| Connecticut | | | 6022 | | | 20-8251355 | |
| (State or other jurisdiction of Incorporation or organization) | | | (Primary Standard Industrial Classification Code) | | | (I.R.S. Employer Identification Number) | |
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| William W. Bouton III, Esq. Sarah M. Lombard, Esq. Hinckley, Allen & Snyder LLP 20 Church Street, 18th Floor Hartford, Connecticut 06103 (860) 331-2626 | | | Michael P. Reed, Esq. Frank M. Conner III, Esq. Covington & Burling LLP 1201 Pennsylvania Avenue, NW Washington, DC 20004 (202) 662-6000 | |
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| Large accelerated filer ☐ | | | Accelerated filer ☐ | |
| Non-accelerated filer ☒ (Do not check if a smaller reporting company) | | | Smaller reporting company ☐ | |
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| CALCULATION OF REGISTRATION FEE | | CALCULATION OF REGISTRATION FEE | | | |||||||||||||||||||||||||||
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| Title of Each Class of Securities to be Registered | | | Proposed Maximum Aggregate Offering Price(1)(2) | | Amount of Registration Fee | | Title of Each Class of Securities to be Registered | | | Proposed Maximum Aggregate Offering Price(1) | | Amount of Registration Fee | | ||||||||||||||||||
| Common stock, no par value | | | | $ | 61,333,320.00 | | | | $ | 7,899.73 | (3) | | | Common stock, no par value | | | | $ | 51,351,357.00 | | | | $ | 6,614.05 | (2) | | | ||||
| Senior Non-Cumulative Perpetual Preferred Stock, Series C, no par value | | | | $ | 10,980,000.00 | | | | $ | 1,414.22 | (4) | | | Senior Non-Cumulative Perpetual Preferred Stock, Series C, no par value | | | | $ | 10,980,000.00 | | | | $ | 1,414.22 | (2) | | | ||||
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| | | | Per Share | | | Total | | ||||||||
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| Initial public offering price of common stock | | | | $ | | | | | $ | | | ||||
| Underwriting discount(1) | | | | $ | | | | | $ | | | ||||
| Proceeds to us, before expenses | | | | $ | | | | | $ | | | | |||
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| SANDLER O’NEILL + PARTNERS, L.P. | | | Keefe, Bruyette & Woods A Stifel Company | |
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| | | | At or For the Years Ended December 31, | | | | | At or For the Years Ended December 31, | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| (Dollars in thousands, except per share data) | | | 2013 | | 2012 | | 2011 | | 2010 | | 2009 | | (Dollars in thousands, except per share data) | | | 2013 | | 2012 | | 2011 | | 2010 | | 2009 | | ||||||||||||||||||||||||||||||||||||||||||||||||
| Statements of Income: | | | | | | | | | | | | | | | | | | | | | | | | | | | | Statements of Income: | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||
| Interest and dividend income | | | | $ | 28,092 | | | | $ | 24,397 | | | | $ | 20,587 | | | | $ | 16,877 | | | | $ | 13,950 | | | Interest and dividend income | | | | $ | 28,092 | | | | $ | 24,397 | | | | $ | 20,587 | | | | $ | 16,877 | | | | $ | 13,950 | | | ||||||||||||||||||
| Interest expense | | | | | 2,765 | | | | | 3,192 | | | | | 2,870 | | | | | 3,209 | | | | | 3,651 | | | Interest expense | | | | | 2,765 | | | | | 3,192 | | | | | 2,870 | | | | | 3,209 | | | | | 3,651 | | | ||||||||||||||||||
| Net interest income | | | | | 25,327 | | | | | 21,205 | | | | | 17,717 | | | | | 13,668 | | | | | 10,299 | | | Net interest income | | | | | 25,327 | | | | | 21,205 | | | | | 17,717 | | | | | 13,668 | | | | | 10,299 | | | ||||||||||||||||||
| Provision for loan losses | | | | | 585 | | | | | 1,821 | | | | | 1,049 | | | | | 1,311 | | | | | 1,741 | | | Provision for loan losses | | | | | 585 | | | | | 1,821 | | | | | 1,049 | | | | | 1,311 | | | | | 1,741 | | | ||||||||||||||||||
| Net interest income after provision for loan losses | | | | | 24,742 | | | | | 19,384 | | | | | 16,668 | | | | | 12,357 | | | | | 8,558 | | | Net interest income after provision for loan losses | | | | | 24,742 | | | | | 19,384 | | | | | 16,668 | | | | | 12,357 | | | | | 8,558 | | | ||||||||||||||||||
| Noninterest income | | | | | 4,722 | | | | | 345 | | | | | 1,134 | | | | | 1,695 | | | | | 896 | | | Noninterest income | | | | | 4,722 | | | | | 345 | | | | | 1,134 | | | | | 1,695 | | | | | 896 | | | ||||||||||||||||||
| Noninterest expense | | | | | 22,119 | | | | | 17,858 | | | | | 14,601 | | | | | 13,331 | | | | | 10,555 | | | Noninterest expense | | | | | 22,119 | | | | | 17,858 | | | | | 14,601 | | | | | 13,331 | | | | | 10,555 | | | ||||||||||||||||||
| Income (loss) before income tax | | | | | 7,345 | | | | | 1,871 | | | | | 3,201 | | | | | 721 | | | | | (1,101 | ) | | | Income (loss) before income tax | | | | | 7,345 | | | | | 1,871 | | | | | 3,201 | | | | | 721 | | | | | (1,101 | ) | | | ||||||||||||||||
| Income tax expense (benefit) | | | | | 2,184 | | | | | 657 | | | | | 997 | | | | | 214 | | | | | (271 | ) | | | Income tax expense (benefit) | | | | | 2,184 | | | | | 657 | | | | | 997 | | | | | 214 | | | | | (271 | ) | | | ||||||||||||||||
| Net income (loss) | | | | | 5,161 | | | | | 1,214 | | | | | 2,204 | | | | | 507 | | | | | (830 | ) | | | Net income (loss) | | | | | 5,161 | | | | | 1,214 | | | | | 2,204 | | | | | 507 | | | | | (830 | ) | | | ||||||||||||||||
| Preferred stock dividends and net accretion | | | | | 111 | | | | | 132 | | | | | 206 | | | | | 261 | | | | | 427 | | | Preferred stock dividends and net accretion | | | | | 111 | | | | | 132 | | | | | 206 | | | | | 261 | | | | | 427 | | | ||||||||||||||||||
| Net income (loss) available to common shareholders | | | | $ | 5,050 | | | | $ | 1,082 | | | | $ | 1,998 | | | | $ | 246 | | | | $ | (1,257 | ) | | | Net income (loss) available to common shareholders | | | | $ | 5,050 | | | | $ | 1,082 | | | | $ | 1,998 | | | | $ | 246 | | | | $ | (1,257 | ) | | | ||||||||||||||||
| Per Share Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | Per Share Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||
| Basic earnings (loss) per share | | | | $ | 1.46 | | | | $ | 0.39 | | | | $ | 0.72 | | | | $ | 0.10 | | | | $ | (0.51 | ) | | | Basic earnings (loss) per share | | | | $ | 1.46 | | | | $ | 0.39 | | | | $ | 0.72 | | | | $ | 0.10 | | | | $ | (0.51 | ) | | | ||||||||||||||||
| Diluted earnings (loss) per share | | | | | 1.44 | | | | | 0.38 | | | | | 0.71 | | | | | 0.09 | | | | | (0.50 | ) | | | Diluted earnings (loss) per share | | | | | 1.44 | | | | | 0.38 | | | | | 0.71 | | | | | 0.09 | | | | | (0.50 | ) | | | ||||||||||||||||
| Book value per share (end of period)(a) | | | | | 15.58 | | | | | 14.50 | | | | | 13.85 | | | | | 12.81 | | | | | 12.51 | | | Book value per share (end of period)(a) | | | | | 15.58 | | | | | 14.50 | | | | | 13.85 | | | | | 12.81 | | | | | 12.51 | | | ||||||||||||||||||
| Tangible book value per share (end of period)(a)(b) | | | | | 15.46 | | | | | 14.50 | | | | | 13.85 | | | | | 12.81 | | | | | 12.51 | | | Tangible book value per share (end of period)(a)(b) | | | | | 15.46 | | | | | 14.50 | | | | | 13.85 | | | | | 12.81 | | | | | 12.51 | | | ||||||||||||||||||
| Shares outstanding (end of period)(a) | | | | | 3,754,253 | | | | | 2,797,200 | | | | | 2,758,200 | | | | | 2,756,200 | | | | | 2,450,349 | | | Shares outstanding (end of period)(a) | | | | | 3,754,253 | | | | | 2,797,200 | | | | | 2,758,200 | | | | | 2,756,200 | | | | | 2,450,349 | | | ||||||||||||||||||
| Weighted average shares outstanding – basic | | | | | 3,395,779 | | | | | 2,768,000 | | | | | 2,757,000 | | | | | 2,531,000 | | | | | 2,447,000 | | | Weighted average shares outstanding – basic | | | | | 3,395,779 | | | | | 2,768,000 | | | | | 2,757,000 | | | | | 2,531,000 | | | | | 2,447,000 | | | ||||||||||||||||||
| Weighted average shares outstanding – diluted | | | | | 3,451,393 | | | | | 2,865,000 | | | | | 2,811,000 | | | | | 2,588,000 | | | | | 2,492,000 | | | Weighted average shares outstanding – diluted | | | | | 3,451,393 | | | | | 2,865,000 | | | | | 2,811,000 | | | | | 2,588,000 | | | | | 2,492,000 | | | ||||||||||||||||||
| Performance Ratios: | | | | | | | | | | | | | | | | | | | | | | | | | | | | Performance Ratios: | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||
| Return on average assets(c) | | | | | 0.77 | % | | | | | 0.22 | % | | | | | 0.50 | % | | | | | 0.14 | % | | | | | (0.29 | )% | | | Return on average assets(c) | | | | | 0.77 | % | | | | | 0.22 | % | | | | | 0.50 | % | | | | | 0.14 | % | | | | | (0.29 | )% | | | ||||||||
| Return on average common shareholders’ equity(b)(c) | | | | | 9.89 | % | | | | | 3.07 | % | | | | | 6.70 | % | | | | | 0.75 | % | | | | | (4.04 | )% | | | Return on average common shareholders’ equity(b)(c) | | | | | 9.89 | % | | | | | 3.07 | % | | | | | 6.70 | % | | | | | 0.75 | % | | | | | (4.04 | )% | | | ||||||||
| Return on average shareholders’ equity(c) | | | | | 8.17 | % | | | | | 2.40 | % | | | | | 5.03 | % | | | | | 1.33 | % | | | | | (2.47 | )% | | | Return on average shareholders’ equity(c) | | | | | 8.17 | % | | | | | 2.40 | % | | | | | 5.03 | % | | | | | 1.33 | % | | | | | (2.47 | )% | | | ||||||||
| Average shareholders’ equity to average assets | | | | | 9.32 | % | | | | | 9.34 | % | | | | | 10.01 | % | | | | | 10.37 | % | | | | | 11.70 | % | | | Average shareholders’ equity to average assets | | | | | 9.32 | % | | | | | 9.34 | % | | | | | 10.01 | % | | | | | 10.37 | % | | | | | 11.70 | % | | | ||||||||
| Net interest margin | | | | | 3.94 | % | | | | | 4.11 | % | | | | | 4.27 | % | | | | | 4.12 | % | | | | | 3.73 | % | | | Net interest margin | | | | | 3.94 | % | | | | | 4.11 | % | | | | | 4.27 | % | | | | | 4.12 | % | | | | | 3.73 | % | | | ||||||||
| Efficiency ratio(b) | | | | | 75.72 | % | | | | | 82.76 | % | | | | | 78.50 | % | | | | | 84.93 | % | | | | | 94.28 | % | | | Efficiency ratio(b) | | | | | 75.72 | % | | | | | 82.76 | % | | | | | 78.50 | % | | | | | 84.93 | % | | | | | 94.28 | % | | | ||||||||
| Asset Quality Ratios: | | | | | | | | | | | | | | | | | | | | | | | | | | | | Asset Quality Ratios: | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||
| Total past due loans to total loans(d) | | | | | 0.73 | % | | | | | 0.75 | % | | | | | 1.01 | % | | | | | 0.79 | % | | | | | 2.68 | % | | | Total past due loans to total loans(d) | | | | | 0.73 | % | | | | | 0.75 | % | | | | | 1.01 | % | | | | | 0.79 | % | | | | | 2.68 | % | | | ||||||||
| Nonperforming loans to total loans(d)(e) | | | | | 0.16 | % | | | | | 0.75 | % | | | | | 1.01 | % | | | | | 0.79 | % | | | | | 0.96 | % | | | Nonperforming loans to total loans(d)(e) | | | | | 0.16 | % | | | | | 0.75 | % | | | | | 1.01 | % | | | | | 0.79 | % | | | | | 0.96 | % | | | ||||||||
| Nonperforming assets to total assets(e) | | | | | 0.23 | % | | | | | 0.81 | % | | | | | 0.78 | % | | | | | 0.57 | % | | | | | 0.75 | % | | | Nonperforming assets to total assets(e) | | | | | 0.23 | % | | | | | 0.81 | % | | | | | 0.78 | % | | | | | 0.57 | % | | | | | 0.75 | % | | | ||||||||
| Allowance for loan losses to nonperforming loans | | | | | 835.69 | % | | | | | 200.84 | % | | | | | 171.88 | % | | | | | 239.23 | % | | | | | 177.83 | % | | | Allowance for loan losses to nonperforming loans | | | | | 835.69 | % | | | | | 200.84 | % | | | | | 171.88 | % | | | | | 239.23 | % | | | | | 177.83 | % | | | ||||||||
| Allowance for loan losses to total loans(d) | | | | | 1.33 | % | | | | | 1.50 | % | | | | | 1.74 | % | | | | | 1.87 | % | | | | | 1.70 | % | | | Allowance for loan losses to total loans(d) | | | | | 1.33 | % | | | | | 1.50 | % | | | | | 1.74 | % | | | | | 1.87 | % | | | | | 1.70 | % | | | ||||||||
| Net charge-off’s to average loans(d) | | | | | 0.03 | % | | | | | 0.07 | % | | | | | 0.02 | % | | | | | 0.09 | % | | | | | 0.18 | % | | | Net charge-off’s to average loans(d) | | | | | 0.03 | % | | | | | 0.07 | % | | | | | 0.02 | % | | | | | 0.09 | % | | | | | 0.18 | % | | | ||||||||
| Statements of Financial Condition: | | | | | | | | | | | | | | | | | | | | | | | | | | | | Statements of Financial Condition: | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||
| Total assets | | | | $ | 779,618 | | | | $ | 610,016 | | | | $ | 477,355 | | | | $ | 395,708 | | | | $ | 328,160 | | | Total assets | | | | $ | 779,618 | | | | $ | 610,016 | | | | $ | 477,355 | | | | $ | 395,708 | | | | $ | 328,160 | | | ||||||||||||||||||
| Gross portfolio loans(d) | | | | | 632,012 | | | | | 530,050 | | | | | 369,294 | | | | | 288,425 | | | | | 257,268 | | | Gross portfolio loans(d) | | | | | 632,012 | | | | | 530,050 | | | | | 369,294 | | | | | 288,425 | | | | | 257,268 | | | ||||||||||||||||||
| Investment securities | | | | | 42,413 | | | | | 46,412 | | | | | 94,972 | | | | | 58,152 | | | | | 34,060 | | | Investment securities | | | | | 42,413 | | | | | 46,412 | | | | | 94,972 | | | | | 58,152 | | | | | 34,060 | | | ||||||||||||||||||
| Deposits | | | | | 661,545 | | | | | 462,081 | | | | | 367,115 | | | | | 309,137 | | | | | 244,215 | | | Deposits | | | | | 661,545 | | | | | 462,081 | | | | | 367,115 | | | | | 309,137 | | | | | 244,215 | | | ||||||||||||||||||
| Borrowings | | | | | 44,000 | | | | | 91,000 | | | | | 58,000 | | | | | 44,000 | | | | | 46,000 | | | Borrowings | | | | | 44,000 | | | | | 91,000 | | | | | 58,000 | | | | | 44,000 | | | | | 46,000 | | | ||||||||||||||||||
| Total equity | | | | | 69,485 | | | | | 51,534 | | | | | 49,188 | | | | | 40,354 | | | | | 35,695 | | | Total equity | | | | | 69,485 | | | | | 51,534 | | | | | 49,188 | | | | | 40,354 | | | | | 35,695 | | | ||||||||||||||||||
| Capital Ratios: | | | | | | | | | | | | | | | | | | | | | | | | | | | | Capital Ratios: | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||
| Tier 1 capital to average assets(f) | | Tier 1 capital to average assets(f) | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Bankwell Bank | | | | | 7.91 | % | | | | | — | % | | | | | — | % | | | | | — | % | | | | | — | % | | | Bankwell Bank | | | | | 7.91 | % | | | | | — | % | | | | | — | % | | | | | — | % | | | | | — | % | | | ||||||||
| The Bank of New Canaan | | | | | — | % | | | | | 7.88 | % | | | | | 8.71 | % | | | | | 8.15 | % | | | | | 8.48 | % | | | The Bank of New Canaan | | | | | — | % | | | | | 7.88 | % | | | | | 8.71 | % | | | | | 8.15 | % | | | | | 8.48 | % | | | ||||||||
| The Bank of Fairfield | | | | | — | % | | | | | 8.39 | % | | | | | 11.30 | % | | | | | 13.25 | % | | | | | 16.54 | % | | | The Bank of Fairfield | | | | | — | % | | | | | 8.39 | % | | | | | 11.30 | % | | | | | 13.25 | % | | | | | 16.54 | % | | | ||||||||
| Tier 1 capital to risk-weighted assets(f) | | Tier 1 capital to risk-weighted assets(f) | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Bankwell Bank | | | | | 9.49 | % | | | | | — | % | | | | | — | % | | | | | — | % | | | | | — | % | | | Bankwell Bank | | | | | 9.49 | % | | | | | — | % | | | | | — | % | | | | | — | % | | | | | — | % | | | ||||||||
| The Bank of New Canaan | | | | | — | % | | | | | 9.09 | % | | | | | 11.07 | % | | | | | 11.86 | % | | | | | 12.24 | % | | | The Bank of New Canaan | | | | | — | % | | | | | 9.09 | % | | | | | 11.07 | % | | | | | 11.86 | % | | | | | 12.24 | % | | | ||||||||
| The Bank of Fairfield | | | | | — | % | | | | | 10.80 | % | | | | | 13.66 | % | | | | | 16.41 | % | | | | | 22.46 | % | | | The Bank of Fairfield | | | | | — | % | | | | | 10.80 | % | | | | | 13.66 | % | | | | | 16.41 | % | | | | | 22.46 | % | | | ||||||||
| Total capital to risk-weighted assets(f) | | Total capital to risk-weighted assets(f) | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Bankwell Bank | | | | | 10.74 | % | | | | | — | % | | | | | — | % | | | | | — | % | | | | | — | % | | | Bankwell Bank | | | | | 10.74 | % | | | | | — | % | | | | | — | % | | | | | — | % | | | | | — | % | | | ||||||||
| The Bank of New Canaan | | | | | — | % | | | | | 10.34 | % | | | | | 12.33 | % | | | | | 13.12 | % | | | | | 13.50 | % | | | The Bank of New Canaan | | | | | — | % | | | | | 10.34 | % | | | | | 12.33 | % | | | | | 13.12 | % | | | | | 13.50 | % | | | ||||||||
| The Bank of Fairfield | | | | | — | % | | | | | 12.05 | % | | | | | 14.91 | % | | | | | 17.10 | % | | | | | 23.26 | % | | | The Bank of Fairfield | | | | | — | % | | | | | 12.05 | % | | | | | 14.91 | % | | | | | 17.10 | % | | | | | 23.26 | % | | | ||||||||
| Total shareholders’ equity to total assets | | | | | 8.91 | % | | | | | 8.45 | % | | | | | 10.30 | % | | | | | 10.20 | % | | | | | 10.88 | % | | | Total shareholders’ equity to total assets | | | | | 8.91 | % | | | | | 8.45 | % | | | | | 10.30 | % | | | | | 10.20 | % | | | | | 10.88 | % | | | ||||||||
| Tangible common equity ratio(b) | | | | | 7.45 | % | | | | | 6.65 | % | | | | | 8.00 | % | | | | | 8.93 | % | | | | | 9.34 | % | | | Tangible common equity ratio(b) | | | | | 7.45 | % | | | | | 6.65 | % | | | | | 8.00 | % | | | | | 8.93 | % | | | | | 9.34 | % | | | ||||||||
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| | | | At or For the Nine Months Ended September 30, | | | At or For the Years Ended December 31, | | ||||||||||||||||||||||||||||||||||||
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| (Dollars in thousands, except per share data) | | | 2013 | | | 2012 | | | 2012 | | | 2011 | | | 2010 | | | 2009 | | ||||||||||||||||||||||||
| Statements of Income: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||
| Interest and dividend income | | | | $ | 1,278 | | | | | $ | 1,497 | | | | | $ | 1,954 | | | | | $ | 2,034 | | | | | $ | 2,619 | | | | | $ | 4,364 | | | ||||||
| Interest expense | | | | | 106 | | | | | | 133 | | | | | | 177 | | | | | | 244 | | | | | | 397 | | | | | | 807 | | | ||||||
| Net interest income | | | | | 1,172 | | | | | | 1,364 | | | | | | 1,777 | | | | | | 1,790 | | | | | | 2,222 | | | | | | 3,557 | | | ||||||
| Provision for loan losses | | | | | — | | | | | | - | | | | | | — | | | | | | 900 | | | | | | 560 | | | | | | 3,200 | | | ||||||
| Net interest income after provision for loan losses | | | | | 1,172 | | | | | | 1,364 | | | | | | 1,777 | | | | | | 890 | | | | | | 1,662 | | | | | | 357 | | | ||||||
| Noninterest income | | | | | 194 | | | | | | 205 | | | | | | 278 | | | | | | 1,061 | | | | | | 273 | | | | | | 276 | | | ||||||
| Noninterest expense | | | | | 2,851 | | | | | | 2,705 | | | | | | 3,796 | | | | | | 3,870 | | | | | | 3,842 | | | | | | 3,485 | | | ||||||
| Loss before income tax | | | | | (1,485 | ) | | | | | | (1,136 | ) | | | | | | (1,741 | ) | | | | | | (1,919 | ) | | | | | | (1,907 | ) | | | | | | (2,852 | ) | | |
| Income tax expense (benefit) | | | | | — | | | | | | — | | | | | | — | | | | | | 1,351 | | | | | | (391 | ) | | | | | | (1,124 | ) | | | ||||
| Net loss | | | | $ | (1,485 | ) | | | | | $ | (1,136 | ) | | | | | $ | (1,741 | ) | | | | | $ | (3,270 | ) | | | | | $ | (1,516 | ) | | | | | $ | (1,728 | ) | | |
| Per Share Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||
| Basic loss per share | | | | $ | (3.98 | ) | | | | | $ | (3.05 | ) | | | | | $ | (4.67 | ) | | | | | $ | (8.77 | ) | | | | | $ | (4.07 | ) | | | | | $ | (4.61 | ) | | |
| Diluted loss per share | | | | | (3.98 | ) | | | | | | (3.05 | ) | | | | | | (4.67 | ) | | | | | | (8.77 | ) | | | | | | (4.07 | ) | | | | | | (4.61 | ) | | |
| Book value per share (end of period) | | | | | 17.55 | | | | | | 23.15 | | | | | | 21.53 | | | | | | 26.20 | | | | | | 34.97 | | | | | | 38.79 | | | ||||||
| Shares outstanding (end of period) | | | | | 481,245 | | | | | | 481,245 | | | | | | 481,245 | | | | | | 481,245 | | | | | | 481,245 | | | | | | 481,245 | | | ||||||
| Weighted average shares outstanding – basic | | | | | 372,985 | | | | | | 372,985 | | | | | | 372,985 | | | | | | 372,985 | | | | | | 372,985 | | | | | | 372,985 | | | ||||||
| Weighted average shares outstanding – diluted | | | | | 372,985 | | | | | | 372,985 | | | | | | 372,985 | | | | | | 372,985 | | | | | | 372,985 | | | | | | 375,260 | | | ||||||
| Annualized Performance Ratios: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||
| Return on average assets | | | | | (2.70 | )% | | | | | | (2.09 | )% | | | | | | (2.38 | )% | | | | | | (4.17 | )% | | | | | | (1.66 | )% | | | | | | (1.77 | )% | | |
| Return on average common shareholders’ equity | | | | | (27.02 | )% | | | | | | (16.49 | )% | | | | | | (19.32 | )% | | | | | | (28.85 | )% | | | | | | (10.74 | )% | | | | | | (10.97 | )% | | |
| Return on average shareholders’ equity | | | | | (27.02 | )% | | | | | | (16.49 | )% | | | | | | (19.32 | )% | | | | | | (28.85 | )% | | | | | | (10.74 | )% | | | | | | (10.97 | )% | | |
| Average shareholders’ equity to average assets | | | | | 9.99 | % | | | | | | 12.67 | % | | | | | | 12.34 | % | | | | | | 14.44 | % | | | | | | 15.44 | % | | | | | | 16.18 | % | | |
| Net interest margin | | | | | 2.42 | % | | | | | | 2.89 | % | | | | | | 2.80 | % | | | | | | 2.57 | % | | | | | | 2.71 | % | | | | | | 4.06 | % | | |
| Asset Quality Ratios: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||
| Total past due loans to total loans(a) | | | | | 23.80 | % | | | | | | 23.87 | % | | | | | | 22.05 | % | | | | | | 31.50 | % | | | | | | 39.09 | % | | | | | | 12.91 | % | | |
| Nonperforming loans to total loans | | | | | 23.78 | % | | | | | | 23.67 | % | | | | | | 21.60 | % | | | | | | 31.37 | % | | | | | | 39.09 | % | | | | | | 12.91 | % | | |
| Nonperforming assets to total assets(b) | | | | | 12.92 | % | | | | | | 17.21 | % | | | | | | 13.85 | % | | | | | | 20.72 | % | | | | | | 25.26 | % | | | | | | 9.96 | % | | |
| Allowance for loan losses to nonperforming loans | | | | | 12.42 | % | | | | | | 12.72 | % | | | | | | 15.31 | % | | | | | | 10.06 | % | | | | | | 10.39 | % | | | | | | 32.94 | % | | |
| Allowance for loan losses to total loans | | | | | 2.95 | % | | | | | | 3.01 | % | | | | | | 3.31 | % | | | | | | 3.16 | % | | | | | | 4.06 | % | | | | | | 4.25 | % | | |
| Net charge-off’s to average loans | | | | | 0.73 | % | | | | | | 0.43 | % | | | | | | 0.50 | % | | | | | | 3.52 | % | | | | | | 2.29 | % | | | | | | 3.05 | % | | |
| Statements of Financial Condition: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||
| Total assets | | | | $ | 69,599 | | | | | $ | 72,249 | | | | | $ | 76,124 | | | | | $ | 76,412 | | | | | $ | 84,285 | | | | | $ | 95,360 | | | ||||||
| Gross portfolio loans | | | | | 29,857 | | | | | | 37,766 | | | | | | 33,656 | | | | | | 41,330 | | | | | | 50,067 | | | | | | 66,199 | | | ||||||
| Investment securities | | | | | 1,024 | | | | | | 1,000 | | | | | | 1,032 | | | | | | 2,499 | | | | | | 8,036 | | | | | | 8,067 | | | ||||||
| Deposits | | | | | 62,694 | | | | | | 63,382 | | | | | | 67,881 | | | | | | 66,448 | | | | | | 70,982 | | | | | | 80,539 | | | ||||||
| Borrowings | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | ||||||
| Total equity | | | | | 6,546 | | | | | | 8,636 | | | | | | 8,031 | | | | | | 9,772 | | | | | | 13,044 | | | | | | 14,555 | | | ||||||
| | | | | | | | | | | | | | | | | | | | |
| In thousands, except per share data | | | Bankwell Financial Group | | The Wilton Bank | | Pro Forma Merger Adjustments | | Pro Forma Combined | | In thousands, except per share data | | | Bankwell Financial Group | | The Wilton Bank | | Pro Forma Merger Adjustments | | Pro Forma Combined | | ||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Interest and dividend income | | | | $ | 28,092 | | | | $ | 1,355 | | | | $ | 478 | (1) | | | | $ | 29,925 | | | Interest and dividend income | | | | $ | 28,092 | | | | $ | 1,355 | | | | $ | 478 | (1) | | | | $ | 29,925 | | | ||||||||||||
| Interest expense | | | | | 2,765 | | | | | 119 | | | | | — | | | | | 2,884 | | | Interest expense | | | | | 2,765 | | | | | 119 | | | | | — | | | | | 2,884 | | | ||||||||||||||
| Net interest income | | | | | 25,327 | | | | | 1,236 | | | | | 478 | | | | | 27,041 | | | Net interest income | | | | | 25,327 | | | | | 1,236 | | | | | 478 | | | | | 27,041 | | | ||||||||||||||
| Provision for loan losses | | | | | 585 | | | | | — | | | | | — | | | | | 585 | | | Provision for loan losses | | | | | 585 | | | | | — | | | | | — | | | | | 585 | | | ||||||||||||||
| Net income after provision for loan losses | | | | | 24,742 | | | | | 1,236 | | | | | 478 | | | | | 26,456 | | | Net income after provision for loan losses | | | | | 24,742 | | | | | 1,236 | | | | | 478 | | | | | 26,456 | | | ||||||||||||||
| Noninterest income | | | | | 3,389 | (2) | | | | | 369 | | | | | — | | | | | 3,758 | | | Noninterest income | | | | | 3,389 | (2) | | | | | 369 | | | | | — | | | | | 3,758 | | | ||||||||||||
| Noninterest expense | | | | | 21,211 | (3) | | | | | 3,294 | | | | | 89 | (4) | | | | | 24,594 | | | Noninterest expense | | | | | 21,211 | (3) | | | | | 3,294 | | | | | 89 | (4) | | | | | 24,594 | | | ||||||||||
| Income (loss) before income tax expense | | | | | 6,920 | | | | | (1,689 | ) | | | | | 389 | | | | | 5,620 | | | Income (loss) before income tax expense | | | | | 6,920 | | | | | (1,689 | ) | | | | | 389 | | | | | 5,620 | | | ||||||||||||
| Income tax expense (benefit) | | | | | 2,184 | | | | | (574 | )(5) | | | | | 132 | (5) | | | | | 1,742 | | | Income tax expense (benefit) | | | | | 2,184 | | | | | (574 | )(5) | | | | | 132 | (5) | | | | | 1,742 | | | ||||||||||
| Net income (loss) | | | | $ | 4,736 | | | | $ | (1,115 | ) | | | | $ | 257 | | | | $ | 3,878 | | | Net income (loss) | | | | $ | 4,736 | | | | $ | (1,115 | ) | | | | $ | 257 | | | | $ | 3,878 | | | ||||||||||||
| Preferred stock dividends | | | | | (111 | ) | | | | | — | | | | | — | | | | | (111 | ) | | | Preferred stock dividends | | | | | (111 | ) | | | | | — | | | | | — | | | | | (111 | ) | | | ||||||||||
| Net income (loss) attributable to common shareholders | | | | $ | 4,625 | | | | $ | (1,115 | ) | | | | $ | 257 | | | | $ | 3,767 | | | Net income (loss) attributable to common shareholders | | | | $ | 4,625 | | | | $ | (1,115 | ) | | | | $ | 257 | | | | $ | 3,767 | | | ||||||||||||
| Weighted average shares outstanding | | Weighted average shares outstanding | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Basic | | | | | 3,395 | | | | | 373 | | | | | | | | | | 3,395 | | | Basic | | | | | 3,395 | | | | | 373 | | | | | | | | | | 3,395 | | | ||||||||||||||
| Diluted | | | | | 3,451 | | | | | 373 | | | | | | | | | | 3,451 | | | Diluted | | | | | 3,451 | | | | | 373 | | | | | | | | | | 3,451 | | | ||||||||||||||
| Net earnings (loss) per common share, pro forma | | Net earnings (loss) per common share, pro forma | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Basic | | | | $ | 1.34 | | | | $ | (2.99 | ) | | | | | | | | | $ | 1.09 | | | Basic | | | | $ | 1.34 | | | | $ | (2.99 | ) | | | | | | | | | $ | 1.09 | | | ||||||||||||
| Diluted | | | | $ | 1.32 | | | | $ | (2.99 | ) | | | | | | | | | $ | 1.07 | | | Diluted | | | | $ | 1.32 | | | | $ | (2.99 | ) | | | | | | | | | $ | 1.07 | | | ||||||||||||
| | | | | | | | | | | | | | | | | | | | |
| In thousands, except per share data | | | Bankwell Financial Group | | The Wilton Bank | | Pro Forma Merger Adjustments | | Pro Forma Combined | | In thousands, except per share data | | | Bankwell Financial Group | | The Wilton Bank | | Pro Forma Merger Adjustments | | Pro Forma Combined | | ||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Interest and dividend income | | | | $ | 24,397 | | | | $ | 1,954 | | | | $ | 574 | (1) | | | | $ | 26,925 | | | Interest and dividend income | | | | $ | 24,397 | | | | $ | 1,954 | | | | $ | 574 | (1) | | | | $ | 26,925 | | | ||||||||||||
| Interest expense | | | | | 3,192 | | | | | 177 | | | | | — | | | | | 3,369 | | | Interest expense | | | | | 3,192 | | | | | 177 | | | | | — | | | | | 3,369 | | | ||||||||||||||
| Net interest income | | | | | 21,205 | | | | | 1,777 | | | | | 574 | | | | | 23,556 | | | Net interest income | | | | | 21,205 | | | | | 1,777 | | | | | 574 | | | | | 23,556 | | | ||||||||||||||
| Provision for loan losses | | | | | 1,821 | | | | | — | | | | | — | | | | | 1,821 | | | Provision for loan losses | | | | | 1,821 | | | | | — | | | | | — | | | | | 1,821 | | | ||||||||||||||
| Net income after provision for loan losses | | | | | 19,384 | | | | | 1,777 | | | | | 574 | | | | | 21,735 | | | Net income after provision for loan losses | | | | | 19,384 | | | | | 1,777 | | | | | 574 | | | | | 21,735 | | | ||||||||||||||
| Noninterest income | | | | | 345 | | | | | 278 | | | | | — | | | | | 623 | | | Noninterest income | | | | | 345 | | | | | 278 | | | | | — | | | | | 623 | | | ||||||||||||||
| Noninterest expense | | | | | 17,858 | | | | | 3,796 | | | | | 107 | (2) | | | | | 21,761 | | | Noninterest expense | | | | | 17,858 | | | | | 3,796 | | | | | 107 | (2) | | | | | 21,761 | | | ||||||||||||
| Income (loss) before income tax expense | | | | | 1,871 | | | | | (1,741 | ) | | | | | 467 | | | | | 597 | | | Income (loss) before income tax expense | | | | | 1,871 | | | | | (1,741 | ) | | | | | 467 | | | | | 597 | | | ||||||||||||
| Income tax expense (benefit) | | | | | 657 | | | | | (592 | )(3) | | | | | 159 | (3) | | | | | 224 | | | Income tax expense (benefit) | | | | | 657 | | | | | (592 | )(3) | | | | | 159 | (3) | | | | | 224 | | | ||||||||||
| Net income (loss) | | | | $ | 1,214 | | | | $ | (1,149 | ) | | | | $ | 308 | | | | $ | 373 | | | Net income (loss) | | | | $ | 1,214 | | | | $ | (1,149 | ) | | | | $ | 308 | | | | $ | 373 | | | ||||||||||||
| Preferred stock dividends | | | | | (132 | ) | | | | | — | | | | | — | | | | | (132 | ) | | | Preferred stock dividends | | | | | (132 | ) | | | | | — | | | | | — | | | | | (132 | ) | | | ||||||||||
| Net income (loss) attributable to common shareholders | | | | $ | 1,082 | | | | $ | (1,149 | ) | | | | $ | 308 | | | | $ | 241 | | | Net income (loss) attributable to common shareholders | | | | $ | 1,082 | | | | $ | (1,149 | ) | | | | $ | 308 | | | | $ | 241 | | | ||||||||||||
| Weighted average shares outstanding | | Weighted average shares outstanding | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Basic | | | | | 2,768 | | | | | 373 | | | | | | | | | | 2,768 | | | Basic | | | | | 2,768 | | | | | 373 | | | | | | | | | | 2,768 | | | ||||||||||||||
| Diluted | | | | | 2,865 | | | | | 373 | | | | | | | | | | 2,865 | | | Diluted | | | | | 2,865 | | | | | 373 | | | | | | | | | | 2,865 | | | ||||||||||||||
| Net earnings (loss) per common share, pro forma | | Net earnings (loss) per common share, pro forma | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Basic | | | | $ | 0.39 | | | | $ | (3.08 | ) | | | | | | | | | $ | 0.09 | | | Basic | | | | $ | 0.39 | | | | $ | (3.08 | ) | | | | | | | | | $ | 0.09 | | | ||||||||||||
| Diluted | | | | $ | 0.38 | | | | $ | (3.08 | ) | | | | | | | | | $ | 0.08 | | | Diluted | | | | $ | 0.38 | | | | $ | (3.08 | ) | | | | | | | | | $ | 0.08 | | | ||||||||||||
| | | | | | | | | | | | | | | | | | | | |
| | | | Year Ended December 31, | | ||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| (Dollars in thousands) | | | 2013 | | | 2012 | | | 2011 | | ||||||||||||
| Fixed Charges | | | | | | | | | | | | | | | | | | | | |||
| Interest expense, including deposits | | | | $ | 2,765 | | | | | $ | 3,192 | | | | | $ | 2,870 | | | |||
| Estimate of interest in rental expense | | | | | 11 | | | | | | 17 | | | | | | 22 | | | |||
| Preferred stock dividends(1) | | | | | 158 | | | | | | 203 | | | | | | 299 | | | |||
| Total fixed charges | | | | $ | 2,934 | | | | | $ | 3,412 | | | | | $ | 3,191 | | | |||
| Earnings | | | | | | | | | | | | | | | | | | | | |||
| Income before provision for income taxes | | | | $ | 7,345 | | | | | $ | 1,871 | | | | | $ | 3,201 | | | |||
| Add: Fixed charges | | | | | 2,934 | | | | | | 3,412 | | | | | | 3,191 | | | |||
| Total earnings | | | | $ | 10,279 | | | | | $ | 5,283 | | | | | $ | 6,392 | | | |||
| Ratio of earnings to combined fixed charges and preferred stock dividends, including deposit expense | | | | | 3.50 | | | | | | 1.55 | | | | | | 2.00 | | | |||
| | | | | | | | | | | |
| | | | Year Ended December 31, | | ||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| (Dollars in thousands) | | | 2013 | | | 2012 | | | 2011 | | ||||||||||||
| Fixed Charges | | | | | | | | | | | | | | | | | | | | |||
| Interest expense, excluding deposits | | | | $ | 532 | | | | | $ | 825 | | | | | $ | 847 | | | |||
| Estimate of interest in rental expense | | | | | 11 | | | | | | 17 | | | | | | 22 | | | |||
| Preferred stock dividends (1) | | | | | 158 | | | | | | 203 | | | | | | 299 | | | |||
| Total fixed charges | | | | $ | 701 | | | | | $ | 1,045 | | | | | $ | 1,168 | | | |||
| Earnings | | | | | | | | | | | | | | | | | | | | |||
| Income before provision for income taxes | | | | $ | 7,345 | | | | | $ | 1,871 | | | | | $ | 3,201 | | | |||
| Add: Fixed charges | | | | | 701 | | | | | | 1,045 | | | | | | 1,168 | | | |||
| Total earnings | | | | $ | 8,046 | | | | | $ | 2,916 | | | | | $ | 4,369 | | | |||
| Ratio of earnings to combined fixed charges and preferred stock dividends, excluding deposit expense | | | | | 11.48 | | | | | | 2.79 | | | | | | 3.74 | | | |||
| | | | | | | | | | | |
| | | | Years Ended December 31, | | ||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | | | 2013 | | | 2012 | | | 2011 | | ||||||||||||
| | | | (Dollars in thousands, except per share data) | | ||||||||||||||||||
| Efficiency Ratio | | | | | | | | | | | | | | | | | | | | |||
| Noninterest expense | | | | $ | 22,119 | | | | | $ | 17,858 | | | | | $ | 14,601 | | | |||
| Less: foreclosed real estate expenses | | | | | 7 | | | | | | 9 | | | | | | — | | | |||
| Less: merger and acquisition related expenses | | | | | 908 | | | | | | — | | | | | | — | | | |||
| Adjusted noninterest expense (numerator) | | | | $ | 21,204 | | | | | $ | 17,849 | | | | | $ | 14,601 | | | |||
| Net interest income | | | | $ | 25,327 | | | | | $ | 21,205 | | | | | $ | 17,717 | | | |||
| Noninterest income | | | | | 4,722 | | | | | | 345 | | | | | | 1,134 | | | |||
| Less: gains (losses) on sales of securities | | | | | 648 | | | | | | (18 | ) | | | | | | 250 | | | ||
| Less: gains on sale of foreclosed real estate | | | | | 63 | | | | | | — | | | | | | — | | | |||
| Less: gain on bargain purchase | | | | | 1,333 | | | | | | — | | | | | | — | | | |||
| Adjusted operating revenue (denominator) | | | | $ | 28,005 | | | | | $ | 21,568 | | | | | $ | 18,601 | | | |||
| Efficiency ratio | | | | | 75.72 | % | | | | | | 82.76 | % | | | | | | 78.50 | % | | |
| Tangible Common Equity and Tangible Common Equity/Tangible Assets | | | | | | | | | | | | | | | | | | | | |||
| Total shareholders’ equity | | | | $ | 69,485 | | | | | $ | 51,534 | | | | | $ | 49,188 | | | |||
| Less: preferred stock | | | | | 10,980 | | | | | | 10,980 | | | | | | 10,980 | | | |||
| Common shareholders’ equity | | | | | 58,505 | | | | | | 40,554 | | | | | | 38,208 | | | |||
| Less: Intangible assets | | | | | 481 | | | | | | — | | | | | | — | | | |||
| Tangible common shareholders’ equity | | | | $ | 58,024 | | | | | $ | 40,554 | | | | | $ | 38,208 | | | |||
| Total assets | | | | $ | 779,618 | | | | | $ | 610,016 | | | | | $ | 477,355 | | | |||
| Less: Intangible assets | | | | | 481 | | | | | | — | | | | | | — | | | |||
| Tangible assets | | | | $ | 779,137 | | | | | $ | 610,016 | | | | | $ | 477,355 | | | |||
| Tangible common shareholders’ equity to tangible assets | | | | | 7.45 | % | | | | | | 6.65 | % | | | | | | 8.00 | % | | |
| Tangible Book Value per Share | | | | | | | | | | | | | | | | | | | | |||
| Total shareholders’ equity | | | | $ | 69,485 | | | | | $ | 51,534 | | | | | $ | 49,188 | | | |||
| Less: preferred stock | | | | | 10,980 | | | | | | 10,980 | | | | | | 10,980 | | | |||
| Common shareholders’ equity | | | | | 58,505 | | | | | | 40,554 | | | | | | 38,208 | | | |||
| Less: Intangible assets | | | | | 481 | | | | | | — | | | | | | — | | | |||
| Tangible common shareholders’ equity | | | | $ | 58,024 | | | | | $ | 40,554 | | | | | $ | 38,208 | | | |||
| Common shares issued | | | | | 3,876,393 | | | | | | 2,846,700 | | | | | | 2,788,200 | | | |||
| Less: shares of unvested restricted stock | | | | | 122,140 | | | | | | 49,500 | | | | | | 30,000 | | | |||
| Common shares outstanding | | | | | 3,754,253 | | | | | | 2,797,200 | | | | | | 2,758,200 | | | |||
| Book value per share | | | | $ | 15.58 | | | | | $ | 14.50 | | | | | $ | 13.85 | | | |||
| Less: effects of intangible assets | | | | | 0.12 | | | | | | — | | | | | | — | | | |||
| Tangible book value per share | | | | $ | 15.46 | | | | | $ | 14.50 | | | | | $ | 13.85 | | | |||
| Total Revenue | | | | | | | | | | | | | | | | | | | | |||
| Net interest income | | | | $ | 25,327 | | | | | $ | 21,205 | | | | | $ | 17,717 | | | |||
| Add: noninterest income | | | | | 4,722 | | | | | | 345 | | | | | | 1,134 | | | |||
| Total revenue | | | | $ | 30,049 | | | | | $ | 21,550 | | | | | $ | 18,851 | | | |||
| Noninterest income as a percentage of total revenue | | | | | 15.71 | % | | | | | | 1.60 | % | | | | | | 6.02 | % | | |
| Return on Average Common Shareholders’ Equity | | | | | | | | | | | | | | | | | | | | |||
| Net income | | | | $ | 5,161 | | | | | $ | 1,214 | | | | | $ | 2,204 | | | |||
| Total average shareholders’ equity | | | | $ | 63,142 | | | | | $ | 50,572 | | | | | $ | 43,852 | | | |||
| Less: average preferred stock | | | | | 10,980 | | | | | | 10,980 | | | | | | 10,980 | | | |||
| Average common shareholders’ equity | | | | $ | 52,162 | | | | | $ | 39,592 | | | | | $ | 32,872 | | | |||
| Return on average common shareholders’ equity | | | | | 9.89 | % | | | | | | 3.07 | % | | | | | | 6.70 | % | | |
| | | | | | | | | | | |
| | | | As of December 31, 2013 | | | | | As of December 31, 2013 | | ||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Shareholders’ equity: | | | Actual | | As Adjusted(1) | | Shareholders’ equity: | | | Actual | | As Adjusted(1) | | ||||||||||||||||||
| | | | (Dollars in thousands, except per share data) | | | | | (Dollars in thousands, except per share data) | | ||||||||||||||||||||||
| Common stock, no par value, 10,000,000 shares authorized; 3,876,393 shares issued, and 6,098,615 shares issued, as adjusted | | | | | 52,105 | | | | | 97,855 | | | Common stock, no par value, 10,000,000 shares authorized; 3,876,393 shares issued, and 6,579,096 shares issued, as adjusted | | | | | 52,105 | | | | | 98,155 | | | ||||||
| Preferred Stock, no par value, 10,980 shares authorized Series C, 10,980 shares issued, actual and as adjusted | | | | | 10,980 | | | | | 10,980 | | | Preferred Stock, no par value, 10,980 shares authorized Series C, 10,980 shares issued, actual and as adjusted | | | | | 10,980 | | | | | 10,980 | | | ||||||
| Retained earnings | | | | | 5,976 | | | | | 5,976 | | | Retained earnings | | | | | 5,976 | | | | | 5,976 | | | ||||||
| Accumulated other comprehensive income | | | | | 424 | | | | | 424 | | | Accumulated other comprehensive income | | | | | 424 | | | | | 424 | | | ||||||
| Book value per share | | | | $ | 15.58 | | | | $ | 17.44 | | | Book value per share | | | | $ | 15.58 | | | | | 16.19 | | | ||||||
| Tangible book value per share(2)(3) | | | | $ | 15.46 | | | | $ | 17.36 | | | Tangible book value per share(2)(3) | | | | $ | 15.46 | | | | | 16.12 | | | ||||||
| Total Shareholders’ Equity | | | | | 69,485 | | | | | 115,235 | | | Total Shareholders’ Equity | | | | | 69,485 | | | | | 115,535 | | | ||||||
| Capital Ratios: | | | | | | | | | | | | | Capital Ratios: | | | | | | | | | | | | | ||||||
| Total shareholders’ equity to total assets | | | | | 8.91 | % | | | | | 13.96 | % | | | Total shareholders’ equity to total assets | | | | | 8.91 | % | | | | | 13.99 | % | | | ||
| Tangible common equity to tangible assets(2) | | | | | 7.45 | % | | | | | 12.58 | % | | | Tangible common equity to tangible assets(2) | | | | | 7.45 | % | | | | | 12.61 | % | | | ||
| Tier 1 leverage capital ratio | | | | | 9.15 | % | | | | | 14.93 | % | | | Tier 1 leverage capital ratio | | | | | 9.15 | % | | | | | 14.97 | % | | | ||
| Tier 1 risk-based capital ratio | | | | | 11.07 | % | | | | | 18.16 | % | | | Tier 1 risk-based capital ratio | | | | | 11.07 | % | | | | | 18.20 | % | | | ||
| Total risk-based capital ratio | | | | | 12.32 | % | | | | | 19.41 | % | | | Total risk-based capital ratio | | | | | 12.32 | % | | | | | 19.46 | % | | | ||
| | | | | | | | | | | | |
| Assumed initial public offering price | | | | | | | | | $ | 22.50 | | | Assumed initial public offering price | | | | | | | | | $ | 18.50 | | | ||||||
| Net tangible book value per common share as of December 31, 2013 | | | | $ | 15.46 | | | | | | | | Net tangible book value per common share as of December 31, 2013 | | | | $ | 15.46 | | | | | | | | ||||||
| Increase in net tangible book value per common share attributable to new investors | | | | $ | 1.90 | | | | | | | | Increase in net tangible book value per common share attributable to new investors | | | | $ | 0.66 | | | | | | | | ||||||
| As adjusted net tangible book value per common share | | | | | | | | | $ | 17.36 | | | As adjusted net tangible book value per common share | | | | | | | | | $ | 16.12 | | | ||||||
| Dilution per common share to new investors from offering | | | | | | | | | $ | 5.14 | | | Dilution per common share to new investors from offering | | | | | | | | | $ | 2.38 | | | ||||||
| | | | | | | | | | |
| | | | Shares Purchased/Issued | | Total Consideration | | | Average Price per Share | | | | | Shares Purchased/Issued | | Total Consideration | | | Average Price per Share | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | | | Number | | Percent | | Amount | | Percent | | | | | Number | | Percent | | Amount | | Percent | | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Shareholders as of December 31, 2013 | | | | | 3,429,623 | | | | | 60.68 | % | | | | $ | 47,838,378 | | | | | 48.90 | % | | | | $ | 13.95 | | | Shareholders as of December 31, 2013 | | | | | 3,429,623 | | | | | 55.93 | % | | | | $ | 47,838,378 | | | | | 48.90 | % | | | | $ | 13.95 | | | ||||||||||||||
| New investors in this offering | | | | | 2,222,222 | | | | | 39.32 | % | | | | $ | 49,999,995 | | | | | 51.10 | % | | | | $ | 22.50 | | | New investors in this offering | | | | | 2,702,703 | | | | | 44.07 | % | | | | $ | 50,000,000 | | | | | 51.10 | % | | | | $ | 18.50 | | | ||||||||||||||
| Total | | | | | 5,651,845 | | | | | 100.00 | % | | | | $ | 97,838,373 | | | | | 100.00 | % | | | | $ | 17.31 | | | Total | | | | | 6,132,326 | | | | | 100.00 | % | | | | $ | 97,838,378 | | | | | 100.00 | % | | | | $ | 15.95 | | | ||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | Beneficial Ownership Prior to the Offering(1) | | | | | Beneficial Ownership After the Sale(1) | | |||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | | | Number of Preferred Shares Beneficially Owned | | | | | Number of Preferred Shares Being Offered | | | Number of Preferred Shares Beneficially Owned | | ||||||||||||||||||||||||
| Name and Address of Beneficial Owner | | | Percent | | | Percent | | |||||||||||||||||||||||||||||
| United States Department of the Treasury 1500 Pennsylvania Avenue, N.W. Washington, D.C. 20220 | | | | | 10,980 | | | | | | 100 | % | | | | | | 10,980 | | | | | | 0 | | | | | | 0 | % | | | |||
| | | | | | | | | | | | | | | | | |
| | | | Company Common Stock | | | | | Company Common Stock | | ||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | | | High | | Low | | | | | High | | Low | | ||||||||||||||||||
| 2014 | | 2014 | | | |||||||||||||||||||||||||||
| 2nd Quarter through May 2 | | | | $ | 22.00 | | | | $ | 21.75 | | | 2nd Quarter through May 12 | | | | $ | 22.00 | | | | $ | 21.00 | | | ||||||
| 1st Quarter | | | | | 22.00 | | | | | 18.80 | | | 1st Quarter | | | | | 22.00 | | | | | 18.80 | | | ||||||
| 2013 | | 2013 | | | |||||||||||||||||||||||||||
| 4th Quarter | | | | | 22.00 | | | | | 19.00 | | | 4th Quarter | | | | | 22.00 | | | | | 19.00 | | | ||||||
| 3rd Quarter | | | | | 23.00 | | | | | 19.00 | | | 3rd Quarter | | | | | 23.00 | | | | | 19.00 | | | ||||||
| 2nd Quarter | | | | | 23.00 | | | | | 20.00 | | | 2nd Quarter | | | | | 23.00 | | | | | 20.00 | | | ||||||
| 1st Quarter | | | | | 22.00 | | | | | 13.50 | | | 1st Quarter | | | | | 22.00 | | | | | 13.50 | | | ||||||
| 2012 | | 2012 | | | |||||||||||||||||||||||||||
| 4th Quarter | | | | | 14.00 | | | | | 13.25 | | | 4th Quarter | | | | | 14.00 | | | | | 13.25 | | | ||||||
| 3rd Quarter | | | | | 13.80 | | | | | 12.50 | | | 3rd Quarter | | | | | 13.80 | | | | | 12.50 | | | ||||||
| 2nd Quarter | | | | | 14.90 | | | | | 12.50 | | | 2nd Quarter | | | | | 14.90 | | | | | 12.50 | | | ||||||
| 1st Quarter | | | | | 15.50 | | | | | 13.00 | | | 1st Quarter | | | | | 15.50 | | | | | 13.00 | | | ||||||
| | | | | | | | | | |
| Type | | | Total Deposits (dollars in thousands) | | | Number of Accounts | | ||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Checking | | | | $ | 118,618 | | | | | | 4,326 | | | ||
| NOW | | | | | 73,652 | | | | | | 1,053 | | | ||
| Money Market | | | | | 164,579 | | | | | | 1,744 | | | ||
| Savings | | | | | 107,692 | | | | | | 2,826 | | | ||
| Time | | | | | 197,004 | | | | | | 2,282 | | | ||
| Total Deposits | | | | $ | 661,545 | | | | | | 12,231 | | | ||
| | | | | | | |
| | | | For the Years Ended December 31, | | | | | For the Years Ended December 31, | | ||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | | | 2013 | | 2012 | | | | | 2013 | | 2012 | | ||||||||||||||||||||||||||||||||||||||||||||||
| (Dollars in thousands) | | | Total Loans | | Number of Loans | | Total Loans | | Number of Loans | | (Dollars in thousands) | | | Total Loans | | Number of Loans | | Total Loans | | Number of Loans | | ||||||||||||||||||||||||||||||||||||||
| Real estate loans: | | Real estate loans: | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Residential | | | | $ | 52,798 | | | | | 51 | | | | $ | 65,862 | | | | | 79 | | | Residential | | | | $ | 52,798 | | | | | 51 | | | | $ | 65,862 | | | | | 79 | | | ||||||||||||||
| Commercial | | | | | 100,075 | | | | | 80 | | | | | 133,956 | | | | | 92 | | | Commercial | | | | | 100,075 | | | | | 80 | | | | | 133,956 | | | | | 92 | | | ||||||||||||||
| Construction | | | | | 46,237 | | | | | 30 | | | | | 21,064 | | | | | 13 | | | Construction | | | | | 46,237 | | | | | 30 | | | | | 21,064 | | | | | 13 | | | ||||||||||||||
| Home equity loans | | | | | 2,272 | | | | | 5 | | | | | 1,885 | | | | | 7 | | | Home equity loans | | | | | 2,272 | | | | | 5 | | | | | 1,885 | | | | | 7 | | | ||||||||||||||
| | | | | | 201,382 | | | | | 166 | | | | | 222,767 | | | | | 191 | | | | | | | | 201,382 | | | | | 166 | | | | | 222,767 | | | | | 191 | | | ||||||||||||||
| Commercial business loans | | | | | 75,622 | | | | | 70 | | | | | 58,131 | | | | | 73 | | | Commercial business loans | | | | | 75,622 | | | | | 70 | | | | | 58,131 | | | | | 73 | | | ||||||||||||||
| Consumer loans | | | | | 461 | | | | | 6 | | | | | 50 | | | | | 5 | | | Consumer loans | | | | | 461 | | | | | 6 | | | | | 50 | | | | | 5 | | | ||||||||||||||
| Total loans | | | | $ | 277,465 | | | | | 242 | | | | $ | 280,948 | | | | | 269 | | | Total loans | | | | $ | 277,465 | | | | | 242 | | | | $ | 280,948 | | | | | 269 | | | ||||||||||||||
| | | | | | | | | | | | | | | | | | |
| | | | At December 31, | | | | | At December 31, | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | | | 2013 | | 2012 | | 2011 | | | | | 2013 | | 2012 | | 2011 | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| (Dollars in thousands) | | | Amount | | Percent of Loan Portfolio | | Amount | | Percent of Loan Portfolio | | Amount | | Percent of Loan Portfolio | | (Dollars in thousands) | | | Amount | | Percent of Loan Portfolio | | Amount | | Percent of Loan Portfolio | | Amount | | Percent of Loan Portfolio | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Real estate loans: | | Real estate loans: | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Residential | | | | $ | 155,874 | | | | | 24.66 | % | | | | $ | 144,288 | | | | | 27.22 | % | | | | $ | 104,754 | | | | | 28.37 | % | | | Residential | | | | $ | 155,874 | | | | | 24.66 | % | | | | $ | 144,288 | | | | | 27.22 | % | | | | $ | 104,754 | | | | | 28.37 | % | | | ||||||||||||||||
| Commercial | | | | | 316,533 | | | | | 50.08 | | | | | 284,763 | | | | | 53.72 | | | | | 173,951 | | | | | 47.10 | | | Commercial | | | | | 316,533 | | | | | 50.08 | | | | | 284,763 | | | | | 53.72 | | | | | 173,951 | | | | | 47.10 | | | ||||||||||||||||||||||
| Construction | | | | | 51,545 | | | | | 8.16 | | | | | 33,148 | | | | | 6.26 | | | | | 40,422 | | | | | 10.95 | | | Construction | | | | | 51,545 | | | | | 8.16 | | | | | 33,148 | | | | | 6.26 | | | | | 40,422 | | | | | 10.95 | | | ||||||||||||||||||||||
| Home equity loans | | | | | 13,892 | | | | | 2.20 | | | | | 11,030 | | | | | 2.08 | | | | | 14,815 | | | | | 4.01 | | | Home equity loans | | | | | 13,892 | | | | | 2.20 | | | | | 11,030 | | | | | 2.08 | | | | | 14,815 | | | | | 4.01 | | | ||||||||||||||||||||||
| | | | | | 537,844 | | | | | 85.10 | | | | | 473,229 | | | | | 89.28 | | | | | 333,942 | | | | | 90.43 | | | | | | | | 537,844 | | | | | 85.10 | | | | | 473,229 | | | | | 89.28 | | | | | 333,942 | | | | | 90.43 | | | ||||||||||||||||||||||
| Commercial business loans | | | | | 93,566 | | | | | 14.80 | | | | | 56,764 | | | | | 10.71 | | | | | 35,041 | | | | | 9.49 | | | Commercial business loans | | | | | 93,566 | | | | | 14.80 | | | | | 56,764 | | | | | 10.71 | | | | | 35,041 | | | | | 9.49 | | | ||||||||||||||||||||||
| Consumer loans | | | | | 602 | | | | | 0.10 | | | | | 57 | | | | | 0.01 | | | | | 311 | | | | | 0.08 | | | Consumer loans | | | | | 602 | | | | | 0.10 | | | | | 57 | | | | | 0.01 | | | | | 311 | | | | | 0.08 | | | ||||||||||||||||||||||
| Total loans | | | | $ | 632,012 | | | | | 100.00 | % | | | | $ | 530,050 | | | | | 100.00 | % | | | | $ | 369,294 | | | | | 100.00 | % | | | Total loans | | | | $ | 632,012 | | | | | 100.00 | % | | | | $ | 530,050 | | | | | 100.00 | % | | | | $ | 369,294 | | | | | 100.00 | % | | | ||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | At December 31, | | | | | At December 31, | | ||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | | | 2010 | | 2009 | | | | | 2010 | | 2009 | | ||||||||||||||||||||||||||||||||||||||||||||||
| (Dollars in thousands) | | | Amount | | Percent of Loan Portfolio | | Amount | | Percent of Loan Portfolio | | (Dollars in thousands) | | | Amount | | Percent of Loan Portfolio | | Amount | | Percent of Loan Portfolio | | ||||||||||||||||||||||||||||||||||||||
| Real estate loans: | | Real estate loans: | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Residential | | | | $ | 104,053 | | | | | 36.08 | % | | | | $ | 117,386 | | | | | 45.63 | % | | | Residential | | | | $ | 104,053 | | | | | 36.08 | % | | | | $ | 117,386 | | | | | 45.63 | % | | | ||||||||||
| Commercial | | | | | 111,271 | | | | | 38.58 | | | | | 71,829 | | | | | 27.92 | | | Commercial | | | | | 111,271 | | | | | 38.58 | | | | | 71,829 | | | | | 27.92 | | | ||||||||||||||
| Construction | | | | | 38,072 | | | | | 13.20 | | | | | 41,703 | | | | | 16.21 | | | Construction | | | | | 38,072 | | | | | 13.20 | | | | | 41,703 | | | | | 16.21 | | | ||||||||||||||
| Home equity loans | | | | | 16,657 | | | | | 5.77 | | | | | 17,091 | | | | | 6.64 | | | Home equity loans | | | | | 16,657 | | | | | 5.77 | | | | | 17,091 | | | | | 6.64 | | | ||||||||||||||
| | | | | | 270,053 | | | | | 93.63 | | | | | 248,009 | | | | | 96.40 | | | | | | | | 270,053 | | | | | 93.63 | | | | | 248,009 | | | | | 96.40 | | | ||||||||||||||
| Commercial business loans | | | | | 17,713 | | | | | 6.14 | | | | | 9,016 | | | | | 3.51 | | | Commercial business loans | | | | | 17,713 | | | | | 6.14 | | | | | 9,016 | | | | | 3.51 | | | ||||||||||||||
| Consumer loans | | | | | 659 | | | | | 0.23 | | | | | 243 | | | | | 0.09 | | | Consumer loans | | | | | 659 | | | | | 0.23 | | | | | 243 | | | | | 0.09 | | | ||||||||||||||
| Total loans | | | | $ | 288,425 | | | | | 100.00 | % | | | | $ | 257,268 | | | | | 100.00 | % | | | Total loans | | | | $ | 288,425 | | | | | 100.00 | % | | | | $ | 257,268 | | | | | 100.00 | % | | | ||||||||||
| | | | | | | | | | | | | | | | | | | | |
| | | | Key Financial Measures(a) | | | | | Key Financial Measures(a) | | ||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | | | At or For the Years Ended December 31, | | | | | At or For the Years Ended December 31, | | ||||||||||||||||||||||||||||||||||||
| (Dollars in thousands, except per share data) | | | 2013 | | 2012 | | 2011 | | (Dollars in thousands, except per share data) | | | 2013 | | 2012 | | 2011 | | ||||||||||||||||||||||||||||
| Selected balance sheet measures: | | Selected balance sheet measures: | | | |||||||||||||||||||||||||||||||||||||||||
| Total assets | | | | $ | 779,618 | | | | $ | 610,016 | | | | $ | 477,355 | | | Total assets | | | | $ | 779,618 | | | | $ | 610,016 | | | | $ | 477,355 | | | ||||||||||
| Gross portfolio loans(b) | | | | | 632,012 | | | | | 530,050 | | | | | 369,294 | | | Gross portfolio loans(b) | | | | | 632,012 | | | | | 530,050 | | | | | 369,294 | | | ||||||||||
| Deposits | | | | | 661,545 | | | | | 462,081 | | | | | 367,115 | | | Deposits | | | | | 661,545 | | | | | 462,081 | | | | | 367,115 | | | ||||||||||
| Borrowings | | | | | 44,000 | | | | | 91,000 | | | | | 58,000 | | | Borrowings | | | | | 44,000 | | | | | 91,000 | | | | | 58,000 | | | ||||||||||
| Total equity | | | | | 69,485 | | | | | 51,534 | | | | | 49,188 | | | Total equity | | | | | 69,485 | | | | | 51,534 | | | | | 49,188 | | | ||||||||||
| Selected statement of income measures: | | Selected statement of income measures: | | | |||||||||||||||||||||||||||||||||||||||||
