Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2014 | Nov. 06, 2014 | |
Document And Entity Information | ' | ' |
Entity Registrant Name | 'STEWARDSHIP FINANCIAL CORP | ' |
Entity Central Index Key | '0001023860 | ' |
Document Type | '10-Q | ' |
Document Period End Date | 30-Sep-14 | ' |
Amendment Flag | 'false | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity a Well-known Seasoned Issuer | 'No | ' |
Entity a Voluntary Filer | 'No | ' |
Entity Reporting Status Current | 'Yes | ' |
Entity Filer Category | 'Smaller Reporting Company | ' |
Entity Common Stock, Shares Outstanding | ' | 6,029,374 |
Document Fiscal Period Focus | 'Q3 | ' |
Document Fiscal Year Focus | '2014 | ' |
Consolidated_Statements_of_Fin
Consolidated Statements of Financial Condition (unaudited) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
Assets | ' | ' |
Cash and due from banks | $10,540,000 | $17,024,000 |
Other interest-earning assets | 310,000 | 381,000 |
Cash and cash equivalents | 10,850,000 | 17,405,000 |
Securities available for sale | 138,255,000 | 168,411,000 |
Securities held to maturity; estimated fair value of $55,100,000 (at September 30, 2014) and $27,221,000 (at December 31, 2013) | 54,234,000 | 25,964,000 |
FHLB-NY stock, at cost | 2,882,000 | 2,133,000 |
Loans held for sale | 364,000 | 2,800,000 |
Loans, net of allowance for loan losses of $10,094,000 (at September 30, 2014) and $9,915,000 (at December 31, 2013) | 432,895,000 | 424,262,000 |
Premises and equipment, net | 6,528,000 | 5,739,000 |
Accrued interest receivable | 1,852,000 | 2,066,000 |
Other real estate owned, net | 2,090,000 | 451,000 |
Bank owned life insurance | 13,605,000 | 13,303,000 |
Other assets | 8,997,000 | 10,974,000 |
Total assets | 672,552,000 | 673,508,000 |
Deposits: | ' | ' |
Noninterest-bearing | 140,345,000 | 133,565,000 |
Interest-bearing | 416,666,000 | 444,026,000 |
Total deposits | 557,011,000 | 577,591,000 |
Federal Home Loan Bank of New York advances | 46,800,000 | 25,000,000 |
Securities sold under agreements to repurchase | 100,000 | 7,300,000 |
Subordinated debentures | 7,217,000 | 7,217,000 |
Accrued interest payable | 274,000 | 401,000 |
Accrued expenses and other liabilities | 3,892,000 | 2,220,000 |
Total liabilities | 615,294,000 | 619,729,000 |
Commitments and contingencies | ' | ' |
Shareholders' equity | ' | ' |
Preferred stock, no par value; 2,500,000 shares authorized; 15,000 shares issued and outstanding at September 30, 2014 and December 31, 2013. Liquidation preference of $15,000,000 | 14,981,000 | 14,974,000 |
Common stock, no par value; 10,000,000 shares authorized; 6,029,301 and 5,943,767 shares issued and outstanding at September 30, 2014 and December 31, 2013, respectively | 41,102,000 | 40,690,000 |
Retained earnings | 2,790,000 | 1,905,000 |
Accumulated other comprehensive loss, net | -1,615,000 | -3,790,000 |
Total shareholders' equity | 57,258,000 | 53,779,000 |
Total liabilities and shareholders' equity | $672,552,000 | $673,508,000 |
Consolidated_Statements_of_Fin1
Consolidated Statements of Financial Condition (unaudited) (Parenthetical) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
Assets | ' | ' |
Securities held to maturity | $55,100,000 | $27,221,000 |
Allowance for loan losses | 10,094,000 | 9,915,000 |
Stockholders' equity | ' | ' |
Preferred stock, shares authorized | 2,500,000 | 2,500,000 |
Preferred stock, shares issued | 15,000 | 15,000 |
Preferred stock, shares outstanding | 15,000 | 15,000 |
Preferred stock, liquidation preference | $15,000,000 | $15,000,000 |
Common stock, shares authorized | 10,000,000 | 10,000,000 |
Common stock, shares issued | 6,029,301 | 5,943,767 |
Common stock, shares outstanding | 6,029,301 | 5,943,767 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
Interest income: | ' | ' | ' | ' |
Loans | $5,125,000 | $5,534,000 | $15,478,000 | $17,138,000 |
Securities held to maturity | ' | ' | ' | ' |
Taxable | 193,000 | 69,000 | 374,000 | 220,000 |
Non-taxable | 154,000 | 185,000 | 501,000 | 576,000 |
Securities available for sale | ' | ' | ' | ' |
Taxable | 565,000 | 642,000 | 1,940,000 | 1,786,000 |
Non-taxable | 6,000 | 76,000 | 18,000 | 230,000 |
FHLB dividends | 22,000 | 22,000 | 71,000 | 70,000 |
Other interest-earning assets | 4,000 | 8,000 | 18,000 | 22,000 |
Total interest income | 6,069,000 | 6,536,000 | 18,400,000 | 20,042,000 |
Interest expense: | ' | ' | ' | ' |
Deposits | 433,000 | 567,000 | 1,352,000 | 1,800,000 |
Borrowed money | 358,000 | 373,000 | 1,088,000 | 1,102,000 |
Total interest expense | 791,000 | 940,000 | 2,440,000 | 2,902,000 |
Net interest income before provision for loan losses | 5,278,000 | 5,596,000 | 15,960,000 | 17,140,000 |
Provision for loan losses | 250,000 | 900,000 | 250,000 | 3,350,000 |
Net interest income after provision for loan losses | 5,028,000 | 4,696,000 | 15,710,000 | 13,790,000 |
Noninterest income: | ' | ' | ' | ' |
Fees and service charges | 510,000 | 459,000 | 1,435,000 | 1,407,000 |
Bank owned life insurance | 100,000 | 98,000 | 302,000 | 251,000 |
Gain on calls and sales of securities | ' | ' | ' | 2,000 |
Gain on sales of mortgage loans | 32,000 | 150,000 | 46,000 | 610,000 |
Loss on sale of loans | ' | ' | -241,000 | ' |
Gain on sale of other real estate owned | ' | 156,000 | 54,000 | 282,000 |
Gain on life insurance proceeds | ' | ' | ' | 537,000 |
Miscellaneous | 122,000 | 108,000 | 374,000 | 351,000 |
Total noninterest income | 764,000 | 971,000 | 1,970,000 | 3,440,000 |
Noninterest expenses: | ' | ' | ' | ' |
Salaries and employee benefits | 2,624,000 | 2,570,000 | 7,859,000 | 7,977,000 |
Occupancy, net | 439,000 | 518,000 | 1,514,000 | 1,538,000 |
Equipment | 167,000 | 197,000 | 530,000 | 580,000 |
Data processing | 433,000 | 327,000 | 1,255,000 | 987,000 |
Advertising | 288,000 | 117,000 | 629,000 | 368,000 |
FDIC insurance premium | 133,000 | 220,000 | 477,000 | 646,000 |
Charitable contributions | 45,000 | 60,000 | 135,000 | 180,000 |
Miscellaneous | 860,000 | 865,000 | 2,790,000 | 2,661,000 |
Total noninterest expenses | 4,989,000 | 4,874,000 | 15,189,000 | 14,937,000 |
Income before income tax expense | 803,000 | 793,000 | 2,491,000 | 2,293,000 |
Income tax expense | 251,000 | 271,000 | 707,000 | 488,000 |
Net income | 552,000 | 522,000 | 1,784,000 | 1,805,000 |
Dividends on preferred stock | 170,000 | 170,000 | 512,000 | 463,000 |
Net income available to common shareholders | $382,000 | $352,000 | $1,272,000 | $1,342,000 |
Basic and diluted earnings per common share | $0.06 | $0.06 | $0.21 | $0.23 |
Weighted average number of basic and diluted common shares outstanding | 6,026,848 | 5,939,958 | 5,994,800 | 5,935,195 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (Loss) (unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
Income Statement [Abstract] | ' | ' | ' | ' |
Net income | $552,000 | $522,000 | $1,784,000 | $1,805,000 |
Other comprehensive income (loss), net of tax: | ' | ' | ' | ' |
Change in unrealized holding gains (losses) on securities available for sale | -187,000 | -354,000 | 2,473,000 | -3,422,000 |
Loss on securities reclassified from available for sale to held to maturity | ' | ' | -457,000 | ' |
Accretion of loss on securities reclassified to held to maturity | 36,000 | ' | 47,000 | ' |
Reclassification adjustment for gains in net income | ' | ' | ' | -1,000 |
Change in fair value of interest rate swap | 44,000 | 20,000 | 112,000 | 118,000 |
Total other comprehensive income (loss) | -107,000 | -334,000 | 2,175,000 | -3,305,000 |
Total comprehensive income (loss) | $445,000 | $188,000 | $3,959,000 | ($1,500,000) |
Consolidated_Statement_of_Chan
Consolidated Statement of Changes in Shareholders' Equity (Unaudited) (USD $) | Preferred Stock [Member] | Common Stock [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income, Net [Member] | Total |
Balance beginning at Dec. 31, 2012 | $14,964,000 | $40,606,000 | $316,000 | $460,000 | $56,346,000 |
Balance beginning, shares at Dec. 31, 2012 | ' | 5,924,865 | ' | ' | ' |
Cash dividends paid on common stock | ' | ' | -178,000 | ' | -178,000 |
Payment of discount on dividend reinvestment plan | ' | -1,000 | ' | ' | -1,000 |
Cash dividends declared on preferred stock | ' | ' | -463,000 | ' | -463,000 |
Common stock issued under stock plans | ' | 74,000 | ' | ' | 74,000 |
Common stock issued under stock plans, shares | ' | 16,533 | ' | ' | ' |
Amortization of issuance costs | 8,000 | ' | -8,000 | ' | ' |
Net income | ' | ' | 1,805,000 | ' | 1,805,000 |
Other comprehensive income (loss) | ' | ' | ' | -3,305,000 | -3,305,000 |
Balance ending at Sep. 30, 2013 | 14,972,000 | 40,679,000 | 1,472,000 | -2,845,000 | 54,278,000 |
Balance ending, shares at Sep. 30, 2013 | ' | 5,941,398 | ' | ' | ' |
Balance beginning at Dec. 31, 2013 | 14,974,000 | 40,690,000 | 1,905,000 | -3,790,000 | 53,779,000 |
Balance beginning, shares at Dec. 31, 2013 | ' | 5,943,767 | ' | ' | ' |
Cash dividends paid on common stock | ' | ' | -179,000 | ' | -179,000 |
Payment of discount on dividend reinvestment plan | ' | -1,000 | ' | ' | -1,000 |
Cash dividends declared on preferred stock | ' | ' | -512,000 | ' | -512,000 |
Common stock issued under stock plans | ' | 141,000 | ' | ' | 141,000 |
Common stock issued under stock plans, shares | ' | 30,776 | ' | ' | ' |
Common stock issued under dividend reinvestment plan | ' | 23,000 | ' | ' | 23,000 |
Common stock issued under dividend reinvestment plan, shares | ' | 5,097 | ' | ' | ' |
Issuance of restricted stock | ' | 249,000 | -249,000 | ' | ' |
Issuance of restricted stock,shares | ' | 49,661 | ' | ' | ' |
Amortization of restricted stock | ' | ' | 48,000 | ' | 48,000 |
Amortization of issuance costs | 7,000 | ' | -7,000 | ' | ' |
Net income | ' | ' | 1,784,000 | ' | 1,784,000 |
Other comprehensive income (loss) | ' | ' | ' | 2,175,000 | 2,175,000 |
Balance ending at Sep. 30, 2014 | $14,981,000 | $41,102,000 | $2,790,000 | ($1,615,000) | $57,258,000 |
Balance ending, shares at Sep. 30, 2014 | ' | 6,029,301 | ' | ' | ' |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (unaudited) (USD $) | 9 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | |
Cash flows from operating activities: | ' | ' |
Net income | $1,784,000 | $1,805,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation and amortization of premises and equipment | 320,000 | 325,000 |
Amortization of premiums and accretion of discounts, net | 725,000 | 1,031,000 |
Amortization of restricted stock | 48,000 | ' |
Accretion of deferred loan fees | 37,000 | 56,000 |
Provision for loan losses | 250,000 | 3,350,000 |
Originations of mortgage loans held for sale | -3,346,000 | -37,172,000 |
Proceeds from sale of mortgage loans | 3,028,000 | 37,656,000 |
Proceeds from sale of loans | 2,559,000 | ' |
Gain on sales of mortgage loans | -46,000 | -610,000 |
Loss on sale of loans | 241,000 | ' |
Gain on sales and calls of securities | ' | -2,000 |
Gain on sale of other real estate owned | -54,000 | -282,000 |
Deferred income tax expense (benefit) | -154,000 | -99,000 |
Decrease in accrued interest receivable | 214,000 | 314,000 |
Decrease in accrued interest payable | -127,000 | -187,000 |
Earnings on bank owned life insurance | -302,000 | -251,000 |
Gain on life insurance proceeds | ' | -537,000 |
Decrease in other assets | 907,000 | 2,420,000 |
Increase in other liabilities | 1,785,000 | 511,000 |
Net cash provided by operating activities | 7,869,000 | 8,328,000 |
Cash flows from investing activities: | ' | ' |
Purchase of securities available-for-sale | -7,835,000 | -44,841,000 |
Proceeds from maturities and principal repayments on securities available-for-sale | 14,086,000 | 22,880,000 |
Proceeds from sales and calls on securities available for sale | 1,000,000 | 6,700,000 |
Purchase of securities held to maturity | -8,799,000 | ' |
Proceeds from maturities and principal repayments on securities held to maturity | 6,083,000 | 2,316,000 |
Proceeds from sales and calls on securities held to maturity | ' | 1,170,000 |
Purchase of FHLB-NY stock | -749,000 | -600,000 |
Net increase in loans | -11,187,000 | -2,722,000 |
Proceeds from sale of other real estate owned | 594,000 | 1,209,000 |
Purchase of bank owned life insurance | ' | -3,000,000 |
Life insurance proceeds | ' | 1,055,000 |
Additions to premises and equipment | -1,109,000 | -246,000 |
Net cash used in investing activities | -7,916,000 | -16,079,000 |
Cash flows from financing activities: | ' | ' |
Net increase in noninterest-bearing deposits | 6,780,000 | 15,632,000 |
Net decrease in interest-bearing deposits | -27,360,000 | -28,730,000 |
Net increase in long term borrowings | 5,000,000 | ' |
Net increase (decrease) in securities sold under agreements to repurchase | -7,200,000 | 701,000 |
Net increase in short term borrowings | 16,800,000 | 15,100,000 |
Cash dividends paid on common stock | -179,000 | -178,000 |
Cash dividends paid on preferred stock | -512,000 | -463,000 |
Payment of discount on dividend reinvestment plan | -1,000 | -1,000 |
Issuance of common stock | 164,000 | 74,000 |
Net cash provided by (used in) financing activities | -6,508,000 | 2,135,000 |
Net decrease in cash and cash equivalents | -6,555,000 | -5,616,000 |
Cash and cash equivalents - beginning | 17,405,000 | 21,016,000 |
Cash and cash equivalents - ending | 10,850,000 | 15,400,000 |
Supplemental disclosures of cash flow information: | ' | ' |
Cash paid during the period for interest | 2,567,000 | 3,089,000 |
Cash paid during the period for income taxes | 183,000 | 251,000 |
Reclassification of securities available-for-sale to held to maturity | 24,022,000 | ' |
Transfers from loans to other real estate owned | $2,267,000 | $349,000 |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2014 | |
Summary of Significant Accounting Policies | ' |
Summary of Significant Accounting Policies | ' |
Note 1. Summary of Significant Accounting Policies | |
Certain information and note disclosures normally included in the unaudited consolidated financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) have been omitted pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). These unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Stewardship Financial Corporation Annual Report on Form 10-K for the fiscal year ended December 31, 2013, filed with the SEC on March 26, 2014 (the “2013 Annual Report”). | |
The interim unaudited consolidated financial statements included herein have been prepared in accordance with instructions for Form 10-Q and the rules and regulations of the SEC and, therefore, do not include information or footnotes necessary for a complete presentation of consolidated financial condition, results of operations, and cash flows in conformity with GAAP. However, all adjustments, consisting only of normal recurring adjustments, which in the opinion of management are necessary for a fair presentation of the interim consolidated financial statements, have been included. The results of operations for the three and nine months ended September 30, 2014 are not necessarily indicative of the results which may be expected for the entire year. | |
Principles of consolidation | |
The consolidated financial statements include the accounts of Stewardship Financial Corporation and its wholly-owned subsidiary, Atlantic Stewardship Bank (the “Bank”), together referred to as “the Corporation”. The Bank includes its wholly-owned subsidiaries, Stewardship Investment Corporation, Stewardship Realty LLC, Atlantic Stewardship Insurance Company, LLC and several other subsidiaries formed to hold title to properties acquired through foreclosure or deed in lieu of foreclosure. The Bank's subsidiaries have an insignificant impact on the Bank's daily operations. All intercompany accounts and transactions have been eliminated in the consolidated financial statements. Certain prior period amounts have been reclassified to conform to the current presentation. | |
The consolidated financial statements of the Corporation have been prepared in conformity with GAAP. In preparing the consolidated financial statements, management is required to make estimates and assumptions, based on available information, that affect the amounts reported in the consolidated financial statements and disclosures provided. Actual results could differ significantly from those estimates. | |
Material estimates | |
Material estimates that are particularly susceptible to significant changes relate to the determination of the allowance for loan losses. Management believes that the allowance for loan losses is adequate. While management uses available information to recognize probable incurred losses on loans, future additions to the allowance for loan losses may be necessary based on changes in economic conditions in the market area. | |
Adoption of New Accounting Standards | |
In July 2013, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2013-11, "Income Taxes, Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists". This ASU requires that an unrecognized tax benefit, or a portion thereof, should be presented in the consolidated financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward. This ASU applies to all entities that have unrecognized tax benefits when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists at the reporting date. The standard is effective for reporting periods, including interim periods, beginning after December 15, 2013. The adoption of the standard did not have a material effect on the Corporation's consolidated financial statements. | |
In January 2014, the FASB issued ASU 2014-04, “Receivables – Troubled Debt Restructurings by Creditors (Subtopic 310-40) Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure,” This ASU applies to all creditors who obtain physical possession of residential real estate property collateralizing a consumer mortgage loan in satisfaction of a receivable. The amendments in this update clarify when an in substance repossession or foreclosure occurs and requires disclosure of both (1) the amount of foreclosed residential real estate property held by a creditor and (2) the recorded investment in consumer mortgage loans collateralized by residential real estate property that are in the process of foreclosure according to local requirements of the applicable jurisdiction. The amendments in ASU 2014-04 are effective for fiscal years, including interim periods, beginning after December 15, 2014. The adoption of the amendments in this standard are not expected to have a material impact on the Corporation's consolidated financial statements. |
Securities_Availableforsale_an
Securities - Available-for-sale and Held to Maturity | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||
Securities - Available-for-sale and Held to Maturity | ' | ||||||||||||||||||||||||
Securities - Available-for-sale and Held to Maturity | ' | ||||||||||||||||||||||||
Note 2. Securities – Available-for-sale and Held to Maturity | |||||||||||||||||||||||||
The fair value of the available-for-sale securities and the related gross unrealized gains and losses recognized in accumulated other comprehensive income were as follows: | |||||||||||||||||||||||||
30-Sep-14 | |||||||||||||||||||||||||
Amortized | Gross Unrealized | Fair | |||||||||||||||||||||||
Cost | Gains | Losses | Value | ||||||||||||||||||||||
U.S. government-sponsored agencies | $ | 31,148,000 | $ | 66,000 | $ | 878,000 | $ | 30,336,000 | |||||||||||||||||
Obligations of state and political | |||||||||||||||||||||||||
subdivisions | 1,422,000 | 4,000 | 10,000 | 1,416,000 | |||||||||||||||||||||
Mortgage-backed securities - residential | 90,770,000 | 532,000 | 1,249,000 | 90,053,000 | |||||||||||||||||||||
Asset-backed securities (a) | 9,874,000 | 72,000 | - | 9,946,000 | |||||||||||||||||||||
Corporate debt | 2,997,000 | 13,000 | 43,000 | 2,967,000 | |||||||||||||||||||||
Total debt securities | 136,211,000 | 687,000 | 2,180,000 | 134,718,000 | |||||||||||||||||||||
Other equity investments | 3,635,000 | — | 98,000 | 3,537,000 | |||||||||||||||||||||
$ | 139,846,000 | $ | 687,000 | $ | 2,278,000 | $ | 138,255,000 | ||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||
Amortized | Gross Unrealized | Fair | |||||||||||||||||||||||
Cost | Gains | Losses | Value | ||||||||||||||||||||||
U.S. government-sponsored agencies | $ | 41,066,000 | $ | 15,000 | $ | 2,389,000 | $ | 38,692,000 | |||||||||||||||||
Obligations of state and political | |||||||||||||||||||||||||
subdivisions | 1,429,000 | — | 71,000 | 1,358,000 | |||||||||||||||||||||
Mortgage-backed securities - residential | 115,134,000 | 244,000 | 3,143,000 | 112,235,000 | |||||||||||||||||||||
Asset-backed securities (a) | 9,874,000 | 11,000 | 49,000 | 9,836,000 | |||||||||||||||||||||
Corporate debt | 2,995,000 | 5,000 | 115,000 | 2,885,000 | |||||||||||||||||||||
Total debt securities | 170,498,000 | 275,000 | 5,767,000 | 165,006,000 | |||||||||||||||||||||
Other equity investments | 3,543,000 | — | 138,000 | 3,405,000 | |||||||||||||||||||||
$ | 174,041,000 | $ | 275,000 | $ | 5,905,000 | $ | 168,411,000 | ||||||||||||||||||
(a) Collateralized by student loans | |||||||||||||||||||||||||
For the three and nine months ended September 30, 2014 cash proceeds realized from sales and calls of securities available-for-sale were $1,000,000. Cash proceeds realized from calls and sales of securities available-for-sale for the three and nine months ended September 30, 2013 were $200,000 and $6,700,000, respectively. There were no gross gains and no gross losses realized on sales or calls during the three and nine months ended September 30, 2014. There were no gross gains realized on calls and sales during the three months ended September 30, 2013. Gross gains realized on calls and sales during the nine months ended September 30, 2013 totaled $2,000. There were no gross losses realized on calls and sales during the three and nine months ended September 30, 2013. | |||||||||||||||||||||||||
The following is a summary of the held to maturity securities and related unrealized gains and losses: | |||||||||||||||||||||||||
30-Sep-14 | |||||||||||||||||||||||||
Amortized | Gross Unrealized | Fair | |||||||||||||||||||||||
Cost | Gains | Losses | Value | ||||||||||||||||||||||
U.S. government-sponsored agencies | $ | 11,939,000 | $ | 28,000 | $ | 27,000 | $ | 11,940,000 | |||||||||||||||||
Obligations of state and political | |||||||||||||||||||||||||
subdivisions | 16,327,000 | 659,000 | — | 16,986,000 | |||||||||||||||||||||
Mortgage-backed securities - residential | 25,968,000 | 426,000 | 220,000 | 26,174,000 | |||||||||||||||||||||
$ | 54,234,000 | $ | 1,113,000 | $ | 247,000 | $ | 55,100,000 | ||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||
Amortized | Gross Unrealized | Fair | |||||||||||||||||||||||
Cost | Gains | Losses | Value | ||||||||||||||||||||||
U.S. government-sponsored agencies | $ | 258,000 | $ | 31,000 | $ | — | $ | 289,000 | |||||||||||||||||
Obligations of state and political | |||||||||||||||||||||||||
subdivisions | 20,642,000 | 838,000 | — | 21,480,000 | |||||||||||||||||||||
Mortgage-backed securities - residential | 5,064,000 | 388,000 | — | 5,452,000 | |||||||||||||||||||||
$ | 25,964,000 | $ | 1,257,000 | $ | — | $ | 27,221,000 | ||||||||||||||||||
There were no cash proceeds realized from calls of securities held to maturity for the three and nine months ended September 30, 2014. Cash proceeds realized from calls of securities held to maturity for the three and nine months ended September 30, 2013, were $920,000 and $1,170,000, respectively. There were no gross gains and no gross losses realized on calls during the three and nine months ended September 30, 2014 or 2013. | |||||||||||||||||||||||||
Mortgage-backed securities are a type of asset-backed security secured by a mortgage or collection of mortgages, purchased by government agencies such as the Government National Mortgage Association and government sponsored agencies such as the Federal National Mortgage Association ("FNMA") and the Federal Home Loan Mortgage Corporation, which then issue securities that represent claims on the principal and interest payments made by borrowers on the loans in the pool. | |||||||||||||||||||||||||
The changes in available-for-sale and held to maturity securities for the period ending September 30, 2014 is primarily attributed to a $24.0 million transfer of previously-designated available-for-sale securities to a held to maturity designation at fair value. In accordance with Accounting Standards Codification 320, Investment – Debt and Equity Securities, the Corporation is required at each balance sheet due date to reassess the classification of each security held. The reclassification which occurred during the three months ended June 30, 2014 is permitted as the Corporation has appropriately determined the ability and intent to hold these securities as an investment until maturity or call. The securities were transferred to the held to maturity portfolio to protect our tangible common equity against rising interest rates and to appropriately align the mix of securities within held to maturity and available-for-sale. The securities transferred had a net loss of $742,000 that is reflected in accumulated other comprehensive loss on the consolidated statement of financial condition, net of subsequent amortization, which is being recognized over the life of the securities. | |||||||||||||||||||||||||
Issuers may have the right to call or prepay obligations with or without call or prepayment penalties.This might cause actual maturities to differ from the contractual maturities. | |||||||||||||||||||||||||
The following table presents the amortized cost and fair value of the debt securities portfolio by contractual maturity. As issuers may have the right to call or prepay obligations with or without call or prepayment premiums, the actual maturities may differ from contractual maturities. Securities not due at a single maturity date, such as mortgage-backed securities and asset-backed securities, are shown separately. | |||||||||||||||||||||||||
