Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2015 | Nov. 12, 2015 | |
Document Information [Line Items] | ||
Entity Registrant Name | DCB FINANCIAL CORP | |
Entity Central Index Key | 1,025,877 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Smaller Reporting Company | |
Trading Symbol | DCBF | |
Entity Common Stock, Shares Outstanding | 7,280,290 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2015 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2,015 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Assets: | ||
Cash and due from financial institutions | $ 6,883 | $ 6,247 |
Interest-bearing deposits | 28,148 | 15,027 |
Total cash and cash equivalents | 35,031 | 21,274 |
Securities available-for-sale | 82,019 | 75,909 |
Loans | 380,290 | 385,444 |
Less allowance for loan losses | (4,206) | (4,236) |
Net loans | 376,084 | 381,208 |
Real estate owned | 785 | 1,111 |
Investment in FHLB stock | 3,250 | 3,250 |
Premises and equipment, net | 5,178 | 10,016 |
Premises and equipment held-for-sale | 4,771 | 0 |
Bank-owned life insurance | 20,598 | 20,027 |
Deferred tax asset, net | 10,383 | 0 |
Accrued interest receivable and other assets | 3,635 | 2,587 |
Total assets | 541,734 | 515,382 |
Deposits: | ||
Non-interest bearing | 123,870 | 111,022 |
Interest bearing | 351,037 | 342,170 |
Total deposits | 474,907 | 453,192 |
Borrowings | 4,711 | 11,808 |
Accrued interest payable and other liabilities | 3,420 | 3,171 |
Total liabilities | 483,038 | 468,171 |
Shareholders’ equity: | ||
Preferred shares, no par value, 2,000,000 shares authorized, none issued and outstanding | 0 | 0 |
Common shares, no par value, 17,500,000 shares authorized, 7,595,087 and 7,500,000 shares issued, and 7,280,290 and 7,233,795 shares outstanding for September 30, 2015 and December 31, 2014, respectively | 16,412 | 16,064 |
Retained earnings | 49,526 | 38,055 |
Treasury stock, at cost, 307,650 shares | (7,416) | (7,416) |
Accumulated other comprehensive income | 609 | 654 |
Deferred stock-based compensation | (435) | (146) |
Total shareholders’ equity | 58,696 | 47,211 |
Total liabilities and shareholders’ equity | $ 541,734 | $ 515,382 |
Common shares outstanding | 7,280,290 | 7,233,795 |
Book value per common share | $ 8.05 | $ 6.53 |
Consolidated Balance Sheets _Pa
Consolidated Balance Sheets [Parenthetical] - $ / shares | Sep. 30, 2015 | Dec. 31, 2014 |
Preferred Stock, Par or Stated Value Per Share | $ 0 | $ 0 |
Preferred Stock, Shares Authorized | 2,000,000 | 2,000,000 |
Preferred Stock, Shares Issued | 0 | 0 |
Preferred Stock, Shares Outstanding | 0 | 0 |
Common stock, shares authorized | 17,500,000 | 17,500,000 |
Common stock, shares issued | 7,595,087 | 7,500,000 |
Common Stock, Shares, Outstanding | 7,280,290 | 7,233,795 |
Treasury stock, shares | 307,650 | 307,650 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Interest income: | ||||
Loans | $ 3,979 | $ 3,775 | $ 11,884 | $ 11,231 |
Securities | 473 | 494 | 1,460 | 1,582 |
Federal funds sold and interest bearing deposits | 17 | 9 | 46 | 32 |
Total interest income | 4,469 | 4,278 | 13,390 | 12,845 |
Interest expense: | ||||
Savings and money market accounts | 153 | 147 | 445 | 416 |
Time accounts | 88 | 104 | 272 | 341 |
NOW accounts | 16 | 19 | 49 | 56 |
Total | 257 | 270 | 766 | 813 |
FHLB advances | 35 | 36 | 106 | 108 |
Total interest expense | 292 | 306 | 872 | 921 |
Net interest income | 4,177 | 3,972 | 12,518 | 11,924 |
Provision for loan losses | (150) | 0 | 0 | 0 |
Net interest income after provision for loan losses | 4,327 | 3,972 | 12,518 | 11,924 |
Non-interest income: | ||||
Service charges | 523 | 485 | 1,475 | 1,485 |
Wealth management fees | 438 | 420 | 1,217 | 1,091 |
Treasury management fees | 81 | 58 | 203 | 173 |
Income from bank-owned life insurance | 163 | 165 | 571 | 566 |
Losses on loans held for sale | 0 | (189) | 0 | (546) |
Net losses on sales of REO | (19) | (69) | (20) | (73) |
Net gains on the sale of securities available-for-sale | 0 | 241 | 0 | 101 |
Gain on sale of branch | 0 | 0 | 0 | 438 |
Other non-interest income | 37 | 29 | 115 | 92 |
Total non-interest income | 1,223 | 1,140 | 3,561 | 3,327 |
Non-interest expense: | ||||
Salaries and employee benefits | 2,771 | 2,821 | 8,302 | 8,311 |
Occupancy and equipment | 1,010 | 892 | 2,996 | 2,841 |
Professional services | 405 | 366 | 1,042 | 983 |
Advertising | 169 | 100 | 418 | 258 |
Office supplies, postage and courier | 81 | 72 | 232 | 256 |
FDIC insurance premium | 95 | 180 | 302 | 520 |
State franchise taxes | 75 | 67 | 225 | 199 |
Other non-interest expense | 544 | 564 | 1,779 | 1,677 |
Total non-interest expense | 5,150 | 5,062 | 15,296 | 15,045 |
Income before income tax benefit | 400 | 50 | 783 | 206 |
Income tax benefit | (10,688) | 0 | (10,688) | 0 |
Net income | $ 11,088 | $ 50 | $ 11,471 | $ 206 |
Share and Per Share Data | ||||
Basic average common shares outstanding (in shares) | 7,282,365 | 7,192,350 | 7,269,222 | 7,192,350 |
Diluted average common shares outstanding (in shares) | 7,302,174 | 7,249,194 | 7,288,237 | 7,242,431 |
Basic and diluted earnings per common share (in dollars per share) | $ 1.52 | $ 0.01 | $ 1.58 | $ 0.03 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Net income | $ 11,088 | $ 50 | $ 11,471 | $ 206 |
Other comprehensive income (loss): | ||||
Reclassification adjustment for realized gains included in net income in the three and nine months ended September 30, 2014, net of taxes of $82 and $34, respectively | 0 | (159) | 0 | (67) |
Net unrealized gains (losses) on securities available-for-sale in the three months and nine months ended September 30, 2015 and 2014, net of taxes of $60, $(10), $(22), and $709, respectively | 116 | (20) | (45) | 1,377 |
Reclassification of previously recognized non-credit other than temporary impairment on sale of security in the nine months ended September 30, 2014, net of taxes $(48) | 0 | 0 | 0 | (92) |
Total other comprehensive income (loss) | 116 | (179) | (45) | 1,218 |
Comprehensive income (loss) | $ 11,204 | $ (129) | $ 11,426 | $ 1,424 |
Consolidated Statements of Com6
Consolidated Statements of Comprehensive Income (Loss) [Parenthetical] - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Other Than Temporary Impairment Losses Investment Reclassification Adjustment Of Previously Recognized Sale Of Security Tax | $ 82 | $ 34 | ||
Other than Temporary Impairment Losses, Investments, Portion in Other Comprehensive Loss, Tax, Portion Attributable to Parent, Held-to-maturity Securities | $ 60 | $ (22) | $ (10) | $ 709 |
Other than Temporary Impairment Losses, Investments, Portion in Other Comprehensive Loss, Tax, Portion Attributable to Parent, Available-for-sale Securities | $ (48) |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Preferred Stock [Member] | Retained Earnings [Member] | Treasury Stock [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Deferred Stock-Based Compensation [Member] |
Balance at Dec. 31, 2013 | $ 45,263 | $ 15,771 | $ 0 | $ 37,682 | $ (7,416) | $ (774) | $ 0 |
Balance (in shares) at Dec. 31, 2013 | 7,192,350 | ||||||
Net income | 206 | $ 0 | 0 | 206 | 0 | 0 | 0 |
Other comprehensive loss, net of taxes | 1,218 | 0 | 0 | 0 | 0 | 1,218 | 0 |
Balance at Sep. 30, 2014 | 46,687 | $ 15,771 | 0 | 37,888 | (7,416) | 444 | 0 |
Balance (in shares) at Sep. 30, 2014 | 7,192,350 | ||||||
Balance at Dec. 31, 2014 | 47,211 | $ 16,064 | 0 | 38,055 | (7,416) | 654 | (146) |
Balance (in shares) at Dec. 31, 2014 | 7,233,795 | ||||||
Net income | 11,471 | $ 0 | 0 | 11,471 | 0 | 0 | 0 |
Other comprehensive loss, net of taxes | (45) | 0 | 0 | 0 | 0 | (45) | 0 |
Issuance of restricted stock | 0 | $ 407 | 0 | 0 | 0 | 0 | (407) |
Issuance of restricted stock (in shares) | 55,785 | ||||||
Forfeiture of restricted stock | 0 | $ (59) | 0 | 0 | 0 | 0 | 59 |
Forfeiture of restricted stock (in shares) | (9,290) | ||||||
Amortization of restricted stock | 59 | $ 0 | 0 | 0 | 0 | 0 | 59 |
Balance at Sep. 30, 2015 | $ 58,696 | $ 16,412 | $ 0 | $ 49,526 | $ (7,416) | $ 609 | $ (435) |
Balance (in shares) at Sep. 30, 2015 | 7,280,290 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Cash flows from operating activities | ||
Net income | $ 11,471 | $ 206 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation | 729 | 813 |
Deferred taxes, net | (10,688) | 0 |
Loss on sale of securities available-for-sale | 0 | (101) |
Loss on loans held-for-sale | 0 | 546 |
Net loss on sale of real estate owned | 20 | 73 |
Gain on sale of branch | 0 | (438) |
Net stock-based compensation expense | 132 | 147 |
Premium amortization on securities, net | 790 | 823 |
Earnings on bank owned life insurance | (571) | (566) |
Net changes in other assets and other liabilities | (545) | (1,653) |
Net cash provided by (used in) operating activities | 1,338 | (150) |
Cash flows from investing activities | ||
Purchases of securities available-for-sale | (25,696) | (16,595) |
Proceeds from maturities, principal payments and calls of securities available-for-sale | 18,728 | 15,842 |
Proceeds from sales of securities available-for-sale | 0 | 7,140 |
Net change in loans | 5,124 | (14,563) |
Proceeds from sale of real estate owned | 307 | 440 |
Net cash paid with sale of branch | 0 | (12,464) |
Proceeds from redemption of FHLB stock | 0 | 549 |
Premises and equipment expenditures | (662) | (322) |
Proceeds from sale of loans | 0 | 423 |
Net cash used in investing activities | (2,199) | (19,550) |
Cash flows from financing activities | ||
Net change in deposits | 21,715 | 15,172 |
Repayment of borrowings | (7,097) | (22) |
Net cash provided by financing activities | 14,618 | 15,150 |
Net change in cash and cash equivalents | 13,757 | (4,550) |
Cash and cash equivalents at beginning of period | 21,274 | 25,357 |
Cash and cash equivalents at end of period | 35,031 | 20,807 |
Cash paid during the period for: | ||
Cash paid during the period for interest on deposits and borrowings | 834 | 994 |
Non-cash investing and financing activities: | ||
Transfer of loans to real estate owned | $ 0 | $ 509 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2015 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies [Text Block] | Throughout this report, the terms “Company,” “DCB,” “we,” “our” and “us” refers to the consolidated entity of DCB Financial Corp and its wholly owned subsidiaries, The Delaware County Bank and Trust Company (the “Bank”), DCB Title Services LLC, DCB Insurance Services, Inc, and 110 Riverbend, LLC. The accompanying unaudited financial statements were prepared in accordance with the instructions for Form 10-Q and Regulation S-X and, therefore, do not include information for footnotes necessary for a complete presentation of financial condition, results of operations, and cash flows in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The material under the heading “Management’s Discussion and Analysis of Financial Condition and Results of Operations” is written with the presumption that the users of the interim financial statements have read, or have access to, the latest audited financial statements and notes thereto of the Company, together with Management’s Discussion and Analysis of Financial Condition and Results of Operations as of December 31, 2014, and for the two-year period then ended, included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014. Accordingly, only material changes in the results of operations and financial condition are discussed in the remainder of Part I. Certain amounts from prior year periods are reclassified, when necessary, to conform to the current period presentation. All adjustments, consisting of only normal recurring items, that in the opinion of management are necessary for a fair presentation of the financial statements have been included in the results of operations for the three and nine months ended September 30, 2015 and 2014. The results of operations for the three and nine months ended September 30, 2015 are not necessarily indicative of the results anticipated for the year. To prepare financial statements in conformity with U.S. GAAP, management makes estimates and assumptions based on available information. These estimates and assumptions affect amounts reported in the financial statements and disclosures provided, and future results could differ. The allowance for loan losses, fair values of financial instruments and status of contingencies are anytime particularly subject to change. Earnings per common share is net income divided by the weighted-average number of common shares outstanding during the period. Diluted earnings per common share is computed including the dilutive effect of additional potential common shares under stock options. Three months ended Nine months ended September 30, September 30, 2015 2014 2015 2014 Weighted-average common shares outstanding (basic) 7,282,365 7,192,350 7,269,222 7,192,350 Dilutive effect of assumed exercise of stock options 19,809 56,844 19,015 50,081 Weighted-average common shares outstanding (diluted) 7,302,174 7,249,194 7,288,237 7,242,431 There were 61,339 124,622 At September 30, 2015 and 2014, 14,985 45,727 Compensation cost is recognized for restricted stock awards issued to employees and directors based on the fair value of these awards at the date of grant. The market price of the Company’s common shares at the date of grant is used to determine the fair value for restricted stock awards. Compensation cost is recognized over the required service period, generally defined as the vesting period. For awards with graded vesting, compensation cost is recognized on a straight-line basis over the requisite service period for the entire award. Awards for 2,145 55,785 9,290 87,940 41,445 The Company’s outstanding stock options may be settled for cash at the recipient’s discretion; therefore, liability accounting applies to the Company’s 2004 Long-Term Stock Incentive Plan under which such stock options were granted. Compensation expense is recognized based on the fair value of these awards at the reporting date. A Black Scholes model is utilized to estimate the fair value of stock options at the date of grant and subsequent re-measurement dates. Compensation cost is recognized over the required service period, generally defined as the vesting period. The Company’s stock option awards contain terms that provide for a graded vesting schedule whereby portions of the award vest in increments over the requisite service period. Changes in fair value of the options between the vesting date and option expiration date are also recognized in the Consolidated Statement of Income. The Company’s consolidated financial statements are prepared in accordance with U.S. GAAP and follow general practices within the financial services industry. The application of these principles requires management to make estimates, assumptions, and judgments that affect the amounts reported in the financial statements and accompanying notes. These estimates, assumptions, and judgments are based on information available as of the date of the financial statements; as this information changes, the financial statements could reflect different estimates, assumptions, and judgments. The procedures for assessing the adequacy of the allowance for loan losses reflect the Company’s evaluation of credit risk after careful consideration of all information available to the Company. In developing this assessment, the Company must rely on estimates and exercise judgment regarding matters where the ultimate outcome is unknown, such as economic factors, developments