Document_And_Entity_Informatio
Document And Entity Information | 3 Months Ended | |
Mar. 31, 2015 | Apr. 30, 2015 | |
Document Information [Line Items] | ||
Entity Registrant Name | SHORE BANCSHARES INC | |
Entity Central Index Key | 1035092 | |
Current Fiscal Year End Date | -19 | |
Entity Filer Category | Accelerated Filer | |
Trading Symbol | SHBI | |
Entity Common Stock, Shares Outstanding | 12,625,276 | |
Document Type | 10-Q | |
Amendment Flag | FALSE | |
Document Period End Date | 31-Mar-15 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2015 |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
ASSETS | ||
Cash and due from banks | $24,319 | $24,211 |
Interest-bearing deposits with other banks | 48,398 | 68,460 |
Federal funds sold | 3,241 | 3,552 |
Investment securities: | ||
Available for sale, at fair value | 240,111 | 236,108 |
Held to maturity, at amortized cost - fair value of $4,616 (2015) and $4,694 (2014) | 4,515 | 4,630 |
Loans | 721,605 | 710,746 |
Less: allowance for credit losses | -7,798 | -7,695 |
Total loans, net | 713,807 | 703,051 |
Premises and equipment, net | 16,728 | 16,275 |
Goodwill | 11,931 | 11,931 |
Other intangible assets, net | 1,297 | 1,331 |
Other real estate owned, net | 3,469 | 3,691 |
Other assets | 26,312 | 27,162 |
TOTAL ASSETS | 1,094,128 | 1,100,402 |
Deposits: | ||
Noninterest-bearing | 201,518 | 193,814 |
Interest-bearing | 739,256 | 755,190 |
Total deposits | 940,774 | 949,004 |
Short-term borrowings | 5,098 | 4,808 |
Other liabilities | 5,510 | 6,121 |
TOTAL LIABILITIES | 951,382 | 959,933 |
STOCKHOLDERS’ EQUITY | ||
Common stock, par value $.01 per share; shares authorized - 35,000,000; shares issued and outstanding - 12,625,276 (2015) and 12,618,513 (2014) | 126 | 126 |
Additional paid in capital | 63,668 | 63,532 |
Retained earnings | 77,904 | 76,495 |
Accumulated other comprehensive income | 1,048 | 316 |
TOTAL STOCKHOLDERS’ EQUITY | 142,746 | 140,469 |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $1,094,128 | $1,100,402 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, except Share data, unless otherwise specified | ||
Securities held to maturity, estimated fair value (in dollars) | $4,616 | $4,694 |
Common stock, par value (in dollars per share) | $0.01 | $0.01 |
Common stock, shares authorized | 35,000,000 | 35,000,000 |
Common Stock, Shares, Issued | 12,625,276 | 12,618,513 |
Common stock, shares outstanding | 12,625,276 | 12,618,513 |
CONSOLIDATED_STATEMENTS_OF_OPE
CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
INTEREST INCOME | ||
Interest and fees on loans | $8,491 | $8,875 |
Interest and dividends on investment securities: | ||
Taxable | 924 | 521 |
Tax-exempt | 3 | 3 |
Interest on federal funds sold | 1 | 0 |
Interest on deposits with other banks | 26 | 56 |
Total interest income | 9,445 | 9,455 |
INTEREST EXPENSE | ||
Interest on deposits | 901 | 1,127 |
Interest on short-term borrowings | 5 | 5 |
Total interest expense | 906 | 1,132 |
NET INTEREST INCOME | 8,539 | 8,323 |
Provision for credit losses | 650 | 975 |
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES | 7,889 | 7,348 |
NONINTEREST INCOME | ||
Service charges on deposit accounts | 634 | 558 |
Trust and investment fee income | 469 | 431 |
Insurance agency commissions | 2,475 | 3,077 |
Other noninterest income | 507 | 722 |
Total noninterest income | 4,085 | 4,788 |
NONINTEREST EXPENSE | ||
Salaries and wages | 4,313 | 4,314 |
Employee benefits | 1,156 | 1,182 |
Occupancy expense | 626 | 627 |
Furniture and equipment expense | 255 | 273 |
Data processing | 783 | 760 |
Directors’ fees | 123 | 112 |
Amortization of other intangible assets | 33 | 74 |
Insurance agency commissions expense | 0 | 512 |
FDIC insurance premium expense | 384 | 458 |
Write-downs of other real estate owned | 27 | 75 |
Other noninterest expenses | 2,004 | 1,728 |
Total noninterest expense | 9,704 | 10,115 |
INCOME BEFORE INCOME TAXES | 2,270 | 2,021 |
Income tax expense | 861 | 763 |
NET INCOME | $1,409 | $1,258 |
Basic net income per common share (in dollars per share) | $0.11 | $0.15 |
Diluted net income per common share (in dollars per share) | $0.11 | $0.15 |
Dividends paid per common share (in dollars per share) | $0 | $0 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Net income | $1,409 | $1,258 |
Securities available for sale: | ||
Unrealized holding gains on available-for-sale securities | 1,227 | 89 |
Tax effect | -495 | -36 |
Net of tax amount | 732 | 53 |
Total other comprehensive income | 732 | 53 |
Comprehensive income | $2,141 | $1,311 |
CONSOLIDATED_STATEMENTS_OF_CHA
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (USD $) | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] |
In Thousands | |||||
Balances at Dec. 31, 2013 | $103,299 | $85 | $32,207 | $71,444 | ($437) |
Net income | 1,258 | 0 | 0 | 1,258 | 0 |
Unrealized gains on available-for-sale securities, net of taxes | 53 | 0 | 0 | 0 | 53 |
Stock-based compensation | 22 | 0 | 22 | 0 | 0 |
Balances at Mar. 31, 2014 | 104,632 | 85 | 32,229 | 72,702 | -384 |
Balances at Dec. 31, 2014 | 140,469 | 126 | 63,532 | 76,495 | 316 |
Net income | 1,409 | 0 | 0 | 1,409 | 0 |
Unrealized gains on available-for-sale securities, net of taxes | 732 | 0 | 0 | 0 | 732 |
Stock-based compensation | 136 | 0 | 136 | 0 | 0 |
Balances at Mar. 31, 2015 | $142,746 | $126 | $63,668 | $77,904 | $1,048 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income | $1,409 | $1,258 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Provision for credit losses | 650 | 975 |
Depreciation and amortization | 621 | 555 |
Discount accretion on debt securities | -18 | -12 |
Stock-based compensation expense | 136 | 22 |
Deferred income tax expense | 618 | 699 |
Losses (gains) on sales of other real estate owned | 48 | -7 |
Write-downs of other real estate owned | 27 | 75 |
Net changes in: | ||
Accrued interest receivable | 59 | 68 |
Other assets | -399 | 156 |
Accrued interest payable | -17 | -3 |
Other liabilities | -594 | 154 |
Net cash provided by operating activities | 2,540 | 3,940 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Proceeds from maturities and principal payments of investment securities available for sale | 8,697 | 16,811 |
Purchases of investment securities available for sale | -11,736 | -22,024 |
Proceeds from maturities and principal payments of investment securities held to maturity | 112 | 108 |
Net change in loans | -11,904 | 9,162 |
Purchases of premises and equipment | -678 | -143 |
Proceeds from sales of other real estate owned | 644 | 48 |
Net cash (used in) provided by investing activities | -14,865 | 3,962 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Noninterest-bearing deposits | 7,704 | -7,338 |
Interest-bearing deposits | -15,934 | 3,314 |
Short-term borrowings | 290 | -2,070 |
Net cash used in financing activities | -7,940 | -6,094 |
Net (decrease) increase in cash and cash equivalents | -20,265 | 1,808 |
Cash and cash equivalents at beginning of period | 96,223 | 131,090 |
Cash and cash equivalents at end of period | 75,958 | 132,898 |
Supplemental cash flow information: | ||
Interest paid | 923 | 1,136 |
Income taxes paid | 95 | 2 |
Transfers from loans to other real estate owned | 497 | 1,010 |
Transfers from loans held for sale to loans | $0 | $3,521 |
Basis_of_Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2015 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Significant Accounting Policies [Text Block] | Note 1 - Basis of Presentation |
The consolidated financial statements include the accounts of Shore Bancshares, Inc. and its subsidiaries with all significant intercompany transactions eliminated. The consolidated financial statements conform to accounting principles generally accepted in the United States of America (“GAAP”) and to prevailing practices within the banking industry. The accompanying interim financial statements are unaudited; however, in the opinion of management all adjustments necessary to present fairly the consolidated financial position at March 31, 2015, the consolidated results of operations and comprehensive income for the three months ended March 31, 2015 and 2014, and changes in stockholders’ equity and cash flows for the three months ended March 31, 2015 and 2014, have been included. All such adjustments are of a normal recurring nature. The amounts as of December 31, 2014 were derived from the 2014 audited financial statements. The results of operations for the three months ended March 31, 2015 are not necessarily indicative of the results to be expected for any other interim period or for the full year. This Quarterly Report on Form 10-Q should be read in conjunction with the Annual Report of Shore Bancshares, Inc. on Form 10-K for the year ended December 31, 2014. For purposes of comparability, certain reclassifications have been made to amounts previously reported to conform with the current period presentation. | |
When used in these notes, the term “the Company” refers to Shore Bancshares, Inc. and, unless the context requires otherwise, its consolidated subsidiaries. | |
Recent Accounting Standards | |
ASU 2014-04, “Receivables (ASC Topic 310) – Troubled Debt Restructurings by Creditors, Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure.” ASU 2014-04 clarifies when an in substance repossession or foreclosure occurs which is defined as when a creditor should be considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan such that the loan receivable should be derecognized and the real estate property recognized. The ASU requires that the real property be recognized upon obtaining legal title to the real estate collateral, or the borrower voluntarily conveying all interest in the real estate property to the lender to satisfy the loan through a deed in lieu of foreclosure or similar legal agreement. The Company adopted ASU No. 2014-04 effective January 1, 2015. The adoption of ASU No. 2014-04 did not have a material impact on the Company's Consolidated Financial Statements. | |
ASU No. 2014-14, “Classification of Certain Government-Guaranteed Mortgage Loans upon Foreclosure.” ASU 2014-14 the FASB issued an amendment to clarify how creditors are to classify certain government-guaranteed mortgage loans upon foreclosure. This amendment requires that a mortgage loan be derecognized and a separate other receivable be recognized upon foreclosure if the following conditions are met: (1) The loan has a government guarantee that is not separate from the loan before foreclosure and (2) at the time of foreclosure, the creditor has the intent to convey the real estate property to the guarantor and make a claim on the guarantee, and the creditor has the ability to recover under the claim and (3) at the time of foreclosure, any amount of the claim that is determined on the basis of the fair value of the real estate is fixed. Upon foreclosure, the separate other receivable should be measured based on the amount of the loan balance (principal and interest) expected to be recovered from the guarantor. This amendment is effective for annual reporting periods, including interim periods within those annual periods, beginning after December 15, 2014. Entities may apply the amendments in this Update either (a) prospectively to foreclosures that occur after the date of adoption or (b) modified retrospective transition using a cumulative-effect adjustment (through a reclassification to a separate other receivable) as of the beginning of the annual period of adoption. Prior periods should not be adjusted. The Company adopted ASU No. 2014-14 effective January 1, 2015. The adoption of ASU No. 2014-14 did not have a material impact on the Company's Consolidated Financial Statements. | |