30-Sep-14 | |||||||||||||||||||||||||
Amortized | Fair | ||||||||||||||||||||||||
Cost | Value | ||||||||||||||||||||||||
Available-for-sale | |||||||||||||||||||||||||
Within one year | $ | — | $ | — | |||||||||||||||||||||
After one year, but within five years | 7,921,000 | 7,867,000 | |||||||||||||||||||||||
After five years, but within ten years | 15,386,000 | 14,993,000 | |||||||||||||||||||||||
After ten years | 12,260,000 | 11,859,000 | |||||||||||||||||||||||
Mortgage-backed securities - residential | 90,770,000 | 90,053,000 | |||||||||||||||||||||||
Asset-backed securities | 9,874,000 | 9,946,000 | |||||||||||||||||||||||
Total | $ | 136,211,000 | $ | 134,718,000 | |||||||||||||||||||||
Held to maturity | |||||||||||||||||||||||||
Within one year | $ | 3,926,000 | $ | 3,977,000 | |||||||||||||||||||||
After one year, but within five years | 8,841,000 | 9,252,000 | |||||||||||||||||||||||
After five years, but within ten years | 11,500,000 | 11,697,000 | |||||||||||||||||||||||
After ten years | 3,999,000 | 4,000,000 | |||||||||||||||||||||||
Mortgage-backed securities - residential | 25,968,000 | 26,174,000 | |||||||||||||||||||||||
Total | $ | 54,234,000 | $ | 55,100,000 | |||||||||||||||||||||
The following tables summarize the fair value and unrealized losses in the available-for-sale securities portfolio of those investment securities which reported an unrealized loss at September 30, 2014 and December 31, 2013, and if the unrealized loss position was continuous for the twelve months prior to September 30, 2014 and December 31, 2013. | |||||||||||||||||||||||||
Available-for-Sale | |||||||||||||||||||||||||
30-Sep-14 | Less than 12 Months | 12 Months or Longer | Total | ||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | ||||||||||||||||||||
Value | Losses | Value | Losses | Value | Losses | ||||||||||||||||||||
U.S. government- | |||||||||||||||||||||||||
sponsored agencies | $ | 869,000 | $ | (4,000 | ) | $ | 23,588,000 | $ | (874,000 | ) | $ | 24,457,000 | $ | (878,000 | ) | ||||||||||
Obligations of state and | |||||||||||||||||||||||||
political subdivisions | — | — | 1,006,000 | (10,000 | ) | 1,006,000 | (10,000 | ) | |||||||||||||||||
Mortgage-backed | |||||||||||||||||||||||||
securities - residential | 12,782,000 | (87,000 | ) | 36,083,000 | (1,162,000 | ) | 48,865,000 | (1,249,000 | ) | ||||||||||||||||
Asset-backed securities | — | — | - | - | - | - | |||||||||||||||||||
Corporate debt | — | — | 1,457,000 | (43,000 | ) | 1,457,000 | (43,000 | ) | |||||||||||||||||
Other equity investments | — | — | 3,477,000 | (98,000 | ) | 3,477,000 | (98,000 | ) | |||||||||||||||||
Total temporarily | |||||||||||||||||||||||||
impaired securities | $ | 13,651,000 | $ | (91,000 | ) | $ | 65,611,000 | $ | (2,187,000 | ) | $ | 79,262,000 | $ | (2,278,000 | ) | ||||||||||
31-Dec-13 | Less than 12 Months | 12 Months or Longer | Total | ||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | ||||||||||||||||||||
Value | Losses | Value | Losses | Value | Losses | ||||||||||||||||||||
U.S. government- | |||||||||||||||||||||||||
sponsored agencies | $ | 24,517,000 | $ | (1,531,000 | ) | $ | 8,987,000 | $ | (858,000 | ) | $ | 33,504,000 | $ | (2,389,000 | ) | ||||||||||
Obligations of state and | |||||||||||||||||||||||||
political subdivisions | 949,000 | (43,000 | ) | 409,000 | (28,000 | ) | 1,358,000 | (71,000 | ) | ||||||||||||||||
Mortgage-backed | |||||||||||||||||||||||||
securities - residential | 75,183,000 | (2,304,000 | ) | 13,334,000 | (839,000 | ) | 88,517,000 | (3,143,000 | ) | ||||||||||||||||
Asset-backed securities | 8,791,000 | (49,000 | ) | — | — | 8,791,000 | (49,000 | ) | |||||||||||||||||
Corporate debt | 2,385,000 | (115,000 | ) | — | — | 2,385,000 | (115,000 | ) | |||||||||||||||||
Other equity investments | 3,346,000 | (138,000 | ) | — | — | 3,346,000 | (138,000 | ) | |||||||||||||||||
Total temporarily | |||||||||||||||||||||||||
impaired securities | $ | 115,171,000 | $ | (4,180,000 | ) | $ | 22,730,000 | $ | (1,725,000 | ) | $ | 137,901,000 | $ | (5,905,000 | ) | ||||||||||
Held to Maturity | |||||||||||||||||||||||||
30-Sep-14 | Less than 12 Months | 12 Months or Longer | Total | ||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | ||||||||||||||||||||
Value | Losses | Value | Losses | Value | Losses | ||||||||||||||||||||
U.S. government- | |||||||||||||||||||||||||
sponsored agencies | $ | 10,683,000 | $ | (27,000 | ) | $ | — | $ | — | $ | 10,683,000 | $ | (27,000 | ) | |||||||||||
Obligations of state and | |||||||||||||||||||||||||
political subdivisions | — | — | — | — | — | — | |||||||||||||||||||
Mortgage-backed | |||||||||||||||||||||||||
securities - residential | 17,716,000 | (220,000 | ) | — | — | 17,716,000 | (220,000 | ) | |||||||||||||||||
Total temporarily | |||||||||||||||||||||||||
impaired securities | $ | 28,399,000 | $ | (247,000 | ) | $ | — | $ | — | $ | 28,399,000 | $ | (247,000 | ) | |||||||||||
31-Dec-13 | Less than 12 Months | 12 Months or Longer | Total | ||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | ||||||||||||||||||||
Value | Losses | Value | Losses | Value | Losses | ||||||||||||||||||||
U.S. government- | |||||||||||||||||||||||||
sponsored agencies | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||
Obligations of state and | |||||||||||||||||||||||||
political subdivisions | — | — | — | — | — | — | |||||||||||||||||||
Mortgage-backed | |||||||||||||||||||||||||
securities - residential | — | — | — | — | — | — | |||||||||||||||||||
Total temporarily | |||||||||||||||||||||||||
impaired securities | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||
Other-Than-Temporary-Impairment | |||||||||||||||||||||||||
At September 30, 2014, there were twenty-four U.S. government-sponsored agency securities, two obligations of state and political subdivisions securities, thirty-two mortgage-backed securities, two corporate debt securities, and one other equity investments security in a continuous loss position for 12 months or longer. Management has assessed the securities that were in an unrealized loss position at September 30, 2014 and December 31, 2013 and has determined that any decline in fair values below amortized cost primarily relate to changes in interest rates and market spreads and was temporary. | |||||||||||||||||||||||||
In making this determination, management considered the following factors in estimating the cash flows expected to be collected from the security: the period of time the securities were in an unrealized loss position; the percentage decline in comparison to the securities' amortized cost; any adverse conditions specifically related to the security, an industry or a geographic area; the rating or changes to the rating by a credit rating agency; the financial condition of the issuer and guarantor and any recoveries or additional declines in fair value subsequent to the balance sheet date. Management expects to collect all amounts contractually due and none of the debt securities can be prepaid at less than the par values. | |||||||||||||||||||||||||
Management does not intend to sell these securities in an unrealized loss position and it is not more likely than not that we will be required to sell these securities before the recovery of their amortized cost bases, which may be at maturity. |
Loans_and_Allowance_for_Loan_L
Loans and Allowance for Loan Losses | 9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans and Allowance for Loan Losses | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans and Allowance for Loan Losses | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Note 3. Loans and Allowance for Loan Losses | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
At September 30, 2014 and December 31, 2013, respectively, the loan portfolio consisted of the following: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, | December 31, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Secured by real estate | $ | 50,139,000 | $ | 46,162,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | 24,036,000 | 27,728,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | 263,758,000 | 253,035,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial construction | 3,996,000 | 3,445,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential real estate | 71,803,000 | 77,540,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Secured by real estate | 26,889,000 | 25,458,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | 478,000 | 534,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Small Business Administration - guaranteed portion | 1,819,000 | - | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | 88,000 | 107,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total gross loans | 443,006,000 | 434,009,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Less: Deferred loan fees, net of costs | 17,000 | (168,000 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses | 10,094,000 | 9,915,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10,111,000 | 9,747,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans, net | $ | 432,895,000 | $ | 424,262,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
During the three months ended September 30, 2014, the Corporation purchased the guaranteed portion of several Small Business Administration (SBA) loans. Due to the guarantee of the principal amount of these SBA loans, no allowance for loan losses is established for these SBA loans. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
At September 30, 2014 and December 31, 2013, loan participations sold by the Corporation to other lending institutions totaled approximately $11,924,000 and $12,725,000, respectively. These amounts are not included in the totals presented above. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Activity in the allowance for loan losses is summarized as follows: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For the three months ended September 30, 2014 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, | Provision | Recoveries | Balance, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
beginning | charged | Loans | of loans | end | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
of period | to operations | charged off | charged off | of period | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | $ | 3,068,000 | $ | 94,000 | $ | -76,000 | $ | 23,000 | $ | 3,109,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | 5,448,000 | 559,000 | -3,000 | 75,000 | 6,079,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial construction | 120,000 | 54,000 | - | - | 174,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential real estate | 452,000 | -121,000 | - | - | 331,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer | 259,000 | -33,000 | - | 1,000 | 227,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other loans | - | 1,000 | -1,000 | - | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unallocated | 478,000 | -304,000 | - | - | 174,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 9,825,000 | $ | 250,000 | $ | -80,000 | $ | 99,000 | $ | 10,094,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For the nine months ended September 30, 2014 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, | Provision | Recoveries | Balance, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
beginning | charged | Loans | of loans | end | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
of period | to operations | charged off | charged off | of period | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | $ | 3,373,000 | $ | -156,000 | $ | -259,000 | $ | 151,000 | $ | 3,109,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | 5,665,000 | 363,000 | -89,000 | 140,000 | 6,079,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial construction | 117,000 | 57,000 | - | - | 174,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential real estate | 460,000 | -121,000 | -8,000 | - | 331,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer | 288,000 | -56,000 | -6,000 | 1,000 | 227,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other loans | 3,000 | -2,000 | -1,000 | - | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unallocated | 9,000 | 165,000 | - | - | 174,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 9,915,000 | $ | 250,000 | $ | -363,000 | $ | 292,000 | $ | 10,094,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For the three months ended September 30, 2013 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, | Provision | Recoveries | Balance, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
beginning | charged | Loans | of loans | end | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
of period | to operations | charged off | charged off | of period | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | $ | 3,985,000 | $ | 508,000 | $ | -274,000 | $ | 44,000 | $ | 4,263,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | 5,598,000 | 518,000 | -672,000 | 118,000 | 5,562,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial construction | 304,000 | -191,000 | - | - | 113,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential real estate | 434,000 | 23,000 | -57,000 | - | 400,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer | 410,000 | 23,000 | -142,000 | - | 291,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other loans | 1,000 | 1,000 | - | - | 2,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unallocated | 55,000 | 18,000 | - | - | 73,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 10,787,000 | $ | 900,000 | $ | (1,145,000 | ) | $ | 162,000 | $ | 10,704,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For the nine months ended September 30, 2013 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, | Provision | Recoveries | Balance, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
beginning | charged | Loans | of loans | end | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
of period | to operations | charged off | charged off | of period | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | $ | 4,832,000 | $ | 231,000 | $ | -922,000 | $ | 122,000 | $ | 4,263,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | 4,936,000 | 2,939,000 | -2,431,000 | 118,000 | 5,562,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial construction | 169,000 | -58,000 | -24,000 | 26,000 | 113,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential real estate | 308,000 | 149,000 | -57,000 | - | 400,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer | 352,000 | 64,000 | -145,000 | 20,000 | 291,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other loans | 3,000 | -3,000 | - | 2,000 | 2,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unallocated | 41,000 | 28,000 | - | 4,000 | 73,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 10,641,000 | $ | 3,350,000 | $ | (3,579,000 | ) | $ | 292,000 | $ | 10,704,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The following table presents the balance in the allowance for loan losses and the recorded investment in loans by portfolio segment and based on the impairment method as of September 30, 2014 and December 31, 2013. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
30-Sep-14 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | Commercial | Residential | Other | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | Real Estate | Construction | Real Estate | Consumer | SBA | Loans | Unallocated | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for loan | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
losses: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending allowance | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
balance attributable | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
to loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Individually | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
evaluated for | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
impairment | $ | 170,000 | $ | 989,000 | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | 1,159,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Collectively | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
evaluated for | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
impairment | 2,939,000 | 5,090,000 | 174,000 | 331,000 | 227,000 | - | - | 174,000 | 8,935,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total ending | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
allowance | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
balance | $ | 3,109,000 | $ | 6,079,000 | $ | 174,000 | $ | 331,000 | $ | 227,000 | $ | - | $ | - | $ | 174,000 | $ | 10,094,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
individually | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
evaluated for | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
impairment | $ | 6,642,000 | $ | 10,487,000 | $ | 338,000 | $ | 316,000 | $ | 371,000 | $ | - | $ | - | $ | - | $ | 18,154,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
collectively | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
evaluated for | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
impairment | 67,533,000 | 253,271,000 | 3,658,000 | 71,487,000 | 26,996,000 | 1,819,000 | 88,000 | - | 424,852,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total ending | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
loan balance | $ | 74,175,000 | $ | 263,758,000 | $ | 3,996,000 | $ | 71,803,000 | $ | 27,367,000 | $ | 1,819,000 | $ | 88,000 | $ | - | $ | 443,006,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | Commercial | Residential | Other | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | Real Estate | Construction | Real Estate | Consumer | Loans | Unallocated | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for loan | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
losses: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending allowance | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
balance attributable | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
to loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Individually | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
evaluated for | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
impairment | $ | 300,000 | $ | 72,000 | $ | - | $ | - | $ | - | $ | - | $ | - | $ | 372,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Collectively | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
evaluated for | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
impairment | 3,073,000 | 5,593,000 | 117,000 | 460,000 | 288,000 | 3,000 | 9,000 | 9,543,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total ending | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
allowance | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
balance | $ | 3,373,000 | $ | 5,665,000 | $ | 117,000 | $ | 460,000 | $ | 288,000 | $ | 3,000 | $ | 9,000 | $ | 9,915,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
individually | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
evaluated for | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
impairment | $ | 7,261,000 | $ | 12,821,000 | $ | 1,196,000 | $ | 755,000 | $ | 617,000 | $ | - | $ | - | $ | 22,650,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
collectively | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
evaluated for | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
impairment | 66,629,000 | 240,214,000 | 2,249,000 | 76,785,000 | 25,375,000 | 107,000 | - | 411,359,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total ending | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
loan balance | $ | 73,890,000 | $ | 253,035,000 | $ | 3,445,000 | $ | 77,540,000 | $ | 25,992,000 | $ | 107,000 | $ | - | $ | 434,009,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The following table presents the recorded investment in nonaccrual loans at the dates indicated: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, | December 31, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Secured by real estate | $ | 1,925,000 | $ | 2,182,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | - | 73,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | 1,822,000 | 6,592,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential real estate | 316,000 | 755,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Secured by real estate | 371,000 | 617,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total nonaccrual loans | $ | 4,434,000 | $ | 10,219,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
At December 31, 2013, there was one relationship, which included four nonaccrual commercial real estate loans totaling $2.8 million, which was classified as held for sale and included in the table above. The $2.8 million was sold and there were no nonaccrual loans classified as held for sale at September 30, 2014. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
At September 30, 2014 and December 31, 2013, there were no loans that were past due 90 days and still accruing. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The following table presents loans individually evaluated for impairment by class of loan at and for the periods indicated: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
At and for the nine months ended September 30, 2014 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unpaid | Allowance for | Average | Interest | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Principal | Recorded | Loan Losses | Recorded | Income | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance | Investment | Allocated | Investment | Recognized | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Secured by real estate | $ | 6,650,000 | $ | 5,478,000 | $ | 5,595,000 | $ | 175,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | 70,000 | 62,000 | 67,000 | 2,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | 5,692,000 | 3,618,000 | 7,624,000 | 126,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial construction | 752,000 | 338,000 | 574,000 | 63,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential real estate | 366,000 | 316,000 | 633,000 | - | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Secured by real estate | 381,000 | 371,000 | 552,000 | - | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Secured by real estate | 386,000 | 386,000 | $ | 162,000 | 437,000 | 11,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | 720,000 | 716,000 | 8,000 | 761,000 | 34,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | 6,880,000 | 6,869,000 | 989,000 | 3,494,000 | 173,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial construction | - | - | - | 525,000 | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ | 21,897,000 | $ | 18,154,000 | $ | 1,159,000 | $ | 20,262,000 | $ | 584,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
During the nine months ended September 30, 2014, no interest income was recognized on a cash basis. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
At and for the year ended December 31, 2013 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unpaid | Allowance for | Average | Interest | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Principal | Recorded | Loan Losses | Recorded | Income | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance | Investment | Allocated | Investment | Recognized | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Secured by real estate | $ | 7,204,000 | $ | 5,756,000 | $ | 6,286,000 | $ | 239,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | 80,000 | 73,000 | 98,000 | 1,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | 12,920,000 | 10,474,000 | 9,952,000 | 118,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial construction | 567,000 | 528,000 | 2,753,000 | 52,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential real estate | 826,000 | 755,000 | 529,000 | - | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Secured by real estate | 630,000 | 617,000 | 730,000 | - | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Secured by real estate | 686,000 | 559,000 | $ | 269,000 | 900,000 | 28,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | 877,000 | 873,000 | 31,000 | 1,067,000 | 52,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | 2,356,000 | 2,347,000 | 72,000 | 3,174,000 | 47,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial construction | 1,043,000 | 668,000 | - | 430,000 | 43,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential real estate | - | - | - | 36,000 | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Secured by real estate | - | - | - | 68,000 | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ | 27,189,000 | $ | 22,650,000 | $ | 372,000 | $ | 26,023,000 | $ | 580,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
During the year ended December 31, 2013, no interest income was recognized on a cash basis. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The following table presents the aging of the recorded investment in past due loans by class of loans as of September 30, 2014 and December 31, 2013. Nonaccrual loans are included in the disclosure by payment status. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
30-Sep-14 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Greater than | Loans | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