affecting companies in specific industries and issues with respect to single borrowers. Depending on changes in circumstances, future assessments of credit risk may yield materially different results, which may require an increase or a decrease in the allowance for loan losses. The valuation of other assets requires that management utilize a variety of estimates and analysis to determine whether an asset is impaired or other-than-temporarily impaired (“OTTI”). After determining the appropriate methodology for fair value measurement, management then evaluates whether or not declines in fair value below book value are temporary or other-than-temporary impairments. When the Company does not intend to sell a debt security, and it is more likely than not that the Company will not have to sell the security before recovery of its cost basis, it recognizes the credit component of an other-than-temporary impairment of a debt security in earnings and the remaining portion in other comprehensive income. Loans are classified as held for investment when management has both the intent and ability to hold the loan for the foreseeable future, or until maturity or payoff. Management’s intent and view of the foreseeable future may change based on changes in business strategies, the economic environment, market conditions and the availability of government programs. Loans that are held for investment are reported at the principal balance outstanding, net of unearned interest, unamortized deferred loan fees and costs and the allowance for loan losses. Loans held for sale are carried at the lower of amortized cost or estimated fair value, determined on an aggregate basis for each type of loan. Net unrealized losses are recognized by charges to income. Interest income is accrued based on the unpaid principal balance and includes amortization of net deferred loan fees and costs over the loan term. Interest income on mortgage and commercial loans is discontinued at the time the loan is 90 When loans are transferred from held for investment to held for sale, specific reserves and allocated pooled reserves included in the allowance for loan and losses are reclassified to reduce the basis of the loans to the lower of cost or estimated fair value less cost to sell. The allowance for loan losses is a valuation allowance for probable but unconfirmed credit losses, increased by the provision for loan losses and decreased by charge-offs net of recoveries. Loan losses are charged against the allowance when management believes the uncollectibility of a loan balance is confirmed. Subsequent recoveries, if any, are credited to the allowance. Management estimates the required allowance balance based on past loan loss experience, augmented by additional estimates related to the nature and volume of the portfolio, information about specific borrower situations, estimated collateral values, economic conditions and other factors. The allowance consists of both specific and general components. The specific component relates to loans that are classified as impaired. For those loans that are classified as impaired, an allowance is established when the collateral value or value of expected discounted cash flows of the impaired loan is lower than the carrying value of that loan. The general component covers non-classified loans and is based on historical charge-off experience and expected loss given default derived from the Bank’s internal risk rating process. Management utilizes an average of a three year historical loss period. Management has the ability to adjust these loss rates by utilizing risk ratings based on current period trends. If current period trends differ either positively or negatively from the given weighted historical loss rates, adjustments can be made. Other adjustments may be made to the allowance for pools of loans after an assessment of internal or external influences on credit quality that are not fully reflected in the historical loss or risking rating data. Management also utilizes its assessment of general economic conditions, and other localized economic data to more fully support its loan loss estimates. General economic data may include: inflation rates, savings rates and national unemployment rates. Local data may include: unemployment rates, housing starts, real estate valuations, and other economic data specific to the Company’s market area. Though not specific to individual loans, these economic trends can have an impact on portfolio performance as a whole. Uncollectibility is usually determined based on a pre-determined number of days delinquent in the case of consumer loans, or, in the case of commercial loans, is based on a combination of factors including delinquency, collateral and other legal considerations. Consumer loans are charged-off prior to 120 180 Troubled debt restructuring of loans is undertaken to improve the likelihood that the loan will be repaid in full under the modified terms in accordance with a reasonable repayment schedule. All modified loans are evaluated to determine whether the loans should be reported as a Troubled Debt Restructuring (“TDR”). A loan is a TDR when the Company, for economic or legal reasons related to the borrower’s financial difficulties, grants a concession to the borrower by modifying or renewing a loan that the Company would not otherwise consider. To make this determination, the Company must determine whether (a) the borrower is experiencing financial difficulties and (b) the Company granted the borrower a concession. This determination requires consideration of all of the facts and circumstances surrounding the modification. An overall general decline in the economy or some deterioration in a borrower’s financial condition does not automatically mean the borrower is experiencing financial difficulties. Income Taxes The Company accounts for income taxes in accordance with income tax accounting guidance (ASC 740, Income Taxes). The income tax accounting guidance results in two components of income tax expense: current and deferred. Current income tax expense reflects taxes to be paid or refunded for the current period by applying the provisions of the enacted tax law to the taxable income or excess of deductions over revenues. The Company determines deferred income taxes using the liability (or balance sheet) method. Under this method, the net deferred tax asset or liability is based on the tax effects of the differences between the book and tax basis of assets and liabilities, and enacted changes in tax rates and laws are recognized in the period in which they occur. Deferred tax assets are reduced by a valuation allowance, if, based on the weight of evidence available, it is more likely than not that some portion or all of a deferred tax asset will not be realized. Deferred income tax expense results from changes in deferred tax assets and liabilities between periods. Deferred tax assets are recognized if it is more likely than not, based on the technical merits, that the tax position will be realized or sustained upon examination. The term more likely than not means a likelihood of more than 50 percent; the terms examined and upon examination also include resolution of the related appeals or litigation processes, if any. A tax position that meets the more-likely-than-not recognition threshold is initially and subsequently measured as the largest amount of tax benefit that has a greater than 50 percent likelihood of being realized upon settlement with a taxing authority that has full knowledge of all relevant information. The determination of whether or not a tax position has met the more-likely-than-not recognition threshold considers the facts, circumstances and information available at the reporting date and is subject to management’s judgment. The Company recognizes interest and penalties on income taxes, if applicable, as a component of income tax expense. The Company files consolidated income tax returns with its subsidiaries. |
Securities
Securities | 9 Months Ended |
Sep. 30, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | Note 2 Securities September 30, 2015 Gross Gross Amortized Unrealized Unrealized Cost Gains Losses Fair Value U.S. Government and agency obligations $ 16,432 $ 64 $ (27) $ 16,469 Corporate bonds 4,220 34 (8) 4,246 States and municipal obligations 22,137 437 (93) 22,481 Collateralized mortgage obligations 22,316 63 (80) 22,299 Mortgage-backed securities 15,991 547 (14) 16,524 Total $ 81,096 $ 1,145 $ (222) $ 82,019 December 31, 2014 Amortized Gross Gross Fair Value U.S. Government and agency obligations $ 11,602 $ 31 $ (88) $ 11,545 Corporate bonds 4,975 33 (21) 4,987 States and municipal obligations 21,303 423 (69) 21,657 Collateralized mortgage obligations 19,601 85 (106) 19,580 Mortgage-backed securities 17,438 702 18,140 Total $ 74,919 $ 1,274 $ (284) $ 75,909 dollars in thousands): September 30, 2015 (Less than 12 months) (12 months or longer) Total Description of securities Number of Fair Unrealized Number of Fair Unrealized Number of Fair Unrealized U.S. Government and agency obligations 2 $ 896 $ 1 2 $ 1,970 $ 26 4 $ 2,866 $ 27 Corporate bonds 2 552 3 3 1,405 5 5 1,957 8 State and municipal obligations 6 2,398 64 3 1,308 29 9 3,706 93 Collateralized mortgage obligations 16 10,349 43 4 3,288 37 20 13,637 80 Mortgage-backed securities and other 3 2,570 14 3 2,570 14 Total temporarily impaired securities 29 $ 16,765 $ 125 12 $ 7,971 $ 97 41 $ 24,736 $ 222 December 31, 2014 (Less than 12 months) (12 months or longer) Total Description of securities Number of Fair Unrealized Number of Fair Unrealized Number of Fair Unrealized U.S. Government and agency obligations 3 $ 2,488 $ 9 4 $ 4,446 $ 79 7 $ 6,934 $ 88 Corporate bonds 1 503 1 4 1,664 21 5 2,167 21 State and municipal obligations 8 2,699 18 4 1,915 51 12 4,614 69 Collateralized mortgage obligations 9 5,649 21 4 3,649 85 13 9,298 106 Mortgage-backed securities and other Total temporarily impaired securities 21 $ 11,339 $ 49 16 $ 11,674 $ 236 37 $ 23,013 $ 284 The unrealized losses on the Company’s investments in U.S. Government and agency obligations, state and political subdivision obligations, corporate bonds and mortgage-backed securities were caused primarily by changes in interest rates. The contractual terms of those investments do not permit the issuer to settle the securities at a price less than the amortized cost bases of the investments. Because the Company does not intend to sell the investments and it is not more likely than not the Company will be required to sell the investments before recovery of their amortized cost bases, which may be maturity, the Company does not consider those investments to be OTTI at September 30, 2015 or December 31, 2014. Substantially all mortgage-backed securities are backed by pools of mortgages that are insured or guaranteed by the Federal National Mortgage Association (“FNMA”), the Government National Mortgage Association (“GNMA”) or the Federal Home Loan Mortgage Corporation (“FHLMC”). There were no sales of securities in the nine months ended September 30, 2015. Gross gains on the sale of securities were $ 241,000 242,000 141,000 At September 30, 2015, there were no holdings of securities of any one issuer, other than the U.S. government and its agencies, in an amount greater than 10 The amortized cost and estimated fair value of all debt securities at September 30, 2015, by contractual maturity, are shown below (in thousands). Actual maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations. Amortized Cost Fair Value Due in one year or less $ 2,106 $ 2,112 Due after one to five years 19,678 19,862 Due after five to ten years 20,990 21,256 Due after ten years 22,331 22,265 Mortgage-backed and related securities 15,991 16,524 Total $ 81,096 $ 82,019 Securities with a fair value of $ 72.4 |
Loans
Loans | 9 Months Ended |
Sep. 30, 2015 | |
Receivables [Abstract] | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | Note 3 Loans September 30, December 31, 2015 2014 Consumer and credit card $ 40,689 $ 37,507 Commercial and industrial 99,498 106,222 Commercial real estate 103,891 111,851 Residential real estate and home equity 135,934 129,650 380,012 385,230 Net deferred loan costs 278 214 Loans $ 380,290 $ 385,444 |
Credit Quality
Credit Quality | 9 Months Ended |
Sep. 30, 2015 | |
Credit Quality [Abstract] | |
Credit Quality Disclosure [Text Block] | Note 4 Credit Quality Allowance for Loan Losses The Company’s methodology for estimating probable future losses on loans utilizes a combination of probability of loss by loan grade and loss given defaults for its portfolios. The probability of default is based on both market data from a third-party independent source and actual historical default rates within the Company’s portfolio. A loan is impaired when full payment of interest and principal under the original contractual loan terms is not expected. Commercial and industrial loans, commercial real estate, including construction and land development, and multi-family real estate loans are individually evaluated for impairment. If a loan is impaired, the loan amount exceeding fair value, based on the most current information available is reserved. Management has developed a process by which commercial and commercial real estate loan relationships with balances of $ 250,000 Further, the process for estimating probable loan losses is divided into reviewing impaired loans on an individual basis for probable losses and, as noted above, calculating probable future losses based on historical and market data for homogenous loan portfolios. As the Company’s troubled loan portfolios have been reduced through paydowns, payoffs, credit improvement and charge-offs, the remaining loan portfolios possess better overall credit characteristics, and based on the Company’s methodology require lower rates of reserving than historical levels. Three months ended September 30, 2015 Consumer Residential and Commercial Real Estate Credit and Commercial and Home Card Industrial Real Estate Equity Unallocated Total Beginning balance $ 172 $ 1,035 $ 2,195 $ 315 $ 447 $ 4,164 Charge-offs (63) (63) Recoveries 50 157 18 30 255 Net (charge-offs) recoveries (13) 157 18 30 192 Provision (63) (217) 156 (26) (150) Ending balance $ 159 $ 1,129 $ 1,996 $ 501 $ 421 $ 4,206 Three months ended September 30, 2014 Consumer Residential and Commercial Real Estate Credit and Commercial and Home Card Industrial Real Estate Equity Unallocated Total Beginning balance $ 161 $ 1,418 $ 2,511 $ 220 $ 258 $ 4,568 Charge-offs (43) (197) (173) (32) (445) Recoveries 31 4 11 7 53 Net charge-offs (12) (193) (162) (25) (392) Provision 28 1 (166) 88 49 Ending balance $ 177 $ 1,226 $ 2,183 $ 283 $ 307 $ 4,176 Nine months ended September 30, 2015 Consumer Residential and Commercial Real Estate Credit and Commercial and Home Card Industrial Real Estate Equity Unallocated Total Beginning balance $ 190 $ 1,132 $ 2,376 $ 268 $ 270 $ 4,236 Charge-offs (122) (311) (64) (73) (570) Recoveries 109 297 37 97 540 Net (charge-offs) recoveries (13) (14) (27) 24 (30) Provision (18) 11 (353) 209 151 Ending balance $ 159 $ 1,129 $ 1,996 $ 501 $ 421 $ 4,206 Nine months ended September 30, 2014 Consumer Residential and Commercial Real Estate Credit and Commercial and Home Card Industrial Real Estate Equity Unallocated Total Beginning balance $ 301 $ 3,231 $ 2,973 $ 219 $ $ 6,724 Charge-offs (111) (1,390) (1,041) (161) (2,703) Recoveries 90 14 125 23 252 Net charge-offs (21) (1,376) (916) (138) (2,451) Provision (103) (629) 223 202 307 Transferred to loans held for sale (97) (97) Ending balance $ 177 $ 1,226 $ 2,183 $ 283 $ 307 $ 4,176 Impaired Loans A loan is considered impaired when based on current information and events it is probable the Bank will be unable to collect all amounts due from the borrower in accordance with the contractual terms of the loan. Impaired loans include non-performing commercial loans but also include loans modified in troubled debt restructurings where concessions have been granted to borrowers experiencing financial difficulties. These concessions could include a reduction in the interest rate on the loan, payment extensions, forgiveness of principal, forbearance or other actions intended to maximize collection. At September 30, 2015 Period ended September 30, 2015 Three Three Nine months months months Nine months Unpaid Average Interest Average Interest Recorded Principal Related Recorded Income Recorded Income Investment Balance Allowance Investment Recognized Investment Recognized With no related allowance recorded: Consumer and credit card $ 467 $ 467 $ 469 $ 7 $ 469 $ 19 Commercial and industrial 907 907 914 5 1,106 21 Commercial real estate 129 129 451 2 468 2 Residential real estate and home equity 679 679 733 552 8 2,182 2,182 2,567 14 2,595 50 With an allowance recorded: Commercial and industrial $ 965 $ 1,043 $ 144 $ 1,134 $ 13 $ 1,016 $ 43 Commercial real estate 4,608 4,608 435 6,706 53 7,727 163 5,573 5,651 579 7,840 66 8,743 206 Total: Consumer and credit card $ 467 $ 467 $ $ 469 $ 7 $ 469 $ 19 Commercial and industrial 1,872 1,950 144 2,048 18 2,122 64 Commercial real estate 4,737 4,737 435 7,157 55 8,195 165 Residential real estate and home equity 679 679 733 552 8 Total $ 7,755 $ 7,833 $ 579 $ 10,407 $ 80 $ 11,338 $ 256 At December 31, 2014 Period ended September 30, 2014 Three Three Nine months months months Nine months Unpaid Average Interest Average Interest Recorded Principal Related Recorded Income Recorded Income Investment Balance Allowance Investment Recognized Investment Recognized With no related allowance recorded: Consumer and credit card $ 455 $ 455 $ 462 $ 4 $ 474 $ 21 Commercial and industrial 1,288 1,288 1,306 24 1,624 35 Commercial real estate 1,088 1,088 6,372 57 8,373 92 2,831 2,831 8,140 85 10,471 148 With an allowance recorded: Commercial and industrial 740 817 256 1,016 23 2,096 33 Commercial real estate 8,602 8,602 1,042 5,369 285 5,127 452 9,342 9,419 1,298 6,385 308 7,223 485 Total: Consumer and credit card $ 455 $ 455 $ $ 462 $ 4 $ 474 $ 21 Commercial and industrial 2,028 2,105 256 2,322 47 3,720 68 Commercial real estate 9,690 9,690 1,042 11,741 342 13,500 544 Total $ 12,173 $ 12,250 $ 1,298 $ 14,525 $ 393 $ 17,694 $ 633 Residential Consumer Commercial Real Estate and Credit and Commercial and Home card Industrial Real Estate Equity Total September 30, 2015 Individually evaluated for impairment $ $ 144 $ 435 $ $ 579 Collectively evaluated for impairment 159 985 1,561 501 3,206 Allocated $ 159 $ 1,129 $ 1,996 $ 501 3,785 Unallocated 421 $ 4,206 December 31, 2014 Individually evaluated for impairment $ $ 256 $ 1,042 $ $ 1,298 Collectively evaluated for impairment 190 876 1,334 268 2,668 Allocated $ 190 $ 1,132 $ 2,376 $ 268 3,966 Unallocated 270 $ 4,236 Consumer Commercial Commercial Residential Total September 30, 2015 Individually evaluated for impairment $ 467 $ 1,872 $ 4,737 $ 679 $ 7,755 Collectively evaluated for impairment 40,222 97,626 99,154 135,255 372,257 Ending balance $ 40,689 $ 99,498 $ 103,891 $ 135,934 $ 380,012 Consumer Commercial Commercial Residential Total December 31, 2014 Individually evaluated for impairment $ 455 $ 2,028 $ 9,690 $ - $ 12,173 Collectively evaluated for impairment 37,052 109,823 96,532 129,650 373,057 Ending balance $ 37,507 $ 111,851 $ 106,222 $ 129,650 $ 385,230 September 30, December 31, 2015 2014 Consumer and credit card $ 56 $ 120 Commercial and industrial 573 632 Commercial real estate 30 298 Residential real estate and home equity 679 334 Total $ 1,338 $ 1,384 Credit Quality Indicators The Company uses the following definitions for criticized and classified commercial loans and commercial real estate loans which are consistent with regulatory guidelines: Special Mention Loans which possess some credit deficiency or potential weakness which deserves close attention, but which do not yet warrant substandard classification. Such loans pose unwarranted financial risk that, if not corrected, could weaken the loan and increase risk in the future. The key distinctions of a Special Mention classification are that (1) it is indicative of an unwarranted level of risk, and (2) weaknesses are considered “potential,” versus “well-defined,” impairments to the primary source of loan repayment. Substandard Loans that are inadequately protected by the current sound worth and paying capacity of the obligor or of the collateral pledged, if any. Loans so classified must have well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the Bank will sustain some loss if the deficiencies are not corrected. Doubtful Loans that have all the weaknesses inherent in a Substandard loan with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable. Specific pending factors may strengthen the credit, therefore deferring a Loss classification. Loss Loans are considered uncollectible and of such little value that continuing to carry them as assets on the institution’s financial statements is not feasible. Loans will be classified Loss when it is neither practical nor desirable to defer writing off or reserving all or a portion of a basically worthless asset, even though partial recovery may be possible at some time in the future. September 30, 2015 December 31, 2014 Commercial Commercial Commercial Commercial Pass $ 95,101 $ 94,137 $ 100,961 $ 96,217 Special mention 933 4,668 823 6,146 Substandard 3,464 5,086 4,438 9,488 Total $ 99,498 $ 103,891 $ 106,222 $ 111,851 For residential real estate and consumer loan classes, the Company evaluates credit quality primarily based upon the aging status of the loan and by payment activity. September 30, 2015 December 31, 2014 Consumer Residential Consumer and Residential Performing $ 40,633 $ 135,255 $ 37,387 $ 128,836 Non-performing 56 679 120 814 Total $ 40,689 $ 135,934 $ 37,507 $ 129,650 Age Analysis of Past Due Loans September 30, 2015 60-89 Recorded Days 90 Days or Investment > 30-59 Days Past more Past Total 90 days and Past Due Due Due Past Due Current Total Loans Accruing Consumer and credit card $ 34 $ 30 $ 56 $ 120 $ 40,569 $ 40,689 $ Commercial and industrial 99,498 99,498 Commercial real estate 103,891 103,891 Residential real estate and home equity 29 496 525 135,409 135,934 Total $ 63 $ 526 $ 56 $ 645 $ 379,367 $ 380,012 $ December 31, 2014 Greater Recorded than 90 Investment > 30-59 Days 60-89 Days Days Past Total Total 90 days and Past Due Past Due Due Past Due Current Loans Accruing Consumer and credit card $ 66 $ 7 $ 120 $ 193 $ 37,314 $ 37,507 $ Commercial and industrial 68 68 106,154 106,222 Commercial real estate 49 306 355 111,496 111,851 Residential real estate and home equity 220 30 642 892 128,758 129,650 480 Total $ 403 $ 37 $ 1,068 $ 1,508 $ 383,722 $ 385,230 $ 480 The following table summarizes troubled debt restructurings that occurred during the periods indicated (dollars in thousands): For the three months ended September 30, 2015 2014 Number of Recorded Investment Number of Recorded Investment Contracts (as of period end) Contracts (as of period end) Consumer and credit card 1 $ 188 $ Commercial and industrial 2 547 Total 1 $ 188 2 $ 547 For the nine months ended September 30, 2015 2014 Number of Recorded Investment Number of Recorded Investment Contracts (as of period end) Contracts (as of period end) Consumer and credit card 7 $ 279 $ Commercial and industrial 2 547 Total 7 $ 279 2 $ 547 The following presents by class loans modified in a TDR that subsequently defaulted within twelve months of the modification (i.e. 60 days or more past due) during the periods indicated (dollars in thousands): For the three months ended September 30, 2015 2014 Number of Recorded Investment Number of Recorded Investment Contracts (as of period end) (1) Contracts (as of period end) (1) Commercial real estate $ 1 $ 315 Total $ 1 $ 315 For the nine months ended September 30, 2015 2014 Number of Recorded Investment Number of Recorded Investment Contracts (as of period end) (1) Contracts (as of period end) (1) Commercial real estate $ 1 $ 315 Total $ 1 $ 315 (1) Period end balances are inclusive of all partial pay downs and charge-offs since the modification date. Loans modified in a TDR that were fully paid down, charged off, or foreclosed upon by period end are not reported. A modification of a loan constitutes a TDR when a borrower is experiencing financial difficulty and the modification constitutes a concession. The Company offers various types of concessions when modifying a loan; however, forgiveness of principal is rarely granted. Depending on the financial condition of the borrower, the purpose of the loan and the type of collateral supporting the loan structure; modifications can be either short-term (12 months of less) or long term (greater than one year). Commercial loans modified in a TDR often involve temporary interest-only payments, term extensions, and converting revolving credit lines to term loans. Additional collateral, a co-borrower, or a guarantor may be requested. Commercial mortgage and construction loans modified in a TDR often involve reducing the interest rate for the remaining term of the loan, extending the maturity date at an interest rate lower than the current market rate for new debt with similar risk, or substituting or adding a new borrower or guarantor. Construction loans modified in a TDR may also involve extending the interest-only payment period. Land loans are also included in the class of commercial real estate loans. Land loans are typically structured as interest-only monthly payments with a balloon payment due at maturity. Land loans modified in a TDR typically involve extending the balloon payment by one to three years, changing the monthly payments from interest-only to principal and interest, while leaving the interest rate unchanged. Loans modified in a TDR are typically already on non-accrual status and partial charge-offs have in some cases already been taken against the outstanding loan balance. As a result, loans modified in a TDR for the Company may have the financial effect of increasing the specific allowance associated with the loan. The allowance for impaired loans that have been modified in a TDR is measured based on the estimated fair value of the collateral, less any selling costs, if the loan is collateral dependent or on the present value of expected future cash flows discounted at the loan’s effective interest rate. Management exercises significant judgment in developing these estimates. As mentioned above, an individual loan is placed on a non-accruing status if, in the judgment of management, it is unlikely that all principal and interest will be received according to the terms of the note. Loans on non-accrual may be eligible to be returned to an accruing status after six months of compliance with the modified terms. However, there are number of factors that could prevent a loan from returning to accruing status, even after remaining in compliance with loan terms for the aforementioned six month period. For example: deteriorating collateral, negative cash flow changes and inability to reduce debt to income ratios. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures [Text Block] | Note 5 Fair Value Measurements The Company accounts for fair value measurements in accordance with FASB ASC 820, which defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. FASB ASC 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. FASB ASC 820 also establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair value: Level 1 Quoted prices in active markets for identical assets or liabilities Level 2 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 for substantially the full term of the assets or liabilities Level 3 Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities The carrying value of certain financial assets and liabilities is impacted by the application of fair value measurements, either directly or indirectly. In certain cases, an asset or liability is measured and reported at fair value on a recurring basis, such as available-for-sale investment securities. In other cases, management must rely on estimates or judgments to determine if an asset or liability not measured at fair value warrants an impairment write-down or whether a valuation reserve should be established. Given the inherent volatility, the use of fair value measurements may have a significant impact on the carrying value of assets or liabilities, or result in material changes to the financial statements, from period to period. Fair value is defined as the price that would be received to sell an asset or transfer a liability between market participants at the balance sheet date. When possible, the Company looks to active and observable markets to price identical assets or liabilities. When identical assets and liabilities are not traded in active markets, the Company looks to observable market data for similar assets and liabilities. However, certain assets and liabilities are not traded in observable markets and the Company must use other valuation methods to develop a fair value. The following methods, assumptions, and valuation techniques were used by the Company to measure different financial assets and liabilities at fair value and in estimating its fair value disclosures for financial instruments. Cash and Cash Equivalents : The carrying amounts reported in the consolidated statements of financial condition for cash and cash equivalents is deemed to approximate fair value and are classified as Level 1 of the fair value hierarchy. Available for Sale Investment Securities : Fair values for investment securities are determined by quoted market prices if available (Level 1). For securities where quoted prices are not available, fair values are estimated based on market prices of similar securities. For securities where quoted prices or market prices of similar securities are not available, fair values are estimated using matrix pricing, which is a mathematical technique widely used in the industry to value investment securities without relying exclusively on quoted prices for the specific investment securities but rather relying on the investment securities’ relationship to other benchmark quoted investment securities (Level 2). Any investment securities not valued based upon the methods above is considered Level 3. The Company utilizes information provided by a third-party investment securities portfolio manager in analyzing the investment securities portfolio in accordance with the fair value hierarchy of the Fair Value Topic. The portfolio manager’s evaluation of investment security portfolio pricing is performed using a combination of prices and data from other sources, along with internally developed matrix pricing models. The third-party’s month-end pricing process includes a series of quality assurance activities where prices are compared to recent market conditions, previous evaluation prices, and between the various pricing services. These processes produce a series of quality assurance reports on which price exceptions are identified, reviewed