v2.4.0.6
Document and Entity Information
 3 Months Ended
Mar. 31, 2012
Aug. 02, 2012
Entity Information [Line Items]    
Entity Registrant Name CITY NATIONAL BANCSHARES CORP  
Entity Central Index Key 0000714980  
Current Fiscal Year End Date --12-31  
Entity Filer Category Non-accelerated Filer  
Document Type 10-Q  
Document Period End Date Mar. 31, 2012  
Document Fiscal Year Focus 2011  
Document Fiscal Period Focus Q1  
Amendment Flag false  
Entity Common Stock, Shares Outstanding   142,842
v2.4.0.6
Consolidated Balance Sheets (USD $)
In Thousands, unless otherwise specified
Mar. 31, 2012
Dec. 31, 2011
Assets    
Cash and due from banks $ 48,622 $ 5,960
Federal funds sold 0 32,600
Interest-bearing deposits with banks 1,652 1,940
Investment securities available for sale 99,043 95,058
Loans 201,977 208,715
Less: Allowance for loan losses 10,610 10,870
Net loans 191,367 197,845
Premises and equipment 2,659 2,686
Accrued interest receivable 1,550 1,561
Bank-owned life insurance 5,967 5,920
Other real estate owned 2,101 1,524
Other assets 6,437 13,348
Total assets 359,398 358,442
Deposits:    
Demand 32,528 37,379
Savings 132,141 114,675
Time 151,461 147,217
Total deposits 316,130 299,271
Accrued expenses and other liabilities 4,573 20,200
Short-term portion of long-term debt 5,000 5,000
Long-term debt 14,200 14,200
Total liabilities 339,903 338,671
Commitments and contingencies      
Stockholders’ equity    
Surplus 468 601
(Accumulated deficit) retained earnings (3,807) (3,163)
Accumulated other comprehensive income 791 423
Treasury stock, at cost — 3,204 common shares in 2012 and 2011, respectively (226) (226)
Total stockholders’ equity 19,495 19,771
Total liabilities and stockholders’ equity 359,398 358,442
Series A Preferred Stock [Member]
    
Stockholders’ equity    
Preferred stock 200 200
Series C Preferred Stock [Member]
    
Stockholders’ equity    
Preferred stock 27 27
Series D Preferred Stock [Member]
    
Stockholders’ equity    
Preferred stock 820 820
Series E Preferred Stock [Member]
    
Stockholders’ equity    
Preferred stock 2,450 2,450
Series F Preferred Stock [Member]
    
Stockholders’ equity    
Preferred stock 6,790 6,790
Series G Preferred Stock [Member]
    
Stockholders’ equity    
Preferred stock 10,637 10,504
Common Stock [Member]
    
Stockholders’ equity    
Common stock $ 1,345 $ 1,345
v2.4.0.6
Consolidated Balance Sheets (Parentheticals) (USD $)
Mar. 31, 2012
Dec. 31, 2011
Preferred Stock [Member]
    
Stockholders' equity:    
Preferred stock, par or stated value per share $ 0.00 $ 0.00
Preferred stock, shares authorized 100,000 100,000
Series A Preferred Stock [Member]
    
Stockholders' equity:    
Preferred stock, shares issued 8 8
Preferred stock, shares outstanding 8 8
Series C Preferred Stock [Member]
    
Stockholders' equity:    
Preferred stock, shares issued 108 108
Preferred stock, shares outstanding 108 108
Series D Preferred Stock [Member]
    
Stockholders' equity:    
Preferred stock, shares issued 3,280 3,280
Preferred stock, shares outstanding 3,280 3,280
Series E Preferred Stock [Member]
    
Stockholders' equity:    
Preferred stock, par or stated value per share $ 0.00 $ 0.00
Preferred stock, shares authorized 200 200
Preferred stock, shares issued 49 49
Preferred stock, shares outstanding 49 49
Series F Preferred Stock [Member]
    
Stockholders' equity:    
Preferred stock, par or stated value per share $ 0 $ 0
Preferred stock, shares authorized 7,000 7,000
Preferred stock, shares issued 7,000 7,000
Preferred stock, shares outstanding 7,000 7,000
Series G Preferred Stock [Member]
    
Stockholders' equity:    
Preferred stock, par or stated value per share $ 0 $ 0
Preferred stock, shares authorized 9,439 9,439
Preferred stock, shares issued 9,439 9,439
Preferred stock, shares outstanding 9,439 9,439
Common Stock [Member]
    
Stockholders' equity:    
Common stock, par value $ 10 $ 10
Common stock, shares authorized 400,000 400,000
Common stock, shares issued 134,530 134,530
Common stock, shares outstanding 131,326 131,326
Treasury Stock [Member]
    
