Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Mar. 11, 2014 | Jun. 28, 2013 | |
Document And Entity Information [Abstract] | ' | ' | ' |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Entity Registrant Name | 'SUSSEX BANCORP | ' | ' |
Entity Central Index Key | '0001028954 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Filer Category | 'Smaller Reporting Company | ' | ' |
Trading Symbol | 'sbbx | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 4,657,066 | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Public Float | ' | ' | $17,067,297 |
Entity Voluntary Filers | 'No | ' | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
ASSETS | ' | ' |
Cash and due from banks | $5,521 | $6,268 |
Interest-bearing deposits with other banks | 7,725 | 5,400 |
Cash and cash equivalents | 13,246 | 11,668 |
Interest bearing time deposits with other banks | 100 | 100 |
Securities available for sale, at fair value | 90,676 | 118,881 |
Securities held to maturity, at cost (fair value of $6,060 and $5,472 at December 31, 2013 and December 31, 2012, respectively) | 6,074 | 5,221 |
Federal Home Loan Bank Stock, at cost | 2,705 | 1,980 |
Loans receivable, net of unearned income | 392,402 | 347,736 |
Less: allowance for loan losses | 5,421 | 4,976 |
Net loans receivable | 386,981 | 342,760 |
Foreclosed real estate | 2,926 | 5,066 |
Premises and equipment, net | 6,892 | 6,476 |
Accrued interest receivable | 1,642 | 1,741 |
Goodwill | 2,820 | 2,820 |
Bank-owned life insurance | 11,889 | 11,536 |
Other assets | 7,960 | 6,485 |
Total Assets | 533,911 | 514,734 |
LIABILITIES AND STOCKHOLDERS' EQUITY | ' | ' |
Non-interest bearing | 58,210 | 48,375 |
Interest bearing | 372,087 | 384,061 |
Total Deposits | 430,297 | 432,436 |
Long-term borrowings | 41,000 | 26,000 |
Accrued interest payable and other liabilities | 3,302 | 3,039 |
Junior subordinated debentures | 12,887 | 12,887 |
Total Liabilities | 487,486 | 474,362 |
Stockholders' Equity: | ' | ' |
Preferred stock, no par value, 1,000,000 shares authorized; none issued | ' | ' |
Common stock, no par value, 10,000,000 shares authorized; 4,640,296 and 3,409,056 shares issued and 4,629,113 and 3,397,873 shares outstanding at December 31, 2013 and December 31, 2012 respectively | 35,249 | 28,117 |
Treasury stock, at cost; 11,183 shares | -59 | -59 |
Retained earnings | 13,386 | 11,958 |
Accumulated other comprehensive (loss) income | -2,151 | 356 |
Total Stockholders' Equity | 46,425 | 40,372 |
Total Liabilities and Stockholders' Equity | $533,911 | $514,734 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Consolidated Balance Sheets [Abstract] | ' | ' |
Securities held to maturity, fair value | $6,060 | $5,472 |
Preferred stock, par value | $0 | $0 |
Preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock, par value | $0 | $0 |
Common stock, shares authorized | 10,000,000 | 10,000,000 |
Common stock, shares issued | 4,640,296 | 3,409,056 |
Common stock, shares outstanding | 4,629,113 | 3,397,873 |
Treasury stock, shares | 11,183 | 11,183 |
Consolidated_Statements_Of_Inc
Consolidated Statements Of Income And Comprehensive (Loss) Income (USD $) | 12 Months Ended | |||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | ||
INTEREST INCOME | ' | ' | ||
Loans receivable, including fees | $18,007 | $17,646 | ||
Securities: | ' | ' | ||
Taxable | 603 | 1,148 | ||
Tax-exempt | 1,016 | 1,138 | ||
Interest bearing deposits | 16 | 35 | ||
Total Interest Income | 19,642 | 19,967 | ||
INTEREST EXPENSE | ' | ' | ||
Deposits | 1,827 | 2,494 | ||
Borrowings | 1,157 | 1,065 | ||
Junior subordinated debentures | 217 | 241 | ||
Total Interest Expense | 3,201 | 3,800 | ||
Net Interest Income | 16,441 | 16,167 | ||
PROVISION FOR LOAN LOSSES | 2,745 | 4,330 | ||
Net Interest Income after Provision for Loan Losses | 13,696 | 11,837 | ||
OTHER INCOME | ' | ' | ||
Service fees on deposit accounts | 1,135 | 1,141 | ||
ATM and debit card fees | 699 | 627 | ||
Bank-owned life insurance | 353 | 394 | ||
Insurance commissions and fees | 2,902 | 2,484 | ||
Investment brokerage fees | 170 | 145 | ||
Net gain on sale of loans, held for sale | ' | 47 | ||
Net gain on securities transactions | 393 | 1,799 | ||
Net gain (loss) on sale of premises and equipment | 1 | -9 | ||
Other | 440 | 373 | ||
Total Other Income | 6,093 | 7,001 | ||
OTHER EXPENSES | ' | ' | ||
Salaries and employee benefits | 9,324 | 8,987 | ||
Occupancy, net | 1,464 | 1,450 | ||
Data processing | 1,276 | 1,249 | ||
Furniture and equipment | 587 | 630 | ||
Advertising and promotion | 260 | 285 | ||
Professional fees | 748 | 677 | ||
Director fees | 455 | 321 | ||
FDIC assessment | 698 | 681 | ||
Insurance | 270 | 240 | ||
Stationary and supplies | 191 | 176 | ||
Loan collection costs | 347 | 713 | ||
Net expenses and write-downs related to foreclosed real estate | 1,538 | 2,085 | ||
Amortization of intangible assets | 1 | 5 | ||
Other | 1,069 | 933 | ||
Total Other Expenses | 18,228 | 18,432 | ||
Income before Income Taxes | 1,561 | 406 | ||
EXPENSE (BENEFIT) FOR INCOME TAXES | 133 | [1] | -329 | [1] |
Net Income | 1,428 | 735 | ||
OTHER COMPREHENSIVE LOSS: | ' | ' | ||
Unrealized (losses) gains on available for sale securities arising during the period | -3,785 | 1,193 | ||
Reclassification adjustment for net gains on securities transactions included in net income | -393 | -1,799 | ||
Income tax expense related to items of other comprehensive loss | 1,671 | 243 | ||
Other comprehensive loss, net of income taxes | -2,507 | -363 | ||
Comprehensive income (loss) | ($1,079) | $372 | ||
EARNINGS PER SHARE | ' | ' | ||
Basic | $0.38 | $0.23 | ||
Diluted | $0.37 | $0.22 | ||
[1] | Calculated at statutory tax rate of 40% |
Consolidated_Statements_Of_Sto
Consolidated Statements Of Stockholders' Equity (USD $) | Common Stock [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Treasury Stock [Member] | Total |
Balance at Dec. 31, 2011 | $27,964,000 | $11,223,000 | $719,000 | ($4,000) | $39,902,000 |
Balance, shares at Dec. 31, 2011 | 3,372,949 | ' | ' | ' | ' |
Net income | ' | 735,000 | ' | ' | 735,000 |
Other comprehensive loss | ' | ' | -363,000 | ' | -363,000 |
Treasury stock purchased | ' | ' | ' | -55,000 | -55,000 |
Treasury stock purchased, shares | -10,339 | ' | ' | ' | ' |
Restricted stock granted, shares | 37,496 | ' | ' | ' | ' |
Restricted stock forfeited, shares | 2,233 | ' | ' | ' | ' |
Compensation expense related to stock option and restricted stock grants | 153,000 | ' | ' | ' | 153,000 |
Balance at Dec. 31, 2012 | 28,117,000 | 11,958,000 | 356,000 | -59,000 | 40,372,000 |
Balance, shares at Dec. 31, 2012 | 3,397,873 | ' | ' | ' | 3,397,873 |
Net income | ' | 1,428,000 | ' | ' | 1,428,000 |
Other comprehensive loss | ' | ' | -2,507,000 | ' | -2,507,000 |
Restricted stock granted, shares | 32,940 | ' | ' | ' | ' |
Stock issued in rights offering, net of offering costs of $294 | 1,198,300 | ' | ' | ' | ' |
Stock issued in rights offering, shares | 6,896,000 | ' | ' | ' | 6,896,000 |
Compensation expense related to stock option and restricted stock grants | 236,000 | ' | ' | ' | 236,000 |
Balance at Dec. 31, 2013 | $35,249,000 | $13,386,000 | ($2,151,000) | ($59,000) | $46,425,000 |
Balance, shares at Dec. 31, 2013 | 4,629,113 | ' | ' | ' | 4,629,113 |
Consolidated_Statements_Of_Sto1
Consolidated Statements Of Stockholders' Equity (Parenthetical) (USD $) | 0 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Aug. 05, 2013 | Dec. 31, 2013 |
Consolidated Statements Of Stockholders' Equity [Abstract] | ' | ' |
Sale of stock, offering costs | $294 | $294 |
Consolidated_Statements_Of_Cas
Consolidated Statements Of Cash Flows (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Cash Flows from Operating Activities | ' | ' |
Net income | $1,428 | $735 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Provision for loan losses | 2,745 | 4,330 |
Depreciation and amortization | 669 | 682 |
Net amortization of securities premiums and discounts | 3,057 | 2,900 |
Net realized gain on sale of securities | -393 | -1,799 |
Net realized gain on sale of loans held for sale | ' | -47 |
Proceeds from the sale of loans held for sale | ' | 638 |
Net realized (gain) loss on sale of premises and equipment | -1 | 9 |
Net realized gain on sale of foreclosed real estate | -17 | -39 |
Write-downs of and provisions for foreclosed real estate | 1,177 | 1,785 |
Deferred income taxes | 1,135 | -329 |
Earnings on bank owned life insurance | -353 | -394 |
Compensation expense for stock options and stock awards | 236 | 153 |
(Increase) decrease in assets: | ' | ' |
Accrued interest receivable | 99 | -6 |
Other assets | -940 | 538 |
Decrease in accrued interest payable and other liabilities | 263 | 251 |
Net Cash Provided by Operating Activities | 9,105 | 9,407 |
Cash Flows from Investing Activities | ' | ' |
Purchases | -32,388 | -96,002 |
Sales | 15,125 | 37,544 |
Maturities, calls and principal repayments | 38,672 | 34,235 |
Securities held to maturity: | ' | ' |
Purchases | -2,122 | -2,623 |
Maturities, calls and principal repayments | 1,223 | 1,581 |
Net increase in loans | -51,203 | -18,518 |
Proceeds from the sale of foreclosed real estate | 5,629 | 2,029 |
Purchases of bank premises and equipment | -1,508 | -396 |
Proceeds from the sale of premises and equipment | 13 | 12 |
Increase in FHLB stock | -725 | -106 |
Net Cash Used in Investing Activities | -27,284 | -42,244 |
Cash Flows from Financing Activities | ' | ' |
Net (decrease) increase in deposits | -2,139 | 7,060 |
Increase in borrowed funds | 15,000 | ' |
Purchase of treasury stock | ' | -55 |
Proceeds from issuance of common stock | 6,896 | ' |
Net Cash Provided by Financing Activities | 19,757 | 7,005 |
Net Increase (Decrease) in Cash and Cash Equivalents | 1,578 | -25,832 |
Cash and Cash Equivalents - Beginning | 11,668 | 37,500 |
Cash and Cash Equivalents - Ending | 13,246 | 11,668 |
Supplementary Cash Flows Information | ' | ' |
Interest paid | 3,239 | 3,828 |
Income taxes paid | 46 | 263 |
Supplementary Schedule of Noncash Investing and Financing Activities | ' | ' |
Foreclosed real estate acquired in settlement of loans | 4,237 | 3,332 |
Loans transferred to held for sale | ' | 591 |
Forclosed real estate transferred to fixed assets | $412 | ' |
Summary_Of_Significant_Account
Summary Of Significant Accounting Policies | 12 Months Ended | |
Dec. 31, 2013 | ||
Summary Of Significant Accounting Policies [Abstract] | ' | |
Summary Of Significant Accounting Policies | ' | |
NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ||
Principles of Consolidation | ||
The consolidated financial statements include the accounts of Sussex Bancorp (the “Company”) and its wholly owned subsidiary, Sussex Bank (the “Bank”). The Bank’s wholly owned subsidiaries are SCB Investment Company, Inc., SCBNY Company, Inc., ClassicLake Enterprises, LLC, Wheatsworth Properties Corp., PPD Holding Company, LLC and Tri-State Insurance Agency, Inc. (“Tri-State”). All intercompany transactions and balances have been eliminated in consolidation. | ||
Organization and Nature of Operations | ||
Sussex Bancorp’s business is conducted principally through the Bank. Sussex Bank is a New Jersey state chartered bank and provides full banking services. The Bank generates commercial, mortgage and consumer loans and receives deposits from customers at its eight branches located in Sussex County, New Jersey and one branch in Orange County, New York. As a state bank, the Bank is subject to regulation of the New Jersey Department of Banking and Insurance and the Federal Deposit Insurance Corporation. Sussex Bancorp is subject to regulation by the Federal Reserve Board. SCB Investment Company, Inc. and SCBNY Company, Inc. hold portions of the Bank’s investment portfolio. Tri-State provides insurance agency services mostly through the sale of property and casualty insurance policies. ClassicLake Enterprises, LLC, PPD Holding Company, LLC and Wheatsworth Properties Corp. hold certain foreclosed properties. The Company opened a loan production and insurance agency satellite office in Rochelle Park, New Jersey during the fourth quarter of 2011 and a regional office and corporate center in Rockaway, New Jersey during the first quarter of 2014. | ||
Estimates | ||
The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change in the near term relate to the determination of the other-than-temporary impairment, allowance for loan losses, valuation of goodwill and intangible assets, the valuation of deferred tax assets and the fair value of financial instruments. | ||
Significant Group Concentrations of Credit Risk | ||
Most of the Company’s activities are with customers located within Sussex County, New Jersey and adjacent counties in the states of New Jersey, New York and Pennsylvania. Notes 3 and 4 discuss the types of securities that the Company invests in. The types of lending that the Company engages are included in Note 5. Although the Company has a diversified loan portfolio, its debtors’ ability to honor their contracts is influenced by the region’s economy. The Company does not have any significant concentrations in any one industry or customer. | ||
Cash and Cash Equivalents | ||
For purposes of the consolidated statements of cash flows, cash and cash equivalents include cash and cash equivalents, balances due from banks, interest bearing deposits with banks and federal funds sold. Generally, federal funds are purchased and sold for one-day periods. | ||
Securities | ||
Securities are designated at the time of acquisition as available for sale or held to maturity. Securities that the Company will hold for indefinite periods of time and that might be sold in the future as part of efforts to manage interest rate risk or in response to changes in interest rates, changes in prepayment risk, changes in market conditions or changes in economic factors are classified as available for sale. Securities available for sale are carried at fair value, with unrealized gains and losses excluded from earnings and reported in other comprehensive (loss) income, net of related deferred tax effect. Securities that the Company has the positive intent and ability to hold to maturity are designated as held to maturity regardless of changes in market conditions, liquidity needs or changes in general economic conditions and carried at amortized cost. | ||
Purchase premiums and discounts are recognized in interest income using the level yield method over the contractual terms of the securities. Gains and losses realized on sales of securities are determined on the specific identification method and are reported in non-interest income. | ||
The Company periodically evaluates the security portfolio to determine if a decline in the fair value of any security below its cost basis is other-than-temporary. The Company’s evaluation of other-than-temporary impairment considers the duration and severity of the impairment, the company’s intent and ability to hold the securities and our assessments of the reason for the decline in value and the likelihood of a near-term recovery. If a determination is made that a debt security is other-than-temporarily impaired, the Company will estimate the amount of the unrealized loss that is attributable to credit and all other non-credit related factors. The credit related component will be recognized as an other-than-temporary impairment charge in non-interest income. The non-credit related component will be recorded as an adjustment to accumulated other comprehensive income, net of tax. | ||
Federal Home Loan Bank Stock | ||
Federal law requires a member institution of the Federal Home Loan Bank (“FHLB”) system to hold stock of its district FHLB according to a predetermined formula. Based on redemption provisions of the FHLB, the stock has no quoted market value and is carried at cost. The FHLB stock was carried at $2.7 million and $2.0 million for the years ended December 31, 2013 and 2012, respectively. | ||
Loans Receivable | ||
Loans receivable that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are stated at their outstanding unpaid principal balances, net of an allowance for loan losses and any deferred fees or costs. Interest income is accrued on the unpaid principal balance. Loan origination fees, net of certain direct origination costs, are deferred and recognized as an adjustment of the yield (interest income) of the related loans. The Bank is generally amortizing these amounts over the contractual life of the loan. | ||
The loans receivable portfolio is segmented into commercial and residential and consumer loans. Commercial loans consist of the following classes: commercial and industrial, commercial real estate, and construction loans. Residential and consumer loans consist of the following classes: residential real estate and consumer and other loans. | ||
For all classes of loans, the accrual of interest is discontinued when the contractual payment of principal or interest has become 90 days past due or management has serious doubts about further collectability of principal or interest, even though the loan is currently performing. A loan may remain on accrual status if it is in the process of collection and is either guaranteed or well secured. When a loan is placed on nonaccrual status, unpaid interest credited to income in the current year is reversed and unpaid interest accrued in prior years is charged against the allowance for loan losses. Interest received on nonaccrual loans including impaired loans generally are either applied against principal or reported as interest income, according to management’s judgment as to the collectability of principal. Generally, loans are restored to accrual status when the obligation is brought current, has performed in accordance with the contractual terms for a reasonable period of time (generally six months) and the ultimate collectability of the total contractual principal and interest is no longer in doubt. The past due status of all classes of loans receivable is determined based on contractual due dates for loan payments. | ||
Allowance for Loan Losses | ||
The allowance for loan losses represents the amount, which, in management’s judgment, will be adequate to absorb credit losses inherent in the loan portfolio as of the balance sheet date. The adequacy of the allowance is determined by management’s evaluation of the loan portfolio based on such factors as the differing economic risks associated with each loan category, the current financial condition of specific borrowers, the economic environment in which borrowers operate, the level of delinquent loans, the value of any collateral and, where applicable, the existence of any guarantees or indemnifications. | ||
The allowance for loan losses is established through provisions for loan losses charged against income. Loans deemed to be uncollectible are charged against the allowance for loan losses, and subsequent recoveries, if any, are credited to the allowance for loan losses. The allowance for loan losses consists of specific and general components. The specific component relates to loans that are classified as impaired. For such loans, an allowance is established when the discounted cash flows, collateral value or observable market price is lower than the carrying value for that loan. The general component covers all other loans and is based on historical loss factors adjusted for general economic factors and other qualitative risk factors such as changes in delinquency trends, industry concentrations and local/national economic trends. | ||
A loan is considered impaired when, based on current information and events, it is probable that the Company will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. | ||
Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record and the amount of the shortfall in relation to the principal and interest owed. Impairment is measured on a loan by loan basis for commercial and industrial, commercial real estate and construction loans by either the present value of expected future cash flows discounted at the loan’s effective interest rate, the loan’s observable market price or the fair value of the collateral if the loan is collateral dependent. | ||
Troubled Debt Restructurings (“TDR”) | ||
A modification to the terms of a loan is generally considered a TDR if the Company grants a concession to the borrower that it would not otherwise consider for economic or legal reasons related to the debtor’s financial difficulties. A TDR may include, but is not necessarily limited to, the modification of loan terms such as a temporary or permanent reduction of the loan’s stated interest rate, extension of the maturity date and/or reduction or deferral of amounts owed under the terms of the loan agreement. | ||
All restructured loans that qualify as TDRs are placed on nonaccrual status for a period of no less than six months after restructuring, irrespective of the borrower’s adherence to a TDR’s modified repayment terms during which time TDRs continue to be adversely classified and reported as impaired. TDRs may be returned to accrual status if (1) the borrower has performed in accordance with the terms of the restructured loan agreement for no less than six consecutive months after restructuring, and (2) the Company expects to receive all principal and interest owed in accordance with the terms of the restructured loan agreement. If these conditions are met the loan may also be returned to a non-adverse classification while retaining its impaired status. | ||
Transfers of Financial Assets | ||
Transfers of financial assets are accounted for as sales when control over the assets has been surrendered. Control over transferred assets is deemed to be surrendered when (1) the assets have been isolated from the Company, (2) the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets, and (3) the Company does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity. | ||
Foreclosed Real Estate | ||
Foreclosed real estate is primarily comprised of property acquired through a foreclosure proceeding or acceptance of a deed-in-lieu of foreclosure. Foreclosed real estate is initially recorded at fair value, less cost to sell 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 costs to sell. Revenues and expenses from operations and changes in the valuation allowance are included in expenses related to foreclosed real estate. | ||
Premises and Equipment | ||
Land is carried at cost. Premises and equipment are stated at cost less accumulated depreciation. Depreciation is computed on the straight-line method over the following estimated useful lives of the related assets: | ||
Years | ||
Buildings and building improvements | 20 – 40 | |
Leasehold improvements | 5 – 10 | |
Furniture, fixtures and equipment | 5 – 10 | |
Computer equipment and software | 3 – 5 | |
Bank Owned Life Insurance (“BOLI”) | ||
Bank-owned life insurance is carried at the amount that could be realized under the Company’s life insurance contracts as of the date of the consolidated balance sheets and is classified as a non-interest earning asset. BOLI involves purchasing life insurance by the Company on a chosen group of employees. The Company is the owner and beneficiary of the policies. Increases in the carrying value are recorded as non-interest income in the consolidated statements of income and insurance proceeds received are generally recorded as a reduction of the carrying value. The carrying value consists of cash surrender value of $11.9 million at December 31, 2013 and $11.5 million at December 31, 2012. | ||
Goodwill and Other Intangibles | ||
Goodwill represents the excess of the purchase price over the fair market value of net assets acquired. At December 31, 2013 and 2012, the Company has recorded goodwill totaling $2.8 million, primarily as a result of the acquisition of an insurance agency in 2001. In accordance with current accounting standards, goodwill is not amortized, but evaluated at least annually for impairment. Any impairment of goodwill results in a charge to income. The Company periodically accesses whether events and changes in circumstances indicate that the carrying amounts of goodwill and intangible assets may be impaired. The estimated fair value of the reporting segment exceeded its book value; therefore, no write-down of goodwill was required. The goodwill related to the insurance agency is not deductible for tax purposes. | ||
The Company has an amortizable core deposit intangible asset related to the premium paid on the acquisition of deposits. The core deposit intangible was created during 2006 and was amortized on a seven year accelerated schedule. This intangible was $0 and $1 thousand, net of accumulated amortization of $120 thousand and $119 thousand as of December 31, 2013 and 2012, respectively. | ||
Other intangible assets are included in other assets on the balance sheets for December 31, 2013 and 2012. Amortization expense on intangible assets was $1 thousand and $5 thousand for the years ended December 31, 2013, and 2012, respectively. No amortization expense is estimated for the year ending December 31, 2014. | ||
Advertising Costs | ||
The Company follows the policy of charging the costs of advertising to expense as incurred. | ||
Income Taxes | ||
The Company accounts for income taxes under the asset/liability method in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 740, Income Taxes. The income tax 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. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, as well as operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period in which they occur. A valuation allowance is established against deferred tax assets when, in the judgment of management, it is more likely than not that such deferred tax assets will not become available. Because the judgment about the level of future taxable income is dependent to a great extent on matters that may, at least in part, be beyond the Company’s control, it is at least reasonably possible that management’s judgment about the need for a valuation allowance for deferred taxes could change in the near term. | ||
In connection with the accounting guidance related to accounting for uncertainty in income taxes, which sets out a consistent framework to determine the appropriate level of tax reserves to maintain for uncertain tax positions, the Company has evaluated its tax positions as of December 31, 2013. A tax position is recognized as a benefit only if it is “more likely than not” that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of the tax benefit that has more than a 50 percent likelihood of being realized on examination. For tax positions not meeting the “more likely than not” test, no tax benefit is recorded. Under the “more likely than not” threshold guidelines, the Company believes no significant uncertain tax positions exist, either individually or in the aggregate, that would give rise to the non-recognition of an existing tax benefit. As of December 31, 2013 the Company had no material unrecognized tax benefits or accrued interest or penalties. The Company’s policy is to account for interest as a component of interest expense and penalties as a component of other expense. Sussex Bancorp and its subsidiaries file a consolidated federal income tax return as well as income tax returns in the States of New Jersey, New York and Pennsylvania. The Company’s federal and state income tax returns subsequent to 2010 remain subject to examination by respective tax authorities. | ||
Off-Balance Sheet Financial Instruments | ||
In the ordinary course of business, the Bank has entered into off-balance sheet financial instruments consisting of commitments to extend credit and letters of credit. Such financial instruments are recorded in the balance sheet when they are funded. | ||
Stock Compensation Plans | ||
The Company currently has several stock plans in place for employees and directors of the Company. U.S. GAAP requires that the compensation cost relating to share-based payment transactions be recognized in financial statements. The share-based compensation accounting guidance requires that compensation cost for all stock awards be calculated and recognized over a defined vesting period. For awards with graded-vesting, compensation cost is recognized on a straight-line basis over the requisite vesting period for the entire award. A Black-Scholes model is used to estimate the fair value of stock options, while the market price of the Company’s common stock at the date of grant is used for restricted stock awards. Stock-based compensation expense related to stock plans for the year ended December 31, 2013 and 2012 was $236 thousand and $153 thousand, respectively. As of December 31, 2013, there was $438 thousand of unrecognized compensation costs related to non-vested restricted stock awards remaining to expense. | ||
Earnings per Share | ||
Basic earnings per share represents net income available to common stockholders divided by the weighted-average number of common shares outstanding during the period. The weighted-average common shares outstanding include the weighted-average number of shares of common stock outstanding less the weighted average number of unvested shares of restricted stock. Diluted earnings per share reflect additional common shares that would have been outstanding if dilutive potential common shares had been issued, as well as any adjustment to income that would result from the assumed issuance. Potential common shares that may be issued by the Company relate to outstanding stock options and non-vested restricted stock grants. Potential common shares related to stock options are determined using the treasury stock method. | ||
Treasury Stock | ||
Repurchases of shares of Company common stock are recorded at cost as a reduction of stockholders’ equity. Reissuances of shares of treasury stock are recorded at average cost. | ||
Segment Reporting | ||
The Company acts as an independent community financial services provider and offers traditional banking and related financial services to individual, business and government customers. Through its branch and automated teller machine networks, the Bank offers a full array of commercial and retail financial services, including taking of time, savings and demand deposits; the making of commercial, consumer and mortgage loans; and the providing of other financial services. Management does not separately allocate expenses, including the cost of funding loan demand, between the commercial, retail, trust and mortgage banking operations of the Bank. As such, discrete financial information is not available and segment reporting would not be meaningful. The Company’s insurance agency is managed separately from the traditional banking and related financial services that the Company offers. The insurance operations provides primarily property and casualty coverage. See Note 2 for segment reporting of insurance operations. | ||
Insurance Agency Operations | ||
