Company Quick10K Filing
ChoiceOne Financial Services
Price25.89 EPS2
Shares4 P/E16
MCap95 P/FCF17
Net Debt-17 EBIT10
TEV78 TEV/EBIT8
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-03-31 Filed 2020-05-11
10-K 2019-12-31 Filed 2020-03-16
10-Q 2019-09-30 Filed 2019-11-12
10-Q 2019-06-30 Filed 2019-08-09
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10-K 2018-12-31 Filed 2019-03-18
10-Q 2018-09-30 Filed 2018-11-14
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8-K 2018-01-24

COFS 10Q Quarterly Report

Part I. Financial Information
Item 1. Financial Statements.
Note 1 - Summary of Significant Accounting Policies
Note 2 - Securities
Note 3 - Loans and Allowance for Loan Losses
Note 4 - Earnings per Share
Note 5 - Financial Instruments
Note 6 - Fair Value Measurements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations.
Item 4. Controls and Procedures.
Part II. Other Information
Item 1. Legal Proceedings.
Item 1A. Risk Factors.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.
Item 6. Exhibits
EX-31.1 ex31-1.htm
EX-31.2 ex31-2.htm
EX-32.1 ex32-1.htm

ChoiceOne Financial Services Earnings 2013-06-30

Balance SheetIncome StatementCash Flow
67554040527013502012201420172020
Assets, Equity
2.11.71.30.80.40.02016201720182020
Rev, G Profit, Net Income
20112-7-16-252012201420172020
Ops, Inv, Fin

10-Q 1 cofs-10q_063013.htm QUARTERLY REPORT Unassociated Document


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
 
FORM 10-Q
 
x
Quarterly Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
   
 
For the quarterly period ended June 30, 2013
   
o
Transition Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
   
 
For the transition period from __________ to __________
 
Commission File Number: 000-19202

ChoiceOne Financial Services, Inc.
(Exact Name of Registrant as Specified in its Charter)

Michigan
 
38-2659066
(State or Other Jurisdiction of Incorporation or Organization)
  (I.R.S. Employer Identification No.)
     
109 East Division
Sparta, Michigan
 
49345
(Address of Principal Executive Offices)
 
(Zip Code)

(616) 887-7366
(Registrant’s Telephone Number, including Area Code)

Indicate by checkmark whether the Registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. 
Yes x No o

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Website, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).
Yes x No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer,” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.
 
Large accelerated filer o   Accelerated filer o
       
Non-accelerated filer o   Smaller reporting company x
 
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes o No x

As of July 31, 2013, the Registrant had outstanding 3,296,637 shares of common stock.
 
 
 


 
 
PART I. FINANCIAL INFORMATION

Item 1. Financial Statements.
ChoiceOne Financial Services, Inc.
CONSOLIDATED BALANCE SHEETS
 
(Dollars in thousands)
 
June 30,
2013
   
December 31,
2012
 
   
(Unaudited)
   
(Audited)
 
Assets
           
Cash and due from banks
  $ 10,341     $ 19,034  
Federal funds sold
           
Cash and cash equivalents
    10,341       19,034  
                 
Securities available for sale
    131,183       134,492  
Federal Home Loan Bank stock
    2,478       2,478  
Federal Reserve Bank stock
    1,272       1,272  
                 
Loans held for sale
    1,529       1,874  
Loans
    315,835       311,468  
Allowance for loan losses
    (5,864 )     (5,852 )
Loans, net
    309,971       305,616  
                 
Premises and equipment, net
    12,294       12,121  
Other real estate owned, net
    1,573       2,019  
Cash value of life insurance policies
    10,120       9,970  
Intangible assets, net
    1,499       1,724  
Goodwill
    13,728       13,728  
Other assets
    3,766       4,585  
Total assets
  $ 499,754     $ 508,913  
                 
Liabilities
               
Deposits – noninterest-bearing
  $ 97,066     $ 101,861  
Deposits – interest-bearing
    307,372       322,338  
Total deposits
    404,438       424,199  
                 
Repurchase agreements
    17,292       19,572  
Advances from Federal Home Loan Bank
    12,406       420  
Federal funds purchased
    1,879        
Other liabilities
    3,153       4,216  
Total liabilities
    439,168       448,407  
                 
Shareholders’ Equity
               
Preferred stock; shares authorized: 100,000; shares outstanding: none
           
Common stock and paid in capital, no par value;shares authorized: 7,000,000; shares outstanding: 3,295,924 at June 30, 2013 and 3,298,081 at December 31, 2012
    46,593       46,649  
Retained earnings
    13,190       11,501  
Accumulated other comprehensive income, net
    803       2,356  
Total shareholders’ equity
    60,586       60,506  
Total liabilities and shareholders’ equity
  $ 499,754     $ 508,913  

See accompanying notes to consolidated financial statements.
 