| Total revenue(c) | | | | | 30,049 | | | | | 21,550 | | | | | 18,851 | | | Total revenue(c) | | | | | 30,049 | | | | | 21,550 | | | | | 18,851 | | | ||||||||||
| Net interest income before provision for loan losses | | | | | 25,327 | | | | | 21,205 | | | | | 17,717 | | | Net interest income before provision for loan losses | | | | | 25,327 | | | | | 21,205 | | | | | 17,717 | | | ||||||||||
| Income before income tax | | | | | 7,345 | | | | | 1,871 | | | | | 3,201 | | | Income before income tax | | | | | 7,345 | | | | | 1,871 | | | | | 3,201 | | | ||||||||||
| Net income | | | | | 5,161 | | | | | 1,214 | | | | | 2,204 | | | Net income | | | | | 5,161 | | | | | 1,214 | | | | | 2,204 | | | ||||||||||
| Basic earnings per share | | | | | 1.46 | | | | | 0.39 | | | | | 0.72 | | | Basic earnings per share | | | | | 1.46 | | | | | 0.39 | | | | | 0.72 | | | ||||||||||
| Diluted earnings per share | | | | | 1.44 | | | | | 0.38 | | | | | 0.71 | | | Diluted earnings per share | | | | | 1.44 | | | | | 0.38 | | | | | 0.71 | | | ||||||||||
| Other financial measures and ratios: | | Other financial measures and ratios: | | | |||||||||||||||||||||||||||||||||||||||||
| Return on average assets(d) | | | | | 0.77 | % | | | | | 0.22 | % | | | | | 0.50 | % | | | Return on average assets(d) | | | | | 0.77 | % | | | | | 0.22 | % | | | | | 0.50 | % | | | ||||
| Return on average common shareholders’ equity(d) | | | | | 9.89 | % | | | | | 3.07 | % | | | | | 6.70 | % | | | Return on average common shareholders’ equity(d) | | | | | 9.89 | % | | | | | 3.07 | % | | | | | 6.70 | % | | | ||||
| Net interest margin | | | | | 3.94 | % | | | | | 4.11 | % | | | | | 4.27 | % | | | Net interest margin | | | | | 3.94 | % | | | | | 4.11 | % | | | | | 4.27 | % | | | ||||
| Efficiency ratio(c) | | | | | 75.72 | % | | | | | 82.76 | % | | | | | 78.50 | % | | | Efficiency ratio(c) | | | | | 75.72 | % | | | | | 82.76 | % | | | | | 78.50 | % | | | ||||
| Tangible book value per share (end of period)(c)(e) | | | | $ | 15.46 | | | | $ | 14.50 | | | | $ | 13.85 | | | Tangible book value per share (end of period)(c)(e) | | | | $ | 15.46 | | | | $ | 14.50 | | | | $ | 13.85 | | | ||||||||||
| Net charge-off’s to average loans(b) | | | | | 0.03 | % | | | | | 0.07 | % | | | | | 0.02 | % | | | Net charge-off’s to average loans(b) | | | | | 0.03 | % | | | | | 0.07 | % | | | | | 0.02 | % | | | ||||
| Nonperforming assets to total assets(f) | | | | | 0.23 | % | | | | | 0.81 | % | | | | | 0.78 | % | | | Nonperforming assets to total assets(f) | | | | | 0.23 | % | | | | | 0.81 | % | | | | | 0.78 | % | | | ||||
| Allowance for loan losses to nonperforming loans | | | | | 835.69 | % | | | | | 200.84 | % | | | | | 171.88 | % | | | Allowance for loan losses to nonperforming loans | | | | | 835.69 | % | | | | | 200.84 | % | | | | | 171.88 | % | | | ||||
| Allowance for loan losses to total loans(b) | | | | | 1.33 | % | | | | | 1.50 | % | | | | | 1.74 | % | | | Allowance for loan losses to total loans(b) | | | | | 1.33 | % | | | | | 1.50 | % | | | | | 1.74 | % | | | ||||
| | | | | | | | | | | | | | | | |
| | | | Average Balance | | Change | | Rate | | Change | | | | | Average Balance | | Change | | Rate | | Change | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Years Ended December 31, | | | 2013 | | 2012 | | $ | | % | | 2013 | | 2012 | | % | | Years Ended December 31, | | | 2013 | | 2012 | | $ | | % | | 2013 | | 2012 | | % | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| (Dollars in thousands) | | (Dollars in thousands) | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Earning assets | | Earning assets | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Cash and Fed funds sold | | | | $ | 35,599 | | | | $ | 16,933 | | | | $ | 18,666 | | | | | 110 | % | | | | | 0.24 | % | | | | | 0.21 | % | | | | | 0.03 | % | | | Cash and Fed funds sold | | | | $ | 35,599 | | | | $ | 16,933 | | | | $ | 18,666 | | | | | 110 | % | | | | | 0.24 | % | | | | | 0.21 | % | | | | | 0.03 | % | | | ||||||||||||||||||
| Securities(1) | | | | | 40,932 | | | | | 56,321 | | | | | (15,389 | ) | | | | | (27 | ) | | | | | 4.31 | | | | | 4.20 | | | | | 0.11 | | | Securities(1) | | | | | 40,932 | | | | | 56,321 | | | | | (15,389 | ) | | | | | (27 | ) | | | | | 4.31 | | | | | 4.20 | | | | | 0.11 | | | ||||||||||||||||||||||
| Loans:(2) | | Loans:(2) | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Commercial real estate | | | | | 299,142 | | | | | 236,934 | | | | | 62,208 | | | | | 26 | | | | | 5.06 | | | | | 5.45 | | | | | (0.39 | ) | | | Commercial real estate | | | | | 299,142 | | | | | 236,934 | | | | | 62,208 | | | | | 26 | | | | | 5.06 | | | | | 5.45 | | | | | (0.39 | ) | | | ||||||||||||||||||||||||
| Residential real estate | | | | | 152,498 | | | | | 119,960 | | | | | 32,538 | | | | | 27 | | | | | 3.66 | | | | | 4.02 | | | | | (0.36 | ) | | | Residential real estate | | | | | 152,498 | | | | | 119,960 | | | | | 32,538 | | | | | 27 | | | | | 3.66 | | | | | 4.02 | | | | | (0.36 | ) | | | ||||||||||||||||||||||||
| Construction(3) | | | | | 38,073 | | | | | 34,177 | | | | | 3,896 | | | | | 11 | | | | | 4.63 | | | | | 5.13 | | | | | (0.50 | ) | | | Construction(3) | | | | | 38,073 | | | | | 34,177 | | | | | 3,896 | | | | | 11 | | | | | 4.63 | | | | | 5.13 | | | | | (0.50 | ) | | | ||||||||||||||||||||||||
| Commercial business | | | | | 69,252 | | | | | 44,220 | | | | | 25,032 | | | | | 57 | | | | | 5.34 | | | | | 5.36 | | | | | (0.02 | ) | | | Commercial business | | | | | 69,252 | | | | | 44,220 | | | | | 25,032 | | | | | 57 | | | | | 5.34 | | | | | 5.36 | | | | | (0.02 | ) | | | ||||||||||||||||||||||||
| Home equity | | | | | 11,287 | | | | | 12,789 | | | | | (1,502 | ) | | | | | (12 | ) | | | | | 3.74 | | | | | 3.64 | | | | | 0.10 | | | Home equity | | | | | 11,287 | | | | | 12,789 | | | | | (1,502 | ) | | | | | (12 | ) | | | | | 3.74 | | | | | 3.64 | | | | | 0.10 | | | ||||||||||||||||||||||
| Consumer | | | | | 308 | | | | | 80 | | | | | 228 | | | | | 285 | | | | | 5.98 | | | | | 12.50 | | | | | (6.52 | ) | | | Consumer | | | | | 308 | | | | | 80 | | | | | 228 | | | | | 285 | | | | | 5.98 | | | | | 12.50 | | | | | (6.52 | ) | | | ||||||||||||||||||||||||
| Total loans | | | | | 570,560 | | | | | 448,160 | | | | | 122,400 | | | | | 27 | | | | | 4.66 | | | | | 4.99 | | | | | (0.33 | ) | | | Total loans | | | | | 570,560 | | | | | 448,160 | | | | | 122,400 | | | | | 27 | | | | | 4.66 | | | | | 4.99 | | | | | (0.33 | ) | | | ||||||||||||||||||||||||
| Federal Home Loan Bank stock | | | | | 4,624 | | | | | 3,615 | | | | | 1,009 | | | | | 28 | | | | | 0.36 | | | | | 0.49 | | | | | (0.13 | ) | | | Federal Home Loan Bank stock | | | | | 4,624 | | | | | 3,615 | | | | | 1,009 | | | | | 28 | | | | | 0.36 | | | | | 0.49 | | | | | (0.13 | ) | | | ||||||||||||||||||||||||
| Total earning assets | | | | $ | 651,715 | | | | $ | 525,029 | | | | $ | 126,686 | | | | | 24 | % | | | | | 4.37 | % | | | | | 4.72 | % | | | | | (0.35 | )% | | | Total earning assets | | | | $ | 651,715 | | | | $ | 525,029 | | | | $ | 126,686 | | | | | 24 | % | | | | | 4.37 | % | | | | | 4.72 | % | | | | | (0.35 | )% | | | ||||||||||||||||||
| Funding liabilities | | Funding liabilities | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Deposits: | | Deposits: | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| NOW | | | | | 40,554 | | | | $ | 31,490 | | | | $ | 9,064 | | | | | 29 | % | | | | | 0.12 | % | | | | | 0.14 | % | | | | | (0.02 | )% | | | NOW | | | | | 40,554 | | | | $ | 31,490 | | | | $ | 9,064 | | | | | 29 | % | | | | | 0.12 | % | | | | | 0.14 | % | | | | | (0.02 | )% | | | ||||||||||||||||||
| Money market | | | | | 116,323 | | | | | 90,342 | | | | | 25,981 | | | | | 29 | | | | | 0.45 | | | | | 0.68 | | | | | (0.23 | ) | | | Money market | | | | | 116,323 | | | | | 90,342 | | | | | 25,981 | | | | | 29 | | | | | 0.45 | | | | | 0.68 | | | | | (0.23 | ) | | | ||||||||||||||||||||||||
| Savings | | | | | 117,388 | | | | | 102,641 | | | | | 14,747 | | | | | 14 | | | | | 0.46 | | | | | 0.82 | | | | | (0.36 | ) | | | Savings | | | | | 117,388 | | | | | 102,641 | | | | | 14,747 | | | | | 14 | | | | | 0.46 | | | | | 0.82 | | | | | (0.36 | ) | | | ||||||||||||||||||||||||
| Time | | | | | 158,996 | | | | | 122,350 | | | | | 36,646 | | | | | 30 | | | | | 0.72 | | | | | 0.71 | | | | | 0.01 | | | Time | | | | | 158,996 | | | | | 122,350 | | | | | 36,646 | | | | | 30 | | | | | 0.72 | | | | | 0.71 | | | | | 0.01 | | | ||||||||||||||||||||||||||
| Total interest-bearing | | | | | 433,261 | | | | | 346,823 | | | | | 86,438 | | | | | 25 | | | | | 0.52 | | | | | 0.68 | | | | | (0.16 | ) | | | Total interest-bearing | | | | | 433,261 | | | | | 346,823 | | | | | 86,438 | | | | | 25 | | | | | 0.52 | | | | | 0.68 | | | | | (0.16 | ) | | | ||||||||||||||||||||||||
| Noninterest-bearing | | | | | 96,009 | | | | | 78,453 | | | | | 17,556 | | | | | 22 | | | | | — | | | | | — | | | | | — | | | Noninterest-bearing | | | | | 96,009 | | | | | 78,453 | | | | | 17,556 | | | | | 22 | | | | | — | | | | | — | | | | | — | | | ||||||||||||||||||||||||||
| Total deposits | | | | | 529,270 | | | | | 425,276 | | | | | 103,994 | | | | | 24 | | | | | 0.43 | | | | | 0.56 | | | | | (0.13 | ) | | | Total deposits | | | | | 529,270 | | | | | 425,276 | | | | | 103,994 | | | | | 24 | | | | | 0.43 | | | | | 0.56 | | | | | (0.13 | ) | | | ||||||||||||||||||||||||
| Federal Home Loan Bank advances | | | | | 69,912 | | | | | 61,836 | | | | | 8,076 | | | | | 13 | | | | | 0.76 | | | | | 1.33 | | | | | (0.57 | ) | | | Federal Home Loan Bank advances | | | | | 69,912 | | | | | 61,836 | | | | | 8,076 | | | | | 13 | | | | | 0.76 | | | | | 1.33 | | | | | (0.57 | ) | | | ||||||||||||||||||||||||
| Total funding liabilities | | | | $ | 599,182 | | | | $ | 487,112 | | | | $ | 112,070 | | | | | 23 | % | | | | | 0.47 | % | | | | | 0.66 | % | | | | | (0.19 | )% | | | Total funding liabilities | | | | $ | 599,182 | | | | $ | 487,112 | | | | $ | 112,070 | | | | | 23 | % | | | | | 0.47 | % | | | | | 0.66 | % | | | | | (0.19 | )% | | | ||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | Average Balance | | Change | | Rate | | Change | | | | | Average Balance | | Change | | Rate | | Change | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Years Ended December 31, | | | 2012 | | 2011 | | $ | | % | | 2012 | | 2011 | | % | | Years Ended December 31, | | | 2012 | | 2011 | | $ | | % | | 2012 | | 2011 | | % | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| (Dollars in thousands) | | (Dollars in thousands) | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Earning assets | | Earning assets | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Cash and Fed funds sold | | | | $ | 16,933 | | | | $ | 17,401 | | | | $ | (468 | ) | | | | | (3 | )% | | | | | 0.21 | % | | | | | 0.27 | % | | | | | (0.06 | )% | | | Cash and Fed funds sold | | | | $ | 16,933 | | | | $ | 17,401 | | | | $ | (468 | ) | | | | | (3 | )% | | | | | 0.21 | % | | | | | 0.27 | % | | | | | (0.06 | )% | | | ||||||||||||||||
| Securities(1) | | | | | 56,321 | | | | | 80,586 | | | | | (24,265 | ) | | | | | (30 | ) | | | | | 4.20 | | | | | 4.03 | | | | | 0.17 | | | Securities(1) | | | | | 56,321 | | | | | 80,586 | | | | | (24,265 | ) | | | | | (30 | ) | | | | | 4.20 | | | | | 4.03 | | | | | 0.17 | | | ||||||||||||||||||||||
| Loans:(2) | | Loans:(2) | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Commercial real estate | | | | | 236,934 | | | | | 140,536 | | | | | 96,398 | | | | | 69 | | | | | 5.45 | | | | | 6.00 | | | | | (0.55 | ) | | | Commercial real estate | | | | | 236,934 | | | | | 140,536 | | | | | 96,398 | | | | | 69 | | | | | 5.45 | | | | | 6.00 | | | | | (0.55 | ) | | | ||||||||||||||||||||||||
| Residential real estate | | | | | 119,960 | | | | | 96,244 | | | | | 23,716 | | | | | 25 | | | | | 4.02 | | | | | 4.95 | | | | | (0.93 | ) | | | Residential real estate | | | | | 119,960 | | | | | 96,244 | | | | | 23,716 | | | | | 25 | | | | | 4.02 | | | | | 4.95 | | | | | (0.93 | ) | | | ||||||||||||||||||||||||
| Construction(3) | | | | | 34,177 | | | | | 34,118 | | | | | 59 | | | | | 0 | | | | | 5.13 | | | | | 5.57 | | | | | (0.44 | ) | | | Construction(3) | | | | | 34,177 | | | | | 34,118 | | | | | 59 | | | | | 0 | | | | | 5.13 | | | | | 5.57 | | | | | (0.44 | ) | | | ||||||||||||||||||||||||
| Commercial business | | | | | 44,220 | | | | | 35,246 | | | | | 8,974 | | | | | 25 | | | | | 5.36 | | | | | 5.63 | | | | | (0.27 | ) | | | Commercial business | | | | | 44,220 | | | | | 35,246 | | | | | 8,974 | | | | | 25 | | | | | 5.36 | | | | | 5.63 | | | | | (0.27 | ) | | | ||||||||||||||||||||||||
| Home equity | | | | | 12,789 | | | | | 15,223 | | | | | (2,434 | ) | | | | | (16 | ) | | | | | 3.64 | | | | | 3.36 | | | | | 0.28 | | | Home equity | | | | | 12,789 | | | | | 15,223 | | | | | (2,434 | ) | | | | | (16 | ) | | | | | 3.64 | | | | | 3.36 | | | | | 0.28 | | | ||||||||||||||||||||||
| Consumer | | | | | 80 | | | | | 393 | | | | | (313 | ) | | | | | (80 | ) | | | | | 12.50 | | | | | 10.43 | | | | | 2.07 | | | Consumer | | | | | 80 | | | | | 393 | | | | | (313 | ) | | | | | (80 | ) | | | | | 12.50 | | | | | 10.43 | | | | | 2.07 | | | ||||||||||||||||||||||
| Total loans | | | | | 448,160 | | | | | 321,760 | | | | | 126,400 | | | | | 39 | | | | | 4.99 | | | | | 5.48 | | | | | (0.49 | ) | | | Total loans | | | | | 448,160 | | | | | 321,760 | | | | | 126,400 | | | | | 39 | | | | | 4.99 | | | | | 5.48 | | | | | (0.49 | ) | | | ||||||||||||||||||||||||
| Federal Home Loan Bank stock | | | | | 3,615 | | | | | 3,364 | | | | | 251 | | | | | 7 | | | | | 0.49 | | | | | 0.30 | | | | | 0.19 | | | Federal Home Loan Bank stock | | | | | 3,615 | | | | | 3,364 | | | | | 251 | | | | | 7 | | | | | 0.49 | | | | | 0.30 | | | | | 0.19 | | | ||||||||||||||||||||||||||
| Total earning assets | | | | $ | 525,029 | | | | $ | 423,111 | | | | $ | 101,918 | | | | | 24 | % | | | | | 4.72 | % | | | | | 4.95 | % | | | | | (0.23 | )% | | | Total earning assets | | | | $ | 525,029 | | | | $ | 423,111 | | | | $ | 101,918 | | | | | 24 | % | | | | | 4.72 | % | | | | | 4.95 | % | | | | | (0.23 | )% | | | ||||||||||||||||||
| Funding liabilities | | Funding liabilities | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Deposits: | | Deposits: | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| NOW | | | | $ | 31,490 | | | | $ | 30,288 | | | | $ | 1,202 | | | | | 4 | % | | | | | 0.14 | % | | | | | 0.14 | % | | | | | — | % | | | NOW | | | | $ | 31,490 | | | | $ | 30,288 | | | | $ | 1,202 | | | | | 4 | % | | | | | 0.14 | % | | | | | 0.14 | % | | | | | — | % | | | ||||||||||||||||||
| Money market | | | | | 90,342 | | | | | 60,941 | | | | | 29,401 | | | | | 48 | | | | | 0.68 | | | | | 0.83 | | | | | (0.15 | ) | | | Money market | | | | | 90,342 | | | | | 60,941 | | | | | 29,401 | | | | | 48 | | | | | 0.68 | | | | | 0.83 | | | | | (0.15 | ) | | | ||||||||||||||||||||||||
| Savings | | | | | 102,641 | | | | | 65,223 | | | | | 37,418 | | | | | 57 | | | | | 0.82 | | | | | 0.81 | | | | | 0.01 | | | Savings | | | | | 102,641 | | | | | 65,223 | | | | | 37,418 | | | | | 57 | | | | | 0.82 | | | | | 0.81 | | | | | 0.01 | | | ||||||||||||||||||||||||||
| Time | | | | | 122,350 | | | | | 119,207 | | | | | 3,143 | | | | | 3 | | | | | 0.71 | | | | | 0.79 | | | | | (0.08 | ) | | | Time | | | | | 122,350 | | | | | 119,207 | | | | | 3,143 | | | | | 3 | | | | | 0.71 | | | | | 0.79 | | | | | (0.08 | ) | | | ||||||||||||||||||||||||
| Total interest-bearing | | | | | 346,823 | | | | | 275,659 | | | | | 71,164 | | | | | 26 | | | | | 0.68 | | | | | 0.73 | | | | | (0.05 | ) | | | Total interest-bearing | | | | | 346,823 | | | | | 275,659 | | | | | 71,164 | | | | | 26 | | | | | 0.68 | | | | | 0.73 | | | | | (0.05 | ) | | | ||||||||||||||||||||||||
| Noninterest-bearing | | | | | 78,453 | | | | | 70,964 | | | | | 7,489 | | | | | 11 | | | | | — | | | | | — | | | | | — | | | Noninterest-bearing | | | | | 78,453 | | | | | 70,964 | | | | | 7,489 | | | | | 11 | | | | | — | | | | | — | | | | | — | | | ||||||||||||||||||||||||||
| Total deposits | | | | | 425,276 | | | | | 346,623 | | | | | 78,653 | | | | | 23 | | | | | 0.56 | | | | | 0.58 | | | | | (0.02 | ) | | | Total deposits | | | | | 425,276 | | | | | 346,623 | | | | | 78,653 | | | | | 23 | | | | | 0.56 | | | | | 0.58 | | | | | (0.02 | ) | | | ||||||||||||||||||||||||
| Federal Home Loan Bank advances | | | | | 61,836 | | | | | 44,452 | | | | | 17,384 | | | | | 39 | | | | | 1.33 | | | | | 1.91 | | | | | (0.58 | ) | | | Federal Home Loan Bank advances | | | | | 61,836 | | | | | 44,452 | | | | | 17,384 | | | | | 39 | | | | | 1.33 | | | | | 1.91 | | | | | (0.58 | ) | | | ||||||||||||||||||||||||
| Total funding liabilities | | | | $ | 487,112 | | | | $ | 391,075 | | | | $ | 96,037 | | | | | 25 | % | | | | | 0.66 | % | | | | | 0.73 | % | | | | | (0.07 | )% | | | Total funding liabilities | | | | $ | 487,112 | | | | $ | 391,075 | | | | $ | 96,037 | | | | | 25 | % | | | | | 0.66 | % | | | | | 0.73 | % | | | | | (0.07 | )% | | | ||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | Years ended December 31, | | | | | Years ended December 31, | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| | | | 2013 | | 2012 | | 2011 | | | | | 2013 | | 2012 | | 2011 | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| (Dollars in thousands) | | | Average Balance | | Interest | | Yield / Rate | | Average Balance | | Interest | | Yield / Rate | | Average Balance | | Interest | | Yield / Rate | | (Dollars in thousands) | | | Average Balance | | Interest | | Yield / Rate | | Average Balance | | Interest | | Yield / Rate | | Average Balance | | Interest | | Yield / Rate | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Assets: | | Assets: | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Cash and Fed funds sold | | | | $ | 35,599 | | | | $ | 84 | | | | | 0.24 | % | | | | $ | 16,933 | | | | $ | 35 | | | | | 0.21 | % | | | | $ | 17,401 | | | | $ | 47 | | | | | 0.27 | % | | | Cash and Fed funds sold | | | | $ | 35,599 | | | | $ | 84 | | | | | 0.24 | % | | | | $ | 16,933 | | | | $ | 35 | | | | | 0.21 | % | | | | $ | 17,401 | | | | $ | 47 | | | | | 0.27 | % | | | ||||||||||||||||||||||||||||
| Securities(1) | | | | | 40,932 | | | | | 1,766 | | | | | 4.31 | | | | | 56,321 | | | | | 2,366 | | | | | 4.20 | | | | | 80,586 | | | | | 3,249 | | | | | 4.03 | | | Securities(1) | | | | | 40,932 | | | | | 1,766 | | | | | 4.31 | | | | | 56,321 | | | | | 2,366 | | | | | 4.20 | | | | | 80,586 | | | | | 3,249 | | | | | 4.03 | | | ||||||||||||||||||||||||||||||||||
| Loans:(2) | | Loans:(2) | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Commercial real estate | | | | | 299,142 | | | | | 15,124 | | | | | 5.06 | | | | | 236,934 | | | | | 12,919 | | | | | 5.45 | | | | | 140,536 | | | | | 8,434 | | | | | 6.00 | | | Commercial real estate | | | | | 299,142 | | | | | 15,124 | | | | | 5.06 | | | | | 236,934 | | | | | 12,919 | | | | | 5.45 | | | | | 140,536 | | | | | 8,434 | | | | | 6.00 | | | ||||||||||||||||||||||||||||||||||
| Residential real estate | | | | | 152,498 | | | | | 5,577 | | | | | 3.66 | | | | | 119,960 | | | | | 4,826 | | | | | 4.02 | | | | | 96,244 | | | | | 4,766 | | | | | 4.95 | | | Residential real estate | | | | | 152,498 | | | | | 5,577 | | | | | 3.66 | | | | | 119,960 | | | | | 4,826 | | | | | 4.02 | | | | | 96,244 | | | | | 4,766 | | | | | 4.95 | | | ||||||||||||||||||||||||||||||||||
| Construction(3) | | | | | 38,073 | | | | | 1,763 | | | | | 4.63 | | | | | 34,177 | | | | | 1,752 | | | | | 5.13 | | | | | 34,118 | | | | | 1,899 | | | | | 5.57 | | | Construction(3) | | | | | 38,073 | | | | | 1,763 | | | | | 4.63 | | | | | 34,177 | | | | | 1,752 | | | | | 5.13 | | | | | 34,118 | | | | | 1,899 | | | | | 5.57 | | | ||||||||||||||||||||||||||||||||||
| Commercial business | | | | | 69,252 | | | | | 3,699 | | | | | 5.34 | | | | | 44,220 | | | | | 2,370 | | | | | 5.36 | | | | | 35,246 | | | | | 1,983 | | | | | 5.63 | | | Commercial business | | | | | 69,252 | | | | | 3,699 | | | | | 5.34 | | | | | 44,220 | | | | | 2,370 | | | | | 5.36 | | | | | 35,246 | | | | | 1,983 | | | | | 5.63 | | | ||||||||||||||||||||||||||||||||||
| Home equity | | | | | 11,287 | | | | | 423 | | | | | 3.74 | | | | | 12,789 | | | | | 465 | | | | | 3.64 | | | | | 15,223 | | | | | 511 | | | | | 3.36 | | | Home equity | | | | | 11,287 | | | | | 423 | | | | | 3.74 | | | | | 12,789 | | | | | 465 | | | | | 3.64 | | | | | 15,223 | | | | | 511 | | | | | 3.36 | | | ||||||||||||||||||||||||||||||||||
| Consumer | | | | | 308 | | | | | 18 | | | | | 5.98 | | | | | 80 | | | | | 10 | | | | | 12.50 | | | | | 393 | | | | | 41 | | | | | 10.43 | | | Consumer | | | | | 308 | | | | | 18 | | | | | 5.98 | | | | | 80 | | | | | 10 | | | | | 12.50 | | | | | 393 | | | | | 41 | | | | | 10.43 | | | ||||||||||||||||||||||||||||||||||
| Total loans | | | | | 570,560 | | | | | 26,604 | | | | | 4.66 | | | | | 448,160 | | | | | 22,342 | | | | | 4.99 | | | | | 321,760 | | | | | 17,634 | | | | | 5.48 | | | Total loans | | | | | 570,560 | | | | | 26,604 | | | | | 4.66 | | | | | 448,160 | | | | | 22,342 | | | | | 4.99 | | | | | 321,760 | | | | | 17,634 | | | | | 5.48 | | | ||||||||||||||||||||||||||||||||||
| Federal Home Loan Bank stock | | | | | 4,624 | | | | | 17 | | | | | 0.36 | | | | | 3,615 | | | | | 18 | | | | | 0.49 | | | | | 3,364 | | | | | 10 | | | | | 0.30 | | | Federal Home Loan Bank stock | | | | | 4,624 | | | | | 17 | | | | | 0.36 | | | | | 3,615 | | | | | 18 | | | | | 0.49 | | | | | 3,364 | | | | | 10 | | | | | 0.30 | | | ||||||||||||||||||||||||||||||||||
| Total earning assets | | | | | 651,715 | | | | $ | 28,471 | | | | | 4.37 | % | | | | | 525,029 | | | | $ | 24,761 | | | | | 4.72 | % | | | | | 423,111 | | | | $ | 20,940 | | | | | 4.95 | % | | | Total earning assets | | | | | 651,715 | | | | $ | 28,471 | | | | | 4.37 | % | | | | | 525,029 | | | | $ | 24,761 | | | | | 4.72 | % | | | | | 423,111 | | | | $ | 20,940 | | | | | 4.95 | % | | | ||||||||||||||||||||||||||||
| Other assets | | | | | 17,782 | | | | | | | | | | | | | | | 16,297 | | | | | | | | | | | | | | | 15,166 | | | | | | | | | | | | | Other assets | | | | | 17,782 | | | | | | | | | | | | | | | 16,297 | | | | | | | | | | | | | | | 15,166 | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||
| Total assets | | | | $ | 669,497 | | | | | | | | | | | | | | $ | 541,326 | | | | | | | | | | | | | | $ | 438,277 | | | | | | | | | | | | | Total assets | | | | $ | 669,497 | | | | | | | | | | | | | | $ | 541,326 | | | | | | | | | | | | | | $ | 438,277 | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||
| Liabilities and shareholders’ equity: | | Liabilities and shareholders’ equity: | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Deposits: | | Deposits: | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Noninterest-bearing | | | | $ | 96,009 | | | | $ | — | | | | | — | % | | | | $ | 78,453 | | | | $ | — | | | | | — | % | | | | $ | 70,964 | | | | $ | — | | | | | — | % | | | Noninterest-bearing | | | | $ | 96,009 | | | | $ | — | | | | | — | % | | | | $ | 78,453 | | | | $ | — | | | | | — | % | | | | $ | 70,964 | | | | $ | — | | | | | — | % | | | ||||||||||||||||||||||||||||
| NOW | | | | | 40,554 | | | | | 49 | | | | | 0.12 | | | | | 31,490 | | | | | 45 | | | | | 0.14 | | | | | 30,288 | | | | | 44 | | | | | 0.14 | | | NOW | | | | | 40,554 | | | | | 49 | | | | | 0.12 | | | | | 31,490 | | | | | 45 | | | | | 0.14 | | | | | 30,288 | | | | | 44 | | | | | 0.14 | | | ||||||||||||||||||||||||||||||||||
| Money market | | | | | 116,323 | | | | | 498 | | | | | 0.45 | | | | | 90,342 | | | | | 612 | | | | | 0.68 | | | | | 60,941 | | | | | 506 | | | | | 0.83 | | | Money market | | | | | 116,323 | | | | | 498 | | | | | 0.45 | | | | | 90,342 | | | | | 612 | | | | | 0.68 | | | | | 60,941 | | | | | 506 | | | | | 0.83 | | | ||||||||||||||||||||||||||||||||||
| Savings | | | | | 117,388 | | | | | 543 | | | | | 0.46 | | | | | 102,641 | | | | | 846 | | | | | 0.82 | | | | | 65,223 | | | | | 527 | | | | | 0.81 | | | Savings | | | | | 117,388 | | | | | 543 | | | | | 0.46 | | | | | 102,641 | | | | | 846 | | | | | 0.82 | | | | | 65,223 | | | | | 527 | | | | | 0.81 | | | ||||||||||||||||||||||||||||||||||
| Time | | | | | 158,996 | | | | | 1,143 | | | | | 0.72 | | | | | 122,350 | | | | | 864 | | | | | 0.71 | | | | | 119,207 | | | | | 946 | | | | | 0.79 | | | Time | | | | | 158,996 | | | | | 1,143 | | | | | 0.72 | | | | | 122,350 | | | | | 864 | | | | | 0.71 | | | | | 119,207 | | | | | 946 | | | | | 0.79 | | | ||||||||||||||||||||||||||||||||||
| Total deposits | | | | | 529,270 | | | | | 2,233 | | | | | 0.43 | | | | | 425,276 | | | | | 2,367 | | | | | 0.56 | | | | | 346,623 | | | | | 2,023 | | | | | 0.58 | | | Total deposits | | | | | 529,270 | | | | | 2,233 | | | | | 0.43 | | | | | 425,276 | | | | | 2,367 | | | | | 0.56 | | | | | 346,623 | | | | | 2,023 | | | | | 0.58 | | | ||||||||||||||||||||||||||||||||||
| Federal Home Loan Bank advances | | | | | 69,912 | | | | | 532 | | | | | 0.76 | | | | | 61,836 | | | | | 825 | | | | | 1.33 | | | | | 44,452 | | | | | 847 | | | | | 1.91 | | | Federal Home Loan Bank advances | | | | | 69,912 | | | | | 532 | | | | | 0.76 | | | | | 61,836 | | | | | 825 | | | | | 1.33 | | | | | 44,452 | | | | | 847 | | | | | 1.91 | | | ||||||||||||||||||||||||||||||||||
| Total funding liabilities | | | | | 599,182 | | | | $ | 2,765 | | | | | 0.47 | % | | | | | 487,112 | | | | $ | 3,192 | | | | | 0.66 | % | | | | | 391,075 | | | | $ | 2,870 | | | | | 0.73 | % | | | Total funding liabilities | | | | | 599,182 | | | | $ | 2,765 | | | | | 0.47 | % | | | | | 487,112 | | | | $ | 3,192 | | | | | 0.66 | % | | | | | 391,075 | | | | $ | 2,870 | | | | | 0.73 | % | | | ||||||||||||||||||||||||||||
| Other liabilities | | | | | 7,173 | | | | | | | | | | | | | | | 3,642 | | | | | | | | | | | | | | | 3,350 | | | | | | | | | | | | | Other liabilities | | | | | 7,173 | | | | | | | | | | | | | | | 3,642 | | | | | | | | | | | | | | | 3,350 | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||
| Shareholders’ equity | | | | | 63,142 | | | | | | | | | | | | | | | 50,572 | | | | | | | | | | | | | | | 43,852 | | | | | | | | | | | | | Shareholders’ equity | | | | | 63,142 | | | | | | | | | | | | | | | 50,572 | | | | | | | | | | | | | | | 43,852 | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||
| Total liabilities and shareholders’ equity | | | | $ | 669,497 | | | | | | | | | | | | | | $ | 541,326 | | | | | | | | | | | | | | $ | 438,277 | | | | | | | | | | | | | Total liabilities and shareholders’ equity | | | | $ | 669,497 | | | | | | | | | | | | | | $ | 541,326 | | | | | | | | | | | | | | $ | 438,277 | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||
| Net interest income(4) | | | | | | | | | $ | 25,706 | | | | | | | | | | | | | | $ | 21,569 | | | | | | | | | | | | | | $ | 18,070 | | | | | | | | Net interest income(4) | | | | | | | | | $ | 25,706 | | | | | | | | | | | | | | $ | 21,569 | | | | | | | | | | | | | | $ | 18,070 | | | | | | | | ||||||||||||||||||||||||||||||||||
| Interest rate spread | | | | | | | | | | | | | | | 3.90 | % | | | | | | | | | | | | | | | 4.06 | % | | | | | | | | | | | | | | | 4.22 | % | | | Interest rate spread | | | | | | | | | | | | | | | 3.90 | % | | | | | | | | | | | | | | | 4.06 | % | | | | | | | | | | | | | | | 4.22 | % | | | ||||||||||||||||||||||||||||
| Net interest margin(5) | | | | | | | | | | | | | | | 3.94 | % | | | | | | | | | | | | | | | 4.11 | % | | | | | | | | | | | | | | | 4.27 | % | | | Net interest margin(5) | | | | | | | | | | | | | | | 3.94 | % | | | | | | | | | | | | | | | 4.11 | % | | | | | | | | | | | | | | | 4.27 | % | | | ||||||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | Year Ended December 31, 2013 vs 2012 Increase (Decrease) | | Year Ended December 31, 2012 vs 2011 Increase (Decrease) | | | | | Year Ended December 31, 2013 vs 2012 Increase (Decrease) | | Year Ended December 31, 2012 vs 2011 Increase (Decrease) | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| (In thousands) | | | Volume | | Rate | | Total | | Volume | | Rate | | Total | | (In thousands) | | | Volume | | Rate | | Total | | Volume | | Rate | | Total | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Interest and dividend income: | | Interest and dividend income: | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Cash and Fed funds sold | | | | $ | 44 | | | | $ | 5 | | | | $ | 49 | | | | $ | (1 | ) | | | | $ | (11 | ) | | | | $ | (12 | ) | | | Cash and Fed funds sold | | | | $ | 44 | | | | $ | 5 | | | | $ | 49 | | | | $ | (1 | ) | | | | $ | (11 | ) | | | | $ | (12 | ) | | | ||||||||||||||||
| Securities | | | | | (662 | ) | | | | | 62 | | | | | (600 | ) | | | | | (1,014 | ) | | | | | 131 | | | | | (883 | ) | | | Securities | | | | | (662 | ) | | | | | 62 | | | | | (600 | ) | | | | | (1,014 | ) | | | | | 131 | | | | | (883 | ) | | | ||||||||||||||
| Loans: | | Loans: | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Commercial real estate | | | | | 3,198 | | | | | (993 | ) | | | | | 2,205 | | | | | 5,318 | | | | | (833 | ) | | | | | 4,485 | | | Commercial real estate | | | | | 3,198 | | | | | (993 | ) | | | | | 2,205 | | | | | 5,318 | | | | | (833 | ) | | | | | 4,485 | | | ||||||||||||||||||
| Residential real estate | | | | | 1,220 | | | | | (469 | ) | | | | | 751 | | | | | 1,049 | | | | | (989 | ) | | | | | 60 | | | Residential real estate | | | | | 1,220 | | | | | (469 | ) | | | | | 751 | | | | | 1,049 | | | | | (989 | ) | | | | | 60 | | | ||||||||||||||||||
| Construction | | | | | 189 | | | | | (178 | ) | | | | | 11 | | | | | 4 | | | | | (151 | ) | | | | | (147 | ) | | | Construction | | | | | 189 | | | | | (178 | ) | | | | | 11 | | | | | 4 | | | | | (151 | ) | | | | | (147 | ) | | | ||||||||||||||||
| Commercial business | | | | | 1,337 | | | | | (8 | ) | | | | | 1,329 | | | | | 485 | | | | | (98 | ) | | | | | 387 | | | Commercial business | | | | | 1,337 | | | | | (8 | ) | | | | | 1,329 | | | | | 485 | | | | | (98 | ) | | | | | 387 | | | ||||||||||||||||||
| Home equity | | | | | (56 | ) | | | | | 14 | | | | | (42 | ) | | | | | (86 | ) | | | | | 40 | | | | | (46 | ) | | | Home equity | | | | | (56 | ) | | | | | 14 | | | | | (42 | ) | | | | | (86 | ) | | | | | 40 | | | | | (46 | ) | | | ||||||||||||||
| Consumer | | | | | 16 | | | | | (8 | ) | | | | | 8 | | | | | (38 | ) | | | | | 7 | | | | | (31 | ) | | | Consumer | | | | �� | 16 | | | | | (8 | ) | | | | | 8 | | | | | (38 | ) | | | | | 7 | | | | | (31 | ) | | | ||||||||||||||||
| Total loans | | | | | 5,904 | | | | | (1,642 | ) | | | | | 4,262 | | | | | 6,732 | | | | | (2,024 | ) | | | | | 4,708 | | | Total loans | | | | | 5,904 | | | | | (1,642 | ) | | | | | 4,262 | | | | | 6,732 | | | | | (2,024 | ) | | | | | 4,708 | | | ||||||||||||||||||
| Federal Home Loan Bank stock | | | | | 4 | | | | | (5 | ) | | | | | (1 | ) | | | | | 1 | | | | | 7 | | | | | 8 | | | Federal Home Loan Bank stock | | | | | 4 | | | | | (5 | ) | | | | | (1 | ) | | | | | 1 | | | | | 7 | | | | | 8 | | | ||||||||||||||||||
| Total change in interest and dividend income | | | | | 5,290 | | | | | (1,580 | ) | | | | | 3,710 | | | | | 5,718 | | | | | (1,897 | ) | | | | | 3,821 | | | Total change in interest and dividend income | | | | | 5,290 | | | | | (1,580 | ) | | | | | 3,710 | | | | | 5,718 | | | | | (1,897 | ) | | | | | 3,821 | | | ||||||||||||||||||
| Interest expense: | | Interest expense: | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Deposits: | | Deposits: | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| NOW | | | | | 12 | | | | | (8 | ) | | | | | 4 | | | | | 2 | | | | | (1 | ) | | | | | 1 | | | NOW | | | | | 12 | | | | | (8 | ) | | | | | 4 | | | | | 2 | | | | | (1 | ) | | | | | 1 | | | ||||||||||||||||||
| Money market | | | | | 148 | | | | | (262 | ) | | | | | (114 | ) | | | | | 212 | | | | | (106 | ) | | | | | 106 | | | Money market | | | | | 148 | | | | | (262 | ) | | | | | (114 | ) | | | | | 212 | | | | | (106 | ) | | | | | 106 | | | ||||||||||||||||
| Savings | | | | | 108 | | | | | (411 | ) | | | | | (303 | ) | | | | | 308 | | | | | 11 | | | | | 319 | | | Savings | | | | | 108 | | | | | (411 | ) | | | | | (303 | ) | | | | | 308 | | | | | 11 | | | | | 319 | | | ||||||||||||||||||
| Time | | | | | 263 | | | | | 16 | | | | | 279 | | | | | 24 | | | | | (106 | ) | | | | | (82 | ) | | | Time | | | | | 263 | | | | | 16 | | | | | 279 | | | | | 24 | | | | | (106 | ) | | | | | (82 | ) | | | ||||||||||||||||||
| Total deposits | | | | | 531 | | | | | (665 | ) | | | | | (134 | ) | | | | | 546 | | | | | (202 | ) | | | | | 344 | | | Total deposits | | | | | 531 | | | | | (665 | ) | | | | | (134 | ) | | | | | 546 | | | | | (202 | ) | | | | | 344 | | | ||||||||||||||||
| Federal Home Loan Bank advances | | | | | 97 | | | | | (390 | ) | | | | | (293 | ) | | | | | 275 | | | | | (297 | ) | | | | | (22 | ) | | | Federal Home Loan Bank advances | | | | | 97 | | | | | (390 | ) | | | | | (293 | ) | | | | | 275 | | | | | (297 | ) | | | | | (22 | ) | | | ||||||||||||||
| Total change in interest expense | | | | | 628 | | | | | (1,055 | ) | | | | | (427 | ) | | | | | 821 | | | | | (499 | ) | | | | | 322 | | | Total change in interest expense | | | | | 628 | | | | | (1,055 | ) | | | | | (427 | ) | | | | | 821 | | | | | (499 | ) | | | | | 322 | | | ||||||||||||||||
| Change in net interest income | | | | $ | 4,662 | | | | $ | (525 | ) | | | | $ | 4,137 | | | | $ | 4,897 | | | | $ | (1,398 | ) | | | | $ | 3,499 | | | Change in net interest income | | | | $ | 4,662 | | | | $ | (525 | ) | | | | $ | 4,137 | | | | $ | 4,897 | | | | $ | (1,398 | ) | | | | $ | 3,499 | | | ||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | Years Ended December 31, | | | 2013 / 2012 Change | | | 2012 / 2011 Change | | ||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| (Dollars in thousands) | | | 2013 | | | 2012 | | | 2011 | | | $ | | | % | | | $ | | | % | | ||||||||||||||||||||||||||||
| Service charges and fees | | | | $ | 495 | | | | | $ | 345 | | | | | $ | 337 | | | | | $ | 150 | | | | | | 43 | % | | | | | $ | 8 | | | | | | 2 | % | | | |||||
| Gains and fees from sales and referrals of loans | | | | | 2,020 | | | | | | 18 | | | | | | 547 | | | | | | 2,002 | | | | | | 11,122 | | | | | | (529 | ) | | | | | | (97 | ) | | | |||||
| Gain on bargain purchase | | | | | 1,333 | | | | | | — | | | | | | — | | | | | | 1,333 | | | | | | 100 | | | | | | — | | | | | | — | | | |||||||
| Net gain (loss) on available for sale securities | | | | | 648 | | | | | | (18 | ) | | | | | | 250 | | | | | | 666 | | | | | | 3,700 | | | | | | (268 | ) | | | | | | (107 | ) | | | ||||
| Gain on sale of foreclosed real estate | | | | | 63 | | | | | | — | | | | | | — | | | | | | 63 | | | | | | 100 | | | | | | — | | | | | | — | | | |||||||
| Other | | | | | 163 | | | | | | — | | | | | | — | | | | | | 163 | | | | | | 100 | | | | | | — | | | | | | — | | | |||||||
| Total noninterest income | | | | $ | 4,722 | | | | | $ | 345 | | | | | $ | 1,134 | | | | | $ | 4,377 | | | | | | 1,269 | % | | | | | $ | (789 | ) | | | | | | (70 | )% | | | ||||
| | | | | | | | | | | | | | | | | | | | | | | |
| | | | Years Ended December 31, | | | 2013 / 2012 Change | | | 2012 / 2011 Change | | ||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| (Dollars in thousands) | | | 2013 | | | 2012 | | | 2011 | | | $ | | | % | | | $ | | | % | | ||||||||||||||||||||||||||||
| Salaries and employee benefits | | | | $ | 11,565 | | | | | $ | 9,426 | | | | | $ | 8,506 | | | | | $ | 2,139 | | | | | | 23 | % | | | | | $ | 920 | | | | | | 11 | % | | | |||||
| Occupancy and equipment | | | | | 3,707 | | | | | | 3,004 | | | | | | 2,428 | | | | | | 703 | | | | | | 23 | | | | | | 576 | | | | | | 24 | | | |||||||
| Professional services | | | | | 1,595 | | | | | | 1,546 | | | | | | 715 | | | | | | 49 | | | | | | 3 | | | | | | 831 | | | | | | 116 | | | |||||||
| Data Processing | | | | | 1,333 | | | | | | 1,202 | | | | | | 865 | | | | | | 131 | | | | | | 11 | | | | | | 337 | | | | | | 39 | | | |||||||
| Marketing | | | | | 928 | | | | | | 333 | | | | | | 342 | | | | | | 595 | | | | | | 179 | | | | | | (9 | ) | | | | | | (3 | ) | | | |||||
| Merger and acquisition related expenses | | | | | 908 | | | | | | — | | | | | | — | | | | | | 908 | | | | | | 100 | | | | | | — | | | | | | — | | | |||||||
| FDIC insurance | | | | | 333 | | | | | | 365 | | | | | | 472 | | | | | | (32 | ) | | | | | | (9 | ) | | | | | | (107 | ) | | | | | | (23 | ) | | | |||
| Director fees | | | | | 304 | | | | | | 366 | | | | | | 288 | | | | | | (62 | ) | | | | | | (17 | ) | | | | | | 78 | | | | | | 27 | | | |||||
| Foreclosed real estate | | | | | 7 | | | | | | 9 | | | | | | — | | | | | | (2 | ) | | | | | | (22 | ) | | | | | | 9 | | | | | | 100 | | | |||||
| Amortization of intangibles | | | | | 18 | | | | | | — | | | | | | — | | | | | | 18 | | | | | | 100 | | | | | | — | | | | | | — | | | |||||||
| Other | | | | | 1,421 | | | | | | 1,607 | | | | | | 985 | | | | | | (186 | ) | | | | | | (12 | ) | | | | | | 622 | | | | | | 63 | | | |||||
| Total noninterest expense | | | | $ | 22,119 | | | | | $ | 17,858 | | | | | $ | 14,601 | | | | | $ | 4,261 | | | | | | 24 | % | | | | | $ | 3,257 | | | | | | 22 | % | | | |||||
| | | | | | | | | | | | | | | | | | | | | | | |
| | | | At December 31, | | | 2013 / 2012 Change | | 2012 / 2011 Change | | | | | At December 31, | | | 2013 / 2012 Change | | 2012 / 2011 Change | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | | | 2013 | | 2012 | | 2011 | | | | | 2013 | | 2012 | | 2011 | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| (In thousands) | | | Originated | | Acquired | | Total | | (In thousands) | | | Originated | | Acquired | | Total | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Real estate loans: | | Real estate loans: | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Residential | | | | $ | 155,874 | | | | $ | — | | | | $ | 155,874 | | | | $ | 144,288 | | | | $ | 104,754 | | | | $ | 11,586 | | | | $ | 39,534 | | | Residential | | | | $ | 155,874 | | | | $ | — | | | | $ | 155,874 | | | | $ | 144,288 | | | | $ | 104,754 | | | | $ | 11,586 | | | | $ | 39,534 | | | ||||||||||||||||||||||||||
| Commercial | | | | | 305,823 | | | | | 10,710 | | | | | 316,533 | | | | | 284,763 | | | | | 173,951 | | | | | 31,770 | | | | | 110,812 | | | Commercial | | | | | 305,823 | | | | | 10,710 | | | | | 316,533 | | | | | 284,763 | | | | | 173,951 | | | | | 31,770 | | | | | 110,812 | | | ||||||||||||||||||||||||||
| Construction | | | | | 44,187 | | | | | 7,358 | | | | | 51,545 | | | | | 33,148 | | | | | 40,422 | | | | | 18,397 | | | | | (7,274 | ) | | | Construction | | | | | 44,187 | | | | | 7,358 | | | | | 51,545 | | | | | 33,148 | | | | | 40,422 | | | | | 18,397 | | | | | (7,274 | ) | | | ||||||||||||||||||||||||
| Home equity loans | | | | | 9,625 | | | | | 4,267 | | | | | 13,892 | | | | | 11,030 | | | | | 14,815 | | | | | 2,862 | | | | | (3,785 | ) | | | Home equity loans | | | | | 9,625 | | | | | 4,267 | | | | | 13,892 | | | | | 11,030 | | | | | 14,815 | | | | | 2,862 | | | | | (3,785 | ) | | | ||||||||||||||||||||||||
| | | | | | 515,509 | | | | | 22,335 | | | | | 537,844 | | | | | 473,229 | | | | | 333,942 | | | | | 64,615 | | | | | 139,287 | | | | | | | | 515,509 | | | | | 22,335 | | | | | 537,844 | | | | | 473,229 | | | | | 333,942 | | | | | 64,615 | | | | | 139,287 | | | ||||||||||||||||||||||||||
| Commercial business loans | | | | | 92,173 | | | | | 1,393 | | | | | 93,566 | | | | | 56,764 | | | | | 35,041 | | | | | 36,802 | | | | | 21,723 | | | Commercial business loans | | | | | 92,173 | | | | | 1,393 | | | | | 93,566 | | | | | 56,764 | | | | | 35,041 | | | | | 36,802 | | | | | 21,723 | | | ||||||||||||||||||||||||||
| Consumer loans | | | | | 225 | | | | | 377 | | | | | 602 | | | | | 57 | | | | | 311 | | | | | 545 | | | | | (254 | ) | | | Consumer loans | | | | | 225 | | | | | 377 | | | | | 602 | | | | | 57 | | | | | 311 | | | | | 545 | | | | | (254 | ) | | | ||||||||||||||||||||||||
| Total loans | | | | $ | 607,907 | | | | $ | 24,105 | | | | $ | 632,012 | | | | $ | 530,050 | | | | $ | 369,294 | | | | $ | 101,962 | | | | $ | 160,756 | | | Total loans | | | | $ | 607,907 | | | | $ | 24,105 | | | | $ | 632,012 | | | | $ | 530,050 | | | | $ | 369,294 | | | | $ | 101,962 | | | | $ | 160,756 | | | ||||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | December 31, 2013 | | | | | December 31, 2013 | | ||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| (In thousands) | | | Commercial real estate | | Construction | | Commercial business | | Total | | (In thousands) | | | Commercial real estate | | Construction | | Commercial business | | Total | | ||||||||||||||||||||||||||||||||||||||
| Amounts due: | | Amounts due: | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| One year or less | | | | $ | 16,645 | | | | $ | 15,598 | | | | $ | 14,706 | | | | $ | 46,949 | | | One year or less | | | | $ | 16,645 | | | | $ | 15,598 | | | | $ | 14,706 | | | | $ | 46,949 | | | ||||||||||||||
| After one year: | | After one year: | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| One to five years | | | | | 93,496 | | | | | 35,947 | | | | | 37,520 | | | | | 166,963 | | | One to five years | | | | | 93,496 | | | | | 35,947 | | | | | 37,520 | | | | | 166,963 | | | ||||||||||||||
| Over five years | | | | | 206,392 | | | | | — | | | | | 41,340 | | | | | 247,732 | | | Over five years | | | | | 206,392 | | | | | — | | | | | 41,340 | | | | | 247,732 | | | ||||||||||||||
| Total due after one year | | | | | 299,888 | | | | | 35,947 | | | | | 78,860 | | | | | 414,695 | | | Total due after one year | | | | | 299,888 | | | | | 35,947 | | | | | 78,860 | | | | | 414,695 | | | ||||||||||||||
| Total | | | | $ | 316,533 | | | | $ | 51,545 | | | | $ | 93,566 | | | | $ | 461,644 | | | Total | | | | $ | 316,533 | | | | $ | 51,545 | | | | $ | 93,566 | | | | $ | 461,644 | | | ||||||||||||||
| | | | | | | | | | | | | | | | | | | | |
| | | | December 31, 2013 | | ||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | | | Interest Rate | | ||||||||||||||||||
| (In thousands) | | | Adjustable | | | Fixed | | | Total | | ||||||||||||
| Commercial real estate | | | | $ | 95,783 | | | | | $ | 204,105 | | | | | $ | 299,888 | | | |||
| Construction | | | | | 14,154 | | | | | | 21,793 | | | | | | 35,947 | | | |||
| Commercial business | | | | | 42,702 | | | | | | 36,158 | | | | | | 78,860 | | | |||
| Total loans due after one year | | | | $ | 152,639 | | | | | $ | 262,056 | | | | | $ | 414,695 | | | |||
| | | | | | | | | | | |
| | | | At December 31, 2013 | | | | | At December 31, 2013 | | ||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| (In thousands) | | | Originated | | Acquired | | Total | | (In thousands) | | | Originated | | Acquired | | Total | | ||||||||||||||||||||||||||||
| Nonaccrual loans: | | Nonaccrual loans: | | | |||||||||||||||||||||||||||||||||||||||||
| Real estate loans: | | Real estate loans: | | | |||||||||||||||||||||||||||||||||||||||||
| Residential | | | | $ | 1,003 | | | | $ | — | | | | $ | 1,003 | | | Residential | | | | $ | 1,003 | | | | $ | — | | | | $ | 1,003 | | | ||||||||||
| Commercial | | | | | — | | | | | — | | | | | — | | | Commercial | | | | | — | | | | | — | | | | | — | | | ||||||||||
| Construction | | | | | — | | | | | — | | | | | — | | | Construction | | | | | — | | | | | — | | | | | — | | | ||||||||||
| Home equity loans | | | | | — | | | | | — | | | | | — | | | Home equity loans | | | | | — | | | | | — | | | | | — | | | ||||||||||
| Commercial business loans | | | | | — | | | | | — | | | | | — | | | Commercial business loans | | | | | — | | | | | — | | | | | — | | | ||||||||||
| Consumer loans | | | | | — | | | | | — | | | | | — | | | Consumer loans | | | | | — | | | | | — | | | | | — | | | ||||||||||
| Total non accrual loans | | | | $ | 1,003 | | | | $ | — | | | | $ | 1,003 | | | Total non accrual loans | | | | $ | 1,003 | | | | $ | — | | | | $ | 1,003 | | | ||||||||||
| Property acquired through foreclosure or repossession, net | | | | | — | | | | | 829 | | | | | 829 | | | Property acquired through foreclosure or repossession, net | | | | | — | | | | | 829 | | | | | 829 | | | ||||||||||
| Total nonperforming assets | | | | $ | 1,003 | | | | $ | 829 | | | | $ | 1,832 | | | Total nonperforming assets | | | | $ | 1,003 | | | | $ | 829 | | | | $ | 1,832 | | | ||||||||||
| Nonperforming assets to total assets | | | | | 0.13 | % | | | | | 0.11 | % | | | | | 0.23 | % | | | Nonperforming assets to total assets | | | | | 0.13 | % | | | | | 0.11 | % | | | | | 0.23 | % | | | ||||
| Nonaccrual loans to total loans | | | | | 0.16 | % | | | | | 0.00 | % | | | | | 0.16 | % | | | Nonaccrual loans to total loans | | | | | 0.16 | % | | | | | 0.00 | % | | | | | 0.16 | % | | | ||||
| Total past due loans to total loans | | | | | 0.16 | % | | | | | 15.02 | % | | | | | 0.73 | % | | | Total past due loans to total loans | | | | | 0.16 | % | | | | | 15.02 | % | | | | | 0.73 | % | | | ||||
| Accruing loans 90 days or more past due | | | | $ | — | | | | $ | 3,620 | | | | $ | 3,620 | | | Accruing loans 90 days or more past due | | | | $ | — | | | | $ | 3,620 | | | | $ | 3,620 | | | ||||||||||
| | | | | | | | | | | | | | | | |
| | | | At December 31, | | | | | At December 31, | | ||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| (In thousands) | | | 2012 | | 2011 | | 2010 | | 2009 | | (In thousands) | | | 2012 | | 2011 | | 2010 | | 2009 | | ||||||||||||||||||||||||||||||||||||||
| Nonaccrual loans: | | Nonaccrual loans: | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Real estate loans: | | Real estate loans: | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Residential | | | | $ | 2,137 | | | | $ | 2,166 | | | | $ | 974 | | | | $ | 974 | | | Residential | | | | $ | 2,137 | | | | $ | 2,166 | | | | $ | 974 | | | | $ | 974 | | | ||||||||||||||
| Commercial | | | | | 1,817 | | | | | 307 | | | | | — | | | | | — | | | Commercial | | | | | 1,817 | | | | | 307 | | | | | — | | | | | — | | | ||||||||||||||
| Construction | | | | | — | | | | | 1,175 | | | | | 1,300 | | | | | 1,489 | | | Construction | | | | | — | | | | | 1,175 | | | | | 1,300 | | | | | 1,489 | | | ||||||||||||||
| Home equity loans | | | | | — | | | | | 90 | | | | | — | | | | | — | | | Home equity loans | | | | | — | | | | | 90 | | | | | — | | | | | — | | | ||||||||||||||
| Commercial business loans | | | | | — | | | | | — | | | | | — | | | | | — | | | Commercial business loans | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||||||
| Consumer loans | | | | | — | | | | | — | | | | | — | | | | | — | | | Consumer loans | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||||||
| Total non accrual loans | | | | $ | 3,954 | | | | $ | 3,738 | | | | $ | 2,274 | | | | $ | 2,463 | | | Total non accrual loans | | | | $ | 3,954 | | | | $ | 3,738 | | | | $ | 2,274 | | | | $ | 2,463 | | | ||||||||||||||
| Property acquired through foreclosure or repossession, net | | | | | 962 | | | | | — | | | | | — | | | | | — | | | Property acquired through foreclosure or repossession, net | | | | | 962 | | | | | — | | | | | — | | | | | — | | | ||||||||||||||
| Total nonperforming assets | | | | $ | 4,916 | | | | $ | 3,738 | | | | $ | 2,274 | | | | $ | 2,463 | | | Total nonperforming assets | | | | $ | 4,916 | | | | $ | 3,738 | | | | $ | 2,274 | | | | $ | 2,463 | | | ||||||||||||||
| Nonperforming assets to total assets | | | | | 0.81 | % | | | | | 0.78 | % | | | | | 0.57 | % | | | | | 0.75 | % | | | Nonperforming assets to total assets | | | | | 0.81 | % | | | | | 0.78 | % | | | | | 0.57 | % | | | | | 0.75 | % | | | ||||||
| Nonaccrual loans to total loans | | | | | 0.75 | % | | | | | 1.01 | % | | | | | 0.79 | % | | | | | 0.96 | % | | | Nonaccrual loans to total loans | | | | | 0.75 | % | | | | | 1.01 | % | | | | | 0.79 | % | | | | | 0.96 | % | | | ||||||
| Total past due loans to total loans | | | | | 0.75 | % | | | | | 1.01 | % | | | | | 0.79 | % | | | | | 2.68 | % | | | Total past due loans to total loans | | | | | 0.75 | % | | | | | 1.01 | % | | | | | 0.79 | % | | | | | 2.68 | % | | | ||||||
| Accruing loans 90 days or more past due | | | | $ | — | | | | $ | — | | | | $ | — | | | | $ | — | | | Accruing loans 90 days or more past due | | | | $ | — | | | | $ | — | | | | $ | — | | | | $ | — | | | ||||||||||||||
| | | | | | | | | | | | | | | | | | | | |
| (In thousands) | | | 31 – 60 Days Past Due | | 61 – 90 Days Past Due | | Greater Than 90 Days | | Total Past Due | | (In thousands) | | | 31 – 60 Days Past Due | | 61 – 90 Days Past Due | | Greater Than 90 Days | | Total Past Due | | ||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| As of December 31, 2013 | | As of December 31, 2013 | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Originated Loans | | Originated Loans | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Residential real estate | | | | $ | — | | | | $ | — | | | | $ | 1,003 | | | | $ | 1,003 | | | Residential real estate | | | | $ | — | | | | $ | — | | | | $ | 1,003 | | | | $ | 1,003 | | | ||||||||||||||
| Total originated loans | | | | | — | | | | | — | | | | | 1,003 | | | | | 1,003 | | | Total originated loans | | | | | — | | | | | — | | | | | 1,003 | | | | | 1,003 | | | ||||||||||||||
| Acquired Loans | | Acquired Loans | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Commercial real estate | | | | | — | | | | | — | | | | | 796 | | | | | 796 | | | Commercial real estate | | | | | — | | | | | — | �� | | | | 796 | | | | | 796 | | | ||||||||||||||
| Construction | | | | | — | | | | | — | | | | | 2,508 | | | | | 2,508 | | | Construction | | | | | — | | | | | — | | | | | 2,508 | | | | | 2,508 | | | ||||||||||||||
| Commercial business | | | | | — | | | | | — | | | | | 316 | | | | | 316 | | | Commercial business | | | | | — | | | | | — | | | | | 316 | | | | | 316 | | | ||||||||||||||
| Total acquired loans | | | | | — | | | | | — | | | | | 3,620 | | | | | 3,620 | �� | | Total acquired loans | | | | | — | | | | | — | | | | | 3,620 | | | | | 3,620 | | | ||||||||||||||
| Total loans | | | | $ | — | | | | $ | — | | | | $ | 4,623 | | | | $ | 4,623 | | | Total loans | | | | $ | — | | | | $ | — | | | | $ | 4,623 | | | | $ | 4,623 | | | ||||||||||||||
| As of December 31, 2012 | | As of December 31, 2012 | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Residential real estate | | | | $ | — | | | | $ | — | | | | $ | 2,137 | | | | $ | 2,137 | | | Residential real estate | | | | $ | — | | | | $ | — | | | | $ | 2,137 | | | | $ | 2,137 | | | ||||||||||||||
| Commercial real estate | | | | | — | | | | | — | | | | | 1,817 | | | | | 1,817 | | | Commercial real estate | | | | | — | | | | | — | | | | | 1,817 | | | | | 1,817 | | | ||||||||||||||
| Commercial business | | | | | 40 | | | | | — | | | | | — | | | | | 40 | | | Commercial business | | | | | 40 | | | | | — | | | | | — | | | | | 40 | | | ||||||||||||||
| Total | | | | $ | 40 | | | | $ | — | | | | $ | 3,954 | | | | $ | 3,994 | | | Total | | | | $ | 40 | | | | $ | — | | | | $ | 3,954 | | | | $ | 3,994 | | | ||||||||||||||
| | | | | | | | | | | | | | | | | | | | |
| | | | At December 31, | | | | | At December 31, | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| (In thousands) | | | 2013 | | 2012 | | 2011 | | 2010 | | 2009 | | (In thousands) | | | 2013 | | 2012 | | 2011 | | 2010 | | 2009 | | ||||||||||||||||||||||||||||||||||||||||||||||||
| Accruing troubled debt restructured loans: | | Accruing troubled debt restructured loans: | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Residential real estate | | | | $ | 864 | | | | $ | 864 | | | | $ | — | | | | $ | — | | | | $ | — | | | Residential real estate | | | | $ | 864 | | | | $ | 864 | | | | $ | — | | | | $ | — | | | | $ | — | | | ||||||||||||||||||
| Commercial real estate | | | | | — | | | | | 194 | | | | | 203 | | | | | 2,218 | | | | | 5,403 | | | Commercial real estate | | | | | — | | | | | 194 | | | | | 203 | | | | | 2,218 | | | | | 5,403 | | | ||||||||||||||||||
| Construction | | | | | — | | | | | — | | | | | — | | | | | 1,415 | | | | | — | | | Construction | | | | | — | | | | | — | | | | | — | | | | | 1,415 | | | | | — | | | ||||||||||||||||||
| Home equity | | | | | 97 | | | | | — | | | | | — | | | | | — | | | | | — | | | Home equity | | | | | 97 | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||||||||||
| Commercial business | | | | | 642 | | | | | 794 | | | | | 57 | | | | | — | | | | | — | | | Commercial business | | | | | 642 | | | | | 794 | | | | | 57 | | | | | — | | | | | — | | | ||||||||||||||||||
| Accruing troubled debt restructured loans | | | | | 1,603 | | | | | 1,852 | | | | | 260 | | | | | 3,633 | | | | | 5,403 | | | Accruing troubled debt restructured loans | | | | | 1,603 | | | | | 1,852 | | | | | 260 | | | | | 3,633 | | | | | 5,403 | | | ||||||||||||||||||
| Nonaccrual troubled debt restructured loans: | | Nonaccrual troubled debt restructured loans: | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Commercial real estate | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 2,463 | | | Commercial real estate | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 2,463 | | | ||||||||||||||||||
| Nonaccrual troubled debt restructured loans | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 2,463 | | | Nonaccrual troubled debt restructured loans | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 2,463 | | | ||||||||||||||||||
| Total troubled debt restructured loans | | | | $ | 1,603 | | | | $ | 1,852 | | | | $ | 260 | | | | $ | 3,633 | | | | $ | 7,866 | | | Total troubled debt restructured loans | | | | $ | 1,603 | | | | $ | 1,852 | | | | $ | 260 | | | | $ | 3,633 | | | | $ | 7,866 | | | ||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | For the Years Ended December 31, | | | | | For the Years Ended December 31, | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| (Dollars in thousands) | | | 2013 | | 2012 | | 2011 | | 2010 | | 2009 | | (Dollars in thousands) | | | 2013 | | 2012 | | 2011 | | 2010 | | 2009 | | ||||||||||||||||||||||||||||||||||||||||||||||||