Tri-State is a retail insurance broker operating in the State of New Jersey. The insurance agency’s primary source of revenue is commission income, which is earned by placing insurance coverage for its customers with various insurance underwriters. The insurance agency places basic property and casualty, life and health coverage with about fifteen different insurance carriers. There are two main billing processes, direct billing (currently accounts for approximately 90% of revenues) and agency billing. | ||
Under the direct billing arrangement, the insurance carrier bills and collects from the customer directly and remits the brokers’ commission to Tri-State on a monthly basis. For direct bill policies, Tri-State records commissions as revenue when the customer is billed. On a monthly basis, Tri-State receives notification from each insurance carrier of total premiums written and collected during the month, and the broker’s net commission due for their share of business produced by them. | ||
Under the agency billing arrangement, the broker bills and collects from the customer directly, retains their commission, and remits the net premium amount to the insurance carrier. Virtually all agency-billed policies are billed and collected on an installment basis (the number of payments varies by policy). Tri-State records revenues for the first installment as of the policy effective date. Revenues from subsequent installments are recorded at the installment due date. Tri-State records its commission as a percentage of each installment due. | ||
Trust Operations | ||
Trust income is recorded on a cash basis, which approximates the accrual basis. Securities and other property held by the Company in a fiduciary or agency capacity for customers of the trust department are not assets of the Company and, accordingly, are not included in the accompanying consolidated financial statements. The Company had no assets under management at December 31, 2013 and has discontinued providing trust services. The Company had assets under management of $414 thousand at December 31, 2012. | ||
Subsequent Events | ||
The Company has evaluated events and transactions occurring subsequent to the balance sheet date of December 31, 2013 for items that should potentially be recognized or disclosed in these financial statements. The evaluation was conducted through the date these financial statements were issued. | ||
Reclassifications | ||
Certain amounts in 2012 consolidated financial statements have been reclassified to conform to the 2013 consolidated financial statement presentation. | ||
New Accounting Standards | ||
In July 2013, FASB issued Accounting Standard Update (“ASU”) 2013-11, Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists, which provides guidance on financial statement presentation of an unrecognized tax benefit when a net operating loss (NOL) carryforward, a similar tax loss, or a tax credit carryforward exists. The FASB’s objective in issuing this ASU is to eliminate diversity in practice resulting from a lack of guidance on this topic in current U.S. GAAP. This ASU applies to all entities with unrecognized tax benefits that also have tax loss or tax credit carryforwards in the same tax jurisdiction as of the reporting date. For public entities, the guidance is effective for fiscal years beginning after December 15, 2013 and interim periods within those years. We do not expect the adoption of this guidance to have a material impact on our consolidated financial statements. | ||
In February 2013, FASB issued ASU 2013-02, Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income. This ASU requires entities to disclose the effect of items reclassified out of accumulated other comprehensive income (“AOCI”) on each affected net income line item. For AOCI reclassification items that are not reclassified in their entirety into net income, a cross reference to other required U.S. GAAP disclosures. This information may be provided either in the notes or parenthetically on the face of the financial statements. For public entities, the guidance is effective for annual reporting periods beginning after December 15, 2012, and interim periods within those years. The adoption of this guidance did not have a material impact on our consolidated financial statements and the required disclosures are included in Note 13 to these consolidated financial statements. | ||
In January 2014, the FASB issued ASU 2014-04, Receivables - Troubled Debt Restructurings by Creditors. This ASU clarifies that an in substance repossession or foreclosure occurs, and a creditor is considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan, upon either (1) the creditor obtaining legal title to the residential real estate property upon completion of a foreclosure or (2) the borrower conveying all interest in the residential real estate property to the creditor to satisfy that loan through completion of a deed in lieu of foreclosure or through a similar legal agreement. Additionally, the amendments require interim and annual disclosure of both (1) the amount of foreclosed residential real estate property held by the creditor and (2) the recorded investment in consumer mortgage loans collateralized by residential real estate property that are in the process of foreclosure according to local requirements of the applicable jurisdiction. For public entities, the guidance is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2014. We do not expect the adoption of this guidance to have a material impact on our consolidated financial statements. | ||
Segment_Information
Segment Information | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Segment Information [Abstract] | ' | ||||||||
Segment Information | ' | ||||||||
NOTE 2 – SEGMENT REPORTING | |||||||||
Segment information for 2013 and 2012 is as follows: | |||||||||
Banking and | Insurance | ||||||||
(Dollars in thousands) | Financial Services | Services | Total | ||||||
Year Ended December 31, 2013: | |||||||||
Net interest income from external sources | $ | 16,438 | $ | 3 | $ | 16,441 | |||
Other income from external sources | 3,161 | 2,932 | 6,093 | ||||||
Depreciation and amortization | 656 | 13 | 669 | ||||||
Income before income taxes | 1,123 | 438 | 1,561 | ||||||
Income tax (benefit) expense (1) | -42 | 175 | 133 | ||||||
Total assets | 530,925 | 2,986 | 533,911 | ||||||
Year Ended December 31, 2012: | |||||||||
Net interest income from external sources | $ | 16,167 | $ | - | $ | 16,167 | |||
Other income from external sources | 4,517 | 2,484 | 7,001 | ||||||
Depreciation and amortization | 672 | 10 | 682 | ||||||
Income before income taxes | 145 | 261 | 406 | ||||||
Income tax expense (1) | -433 | 104 | -329 | ||||||
Total assets | 511,837 | 2,897 | 514,734 | ||||||
(1) Calculated at statutory tax rate of 40% | |||||||||
Fair_Value_Of_Assets_And_Liabi
Fair Value Of Assets And Liabilities | 12 Months Ended | ||||||||||||||
Dec. 31, 2013 | |||||||||||||||
Fair Value Of Assets And Liabilities [Abstract] | ' | ||||||||||||||
Fair Value Of Assets And Liabilities | ' | ||||||||||||||
NOTE 3 – FAIR VALUE OF ASSETS AND LIABILITIES | |||||||||||||||
Management uses its best judgment in estimating the fair value of the Company’s financial instruments; however, there are inherent weaknesses in any estimation technique. Therefore, for substantially all financial instruments, the fair value estimates herein are not necessarily indicative of the amounts the Company could have realized in a sale transaction on the dates indicated. The fair value amounts have been measured as of their respective year ends, and have not been re-evaluated or updated for purposes of these financial statements subsequent to those respective dates. As such, the fair values of these financial instruments subsequent to the respective reporting dates may be different than the amounts reported at each year end. | |||||||||||||||
In accordance with U.S. GAAP, the Company uses a hierarchical disclosure framework associated with the level of pricing observability utilized in measuring assets and liabilities at fair value. The three broad levels defined by the hierarchy are as follows: | |||||||||||||||
Level I - Quoted prices are available in active markets for identical assets or liabilities as of the reported date. | |||||||||||||||
Level II - Pricing inputs are other than quoted prices in active markets, which are either directly or indirectly observable as of the reported date. The nature of these asset and liabilities include items for which quoted prices are available but traded less frequently, and items that are fair valued using other financial instruments, the parameters of which can be directly observed. | |||||||||||||||
Level III - Assets and liabilities that have little to no pricing observability as of reported date. These items do not have two-way markets and are measured using management’s best estimate of fair value, where the inputs into the determination of fair value require significant management judgment or estimation. | |||||||||||||||
The following table summarizes the fair value of the Company’s financial assets measured on a recurring basis by the above pricing observability levels as of December 31, 2013 and 2012: | |||||||||||||||
Quoted Prices in | Significant | ||||||||||||||
Active Markets | Other | Significant | |||||||||||||
Fair | for Identical | Observable | Unobservable | ||||||||||||
Value | Assets | Inputs | Inputs | ||||||||||||
(Dollars in thousands) | Measurements | (Level I) | (Level II) | (Level III) | |||||||||||
December 31, 2013: | |||||||||||||||
U.S. government agencies | $ | 5,380 | $ | - | $ | 5,380 | $ | - | |||||||
State and political subdivisions | 25,875 | - | 25,875 | - | |||||||||||
Mortgage-backed securities | |||||||||||||||
U.S. government-sponsored enterprises | 58,937 | - | 58,937 | - | |||||||||||
Equity securities-financial services industry and other | 484 | 484 | - | - | |||||||||||
December 31, 2012: | |||||||||||||||
State and political subdivisions | $ | 27,741 | $ | - | $ | 27,741 | $ | - | |||||||
Mortgage-backed securities | |||||||||||||||
U.S. government-sponsored enterprises | 90,709 | - | 90,709 | - | |||||||||||
Equity securities-financial services industry and other | 431 | 431 | - | - | |||||||||||
The Company’s available for sale securities portfolio contains investments which are all rated within the Company’s investment policy guidelines; and upon review of the entire portfolio, all securities are marketable and have observable pricing inputs. | |||||||||||||||
For assets measured at fair value on a nonrecurring basis, the fair value measurements by level within the fair value hierarchy used at December 31, 2013 and 2012 are as follows: | |||||||||||||||
Quoted Prices in | Significant | ||||||||||||||
Active Markets | Other | Significant | |||||||||||||
Fair | for Identical | Observable | Unobservable | ||||||||||||
Value | Assets | Inputs | Inputs | ||||||||||||
(Dollars in thousands) | Measurements | (Level I) | (Level II) | (Level III) | |||||||||||
December 31, 2013: | |||||||||||||||
Impaired loans | $ | 5,483 | $ | - | $ | - | $ | 5,483 | |||||||
Foreclosed real estate | 1,008 | - | - | 1,008 | |||||||||||
December 31, 2012: | |||||||||||||||
Impaired loans | $ | 6,239 | $ | - | $ | - | $ | 6,239 | |||||||
Foreclosed real estate | 3,612 | - | - | 3,612 | |||||||||||
The following table presents additional qualitative information about assets measured at fair value on a nonrecurring basis and for which Level III inputs were used to determine fair value: | |||||||||||||||
Qualitative Information about Level III Fair Value Measurements | |||||||||||||||
Fair | Range | ||||||||||||||
Value | Valuation | Unobservable | (Weighted | ||||||||||||
(Dollars in thousands) | Estimate | Techniques | Input | Average) | |||||||||||
December 31, 2013: | |||||||||||||||
Impaired loans | $ | 5,483 | Appraisal of | Appraisal | 0% to -67.9% | ||||||||||
collateral | adjustments (1) | (-7.8%) | |||||||||||||
Foreclosed real estate | 1,008 | Appraisal of | Selling | ||||||||||||
collateral | expenses (1) | -7.0% (-7.0%) | |||||||||||||
December 31, 2012: | |||||||||||||||
Impaired loans | $ | 6,239 | Appraisal of | Appraisal | 0% to -57.1% | ||||||||||
collateral | adjustments (1) | (-21.8%) | |||||||||||||
Foreclosed real estate | 3,612 | Appraisal of | Selling | ||||||||||||
collateral | expenses (1) | -7.0% (-7.0%) | |||||||||||||
(1) Appraisals may be adjusted by management for qualitative factors such as economic conditions and estimated selling expenses. The range and weighted average of selling expenses and other appraisal adjustments are presented as a percent of the appraisal. | |||||||||||||||
The following information should not be interpreted as an estimate of the fair value of the entire Company since a fair value calculation is only provided for a limited portion of the Company’s assets and liabilities. Due to a wide range of valuation techniques and the degree of subjectivity used in making the estimates, comparisons between the Company’s disclosures and those of other companies may not be meaningful. The following methods and assumptions were used to estimate the fair value of the Company’s financial instruments presented below at December 31, 2013 and 2012: | |||||||||||||||
Cash and Cash Equivalents (Carried at Cost): The carrying amounts reported in the balance sheet for cash and cash equivalents approximate those assets’ fair value. | |||||||||||||||
Deposits (Carried at Cost): Fair value for fixed-rate time certificates of deposit are estimated using a discounted cash flow calculation that applies interest rates currently being offered in the market on certificates to a schedule of aggregated expected monthly maturities on time deposits. The Company generally purchases amounts below the insured limit, limiting the amount of credit risk on these time deposits. | |||||||||||||||
Securities: The fair value of securities, available for sale (carried at fair value) and securities held to maturity (carried at amortized cost) are determined by obtaining quoted market prices on nationally recognized securities exchanges (Level I), or matrix pricing (Level II), which is a mathematical technique used widely in the industry to value debt securities without relying exclusively on quoted market prices for the specific securities but rather by relying on the securities’ relationship to other benchmark quoted prices. For certain securities which are not traded in active markets or are subject to transfer restrictions, valuations are adjusted to reflect illiquidity and/or non-transferability, and such adjustments are generally based on available market evidence (Level III). In the absence of such evidence, management’s best estimate is used. Management’s best estimate consists of both internal and external support on certain Level III measurements. Internal cash flow models using a present value formula that includes assumptions market participants would use along with indicative exit pricing obtained from broker/dealers (where available) were used to support fair values of certain Level III investments. | |||||||||||||||
Federal Home Loan Bank Stock (Carried at Cost): The carrying amount of restricted investment in bank stock approximates fair value and considers the limited marketability of such securities. | |||||||||||||||
Loans Receivable (Carried at Cost): The fair values of loans are estimated using discounted cash flow analyses, using the market rates at the balance sheet date that reflect the credit and interest rate-risk inherent in the loans. Projected future cash flows are calculated based upon contractual maturity or call dates, projected repayments and prepayments of principal. Generally, for variable rate loans that reprice frequently and with no significant change in credit risk, fair values are based on carrying values. | |||||||||||||||
Impaired Loans (Carried at Lower of Cost or Fair Value): Fair value of impaired loans is generally determined based upon independent third-party appraisals of the properties, or discounted cash flows based upon the expected proceeds. These assets are included in Level III fair values, based upon the lowest level of input that is significant to the fair value measurements. At December 31, 2013 and 2012, the fair value consists of the loan balances of $5.5 million and $6.2 million, net of valuation allowance of $485 thousand and $365 thousand, respectively. | |||||||||||||||
Deposit Liabilities (Carried at Cost): The fair values disclosed for demand, savings and money market accounts are, by definition, equal to the amount payable on demand at the reporting date (i.e., their carrying amounts). Fair values for fixed-rate certificates of deposit are estimated using a discounted cash flow calculation that applies interest rates currently being offered in the market on certificates to a schedule of aggregated expected monthly maturities on time deposits. | |||||||||||||||
Borrowings (Carried at Cost): Fair values of FHLB advances are estimated using discounted cash flow analysis, based on quoted prices for new FHLB advances with similar credit risk characteristics, terms and remaining maturity. These prices obtained from this active market represent a market value that is deemed to represent the transfer price if the liability were assumed by a third party. | |||||||||||||||
Junior Subordinated Debentures (Carried at Cost): Fair values of junior subordinated debt are estimated using discounted cash flow analysis, based on market rates currently offered on such debt with similar credit risk characteristics, terms and remaining maturity. | |||||||||||||||
Accrued Interest Receivable and Accrued Interest Payable (Carried at Cost): The carrying amounts of accrued interest receivable and payable approximate its fair value. | |||||||||||||||
Off-Balance Sheet Instruments (Disclosed at Cost): Fair values for the Company’s off-balance sheet financial instruments (lending commitments and letters of credit) are based on fees currently charged in the market to enter into similar agreements, taking into account, the remaining terms of the agreements and the counterparties’ credit standing. | |||||||||||||||
The fair values of the Company’s financial instruments at December 31, 2013 and 2012 were as follows: | |||||||||||||||
Quoted Prices in | Significant | ||||||||||||||
Active Markets | Other | Significant | |||||||||||||
31-Dec-13 | for Identical | Observable | Unobservable | ||||||||||||
Carrying | Fair | Assets | Inputs | Inputs | |||||||||||
(Dollars in thousands) | Amount | Value | (Level I) | (Level II) | (Level III) | ||||||||||
Financial assets: | |||||||||||||||
Cash and cash equivalents | $ | 13,246 | $ | 13,246 | $ | 13,246 | $ | - | $ | - | |||||
Time deposits with other banks | 100 | 100 | 100 | - | - | ||||||||||
Securities available for sale | 90,676 | 90,676 | 484 | 90,192 | - | ||||||||||
Securities held to maturity | 6,074 | 6,060 | - | 6,060 | - | ||||||||||
Federal Home Loan Bank stock | 2,705 | 2,705 | - | 2,705 | - | ||||||||||
Loans receivable, net of allowance | 386,981 | 383,269 | - | - | 383,269 | ||||||||||
Accrued interest receivable | 1,642 | 1,642 | - | 1,642 | - | ||||||||||
Financial liabilities: | |||||||||||||||
Non-maturity deposits | 331,350 | 331,350 | 331,350 | - | - | ||||||||||
Time deposits | 98,947 | 99,925 | - | 99,925 | - | ||||||||||
Borrowings | 41,000 | 43,149 | - | 43,149 | - | ||||||||||
Junior subordinated debentures | 12,887 | 7,710 | - | 7,710 | - | ||||||||||
Accrued interest payable | 235 | 235 | - | 235 | - | ||||||||||
Quoted Prices in | Significant | ||||||||||||||
Active Markets | Other | Significant | |||||||||||||
31-Dec-12 | for Identical | Observable | Unobservable | ||||||||||||
Carrying | Fair | Assets | Inputs | Inputs | |||||||||||
(Dollars in thousands) | Amount | Value | (Level I) | (Level II) | (Level III) | ||||||||||
Financial assets: | |||||||||||||||
Cash and cash equivalents | $ | 11,668 | $ | 11,668 | $ | 11,668 | $ | - | $ | - | |||||
Time deposits with other banks | 100 | 100 | 100 | - | - | ||||||||||
Securities available for sale | 118,881 | 118,881 | 431 | 118,450 | - | ||||||||||
Securities held to maturity | 5,221 | 5,472 | - | 5,472 | - | ||||||||||
Federal Home Loan Bank stock | 1,980 | 1,980 | - | 1,980 | - | ||||||||||
Loans receivable, net of allowance | 342,760 | 353,208 | - | - | 353,208 | ||||||||||
Accrued interest receivable | 1,741 | 1,741 | - | 1,741 | - | ||||||||||
Financial liabilities: | |||||||||||||||
Non-maturity deposits | 328,856 | 328,856 | 328,856 | - | - | ||||||||||
Time deposits | 103,580 | 105,680 | - | 105,680 | - | ||||||||||
Borrowings | 26,000 | 29,476 | - | 29,476 | - | ||||||||||
Junior subordinated debentures | 12,887 | 6,315 | - | 6,315 | - | ||||||||||
Accrued interest payable | 273 | 273 | - | 273 | - | ||||||||||
Securities
Securities | 12 Months Ended | |||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||
Securities [Abstract] | ' | |||||||||||||||||
Securities | ' | |||||||||||||||||
NOTE 4 – SECURITIES | ||||||||||||||||||
Available for Sale | ||||||||||||||||||
The amortized cost and fair value of securities available for sale as of December 31, 2013 and 2012 are summarized as follows: | ||||||||||||||||||
Gross | Gross | |||||||||||||||||
Amortized | Unrealized | Unrealized | Fair | |||||||||||||||
(Dollars in thousands) | Cost | Gains | Losses | Value | ||||||||||||||
31-Dec-13 | ||||||||||||||||||
U.S. government agencies | $ | 5,421 | $ | 8 | $ | -49 | $ | 5,380 | ||||||||||
State and political subdivisions | 28,788 | 3 | -2,916 | 25,875 | ||||||||||||||
Mortgage-backed securities: | ||||||||||||||||||
U.S. government-sponsored enterprises | 59,640 | 272 | -975 | 58,937 | ||||||||||||||
Equity securities-financial services industry and other | 412 | 85 | -13 | 484 | ||||||||||||||
$ | 94,261 | $ | 368 | $ | -3,953 | $ | 90,676 | |||||||||||
31-Dec-12 | ||||||||||||||||||
State and political subdivisions | $ | 27,341 | $ | 594 | $ | -194 | $ | 27,741 | ||||||||||
Mortgage-backed securities: | ||||||||||||||||||
U.S. government-sponsored enterprises | 90,487 | 671 | -449 | 90,709 | ||||||||||||||
Equity securities-financial services industry and other | 460 | 16 | -45 | 431 | ||||||||||||||
$ | 118,288 | $ | 1,281 | $ | -688 | $ | 118,881 | |||||||||||
Securities with a carrying value of approximately $37.2 million and $26.1 million at December 31, 2013 and 2012, respectively, were pledged to secure public deposits and for other purposes required or permitted by applicable laws and regulations. | ||||||||||||||||||
The amortized cost and fair value of securities available for sale at December 31, 2013 are shown below by contractual maturity. Actual maturities may differ from contractual maturities as issuers may have the right to call or prepay obligations with or without call or prepayment penalties. Investments which pay principal on a periodic basis are not included in the maturity categories. | ||||||||||||||||||
Amortized | Fair | |||||||||||||||||
(Dollars in thousands) | Cost | Value | ||||||||||||||||
Due in one year or less | $ | - | $ | - | ||||||||||||||
Due after one year through five years | 501 | 496 | ||||||||||||||||
Due after five years through ten years | 2,711 | 2,599 | ||||||||||||||||
Due after ten years | 25,576 | 22,780 | ||||||||||||||||
Total bonds and obligations | 28,788 | 25,875 | ||||||||||||||||
U.S. government agencies | 5,421 | 5,380 | ||||||||||||||||
Mortgage-backed securities: | ||||||||||||||||||
U.S. government-sponsored enterprises | 59,640 | 58,937 | ||||||||||||||||
Equity securities-financial services industry and other | 412 | 484 | ||||||||||||||||
Total available for sale securities | $ | 94,261 | $ | 90,676 | ||||||||||||||
Gross gains on sales of securities available for sale were $407 thousand and $1.8 million and gross losses were $14 thousand and $20 thousand for the years ended December 31, 2013 and 2012, respectively. In addition, we realized gross gains of $8 thousand on debt securities that were called during the year ended December 31, 2012. | ||||||||||||||||||
Temporarily Impaired Securities | ||||||||||||||||||
The following table shows our investments’ gross unrealized losses and fair values with unrealized losses that are not deemed to be other than temporarily impaired, aggregated by investment category and length of time that individual available for sale securities have been in a continuous unrealized loss position, at December 31, 2013 and 2012. | ||||||||||||||||||
Less Than 12 Months | 12 Months or More | Total | ||||||||||||||||
Gross | Gross | Gross | ||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | |||||||||||||
(Dollars in thousands) | Value | Losses | Value | Losses | Value | Losses | ||||||||||||
31-Dec-13 | ||||||||||||||||||
U.S. government agencies | $ | 3,246 | $ | -49 | $ | - | $ | - | $ | 3,246 | $ | -49 | ||||||
State and political subdivisions | 19,610 | -2,046 | 6,065 | -870 | 25,675 | -2,916 | ||||||||||||
Mortgage-backed securities: | - | |||||||||||||||||
U.S. government-sponsored enterprises | 30,830 | -694 | 9,147 | -281 | 39,977 | -975 | ||||||||||||
Equity securities-financial services industry and other | - | - | 130 | -13 | 130 | -13 | ||||||||||||
Total temporarily impaired securities | $ | 53,686 | $ | -2,789 | $ | 15,342 | $ | -1,164 | $ | 69,028 | $ | -3,953 | ||||||
31-Dec-12 | ||||||||||||||||||
State and political subdivisions | $ | 9,788 | $ | -194 | $ | - | $ | - | $ | 9,788 | $ | -194 | ||||||
Mortgage-backed securities: | ||||||||||||||||||
U.S. government-sponsored enterprises | 31,901 | -305 | 4,658 | -144 | 36,559 | -449 | ||||||||||||
Equity securities-financial services industry and other | 106 | -37 | 109 | -8 | 215 | -45 | ||||||||||||
Total temporarily impaired securities | $ | 41,795 | $ | -536 | $ | 4,767 | $ | -152 | $ | 46,562 | $ | -688 | ||||||
As of December 31, 2013, we reviewed our investment portfolio for indications of impairment. This review includes analyzing the length of time and the extent to which the fair value has been lower than the cost, the financial condition and near-term prospects of the issuer, including any specific events which may influence the operations of the issuer and the intent and likelihood of selling the security. The intent and likelihood of sale of debt securities is evaluated based upon our investment strategy for the particular type of security and our cash flow needs, liquidity position, capital adequacy and interest rate risk position. For each security (including but not limited to those whose fair value is less than their amortized cost basis), a review is conducted to determine if an other-than-temporary impairment has occurred. | ||||||||||||||||||
U.S. Government Agencies | ||||||||||||||||||
At December 31, 2013, the decline in fair value and the unrealized losses for our U.S. government agencies securities were primarily due to changes in spreads and market conditions and not credit quality. At December 31, 2013, there were two securities with a fair value of $3.2 million that had an unrealized loss that amounted to $49 thousand. As of December 31, 2013, we did not intend to sell and it was not more-likely-than-not that we would be required to sell any of these securities before recovery of their amortized cost basis. Therefore, none of the U.S. government agency securities at December 31, 2013, were deemed to be other-than-temporarily impaired. | ||||||||||||||||||
State and Political Subdivisions | ||||||||||||||||||
At December 31, 2013 and 2012, the decline in fair value and the unrealized losses for our state and political subdivisions securities were caused by changes in interest rates and spreads and were not the result of credit quality. At December 31, 2013, there were 52 securities with a fair value of $25.7 million that had an unrealized loss that amounted to $2.9 million. These securities typically have maturity dates greater than 10 years and the fair values are more sensitive to changes in market interest rates. As of December 31, 2013, we did not intend to sell and it was not more-likely-than-not that we would be required to sell any of these securities before recovery of their amortized cost basis. Therefore, none of our state and political subdivision securities at December 31, 2013, were deemed to be other-than-temporarily-impaired. | ||||||||||||||||||
At December 31, 2012, there were 17 securities with a fair value of $9.8 million that had an unrealized loss of $194 thousand. These securities typically have maturity dates greater than ten years and the fair values are more sensitive to changes in market interest rates. | ||||||||||||||||||
Mortgage-Backed Securities | ||||||||||||||||||
At December 31, 2013 and 2012, the decline in fair value and the unrealized losses for our mortgaged-backed securities guaranteed by U.S. government-sponsored enterprises were primarily due to changes in spreads and market conditions and not credit quality. At December 31, 2013, there were 32 securities with a fair value of $40.0 million that had an unrealized loss of $975 thousand. As of December 31, 2013, we did not intend to sell and it was not more-likely-than-not that we would be required to sell any of these securities before recovery of their amortized cost basis. Therefore, none of our mortgage-backed securities at December 31, 2013, were deemed to be other-than-temporarily impaired. | ||||||||||||||||||
At December 31, 2012, there were twenty-two securities with a fair value of $36.6 million that had an unrealized loss of $449 thousand. | ||||||||||||||||||
Equity Securities | ||||||||||||||||||
Our marketable equity securities portfolio consists primarily of one equity fund and common stock of entities in the financial services industry. At December 31, 2013, there was one security with a fair value of $130 thousand that had an unrealized loss of $13 thousand. This security has been adversely impacted by the effects of the current economic environment on the financial services industry. We evaluated the underlying bank for credit impairment based on its financial condition and performance. Based on our evaluation and expectation that this security will recover within a reasonable period of time, we did not consider the investment to be other-than-temporarily impaired at December 31, 2013. | ||||||||||||||||||
At December 31, 2012, there were two securities with a fair value of $215 thousand that had an unrealized loss of $45 thousand. These securities have been adversely impacted by the effects of the current economic environment on the financial services industry. | ||||||||||||||||||
We continue to closely monitor the performance of the securities we own as well as the impact from any further deterioration in the economy or in the banking industry that may adversely affect these securities. We will continue to evaluate them for other-than-temporary impairment, which could result in a future non-cash charge to earnings. | ||||||||||||||||||
Held to Maturity Securities | ||||||||||||||||||
The amortized cost and fair value of securities held to maturity as of December 31, 2013 and 2012 are summarized as follows: | ||||||||||||||||||
Gross | Gross | |||||||||||||||||
