SUBK » Topics » LOANS

These excerpts taken from the SUBK 10-K filed Mar 13, 2009.

Note 3 — Loans

At December 31, 2008 and 2007, loans included the following: (in thousands)

 

     2008     2007  

Commercial, financial, and agricultural

   $ 220,946     $ 204,222  

Commercial real estate

     352,502       317,262  

Real estate construction loans

     131,889       83,715  

Residential mortgages (1st and 2nd liens)

     216,127       184,599  

Home equity loans

     75,654       67,081  

Consumer loans

     94,724       99,333  

Other loans

     1,712       1,104  
                
     1,093,554       957,316  

Unearned discounts

     (33 )     (35 )

Allowance for loan losses

     (9,051 )     (7,672 )
                

Balance at end of year

   $ 1,084,470     $ 949,609  
                

Restructured loans, loans not accruing interest, and loans contractually past due 90 days or more with regard to payment of principal and/or interest amounted to $4,884,000 and $1,671,000 at December 31, 2008 and 2007, respectively. Interest on loans that have been restructured or are no longer accruing interest would have amounted to $214,000 during 2008, $131,000 during 2007, and $68,000 during 2006, under contractual terms of those loans. Interest income recognized on restructured and non-accrual loans was immaterial for the years 2008, 2007, and 2006.

Suffolk makes loans to its directors and executives, as well as to other related parties in the ordinary course of its business. Loans made to directors and executives, either directly or indirectly, which exceed $60,000 in aggregate for any one director or executive, totaled $9,721,000 and $14,561,000 at December 31, 2008 and 2007, respectively. Unused portions of lines of credit to directors and executives, directly or indirectly, totaled $14,550,000 and $13,445,000. New loans totaling $35,746,000 were granted and payments of $40,586,000 were received during 2008.

Loans

Fair values are estimated for portfolios of loans with similar characteristics. Loans are segregated by type.

The fair value of performing loans was calculated by discounting scheduled cash flows through the estimated maturity using estimated market discount rates that reflect the credit and interest rate risk of the loan. Estimated maturity is based on the Bank’s history of repayments for each type of loan and an estimate of the effect of the current economy.

Fair value for significant non-performing loans is based on recent external appraisals of collateral, if any. If appraisals are not available, estimated cash flows are discounted using a rate commensurate with the associated risk. Assumptions regarding credit risk, cash flows, and discount rates are made using available market information and specific borrower information.

The carrying amount and fair value of loans were as follows at December 31, 2008 and 2007: (in thousands)

 

     2008    2007
     Carrying
Amount
   Fair
Value
   Carrying
Amount
   Fair
Value

Commercial financial & agricultural

   $ 220,946    $ 219,728    $ 204,222    $ 205,056

Commercial real estate

     352,502      361,327      317,262      320,260

Real estate construction loans

     131,889      132,169      83,715      83,663

Residential mortgages (1st & 2nd liens)

     216,127      219,522      184,599      184,924

Home equity loans

     75,654      73,161      67,081      68,378

Consumer loans, net of unearned discounts

     94,691      95,991      99,298      100,691

Other loans

     1,712      1,712      1,104      1,104
                           

Totals

   $ 1,093,521    $ 1,103,610    $ 957,281    $ 964,076
                           

LOANS

Bruce W. Bradley

Senior Vice President

David T. DeVito

Senior Vice President

Joan Brigante

Senior Vice President

Robert T. Ellerkamp

Vice President

Robert P. Grady

Vice President

Wendy Harris

Vice President

Paul D. Hawkins, Jr.

Vice President

Benjamin Mancuso

Vice President

Gerard H. McGuirk

Vice President

William Mitarotondo

Vice President

Deborah Simonetti

Vice President

Thomas J. Sullivan

Vice President

Frederick J. Weinfurt

Vice President

These excerpts taken from the SUBK 10-K filed Mar 7, 2008.

LOANS

Bruce W. Bradley

Senior Vice President

David T. DeVito

Senior Vice President

Joan Brigante

Vice President

Robert T. Ellerkamp

Vice President

Robert P. Grady

Vice President

Wendy Harris

Vice President

Paul D. Hawkins, Jr.