ASU No. 2015-02, “Amendments to the Consolidation Analysis.” This ASU affects reporting entities that are required to evaluate whether they should consolidate certain legal entities. Specifically, the amendments: (1) Modify the evaluation of whether limited partnerships and similar legal entities are variable interest entities (“VIEs”) or voting interest entities; (2) Eliminate the presumption that a general partner should consolidate a limited partnership; (3) Affect the consolidation analysis of reporting entities that are involved with VIEs, particularly those that have fee arrangements and related party relationships; and (4) Provide a scope exception from consolidation guidance for reporting entities with interests in legal entities that are required to comply with or operate in accordance with requirements that are similar to those in Rule 2a-7 of the Investment Company Act of 1940 for registered money market funds. ASU No. 2015-02 is effective for interim and annual reporting periods beginning after December 15, 2015. The Company is currently evaluating the provisions of ASU No. 2015-02 to determine the potential impact the new standard will have on the Company's Consolidated Financial Statements. | |
ASU No. 2015-05, “Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement.” This ASU provides guidance to customers about whether a cloud computing arrangement includes a software license. If a cloud computing arrangement includes a software license, the customer should account for the software license element of the arrangement consistent with the acquisition of other software licenses. If a cloud computing arrangement does not include a software license, the customer should account for the arrangement as a service contract. The new guidance does not change the accounting for a customer’s accounting for service contracts. ASU No. 2015-05 is effective for interim and annual reporting periods beginning after December 15, 2015. The Company is currently evaluating the provisions of ASU No. 2015-05 to determine the potential impact the new standard will have on the Company's Consolidated Financial Statements. | |
Earnings_Per_Share
Earnings Per Share | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Earnings Per Share [Abstract] | ||||||||
Earnings Per Share [Text Block] | Note 2 – Earnings Per Share | |||||||
Basic earnings per common share is calculated by dividing net income available to common stockholders by the weighted average number of common shares outstanding during the period. Diluted earnings per common share is calculated by dividing net income available to common stockholders by the weighted average number of common shares outstanding during the period, adjusted for the dilutive effect of common stock equivalents (stock-based awards). The following table provides information relating to the calculation of earnings per common share: | ||||||||
For the Three Months Ended | ||||||||
March 31, | ||||||||
(In thousands, except per share data) | 2015 | 2014 | ||||||
Net income | $ | 1,409 | $ | 1,258 | ||||
Weighted average shares outstanding - Basic | 12,625 | 8,471 | ||||||
Dilutive effect of common stock equivalents | 8 | 13 | ||||||
Weighted average shares outstanding - Diluted | 12,633 | 8,484 | ||||||
Earnings per common share - Basic | $ | 0.11 | $ | 0.15 | ||||
Earnings per common share - Diluted | $ | 0.11 | $ | 0.15 | ||||
The increase in the weighted average shares outstanding for the three months ended March 31, 2015 when compared to the three months ended March 31, 2014 was due to the Company’s public offer and sale of its common stock (the “stock sale”) during the second quarter of 2014. As a result of the stock sale, the Company sold 4,140,000 shares of its common stock for a price of $8.25 per share, which produced net proceeds of $31.3 million. | ||||||||
There were no weighted average common stock equivalents excluded from the calculation of diluted earnings per share for the three months ended March 31, 2015 and 2014. | ||||||||
Investment_Securities
Investment Securities | 3 Months Ended | |||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ||||||||||||||||||||
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | Note 3 – Investment Securities | |||||||||||||||||||
The following table provides information on the amortized cost and estimated fair values of investment securities. | ||||||||||||||||||||
Gross | Gross | Estimated | ||||||||||||||||||
Amortized | Unrealized | Unrealized | Fair | |||||||||||||||||
(Dollars in thousands) | Cost | Gains | Losses | Value | ||||||||||||||||
Available-for-sale securities: | ||||||||||||||||||||
31-Mar-15 | ||||||||||||||||||||
U.S. Treasury | $ | 5,178 | $ | 14 | $ | - | $ | 5,192 | ||||||||||||
U.S. Government agencies | 76,019 | 219 | 211 | 76,027 | ||||||||||||||||
Mortgage-backed | 156,530 | 2,000 | 277 | 158,253 | ||||||||||||||||
Equity | 627 | 12 | - | 639 | ||||||||||||||||
Total | $ | 238,354 | $ | 2,245 | $ | 488 | $ | 240,111 | ||||||||||||
31-Dec-14 | ||||||||||||||||||||
U.S. Treasury | $ | 5,210 | $ | 5 | $ | - | $ | 5,215 | ||||||||||||
U.S. Government agencies | 75,220 | 87 | 347 | 74,960 | ||||||||||||||||
Mortgage-backed | 154,525 | 1,230 | 452 | 155,303 | ||||||||||||||||
Equity | 624 | 6 | - | 630 | ||||||||||||||||
Total | $ | 235,579 | $ | 1,328 | $ | 799 | $ | 236,108 | ||||||||||||
Held-to-maturity securities: | ||||||||||||||||||||
31-Mar-15 | ||||||||||||||||||||
U.S. Government agencies | $ | 2,677 | $ | - | $ | 53 | $ | 2,624 | ||||||||||||
States and political subdivisions | 1,838 | 154 | - | 1,992 | ||||||||||||||||
Total | $ | 4,515 | $ | 154 | $ | 53 | $ | 4,616 | ||||||||||||
31-Dec-14 | ||||||||||||||||||||
U.S. Government agencies | $ | 2,791 | $ | - | $ | 83 | $ | 2,708 | ||||||||||||
States and political subdivisions | 1,839 | 147 | - | 1,986 | ||||||||||||||||
Total | $ | 4,630 | $ | 147 | $ | 83 | $ | 4,694 | ||||||||||||
The following tables provide information about gross unrealized losses and fair value by length of time that the individual securities have been in a continuous unrealized loss position at March 31, 2015 and December 31, 2014. | ||||||||||||||||||||
Less than | More than | |||||||||||||||||||
12 Months | 12 Months | Total | ||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | |||||||||||||||
(Dollars in thousands) | Value | Losses | Value | Losses | Value | Losses | ||||||||||||||
31-Mar-15 | ||||||||||||||||||||
Available-for-sale securities: | ||||||||||||||||||||
U.S. Government agencies | $ | 12,970 | $ | 39 | $ | 6,983 | $ | 17 | $ | 19,953 | $ | 211 | ||||||||
Mortgage-backed | 5,969 | 22 | 25,638 | 410 | 31,607 | 277 | ||||||||||||||
Total | $ | 18,939 | $ | 61 | $ | 33,261 | $ | 427 | $ | 52,200 | $ | 488 | ||||||||
Held-to-maturity securities: | ||||||||||||||||||||
U.S. Government agencies | $ | - | $ | - | $ | 2,624 | $ | 53 | $ | 2,624 | $ | 53 | ||||||||
Less than | More than | |||||||||||||||||||
12 Months | 12 Months | Total | ||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | |||||||||||||||
(Dollars in thousands) | Value | Losses | Value | Losses | Value | Losses | ||||||||||||||
31-Dec-14 | ||||||||||||||||||||
Available-for-sale securities: | ||||||||||||||||||||
U.S. Government agencies | $ | 41,574 | $ | 138 | $ | 6,954 | $ | 209 | $ | 48,528 | $ | 347 | ||||||||
Mortgage-backed | 12,933 | 44 | 26,828 | 408 | 39,761 | 452 | ||||||||||||||
Total | $ | 54,507 | $ | 182 | $ | 34,412 | $ | 617 | $ | 88,919 | $ | 799 | ||||||||
Held-to-maturity securities: | ||||||||||||||||||||
U.S. Government agencies | $ | - | $ | - | $ | 2,708 | $ | 83 | $ | 2,708 | $ | 83 | ||||||||
All of the securities with unrealized losses in the portfolio have modest duration risk, low credit risk, and minimal losses when compared to total amortized cost. The unrealized losses on debt securities that exist are the result of market changes in interest rates since original purchase. Because the Company does not intend to sell these securities and it is not more likely than not that the Company will be required to sell these securities before recovery of their amortized cost bases, which may be at maturity for debt securities, the Company considers the unrealized losses to be temporary. | ||||||||||||||||||||
The following table provides information on the amortized cost and estimated fair values of investment securities by maturity date at March 31, 2015. | ||||||||||||||||||||
Available for sale | Held to maturity | |||||||||||||||||||
Amortized | Estimated | Amortized | Estimated | |||||||||||||||||
(Dollars in thousands) | Cost | Fair Value | Cost | Fair Value | ||||||||||||||||
Due in one year or less | $ | 2,001 | $ | 2,004 | $ | 221 | $ | 222 | ||||||||||||
Due after one year through five years | 76,053 | 76,191 | 711 | 766 | ||||||||||||||||
Due after five years through ten years | 10,647 | 10,782 | 403 | 461 | ||||||||||||||||
Due after ten years | 149,026 | 150,495 | 3,180 | 3,167 | ||||||||||||||||
237,727 | 239,472 | 4,515 | 4,616 | |||||||||||||||||
Equity securities | 627 | 639 | - | - | ||||||||||||||||
Total | $ | 238,354 | $ | 240,111 | $ | 4,515 | $ | 4,616 | ||||||||||||
The maturity dates for debt securities are determined using contractual maturity dates. | ||||||||||||||||||||
Loans_and_Allowance_for_Credit
Loans and Allowance for Credit Losses | 3 Months Ended | ||||||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||||||
Receivables [Abstract] | |||||||||||||||||||||||||||||
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | Note 4 – Loans and Allowance for Credit Losses | ||||||||||||||||||||||||||||
The Company makes residential mortgage, commercial and consumer loans to customers primarily in Talbot County, Queen Anne’s County, Kent County, Caroline County and Dorchester County in Maryland and in Kent County, Delaware. The following table provides information about the principal classes of the loan portfolio at March 31, 2015 and December 31, 2014. | |||||||||||||||||||||||||||||
March 31, | December 31, | ||||||||||||||||||||||||||||
(Dollars in thousands) | 2015 | 2014 | |||||||||||||||||||||||||||
Construction | $ | 77,697 | $ | 69,157 | |||||||||||||||||||||||||
Residential real estate | 264,424 | 273,336 | |||||||||||||||||||||||||||
Commercial real estate | 316,389 | 305,788 | |||||||||||||||||||||||||||
Commercial | 55,079 | 52,671 | |||||||||||||||||||||||||||
Consumer | 8,016 | 9,794 | |||||||||||||||||||||||||||
Total loans | 721,605 | 710,746 | |||||||||||||||||||||||||||
Allowance for credit losses | -7,798 | -7,695 | |||||||||||||||||||||||||||
Total loans, net | $ | 713,807 | $ | 703,051 | |||||||||||||||||||||||||
Loans are stated at their principal amount outstanding net of any deferred fees and costs. Interest income on loans is accrued at the contractual rate based on the principal amount outstanding. Fees charged and costs capitalized for originating loans are being amortized substantially on the interest method over the term of the loan. A loan is placed on nonaccrual (i.e., interest income is no longer accrued) when it is specifically determined to be impaired or when principal or interest is delinquent for 90 days or more, unless the loan is well secured and in the process of collection. Any unpaid interest previously accrued on those loans is reversed from income. Interest payments received on nonaccrual loans are applied as a reduction of the loan principal balance unless collectability of the principal amount is reasonably assured, in which case interest is recognized on a cash basis. Loans are returned to accrual status when all principal and interest amounts contractually due are brought current and future payments are reasonably assured. | |||||||||||||||||||||||||||||