Stockholders' equity:    
Treasury stock, shares 3,204 3,204
v2.4.0.6
Consolidated Statements of Operations (USD $)
In Thousands, except Per Share data, unless otherwise specified
 3 Months Ended
Mar. 31, 2012
Mar. 31, 2011
Interest income    
Interest and fees on loans $ 2,516 $ 2,961
Interest on Federal funds sold and securities purchased under agreements to resell 4 11
Interest on deposits with banks 60 59
Interest and dividends on investment securities:    
Taxable 753 983
Tax-exempt 0 62
Total interest income 3,333 4,076
Interest expense    
Interest on deposits 858 1,121
Interest on long-term debt 216 200
Total interest expense 1,074 1,321
Net interest income 2,259 2,755
Provision for loan losses 125 1,200
Net interest income after provision for loan losses 2,134 1,555
Other operating income    
Service charges on deposit accounts 253 282
ATM fees 68 76
Undistributed income from unconsolidated subsidiary 204 98
Earnings from cash surrender of life insurance 63 63
Other income 184 118
Total other operating income 772 637
Salaries and other employee benefits 1,567 1,435
Occupancy expense 358 368
Equipment expense 131 133
Data processing expense 128 94
Professional fees 178 194
Marketing expense 119 59
Management consulting fees 374 485
Regulatory expense 251 295
Insurance claim recovery (150) 0
OREO expense 93 103
Other expenses 479 569
Total other operating expenses 3,528 3,735
Loss before income tax expense (622) (1,543)
Income tax expense 22 12
Net loss $ (644) $ (1,555)
Net loss per common share    
Basic $ (5.91) $ (12.80)
Diluted $ (5.91) $ (12.80)
Basic average common shares outstanding 131,326 131,300
Diluted average common shares outstanding 131,326 131,300
v2.4.0.6
Consolidated Statements of Comprehensive Income (USD $)
In Thousands, unless otherwise specified
 3 Months Ended
Mar. 31, 2012
Mar. 31, 2011
Net loss $ (644) $ (1,555)
Other comprehensive income (loss), net of tax    
Unrealized gains and losses on securities available for sale 368 (259)
Total other comprehensive income (loss) 368 (259)
Total comprehensive loss $ (276) $ (1,814)
v2.4.0.6
Consolidated Statement of Cash Flows (USD $)
In Thousands, unless otherwise specified
 3 Months Ended
Mar. 31, 2012
Mar. 31, 2011
Operating activities    
Net loss $ (644) $ (1,555)
Adjustments to reconcile net income to net cash from operating activities:    
Depreciation and amortization 92 123
Provision for loan losses 125 1,200
Premium amortization of investment securities 203 28
Net gain on sales of OREO (2) 0
Decrease (increase) in accrued interest receivable 11 (48)
Deferred taxes 0 (46)
Increase in bank-owned life insurance (47) (47)
Decrease in other real estate owned 48 84
Decrease in other assets 6,911 4,345
Decrease in accrued expenses and other liabilities (15,627) (272)
Net cash (used in) provided by operating activities (8,930) 3,812
Investing activities    
Decrease in loans, net 5,730 8,687
Decrease in interest-bearing deposits with banks 288 2,149
Proceeds from maturities of investment securities available for sale, including principal repayments and early redemptions 8,733 5,132
Purchases of investment securities available for sale (12,553) (3,246)
Purchases of premises and equipment (65) 0
Net cash (used in) provided by investing activities 2,133 12,722
Financing activities    
Increase in deposits 16,859 13,413
Issuance of treasury stock 0 2
Net cash provided by financing activities 16,859 13,415
Net increase in cash and cash equivalents 10,062 29,949
Cash and cash equivalents at beginning of period 38,560 20,778
Cash and cash equivalents at end of period 48,622 50,727
Cash paid during the year    
Interest 974 1,282
Income taxes 14 41
Non-cash transactions    
Transfer of loans to other real estate owned $ 623 $ 0
v2.4.0.6
Principles of consolidation
 3 Months Ended
Mar. 31, 2012
Principles of consolidation [Abstract]  
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]
Principles of consolidation

The accompanying consolidated financial statements include the accounts of City National Bancshares Corporation (the “Corporation” or “CNBC”) and its subsidiaries, City National Bank of New Jersey (the “Bank” or “CNB”) and City National Bank of New Jersey Capital Trust II. All intercompany accounts and transactions have been eliminated in consolidation.

The words “we,” “our” and “us” refer to City National Bancshares Corporation and its wholly-owned subsidiaries, unless we indicate otherwise.
v2.4.0.6
Basis of presentation
 3 Months Ended
Mar. 31, 2012
Basis of presentation [Abstract]  
Basis of Presentation and Significant Accounting Policies [Text Block]
Basis of presentation

The accompanying unaudited consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and assuming the Corporation and Bank will continue as going concerns. See Note 3 for discussion with respect to going concern. Accordingly, they do not include all the information required by U.S. generally accepted accounting principles for complete financial statements. These consolidated financial statements should be reviewed in conjunction with the financial statements and notes thereto included in the Corporation's December 31, 2011 Annual Report to Stockholders.

In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation of the financial statements have been included. Operating results for the three months ended March 31, 2012 are not necessarily indicative of the results that may be expected for the year ended December 31, 2012. In preparing the financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent liabilities as of the date of the balance sheet and revenues and expenses for related periods. Actual results could differ significantly from those estimates.
v2.4.0.6
Going concern/regulatory compliance
 3 Months Ended
Mar. 31, 2012
Going concern/regulatory compliance [Abstract]  
Going concern/regulatory compliance
Going concern/regulatory compliance

The consolidated financial statements of the Corporation as of and for the three months ended March 31, 2012 have been prepared on a going concern basis, which contemplates the realization of assets and the discharge of liabilities in the normal course of business for the foreseeable future.

The Bank was subject to a Formal Agreement with the Office of the Comptroller of the Currency (the “OCC”) entered into on June 29, 2009 (the “Formal Agreement”). The Formal Agreement required, among other things, the enhancement and implementation of certain programs to reduce the Bank's credit risk, along with the development of a capital and profit plan, the development of a contingency funding plan and the correction of deficiencies in the Bank's loan administration. The Bank failed to comply with certain provisions of the Formal Agreement and failed to comply with the higher leverage ratio of 8% required to be maintained.

Due to the Bank's condition, the OCC has required that the Board of Directors of the Bank (the “Bank Board”) sign a formal enforcement action with the OCC, which mandates specific actions by the Bank to address certain findings from OCC's examination and to address the Bank's current financial condition. The Bank entered into a Consent Order (“Order” or “Consent Order”) with the OCC on December 22, 2010, which contains a list of requirements. The Order supersedes and replaces the Formal Agreement. The Order also contains restrictions on future extensions of credit and requires the development of various programs and procedures to improve the Bank's asset quality as well as routine reporting on the Bank's progress toward compliance with the Order to the Bank Board and the OCC. As a result of the Order, the Bank may not be deemed “well capitalized.” The description of the Consent Order is only a summary.

Specifically, the Order imposes the following requirements on the Bank:

•
within five (5) days of the Order, the Bank Board must appoint a Compliance Committee to be comprised of at least three directors, none of whom may be an employee, former employee or controlling shareholder of the Bank or any of its affiliates, to monitor and coordinate the Bank's adherence to the Order.

•
within ninety (90) days of the Order, the Bank Board must develop and submit to the OCC for review a written strategic plan covering at least a three-year period, establishing objectives for the overall risk profile, earnings performance, growth, balance sheet mix, off-balance sheet activities, liability structure, capital adequacy, reduction in volume of nonperforming assets, product line development and market segments that the Bank intends to promote or develop, together with strategies to achieve those objectives.

•
by March 31, 2011, and thereafter, the Bank must maintain total capital at least equal to 13% of risk-weighted assets and tier 1 leverage capital at least equal to 9% of adjusted total assets; this requirement means that the Bank may not be considered “well capitalized” as otherwise defined in applicable regulations.

