Document_And_Entity_Informatio
Document And Entity Information | 3 Months Ended | |
Mar. 31, 2014 | 9-May-14 | |
Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 31-Mar-14 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
Document Fiscal Year Focus | '2014 | ' |
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 | ' | 4,663,256 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
ASSETS | ' | ' |
Cash and due from banks | $7,349 | $5,521 |
Interest-bearing deposits with other banks | 463 | 7,725 |
Cash and cash equivalents | 7,812 | 13,246 |
Interest bearing time deposits with other banks | 100 | 100 |
Securities available for sale, at fair value | 88,273 | 90,676 |
Securities held to maturity, at cost (fair value of $5,863 and $6,060 at March 31, 2014 and December 31, 2013, respectively) | 5,800 | 6,074 |
Federal Home Loan Bank Stock, at cost | 3,425 | 2,705 |
Loans receivable, net of unearned income | 412,724 | 392,402 |
Less: allowance for loan losses | 5,437 | 5,421 |
Net loans receivable | 407,287 | 386,981 |
Foreclosed real estate | 3,140 | 2,926 |
Premises and equipment, net | 7,603 | 6,892 |
Accrued interest receivable | 1,772 | 1,642 |
Goodwill | 2,820 | 2,820 |
Bank-owned life insurance | 11,972 | 11,889 |
Other assets | 6,968 | 7,960 |
Total Assets | 546,972 | 533,911 |
LIABILITIES AND STOCKHOLDERS' EQUITY | ' | ' |
Non-interest bearing | 59,106 | 58,210 |
Interest bearing | 366,731 | 372,087 |
Total Deposits | 425,837 | 430,297 |
Short term borrowings | 10,000 | ' |
Long-term borrowings | 46,000 | 41,000 |
Accrued interest payable and other liabilities | 4,035 | 3,302 |
Junior subordinated debentures | 12,887 | 12,887 |
Total Liabilities | 498,759 | 487,486 |
Stockholders' Equity: | ' | ' |
Preferred stock, no par value, 1,000,000 shares authorized; none issued | ' | ' |
Common stock, no par value, 10,000,000 shares authorized; 4,669,039 and 4,640,296 shares issued and 4,657,856 and 4,629,113 shares outstanding at March 31, 2014 and December 31, 2013, respectively | 35,329 | 35,249 |
Treasury stock, at cost; 11,183 shares | -59 | -59 |
Retained earnings | 14,064 | 13,386 |
Accumulated other comprehensive loss | -1,121 | -2,151 |
Total Stockholders' Equity | 48,213 | 46,425 |
Total Liabilities and Stockholders' Equity | $546,972 | $533,911 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Consolidated Balance Sheets [Abstract] | ' | ' |
Securities held to maturity, fair value | $5,863 | $6,060 |
Preferred stock, par value | ' | ' |
Preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock, par value | ' | ' |
Common stock, shares authorized | 10,000,000 | 10,000,000 |
Common stock, shares issued | 4,669,039 | 4,640,296 |
Common stock, shares outstanding | 4,657,856 | 4,629,113 |
Treasury stock, shares | 11,183 | 11,183 |
Consolidated_Statements_Of_Inc
Consolidated Statements Of Income And Comprehensive (Loss) Income (USD $) | 3 Months Ended | |||
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | ||
INTEREST INCOME | ' | ' | ||
Loans receivable, including fees | $4,623 | $4,276 | ||
Securities: | ' | ' | ||
Taxable | 217 | 154 | ||
Tax-exempt | 254 | 262 | ||
Interest bearing deposits | 3 | 5 | ||
Total Interest Income | 5,097 | 4,697 | ||
INTEREST EXPENSE | ' | ' | ||
Deposits | 390 | 538 | ||
Borrowings | 348 | 262 | ||
Junior subordinated debentures | 53 | 54 | ||
Total Interest Expense | 791 | 854 | ||
Net Interest Income | 4,306 | 3,843 | ||
PROVISION FOR LOAN LOSSES | 453 | 1,142 | ||
Net Interest Income after Provision for Loan Losses | 3,853 | 2,701 | ||
OTHER INCOME | ' | ' | ||
Service fees on deposit accounts | 264 | 286 | ||
ATM and debit card fees | 167 | 160 | ||
Bank-owned life insurance | 83 | 92 | ||
Insurance commissions and fees | 973 | 842 | ||
Investment brokerage fees | 31 | 45 | ||
Net gain on securities transactions | ' | 370 | ||
Other | 73 | 90 | ||
Total Other Income | 1,591 | 1,885 | ||
OTHER EXPENSES | ' | ' | ||
Salaries and employee benefits | 2,418 | 2,235 | ||
Occupancy, net | 453 | 394 | ||
Data processing | 380 | 329 | ||
Furniture and equipment | 164 | 152 | ||
Advertising and promotion | 44 | 40 | ||
Professional fees | 153 | 185 | ||
Director fees | 137 | 206 | ||
FDIC assessment | 176 | 169 | ||
Insurance | 76 | 76 | ||
Stationary and supplies | 55 | 49 | ||
Loan collection costs | 77 | 98 | ||
Net expenses and write-downs related to foreclosed real estate | 100 | 411 | ||
Amortization of intangible assets | ' | 1 | ||
Other | 235 | 233 | ||
Total Other Expenses | 4,468 | 4,578 | ||
Income before Income Taxes | 976 | 8 | ||
EXPENSE (BENEFIT) FOR INCOME TAXES | 298 | [1] | -90 | [1] |
Net Income | 678 | 98 | ||
OTHER COMPREHENSIVE INCOME (LOSS): | ' | ' | ||
Unrealized gains (losses) on available for sale securities arising during the period | 1,717 | -644 | ||
Reclassification adjustment for net gains on securities transactions included in net income | ' | -370 | ||
Income tax (expense) benefit related to items of other comprehensive income (loss) | -687 | 405 | ||
Other comprehensive income (loss), net of income taxes | 1,030 | -609 | ||
Comprehensive income (loss) | $1,708 | ($511) | ||
EARNINGS PER SHARE | ' | ' | ||
Basic | $0.15 | $0.03 | ||
Diluted | $0.15 | $0.03 | ||
[1] | Insurance Services 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 |
In Thousands, except Share data | |||||
Balance at Dec. 31, 2012 | $28,117 | $11,958 | $356 | ($59) | $40,372 |
Balance, shares at Dec. 31, 2012 | 3,397,873 | ' | ' | ' | ' |
Net income | ' | 98 | ' | ' | 98 |
Other comprehensive income (loss) | ' | ' | -609 | ' | -609 |
Restricted stock granted, shares | 26,340 | ' | ' | ' | ' |
Compensation expense related to stock option and restricted stock grants | 54 | ' | ' | ' | 54 |
Balance at Mar. 31, 2013 | 28,171 | 12,056 | -253 | -59 | 39,915 |
Balance, shares at Mar. 31, 2013 | 3,424,213 | ' | ' | ' | ' |
Balance at Dec. 31, 2013 | 35,249 | 13,386 | -2,151 | -59 | 46,425 |
Balance, shares at Dec. 31, 2013 | 4,629,113 | ' | ' | ' | 4,629,113 |
Net income | ' | 678 | ' | ' | 678 |
Other comprehensive income (loss) | ' | ' | 1,030 | ' | 1,030 |
Restricted stock granted, shares | 29,043 | ' | ' | ' | ' |
Restricted stock forfeited, shares | -300 | ' | ' | ' | ' |
Compensation expense related to stock option and restricted stock grants | 80 | ' | ' | ' | 80 |
Balance at Mar. 31, 2014 | $35,329 | $14,064 | ($1,121) | ($59) | $48,213 |
Balance, shares at Mar. 31, 2014 | 4,657,856 | ' | ' | ' | 4,657,856 |
Consolidated_Statements_Of_Cas
Consolidated Statements Of Cash Flows (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Cash Flows from Operating Activities | ' | ' |
Net income | $678 | $98 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Provision for loan losses | 453 | 1,142 |
Depreciation and amortization | 163 | 171 |
Net amortization of securities premiums and discounts | 489 | 921 |
Net realized gain on sale of securities | ' | -370 |
Net realized gain on sale of foreclosed real estate | -13 | -29 |
Write-downs of and provisions for foreclosed real estate | ' | 196 |
Deferred income taxes | 251 | 381 |
Earnings on bank owned life insurance | -83 | -92 |
Compensation expense for stock options and stock awards | 80 | 54 |
(Increase) decrease in assets: | ' | ' |
Accrued interest receivable | -130 | -40 |
Other assets | 55 | -720 |
Decrease in accrued interest payable and other liabilities | 733 | 128 |
Net Cash Provided by Operating Activities | 2,676 | 1,840 |
Securities available for sale: | ' | ' |
Purchases | -4 | -27,529 |
Sales | ' | 10,836 |
Maturities, calls and principal repayments | 3,646 | 10,769 |
Securities held to maturity: | ' | ' |
Purchases | ' | -263 |
Maturities, calls and principal repayments | 262 | ' |
Net increase in loans | -21,202 | -5,449 |
Proceeds from the sale of foreclosed real estate | 242 | 966 |
Purchases of bank premises and equipment | -874 | -30 |
Increase in FHLB stock | -720 | -135 |
Net Cash Used in Investing Activities | -18,650 | -10,835 |
Cash Flows from Financing Activities | ' | ' |
Net (decrease) increase in deposits | -4,460 | 1,407 |
Increase in borrowed funds | 15,000 | 3,000 |
Net Cash Provided by Financing Activities | 10,540 | 4,407 |
Net Decrease in Cash and Cash Equivalents | -5,434 | -4,588 |
Cash and Cash Equivalents - Beginning | 13,246 | 11,668 |
Cash and Cash Equivalents - Ending | 7,812 | 7,080 |
Supplementary Cash Flows Information | ' | ' |
Interest paid | 772 | 872 |
Income taxes paid | ' | 19 |
Supplementary Schedule of Noncash Investing and Financing Activities | ' | ' |
Foreclosed real estate acquired in settlement of loans | $443 | $2,689 |
Summary_Of_Significant_Account
Summary Of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2014 | |
Summary Of Significant Accounting Policies [Abstract] | ' |
Summary Of Significant Accounting Policies | ' |
NOTE 1 – SUMMARY OF SIGNIFICANT ACOUNTING POLICIES | |
Basis of Presentation | |
The accompanying unaudited consolidated financial statements include the accounts of Sussex Bancorp (“we,” “us” or “our”) and our 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”), a full service insurance agency located in Sussex County, New Jersey with a satellite office located in Bergen County, New Jersey. Tri-State’s operations are considered a separate segment for financial disclosure purposes. All inter-company transactions and balances have been eliminated in consolidation. The Bank operates nine banking offices, eight located in Sussex County, New Jersey and one in Orange County, New York. | |
Sussex Bancorp is subject to the supervision and regulation of the Board of Governors of the Federal Reserve System (the “FRB”). The Bank’s deposits are insured by the Deposit Insurance Fund (“DIF”) of the Federal Deposit Insurance Corporation (“FDIC”) up to applicable limits. The operations of Sussex Bancorp and the Bank are subject to the supervision and regulation of the FRB, FDIC and the New Jersey Department of Banking and Insurance (the “Department”) and the operations of Tri-State are subject to supervision and regulation by the Department. | |
The accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information. Accordingly, they do not include all of the information and footnotes required by the accounting principles generally accepted in the United States of America (“U.S. GAAP”) for full year financial statements. In the opinion of management, all adjustments considered necessary for a fair presentation have been included and are of a normal, recurring nature. Operating results for the three month period ended March 31, 2014, are not necessarily indicative of the results that may be expected for the year ending December 31, 2014. These unaudited consolidated financial statements should be read in conjunction with the consolidated financial statements and the notes thereto that are included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2013. | |
We have evaluated events and transactions occurring subsequent to the balance sheet date of March 31, 2014, for items that should potentially be recognized or disclosed in these unaudited consolidated financial statements. The evaluation was conducted through the date these unaudited consolidated financial statements were issued. | |
Reclassifications | |
Certain amounts in the prior period financial statements have been reclassified to conform to the current period presentation. These reclassifications had no effect on previously reported net income. | |
New Accounting Standards | |
In July 2013, the Financial Accounting Standards Board (“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. The adoption of this guidance did not have a material impact on our consolidated financial statements. | |
In January 2014, FASB issued ASU 2014-04, Receivables - Troubled Debt Restructurings by Creditors, which 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. | |
Securities
Securities | 3 Months Ended | |||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||
Securities [Abstract] | ' | |||||||||||||||||
Securities | ' | |||||||||||||||||
NOTE 2 – SECURITIES | ||||||||||||||||||
Available for Sale | ||||||||||||||||||
The amortized cost and fair value of securities available for sale as of March 31, 2014 and December 31, 2013 are summarized as follows: | ||||||||||||||||||
Gross | Gross | |||||||||||||||||
Amortized | Unrealized | Unrealized | Fair | |||||||||||||||
(Dollars in thousands) | Cost | Gains | Losses | Value | ||||||||||||||
31-Mar-14 | ||||||||||||||||||
U.S. government agencies | $ | 5,291 | $ | - | $ | -62 | $ | 5,229 | ||||||||||
State and political subdivisions | 28,806 | 39 | -1,681 | 27,164 | ||||||||||||||
Mortgage-backed securities - | ||||||||||||||||||
U.S. government-sponsored enterprises | 55,630 | 350 | -561 | 55,419 | ||||||||||||||
Equity securities-financial services industry and other | 414 | 57 | -10 | 461 | ||||||||||||||
$ | 90,141 | $ | 446 | $ | -2,314 | $ | 88,273 | |||||||||||
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 | |||||||||||