30-59 Days | 60-89 Days | 90 Days | Total | Not | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Past Due | Past Due | Past Due | Past Due | Past Due | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Secured by real estate | $ | 74,000 | $ | - | $ | 1,399,000 | $ | 1,473,000 | $ | 48,666,000 | $ | 50,139,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | - | - | - | - | 24,036,000 | 24,036,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | - | 1,389,000 | 1,154,000 | 2,543,000 | 261,215,000 | 263,758,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial construction | - | - | - | - | 3,996,000 | 3,996,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential real estate | - | - | - | - | 71,803,000 | 71,803,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Secured by real estate | 10,000 | - | 249,000 | 259,000 | 26,630,000 | 26,889,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | - | - | - | - | 478,000 | 478,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SBA | - | - | 1,819,000 | 1,819,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | - | - | - | - | 88,000 | 88,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 84,000 | $ | 1,389,000 | $ | 2,802,000 | $ | 4,275,000 | $ | 438,731,000 | $ | 443,006,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Greater than | Loans | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
30-59 Days | 60-89 Days | 90 Days | Total | Not | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Past Due | Past Due | Past Due | Past Due | Past Due | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Secured by real estate | $ | 866,000 | $ | — | $ | 499,000 | $ | 1,365,000 | $ | 44,797,000 | $ | 46,162,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | — | — | — | — | 27,728,000 | 27,728,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | 1,043,000 | — | 5,100,000 | 6,143,000 | 246,892,000 | 253,035,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial construction | — | — | — | — | 3,445,000 | 3,445,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential real estate | — | — | 523,000 | 523,000 | 77,017,000 | 77,540,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Secured by real estate | — | — | 479,000 | 479,000 | 24,979,000 | 25,458,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | — | 3,000 | — | 3,000 | 531,000 | 534,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | — | — | — | — | 107,000 | 107,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 1,909,000 | $ | 3,000 | $ | 6,601,000 | $ | 8,513,000 | $ | 425,496,000 | $ | 434,009,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Troubled Debt Restructurings | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
At September 30, 2014 and December 31, 2013, the Corporation had $14.6 million and $16.6 million, respectively, of loans whose terms have been modified in troubled debt restructurings. Of these loans, $13.7 million and $15.2 million were performing in accordance with their new terms at September 30, 2014 and December 31, 2013, respectively. The remaining troubled debt restructurings are reported as nonaccrual loans. Specific reserves of $1.1 million and $281,000 have been allocated for the troubled debt restructurings at September 30, 2014 and December 31, 2013, respectively. As of December 31, 2013, the Corporation had committed $257,000 of additional funds to a single customer with an outstanding construction loan that is classified as a troubled debt restructuring. There were no committed amounts at September 30, 2014. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
In order to determine whether a borrower is experiencing financial difficulty, an evaluation is performed of the probability that the borrower will be in payment default on any of its debt in the foreseeable future without the modification. This evaluation is performed under the Corporation's internal underwriting policy. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The following table presents loans by class that were modified as troubled debt restructurings that occurred during the three and nine months ended September 30, 2014 and 2013: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For the three months ended September 30, | For the nine months ended September 30, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2014 | 2014 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pre- | Post- | Pre- | Post- | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number | Modification | Modification | Number | Modification | Modification | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
of | Recorded | Recorded | of | Recorded | Recorded | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans | Investment | Investment | Loans | Investment | Investment | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Secured by real estate | 2 | $ | 254,000 | $ | 254,000 | 2 | $ | 254,000 | $ | 254,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | 1 | 114,000 | 114,000 | 1 | 114,000 | 114,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | 3 | $ | 368,000 | $ | 368,000 | 3 | $ | 368,000 | $ | 368,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For the three months ended September 30, | For the nine months ended September 30, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2013 | 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pre- | Post- | Pre- | Post- | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number | Modification | Modification | Number | Modification | Modification | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
of | Recorded | Recorded | of | Recorded | Recorded | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans | Investment | Investment | Loans | Investment | Investment | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | - | $ | - | $ | - | 1 | $ | 17,000 | $ | 17,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | 1 | 1,994,000 | 1,994,000 | 1 | 1,994,000 | 1,994,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | 1 | $ | 1,994,000 | $ | 1,994,000 | 2 | $ | 2,011,000 | $ | 2,011,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
During the three and nine months ended September 30, 2014, three loans were modified as troubled debt restructurings. The modification of the terms of the two commercial – secured by real estate loans represented a term out of the remaining balances on these matured loans as well as an interest rate reduction. The modification of the terms of the $114,000 commercial real estate loan involved an extension of the loan with an additional borrower added. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
One loan was modified as a trouble debt restructuring during the three months ended September 30, 2013. During the nine months ended September 30, 2013, the terms of two loans were modified as troubled debt restructurings. The modification of the terms of a $17,000 loan represented a term out of a remaining balance on a matured loan. The modification of the terms of a $2.0 million loan represented a period of principal forbearance as well as some principal forgiveness, which is partially contingent on three years of satisfactory performance under the forbearance agreement. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For the three and nine months ended September 30, 2014, the troubled debt restructuring described above resulted in a net increase in the allowance for loan losses of $89,000. There were no charge-offs during the three and nine months ended September 30, 2014 related to these troubled debt restructurings. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For the nine months ended September 30, 2013, the troubled debt restructurings described above resulted in a net reduction in the allowance for loan losses of $300,000. Charge-offs for the nine months ended September 30, 2013 related to troubled debt restructurings totaled $1,121,000. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
A loan is considered to be in payment default once it is contractually 90 days past due under the modified terms. There are no troubled debt restructurings for which there was a payment default within twelve months following the modification. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Credit Quality Indicators | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The Corporation categorizes certain loans into risk categories based on relevant information about the ability of the borrowers to service their debt, such as: current financial information, historical payment experience, credit documentation, public information, and current economic trends, among other factors. The Corporation analyzes loans individually by classifying the loans as to credit risk. This analysis includes non-homogeneous loans, such as commercial, commercial real estate and commercial construction loans. This analysis is performed at the time the loan is originated and annually thereafter. The Corporation uses the following definitions for risk ratings. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Special Mention – A Special Mention asset has potential weaknesses that deserve management's close attention, which, if left uncorrected, may result in deterioration of the repayment prospects for the asset or the Bank's credit position at some future date. Special Mention assets are not adversely classified and do not expose the Bank to sufficient risk to warrant adverse classification. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard – Substandard loans are inadequately protected by the current net worth and paying capacity of the borrower or by the collateral pledged, if any. Loans so classified must have a well-defined weakness or weaknesses that jeopardize the repayment and liquidation of the debt. These loans are characterized by the distinct possibility that the Bank will sustain some loss if the deficiencies are not corrected. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful – A Doubtful loan has all of the weaknesses inherent in those classified as Substandard with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently known facts, conditions, and values, highly questionable or improbable. The likelihood of loss is extremely high, but because of certain important and reasonably specific factors, an estimated loss is deferred until a more exact status can be determined. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loss – A loan classified Loss is considered uncollectible and of such little value that its continuance as an asset is not warranted. This classification does not necessarily mean that an asset has absolutely no recovery or salvage value, but rather it is not practical or desirable to defer writing off a basically worthless asset even though partial recovery may be effected in the future. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans not meeting the criteria above that are analyzed individually as part of the above described process are considered to be pass rated loans. As of September 30, 2014 and December 31, 2013, and based on the most recent analysis performed at those times, the risk category of loans by class is as follows: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
30-Sep-14 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Special | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | Mention | Substandard | Doubtful | Loss | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Secured by real estate | $ | 43,889,000 | $ | 3,559,000 | $ | 2,691,000 | $ | - | $ | - | $ | 50,139,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | 22,517,000 | 698,000 | 821,000 | - | - | 24,036,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | 250,187,000 | 6,237,000 | 7,334,000 | - | - | 263,758,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial construction | 2,502,000 | 1,494,000 | - | - | - | 3,996,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 319,095,000 | $ | 11,988,000 | $ | 10,846,000 | $ | - | $ | - | $ | 341,929,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Special | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | Mention | Substandard | Doubtful | Loss | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Secured by real estate | $ | 39,114,000 | $ | 3,387,000 | $ | 3,661,000 | $ | — | $ | — | $ | 46,162,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | 25,604,000 | 1,325,000 | 799,000 | — | — | 27,728,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | 241,488,000 | 7,326,000 | 4,221,000 | — | — | 253,035,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial construction | 2,164,000 | 1,281,000 | — | — | — | 3,445,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 308,370,000 | $ | 13,319,000 | $ | 8,681,000 | $ | — | $ | — | $ | 330,370,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The Corporation considers the performance of the loan portfolio and its impact on the allowance for loan losses. For residential real estate and consumer loan segments, the Corporation also evaluates credit quality based on payment activity. The following table presents the recorded investment in residential real estate and consumer loans based on payment activity as of September 30, 2014 and December 31, 2013. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
30-Sep-14 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Greater than 90 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Days Past Due | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current | and Nonaccrual | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential real estate | $ | 71,803,000 | $ | - | $ | 71,803,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Secured by real estate | 26,640,000 | 249,000 | 26,889,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | 478,000 | 478,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 98,921,000 | $ | 249,000 | $ | 99,170,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Greater than 90 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Days Past Due | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current | and Nonaccrual | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential real estate | $ | 77,017,000 | $ | 523,000 | $ | 77,540,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Secured by real estate | 24,979,000 | 479,000 | 25,458,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | 534,000 | — | 534,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 102,530,000 | $ | 1,002,000 | $ | 103,532,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||
Fair Value of Financial Instruments | ' | ||||||||||||||||||||
Fair Value of Financial Instruments | ' | ||||||||||||||||||||
Note 4. Fair Value of Financial Instruments | |||||||||||||||||||||
Fair value is the exchange price that would be received for an asset or paid to transfer a liability (exit price) in an orderly transaction between market participants on the measurement date. There are three levels of inputs that may be used to measure fair value: | |||||||||||||||||||||
Level 1: Quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date. | |||||||||||||||||||||
Level 2: Significant other observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. | |||||||||||||||||||||
Level 3: Significant unobservable inputs that reflect a reporting entity's own assumptions about the assumptions that market participants would use in pricing an asset or liability. | |||||||||||||||||||||
The fair values of investment securities are determined by quoted market prices, if available (Level 1). For securities where quoted prices are not available, fair values of investment securities are determined by matrix pricing, which is a mathematical technique widely used in the industry to value debt securities without relying exclusively on quoted prices for the specific securities but rather by relying on the securities' relationship to other benchmark quoted securities (Level 2 inputs). As the Corporation is responsible for the determination of fair value, it performs quarterly analyses on the prices received from the pricing service to determine whether the prices are reasonable estimates of fair value. Specifically, the Corporation compares the prices received from the pricing service to a secondary pricing source. The Corporation's internal price verification procedures have not historically resulted in adjustment in the prices obtained from the pricing service. | |||||||||||||||||||||
The interest rate swaps are reported at fair values obtained from brokers who utilize internal models with observable market data inputs to estimate the values of these instruments (Level 2 inputs). | |||||||||||||||||||||
The Corporation measures impairment of collateralized loans and other real estate owned (“OREO”) based on the estimated fair value of the collateral less estimated costs to sell the collateral, incorporating assumptions that experienced parties might use in estimating the value of such collateral (Level 3 inputs). At the time a loan or OREO is considered impaired, it is valued at the lower of cost or fair value. Generally, impaired loans carried at fair value have been partially charged-off or receive specific allocations of the allowance for loan losses. OREO is initially recorded at fair value less estimated selling costs. For collateral dependent loans and OREO, fair value is commonly based on real estate appraisals. These appraisals may utilize a single valuation approach or a combination of approaches including comparable sales and the income approach. Adjustments are routinely made in the appraisal process by the independent appraisers to adjust for differences between the comparable sales and income data available. Such adjustments typically result in a Level 3 classification of the inputs for determining fair value. Non-real estate collateral may be valued using an appraisal, the net book value recorded for the collateral on the borrower's financial statements, or aging reports. Collateral is then adjusted or discounted based on management's historical knowledge, changes in market conditions from the time of the valuation, and management's expertise and knowledge of the borrower and borrower's business, resulting in a Level 3 fair value classification. Impaired loans are evaluated on a quarterly basis for additional impairment and adjusted accordingly. | |||||||||||||||||||||
Appraisals are generally obtained to support the fair value of collateral. Appraisals for both collateral-dependent impaired loans and OREO are performed by licensed appraisers whose qualifications and licenses have been reviewed and verified by the Corporation. The Corporation utilizes a third party to order appraisals and, once received, reviews the assumptions and approaches utilized in the appraisal as well as the resulting fair value in comparison with independent data sources such as recent market data or industry-wide statistics. | |||||||||||||||||||||
Real estate appraisals typically incorporate measures such as recent sales prices for comparable properties. In addition, appraisers may make adjustments to the sales price of the comparable properties as deemed appropriate based on the age, condition or general characteristics of the subject property. Management generally applies a 12% discount to real estate appraised values to cover disposition / selling costs and to reflect the potential price reductions in the market necessary to complete an expedient transaction and to factor in the impact of the perception that a transaction being completed by a bank may result in further price reduction pressure. | |||||||||||||||||||||
Assets and Liabilities Measured on a Recurring Basis | |||||||||||||||||||||
Assets and liabilities measured at fair value on a recurring basis are summarized below: | |||||||||||||||||||||
Fair Value Measurements Using: | |||||||||||||||||||||
Quoted Prices in | Significant | ||||||||||||||||||||
Active Markets | Other | Significant | |||||||||||||||||||
for Identical | Observable | Unobservable | |||||||||||||||||||
Carrying | Assets | Inputs | Inputs | ||||||||||||||||||
Value | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||||||
At September 30, 2014 | |||||||||||||||||||||
Assets: | |||||||||||||||||||||
Available for sale securities | |||||||||||||||||||||
U.S. government - | |||||||||||||||||||||
sponsored agencies | $ | 30,336,000 | $ | — | $ | 30,336,000 | $ | — | |||||||||||||
Obligations of state and | |||||||||||||||||||||
political subdivisions | 1,416,000 | — | 1,416,000 | — | |||||||||||||||||
Mortgage-backed | |||||||||||||||||||||
securities - residential | 90,053,000 | — | 90,053,000 | — | |||||||||||||||||
Asset-backed securities | 9,946,000 | — | 9,946,000 | — | |||||||||||||||||
Corporate debt | 2,967,000 | — | 2,967,000 | — | |||||||||||||||||
Other equity investments | 3,537,000 | 3,477,000 | 60,000 | — | |||||||||||||||||
Total available for | |||||||||||||||||||||
sale securities | $ | 138,255,000 | $ | 3,477,000 | $ | 134,778,000 | $ | — | |||||||||||||
Liabilities: | |||||||||||||||||||||
Interest rate swap | $ | 372,000 | $ | — | $ | 372,000 | $ | — | |||||||||||||
At December 31, 2013 | |||||||||||||||||||||
Assets: | |||||||||||||||||||||
Available for sale securities | |||||||||||||||||||||
U.S. government - | |||||||||||||||||||||
sponsored agencies | $ | 38,692,000 | $ | — | $ | 38,692,000 | $ | — | |||||||||||||
Obligations of state and | |||||||||||||||||||||
political subdivisions | 1,358,000 | — | 1,358,000 | — | |||||||||||||||||
Mortgage-backed | |||||||||||||||||||||
securities - residential | 112,235,000 | — | 112,235,000 | — | |||||||||||||||||
Asset-backed securities | 9,836,000 | — | 9,836,000 | — | |||||||||||||||||
Corporate debt | 2,885,000 | — | 2,885,000 | — | |||||||||||||||||
Other equity investments | 3,405,000 | 3,345,000 | 60,000 | — | |||||||||||||||||
Total available for | |||||||||||||||||||||
sale securities | $ | 168,411,000 | $ | 3,345,000 | $ | 165,066,000 | $ | — | |||||||||||||
Liabilities: | |||||||||||||||||||||
Interest rate swap | $ | 559,000 | $ | — | $ | 559,000 | $ | — | |||||||||||||
There were no transfers of assets between Level 1 and Level 2 during the nine months ended September 30, 2014 or during the year ended December 31, 2013. There were no changes to the valuation techniques for fair value measurements as of September 30, 2014 and December 31, 2013. | |||||||||||||||||||||
Assets and Liabilities Measured on a Non-Recurring Basis | |||||||||||||||||||||
Assets and liabilities measured at fair value on a non-recurring basis are summarized below: | |||||||||||||||||||||
Fair Value | |||||||||||||||||||||
Measurements Using: | |||||||||||||||||||||
Quoted Prices | Significant | ||||||||||||||||||||
in Active | Other | Significant | |||||||||||||||||||
Markets for | Observable | Unobservable | |||||||||||||||||||
Carrying | Identical Assets | Inputs | Inputs | ||||||||||||||||||
Value | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||||||
At September 30, 2014 | |||||||||||||||||||||
Assets: | |||||||||||||||||||||
Impaired loans | |||||||||||||||||||||
Commercial: | |||||||||||||||||||||
Secured by real estate | $ | 436,000 | $ | — | $ | — | $ | 436,000 | |||||||||||||
Commercial real estate | 319,000 | — | — | 319,000 | |||||||||||||||||
Consumer: | |||||||||||||||||||||
Secured by real estate | 49,000 | — | — | 49,000 | |||||||||||||||||
Other Real Estate Owned | 1,792,000 | — | — | 1,792,000 | |||||||||||||||||
$ | 2,596,000 | $ | — | $ | — | $ | 2,596,000 | ||||||||||||||
At December 31, 2013 | |||||||||||||||||||||
Assets: | |||||||||||||||||||||
Impaired loans | |||||||||||||||||||||
Commercial: | |||||||||||||||||||||
Secured by real estate | $ | 5,861,000 | $ | — | $ | — | $ | 5,861,000 | |||||||||||||
Commercial real estate | 8,483,000 | — | — | 8,483,000 | |||||||||||||||||
Commercial construction | 1,196,000 | — | — | 1,196,000 | |||||||||||||||||
Residential real estate | 755,000 | — | — | 755,000 | |||||||||||||||||
Consumer: | |||||||||||||||||||||
Secured by real estate | 617,000 | — | — | 617,000 | |||||||||||||||||
Other Real Estate Owned | 451,000 | — | — | 451,000 | |||||||||||||||||
$ | 17,363,000 | $ | — | $ | — | $ | 17,363,000 | ||||||||||||||
Collateral-dependent impaired loans measured for impairment using the fair value of the collateral had a recorded investment of $948,000, with a valuation allowance of $144,000, resulting in an increase of the allocation for loan losses of $241,000 for the nine months ended September 30, 2014. | |||||||||||||||||||||
Collateral-dependent impaired loans measured for impairment using the fair value of the collateral had a recorded investment of $17,180,000, with a valuation allowance of $268,000, resulting in an increase of the provision for loan losses of $3,975,000 for the year ended December 31, 2013. | |||||||||||||||||||||
OREOs had a recorded investment value of $1,909,000 with a $117,000 valuation allowance at September 30, 2014. At December 31, 2013, OREO had a recorded investment of $480,000 with a $29,000 valuation allowance. Additional valuation allowances of $117,000 were recorded during the nine months ended September 30, 2014. Additional valuation allowances of $10,000 were recorded during the nine months ended September 30, 2013. | |||||||||||||||||||||
For the Level 3 assets measured at fair value on a non-recurring basis at September 30, 2014 and December 31, 2013, the significant unobservable inputs used in the fair value measurements were as follows: | |||||||||||||||||||||
30-Sep-14 | |||||||||||||||||||||
Fair | |||||||||||||||||||||
Assets | Value | Valuation Technique | Unobservable Inputs | Range | |||||||||||||||||
Impaired loans | $ 714,000 | Comparable real estate sales | Adjustments for differences | 5% - 10% | |||||||||||||||||
and / or the income approach. | between comparable sales | ||||||||||||||||||||
and income data available. | |||||||||||||||||||||
Estimated selling costs. | 7% | ||||||||||||||||||||
Other real estate owned | $ 1,792,000 | Comparable real estate sales | Adjustments for differences | 0% - 12% | |||||||||||||||||
and / or the income approach. | between comparable sales | ||||||||||||||||||||
and income data available. | |||||||||||||||||||||
Estimated selling costs. | 7% | ||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||