A loan is considered impaired if it is probable that the Company will not collect all principal and interest payments according to the loan’s contractual terms. An impaired loan may show deficiencies in the borrower’s overall financial condition, payment history, support available from financial guarantors and/or the fair market value of collateral. The impairment of a loan is measured at the present value of expected future cash flows using the loan’s effective interest rate, or at the loan’s observable market price or the fair value of the collateral if the loan is collateral dependent. Generally, the Company measures impairment on such loans by reference to the fair value of the collateral. Once the amount of impairment has been determined, the uncollectible portion is charged off. Income on impaired loans is recognized on a cash basis, and payments are first applied against the principal balance outstanding (i.e., placing impaired loans on nonaccrual status). Generally, interest income is not recognized on impaired loans unless the likelihood of further loss is remote. The allowance for credit losses may include specific reserves related to impaired loans. Specific reserves remain until charge offs are made. Impaired loans do not include groups of smaller balance homogenous loans such as residential mortgage and consumer installment loans that are evaluated collectively for impairment. Reserves for probable credit losses related to these loans are based on historical loss ratios and are included in the formula portion of the allowance for credit losses. See additional discussion under the caption “Critical Accounting Policies” in Management’s Discussion and Analysis of Financial Condition and Results of Operations. | |||||||||||||||||||||||||||||
A loan is considered a troubled debt restructuring (“TDR”) if a borrower is experiencing financial difficulties and a creditor has granted a concession. Concessions may include interest rate reductions or below market interest rates, principal forgiveness, restructuring amortization schedules and other actions intended to minimize potential losses. Loans are identified to be restructured when signs of impairment arise such as borrower interest rate reduction request, slowness to pay, or when an inability to repay becomes evident. The terms being offered are evaluated to determine if they are more liberal than those that would be indicated by policy or industry standards for similar, untroubled credits. In those situations where the terms or the interest rates are considered to be more favorable than industry standards or the current underwriting guidelines of the Company’s banking subsidiaries, the loan is classified as a TDR. All loans designated as TDRs are considered impaired loans and may be on either accrual or nonaccrual status. In instances where the loan has been placed on nonaccrual status, six consecutive months of timely payments are required prior to returning the loan to accrual status. | |||||||||||||||||||||||||||||
All loans classified as TDRs which are restructured and accrue interest under revised terms require a full and comprehensive review of the borrower’s financial condition, capacity for repayment, realistic assessment of collateral values, and the assessment of risk entered into any workout agreement. Current financial information on the borrower, guarantor, and underlying collateral is analyzed to determine if it supports the ultimate collection of principal and interest. For commercial loans, the cash flows are analyzed, both for the underlying project and globally. For consumer loans, updated salary, credit history and cash flow information is obtained. Current market conditions are also considered. Following a full analysis, the determination of the appropriate loan structure is made. | |||||||||||||||||||||||||||||
The following tables include impairment information relating to loans and the allowance for credit losses as of March 31, 2015 and December 31, 2014. | |||||||||||||||||||||||||||||
Residential | Commercial | ||||||||||||||||||||||||||||
(Dollars in thousands) | Construction | real estate | real estate | Commercial | Consumer | Unallocated | Total | ||||||||||||||||||||||
31-Mar-15 | |||||||||||||||||||||||||||||
Loans individually evaluated for impairment | $ | 12,601 | $ | 7,975 | $ | 8,761 | $ | 99 | $ | 123 | $ | - | $ | 29,559 | |||||||||||||||
Loans collectively evaluated for impairment | 65,096 | 256,449 | 307,628 | 54,980 | 7,893 | - | 692,046 | ||||||||||||||||||||||
Total loans | $ | 77,697 | $ | 264,424 | $ | 316,389 | $ | 55,079 | $ | 8,016 | $ | - | $ | 721,605 | |||||||||||||||
Allowance for credit losses allocated to: | |||||||||||||||||||||||||||||
Loans individually evaluated for impairment | $ | 729 | $ | 350 | $ | 23 | $ | - | $ | - | $ | - | $ | 1,102 | |||||||||||||||
Loans collectively evaluated for impairment | 1,155 | 1,774 | 2,316 | 441 | 180 | 830 | 6,696 | ||||||||||||||||||||||
Total allowance for credit losses | $ | 1,884 | $ | 2,124 | $ | 2,339 | $ | 441 | $ | 180 | $ | 830 | $ | 7,798 | |||||||||||||||
Residential | Commercial | ||||||||||||||||||||||||||||
(Dollars in thousands) | Construction | real estate | real estate | Commercial | Consumer | Unallocated | Total | ||||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||||||
Loans individually evaluated for impairment | $ | 10,067 | $ | 10,403 | $ | 9,359 | $ | 188 | $ | 124 | $ | - | $ | 30,141 | |||||||||||||||
Loans collectively evaluated for impairment | 59,090 | 262,933 | 296,429 | 52,483 | 9,670 | - | 680,605 | ||||||||||||||||||||||
Total loans | $ | 69,157 | $ | 273,336 | $ | 305,788 | $ | 52,671 | $ | 9,794 | $ | - | $ | 710,746 | |||||||||||||||
Allowance for credit losses allocated to: | |||||||||||||||||||||||||||||
Loans individually evaluated for impairment | $ | 41 | $ | 1,099 | $ | 129 | $ | 1 | $ | 3 | $ | - | $ | 1,273 | |||||||||||||||
Loans collectively evaluated for impairment | 1,262 | 1,735 | 2,250 | 447 | 226 | 502 | 6,422 | ||||||||||||||||||||||
Total allowance for credit losses | $ | 1,303 | $ | 2,834 | $ | 2,379 | $ | 448 | $ | 229 | $ | 502 | $ | 7,695 | |||||||||||||||
The following tables provide information on impaired loans and any related allowance by loan class as of March 31, 2015 and December 31, 2014. The difference between the unpaid principal balance and the recorded investment is the amount of partial charge-offs that have been taken. | |||||||||||||||||||||||||||||
Recorded | Recorded | Quarter-to- | Year-to-date | ||||||||||||||||||||||||||
Unpaid | investment | investment | date average | average | |||||||||||||||||||||||||
principal | with no | with an | Related | recorded | recorded | ||||||||||||||||||||||||
(Dollars in thousands) | balance | allowance | allowance | allowance | investment | investment | |||||||||||||||||||||||
31-Mar-15 | |||||||||||||||||||||||||||||
Impaired nonaccrual loans: | |||||||||||||||||||||||||||||
Construction | $ | 12,188 | $ | 5,681 | $ | 2,904 | $ | 690 | $ | 7,861 | $ | 7,861 | |||||||||||||||||
Residential real estate | 2,178 | 1,557 | 95 | 95 | 2,276 | 2,276 | |||||||||||||||||||||||
Commercial real estate | 3,994 | 2,500 | - | - | 2,689 | 2,689 | |||||||||||||||||||||||
Commercial | 63 | 54 | - | - | 49 | 49 | |||||||||||||||||||||||
Consumer | 129 | 123 | - | - | 123 | 123 | |||||||||||||||||||||||
Total | 18,552 | 9,915 | 2,999 | 785 | 12,998 | 12,998 | |||||||||||||||||||||||
Impaired accruing TDRs: | |||||||||||||||||||||||||||||
Construction | 4,016 | 3,196 | 820 | 39 | 4,019 | 4,019 | |||||||||||||||||||||||
Residential real estate | 6,322 | 659 | 5,663 | 255 | 6,338 | 6,338 | |||||||||||||||||||||||
Commercial real estate | 6,261 | 4,754 | 1,507 | 23 | 6,272 | 6,272 | |||||||||||||||||||||||
Commercial | 45 | 45 | - | - | 46 | 46 | |||||||||||||||||||||||
Consumer | - | - | - | - | - | - | |||||||||||||||||||||||
Total | 16,644 | 8,654 | 7,990 | 317 | 16,675 | 16,675 | |||||||||||||||||||||||
Total impaired loans: | |||||||||||||||||||||||||||||
Construction | 16,204 | 8,877 | 3,724 | 729 | 11,880 | 11,880 | |||||||||||||||||||||||
Residential real estate | 8,500 | 2,217 | 5,758 | 350 | 8,614 | 8,614 | |||||||||||||||||||||||
Commercial real estate | 10,255 | 7,254 | 1,507 | 23 | 8,961 | 8,961 | |||||||||||||||||||||||
Commercial | 108 | 99 | - | - | 95 | 95 | |||||||||||||||||||||||
Consumer | 129 | 123 | - | - | 123 | 123 | |||||||||||||||||||||||
Total | $ | 35,196 | $ | 18,570 | $ | 10,989 | $ | 1,102 | $ | 29,673 | $ | 29,673 | |||||||||||||||||
Recorded | Recorded | Quarter-to- | Year-to-date | ||||||||||||||||||||||||||
Unpaid | investment | investment | date average | average | |||||||||||||||||||||||||
principal | with no | with an | Related | recorded | recorded | ||||||||||||||||||||||||
(Dollars in thousands) | balance | allowance | allowance | allowance | investment | investment | |||||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||||||
Impaired nonaccrual loans: | |||||||||||||||||||||||||||||
Construction | $ | 9,277 | $ | 6,045 | $ | - | $ | - | $ | 7,364 | $ | 7,739 | |||||||||||||||||
Residential real estate | 4,664 | 1,053 | 2,982 | 799 | 2,681 | 3,322 | |||||||||||||||||||||||
Commercial real estate | 4,703 | 2,842 | 280 | 100 | 2,455 | 3,889 | |||||||||||||||||||||||
Commercial | 1,372 | 136 | 5 | 1 | 141 | 437 | |||||||||||||||||||||||
Consumer | 129 | 99 | 25 | 3 | 124 | 79 | |||||||||||||||||||||||
Total | 20,145 | 10,175 | 3,292 | 903 | 12,765 | 15,466 | |||||||||||||||||||||||
Impaired accruing TDRs: | |||||||||||||||||||||||||||||
Construction | 4,022 | 3,196 | 826 | 41 | 3,609 | 2,743 | |||||||||||||||||||||||
Residential real estate | 6,368 | 668 | 5,700 | 300 | 12,401 | 15,123 | |||||||||||||||||||||||
Commercial real estate | 6,237 | 4,774 | 1,463 | 29 | 6,342 | 6,574 | |||||||||||||||||||||||
Commercial | 47 | 47 | - | - | 48 | 55 | |||||||||||||||||||||||
Consumer | - | - | - | - | - | - | |||||||||||||||||||||||
Total | 16,674 | 8,685 | 7,989 | 370 | 22,400 | 24,495 | |||||||||||||||||||||||
Total impaired loans: | |||||||||||||||||||||||||||||
Construction | 13,299 | 9,241 | 826 | 41 | 10,973 | 10,482 | |||||||||||||||||||||||
Residential real estate | 11,032 | 1,721 | 8,682 | 1,099 | 15,082 | 18,445 | |||||||||||||||||||||||
Commercial real estate | 10,940 | 7,616 | 1,743 | 129 | 8,797 | 10,463 | |||||||||||||||||||||||
Commercial | 1,419 | 183 | 5 | 1 | 189 | 492 | |||||||||||||||||||||||
Consumer | 129 | 99 | 25 | 3 | 124 | 79 | |||||||||||||||||||||||
Total | $ | 36,819 | $ | 18,860 | $ | 11,281 | $ | 1,273 | $ | 35,165 | $ | 39,961 | |||||||||||||||||
The following tables provide a roll-forward for troubled debt restructurings as of March 31, 2015 and March 31, 2014. | |||||||||||||||||||||||||||||
1/1/15 | Reclassification/ | 3/31/15 | |||||||||||||||||||||||||||
TDR | New | Disbursements | Charge | Transfers | TDR | Related | |||||||||||||||||||||||
(Dollars in thousands) | Balance | TDRs | (Payments) | offs | In/(Out) | Payoffs | Balance | Allowance | |||||||||||||||||||||
For the three months ended 3/31/2015 | |||||||||||||||||||||||||||||
Accruing TDRs | |||||||||||||||||||||||||||||
Construction | $ | 4,022 | $ | - | $ | -6 | $ | - | $ | - | $ | - | $ | 4,016 | $ | 39 | |||||||||||||
Residential Real Estate | 6,368 | - | -46 | - | - | - | 6,322 | 255 | |||||||||||||||||||||
Commercial Real Estate | 6,237 | - | 24 | - | - | - | 6,261 | 23 | |||||||||||||||||||||
Commercial | 47 | - | -2 | - | - | - | 45 | - | |||||||||||||||||||||
Consumer | - | - | - | - | - | - | - | - | |||||||||||||||||||||
Total | $ | 16,674 | $ | - | $ | -30 | $ | - | $ | - | $ | - | $ | 16,644 | $ | 317 | |||||||||||||
Nonaccrual TDRs | |||||||||||||||||||||||||||||
Construction | $ | 3,321 | $ | - | $ | -7 | $ | -363 | $ | 2,911 | $ | - | $ | 5,862 | $ | 690 | |||||||||||||
Residential Real Estate | 3,382 | - | -9 | - | -2,911 | - | 462 | - | |||||||||||||||||||||
Commercial Real Estate | 346 | - | -2 | -40 | -238 | - | 66 | - | |||||||||||||||||||||
Commercial | - | - | - | - | - | - | - | - | |||||||||||||||||||||
Consumer | 25 | - | -1 | - | - | - | 24 | - | |||||||||||||||||||||
Total | $ | 7,074 | $ | - | $ | -19 | $ | -403 | $ | -238 | $ | - | $ | 6,414 | $ | 690 | |||||||||||||