| Balance at beginning of period | | | | $ | 7,941 | | | | $ | 6,425 | | | | $ | 5,440 | | | | $ | 4,380 | | | | $ | 3,050 | | | Balance at beginning of period | | | | $ | 7,941 | | | | $ | 6,425 | | | | $ | 5,440 | | | | $ | 4,380 | | | | $ | 3,050 | | | ||||||||||||||||||
| Charge-offs: | | Charge-offs: | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Residential real estate | | | | | — | | | | | (261 | ) | | | | | — | | | | | — | | | | | — | | | Residential real estate | | | | | — | | | | | (261 | ) | | | | | — | | | | | — | | | | | — | | | ||||||||||||||||
| Commercial real estate | | | | | (166 | ) | | | | | — | | | | | — | | | | | — | | | | | — | | | Commercial real estate | | | | | (166 | ) | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||||||||
| Construction | | | | | — | | | | | (60 | ) | | | | | (84 | ) | | | | | (254 | ) | | | | | — | | | Construction | | | | | — | | | | | (60 | ) | | | | | (84 | ) | | | | | (254 | ) | | | | | — | | | ||||||||||||
| Home equity | | | | | — | | | | | — | | | | | — | | | | | — | | | | | (410 | ) | | | Home equity | | | | | — | | | | | — | | | | | — | | | | | — | | | | | (410 | ) | | | ||||||||||||||||
| Consumer | | | | | (4 | ) | | | | | (5 | ) | | | | | — | | | | | (6 | ) | | | | | (7 | ) | | | Consumer | | | | | (4 | ) | | | | | (5 | ) | | | | | — | | | | | (6 | ) | | | | | (7 | ) | | | ||||||||||
| Total charge-offs | | | | | (170 | ) | | | | | (326 | ) | | | | | (84 | ) | | | | | (260 | ) | | | | | (417 | ) | | | Total charge-offs | | | | | (170 | ) | | | | | (326 | ) | | | | | (84 | ) | | | | | (260 | ) | | | | | (417 | ) | | | ||||||||
| Recoveries: | | Recoveries: | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Consumer | | | | | 26 | | | | | 21 | | | | | 20 | | | | | 9 | | | | | 6 | | | Consumer | | | | | 26 | | | | | 21 | | | | | 20 | | | | | 9 | | | | | 6 | | | ||||||||||||||||||
| Total recoveries | | | | | 26 | | | | | 21 | | | | | 20 | | | | | 9 | | | | | 6 | | | Total recoveries | | | | | 26 | | | | | 21 | | | | | 20 | | | | | 9 | | | | | 6 | | | ||||||||||||||||||
| Net charge-offs | | | | | (144 | ) | | | | | (305 | ) | | | | | (64 | ) | | | | | (251 | ) | | | | | (411 | ) | | | Net charge-offs | | | | | (144 | ) | | | | | (305 | ) | | | | | (64 | ) | | | | | (251 | ) | | | | | (411 | ) | | | ||||||||
| Provision charged to earnings | | | | | 585 | | | | | 1,821 | | | | | 1,049 | | | | | 1,311 | | | | | 1,741 | | | Provision charged to earnings | | | | | 585 | | | | | 1,821 | | | | | 1,049 | | | | | 1,311 | | | | | 1,741 | | | ||||||||||||||||||
| Balance at end of period | | | | $ | 8,382 | | | | $ | 7,941 | | | | $ | 6,425 | | | | $ | 5,440 | | | | $ | 4,380 | | | Balance at end of period | | | | $ | 8,382 | | | | $ | 7,941 | | | | $ | 6,425 | | | | $ | 5,440 | | | | $ | 4,380 | | | ||||||||||||||||||
| Net charge-offs to average loans | | | | | 0.03 | % | | | | | 0.07 | % | | | | | 0.02 | % | | | | | 0.10 | % | | | | | 0.18 | % | | | Net charge-offs to average loans | | | | | 0.03 | % | | | | | 0.07 | % | | | | | 0.02 | % | | | | | 0.10 | % | | | | | 0.18 | % | | | ||||||||
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | At December 31, | | |||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | | | 2013 | | | 2012 | | | 2011 | | |||||||||||||||||||||||||||||||||
| (Dollars in thousands) | | | Amount | | | Percent of Loan Portfolio | | | Amount | | | Percent of Loan Portfolio | | | Amount | | | Percent of Loan Portfolio | | ||||||||||||||||||||||||
| Residential real estate | | | | $ | 1,310 | | | | | | 24.66 | % | | | | | $ | 1,230 | | | | | | 27.22 | % | | | | | $ | 1,290 | | | | | | 28.37 | % | | | |||
| Commercial real estate | | | | | 3,616 | | | | | | 50.08 | | | | | | 3,842 | | | | | | 53.72 | | | | | | 2,519 | | | | | | 47.10 | | | ||||||
| Construction | | | | | 1,032 | | | | | | 8.16 | | | | | | 929 | | | | | | 6.25 | | | | | | 1,007 | | | | | | 10.95 | | | ||||||
| Home equity | | | | | 190 | | | | | | 2.20 | | | | | | 220 | | | | | | 2.08 | | | | | | 274 | | | | | | 4.01 | | | ||||||
| Commercial business | | | | | 2,225 | | | | | | 14.80 | | | | | | 1,718 | | | | | | 10.71 | | | | | | 1,317 | | | | | | 9.49 | | | ||||||
| Consumer | | | | | 9 | | | | | | 0.10 | | | | | | 2 | | | | | | 0.01 | | | | | | 11 | | | | | | 0.08 | | | ||||||
| Unallocated | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 7 | | | | | | — | | | ||||||
| Total allowance for loan losses | | | | $ | 8,382 | | | | | | 100.00 | % | | | | | $ | 7,941 | | | | | | 100.00 | % | | | | | $ | 6,425 | | | | | | 100.00 | % | | | |||
| | | | | | | | | | | | | | | | | | | | |
| | | | At December 31, | | |||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | | | 2010 | | | 2009 | | ||||||||||||||||||||||
| (Dollars in thousands) | | | Amount | | | Percent of Loan Portfolio | | | Amount | | | Percent of Loan Portfolio | | ||||||||||||||||
| Residential real estate | | | | $ | 1,053 | | | | | | 36.08 | % | | | | | $ | 627 | | | | | | 45.63 | % | | | ||
| Commercial real estate | | | | | 1,806 | | | | | | 38.58 | | | | | | 906 | | | | | | 27.92 | | | ||||
| Construction | | | | | 951 | | | | | | 13.20 | | | | | | 974 | | | | | | 16.21 | | | ||||
| Home equity | | | | | 313 | | | | | | 5.77 | | | | | | 268 | | | | | | 6.64 | | | ||||
| Commercial business | | | | | 744 | | | | | | 6.14 | | | | | | 248 | | | | | | 3.51 | | | ||||
| Consumer | | | | | 20 | | | | | | 0.23 | | | | | | 4 | | | | | | 0.09 | | | ||||
| Unallocated | | | | | 553 | | | | | | — | | | | | | 1,353 | | | | | | — | | | ||||
| Total allowance for loan losses | | | | $ | 5,440 | | | | | | 100.00 | % | | | | | $ | 4,380 | | | | | | 100.00 | % | | | ||
| | | | | | | | | | | | | | |
| | | | At December 31, | | | | | At December 31, | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | | | 2013 | | 2012 | | 2011 | | | | | 2013 | | 2012 | | 2011 | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| (In thousands) | | | Amortized Cost | | Fair Value | | Amortized Cost | | Fair Value | | Amortized Cost | | Fair Value | | (In thousands) | | | Amortized Cost | | Fair Value | | Amortized Cost | | Fair Value | | Amortized Cost | | Fair Value | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Securities available for sale: | | Securities available for sale: | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| U.S Government and agency obligations | | | | $ | 5,997 | | | | $ | 5,688 | | | | $ | 5,997 | | | | $ | 6,005 | | | | $ | 41,598 | | | | $ | 41,749 | | | U.S Government and agency obligations | | | | $ | 5,997 | | | | $ | 5,688 | | | | $ | 5,997 | | | | $ | 6,005 | | | | $ | 41,598 | | | | $ | 41,749 | | | ||||||||||||||||||||||
| State agency and municipal obligations | | | | | 11,605 | | | | | 12,132 | | | | | 17,036 | | | | | 18,531 | | | | | 17,829 | | | | | 19,198 | | | State agency and municipal obligations | | | | | 11,605 | | | | | 12,132 | | | | | 17,036 | | | | | 18,531 | | | | | 17,829 | | | | | 19,198 | | | ||||||||||||||||||||||
| Corporate bonds | | | | | 9,166 | | | | | 9,566 | | | | | 13,681 | | | | | 14,556 | | | | | 25,365 | | | | | 24,981 | | | Corporate bonds | | | | | 9,166 | | | | | 9,566 | | | | | 13,681 | | | | | 14,556 | | | | | 25,365 | | | | | 24,981 | | | ||||||||||||||||||||||
| Government mortgage-backed securities | | | | | 1,133 | | | | | 1,211 | | | | | 1,872 | | | | | 1,966 | | | | | 2,955 | | | | | 3,143 | | | Government mortgage-backed securities | | | | | 1,133 | | | | | 1,211 | | | | | 1,872 | | | | | 1,966 | | | | | 2,955 | | | | | 3,143 | | | ||||||||||||||||||||||
| Total securities available for sale | | | | $ | 27,901 | | | | $ | 28,597 | | | | $ | 38,586 | | | | $ | 41,058 | | | | $ | 87,747 | | | | $ | 89,071 | | | Total securities available for sale | | | | $ | 27,901 | | | | $ | 28,597 | | | | $ | 38,586 | | | | $ | 41,058 | | | | $ | 87,747 | | | | $ | 89,071 | | | ||||||||||||||||||||||
| Securities held to maturity: | | Securities held to maturity: | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| U.S Government and agency obligations | | | | $ | 1,021 | | | | $ | 1,019 | | | | $ | — | | | | $ | — | | | | $ | — | | | | $ | — | | | U.S Government and agency obligations | | | | $ | 1,021 | | | | $ | 1,019 | | | | $ | — | | | | $ | — | | | | $ | — | | | | $ | — | | | ||||||||||||||||||||||
| State agency and municipal obligations | | | | | 11,461 | | | | | 11,461 | | | | | 3,903 | | | | | 3,903 | | | | | 3,962 | | | | | 3,962 | | | State agency and municipal obligations | | | | | 11,461 | | | | | 11,461 | | | | | 3,903 | | | | | 3,903 | | | | | 3,962 | | | | | 3,962 | | | ||||||||||||||||||||||
| Corporate bonds | | | | | 1,000 | | | | | 973 | | | | | 1,000 | | | | | 904 | | | | | 1,000 | | | | | 843 | | | Corporate bonds | | | | | 1,000 | | | | | 973 | | | | | 1,000 | | | | | 904 | | | | | 1,000 | | | | | 843 | | | ||||||||||||||||||||||
| Government mortgage-backed securities | | | | | 334 | | | | | 362 | | | | | 451 | | | | | 485 | | | | | 939 | | | | | 999 | | | Government mortgage-backed securities | | | | | 334 | | | | | 362 | | | | | 451 | | | | | 485 | | | | | 939 | | | | | 999 | | | ||||||||||||||||||||||
| Total securities held to maturity | | | | $ | 13,816 | | | | $ | 13,815 | | | | $ | 5,354 | | | | $ | 5,292 | | | | $ | 5,901 | | | | $ | 5,804 | | | Total securities held to maturity | | | | $ | 13,816 | | | | $ | 13,815 | | | | $ | 5,354 | | | | $ | 5,292 | | | | $ | 5,901 | | | | $ | 5,804 | | | ||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| At December 31, 2013 | | | Due Within 1 Year | | Due 1 – 5 Years | | Due 5 – 10 Years | | Due After 10 Years | | At December 31, 2013 | | | Due Within 1 Year | | Due 1 – 5 Years | | Due 5 – 10 Years | | Due After 10 Years | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| (Dollars in thousands) | | | Amount | | Yield | | Amount | | Yield | | Amount | | Yield | | Amount | | Yield | | (Dollars in thousands) | | | Amount | | Yield | | Amount | | Yield | | Amount | | Yield | | Amount | | Yield | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Available for Sale: | | Available for Sale: | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| U.S. Government and agency obligations | | | | $ | — | | | | | — | % | | | | $ | 1,000 | | | | | 1.29 | % | | | | $ | 4,997 | | | | | 1.51 | % | | | | $ | — | | | | | — | % | | | U.S. Government and agency obligations | | | | $ | — | | | | | — | % | | | | $ | 1,000 | | | | | 1.29 | % | | | | $ | 4,997 | | | | | 1.51 | % | | | | $ | — | | | | | — | % | | | ||||||||||||||||||||||
| State agency and municipal obligations | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 3,125 | | | | | 4.07 | | | | | 8,480 | | | | | 4.20 | | | State agency and municipal obligations | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 3,125 | | | | | 4.07 | | | | | 8,480 | | | | | 4.20 | | | ||||||||||||||||||||||||||||||
| Corporate bonds | | | | | 1,019 | | | | | 6.38 | | | | | 8,147 | | | | | 4.05 | | | | | — | | | | | — | | | | | — | | | | | — | | | Corporate bonds | | | | | 1,019 | | | | | 6.38 | | | | | 8,147 | | | | | 4.05 | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||||||||||||||||||||||
| Government mortgage-backed securities | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 1,133 | | | | | 5.23 | | | Government mortgage-backed securities | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 1,133 | | | | | 5.23 | | | ||||||||||||||||||||||||||||||
| Total available for sale securities | | | | $ | 1,019 | | | | | 6.38 | % | | | | $ | 9,147 | | | | | 3.74 | % | | | | $ | 8,122 | | | | | 2.49 | % | | | | $ | 9,613 | | | | | 4.32 | % | | | Total available for sale securities | | | | $ | 1,019 | | | | | 6.38 | % | | | | $ | 9,147 | | | | | 3.74 | % | | | | $ | 8,122 | | | | | 2.49 | % | | | | $ | 9,613 | | | | | 4.32 | % | | | ||||||||||||||||||||||
| Held to Maturity: | | Held to Maturity: | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| U.S. Government and agency obligations | | | | $ | — | | | | | — | % | | | | $ | 1,021 | | | | | 1.38 | % | | | | $ | — | | | | | — | % | | | | $ | — | | | | | — | % | | | U.S. Government and agency obligations | | | | $ | — | | | | | — | % | | | | $ | 1,021 | | | | | 1.38 | % | | | | $ | — | | | | | — | % | | | | $ | — | | | | | — | % | | | ||||||||||||||||||||||
| State agency and municipal obligations | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 11,461 | | | | | 4.50 | | | State agency and municipal obligations | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 11,461 | | | | | 4.50 | | | ||||||||||||||||||||||||||||||
| Corporate bonds | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 1,000 | | | | | 2.90 | | | | | — | | | | | — | | | Corporate bonds | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 1,000 | | | | | 2.90 | | | | | — | | | | | — | | | ||||||||||||||||||||||||||||||
| Government mortgage-backed securities | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 334 | | | | | 5.50 | | | Government mortgage-backed securities | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 334 | | | | | 5.50 | | | ||||||||||||||||||||||||||||||
| Total held to maturity securities | | | | $ | — | | | | | — | % | | | | $ | 1,021 | | | | | 1.38 | % | | | | $ | 1,000 | | | | | 2.90 | % | | | | $ | 11,795 | | | | | 4.53 | % | | | Total held to maturity securities | | | | $ | — | | | | | — | % | | | | $ | 1,021 | | | | | 1.38 | % | | | | $ | 1,000 | | | | | 2.90 | % | | | | $ | 11,795 | | | | | 4.53 | % | | | ||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| At December 31, 2012 | | | Due Within 1 Year | | Due 1 – 5 Years | | Due 5 – 10 Years | | Due After 10 Years | | At December 31, 2012 | | | Due Within 1 Year | | Due 1 – 5 Years | | Due 5 – 10 Years | | Due After 10 Years | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| (Dollars in thousands) | | | Amount | | Yield | | Amount | | Yield | | Amount | | Yield | | Amount | | Yield | | (Dollars in thousands) | | | Amount | | Yield | | Amount | | Yield | | Amount | | Yield | | Amount | | Yield | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Available for Sale: | | Available for Sale: | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| U.S. Government and agency obligations | | | | $ | — | | | | | — | % | | | | $ | — | | | | | — | % | | | | $ | 5,997 | | | | | 1.47 | % | | | | $ | — | | | | | — | % | | | U.S. Government and agency obligations | | | | $ | — | | | | | — | % | | | | $ | — | | | | | — | % | | | | $ | 5,997 | | | | | 1.47 | % | | | | $ | — | | | | | — | % | | | ||||||||||||||||||||||
| State agency and municipal obligations | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 3,631 | | | | | 3.92 | | | | | 13,405 | | | | | 4.25 | | | State agency and municipal obligations | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 3,631 | | | | | 3.92 | | | | | 13,405 | | | | | 4.25 | | | ||||||||||||||||||||||||||||||
| Corporate bonds | | | | | 499 | | | | | 4.80 | | | | | 11,113 | | | | | 3.72 | | | | | 2,069 | | | | | 4.97 | | | | | — | | | | | — | | | Corporate bonds | | | | | 499 | | | | | 4.80 | | | | | 11,113 | | | | | 3.72 | | | | | 2,069 | | | | | 4.97 | | | | | — | | | | | — | | | ||||||||||||||||||||||||||||||
| Government mortgage-backed securities | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 1,872 | | | | | 5.12 | | | Government mortgage-backed securities | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 1,872 | | | | | 5.12 | | | ||||||||||||||||||||||||||||||
| Total available for sale securities | | | | $ | 499 | | | | | 4.80 | % | | | | $ | 11,113 | | | | | 3.72 | % | | | | $ | 11,697 | | | | | 2.85 | % | | | | $ | 15,277 | | | | | 4.36 | % | | | Total available for sale securities | | | | $ | 499 | | | | | 4.80 | % | | | | $ | 11,113 | | | | | 3.72 | % | | | | $ | 11,697 | | | | | 2.85 | % | | | | $ | 15,277 | | | | | 4.36 | % | | | ||||||||||||||||||||||
| Held to Maturity: | | Held to Maturity: | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| State agency and municipal obligations | | | | $ | — | | | | | — | % | | | | $ | — | | | | | — | % | | | | $ | — | | | | | — | % | | | | $ | 3,903 | | | | | 4.25 | % | | | State agency and municipal obligations | | | | $ | — | | | | | — | % | | | | $ | — | | | | | — | % | | | | $ | — | | | | | — | % | | | | $ | 3,903 | | | | | 4.25 | % | | | ||||||||||||||||||||||
| Corporate bonds | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 1,000 | | | | | 2.00 | | | | | — | | | | | — | | | Corporate bonds | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 1,000 | | | | | 2.00 | | | | | — | | | | | — | | | ||||||||||||||||||||||||||||||
| Government mortgage-backed securities | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 451 | | | | | 5.50 | | | Government mortgage-backed securities | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 451 | | | | | 5.50 | | | ||||||||||||||||||||||||||||||
| Total held to maturity securities | | | | $ | — | | | | | — | % | | | | $ | — | | | | | — | % | | | | $ | 1,000 | | | | | 2.00 | % | | | | $ | 4,354 | | | | | 4.38 | % | | | Total held to maturity securities | | | | $ | — | | | | | — | % | | | | $ | — | | | | | — | % | | | | $ | 1,000 | | | | | 2.00 | % | | | | $ | 4,354 | | | | | 4.38 | % | | | ||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | At December 31, | | |||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | | | 2013 | | | 2012 | | | 2011 | | |||||||||||||||||||||||||||||||||||||||||||||||
| (Dollars in thousands) | | | Originated | | | Acquired | | | Total | | | Percent | | | Amount | | | Percent | | | Amount | | | Percent | | ||||||||||||||||||||||||||||||||
| Noninterest-bearing demand | | | | $ | 102,530 | | | | | $ | 16,088 | | | | | $ | 118,618 | | | | | | 17.93 | % | | | | | $ | 78,120 | | | | | | 16.91 | % | | | | | $ | 74,735 | | | | | | 20.36 | % | | | |||||
| NOW | | | | | 61,560 | | | | | | 12,092 | | | | | | 73,652 | | | | | | 11.13 | | | | | | 33,722 | | | | | | 7.30 | | | | | | 29,036 | | | | | | 7.91 | | | ||||||||
| Money Market | | | | | 143,033 | | | | | | 21,546 | | | | | | 164,579 | | | | | | 24.88 | | | | | | 94,090 | | | | | | 20.36 | | | | | | 81,202 | | | | | | 22.12 | | | ||||||||
| Savings | | | | | 99,225 | | | | | | 8,467 | | | | | | 107,692 | | | | | | 16.28 | | | | | | 136,101 | | | | | | 29.45 | | | | | | 61,864 | | | | | | 16.85 | | | ||||||||
| Time certificates of deposit | | | | | 158,071 | | | | | | 9,369 | | | | | | 167,440 | | | | | | 25.31 | | | | | | 75,466 | | | | | | 16.33 | | | | | | 83,346 | | | | | | 22.70 | | | ||||||||
| CDARS | | | | | 29,564 | | | | | | — | | | | | | 29,564 | | | | | | 4.47 | | | | | | 44,582 | | | | | | 9.65 | | | | | | 36,932 | | | | | | 10.06 | | | ||||||||
| Total deposits | | | | $ | 593,983 | | | | | $ | 67,562 | | | | | $ | 661,545 | | | | | | 100.00 | % | | | | | $ | 462,081 | | | | | | 100.00 | % | | | | | $ | 367,115 | | | | | | 100.00 | % | | | |||||
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | December 31, | | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| (In thousands) | | | 2013 | | | 2012 | | ||||||||
| Maturing:
| | | | $ | 71,221 | | | | | $ | 59,060 | | | ||
| After 3 but within 6 months | | | | | 22,236 | | | | | | 6,062 | | | ||
| After 6 months but within 1 year | | | | | 40,204 | | | | | | 11,505 | | | ||
| After 1 year | | | | | 17,152 | | | | | | 15,038 | | | ||
| | | | | $ | 150,813 | | | | | $ | 91,665 | | | ||
| | | | | | | | |
| (Dollars in thousands) | | | Year Ended December 31, | | ||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| As of and for the period ending: | | | 2013 | | | 2012 | | | 2011 | | ||||||||||||
| Average amount outstanding during the period | | | | $ | 39,167 | | | | | $ | 29,250 | | | | | $ | 10,417 | | | |||
| Amount outstanding at end of period | | | | | 12,000 | | | | | | 51,000 | | | | | | 29,000 | | | |||
| Highest month end balance during the period | | | | | 60,000 | | | | | | 51,000 | | | | | | 36,000 | | | |||
| Weighted average interest rate at end of period | | | | | 0.41 | % | | | | | | 0.21 | % | | | | | | 0.17 | % | | |
| Weighted average interest rate during the period | | | | | 0.28 | % | | | | | | 0.23 | % | | | | | | 0.24 | % | | |
| | | | | | | | | | | |
| | | | December 31, | | ||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| (In thousands) | | | 2013 | | | 2012 | | | 2011 | | ||||||||||||
| Available cash | | | | $ | 81,888 | | | | | $ | 28,777 | | | | | $ | 6,941 | | | |||
| Unpledged investment securities | | | | | 2,536 | | | | | | 5,426 | | | | | | 34,737 | | | |||
| Net borrowing capacity | | | | | 339,681 | | | | | | 159,801 | | | | | | 83,464 | | | |||
| Total liquidity | | | | $ | 424,105 | | | | | $ | 194,004 | | | | | $ | 125,142 | | | |||
| | | | | | | | | | | |
| | | | Payments Due by Period | | | | | Payments Due by Period | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| (In thousands) | | | Total | | Less Than 1 Year | | 1 – 3 Years | | 4 – 5 Years | | After 5 Years | | (In thousands) | | | Total | | Less Than 1 Year | | 1 – 3 Years | | 4 – 5 Years | | After 5 Years | | ||||||||||||||||||||||||||||||||||||||||||||||||
| Contractual Obligations: | | Contractual Obligations: | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| FHLB advances | | | | $ | 44,000 | | | | $ | 22,000 | | | | $ | 2,000 | | | | $ | 20,000 | | | | $ | — | | | FHLB advances | | | | $ | 44,000 | | | | $ | 22,000 | | | | $ | 2,000 | | | | $ | 20,000 | | | | $ | — | | | ||||||||||||||||||
| Operating lease agreements | | | | | 10,897 | | | | | 1,718 | | | | | 2,910 | | | | | 2,079 | | | | | 4,190 | | | Operating lease agreements | | | | | 10,897 | | | | | 1,718 | | | | | 2,910 | | | | | 2,079 | | | | | 4,190 | | | ||||||||||||||||||
| Time deposits with stated maturity dates | | | | | 197,004 | | | | | 173,265 | | | | | 18,001 | | | | | 5,738 | | | | | — | | | Time deposits with stated maturity dates | | | | | 197,004 | | | | | 173,265 | | | | | 18,001 | | | | | 5,738 | | | | | — | | | ||||||||||||||||||
| Total contractual obligations | | | | $ | 251,901 | | | | $ | 196,983 | | | | $ | 22,911 | | | | $ | 27,817 | | | | $ | 4,190 | | | Total contractual obligations | | | | $ | 251,901 | | | | $ | 196,983 | | | | $ | 22,911 | | | | $ | 27,817 | | | | $ | 4,190 | | | ||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | |
| As of December 31, 2013 | | | Amount of Commitment Expiration per Period | | As of December 31, 2013 | | | Amount of Commitment Expiration per Period | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| (In thousands) | | | Total | | Less Than 1 Year | | 1 – 3 Years | | 4 – 5 Years | | After 5 Years | | (In thousands) | | | Total | | Less Than 1 Year | | 1 – 3 Years | | 4 – 5 Years | | After 5 Years | | ||||||||||||||||||||||||||||||||||||||||||||||||
| Other Commitments: | | Other Commitments: | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Loan commitments | | | | $ | 61,633 | | | | $ | 35,236 | | | | $ | 7,528 | | | | $ | 5,267 | | | | $ | 13,602 | | | Loan commitments | | | | $ | 61,633 | | | | $ | 35,236 | | | | $ | 7,528 | | | | $ | 5,267 | | | | $ | 13,602 | | | ||||||||||||||||||
| Undisbursed construction loans | | | | | 44,670 | | | | | 7,613 | | | | | 6,600 | | | | | — | | | | | 30,457 | | | Undisbursed construction loans | | | | | 44,670 | | | | | 7,613 | | | | | 6,600 | | | | | — | | | | | 30,457 | | | ||||||||||||||||||
| Unused home equity lines of credit | | | | | 11,575 | | | | | 143 | | | | | 823 | | | | | 1,061 | | | | | 9,548 | | | Unused home equity lines of credit | | | | | 11,575 | | | | | 143 | | | | | 823 | | | | | 1,061 | | | | | 9,548 | | | ||||||||||||||||||
| Total other commitments | | | | $ | 117,878 | | | | $ | 42,992 | | | | $ | 14,951 | | | | $ | 6,328 | | | | $ | 53,607 | | | Total other commitments | | | | $ | 117,878 | | | | $ | 42,992 | | | | $ | 14,951 | | | | $ | 6,328 | | | | $ | 53,607 | | | ||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | |
| As of December 31, 2012 | | | Amount of Commitment Expiration per Period | | As of December 31, 2012 | | | Amount of Commitment Expiration per Period | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| (In thousands) | | | Total | | Less Than 1 Year | | 1 – 3 Years | | 4 – 5 Years | | After 5 Years | | (In thousands) | | | Total | | Less Than 1 Year | | 1 – 3 Years | | 4 – 5 Years | | After 5 Years | | ||||||||||||||||||||||||||||||||||||||||||||||||
| Other Commitments: | | Other Commitments: | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Loan commitments | | | | $ | 39,339 | | | | $ | 11,828 | | | | $ | 4,679 | | | | $ | 7,077 | | | | $ | 15,755 | | | Loan commitments | | | | $ | 39,339 | | | | $ | 11,828 | | | | $ | 4,679 | | | | $ | 7,077 | | | | $ | 15,755 | | | ||||||||||||||||||
| Undisbursed construction loans | | | | | 54,705 | | | | | 26,601 | | | | | 6,350 | | | | | 5,748 | | | | | 16,006 | | | Undisbursed construction loans | | | | | 54,705 | | | | | 26,601 | | | | | 6,350 | | | | | 5,748 | | | | | 16,006 | | | ||||||||||||||||||
| Unused home equity lines of credit | | | | | 10,714 | | | | | 127 | | | | | — | | | | | — | | | | | 10,587 | | | Unused home equity lines of credit | | | | | 10,714 | | | | | 127 | | | | | — | | | | | — | | | | | 10,587 | | | ||||||||||||||||||
| Total other commitments | | | | $ | 104,758 | | | | $ | 38,556 | | | | $ | 11,029 | | | | $ | 12,825 | | | | $ | 42,348 | | | Total other commitments | | | | $ | 104,758 | | | | $ | 38,556 | | | | $ | 11,029 | | | | $ | 12,825 | | | | $ | 42,348 | | | ||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | |
| Parallel Ramp | | | Estimated Percent Change in Net Interest Income | | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | | | At December 31, | | |||||||||||
| Rate Changes (basis points) | | | 2013 | | | 2012 | | ||||||||
| -100 | | | | | (0.73 | )% | | | | | | (0.58 | )% | | |
| +200 | | | | | (3.63 | ) | | | | | | (5.69 | ) | | |
| | | | | | | | |
| Parallel Shock | | | Estimated Percent Change in Net Interest Income | | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | | | At December 31, | | |||||||||||
| Rate Changes (basis points) | | | 2013 | | | 2012 | | ||||||||
| -100 | | | | | (1.97 | )% | | | | | | (1.55 | )% | | |
| +100 | | | | | (3.18 | ) | | | | | | (5.10 | ) | | |
| +200 | | | | | (5.93 | ) | | | | | | (9.92 | ) | | |
| +300 | | | | | (10.20 | ) | | | | | | (16.56 | ) | | |
| | | | | | | | |
| Parallel Shock | | | Estimated Percent Change in Economic Value of Equity | | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | | | At December 31, | | |||||||||||
| Rate Changes (basis points) | | | 2013 | | | 2012 | | ||||||||
| -100 | | | | | (4.30 | )% | | | | | | (4.39 | )% | | |
| +100 | | | | | (9.30 | ) | | | | | | (17.06 | ) | | |
| +200 | | | | | (20.10 | ) | | | | | | (34.69 | ) | | |
| +300 | | | | | (29.20 | ) | | | | | | (51.07 | ) | | |
| | | | | | | | |
| | | | At December 31, | | |||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | | | 2013 | | | 2012 | | | 2011 | | |||||||||||||||||||||||||||||||||
| (In thousands) | | | Amortized Cost | | | Fair Value | | | Amortized Cost | | | Fair Value | | | Amortized Cost | | | Fair Value | | ||||||||||||||||||||||||
| Securities available for sale: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| U.S Government and agency obligations | | | | $ | 5,997 | | | | | $ | 5,688 | | | | | $ | 5,997 | | | | | $ | 6,005 | | | | | $ | 41,598 | | | | | $ | 41,749 | | | ||||||
| State agency and municipal obligations | | | | | 11,605 | | | | | | 12,132 | | | | | | 17,036 | | | | | | 18,531 | | | | | | 17,829 | | | | | | 19,198 | | | ||||||
| Corporate bonds | | | | | 9,166 | | | | | | 9,566 | | | | | | 13,681 | | | | | | 14,556 | | | | | | 25,365 | | | | | | 24,981 | | | ||||||
| Government mortgage-backed securities | | | | | 1,133 | | | | | | 1,211 | | | | | | 1,872 | | | | | | 1,966 | | | | | | 2,955 | | | | | | 3,143 | | | ||||||
| Total securities available for sale | | | | $ | 27,901 | | | | | $ | 28,597 | | | | | $ | 38,586 | | | | | $ | 41,058 | | | | | $ | 87,747 | | | | | $ | 89,071 | | | ||||||
| Securities held to maturity: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| U.S Government and agency obligations | | | | $ | 1,021 | | | | | $ | 1,019 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | ||||||
| State agency and municipal obligations | | | | | 11,461 | | | | | | 11,461 | | | | | | 3,903 | | | | | | 3,903 | | | | | | 3,962 | | | | | | 3,962 | | | ||||||
| Corporate bonds | | | | | 1,000 | | | | | | 973 | | | | | | 1,000 | | | | | | 904 | | | | | | 1,000 | | | | | | 843 | | | ||||||
| Government mortgage-backed securities | | | | | 334 | | | | | | 362 | | | | | | 451 | | | | | | 485 | | | | | | 939 | | | | | | 999 | | | ||||||
| Total securities held to maturity | | | | $ | 13,816 | | | | | $ | 13,815 | | | | | $ | 5,354 | | | | | $ | 5,292 | | | | | $ | 5,901 | | | | | $ | 5,804 | | | ||||||
| | | | | | | | | | | | | | | | | | | | |
| At December 31, 2013 | | | Due Within 1 Year | | | Due 1 – 5 Years | | | Due 5 – 10 Years | | | Due After 10 Years | | ||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| (Dollars in thousands) | | | Amount | | | Yield | | | Amount | | | Yield | | | Amount | | | Yield | | | Amount | | | Yield | | ||||||||||||||||||||||||||||||||
| Available for Sale: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| U.S. Government and agency obligations | | | | $ | — | | | | | | — | % | | | | | $ | 1,000 | | | | | | 1.29 | % | | | | | $ | 4,997 | | | | | | 1.51 | % | | | | | $ | — | | | | | | — | % | | | ||||
| State agency and municipal obligations | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 3,125 | | | | | | 4.07 | | | | | | 8,480 | | | | | | 4.20 | | | ||||||||
| Corporate bonds | | | | | 1,019 | | | | | | 6.38 | | | | | | 8,147 | | | | | | 4.05 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | ||||||||
| Government mortgage-backed securities | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,133 | | | | | | 5.23 | | | ||||||||
| Total available for sale securities | | | | $ | 1,019 | | | | | | 6.38 | % | | | | | $ | 9,147 | | | | | | 3.74 | % | | | | | $ | 8,122 | | | | | | 2.49 | % | | | | | $ | 9,613 | | | | | | 4.32 | % | | | ||||
| Held to Maturity: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| U.S. Government and agency obligations | | | | $ | — | | | | | | — | % | | | | | $ | 1,021 | | | | | | 1.38 | % | | | | | $ | — | | | | | | — | % | | | | | $ | — | | | | | | — | % | | | ||||
| State agency and municipal obligations | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 11,461 | | | | | | 4.50 | | | ||||||||
| Corporate bonds | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,000 | | | | | | 2.90 | | | | | | — | | | | | | — | | | ||||||||
| Government mortgage-backed securities | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 334 | | | | | | 5.50 | | | ||||||||
| Total held to maturity securities | | | | $ | — | | | | | | — | % | | | | | $ | 1,021 | | | | | | 1.38 | % | | | | | $ | 1,000 | | | | | | 2.90 | % | | | | | $ | 11,795 | | | | | | 4.53 | % | | | ||||
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| At December 31, 2012 | | | Due Within 1 Year | | | Due 1 – 5 Years | | | Due 5 – 10 Years | | | Due After 10 Years | | ||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| (Dollars in thousands) | | | Amount | | | Yield | | | Amount | | | Yield | | | Amount | | | Yield | | | Amount | | | Yield | | ||||||||||||||||||||||||||||||||
| Available for Sale: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| U.S. Government and agency obligations | | | | $ | — | | | | | | — | % | | | | | $ | — | | | | | | — | % | | | | | $ | 5,997 | | | | | | 1.47 | % | | | | | $ | — | | | | | | — | % | | | ||||
| State agency and municipal obligations | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 3,631 | | | | | | 3.92 | | | | | | 13,405 | | | | | | 4.25 | | | ||||||||
| Corporate bonds | | | | | 499 | | | | | | 4.80 | | | | | | 11,113 | | | | | | 3.72 | | | | | | 2,069 | | | | | | 4.97 | | | | | | — | | | | | | — | | | ||||||||
| Government mortgage-backed securities | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,872 | | | | | | 5.12 | | | ||||||||
| Total available for sale securities | | | | $ | 499 | | | | | | 4.80 | % | | | | | $ | 11,113 | | | | | | 3.72 | % | | | | | $ | 11,697 | | | | | | 2.85 | % | | | | | $ | 15,277 | | | | | | 4.36 | % | | | ||||
| Held to Maturity: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| State agency and municipal obligations | | | | $ | — | | | | | | — | % | | | | | $ | — | | | | | | — | % | | | | | $ | — | | | | | | — | % | | | | | $ | 3,903 | | | | | | 4.25 | % | | | ||||
| Corporate bonds | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,000 | | | | | | 2.00 | | | | | | — | | | | | | — | | | ||||||||
| Government mortgage-backed securities | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 451 | | | | | | 5.50 | | | ||||||||
| Total held to maturity securities | | | | $ | — | | | | | | — | % | | | | | $ | — | | | | | | — | % | | | | | $ | 1,000 | | | | | | 2.00 | % | | | | | $ | 4,354 | | | | | | 4.38 | % | | | ||||
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | At December 31, | | |||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | | | 2013 | | | 2012 | | | 2011 | | |||||||||||||||||||||||||||||||||||||||||||||||
| (Dollars in thousands) | | | Originated | | | Acquired | | | Total | | | Percent | | | Amount | | | Percent | | | Amount | | | Percent | | ||||||||||||||||||||||||||||||||
| Noninterest-bearing demand | | | | $ | 102,530 | | | | | $ | 16,088 | | | | | $ | 118,618 | | | | | | 17.93 | % | | | | | $ | 78,120 | | | | | | 16.91 | % | | | | | $ | 74,735 | | | | | | 20.36 | % | | | |||||
| NOW | | | | | 61,560 | | | | | | 12,092 | | | | | | 73,652 | | | | | | 11.13 | | | | | | 33,722 | | | | | | 7.30 | | | | | | 29,036 | | | | | | 7.91 | | | ||||||||
| Money Market | | | | | 143,033 | | | | | | 21,546 | | | | | | 164,579 | | | | | | 24.88 | | | | | | 94,090 | | | | | | 20.36 | | | | | | 81,202 | | | | | | 22.12 | | | ||||||||
| Savings | | | | | 99,225 | | | | | | 8,467 | | | | | | 107,692 | | | | | | 16.28 | | | | | | 136,101 | | | | | | 29.45 | | | | | | 61,864 | | | | | | 16.85 | | | ||||||||
| Time certificates of deposit | | | | | 158,071 | | | | | | 9,369 | | | | | | 167,440 | | | | | | 25.31 | | | | | | 75,466 | | | | | | 16.33 | | | | | | 83,346 | | | | | | 22.70 | | | ||||||||
| CDARS | | | | | 29,564 | | | | | | — | | | | | | 29,564 | | | | | | 4.47 | | | | | | 44,582 | | | | | | 9.65 | | | | | | 36,932 | | | | | | 10.06 | | | ||||||||
| Total deposits | | | | $ | 593,983 | | | | | $ | 67,562 | | | | | $ | 661,545 | | | | | | 100.00 | % | | | | | $ | 462,081 | | | | | | 100.00 | % | | | | | $ | 367,115 | | | | | | 100.00 | % | | | |||||
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | December 31, | | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| (In thousands) | | | 2013 | | | 2012 | | ||||||||
| Maturing:
| | | | $ | 71,221 | | | | | $ | 59,060 | | | ||
| After 3 but within 6 months | | | | | 22,236 | | | | | | 6,062 | | | ||
| After 6 months but within 1 year | | | | | 40,204 | | | | | | 11,505 | | | ||
| After 1 year | | | | | 17,152 | | | | | | 15,038 | | | ||
| | | | | $ | 150,813 | | | | | $ | 91,665 | | | ||
| | | | | | | | |
| (Dollars in thousands) | | | Year Ended December 31, | | ||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| As of and for the period ending: | | | 2013 | | | 2012 | | | 2011 | | ||||||||||||
| Average amount outstanding during the period | | | | $ | 39,167 | | | | | $ | 29,250 | | | | | $ | 10,417 | | | |||
| Amount outstanding at end of period | | | | | 12,000 | | | | | | 51,000 | | | | | | 29,000 | | | |||
| Highest month end balance during the period | | | | | 60,000 | | | | | | 51,000 | | | | | | 36,000 | | | |||
| Weighted average interest rate at end of period | | | | | 0.41 | % | | | | | | 0.21 | % | | | | | | 0.17 | % | | |
| Weighted average interest rate during the period | | | | | 0.28 | % | | | | | | 0.23 | % | | | | | | 0.24 | % | | |
| | | | | | | | | | | |
| | | | December 31, | | ||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| (In thousands) | | | 2013 | | | 2012 | | | 2011 | | ||||||||||||
| Available cash | | | | $ | 81,888 | | | | | $ | 28,777 | | | | | $ | 6,941 | | | |||
| Unpledged investment securities | | | | | 2,536 | | | | | | 5,426 | | | | | | 34,737 | | | |||
| Net borrowing capacity | | | | | 339,681 | | | | | | 159,801 | | | | | | 83,464 | | | |||
| Total liquidity | | | | $ | 424,105 | | | | | $ | 194,004 | | | | | $ | 125,142 | | | |||
| | | | | | | | | | | |
| | | | Payments Due by Period | | ||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| (In thousands) | | | Total | | | Less Than 1 Year | | | 1 – 3 Years | | | 4 – 5 Years | | | After 5 Years | | ||||||||||||||||||||
| Contractual Obligations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| FHLB advances | | | | $ | 44,000 | | | | | $ | 22,000 | | | | | $ | 2,000 | | | | | $ | 20,000 | | | | | $ | — | | | |||||
| Operating lease agreements | | | | | 10,897 | | | | | | 1,718 | | | | | | 2,910 | | | | | | 2,079 | | | | | | 4,190 | | | |||||
| Time deposits with stated maturity dates | | | | | 197,004 | | | | | | 173,265 | | | | | | 18,001 | | | | | | 5,738 | | | | | | — | | | |||||
| Total contractual obligations | | | | $ | 251,901 | | | | | $ | 196,983 | | | | | $ | 22,911 | | | | | $ | 27,817 | | | | | $ | 4,190 | | | |||||
| | | | | | | | | | | | | | | | | |
| As of December 31, 2013 | | | Amount of Commitment Expiration per Period | | ||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| (In thousands) | | | Total | | | Less Than 1 Year | | | 1 – 3 Years | | | 4 – 5 Years | | | After 5 Years | | ||||||||||||||||||||
| Other Commitments: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Loan commitments | | | | $ | 61,633 | | | | | $ | 35,236 | | | | | $ | 7,528 | | | | | $ | 5,267 | | | | | $ | 13,602 | | | |||||
| Undisbursed construction loans | | | | | 44,670 | | | | | | 7,613 | | | | | | 6,600 | | | | | | — | | | | | | 30,457 | | | |||||
| Unused home equity lines of credit | | | | | 11,575 | | | | | | 143 | | | | | | 823 | | | | | | 1,061 | | | | | | 9,548 | | | |||||
| Total other commitments | | | | $ | 117,878 | | | | | $ | 42,992 | | | | | $ | 14,951 | | | | | $ | 6,328 | | | | | $ | 53,607 | | | |||||
| | | | | | | | | | | | | | | | | |
| As of December 31, 2012 | | | Amount of Commitment Expiration per Period | | ||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| (In thousands) | | | Total | | | Less Than 1 Year | | | 1 – 3 Years | | | 4 – 5 Years | | | After 5 Years | | ||||||||||||||||||||
| Other Commitments: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Loan commitments | | | | $ | 39,339 | | | | | $ | 11,828 | | | | | $ | 4,679 | | | | | $ | 7,077 | | | | | $ | 15,755 | | | |||||
| Undisbursed construction loans | | | | | 54,705 | | | | | | 26,601 | | | | | | 6,350 | | | | | | 5,748 | | | | | | 16,006 | | | |||||
| Unused home equity lines of credit | | | | | 10,714 | | | | | | 127 | | | | | | — | | | | | | — | | | | | | 10,587 | | | |||||
| Total other commitments | | | | $ | 104,758 | | | | | $ | 38,556 | | | | | $ | 11,029 | | | | | $ | 12,825 | | | | | $ | 42,348 | | | |||||
| | | | | | | | | | | | | | | | | |
| Parallel Ramp | | | Estimated Percent Change in Net Interest Income | | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | | | At December 31, | | |||||||||||
| Rate Changes (basis points) | | | 2013 | | | 2012 | | ||||||||
| -100 | | | | | (0.73 | )% | | | | | | (0.58 | )% | | |
| +200 | | | | | (3.63 | ) | | | | | | (5.69 | ) | | |
| | | | | | | | |
| Parallel Shock | | | Estimated Percent Change in Net Interest Income | | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | | | At December 31, | | |||||||||||
| Rate Changes (basis points) | | | 2013 | | | 2012 | | ||||||||
| -100 | | | | | (1.97 | )% | | | | | | (1.55 | )% | | |
| +100 | | | | | (3.18 | ) | | | | | | (5.10 | ) | | |
| +200 | | | | | (5.93 | ) | | | | | | (9.92 | ) | | |
| +300 | | | | | (10.20 | ) | | | | | | (16.56 | ) | | |
| | | | | | | | |
| Parallel Shock | | | Estimated Percent Change in Economic Value of Equity | | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | | | At December 31, | | |||||||||||
| Rate Changes (basis points) | | | 2013 | | | 2012 | | ||||||||
| -100 | | | | | (4.30 | )% | | | | | | (4.39 | )% | | |
| +100 | | | | | (9.30 | ) | | | | | | (17.06 | ) | | |
| +200 | | | | | (20.10 | ) | | | | | | (34.69 | ) | | |
| +300 | | | | | (29.20 | ) | | | | | | (51.07 | ) | | |
| | | | | | | | |
| | | | Nine months ended September 30, | | |||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | | | 2013 | | | 2012 | | ||||||||||||||||||||||||||||||||||||
| | | | Average Balance | | | Interest | | | Yield / Rate | | | Average Balance | | | Interest | | | Yield / Rate | | ||||||||||||||||||||||||
| (Dollars in thousands) | | ||||||||||||||||||||||||||||||||||||||||||
| Assets: | | ||||||||||||||||||||||||||||||||||||||||||
| Cash and due from banks | | | | $ | 1,979 | | | | | $ | — | | | | | | — | % | | | | | $ | 1,758 | | | | | $ | — | | | | | | — | % | | | ||||
| Interest earning deposits | | | | | 32,003 | | | | | | 117 | | | | | | 0.49 | | | | | | 23,198 | | | | | | 99 | | | | | | 0.57 | | | ||||||
| Securities(1) | | | | | 1,028 | | | | | | 2 | | | | | | 0.26 | | | | | | 1,246 | | | | | | 11 | | | | | | 1.18 | | | ||||||
| Loans: | | ||||||||||||||||||||||||||||||||||||||||||
| Loans secured by non-residential properties | | | | | 9,010 | | | | | | 310 | | | | | | 4.60 | | | | | | 10,580 | | | | | | 408 | | | | | | 5.15 | | | ||||||
| Loans secured by residential properties | | | | | 7,498 | | | | | | 369 | | | | | | 6.58 | | | | | | 7,771 | | | | | | 328 | | | | | | 5.64 | | | ||||||
| Construction, development and land loans(2) | | | | | 11,369 | | | | | | 311 | | | | | | 3.66 | | | | | | 16,052 | | | | | | 428 | | | | | | 3.56 | | | ||||||
| Commercial and industrial loans | | | | | 2,538 | | | | | | 105 | | | | | | 5.53 | | | | | | 3,292 | | | | | | 167 | | | | | | 6.78 | | | ||||||
| Consumer, personal and other loans | | | | | 1,249 | | | | | | 64 | | | | | | 6.85 | | | | | | 976 | | | | | | 56 | | | | | | 7.66 | | | ||||||
| Total loans | | | | | 31,664 | | | | | | 1,159 | | | | | | 4.89 | | | | | | 38,671 | | | | | | 1,387 | | | | | | 4.79 | | | ||||||
| Total earning assets | | | | | 64,695 | | | | | $ | 1,278 | | | | | | 2.64 | % | | | | | | 63,115 | | | | | $ | 1,497 | | | | | | 3.17 | % | | | ||||
| Other assets | | | | | 6,835 | | | | | | | | | | | | | | | | | | 7,758 | | | | | | | | | | | | | | | ||||||
| Total assets | | | | $ | 73,509 | | | | | | | | | | | | | | | | | $ | 72,631 | | | | | | | | | | | | | | | ||||||
| Liabilities and shareholders’ equity: | | ||||||||||||||||||||||||||||||||||||||||||
| Deposits: | | ||||||||||||||||||||||||||||||||||||||||||
| Noninterest-bearing | | | | $ | 14,473 | | | | | $ | — | | | | | | — | % | | | | | $ | 13,894 | | | | | $ | — | | | | | | — | % | | | ||||
| NOW | | | | | 12,943 | | | | | | 5 | | | | | | 0.08 | | | | | | 11,577 | | | | | | 6 | | | | | | 0.10 | | | ||||||
| Money market | | | | | 22,061 | | | | | | 49 | | | | | | 0.45 | | | | | | 20,468 | | | | | | 54 | | | | | | 0.53 | | | ||||||
| Savings | | | | | 5,085 | | | | | | 3 | | | | | | 0.12 | | | | | | 5,018 | | | | | | 8 | | | | | | 0.32 | | | ||||||
| Time | | | | | 11,391 | | | | | | 49 | | | | | | 0.87 | | | | | | 12,264 | | | | | | 65 | | | | | | 1.06 | | | ||||||
| Total deposits | | | | | 65,953 | | | | | | 106 | | | | | | 0.32 | | | | | | 63,221 | | | | | | 133 | | | | | | 0.42 | | | ||||||
| Federal Home Loan Bank advances | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | ||||||
| Total funding liabilities | | | | | 65,953 | | | | | $ | 106 | | | | | | 0.32 | % | | | | | | 63,221 | | | | | $ | 133 | | | | | | 0.42 | % | | | ||||
| Other liabilities | | | | | 209 | | | | | | | | | | | | | | | | | | 210 | | | | | | | | | | | | | | | ||||||
| Shareholders’ equity | | | | | 7,347 | | | | | | | | | | | | | | | | | | 9,200 | | | | | | | | | | | | | | | ||||||
| Total liabilities and shareholders’ equity | | | | $ | 73,509 | | | | | | | | | | | | | | | | | $ | 72,631 | | | | | | | | | | | | | | | ||||||
| Net interest income | | | | | | | | | | $ | 1,172 | | | | | | | | | | | | | | | | | $ | 1,364 | | | | | | | | | ||||||
| Interest rate spread | | | | | | | | | | | | | | | | | 2.32 | % | | | | | | | | | | | | | | | | | | 2.75 | % | | | ||||
| Net interest margin(3) | | | | | | | | | | | | | | | | | 2.42 | % | | | | | | | | | | | | | | | | | | 2.89 | % | | | ||||
| | | | | | | | | | | | | | | | | | | | |
| | | | Years ended December 31, | | |||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | | | 2012 | | | 2011 | | ||||||||||||||||||||||||||||||||||||
| | | | Average Balance | | | Interest | | | Yield / Rate | | | Average Balance | | | Interest | | | Yield / Rate | | ||||||||||||||||||||||||
| (Dollars in thousands) | | ||||||||||||||||||||||||||||||||||||||||||
| Assets: | | ||||||||||||||||||||||||||||||||||||||||||
| Cash and due from banks | | | | $ | 1,824 | | | | | $ | — | | | | | | — | % | | | | | $ | 1,650 | | | | | $ | — | | | | | | — | % | | | ||||
| Interest earning deposits | | | | | 24,076 | | | | | | 134 | | | | | | 0.56 | | | | | | 17,514 | | | | | | 92 | | | | | | 0.53 | | | ||||||
| Securities(1) | | | | | 1,222 | | | | | | 14 | | | | | | 1.15 | | | | | | 6,019 | | | | | | 62 | | | | | | 1.03 | | | ||||||
| Loans: | | ||||||||||||||||||||||||||||||||||||||||||
| Loans secured by non-residential properties | | | | | 10,526 | | | | | | 541 | | | | | | 5.14 | | | | | | 10,129 | | | | | | 575 | | | | | | 5.68 | | | ||||||
| Loans secured by residential properties | | | | | 7,883 | | | | | | 411 | | | | | | 5.21 | | | | | | 9,600 | | | | | | 397 | | | | | | 4.14 | | | ||||||
| Construction, development and land loans(2) | | | | | 15,510 | | | | | | 558 | | | | | | 3.60 | | | | | | 21,173 | | | | | | 536 | | | | | | 2.53 | | | ||||||
| Commercial and industrial loans | | | | | 3,196 | | | | | | 214 | | | | | | 6.70 | | | | | | 4,444 | | | | | | 300 | | | | | | 6.75 | | | ||||||
| Consumer, personal and other loans | | | | | 1,093 | | | | | | 82 | | | | | | 7.50 | | | | | | 905 | | | | | | 72 | | | | | | 7.96 | | | ||||||
| Total loans | | | | | 38,208 | | | | | | 1,806 | | | | | | 4.73 | | | | | | 46,251 | | | | | | 1,880 | | | | | | 4.06 | | | ||||||
| Total earning assets | | | | | 63,506 | | | | | $ | 1,954 | | | | | | 3.08 | % | | | | | | 69,784 | | | | | $ | 2,034 | | | | | | 2.91 | % | | | ||||
| Other assets | | | | | 7,711 | | | | | | | | | | | | | | | | | | 7,017 | | | | | | | | | | | | | | | ||||||
| Total assets | | | | $ | 73,041 | | | | | | | | | | | | | | | | | $ | 78,451 | | | | | | | | | | | | | | | ||||||
| Liabilities and shareholders’ equity: | | ||||||||||||||||||||||||||||||||||||||||||
| Deposits: | | ||||||||||||||||||||||||||||||||||||||||||
| Noninterest-bearing | | | | $ | 14,009 | | | | | $ | — | | | | | | — | % | | | | | $ | 13,056 | | | | | $ | — | | | | | | — | % | | | ||||
| NOW | | | | | 11,669 | | | | | | 9 | | | | | | 0.08 | | | | | | 13,099 | | | | | | 10 | | | | | | 0.08 | | | ||||||
| Money market | | | | | 20,755 | | | | | | 73 | | | | | | 0.35 | | | | | | 22,365 | | | | | | 100 | | | | | | 0.45 | | | ||||||
| Savings | | | | | 5,057 | | | | | | 10 | | | | | | 0.20 | | | | | | 4,560 | | | | | | 12 | | | | | | 0.26 | | | ||||||
| Time | | | | | 12,319 | | | | | | 85 | | | | | | 0.69 | | | | | | 13,806 | | | | | | 122 | | | | | | 0.88 | | | ||||||
| Total deposits | | | | | 63,809 | | | | | | 177 | | | | | | 0.28 | | | | | | 66,886 | | | | | | 244 | | | | | | 0.36 | | | ||||||
| Federal Home Loan Bank advances | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | ||||||
| Total funding liabilities | | | | | 63,809 | | | | | $ | 177 | | | | | | 0.28 | % | | | | | | 66,886 | | | | | $ | 244 | | | | | | 0.36 | % | | | ||||
| Other liabilities | | | | | 222 | | | | | | | | | | | | | | | | | | 251 | | | | | | | | | | | | | | | ||||||
| Shareholders’ equity | | | | | 9,010 | | | | | | | | | | | | | | | | | | 11,314 | | | | | | | | | | | | | | | ||||||
| Total liabilities and shareholders’ equity | | | | $ | 73,041 | | | | | | | | | | | | | | | | | $ | 78,451 | | | | | | | | | | | | | | | ||||||
| Net interest income | | | | | | | | | | $ | 1,777 | | | | | | | | | | | | | | | | | $ | 1,790 | | | | | | | | | ||||||
| Interest rate spread | | | | | | | | | | | | | | | | | 2.80 | % | | | | | | | | | | | | | | | | | | 2.55 | % | | | ||||
| Net interest margin(3) | | | | | | | | | | | | | | | | | 2.80 | % | | | | | | | | | | | | | | | | | | 2.57 | % | | | ||||
| | | | | | | | | | | | | | | | | | | | |
| | | | Nine Months Ended Sept. 30, 2013 vs 2012 Increase (Decrease) | | | Year Ended December 31, 2012 vs 2011 Increase (Decrease) | | ||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| (In thousands) | | | Volume | | | Rate | | | Total | | | Volume | | | Rate | | | Total | | ||||||||||||||||||||||||
| Interest and dividend income: | | ||||||||||||||||||||||||||||||||||||||||||
| Interest earning deposits | | | | $ | 29 | | | | | $ | (11 | ) | | | | | $ | 18 | | | | | $ | 36 | | | | | $ | 6 | | | | | $ | 42 | | | |||||
| Securities | | | | | (2 | ) | | | | | | (7 | ) | | | | | | (9 | ) | | | | | | (56 | ) | | | | | | 8 | | | | | | (48 | ) | | | |
| Loans: | | ||||||||||||||||||||||||||||||||||||||||||
| Loans secured by non-residential properties | | | | | (57 | ) | | | | | | (41 | ) | | | | | | (98 | ) | | | | | | 24 | | | | | | (58 | ) | | | | | | (34 | ) | | | |
| Loans secured by residential properties | | | | | (13 | ) | | | | | | 54 | | | | | | 41 | | | | | | (50 | ) | | | | | | 64 | | | | | | 14 | | | ||||
| Construction, development and land loans | | | | | (118 | ) | | | | | | 1 | | | | | | (117 | ) | | | | | | (38 | ) | | | | | | 60 | | | | | | 22 | | | |||
| Commercial and industrial loans | | | | | (34 | ) | | | | | | (28 | ) | | | | | | (62 | ) | | | | | | (84 | ) | | | | | | (2 | ) | | | | | | (86 | ) | | |
| Consumer, personal and other loans | | | | | 13 | | | | | | (5 | ) | | | | | | 8 | | | | | | 14 | | | | | | (4 | ) | | | | | | 10 | | | ||||
| Total loans | | | | | (209 | ) | | | | | | (19 | ) | | | | | | (228 | ) | | | | | | (134 | ) | | | | | | 60 | | | | | | (74 | ) | | | |
| Total change in interest and dividend income | | | | | (182 | ) | | | | | | (37 | ) | | | | | | (219 | ) | | | | | | (154 | ) | | | | | | 74 | | | | | | (80 | ) | | | |
| Interest expense: | | ||||||||||||||||||||||||||||||||||||||||||
| Deposits: | | ||||||||||||||||||||||||||||||||||||||||||
| NOW | | | | | 1 | | | | | | (2 | ) | | | | | | (1 | ) | | | | | | (1 | ) | | | | | | — | | | | | | (1 | ) | | | ||
| Money market | | | | | 5 | | | | | | (10 | ) | | | | | | (5 | ) | | | | | | (7 | ) | | | | | | (20 | ) | | | | | | (27 | ) | | | |
| Savings | | | | | — | | | | | | (5 | ) | | | | | | (5 | ) | | | | | | 2 | | | | | | (4 | ) | | | | | | (2 | ) | | | ||
| Time | | | | | (4 | ) | | | | | | (12 | ) | | | | | | (16 | ) | | | | | | (12 | ) | | | | | | (25 | ) | | | | | | (37 | ) | | |
| Total deposits | | | | | 2 | | | | | | (29 | ) | | | | | | (27 | ) | | | | | | (18 | ) | | | | | | (49 | ) | | | | | | (67 | ) | | | |
| Total change in interest expense | | | | | 2 | | | | | | (29 | ) | | | | | | (27 | ) | | | | | | (18 | ) | | | | | | (49 | ) | | | | | | (67 | ) | | | |
| Change in net interest income | | | | $ | (184 | ) | | | | | $ | (8 | ) | | | | | $ | (192 | ) | | | | | $ | (136 | ) | | | | | $ | 123 | | | | | $ | (13 | ) | | | |
| | | | | | | | | | | | | | | | | | | | |
| | | | Nine Months Ended September 30, | | | Years Ended December 31, | | | 2013 / 2012 Nine Months Change | | | 2012 / 2011 Year Change | | ||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| (Dollars in thousands) | | | 2013 | | | 2012 | | | 2012 | | | 2011 | | | $ | | | % | | | $ | | | % | | ||||||||||||||||||||||||||||||||
| Service charges and fees | | | | $ | 65 | | | | | $ | 74 | | | | | $ | 101 | | | | | $ | 93 | | | | | $ | (9 | ) | | | | | | (12 | )% | | | | | $ | 8 | | | | | | 9 | % | | | |||||
| Recovery from legal settlement | | | | | — | | | | | | — | | | | | | — | | | | | | 796 | | | | | | — | | | | | | — | | | | | | (796 | ) | | | | | | (100 | ) | | | ||||||
| Other | | | | | 129 | | | | | | 130 | | | | | | 177 | | | | | | 172 | | | | | | (1 | ) | | | | | | (1 | ) | | | | | | 5 | | | | | | 3 | | | ||||||
| Total noninterest income | | | | $ | 194 | | | | | $ | 204 | | | | | $ | 278 | | | | | $ | 1,061 | | | | | $ | (10 | ) | | | | | | (5 | )% | | | | | $ | (783 | ) | | | | | | (74 | )% | | | ||||
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | Nine Months Ended September 30, | | | Years Ended December 31, | | | 2013 / 2012 Nine Months Change | | | 2012 / 2011 Year Change | | ||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| (Dollars in thousands) | | | 2013 | | | 2012 | | | 2012 | | | 2011 | | | $ | | | % | | | $ | | | % | | ||||||||||||||||||||||||||||||||
| Salaries and employee benefits | | | | $ | 1,241 | | | | | $ | 1,232 | | | | | $ | 1,624 | | | | | $ | 1,758 | | | | | $ | 9 | | | | | | 1 | % | | | | | $ | (134 | ) | | | | | | (8 | )% | | | |||||