Amortized | Unrealized | Unrealized | Fair | |||||||||||||||
(Dollars in thousands) | Cost | Gains | Losses | Value | ||||||||||||||
31-Dec-13 | ||||||||||||||||||
State and political subdivisions | $ | 6,074 | $ | 78 | $ | -92 | $ | 6,060 | ||||||||||
31-Dec-12 | ||||||||||||||||||
State and political subdivisions | $ | 5,221 | $ | 260 | $ | -9 | $ | 5,472 | ||||||||||
The amortized cost and fair value of securities held to maturity at December 31, 2013 are shown below by contractual maturity. Actual maturities may differ from contractual maturities as issuers may have the right to call or prepay obligations with or without call or prepayment penalties. | ||||||||||||||||||
Amortized | Fair | |||||||||||||||||
(Dollars in thousands) | Cost | Value | ||||||||||||||||
Due in one year or less | $ | 2,122 | $ | 2,122 | ||||||||||||||
Due after one year through five years | - | - | ||||||||||||||||
Due after five years through ten years | 1,284 | 1,265 | ||||||||||||||||
Due after ten years | 2,668 | 2,673 | ||||||||||||||||
Total held to maturity securities | $ | 6,074 | $ | 6,060 | ||||||||||||||
Temporarily Impaired Securities | ||||||||||||||||||
The following table shows our held to maturity investments’ gross unrealized losses and fair value with unrealized losses that are not deemed to be other than temporarily impaired, aggregated by investment category and length of time that individual held to maturity securities have been in a continuous unrealized loss position, at December 31, 2013 and 2012. | ||||||||||||||||||
Less Than 12 Months | 12 Months or More | Total | ||||||||||||||||
Gross | Gross | Gross | ||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | |||||||||||||
(Dollars in thousands) | Value | Losses | Value | Losses | Value | Losses | ||||||||||||
31-Dec-13 | ||||||||||||||||||
State and political subdivisions | $ | 2,080 | $ | -45 | $ | 780 | $ | -47 | $ | 2,860 | $ | -92 | ||||||
31-Dec-12 | ||||||||||||||||||
State and political subdivisions | $ | 830 | $ | -9 | $ | - | $ | - | $ | 830 | $ | -9 | ||||||
As of December 31, 2013, we reviewed our held to maturity investment portfolio for indications of impairment. This review includes analyzing the length of time and the extent to which the fair value has been lower than the cost, the financial condition and near-term prospects of the issuer, including any specific events which may influence the operations of the issuer and the intent and likelihood of selling the security. The intent and likelihood of sale of debt securities is evaluated based upon our investment strategy for the particular type of security and our cash flow needs, liquidity position, capital adequacy and interest rate risk position. For each security whose fair value is less than their amortized cost basis, a review is conducted to determine if an other-than-temporary impairment has occurred. | ||||||||||||||||||
State and Political Subdivisions | ||||||||||||||||||
At December 31, 2013 and 2012, the decline in fair value and the unrealized losses for our state and political subdivisions securities were caused by changes in interest rates and spreads and were not the result of credit quality. At December 31, 2013, there were five securities with a fair value of $2.9 million that had an unrealized loss of $92 thousand. These securities typically have maturity dates greater than 10 years and the fair values are more sensitive to changes in market interest rates. As of December 31, 2013, we did not intend to sell and it was not more-likely-than-not that we would be required to sell any of these securities before recovery of their amortized cost basis. Therefore, none of our state and political subdivision securities at December 31, 2013, were deemed to be other-than-temporarily impaired. | ||||||||||||||||||
At December 31, 2012, there were two securities with a fair value of $830 thousand that had an unrealized loss of $9 thousand. These securities typically have maturity dates greater than 10 years and the fair values are more sensitive to changes in market interest rates. | ||||||||||||||||||
Loans
Loans | 12 Months Ended | |||||
Dec. 31, 2013 | ||||||
Loans [Abstract] | ' | |||||
Loans | ' | |||||
NOTE 5 – LOANS | ||||||
The composition of net loans receivable at December 31, 2013 and 2012 is as follows: | ||||||
(Dollars in thousands) | 31-Dec-13 | 31-Dec-12 | ||||
Commercial and industrial loans | $ | 15,205 | $ | 16,158 | ||
Construction | 7,307 | 7,004 | ||||
Commercial real estate | 260,664 | 225,345 | ||||
Residential real estate | 107,992 | 98,301 | ||||
Consumer and other | 1,617 | 1,255 | ||||
392,785 | 348,063 | |||||
Unearned net loan origination fees | -383 | -327 | ||||
Allowance for loan losses | -5,421 | -4,976 | ||||
Net loans receivable | $ | 386,981 | $ | 342,760 | ||
Mortgage loans serviced for others are not included in the accompanying balance sheets. The total amount of loans serviced for the benefit of others was approximately $546 thousand and $695 thousand at December 31, 2013 and 2012, respectively. | ||||||
Allowance_For_Loan_Losses_And_
Allowance For Loan Losses And Credit Quality Of Financing Receivables | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Allowance For Loan Losses And Credit Quality Of Financing Receivables [Abstract] | ' | ||||||||||||||||||||
Allowance For Loan Losses And Credit Quality Of Financing Receivables | ' | ||||||||||||||||||||
NOTE 6 – ALLOWANCE FOR LOAN LOSSES AND CREDIT QUALITY OF FINANCING RECEIVABLES | |||||||||||||||||||||
The following table presents changes in the allowance for loan losses disaggregated by the class of loans receivable for the years ended December 31, 2013 and 2012: | |||||||||||||||||||||
Commercial | Commercial | Residential | Consumer | ||||||||||||||||||
and | Real | Real | and | ||||||||||||||||||
(Dollars in | Industrial | Construction | Estate | Estate | Other | Unallocated | Total | ||||||||||||||
thousands) | |||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||
Beginning balance | $ | 271 | $ | 223 | $ | 3,395 | $ | 869 | $ | 38 | $ | 180 | $ | 4,976 | |||||||
Charge-offs | -55 | -350 | -2,317 | -246 | -28 | - | -2,996 | ||||||||||||||
Recoveries | - | 122 | 450 | 112 | 12 | - | 696 | ||||||||||||||
Provision | 6 | 313 | 1,871 | 206 | -6 | 355 | 2,745 | ||||||||||||||
Ending balance | $ | 222 | $ | 308 | $ | 3,399 | $ | 941 | $ | 16 | $ | 535 | $ | 5,421 | |||||||
31-Dec-12 | |||||||||||||||||||||
Beginning balance | $ | 304 | $ | 294 | $ | 4,833 | $ | 987 | $ | 9 | $ | 783 | $ | 7,210 | |||||||
Charge-offs | -169 | -1,538 | -3,904 | -998 | -62 | - | -6,671 | ||||||||||||||
Recoveries | 2 | - | 78 | - | 27 | - | 107 | ||||||||||||||
Provision | 134 | 1,467 | 2,388 | 880 | 64 | -603 | 4,330 | ||||||||||||||
Ending balance | $ | 271 | $ | 223 | $ | 3,395 | $ | 869 | $ | 38 | $ | 180 | $ | 4,976 | |||||||
The following table presents the balance in the allowance of loan losses at December 31, 2013 and 2012 disaggregated on the basis of our impairment method by class of loans receivable along with the balance of loans receivable by class disaggregated on the basis of our impairment methodology: | |||||||||||||||||||||
Allowance for Loan Losses | Loans Receivable | ||||||||||||||||||||
Balance | Balance | ||||||||||||||||||||
Related to | Related to | ||||||||||||||||||||
Loans | Loans | ||||||||||||||||||||
Individually | Collectively | Individually | Collectively | ||||||||||||||||||
Evaluated for | Evaluated for | Evaluated for | Evaluated for | ||||||||||||||||||
(Dollars in thousands) | Balance | Impairment | Impairment | Balance | Impairment | Impairment | |||||||||||||||
31-Dec-13 | |||||||||||||||||||||
Commercial and industrial | $ | 222 | $ | - | $ | 222 | $ | 15,205 | $ | - | $ | 15,205 | |||||||||
Construction | 308 | - | 308 | 7,307 | - | 7,307 | |||||||||||||||
Commercial real estate | 3,399 | 322 | 3,077 | 260,664 | 10,894 | 249,770 | |||||||||||||||
Residential real estate | 941 | 163 | 778 | 107,992 | 2,626 | 105,366 | |||||||||||||||
Consumer and other loans | 16 | - | 16 | 1,617 | - | 1,617 | |||||||||||||||
Unallocated | 535 | - | - | - | - | - | |||||||||||||||
Total | $ | 5,421 | $ | 485 | $ | 4,401 | $ | 392,785 | $ | 13,520 | $ | 379,265 | |||||||||
31-Dec-12 | |||||||||||||||||||||
Commercial and industrial | $ | 271 | $ | 27 | $ | 244 | $ | 16,158 | $ | 27 | $ | 16,131 | |||||||||
Construction | 223 | 42 | 181 | 7,004 | 2,462 | 4,542 | |||||||||||||||
Commercial real estate | 3,395 | 230 | 3,165 | 225,345 | 12,682 | 212,663 | |||||||||||||||
Residential real estate | 869 | 66 | 803 | 98,301 | 3,351 | 94,950 | |||||||||||||||
Consumer and other loans | 38 | - | 38 | 1,255 | - | 1,255 | |||||||||||||||
Unallocated | 180 | - | - | - | - | - | |||||||||||||||
Total | $ | 4,976 | $ | 365 | $ | 4,431 | $ | 348,063 | $ | 18,522 | $ | 329,541 | |||||||||
An age analysis of loans receivable which were past due as of December 31, 2013 and 2012 is as follows: | |||||||||||||||||||||
Recorded | |||||||||||||||||||||
Investment | |||||||||||||||||||||
Greater | Total | > 90 Days | |||||||||||||||||||
30-59 Days | 60-89 days | Than | Total Past | Financing | and | ||||||||||||||||
(Dollars in thousands) | Past Due | Past Due | 90 Days (a) | Due | Current | Receivables | Accruing | ||||||||||||||
31-Dec-13 | |||||||||||||||||||||
Commercial and industrial | $ | 13 | $ | - | $ | - | $ | 13 | $ | 15,192 | $ | 15,205 | $ | - | |||||||
Construction | - | - | - | - | 7,307 | 7,307 | - | ||||||||||||||
Commercial real estate | 2,139 | 775 | 9,823 | 12,737 | 247,927 | 260,664 | 123 | ||||||||||||||
Residential real estate | 495 | 247 | 2,192 | 2,934 | 105,058 | 107,992 | - | ||||||||||||||
Consumer and other | 7 | 1 | - | 8 | 1,609 | 1,617 | - | ||||||||||||||
Total | $ | 2,654 | $ | 1,023 | $ | 12,015 | $ | 15,692 | $ | 377,093 | $ | 392,785 | $ | 123 | |||||||
31-Dec-12 | |||||||||||||||||||||
Commercial and industrial | $ | - | $ | - | $ | 27 | $ | 27 | $ | 16,131 | $ | 16,158 | $ | - | |||||||
Construction | - | - | 2,462 | 2,462 | 4,542 | 7,004 | - | ||||||||||||||
Commercial real estate | 1,103 | 1,303 | 12,127 | 14,533 | 210,812 | 225,345 | 65 | ||||||||||||||
Residential real estate | 207 | 127 | 3,315 | 3,649 | 94,652 | 98,301 | - | ||||||||||||||
Consumer and other | 12 | 3 | 144 | 159 | 1,096 | 1,255 | 143 | ||||||||||||||
Total | $ | 1,322 | $ | 1,433 | $ | 18,075 | $ | 20,830 | $ | 327,233 | $ | 348,063 | $ | 208 | |||||||
(a) includes loans greater than 90 days past due and still accruing and non-accrual loans. | |||||||||||||||||||||
Loans for which the accrual of interest has been discontinued at December 31, 2013 and 2012 were: | |||||||||||||||||||||
(Dollars in thousands) | 31-Dec-13 | 31-Dec-12 | |||||||||||||||||||
Commercial and industrial | $ | - | $ | 27 | |||||||||||||||||
Construction | - | 2,462 | |||||||||||||||||||
Commercial real estate | 9,700 | 12,062 | |||||||||||||||||||
Residential real estate | 2,192 | 3,315 | |||||||||||||||||||
Consumer and other | - | 1 | |||||||||||||||||||
Total | $ | 11,892 | $ | 17,867 | |||||||||||||||||
Loans are made to individuals as well as commercial entities. Specific loan terms vary as to interest rate, repayment, and collateral requirements based on the type of loan requested and the credit worthiness of the prospective borrower. Credit risk tends to be geographically concentrated in that a majority of the loan customers are located in the markets serviced by the Company. Loan performance may be adversely affected by factors impacting the general economy or conditions specific to the real estate market such as geographic location and/or property type. A description of the Company's different loan segments follows: | |||||||||||||||||||||
Commercial Loans: Commercial credit is extended primarily to middle market and small business customers. Commercial loans are generally made in the Company's market place for the purpose of providing working capital, financing the purchase of equipment, inventory or commercial real estate and for other business purposes. Loans will generally be guaranteed in full or for a meaningful amount by the businesses' major owners. Underwriting of commercial loans is based primarily on the historical and projected cash flow of the business and secondarily on the underlying collateral provided. | |||||||||||||||||||||
Residential Mortgage and Consumer Loans: The Company originates mortgage and consumer loans including principally residential real estate and home equity lines and loans. Each loan type is evaluated on debt to income, type of collateral and loan to collateral value, credit history and Company relationship with the borrower. | |||||||||||||||||||||
In determining the adequacy of the allowance for loan losses, the Company estimates losses based on the identification of specific problem loans through its credit review process and also estimates losses inherent in other loans on an aggregate basis by loan type. The credit review process includes the independent evaluation of the loan officer assigned risk ratings by the Chief Credit Officer and a third party loan review company. Such risk ratings are assigned loss component factors that reflect the Company’s loss estimate for each group of loans. It is management’s and the board of directors’ responsibility to oversee the lending process to ensure that all credit risks are properly identified, monitored, and controlled, and that loan pricing, terms, and other safeguards against non-performance and default are commensurate with the level of risk undertaken and is rated as such based on a risk-rating system. Factors considered in assigning risk ratings and loss component factors include: borrower specific information related to expected future cash flows and operating results, collateral values, financial condition, payment status and other information; levels of and trends in portfolio charge-offs and recoveries; levels in portfolio delinquencies; effects of changes in loan concentrations and observed trends in the economy and other qualitative measurements. | |||||||||||||||||||||
The Company’s risk-rating system as defined below is consistent with the system used by regulatory agencies and consistent with industry practices. Loan classifications of Substandard, Doubtful or Loss are consistent with the regulatory definitions of classified assets. | |||||||||||||||||||||
Pass: This category represents loans performing to contractual terms and conditions and the primary source of repayment is adequate to meet the obligation. The Company has five categories within the Pass classification depending on strength of repayment sources, collateral values and financial condition of the borrower. | |||||||||||||||||||||
Special Mention: This category represents loans performing to contractual terms and conditions; however the primary source of repayment or the borrower is exhibiting some deterioration or weaknesses in financial condition that could potentially threaten the borrowers’ future ability to repay our loan principal and interest or fees due. | |||||||||||||||||||||
Substandard: This category represents loans that the primary source of repayment has significantly deteriorated or weakened which has or could threaten the borrowers’ ability to make scheduled payments. The weaknesses require close supervision by the Company’s management and there is a distinct possibility that the Company could sustain some loss if the deficiencies are not corrected. Such weaknesses could jeopardize the timely and ultimate collection of our loan principal and interest or fees due. Loss may not be expected or evident, however, loan repayment is inadequately supported by current financial information or pledged collateral. | |||||||||||||||||||||
Doubtful: Loans so classified have all the inherent weaknesses of a substandard loan with the added provision that collection or liquidation in full is highly questionable and not reasonably assured. The probability of at least partial loss is high, but extraneous factors might strengthen the asset to prevent loss. The validity of the extraneous factors must be continuously monitored. Once these factors are questionable the loan should be considered for full or partial charge-off. | |||||||||||||||||||||
Loss: Loans so classified are considered uncollectible, and of such little value that their continuance as active assets of the Company is not warranted. Such loans are fully charged off. | |||||||||||||||||||||
The following tables illustrate the Company’s corporate credit risk profile by creditworthiness category as of December 31, 2013 and 2012: | |||||||||||||||||||||
Special | |||||||||||||||||||||
(Dollars in thousands) | Pass | Mention | Substandard | Doubtful | Total | ||||||||||||||||
31-Dec-13 | |||||||||||||||||||||
Commercial and industrial | $ | 15,192 | $ | 13 | $ | - | $ | - | $ | 15,205 | |||||||||||
Construction | 7,307 | - | - | - | 7,307 | ||||||||||||||||
Commercial real estate | 240,204 | 7,378 | 12,917 | 165 | 260,664 | ||||||||||||||||
Residential real estate | 104,383 | 871 | 2,738 | - | 107,992 | ||||||||||||||||
Consumer and other | 1,477 | 140 | - | - | 1,617 | ||||||||||||||||
$ | 368,563 | $ | 8,402 | $ | 15,655 | $ | 165 | $ | 392,785 | ||||||||||||
31-Dec-12 | |||||||||||||||||||||
Commercial and industrial | $ | 15,860 | $ | 269 | $ | 23 | $ | 6 | $ | 16,158 | |||||||||||
Construction | 4,542 | - | 2,462 | - | 7,004 | ||||||||||||||||
Commercial real estate | 203,106 | 4,648 | 17,256 | 335 | 225,345 | ||||||||||||||||
Residential real estate | 93,563 | 253 | 4,485 | - | 98,301 | ||||||||||||||||
Consumer and other | 1,112 | - | 143 | - | 1,255 | ||||||||||||||||
$ | 318,183 | $ | 5,170 | $ | 24,369 | $ | 341 | $ | 348,063 | ||||||||||||
The following table reflects information regarding the Company’s impaired loans as of December 31, 2013 and 2012 and for the years then ended: | |||||||||||||||||||||
Unpaid | Average | Interest | |||||||||||||||||||
Recorded | Principal | Related | Recorded | Income | |||||||||||||||||
(Dollars in thousands) | Investment | Balance | Allowance | Investment | Recognized | ||||||||||||||||
31-Dec-13 | |||||||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||||
Construction | $ | - | $ | - | $ | - | $ | 596 | $ | - | |||||||||||
Commercial real estate | 7,394 | 7,967 | - | 8,030 | 67 | ||||||||||||||||
Residential real estate | 1,849 | 1,874 | - | 2,157 | 49 | ||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||
Commercial and industrial | - | - | - | 5 | - | ||||||||||||||||
Construction | - | - | - | 318 | - | ||||||||||||||||
Commercial real estate | 3,500 | 4,595 | 322 | 3,443 | 10 | ||||||||||||||||
Residential real estate | 777 | 871 | 163 | 978 | 12 | ||||||||||||||||
Total: | |||||||||||||||||||||
Commercial and industrial | - | - | - | 5 | - | ||||||||||||||||
Construction | - | - | - | 914 | - | ||||||||||||||||
Commercial real estate | 10,894 | 12,562 | 322 | 11,473 | 77 | ||||||||||||||||
Residential real estate | 2,626 | 2,745 | 163 | 3,135 | 61 | ||||||||||||||||
$ | 13,520 | $ | 15,307 | $ | 485 | $ | 15,527 | $ | 138 | ||||||||||||
Unpaid | Average | Interest | |||||||||||||||||||
Recorded | Principal | Related | Recorded | Income | |||||||||||||||||
(Dollars in thousands) | Investment | Balance | Allowance | Investment | Recognized | ||||||||||||||||
31-Dec-12 | |||||||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||||
Construction | $ | 2,420 | $ | 2,743 | $ | - | $ | 3,217 | $ | 41 | |||||||||||
Commercial real estate | 10,466 | 13,581 | - | 13,131 | 81 | ||||||||||||||||
Residential real estate | 2,675 | 2,768 | - | 2,192 | 91 | ||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||
Commercial and industrial | 27 | 27 | 27 | 177 | - | ||||||||||||||||
Construction | 42 | 42 | 42 | 66 | - | ||||||||||||||||
Commercial real estate | 2,216 | 3,135 | 230 | 5,792 | 64 | ||||||||||||||||
Residential real estate | 676 | 675 | 66 | 558 | 26 | ||||||||||||||||
Total: | |||||||||||||||||||||
Commercial and industrial | 27 | 27 | 27 | 177 | - | ||||||||||||||||
Construction | 2,462 | 2,785 | 42 | 3,283 | 41 | ||||||||||||||||
Commercial real estate | 12,682 | 16,716 | 230 | 18,923 | 145 | ||||||||||||||||
Residential real estate | 3,351 | 3,443 | 66 | 2,750 | 117 | ||||||||||||||||
$ | 18,522 | $ | 22,971 | $ | 365 | $ | 25,133 | $ | 303 | ||||||||||||
The average recorded investment in impaired loans is calculated using the average of impaired loans over the past five quarter-end periods. The Company recognizes income on impaired loans under the cash basis when the collateral on the loan is sufficient to cover the outstanding obligation to the Company. If these factors do not exist, the Company will record all payments as a reduction of principal on such loans. | |||||||||||||||||||||
Impaired loans 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, postponement or forgiveness of principal, forbearance or other actions intended to maximize collection. | |||||||||||||||||||||
The following table presents the recorded investment in troubled debt restructured loans as of December 31, 2013 and 2012 based on payment performance status: | |||||||||||||||||||||
(Dollars in thousands) | Commercial Real Estate | Commercial & Industrial | Residential Real Estate | Total | |||||||||||||||||
31-Dec-13 | |||||||||||||||||||||
Performing | $ | 1,195 | $ | - | $ | 433 | $ | 1,628 | |||||||||||||
Non-performing | 3,000 | - | 496 | 3,496 | |||||||||||||||||
Total | $ | 4,195 | $ | - | $ | 929 | $ | 5,124 | |||||||||||||
31-Dec-12 | |||||||||||||||||||||
Performing | $ | 603 | $ | - | $ | 5 | $ | 608 | |||||||||||||
Non-performing | 1,829 | 6 | 228 | 2,063 | |||||||||||||||||
Total | $ | 2,432 | $ | 6 | $ | 233 | $ | 2,671 | |||||||||||||
Troubled debt restructured loans are considered impaired and are included in the previous impaired loans disclosures in this footnote. As of December 31, 2013, we have not committed to lend additional amounts to customers with outstanding loans that are classified as troubled debt restructurings. | |||||||||||||||||||||
The following tables summarize troubled debt restructurings that occurred during the year ended December 31, 2013 and 2012: | |||||||||||||||||||||
Pre-Modification | Post-Modification | ||||||||||||||||||||
Outstanding | Outstanding | ||||||||||||||||||||
Number of | Recorded | Recorded | |||||||||||||||||||
(Dollars in thousands) | Loans | Investment | Investment | ||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||
Commercial real estate | 3 | $ | 3,100 | $ | 3,100 | ||||||||||||||||
Residential real estate | 2 | 655 | 548 | ||||||||||||||||||
31-Dec-12 | |||||||||||||||||||||
Residential real estate | 2 | 233 | 233 | ||||||||||||||||||
The troubled debt restructurings described above did not require an allocation of the allowance for credit losses for the years ended December 31, 2013 and 2012. No charge-offs were recorded subsequent to modification during the twelve month periods ending December 31, 2013 and 2012. | |||||||||||||||||||||
The following table summarizes the troubled debt restructurings for which there was a payment default within twelve months following the date of the restructuring for the year ended December 31, 2013 and 2012: | |||||||||||||||||||||
(Dollars in thousands) | Number of Loans | Recorded Investment | |||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||
Commercial real estate | 3 | $ | 1,302 | ||||||||||||||||||
Residential real estate | 1 | 269 | |||||||||||||||||||
31-Dec-12 | |||||||||||||||||||||
Residential real estate | 1 | $ | 228 | ||||||||||||||||||
Loans are considered to be in payment default once it is greater than 30 days contractually past due under the modified terms. The troubled debt restructurings described above that subsequently defaulted resulted in a net allocation of the allowance for credit losses of $51 thousand and $5 thousand for the years ended December 31, 2013 and 2012, respectively. There were no charge-offs on these defaulted troubled debt restructurings during the twelve month periods ended December 31, 2013 and 2012. | |||||||||||||||||||||
Premises_And_Equipment
Premises And Equipment | 12 Months Ended | |||||
Dec. 31, 2013 | ||||||
Premises And Equipment [Abstract] | ' | |||||
Premises And Equipment | ' | |||||
NOTE 7 – PREMISES AND EQUIPMENT | ||||||
The components of premises and equipment at December 31, 2013 and 2012 are as follows: | ||||||
(Dollars in thousands) | 2013 | 2012 | ||||
Land and land improvements | $ | 2,080 | $ | 1,978 | ||
Building and building improvements | 6,301 | 5,907 | ||||
Leasehold improvements | 360 | 401 | ||||
Furniture, fixtures and equipment | 6,892 | 6,908 | ||||
Assets in progress | 609 | 118 | ||||
16,242 | 15,312 | |||||
Accumulated depreciation | -9,350 | -8,836 | ||||
Premises and equipment, net | $ | 6,892 | $ | 6,476 | ||
During the years ended December 31, 2013 and 2012, depreciation expense totaled $668 thousand and $677 thousand, respectively. | ||||||
Deposits
Deposits | 12 Months Ended | |||||
Dec. 31, 2013 | ||||||
Deposits [Abstract] | ' | |||||
Deposits | ' | |||||
NOTE 8 – DEPOSITS | ||||||
The components of deposits at December 31, 2013 and 2012 are as follows: | ||||||
(Dollars in thousands) | 2013 | 2012 | ||||
Demand, non-interest bearing | $ | 58,210 | $ | 48,375 | ||
Savings, money market and interest-bearing demand | 273,140 | 280,481 | ||||
Time deposits less than $100 thousand | 63,863 | 66,472 | ||||
Time deposits $100 thousand and over | 35,084 | 37,108 | ||||
Total deposits | $ | 430,297 | $ | 432,436 | ||
At December 31, 2013, the scheduled maturities of time deposits are as follows: | ||||||
(Dollars in thousands) | ||||||
Within one year | $ | 53,270 | ||||
One to two years | 12,140 | |||||
Two to three years | 26,627 | |||||
Three to four years | 2,224 | |||||
After four years | 4,686 | |||||
$ | 98,947 | |||||
Borrowings
Borrowings | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Borrowings [Abstract] | ' | ||||||||
Borrowings | ' | ||||||||
NOTE 9 – BORROWINGS | |||||||||
At December 31, 2013, the Bank had secured borrowing potential with the Federal Home Loan Bank of New York (“FHLBNY”) for borrowings of up to $53.9 million and a $7.0 million line of credit at Atlantic Central Bankers Bank (“ACBB”). The borrowings at the FHLBNY are secured by a pledge of qualifying residential and commercial mortgage loans, having an aggregate unpaid principal balance of approximately $62.5 million. At December 31, 2013, the Bank had the ability to borrow up to $12.9 million at FHLBNY and $7.0 million at ACBB. | |||||||||
Long-Term Borrowings | |||||||||
At December 31, 2013 and 2012 the Bank had the following long-term borrowings from the FHLBNY: | |||||||||
(Dollars in thousands) | |||||||||
Interest | Balance at December 31, | ||||||||
Maturity Date | Rate | 2013 | 2012 | ||||||
7-Dec-16 | 4.00% | $ | 5,000 | $ | 5,000 | ||||
21-Jun-17 | 4.60% | 6,000 | 6,000 | ||||||
7-Dec-17 | 3.97% | 5,000 | 5,000 | ||||||
26-Dec-17 | 3.66% | 5,000 | 5,000 | ||||||
26-Dec-17 | 3.79% | 5,000 | 5,000 | ||||||
1-Jan-18 | 1.98% | 5,000 | - | ||||||
17-Jul-18 | 1.65% | 5,000 | - | ||||||
19-Sep-18 | 1.83% | 5,000 | - | ||||||
$ | 41,000 | $ | 26,000 | ||||||
Maturities of debt in years subsequent to December 31, 2013 are as follows: | |||||||||
(Dollars in thousands) | |||||||||
Within one year | $ | - | |||||||
One to two years | - | ||||||||
Two to three years | 5,000 | ||||||||
Three to four years | 21,000 | ||||||||
Four to five years | 15,000 | ||||||||
After five years | - | ||||||||
$ | 41,000 | ||||||||
At December 31, 2013 the Company had $41.0 million in advances, of which, $11.0 million were convertible notes that contain an option which allows the FHLBNY, at quarterly intervals, to convert the fixed convertible advance into replacement funding for the same or lesser principal amount based on any advance then offered by the FHLBNY at their current market rates. | |||||||||
Junior_Subordinated_Debentures
Junior Subordinated Debentures And Mandatory Redeemable Capital Debentures | 12 Months Ended |
Dec. 31, 2013 | |
Junior Subordinated Debentures And Mandatory Redeemable Capital Debentures [Abstract] | ' |
Junior Subordinated Debentures And Mandatory Redeemable Capital Debentures | ' |
NOTE 10 – JUNIOR SUBORDINATED DEBENTURES AND MANDATORY REDEEMABLE CAPITAL DEBENTURES | |
On June 28, 2007, Sussex Capital Trust II, a Delaware statutory business trust and a non-consolidated wholly-owned subsidiary of the Company, issued $12.5 million of variable rate capital trust pass-through securities to investors. Sussex Capital Trust II purchased $12.9 million of variable rate junior subordinated deferrable interest debentures from Sussex Bancorp. The debentures are the sole asset of the Trust. The terms of the junior subordinated debentures are the same as the terms of the capital securities. Sussex Bancorp has also fully and unconditionally guaranteed the obligations of the Trust under the capital securities. The variable interest rate reprices quarterly at the three month LIBOR plus 1.44% and was 1.68% and 1.75% at December 31, 2013 and 2012, respectively. The capital securities are currently redeemable by Sussex Bancorp at par in whole or in part. The capital securities must be redeemed upon final maturity of the subordinated debentures on September 15, 2037. | |
Lease_Commitments_And_Total_Re
Lease Commitments And Total Rental Expense | 12 Months Ended | ||
Dec. 31, 2013 | |||
Lease Commitments And Total Rental Expense [Abstract] | ' | ||
Lease Commitments And Total Rental Expense | ' | ||
NOTE 11 – LEASE COMMITMENTS AND TOTAL RENTAL EXPENSE | |||
The Company has operating lease agreements expiring in various years through 2020. The Company has the option to extend the lease agreements for additional lease terms. The Company is responsible to pay all real estate taxes, insurance, utilities and maintenance and repairs on its leased facilities. | |||
Future minimum lease payments by year are as follows as of December 31, 2013: | |||
(Dollars in thousands) | |||
2014 | $ | 432 | |
2015 | 499 | ||
2016 | 485 | ||
2017 | 386 | ||
2018 | 303 | ||
Thereafter | 347 | ||
$ | 2,452 | ||
Rent expense was $469 thousand and $541 thousand for the years ended December 31, 2013 and 2012, respectively. | |||
Employee_Benefit_Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2013 | |
Employee Benefit Plans [Abstract] | ' |
Employee Benefit Plans | ' |
NOTE 12 – EMPLOYEE BENEFIT PLANS | |
The Company has a 401(k) Plan and Trust (the “401(k) Plan”) for its employees. Non-highly compensated employees may contribute up to the statutory limit of 75% of their salary to the 401(k) Plan. Highly compensated employees are restricted to a contribution up to 7% of their salary. The Company provides a 50% match of the employee's contribution up to 6% of the employee's annual salary. The amount charged to expense related to the 401(k) Plan for the years ended December 31, 2013 and 2012 was $125 thousand and $126 thousand, respectively. | |