•
within ninety (90) days of the Order, the Bank Board must submit to the OCC a written capital plan for the Bank covering at least a three-year period, including specific plans for the achievement and maintenance of adequate capital, projections for growth and capital requirements, based upon a detailed analysis of the Bank's assets, liabilities, earnings, fixed assets and off-balance sheet activities; identification of the primary sources from which the Bank will maintain an appropriate capital structure to meet the Bank's future needs, as set forth in the strategic plan; specific plans detailing how the Bank will comply with restrictions or requirements set forth in the Order and with the restrictions against brokered deposits in 12 C.F.R. § 337.6; contingency plans that identify alternative methods to strengthen capital, should the primary source(s) not be available; and a prohibition on the payment of director fees unless the Bank is in compliance with the minimum capital ratios previously identified in the prior paragraph or express written authorization is provided by the OCC.

•
the Bank is restricted on the payment of dividends.

•
to ensure the Bank has competent management in place at all times, including: within ninety (90) days of the Order, the Bank Board shall provide to the OCC qualified and capable candidates for the positions of President, Senior Credit Officer, Consumer Compliance Officer and Bank Secrecy Officer; within ninety (90) days of the date of the Order, the Bank Board (with the exception of Bank executive officers) shall prepare a written assessment of the Bank's executive officers to perform present and anticipated duties; prior to appointment of any individual to an executive position provide notice to the OCC, who shall have the power to veto such appointment; and the Bank Board shall at least annually perform a written performance appraisal for each Bank executive officer.

•
within sixty (60) days of the Order, the Bank Board shall develop and the Bank shall implement, and thereafter ensure compliance with, a written credit policy to ensure the Bank's compliance with written programs to improve the Bank's loan portfolio management.

•
within ninety (90) days of the Order, the Bank Board shall develop, implement and thereafter ensure Bank adherence to a written program to improve the Bank's loan portfolio management, including: requiring that extensions of credit are granted, by renewal or otherwise, to any borrower only after obtaining, performing and documenting a global analysis of current and satisfactory credit information; requiring that existing extensions of credit structured as single pay notes are revised upon maturity to conform to the Bank's revised loan policy; ensuring satisfactory and perfected collateral documentation; tracking and analyzing credit, collateral, and policy exceptions; providing for accurate risk ratings consistent with the classification standards contained in the Comptroller's Handbook on “Rating Credit Risk”; providing for identification, measurement, monitoring and control of concentrations of credit; ensuring compliance with Call Report instructions, the Bank's lending policies and laws, rules and regulations pertaining to the Bank's lending function; ensuring the accuracy of internal management information systems; and providing adequate training of Bank personnel performing credit analyses in cash flow analysis, particularly analysis using information from tax returns, and implement processes to ensure that additional training is provided as needed.

•
within sixty (60) days of the Order, the Bank Board must establish a written performance appraisal and salary administration process for loan officers that adequately consider performance relative to job descriptions, policy compliance, documentation standards, accuracy in credit grading and other loan administration matters.

•
the Bank must implement and maintain an effective, independent and ongoing loan review program to review, at least quarterly, the Bank's loan and lease portfolios, to assure the timely identification and categorization of problem credits.

•
the Bank is also required to implement and adhere to a written program for the maintenance of an adequate Allowance for Loan and Lease Losses, providing for review of the allowance by the Bank Board at least quarterly.

•
within sixty (60) days of the Order, the Bank Board shall adopt and the Bank (subject to Bank Board review and ongoing monitoring) shall implement and thereafter ensure adherence to a written program designed to protect the Bank's interest in those assets criticized in the most recent Report of Examination (“ROE”) by the OCC, in any subsequent ROE, by any internal or external loan review or in any list provided to management by the national bank examiners during any examination as “doubtful,” “substandard" or “special mention.”

•
within one hundred twenty (120) days of the Order, the Bank Board must revise and maintain a comprehensive liquidity risk management program, which assesses, on an ongoing basis, the Bank's current and projected funding needs, and ensures that sufficient funds or access to funds exist to meet those needs, and which includes effective methods to achieve and maintain sufficient liquidity and to measure and monitor liquidity risk.

•
within ninety (90) days of the Order, the Bank Board shall identify and propose for appointment a minimum of two (2) new independent directors who have a background in banking, credit, accounting or financial reporting, and such appointment will be subject to veto power of the OCC.

•
within ninety (90) days of the Order, the Bank Board shall adopt, implement and thereafter ensure adherence to a written consumer compliance program designed to ensure that the Bank is operating in compliance with all applicable consumer protection laws, rules and regulations.

•
within ninety (90) days of the Order, the Bank Board shall develop, implement and thereafter ensure Bank adherence to written program of policies and procedures to provide for compliance with the Bank Secrecy Act, as amended (31 U.S.C. §§ 5311 et seq.), the regulations promulgated there under and regulations of the Office of Foreign Assets Control (“OFAC”), 31 C.F.R. Chapter V, as amended (collectively referred to as the “Bank Secrecy Act” or “BSA”) and for the appropriate identification and monitoring of transactions that pose greater than normal risk for compliance with the BSA.

•
within ninety (90) days of the Order, the Bank Board shall develop, implement, and thereafter ensure Bank adherence to an independent, internal audit program sufficient to detect irregularities and weak practices in the Bank's operations; determine the Bank's level of compliance with all applicable laws, rules and regulations; assess and report the effectiveness of policies, procedures, controls and management oversight relating to accounting and financial reporting; evaluate the Bank's adherence to established policies and procedures, with particular emphasis directed to the Bank's adherence to its loan, consumer compliance and BSA policies and procedures; evaluate and document the root causes for exceptions; and establish an annual audit plan using a risk-based approach sufficient to achieve these objectives.

•
within ninety (90) days of the Order, the Bank Board must develop and implement a comprehensive compliance audit function to include an independent review of all products and services offered by the Bank, including without limitation, a risk-based audit program to test for compliance with consumer protection laws, rules and regulations that include an adequate level of transaction testing; procedures to ensure that exceptions noted in the audit reports are corrected and responded to by the appropriate Bank personnel; and periodic reporting of the results of the consumer compliance audit to the Bank Board or a committee thereof.

