loan  losses, economic conditionsin the communities in the State of Tennessee where the Corporation doesbusiness, the impact of government regulation and supervision, interest rate risk,including changes in monetary policy and fluctuating interest rates, theCorporation’s ability to attract and retain key personnel, competition fromother financial services, other factors generally understood to affect thefinancial results of financial services companies and other factors detailedfrom time to time in our filings with the Securities and Exchange Commission(the “SEC”). We undertake no obligation to update these forward-lookingstatements to reflect events or circumstances that occur after the date of thisreport.

 

**EXECUTIVE OVERVIEW**

 

AtJune 30, 2012, the consolidated total assets of the Corporationwere $1.1 billion, its consolidated net loans were $509.9 million, its totaldeposits were $887.4 million and its total shareholders' equity was $113.2million.  The Corporation’s loan portfolio at June 30, 2012 reflected anincrease of approximately $400,000, or .06%, compared to December 31, 2011. Total deposits increased $31.0 million, or 3.6%, and shareholders’ equityincreased by 1.8% during the first six months of 2012.  Total shareholders’equity includes an unrealized gain, net of tax, on available-for-salesecurities of $2.5 million. 

 

**FINANCIALCONDITION**

** **

Averageearning assets for the quarter ended June30, 2012 were up 7.8%, or $68.0 million, from average earning assets for the quarterended December 31, 2011.  Average overnight investments for the quarter ended June 30, 2012were up 19.3% compared to the quarter ended December 31, 2011.  Averageinvestment securities for the quarter ended June30, 2012 were up 25.9% compared to thequarter ended December 31, 2011.  Average total assets were up 7.3% or $71.4million, from $975.3 million for the quarterended December 31, 2011 to $1.047 billion for the quarter ended June 30, 2012. 

 

**Securities**

 

Available-for-salesecurities are an integral part of the asset/liability management process ofthe Corporation.  Accordingly, they represent an important source of liquidityavailable to fund loans and accommodate asset reallocation strategies dictatedby changes in the Corporation’s operating and tax plans, shifting yield spreadrelationships and changes in configuration of the yield curve.  At June 30, 2012,the Corporation's investment securities portfolio had $364.5 million ofavailable-for-sale securities, which are valued at fair market value, and $32.4million of held-to-maturity securities, whichare valued at cost on the balance sheet. These compare to $314.2 million ofavailable-for-sale securities and $35.2 million of held-to-maturity securitiesas of December 31, 2011.  

 

29

 

 

**Loans and Loan Losses**

 

The loan portfolio is the largest component of earningassets for the Corporation and,consequently, provides the largest amount of revenue for the Corporation.  Theloan portfolio also contains the highestexposure to risk as a result of the possibility of unexpected deterioration inthe credit quality of borrowers.  When analyzing potential loans, management ofthe Corporation assesses both interest rate objectives and credit quality objectivesin determining whether to make a given loan and the appropriate pricing forthat loan.  All loans are expected to be repaid from cash flow or proceeds fromthe sale of selected assets of the borrowers.  Collateral requirements for theloan portfolio are based on credit evaluation of the borrowers.

 

Loanvolume was up in the second quarter of 2012, with total loans increasing by approximately$885,000, or 0.2% during the six month period.  Commercial loans increased by $9.8million, or 3.5%, in the second quarter, and the retail portfolio declined by $9.5million, or 3.8%.  At $518.7 million, total loans outstanding were down by $26.9million for the six months ended June 30, 2012 compared to the same period in2011.   Loan demand remains weak across all segments of the portfolio, whilecompetition for top quality commercial credit is high.   

 

The Corporation continues to reserve more heavilyagainst its construction and development portfolio than any other segment ofthe commercial portfolio, given the comparatively high level of losses thathave been incurred within this segment of the portfolio over the previousyear.  Additionally, higher reserves are being placed against property typeswhich are believed to be higher risk, such as retail and multi-family realestate.

 

Loans identified with losses by management, internalloan review and/or Corporation examiners are charged off. Furthermore, consumerloan accounts are charged off automatically based on regulatory requirements.