The Company also maintains nonqualified Supplemental Salary Continuation Plans (the “Supplemental Plans”) covering the Company’s former Chairman and a former executive officer of the Company. Under the provisions of the Supplemental Plans, the Company has executed agreements providing the officers a retirement benefit. Payments from the Supplemental Plans for the Chairman began in May of 2008 and the other executive started in April of 2010. For the years ended December 31, 2013 and 2012, $66 thousand and $82 thousand, respectively, was charged to expense in connection with the Plans. At December 31, 2013 and 2012, the carrying value of the Supplemental Plans was $936 thousand and $1.0 million, respectively. | |
In March of 2005, the Board of Directors approved an Executive Incentive and Deferred Compensation Plan (the “Incentive Plan”). The purpose of the Incentive Plan is to motivate and reward participants for achieving bank financial and strategic goals as well as to provide specified benefits to a select group of management or highly compensated employees who contribute materially to the continued growth, development and future business success of the Company. Participants may elect to receive their award or defer compensation in a deferral account which will earn interest at the average interest rate earned by the Company in its investment portfolio, compounded monthly. At December 31, 2013 and 2012, the carrying value of deferred compensation was $131 thousand and $97 thousand, respectively. | |
In July 2006, the Board of Directors adopted a Director Deferred Compensation Agreement for both the Bank and the Company (the “DCA”). Under the terms of the DCA, a director may elect to defer all or a portion of his retainer and fees for the coming year. Under the DCA, only the payment of the compensation earned is deferred, and there is no deferral of the expense in the Company’s financial statements related to the participant’s deferred compensation, which will be charged to the Company’s income statement as an expense in the period in which the participant earned the compensation. The deferred amounts are credited with earnings at a rate equal to the average interest rate earned by the Company on its investment portfolio or at a rate that tracks the performance of the Company’s common stock. The participant’s benefit will be distributed to the participant or his beneficiary upon a change in control of the Company, the termination of the DCA, the occurrence of an unforeseeable emergency, the termination of service or the participant’s death or disability. Upon distribution, a participant’s benefit will be paid in monthly installments over a period of ten years. At December 31, 2013 and 2012, the carrying value of the DCA was $551 thousand and $315 thousand, respectively. | |
In July 2011, the Company entered into a Supplemental Executive Retirement Agreement (“SERP”), a non-qualified defined contribution pension plan that provides supplemental retirement income for the Company’s Chief Executive Officer. The SERP was effective as of January 1, 2011. Based on the attainment of certain annual performance targets, the Company will make annual contributions to the SERP. Any amounts credited to the SERP will accrue interest equal to that paid by U.S. 10-year Treasury Notes for each applicable year. The SERP provides for the benefits to be paid monthly over a 5-year period commencing the first day of the month following the later of the participant’s 65th birthday, or normal retirement age, or termination of employment. At December 31, 2013 and 2012, the carrying value of the SERP was $102 thousand and $50 thousand, respectively. | |
Other_Comprehensive_Loss_Incom
Other Comprehensive (Loss) Income | 12 Months Ended | |||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||
Other Comprehensive Income (Loss) [Abstract] | ' | |||||||||||||||||
Other Comprehensive (Loss) Income | ' | |||||||||||||||||
NOTE 13 – COMPREHENSIVE INCOME | ||||||||||||||||||
Accounting principles generally require that recognized revenue, expenses, gains and losses be included in net income. Although certain changes in assets and liabilities, such as unrealized gains and losses on available for sale securities, are reported as a separate component of the equity section of the balance sheet, such items, along with net income, are components of comprehensive income. | ||||||||||||||||||
The components of other comprehensive loss, both before tax and net of tax, are as follows: | ||||||||||||||||||
Year Ended December 31, 2013 | Year Ended December 31, 2012 | |||||||||||||||||
Before Tax | Tax Effect | Net of Tax | Before Tax | Tax Effect | Net of Tax | |||||||||||||
Other comprehensive loss: | ||||||||||||||||||
Unrealized (losses) gains on available for sale securities | $ | -3,785 | $ | -1,514 | $ | -2,271 | $ | 1,193 | $ | 477 | $ | 716 | ||||||
Reclassification adjustment for net gains on securities transactions included in net income | -393 | -157 | -236 | -1,799 | -720 | -1,079 | ||||||||||||
Total other comprehensive loss | $ | -4,178 | $ | -1,671 | $ | -2,507 | $ | -606 | $ | -243 | $ | -363 | ||||||
Reclassification adjustments for gains on securities transactions of $393 thousand and $1.8 million for the years ended December 31, 2013 and 2012, respectively, are presented in the income statement on the line item for net gain on securities transactions. | ||||||||||||||||||
Earnings_Per_Share
Earnings Per Share | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Earnings Per Share [Abstract] | ' | |||||||
Earnings Per Share | ' | |||||||
NOTE 14 – EARNINGS PER SHARE | ||||||||
The following table sets forth the computations of basic and diluted earnings per share: | ||||||||
Income | Shares | Per Share | ||||||
(In thousands, except share and per share data) | (Numerator) | (Denominator) | Amount | |||||
Year Ended December 31, 2013: | ||||||||
Basic earnings per share: | ||||||||
Net income applicable to common shareholders | $ | 1,428 | 3,781,562 | $ | 0.38 | |||
Effect of dilutive securities: | ||||||||
Nonvested stock awards | - | 35,342 | ||||||
Diluted earnings per share: | ||||||||
Net income applicable to common shareholders and assumed conversions | $ | 1,428 | 3,816,904 | $ | 0.37 | |||
Year Ended December 31, 2012: | ||||||||
Basic earnings per share: | ||||||||
Net income applicable to common shareholders | $ | 735 | 3,261,809 | $ | 0.23 | |||
Effect of dilutive securities: | ||||||||
Nonvested stock awards | - | 25,208 | ||||||
Diluted earnings per share: | ||||||||
Net income applicable to common shareholders and assumed conversions | $ | 735 | 3,287,017 | $ | 0.22 | |||
There were 39,649 and 63,551 shares of unvested restricted stock awards and options outstanding during December 31, 2013 and 2012, respectively, that were not included in the computation of diluted EPS because to do so would have been anti-dilutive for the periods presented. | ||||||||
Stock_Option_Plans
Stock Option Plans | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Stock Option Plans [Abstract] | ' | ||||||||||
Stock-Based Compensation | ' | ||||||||||
NOTE 15 – STOCK INCENTIVE PLANS | |||||||||||
During 2005, the stockholders approved the 2004 Equity Incentive Plan (the “2004 Plan”) to provide equity incentives to selected persons. Awards may be granted to employees, officers, directors, consultants and advisors of the Company or subsidiary. Awards granted under the 2004 Plan may be either stock options or restricted stock awards and are designated at the time of grant. Options granted under the 2004 Plan to directors, consultants and advisors are non-qualified stock options. Options granted to officers and other employees may be incentive stock options or non-qualified stock options. Restricted stock awards may be made to any plan participant. As of December 31, 2013, there were 4,144 shares available for future grants under the 2004 Plan. | |||||||||||
During 2013, the stockholders approved the 2013 Equity Incentive Plan (the “2013 Plan”) to provide equity incentives to selected persons. Awards may be granted to employees, officers, directors, consultants and advisors of the Company or subsidiary. Awards granted under the 2013 Plan may be either stock options or restricted stock awards and are designated at the time of grant. Restricted stock awards may be made to any plan participant. As of December 31, 2013, there were 300,000 shares available for future grants under the 2013 Plan. | |||||||||||
Information regarding the Company's restricted stock grants activity for the years ended December 31, 2013 and 2012 are as follows: | |||||||||||
2013 | 2012 | ||||||||||
Weighted | Weighted | ||||||||||
Average | Average | ||||||||||
Number of | Grant Date | Number of | Grant Date | ||||||||
Shares | Fair Value | Shares | Fair Value | ||||||||
Unvested restricted stock, beginning of year | 123,144 | $ | 4.83 | 115,729 | $ | 4.86 | |||||
Granted | 32,940 | 6.06 | 37,496 | 4.97 | |||||||
Forfeited | - | - | -2,234 | 5.27 | |||||||
Vested | -30,162 | 4.95 | -27,847 | 5.15 | |||||||
Unvested restricted stock, end of period | 125,922 | $ | 4.98 | 123,144 | $ | 4.83 | |||||
Total stock-based compensation related to restricted stock awards was $236 thousand and $153 thousand for the years ended December 31, 2013 and December 31, 2012, respectively. As of December 31, 2013 and 2012, there were $438 thousand and $477 thousand, respectively, of unrecognized compensation cost related to non-vested restricted stock awards which is expected to be recognized over a weighted average period of 2.3 years and 3.0 years. | |||||||||||
During 1995, the stockholders approved a stock option plan for nonemployee directors and employees (the “1995 Plan”) and in 2001 the stockholders approved the 2001 Stock Option Plan (the “2001 Plan”) to provide equity incentives to employees, officers and directors. Both of these plans expired ten years following their approval, and therefore, at December 31, 2013 there were no authorized shares left to be granted in either plan. | |||||||||||
Options granted under the 2001 Plan and the 2004 Plan to officers and other employees and which are incentive stock options, are subject to limitations under Section 422 of the Internal Revenue Code. The option price under each such grant shall not be less than the fair market value on the date of the grant. No option will be granted for a term in excess of ten years. The Company established a vesting schedule that must be satisfied before the options may be exercised. | |||||||||||
As of December 31, 2013, there are 10,001 options outstanding which will expire between January 2014 and October 2014 under the 1995 Plan and 22,748 options outstanding under the 2001 Plan which will expire between January 2014 and October 2015. There were no options outstanding under the 2004 Plan at December 31, 2013. | |||||||||||
Stock option transactions under all plans are summarized as follows: | |||||||||||
Weighted | |||||||||||
Average | Weighted | ||||||||||
Exercise | Average | Aggregate | |||||||||
Number of | Price per | Contractual | Intrinsic | ||||||||
Shares | Share | Term | Value | ||||||||
Outstanding, December 31, 2011 | 111,034 | $ | 12.25 | ||||||||
Options expired | -9,089 | 9.12 | |||||||||
Options forfeited | -46,194 | 12.60 | |||||||||
Outstanding, December 31, 2012 | 55,751 | 12.48 | |||||||||
Options expired | -18,933 | 8.93 | |||||||||
Options forfeited | -4,069 | 14.27 | |||||||||
Outstanding, December 31, 2013 | 32,749 | $ | 14.31 | 0.7 | - | ||||||
Exercisable, December 31, 2013 | 32,749 | $ | 14.31 | 0.7 | - | ||||||
The following table summarizes information about stock options outstanding and exercisable at December 31, 2013: | |||||||||||
Weighted | |||||||||||
Exercise | Number | Average Remaining | Number | ||||||||
Price | Outstanding | Life (Years) | Exercisable | ||||||||
12.63 | 6,708 | 1.8 | 6,708 | ||||||||
13.39 | 6,361 | 1.1 | 6,361 | ||||||||
14.67 | 14,090 | 0.0 | 14,090 | ||||||||
16.45 | 5,590 | 0.8 | 5,590 | ||||||||
32,749 | 0.7 | 32,749 | |||||||||
There were no stock options exercised during 2013 and options outstanding and exercisable had no intrinsic value at December 31, 2013. | |||||||||||
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Income Taxes [Abstract] | ' | |||||||||||
Income Taxes | ' | |||||||||||
NOTE 16 – INCOME TAXES | ||||||||||||
The Company and its subsidiary are subject to U.S. federal and state income tax. The components of income tax expense for the years ended December 31, 2013 and 2012 are as follows: | ||||||||||||
(Dollars in thousands) | 2013 | 2012 | ||||||||||
Current: | ||||||||||||
Federal | $ | -1,117 | $ | -22 | ||||||||
State | 115 | 22 | ||||||||||
-1,002 | - | |||||||||||
Deferred: | ||||||||||||
Federal | 1,000 | -375 | ||||||||||
State | 135 | 46 | ||||||||||
1,135 | -329 | |||||||||||
$ | 133 | $ | -329 | |||||||||
The reconciliation of the statutory federal income tax at a rate of 34% to the income tax expense (benefit) included in the statements of income and comprehensive income for the years ended December 31, 2013 and 2012 is as follows: | ||||||||||||
(Dollars in thousands) | 2013 | 2012 | ||||||||||
Federal income tax at statutory rate | $ | 531 | 34 | % | $ | 138 | 34 | % | ||||
Tax exempt interest | -357 | -23 | -398 | -98 | ||||||||
State income tax, net of federal income tax effect | 76 | 5 | 45 | 11 | ||||||||
Bank owned life insurance | -120 | -8 | -134 | -33 | ||||||||
Other | 3 | 0 | 20 | 5 | ||||||||
$ | 133 | 8 | % | $ | -329 | -81 | % | |||||
The components of the net deferred tax asset at December 31, 2013 and 2012 are as follows: | ||||||||||||
(Dollars in thousands) | 2013 | 2012 | ||||||||||
Deferred tax assets: | ||||||||||||
Allowance for loan losses | $ | 2,165 | $ | 1,987 | ||||||||
Deferred compensation | 594 | 584 | ||||||||||
Foreclosed real estate | 299 | 565 | ||||||||||
AMT credit | - | 532 | ||||||||||
Intangible assets | 28 | 34 | ||||||||||
Restricted stock | 143 | 142 | ||||||||||
Other-than-temporary impairment | 118 | 96 | ||||||||||
Unrealized loss on securities available for sale | 1,434 | - | ||||||||||
Other | 266 | 254 | ||||||||||
Total deferred tax assets | 5,047 | 4,194 | ||||||||||
Deferred tax liabilities: | ||||||||||||
Depreciation | -804 | -260 | ||||||||||
Prepaid expenses | -161 | -151 | ||||||||||
Unrealized gain on securities, available for sale | - | -237 | ||||||||||
Total deferred tax liabilities | -965 | -648 | ||||||||||
Net deferred tax asset | $ | 4,082 | $ | 3,546 | ||||||||
Transactions_With_Executive_Of
Transactions With Executive Officers, Directors And Principal Stockholders | 12 Months Ended | |||||
Dec. 31, 2013 | ||||||
Transactions With Executive Officers, Directors And Principal Stockholders [Abstract] | ' | |||||
Transactions With Executive Officers, Directors And Principal Stockholders | ' | |||||
NOTE 17 – TRANSACTIONS WITH EXECUTIVE OFFICERS, DIRECTORS AND PRINCIPAL STOCKHOLDERS | ||||||
The Company has had, and may be expected to have in the future, banking transactions in the ordinary course of business with its executive officers, directors, principal stockholders, their immediate families and affiliated companies (commonly referred to as related parties), on the same terms, including interest rates and collateral, as those prevailing at the time for comparable transactions with others. | ||||||
The related party loan activity for the years ended December 31, 2013 and 2012 is summarized as follows: | ||||||
(Dollars in thousands) | 2013 | 2012 | ||||
Balance, beginning | $ | 5,325 | $ | 4,699 | ||
Disbursements | 3,362 | 1,199 | ||||
Repayments and other | -2,256 | -573 | ||||
Balance, ending | $ | 6,431 | $ | 5,325 | ||
Certain related parties of the Company provided legal services and appraisal services to the Company. Legal services provided by related parties totaled $128 thousand and $144 thousand for the years ended December 31, 2013 and 2012, respectively. Appraisal services provided by related parties totaled $56 thousand and $37 thousand for the years ended December 31, 2013 and 2012, respectively. The Company also paid rent to related parties for an office location in the amount of $154 thousand and $181 thousand for the years ended December 31, 2013 and 2012, respectively. | ||||||
Financial_Instruments_With_Off
Financial Instruments With Off-Balance Sheet Risk | 12 Months Ended | |||||
Dec. 31, 2013 | ||||||
Financial Instruments With Off-Balance Sheet Risk [Abstract] | ' | |||||
Financial Instruments With Off-Balance Sheet Risk | ' | |||||
NOTE 18 – FINANCIAL INSTRUMENTS WITH OFF-BALANCE SHEET RISK | ||||||
The Company is a party to financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include commitments to extend credit and letters of credit. Those instruments involve, to varying degrees, elements of credit risk in excess of the amount recognized in the balance sheet. | ||||||
The Company's exposure to credit loss in the event of nonperformance by the other party to the financial instrument for commitments to extend credit is represented by the contractual amount of those instruments. The Company uses the same credit policies in making commitments and conditional obligations as it does for on-balance sheet instruments. | ||||||
A summary of the Company's financial instrument commitments at December 31, 2013 and 2012 is as follows: | ||||||
(Dollars in thousands) | 2013 | 2012 | ||||
Commitments to grant loans | $ | 24,070 | $ | 34,459 | ||
Unfunded commitments under lines of credit | 43,406 | 32,265 | ||||
Outstanding standby letters of credit | 1,466 | 1,766 | ||||
Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Since many of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. The Company evaluates each customer's credit worthiness on a case-by-case basis. The amount of collateral obtained, if deemed necessary by the Company upon extension of credit, is based on management's credit evaluation. Collateral held varies but may include personal or commercial real estate, accounts receivable, inventory and equipment. | ||||||
Outstanding letters of credit are conditional commitments issued by the Company to guarantee the performance of a customer to a third party. The Company’s exposure to credit loss in the event of nonperformance by the other party to the financial instrument for standby letters of credit is represented by the contractual amount of those instruments. These standby letters of credit expire within twelve months, although many have automatic renewal provisions. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending other loan commitments. The Company requires collateral and personal guarantees supporting these letters of credit as deemed necessary. Management believes that the proceeds obtained through a liquidation of such collateral and enforcement of personal guarantees would be sufficient to cover the maximum potential amount of future payments required under the corresponding guarantees. The current amount of the liability as of December 31, 2013 and 2012 for guarantees under standby letters of credit issued is not material. | ||||||
Regulatory_Matters
Regulatory Matters | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Regulatory Matters [Abstract] | ' | |||||||||||||||
Regulatory Matters | ' | |||||||||||||||
NOTE 19 – CAPITAL AND REGULATORY MATTERS | ||||||||||||||||
The Company is required to maintain cash reserve balances either in vault cash or with the Federal Reserve Bank. The total of those reserve balances was approximately $2.3 million at December 31, 2013. | ||||||||||||||||
The Bank is subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet the minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Company’s financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Bank must meet specific capital guidelines that involve quantitative measures of the Bank’s assets, liabilities and certain off-balance sheet items as calculated under regulatory accounting practices. The Bank’s capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk-weightings and other factors. | ||||||||||||||||
Quantitative measures established by regulation to ensure capital adequacy require the Bank to maintain minimum amounts and ratios (set forth below) of total and Tier I capital (as defined in the regulations) to risk-weighted assets, and of Tier I capital to average assets. Management believes, as of December 31, 2013, that the Bank meets all capital adequacy requirements to which they are subject. | ||||||||||||||||
As of December 31, 2013, the most recent notification from the Federal Deposit Insurance Corporation categorized the Bank as well capitalized under the regulatory framework for prompt corrective action. There are no conditions or events since that notification that management believes have changed the Bank’s category. | ||||||||||||||||
The Bank’s actual capital amounts and ratios at December 31, 2013 and 2012 are presented below: | ||||||||||||||||
To be Well Capitalized | ||||||||||||||||
under Prompt | ||||||||||||||||
For Capital Adequacy | Corrective Action | |||||||||||||||
Actual | Purposes | Provisions | ||||||||||||||
(Dollars in thousands) | Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||
As of December 31, 2013 | ||||||||||||||||
Total capital (to risk-weighted assets): | $ | 60,659 | 15.47% | $ | >31,364 | >8.00% | $ | >39,205 | >10.00% | |||||||
Tier I capital (to risk-weighted assets): | 55,729 | 14.21 | >15,682 | >4.00 | >23,523 | >6.00 | ||||||||||
Tier I capital (to average assets): | 55,729 | 10.38 | >21,479 | >4.00 | >26,847 | >5.00 | ||||||||||
As of December 31, 2012 | ||||||||||||||||
Total capital (to risk-weighted assets): | $ | 51,672 | 14.13% | $ | >29,246 | >8.00% | $ | >36,558 | >10.00% | |||||||
Tier I capital (to risk-weighted assets): | 47,096 | 12.88 | >14,623 | >4.00 | >21,935 | >6.00 | ||||||||||
Tier I capital (to average assets): | 47,096 | 9.27 | >20,311 | >4.00 | >25,389 | >5.00 | ||||||||||
The Bank is subject to certain restrictions on the amount of dividends that it may declare due to regulatory considerations. The State of New Jersey banking laws specify that no dividend shall be paid by the Bank on its capital stock unless, following the payment of such dividend, the capital stock of the Bank will be unimpaired and the Bank will have a surplus of not less than 50% of its capital stock or, if not, the payment of such dividend will not reduce the surplus of the Bank. | ||||||||||||||||
At December 31, 2013, the Bank’s funds available for payment of dividends were $51.0 million. Accordingly, $7.5 million of the Company’s equity in the net assets of the Bank was restricted as of December 31, 2013. | ||||||||||||||||
In addition, dividends paid by the Bank to the Company would be prohibited if the effect thereof would cause the Bank’s capital to be reduced below applicable minimum capital requirements. | ||||||||||||||||
On August 5, 2013, we completed a rights offering resulting in the issuance of 1,198,300 shares of common stock to existing shareholders. Each shareholder was granted one subscription right to purchase 0.35 share of our common stock at a subscription price of $6.00 per whole share for every share owned on the record date. The rights offering was fully subscribed and resulted in net proceeds totaling $6.9 million, which represents gross proceeds of $7.2 million offset by offering costs of $294 thousand. | ||||||||||||||||
Parent_Company_Only_Financial
Parent Company Only Financial | 12 Months Ended | |||||
Dec. 31, 2013 | ||||||
Parent Company Only Financial [Abstract] | ' | |||||
Parent Company Only Financial | ' | |||||
NOTE 20 – PARENT COMPANY ONLY FINANCIAL | ||||||
Condensed financial information pertaining only to the parent company, Sussex Bancorp, is as follows: | ||||||
BALANCE SHEETS | ||||||
December 31, | ||||||
(Dollars in thousands) | 2013 | 2012 | ||||
Assets | ||||||
Cash | $ | 1,131 | $ | 979 | ||
Investment in subsidiary | 56,772 | 50,680 | ||||
Securities available for sale | 321 | 324 | ||||
Accrued interest and other assets | 1,437 | 1,480 | ||||
Total Assets | $ | 59,661 | $ | 53,463 | ||
Liabilities and Stockholders' Equity | ||||||
Other liabilities | $ | 349 | $ | 204 | ||
Junior subordinated debentures | 12,887 | 12,887 | ||||
Stockholders' equity | 46,425 | 40,372 | ||||
Total Liabilities and Stockholders' Equity | $ | 59,661 | $ | 53,463 | ||
STATEMENTS OF INCOME AND COMPREHENSIVE INCOME | ||||||
Year Ended December 31, | ||||||
(Dollars in thousands) | 2013 | 2012 | ||||
Interest and fees on loans | $ | - | $ | 60 | ||
Interest on investments | 11 | 11 | ||||
Net realized gain loss on sale of securities | - | 2 | ||||
Net gain on sale of foreclosed real estate | - | 3 | ||||
Interest expense on debentures | -217 | -241 | ||||
Other expenses | -269 | -232 | ||||
Loss before income tax benefit and equity in | ||||||
undistributed net income of subsidiaries | -475 | -397 | ||||
Income tax benefit | 161 | 135 | ||||
Loss before equity in undistributed net | ||||||
income of subsidiaries | -314 | -262 | ||||
Equity in undistributed net income of subsidiaries | 1,742 | 997 | ||||
Net Income | 1,428 | 735 | ||||
Other comprehensive loss: | ||||||
Unrealized losses on available for sale securities arising during the period | -2 | -2 | ||||
Reclassification adjustment for net gain on securities transactions included in net income | -2 | -2 | ||||
Income tax expense related to other comprehensive loss | -1 | -1 | ||||
Other comprehensive loss, net of income taxes | -5 | -5 | ||||
Comprehensive income | $ | 1,423 | $ | 730 | ||
STATEMENTS OF CASH FLOWS | ||||||
Year Ended December 31, | ||||||
(Dollars in thousands) | 2013 | 2012 | ||||
Cash Flows from Operating Activities: | ||||||
Net Income | $ | 1,428 | $ | 735 | ||
Adjustments to reconcile net income to net cash used in operating activities: | ||||||
Net change in other assets and liabilities | 402 | -116 | ||||
Equity in undistributed net income of subsidiaries | -1,742 | -997 | ||||
Net Cash Used in Operating Activities | 88 | -378 | ||||
Cash Flows from Investing Activities: | ||||||
Securities available for sale: | ||||||
Sales | 58 | 7 | ||||
Maturities, calls and principal repayments | - | 4 | ||||
Capital contribution to subsidiaries | -6,890 | - | ||||
Net decrease in loans | - | 697 | ||||
Net Cash (Used in) Provided by Investing Activities | -6,832 | 708 | ||||
Cash Flows from Financing Activities: | ||||||
Net proceeds from issuance of common stock | 6,896 | - | ||||
Purchase of treasury stock | - | -55 | ||||
Net Cash Provided by (Used in) Financing Activities | 6,896 | -55 | ||||
Net Increase in Cash and Cash Equivalents | 152 | 275 | ||||
Cash and Cash Equivalents - Beginning of Year | 979 | 704 | ||||
Cash and Cash Equivalents - End of Year | $ | 1,131 | $ | 979 | ||
Contingencies
Contingencies | 12 Months Ended |
Dec. 31, 2013 | |
Contingencies [Abstract] | ' |
Contingencies | ' |
NOTE 21 – CONTINGENCIES | |
In the normal course of business, the Company is subject to various lawsuits involving matters generally incidental to its business. Management is of the opinion that the ultimate liability, if any, resulting from any pending actions or proceedings will not have a material effect on the financial condition or results of operations of the Company. | |
Summary_Of_Significant_Account1
Summary Of Significant Accounting Policies (Policy) | 12 Months Ended | |
Dec. 31, 2013 | ||
Summary Of Significant Accounting Policies [Abstract] | ' | |
Principles Of Consolidation | ' | |
Principles of Consolidation | ||
The consolidated financial statements include the accounts of Sussex Bancorp (the “Company”) and its wholly owned subsidiary, Sussex Bank (the “Bank”). The Bank’s wholly owned subsidiaries are SCB Investment Company, Inc., SCBNY Company, Inc., ClassicLake Enterprises, LLC, Wheatsworth Properties Corp., PPD Holding Company, LLC and Tri-State Insurance Agency, Inc. (“Tri-State”). All intercompany transactions and balances have been eliminated in consolidation. | ||
Organization And Nature Of Operations | ' | |
Organization and Nature of Operations | ||
Sussex Bancorp’s business is conducted principally through the Bank. Sussex Bank is a New Jersey state chartered bank and provides full banking services. The Bank generates commercial, mortgage and consumer loans and receives deposits from customers at its eight branches located in Sussex County, New Jersey and one branch in Orange County, New York. As a state bank, the Bank is subject to regulation of the New Jersey Department of Banking and Insurance and the Federal Deposit Insurance Corporation. Sussex Bancorp is subject to regulation by the Federal Reserve Board. SCB Investment Company, Inc. and SCBNY Company, Inc. hold portions of the Bank’s investment portfolio. Tri-State provides insurance agency services mostly through the sale of property and casualty insurance policies. ClassicLake Enterprises, LLC, PPD Holding Company, LLC and Wheatsworth Properties Corp. hold certain foreclosed properties. The Company opened a loan production and insurance agency satellite office in Rochelle Park, New Jersey during the fourth quarter of 2011 and a regional office and corporate center in Rockaway, New Jersey during the first quarter of 2014. | ||
Estimates | ' | |
Estimates | ||
The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change in the near term relate to the determination of the other-than-temporary impairment, allowance for loan losses, valuation of goodwill and intangible assets, the valuation of deferred tax assets and the fair value of financial instruments. | ||
Significant Group Concentration Of Credit Risk | ' | |
Significant Group Concentrations of Credit Risk | ||
Most of the Company’s activities are with customers located within Sussex County, New Jersey and adjacent counties in the states of New Jersey, New York and Pennsylvania. Notes 3 and 4 discuss the types of securities that the Company invests in. The types of lending that the Company engages are included in Note 5. Although the Company has a diversified loan portfolio, its debtors’ ability to honor their contracts is influenced by the region’s economy. The Company does not have any significant concentrations in any one industry or customer. | ||
Cash And Cash Equivalents | ' | |
Cash and Cash Equivalents | ||
For purposes of the consolidated statements of cash flows, cash and cash equivalents include cash and cash equivalents, balances due from banks, interest bearing deposits with banks and federal funds sold. Generally, federal funds are purchased and sold for one-day periods. | ||
Securities | ' | |
Securities | ||
Securities are designated at the time of acquisition as available for sale or held to maturity. Securities that the Company will hold for indefinite periods of time and that might be sold in the future as part of efforts to manage interest rate risk or in response to changes in interest rates, changes in prepayment risk, changes in market conditions or changes in economic factors are classified as available for sale. Securities available for sale are carried at fair value, with unrealized gains and losses excluded from earnings and reported in other comprehensive (loss) income, net of related deferred tax effect. Securities that the Company has the positive intent and ability to hold to maturity are designated as held to maturity regardless of changes in market conditions, liquidity needs or changes in general economic conditions and carried at amortized cost. | ||