| Loss and expenses on foreclosed real estate, net | | | | | 192 | | | | | | 251 | | | | | | 495 | | | | | | 335 | | | | | | (59 | ) | | | | | | (24 | ) | | | | | | 160 | | | | | | 48 | | | ||||||
| Professional services | | | | | 427 | | | ��� | | | 253 | | | | | | 394 | | | | | | 397 | | | | | | 174 | | | | | | 69 | | | | | | (3 | ) | | | | | | (1 | ) | | | ||||||
| Occupancy and equipment | | | | | 245 | | | | | | 253 | | | | | | 339 | | | | | | 327 | | | | | | (8 | ) | | | | | | (3 | ) | | | | | | 12 | | | | | | 4 | | | ||||||
| Insurance | | | | | 163 | | | | | | 150 | | | | | | 201 | | | | | | 203 | | | | | | 13 | | | | | | 9 | | | | | | (2 | ) | | | | | | (1 | ) | | | ||||||
| Data processing | | | | | 150 | | | | | | 120 | | | | | | 161 | | | | | | 151 | | | | | | 30 | | | | | | 25 | | | | | | 10 | | | | | | 7 | | | ||||||||
| FDIC insurance | | | | | 116 | | | | | | 117 | | | | | | 154 | | | | | | 178 | | | | | | (1 | ) | | | | | | (1 | ) | | | | | | (24 | ) | | | | | | (13 | ) | | | ||||
| Non-accrual loan expenses, net of recoveries | | | | | 2 | | | | | | (26 | ) | | | | | | (22 | ) | | | | | | 56 | | | | | | 28 | | | | | | 108 | | | | | | (78 | ) | | | | | | (139 | ) | | | ||||
| Other | | | | | 315 | | | | | | 355 | | | | | | 450 | | | | | | 465 | | | | | | (40 | ) | | | | | | (11 | ) | | | | | | (15 | ) | | | | | | (3 | ) | | | ||||
| Total noninterest expense | | | | $ | 2,851 | | | | | $ | 2,705 | | | | | $ | 3,796 | | | | | $ | 3,870 | | | | | $ | 146 | | | | | | 5 | % | | | | | $ | (74 | ) | | | | | | (2 | )% | | | |||||
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | At September 30, 2013 | | | At December 31, | | ||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | | | 2012 | | | 2011 | | ||||||||||||||||||||||||||||||||||||
| (Dollars in thousands) | | | Amount | | | Percent of Loan Portfolio | | | Amount | | | Percent of Loan Portfolio | | | Amount | | | Percent of Loan Portfolio | | ||||||||||||||||||||||||
| Real estate loans: | | ||||||||||||||||||||||||||||||||||||||||||
| Loans secured by residential properties | | | | $ | 6,861 | | | | | | 22.98 | % | | | | | $ | 7,951 | | | | | | 23.62 | % | | | | | $ | 8,129 | | | | | | 19.67 | % | | | |||
| Loans secured by non-residential properties | | | | | 8,873 | | | | | | 29.72 | | | | | | 10,298 | | | | | | 30.60 | | | | | | 10,684 | | | | | | 25.85 | | | ||||||
| Construction, development and land loans | | | | | 10,539 | | | | | | 35.30 | | | | | | 11,347 | | | | | | 33.71 | | | | | | 18,204 | | | | | | 44.04 | | | ||||||
| | | | | | 26,273 | | | | | | 88.00 | | | | | | 29,596 | | | | | | 87.93 | | | | | | 37,017 | | | | | | 89.56 | | | ||||||
| Commercial and industrial loans | | | | | 2,400 | | | | | | 8.04 | | | | | | 2,692 | | | | | | 8.00 | | | | | | 3,599 | | | | | | 8.71 | | | ||||||
| Consumer, personal and other loans | | | | | 1,184 | | | | | | 3.96 | | | | | | 1,368 | | | | | | 4.07 | | | | | | 714 | | | | | | 1.73 | | | ||||||
| Total loans | | | | $ | 29,857 | | | | | | 100.00 | % | | | | | $ | 33,656 | | | | | | 100.00 | % | | | | | $ | 41,330 | | | | | | 100.00 | % | | | |||
| | | | | | | | | | | | | | | | | | | | |
| | | | September 30, 2013 | | |||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| (In thousands) | | | Loans Secured by Non- Residential Properties | | | Construction, Development and Land Loans | | | Commercial and Industrial Loans | | | Total | | ||||||||||||||||
| Amounts due: | | ||||||||||||||||||||||||||||
| One year or less | | | | $ | 417 | | | | | $ | 7,604 | | | | | $ | 1,334 | | | | | $ | 9,355 | | | ||||
| After one year: | | ||||||||||||||||||||||||||||
| One to five years | | | | | 711 | | | | | | 900 | | | | | | 1,066 | | | | | | 2,677 | | | ||||
| Over five years | | | | | 7,745 | | | | | | 2,035 | | | | | | — | | | | | | 9,780 | | | ||||
| Total due after one year | | | | | 8,456 | | | | | | 2,935 | | | | | | 1,066 | | | | | | 12,457 | | | ||||
| Total | | | | $ | 8,873 | | | | | $ | 10,539 | | | | | $ | 2,400 | | | | | $ | 21,812 | | | ||||
| | | | | | | | | | | | | | |
| | | | December 31, 2012 | | |||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| (In thousands) | | | Loans Secured by Non- Residential Properties | | | Construction, Development and Land Loans | | | Commercial and Industrial Loans | | | Total | | ||||||||||||||||
| Amounts due: | | ||||||||||||||||||||||||||||
| One year or less | | | | $ | 1,113 | | | | | $ | 7,667 | | | | | $ | 1,131 | | | | | $ | 9,911 | | | ||||
| After one year: | | ||||||||||||||||||||||||||||
| One to five years | | | | | 631 | | | | | | 1,473 | | | | | | 1,561 | | | | | | 3,665 | | | ||||
| Over five years | | | | | 8,554 | | | | | | 2,207 | | | | | | — | | | | | | 10,761 | | | ||||
| Total due after one year | | | | | 9,185 | | | | | | 3,680 | | | | | | 1,561 | | | | | | 14,426 | | | ||||
| Total | | | | $ | 10,298 | | | | | $ | 11,347 | | | | | $ | 2,692 | | | | | $ | 24,337 | | | ||||
| | | | | | | | | | | | | | |
| | | | September 30, 2013 | | | December 31, 2012 | | ||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | | | Interest Rate | | | Total | | | Interest Rate | | | Total | | ||||||||||||||||||||||||||||||
| (In thousands) | | | Adjustable | | | Fixed | | | Adjustable | | | Fixed | | ||||||||||||||||||||||||||||||
| Loans secured by non-residential properties | | | | $ | 5,092 | | | | | $ | 3,364 | | | | | $ | 8,456 | | | | | $ | 5,288 | | | | | $ | 3,897 | | | | | $ | 9,185 | | | ||||||
| Construction, development and and land loans | | | | | 2,935 | | | | | | — | | | | | | 2,935 | | | | | | 3,613 | | | | | | 67 | | | | | | 3,680 | | | ||||||
| Commercial and industrial loans | | | | | — | | | | | | 1,066 | | | | | | 1,066 | | | | | | — | | | | | | 1,561 | | | | | | 1,561 | | | ||||||
| Total loans due after one year | | | | $ | 8,027 | | | | | $ | 4,430 | | | | | $ | 12,457 | | | | | $ | 8,901 | | | | | $ | 5,525 | | | | | $ | 14,426 | | | ||||||
| | | | | | | | | | | | | | | | | | | | |
| | | | At September 30, 2013 | | | At December 31, | | |||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| (In thousands) | | | 2012 | | | 2011 | | |||||||||||||||
| Nonaccrual loans: | | |||||||||||||||||||||
| Real estate loans: | | |||||||||||||||||||||
| Loans secured by residential properties | | | | $ | 1,398 | | | | | $ | 1,083 | | | | | $ | 1,550 | | | |||
| Loans secured by non-residential properties | | | | | 502 | | | | | | 453 | | | | | | 520 | | | |||
| Construction, development and land loans | | | | | 4,573 | | | | | | 5,387 | | | | | | 10,540 | | | |||
| Commercial and industrial loans | | | | | 554 | | | | | | 348 | | | | | | 357 | | | |||
| Consumer, personal and other loans | | | | | 73 | | | | | | — | | | | | | — | | | |||
| Total non accrual loans | | | | $ | 7,100 | | | | | $ | 7,271 | | | | | $ | 12,967 | | | |||
| Property acquired through foreclosure or repossession, net | | | | | 1,895 | | | | | | 3,270 | | | | | | 2,869 | | | |||
| Total nonperforming assets | | | | $ | 8,995 | | | | | $ | 10,541 | | | | | $ | 15,836 | | | |||
| Nonperforming assets to total assets | | | | | 12.92 | % | | | | | | 13.85 | % | | | | | | 20.72 | % | | |
| Nonaccrual loans to total loans | | | | | 23.78 | % | | | | | | 21.60 | % | | | | | | 31.37 | % | | |
| Total past due loans to total loans | | | | | 11.12 | % | | | | | | 10.24 | % | | | | | | 15.27 | % | | |
| Accruing loans 90 days or more past due | | | | $ | — | | | | | $ | — | | | | | $ | — | | | |||
| | | | | | | | | | | |
| (In thousands) | | | 31 – 60 Days Past Due | | | 61 – 90 Days Past Due | | | Greater Than 90 Days (Nonaccrual) | | | Total Past Due | | ||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| As of September 30, 2013 | | ||||||||||||||||||||||||||||
| Construction, development and land loans | | | | $ | — | | | | | $ | — | | | | | $ | 1,746 | | | | | $ | 1,746 | | | ||||
| Loans secured by residential properties | | | | | — | | | | | | — | | | | | | 779 | | | | | | 779 | | | ||||
| Loans secured by non-residential properties | | | | | — | | | | | | — | | | | | | 435 | | | | | | 435 | | | ||||
| Commercial and industrial loans | | | | | — | | | | | | — | | | | | | 280 | | | | | | 280 | | | ||||
| Consumer, personal and other loans | | | | | 7 | | | | | | — | | | | | | 73 | | | | | | 80 | | | ||||
| Total | | | | $ | 7 | | | | | $ | — | | | | | $ | 3,313 | | | | | $ | 3,320 | | | ||||
| As of December 31, 2012 | | ||||||||||||||||||||||||||||
| Construction, development and land loans | | | | $ | — | | | | | $ | — | | | | | $ | 2,248 | | | | | $ | 2,248 | | | ||||
| Loans secured by residential properties | | | | | — | | | | | | — | | | | | | 748 | | | | | | 748 | | | ||||
| Loans secured by non-residential properties | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | ||||
| Commercial and industrial loans | | | | | 75 | | | | | | — | | | | | | 300 | | | | | | 375 | | | ||||
| Consumer, personal and other loans | | | | | 75 | | | | | | — | | | | | | — | | | | | | 75 | | | ||||
| Total | | | | $ | 150 | | | | | $ | — | | | | | $ | 3,296 | | | | | $ | 3,446 | | | ||||
| As of December 31, 2011 | | ||||||||||||||||||||||||||||
| Construction, development and land loans | | | | $ | — | | | | | $ | 1,400 | | | | | $ | 3,736 | | | | | $ | 5,136 | | | ||||
| Loans secured by residential properties | | | | | — | | | | | | — | | | | | | 718 | | | | | | 718 | | | ||||
| Loans secured by non-residential properties | | | | | 53 | | | | | | 103 | | | | | | — | | | | | | 156 | | | ||||
| Commercial and industrial loans | | | | | 300 | | | | | | — | | | | | | — | | | | | | 300 | | | ||||
| Consumer, personal and other loans | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | ||||
| Total | | | | $ | 353 | | | | | $ | 1,503 | | | | | $ | 4,454 | | | | | $ | 6,310 | | | ||||
| | | | | | | | | | | | | | |
| | | | At Sept. 30, 2013 | | | At December 31, | | |||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| (In thousands) | | | 2012 | | | 2011 | | |||||||||||||||
| Accruing troubled debt restructured loans: | | |||||||||||||||||||||
| Loans secured by residential properties | | | | $ | — | | | | | $ | 652 | | | | | $ | — | | | |||
| Loans secured by non-residential properties | | | | | — | | | | | | 78 | | | | | | 93 | | | |||
| Construction, development and land loans | | | | | 224 | | | | | | 229 | | | | | | 483 | | | |||
| Consumer, personal and other loans | | | | | 252 | | | | | | 278 | | | | | | — | | | |||
| Commercial and industrial loans | | | | | 176 | | | | | | 100 | | | | | | — | | | |||
| Accruing troubled debt restructured loans | | | | | 652 | | | | | | 1,337 | | | | | | 576 | | | |||
| Nonaccrual troubled debt restructured loans: | | |||||||||||||||||||||
| Loans secured by residential properties | | | | | 1,336 | | | | | | 743 | | | | | | 786 | | | |||
| Loans secured by non-residential properties | | | | | 502 | | | | | | 453 | | | | | | 418 | | | |||
| Construction, development and land loans | | | | | 3,038 | | | | | | 3,144 | | | | | | 6,804 | | | |||
| Commercial and industrial loans | | | | | 43 | | | | | | 48 | | | | | | 57 | | | |||
| Nonaccrual troubled debt restructured loans | | | | | 4,919 | | | | | | 4,388 | | | | | | 8,065 | | | |||
| Total troubled debt restructured loans | | | | $ | 5,571 | | | | | $ | 5,725 | | | | | $ | 8,641 | | | |||
| | | | | | | | | | | |
| (In thousands) | | | Construction, Development and Land Loans | | | Loans Secured by Residential Properties | | | Loans Secured by Non- Residential Properties | | | Commercial and Industrial Loans | | | Consumer, Personal and Other Loans | | | Unallocated | | | Total | | ||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| September 30, 2013 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||
| Beginning balance | | | | $ | 283 | | | | | $ | 103 | | | | | $ | 250 | | | | | $ | 114 | | | | | $ | 36 | | | | | $ | 327 | | | | | $ | 1,113 | | | |||||||
| Charge-offs | | | | | (225 | ) | | | | | | — | | | | | | — | | | | | | (86 | ) | | | | | | — | | | | | | — | | | | | | (311 | ) | | | ||||
| Recoveries | | | | | — | | | | | | 80 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 80 | | | |||||||
| Provisions | | | | | 80 | | | | | | (113 | ) | | | | | | (114 | ) | | | | | | 140 | | | | | | 64 | | | | | | (57 | ) | | | | | | — | | | ||||
| Ending balance | | | | $ | 138 | | | | | $ | 70 | | | | | $ | 136 | | | | | $ | 168 | | | | | $ | 100 | | | | | $ | 270 | | | | | $ | 882 | | | |||||||
| Ratio of net charge-offs to average loans | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 0.73 | % | | | ||||||
| December 31, 2012 | | |||||||||||||||||||||||||||||||||||||||||||||||||
| Beginning balance | | | | $ | 475 | | | | | $ | 244 | | | | | $ | 268 | | | | | $ | 187 | | | | | $ | 29 | | | | | $ | 102 | | | | | $ | 1,305 | | | |||||||
| Charge-offs | | | | | (89 | ) | | | | | | (24 | ) | | | | | | — | | | | | | (80 | ) | | | | | | — | | | | | | — | | | | | | (193 | ) | | | |||
| Recoveries | | | | | — | | | | | | — | | | | | | — | | | | | | 1 | | | | | | — | | | | | | — | | | | | | 1 | | | |||||||
| Provisions | | | | | (103 | ) | | | | | | (117 | ) | | | | | | (18 | ) | | | | | | 6 | | | | | | 7 | | | | | | 225 | | | | | | — | | | ||||
| Ending balance | | | | $ | 283 | | | | | $ | 103 | | | | | $ | 250 | | | | | $ | 114 | | | | | $ | 36 | | | | | $ | 327 | | | | | $ | 1,113 | | | |||||||
| Ratio of net charge-offs to average loans | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 0.50 | % | | | ||||||
| December 31, 2011 | | |||||||||||||||||||||||||||||||||||||||||||||||||
| Beginning balance | | | | $ | 617 | | | | | $ | 338 | | | | | $ | 234 | | | | | $ | 739 | | | | | $ | 59 | | | | | $ | 47 | | | | | $ | 2,034 | | | |||||||
| Charge-offs | | | | | (1,191 | ) | | | | | | (55 | ) | | | | | | — | | | | | | (388 | ) | | | | | | — | | | | | | — | | | | | | (1,634 | ) | | | |||
| Recoveries | | | | | 1 | | | | | | — | | | | | | — | | | | | | 3 | | | | | | 1 | | | | | | — | | | | | | 5 | | | |||||||
| Provisions | | | | | 1,048 | | | | | | (39 | ) | | | | | | 34 | | | | | | (167 | ) | | | | | | (31 | ) | | | | | | 55 | | | | | | 900 | | | ||||
| Ending balance | | | | $ | 475 | | | | | $ | 244 | | | | | $ | 268 | | | | | $ | 187 | | | | | $ | 29 | | | | | $ | 102 | | | | | $ | 1,305 | | | |||||||
| Ratio of net charge-offs to average loans | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 3.52 | % | | | ||||||
| | | | | | | | | | | | | | | | | | | | | | | |
| | | | At December 31, | | |||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | | | 2013 | | | 2012 | | | 2011 | | |||||||||||||||||||||||||||||||||
| (In thousands) | | | Amortized Cost | | | Fair Value | | | Amortized Cost | | | Fair Value | | | Amortized Cost | | | Fair Value | | ||||||||||||||||||||||||
| Securities available for sale: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| U.S Government and agency obligations | | | | $ | 5,997 | | | | | $ | 5,688 | | | | | $ | 5,997 | | | | | $ | 6,005 | | | | | $ | 41,598 | | | | | $ | 41,749 | | | ||||||
| State agency and municipal obligations | | | | | 11,605 | | | | | | 12,132 | | | | | | 17,036 | | | | | | 18,531 | | | | | | 17,829 | | | | | | 19,198 | | | ||||||
| Corporate bonds | | | | | 9,166 | | | | | | 9,566 | | | | | | 13,681 | | | | | | 14,556 | | | | | | 25,365 | | | | | | 24,981 | | | ||||||
| Government mortgage-backed securities | | | | | 1,133 | | | | | | 1,211 | | | | | | 1,872 | | | | | | 1,966 | | | | | | 2,955 | | | | | | 3,143 | | | ||||||
| Total securities available for sale | | | | $ | 27,901 | | | | | $ | 28,597 | | | | | $ | 38,586 | | | | | $ | 41,058 | | | | | $ | 87,747 | | | | | $ | 89,071 | | | ||||||
| Securities held to maturity: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| U.S Government and agency obligations | | | | $ | 1,021 | | | | | $ | 1,019 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | ||||||
| State agency and municipal obligations | | | | | 11,461 | | | | | | 11,461 | | | | | | 3,903 | | | | | | 3,903 | | | | | | 3,962 | | | | | | 3,962 | | | ||||||
| Corporate bonds | | | | | 1,000 | | | | | | 973 | | | | | | 1,000 | | | | | | 904 | | | | | | 1,000 | | | | | | 843 | | | ||||||
| Government mortgage-backed securities | | | | | 334 | | | | | | 362 | | | | | | 451 | | | | | | 485 | | | | | | 939 | | | | | | 999 | | | ||||||
| Total securities held to maturity | | | | $ | 13,816 | | | | | $ | 13,815 | | | | | $ | 5,354 | | | | | $ | 5,292 | | | | | $ | 5,901 | | | | | $ | 5,804 | | | ||||||
| | | | | | | | | | | | | | | | | | | | |
| At December 31, 2013 | | | Due Within 1 Year | | | Due 1 – 5 Years | | | Due 5 – 10 Years | | | Due After 10 Years | | ||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| (Dollars in thousands) | | | Amount | | | Yield | | | Amount | | | Yield | | | Amount | | | Yield | | | Amount | | | Yield | | ||||||||||||||||||||||||||||||||
| Available for Sale: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| U.S. Government and agency obligations | | | | $ | — | | | | | | — | % | | | | | $ | 1,000 | | | | | | 1.29 | % | | | | | $ | 4,997 | | | | | | 1.51 | % | | | | | $ | — | | | | | | — | % | | | ||||
| State agency and municipal obligations | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 3,125 | | | | | | 4.07 | | | | | | 8,480 | | | | | | 4.20 | | | ||||||||
| Corporate bonds | | | | | 1,019 | | | | | | 6.38 | | | | | | 8,147 | | | | | | 4.05 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | ||||||||
| Government mortgage-backed securities | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,133 | | | | | | 5.23 | | | ||||||||
| Total available for sale securities | | | | $ | 1,019 | | | | | | 6.38 | % | | | | | $ | 9,147 | | | | | | 3.74 | % | | | | | $ | 8,122 | | | | | | 2.49 | % | | | | | $ | 9,613 | | | | | | 4.32 | % | | | ||||
| Held to Maturity: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| U.S. Government and agency obligations | | | | $ | — | | | | | | — | % | | | | | $ | 1,021 | | | | | | 1.38 | % | | | | | $ | — | | | | | | — | % | | | | | $ | — | | | | | | — | % | | | ||||
| State agency and municipal obligations | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 11,461 | | | | | | 4.50 | | | ||||||||
| Corporate bonds | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,000 | | | | | | 2.90 | | | | | | — | | | | | | — | | | ||||||||
| Government mortgage-backed securities | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 334 | | | | | | 5.50 | | | ||||||||
| Total held to maturity securities | | | | $ | — | | | | | | — | % | | | | | $ | 1,021 | | | | | | 1.38 | % | | | | | $ | 1,000 | | | | | | 2.90 | % | | | | | $ | 11,795 | | | | | | 4.53 | % | | | ||||
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| At December 31, 2012 | | | Due Within 1 Year | | | Due 1 – 5 Years | | | Due 5 – 10 Years | | | Due After 10 Years | | ||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| (Dollars in thousands) | | | Amount | | | Yield | | | Amount | | | Yield | | | Amount | | | Yield | | | Amount | | | Yield | | ||||||||||||||||||||||||||||||||
| Available for Sale: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| U.S. Government and agency obligations | | | | $ | — | | | | | | — | % | | | | | $ | — | | | | | | — | % | | | | | $ | 5,997 | | | | | | 1.47 | % | | | | | $ | — | | | | | | — | % | | | ||||
| State agency and municipal obligations | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 3,631 | | | | | | 3.92 | | | | | | 13,405 | | | | | | 4.25 | | | ||||||||
| Corporate bonds | | | | | 499 | | | | | | 4.80 | | | | | | 11,113 | | | | | | 3.72 | | | | | | 2,069 | | | | | | 4.97 | | | | | | — | | | | | | — | | | ||||||||
| Government mortgage-backed securities | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,872 | | | | | | 5.12 | | | ||||||||
| Total available for sale securities | | | | $ | 499 | | | | | | 4.80 | % | | | | | $ | 11,113 | | | | | | 3.72 | % | | | | | $ | 11,697 | | | | | | 2.85 | % | | | | | $ | 15,277 | | | | | | 4.36 | % | | | ||||
| Held to Maturity: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| State agency and municipal obligations | | | | $ | — | | | | | | — | % | | | | | $ | — | | | | | | — | % | | | | | $ | — | | | | | | — | % | | | | | $ | 3,903 | | | | | | 4.25 | % | | | ||||
| Corporate bonds | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,000 | | | | | | 2.00 | | | | | | — | | | | | | — | | | ||||||||
| Government mortgage-backed securities | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 451 | | | | | | 5.50 | | | ||||||||
| Total held to maturity securities | | | | $ | — | | | | | | — | % | | | | | $ | — | | | | | | — | % | | | | | $ | 1,000 | | | | | | 2.00 | % | | | | | $ | 4,354 | | | | | | 4.38 | % | | | ||||
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | At December 31, | | |||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | | | 2013 | | | 2012 | | | 2011 | | |||||||||||||||||||||||||||||||||||||||||||||||
| (Dollars in thousands) | | | Originated | | | Acquired | | | Total | | | Percent | | | Amount | | | Percent | | | Amount | | | Percent | | ||||||||||||||||||||||||||||||||
| Noninterest-bearing demand | | | | $ | 102,530 | | | | | $ | 16,088 | | | | | $ | 118,618 | | | | | | 17.93 | % | | | | | $ | 78,120 | | | | | | 16.91 | % | | | | | $ | 74,735 | | | | | | 20.36 | % | | | |||||
| NOW | | | | | 61,560 | | | | | | 12,092 | | | | | | 73,652 | | | | | | 11.13 | | | | | | 33,722 | | | | | | 7.30 | | | | | | 29,036 | | | | | | 7.91 | | | ||||||||
| Money Market | | | | | 143,033 | | | | | | 21,546 | | | | | | 164,579 | | | | | | 24.88 | | | | | | 94,090 | | | | | | 20.36 | | | | | | 81,202 | | | | | | 22.12 | | | ||||||||
| Savings | | | | | 99,225 | | | | | | 8,467 | | | | | | 107,692 | | | | | | 16.28 | | | | | | 136,101 | | | | | | 29.45 | | | | | | 61,864 | | | | | | 16.85 | | | ||||||||
| Time certificates of deposit | | | | | 158,071 | | | | | | 9,369 | | | | | | 167,440 | | | | | | 25.31 | | | | | | 75,466 | | | | | | 16.33 | | | | | | 83,346 | | | | | | 22.70 | | | ||||||||
| CDARS | | | | | 29,564 | | | | | | — | | | | | | 29,564 | | | | | | 4.47 | | | | | | 44,582 | | | | | | 9.65 | | | | | | 36,932 | | | | | | 10.06 | | | ||||||||
| Total deposits | | | | $ | 593,983 | | | | | $ | 67,562 | | | | | $ | 661,545 | | | | | | 100.00 | % | | | | | $ | 462,081 | | | | | | 100.00 | % | | | | | $ | 367,115 | | | | | | 100.00 | % | | | |||||
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | December 31, | | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| (In thousands) | | | 2013 | | | 2012 | | ||||||||
| Maturing:
| | | | $ | 71,221 | | | | | $ | 59,060 | | | ||
| After 3 but within 6 months | | | | | 22,236 | | | | | | 6,062 | | | ||
| After 6 months but within 1 year | | | | | 40,204 | | | | | | 11,505 | | | ||
| After 1 year | | | | | 17,152 | | | | | | 15,038 | | | ||
| | | | | $ | 150,813 | | | | | $ | 91,665 | | | ||
| | | | | | | | |
| (Dollars in thousands) | | | Year Ended December 31, | | ||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| As of and for the period ending: | | | 2013 | | | 2012 | | | 2011 | | ||||||||||||
| Average amount outstanding during the period | | | | $ | 39,167 | | | | | $ | 29,250 | | | | | $ | 10,417 | | | |||
| Amount outstanding at end of period | | | | | 12,000 | | | | | | 51,000 | | | | | | 29,000 | | | |||
| Highest month end balance during the period | | | | | 60,000 | | | | | | 51,000 | | | | | | 36,000 | | | |||
| Weighted average interest rate at end of period | | | | | 0.41 | % | | | | | | 0.21 | % | | | | | | 0.17 | % | | |
| Weighted average interest rate during the period | | | | | 0.28 | % | | | | | | 0.23 | % | | | | | | 0.24 | % | | |
| | | | | | | | | | | |
| | | | December 31, | | ||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| (In thousands) | | | 2013 | | | 2012 | | | 2011 | | ||||||||||||
| Available cash | | | | $ | 81,888 | | | | | $ | 28,777 | | | | | $ | 6,941 | | | |||
| Unpledged investment securities | | | | | 2,536 | | | | | | 5,426 | | | | | | 34,737 | | | |||
| Net borrowing capacity | | | | | 339,681 | | | | | | 159,801 | | | | | | 83,464 | | | |||
| Total liquidity | | | | $ | 424,105 | | | | | $ | 194,004 | | | | | $ | 125,142 | | | |||
| | | | | | | | | | | |
| | | | Payments Due by Period | | ||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| (In thousands) | | | Total | | | Less Than 1 Year | | | 1 – 3 Years | | | 4 – 5 Years | | | After 5 Years | | ||||||||||||||||||||
| Contractual Obligations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| FHLB advances | | | | $ | 44,000 | | | | | $ | 22,000 | | | | | $ | 2,000 | | | | | $ | 20,000 | | | | | $ | — | | | |||||
| Operating lease agreements | | | | | 10,897 | | | | | | 1,718 | | | | | | 2,910 | | | | | | 2,079 | | | | | | 4,190 | | | |||||
| Time deposits with stated maturity dates | | | | | 197,004 | | | | | | 173,265 | | | | | | 18,001 | | | | | | 5,738 | | | | | | — | | | |||||
| Total contractual obligations | | | | $ | 251,901 | | | | | $ | 196,983 | | | | | $ | 22,911 | | | | | $ | 27,817 | | | | | $ | 4,190 | | | |||||
| | | | | | | | | | | | | | | | | |
| As of December 31, 2013 | | | Amount of Commitment Expiration per Period | | ||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| (In thousands) | | | Total | | | Less Than 1 Year | | | 1 – 3 Years | | | 4 – 5 Years | | | After 5 Years | | ||||||||||||||||||||
| Other Commitments: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Loan commitments | | | | $ | 61,633 | | | | | $ | 35,236 | | | | | $ | 7,528 | | | | | $ | 5,267 | | | | | $ | 13,602 | | | |||||
| Undisbursed construction loans | | | | | 44,670 | | | | | | 7,613 | | | | | | 6,600 | | | | | | — | | | | | | 30,457 | | | |||||
| Unused home equity lines of credit | | | | | 11,575 | | | | | | 143 | | | | | | 823 | | | | | | 1,061 | | | | | | 9,548 | | | |||||
| Total other commitments | | | | $ | 117,878 | | | | | $ | 42,992 | | | | | $ | 14,951 | | | | | $ | 6,328 | | | | | $ | 53,607 | | | |||||
| | | | | | | | | | | | | | | | | |
| As of December 31, 2012 | | | Amount of Commitment Expiration per Period | | ||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| (In thousands) | | | Total | | | Less Than 1 Year | | | 1 – 3 Years | | | 4 – 5 Years | | | After 5 Years | | ||||||||||||||||||||
| Other Commitments: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Loan commitments | | | | $ | 39,339 | | | | | $ | 11,828 | | | | | $ | 4,679 | | | | | $ | 7,077 | | | | | $ | 15,755 | | | |||||
| Undisbursed construction loans | | | | | 54,705 | | | | | | 26,601 | | | | | | 6,350 | | | | | | 5,748 | | | | | | 16,006 | | | |||||
| Unused home equity lines of credit | | | | | 10,714 | | | | | | 127 | | | | | | — | | | | | | — | | | | | | 10,587 | | | |||||
| Total other commitments | | | | $ | 104,758 | | | | | $ | 38,556 | | | | | $ | 11,029 | | | | | $ | 12,825 | | | | | $ | 42,348 | | | |||||
| | | | | | | | | | | | | | | | | |
| Parallel Ramp | | | Estimated Percent Change in Net Interest Income | | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | | | At December 31, | | |||||||||||
| Rate Changes (basis points) | | | 2013 | | | 2012 | | ||||||||
| -100 | | | | | (0.73 | )% | | | | | | (0.58 | )% | | |
| +200 | | | | | (3.63 | ) | | | | | | (5.69 | ) | | |
| | | | | | | | |
| Parallel Shock | | | Estimated Percent Change in Net Interest Income | | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | | | At December 31, | | |||||||||||
| Rate Changes (basis points) | | | 2013 | | | 2012 | | ||||||||
| -100 | | | | | (1.97 | )% | | | | | | (1.55 | )% | | |
| +100 | | | | | (3.18 | ) | | | | | | (5.10 | ) | | |
| +200 | | | | | (5.93 | ) | | | | | | (9.92 | ) | | |
| +300 | | | | | (10.20 | ) | | | | | | (16.56 | ) | | |
| | | | | | | | |
| Parallel Shock | | | Estimated Percent Change in Economic Value of Equity | | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | | | At December 31, | | |||||||||||
| Rate Changes (basis points) | | | 2013 | | | 2012 | | ||||||||
| -100 | | | | | (4.30 | )% | | | | | | (4.39 | )% | | |
| +100 | | | | | (9.30 | ) | | | | | | (17.06 | ) | | |
| +200 | | | | | (20.10 | ) | | | | | | (34.69 | ) | | |
| +300 | | | | | (29.20 | ) | | | | | | (51.07 | ) | | |
| | | | | | | | |
| | | | Nine months ended September 30, | | |||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | | | 2013 | | | 2012 | | ||||||||||||||||||||||||||||||||||||
| | | | Average Balance | | | Interest | | | Yield / Rate | | | Average Balance | | | Interest | | | Yield / Rate | | ||||||||||||||||||||||||
| (Dollars in thousands) | | ||||||||||||||||||||||||||||||||||||||||||
| Assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Cash and due from banks | | | | $ | 1,979 | | | | | $ | — | | | | | | — | % | | | | | $ | 1,758 | | | | | $ | — | | | | | | — | % | | | ||||
| Interest earning deposits | | | | | 32,003 | | | | | | 117 | | | | | | 0.49 | | | | | | 23,198 | | | | | | 99 | | | | | | 0.57 | | | ||||||
| Securities(1) | | | | | 1,028 | | | | | | 2 | | | | | | 0.26 | | | | | | 1,246 | | | | | | 11 | | | | | | 1.18 | | | ||||||
| Loans: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Loans secured by non-residential properties | | | | | 9,010 | | | | | | 310 | | | | | | 4.60 | | | | | | 10,580 | | | | | | 408 | | | | | | 5.15 | | | ||||||
| Loans secured by residential properties | | | | | 7,498 | | | | | | 369 | | | | | | 6.58 | | | | | | 7,771 | | | | | | 328 | | | | | | 5.64 | | | ||||||
| Construction, development and land loans(2) | | | | | 11,369 | | | | | | 311 | | | | | | 3.66 | | | | | | 16,052 | | | | | | 428 | | | | | | 3.56 | | | ||||||
| Commercial and industrial loans | | | | | 2,538 | | | | | | 105 | | | | | | 5.53 | | | | | | 3,292 | | | | | | 167 | | | | | | 6.78 | | | ||||||
| Consumer, personal and other loans | | | | | 1,249 | | | | | | 64 | | | | | | 6.85 | | | | | | 976 | | | | | | 56 | | | | | | 7.66 | | | ||||||
| Total loans | | | | | 31,664 | | | | | | 1,159 | | | | | | 4.89 | | | | | | 38,671 | | | | | | 1,387 | | | | | | 4.79 | | | ||||||
| Total earning assets | | | | | 64,695 | | | | | $ | 1,278 | | | | | | 2.64 | % | | | | | | 63,115 | | | | | $ | 1,497 | | | | | | 3.17 | % | | | ||||
| Other assets | | | | | 6,835 | | | | | | | | | | | | | | | | | | 7,758 | | | | | | | | | | | | | | | ||||||
| Total assets | | | | $ | 73,509 | | | | | | | | | | | | | | | | | $ | 72,631 | | | | | | | | | | | | | | | ||||||
| Liabilities and shareholders’ equity: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Deposits: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Noninterest-bearing | | | | $ | 14,473 | | | | | $ | — | | | | | | — | % | | | | | $ | 13,894 | | | | | $ | — | | | | | | — | % | | | ||||
| NOW | | | | | 12,943 | | | | | | 5 | | | | | | 0.08 | | | | | | 11,577 | | | | | | 6 | | | | | | 0.10 | | | ||||||
| Money market | | | | | 22,061 | | | | | | 49 | | | | | | 0.45 | | | | | | 20,468 | | | | | | 54 | | | | | | 0.53 | | | ||||||
| Savings | | | | | 5,085 | | | | | | 3 | | | | | | 0.12 | | | | | | 5,018 | | | | | | 8 | | | | | | 0.32 | | | ||||||
| Time | | | | | 11,391 | | | | | | 49 | | | | | | 0.87 | | | | | | 12,264 | | | | | | 65 | | | | | | 1.06 | | | ||||||
| Total deposits | | | | | 65,953 | | | | | | 106 | | | | | | 0.32 | | | | | | 63,221 | | | | | | 133 | | | | | | 0.42 | | | ||||||
| Federal Home Loan Bank advances | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | ||||||
| Total funding liabilities | | | | | 65,953 | | | | | $ | 106 | | | | | | 0.32 | % | | | | | | 63,221 | | | | | $ | 133 | | | | | | 0.42 | % | | | ||||
| Other liabilities | | | | | 209 | | | | | | | | | | | | | | | | | | 210 | | | | | | | | | | | | | | | ||||||
| Shareholders’ equity | | | | | 7,347 | | | | | | | | | | | | | | | | | | 9,200 | | | | | | | | | | | | | | | ||||||
| Total liabilities and shareholders’ equity | | | | $ | 73,509 | | | | | | | | | | | | | | | | | $ | 72,631 | | | | | | | | | | | | | | | ||||||
| Net interest income | | | | | | | | | | $ | 1,172 | | | | | | | | | | | | | | | | | $ | 1,364 | | | | | | | | | ||||||
| Interest rate spread | | | | | | | | | | | | | | | | | 2.32 | % | | | | | | | | | | | | | | | | | | 2.75 | % | | | ||||
| Net interest margin(3) | | | | | | | | | | | | | | | | | 2.42 | % | | | | | | | | | | | | | | | | | | 2.89 | % | | | ||||
| | | | | | | | | | | | | | | | | | | | |
| | | | Years ended December 31, | | |||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | | | 2012 | | | 2011 | | ||||||||||||||||||||||||||||||||||||
| | | | Average Balance | | | Interest | | | Yield / Rate | | | Average Balance | | | Interest | | | Yield / Rate | | ||||||||||||||||||||||||
| (Dollars in thousands) | | ||||||||||||||||||||||||||||||||||||||||||
| Assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Cash and due from banks | | | | $ | 1,824 | | | | | $ | — | | | | | | — | % | | | | | $ | 1,650 | | | | | $ | — | | | | | | — | % | | | ||||
| Interest earning deposits | | | | | 24,076 | | | | | | 134 | | | | | | 0.56 | | | | | | 17,514 | | | | | | 92 | | | | | | 0.53 | | | ||||||
| Securities(1) | | | | | 1,222 | | | | | | 14 | | | | | | 1.15 | | | | | | 6,019 | | | | | | 62 | | | | | | 1.03 | | | ||||||
| Loans: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Loans secured by non-residential properties | | | | | 10,526 | | | | | | 541 | | | | | | 5.14 | | | | | | 10,129 | | | | | | 575 | | | | | | 5.68 | | | ||||||
| Loans secured by residential properties | | | | | 7,883 | | | | | | 411 | | | | | | 5.21 | | | | | | 9,600 | | | | | | 397 | | | | | | 4.14 | | | ||||||
| Construction, development and land loans(2) | | | | | 15,510 | | | | | | 558 | | | | | | 3.60 | | | | | | 21,173 | | | | | | 536 | | | | | | 2.53 | | | ||||||
| Commercial and industrial loans | | | | | 3,196 | | | | | | 214 | | | | | | 6.70 | | | | | | 4,444 | | | | | | 300 | | | | | | 6.75 | | | ||||||
| Consumer, personal and other loans | | | | | 1,093 | | | | | | 82 | | | | | | 7.50 | | | | | | 905 | | | | | | 72 | | | | | | 7.96 | | | ||||||
| Total loans | | | | | 38,208 | | | | | | 1,806 | | | | | | 4.73 | | | | | | 46,251 | | | | | | 1,880 | | | | | | 4.06 | | | ||||||
| Total earning assets | | | | | 63,506 | | | | | $ | 1,954 | | | | | | 3.08 | % | | | | | | 69,784 | | | | | $ | 2,034 | | | | | | 2.91 | % | | | ||||
| Other assets | | | | | 7,711 | | | | | | | | | | | | | | | | | | 7,017 | | | | | | | | | | | | | | | ||||||
| Total assets | | | | $ | 73,041 | | | | | | | | | | | | | | | | | $ | 78,451 | | | | | | | | | | | | | | | ||||||
| Liabilities and shareholders’ equity: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Deposits: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Noninterest-bearing | | | | $ | 14,009 | | | | | $ | — | | | | | | — | % | | | | | $ | 13,056 | | | | | $ | — | | | | | | — | % | | | ||||
| NOW | | | | | 11,669 | | | | | | 9 | | | | | | 0.08 | | | | | | 13,099 | | | | | | 10 | | | | | | 0.08 | | | ||||||
| Money market | | | | | 20,755 | | | | | | 73 | | | | | | 0.35 | | | | | | 22,365 | | | | | | 100 | | | | | | 0.45 | | | ||||||
| Savings | | | | | 5,057 | | | | | | 10 | | | | | | 0.20 | | | | | | 4,560 | | | | | | 12 | | | | | | 0.26 | | | ||||||
| Time | | | | | 12,319 | | | | | | 85 | | | | | | 0.69 | | | | | | 13,806 | | | | | | 122 | | | | | | 0.88 | | | ||||||
| Total deposits | | | | | 63,809 | | | | | | 177 | | | | | | 0.28 | | | | | | 66,886 | | | | | | 244 | | | | | | 0.36 | | | ||||||
| Federal Home Loan Bank advances | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | ||||||
| Total funding liabilities | | | | | 63,809 | | | | | $ | 177 | | | | | | 0.28 | % | | | | | | 66,886 | | | | | $ | 244 | | | | | | 0.36 | % | | | ||||
| Other liabilities | | | | | 222 | | | | | | | | | | | | | | | | | | 251 | | | | | | | | | | | | | | | ||||||
| Shareholders’ equity | | | | | 9,010 | | | | | | | | | | | | | | | | | | 11,314 | | | | | | | | | | | | | | | ||||||
| Total liabilities and shareholders’ equity | | | | $ | 73,041 | | | | | | | | | | | | | | | | | $ | 78,451 | | | | | | | | | | | | | | | ||||||
| Net interest income | | | | | | | | | | $ | 1,777 | | | | | | | | | | | | | | | | | $ | 1,790 | | | | | | | | | ||||||
| Interest rate spread | | | | | | | | | | | | | | | | | 2.80 | % | | | | | | | | | | | | | | | | | | 2.55 | % | | | ||||
| Net interest margin(3) | | | | | | | | | | | | | | | | | 2.80 | % | | | | | | | | | | | | | | | | | | 2.57 | % | | | ||||
| | | | | | | | | | | | | | | | | | | | |
| | | | Nine Months Ended Sept. 30, 2013 vs 2012 Increase (Decrease) | | | Year Ended December 31, 2012 vs 2011 Increase (Decrease) | | ||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| (In thousands) | | | Volume | | | Rate | | | Total | | | Volume | | | Rate | | | Total | | ||||||||||||||||||||||||
| Interest and dividend income: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Interest earning deposits | | | | $ | 29 | | | | | $ | (11 | ) | | | | | $ | 18 | | | | | $ | 36 | | | | | $ | 6 | | | | | $ | 42 | | | |||||
| Securities | | | | | (2 | ) | | | | | | (7 | ) | | | | | | (9 | ) | | | | | | (56 | ) | | | | | | 8 | | | | | | (48 | ) | | | |
| Loans: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Loans secured by non-residential properties | | | | | (57 | ) | | | | | | (41 | ) | | | | | | (98 | ) | | | | | | 24 | | | | | | (58 | ) | | | | | | (34 | ) | | | |
| Loans secured by residential properties | | | | | (13 | ) | | | | | | 54 | | | | | | 41 | | | | | | (50 | ) | | | | | | 64 | | | | | | 14 | | | ||||
| Construction, development and land loans | | | | | (118 | ) | | | | | | 1 | | | | | | (117 | ) | | | | | | (38 | ) | | | | | | 60 | | | | | | 22 | | | |||
| Commercial and industrial loans | | | | | (34 | ) | | | | | | (28 | ) | | | | | | (62 | ) | | | | | | (84 | ) | | | | | | (2 | ) | | | | | | (86 | ) | | |
| Consumer, personal and other loans | | | | | 13 | | | | | | (5 | ) | | | | | | 8 | | | | | | 14 | | | | | | (4 | ) | | | | | | 10 | | | ||||
| Total loans | | | | | (209 | ) | | | | | | (19 | ) | | | | | | (228 | ) | | | | | | (134 | ) | | | | | | 60 | | | | | | (74 | ) | | | |
| Total change in interest and dividend income | | | | | (182 | ) | | | | | | (37 | ) | | | | | | (219 | ) | | | | | | (154 | ) | | | | | | 74 | | | | | | (80 | ) | | | |
| Interest expense: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Deposits: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| NOW | | | | | 1 | | | | | | (2 | ) | | | | | | (1 | ) | | | | | | (1 | ) | | | | | | — | | | | | | (1 | ) | | | ||
| Money market | | | | | 5 | | | | | | (10 | ) | | | | | | (5 | ) | | | | | | (7 | ) | | | | | | (20 | ) | | | | | | (27 | ) | | | |
| Savings | | | | | — | | | | | | (5 | ) | | | | | | (5 | ) | | | | | | 2 | | | | | | (4 | ) | | | | | | (2 | ) | | | ||
| Time | | | | | (4 | ) | | | | | | (12 | ) | | | | | | (16 | ) | | | | | | (12 | ) | | | | | | (25 | ) | | | | | | (37 | ) | | |
| Total deposits | | | | | 2 | | | | | | (29 | ) | | | | | | (27 | ) | | | | | | (18 | ) | | | | | | (49 | ) | | | | | | (67 | ) | | | |
| Total change in interest expense | | | | | 2 | | | | | | (29 | ) | | | | | | (27 | ) | | | | | | (18 | ) | | | | | | (49 | ) | | | | | | (67 | ) | | | |
| Change in net interest income | | | | $ | (184 | ) | | | | | $ | (8 | ) | | | | | $ | (192 | ) | | | | | $ | (136 | ) | | | | | $ | 123 | | | | | $ | (13 | ) | | | |
| | | | | | | | | | | | | | | | | | | | |
| | | | Nine Months Ended September 30, | | | Years Ended December 31, | | | 2013 / 2012 Nine Months Change | | | 2012 / 2011 Year Change | | ||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| (Dollars in thousands) | | | 2013 | | | 2012 | | | 2012 | | | 2011 | | | $ | | | % | | | $ | | | % | | ||||||||||||||||||||||||||||||||
| Service charges and fees | | | | $ | 65 | | | | | $ | 74 | | | | | $ | 101 | | | | | $ | 93 | | | | | $ | (9 | ) | | | | | | (12 | )% | | | | | $ | 8 | | | | | | 9 | % | | | |||||
| Recovery from legal settlement | | | | | — | | | | | | — | | | | | | — | | | | | | 796 | | | | | | — | | | | | | — | | | | | | (796 | ) | | | | | | (100 | ) | | | ||||||
| Other | | | | | 129 | | | | | | 130 | | | | | | 177 | | | | | | 172 | | | | | | (1 | ) | | | | | | (1 | ) | | | | | | 5 | | | | | | 3 | | | ||||||
| Total noninterest income | | | | $ | 194 | | | | | $ | 204 | | | | | $ | 278 | | | | | $ | 1,061 | | | | | $ | (10 | ) | | | | | | (5 | )% | | | | | $ | (783 | ) | | | | | | (74 | )% | | | ||||
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | Nine Months Ended September 30, | | | Years Ended December 31, | | | 2013 / 2012 Nine Months Change | | | 2012 / 2011 Year Change | | ||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| (Dollars in thousands) | | | 2013 | | | 2012 | | | 2012 | | | 2011 | | | $ | | | % | | | $ | | | % | | ||||||||||||||||||||||||||||||||
| Salaries and employee benefits | | | | $ | 1,241 | | | | | $ | 1,232 | | | | | $ | 1,624 | | | | | $ | 1,758 | | | | | $ | 9 | | | | | | 1 | % | | | | | $ | (134 | ) | | | | | | (8 | )% | | | |||||
| Loss and expenses on foreclosed real estate, net | | | | | 192 | | | | | | 251 | | | | | | 495 | | | | | | 335 | | | | | | (59 | ) | | | | | | (24 | ) | | | | | | 160 | | | | | | 48 | | | ||||||
| Professional services | | | | | 427 | | | | | | 253 | | | | | | 394 | | | | | | 397 | | | | | | 174 | | | | | | 69 | | | | | | (3 | ) | | | | | | (1 | ) | | | ||||||
| Occupancy and equipment | | | | | 245 | | | | | | 253 | | | | | | 339 | | | | | | 327 | | | | | | (8 | ) | | | | | | (3 | ) | | | | | | 12 | | | | | | 4 | | | ||||||
| Insurance | | | | | 163 | | | | | | 150 | | | | | | 201 | | | | | | 203 | | | | | | 13 | | | | | | 9 | | | | | | (2 | ) | | | | | | (1 | ) | | | ||||||
| Data processing | | | | | 150 | | | | | | 120 | | | | | | 161 | | | | | | 151 | | | | | | 30 | | | | | | 25 | | | | | | 10 | | | | | | 7 | | | ||||||||
| FDIC insurance | | | | | 116 | | | | | | 117 | | | | | | 154 | | | | | | 178 | | | | | | (1 | ) | | | | | | (1 | ) | | | | | | (24 | ) | | | | | | (13 | ) | | | ||||
| Non-accrual loan expenses, net of recoveries | | | | | 2 | | | | | | (26 | ) | | | | | | (22 | ) | | | | | | 56 | | | | | | 28 | | | | | | 108 | | | | | | (78 | ) | | | | | | (139 | ) | | | ||||
| Other | | | | | 315 | | | | | | 355 | | | | | | 450 | | | | | | 465 | | | | | | (40 | ) | | | | | | (11 | ) | | | | | | (15 | ) | | | | | | (3 | ) | | | ||||
| Total noninterest expense | | | | $ | 2,851 | | | | | $ | 2,705 | | | | | $ | 3,796 | | | | | $ | 3,870 | | | | | $ | 146 | | | | | | 5 | % | | | | | $ | (74 | ) | | | | | | (2 | )% | | | |||||
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | At September 30, 2013 | | | At December 31, | | ||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | | | 2012 | | | 2011 | | ||||||||||||||||||||||||||||||||||||
| (Dollars in thousands) | | | Amount | | | Percent of Loan Portfolio | | | Amount | | | Percent of Loan Portfolio | | | Amount | | | Percent of Loan Portfolio | | ||||||||||||||||||||||||
| Real estate loans: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Loans secured by residential properties | | | | $ | 6,861 | | | | | | 22.98 | % | | | | | $ | 7,951 | | | | | | 23.62 | % | | | | | $ | 8,129 | | | | | | 19.67 | % | | | |||
| Loans secured by non-residential properties | | | | | 8,873 | | | | | | 29.72 | | | | | | 10,298 | | | | | | 30.60 | | | | | | 10,684 | | | | | | 25.85 | | | ||||||
| Construction, development and land loans | | | | | 10,539 | | | | | | 35.30 | | | | | | 11,347 | | | | | | 33.71 | | | | | | 18,204 | | | | | | 44.04 | | | ||||||
| | | | | | 26,273 | | | | | | 88.00 | | | | | | 29,596 | | | | | | 87.93 | | | | | | 37,017 | | | | | | 89.56 | | | ||||||
| Commercial and industrial loans | | | | | 2,400 | | | | | | 8.04 | | | | | | 2,692 | | | | | | 8.00 | | | | | | 3,599 | | | | | | 8.71 | | | ||||||
| Consumer, personal and other loans | | | | | 1,184 | | | | | | 3.96 | | | | | | 1,368 | | | | | | 4.07 | | | | | | 714 | | | | | | 1.73 | | | ||||||
| Total loans | | | | $ | 29,857 | | | | | | 100.00 | % | | | | | $ | 33,656 | | | | | | 100.00 | % | | | | | $ | 41,330 | | | | | | 100.00 | % | | | |||
| | | | | | | | | | | | | | | | | | | | |
| | | | September 30, 2013 | | |||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| (In thousands) | | | Loans Secured by Non- Residential Properties | | | Construction, Development and Land Loans | | | Commercial and Industrial Loans | | | Total | | ||||||||||||||||
| Amounts due: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| One year or less | | | | $ | 417 | | | | | $ | 7,604 | | | | | $ | 1,334 | | | | | $ | 9,355 | | | ||||
| After one year: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| One to five years | | | | | 711 | | | | | | 900 | | | | | | 1,066 | | | | | | 2,677 | | | ||||
| Over five years | | | | | 7,745 | | | | | | 2,035 | | | | | | — | | | | | | 9,780 | | | ||||
| Total due after one year | | | | | 8,456 | | | | | | 2,935 | | | | | | 1,066 | | | | | | 12,457 | | | ||||
| Total | | | | $ | 8,873 | | | | | $ | 10,539 | | | | | $ | 2,400 | | | | | $ | 21,812 | | | ||||
| | | | | | | | | | | | | | |
| | | | December 31, 2012 | | |||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| (In thousands) | | | Loans Secured by Non- Residential Properties | | | Construction, Development and Land Loans | | | Commercial and Industrial Loans | | | Total | | ||||||||||||||||
| Amounts due: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| One year or less | | | | $ | 1,113 | | | | | $ | 7,667 | | | | | $ | 1,131 | | | | | $ | 9,911 | | | ||||
| After one year: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| One to five years | | | | | 631 | | | | | | 1,473 | | | | | | 1,561 | | | | | | 3,665 | | | ||||
| Over five years | | | | | 8,554 | | | | | | 2,207 | | | | | | — | | | | | | 10,761 | | | ||||
| Total due after one year | | | | | 9,185 | | | | | | 3,680 | | | | | | 1,561 | | | | | | 14,426 | | | ||||
| Total | | | | $ | 10,298 | | | | | $ | 11,347 | | | | | $ | 2,692 | | | | | $ | 24,337 | | | ||||
| | | | | | | | | | | | | | |
| | | | September 30, 2013 | | | December 31, 2012 | | ||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | | | Interest Rate | | | Total | | | Interest Rate | | | Total | | ||||||||||||||||||||||||||||||
| (In thousands) | | | Adjustable | | | Fixed | | | Adjustable | | | Fixed | | ||||||||||||||||||||||||||||||
| Loans secured by non-residential properties | | | | $ | 5,092 | | | | | $ | 3,364 | | | | | $ | 8,456 | | | | | $ | 5,288 | | | | | $ | 3,897 | | | | | $ | 9,185 | | | ||||||
| Construction, development and and land loans | | | | | 2,935 | | | | | | — | | | | | | 2,935 | | | | | | 3,613 | | | | | | 67 | | | | | | 3,680 | | | ||||||
| Commercial and industrial loans | | | | | — | | | | | | 1,066 | | | | | | 1,066 | | | | | | — | | | | | | 1,561 | | | | | | 1,561 | | | ||||||
| Total loans due after one year | | | | $ | 8,027 | | | | | $ | 4,430 | | | | | $ | 12,457 | | | | | $ | 8,901 | | | | | $ | 5,525 | | | | | $ | 14,426 | | | ||||||
| | | | | | | | | | | | | | | | | | | | |
| | | | At September 30, 2013 | | | At December 31, | | |||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| (In thousands) | | | 2012 | | | 2011 | | |||||||||||||||
| Nonaccrual loans: | | | | | | | | | | | | | | | | | | | | | | |
| Real estate loans: | | | | | | | | | | | | | | | | | | | | | | |
| Loans secured by residential properties | | | | $ | 1,398 | | | | | $ | 1,083 | | | | | $ | 1,550 | | | |||
| Loans secured by non-residential properties | | | | | 502 | | | | | | 453 | | | | | | 520 | | | |||
| Construction, development and land loans | | | | | 4,573 | | | | | | 5,387 | | | | | | 10,540 | | | |||
| Commercial and industrial loans | | | | | 554 | | | | | | 348 | | | | | | 357 | | | |||
| Consumer, personal and other loans | | | | | 73 | | | | | | — | | | | | | — | | | |||
| Total non accrual loans | | | | $ | 7,100 | | | | | $ | 7,271 | | | | | $ | 12,967 | | | |||
| Property acquired through foreclosure or repossession, net | | | | | 1,895 | | | | | | 3,270 | | | | | | 2,869 | | | |||
| Total nonperforming assets | | | | $ | 8,995 | | | | | $ | 10,541 | | | | | $ | 15,836 | | | |||
| Nonperforming assets to total assets | | | | | 12.92 | % | | | | | | 13.85 | % | | | | | | 20.72 | % | | |
| Nonaccrual loans to total loans | | | | | 23.78 | % | | | | | | 21.60 | % | | | | | | 31.37 | % | | |
| Total past due loans to total loans | | | | | 11.12 | % | | | | | | 10.24 | % | | | | | | 15.27 | % | | |
| Accruing loans 90 days or more past due | | | | $ | — | | | | | $ | — | | | | | $ | — | | | |||
| | | | | | | | | | | |
| (In thousands) | | | 31 – 60 Days Past Due | | | 61 – 90 Days Past Due | | | Greater Than 90 Days (Nonaccrual) | | | Total Past Due | | ||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| As of September 30, 2013 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Construction, development and land loans | | | | $ | — | | | | | $ | — | | | | | $ | 1,746 | | | | | $ | 1,746 | | | ||||
| Loans secured by residential properties | | | | | — | | | | | | — | | | | | | 779 | | | | | | 779 | | | ||||
| Loans secured by non-residential properties | | | | | — | | | | | | — | | | | | | 435 | | | | | | 435 | | | ||||
| Commercial and industrial loans | | | | | — | | | | | | — | | | | | | 280 | | | | | | 280 | | | ||||
| Consumer, personal and other loans | | | | | 7 | | | | | | — | | | | | | 73 | | | | | | 80 | | | ||||
| Total | | | | $ | 7 | | | | | $ | — | | | | | $ | 3,313 | | | | | $ | 3,320 | | | ||||
| As of December 31, 2012 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Construction, development and land loans | | | | $ | — | | | | | $ | — | | | | | $ | 2,248 | | | | | $ | 2,248 | | | ||||
| Loans secured by residential properties | | | | | — | | | | | | — | | | | | | 748 | | | | | | 748 | | | ||||
| Loans secured by non-residential properties | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | ||||
| Commercial and industrial loans | | | | | 75 | | | | | | — | | | | | | 300 | | | | | | 375 | | | ||||
| Consumer, personal and other loans | | | | | 75 | | | | | | — | | | | | | — | | | | | | 75 | | | ||||
| Total | | | | $ | 150 | | | | | $ | — | | | | | $ | 3,296 | | | | | $ | 3,446 | | | ||||
| As of December 31, 2011 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Construction, development and land loans | | | | $ | — | | | | | $ | 1,400 | | | | | $ | 3,736 | | | | | $ | 5,136 | | | ||||
| Loans secured by residential properties | | | | | — | | | | | | — | | | | | | 718 | | | | | | 718 | | | ||||
| Loans secured by non-residential properties | | | | | 53 | | | | | | 103 | | | | | | — | | | | | | 156 | | | ||||
| Commercial and industrial loans | | | | | 300 | | | | | | — | | | | | | — | | | | | | 300 | | | ||||
| Consumer, personal and other loans | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | ||||
| Total | | | | $ | 353 | | | | | $ | 1,503 | | | | | $ | 4,454 | | | | | $ | 6,310 | | | ||||
| | | | | | | | | | | | | | |
| | | | At Sept. 30, 2013 | | | At December 31, | | |||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| (In thousands) | | | 2012 | | | 2011 | | |||||||||||||||
| Accruing troubled debt restructured loans: | | | | | | | | | | | | | | | | | | | | | | |
| Loans secured by residential properties | | | | $ | — | | | | | $ | 652 | | | | | $ | — | | | |||
| Loans secured by non-residential properties | | | | | — | | | | | | 78 | | | | | | 93 | | | |||
| Construction, development and land loans | | | | | 224 | | | | | | 229 | | | | | | 483 | | | |||
| Consumer, personal and other loans | | | | | 252 | | | | | | 278 | | | | | | — | | | |||
| Commercial and industrial loans | | | | | 176 | | | | | | 100 | | | | | | — | | | |||
| Accruing troubled debt restructured loans | | | | | 652 | | | | | | 1,337 | | | | | | 576 | | | |||
| Nonaccrual troubled debt restructured loans: | | | | | | | | | | | | | | | | | | | | | | |
| Loans secured by residential properties | | | | | 1,336 | | | | | | 743 | | | | | | 786 | | | |||
| Loans secured by non-residential properties | | | | | 502 | | | | | | 453 | | | | | | 418 | | | |||
| Construction, development and land loans | | | | | 3,038 | | | | | | 3,144 | | | | | | 6,804 | | | |||
| Commercial and industrial loans | | | | | 43 | | | | | | 48 | | | | | | 57 | | | |||
| Nonaccrual troubled debt restructured loans | | | | | 4,919 | | | | | | 4,388 | | | | | | 8,065 | | | |||
| Total troubled debt restructured loans | | | | $ | 5,571 | | | | | $ | 5,725 | | | | | $ | 8,641 | | | |||
| | | | | | | | | | | |
| (In thousands) | | | Construction, Development and Land Loans | | | Loans Secured by Residential Properties | | | Loans Secured by Non- Residential Properties | | | Commercial and Industrial Loans | | | Consumer, Personal and Other Loans | | | Unallocated | | | Total | | ||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| September 30, 2013 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||
| Beginning balance | | | | $ | 283 | | | | | $ | 103 | | | | | $ | 250 | | | | | $ | 114 | | | | | $ | 36 | | | | | $ | 327 | | | | | $ | 1,113 | | | |||||||
| Charge-offs | | | | | (225 | ) | | | | | | — | | | | | | — | | | | | | (86 | ) | | | | | | — | | | | | | — | | | | | | (311 | ) | | | ||||
| Recoveries | | | | | — | | | | | | 80 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 80 | | | |||||||
| Provisions | | | | | 80 | | | | | | (113 | ) | | | | | | (114 | ) | | | | | | 140 | | | | | | 64 | | | | | | (57 | ) | | | | | | — | | | ||||
| Ending balance | | | | $ | 138 | | | | | $ | 70 | | | | | $ | 136 | | | | | $ | 168 | | | | | $ | 100 | | | | | $ | 270 | | | | | $ | 882 | | | |||||||