Securities with a carrying value of approximately $40.7 million and $37.2 million at March 31, 2014 and December 31, 2013, 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 March 31, 2014, 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 | $ | - | $ | - | ||||||||||||||
Due after one year through five years | 501 | 498 | ||||||||||||||||
Due after five years through ten years | 2,718 | 2,654 | ||||||||||||||||
Due after ten years | 25,587 | 24,012 | ||||||||||||||||
Total bonds and obligations | 28,806 | 27,164 | ||||||||||||||||
U.S. government agencies | 5,291 | 5,229 | ||||||||||||||||
Mortgage-backed securities: | ||||||||||||||||||
U.S. government-sponsored enterprises | 55,630 | 55,419 | ||||||||||||||||
Equity securities-financial services industry and other | 414 | 461 | ||||||||||||||||
Total available for sale securities | $ | 90,141 | $ | 88,273 | ||||||||||||||
There were no gross realized gains or losses on sales of securities available for sale for the three months ended March 31, 2014. Gross realized gains or losses on sales of securities available for sale were $378 thousand and $8 thousand, respectively, for the three months ended March 31, 2013. | ||||||||||||||||||
Temporarily Impaired Securities | ||||||||||||||||||
The following table shows gross unrealized losses and fair value of securities with unrealized losses that are not deemed to be other than temporarily impaired, aggregated by category and length of time that individual available for sale securities have been in a continuous unrealized loss position at March 31, 2014 and December 31, 2013. | ||||||||||||||||||
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-Mar-14 | ||||||||||||||||||
U.S. government agencies | $ | 5,229 | $ | -62 | $ | - | $ | - | $ | 5,229 | $ | -62 | ||||||
State and political subdivisions | 13,583 | -615 | 11,927 | -1,066 | 25,510 | -1,681 | ||||||||||||
Mortgage-backed securities - | - | |||||||||||||||||
U.S. government-sponsored enterprises | 21,720 | -293 | 13,168 | -268 | 34,888 | -561 | ||||||||||||
Equity securities-financial services industry and other | - | - | 133 | -10 | 133 | -10 | ||||||||||||
Total temporarily impaired securities | $ | 40,532 | $ | -970 | $ | 25,228 | $ | -1,344 | $ | 65,760 | $ | -2,314 | ||||||
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 | ||||||
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. As of March 31, 2014, we reviewed our available for sale securities 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 and equity 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. | ||||||||||||||||||
U.S. Government Agencies | ||||||||||||||||||
At March 31, 2014 and 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 March 31, 2014, there were three securities with a fair value of $5.2 million that had an unrealized loss that amounted to $62 thousand. As of March 31, 2014, 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 March 31, 2014, were deemed to be other-than-temporarily impaired. | ||||||||||||||||||
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. | ||||||||||||||||||
State and Political Subdivisions | ||||||||||||||||||
At March 31, 2014 and December 31, 2013, 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 March 31, 2014, there were 49 securities with a fair value of $25.5 million that had an unrealized loss that amounted to $1.7 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 March 31, 2014, 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 March 31, 2014, were deemed to be other-than-temporarily-impaired. | ||||||||||||||||||
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. | ||||||||||||||||||
Mortgage-Backed Securities | ||||||||||||||||||
At March 31, 2014 and December 31, 2013, 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 March 31, 2014, there were 29 securities with a fair value of $34.9 million that had an unrealized loss that amounted to $561 thousand. As of March 31, 2014, 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 March 31, 2014, were deemed to be other-than-temporarily impaired. | ||||||||||||||||||
At December 31, 2013, there were 32 securities with a fair value of $40.0 million that had an unrealized loss that amounted to $975 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 March 31, 2014, there was one security with a fair value of $133 thousand that had an unrealized loss of $10 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 do not consider it to be other-than-temporarily impaired at March 31, 2014. | ||||||||||||||||||
At December 31, 2013, there was one security with a fair value of $130 thousand that had an unrealized loss of $13 thousand. | ||||||||||||||||||
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 March 31, 2014 and December 31, 2013, are summarized as follows: | ||||||||||||||||||
Gross | Gross | |||||||||||||||||
Amortized | Unrealized | Unrealized | Fair | |||||||||||||||
(Dollars in thousands) | Cost | Gains | Losses | Value | ||||||||||||||
31-Mar-14 | ||||||||||||||||||
State and political subdivisions | $ | 5,800 | $ | 108 | $ | -45 | $ | 5,863 | ||||||||||
31-Dec-13 | ||||||||||||||||||
State and political subdivisions | $ | 6,074 | $ | 78 | $ | -92 | $ | 6,060 | ||||||||||
The amortized cost and carrying value of securities held to maturity at March 31, 2014, 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 | $ | 1,859 | $ | 1,859 | ||||||||||||||
Due after one year through five years | - | - | ||||||||||||||||
Due after five years through ten years | 1,278 | 1,277 | ||||||||||||||||
Due after ten years | 2,663 | 2,727 | ||||||||||||||||
Total held to maturity securities | $ | 5,800 | $ | 5,863 | ||||||||||||||
Temporarily Impaired Securities | ||||||||||||||||||
The following table shows gross unrealized losses and fair value of held to maturity securities with unrealized losses that are not deemed to be other than temporarily impaired, aggregated by category and length of time that individual held to maturity securities have been in a continuous unrealized loss position at March 31, 2014 and December 31, 2013: | ||||||||||||||||||
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-Mar-14 | ||||||||||||||||||
State and political subdivisions | $ | 527 | $ | -13 | $ | 792 | $ | -32 | $ | 1,319 | $ | -45 | ||||||
31-Dec-13 | ||||||||||||||||||
State and political subdivisions | $ | 2,080 | $ | -45 | $ | 780 | $ | -47 | $ | 2,860 | $ | -92 | ||||||
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. As of March 31, 2014, we reviewed our held to maturity securities 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 and equity 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. | ||||||||||||||||||
At March 31, 2014 and December 31, 2013, 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 March 31, 2014, there were three securities with a fair value of $1.3 million that had an unrealized loss that amounted to $45 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 March 31, 2014, 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 March 31, 2014, were deemed to be other-than-temporarily impaired. | ||||||||||||||||||
At December 31, 2013, there were five securities with a fair value of $2.9 million that had an unrealized loss that amounted to $92 thousand. | ||||||||||||||||||
Loans
Loans | 3 Months Ended | |||||
Mar. 31, 2014 | ||||||
Loans [Abstract] | ' | |||||
Loans | ' | |||||
NOTE 3 – LOANS | ||||||
The composition of net loans receivable at March 31, 2014 and December 31, 2013 is as follows: | ||||||
(Dollars in thousands) | 31-Mar-14 | 31-Dec-13 | ||||
Commercial and industrial | $ | 19,635 | $ | 15,205 | ||
Construction | 6,852 | 7,307 | ||||
Commercial real estate | 276,101 | 260,664 | ||||
Residential real estate | 108,889 | 107,992 | ||||
Consumer and other | 1,629 | 1,617 | ||||
413,106 | 392,785 | |||||
Unearned net loan origination fees | -382 | -383 | ||||
Allowance for loan losses | -5,437 | -5,421 | ||||
Net loans receivable | $ | 407,287 | $ | 386,981 | ||
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 $541 thousand and $546 thousand at March 31, 2014 and December 31, 2013, respectively. Mortgage servicing rights were immaterial at March 31, 2014 and December 31, 2013. | ||||||
Allowance_For_Loan_Losses_And_
Allowance For Loan Losses And Credit Quality Of Financing Receivables | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||
Allowance For Loan Losses And Credit Quality Of Financing Receivables [Abstract] | ' | ||||||||||||||||||||
Allowance For Loan Losses And Credit Quality Of Financing Receivables | ' | ||||||||||||||||||||
NOTE 4 – 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 three months ended March 31, 2014 and 2013: | |||||||||||||||||||||
Commercial | Commercial | Residential | Consumer | ||||||||||||||||||
and | Real | Real | and | ||||||||||||||||||
(Dollars in | Industrial | Construction | Estate | Estate | Other | Unallocated | Total | ||||||||||||||
thousands) | |||||||||||||||||||||
31-Mar-14 | |||||||||||||||||||||
Beginning balance | $ | 222 | $ | 308 | $ | 3,399 | $ | 941 | $ | 16 | $ | 535 | $ | 5,421 | |||||||
Charge-offs | - | - | -358 | -86 | -13 | - | -457 | ||||||||||||||
Recoveries | 12 | - | 4 | 1 | 3 | - | 20 | ||||||||||||||
Provision | 55 | 7 | 642 | 6 | 13 | -270 | 453 | ||||||||||||||
Ending balance | $ | 289 | $ | 315 | $ | 3,687 | $ | 862 | $ | 19 | $ | 265 | $ | 5,437 | |||||||
31-Mar-13 | |||||||||||||||||||||
Beginning balance | $ | 271 | $ | 223 | $ | 3,395 | $ | 869 | $ | 38 | $ | 180 | $ | 4,976 | |||||||
Charge-offs | -6 | -42 | -739 | -28 | -9 | - | -824 | ||||||||||||||
Recoveries | - | - | 7 | - | 5 | - | 12 | ||||||||||||||
Provision | 10 | 220 | 789 | 58 | -22 | 87 | 1,142 | ||||||||||||||
Ending balance | $ | 275 | $ | 401 | $ | 3,452 | $ | 899 | $ | 12 | $ | 267 | $ | 5,306 | |||||||
The following table presents the balance of the allowance of loan losses and loans receivable by class at March 31, 2014 and December 31, 2013, 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-Mar-14 | |||||||||||||||||||||
Commercial and industrial | $ | 289 | $ | - | $ | 289 | $ | 19,635 | $ | - | $ | 19,635 | |||||||||
Construction | 315 | - | 315 | 6,852 | - | 6,852 | |||||||||||||||
Commercial real estate | 3,687 | 559 | 3,128 | 276,101 | 9,679 | 266,422 | |||||||||||||||
Residential real estate | 862 | 105 | 757 | 108,889 | 2,492 | 106,397 | |||||||||||||||
Consumer and other loans | 19 | 3 | 16 | 1,629 | 3 | 1,626 | |||||||||||||||
Unallocated | 265 | - | - | - | - | - | |||||||||||||||
Total | $ | 5,437 | $ | 667 | $ | 4,505 | $ | 413,106 | $ | 12,174 | $ | 400,932 | |||||||||
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 | |||||||||
An age analysis of loans receivable which were past due as of March 31, 2014 and December 31, 2013, 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-Mar-14 | |||||||||||||||||||||
Commercial and industrial | $ | 4 | $ | - | $ | - | $ | 4 | $ | 19,631 | $ | 19,635 | $ | - | |||||||
Construction | - | - | - | - | 6,852 | 6,852 | - | ||||||||||||||
Commercial real estate | 783 | 1,242 | 8,489 | 10,514 | 265,587 | 276,101 | - | ||||||||||||||
Residential real estate | 810 | 247 | 2,062 | 3,119 | 105,770 | 108,889 | - | ||||||||||||||
Consumer and other | 3 | - | 5 | 8 | 1,621 | 1,629 | 2 | ||||||||||||||
Total | $ | 1,600 | $ | 1,489 | $ | 10,556 | $ | 13,645 | $ | 399,461 | $ | 413,106 | $ | 2 | |||||||
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 | |||||||
(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 March 31, 2014 and December 31, 2013, were: | |||||||||||||||||||||
(Dollars in thousands) | 31-Mar-14 | 31-Dec-13 | |||||||||||||||||||
Commercial real estate | $ | 8,489 | $ | 9,700 | |||||||||||||||||
Residential real estate | 2,062 | 2,192 | |||||||||||||||||||
Consumer and other | 3 | - | |||||||||||||||||||
Total | $ | 10,554 | $ | 11,892 | |||||||||||||||||
In determining the adequacy of the allowance for loan losses, we estimate losses based on the identification of specific problem loans through our credit review process and also estimate 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 our 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. | |||||||||||||||||||||
Our 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. We have 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 management and there is a distinct possibility that we 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 is not warranted. Such loans are fully charged off. | |||||||||||||||||||||
The following tables illustrate our corporate credit risk profile by creditworthiness category as of March 31, 2014 and December 31, 2013: | |||||||||||||||||||||
Special | |||||||||||||||||||||
(Dollars in thousands) | Pass | Mention | Substandard | Doubtful | Total | ||||||||||||||||
31-Mar-14 | |||||||||||||||||||||
Commercial and industrial | $ | 19,612 | $ | 23 | $ | - | $ | - | $ | 19,635 | |||||||||||
Construction | 6,852 | - | - | - | 6,852 | ||||||||||||||||