Purchase premiums and discounts are recognized in interest income using the level yield method over the contractual terms of the securities. Gains and losses realized on sales of securities are determined on the specific identification method and are reported in non-interest income. | ||
The Company periodically evaluates the security portfolio to determine if a decline in the fair value of any security below its cost basis is other-than-temporary. The Company’s evaluation of other-than-temporary impairment considers the duration and severity of the impairment, the company’s intent and ability to hold the securities and our assessments of the reason for the decline in value and the likelihood of a near-term recovery. If a determination is made that a debt security is other-than-temporarily impaired, the Company will estimate the amount of the unrealized loss that is attributable to credit and all other non-credit related factors. The credit related component will be recognized as an other-than-temporary impairment charge in non-interest income. The non-credit related component will be recorded as an adjustment to accumulated other comprehensive income, net of tax. | ||
Federal Home Loan Bank Stock | ' | |
Federal Home Loan Bank Stock | ||
Federal law requires a member institution of the Federal Home Loan Bank (“FHLB”) system to hold stock of its district FHLB according to a predetermined formula. Based on redemption provisions of the FHLB, the stock has no quoted market value and is carried at cost. The FHLB stock was carried at $2.7 million and $2.0 million for the years ended December 31, 2013 and 2012, respectively. | ||
Loans Receivable | ' | |
Loans Receivable | ||
Loans receivable that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are stated at their outstanding unpaid principal balances, net of an allowance for loan losses and any deferred fees or costs. Interest income is accrued on the unpaid principal balance. Loan origination fees, net of certain direct origination costs, are deferred and recognized as an adjustment of the yield (interest income) of the related loans. The Bank is generally amortizing these amounts over the contractual life of the loan. | ||
The loans receivable portfolio is segmented into commercial and residential and consumer loans. Commercial loans consist of the following classes: commercial and industrial, commercial real estate, and construction loans. Residential and consumer loans consist of the following classes: residential real estate and consumer and other loans. | ||
For all classes of loans, the accrual of interest is discontinued when the contractual payment of principal or interest has become 90 days past due or management has serious doubts about further collectability of principal or interest, even though the loan is currently performing. A loan may remain on accrual status if it is in the process of collection and is either guaranteed or well secured. When a loan is placed on nonaccrual status, unpaid interest credited to income in the current year is reversed and unpaid interest accrued in prior years is charged against the allowance for loan losses. Interest received on nonaccrual loans including impaired loans generally are either applied against principal or reported as interest income, according to management’s judgment as to the collectability of principal. Generally, loans are restored to accrual status when the obligation is brought current, has performed in accordance with the contractual terms for a reasonable period of time (generally six months) and the ultimate collectability of the total contractual principal and interest is no longer in doubt. The past due status of all classes of loans receivable is determined based on contractual due dates for loan payments. | ||
Allowance For Loan Losses | ' | |
Allowance for Loan Losses | ||
The allowance for loan losses represents the amount, which, in management’s judgment, will be adequate to absorb credit losses inherent in the loan portfolio as of the balance sheet date. The adequacy of the allowance is determined by management’s evaluation of the loan portfolio based on such factors as the differing economic risks associated with each loan category, the current financial condition of specific borrowers, the economic environment in which borrowers operate, the level of delinquent loans, the value of any collateral and, where applicable, the existence of any guarantees or indemnifications. | ||
The allowance for loan losses is established through provisions for loan losses charged against income. Loans deemed to be uncollectible are charged against the allowance for loan losses, and subsequent recoveries, if any, are credited to the allowance for loan losses. The allowance for loan losses consists of specific and general components. The specific component relates to loans that are classified as impaired. For such loans, an allowance is established when the discounted cash flows, collateral value or observable market price is lower than the carrying value for that loan. The general component covers all other loans and is based on historical loss factors adjusted for general economic factors and other qualitative risk factors such as changes in delinquency trends, industry concentrations and local/national economic trends. | ||
A loan is considered impaired when, based on current information and events, it is probable that the Company will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. | ||
Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record and the amount of the shortfall in relation to the principal and interest owed. Impairment is measured on a loan by loan basis for commercial and industrial, commercial real estate and construction loans by either the present value of expected future cash flows discounted at the loan’s effective interest rate, the loan’s observable market price or the fair value of the collateral if the loan is collateral dependent. | ||
Troubled Debt Restructurings ("TDR") | ' | |
Troubled Debt Restructurings (“TDR”) | ||
A modification to the terms of a loan is generally considered a TDR if the Company grants a concession to the borrower that it would not otherwise consider for economic or legal reasons related to the debtor’s financial difficulties. A TDR may include, but is not necessarily limited to, the modification of loan terms such as a temporary or permanent reduction of the loan’s stated interest rate, extension of the maturity date and/or reduction or deferral of amounts owed under the terms of the loan agreement. | ||
All restructured loans that qualify as TDRs are placed on nonaccrual status for a period of no less than six months after restructuring, irrespective of the borrower’s adherence to a TDR’s modified repayment terms during which time TDRs continue to be adversely classified and reported as impaired. TDRs may be returned to accrual status if (1) the borrower has performed in accordance with the terms of the restructured loan agreement for no less than six consecutive months after restructuring, and (2) the Company expects to receive all principal and interest owed in accordance with the terms of the restructured loan agreement. If these conditions are met the loan may also be returned to a non-adverse classification while retaining its impaired status. | ||
Transfers Of Financial Assets | ' | |
Transfers of Financial Assets | ||
Transfers of financial assets are accounted for as sales when control over the assets has been surrendered. Control over transferred assets is deemed to be surrendered when (1) the assets have been isolated from the Company, (2) the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets, and (3) the Company does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity. | ||
Foreclosed Real Estate | ' | |
Foreclosed Real Estate | ||
Foreclosed real estate is primarily comprised of property acquired through a foreclosure proceeding or acceptance of a deed-in-lieu of foreclosure. Foreclosed real estate is initially recorded at fair value, less cost to sell 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 costs to sell. Revenues and expenses from operations and changes in the valuation allowance are included in expenses related to foreclosed real estate. | ||
Premises And Equipment | ' | |
Premises and Equipment | ||
Land is carried at cost. Premises and equipment are stated at cost less accumulated depreciation. Depreciation is computed on the straight-line method over the following estimated useful lives of the related assets: | ||
Years | ||
Buildings and building improvements | 20 – 40 | |
Leasehold improvements | 5 – 10 | |
Furniture, fixtures and equipment | 5 – 10 | |
Computer equipment and software | 3 – 5 | |
Bank Owned Life Insurance | ' | |
Bank Owned Life Insurance (“BOLI”) | ||
Bank-owned life insurance is carried at the amount that could be realized under the Company’s life insurance contracts as of the date of the consolidated balance sheets and is classified as a non-interest earning asset. BOLI involves purchasing life insurance by the Company on a chosen group of employees. The Company is the owner and beneficiary of the policies. Increases in the carrying value are recorded as non-interest income in the consolidated statements of income and insurance proceeds received are generally recorded as a reduction of the carrying value. The carrying value consists of cash surrender value of $11.9 million at December 31, 2013 and $11.5 million at December 31, 2012. | ||
Goodwill And Other Intangibles | ' | |
Goodwill and Other Intangibles | ||
Goodwill represents the excess of the purchase price over the fair market value of net assets acquired. At December 31, 2013 and 2012, the Company has recorded goodwill totaling $2.8 million, primarily as a result of the acquisition of an insurance agency in 2001. In accordance with current accounting standards, goodwill is not amortized, but evaluated at least annually for impairment. Any impairment of goodwill results in a charge to income. The Company periodically accesses whether events and changes in circumstances indicate that the carrying amounts of goodwill and intangible assets may be impaired. The estimated fair value of the reporting segment exceeded its book value; therefore, no write-down of goodwill was required. The goodwill related to the insurance agency is not deductible for tax purposes. | ||
The Company has an amortizable core deposit intangible asset related to the premium paid on the acquisition of deposits. The core deposit intangible was created during 2006 and was amortized on a seven year accelerated schedule. This intangible was $0 and $1 thousand, net of accumulated amortization of $120 thousand and $119 thousand as of December 31, 2013 and 2012, respectively. | ||
Other intangible assets are included in other assets on the balance sheets for December 31, 2013 and 2012. Amortization expense on intangible assets was $1 thousand and $5 thousand for the years ended December 31, 2013, and 2012, respectively. No amortization expense is estimated for the year ending December 31, 2014. | ||
Advertising Costs | ' | |
Advertising Costs | ||
The Company follows the policy of charging the costs of advertising to expense as incurred. | ||
Income Taxes | ' | |
Income Taxes | ||
The Company accounts for income taxes under the asset/liability method in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 740, Income Taxes. The income tax 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. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, as well as operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period in which they occur. A valuation allowance is established against deferred tax assets when, in the judgment of management, it is more likely than not that such deferred tax assets will not become available. Because the judgment about the level of future taxable income is dependent to a great extent on matters that may, at least in part, be beyond the Company’s control, it is at least reasonably possible that management’s judgment about the need for a valuation allowance for deferred taxes could change in the near term. | ||
In connection with the accounting guidance related to accounting for uncertainty in income taxes, which sets out a consistent framework to determine the appropriate level of tax reserves to maintain for uncertain tax positions, the Company has evaluated its tax positions as of December 31, 2013. A tax position is recognized as a benefit only if it is “more likely than not” that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of the tax benefit that has more than a 50 percent likelihood of being realized on examination. For tax positions not meeting the “more likely than not” test, no tax benefit is recorded. Under the “more likely than not” threshold guidelines, the Company believes no significant uncertain tax positions exist, either individually or in the aggregate, that would give rise to the non-recognition of an existing tax benefit. As of December 31, 2013 the Company had no material unrecognized tax benefits or accrued interest or penalties. The Company’s policy is to account for interest as a component of interest expense and penalties as a component of other expense. Sussex Bancorp and its subsidiaries file a consolidated federal income tax return as well as income tax returns in the States of New Jersey, New York and Pennsylvania. The Company’s federal and state income tax returns subsequent to 2010 remain subject to examination by respective tax authorities. | ||
Off-Balance Sheet Financial Instruments | ' | |
Off-Balance Sheet Financial Instruments | ||
In the ordinary course of business, the Bank has entered into off-balance sheet financial instruments consisting of commitments to extend credit and letters of credit. Such financial instruments are recorded in the balance sheet when they are funded. | ||
Stock Compensation Plans | ' | |
Stock Compensation Plans | ||
The Company currently has several stock plans in place for employees and directors of the Company. U.S. GAAP requires that the compensation cost relating to share-based payment transactions be recognized in financial statements. The share-based compensation accounting guidance requires that compensation cost for all stock awards be calculated and recognized over a defined vesting period. For awards with graded-vesting, compensation cost is recognized on a straight-line basis over the requisite vesting period for the entire award. A Black-Scholes model is used to estimate the fair value of stock options, while the market price of the Company’s common stock at the date of grant is used for restricted stock awards. Stock-based compensation expense related to stock plans for the year ended December 31, 2013 and 2012 was $236 thousand and $153 thousand, respectively. As of December 31, 2013, there was $438 thousand of unrecognized compensation costs related to non-vested restricted stock awards remaining to expense. | ||
Earnings Per Share | ' | |
Earnings per Share | ||
Basic earnings per share represents net income available to common stockholders divided by the weighted-average number of common shares outstanding during the period. The weighted-average common shares outstanding include the weighted-average number of shares of common stock outstanding less the weighted average number of unvested shares of restricted stock. Diluted earnings per share reflect additional common shares that would have been outstanding if dilutive potential common shares had been issued, as well as any adjustment to income that would result from the assumed issuance. Potential common shares that may be issued by the Company relate to outstanding stock options and non-vested restricted stock grants. Potential common shares related to stock options are determined using the treasury stock method. | ||
Treasury Stock | ' | |
Treasury Stock | ||
Repurchases of shares of Company common stock are recorded at cost as a reduction of stockholders’ equity. Reissuances of shares of treasury stock are recorded at average cost. | ||
Segment Reporting | ' | |
Segment Reporting | ||
The Company acts as an independent community financial services provider and offers traditional banking and related financial services to individual, business and government customers. Through its branch and automated teller machine networks, the Bank offers a full array of commercial and retail financial services, including taking of time, savings and demand deposits; the making of commercial, consumer and mortgage loans; and the providing of other financial services. Management does not separately allocate expenses, including the cost of funding loan demand, between the commercial, retail, trust and mortgage banking operations of the Bank. As such, discrete financial information is not available and segment reporting would not be meaningful. The Company’s insurance agency is managed separately from the traditional banking and related financial services that the Company offers. The insurance operations provides primarily property and casualty coverage. See Note 2 for segment reporting of insurance operations. | ||
Insurance Agency Operations | ' | |
Insurance Agency Operations | ||
Tri-State is a retail insurance broker operating in the State of New Jersey. The insurance agency’s primary source of revenue is commission income, which is earned by placing insurance coverage for its customers with various insurance underwriters. The insurance agency places basic property and casualty, life and health coverage with about fifteen different insurance carriers. There are two main billing processes, direct billing (currently accounts for approximately 90% of revenues) and agency billing. | ||
Under the direct billing arrangement, the insurance carrier bills and collects from the customer directly and remits the brokers’ commission to Tri-State on a monthly basis. For direct bill policies, Tri-State records commissions as revenue when the customer is billed. On a monthly basis, Tri-State receives notification from each insurance carrier of total premiums written and collected during the month, and the broker’s net commission due for their share of business produced by them. | ||
Under the agency billing arrangement, the broker bills and collects from the customer directly, retains their commission, and remits the net premium amount to the insurance carrier. Virtually all agency-billed policies are billed and collected on an installment basis (the number of payments varies by policy). Tri-State records revenues for the first installment as of the policy effective date. Revenues from subsequent installments are recorded at the installment due date. Tri-State records its commission as a percentage of each installment due. | ||
Trust Operations | ' | |
Trust Operations | ||
Trust income is recorded on a cash basis, which approximates the accrual basis. Securities and other property held by the Company in a fiduciary or agency capacity for customers of the trust department are not assets of the Company and, accordingly, are not included in the accompanying consolidated financial statements. The Company had no assets under management at December 31, 2013 and has discontinued providing trust services. The Company had assets under management of $414 thousand at December 31, 2012. | ||
Subsequent Events | ' | |
Subsequent Events | ||
The Company has evaluated events and transactions occurring subsequent to the balance sheet date of December 31, 2013 for items that should potentially be recognized or disclosed in these financial statements. The evaluation was conducted through the date these financial statements were issued. | ||
Reclassifications | ' | |
Reclassifications | ||
Certain amounts in 2012 consolidated financial statements have been reclassified to conform to the 2013 consolidated financial statement presentation. | ||
New Accounting Standards | ' | |
New Accounting Standards | ||
In July 2013, FASB issued Accounting Standard Update (“ASU”) 2013-11, Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists, which provides guidance on financial statement presentation of an unrecognized tax benefit when a net operating loss (NOL) carryforward, a similar tax loss, or a tax credit carryforward exists. The FASB’s objective in issuing this ASU is to eliminate diversity in practice resulting from a lack of guidance on this topic in current U.S. GAAP. This ASU applies to all entities with unrecognized tax benefits that also have tax loss or tax credit carryforwards in the same tax jurisdiction as of the reporting date. For public entities, the guidance is effective for fiscal years beginning after December 15, 2013 and interim periods within those years. We do not expect the adoption of this guidance to have a material impact on our consolidated financial statements. | ||
In February 2013, FASB issued ASU 2013-02, Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income. This ASU requires entities to disclose the effect of items reclassified out of accumulated other comprehensive income (“AOCI”) on each affected net income line item. For AOCI reclassification items that are not reclassified in their entirety into net income, a cross reference to other required U.S. GAAP disclosures. This information may be provided either in the notes or parenthetically on the face of the financial statements. For public entities, the guidance is effective for annual reporting periods beginning after December 15, 2012, and interim periods within those years. The adoption of this guidance did not have a material impact on our consolidated financial statements and the required disclosures are included in Note 13 to these consolidated financial statements. | ||
In January 2014, the FASB issued ASU 2014-04, Receivables - Troubled Debt Restructurings by Creditors. This ASU clarifies that an in substance repossession or foreclosure occurs, and a creditor is considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan, upon either (1) the creditor obtaining legal title to the residential real estate property upon completion of a foreclosure or (2) the borrower conveying all interest in the residential real estate property to the creditor to satisfy that loan through completion of a deed in lieu of foreclosure or through a similar legal agreement. Additionally, the amendments require interim and annual disclosure of both (1) the amount of foreclosed residential real estate property held by the creditor and (2) the recorded investment in consumer mortgage loans collateralized by residential real estate property that are in the process of foreclosure according to local requirements of the applicable jurisdiction. For public entities, the guidance is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2014. We do not expect the adoption of this guidance to have a material impact on our consolidated financial statements. | ||
Summary_Of_Significant_Account2
Summary Of Significant Accounting Policies (Tables) | 12 Months Ended | |
Dec. 31, 2013 | ||
Summary Of Significant Accounting Policies [Abstract] | ' | |
Premises And Equipment Useful Life | ' | |
Years | ||
Buildings and building improvements | 20 – 40 | |
Leasehold improvements | 5 – 10 | |
Furniture, fixtures and equipment | 5 – 10 | |
Computer equipment and software | 3 – 5 | |
Segment_Information_Tables
Segment Information (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Segment Information [Abstract] | ' | ||||||||
Schedule Of Segment Information | ' | ||||||||
Banking and | Insurance | ||||||||
(Dollars in thousands) | Financial Services | Services | Total | ||||||
Year Ended December 31, 2013: | |||||||||
Net interest income from external sources | $ | 16,438 | $ | 3 | $ | 16,441 | |||
Other income from external sources | 3,161 | 2,932 | 6,093 | ||||||
Depreciation and amortization | 656 | 13 | 669 | ||||||
Income before income taxes | 1,123 | 438 | 1,561 | ||||||
Income tax (benefit) expense (1) | -42 | 175 | 133 | ||||||
Total assets | 530,925 | 2,986 | 533,911 | ||||||
Year Ended December 31, 2012: | |||||||||
Net interest income from external sources | $ | 16,167 | $ | - | $ | 16,167 | |||
Other income from external sources | 4,517 | 2,484 | 7,001 | ||||||
Depreciation and amortization | 672 | 10 | 682 | ||||||
Income before income taxes | 145 | 261 | 406 | ||||||
Income tax expense (1) | -433 | 104 | -329 | ||||||
Total assets | 511,837 | 2,897 | 514,734 | ||||||
(1) Calculated at statutory tax rate of 40% | |||||||||
Fair_Value_Of_Assets_And_Liabi1
Fair Value Of Assets And Liabilities (Tables) | 12 Months Ended | ||||||||||||||
Dec. 31, 2013 | |||||||||||||||
Fair Value Of Assets And Liabilities [Abstract] | ' | ||||||||||||||
Summary Of Financial Assets Measured On A Recurring Basis | ' | ||||||||||||||
Quoted Prices in | Significant | ||||||||||||||
Active Markets | Other | Significant | |||||||||||||
Fair | for Identical | Observable | Unobservable | ||||||||||||
Value | Assets | Inputs | Inputs | ||||||||||||
(Dollars in thousands) | Measurements | (Level I) | (Level II) | (Level III) | |||||||||||
December 31, 2013: | |||||||||||||||
U.S. government agencies | $ | 5,380 | $ | - | $ | 5,380 | $ | - | |||||||
State and political subdivisions | 25,875 | - | 25,875 | - | |||||||||||
Mortgage-backed securities | |||||||||||||||
U.S. government-sponsored enterprises | 58,937 | - | 58,937 | - | |||||||||||
Equity securities-financial services industry and other | 484 | 484 | - | - | |||||||||||
December 31, 2012: | |||||||||||||||
State and political subdivisions | $ | 27,741 | $ | - | $ | 27,741 | $ | - | |||||||
Mortgage-backed securities | |||||||||||||||
U.S. government-sponsored enterprises | 90,709 | - | 90,709 | - | |||||||||||
Equity securities-financial services industry and other | 431 | 431 | - | - | |||||||||||
Summary Of Financial Assets Measured On A Nonrecurring Basis | ' | ||||||||||||||
Quoted Prices in | Significant | ||||||||||||||
Active Markets | Other | Significant | |||||||||||||
Fair | for Identical | Observable | Unobservable | ||||||||||||
Value | Assets | Inputs | Inputs | ||||||||||||
(Dollars in thousands) | Measurements | (Level I) | (Level II) | (Level III) | |||||||||||
December 31, 2013: | |||||||||||||||
Impaired loans | $ | 5,483 | $ | - | $ | - | $ | 5,483 | |||||||
Foreclosed real estate | 1,008 | - | - | 1,008 | |||||||||||
December 31, 2012: | |||||||||||||||
Impaired loans | $ | 6,239 | $ | - | $ | - | $ | 6,239 | |||||||
Foreclosed real estate | 3,612 | - | - | 3,612 | |||||||||||
Qualitative Information About Level 3 Fair Value Measurements | ' | ||||||||||||||
Qualitative Information about Level III Fair Value Measurements | |||||||||||||||
Fair | Range | ||||||||||||||
Value | Valuation | Unobservable | (Weighted | ||||||||||||
(Dollars in thousands) | Estimate | Techniques | Input | Average) | |||||||||||
December 31, 2013: | |||||||||||||||
Impaired loans | $ | 5,483 | Appraisal of | Appraisal | 0% to -67.9% | ||||||||||
collateral | adjustments (1) | (-7.8%) | |||||||||||||
Foreclosed real estate | 1,008 | Appraisal of | Selling | ||||||||||||
collateral | expenses (1) | -7.0% (-7.0%) | |||||||||||||
December 31, 2012: | |||||||||||||||
Impaired loans | $ | 6,239 | Appraisal of | Appraisal | 0% to -57.1% | ||||||||||
collateral | adjustments (1) | (-21.8%) | |||||||||||||
Foreclosed real estate | 3,612 | Appraisal of | Selling | ||||||||||||
collateral | expenses (1) | -7.0% (-7.0%) | |||||||||||||
(1) Appraisals may be adjusted by management for qualitative factors such as economic conditions and estimated selling expenses. The range and weighted average of selling expenses and other appraisal adjustments are presented as a percent of the appraisal. | |||||||||||||||
Estimated Fair Values Of Financial Instruments | ' | ||||||||||||||
Quoted Prices in | Significant | ||||||||||||||
Active Markets | Other | Significant | |||||||||||||
31-Dec-13 | for Identical | Observable | Unobservable | ||||||||||||
Carrying | Fair | Assets | Inputs | Inputs | |||||||||||
(Dollars in thousands) | Amount | Value | (Level I) | (Level II) | (Level III) | ||||||||||
Financial assets: | |||||||||||||||
Cash and cash equivalents | $ | 13,246 | $ | 13,246 | $ | 13,246 | $ | - | $ | - | |||||
Time deposits with other banks | 100 | 100 | 100 | - | - | ||||||||||
Securities available for sale | 90,676 | 90,676 | 484 | 90,192 | - | ||||||||||
Securities held to maturity | 6,074 | 6,060 | - | 6,060 | - | ||||||||||
Federal Home Loan Bank stock | 2,705 | 2,705 | - | 2,705 | - | ||||||||||
Loans receivable, net of allowance | 386,981 | 383,269 | - | - | 383,269 | ||||||||||
Accrued interest receivable | 1,642 | 1,642 | - | 1,642 | - | ||||||||||
Financial liabilities: | |||||||||||||||
Non-maturity deposits | 331,350 | 331,350 | 331,350 | - | - | ||||||||||
Time deposits | 98,947 | 99,925 | - | 99,925 | - | ||||||||||
Borrowings | 41,000 | 43,149 | - | 43,149 | - | ||||||||||
Junior subordinated debentures | 12,887 | 7,710 | - | 7,710 | - | ||||||||||
Accrued interest payable | 235 | 235 | - | 235 | - | ||||||||||
Quoted Prices in | Significant | ||||||||||||||
Active Markets | Other | Significant | |||||||||||||
31-Dec-12 | for Identical | Observable | Unobservable | ||||||||||||
Carrying | Fair | Assets | Inputs | Inputs | |||||||||||
(Dollars in thousands) | Amount | Value | (Level I) | (Level II) | (Level III) | ||||||||||
Financial assets: | |||||||||||||||
Cash and cash equivalents | $ | 11,668 | $ | 11,668 | $ | 11,668 | $ | - | $ | - | |||||
Time deposits with other banks | 100 | 100 | 100 | - | - | ||||||||||
Securities available for sale | 118,881 | 118,881 | 431 | 118,450 | - | ||||||||||
Securities held to maturity | 5,221 | 5,472 | - | 5,472 | - | ||||||||||
Federal Home Loan Bank stock | 1,980 | 1,980 | - | 1,980 | - | ||||||||||
Loans receivable, net of allowance | 342,760 | 353,208 | - | - | 353,208 | ||||||||||
Accrued interest receivable | 1,741 | 1,741 | - | 1,741 | - | ||||||||||
Financial liabilities: | |||||||||||||||
Non-maturity deposits | 328,856 | 328,856 | 328,856 | - | - | ||||||||||
Time deposits | 103,580 | 105,680 | - | 105,680 | - | ||||||||||
Borrowings | 26,000 | 29,476 | - | 29,476 | - | ||||||||||
Junior subordinated debentures | 12,887 | 6,315 | - | 6,315 | - | ||||||||||
Accrued interest payable | 273 | 273 | - | 273 | - | ||||||||||
Securities_Tables
Securities (Tables) | 12 Months Ended | |||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||
Securities [Abstract] | ' | |||||||||||||||||
Amortized Cost And Approximate Fair Value Of Securities Available-For-Sale | ' | |||||||||||||||||
Gross | Gross | |||||||||||||||||
Amortized | Unrealized | Unrealized | Fair | |||||||||||||||
(Dollars in thousands) | Cost | Gains | Losses | Value | ||||||||||||||
31-Dec-13 | ||||||||||||||||||
U.S. government agencies | $ | 5,421 | $ | 8 | $ | -49 | $ | 5,380 | ||||||||||