Vice President

Benjamin Mancuso

Vice President

Gerard H. McGuirk

Vice President

William Mitarotondo

Vice President

Deborah Simonetti

Vice President

Thomas J. Sullivan

Vice President

Frederick J. Weinfurt

Vice President

LOANS

STYLE="margin-top:0px;margin-bottom:0px">Bruce W. Bradley

Senior Vice President

STYLE="margin-top:0px;margin-bottom:0px">David T. DeVito

Senior Vice President

STYLE="margin-top:0px;margin-bottom:0px">Joan Brigante

Vice President

STYLE="margin-top:0px;margin-bottom:0px">Robert T. Ellerkamp

Vice President

STYLE="margin-top:0px;margin-bottom:0px">Robert P. Grady

Vice President

STYLE="margin-top:0px;margin-bottom:0px">Wendy Harris

Vice President

STYLE="margin-top:0px;margin-bottom:0px">Paul D. Hawkins, Jr.

Vice President

STYLE="margin-top:0px;margin-bottom:0px">Benjamin Mancuso

Vice President

STYLE="margin-top:0px;margin-bottom:0px">Gerard H. McGuirk

Vice President

STYLE="margin-top:0px;margin-bottom:0px">William Mitarotondo

Vice President

STYLE="margin-top:0px;margin-bottom:0px">Deborah Simonetti

Vice President

STYLE="margin-top:0px;margin-bottom:0px">Thomas J. Sullivan

Vice President

STYLE="margin-top:0px;margin-bottom:0px">Frederick J. Weinfurt

Vice President

STYLE="margin-top:18px;margin-bottom:0px">RETAIL BANKING

Stanley V. Gelish

STYLE="margin-top:0px;margin-bottom:0px; text-indent:2%">Senior Vice President

Anita J. Nigrel

STYLE="margin-top:0px;margin-bottom:0px; text-indent:2%">Senior Vice President

David E. Lebens

STYLE="margin-top:0px;margin-bottom:0px; text-indent:2%">Vice President

Susan M. Martinelli

STYLE="margin-top:0px;margin-bottom:0px; text-indent:2%">Vice President

This excerpt taken from the SUBK 10-K filed Mar 9, 2007.

Loans

Fair values are estimated for portfolios of loans with similar characteristics. Loans are segregated by type.

The fair value of performing loans was calculated by discounting scheduled cash flows through the estimated maturity using estimated market discount rates that reflect the credit and inter est rate risk of the loan. Estimated maturity is based on the Bank’s history of repayments for each type of loan and an estimate of the effect of the current economy.

Fair value for significant non-performing loans is based on recent external appraisals of collateral, if any. If appraisals are not available, estimated cash flows are discounted using a rate commensurate with the associated risk. Assumptions regarding credit risk, cash flows, and discount rates are made using avail able market information and specific borrower information.

The carrying amount and fair value of loans were as follows at December 31, 2006 and 2005: (in thousands)

 

     2006    2005
   Carrying
Amount
  

Fair

Value

   Carrying
Amount
  

Fair

Value

Commercial, financial & agricultural

   $ 182,840    $ 182,460    $ 179,523    $ 178,956

Commercial real estate

     292,458      289,374      308,436      300,677

Real estate construction loans

     80,687      80,657      67,411      68,387

Residential mortgages (1st & 2nd liens)

     155,107      154,421      131,006      130,560

Home equity loans

     76,361      75,625      80,775      80,524

Consumer loans

     103,102      101,616      132,930      131,310

Other loans

     892      892      4,956      4,956
                           

Totals

   $ 891,447    $ 885,045    $ 905,037    $ 895,370
                           
This excerpt taken from the SUBK 10-K filed May 4, 2006.

Loans

Fair values are estimated for portfolios of loans with similar characteristics. Loans are segregated by type.

The fair value of performing loans was calculated by discounting scheduled cash flows through the estimated maturity using estimated market discount rates that reflect the credit and interest rate risk of the loan. Estimated maturity is based on the Bank’s history of repayments for each type of loan and an estimate of the effect of the current economy.