** **

The allowance for loan losses is a reserve establishedthrough a provision for loan losses charged to expense, which representsmanagement’s best estimate of probable losses that have been incurred withinthe existing portfolio of loans. The allowance, in the judgment of management,is necessary to reserve for estimated loan losses and risks inherent in theloan portfolio. The Corporation’s allowance for loan loss methodology includesallowance allocations calculated in accordance with ASC Topic 310, andallowance allocations calculated in accordance with ASC Topic 450.  Accordingly,the methodology is based on historical loss experience by type of credit andinternal risk grade, specific homogeneous risk pools and specific lossallocations, with adjustments for current events and conditions. TheCorporation’s process for determining the appropriate level of the allowancefor loan losses is designed to account for credit deterioration as it occurs.The provision for loan losses reflects loan quality trends, including thelevels of and trends related to non-accrual loans, past due loans, potentialproblem loans, classified and criticized loans and net charge-offs orrecoveries, among other factors. The provision for loan losses also reflectsthe totality of actions taken on all loans for a particular period. In otherwords, the amount of the provision reflects not only the necessary increases inthe allowance for loan losses related to newly identified criticized loans, butit also reflects actions taken related to other loans including, among otherthings, any necessary increases or decreases in required allowances forspecific loans or loan pools. The unallocated portion of the allowance for loanlosses represents general valuation allowances that are not allocated tospecific loan portfolio segments.  See Note 4 - Loans in the accompanying notesto consolidated financial statements included elsewhere in this report forfurther details regarding the Corporation’s methodology for estimating theappropriate level of the allowance for loan losses.

 

 

 

 

 

30

 

 

 

 

 

*Collectability. *A formal process is in place toenhance control over the underwriting of loans and to monitor loancollectability.  This process includes education and training of personnelabout the Corporation's loan policies and procedures, assignment of creditanalysts to support lenders, timely identification of loans with adversecharacteristics, control of corrective actions and objective monitoring of loanreviews.  The Special Assets Department of the Corporation identifies andmonitors assets that need special attention.  At June 30, 2012, this processidentified loans totaling $5.1 million that were classified as other assetsespecially mentioned compared to loans totaling $9.3 million at December 31,2011.  Loans totaling $6.0 million were classified as substandard at June 30, 2012,compared to loans totaling $6.8 million at December 31, 2011.  Loans totaling $4.4million were classified as doubtful at June30, 2012, compared to loans totaling $7.4million at December 31, 2011. 

 

             Loans having average recorded investments of $11.4 millionand $14.0 million at June 30, 2012 and December 31, 2011, respectively, havebeen identified as impaired.  Nonaccrual loans amounting to $11.0 million and $11.5million at June 30, 2012 and December 31, 2011, respectively, were not accruinginterest.  Interest received on these loans during the second quarter of 2012was approximately $225,000, compared to approximately $255,000 over the sameperiod in 2011.  The gross interest income that would have been recorded if theloans had been current in accordance with their original terms and had beenoutstanding throughout the period or since origination, if held for part of theperiod, was approximately $392,000, and $326,000 for the six-month period endedJune 30, 2012 and the six-month period ended June 30, 2011, respectively. The Corporationhad no loans that were 90 days or more past due that were not included innonaccrual loans as of June 30, 2012.  

 

   

**Deposits**

 

            The Corporation does not have any foreign offices and alldeposits are serviced in its 18 domestic offices.  The Corporation's averagedeposits increased 8.2% during the first six months of 2012 compared to anincrease of 1.5% in the first six months of 2011.  Average totalnoninterest-bearing deposits were 16.8% of total deposits at June 30, 2012,contributing to the Corporation's low cost of deposits, compared to 16.5% at December31, 2011.

 

 

**RegulatoryRequirements for Capital**

 

TheCorporation and First Farmers and merchants Bank, the Corporation’s sole directsubsidiary (“the Bank”), are subject to federal regulatory capital adequacystandards.  Failure to meet capital adequacy requirements could result incertain mandatory, and possibly additional discretionary, actions by regulatorsthat could have a direct material adverse effect on the financial condition ofthe Corporation and the Bank.  Federal regulations require the Corporation andthe Bank to meet specific capital adequacy guidelines that involve quantitativemeasures of assets, liabilities and certain off-balance-sheet items ascalculated under regulatory accounting practices.  The capital classificationis also subject to qualitative judgments by the regulators about components,risk weightings and other factors.