Total TDRs | $ | 23,748 | $ | - | $ | -49 | $ | -403 | $ | -238 | $ | - | $ | 23,058 | $ | 1,007 | |||||||||||||
1/1/14 | Reclassification/ | 3/31/14 | |||||||||||||||||||||||||||
TDR | New | Disbursements | Charge | Transfers | TDR | Related | |||||||||||||||||||||||
(Dollars in thousands) | Balance | TDRs | (Payments) | offs | In/(Out) | Payoffs | Balance | Allowance | |||||||||||||||||||||
For the three months ended 3/31/2014 | |||||||||||||||||||||||||||||
Accruing TDRs | |||||||||||||||||||||||||||||
Construction | $ | 1,620 | $ | - | $ | -314 | $ | - | $ | - | $ | - | $ | 1,306 | $ | 1 | |||||||||||||
Residential Real Estate | 14,582 | - | 1,421 | - | 201 | -158 | 16,046 | 143 | |||||||||||||||||||||
Commercial Real Estate | 9,791 | - | -25 | -549 | -201 | -1,097 | 7,919 | 6 | |||||||||||||||||||||
Commercial | 95 | - | -9 | - | - | -24 | 62 | 9 | |||||||||||||||||||||
Consumer | - | - | - | - | - | - | - | - | |||||||||||||||||||||
Total | $ | 26,088 | $ | - | $ | 1,073 | $ | -549 | $ | - | $ | -1,279 | $ | 25,333 | $ | 159 | |||||||||||||
Nonaccrual TDRs | |||||||||||||||||||||||||||||
Construction | $ | 3,561 | $ | - | $ | -2 | $ | -17 | $ | 760 | $ | - | $ | 4,302 | $ | - | |||||||||||||
Residential Real Estate | 1,884 | - | -20 | -70 | -760 | - | 1,034 | - | |||||||||||||||||||||
Commercial Real Estate | 842 | - | -72 | -65 | - | - | 705 | - | |||||||||||||||||||||
Commercial | - | - | - | - | - | - | - | - | |||||||||||||||||||||
Consumer | 26 | - | -1 | - | - | - | 25 | - | |||||||||||||||||||||
Total | $ | 6,313 | $ | - | $ | -95 | $ | -152 | $ | - | $ | - | $ | 6,066 | $ | - | |||||||||||||
Total TDRs | $ | 32,401 | $ | - | $ | 978 | $ | -701 | $ | - | $ | -1,279 | $ | 31,399 | $ | 159 | |||||||||||||
No loans were modified and considered TDRs during the three months ended March 31, 2015 and March 31, 2014. | |||||||||||||||||||||||||||||
The following tables provide information on TDRs that defaulted during the three months ended March 31, 2015 and March 31, 2014. Generally, a loan is considered in default when principal or interest is past due 90 days or more. | |||||||||||||||||||||||||||||
Number of | Recorded | Related | |||||||||||||||||||||||||||
(Dollars in thousands) | contracts | investment | allowance | ||||||||||||||||||||||||||
TDRs that subsequently defaulted: | |||||||||||||||||||||||||||||
For the three months ended March 31, 2015 | |||||||||||||||||||||||||||||
Construction | - | $ | - | $ | - | ||||||||||||||||||||||||
Residential real estate | - | - | - | ||||||||||||||||||||||||||
Commercial real estate | 2 | 279 | - | ||||||||||||||||||||||||||
Commercial | - | - | - | ||||||||||||||||||||||||||
Consumer | - | - | - | ||||||||||||||||||||||||||
Total | 2 | $ | 279 | $ | - | ||||||||||||||||||||||||
TDRs that subsequently defaulted: | |||||||||||||||||||||||||||||
For the three months ended March 30, 2014 | |||||||||||||||||||||||||||||
Construction | - | $ | - | $ | - | ||||||||||||||||||||||||
Residential real estate | - | - | - | ||||||||||||||||||||||||||
Commercial real estate | - | - | - | ||||||||||||||||||||||||||
Commercial | - | - | - | ||||||||||||||||||||||||||
Consumer | - | - | - | ||||||||||||||||||||||||||
Total | - | $ | - | $ | - | ||||||||||||||||||||||||
Management uses risk ratings as part of its monitoring of the credit quality in the Company’s loan portfolio. Loans that are identified as special mention, substandard or doubtful are adversely rated. They are assigned higher risk ratings than favorably rated loans in the calculation of the formula portion of the allowance for credit losses. | |||||||||||||||||||||||||||||
The following tables provide information on loan risk ratings as of March 31, 2015 and December 31, 2014. | |||||||||||||||||||||||||||||
Special | |||||||||||||||||||||||||||||
(Dollars in thousands) | Pass/Performing | mention | Substandard | Doubtful | Total | ||||||||||||||||||||||||
31-Mar-15 | |||||||||||||||||||||||||||||
Construction | $ | 60,330 | $ | 3,472 | $ | 13,895 | $ | - | $ | 77,697 | |||||||||||||||||||
Residential real estate | 245,964 | 7,646 | 10,790 | 24 | 264,424 | ||||||||||||||||||||||||
Commercial real estate | 286,695 | 20,047 | 9,647 | - | 316,389 | ||||||||||||||||||||||||
Commercial | 53,076 | 1,896 | 107 | - | 55,079 | ||||||||||||||||||||||||
Consumer | 7,852 | 41 | 123 | - | 8,016 | ||||||||||||||||||||||||
Total | $ | 653,917 | $ | 33,102 | $ | 34,562 | $ | 24 | $ | 721,605 | |||||||||||||||||||
Special | |||||||||||||||||||||||||||||
(Dollars in thousands) | Pass/Performing | mention | Substandard | Doubtful | Total | ||||||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||||||
Construction | $ | 52,241 | $ | 5,643 | $ | 11,273 | $ | - | $ | 69,157 | |||||||||||||||||||
Residential real estate | 252,643 | 6,675 | 14,018 | - | 273,336 | ||||||||||||||||||||||||
Commercial real estate | 275,573 | 20,040 | 10,175 | - | 305,788 | ||||||||||||||||||||||||
Commercial | 50,583 | 1,885 | 114 | 89 | 52,671 | ||||||||||||||||||||||||
Consumer | 9,658 | 13 | 123 | - | 9,794 | ||||||||||||||||||||||||
Total | $ | 640,698 | $ | 34,256 | $ | 35,703 | $ | 89 | $ | 710,746 | |||||||||||||||||||
The following tables provide information on the aging of the loan portfolio as of March 31, 2015 and December 31, 2014. | |||||||||||||||||||||||||||||
Accruing | |||||||||||||||||||||||||||||
30-59 | 60-89 | 90 days | |||||||||||||||||||||||||||
days | days past | or more | Total past | ||||||||||||||||||||||||||
(Dollars in thousands) | Current | past due | due | past due | due | Nonaccrual | Total | ||||||||||||||||||||||
31-Mar-15 | |||||||||||||||||||||||||||||
Construction | $ | 68,844 | $ | 268 | $ | - | $ | — | $ | 268 | $ | 8,585 | $ | 77,697 | |||||||||||||||
Residential real estate | 257,818 | 1,933 | 3,012 | 9 | 4,954 | 1,652 | 264,424 | ||||||||||||||||||||||
Commercial real estate | 311,204 | 1,555 | 1,130 | - | 2,685 | 2,500 | 316,389 | ||||||||||||||||||||||
Commercial | 54,798 | 70 | 157 | - | 227 | 54 | 55,079 | ||||||||||||||||||||||
Consumer | 7,825 | 35 | 6 | 27 | 68 | 123 | 8,016 | ||||||||||||||||||||||
Total | $ | 700,489 | $ | 3,861 | $ | 4,305 | $ | 36 | $ | 8,202 | $ | 12,914 | $ | 721,605 | |||||||||||||||
Percent of total loans | 97.1 | % | 0.5 | % | 0.6 | % | - | % | 1.1 | % | 1.8 | % | |||||||||||||||||
Accruing | |||||||||||||||||||||||||||||
30-59 | 60-89 | 90 days or | |||||||||||||||||||||||||||
days | days past | more past | Total past | ||||||||||||||||||||||||||
(Dollars in thousands) | Current | past due | due | due | due | Nonaccrual | Total | ||||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||||||
Construction | $ | 61,325 | $ | 1,786 | $ | - | $ | - | $ | 1,786 | $ | 6,046 | $ | 69,157 | |||||||||||||||
Residential real estate | 263,165 | 3,351 | 2,702 | 83 | 6,136 | 4,035 | 273,336 | ||||||||||||||||||||||
Commercial real estate | 301,695 | 459 | 513 | - | 972 | 3,121 | 305,788 | ||||||||||||||||||||||
Commercial | 52,352 | 47 | 131 | - | 178 | 141 | 52,671 | ||||||||||||||||||||||
Consumer | 9,619 | 11 | 37 | 4 | 52 | 123 | 9,794 | ||||||||||||||||||||||
Total | $ | 688,156 | $ | 5,654 | $ | 3,383 | $ | 87 | $ | 9,124 | $ | 13,466 | $ | 710,746 | |||||||||||||||
Percent of total loans | 96.8 | % | 0.8 | % | 0.5 | % | - | % | 1.3 | % | 1.9 | % | |||||||||||||||||
Management evaluates the adequacy of the allowance for credit losses at least quarterly and adjusts the provision for credit losses based on this analysis. The following tables provide a summary of the activity in the allowance for credit losses allocated by loan class for the three months ended March 31, 2015 and 2014. Allocation of a portion of the allowance to one loan class does not preclude its availability to absorb losses in other loan classes. | |||||||||||||||||||||||||||||
Residential | Commercial | ||||||||||||||||||||||||||||
(Dollars in thousands) | Construction | real estate | real estate | Commercial | Consumer | Unallocated | Total | ||||||||||||||||||||||
For the three months ended March 31, 2015 | |||||||||||||||||||||||||||||
Allowance for credit losses: | |||||||||||||||||||||||||||||
Beginning balance | $ | 1,303 | $ | 2,834 | $ | 2,379 | $ | 448 | $ | 229 | $ | 502 | $ | 7,695 | |||||||||||||||
Charge-offs | -363 | -114 | -40 | -124 | -10 | - | -651 | ||||||||||||||||||||||
Recoveries | 3 | 23 | 13 | 47 | 18 | - | 104 | ||||||||||||||||||||||
Net charge-offs | -360 | -91 | -27 | -77 | 8 | - | -547 | ||||||||||||||||||||||
Provision | 941 | -619 | -13 | 70 | -57 | 328 | 650 | ||||||||||||||||||||||
Ending balance | $ | 1,884 | $ | 2,124 | $ | 2,339 | $ | 441 | $ | 180 | $ | 830 | $ | 7,798 | |||||||||||||||
Residential | Commercial | ||||||||||||||||||||||||||||
(Dollars in thousands) | Construction | real estate | real estate | Commercial | Consumer | Unallocated | Total | ||||||||||||||||||||||
For the three months ended March 31, 2014 | |||||||||||||||||||||||||||||
Allowance for credit losses: | |||||||||||||||||||||||||||||
Beginning balance | $ | 1,960 | $ | 3,854 | $ | 3,029 | $ | 1,266 | $ | 243 | $ | 373 | $ | 10,725 | |||||||||||||||
Charge-offs | -17 | -672 | -90 | -842 | -127 | - | -1,748 | ||||||||||||||||||||||
Recoveries | 10 | 43 | 6 | 50 | 8 | - | 117 | ||||||||||||||||||||||
Net charge-offs | -7 | -629 | -84 | -792 | -119 | - | -1,631 | ||||||||||||||||||||||
Provision | 44 | -1,139 | 1,639 | 203 | 184 | 44 | 975 | ||||||||||||||||||||||
Ending balance | $ | 1,997 | $ | 2,086 | $ | 4,584 | $ | 677 | $ | 308 | $ | 417 | $ | 10,069 | |||||||||||||||
Foreclosure Proceedings | |||||||||||||||||||||||||||||
Consumer mortgage loans collateralized by residential real estate property that are in the process of foreclosure totaled $27 thousand as of March 31, 2015. | |||||||||||||||||||||||||||||
Other_Assets
Other Assets | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||||||||
Other Assets Disclosure [Text Block] | Note 5 – Other Assets | |||||||
The Company had the following other assets at March 31, 2015 and December 31, 2014. | ||||||||
(Dollars in thousands) | March 31, 2015 | December 31, 2014 | ||||||
Nonmarketable investment securities | $ | 1,706 | $ | 1,586 | ||||
Accrued interest receivable | 2,604 | 2,663 | ||||||
Deferred income taxes | 14,631 | 15,744 | ||||||
Prepaid expenses | 1,615 | 750 | ||||||
Other assets | 5,756 | 6,419 | ||||||
Total | $ | 26,312 | $ | 27,162 | ||||
The following table provides information on significant components of the Company’s deferred tax assets and liabilities as of March 31, 2015 and December 31, 2014. | ||||||||
(Dollars in thousands) | March 31, | December 31, | ||||||
2015 | 2014 | |||||||
Deferred tax assets: | ||||||||
Allowance for credit losses | $ | 3,110 | $ | 3,072 | ||||
Reserve for off-balance sheet commitments | 122 | 121 | ||||||
Net operating loss carry forward | 12,516 | 13,265 | ||||||
Write-downs of other real estate owned | 303 | 355 | ||||||
Deferred income | 1,077 | 1,132 | ||||||
Accrued expenses | 929 | 918 | ||||||
Other | 174 | 80 | ||||||
Total deferred tax assets | 18,231 | 18,943 | ||||||
Deferred tax liabilities: | ||||||||
Depreciation | 343 | 372 | ||||||
Purchase accounting adjustments | 1,807 | 1,751 | ||||||
Deferred capital gain on branch sale | 421 | 425 | ||||||
Unrealized gains on available-for-sale securities | 709 | 214 | ||||||
Other | 320 | 437 | ||||||
Total deferred tax liabilities | 3,600 | 3,199 | ||||||
Net deferred tax assets | $ | 14,631 | $ | 15,744 | ||||