 
2

 
 
ChoiceOne Financial Services, Inc.
CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
 
 
(Dollars in thousands, except per share data)
 
Three Months Ended
June 30,
   
Six Months Ended
June 30,
 
   
2013
   
2012
   
2013
   
2012
 
Interest income
                       
Loans, including fees
  $ 4,004     $ 4,165     $ 8,008     $ 8,511  
Securities:
                               
Taxable
    454       494       917       997  
Tax exempt
    347       339       693       660  
Other
    2       6       5       11  
Total interest income
    4,807       5,004       9,623       10,179  
                                 
Interest expense
                               
Deposits
    338       532       714       1,144  
Advances from Federal Home Loan Bank
    11       112       15       188  
Other
    10       70       19       138  
Total interest expense
    359       714       748       1,470  
                                 
Net interest income
    4,448       4,290       8,875       8,709  
Provision for loan losses
          650       300       1,475  
                                 
Net interest income after provision for loan losses
    4,448       3,640       8,575       7,234  
                                 
Noninterest income
                               
Customer service charges
    934       806       1,772       1,586  
Insurance and investment commissions
    194       221       343       382  
Gains on sales of loans
    481       386       974       760  
Gains on sales of securities
    53       117       76       286  
Losses on sales and write-downs of other assets
    (231 )     (67 )     (300 )     (239 )
Earnings on life insurance policies
    75       77       150       290  
Other
    187       173       374       341  
Total noninterest income
    1,693       1,713       3,389       3,406  
                                 
Noninterest expense
                               
Salaries and benefits
    2,101       1,949       4,117       3,818  
Occupancy and equipment
    592       545       1,162       1,137  
Data processing
    513       434       1,013       876  
Professional fees
    234       189       392       399  
Supplies and postage
    100       116       244       251  
Advertising and promotional
    59       37       112       81  
Intangible amortization
    112       112       224       224  
Loan and collection expense
    66       114       177       242  
FDIC insurance
    84       105       179       210  
Other
    481       410       884       788  
Total noninterest expense
    4,342       4,011       8,504       8,026  
                                 
Income before income tax
    1,799       1,342       3,460       2,614  
Income tax expense
    487       321       913       578  
                                 
Net income
  $ 1,312     $ 1,021     $ 2,547     $ 2,036  
                                 
Basic earnings per share
  $ 0.40     $ 0.31     $ 0.77     $ 0.62  
Diluted earnings per share
  $ 0.40     $ 0.31     $ 0.77     $ 0.62  
Dividends declared per share
  $ 0.13     $ 0.12     $ 0.26     $ 0.24  
   
See accompanying notes to consolidated financial statements.

 
3

 
 
ChoiceOne Financial Services, Inc.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited)
 
 
(Dollars in thousands)
 
Three Months Ended
June 30,
   
Six Months Ended
June 30,
 
   
2013
   
2012
   
2013
   
2012
 
Net income
  $ 1,312     $ 1,021     $ 2,547     $ 2,036  
                                 
Other comprehensive income, net of tax:
                               
Unrealized holding gains/(losses) on available for sale securities
    (1,696 )     539       (1,503 )     348  
Less:  Reclassification adjustment for gain recognized in earnings, net of tax
    (35 )     77       (50 )     189  
Other comprehensive income/(loss), net of tax
    (1,731 )     462       (1,553 )     159  
                                 
Comprehensive income/(loss)
 
$ (419 )   $ 1,483     $ 994     $ 2,195  
 
See accompanying notes to consolidated financial statements.
 
