Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2015 | Aug. 05, 2015 | |
Document And Entity Information | ||
Entity Registrant Name | STEWARDSHIP FINANCIAL CORP | |
Entity Central Index Key | 1,023,860 | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2015 | |
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 | 6,090,678 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2,015 |
Consolidated Statements of Fina
Consolidated Statements of Financial Condition - USD ($) | Jun. 30, 2015 | Dec. 31, 2014 |
Assets | ||
Cash and due from banks | $ 19,438,000 | $ 9,849,000 |
Other interest-earning assets | 344,000 | 237,000 |
Cash and cash equivalents | 19,782,000 | 10,086,000 |
Securities available for sale | 90,850,000 | 124,918,000 |
Securities held to maturity; estimated fair value of $59,194,000 (at June 30, 2015) and $56,233,000 (at December 31, 2014) | 58,363,000 | 55,097,000 |
FHLB-NY stock, at cost | 2,833,000 | $ 3,777,000 |
Mortgage loans held for sale | 1,416,000 | |
Loans, net of allowance for loan losses of $9,299,000 (at June 30, 2015) and $9,602,000 (at December 31, 2014) | 497,674,000 | $ 467,699,000 |
Premises and equipment, net | 6,975,000 | 6,577,000 |
Accrued interest receivable | 1,906,000 | 1,994,000 |
Other real estate owned, net | 219,000 | 1,308,000 |
Bank owned life insurance | 13,905,000 | 13,708,000 |
Other assets | 7,268,000 | 8,387,000 |
Total assets | 701,191,000 | 693,551,000 |
Deposits: | ||
Noninterest-bearing | 153,546,000 | 136,721,000 |
Interest-bearing | 432,453,000 | 419,755,000 |
Total deposits | 585,999,000 | 556,476,000 |
Federal Home Loan Bank of New York advances | 45,000,000 | 66,700,000 |
Subordinated debentures | 7,217,000 | 7,217,000 |
Accrued interest payable | 366,000 | 308,000 |
Accrued expenses and other liabilities | 1,757,000 | 3,881,000 |
Total liabilities | $ 640,339,000 | $ 634,582,000 |
Commitments and contingencies | ||
Shareholders' equity | ||
Preferred stock, no par value; 2,500,000 shares authorized; 15,000 shares issued and outstanding at June 30, 2015 and December 31, 2014. Liquidation preference of $15,000,000 | $ 14,989,000 | $ 14,984,000 |
Common stock, no par value; 10,000,000 shares authorized; 6,088,699 and 6,034,933 shares issued and outstanding at June 30, 2015 and December 31, 2014, respectively | 41,418,000 | 41,125,000 |
Retained earnings | 5,163,000 | 3,817,000 |
Accumulated other comprehensive loss, net | (718,000) | (957,000) |
Total shareholders' equity | 60,852,000 | 58,969,000 |
Total liabilities and shareholders' equity | $ 701,191,000 | $ 693,551,000 |
Consolidated Statements of Fin3
Consolidated Statements of Financial Condition (Parenthetical) - USD ($) | Jun. 30, 2015 | Dec. 31, 2014 |
Assets | ||
Securities held to maturity | $ 59,194,000 | $ 56,233,000 |
Allowance for loan losses | $ 9,299,000 | $ 9,602,000 |
Shareholders' 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 | 6,088,699 | 6,034,933 |
Common stock, shares outstanding | 6,088,699 | 6,034,933 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Interest income: | ||||
Loans | $ 5,623,000 | $ 5,193,000 | $ 11,069,000 | $ 10,353,000 |
Securities held to maturity | ||||
Taxable | 227,000 | 116,000 | 440,000 | 181,000 |
Non-taxable | 119,000 | 173,000 | 249,000 | 347,000 |
Securities available for sale | ||||
Taxable | 342,000 | 669,000 | 704,000 | 1,375,000 |
Non-taxable | 6,000 | 6,000 | 12,000 | 12,000 |
FHLB dividends | 33,000 | 23,000 | 63,000 | 49,000 |
Other interest-earning assets | 10,000 | 6,000 | 17,000 | 14,000 |
Total interest income | 6,360,000 | 6,186,000 | 12,554,000 | 12,331,000 |
Interest expense: | ||||
Deposits | 506,000 | 443,000 | 958,000 | 919,000 |
Borrowed money | 336,000 | 367,000 | 677,000 | 730,000 |
Total interest expense | 842,000 | 810,000 | 1,635,000 | 1,649,000 |
Net interest income before provision for loan losses | 5,518,000 | $ 5,376,000 | 10,919,000 | $ 10,682,000 |
Provision for loan losses | (600,000) | (700,000) | ||
Net interest income after provision for loan losses | 6,118,000 | $ 5,376,000 | 11,619,000 | $ 10,682,000 |
Noninterest income: | ||||
Fees and service charges | 557,000 | 504,000 | 1,036,000 | 925,000 |
Bank owned life insurance | $ 101,000 | $ 106,000 | 197,000 | $ 202,000 |
Gain on calls and sales of securities | 152,000 | |||
Gain on sales of mortgage loans | $ 55,000 | $ 2,000 | $ 65,000 | $ 14,000 |
Loss on sale of loans | (241,000) | |||
Gain on sale of other real estate owned | $ 54,000 | $ 53,000 | 54,000 | |
Miscellaneous | $ 169,000 | 141,000 | 297,000 | 252,000 |
Total noninterest income | 882,000 | 807,000 | 1,800,000 | 1,206,000 |
Noninterest expenses: | ||||
Salaries and employee benefits | 2,688,000 | 2,557,000 | 5,396,000 | 5,235,000 |
Occupancy, net | 423,000 | 520,000 | 890,000 | 1,075,000 |
Equipment | 165,000 | 175,000 | 321,000 | 363,000 |
Data processing | 459,000 | 435,000 | 912,000 | 822,000 |
Advertising | 258,000 | 211,000 | 470,000 | 341,000 |
FDIC insurance premium | 117,000 | 133,000 | 230,000 | 344,000 |
Charitable contributions | 70,000 | 45,000 | 140,000 | 90,000 |
Miscellaneous | 925,000 | 1,030,000 | 1,795,000 | 1,930,000 |
Total noninterest expenses | 5,105,000 | 5,106,000 | 10,154,000 | 10,200,000 |
Income before income tax expense | 1,895,000 | 1,077,000 | 3,265,000 | 1,688,000 |
Income tax expense | 673,000 | 351,000 | 1,126,000 | 456,000 |
Net income | 1,222,000 | 726,000 | 2,139,000 | 1,232,000 |
Dividends on preferred stock | 171,000 | 171,000 | 342,000 | 342,000 |
Net income available to common shareholders | $ 1,051,000 | $ 555,000 | $ 1,797,000 | $ 890,000 |
Basic and diluted earnings per common share | $ 0.17 | $ 0.09 | $ 0.30 | $ 0.15 |
Weighted average number of basic and diluted common shares outstanding | 6,086,474 | 5,999,897 | 6,066,191 | 5,978,511 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Consolidated Statements of Comprehensive Income [Abstract] | ||||
Net income | $ 1,222,000 | $ 726,000 | $ 2,139,000 | $ 1,232,000 |
Other comprehensive income (loss), net of tax: | ||||
Change in unrealized holding gains (losses) on securities available for sale | $ (325,000) | $ 1,621,000 | 138,000 | $ 2,660,000 |
Reclassification adjustment for gains in net income | $ (91,000) | |||
Loss on securities reclassified from available for sale to held to maturity | $ (457,000) | $ (457,000) | ||
Accretion of loss on securities reclassified to held to maturity | $ 34,000 | 11,000 | $ 121,000 | 11,000 |
Change in fair value of interest rate swap | 37,000 | 33,000 | 71,000 | 68,000 |
Total other comprehensive income (loss) | (254,000) | 1,208,000 | 239,000 | 2,282,000 |
Total comprehensive income | $ 968,000 | $ 1,934,000 | $ 2,378,000 | $ 3,514,000 |
Consolidated Statement of Chang
Consolidated Statement of Changes in Shareholders' Equity - USD ($) | Total | Preferred Stock [Member] | Common Stock [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income, Net [Member] |
Balance beginning at Dec. 31, 2013 | $ 53,779,000 | $ 14,974,000 | $ 40,690,000 | $ 1,905,000 | $ (3,790,000) |
Balance beginning, shares at Dec. 31, 2013 | 5,943,767 | ||||
Cash dividends paid on common stock | (119,000) | $ (119,000) | |||
Payment of discount on dividend reinvestment plan | (1,000) | $ (1,000) | |||
Cash dividends declared on preferred stock | (342,000) | $ (342,000) | |||
Common stock issued under dividend reinvestment plan | 15,000 | $ 15,000 | |||
Common stock issued under dividend reinvestment plan, shares | 3,299 | ||||
Common stock issued under stock plans | $ 121,000 | $ 121,000 | |||
Common stock issued under stock plans, shares | 26,067 | ||||
Issuance of restricted stock | $ 249,000 | $ (249,000) | |||
Issuance of restricted stock, shares | 49,661 | ||||
Amortization of restricted stock, net | $ 28,000 | 28,000 | |||
Amortization of issuance costs | $ 5,000 | (5,000) | |||
Net income | $ 1,232,000 | $ 1,232,000 | |||
Other comprehensive income | 2,282,000 | $ 2,282,000 | |||
Balance ending at Jun. 30, 2014 | 56,995,000 | $ 14,979,000 | $ 41,074,000 | $ 2,450,000 | (1,508,000) |
Balance ending, shares at Jun. 30, 2014 | 6,022,794 | ||||
Balance beginning at Dec. 31, 2014 | $ 58,969,000 | $ 14,984,000 | $ 41,125,000 | 3,817,000 | $ (957,000) |
Balance beginning, shares at Dec. 31, 2014 | 6,034,933 | 6,034,933 | |||
Cash dividends paid on common stock | $ (242,000) | $ (242,000) | |||
Payment of discount on dividend reinvestment plan | (2,000) | $ (2,000) | |||
Cash dividends declared on preferred stock | (342,000) | $ (342,000) | |||
Common stock issued under dividend reinvestment plan | 30,000 | $ 30,000 | |||
Common stock issued under dividend reinvestment plan, shares | 5,635 | ||||
Common stock issued under stock plans | $ 21,000 | $ 21,000 | |||
Common stock issued under stock plans, shares | 4,219 | ||||
Issuance of restricted stock | $ 279,000 | $ (279,000) | |||
Issuance of restricted stock, shares | 50,974 | ||||
Amortization of restricted stock, net | $ 37,000 | $ (38,000) | $ 75,000 | ||
Amortization of restricted stock, net, shares | (7,062) | ||||
Tax benefit from restricted stock vesting | $ 3,000 | $ 3,000 | |||
Amortization of issuance costs | $ 5,000 | $ (5,000) | |||
Net income | $ 2,139,000 | $ 2,139,000 | |||
Other comprehensive income | 239,000 | $ 239,000 | |||
Balance ending at Jun. 30, 2015 | $ 60,852,000 | $ 14,989,000 | $ 41,418,000 | $ 5,163,000 | $ (718,000) |
Balance ending, shares at Jun. 30, 2015 | 6,088,699 | 6,088,699 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Cash flows from operating activities: | ||
Net income | $ 2,139,000 | $ 1,232,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization of premises and equipment | 186,000 | 221,000 |
Amortization of premiums and accretion of discounts, net | 338,000 | 478,000 |
Amortization of restricted stock | 37,000 | 28,000 |
Accretion (amortization) of deferred loan fees | 42,000 | $ (4,000) |
Provision for loan losses | (700,000) | |
Originations of mortgage loans held for sale | (5,653,000) | $ (1,137,000) |
Proceeds from sale of mortgage loans | $ 4,302,000 | 892,000 |
Proceeds from sale of loans | 2,559,000 | |
Gain on sales of mortgage loans | $ (65,000) | (14,000) |
Loss on sale of loans | $ 241,000 | |
Gain on calls and sales of securities | $ (152,000) | |
Gain on sale of other real estate owned | (53,000) | $ (54,000) |
Deferred income tax expense | 210,000 | 31,000 |
Decrease in accrued interest receivable | 88,000 | 47,000 |
Increase (decrease) in accrued interest payable | 58,000 | (69,000) |
Earnings on bank owned life insurance | (197,000) | (202,000) |
Decrease in other assets | 801,000 | 719,000 |
Decrease in other liabilities | (2,053,000) | (154,000) |
Net cash provided by (used in) operating activities | (672,000) | 4,814,000 |
Cash flows from investing activities: | ||
Purchase of securities available-for-sale | (57,000) | (6,259,000) |
Proceeds from maturities and principal repayments on securities available-for-sale | 6,258,000 | $ 9,361,000 |
Proceeds from sales and calls on securities available-for-sale | 27,845,000 | |
Purchase of securities held to maturity | (13,182,000) | $ (6,258,000) |
Proceeds from maturities and principal repayments on securities held to maturity | 4,921,000 | $ 1,988,000 |
Proceeds from calls on securities held to maturity | 5,100,000 | |
Sale (purchase) of FHLB-NY stock | 944,000 | $ (296,000) |
Net increase in loans | (29,317,000) | (511,000) |
Proceeds from sale of other real estate owned | 1,149,000 | 594,000 |
Additions to premises and equipment | (584,000) | (972,000) |
Net cash provided by (used in) investing activities | 3,077,000 | (2,353,000) |
Cash flows from financing activities: | ||
Net increase in noninterest-bearing deposits | 16,825,000 | 10,146,000 |
Net increase (decrease) in interest-bearing deposits | $ 12,698,000 | (21,357,000) |
Net increase in securities sold under agreements to repurchase | 301,000 | |
Net increase (decrease) in short term borrowings | $ (21,700,000) | 6,000,000 |
Cash dividends paid on common stock | (242,000) | (119,000) |
Cash dividends paid on preferred stock | (342,000) | (342,000) |
Payment of discount on dividend reinvestment plan | (2,000) | (1,000) |
Issuance of common stock | 51,000 | $ 136,000 |
Tax benefit from restricted stock vesting | 3,000 | |
Net cash provided by (used in) financing activities | 7,291,000 | $ (5,236,000) |
Net increase (decrease) in cash and cash equivalents | 9,696,000 | (2,775,000) |
Cash and cash equivalents - beginning | 10,086,000 | 17,405,000 |
Cash and cash equivalents - ending | 19,782,000 | 14,630,000 |
Supplemental disclosures of cash flow information: | ||
Cash paid during the period for interest | 1,578,000 | 1,718,000 |
Cash paid during the period for income taxes | $ 1,024,000 | 58,000 |
Reclassification of securities available-for-sale to held to maturity | 24,022,000 | |
Transfers from loans to other real estate owned | $ 1,364,000 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2015 | |
Summary of Significant Accounting Policies [Abstract] | |
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, 2014, filed with the SEC on March 27, 2015 (the 2014 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 six months ended June 30, 2015 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. 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 and deferred income taxes. Management believes the Corporation's policies with respect to the methodology for the determination of the allowance for loan losses and the evaluation of deferred income taxes involves a higher degree of complexity and requires management to make difficult and subjective judgments, which often require assumptions or estimates about highly uncertain matters. Changes in these judgments, assumptions or estimates could materially impact results of operations. These critical policies and their application are periodically reviewed with the Audit Committee and the Board of Directors. Adoption of New Accounting Standards In January 2014, the Financial Accounting Standards Board (the FASB) issued Accounting Standards Update (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 did not have a material impact on the Corporation's consolidated financial statements. In April 2015, the FASB issued ASU 2015-03, Interest Imputation of Interest (Subtopic 835-30) Simplifying the Presentation of Debt Issuance Costs. This ASU is part of the FASB's initiative to reduce complexity in accounting standards. To simplify presentation of debt issuance costs, the amendments in this ASU require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected by the amendments in this ASU. The amendments in ASU 2015-03 are effective for fiscal years, including interim periods, beginning after December 15, 2015. Early adoption of ASU 2015-03 is permitted for financial statements that have not been previously issued. The adoption of the amendments in this standard are not expected to have a material impact on the Corporation's consolidated financial statements. |
Securities - Available-for-Sale
Securities - Available-for-Sale and Held to Maturity | 6 Months Ended |
Jun. 30, 2015 | |
Securities - Available-for-Sale and Held to Maturity [Abstract] | |