The Company’s deferred tax assets primarily consist of net operating loss carryovers that will be used to offset taxable income in future periods through their statutory period of 20 years for federal tax purposes. No valuation allowance on these deferred tax assets was recorded at March 31, 2015 and December 31, 2014 as management believes it is more likely than not that all deferred tax assets will be realized based on the following positive material factors: 1) The Company was profitable for all four quarters of 2014 and the first quarter of 2015 on a GAAP basis. The net operating loss was originally created in the third quarter of 2013 and was solely attributable to an Asset Sale which is considered non-recurring. 2) The Company had pre-tax income of $8.1 million for the year ended December 31, 2014, providing further evidence that the Asset Sale was producing positive results and confirming the expectation of utilizing the deferred tax assets. 3) As a contingent opportunity, the Company has had discussions with certain investors about entering into a sales leaseback transaction for some of its branch locations which would generate a material taxable gain. The decision to act on this has been deferred; however, it would become a very viable option as a tax planning strategy if there was a risk that the net operating loss carryovers would expire before they were fully utilized. Alternatively, the Company has reviewed negative factors which would influence the conclusion of realizing the deferred tax assets. These factors include the following: 1) The Company could be subject to Section 382 of the Internal Revenue Code (“IRC”), which could further limit the realization of the net operating loss-related deferred tax asset (“NOL-DTA”). 2) Although the local economy of the market in which the Company operates has been showing continued signs of improvement over the past three years, if this trend flattens or reverses, there is a potential that this potential negative evidence could outweigh the prevailing positive factors. | ||||||||
Based on the aforementioned considerations, the Company has concluded that the predominance of observable positive evidence outweighs the future potential of negative evidence and therefore it is more likely than not that the Company will be able to realize in the future all of the net deferred tax assets. | ||||||||
Other_Liabilities
Other Liabilities | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Other Liabilities Disclosure [Abstract] | ||||||||
Other Liabilities Disclosure [Text Block] | Note 6 – Other Liabilities | |||||||
The Company had the following other liabilities at March 31, 2015 and December 31, 2014. | ||||||||
(Dollars in thousands) | March 31, 2015 | December 31, 2014 | ||||||
Accrued interest payable | $ | 155 | $ | 172 | ||||
Other accounts payable | 1,900 | 2,435 | ||||||
Deferred compensation liability | 1,520 | 1,503 | ||||||
Other liabilities | 1,935 | 2,011 | ||||||
Total | $ | 5,510 | $ | 6,121 | ||||
StockBased_Compensations
Stock-Based Compensations | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | Note 7 - Stock-Based Compensation | |||||||
As of March 31, 2015, the Company maintained the Shore Bancshares, Inc. 2006 Stock and Incentive Compensation Plan (“2006 Equity Plan”) under which it may issue shares of common stock or grant other equity-based awards. Stock-based awards granted to date generally are time-based, vest in equal installments on each anniversary of the grant date over a three- to five-year period of time, and, in the case of stock options, expire 7 years from the grant date. Stock-based compensation expense is recognized ratably over the requisite service period for all awards, is based on the grant-date fair value and reflects forfeitures as they occur. | ||||||||
The following tables provide information on stock-based compensation expense for the first three months of 2015 and 2014. | ||||||||
For the Three Months Ended | ||||||||
March 31, | ||||||||
(Dollars in thousands) | 2015 | 2014 | ||||||
Stock-based compensation expense | $ | 136 | $ | 22 | ||||
Excess tax expense related to stock-based compensation | - | - | ||||||
March 31, | ||||||||
(Dollars in thousands) | 2015 | 2014 | ||||||
Unrecognized stock-based compensation expense | $ | 102 | $ | 114 | ||||
Weighted average period unrecognized expense is expected to be recognized | 0.8 years | 1.5 years | ||||||
The following table summarizes restricted stock award activity for the Company under the 2006 Equity Plan for the three months ended March 31, 2015 and 2014. | ||||||||
Number | Weighted Average Grant | |||||||
March 31, 2015 | of Shares | Date Fair Value | ||||||
Nonvested at beginning of period | 14,251 | $ | 8.33 | |||||
Granted | 6,763 | 9.18 | ||||||
Vested | -8,680 | 8.55 | ||||||
Cancelled | - | - | ||||||
Nonvested at end of period | 12,334 | $ | 8.22 | |||||
Number | Weighted Average Grant | |||||||
March 31, 2014 | of Shares | Date Fair Value | ||||||
Nonvested at beginning of period | 13,930 | $ | 8.33 | |||||
Granted | - | - | ||||||
Vested | -3,333 | 8.93 | ||||||
Cancelled | - | - | ||||||
Nonvested at end of period | 10,597 | $ | 8.14 | |||||
The fair value of restricted stock awards that vested during the first three months of 2015 was $74 thousand. | ||||||||
The following table summarizes stock option activity for the Company under the 2006 Equity Plan for the three months ended March 31, 2015 and 2014. | ||||||||
Weighted | ||||||||
Number | Average | |||||||
31-Mar-15 | of Shares | Exercise Price | ||||||
Outstanding at beginning of period | 27,108 | $ | 6.64 | |||||
Granted | 34,219 | 3.44 | ||||||
Exercised | - | - | ||||||
Expired/Cancelled | - | - | ||||||
Outstanding at end of period | 61,327 | $ | 4.85 | |||||
Exercisable at end of period | 27,108 | $ | 6.64 | |||||
Weighted | ||||||||
Number | Average | |||||||
31-Mar-14 | of Shares | Exercise Price | ||||||
Outstanding at beginning of period | 40,662 | $ | 6.64 | |||||
Granted | - | - | ||||||
Exercised | - | - | ||||||
Expired/Cancelled | - | - | ||||||
Outstanding at end of period | 40,662 | $ | 6.64 | |||||
Exercisable at end of period | 20,331 | $ | 6.64 | |||||
At the end of the first quarter of 2015, the aggregate intrinsic value of the options outstanding under the 2006 Equity Plan was $265 thousand based on the $9.18 market value per share of the Company’s common stock at March 31, 2015. Similarly, the aggregate intrinsic value of the options exercisable was $69 thousand at March 31, 2015. Since there were no options exercised during the first three months of 2015 or 2014, there was no intrinsic value associated with stock options exercised and no cash received on exercise of options. At March 31, 2015, the weighted average remaining contract life of options outstanding was 7 years. | ||||||||
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||||||
Comprehensive Income (Loss) Note [Text Block] | Note 8 – Accumulated Other Comprehensive Income | |||||||
The Company records unrealized holding gains (losses), net of tax, on investment securities available for sale as accumulated other comprehensive income (loss), a separate component of stockholders’ equity. The following table provides information on the changes in the components of accumulated other comprehensive income (loss) for the three months ended March 31, 2015 and 2014. | ||||||||
(Dollars in thousands) | Accumulated net | Total accumulated | ||||||
unrealized holding | other | |||||||
gains (losses) on | comprehensive | |||||||
available for sale | income (loss) | |||||||
securities | ||||||||
Balance, December 31, 2014 | $ | 316 | $ | 316 | ||||
Other comprehensive income | 732 | 732 | ||||||
Balance, March 31, 2015 | $ | 1,048 | $ | 1,048 | ||||
Balance, December 31, 2013 | $ | -437 | $ | -437 | ||||
Other comprehensive income | 53 | 53 | ||||||
Balance, March 31, 2014 | $ | -384 | $ | -384 | ||||
Fair_Value_Measurements
Fair Value Measurements | 3 Months Ended | |||||||||||||
Mar. 31, 2015 | ||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||
Fair Value Disclosures [Text Block] | Note 9 – Fair Value Measurements | |||||||||||||
Accounting guidance under GAAP defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. This accounting guidance also establishes a fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. | ||||||||||||||
The Company uses fair value measurements to record fair value adjustments to certain assets and liabilities. Securities available for sale are recorded at fair value on a recurring basis. Additionally, from time to time, the Company may be required to record at fair value other assets on a nonrecurring basis, such as impaired loans, loans held for sale and other real estate owned (foreclosed assets). These nonrecurring fair value adjustments typically involve application of lower of cost or market accounting or write-downs of individual assets. | ||||||||||||||
Under fair value accounting guidance, assets and liabilities are grouped at fair value in three levels, based on the markets in which the assets and liabilities are traded and the reliability of the assumptions used to determine their fair values. These hierarchy levels are: | ||||||||||||||
Level 1 inputs – Unadjusted quoted prices in active markets for identical assets or liabilities that the entity has the ability to access at the measurement date. | ||||||||||||||
Level 2 inputs – Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These might include quoted prices for similar assets or liabilities in active markets, and inputs other than quoted prices that are observable for the asset or liability, such as interest rates and yield curves that are observable at commonly quoted intervals. | ||||||||||||||
Level 3 inputs – Unobservable inputs for determining the fair values of assets or liabilities that reflect an entity’s own assumptions about the assumptions that market participants would use in pricing the assets or liabilities. | ||||||||||||||
Below is a discussion on the Company’s assets measured at fair value on a recurring basis. | ||||||||||||||
Investment Securities Available for Sale | ||||||||||||||
Fair value measurement for investment securities available for sale is based on quoted prices from an independent pricing service. The fair value measurements consider observable data that may include present value of future cash flows, prepayment assumptions, credit loss assumptions and other factors. The Company classifies its investments in U.S. Treasury securities as Level 1 in the fair value hierarchy, and it classifies its investments in U.S. Government agencies securities mortgage-backed securities issued or guaranteed by U.S. Government sponsored entities, and equity securities as Level 2. | ||||||||||||||
The tables below present the recorded amount of assets measured at fair value on a recurring basis at March 31, 2015 and December 31, 2014. No assets were transferred from one hierarchy level to another during the first three months of 2015 or 2014. | ||||||||||||||
Significant | ||||||||||||||
Other | Significant | |||||||||||||
Quoted | Observable | Unobservable | ||||||||||||
Prices | Inputs | Inputs | ||||||||||||
(Dollars in thousands) | Fair Value | (Level 1) | (Level 2) | (Level 3) | ||||||||||
31-Mar-15 | ||||||||||||||
Securities available for sale: | ||||||||||||||
U.S. Treasury | $ | 5,192 | $ | 5,192 | $ | - | $ | - | ||||||
U.S. Government agencies | 76,027 | - | 76,027 | - | ||||||||||
Mortgage-backed | 158,253 | - | 158,253 | - | ||||||||||
Equity | 639 | - | 639 | - | ||||||||||
Total | $ | 240,111 | $ | 5,192 | $ | 234,919 | $ | - | ||||||
Significant | ||||||||||||||
Other | Significant | |||||||||||||
Quoted | Observable | Unobservable | ||||||||||||
Prices | Inputs | Inputs | ||||||||||||
(Dollars in thousands) | Fair Value | (Level 1) | (Level 2) | (Level 3) | ||||||||||
31-Dec-14 | ||||||||||||||
Securities available for sale: | ||||||||||||||
U.S. Treasury | $ | 5,215 | $ | 5,215 | $ | - | $ | - | ||||||
U.S. Government agencies | 74,960 | - | 74,960 | - | ||||||||||
Mortgage-backed | 155,303 | - | 155,303 | - | ||||||||||
Equity | 630 | - | 630 | - | ||||||||||
Total | $ | 236,108 | $ | 5,215 | $ | 230,893 | $ | - | ||||||
Below is a discussion on the Company’s assets measured at fair value on a nonrecurring basis. | ||||||||||||||
Loans | ||||||||||||||