Commercial real estate | 257,456 | 6,711 | 11,770 | 164 | 276,101 | ||||||||||||||||
Residential real estate | 106,147 | 140 | 2,602 | - | 108,889 | ||||||||||||||||
Consumer and other | 1,487 | 139 | 3 | - | 1,629 | ||||||||||||||||
$ | 391,554 | $ | 7,013 | $ | 14,375 | $ | 164 | $ | 413,106 | ||||||||||||
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 | ||||||||||||
The following table reflects information about our impaired loans by class as of March 31, 2014 and December 31, 2013: | |||||||||||||||||||||
31-Mar-14 | 31-Dec-13 | ||||||||||||||||||||
Unpaid | Unpaid | ||||||||||||||||||||
Recorded | Principal | Related | Recorded | Principal | Related | ||||||||||||||||
(Dollars in thousands) | Investment | Balance | Allowance | Investment | Balance | Allowance | |||||||||||||||
With no related allowance recorded: | |||||||||||||||||||||
Commercial real estate | $ | 4,363 | $ | 5,225 | $ | - | $ | 7,394 | $ | 7,967 | $ | - | |||||||||
Residential real estate | 1,678 | 1,703 | - | 1,849 | 1,874 | - | |||||||||||||||
Consumer and other | - | - | - | - | - | - | |||||||||||||||
With an allowance recorded: | |||||||||||||||||||||
Commercial real estate | 5,316 | 6,411 | 559 | 3,500 | 4,595 | 322 | |||||||||||||||
Residential real estate | 814 | 907 | 105 | 777 | 871 | 163 | |||||||||||||||
Consumer and other | 3 | 3 | 3 | - | - | - | |||||||||||||||
Total: | |||||||||||||||||||||
Commercial real estate | 9,679 | 11,636 | 559 | 10,894 | 12,562 | 322 | |||||||||||||||
Residential real estate | 2,492 | 2,610 | 105 | 2,626 | 2,745 | 163 | |||||||||||||||
Consumer and other | 3 | 3 | 3 | - | - | - | |||||||||||||||
$ | 12,174 | $ | 14,249 | $ | 667 | $ | 13,520 | $ | 15,307 | $ | 485 | ||||||||||
The following table presents the average recorded investment and income recognized for the three months ended March 31, 2014 and 2013: | |||||||||||||||||||||
For the Three Months Ended March 31, 2014 | For the Three Months Ended March 31, 2013 | ||||||||||||||||||||
Average | Interest | Average | Interest | ||||||||||||||||||
Recorded | Income | Recorded | Income | ||||||||||||||||||
(Dollars in thousands) | Investment | Recognized | Investment | Recognized | |||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||||
Construction | $ | - | $ | - | $ | 2,262 | $ | - | |||||||||||||
Commercial real estate | 4,968 | 8 | 6,145 | 2 | |||||||||||||||||
Residential real estate | 1,845 | 20 | 1,771 | - | |||||||||||||||||
Total impaired loans without a related allowance | 6,813 | 28 | 10,178 | 2 | |||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||
Commercial and industrial | - | - | 141 | - | |||||||||||||||||
Construction | - | - | 546 | - | |||||||||||||||||
Commercial real estate | 5,319 | 1 | 7,650 | 5 | |||||||||||||||||
Residential real estate | 849 | 4 | 1,477 | 3 | |||||||||||||||||
Consumer and other | 1 | - | - | - | |||||||||||||||||
Total impaired loans with an allowance | 6,169 | 5 | 9,814 | 8 | |||||||||||||||||
Total impaired loans | $ | 12,982 | $ | 33 | $ | 19,992 | $ | 10 | |||||||||||||
We recognize income on impaired loans under the cash basis when the collateral on the loan is sufficient to cover the outstanding obligation to us. If these factors do not exist, we 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 concessions rarely result in the forgiveness of principal or accrued interest. In addition, we attempt to obtain additional collateral or guarantor support when modifying such loans. Non-accruing restructured loans may be returned to accrual status when there has been a sustained period of repayment performance (generally six consecutive months of payments) and both principal and interest are deemed collectible. | |||||||||||||||||||||
The following table presents the recorded investment in troubled debt restructured loans, based on payment performance status: | |||||||||||||||||||||
(Dollars in thousands) | Commercial Real Estate | Residential Real Estate | Total | ||||||||||||||||||
31-Mar-14 | |||||||||||||||||||||
Performing | $ | 1,190 | $ | 430 | $ | 1,620 | |||||||||||||||
Non-performing | 2,998 | 495 | 3,493 | ||||||||||||||||||
Total | $ | 4,188 | $ | 925 | $ | 5,113 | |||||||||||||||
31-Dec-13 | |||||||||||||||||||||
Performing | $ | 1,195 | $ | 433 | $ | 1,628 | |||||||||||||||
Non-performing | 3,000 | 496 | 3,496 | ||||||||||||||||||
Total | $ | 4,195 | $ | 929 | $ | 5,124 | |||||||||||||||
Troubled debt restructured loans are considered impaired and are included in the previous impaired loans disclosures in this footnote. As of March 31, 2014, we have not committed to lend additional amounts to customers with outstanding loans that are classified as troubled debt restructurings. | |||||||||||||||||||||
There were no troubled debt restructurings that occurred during the three months ended March 31, 2014. The following table summarizes troubled debt restructurings that occurred during the three months ended March 31, 2013: | |||||||||||||||||||||
Pre-Modification | Post-Modification | ||||||||||||||||||||
Outstanding | Outstanding | ||||||||||||||||||||
Number of | Recorded | Recorded | |||||||||||||||||||
(Dollars in thousands) | Loans | Investment | Investment | ||||||||||||||||||
31-Mar-13 | |||||||||||||||||||||
Commercial real estate | 1 | $ | 163 | $ | 163 | ||||||||||||||||
Residential real estate | 1 | 302 | 302 | ||||||||||||||||||
The troubled debt restructurings presented in the table above resulted in an allocation of the allowance for credit losses of $44 thousand for the three months ended March 31, 2013. These specific reserves are included in the allowance for credit losses for loans individually evaluated for impairment. There were no charge-offs on the troubled debt restructurings presented in the table above during the three months ended March 31, 2013. | |||||||||||||||||||||
There were no troubled debt restructurings that occurred during the three months ended March 31, 2014, therefore, no allocation for the allowance for credit losses or charge-offs were required on loans modified as troubled debt restructurings during the three months ended March 31, 2014. | |||||||||||||||||||||
There were no troubled debt restructurings for which there was a payment default within twelve months following the date of the restructuring for the three months ended March 31, 2014 and 2013. | |||||||||||||||||||||
Earnings_Per_Share
Earnings Per Share | 3 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||
Earnings Per Share | ' | |||||||||||||||
NOTE 5 – EARNINGS PER SHARE | ||||||||||||||||
Basic earnings per share are calculated by dividing net income by the weighted average number of shares of common stock outstanding during the period. Diluted earnings per share reflect additional common shares that would have been outstanding if dilutive potential common shares (non-vested restricted stock grants and stock options) had been issued, as well as any adjustment to income that would result from the assumed issuance of potential common shares that may be issued by us. Potential common shares related to stock options are determined using the treasury stock method. | ||||||||||||||||
Three Months Ended March 31, 2014 | Three Months Ended March 31, 2013 | |||||||||||||||
(In thousands, except share and | Income | Shares | Per Share | Loss | Shares | Per Share | ||||||||||
per share data) | (Numerator) | (Denominator) | Amount | (Numerator) | (Denominator) | Amount | ||||||||||
Basic earnings per share: | ||||||||||||||||
Net earnings applicable to common shareholders | $ | 678 | 4,526,506 | $ | 0.15 | $ | 98 | 3,283,727 | $ | 0.03 | ||||||
Effect of dilutive securities: | ||||||||||||||||
Nonvested stock awards | - | 38,094 | - | 32,355 | ||||||||||||
Diluted earnings per share: | ||||||||||||||||
Net income applicable to common shareholders and assumed conversions | $ | 678 | 4,564,600 | $ | 0.15 | $ | 98 | 3,316,082 | $ | 0.03 | ||||||
There were 47,702 and 73,831 shares of unvested restricted stock awards and options outstanding during March 31, 2014 and 2013, respectively, which were not included in the computation of diluted EPS because to do so would have been anti-dilutive for the periods presented. | ||||||||||||||||
Other_Comprehensive_Income_Los
Other Comprehensive Income (Loss) | 3 Months Ended | |||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||
Other Comprehensive Income (Loss) [Abstract] | ' | |||||||||||||||||
Other Comprehensive Income (Loss) | ' | |||||||||||||||||
NOTE 6 – OTHER COMPREHENSIVE INCOME (LOSS) | ||||||||||||||||||
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 income (loss), both before tax and net of tax, are as follows: | ||||||||||||||||||
Three Months Ended March 31, 2014 | Three Months Ended March 31, 2013 | |||||||||||||||||
Before Tax | Tax Effect | Net of Tax | Before Tax | Tax Effect | Net of Tax | |||||||||||||
Other comprehensive income (loss): | ||||||||||||||||||
Unrealized gains on available for sale securities | $ | 1,717 | $ | 687 | $ | 1,030 | $ | -644 | $ | -257 | $ | -387 | ||||||
Reclassification adjustment for net gains on securities transactions included in net income | - | - | - | -370 | -148 | -222 | ||||||||||||
Total other comprehensive income (loss) | $ | 1,717 | $ | 687 | $ | 1,030 | $ | -1,014 | $ | -405 | $ | -609 | ||||||
Reclassification adjustments for gains on securities transactions of $370 thousand for the three months ended March 31, 2013 are presented in the income statement on the line item for net gain on securities transactions. There were no reclassification adjustments for gains on securities transactions for the three months ended March 31, 2014. | ||||||||||||||||||
Segment_Information
Segment Information | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Segment Information [Abstract] | ' | ||||||||
Segment Information | ' | ||||||||
NOTE 7 – SEGMENT INFORMATION | |||||||||
Our insurance agency operations are managed separately from the traditional banking and related financial services that we also offer. The insurance agency operation provides commercial, individual, and group benefit plans and personal coverage. | |||||||||
Banking and | Insurance | ||||||||
(Dollars in thousands) | Financial Services | Services | Total | ||||||
Three Months Ended March 31, 2014 | |||||||||
Net interest income from external sources | $ | 4,305 | $ | 1 | $ | 4,306 | |||
Other income from external sources | 606 | 985 | 1,591 | ||||||
Depreciation and amortization | 158 | 5 | 163 | ||||||
Income before income taxes | 622 | 354 | 976 | ||||||
Income tax expense (1) | 156 | 142 | 298 | ||||||
Total assets | 543,151 | 3,821 | 546,972 | ||||||
Three Months Ended March 31, 2013 | |||||||||
Net interest income from external sources | $ | 3,843 | $ | - | $ | 3,843 | |||
Other income from external sources | 1,043 | 842 | 1,885 | ||||||
Depreciation and amortization | 169 | 2 | 171 | ||||||
(Loss) income before income taxes | -192 | 200 | 8 | ||||||
Income tax (benefit) expense (1) | -170 | 80 | -90 | ||||||
Total assets | 515,319 | 3,493 | 518,812 | ||||||
(1) Insurance Services calculated at statutory tax rate of 40% | |||||||||
StockBased_Compensation
Stock-Based Compensation | 3 Months Ended | |||||||||
Mar. 31, 2014 | ||||||||||
Stock-Based Compensation [Abstract] | ' | |||||||||
Stock-Based Compensation | ' | |||||||||
NOTE 8 – STOCK-BASED COMPENSATION | ||||||||||
We currently have stock-based compensation plans in place for our directors, officers, employees, consultants and advisors. Under the terms of these plans we may grant restricted shares and stock options for the purchase of our common stock. The stock-based compensation is granted under terms determined by our Compensation Committee. Our standard stock option grants have a maximum term of 10 years, generally vest over periods ranging between one and four years, and are granted with an exercise price equal to the fair market value of the common stock on the date of grant. Restricted stock is valued at the market value of the common stock on the date of grant and generally vests over periods of two to seven years. All dividends paid on restricted stock, whether vested or unvested, are granted to the shareholder. | ||||||||||
Information regarding our stock option plans for the three months ended March 31, 2014 is as follows: | ||||||||||
Weighted | ||||||||||
Average | Weighted | |||||||||
Exercise | Average | Aggregate | ||||||||
Number of | Price per | Contractual | Intrinsic | |||||||
Shares | Share | Term | Value | |||||||
Options outstanding, beginning of year | 32,749 | $ | 14.31 | |||||||
Options expired | -14,090 | 14.67 | ||||||||
Options outstanding, end of quarter | 18,659 | $ | 14.03 | 1.0 | - | |||||
Options exercisable, end of quarter | 18,659 | $ | 14.03 | 1.0 | - | |||||
Option price range at end of quarter | $8.99 to $16.45 | |||||||||
Option price range for exercisable shares | $8.99 to $16.45 | |||||||||
The summary of changes in unvested restricted stock awards for the three months ended March 31, 2014, is as follows: | ||||||||||
Weighted | ||||||||||