Securities - Available-for-Sale and Held to Maturity | Note 2 . Securitie s Available-for- S ale 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 (loss) were as follows: June 30, 2015 Amortized Gross Unrealized Fair Cost Gains Losses Value U.S. government-sponsored agencies $ 24,540,000 $ 96,000 $ 327,000 $ 24,309,000 Obligations of state and political subdivisions 1,415,000 2,000 24,000 1,393,000 Mortgage-backed securities - residential 48,859,000 320,000 506,000 48,673,000 Asset-backed securities (a) 9,874,000 30,000 40,000 9,864,000 Corporate debt 2,999,000 8,000 8,000 2,999,000 Total debt securities 87,687,000 456,000 905,000 87,238,000 Other equity investments 3,722,000 110,000 3,612,000 $ 91,409,000 $ 456,000 $ 1,015,000 $ 90,850,000 December 31, 2014 Amortized Gross Unrealized Fair Cost Gains Losses Value U.S. government-sponsored agencies $ 30,701,000 $ 94,000 $ 521,000 $ 30,274,000 Obligations of state and political subdivisions 1,420,000 2,000 22,000 1,400,000 Mortgage-backed securities - residential 76,894,000 521,000 672,000 76,743,000 Asset-backed securities (a) 9,874,000 57,000 16,000 9,915,000 Corporate debt 2,998,000 6,000 7,000 2,997,000 Total debt securities 121,887,000 680,000 1,238,000 121,329,000 Other equity investments 3,664,000 75,000 3,589,000 $ 125,551,000 $ 680,000 $ 1,313,000 $ 124,918,000 (a) Collateralized by student loans There were no 27,845,000 no three and no 213,000 61,000 no The following is a summary of the held to maturity securities and related unrecognized gains and losses: June 30, 2015 Amortized Gross Unrealized Fair Cost Gains Losses Value U.S. Treasury $ 998,000 $ $ 8,000 $ 990,000 U.S. government-sponsored agencies 13,483,000 121,000 29,000 13,575,000 Obligations of state and political subdivisions 12,589,000 391,000 12,980,000 Mortgage-backed securities - residential 31,293,000 424,000 68,000 31,649,000 $ 58,363,000 $ 936,000 $ 105,000 $ 59,194,000 December 31, 2014 Amortized Gross Unrealized Fair Cost Gains Losses Value U.S. Treasury $ $ $ $ U.S. government-sponsored agencies 11,962,000 177,000 12,139,000 Obligations of state and political subdivisions 15,636,000 514,000 16,150,000 Mortgage-backed securities - residential 27,499,000 511,000 66,000 27,944,000 $ 55,097,000 $ 1,202,000 $ 66,000 $ 56,233,000 Cash proceeds realized from calls of securities held to maturity for the three and 2,000,000 5,100,000 no three and three and 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. 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. June 30, 2015 Amortized Fair Cost Value Available-for-sale Within one year $ 499,000 $ 500,000 After one year, but within five years 13,181,000 13,116,000 After five years, but within ten years 7,895,000 7,955,000 After ten years 7,379,000 7,130,000 Mortgage-backed securities - residential 48,859,000 48,673,000 Asset-backed securities 9,874,000 9,864,000 Total $ 87,687,000 $ 87,238,000 Held to maturity Within one year $ 1,522,000 $ 1,537,000 After one year, but within five years 13,098,000 13,375,000 After five years, but within ten years 11,508,000 11,675,000 After ten years 942,000 958,000 Mortgage-backed securities - residential 31,293,000 31,649,000 Total $ 58,363,000 $ 59,194,000 The following tables summarize the fair value and unrealized losses of those investment securities which reported an unrealized loss at June 30, 2015 and December 31, 2014, and if the unrealized loss position was continuous for the twelve months prior to June 30, 2015 and December 31, 2014. Available-for-Sale June 30, 2015 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 $ 7,237,000 $ (37,000 ) $ 10,590,000 $ (290,000 ) $ 17,827,000 $ (327,000 ) Obligations of state and political subdivisions 986,000 (24,000 ) 986,000 (24,000 ) Mortgage-backed securities - residential 5,607,000 (56,000 ) 19,410,000 (450,000 ) 25,017,000 (506,000 ) Asset-backed securities 2,993,000 (40,000 ) 2,993,000 (40,000 ) Corporate debt 1,492,000 (8,000 ) 1,492,000 (8,000 ) Other equity investments 3,552,000 (110,000 ) 3,552,000 (110,000 ) Total temporarily impaired securities $ 16,823,000 $ (157,000 ) $ 35,044,000 $ (858,000 ) $ 51,867,000 $ (1,015,000 ) December 31, 2014 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 $ $ $ 23,750,000 $ (521,000 ) $ 23,750,000 $ (521,000 ) Obligations of state and political subdivisions 992,000 (22,000 ) 992,000 (22,000 ) Mortgage-backed securities - residential 5,985,000 (22,000 ) 30,445,000 (650,000 ) 36,430,000 (672,000 ) Asset-backed securities 3,022,000 (16,000 ) 3,022,000 (16,000 ) Corporate debt 1,494,000 (7,000 ) 1,494,000 (7,000 ) Other equity investments 3,529,000 (75,000 ) 3,529,000 (75,000 ) Total temporarily impaired securities $ 9,007,000 $ (38,000 ) $ 60,210,000 $ (1,275,000 ) $ 69,217,000 $ (1,313,000 ) Held to Maturity June 30, 2015 Less than 12 Months 12 Months or Longer Total Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses U.S. Treasury $ 990,000 $ (8,000 ) $ $ $ 990,000 $ (8,000 ) U.S. government- sponsored agencies 5,956,000 (29,000 ) 5,956,000 (29,000 ) Mortgage-backed securities - residential 7,163,000 (41,000 ) 1,227,000 (27,000 ) 8,390,000 (68,000 ) Total temporarily impaired securities $ 14,109,000 $ (78,000 ) $ 1,227,000 $ (27,000 ) $ 15,336,000 $ (105,000 ) December 31, 2014 Less than 12 Months 12 Months or Longer Total Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses U.S. Treasury $ $ $ $ $ $ U.S. government- sponsored agencies Mortgage-backed securities - residential 8,788,000 (66,000 ) 8,788,000 (66,000 ) Total temporarily impaired securities $ 8,788,000 $ (66,000 ) $ $ $ 8,788,000 $ (66,000 ) Other-Than-Temporary-Impairment At June 30, 2015, there were available-for-sale investments comprising eight nineteen two 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 Lo
Loans and Allowance for Loan Losses | 6 Months Ended |
Jun. 30, 2015 | |
Loans and Allowance for Loan Losses [Abstract] | |
Loans and Allowance for Loan Losses | Note 3 . Loans and Allowance for Loan Losses At June 30, 2015 and December 31, 2014, respectively, the loan portfolio consisted of the following: June 30, December 31, 2015 2014 Commercial: Secured by real estate $ 43,503,000 $ 46,545,000 Other 26,048,000 29,307,000 Commercial real estate 316,346,000 286,063,000 Commercial construction 2,652,000 4,215,000 Residential real estate 82,486,000 77,836,000 Consumer: Secured by real estate 28,432,000 27,319,000 Other 649,000 939,000 Government Guaranteed Loans - guaranteed portion 6,777,000 5,000,000 Other 213,000 96,000 Total gross loans 507,106,000 477,320,000 Less: Deferred loan fees, net of costs 133,000 19,000 Allowance for loan losses 9,299,000 9,602,000 9,432,000 9,621,000 Loans, net $ 497,674,000 $ 467,699,000 The Corporation has purchased the guaranteed portion of several government guaranteed loans. Due to the guarantee of the principal amount of these loans, no allowance for loan losses is established for these government guaranteed At June 30, 2015 and December 31, 2014, loan participations sold by the Corporation to other lending institutions totaled approximately $ 11,470,000 12,948,000 Activity in the allowance for loan losses is summarized as follows: For the three months ended June 30, 2015 Balance, Provision Recoveries Balance, beginning charged Loans of loans end of period to operations charged off charged off of period Commercial $ 3,703,000 $ (503,000 ) $ (1,000 ) $ 118,000 $ 3,317,000 Commercial real estate 5,116,000 99,000 74,000 5,289,000 Commercial construction 106,000 (200,000 ) 108,000 14,000 Residential real estate 146,000 (6,000 ) 140,000 Consumer 151,000 (13,000 ) 1,000 139,000 Other loans 4,000 (1,000 ) 3,000 Unallocated 378,000 19,000 397,000 Total $ 9,600,000 $ (600,000 ) $ (2,000 ) $ 301,000 $ 9,299,000 For the six months ended June 30, 2015 Balance, Provision Recoveries Balance, beginning charged Loans of loans end of period to operations charged off charged off of period Commercial $ 3,704,000 $ (341,000 ) $ (272,000 ) $ 226,000 $ 3,317,000 Commercial real estate 5,017,000 171,000 101,000 5,289,000 Commercial construction 150,000 (477,000 ) 341,000 14,000 Residential real estate 142,000 (2,000) 140,000 Consumer 189,000 (52,000 ) 2,000 139,000 Other loans 2,000 2,000 (1,000) 3,000 Unallocated 398,000 (1,000 ) 397,000 Total $ 9,602,000 $ (700,000 ) $ (273,000 ) $ 670,000 $ 9,299,000 For the three months ended June 30, 2014 Balance, Provision Recoveries Balance, beginning charged Loans of loans end of period to operations charged off charged off of period Commercial $ 3,126,000 $ (94,000 ) $ (2,000 ) $ 38,000 $ 3,068,000 Commercial real estate 5,413,000 36,000 (63,000 ) 62,000 5,448,000 Commercial construction 135,000 (15,000 ) 120,000 Residential real estate 473,000 (21,000 ) 452,000 Consumer 253,000 8,000 (2,000 ) 259,000 Other loans 1,000 (1,000 ) Unallocated 391,000 87,000 478,000 Total $ 9,792,000 $ $ (67,000 ) $ 100,000 $ 9,825,000 For the six months ended June 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 $ (250,000 ) $ (183,000 ) $ 128,000 $ 3,068,000 Commercial real estate 5,665,000 (195,000 ) (87,000 ) 65,000 5,448,000 Commercial construction 117,000 3,000 120,000 Residential real estate 460,000 (8,000 ) 452,000 Consumer 288,000 (24,000 ) (5,000 ) 259,000 Other loans 3,000 (3,000 ) Unallocated 9,000 469,000 478,000 Total $ 9,915,000 $ $ (283,000 ) $ 193,000 $ 9,825,000 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 June 30, 2015 and December 31, 2014. June 30, 2015 Commercial Commercial Residential Government Other Commercial Real Estate Construction Real Estate Consumer Guaranteed Loans Unallocated Total Allowance for loan losses: Ending allowance balance attributable to loans Individually evaluated for impairment $ 433,000 $ 665,000 $ $ $ $ $ $ $ 1,098,000 Collectively evaluated for impairment 2,884,000 4,624,000 14,000 140,000 139,000 3,000 397,000 8,201,000 Total ending allowance balance $ 3,317,000 $ 5,289,000 $ 14,000 $ 140,000 $ 139,000 $ $ 3,000 $ 397,000 $ 9,299,000 Loans: Loans individually evaluated for impairment $ 4,672,000 $ 8,450,000 $ 262,000 $ 92,000 $ 200,000 $ $ $ $ 13,676,000 Loans collectively evaluated for impairment 64,879,000 307,896,000 2,390,000 82,394,000 28,881,000 6,777,000 213,000 493,430,000 Total ending loan balance $ 69,551,000 $ 316,346,000 $ 2,652,000 $ 82,486,000 $ 29,081,000 $ 6,777,000 $ 213,000 $ $ 507,106,000 December 31, 2014 Commercial Commercial Residential Government Other Commercial Real Estate Construction Real Estate Consumer Guaranteed Loans Unallocated Total Allowance for loan losses: Ending allowance balance attributable to loans Individually evaluated for impairment $ 223,000 $ 697,000 $ $ $ $ $ $ $ 920,000 Collectively evaluated for impairment 3,481,000 4,320,000 150,000 142,000 189,000 2,000 398,000 8,682,000 Total ending allowance balance $ 3,704,000 $ 5,017,000 $ 150,000 $ 142,000 $ 189,000 $ $ 2,000 $ 398,000 $ 9,602,000 Loans: Loans individually evaluated for impairment $ 6,042,000 $ 8,913,000 $ 288,000 $ 96,000 $ 326,000 $ $ $ $ 15,665,000 Loans collectively evaluated for impairment 69,810,000 277,150,000 3,927,000 77,740,000 27,932,000 5,000,000 96,000 461,655,000 Total ending loan balance $ 75,852,000 $ 286,063,000 $ 4,215,000 $ 77,836,000 $ 28,258,000 $ 5,000,000 $ 96,000 $ $ 477,320,000 The following table presents the recorded investment in nonaccrual loans at the dates indicated: June 30, December 31, 2015 2014 Commercial: Secured by real estate $ 1,481,000 $ 1,923,000 Commercial real estate 766,000 1,284,000 Residential real estate 92,000 96,000 Consumer: Secured by real estate 200,000 325,000 Total nonaccrual loans $ 2,539,000 $ 3,628,000 At June 30, 2015 and December 31, 2014, 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 six months ended June 30, 2015 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 $ 4,087,000 $ 3,539,000 $ 4,146,000 $ 98,000 Other 61,000 53,000 55,000 1,000 Commercial real estate 4,174,000 2,848,000 3,000,000 60,000 Commercial construction 301,000 262,000 275,000 Residential real estate 130,000 92,000 94,000 Consumer: Secured by real estate 200,000 200,000 283,000 With an allowance recorded: Commercial: Secured by real estate 812,000 591,000 $ 346,000 469,000 9,000 Other 492,000 489,000 87,000 571,000 18,000 Commercial real estate 5,612,000 5,602,000 665,000 5,618,000 95,000 $ 15,869,000 $ 13,676,000 $ 1,098,000 $ 14,511,000 $ 281,000 During the six months ended June 30, 2015, no interest income was recognized on a cash basis. At and for the year ended December 31, 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 $ 5,997,000 $ 4,838,000 $ 5,443,000 $ 225,000 Other 66,000 58,000 65,000 3,000 Commercial real estate 4,609,000 3,279,000 6,755,000 155,000 Commercial construction 652,000 288,000 517,000 71,000 Residential real estate 132,000 96,000 526,000 Consumer: Secured by real estate 333,000 326,000 506,000 With an allowance recorded: Commercial: Secured by real estate 458,000 436,000 $ 213,000 437,000 16,000 Other 713,000 710,000 10,000 750,000 44,000 Commercial real estate 5,643,000 5,634,000 697,000 3,922,000 233,000 Commercial construction 420,000 $ 18,603,000 $ 15,665,000 $ 920,000 $ 19,341,000 $ 747,000 During the year ended December 31, 2014, 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 June 30, 2015 and December 31, 2014. Nonaccrual loans are included in the disclosure by payment status. June 30, 2015 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 $ 430,000 $ $ 1,177,000 $ 1,607,000 $ 41,896,000 $ 43,503,000 Other 85,000 85,000 25,963,000 26,048,000 Commercial real estate 615,000 615,000 315,731,000 316,346,000 Commercial construction 2,652,000 2,652,000 Residential real estate 92,000 92,000 82,394,000 82,486,000 Consumer: Secured by real estate 149,000 200,000 349,000 28,083,000 28,432,000 Other 649,000 649,000 Government Guaranteed Loans 6,777,000 6,777,000 Other 213,000 213,000 Total $ 664,000 $ $ 2,084,000 $ 2,748,000 $ 504,358,000 $ 507,106,000 December 31, 2014 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 $ 546,000 $ $ 1,508,000 $ 2,054,000 $ 44,491,000 $ 46,545,000 Other 225,000 225,000 29,082,000 29,307,000 Commercial real estate 330,000 836,000 1,166,000 284,897,000 286,063,000 Commercial construction 4,215,000 4,215,000 Residential real estate 77,836,000 77,836,000 Consumer: Secured by real estate 249,000 249,000 27,070,000 27,319,000 Other 939,000 939,000 Government Guaranteed Loans 5,000,000 5,000,000 Other 96,000 96,000 Total $ 771,000 $ 330,000 $ 2,593,000 $ 3,694,000 $ 473,626,000 $ 477,320,000 Troubled Debt Restructurings In order to determine whether a borrower is experiencing financial difficulty necessitating a restructuring, 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. A loan is considered to be in payment default once it is contractually 90 days past due under the modified terms. At June 30, 2015 and December 31, 2014, the Corporation had $ 11.5 12.9 11.1 12.0 1,001,000 868,000 40,000 0 There are no troubled debt restructurings for which there was a payment default within twelve months following the modification. There were no new loans classified as a troubled debt restructuring during the three and six months ended June 30, 2015 or June 30, 2014. 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 Substandard Doubtful Loss 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 June 30, 2015 and December 31, 2014, and based on the most recent analysis performed at those times, the risk category of loans by class is as follows: June 30, 2015 Special Pass Mention Substandard Doubtful Loss Total Commercial: Secured by real estate $ 38,273,000 $ 3,749,000 $ 1,481,000 $ $ $ 43,503,000 Other 25,005,000 330,000 713,000 26,048,000 Commercial real estate 308,017,000 3,169,000 5,160,000 316,346,000 Commercial construction 2,652,000 2,652,000 Total $ 373,947,000 $ 7,248,000 $ 7,354,000 $ $ $ 388,549,000 December 31, 2014 Special Pass Mention Substandard Doubtful Loss Total Commercial: Secured by real estate $ 41,091,000 $ 3,531,000 $ 1,923,000 $ $ $ 46,545,000 Other 27,903,000 616,000 788,000 29,307,000 Commercial real estate 274,788,000 5,521,000 5,754,000 286,063,000 Commercial construction 2,709,000 1,506,000 4,215,000 Total $ 346,491,000 $ 11,174,000 $ 8,465,000 $ $ $ 366,130,000 The Corporation considers the performance of the loan portfolio and its impact on the allowance for loans 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 June 30, 2015 and December 31, 2014. June 30, 2015 Past Due and Current Nonaccrual Total Residential real estate $ 82,394,000 $ 92,000 $ 82,486,000 Consumer: Secured by real estate 26,786,000 1,646,000 28,432,000 Other 641,000 8,000 649,000 Total $ 109,821,000 $ 1,746,000 $ 111,567,000 December 31, 2014 Past Due and Current Nonaccrual Total Residential real estate $ 77,740,000 $ 96,000 $ 77,836,000 Consumer: Secured by real estate 25,867,000 1,452,000 27,319,000 Other 930,000 9,000 939,000 Total $ 104,537,000 $ 1,557,000 $ 106,094,000 |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 6 Months Ended |