The Company does not record loans at fair value on a recurring basis; however, from time to time, a loan is considered impaired and a valuation allowance may be established if there are losses associated with the loan. Loans are considered impaired if it is probable that payment of interest and principal will not be made in accordance with contractual terms. The fair value of impaired loans can be estimated using one of several methods, including the collateral value, market value of similar debt, liquidation value and discounted cash flows. At March 31, 2015 and December 31, 2014, substantially all impaired loans were evaluated based on the fair value of the collateral and were classified as Level 2 in the fair value hierarchy. | ||||||||||||||
Loans held for sale | ||||||||||||||
Loans held for sale are adjusted for fair value upon transfer of loans to loans held for sale. Subsequently, loans held for sale are carried at the lower of carrying value or fair value. Fair value is based on independent market prices, appraised value of the collateral or management’s estimation of the value of the collateral. At March 31, 2015 and December 31, 2014, the Company had no loans held for sale. | ||||||||||||||
Other Real Estate and Other Assets Owned (Foreclosed Assets) | ||||||||||||||
Foreclosed assets are adjusted for fair value upon transfer of loans to foreclosed assets. Subsequently, foreclosed assets are carried at the lower of carrying value or fair value less estimated costs to sell. Fair value is based on independent market prices, appraised value of the collateral or management’s estimation of the value of the collateral. At March 31, 2015 and December 31, 2014, foreclosed assets were classified as Level 2 in the fair value hierarchy. | ||||||||||||||
The tables below present the recorded amount of assets measured at fair value on a nonrecurring basis at March 31, 2015 and December 31, 2014. No assets were transferred from one hierarchy level to another during the first three months of 2015 or 2014. | ||||||||||||||
Significant | ||||||||||||||
Other | Significant | |||||||||||||
Quoted | Observable | Unobservable | ||||||||||||
Prices | Inputs | Inputs | ||||||||||||
(Dollars in thousands) | Fair Value | (Level 1) | (Level 2) | (Level 3) | ||||||||||
31-Mar-15 | ||||||||||||||
Impaired loans | ||||||||||||||
Construction | $ | 11,872 | $ | - | $ | 11,872 | $ | - | ||||||
Residential real estate | 7,624 | - | 7,624 | - | ||||||||||
Commercial real estate | 8,738 | - | 8,738 | - | ||||||||||
Commercial | 99 | - | 99 | - | ||||||||||
Consumer | 123 | - | 123 | - | ||||||||||
Total impaired loans | 28,456 | - | 28,456 | - | ||||||||||
Loans held for sale | - | - | - | - | ||||||||||
Other real estate owned | 3,469 | - | 3,469 | - | ||||||||||
Total assets measured at fair value on a nonrecurring basis | $ | 31,925 | $ | - | $ | 31,925 | $ | - | ||||||
Significant | ||||||||||||||
Other | Significant | |||||||||||||
Quoted | Observable | Unobservable | ||||||||||||
Prices | Inputs | Inputs | ||||||||||||
(Dollars in thousands) | Fair Value | (Level 1) | (Level 2) | (Level 3) | ||||||||||
31-Dec-14 | ||||||||||||||
Impaired loans | ||||||||||||||
Construction | $ | 10,026 | $ | - | $ | 10,026 | $ | - | ||||||
Residential real estate | 9,304 | - | 9,304 | - | ||||||||||
Commercial real estate | 9,230 | - | 9,230 | - | ||||||||||
Commercial | 187 | - | 187 | - | ||||||||||
Consumer | 121 | - | 121 | - | ||||||||||
Total impaired loans | 28,868 | - | 28,868 | - | ||||||||||
Loans held for sale | - | - | - | - | ||||||||||
Other real estate owned | 3,691 | - | 3,691 | - | ||||||||||
Total assets measured at fair value on a nonrecurring basis | $ | 32,559 | $ | - | $ | 32,559 | $ | - | ||||||
The following information relates to the estimated fair values of financial assets and liabilities that are reported in the Company’s consolidated balance sheets at their carrying amounts. The discussion below describes the methods and assumptions used to estimate the fair value of each class of financial asset and liability for which it is practicable to estimate that value. | ||||||||||||||
Cash and Cash Equivalents | ||||||||||||||
Cash equivalents include interest-bearing deposits with other banks and federal funds sold. For these short-term instruments, the carrying amount is a reasonable estimate of fair value. | ||||||||||||||
Investment Securities Held to Maturity | ||||||||||||||
For all investments in debt securities, fair values are based on quoted prices. If a quoted price is not available, then fair value is estimated using quoted prices for similar securities. | ||||||||||||||
Loans | ||||||||||||||
The fair values of categories of fixed rate loans, such as commercial loans, residential real estate, and other consumer loans, are estimated by discounting the future cash flows using the current rates at which similar loans would be made to borrowers with similar credit ratings and for the same remaining maturities. Other loans, including variable rate loans, are adjusted for differences in loan characteristics. | ||||||||||||||
Financial Liabilities | ||||||||||||||
The fair values of demand deposits, savings accounts, and certain money market deposits are the amounts payable on demand at the reporting date. The fair value of fixed-maturity certificates of deposit is estimated using the rates currently offered for deposits of similar remaining maturities. These estimates do not take into consideration the value of core deposit intangibles. Generally, the carrying amount of short-term borrowings is a reasonable estimate of fair value. The fair values of securities sold under agreements to repurchase (included in short-term borrowings) and long-term debt are estimated using the rates offered for similar borrowings. | ||||||||||||||
Commitments to Extend Credit and Standby Letters of Credit | ||||||||||||||
The majority of the Company’s commitments to grant loans and standby letters of credit are written to carry current market interest rates if converted to loans. In general, commitments to extend credit and letters of credit are not assignable by the Company or the borrower, so they generally have value only to the Company and the borrower. Therefore, it is impractical to assign any value to these commitments. | ||||||||||||||
The following table provides information on the estimated fair values of the Company’s financial assets and liabilities that are reported in the balance sheets at their carrying amounts. The financial assets and liabilities have been segregated by their classification level in the fair value hierarchy. | ||||||||||||||
March 31, 2015 | December 31, 2014 | |||||||||||||
Estimated | Estimated | |||||||||||||
Carrying | Fair | Carrying | Fair | |||||||||||
(Dollars in thousands) | Amount | Value | Amount | Value | ||||||||||
Financial assets | ||||||||||||||
Level 1 inputs | ||||||||||||||
Cash and cash equivalents | $ | 75,958 | $ | 75,958 | $ | 96,223 | $ | 96,223 | ||||||
Level 2 inputs | ||||||||||||||
Investment securities held to maturity | $ | 4,515 | $ | 4,616 | $ | 4,630 | $ | 4,694 | ||||||
Loans, net | 713,807 | 735,287 | 703,051 | 724,771 | ||||||||||
Financial liabilities | ||||||||||||||
Level 2 inputs | ||||||||||||||
Deposits | $ | 940,774 | $ | 940,484 | $ | 949,004 | $ | 948,605 | ||||||
Short-term borrowings | 5,098 | 5,098 | 4,808 | 4,808 | ||||||||||
Financial_Instruments_with_Off
Financial Instruments with Off-Balance Sheet Risk | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Financial Instruments With Off Balance Sheet Risk Disclosure [Abstract] | ||||||||
Financial Instruments With Off Balance Sheet Risk Disclosure [Text Block] | Note 10 – Financial Instruments with Off-Balance Sheet Risk | |||||||
In the normal course of business, to meet the financial needs of its customers, the Company’s bank subsidiaries are parties to financial instruments with off-balance sheet risk. These financial instruments include commitments to extend credit and standby letters of credit. Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Letters of credit are conditional commitments issued by the Company’s bank subsidiaries to guarantee the performance of a customer to a third party. Letters of credit and other commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Because many of the letters of credit and commitments are expected to expire without being drawn upon, the total commitment amount does not necessarily represent future cash requirements. | ||||||||
The following table provides information on commitments outstanding at March 31, 2015 and December 31, 2014. | ||||||||
(Dollars in thousands) | March 31, 2015 | December 31, 2014 | ||||||
Commitments to extend credit | $ | 142,084 | $ | 127,080 | ||||
Letters of credit | 7,155 | 7,347 | ||||||
Total | $ | 149,239 | $ | 134,427 | ||||
Segment_Reporting
Segment Reporting | 3 Months Ended | |||||||||||||
Mar. 31, 2015 | ||||||||||||||
Segment Reporting [Abstract] | ||||||||||||||
Segment Reporting Disclosure [Text Block] | Note 11 – Segment Reporting | |||||||||||||
The Company operates two primary business segments: Community Banking and Insurance Products and Services. Through the Community Banking business, the Company provides services to consumers and small businesses on the Eastern Shore of Maryland and Delaware through its 18-branch network. Community banking activities include small business services, retail brokerage, trust services and consumer banking products and services. Loan products available to consumers include mortgage, home equity, automobile, marine, and installment loans, credit cards and other secured and unsecured personal lines of credit. Small business lending includes commercial mortgages, real estate development loans, equipment and operating loans, as well as secured and unsecured lines of credit, credit cards, accounts receivable financing arrangements, and merchant card services. | ||||||||||||||
Through the Insurance Products and Services business, the Company provides a full range of insurance products and services to businesses and consumers in the Company’s market areas. Products include property and casualty, life, marine, individual health and long-term care insurance. Pension and profit sharing plans and retirement plans for executives and employees are available to suit the needs of individual businesses. | ||||||||||||||
The following table includes selected financial information by business segments for the first three months of 2015 and 2014. | ||||||||||||||
Community | Insurance Products | Parent | Consolidated | |||||||||||
(Dollars in thousands) | Banking | and Services | Company | Total | ||||||||||
2015 | ||||||||||||||
Interest income | $ | 9,394 | $ | - | $ | 51 | $ | 9,445 | ||||||
Interest expense | -906 | - | - | -906 | ||||||||||
Provision for credit losses | -650 | - | - | -650 | ||||||||||
Noninterest income | 1,666 | 2,419 | - | 4,085 | ||||||||||
Noninterest expense | -5,527 | -1,751 | -2,426 | -9,704 | ||||||||||
Net intersegment (expense) income | -1,993 | -197 | 2,190 | - | ||||||||||
Income (loss) before taxes | 1,984 | 471 | -185 | 2,270 | ||||||||||
Income tax (expense) benefit | -752 | -179 | 70 | -861 | ||||||||||
Net income (loss) | $ | 1,232 | $ | 292 | $ | -115 | $ | 1,409 | ||||||
Total assets | $ | 1,068,367 | $ | 10,023 | $ | 15,738 | $ | 1,094,128 | ||||||
2014 | ||||||||||||||
Interest income | $ | 9,455 | $ | - | $ | - | $ | 9,455 | ||||||
Interest expense | -1,132 | - | - | -1,132 | ||||||||||
Provision for credit losses | -975 | - | - | -975 | ||||||||||
Noninterest income | 1,522 | 3,266 | - | 4,788 | ||||||||||
Noninterest expense | -5,591 | -2,615 | -1,909 | -10,115 | ||||||||||
Net intersegment (expense) income | -1,662 | -181 | 1,843 | - | ||||||||||
Income (loss) before taxes | 1,617 | 470 | -66 | 2,021 | ||||||||||
Income tax (expense) benefit | -610 | -178 | 25 | -763 | ||||||||||