•
the Bank Board shall require and the Bank shall immediately take all necessary steps to correct each violation of law, rule or regulation cited in any ROE, or brought to the Bank Board's or Bank's attention in writing by management, regulators, auditors, loan review or other compliance efforts.

The Order permits the OCC to extend the time periods under the Order upon written request. Any material failure to comply with the Order could result in further enforcement actions by the OCC. In addition, if the OCC does not accept the capital plan or the Bank fails to achieve and maintain the minimum capital levels, the Order specifically states that the OCC may require the Corporation to sell, merge or liquidate the Bank.

As a result of the Consent Order, the Bank may not accept, renew or roll over any brokered deposit. This affects the Bank's ability to obtain funding. In addition the Bank may not solicit deposits by offering an effective yield that exceeds by more than 75 basis points the prevailing effective yields on insured deposits of comparable maturity in such institution's normal market area or in the market area in which such deposits are being solicited.

As of March 31, 2012, when considering deadline extensions granted, the Corporation has been informed by the OCC that it has fully complied with two of the thirteen articles of the Consent Order. The two articles in full compliance are Article II - Compliance Committee and Article XIII - Internal Audit Program. The remaining articles are in various stages of compliance and management continues to work diligently to achieve full compliance. Refer to the capital section of the Management's Discussion and Analysis of Financial Condition and Results of Operations for further discussion.

On December 14, 2010, the Corporation entered into a written agreement (the “FRBNY Agreement”) with the Federal Reserve Bank of New York (“FRBNY”). The following is only a summary of the FRBNY Agreement. Pursuant to the FRBNY Agreement, the Corporation's Board of Directors is to take appropriate steps to utilize fully the Corporation's financial and managerial resources to serve as a source of strength to the Bank, including causing the Bank to comply with the Formal Agreement (now superseded) and any other supervisory action taken by the OCC, such as the Order.

In the FRBNY Agreement, the Corporation agreed that it would not declare or pay any dividends without prior written approval of the FRBNY and the Director of the Division of Banking Supervision and Regulation of the Board of Governors of the Federal Reserve System (the “Banking Director”). It further agreed that it would not take dividends or any other form of payment representing a reduction in capital from the Bank without the FRBNY's prior written approval. The FRBNY Agreement also provides that neither the Corporation nor its nonbank subsidiary will make any distributions of interest, principal or other amounts on subordinated debentures or trust preferred securities without the prior written approval of the FRBNY and the Banking Director.

The FRBNY Agreement further provides that the Corporation shall not incur, increase or guarantee any debt without FRBNY approval. In addition, the Corporation must obtain the prior approval of the FRBNY for the repurchase or redemption of its shares of stock. Additionally, the FRBNY Agreement further provides that in appointing any new director or senior executive officer or changing the responsibilities of any senior executive officer so that the officer would assume a different senior position, the Corporation must notify the Board of Governors of the Federal Reserve System and such board or the FRBNY or the OCC may veto such appointment or change. Finally, the FRBNY Agreement further provides that the Corporation is restricted in making certain severance and indemnification payments. The failure of the Corporation to comply with the FRBNY Agreement could have severe adverse consequences on the Bank and the Corporation.

The Corporation recorded a net loss of $644,000 in the first three months of 2012 compared to a net loss of $1.6 million in the comparable 2011 period primarily due to a reduction in the provision for loan losses, offset in part by a decline in net interest income. However, we are currently not generating sufficient operating income to cover operating expenses before consideration of the provision for loan losses. These ongoing losses will hamper management's ability to achieve compliance with the required capital ratios.

The decrease in real estate values in the Bank's market, as well as other macroeconomic factors such as unemployment levels, has contributed to the decrease in credit quality and the continuing necessity of the Bank to provide for higher loan loss provisions. Additionally, collateral requirements for municipal deposit letters of credit ("MULOC") issued by the Federal Home Loan Bank have increased. While the Bank and the Corporation are implementing steps to improve their financial performance, there can be no assurance they will be successful. These deteriorating financial results and the failure of the Bank to comply with the OCC's higher mandated capital ratios under the Consent Order, and the actions that the OCC may take as a result thereof, raise substantial doubt about the Corporation's and the Bank's ability to continue as going concerns.

Management has developed a plan to address the compliance matters raised by the OCC and the ability to maintain future financial viability and submitted the plan to the OCC for approval. The plan provides for the addition of new lines of business and strategic growth initiatives, a restructuring of staff where necessary and the preparation and use of investor presentation to assist in a capital raise. We have formed a strategic alliance with a third-party online deposit vendor, which we believe will attract new sources of deposits. We are also in process of a capital raise and are expanding into new lines of business primarily to increase fee income and become less dependent on spread income. However, there can be no assurances that this plan, including the capital raise, can be successfully achieved.
v2.4.0.6
Net loss per common share
 3 Months Ended
Mar. 31, 2012
Earnings Per Share [Abstract]  
Net loss per common share
Net loss per common share

The following table presents the computation of net loss per common share.

 
Three Months Ended
 
March 31,
In thousands, except per share data
2012
2011
Net loss
$
(644
)
$
(1,555
)
Dividends on preferred stock
133

126

Net loss applicable to basic common shares
(777
)
(1,681
)
Dividends applicable to convertible preferred stock
—

—

Net loss applicable to diluted common shares
$
(777
)
$
(1,681
)
Number of average common shares
 
 
Basic
131,326

131,300

Diluted
131,326

131,300

Net loss per common share
 
 
Basic
$
(5.91
)
$
(12.80
)
Diluted
(5.91
)
(12.80
)

Basic loss per common share is calculated by dividing net loss plus dividends paid on preferred stock by the weighted average number of common shares outstanding. On a diluted basis, both net loss and common shares outstanding are adjusted to assume the conversion of the convertible preferred stock, if conversion is deemed dilutive. For both 2012 and 2011, the assumption of the conversion would have been anti-dilutive.

On April 10, 2009, the Corporation issued 9,439 shares of fixed-rate cumulative perpetual preferred stock to the U.S. Department of Treasury in connection with the Corporation’s participation in the Treasury’s TARP Capital Purchase Program. These shares pay cumulative dividends at a rate of 5% per annum until the fifth anniversary of the date of issuance, after which the rate increases to 9% per annum. Dividends are paid quarterly in arrears and unpaid dividends are accrued over the period the preferred shares are outstanding.