Jun. 30, 2015 | |
Fair Value of Financial Instruments [Abstract] | |
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 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 June 30, 2015 Assets: Available-for-sale securities U.S. government - sponsored agencies $ 24,309,000 $ $ 24,309,000 $ Obligations of state and political subdivisions 1,393,000 1,393,000 Mortgage-backed securities - residential 48,673,000 48,673,000 Asset-backed securities 9,864,000 9,864,000 Corporate debt 2,999,000 2,999,000 Other equity investments 3,612,000 3,552,000 60,000 Total available-for- sale securities $ 90,850,000 $ 3,552,000 $ 87,298,000 $ Liabilities: Interest rate swap $ 194,000 $ $ 194,000 $ At December 31, 2014 Assets: Available-for-sale securities U.S. government - sponsored agencies $ 30,274,000 $ $ 30,274,000 $ Obligations of state and political subdivisions 1,400,000 1,400,000 Mortgage-backed securities - residential 76,743,000 76,743,000 Asset-backed securities 9,915,000 9,915,000 Corporate debt 2,997,000 2,997,000 Other equity investments 3,589,000 3,529,000 60,000 Total available-for- sale securities $ 124,918,000 $ 3,529,000 $ 121,389,000 $ Liabilities: Interest rate swap $ 314,000 $ $ 314,000 $ There were no transfers of assets between Level 1 and Level 2 during the six months ended June 30, 2015 or during the year ended December 31, 2014. There were no changes to the valuation techniques for fair value measurements as of June 30, 2015 and December 31, 2014. Assets and Liabilities Measured on a Non-Recurring Basis There were no assets or liabilities measured at fair value on a non-recurring basis at June 30, 2015. At December 31, 2014, assets and liabilities measured at fair value on a non-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 June 30, 2015 Assets: Other Real Estate Owned 219,000 219,000 $ 219,000 $ $ $ 219,000 At December 31, 2014 Assets: Impaired loans Commercial: Secured by real estate $ 1,348,000 $ $ $ 1,348,000 Commercial real estate 205,000 205,000 Consumer Secured by real estate 49,000 49,000 Other Real Estate Owned 1,117,000 1,117,000 $ 2,719,000 $ $ $ 2,719,000 Collateral-dependent impaired loans measured for impairment using the fair value of the collateral had a recorded investment value of $ 1,690,000 88,000 155,000 OREO had a recorded investment value of $ 279,000 60,000 1,375,000 67,000 60,000 78,000 For the Level 3 assets measured at fair value on a non-recurring basis at June 30, 2015 and June 30, 2015 Fair Assets Value Valuation Technique Unobservable Inputs Range Other real estate owned $ 219,000 Comparable real estate sales Adjustments for differences 0 21 and / or the income approach. between comparable sales and income data available. Estimated selling costs. 7 December 31, 2014 Fair Assets Value Valuation Technique Unobservable Inputs Range Impaired loans $ 1,602,000 Comparable real estate sales Adjustments for differences 5 25 and / or the income approach. between comparable sales and income data available. Estimated selling costs. 7% Other real estate owned $ 1,117,000 Comparable real estate sales Adjustments for differences 0 62 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 June 30, 2015 Financial assets: Cash and cash equivalents $ 19,782,000 $ 19,782,000 $ $ Securities available for sale 90,850,000 3,552,000 87,298,000 Securities held to maturity 58,363,000 59,194,000 FHLB-NY stock 2,833,000 N/A N/A N/A Mortgage loans held for sale 1,416,000 1,416,000 Loans, net 497,674,000 503,190,000 Accrued interest receivable 1,906,000 532,000 1,374,000 Financial liabilities: Deposits 585,999,000 442,435,000 144,076,000 FHLB-NY advances 45,000,000 45,435,000 Subordinated debentures 7,217,000 7,199,000 Accrued interest payable 366,000 1,000 347,000 18,000 Interest rate swap 194,000 194,000 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, 2014 Financial assets: Cash and cash equivalents $ 10,086,000 $ 10,086,000 $ $ Securities available for sale 124,918,000 3,529,000 121,389,000 Securities held to maturity 55,097,000 56,233,000 FHLB-NY stock 3,777,000 N/A N/A N/A Loans, net 467,699,000 478,451,000 Accrued interest receivable 1,994,000 646,000 1,348,000 Financial liabilities: Deposits 556,476,000 424,117,000 132,513,000 FHLB-NY advances 66,700,000 67,087,000 Subordinated debentures 7,217,000 7,203,000 Accrued interest payable 308,000 1,000 288,000 19,000 Interest rate swap 314,000 314,000 The following methods and assumptions were used to estimate the fair value of each class of financial instrument: Cash and cash equivalents Securities available-for-sale and held to maturity Mortgage loans held for sale Loans, net FHLB-NY stock - Accrued interest receivable Deposits FHLB-NY advances Securities sold under agreements to repurchase Subordinated debentures Accrued interest payable Interest rate swap Commitments to extend credit Limitations The preceding fair value estimates were made at June 30, 2015 and December 31, 2014 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 June 30, 2015 and December 31, 2014, 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 | 6 Months Ended |
Jun. 30, 2015 | |
Earnings Per Share [Abstract] | |
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 Six Months Ended June 30, June 30, 2015 2014 2015 2014 Net income $ 1,222,000 $ 726,000 $ 2,139,000 $ 1,232,000 Dividends on preferred stock 171,000 171,000 342,000 342,000 Net income available to common stockholders $ 1,051,000 $ 555,000 $ 1,797,000 $ 890,000 Weighted average common shares outstanding - basic 6,086,474 5,999,897 6,066,191 5,978,511 Effect of dilutive securities - stock options N/A N/A N/A N/A Weighted average common shares outstanding - diluted 6,086,474 5,999,897 6,066,191 5,978,511 Basic earnings per common share $ 0.17 $ 0.09 $ 0.30 $ 0.15 Diluted earnings per common share $ 0.17 $ 0.09 $ 0.30 $ 0.15 There were no stock options to purchase shares of common stock for the three and six months ended June 30, 2015. |
Preferred Stock
Preferred Stock | 6 Months Ended |
Jun. 30, 2015 | |
Preferred Stock [Abstract] | |
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 15,000 1,000 15 The terms of the Series B Preferred Shares impose restrictions on the Corporation's ability to declare or pay dividends or purchase, redeem or otherwise acquire for consideration, shares of our 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 was subject to fluctuation on a quarterly basis during the first ten quarters during which the Series B Preferred Shares were 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, since then, for the eleventh dividend period through that portion of the nineteenth dividend period prior to the four and one-half year anniversary of the Series B Preferred Issue Date (i.e., through February 29, 2016) the dividend rate became fixed at 4.56%. 9 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 of the issuance, by 10% for each 1% increase in QSBL over the baseline level. In addition, the Series B Preferred Shares are non-voting except in limited circumstances and, in the event that the Corporation has not timely declared and paid dividends on the Series B Preferred Shares for six 25 two |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income | 6 Months Ended |
Jun. 30, 2015 | |
Accumulated Other Comprehensive Income (Loss) [Abstract] | |
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 June 30, 2015 June 30, 2014 Tax Tax Gross Effect Net Gross Effect Net Net income $ 1,895,000 $ (673,000 ) $ 1,222,000 $ 1,077,000 $ (351,000 ) $ 726,000 Other comprehensive (loss) income: Change in unrealized holding gains (losses) on securities available-for-sale (525,000 ) 200,000 (325,000 ) 2,645,000 (1,024,000 ) 1,621,000 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 56,000 (22,000 ) 34,000 18,000 (7,000 ) 11,000 Change in fair value of interest rate swap 62,000 (25,000 ) 37,000 56,000 (23,000 ) 33,000 Total other comprehensive income (loss) (407,000 ) 153,000 (254,000 ) 1,977,000 (769,000 ) 1,208,000 Total comprehensive income (loss) $ 1,488,000 $ (520,000 ) $ 968,000 $ 3,054,000 $ (1,120,000 ) $ 1,934,000 Six Months Ended June 30, 2015 June 30, 2014 Tax Tax Gross Effect Net Gross Effect Net Net income $ 3,2 6 $ (1,126,000 ) $ 2,139,000 $ 1,688,000 $ (456,000 ) $ 1,232,000 Other comprehensive (loss) income: Change in unrealized holding gains (losses) on securities available-for-sale 226,000 (88,000 ) 138,000 4,343,000 (1,683,000 ) 2,660,000 Reclassification adjustment for gains in net income (152,000 ) 61,000 (91,000 ) 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 195,000 (74,000 ) 121,000 18,000 (7,000 ) 11,000 Change in fair value of interest rate swap 119,000 (48,000 ) 71,000 114,000 (46,000 ) 68,000 Total other comprehensive income (loss) 388,000 (149,000 ) 239,000 3,733,000 (1,451,000 ) 2,282,000 Total comprehensive income (loss) $ 3,653,000 $ (1,275,000 ) $ 2,378,000 $ 5,421,000 $ (1,907,000 ) $ 3,514,000 The following table presents the after-tax changes in the balances of each component of accumulated other comprehensive income for the three and six months ended June 30, 2015 and 2014. Three Months Ended June 30, 2015 Components of Accumulated Other Comprehensive Income (Loss) Total Unrealized Gains Loss on securities Unrealized Accumulated and (Losses) on reclassified from Gains and Other Available-for-Sale Available-for-Sale (Losses) on Comprehensive (AFS) Securities to Held to Maturity Derivatives Income (Loss) Balance at March 31, 2015 $ (20,000 ) $ (290,000 ) $ (154,000 ) $ (464,000 ) Other comprehensive income (loss) before reclassifications (325,000 ) 34,000 37,000 (254,000 ) Amounts reclassified from other comprehensive income Other comprehensive income (loss), net (325,000 ) 34,000 37,000 (254,000 ) Balance at June 30, 2015 $ (345,000 ) $ (256,000 ) $ (117,000 ) $ (718,000 ) Six Months Ended June 30, 2015 Components of Accumulated Other Comprehensive Income (Loss) Total Unrealized Gains Loss on securities Unrealized Accumulated and (Losses) on reclassified from Gains and Other Available-for-Sale Available-for-Sale (Losses) on Comprehensive (AFS) Securities to Held to Maturity Derivatives Income (Loss) Balance at December 31, 2014 $ (392,000 ) $ (377,000 ) $ (188,000 ) $ (957,000 ) Other comprehensive income (loss) before reclassifications 138,000 121,000 71,000 330,000 Amounts reclassified from other comprehensive income (91,000 ) (91,000 ) Other comprehensive income (loss), net 47,000 121,000 71,000 239,000 Balance at June 30, 2015 $ (345,000 ) $ (256,000 ) $ (117,000 ) $ (718,000 ) Three Months Ended June 30, 2014 Components of Accumulated Other Comprehensive Income (Loss) Total Unrealized Gains Loss on securities Unrealized Accumulated and (Losses) on reclassified from Gains and Other Available-for-Sale Available-for-Sale (Losses) on Comprehensive (AFS) Securities to Held to Maturity Derivatives Income (Loss) Balance at March 31, 2014 $ (2,416,000 ) $ $ (300,000 ) $ (2,716,000 ) Other comprehensive income (loss) before reclassifications 1,621,000 (446,000 ) 33,000 1,208,000 Other comprehensive income (loss), net 1,621,000 (446,000 ) 33,000 1,208,000 Balance at June 30, 2014 $ (795,000 ) $ (446,000 ) $ (267,000 ) $ (1,508,000 ) Six Months Ended June 30, 2014 Components of Accumulated Other Comprehensive Income (Loss) Total Unrealized Gains Loss on securities Unrealized Accumulated and (Losses) on reclassified from Gains and Other Available-for-Sale Available-for-Sale (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 2,660,000 (446,000 ) 68,000 2,282,000 Other comprehensive income (loss), net 2,660,000 (446,000 ) 68,000 2,282,000 Balance at June 30, 2014 $ (795,000 ) $ (446,000 ) $ (267,000 ) $ (1,508,000 ) The following table presents amounts reclassified from each component of accumulated other comprehensive income on a gross and net of tax basis for the three and Three and Income Components of Accumulated Other June 30, Statement Comprehensive Income (Loss) 2015 2014 Line Item Unrealized gains on AFS securities before tax $ 152,000 $ Gains on securities transactions, net Tax effect (61,000 ) Total net of tax 91,000 Total reclassifications, net of tax $ 91,000 $ |
Summary of Significant Accoun15
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2015 | |
Summary of Significant Accounting Policies [Abstract] | |
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. 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 and deferred income taxes. Management believes the Corporation's policies with respect to the methodology for the determination of the allowance for loan losses and the evaluation of deferred income taxes involves a higher degree of complexity and requires management to make difficult and subjective judgments, which often require assumptions or estimates about highly uncertain matters. Changes in these judgments, assumptions or estimates could materially impact results of operations. These critical policies and their application are periodically reviewed with the Audit Committee and the Board of Directors. |
Adoption of New Accounting Standards | Adoption of New Accounting Standards In January 2014, the Financial Accounting Standards Board (the FASB) issued Accounting Standards Update (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 did not have a material impact on the Corporation's consolidated financial statements. In April 2015, the FASB issued ASU 2015-03, Interest Imputation of Interest (Subtopic 835-30) Simplifying the Presentation of Debt Issuance Costs. This ASU is part of the FASB's initiative to reduce complexity in accounting standards. To simplify presentation of debt issuance costs, the amendments in this ASU require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected by the amendments in this ASU. The amendments in ASU 2015-03 are effective for fiscal years, including interim periods, beginning after December 15, 2015. Early adoption of ASU 2015-03 is permitted for financial statements that have not been previously issued. The adoption of the amendments in this standard are not expected to have a material impact on the Corporation's consolidated financial statements. |
Securities - Available-for-Sa16
Securities - Available-for-Sale and Held to Maturity (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Securities - Available-for-Sale and Held to Maturity [Abstract] | |