 
4

 
 
ChoiceOne Financial Services, Inc.
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (Unaudited)
 
 
 
 
 
(Dollars in thousands)
 
 
 
Number of Shares
   
Common Stock and Paid in Capital
   
 
 
Retained Earnings
   
Accumulated Other Comprehensive Income, Net
   
 
 
 
Total
 
                               
Balance, January 1, 2012
    3,293,269     $ 46,602     $ 8,887     $ 2,415     $ 57,904  
                                         
Net income
                    2,036               2,036  
Other comprehensive income
                            159       159  
Shares issued
    5,535       68                       68  
Effect of employee stock purchases
            6                       6  
Cash dividends declared ($0.24 per share)
                    (791 )             (791 )
                                         
Balance, June 30, 2012
    3,298,804     $ 46,676     $ 10,132     $ 2,574     $ 59,382  
                                         
Balance, January 1, 2013
    3,298,081     $ 46,649     $ 11,501     $ 2,356     $ 60,506  
                                         
Net income
                    2,547               2,547  
Other comprehensive income/(loss)
                            (1,553 )     (1,553 )
Change in ESOP repurchase obligation
            (13 )                     (13 )
Shared repurchased
    (7,468 )     (125 )                     (125 )
Shares issued
    5,311       76                       76  
Effect of employee stock purchases
            6                       6  
Cash dividends declared ($0.26 per share)
                    (858 )             (858 )
                                         
Balance, June 30, 2013
    3,295,924     $ 46,593     $ 13,190     $ 803     $ 60,586  
 
See accompanying notes to consolidated financial statements.
 
 
5

 
 
ChoiceOne Financial Services, Inc.
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
 
 
(Dollars in thousands)
 
Six Months Ended
June 30,
 
   
2013
   
2012
 
Cash flows from operating activities:
           
Net income
  $ 2,547     $ 2,036  
Adjustments to reconcile net income to net cash from operating activities:
               
Provision for loan losses
    300       1,475  
Depreciation
    449       463  
Amortization
    842       747  
Compensation expense on stock options and employee stock purchases
    6       6  
Gains on sales of securities
    (76 )     (286 )
Gains on sales of loans
    (974 )     (760 )
Loans originated for sale
    (25,337 )     (21,622 )
Proceeds from loan sales
    26,508       22,484  
Earnings on bank-owned life insurance
    (150 )     (290
Proceeds from life insurance
          311  
Losses on sales of other real estate owned
    24       14  
Write-downs of other real estate owned
    277       231  
Proceeds from sales of other real estate owned
    554       596  
Deferred federal income tax expense
    242     43  
Net changes in other assets
    881       814  
Net changes in other liabilities
    (519 )     (101 )
Net cash from operating activities
    5,574       6,161  
                 
Cash flows from investing activities:
               
Securities available for sale:
               
Sales
    2,344       6,801  
Maturities, prepayments and calls
    13,612       18,172  
Purchases
    (15,454 )     (40,481 )
Loan originations and payments, net
    (5,064 )     14,030  
Additions to premises and equipment
    (622 )     (158 )
Net cash from investing activities
    (5,184 )     (1,636 )
                 
Cash flows from financing activities:
               
Net change in deposits
    (19,761 )     (623 )
Net change in repurchase agreements
    (2,280 )     2,793  
Net change in federal funds purchased
    1,879        
Proceeds from Federal Home Loan Bank advances
    13,000        
Payments on Federal Home Loan Bank advances
    (1,014 )     (3,013 )
Issuance of common stock
    76       68  
Repurchase of common stock
    (125 )      
Cash dividends
    (858 )     (791 )
Net cash from financing activities
    (9,083 )     (1,566 )
                 
Net change in cash and cash equivalents
    (8,693 )     2,959  
Beginning cash and cash equivalents
    19,034       17,125  
                 
Ending cash and cash equivalents
  $ 10,341     $ 20,084  
                 
Supplemental disclosures of cash flow information:
               
Cash paid for interest
  $ 778     $ 1,498  
Cash paid for income taxes
  $ 975     $ 800  
Loans transferred to other real estate owned
  $ 409     $ 193  
Securities transferred to other assets
  $     $ 330  
 
See accompanying notes to consolidated financial statements.
 