Fair | |||||||||||||||||||||
Assets | Value | Valuation Technique | Unobservable Inputs | Range | |||||||||||||||||
Impaired loans | $ 16,912,000 | Comparable real estate sales | Adjustments for differences | 1% - 25% | |||||||||||||||||
and / or the income approach. | between comparable sales | ||||||||||||||||||||
and income data available. | |||||||||||||||||||||
Estimated selling costs. | 7% | ||||||||||||||||||||
Other real estate owned | $ 451,000 | Comparable real estate sales | Adjustments for differences | 5% - 8% | |||||||||||||||||
and / or the income approach. | between comparable sales | ||||||||||||||||||||
and income data available. | |||||||||||||||||||||
Estimated selling costs. | 7% | ||||||||||||||||||||
Fair value estimates for the Corporation's financial instruments are summarized below: | |||||||||||||||||||||
Fair Value Measurements Using: | |||||||||||||||||||||
Quoted Prices | Significant | ||||||||||||||||||||
in Active | Other | Significant | |||||||||||||||||||
Markets for | Observable | Unobservable | |||||||||||||||||||
Carrying | Identical Assets | Inputs | Inputs | ||||||||||||||||||
Value | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||||||
At September 30, 2014 | |||||||||||||||||||||
Financial assets: | |||||||||||||||||||||
Cash and cash equivalents | $ | 10,850,000 | $ | 10,850,000 | $ | — | $ | — | |||||||||||||
Securities available for sale | 138,255,000 | 3,477,000 | 134,778,000 | — | |||||||||||||||||
Securities held to maturity | 54,234,000 | — | 55,100,000 | — | |||||||||||||||||
Mortgage loans held for sale | 364,000 | — | — | 363,000 | |||||||||||||||||
Loans, net | 432,895,000 | — | — | 440,228,000 | |||||||||||||||||
Accrued interest receivable | 1,852,000 | — | 583,000 | 1,269,000 | |||||||||||||||||
Financial liabilities: | |||||||||||||||||||||
Deposits | 557,011,000 | 424,371,000 | 132,739,000 | — | |||||||||||||||||
FHLB-NY advances | 46,800,000 | — | 47,158,000 | — | |||||||||||||||||
Securities sold under | |||||||||||||||||||||
agreements to repurchase | 100,000 | — | 100,000 | — | |||||||||||||||||
Subordinated debentures | 7,217,000 | — | — | 7,190,000 | |||||||||||||||||
Accrued interest payable | 274,000 | 1,000 | 255,000 | 18,000 | |||||||||||||||||
Interest rate swap | 372,000 | — | 372,000 | — | |||||||||||||||||
Fair Value Measurements Using: | |||||||||||||||||||||
Quoted Prices | Significant | ||||||||||||||||||||
in Active | Other | Significant | |||||||||||||||||||
Markets for | Observable | Unobservable | |||||||||||||||||||
Carrying | Identical Assets | Inputs | Inputs | ||||||||||||||||||
Value | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||||||
At December 31, 2013 | |||||||||||||||||||||
Financial assets: | |||||||||||||||||||||
Cash and cash equivalents | $ | 17,405,000 | $ | 17,405,000 | $ | — | $ | — | |||||||||||||
Securities available for sale | 168,411,000 | 3,345,000 | 165,066,000 | — | |||||||||||||||||
Securities held to maturity | 25,964,000 | — | 27,221,000 | — | |||||||||||||||||
Loans held for sale | 2,800,000 | — | — | 2,800,000 | |||||||||||||||||
Loans, net | 424,262,000 | — | — | 434,126,000 | |||||||||||||||||
Accrued interest receivable | 2,066,000 | — | 735,000 | 1,331,000 | |||||||||||||||||
Financial liabilities: | |||||||||||||||||||||
Deposits | 577,591,000 | 441,790,000 | 136,268,000 | — | |||||||||||||||||
FHLB-NY advances | 25,000,000 | — | 25,404,000 | — | |||||||||||||||||
Securities sold under | |||||||||||||||||||||
agreements to repurchase | 7,300,000 | — | 7,525,000 | — | |||||||||||||||||
Subordinated debentures | 7,217,000 | — | — | 7,213,000 | |||||||||||||||||
Accrued interest payable | 401,000 | 1,000 | 380,000 | 20,000 | |||||||||||||||||
Interest rate swap | 559,000 | — | 559,000 | — | |||||||||||||||||
The following methods and assumptions were used to estimate the fair value of each class of financial instrument: | |||||||||||||||||||||
Cash and cash equivalents – The carrying amount approximates fair value and is classified as Level 1. | |||||||||||||||||||||
Securities available-for-sale and held to maturity – The methods for determining fair values were described previously. | |||||||||||||||||||||
Mortgage loans held for sale – Loans in this category have been committed for sale to third party investors at the current carrying amount resulting in a Level 2 classification. | |||||||||||||||||||||
Loans held for sale – Loans in this category include loans that have been committed for sale to third party investors at the current carrying amount resulting in a Level 2 classification. In addition, the amount at December 31, 2013 represents the estimated fair value of a group of nonperforming loans to a single borrower that are being marketed for sale. The estimated fair value is based on the fair value of the note resulting in a Level 3 classification. | |||||||||||||||||||||
Loans, net – Fair values are estimated for portfolios of loans with similar financial characteristics. Loans are segregated by type such as residential and commercial mortgages, commercial and other installment loans. The fair value of loans is estimated by discounting cash flows using estimated market discount rates which reflect the credit and interest rate risk inherent in the loans resulting in a Level 3 classification. Fair values estimated in this manner do not fully incorporate an exit-price approach to fair value, but instead are based on a comparison to current market rates for comparable loans. | |||||||||||||||||||||
Accrued interest receivable – The carrying amount approximates fair value. | |||||||||||||||||||||
Deposits – The fair value of deposits, with no stated maturity, such as noninterest-bearing demand deposits, savings, NOW and money market accounts, is equal to the amount payable on demand resulting in a Level 1 classification. The fair value of certificates of deposit is based on the discounted value of cash flows resulting in a Level 2 classification. The discount rate is estimated using market discount rates which reflect interest rate risk inherent in the certificates of deposit. Fair values estimated in this manner do not fully incorporate an exit-price approach to fair value, but instead are based on a comparison to current market rates for comparable deposits. | |||||||||||||||||||||
FHLB-NY advances – With respect to FHLB-NY borrowings, the fair value is based on the discounted value of cash flows. The discount rate is estimated using market discount rates which reflect the interest rate risk and credit risk inherent in the term borrowings resulting in a Level 2 classification. | |||||||||||||||||||||
Securities sold under agreements to repurchase – The carrying value approximates fair value due to the relatively short time before maturity resulting in a Level 2 classification. | |||||||||||||||||||||
Subordinated debentures – The fair value of the debentures is based on the discounted value of the cash flows. The discount rate is estimated using market rates which reflect the interest rate and credit risk inherent in the debentures resulting in a Level 3 classification. | |||||||||||||||||||||
Accrued interest payable – The carrying amount approximates fair value. | |||||||||||||||||||||
Interest rate swap – The fair value of derivatives, which is included in Accrued Expenses and Other Liabilities on the Consolidated Statements of Financial Condition, are based on valuation models using observable market data as of the measurement date (Level 2). | |||||||||||||||||||||
Commitments to extend credit – The fair value of commitments is estimated using the fees currently charged to enter into similar agreements, taking into account the remaining terms of the agreements and the present credit worthiness of the counter parties. At September 30, 2014 and December 31, 2013 the fair value of such commitments were not material. | |||||||||||||||||||||
Limitations | |||||||||||||||||||||
The preceding fair value estimates were made at September 30, 2014 and December 31, 2013 based on pertinent market data and relevant information concerning the financial instruments. These estimates do not include any premiums or discounts that could result from an offer to sell at one time the Corporation's entire holdings of a particular financial instrument or category thereof. Since no market exists for a substantial portion of the Corporation's financial instruments, fair value estimates were necessarily based on judgments with respect to future expected loss experience, current economic conditions, risk assessments of various financial instruments, and other factors. Given the subjective nature of these estimates, the uncertainties surrounding them and the matters of significant judgment that must be applied, these fair value estimates cannot be calculated with precision. Modifications in such assumptions could meaningfully alter these estimates. | |||||||||||||||||||||
Since these fair value approximations were made solely for on- and off-balance sheet financial instruments at September 30, 2014 and December 31, 2013, no attempt was made to estimate the value of anticipated future business. Furthermore, certain tax implications related to the realization of unrealized gains and losses could have a substantial impact on these fair value estimates and have not been incorporated into the estimates. |
Earnings_Per_Share
Earnings Per Share | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Earnings Per Share | ' | ||||||||||||||||
Earnings Per Share | ' | ||||||||||||||||
Note 5. Earnings Per Share | |||||||||||||||||
Basic earnings per share is calculated by dividing net income available to common shareholders by the weighted average number of common shares outstanding during the period. Common stock equivalents are not included in the calculation. Diluted earnings per share is computed similar to that of basic earnings per share except that the denominator is increased to include the number of additional common shares that would have been outstanding if all potential dilutive common shares were issued. | |||||||||||||||||
The following reconciles the income available to common shareholders (numerator) and the weighted average common stock outstanding (denominator) for both basic and diluted earnings per share. | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Net income | $ | 552,000 | $ | 522,000 | $ | 1,784,000 | $ | 1,805,000 | |||||||||
Dividends on preferred stock | 170,000 | 170,000 | 512,000 | 463,000 | |||||||||||||
Net income available to common stockholders | $ | 382,000 | $ | 352,000 | $ | 1,272,000 | $ | 1,342,000 | |||||||||
Weighted average common shares outstanding - basic | 6,026,848 | 5,939,958 | 5,994,800 | 5,935,195 | |||||||||||||
Effect of dilutive securities - stock options | N/A | N/A | N/A | N/A | |||||||||||||
Weighted average common shares outstanding - diluted | 6,026,848 | 5,939,958 | 5,994,800 | 5,935,195 | |||||||||||||
Basic earnings per common share | $ | 0.06 | $ | 0.06 | $ | 0.21 | $ | 0.23 | |||||||||
Diluted earnings per common share | $ | 0.06 | $ | 0.06 | $ | 0.21 | $ | 0.23 | |||||||||
There were no stock options to purchase shares of common stock for the three and nine months ended September 30, 2014. For the three and nine months ended September 30, 2013, stock options to purchase 1,101 and 4,849 shares of common stock, respectively, were not considered in computing diluted earnings per share of common stock because they were antidilutive. |
Preferred_Stock
Preferred Stock | 9 Months Ended |
Sep. 30, 2014 | |
Preferred Stock | ' |
Preferred Stock | ' |
Note 6. Preferred Stock | |
In connection with the Corporation's participation in the U.S. Department of the Treasury's Small Business Lending Fund program (“SBLF”), a $30 billion fund established under the Small Business Jobs Act of 2010 that encourages lending to small businesses by providing capital to qualified community banks with assets of less than $10 billion, on September 1, 2011, pursuant to a Securities Purchase Agreement between the Corporation and the Secretary of the Treasury, the Corporation issued 15,000 shares of Senior Non-Cumulative Perpetual Preferred Stock, Series B (the “Series B Preferred Shares”) to the Treasury for an aggregate purchase price of $15 million, in cash. | |
The terms of the Series B Preferred Shares provide for a liquidation preference of $1,000 per share and impose restrictions on the Corporation's ability to declare or pay dividends or purchase, redeem or otherwise acquire for consideration, shares of the Corporation's Common Stock and any class or series of stock of the Corporation the terms of which do not expressly provide that such class or series will rank senior or junior to the Series B Preferred Shares as to dividend rights and/or rights on liquidation, dissolution or winding up of the Corporation. Specifically, the terms provide for the payment of a non-cumulative quarterly dividend, payable in arrears, which the Corporation accrues as earned over the period that the Series B Preferred Shares are outstanding. The dividend rate could fluctuate on a quarterly basis during the first ten quarters during which the Series B Preferred Shares are outstanding, based upon changes in the level of Qualified Small Business Lending (“QSBL” as defined in the Securities Purchase Agreement) from 1% to 5% per annum and, thereafter, for the eleventh through the first half of the nineteenth dividend periods, from 1% to 7%. In general, the dividend rate decreases as the level of the Bank's QSBL increases. In the event that the Series B Preferred Shares remain outstanding for more than four and one half years, the dividend rate will be fixed at 9%. During 2013, the dividend quarterly rate ranged between 3.38% and 4.56%, and fixed at 4.56% beginning with the quarter ended December 31, 2013. Such dividends are not cumulative but the Corporation may only declare and pay dividends on its Common Stock (or any other equity securities junior to the Series B Preferred Shares) if it has declared and paid dividends on the Series B Preferred Shares for the current dividend period and if, after payment of such dividend, the dollar amount of the Corporation's Tier 1 capital would be at least 90% of the Tier 1 capital on the date of entering into the SBLF program, excluding any subsequent net charge-offs and any redemption of the Series B Preferred Shares (the “Tier 1 Dividend Threshold”). The Tier 1 Dividend Threshold is subject to reduction, beginning on the second anniversary of the issuance and ending on the tenth anniversary, by 10% for each 1% increase in QSBL over the baseline level. | |
The Series B Preferred Shares are non-voting except in limited circumstances. In the event that the Corporation has not timely declared and paid dividends on the Series B Preferred Shares for six dividend periods or more, whether or not consecutive, and Series B Preferred Shares with an aggregate liquidation preference of at least $25,000,000 are still outstanding, the Treasury may designate two additional directors to be elected to the Corporation's Board of Directors. Subject to the approval of the Bank's federal banking regulator, the Federal Reserve, the Corporation may redeem the Series B Preferred Shares at any time at the Corporation's option, at a redemption price equal to the liquidation preference per share plus the per share amount of any unpaid dividends for the then-current period through the date of the redemption. The Series B Preferred Shares are includable in Tier I capital for regulatory capital. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income (Loss) | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | ' | ||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | ' | ||||||||||||||||||||||||
Note 7. Accumulated Other Comprehensive Income (Loss) | |||||||||||||||||||||||||
The components of comprehensive income (loss), both gross and net of tax, are presented for the periods below: | |||||||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||||||
30-Sep-14 | 30-Sep-13 | ||||||||||||||||||||||||
Tax | Tax | ||||||||||||||||||||||||
Gross | Effect | Net | Gross | Effect | Net | ||||||||||||||||||||
Net income | $ | 803,000 | $ | (251,000 | ) | $ | 552,000 | $ | 793,000 | $ | (271,000 | ) | $ | 522,000 | |||||||||||
Other comprehensive (loss) income: | |||||||||||||||||||||||||
Change in unrealized holding | |||||||||||||||||||||||||
gains (losses) on securities | |||||||||||||||||||||||||
available for sale | -303,000 | 116,000 | -187,000 | (578,000 | ) | 224,000 | (354,000 | ) | |||||||||||||||||
Accretion of loss on securities | |||||||||||||||||||||||||
reclassified to held to maturity | 58,000 | (22,000 | ) | 36,000 | - | - | - | ||||||||||||||||||
Change in fair value of | |||||||||||||||||||||||||
interest rate swap | 73,000 | (29,000 | ) | 44,000 | 33,000 | (13,000 | ) | 20,000 | |||||||||||||||||
Total other comprehensive | |||||||||||||||||||||||||
income (loss) | -172,000 | 65,000 | -107,000 | (545,000 | ) | 211,000 | (334,000 | ) | |||||||||||||||||
Total comprehensive income (loss) | $ | 631,000 | $ | (186,000 | ) | $ | 445,000 | $ | 248,000 | $ | -60,000 | $ | 188,000 | ||||||||||||
Nine Months Ended | |||||||||||||||||||||||||
30-Sep-14 | 30-Sep-13 | ||||||||||||||||||||||||
Tax | Tax | ||||||||||||||||||||||||
Gross | Effect | Net | Gross | Effect | Net | ||||||||||||||||||||
Net income | $ | 2,491,000 | $ | (707,000 | ) | $ | 1,784,000 | $ | 2,293,000 | $ | (488,000 | ) | $ | 1,805,000 | |||||||||||
Other comprehensive (loss) income: | |||||||||||||||||||||||||
Change in unrealized holding | |||||||||||||||||||||||||
gains (losses) on securities | |||||||||||||||||||||||||
available for sale | 4,040,000 | (1,567,000 | ) | 2,473,000 | (5,591,000 | ) | 2,169,000 | (3,422,000 | ) | ||||||||||||||||
Reclassification adjustment | |||||||||||||||||||||||||
for gains in net income | - | - | - | (2,000 | ) | 1,000 | (1,000 | ) | |||||||||||||||||
Loss on securities reclassifed | |||||||||||||||||||||||||
from available for sale to | |||||||||||||||||||||||||
held to maturity | (742,000 | ) | 285,000 | (457,000 | ) | - | - | - | |||||||||||||||||
Accretion of loss on securities | |||||||||||||||||||||||||
reclassified to held to maturity | 76,000 | (29,000 | ) | 47,000 | - | - | - | ||||||||||||||||||
Change in fair value of | |||||||||||||||||||||||||
interest rate swap | 187,000 | (75,000 | ) | 112,000 | 197,000 | (79,000 | ) | 118,000 | |||||||||||||||||
Total other comprehensive | |||||||||||||||||||||||||
income (loss) | 3,561,000 | (1,386,000 | ) | 2,175,000 | (5,396,000 | ) | 2,091,000 | (3,305,000 | ) | ||||||||||||||||
Total comprehensive income (loss) | $ | 6,052,000 | $ | (2,093,000 | ) | $ | 3,959,000 | $ | (3,103,000 | ) | $ | 1,603,000 | $ | (1,500,000 | ) | ||||||||||
The following table presents the after-tax changes in the balances of each component of accumulated other comprehensive income for the nine months ended September 30, 2014 and 2013. | |||||||||||||||||||||||||
Nine Months Ended September 30, 2014 | |||||||||||||||||||||||||
Components of Accumulated | |||||||||||||||||||||||||
Other Comprehensive Income (Loss) | Total | ||||||||||||||||||||||||
Unrealized Gains | Loss on securities | Accumulated | |||||||||||||||||||||||
and Losses on | reclassifed from | Unrealized Gains | Other | ||||||||||||||||||||||
Available-For-Sale | Available-For-Sale | and Losses on | Comprehensive | ||||||||||||||||||||||
(AFS) Securities | to held to maturity | Derivatives | Income (Loss) | ||||||||||||||||||||||
Balance at December 31, 2013 | $ | (3,455,000 | ) | $ | - | $ | (335,000 | ) | $ | (3,790,000 | ) | ||||||||||||||
Other comprehensive income (loss) | |||||||||||||||||||||||||
before reclassifications | 2,473,000 | (410,000 | ) | 112,000 | 2,175,000 | ||||||||||||||||||||
Other comprehensive | |||||||||||||||||||||||||
income (loss), net | 2,473,000 | (410,000 | ) | 112,000 | 2,175,000 | ||||||||||||||||||||
Balance at September 30, 2014 | $ | (982,000 | ) | $ | (410,000 | ) | $ | (223,000 | ) | $ | (1,615,000 | ) | |||||||||||||
Nine Months Ended September 30, 2013 | |||||||||||||||||||||||||
Components of Accumulated | |||||||||||||||||||||||||
Other Comprehensive Income (Loss) | Total | ||||||||||||||||||||||||
Unrealized Gains | Loss on securities | Accumulated | |||||||||||||||||||||||
and Losses on | reclassifed from | Unrealized Gains | Other | ||||||||||||||||||||||
Available-For-Sale | Available-For-Sale | and Losses on | Comprehensive | ||||||||||||||||||||||
(AFS) Securities | to held to maturity | Derivatives | Income (Loss) | ||||||||||||||||||||||
Balance at December 31, 2012 | $ | 947,000 | $ | - | $ | (487,000 | ) | $ | 460,000 | ||||||||||||||||
Other comprehensive income (loss) | |||||||||||||||||||||||||
before reclassifications | (3,422,000 | ) | - | 118,000 | (3,304,000 | ) | |||||||||||||||||||
Amounts reclassified from other | |||||||||||||||||||||||||
comprehensive income (loss) | (1,000 | ) | - | - | (1,000 | ) | |||||||||||||||||||
Other comprehensive | |||||||||||||||||||||||||
income (loss), net | (3,423,000 | ) | - | 118,000 | (3,305,000 | ) | |||||||||||||||||||
Balance at September 30, 2013 | $ | (2,476,000 | ) | $ | - | $ | (369,000 | ) | $ | (2,845,000 | ) | ||||||||||||||
The following table presents amounts reclassified from each component of accumulated other comprehensive income on a gross and net of tax basis for the nine months ended September 30, 2014 and 2013. | |||||||||||||||||||||||||
Nine Months Ended | Income | ||||||||||||||||||||||||
Components of Accumulated Other | September 30, | Statement | |||||||||||||||||||||||
Comprehensive Income (Loss) | 2014 | 2013 | Line Item | ||||||||||||||||||||||
Unrealized gains on AFS securities before tax | $ | - | $ | 2,000 | Gains on securities transactions, net | ||||||||||||||||||||
Tax effect | - | (1,000 | ) | ||||||||||||||||||||||
Total net of tax | - | 1,000 | |||||||||||||||||||||||
Total reclassifications, net of tax | $ | - | $ | 1,000 |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2014 | |
Summary of Significant Accounting Policies | ' |
Basis of presentation | ' |
Certain information and note disclosures normally included in the unaudited consolidated financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) have been omitted pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). These unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Stewardship Financial Corporation Annual Report on Form 10-K for the fiscal year ended December 31, 2013, filed with the SEC on March 26, 2014 (the “2013 Annual Report”). | |
The interim unaudited consolidated financial statements included herein have been prepared in accordance with instructions for Form 10-Q and the rules and regulations of the SEC and, therefore, do not include information or footnotes necessary for a complete presentation of consolidated financial condition, results of operations, and cash flows in conformity with GAAP. However, all adjustments, consisting only of normal recurring adjustments, which in the opinion of management are necessary for a fair presentation of the interim consolidated financial statements, have been included. The results of operations for the three and nine months ended September 30, 2014 are not necessarily indicative of the results which may be expected for the entire year. | |
Principles of consolidation | ' |
Principles of consolidation | |
The consolidated financial statements include the accounts of Stewardship Financial Corporation and its wholly-owned subsidiary, Atlantic Stewardship Bank (the “Bank”), together referred to as “the Corporation”. The Bank includes its wholly-owned subsidiaries, Stewardship Investment Corporation, Stewardship Realty LLC, Atlantic Stewardship Insurance Company, LLC and several other subsidiaries formed to hold title to properties acquired through foreclosure or deed in lieu of foreclosure. The Bank's subsidiaries have an insignificant impact on the Bank's daily operations. All intercompany accounts and transactions have been eliminated in the consolidated financial statements. Certain prior period amounts have been reclassified to conform to the current presentation. | |
The consolidated financial statements of the Corporation have been prepared in conformity with GAAP. In preparing the consolidated financial statements, management is required to make estimates and assumptions, based on available information, that affect the amounts reported in the consolidated financial statements and disclosures provided. Actual results could differ significantly from those estimates. | |
Material estimates | ' |
Material estimates | |
Material estimates that are particularly susceptible to significant changes relate to the determination of the allowance for loan losses. Management believes that the allowance for loan losses is adequate. While management uses available information to recognize probable incurred losses on loans, future additions to the allowance for loan losses may be necessary based on changes in economic conditions in the market area. | |
Adoption of New Accounting Standards | ' |
Adoption of New Accounting Standards | |
In July 2013, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2013-11, "Income Taxes, Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists". This ASU requires that an unrecognized tax benefit, or a portion thereof, should be presented in the consolidated financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward. This ASU applies to all entities that have unrecognized tax benefits when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists at the reporting date. The standard is effective for reporting periods, including interim periods, beginning after December 15, 2013. The adoption of the standard did not have a material effect on the Corporation's consolidated financial statements. | |