Schedule of Fair Value of Securities Available For Sale and Related Gross Unrealized Gains and Losses | June 30, 2015 Amortized Gross Unrealized Fair Cost Gains Losses Value U.S. government-sponsored agencies $ 24,540,000 $ 96,000 $ 327,000 $ 24,309,000 Obligations of state and political subdivisions 1,415,000 2,000 24,000 1,393,000 Mortgage-backed securities - residential 48,859,000 320,000 506,000 48,673,000 Asset-backed securities (a) 9,874,000 30,000 40,000 9,864,000 Corporate debt 2,999,000 8,000 8,000 2,999,000 Total debt securities 87,687,000 456,000 905,000 87,238,000 Other equity investments 3,722,000 110,000 3,612,000 $ 91,409,000 $ 456,000 $ 1,015,000 $ 90,850,000 December 31, 2014 Amortized Gross Unrealized Fair Cost Gains Losses Value U.S. government-sponsored agencies $ 30,701,000 $ 94,000 $ 521,000 $ 30,274,000 Obligations of state and political subdivisions 1,420,000 2,000 22,000 1,400,000 Mortgage-backed securities - residential 76,894,000 521,000 672,000 76,743,000 Asset-backed securities (a) 9,874,000 57,000 16,000 9,915,000 Corporate debt 2,998,000 6,000 7,000 2,997,000 Total debt securities 121,887,000 680,000 1,238,000 121,329,000 Other equity investments 3,664,000 75,000 3,589,000 $ 125,551,000 $ 680,000 $ 1,313,000 $ 124,918,000 (a) Collateralized by student loans |
Schedule of Held to Maturity Securities and Related Unrecognized Gains and Losses | June 30, 2015 Amortized Gross Unrealized Fair Cost Gains Losses Value U.S. Treasury $ 998,000 $ $ 8,000 $ 990,000 U.S. government-sponsored agencies 13,483,000 121,000 29,000 13,575,000 Obligations of state and political subdivisions 12,589,000 391,000 12,980,000 Mortgage-backed securities - residential 31,293,000 424,000 68,000 31,649,000 $ 58,363,000 $ 936,000 $ 105,000 $ 59,194,000 December 31, 2014 Amortized Gross Unrealized Fair Cost Gains Losses Value U.S. Treasury $ $ $ $ U.S. government-sponsored agencies 11,962,000 177,000 12,139,000 Obligations of state and political subdivisions 15,636,000 514,000 16,150,000 Mortgage-backed securities - residential 27,499,000 511,000 66,000 27,944,000 $ 55,097,000 $ 1,202,000 $ 66,000 $ 56,233,000 |
Amortized Cost and Fair Value of the Investment Securities Portfolio by Contractual Maturity. | June 30, 2015 Amortized Fair Cost Value Available-for-sale Within one year $ 499,000 $ 500,000 After one year, but within five years 13,181,000 13,116,000 After five years, but within ten years 7,895,000 7,955,000 After ten years 7,379,000 7,130,000 Mortgage-backed securities - residential 48,859,000 48,673,000 Asset-backed securities 9,874,000 9,864,000 Total $ 87,687,000 $ 87,238,000 Held to maturity Within one year $ 1,522,000 $ 1,537,000 After one year, but within five years 13,098,000 13,375,000 After five years, but within ten years 11,508,000 11,675,000 After ten years 942,000 958,000 Mortgage-backed securities - residential 31,293,000 31,649,000 Total $ 58,363,000 $ 59,194,000 |
Schedule of Continuous unrealized loss position for investment securities available for sale and held to maturity | Available-for-Sale June 30, 2015 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 $ 7,237,000 $ (37,000 ) $ 10,590,000 $ (290,000 ) $ 17,827,000 $ (327,000 ) Obligations of state and political subdivisions 986,000 (24,000 ) 986,000 (24,000 ) Mortgage-backed securities - residential 5,607,000 (56,000 ) 19,410,000 (450,000 ) 25,017,000 (506,000 ) Asset-backed securities 2,993,000 (40,000 ) 2,993,000 (40,000 ) Corporate debt 1,492,000 (8,000 ) 1,492,000 (8,000 ) Other equity investments 3,552,000 (110,000 ) 3,552,000 (110,000 ) Total temporarily impaired securities $ 16,823,000 $ (157,000 ) $ 35,044,000 $ (858,000 ) $ 51,867,000 $ (1,015,000 ) December 31, 2014 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 $ $ $ 23,750,000 $ (521,000 ) $ 23,750,000 $ (521,000 ) Obligations of state and political subdivisions 992,000 (22,000 ) 992,000 (22,000 ) Mortgage-backed securities - residential 5,985,000 (22,000 ) 30,445,000 (650,000 ) 36,430,000 (672,000 ) Asset-backed securities 3,022,000 (16,000 ) 3,022,000 (16,000 ) Corporate debt 1,494,000 (7,000 ) 1,494,000 (7,000 ) Other equity investments 3,529,000 (75,000 ) 3,529,000 (75,000 ) Total temporarily impaired securities $ 9,007,000 $ (38,000 ) $ 60,210,000 $ (1,275,000 ) $ 69,217,000 $ (1,313,000 ) Held to Maturity June 30, 2015 Less than 12 Months 12 Months or Longer Total Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses U.S. Treasury $ 990,000 $ (8,000 ) $ $ $ 990,000 $ (8,000 ) U.S. government- sponsored agencies 5,956,000 (29,000 ) 5,956,000 (29,000 ) Mortgage-backed securities - residential 7,163,000 (41,000 ) 1,227,000 (27,000 ) 8,390,000 (68,000 ) Total temporarily impaired securities $ 14,109,000 $ (78,000 ) $ 1,227,000 $ (27,000 ) $ 15,336,000 $ (105,000 ) December 31, 2014 Less than 12 Months 12 Months or Longer Total Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses U.S. Treasury $ $ $ $ $ $ U.S. government- sponsored agencies Mortgage-backed securities - residential 8,788,000 (66,000 ) 8,788,000 (66,000 ) Total temporarily impaired securities $ 8,788,000 $ (66,000 ) $ $ $ 8,788,000 $ (66,000 ) |
Loans and Allowance for Loan 17
Loans and Allowance for Loan Losses (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Loans and Allowance for Loan Losses [Abstract] | |
Loan Portfolio Schedule | June 30, December 31, 2015 2014 Commercial: Secured by real estate $ 43,503,000 $ 46,545,000 Other 26,048,000 29,307,000 Commercial real estate 316,346,000 286,063,000 Commercial construction 2,652,000 4,215,000 Residential real estate 82,486,000 77,836,000 Consumer: Secured by real estate 28,432,000 27,319,000 Other 649,000 939,000 Government Guaranteed Loans - guaranteed portion 6,777,000 5,000,000 Other 213,000 96,000 Total gross loans 507,106,000 477,320,000 Less: Deferred loan fees, net of costs 133,000 19,000 Allowance for loan losses 9,299,000 9,602,000 9,432,000 9,621,000 Loans, net $ 497,674,000 $ 467,699,000 |
Schedule of Allowance for Loan Losses | For the three months ended June 30, 2015 Balance, Provision Recoveries Balance, beginning charged Loans of loans end of period to operations charged off charged off of period Commercial $ 3,703,000 $ (503,000 ) $ (1,000 ) $ 118,000 $ 3,317,000 Commercial real estate 5,116,000 99,000 74,000 5,289,000 Commercial construction 106,000 (200,000 ) 108,000 14,000 Residential real estate 146,000 (6,000 ) 140,000 Consumer 151,000 (13,000 ) 1,000 139,000 Other loans 4,000 (1,000 ) 3,000 Unallocated 378,000 19,000 397,000 Total $ 9,600,000 $ (600,000 ) $ (2,000 ) $ 301,000 $ 9,299,000 For the six months ended June 30, 2015 Balance, Provision Recoveries Balance, beginning charged Loans of loans end of period to operations charged off charged off of period Commercial $ 3,704,000 $ (341,000 ) $ (272,000 ) $ 226,000 $ 3,317,000 Commercial real estate 5,017,000 171,000 101,000 5,289,000 Commercial construction 150,000 (477,000 ) 341,000 14,000 Residential real estate 142,000 (2,000) 140,000 Consumer 189,000 (52,000 ) 2,000 139,000 Other loans 2,000 2,000 (1,000) 3,000 Unallocated 398,000 (1,000 ) 397,000 Total $ 9,602,000 $ (700,000 ) $ (273,000 ) $ 670,000 $ 9,299,000 For the three months ended June 30, 2014 Balance, Provision Recoveries Balance, beginning charged Loans of loans end of period to operations charged off charged off of period Commercial $ 3,126,000 $ (94,000 ) $ (2,000 ) $ 38,000 $ 3,068,000 Commercial real estate 5,413,000 36,000 (63,000 ) 62,000 5,448,000 Commercial construction 135,000 (15,000 ) 120,000 Residential real estate 473,000 (21,000 ) 452,000 Consumer 253,000 8,000 (2,000 ) 259,000 Other loans 1,000 (1,000 ) Unallocated 391,000 87,000 478,000 Total $ 9,792,000 $ $ (67,000 ) $ 100,000 $ 9,825,000 For the six months ended June 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 $ (250,000 ) $ (183,000 ) $ 128,000 $ 3,068,000 Commercial real estate 5,665,000 (195,000 ) (87,000 ) 65,000 5,448,000 Commercial construction 117,000 3,000 120,000 Residential real estate 460,000 (8,000 ) 452,000 Consumer 288,000 (24,000 ) (5,000 ) 259,000 Other loans 3,000 (3,000 ) Unallocated 9,000 469,000 478,000 Total $ 9,915,000 $ $ (283,000 ) $ 193,000 $ 9,825,000 June 30, 2015 Commercial Commercial Residential Government Other Commercial Real Estate Construction Real Estate Consumer Guaranteed Loans Unallocated Total Allowance for loan losses: Ending allowance balance attributable to loans Individually evaluated for impairment $ 433,000 $ 665,000 $ $ $ $ $ $ $ 1,098,000 Collectively evaluated for impairment 2,884,000 4,624,000 14,000 140,000 139,000 3,000 397,000 8,201,000 Total ending allowance balance $ 3,317,000 $ 5,289,000 $ 14,000 $ 140,000 $ 139,000 $ $ 3,000 $ 397,000 $ 9,299,000 Loans: Loans individually evaluated for impairment $ 4,672,000 $ 8,450,000 $ 262,000 $ 92,000 $ 200,000 $ $ $ $ 13,676,000 Loans collectively evaluated for impairment 64,879,000 307,896,000 2,390,000 82,394,000 28,881,000 6,777,000 213,000 493,430,000 Total ending loan balance $ 69,551,000 $ 316,346,000 $ 2,652,000 $ 82,486,000 $ 29,081,000 $ 6,777,000 $ 213,000 $ $ 507,106,000 December 31, 2014 Commercial Commercial Residential Government Other Commercial Real Estate Construction Real Estate Consumer Guaranteed Loans Unallocated Total Allowance for loan losses: Ending allowance balance attributable to loans Individually evaluated for impairment $ 223,000 $ 697,000 $ $ $ $ $ $ $ 920,000 Collectively evaluated for impairment 3,481,000 4,320,000 150,000 142,000 189,000 2,000 398,000 8,682,000 Total ending allowance balance $ 3,704,000 $ 5,017,000 $ 150,000 $ 142,000 $ 189,000 $ $ 2,000 $ 398,000 $ 9,602,000 Loans: Loans individually evaluated for impairment $ 6,042,000 $ 8,913,000 $ 288,000 $ 96,000 $ 326,000 $ $ $ $ 15,665,000 Loans collectively evaluated for impairment 69,810,000 277,150,000 3,927,000 77,740,000 27,932,000 5,000,000 96,000 461,655,000 Total ending loan balance $ 75,852,000 $ 286,063,000 $ 4,215,000 $ 77,836,000 $ 28,258,000 $ 5,000,000 $ 96,000 $ $ 477,320,000 |
Schedule of Recorded Investment in Nonaccrual Loans | June 30, December 31, 2015 2014 Commercial: Secured by real estate $ 1,481,000 $ 1,923,000 Commercial real estate 766,000 1,284,000 Residential real estate 92,000 96,000 Consumer: Secured by real estate 200,000 325,000 Total nonaccrual loans $ 2,539,000 $ 3,628,000 |
Schedule of Recorded Investments in Impaired Loans | At and for the six months ended June 30, 2015 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 $ 4,087,000 $ 3,539,000 $ 4,146,000 $ 98,000 Other 61,000 53,000 55,000 1,000 Commercial real estate 4,174,000 2,848,000 3,000,000 60,000 Commercial construction 301,000 262,000 275,000 Residential real estate 130,000 92,000 94,000 Consumer: Secured by real estate 200,000 200,000 283,000 With an allowance recorded: Commercial: Secured by real estate 812,000 591,000 $ 346,000 469,000 9,000 Other 492,000 489,000 87,000 571,000 18,000 Commercial real estate 5,612,000 5,602,000 665,000 5,618,000 95,000 $ 15,869,000 $ 13,676,000 $ 1,098,000 $ 14,511,000 $ 281,000 At and for the year ended December 31, 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 $ 5,997,000 $ 4,838,000 $ 5,443,000 $ 225,000 Other 66,000 58,000 65,000 3,000 Commercial real estate 4,609,000 3,279,000 6,755,000 155,000 Commercial construction 652,000 288,000 517,000 71,000 Residential real estate 132,000 96,000 526,000 Consumer: Secured by real estate 333,000 326,000 506,000 With an allowance recorded: Commercial: Secured by real estate 458,000 436,000 $ 213,000 437,000 16,000 Other 713,000 710,000 10,000 750,000 44,000 Commercial real estate 5,643,000 5,634,000 697,000 3,922,000 233,000 Commercial construction 420,000 $ 18,603,000 $ 15,665,000 $ 920,000 $ 19,341,000 $ 747,000 |
Schedule of Aging of the Recorded Investment in Past Due Loans by Class of Loans | June 30, 2015 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 $ 430,000 $ $ 1,177,000 $ 1,607,000 $ 41,896,000 $ 43,503,000 Other 85,000 85,000 25,963,000 26,048,000 Commercial real estate 615,000 615,000 315,731,000 316,346,000 Commercial construction 2,652,000 2,652,000 Residential real estate 92,000 92,000 82,394,000 82,486,000 Consumer: Secured by real estate 149,000 200,000 349,000 28,083,000 28,432,000 Other 649,000 649,000 Government Guaranteed Loans 6,777,000 6,777,000 Other 213,000 213,000 Total $ 664,000 $ $ 2,084,000 $ 2,748,000 $ 504,358,000 $ 507,106,000 December 31, 2014 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 $ 546,000 $ $ 1,508,000 $ 2,054,000 $ 44,491,000 $ 46,545,000 Other 225,000 225,000 29,082,000 29,307,000 Commercial real estate 330,000 836,000 1,166,000 284,897,000 286,063,000 Commercial construction 4,215,000 4,215,000 Residential real estate 77,836,000 77,836,000 Consumer: Secured by real estate 249,000 249,000 27,070,000 27,319,000 Other 939,000 939,000 Government Guaranteed Loans 5,000,000 5,000,000 Other 96,000 96,000 Total $ 771,000 $ 330,000 $ 2,593,000 $ 3,694,000 $ 473,626,000 $ 477,320,000 |
Schedule of Loans by Credit Quality Indicators | June 30, 2015 Special Pass Mention Substandard Doubtful Loss Total Commercial: Secured by real estate $ 38,273,000 $ 3,749,000 $ 1,481,000 $ $ $ 43,503,000 Other 25,005,000 330,000 713,000 26,048,000 Commercial real estate 308,017,000 3,169,000 5,160,000 316,346,000 Commercial construction 2,652,000 2,652,000 Total $ 373,947,000 $ 7,248,000 $ 7,354,000 $ $ $ 388,549,000 December 31, 2014 Special Pass Mention Substandard Doubtful Loss Total Commercial: Secured by real estate $ 41,091,000 $ 3,531,000 $ 1,923,000 $ $ $ 46,545,000 Other 27,903,000 616,000 788,000 29,307,000 Commercial real estate 274,788,000 5,521,000 5,754,000 286,063,000 Commercial construction 2,709,000 1,506,000 4,215,000 Total $ 346,491,000 $ 11,174,000 $ 8,465,000 $ $ $ 366,130,000 |
Schedule of Recorded Investment in Residential Real Estate and Consumer Loans Based on Payment Activity | June 30, 2015 Past Due and Current Nonaccrual Total Residential real estate $ 82,394,000 $ 92,000 $ 82,486,000 Consumer: Secured by real estate 26,786,000 1,646,000 28,432,000 Other 641,000 8,000 649,000 Total $ 109,821,000 $ 1,746,000 $ 111,567,000 December 31, 2014 Past Due and Current Nonaccrual Total Residential real estate $ 77,740,000 $ 96,000 $ 77,836,000 Consumer: Secured by real estate 25,867,000 1,452,000 27,319,000 Other 930,000 9,000 939,000 Total $ 104,537,000 $ 1,557,000 $ 106,094,000 |
Fair Value of Financial Instr18
Fair Value of Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Fair Value of Financial Instruments [Abstract] | |
Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis | 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 June 30, 2015 Assets: Available-for-sale securities U.S. government - sponsored agencies $ 24,309,000 $ $ 24,309,000 $ Obligations of state and political subdivisions 1,393,000 1,393,000 Mortgage-backed securities - residential 48,673,000 48,673,000 Asset-backed securities 9,864,000 9,864,000 Corporate debt 2,999,000 2,999,000 Other equity investments 3,612,000 3,552,000 60,000 Total available-for- sale securities $ 90,850,000 $ 3,552,000 $ 87,298,000 $ Liabilities: Interest rate swap $ 194,000 $ $ 194,000 $ At December 31, 2014 Assets: Available-for-sale securities U.S. government - sponsored agencies $ 30,274,000 $ $ 30,274,000 $ Obligations of state and political subdivisions 1,400,000 1,400,000 Mortgage-backed securities - residential 76,743,000 76,743,000 Asset-backed securities 9,915,000 9,915,000 Corporate debt 2,997,000 2,997,000 Other equity investments 3,589,000 3,529,000 60,000 Total available-for- sale securities $ 124,918,000 $ 3,529,000 $ 121,389,000 $ Liabilities: Interest rate swap $ 314,000 $ $ 314,000 $ |