 
6

 
 
ChoiceOne Financial Services, Inc.
NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS

NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Principles of Consolidation
The consolidated financial statements include ChoiceOne Financial Services, Inc. (“ChoiceOne” or the “Registrant”) and its wholly-owned subsidiary, ChoiceOne Bank (the “Bank”), and the Bank’s wholly-owned subsidiary, ChoiceOne Insurance Agencies, Inc. Intercompany transactions and balances have been eliminated in consolidation.

The consolidated financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information, prevailing practices within the banking industry and the instructions to Form 10-Q. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements.

The accompanying consolidated financial statements reflect all adjustments ordinary in nature which are, in the opinion of management, necessary for a fair presentation of the Consolidated Balance Sheets as of June 30, 2013 and December 31, 2012, the Consolidated Statements of Income for the three- and six-month periods ended June 30, 2013 and June 30, 2012, the Consolidated Statements of Comprehensive Income for the three- and six-month periods ended June 30, 2013 and June 30, 2012, the Consolidated Statements of Changes in Shareholders’ Equity for the six-month periods ended June 30, 2013 and June 30, 2012, and the Consolidated Statements of Cash Flows for the six-month periods ended June 30, 2013 and June 30, 2012. Operating results for the six months ended June 30, 2013 are not necessarily indicative of the results that may be expected for the year ending December 31, 2013.

The accompanying consolidated financial statements should be read in conjunction with the consolidated financial statements and footnotes thereto included in the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2012.

Allowance for Loan Losses
The allowance for loan losses is maintained at a level believed adequate by management to absorb probable incurred losses inherent in the consolidated loan portfolio. Management’s evaluation of the adequacy of the allowance is an estimate based on reviews of individual loans, assessments of the impact of current economic conditions on the portfolio and historical loss experience of seasoned loan portfolios. See Note 3 to the interim consolidated financial statements for additional information.

Management believes the accounting estimate related to the allowance for loan losses is a “critical accounting estimate” because (1) the estimate is highly susceptible to change from period to period because of assumptions concerning the changes in the types and volumes of the portfolios and economic conditions and (2) the impact of recognizing an impairment or loan loss could have a material effect on ChoiceOne’s assets reported on the balance sheet as well as its net income.

Stock Transactions
A total of 2,565 shares of common stock were issued to the Registrant’s Board of Directors for a cash price of $40,000 under the terms of the Directors’ Stock Purchase Plan in the first six months of 2013. A total of 2,555 shares were issued to employees for a cash price of $36,000 under the Employee Stock Purchase Plan in the first half of 2013. A total of 191 shares were issued upon the exercise of stock options in the first two quarters of 2013. A total of 7,468 shares of common stock were repurchased in the first half of 2013.

Reclassifications
Certain amounts presented in prior periods have been reclassified to conform to the current presentation.

New Accounting Pronouncements
In February 2013, the Financial Accounting Standards Board issued Accounting Standards Update No. 2013-02, Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income (“ASU 2013-02”), to improve the reporting of reclassifications out of accumulated other comprehensive income. ASU 2013-02 requires that an entity report the effect of significant reclassifications out of accumulated other comprehensive income on the respective line items in net income if the amount being reclassified is required under U.S. generally accepted accounting principles (“GAAP”) to be reclassified in its entirety to net income. For other amounts that are not required under U.S. GAAP to be reclassified in their entirety to net income in the same reporting period, an entity is required to cross-reference other disclosures required under U.S. GAAP that provide additional detail about these accounts. ASU 2013-02 is effective prospectively for reporting periods beginning after December 15, 2012. ChoiceOne adopted ASU 2013-02 as of January 1, 2013.
 
 
7

 
 
NOTE 2 - SECURITIES

The fair value of securities available for sale and the related gross unrealized gains and losses recognized in accumulated other comprehensive income (loss) were as follows:
 
   
June 30, 2013
 
(Dollars in thousands)
 
Amortized Cost
   
Gross Unrealized Gains
   
Gross Unrealized Losses
   
Fair Value
 
U.S. Government and federal agency
  $ 39,867     $ 200     $ (448 )   $ 39,619  
U.S. Treasury
    7,324       13       (101 )     7,236  
State and municipal
    64,752       2,184       (918 )     66,018  
Mortgage-backed
    8,925       115       (69 )     8,971  
Corporate
    6,670       70       (30 )     6,710  
Foreign debt
    1,000             (23 )     977  
Equity securities
    1,651       2       (1)       1,652  
Total
  $ 130,189     $ 2,584     $ (1,590 )   $ 131,183  