and where appropriate, securities are re-priced. In the event of a materially different price, the third party will report the variance and review the pricing methodology in detail. The results of the quality assurance process are incorporated into the selection of pricing providers by the third party. Loans: For fixed rate loans and for variable rate loans with infrequent re-pricing or re-pricing limits, fair value is based on discounted cash flows using current market rates applied to the estimated life. Fair values for impaired loans are estimated using discounted cash flow analysis or underlying collateral values. For loans held on balance sheet, the discounted fair value is further reduced by the amount of reserves held against the loan portfolios. The methods utilized to estimate the fair value of loans do not necessarily represent an exit price and due to the significant judgment involved in evaluating credit quality, loans are classified within Level 3 classification. Federal Home Loan Bank Stock : The carrying amount presented in the consolidated statements of financial condition is deemed to approximate fair value, and is classified as a Level 2 instrument. Accrued Interest Receivable and Payable: The fair value for accrued interest approximates its carrying amounts due to the short duration before collection. The valuation is a Level 3 classification which is consistent with its underlying asset or liability. Deposits : The fair values of deposits with no stated maturity, such as money market demand deposits, savings and NOW accounts have been analyzed by management and assigned estimated maturities and cash flows which are then discounted to derive a value. The fair value of fixed-rate certificates of deposit is based on the discounted value of contractual cash flows. The discount rate is estimated using the rates currently offered for deposits of similar remaining maturities. The Company classifies the estimated fair value of deposit liabilities as Level 2 in the fair value hierarchy. Advances from the Federal Home Loan Bank : The fair value of these advances is estimated using the rates currently offered for similar advances of similar remaining maturities (Level 2). Commitments to Extend Credit : For fixed-rate and adjustable-rate loan commitments, the fair value estimate considers the difference between current levels of interest rates and committed rates. At September 30, 2015 and December 31, 2014, the fair value of loan commitments was not material. September 30, 2015 Carrying Fair amount Value Level 1 Level 2 Level 3 Financial assets Cash and cash equivalents $ 35,031 $ 35,031 $ 35,031 $ $ Securities available-for-sale 82,019 82,019 82,019 Loans (net of allowance) 376,084 374,538 374,538 FHLB stock 3,250 3,250 3,250 Accrued interest receivable 1,431 1,431 1,431 Financial liabilities Non-interest-bearing deposits $ 123,870 $ 123,870 $ $ 123,870 $ Interest-bearing deposits 351,037 351,152 351,152 Borrowings 4,711 4,711 4,711 Accrued interest payable 74 74 74 December 31, 2014 Carrying Fair amount Value Level 1 Level 2 Level 3 Financial assets Cash and cash equivalents $ 21,274 $ 21,274 $ 21,274 $ $ Securities available-for-sale 75,909 75,909 75,909 Loans (net of allowance) 381,208 381,224 381,224 FHLB stock 3,250 3,250 3,250 Accrued interest receivable 1,234 1,234 1,234 Financial liabilities Non-interest-bearing deposits $ 111,022 $ 111,022 $ $ 111,022 $ Interest-bearing deposits 342,170 342,318 342,318 Borrowings 11,808 11,808 11,808 Accrued interest payable 36 36 36 September 30, 2015 Fair Value Measurements Using Quoted Prices in Significant Other Significant Active Markets for Observable Unobservable Identical Assets Inputs Inputs Fair Value (Level 1) (Level 2) (Level 3) U.S. Government and agency obligations $ 16,469 $ $ 16,469 $ Corporate bonds 4,246 4,246 State and municipal obligations 22,481 22,481 Collateralized mortgage obligations 22,299 22,299 Mortgage-backed securities 16,524 16,524 Total $ 82,019 $ $ 82,019 $ December 31, 2014 Fair Value Measurements Using Quoted Prices in Significant Other Significant Active Markets for Observable Unobservable Identical Assets Inputs Inputs Fair Value (Level 1) (Level 2) (Level 3) U.S. Government and agency obligations $ 11,545 $ $ 11,545 $ Corporate bonds 4,987 4,987 State and municipal obligations 21,657 21,657 Collateralized mortgage obligations 19,580 19,580 Mortgage-backed securities 18,140 18,140 Total $ 75,909 $ $ 75,909 $ The following is a description of the valuation methodologies used for instruments measured at fair value on a non-recurring basis and recognized in the accompanying balance sheets, as well as the general classification of such instruments pursuant to the valuation hierarchy. Impaired loans At September 30, 2015 and December 31, 2014, impaired loans consisted primarily of loans secured by commercial real estate. Management has determined fair value measurements on impaired loans primarily through evaluations of appraisals performed. Real Estate Owned Real estate acquired through, or in lieu of, loan foreclosure is held for sale and initially recorded at fair value (based on current appraised value) at the date of foreclosure, establishing a new cost basis. Subsequent to foreclosure, valuations are periodically performed by management and the assets are carried at the lower of carrying amount or fair value less estimated costs to sell. Management has determined fair value measurements on real estate owned primarily through evaluations of appraisals performed. September 30, 2015 Fair Value Measurements Using Quoted Prices in Significant Other Significant Active Markets for Observable Unobservable Identical Assets Inputs Inputs Fair Value (Level 1) (Level 2 ) (Level 3) Impaired loans $ 7,755 $ $ $ 7,755 Real estate owned 785 785 December 31, 2014 Fair Value Measurements Using Quoted Prices in Significant Other Significant Active Markets for Observable Unobservable Identical Assets Inputs Inputs Fair Value (Level 1) (Level 2 ) (Level 3) Impaired loans $ 12,173 $ $ $ 12,173 Real estate owned 1,111 1,111 |
Sale of Branch and Assets Held
Sale of Branch and Assets Held for Sale | 9 Months Ended |
Sep. 30, 2015 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | Note 6 Sale of Branch and Assets Held for Sale In March 2014, the Bank closed the previously announced sale of its Marysville branch (the “Branch”) to Merchants National Bank, a national bank headquartered in Hillsboro, Ohio (“Merchants”). Merchants acquired certain assets and assumed certain liabilities of the Branch, including the assumption of $ 19.4 4.8 Deposits assumed $ 19,403 Loans sold (at book value) (4,750) Property and Equipment (agreed upon value) (1,500) Cash on hand (261) Premium on deposits (438) Other, net 10 Cash paid to Merchants $ 12,464 At September 30, 2015, the Company classified the $ 4.8 held-for-sale, reflecting the Company’s desire to sell and simultaneously lease back the property. |
Federal Income Taxes
Federal Income Taxes | 9 Months Ended |
Sep. 30, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | Three months ended Nine months ended September 30, September 30, 2015 2014 2015 2014 Deferred $ 96 $ (92) $ 96 $ 229 Valuation allowance (10,784) 92 (10,784) (229) Total $ (10,688) $ $ (10,688) $ Three months ended Nine months ended September 30, September 30, 2015 2014 2015 2014 Federal income taxes compared at the expected statutory rate $ 136 $ 17 $ 266 $ 70 Increase (decrease) in taxes resulting from: Nontaxable dividend and interest income (29) (20) (70) (63) Increase in cash surrender value of life insurance - net (56) (56) (194) (193) Valuation allowance (10,784) 92 (10,784) (229) Other 45 (33) 94 415 Income tax benefit per financial statements $ (10,688) $ $ (10,688) $ September 30, 2015 December 31, 2014 Deferred tax assets: Allowance for loan losses $ 1,450 $ 1,440 Depreciation - 103 Deferred compensation 292 316 Alternative minimum tax carry forward 153 145 Expenses on foreclosed property 11 10 NOL carry forward 9,081 8,910 Other 57 284 Subtotal 11,044 11,208 Deferred tax liabilities: FHLB stock dividends (307) (389) Unrealized gains on available-for-sale securities (314) (337) Other (40) (35) Subtotal (661) (761) Net deferred tax asset 10,383 10,447 Less: valuation allowance (10,784) Total $ 10,383 $ (337) At December 31 2014, the Company had a $ 26.4 2030 |
Summary of Significant Accoun16
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2015 | |
Accounting Policies [Abstract] | |
Earnings Per Share, Policy [Policy Text Block] | Earnings per share Earnings per common share is net income divided by the weighted-average number of common shares outstanding during the period. Diluted earnings per common share is computed including the dilutive effect of additional potential common shares under stock options. Three months ended Nine months ended September 30, September 30, 2015 2014 2015 2014 Weighted-average common shares outstanding (basic) 7,282,365 7,192,350 7,269,222 7,192,350 Dilutive effect of assumed exercise of stock options 19,809 56,844 19,015 50,081 Weighted-average common shares outstanding (diluted) 7,302,174 7,249,194 7,288,237 7,242,431 There were 61,339 124,622 At September 30, 2015 and 2014, 14,985 45,727 |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | Stock-Based Compensation Compensation cost is recognized for restricted stock awards issued to employees and directors based on the fair value of these awards at the date of grant. The market price of the Company’s common shares at the date of grant is used to determine the fair value for restricted stock awards. Compensation cost is recognized over the required service period, generally defined as the vesting period. For awards with graded vesting, compensation cost is recognized on a straight-line basis over the requisite service period for the entire award. Awards for 2,145 55,785 9,290 87,940 41,445 The Company’s outstanding stock options may be settled for cash at the recipient’s discretion; therefore, liability accounting applies to the Company’s 2004 Long-Term Stock Incentive Plan under which such stock options were granted. Compensation expense is recognized based on the fair value of these awards at the reporting date. A Black Scholes model is utilized to estimate the fair value of stock options at the date of grant and subsequent re-measurement dates. Compensation cost is recognized over the required service period, generally defined as the vesting period. The Company’s stock option awards contain terms that provide for a graded vesting schedule whereby portions of the award vest in increments over the requisite service period. Changes in fair value of the options between the vesting date and option expiration date are also recognized in the Consolidated Statement of Income. |
Application Of Critical Accounting Policies [Policy Text Block] | Significant Accounting Estimates The Company’s consolidated financial statements are prepared in accordance with U.S. GAAP and follow general practices within the financial services industry. The application of these principles requires management to make estimates, assumptions, and judgments that affect the amounts reported in the financial statements and accompanying notes. These estimates, assumptions, and judgments are based on information available as of the date of the financial statements; as this information changes, the financial statements could reflect different estimates, assumptions, and judgments. The procedures for assessing the adequacy of the allowance for loan losses reflect the Company’s evaluation of credit risk after careful consideration of all information available to the Company. In developing this assessment, the Company must rely on estimates and exercise judgment regarding matters where the ultimate outcome is unknown, such as economic factors, developments affecting companies in specific industries and issues with respect to single borrowers. Depending on changes in circumstances, future assessments of credit risk may yield materially different results, which may require an increase or a decrease in the allowance for loan losses. The valuation of other assets requires that management utilize a variety of estimates and analysis to determine whether an asset is impaired or other-than-temporarily impaired (“OTTI”). After determining the appropriate methodology for fair value measurement, management then evaluates whether or not declines in fair value below book value are temporary or other-than-temporary impairments. When the Company does not intend to sell a debt security, and it is more likely than not that the Company will not have to sell the security before recovery of its cost basis, it recognizes the credit component of an other-than-temporary impairment of a debt security in earnings and the remaining portion in other comprehensive income. |
Loans and Leases Receivable, Real Estate Acquired Through Foreclosure, Policy [Policy Text Block] | Loans (including Loans Held for Sale) Loans are classified as held for investment when management has both the intent and ability to hold the loan for the foreseeable future, or until maturity or payoff. Management’s intent and view of the foreseeable future may change based on changes in business strategies, the economic environment, market conditions and the availability of government programs. Loans that are held for investment are reported at the principal balance outstanding, net of unearned interest, unamortized deferred loan fees and costs and the allowance for loan losses. Loans held for sale are carried at the lower of amortized cost or estimated fair value, determined on an aggregate basis for each type of loan. Net unrealized losses are recognized by charges to income. Interest income is accrued based on the unpaid principal balance and includes amortization of net deferred loan fees and costs over the loan term. Interest income on mortgage and commercial loans is discontinued at the time the loan is 90 When loans are transferred from held for investment to held for sale, specific reserves and allocated pooled reserves included in the allowance for loan and losses are reclassified to reduce the basis of the loans to the lower of cost or estimated fair value less cost to sell. |