Schedule of Assets and Liabilities Measured at Fair Value on Non-recurring Basis | 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 June 30, 2015 Assets: Other Real Estate Owned 219,000 219,000 $ 219,000 $ $ $ 219,000 At December 31, 2014 Assets: Impaired loans Commercial: Secured by real estate $ 1,348,000 $ $ $ 1,348,000 Commercial real estate 205,000 205,000 Consumer Secured by real estate 49,000 49,000 Other Real Estate Owned 1,117,000 1,117,000 $ 2,719,000 $ $ $ 2,719,000 |
Schedule of Fair Value Assumptions for Level 3 Asset Measurements | June 30, 2015 Fair Assets Value Valuation Technique Unobservable Inputs Range Other real estate owned $ 219,000 Comparable real estate sales Adjustments for differences 0 21 and / or the income approach. between comparable sales and income data available. Estimated selling costs. 7 December 31, 2014 Fair Assets Value Valuation Technique Unobservable Inputs Range Impaired loans $ 1,602,000 Comparable real estate sales Adjustments for differences 5 25 and / or the income approach. between comparable sales and income data available. Estimated selling costs. 7% Other real estate owned $ 1,117,000 Comparable real estate sales Adjustments for differences 0 62 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 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 June 30, 2015 Financial assets: Cash and cash equivalents $ 19,782,000 $ 19,782,000 $ $ Securities available for sale 90,850,000 3,552,000 87,298,000 Securities held to maturity 58,363,000 59,194,000 FHLB-NY stock 2,833,000 N/A N/A N/A Mortgage loans held for sale 1,416,000 1,416,000 Loans, net 497,674,000 503,190,000 Accrued interest receivable 1,906,000 532,000 1,374,000 Financial liabilities: Deposits 585,999,000 442,435,000 144,076,000 FHLB-NY advances 45,000,000 45,435,000 Subordinated debentures 7,217,000 7,199,000 Accrued interest payable 366,000 1,000 347,000 18,000 Interest rate swap 194,000 194,000 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, 2014 Financial assets: Cash and cash equivalents $ 10,086,000 $ 10,086,000 $ $ Securities available for sale 124,918,000 3,529,000 121,389,000 Securities held to maturity 55,097,000 56,233,000 FHLB-NY stock 3,777,000 N/A N/A N/A Loans, net 467,699,000 478,451,000 Accrued interest receivable 1,994,000 646,000 1,348,000 Financial liabilities: Deposits 556,476,000 424,117,000 132,513,000 FHLB-NY advances 66,700,000 67,087,000 Subordinated debentures 7,217,000 7,203,000 Accrued interest payable 308,000 1,000 288,000 19,000 Interest rate swap 314,000 314,000 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Common Share | Three Months Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 Net income $ 1,222,000 $ 726,000 $ 2,139,000 $ 1,232,000 Dividends on preferred stock 171,000 171,000 342,000 342,000 Net income available to common stockholders $ 1,051,000 $ 555,000 $ 1,797,000 $ 890,000 Weighted average common shares outstanding - basic 6,086,474 5,999,897 6,066,191 5,978,511 Effect of dilutive securities - stock options N/A N/A N/A N/A Weighted average common shares outstanding - diluted 6,086,474 5,999,897 6,066,191 5,978,511 Basic earnings per common share $ 0.17 $ 0.09 $ 0.30 $ 0.15 Diluted earnings per common share $ 0.17 $ 0.09 $ 0.30 $ 0.15 |
Accumulated Other Comprehensi20
Accumulated Other Comprehensive Income (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Accumulated Other Comprehensive Income (Loss) [Abstract] | |
Schedule of components of comprehensive income (loss) | Three Months Ended June 30, 2015 June 30, 2014 Tax Tax Gross Effect Net Gross Effect Net Net income $ 1,895,000 $ (673,000 ) $ 1,222,000 $ 1,077,000 $ (351,000 ) $ 726,000 Other comprehensive (loss) income: Change in unrealized holding gains (losses) on securities available-for-sale (525,000 ) 200,000 (325,000 ) 2,645,000 (1,024,000 ) 1,621,000 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 56,000 (22,000 ) 34,000 18,000 (7,000 ) 11,000 Change in fair value of interest rate swap 62,000 (25,000 ) 37,000 56,000 (23,000 ) 33,000 Total other comprehensive income (loss) (407,000 ) 153,000 (254,000 ) 1,977,000 (769,000 ) 1,208,000 Total comprehensive income (loss) $ 1,488,000 $ (520,000 ) $ 968,000 $ 3,054,000 $ (1,120,000 ) $ 1,934,000 Six Months Ended June 30, 2015 June 30, 2014 Tax Tax Gross Effect Net Gross Effect Net Net income $ 3,2 6 $ (1,126,000 ) $ 2,139,000 $ 1,688,000 $ (456,000 ) $ 1,232,000 Other comprehensive (loss) income: Change in unrealized holding gains (losses) on securities available-for-sale 226,000 (88,000 ) 138,000 4,343,000 (1,683,000 ) 2,660,000 Reclassification adjustment for gains in net income (152,000 ) 61,000 (91,000 ) 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 195,000 (74,000 ) 121,000 18,000 (7,000 ) 11,000 Change in fair value of interest rate swap 119,000 (48,000 ) 71,000 114,000 (46,000 ) 68,000 Total other comprehensive income (loss) 388,000 (149,000 ) 239,000 3,733,000 (1,451,000 ) 2,282,000 Total comprehensive income (loss) $ 3,653,000 $ (1,275,000 ) $ 2,378,000 $ 5,421,000 $ (1,907,000 ) $ 3,514,000 |
Schedule of Components of Accumulated Other Comprehensive Income | Three Months Ended June 30, 2015 Components of Accumulated Other Comprehensive Income (Loss) Total Unrealized Gains Loss on securities Unrealized Accumulated and (Losses) on reclassified from Gains and Other Available-for-Sale Available-for-Sale (Losses) on Comprehensive (AFS) Securities to Held to Maturity Derivatives Income (Loss) Balance at March 31, 2015 $ (20,000 ) $ (290,000 ) $ (154,000 ) $ (464,000 ) Other comprehensive income (loss) before reclassifications (325,000 ) 34,000 37,000 (254,000 ) Amounts reclassified from other comprehensive income Other comprehensive income (loss), net (325,000 ) 34,000 37,000 (254,000 ) Balance at June 30, 2015 $ (345,000 ) $ (256,000 ) $ (117,000 ) $ (718,000 ) Six Months Ended June 30, 2015 Components of Accumulated Other Comprehensive Income (Loss) Total Unrealized Gains Loss on securities Unrealized Accumulated and (Losses) on reclassified from Gains and Other Available-for-Sale Available-for-Sale (Losses) on Comprehensive (AFS) Securities to Held to Maturity Derivatives Income (Loss) Balance at December 31, 2014 $ (392,000 ) $ (377,000 ) $ (188,000 ) $ (957,000 ) Other comprehensive income (loss) before reclassifications 138,000 121,000 71,000 330,000 Amounts reclassified from other comprehensive income (91,000 ) (91,000 ) Other comprehensive income (loss), net 47,000 121,000 71,000 239,000 Balance at June 30, 2015 $ (345,000 ) $ (256,000 ) $ (117,000 ) $ (718,000 ) Three Months Ended June 30, 2014 Components of Accumulated Other Comprehensive Income (Loss) Total Unrealized Gains Loss on securities Unrealized Accumulated and (Losses) on reclassified from Gains and Other Available-for-Sale Available-for-Sale (Losses) on Comprehensive (AFS) Securities to Held to Maturity Derivatives Income (Loss) Balance at March 31, 2014 $ (2,416,000 ) $ $ (300,000 ) $ (2,716,000 ) Other comprehensive income (loss) before reclassifications 1,621,000 (446,000 ) 33,000 1,208,000 Other comprehensive income (loss), net 1,621,000 (446,000 ) 33,000 1,208,000 Balance at June 30, 2014 $ (795,000 ) $ (446,000 ) $ (267,000 ) $ (1,508,000 ) Six Months Ended June 30, 2014 Components of Accumulated Other Comprehensive Income (Loss) Total Unrealized Gains Loss on securities Unrealized Accumulated and (Losses) on reclassified from Gains and Other Available-for-Sale Available-for-Sale (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 2,660,000 (446,000 ) 68,000 2,282,000 Other comprehensive income (loss), net 2,660,000 (446,000 ) 68,000 2,282,000 Balance at June 30, 2014 $ (795,000 ) $ (446,000 ) $ (267,000 ) $ (1,508,000 ) |
Schedule of Amount Reclassified from each Component of Accumulated Other Comprehensive Income | Three and Income Components of Accumulated Other June 30, Statement Comprehensive Income (Loss) 2015 2014 Line Item Unrealized gains on AFS securities before tax $ 152,000 $ Gains on securities transactions, net Tax effect (61,000 ) Total net of tax 91,000 Total reclassifications, net of tax $ 91,000 $ |
Securities - Available-for-Sa21
Securities - Available-for-Sale and Held to Maturity (Narrative) (Details) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015USD ($)item | Jun. 30, 2014USD ($) | Jun. 30, 2015USD ($)item | Jun. 30, 2014USD ($) | |
Securities - Available-for-Sale and Held to Maturity [Abstract] | ||||
Cash proceeds realized from sales and calls of securities available for sale | $ 27,845,000 | |||
Gross realized gain from sales and calls of securities available for sale | 213,000 | |||
Gross realized losses from sales and calls of securities available for sale | 61,000 | |||
Proceeds from calls on securities held to maturity | $ 2,000,000 | $ 5,100,000 | ||
U.S. government-sponsored agency securities [Member] | ||||
Securities - Available-for-Sale and Held to Maturity [Line item] | ||||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Greater than or Equal to One Year | item | 8 | 8 | ||
Mortgage-backed securities [Member] | ||||
Securities - Available-for-Sale and Held to Maturity [Line item] | ||||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Greater than or Equal to One Year | item | 19 | 19 | ||
Held To Maturity Securities In Unrealized Loss Positions Qualitative Disclosure Number of Positions Greater Than Or Equal To One Year | item | 2 | 2 | ||
Corporate debt securities [Member] | ||||
Securities - Available-for-Sale and Held to Maturity [Line item] | ||||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Greater than or Equal to One Year | item | 2 | 2 |
Securities - Available-for-Sa22
Securities - Available-for-Sale and Held to Maturity (Schedule of Fair Value of Securities Available For Sale and Related Gross Unrealized Gains and Losses) (Details) - USD ($) | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2015 | Dec. 31, 2014 | ||
Available for sale securities | |||
Amortized Cost | $ 91,409,000 | $ 125,551,000 | |
Gross Unrealized Gains | 456,000 | 680,000 | |
Gross Unrealized Losses | 1,015,000 | 1,313,000 | |
Fair Value | 90,850,000 | 124,918,000 | |
U.S. government-sponsored agencies [Member] | |||
Available for sale securities | |||
Amortized Cost | 24,540,000 | 30,701,000 | |
Gross Unrealized Gains | 96,000 | 94,000 | |
Gross Unrealized Losses | 327,000 | 521,000 | |
Fair Value | 24,309,000 | 30,274,000 | |
Obligations of state and political and subdivisions [Member] | |||
Available for sale securities | |||
Amortized Cost | 1,415,000 | 1,420,000 | |
Gross Unrealized Gains | 2,000 | 2,000 | |
Gross Unrealized Losses | 24,000 | 22,000 | |
Fair Value | 1,393,000 | 1,400,000 | |
Mortgage-backed securities - residential [Member] | |||
Available for sale securities | |||
Amortized Cost | 48,859,000 | 76,894,000 | |
Gross Unrealized Gains | 320,000 | 521,000 | |
Gross Unrealized Losses | 506,000 | 672,000 | |
Fair Value | 48,673,000 | 76,743,000 | |
Asset-backed Securities [Member] | |||
Available for sale securities | |||
Amortized Cost | [1] | 9,874,000 | 9,874,000 |
Gross Unrealized Gains | [1] | 30,000 | 57,000 |
Gross Unrealized Losses | [1] | 40,000 | 16,000 |
Fair Value | [1] | 9,864,000 | 9,915,000 |
Corporate Debt Securities [Member] | |||
Available for sale securities | |||
Amortized Cost | 2,999,000 | 2,998,000 | |
Gross Unrealized Gains | 8,000 | 6,000 | |
Gross Unrealized Losses | 8,000 | 7,000 | |
Fair Value | 2,999,000 | 2,997,000 | |
Total debt securities [Member] | |||
Available for sale securities | |||
Amortized Cost | 87,687,000 | 121,887,000 | |
Gross Unrealized Gains | 456,000 | 680,000 | |
Gross Unrealized Losses | 905,000 | 1,238,000 | |
Fair Value | 87,238,000 | 121,329,000 | |
Other equity investments [Member] | |||
Available for sale securities | |||
Amortized Cost | $ 3,722,000 | $ 3,664,000 | |
Gross Unrealized Gains | |||
Gross Unrealized Losses | $ 110,000 | $ 75,000 | |
Fair Value | $ 3,612,000 | $ 3,589,000 | |
[1] | Collateralized by student loans |
Securities - Available-for-Sa23
Securities - Available-for-Sale and Held to Maturity (Schedule of Held to Maturity Securities and Related Unrecognized Gains and Losses) (Details) - USD ($) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2015 | Dec. 31, 2014 | |
Held to maturity securities | ||
Amortized Cost | $ 58,363,000 | $ 55,097,000 |
Gross Unrecognized Gains | 936,000 | 1,202,000 |
Gross Unrecognized Losses | 105,000 | 66,000 |
Fair Value | 59,194,000 | $ 56,233,000 |
U.S. Treasury [Member] | ||
Held to maturity securities | ||
Amortized Cost | $ 998,000 | |
Gross Unrecognized Gains | ||
Gross Unrecognized Losses | $ 8,000 | |
Fair Value | 990,000 | |
U.S. government-sponsored agencies [Member] | ||
Held to maturity securities | ||
Amortized Cost | 13,483,000 | $ 11,962,000 |
Gross Unrecognized Gains | 121,000 | $ 177,000 |
Gross Unrecognized Losses | 29,000 | |
Fair Value | 13,575,000 | $ 12,139,000 |
Obligations of state and political and subdivisions [Member] | ||
Held to maturity securities | ||
Amortized Cost | 12,589,000 | 15,636,000 |
Gross Unrecognized Gains | $ 391,000 | $ 514,000 |
Gross Unrecognized Losses | ||
Fair Value | $ 12,980,000 | $ 16,150,000 |
Mortgage-backed securities - residential [Member] | ||
Held to maturity securities | ||
Amortized Cost | 31,293,000 | 27,499,000 |
Gross Unrecognized Gains | 424,000 | 511,000 |
Gross Unrecognized Losses | 68,000 | 66,000 |
Fair Value | $ 31,649,000 | $ 27,944,000 |
Securities - Available-for-Sa24
Securities - Available-for-Sale and Held to Maturity (Schedule of Amortized Cost and Fair Value of the Investment Securities Portfolio by Contractual Maturity) (Details) - USD ($) | Jun. 30, 2015 | Dec. 31, 2014 |
Amortized Cost | ||
Within one year | $ 499,000 | |
After one year, but within five years | 13,181,000 | |
After five years, but within ten years | 7,895,000 | |
After ten years | 7,379,000 | |
Total | 87,687,000 | |
Fair value. | ||
Within one year | 500,000 | |
After one year, but within five years | 13,116,000 | |
After five years, but within ten years | 7,955,000 | |
After ten years | 7,130,000 | |
Total | 87,238,000 | |
Amortized Cost | ||
Within one year | 1,522,000 | |
After one year, but within five years | 13,098,000 | |
After five years, but within ten years | 11,508,000 | |
After ten years | 942,000 | |
Total | 58,363,000 | $ 55,097,000 |
Fair Value | ||
Within one year | 1,537,000 | |
After one year, but within five years | 13,375,000 | |
After five years, but within ten years | 11,675,000 | |
After ten years | 958,000 | |
Total | 59,194,000 | 56,233,000 |
Mortgage-backed securities - residential [Member] | ||
Amortized Cost | ||
Total | 48,859,000 | |
Fair value. | ||
Total | 48,673,000 | |
Amortized Cost | ||
Total | 31,293,000 | |
Fair Value | ||
Total | 31,649,000 | $ 27,944,000 |
Asset-backed Securities [Member] | ||
Amortized Cost | ||
Total | 9,874,000 | |
Fair value. | ||
Total | $ 9,864,000 |
Securities - Available-for-Sa25
Securities - Available-for-Sale and Held to Maturity (Schedule of Continuous Unrealized Loss Position for Investment Securities Available for Sale) (Details) - USD ($) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2015 | Dec. 31, 2014 | |
Available for sale securities, Continuous unrealized loss position | ||
Less than 12 Months, Fair Value | $ 16,823,000 | $ 9,007,000 |
Less than 12 Months, Unrealized Losses | (157,000) | (38,000) |
12 Months or Longer, Fair Value | 35,044,000 | 60,210,000 |
12 Months or Longer, Unrealized Losses | (858,000) | (1,275,000) |
Fair Value | 51,867,000 | 69,217,000 |
Unrealized Losses | (1,015,000) | (1,313,000) |
Held to maturity securities, Continuous unrealized loss position | ||
Less than 12 Months, Fair Value | 14,109,000 | 8,788,000 |