Fair value for significant non-performing loans is based on recent external appraisals of collateral, if any. If appraisals are not available, estimated cash flows are discounted using a rate commensurate with the associated risk. Assumptions regarding credit risk, cash flows, and discount rates are made using available market information and specific borrower information.

 

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The carrying amount and fair value of loans were as follows at December 31, 2005 and 2004: (in thousands)

 

     2005    2004
     Carrying
Amount
   Fair
Value
   Carrying
Amount
   Fair
Value

Commercial, financial & agricultural

   $ 179,523    $ 178,956    $ 158,205    $ 158,470

Commercial real estate

     308,436      300,677      262,262      260,461

Real estate construction loans

     67,411      68,387      50,455      50,462

Residential mortgages (1st & 2nd liens)

     131,006      130,560      114,969      118,183

Home equity loans

     80,775      80,524      75,486      75,339

Consumer loans

     132,930      131,310      162,206      162,284

Other loans

     4,956      4,956      1,847      1,847
                           

Totals

   $ 905,037    $ 895,370    $ 825,430    $ 827,046
                           
This excerpt taken from the SUBK 10-K filed Mar 10, 2006.

Loans

Fair values are estimated for portfolios of loans with similar characteristics. Loans are segregated by type.

The fair value of performing loans was calculated by discounting scheduled cash flows through the estimated maturity using estimated market discount rates that reflect the credit and interest rate risk of the loan. Estimated maturity is based on the Bank’s history of repayments for each type of loan and an estimate of the effect of the current economy.

Fair value for significant non-performing loans is based on recent external appraisals of collateral, if any. If appraisals are not available, estimated cash flows are discounted using a rate commensurate with the associated risk. Assumptions regarding credit risk, cash flows, and discount rates are made using available market information and specific borrower information.

 

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The carrying amount and fair value of loans were as follows at December 31, 2005 and 2004: (in thousands)

 

     2005    2004
     Carrying
Amount
   Fair
Value
   Carrying
Amount
   Fair
Value

Commercial, financial & agricultural

   $ 179,523    $ 178,956    $ 158,205    $ 158,470

Commercial real estate

     308,436      300,677      262,262      260,461

Real estate construction loans

     67,411      68,387      50,455      50,462

Residential mortgages (1st & 2nd liens)

     131,006      130,560      114,969      118,183

Home equity loans

     80,775      80,524      75,486      75,339

Consumer loans

     132,930      131,310      162,206      162,284

Other loans

     4,956      4,956      1,847      1,847
                           

Totals

   $ 905,037    $ 895,370    $ 825,430    $ 827,046
                           
This excerpt taken from the SUBK 10-K filed Mar 11, 2005.

Loans

 

Fair values are estimated for portfolios of loans with similar characteristics. Loans are segregated by type.

 

The fair value of performing loans was calculated by discounting scheduled cash flows through the estimated maturity using estimated market discount rates that reflect the credit and interest rate risk of the loan. Estimated maturity is based on the Bank’s history of repayments for each type of loan and an estimate of the effect of the current economy.

 

Fair value for significant non-performing loans is based on recent external appraisals of collateral, if any. If appraisals are not available, estimated cash flows are discounted using a rate commensurate with the associated risk. Assumptions regarding credit risk, cash flows, and discount rates are made using available market information and specific borrower information.

 

The carrying amount and fair value of loans were as follows at December 31, 2004 and 2003: (in thousands)

 

     2004

   2003

    

Carrying

Amount


  

Fair

Value


   Carrying
Amount


  

Fair

Value


Commercial, financial & agricultural

   $ 158,205    $ 158,470    $ 171,616    $ 172,407

Commercial real estate

     262,262      260,461      232,119      238,032

Real estate construction loans

     50,455      50,462      30,461      30,495

Residential mortgages (1st & 2nd liens)

     114,969      118,183      113,979      116,614

Home equity loans

     75,486      75,339      60,397      60,397

Consumer loans

     162,206      162,284      229,711      234,515

Other loans

     1,847      1,847      778      778
    

  

  

  

Totals

   $ 825,430    $ 827,046    $ 839,061    $ 853,238
    

  

  

  

 

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