During 2011 and the first three months of 2012, City National Bancshares Corporation deferred the payment of its regular quarterly cash dividend on its Series G fixed-rate cumulative perpetual preferred stock issued to the U.S. Treasury. In addition, the Corporation deferred its regularly scheduled quarterly interest payments on its junior subordinated debentures issued by the City National Bank of New Jersey Capital Statutory Trust II (the “Trust”) for the same periods.

The Series G preferred stock and the junior subordinated debentures issued in favor of the Trust provide for cumulative dividends and interest, respectively. Accordingly, the Corporation may not pay dividends on any of its common or preferred stock until the dividends on Series G preferred stock and the interest on such debentures are paid-up currently. There were no dividend payments made on preferred stock in 2011 or 2012, although such dividends have been accrued because they are cumulative.

The Corporation did not pay a dividend in 2012 and is currently unable to determine when dividend payments may be resumed, and does not expect to pay common stock dividends for the foreseeable future. Whether cash dividends will be paid in the future depends upon various factors, including the earnings and financial condition of the Bank and the Corporation at this time. Additionally, federal and state laws and regulations contain restrictions on the ability of the Bank and the Corporation to pay dividends. Finally, the Consent Order stipulates that the Bank not pay dividends until it is in compliance with the provisions of the capital plan.

Subject to applicable law, the Board of Directors of the Bank and of the Corporation may provide for the payment of dividends when it is determined that dividend payments are appropriate, taking into account factors including net income, capital requirements, financial condition, alternative investment options, tax implications, prevailing economic conditions, industry practices and other factors deemed to be relevant at the time. Because CNB is a national banking association, it is subject to regulatory limitation on the amount of dividends it may pay to its parent corporation, CNBC. Prior approval of the OCC is required if the total dividends declared by the Bank in any calendar year exceeds net profit, as defined, for that year combined with the retained net profits from the preceding two calendar years, although currently such approval is required to any dividend. Based upon this limitation, no funds were available for the payment of dividends to the parent corporation at March 31, 2012.
v2.4.0.6
Comprehensive income (loss)
 3 Months Ended
Mar. 31, 2012
Comprehensive (loss) income [Abstract]  
Comprehensive Income (Loss) Note [Text Block]
Comprehensive income (loss)

Total comprehensive income (loss) includes net loss and other comprehensive income or (loss), which is comprised of unrealized gains and losses on investment securities available for sale, net of taxes. The Corporation's total accumulated other comprehensive income (loss) as of March 31, 2012 and 2011 was $791,000 and $(386,000), respectively. The difference between the Corporation's net loss and total comprehensive gain or loss for these periods relates to the change in net unrealized gains and losses on investment securities available for sale during the applicable period of time.
v2.4.0.6
Recent accounting pronouncements
 3 Months Ended
Mar. 31, 2012
Recent accounting pronouncements [Abstract]  
Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block]
Recent accounting pronouncements

ASU No. 2011-04, “Fair Value Measurements (Topic 820) - Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRS,” was issued as a result of the effort to develop common fair value measurement and disclosure requirements in U.S. GAAP and International Financial Reporting Standards (“IFRS”). While ASU No. 2011-04 is largely consistent with existing fair value measurement principles in U.S. GAAP, it expands the existing disclosure requirements for fair value measurements and clarifies the existing guidance or wording changes to align with IFRS No. 13. Many of the requirements for the amendments in ASU No. 2011-04 do not result in a change in the application of the requirements in Topic 820. ASU No. 2011-04 was effective for all interim and annual periods beginning after December 15, 2011. The adoption of ASU No. 2011-04 did not have a significant impact on the consolidated financial statements.

ASU No. 2011-05, “Comprehensive Income (Topic 220) - Presentation of Comprehensive Income,” requires an entity to present components of comprehensive income either in a single continuous statement of comprehensive income or in two separate but consecutive statements. In the two-statement approach, the first statement should present total net income and its components followed consecutively by a second statement that should present total other comprehensive income, the components of other comprehensive income, and the total of comprehensive income. ASU No. 2011-5 must be applied retrospectively and was effective for all interim and annual periods beginning on or after December 15, 2011. The adoption of ASU No. 2011-05 did not have a significant impact on the consolidated financial statements. The Corporation has included separate Consolidated Statements of Comprehensive Income as part of these financial statements.
v2.4.0.6
Investment securities available for sale
 3 Months Ended
Mar. 31, 2012
Investment securities available for sale [Abstract]  
Investment securities available for sale
Investment securities available for sale

The amortized cost and fair values of investment securities available for sale were as follows:

March 31, 2012
Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair
Value
In thousands
U.S. Treasury securities and obligations of U.S. government agencies
$
8,879

$
156

$
—

$
9,035

Obligations of U.S. government sponsored entities
20,127

296

66

20,357

Obligations of state and political subdivisions
3,322

215

—

3,537

Mortgage-backed securities
54,820

2,005

—

56,825

Other debt securities
8,336

97

1,892

6,541

Equity securities:
 
 
 
 
Marketable securities
791

—

20

771

Nonmarketable securities
115

—

—

115

Federal Reserve Bank and Federal Home Loan Bank stock
1,862

—

—

1,862

Total
$
98,252

$
2,769

$
1,978

$
99,043


December 31, 2011
Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair
Value
In thousands
U.S. Treasury securities and obligations of U.S. government agencies
$
9,005

$
146

$
—

$
9,151

Obligations of U.S. government sponsored entities
12,805

233

11

13,027

Obligations of state and political subdivisions
3,326

174

—

3,500

Mortgage-backed securities
58,373

2,059

—

60,432

Other debt securities
8,366

31

2,190

6,207

Equity securities:
 
 
 
 
Marketable securities
783

—

19

764

Nonmarketable securities
115

—

—

115

Federal Reserve Bank and Federal Home Loan Bank stock
1,862

—

—

1,862

Total
$
94,635

$
2,643

$
2,220

$
95,058


The amortized cost and the fair value of investment securities available for sale are distributed by contractual maturity without regard to normal amortization, including mortgage-backed securities, which will have shorter estimated lives as a result of prepayments of the underlying mortgages.