Less than 12 Months, Unrealized Losses | (78,000) | $ (66,000) |
12 Months or Longer, Fair Value | 1,227,000 | |
12 Months or Longer, Unrealized Losses | (27,000) | |
Fair Value | 15,336,000 | $ 8,788,000 |
Unrealized Losses | (105,000) | $ (66,000) |
U.S. government-sponsored agencies [Member] | ||
Available for sale securities, Continuous unrealized loss position | ||
Less than 12 Months, Fair Value | 7,237,000 | |
Less than 12 Months, Unrealized Losses | (37,000) | |
12 Months or Longer, Fair Value | 10,590,000 | $ 23,750,000 |
12 Months or Longer, Unrealized Losses | (290,000) | (521,000) |
Fair Value | 17,827,000 | 23,750,000 |
Unrealized Losses | (327,000) | $ (521,000) |
Held to maturity securities, Continuous unrealized loss position | ||
Less than 12 Months, Fair Value | 5,956,000 | |
Less than 12 Months, Unrealized Losses | $ (29,000) | |
12 Months or Longer, Fair Value | ||
12 Months or Longer, Unrealized Losses | ||
Fair Value | $ 5,956,000 | |
Unrealized Losses | (29,000) | |
Obligations of state and political and subdivisions [Member] | ||
Available for sale securities, Continuous unrealized loss position | ||
Less than 12 Months, Fair Value | 986,000 | |
Less than 12 Months, Unrealized Losses | $ (24,000) | |
12 Months or Longer, Fair Value | $ 992,000 | |
12 Months or Longer, Unrealized Losses | (22,000) | |
Fair Value | $ 986,000 | 992,000 |
Unrealized Losses | (24,000) | (22,000) |
Mortgage-backed securities - residential [Member] | ||
Available for sale securities, Continuous unrealized loss position | ||
Less than 12 Months, Fair Value | 5,607,000 | 5,985,000 |
Less than 12 Months, Unrealized Losses | (56,000) | (22,000) |
12 Months or Longer, Fair Value | 19,410,000 | 30,445,000 |
12 Months or Longer, Unrealized Losses | (450,000) | (650,000) |
Fair Value | 25,017,000 | 36,430,000 |
Unrealized Losses | (506,000) | (672,000) |
Held to maturity securities, Continuous unrealized loss position | ||
Less than 12 Months, Fair Value | 7,163,000 | 8,788,000 |
Less than 12 Months, Unrealized Losses | (41,000) | $ (66,000) |
12 Months or Longer, Fair Value | 1,227,000 | |
12 Months or Longer, Unrealized Losses | (27,000) | |
Fair Value | 8,390,000 | $ 8,788,000 |
Unrealized Losses | (68,000) | (66,000) |
Asset-backed Securities [Member] | ||
Available for sale securities, Continuous unrealized loss position | ||
Less than 12 Months, Fair Value | 2,993,000 | 3,022,000 |
Less than 12 Months, Unrealized Losses | $ (40,000) | $ (16,000) |
12 Months or Longer, Fair Value | ||
12 Months or Longer, Unrealized Losses | ||
Fair Value | $ 2,993,000 | $ 3,022,000 |
Unrealized Losses | $ (40,000) | $ (16,000) |
Corporate Debt Securities [Member] | ||
Available for sale securities, Continuous unrealized loss position | ||
Less than 12 Months, Fair Value | ||
Less than 12 Months, Unrealized Losses | ||
12 Months or Longer, Fair Value | $ 1,492,000 | $ 1,494,000 |
12 Months or Longer, Unrealized Losses | (8,000) | (7,000) |
Fair Value | 1,492,000 | 1,494,000 |
Unrealized Losses | $ (8,000) | $ (7,000) |
Other equity investments [Member] | ||
Available for sale securities, Continuous unrealized loss position | ||
Less than 12 Months, Fair Value | ||
Less than 12 Months, Unrealized Losses | ||
12 Months or Longer, Fair Value | $ 3,552,000 | $ 3,529,000 |
12 Months or Longer, Unrealized Losses | (110,000) | (75,000) |
Fair Value | 3,552,000 | 3,529,000 |
Unrealized Losses | (110,000) | $ (75,000) |
U.S. Treasury [Member] | ||
Held to maturity securities, Continuous unrealized loss position | ||
Less than 12 Months, Fair Value | 990,000 | |
Less than 12 Months, Unrealized Losses | $ (8,000) | |
12 Months or Longer, Fair Value | ||
12 Months or Longer, Unrealized Losses | ||
Fair Value | $ 990,000 | |
Unrealized Losses | $ (8,000) |
Loans and Allowance for Loan 26
Loans and Allowance for Loan Losses (Narrative) (Details) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015USD ($)N | Jun. 30, 2014N | Jun. 30, 2015USD ($)N | Jun. 30, 2014N | Dec. 31, 2014USD ($) | |
Loans participated by the Corporation to other organizations, recorded off-balance sheet | $ 11,470,000 | $ 11,470,000 | $ 12,948,000 | ||
Loans from related parties | |||||
Total value of modified loans in troubled debt restructurings | 11,500,000 | 11,500,000 | 12,900,000 | ||
Trouble debt restructuring classified as performing | 11,100,000 | 11,100,000 | 12,000,000 | ||
Specific reserve related to TDR | 1,001,000 | 1,001,000 | 868,000 | ||
Committed funds for construction loan, classified as troubled debt restructuring | $ 40,000 | $ 40,000 | $ 0 | ||
Number of loans classified as a trouble debt restructuring | N | 0 | 0 | 0 | 0 |
Loans and Allowance for Loan 27
Loans and Allowance for Loan Losses (Loan Portfolio Schedule) (Details) - USD ($) | Jun. 30, 2015 | Dec. 31, 2014 |
Gross loans | $ 507,106,000 | $ 477,320,000 |
Deferred loan fees, net of costs | 133,000 | 19,000 |
Allowance for loan losses | 9,299,000 | 9,602,000 |
Allowance net of deferred loan fees | 9,432,000 | 9,621,000 |
Loans, net | 497,674,000 | 467,699,000 |
Commercial loan secured by real estate [Member] | ||
Gross loans | 43,503,000 | 46,545,000 |
Commercial loan - Other [Member] | ||
Gross loans | 26,048,000 | 29,307,000 |
Commercial real estate [Member] | ||
Gross loans | 316,346,000 | 286,063,000 |
Allowance for loan losses | 5,289,000 | 5,017,000 |
Commercial Construction [Member] | ||
Gross loans | 2,652,000 | 4,215,000 |
Allowance for loan losses | 14,000 | 150,000 |
Residential real estate [Member] | ||
Gross loans | 82,486,000 | 77,836,000 |
Allowance for loan losses | 140,000 | 142,000 |
Consumer loan secured by real estate [Member] | ||
Gross loans | 28,432,000 | 27,319,000 |
Consumer loan - Other [Member] | ||
Gross loans | 649,000 | 939,000 |
Government Guaranteed Loans - guaranteed portion [Member] | ||
Gross loans | $ 6,777,000 | $ 5,000,000 |
Allowance for loan losses | ||
Other Loans [Member] | ||
Gross loans | $ 213,000 | $ 96,000 |
Allowance for loan losses | $ 3,000 | $ 2,000 |
Loans and Allowance for Loan 28
Loans and Allowance for Loan Losses (Schedule of Allowance for Loan Losses) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Activity in the allowance for loan losses | |||||
Balance at the beginning of period | $ 9,600,000 | $ 9,792,000 | $ 9,602,000 | $ 9,915,000 | $ 9,915,000 |
Provision charged to operations | (600,000) | (700,000) | |||
Loans charge-offs | (2,000) | $ (67,000) | (273,000) | $ (283,000) | |
Recoveries of loans charged-off | 301,000 | 100,000 | 670,000 | 193,000 | |
Balance at the end of period | 9,299,000 | 9,825,000 | 9,299,000 | 9,825,000 | 9,602,000 |
Commercial [Member] | |||||
Activity in the allowance for loan losses | |||||
Balance at the beginning of period | 3,703,000 | 3,126,000 | 3,704,000 | 3,373,000 | 3,373,000 |
Provision charged to operations | (503,000) | (94,000) | (341,000) | (250,000) | |
Loans charge-offs | (1,000) | (2,000) | (272,000) | (183,000) | |
Recoveries of loans charged-off | 118,000 | 38,000 | 226,000 | 128,000 | |
Balance at the end of period | 3,317,000 | 3,068,000 | 3,317,000 | 3,068,000 | 3,704,000 |
Commercial loan secured by real estate [Member] | |||||
Activity in the allowance for loan losses | |||||
Balance at the beginning of period | 5,116,000 | 5,413,000 | 5,017,000 | 5,665,000 | 5,665,000 |
Provision charged to operations | $ 99,000 | 36,000 | $ 171,000 | (195,000) | |
Loans charge-offs | (63,000) | (87,000) | |||
Recoveries of loans charged-off | $ 74,000 | 62,000 | $ 101,000 | 65,000 | |
Balance at the end of period | 5,289,000 | 5,448,000 | 5,289,000 | 5,448,000 | 5,017,000 |
Commercial Construction [Member] | |||||
Activity in the allowance for loan losses | |||||
Balance at the beginning of period | 106,000 | 135,000 | 150,000 | 117,000 | 117,000 |
Provision charged to operations | $ (200,000) | $ (15,000) | $ (477,000) | $ 3,000 | |
Loans charge-offs | |||||
Recoveries of loans charged-off | $ 108,000 | $ 341,000 | |||
Balance at the end of period | 14,000 | $ 120,000 | 14,000 | $ 120,000 | 150,000 |
Residential real estate [Member] | |||||
Activity in the allowance for loan losses | |||||
Balance at the beginning of period | 146,000 | 473,000 | 142,000 | $ 460,000 | 460,000 |
Provision charged to operations | $ (6,000) | $ (21,000) | $ (2,000) | ||
Loans charge-offs | $ (8,000) | ||||
Recoveries of loans charged-off | |||||
Balance at the end of period | $ 140,000 | $ 452,000 | $ 140,000 | $ 452,000 | 142,000 |
Consumer [Member] | |||||
Activity in the allowance for loan losses | |||||
Balance at the beginning of period | 151,000 | 253,000 | 189,000 | 288,000 | 288,000 |
Provision charged to operations | $ (13,000) | 8,000 | $ (52,000) | (24,000) | |
Loans charge-offs | $ (2,000) | $ (5,000) | |||
Recoveries of loans charged-off | $ 1,000 | $ 2,000 | |||
Balance at the end of period | $ 139,000 | $ 259,000 | 139,000 | $ 259,000 | 189,000 |
Other loans [Member] | |||||
Activity in the allowance for loan losses | |||||
Balance at the beginning of period | 1,000 | 2,000 | 3,000 | 3,000 | |
Provision charged to operations | $ 4,000 | $ (1,000) | 2,000 | $ (3,000) | |
Loans charge-offs | $ (1,000) | $ (1,000) | |||
Recoveries of loans charged-off | |||||
Balance at the end of period | $ 3,000 | $ 3,000 | 2,000 | ||
Unallocated Loans [Member] | |||||
Activity in the allowance for loan losses | |||||
Balance at the beginning of period | 378,000 | $ 391,000 | 398,000 | $ 9,000 | 9,000 |
Provision charged to operations | $ 19,000 | $ 87,000 | $ (1,000) | $ 469,000 | |
Loans charge-offs | |||||
Recoveries of loans charged-off | |||||
Balance at the end of period | $ 397,000 | $ 478,000 | $ 397,000 | $ 478,000 | $ 398,000 |
Loans and Allowance for Loan 29
Loans and Allowance for Loan Losses (Schedule of Allowance for Loan Losses and Recorded Investment in Loans by Portfolio Segment) (Details) - USD ($) | Jun. 30, 2015 | Dec. 31, 2014 |
Ending balances: Allowance for loan losses | ||
Allowance for loan losses Ending balance, Individually evaluated for impairment | $ 1,098,000 | $ 920,000 |
Allowance for loan losses Ending balance, Collectively evaluated for impairment | 8,201,000 | 8,682,000 |
Total Ending allowance balance | 9,299,000 | 9,602,000 |
Ending balances: Loans | ||
Loans Recorded investment Ending balance, Individually evaluated for impairment | 13,676,000 | 15,665,000 |
Loans Recorded investment Ending balance, Collectively evaluated for impairment | 493,430,000 | 461,655,000 |
Total loans | 507,106,000 | 477,320,000 |
Commercial [Member] | ||
Ending balances: Allowance for loan losses | ||
Allowance for loan losses Ending balance, Individually evaluated for impairment | 433,000 | 223,000 |
Allowance for loan losses Ending balance, Collectively evaluated for impairment | 2,884,000 | 3,481,000 |
Total Ending allowance balance | 3,317,000 | 3,704,000 |
Ending balances: Loans | ||
Loans Recorded investment Ending balance, Individually evaluated for impairment | 4,672,000 | 6,042,000 |
Loans Recorded investment Ending balance, Collectively evaluated for impairment | 64,879,000 | 69,810,000 |
Total loans | 69,551,000 | 75,852,000 |
Commercial real estate [Member] | ||
Ending balances: Allowance for loan losses | ||
Allowance for loan losses Ending balance, Individually evaluated for impairment | 665,000 | 697,000 |
Allowance for loan losses Ending balance, Collectively evaluated for impairment | 4,624,000 | 4,320,000 |
Total Ending allowance balance | 5,289,000 | 5,017,000 |
Ending balances: Loans | ||
Loans Recorded investment Ending balance, Individually evaluated for impairment | 8,450,000 | 8,913,000 |
Loans Recorded investment Ending balance, Collectively evaluated for impairment | 307,896,000 | 277,150,000 |
Total loans | $ 316,346,000 | $ 286,063,000 |
Commercial Construction [Member] | ||
Ending balances: Allowance for loan losses | ||
Allowance for loan losses Ending balance, Individually evaluated for impairment | ||
Allowance for loan losses Ending balance, Collectively evaluated for impairment | $ 14,000 | $ 150,000 |
Total Ending allowance balance | 14,000 | 150,000 |
Ending balances: Loans | ||
Loans Recorded investment Ending balance, Individually evaluated for impairment | 262,000 | 288,000 |
Loans Recorded investment Ending balance, Collectively evaluated for impairment | 2,390,000 | 3,927,000 |
Total loans | $ 2,652,000 | $ 4,215,000 |
Residential real estate [Member] | ||
Ending balances: Allowance for loan losses | ||
Allowance for loan losses Ending balance, Individually evaluated for impairment | ||
Allowance for loan losses Ending balance, Collectively evaluated for impairment | $ 140,000 | $ 142,000 |
Total Ending allowance balance | 140,000 | 142,000 |
Ending balances: Loans | ||
Loans Recorded investment Ending balance, Individually evaluated for impairment | 92,000 | 96,000 |
Loans Recorded investment Ending balance, Collectively evaluated for impairment | 82,394,000 | 77,740,000 |
Total loans | $ 82,486,000 | $ 77,836,000 |
Consumer [Member] | ||
Ending balances: Allowance for loan losses | ||
Allowance for loan losses Ending balance, Individually evaluated for impairment | ||
Allowance for loan losses Ending balance, Collectively evaluated for impairment | $ 139,000 | $ 189,000 |
Total Ending allowance balance | 139,000 | 189,000 |
Ending balances: Loans | ||
Loans Recorded investment Ending balance, Individually evaluated for impairment | 200,000 | 326,000 |
Loans Recorded investment Ending balance, Collectively evaluated for impairment | 28,881,000 | 27,932,000 |
Total loans | $ 29,081,000 | $ 28,258,000 |
Government Guaranteed [Member] | ||
Ending balances: Allowance for loan losses | ||
Allowance for loan losses Ending balance, Individually evaluated for impairment | ||
Allowance for loan losses Ending balance, Collectively evaluated for impairment | ||
Total Ending allowance balance | ||
Ending balances: Loans | ||
Loans Recorded investment Ending balance, Individually evaluated for impairment | ||
Loans Recorded investment Ending balance, Collectively evaluated for impairment | $ 6,777,000 | $ 5,000,000 |
Total loans | $ 6,777,000 | $ 5,000,000 |
Other Loans [Member] | ||
Ending balances: Allowance for loan losses | ||
Allowance for loan losses Ending balance, Individually evaluated for impairment | ||
Allowance for loan losses Ending balance, Collectively evaluated for impairment | $ 3,000 | $ 2,000 |
Total Ending allowance balance | $ 3,000 | $ 2,000 |
Ending balances: Loans | ||
Loans Recorded investment Ending balance, Individually evaluated for impairment | ||
Loans Recorded investment Ending balance, Collectively evaluated for impairment | $ 213,000 | $ 96,000 |
Total loans | $ 213,000 | $ 96,000 |
Unallocated Loans [Member] | ||
Ending balances: Allowance for loan losses | ||
Allowance for loan losses Ending balance, Individually evaluated for impairment | ||
Allowance for loan losses Ending balance, Collectively evaluated for impairment | $ 397,000 | $ 398,000 |
Total Ending allowance balance | $ 397,000 | $ 398,000 |
Ending balances: Loans | ||
Loans Recorded investment Ending balance, Individually evaluated for impairment | ||
Loans Recorded investment Ending balance, Collectively evaluated for impairment | ||
Total loans |
Loans and Allowance for Loan 30
Loans and Allowance for Loan Losses (Schedule of Recorded Investment in Nonaccrual Loans) (Details) - USD ($) | Jun. 30, 2015 | Dec. 31, 2014 |
Total nonperfoming loans | $ 2,539,000 | $ 3,628,000 |
Commercial loan secured by real estate [Member] | ||
Total nonperfoming loans | 1,481,000 | 1,923,000 |
Commercial real estate [Member] | ||
Total nonperfoming loans | 766,000 | 1,284,000 |