| Ratio of net charge-offs to average loans | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 0.73 | % | | | ||||||
| December 31, 2012 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Beginning balance | | | | $ | 475 | | | | | $ | 244 | | | | | $ | 268 | | | | | $ | 187 | | | | | $ | 29 | | | | | $ | 102 | | | | | $ | 1,305 | | | |||||||
| Charge-offs | | | | | (89 | ) | | | | | | (24 | ) | | | | | | — | | | | | | (80 | ) | | | | | | — | | | | | | — | | | | | | (193 | ) | | | |||
| Recoveries | | | | | — | | | | | | — | | | | | | — | | | | | | 1 | | | | | | — | | | | | | — | | | | | | 1 | | | |||||||
| Provisions | | | | | (103 | ) | | | | | | (117 | ) | | | | | | (18 | ) | | | | | | 6 | | | | | | 7 | | | | | | 225 | | | | | | — | | | ||||
| Ending balance | | | | $ | 283 | | | | | $ | 103 | | | | | $ | 250 | | | | | $ | 114 | | | | | $ | 36 | | | | | $ | 327 | | | | | $ | 1,113 | | | |||||||
| Ratio of net charge-offs to average loans | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 0.50 | % | | | ||||||
| December 31, 2011 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Beginning balance | | | | $ | 617 | | | | | $ | 338 | | | | | $ | 234 | | | | | $ | 739 | | | | | $ | 59 | | | | | $ | 47 | | | | | $ | 2,034 | | | |||||||
| Charge-offs | | | | | (1,191 | ) | | | | | | (55 | ) | | | | | | — | | | | | | (388 | ) | | | | | | — | | | | | | — | | | | | | (1,634 | ) | | | |||
| Recoveries | | | | | 1 | | | | | | — | | | | | | — | | | | | | 3 | | | | | | 1 | | | | | | — | | | | | | 5 | | | |||||||
| Provisions | | | | | 1,048 | | | | | | (39 | ) | | | | | | 34 | | | | | | (167 | ) | | | | | | (31 | ) | | | | | | 55 | | | | | | 900 | | | ||||
| Ending balance | | | | $ | 475 | | | | | $ | 244 | | | | | $ | 268 | | | | | $ | 187 | | | | | $ | 29 | | | | | $ | 102 | | | | | $ | 1,305 | | | |||||||
| Ratio of net charge-offs to average loans | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 3.52 | % | | | ||||||
| | | | | | | | | | | | | | | | | | | | | | | |
| | | | At September 30, 2013 | | | At December 31, | | | | | At September 30, 2013 | | | At December 31, | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | | | 2012 | | 2011 | | | | | 2012 | | 2011 | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| (Dollars in thousands) | | | Amount | | Percent | | Amount | | Percent | | Amount | | Percent | | (Dollars in thousands) | | | Amount | | Percent | | Amount | | Percent | | Amount | | Percent | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Noninterest-bearing demand | | | | $ | 13,422 | | | | | 21.41 | % | | | | $ | 14,086 | | | | | 20.75 | % | | | | $ | 15,533 | | | | | 23.38 | % | | | Noninterest-bearing demand | | | | $ | 13,422 | | | | | 21.41 | % | | | | $ | 14,086 | | | | | 20.75 | % | | | | $ | 15,533 | | | | | 23.38 | % | | | ||||||||||||||||
| Interest bearing accounts: | | Interest bearing accounts: | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| NOW, money market and savings | | | | | 38,831 | | | | | 61.94 | | | | | 41,481 | | | | | 61.11 | | | | | 38,745 | | | | | 58.31 | | | NOW, money market and savings | | | | | 38,831 | | | | | 61.94 | | | | | 41,481 | | | | | 61.11 | | | | | 38,745 | | | | | 58.31 | | | ||||||||||||||||||||||
| Time certificates of deposit | | | | | 10,441 | | | | | 16.65 | | | | | 12,314 | | | | | 18.14 | | | | | 12,170 | | | | | 18.32 | | | Time certificates of deposit | | | | | 10,441 | | | | | 16.65 | | | | | 12,314 | | | | | 18.14 | | | | | 12,170 | | | | | 18.32 | | | ||||||||||||||||||||||
| Total deposits | | | | $ | 62,694 | | | | | 100.00 | % | | | | $ | 67,881 | | | | | 100.00 | % | | | | $ | 66,448 | | | | | 100.00 | % | | | Total deposits | | | | $ | 62,694 | | | | | 100.00 | % | | | | $ | 67,881 | | | | | 100.00 | % | | | | $ | 66,448 | | | | | 100.00 | % | | | ||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| As of September 30, 2013 | | | Amount of Commitment Expiration per Period | | As of September 30, 2013 | | | Amount of Commitment Expiration per Period | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| (In thousands) | | | Total | | Less Than 1 Year | | 1 – 3 Years | | 4 – 5 Years | | After 5 Years | | (In thousands) | | | Total | | Less Than 1 Year | | 1 – 3 Years | | 4 – 5 Years | | After 5 Years | | ||||||||||||||||||||||||||||||||||||||||||||||||
| Commitments to extend credit: | | Commitments to extend credit: | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Undisbursed home equity lines of credit | | | | $ | 3,381 | | | | $ | 207 | | | | $ | 490 | | | | $ | 1,478 | | | | $ | 1,206 | | | Undisbursed home equity lines of credit | | | | $ | 3,381 | | | | $ | 207 | | | | $ | 490 | | | | $ | 1,478 | | | | $ | 1,206 | | | ||||||||||||||||||
| Undisbursed loans secured by real estate | | | | | 1,982 | | | | | 676 | | | | | 800 | | | | | — | | | | | 506 | | | Undisbursed loans secured by real estate | | | | | 1,982 | | | | | 676 | | | | | 800 | | | | | — | | | | | 506 | | | ||||||||||||||||||
| Future loan commitments | | | | | 481 | | | | | 248 | | | | | 233 | | | | | — | | | | | — | | | Future loan commitments | | | | | 481 | | | | | 248 | | | | | 233 | | | | | — | | | | | — | | | ||||||||||||||||||
| Undisbursed commercial lines of credit | | | | | 1,699 | | | | | 1,669 | | | | | 30 | | | | | — | | | | | — | | | Undisbursed commercial lines of credit | | | | | 1,699 | | | | | 1,669 | | | | | 30 | | | | | — | | | | | — | | | ||||||||||||||||||
| Overdraft protection lines | | | | | 565 | | | | | — | | | | | — | | | | | — | | | | | 565 | | | Overdraft protection lines | | | | | 565 | | | | | — | | | | | — | | | | | — | | | | | 565 | | | ||||||||||||||||||
| Total other commitments | | | | $ | 8,108 | | | | $ | 2,800 | | | | $ | 1,553 | | | | $ | 1,478 | | | | $ | 2,277 | | | Total other commitments | | | | $ | 8,108 | | | | $ | 2,800 | | | | $ | 1,553 | | | | $ | 1,478 | | | | $ | 2,277 | | | ||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | |
| As of December 31, 2012 | | | Amount of Commitment Expiration per Period | | As of December 31, 2012 | | | Amount of Commitment Expiration per Period | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| (In thousands) | | | Total | | Less Than 1 Year | | 1 – 3 Years | | 4 – 5 Years | | After 5 Years | | (In thousands) | | | Total | | Less Than 1 Year | | 1 – 3 Years | | 4 – 5 Years | | After 5 Years | | ||||||||||||||||||||||||||||||||||||||||||||||||
| Commitments to extend credit: | | Commitments to extend credit: | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Undisbursed home equity lines of credit | | | | $ | 3,037 | | | | $ | 67 | | | | $ | 363 | | | | $ | 808 | | | | $ | 1,799 | | | Undisbursed home equity lines of credit | | | | $ | 3,037 | | | | $ | 67 | | | | $ | 363 | | | | $ | 808 | | | | $ | 1,799 | | | ||||||||||||||||||
| Undisbursed loans secured by real estate | | | | | 2,830 | | | | | 444 | | | | | 1,798 | | | | | — | | | | | 588 | | | Undisbursed loans secured by real estate | | | | | 2,830 | | | | | 444 | | | | | 1,798 | | | | | — | | | | | 588 | | | ||||||||||||||||||
| Future loan commitments | | | | | 2,710 | | | | | 2,710 | | | | | — | | | | | — | | | | | — | | | Future loan commitments | | | | | 2,710 | | | | | 2,710 | | | | | — | | | | | — | | | | | — | | | ||||||||||||||||||
| Undisbursed commercial lines of credit | | | | | 1,912 | | | | | 1,912 | | | | | — | | | | | — | | | | | — | | | Undisbursed commercial lines of credit | | | | | 1,912 | | | | | 1,912 | | | | | — | | | | | — | | | | | — | | | ||||||||||||||||||
| Overdraft protection lines | | | | | 596 | | | | | — | | | | | — | | | | | — | | | | | 596 | | | Overdraft protection lines | | | | | 596 | | | | | — | | | | | — | | | | | — | | | | | 596 | | | ||||||||||||||||||
| Total other commitments | | | | $ | 11,085 | | | | $ | 5,133 | | | | $ | 2,161 | | | | $ | 808 | | | | $ | 2,983 | | | Total other commitments | | | | $ | 11,085 | | | | $ | 5,133 | | | | $ | 2,161 | | | | $ | 808 | | | | $ | 2,983 | | | ||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | |
| Name | | | Age | | | Position with Bankwell Financial Group, Inc. | | | Position with Bankwell Bank | | | Director of the Company Since | |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Frederick R. Afragola | | | 72 | | | Director | | | Director | | | 2013(1) | |
| George P. Bauer | | | 82 | | | Director | | | Director | | | 2012 | |
| Gail E.D. Brathwaite | | | 54 | | | Executive Vice President and Chief Operating Officer | | | Executive Vice President and Chief Operating Officer | | | n/a | |
| Richard Castiglioni | | | 62 | | | Director | | | Director | | | 2013(2) | |
| Eric J. Dale | | | 49 | | | Director | | | Director | | | 2008(3) | |
| Heidi DeWyngaert | | | 58 | | | Executive Vice President and Chief Lending Officer | | | President | | | n/a | |
| Blake S. Drexler | | | 56 | | | Director | | | Director | | | 2007(1) | |
| James A. Fieber | | | 59 | | | Director | | | Director | | | 2007(1) | |
| Mark Fitzgibbon | | | 44 | | | Director | | | Director | | | 2009(2) | |
| William J. Fitzpatrick III | | | 64 | | | Director | | | Director | | | 2008(3) | |
| Hugh Halsell III | | | 70 | | | Director | | | Director | | | 2013(1) | |
| Daniel S. Jones | | | 75 | | | Director | | | Director | | | 2007(1) | |
| Carl R. Kuehner, III | | | 50 | | | Director | | | Director | | | 2007(1) | |
| Todd Lampert | | | 50 | | | Director and Corporate Secretary | | | Director | | | 2007(1) | |
| Victor S. Liss | | | 77 | | | Director | | | Director | | | 2008(3) | |
| Peyton R. Patterson | | | 57 | | | Director, President and Chief Executive Officer | | | Director and Chief Executive Officer | | | 2012 | |
| Ernest J. Verrico, Sr. | | | 58 | | | Executive Vice President and Chief Financial Officer | | | Executive Vice President and Chief Financial Officer | | | n/a | |
| | | | | | | | | |
| Name and Principal Position | | | Year | | | Salary ($) | | | Bonus ($) | | | Stock Awards ($)(1) | | | Option Awards ($)(1) | | | Non-Equity Incentive Plan Compensation ($)(2) | | | Nonqualified Deferred Compensation Earnings ($) | | | All Other Compensation ($)(3) | | | Total ($) | | ||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Peyton R. Patterson Chief Executive Officer and President (Company)(4) Chief Executive Officer (Bank) | | | | | 2013 | | | | | | 500,000 | | | | | | 0 | | | | | | 335,000 | | | | | | 0 | | | | | | 231,823 | | | | | | 0 | | | | | | 11,687 | | | | | | 1,078,510 | | | |||||||||
| | | 2012 | | | | | | 240,385 | | | | | | 0 | | | | | | 600,000 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 7,299 | | | | | | 847,684 | | | ||||||||||||
| Ernest J. Verrico, Sr. EVP and CFO (Company and Bank) | | | | | 2013 | | | | | | 186,962 | | | | | | 25,000 | | | | | | 108,875 | | | | | | 0 | | | | | | 63,254 | | | | | | 0 | | | | | | 13,656 | | | | | | 397,747 | | | |||||||||
| | | 2012 | | | | | | 181,635 | | | | | | 0 | | | | | | 60,000 | | | | | | 0 | | | | | | 39,680 | | | | | | 0 | | | | | | 10,912 | | | | | | 292,227 | | | ||||||||||||
| Gail E.D. Brathwaite(5) EVP and COO (Company and Bank) | | | | | 2013 | | | | | | 188,269 | | | | | | 0 | | | | | | 301,500 | | | | | | 0 | | | | | | 68,305 | | | | | | 0 | | | | | | 24,979 | | | | | | 583,053 | | | |||||||||
| Heidi DeWyngaert EVP and CLO (Company) President (Bank) | | | | | 2013 | | | | | | 239,635 | | | | | | 0 | | | | | | 180,125 | | | | | | 0 | | | | | | 75,852 | | | | | | 0 | | | | | | 13,815 | | | | | | 509,427 | | | |||||||||
| | | 2012 | | | | | | 230,596 | | | | | | 0 | | | | | | 82,500 | | | | | | 0 | | | | | | 51,048 | | | | | | 0 | | | | | | 10,167 | | | | | | 374,311 | | | ||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | Option awards | | | Stock awards | | ||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Name | | | Grant Date | | | Number of securities underlying unexercised options (#) exercisable | | | Option exercise price ($) | | | Option expiration date | | | Number of shares or units of stock that have not vested (#) | | | Market value of shares or units of stock that have not vested ($)(5) | | ||||||||||||||||||||||||
| Peyton R. Patterson(1) | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 44,000 | | | | | $ | 919,600 | | | ||||||
| Ernest J. Verrico(2) | | | | | 3/4/10 | | | | | | 2,400 | | | | | $ | 11.00 | | | | | | 3/4/2020 | | | | | | 12,700 | | | | | $ | 265,430 | | | ||||||
| Gail E.D. Brathwaite(3) | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 18,000 | | | | | $ | 376,200 | | | ||||||
| Heidi DeWyngaert(4) | | | | | 7/6/04 | | | | | | 6,000 | | | | | $ | 10.00 | | | | | | 7/6/2014 | | | | | | 17,900 | | | | | $ | 374,110 | | | ||||||
| | | 3/1/05 | | | | | | 1,500 | | | | | $ | 14.50 | | | | | | 3/1/2015 | | | | | | — | | | | | | — | | | |||||||||
| | | 3/29/06 | | | | | | 2,000 | | | | | $ | 16.00 | | | | | | 3/29/2016 | | | | | | — | | | | | | — | | | |||||||||
| | | 1/2/08 | | | | | | 4,000 | | | | | $ | 20.70 | | | | | | 1/2/2018 | | | | | | — | | | | | | — | | | |||||||||
| | | 3/26/08 | | | | | | 8,574 | | | | | $ | 20.70 | | | | | | 3/26/2018 | | | | | | — | | | | | | — | | | |||||||||
| | | 6/23/09 | | | | | | 1,200 | | | | | $ | 12.64 | | | | | | 6/23/2019 | | | | | | — | | | | | | — | | | |||||||||
| | | | | | | | | | | | | | | | | | | | |
| | | | Years Ended December 31, | | | | | Years Ended December 31, | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | | | 2013 | | 2012 | | 2011 | | 2010 | | 2009 | | | | | 2013 | | 2012 | | 2011 | | 2010 | | 2009 | | ||||||||||||||||||||||||||||||||||||||||||||||||
| Options outstanding at beginning of year | | | | | 272,358 | | | | | 277,558 | | | | | 273,628 | | | | | 262,998 | | | | | 252,788 | | | Options outstanding at beginning of year | | | | | 272,358 | | | | | 277,558 | | | | | 273,628 | | | | | 262,998 | | | | | 252,788 | | | ||||||||||||||||||
| Granted | | | | | — | | | | | 9,650 | | | | | 10,000 | | | | | 12,250 | | | | | 14,950 | | | Granted | | | | | — | | | | | 9,650 | | | | | 10,000 | | | | | 12,250 | | | | | 14,950 | | | ||||||||||||||||||
| Forfeited | | | | | (4,080 | ) | | | | | (14,850 | ) | | | | | (4,070 | ) | | | | | (1,100 | ) | | | | | (2,740 | ) | | | Forfeited | | | | | (4,080 | ) | | | | | (14,850 | ) | | | | | (4,070 | ) | | | | | (1,100 | ) | | | | | (2,740 | ) | | | ||||||||
| Exercised | | | | | (46,640 | ) | | | | | — | | | | | (2,000 | ) | | | | | (520 | ) | | | | | (2,000 | ) | | | Exercised | | | | | (46,640 | ) | | | | | — | | | | | (2,000 | ) | | | | | (520 | ) | | | | | (2,000 | ) | | | ||||||||||
| Expired | | | | | (13,070 | ) | | | | | — | | | | | — | | | | | — | | | | | — | | | Expired | | | | | (13,070 | ) | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||||||||
| Options outstanding at end of period | | | | | 208,568 | | | | | 272,358 | | | | | 277,558 | | | | | 273,628 | | | | | 262,998 | | | Options outstanding at end of period | | | | | 208,568 | | | | | 272,358 | | | | | 277,558 | | | | | 273,628 | | | | | 262,998 | | | ||||||||||||||||||
| Weighted average exercise price | | Weighted average exercise price | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Granted | | | | $ | — | | | | $ | 15.00 | | | | $ | 15.00 | | | | $ | 11.00 | | | | $ | 12.64 | | | Granted | | | | $ | — | | | | $ | 15.00 | | | | $ | 15.00 | | | | $ | 11.00 | | | | $ | 12.64 | | | ||||||||||||||||||
| Forfeited | | | | | 17.42 | | | | | 13.13 | | | | | 16.20 | | | | | 14.56 | | | | | 16.31 | | | Forfeited | | | | | 17.42 | | | | | 13.13 | | | | | 16.20 | | | | | 14.56 | | | | | 16.31 | | | ||||||||||||||||||
| Exercised | | | | | 10.02 | | | | | — | | | | | 10.00 | | | | | 12.19 | | | | | 10.00 | | | Exercised | | | | | 10.02 | | | | | — | | | | | 10.00 | | | | | 12.19 | | | | | 10.00 | | | ||||||||||||||||||
| Expired | | | | | 10.00 | | | | | — | | | | | — | | | | | — | | | | | — | | | Expired | | | | | 10.00 | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||||||||||
| Options outstanding at end of period | | | | | 16.67 | | | | | 15.23 | | | | | 14.60 | | | | | 14.58 | | | | | 14.74 | | | Options outstanding at end of period | | | | | 16.67 | | | | | 15.23 | | | | | 14.60 | | | | | 14.58 | | | | | 14.74 | | | ||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | |
| Name | | | Fees Earned or Paid in Cash ($) | | | Stock Awards(1) | | | Total Compensation ($)(2) | | ||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Frederick R. Afragola | | | | | 17,700 | | | | | | 6,700 | | | | | | 24,400 | | | |||
| George P. Bauer | | | | | 10,000 | | | | | | 13,400 | | | | | | 23,400 | | | |||
| Richard Castiglioni | | | | | 15,500 | | | | | | 6,700 | | | | | | 22,200 | | | |||
| Eric J. Dale | | | | | 21,100 | | | | | | 20,100 | | | | | | 41,200 | | | |||
| Blake S. Drexler | | | | | 63,700 | | | | | | 58,625 | | | | | | 122,325 | | | |||
| James A. Fieber | | | | | 40,600 | | | | | | 46,900 | | | | | | 87,500 | | | |||
| Mark Fitzgibbon | | | | | 17,900 | | | | | | 21,775 | | | | | | 39,675 | | | |||
| William J. Fitzpatrick, III | | | | | 16,200 | | | | | | 6,700 | | | | | | 22,900 | | | |||
| Merrill J. Forgotson(3) | | | | | 19,800 | | | | | | 6,700 | | | | | | 26,500 | | | |||
| Hugh Halsell | | | | | 18,700 | | | | | | 13,400 | | | | | | 32,100 | | | |||
| Daniel S. Jones | | | | | 23,200 | | | | | | 21,775 | | | | | | 44,975 | | | |||
| Carl R. Kuehner | | | | | 11,600 | | | | | | 20,100 | | | | | | 31,700 | | | |||
| Todd Lampert | | | | | 33,300 | | | | | | 23,450 | | | | | | 56,750 | (4) | | | ||
| Victor S. Liss | | | | | 25,100 | | | | | | 6,700 | | | | | | 31,800 | | | |||
| Total | | | | | 334,400 | | | | | | 273,025 | | | | | | 607,425 | | | |||
| | | | | | | | | | |
| | | | Beneficial Ownership(1) Before this Offering | | Beneficial Ownership After this Offering | | | | | Beneficial Ownership(1) Before this Offering | | Beneficial Ownership After this Offering | | ||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Name of Beneficial Owner | | | Number of Shares | | % | | Number of Shares | | % | | Name of Beneficial Owner | | | Number of Shares | | % | | Number of Shares | | % | | ||||||||||||||||||||||||||||||||||||||
| 5% Shareholder: | | | | | | | | | | | | | | | | | | | | | | | 5% Shareholder: | | | | | | | | | | | | | ��� | | | | | | | | | | | |||||||||||||
| Wellington Management Company, LLP(2) 280 Congress St. Boston, MA 02210 | | | | | 370,000 | | | | | 9.51 | | | | | 370,000 | | | | | 6.07 | | | Wellington Management Company, LLP(2) 280 Congress St. Boston, MA 02210 | | | | | 370,000 | | | | | 9.51 | | | | | 370,000 | | | | | 5.62 | | | ||||||||||||||
| Bauer Foundation | | | | | 315,098 | | | | | 8.10 | | | | | 315,098 | | | | | 5.17 | | | Bauer Foundation | | | | | 315,098 | | | | | 8.10 | | | | | 315,098 | | | | | 4.79 | | | ||||||||||||||
| Directors and Executive Officers: | | | | | | | | | | | | | | | | | | | | | | | Directors and Executive Officers: | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||
| Frederick R. Afragola | | | | | 47,612 | (3) | | | | | 1.22 | | | | | 47,612 | | | | | * | | | Frederick R. Afragola | | | | | 47,612 | (3) | | | | | 1.22 | | | | | 47,612 | | | | | * | | | ||||||||||||
| George P. Bauer | | | | | 315,098 | (4) | | | | | 8.10 | | | | | 315,098 | | | | | 5.17 | | | George P. Bauer | | | | | 315,098 | (4) | | | | | 8.10 | | | | | 315,098 | | | | | 4.79 | | | ||||||||||||
| Richard Castiglioni | | | | | 3,600 | | | | | * | | | | | 3.600 | | | | | * | | | Richard Castiglioni | | | | | 3,600 | | | | | * | | | | | 3.600 | | | | | * | | | ||||||||||||||
| Eric J. Dale | | | | | 14,583 | | | | | * | | | | | 14,583 | | | | | * | | | Eric J. Dale | | | | | 14,583 | | | | | * | | | | | 14,583 | | | | | * | | | ||||||||||||||
| Blake S. Drexler | | | | | 166,542 | (5) | | | | | 4.27 | | | | | 166,542 | | | | | 2.73 | | | Blake S. Drexler | | | | | 166,542 | (5) | | | | | 4.27 | | | | | 166,542 | | | | | 2.53 | | | ||||||||||||
| James A. Fieber | | | | | 354,016 | (6) | | | | | 9.08 | | | | | 354,016 | | | | | 5.80 | | | James A. Fieber | | | | | 354,016 | (6) | | | | | 9.08 | | | | | 354,016 | | | | | 5.38 | | | ||||||||||||
| Mark Fitzgibbon | | | | | 152,632 | | | | | 3.92 | | | | | 152,632 | | | | | 2.50 | | | Mark Fitzgibbon | | | | | 152,632 | | | | | 3.92 | | | | | 152,632 | | | | | 2.32 | | | ||||||||||||||
| William J. Fitzpatrick | | | | | 5,400 | | | | | * | | | | | 5,400 | | | | | * | | | William J. Fitzpatrick | | | | | 5,400 | | | | | * | | | | | 5,400 | | | | | * | | | ||||||||||||||
| Hugh Halsell, III | | | | | 173,219 | (7) | | | | | 4.45 | | | | | 173,219 | | | | | 2.84 | | | Hugh Halsell, III | | | | | 173,219 | (7) | | | | | 4.45 | | | | | 173,219 | | | | | 2.63 | | | ||||||||||||
| Daniel S. Jones | | | | | 190,894 | (8) | | | | | 4.90 | | | | | 190,894 | | | | | 3.13 | | | Daniel S. Jones | | | | | 190,894 | (8) | | | | | 4.90 | | | | | 190,894 | | | | | 2.90 | | | ||||||||||||
| Carl R. Kuehner, III | | | | | 278,258 | (9) | | | | | 7.13 | | | | | 278,258 | | | | | 4.56 | | | Carl R. Kuehner, III | | | | | 278,258 | (9) | | | | | 7.13 | | | | | 278,258 | | | ��� | | 4.23 | | | ||||||||||||
| Todd Lampert | | | | | 41,054 | (10) | | | | | 1.05 | | | | | 41,054 | | | | | * | | | Todd Lampert | | | | | 41,054 | (10) | | | | | 1.05 | | | | | 41,054 | | | | | * | | | ||||||||||||
| Victor S. Liss | | | | | 17,400 | | | | | * | | | | | 17,400 | | | | | * | | | Victor S. Liss | | | | | 17,400 | | | | | * | | | | | 17,400 | | | | | * | | | ||||||||||||||
| Gail E.D. Brathwaite | | | | | 18,000 | | | | | * | | | | | 18,000 | | | | | * | | | Gail E.D. Brathwaite | | | | | 18,000 | | | | | * | | | | | 18,000 | | | | | * | | | ||||||||||||||
| Heidi DeWyngaert | | | | | 57,139 | (11) | | | | | 1.46 | | | | | 57,139 | | | | | * | | | Heidi DeWyngaert | | | | | 57,139 | (11) | | | | | 1.46 | | | | | 57,139 | | | | | * | | | ||||||||||||
| Peyton R. Patterson | | | | | 60,000 | (12) | | | | | 1.54 | | | | | 60,000 | | | | | * | | | Peyton R. Patterson | | | | | 60,000 | (12) | | | | | 1.54 | | | | | 60,000 | | | | | * | | | ||||||||||||
| Ernest J. Verrico | | | | | 20,700 | (13) | | | | | * | | | | | 20,700 | | | | | * | | | Ernest J. Verrico | | | | | 20,700 | (13) | | | | | * | | | | | 20,700 | | | | | * | | | ||||||||||||
| All directors and executive officers as a group (17 persons) | | | | | 1,916,147 | | | | | 49.24 | % | | | | | 1,916,147 | | | | | 31.42 | % | | | All directors and executive officers as a group (17 persons) | | | | | 1,916,147 | | | | | 49.24 | % | | | | | 1,916,147 | | | | | 29.12 | %(14) | | | ||||||||||
| | | | | | | | | | | | | | | | | | | | |
| Underwriter | | | Number of Shares | | ||||
---|---|---|---|---|---|---|---|---|---|
| Sandler O’Neill + Partners, L.P. | | | | | | | | |
| Keefe, Bruyette & Woods, Inc., a Stifel Company | | | | | | | | |
| Total | | | | | | | ||
| | | | |
| | | | Shares to the Public | | | | |||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | | Per Share | | | Total | | | Per Share | | | Total | | |||||||||||||||||
| Public offering price | | | | $ | | | | | $ | | | | | $ | | | | | $ | | | ||||||||
| Underwriting | | | | $ | | | | | $ | | | | | $ | | | | | $ | | | ||||||||
| Proceeds to us, before expenses | | | | $ | | | | | $ | | | | | $ | | | | | $ | | | | |||||||
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| Index to Financial Statements of Bankwell Financial Group, Inc. | | | | | Page | | | |
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| Index to Financial Statements of The Wilton Bank | | | | | | | | |
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| Report of Independent AuditorsTo The Board of Directors and Stockholders Bankwell Financial Group, Inc. New Canaan, Connecticut | | | | |
| | | |
| | | | December 31, | | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | | | 2013 | | | 2012 | | ||||||||
| ASSETS | | | | | | | | | | | | | | ||
| Cash and due from banks (Note 3) | | | | $ | 82,013 | | | | | $ | 28,927 | | | ||
| Held to maturity investment securities, at amortized cost (Note 6) | | | | | 13,816 | | | | | | 5,354 | | | ||
| Available for sale investment securities, at fair value (Note 6) | | | | | 28,597 | | | | | | 41,058 | | | ||
| Loans held for sale | | | | | 100 | | | | | | — | | | ||
| Loans receivable (net of allowance for loan losses of $8,382 and $7,941 at December 31, 2013 and 2012, respectively) (Notes 7 and 18) | | | | | 621,830 | | | | | | 520,792 | | | ||
| Foreclosed real estate | | | | | 829 | | | | | | 962 | | | ||
| Accrued interest receivable | | | | | 2,360 | | | | | | 2,109 | | | ||
| Federal Home Loan Bank stock, at cost (Note 10) | | | | | 4,834 | | | | | | 4,442 | | | ||
| Premises and equipment, net (Note 8) | | | | | 7,060 | | | | | | 2,518 | | | ||
| Bank-owned life insurance | | | | | 10,031 | | | | | | — | | | ||
| Other intangible assets | | | | | 481 | | | | | | — | | | ||
| Deferred income taxes, net (Note 12) | | | | | 5,845 | | | | | | 2,798 | | | ||
| Other assets | | | | | 1,822 | | | | | | 1,056 | | | ||
| Total assets | | | | $ | 779,618 | | | | | $ | 610,016 | | | ||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | | | | | | | | | | | | | | ||
| Liabilities | | | | | | | | | | | | | | ||
| Deposits (Note 9) | | | | | | | | | | | | | | ||
| Noninterest bearing deposits | | | | $ | 118,618 | | | | | $ | 78,120 | | | ||
| Interest bearing deposits | | | | | 542,927 | | | | | | 383,961 | | | ||
| Total deposits | | | | | 661,545 | | | | | | 462,081 | | | ||
| Advances from the Federal Home Loan Bank (Note 10) | | | | | 44,000 | | | | | | 91,000 | | | ||
| Accrued expenses and other liabilities | | | | | 4,588 | | | | | | 5,401 | | | ||
| Total liabilities | | | | | 710,133 | | | | | | 558,482 | | | ||
| Commitments and contingencies (Note 11) | | | | | | | | | | | | | | ||
| Stockholders’ equity (Notes 2, 14 and 17) | | | | | | | | | | | | | | ||
| Preferred stock, senior noncumulative perpetual, Series C, no par; 10,980 shares issued at December 31, 2013 and 2012, respectively; liquidation value of $1,000 per share | | | | | 10,980 | | | | | | 10,980 | | | ||
| Common stock, no par value; 10,000,000 shares authorized, 3,876,393 and 2,846,700 shares issued, at December 31, 2013 and 2012, respectively | | | | | 52,105 | | | | | | 38,117 | | | ||
| Retained earnings | | | | | 5,976 | | | | | | 926 | | | ||
| Accumulated other comprehensive income – net unrealized gains on available for sale securities, net of taxes | | | | | 424 | | | | | | 1,511 | | | ||
| Total stockholders’ equity | | | | | 69,485 | | | | | | 51,534 | | | ||
| Total liabilities and stockholders’ equity | | | | $ | 779,618 | | | | | $ | 610,016 | | | ||
| | | | | | | | |
| | | | December 31, | | ||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | | | 2013 | | | 2012 | | | 2011 | | ||||||||||||
| Interest income | | | | | | | | | | | | | | | | | | | | |||
| Interest and fees on loans | | | | $ | 26,599 | | | | | $ | 22,329 | | | | | $ | 17,621 | | | |||
| Interest and dividends on securities | | | | | 1,409 | | | | | | 2,033 | | | | | | 2,919 | | | |||
| Interest on cash and cash equivalents | | | | | 84 | | | | | | 35 | | | | | | 47 | | | |||
| Total interest income | | | | | 28,092 | | | | | | 24,397 | | | | | | 20,587 | | | |||
| Interest expense | | | | | | | | | | | | | | | | | | | | |||
| Interest expense on deposits | | | | | 2,233 | | | | | | 2,367 | | | | | | 2,023 | | | |||
| Interest on Federal Home Loan Bank advances | | | | | 532 | | | | | | 825 | | | | | | 847 | | | |||
| Total interest expense | | | | | 2,765 | | | | | | 3,192 | | | | | | 2,870 | | | |||
| Net interest income | | | | | 25,327 | | | | | | 21,205 | | | | | | 17,717 | | | |||
| Provision for loan losses | | | | | 585 | | | | | | 1,821 | | | | | | 1,049 | | | |||
| Net interest income after provision for loan losses | | | | | 24,742 | | | | | | 19,384 | | | | | | 16,668 | | | |||
| Noninterest income | | | | | | | | | | | | | | | | | | | | |||
| Gains and fees from sales of loans | | | | | 2,020 | | | | | | 18 | | | | | | 547 | | | |||
| Gain on bargain purchase | | | | | 1,333 | | | | | | — | | | | | | — | | | |||
| Net gain (loss) on sale of available for sale securities | | | | | 648 | | | | | | (18 | ) | | | | | | 250 | | | ||
| Service charges and fees | | | | | 495 | | | | | | 345 | | | | | | 337 | | | |||
| Gain on sale of foreclosed real estate, net | | | | | 63 | | | | | | — | | | | | | — | | | |||
| Other | | | | | 163 | | | | | | — | | | | | | — | | | |||
| Total noninterest income | | | | | 4,722 | | | | | | 345 | | | | | | 1,134 | | | |||
| Noninterest expense | | | | | | | | | | | | | | | | | | | | |||
| Salaries and employee benefits | | | | | 11,565 | | | | | | 9,426 | | | | | | 8,506 | | | |||
| Occupancy and equipment | | | | | 3,707 | | | | | | 3,004 | | | | | | 2,428 | | | |||
| Professional services | | | | | 1,595 | | | | | | 1,546 | | | | | | 715 | | | |||
| Data processing | | | | | 1,333 | | | | | | 1,202 | | | | | | 865 | | | |||
| Marketing | | | | | 928 | | | | | | 333 | | | | | | 342 | | | |||
| Merger and acquisition related expenses | | | | | 908 | | | | | | — | | | | | | — | | | |||
| FDIC insurance | | | | | 333 | | | | | | 365 | | | | | | 472 | | | |||
| Director fees | | | | | 304 | | | | | | 366 | | | | | | 288 | | | |||
| Amortization of intangibles | | | | | 18 | | | | | | — | | | | | | — | | | |||
| Foreclosed real estate | | | | | 7 | | | | | | 9 | | | | | | — | | | |||
| Other | | | | | 1,421 | | | | | | 1,607 | | | | | | 985 | | | |||
| Total noninterest expense | | | | | 22,119 | | | | | | 17,858 | | | | | | 14,601 | | | |||
| Income before income tax expense | | | | | 7,345 | | | | | | 1,871 | | | | | | 3,201 | | | |||
| Income tax expense | | | | | 2,184 | | | | | | 657 | | | | | | 997 | | | |||
| Net income | | | | $ | 5,161 | | | | | $ | 1,214 | | | | | $ | 2,204 | | | |||
| Preferred stock dividends | | | | | (111 | ) | | | | | | (132 | ) | | | | | | (206 | ) | | |
| Net income attributable to common stockholders | | | | $ | 5,050 | | | | | $ | 1,082 | | | | | $ | 1,998 | | | |||
| Earnings per common share – basic | | | | $ | 1.46 | | | | | $ | 0.39 | | | | | $ | 0.72 | | | |||
| Earnings per common share – diluted | | | | | 1.44 | | | | | | 0.38 | | | | | | 0.71 | | | |||
| | | | | | | | | | | |
| | | | December 31, | | ||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | | | 2013 | | | 2012 | | | 2011 | | ||||||||||||
| Net income | | | | $ | 5,161 | | | | | $ | 1,214 | | | | | $ | 2,204 | | | |||
| Net unrealized holding (loss) gain on available for sale securities during the period | | | | | (1,129 | ) | | | | | | 1,130 | | | | | | 1,272 | | | ||
| Reclassification adjustment for (gain) loss realized in income | | | | | (648 | ) | | | | | | 18 | | | | | | (250 | ) | | | |
| Net change in unrealized (loss) gain | | | | | (1,777 | ) | | | | | | 1,148 | | | | | | 1,022 | | | ||
| Tax effect | | | | | 690 | | | | | | (447 | ) | | | | | | (397 | ) | | | |
| Other comprehensive income | | | | | (1,087 | ) | | | | | | 701 | | | | | | 625 | | | ||
| Total comprehensive income | | | | $ | 4,074 | | | | | $ | 1,915 | | | | | $ | 2,829 | | | |||
| | | | | | | | | | | |
| | | | Preferred Stock | | | Common Stock | | | Retained Earnings (Accumulated Deficit) | | | Accumulated Other Comprehensive Income (Loss) | | | Total | | ||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Balance at January 1, 2011 | | | | $ | 5,037 | | | | | $ | 37,286 | | | | | $ | (2,154 | ) | | | | | $ | 185 | | | | | $ | 40,354 | | | ||||
| Net income | | | | | — | | | | | | — | | | | | | 2,204 | | | | | | — | | | | | | 2,204 | | | |||||
| Other comprehensive income, net of tax | | | | | — | | | | | | — | | | | | | — | | | | | | 625 | | | | | | 625 | | | |||||
| Issuance of Series C preferred stock | | | | | 10,980 | | | | | | — | | | | | | — | | | | | | — | | | | | | 10,980 | | | |||||
| Redemption of Series A preferred stock | | | | | (4,797 | ) | | | | | | — | | | | | | — | | | | | | — | | | | | | (4,797 | ) | | | |||
| Redemption of Series B preferred stock | | | | | (240 | ) | | | | | | — | | | | | | — | | | | | | — | | | | | | (240 | ) | | | |||
| Preferred stock dividends | | | | | — | | | | | | — | | | | | | (206 | ) | | | | | | — | | | | | | (206 | ) | | | |||
| Stock based compensation expense | | | | | — | | | | | | 250 | | | | | | — | | | | | | — | | | | | | 250 | | | |||||
| Capital from exercise of stock options | | | | | — | | | | | | 18 | | | | | | — | | | | | | — | | | | | | 18 | | | |||||
| Balance at December 31, 2011 | | | | | 10,980 | | | | | | 37,554 | | | | | | (156 | ) | | | | | | 810 | | | | | | 49,188 | | | ||||
| Net income | | | | | — | | | | | | — | | | | | | 1,214 | | | | | | — | | | | | | 1,214 | | | |||||
| Other comprehensive income, net of tax | | | | | — | | | | | | — | | | | | | — | | | | | | 701 | | | | | | 701 | | | |||||
| Preferred stock dividends | | | | | — | | | | | | — | | | | | | (132 | ) | | | | | | — | | | | | | (132 | ) | | | |||
| Stock based compensation expense | | | | | — | | | | | | 563 | | | | | | — | | | | | | — | | | | | | 563 | | | |||||
| Balance at December 31, 2012 | | | | | 10,980 | | | | | | 38,117 | | | | | | 926 | | | | | | 1,511 | | | | | | 51,534 | | | |||||
| Net income | | | | | — | | | | | | — | | | | | | 5,161 | | | | | | — | | | | | | 5,161 | | | |||||
| Other comprehensive loss, net of tax | | | | | — | | | | | | — | | | | | | — | | | | | | (1,087 | ) | | | | | | (1,087 | ) | | | |||
| Preferred stock dividends | | | | | — | | | | | | — | | | | | | (111 | ) | | | | | | — | | | | | | (111 | ) | | | |||
| Stock based compensation expense | | | | | — | | | | | | 343 | | | | | | — | | | | | | — | | | | | | 343 | | | |||||
| Capital from exercise of stock options | | | | | — | | | | | | 467 | | | | | | — | | | | | | — | | | | | | 467 | | | |||||
| Capital from private placement | | | | | — | | | | | | 13,178 | | | | | | — | | | | | | — | | | | | | 13,178 | | | |||||
| Balance at December 31, 2013 | | | | $ | 10,980 | | | | | $ | 52,105 | | | | | $ | 5,976 | | | | | $ | 424 | | | | | $ | 69,485 | | | |||||
| | | | | | | | | | | | | | | | | |
| | | | For the Years Ended December 31, | | ||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | | | 2013 | | | 2012 | | | 2011 | | ||||||||||||
| Cash flows from operating activities | | | | | | | | | | | | | | | | | | | | |||
| Net income | | | | $ | 5,161 | | | | | $ | 1,214 | | | | | $ | 2,204 | | | |||
| Adjustments to reconcile net income to net cash provided by operating activities: | | | | | | | | | | | | | | | | | | | | |||
| Net amortization of premiums and discounts on investment securities | | | | | 97 | | | | | | 130 | | | | | | 126 | | | |||
| Provision for loan losses | | | | | 585 | | | | | | 1,821 | | | | | | 1,049 | | | |||
| Benefit from deferred taxes | | | | | (357 | ) | | | | | | (777 | ) | | | | | | (404 | ) | | |
| Net (gain) loss on sales of available for sale securities | | | | | (648 | ) | | | | | | 18 | | | | | | (250 | ) | | | |
| Depreciation and amortization | | | | | 666 | | | | | | 612 | | | | | | 541 | | | |||
| Loan principal sold | | | | | (72,589 | ) | | | | | | (575 | ) | | | | | | (46,035 | ) | | |
| Proceeds from sales of loans | | | | | 74,509 | | | | | | 1,765 | | | | | | 48,823 | | | |||
| Net gain on sales of loans | | | | | (2,020 | ) | | | | | | (18 | ) | | | | | | (547 | ) | | |
| Equity-based compensation | | | | | 343 | | | | | | 563 | | | | | | 250 | | | |||
| Net amortization (accretion) of purchase accounting adjustments | | | | | (80 | ) | | | | | | — | | | | | | — | | | ||
| Gain on sale of foreclosed real estate | | | | | (63 | ) | | | | | | — | | | | | | — | | | ||
| Gain on bargain purchase | | | | | (1,333 | ) | | | | | | — | | | | | | — | | | ||
| Net change in: | | | | | | | | | | | | | | | | | | | | |||
| Deferred loan fees | | | | | 479 | | | | | | 539 | | | | | | 344 | | | |||
| Accrued interest receivable | | | | | (185 | ) | | | | | | 206 | | | | | | (745 | ) | | | |
| Other assets | | | | | (502 | ) | | | | | | (1,432 | ) | | | | | | 274 | | | |
| Accrued expenses and other liabilities | | | | | (1,114 | ) | | | | | | 4,101 | | | | | | 835 | | | ||
| Net cash provided by operating activities | | | | | 2,949 | | | | | | 8,167 | | | | | | 6,465 | | | |||
| Cash flows from investing activities | | | | | | | | | | | | | | | | | | | | |||
| Proceeds from principal repayments on available for sale securities | | | | | 723 | | | | | | 1,103 | | | | | | 1,143 | | | |||
| Proceeds from principal repayments on held to maturity securities | | | | | 180 | | | | | | 480 | | | | | | 233 | | | |||
| Net proceeds from sales and calls of available for sale securities | | | | | 10,514 | | | | | | 54,973 | | | | | | 31,979 | | | |||
| Purchases of available for sale securities | | | | | — | | | | | | (6,997 | ) | | | | | | (69,026 | ) | | | |
| Purchase of held to maturity securities | | | | | (7,623 | ) | | | | | | — | | | | | | — | | | ||
| Purchase of bank-owned life insurance | | | | | (10,031 | ) | | | | | | — | | | | | | — | | | ||
| Acquisition, net of cash paid | | | | | 30,883 | | | | | | — | | | | | | — | | | |||
| Net increase in loans | | | | | (77,004 | ) | | | | | | (162,026 | ) | | | | | | (80,704 | ) | | |
| Purchases of premises and equipment | | | | | (908 | ) | | | | | | (684 | ) | | | | | | (96 | ) | | |
| Purchase of Federal Home Loan Bank stock | | | | | (134 | ) | | | | | | (1,034 | ) | | | | | | (84 | ) | | |
| Proceeds from sale of foreclosed real estate | | | | | 1,693 | | | | | | — | | | | | | — | | | |||
| Net cash used by investing activities | | | | | (51,707 | ) | | | | | | (114,185 | ) | | | | | | (116,555 | ) | | |
| Cash flows from financing activities | | | | | | | | | | | | | | | | | | | | |||
| Net change in time certificates of deposit | | | | $ | 66,538 | | | | | $ | (230 | ) | | | | | $ | (1,265 | ) | | | |
| Net change in other deposits | | | | | 68,772 | | | | | | 95,216 | | | | | | 59,243 | | | |||
| Net (repayments) proceeds from short term FHLB advances | | | | | (47,000 | ) | | | | | | 33,000 | | | | | | 14,000 | | | ||
| Proceeds from issuance of Series C preferred stock | | | | | — | | | | | | — | | | | | | 10,980 | | | |||
| Redemption of Series A preferred stock | | | | | — | | | | | | — | | | | | | (4,797 | ) | | | ||
| Redemption of Series B preferred stock | | | | | — | | | | | | — | | | | | | (240 | ) | | | ||
| Proceeds from issuance of common stock | | | | | 13,178 | | | | | | — | | | | | | — | | | |||
| Exercise of options | | | | | 467 | | | | | | — | | | | | | 18 | | | |||
| Dividends paid on preferred stock | | | | | (111 | ) | | | | | | (132 | ) | | | | | | (206 | ) | | |
| Net cash provided by financing activities | | | | | 101,844 | | | | | | 127,854 | | | | | | 77,733 | | | |||
| Net increase (decrease) in cash and cash equivalents | | | | | 53,086 | | | | | | 21,836 | | | | | | (32,357 | ) | | | ||
| Cash and cash equivalents: | | | | | | | | | | | | | | | | | | | | |||
| Beginning of year | | | | | 28,927 | | | | | | 7,091 | | | | | | 39,448 | | | |||
| End of period | | | | $ | 82,013 | | | | | $ | 28,927 | | | | | $ | 7,091 | | | |||
| Supplemental disclosures of cash flows information: | | | | | | | | | | | | | | | | | | | | |||
| Cash paid for: | | | | | | | | | | | | | | | | | | | | |||
| Interest | | | | $ | 2,527 | | | | | $ | 3,208 | | | | | $ | 2,952 | | | |||
| Income taxes | | | | | 2,872 | | | | | | 1,984 | | | | | | 866 | | | |||
| Acquisition of noncash assets and liabilities: | | | | | | | | | | | | | | | | | | | | |||
| Assets acquired | | | | | 34,869 | | | | | | — | | | | | | — | | | |||
| Liabilities assumed | | | | | (64,446 | ) | | | | | | — | | | | | | — | | | ||
| Noncash investing and financing activities | | | | | | | | | | | | | | | | | | | | |||
| Loans transferred to foreclosed real estate | | | | | 52 | | | | | | 962 | | | | | | — | | | |||
| | | | | | | | | | | |
| (In thousands) | | | Amount | | ||||
---|---|---|---|---|---|---|---|---|---|
| Cash consideration paid to Wilton shareholders | | | | $ | 5,035 | | | |
| | | | | |
| (In thousands) | | | As Acquired | | | Fair Value Adjustments | | | As Recorded at Acquisition | | ||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash | | | | $ | 35,919 | | | | | $ | — | | | | | $ | 35,919 | | | |||
| Held to maturity investments securities | | | | | 1,022 | | | | | | — | | | | | | 1,022 | | | |||
| Loans | | | | | 27,097 | | | | | | (2,008 | )(a) | | | | | | 25,089 | | | ||
| Premises and equipment | | | | | 4,303 | | | | | | — | | | | | | 4,303 | | | |||
| Other real estate owned | | | | | 1,895 | | | | | | (450 | )(b) | | | | | | 1,445 | | | ||
| Core deposit intangibles | | | | | — | | | | | | 499 | (c) | | | | | | 499 | | | ||
| Deferred tax assets, net | | | | | — | | | | | | 1,997 | (d) | | | | | | 1,997 | | | ||
| Other assets | | | | | 587 | | | | | | — | | | | | | 587 | | | |||
| Deposits | | | | | (64,145 | ) | | | | | | (12 | )(e) | | | | | | (64,157 | ) | | |
| Other liabilities | | | | | (336 | ) | | | | | | — | | | | | | (336 | ) | | | |
| Total identifiable net assets | | | | $ | 6,342 | | | | | $ | 26 | | | | | $ | 6,368 | | | |||
| Gain on purchase | | | | | | | | | | | | | | | | $ | (1,333 | ) | | | ||
| | | | | | | | | | | |
| (In thousands) | | | November 5, 2013 | | ||||
---|---|---|---|---|---|---|---|---|---|
| Contractually required principal and interest at acquisition | | | | $ | 14,528 | | | |
| Contractual cash flows not expected to be collected (nonaccretable discount) | | | | | (1,412 | ) | | |
| Expected cash flows at acquisition | | | | | 13,116 | | | |
| Interest component of expected cash flows (accretable discount) | | | | | (1,513 | ) | | |
| Fair value of acquired loans | | | | $ | 11,603 | | | |
| | | | |
| | | | Pro Forma (Unaudited) | | | | | Pro Forma (Unaudited) | | ||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | | | Twelve Months Ended December 31, | | | | | Twelve Months Ended December 31, | | ||||||||||||||||||||||
| (In thousands, except per share amounts) | | | 2013 | | 2012 | | (In thousands, except per share amounts) | | | 2013 | | 2012 | | ||||||||||||||||||
| Net interest income | | | | $ | 26,456 | | | | $ | 21,735 | | | Net interest income | | | | $ | 26,456 | | | | $ | 21,735 | | | ||||||
| Noninterest income | | | | | 3,758 | | | | | 623 | | | Noninterest income | | | | | 3,758 | | | | | 623 | | | ||||||
| Net income (loss) attributable to common shareholders | | | | | 3,767 | | | | | 241 | | | Net income (loss) attributable to common shareholders | | | | | 3,767 | | | | | 241 | | | ||||||
| Pro forma earnings (loss) per share | | Pro forma earnings (loss) per share | | | |||||||||||||||||||||||||||
| Basic | | | | $ | 1.09 | | | | $ | 0.09 | | | Basic | | | | $ | 1.09 | | | | $ | 0.09 | | | ||||||
| Diluted | | | | $ | 1.07 | | | | $ | 0.08 | | | Diluted | | | | $ | 1.07 | | | | $ | 0.08 | | | ||||||
| | | | | | | | | | |
| | | | Gross Intangible Asset | | Accumulated Amortization | | Net Intangible Asset | | | | | Gross Intangible Asset | | Accumulated Amortization | | Net Intangible Asset | | ||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | | | (In thousands) | | | | | (In thousands) | | ||||||||||||||||||||||||||||||||||||
| December 31, 2013 | | December 31, 2013 | | | |||||||||||||||||||||||||||||||||||||||||
| Core deposit intangible | | | | $ | 499 | | | | $ | 18 | | | | $ | 481 | | | Core deposit intangible | | | | $ | 499 | | | | $ | 18 | | | | $ | 481 | | | ||||||||||
| | | | | | | | | | | | | | |
| | | | December 31, 2013 | | | | | December 31, 2013 | | ||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | | | Amortized Cost | | | Gross Unrealized | | | Fair Value | | | | | Amortized Cost | | | Gross Unrealized | | | Fair Value | | ||||||||||||||||||||||||||||||||||||||
| | | | Gains | | Losses | | | | | Gains | | Losses | | ||||||||||||||||||||||||||||||||||||||||||||||
| | | | (In thousands) | | | | | (In thousands) | | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Available for sale securities: | | Available for sale securities: | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| U.S. Government and agency obligations | | U.S. Government and agency obligations | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Due from one through five years | | | | $ | 1,000 | | | | $ | — | | | | $ | (17 | ) | | | | $ | 983 | | | Due from one through five years | | | | $ | 1,000 | | | | $ | — | | | | $ | (17 | ) | | | | $ | 983 | | | ||||||||||||
| Due from five through ten years | | | | | 4,997 | | | | | — | | | | | (292 | ) | | | | | 4,705 | | | Due from five through ten years | | | | | 4,997 | | | | | — | | | | | (292 | ) | | | | | 4,705 | | | ||||||||||||
| | | | | | 5,997 | | | | | — | | | | | (309 | ) | | | | | 5,688 | | | | | | | | 5,997 | | | | | — | | | | | (309 | ) | | | | | 5,688 | | | ||||||||||||
| State agency and municipal obligations | | State agency and municipal obligations | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Due from five through ten years | | | | | 3,125 | | | | | 152 | | | | | — | | | | | 3,277 | | | Due from five through ten years | | | | | 3,125 | | | | | 152 | | | | | — | | | | | 3,277 | | | ||||||||||||||
| Due after ten years | | | | | 8,480 | | | | | 375 | | | | | — | | | | | 8,855 | | | Due after ten years | | | | | 8,480 | | | | | 375 | | | | | — | | | | | 8,855 | | | ||||||||||||||
| | | | | | 11,605 | | | | | 527 | | | | | — | | | | | 12,132 | | | | | | | | 11,605 | | | | | 527 | | | | | — | | | | | 12,132 | | | ||||||||||||||
| Corporate bonds | | Corporate bonds | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Due from one through five years | | | | | 9,166 | | | | | 411 | | | | | (11 | ) | | | | | 9,566 | | | Due from one through five years | | | | | 9,166 | | | | | 411 | | | | | (11 | ) | | | | | 9,566 | | | ||||||||||||
| Government-sponsored mortgage backed securities | | | | | 1,133 | | | | | 78 | | | | | — | | | | | 1,211 | | | Government-sponsored mortgage backed securities | | | | | 1,133 | | | | | 78 | | | | | — | | | | | 1,211 | | | ||||||||||||||
| Total available for sale securities | | | | $ | 27,901 | | | | $ | 1,016 | | | | $ | (320 | ) | | | | $ | 28,597 | | | Total available for sale securities | | | | $ | 27,901 | | | | $ | 1,016 | | | | $ | (320 | ) | | | | $ | 28,597 | | | ||||||||||||
| Held to maturity securities: | | Held to maturity securities: | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| U.S. Government and agency obligations | | U.S. Government and agency obligations | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Due from one through five years | | | | $ | 1,021 | | | | $ | — | | | | $ | (2 | ) | | | | $ | 1,019 | | | Due from one through five years | | | | $ | 1,021 | | | | $ | — | | | | $ | (2 | ) | | | | $ | 1,019 | | | ||||||||||||
| State agency and municipal obligations | | State agency and municipal obligations | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Due after ten years | | | | | 11,461 | | | | | — | | | | | — | | | | | 11,461 | | | Due after ten years | | | | | 11,461 | | | | | — | | | | | — | | | | | 11,461 | | | ||||||||||||||
| Corporate bonds | | Corporate bonds | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Due from five through ten years | | | | | 1,000 | | | | | — | | | | | (27 | ) | | | | | 973 | | | Due from five through ten years | | | | | 1,000 | | | | | — | | | | | (27 | ) | | | | | 973 | | | ||||||||||||
| Government-sponsored mortgage backed securities | | | | | 334 | | | | | 28 | | | | | — | | | | | 362 | | | Government-sponsored mortgage backed securities | | | | | 334 | | | | | 28 | | | | | — | | | | | 362 | | | ||||||||||||||
| Total held to maturity securities | | | | $ | 13,816 | | | | $ | 28 | | | | $ | (29 | ) | | | | $ | 13,815 | | | Total held to maturity securities | | | | $ | 13,816 | | | | $ | 28 | | | | $ | (29 | ) | | | | $ | 13,815 | | | ||||||||||||
| | | | | | | | | | | | | | | | | | |
| | | | December 31, 2012 | | | | | December 31, 2012 | | ||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | | | Amortized Cost | | | Gross Unrealized | | | Fair Value | | | | | Amortized Cost | | | Gross Unrealized | | | Fair Value | | ||||||||||||||||||||||||||||||||||||||
| | | | Gains | | Losses | | | | | Gains | | Losses | | ||||||||||||||||||||||||||||||||||||||||||||||
| | | | (In thousands) | | | | | (In thousands) | | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Available for sale securities: | | Available for sale securities: | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| U.S. Government and agency obligations | | U.S. Government and agency obligations | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Due from five through ten years | | | | $ | 5,997 | | | | $ | 16 | | | | $ | (8 | ) | | | | $ | 6,005 | | | Due from five through ten years | | | | $ | 5,997 | | | | $ | 16 | | | | $ | (8 | ) | | | | $ | 6,005 | | | ||||||||||||
| State agency and municipal obligations | | State agency and municipal obligations | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Due from five through ten years | | | | | 3,631 | | | | | 286 | | | | | — | | | | | 3,917 | | | Due from five through ten years | | | | | 3,631 | | | | | 286 | | | | | — | | | | | 3,917 | | | ||||||||||||||
| Due after ten years | | | | | 13,405 | | | | | 1,209 | | | | | — | | | | | 14,614 | | | Due after ten years | | | | | 13,405 | | | | | 1,209 | | | | | — | | | | | 14,614 | | | ||||||||||||||
| | | | | | 17,036 | | | | | 1,495 | | | | | — | | | | | 18,531 | | | | | | | | 17,036 | | | | | 1,495 | | | | | — | | | | | 18,531 | | | ||||||||||||||
| Corporate bonds | | Corporate bonds | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Due from one through five years | | | | | 11,612 | | | | | 657 | | | | | (14 | ) | | | | | 12,255 | | | Due from one through five years | | | | | 11,612 | | | | | 657 | | | | | (14 | ) | | | | | 12,255 | | | ||||||||||||
| Due from five through ten years | | | | | 2,069 | | | | | 232 | | | | | — | | | | | 2,301 | | | Due from five through ten years | | | | | 2,069 | | | | | 232 | | | | | — | | | | | 2,301 | | | ||||||||||||||
| | | | | | 13,681 | | | | | 889 | | | | | (14 | ) | | | | | 14,556 | | | | | | | | 13,681 | | | | | 889 | | | | | (14 | ) | | | | | 14,556 | | | ||||||||||||
| Government-sponsored mortgage backed securities | | | | | 1,872 | | | | | 94 | | | | | — | | | | | 1,966 | | | Government-sponsored mortgage backed securities | | | | | 1,872 | | | | | 94 | | | | | — | | | | | 1,966 | | | ||||||||||||||
| Total available for sale securities | | | | $ | 38,586 | | | | $ | 2,494 | | | | $ | (22 | ) | | | | $ | 41,058 | | | Total available for sale securities | | | | $ | 38,586 | | | | $ | 2,494 | | | | $ | (22 | ) | | | | $ | 41,058 | | | ||||||||||||
| Held to maturity securities: | | Held to maturity securities: | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| State agency and municipal obligations | | State agency and municipal obligations | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Due after ten years | | | | $ | 3,903 | | | | $ | — | | | | $ | — | | | | $ | 3,903 | | | Due after ten years | | | | $ | 3,903 | | | | $ | — | | | | $ | — | | | | $ | 3,903 | | | ||||||||||||||
| Corporate bonds | | Corporate bonds | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Due from five through ten years | | | | | 1,000 | | | | | — | | | | | (96 | ) | | | | | 904 | | | Due from five through ten years | | | | | 1,000 | | | | | — | | | | | (96 | ) | | | | | 904 | | | ||||||||||||
| Government-sponsored mortgage backed securities | | | | | 451 | | | | | 34 | | | | | — | | | | | 485 | | | Government-sponsored mortgage backed securities | | | | | 451 | | | | | 34 | | | | | — | | | | | 485 | | | ||||||||||||||
| Total held to maturity securities | | | | $ | 5,354 | | | | $ | 34 | | | | $ | (96 | ) | | | | $ | 5,292 | | | Total held to maturity securities | | | | $ | 5,354 | | | | $ | 34 | | | | $ | (96 | ) | | | | $ | 5,292 | | | ||||||||||||
| | | | | | | | | | | | | | | | | | |
| | | | Length of Time in Continuous Unrealized Loss Position | | | | | Length of Time in Continuous Unrealized Loss Position | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | | | Less Than 12 Months | | 12 Months or More | | Total | | | | | Less Than 12 Months | | 12 Months or More | | Total | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | | Fair Value | | Unrealized Loss | | Fair Value | | Unrealized Loss | | Fair Value | | Unrealized Loss | | | | | Fair Value | | Unrealized Loss | | Fair Value | | Unrealized Loss | | Fair Value | | Unrealized Loss | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | | (In thousands) | | | | | (In thousands) | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| December 31, 2013 | | December 31, 2013 | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| U.S. Government and agency obligations | | | | $ | 5,797 | | | | $ | (222 | ) | | | | $ | 910 | | | | $ | (89 | ) | | | | $ | 6,707 | | | | $ | (311 | ) | | | U.S. Government and agency obligations | | | | $ | 5,797 | | | | $ | (222 | ) | | | | $ | 910 | | | | $ | (89 | ) | | | | $ | 6,707 | | | | $ | (311 | ) | | | ||||||||||||||||
| Corporate bonds | | | | | — | | | | | — | | | | | 1,961 | | | | | (38 | ) | | | | | 1,961 | | | | | (38 | ) | | | Corporate bonds | | | | | — | | | | | — | | | | | 1,961 | | | | | (38 | ) | | | | | 1,961 | | | | | (38 | ) | | | ||||||||||||||||||