Finance, Loans and Leases Receivable, Policy [Policy Text Block] | Allowance for Loan Losses The allowance for loan losses is a valuation allowance for probable but unconfirmed credit losses, increased by the provision for loan losses and decreased by charge-offs net of recoveries. Loan losses are charged against the allowance when management believes the uncollectibility of a loan balance is confirmed. Subsequent recoveries, if any, are credited to the allowance. Management estimates the required allowance balance based on past loan loss experience, augmented by additional estimates related to the nature and volume of the portfolio, information about specific borrower situations, estimated collateral values, economic conditions and other factors. The allowance consists of both specific and general components. The specific component relates to loans that are classified as impaired. For those loans that are classified as impaired, an allowance is established when the collateral value or value of expected discounted cash flows of the impaired loan is lower than the carrying value of that loan. The general component covers non-classified loans and is based on historical charge-off experience and expected loss given default derived from the Bank’s internal risk rating process. Management utilizes an average of a three year historical loss period. Management has the ability to adjust these loss rates by utilizing risk ratings based on current period trends. If current period trends differ either positively or negatively from the given weighted historical loss rates, adjustments can be made. Other adjustments may be made to the allowance for pools of loans after an assessment of internal or external influences on credit quality that are not fully reflected in the historical loss or risking rating data. Management also utilizes its assessment of general economic conditions, and other localized economic data to more fully support its loan loss estimates. General economic data may include: inflation rates, savings rates and national unemployment rates. Local data may include: unemployment rates, housing starts, real estate valuations, and other economic data specific to the Company’s market area. Though not specific to individual loans, these economic trends can have an impact on portfolio performance as a whole. Uncollectibility is usually determined based on a pre-determined number of days delinquent in the case of consumer loans, or, in the case of commercial loans, is based on a combination of factors including delinquency, collateral and other legal considerations. Consumer loans are charged-off prior to 120 180 Troubled debt restructuring of loans is undertaken to improve the likelihood that the loan will be repaid in full under the modified terms in accordance with a reasonable repayment schedule. All modified loans are evaluated to determine whether the loans should be reported as a Troubled Debt Restructuring (“TDR”). A loan is a TDR when the Company, for economic or legal reasons related to the borrower’s financial difficulties, grants a concession to the borrower by modifying or renewing a loan that the Company would not otherwise consider. To make this determination, the Company must determine whether (a) the borrower is experiencing financial difficulties and (b) the Company granted the borrower a concession. This determination requires consideration of all of the facts and circumstances surrounding the modification. An overall general decline in the economy or some deterioration in a borrower’s financial condition does not automatically mean the borrower is experiencing financial difficulties. |
Income Tax, Policy [Policy Text Block] | Income Taxes The Company accounts for income taxes in accordance with income tax accounting guidance (ASC 740, Income Taxes). The income tax accounting guidance results in two components of income tax expense: current and deferred. Current income tax expense reflects taxes to be paid or refunded for the current period by applying the provisions of the enacted tax law to the taxable income or excess of deductions over revenues. The Company determines deferred income taxes using the liability (or balance sheet) method. Under this method, the net deferred tax asset or liability is based on the tax effects of the differences between the book and tax basis of assets and liabilities, and enacted changes in tax rates and laws are recognized in the period in which they occur. Deferred tax assets are reduced by a valuation allowance, if, based on the weight of evidence available, it is more likely than not that some portion or all of a deferred tax asset will not be realized. Deferred income tax expense results from changes in deferred tax assets and liabilities between periods. Deferred tax assets are recognized if it is more likely than not, based on the technical merits, that the tax position will be realized or sustained upon examination. The term more likely than not means a likelihood of more than 50 percent; the terms examined and upon examination also include resolution of the related appeals or litigation processes, if any. A tax position that meets the more-likely-than-not recognition threshold is initially and subsequently measured as the largest amount of tax benefit that has a greater than 50 percent likelihood of being realized upon settlement with a taxing authority that has full knowledge of all relevant information. The determination of whether or not a tax position has met the more-likely-than-not recognition threshold considers the facts, circumstances and information available at the reporting date and is subject to management’s judgment. The Company recognizes interest and penalties on income taxes, if applicable, as a component of income tax expense. The Company files consolidated income tax returns with its subsidiaries. |
Summary of Significant Accoun17
Summary of Significant Accounting Policies (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Accounting Policies [Abstract] | |
Weighted-average shares for basic and diluted earnings per share [Table Text Block] | Weighted-average shares for basic and diluted earnings per share are presented below. Three months ended Nine months ended September 30, September 30, 2015 2014 2015 2014 Weighted-average common shares outstanding (basic) 7,282,365 7,192,350 7,269,222 7,192,350 Dilutive effect of assumed exercise of stock options 19,809 56,844 19,015 50,081 Weighted-average common shares outstanding (diluted) 7,302,174 7,249,194 7,288,237 7,242,431 |
Securities (Tables)
Securities (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Available-for-sale Securities Reconciliation [Table Text Block] | The amortized cost and estimated fair values of securities available-for-sale were as follows at the dates indicated (in thousands): September 30, 2015 Gross Gross Amortized Unrealized Unrealized Cost Gains Losses Fair Value U.S. Government and agency obligations $ 16,432 $ 64 $ (27) $ 16,469 Corporate bonds 4,220 34 (8) 4,246 States and municipal obligations 22,137 437 (93) 22,481 Collateralized mortgage obligations 22,316 63 (80) 22,299 Mortgage-backed securities 15,991 547 (14) 16,524 Total $ 81,096 $ 1,145 $ (222) $ 82,019 December 31, 2014 Amortized Gross Gross Fair Value U.S. Government and agency obligations $ 11,602 $ 31 $ (88) $ 11,545 Corporate bonds 4,975 33 (21) 4,987 States and municipal obligations 21,303 423 (69) 21,657 Collateralized mortgage obligations 19,601 85 (106) 19,580 Mortgage-backed securities 17,438 702 18,140 Total $ 74,919 $ 1,274 $ (284) $ 75,909 |
Schedule of Temporary Impairment Losses, Investments [Table Text Block] | Securities with unrealized losses, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, at the dates indicated are as follows ( dollars in thousands): September 30, 2015 (Less than 12 months) (12 months or longer) Total Description of securities Number of Fair Unrealized Number of Fair Unrealized Number of Fair Unrealized U.S. Government and agency obligations 2 $ 896 $ 1 2 $ 1,970 $ 26 4 $ 2,866 $ 27 Corporate bonds 2 552 3 3 1,405 5 5 1,957 8 State and municipal obligations 6 2,398 64 3 1,308 29 9 3,706 93 Collateralized mortgage obligations 16 10,349 43 4 3,288 37 20 13,637 80 Mortgage-backed securities and other 3 2,570 14 3 2,570 14 Total temporarily impaired securities 29 $ 16,765 $ 125 12 $ 7,971 $ 97 41 $ 24,736 $ 222 December 31, 2014 (Less than 12 months) (12 months or longer) Total Description of securities Number of Fair Unrealized Number of Fair Unrealized Number of Fair Unrealized U.S. Government and agency obligations 3 $ 2,488 $ 9 4 $ 4,446 $ 79 7 $ 6,934 $ 88 Corporate bonds 1 503 1 4 1,664 21 5 2,167 21 State and municipal obligations 8 2,699 18 4 1,915 51 12 4,614 69 Collateralized mortgage obligations 9 5,649 21 4 3,649 85 13 9,298 106 Mortgage-backed securities and other Total temporarily impaired securities 21 $ 11,339 $ 49 16 $ 11,674 $ 236 37 $ 23,013 $ 284 |
Investments Classified by Contractual Maturity Date [Table Text Block] | Mortgage-backed securities are shown separately since they are not due at a single maturity date. Amortized Cost Fair Value Due in one year or less $ 2,106 $ 2,112 Due after one to five years 19,678 19,862 Due after five to ten years 20,990 21,256 Due after ten years 22,331 22,265 Mortgage-backed and related securities 15,991 16,524 Total $ 81,096 $ 82,019 |
Loans (Tables)
Loans (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Receivables [Abstract] | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | Loans were comprised of the following at the dates indicated (in thousands): September 30, December 31, 2015 2014 Consumer and credit card $ 40,689 $ 37,507 Commercial and industrial 99,498 106,222 Commercial real estate 103,891 111,851 Residential real estate and home equity 135,934 129,650 380,012 385,230 Net deferred loan costs 278 214 Loans $ 380,290 $ 385,444 |
Credit Quality (Tables)
Credit Quality (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Credit Quality [Abstract] | |
Allowance for Credit Losses on Financing Receivables [Table Text Block] | The tables below summarize activity in the allowance for loan losses for the periods indicated (in thousands). Three months ended September 30, 2015 Consumer Residential and Commercial Real Estate Credit and Commercial and Home Card Industrial Real Estate Equity Unallocated Total Beginning balance $ 172 $ 1,035 $ 2,195 $ 315 $ 447 $ 4,164 Charge-offs (63) (63) Recoveries 50 157 18 30 255 Net (charge-offs) recoveries (13) 157 18 30 192 Provision (63) (217) 156 (26) (150) Ending balance $ 159 $ 1,129 $ 1,996 $ 501 $ 421 $ 4,206 Three months ended September 30, 2014 Consumer Residential and Commercial Real Estate Credit and Commercial and Home Card Industrial Real Estate Equity Unallocated Total Beginning balance $ 161 $ 1,418 $ 2,511 $ 220 $ 258 $ 4,568 Charge-offs (43) (197) (173) (32) (445) Recoveries 31 4 11 7 53 Net charge-offs (12) (193) (162) (25) (392) Provision 28 1 (166) 88 49 Ending balance $ 177 $ 1,226 $ 2,183 $ 283 $ 307 $ 4,176 Nine months ended September 30, 2015 Consumer Residential and Commercial Real Estate Credit and Commercial and Home Card Industrial Real Estate Equity Unallocated Total Beginning balance $ 190 $ 1,132 $ 2,376 $ 268 $ 270 $ 4,236 Charge-offs (122) (311) (64) (73) (570) Recoveries 109 297 37 97 540 Net (charge-offs) recoveries (13) (14) (27) 24 (30) Provision (18) 11 (353) 209 151 Ending balance $ 159 $ 1,129 $ 1,996 $ 501 $ 421 $ 4,206 Nine months ended September 30, 2014 Consumer Residential and Commercial Real Estate Credit and Commercial and Home Card Industrial Real Estate Equity Unallocated Total Beginning balance $ 301 $ 3,231 $ 2,973 $ 219 $ $ 6,724 Charge-offs (111) (1,390) (1,041) (161) (2,703) Recoveries 90 14 125 23 252 Net charge-offs (21) (1,376) (916) (138) (2,451) Provision (103) (629) 223 202 307 Transferred to loans held for sale (97) (97) Ending balance $ 177 $ 1,226 $ 2,183 $ 283 $ 307 $ 4,176 |
Recorded investment, unpaid balance and related allowance [Table Text Block] | The following presents by class, information related to the Company’s impaired loans as of the dates indicated (in thousands). At September 30, 2015 Period ended September 30, 2015 Three Three Nine months months months Nine months Unpaid Average Interest Average Interest Recorded Principal Related Recorded Income Recorded Income Investment Balance Allowance Investment Recognized Investment Recognized With no related allowance recorded: Consumer and credit card $ 467 $ 467 $ 469 $ 7 $ 469 $ 19 Commercial and industrial 907 907 914 5 1,106 21 Commercial real estate 129 129 451 2 468 2 Residential real estate and home equity 679 679 733 552 8 2,182 2,182 2,567 14 2,595 50 With an allowance recorded: Commercial and industrial $ 965 $ 1,043 $ 144 $ 1,134 $ 13 $ 1,016 $ 43 Commercial real estate 4,608 4,608 435 6,706 53 7,727 163 5,573 5,651 579 7,840 66 8,743 206 Total: Consumer and credit card $ 467 $ 467 $ $ 469 $ 7 $ 469 $ 19 Commercial and industrial 1,872 1,950 144 2,048 18 2,122 64 Commercial real estate 4,737 4,737 435 7,157 55 8,195 165 Residential real estate and home equity 679 679 733 552 8 Total $ 7,755 $ 7,833 $ 579 $ 10,407 $ 80 $ 11,338 $ 256 At December 31, 2014 Period ended September 30, 2014 Three Three Nine months months months Nine months Unpaid Average Interest Average Interest Recorded Principal Related Recorded Income Recorded Income Investment Balance Allowance Investment Recognized Investment Recognized With no related allowance recorded: Consumer and credit card $ 455 $ 455 $ 462 $ 4 $ 474 $ 21 Commercial and industrial 1,288 1,288 1,306 24 1,624 35 Commercial real estate 1,088 1,088 6,372 57 8,373 92 2,831 2,831 8,140 85 10,471 148 With an allowance recorded: Commercial and industrial 740 817 256 1,016 23 2,096 33 Commercial real estate 8,602 8,602 1,042 5,369 285 5,127 452 9,342 9,419 1,298 6,385 308 7,223 485 Total: Consumer and credit card $ 455 $ 455 $ $ 462 $ 4 $ 474 $ 21 Commercial and industrial 2,028 2,105 256 2,322 47 3,720 68 Commercial real estate 9,690 9,690 1,042 11,741 342 13,500 544 Total $ 12,173 $ 12,250 $ 1,298 $ 14,525 $ 393 $ 17,694 $ 633 |
Allowance for Loan Losses on Financing Receivables [Table Text Block] | The allocation of the allowance for loan losses summarized on the basis of the Company’s impairment methodology was as follows at the dates indicated (in thousands): Residential Consumer Commercial Real Estate and Credit and Commercial and Home card Industrial Real Estate Equity Total September 30, 2015 Individually evaluated for impairment $ $ 144 $ 435 $ $ 579 Collectively evaluated for impairment 159 985 1,561 501 3,206 Allocated $ 159 $ 1,129 $ 1,996 $ 501 3,785 Unallocated 421 $ 4,206 December 31, 2014 Individually evaluated for impairment $ $ 256 $ 1,042 $ $ 1,298 Collectively evaluated for impairment 190 876 1,334 268 2,668 Allocated $ 190 $ 1,132 $ 2,376 $ 268 3,966 Unallocated 270 $ 4,236 |
Investment in Loan and Leases On Financing Receivables [Table Text Block] | The recorded investment in loans and leases summarized on the basis of the Company’s impairment methodology at the dates indicated was as follows (in thousands): Consumer Commercial Commercial Residential Total September 30, 2015 Individually evaluated for impairment $ 467 $ 1,872 $ 4,737 $ 679 $ 7,755 Collectively evaluated for impairment 40,222 97,626 99,154 135,255 372,257 Ending balance $ 40,689 $ 99,498 $ 103,891 $ 135,934 $ 380,012 Consumer Commercial Commercial Residential Total December 31, 2014 Individually evaluated for impairment $ 455 $ 2,028 $ 9,690 $ - $ 12,173 Collectively evaluated for impairment 37,052 109,823 96,532 129,650 373,057 Ending balance $ 37,507 $ 111,851 $ 106,222 $ 129,650 $ 385,230 |
Schedule of Financing Receivables, Non Accrual Status [Table Text Block] | Loans on non-accrual status were as follows at the dates indicated (in thousands): September 30, December 31, 2015 2014 Consumer and credit card $ 56 $ 120 Commercial and industrial 573 632 Commercial real estate 30 298 Residential real estate and home equity 679 334 Total $ 1,338 $ 1,384 |
Financing Receivable Credit Quality Indicators [Table Text Block] | September 30, 2015 December 31, 2014 Commercial Commercial Commercial Commercial Pass $ 95,101 $ 94,137 $ 100,961 $ 96,217 Special mention 933 4,668 823 6,146 Substandard 3,464 5,086 4,438 9,488 Total $ 99,498 $ 103,891 $ 106,222 $ 111,851 |
Consumer Risk [Table Text Block] | September 30, 2015 December 31, 2014 Consumer Residential Consumer and Residential Performing $ 40,633 $ 135,255 $ 37,387 $ 128,836 Non-performing 56 679 120 814 Total $ 40,689 $ 135,934 $ 37,507 $ 129,650 |