March 31, 2012
Amortized
Cost
Fair
Value
In thousands
Due after one year but within five years:
 
 
U.S. Treasury securities and obligations of U.S. government agencies
$
40

$
40

Obligations of U.S. government sponsored entities
143

144

Mortgage-backed securities
330

345

Other debt securities
1,000

954

Due after five years but within ten years:
 
 
U.S. Treasury securities and obligations of U.S. government agencies
79

79

Obligations of state and political subdivisions
1,676

1,781

Obligations of U.S. government sponsored entities
2,237

2,337

Mortgage-backed securities
347

365

Due after ten years:
 
 
U.S. Treasury securities and obligations of U.S. government agencies
8,760

8,916

Obligations of state and political subdivisions
1,646

1,756

Obligations of U.S. government sponsored entities
17,747

17,876

Mortgage-backed securities
54,143

56,114

Other debt securities
7,336

5,588

Total debt securities
95,484

96,295

Equity securities
2,768

2,748

Total
$
98,252

$
99,043


Investment securities available for sale that have had continuous unrealized losses as of March 31, 2012 and December 31, 2011 are set forth below.

 
Less than 12 Months
12 Months or More
Total
March 31, 2012
Fair
Value
Gross
Unrealized Losses
Fair
Value
Gross
Unrealized Losses
Fair
Value
Gross
Unrealized Losses
In thousands
U.S. Treasury securities and obligations of U.S. government agencies
$
—

$
—

$
26

$
—

$
26

$
—

Obligations of U.S. government sponsored entities
5,051

58

1,768

8

6,819

66

Other debt securities
—

—

5,005

1,892

5,005

1,892

Equity securities
—

—

792

20

792

20

Total
$
5,051

$
58

$
7,591

$
1,920

$
12,642

$
1,978


 
Less than 12 Months
12 Months or More
Total
December 31, 2011
Fair
Value
Gross
Unrealized Losses
Fair
Value
Gross
Unrealized Losses
Fair
Value
Gross
Unrealized Losses
In thousands
U.S. Treasury securities and obligations of U.S. government agencies
$
—

$
—

$
28

$
—

$
28

$
—

Obligations of U.S. government sponsored entities
1,527

—

1,824

11

3,351

11

Other debt securities
831

104

4,809

2,086

5,640

2,190

Equity securities
—

—

783

19

783

19

Total
$
2,358

$
104

$
7,444

$
2,116

$
9,802

$
2,220


The gross unrealized losses set forth above as of March 31, 2012 were attributable primarily to single-issue trust preferred securities (“TRUPS”) issued by financial institutions, CDOs collateralized by TRUPS issued by banks and other corporate debt, all of which are included with other debt securities. The fair value of these securities has been negatively impacted by the lack of liquidity in the overall TRUPS and corporate debt markets although all issuers continue to perform. The decline in investment securities with continuing unrealized losses was a result of improved valuations in our other debt securities portfolio.

During the first three months of 2012 and 2011, respectively, we recorded no other-than-temporary-impairment (“OTTI) charges.

The Bank owns a collateralized debt obligation (“CDO”) with a book value of $996,000 and market value of $410,000 on which no impairment losses have been recorded because it is expected that this security will perform in accordance with its original terms and that the book value is fully recoverable based on the investment's payment performance, higher market valuations and a third-party consultant's conclusion that the investment will continue to be fully performing and be fully recoverable in accordance with the terms of the agreement. Additional information is presented below.



In thousands
March 31,
2012
Par value
$
1,000

Carrying value
996

Fair value
410

Unrealized loss
586

Number of original issuers
50

Number of currently paying banks in issuance
34

Number of defaulting and deferring banks
10

Percentage of remaining banks expected to default or defer payment (annually)
1.2
%
Subordination
34.40
%

The 34.4% subordination means that the tranche that we own has excess collateral providing additional collateral support to the tranche. Additionally, the Bank owns a portfolio of six single-issue trust preferred securities with a book value of $4.4 million and a market value of $3.4 million. Finally, the Bank also owns two corporate securities with a book value of $1.9 million and a market value of $1.7 million that are rated below investment grade. All values are as of March 31, 2012. None of these securities is considered impaired as they are all fully performing and are expected to continue performing.

Available-for-sale securities in unrealized loss positions are analyzed as part of the Corporation's ongoing assessment of OTTI. When the Corporation intends to sell available-for-sale securities, the Corporation recognizes an impairment loss equal to the full difference between the amortized cost basis and fair value of those securities. When the Corporation does not intend to sell available-for-sale securities in an unrealized loss position, potential OTTI is considered based on a variety of factors, including the length of time and extent to which the fair value has been less than cost; adverse conditions specifically related to the industry, the geographic area or financial condition of the issuer or the underlying collateral of a security; the payment structure of the security; changes to the rating of the security by rating agencies; the volatility of the fair value changes; and changes in fair value of the security after the balance sheet date. For debt securities, the Corporation estimates cash flows over the remaining lives of the underlying collateral to assess whether credit losses exist and to determine if any adverse changes in cash flows have occurred. The Corporation's cash flow estimates take into account expectations of relevant market and economic data as of the end of the reporting period.

Other factors considered in determining whether a loss is temporary include the length of time and the extent to which fair value has been below cost; the severity of the impairment; the cause of the impairment; the financial condition and near-term prospects of the issuer; activity in the market of the issuer which may indicate adverse credit conditions; and the forecasted recovery period using current estimates of volatility in market interest rate (including liquidity and risk premiums).

Management's assertion regarding its intent not to sell or that it is not more likely than not that the Corporation will be required to sell the security before its anticipated recovery considers a number of factors, including a quantitative estimate of the expected recovery period (which may extend to maturity), and management's intended strategy with respect to the identified security or portfolio. If management does have the intent to sell or believes it is more likely than not that the Corporation will be required to sell the security before its anticipated recovery, the gross unrealized loss is charged directly to earnings in the Consolidated Statements of Operations.