| Total investment securities | | | | $ | 5,797 | | | | $ | (222 | ) | | | | $ | 2,871 | | | | $ | (127 | ) | | | | $ | 8,668 | | | | $ | (349 | ) | | | Total investment securities | | | | $ | 5,797 | | | | $ | (222 | ) | | | | $ | 2,871 | | | | $ | (127 | ) | | | | $ | 8,668 | | | | $ | (349 | ) | | | ||||||||||||||||
| December 31, 2012 | | December 31, 2012 | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| U.S. Government and agency obligations | | | | $ | 1,991 | | | | $ | (8 | ) | | | | $ | — | | | | $ | — | | | | $ | 1,991 | | | | $ | (8 | ) | | | U.S. Government and agency obligations | | | | $ | 1,991 | | | | $ | (8 | ) | | | | $ | — | | | | $ | — | | | | $ | 1,991 | | | | $ | (8 | ) | | | ||||||||||||||||||
| Corporate bonds | | | | | — | | | | | — | | | | | 1,889 | | | | | (110 | ) | | | | | 1,889 | | | | | (110 | ) | | | Corporate bonds | | | | | — | | | | | — | | | | | 1,889 | | | | | (110 | ) | | | | | 1,889 | | | | | (110 | ) | | | ||||||||||||||||||
| Total investment securities | | | | $ | 1,991 | | | | $ | (8 | ) | | | | $ | 1,889 | | | | $ | (110 | ) | | | | $ | 3,880 | | | | $ | (118 | ) | | | Total investment securities | | | | $ | 1,991 | | | | $ | (8 | ) | | | | $ | 1,889 | | | | $ | (110 | ) | | | | $ | 3,880 | | | | $ | (118 | ) | | | ||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | December 31, 2013 | | December 31, 2012 | | | | | December 31, 2013 | | December 31, 2012 | | ||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| (In thousands) | | | Originated | | Acquired | | Total | | Total | | (In thousands) | | | Originated | | Acquired | | Total | | Total | | ||||||||||||||||||||||||||||||||||||||
| Real estate loans: | | Real estate loans: | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Residential | | | | $ | 155,874 | | | | $ | — | | | | $ | 155,874 | | | | $ | 144,288 | | | Residential | | | | $ | 155,874 | | | | $ | — | | | | $ | 155,874 | | | | $ | 144,288 | | | ||||||||||||||
| Commercial | | | | | 305,823 | | | | | 10,710 | | | | | 316,533 | | | | | 284,763 | | | Commercial | | | | | 305,823 | | | | | 10,710 | | | | | 316,533 | | | | | 284,763 | | | ||||||||||||||
| Construction | | | | | 44,187 | | | | | 7,358 | | | | | 51,545 | | | | | 33,148 | | | Construction | | | | | 44,187 | | | | | 7,358 | | | | | 51,545 | | | | | 33,148 | | | ||||||||||||||
| Home equity | | | | | 9,625 | | | | | 4,267 | | | | | 13,892 | | | | | 11,030 | | | Home equity | | | | | 9,625 | | | | | 4,267 | | | | | 13,892 | | | | | 11,030 | | | ||||||||||||||
| | | | | | 515,509 | | | | | 22,335 | | | | | 537,844 | | | | | 473,229 | | | | | | | | 515,509 | | | | | 22,335 | | | | | 537,844 | | | | | 473,229 | | | ||||||||||||||
| Commercial business | | | | | 92,173 | | | | | 1,393 | | | | | 93,566 | | | | | 56,764 | | | Commercial business | | | | | 92,173 | | | | | 1,393 | | | | | 93,566 | | | | | 56,764 | | | ||||||||||||||
| Consumer | | | | | 225 | | | | | 377 | | | | | 602 | | | | | 57 | | | Consumer | | | | | 225 | | | | | 377 | | | | | 602 | | | | | 57 | | | ||||||||||||||
| Total loans | | | | | 607,907 | | | | | 24,105 | | | | | 632,012 | | | | | 530,050 | | | Total loans | | | | | 607,907 | | | | | 24,105 | | | | | 632,012 | | | | | 530,050 | | | ||||||||||||||
| Allowance for loan losses | | | | | (8,382 | ) | | | | | — | | | | | (8,382 | ) | | | | | (7,941 | ) | | | Allowance for loan losses | | | | | (8,382 | ) | | | | | — | | | | | (8,382 | ) | | | | | (7,941 | ) | | | ||||||||
| Deferred loan origination fees, net | | | | | (1,785 | ) | | | | | (31 | ) | | | | | (1,816 | ) | | | | | (1,338 | ) | | | Deferred loan origination fees, net | | | | | (1,785 | ) | | | | | (31 | ) | | | | | (1,816 | ) | | | | | (1,338 | ) | | | ||||||
| Unamortized loan premiums | | | | | 16 | | | | | — | | | | | 16 | | | | | 21 | | | Unamortized loan premiums | | | | | 16 | | | | | — | | | | | 16 | | | | | 21 | | | ||||||||||||||
| Loans receivable, net | | | | $ | 597,756 | | | | $ | 24,074 | | | | $ | 621,830 | | | | $ | 520,792 | | | Loans receivable, net | | | | $ | 597,756 | | | | $ | 24,074 | | | | $ | 621,830 | | | | $ | 520,792 | | | ||||||||||||||
| | | | | | | | | | | | | | | | | | |
| (In thousands) | | | 2013 | | ||||
---|---|---|---|---|---|---|---|---|---|
| Balance at beginning of period | | | | $ | — | | | |
| Acquisition | | | | | 1,513 | | | |
| Accretion | | | | | (95 | ) | | |
| Reclassification from nonaccretable difference for loans with improved cash flows(a) | | | | | — | | | |
| Other changes in expected cash flows(b) | | | | | — | | | |
| Balance at end of period | | | | $ | 1,418 | | | |
| | | | |
| | | | Residential Real Estate | | Commercial Real Estate | | Construction | | Home Equity | | Commercial Business | | Consumer | | Unallocated | | Total | | | | | Residential Real Estate | | Commercial Real Estate | | Construction | | Home Equity | | Commercial Business | | Consumer | | Unallocated | | Total | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | | | (In thousands) | | | | | (In thousands) | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| December 31, 2013 | | December 31, 2013 | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Originated | | Originated | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Beginning balance | | | | $ | 1,230 | | | | $ | 3,842 | | | | $ | 929 | | | | $ | 220 | | | | $ | 1,718 | | | | $ | 2 | | | | $ | — | | | | $ | 7,941 | | | Beginning balance | | | | $ | 1,230 | | | | $ | 3,842 | | | | $ | 929 | | | | $ | 220 | | | | $ | 1,718 | | | | $ | 2 | | | | $ | — | | | | $ | 7,941 | | | ||||||||||||||||||||||||||||||
| Charge-offs | | | | | — | | | | | (166 | ) | | | | | — | | | | | — | | | | | — | | | | | (4 | ) | | | | | — | | | | | (170 | ) | | | Charge-offs | | | | | — | | | | | (166 | ) | | | | | — | | | | | — | | | | | — | | | | | (4 | ) | | | | | — | | | | | (170 | ) | | | ||||||||||||||||||||||||
| Recoveries | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 26 | | | | | — | | | | | 26 | | | Recoveries | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 26 | | | | | — | | | | | 26 | | | ||||||||||||||||||||||||||||||
| Provisions | | | | | 80 | | | | | (60 | ) | | | | | 103 | | | | | (30 | ) | | | | | 507 | | | | | (15 | ) | | | | | — | | | | | 585 | | | Provisions | | | | | 80 | | | | | (60 | ) | | | | | 103 | | | | | (30 | ) | | | | | 507 | | | | | (15 | ) | | | | | — | | | | | 585 | | | ||||||||||||||||||||||||
| Ending balance | | | | $ | 1,310 | | | | $ | 3,616 | | | | $ | 1,032 | | | | $ | 190 | | | | $ | 2,225 | | | | $ | 9 | | | | $ | — | | | | $ | 8,382 | | | Ending balance | | | | $ | 1,310 | | | | $ | 3,616 | | | | $ | 1,032 | | | | $ | 190 | | | | $ | 2,225 | | | | $ | 9 | | | | $ | — | | | | $ | 8,382 | | | ||||||||||||||||||||||||||||||
| Acquired | | Acquired | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Beginning balance | | | | $ | — | | | | $ | — | | | | $ | — | | | | $ | — | | | | $ | — | | | | $ | — | | | | $ | — | | | | $ | — | | | Beginning balance | | | | $ | — | | | | $ | — | | | | $ | — | | | | $ | — | | | | $ | — | | | | $ | — | | | | $ | — | | | | $ | — | | | ||||||||||||||||||||||||||||||
| Charge-offs | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | Charge-offs | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||||||||||||||||||||||
| Recoveries | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | Recoveries | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||||||||||||||||||||||
| Provisions | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | Provisions | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||||||||||||||||||||||
| Ending balance | | | | $ | — | | | | $ | — | | | | $ | — | | | | $ | — | | | | $ | — | | | | $ | — | | | | $ | — | | | | $ | — | | | Ending balance | | | | $ | — | | | | $ | — | | | | $ | — | | | | $ | — | | | | $ | — | | | | $ | — | | | | $ | — | | | | $ | — | | | ||||||||||||||||||||||||||||||
| Total | | Total | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Beginning balance | | | | $ | 1,230 | | | | $ | 3,842 | | | | $ | 929 | | | | $ | 220 | | | | $ | 1,718 | | | | $ | 2 | | | | $ | — | | | | $ | 7,941 | | | Beginning balance | | | | $ | 1,230 | | | | $ | 3,842 | | | | $ | 929 | | | | $ | 220 | | | | $ | 1,718 | | | | $ | 2 | | | | $ | — | | | | $ | 7,941 | | | ||||||||||||||||||||||||||||||
| Charge-offs | | | | | — | | | | | (166 | ) | | | | | — | | | | | — | | | | | — | | | | | (4 | ) | | | | | — | | | | | (170 | ) | | | Charge-offs | | | | | — | | | | | (166 | ) | | | | | — | | | | | — | | | | | — | | | | | (4 | ) | | | | | — | | | | | (170 | ) | | | ||||||||||||||||||||||||
| Recoveries | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 26 | | | | | — | | | | | 26 | | | Recoveries | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 26 | | | | | — | | | | | 26 | | | ||||||||||||||||||||||||||||||
| Provisions | | | | | 80 | | | | | (60 | ) | | | | | 103 | | | | | (30 | ) | | | | | 507 | | | | | (15 | ) | | | | | — | | | | | 585 | | | Provisions | | | | | 80 | | | | | (60 | ) | | | | | 103 | | | | | (30 | ) | | | | | 507 | | | | | (15 | ) | | | | | — | | | | | 585 | | | ||||||||||||||||||||||||
| Ending balance | | | | $ | 1,310 | | | | $ | 3,616 | | | | $ | 1,032 | | | | $ | 190 | | | | $ | 2,225 | | | | $ | 9 | | | | $ | — | | | | $ | 8,382 | | | Ending balance | | | | $ | 1,310 | | | | $ | 3,616 | | | | $ | 1,032 | | | | $ | 190 | | | | $ | 2,225 | | | | $ | 9 | | | | $ | — | | | | $ | 8,382 | | | ||||||||||||||||||||||||||||||
| December 31, 2012 | | December 31, 2012 | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Beginning balance | | | | $ | 1,290 | | | | $ | 2,519 | | | | $ | 1,007 | | | | $ | 274 | | | | $ | 1,317 | | | | $ | 11 | | | | $ | 7 | | | | $ | 6,425 | | | Beginning balance | | | | $ | 1,290 | | | | $ | 2,519 | | | | $ | 1,007 | | | | $ | 274 | | | | $ | 1,317 | | | | $ | 11 | | | | $ | 7 | | | | $ | 6,425 | | | ||||||||||||||||||||||||||||||
| Charge-offs | | | | | (261 | ) | | | | | — | | | | | (60 | ) | | | | | — | | | | | — | | | | | (5 | ) | | | | | — | | | | | (326 | ) | | | Charge-offs | | | | | (261 | ) | | | | | — | | | | | (60 | ) | | | | | — | | | | | — | | | | | (5 | ) | | | | | — | | | | | (326 | ) | | | ||||||||||||||||||||||
| Recoveries | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 21 | | | | | — | | | | | 21 | | | Recoveries | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 21 | | | | | — | | | | | 21 | | | ||||||||||||||||||||||||||||||
| Provisions | | | | | 201 | | | | | 1,323 | | | | | (18 | ) | | | | | (54 | ) | | | | | 401 | | | | | (25 | ) | | | | | (7 | ) | | | | | 1,821 | | | Provisions | | | | | 201 | | | | | 1,323 | | | | | (18 | ) | | | | | (54 | ) | | | | | 401 | | | | | (25 | ) | | | | | (7 | ) | | | | | 1,821 | | | ||||||||||||||||||||||
| Ending balance | | | | $ | 1,230 | | | | $ | 3,842 | | | | $ | 929 | | | | $ | 220 | | | | $ | 1,718 | | | | $ | 2 | | | | $ | — | | | | $ | 7,941 | | | Ending balance | | | | $ | 1,230 | | | | $ | 3,842 | | | | $ | 929 | | | | $ | 220 | | | | $ | 1,718 | | | | $ | 2 | | | | $ | — | | | | $ | 7,941 | | | ||||||||||||||||||||||||||||||
| December 31, 2011 | | December 31, 2011 | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Beginning balance | | | | $ | 1,053 | | | | $ | 1,806 | | | | $ | 951 | | | | $ | 313 | | | | $ | 744 | | | | $ | 20 | | | | $ | 553 | | | | $ | 5,440 | | | Beginning balance | | | | $ | 1,053 | | | | $ | 1,806 | | | | $ | 951 | | | | $ | 313 | | | | $ | 744 | | | | $ | 20 | | | | $ | 553 | | | | $ | 5,440 | | | ||||||||||||||||||||||||||||||
| Charge-offs | | | | | — | | | | | — | | | | | (84 | ) | | | | | — | | | | | — | | | | | — | | | | | — | | | | | (84 | ) | | | Charge-offs | | | | | — | | | | | — | | | | | (84 | ) | | | | | — | | | | | — | | | | | — | | | | | — | | | | | (84 | ) | | | ||||||||||||||||||||||||||
| Recoveries | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 20 | | | | | — | | | | | 20 | | | Recoveries | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 20 | | | | | — | | | | | 20 | | | ||||||||||||||||||||||||||||||
| Provisions | | | | | 237 | | | | | 713 | | | | | 140 | | | | | (39 | ) | | | | | 573 | | | | | (29 | ) | | | | | (546 | ) | | | | | 1,049 | | | Provisions | | | | | 237 | | | | | 713 | | | | | 140 | | | | | (39 | ) | | | | | 573 | | | | | (29 | ) | | | | | (546 | ) | | | | | 1,049 | | | ||||||||||||||||||||||||
| Ending balance | | | | $ | 1,290 | | | | $ | 2,519 | | | | $ | 1,007 | | | | $ | 274 | | | | $ | 1,317 | | | | $ | 11 | | | | $ | 7 | | | | $ | 6,425 | | | Ending balance | | | | $ | 1,290 | | | | $ | 2,519 | | | | $ | 1,007 | | | | $ | 274 | | | | $ | 1,317 | | | | $ | 11 | | | | $ | 7 | | | | $ | 6,425 | | | ||||||||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | Originated Loans | | Acquired Loans | | Total | | | | | Originated Loans | | Acquired Loans | | Total | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | | | Portfolio | | Allowance | | Portfolio | | Allowance | | Portfolio | | Allowance | | | | | Portfolio | | Allowance | | Portfolio | | Allowance | | Portfolio | | Allowance | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | | (In thousands) | | | | | (In thousands) | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| December 31, 2013 | | December 31, 2013 | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Loans individually evaluated for impairment: | | Loans individually evaluated for impairment: | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Residential real estate | | | | $ | 1,867 | | | | $ | 73 | | | | $ | — | | | | $ | — | | | | $ | 1,867 | | | | $ | 73 | | | Residential real estate | | | | $ | 1,867 | | | | $ | 73 | | | | $ | — | | | | $ | — | | | | $ | 1,867 | | | | $ | 73 | | | ||||||||||||||||||||||
| Commercial real estate | | | | | 1,117 | | | | | 56 | | | | | — | | | | | — | | | | | 1,117 | | | | | 56 | | | Commercial real estate | | | | | 1,117 | | | | | 56 | | | | | — | | | | | — | | | | | 1,117 | | | | | 56 | | | ||||||||||||||||||||||
| Construction | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | Construction | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||||||||||||||
| Home equity | | | | | 97 | | | | | 4 | | | | | — | | | | | — | | | | | 97 | | | | | 4 | | | Home equity | | | | | 97 | | | | | 4 | | | | | — | | | | | — | | | | | 97 | | | | | 4 | | | ||||||||||||||||||||||
| Commercial business | | | | | 642 | | | | | 12 | | | | | — | | | | | — | | | | | 642 | | | | | 12 | | | Commercial business | | | | | 642 | | | | | 12 | | | | | — | | | | | — | | | | | 642 | | | | | 12 | | | ||||||||||||||||||||||
| Consumer | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | Consumer | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||||||||||||||
| Subtotal | | | | $ | 3,723 | | | | $ | 145 | | | | $ | — | | | | $ | — | | | | $ | 3,723 | | | | $ | 145 | | | Subtotal | | | | $ | 3,723 | | | | $ | 145 | | | | $ | — | | | | $ | — | | | | $ | 3,723 | | | | $ | 145 | | | ||||||||||||||||||||||
| Loans collectively evaluated for impairment: | | Loans collectively evaluated for impairment: | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Residential real estate | | | | $ | 154,007 | | | | $ | 1,237 | | | | $ | — | | | | $ | — | | | | $ | 154,007 | | | | $ | 1,237 | | | Residential real estate | | | | $ | 154,007 | | | | $ | 1,237 | | | | $ | — | | | | $ | — | | | | $ | 154,007 | | | | $ | 1,237 | | | ||||||||||||||||||||||
| Commercial real estate | | | | | 304,706 | | | | | 3,560 | | | | | 10,710 | | | | | — | | | | | 315,416 | | | | | 3,560 | | | Commercial real estate | | | | | 304,706 | | | | | 3,560 | | | | | 10,710 | | | | | — | | | | | 315,416 | | | | | 3,560 | | | ||||||||||||||||||||||
| Construction | | | | | 44,187 | | | | | 1,032 | | | | | 7,358 | | | | | — | | | | | 51,545 | | | | | 1,032 | | | Construction | | | | | 44,187 | | | | | 1,032 | | | | | 7,358 | | | | | — | | | | | 51,545 | | | | | 1,032 | | | ||||||||||||||||||||||
| Home equity | | | | | 9,528 | | | | | 187 | | | | | 4,267 | | | | | — | | | | | 13,795 | | | | | 187 | | | Home equity | | | | | 9,528 | | | | | 187 | | | | | 4,267 | | | | | — | | | | | 13,795 | | | | | 187 | | | ||||||||||||||||||||||
| Commercial business | | | | | 91,531 | | | | | 2,212 | | | | | 1,393 | | | | | — | | | | | 92,924 | | | | | 2,212 | | | Commercial business | | | | | 91,531 | | | | | 2,212 | | | | | 1,393 | | | | | — | | | | | 92,924 | | | | | 2,212 | | | ||||||||||||||||||||||
| Consumer | | | | | 225 | | | | | 9 | | | | | 377 | | | | | — | | | | | 602 | | | | | 9 | | | Consumer | | | | | 225 | | | | | 9 | | | | | 377 | | | | | — | | | | | 602 | | | | | 9 | | | ||||||||||||||||||||||
| Subtotal | | | | $ | 604,184 | | | | $ | 8,237 | | | | $ | 24,105 | | | | $ | — | | | | $ | 628,289 | | | | $ | 8,237 | | | Subtotal | | | | $ | 604,184 | | | | $ | 8,237 | | | | $ | 24,105 | | | | $ | — | | | | $ | 628,289 | | | | $ | 8,237 | | | ||||||||||||||||||||||
| Total | | | | $ | 607,907 | | | | $ | 8,382 | | | | $ | 24,105 | | | | $ | — | | | | $ | 632,012 | | | | $ | 8,382 | | | Total | | | | $ | 607,907 | | | | $ | 8,382 | | | | $ | 24,105 | | | | $ | — | | | | $ | 632,012 | | | | $ | 8,382 | | | ||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | Total | | | | | Total | | ||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | | | Portfolio | | Allowance | | | | | Portfolio | | Allowance | | ||||||||||||||||||
| | | | (In thousands) | | | | | (In thousands) | | ||||||||||||||||||||||
| December 31, 2012 | | December 31, 2012 | | | |||||||||||||||||||||||||||
| Loans individually evaluated for impairment: | | Loans individually evaluated for impairment: | | | |||||||||||||||||||||||||||
| Residential real estate | | | | $ | 2,137 | | | | $ | — | | | Residential real estate | | | | $ | 2,137 | | | | $ | — | | | ||||||
| Commercial real estate | | | | | 1,817 | | | | | 249 | | | Commercial real estate | | | | | 1,817 | | | | | 249 | | | ||||||
| Construction | | | | | — | | | | | — | | | Construction | | | | | — | | | | | — | | | ||||||
| Home equity | | | | | — | | | | | — | | | Home equity | | | | | — | | | | | — | | | ||||||
| Commercial business | | | | | 194 | | | | | 9 | | | Commercial business | | | | | 194 | | | | | 9 | | | ||||||
| Consumer | | | | | — | | | | | — | | | Consumer | | | | | — | | | | | — | | | ||||||
| Subtotal | | | | $ | 4,148 | | | | $ | 258 | | | Subtotal | | | | $ | 4,148 | | | | $ | 258 | | | ||||||
| Loans collectively evaluated for impairment: | | Loans collectively evaluated for impairment: | | | |||||||||||||||||||||||||||
| Residential real estate | | | | $ | 142,151 | | | | $ | 1,230 | | | Residential real estate | | | | $ | 142,151 | | | | $ | 1,230 | | | ||||||
| Commercial real estate | | | | | 282,946 | | | | | 3,593 | | | Commercial real estate | | | | | 282,946 | | | | | 3,593 | | | ||||||
| Construction | | | | | 33,148 | | | | | 929 | | | Construction | | | | | 33,148 | | | | | 929 | | | ||||||
| Home equity | | | | | 11,030 | | | | | 220 | | | Home equity | | | | | 11,030 | | | | | 220 | | | ||||||
| Commercial business | | | | | 56,570 | | | | | 1,709 | | | Commercial business | | | | | 56,570 | | | | | 1,709 | | | ||||||
| Consumer | | | | | 57 | | | | | 2 | | | Consumer | | | | | 57 | | | | | 2 | | | ||||||
| Subtotal | | | | $ | 525,902 | | | | $ | 7,683 | | | Subtotal | | | | $ | 525,902 | | | | $ | 7,683 | | | ||||||
| Total | | | | $ | 530,050 | | | | $ | 7,941 | | | Total | | | | $ | 530,050 | | | | $ | 7,941 | | | ||||||
| | | | | | | | | | |
| | | | Commercial Credit Quality Indicators | | | | | Commercial Credit Quality Indicators | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | | | At December 31, 2013 | | At December 31, 2012 | | | | | At December 31, 2013 | | At December 31, 2012 | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | | Commercial Real Estate | | Construction | | Commercial Business | | Commercial Real Estate | | Construction | | Commercial Business | | | | | Commercial Real Estate | | Construction | | Commercial Business | | Commercial Real Estate | | Construction | | Commercial Business | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | | (In thousands) | | | | | (In thousands) | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Originated loans: | | Originated loans: | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Pass | | | | $ | 304,469 | | | | $ | 44,187 | | | | $ | 91,093 | | | | $ | 282,697 | | | | $ | 33,148 | | | | $ | 55,447 | | | Pass | | | | $ | 304,469 | | | | $ | 44,187 | | | | $ | 91,093 | | | | $ | 282,697 | | | | $ | 33,148 | | | | $ | 55,447 | | | ||||||||||||||||||||||
| Special mention | | | | | 237 | | | | | — | | | | | 438 | | | | | 249 | | | | | — | | | | | 1,123 | | | Special mention | | | | | 237 | | | | | — | | | | | 438 | | | | | 249 | | | | | — | | | | | 1,123 | | | ||||||||||||||||||||||
| Substandard | | | | | 1,117 | | | | | — | | | | | 642 | | | | | 1,817 | | | | | — | | | | | 194 | | | Substandard | | | | | 1,117 | | | | | — | | | | | 642 | | | | | 1,817 | | | | | — | | | | | 194 | | | ||||||||||||||||||||||
| Doubtful | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | Doubtful | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||||||||||||||
| Loss | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | Loss | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||||||||||||||
| Total originated loans | | | | | 305,823 | | | | | 44,187 | | | | | 92,173 | | | | | 284,763 | | | | | 33,148 | | | | | 56,764 | | | Total originated loans | | | | | 305,823 | | | | | 44,187 | | | | | 92,173 | | | | | 284,763 | | | | | 33,148 | | | | | 56,764 | | | ||||||||||||||||||||||
| Acquired loans: | | Acquired loans: | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Pass | | | | | 10,351 | | | | | 4,689 | | | | | 825 | | | | | — | | | | | — | | | | | — | | | Pass | | | | | 10,351 | | | | | 4,689 | | | | | 825 | | | | | — | | | | | — | | | | | — | | | ||||||||||||||||||||||
| Special mention | | | | | 24 | | | | | 161 | | | | | 252 | | | | | — | | | | | — | | | | | — | | | Special mention | | | | | 24 | | | | | 161 | | | | | 252 | | | | | — | | | | | — | | | | | — | | | ||||||||||||||||||||||
| Substandard | | | | | 335 | | | | | 2,508 | | | | | 316 | | | | | — | | | | | — | | | | | — | | | Substandard | | | | | 335 | | | | | 2,508 | | | | | 316 | | | | | — | | | | | — | | | | | — | | | ||||||||||||||||||||||
| Doubtful | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | Doubtful | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||||||||||||||
| Loss | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | Loss | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||||||||||||||
| Total acquired loans | | | | | 10,710 | | | | | 7,358 | | | | | 1,393 | | | | | — | | | | | — | | | | | — | | | Total acquired loans | | | | | 10,710 | | | | | 7,358 | | | | | 1,393 | | | | | — | | | | | — | | | | | — | | | ||||||||||||||||||||||
| Total | | | | $ | 316,533 | | | | $ | 51,545 | | | | $ | 93,566 | | | | $ | 284,763 | | | | $ | 33,148 | | | | $ | 56,764 | | | Total | | | | $ | 316,533 | | | | $ | 51,545 | | | | $ | 93,566 | | | | $ | 284,763 | | | | $ | 33,148 | | | | $ | 56,764 | | | ||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | Residential and Consumer Credit Quality Indicators | | | | | Residential and Consumer Credit Quality Indicators | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | | | At December 31, 2013 | | At December 31, 2012 | | | | | At December 31, 2013 | | At December 31, 2012 | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | | Residential Real Estate | | Home Equity | | Consumer | | Residential Real Estate | | Home Equity | | Consumer | | | | | Residential Real Estate | | Home Equity | | Consumer | | Residential Real Estate | | Home Equity | | Consumer | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | | (In thousands) | | | | | (In thousands) | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Originated loans: | | Originated loans: | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Pass | | | | $ | 153,443 | | | | $ | 9,447 | | | | $ | 225 | | | | $ | 142,151 | | | | $ | 11,030 | | | | $ | 57 | | | Pass | | | | $ | 153,443 | | | | $ | 9,447 | | | | $ | 225 | | | | $ | 142,151 | | | | $ | 11,030 | | | | $ | 57 | | | ||||||||||||||||||||||
| Special mention | | | | | 2,431 | | | | | 178 | | | | | — | | | | | — | | | | | — | | | | | — | | | Special mention | | | | | 2,431 | | | | | 178 | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||||||||||||||
| Substandard | | | | | — | | | | | — | | | | | — | | | | | 2,137 | | | | | — | | | | | — | | | Substandard | | | | | — | | | | | — | | | | | — | | | | | 2,137 | | | | | — | | | | | — | | | ||||||||||||||||||||||
| Doubtful | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | Doubtful | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||||||||||||||
| Loss | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | Loss | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||||||||||||||
| Total originated loans | | | | | 155,874 | | | | | 9,625 | | | | | 225 | | | | | 144,288 | | | | | 11,030 | | | | | 57 | | | Total originated loans | | | | | 155,874 | | | | | 9,625 | | | | | 225 | | | | | 144,288 | | | | | 11,030 | | | | | 57 | | | ||||||||||||||||||||||
| Acquired loans: | | Acquired loans: | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Pass | | | | | — | | | | | 4,221 | | | | | 234 | | | | | — | | | | | — | | | | | — | | | Pass | | | | | — | | | | | 4,221 | | | | | 234 | | | | | — | | | | | — | | | | | — | | | ||||||||||||||||||||||
| Special mention | | | | | — | | | | | — | | | | | 143 | | | | | — | | | | | — | | | | | — | | | Special mention | | | | | — | | | | | — | | | | | 143 | | | | | — | | | | | — | | | | | — | | | ||||||||||||||||||||||
| Substandard | | | | | — | | | | | 46 | | | | | — | | | | | — | | | | | — | | | | | — | | | Substandard | | | | | — | | | | | 46 | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||||||||||||||
| Doubtful | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | Doubtful | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||||||||||||||
| Loss | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | Loss | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||||||||||||||
| Total acquired loans | | | | | — | | | | | 4,267 | | | | | 377 | | | | | — | | | | | — | | | | | — | | | Total acquired loans | | | | | — | | | | | 4,267 | | | | | 377 | | | | | — | | | | | — | | | | | — | | | ||||||||||||||||||||||
| Total | | | | $ | 155,874 | | | | $ | 13,892 | | | | $ | 602 | | | | $ | 144,288 | | | | $ | 11,030 | | | | $ | 57 | | | Total | | | | $ | 155,874 | | | | $ | 13,892 | | | | $ | 602 | | | | $ | 144,288 | | | | $ | 11,030 | | | | $ | 57 | | | ||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | As of December 31, 2013 | | | | | As of December 31, 2013 | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | | | 31 – 60 Days Past Due | | 61 – 90 Days Past Due | | Greater Than 90 Days | | Total Past Due | | Current | | Carrying Amount > 90 Days and Accruing | | | | | 31 – 60 Days Past Due | | 61 – 90 Days Past Due | | Greater Than 90 Days | | Total Past Due | | Current | | Carrying Amount > 90 Days and Accruing | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | | (In thousands) | | | | | (In thousands) | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Originated Loans | | Originated Loans | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Real estate loans: | | Real estate loans: | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Residential real estate | | | | $ | — | | | | $ | — | | | | $ | 1,003 | | | | $ | 1,003 | | | | $ | 154,871 | | | | $ | — | | | Residential real estate | | | | $ | — | | | | $ | — | | | | $ | 1,003 | | | | $ | 1,003 | | | | $ | 154,871 | | | | $ | — | | | ||||||||||||||||||||||
| Commercial real estate | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 305,823 | | | | | — | | | Commercial real estate | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 305,823 | | | | | — | | | ||||||||||||||||||||||
| Construction | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 44,187 | | | | | — | | | Construction | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 44,187 | | | | | — | | | ||||||||||||||||||||||
| Home equity | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 9,625 | | | | | — | | | Home equity | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 9,625 | | | | | — | | | ||||||||||||||||||||||
| Commercial business | | | | | — | | | | ��� | — | | | | | — | | | | | — | | | | | 92,173 | | | | | — | | | Commercial business | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 92,173 | | | | | — | | | ||||||||||||||||||||||
| Consumer | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 225 | | | | | — | | | Consumer | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 225 | | | | | — | | | ||||||||||||||||||||||
| Total originated loans | | | | | — | | | | | — | | | | | 1,003 | | | | | 1,003 | | | | | 606,904 | | | | | — | | | Total originated loans | | | | | — | | | | | — | | | | | 1,003 | | | | | 1,003 | | | | | 606,904 | | | | | — | | | ||||||||||||||||||||||
| Acquired Loans | | Acquired Loans | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Real estate loans: | | Real estate loans: | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Residential real estate | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | Residential real estate | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||||||||||||||
| Commercial real estate | | | | | — | | | | | — | | | | | 797 | | | | | 797 | | | | | 9,913 | | | | | 797 | | | Commercial real estate | | | | | — | | | | | — | | | | | 797 | | | | | 797 | | | | | 9,913 | | | | | 797 | | | ||||||||||||||||||||||
| Construction | | | | | — | | | | | — | | | | | 2,508 | | | | | 2,508 | | | | | 4,850 | | | | | 2,508 | | | Construction | | | | | — | | | | | — | | | | | 2,508 | | | | | 2,508 | | | | | 4,850 | | | | | 2,508 | | | ||||||||||||||||||||||
| Home equity | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 4,267 | | | | | — | | | Home equity | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 4,267 | | | | | — | | | ||||||||||||||||||||||
| Commercial business | | | | | — | | | | | — | | | | | 315 | | | | | 315 | | | | | 1,078 | | | | | 315 | | | Commercial business | | | | | — | | | | | — | | | | | 315 | | | | | 315 | | | | | 1,078 | | | | | 315 | | | ||||||||||||||||||||||
| Consumer | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 377 | | | | | — | | | Consumer | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 377 | | | | | — | | | ||||||||||||||||||||||
| Total acquired loans | | | | | — | | | | | — | | | | | 3,620 | | | | | 3,620 | | | | | 20,485 | | | | | 3,620 | | | Total acquired loans | | | | | — | | | | | — | | | | | 3,620 | | | | | 3,620 | | | | | 20,485 | | | | | 3,620 | | | ||||||||||||||||||||||
| Total loans | | | | $ | — | | | | $ | — | | | | $ | 4,623 | | | | $ | 4,623 | | | | $ | 627,389 | | | | $ | 3,620 | | | Total loans | | | | $ | — | | | | $ | — | | | | $ | 4,623 | | | | $ | 4,623 | | | | $ | 627,389 | | | | $ | 3,620 | | | ||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | As of December 31, 2012 | | | | | As of December 31, 2012 | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | | | 31 – 60 Days Past Due | | 61 – 90 Days Past Due | | Greater Than 90 Days | | Total Past Due | | Current | | Carrying Amount > 90 Days and Accruing | | | | | 31 – 60 Days Past Due | | 61 – 90 Days Past Due | | Greater Than 90 Days | | Total Past Due | | Current | | Carrying Amount > 90 Days and Accruing | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | | (In thousands) | | | | | (In thousands) | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Real estate loans: | | Real estate loans: | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Residential real estate | | | | $ | — | | | | $ | — | | | | $ | 2,137 | | | | $ | 2,137 | | | | $ | 142,151 | | | | $ | — | | | Residential real estate | | | | $ | — | | | | $ | — | | | | $ | 2,137 | | | | $ | 2,137 | | | | $ | 142,151 | | | | $ | — | | | ||||||||||||||||||||||
| Commercial real estate | | | | | — | | | | | — | | | | | 1,817 | | | | | 1,817 | | | | | 282,946 | | | | | — | | | Commercial real estate | | | | | — | | | | | — | | | | | 1,817 | | | | | 1,817 | | | | | 282,946 | | | | | — | | | ||||||||||||||||||||||
| Construction | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 33,148 | | | | | — | | | Construction | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 33,148 | | | | | — | | | ||||||||||||||||||||||
| Home equity | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 11,030 | | | | | — | | | Home equity | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 11,030 | | | | | — | | | ||||||||||||||||||||||
| Commercial business | | | | | 40 | | | | | — | | | | | — | | | | | 40 | | | | | 56,724 | | | | | — | | | Commercial business | | | | | 40 | | | | | — | | | | | — | | | | | 40 | | | | | 56,724 | | | | | — | | | ||||||||||||||||||||||
| Consumer | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 57 | | | | | — | | | Consumer | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 57 | | | | | — | | | ||||||||||||||||||||||
| Total | | | | $ | 40 | | | | $ | — | | | | $ | 3,954 | | | | $ | 3,994 | | | | $ | 526,056 | | | | $ | — | | | Total | | | | $ | 40 | | | | $ | — | | | | $ | 3,954 | | | | $ | 3,994 | | | | $ | 526,056 | | | | $ | — | | | ||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | December 31, | | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | | | 2013 | | | 2012 | | ||||||||
| | | | (In thousands) | | |||||||||||
| Residential real estate | | | | $ | 1,003 | | | | | $ | 2,137 | | | ||
| Commercial real estate | | | | | — | | | | | | 1,817 | | | ||
| Construction | | | | | — | | | | | | — | | | ||
| Home equity | | | | | — | | | | | | — | | | ||
| Commercial business | | | | | — | | | | | | — | | | ||
| Total | | | | $ | 1,003 | | | | | $ | 3,954 | | | ||
| | | | | | | |
| | | | As of and for the Year Ended December 31, 2013 | | | | | As of and for the Year Ended December 31, 2013 | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | | | Carrying Amount | | Unpaid Principal Balance | | Associated Allowance | | Average Carrying Amount | | Interest Income Recognized | | | | | Carrying Amount | | Unpaid Principal Balance | | Associated Allowance | | Average Carrying Amount | | Interest Income Recognized | | ||||||||||||||||||||||||||||||||||||||||||||||||
| Originated | | | (In thousands) | | Originated | | | (In thousands) | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Impaired loans without a valuation allowance: | | Impaired loans without a valuation allowance: | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total impaired loans without a valuation allowance | | | | $ | — | | | | $ | — | | | | $ | — | | | | $ | — | | | | $ | — | | | Total impaired loans without a valuation allowance | | | | $ | — | | | | $ | — | | | | $ | — | | | | $ | — | | | | $ | — | | | ||||||||||||||||||
| Impaired loans with a valuation allowance: | | Impaired loans with a valuation allowance: | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Residential real estate | | | | $ | 1,867 | | | | $ | 1,880 | | | | $ | 73 | | | | $ | 1,896 | | | | $ | 36 | | | Residential real estate | | | | $ | 1,867 | | | | $ | 1,880 | | | | $ | 73 | | | | $ | 1,896 | | | | $ | 36 | | | ||||||||||||||||||
| Commercial real estate | | | | | 1,117 | | | | | 1,117 | | | | | 56 | | | | | 1,127 | | | | | 56 | | | Commercial real estate | | | | | 1,117 | | | | | 1,117 | | | | | 56 | | | | | 1,127 | | | | | 56 | | | ||||||||||||||||||
| Home equity | | | | | 97 | | | | | 97 | | | | | 4 | | | | | 221 | | | | | 7 | | | Home equity | | | | | 97 | | | | | 97 | | | | | 4 | | | | | 221 | | | | | 7 | | | ||||||||||||||||||
| Commercial business | | | | | 642 | | | | | 642 | | | | | 12 | | | | | 680 | | | | | 37 | | | Commercial business | | | | | 642 | | | | | 642 | | | | | 12 | | | | | 680 | | | | | 37 | | | ||||||||||||||||||
| Total impaired loans with a valuation allowance | | | | $ | 3,723 | | | | $ | 3,736 | | | | $ | 145 | | | | $ | 3,924 | | | | $ | 136 | | | Total impaired loans with a valuation allowance | | | | $ | 3,723 | | | | $ | 3,736 | | | | $ | 145 | | | | $ | 3,924 | | | | $ | 136 | | | ||||||||||||||||||
| Total originated impaired loans | | | | $ | 3,723 | | | | $ | 3,736 | | | | $ | 145 | | | | $ | 3,924 | | | | $ | 136 | | | Total originated impaired loans | | | | $ | 3,723 | | | | $ | 3,736 | | | | $ | 145 | | | | $ | 3,924 | | | | $ | 136 | | | ||||||||||||||||||
| Acquired | | Acquired | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Impaired loans without a valuation allowance: | | Impaired loans without a valuation allowance: | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total impaired loans without a valuation allowance | | | | $ | — | | | | $ | — | | | | $ | — | | | | $ | — | | | | $ | — | | | Total impaired loans without a valuation allowance | | | | $ | — | | | | $ | — | | | | $ | — | | | | $ | — | | | | $ | — | | | ||||||||||||||||||
| Impaired loans with a valuation allowance: | | Impaired loans with a valuation allowance: | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total impaired loans with a valuation allowance | | | | $ | — | | | | $ | — | | | | $ | — | | | | $ | — | | | | $ | — | | | Total impaired loans with a valuation allowance | | | | $ | — | | | | $ | — | | | | $ | — | | | | $ | — | | | | $ | — | | | ||||||||||||||||||
| Total acquired impaired loans | | | | $ | — | | | | $ | — | | | | $ | — | | | | $ | — | | | | $ | — | | | Total acquired impaired loans | | | | $ | — | | | | $ | — | | | | $ | — | | | | $ | — | | | | $ | — | | | ||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | As of and for the Year Ended December 31, 2012 | | | | | As of and for the Year Ended December 31, 2012 | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | | | Carrying Amount | | Unpaid Principal Balance | | Associated Allowance | | Average Carrying Amount | | Interest Income Recognized | | | | | Carrying Amount | | Unpaid Principal Balance | | Associated Allowance | | Average Carrying Amount | | Interest Income Recognized | | ||||||||||||||||||||||||||||||||||||||||||||||||
| | | | (In thousands) | | | | | (In thousands) | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Impaired loans without a valuation allowance: | | Impaired loans without a valuation allowance: | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Residential real estate | | | | $ | 2,137 | | | | $ | 2,137 | | | | $ | — | | | | $ | 2,273 | | | | $ | 47 | | | Residential real estate | | | | $ | 2,137 | | | | $ | 2,137 | | | | $ | — | | | | $ | 2,273 | | | | $ | 47 | | | ||||||||||||||||||
| Impaired loans with a valuation allowance: | | Impaired loans with a valuation allowance: | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Commercial real estate | | | | $ | 1,817 | | | | $ | 1,817 | | | | $ | 249 | | | | $ | 2,461 | | | | $ | 44 | | | Commercial real estate | | | | $ | 1,817 | | | | $ | 1,817 | | | | $ | 249 | | | | $ | 2,461 | | | | $ | 44 | | | ||||||||||||||||||
| Commercial business | | | | | 194 | | | | | 194 | | | | | 9 | | | | | 198 | | | | | 14 | | | Commercial business | | | | | 194 | | | | | 194 | | | | | 9 | | | | | 198 | | | | | 14 | | | ||||||||||||||||||
| Total impaired loans with a valuation allowance | | | | $ | 2,011 | | | | $ | 2,011 | | | | $ | 258 | | | | $ | 2,659 | | | | $ | 58 | | | Total impaired loans with a valuation allowance | | | | $ | 2,011 | | | | $ | 2,011 | | | | $ | 258 | | | | $ | 2,659 | | | | $ | 58 | | | ||||||||||||||||||
| Total impaired loans | | | | $ | 4,148 | | | | $ | 4,148 | | | | $ | 258 | | | | $ | 4,932 | | | | $ | 105 | | | Total impaired loans | | | | $ | 4,148 | | | | $ | 4,148 | | | | $ | 258 | | | | $ | 4,932 | | | | $ | 105 | | | ||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | As of and for the Year Ended December 31, 2011 | | | | | As of and for the Year Ended December 31, 2011 | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | | | Carrying Amount | | Unpaid Principal Balance | | Associated Allowance | | Average Carrying Amount | | Interest Income Recognized | | | | | Carrying Amount | | Unpaid Principal Balance | | Associated Allowance | | Average Carrying Amount | | Interest Income Recognized | | ||||||||||||||||||||||||||||||||||||||||||||||||
| | | | (In thousands) | | | | | (In thousands) | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Impaired loans without a valuation allowance: | | Impaired loans without a valuation allowance: | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Commercial real estate | | | | $ | 307 | | | | $ | 307 | | | | $ | — | | | | $ | 310 | | | | $ | 16 | | | Commercial real estate | | | | $ | 307 | | | | $ | 307 | | | | $ | — | | | | $ | 310 | | | | $ | 16 | | | ||||||||||||||||||
| Home equity loans | | | | | 90 | | | | | 90 | | | | | — | | | | | 90 | | | | | 1 | | | Home equity loans | | | | | 90 | | | | | 90 | | | | | — | | | | | 90 | | | | | 1 | | | ||||||||||||||||||
| Commercial business | | | | | 203 | | | | | 203 | | | | | — | | | | | 206 | | | | | 15 | | | Commercial business | | | | | 203 | | | | | 203 | | | | | — | | | | | 206 | | | | | 15 | | | ||||||||||||||||||
| Total impaired loans without a valuation allowance | | | | $ | 600 | | | | $ | 600 | | | | $ | — | | | | $ | 606 | | | | $ | 32 | | | Total impaired loans without a valuation allowance | | | | $ | 600 | | | | $ | 600 | | | | $ | — | | | | $ | 606 | | | | $ | 32 | | | ||||||||||||||||||
| Impaired loans with a valuation allowance: | | Impaired loans with a valuation allowance: | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Residential real estate | | | | $ | 2,166 | | | | $ | 2,166 | | | | $ | 275 | | | | $ | 2,166 | | | | $ | 58 | | | Residential real estate | | | | $ | 2,166 | | | | $ | 2,166 | | | | $ | 275 | | | | $ | 2,166 | | | | $ | 58 | | | ||||||||||||||||||
| Commercial real estate | | | | | 2,500 | | | | | 2,500 | | | | | 222 | | | | | 2,520 | | | | | 178 | | | Commercial real estate | | | | | 2,500 | | | | | 2,500 | | | | | 222 | | | | | 2,520 | | | | | 178 | | | ||||||||||||||||||
| Construction | | | | | 1,175 | | | | | 1,557 | | | | | 164 | | | | | 1,248 | | | | | — | | | Construction | | | | | 1,175 | | | | | 1,557 | | | | | 164 | | | | | 1,248 | | | | | — | | | ||||||||||||||||||
| Commercial business | | | | | 57 | | | | | 57 | | | | | 2 | | | | | 65 | | | | | 4 | | | Commercial business | | | | | 57 | | | | | 57 | | | | | 2 | | | | | 65 | | | | | 4 | | | ||||||||||||||||||
| Total impaired loans with a valuation allowance | | | | $ | 5,898 | | | | $ | 6,280 | | | | $ | 663 | | | | $ | 5,999 | | | | $ | 240 | | | Total impaired loans with a valuation allowance | | | | $ | 5,898 | | | | $ | 6,280 | | | | $ | 663 | | | | $ | 5,999 | | | | $ | 240 | | | ||||||||||||||||||
| Total impaired loans | | | | $ | 6,498 | | | | $ | 6,880 | | | | $ | 663 | | | | $ | 6,605 | | | | $ | 272 | | | Total impaired loans | | | | $ | 6,498 | | | | $ | 6,880 | | | | $ | 663 | | | | $ | 6,605 | | | | $ | 272 | | | ||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | Outstanding Recorded Investment | | | | | | | | Outstanding Recorded Investment | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | | | Number of Loans | | Pre-Modification | | Post-Modification | | | | | Number of Loans | | Pre-Modification | | Post-Modification | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| (Dollars in thousands) | | | 2013 | | 2012 | | 2013 | | 2012 | | 2013 | | 2012 | | (Dollars in thousands) | | | 2013 | | 2012 | | 2013 | | 2012 | | 2013 | | 2012 | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Years ended December 31, | | Years ended December 31, | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Residential real estate | | | | | — | | | | | 1 | | | | $ | — | | | | $ | 1,026 | | | | $ | — | | | | $ | 864 | | | Residential real estate | | | | | — | | | | | 1 | | | | $ | — | | | | $ | 1,026 | | | | $ | — | | | | $ | 864 | | | ||||||||||||||||||||||
| Commercial real estate | | | | | — | | | | | 1 | | | | | — | | | | | 194 | | | | | — | | | | | 194 | | | Commercial real estate | | | | | — | | | | | 1 | | | | | — | | | | | 194 | | | | | — | | | | | 194 | | | ||||||||||||||||||||||
| Home equity | | | | | 1 | | | | | — | | | | | 97 | | | | | — | | | | | 97 | | | | | — | | | Home equity | | | | | 1 | | | | | — | | | | | 97 | | | | | — | | | | | 97 | | | | | — | | | ||||||||||||||||||||||
| Commercial business | | | | | — | | | | | 2 | | | | | — | | | | | 794 | | | | | — | | | | | 794 | | | Commercial business | | | | | — | | | | | 2 | | | | | — | | | | | 794 | | | | | — | | | | | 794 | | | ||||||||||||||||||||||
| Total | | | | | 1 | | | | | 4 | | | | $ | 97 | | | | $ | 2,014 | | | | $ | 97 | | | | $ | 1,852 | | | Total | | | | | 1 | | | | | 4 | | | | $ | 97 | | | | $ | 2,014 | | | | $ | 97 | | | | $ | 1,852 | | | ||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | December 31, | | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | | | 2013 | | | 2012 | | ||||||||
| | | | (In thousands) | | |||||||||||
| Maturity/amortization concession | | | | $ | 97 | | | | | $ | 264 | | | ||
| Below market interest rate concession | | | | | — | | | | | | 1,588 | | | ||
| Total | | | | $ | 97 | | | | | $ | 1,852 | | | ||
| | | | | | | |
| | | | December 31, | | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | | | 2013 | | | 2012 | | ||||||||
| | | | (In thousands) | | |||||||||||
| Land | | | | $ | 1,450 | | | | | $ | — | | | ||
| Building | | | | | 3,544 | | | | | | — | | | ||
| Leasehold improvements | | | | | 3,157 | | | | | | 3,187 | | | ||
| Furniture and fixtures | | | | | 1,456 | | | | | | 661 | | | ||
| Equipment | | | | | 2,090 | | | | | | 1,775 | | | ||
| | | | | | 11,697 | | | | | | 5,623 | | | ||
| Accumulated depreciation and amortization | | | | | (4,637 | ) | | | | | | (3,105 | ) | | |
| Premises and equipment, net | | | | $ | 7,060 | | | | | $ | 2,518 | | | ||
| | | | | | | |
| | | | December 31, | | | | | December 31, | | ||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | | | 2013 | | 2012 | | | | | 2013 | | 2012 | | ||||||||||||||||||
| | | | (In thousands) | | | | | (In thousands) | | ||||||||||||||||||||||
| Noninterest bearing demand deposit accounts | | | | $ | 118,618 | | | | $ | 78,120 | | | Noninterest bearing demand deposit accounts | | | | $ | 118,618 | | | | $ | 78,120 | | | ||||||
| Interest bearing accounts: | | Interest bearing accounts: | | | |||||||||||||||||||||||||||
| NOW and money market | | | | | 238,231 | | | | | 127,812 | | | NOW and money market | | | | | 238,231 | | | | | 127,812 | | | ||||||
| Savings | | | | | 107,692 | | | | | 136,101 | | | Savings | | | | | 107,692 | | | | | 136,101 | | | ||||||
| Time certificates of deposit | | | | | 197,004 | | | | | 120,048 | | | Time certificates of deposit | | | | | 197,004 | | | | | 120,048 | | | ||||||
| Total interest bearing accounts | | | | | 542,927 | | | | | 383,961 | | | Total interest bearing accounts | | | | | 542,927 | | | | | 383,961 | | | ||||||
| Total deposits | | | | $ | 661,545 | | | | $ | 462,081 | | | Total deposits | | | | $ | 661,545 | | | | $ | 462,081 | | | ||||||
| | | | | | | | | | |
| | | | December 31, | | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | | | 2013 | | | 2012 | | ||||||||
| | | | (In thousands) | | |||||||||||
| 2013 | | | | $ | — | | | | | $ | 97,401 | | | ||
| 2014 | | | | | 173,265 | | | | | | 12,480 | | | ||
| 2015 | | | | | 12,294 | | | | | | 4,054 | | | ||
| 2016 | | | | | 5,707 | | | | | | 3,018 | | | ||
| 2017 | | | | | 5,738 | | | | | | 3,095 | | | ||
| | | | | $ | 197,004 | | | | | $ | 120,048 | | | ||
| | | | | | | |
| | | | Years Ended December 31, | | ||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | | | 2013 | | | 2012 | | | 2011 | | ||||||||||||
| | | | (In thousands) | | ||||||||||||||||||
| NOW and money market | | | | $ | 547 | | | | | $ | 657 | | | | | $ | 550 | | | |||
| Savings | | | | | 543 | | | | | | 846 | | | | | | 527 | | | |||
| Time certificates of deposit | | | | | 1,143 | | | | | | 864 | | | | | | 946 | | | |||
| Total interest expense on deposits | | | | $ | 2,233 | | | | | $ | 2,367 | | | | | $ | 2,023 | | | |||
| | | | | | | | | | |
| | | | December 31, | | | | | December 31, | | ||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | | | 2013 | | 2012 | | | | | 2013 | | 2012 | | ||||||||||||||||||||||||||||||||||||||||||||||
| (Dollars in thousands) | | | Amount Due | | Weighted Average Rate | | Amount Due | | Weighted Average Rate | | (Dollars in thousands) | | | Amount Due | | Weighted Average Rate | | Amount Due | | Weighted Average Rate | | ||||||||||||||||||||||||||||||||||||||
| Year of Maturity: | | Year of Maturity: | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2013 | | | | $ | — | | | | | — | % | | | | $ | 67,000 | | | | | 0.86 | % | | | 2013 | | | | $ | — | | | | | — | % | | | | $ | 67,000 | | | | | 0.86 | % | | | ||||||||||
| 2014 | | | | | 22,000 | | | | | 0.50 | | | | | 2,000 | | | | | 3.24 | | | 2014 | | | | | 22,000 | | | | | 0.50 | | | | | 2,000 | | | | | 3.24 | | | ||||||||||||||
| 2015 | | | | | 2,000 | | | | | 2.75 | | | | | 2,000 | | | | | 2.75 | | | 2015 | | | | | 2,000 | | | | | 2.75 | | | | | 2,000 | | | | | 2.75 | | | ||||||||||||||
| 2017 | | | | | 20,000 | | | | | 0.99 | | | | | 20,000 | | | | | 0.99 | | | 2017 | | | | | 20,000 | | | | | 0.99 | | | | | 20,000 | | | | | 0.99 | | | ||||||||||||||
| Total advances | | | | $ | 44,000 | | | | | 0.83 | % | | | | $ | 91,000 | | | | | 0.98 | % | | | Total advances | | | | $ | 44,000 | | | | | 0.83 | % | | | | $ | 91,000 | | | | | 0.98 | % | | | ||||||||||
| | | | | | | | | | | | | | | | | | | | |
| Period Ending December 31, | | | December 31, 2013 | | ||||
---|---|---|---|---|---|---|---|---|---|
| | | | (In thousands) | | ||||
| 2014 | | | | $ | 1,718 | | | |
| 2015 | | | | | 1,714 | | | |
| 2016 | | | | | 1,196 | | | |
| 2017 | | | | | 1,165 | | | |
| 2018 | | | | | 914 | | | |
| Thereafter | | | | | 4,190 | | | |
| | | | | $ | 10,897 | | | |
| | | | |
| | | | December 31, | | | | | December 31, | | ||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | | | 2013 | | 2012 | | | | | 2013 | | 2012 | | ||||||||||||||||||
| | | | (In thousands) | | | | | (In thousands) | | ||||||||||||||||||||||
| Commitments to extend credit: | | Commitments to extend credit: | | | |||||||||||||||||||||||||||
| Loan commitments | | | | $ | 61,633 | | | | $ | 39,339 | | | Loan commitments | | | | $ | 61,633 | | | | $ | 39,339 | | | ||||||
| Undisbursed construction loans | | | | | 44,670 | | | | | 54,705 | | | Undisbursed construction loans | | | | | 44,670 | | | | | 54,705 | | | ||||||
| Unused home equity lines of credit | | | | | 11,575 | | | | | 10,714 | | | Unused home equity lines of credit | | | | | 11,575 | | | | | 10,714 | | | ||||||
| | | | | $ | 117,878 | | | | $ | 104,758 | | | | | | | $ | 117,878 | | | | $ | 104,758 | | | ||||||
| | | | | | | | | | |
| | | | 2013 | | 2012 | | 2011 | | | | | 2013 | | 2012 | | 2011 | | ||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | | | (In thousands) | | | | | (In thousands) | | ||||||||||||||||||||||||||||||||||||
| Current provision: | | Current provision: | | | |||||||||||||||||||||||||||||||||||||||||
| Federal | | | | $ | 1,944 | | | | $ | 1,018 | | | | $ | 1,176 | | | Federal | | | | $ | 1,944 | | | | $ | 1,018 | | | | $ | 1,176 | | | ||||||||||
| State | | | | | 597 | | | | | 416 | | | | | 225 | | | State | | | | | 597 | | | | | 416 | | | | | 225 | | | ||||||||||
| Total current | | | | | 2,541 | | | | | 1,434 | | | | | 1,401 | | | Total current | | | | | 2,541 | | | | | 1,434 | | | | | 1,401 | | | ||||||||||
| Deferred provision: | | Deferred provision: | | | |||||||||||||||||||||||||||||||||||||||||
| Federal | | | | | (385 | ) | | | | | (508 | ) | | | | | (218 | ) | | | Federal | | | | | (385 | ) | | | | | (508 | ) | | | | | (218 | ) | | | ||||
| State | | | | | 28 | | | | | (269 | ) | | | | | (186 | ) | | | State | | | | | 28 | | | | | (269 | ) | | | | | (186 | ) | | | ||||||
| Total deferred | | | | | (357 | ) | | | | | (777 | ) | | | | | (404 | ) | | | Total deferred | | | | | (357 | ) | | | | | (777 | ) | | | | | (404 | ) | | | ||||
| Total income tax expense | | | | $ | 2,184 | | | | $ | 657 | | | | $ | 997 | | | Total income tax expense | | | | $ | 2,184 | | | | $ | 657 | | | | $ | 997 | | | ||||||||||
| | | | | | | | | | | | | | |
| | | | December 31, | | ||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | | | 2013 | | | 2012 | | | 2011 | | ||||||||||||
| | | | (In thousands) | | ||||||||||||||||||
| Income tax expense at statutory federal rate | | | | $ | 2,497 | | | | | $ | 636 | | | | | $ | 1,089 | | | |||
| State tax expense, net of federal tax effect | | | | | 239 | | | | | | 161 | | | | | | 150 | | | |||
| Restricted stock options | | | | | 28 | | | | | | 191 | | | | | | 85 | | | |||
| Gain from bargain purchase | | | | | (453 | ) | | | | | | — | | | | | | — | | | ||
| Income exempt from tax | | | | | (294 | ) | | | | | | (281 | ) | | | | | | (271 | ) | | |
| Other items, net | | | | | (7 | ) | | | | | | 14 | | | | | | 14 | | | ||
| Income tax expense before change in valuation allowance | | | | | 2,010 | | | | | | 721 | | | | | | 1,067 | | | |||
| Change in valuation allowance | | | | | 174 | | | | | | (64 | ) | | | | | | (70 | ) | | | |
| Income tax expense | | | | $ | 2,184 | | | | | $ | 657 | | | | | $ | 997 | | | |||
| | | | | | | | | | |
| | | | December 31, | | | | | December 31, | | ||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | | | 2013 | | 2012 | | | | | 2013 | | 2012 | | ||||||||||||||||||