   
December 31, 2012
 
(Dollars in thousands)
 
Amortized Cost
   
Gross Unrealized Gains
   
Gross Unrealized Losses
   
Fair Value
 
U.S. Government and federal agency
  $ 39,815     $ 455     $ (2 )   $ 40,268  
U.S. Treasury
    7,362       45       (9 )     7,398  
State and municipal
    62,248       2,668       (238 )     64,678  
Mortgage-backed
    12,218       308             12,526  
Corporate
    6,600       113       (1 )     6,712  
Foreign debt
    1,000       1             1,001  
Equity securities
    1,902       12       (5 )     1,909  
Total
  $ 131,145     $ 3,602     $ (255 )   $ 134,492  
 
ChoiceOne reviews its securities portfolio on a quarterly basis to determine whether unrealized losses are considered to be temporary or other-than-temporary. No other-than-temporary impairment charges were recorded during the six months ended June 30, 2013. ChoiceOne believed that unrealized losses on securities were temporary in nature and were due to changes in interest rates and reduced market liquidity and not as a result of credit quality issues.

 
8

 
 
NOTE 3 – LOANS AND ALLOWANCE FOR LOAN LOSSES

Activity in the allowance for loan losses and balances in the loan portfolio were as follows:

(Dollars in thousands)
   
 
Agricultural
   
Commercial
and
Industrial
   
 
Consumer
   
Commercial
Real Estate
   
Construction
Real Estate
   
Residential
Real Estate
   
 
Unallocated
   
 
Total
 
Allowance for Loan Losses
                                               
Three Months Ended June 30, 2013
                                               
Beginning balance
  $ 190     $ 553     $ 236     $ 2,900     $ 15     $ 1,552     $ 435     $ 5,881  
Charge-offs
          (28 )     (87 )     (68 )           (119 )           (302 )
Recoveries
    1       202       52       21             9             285  
Provision
    (51 )     83       14       (403 )     5       229       123        
Ending balance
  $ 140     $ 810     $ 215     $ 2,450     $ 20     $ 1,671     $ 558     $ 5,864  
                                                                 
Six Months Ended June 30, 2013
                                                               
Beginning balance
  $ 140     $ 381     $ 250     $ 2,596     $ 15     $ 1,923     $ 547     $ 5,852  
Charge-offs
          (49 )     (184 )     (166 )           (283 )           (682 )
Recoveries
    2       239       104       31             18             394  
Provision
    (2 )     239       45       (11 )     5       13       11       300  
Ending balance
  $ 140     $ 810     $ 215     $ 2,450     $ 20     $ 1,671     $ 558     $ 5,864  
                                                                 
Individually evaluated for impairment
  $ 23     $ 280     $ 6     $ 817     $     $ 315     $     $ 1,441  
                                                                 
Collectively evaluated for impairment
  $ 117     $ 530     $ 209     $ 1,633     $ 20     $ 1,356     $ 558     $ 4,423  
                                                                 
Three Months Ended June 30, 2012
                                                               
Beginning balance
  $ 50     $ 556     $ 231     $ 2,748     $ 16     $ 1,522     $ 213     $ 5,336  
Charge-offs
          (10 )     (62 )     (247 )           (156 )           (475 )
Recoveries
    2       10       59       11             16             98  
Provision
    69       134       8       99       (1 )     292       49       650  
Ending balance
  $ 121     $ 690     $ 236     $ 2,611     $ 15     $ 1,674     $ 262     $ 5,609  
                                                                 
Six Months Ended June 30, 2012
                                                               
Beginning balance
  $ 55     $ 609     $ 197     $ 2,299     $ 34     $ 1,847     $ 172     $ 5,213  
Charge-offs
          (30 )     (133 )     (434 )           (740 )           (1,337 )
Recoveries
    3       30       125       21             79             258  
Provision
    63       81       47       725       (19 )     488       90       1,475  
Ending balance
  $ 121     $ 690     $ 236     $ 2,611     $ 15     $ 1,674     $ 262     $ 5,609  
                                                                 
Individually evaluated for impairment
  $     $     $     $ 173     $     $     $     $ 173