 

            Under federal regulatory standards, to be“well-capitalized,” the Corporation’s and the Bank’s Tier 1 Risk-Based CapitalRatio (ratio of Tier 1 Capital to risk-weighted assets) must be at least 6%,its Total Risk-Based Capital Ratio (ratio of total capital to risk-weightedassets) must be at least 10%, and its Tier 1 Leverage Capital Ratio (ratio ofTier 1 Capital to average assets) must be at least 5%.  Equity capital (net ofcertain adjustments for intangible assets and investments in non-consolidatedsubsidiaries and certain classes of preferred stock) and other certain equitylike instruments are considered Tier 1 Capital.  Tier 2 Capital consists ofcore capital plus supplementary or temporary capital such assubordinated debt, some types of preferred stock, and a defined percentage ofthe allowance for loan losses.

 

            As of June 30, 2012,the Bank's Tier 1 Risk-Based Capital Ratio, Total Risk-Based Capital Ratio andTier 1 Leverage Capital Ratios were 15.4%, 16.6%, and 9.5%, respectively,compared to 15.2%, 16.5%, and 9.7% at December 31, 2011. At June 30, 2012,the Corporation's Tier 1 Risk-Based Capital Ratio, Total Risk-Based CapitalRatio and Tier 1 Leverage Capital Ratios were 15.7%, 17.0% and 9.8%,respectively.  The ratios were 15.6%, 16.8% and 10.0%, respectively, at December31, 2011.  Management believes, as of June30, 2012, that the Corporation and theBank each met all capital adequacy requirements to which they are subject.

 

**LIQUIDITYAND CAPITAL****RESOURCES**

 

            Most of thecapital needs of the Corporation historically have been financed with retainedearnings and deposits received. 

 

31

 

 

 

 

 

The Corporationand subsidiary Bank is subject to Tennessee statutes and regulations thatimpose restrictions on the amount of dividends that may be declared. Furthermore, any dividend payments are subject to the continuing ability of theCorporation to maintain its compliance with minimum federal regulatory capitalrequirements and to retain its characterization under federal regulations as a“well-capitalized” institution.  The Corporation’s Board of Directors hasadopted a liquidity policy that outlines specific liquidity target balances. Compliance with this policy is reviewed quarterly by the Corporation’sAsset/Liability Committee and results are reported to the Corporation’s Boardof Directors. 

 

TheCorporation’s formal asset and liability management process is used to manageinterest rate risk and assist management in maintaining reasonable stability inthe gross interest margin as a result of changes in the level of interest ratesand/or the spread relationships among interest rates.  The Corporation uses anearnings simulation model to evaluate the impact of different interest ratescenarios on the gross margin.  Each quarter, the Corporation’s Asset/LiabilityCommittee monitors the relationship of rate sensitive earning assets to ratesensitive interest-bearing liabilities (interest rate sensitivity), which isthe principal factor in determining the effect that fluctuating interest rateswill have on future net interest income.  Rate sensitive earning assets andinterest bearing liabilities are financial instruments that can be repriced tocurrent market rates within a defined time period.

 

Managementbelieves that the Corporation’s traditional sources of cash generated fromoperating activities are adequate to meet the liquidity needs for normalongoing operations; however, the Corporation also has access to additionalliquidity, if necessary, through additional advances from the FHLB or the CMAwith the FHLB. The borrowings from the FHLB have been used generally forinvestment strategies to enhance the Corporation’s portfolio. At June 30, 2012,the Corporation had $64.7 million in borrowing capacity.  

 

**CRITICALACCOUNTING POLICIES**

 

Theaccounting principles the Corporation follows and the methods of applying theseprinciples conform with GAAP and with general practices within the bankingindustry.  In connection with the application of those principles, theCorporation’s management has made judgments and estimates that with respect tothe determination of the ALLL and the recognition of deferred income taxassets, have been critical to the determination of the Corporation’s financialposition, results of operations and cash flows.  

 

*Allowance for Loan Losses*

 

           The Corporation’smanagement assesses the adequacy of the ALLL prior to the end of each month andprepares a more formal review quarterly to assess the risk in the Corporation'sloan portfolio.  This assessment includes procedures to estimate the allowanceand test the adequacy and appropriateness of the resulting balance.  The ALLLrepresents calculated amounts for specifically identified credit exposure andexposures readily predictable by historical or comparative experience.  Eventhough this calculation considers specific credits, the entire allowance isavailable to absorb any credit losses. 