| | | | (In thousands) | | | | | (In thousands) | | ||||||||||||||||||||||
| Deferred tax assets: | | Deferred tax assets: | | | |||||||||||||||||||||||||||
| Allowance for loan losses | | | | $ | 3,348 | | | | $ | 3,093 | | | Allowance for loan losses | | | | $ | 3,348 | | | | $ | 3,093 | | | ||||||
| Net operating loss carryforwards | | | | | 1,479 | | | | | 236 | | | Net operating loss carryforwards | | | | | 1,479 | | | | | 236 | | | ||||||
| Purchase accounting adjustments | | | | | 1,094 | | | | | — | | | Purchase accounting adjustments | | | | | 1,094 | | | | | — | | | ||||||
| Deferred fees | | | | | 707 | | | | | 521 | | | Deferred fees | | | | | 707 | | | | | 521 | | | ||||||
| Start-up costs | | | | | 484 | | | | | 266 | | | Start-up costs | | | | | 484 | | | | | 266 | | | ||||||
| Other | | | | | 512 | | | | | 76 | | | Other | | | | | 512 | | | | | 76 | | | ||||||
| Gross deferred tax assets | | | | | 7,624 | | | | | 4,192 | | | Gross deferred tax assets | | | | | 7,624 | | | | | 4,192 | | | ||||||
| Valuation allowance | | | | | (682 | ) | | | | | (182 | ) | | | Valuation allowance | | | | | (682 | ) | | | | | (182 | ) | | | ||
| Deferred tax receivable, net of valuation allowance | | | | | 6,942 | | | | | 4,010 | | | Deferred tax receivable, net of valuation allowance | | | | | 6,942 | | | | | 4,010 | | | ||||||
| Deferred tax liabilities: | | Deferred tax liabilities: | | | |||||||||||||||||||||||||||
| Tax bad debt reserve | | | | | 499 | | | | | 98 | | | Tax bad debt reserve | | | | | 499 | | | | | 98 | | | ||||||
| Depreciation | | | | | 327 | | | | | 151 | | | Depreciation | | | | | 327 | | | | | 151 | | | ||||||
| Unrealized gain on available for sale securities | | | | | 271 | | | | | 963 | | | Unrealized gain on available for sale securities | | | | | 271 | | | | | 963 | | | ||||||
| Gross deferred tax liabilities | | | | | 1,097 | | | | | 1,212 | | | Gross deferred tax liabilities | | | | | 1,097 | | | | | 1,212 | | | ||||||
| Net deferred tax asset | | | | $ | 5,845 | | | | $ | 2,798 | | | Net deferred tax asset | | | | $ | 5,845 | | | | $ | 2,798 | | | ||||||
| | | | | | | | | | |
| | | | For the Years Ended December 31, | | | | | For the Years Ended December 31, | | ||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | | | 2013 | | 2012 | | 2011 | | | | | 2013 | | 2012 | | 2011 | | ||||||||||||||||||||||||||||
| | | | (In thousands, except per share data) | | | | | (In thousands, except per share data) | | ||||||||||||||||||||||||||||||||||||
| Net income | | | | $ | 5,161 | | | | $ | 1,214 | | | | $ | 2,204 | | | Net income | | | | $ | 5,161 | | | | $ | 1,214 | | | | $ | 2,204 | | | ||||||||||
| Preferred stock dividends and net accretion | | | | | (111 | ) | | | | | (132 | ) | | | | | (206 | ) | | | Preferred stock dividends and net accretion | | | | | (111 | ) | | | | | (132 | ) | | | | | (206 | ) | | | ||||
| Dividends and undistributed earnings allocated to participating securities | | | | | (89 | ) | | | | | — | | | | | — | | | Dividends and undistributed earnings allocated to participating securities | | | | | (89 | ) | | | | | — | | | | | — | | | ||||||||
| Net income available to common shareholders | | | | $ | 4,961 | | | | $ | 1,082 | | | | $ | 1,998 | | | Net income available to common shareholders | | | | $ | 4,961 | | | | $ | 1,082 | | | | $ | 1,998 | | | ||||||||||
| Weighted average shares outstanding, basic | | | | | 3,395 | | | | | 2,768 | | | | | 2,757 | | | Weighted average shares outstanding, basic | | | | | 3,395 | | | | | 2,768 | | | | | 2,757 | | | ||||||||||
| Effect of dilutive equity-based awards | | | | | 56 | | | | | 97 | | | | | 54 | | | Effect of dilutive equity-based awards | | | | | 56 | | | | | 97 | | | | | 54 | | | ||||||||||
| Weighted average shares outstanding, diluted | | | | | 3,451 | | | | | 2,865 | | | | | 2,811 | | | Weighted average shares outstanding, diluted | | | | | 3,451 | | | | | 2,865 | | | | | 2,811 | | | ||||||||||
| Net earnings per common share: | | Net earnings per common share: | | | |||||||||||||||||||||||||||||||||||||||||
| Basic earnings per common share | | | | $ | 1.46 | | | | $ | 0.39 | | | | $ | 0.72 | | | Basic earnings per common share | | | | $ | 1.46 | | | | $ | 0.39 | | | | $ | 0.72 | | | ||||||||||
| Diluted earnings per common share | | | | | 1.44 | | | | | 0.38 | | | | | 0.71 | | | Diluted earnings per common share | | | | | 1.44 | | | | | 0.38 | | | | | 0.71 | | | ||||||||||
| | | | | | | | | | | | | | |
| | | | Years Ended December 31, | | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | | | 2012 | | | 2011 | | ||||||||
| Weighted average expected lives, in years | | | | | 7.5 | | | | | | 7.5 | | | ||
| Risk-free interest rate | | | | | 1.81 | % | | | | | | 2.83 | % | | |
| Expected stock price volatility | | | | | 35.00 | % | | | | | | 34.84 | % | | |
| Expected annual forfeiture rate | | | | | 6.00 | % | | | | | | 10.76 | % | | |
| | | | | | | |
| | | | December 31, | | |||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | | | 2013 | | | 2012 | | | 2011 | | |||||||||||||||||||||||||||||||||
| | | | Number of Shares | | | Weighted Average Exercise Price | | | Number of Shares | | | Weighted Average Exercise Price | | | Number of Shares | | | Weighted Average Exercise Price | | ||||||||||||||||||||||||
| Options outstanding at beginning of period | | | | | 272,358 | | | | | $ | 15.23 | | | | | | 277,558 | | | | | $ | 14.60 | | | | | | 273,628 | | | | | $ | 14.58 | | | ||||||
| Granted | | | | | — | | | | | | — | | | | | | 9,650 | | | | | | 15.00 | | | | | | 10,000 | | | | | | 15.00 | | | ||||||
| Forfeited | | | | | (4,080 | ) | | | | | | 17.42 | | | | | | (14,850 | ) | | | | | | 13.13 | | | | | | (4,070 | ) | | | | | | 16.20 | | | |||
| Exercised | | | | | (46,640 | ) | | | | | | 10.02 | | | | | | — | | | | | | — | | | | | | (2,000 | ) | | | | | | 10.00 | | | ||||
| Expired | | | | | (13,070 | ) | | | | | | 10.00 | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | |||||
| Options outstanding at end of period | | | | | 208,568 | | | | | | 16.67 | | | | | | 272,358 | | | | | | 15.23 | | | | | | 277,558 | | | | | | 14.60 | | | ||||||
| Options exercisable at end of period | | | | | 188,852 | | | | | | 16.84 | | | | | | 241,237 | | | | | | 15.23 | | | | | | 239,632 | | | | | | 15.21 | | | ||||||
| Weighted-average fair value of options granted during the period | | | | | | | | | | | N/A | | | | | | | | | | | $ | 6.54 | | | | | | | | | | | $ | 5.81 | | | ||||||
| | | | | | | | | | | | | | | | | | | | |
| | | | Options Outstanding | | | Options Exercisable | | ||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Exercise Price Ranges | | | Number of Shares | | | Weighted Average Remaining Life (Years) | | | Weighted Average Exercise Price | | | Number of Shares | | | Weighted Average Remaining Life (Years) | | | Weighted Average Exercise Price | | ||||||||||||||||||||||||
| $ 0.00 to $10.00 | | | | | 18,885 | | | | | | 0.36 | | | | | $ | 10.00 | | | | | | 18,885 | | | | | | 0.36 | | | | | $ | 10.00 | | | ||||||
| $10.01 to $14.50 | | | | | 38,615 | | | | | | 2.98 | | | | | $ | 13.39 | | | | | | 33,925 | | | | | | 2.57 | | | | | $ | 13.68 | | | ||||||
| $14.51 to $16.00 | | | | | 39,970 | | | | | | 4.42 | | | | | $ | 15.42 | | | | | | 28,370 | | | | | | 3.07 | | | | | $ | 15.60 | | | ||||||
| $16.01 to $17.50 | | | | | 41,100 | | | | | | 2.95 | | | | | $ | 17.50 | | | | | | 41,100 | | | | | | 2.95 | | | | | $ | 17.50 | | | ||||||
| $17.51 to $20.81 | | | | | 69,998 | | | | | | 3.96 | | | | | $ | 20.52 | | | | | | 66,572 | | | | | | 3.94 | | | | | $ | 20.51 | | | ||||||
| | | | | | 208,568 | | | | | | 3.34 | | | | | $ | 16.67 | | | | | | 188,852 | | | | | | 2.99 | | | | | $ | 16.84 | | | ||||||
| | | | | | | | | | | | | | | | | | | |
| | | | December 31, | | |||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | | | 2013 | | | 2012 | | | 2011 | | |||||||||||||||||||||||||||||||||
| | | | Number of Shares | | | Weighted Average Grant Date Fair Value | | | Number of Shares | | | Weighted Average Grant Date Fair Value | | | Number of Shares | | | Weighted Average Grant Date Fair Value | | ||||||||||||||||||||||||
| Unvested at beginning of period | | | | | 49,500 | | | | | $ | 15.00 | | | | | | 30,000 | | | | | $ | 15.96 | | | | | | 20,000 | | | | | $ | 16.92 | | | ||||||
| Granted | | | | | 87,456 | | | | �� | | 16.38 | | | | | | 49,500 | | | | | | 15.00 | | | | | | 15,000 | | | | | | 15.00 | | | ||||||
| Vested | | | | | (12,900 | ) | | | | | | 14.92 | | | | | | (30,000 | ) | | | | | | 15.96 | | | | | | (5,000 | ) | | | | | | 16.92 | | | |||
| Forfeited | | | | | (1,916 | ) | | | | | | 15.95 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | |||||
| Unvested at end of period | | | | | 122,140 | | | | | | 15.98 | | | | | | 49,500 | | | | | | 15.00 | | | | | | 30,000 | | | | | | 15.96 | | | ||||||
| | | | | | | | | | | | | | | | | | | | |
| | | | December 31, | | | | | December 31, | | ||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | | | 2013 | | 2012 | | | | | 2013 | | 2012 | | ||||||||||||||||||||||||||||||||||||||||||||||
| | | | Carrying Value | | Fair Value | | Carrying Value | | Fair Value | | | | | Carrying Value | | Fair Value | | Carrying Value | | Fair Value | | ||||||||||||||||||||||||||||||||||||||
| | | | (In thousands) | | | | | (In thousands) | | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Financial Assets: | | Financial Assets: | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Cash and due from banks | | | | $ | 82,013 | | | | $ | 82,013 | | | | $ | 28,927 | | | | $ | 28,927 | | | Cash and due from banks | | | | $ | 82,013 | | | | $ | 82,013 | | | | $ | 28,927 | | | | $ | 28,927 | | | ||||||||||||||
| Available for sale securities | | | | | 28,597 | | | | | 28,597 | | | | | 41,058 | | | | | 41,058 | | | Available for sale securities | | | | | 28,597 | | | | | 28,597 | | | | | 41,058 | | | | | 41,058 | | | ||||||||||||||
| Held to maturity securities | | | | | 13,816 | | | | | 13,815 | | | | | 5,354 | | | | | 5,292 | | | Held to maturity securities | | | | | 13,816 | | | | | 13,815 | | | | | 5,354 | | | | | 5,292 | | | ||||||||||||||
| Loans held for sale | | | | | 100 | | | | | 100 | | | | | — | | | | | — | | | Loans held for sale | | | | | 100 | | | | | 100 | | | | | — | | | | | — | | | ||||||||||||||
| Loans receivable, net | | | | | 621,830 | | | | | 623,876 | | | | | 520,792 | | | | | 528,199 | | | Loans receivable, net | | | | | 621,830 | | | | | 623,876 | | | | | 520,792 | | | | | 528,199 | | | ||||||||||||||
| Accrued interest receivable | | | | | 2,360 | | | | | 2,360 | | | | | 2,109 | | | | | 2,109 | | | Accrued interest receivable | | | | | 2,360 | | | | | 2,360 | | | | | 2,109 | | | | | 2,109 | | | ||||||||||||||
| FHLB stock | | | | | 4,834 | | | | | 4,834 | | | | | 4,442 | | | | | 4,442 | | | FHLB stock | | | | | 4,834 | | | | | 4,834 | | | | | 4,442 | | | | | 4,442 | | | ||||||||||||||
| Financial Liabilities: | | Financial Liabilities: | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Demand deposits | | | | | 118,618 | | | | | 118,618 | | | | | 78,120 | | | | | 78,120 | | | Demand deposits | | | | | 118,618 | | | | | 118,618 | | | | | 78,120 | | | | | 78,120 | | | ||||||||||||||
| NOW and money market | | | | | 238,231 | | | | | 238,231 | | | | | 127,812 | | | | | 127,812 | | | NOW and money market | | | | | 238,231 | | | | | 238,231 | | | | | 127,812 | | | | | 127,812 | | | ||||||||||||||
| Savings | | | | | 107,692 | | | | | 107,692 | | | | | 136,121 | | | | | 136,121 | | | Savings | | | | | 107,692 | | | | | 107,692 | | | | | 136,121 | | | | | 136,121 | | | ||||||||||||||
| Time deposits | | | | | 197,004 | | | | | 197,762 | | | | | 120,048 | | | | | 121,029 | | | Time deposits | | | | | 197,004 | | | | | 197,762 | | | | | 120,048 | | | | | 121,029 | | | ||||||||||||||
| Advances from the FHLB | | | | | 44,000 | | | | | 43,902 | | | | | 91,000 | | | | | 91,407 | | | Advances from the FHLB | | | | | 44,000 | | | | | 43,902 | | | | | 91,000 | | | | | 91,407 | | | ||||||||||||||
| | | | | | | | | | | | | | | | | | | | |
| | | | Fair Value | | | | | Fair Value | | ||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| (In thousands) | | | Level 1 | | Level 2 | | Level 3 | | (In thousands) | | | Level 1 | | Level 2 | | Level 3 | | ||||||||||||||||||||||||||||
| December 31, 2013: | | December 31, 2013: | | | |||||||||||||||||||||||||||||||||||||||||
| Available-for-sale investment securities: | | Available-for-sale investment securities: | | | |||||||||||||||||||||||||||||||||||||||||
| U.S. Government and agency obligations | | | | $ | — | | | | $ | 5,688 | | | | $ | — | | | U.S. Government and agency obligations | | | | $ | — | | | | $ | 5,688 | | | | $ | — | | | ||||||||||
| State agency and municipal obligations | | | | | — | | | | | 12,132 | | | | | — | | | State agency and municipal obligations | | | | | — | | | | | 12,132 | | | | | — | | | ||||||||||
| Corporate bonds | | | | | — | | | | | 9,566 | | | | | — | | | Corporate bonds | | | | | — | | | | | 9,566 | | | | | — | | | ||||||||||
| Mortgage backed securities | | | | | — | | | | | 1,211 | | | | | — | | | Mortgage backed securities | | | | | — | | | | | 1,211 | | | | | — | | | ||||||||||
| December 31, 2012: | | December 31, 2012: | | | |||||||||||||||||||||||||||||||||||||||||
| Available-for-sale investment securities: | | Available-for-sale investment securities: | | | |||||||||||||||||||||||||||||||||||||||||
| U.S. Government and agency obligations | | | | $ | — | | | | $ | 6,005 | | | | $ | — | | | U.S. Government and agency obligations | | | | $ | — | | | | $ | 6,005 | | | | $ | — | | | ||||||||||
| State agency and municipal obligations | | | | | — | | | | | 18,531 | | | | | — | | | State agency and municipal obligations | | | | | — | | | | | 18,531 | | | | | — | | | ||||||||||
| Corporate bonds | | | | | — | | | | | 14,556 | | | | | — | | | Corporate bonds | | | | | — | | | | | 14,556 | | | | | — | | | ||||||||||
| Mortgage backed securities | | | | | — | | | | | 1,966 | | | | | — | | | Mortgage backed securities | | | | | — | | | | | 1,966 | | | | | — | | | ||||||||||
| December 31, 2011: | | December 31, 2011: | | | |||||||||||||||||||||||||||||||||||||||||
| Available-for-sale investment securities: | | Available-for-sale investment securities: | | | |||||||||||||||||||||||||||||||||||||||||
| U.S. Government and agency obligations | | | | $ | — | | | | $ | 41,749 | | | | $ | — | | | U.S. Government and agency obligations | | | | $ | — | | | | $ | 41,749 | | | | $ | — | | | ||||||||||
| State agency and municipal obligations | | | | | — | | | | | 19,198 | | | | | — | | | State agency and municipal obligations | | | | | — | | | | | 19,198 | | | | | — | | | ||||||||||
| Corporate bonds | | | | | — | | | | | 24,981 | | | | | — | | | Corporate bonds | | | | | — | | | | | 24,981 | | | | | — | | | ||||||||||
| Mortgage backed securities | | | | | — | | | | | 3,143 | | | | | — | | | Mortgage backed securities | | | | | — | | | | | 3,143 | | | | | — | | | ||||||||||
| | | | | | | | | | | | | | |
| | | | Fair Value | | | | | Fair Value | | ||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| (In thousands) | | | Level 1 | | Level 2 | | Level 3 | | (In thousands) | | | Level 1 | | Level 2 | | Level 3 | | ||||||||||||||||||||||||||||
| December 31, 2013: | | December 31, 2013: | | | |||||||||||||||||||||||||||||||||||||||||
| Impaired loans | | | | $ | — | | | | $ | — | | | | $ | 3,723 | | | Impaired loans | | | | $ | — | | | | $ | — | | | | $ | 3,723 | | | ||||||||||
| Foreclosed real estate | | | | | — | | | | | — | | | | | 829 | | | Foreclosed real estate | | | | | — | | | | | — | | | | | 829 | | | ||||||||||
| December 31, 2012: | | December 31, 2012: | | | |||||||||||||||||||||||||||||||||||||||||
| Impaired loans | | | | $ | — | | | | $ | — | | | | $ | 4,148 | | | Impaired loans | | | | $ | — | | | | $ | — | | | | $ | 4,148 | | | ||||||||||
| Foreclosed real estate | | | | | — | | | | | — | | | | | 962 | | | Foreclosed real estate | | | | | — | | | | | — | | | | | 962 | | | ||||||||||
| | | | | | | | | | | | | | |
| (Dollars in thousands) | | | Fair Value | | Valuation Methodology | | Unobservable Input | | Range (Weighted Average) | | (Dollars in thousands) | | | Fair Value | | Valuation Methodology | | Unobservable Input | | Range (Weighted Average) | | ||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| December 31, 2013: | | December 31, 2013: | | | |||||||||||||||||||||||||||||||
| Impaired loans | | | | $ | 3,723 | | | | Appraisals | | Discount for dated appraisals | | 3.5% to 5.0% | | Impaired loans | | | | $ | 3,723 | | | | Appraisals | | Discount for dated appraisals | | 3.5% to 5.0% | | ||||||
| | | | | | | | | | Discounted cash flows | | Discount rate | | 1.9% | | | | | | | | | | | Discounted cash flows | | Discount rate | | 1.9% | | ||||||
| Foreclosed real estate | | | | $ | 829 | | | | Appraisals | | Discount for dated appraisals | | 29.4% to 46.0% | | Foreclosed real estate | | | | $ | 829 | | | | Appraisals | | Discount for dated appraisals | | 29.4% to 46.0% | | ||||||
| December 31, 2012: | | December 31, 2012: | | | |||||||||||||||||||||||||||||||
| Impaired loans | | | | $ | 4,148 | | | | Appraisals | | Discount for dated appraisals | | 0% to 13.7% | | Impaired loans | | | | $ | 4,148 | | | | Appraisals | | Discount for dated appraisals | | 0% to 13.7% | | ||||||
| | | | | | | | | | Discounted cash flows | | Discount rate | | 5.0% | | | | | | | | | | | Discounted cash flows | | Discount rate | | 5.0% | | ||||||
| Foreclosed real estate | | | | $ | 962 | | | | Appraisals | | Discount for dated appraisals | | 6.0% to 10.0% | | Foreclosed real estate | | | | $ | 962 | | | | Appraisals | | Discount for dated appraisals | | 6.0% to 10.0% | | ||||||
| | | | | | | | | | | | | | | | | | | | |
| | | | Actual Capital | | For Capital Adequacy Purposes | | To be Well Capitalized Under Prompt Corrective Action Provisions | | | | | Actual Capital | | For Capital Adequacy Purposes | | To be Well Capitalized Under Prompt Corrective Action Provisions | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| (Dollars in thousands) | | | Amount | | Ratio | | Amount | | Ratio | | Amount | | Ratio | | (Dollars in thousands) | | | Amount | | Ratio | | Amount | | Ratio | | Amount | | Ratio | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Bankwell Bank | | Bankwell Bank | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| December 31, 2013 | | December 31, 2013 | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total Capital to Risk-Weighted Assets | | | | $ | 66,674 | | | | | 10.74 | % | | | | $ | 49,682 | | | | | 8.00 | % | | | | $ | 62,103 | | | | | 10.00 | % | | | Total Capital to Risk-Weighted Assets | | | | $ | 66,674 | | | | | 10.74 | % | | | | $ | 49,682 | | | | | 8.00 | % | | | | $ | 62,103 | | | | | 10.00 | % | | | ||||||||||||||||
| Tier I Capital to Risk-Weighted Assets | | | | | 58,908 | | | | | 9.49 | % | | | | | 24,841 | | | | | 4.00 | % | | | | | 37,262 | | | | | 6.00 | % | | | Tier I Capital to Risk-Weighted Assets | | | | | 58,908 | | | | | 9.49 | % | | | | | 24,841 | | | | | 4.00 | % | | | | | 37,262 | | | | | 6.00 | % | | | ||||||||||||||||
| Tier I Capital to Average Assets | | | | | 58,908 | | | | | 7.91 | % | | | | | 29,772 | | | | | 4.00 | % | | | | | 37,215 | | | | | 5.00 | % | | | Tier I Capital to Average Assets | | | | | 58,908 | | | | | 7.91 | % | | | | | 29,772 | | | | | 4.00 | % | | | | | 37,215 | | | | | 5.00 | % | | | ||||||||||||||||
| Bankwell Financial Group, Inc. | | Bankwell Financial Group, Inc. | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| December 31, 2013 | | December 31, 2013 | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total Capital to Risk-Weighted Assets | | | | $ | 76,537 | | | | | 12.32 | % | | | | $ | 49,683 | | | | | 8.00 | % | | | | $ | 62,103 | | | | | 10.00 | % | | | Total Capital to Risk-Weighted Assets | | | | $ | 76,537 | | | | | 12.32 | % | | | | $ | 49,683 | | | | | 8.00 | % | | | | $ | 62,103 | | | | | 10.00 | % | | | ||||||||||||||||
| Tier I Capital to Risk-Weighted Assets | | | | | 68,766 | | | | | 11.07 | % | | | | | 24,841 | | | | | 4.00 | % | | | | | 37,262 | | | | | 6.00 | % | | | Tier I Capital to Risk-Weighted Assets | | | | | 68,766 | | | | | 11.07 | % | | | | | 24,841 | | | | | 4.00 | % | | | | | 37,262 | | | | | 6.00 | % | | | ||||||||||||||||
| Tier I Capital to Average Assets | | | | | 68,766 | | | | | 9.15 | % | | | | | 3,068 | | | | | 4.00 | % | | | | | 37,585 | | | | | 5.00 | % | | | Tier I Capital to Average Assets | | | | | 68,766 | | | | | 9.15 | % | | | | | 3,068 | | | | | 4.00 | % | | | | | 37,585 | | | | | 5.00 | % | | | ||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | Actual Capital | | For Capital Adequacy Purposes | | To be Well Capitalized Under Prompt Corrective Action Provisions | | | | | Actual Capital | | For Capital Adequacy Purposes | | To be Well Capitalized Under Prompt Corrective Action Provisions | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| (Dollars in thousands) | | | Amount | | Ratio | | Amount | | Ratio | | Amount | | Ratio | | (Dollars in thousands) | | | Amount | | Ratio | | Amount | | Ratio | | Amount | | Ratio | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| The Bank of New Canaan | | The Bank of New Canaan | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| December 31, 2012 | | December 31, 2012 | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total Capital to Risk-Weighted Assets | | | | $ | 38,849 | | | | | 10.34 | % | | | | $ | 30,048 | | | | | 8.00 | % | | | | $ | 37,560 | | | | | 10.00 | % | | | Total Capital to Risk-Weighted Assets | | | | $ | 38,849 | | | | | 10.34 | % | | | | $ | 30,048 | | | | | 8.00 | % | | | | $ | 37,560 | | | | | 10.00 | % | | | ||||||||||||||||
| Tier I Capital to Risk-Weighted Assets | | | | | 34,138 | | | | | 9.09 | % | | | | | 15,024 | | | | | 4.00 | % | | | | | 22,536 | | | | | 6.00 | % | | | Tier I Capital to Risk-Weighted Assets | | | | | 34,138 | | | | | 9.09 | % | | | | | 15,024 | | | | | 4.00 | % | | | | | 22,536 | | | | | 6.00 | % | | | ||||||||||||||||
| Tier I Capital to Average Assets | | | | | 34,138 | | | | | 7.88 | % | | | | | 17,325 | | | | | 4.00 | % | | | | | 21,656 | | | | | 5.00 | % | | | Tier I Capital to Average Assets | | | | | 34,138 | | | | | 7.88 | % | | | | | 17,325 | | | | | 4.00 | % | | | | | 21,656 | | | | | 5.00 | % | | | ||||||||||||||||
| The Bank of Fairfield | | The Bank of Fairfield | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| December 31, 2012 | | December 31, 2012 | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total Capital to Risk-Weighted Assets | | | | $ | 14,809 | | | | | 12.05 | % | | | | $ | 9,829 | | | | | 8.00 | % | | | | $ | 12,287 | | | | | 10.00 | % | | | Total Capital to Risk-Weighted Assets | | | | $ | 14,809 | | | | | 12.05 | % | | | | $ | 9,829 | | | | | 8.00 | % | | | | $ | 12,287 | | | | | 10.00 | % | | | ||||||||||||||||
| Tier I Capital to Risk-Weighted Assets | | | | | 13,268 | | | | | 10.80 | % | | | | | 4,915 | | | | | 4.00 | % | | | | | 7,372 | | | | | 6.00 | % | | | Tier I Capital to Risk-Weighted Assets | | | | | 13,268 | | | | | 10.80 | % | | | | | 4,915 | | | | | 4.00 | % | | | | | 7,372 | | | | | 6.00 | % | | | ||||||||||||||||
| Tier I Capital to Average Assets | | | | | 13,268 | | | | | 8.39 | % | | | | | 6,327 | | | | | 4.00 | % | | | | | 7,909 | | | | | 5.00 | % | | | Tier I Capital to Average Assets | | | | | 13,268 | | | | | 8.39 | % | | | | | 6,327 | | | | | 4.00 | % | | | | | 7,909 | | | | | 5.00 | % | | | ||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | December 31, | | ||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | | | 2013 | | | 2012 | | | 2011 | | ||||||||||||
| | | | (In thousands) | | ||||||||||||||||||
| Balance, beginning of year | | | | $ | 5,260 | | | | | $ | 5,098 | | | | | $ | 5,315 | | | |||
| Additional loans | | | | | 13,775 | | | | | | 3,769 | | | | | | 218 | | | |||
| Repayments and changes in status | | | | | (11,689 | ) | | | | | | (3,607 | ) | | | | | | (435 | ) | | |
| Balance, end of year | | | | $ | 7,346 | | | | | $ | 5,260 | | | | | $ | 5,098 | | | |||
| | | | | | | | | | |
| | | | September 30, 2013 | | | December 31, | | |||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | | | 2012 | | | 2011 | | |||||||||||||||
| | | | (Unaudited) | | ||||||||||||||||||
| ASSETS | | | | | | | | | | | | | | | | | | | | |||
| Cash and due from banks (Note 2) | | | | $ | 29,286,177 | | | | | $ | 28,374,762 | | | | | $ | 21,482,956 | | | |||
| Certificates of deposit | | | | | 3,500,000 | | | | | | 5,750,000 | | | | | | 4,000,000 | | | |||
| Held-to-maturity securities (fair values of $1,021,410, $1,029,380 and $2,511,560 at September 30, 2013 and December 31, 2012 and 2011, respectively) (Note 3) | | | | | 1,023,934 | | | | | | 1,032,219 | | | | | | 2,499,457 | | | |||
| Loans receivable (net of allowance for loan losses of $881,886, $1,112,932 and $1,304,722 at September 30, 2013 and December 31, 2012 and 2011, respectively) (Note 4) | | | | | 28,938,703 | | | | | | 32,495,420 | | | | | | 39,960,305 | | | |||
| Accrued interest receivable | | | | | 79,133 | | | | | | 107,858 | | | | | | 119,088 | | | |||
| Foreclosed real estate | | | | | 1,894,779 | | | | | | 3,269,863 | | | | | | 2,868,547 | | | |||
| Federal Home Loan Bank of Boston stock, at cost (Note 8) | | | | | 257,600 | | | | | | 391,500 | | | | | | 530,800 | | | |||
| Premises and equipment, net (Note 5) | | | | | 4,312,543 | | | | | | 4,391,976 | | | | | | 4,496,950 | | | |||
| Other assets | | | | | 306,183 | | | | | | 309,929 | | | | | | 454,293 | | | |||
| Total assets | | | | $ | 69,599,052 | | | | | $ | 76,123,527 | | | | | $ | 76,412,396 | | | |||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | | | | | | | | | | | | | | | | | | | | |||
| Liabilities | | | | | | | | | | | | | | | | | | | | |||
| Deposits (Note 6) | | | | | | | | | | | | | | | | | | | | |||
| Noninterest bearing deposits | | | | $ | 13,421,916 | | | | | $ | 14,085,959 | | | | | $ | 15,533,054 | | | |||
| Interest bearing deposits | | | | | 49,272,073 | | | | | | 53,795,219 | | | | | | 50,914,503 | | | |||
| Total deposits | | | | | 62,693,989 | | | | | | 67,881,178 | | | | | | 66,447,557 | | | |||
| Accrued expenses and other liabilities | | | | | 359,278 | | | | | | 211,743 | | | | | | 192,906 | | | |||
| Total liabilities | | | | | 63,053,267 | | | | | | 68,092,921 | | | | | | 66,640,463 | | | |||
| Commitments and contingencies (Notes 7, 13 and 15) | | | | | — | | | | | | — | | | | | | — | | | |||
| Shareholders’ equity (Notes 11 and 12) | | | | | | | | | | | | | | | | | | | | |||
| Common stock, par value $5; 1,000,000 shares authorized; 481,245 issued and oustanding at September 30, 2013 and December 31, 2012 and 2011 | | | | | 2,406,225 | | | | | | 2,406,225 | | | | | | 2,406,225 | | | |||
| Additional paid-in capital | | | | | 2,868,421 | | | | | | 2,868,421 | | | | | | 2,868,421 | | | |||
| Less: Treasury stock at cost, 108,260 shares | | | | | (5,548,243 | ) | | | | | | (5,548,243 | ) | | | | | | (5,548,243 | ) | | |
| Retained earnings | | | | | 6,819,382 | | | | | | 8,304,203 | | | | | | 10,045,530 | | | |||
| Total shareholders’ equity | | | | | 6,545,785 | | | | | | 8,030,606 | | | | | | 9,771,933 | | | |||
| Total liabilities and shareholders’ equity | | | | $ | 69,599,052 | | | | | $ | 76,123,527 | | | | | $ | 76,412,396 | | | |||
| | | | | | | | | | | |
| | | | September 30, | | December 31, | | | | | September 30, | | December 31, | | ||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | | | 2013 | | 2012 | | 2012 | | 2011 | | | | | 2013 | | 2012 | | 2012 | | 2011 | | ||||||||||||||||||||||||||||||||||||||
| | | | (Unaudited) | | | | | (Unaudited) | | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Interest income | | Interest income | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Interest and fees on loans | | | | $ | 1,159,534 | | | | $ | 1,386,691 | | | | $ | 1,806,030 | | | | $ | 1,879,845 | | | Interest and fees on loans | | | | $ | 1,159,534 | | | | $ | 1,386,691 | | | | $ | 1,806,030 | | | | $ | 1,879,845 | | | ||||||||||||||
| Interest on securities | | | | | 2,027 | | | | | 11,932 | | | | | 13,941 | | | | | 62,246 | | | Interest on securities | | | | | 2,027 | | | | | 11,932 | | | | | 13,941 | | | | | 62,246 | | | ||||||||||||||
| Other | | | | | 116,925 | | | | | 99,166 | | | | | 133,895 | | | | | 92,096 | | | Other | | | | | 116,925 | | | | | 99,166 | | | | | 133,895 | | | | | 92,096 | | | ||||||||||||||
| Total interest income | | | | | 1,278,486 | | | | | 1,497,789 | | | | | 1,953,866 | | | | | 2,034,187 | | | Total interest income | | | | | 1,278,486 | | | | | 1,497,789 | | | | | 1,953,866 | | | | | 2,034,187 | | | ||||||||||||||
| Interest expense | | Interest expense | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Interest on deposits | | | | | 106,325 | | | | | 133,111 | | | | | 177,227 | | | | | 243,842 | | | Interest on deposits | | | | | 106,325 | | | | | 133,111 | | | | | 177,227 | | | | | 243,842 | | | ||||||||||||||
| Total interest expense | | | | | 106,325 | | | | | 133,111 | | | | | 177,227 | | | | | 243,842 | | | Total interest expense | | | | | 106,325 | | | | | 133,111 | | | | | 177,227 | | | | | 243,842 | | | ||||||||||||||
| Net interest income | | | | | 1,172,161 | | | | | 1,364,678 | | | | | 1,776,639 | | | | | 1,790,345 | | | Net interest income | | | | | 1,172,161 | | | | | 1,364,678 | | | | | 1,776,639 | | | | | 1,790,345 | | | ||||||||||||||
| Provision for loan losses (Note 4) | | | | | — | | | | | — | | | | | — | | | | | 900,000 | | | Provision for loan losses (Note 4) | | | | | — | | | | | — | | | | | — | | | | | 900,000 | | | ||||||||||||||
| Net interest income after provision for loan losses | | | | | 1,172,161 | | | | | 1,364,678 | | | | | 1,776,639 | | | | | 890,345 | | | Net interest income after provision for loan losses | | | | | 1,172,161 | | | | | 1,364,678 | | | | | 1,776,639 | | | | | 890,345 | | | ||||||||||||||
| Noninterest income | | | | | ��� | | | | | | | | | | | | | | | | | | Noninterest income | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||
| Service charges and fees | | | | | 65,016 | | | | | 74,362 | | | | | 100,537 | | | | | 93,250 | | | Service charges and fees | | | | | 65,016 | | | | | 74,362 | | | | | 100,537 | | | | | 93,250 | | | ||||||||||||||
| Recovery from legal settlement | | | | | — | | | | | — | | | | | — | | | | | 795,698 | | | Recovery from legal settlement | | | | | — | | | | | — | | | | | — | | | | | 795,698 | | | ||||||||||||||
| Other | | | | | 128,964 | | | | | 129,637 | | | | | 177,396 | | | | | 171,594 | | | Other | | | | | 128,964 | | | | | 129,637 | | | | | 177,396 | | | | | 171,594 | | | ||||||||||||||
| Total noninterest income | | | | | 193,980 | | | | | 203,999 | | | | | 277,933 | | | | | 1,060,542 | | | Total noninterest income | | | | | 193,980 | | | | | 203,999 | | | | | 277,933 | | | | | 1,060,542 | | | ||||||||||||||
| Noninterest expenses | | | | | | | | | | | | | | | | | | | | | | | Noninterest expenses | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||
| Salaries and employee benefits (Note 10) | | | | | 1,240,481 | | | | | 1,231,982 | | | | | 1,623,925 | | | | | 1,757,499 | | | Salaries and employee benefits (Note 10) | | | | | 1,240,481 | | | | | 1,231,982 | | | | | 1,623,925 | | | | | 1,757,499 | | | ||||||||||||||
| Loss and expenses on foreclosed real estate, net | | | | | 191,791 | | | | | 251,320 | | | | | 494,832 | | | | | 334,998 | | | Loss and expenses on foreclosed real estate, net | | | | | 191,791 | | | | | 251,320 | | | | | 494,832 | | | | | 334,998 | | | ||||||||||||||
| Professional services | | | | | 427,455 | | | | | 253,033 | | | | | 393,663 | | | | | 397,000 | | | Professional services | | | | | 427,455 | | | | | 253,033 | | | | | 393,663 | | | | | 397,000 | | | ||||||||||||||
| Occupancy and equipment | | | | | 244,913 | | | | | 252,524 | | | | | 338,792 | | | | | 327,248 | | | Occupancy and equipment | | | | | 244,913 | | | | | 252,524 | | | | | 338,792 | | | | | 327,248 | | | ||||||||||||||
| Insurance | | | | | 162,960 | | | | | 150,498 | | | | | 201,223 | | | | | 202,863 | | | Insurance | | | | | 162,960 | | | | | 150,498 | | | | | 201,223 | | | | | 202,863 | | | ||||||||||||||
| Data processing | | | | | 150,302 | | | | | 120,294 | | | | | 160,986 | | | | | 151,420 | | | Data processing | | | | | 150,302 | | | | | 120,294 | | | | | 160,986 | | | | | 151,420 | | | ||||||||||||||
| FDIC deposit insurance | | | | | 116,166 | | | | | 116,949 | | | | | 153,848 | | | | | 177,569 | | | FDIC deposit insurance | | | | | 116,166 | | | | | 116,949 | | | | | 153,848 | | | | | 177,569 | | | ||||||||||||||
| Non-accrual loan expenses, net of recoveries | | | | | 2,429 | | | | | (26,116 | ) | | | | | (21,642 | ) | | | | | 55,805 | | | Non-accrual loan expenses, net of recoveries | | | | | 2,429 | | | | | (26,116 | ) | | | | | (21,642 | ) | | | | | 55,805 | | | ||||||||||
| Other | | | | | 314,465 | | | | | 354,463 | | | | | 450,272 | | | | | 465,433 | | | Other | | | | | 314,465 | | | | | 354,463 | | | | | 450,272 | | | | | 465,433 | | | ||||||||||||||
| Total noninterest expenses | | | | | 2,850,962 | | | | | 2,704,947 | | | | | 3,795,899 | | | | | 3,869,835 | | | Total noninterest expenses | | | | | 2,850,962 | | | | | 2,704,947 | | | | | 3,795,899 | | | | | 3,869,835 | | | ||||||||||||||
| Loss before income taxes | | | | | (1,484,821 | ) | | | | | (1,136,270 | ) | | | | | (1,741,327 | ) | | | | | (1,918,948 | ) | | | Loss before income taxes | | | | | (1,484,821 | ) | | | | | (1,136,270 | ) | | | | | (1,741,327 | ) | | | | | (1,918,948 | ) | | | ||||||
| Provision (benefit) for income taxes (Note 9) | | | | | — | | | | | — | | | | | — | | | | | 1,350,771 | | | Provision (benefit) for income taxes (Note 9) | | | | | — | | | | | — | | | | | — | | | | | 1,350,771 | | | ||||||||||||||
| Net loss | | | | $ | (1,484,821 | ) | | | | $ | (1,136,270 | ) | | | | $ | (1,741,327 | ) | | | | $ | (3,269,719 | ) | | | Net loss | | | | $ | (1,484,821 | ) | | | | $ | (1,136,270 | ) | | | | $ | (1,741,327 | ) | | | | $ | (3,269,719 | ) | | | ||||||
| Basic loss per share (Note 11) | | | | $ | (3.98 | ) | | | | $ | (3.05 | ) | | | | $ | (4.67 | ) | | | | $ | (8.77 | ) | | | Basic loss per share (Note 11) | | | | $ | (3.98 | ) | | | | $ | (3.05 | ) | | | | $ | (4.67 | ) | | | | $ | (8.77 | ) | | | ||||||
| Diluted loss per share (Note 11) | | | | | (3.98 | ) | | | | | (3.05 | ) | | | | | (4.67 | ) | | | | | (8.77 | ) | | | Diluted loss per share (Note 11) | | | | | (3.98 | ) | | | | | (3.05 | ) | | | | | (4.67 | ) | | | | | (8.77 | ) | | | ||||||
| Dividends per share | | | | | — | | | | | — | | | | | — | | | | | — | | | Dividends per share | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||||||
| | | | | | | | | | | | | | | | | | | | |
| | | | September 30, | | | December 31, | | ||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | | | 2013 | | | 2012 | | | 2012 | | | 2011 | | ||||||||||||||||
| | | | (Unaudited) | | |||||||||||||||||||||||||
| Net loss | | | | $ | (1,484,821 | ) | | | | | $ | (1,136,270 | ) | | | | | $ | (1,741,327 | ) | | | | | $ | (3,269,719 | ) | | |
| Other comprehensive losses: | | | | | | | | | | | | | | | | | | | | | | | | | | ||||
| Unrealized holding losses on securities available-for-sale | | | | | — | | | | | | — | | | | | | — | | | | | | (3,705 | ) | | | |||
| Income tax benefit related to items of other comprehensive loss | | | | | — | | | | | | — | | | | | | — | | | | | | 1,445 | | | ||||
| Total other comprehensive loss net of income tax benefit | | | | | — | | | | | | — | | | | | | — | | | | | | (2,260 | ) | | | |||
| Comprehensive loss | | | | $ | (1,484,821 | ) | | | | | $ | (1,136,270 | ) | | | | | $ | (1,741,327 | ) | | | | | $ | (3,271,979 | ) | | |
| | | | | | | | | | | | | | |
| | | | Shares of Common Stock | | | Common Stock | | | Additional Paid-In Capital | | | Retained Earnings | | | Treasury Stock | | | Accumulated Other Comprehensive Income (Loss) | | | Total | | ||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Balance January 1, 2011 | | | | | 372,985 | | | | | $ | 2,406,225 | | | | | $ | 2,868,421 | | | | | $ | 13,315,249 | | | | | $ | (5,548,243 | ) | | | | | $ | 2,260 | | | | | $ | 13,043,912 | | | ||||||
| Net loss | | | | | — | | | | | | — | | | | | | — | | | | | | (3,269,719 | ) | | | | | | — | | | | | | — | | | | | | (3,269,719 | ) | | | |||||
| Unrealized holding loss on available for-sale securities | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (2,260 | ) | | | | | | (2,260 | ) | | | |||||
| Balance December 31, 2011 | | | | | 372,985 | | | | | | 2,406,225 | | | | | | 2,868,421 | | | | | | 10,045,530 | | | | | | (5,548,243 | ) | | | | | | — | | | | | | 9,771,933 | | | ||||||
| Net loss | | | | | — | | | | | | — | | | | | | — | | | | | | (1,741,327 | ) | | | | | | — | | | | | | — | | | | | | (1,741,327 | ) | | | |||||
| Balance December 31, 2012 | | | | | 372,985 | | | | | | 2,406,225 | | | | | | 2,868,421 | | | | | | 8,304,203 | | | | | | (5,548,243 | ) | | | | | | — | | | | | | 8,030,606 | | | ||||||
| Net loss | | | | | — | | | | | | — | | | | | | — | | | | | | (1,484,821 | ) | | | | | | — | | | | | | — | | | | | | (1,484,821 | ) | | | |||||
| Balance September 30, 2013 (Unaudited) | | | | | 372,985 | | | | | $ | 2,406,225 | | | | | $ | 2,868,421 | | | | | $ | 6,819,382 | | | | | $ | (5,548,243 | ) | | | | | $ | — | | | | | $ | 6,545,785 | | | ||||||
| | | | | | | | | | | | | | | | | | | | | | | |
| | | | For the Nine Months Ended September 30, | | For the Years Ended December 31, | | | | | For the Nine Months Ended September 30, | | For the Years Ended December 31, | | ||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | | | 2013 | | 2012 | | 2012 | | 2011 | | | | | 2013 | | 2012 | | 2012 | | 2011 | | ||||||||||||||||||||||||||||||||||||||
| | | | (Unaudited) | | | | | (Unaudited) | | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Cash flows from operating activities | | Cash flows from operating activities | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net loss | | | | $ | (1,484,821 | ) | | | | $ | (1,136,271 | ) | | | | $ | (1,741,327 | ) | | | | $ | (3,269,719 | ) | | | Net loss | | | | $ | (1,484,821 | ) | | | | $ | (1,136,271 | ) | | | | $ | (1,741,327 | ) | | | | $ | (3,269,719 | ) | | | ||||||
| Adjustments to reconcile net loss to net cash (used) provided by operating activities: | | Adjustments to reconcile net loss to net cash (used) provided by operating activities: | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Amortization and accretion of premiums and discounts on investments, net | | | | | 8,285 | | | | | (274 | ) | | | | | 377 | | | | | 32,713 | | | Amortization and accretion of premiums and discounts on investments, net | | | | | 8,285 | | | | | (274 | ) | | | | | 377 | | | | | 32,713 | | | ||||||||||||
| Provision for loan losses | | | | | — | | | | | — | | | | | — | | | | | 900,000 | | | Provision for loan losses | | | | | — | | | | | — | | | | | — | | | | | 900,000 | | | ||||||||||||||
| Net loss (gain) on sale and provision for foreclosed real estate losses | | | | | 40,787 | | | | | (8,434 | ) | | | | | 218,316 | | | | | 280,731 | | | Net loss (gain) on sale and provision for foreclosed real estate losses | | | | | 40,787 | | | | | (8,434 | ) | | | | | 218,316 | | | | | 280,731 | | | ||||||||||||
| Depreciation and amortization | | | | | 85,837 | | | | | 92,647 | | | | | 122,142 | | | | | 126,553 | | | Depreciation and amortization | | | | | 85,837 | | | | | 92,647 | | | | | 122,142 | | | | | 126,553 | | | ||||||||||||||
| Deferred income taxes | | | | | — | | | | | — | | | | | — | | | | | 1,332,472 | | | Deferred income taxes | | | | | — | | | | | — | | | | | — | | | | | 1,332,472 | | | ||||||||||||||
| Changes in assets and liabilities: | | Changes in assets and liabilities: | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Change in deferred loan fees | | | | | (11,284 | ) | | | | | (8,560 | ) | | | | | (17,501 | ) | | | | | (10,156 | ) | | | Change in deferred loan fees | | | | | (11,284 | ) | | | | | (8,560 | ) | | | | | (17,501 | ) | | | | | (10,156 | ) | | | ||||||
| Decrease in accrued interest receivable | | | | | 28,725 | | | | | (4,253 | ) | | | | | 11,230 | | | | | 43,972 | | | Decrease in accrued interest receivable | | | | | 28,725 | | | | | (4,253 | ) | | | | | 11,230 | | | | | 43,972 | | | ||||||||||||
| Decrease (increase) in other assets | | | | | 3,745 | | | | | (2,603 | ) | | | | | 144,364 | | | | | 808,708 | | | Decrease (increase) in other assets | | | | | 3,745 | | | | | (2,603 | ) | | | | | 144,364 | | | | | 808,708 | | | ||||||||||||
| Increase (decrease) in accrued expenses and other liabilities | | | | | 147,536 | | | | | 38,232 | | | | | 18,836 | | | | | (66,060 | ) | | | Increase (decrease) in accrued expenses and other liabilities | | | | | 147,536 | | | | | 38,232 | | | | | 18,836 | | | | | (66,060 | ) | | | ||||||||||||
| Net cash (used) provided by operating activities | | | | | (1,181,190 | ) | | | | | (1,029,516 | ) | | | | | (1,243,563 | ) | | | | | 179,214 | | | Net cash (used) provided by operating activities | | | | | (1,181,190 | ) | | | | | (1,029,516 | ) | | | | | (1,243,563 | ) | | | | | 179,214 | | | ||||||||
| Cash flows from investing activities | | Cash flows from investing activities | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net (purchases) redemptions of certificates of deposit | | | | | 2,250,000 | | | | | (1,000,000 | ) | | | | | (1,750,000 | ) | | | | | (3,000,000 | ) | | | Net (purchases) redemptions of certificates of deposit | | | | | 2,250,000 | | | | | (1,000,000 | ) | | | | | (1,750,000 | ) | | | | | (3,000,000 | ) | | | ||||||||
| Proceeds from maturities of held-to-maturity securities | | | | | — | | | | | 1,500,000 | | | | | 2,500,000 | | | | | 4,500,000 | | | Proceeds from maturities of held-to-maturity securities | | | | | — | | | | | 1,500,000 | | | | | 2,500,000 | | | | | 4,500,000 | | | ||||||||||||||
| Proceeds from maturities of available-for-sale securities | | | | | — | | | | | — | | | | | — | | | | | 1,000,000 | | | Proceeds from maturities of available-for-sale securities | | | | | — | | | | | — | | | | | — | | | | | 1,000,000 | | | ||||||||||||||
| Purchases of held-to-maturity securities | | | | | — | | | | | — | | | | | (1,033,139 | ) | | | | | — | | | Purchases of held-to-maturity securities | | | | | — | | | | | — | | | | | (1,033,139 | ) | | | | | — | | | ||||||||||||
| Net decrease in loans receivable | | | | | 2,343,001 | | | | | 1,915,172 | | | | | 6,001,400 | | | | | 5,672,962 | | | Net decrease in loans receivable | | | | | 2,343,001 | | | | | 1,915,172 | | | | | 6,001,400 | | | | | 5,672,962 | | | ||||||||||||||
| Proceeds from sales of foreclosed real estate | | | | | 2,559,297 | | | | | 861,354 | | | | | 861,354 | | | | | — | | | Proceeds from sales of foreclosed real estate | | | | | 2,559,297 | | | | | 861,354 | | | | | 861,354 | | | | | — | | | ||||||||||||||
| Purchases of furniture and equipment | | | | | (6,404 | ) | | | | | (11,226 | ) | | | | | (17,168 | ) | | | | | (12,771 | ) | | | Purchases of furniture and equipment | | | | | (6,404 | ) | | | | | (11,226 | ) | | | | | (17,168 | ) | | | | | (12,771 | ) | | | ||||||
| Redemption of FHLBB Stock | | | | | 133,900 | | | | | 139,300 | | | | | 139,300 | | | | | — | | | Redemption of FHLBB Stock | | | | | 133,900 | | | | | 139,300 | | | | | 139,300 | | | | | — | | | ||||||||||||||
| Net cash provided by investing activities | | | | | 7,279,794 | | | | | 3,404,600 | | | | | 6,701,747 | | | | | 8,160,191 | | | Net cash provided by investing activities | | | | | 7,279,794 | | | | | 3,404,600 | | | | | 6,701,747 | | | | | 8,160,191 | | | ||||||||||||||
| Cash flows from financing activities | | Cash flows from financing activities | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net increase (decrease) in demand, savings and money market deposits | | | | | (3,313,869 | ) | | | | | (3,392,815 | ) | | | | | 1,289,165 | | | | | (1,760,853 | ) | | | Net increase (decrease) in demand, savings and money market deposits | | | | | (3,313,869 | ) | | | | | (3,392,815 | ) | | | | | 1,289,165 | | | | | (1,760,853 | ) | | | ||||||||
| Net increase (decrease) in time certificates of deposit | | | | | (1,873,320 | ) | | | | | 327,175 | | | | | 144,457 | | | | | (2,773,951 | ) | | | Net increase (decrease) in time certificates of deposit | | | | | (1,873,320 | ) | | | | | 327,175 | | | | | 144,457 | | | | | (2,773,951 | ) | | | ||||||||||
| Net cash (used) provided in financing activities | | | | | (5,187,189 | ) | | | | | (3,065,640 | ) | | | | | 1,433,622 | | | | | (4,534,804 | ) | | | Net cash (used) provided in financing activities | | | | | (5,187,189 | ) | | | | | (3,065,640 | ) | | | | | 1,433,622 | | | | | (4,534,804 | ) | | | ||||||||
| Net increase in cash and cash equivalents | | | | | 911,415 | | | | | (690,556 | ) | | | | | 6,891,806 | | | | | 3,804,601 | | | Net increase in cash and cash equivalents | | | | | 911,415 | | | | | (690,556 | ) | | | | | 6,891,806 | | | | | 3,804,601 | | | ||||||||||||
| Cash and cash equivalents | | Cash and cash equivalents | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Beginning of the year | | | | | 28,374,762 | | | | | 21,482,956 | | | | | 21,482,956 | | | | | 17,678,355 | | | Beginning of the year | | | | | 28,374,762 | | | | | 21,482,956 | | | | | 21,482,956 | | | | | 17,678,355 | | | ||||||||||||||
| End of the year | | | | $ | 29,286,177 | | | | $ | 20,792,400 | | | | $ | 28,374,762 | | | | $ | 21,482,956 | | | End of the year | | | | $ | 29,286,177 | | | | $ | 20,792,400 | | | | $ | 28,374,762 | | | | $ | 21,482,956 | | | ||||||||||||||
| Supplemental disclosures of cash flow information: | | Supplemental disclosures of cash flow information: | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Cash paid for: | | Cash paid for: | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Interest | | | | $ | 122,518 | | | | $ | 135,993 | | | | $ | 180,109 | | | | $ | 276,487 | | | Interest | | | | $ | 122,518 | | | | $ | 135,993 | | | | $ | 180,109 | | | | $ | 276,487 | | | ||||||||||||||
| Income taxes | | | | | — | | | | | — | | | | | — | | | | | — | | | Income taxes | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||||||
| Noncash investing and financing activities | | Noncash investing and financing activities | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Transfer of loans to foreclosed real estate | | | | | 1,225,000 | | | | | 1,480,986 | | | | | 1,480,986 | | | | | 1,435,180 | | | Transfer of loans to foreclosed real estate | | | | | 1,225,000 | | | | | 1,480,986 | | | | | 1,480,986 | | | | | 1,435,180 | | | ||||||||||||||
| | | | | | | | | | | | | | | | | | | | |
| | | | Amortized Cost | | | Gross Unrealized Gains | | | Gross Unrealized Losses | | | Fair Value | | ||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| September 30, 2013 (Unaudited) | | | | | | | | | | | | | | | | | | | | | | | | | | ||||
| U.S. Government agency obligations Due from one through five years | | | | $ | 1,023,934 | | | | | $ | — | | | | | $ | (2,524 | ) | | | | | $ | 1,021,410 | | | |||
| December 31, 2012 | | | | | | | | | | | | | | | | | | | | | | | | | | ||||
| U.S. Government agency obligations Due from one through five years | | | | $ | 1,032,219 | | | | | $ | — | | | | | $ | (2,839 | ) | | | | | $ | 1,029,380 | | | |||
| December 31, 2011 | | | | | | | | | | | | | | | | | | | | | | | | | | ||||
| U.S. Government agency obligations Due within one year | | | | $ | 2,499,457 | | | | | $ | 12,103 | | | | | $ | — | | | | | $ | 2,511,560 | | | ||||
| | | | | | | | | | | | | | |
| | | | Length of Time in Continuous Unrealized Loss Position | | | | | Length of Time in Continuous Unrealized Loss Position | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | | | Less Than 12 Months | | 12 Months or More | | Total | | | | | Less Than 12 Months | | 12 Months or More | | Total | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | | Fair Value | | Unrealized Loss | | Fair Value | | Unrealized Loss | | Fair Value | | Unrealized Loss | | | | | Fair Value | | Unrealized Loss | | Fair Value | | Unrealized Loss | | Fair Value | | Unrealized Loss | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| September 30, 2013 (Unaudited) | | | | | | | | | | | | | | | | | | | | | | | September 30, 2013 (Unaudited) | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||||||||||||||||
| U.S. Government agency obligations | | | | $ | 1,021,410 | | | | $ | (2,524 | ) | | | | $ | — | | | | $ | — | | | | $ | 1,021,410 | | | | $ | (2,524 | ) | | | U.S. Government agency obligations | | | | $ | 1,021,410 | | | | $ | (2,524 | ) | | | | $ | — | | | | $ | — | | | | $ | 1,021,410 | | | | $ | (2,524 | ) | | | ||||||||||||||||||
| December 31, 2012 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2012 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||
| U.S. Government agency obligations | | | | $ | 1,029,380 | | | | $ | (2,839 | ) | | | | $ | — | | | | $ | — | | | | $ | 1,029,380 | | | | $ | (2,839 | ) | | | U.S. Government agency obligations | | | | $ | 1,029,380 | | | | $ | (2,839 | ) | | | | $ | — | | | | $ | — | | | | $ | 1,029,380 | | | | $ | (2,839 | ) | | | ||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | September 30, 2013 | | | December 31, | | |||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | | | 2012 | | | 2011 | | |||||||||||||||
| | | | (Unaudited) | | | | | | ||||||||||||||
| Loans secured by real estate | | | | | | | | | | | | | | | | | | | | |||
| Construction, development and land loans | | | | $ | 10,539,207 | | | | | $ | 11,346,434 | | | | | $ | 18,203,921 | | | |||
| Loans secured by residential properties | | | | | 6,860,449 | | | | | | 7,951,006 | | | | | | 8,129,238 | | | |||
| Loans secured by non-residential properties | | | | | 8,872,617 | | | | | | 10,298,415 | | | | | | 10,683,970 | | | |||
| Commercial and industrial loans | | | | | 2,400,245 | | | | | | 2,692,095 | | | | | | 3,598,419 | | | |||
| Consumer, personal and other loans | | | | | 1,184,056 | | | | | | 1,367,672 | | | | | | 714,249 | | | |||
| Total loans | | | | | 29,856,574 | | | | | | 33,655,622 | | | | | | 41,329,797 | | | |||
| Deferred loan origination fees | | | | | (35,985 | ) | | | | | | (47,270 | ) | | | | | | (64,770 | ) | | |
| Allowance for loan losses | | | | | (881,886 | ) | | | | | | (1,112,932 | ) | | | | | | (1,304,722 | ) | | |
| Loans receivable, net | | | | $ | 28,938,703 | | | | | $ | 32,495,420 | | | | | $ | 39,960,305 | | | |||
| | | | | | | | | | |
| | | | Allowance for Loan Losses | | | | | Allowance for Loan Losses | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| (In thousands) | | | Construction, Development and Land Loans | | Loans Secured by Residential Properties | | Loans Secured by Non- Residential Properties | | Commercial and Industrial Loans | | Consumer, Personal and Other Loans | | Unallocated | | Total | | (In thousands) | | | Construction, Development and Land Loans | | Loans Secured by Residential Properties | | Loans Secured by Non- Residential Properties | | Commercial and Industrial Loans | | Consumer, Personal and Other Loans | | Unallocated | | Total | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| September 30, 2013 (Unaudited) | | September 30, 2013 (Unaudited) | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Beginning balance | | | | $ | 283 | | | | $ | 103 | | | | $ | 250 | | | | $ | 114 | | | | $ | 36 | | | | $ | 327 | | | | $ | 1,113 | | | Beginning balance | | | | $ | 283 | | | | $ | 103 | | | | $ | 250 | | | | $ | 114 | | | | $ | 36 | | | | $ | 327 | | | | $ | 1,113 | | | ||||||||||||||||||||||||||
| Charge-offs | | | | | (225 | ) | | | | | — | | | | | — | | | | | (86 | ) | | | | | — | | | | | — | | | | | (311 | ) | | | Charge-offs | | | | | (225 | ) | | | | | — | | | | | — | | | | | (86 | ) | | | | | — | | | | | — | | | | | (311 | ) | | | ||||||||||||||||||||
| Recoveries | | | | | — | | | | | 80 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 80 | | | Recoveries | | | | | — | | | | | 80 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 80 | | | ||||||||||||||||||||||||||
| Provisions | | | | | 80 | | | | | (113 | ) | | | | | (114 | ) | | | | | 140 | | | | | 64 | | | | | (57 | ) | | | | | — | | | Provisions | | | | | 80 | | | | | (113 | ) | | | | | (114 | ) | | | | | 140 | | | | | 64 | | | | | (57 | ) | | | | | — | | | ||||||||||||||||||||
| Ending balance | | | | $ | 138 | | | | $ | 70 | | | | $ | 136 | | | | $ | 168 | | | | $ | 100 | | | | $ | 270 | | | | $ | 882 | | | Ending balance | | | | $ | 138 | | | | $ | 70 | | | | $ | 136 | | | | $ | 168 | | | | $ | 100 | | | | $ | 270 | | | | $ | 882 | | | ||||||||||||||||||||||||||
| Ending loan balances individually evaluated for impairment | | | | $ | 4,797 | | | | $ | 1,398 | | | | $ | 502 | | | | $ | 651 | | | | $ | 332 | | | | | — | | | | $ | 7,680 | | | Ending loan balances individually evaluated for impairment | | | | $ | 4,797 | | | | $ | 1,398 | | | | $ | 502 | | | | $ | 651 | | | | $ | 332 | | | | | — | | | | $ | 7,680 | | | ||||||||||||||||||||||||||
| Ending loan balances collectively evaluated for impairment | | | | $ | 5,742 | | | | $ | 5,462 | | | | $ | 8,371 | | | | $ | 1,749 | | | | $ | 852 | | | | $ | — | | | | $ | 22,176 | | | Ending loan balances collectively evaluated for impairment | | | | $ | 5,742 | | | | $ | 5,462 | | | | $ | 8,371 | | | | $ | 1,749 | | | | $ | 852 | | | | $ | — | | | | $ | 22,176 | | | ||||||||||||||||||||||||||