Past Due Financing Receivables [Table Text Block] | The following tables present past due loans aged as of the dates indicated (in thousands). September 30, 2015 60-89 Recorded Days 90 Days or Investment > 30-59 Days Past more Past Total 90 days and Past Due Due Due Past Due Current Total Loans Accruing Consumer and credit card $ 34 $ 30 $ 56 $ 120 $ 40,569 $ 40,689 $ Commercial and industrial 99,498 99,498 Commercial real estate 103,891 103,891 Residential real estate and home equity 29 496 525 135,409 135,934 Total $ 63 $ 526 $ 56 $ 645 $ 379,367 $ 380,012 $ December 31, 2014 Greater Recorded than 90 Investment > 30-59 Days 60-89 Days Days Past Total Total 90 days and Past Due Past Due Due Past Due Current Loans Accruing Consumer and credit card $ 66 $ 7 $ 120 $ 193 $ 37,314 $ 37,507 $ Commercial and industrial 68 68 106,154 106,222 Commercial real estate 49 306 355 111,496 111,851 Residential real estate and home equity 220 30 642 892 128,758 129,650 480 Total $ 403 $ 37 $ 1,068 $ 1,508 $ 383,722 $ 385,230 $ 480 |
Schedule of Debtor Troubled Debt Restructuring, Current Period [Table Text Block] | Troubled Debt Restructurings The following table summarizes troubled debt restructurings that occurred during the periods indicated (dollars in thousands): For the three months ended September 30, 2015 2014 Number of Recorded Investment Number of Recorded Investment Contracts (as of period end) Contracts (as of period end) Consumer and credit card 1 $ 188 $ Commercial and industrial 2 547 Total 1 $ 188 2 $ 547 For the nine months ended September 30, 2015 2014 Number of Recorded Investment Number of Recorded Investment Contracts (as of period end) Contracts (as of period end) Consumer and credit card 7 $ 279 $ Commercial and industrial 2 547 Total 7 $ 279 2 $ 547 The following presents by class loans modified in a TDR that subsequently defaulted within twelve months of the modification (i.e. 60 days or more past due) during the periods indicated (dollars in thousands): For the three months ended September 30, 2015 2014 Number of Recorded Investment Number of Recorded Investment Contracts (as of period end) (1) Contracts (as of period end) (1) Commercial real estate $ 1 $ 315 Total $ 1 $ 315 For the nine months ended September 30, 2015 2014 Number of Recorded Investment Number of Recorded Investment Contracts (as of period end) (1) Contracts (as of period end) (1) Commercial real estate $ 1 $ 315 Total $ 1 $ 315 (1) Period end balances are inclusive of all partial pay downs and charge-offs since the modification date. Loans modified in a TDR that were fully paid down, charged off, or foreclosed upon by period end are not reported. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value, by Balance Sheet Grouping [Table Text Block] | Based on the foregoing methods and assumptions, the carrying value and fair value of the Company’s financial instruments are as follows at the dates indicated (in thousands): September 30, 2015 Carrying Fair amount Value Level 1 Level 2 Level 3 Financial assets Cash and cash equivalents $ 35,031 $ 35,031 $ 35,031 $ $ Securities available-for-sale 82,019 82,019 82,019 Loans (net of allowance) 376,084 374,538 374,538 FHLB stock 3,250 3,250 3,250 Accrued interest receivable 1,431 1,431 1,431 Financial liabilities Non-interest-bearing deposits $ 123,870 $ 123,870 $ $ 123,870 $ Interest-bearing deposits 351,037 351,152 351,152 Borrowings 4,711 4,711 4,711 Accrued interest payable 74 74 74 December 31, 2014 Carrying Fair amount Value Level 1 Level 2 Level 3 Financial assets Cash and cash equivalents $ 21,274 $ 21,274 $ 21,274 $ $ Securities available-for-sale 75,909 75,909 75,909 Loans (net of allowance) 381,208 381,224 381,224 FHLB stock 3,250 3,250 3,250 Accrued interest receivable 1,234 1,234 1,234 Financial liabilities Non-interest-bearing deposits $ 111,022 $ 111,022 $ $ 111,022 $ Interest-bearing deposits 342,170 342,318 342,318 Borrowings 11,808 11,808 11,808 Accrued interest payable 36 36 36 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | The following table presents the fair value measurements of assets recognized in the accompanying balance sheets measured at fair value on a recurring basis and the level within the fair value hierarchy in which the fair value measurements fall at the dates indicated (in thousands): September 30, 2015 Fair Value Measurements Using Quoted Prices in Significant Other Significant Active Markets for Observable Unobservable Identical Assets Inputs Inputs Fair Value (Level 1) (Level 2) (Level 3) U.S. Government and agency obligations $ 16,469 $ $ 16,469 $ Corporate bonds 4,246 4,246 State and municipal obligations 22,481 22,481 Collateralized mortgage obligations 22,299 22,299 Mortgage-backed securities 16,524 16,524 Total $ 82,019 $ $ 82,019 $ December 31, 2014 Fair Value Measurements Using Quoted Prices in Significant Other Significant Active Markets for Observable Unobservable Identical Assets Inputs Inputs Fair Value (Level 1) (Level 2) (Level 3) U.S. Government and agency obligations $ 11,545 $ $ 11,545 $ Corporate bonds 4,987 4,987 State and municipal obligations 21,657 21,657 Collateralized mortgage obligations 19,580 19,580 Mortgage-backed securities 18,140 18,140 Total $ 75,909 $ $ 75,909 $ |
Fair Value Measurements, Recurring and Nonrecurring [Table Text Block] | The following table presents the fair value measurements of assets measured at fair value on a non-recurring basis and the level within the fair value hierarchy in which the fair value measurements fall at the dates indicated (in thousands). September 30, 2015 Fair Value Measurements Using Quoted Prices in Significant Other Significant Active Markets for Observable Unobservable Identical Assets Inputs Inputs Fair Value (Level 1) (Level 2 ) (Level 3) Impaired loans $ 7,755 $ $ $ 7,755 Real estate owned 785 785 December 31, 2014 Fair Value Measurements Using Quoted Prices in Significant Other Significant Active Markets for Observable Unobservable Identical Assets Inputs Inputs Fair Value (Level 1) (Level 2 ) (Level 3) Impaired loans $ 12,173 $ $ $ 12,173 Real estate owned 1,111 1,111 |
Sale of Branch and Assets Hel22
Sale of Branch and Assets Held for Sale (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block] | The amounts related to the sale are as follows (in thousands): Deposits assumed $ 19,403 Loans sold (at book value) (4,750) Property and Equipment (agreed upon value) (1,500) Cash on hand (261) Premium on deposits (438) Other, net 10 Cash paid to Merchants $ 12,464 |
Federal Income Taxes (Tables)
Federal Income Taxes (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | The Company files income tax returns in the U.S. federal jurisdiction and franchise tax returns in Ohio. Income tax benefit for the dates indicated include the following components (in thousands): Three months ended Nine months ended September 30, September 30, 2015 2014 2015 2014 Deferred $ 96 $ (92) $ 96 $ 229 Valuation allowance (10,784) 92 (10,784) (229) Total $ (10,688) $ $ (10,688) $ |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | The difference between the financial statement tax provision and amounts computed by applying the statutory federal income tax rate to income before income taxes was as follows (in thousands): Three months ended Nine months ended September 30, September 30, 2015 2014 2015 2014 Federal income taxes compared at the expected statutory rate $ 136 $ 17 $ 266 $ 70 Increase (decrease) in taxes resulting from: Nontaxable dividend and interest income (29) (20) (70) (63) Increase in cash surrender value of life insurance - net (56) (56) (194) (193) Valuation allowance (10,784) 92 (10,784) (229) Other 45 (33) 94 415 Income tax benefit per financial statements $ (10,688) $ $ (10,688) $ |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | Deferred tax assets and liabilities were comprised of the following at the dates indicated (in thousands): September 30, 2015 December 31, 2014 Deferred tax assets: Allowance for loan losses $ 1,450 $ 1,440 Depreciation - 103 Deferred compensation 292 316 Alternative minimum tax carry forward 153 145 Expenses on foreclosed property 11 10 NOL carry forward 9,081 8,910 Other 57 284 Subtotal 11,044 11,208 Deferred tax liabilities: FHLB stock dividends (307) (389) Unrealized gains on available-for-sale securities (314) (337) Other (40) (35) Subtotal (661) (761) Net deferred tax asset 10,383 10,447 Less: valuation allowance (10,784) Total $ 10,383 $ (337) |
Summary of Significant Accoun24
Summary of Significant Accounting Policies (Details) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Weighted-average shares for basic and diluted earnings per share | ||||
Weighted-average common shares outstanding (basic) | 7,282,365 | 7,192,350 | 7,269,222 | 7,192,350 |
Dilutive effect of assumed exercise of stock options | 19,809 | 56,844 | 19,015 | 50,081 |
Weighted-average common shares outstanding (diluted) | 7,302,174 | 7,249,194 | 7,288,237 | 7,242,431 |
Summary of Significant Accoun25
Summary of Significant Accounting Policies (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Summary of Significant Accounting Policies | ||||
Consumer Loans Charged Off Delinquency Period | 120 days | |||
Mortgage Loans Charge Off Delinquency Period | 180 days | |||
Interest Income On Mortgage And Commercial Loans Discontinuation Period | 90 days | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number | 61,339 | 61,339 | 124,622 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 14,985 | 45,727 | ||
Restricted Stock [Member] | ||||
Summary of Significant Accounting Policies | ||||
Stock Issued During Period, Shares, Restricted Stock Award, Forfeited | 9,290 | |||
Stock Issued During Period, Shares, Restricted Stock Award, Gross | 2,145 | 55,785 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 5 years | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 87,940 | $ 87,940 | $ 41,445 |
Securities (Details)
Securities (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2015 | Dec. 31, 2014 | |
Fair values of securities available-for-sale | ||
Amortized Cost | $ 81,096 | $ 74,919 |
Gross Unrealized Gains | 1,145 | 1,274 |
Gross Unrealized Losses | (222) | (284) |
Fair Value | 82,019 | 75,909 |
Collateralized mortgage obligations [Member] | ||
Fair values of securities available-for-sale | ||
Amortized Cost | 22,316 | 19,601 |
Gross Unrealized Gains | 63 | 85 |
Gross Unrealized Losses | (80) | (106) |
Fair Value | 22,299 | 19,580 |
U.S. Government and agency obligations [Member] | ||
Fair values of securities available-for-sale | ||
Amortized Cost | 16,432 | 11,602 |
Gross Unrealized Gains | 64 | 31 |
Gross Unrealized Losses | (27) | (88) |
Fair Value | 16,469 | 11,545 |
Corporate bonds [Member] | ||
Fair values of securities available-for-sale | ||
Amortized Cost | 4,220 | 4,975 |
Gross Unrealized Gains | 34 | 33 |
Gross Unrealized Losses | (8) | (21) |
Fair Value | 4,246 | 4,987 |
States and municipal obligations [Member] | ||
Fair values of securities available-for-sale | ||
Amortized Cost | 22,137 | 21,303 |
Gross Unrealized Gains | 437 | 423 |
Gross Unrealized Losses | (93) | (69) |
Fair Value | 22,481 | 21,657 |
Mortgage-backed securities [Member] | ||
Fair values of securities available-for-sale | ||
Amortized Cost | 15,991 | 17,438 |
Gross Unrealized Gains | 547 | 702 |
Gross Unrealized Losses | (14) | 0 |
Fair Value | $ 16,524 | $ 18,140 |
Securities (Details 1)
Securities (Details 1) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2015USD ($) | Dec. 31, 2014USD ($) | |
Unrealized loss | ||
Number of investments | 41 | 37 |
Fair Value | $ 24,736 | $ 23,013 |
Unrealized Losses | $ 222 | $ 284 |
Collateralized mortgage obligations [Member] | ||
Unrealized loss | ||
Number of investments | 20 | 13 |
Fair Value | $ 13,637 | $ 9,298 |
Unrealized Losses | $ 80 | $ 106 |
Less than 12 months [Member] | ||
Unrealized loss | ||
Number of investments | 29 | 21 |
Fair Value | $ 16,765 | $ 11,339 |
Unrealized Losses | $ 125 | $ 49 |
Less than 12 months [Member] | Collateralized mortgage obligations [Member] | ||
Unrealized loss | ||
Number of investments | 16 | 9 |
Fair Value | $ 10,349 | $ 5,649 |
Unrealized Losses | $ 43 | $ 21 |
12 months or longer [Member] | ||
Unrealized loss | ||
Number of investments | 12 | 16 |
Fair value | $ 7,971 | $ 11,674 |
Unrealized Losses | $ 97 | $ 236 |
12 months or longer [Member] | Collateralized mortgage obligations [Member] | ||
Unrealized loss | ||
Number of investments | 4 | 4 |
Fair value | $ 3,288 | $ 3,649 |
Unrealized Losses | $ 37 | $ 85 |
U.S. Government and agency obligations [Member] | ||
Unrealized loss | ||
Number of investments | 4 | 7 |
Fair Value | $ 2,866 | $ 6,934 |
Unrealized Losses | $ 27 | $ 88 |
U.S. Government and agency obligations [Member] | Less than 12 months [Member] | ||
Unrealized loss | ||
Number of investments | 2 | 3 |
Fair Value | $ 896 | $ 2,488 |
Unrealized Losses | $ 1 | $ 9 |
U.S. Government and agency obligations [Member] | 12 months or longer [Member] | ||
Unrealized loss | ||
Number of investments | 2 | 4 |
Fair value | $ 1,970 | $ 4,446 |
Unrealized Losses | $ 26 | $ 79 |
Corporate bonds [Member] | ||
Unrealized loss | ||
Number of investments | 5 | 5 |
Fair Value | $ 1,957 | $ 2,167 |
Unrealized Losses | $ 8 | $ 21 |
Corporate bonds [Member] | Less than 12 months [Member] | ||
Unrealized loss | ||
Number of investments | 2 | 1 |
Fair Value | $ 552 | $ 503 |
Unrealized Losses | $ 3 | $ 1 |
Corporate bonds [Member] | 12 months or longer [Member] | ||
Unrealized loss | ||
Number of investments | 3 | 4 |
Fair value | $ 1,405 | $ 1,664 |
Unrealized Losses | $ 5 | $ 21 |
State and municipal obligations [Member] | ||
Unrealized loss | ||
Number of investments | 9 | 12 |
Fair Value | $ 3,706 | $ 4,614 |
Unrealized Losses | $ 93 | $ 69 |
State and municipal obligations [Member] | Less than 12 months [Member] | ||
Unrealized loss | ||
Number of investments | 6 | 8 |
Fair Value | $ 2,398 | $ 2,699 |
Unrealized Losses | $ 64 | $ 18 |
State and municipal obligations [Member] | 12 months or longer [Member] | ||
Unrealized loss | ||
Number of investments | 3 | 4 |
Fair value | $ 1,308 | $ 1,915 |
Unrealized Losses | $ 29 | $ 51 |
Mortgage-backed securities and other [Member] | ||
Unrealized loss | ||
Number of investments | 3 | 0 |
Fair Value | $ 2,570 | $ 0 |
Unrealized Losses | $ 14 | $ 0 |
Mortgage-backed securities and other [Member] | Less than 12 months [Member] | ||
Unrealized loss | ||
Number of investments | 3 | 0 |
Fair Value | $ 2,570 | $ 0 |
Unrealized Losses | $ 14 | $ 0 |
Mortgage-backed securities and other [Member] | 12 months or longer [Member] | ||
Unrealized loss | ||
Number of investments | 0 | 0 |
Fair value | $ 0 | $ 0 |
Unrealized Losses | $ 0 | $ 0 |
Securities (Details 2)
Securities (Details 2) $ in Thousands | Sep. 30, 2015USD ($) |
Amortized cost and estimated fair value of all debt securities | |
Available-for-sale, Amortized Cost, Due in one year or less | $ 2,106 |
Available-for-sale, Amortized Cost, Due after one to five years | 19,678 |
Available-for-sale, Amortized Cost, Due after five to ten years | 20,990 |
Available-for-sale, Amortized Cost, Due after ten years | 22,331 |
Available-for-sale, Amortized Cost, Mortgage-backed and related securities | 15,991 |
Available-for-sale, Amortized Cost, Total | 81,096 |
Available-for-sale, Fair Value, Due in one year or less | 2,112 |
Available-for-sale, Fair Value, Due after one to five years | 19,862 |
Available-for-sale, Fair Value, Due after five to ten years | 21,256 |
Available-for-sale, Fair Value, Fair value, Due after ten years | 22,265 |
Available-for-sale, Fair Value, Mortgage-backed and related securities | 16,524 |
Available-for-sale, Fair Value, Total | $ 82,019 |