State and political subdivisions | 28,788 | 3 | -2,916 | 25,875 | ||||||||||||||
Mortgage-backed securities: | ||||||||||||||||||
U.S. government-sponsored enterprises | 59,640 | 272 | -975 | 58,937 | ||||||||||||||
Equity securities-financial services industry and other | 412 | 85 | -13 | 484 | ||||||||||||||
$ | 94,261 | $ | 368 | $ | -3,953 | $ | 90,676 | |||||||||||
31-Dec-12 | ||||||||||||||||||
State and political subdivisions | $ | 27,341 | $ | 594 | $ | -194 | $ | 27,741 | ||||||||||
Mortgage-backed securities: | ||||||||||||||||||
U.S. government-sponsored enterprises | 90,487 | 671 | -449 | 90,709 | ||||||||||||||
Equity securities-financial services industry and other | 460 | 16 | -45 | 431 | ||||||||||||||
$ | 118,288 | $ | 1,281 | $ | -688 | $ | 118,881 | |||||||||||
Amortized Cost And Fair Value Of Securities By Contractual Maturity Of Available-For-Sale Securities | ' | |||||||||||||||||
Amortized | Fair | |||||||||||||||||
(Dollars in thousands) | Cost | Value | ||||||||||||||||
Due in one year or less | $ | - | $ | - | ||||||||||||||
Due after one year through five years | 501 | 496 | ||||||||||||||||
Due after five years through ten years | 2,711 | 2,599 | ||||||||||||||||
Due after ten years | 25,576 | 22,780 | ||||||||||||||||
Total bonds and obligations | 28,788 | 25,875 | ||||||||||||||||
U.S. government agencies | 5,421 | 5,380 | ||||||||||||||||
Mortgage-backed securities: | ||||||||||||||||||
U.S. government-sponsored enterprises | 59,640 | 58,937 | ||||||||||||||||
Equity securities-financial services industry and other | 412 | 484 | ||||||||||||||||
Total available for sale securities | $ | 94,261 | $ | 90,676 | ||||||||||||||
Temporarily Impaired Gross Unrealized Losses And Fair Value Of Available-For-Sale Securities | ' | |||||||||||||||||
Less Than 12 Months | 12 Months or More | Total | ||||||||||||||||
Gross | Gross | Gross | ||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | |||||||||||||
(Dollars in thousands) | Value | Losses | Value | Losses | Value | Losses | ||||||||||||
31-Dec-13 | ||||||||||||||||||
U.S. government agencies | $ | 3,246 | $ | -49 | $ | - | $ | - | $ | 3,246 | $ | -49 | ||||||
State and political subdivisions | 19,610 | -2,046 | 6,065 | -870 | 25,675 | -2,916 | ||||||||||||
Mortgage-backed securities: | - | |||||||||||||||||
U.S. government-sponsored enterprises | 30,830 | -694 | 9,147 | -281 | 39,977 | -975 | ||||||||||||
Equity securities-financial services industry and other | - | - | 130 | -13 | 130 | -13 | ||||||||||||
Total temporarily impaired securities | $ | 53,686 | $ | -2,789 | $ | 15,342 | $ | -1,164 | $ | 69,028 | $ | -3,953 | ||||||
31-Dec-12 | ||||||||||||||||||
State and political subdivisions | $ | 9,788 | $ | -194 | $ | - | $ | - | $ | 9,788 | $ | -194 | ||||||
Mortgage-backed securities: | ||||||||||||||||||
U.S. government-sponsored enterprises | 31,901 | -305 | 4,658 | -144 | 36,559 | -449 | ||||||||||||
Equity securities-financial services industry and other | 106 | -37 | 109 | -8 | 215 | -45 | ||||||||||||
Total temporarily impaired securities | $ | 41,795 | $ | -536 | $ | 4,767 | $ | -152 | $ | 46,562 | $ | -688 | ||||||
Amortized Cost And Approximate Fair Value Of Securities Held-To-Maturity | ' | |||||||||||||||||
Gross | Gross | |||||||||||||||||
Amortized | Unrealized | Unrealized | Fair | |||||||||||||||
(Dollars in thousands) | Cost | Gains | Losses | Value | ||||||||||||||
31-Dec-13 | ||||||||||||||||||
State and political subdivisions | $ | 6,074 | $ | 78 | $ | -92 | $ | 6,060 | ||||||||||
31-Dec-12 | ||||||||||||||||||
State and political subdivisions | $ | 5,221 | $ | 260 | $ | -9 | $ | 5,472 | ||||||||||
Amortized Cost And Fair Value Of Securities By Contractual Maturity Of Held-To-Maturity Securities | ' | |||||||||||||||||
Amortized | Fair | |||||||||||||||||
(Dollars in thousands) | Cost | Value | ||||||||||||||||
Due in one year or less | $ | 2,122 | $ | 2,122 | ||||||||||||||
Due after one year through five years | - | - | ||||||||||||||||
Due after five years through ten years | 1,284 | 1,265 | ||||||||||||||||
Due after ten years | 2,668 | 2,673 | ||||||||||||||||
Total held to maturity securities | $ | 6,074 | $ | 6,060 | ||||||||||||||
Temporarily Impaired Gross Unrealized Losses And Fair Value Of Held-To-Maturity Securities | ' | |||||||||||||||||
Less Than 12 Months | 12 Months or More | Total | ||||||||||||||||
Gross | Gross | Gross | ||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | |||||||||||||
(Dollars in thousands) | Value | Losses | Value | Losses | Value | Losses | ||||||||||||
31-Dec-13 | ||||||||||||||||||
State and political subdivisions | $ | 2,080 | $ | -45 | $ | 780 | $ | -47 | $ | 2,860 | $ | -92 | ||||||
31-Dec-12 | ||||||||||||||||||
State and political subdivisions | $ | 830 | $ | -9 | $ | - | $ | - | $ | 830 | $ | -9 | ||||||
Loans_Tables
Loans (Tables) | 12 Months Ended | |||||
Dec. 31, 2013 | ||||||
Loans [Abstract] | ' | |||||
Composition Of Net Loans Receivable | ' | |||||
(Dollars in thousands) | 31-Dec-13 | 31-Dec-12 | ||||
Commercial and industrial loans | $ | 15,205 | $ | 16,158 | ||
Construction | 7,307 | 7,004 | ||||
Commercial real estate | 260,664 | 225,345 | ||||
Residential real estate | 107,992 | 98,301 | ||||
Consumer and other | 1,617 | 1,255 | ||||
392,785 | 348,063 | |||||
Unearned net loan origination fees | -383 | -327 | ||||
Allowance for loan losses | -5,421 | -4,976 | ||||
Net loans receivable | $ | 386,981 | $ | 342,760 | ||
Allowance_For_Loan_Losses_And_1
Allowance For Loan Losses And Credit Quality Of Financing Receivables (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Allowance For Loan Losses And Credit Quality Of Financing Receivables [Abstract] | ' | ||||||||||||||||||||
Changes In The Allowance For Loan Losses | ' | ||||||||||||||||||||
Commercial | Commercial | Residential | Consumer | ||||||||||||||||||
and | Real | Real | and | ||||||||||||||||||
(Dollars in | Industrial | Construction | Estate | Estate | Other | Unallocated | Total | ||||||||||||||
thousands) | |||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||
Beginning balance | $ | 271 | $ | 223 | $ | 3,395 | $ | 869 | $ | 38 | $ | 180 | $ | 4,976 | |||||||
Charge-offs | -55 | -350 | -2,317 | -246 | -28 | - | -2,996 | ||||||||||||||
Recoveries | - | 122 | 450 | 112 | 12 | - | 696 | ||||||||||||||
Provision | 6 | 313 | 1,871 | 206 | -6 | 355 | 2,745 | ||||||||||||||
Ending balance | $ | 222 | $ | 308 | $ | 3,399 | $ | 941 | $ | 16 | $ | 535 | $ | 5,421 | |||||||
31-Dec-12 | |||||||||||||||||||||
Beginning balance | $ | 304 | $ | 294 | $ | 4,833 | $ | 987 | $ | 9 | $ | 783 | $ | 7,210 | |||||||
Charge-offs | -169 | -1,538 | -3,904 | -998 | -62 | - | -6,671 | ||||||||||||||
Recoveries | 2 | - | 78 | - | 27 | - | 107 | ||||||||||||||
Provision | 134 | 1,467 | 2,388 | 880 | 64 | -603 | 4,330 | ||||||||||||||
Ending balance | $ | 271 | $ | 223 | $ | 3,395 | $ | 869 | $ | 38 | $ | 180 | $ | 4,976 | |||||||
Allowances Of Loan Losses And Loans Receivable By Class Disaggregated | ' | ||||||||||||||||||||
Allowance for Loan Losses | Loans Receivable | ||||||||||||||||||||
Balance | Balance | ||||||||||||||||||||
Related to | Related to | ||||||||||||||||||||
Loans | Loans | ||||||||||||||||||||
Individually | Collectively | Individually | Collectively | ||||||||||||||||||
Evaluated for | Evaluated for | Evaluated for | Evaluated for | ||||||||||||||||||
(Dollars in thousands) | Balance | Impairment | Impairment | Balance | Impairment | Impairment | |||||||||||||||
31-Dec-13 | |||||||||||||||||||||
Commercial and industrial | $ | 222 | $ | - | $ | 222 | $ | 15,205 | $ | - | $ | 15,205 | |||||||||
Construction | 308 | - | 308 | 7,307 | - | 7,307 | |||||||||||||||
Commercial real estate | 3,399 | 322 | 3,077 | 260,664 | 10,894 | 249,770 | |||||||||||||||
Residential real estate | 941 | 163 | 778 | 107,992 | 2,626 | 105,366 | |||||||||||||||
Consumer and other loans | 16 | - | 16 | 1,617 | - | 1,617 | |||||||||||||||
Unallocated | 535 | - | - | - | - | - | |||||||||||||||
Total | $ | 5,421 | $ | 485 | $ | 4,401 | $ | 392,785 | $ | 13,520 | $ | 379,265 | |||||||||
31-Dec-12 | |||||||||||||||||||||
Commercial and industrial | $ | 271 | $ | 27 | $ | 244 | $ | 16,158 | $ | 27 | $ | 16,131 | |||||||||
Construction | 223 | 42 | 181 | 7,004 | 2,462 | 4,542 | |||||||||||||||
Commercial real estate | 3,395 | 230 | 3,165 | 225,345 | 12,682 | 212,663 | |||||||||||||||
Residential real estate | 869 | 66 | 803 | 98,301 | 3,351 | 94,950 | |||||||||||||||
Consumer and other loans | 38 | - | 38 | 1,255 | - | 1,255 | |||||||||||||||
Unallocated | 180 | - | - | - | - | - | |||||||||||||||
Total | $ | 4,976 | $ | 365 | $ | 4,431 | $ | 348,063 | $ | 18,522 | $ | 329,541 | |||||||||
An Age Analysis Of Loans Receivable | ' | ||||||||||||||||||||
Recorded | |||||||||||||||||||||
Investment | |||||||||||||||||||||
Greater | Total | > 90 Days | |||||||||||||||||||
30-59 Days | 60-89 days | Than | Total Past | Financing | and | ||||||||||||||||
(Dollars in thousands) | Past Due | Past Due | 90 Days (a) | Due | Current | Receivables | Accruing | ||||||||||||||
31-Dec-13 | |||||||||||||||||||||
Commercial and industrial | $ | 13 | $ | - | $ | - | $ | 13 | $ | 15,192 | $ | 15,205 | $ | - | |||||||
Construction | - | - | - | - | 7,307 | 7,307 | - | ||||||||||||||
Commercial real estate | 2,139 | 775 | 9,823 | 12,737 | 247,927 | 260,664 | 123 | ||||||||||||||
Residential real estate | 495 | 247 | 2,192 | 2,934 | 105,058 | 107,992 | - | ||||||||||||||
Consumer and other | 7 | 1 | - | 8 | 1,609 | 1,617 | - | ||||||||||||||
Total | $ | 2,654 | $ | 1,023 | $ | 12,015 | $ | 15,692 | $ | 377,093 | $ | 392,785 | $ | 123 | |||||||
31-Dec-12 | |||||||||||||||||||||
Commercial and industrial | $ | - | $ | - | $ | 27 | $ | 27 | $ | 16,131 | $ | 16,158 | $ | - | |||||||
Construction | - | - | 2,462 | 2,462 | 4,542 | 7,004 | - | ||||||||||||||
Commercial real estate | 1,103 | 1,303 | 12,127 | 14,533 | 210,812 | 225,345 | 65 | ||||||||||||||
Residential real estate | 207 | 127 | 3,315 | 3,649 | 94,652 | 98,301 | - | ||||||||||||||
Consumer and other | 12 | 3 | 144 | 159 | 1,096 | 1,255 | 143 | ||||||||||||||
Total | $ | 1,322 | $ | 1,433 | $ | 18,075 | $ | 20,830 | $ | 327,233 | $ | 348,063 | $ | 208 | |||||||
(a) includes loans greater than 90 days past due and still accruing and non-accrual loans. | |||||||||||||||||||||
Loans Which The Accrual Of Interest Has Been Discontinued | ' | ||||||||||||||||||||
(Dollars in thousands) | 31-Dec-13 | 31-Dec-12 | |||||||||||||||||||
Commercial and industrial | $ | - | $ | 27 | |||||||||||||||||
Construction | - | 2,462 | |||||||||||||||||||
Commercial real estate | 9,700 | 12,062 | |||||||||||||||||||
Residential real estate | 2,192 | 3,315 | |||||||||||||||||||
Consumer and other | - | 1 | |||||||||||||||||||
Total | $ | 11,892 | $ | 17,867 | |||||||||||||||||
Credit Risk Profile By Creditworthiness | ' | ||||||||||||||||||||
Special | |||||||||||||||||||||
(Dollars in thousands) | Pass | Mention | Substandard | Doubtful | Total | ||||||||||||||||
31-Dec-13 | |||||||||||||||||||||
Commercial and industrial | $ | 15,192 | $ | 13 | $ | - | $ | - | $ | 15,205 | |||||||||||
Construction | 7,307 | - | - | - | 7,307 | ||||||||||||||||
Commercial real estate | 240,204 | 7,378 | 12,917 | 165 | 260,664 | ||||||||||||||||
Residential real estate | 104,383 | 871 | 2,738 | - | 107,992 | ||||||||||||||||
Consumer and other | 1,477 | 140 | - | - | 1,617 | ||||||||||||||||
$ | 368,563 | $ | 8,402 | $ | 15,655 | $ | 165 | $ | 392,785 | ||||||||||||
31-Dec-12 | |||||||||||||||||||||
Commercial and industrial | $ | 15,860 | $ | 269 | $ | 23 | $ | 6 | $ | 16,158 | |||||||||||
Construction | 4,542 | - | 2,462 | - | 7,004 | ||||||||||||||||
Commercial real estate | 203,106 | 4,648 | 17,256 | 335 | 225,345 | ||||||||||||||||
Residential real estate | 93,563 | 253 | 4,485 | - | 98,301 | ||||||||||||||||
Consumer and other | 1,112 | - | 143 | - | 1,255 | ||||||||||||||||
$ | 318,183 | $ | 5,170 | $ | 24,369 | $ | 341 | $ | 348,063 | ||||||||||||
Impaired Loans | ' | ||||||||||||||||||||
Unpaid | Average | Interest | |||||||||||||||||||
Recorded | Principal | Related | Recorded | Income | |||||||||||||||||
(Dollars in thousands) | Investment | Balance | Allowance | Investment | Recognized | ||||||||||||||||
31-Dec-13 | |||||||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||||
Construction | $ | - | $ | - | $ | - | $ | 596 | $ | - | |||||||||||
Commercial real estate | 7,394 | 7,967 | - | 8,030 | 67 | ||||||||||||||||
Residential real estate | 1,849 | 1,874 | - | 2,157 | 49 | ||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||
Commercial and industrial | - | - | - | 5 | - | ||||||||||||||||
Construction | - | - | - | 318 | - | ||||||||||||||||
Commercial real estate | 3,500 | 4,595 | 322 | 3,443 | 10 | ||||||||||||||||
Residential real estate | 777 | 871 | 163 | 978 | 12 | ||||||||||||||||
Total: | |||||||||||||||||||||
Commercial and industrial | - | - | - | 5 | - | ||||||||||||||||
Construction | - | - | - | 914 | - | ||||||||||||||||
Commercial real estate | 10,894 | 12,562 | 322 | 11,473 | 77 | ||||||||||||||||
Residential real estate | 2,626 | 2,745 | 163 | 3,135 | 61 | ||||||||||||||||
$ | 13,520 | $ | 15,307 | $ | 485 | $ | 15,527 | $ | 138 | ||||||||||||
Unpaid | Average | Interest | |||||||||||||||||||
Recorded | Principal | Related | Recorded | Income | |||||||||||||||||
(Dollars in thousands) | Investment | Balance | Allowance | Investment | Recognized | ||||||||||||||||
31-Dec-12 | |||||||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||||
Construction | $ | 2,420 | $ | 2,743 | $ | - | $ | 3,217 | $ | 41 | |||||||||||
Commercial real estate | 10,466 | 13,581 | - | 13,131 | 81 | ||||||||||||||||
Residential real estate | 2,675 | 2,768 | - | 2,192 | 91 | ||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||
Commercial and industrial | 27 | 27 | 27 | 177 | - | ||||||||||||||||
Construction | 42 | 42 | 42 | 66 | - | ||||||||||||||||
Commercial real estate | 2,216 | 3,135 | 230 | 5,792 | 64 | ||||||||||||||||
Residential real estate | 676 | 675 | 66 | 558 | 26 | ||||||||||||||||
Total: | |||||||||||||||||||||
Commercial and industrial | 27 | 27 | 27 | 177 | - | ||||||||||||||||
Construction | 2,462 | 2,785 | 42 | 3,283 | 41 | ||||||||||||||||
Commercial real estate | 12,682 | 16,716 | 230 | 18,923 | 145 | ||||||||||||||||
Residential real estate | 3,351 | 3,443 | 66 | 2,750 | 117 | ||||||||||||||||
$ | 18,522 | $ | 22,971 | $ | 365 | $ | 25,133 | $ | 303 | ||||||||||||
Troubled Debt Restructured On Recorded Investment | ' | ||||||||||||||||||||
(Dollars in thousands) | Commercial Real Estate | Commercial & Industrial | Residential Real Estate | Total | |||||||||||||||||
31-Dec-13 | |||||||||||||||||||||
Performing | $ | 1,195 | $ | - | $ | 433 | $ | 1,628 | |||||||||||||
Non-performing | 3,000 | - | 496 | 3,496 | |||||||||||||||||
Total | $ | 4,195 | $ | - | $ | 929 | $ | 5,124 | |||||||||||||
31-Dec-12 | |||||||||||||||||||||
Performing | $ | 603 | $ | - | $ | 5 | $ | 608 | |||||||||||||
Non-performing | 1,829 | 6 | 228 | 2,063 | |||||||||||||||||
Total | $ | 2,432 | $ | 6 | $ | 233 | $ | 2,671 | |||||||||||||
Summary Of Troubled Debt Restructured | ' | ||||||||||||||||||||
Pre-Modification | Post-Modification | ||||||||||||||||||||
Outstanding | Outstanding | ||||||||||||||||||||
Number of | Recorded | Recorded | |||||||||||||||||||
(Dollars in thousands) | Loans | Investment | Investment | ||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||
Commercial real estate | 3 | $ | 3,100 | $ | 3,100 | ||||||||||||||||
Residential real estate | 2 | 655 | 548 | ||||||||||||||||||
31-Dec-12 | |||||||||||||||||||||
Residential real estate | 2 | 233 | 233 | ||||||||||||||||||
Summary Of Troubled Debt Restructured Subsequent Default | ' | ||||||||||||||||||||
(Dollars in thousands) | Number of Loans | Recorded Investment | |||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||
Commercial real estate | 3 | $ | 1,302 | ||||||||||||||||||
Residential real estate | 1 | 269 | |||||||||||||||||||
31-Dec-12 | |||||||||||||||||||||
Residential real estate | 1 | $ | 228 | ||||||||||||||||||
Premises_And_Equipment_Tables
Premises And Equipment (Tables) | 12 Months Ended | |||||
Dec. 31, 2013 | ||||||
Premises And Equipment [Abstract] | ' | |||||
Components Of Premises And Equipment | ' | |||||
(Dollars in thousands) | 2013 | 2012 | ||||
Land and land improvements | $ | 2,080 | $ | 1,978 | ||
Building and building improvements | 6,301 | 5,907 | ||||
Leasehold improvements | 360 | 401 | ||||
Furniture, fixtures and equipment | 6,892 | 6,908 | ||||
Assets in progress | 609 | 118 | ||||
16,242 | 15,312 | |||||
Accumulated depreciation | -9,350 | -8,836 | ||||
Premises and equipment, net | $ | 6,892 | $ | 6,476 | ||
Deposits_Tables
Deposits (Tables) | 12 Months Ended | |||||
Dec. 31, 2013 | ||||||
Deposits [Abstract] | ' | |||||
Components Of Time Deposits | ' | |||||
(Dollars in thousands) | 2013 | 2012 | ||||
Demand, non-interest bearing | $ | 58,210 | $ | 48,375 | ||
Savings, money market and interest-bearing demand | 273,140 | 280,481 | ||||
Time deposits less than $100 thousand | 63,863 | 66,472 | ||||
Time deposits $100 thousand and over | 35,084 | 37,108 | ||||
Total deposits | $ | 430,297 | $ | 432,436 | ||
Schedule Of Maturities Of Time Deposits | ' | |||||
(Dollars in thousands) | ||||||
Within one year | $ | 53,270 | ||||
One to two years | 12,140 | |||||
Two to three years | 26,627 | |||||
Three to four years | 2,224 | |||||
After four years | 4,686 | |||||
$ | 98,947 | |||||
Borrowings_Tables
Borrowings (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Borrowings [Abstract] | ' | ||||||||
Schedule Of Long-Term Borrowings | ' | ||||||||
(Dollars in thousands) | |||||||||
Interest | Balance at December 31, | ||||||||
Maturity Date | Rate | 2013 | 2012 | ||||||
7-Dec-16 | 4.00% | $ | 5,000 | $ | 5,000 | ||||
21-Jun-17 | 4.60% | 6,000 | 6,000 | ||||||
7-Dec-17 | 3.97% | 5,000 | 5,000 | ||||||
26-Dec-17 | 3.66% | 5,000 | 5,000 | ||||||
26-Dec-17 | 3.79% | 5,000 | 5,000 | ||||||
1-Jan-18 | 1.98% | 5,000 | - | ||||||
17-Jul-18 | 1.65% | 5,000 | - | ||||||
19-Sep-18 | 1.83% | 5,000 | - | ||||||
$ | 41,000 | $ | 26,000 | ||||||
Schedule Of Maturities Of Debt | ' | ||||||||
(Dollars in thousands) | |||||||||
Within one year | $ | - | |||||||
One to two years | - | ||||||||
Two to three years | 5,000 | ||||||||
Three to four years | 21,000 | ||||||||
Four to five years | 15,000 | ||||||||
After five years | - | ||||||||
$ | 41,000 | ||||||||
Lease_Commitments_And_Total_Re1
Lease Commitments And Total Rental Expense (Tables) | 12 Months Ended | ||
Dec. 31, 2013 | |||
Lease Commitments And Total Rental Expense [Abstract] | ' | ||
Schedule Of Future Minimum Lease Payments | ' | ||
(Dollars in thousands) | |||
2014 | $ | 432 | |
2015 | 499 | ||
2016 | 485 | ||
2017 | 386 | ||
2018 | 303 | ||
Thereafter | 347 | ||
$ | 2,452 | ||
Other_Comprehensive_Loss_Incom1
Other Comprehensive (Loss) Income (Tables) | 12 Months Ended | |||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||
Other Comprehensive Income (Loss) [Abstract] | ' | |||||||||||||||||
Components Of Other Comprehensive (Loss) Income | ' | |||||||||||||||||
Year Ended December 31, 2013 | Year Ended December 31, 2012 | |||||||||||||||||
Before Tax | Tax Effect | Net of Tax | Before Tax | Tax Effect | Net of Tax | |||||||||||||
Other comprehensive loss: | ||||||||||||||||||
Unrealized (losses) gains on available for sale securities | $ | -3,785 | $ | -1,514 | $ | -2,271 | $ | 1,193 | $ | 477 | $ | 716 | ||||||
Reclassification adjustment for net gains on securities transactions included in net income | -393 | -157 | -236 | -1,799 | -720 | -1,079 | ||||||||||||
Total other comprehensive loss | $ | -4,178 | $ | -1,671 | $ | -2,507 | $ | -606 | $ | -243 | $ | -363 | ||||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Earnings Per Share [Abstract] | ' | |||||||
Calculation Methods Of Earnings Per Share | ' | |||||||
Income | Shares | Per Share | ||||||
(In thousands, except share and per share data) | (Numerator) | (Denominator) | Amount | |||||
Year Ended December 31, 2013: | ||||||||
Basic earnings per share: | ||||||||
Net income applicable to common shareholders | $ | 1,428 | 3,781,562 | $ | 0.38 | |||
Effect of dilutive securities: | ||||||||
Nonvested stock awards | - | 35,342 | ||||||
Diluted earnings per share: | ||||||||
Net income applicable to common shareholders and assumed conversions | $ | 1,428 | 3,816,904 | $ | 0.37 | |||
Year Ended December 31, 2012: | ||||||||
Basic earnings per share: | ||||||||
Net income applicable to common shareholders | $ | 735 | 3,261,809 | $ | 0.23 | |||
Effect of dilutive securities: | ||||||||
Nonvested stock awards | - | 25,208 | ||||||
Diluted earnings per share: | ||||||||
Net income applicable to common shareholders and assumed conversions | $ | 735 | 3,287,017 | $ | 0.22 | |||
Stock_Option_Plans_Tables
Stock Option Plans (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Stock Option Plans [Abstract] | ' | ||||||||||
Summary Of Information Regarding Restricted Stock Activity | ' | ||||||||||
2013 | 2012 | ||||||||||
Weighted | Weighted | ||||||||||
Average | Average | ||||||||||
Number of | Grant Date | Number of | Grant Date | ||||||||
Shares | Fair Value | Shares | Fair Value | ||||||||
Unvested restricted stock, beginning of year | 123,144 | $ | 4.83 | 115,729 | $ | 4.86 | |||||
Granted | 32,940 | 6.06 | 37,496 | 4.97 | |||||||
Forfeited | - | - | -2,234 | 5.27 | |||||||
Vested | -30,162 | 4.95 | -27,847 | 5.15 | |||||||
Unvested restricted stock, end of period | 125,922 | $ | 4.98 | 123,144 | $ | 4.83 | |||||
Summary Of Information Regarding Stock Option Plans | ' | ||||||||||
Weighted | |||||||||||
Average | Weighted | ||||||||||
Exercise | Average | Aggregate | |||||||||
Number of | Price per | Contractual | Intrinsic | ||||||||
Shares | Share | Term | Value | ||||||||
Outstanding, December 31, 2011 | 111,034 | $ | 12.25 | ||||||||
Options expired | -9,089 | 9.12 | |||||||||
Options forfeited | -46,194 | 12.60 | |||||||||
Outstanding, December 31, 2012 | 55,751 | 12.48 | |||||||||
Options expired | -18,933 | 8.93 | |||||||||
Options forfeited | -4,069 | 14.27 | |||||||||
Outstanding, December 31, 2013 | 32,749 | $ | 14.31 | 0.7 | - | ||||||
Exercisable, December 31, 2013 | 32,749 | $ | 14.31 | 0.7 | - | ||||||
Summary Of Stock Options Outstanding By Exercise Price | ' | ||||||||||
Weighted | |||||||||||
Exercise | Number | Average Remaining | Number | ||||||||
Price | Outstanding | Life (Years) | Exercisable | ||||||||
12.63 | 6,708 | 1.8 | 6,708 | ||||||||
13.39 | 6,361 | 1.1 | 6,361 | ||||||||
14.67 | 14,090 | 0.0 | 14,090 | ||||||||
16.45 | 5,590 | 0.8 | 5,590 | ||||||||
32,749 | 0.7 | 32,749 | |||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Income Taxes [Abstract] | ' | |||||||||||
Components Of Income Tax Expense | ' | |||||||||||
(Dollars in thousands) | 2013 | 2012 | ||||||||||
Current: | ||||||||||||
Federal | $ | -1,117 | $ | -22 | ||||||||
State | 115 | 22 | ||||||||||
-1,002 | - | |||||||||||
Deferred: | ||||||||||||
Federal | 1,000 | -375 | ||||||||||
State | 135 | 46 | ||||||||||
1,135 | -329 | |||||||||||
$ | 133 | $ | -329 | |||||||||
Schedule Of Effective Income Tax Rate Reconciliation | ' | |||||||||||
(Dollars in thousands) | 2013 | 2012 | ||||||||||
Federal income tax at statutory rate | $ | 531 | 34 | % | $ | 138 | 34 | % | ||||
Tax exempt interest | -357 | -23 | -398 | -98 | ||||||||
State income tax, net of federal income tax effect | 76 | 5 | 45 | 11 | ||||||||
Bank owned life insurance | -120 | -8 | -134 | -33 | ||||||||
Other | 3 | 0 | 20 | 5 | ||||||||
$ | 133 | 8 | % | $ | -329 | -81 | % | |||||
Components Of Net Deferred Tax Asset | ' | |||||||||||
(Dollars in thousands) | 2013 | 2012 | ||||||||||
Deferred tax assets: | ||||||||||||
Allowance for loan losses | $ | 2,165 | $ | 1,987 | ||||||||
Deferred compensation | 594 | 584 | ||||||||||
Foreclosed real estate | 299 | 565 | ||||||||||
AMT credit | - | 532 | ||||||||||
Intangible assets | 28 | 34 | ||||||||||
Restricted stock | 143 | 142 | ||||||||||
Other-than-temporary impairment | 118 | 96 | ||||||||||
Unrealized loss on securities available for sale | 1,434 | - | ||||||||||
Other | 266 | 254 | ||||||||||
Total deferred tax assets | 5,047 | 4,194 | ||||||||||
Deferred tax liabilities: | ||||||||||||
Depreciation | -804 | -260 | ||||||||||
Prepaid expenses | -161 | -151 | ||||||||||
Unrealized gain on securities, available for sale | - | -237 | ||||||||||
Total deferred tax liabilities | -965 | -648 | ||||||||||
Net deferred tax asset | $ | 4,082 | $ | 3,546 | ||||||||
Transactions_With_Executive_Of1
Transactions With Executive Officers, Directors And Principal Stockholders (Tables) | 12 Months Ended | |||||
Dec. 31, 2013 | ||||||
Transactions With Executive Officers, Directors And Principal Stockholders [Abstract] | ' | |||||
Schedule Of Related Party Loan Activity | ' | |||||
(Dollars in thousands) | 2013 | 2012 | ||||
Balance, beginning | $ | 5,325 | $ | 4,699 | ||
Disbursements | 3,362 | 1,199 | ||||
Repayments and other | -2,256 | -573 | ||||
Balance, ending | $ | 6,431 | $ | 5,325 | ||
Financial_Instruments_With_Off1
Financial Instruments With Off-Balance Sheet Risk (Tables) | 12 Months Ended | |||||
Dec. 31, 2013 | ||||||
Financial Instruments With Off-Balance Sheet Risk [Abstract] | ' | |||||
Summary Of Financial Instrument Commitments | ' | |||||
(Dollars in thousands) | 2013 | 2012 | ||||
Commitments to grant loans | $ | 24,070 | $ | 34,459 | ||
Unfunded commitments under lines of credit | 43,406 | 32,265 | ||||
Outstanding standby letters of credit | 1,466 | 1,766 | ||||
Regulatory_Matters_Tables
Regulatory Matters (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Regulatory Matters [Abstract] | ' | |||||||||||||||
Schedule Of Actual Capital Amounts | ' | |||||||||||||||
To be Well Capitalized | ||||||||||||||||
under Prompt | ||||||||||||||||
For Capital Adequacy | Corrective Action | |||||||||||||||
Actual | Purposes | Provisions | ||||||||||||||
(Dollars in thousands) | Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||
As of December 31, 2013 | ||||||||||||||||
Total capital (to risk-weighted assets): | $ | 60,659 | 15.47% | $ | >31,364 | >8.00% | $ | >39,205 | >10.00% | |||||||
Tier I capital (to risk-weighted assets): | 55,729 | 14.21 | >15,682 | >4.00 | >23,523 | >6.00 | ||||||||||
Tier I capital (to average assets): | 55,729 | 10.38 | >21,479 | >4.00 | >26,847 | >5.00 | ||||||||||
As of December 31, 2012 | ||||||||||||||||
Total capital (to risk-weighted assets): | $ | 51,672 | 14.13% | $ | >29,246 | >8.00% | $ | >36,558 | >10.00% | |||||||
Tier I capital (to risk-weighted assets): | 47,096 | 12.88 | >14,623 | >4.00 | >21,935 | >6.00 | ||||||||||
Tier I capital (to average assets): | 47,096 | 9.27 | >20,311 | >4.00 | >25,389 | >5.00 | ||||||||||
Parent_Company_Only_Financial_
Parent Company Only Financial (Tables) | 12 Months Ended | |||||
Dec. 31, 2013 | ||||||
Parent Company Only Financial [Abstract] | ' | |||||
Balance Sheets | ' | |||||
BALANCE SHEETS | ||||||
December 31, | ||||||
(Dollars in thousands) | 2013 | 2012 | ||||
Assets | ||||||
Cash | $ | 1,131 | $ | 979 | ||
Investment in subsidiary | 56,772 | 50,680 | ||||
Securities available for sale | 321 | 324 | ||||
Accrued interest and other assets | 1,437 | 1,480 | ||||
Total Assets | $ | 59,661 | $ | 53,463 | ||
Liabilities and Stockholders' Equity | ||||||
Other liabilities | $ | 349 | $ | 204 | ||
Junior subordinated debentures | 12,887 | 12,887 | ||||
Stockholders' equity | 46,425 | 40,372 | ||||
Total Liabilities and Stockholders' Equity | $ | 59,661 | $ | 53,463 | ||
Statements Of Income And Comprehensive Income | ' | |||||
STATEMENTS OF INCOME AND COMPREHENSIVE INCOME | ||||||
Year Ended December 31, | ||||||
(Dollars in thousands) | 2013 | 2012 | ||||
Interest and fees on loans | $ | - | $ | 60 | ||
Interest on investments | 11 | 11 | ||||
Net realized gain loss on sale of securities | - | 2 | ||||
Net gain on sale of foreclosed real estate | - | 3 | ||||
Interest expense on debentures | -217 | -241 | ||||
Other expenses | -269 | -232 | ||||
Loss before income tax benefit and equity in | ||||||
undistributed net income of subsidiaries | -475 | -397 | ||||
Income tax benefit | 161 | 135 | ||||
Loss before equity in undistributed net | ||||||
income of subsidiaries | -314 | -262 | ||||
Equity in undistributed net income of subsidiaries | 1,742 | 997 | ||||
Net Income | 1,428 | 735 | ||||
Other comprehensive loss: | ||||||
Unrealized losses on available for sale securities arising during the period | -2 | -2 | ||||
Reclassification adjustment for net gain on securities transactions included in net income | -2 | -2 | ||||
Income tax expense related to other comprehensive loss | -1 | -1 | ||||
Other comprehensive loss, net of income taxes | -5 | -5 | ||||
Comprehensive income | $ | 1,423 | $ | 730 | ||
Statements Of Cash Flows | ' | |||||
STATEMENTS OF CASH FLOWS | ||||||
Year Ended December 31, | ||||||
(Dollars in thousands) | 2013 | 2012 | ||||
Cash Flows from Operating Activities: | ||||||
Net Income | $ | 1,428 | $ | 735 | ||
Adjustments to reconcile net income to net cash used in operating activities: | ||||||
Net change in other assets and liabilities | 402 | -116 | ||||
Equity in undistributed net income of subsidiaries | -1,742 | -997 | ||||
Net Cash Used in Operating Activities | 88 | -378 | ||||
Cash Flows from Investing Activities: | ||||||
Securities available for sale: | ||||||
Sales | 58 | 7 | ||||
Maturities, calls and principal repayments | - | 4 | ||||
Capital contribution to subsidiaries | -6,890 | - | ||||
Net decrease in loans | - | 697 | ||||
Net Cash (Used in) Provided by Investing Activities | -6,832 | 708 | ||||
Cash Flows from Financing Activities: | ||||||
Net proceeds from issuance of common stock | 6,896 | - | ||||
Purchase of treasury stock | - | -55 | ||||
Net Cash Provided by (Used in) Financing Activities | 6,896 | -55 | ||||
Net Increase in Cash and Cash Equivalents | 152 | 275 | ||||
Cash and Cash Equivalents - Beginning of Year | 979 | 704 | ||||
Cash and Cash Equivalents - End of Year | $ | 1,131 | $ | 979 | ||
Summary_Of_Significant_Account3
Summary Of Significant Accounting Policies (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
entity | ||
Federal Home Loan Bank Stock, at cost | $2,705,000 | $1,980,000 |
Cash surrender value of BOLI | 11,900,000 | 11,500,000 |
Goodwill | 2,820,000 | 2,820,000 |
Amortizaion period of intangible asset | '7 years | ' |
Intangible asset, net | 0 | 1,000 |
Intangible asset, accumulated amortization | 120,000 | 119,000 |
Amortization of intangible assets | 1,000 | 5,000 |
Amortization of intangible assets, 2014 | 0 | ' |
Stock-based compensation expense | 236,000 | 153,000 |
Unrecognized compensation expense for non-vested restricted stock | 438,000 | 477,000 |
Number of insurance carriers | 15 | ' |
Percentage of insurance revenue using direct billing | 90.00% | ' |
Assets under management | $0 | $414,000 |
Sussex County, New Jersey [Member] | ' | ' |
Banking offices | 8 | ' |
Orange County, New York [Member] | ' | ' |
Banking offices | 1 | ' |
Summary_Of_Significant_Account4