| December 31, 2012 | | December 31, 2012 | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Beginning balance | | | | $ | 475 | | | | $ | 244 | | | | $ | 268 | | | | $ | 187 | | | | $ | 29 | | | | $ | 102 | | | | $ | 1,305 | | | Beginning balance | | | | $ | 475 | | | | $ | 244 | | | | $ | 268 | | | | $ | 187 | | | | $ | 29 | | | | $ | 102 | | | | $ | 1,305 | | | ||||||||||||||||||||||||||
| Charge-offs | | | | | (89 | ) | | | | | (24 | ) | | | | | — | | | | | (80 | ) | | | | | — | | | | | — | | | | | (193 | ) | | | Charge-offs | | | | | (89 | ) | | | | | (24 | ) | | | | | — | | | | | (80 | ) | | | | | — | | | | | — | | | | | (193 | ) | | | ||||||||||||||||||
| Recoveries | | | | | — | | | | | — | | | | | — | | | | | 1 | | | | | — | | | | | — | | | | | 1 | | | Recoveries | | | | | — | | | | | — | | | | | — | | | | | 1 | | | | | — | | | | | — | | | | | 1 | | | ||||||||||||||||||||||||||
| Provisions | | | | | (103 | ) | | | | | (117 | ) | | | | | (18 | ) | | | | | 6 | | | | | 7 | | | | | 225 | | | | | — | | | Provisions | | | | | (103 | ) | | | | | (117 | ) | | | | | (18 | ) | | | | | 6 | | | | | 7 | | | | | 225 | | | | | — | | | ||||||||||||||||||||
| Ending balance | | | | $ | 283 | | | | $ | 103 | | | | $ | 250 | | | | $ | 114 | | | | $ | 36 | | | | $ | 327 | | | | $ | 1,113 | | | Ending balance | | | | $ | 283 | | | | $ | 103 | | | | $ | 250 | | | | $ | 114 | | | | $ | 36 | | | | $ | 327 | | | | $ | 1,113 | | | ||||||||||||||||||||||||||
| Ending loan balances individually evaluated for impairment | | | | $ | 5,615 | | | | $ | 1,735 | | | | $ | 531 | | | | $ | 448 | | | | $ | 359 | | | | | — | | | | $ | 8,688 | | | Ending loan balances individually evaluated for impairment | | | | $ | 5,615 | | | | $ | 1,735 | | | | $ | 531 | | | | $ | 448 | | | | $ | 359 | | | | | — | | | | $ | 8,688 | | | ||||||||||||||||||||||||||
| Ending loan balances collectively evaluated for impairment | | | | $ | 5,732 | | | | $ | 6,216 | | | | $ | 9,767 | | | | $ | 2,244 | | | | $ | 1,009 | | | | $ | — | | | | $ | 24,968 | | | Ending loan balances collectively evaluated for impairment | | | | $ | 5,732 | | | | $ | 6,216 | | | | $ | 9,767 | | | | $ | 2,244 | | | | $ | 1,009 | | | | $ | — | | | | $ | 24,968 | | | ||||||||||||||||||||||||||
| December 31, 2011 | | December 31, 2011 | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Beginning balance | | | | $ | 617 | | | | $ | 338 | | | | $ | 234 | | | | $ | 739 | | | | $ | 59 | | | | $ | 47 | | | | $ | 2,034 | | | Beginning balance | | | | $ | 617 | | | | $ | 338 | | | | $ | 234 | | | | $ | 739 | | | | $ | 59 | | | | $ | 47 | | | | $ | 2,034 | | | ||||||||||||||||||||||||||
| Charge-offs | | | | | (1,191 | ) | | | | | (55 | ) | | | | | — | | | | | (388 | ) | | | | | — | | | | | — | | | | | (1,634 | ) | | | Charge-offs | | | | | (1,191 | ) | | | | | (55 | ) | | | | | — | | | | | (388 | ) | | | | | — | | | | | — | | | | | (1,634 | ) | | | ||||||||||||||||||
| Recoveries | | | | | 1 | | | | | — | | | | | — | | | | | 3 | | | | | 1 | | | | | — | | | | | 5 | | | Recoveries | | | | | 1 | | | | | — | | | | | — | | | | | 3 | | | | | 1 | | | | | — | | | | | 5 | | | ||||||||||||||||||||||||||
| Provisions | | | | | 1,048 | | | | | (39 | ) | | | | | 34 | | | | | (167 | ) | | | | | (31 | ) | | | | | 55 | | | | | 900 | | | Provisions | | | | | 1,048 | | | | | (39 | ) | | | | | 34 | | | | | (167 | ) | | | | | (31 | ) | | | | | 55 | | | | | 900 | | | ||||||||||||||||||||
| Ending balance | | | | $ | 475 | | | | $ | 244 | | | | $ | 268 | | | | $ | 187 | | | | $ | 29 | | | | $ | 102 | | | | $ | 1,305 | | | Ending balance | | | | $ | 475 | | | | $ | 244 | | | | $ | 268 | | | | $ | 187 | | | | $ | 29 | | | | $ | 102 | | | | $ | 1,305 | | | ||||||||||||||||||||||||||
| Ending loan balances individually evaluated for impairment | | | | $ | 11,023 | | | | $ | 1,550 | | | | $ | 613 | | | | $ | 357 | | | | $ | 6 | | | | $ | — | | | | $ | 13,549 | | | Ending loan balances individually evaluated for impairment | | | | $ | 11,023 | | | | $ | 1,550 | | | | $ | 613 | | | | $ | 357 | | | | $ | 6 | | | | $ | — | | | | $ | 13,549 | | | ||||||||||||||||||||||||||
| Ending loan balances collectively evaluated for impairment | | | | $ | 7,181 | | | | $ | 6,579 | | | | $ | 10,071 | | | | $ | 3,241 | | | | $ | 709 | | | | $ | — | | | | $ | 27,781 | | | Ending loan balances collectively evaluated for impairment | | | | $ | 7,181 | | | | $ | 6,579 | | | | $ | 10,071 | | | | $ | 3,241 | | | | $ | 709 | | | | $ | — | | | | $ | 27,781 | | | ||||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| (In thousands) | | | Construction, Development and Land Loans | | Loans Secured by Residential Properties | | Loans Secured by Non- Residential Properties | | Commercial and Industrial Loans | | Consumer, Personal and Other Loans | | (In thousands) | | | Construction, Development and Land Loans | | Loans Secured by Residential Properties | | Loans Secured by Non- Residential Properties | | Commercial and Industrial Loans | | Consumer, Personal and Other Loans | | ||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| September 30, 2013 (Unaudited) | | | | | | | | | | | | | | | | | | | | | | | September 30, 2013 (Unaudited) | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||
| Grade: | | | | | | | | | | | | | | | | | | | | | | | | | | | | Grade: | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||
| Pass | | | | $ | 4,151 | | | | $ | 4,607 | | | | $ | 7,604 | | | | $ | 1,517 | | | | $ | 606 | | | Pass | | | | $ | 4,151 | | | | $ | 4,607 | | | | $ | 7,604 | | | | $ | 1,517 | | | | $ | 606 | | | ||||||||||||||||||
| Watch | | | | | — | | | | | 761 | | | | | 767 | | | | | 114 | | | | | 505 | | | Watch | | | | | — | | | | | 761 | | | | | 767 | | | | | 114 | | | | | 505 | | | ||||||||||||||||||
| Special mention | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | Special mention | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||||||||||
| Substandard | | | | | 6,388 | | | | | 1,493 | | | | | 502 | | | | | 769 | | | | | 73 | | | Substandard | | | | | 6,388 | | | | | 1,493 | | | | | 502 | | | | | 769 | | | | | 73 | | | ||||||||||||||||||
| Doubtful | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | Doubtful | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||||||||||
| Loss | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | Loss | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||||||||||
| | | | | $ | 10,539 | | | | $ | 6,861 | | | | $ | 8,873 | | | | $ | 2,400 | | | | $ | 1,184 | | | | | | | $ | 10,539 | | | | $ | 6,861 | | | | $ | 8,873 | | | | $ | 2,400 | | | | $ | 1,184 | | | ||||||||||||||||||
| December 31, 2012 | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2012 | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||
| Grade: | | | | | | | | | | | | | | | | | | | | | | | | | | | | Grade: | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||
| Pass | | | | $ | 4,912 | | | | $ | 5,444 | | | | $ | 9,179 | | | | $ | 1,582 | | | | $ | 920 | | | Pass | | | | $ | 4,912 | | | | $ | 5,444 | | | | $ | 9,179 | | | | $ | 1,582 | | | | $ | 920 | | | ||||||||||||||||||
| Watch | | | | | 25 | | | | | 577 | | | | | 588 | | | | | 25 | | | | | 69 | | | Watch | | | | | 25 | | | | | 577 | | | | | 588 | | | | | 25 | | | | | 69 | | | ||||||||||||||||||
| Special mention | | | | | — | | | | | — | | | | | — | | | | | 1,085 | | | | | 278 | | | Special mention | | | | | — | | | | | — | | | | | — | | | | | 1,085 | | | | | 278 | | | ||||||||||||||||||
| Substandard | | | | | 6,410 | | | | | 1,930 | | | | | 531 | | | | | — | | | | | 101 | | | Substandard | | | | | 6,410 | | | | | 1,930 | | | | | 531 | | | | | — | | | | | 101 | | | ||||||||||||||||||
| Doubtful | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | Doubtful | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||||||||||
| Loss | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | Loss | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||||||||||
| | | | | $ | 11,347 | | | | $ | 7,951 | | | | $ | 10,298 | | | | $ | 2,692 | | | | $ | 1,368 | | | | | | | $ | 11,347 | | | | $ | 7,951 | | | | $ | 10,298 | | | | $ | 2,692 | | | | $ | 1,368 | | | ||||||||||||||||||
| December 31, 2011 | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2011 | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||
| Grade: | | | | | | | | | | | | | | | | | | | | | | | | | | | | Grade: | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||
| Pass | | | | $ | 5,181 | | | | $ | 5,643 | | | | $ | 10,018 | | | | $ | 2,632 | | | | $ | 589 | | | Pass | | | | $ | 5,181 | | | | $ | 5,643 | | | | $ | 10,018 | | | | $ | 2,632 | | | | $ | 589 | | | ||||||||||||||||||
| Watch | | | | | — | | | | | — | | | | | — | | | | | 92 | | | | | 77 | | | Watch | | | | | — | | | | | — | | | | | — | | | | | 92 | | | | | 77 | | | ||||||||||||||||||
| Special mention | | | | | 2,000 | | | | | 128 | | | | | — | | | | | 93 | | | | | — | | | Special mention | | | | | 2,000 | | | | | 128 | | | | | — | | | | | 93 | | | | | — | | | ||||||||||||||||||
| Substandard | | | | | 10,779 | | | | | 2,358 | | | | | 666 | | | | | 782 | | | | | 48 | | | Substandard | | | | | 10,779 | | | | | 2,358 | | | | | 666 | | | | | 782 | | | | | 48 | | | ||||||||||||||||||
| Doubtful | | | | | 244 | | | | | — | | | | | — | | | | | — | | | | | — | | | Doubtful | | | | | 244 | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||||||||||
| Loss | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | Loss | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||||||||||
| | | | | $ | 18,204 | | | | $ | 8,129 | | | | $ | 10,684 | | | | $ | 3,599 | | | | $ | 714 | | | | | | | $ | 18,204 | | | | $ | 8,129 | | | | $ | 10,684 | | | | $ | 3,599 | | | | $ | 714 | | | ||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | |
| (In thousands) | | | 31 – 60 Days Past Due | | 61 – 90 Days Past Due | | Greater > Than 90 Days and Nonaccrual Status | | Total Past Due Loans | | Total Current Loans | | Loans > 90 Days and Accruing | | (In thousands) | | | 31 – 60 Days Past Due | | 61 – 90 Days Past Due | | Greater > Than 90 Days and Nonaccrual Status | | Total Past Due Loans | | Total Current Loans | | Loans > 90 Days and Accruing | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| September 30, 2013 (Unaudited) | | September 30, 2013 (Unaudited) | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Construction, development and land loans | | | | $ | — | | | | $ | — | | | | $ | 1,746 | | | | $ | 1,746 | | | | $ | 8,793 | | | | $ | — | | | Construction, development and land loans | | | | $ | — | | | | $ | — | | | | $ | 1,746 | | | | $ | 1,746 | | | | $ | 8,793 | | | | $ | — | | | ||||||||||||||||||||||
| Loans secured by residential properties | | | | | — | | | | | — | | | | | 779 | | | | | 779 | | | | | 6,081 | | | | | — | | | Loans secured by residential properties | | | | | — | | | | | — | | | | | 779 | | | | | 779 | | | | | 6,081 | | | | | — | | | ||||||||||||||||||||||
| Loans secured by non-residential properties | | | | | — | | | | | — | | | | | 435 | | | | | 435 | | | | | 8,438 | | | | | — | | | Loans secured by non-residential properties | | | | | — | | | | | — | | | | | 435 | | | | | 435 | | | | | 8,438 | | | | | — | | | ||||||||||||||||||||||
| Commercial and industrial loans | | | | | — | | | | | — | | | | | 280 | | | | | 280 | | | | | 2,120 | | | | | — | | | Commercial and industrial loans | | | | | — | | | | | — | | | | | 280 | | | | | 280 | | | | | 2,120 | | | | | — | | | ||||||||||||||||||||||
| Consumer, personal and other loans | | | | | 7 | | | | | — | | | | | 73 | | | | | 80 | | | | �� | 1,104 | | | | | — | | | Consumer, personal and other loans | | | | | 7 | | | | | — | | | | | 73 | | | | | 80 | | | | | 1,104 | | | | | — | | | ||||||||||||||||||||||
| Total | | | | $ | 7 | | | | $ | — | | | | $ | 3,313 | | | | $ | 3,320 | | | | $ | 26,536 | | | | $ | — | | | Total | | | | $ | 7 | | | | $ | — | | | | $ | 3,313 | | | | $ | 3,320 | | | | $ | 26,536 | | | | $ | — | | | ||||||||||||||||||||||
| December 31, 2012 | | December 31, 2012 | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Construction, development and land loans | | | | $ | — | | | | $ | — | | | | $ | 2,248 | | | | $ | 2,248 | | | | $ | 9,099 | | | | $ | — | | | Construction, development and land loans | | | | $ | — | | | | $ | — | | | | $ | 2,248 | | | | $ | 2,248 | | | | $ | 9,099 | | | | $ | — | | | ||||||||||||||||||||||
| Loans secured by residential properties | | | | | — | | | | | — | | | | | 748 | | | | | 748 | | | | | 7,203 | | | | | — | | | Loans secured by residential properties | | | | | — | | | | | — | | | | | 748 | | | | | 748 | | | | | 7,203 | | | | | — | | | ||||||||||||||||||||||
| Loans secured by non-residential properties | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 10,298 | | | | | — | | | Loans secured by non-residential properties | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 10,298 | | | | | — | | | ||||||||||||||||||||||
| Commercial and industrial loans | | | | | 75 | | | | | — | | | | | 300 | | | | | 375 | | | | | 2,317 | | | | | — | | | Commercial and industrial loans | | | | | 75 | | | | | — | | | | | 300 | | | | | 375 | | | | | 2,317 | | | | | — | | | ||||||||||||||||||||||
| Consumer, personal and other loans | | | | | 75 | | | | | — | | | | | — | | | | | 75 | | | | | 1,293 | | | | | — | | | Consumer, personal and other loans | | | | | 75 | | | | | — | | | | | — | | | | | 75 | | | | | 1,293 | | | | | — | | | ||||||||||||||||||||||
| Total | | | | $ | 150 | | | | $ | — | | | | $ | 3,296 | | | | $ | 3,446 | | | | $ | 30,210 | | | | $ | — | | | Total | | | | $ | 150 | | | | $ | — | | | | $ | 3,296 | | | | $ | 3,446 | | | | $ | 30,210 | | | | $ | — | | | ||||||||||||||||||||||
| December 31, 2011 | | December 31, 2011 | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Construction, development and land loans | | | | $ | — | | | | $ | 1,400 | | | | $ | 3,736 | | | | $ | 5,136 | | | | $ | 13,068 | | | | $ | — | | | Construction, development and land loans | | | | $ | — | | | | $ | 1,400 | | | | $ | 3,736 | | | | $ | 5,136 | | | | $ | 13,068 | | | | $ | — | | | ||||||||||||||||||||||
| Loans secured by residential properties | | | | | — | | | | | — | | | | | 718 | | | | | 718 | | | | | 7,411 | | | | | — | | | Loans secured by residential properties | | | | | — | | | | | — | | | | | 718 | | | | | 718 | | | | | 7,411 | | | | | — | | | ||||||||||||||||||||||
| Loans secured by non-residential properties | | | | | 53 | | | | | 103 | | | | | — | | | | | 156 | | | | | 10,528 | | | | | — | | | Loans secured by non-residential properties | | | | | 53 | | | | | 103 | | | | | — | | | | | 156 | | | | | 10,528 | | | | | — | | | ||||||||||||||||||||||
| Commercial and industrial loans | | | | | 300 | | | | | — | | | | | — | | | | | 300 | | | | | 3,299 | | | | | — | | | Commercial and industrial loans | | | | | 300 | | | | | — | | | | | — | | | | | 300 | | | | | 3,299 | | | | | — | | | ||||||||||||||||||||||
| Consumer, personal and other loans | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 714 | | | | | — | | | Consumer, personal and other loans | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 714 | | | | | — | | | ||||||||||||||||||||||
| Total | | | | $ | 353 | | | | $ | 1,503 | | | | $ | 4,454 | | | | $ | 6,310 | | | | $ | 35,020 | | | | $ | — | | | Total | | | | $ | 353 | | | | $ | 1,503 | | | | $ | 4,454 | | | | $ | 6,310 | | | | $ | 35,020 | | | | $ | — | | | ||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | September 30, 2013 | | | December 31, | | |||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | | | 2012 | | | 2011 | | |||||||||||||||
| (In thousands) | | | (Unaudited) | | ||||||||||||||||||
| Construction, development and land loans | | | | $ | 4,573 | | | | | $ | 5,387 | | | | | $ | 10,540 | | | |||
| Loans secured by residential properties | | | | | 1,398 | | | | | | 1,083 | | | | | | 1,550 | | | |||
| Loans secured by non-residential properties | | | | | 502 | | | | | | 453 | | | | | | 520 | | | |||
| Commercial and industrial loans | | | | | 554 | | | | | | 348 | | | | | | 357 | | | |||
| Consumer, personal and other loans | | | | | 73 | | | | | | — | | | | | | — | | | |||
| Total | | | | $ | 7,100 | | | | | $ | 7,271 | | | | | $ | 12,967 | | | |||
| | | | | | | | | | |
| (In thousands) | | | Carrying Amount | | Unpaid Principal Balance | | Associated Allowance | | Average Carrying Amount | | Interest Income Recognized | | (In thousands) | | | Carrying Amount | | Unpaid Principal Balance | | Associated Allowance | | Average Carrying Amount | | Interest Income Recognized | | ||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| September 30, 2013 (Unaudited) | | September 30, 2013 (Unaudited) | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Impaired loans with no specific allowance recorded: | | Impaired loans with no specific allowance recorded: | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Construction, development and land loans | | | | $ | 4,797 | | | | $ | 5,264 | | | | $ | — | | | | $ | 4,770 | | | | $ | 61 | | | Construction, development and land loans | | | | $ | 4,797 | | | | $ | 5,264 | | | | $ | — | | | | $ | 4,770 | | | | $ | 61 | | | ||||||||||||||||||
| Loans secured by residential properties | | | | | 1,398 | | | | | 1,544 | | | | | — | | | | | 1,198 | | | | | 12 | | | Loans secured by residential properties | | | | | 1,398 | | | | | 1,544 | | | | | — | | | | | 1,198 | | | | | 12 | | | ||||||||||||||||||
| Loans secured by non-residential properties | | | | | 502 | | | | | 663 | | | | | — | | | | | 512 | | | | | — | | | Loans secured by non-residential properties | | | | | 502 | | | | | 663 | | | | | — | | | | | 512 | | | | | — | | | ||||||||||||||||||
| Commercial and industrial loans | | | | | 420 | | | | | 915 | | | | | — | | | | | 442 | | | | | 5 | | | Commercial and industrial loans | | | | | 420 | | | | | 915 | | | | | — | | | | | 442 | | | | | 5 | | | ||||||||||||||||||
| Consumer, personal and other loans | | | | | 252 | | | | | 252 | | | | | — | | | | | 265 | | | | | 16 | | | Consumer, personal and other loans | | | | | 252 | | | | | 252 | | | | | — | | | | | 265 | | | | | 16 | | | ||||||||||||||||||
| Total impaired loans with no specific allowance recorded | | | | $ | 7,369 | | | | $ | 8,638 | | | | $ | — | | | | $ | 7,187 | | | | $ | 94 | | | Total impaired loans with no specific allowance recorded | | | | $ | 7,369 | | | | $ | 8,638 | | | | $ | — | | | | $ | 7,187 | | | | $ | 94 | | | ||||||||||||||||||
| Impaired loans with an allowance recorded: | | Impaired loans with an allowance recorded: | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Construction, development and land loans | | | | $ | — | | | | $ | — | | | | $ | — | | | | $ | — | | | | $ | — | | | Construction, development and land loans | | | | $ | — | | | | $ | — | | | | $ | — | | | | $ | — | | | | $ | — | | | ||||||||||||||||||
| Loans secured by residential properties | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | Loans secured by residential properties | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||||||||||
| Loans secured by non-residential properties | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | Loans secured by non-residential properties | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||||||||||
| Commercial and industrial loans | | | | | 231 | | | | | 240 | | | | | 114 | | | | | 236 | | | | | 1 | | | Commercial and industrial loans | | | | | 231 | | | | | 240 | | | | | 114 | | | | | 236 | | | | | 1 | | | ||||||||||||||||||
| Consumer, personal and other loans | | | | | 80 | | | | | 80 | | | | | 80 | | | | | 78 | | | | | 4 | | | Consumer, personal and other loans | | | | | 80 | | | | | 80 | | | | | 80 | | | | | 78 | | | | | 4 | | | ||||||||||||||||||
| Total impaired loans with an allowance recorded | | | | $ | 311 | | | | $ | 320 | | | | $ | 194 | | | | $ | 314 | | | | $ | 5 | | | Total impaired loans with an allowance recorded | | | | $ | 311 | | | | $ | 320 | | | | $ | 194 | | | | $ | 314 | | | | $ | 5 | | | ||||||||||||||||||
| Total impaired loans | | | | $ | 7,680 | | | | $ | 8,958 | | | | $ | 194 | | | | $ | 7,501 | | | | $ | 99 | | | Total impaired loans | | | | $ | 7,680 | | | | $ | 8,958 | | | | $ | 194 | | | | $ | 7,501 | | | | $ | 99 | | | ||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | |
| (In thousands) | | | Carrying Amount | | Unpaid Principal Balance | | Associated Allowance | | Average Carrying Amount | | Interest Income Recognized | | (In thousands) | | | Carrying Amount | | Unpaid Principal Balance | | Associated Allowance | | Average Carrying Amount | | Interest Income Recognized | | ||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| December 31, 2012 | | December 31, 2012 | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Impaired loans with no specific allowance recorded: | | Impaired loans with no specific allowance recorded: | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Construction, development and land loans | | | | $ | 4,266 | | | | $ | 4,769 | | | | $ | — | | | | $ | 5,987 | | | | $ | 82 | | | Construction, development and land loans | | | | $ | 4,266 | | | | $ | 4,769 | | | | $ | — | | | | $ | 5,987 | | | | $ | 82 | | | ||||||||||||||||||
| Loans secured by residential properties | | | | | 1,735 | | | | | 1,879 | | | | | — | | | | | 1,761 | | | | | 49 | | | Loans secured by residential properties | | | | | 1,735 | | | | | 1,879 | | | | | — | | | | | 1,761 | | | | | 49 | | | ||||||||||||||||||
| Loans secured by non-residential properties | | | | | 531 | | | | | 668 | | | | | — | | | | | 570 | | | | | 7 | | | Loans secured by non-residential properties | | | | | 531 | | | | | 668 | | | | | — | | | | | 570 | | | | | 7 | | | ||||||||||||||||||
| Commercial and industrial loans | | | | | 448 | | | | | 921 | | | | | — | | | | | 360 | | | | | — | | | Commercial and industrial loans | | | | | 448 | | | | | 921 | | | | | — | | | | | 360 | | | | | — | | | ||||||||||||||||||
| Consumer, personal and other loans | | | | | 353 | | | | | 353 | | | | | — | | | | | 369 | | | | | 28 | | | Consumer, personal and other loans | | | | | 353 | | | | | 353 | | | | | — | | | | | 369 | | | | | 28 | | | ||||||||||||||||||
| Total impaired loans with no specific allowance recorded | | | | $ | 7,333 | | | | $ | 8,590 | | | | $ | — | | | | $ | 9,047 | | | | $ | 166 | | | Total impaired loans with no specific allowance recorded | | | | $ | 7,333 | | | | $ | 8,590 | | | | $ | — | | | | $ | 9,047 | | | | $ | 166 | | | ||||||||||||||||||
| Impaired loans with an allowance recorded: | | Impaired loans with an allowance recorded: | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Construction, development and land loans | | | | $ | 1,349 | | | | $ | 1,972 | | | | $ | 49 | | | | $ | 1,349 | | | | $ | — | | | Construction, development and land loans | | | | $ | 1,349 | | | | $ | 1,972 | | | | $ | 49 | | | | $ | 1,349 | | | | $ | — | | | ||||||||||||||||||
| Loans secured by residential properties | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | Loans secured by residential properties | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||||||||||
| Loans secured by non-residential properties | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | Loans secured by non-residential properties | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||||||||||
| Commercial and industrial loans | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | Commercial and industrial loans | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||||||||||
| Consumer, personal and other loans | | | | | 6 | | | | | 6 | | | | | 6 | | | | | 6 | | | | | 1 | | | Consumer, personal and other loans | | | | | 6 | | | | | 6 | | | | | 6 | | | | | 6 | | | | | 1 | | | ||||||||||||||||||
| Total impaired loans with an allowance recorded | | | | $ | 1,355 | | | | $ | 1,978 | | | | $ | 55 | | | | $ | 1,355 | | | | $ | 1 | | | Total impaired loans with an allowance recorded | | | | $ | 1,355 | | | | $ | 1,978 | | | | $ | 55 | | | | $ | 1,355 | | | | $ | 1 | | | ||||||||||||||||||
| Total impaired loans | | | | $ | 8,688 | | | | $ | 10,568 | | | | $ | 55 | | | | $ | 10,402 | | | | $ | 167 | | | Total impaired loans | | | | $ | 8,688 | | | | $ | 10,568 | | | | $ | 55 | | | | $ | 10,402 | | | | $ | 167 | | | ||||||||||||||||||
| December 31, 2011 | | December 31, 2011 | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Impaired loans with no specific allowance recorded: | | Impaired loans with no specific allowance recorded: | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Construction, development and land loans | | | | $ | 10,779 | | | | $ | 11,249 | | | | $ | — | | | | $ | 11,175 | | | | $ | 25 | | | Construction, development and land loans | | | | $ | 10,779 | | | | $ | 11,249 | | | | $ | — | | | | $ | 11,175 | | | | $ | 25 | | | ||||||||||||||||||
| Loans secured by residential properties | | | | | 1,550 | | | | | 1,655 | | | | | — | | | | | 1,574 | | | | | — | | | Loans secured by residential properties | | | | | 1,550 | | | | | 1,655 | | | | | — | | | | | 1,574 | | | | | — | | | ||||||||||||||||||
| Loans secured by non-residential properties | | | | | 613 | | | | | 700 | | | | | — | | | | | 656 | | | | | 8 | | | Loans secured by non-residential properties | | | | | 613 | | | | | 700 | | | | | — | | | | | 656 | | | | | 8 | | | ||||||||||||||||||
| Commercial and industrial loans | | | | | 357 | | | | | 437 | | | | | — | | | | | 768 | | | | | — | | | Commercial and industrial loans | | | | | 357 | | | | | 437 | | | | | — | | | | | 768 | | | | | — | | | ||||||||||||||||||
| Consumer, personal and other loans | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | Consumer, personal and other loans | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||||||||||
| Total impaired loans with no specific allowance recorded | | | | $ | 13,299 | | | | $ | 14,041 | | | | $ | — | | | | $ | 14,173 | | | | $ | 33 | | | Total impaired loans with no specific allowance recorded | | | | $ | 13,299 | | | | $ | 14,041 | | | | $ | — | | | | $ | 14,173 | | | | $ | 33 | | | ||||||||||||||||||
| Impaired loans with an allowance recorded: | | Impaired loans with an allowance recorded: | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Construction, development and land loans | | | | $ | 244 | | | | $ | 244 | | | | $ | 122 | | | | $ | 244 | | | | $ | — | | | Construction, development and land loans | | | | $ | 244 | | | | $ | 244 | | | | $ | 122 | | | | $ | 244 | | | | $ | — | | | ||||||||||||||||||
| Loans secured by residential properties | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | Loans secured by residential properties | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||||||||||
| Loans secured by non-residential properties | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | Loans secured by non-residential properties | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||||||||||
| Commercial and industrial loans | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | Commercial and industrial loans | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||||||||||
| Consumer, personal and other loans | | | | | 6 | | | | | 6 | | | | | 6 | | | | | 6 | | | | | 1 | | | Consumer, personal and other loans | | | | | 6 | | | | | 6 | | | | | 6 | | | | | 6 | | | | | 1 | | | ||||||||||||||||||
| Total impaired loans with an allowance recorded | | | | $ | 250 | | | | $ | 250 | | | | $ | 128 | | | | $ | 250 | | | | $ | 1 | | | Total impaired loans with an allowance recorded | | | | $ | 250 | | | | $ | 250 | | | | $ | 128 | | | | $ | 250 | | | | $ | 1 | | | ||||||||||||||||||
| Total impaired loans | | | | $ | 13,549 | | | | $ | 14,291 | | | | $ | 128 | | | | $ | 14,423 | | | | $ | 34 | | | Total impaired loans | | | | $ | 13,549 | | | | $ | 14,291 | | | | $ | 128 | | | | $ | 14,423 | | | | $ | 34 | | | ||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | September 30, 2013 | | | December 31, | | |||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | | | 2012 | | | 2011 | | |||||||||||||||
| (In thousands) | | | (Unaudited) | | ||||||||||||||||||
| Construction, development and land loans | | | | $ | 3,262 | | | | | $ | 3,373 | | | | | $ | 7,287 | | | |||
| Loans secured by residential properties | | | | | 1,336 | | | | | | 1,395 | | | | | | 786 | | | |||
| Loans secured by non-residential properties | | | | | 502 | | | | | | 531 | | | | | | 511 | | | |||
| Commercial and industrial loans | | | | | 219 | | | | | | 148 | | | | | | 57 | | | |||
| Consumer, personal and other loans | | | | | 252 | | | | | | 278 | | | | | | — | | | |||
| Total TDRs | | | | $ | 5,571 | | | | | $ | 5,725 | | | | | $ | 8,641 | | | |||
| TDRs included in nonperforming loans and leases | | | | $ | 4,919 | | | | | $ | 4,388 | | | | | $ | 8,065 | | | |||
| TDRs in compliance with modified terms | | | | $ | 652 | | | | | $ | 1,337 | | | | | $ | 576 | | | |||
| | | | | | | | | | |
| | | | September 30, 2013 | | | December 31, | | |||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | | | 2012 | | | 2011 | | |||||||||||||||
| | | | (Unaudited) | | ||||||||||||||||||
| Land and buildings | | | | $ | 4,994,694 | | | | | $ | 4,990,319 | | | | | $ | 4,980,967 | | | |||
| Furniture and equipment | | | | | 511,846 | | | | | | 509,818 | | | | | | 502,002 | | | |||
| Less accumulated depreciation and amortization | | | | | (1,193,997 | ) | | | | | | (1,108,161 | ) | | | | | | (986,019 | ) | | |
| Total premises and equipment | | | | $ | 4,312,543 | | | | | $ | 4,391,976 | | | | | $ | 4,496,950 | | | |||
| | | | | | | | | | |
| | | | September 30, 2013 | | | December 31, | | | | | September 30, 2013 | | | December 31, | | ||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | | | 2012 | | 2011 | | | | | 2012 | | 2011 | | ||||||||||||||||||||||||||||||||
| | | | (Unaudited) | | | | | (Unaudited) | | ||||||||||||||||||||||||||||||||||||
| Noninterest bearing demand deposits | | | | $ | 13,421,916 | | | | $ | 14,085,959 | | | | $ | 15,533,054 | | | Noninterest bearing demand deposits | | | | $ | 13,421,916 | | | | $ | 14,085,959 | | | | $ | 15,533,054 | | | ||||||||||
| Interest bearing accounts: | | Interest bearing accounts: | | | |||||||||||||||||||||||||||||||||||||||||
| NOW, money market and savings | | | | | 38,831,079 | | | | | 41,480,905 | | | | | 38,744,647 | | | NOW, money market and savings | | | | | 38,831,079 | | | | | 41,480,905 | | | | | 38,744,647 | | | ||||||||||
| Time certificates of deposit | | | | | 10,440,994 | | | | | 12,314,314 | | | | | 12,169,856 | | | Time certificates of deposit | | | | | 10,440,994 | | | | | 12,314,314 | | | | | 12,169,856 | | | ||||||||||
| Total interest bearing | | | | | 49,272,073 | | | | | 53,795,219 | | | | | 50,914,503 | | | Total interest bearing | | | | | 49,272,073 | | | | | 53,795,219 | | | | | 50,914,503 | | | ||||||||||
| Total deposits | | | | $ | 62,693,989 | | | | $ | 67,881,178 | | | | $ | 66,447,557 | | | Total deposits | | | | $ | 62,693,989 | | | | $ | 67,881,178 | | | | $ | 66,447,557 | | | ||||||||||
| | | | | | | | | | | | | | |
| | | | September 30, 2013 | | | December 31, | | |||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | | | 2012 | | | 2011 | | |||||||||||||||
| | | | (Unaudited) | | ||||||||||||||||||
| Less than one year | | | | $ | 9,607,058 | | | | | $ | 11,196,559 | | | | | $ | 10,676,597 | | | |||
| One year to two years | | | | | 477,070 | | | | | | 867,382 | | | | | | 1,093,418 | | | |||
| Two years to three years | | | | | 182,521 | | | | | | 184,867 | | | | | | 212,434 | | | |||
| Three years to five years | | | | | 94,345 | | | | | | 65,506 | | | | | | 187,407 | | | |||
| Greater than five years | | | | | 80,000 | | | | | | — | | | | | | — | | | |||
| Total time certificates of deposit | | | | $ | 10,440,994 | | | | | $ | 12,314,314 | | | | | $ | 12,169,856 | | | |||
| | | | | | | | | | |
| | | | September 30, 2013 | | | December 31, 2012 | | ||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | | | (Unaudited) | | |||||||||||
| 2013 | | | | $ | 20,994 | | | | | $ | 83,972 | | | ||
| 2014 | | | | | 6,998 | | | | | | 6,998 | | | ||
| | | | | $ | 27,992 | | | | | $ | 90,970 | | | ||
| | | | | | | |
| | | | For the Nine Months Ended September 30, | | | For the Years Ended December 31, | | ||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | | | 2013 | | | 2012 | | | 2012 | | | 2011 | | ||||||||||||||||
| | | | (Unaudited) | | | | | | |||||||||||||||||||||
| Current provision | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 18,299 | | | ||||
| Deferred provision (benefit) | | | | | (374,499 | ) | | | | | | (288,172 | ) | | | | | | (601,928 | ) | | | | | | (737,840 | ) | | |
| Total provision (benefit) for taxes before change in valuation allowance | | | | | (374,499 | ) | | | | | | (288,172 | ) | | | | | | (601,928 | ) | | | | | | (719,541 | ) | | |
| Change in valuation allowance | | | | | 374,499 | | | | | | 288,172 | | | | | | 601,928 | | | | | | 2,070,312 | | | ||||
| Total provision for income taxes | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 1,350,771 | | | ||||
| | | | | | | | | | | | | | |
| | | | For the Nine Months Ended September 30, | | | For the Years Ended December 31, | | ||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | | | 2013 | | | 2012 | | | 2012 | | | 2011 | | ||||||||||||||||
| | | | (Unaudited) | | | | | | |||||||||||||||||||||
| Benefit for income taxes at statutory federal rate | | | | $ | (327,817 | ) | | | | | $ | (252,354 | ) | | | | | $ | (592,501 | ) | | | | | $ | (652,442 | ) | | |
| State taxes, net of federal benefit | | | | | (47,196 | ) | | | | | | (36,332 | ) | | | | | | (73,837 | ) | | | | | | (95,704 | ) | | |
| Valuation allowance on deferred tax assets | | | | | 374,499 | | | | | | 288,172 | | | | | | 601,928 | | | | | | 2,070,312 | | | ||||
| Non-deductible expenses | | | | | 514 | | | | | | 514 | | | | | | 1,028 | | | | | | 1,946 | | | ||||
| Other | | | | | — | | | | | | — | | | | | | 63,382 | | | | | | 26,659 | | | ||||
| Total provision (benefit) for income taxes | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 1,350,771 | | | ||||
| | | | | | | | | | | | | | |
| | | | September 30, 2013 | | | December 31, | | | | | September 30, 2013 | | | December 31, | | ||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | | | 2012 | | 2011 | | | | | 2012 | | 2011 | | ||||||||||||||||||||||||||||||||
| Deferred tax assets: | | | | | | | | | | | | | | | | | | Deferred tax assets: | | | | | | | | | | | | | | | | | | ||||||||||
| Allowance for loan losses | | | | $ | — | | | | $ | 177,885 | | | | $ | 251,759 | | | Allowance for loan losses | | | | $ | 49,547 | | | | $ | 177,885 | | | | $ | 251,759 | | | ||||||||||
| Deferred loan fees | | | | | — | | | | | 19,473 | | | | | 25,228 | | | Deferred loan fees | | | | | 11,625 | | | | | 19,473 | | | | | 25,228 | | | ||||||||||
| Net operating loss carryforwards | | | | | — | | | | | 2,464,815 | | | | | 2,166,140 | | | Net operating loss carryforwards | | | | | 2,696,044 | | | | | 2,464,815 | | | | | 2,166,140 | | | ||||||||||
| Nonaccrual interest | | | | | — | | | | | 404,312 | | | | | 121,337 | | | Nonaccrual interest | | | | | 285,018 | | | | | 404,312 | | | | | 121,337 | | | ||||||||||
| Other | | | | | — | | | | | 23,921 | | | | | 21,169 | | | Other | | | | | 17,893 | | | | | 23,921 | | | | | 21,169 | | | ||||||||||
| Gross deferred tax asset | | | | | — | | | | | 3,090,406 | | | | | 2,585,633 | | | Gross deferred tax asset | | | | | 3,060,127 | | | | | 3,090,406 | | | | | 2,585,633 | | | ||||||||||
| Valuation allowance | | | | | — | | | | | (3,026,565 | ) | | | | | (2,424,637 | ) | | | Valuation allowance | | | | | (3,009,061 | ) | | | | | (3,026,565 | ) | | | | | (2,424,637 | ) | | | |||||
| Deferred tax asset, net of valuation allowance | | | | | — | | | | | 63,841 | | | | | 160,996 | | | Deferred tax asset, net of valuation allowance | | | | | 51,066 | | | | | 63,841 | | | | | 160,996 | | | ||||||||||
| Deferred tax liabilities: | | | | | | | | | | | | | | | | | | Deferred tax liabilities: | | | | | | | | | | | | | | | | | | ||||||||||
| Premises and equipment | | | | | — | | | | | (11,236 | ) | | | | | (27,283 | ) | | | Premises and equipment | | | | | (3,614 | ) | | | | | (11,236 | ) | | | | | (27,283 | ) | | | |||||
| Prepaid expenses | | | | | — | | | | | (52,605 | ) | | | | | (133,713 | ) | | | Prepaid expenses | | | | | (47,452 | ) | | | | | (52,605 | ) | | | | | (133,713 | ) | | | |||||
| Deferred tax liability | | | | | — | | | | | (63,841 | ) | | | | | (160,996 | ) | | | Deferred tax liability | | | | | (51,066 | ) | | | | | (63,841 | ) | | | | | (160,996 | ) | | | |||||
| Net deferred taxes | | | | $ | — | | | | $ | — | | | | $ | — | | | Net deferred taxes | | | | $ | — | | | | $ | — | | | | $ | — | | | ||||||||||
| | | | | | | | | | | | | | |
| | | | Net Loss | | Shares | | Per Share Amount | | | | | Net Loss | | Shares | | Per Share Amount | | ||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | | | | | |||||||||||||||||||||||||||||||||||||||||
| September 30, 2013 (Unaudited) | | | | | | | | September 30, 2013 (Unaudited) | | | | | | | | | |||||||||||||||||||||||||||||
| Basic loss per share attributable to common shareholders | | | | $ | (1,484,821 | ) | | | | | 372,985 | | | | $ | (3.98 | ) | | | Basic loss per share attributable to common shareholders | | | | $ | (1,484,821 | ) | | | | | 372,985 | | | | $ | (3.98 | ) | | | ||||||
| Effect of dilutive securities | | | | | — | | | | | — | | | | | — | | | Effect of dilutive securities | | | | | — | | | | | — | | | | | — | | | ||||||||||
| Diluted loss per share attributable to common shareholders | | | | $ | (1,484,821 | ) | | | | | 372,985 | | | | $ | (3.98 | ) | | | Diluted loss per share attributable to common shareholders | | | | $ | (1,484,821 | ) | | | | | 372,985 | | | | $ | (3.98 | ) | | | ||||||
| September 30, 2012 (Unaudited) | | September 30, 2012 (Unaudited) | | | |||||||||||||||||||||||||||||||||||||||||
| Basic loss per share attributable to common shareholders | | | | $ | (1,136,270 | ) | | | | | 372,985 | | | | $ | (3.05 | ) | | | Basic loss per share attributable to common shareholders | | | | $ | (1,136,270 | ) | | | | | 372,985 | | | | $ | (3.05 | ) | | | ||||||
| Effect of dilutive securities | | | | | — | | | | | — | | | | | — | | | Effect of dilutive securities | | | | | — | | | | | — | | | | | — | | | ||||||||||
| Diluted loss per share attributable to common shareholders | | | | $ | (1,136,270 | ) | | | | | 372,985 | | | | $ | (3.05 | ) | | | Diluted loss per share attributable to common shareholders | | | | $ | (1,136,270 | ) | | | | | 372,985 | | | | $ | (3.05 | ) | | | ||||||
| December 31, 2012 | | December 31, 2012 | | | |||||||||||||||||||||||||||||||||||||||||
| Basic loss per share attributable to common shareholders | | | | $ | (1,741,327 | ) | | | | | 372,985 | | | | $ | (4.67 | ) | | | Basic loss per share attributable to common shareholders | | | | $ | (1,741,327 | ) | | | | | 372,985 | | | | $ | (4.67 | ) | | | ||||||
| Effect of dilutive securities | | | | | — | | | | | — | | | | | — | | | Effect of dilutive securities | | | | | — | | | | | — | | | | | — | | | ||||||||||
| Diluted loss per share attributable to common shareholders | | | | $ | (1,741,327 | ) | | | | | 372,985 | | | | $ | (4.67 | ) | | | Diluted loss per share attributable to common shareholders | | | | $ | (1,741,327 | ) | | | | | 372,985 | | | | $ | (4.67 | ) | | | ||||||
| December 31, 2011 | | December 31, 2011 | | | |||||||||||||||||||||||||||||||||||||||||
| Basic loss per share attributable to common shareholders | | | | $ | (3,269,719 | ) | | | | | 372,985 | | | | $ | (8.77 | ) | | | Basic loss per share attributable to common shareholders | | | | $ | (3,269,719 | ) | | | | | 372,985 | | | | $ | (8.77 | ) | | | ||||||
| Effect of dilutive securities | | | | | — | | | | | — | | | | | — | | | Effect of dilutive securities | | | | | — | | | | | — | | | | | — | | | ||||||||||
| Diluted loss per share attributable to common shareholders | | | | $ | (3,269,719 | ) | | | | | 372,985 | | | | $ | (8.77 | ) | | | Diluted loss per share attributable to common shareholders | | | | $ | (3,269,719 | ) | | | | | 372,985 | | | | $ | (8.77 | ) | | | ||||||
| | | | | | | | | | | | | | | | |
| | | | September 30, 2013 | | | December 31, | | | | | September 30, 2013 | | | December 31, | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | | | (Unaudited) | | 2012 | | 2011 | | | | | (Unaudited) | | 2012 | | 2011 | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | | Number of Shares | | Weighted- Average Exercise Price | | Number of Shares | | Weighted- Average Exercise Price | | Number of Shares | | Weighted- Average Exercise Price | | | | | Number of Shares | | Weighted- Average Exercise Price | | Number of Shares | | Weighted- Average Exercise Price | | Number of Shares | | Weighted- Average Exercise Price | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Outstanding at beginning of year | | | | | 200 | | | | $ | 56.05 | | | | | 200 | | | | $ | 56.05 | | | | | 400 | | | | $ | 48.29 | | | Outstanding at beginning of year | | | | | 200 | | | | $ | 56.05 | | | | | 200 | | | | $ | 56.05 | | | | | 400 | | | | $ | 48.29 | | | ||||||||||||||||||||||
| Granted | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | Granted | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | |||||||||||||||||||||||||||||||
| Exercised | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | Exercised | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | |||||||||||||||||||||||||||||||
| Terminated | | | | | — | | | | | — | | | | | — | | | | | — | | | | | (200 | ) | | | | | 40.54 | | | Terminated | | | | | — | | | | | — | | | | | — | | | | | — | | | | | (200 | ) | | | | | 40.54 | | | ||||||||||||||||||||
| Outstanding and exercisable at end of period | | | | | 200 | | | | | 56.05 | | | | | 200 | | | | | 56.05 | | | | | 200 | | | | | 56.05 | | | Outstanding and exercisable at end of period | | | | | 200 | | | | | 56.05 | | | | | 200 | | | | | 56.05 | | | | | 200 | | | | | 56.05 | | | ||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | Actual | | | For Capital Adequacy Purposes | | | To Be Well Capitalized Under Prompt Corrective Action Provisions | | |||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| (Dollars in thousands) | | | Amount | | | Ratio | | | Amount | | | Ratio | | | Amount | | | Ratio | | ||||||||||||||||||||||||
| September 30, 2013 (Unaudited) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||
| Total Capital to Risk-Weighted Assets | | | | $ | 7,037 | | | | | | 18.10 | % | | | | | $ | 3,110 | | | | | | 8.00 | % | | | | | $ | 3,888 | | | | | | 10.00 | % | | | |||
| Tier 1 Capital to Risk-Weighted Assets | | | | | 6,546 | | | | | | 16.84 | % | | | | | | 1,555 | | | | | | 4.00 | % | | | | | | 2,333 | | | | | | 6.00 | % | | | |||
| Tier 1 Capital to Average Assets | | | | | 6,546 | | | | | | 9.24 | % | | | | | | 2,834 | | | | | | 4.00 | % | | | | | | 3,542 | | | | | | 5.00 | % | | | |||
| December 31, 2012 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||
| Total Capital to Risk-Weighted Assets | | | | $ | 8,583 | | | | | | 19.70 | % | | | | | $ | 3,486 | | | | | | 8.00 | % | | | | | $ | 4,357 | | | | | | 10.00 | % | | | |||
| Tier 1 Capital to Risk-Weighted Assets | | | | | 8,031 | | | | | | 18.43 | % | | | | | | 1,743 | | | | | | 4.00 | % | | | | | | 2,614 | | | | | | 6.00 | % | | | |||
| Tier 1 Capital to Average Assets | | | | | 8,031 | | | | | | 10.81 | % | | | | | | 2,970 | | | | | | 4.00 | % | | | | | | 3,713 | | | | | | 5.00 | % | | | |||
| December 31, 2011 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||
| Total Capital to Risk-Weighted Assets | | | | $ | 10,429 | | | | | | 20.09 | % | | | | | $ | 4,153 | | | | | | 8.00 | % | | | | | $ | 5,192 | | | | | | 10.00 | % | | | |||
| Tier 1 Capital to Risk-Weighted Assets | | | | | 9,772 | | | | | | 18.82 | % | | | | | | 2,077 | | | | | | 4.00 | % | | | | | | 3,115 | | | | | | 6.00 | % | | | |||
| Tier 1 Capital to Average Assets | | | | | 9,772 | | | | | | 12.97 | % | | | | | | 3,014 | | | | | | 4.00 | % | | | | | | 3,768 | | | | | | 5.00 | % | | | |||
| | | | | | | | | | | | | | | | | | | | |
| | | | September 30, 2013 | | | December 31, | | |||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | | | 2012 | | | 2011 | | |||||||||||||||
| (In thousands) | | | (Unaudited) | | | | | | ||||||||||||||
| Commitments to extend credit: | | | | | | | | | | | | | | | | | | | | |||
| Undisbursed home equity lines of credit | | | | $ | 3,381 | | | | | $ | 3,037 | | | | | $ | 3,636 | | | |||
| Undisbursed loans secured by real estate | | | | | 1,982 | | | | | | 2,830 | | | | | | 3,418 | | | |||
| Future loan commitments | | | | | 481 | | | | | | 2,710 | | | | | | 377 | | | |||
| Undisbursed commercial lines of credit | | | | | 1,699 | | | | | | 1,912 | | | | | | 2,718 | | | |||
| Overdraft protection lines | | | | | 565 | | | | | | 596 | | | | | | 632 | | | |||
| | | | | $ | 8,108 | | | | | $ | 11,085 | | | | | $ | 10,781 | | | |||
| | | | | | | | | | |
| | | | September 30, 2013 (Unaudited) | | | December 31, | | ||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | | | 2012 | | | 2011 | | ||||||||||||||||||||||||||||||||||||
| | | | Carrying Amounts | | | Fair Value | | | Carrying Amounts | | | Fair Value | | | Carrying Amounts | | | Fair Value | | ||||||||||||||||||||||||
| Financial assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||
| Cash and due from banks | | | | $ | 29,286,177 | | | | | $ | 29,286,177 | | | | | $ | 28,374,762 | | | | | $ | 28,374,762 | | | | | $ | 21,482,956 | | | | | $ | 21,482,956 | | | ||||||
| Certificates of deposit | | | | | 3,500,000 | | | | | | 3,500,000 | | | | | | 5,750,000 | | | | | | 5,750,000 | | | | | | 4,000,000 | | | | | | 4,000,000 | | | ||||||
| Held-to-maturity securities | | | | | 1,023,934 | | | | | | 1,021,410 | | | | | | 1,032,219 | | | | | | 1,029,380 | | | | | | 2,499,457 | | | | | | 2,511,560 | | | ||||||
| Loans receivable, net | | | | | 28,938,703 | | | | | | 28,736,906 | | | | | | 32,495,420 | | | | | | 32,554,000 | | | | | | 39,960,305 | | | | | | 39,299,000 | | | ||||||
| FHLBB stock | | | | | 257,600 | | | | | | 257,600 | | | | | | 391,500 | | | | | | 391,500 | | | | | | 530,800 | | | | | | 530,800 | | | ||||||
| Accrued interest receivable | | | | | 79,133 | | | | | | 79,133 | | | | | | 107,858 | | | | | | 107,858 | | | | | | 119,088 | | | | | | 119,088 | | | ||||||
| Financial liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||
| Demand deposits | | | | | 13,421,916 | | | | | | 13,421,916 | | | | | | 14,085,959 | | | | | | 14,085,959 | | | | | | 15,533,054 | | | | | | 15,533,054 | | | ||||||
| NOW, money market and savings deposits | | | | | 38,831,079 | | | | | | 38,831,079 | | | | | | 41,480,905 | | | | | | 41,480,905 | | | | | | 38,744,647 | | | | | | 38,744,647 | | | ||||||
| Time deposits | | | | | 10,440,994 | | | | | | 10,447,220 | | | | | | 12,314,314 | | | | | | 12,324,000 | | | | | | 12,169,856 | | | | | | 12,191,000 | | | ||||||
| Accrued interest payable | | | | | 23,740 | | | | | | 23,740 | | | | | | 39,935 | | | | | | 39,935 | | | | | | 42,815 | | | | | | 42,815 | | | ||||||
| | | | | | | | | | | | | | | | | | | | |
| | | | Carrying Value | | |||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | | | Level 1 | | | Level 2 | | | Level 3 | | | Total | | ||||||||||||||||
| September 30, 2013 (Unaudited) | | | | | | | | | | | | | | | | | | | | | | | | | | ||||
| Assets measured at fair value on a non-recurring basis: | | | | | | | | | | | | | | | | | | | | | | | | | | ||||
| Impaired loans | | | | $ | — | | | | | $ | — | | | | | $ | 7,679,706 | | | | | $ | 7,679,706 | | | ||||
| Foreclosed real estate | | | | | — | | | | | | — | | | | | | 1,894,779 | | | | | | 1,894,779 | | | ||||
| December 31, 2012 | | | | | | | | | | | | | | | | | | | | | | | | | | ||||
| Assets measured at fair value on a non-recurring basis: | | | | | | | | | | | | | | | | | | | | | | | | | | ||||
| Impaired loans | | | | $ | — | | | | | $ | — | | | | | $ | 8,688,307 | | | | | $ | 8,688,307 | | | ||||
| Foreclosed real estate | | | | | — | | | | | | — | | | | | | 3,269,863 | | | | | | 3,269,863 | | | ||||
| December 31, 2011 | | | | | | | | | | | | | | | | | | | | | | | | | | ||||
| Assets measured at fair value on a non-recurring basis: | | | | | | | | | | | | | | | | | | | | | | | | | | ||||
| Impaired loans | | | | $ | — | | | | | $ | — | | | | | $ | 13,549,406 | | | | | $ | 13,549,406 | | | ||||
| Foreclosed real estate | | | | | — | | | | | | — | | | | | | 2,868,547 | | | | | | 2,868,547 | | | ||||
| | | | | | | | | | | | | | |
| | | | Fair Value | | | Valuation Methodology | | | Unobservable Input | | | Range (Weighted Average) | | ||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| September 30, 2013 (Unaudited) | | | | | | | | | | | | | | | | | |
| Impaired loans | | | | $ | 7,680,000 | | | | Appraisals | | | Discount for dated appraisals and selling costs | | | 6.75% – 23.75% | | |
| Foreclosed real estate | | | | $ | 1,894,779 | | | | Appraisals | | | Discount for dated appraisals and selling costs | | | 7.30% – 10.00% | | |
| December 31, 2012 | | | | | | | | | | | | | | | | | |
| Impaired loans | | | | $ | 8,688,307 | | | | Appraisals | | | Discount for dated appraisals and selling costs | | | 6.75% – 40.00% | | |
| Foreclosed real estate | | | | $ | 3,269,863 | | | | Appraisals | | | Discount for dated appraisals and selling costs | | | 7.30% – 10.00% | | |
| | | | | | | | | | | | | | |
| SANDLER O’NEILL + PARTNERS, L.P. | | | Keefe, Bruyette & Woods A Stifel Company | |
| | | |
| SEC registration fee | | | | $ | 9,313.95 | | | SEC registration fee | | | | $ | 8,028.27 | | | ||
| FINRA filing fee | | | | $ | 11,346.99 | | | FINRA filing fee | | | | $ | 11,346.99 | | | ||
| Nasdaq filing fee | | | | $ | 125,000.00 | | | Nasdaq filing fee | | | | $ | 125,000.00 | | | ||
| Printing fees and expenses | | | | | 100,000.00 | | | Printing fees and expenses | | | | | 100,000.00 | | | ||
| Legal fees and expenses | | | | | 800,000.00 | | | Legal fees and expenses | | | | | 800,000.00 | | | ||
| Accounting fees and expenses | | | | | 150,000.00 | | | Accounting fees and expenses | | | | | 150,000.00 | | | ||
| Miscellaneous expenses | | | | | 54,339.06 | | | Miscellaneous expenses | | | | | 55,624.74 | | | ||
| Total | | | | $ | 1,250,000.00 | | | Total | | | | $ | 1,250,000.00 | | | ||
| | | | | | |
| Signature & Title | | | Date | |
---|---|---|---|---|---|
| /s/ Peyton R. Patterson Chief Executive Officer and President (Principal Executive Officer) | | | May | |
| /s/ Ernest J. Verrico, Sr. Executive Vice President & Chief Financial Officer (Principal Financial and Accounting Officer) | | | May | |
| * Director | | | May | |
| * Director | | | May | |
| * Director | | | May | |
| * Director | | | May | |
| * Director | | | May | |
| * Director | | | May | |
| * Director | | | May | |
| | | |
| Signature & Title | | | Date | |
---|---|---|---|---|---|
| * Director | | | May | |
| * Director | | | May | |
| * Director | | | May | |
| * Director | | | May | |
| * Director | | | May | |
| * Director | | | May | |
| | | |
| *By: | | | /s/ Ernest J. Verrico, Sr. Attorney-in-Fact | | | | |
| | | | | |
| Number | | | Description | |
---|---|---|---|---|---|
| Exhibit 1.1 | | | Form of Underwriting Agreement | |
| Exhibit 3.1 | | | Certificate of Incorporation as amended to date(1) | |
| Exhibit 3.2 | | | Amended and Restated Bylaws(1) | |
| Exhibit 5.1 | | | Form of Opinion of Hinckley, Allen & Snyder LLP(2) | |
| Exhibit 10.1† | | | Employment Agreement of Peyton R. Patterson dated April 16, 2013(1) | |
| Exhibit 10.2† | | | Employment Agreement of Gail E.D. Brathwaite dated April 1, 2013(1) | |
| Exhibit 10.3† | | | Employment Agreement of Ernest J. Verrico, Sr. dated April 23, 2013(1) | |
| Exhibit 10.4† | | | Employment Agreement of Heidi S. DeWyngaert dated January 30, 2013(1) | |
| Exhibit 10.5† | | | 2002 Bank Management, Director and Founder Stock Option Plan(1) | |
| Exhibit 10.6† | | | 2006 Bank of New Canaan Stock Option Plan(1) | |
| Exhibit 10.7† | | | 2007 Bank of New Canaan Stock Option and Equity Award Plan(1) | |
| Exhibit 10.8† | | | 2011 BNC Financial Group, Inc. Stock Option and Equity Award Plan(1) | |
| Exhibit 10.9† | | | 2012 BNC Financial Group, Inc. Stock Plan(1) | |
| Exhibit 10.10† | | | Amendment to the 2012 BNC Financial Group, Inc. Stock Plan(1) | |
| Exhibit 10.11† | | | BNC Financial Group, Inc. and Affiliates Deferred Compensation Plan for Directors, January 23, 2008(1) | |
| Exhibit 10.12 | | | Small Business Lending Fund Securities Purchase Agreement with the Secretary of the Treasury dated August 4, 2011(1) | |
| Exhibit 10.13 | | | Agreement and Plan of Merger by and among BNC Financial Group, Inc., The Bank of New Canaan and The Wilton Bank dated as of June 14, 2013(1) | |
| Exhibit 10.14 | | | Securities Purchase Agreement dated September 30, 2013(1) | |
| Exhibit 10.15 | | | Agreement and Plan of Merger by and among Bankwell Financial Group, Inc. and Quinnipiac Bank & Trust Company dated March 31, 2014(1) | |
| Exhibit 10.16 | | | Form of Director Indemnification Agreement(2) | |
| Exhibit 10.17 | | | Form of Executive Officer Indemnification Agreement(2) | |
| Exhibit 12.1 | | | Statement Re Computation of Ratios(1) | |
| Exhibit 21.1 | | | Subsidiaries of the Registrant(1) | |
| Exhibit 23.1 | | | Consent of Hinckley, Allen & Snyder LLP (contained in Exhibit 5.1)(1) | |
| Exhibit 23.2 | | | Consent of Whittlesey & Hadley, P.C. | |
| Exhibit 24.1 | | | Power of Attorney | |
| | | |