 

           These calculatedamounts are determined by assessing loans identified as not in compliance withloan agreements.  These loans are generally in two different risk groups.  Onegroup is unique loans (commercial loans, including those loans consideredimpaired).  The second group consists of pools of homogenous loans (generallyretail and mortgage loans).  The calculation for unique loans is basedprimarily on risk rating grades assigned to each of these loans as a result ofthe Corporation’s loan management and review processes.  Each risk-rating gradeis assigned a loss ratio, which is determined based on the experience ofmanagement, discussions with banking regulators and the independent loan reviewprocess.  The amount allocated for an impaired loan is based on estimated cashflows discounted at the loan's original effective interest rate or theunderlying collateral value.  Historical data, including actual loss experienceon specific types of homogenous loans, is used to allocate amounts for loans orgroups of loans meeting the specified criteria.  Management has implementedprocedures that give more detailed historical data by category of retail andconsumer credit and performance characteristics to broaden the analysis andimprove monitoring of potential credit risk.

 

           Criteriaconsidered and processes utilized in evaluating the adequacy of the ALLL are:

 

 

32

 

 

 
-  Portfolio quality trends;
-  Changes in the nature and volumeof the portfolio;
-  Present and prospective economicand business conditions, locally and nationally;
-  Management review systems andboard oversight, including external loan review processes;
-  Changes in credit policy, creditadministration, portfolio management and procedures;
-  Changes in personnel, managementand staff; and
-  Existence and effect of anyconcentrations of credit.

           In assessing theadequacy of the ALLL, the risk characteristics of the entire loan portfolio areevaluated.  This process includes the judgment of the Corporation’s management,input from independent loan reviews and reviews that may have been conducted byCorporation regulators as part of their usual examination process.

** **

** **

**Resultsof Operations**

 

Totalinterest income for the six months ended June 30, 2012 was $18.2 millioncompared to $19.1 million for the six months ended June 30, 2011 and $9.1million for the three months ended June 30, 2012 compared to $9.7 million forthe three months ended June 30, 2011.   Interest and fees earned on loans andinvestments are the primary components of total interest income.  Interest andfees earned on loans were $14.0 million, a decrease of $1.1 million, or 7.4%,during the six months ended June 30, 2012 compared to the six months ended June30, 2011 and $7.0 million for the three months ended June 30, 2012 compared to$7.5 million for the three months ended June 30, 2011.  Nominal interest earnedon investment securities and other earning assets was $4.2 million, an increaseof approximately $136,000, or 3.3%, during the six months ended June 30, 2012compared to the six months ended June 30, 2011 and  $2.1 million for the threemonths ended June 30, 2012 compared to $2.2 million for the three months endedJune 30, 2011.

 

            Total interestexpense in the six months ended June 30, 2012 was $2.1 million, a decrease ofapproximately $577,000, or 22.0%, compared to the six months ended June 30,2011 and  approximately $980,000 for the three months ended June 30, 2012compared to $1.3 million for the three months ended June 30, 2011.  The lowerinterest rates for certificates of deposits and public funds during the secondquarter of 2012 were the primary reason for the lower expense.  As a policy,budgeted financial goals are monitored on a quarterly basis by theCorporation’s Asset/Liability Committee, which reviews the actual dollar changein net interest income for different interest rate movements.  A negativedollar change in net interest income for a 12-month and 24-month period of lessthan 10.0% of net interest income given a 100 to 200 basis point shift in interest rates is considered an acceptablerate risk position.  The rate risk analysis for the 24-month period beginning July1, 2012 and ending June 30, 2014 showed a worst-case potential change to netinterest income, in the very unlikely event of a negative 100 basis point shiftin interest rates, of 6.9%, or a decrease in net interest income of $2.2million by the end of the period.

 

            Net interestincome of the Corporation on a fully taxable equivalent basis is influencedprimarily by changes in:

(1)             the volume and mix of earningassets and sources of funding;

(2)             market rates of interest; and

(3)             income tax rates.