In January 2014, the FASB issued ASU 2014-04, “Receivables – Troubled Debt Restructurings by Creditors (Subtopic 310-40) Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure,” This ASU applies to all creditors who obtain physical possession of residential real estate property collateralizing a consumer mortgage loan in satisfaction of a receivable. The amendments in this update clarify when an in substance repossession or foreclosure occurs and requires disclosure of both (1) the amount of foreclosed residential real estate property held by a creditor and (2) the recorded investment in consumer mortgage loans collateralized by residential real estate property that are in the process of foreclosure according to local requirements of the applicable jurisdiction. The amendments in ASU 2014-04 are effective for fiscal years, including interim periods, beginning after December 15, 2014. The adoption of the amendments in this standard are not expected to have a material impact on the Corporation's consolidated financial statements. |
Securities_Availableforsale_an1
Securities - Available-for-sale and Held to Maturity (Tables) | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||
Securities - Available-for-sale and Held to Maturity | ' | ||||||||||||||||||||||||
Schedule of fair value of securities available for sale and related gross unrealized gains and losses | ' | ||||||||||||||||||||||||
The fair value of the available-for-sale securities and the related gross unrealized gains and losses recognized in accumulated other comprehensive income were as follows: | |||||||||||||||||||||||||
30-Sep-14 | |||||||||||||||||||||||||
Amortized | Gross Unrealized | Fair | |||||||||||||||||||||||
Cost | Gains | Losses | Value | ||||||||||||||||||||||
U.S. government-sponsored agencies | $ | 31,148,000 | $ | 66,000 | $ | 878,000 | $ | 30,336,000 | |||||||||||||||||
Obligations of state and political | |||||||||||||||||||||||||
subdivisions | 1,422,000 | 4,000 | 10,000 | 1,416,000 | |||||||||||||||||||||
Mortgage-backed securities - residential | 90,770,000 | 532,000 | 1,249,000 | 90,053,000 | |||||||||||||||||||||
Asset-backed securities (a) | 9,874,000 | 72,000 | - | 9,946,000 | |||||||||||||||||||||
Corporate debt | 2,997,000 | 13,000 | 43,000 | 2,967,000 | |||||||||||||||||||||
Total debt securities | 136,211,000 | 687,000 | 2,180,000 | 134,718,000 | |||||||||||||||||||||
Other equity investments | 3,635,000 | — | 98,000 | 3,537,000 | |||||||||||||||||||||
$ | 139,846,000 | $ | 687,000 | $ | 2,278,000 | $ | 138,255,000 | ||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||
Amortized | Gross Unrealized | Fair | |||||||||||||||||||||||
Cost | Gains | Losses | Value | ||||||||||||||||||||||
U.S. government-sponsored agencies | $ | 41,066,000 | $ | 15,000 | $ | 2,389,000 | $ | 38,692,000 | |||||||||||||||||
Obligations of state and political | |||||||||||||||||||||||||
subdivisions | 1,429,000 | — | 71,000 | 1,358,000 | |||||||||||||||||||||
Mortgage-backed securities - residential | 115,134,000 | 244,000 | 3,143,000 | 112,235,000 | |||||||||||||||||||||
Asset-backed securities (a) | 9,874,000 | 11,000 | 49,000 | 9,836,000 | |||||||||||||||||||||
Corporate debt | 2,995,000 | 5,000 | 115,000 | 2,885,000 | |||||||||||||||||||||
Total debt securities | 170,498,000 | 275,000 | 5,767,000 | 165,006,000 | |||||||||||||||||||||
Other equity investments | 3,543,000 | — | 138,000 | 3,405,000 | |||||||||||||||||||||
$ | 174,041,000 | $ | 275,000 | $ | 5,905,000 | $ | 168,411,000 | ||||||||||||||||||
(a) Collateralized by student loans | |||||||||||||||||||||||||
Schedule of held to maturity securities and related unrecognized gains and losses | ' | ||||||||||||||||||||||||
The following is a summary of the held to maturity securities and related unrealized gains and losses: | |||||||||||||||||||||||||
30-Sep-14 | |||||||||||||||||||||||||
Amortized | Gross Unrealized | Fair | |||||||||||||||||||||||
Cost | Gains | Losses | Value | ||||||||||||||||||||||
U.S. government-sponsored agencies | $ | 11,939,000 | $ | 28,000 | $ | 27,000 | $ | 11,940,000 | |||||||||||||||||
Obligations of state and political | |||||||||||||||||||||||||
subdivisions | 16,327,000 | 659,000 | — | 16,986,000 | |||||||||||||||||||||
Mortgage-backed securities - residential | 25,968,000 | 426,000 | 220,000 | 26,174,000 | |||||||||||||||||||||
$ | 54,234,000 | $ | 1,113,000 | $ | 247,000 | $ | 55,100,000 | ||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||
Amortized | Gross Unrealized | Fair | |||||||||||||||||||||||
Cost | Gains | Losses | Value | ||||||||||||||||||||||
U.S. government-sponsored agencies | $ | 258,000 | $ | 31,000 | $ | — | $ | 289,000 | |||||||||||||||||
Obligations of state and political | |||||||||||||||||||||||||
subdivisions | 20,642,000 | 838,000 | — | 21,480,000 | |||||||||||||||||||||
Mortgage-backed securities - residential | 5,064,000 | 388,000 | — | 5,452,000 | |||||||||||||||||||||
$ | 25,964,000 | $ | 1,257,000 | $ | — | $ | 27,221,000 | ||||||||||||||||||
Amortized cost and fair value of the investment securities portfolio by contractual maturity. | ' | ||||||||||||||||||||||||
The following table presents the amortized cost and fair value of the debt securities portfolio by contractual maturity. As issuers may have the right to call or prepay obligations with or without call or prepayment premiums, the actual maturities may differ from contractual maturities. Securities not due at a single maturity date, such as mortgage-backed securities and asset-backed securities, are shown separately. | |||||||||||||||||||||||||
30-Sep-14 | |||||||||||||||||||||||||
Amortized | Fair | ||||||||||||||||||||||||
Cost | Value | ||||||||||||||||||||||||
Available-for-sale | |||||||||||||||||||||||||
Within one year | $ | — | $ | — | |||||||||||||||||||||
After one year, but within five years | 7,921,000 | 7,867,000 | |||||||||||||||||||||||
After five years, but within ten years | 15,386,000 | 14,993,000 | |||||||||||||||||||||||
After ten years | 12,260,000 | 11,859,000 | |||||||||||||||||||||||
Mortgage-backed securities - residential | 90,770,000 | 90,053,000 | |||||||||||||||||||||||
Asset-backed securities | 9,874,000 | 9,946,000 | |||||||||||||||||||||||
Total | $ | 136,211,000 | $ | 134,718,000 | |||||||||||||||||||||
Held to maturity | |||||||||||||||||||||||||
Within one year | $ | 3,926,000 | $ | 3,977,000 | |||||||||||||||||||||
After one year, but within five years | 8,841,000 | 9,252,000 | |||||||||||||||||||||||
After five years, but within ten years | 11,500,000 | 11,697,000 | |||||||||||||||||||||||
After ten years | 3,999,000 | 4,000,000 | |||||||||||||||||||||||
Mortgage-backed securities - residential | 25,968,000 | 26,174,000 | |||||||||||||||||||||||
Total | $ | 54,234,000 | $ | 55,100,000 | |||||||||||||||||||||
Schedule of Continuous unrealized loss position for investment securities available for sale and held to maturity | ' | ||||||||||||||||||||||||
The following tables summarize the fair value and unrealized losses in the available-for-sale securities portfolio of those investment securities which reported an unrealized loss at September 30, 2014 and December 31, 2013, and if the unrealized loss position was continuous for the twelve months prior to September 30, 2014 and December 31, 2013. | |||||||||||||||||||||||||
Available-for-Sale | |||||||||||||||||||||||||
30-Sep-14 | Less than 12 Months | 12 Months or Longer | Total | ||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | ||||||||||||||||||||
Value | Losses | Value | Losses | Value | Losses | ||||||||||||||||||||
U.S. government- | |||||||||||||||||||||||||
sponsored agencies | $ | 869,000 | $ | (4,000 | ) | $ | 23,588,000 | $ | (874,000 | ) | $ | 24,457,000 | $ | (878,000 | ) | ||||||||||
Obligations of state and | |||||||||||||||||||||||||
political subdivisions | — | — | 1,006,000 | (10,000 | ) | 1,006,000 | (10,000 | ) | |||||||||||||||||
Mortgage-backed | |||||||||||||||||||||||||
securities - residential | 12,782,000 | (87,000 | ) | 36,083,000 | (1,162,000 | ) | 48,865,000 | (1,249,000 | ) | ||||||||||||||||
Asset-backed securities | — | — | - | - | - | - | |||||||||||||||||||
Corporate debt | — | — | 1,457,000 | (43,000 | ) | 1,457,000 | (43,000 | ) | |||||||||||||||||
Other equity investments | — | — | 3,477,000 | (98,000 | ) | 3,477,000 | (98,000 | ) | |||||||||||||||||
Total temporarily | |||||||||||||||||||||||||
impaired securities | $ | 13,651,000 | $ | (91,000 | ) | $ | 65,611,000 | $ | (2,187,000 | ) | $ | 79,262,000 | $ | (2,278,000 | ) | ||||||||||
31-Dec-13 | Less than 12 Months | 12 Months or Longer | Total | ||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | ||||||||||||||||||||
Value | Losses | Value | Losses | Value | Losses | ||||||||||||||||||||
U.S. government- | |||||||||||||||||||||||||
sponsored agencies | $ | 24,517,000 | $ | (1,531,000 | ) | $ | 8,987,000 | $ | (858,000 | ) | $ | 33,504,000 | $ | (2,389,000 | ) | ||||||||||
Obligations of state and | |||||||||||||||||||||||||
political subdivisions | 949,000 | (43,000 | ) | 409,000 | (28,000 | ) | 1,358,000 | (71,000 | ) | ||||||||||||||||
Mortgage-backed | |||||||||||||||||||||||||
securities - residential | 75,183,000 | (2,304,000 | ) | 13,334,000 | (839,000 | ) | 88,517,000 | (3,143,000 | ) | ||||||||||||||||
Asset-backed securities | 8,791,000 | (49,000 | ) | — | — | 8,791,000 | (49,000 | ) | |||||||||||||||||
Corporate debt | 2,385,000 | (115,000 | ) | — | — | 2,385,000 | (115,000 | ) | |||||||||||||||||
Other equity investments | 3,346,000 | (138,000 | ) | — | — | 3,346,000 | (138,000 | ) | |||||||||||||||||
Total temporarily | |||||||||||||||||||||||||
impaired securities | $ | 115,171,000 | $ | (4,180,000 | ) | $ | 22,730,000 | $ | (1,725,000 | ) | $ | 137,901,000 | $ | (5,905,000 | ) | ||||||||||
Held to Maturity | |||||||||||||||||||||||||
30-Sep-14 | Less than 12 Months | 12 Months or Longer | Total | ||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | ||||||||||||||||||||
Value | Losses | Value | Losses | Value | Losses | ||||||||||||||||||||
U.S. government- | |||||||||||||||||||||||||
sponsored agencies | $ | 10,683,000 | $ | (27,000 | ) | $ | — | $ | — | $ | 10,683,000 | $ | (27,000 | ) | |||||||||||
Obligations of state and | |||||||||||||||||||||||||
political subdivisions | — | — | — | — | — | — | |||||||||||||||||||
Mortgage-backed | |||||||||||||||||||||||||
securities - residential | 17,716,000 | (220,000 | ) | — | — | 17,716,000 | (220,000 | ) | |||||||||||||||||
Total temporarily | |||||||||||||||||||||||||
impaired securities | $ | 28,399,000 | $ | (247,000 | ) | $ | — | $ | — | $ | 28,399,000 | $ | (247,000 | ) | |||||||||||
31-Dec-13 | Less than 12 Months | 12 Months or Longer | Total | ||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | ||||||||||||||||||||
Value | Losses | Value | Losses | Value | Losses | ||||||||||||||||||||
U.S. government- | |||||||||||||||||||||||||
sponsored agencies | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||
Obligations of state and | |||||||||||||||||||||||||
political subdivisions | — | — | — | — | — | — | |||||||||||||||||||
Mortgage-backed | |||||||||||||||||||||||||
securities - residential | — | — | — | — | — | — | |||||||||||||||||||
Total temporarily | |||||||||||||||||||||||||
impaired securities | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — |
Loans_and_Allowance_for_Loan_L1
Loans and Allowance for Loan Losses (Tables) | 9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans and Allowance for Loan Losses | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loan Portfolio Schedule | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
At September 30, 2014 and December 31, 2013, respectively, the loan portfolio consisted of the following: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, | December 31, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Secured by real estate | $ | 50,139,000 | $ | 46,162,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | 24,036,000 | 27,728,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | 263,758,000 | 253,035,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial construction | 3,996,000 | 3,445,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential real estate | 71,803,000 | 77,540,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Secured by real estate | 26,889,000 | 25,458,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | 478,000 | 534,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Small Business Administration - guaranteed portion | 1,819,000 | - | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | 88,000 | 107,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total gross loans | 443,006,000 | 434,009,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Less: Deferred loan fees, net of costs | 17,000 | (168,000 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses | 10,094,000 | 9,915,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10,111,000 | 9,747,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans, net | $ | 432,895,000 | $ | 424,262,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Allowance for Loan Losses | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Activity in the allowance for loan losses is summarized as follows: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For the three months ended September 30, 2014 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, | Provision | Recoveries | Balance, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
beginning | charged | Loans | of loans | end | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
of period | to operations | charged off | charged off | of period | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | $ | 3,068,000 | $ | 94,000 | $ | -76,000 | $ | 23,000 | $ | 3,109,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | 5,448,000 | 559,000 | -3,000 | 75,000 | 6,079,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial construction | 120,000 | 54,000 | - | - | 174,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential real estate | 452,000 | -121,000 | - | - | 331,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer | 259,000 | -33,000 | - | 1,000 | 227,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other loans | - | 1,000 | -1,000 | - | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unallocated | 478,000 | -304,000 | - | - | 174,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 9,825,000 | $ | 250,000 | $ | -80,000 | $ | 99,000 | $ | 10,094,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For the nine months ended September 30, 2014 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, | Provision | Recoveries | Balance, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
beginning | charged | Loans | of loans | end | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
of period | to operations | charged off | charged off | of period | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | $ | 3,373,000 | $ | -156,000 | $ | -259,000 | $ | 151,000 | $ | 3,109,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | 5,665,000 | 363,000 | -89,000 | 140,000 | 6,079,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial construction | 117,000 | 57,000 | - | - | 174,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential real estate | 460,000 | -121,000 | -8,000 | - | 331,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer | 288,000 | -56,000 | -6,000 | 1,000 | 227,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other loans | 3,000 | -2,000 | -1,000 | - | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unallocated | 9,000 | 165,000 | - | - | 174,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 9,915,000 | $ | 250,000 | $ | -363,000 | $ | 292,000 | $ | 10,094,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For the three months ended September 30, 2013 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, | Provision | Recoveries | Balance, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
beginning | charged | Loans | of loans | end | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
of period | to operations | charged off | charged off | of period | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | $ | 3,985,000 | $ | 508,000 | $ | -274,000 | $ | 44,000 | $ | 4,263,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | 5,598,000 | 518,000 | -672,000 | 118,000 | 5,562,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial construction | 304,000 | -191,000 | - | - | 113,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential real estate | 434,000 | 23,000 | -57,000 | - | 400,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer | 410,000 | 23,000 | -142,000 | - | 291,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other loans | 1,000 | 1,000 | - | - | 2,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unallocated | 55,000 | 18,000 | - | - | 73,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 10,787,000 | $ | 900,000 | $ | (1,145,000 | ) | $ | 162,000 | $ | 10,704,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For the nine months ended September 30, 2013 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, | Provision | Recoveries | Balance, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
beginning | charged | Loans | of loans | end | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
of period | to operations | charged off | charged off | of period | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | $ | 4,832,000 | $ | 231,000 | $ | -922,000 | $ | 122,000 | $ | 4,263,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | 4,936,000 | 2,939,000 | -2,431,000 | 118,000 | 5,562,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial construction | 169,000 | -58,000 | -24,000 | 26,000 | 113,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential real estate | 308,000 | 149,000 | -57,000 | - | 400,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer | 352,000 | 64,000 | -145,000 | 20,000 | 291,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other loans | 3,000 | -3,000 | - | 2,000 | 2,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unallocated | 41,000 | 28,000 | - | 4,000 | 73,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 10,641,000 | $ | 3,350,000 | $ | (3,579,000 | ) | $ | 292,000 | $ | 10,704,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The following table presents the balance in the allowance for loan losses and the recorded investment in loans by portfolio segment and based on the impairment method as of September 30, 2014 and December 31, 2013. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
30-Sep-14 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | Commercial | Residential | Other | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | Real Estate | Construction | Real Estate | Consumer | SBA | Loans | Unallocated | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for loan | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
losses: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending allowance | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
balance attributable | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
to loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Individually | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
evaluated for | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
impairment | $ | 170,000 | $ | 989,000 | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | 1,159,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Collectively | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
evaluated for | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
impairment | 2,939,000 | 5,090,000 | 174,000 | 331,000 | 227,000 | - | - | 174,000 | 8,935,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total ending | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
allowance | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
balance | $ | 3,109,000 | $ | 6,079,000 | $ | 174,000 | $ | 331,000 | $ | 227,000 | $ | - | $ | - | $ | 174,000 | $ | 10,094,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
individually | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
evaluated for | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
impairment | $ | 6,642,000 | $ | 10,487,000 | $ | 338,000 | $ | 316,000 | $ | 371,000 | $ | - | $ | - | $ | - | $ | 18,154,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
collectively | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
evaluated for | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
impairment | 67,533,000 | 253,271,000 | 3,658,000 | 71,487,000 | 26,996,000 | 1,819,000 | 88,000 | - | 424,852,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total ending | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
loan balance | $ | 74,175,000 | $ | 263,758,000 | $ | 3,996,000 | $ | 71,803,000 | $ | 27,367,000 | $ | 1,819,000 | $ | 88,000 | $ | - | $ | 443,006,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | Commercial | Residential | Other | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | Real Estate | Construction | Real Estate | Consumer | Loans | Unallocated | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for loan | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
losses: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending allowance | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
balance attributable | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
to loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Individually | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
evaluated for | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
impairment | $ | 300,000 | $ | 72,000 | $ | - | $ | - | $ | - | $ | - | $ | - | $ | 372,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Collectively | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
evaluated for | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
impairment | 3,073,000 | 5,593,000 | 117,000 | 460,000 | 288,000 | 3,000 | 9,000 | 9,543,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total ending | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
allowance | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
balance | $ | 3,373,000 | $ | 5,665,000 | $ | 117,000 | $ | 460,000 | $ | 288,000 | $ | 3,000 | $ | 9,000 | $ | 9,915,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
individually | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
evaluated for | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
impairment | $ | 7,261,000 | $ | 12,821,000 | $ | 1,196,000 | $ | 755,000 | $ | 617,000 | $ | - | $ | - | $ | 22,650,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
collectively | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
evaluated for | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
impairment | 66,629,000 | 240,214,000 | 2,249,000 | 76,785,000 | 25,375,000 | 107,000 | - | 411,359,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total ending | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
loan balance | $ | 73,890,000 | $ | 253,035,000 | $ | 3,445,000 | $ | 77,540,000 | $ | 25,992,000 | $ | 107,000 | $ | - | $ | 434,009,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of recorded investment in nonaccrual loans | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The following table presents the recorded investment in nonaccrual loans at the dates indicated: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, | December 31, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Secured by real estate | $ | 1,925,000 | $ | 2,182,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | - | 73,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | 1,822,000 | 6,592,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential real estate | 316,000 | 755,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Secured by real estate | 371,000 | 617,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total nonaccrual loans | $ | 4,434,000 | $ | 10,219,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of recorded investments in impaired loans | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The following table presents loans individually evaluated for impairment by class of loan at and for the periods indicated: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
At and for the nine months ended September 30, 2014 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unpaid | Allowance for | Average | Interest | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Principal | Recorded | Loan Losses | Recorded | Income | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance | Investment | Allocated | Investment | Recognized | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Secured by real estate | $ | 6,650,000 | $ | 5,478,000 | $ | 5,595,000 | $ | 175,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | 70,000 | 62,000 | 67,000 | 2,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | 5,692,000 | 3,618,000 | 7,624,000 | 126,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial construction | 752,000 | 338,000 | 574,000 | 63,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential real estate | 366,000 | 316,000 | 633,000 | - | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Secured by real estate | 381,000 | 371,000 | 552,000 | - | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Secured by real estate | 386,000 | 386,000 | $ | 162,000 | 437,000 | 11,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | 720,000 | 716,000 | 8,000 | 761,000 | 34,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | 6,880,000 | 6,869,000 | 989,000 | 3,494,000 | 173,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial construction | - | - | - | 525,000 | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ | 21,897,000 | $ | 18,154,000 | $ | 1,159,000 | $ | 20,262,000 | $ | 584,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