Securities (Details Textual)
Securities (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Schedule of Available-for-sale Securities [Line Items] | ||||
Investment From Same Issuer As Percentage Of Equity Maximum | 10.00% | |||
Pledged Assets Separately Reported, Securities Pledged as Collateral, at Fair Value, Total | $ 72,400 | |||
Available-for-sale Securities, Gross Unrealized Gain, Total | 1,145 | $ 1,274 | ||
Available-for-sale Securities, Gross Unrealized Loss, Total | $ 222 | $ 284 | ||
Available-for-sale Securities [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Available-for-sale Securities, Gross Unrealized Gain, Total | $ 241,000 | $ 242,000 | ||
Available-for-sale Securities, Gross Unrealized Loss, Total | $ 141,000 |
Loans (Details)
Loans (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Loans | ||
Consumer and credit card | $ 40,689 | $ 37,507 |
Commercial and industrial | 99,498 | 106,222 |
Commercial real estate | 103,891 | 111,851 |
Residential real estate and home equity | 135,934 | 129,650 |
Subtotal | 380,012 | 385,230 |
Net deferred loan costs | 278 | 214 |
Loans | $ 380,290 | $ 385,444 |
Credit Quality (Details)
Credit Quality (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Allowance allocated to: | ||||
Beginning balance | $ 4,164 | $ 4,568 | $ 4,236 | $ 6,724 |
Charge-offs | (63) | (445) | (570) | (2,703) |
Recoveries | 255 | 53 | 540 | 252 |
Net (charge-offs) recoveries | 192 | (392) | (30) | (2,451) |
Provision | (150) | 0 | 0 | 0 |
Transferred to loans held for sale | (97) | |||
Ending balance | 4,206 | 4,176 | 4,206 | 4,176 |
Consumer and Credit Card [Member] | ||||
Allowance allocated to: | ||||
Beginning balance | 172 | 161 | 190 | 301 |
Charge-offs | (63) | (43) | (122) | (111) |
Recoveries | 50 | 31 | 109 | 90 |
Net (charge-offs) recoveries | (13) | (12) | (13) | (21) |
Provision | 0 | 28 | (18) | (103) |
Transferred to loans held for sale | 0 | |||
Ending balance | 159 | 177 | 159 | 177 |
Commercial and Industrial [Member] | ||||
Allowance allocated to: | ||||
Beginning balance | 1,035 | 1,418 | 1,132 | 3,231 |
Charge-offs | 0 | (197) | (311) | (1,390) |
Recoveries | 157 | 4 | 297 | 14 |
Net (charge-offs) recoveries | 157 | (193) | (14) | (1,376) |
Provision | (63) | 1 | 11 | (629) |
Transferred to loans held for sale | 0 | |||
Ending balance | 1,129 | 1,226 | 1,129 | 1,226 |
Commercial Real Estate [Member] | ||||
Allowance allocated to: | ||||
Beginning balance | 2,195 | 2,511 | 2,376 | 2,973 |
Charge-offs | 0 | (173) | (64) | (1,041) |
Recoveries | 18 | 11 | 37 | 125 |
Net (charge-offs) recoveries | 18 | (162) | (27) | (916) |
Provision | (217) | (166) | (353) | 223 |
Transferred to loans held for sale | (97) | |||
Ending balance | 1,996 | 2,183 | 1,996 | 2,183 |
Residential Real Estate and Home Equity [Member] | ||||
Allowance allocated to: | ||||
Beginning balance | 315 | 220 | 268 | 219 |
Charge-offs | 0 | (32) | (73) | (161) |
Recoveries | 30 | 7 | 97 | 23 |
Net (charge-offs) recoveries | 30 | (25) | 24 | (138) |
Provision | 156 | 88 | 209 | 202 |
Transferred to loans held for sale | 0 | |||
Ending balance | 501 | 283 | 501 | 283 |
Unallocated Financing Receivables [Member] | ||||
Allowance allocated to: | ||||
Beginning balance | 447 | 258 | 270 | $ 0 |
Charge-offs | ||||
Recoveries | ||||
Net (charge-offs) recoveries | ||||
Provision | (26) | 49 | 151 | $ 307 |
Transferred to loans held for sale | 0 | |||
Ending balance | $ 421 | $ 307 | $ 421 | $ 307 |
Credit Quality (Details 1)
Credit Quality (Details 1) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Impaired Loans | |||||
Recorded Investment | $ 7,755 | $ 7,755 | $ 12,173 | ||
Unpaid Principal Balance | 7,833 | 7,833 | 12,250 | ||
Related Allowance | 579 | 579 | 1,298 | ||
Average Recorded Investment | 10,407 | $ 14,525 | 11,338 | $ 17,694 | |
Interest Income Recognized | 80 | 393 | 256 | 633 | |
Consumer and credit card [Member] | |||||
Impaired Loans | |||||
Recorded Investment | 467 | 467 | |||
Unpaid Principal Balance | 467 | 467 | |||
Related Allowance | 0 | 0 | |||
Average Recorded Investment | 469 | 469 | |||
Interest Income Recognized | 7 | 19 | |||
Commercial and industrial [Member] | |||||
Impaired Loans | |||||
Recorded Investment | 1,872 | 1,872 | 2,028 | ||
Unpaid Principal Balance | 1,950 | 1,950 | 2,105 | ||
Related Allowance | 144 | 144 | 256 | ||
Average Recorded Investment | 2,048 | 2,322 | 2,122 | 3,720 | |
Interest Income Recognized | 18 | 47 | 64 | 68 | |
Commercial real estate [Member] | |||||
Impaired Loans | |||||
Recorded Investment | 4,737 | 4,737 | 9,690 | ||
Unpaid Principal Balance | 4,737 | 4,737 | 9,690 | ||
Related Allowance | 435 | 435 | 1,042 | ||
Average Recorded Investment | 7,157 | 11,741 | 8,195 | 13,500 | |
Interest Income Recognized | 55 | 342 | 165 | 544 | |
Residential real estate and home equity [member] | |||||
Impaired Loans | |||||
Recorded Investment | 679 | 679 | |||
Unpaid Principal Balance | 679 | 679 | |||
Related Allowance | 0 | 0 | |||
Average Recorded Investment | 733 | 552 | |||
Interest Income Recognized | 0 | 8 | |||
With no related allowance recorded [Member] | |||||
Impaired Loans | |||||
Recorded Investment | 2,182 | 2,182 | 2,831 | ||
Unpaid Principal Balance | 2,182 | 2,182 | 2,831 | ||
Average Recorded Investment | 2,567 | 8,140 | 2,595 | 10,471 | |
Interest Income Recognized | 14 | 85 | 50 | 148 | |
With no related allowance recorded [Member] | Consumer and credit card [Member] | |||||
Impaired Loans | |||||
Recorded Investment | 467 | 467 | 455 | ||
Unpaid Principal Balance | 467 | 467 | $ 455 | ||
Related Allowance | |||||
Average Recorded Investment | 469 | 462 | 469 | 474 | |
Interest Income Recognized | 7 | 4 | 19 | 21 | |
With no related allowance recorded [Member] | Commercial and industrial [Member] | |||||
Impaired Loans | |||||
Recorded Investment | 907 | 907 | $ 1,288 | ||
Unpaid Principal Balance | 907 | 907 | $ 1,288 | ||
Related Allowance | |||||
Average Recorded Investment | 914 | 1,306 | 1,106 | 1,624 | |
Interest Income Recognized | 5 | 24 | 21 | 35 | |
With no related allowance recorded [Member] | Commercial real estate [Member] | |||||
Impaired Loans | |||||
Recorded Investment | 129 | 129 | $ 1,088 | ||
Unpaid Principal Balance | 129 | 129 | $ 1,088 | ||
Related Allowance | |||||
Average Recorded Investment | 451 | 6,372 | 468 | 8,373 | |
Interest Income Recognized | 2 | 57 | 2 | 92 | |
With no related allowance recorded [Member] | Residential real estate and home equity [member] | |||||
Impaired Loans | |||||
Recorded Investment | 679 | 679 | |||
Unpaid Principal Balance | 679 | 679 | |||
Average Recorded Investment | $ 733 | 552 | |||
Interest Income Recognized | 8 | ||||
With allowance recorded [Member] | |||||
Impaired Loans | |||||
Recorded Investment | $ 5,573 | 5,573 | $ 9,342 | ||
Unpaid Principal Balance | 5,651 | 5,651 | 9,419 | ||
Related Allowance | 579 | 579 | 1,298 | ||
Average Recorded Investment | 7,840 | 6,385 | 8,743 | 7,223 | |
Interest Income Recognized | 66 | 308 | 206 | 485 | |
With allowance recorded [Member] | Consumer and credit card [Member] | |||||
Impaired Loans | |||||
Recorded Investment | 455 | ||||
Unpaid Principal Balance | 455 | ||||
Related Allowance | 0 | ||||
Average Recorded Investment | 462 | 474 | |||
Interest Income Recognized | 4 | 21 | |||
With allowance recorded [Member] | Commercial and industrial [Member] | |||||
Impaired Loans | |||||
Recorded Investment | 965 | 965 | 740 | ||
Unpaid Principal Balance | 1,043 | 1,043 | 817 | ||
Related Allowance | 144 | 144 | 256 | ||
Average Recorded Investment | 1,134 | 1,016 | 1,016 | 2,096 | |
Interest Income Recognized | 13 | 23 | 43 | 33 | |
With allowance recorded [Member] | Commercial real estate [Member] | |||||
Impaired Loans | |||||
Recorded Investment | 4,608 | 4,608 | 8,602 | ||
Unpaid Principal Balance | 4,608 | 4,608 | 8,602 | ||
Related Allowance | 435 | 435 | $ 1,042 | ||
Average Recorded Investment | 6,706 | 5,369 | 7,727 | 5,127 | |
Interest Income Recognized | $ 53 | $ 285 | $ 163 | $ 452 |
Credit Quality (Details 2)
Credit Quality (Details 2) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Financing Receivable, Allowance for Credit Losses | $ 4,206 | $ 4,236 |
Allocated Financing Receivables [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 579 | 1,298 |
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 3,206 | 2,668 |
Financing Receivable, Allowance for Credit Losses | 3,785 | 3,966 |
Allocated Financing Receivables [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 435 | 1,042 |
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 1,561 | 1,334 |
Financing Receivable, Allowance for Credit Losses | 1,996 | 2,376 |
Allocated Financing Receivables [Member] | Residential Real Estate [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 0 | 0 |
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 501 | 268 |
Financing Receivable, Allowance for Credit Losses | 501 | 268 |
Allocated Financing Receivables [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 144 | 256 |
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 985 | 876 |
Financing Receivable, Allowance for Credit Losses | 1,129 | 1,132 |
Allocated Financing Receivables [Member] | Credit Card Receivable [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 0 | 0 |
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 159 | 190 |
Financing Receivable, Allowance for Credit Losses | 159 | 190 |
Unallocated Financing Receivables [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Financing Receivable, Allowance for Credit Losses | $ 421 | $ 270 |
Credit Quality (Details 3)
Credit Quality (Details 3) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Financing Receivable, Individually Evaluated for Impairment | $ 7,755 | $ 12,173 |
Financing Receivable, Collectively Evaluated for Impairment | 372,257 | 373,057 |
Financing Receivable, Net | 380,012 | 385,230 |
Commercial Real Estate Portfolio Segment [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Financing Receivable, Individually Evaluated for Impairment | 4,737 | 9,690 |
Financing Receivable, Collectively Evaluated for Impairment | 99,154 | 96,532 |
Financing Receivable, Net | 103,891 | 106,222 |
Residential Portfolio Segment [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Financing Receivable, Individually Evaluated for Impairment | 679 | 0 |
Financing Receivable, Collectively Evaluated for Impairment | 135,255 | 129,650 |
Financing Receivable, Net | 135,934 | 129,650 |
Commercial and Industrial [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Financing Receivable, Individually Evaluated for Impairment | 1,872 | 2,028 |
Financing Receivable, Collectively Evaluated for Impairment | 97,626 | 109,823 |
Financing Receivable, Net | 99,498 | 111,851 |
Credit Card Receivable [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Financing Receivable, Individually Evaluated for Impairment | 467 | 455 |
Financing Receivable, Collectively Evaluated for Impairment | 40,222 | 37,052 |
Financing Receivable, Net | $ 40,689 | $ 37,507 |
Credit Quality (Details 4)
Credit Quality (Details 4) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans on nonaccrual status | $ 1,338 | $ 1,384 |
Consumer and credit card [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans on nonaccrual status | 56 | 120 |
Commercial and industrial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans on nonaccrual status | 573 | 632 |
Commercial real estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans on nonaccrual status | 30 | 298 |
Residential real estate and home equity [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans on nonaccrual status | $ 679 | $ 334 |
Credit Quality (Details 5)
Credit Quality (Details 5) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Credit Quality Indicators | ||
Loans | $ 380,290 | $ 385,444 |
Commercial and Industrial [Member] | ||
Credit Quality Indicators | ||
Loans | 99,498 | 106,222 |
Commercial and Industrial [Member] | Pass [Member] | ||
Credit Quality Indicators | ||
Loans | 95,101 | 100,961 |
Commercial and Industrial [Member] | Special Mention [Member] | ||
Credit Quality Indicators | ||
Loans | 933 | 823 |
Commercial and Industrial [Member] | Substandard [Member] | ||
Credit Quality Indicators | ||
Loans | 3,464 | 4,438 |
Commercial Real Estate [Member] | ||
Credit Quality Indicators | ||
Loans | 103,891 | 111,851 |
Commercial Real Estate [Member] | Pass [Member] | ||
Credit Quality Indicators | ||
Loans | 94,137 | 96,217 |
Commercial Real Estate [Member] | Special Mention [Member] | ||
Credit Quality Indicators | ||
Loans | 4,668 | 6,146 |
Commercial Real Estate [Member] | Substandard [Member] | ||
Credit Quality Indicators | ||
Loans | $ 5,086 | $ 9,488 |
Credit Quality (Details 6)
Credit Quality (Details 6) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Credit Quality Indicators | ||
Consumer risk based on payment activity | $ 380,290 | $ 385,444 |
Consumer and Credit Card [Member] | ||
Credit Quality Indicators | ||
Consumer risk based on payment activity | 40,689 | 37,507 |
Consumer and Credit Card [Member] | Performing [Member] | ||
Credit Quality Indicators | ||
Consumer risk based on payment activity | 40,633 | 37,387 |
Consumer and Credit Card [Member] | Non-Performing [Member] | ||
Credit Quality Indicators | ||
Consumer risk based on payment activity | 56 | 120 |
Residential Real Estate and Home Equity [Member] | ||
Credit Quality Indicators | ||
Consumer risk based on payment activity | 135,934 | 129,650 |
Residential Real Estate and Home Equity [Member] | Performing [Member] | ||
Credit Quality Indicators | ||
Consumer risk based on payment activity | 135,255 | 128,836 |
Residential Real Estate and Home Equity [Member] | Non-Performing [Member] | ||
Credit Quality Indicators | ||
Consumer risk based on payment activity | $ 679 | $ 814 |
Credit Quality (Details 7)
Credit Quality (Details 7) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | $ 645 | $ 1,508 |
Financing Receivable, Recorded Investment, Current | 379,367 | 383,722 |
Financing Receivable, Recorded Investment, Subtotal | 380,012 | 385,230 |
Recorded Investment greater than 90 days and Accruing | 0 | 480 |
Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 63 | 403 |
Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 526 | 37 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 56 | 1,068 |
Consumer and credit card [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 120 | 193 |
Financing Receivable, Recorded Investment, Current | 40,569 | 37,314 |
Financing Receivable, Recorded Investment, Subtotal | 40,689 | 37,507 |
Recorded Investment greater than 90 days and Accruing | 0 | 0 |
Consumer and credit card [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 34 | 66 |
Consumer and credit card [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 30 | 7 |
Consumer and credit card [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 56 | 120 |
Commercial and industrial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 0 | 68 |
Financing Receivable, Recorded Investment, Current | 99,498 | 106,154 |
Financing Receivable, Recorded Investment, Subtotal | 99,498 | 106,222 |
Recorded Investment greater than 90 days and Accruing | 0 | 0 |
Commercial and industrial [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 0 | 68 |
Commercial and industrial [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 |
Commercial and industrial [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 |
