Average total assets during the quarter amounted to $575 million, an increase of $45 million, or 9% above the same quarter of the prior year. Average loan balances of $357 million were $37 million, or 11% above prior year fourth quarter, while average securities balances of $133 million increased $17 million, or 15% as compared to fourth quarter 2011.
Total assets amounted to $587 million on December 31, 2012, up $36 million, or 6% from December 31, 2011. Net loans increased to $360 million, up $40 million, or 12% from the prior year-end, while securities balances of $135 million were $6 million, or 5% higher than year ago balances.
Average commercial loan balances for the quarter, including commercial real estate, increased $30 million, or 14% above year ago levels. Average residential mortgage balances increased by $5 million, or 7% during the year. The increase of in-house mortgage balances was the result of the bank originating and retaining 15 year fixed rate mortgages. Average home equity balances increased $2 million, or 5%, and average consumer credit balances decreased $91 thousand, or 1% versus the same quarter of the prior year.
Net charge-offs for the quarter and the full year were $287 thousand and $325 thousand, respectively. Net charge-offs equated to 0.09% of average loans during 2012 as compared to 0.28% during 2011.Nonperforming assets totaled $3.4 million or 0.92% of total loans plus other real estate at December 31, 2012, compared to $3.5 million or 1.08% at the prior year-end. Delinquent loan balances as of year-end 2012 amounted to 1.25% of total loans as compared to 2.04% at the end of 2011. The Company funded $206 thousand in loan loss provision during the fourth quarter and the allowance for loan losses amounted to 1.26% of total loans on December 31, 2012. The ratio of the allowance for loan losses to nonperforming loans stood at 137% at the end of 2012 as compared to 117% at year end 2011.