At and for the year ended December 31, 2013 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unpaid | Allowance for | Average | Interest | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Principal | Recorded | Loan Losses | Recorded | Income | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance | Investment | Allocated | Investment | Recognized | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Secured by real estate | $ | 7,204,000 | $ | 5,756,000 | $ | 6,286,000 | $ | 239,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | 80,000 | 73,000 | 98,000 | 1,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | 12,920,000 | 10,474,000 | 9,952,000 | 118,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial construction | 567,000 | 528,000 | 2,753,000 | 52,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential real estate | 826,000 | 755,000 | 529,000 | - | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Secured by real estate | 630,000 | 617,000 | 730,000 | - | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Secured by real estate | 686,000 | 559,000 | $ | 269,000 | 900,000 | 28,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | 877,000 | 873,000 | 31,000 | 1,067,000 | 52,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | 2,356,000 | 2,347,000 | 72,000 | 3,174,000 | 47,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial construction | 1,043,000 | 668,000 | - | 430,000 | 43,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential real estate | - | - | - | 36,000 | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Secured by real estate | - | - | - | 68,000 | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ | 27,189,000 | $ | 22,650,000 | $ | 372,000 | $ | 26,023,000 | $ | 580,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of aging of the recorded investment in past due loans by class of loans | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The following table presents the aging of the recorded investment in past due loans by class of loans as of September 30, 2014 and December 31, 2013. Nonaccrual loans are included in the disclosure by payment status. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
30-Sep-14 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Greater than | Loans | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
30-59 Days | 60-89 Days | 90 Days | Total | Not | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Past Due | Past Due | Past Due | Past Due | Past Due | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Secured by real estate | $ | 74,000 | $ | - | $ | 1,399,000 | $ | 1,473,000 | $ | 48,666,000 | $ | 50,139,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | - | - | - | - | 24,036,000 | 24,036,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | - | 1,389,000 | 1,154,000 | 2,543,000 | 261,215,000 | 263,758,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial construction | - | - | - | - | 3,996,000 | 3,996,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential real estate | - | - | - | - | 71,803,000 | 71,803,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Secured by real estate | 10,000 | - | 249,000 | 259,000 | 26,630,000 | 26,889,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | - | - | - | - | 478,000 | 478,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SBA | - | - | 1,819,000 | 1,819,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | - | - | - | - | 88,000 | 88,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 84,000 | $ | 1,389,000 | $ | 2,802,000 | $ | 4,275,000 | $ | 438,731,000 | $ | 443,006,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Greater than | Loans | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
30-59 Days | 60-89 Days | 90 Days | Total | Not | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Past Due | Past Due | Past Due | Past Due | Past Due | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Secured by real estate | $ | 866,000 | $ | — | $ | 499,000 | $ | 1,365,000 | $ | 44,797,000 | $ | 46,162,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | — | — | — | — | 27,728,000 | 27,728,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | 1,043,000 | — | 5,100,000 | 6,143,000 | 246,892,000 | 253,035,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial construction | — | — | — | — | 3,445,000 | 3,445,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential real estate | — | — | 523,000 | 523,000 | 77,017,000 | 77,540,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Secured by real estate | — | — | 479,000 | 479,000 | 24,979,000 | 25,458,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | — | 3,000 | — | 3,000 | 531,000 | 534,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | — | — | — | — | 107,000 | 107,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 1,909,000 | $ | 3,000 | $ | 6,601,000 | $ | 8,513,000 | $ | 425,496,000 | $ | 434,009,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Troubled Debt Restructurings | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The following table presents loans by class that were modified as troubled debt restructurings that occurred during the three and nine months ended September 30, 2014 and 2013: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For the three months ended September 30, | For the nine months ended September 30, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2014 | 2014 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pre- | Post- | Pre- | Post- | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number | Modification | Modification | Number | Modification | Modification | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
of | Recorded | Recorded | of | Recorded | Recorded | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans | Investment | Investment | Loans | Investment | Investment | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Secured by real estate | 2 | $ | 254,000 | $ | 254,000 | 2 | $ | 254,000 | $ | 254,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | 1 | 114,000 | 114,000 | 1 | 114,000 | 114,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | 3 | $ | 368,000 | $ | 368,000 | 3 | $ | 368,000 | $ | 368,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For the three months ended September 30, | For the nine months ended September 30, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2013 | 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pre- | Post- | Pre- | Post- | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number | Modification | Modification | Number | Modification | Modification | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
of | Recorded | Recorded | of | Recorded | Recorded | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans | Investment | Investment | Loans | Investment | Investment | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | - | $ | - | $ | - | 1 | $ | 17,000 | $ | 17,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | 1 | 1,994,000 | 1,994,000 | 1 | 1,994,000 | 1,994,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | 1 | $ | 1,994,000 | $ | 1,994,000 | 2 | $ | 2,011,000 | $ | 2,011,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of loans by credit quality indicators | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
As of September 30, 2014 and December 31, 2013, and based on the most recent analysis performed at those times, the risk category of loans by class is as follows: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
30-Sep-14 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Special | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | Mention | Substandard | Doubtful | Loss | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Secured by real estate | $ | 43,889,000 | $ | 3,559,000 | $ | 2,691,000 | $ | - | $ | - | $ | 50,139,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | 22,517,000 | 698,000 | 821,000 | - | - | 24,036,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | 250,187,000 | 6,237,000 | 7,334,000 | - | - | 263,758,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial construction | 2,502,000 | 1,494,000 | - | - | - | 3,996,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 319,095,000 | $ | 11,988,000 | $ | 10,846,000 | $ | - | $ | - | $ | 341,929,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Special | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | Mention | Substandard | Doubtful | Loss | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Secured by real estate | $ | 39,114,000 | $ | 3,387,000 | $ | 3,661,000 | $ | — | $ | — | $ | 46,162,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | 25,604,000 | 1,325,000 | 799,000 | — | — | 27,728,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | 241,488,000 | 7,326,000 | 4,221,000 | — | — | 253,035,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial construction | 2,164,000 | 1,281,000 | — | — | — | 3,445,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 308,370,000 | $ | 13,319,000 | $ | 8,681,000 | $ | — | $ | — | $ | 330,370,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of recorded investment in residential real estate and consumer loans based on payment activity | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The following table presents the recorded investment in residential real estate and consumer loans based on payment activity as of September 30, 2014 and December 31, 2013. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
30-Sep-14 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Greater than 90 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Days Past Due | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current | and Nonaccrual | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential real estate | $ | 71,803,000 | $ | - | $ | 71,803,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Secured by real estate | 26,640,000 | 249,000 | 26,889,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | 478,000 | 478,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 98,921,000 | $ | 249,000 | $ | 99,170,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Greater than 90 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Days Past Due | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current | and Nonaccrual | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential real estate | $ | 77,017,000 | $ | 523,000 | $ | 77,540,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Secured by real estate | 24,979,000 | 479,000 | 25,458,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | 534,000 | — | 534,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 102,530,000 | $ | 1,002,000 | $ | 103,532,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair_Value_of_Financial_Instru1
Fair Value of Financial Instruments (Tables) | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||
Fair Value of Financial Instruments | ' | ||||||||||||||||||||
Schedule of assets and liabilities measured at fair value on a recurring basis | ' | ||||||||||||||||||||
Assets and liabilities measured at fair value on a recurring basis are summarized below: | |||||||||||||||||||||
Fair Value Measurements Using: | |||||||||||||||||||||
Quoted Prices in | Significant | ||||||||||||||||||||
Active Markets | Other | Significant | |||||||||||||||||||
for Identical | Observable | Unobservable | |||||||||||||||||||
Carrying | Assets | Inputs | Inputs | ||||||||||||||||||
Value | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||||||
At September 30, 2014 | |||||||||||||||||||||
Assets: | |||||||||||||||||||||
Available for sale securities | |||||||||||||||||||||
U.S. government - | |||||||||||||||||||||
sponsored agencies | $ | 30,336,000 | $ | — | $ | 30,336,000 | $ | — | |||||||||||||
Obligations of state and | |||||||||||||||||||||
political subdivisions | 1,416,000 | — | 1,416,000 | — | |||||||||||||||||
Mortgage-backed | |||||||||||||||||||||
securities - residential | 90,053,000 | — | 90,053,000 | — | |||||||||||||||||
Asset-backed securities | 9,946,000 | — | 9,946,000 | — | |||||||||||||||||
Corporate debt | 2,967,000 | — | 2,967,000 | — | |||||||||||||||||
Other equity investments | 3,537,000 | 3,477,000 | 60,000 | — | |||||||||||||||||
Total available for | |||||||||||||||||||||
sale securities | $ | 138,255,000 | $ | 3,477,000 | $ | 134,778,000 | $ | — | |||||||||||||
Liabilities: | |||||||||||||||||||||
Interest rate swap | $ | 372,000 | $ | — | $ | 372,000 | $ | — | |||||||||||||
At December 31, 2013 | |||||||||||||||||||||
Assets: | |||||||||||||||||||||
Available for sale securities | |||||||||||||||||||||
U.S. government - | |||||||||||||||||||||
sponsored agencies | $ | 38,692,000 | $ | — | $ | 38,692,000 | $ | — | |||||||||||||
Obligations of state and | |||||||||||||||||||||
political subdivisions | 1,358,000 | — | 1,358,000 | — | |||||||||||||||||
Mortgage-backed | |||||||||||||||||||||
securities - residential | 112,235,000 | — | 112,235,000 | — | |||||||||||||||||
Asset-backed securities | 9,836,000 | — | 9,836,000 | — | |||||||||||||||||
Corporate debt | 2,885,000 | — | 2,885,000 | — | |||||||||||||||||
Other equity investments | 3,405,000 | 3,345,000 | 60,000 | — | |||||||||||||||||
Total available for | |||||||||||||||||||||
sale securities | $ | 168,411,000 | $ | 3,345,000 | $ | 165,066,000 | $ | — | |||||||||||||
Liabilities: | |||||||||||||||||||||
Interest rate swap | $ | 559,000 | $ | — | $ | 559,000 | $ | — | |||||||||||||
Schedule of assets and liabilities measured at fair value on a non-recurring basis | ' | ||||||||||||||||||||
Assets and liabilities measured at fair value on a non-recurring basis are summarized below: | |||||||||||||||||||||
Fair Value | |||||||||||||||||||||
Measurements Using: | |||||||||||||||||||||
Quoted Prices | Significant | ||||||||||||||||||||
in Active | Other | Significant | |||||||||||||||||||
Markets for | Observable | Unobservable | |||||||||||||||||||
Carrying | Identical Assets | Inputs | Inputs | ||||||||||||||||||
Value | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||||||
At September 30, 2014 | |||||||||||||||||||||
Assets: | |||||||||||||||||||||
Impaired loans | |||||||||||||||||||||
Commercial: | |||||||||||||||||||||
Secured by real estate | $ | 436,000 | $ | — | $ | — | $ | 436,000 | |||||||||||||
Commercial real estate | 319,000 | — | — | 319,000 | |||||||||||||||||
Consumer: | |||||||||||||||||||||
Secured by real estate | 49,000 | — | — | 49,000 | |||||||||||||||||
Other Real Estate Owned | 1,792,000 | — | — | 1,792,000 | |||||||||||||||||
$ | 2,596,000 | $ | — | $ | — | $ | 2,596,000 | ||||||||||||||
At December 31, 2013 | |||||||||||||||||||||
Assets: | |||||||||||||||||||||
Impaired loans | |||||||||||||||||||||
Commercial: | |||||||||||||||||||||
Secured by real estate | $ | 5,861,000 | $ | — | $ | — | $ | 5,861,000 | |||||||||||||
Commercial real estate | 8,483,000 | — | — | 8,483,000 | |||||||||||||||||
Commercial construction | 1,196,000 | — | — | 1,196,000 | |||||||||||||||||
Residential real estate | 755,000 | — | — | 755,000 | |||||||||||||||||
Consumer: | |||||||||||||||||||||
Secured by real estate | 617,000 | — | — | 617,000 | |||||||||||||||||
Other Real Estate Owned | 451,000 | — | — | 451,000 | |||||||||||||||||
$ | 17,363,000 | $ | — | $ | — | $ | 17,363,000 | ||||||||||||||
Schedule of fair value assumptions for Level 3 asset measurements | ' | ||||||||||||||||||||
For the Level 3 assets measured at fair value on a non-recurring basis at September 30, 2014 and December 31, 2013, the significant unobservable inputs used in the fair value measurements were as follows: | |||||||||||||||||||||
30-Sep-14 | |||||||||||||||||||||
Fair | |||||||||||||||||||||
Assets | Value | Valuation Technique | Unobservable Inputs | Range | |||||||||||||||||
Impaired loans | $ 714,000 | Comparable real estate sales | Adjustments for differences | 5% - 10% | |||||||||||||||||
and / or the income approach. | between comparable sales | ||||||||||||||||||||
and income data available. | |||||||||||||||||||||
Estimated selling costs. | 7% | ||||||||||||||||||||
Other real estate owned | $ 1,792,000 | Comparable real estate sales | Adjustments for differences | 0% - 12% | |||||||||||||||||
and / or the income approach. | between comparable sales | ||||||||||||||||||||
and income data available. | |||||||||||||||||||||
Estimated selling costs. | 7% | ||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||
Fair | |||||||||||||||||||||
Assets | Value | Valuation Technique | Unobservable Inputs | Range | |||||||||||||||||
Impaired loans | $ 16,912,000 | Comparable real estate sales | Adjustments for differences | 1% - 25% | |||||||||||||||||
and / or the income approach. | between comparable sales | ||||||||||||||||||||
and income data available. | |||||||||||||||||||||
Estimated selling costs. | 7% | ||||||||||||||||||||
Other real estate owned | $ 451,000 | Comparable real estate sales | Adjustments for differences | 5% - 8% | |||||||||||||||||
and / or the income approach. | between comparable sales | ||||||||||||||||||||
and income data available. | |||||||||||||||||||||
Estimated selling costs. | 7% | ||||||||||||||||||||
Schedule of fair value estimates for the financial instruments | ' | ||||||||||||||||||||
Fair value estimates for the Corporation's financial instruments are summarized below: | |||||||||||||||||||||
Fair Value Measurements Using: | |||||||||||||||||||||
Quoted Prices | Significant | ||||||||||||||||||||
in Active | Other | Significant | |||||||||||||||||||
Markets for | Observable | Unobservable | |||||||||||||||||||
Carrying | Identical Assets | Inputs | Inputs | ||||||||||||||||||
Value | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||||||
At September 30, 2014 | |||||||||||||||||||||
Financial assets: | |||||||||||||||||||||
Cash and cash equivalents | $ | 10,850,000 | $ | 10,850,000 | $ | — | $ | — | |||||||||||||
Securities available for sale | 138,255,000 | 3,477,000 | 134,778,000 | — | |||||||||||||||||
Securities held to maturity | 54,234,000 | — | 55,100,000 | — | |||||||||||||||||
Mortgage loans held for sale | 364,000 | — | — | 363,000 | |||||||||||||||||
Loans, net | 432,895,000 | — | — | 440,228,000 | |||||||||||||||||
Accrued interest receivable | 1,852,000 | — | 583,000 | 1,269,000 | |||||||||||||||||
Financial liabilities: | |||||||||||||||||||||
Deposits | 557,011,000 | 424,371,000 | 132,739,000 | — | |||||||||||||||||
FHLB-NY advances | 46,800,000 | — | 47,158,000 | — | |||||||||||||||||
Securities sold under | |||||||||||||||||||||
agreements to repurchase | 100,000 | — | 100,000 | — | |||||||||||||||||
Subordinated debentures | 7,217,000 | — | — | 7,190,000 | |||||||||||||||||
Accrued interest payable | 274,000 | 1,000 | 255,000 | 18,000 | |||||||||||||||||
Interest rate swap | 372,000 | — | 372,000 | — | |||||||||||||||||
Fair Value Measurements Using: | |||||||||||||||||||||
Quoted Prices | Significant | ||||||||||||||||||||
in Active | Other | Significant | |||||||||||||||||||
Markets for | Observable | Unobservable | |||||||||||||||||||
Carrying | Identical Assets | Inputs | Inputs | ||||||||||||||||||
Value | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||||||
At December 31, 2013 | |||||||||||||||||||||
Financial assets: | |||||||||||||||||||||
Cash and cash equivalents | $ | 17,405,000 | $ | 17,405,000 | $ | — | $ | — | |||||||||||||
Securities available for sale | 168,411,000 | 3,345,000 | 165,066,000 | — | |||||||||||||||||
Securities held to maturity | 25,964,000 | — | 27,221,000 | — | |||||||||||||||||
Loans held for sale | 2,800,000 | — | — | 2,800,000 | |||||||||||||||||
Loans, net | 424,262,000 | — | — | 434,126,000 | |||||||||||||||||
Accrued interest receivable | 2,066,000 | — | 735,000 | 1,331,000 | |||||||||||||||||
Financial liabilities: | |||||||||||||||||||||
Deposits | 577,591,000 | 441,790,000 | 136,268,000 | — | |||||||||||||||||
FHLB-NY advances | 25,000,000 | — | 25,404,000 | — | |||||||||||||||||
Securities sold under | |||||||||||||||||||||
agreements to repurchase | 7,300,000 | — | 7,525,000 | — | |||||||||||||||||
Subordinated debentures | 7,217,000 | — | — | 7,213,000 | |||||||||||||||||
Accrued interest payable | 401,000 | 1,000 | 380,000 | 20,000 | |||||||||||||||||
Interest rate swap | 559,000 | — | 559,000 | — |
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Earnings Per Share | ' | ||||||||||||||||
Schedule of Earnings Per Common Share | ' | ||||||||||||||||
The following reconciles the income available to common shareholders (numerator) and the weighted average common stock outstanding (denominator) for both basic and diluted earnings per share. | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Net income | $ | 552,000 | $ | 522,000 | $ | 1,784,000 | $ | 1,805,000 | |||||||||
Dividends on preferred stock | 170,000 | 170,000 | 512,000 | 463,000 | |||||||||||||
Net income available to common stockholders | $ | 382,000 | $ | 352,000 | $ | 1,272,000 | $ | 1,342,000 | |||||||||
Weighted average common shares outstanding - basic | 6,026,848 | 5,939,958 | 5,994,800 | 5,935,195 | |||||||||||||
Effect of dilutive securities - stock options | N/A | N/A | N/A | N/A | |||||||||||||
Weighted average common shares outstanding - diluted | 6,026,848 | 5,939,958 | 5,994,800 | 5,935,195 | |||||||||||||
Basic earnings per common share | $ | 0.06 | $ | 0.06 | $ | 0.21 | $ | 0.23 | |||||||||
Diluted earnings per common share | $ | 0.06 | $ | 0.06 | $ | 0.21 | $ | 0.23 |
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Loss) (Tables) | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | ' | ||||||||||||||||||||||||
Schedule of components of comprehensive income (loss) | ' | ||||||||||||||||||||||||
The components of comprehensive income (loss), both gross and net of tax, are presented for the periods below: | |||||||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||||||
30-Sep-14 | 30-Sep-13 | ||||||||||||||||||||||||
Tax | Tax | ||||||||||||||||||||||||
Gross | Effect | Net | Gross | Effect | Net | ||||||||||||||||||||
Net income | $ | 803,000 | $ | (251,000 | ) | $ | 552,000 | $ | 793,000 | $ | (271,000 | ) | $ | 522,000 | |||||||||||
Other comprehensive (loss) income: | |||||||||||||||||||||||||
Change in unrealized holding | |||||||||||||||||||||||||
gains (losses) on securities | |||||||||||||||||||||||||
available for sale | -303,000 | 116,000 | -187,000 | (578,000 | ) | 224,000 | (354,000 | ) | |||||||||||||||||
Accretion of loss on securities | |||||||||||||||||||||||||
reclassified to held to maturity | 58,000 | (22,000 | ) | 36,000 | - | - | - | ||||||||||||||||||
Change in fair value of | |||||||||||||||||||||||||
interest rate swap | 73,000 | (29,000 | ) | 44,000 | 33,000 | (13,000 | ) | 20,000 | |||||||||||||||||
Total other comprehensive | |||||||||||||||||||||||||
income (loss) | -172,000 | 65,000 | -107,000 | (545,000 | ) | 211,000 | (334,000 | ) | |||||||||||||||||
Total comprehensive income (loss) | $ | 631,000 | $ | (186,000 | ) | $ | 445,000 | $ | 248,000 | $ | -60,000 | $ | 188,000 | ||||||||||||
Nine Months Ended | |||||||||||||||||||||||||
30-Sep-14 | 30-Sep-13 | ||||||||||||||||||||||||
Tax | Tax | ||||||||||||||||||||||||
Gross | Effect | Net | Gross | Effect | Net | ||||||||||||||||||||
Net income | $ | 2,491,000 | $ | (707,000 | ) | $ | 1,784,000 | $ | 2,293,000 | $ | (488,000 | ) | $ | 1,805,000 | |||||||||||
Other comprehensive (loss) income: | |||||||||||||||||||||||||
Change in unrealized holding | |||||||||||||||||||||||||
gains (losses) on securities | |||||||||||||||||||||||||
available for sale | 4,040,000 | (1,567,000 | ) | 2,473,000 | (5,591,000 | ) | 2,169,000 | (3,422,000 | ) | ||||||||||||||||
Reclassification adjustment | |||||||||||||||||||||||||
for gains in net income | - | - | - | (2,000 | ) | 1,000 | (1,000 | ) | |||||||||||||||||
Loss on securities reclassifed | |||||||||||||||||||||||||
from available for sale to | |||||||||||||||||||||||||
held to maturity | (742,000 | ) | 285,000 | (457,000 | ) | - | - | - | |||||||||||||||||
Accretion of loss on securities | |||||||||||||||||||||||||
reclassified to held to maturity | 76,000 | (29,000 | ) | 47,000 | - | - | - | ||||||||||||||||||
Change in fair value of | |||||||||||||||||||||||||
interest rate swap | 187,000 | (75,000 | ) | 112,000 | 197,000 | (79,000 | ) | 118,000 | |||||||||||||||||
Total other comprehensive | |||||||||||||||||||||||||
income (loss) | 3,561,000 | (1,386,000 | ) | 2,175,000 | (5,396,000 | ) | 2,091,000 | (3,305,000 | ) | ||||||||||||||||
Total comprehensive income (loss) | $ | 6,052,000 | $ | (2,093,000 | ) | $ | 3,959,000 | $ | (3,103,000 | ) | $ | 1,603,000 | $ | (1,500,000 | ) | ||||||||||
Schedule of components of accumulated other comprehensive income | ' | ||||||||||||||||||||||||
The following table presents the after-tax changes in the balances of each component of accumulated other comprehensive income for the nine months ended September 30, 2014 and 2013. | |||||||||||||||||||||||||
Nine Months Ended September 30, 2014 | |||||||||||||||||||||||||
Components of Accumulated | |||||||||||||||||||||||||
Other Comprehensive Income (Loss) | Total | ||||||||||||||||||||||||
Unrealized Gains | Loss on securities | Accumulated | |||||||||||||||||||||||
and Losses on | reclassifed from | Unrealized Gains | Other | ||||||||||||||||||||||
Available-For-Sale | Available-For-Sale | and Losses on | Comprehensive | ||||||||||||||||||||||
(AFS) Securities | to held to maturity | Derivatives | Income (Loss) | ||||||||||||||||||||||
Balance at December 31, 2013 | $ | (3,455,000 | ) | $ | - | $ | (335,000 | ) | $ | (3,790,000 | ) | ||||||||||||||
Other comprehensive income (loss) | |||||||||||||||||||||||||
before reclassifications | 2,473,000 | (410,000 | ) | 112,000 | 2,175,000 | ||||||||||||||||||||
Other comprehensive | |||||||||||||||||||||||||
income (loss), net | 2,473,000 | (410,000 | ) | 112,000 | 2,175,000 | ||||||||||||||||||||