As of March 31, 2012, the Corporation does not intend to sell the securities with an unrealized loss position in accumulated other comprehensive loss (“AOCL”), and it is not more likely than not that the Corporation will be required to sell these securities before recovery of their amortized cost basis. The Corporation believes that the securities with an unrealized loss in AOCL are not other than temporarily impaired as of March 31, 2012.
v2.4.0.6
Investment securities held to maturity
 3 Months Ended
Mar. 31, 2012
Investment securities held to maturity [Abstract]  
Securities Held to Maturity [Text Block]
Investment securities held to maturity

The Bank transferred its entire held-to-maturity (“HTM”) portfolio to available for-sale (“AFS”) in March 2010. This transfer was made in conjunction with a deleveraging program to reduce total asset levels and improve capital ratios. As a result, purchases of securities may not be classified as HTM through March 2012.
v2.4.0.6
Loans
 3 Months Ended
Mar. 31, 2012
Receivables [Abstract]  
Loans
Loans

Loans, net of unearned discount and net deferred origination fees and costs, were as follows:

(In thousands)
March 31,
2012
December 31,
2011
Commercial
$
24,035

$
26,516

Real estate
177,371

181,531

Installment
630

720

Total loans
202,036

208,767

Less: Unearned income
59

52

Loans
$
201,977

$
208,715


The Corporation categorizes loans into risk categories based on relevant information about the ability of borrowers to service their debt, such as: current financial information, historical payment experience, credit documentation, public information and current economic trends, among other factors. For non-homogeneous loans, such as commercial and commercial real estate loans, the Corporation analyzes the loans individually by classifying the loans as to credit risk and assesses the probability of collection for each type of class. The Corporation uses the following definitions for risk ratings:

Pass – Pass assets are well protected by the current net worth and paying capacity of the obligor (or guarantors, if any) or by the fair value, less cost to acquire and sell, of any underlying collateral in a timely manner.

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

Substandard – A substandard asset is inadequately protected by the current sound worth and paying capacity of the obligor or by the collateral pledged, if any. Assets so classified must have a well-defined weakness, or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that we will sustain some loss if the deficiencies are not corrected.

Doubtful – An asset classified doubtful has all the weaknesses inherent in one classified substandard with the added characteristic that the weaknesses make collection or liquidation in full questionable and improbable on the basis of currently known facts, conditions and values.

Loss – An asset or portion thereof, classified loss is considered uncollectible and of such little value that its continuance on the institution’s books as an asset, without establishment of a specific valuation allowance or charge-off, is not warranted. This classification does not necessarily mean that an asset has no recovery or salvage value; but rather, there is significant doubt about whether, how much, or when the recovery will occur. As such, it is not practical or desirable to defer the write-off.

As of March 31, 2012, and based on the most recent analysis performed, the risk category of loans by class of loans is as follows:

March 31, 2012
 
Special
Mention
 
 
 
 
(In thousands)
Pass
Substandard
Doubtful
Loss
Total
Commercial loans
$
21,319

$
1,199

$
1,304

$
213

$
—

$
24,035

Real estate loans
 
 
 
 
 
 
Church
29,338

7,528

19,153

528

—

56,547

Construction - other than third-party originated
2,532

747

6,811

—

—

10,090

Construction - third-party originated
—

—

6,752

1,047

—

7,799

Multifamily
8,737

—

2,088

273

—

11,098

Other
42,386

4,802

18,725

525

—

66,438

Residential
22,481

—

2,918

—

—

25,399

Installment
627

1

1

1

—

630

 
$
127,420

$
14,277

$
57,752

$
2,587

$
—

$
202,036


December 31, 2011
 
Special
Mention
 
 
 
 
(In thousands)
Pass
Substandard
Doubtful
Loss
Total
Commercial loans
$
23,560

$
1,084

$
1,656

$
216

$
—

$
26,516

Real estate loans
 
 
 
 
 
 
Church
30,133

7,105

20,220

—

—

57,458

Construction - other than third-party originated
3,115

—

7,333

—

—

10,448

Construction - third-party originated
—

—

6,990

1,047

—

8,037

Multifamily
10,594

66

1,673

273

—

12,606

Other
41,903

6,907

19,878

958

—

69,646

Residential
20,359

—

2,977

—

—

23,336

Installment
718

1

1

—

—

720

 
$
130,382

$
15,163

$
60,728

$
2,494

$
—

$
208,767


The following tables present the aging of the recorded investment in past due loans.

March 31, 2012
 
30-60
Days
60-90
Days
More than
90 Days
Total Past Due
 
 
(In thousands)
0-30 Days
Current
Total
Commercial loans
$
2,014

$
903

$
836

$
2,164

$
5,917

$
18,118

$
24,035

Real estate loans
 
 
 
 
 
 
 
Church
1,512

3,140

5,407

7,652

17,711

38,836

56,547

Construction - other than third-party originated
—

1,185

—

5,641

6,826

3,264

10,090

Construction - third-party originated
—

—

—

7,799

7,799

—

7,799

Multifamily
—

169

536

1,761

2,466

8,632

11,098

Other
3,685

4,872

225

7,663

16,445

49,993

66,438

Residential
312

781

86

2,446

3,625

21,774

25,399

Installment
5

20

1

—

26

604

630

 
$
7,528

$
11,070

$
7,091

$
35,126

$
60,815

$
141,221

$
202,036


December 31, 2011
 
30-60
Days
60-90
Days
More than
90 Days
Total Past Due
 
 
(In thousands)
0-30 Days
Current
Total
Commercial loans
$
177

$
1,743

$
784

$
2,248

$
4,952

$
21,564

$
26,516

Real estate loans
 
 
 
 
 
 
 
Church
—

8,127

8,694

6,478

23,299

34,159

57,458

Construction - other than third-party originated
—

437

—

6,157

6,594

3,854

10,448

Construction - third-party originated
108

—

—

7,929

8,037

—

8,037

Multifamily
—

106

608

1,404

2,118

10,488

12,606

Other
1,986

1,632

3,837

9,639

17,094

52,552

69,646

Residential
89

1,299

—

2,557

3,945

19,391

23,336

Installment
16

1

1

2

20

700

720

 
$
2,376

$
13,345

$
13,924

$
36,414

$
66,059

$
142,708

$
208,767


The following tables present the recorded investment in impaired loans by class of loans.
March 31, 2012
Recorded
Investment
Unpaid
Principal
Balance
Related
Allowance
In thousands
Commercial loans
$
354

$
461

$
214

Real estate loans
 
 
 
Church
10,008

10,585

545

Construction - other than third-party originated
5,555

7,001

—

Construction - third-party originated
7,799

10,558

—

Multifamily
1,665

2,308

204

Other
14,798

15,286

65

Residential
2,513

2,623

26

 
$
42,692

$
48,822

$
1,054


December 31, 2011
Recorded
Investment
Unpaid
Principal
Balance
Related
Allowance
In thousands
Commercial loans
$
363

$
463

$
216

Real estate loans
 
 
 
Church
9,586

9,973

545

Construction - other than third-party originated
6,070

7,509

311

Construction - third-party originated
8,037

10,815

346

Multifamily
1,308

1,951

—

Other
15,027

16,265

65

Residential
2,583

2,266

38

 
$
42,974

$
49,242

$
1,521


Nonperforming loans include loans that are contractually past due 90 days or more for which interest income is still being accrued, and nonaccrual loans. Nonperforming loans were as follows:

In thousands
March 31,
2012
December 31,
2011
Nonaccrual loans
$
41,770

$
42,008

Loans with interest or principal 90 days or more past due and still accruing
139

2,218

Total nonperforming loans
$
41,909

$
44,226


Nonperforming assets are generally secured by small commercial real estate properties, except for church loans, which are generally secured by the church buildings.