Average | ||||||||||
Number of | Grant Date | |||||||||
Shares | Fair Value | |||||||||
Unvested restricted stock, beginning of year | 125,922 | $ | 4.98 | |||||||
Granted | 29,043 | 8.77 | ||||||||
Forfeited | -300 | 5.66 | ||||||||
Vested | -32,877 | 4.98 | ||||||||
Unvested restricted stock, end of period | 121,788 | $ | 5.89 | |||||||
Total stock based compensation related to restricted stock awards was $80 thousand and $54 thousand for the three months ended March 31, 2014 and 2013, respectively. | ||||||||||
At March 31, 2014, unrecognized compensation expense for non-vested restricted stock was $613 thousand, which is expected to be recognized over an average period of 2.3 years. | ||||||||||
Guarantees
Guarantees | 3 Months Ended |
Mar. 31, 2014 | |
Guarantees [Abstract] | ' |
Guarantees | ' |
NOTE 9 – GUARANTEES | |
We do not issue any guarantees that would require liability recognition or disclosure, other than standby letters of credit. Standby letters of credit are conditional commitments issued by us to guarantee the performance of a customer to a third party. Generally, all letters of credit, when issued, have expiration dates within one year. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loan facilities to customers. We, generally, hold collateral and/or personal guarantees supporting these commitments. As of March 31, 2014, we had $1.5 million of outstanding letters of credit. Management believes that the proceeds obtained through a liquidation of collateral and the enforcement of guarantees would be sufficient to cover the potential amount of future payments required under the corresponding guarantees. The amount of the liability as of March 31, 2014, for guarantees under standby letters of credit issued is not material. | |
Fair_Value_Of_Assets_And_Liabi
Fair Value Of Assets And Liabilities | 3 Months Ended | ||||||||||||||
Mar. 31, 2014 | |||||||||||||||
Fair Value Of Assets And Liabilities [Abstract] | ' | ||||||||||||||
Fair Value Of Assets And Liabilities | ' | ||||||||||||||
NOTE 10 – FAIR VALUE OF FINANCIAL INSTRUMENTS | |||||||||||||||
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 March 31, 2014 and December 31, 2013: | |||||||||||||||
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) | |||||||||||
31-Mar-14 | |||||||||||||||
U.S. government agencies | $ | 5,229 | $ | - | $ | 5,229 | $ | - | |||||||
State and political subdivisions | 27,164 | - | 27,164 | - | |||||||||||
Mortgage-backed securities - | |||||||||||||||
U.S. government-sponsored enterprises | 55,419 | - | 55,419 | - | |||||||||||
Equity securities-financial services industry and other | 461 | 461 | - | - | |||||||||||
31-Dec-13 | |||||||||||||||
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 | - | - | |||||||||||
Our available for sale and held to maturity securities portfolios contain investments, which were all rated within our investment policy guidelines at time of purchase and upon review of the entire portfolio all securities are marketable and have observable pricing inputs. | |||||||||||||||
For financial assets measured at fair value on a nonrecurring basis the fair value measurements by level within the fair value hierarchy used at March 31, 2014 and December 31, 2013, 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) | |||||||||||
31-Mar-14 | |||||||||||||||
Impaired loans | $ | 3,428 | $ | - | $ | - | $ | 3,428 | |||||||
31-Dec-13 | |||||||||||||||
Impaired loans | $ | 5,483 | $ | - | $ | - | $ | 5,483 | |||||||
Foreclosed real estate | 1,008 | - | - | 1,008 | |||||||||||
The following table presents additional qualitative information about assets measured at fair value on a nonrecurring basis and for which Level 3 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) | |||||||||||
31-Mar-14 | |||||||||||||||
Impaired loans | $ | 3,428 | Appraisal of | Appraisal | 0% to -67.9% | ||||||||||
collateral | adjustments (1) | (-10.4%) | |||||||||||||
31-Dec-13 | |||||||||||||||
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%) | |||||||||||||
(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 our financial instruments at March 31, 2014 and December 31, 2013: | |||||||||||||||
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 March 31, 2014 and December 31, 2013, the fair value consists of the loan balances of $3.4 million and $5.5 million, net of valuation allowance of $667 thousand and $485 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 our financial instruments at March 31, 2014 and December 31, 2013, were as follows: | |||||||||||||||
Quoted Prices in | Significant | ||||||||||||||
Active Markets | Other | Significant | |||||||||||||
31-Mar-14 | 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 | $ | 7,812 | $ | 7,812 | $ | 7,812 | $ | - | $ | - | |||||
Time deposits with other banks | 100 | 100 | 100 | - | - | ||||||||||
Securities available for sale | 88,273 | 88,273 | 461 | 87,812 | - | ||||||||||
Securities held to maturity | 5,800 | 5,863 | - | 5,863 | - | ||||||||||
Federal Home Loan Bank stock | 3,425 | 3,425 | - | 3,425 | - | ||||||||||
Loans receivable, net of allowance | 407,287 | 403,280 | - | - | 403,280 | ||||||||||
Accrued interest receivable | 1,772 | 1,772 | - | 1,772 | - | ||||||||||
Financial liabilities: | |||||||||||||||
Non-maturity deposits | 326,691 | 326,691 | 326,691 | - | - | ||||||||||
Time deposits | 99,146 | 99,924 | - | 99,924 | - | ||||||||||
Borrowings | 56,000 | 58,007 | - | 58,007 | - | ||||||||||
Junior subordinated debentures | 12,887 | 8,926 | - | 8,926 | - | ||||||||||
Accrued interest payable | 254 | 254 | - | 254 | - | ||||||||||
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 | - | ||||||||||
Summary_Of_Significant_Account1
Summary Of Significant Accounting Policies (Policy) | 3 Months Ended |
Mar. 31, 2014 | |
Summary Of Significant Accounting Policies [Abstract] | ' |
Basis Of Presentation | ' |
Basis of Presentation | |
The accompanying unaudited consolidated financial statements include the accounts of Sussex Bancorp (“we,” “us” or “our”) and our 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”), a full service insurance agency located in Sussex County, New Jersey with a satellite office located in Bergen County, New Jersey. Tri-State’s operations are considered a separate segment for financial disclosure purposes. All inter-company transactions and balances have been eliminated in consolidation. The Bank operates nine banking offices, eight located in Sussex County, New Jersey and one in Orange County, New York. | |
Sussex Bancorp is subject to the supervision and regulation of the Board of Governors of the Federal Reserve System (the “FRB”). The Bank’s deposits are insured by the Deposit Insurance Fund (“DIF”) of the Federal Deposit Insurance Corporation (“FDIC”) up to applicable limits. The operations of Sussex Bancorp and the Bank are subject to the supervision and regulation of the FRB, FDIC and the New Jersey Department of Banking and Insurance (the “Department”) and the operations of Tri-State are subject to supervision and regulation by the Department. | |
The accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information. Accordingly, they do not include all of the information and footnotes required by the accounting principles generally accepted in the United States of America (“U.S. GAAP”) for full year financial statements. In the opinion of management, all adjustments considered necessary for a fair presentation have been included and are of a normal, recurring nature. Operating results for the three month period ended March 31, 2014, are not necessarily indicative of the results that may be expected for the year ending December 31, 2014. These unaudited consolidated financial statements should be read in conjunction with the consolidated financial statements and the notes thereto that are included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2013. | |
We have evaluated events and transactions occurring subsequent to the balance sheet date of March 31, 2014, for items that should potentially be recognized or disclosed in these unaudited consolidated financial statements. The evaluation was conducted through the date these unaudited consolidated financial statements were issued. | |
Reclassifications | ' |
Reclassifications | |
Certain amounts in the prior period financial statements have been reclassified to conform to the current period presentation. These reclassifications had no effect on previously reported net income. | |
New Accounting Standards | ' |
New Accounting Standards | |
In July 2013, the Financial Accounting Standards Board (“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. The adoption of this guidance did not have a material impact on our consolidated financial statements. | |
Securities_Tables
Securities (Tables) | 3 Months Ended | |||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||
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-Mar-14 | ||||||||||||||||||
U.S. government agencies | $ | 5,291 | $ | - | $ | -62 | $ | 5,229 | ||||||||||
State and political subdivisions | 28,806 | 39 | -1,681 | 27,164 | ||||||||||||||
Mortgage-backed securities - | ||||||||||||||||||
U.S. government-sponsored enterprises | 55,630 | 350 | -561 | 55,419 | ||||||||||||||
Equity securities-financial services industry and other | 414 | 57 | -10 | 461 | ||||||||||||||
$ | 90,141 | $ | 446 | $ | -2,314 | $ | 88,273 | |||||||||||
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 | |||||||||||
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 | 498 | ||||||||||||||||
Due after five years through ten years | 2,718 | 2,654 | ||||||||||||||||
Due after ten years | 25,587 | 24,012 | ||||||||||||||||
Total bonds and obligations | 28,806 | 27,164 | ||||||||||||||||
U.S. government agencies | 5,291 | 5,229 | ||||||||||||||||
Mortgage-backed securities: | ||||||||||||||||||
U.S. government-sponsored enterprises | 55,630 | 55,419 | ||||||||||||||||
Equity securities-financial services industry and other | 414 | 461 | ||||||||||||||||
Total available for sale securities | $ | 90,141 | $ | 88,273 | ||||||||||||||
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-Mar-14 | ||||||||||||||||||
U.S. government agencies | $ | 5,229 | $ | -62 | $ | - | $ | - | $ | 5,229 | $ | -62 | ||||||
State and political subdivisions | 13,583 | -615 | 11,927 | -1,066 | 25,510 | -1,681 | ||||||||||||
Mortgage-backed securities - | - | |||||||||||||||||
U.S. government-sponsored enterprises | 21,720 | -293 | 13,168 | -268 | 34,888 | -561 | ||||||||||||
Equity securities-financial services industry and other | - | - | 133 | -10 | 133 | -10 | ||||||||||||
Total temporarily impaired securities | $ | 40,532 | $ | -970 | $ | 25,228 | $ | -1,344 | $ | 65,760 | $ | -2,314 | ||||||
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 | ||||||
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-Mar-14 | ||||||||||||||||||
State and political subdivisions | $ | 5,800 | $ | 108 | $ | -45 | $ | 5,863 | ||||||||||
31-Dec-13 | ||||||||||||||||||
State and political subdivisions | $ | 6,074 | $ | 78 | $ | -92 | $ | 6,060 | ||||||||||
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 | $ | 1,859 | $ | 1,859 | ||||||||||||||
Due after one year through five years | - | - | ||||||||||||||||
Due after five years through ten years | 1,278 | 1,277 | ||||||||||||||||
Due after ten years | 2,663 | 2,727 | ||||||||||||||||
Total held to maturity securities | $ | 5,800 | $ | 5,863 | ||||||||||||||
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-Mar-14 | ||||||||||||||||||
State and political subdivisions | $ | 527 | $ | -13 | $ | 792 | $ | -32 | $ | 1,319 | $ | -45 | ||||||
31-Dec-13 | ||||||||||||||||||
State and political subdivisions | $ | 2,080 | $ | -45 | $ | 780 | $ | -47 | $ | 2,860 | $ | -92 | ||||||
Loans_Tables
Loans (Tables) | 3 Months Ended | |||||
Mar. 31, 2014 | ||||||
Loans [Abstract] | ' | |||||
Composition Of Net Loans Receivable | ' | |||||
(Dollars in thousands) | 31-Mar-14 | 31-Dec-13 | ||||
Commercial and industrial | $ | 19,635 | $ | 15,205 | ||
Construction | 6,852 | 7,307 | ||||
Commercial real estate | 276,101 | 260,664 | ||||
Residential real estate | 108,889 | 107,992 | ||||
Consumer and other | 1,629 | 1,617 | ||||
413,106 | 392,785 | |||||
Unearned net loan origination fees | -382 | -383 | ||||
Allowance for loan losses | -5,437 | -5,421 | ||||
Net loans receivable | $ | 407,287 | $ | 386,981 | ||
Allowance_For_Loan_Losses_And_1
Allowance For Loan Losses And Credit Quality Of Financing Receivables (Tables) | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||
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-Mar-14 | |||||||||||||||||||||
Beginning balance | $ | 222 | $ | 308 | $ | 3,399 | $ | 941 | $ | 16 | $ | 535 | $ | 5,421 | |||||||
Charge-offs | - | - | -358 | -86 | -13 | - | -457 | ||||||||||||||
Recoveries | 12 | - | 4 | 1 | 3 | - | 20 | ||||||||||||||
Provision | 55 | 7 | 642 | 6 | 13 | -270 | 453 | ||||||||||||||