Summary Of Significant Accounting Policies (Premises And Equipment Useful Life) (Details) | 12 Months Ended |
Dec. 31, 2013 | |
Maximum [Member] | Building And Building Improvements [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Premises and equipment, estimated useful lives | '40 years |
Maximum [Member] | Leasehold Improvements [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Premises and equipment, estimated useful lives | '10 years |
Maximum [Member] | Furniture, Fixtures And Equipment [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Premises and equipment, estimated useful lives | '10 years |
Maximum [Member] | Computer Equipment And Software [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Premises and equipment, estimated useful lives | '5 years |
Minimum [Member] | Building And Building Improvements [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Premises and equipment, estimated useful lives | '20 years |
Minimum [Member] | Leasehold Improvements [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Premises and equipment, estimated useful lives | '5 years |
Minimum [Member] | Furniture, Fixtures And Equipment [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Premises and equipment, estimated useful lives | '5 years |
Minimum [Member] | Computer Equipment And Software [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Premises and equipment, estimated useful lives | '3 years |
Segment_Information_Details
Segment Information (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | ||
Segment Reporting Information [Line Items] | ' | ' | ||
Net interest income from external sources | $16,441 | $16,167 | ||
Other income from external sources | 6,093 | 7,001 | ||
Depreciation and amortization | 669 | 682 | ||
Income (loss) before income taxes | 1,561 | 406 | ||
Income tax (benefit) expense | 133 | [1] | -329 | [1] |
Total assets | 533,911 | 514,734 | ||
Statutory tax rate | 34.00% | 34.00% | ||
Subsidiary [Member] | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ||
Statutory tax rate | 40.00% | 40.00% | ||
Banking And Financial Services [Member] | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ||
Net interest income from external sources | 16,438 | 16,167 | ||
Other income from external sources | 3,161 | 4,517 | ||
Depreciation and amortization | 656 | 672 | ||
Income (loss) before income taxes | 1,123 | 145 | ||
Income tax (benefit) expense | -42 | [1] | -433 | [1] |
Total assets | 530,925 | 511,837 | ||
Insurance Services [Member] | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ||
Net interest income from external sources | 3 | ' | ||
Other income from external sources | 2,932 | 2,484 | ||
Depreciation and amortization | 13 | 10 | ||
Income (loss) before income taxes | 438 | 261 | ||
Income tax (benefit) expense | 175 | [1] | 104 | [1] |
Total assets | $2,986 | $2,897 | ||
[1] | Calculated at statutory tax rate of 40% |
Fair_Value_Of_Assets_And_Liabi2
Fair Value Of Assets And Liabilities (Narrative) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Impaired loans, valuation allowance | $485 | $365 |
Impaired Loans [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Impaired loans, fair value | 5,483 | 6,239 |
Impaired Loans [Member] | Significant Unobservable Inputs (Level III) [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Impaired loans, fair value | $5,483 | $6,239 |
Fair_Value_Of_Assets_And_Liabi3
Fair Value Of Assets And Liabilities (Summary Of Valuation Of Financial Assets Measured On A Recurring Basis) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Securities available-for-sale | $90,676 | $118,881 |
Quoted Prices In Active Markets For Identical Assets (Level I) [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Securities available-for-sale | 484 | 431 |
Significant Other Observable Inputs (Level II) [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Securities available-for-sale | 90,192 | 118,450 |
U.S. Government Agencies [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Securities available-for-sale | 5,380 | ' |
U.S. Government Agencies [Member] | Significant Other Observable Inputs (Level II) [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Securities available-for-sale | 5,380 | ' |
State And Political Subdivisions [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Securities available-for-sale | 25,875 | 27,741 |
State And Political Subdivisions [Member] | Significant Other Observable Inputs (Level II) [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Securities available-for-sale | 25,875 | 27,741 |
U.S. Government-Sponsored Enterprises [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Securities available-for-sale | 58,937 | 90,709 |
U.S. Government-Sponsored Enterprises [Member] | Significant Other Observable Inputs (Level II) [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Securities available-for-sale | 58,937 | 90,709 |
Equity Securities-Financial Services Industry And Other [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Securities available-for-sale | 484 | 431 |
Equity Securities-Financial Services Industry And Other [Member] | Quoted Prices In Active Markets For Identical Assets (Level I) [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Securities available-for-sale | $484 | $431 |
Fair_Value_Of_Assets_And_Liabi4
Fair Value Of Assets And Liabilities (Financial Assets Measured At Fair Value On A Nonrecurring Basis) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Impaired Loans [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Financial Assets | $5,483 | $6,239 |
Impaired Loans [Member] | Significant Unobservable Inputs (Level III) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Financial Assets | 5,483 | 6,239 |
Foreclosed Real Estate [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Financial Assets | 1,008 | 3,612 |
Foreclosed Real Estate [Member] | Significant Unobservable Inputs (Level III) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Financial Assets | $1,008 | $3,612 |
Fair_Value_Of_Assets_And_Liabi5
Fair Value Of Assets And Liabilities (Qualitative Information About Level 3 Fair Value Measurements) (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | ||
Impaired Loans [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Financial Assets | $5,483 | $6,239 | ||
Unobservable Input | 'Appraisal adjustments | [1] | 'Appraisal adjustments | [1] |
Impaired Loans [Member] | Significant Unobservable Inputs (Level III) [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Financial Assets | 5,483 | 6,239 | ||
Valuation Techniques | 'Appraisal of collateral | 'Appraisal of collateral | ||
Range (Weighted Average) | -7.00% | ' | ||
Impaired Loans [Member] | Maximum [Member] | Significant Unobservable Inputs (Level III) [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Range (Weighted Average) | 0.00% | 0.00% | ||
Impaired Loans [Member] | Minimum [Member] | Significant Unobservable Inputs (Level III) [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Range (Weighted Average) | -67.90% | -57.10% | ||
Impaired Loans [Member] | Weighted Average [Member] | Significant Unobservable Inputs (Level III) [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Range (Weighted Average) | -7.80% | ' | ||
Foreclosed Real Estate [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Financial Assets | 1,008 | 3,612 | ||
Unobservable Input | 'Selling expenses | [1] | 'Selling expenses | [1] |
Foreclosed Real Estate [Member] | Significant Unobservable Inputs (Level III) [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Financial Assets | $1,008 | $3,612 | ||
Valuation Techniques | 'Appraisal of collateral | 'Appraisal of collateral | ||
Range (Weighted Average) | ' | -7.00% | ||
Foreclosed Real Estate [Member] | Weighted Average [Member] | Significant Unobservable Inputs (Level III) [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Range (Weighted Average) | -7.00% | 7.00% | ||
[1] | Appraisals may be adjusted by management for qualitative factors such as economic conditions and estimated selling expenses. The range and weighted average of selling expenses and other appraisal adjustments are presented as a percent of the appraisal. |
Fair_Value_Of_Assets_And_Liabi6
Fair Value Of Assets And Liabilities (Estimated Fair Values Of Financial Instruments) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Securities available-for-sale | $90,676 | $118,881 |
Securities held to maturity | 6,060 | 5,472 |
Parent Company [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Securities available-for-sale | 321 | 324 |
Carrying Value [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cash and cash equivalents | 13,246 | 11,668 |
Time deposits with other banks | 100 | 100 |
Securities available-for-sale | 90,676 | 118,881 |
Securities held to maturity | 6,074 | 5,221 |
Federal Home Loan Bank stock | 2,705 | 1,980 |
Loans receivable, net of allowance | 386,981 | 342,760 |
Accrued interest receivable | 1,642 | 1,741 |
Non-maturity deposits | 331,350 | 328,856 |
Time deposits | 98,947 | 103,580 |
Borrowings | 41,000 | 26,000 |
Junior subordinated debentures | 12,887 | 12,887 |
Accrued interest payable | 235 | 273 |
Fair Value [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cash and cash equivalents | 13,246 | 11,668 |
Time deposits with other banks | 100 | 100 |
Securities available-for-sale | 90,676 | 118,881 |
Securities held to maturity | 6,060 | 5,472 |
Federal Home Loan Bank stock | 2,705 | 1,980 |
Loans receivable, net of allowance | 383,269 | 353,208 |
Accrued interest receivable | 1,642 | 1,741 |
Non-maturity deposits | 331,350 | 328,856 |
Time deposits | 99,925 | 105,680 |
Borrowings | 43,149 | 29,476 |
Junior subordinated debentures | 7,710 | 6,315 |
Accrued interest payable | 235 | 273 |
Quoted Prices In Active Markets For Identical Assets (Level I) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cash and cash equivalents | 13,246 | 11,668 |
Time deposits with other banks | 100 | 100 |
Securities available-for-sale | 484 | 431 |
Non-maturity deposits | 331,350 | 328,856 |
Significant Other Observable Inputs (Level II) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Securities available-for-sale | 90,192 | 118,450 |
Securities held to maturity | 6,060 | 5,472 |
Federal Home Loan Bank stock | 2,705 | 1,980 |
Accrued interest receivable | 1,642 | 1,741 |
Time deposits | 99,925 | 105,680 |
Borrowings | 43,149 | 29,476 |
Junior subordinated debentures | 7,710 | 6,315 |
Accrued interest payable | 235 | 273 |
Significant Unobservable Inputs (Level III) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Loans receivable, net of allowance | $383,269 | $353,208 |
Securities_Narrative_Details
Securities (Narrative) (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Schedule Of Available-For-Sale And Held-To-Maturity [Line Items] | ' | ' |
Available for sale securities carrying value pledged to secure public deposits | $37,200,000 | $26,100,000 |
Gains on sales of securities available for sale | 407,000 | 1,800,000 |
Gross losses on sales of securities avaiable for sale | 14,000 | 20,000 |
Gain on available-for-sale securities called | 8,000 | ' |
Fair value of available-for-sale securities | 69,028,000 | 46,562,000 |
Unrealized loss of available-for-sale securities | 3,953,000 | 688,000 |
Fair value of held-to-maturity securities | 6,060,000 | 5,472,000 |
U.S. Government Agencies [Member] | ' | ' |
Schedule Of Available-For-Sale And Held-To-Maturity [Line Items] | ' | ' |
Number of securities with unrealized losses, available-for-sale | 2 | ' |
Fair value of available-for-sale securities | 3,246,000 | ' |
Unrealized loss of available-for-sale securities | 49,000 | ' |
State And Political Subdivisions [Member] | ' | ' |
Schedule Of Available-For-Sale And Held-To-Maturity [Line Items] | ' | ' |
Fair value of available-for-sale securities | 25,675,000 | 9,788,000 |
Unrealized loss of available-for-sale securities | 2,916,000 | 194,000 |
Fair value of held-to-maturity securities | 5,472,000 | 6,060,000 |
Unrealized loss of held-to-maturity securites | 9,000 | 92,000 |
State And Political Subdivisions [Member] | Available-for-sale Securities [Member] | ' | ' |
Schedule Of Available-For-Sale And Held-To-Maturity [Line Items] | ' | ' |
Number of securities with unrealized losses, available-for-sale | 52 | 17 |
Number of securities with unrealized losses from state and political subdivisions maturity minimum number of years | '10 years | '10 years |
Fair value of available-for-sale securities | 25,700,000 | 9,800,000 |
Unrealized loss of available-for-sale securities | 2,900,000 | 194,000 |
State And Political Subdivisions [Member] | Held-to-maturity Securities [Member] | ' | ' |
Schedule Of Available-For-Sale And Held-To-Maturity [Line Items] | ' | ' |
Number of securities with unrealized losses from state and political subdivisions maturity minimum number of years | '10 years | '10 years |
Number of securities with unrealized losses, held-to-maturity | 5 | 2 |
Fair value of held-to-maturity securities | 2,900,000 | 830,000 |
Unrealized loss of held-to-maturity securites | 92,000 | 9,000 |
U.S. Government-Sponsored Enterprises [Member] | ' | ' |
Schedule Of Available-For-Sale And Held-To-Maturity [Line Items] | ' | ' |
Number of securities with unrealized losses, available-for-sale | 32 | 22 |
Fair value of available-for-sale securities | 39,977,000 | 36,559,000 |
Unrealized loss of available-for-sale securities | 975,000 | 449,000 |
Equity Securities-Financial Services Industry And Other [Member] | ' | ' |
Schedule Of Available-For-Sale And Held-To-Maturity [Line Items] | ' | ' |
Number of securities with unrealized losses, available-for-sale | 1 | 2 |
Fair value of available-for-sale securities | 130,000 | 215,000 |
Unrealized loss of available-for-sale securities | $13,000 | $45,000 |
Securities_Amortized_Cost_And_
Securities (Amortized Cost And Approximate Fair Value Of Securities Available-For-Sale) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | $94,261 | $118,288 |
Gross Unrealized Gains | 368 | 1,281 |
Gross Unrealized Losses | -3,953 | -688 |
Fair Value | 90,676 | 118,881 |
Parent Company [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Fair Value | 321 | 324 |
U.S. Government Agencies [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 5,421 | ' |
Gross Unrealized Gains | 8 | ' |
Gross Unrealized Losses | -49 | ' |
Fair Value | 5,380 | ' |
State And Political Subdivisions [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 28,788 | 27,341 |
Gross Unrealized Gains | 3 | 594 |
Gross Unrealized Losses | -2,916 | -194 |
Fair Value | 25,875 | 27,741 |
U.S. Government-Sponsored Enterprises [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 59,640 | 90,487 |
Gross Unrealized Gains | 272 | 671 |
Gross Unrealized Losses | -975 | -449 |
Fair Value | 58,937 | 90,709 |
Equity Securities-Financial Services Industry And Other [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 412 | 460 |
Gross Unrealized Gains | 85 | 16 |
Gross Unrealized Losses | -13 | -45 |
Fair Value | $484 | $431 |
Securities_Amortized_Cost_And_1
Securities (Amortized Cost And Fair Value Of Securities By Contractual Maturity Of Available-For-Sale Securities) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Due after one year through five years, Amortized Cost | $501 | ' |
Due after five years through ten years, Amortized Cost | 2,711 | ' |
Due after ten years, Amortized Cost | 25,576 | ' |
Total bonds and obligations, Amortized Cost | 28,788 | ' |
Due after one year through five years, Fair Value | 496 | ' |
Due after five years through ten years, Fair Value | 2,599 | ' |
Due after ten years, Fair Value | 22,780 | ' |
Total bonds and obligations, Fair Value | 25,875 | ' |
Total available for sale securities, Amortized Cost | 94,261 | 118,288 |
Fair Value | 90,676 | 118,881 |
Parent Company [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Fair Value | 321 | 324 |
U.S. Government Agencies [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Total available for sale securities, Amortized Cost | 5,421 | ' |
Fair Value | 5,380 | ' |
U.S. Government-Sponsored Enterprises [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Total available for sale securities, Amortized Cost | 59,640 | 90,487 |
Fair Value | 58,937 | 90,709 |
Equity Securities-Financial Services Industry And Other [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Total available for sale securities, Amortized Cost | 412 | 460 |
Fair Value | $484 | $431 |
Securities_Temporarily_Impaire
Securities (Temporarily Impaired Gross Unrealized Losses And Fair Value Of Available-For-Sale Securities) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Less Than Twelve Months, Fair Value | $53,686 | $41,795 |
Less Than Twelve Months, Gross Unrealized Losses | -2,789 | -536 |
Twelve Months or More, Fair Value | 15,342 | 4,767 |
Twelve Months or More, Gross Unrealized Losses | -1,164 | -152 |
Total, Fair Value | 69,028 | 46,562 |
Total, Gross Unrealized Losses | -3,953 | -688 |
U.S. Government Agencies [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Less Than Twelve Months, Fair Value | 3,246 | ' |
Less Than Twelve Months, Gross Unrealized Losses | -49 | ' |
Total, Fair Value | 3,246 | ' |
Total, Gross Unrealized Losses | -49 | ' |
State And Political Subdivisions [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Less Than Twelve Months, Fair Value | 19,610 | 9,788 |
Less Than Twelve Months, Gross Unrealized Losses | -2,046 | -194 |
Twelve Months or More, Fair Value | 6,065 | ' |
Twelve Months or More, Gross Unrealized Losses | -870 | ' |
Total, Fair Value | 25,675 | 9,788 |
Total, Gross Unrealized Losses | -2,916 | -194 |
U.S. Government-Sponsored Enterprises [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Less Than Twelve Months, Fair Value | 30,830 | 31,901 |
Less Than Twelve Months, Gross Unrealized Losses | -694 | -305 |
Twelve Months or More, Fair Value | 9,147 | 4,658 |
Twelve Months or More, Gross Unrealized Losses | -281 | -144 |
Total, Fair Value | 39,977 | 36,559 |
Total, Gross Unrealized Losses | -975 | -449 |
Equity Securities-Financial Services Industry And Other [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Less Than Twelve Months, Fair Value | ' | 106 |
Less Than Twelve Months, Gross Unrealized Losses | ' | -37 |
Twelve Months or More, Fair Value | 130 | 109 |
Twelve Months or More, Gross Unrealized Losses | -13 | -8 |
Total, Fair Value | 130 | 215 |
Total, Gross Unrealized Losses | ($13) | ($45) |
Securities_Amortized_Cost_And_2
Securities (Amortized Cost And Approximate Fair Value Of Securities Held-To-Maturity) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Amortized Cost | $6,074 | ' |
Total held to maturity securities, Fair Value | 6,060 | 5,472 |
State And Political Subdivisions [Member] | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Amortized Cost | 5,221 | 6,074 |
Gross Unrealized Gains | 260 | 78 |
Gross Unrealized Losses | -9 | -92 |
Total held to maturity securities, Fair Value | $5,472 | $6,060 |
Securities_Amortized_Cost_And_3
Securities (Amortized Cost And Fair Value Of Securities By Contractual Maturity Of Held-To-Maturity Securities) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Securities [Abstract] | ' | ' |
Due in one year or less, Amortized Cost | $2,122 | ' |
Due after five years through ten years, Amortized Cost | 1,284 | ' |
Due after ten years, Amortized Cost | 2,668 | ' |
Total held to maturity securities, Amortized Cost | 6,074 | ' |
Due in one year or less, Fair Value | 2,122 | ' |
Due after five years through ten years, Fair Value | 1,265 | ' |
Due after ten years, Fair Value | 2,673 | ' |
Total held to maturity securities, Fair Value | $6,060 | $5,472 |
Securities_Temporarily_Impaire1
Securities (Temporarily Impaired Gross Unrealized Losses And Fair Value Of Held-To-Maturity Securities) (Details) (State And Political Subdivisions [Member], USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
State And Political Subdivisions [Member] | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Less Than Twelve Months, Fair Value | $2,080 | $830 |
Less Than Twelve Months, Gross Unrealized Losses | -45 | -9 |
Twelve Months or More, Fair Value | 780 | ' |
Twelve Months or More, Gross Unrealized Losses | -47 | ' |
Total, Fair Value | 2,860 | 830 |
Total, Gross Unrealized Losses | ($92) | ($9) |
Loans_Narrative_Details
Loans (Narrative) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Loans [Abstract] | ' | ' |
Mortgage loans serviced for the benefit of others | $546 | $695 |
Loans_Composition_Of_Net_Loans
Loans (Composition Of Net Loans Receivable) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Loans receivable, gross | $392,785 | $348,063 |
Unearned net loan origination fees | -383 | -327 |
Allowance for loan losses | -5,421 | -4,976 |
Net loans receivable | 386,981 | 342,760 |
Commercial And Industrial [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Loans receivable, gross | 15,205 | 16,158 |
Construction [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Loans receivable, gross | 7,307 | 7,004 |
Commercial Real Estate [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Loans receivable, gross | 260,664 | 225,345 |
Residential Real Estate [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Loans receivable, gross | 107,992 | 98,301 |
Consumer And Other [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Loans receivable, gross | $1,617 | $1,255 |
Allowance_For_Loan_Losses_And_2
Allowance For Loan Losses And Credit Quality Of Financing Receivables (Narrative) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Allowance For Loan Losses And Credit Quality Of Financing Receivables [Abstract] | ' | ' |
Net allocation of the allowance for credit losses | $51 | $5 |
Troubled debt restructuring, charge-offs | $0 | $0 |
Allowance_For_Loan_Losses_And_3
Allowance For Loan Losses And Credit Quality Of Financing Receivables (Changes In The Allowance For Loan Losses) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Beginning balance | $4,976 | $7,210 |
Charge-offs | -2,996 | -6,671 |
Recoveries | 696 | 107 |
Provision | 2,745 | 4,330 |
Ending balance | 5,421 | 4,976 |
Commercial And Industrial [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Beginning balance | 271 | 304 |
Charge-offs | -55 | -169 |
Recoveries | ' | 2 |
Provision | 6 | 134 |
Ending balance | 222 | 271 |
Construction [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Beginning balance | 223 | 294 |
Charge-offs | -350 | -1,538 |
Recoveries | 122 | ' |
Provision | 313 | 1,467 |
Ending balance | 308 | 223 |
Commercial Real Estate [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Beginning balance | 3,395 | 4,833 |
Charge-offs | -2,317 | -3,904 |
Recoveries | 450 | 78 |
Provision | 1,871 | 2,388 |
Ending balance | 3,399 | 3,395 |
Residential Real Estate [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Beginning balance | 869 | 987 |
Charge-offs | -246 | -998 |
Recoveries | 112 | ' |
Provision | 206 | 880 |
Ending balance | 941 | 869 |
Consumer And Other [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Beginning balance | 38 | 9 |
Charge-offs | -28 | -62 |
Recoveries | 12 | 27 |
Provision | -6 | 64 |
Ending balance | 16 | 38 |
Unallocated Loans [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Beginning balance | 180 | 783 |
Provision | 355 | -603 |
Ending balance | $535 | $180 |
Allowance_For_Loan_Losses_And_4
Allowance For Loan Losses And Credit Quality Of Financing Receivables (Allowances Of Loan Losses And Loans Receivable By Class Disaggregated) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Balance, Allowance for Loan Losses | $5,421 | $4,976 | $7,210 |
Allowance for Loan Losses, Balance Related to Loans Individually Evaluated for Impairment | 485 | 365 | ' |
Allowance for Loan Losses, Balance Related to Loans Collectively Evaluated for Impairment | 4,401 | 4,431 | ' |
Balance, Loans Receivable | 392,785 | 348,063 | ' |
Loans Receivable, Individually Evaluated for Impairment | 13,520 | 18,522 | ' |
Loans Receivable, Collectively Evaluated for Impairment | 379,265 | 329,541 | ' |
Commercial And Industrial [Member] | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Balance, Allowance for Loan Losses | 222 | 271 | 304 |
Allowance for Loan Losses, Balance Related to Loans Individually Evaluated for Impairment | ' | 27 | ' |
Allowance for Loan Losses, Balance Related to Loans Collectively Evaluated for Impairment | 222 | 244 | ' |
Balance, Loans Receivable | 15,205 | 16,158 | ' |
Loans Receivable, Individually Evaluated for Impairment | ' | 27 | ' |
Loans Receivable, Collectively Evaluated for Impairment | 15,205 | 16,131 | ' |
Construction [Member] | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Balance, Allowance for Loan Losses | 308 | 223 | 294 |
Allowance for Loan Losses, Balance Related to Loans Individually Evaluated for Impairment | ' | 42 | ' |
Allowance for Loan Losses, Balance Related to Loans Collectively Evaluated for Impairment | 308 | 181 | ' |
Balance, Loans Receivable | 7,307 | 7,004 | ' |
Loans Receivable, Individually Evaluated for Impairment | ' | 2,462 | ' |
Loans Receivable, Collectively Evaluated for Impairment | 7,307 | 4,542 | ' |
Commercial Real Estate [Member] | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Balance, Allowance for Loan Losses | 3,399 | 3,395 | 4,833 |
Allowance for Loan Losses, Balance Related to Loans Individually Evaluated for Impairment | 322 | 230 | ' |
Allowance for Loan Losses, Balance Related to Loans Collectively Evaluated for Impairment | 3,077 | 3,165 | ' |
Balance, Loans Receivable | 260,664 | 225,345 | ' |
Loans Receivable, Individually Evaluated for Impairment | 10,894 | 12,682 | ' |
Loans Receivable, Collectively Evaluated for Impairment | 249,770 | 212,663 | ' |
Residential Real Estate [Member] | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Balance, Allowance for Loan Losses | 941 | 869 | 987 |
Allowance for Loan Losses, Balance Related to Loans Individually Evaluated for Impairment | 163 | 66 | ' |
Allowance for Loan Losses, Balance Related to Loans Collectively Evaluated for Impairment | 778 | 803 | ' |
Balance, Loans Receivable | 107,992 | 98,301 | ' |
Loans Receivable, Individually Evaluated for Impairment | 2,626 | 3,351 | ' |
Loans Receivable, Collectively Evaluated for Impairment | 105,366 | 94,950 | ' |
Consumer And Other [Member] | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Balance, Allowance for Loan Losses | 16 | 38 | 9 |
Allowance for Loan Losses, Balance Related to Loans Collectively Evaluated for Impairment | 16 | 38 | ' |
Balance, Loans Receivable | 1,617 | 1,255 | ' |
Loans Receivable, Collectively Evaluated for Impairment | 1,617 | 1,255 | ' |
Unallocated Loans [Member] | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Balance, Allowance for Loan Losses | $535 | $180 | $783 |
Allowance_For_Loan_Losses_And_5
Allowance For Loan Losses And Credit Quality Of Financing Receivables (An Age Analysis Of Loans Receivable) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Loans receivable 30-59 days past due | $2,654 | $1,322 |
Loans receivable 60-89 days past due | 1,023 | 1,433 |
Loans receivable greater than 90 days past due | 12,015 | 18,075 |
Total past due | 15,692 | 20,830 |
Loans receivable current | 377,093 | 327,233 |
Total financing receivables | 392,785 | 348,063 |
Recorded investment greater that 90 days and accruing | 123 | 208 |
Commercial And Industrial [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Loans receivable 30-59 days past due | 13 | ' |
Loans receivable greater than 90 days past due | ' | 27 |
Total past due | 13 | 27 |
Loans receivable current | 15,192 | 16,131 |
Total financing receivables | 15,205 | 16,158 |
Construction [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Loans receivable greater than 90 days past due | ' | 2,462 |
Total past due | ' | 2,462 |
Loans receivable current | 7,307 | 4,542 |
Total financing receivables | 7,307 | 7,004 |
Commercial Real Estate [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Loans receivable 30-59 days past due | 2,139 | 1,103 |
Loans receivable 60-89 days past due | 775 | 1,303 |
Loans receivable greater than 90 days past due | 9,823 | 12,127 |
Total past due | 12,737 | 14,533 |
Loans receivable current | 247,927 | 210,812 |
Total financing receivables | 260,664 | 225,345 |
Recorded investment greater that 90 days and accruing | 123 | 65 |
Residential Real Estate [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Loans receivable 30-59 days past due | 495 | 207 |
Loans receivable 60-89 days past due | 247 | 127 |
Loans receivable greater than 90 days past due | 2,192 | 3,315 |
Total past due | 2,934 | 3,649 |
Loans receivable current | 105,058 | 94,652 |
Total financing receivables | 107,992 | 98,301 |
Consumer And Other [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Loans receivable 30-59 days past due | 7 | 12 |
Loans receivable 60-89 days past due | 1 | 3 |
Loans receivable greater than 90 days past due | ' | 144 |
Total past due | 8 | 159 |
Loans receivable current | 1,609 | 1,096 |
Total financing receivables | 1,617 | 1,255 |
Recorded investment greater that 90 days and accruing | ' | $143 |
Allowance_For_Loan_Losses_And_6
Allowance For Loan Losses And Credit Quality Of Financing Receivables (Loans Which The Accrual Of Interest Has Been Discontinued) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total | $11,892 | $17,867 |
Commercial And Industrial [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total | ' | 27 |
Construction [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total | ' | 2,462 |
Commercial Real Estate [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total | 9,700 | 12,062 |
Residential Real Estate [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total | 2,192 | 3,315 |
Consumer And Other [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total | ' | $1 |
Allowance_For_Loan_Losses_And_7
Allowance For Loan Losses And Credit Quality Of Financing Receivables (Credit Risk Profile By Creditworthiness) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans receivable | $392,785 | $348,063 |
Commercial And Industrial [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans receivable | 15,205 | 16,158 |
Construction [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans receivable | 7,307 | 7,004 |
Commercial Real Estate [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans receivable | 260,664 | 225,345 |
Residential Real Estate [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans receivable | 107,992 | 98,301 |
Consumer And Other [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans receivable | 1,617 | 1,255 |
Pass [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans receivable | 368,563 | 318,183 |
Pass [Member] | Commercial And Industrial [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans receivable | 15,192 | 15,860 |
Pass [Member] | Construction [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans receivable | 7,307 | 4,542 |
Pass [Member] | Commercial Real Estate [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans receivable | 240,204 | 203,106 |