 

            The impact ofsome of these factors can be controlled by management policies and actions.  Externalfactors also can have a significant impact on changes in net interest incomefrom one period to another.  Some examples of such factors are:

(1)             the strength of credit demands bycustomers;

(2)             Federal Reserve Board monetarypolicy; and

(3)             fiscal and debt managementpolicies of the federal government, including changes in tax laws.

 

            The netinterest margin, on a tax equivalent basis, at June 30, 2012, March 31, 2012,and December, 31, 2011 was 3.65%, 3.66% and 4.07%, respectively.  The declineis due, in part, to lower yields on earnings assets and a declining loanportfolio.

 

 

 

33

 

 

 

 

 

 

            Additions ofapproximately $520,000 were made to the provision for loan losses in the secondquarter of 2012, compared to $750,000 in the second quarter of 2011.  The 2012additions were lower because of the net charge-off ratios trending down.

 

            Noninterestincome was $6.7 million, an increase of $1.6 million, or 31.7%, during the sixmonths ended June 30, 2012 compared to the six months ended June 30, 2011 and $3.4 million for the three months ended June 30,2012 compared to $2.7 million for the three months ended June 30, 2011.  The gain on sales of securities for the six monthsended June 30, 2012 was $2.2 million, an increase of $1.7 million compared tothe gain on sales for the six months ended June 30, 2011, and accounted for mostof the increase in noninterest income over the periods, but was somewhat offsetby an increase of approximately $70,000 in losses of other real estate owned.

 

            Noninterest expense, excluding the provision for loanlosses, was $16.2 million in the six months ended June 30, 2012, an increase ofapproximately $210,000, or 1.3%, as compared to the interest expense for the six months ended June 30, 2011 and  $8.4 million for the three months ended June 30,2012 compared to $8.0 million for the three months ended June 30, 2011.  Anincrease in salary benefits contributed to the higher noninterest expense.

           

Netincome for the six months ended June 30,2012 was $4.4 million, compared to $3.6million for the six months ended June 30, 2011 and  $2.1 million for the threemonths ended June 30, 2012 compared to $2.0 million for the three months endedJune 30, 2011.  The gain on sales ofsecurities contributed to the increases. The Corporation earned $0.83 per share for the six months ended in June 30,2012, compared to $0.66 per share for the six months ended June 30, 2011. 

** **

**OFF-BALANCESHEET ARRANGEMENTS**

 

TheCorporation is a party to financial instruments with off-balance-sheet risk inthe normal course of business to meet the financing needs of its customers. These financial instruments include commitments to extend credit and stand-byletters of credit.  These instruments involve, to varying degrees, elements ofcredit risk in excess of the amount recognized in the balance sheet.  Thecontract or notional amounts of those instruments reflect the extent ofinvolvement the Corporation has in those financial instruments.  Loancommitments are agreements to lend to a customer as long as there is not aviolation of any condition established in the loan commitment contract. Stand-by letters of credit are conditional commitments issued by theCorporation to guarantee the performance of a customer to a third party.  Thoseguarantees are primarily issued to support public and private borrowingarrangements, including commercial paper, bond financing and similartransactions.  The credit risk involved in issuing letters of credit isessentially the same as that involved in making a loan.

 

Thetotal outstanding balance of loan commitments and stand-by letters of credit inthe normal course of business at June 30,2012 were $118.9 million and $8.5million, respectively.

 

AtJune 30, 2012, the Corporation and the Bank did not have anyoff-balance sheet arrangements other than commitments to extend credit andstand-by letters of credit.

** **

**Item 3.  Quantitativeand Qualitative Disclosures About Market Risk.**

** **

Duringthe three months  ended June 30, 2012,there were no material changes in the quantitative and qualitative disclosuresabout market risk presented in the Corporation's Annual Report on Form 10-K forthe year ended December 31, 2011. 

** **

**Item 4.  Controls andProcedures.**

 

(a) Evaluation ofDisclosure Controls and Procedures.  The Corporation, with theparticipation of its management, including the Corporation’s Chief ExecutiveOfficer and  Treasurer (principal financial officer), carried out an evaluationof the effectiveness of the design and operation of its disclosure controls andprocedures (as defined in Rules 13a-15e and 15d-15e under the Exchange Act) asof the end of the period covered by this report.  Based upon that evaluationand as of the end of the period covered by this report, the Corporation’s ChiefExecutive Officer and Treasurer (principal financial officer) concluded thatthe Corporation’s disclosure controls and procedures were effective in ensuringthat information required to be disclosed in its reports that the Corporationfiles or submits to the SEC under the Exchange Act is recorded, processed,summarized and reported on a timely basis.