Residential real estate [Member] | ||
Total nonperfoming loans | 92,000 | 96,000 |
Consumer loan secured by real estate [Member] | ||
Total nonperfoming loans | $ 200,000 | $ 325,000 |
Loans and Allowance for Loan 31
Loans and Allowance for Loan Losses (Schedule of Recorded Investments in Impaired Loans) (Details) - USD ($) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2015 | Dec. 31, 2014 | |
Loans with an allowance recorded: | ||
Related Allowance | $ 1,098,000 | $ 920,000 |
Total impaired loans | ||
Unpaid Principal Balance | 15,869,000 | 18,603,000 |
Recorded Investment | 13,676,000 | 15,665,000 |
Average Recorded Investment | 14,511,000 | 19,341,000 |
Interest Income Recognized | 281,000 | 747,000 |
Commercial loan secured by real estate [Member] | ||
Loans with no related allowance recorded: | ||
Unpaid Principal Balance With no related allowance recorded | 4,087,000 | 5,997,000 |
Recorded Investment With no related allowance recorded | 3,539,000 | 4,838,000 |
Average Recorded Investment | 4,146,000 | 5,443,000 |
Interest income recognized for the year | 98,000 | 225,000 |
Loans with an allowance recorded: | ||
Unpaid Principal Balance With an allowance recorded | 812,000 | 458,000 |
Recorded Investment With an allowance recorded | 591,000 | 436,000 |
Related Allowance | 346,000 | 213,000 |
Average Recorded Investment | 469,000 | 437,000 |
Interest income recognized for the year | 9,000 | 16,000 |
Commercial loan - Other [Member] | ||
Loans with no related allowance recorded: | ||
Unpaid Principal Balance With no related allowance recorded | 61,000 | 66,000 |
Recorded Investment With no related allowance recorded | 53,000 | 58,000 |
Average Recorded Investment | 55,000 | 65,000 |
Interest income recognized for the year | 1,000 | 3,000 |
Loans with an allowance recorded: | ||
Unpaid Principal Balance With an allowance recorded | 492,000 | 713,000 |
Recorded Investment With an allowance recorded | 489,000 | 710,000 |
Related Allowance | 87,000 | 10,000 |
Average Recorded Investment | 571,000 | 750,000 |
Interest income recognized for the year | 18,000 | 44,000 |
Commercial real estate [Member] | ||
Loans with no related allowance recorded: | ||
Unpaid Principal Balance With no related allowance recorded | 4,174,000 | 4,609,000 |
Recorded Investment With no related allowance recorded | 2,848,000 | 3,279,000 |
Average Recorded Investment | 3,000,000 | 6,755,000 |
Interest income recognized for the year | 60,000 | 155,000 |
Loans with an allowance recorded: | ||
Unpaid Principal Balance With an allowance recorded | 5,612,000 | 5,643,000 |
Recorded Investment With an allowance recorded | 5,602,000 | 5,634,000 |
Related Allowance | 665,000 | 697,000 |
Average Recorded Investment | 5,618,000 | 3,922,000 |
Interest income recognized for the year | 95,000 | 233,000 |
Commercial Construction [Member] | ||
Loans with no related allowance recorded: | ||
Unpaid Principal Balance With no related allowance recorded | 301,000 | 652,000 |
Recorded Investment With no related allowance recorded | 262,000 | 288,000 |
Average Recorded Investment | 275,000 | 517,000 |
Interest income recognized for the year | $ 71,000 | |
Loans with an allowance recorded: | ||
Unpaid Principal Balance With an allowance recorded | ||
Recorded Investment With an allowance recorded | ||
Related Allowance | ||
Average Recorded Investment | $ 420,000 | |
Interest income recognized for the year | ||
Residential real estate [Member] | ||
Loans with no related allowance recorded: | ||
Unpaid Principal Balance With no related allowance recorded | 130,000 | $ 132,000 |
Recorded Investment With no related allowance recorded | 92,000 | 96,000 |
Average Recorded Investment | $ 94,000 | $ 526,000 |
Interest income recognized for the year | ||
Consumer loan secured by real estate [Member] | ||
Loans with no related allowance recorded: | ||
Unpaid Principal Balance With no related allowance recorded | $ 200,000 | $ 333,000 |
Recorded Investment With no related allowance recorded | 200,000 | 326,000 |
Average Recorded Investment | $ 283,000 | $ 506,000 |
Interest income recognized for the year |
Loans and Allowance for Loan 32
Loans and Allowance for Loan Losses (Schedule of Aging of the Recorded Investment in Past Due Loans by Class of Loans) (Details) - USD ($) | Jun. 30, 2015 | Dec. 31, 2014 |
Aging analysis of past due loans | ||
Total | $ 2,748,000 | $ 3,694,000 |
Not past due | 504,358,000 | 473,626,000 |
Total Loans | 507,106,000 | 477,320,000 |
Commercial loan secured by real estate [Member] | ||
Aging analysis of past due loans | ||
Total | 1,607,000 | 2,054,000 |
Not past due | 41,896,000 | 44,491,000 |
Total Loans | 43,503,000 | 46,545,000 |
Commercial loan - Other [Member] | ||
Aging analysis of past due loans | ||
Total | 85,000 | 225,000 |
Not past due | 25,963,000 | 29,082,000 |
Total Loans | 26,048,000 | 29,307,000 |
Commercial real estate [Member] | ||
Aging analysis of past due loans | ||
Total | 615,000 | 1,166,000 |
Not past due | 315,731,000 | 284,897,000 |
Total Loans | $ 316,346,000 | $ 286,063,000 |
Commercial Construction [Member] | ||
Aging analysis of past due loans | ||
Total | ||
Not past due | $ 2,652,000 | $ 4,215,000 |
Total Loans | 2,652,000 | $ 4,215,000 |
Residential real estate [Member] | ||
Aging analysis of past due loans | ||
Total | 92,000 | |
Not past due | 82,394,000 | $ 77,836,000 |
Total Loans | 82,486,000 | 77,836,000 |
Consumer loan secured by real estate [Member] | ||
Aging analysis of past due loans | ||
Total | 349,000 | 249,000 |
Not past due | 28,083,000 | 27,070,000 |
Total Loans | 28,432,000 | $ 27,319,000 |
Consumer loan - Other [Member] | ||
Aging analysis of past due loans | ||
Total | ||
Not past due | 649,000 | $ 939,000 |
Total Loans | $ 649,000 | 939,000 |
Government Guaranteed [Member] | ||
Aging analysis of past due loans | ||
Total | ||
Not past due | $ 6,777,000 | 5,000,000 |
Total Loans | $ 6,777,000 | $ 5,000,000 |
Other Loans [Member] | ||
Aging analysis of past due loans | ||
Total | ||
Not past due | $ 213,000 | $ 96,000 |
Total Loans | 213,000 | 96,000 |
30 to 59 Days [Member] | ||
Aging analysis of past due loans | ||
Total | 664,000 | 771,000 |
30 to 59 Days [Member] | Commercial loan secured by real estate [Member] | ||
Aging analysis of past due loans | ||
Total | 430,000 | 546,000 |
30 to 59 Days [Member] | Commercial loan - Other [Member] | ||
Aging analysis of past due loans | ||
Total | $ 85,000 | $ 225,000 |
30 to 59 Days [Member] | Commercial real estate [Member] | ||
Aging analysis of past due loans | ||
Total | ||
30 to 59 Days [Member] | Commercial Construction [Member] | ||
Aging analysis of past due loans | ||
Total | ||
30 to 59 Days [Member] | Residential real estate [Member] | ||
Aging analysis of past due loans | ||
Total | ||
30 to 59 Days [Member] | Consumer loan secured by real estate [Member] | ||
Aging analysis of past due loans | ||
Total | $ 149,000 | |
30 to 59 Days [Member] | Consumer loan - Other [Member] | ||
Aging analysis of past due loans | ||
Total | ||
30 to 59 Days [Member] | Government Guaranteed [Member] | ||
Aging analysis of past due loans | ||
Total | ||
30 to 59 Days [Member] | Other Loans [Member] | ||
Aging analysis of past due loans | ||
Total | ||
60 to 89 Days [Member] | ||
Aging analysis of past due loans | ||
Total | $ 330,000 | |
60 to 89 Days [Member] | Commercial loan secured by real estate [Member] | ||
Aging analysis of past due loans | ||
Total | ||
60 to 89 Days [Member] | Commercial loan - Other [Member] | ||
Aging analysis of past due loans | ||
Total | ||
60 to 89 Days [Member] | Commercial real estate [Member] | ||
Aging analysis of past due loans | ||
Total | $ 330,000 | |
60 to 89 Days [Member] | Commercial Construction [Member] | ||
Aging analysis of past due loans | ||
Total | ||
60 to 89 Days [Member] | Residential real estate [Member] | ||
Aging analysis of past due loans | ||
Total | ||
60 to 89 Days [Member] | Consumer loan secured by real estate [Member] | ||
Aging analysis of past due loans | ||
Total | ||
60 to 89 Days [Member] | Consumer loan - Other [Member] | ||
Aging analysis of past due loans | ||
Total | ||
60 to 89 Days [Member] | Government Guaranteed [Member] | ||
Aging analysis of past due loans | ||
Total | ||
60 to 89 Days [Member] | Other Loans [Member] | ||
Aging analysis of past due loans | ||
Total | ||
Greater Than 90 Days [Member] | ||
Aging analysis of past due loans | ||
Total | $ 2,084,000 | $ 2,593,000 |
Greater Than 90 Days [Member] | Commercial loan secured by real estate [Member] | ||
Aging analysis of past due loans | ||
Total | $ 1,177,000 | $ 1,508,000 |
Greater Than 90 Days [Member] | Commercial loan - Other [Member] | ||
Aging analysis of past due loans | ||
Total | ||
Greater Than 90 Days [Member] | Commercial real estate [Member] | ||
Aging analysis of past due loans | ||
Total | $ 615,000 | $ 836,000 |
Greater Than 90 Days [Member] | Commercial Construction [Member] | ||
Aging analysis of past due loans | ||
Total | ||
Greater Than 90 Days [Member] | Residential real estate [Member] | ||
Aging analysis of past due loans | ||
Total | $ 92,000 | |
Greater Than 90 Days [Member] | Consumer loan secured by real estate [Member] | ||
Aging analysis of past due loans | ||
Total | $ 200,000 | $ 249,000 |
Greater Than 90 Days [Member] | Consumer loan - Other [Member] | ||
Aging analysis of past due loans | ||
Total | ||
Greater Than 90 Days [Member] | Government Guaranteed [Member] | ||
Aging analysis of past due loans | ||
Total | ||
Greater Than 90 Days [Member] | Other Loans [Member] | ||
Aging analysis of past due loans | ||
Total |
Loans and Allowance for Loan 33
Loans and Allowance for Loan Losses (Schedule of Loans by Credit Quality Indicators) (Details) - USD ($) | Jun. 30, 2015 | Dec. 31, 2014 |
Total Loans | $ 507,106,000 | $ 477,320,000 |
Pass [Member] | ||
Total Loans | 373,947,000 | 346,491,000 |
Special Mention [Member] | ||
Total Loans | 7,248,000 | 11,174,000 |
Substandard [Member] | ||
Total Loans | $ 7,354,000 | $ 8,465,000 |
Doubtful [Member] | ||
Total Loans | ||
Loss [Member] | ||
Total Loans | ||
Commercial loan secured by real estate [Member] | ||
Total Loans | $ 43,503,000 | $ 46,545,000 |
Commercial loan secured by real estate [Member] | Pass [Member] | ||
Total Loans | 38,273,000 | 41,091,000 |
Commercial loan secured by real estate [Member] | Special Mention [Member] | ||
Total Loans | 3,749,000 | 3,531,000 |
Commercial loan secured by real estate [Member] | Substandard [Member] | ||
Total Loans | $ 1,481,000 | $ 1,923,000 |
Commercial loan secured by real estate [Member] | Doubtful [Member] | ||
Total Loans | ||
Commercial loan secured by real estate [Member] | Loss [Member] | ||
Total Loans | ||
Commercial loan - Other [Member] | ||
Total Loans | $ 26,048,000 | $ 29,307,000 |
Commercial loan - Other [Member] | Pass [Member] | ||
Total Loans | 25,005,000 | 27,903,000 |
Commercial loan - Other [Member] | Special Mention [Member] | ||
Total Loans | 330,000 | 616,000 |
Commercial loan - Other [Member] | Substandard [Member] | ||
Total Loans | $ 713,000 | $ 788,000 |
Commercial loan - Other [Member] | Doubtful [Member] | ||
Total Loans | ||
Commercial loan - Other [Member] | Loss [Member] | ||
Total Loans | ||
Commercial real estate [Member] | ||
Total Loans | $ 316,346,000 | $ 286,063,000 |
Commercial real estate [Member] | Pass [Member] | ||
Total Loans | 308,017,000 | 274,788,000 |
Commercial real estate [Member] | Special Mention [Member] | ||
Total Loans | 3,169,000 | 5,521,000 |
Commercial real estate [Member] | Substandard [Member] | ||
Total Loans | $ 5,160,000 | $ 5,754,000 |
Commercial real estate [Member] | Doubtful [Member] | ||
Total Loans | ||
Commercial real estate [Member] | Loss [Member] | ||
Total Loans | ||
Commercial Construction [Member] | ||
Total Loans | $ 2,652,000 | $ 4,215,000 |
Commercial Construction [Member] | Pass [Member] | ||
Total Loans | $ 2,652,000 | 2,709,000 |
Commercial Construction [Member] | Special Mention [Member] | ||
Total Loans | $ 1,506,000 | |
Commercial Construction [Member] | Substandard [Member] | ||
Total Loans | ||
Commercial Construction [Member] | Doubtful [Member] | ||
Total Loans | ||
Commercial Construction [Member] | Loss [Member] | ||
Total Loans | ||
Total [Member] | ||
Total Loans | $ 388,549,000 | $ 366,130,000 |
Loans and Allowance for Loan 34
Loans and Allowance for Loan Losses (Schedule of Recorded Investment in Residential Real Estate and Consumer Loans Based on Payment Activity) (Details) - USD ($) | Jun. 30, 2015 | Dec. 31, 2014 |
Total Loans | $ 507,106,000 | $ 477,320,000 |
Residential real estate [Member] | ||
Total Loans | 82,486,000 | 77,836,000 |
Residential real estate [Member] | Current [Member] | ||
Total Loans | 82,394,000 | 77,740,000 |
Residential real estate [Member] | Past Due and Nonaccrual [Member] | ||
Total Loans | 92,000 | 96,000 |
Consumer loan secured by real estate [Member] | ||
Total Loans | 28,432,000 | 27,319,000 |
Consumer loan secured by real estate [Member] | Current [Member] | ||
Total Loans | 26,786,000 | 25,867,000 |
Consumer loan secured by real estate [Member] | Past Due and Nonaccrual [Member] | ||
Total Loans | 1,646,000 | 1,452,000 |
Consumer loan - Other [Member] | ||
Total Loans | 649,000 | 939,000 |
Consumer loan - Other [Member] | Current [Member] | ||
Total Loans | 641,000 | 930,000 |
Consumer loan - Other [Member] | Past Due and Nonaccrual [Member] | ||
Total Loans | 8,000 | 9,000 |
Total Residential Real Estate and Consumer [Member] | ||
Total Loans | 111,567,000 | 106,094,000 |
Total Residential Real Estate and Consumer [Member] | Current [Member] | ||
Total Loans | 109,821,000 | 104,537,000 |
Total Residential Real Estate and Consumer [Member] | Past Due and Nonaccrual [Member] | ||
Total Loans | $ 1,746,000 | $ 1,557,000 |
Fair Value of Financial Instr35
Fair Value of Financial Instruments (Narrative) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Assets measured at fair value on a non-recurring basis | $ 0 | $ 0 | |||
Liabilities measured at fair value on a non-recurring basis | 0 | 0 | |||
Allowance for loan losses | 9,299,000 | 9,299,000 | $ 9,602,000 | ||
Provision for loan losses | (600,000) | $ (700,000) | |||
Discount to real estate appraised values | 12.00% | ||||
Other Real Estate Owned [Member] | |||||
Provision for unrealized losses | $ 0 | $ 0 | |||
Fair Value, Measurements, Nonrecurring [Member] | Impaired Loans [Member] | |||||
Recorded Investment With an allowance recorded | 1,690,000 | ||||
Allowance for loan losses | 88,000 | ||||
Provision for loan losses | 155,000 | ||||
Fair Value, Measurements, Nonrecurring [Member] | Other Real Estate Owned [Member] | |||||
Recorded Investment With an allowance recorded | 279,000 | 279,000 | 1,375,000 | ||
Allowance for losses on other real estate owned | $ 60,000 | 60,000 | $ 67,000 | ||
Provision for loan losses | $ 60,000 | $ 78,000 |
Fair Value of Financial Instr36
Fair Value of Financial Instruments (Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis) (Details) - USD ($) | Jun. 30, 2015 | Dec. 31, 2014 |
Assets, Fair Value | ||
Total available for sale securities | $ 90,850,000 | $ 124,918,000 |
Fair Value Measured on a Recurring Basis [Member] | Carrying Value [Member] | ||
Assets, Fair Value | ||
U.S. government-sponsored agencies | 24,309,000 | 30,274,000 |
Obligations of state and political subdivisions | 1,393,000 | 1,400,000 |
Mortgage-backed securities - residential | 48,673,000 | 76,743,000 |
Asset backed securities | 9,864,000 | 9,915,000 |
Corporate debt | 2,999,000 | 2,997,000 |
Other equity investments | 3,612,000 | 3,589,000 |