Ending balance | $ | 289 | $ | 315 | $ | 3,687 | $ | 862 | $ | 19 | $ | 265 | $ | 5,437 | |||||||
31-Mar-13 | |||||||||||||||||||||
Beginning balance | $ | 271 | $ | 223 | $ | 3,395 | $ | 869 | $ | 38 | $ | 180 | $ | 4,976 | |||||||
Charge-offs | -6 | -42 | -739 | -28 | -9 | - | -824 | ||||||||||||||
Recoveries | - | - | 7 | - | 5 | - | 12 | ||||||||||||||
Provision | 10 | 220 | 789 | 58 | -22 | 87 | 1,142 | ||||||||||||||
Ending balance | $ | 275 | $ | 401 | $ | 3,452 | $ | 899 | $ | 12 | $ | 267 | $ | 5,306 | |||||||
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-Mar-14 | |||||||||||||||||||||
Commercial and industrial | $ | 289 | $ | - | $ | 289 | $ | 19,635 | $ | - | $ | 19,635 | |||||||||
Construction | 315 | - | 315 | 6,852 | - | 6,852 | |||||||||||||||
Commercial real estate | 3,687 | 559 | 3,128 | 276,101 | 9,679 | 266,422 | |||||||||||||||
Residential real estate | 862 | 105 | 757 | 108,889 | 2,492 | 106,397 | |||||||||||||||
Consumer and other loans | 19 | 3 | 16 | 1,629 | 3 | 1,626 | |||||||||||||||
Unallocated | 265 | - | - | - | - | - | |||||||||||||||
Total | $ | 5,437 | $ | 667 | $ | 4,505 | $ | 413,106 | $ | 12,174 | $ | 400,932 | |||||||||
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 | |||||||||
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-Mar-14 | |||||||||||||||||||||
Commercial and industrial | $ | 4 | $ | - | $ | - | $ | 4 | $ | 19,631 | $ | 19,635 | $ | - | |||||||
Construction | - | - | - | - | 6,852 | 6,852 | - | ||||||||||||||
Commercial real estate | 783 | 1,242 | 8,489 | 10,514 | 265,587 | 276,101 | - | ||||||||||||||
Residential real estate | 810 | 247 | 2,062 | 3,119 | 105,770 | 108,889 | - | ||||||||||||||
Consumer and other | 3 | - | 5 | 8 | 1,621 | 1,629 | 2 | ||||||||||||||
Total | $ | 1,600 | $ | 1,489 | $ | 10,556 | $ | 13,645 | $ | 399,461 | $ | 413,106 | $ | 2 | |||||||
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 | |||||||
(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-Mar-14 | 31-Dec-13 | |||||||||||||||||||
Commercial real estate | $ | 8,489 | $ | 9,700 | |||||||||||||||||
Residential real estate | 2,062 | 2,192 | |||||||||||||||||||
Consumer and other | 3 | - | |||||||||||||||||||
Total | $ | 10,554 | $ | 11,892 | |||||||||||||||||
Credit Risk Profile By Creditworthiness | ' | ||||||||||||||||||||
Special | |||||||||||||||||||||
(Dollars in thousands) | Pass | Mention | Substandard | Doubtful | Total | ||||||||||||||||
31-Mar-14 | |||||||||||||||||||||
Commercial and industrial | $ | 19,612 | $ | 23 | $ | - | $ | - | $ | 19,635 | |||||||||||
Construction | 6,852 | - | - | - | 6,852 | ||||||||||||||||
Commercial real estate | 257,456 | 6,711 | 11,770 | 164 | 276,101 | ||||||||||||||||
Residential real estate | 106,147 | 140 | 2,602 | - | 108,889 | ||||||||||||||||
Consumer and other | 1,487 | 139 | 3 | - | 1,629 | ||||||||||||||||
$ | 391,554 | $ | 7,013 | $ | 14,375 | $ | 164 | $ | 413,106 | ||||||||||||
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 | ||||||||||||
Impaired Loans | ' | ||||||||||||||||||||
31-Mar-14 | 31-Dec-13 | ||||||||||||||||||||
Unpaid | Unpaid | ||||||||||||||||||||
Recorded | Principal | Related | Recorded | Principal | Related | ||||||||||||||||
(Dollars in thousands) | Investment | Balance | Allowance | Investment | Balance | Allowance | |||||||||||||||
With no related allowance recorded: | |||||||||||||||||||||
Commercial real estate | $ | 4,363 | $ | 5,225 | $ | - | $ | 7,394 | $ | 7,967 | $ | - | |||||||||
Residential real estate | 1,678 | 1,703 | - | 1,849 | 1,874 | - | |||||||||||||||
Consumer and other | - | - | - | - | - | - | |||||||||||||||
With an allowance recorded: | |||||||||||||||||||||
Commercial real estate | 5,316 | 6,411 | 559 | 3,500 | 4,595 | 322 | |||||||||||||||
Residential real estate | 814 | 907 | 105 | 777 | 871 | 163 | |||||||||||||||
Consumer and other | 3 | 3 | 3 | - | - | - | |||||||||||||||
Total: | |||||||||||||||||||||
Commercial real estate | 9,679 | 11,636 | 559 | 10,894 | 12,562 | 322 | |||||||||||||||
Residential real estate | 2,492 | 2,610 | 105 | 2,626 | 2,745 | 163 | |||||||||||||||
Consumer and other | 3 | 3 | 3 | - | - | - | |||||||||||||||
$ | 12,174 | $ | 14,249 | $ | 667 | $ | 13,520 | $ | 15,307 | $ | 485 | ||||||||||
The following table presents the average recorded investment and income recognized for the three months ended March 31, 2014 and 2013: | |||||||||||||||||||||
For the Three Months Ended March 31, 2014 | For the Three Months Ended March 31, 2013 | ||||||||||||||||||||
Average | Interest | Average | Interest | ||||||||||||||||||
Recorded | Income | Recorded | Income | ||||||||||||||||||
(Dollars in thousands) | Investment | Recognized | Investment | Recognized | |||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||||
Construction | $ | - | $ | - | $ | 2,262 | $ | - | |||||||||||||
Commercial real estate | 4,968 | 8 | 6,145 | 2 | |||||||||||||||||
Residential real estate | 1,845 | 20 | 1,771 | - | |||||||||||||||||
Total impaired loans without a related allowance | 6,813 | 28 | 10,178 | 2 | |||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||
Commercial and industrial | - | - | 141 | - | |||||||||||||||||
Construction | - | - | 546 | - | |||||||||||||||||
Commercial real estate | 5,319 | 1 | 7,650 | 5 | |||||||||||||||||
Residential real estate | 849 | 4 | 1,477 | 3 | |||||||||||||||||
Consumer and other | 1 | - | - | - | |||||||||||||||||
Total impaired loans with an allowance | 6,169 | 5 | 9,814 | 8 | |||||||||||||||||
Total impaired loans | $ | 12,982 | $ | 33 | $ | 19,992 | $ | 10 | |||||||||||||
Troubled Debt Restructured On Recorded Investment | ' | ||||||||||||||||||||
(Dollars in thousands) | Commercial Real Estate | Residential Real Estate | Total | ||||||||||||||||||
31-Mar-14 | |||||||||||||||||||||
Performing | $ | 1,190 | $ | 430 | $ | 1,620 | |||||||||||||||
Non-performing | 2,998 | 495 | 3,493 | ||||||||||||||||||
Total | $ | 4,188 | $ | 925 | $ | 5,113 | |||||||||||||||
31-Dec-13 | |||||||||||||||||||||
Performing | $ | 1,195 | $ | 433 | $ | 1,628 | |||||||||||||||
Non-performing | 3,000 | 496 | 3,496 | ||||||||||||||||||
Total | $ | 4,195 | $ | 929 | $ | 5,124 | |||||||||||||||
Summary Of Troubled Debt Restructured | ' | ||||||||||||||||||||
Pre-Modification | Post-Modification | ||||||||||||||||||||
Outstanding | Outstanding | ||||||||||||||||||||
Number of | Recorded | Recorded | |||||||||||||||||||
(Dollars in thousands) | Loans | Investment | Investment | ||||||||||||||||||
31-Mar-13 | |||||||||||||||||||||
Commercial real estate | 1 | $ | 163 | $ | 163 | ||||||||||||||||
Residential real estate | 1 | 302 | 302 | ||||||||||||||||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 3 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||
Calculation Methods Of Earnings Per Share | ' | |||||||||||||||
Three Months Ended March 31, 2014 | Three Months Ended March 31, 2013 | |||||||||||||||
(In thousands, except share and | Income | Shares | Per Share | Loss | Shares | Per Share | ||||||||||
per share data) | (Numerator) | (Denominator) | Amount | (Numerator) | (Denominator) | Amount | ||||||||||
Basic earnings per share: | ||||||||||||||||
Net earnings applicable to common shareholders | $ | 678 | 4,526,506 | $ | 0.15 | $ | 98 | 3,283,727 | $ | 0.03 | ||||||
Effect of dilutive securities: | ||||||||||||||||
Nonvested stock awards | - | 38,094 | - | 32,355 | ||||||||||||
Diluted earnings per share: | ||||||||||||||||
Net income applicable to common shareholders and assumed conversions | $ | 678 | 4,564,600 | $ | 0.15 | $ | 98 | 3,316,082 | $ | 0.03 | ||||||
Other_Comprehensive_Loss_Incom
Other Comprehensive (Loss) Income (Tables) | 3 Months Ended | |||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||
Other Comprehensive Income (Loss) [Abstract] | ' | |||||||||||||||||
Components Of Other Comprehensive Income And Related Tax Effects | ' | |||||||||||||||||
Three Months Ended March 31, 2014 | Three Months Ended March 31, 2013 | |||||||||||||||||
Before Tax | Tax Effect | Net of Tax | Before Tax | Tax Effect | Net of Tax | |||||||||||||
Other comprehensive income (loss): | ||||||||||||||||||
Unrealized gains on available for sale securities | $ | 1,717 | $ | 687 | $ | 1,030 | $ | -644 | $ | -257 | $ | -387 | ||||||
Reclassification adjustment for net gains on securities transactions included in net income | - | - | - | -370 | -148 | -222 | ||||||||||||
Total other comprehensive income (loss) | $ | 1,717 | $ | 687 | $ | 1,030 | $ | -1,014 | $ | -405 | $ | -609 | ||||||
Segment_Information_Tables
Segment Information (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Segment Information [Abstract] | ' | ||||||||
Schedule Of Segment Information | ' | ||||||||
Banking and | Insurance | ||||||||
(Dollars in thousands) | Financial Services | Services | Total | ||||||
Three Months Ended March 31, 2014 | |||||||||
Net interest income from external sources | $ | 4,305 | $ | 1 | $ | 4,306 | |||
Other income from external sources | 606 | 985 | 1,591 | ||||||
Depreciation and amortization | 158 | 5 | 163 | ||||||
Income before income taxes | 622 | 354 | 976 | ||||||
Income tax expense (1) | 156 | 142 | 298 | ||||||
Total assets | 543,151 | 3,821 | 546,972 | ||||||
Three Months Ended March 31, 2013 | |||||||||
Net interest income from external sources | $ | 3,843 | $ | - | $ | 3,843 | |||
Other income from external sources | 1,043 | 842 | 1,885 | ||||||
Depreciation and amortization | 169 | 2 | 171 | ||||||
(Loss) income before income taxes | -192 | 200 | 8 | ||||||
Income tax (benefit) expense (1) | -170 | 80 | -90 | ||||||
Total assets | 515,319 | 3,493 | 518,812 | ||||||
(1) Insurance Services calculated at statutory tax rate of 40% | |||||||||
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 3 Months Ended | |||||||||
Mar. 31, 2014 | ||||||||||
Stock-Based Compensation [Abstract] | ' | |||||||||
Summary Of Information Regarding Stock Option Plans | ' | |||||||||
Weighted | ||||||||||
Average | Weighted | |||||||||
Exercise | Average | Aggregate | ||||||||
Number of | Price per | Contractual | Intrinsic | |||||||
Shares | Share | Term | Value | |||||||
Options outstanding, beginning of year | 32,749 | $ | 14.31 | |||||||
Options expired | -14,090 | 14.67 | ||||||||
Options outstanding, end of quarter | 18,659 | $ | 14.03 | 1.0 | - | |||||
Options exercisable, end of quarter | 18,659 | $ | 14.03 | 1.0 | - | |||||
Option price range at end of quarter | $8.99 to $16.45 | |||||||||
Option price range for exercisable shares | $8.99 to $16.45 | |||||||||
Summary Of Information Regarding Restricted Stock Activity | ' | |||||||||
Weighted | ||||||||||
Average | ||||||||||
Number of | Grant Date | |||||||||
Shares | Fair Value | |||||||||
Unvested restricted stock, beginning of year | 125,922 | $ | 4.98 | |||||||
Granted | 29,043 | 8.77 | ||||||||
Forfeited | -300 | 5.66 | ||||||||
Vested | -32,877 | 4.98 | ||||||||
Unvested restricted stock, end of period | 121,788 | $ | 5.89 | |||||||
Fair_Value_Of_Assets_And_Liabi1
Fair Value Of Assets And Liabilities (Tables) | 3 Months Ended | ||||||||||||||
Mar. 31, 2014 | |||||||||||||||
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) | |||||||||||
31-Mar-14 | |||||||||||||||
U.S. government agencies | $ | 5,229 | $ | - | $ | 5,229 | $ | - | |||||||
State and political subdivisions | 27,164 | - | 27,164 | - | |||||||||||
Mortgage-backed securities - | |||||||||||||||
U.S. government-sponsored enterprises | 55,419 | - | 55,419 | - | |||||||||||
Equity securities-financial services industry and other | 461 | 461 | - | - | |||||||||||
31-Dec-13 | |||||||||||||||
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 | - | - | |||||||||||
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) | |||||||||||
31-Mar-14 | |||||||||||||||
Impaired loans | $ | 3,428 | $ | - | $ | - | $ | 3,428 | |||||||
31-Dec-13 | |||||||||||||||
Impaired loans | $ | 5,483 | $ | - | $ | - | $ | 5,483 | |||||||
Foreclosed real estate | 1,008 | - | - | 1,008 | |||||||||||
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) | |||||||||||
31-Mar-14 | |||||||||||||||
Impaired loans | $ | 3,428 | Appraisal of | Appraisal | 0% to -67.9% | ||||||||||
collateral | adjustments (1) | (-10.4%) | |||||||||||||
31-Dec-13 | |||||||||||||||
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%) | |||||||||||||
(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-Mar-14 | 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 | $ | 7,812 | $ | 7,812 | $ | 7,812 | $ | - | $ | - | |||||
Time deposits with other banks | 100 | 100 | 100 | - | - | ||||||||||
Securities available for sale | 88,273 | 88,273 | 461 | 87,812 | - | ||||||||||
Securities held to maturity | 5,800 | 5,863 | - | 5,863 | - | ||||||||||
Federal Home Loan Bank stock | 3,425 | 3,425 | - | 3,425 | - | ||||||||||
Loans receivable, net of allowance | 407,287 | 403,280 | - | - | 403,280 | ||||||||||
Accrued interest receivable | 1,772 | 1,772 | - | 1,772 | - | ||||||||||
Financial liabilities: | |||||||||||||||
Non-maturity deposits | 326,691 | 326,691 | 326,691 | - | - | ||||||||||