Balance at September 30, 2014 | $ | (982,000 | ) | $ | (410,000 | ) | $ | (223,000 | ) | $ | (1,615,000 | ) | |||||||||||||
Nine Months Ended September 30, 2013 | |||||||||||||||||||||||||
Components of Accumulated | |||||||||||||||||||||||||
Other Comprehensive Income (Loss) | Total | ||||||||||||||||||||||||
Unrealized Gains | Loss on securities | Accumulated | |||||||||||||||||||||||
and Losses on | reclassifed from | Unrealized Gains | Other | ||||||||||||||||||||||
Available-For-Sale | Available-For-Sale | and Losses on | Comprehensive | ||||||||||||||||||||||
(AFS) Securities | to held to maturity | Derivatives | Income (Loss) | ||||||||||||||||||||||
Balance at December 31, 2012 | $ | 947,000 | $ | - | $ | (487,000 | ) | $ | 460,000 | ||||||||||||||||
Other comprehensive income (loss) | |||||||||||||||||||||||||
before reclassifications | (3,422,000 | ) | - | 118,000 | (3,304,000 | ) | |||||||||||||||||||
Amounts reclassified from other | |||||||||||||||||||||||||
comprehensive income (loss) | (1,000 | ) | - | - | (1,000 | ) | |||||||||||||||||||
Other comprehensive | |||||||||||||||||||||||||
income (loss), net | (3,423,000 | ) | - | 118,000 | (3,305,000 | ) | |||||||||||||||||||
Balance at September 30, 2013 | $ | (2,476,000 | ) | $ | - | $ | (369,000 | ) | $ | (2,845,000 | ) | ||||||||||||||
Schedule of amount reclassified from each component of accumulated other comprehensive income | ' | ||||||||||||||||||||||||
The following table presents amounts reclassified from each component of accumulated other comprehensive income on a gross and net of tax basis for the nine months ended September 30, 2014 and 2013. | |||||||||||||||||||||||||
Nine Months Ended | Income | ||||||||||||||||||||||||
Components of Accumulated Other | September 30, | Statement | |||||||||||||||||||||||
Comprehensive Income (Loss) | 2014 | 2013 | Line Item | ||||||||||||||||||||||
Unrealized gains on AFS securities before tax | $ | - | $ | 2,000 | Gains on securities transactions, net | ||||||||||||||||||||
Tax effect | - | (1,000 | ) | ||||||||||||||||||||||
Total net of tax | - | 1,000 | |||||||||||||||||||||||
Total reclassifications, net of tax | $ | - | $ | 1,000 |
Securities_Availableforsale_an2
Securities - Available-for-sale and Held to Maturity (Details Narrative) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
Proceeds from sales and calls on securities available for sale | $1,000,000 | $200,000 | $1,000,000 | $6,700,000 |
Gross gains realized on calls and sales of securities available-for-sale | ' | ' | ' | 2,000 |
Proceeds from calls on securities held to maturity | ' | 920,000 | ' | 1,170,000 |
Reclassification of securities available-for-sale to held to maturity | ' | ' | 24,022,000 | ' |
Net loss on available-for-sale securities transferred to held-to-maturity | ' | ' | ($742,000) | ' |
U.S. government-sponsored agencies [Member] | ' | ' | ' | ' |
Securities in an unrealized loss position | 24 | ' | 24 | ' |
Obligations of state and political and subdivisions [Member] | ' | ' | ' | ' |
Securities in an unrealized loss position | 2 | ' | 2 | ' |
Mortgage-backed securities - residential [Member] | ' | ' | ' | ' |
Securities in an unrealized loss position | 32 | ' | 32 | ' |
Corporate Debt Securities [Member] | ' | ' | ' | ' |
Securities in an unrealized loss position | 2 | ' | 2 | ' |
Other equity investments [Member] | ' | ' | ' | ' |
Securities in an unrealized loss position | 1 | ' | 1 | ' |
Securities_Availableforsale_an3
Securities - Available-for-sale and Held to Maturity (Fair Value of the Available-For-Sale Securities and Gross Unrealized Gains and Losses Recognized in Accumulated Other Comprehensive Income) (Details) (USD $) | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2014 | Dec. 31, 2013 | |||
Available for sale securities | ' | ' | ||
Amortized Cost | $139,846,000 | $174,041,000 | ||
Gross Unrealized Gains | 687,000 | 275,000 | ||
Gross Unrealized Losses | 2,278,000 | 5,905,000 | ||
Fair Value | 138,255,000 | 168,411,000 | ||
U.S. government-sponsored agencies [Member] | ' | ' | ||
Available for sale securities | ' | ' | ||
Amortized Cost | 31,148,000 | 41,066,000 | ||
Gross Unrealized Gains | 66,000 | 15,000 | ||
Gross Unrealized Losses | 878,000 | 2,389,000 | ||
Fair Value | 30,336,000 | 38,692,000 | ||
Obligations of state and political and subdivisions [Member] | ' | ' | ||
Available for sale securities | ' | ' | ||
Amortized Cost | 1,422,000 | 1,429,000 | ||
Gross Unrealized Gains | 4,000 | ' | ||
Gross Unrealized Losses | 10,000 | 71,000 | ||
Fair Value | 1,416,000 | 1,358,000 | ||
Mortgage-backed securities - residential [Member] | ' | ' | ||
Available for sale securities | ' | ' | ||
Amortized Cost | 90,770,000 | 115,134,000 | ||
Gross Unrealized Gains | 532,000 | 244,000 | ||
Gross Unrealized Losses | 1,249,000 | 3,143,000 | ||
Fair Value | 90,053,000 | 112,235,000 | ||
Asset-backed Securities [Member] | ' | ' | ||
Available for sale securities | ' | ' | ||
Amortized Cost | 9,874,000 | [1] | 9,874,000 | [1] |
Gross Unrealized Gains | 72,000 | [1] | 11,000 | [1] |
Gross Unrealized Losses | ' | 49,000 | [1] | |
Fair Value | 9,946,000 | [1] | 9,836,000 | [1] |
Corporate Debt Securities [Member] | ' | ' | ||
Available for sale securities | ' | ' | ||
Amortized Cost | 2,997,000 | 2,995,000 | ||
Gross Unrealized Gains | 13,000 | 5,000 | ||
Gross Unrealized Losses | 43,000 | 115,000 | ||
Fair Value | 2,967,000 | 2,885,000 | ||
Total debt securities [Member] | ' | ' | ||
Available for sale securities | ' | ' | ||
Amortized Cost | 136,211,000 | 170,498,000 | ||
Gross Unrealized Gains | 687,000 | 275,000 | ||
Gross Unrealized Losses | 2,180,000 | 5,767,000 | ||
Fair Value | 134,718,000 | 165,006,000 | ||
Other equity investments [Member] | ' | ' | ||
Available for sale securities | ' | ' | ||
Amortized Cost | 3,635,000 | 3,543,000 | ||
Gross Unrealized Losses | 98,000 | 138,000 | ||
Fair Value | $3,537,000 | $3,405,000 | ||
[1] | (a) Collateralized by student loans |
Securities_Availableforsale_an4
Securities - Available-for-sale and Held to Maturity (Summary of the Held to Maturity Securities and Related Unrealized Gains and Losses) (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
Held to maturity securities | ' | ' |
Amortized Cost | $54,234,000 | $25,964,000 |
Gross Unrealized Gains | 1,113,000 | 1,257,000 |
Gross Unrealized Losses | 247,000 | ' |
Fair Value | 55,100,000 | 27,221,000 |
U.S. government-sponsored agencies [Member] | ' | ' |
Held to maturity securities | ' | ' |
Amortized Cost | 11,939,000 | 258,000 |
Gross Unrealized Gains | 28,000 | 31,000 |
Gross Unrealized Losses | 27,000 | ' |
Fair Value | 11,940,000 | 289,000 |
Obligations of state and political and subdivisions [Member] | ' | ' |
Held to maturity securities | ' | ' |
Amortized Cost | 16,327,000 | 20,642,000 |
Gross Unrealized Gains | 659,000 | 838,000 |
Fair Value | 16,986,000 | 21,480,000 |
Mortgage-backed securities - residential [Member] | ' | ' |
Held to maturity securities | ' | ' |
Amortized Cost | 25,968,000 | 5,064,000 |
Gross Unrealized Gains | 426,000 | 388,000 |
Gross Unrealized Losses | 220,000 | ' |
Fair Value | $26,174,000 | $5,452,000 |
Securities_Availableforsale_an5
Securities - Available-for-sale and Held to Maturity (Amortized Cost and Fair Value of the Debt Securities Portfolio by Contractual Maturity) (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
Amortized Cost | ' | ' |
After one year, but within five years | $7,921,000 | ' |
After five years, but within ten years | 15,386,000 | ' |
After ten years | 12,260,000 | ' |
Total | 136,211,000 | ' |
Fair value | ' | ' |
After one year, but within five years | 7,867,000 | ' |
After five years, but within ten years | 14,993,000 | ' |
After ten years | 11,859,000 | ' |
Total | 134,718,000 | ' |
Amortized Cost | ' | ' |
Within one year | 3,926,000 | ' |
After one year, but within five years | 8,841,000 | ' |
After five years, but within ten years | 11,500,000 | ' |
After ten years | 3,999,000 | ' |
Total | 54,234,000 | 25,964,000 |
Fair Value | ' | ' |
Within one year | 3,977,000 | ' |
After one year, but within five years | 9,252,000 | ' |
After five years, but within ten years | 11,697,000 | ' |
After ten years | 4,000,000 | ' |
Total | 55,100,000 | 27,221,000 |
Mortgage-backed securities - residential [Member] | ' | ' |
Amortized Cost | ' | ' |
Total | 90,770,000 | ' |
Fair value | ' | ' |
Total | 90,053,000 | ' |
Amortized Cost | ' | ' |
Total | 25,968,000 | ' |
Fair Value | ' | ' |
Total | 26,174,000 | 5,452,000 |
Asset-backed Securities [Member] | ' | ' |
Amortized Cost | ' | ' |
Total | 9,874,000 | ' |
Fair value | ' | ' |
Total | $9,946,000 | ' |
Securities_Availableforsale_an6
Securities - Available-for-sale and Held to Maturity (Summary of the Fair Value and Unrealized Losses in the Securities Portfolio with Unrealized Loss) (Details) (USD $) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2014 | Dec. 31, 2013 | |
Available for sale securities, Continuous unrealized loss position | ' | ' |
Less than 12 Months, Fair Value | $13,651,000 | $115,171,000 |
Less than 12 Months, Unrealized Losses | -91,000 | -4,180,000 |
12 Months or Longer, Fair Value | 65,611,000 | 22,730,000 |
12 Months or Longer, Unrealized Losses | -2,187,000 | -1,725,000 |
Fair Value | 79,262,000 | 137,901,000 |
Unrealized Losses | -2,278,000 | -5,905,000 |
Held to maturity securities, Continuous unrealized loss position | ' | ' |
Less than 12 Months, Fair Value | 28,399,000 | ' |
Less than 12 Months, Unrealized Losses | -247,000 | ' |
Fair Value | 28,399,000 | ' |
Unrealized Losses | -247,000 | ' |
U.S. government-sponsored agencies [Member] | ' | ' |
Available for sale securities, Continuous unrealized loss position | ' | ' |
Less than 12 Months, Fair Value | 869,000 | 24,517,000 |
Less than 12 Months, Unrealized Losses | -4,000 | -1,531,000 |
12 Months or Longer, Fair Value | 23,588,000 | 8,987,000 |
12 Months or Longer, Unrealized Losses | -874,000 | -858,000 |
Fair Value | 24,457,000 | 33,504,000 |
Unrealized Losses | -878,000 | -2,389,000 |
Held to maturity securities, Continuous unrealized loss position | ' | ' |
Less than 12 Months, Fair Value | 10,683,000 | ' |
Less than 12 Months, Unrealized Losses | -27,000 | ' |
Fair Value | 10,683,000 | ' |
Unrealized Losses | -27,000 | ' |
Obligations of state and political and subdivisions [Member] | ' | ' |
Available for sale securities, Continuous unrealized loss position | ' | ' |
Less than 12 Months, Fair Value | ' | 949,000 |
Less than 12 Months, Unrealized Losses | ' | -43,000 |
12 Months or Longer, Fair Value | 1,006,000 | 409,000 |
12 Months or Longer, Unrealized Losses | -10,000 | -28,000 |
Fair Value | 1,006,000 | 1,358,000 |
Unrealized Losses | -10,000 | -71,000 |
Mortgage-backed securities - residential [Member] | ' | ' |
Available for sale securities, Continuous unrealized loss position | ' | ' |
Less than 12 Months, Fair Value | 12,782,000 | 75,183,000 |
Less than 12 Months, Unrealized Losses | -87,000 | -2,304,000 |
12 Months or Longer, Fair Value | 36,083,000 | 13,334,000 |
12 Months or Longer, Unrealized Losses | -1,162,000 | -839,000 |
Fair Value | 48,865,000 | 88,517,000 |
Unrealized Losses | -1,249,000 | -3,143,000 |
Held to maturity securities, Continuous unrealized loss position | ' | ' |
Less than 12 Months, Fair Value | 17,716,000 | ' |
Less than 12 Months, Unrealized Losses | -220,000 | ' |
Fair Value | 17,716,000 | ' |
Unrealized Losses | -220,000 | ' |
Asset-backed Securities [Member] | ' | ' |
Available for sale securities, Continuous unrealized loss position | ' | ' |
Less than 12 Months, Fair Value | ' | 8,791,000 |
Less than 12 Months, Unrealized Losses | ' | -49,000 |
Fair Value | ' | 8,791,000 |
Unrealized Losses | ' | -49,000 |
Corporate Debt Securities [Member] | ' | ' |
Available for sale securities, Continuous unrealized loss position | ' | ' |
Less than 12 Months, Fair Value | ' | 2,385,000 |
Less than 12 Months, Unrealized Losses | ' | -115,000 |
12 Months or Longer, Fair Value | 1,457,000 | ' |
12 Months or Longer, Unrealized Losses | -43,000 | ' |
Fair Value | 1,457,000 | 2,385,000 |
Unrealized Losses | -43,000 | -115,000 |
Other equity investments [Member] | ' | ' |
Available for sale securities, Continuous unrealized loss position | ' | ' |
Less than 12 Months, Fair Value | ' | 3,346,000 |
Less than 12 Months, Unrealized Losses | ' | -138,000 |
12 Months or Longer, Fair Value | 3,477,000 | ' |
12 Months or Longer, Unrealized Losses | -98,000 | ' |
Fair Value | 3,477,000 | 3,346,000 |
Unrealized Losses | ($98,000) | ($138,000) |
Loans_and_Allowance_for_Loan_L2
Loans and Allowance for Loan Losses (Details Narrative) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | |
Loans participated by the Corporation to other organizations, recorded off-balance sheet | $11,924,000 | $11,924,000 | ' | $12,725,000 |
Total value of modified loans in troubled debt restructurings | 14,600,000 | 14,600,000 | ' | 16,600,000 |
Trouble debt restructuring classified as performing | 13,700,000 | 13,700,000 | ' | 15,200,000 |
Specific reserve related to TDR | 1,100,000 | 1,100,000 | ' | 281,000 |
Committed funds for construction loan, classified as troubled debt restructuring | 0 | 0 | ' | 257,000 |
Satisfactory performance period for partially contingent of principal forbearance | ' | '3 years | ' | ' |
Increase (decrease) in allowance for loan losses | 89,000 | 89,000 | -300,000 | ' |
Charge-offs | 0 | 0 | 1,121,000 | ' |
Commercial real estate [Member] | ' | ' | ' | ' |
Number of non accrual loans held for sale | ' | ' | ' | 4 |
Nonaccrual loans held for sale | ' | ' | ' | $2,800,000 |
Loans_and_Allowance_for_Loan_L3
Loans and Allowance for Loan Losses (Loan Portfolio) (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
Gross loans | $443,006,000 | $434,009,000 |
Deferred loan fees, net of costs | 17,000 | -168,000 |
Allowance for loan losses | 10,094,000 | 9,915,000 |
Allowance net of deferred loan fees | 10,111,000 | 9,747,000 |
Loans, net | 432,895,000 | 424,262,000 |
Commercial loan secured by real estate [Member] | ' | ' |
Gross loans | 50,139,000 | 46,162,000 |
Commercial loan - Other [Member] | ' | ' |
Gross loans | 24,036,000 | 27,728,000 |
Commercial real estate [Member] | ' | ' |
Gross loans | 263,758,000 | 253,035,000 |
Allowance for loan losses | 6,079,000 | 5,665,000 |
Commercial Construction [Member] | ' | ' |
Gross loans | 3,996,000 | 3,445,000 |
Allowance for loan losses | 174,000 | 117,000 |
Residential real estate [Member] | ' | ' |
Gross loans | 71,803,000 | 77,540,000 |
Allowance for loan losses | 331,000 | 460,000 |
Consumer loan secured by real estate [Member] | ' | ' |
Gross loans | 26,889,000 | 25,458,000 |
Consumer loan - Other [Member] | ' | ' |
Gross loans | 478,000 | 534,000 |
Portfolio segment of the entity's total financing receivables related to small business administration - guaranteed portion. | ' | ' |
Gross loans | 1,819,000 | ' |
Allowance for loan losses | 0 | ' |
Other Loans [Member] | ' | ' |
Gross loans | 88,000 | 107,000 |
Allowance for loan losses | ' | $3,000 |
Loans_and_Allowance_for_Loan_L4
Loans and Allowance for Loan Losses (Activity in the Allowance for Loan Losses) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
Activity in the allowance for loan losses | ' | ' | ' | ' |
Balance, beginning of period | $9,825,000 | $10,787,000 | $9,915,000 | $10,641,000 |
Provision charged to operations | 250,000 | 900,000 | 250,000 | 3,350,000 |
Loans charge-offs | -80,000 | -1,145,000 | -363,000 | -3,579,000 |
Recoveries of loans charged-off | 99,000 | 162,000 | 292,000 | 292,000 |
Balance, end of period | 10,094,000 | 10,704,000 | 10,094,000 | 10,704,000 |
Commercial [Member] | ' | ' | ' | ' |
Activity in the allowance for loan losses | ' | ' | ' | ' |
Balance, beginning of period | 3,068,000 | 3,985,000 | 3,373,000 | 4,832,000 |
Provision charged to operations | 94,000 | 508,000 | -156,000 | 231,000 |
Loans charge-offs | -76,000 | -274,000 | -259,000 | -922,000 |
Recoveries of loans charged-off | 23,000 | 44,000 | 151,000 | 122,000 |
Balance, end of period | 3,109,000 | 4,263,000 | 3,109,000 | 4,263,000 |
Commercial real estate [Member] | ' | ' | ' | ' |
Activity in the allowance for loan losses | ' | ' | ' | ' |
Balance, beginning of period | 5,448,000 | 5,598,000 | 5,665,000 | 4,936,000 |
Provision charged to operations | 559,000 | 518,000 | 363,000 | 2,939,000 |
Loans charge-offs | -3,000 | -672,000 | -89,000 | -2,431,000 |
Recoveries of loans charged-off | 75,000 | 118,000 | 140,000 | 118,000 |
Balance, end of period | 6,079,000 | 5,562,000 | 6,079,000 | 5,562,000 |
Commercial Construction [Member] | ' | ' | ' | ' |
Activity in the allowance for loan losses | ' | ' | ' | ' |
Balance, beginning of period | 120,000 | 304,000 | 117,000 | 169,000 |
Provision charged to operations | 54,000 | -191,000 | 57,000 | -58,000 |
Loans charge-offs | ' | ' | ' | -24,000 |
Recoveries of loans charged-off | ' | ' | ' | 26,000 |
Balance, end of period | 174,000 | 113,000 | 174,000 | 113,000 |
Residential real estate [Member] | ' | ' | ' | ' |
Activity in the allowance for loan losses | ' | ' | ' | ' |
Balance, beginning of period | 452,000 | 434,000 | 460,000 | 308,000 |
Provision charged to operations | -121,000 | 23,000 | -121,000 | 149,000 |
Loans charge-offs | ' | -57,000 | -8,000 | -57,000 |
Balance, end of period | 331,000 | 400,000 | 331,000 | 400,000 |
Consumer [Member] | ' | ' | ' | ' |
Activity in the allowance for loan losses | ' | ' | ' | ' |
Balance, beginning of period | 259,000 | 410,000 | 288,000 | 352,000 |
Provision charged to operations | -33,000 | 23,000 | -56,000 | 64,000 |
Loans charge-offs | ' | -142,000 | -6,000 | -145,000 |
Recoveries of loans charged-off | 1,000 | ' | 1,000 | 20,000 |
Balance, end of period | 227,000 | 291,000 | 227,000 | 291,000 |
Other Loans [Member] | ' | ' | ' | ' |
Activity in the allowance for loan losses | ' | ' | ' | ' |
Balance, beginning of period | ' | 1,000 | 3,000 | 3,000 |
Provision charged to operations | 1,000 | 1,000 | -2,000 | -3,000 |
Loans charge-offs | -1,000 | ' | -1,000 | ' |
Recoveries of loans charged-off | ' | ' | ' | 2,000 |
Balance, end of period | ' | 2,000 | ' | 2,000 |
Unallocated Loans [Member] | ' | ' | ' | ' |
Activity in the allowance for loan losses | ' | ' | ' | ' |
Balance, beginning of period | 478,000 | 55,000 | 9,000 | 41,000 |
Provision charged to operations | -304,000 | 18,000 | 165,000 | 28,000 |
Recoveries of loans charged-off | ' | ' | ' | 4,000 |
Balance, end of period | $174,000 | $73,000 | $174,000 | $73,000 |
Loans_and_Allowance_for_Loan_L5
Loans and Allowance for Loan Losses (Allowance for Loan Losses and the Recorded Investment in Loans by Portfolio Segment and Impairment Method) (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
Ending balances: Allowance for loan losses | ' | ' |
Allowance for loan losses Ending balance, Individually evaluated for impairment | $1,159,000 | $372,000 |
Allowance for loan losses Ending balance, Collectively evaluated for impairment | 8,935,000 | 9,543,000 |
Total Ending allowance balance | 10,094,000 | 9,915,000 |
Ending balances: Loans | ' | ' |
Loans Recorded investment Ending balance, Individually evaluated for impairment | 18,154,000 | 22,650,000 |
Loans Recorded investment Ending balance, Collectively evaluated for impairment | 424,852,000 | 411,359,000 |
Total Loans | 443,006,000 | 434,009,000 |
Commercial [Member] | ' | ' |
Ending balances: Allowance for loan losses | ' | ' |
Allowance for loan losses Ending balance, Individually evaluated for impairment | 170,000 | 300,000 |
Allowance for loan losses Ending balance, Collectively evaluated for impairment | 2,939,000 | 3,073,000 |
Total Ending allowance balance | 3,109,000 | 3,373,000 |
Ending balances: Loans | ' | ' |
Loans Recorded investment Ending balance, Individually evaluated for impairment | 6,642,000 | 7,261,000 |
Loans Recorded investment Ending balance, Collectively evaluated for impairment | 67,533,000 | 66,629,000 |
Total Loans | 74,175,000 | 73,890,000 |
Commercial real estate [Member] | ' | ' |
Ending balances: Allowance for loan losses | ' | ' |
Allowance for loan losses Ending balance, Individually evaluated for impairment | 989,000 | 72,000 |
Allowance for loan losses Ending balance, Collectively evaluated for impairment | 5,090,000 | 5,593,000 |
Total Ending allowance balance | 6,079,000 | 5,665,000 |
Ending balances: Loans | ' | ' |
Loans Recorded investment Ending balance, Individually evaluated for impairment | 10,487,000 | 12,821,000 |
Loans Recorded investment Ending balance, Collectively evaluated for impairment | 253,271,000 | 240,214,000 |
Total Loans | 263,758,000 | 253,035,000 |
Commercial Construction [Member] | ' | ' |
Ending balances: Allowance for loan losses | ' | ' |
Allowance for loan losses Ending balance, Collectively evaluated for impairment | 174,000 | 117,000 |
Total Ending allowance balance | 174,000 | 117,000 |
Ending balances: Loans | ' | ' |
Loans Recorded investment Ending balance, Individually evaluated for impairment | 338,000 | 1,196,000 |
Loans Recorded investment Ending balance, Collectively evaluated for impairment | 3,658,000 | 2,249,000 |
Total Loans | 3,996,000 | 3,445,000 |
Residential real estate [Member] | ' | ' |
Ending balances: Allowance for loan losses | ' | ' |
Allowance for loan losses Ending balance, Collectively evaluated for impairment | 331,000 | 460,000 |
Total Ending allowance balance | 331,000 | 460,000 |
Ending balances: Loans | ' | ' |
Loans Recorded investment Ending balance, Individually evaluated for impairment | 316,000 | 755,000 |
Loans Recorded investment Ending balance, Collectively evaluated for impairment | 71,487,000 | 76,785,000 |
Total Loans | 71,803,000 | 77,540,000 |
Consumer [Member] | ' | ' |
Ending balances: Allowance for loan losses | ' | ' |
Allowance for loan losses Ending balance, Collectively evaluated for impairment | 227,000 | 288,000 |
Total Ending allowance balance | 227,000 | 288,000 |
Ending balances: Loans | ' | ' |
Loans Recorded investment Ending balance, Individually evaluated for impairment | 371,000 | 617,000 |
Loans Recorded investment Ending balance, Collectively evaluated for impairment | 26,996,000 | 25,375,000 |
Total Loans | 27,367,000 | 25,992,000 |
SBA [Member] | ' | ' |
Ending balances: Allowance for loan losses | ' | ' |
Total Ending allowance balance | 0 | ' |
Ending balances: Loans | ' | ' |
Loans Recorded investment Ending balance, Collectively evaluated for impairment | 1,819,000 | ' |
Total Loans | 1,819,000 | ' |
Other Loans [Member] | ' | ' |
Ending balances: Allowance for loan losses | ' | ' |
Allowance for loan losses Ending balance, Collectively evaluated for impairment | ' | 3,000 |
Total Ending allowance balance | ' | 3,000 |
Ending balances: Loans | ' | ' |
Loans Recorded investment Ending balance, Collectively evaluated for impairment | 88,000 | 107,000 |
Total Loans | 88,000 | 107,000 |
Unallocated Loans [Member] | ' | ' |
Ending balances: Allowance for loan losses | ' | ' |
Allowance for loan losses Ending balance, Collectively evaluated for impairment | 174,000 | 9,000 |
Total Ending allowance balance | $174,000 | $9,000 |
Loans_and_Allowance_for_Loan_L6
Loans and Allowance for Loan Losses (Recorded Investment in Nonaccrual Loans) (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
Total nonperfoming loans | $4,434,000 | $10,219,000 |
Commercial loan secured by real estate [Member] | ' | ' |
Total nonperfoming loans | 1,925,000 | 2,182,000 |
Commercial loan - Other [Member] | ' | ' |
Total nonperfoming loans | ' | 73,000 |
Commercial real estate [Member] | ' | ' |
Total nonperfoming loans | 1,822,000 | 6,592,000 |
Residential real estate [Member] | ' | ' |
Total nonperfoming loans | 316,000 | 755,000 |
Consumer loan secured by real estate [Member] | ' | ' |
Total nonperfoming loans | $371,000 | $617,000 |
Loans_and_Allowance_for_Loan_L7
Loans and Allowance for Loan Losses (Loans Individually Evaluated for Impairment by Class of Loan) (Details) (USD $) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2014 | Dec. 31, 2013 | |
Loans with an allowance recorded: | ' | ' |
Related Allowance | $1,159,000 | $372,000 |
Total impaired loans | ' | ' |
Unpaid Principal Balance | 21,897,000 | 27,189,000 |
Recorded Investment | 18,154,000 | 22,650,000 |
Average Recorded Investment | 20,262,000 | 26,023,000 |
Interest Income Recognized | 584,000 | 580,000 |
Commercial loan secured by real estate [Member] | ' | ' |
Loans with no related allowance recorded: | ' | ' |
Unpaid Principal Balance | 6,650,000 | 7,204,000 |
Recorded Investment | 5,478,000 | 5,756,000 |
Average Recorded Investment | 5,595,000 | 6,286,000 |
Interest income recognized for the year | 175,000 | 239,000 |
Loans with an allowance recorded: | ' | ' |
Unpaid Principal Balance | 386,000 | 686,000 |
Recorded Investment | 386,000 | 559,000 |
Related Allowance | 162,000 | 269,000 |
Average Recorded Investment | 437,000 | 900,000 |
Interest income recognized for the year | 11,000 | 28,000 |
Commercial loan - Other [Member] | ' | ' |
Loans with no related allowance recorded: | ' | ' |
Unpaid Principal Balance | 70,000 | 80,000 |
Recorded Investment | 62,000 | 73,000 |
Average Recorded Investment | 67,000 | 98,000 |
Interest income recognized for the year | 2,000 | 1,000 |
Loans with an allowance recorded: | ' | ' |
Unpaid Principal Balance | 720,000 | 877,000 |
Recorded Investment | 716,000 | 873,000 |
Related Allowance | 8,000 | 31,000 |
Average Recorded Investment | 761,000 | 1,067,000 |
Interest income recognized for the year | 34,000 | 52,000 |
Commercial real estate [Member] | ' | ' |
Loans with no related allowance recorded: | ' | ' |
Unpaid Principal Balance | 5,692,000 | 12,920,000 |
Recorded Investment | 3,618,000 | 10,474,000 |
Average Recorded Investment | 7,624,000 | 9,952,000 |
Interest income recognized for the year | 126,000 | 118,000 |
Loans with an allowance recorded: | ' | ' |