Net income (loss) | $ | 1,007 | $ | 292 | $ | -41 | $ | 1,258 | ||||||
Total assets | $ | 1,031,855 | $ | 13,567 | $ | 4,092 | $ | 1,049,514 | ||||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Earnings Per Share [Abstract] | ||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | The following table provides information relating to the calculation of earnings per common share: | |||||||
For the Three Months Ended | ||||||||
March 31, | ||||||||
(In thousands, except per share data) | 2015 | 2014 | ||||||
Net income | $ | 1,409 | $ | 1,258 | ||||
Weighted average shares outstanding - Basic | 12,625 | 8,471 | ||||||
Dilutive effect of common stock equivalents | 8 | 13 | ||||||
Weighted average shares outstanding - Diluted | 12,633 | 8,484 | ||||||
Earnings per common share - Basic | $ | 0.11 | $ | 0.15 | ||||
Earnings per common share - Diluted | $ | 0.11 | $ | 0.15 | ||||
Investment_Securities_Tables
Investment Securities (Tables) | 3 Months Ended | |||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ||||||||||||||||||||
Schedule of Available-for-sale Securities Reconciliation [Table Text Block] | The following table provides information on the amortized cost and estimated fair values of investment securities. | |||||||||||||||||||
Gross | Gross | Estimated | ||||||||||||||||||
Amortized | Unrealized | Unrealized | Fair | |||||||||||||||||
(Dollars in thousands) | Cost | Gains | Losses | Value | ||||||||||||||||
Available-for-sale securities: | ||||||||||||||||||||
31-Mar-15 | ||||||||||||||||||||
U.S. Treasury | $ | 5,178 | $ | 14 | $ | - | $ | 5,192 | ||||||||||||
U.S. Government agencies | 76,019 | 219 | 211 | 76,027 | ||||||||||||||||
Mortgage-backed | 156,530 | 2,000 | 277 | 158,253 | ||||||||||||||||
Equity | 627 | 12 | - | 639 | ||||||||||||||||
Total | $ | 238,354 | $ | 2,245 | $ | 488 | $ | 240,111 | ||||||||||||
31-Dec-14 | ||||||||||||||||||||
U.S. Treasury | $ | 5,210 | $ | 5 | $ | - | $ | 5,215 | ||||||||||||
U.S. Government agencies | 75,220 | 87 | 347 | 74,960 | ||||||||||||||||
Mortgage-backed | 154,525 | 1,230 | 452 | 155,303 | ||||||||||||||||
Equity | 624 | 6 | - | 630 | ||||||||||||||||
Total | $ | 235,579 | $ | 1,328 | $ | 799 | $ | 236,108 | ||||||||||||
Held-to-maturity securities: | ||||||||||||||||||||
31-Mar-15 | ||||||||||||||||||||
U.S. Government agencies | $ | 2,677 | $ | - | $ | 53 | $ | 2,624 | ||||||||||||
States and political subdivisions | 1,838 | 154 | - | 1,992 | ||||||||||||||||
Total | $ | 4,515 | $ | 154 | $ | 53 | $ | 4,616 | ||||||||||||
31-Dec-14 | ||||||||||||||||||||
U.S. Government agencies | $ | 2,791 | $ | - | $ | 83 | $ | 2,708 | ||||||||||||
States and political subdivisions | 1,839 | 147 | - | 1,986 | ||||||||||||||||
Total | $ | 4,630 | $ | 147 | $ | 83 | $ | 4,694 | ||||||||||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Table Text Block] | The following tables provide information about gross unrealized losses and fair value by length of time that the individual securities have been in a continuous unrealized loss position at March 31, 2015 and December 31, 2014. | |||||||||||||||||||
Less than | More than | |||||||||||||||||||
12 Months | 12 Months | Total | ||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | |||||||||||||||
(Dollars in thousands) | Value | Losses | Value | Losses | Value | Losses | ||||||||||||||
31-Mar-15 | ||||||||||||||||||||
Available-for-sale securities: | ||||||||||||||||||||
U.S. Government agencies | $ | 12,970 | $ | 39 | $ | 6,983 | $ | 17 | $ | 19,953 | $ | 211 | ||||||||
Mortgage-backed | 5,969 | 22 | 25,638 | 410 | 31,607 | 277 | ||||||||||||||
Total | $ | 18,939 | $ | 61 | $ | 33,261 | $ | 427 | $ | 52,200 | $ | 488 | ||||||||
Held-to-maturity securities: | ||||||||||||||||||||
U.S. Government agencies | $ | - | $ | - | $ | 2,624 | $ | 53 | $ | 2,624 | $ | 53 | ||||||||
Less than | More than | |||||||||||||||||||
12 Months | 12 Months | Total | ||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | |||||||||||||||
(Dollars in thousands) | Value | Losses | Value | Losses | Value | Losses | ||||||||||||||
31-Dec-14 | ||||||||||||||||||||
Available-for-sale securities: | ||||||||||||||||||||
U.S. Government agencies | $ | 41,574 | $ | 138 | $ | 6,954 | $ | 209 | $ | 48,528 | $ | 347 | ||||||||
Mortgage-backed | 12,933 | 44 | 26,828 | 408 | 39,761 | 452 | ||||||||||||||
Total | $ | 54,507 | $ | 182 | $ | 34,412 | $ | 617 | $ | 88,919 | $ | 799 | ||||||||
Held-to-maturity securities: | ||||||||||||||||||||
U.S. Government agencies | $ | - | $ | - | $ | 2,708 | $ | 83 | $ | 2,708 | $ | 83 | ||||||||
Schedule of Securities Debt Maturities [Table Text Block] | The following table provides information on the amortized cost and estimated fair values of investment securities by maturity date at March 31, 2015. | |||||||||||||||||||
Available for sale | Held to maturity | |||||||||||||||||||
Amortized | Estimated | Amortized | Estimated | |||||||||||||||||
(Dollars in thousands) | Cost | Fair Value | Cost | Fair Value | ||||||||||||||||
Due in one year or less | $ | 2,001 | $ | 2,004 | $ | 221 | $ | 222 | ||||||||||||
Due after one year through five years | 76,053 | 76,191 | 711 | 766 | ||||||||||||||||
Due after five years through ten years | 10,647 | 10,782 | 403 | 461 | ||||||||||||||||
Due after ten years | 149,026 | 150,495 | 3,180 | 3,167 | ||||||||||||||||
237,727 | 239,472 | 4,515 | 4,616 | |||||||||||||||||
Equity securities | 627 | 639 | - | - | ||||||||||||||||
Total | $ | 238,354 | $ | 240,111 | $ | 4,515 | $ | 4,616 | ||||||||||||
Loans_and_Allowance_for_Credit1
Loans and Allowance for Credit Losses (Tables) | 3 Months Ended | ||||||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||||||
Receivables [Abstract] | |||||||||||||||||||||||||||||
Schedule of Financing Receivables [Table Text Block] | The following table provides information about the principal classes of the loan portfolio at March 31, 2015 and December 31, 2014. | ||||||||||||||||||||||||||||
March 31, | December 31, | ||||||||||||||||||||||||||||
(Dollars in thousands) | 2015 | 2014 | |||||||||||||||||||||||||||
Construction | $ | 77,697 | $ | 69,157 | |||||||||||||||||||||||||
Residential real estate | 264,424 | 273,336 | |||||||||||||||||||||||||||
Commercial real estate | 316,389 | 305,788 | |||||||||||||||||||||||||||
Commercial | 55,079 | 52,671 | |||||||||||||||||||||||||||
Consumer | 8,016 | 9,794 | |||||||||||||||||||||||||||
Total loans | 721,605 | 710,746 | |||||||||||||||||||||||||||
Allowance for credit losses | -7,798 | -7,695 | |||||||||||||||||||||||||||
Total loans, net | $ | 713,807 | $ | 703,051 | |||||||||||||||||||||||||
Allowance for Credit Losses on Loans Receivables Additional Information [Table Text Block] | The following tables include impairment information relating to loans and the allowance for credit losses as of March 31, 2015 and December 31, 2014. | ||||||||||||||||||||||||||||
Residential | Commercial | ||||||||||||||||||||||||||||
(Dollars in thousands) | Construction | real estate | real estate | Commercial | Consumer | Unallocated | Total | ||||||||||||||||||||||
31-Mar-15 | |||||||||||||||||||||||||||||
Loans individually evaluated for impairment | $ | 12,601 | $ | 7,975 | $ | 8,761 | $ | 99 | $ | 123 | $ | - | $ | 29,559 | |||||||||||||||
Loans collectively evaluated for impairment | 65,096 | 256,449 | 307,628 | 54,980 | 7,893 | - | 692,046 | ||||||||||||||||||||||
Total loans | $ | 77,697 | $ | 264,424 | $ | 316,389 | $ | 55,079 | $ | 8,016 | $ | - | $ | 721,605 | |||||||||||||||
Allowance for credit losses allocated to: | |||||||||||||||||||||||||||||
Loans individually evaluated for impairment | $ | 729 | $ | 350 | $ | 23 | $ | - | $ | - | $ | - | $ | 1,102 | |||||||||||||||
Loans collectively evaluated for impairment | 1,155 | 1,774 | 2,316 | 441 | 180 | 830 | 6,696 | ||||||||||||||||||||||
Total allowance for credit losses | $ | 1,884 | $ | 2,124 | $ | 2,339 | $ | 441 | $ | 180 | $ | 830 | $ | 7,798 | |||||||||||||||
Residential | Commercial | ||||||||||||||||||||||||||||
(Dollars in thousands) | Construction | real estate | real estate | Commercial | Consumer | Unallocated | Total | ||||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||||||
Loans individually evaluated for impairment | $ | 10,067 | $ | 10,403 | $ | 9,359 | $ | 188 | $ | 124 | $ | - | $ | 30,141 | |||||||||||||||
Loans collectively evaluated for impairment | 59,090 | 262,933 | 296,429 | 52,483 | 9,670 | - | 680,605 | ||||||||||||||||||||||
Total loans | $ | 69,157 | $ | 273,336 | $ | 305,788 | $ | 52,671 | $ | 9,794 | $ | - | $ | 710,746 | |||||||||||||||
Allowance for credit losses allocated to: | |||||||||||||||||||||||||||||
Loans individually evaluated for impairment | $ | 41 | $ | 1,099 | $ | 129 | $ | 1 | $ | 3 | $ | - | $ | 1,273 | |||||||||||||||
Loans collectively evaluated for impairment | 1,262 | 1,735 | 2,250 | 447 | 226 | 502 | 6,422 | ||||||||||||||||||||||
Total allowance for credit losses | $ | 1,303 | $ | 2,834 | $ | 2,379 | $ | 448 | $ | 229 | $ | 502 | $ | 7,695 | |||||||||||||||
Impaired Financing Receivables [Table Text Block] | The following tables provide information on impaired loans and any related allowance by loan class as of March 31, 2015 and December 31, 2014. The difference between the unpaid principal balance and the recorded investment is the amount of partial charge-offs that have been taken. | ||||||||||||||||||||||||||||
Recorded | Recorded | Quarter-to- | Year-to-date | ||||||||||||||||||||||||||
Unpaid | investment | investment | date average | average | |||||||||||||||||||||||||
principal | with no | with an | Related | recorded | recorded | ||||||||||||||||||||||||
(Dollars in thousands) | balance | allowance | allowance | allowance | investment | investment | |||||||||||||||||||||||
31-Mar-15 | |||||||||||||||||||||||||||||
Impaired nonaccrual loans: | |||||||||||||||||||||||||||||
Construction | $ | 12,188 | $ | 5,681 | $ | 2,904 | $ | 690 | $ | 7,861 | $ | 7,861 | |||||||||||||||||
Residential real estate | 2,178 | 1,557 | 95 | 95 | 2,276 | 2,276 | |||||||||||||||||||||||
Commercial real estate | 3,994 | 2,500 | - | - | 2,689 | 2,689 | |||||||||||||||||||||||
Commercial | 63 | 54 | - | - | 49 | 49 | |||||||||||||||||||||||
Consumer | 129 | 123 | - | - | 123 | 123 | |||||||||||||||||||||||
Total | 18,552 | 9,915 | 2,999 | 785 | 12,998 | 12,998 | |||||||||||||||||||||||
Impaired accruing TDRs: | |||||||||||||||||||||||||||||
Construction | 4,016 | 3,196 | 820 | 39 | 4,019 | 4,019 | |||||||||||||||||||||||
Residential real estate | 6,322 | 659 | 5,663 | 255 | 6,338 | 6,338 | |||||||||||||||||||||||
Commercial real estate | 6,261 | 4,754 | 1,507 | 23 | 6,272 | 6,272 | |||||||||||||||||||||||
Commercial | 45 | 45 | - | - | 46 | 46 | |||||||||||||||||||||||
Consumer | - | - | - | - | - | - | |||||||||||||||||||||||
Total | 16,644 | 8,654 | 7,990 | 317 | 16,675 | 16,675 | |||||||||||||||||||||||
Total impaired loans: | |||||||||||||||||||||||||||||
Construction | 16,204 | 8,877 | 3,724 | 729 | 11,880 | 11,880 | |||||||||||||||||||||||
Residential real estate | 8,500 | 2,217 | 5,758 | 350 | 8,614 | 8,614 | |||||||||||||||||||||||
Commercial real estate | 10,255 | 7,254 | 1,507 | 23 | 8,961 | 8,961 | |||||||||||||||||||||||
Commercial | 108 | 99 | - | - | 95 | 95 | |||||||||||||||||||||||
Consumer | 129 | 123 | - | - | 123 | 123 | |||||||||||||||||||||||
Total | $ | 35,196 | $ | 18,570 | $ | 10,989 | $ | 1,102 | $ | 29,673 | $ | 29,673 | |||||||||||||||||
Recorded | Recorded | Quarter-to- | Year-to-date | ||||||||||||||||||||||||||
Unpaid | investment | investment | date average | average | |||||||||||||||||||||||||
principal | with no | with an | Related | recorded | recorded | ||||||||||||||||||||||||
(Dollars in thousands) | balance | allowance | allowance | allowance | investment | investment | |||||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||||||
Impaired nonaccrual loans: | |||||||||||||||||||||||||||||