Time deposits | 99,146 | 99,924 | - | 99,924 | - | ||||||||||
Borrowings | 56,000 | 58,007 | - | 58,007 | - | ||||||||||
Junior subordinated debentures | 12,887 | 8,926 | - | 8,926 | - | ||||||||||
Accrued interest payable | 254 | 254 | - | 254 | - | ||||||||||
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 | - | ||||||||||
Summary_Of_Significant_Account2
Summary Of Significant Accounting Policies (Details) | 3 Months Ended |
Mar. 31, 2014 | |
site | |
Significant Accounting Policies [Line Items] | ' |
Banking offices | 9 |
NEW JERSEY | ' |
Significant Accounting Policies [Line Items] | ' |
Banking offices | 8 |
NEW YORK | ' |
Significant Accounting Policies [Line Items] | ' |
Banking offices | 1 |
Securities_Narrative_Details
Securities (Narrative) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | |
Schedule Of Available-For-Sale And Held-To-Maturity [Line Items] | ' | ' | ' |
Available for sale securities carrying value pledged to secure public deposits | $40,700,000 | ' | $37,200,000 |
Gains on sales of securities available for sale | 0 | 378,000 | ' |
Gross losses on sales of securities avaiable for sale | 0 | 8,000 | ' |
Fair value of available-for-sale securities | 65,760,000 | ' | 69,028,000 |
Unrealized loss of available-for-sale securities | 2,314,000 | ' | 3,953,000 |
Fair value of held-to-maturity securities | 5,863,000 | ' | 6,060,000 |
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 | 5,229,000 | ' | 3,246,000 |
Unrealized loss of available-for-sale securities | 62,000 | ' | 49,000 |
Number of securities with unrealized losses, held-to-maturity | 3 | ' | ' |
State And Political Subdivisions [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 | ' | ' |
Fair value of available-for-sale securities | 25,510,000 | 25,700,000 | 25,675,000 |
Unrealized loss of available-for-sale securities | 1,681,000 | ' | 2,916,000 |
Number of securities with unrealized losses, held-to-maturity | 49 | ' | 52 |
Fair value of held-to-maturity securities | 5,863,000 | ' | 6,060,000 |
Unrealized loss of held-to-maturity securites | 45,000 | ' | 92,000 |
U.S. Government-Sponsored Enterprises [Member] | ' | ' | ' |
Schedule Of Available-For-Sale And Held-To-Maturity [Line Items] | ' | ' | ' |
Fair value of available-for-sale securities | 34,888,000 | ' | 39,977,000 |
Unrealized loss of available-for-sale securities | 561,000 | ' | 975,000 |
Number of securities with unrealized losses, held-to-maturity | 29 | ' | 32 |
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 | ' | 1 |
Fair value of available-for-sale securities | 133,000 | ' | 130,000 |
Unrealized loss of available-for-sale securities | 10,000 | ' | 13,000 |
More Sensitive To Changes In Market Interest Retes [Member] | State And Political Subdivisions [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 | ' | ' |
Number of securities with unrealized losses, held-to-maturity | 3 | ' | 5 |
Fair value of held-to-maturity securities | 1,300,000 | ' | 2,900,000 |
Unrealized loss of held-to-maturity securites | $45,000 | ' | $92,000 |
Securities_Amortized_Cost_And_
Securities (Amortized Cost And Approximate Fair Value Of Securities Available-For-Sale) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | $90,141 | $94,261 |
Gross Unrealized Gains | 446 | 368 |
Gross Unrealized Losses | -2,314 | -3,953 |
Fair Value | 88,273 | 90,676 |
U.S. Government Agencies [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 5,291 | 5,421 |
Gross Unrealized Gains | ' | 8 |
Gross Unrealized Losses | -62 | -49 |
Fair Value | 5,229 | 5,380 |
State And Political Subdivisions [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 28,806 | 28,788 |
Gross Unrealized Gains | 39 | 3 |
Gross Unrealized Losses | -1,681 | -2,916 |
Fair Value | 27,164 | 25,875 |
U.S. Government-Sponsored Enterprises [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 55,630 | 59,640 |
Gross Unrealized Gains | 350 | 272 |
Gross Unrealized Losses | -561 | -975 |
Fair Value | 55,419 | 58,937 |
Equity Securities-Financial Services Industry And Other [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 414 | 412 |
Gross Unrealized Gains | 57 | 85 |
Gross Unrealized Losses | -10 | -13 |
Fair Value | $461 | $484 |
Securities_Amortized_Cost_And_1
Securities (Amortized Cost And Fair Value Of Securities By Contractual Maturity Of Available-For-Sale Securities) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Due in one year or less, Amortized Cost | ' | ' |
Due after one year through five years, Amortized Cost | 501 | ' |
Due after five years through ten years, Amortized Cost | 2,718 | ' |
Due after ten years, Amortized Cost | 25,587 | ' |
Total bonds and obligations, Amortized Cost | 28,806 | ' |
Due in one year or less, Fair Value | ' | ' |
Due after one year through five years, Fair Value | 498 | ' |
Due after five years through ten years, Fair Value | 2,654 | ' |
Due after ten years, Fair Value | 24,012 | ' |
Total bonds and obligations, Fair Value | 27,164 | ' |
Total available for sale securities, Amortized Cost | 90,141 | 94,261 |
Fair Value | 88,273 | 90,676 |
U.S. Government Agencies [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Total available for sale securities, Amortized Cost | 5,291 | 5,421 |
Fair Value | 5,229 | 5,380 |
U.S. Government-Sponsored Enterprises [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Total available for sale securities, Amortized Cost | 55,630 | 59,640 |
Fair Value | 55,419 | 58,937 |
Equity Securities-Financial Services Industry And Other [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Total available for sale securities, Amortized Cost | 414 | 412 |
Fair Value | $461 | $484 |
Securities_Temporarily_Impaire
Securities (Temporarily Impaired Gross Unrealized Losses And Fair Value Of Available-For-Sale Securities) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' |
Less Than Twelve Months, Fair Value | $40,532 | $53,686 | ' |
Less Than Twelve Months, Gross Unrealized Losses | -970 | -2,789 | ' |
Twelve Months or More, Fair Value | 25,228 | 15,342 | ' |
Twelve Months or More, Gross Unrealized Losses | -1,344 | -1,164 | ' |
Total, Fair Value | 65,760 | 69,028 | ' |
Total, Gross Unrealized Losses | -2,314 | -3,953 | ' |
U.S. Government Agencies [Member] | ' | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' |
Less Than Twelve Months, Fair Value | 5,229 | 3,246 | ' |
Less Than Twelve Months, Gross Unrealized Losses | -62 | -49 | ' |
Total, Fair Value | 5,229 | 3,246 | ' |
Total, Gross Unrealized Losses | -62 | -49 | ' |
State And Political Subdivisions [Member] | ' | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' |
Less Than Twelve Months, Fair Value | 13,583 | 19,610 | ' |
Less Than Twelve Months, Gross Unrealized Losses | -615 | -2,046 | ' |
Twelve Months or More, Fair Value | 11,927 | 6,065 | ' |
Twelve Months or More, Gross Unrealized Losses | -1,066 | -870 | ' |
Total, Fair Value | 25,510 | 25,675 | 25,700 |
Total, Gross Unrealized Losses | -1,681 | -2,916 | ' |
U.S. Government-Sponsored Enterprises [Member] | ' | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' |
Less Than Twelve Months, Fair Value | 21,720 | 30,830 | ' |
Less Than Twelve Months, Gross Unrealized Losses | -293 | -694 | ' |
Twelve Months or More, Fair Value | 13,168 | 9,147 | ' |
Twelve Months or More, Gross Unrealized Losses | -268 | -281 | ' |
Total, Fair Value | 34,888 | 39,977 | ' |
Total, Gross Unrealized Losses | -561 | -975 | ' |
Equity Securities-Financial Services Industry And Other [Member] | ' | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' |
Twelve Months or More, Fair Value | 133 | 130 | ' |
Twelve Months or More, Gross Unrealized Losses | -10 | -13 | ' |
Total, Fair Value | 133 | 130 | ' |
Total, Gross Unrealized Losses | ($10) | ($13) | ' |
Securities_Amortized_Cost_And_2
Securities (Amortized Cost And Approximate Fair Value Of Securities Held-To-Maturity) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Amortized Cost | $5,800 | ' |
Total held to maturity securities, Fair Value | 5,863 | 6,060 |
State And Political Subdivisions [Member] | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Amortized Cost | 5,800 | 6,074 |
Gross Unrealized Gains | 108 | 78 |
Gross Unrealized Losses | -45 | -92 |
Total held to maturity securities, Fair Value | $5,863 | $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 $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Securities [Abstract] | ' | ' |
Due in one year or less, Amortized Cost | $1,859 | ' |
Due after one year through five years, Amortized Cost | ' | ' |
Due after five years through ten years, Amortized Cost | 1,278 | ' |
Due after ten years, Amortized Cost | 2,663 | ' |
Total held to maturity securities, Amortized Cost | 5,800 | ' |
Due in one year or less, Fair Value | 1,859 | ' |
Due after one year through five years, Fair Value | ' | ' |
Due after five years through ten years, Fair Value | 1,277 | ' |
Due after ten years, Fair Value | 2,727 | ' |
Total held to maturity securities, Fair Value | $5,863 | $6,060 |
Securities_Temporarily_Impaire1
Securities (Temporarily Impaired Gross Unrealized Losses And Fair Value Of Held-To-Maturity Securities) (Details) (State And Political Subdivisions [Member], USD $) | 3 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 |
State And Political Subdivisions [Member] | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Less Than Twelve Months, Fair Value | $527 | $2,080 |
Less Than Twelve Months, Gross Unrealized Losses | -13 | -45 |
Twelve Months or More, Fair Value | 792 | 780 |
Twelve Months or More, Gross Unrealized Losses | -32 | -47 |
Total, Fair Value | 1,319 | 2,860 |
Total, Gross Unrealized Losses | ($45) | ($92) |
Loans_Narrative_Details
Loans (Narrative) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Loans [Abstract] | ' | ' |
Mortgage loans serviced for the benefit of others | $541 | $546 |
Loans_Composition_Of_Net_Loans
Loans (Composition Of Net Loans Receivable) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Loans receivable, gross | $413,106 | $392,785 |
Unearned net loan origination fees | -382 | -383 |
Allowance for loan losses | -5,437 | -5,421 |
Net loans receivable | 407,287 | 386,981 |
Commercial And Industrial [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Loans receivable, gross | 19,635 | 15,205 |
Construction [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Loans receivable, gross | 6,852 | 7,307 |
Commercial Real Estate [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Loans receivable, gross | 276,101 | 260,664 |
Residential Real Estate [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Loans receivable, gross | 108,889 | 107,992 |
Consumer And Other [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Loans receivable, gross | $1,629 | $1,617 |
Allowance_For_Loan_Losses_And_2
Allowance For Loan Losses And Credit Quality Of Financing Receivables (Narrative) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
loan | loan | |
Allowance For Loan Losses And Credit Quality Of Financing Receivables [Abstract] | ' | ' |
Number of loans modified by troubled debt restructuring | 0 | ' |
Net allocation of the allowance for credit losses | $0 | $44 |
Troubled debt restructuring, charge-offs | $0 | ' |
Number of loans with subsequent default | 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 $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Beginning balance | $5,421 | $4,976 |
Charge-offs | -457 | -824 |
Recoveries | 20 | 12 |
Provision | 453 | 1,142 |
Ending balance | 5,437 | 5,306 |
Commercial And Industrial [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Beginning balance | 222 | 271 |
Charge-offs | ' | -6 |
Recoveries | 12 | ' |
Provision | 55 | 10 |
Ending balance | 289 | 275 |
Construction [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Beginning balance | 308 | 223 |
Charge-offs | ' | -42 |
Provision | 7 | 220 |
Ending balance | 315 | 401 |
Commercial Real Estate [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Beginning balance | 3,399 | 3,395 |
Charge-offs | -358 | -739 |
Recoveries | 4 | 7 |
Provision | 642 | 789 |
Ending balance | 3,687 | 3,452 |
Residential Real Estate [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Beginning balance | 941 | 869 |
Charge-offs | -86 | -28 |
Recoveries | 1 | ' |
Provision | 6 | 58 |
Ending balance | 862 | 899 |
Consumer And Other [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Beginning balance | 16 | 38 |
Charge-offs | -13 | -9 |
Recoveries | 3 | 5 |
Provision | 13 | -22 |
Ending balance | 19 | 12 |
Unallocated Loans [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Beginning balance | 535 | 180 |
Provision | -270 | 87 |
Ending balance | $265 | $267 |
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 $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' |
Balance, Allowance for Loan Losses | $5,437 | $5,421 | $5,306 | $4,976 |
Allowance for Loan Losses, Balance Related to Loans Individually Evaluated for Impairment | 667 | 485 | ' | ' |
Allowance for Loan Losses, Balance Related to Loans Collectively Evaluated for Impairment | 4,505 | 4,401 | ' | ' |