Total available for sale securities | 90,850,000 | 124,918,000 |
Liabilities, Fair Value | ||
Interest rate swap | $ 194,000 | $ 314,000 |
Fair Value Measured on a Recurring Basis [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Assets, Fair Value | ||
U.S. government-sponsored agencies | ||
Obligations of state and political subdivisions | ||
Mortgage-backed securities - residential | ||
Asset backed securities | ||
Corporate debt | ||
Other equity investments | $ 3,552,000 | $ 3,529,000 |
Total available for sale securities | $ 3,552,000 | $ 3,529,000 |
Liabilities, Fair Value | ||
Interest rate swap | ||
Fair Value Measured on a Recurring Basis [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Assets, Fair Value | ||
U.S. government-sponsored agencies | $ 24,309,000 | $ 30,274,000 |
Obligations of state and political subdivisions | 1,393,000 | 1,400,000 |
Mortgage-backed securities - residential | 48,673,000 | 76,743,000 |
Asset backed securities | 9,864,000 | 9,915,000 |
Corporate debt | 2,999,000 | 2,997,000 |
Other equity investments | 60,000 | 60,000 |
Total available for sale securities | 87,298,000 | 121,389,000 |
Liabilities, Fair Value | ||
Interest rate swap | $ 194,000 | $ 314,000 |
Fair Value Measured on a Recurring Basis [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Assets, Fair Value | ||
U.S. government-sponsored agencies | ||
Obligations of state and political subdivisions | ||
Mortgage-backed securities - residential | ||
Asset backed securities | ||
Corporate debt | ||
Other equity investments | ||
Total available for sale securities | ||
Liabilities, Fair Value | ||
Interest rate swap |
Fair Value of Financial Instr37
Fair Value of Financial Instruments (Schedule of Assets and Liabilities Measured at Fair Value on Non-recurring Basis) (Details) - Fair Value, Measurements, Nonrecurring [Member] - USD ($) | Jun. 30, 2015 | Dec. 31, 2014 |
Carrying Value [Member] | ||
Assets, Fair Value | ||
Commercial loan secured by real estate | $ 1,348,000 | |
Commercial real estate | 205,000 | |
Consumer loan secured by real estate | 49,000 | |
Other Real Estate Owned | $ 219,000 | 1,117,000 |
Impaired loans, Fair Value | $ 219,000 | $ 2,719,000 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Assets, Fair Value | ||
Commercial loan secured by real estate | ||
Commercial real estate | ||
Consumer loan secured by real estate | ||
Other Real Estate Owned | ||
Impaired loans, Fair Value | ||
Significant Other Observable Inputs (Level 2) [Member] | ||
Assets, Fair Value | ||
Commercial loan secured by real estate | ||
Commercial real estate | ||
Consumer loan secured by real estate | ||
Other Real Estate Owned | ||
Impaired loans, Fair Value | ||
Significant Unobservable Inputs (Level 3) [Member] | ||
Assets, Fair Value | ||
Commercial loan secured by real estate | $ 1,348,000 | |
Commercial real estate | 205,000 | |
Consumer loan secured by real estate | 49,000 | |
Other Real Estate Owned | $ 219,000 | 1,117,000 |
Impaired loans, Fair Value | $ 219,000 | $ 2,719,000 |
Fair Value of Financial Instr38
Fair Value of Financial Instruments (Schedule of Fair Value Assumptions for Level 3 Asset Measurements) (Details) - Significant Unobservable Inputs (Level 3) [Member] - Fair Value, Measurements, Nonrecurring [Member] - USD ($) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2015 | Dec. 31, 2014 | |
Impaired Loans [Member] | ||
Fair value of financial assets | $ 1,602,000 | |
Valuation Technique1 | Comparable real estate sales and / or the income approach. | |
Unobservable Input | Adjustments for differences between comparable sales and income data available. | |
Unobservable Input2 | Estimated selling costs. | |
Range of Unobservable inputs used in fair value & weighting factor2 | 7.00% | |
Impaired Loans [Member] | Minimum [Member] | ||
Range of Unobservable inputs used in fair value & weighting factor | 5.00% | |
Impaired Loans [Member] | Maximum [Member] | ||
Range of Unobservable inputs used in fair value & weighting factor | 25.00% | |
Other Real Estate Owned [Member] | ||
Fair value of financial assets | $ 219,000 | $ 1,117,000 |
Valuation Technique1 | 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 Input2 | Estimated selling costs. | Estimated selling costs. |
Range of Unobservable inputs used in fair value & weighting factor2 | 7.00% | 7.00% |
Other Real Estate Owned [Member] | Minimum [Member] | ||
Range of Unobservable inputs used in fair value & weighting factor | 0.00% | 0.00% |
Other Real Estate Owned [Member] | Maximum [Member] | ||
Range of Unobservable inputs used in fair value & weighting factor | 21.00% | 62.00% |
Fair Value of Financial Instr39
Fair Value of Financial Instruments (Schedule of Fair Value Estimates for the Financial Instruments) (Details) - USD ($) | Jun. 30, 2015 | Dec. 31, 2014 |
Financial assets: | ||
Securities available-for-sale | $ 90,850,000 | $ 124,918,000 |
Securities held to maturity | 59,194,000 | 56,233,000 |
FHLB-NY stock | 2,833,000 | 3,777,000 |
Financial liabilities: | ||
Subordinated debentures | 7,217,000 | 7,217,000 |
Carrying Value [Member] | ||
Financial assets: | ||
Cash and cash equivalents | 19,782,000 | 10,086,000 |
Securities available-for-sale | 90,850,000 | 124,918,000 |
Securities held to maturity | 58,363,000 | 55,097,000 |
FHLB-NY stock | 2,833,000 | 3,777,000 |
Mortgage loans held for sale | 1,416,000 | |
Loans, net | 497,674,000 | 467,699,000 |
Accrued interest receivable | 1,906,000 | 1,994,000 |
Financial liabilities: | ||
Deposits | 585,999,000 | 556,476,000 |
FHLB-NY Advances | 45,000,000 | 66,700,000 |
Subordinated debentures | 7,217,000 | 7,217,000 |
Accrued interest payable | 366,000 | 308,000 |
Interest rate swap | 194,000 | 314,000 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Financial assets: | ||
Cash and cash equivalents | 19,782,000 | 10,086,000 |
Securities available-for-sale | $ 3,552,000 | $ 3,529,000 |
Securities held to maturity | ||
FHLB-NY stock | ||
Mortgage loans held for sale | ||
Loans, net | ||
Accrued interest receivable | ||
Financial liabilities: | ||
Deposits | $ 442,435,000 | $ 424,117,000 |
FHLB-NY Advances | ||
Subordinated debentures | ||
Accrued interest payable | $ 1,000 | $ 1,000 |
Interest rate swap | ||
Significant Other Observable Inputs (Level 2) [Member] | ||
Financial assets: | ||
Cash and cash equivalents | ||
Securities available-for-sale | $ 87,298,000 | $ 121,389,000 |
Securities held to maturity | $ 59,194,000 | $ 56,233,000 |
FHLB-NY stock | ||
Mortgage loans held for sale | ||
Loans, net | ||
Accrued interest receivable | $ 532,000 | $ 646,000 |
Financial liabilities: | ||
Deposits | 144,076,000 | 132,513,000 |
FHLB-NY Advances | $ 45,435,000 | $ 67,087,000 |
Subordinated debentures | ||
Accrued interest payable | $ 347,000 | $ 288,000 |
Interest rate swap | $ 194,000 | $ 314,000 |
Significant Unobservable Inputs (Level 3) [Member] | ||
Financial assets: | ||
Cash and cash equivalents | ||
Securities available-for-sale | ||
Securities held to maturity | ||
FHLB-NY stock | ||
Mortgage loans held for sale | $ 1,416,000 | |
Loans, net | 503,190,000 | $ 478,451,000 |
Accrued interest receivable | $ 1,374,000 | $ 1,348,000 |
Financial liabilities: | ||
Deposits | ||
FHLB-NY Advances | ||
Subordinated debentures | $ 7,199,000 | $ 7,203,000 |
Accrued interest payable | $ 18,000 | $ 19,000 |
Interest rate swap |
Earnings Per Share (Narrative)
Earnings Per Share (Narrative) (Details) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Stock options [Member] | ||||
Antidilutive securities excluded from computation of diluted EPS (in shares) | 0 | 0 | 0 | 0 |
Earnings Per Share (Schedule of
Earnings Per Share (Schedule of Earnings Per Common Share) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Earnings Per Share [Abstract] | ||||
Net income | $ 1,222,000 | $ 726,000 | $ 2,139,000 | $ 1,232,000 |
Dividends on preferred stock | 171,000 | 171,000 | 342,000 | 342,000 |
Net income available to common stockholders | $ 1,051,000 | $ 555,000 | $ 1,797,000 | $ 890,000 |
Weighted average common shares outstanding - basic (in shares) | 6,086,474 | 5,999,897 | 6,066,191 | 5,978,511 |
Effect of dilutive securities - stock options (in shares) | ||||
Weighted average common shares outstanding - diluted (in shares) | 6,086,474 | 5,999,897 | 6,066,191 | 5,978,511 |
Basic earnings per common share (in dollars per share) | $ 0.17 | $ 0.09 | $ 0.30 | $ 0.15 |
Diluted earnings per common share (in dollars per share) | $ 0.17 | $ 0.09 | $ 0.30 | $ 0.15 |
Preferred Stock (Details)
Preferred Stock (Details) $ / shares in Units, $ in Millions | Sep. 01, 2011USD ($)$ / sharesshares | Jun. 30, 2015USD ($)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 | |
Dividend rate, fixed after four and one half years | 9.00% | |
Tier I capital on date of entering the SBLF program (percentage) | 90.00% | |
Minimum [Member] | ||
Dividend rate, first ten quarters | 1.00% | |
Maximum [Member] | ||
Dividend rate, first ten quarters | 5.00% | |
Senior Non-Cumulative Perpetual Preferred Stock, Series B [Member] | ||
Stock issued during period (in shares) | shares | 15,000 | |
Liquidation preference (in dollars per share) | $ / shares | $ 1,000 | |
Stock issued during period, value | $ 15 | |
Preferred stock dividend rate, Terms | The dividend rate was subject to fluctuation on a quarterly basis during the first ten quarters during which the Series B Preferred Shares were 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, since then, for the eleventh dividend period through that portion of the nineteenth dividend period prior to the four and one-half year anniversary of the Series B Preferred Issue Date (i.e., through February 29, 2016) the dividend rate became fixed at 4.56%. | |
Dividend payment restrictions, Description | 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 of the issuance, by 10% for each 1% increase in QSBL over the baseline level. | |
Aggregate liquidation preference outstanding | $ 25 | |
Number of dividend defaults periods required for having voting rights on preferred stock | N | 6 | |
Number of additional directors which may be elected in BOD event of non-timely preferred dividends | N | 2 |
Accumulated Other Comprehensi43
Accumulated Other Comprehensive Income (Schedule of Components of Comprehensive Income (Loss) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Accumulated Other Comprehensive Income (Loss) [Abstract] | ||||
Net income, gross | $ 1,895,000 | $ 1,077,000 | $ 3,265,000 | $ 1,688,000 |
Net income, tax effect | (673,000) | (351,000) | (1,126,000) | (456,000) |
Net income | 1,222,000 | 726,000 | 2,139,000 | 1,232,000 |
Other comprehensive (loss) income: | ||||
Change in unrealized holding gains (losses) on securities available for sale, gross | (525,000) | 2,645,000 | 226,000 | 4,343,000 |
Change in unrealized holding gains (losses) on securities available for sale, tax effect | 200,000 | (1,024,000) | (88,000) | (1,683,000) |
Change in unrealized holding gains (losses) on securities available for sale, net | $ (325,000) | $ 1,621,000 | 138,000 | $ 2,660,000 |
Reclassification adjustment for gains in net income, gross | (152,000) | |||
Reclassification adjustment for gains in net income, tax effect | 61,000 | |||
Reclassification adjustment for gains in net income, net | $ (91,000) | |||
Loss on securities reclassified from available-to-sale to held to maturity, gross | $ (742,000) | $ (742,000) | ||
Loss on securities reclassified from available-to-sale to held to maturity, tax effect | 285,000 | 285,000 | ||
Loss on securities reclassified from available-to-sale to held to maturity, net | (457,000) | (457,000) | ||
Accretion of loss on securities reclassified to held to maturity, gross | $ 56,000 | 18,000 | $ 195,000 | 18,000 |
Accretion of loss on securities reclassified to held to maturity, tax effect | (22,000) | (7,000) | (74,000) | (7,000) |
Accretion of loss on securities reclassified to held to maturity, net | 34,000 | 11,000 | 121,000 | 11,000 |
Change in fair value of interest rate swap, gross | 62,000 | 56,000 | 119,000 | 114,000 |
Change in fair value of interest rate swap, tax effect | (25,000) | (23,000) | (48,000) | (46,000) |
Change in fair value of interest rate swap, net | 37,000 | 33,000 | 71,000 | 68,000 |
Total other comprehensive income (loss), gross | (407,000) | 1,977,000 | 388,000 | 3,733,000 |
Total other comprehensive income (loss), tax effect | 153,000 | (769,000) | (149,000) | (1,451,000) |
Total other comprehensive income (loss) | (254,000) | 1,208,000 | 239,000 | 2,282,000 |
Total comprehensive income (loss), gross | 1,488,000 | 3,054,000 | 3,653,000 | 5,421,000 |
Total comprehensive income (loss), tax effect | (520,000) | (1,120,000) | (1,275,000) | (1,907,000) |
Total comprehensive income | $ 968,000 | $ 1,934,000 | $ 2,378,000 | $ 3,514,000 |
Accumulated Other Comprehensi44
Accumulated Other Comprehensive Income (Schedule of Components of Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Unrealized gains and losses on available for sale (AFS) securities | ||||
Balance at the beginning | $ (464,000) | $ (2,716,000) | $ (957,000) | $ (3,790,000) |
Other comprehensive income (loss) before reclassifications | $ (254,000) | 1,208,000 | 330,000 | 2,282,000 |
Amounts reclassified from other comprehensive income | (91,000) | |||
Other comprehensive income (loss), net | $ (254,000) | 1,208,000 | 239,000 | 2,282,000 |
Balance at the end | (718,000) | (1,508,000) | (718,000) | (1,508,000) |
Unrealized Gains and (Losses) on Available-for-Sale (AFS) Securities [Member] | ||||
Unrealized gains and losses on available for sale (AFS) securities | ||||
Balance at the beginning | (20,000) | (2,416,000) | (392,000) | (3,455,000) |
Other comprehensive income (loss) before reclassifications | $ (325,000) | 1,621,000 | 138,000 | 2,660,000 |
Amounts reclassified from other comprehensive income | (91,000) | |||
Other comprehensive income (loss), net | $ (325,000) | 1,621,000 | 47,000 | 2,660,000 |
Balance at the end | (345,000) | $ (795,000) | (345,000) | $ (795,000) |
Loss on securities reclassified from Available-for-Sale to Held to Maturity [Member] | ||||
Unrealized gains and losses on available for sale (AFS) securities | ||||
Balance at the beginning | (290,000) | (377,000) | ||
Other comprehensive income (loss) before reclassifications | $ 34,000 | $ (446,000) | $ 121,000 | $ (446,000) |
Amounts reclassified from other comprehensive income | ||||
Other comprehensive income (loss), net | $ 34,000 | (446,000) | $ 121,000 | (446,000) |
Balance at the end | (256,000) | (446,000) | (256,000) | (446,000) |
Unrealized Gains and (Losses) on Derivatives [Member] | ||||
Unrealized gains and losses on available for sale (AFS) securities | ||||
Balance at the beginning | (154,000) | (300,000) | (188,000) | (335,000) |
Other comprehensive income (loss) before reclassifications | $ 37,000 | 33,000 | $ 71,000 | 68,000 |
Amounts reclassified from other comprehensive income | ||||
Other comprehensive income (loss), net | $ 37,000 | 33,000 | $ 71,000 | 68,000 |
Balance at the end | $ (117,000) | $ (267,000) | $ (117,000) | $ (267,000) |
Accumulated Other Comprehensi45
Accumulated Other Comprehensive Income (Schedule of Amount Reclassified from each Component of Accumulated Other Comprehensive Income) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Accumulated Other Comprehensive Income (Loss) [Abstract] | ||||
Unrealized gains on AFS securities before tax | $ 152,000 | |||
Tax effect | (61,000) | |||
Total net of tax | 91,000 | |||
Total reclassifications, net of tax | $ 91,000 |