Unpaid Principal Balance | 6,880,000 | 2,356,000 |
Recorded Investment | 6,869,000 | 2,347,000 |
Related Allowance | 989,000 | 72,000 |
Average Recorded Investment | 3,494,000 | 3,174,000 |
Interest income recognized for the year | 173,000 | 47,000 |
Commercial Construction [Member] | ' | ' |
Loans with no related allowance recorded: | ' | ' |
Unpaid Principal Balance | 752,000 | 567,000 |
Recorded Investment | 338,000 | 528,000 |
Average Recorded Investment | 574,000 | 2,753,000 |
Interest income recognized for the year | 63,000 | 52,000 |
Loans with an allowance recorded: | ' | ' |
Unpaid Principal Balance | ' | 1,043,000 |
Recorded Investment | ' | 668,000 |
Average Recorded Investment | 525,000 | 430,000 |
Interest income recognized for the year | ' | 43,000 |
Residential real estate [Member] | ' | ' |
Loans with no related allowance recorded: | ' | ' |
Unpaid Principal Balance | 366,000 | 826,000 |
Recorded Investment | 316,000 | 755,000 |
Average Recorded Investment | 633,000 | 529,000 |
Loans with an allowance recorded: | ' | ' |
Average Recorded Investment | ' | 36,000 |
Consumer loan secured by real estate [Member] | ' | ' |
Loans with no related allowance recorded: | ' | ' |
Unpaid Principal Balance | 381,000 | 630,000 |
Recorded Investment | 371,000 | 617,000 |
Average Recorded Investment | 552,000 | 730,000 |
Loans with an allowance recorded: | ' | ' |
Average Recorded Investment | ' | $68,000 |
Loans_and_Allowance_for_Loan_L8
Loans and Allowance for Loan Losses (Aging Analysis of Past Due Loans) (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
Aging analysis of past due loans | ' | ' |
30 to 59 Days Past Due | $84,000 | $1,909,000 |
60 to 89 Days Past Due | 1,389,000 | 3,000 |
Greater Than 90 Days Past Due | 2,802,000 | 6,601,000 |
Total Past Due | 4,275,000 | 8,513,000 |
Loans Not Past Due | 438,731,000 | 425,496,000 |
Total Loans | 443,006,000 | 434,009,000 |
Commercial loan secured by real estate [Member] | ' | ' |
Aging analysis of past due loans | ' | ' |
30 to 59 Days Past Due | 74,000 | 866,000 |
Greater Than 90 Days Past Due | 1,399,000 | 499,000 |
Total Past Due | 1,473,000 | 1,365,000 |
Loans Not Past Due | 48,666,000 | 44,797,000 |
Total Loans | 50,139,000 | 46,162,000 |
Commercial loan - Other [Member] | ' | ' |
Aging analysis of past due loans | ' | ' |
Loans Not Past Due | 24,036,000 | 27,728,000 |
Total Loans | 24,036,000 | 27,728,000 |
Commercial real estate [Member] | ' | ' |
Aging analysis of past due loans | ' | ' |
30 to 59 Days Past Due | ' | 1,043,000 |
60 to 89 Days Past Due | 1,389,000 | ' |
Greater Than 90 Days Past Due | 1,154,000 | 5,100,000 |
Total Past Due | 2,543,000 | 6,143,000 |
Loans Not Past Due | 261,215,000 | 246,892,000 |
Total Loans | 263,758,000 | 253,035,000 |
Commercial Construction [Member] | ' | ' |
Aging analysis of past due loans | ' | ' |
Loans Not Past Due | 3,996,000 | 3,445,000 |
Total Loans | 3,996,000 | 3,445,000 |
Residential real estate [Member] | ' | ' |
Aging analysis of past due loans | ' | ' |
Greater Than 90 Days Past Due | ' | 523,000 |
Total Past Due | ' | 523,000 |
Loans Not Past Due | 71,803,000 | 77,017,000 |
Total Loans | 71,803,000 | 77,540,000 |
Consumer loan secured by real estate [Member] | ' | ' |
Aging analysis of past due loans | ' | ' |
30 to 59 Days Past Due | 10,000 | ' |
Greater Than 90 Days Past Due | 249,000 | 479,000 |
Total Past Due | 259,000 | 479,000 |
Loans Not Past Due | 26,630,000 | 24,979,000 |
Total Loans | 26,889,000 | 25,458,000 |
Consumer loan - Other [Member] | ' | ' |
Aging analysis of past due loans | ' | ' |
60 to 89 Days Past Due | ' | 3,000 |
Total Past Due | ' | 3,000 |
Loans Not Past Due | 478,000 | 531,000 |
Total Loans | 478,000 | 534,000 |
SBA [Member] | ' | ' |
Aging analysis of past due loans | ' | ' |
Loans Not Past Due | 1,819,000 | ' |
Total Loans | 1,819,000 | ' |
Other Loans [Member] | ' | ' |
Aging analysis of past due loans | ' | ' |
Loans Not Past Due | 88,000 | 107,000 |
Total Loans | $88,000 | $107,000 |
Loans_and_Allowance_for_Loan_L9
Loans and Allowance for Loan Losses (Troubled Debt Restructurings) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
N | N | N | N | |
Number of loans restructured | 3 | 1 | 3 | 2 |
TDRs arising during period Pre-Modification Recorded Investment | $368,000 | $1,994,000 | $368,000 | $2,011,000 |
TDRs arising during period Post-Modification Recorded Investment | 368,000 | 1,994,000 | 368,000 | 2,011,000 |
Commercial loan - Other [Member] | ' | ' | ' | ' |
Number of loans restructured | ' | ' | ' | 1 |
TDRs arising during period Pre-Modification Recorded Investment | ' | ' | ' | 17,000 |
TDRs arising during period Post-Modification Recorded Investment | ' | ' | ' | 17,000 |
Commercial loan secured by real estate [Member] | ' | ' | ' | ' |
Number of loans restructured | 2 | ' | 2 | ' |
TDRs arising during period Pre-Modification Recorded Investment | 254,000 | ' | 254,000 | ' |
TDRs arising during period Post-Modification Recorded Investment | 254,000 | ' | 254,000 | ' |
Commercial real estate [Member] | ' | ' | ' | ' |
Number of loans restructured | 1 | 1 | 1 | 1 |
TDRs arising during period Pre-Modification Recorded Investment | 114,000 | 1,994,000 | 114,000 | 1,994,000 |
TDRs arising during period Post-Modification Recorded Investment | $114,000 | $1,994,000 | $114,000 | $1,994,000 |
Recovered_Sheet1
Loans and Allowance for Loan Losses (Risk Category of Loans by Class) (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
Total Loans | $443,006,000 | $434,009,000 |
Pass [Member] | ' | ' |
Total Loans | 319,095,000 | 308,370,000 |
Special Mention [Member] | ' | ' |
Total Loans | 11,988,000 | 13,319,000 |
Substandard [Member] | ' | ' |
Total Loans | 10,846,000 | 8,681,000 |
Commercial loan secured by real estate [Member] | ' | ' |
Total Loans | 50,139,000 | 46,162,000 |
Commercial loan secured by real estate [Member] | Pass [Member] | ' | ' |
Total Loans | 43,889,000 | 39,114,000 |
Commercial loan secured by real estate [Member] | Special Mention [Member] | ' | ' |
Total Loans | 3,559,000 | 3,387,000 |
Commercial loan secured by real estate [Member] | Substandard [Member] | ' | ' |
Total Loans | 2,691,000 | 3,661,000 |
Commercial loan - Other [Member] | ' | ' |
Total Loans | 24,036,000 | 27,728,000 |
Commercial loan - Other [Member] | Pass [Member] | ' | ' |
Total Loans | 22,517,000 | 25,604,000 |
Commercial loan - Other [Member] | Special Mention [Member] | ' | ' |
Total Loans | 698,000 | 1,325,000 |
Commercial loan - Other [Member] | Substandard [Member] | ' | ' |
Total Loans | 821,000 | 799,000 |
Commercial real estate [Member] | ' | ' |
Total Loans | 263,758,000 | 253,035,000 |
Commercial real estate [Member] | Pass [Member] | ' | ' |
Total Loans | 250,187,000 | 241,488,000 |
Commercial real estate [Member] | Special Mention [Member] | ' | ' |
Total Loans | 6,237,000 | 7,326,000 |
Commercial real estate [Member] | Substandard [Member] | ' | ' |
Total Loans | 7,334,000 | 4,221,000 |
Commercial Construction [Member] | ' | ' |
Total Loans | 3,996,000 | 3,445,000 |
Commercial Construction [Member] | Pass [Member] | ' | ' |
Total Loans | 2,502,000 | 2,164,000 |
Commercial Construction [Member] | Special Mention [Member] | ' | ' |
Total Loans | 1,494,000 | 1,281,000 |
Total [Member] | ' | ' |
Total Loans | $341,929,000 | $330,370,000 |
Recovered_Sheet2
Loans and Allowance for Loan Losses (Recorded Investment in Residential Real Estate and Consumer Loans Based on Payment Activity) (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
Total Loans | $443,006,000 | $434,009,000 |
Residential real estate [Member] | ' | ' |
Total Loans | 71,803,000 | 77,540,000 |
Residential real estate [Member] | Current [Member] | ' | ' |
Total Loans | 71,803,000 | 77,017,000 |
Residential real estate [Member] | Past Due and Nonaccrual [Member] | ' | ' |
Total Loans | ' | 523,000 |
Consumer loan secured by real estate [Member] | ' | ' |
Total Loans | 26,889,000 | 25,458,000 |
Consumer loan secured by real estate [Member] | Current [Member] | ' | ' |
Total Loans | 26,640,000 | 24,979,000 |
Consumer loan secured by real estate [Member] | Past Due and Nonaccrual [Member] | ' | ' |
Total Loans | 249,000 | 479,000 |
Consumer loan - Other [Member] | ' | ' |
Total Loans | 478,000 | 534,000 |
Consumer loan - Other [Member] | Current [Member] | ' | ' |
Total Loans | 478,000 | 534,000 |
Total Residential Real Estate and Consumer [Member] | ' | ' |
Total Loans | 99,170,000 | 103,532,000 |
Total Residential Real Estate and Consumer [Member] | Current [Member] | ' | ' |
Total Loans | 98,921,000 | 102,530,000 |
Total Residential Real Estate and Consumer [Member] | Past Due and Nonaccrual [Member] | ' | ' |
Total Loans | $249,000 | $1,002,000 |
Fair_Value_of_Financial_Instru2
Fair Value of Financial Instruments (Details Narrative) (USD $) | 3 Months Ended | 9 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | |||||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | |
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Measurements, Nonrecurring [Member] | ||||||
Impaired Loans [Member] | Impaired Loans [Member] | Other Real Estate Owned [Member] | Other Real Estate Owned [Member] | Other Real Estate Owned [Member] | ||||||
Recorded Investment With an allowance recorded | ' | ' | ' | ' | ' | $948,000 | $17,180,000 | $1,909,000 | ' | $480,000 |
Allowance for loan losses | 10,094,000 | ' | 10,094,000 | ' | 9,915,000 | 144,000 | 268,000 | ' | ' | ' |
Related Allowance - other real estate owned | ' | ' | ' | ' | ' | ' | ' | 117,000 | ' | 29,000 |
Additional provision for loan losses | 250,000 | 900,000 | 250,000 | 3,350,000 | ' | 241,000 | 3,975,000 | ' | ' | ' |
Additional provision for valuation allowance | ' | ' | ' | ' | ' | ' | ' | $117,000 | $10,000 | ' |
Fair_Value_of_Financial_Instru3
Fair Value of Financial Instruments (Assets and Liabilities Measured at Fair Value on a Recurring Basis) (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
Assets, Fair Value | ' | ' |
Total available for sale securities | $138,255,000 | $168,411,000 |
Fair Value Measured on a Recurring Basis [Member] | Carrying Value [Member] | ' | ' |
Assets, Fair Value | ' | ' |
U.S. government-sponsored agencies | 30,336,000 | 38,692,000 |
Obligations of state and political subdivisions | 1,416,000 | 1,358,000 |
Mortgage-backed securities - residential | 90,053,000 | 112,235,000 |
Asset backed securities | 9,946,000 | 9,836,000 |
Corporate debt | 2,967,000 | 2,885,000 |
Other equity investments | 3,537,000 | 3,405,000 |
Total available for sale securities | 138,255,000 | 168,411,000 |
Liabilities, Fair Value | ' | ' |
Interest rate swap | 372,000 | 559,000 |
Fair Value Measured on a Recurring Basis [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ' | ' |
Assets, Fair Value | ' | ' |
Other equity investments | 3,477,000 | 3,345,000 |
Total available for sale securities | 3,477,000 | 3,345,000 |
Fair Value Measured on a Recurring Basis [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' |
Assets, Fair Value | ' | ' |
U.S. government-sponsored agencies | 30,336,000 | 38,692,000 |
Obligations of state and political subdivisions | 1,416,000 | 1,358,000 |
Mortgage-backed securities - residential | 90,053,000 | 112,235,000 |
Asset backed securities | 9,946,000 | 9,836,000 |
Corporate debt | 2,967,000 | 2,885,000 |
Other equity investments | 60,000 | 60,000 |
Total available for sale securities | 134,778,000 | 165,066,000 |
Liabilities, Fair Value | ' | ' |
Interest rate swap | $372,000 | $559,000 |
Fair_Value_of_Financial_Instru4
Fair Value of Financial Instruments (Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis) (Details) (Fair Value, Measurements, Nonrecurring [Member], USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
Carrying Value [Member] | ' | ' |
Assets, Fair Value | ' | ' |
Commercial loan secured by real estate | $436,000 | $5,861,000 |
Commercial real estate | 319,000 | 8,483,000 |
Commerical construction | ' | 1,196,000 |
Residential real estate | ' | 755,000 |
Consumer loan secured by real estate | 49,000 | 617,000 |
Other real estate owned | 1,792,000 | 451,000 |
Impaired loans, Fair Value | 2,596,000 | 17,363,000 |
Significant Unobservable Inputs (Level 3) [Member] | ' | ' |
Assets, Fair Value | ' | ' |
Commercial loan secured by real estate | 436,000 | 5,861,000 |
Commercial real estate | 319,000 | 8,483,000 |
Commerical construction | ' | 1,196,000 |
Residential real estate | ' | 755,000 |
Consumer loan secured by real estate | 49,000 | 617,000 |
Other real estate owned | 1,792,000 | 451,000 |
Impaired loans, Fair Value | $2,596,000 | $17,363,000 |
Fair_Value_of_Financial_Instru5
Fair Value of Financial Instruments (Significant Unobservable Inputs Used in the Fair Value Measurements for Level 3 Assets) (Details) (Fair Value, Measurements, Nonrecurring [Member], Significant Unobservable Inputs (Level 3) [Member], USD $) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2014 | Dec. 31, 2013 | |
Impaired Loans [Member] | ' | ' |
Fair value of financial assets | $714,000 | $16,912,000 |
Valuation Technique 1 | 'Comparable real estate sales and/or the income approach. | 'Comparable real estate sales and/or the income approach. |
Unobservable Input | 'Adjustments for differences between comparable sales and income data available. | 'Adjustments for differences between comparable sales and income data available. |
Unobservable Input 2 | 'Estimated selling costs | 'Estimated selling costs |
Range of Unobservable inputs used in fair value & weighting factor 2 | 7.00% | 7.00% |
Impaired Loans [Member] | Maximum [Member] | ' | ' |
Range of Unobservable inputs used in fair value & weighting factor | 10.00% | 25.00% |
Impaired Loans [Member] | Minimum [Member] | ' | ' |
Range of Unobservable inputs used in fair value & weighting factor | 5.00% | 1.00% |
Other Real Estate Owned [Member] | ' | ' |
Fair value of financial assets | $1,792,000 | $451,000 |
Valuation Technique 1 | 'Comparable real estate sales and/or the income approach. | 'Comparable real estate sales and/or the income approach. |
Unobservable Input | 'Adjustments for differences between comparable sales and income data available. | 'Adjustments for differences between comparable sales and income data available. |
Unobservable Input 2 | 'Estimated selling costs | 'Estimated selling costs |
Range of Unobservable inputs used in fair value & weighting factor 2 | 7.00% | 7.00% |
Other Real Estate Owned [Member] | Maximum [Member] | ' | ' |
Range of Unobservable inputs used in fair value & weighting factor | 12.00% | 8.00% |
Other Real Estate Owned [Member] | Minimum [Member] | ' | ' |
Range of Unobservable inputs used in fair value & weighting factor | 0.00% | 5.00% |
Fair_Value_of_Financial_Instru6
Fair Value of Financial Instruments (Fair Value Estimates for the Corporations Financial Instruments) (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
Financial assets: | ' | ' |
Securities available for sale | $138,255,000 | $168,411,000 |
Securities held to maturity | 55,100,000 | 27,221,000 |
Financial liabilities: | ' | ' |
Subordinated debenture | 7,217,000 | 7,217,000 |
Carrying Value [Member] | ' | ' |
Financial assets: | ' | ' |
Cash and cash equivalents | 10,850,000 | 17,405,000 |
Securities available for sale | 138,255,000 | 168,411,000 |
Securities held to maturity | 54,234,000 | 25,964,000 |
Mortgage loans held for sale | 364,000 | 2,800,000 |
Loans, net | 432,895,000 | 424,262,000 |
Accrued interest receivable | 1,852,000 | 2,066,000 |
Financial liabilities: | ' | ' |
Deposits | 557,011,000 | 577,591,000 |
FHLB-NY Advances | 46,800,000 | 25,000,000 |
Securities sold under agreements to repurchase | 100,000 | 7,300,000 |
Subordinated debenture | 7,217,000 | 7,217,000 |
Accrued interest payable | 274,000 | 401,000 |
Interest rate swap | 372,000 | 559,000 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ' | ' |
Financial assets: | ' | ' |
Cash and cash equivalents | 10,850,000 | 17,405,000 |
Securities available for sale | 3,477,000 | 3,345,000 |
Financial liabilities: | ' | ' |
Deposits | 424,371,000 | 441,790,000 |
Accrued interest payable | 1,000 | 1,000 |
Significant Other Observable Inputs (Level 2) [Member] | ' | ' |
Financial assets: | ' | ' |
Securities available for sale | 134,778,000 | 165,066,000 |
Securities held to maturity | 55,100,000 | 27,221,000 |
Accrued interest receivable | 583,000 | 735,000 |
Financial liabilities: | ' | ' |
Deposits | 132,739,000 | 136,268,000 |
FHLB-NY Advances | 47,158,000 | 25,404,000 |
Securities sold under agreements to repurchase | 100,000 | 7,525,000 |
Accrued interest payable | 255,000 | 380,000 |
Interest rate swap | 372,000 | 559,000 |
Significant Unobservable Inputs (Level 3) [Member] | ' | ' |
Financial assets: | ' | ' |
Mortgage loans held for sale | 363,000 | 2,800,000 |
Loans, net | 440,228,000 | 434,126,000 |
Accrued interest receivable | 1,269,000 | 1,331,000 |
Financial liabilities: | ' | ' |
Subordinated debenture | 7,190,000 | 7,213,000 |
Accrued interest payable | $18,000 | $20,000 |
Earnings_Per_Share_Details_Nar
Earnings Per Share (Details Narrative) (Stock options [Member]) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
Stock options [Member] | ' | ' | ' | ' |
Antidilutive securities excluded from computation of diluted EPS (in shares) | 0 | 1,101 | 0 | 4,849 |
Earnings_Per_Share_Basic_and_D
Earnings Per Share (Basic and Diluted Earnings per Share) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
Earnings Per Share | ' | ' | ' | ' |
Net income | $552,000 | $522,000 | $1,784,000 | $1,805,000 |
Dividends on preferred stock and accretion | 170,000 | 170,000 | 512,000 | 463,000 |
Net income available to common shareholders | $382,000 | $352,000 | $1,272,000 | $1,342,000 |
Weighted average shares (in shares) | 6,026,848 | 5,939,958 | 5,994,800 | 5,935,195 |
Total weighted average dilutive shares (in shares) | 6,026,848 | 5,939,958 | 5,994,800 | 5,935,195 |
Basic earnings per common share (in dollars per share) | $0.06 | $0.06 | $0.21 | $0.23 |
Diluted earnings per common share (in dollars per share) | $0.06 | $0.06 | $0.21 | $0.23 |
Preferred_Stock_Details_Narrat
Preferred Stock (Details Narrative) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 01, 2011 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 |
Senior Non-Cumulative Perpetual Preferred Stock, Series B [Member] | Senior Non-Cumulative Perpetual Preferred Stock, Series B [Member] | Minimum [Member] | Maximum [Member] | |||
N | ||||||
Amount of fund established to encourage lending to small businesses by providing capital to qualified community banks with assets of less than $10 billion | ' | $30,000,000,000 | ' | ' | ' | ' |
Stock issued during period (in shares) | ' | ' | 15,000 | ' | ' | ' |
Stock issued during period, value | ' | ' | 15,000,000 | ' | ' | ' |
Liquidation preference (in dollars per share) | ' | ' | $1,000 | ' | ' | ' |
Preferred stock dividend rate, Terms | ' | ' | ' | 'The dividend rate could fluctuate on a quarterly basis during the first ten quarters during which the Series B Preferred Shares are outstanding, based upon changes in the level of Qualified Small Business Lending ("QSBL" as defined in the Securities Purchase Agreement) from 1% to 5% per annum and, thereafter, for the eleventh through the first half of the nineteenth dividend periods, from 1% to 7%. In general, the dividend rate decreases as the level of the Bank's QSBL increases. In the event that the Series B Preferred Shares remain outstanding for more than four and one half years, the dividend rate will be fixed at 9%. During 2013, the dividend quarterly rate ranged between 3.38% and 4.56%, and fixed at 4.56% beginning with the quarter ended December 31, 2013. | ' | ' |
Dividend payment restrictions, Description | ' | ' | ' | 'Corporation may only declare and pay dividends on its Common Stock (or any other equity securities junior to the Series B Preferred Shares) if it has declared and paid dividends on the Series B Preferred Shares for the current dividend period and if, after payment of such dividend, the dollar amount of the Corporationbs Tier 1 capital would be at least 90% of the Tier 1 capital on the date of entering into the SBLF program, excluding any subsequent net charge-offs and any redemption of the Series B Preferred Shares (the "Tier 1 Dividend Threshold"). The Tier 1 Dividend Threshold is subject to reduction, beginning on the second anniversary of the issuance and ending on the tenth anniversary, by 10% for each 1% increase in QSBL over the baseline level. | ' | ' |
Aggregate liquidation preference outstanding | ' | ' | ' | $25,000,000 | ' | ' |
Dividend rate, first ten quarters | ' | ' | ' | ' | 1.00% | 5.00% |
Dividend rate, eleventh through first hald of ninteenth period | ' | ' | ' | ' | 1.00% | 7.00% |
Dividend rate, fixed after four and one half years | 9.00% | ' | ' | ' | ' | ' |
Tier I capital on date of entering the SBLF program (percentage) | 90.00% | ' | ' | ' | ' | ' |
Number of dividend defaults periods required for having voting rights on preferred stock | ' | ' | ' | 6 | ' | ' |
Number of additional directors which may be elected in BOD event of non-timely preferred dividends | ' | ' | ' | 2 | ' | ' |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income (Loss) (Components of Comprehensive Income (Loss)) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
Accumulated Other Comprehensive Income (Loss) | ' | ' | ' | ' |
Income before income tax expense | $803,000 | $793,000 | $2,491,000 | $2,293,000 |
Income tax expense | -251,000 | -271,000 | -707,000 | -488,000 |
Net income | 552,000 | 522,000 | 1,784,000 | 1,805,000 |
Other comprehensive (loss) income: | ' | ' | ' | ' |
Change in unrealized holding gains (losses) on securities available for sale, gross | -303,000 | -578,000 | 4,040,000 | -5,591,000 |
Change in unrealized holding gains (losses) on securities available for sale, tax effect | 116,000 | 224,000 | -1,567,000 | 2,169,000 |
Change in unrealized holding gains (losses) on securities available for sale, net | -187,000 | -354,000 | 2,473,000 | -3,422,000 |
Reclassification adjustment for gains in net income, gross | ' | ' | ' | -2,000 |
Reclassification adjustment for gains in net income, tax effect | ' | ' | ' | 1,000 |
Reclassification adjustment for gains in net income, net | ' | ' | ' | -1,000 |
Loss on securities reclassified from available to sale to held to maturity, gross | ' | ' | -742,000 | ' |
Loss on securities reclassified from available to sale to held to maturity, tax effect | ' | ' | 285,000 | ' |
Loss on securities reclassified from available to sale to held to maturity, net | ' | ' | -457,000 | ' |
Accretion of loss on securities reclassified to held to maturity, gross | 58,000 | ' | 76,000 | ' |
Accretion of loss on securities reclassified to held to maturity, tax effect | -22,000 | ' | -29,000 | ' |
Accretion of loss on securities reclassified to held to maturity, net | 36,000 | ' | 47,000 | ' |
Change in fair value of interest rate swap, gross | 73,000 | 33,000 | 187,000 | 197,000 |
Change in fair value of interest rate swap, tax effect | -29,000 | -13,000 | -75,000 | -79,000 |
Change in fair value of interest rate swap, net | 44,000 | 20,000 | 112,000 | 118,000 |
Total other comprehensive income (loss), gross | -172,000 | -545,000 | 3,561,000 | -5,396,000 |
Total other comprehensive income (loss), tax effect | 65,000 | 211,000 | -1,386,000 | 2,091,000 |
Total other comprehensive income (loss) | -107,000 | -334,000 | 2,175,000 | -3,305,000 |
Total comprehensive income (loss), gross | 631,000 | 248,000 | 6,052,000 | -3,103,000 |
Total comprehensive income (loss), tax effect | -186,000 | -60,000 | -2,093,000 | 1,603,000 |
Total comprehensive income (loss) | $445,000 | $188,000 | $3,959,000 | ($1,500,000) |
Accumulated_Other_Comprehensiv3
Accumulated Other Comprehensive Income (Loss) (Components of Comprehensive Income (Loss)) (Details) (USD $) | 9 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | |
Unrealized gains and losses on available for sale (AFS) securities | ' | ' |
Balance beginning | ($3,790,000) | $460,000 |
Other comprehensive income (loss) before reclassifications | 2,175,000 | -3,304,000 |
Amounts reclassified from other comprehensive income | ' | -1,000 |
Other comprehensive income (loss), net | 2,175,000 | -3,305,000 |
Balance ending | -1,615,000 | -2,845,000 |
Unrealized Gains (Losses) on Available for Sale Securities [Member] | ' | ' |
Unrealized gains and losses on available for sale (AFS) securities | ' | ' |
Balance beginning | -3,455,000 | 947,000 |
Other comprehensive income (loss) before reclassifications | 2,473,000 | -3,422,000 |
Amounts reclassified from other comprehensive income | ' | -1,000 |
Other comprehensive income (loss), net | 2,473,000 | -3,423,000 |
Balance ending | -982,000 | -2,476,000 |
Loss on securities Reclassified from AFS to HTM [Member] | ' | ' |
Unrealized gains and losses on available for sale (AFS) securities | ' | ' |
Other comprehensive income (loss) before reclassifications | -410,000 | ' |
Other comprehensive income (loss), net | -410,000 | ' |
Balance ending | -410,000 | ' |
Unrealized Gains Losses on Derivatives [Member] | ' | ' |
Unrealized gains and losses on available for sale (AFS) securities | ' | ' |
Balance beginning | -335,000 | -487,000 |
Other comprehensive income (loss) before reclassifications | 112,000 | 118,000 |
Other comprehensive income (loss), net | 112,000 | 118,000 |
Balance ending | ($223,000) | ($369,000) |
Accumulated_Other_Comprehensiv4
Accumulated Other Comprehensive Income (Loss) (Amounts Reclassified from Components of Accumulated Other Comprehensive Income) (Details) (USD $) | 9 Months Ended |
Sep. 30, 2013 | |
Accumulated Other Comprehensive Income (Loss) | ' |
Unrealized gains on AFS securities before tax | $2,000 |
Tax effect | -1,000 |
Reclassification adjustment for gains in net income, net | 1,000 |
Total reclassifications, net of tax | $1,000 |