Pass [Member] | Residential Real Estate [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans receivable | 104,383 | 93,563 |
Pass [Member] | Consumer And Other [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans receivable | 1,477 | 1,112 |
Special Mention [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans receivable | 8,402 | 5,170 |
Special Mention [Member] | Commercial And Industrial [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans receivable | 13 | 269 |
Special Mention [Member] | Commercial Real Estate [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans receivable | 7,378 | 4,648 |
Special Mention [Member] | Residential Real Estate [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans receivable | 871 | 253 |
Special Mention [Member] | Consumer And Other [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans receivable | 140 | ' |
Substandard [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans receivable | 15,655 | 24,369 |
Substandard [Member] | Commercial And Industrial [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans receivable | ' | 23 |
Substandard [Member] | Construction [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans receivable | ' | 2,462 |
Substandard [Member] | Commercial Real Estate [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans receivable | 12,917 | 17,256 |
Substandard [Member] | Residential Real Estate [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans receivable | 2,738 | 4,485 |
Substandard [Member] | Consumer And Other [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans receivable | ' | 143 |
Doubtful [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans receivable | 165 | 341 |
Doubtful [Member] | Commercial And Industrial [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans receivable | ' | 6 |
Doubtful [Member] | Commercial Real Estate [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans receivable | $165 | $335 |
Allowance_For_Loan_Losses_And_8
Allowance For Loan Losses And Credit Quality Of Financing Receivables (Impaired Loans) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Financing Receivable, Impaired [Line Items] | ' | ' |
Recorded Investment, With an allowance recorded | $5,500 | $6,200 |
Recorded Investment, Total | 13,520 | 18,522 |
Unpaid Principal Balance, Total | 15,307 | 22,971 |
Related Allowance | 485 | 365 |
Average Recorded Investment, Total | 15,527 | 25,133 |
Interest Income Recognized, Total | 138 | 303 |
Commercial And Industrial [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Recorded Investment, With an allowance recorded | ' | 27 |
Recorded Investment, Total | ' | 27 |
Unpaid Principal Balance, With an allowance recorded | ' | 27 |
Unpaid Principal Balance, Total | ' | 27 |
Related Allowance | ' | 27 |
Average Recorded Investment, With an allowance recorded | 5 | 177 |
Average Recorded Investment, Total | 5 | 177 |
Construction [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Recorded Investment, With no related allowance | ' | 2,420 |
Recorded Investment, With an allowance recorded | ' | 42 |
Recorded Investment, Total | ' | 2,462 |
Unpaid Principal Balance, With no related allowance | ' | 2,743 |
Unpaid Principal Balance, With an allowance recorded | ' | 42 |
Unpaid Principal Balance, Total | ' | 2,785 |
Related Allowance | ' | 42 |
Average Recorded Investment, With no recorded allowance | 596 | 3,217 |
Average Recorded Investment, With an allowance recorded | 318 | 66 |
Average Recorded Investment, Total | 914 | 3,283 |
Interest Income Recognized, With no recorded allowance | ' | 41 |
Interest Income Recognized, Total | ' | 41 |
Commercial Real Estate [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Recorded Investment, With no related allowance | 7,394 | 10,466 |
Recorded Investment, With an allowance recorded | 3,500 | 2,216 |
Recorded Investment, Total | 10,894 | 12,682 |
Unpaid Principal Balance, With no related allowance | 7,967 | 13,581 |
Unpaid Principal Balance, With an allowance recorded | 4,595 | 3,135 |
Unpaid Principal Balance, Total | 12,562 | 16,716 |
Related Allowance | 322 | 230 |
Average Recorded Investment, With no recorded allowance | 8,030 | 13,131 |
Average Recorded Investment, With an allowance recorded | 3,443 | 5,792 |
Average Recorded Investment, Total | 11,473 | 18,923 |
Interest Income Recognized, With no recorded allowance | 67 | 81 |
Interest Income Recognized, With an allowance recorded | 10 | 64 |
Interest Income Recognized, Total | 77 | 145 |
Residential Real Estate [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Recorded Investment, With no related allowance | 1,849 | 2,675 |
Recorded Investment, With an allowance recorded | 777 | 676 |
Recorded Investment, Total | 2,626 | 3,351 |
Unpaid Principal Balance, With no related allowance | 1,874 | 2,768 |
Unpaid Principal Balance, With an allowance recorded | 871 | 675 |
Unpaid Principal Balance, Total | 2,745 | 3,443 |
Related Allowance | 163 | 66 |
Average Recorded Investment, With no recorded allowance | 2,157 | 2,192 |
Average Recorded Investment, With an allowance recorded | 978 | 558 |
Average Recorded Investment, Total | 3,135 | 2,750 |
Interest Income Recognized, With no recorded allowance | 49 | 91 |
Interest Income Recognized, With an allowance recorded | 12 | 26 |
Interest Income Recognized, Total | $61 | $117 |
Allowance_For_Loan_Losses_And_9
Allowance For Loan Losses And Credit Quality Of Financing Receivables (Troubled Debt Restructured On Recorded Investment) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Modifications [Line Items] | ' | ' |
Total | $5,124 | $2,671 |
Commercial Real Estate [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Total | 4,195 | 2,432 |
Commercial And Industrial [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Total | ' | 6 |
Residential Real Estate [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Total | 929 | 233 |
Performing [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Total | 1,628 | 608 |
Performing [Member] | Commercial Real Estate [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Total | 1,195 | 603 |
Performing [Member] | Residential Real Estate [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Total | 433 | 5 |
Non-performing [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Total | 3,496 | 2,063 |
Non-performing [Member] | Commercial Real Estate [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Total | 3,000 | 1,829 |
Non-performing [Member] | Commercial And Industrial [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Total | ' | 6 |
Non-performing [Member] | Residential Real Estate [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Total | $496 | $228 |
Recovered_Sheet1
Allowance For Loan Losses And Credit Quality Of Financing Receivables (Summary Of Troubled Debt Restructuring) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
contract | contract | |
Commercial Real Estate [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Number of loans modified by troubled debt restructuring | 3 | ' |
Pre-modification outstanding recorded investment | $3,100 | ' |
Post-Modification Outstanding Recorded Investment | 3,100 | ' |
Residential Real Estate [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Number of loans modified by troubled debt restructuring | 2 | 2 |
Pre-modification outstanding recorded investment | 655 | 233 |
Post-Modification Outstanding Recorded Investment | $548 | $233 |
Recovered_Sheet2
Allowance For Loan Losses And Credit Quality Of Financing Receivables (Summary Of Troubled Debt Restructuring Subsequent Default) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
contract | contract | |
Residential Real Estate [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Number of loans with subsequent default | 1 | ' |
Recorded investment of loans with subsequent default | $269 | ' |
Commercial Real Estate [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Number of loans with subsequent default | 3 | 1 |
Recorded investment of loans with subsequent default | $1,302 | $228 |
Premises_And_Equipment_Narrati
Premises And Equipment (Narrative) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Premises And Equipment [Abstract] | ' | ' |
Depreciation expense | $668 | $677 |
Premises_And_Equipment_Compone
Premises And Equipment (Components Of Premises And Equipment) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ' | ' |
Premises and equipment | $16,242 | $15,312 |
Accumulated depreciation | -9,350 | -8,836 |
Premises and equipment, net | 6,892 | 6,476 |
Land And Land Improvements [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Premises and equipment | 2,080 | 1,978 |
Building And Building Improvements [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Premises and equipment | 6,301 | 5,907 |
Leasehold Improvements [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Premises and equipment | 360 | 401 |
Furniture, Fixtures And Equipment [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Premises and equipment | 6,892 | 6,908 |
Assets In Progress [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Premises and equipment | $609 | $118 |
Deposits_Components_Of_Time_De
Deposits (Components Of Time Deposits) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Deposits [Abstract] | ' | ' |
Demand, non-interest bearing | $58,210 | $48,375 |
Savings, money market and interest-bearing demand | 273,140 | 280,481 |
Time deposits less than $100 thousand | 63,863 | 66,472 |
Time deposits $100 thousand and over | 35,084 | 37,108 |
Total Deposits | $430,297 | $432,436 |
Deposits_Schedule_Of_Maturitie
Deposits (Schedule Of Maturities Of Time Deposits) (Details) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Deposits [Abstract] | ' |
Within one year | $53,270 |
One to two years | 12,140 |
Two to three years | 26,627 |
Three to four years | 2,224 |
After four years | 4,686 |
Total time deposits | $98,947 |
Borrowings_Narrative_Details
Borrowings (Narrative) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Debt Instrument [Line Items] | ' | ' |
Secured borrowing potential with FHLBNY | $53,900,000 | ' |
Line of credit, maximum borrowing capacity | 7,000,000 | ' |
Pledged assets | 62,500,000 | ' |
Ability to borrow from FHLBNY | 12,900,000 | ' |
Line of credit facility, current borrowing capacity | 7,000,000 | ' |
Long-term borrowings | 41,000,000 | 26,000,000 |
Convertible Debt [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term borrowings | $11,000,000 | ' |
Borrowings_Schedule_Of_LongTer
Borrowings (Schedule Of Long-Term Borrowings) (Details) (USD $) | 0 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Jun. 28, 2007 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
4.00% Borrowings Due December 7, 2016 [Member] | 4.00% Borrowings Due December 7, 2016 [Member] | 4.60% Borrowings Due June 21, 2017 [Member] | 4.60% Borrowings Due June 21, 2017 [Member] | 3.97% Borrowings Due December 7, 2017 [Member] | 3.97% Borrowings Due December 7, 2017 [Member] | 3.66% Borrowings Due December 26, 2017 [Member] | 3.66% Borrowings Due December 26, 2017 [Member] | 3.79% Borrowings Due December 26, 2017 [Member] | 3.79% Borrowings Due December 26, 2017 [Member] | 1.98% Borrowings Due January 1, 2018 [Member] | 1.65% Borrowings Due July 17, 2018 [Member] | 1.83% Borrowings Due September 19, 2018 [Member] | ||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maturity Date | 15-Sep-37 | ' | ' | 7-Dec-16 | ' | 21-Jun-17 | ' | 7-Dec-17 | ' | 26-Dec-17 | ' | 26-Dec-17 | ' | 1-Jan-18 | 17-Jul-18 | 19-Sep-18 |
Interest Rate | ' | ' | ' | 4.00% | ' | 4.60% | ' | 3.97% | ' | 3.66% | ' | 3.79% | ' | 1.98% | 1.65% | 1.83% |
Long-term borrowings | ' | $41,000 | $26,000 | $5,000 | $5,000 | $6,000 | $6,000 | $5,000 | $5,000 | $5,000 | $5,000 | $5,000 | $5,000 | $5,000 | $5,000 | $5,000 |
Borrowings_Schedule_Of_Maturit
Borrowings (Schedule Of Maturities Of Debt) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Borrowings [Abstract] | ' | ' |
Two to three years | $5,000 | ' |
Three to four years | 21,000 | ' |
Four to five years | 15,000 | ' |
Long-term Debt, Total | $41,000 | $26,000 |
Junior_Subordinated_Debentures1
Junior Subordinated Debentures And Mandatory Redeemable Capital Debentures (Details) (USD $) | 0 Months Ended | 12 Months Ended | |
Jun. 28, 2007 | Dec. 31, 2013 | Dec. 31, 2012 | |
Junior Subordinated Debentures And Mandatory Redeemable Capital Debentures [Abstract] | ' | ' | ' |
Amount of securities issued to investors | $12,500,000 | ' | ' |
Basis of variable rate | ' | 'three month LIBOR | ' |
Variable rate addition | ' | 1.44% | ' |
Variable interest rate during the period | ' | 1.68% | 1.75% |
Variable rate junior subordinated debentures | $12,900,000 | ' | ' |
Maturity date | 15-Sep-37 | ' | ' |
Lease_Commitments_And_Total_Re2
Lease Commitments And Total Rental Expense (Narrative) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Lease Commitments And Total Rental Expense [Abstract] | ' | ' |
Rent expense | $469 | $541 |
Lease_Commitments_And_Total_Re3
Lease Commitments And Total Rental Expense (Schedule Of Future Minimum Lease Payments) (Details) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Lease Commitments And Total Rental Expense [Abstract] | ' |
2014 | $432 |
2015 | 499 |
2016 | 485 |
2017 | 386 |
2018 | 303 |
Thereafter | 347 |
Future minimum lease payments | $2,452 |
Employee_Benefit_Plans_Details
Employee Benefit Plans (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
401 K Plan [Member] | ' | ' |
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | ' | ' |
Maximum annual salary contribution for non-highly compensated employees | 75.00% | ' |
Maximum annual salary contribution for highly compensated employees | 7.00% | ' |
Employer's percentage match of employee's match percentage | 50.00% | ' |
Percentage of employee's annualy salary that is matched by the employer | 6.00% | ' |
Amount charged to expense under 401(k) plan | $125 | $126 |
Supplemental Plans [Member] | ' | ' |
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | ' | ' |
Salary Continuation Plan charged to expense | 66 | 82 |
Carrying value of deferred compensation | 936 | 1,000 |
Incentive Plan [Member] | ' | ' |
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | ' | ' |
Carrying value of deferred compensation | 131 | 97 |
DCA [Member] | ' | ' |
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | ' | ' |
Carrying value of deferred compensation | 551 | 315 |
Period over which benefits will be paid | '10 years | ' |
SERP [Member] | ' | ' |
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | ' | ' |
Carrying value of deferred compensation | $102 | $50 |
Period over which benefits will be paid | ' | '5 years |
Other_Comprehensive_Loss_Incom2
Other Comprehensive (Loss) Income (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Other Comprehensive Income (Loss) [Abstract] | ' | ' |
Unrealized (losses) gains on available for sale securities arising during the period | ($3,785) | $1,193 |
Reclassification adjustment for net gains on securities transactions included in net income, Before Tax | -393 | -1,799 |
Total other comprehensive loss, Before Tax | -4,178 | -606 |
Unrealized (losses) gains on available for sale securities, Tax Effect | -1,514 | 477 |
Reclassification adjustment for net gains on securities transactions included in net income, Tax Effect | -157 | -720 |
Total other comprehensive loss, Tax Effect | -1,671 | -243 |
Unrealized (losses) gains on available for sale securities, Net of Tax | -2,271 | 716 |
Reclassification adjustment for net gains on securities transactions included in net income, Net of Tax | -236 | -1,079 |
Other comprehensive loss, net of income taxes | -2,507 | -363 |
Net gain on securities transactions | $393 | $1,799 |
Earnings_Per_Share_Details
Earnings Per Share (Details) (USD $) | 12 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Earnings Per Share [Abstract] | ' | ' |
Net income applicable to common shareholders (Numerator) | $1,428 | $735 |
Net income applicable to common shareholders and assumed conversions (Numerator) | $1,428 | $735 |
Basic, Shares (Denominator) | 3,781,562 | 3,261,809 |
Non-vested stock awards, Shares (Denominator) | 35,342 | 25,208 |
Diluted, Shares (Denominator) | 3,816,904 | 3,287,017 |
Basic, Per Share Amount | $0.38 | $0.23 |
Diluted, Per Share Amount | $0.37 | $0.22 |
Shares of common stock outstanding not included in the computation of diluted EPS | 39,649 | 63,551 |
Stock_Option_Plans_Narrative_D
Stock Option Plans (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Share available for future grants | 4,144 | ' | ' |
Restricted stock awards expense | $236 | $153 | ' |
Unrecognized compensation expense for non-vested restricted stock | 438 | 477 | ' |
Unrecognized compensation expense for non-vested restricted stock, period for recognition | '2 years 3 months 18 days | '3 years | ' |
Stock option grants, maximum term, in years | '10 years | ' | ' |
Options outstanding | 32,749 | 55,751 | 111,034 |
Options exercised | 0 | ' | ' |
Options exercisable, intrinsic value | $0 | ' | ' |
1995 Stock Option Plan [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Share available for future grants | 0 | ' | ' |
Stock plan, expiration period | '10 years | ' | ' |
Options outstanding | 10,001 | ' | ' |
2001 Stock Option Plan [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Share available for future grants | 0 | ' | ' |
Stock plan, expiration period | '10 years | ' | ' |
Options outstanding | 22,748 | ' | ' |
2004 Stock Option Plan [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Share available for future grants | 300,000 | ' | ' |
Options outstanding | 0 | ' | ' |
Stock_Option_Plans_Summary_Of_
Stock Option Plans (Summary Of Information Regarding Restricted Stock Activity) (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Stock Option Plans [Abstract] | ' | ' |
Restricted stock, beginning of year, Number of Shares | 123,144 | 115,729 |
Restricted stock, beginning of year, Weighted Average Grant Date Fair value | $4.83 | $4.86 |
Granted, Number of Shares | 32,940 | 37,496 |
Granted, Weighted Average Grant Date Fair value | $6.06 | $4.97 |
Forfeited, Number of Shares | ' | -2,234 |
Forfeited, Weighted Average Grant Date Fair value | ' | $5.27 |
Vested, Number of Shares | -30,162 | -27,847 |
Vested, Weighted Average Grant Date Fair value | $4.95 | $5.15 |
Restricted stock, end of period, Number of Shares | 125,922 | 123,144 |
Restricted stock, end of period, Weighted Average Grant Date Fair value | $4.98 | $4.83 |
Stock_Option_Plans_Summary_Of_1
Stock Option Plans (Summary Of Information Regarding Stock Option Plans) (Details) (USD $) | 12 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Stock Option Plans [Abstract] | ' | ' |
Number of Shares, Outstanding, beginning of year | 55,751 | 111,034 |
Number of Shares, Options expired | -18,933 | -9,089 |
Number of Shares, Options forfeited | -4,069 | -46,194 |
Number of Shares, Outstanding, end of period | 32,749 | 55,751 |
Number of Shares, Exercisable, end of period | 32,749 | ' |
Weighted Average Exercise Price per Share, Outstanding, beginning of year | $12.48 | $12.25 |
Weighted Average Exercise Price per Share, Options expired | $8.93 | $9.12 |
Weighted Average Exercise Price per Share, Options forfeited | $14.27 | $12.60 |
Weighted Average Exercise Price per Share, Outstanding, end of period | $14.31 | $12.48 |
Weighted Average Exercise Price per Share, Exercisable, end of period | $14.31 | ' |
Weighted Average Contractual Term, Outstanding, end of period | '8 months 12 days | ' |
Weighted Average Contractual Term, Exercisable, end of period | '8 months 12 days | ' |
Aggregate Intrinsic Value, Outstanding, end of period | ' | ' |
Aggregate Intrinsic Value, Exercisable, end of period | $0 | ' |
Stock_Option_Plans_Summary_Of_2
Stock Option Plans (Summary Of Stock Options Outstanding By Exercise Price) (Details) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Number Outstanding | 32,749 |
Remaining Contractual Life | '8 months 12 days |
Number Exercisable | 32,749 |
Exercise Price $12.63 [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Exercise Price | 12.63 |
Number Outstanding | 6,708 |
Remaining Contractual Life | '1 year 9 months 18 days |
Number Exercisable | 6,708 |
Exercise Price $13.39 [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Exercise Price | 13.39 |
Number Outstanding | 6,361 |
Remaining Contractual Life | '1 year 1 month 6 days |
Number Exercisable | 6,361 |
Exercise Price $14.67 [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Exercise Price | 14.67 |
Number Outstanding | 14,090 |
Remaining Contractual Life | '0 years |
Number Exercisable | 14,090 |
Exercise Price $16.45 [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Exercise Price | 16.45 |
Number Outstanding | 5,590 |
Remaining Contractual Life | '9 months 18 days |
Number Exercisable | 5,590 |
Income_Taxes_Components_Of_Inc
Income Taxes (Components Of Income Tax Expense) (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | ||
Income Taxes [Abstract] | ' | ' | ||
Current, Federal | ($1,117) | ($22) | ||
Current, State | 115 | 22 | ||
Current income tax expense | -1,002 | ' | ||
Deferred, Federal | 1,000 | -375 | ||
Deferred, State | 135 | 46 | ||
Deferred income tax expense | 1,135 | -329 | ||
Income Tax Expense (Benefit), Total | $133 | [1] | ($329) | [1] |
[1] | Calculated at statutory tax rate of 40% |
Income_Taxes_Schedule_Of_Effec
Income Taxes (Schedule Of Effective Income Tax Rate Reconciliation) (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | ||
Income Taxes [Abstract] | ' | ' | ||
Federal income tax at statutory rate | $531 | $138 | ||
Tax exempt interest | -357 | -398 | ||
State income tax, net of federal income tax effect | 76 | 45 | ||
Bank owned life insurance | -120 | -134 | ||
Other | 3 | 20 | ||
Income Tax Expense (Benefit), Total | $133 | [1] | ($329) | [1] |
Federal income tax at statutory rate, percent | 34.00% | 34.00% | ||
Tax exempt interest, percent | -23.00% | -98.00% | ||
State income tax, net of federal income tax effect, percent | 5.00% | 11.00% | ||
Bank owned life insurance, percent | -8.00% | -33.00% | ||
Other, percent | 0.00% | 5.00% | ||
Effective income tax rate | 8.00% | -81.00% | ||
[1] | Calculated at statutory tax rate of 40% |
Income_Taxes_Components_Of_Net
Income Taxes (Components Of Net Deferred Tax Asset) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Income Taxes [Abstract] | ' | ' |
Allowance for loan losses | $2,165 | $1,987 |
Deferred compensation | 594 | 584 |
Foreclosed real estate | 299 | 565 |
AMT credit | ' | 532 |
Intangible assets | 28 | 34 |
Restricted stock | 143 | 142 |
OTTI impairment | 118 | 96 |
Unrealized loss on securities available for sale | 1,434 | ' |
Other | 266 | 254 |
Total deferred tax assets | 5,047 | 4,194 |
Depreciation | -804 | -260 |
Prepaid Expenses | -161 | -151 |
Unrealized gain on securities, available for sale | ' | -237 |
Total deferred tax liabilities | -965 | -648 |
Net deferred tax asset | $4,082 | $3,546 |
Transactions_With_Executive_Of2
Transactions With Executive Officers, Directors And Principal Stockholders (Narrative) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Legal Services [Member] | ' | ' |
Related Party Transaction [Line Items] | ' | ' |
Expenses from related parties | $128 | $144 |
Appraisal Services [Member] | ' | ' |
Related Party Transaction [Line Items] | ' | ' |
Expenses from related parties | 56 | 37 |
Rent Expense [Member] | ' | ' |
Related Party Transaction [Line Items] | ' | ' |
Expenses from related parties | $154 | $181 |
Transactions_With_Executive_Of3
Transactions With Executive Officers, Directors And Principal Stockholders (Schedule Of Related Party Loan Activity) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Transactions With Executive Officers, Directors And Principal Stockholders [Abstract] | ' | ' |
Balance, beginning | $5,325 | $4,699 |
Disbursements | 3,362 | 1,199 |
Repayments and other | -2,256 | -573 |
Balance, ending | $6,431 | $5,325 |
Financial_Instruments_With_Off2
Financial Instruments With Off-Balance Sheet Risk (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Commitments To Grant Loans [Member] | ' | ' |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ' | ' |
Financial instrument commitments | $24,070 | $34,459 |
Unfunded Commitments Under Lines Of Credit [Member] | ' | ' |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ' | ' |
Financial instrument commitments | 43,406 | 32,265 |
Outstanding Standby Letters of Credit [Member] | ' | ' |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ' | ' |
Financial instrument commitments | $1,466 | $1,766 |
Regulatory_Matters_Narrative_D
Regulatory Matters (Narrative) (Details) (USD $) | 0 Months Ended | 12 Months Ended |
Aug. 05, 2013 | Dec. 31, 2013 | |
Regulatory Matters [Abstract] | ' | ' |
Cash reserve balance required | ' | $2,300,000 |
Dividend payment restrictions, minimum capital stock surplus | ' | 50.00% |
Funds available for payment of dividends | ' | 51,000,000 |
Restricted equity in net assets | ' | 7,500,000 |
Shares issuable from rights | 1,198,300 | ' |
Shares issuable per right | 0.35 | ' |
Subscription price | $6 | ' |
Net proceeds from rights | 6,900,000 | ' |
Gross proceeds from rights | 7,200,000 | ' |
Sale of stock, offering costs | $294,000 | $294,000 |
Regulatory_Matters_Schedule_Of
Regulatory Matters (Schedule Of Actual Capital Amounts) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Regulatory Matters [Abstract] | ' | ' |
Total capital, Actual, Amount | $60,659 | $51,672 |
Total capital to risk-weighted assets, Actual, Ratio | 15.47% | 14.13% |
Total capital, For Capital Purposes, Amount | 31,364 | 29,246 |
Total capital to risk-weighted assets, For Capital Purposes, Ratio | 8.00% | 8.00% |
Total capital, To be Well under Corrective Provisions, Amount | 39,205 | 36,558 |
Total capital to risk-weighted assets, To be Well under Corrective Provisions, Ratio | 10.00% | 10.00% |
Tier I capital, Actual, Amount | 55,729 | 47,096 |
Tier I capital to risk-weighted assets, Actual, Ratio | 14.21% | 12.88% |
Tier I capital, For Capital Purposes, Amount | 15,682 | 14,623 |
Tier I capital to risk-weighted assets, For Capital Purposes, Ratio | 4.00% | 4.00% |
Tier I capital, To be Well under Corrective Provisions, Amount | 23,523 | 21,935 |
Tier I capital to risk-weighted assets, To be Well under Corrective Provisions, Ratio | 6.00% | 6.00% |
Tier I capital, Actual, Amount | 55,729 | 47,096 |
Tier I capital to average assets, Actual, Ratio | 10.38% | 9.27% |
Tier I capital, For Capital Purposes, Amount | 21,479 | 20,311 |
Tier I capital to average assets, For Capital Purposes, Ratio | 4.00% | 4.00% |
Tier I capital, To be Well under Corrective Provisions, Amount | $26,847 | $25,389 |
Tier I capital to average assets, To be Well under Corrective Provisions, Ratio | 5.00% | 5.00% |
Parent_Company_Only_Financial_1
Parent Company Only Financial (Balance Sheets) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | |||
Securities available-for-sale | $90,676 | $118,881 | ' |
Loans | 386,981 | 342,760 | ' |
Foreclosed real estate | 2,926 | 5,066 | ' |
Total Assets | 533,911 | 514,734 | ' |
Junior subordinated debentures | 12,887 | 12,887 | ' |
Stockholders' equity | 46,425 | 40,372 | 39,902 |
Total Liabilities and Stockholders' Equity | 533,911 | 514,734 | ' |
Parent Company [Member] | ' | ' | ' |
Cash | 1,131 | 979 | 704 |
Investment in subsidiary | 56,772 | 50,680 | ' |
Securities available-for-sale | 321 | 324 | ' |
Accrued interest and other assets | 1,437 | 1,480 | ' |
Total Assets | 59,661 | 53,463 | ' |
Other liabilities | 349 | 204 | ' |
Junior subordinated debentures | 12,887 | 12,887 | ' |
Stockholders' equity | 46,425 | 40,372 | ' |
Total Liabilities and Stockholders' Equity | $59,661 | $53,463 | ' |
Parent_Company_Only_Financial_2
Parent Company Only Financial (Statements Of Income And Comprehensive Income) (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | ||
Interest and fees on loans | $18,007 | $17,646 | ||
Net realized loss on sale of securities | -393 | -1,799 | ||
Net gain on sale of foreclosed real estate | 17 | 39 | ||
Income before Income Taxes | 1,561 | 406 | ||
Income tax benefit | -133 | [1] | 329 | [1] |
Net Income | 1,428 | 735 | ||
Unrealized gains on available for sale securities arising during the period | -3,785 | 1,193 | ||
Reclassification adjustment for net gains on securities transactions included in net income | -393 | -1,799 | ||
Income tax expense related to items of other comprehensive loss | 1,671 | 243 | ||
Other comprehensive loss, net of income taxes | -2,507 | -363 | ||
Comprehensive income (loss) | -1,079 | 372 | ||
Parent Company [Member] | ' | ' | ||
Interest and fees on loans | ' | 60 | ||
Interest on investments | 11 | 11 | ||
Net realized loss on sale of securities | ' | 2 | ||
Net gain on sale of foreclosed real estate | ' | 3 | ||
Interest expense on debentures | -217 | -241 | ||
Other expenses | 269 | 232 | ||
Income before Income Taxes | -475 | -397 | ||
Income tax benefit | 161 | 135 | ||
Loss before equity in undistributed net income of subsidiaries | -314 | -262 | ||
Equity in undistributed net income of subsidiaries | 1,742 | 997 | ||
Net Income | 1,428 | 735 | ||
Unrealized gains on available for sale securities arising during the period | -2 | -2 | ||
Reclassification adjustment for net gains on securities transactions included in net income | -2 | -2 | ||
Income tax expense related to items of other comprehensive loss | -1 | -1 | ||
Other comprehensive loss, net of income taxes | -5 | -5 | ||
Comprehensive income (loss) | $1,423 | $730 | ||
[1] | Calculated at statutory tax rate of 40% |
Parent_Company_Only_Financial_3
Parent Company Only Financial (Statements Of Cash Flows) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Net income | $1,428 | $735 |
Net Cash Provided by Operating Activities | 9,105 | 9,407 |
Purchases | -32,388 | -96,002 |
Sales | 15,125 | 37,544 |
Maturities, calls and principal repayments | 38,672 | 34,235 |
Net increase in loans | -51,203 | -18,518 |
Net Cash Used in Investing Activities | -27,284 | -42,244 |
Net proceeds from issuance of common stock | 6,896 | ' |
Net Cash Provided by Financing Activities | 19,757 | 7,005 |
Net Increase (Decrease) in Cash and Cash Equivalents | 1,578 | -25,832 |
Parent Company [Member] | ' | ' |
Net income | 1,428 | 735 |
Net change in other assets and liabilities | 402 | -116 |
Equity in undistributed net income of banking subsidiaries | -1,742 | -997 |
Net Cash Provided by Operating Activities | 88 | -378 |
Sales | 58 | 7 |
Maturities, calls and principal repayments | ' | 4 |
Capital contribution to subsidiaries | -6,890 | ' |
Net increase in loans | ' | 697 |
Net Cash Used in Investing Activities | -6,832 | 708 |
Net proceeds from issuance of common stock | 6,896 | ' |
Purchase of treasury stock | ' | -55 |
Net Cash Provided by Financing Activities | 6,896 | -55 |
Net Increase (Decrease) in Cash and Cash Equivalents | 152 | 275 |
Cash and Cash Equivalents - Beginning of Year | 979 | 704 |
Cash and Cash Equivalents - End of Year | $1,131 | $979 |