Balance, Loans Receivable | 413,106 | 392,785 | ' | ' |
Loans Receivable, Individually Evaluated for Impairment | 12,174 | 13,520 | ' | ' |
Loans Receivable, Collectively Evaluated for Impairment | 400,932 | 379,265 | ' | ' |
Commercial And Industrial [Member] | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' |
Balance, Allowance for Loan Losses | 289 | 222 | 275 | 271 |
Allowance for Loan Losses, Balance Related to Loans Collectively Evaluated for Impairment | 289 | 222 | ' | ' |
Balance, Loans Receivable | 19,635 | 15,205 | ' | ' |
Loans Receivable, Collectively Evaluated for Impairment | 19,635 | 15,205 | ' | ' |
Construction [Member] | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' |
Balance, Allowance for Loan Losses | 315 | 308 | 401 | 223 |
Allowance for Loan Losses, Balance Related to Loans Collectively Evaluated for Impairment | 315 | 308 | ' | ' |
Balance, Loans Receivable | 6,852 | 7,307 | ' | ' |
Loans Receivable, Collectively Evaluated for Impairment | 6,852 | 7,307 | ' | ' |
Commercial Real Estate [Member] | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' |
Balance, Allowance for Loan Losses | 3,687 | 3,399 | 3,452 | 3,395 |
Allowance for Loan Losses, Balance Related to Loans Individually Evaluated for Impairment | 559 | 322 | ' | ' |
Allowance for Loan Losses, Balance Related to Loans Collectively Evaluated for Impairment | 3,128 | 3,077 | ' | ' |
Balance, Loans Receivable | 276,101 | 260,664 | ' | ' |
Loans Receivable, Individually Evaluated for Impairment | 9,679 | 10,894 | ' | ' |
Loans Receivable, Collectively Evaluated for Impairment | 266,422 | 249,770 | ' | ' |
Residential Real Estate [Member] | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' |
Balance, Allowance for Loan Losses | 862 | 941 | 899 | 869 |
Allowance for Loan Losses, Balance Related to Loans Individually Evaluated for Impairment | 105 | 163 | ' | ' |
Allowance for Loan Losses, Balance Related to Loans Collectively Evaluated for Impairment | 757 | 778 | ' | ' |
Balance, Loans Receivable | 108,889 | 107,992 | ' | ' |
Loans Receivable, Individually Evaluated for Impairment | 2,492 | 2,626 | ' | ' |
Loans Receivable, Collectively Evaluated for Impairment | 106,397 | 105,366 | ' | ' |
Consumer And Other [Member] | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' |
Balance, Allowance for Loan Losses | 19 | 16 | 12 | 38 |
Allowance for Loan Losses, Balance Related to Loans Individually Evaluated for Impairment | 3 | ' | ' | ' |
Allowance for Loan Losses, Balance Related to Loans Collectively Evaluated for Impairment | 16 | 16 | ' | ' |
Balance, Loans Receivable | 1,629 | 1,617 | ' | ' |
Loans Receivable, Individually Evaluated for Impairment | 3 | ' | ' | ' |
Loans Receivable, Collectively Evaluated for Impairment | 1,626 | 1,617 | ' | ' |
Unallocated Loans [Member] | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' |
Balance, Allowance for Loan Losses | $265 | $535 | $267 | $180 |
Allowance_For_Loan_Losses_And_5
Allowance For Loan Losses And Credit Quality Of Financing Receivables (An Age Analysis Of Loans Receivable) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Loans receivable 30-59 days past due | $1,600 | $2,654 |
Loans receivable 60-89 days past due | 1,489 | 1,023 |
Loans receivable greater than 90 days past due | 10,556 | 12,015 |
Total past due | 13,645 | 15,692 |
Loans receivable current | 399,461 | 377,093 |
Total financing receivables | 413,106 | 392,785 |
Recorded investment greater that 90 days and accruing | 2 | 123 |
Commercial And Industrial [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Loans receivable 30-59 days past due | 4 | 13 |
Total past due | 4 | 13 |
Loans receivable current | 19,631 | 15,192 |
Total financing receivables | 19,635 | 15,205 |
Construction [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Loans receivable current | 6,852 | 7,307 |
Total financing receivables | 6,852 | 7,307 |
Commercial Real Estate [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Loans receivable 30-59 days past due | 783 | 2,139 |
Loans receivable 60-89 days past due | 1,242 | 775 |
Loans receivable greater than 90 days past due | 8,489 | 9,823 |
Total past due | 10,514 | 12,737 |
Loans receivable current | 265,587 | 247,927 |
Total financing receivables | 276,101 | 260,664 |
Recorded investment greater that 90 days and accruing | ' | 123 |
Residential Real Estate [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Loans receivable 30-59 days past due | 810 | 495 |
Loans receivable 60-89 days past due | 247 | 247 |
Loans receivable greater than 90 days past due | 2,062 | 2,192 |
Total past due | 3,119 | 2,934 |
Loans receivable current | 105,770 | 105,058 |
Total financing receivables | 108,889 | 107,992 |
Consumer And Other [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Loans receivable 30-59 days past due | 3 | 7 |
Loans receivable 60-89 days past due | ' | 1 |
Loans receivable greater than 90 days past due | 5 | ' |
Total past due | 8 | 8 |
Loans receivable current | 1,621 | 1,609 |
Total financing receivables | 1,629 | 1,617 |
Recorded investment greater that 90 days and accruing | $2 | ' |
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 $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total | $10,554 | $11,892 |
Commercial Real Estate [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total | 8,489 | 9,700 |
Residential Real Estate [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total | 2,062 | 2,192 |
Consumer And Other [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total | $3 | ' |
Allowance_For_Loan_Losses_And_7
Allowance For Loan Losses And Credit Quality Of Financing Receivables (Credit Risk Profile By Creditworthiness) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans receivable | $413,106 | $392,785 |
Commercial And Industrial [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans receivable | 19,635 | 15,205 |
Construction [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans receivable | 6,852 | 7,307 |
Commercial Real Estate [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans receivable | 276,101 | 260,664 |
Residential Real Estate [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans receivable | 108,889 | 107,992 |
Consumer And Other [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans receivable | 1,629 | 1,617 |
Pass [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans receivable | 391,554 | 368,563 |
Pass [Member] | Commercial And Industrial [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans receivable | 19,612 | 15,192 |
Pass [Member] | Construction [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans receivable | 6,852 | 7,307 |
Pass [Member] | Commercial Real Estate [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans receivable | 257,456 | 240,204 |
Pass [Member] | Residential Real Estate [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans receivable | 106,147 | 104,383 |
Pass [Member] | Consumer And Other [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans receivable | 1,487 | 1,477 |
Special Mention [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans receivable | 7,013 | 8,402 |
Special Mention [Member] | Commercial And Industrial [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans receivable | 23 | 13 |
Special Mention [Member] | Commercial Real Estate [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans receivable | 6,711 | 7,378 |
Special Mention [Member] | Residential Real Estate [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans receivable | 140 | 871 |
Special Mention [Member] | Consumer And Other [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans receivable | 139 | 140 |
Substandard [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans receivable | 14,375 | 15,655 |
Substandard [Member] | Commercial Real Estate [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans receivable | 11,770 | 12,917 |
Substandard [Member] | Residential Real Estate [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans receivable | 2,602 | 2,738 |
Substandard [Member] | Consumer And Other [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans receivable | 3 | ' |
Doubtful [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans receivable | 164 | 165 |
Doubtful [Member] | Commercial Real Estate [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans receivable | $164 | $165 |
Allowance_For_Loan_Losses_And_8
Allowance For Loan Losses And Credit Quality Of Financing Receivables (Impaired Loans) (Details) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Recorded Investment, Total | $12,174 | ' | $13,520 |
Unpaid Principal Balance, Total | 14,249 | ' | 15,307 |
Related Allowance | 667 | ' | 485 |
Average Recorded Investment, With no recorded allowance | 6,813 | 10,178 | ' |
Average Recorded Investment, With an allowance recorded | 6,169 | 9,814 | ' |
Average Recorded Investment, Total | 12,982 | 19,992 | ' |
Interest Income Recognized, With no recorded allowance | 28 | 2 | ' |
Interest Income Recognized, With an allowance recorded | 5 | 8 | ' |
Interest Income Recognized, Total | 33 | 10 | ' |
Commercial And Industrial [Member] | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Average Recorded Investment, With an allowance recorded | ' | 141 | ' |
Construction [Member] | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Average Recorded Investment, With no recorded allowance | ' | 2,262 | ' |
Average Recorded Investment, With an allowance recorded | ' | 546 | ' |
Commercial Real Estate [Member] | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Recorded Investment, With no related allowance | 4,363 | ' | 7,394 |
Recorded Investment, With an allowance recorded | 5,316 | ' | 3,500 |
Recorded Investment, Total | 9,679 | ' | 10,894 |
Unpaid Principal Balance, With no related allowance | 5,225 | ' | 7,967 |
Unpaid Principal Balance, With an allowance recorded | 6,411 | ' | 4,595 |
Unpaid Principal Balance, Total | 11,636 | ' | 12,562 |
Related Allowance | 559 | ' | 322 |
Average Recorded Investment, With no recorded allowance | 4,968 | 6,145 | ' |
Average Recorded Investment, With an allowance recorded | 5,319 | 7,650 | ' |
Interest Income Recognized, With no recorded allowance | 8 | 2 | ' |
Interest Income Recognized, With an allowance recorded | 1 | 5 | ' |
Residential Real Estate [Member] | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Recorded Investment, With no related allowance | 1,678 | ' | 1,849 |
Recorded Investment, With an allowance recorded | 814 | ' | 777 |
Recorded Investment, Total | 2,492 | ' | 2,626 |
Unpaid Principal Balance, With no related allowance | 1,703 | ' | 1,874 |
Unpaid Principal Balance, With an allowance recorded | 907 | ' | 871 |
Unpaid Principal Balance, Total | 2,610 | ' | 2,745 |
Related Allowance | 105 | ' | 163 |
Average Recorded Investment, With no recorded allowance | 1,845 | 1,771 | ' |
Average Recorded Investment, With an allowance recorded | 849 | 1,477 | ' |
Interest Income Recognized, With no recorded allowance | 20 | ' | ' |
Interest Income Recognized, With an allowance recorded | 4 | 3 | ' |
Consumer And Other [Member] | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Recorded Investment, With an allowance recorded | 3 | ' | ' |
Recorded Investment, Total | 3 | ' | ' |
Unpaid Principal Balance, With an allowance recorded | 3 | ' | ' |
Unpaid Principal Balance, Total | 3 | ' | ' |
Related Allowance | 3 | ' | ' |
Average Recorded Investment, With an allowance recorded | $1 | ' | ' |
Allowance_For_Loan_Losses_And_9
Allowance For Loan Losses And Credit Quality Of Financing Receivables (Troubled Debt Restructured On Recorded Investment) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Modifications [Line Items] | ' | ' |
Total | $5,113 | $5,124 |
Commercial Real Estate [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Total | 4,188 | 4,195 |
Residential Real Estate [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Total | 925 | 929 |
Performing [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Total | 1,620 | 1,628 |
Performing [Member] | Commercial Real Estate [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Total | 1,190 | 1,195 |
Performing [Member] | Residential Real Estate [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Total | 430 | 433 |
Non-performing [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Total | 3,493 | 3,496 |
Non-performing [Member] | Commercial Real Estate [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Total | 2,998 | 3,000 |
Non-performing [Member] | Residential Real Estate [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Total | $495 | $496 |
Recovered_Sheet1
Allowance For Loan Losses And Credit Quality Of Financing Receivables (Summary Of Troubled Debt Restructuring) (Details) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2013 |
loan | Commercial Real Estate [Member] | Residential Real Estate [Member] | |
loan | loan | ||