 

 

34

 

 

 

 

 

 

 

(b) Changes in InternalControl Over Financial Reporting.  There has been no change in theCorporation's internal control over financial reporting that occurred duringthe second quarter of 2012 that has materially affected, or is reasonablylikely to materially affect, the Corporation's internal control over financialreporting.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

35

 

 

 

 

 

**PART II - OTHER INFORMATION**

** **

**Item1A. Risk Factors.**

 

Therehave been no material changes in the risk factors previously disclosed in theCorporation’s Annual Report on Form 10-K for the year ended December 31, 2011.

 

**Item 6.  Exhibits.**

 
EXHIBIT
 
NUMBER
DESCRIPTION
3.1
Charter. (1)
3.2 
Articles of Amendment to Charter. (1)
3.3
Second Amended and Restated By-laws. (2)
31.1
Certification of the ChiefExecutive Officer of First Farmers and Merchants Corporation Pursuant to Rule13a-14 of the Securities Exchange Act of 1934, as amended, as Adopted Pursuantto Section 302 of the Sarbanes-Oxley Act of 2002.
31.2
Certification of the Treasurer(principal financial officer) of First Farmers and Merchants CorporationPursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as amended, asAdopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32 
Certification of the ChiefExecutive Officer and Treasurer (principal financial officer) of First Farmersand Merchants Corporation Pursuant to 18 U.S.C. Section 1350, as AdoptedPursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

                              

(1)  Incorporated byreference from the First Farmers and Merchants Corporation Amendment No. 1 tothe Annual Report on Form 10-K/A for the year ended December 31, 2003, as filedwith the Securities and Exchange Commission on May 7, 2004 (File Number000-10972).

(2) Incorporated by reference from the First Farmers and Merchants CorporationAnnual Report on Form 10-K, as filed with the Securities and ExchangeCommission on March 15, 2011 (File Number 000-10972).

 

 

 

 

 

 

35

 

 

 

 

 

**SIGNATURES**

 

 

Pursuantto the requirements of the Securities Exchange Act of 1934, the registrant hasduly caused this report to be signed on its behalf by the undersigned thereuntoduly authorized.

 

 

 

 

FIRST FARMERS AND MERCHANTS CORPORATION

(Registrant)

 

 

 

 
Date             August6, 2012
                   /s/ T.Randy Stevens                               
 
T. Randy Stevens,Chief Executive Officer
 
 
 
 
 
 
 
 
Date             August6, 2012
             /s/ Patricia P.Bearden                                     
 
PatriciaP. Bearden, Treasurer (principal financial officer and principalaccounting officer)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

36

 

 

 

 

 

 
EXHIBIT
 
NUMBER
DESCRIPTION
3.1
Charter. (1)
3.2 
Articles of Amendment to Charter. (1)
3.3
Second Amended and Restated By-laws. (2)
31.1
Certification of the ChiefExecutive Officer of First Farmers and Merchants Corporation Pursuant to Rule13a-14 of the Securities Exchange Act of 1934, as amended, as Adopted Pursuantto Section 302 of the Sarbanes-Oxley Act of 2002.
31.2
Certification of the Treasurer(principal financial officer) of First Farmers and Merchants CorporationPursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as amended, asAdopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32 
Certification of the ChiefExecutive Officer and Treasurer (principal financial officer) of First Farmersand Merchants Corporation Pursuant to 18 U.S.C. Section 1350, as AdoptedPursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

                              

(1)  Incorporated byreference from the First Farmers and Merchants Corporation Amendment No. 1 tothe Annual Report on Form 10-K/A for the year ended December 31, 2003, as filedwith the Securities and Exchange Commission on May 7, 2004 (File Number000-10972).

(2) Incorporated by reference from the First Farmers and Merchants CorporationAnnual Report on Form 10-K, as filed with the Securities and ExchangeCommission on March 15, 2011 (File Number 000-10972).

 

 

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