Commercial real estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 0 | 355 |
Financing Receivable, Recorded Investment, Current | 103,891 | 111,496 |
Financing Receivable, Recorded Investment, Subtotal | 103,891 | 111,851 |
Recorded Investment greater than 90 days and Accruing | 0 | 0 |
Commercial real estate [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 0 | 49 |
Commercial real estate [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 |
Commercial real estate [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 0 | 306 |
Residential real estate and home equity [member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 525 | 892 |
Financing Receivable, Recorded Investment, Current | 135,409 | 128,758 |
Financing Receivable, Recorded Investment, Subtotal | 135,934 | 129,650 |
Recorded Investment greater than 90 days and Accruing | 0 | 480 |
Residential real estate and home equity [member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 29 | 220 |
Residential real estate and home equity [member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 496 | 30 |
Residential real estate and home equity [member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | $ 0 | $ 642 |
Credit Quality (Details 8)
Credit Quality (Details 8) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2015USD ($)Number | Sep. 30, 2014USD ($)Number | Sep. 30, 2015USD ($)Number | Sep. 30, 2014USD ($)Number | |||
Financing Receivable, Modifications [Line Items] | ||||||
Number of Contracts | 1 | 2 | 7 | 2 | ||
Pre-modification outstanding recorded investment | $ | $ 188 | $ 547 | $ 279 | $ 547 | ||
Number of Contracts | 0 | 1 | 0 | 1 | ||
Post-modification outstanding recorded investment | $ | $ 0 | $ 315 | [1] | $ 0 | $ 315 | [1] |
Consumer and credit card [Member] | ||||||
Financing Receivable, Modifications [Line Items] | ||||||
Number of Contracts | 1 | 0 | 7 | 0 | ||
Pre-modification outstanding recorded investment | $ | $ 188 | $ 0 | $ 279 | $ 0 | ||
Commercial and industrial [Member] | ||||||
Financing Receivable, Modifications [Line Items] | ||||||
Number of Contracts | 0 | 2 | 0 | 2 | ||
Pre-modification outstanding recorded investment | $ | $ 0 | $ 547 | $ 0 | $ 547 | ||
Commercial real estate [Member] | ||||||
Financing Receivable, Modifications [Line Items] | ||||||
Number of Contracts | 0 | 1 | 0 | 1 | ||
Post-modification outstanding recorded investment | $ | $ 0 | $ 315 | [1] | $ 0 | $ 315 | [1] |
[1] | Period end balances are inclusive of all partial pay downs and charge-offs since the modification date. Loans modified in a TDR that were fully paid down, charged off, or foreclosed upon by period end are not reported. |
Credit Quality (Details Textual
Credit Quality (Details Textual) | Sep. 30, 2015USD ($) |
Financing Receivable, Modifications [Line Items] | |
Commercial And Commercial Real Estate Loan Relationships Internal Risk Grade Based Limit | $ 250,000 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Dec. 31, 2013 |
Financial assets | ||||
Cash and cash equivalents, Carrying amount | $ 35,031 | $ 21,274 | $ 20,807 | $ 25,357 |
Securities available-for-sale, Carrying amount | 82,019 | 75,909 | ||
Loans (net of allowance), Carrying amount | 376,084 | 381,208 | ||
FHLB stock, Carrying amount | 3,250 | 3,250 | ||
Financial liabilities | ||||
Noninterest-bearing deposits, Carrying amount | 123,870 | 111,022 | ||
Interest-bearing deposits, Carrying amount | 351,037 | 342,170 | ||
Level 1 [Member] | ||||
Financial assets | ||||
Cash and cash equivalents, Fair value | 35,031 | 21,274 | ||
Securities available-for-sale, Carrying amount | 0 | 0 | ||
Securities available-for-sale, Fair value | 0 | 0 | ||
Loans (net of allowance), Fair value | 0 | 0 | ||
FHLB stock, Fair value | 0 | |||
Accrued interest receivable, Fair value | 0 | 0 | ||
Financial liabilities | ||||
Noninterest-bearing deposits, Fair value | 0 | 0 | ||
Interest-bearing deposits, Fair value | 0 | 0 | ||
FHLB stock, Fair value | 0 | 0 | ||
Accrued interest payable, Fair value | 0 | 0 | ||
Level 2 [Member] | ||||
Financial assets | ||||
Cash and cash equivalents, Fair value | 0 | 0 | ||
Securities available-for-sale, Carrying amount | 82,019 | 75,909 | ||
Securities available-for-sale, Fair value | 82,019 | 75,909 | ||
Loans (net of allowance), Fair value | 0 | 0 | ||
FHLB stock, Fair value | 3,250 | 3,250 | ||
Accrued interest receivable, Fair value | 0 | 0 | ||
Financial liabilities | ||||
Noninterest-bearing deposits, Fair value | 123,870 | 111,022 | ||
Interest-bearing deposits, Fair value | 351,152 | 342,318 | ||
FHLB stock, Fair value | 4,711 | 11,808 | ||
Accrued interest payable, Fair value | 0 | 0 | ||
Level 3 [Member] | ||||
Financial assets | ||||
Cash and cash equivalents, Fair value | 0 | 0 | ||
Securities available-for-sale, Carrying amount | 0 | 0 | ||
Securities available-for-sale, Fair value | 0 | 0 | ||
Loans (net of allowance), Fair value | 374,538 | 381,224 | ||
FHLB stock, Fair value | 0 | 0 | ||
Accrued interest receivable, Fair value | 1,431 | 1,234 | ||
Financial liabilities | ||||
Noninterest-bearing deposits, Fair value | 0 | 0 | ||
Interest-bearing deposits, Fair value | 0 | 0 | ||
FHLB stock, Fair value | 0 | 0 | ||
Accrued interest payable, Fair value | 74 | 36 | ||
Carrying amount [Member] | ||||
Financial assets | ||||
Cash and cash equivalents, Carrying amount | 35,031 | 21,274 | ||
Securities available-for-sale, Carrying amount | 82,019 | 75,909 | ||
Loans (net of allowance), Carrying amount | 376,084 | 381,208 | ||
FHLB stock, Carrying amount | 3,250 | 3,250 | ||
Accrued interest receivable, Carrying amount | 1,431 | 1,234 | ||
Financial liabilities | ||||
Noninterest-bearing deposits, Carrying amount | 123,870 | 111,022 | ||
Interest-bearing deposits, Carrying amount | 351,037 | 342,170 | ||
FHLB stock, Carrying amount | 4,711 | 11,808 | ||
Accrued interest payable, Carrying Amount | 74 | 36 | ||
Fair value [Member] | ||||
Financial assets | ||||
Cash and cash equivalents, Fair value | 35,031 | 21,274 | ||
Securities available-for-sale, Fair value | 82,019 | 75,909 | ||
Loans (net of allowance), Fair value | 374,538 | 381,224 | ||
FHLB stock, Fair value | 3,250 | 3,250 | ||
Accrued interest receivable, Fair value | 1,431 | 1,234 | ||
Financial liabilities | ||||
Noninterest-bearing deposits, Fair value | 123,870 | 111,022 | ||
Interest-bearing deposits, Fair value | 351,152 | 342,318 | ||
FHLB stock, Fair value | 4,711 | 11,808 | ||
Accrued interest payable, Fair value | $ 74 | $ 36 |
Fair Value Measurements (Deta42
Fair Value Measurements (Details 1) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Fair value measurements of assets recurring basis | ||
Securities available-for-sale | $ 82,019 | $ 75,909 |
Collateralized Mortgage Obligations [Member] | ||
Fair value measurements of assets recurring basis | ||
Securities available-for-sale | 22,299 | 19,580 |
U.S. Government and agency obligations [Member] | ||
Fair value measurements of assets recurring basis | ||
Securities available-for-sale | 16,469 | 11,545 |
State and municipal obligations [Member] | ||
Fair value measurements of assets recurring basis | ||
Securities available-for-sale | 22,481 | 21,657 |
Corporate bonds [Member] | ||
Fair value measurements of assets recurring basis | ||
Securities available-for-sale | 4,246 | 4,987 |
Mortgage-backed securities and other [Member] | ||
Fair value measurements of assets recurring basis | ||
Securities available-for-sale | 16,524 | 18,140 |
Quoted Prices in Active Markets for Identical Assets, Level 1 [Member] | ||
Fair value measurements of assets recurring basis | ||
Securities available-for-sale | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets, Level 1 [Member] | Collateralized Mortgage Obligations [Member] | ||
Fair value measurements of assets recurring basis | ||
Securities available-for-sale | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets, Level 1 [Member] | U.S. Government and agency obligations [Member] | ||
Fair value measurements of assets recurring basis | ||
Securities available-for-sale | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets, Level 1 [Member] | State and municipal obligations [Member] | ||
Fair value measurements of assets recurring basis | ||
Securities available-for-sale | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets, Level 1 [Member] | Corporate bonds [Member] | ||
Fair value measurements of assets recurring basis | ||
Securities available-for-sale | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets, Level 1 [Member] | Mortgage-backed securities and other [Member] | ||
Fair value measurements of assets recurring basis | ||
Securities available-for-sale | 0 | 0 |
Significant Other Observable Inputs, Level 2 [Member] | ||
Fair value measurements of assets recurring basis | ||
Securities available-for-sale | 82,019 | 75,909 |
Significant Other Observable Inputs, Level 2 [Member] | Collateralized Mortgage Obligations [Member] | ||
Fair value measurements of assets recurring basis | ||
Securities available-for-sale | 22,299 | 19,580 |
Significant Other Observable Inputs, Level 2 [Member] | U.S. Government and agency obligations [Member] | ||
Fair value measurements of assets recurring basis | ||
Securities available-for-sale | 16,469 | 11,545 |
Significant Other Observable Inputs, Level 2 [Member] | State and municipal obligations [Member] | ||
Fair value measurements of assets recurring basis | ||
Securities available-for-sale | 22,481 | 21,657 |
Significant Other Observable Inputs, Level 2 [Member] | Corporate bonds [Member] | ||
Fair value measurements of assets recurring basis | ||
Securities available-for-sale | 4,246 | 4,987 |
Significant Other Observable Inputs, Level 2 [Member] | Mortgage-backed securities and other [Member] | ||
Fair value measurements of assets recurring basis | ||
Securities available-for-sale | 16,524 | 18,140 |
Significant Unobservable Inputs, Level 3 [Member] | ||
Fair value measurements of assets recurring basis | ||
Securities available-for-sale | 0 | 0 |
Significant Unobservable Inputs, Level 3 [Member] | Collateralized Mortgage Obligations [Member] | ||
Fair value measurements of assets recurring basis | ||
Securities available-for-sale | 0 | 0 |
Significant Unobservable Inputs, Level 3 [Member] | U.S. Government and agency obligations [Member] | ||
Fair value measurements of assets recurring basis | ||
Securities available-for-sale | 0 | 0 |
Significant Unobservable Inputs, Level 3 [Member] | State and municipal obligations [Member] | ||
Fair value measurements of assets recurring basis | ||
Securities available-for-sale | 0 | 0 |
Significant Unobservable Inputs, Level 3 [Member] | Corporate bonds [Member] | ||
Fair value measurements of assets recurring basis | ||
Securities available-for-sale | 0 | 0 |
Significant Unobservable Inputs, Level 3 [Member] | Mortgage-backed securities and other [Member] | ||
Fair value measurements of assets recurring basis | ||
Securities available-for-sale | $ 0 | $ 0 |
Fair Value Measurements (Deta43
Fair Value Measurements (Details 2) - Fair Value, Measurements, Nonrecurring [Member] - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Impaired loans [Member] | ||
Fair value measurements of assets nonrecurring basis | ||
Securities held-to-maturity, Fair Value | $ 7,755 | $ 12,173 |
Impaired loans [Member] | Quoted Prices in Active Markets for Identical Assets, Level 1 [Member] | ||
Fair value measurements of assets nonrecurring basis | ||
Securities held-to-maturity, Fair Value | 0 | 0 |
Impaired loans [Member] | Significant Other Observable Inputs, Level 2 [Member] | ||
Fair value measurements of assets nonrecurring basis | ||
Securities held-to-maturity, Fair Value | 0 | 0 |
Impaired loans [Member] | Significant Unobservable Inputs, Level 3 [Member] | ||
Fair value measurements of assets nonrecurring basis | ||
Securities held-to-maturity, Fair Value | 7,755 | 12,173 |
Real estate owned [Member] | ||
Fair value measurements of assets nonrecurring basis | ||
Securities held-to-maturity, Fair Value | 785 | 1,111 |
Real estate owned [Member] | Quoted Prices in Active Markets for Identical Assets, Level 1 [Member] | ||
Fair value measurements of assets nonrecurring basis | ||
Securities held-to-maturity, Fair Value | 0 | 0 |
Real estate owned [Member] | Significant Other Observable Inputs, Level 2 [Member] | ||
Fair value measurements of assets nonrecurring basis | ||
Securities held-to-maturity, Fair Value | 0 | 0 |
Real estate owned [Member] | Significant Unobservable Inputs, Level 3 [Member] | ||
Fair value measurements of assets nonrecurring basis | ||
Securities held-to-maturity, Fair Value | $ 785 | $ 1,111 |
Sale of Branch and Assets Hel44
Sale of Branch and Assets Held for Sale (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Deposits assumed | $ 474,907 | $ 453,192 |
Property and equipment (agreed upon value) | (5,178) | $ (10,016) |
Branch Sale [Member] | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Deposits assumed | 19,403 | |
Loans sold (at book value) | (4,750) | |
Property and equipment (agreed upon value) | (1,500) | |
Cash on hand | (261) | |
Premium on deposits | (438) | |
Other, net | 10 | |
Cash paid to Merchants | $ 12,464 |
Sale of Branch and Assets Hel45
Sale of Branch and Assets Held for Sale (Details Textual) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 | Mar. 31, 2014 |
Long Lived Assets Held-for-sale [Line Items] | |||
Deposits Liabilities | $ 19,400 | ||
Loans Purchase | $ 4,800 | ||
Disposal Group, Including Discontinued Operation, Property, Plant and Equipment, Noncurrent | $ 4,771 | $ 0 |
Federal Income Taxes (Details)
Federal Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Investments, Owned, Federal Income Tax Note [Line Items] | ||||
Deferred | $ 96 | $ (92) | $ 96 | $ 229 |
Valuation allowance | (10,784) | 92 | (10,784) | (229) |
Total | $ (10,688) | $ 0 | $ (10,688) | $ 0 |
Federal Income Taxes (Details 1
Federal Income Taxes (Details 1) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Income taxes (credits) computed at the statutory federal | ||||
Federal income taxes compared at the expected statutory rate | $ 136 | $ 17 | $ 266 | $ 70 |
Increase (decrease) in taxes resulting from: | ||||
Nontaxable dividend and interest income | (29) | (20) | (70) | (63) |
Increase in cash surrender value of life insurance - net | (56) | (56) | (194) | (193) |
Valuation allowance | (10,784) | 92 | (10,784) | (229) |
Other | 45 | (33) | 94 | 415 |
Income tax benefit per financial statements | $ (10,688) | $ 0 | $ (10,688) | $ 0 |
Federal Income Taxes (Details 2
Federal Income Taxes (Details 2) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Deferred tax assets | ||
Allowance for loan losses | $ 1,450 | $ 1,440 |
Depreciation | 0 | 103 |
Deferred compensation | 292 | 316 |
Alternative minimum tax carry forward | 153 | 145 |
Expenses on foreclosed property | 11 | 10 |
NOL carry forward | 9,081 | 8,910 |
Other | 57 | 284 |
Subtotal | 11,044 | 11,208 |
Deferred tax liabilities | ||
FHLB stock dividends | (307) | (389) |
Unrealized gains on available-for-sale securities | (314) | (337) |
Other | (40) | (35) |
Subtotal | (661) | (761) |
Net deferred tax asset | 10,383 | 10,447 |
Less: valuation allowance | 0 | (10,784) |
Total | $ 10,383 | $ (337) |
Federal Income Taxes (Details T
Federal Income Taxes (Details Textual) $ in Millions | 12 Months Ended |
Dec. 31, 2014USD ($) | |
Investments, Owned, Federal Income Tax Note [Line Items] | |
Net operating loss carry forward | $ 26.4 |
Net operating loss carry forward, expiration starting period | 2,030 |