Financing Receivable, Modifications [Line Items] | ' | ' | ' |
Number of loans modified by troubled debt restructuring | 0 | 1 | 1 |
Pre-modification outstanding recorded investment | ' | $163 | $302 |
Post-Modification Outstanding Recorded Investment | ' | $163 | $302 |
Earnings_Per_Share_Details
Earnings Per Share (Details) (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Earnings Per Share [Abstract] | ' | ' |
Net income applicable to common shareholders (Numerator) | $678 | $98 |
Net income applicable to common shareholders and assumed conversions (Numerator) | $678 | $98 |
Basic, Shares (Denominator) | 4,526,506 | 3,283,727 |
Non-vested stock awards, Shares (Denominator) | 38,094 | 32,355 |
Diluted, Shares (Denominator) | 4,564,600 | 3,316,082 |
Basic, Per Share Amount | $0.15 | $0.03 |
Diluted, Per Share Amount | $0.15 | $0.03 |
Shares of common stock outstanding not included in the computation of diluted EPS | 47,702 | 73,831 |
Other_Comprehensive_Income_Los1
Other Comprehensive Income (Loss) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Other Comprehensive Income (Loss) [Abstract] | ' | ' |
Unrealized gains on available for sale securities, Before Tax | $1,717 | ($644) |
Reclassification adjustment for net gains on securities transactions included in net income, Before Tax | ' | -370 |
Total other comprehensive income (loss), Before Tax | 1,717 | -1,014 |
Unrealized (losses) gains on available for sale securities, Tax Effect | 687 | -257 |
Reclassification adjustment for net gains on securities transactions included in net income, Tax Effect | ' | -148 |
Total other comprehensive loss, Tax Effect | 687 | -405 |
Unrealized (losses) gains on available for sale securities, Net of Tax | 1,030 | -387 |
Reclassification adjustment for net gains on securities transactions included in net income, Net of Tax | ' | -222 |
Other comprehensive income (loss), net of income taxes | 1,030 | -609 |
Net gain on securities transactions | ' | $370 |
Segment_Information_Details
Segment Information (Details) (USD $) | 3 Months Ended | ||||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | ||
Segment Reporting Information [Line Items] | ' | ' | ' | ||
Net interest income from external sources | $4,306 | $3,843 | ' | ||
Other income from external sources | 1,591 | 1,885 | ' | ||
Depreciation and amortization | 163 | 171 | ' | ||
Income (loss) before income taxes | 976 | 8 | ' | ||
Income tax (benefit) expense | 298 | [1] | -90 | [1] | ' |
Total assets | 546,972 | 518,812 | 533,911 | ||
Banking And Financial Services [Member] | ' | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ' | ||
Net interest income from external sources | 4,305 | 3,843 | ' | ||
Other income from external sources | 606 | 1,043 | ' | ||
Depreciation and amortization | 158 | 169 | ' | ||
Income (loss) before income taxes | 622 | -192 | ' | ||
Income tax (benefit) expense | 156 | [1] | -170 | [1] | ' |
Total assets | 543,151 | 515,319 | ' | ||
Insurance Services [Member] | ' | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ' | ||
Net interest income from external sources | 1 | ' | ' | ||
Other income from external sources | 985 | 842 | ' | ||
Depreciation and amortization | 5 | 2 | ' | ||
Income (loss) before income taxes | 354 | 200 | ' | ||
Income tax (benefit) expense | 142 | [1] | 80 | [1] | ' |
Total assets | $3,821 | $3,493 | ' | ||
Statutory tax rate | 40.00% | 40.00% | ' | ||
[1] | Insurance Services calculated at statutory tax rate of 40% |
StockBased_Compensation_Narrat
Stock-Based Compensation (Narrative) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Stock option grants, maximum term, in years | '10 years | ' |
Restricted stock awards expense | $80 | $54 |
Unrecognized compensation expense for non-vested restricted stock | $613 | ' |
Unrecognized compensation expense for non-vested restricted stock, period for recognition | '2 years 3 months 18 days | ' |
Minimum [Member] | Stock Options [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Vesting period, years | '1 year | ' |
Minimum [Member] | Restricted Stock [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Vesting period, years | '2 years | ' |
Maximum [Member] | Stock Options [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Vesting period, years | '4 years | ' |
Maximum [Member] | Restricted Stock [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Vesting period, years | '7 years | ' |
StockBased_Compensation_Summar
Stock-Based Compensation (Summary Of Information Regarding Stock Option Plans) (Details) (USD $) | 3 Months Ended |
Mar. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Number of Shares, Outstanding, beginning of year | 32,749 |
Number of Shares, Options expired | -14,090 |
Number of Shares, Outstanding, end of period | 18,659 |
Number of Shares, Exercisable, end of period | 18,659 |
Weighted Average Exercise Price per Share, Outstanding, beginning of year | $14.31 |
Weighted Average Exercise Price per Share, Options expired | $14.67 |
Weighted Average Exercise Price per Share, Outstanding, end of period | $14.03 |
Weighted Average Exercise Price per Share, Exercisable, end of period | $14.03 |
Weighted Average Contractual Term, Outstanding, end of period | '1 year |
Weighted Average Contractual Term, Exercisable, end of period | '1 year |
Aggregate Intrinsic Value, Outstanding, end of period | ' |
Aggregate Intrinsic Value, Exercisable, end of period | ' |
Minimum [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Option price range at end of quarter | $8.99 |
Option price range for exercisable shares | $8.99 |
Maximum [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Option price range at end of quarter | $16.45 |
Option price range for exercisable shares | $16.45 |
StockBased_Compensation_Summar1
Stock-Based Compensation (Summary Of Information Regarding Restricted Stock Activity) (Details) (USD $) | 3 Months Ended |
Mar. 31, 2014 | |
Stock-Based Compensation [Abstract] | ' |
Restricted stock, beginning of year, Number of Shares | 125,922 |
Granted, Number of Shares | 29,043 |
Forfeited, Number of Shares | -300 |
Vested, Number of Shares | -32,877 |
Restricted stock, end of period, Number of Shares | 121,788 |
Restricted stock, beginning of year, Weighted Average Grant Date Fair value | $4.98 |
Granted, Weighted Average Grant Date Fair value | $8.77 |
Forfeited, Weighted Average Grant Date Fair value | $5.66 |
Vested, Weighted Average Grant Date Fair value | $4.98 |
Restricted stock, end of period, Weighted Average Grant Date Fair value | $5.89 |
Guarantees_Details
Guarantees (Details) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2014 |
Guarantees [Abstract] | ' |
Undrawn standby letters of credit outstanding | $1.50 |
Letter of credit, expiration term | '1 year |
Fair_Value_Of_Assets_And_Liabi2
Fair Value Of Assets And Liabilities (Narrative) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Impaired loans, valuation allowance | $667 | $485 |
Impaired Loans [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Impaired loans, fair value | $3,428 | $5,483 |
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 $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Securities available-for-sale | $88,273 | $90,676 |
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 | 461 | 484 |
Significant Other Observable Inputs (Level II) [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Securities available-for-sale | 87,812 | 90,192 |
U.S. Government Agencies [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Securities available-for-sale | 5,229 | 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 | 5,229 | 5,380 |
U.S. Government Agencies [Member] | Significant Unobservable Inputs (Level III) [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Securities available-for-sale | ' | ' |
State And Political Subdivisions [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Securities available-for-sale | 27,164 | 25,875 |
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 | 27,164 | 25,875 |
State And Political Subdivisions [Member] | Significant Unobservable Inputs (Level III) [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Securities available-for-sale | ' | ' |
U.S. Government-Sponsored Enterprises [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Securities available-for-sale | 55,419 | 58,937 |
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 | 55,419 | 58,937 |
U.S. Government-Sponsored Enterprises [Member] | Significant Unobservable Inputs (Level III) [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Securities available-for-sale | ' | ' |
Equity Securities-Financial Services Industry And Other [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Securities available-for-sale | 461 | 484 |
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 | 461 | 484 |
Equity Securities-Financial Services Industry And Other [Member] | Significant Unobservable Inputs (Level III) [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Securities available-for-sale | ' | ' |
Fair_Value_Of_Assets_And_Liabi4
Fair Value Of Assets And Liabilities (Financial Assets Measured At Fair Value On A Nonrecurring Basis) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Impaired Loans [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Financial Assets | $3,428 | $5,483 |
Impaired Loans [Member] | Significant Unobservable Inputs (Level III) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Financial Assets | 3,428 | 5,483 |
Foreclosed Real Estate [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Financial Assets | ' | 1,008 |
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 |
Fair_Value_Of_Assets_And_Liabi5
Fair Value Of Assets And Liabilities (Qualitative Information About Level 3 Fair Value Measurements) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 | ||
Impaired Loans [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Financial Assets | $3,428 | $5,483 | ||
Impaired Loans [Member] | Significant Unobservable Inputs (Level III) [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Financial Assets | 3,428 | 5,483 | ||
Valuation Techniques | 'Appraisal of collateral | 'Appraisal of collateral | ||
Unobservable Input | 'Appraisal adjustments | [1] | 'Appraisal adjustments | [1] |
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) | -67.90% | -67.90% | ||
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) | 0.00% | 0.00% | ||
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) | -10.40% | -7.80% | ||
Foreclosed Real Estate [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Financial Assets | ' | 1,008 | ||
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 | ||
Valuation Techniques | ' | 'Appraisal of collateral | ||
Unobservable Input | ' | 'Selling expenses | [1] | |
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% | ||
[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 $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Securities available-for-sale | $88,273 | $90,676 |
Securities held to maturity | 5,863 | 6,060 |
Carrying Value [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cash and cash equivalents | 7,812 | 13,246 |
Time deposits with other banks | 100 | 100 |
Securities available-for-sale | 88,273 | 90,676 |
Securities held to maturity | 5,800 | 6,074 |
Federal Home Loan Bank stock | 3,425 | 2,705 |
Loans receivable, net of allowance | 407,287 | 386,981 |
Accrued interest receivable | 1,772 | 1,642 |
Non-maturity deposits | 326,691 | 331,350 |
Time deposits | 99,146 | 98,947 |
Borrowings | 56,000 | 41,000 |
Junior subordinated debentures | 12,887 | 12,887 |
Accrued interest payable | 254 | 235 |
Fair Value [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cash and cash equivalents | 7,812 | 13,246 |
Time deposits with other banks | 100 | 100 |
Securities available-for-sale | 88,273 | 90,676 |
Securities held to maturity | 5,863 | 6,060 |
Federal Home Loan Bank stock | 3,425 | 2,705 |
Loans receivable, net of allowance | 403,280 | 383,269 |
Accrued interest receivable | 1,772 | 1,642 |
Non-maturity deposits | 326,691 | 331,350 |
Time deposits | 99,924 | 99,925 |
Borrowings | 58,007 | 43,149 |
Junior subordinated debentures | 8,926 | 7,710 |
Accrued interest payable | 254 | 235 |
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 | 7,812 | 13,246 |
Time deposits with other banks | 100 | 100 |
Securities available-for-sale | 461 | 484 |
Non-maturity deposits | 326,691 | 331,350 |
Significant Other Observable Inputs (Level II) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Securities available-for-sale | 87,812 | 90,192 |
Securities held to maturity | 5,863 | 6,060 |
Federal Home Loan Bank stock | 3,425 | 2,705 |
Accrued interest receivable | 1,772 | 1,642 |
Time deposits | 99,924 | 99,925 |
Borrowings | 58,007 | 43,149 |
Junior subordinated debentures | 8,926 | 7,710 |
Accrued interest payable | 254 | 235 |
Significant Unobservable Inputs (Level III) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Loans receivable, net of allowance | $403,280 | $383,269 |