At March 31, 2012, there were no commitments to lend additional funds to borrowers for loans that were on nonaccrual or contractually past due in excess of 90 days and still accruing interest, or to borrowers whose loans have been restructured. A majority of the Bank’s portfolio is concentrated in the New York City metropolitan area and is secured by commercial properties. The borrowers’ abilities to repay their obligations are dependent upon various factors including the borrowers’ income, net worth, cash flows generated by the underlying collateral, the value of the underlying collateral and priority of the Bank’s lien on the related property. Such factors are dependent upon various economic conditions and individual circumstances beyond the Bank’s control. Accordingly, the Bank may be subject to risk of credit losses.

Impaired loans totaled $42.7 million at March 31, 2012, compared to $43.0 million at December 31, 2011. The related allocation of the allowance for loan losses amounted to $1.1 million and $1.5 million at March 31, 2012 and December 31,2011, respectively. Charge-offs of impaired loans in the 2012 first quarter totaled $347,000, while $37.5 million of impaired loans have no allowance allocated to them as sufficient collateral exists.

The average balance of impaired loans in the first quarter of 2012 was $42.9 million, compared to $36.5 million for the same period in 2011. Most of the impaired loans are secured by small commercial real estate properties. There was no interest income recognized on impaired loans during the first three months of 2012 or 2011.

Included in impaired loans are loans to churches totaling $10.0 million with a related allowance of $545,000. Additionally, impaired loans include $7.8 million of construction loans participations acquired from the third-party lender with no related allowance.

We may extend, restructure or otherwise modify the terms of existing loans on a case-by-case basis to remain competitive or to assist other customers who may be experiencing financial difficulty. If a concession has been made to a borrower experiencing financial difficulty, the loan is then classified as a troubled debt restructuring (“TDR”). The majority of concessions made for TDRs involve lowering the monthly payments on the loans either through a reduction in the interest rate below a market rate, an extension of the term of the loan or a combination of the two methods. They seldom result in the forgiveness of principal or accrued interest; in addition, we attempt to obtain additional collateral or guarantees when modifying such loans. If the borrower demonstrates the ability to perform under the restructured terms, the loan will continue to accrue interest. Nonaccrual restructured loans may be returned to accrual status when there has been a sustained period of repayment performance (generally six consecutive months of payments) and both principal and interest are considered collectible.

As a result of the adoption of ASU 2011-02, CNB reassessed all loan restructurings that occurred on or after January 1, 2011 for potential identification as TDRs and has concluded that the adoption of ASU 2011-02 did not materially impact the number of TDRs or the specific reserves for such loans included in our allowance for loan losses.

Troubled debt restructured loans (“TDRs”) totaled $5.2 million, with a related allowance of $108,000 at March 31, 2012 and included seven borrowers. TDRs to five borrowers amounting to $3.9 million were accruing. The remaining two loans continue to be on nonaccrual status due to delinquent payments. All TDRs are included in the balance of impaired loans.

The Corporation did not have any loans modified as TDRs during the first three months of 2012.

The following tables present loans by loan class modified as TDRs as of March 31, 2012. The pre-modification and post-modification outstanding recorded investments disclosed in the tables below, represent carrying amounts immediately prior to the modification and at March 31, 2012, respectively. There were no charge-offs resulting from loans modified as TDRs during the first quarter of 2012.

 
At March 31, 2012
Troubled Debt Restructurings
Number of
Contracts
Pre-Modification
Outstanding
Post-Modification
Outstanding
Churches
3

$
3,100

$
2,591

Commercial real estate:
 
 
 
Other
2

3,225

1,895

Total commercial real estate
5

6,325

4,486

Residential mortgage
3

939

749

Total
8

$
7,264

$
5,235
v2.4.0.6
Provison and allowance for loan losses
 3 Months Ended
Mar. 31, 2012
Provision and allowance for loan losses [Abstract]  
provision and allowance for loan losses [Text Block]
Provision and allowance for loan losses

The following tables present the allowance for loan losses by portfolio segment along with the related recorded investment in loans based on impairment method.

 
Allowance for Loan Losses
Recorded Investments
March 31, 2012
Individually
Evaluated
Collectively
Evaluated
Unallocated
Total
Allowance
Individually
Evaluated
Collectively
Evaluated
Total
Recorded Investment
(In thousands)
Commercial loans
$
214

$
937

$
—

$
1,151

$
354

$
23,681

$
24,035

Real estate loans
 
 
 
 
 
 
 
Church
545

1,434

 
1,979

10,008

46,539

56,547

Construction - other than third-party
—

567

 
567

5,555

4,535

10,090

Construction - third-party originated
—

—

 
—

7,799

—

7,799

Multifamily
204

259

 
463

1,665

9,433

11,098

Commercial
65

1,695

 
1,760

14,798

51,640

66,438

Residential
26

849

 
875

2,513

22,886

25,399

Installment
—

45

 
45

—

630

630

Unallocated
—

—

3,770

3,770

—

—

—

 
$
1,054

$
5,786

$
3,770

$
10,610

$
42,692

$
159,344

$
202,036





 
Allowance for Loan Losses
Recorded Investments
December 31, 2011
Individually
Evaluated
Collectively
Evaluated
Unallocated
Total
Allowance
Individually
Evaluated
Collectively
Evaluated
Total
Recorded Investment
(In thousands)
Commercial loans
$
216

$
1,089

$
—

$
1,305

$
363

$
26,153

$
26,516

Real estate loans
 
 
 
 
 
 
 
Church
545

1,537