Construction | $ | 9,277 | $ | 6,045 | $ | - | $ | - | $ | 7,364 | $ | 7,739 | |||||||||||||||||
Residential real estate | 4,664 | 1,053 | 2,982 | 799 | 2,681 | 3,322 | |||||||||||||||||||||||
Commercial real estate | 4,703 | 2,842 | 280 | 100 | 2,455 | 3,889 | |||||||||||||||||||||||
Commercial | 1,372 | 136 | 5 | 1 | 141 | 437 | |||||||||||||||||||||||
Consumer | 129 | 99 | 25 | 3 | 124 | 79 | |||||||||||||||||||||||
Total | 20,145 | 10,175 | 3,292 | 903 | 12,765 | 15,466 | |||||||||||||||||||||||
Impaired accruing TDRs: | |||||||||||||||||||||||||||||
Construction | 4,022 | 3,196 | 826 | 41 | 3,609 | 2,743 | |||||||||||||||||||||||
Residential real estate | 6,368 | 668 | 5,700 | 300 | 12,401 | 15,123 | |||||||||||||||||||||||
Commercial real estate | 6,237 | 4,774 | 1,463 | 29 | 6,342 | 6,574 | |||||||||||||||||||||||
Commercial | 47 | 47 | - | - | 48 | 55 | |||||||||||||||||||||||
Consumer | - | - | - | - | - | - | |||||||||||||||||||||||
Total | 16,674 | 8,685 | 7,989 | 370 | 22,400 | 24,495 | |||||||||||||||||||||||
Total impaired loans: | |||||||||||||||||||||||||||||
Construction | 13,299 | 9,241 | 826 | 41 | 10,973 | 10,482 | |||||||||||||||||||||||
Residential real estate | 11,032 | 1,721 | 8,682 | 1,099 | 15,082 | 18,445 | |||||||||||||||||||||||
Commercial real estate | 10,940 | 7,616 | 1,743 | 129 | 8,797 | 10,463 | |||||||||||||||||||||||
Commercial | 1,419 | 183 | 5 | 1 | 189 | 492 | |||||||||||||||||||||||
Consumer | 129 | 99 | 25 | 3 | 124 | 79 | |||||||||||||||||||||||
Total | $ | 36,819 | $ | 18,860 | $ | 11,281 | $ | 1,273 | $ | 35,165 | $ | 39,961 | |||||||||||||||||
Schedule of Financing Receivables Accruing and Non Accrual of Troubled Debt restructurings [Table Text Block] | The following tables provide a roll-forward for troubled debt restructurings as of March 31, 2015 and March 31, 2014. | ||||||||||||||||||||||||||||
1/1/15 | Reclassification/ | 3/31/15 | |||||||||||||||||||||||||||
TDR | New | Disbursements | Charge | Transfers | TDR | Related | |||||||||||||||||||||||
(Dollars in thousands) | Balance | TDRs | (Payments) | offs | In/(Out) | Payoffs | Balance | Allowance | |||||||||||||||||||||
For the three months ended 3/31/2015 | |||||||||||||||||||||||||||||
Accruing TDRs | |||||||||||||||||||||||||||||
Construction | $ | 4,022 | $ | - | $ | -6 | $ | - | $ | - | $ | - | $ | 4,016 | $ | 39 | |||||||||||||
Residential Real Estate | 6,368 | - | -46 | - | - | - | 6,322 | 255 | |||||||||||||||||||||
Commercial Real Estate | 6,237 | - | 24 | - | - | - | 6,261 | 23 | |||||||||||||||||||||
Commercial | 47 | - | -2 | - | - | - | 45 | - | |||||||||||||||||||||
Consumer | - | - | - | - | - | - | - | - | |||||||||||||||||||||
Total | $ | 16,674 | $ | - | $ | -30 | $ | - | $ | - | $ | - | $ | 16,644 | $ | 317 | |||||||||||||
Nonaccrual TDRs | |||||||||||||||||||||||||||||
Construction | $ | 3,321 | $ | - | $ | -7 | $ | -363 | $ | 2,911 | $ | - | $ | 5,862 | $ | 690 | |||||||||||||
Residential Real Estate | 3,382 | - | -9 | - | -2,911 | - | 462 | - | |||||||||||||||||||||
Commercial Real Estate | 346 | - | -2 | -40 | -238 | - | 66 | - | |||||||||||||||||||||
Commercial | - | - | - | - | - | - | - | - | |||||||||||||||||||||
Consumer | 25 | - | -1 | - | - | - | 24 | - | |||||||||||||||||||||
Total | $ | 7,074 | $ | - | $ | -19 | $ | -403 | $ | -238 | $ | - | $ | 6,414 | $ | 690 | |||||||||||||
Total TDRs | $ | 23,748 | $ | - | $ | -49 | $ | -403 | $ | -238 | $ | - | $ | 23,058 | $ | 1,007 | |||||||||||||
1/1/14 | Reclassification/ | 3/31/14 | |||||||||||||||||||||||||||
TDR | New | Disbursements | Charge | Transfers | TDR | Related | |||||||||||||||||||||||
(Dollars in thousands) | Balance | TDRs | (Payments) | offs | In/(Out) | Payoffs | Balance | Allowance | |||||||||||||||||||||
For the three months ended 3/31/2014 | |||||||||||||||||||||||||||||
Accruing TDRs | |||||||||||||||||||||||||||||
Construction | $ | 1,620 | $ | - | $ | -314 | $ | - | $ | - | $ | - | $ | 1,306 | $ | 1 | |||||||||||||
Residential Real Estate | 14,582 | - | 1,421 | - | 201 | -158 | 16,046 | 143 | |||||||||||||||||||||
Commercial Real Estate | 9,791 | - | -25 | -549 | -201 | -1,097 | 7,919 | 6 | |||||||||||||||||||||
Commercial | 95 | - | -9 | - | - | -24 | 62 | 9 | |||||||||||||||||||||
Consumer | - | - | - | - | - | - | - | - | |||||||||||||||||||||
Total | $ | 26,088 | $ | - | $ | 1,073 | $ | -549 | $ | - | $ | -1,279 | $ | 25,333 | $ | 159 | |||||||||||||
Nonaccrual TDRs | |||||||||||||||||||||||||||||
Construction | $ | 3,561 | $ | - | $ | -2 | $ | -17 | $ | 760 | $ | - | $ | 4,302 | $ | - | |||||||||||||
Residential Real Estate | 1,884 | - | -20 | -70 | -760 | - | 1,034 | - | |||||||||||||||||||||
Commercial Real Estate | 842 | - | -72 | -65 | - | - | 705 | - | |||||||||||||||||||||
Commercial | - | - | - | - | - | - | - | - | |||||||||||||||||||||
Consumer | 26 | - | -1 | - | - | - | 25 | - | |||||||||||||||||||||
Total | $ | 6,313 | $ | - | $ | -95 | $ | -152 | $ | - | $ | - | $ | 6,066 | $ | - | |||||||||||||
Total TDRs | $ | 32,401 | $ | - | $ | 978 | $ | -701 | $ | - | $ | -1,279 | $ | 31,399 | $ | 159 | |||||||||||||
Troubled Debt Restructurings that Defaulted on Financing Receivables [Table Text Block] | The following tables provide information on TDRs that defaulted during the three months ended March 31, 2015 and March 31, 2014. Generally, a loan is considered in default when principal or interest is past due 90 days or more. | ||||||||||||||||||||||||||||
Number of | Recorded | Related | |||||||||||||||||||||||||||
(Dollars in thousands) | contracts | investment | allowance | ||||||||||||||||||||||||||
TDRs that subsequently defaulted: | |||||||||||||||||||||||||||||
For the three months ended March 31, 2015 | |||||||||||||||||||||||||||||
Construction | - | $ | - | $ | - | ||||||||||||||||||||||||
Residential real estate | - | - | - | ||||||||||||||||||||||||||
Commercial real estate | 2 | 279 | - | ||||||||||||||||||||||||||
Commercial | - | - | - | ||||||||||||||||||||||||||
Consumer | - | - | - | ||||||||||||||||||||||||||
Total | 2 | $ | 279 | $ | - | ||||||||||||||||||||||||
TDRs that subsequently defaulted: | |||||||||||||||||||||||||||||
For the three months ended March 30, 2014 | |||||||||||||||||||||||||||||
Construction | - | $ | - | $ | - | ||||||||||||||||||||||||
Residential real estate | - | - | - | ||||||||||||||||||||||||||
Commercial real estate | - | - | - | ||||||||||||||||||||||||||
Commercial | - | - | - | ||||||||||||||||||||||||||
Consumer | - | - | - | ||||||||||||||||||||||||||
Total | - | $ | - | $ | - | ||||||||||||||||||||||||
Financing Receivable Credit Quality Indicators [Table Text Block] | The following tables provide information on loan risk ratings as of March 31, 2015 and December 31, 2014. | ||||||||||||||||||||||||||||
Special | |||||||||||||||||||||||||||||
(Dollars in thousands) | Pass/Performing | mention | Substandard | Doubtful | Total | ||||||||||||||||||||||||
31-Mar-15 | |||||||||||||||||||||||||||||
Construction | $ | 60,330 | $ | 3,472 | $ | 13,895 | $ | - | $ | 77,697 | |||||||||||||||||||
Residential real estate | 245,964 | 7,646 | 10,790 | 24 | 264,424 | ||||||||||||||||||||||||
Commercial real estate | 286,695 | 20,047 | 9,647 | - | 316,389 | ||||||||||||||||||||||||
Commercial | 53,076 | 1,896 | 107 | - | 55,079 | ||||||||||||||||||||||||
Consumer | 7,852 | 41 | 123 | - | 8,016 | ||||||||||||||||||||||||
Total | $ | 653,917 | $ | 33,102 | $ | 34,562 | $ | 24 | $ | 721,605 | |||||||||||||||||||
Special | |||||||||||||||||||||||||||||
(Dollars in thousands) | Pass/Performing | mention | Substandard | Doubtful | Total | ||||||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||||||
Construction | $ | 52,241 | $ | 5,643 | $ | 11,273 | $ | - | $ | 69,157 | |||||||||||||||||||
Residential real estate | 252,643 | 6,675 | 14,018 | - | 273,336 | ||||||||||||||||||||||||
Commercial real estate | 275,573 | 20,040 | 10,175 | - | 305,788 | ||||||||||||||||||||||||
Commercial | 50,583 | 1,885 | 114 | 89 | 52,671 | ||||||||||||||||||||||||
Consumer | 9,658 | 13 | 123 | - | 9,794 | ||||||||||||||||||||||||
Total | $ | 640,698 | $ | 34,256 | $ | 35,703 | $ | 89 | $ | 710,746 | |||||||||||||||||||
Past Due Financing Receivables [Table Text Block] | The following tables provide information on the aging of the loan portfolio as of March 31, 2015 and December 31, 2014. | ||||||||||||||||||||||||||||
Accruing | |||||||||||||||||||||||||||||
30-59 | 60-89 | 90 days | |||||||||||||||||||||||||||
days | days past | or more | Total past | ||||||||||||||||||||||||||
(Dollars in thousands) | Current | past due | due | past due | due | Nonaccrual | Total | ||||||||||||||||||||||
31-Mar-15 | |||||||||||||||||||||||||||||
Construction | $ | 68,844 | $ | 268 | $ | - | $ | — | $ | 268 | $ | 8,585 | $ | 77,697 | |||||||||||||||
Residential real estate | 257,818 | 1,933 | 3,012 | 9 | 4,954 | 1,652 | 264,424 | ||||||||||||||||||||||
Commercial real estate | 311,204 | 1,555 | 1,130 | - | 2,685 | 2,500 | 316,389 | ||||||||||||||||||||||
Commercial | 54,798 | 70 | 157 | - | 227 | 54 | 55,079 | ||||||||||||||||||||||
Consumer | 7,825 | 35 | 6 | 27 | 68 | 123 | 8,016 | ||||||||||||||||||||||
Total | $ | 700,489 | $ | 3,861 | $ | 4,305 | $ | 36 | $ | 8,202 | $ | 12,914 | $ | 721,605 | |||||||||||||||
Percent of total loans | 97.1 | % | 0.5 | % | 0.6 | % | - | % | 1.1 | % | 1.8 | % | |||||||||||||||||
Accruing | |||||||||||||||||||||||||||||
30-59 | 60-89 | 90 days or | |||||||||||||||||||||||||||
days | days past | more past | Total past | ||||||||||||||||||||||||||
(Dollars in thousands) | Current | past due | due | due | due | Nonaccrual | Total | ||||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||||||
Construction | $ | 61,325 | $ | 1,786 | $ | - | $ | - | $ | 1,786 | $ | 6,046 | $ | 69,157 | |||||||||||||||
Residential real estate | 263,165 | 3,351 | 2,702 | 83 | 6,136 | 4,035 | 273,336 | ||||||||||||||||||||||
Commercial real estate | 301,695 | 459 | 513 | - | 972 | 3,121 | 305,788 | ||||||||||||||||||||||
Commercial | 52,352 | 47 | 131 | - | 178 | 141 | 52,671 | ||||||||||||||||||||||
Consumer | 9,619 | 11 | 37 | 4 | 52 | 123 | 9,794 | ||||||||||||||||||||||
Total | $ | 688,156 | $ | 5,654 | $ | 3,383 | $ | 87 | $ | 9,124 | $ | 13,466 | $ | 710,746 | |||||||||||||||
Percent of total loans | 96.8 | % | 0.8 | % | 0.5 | % | - | % | 1.3 | % | 1.9 | % | |||||||||||||||||
Allowance for Credit Losses on Financing Receivables [Table Text Block] | The following tables provide a summary of the activity in the allowance for credit losses allocated by loan class for the three months ended March 31, 2015 and 2014. Allocation of a portion of the allowance to one loan class does not preclude its availability to absorb losses in other loan classes. | ||||||||||||||||||||||||||||
Residential | Commercial | ||||||||||||||||||||||||||||
(Dollars in thousands) | Construction | real estate | real estate | Commercial | Consumer | Unallocated | Total | ||||||||||||||||||||||
For the three months ended March 31, 2015 | |||||||||||||||||||||||||||||
Allowance for credit losses: | |||||||||||||||||||||||||||||
Beginning balance | $ | 1,303 | $ | 2,834 | $ | 2,379 | $ | 448 | $ | 229 | $ | 502 | $ | 7,695 | |||||||||||||||
Charge-offs | -363 | -114 | -40 | -124 | -10 | - | -651 | ||||||||||||||||||||||
Recoveries | 3 | 23 | 13 | 47 | 18 | - | 104 | ||||||||||||||||||||||
Net charge-offs | -360 | -91 | -27 | -77 | 8 | - | -547 | ||||||||||||||||||||||
Provision | 941 | -619 | -13 | 70 | -57 | 328 | 650 | ||||||||||||||||||||||
Ending balance | $ | 1,884 | $ | 2,124 | $ | 2,339 | $ | 441 | $ | 180 | $ | 830 | $ | 7,798 | |||||||||||||||
Residential | Commercial | ||||||||||||||||||||||||||||
(Dollars in thousands) | Construction | real estate | real estate | Commercial | Consumer | Unallocated | Total | ||||||||||||||||||||||
For the three months ended March 31, 2014 | |||||||||||||||||||||||||||||
Allowance for credit losses: | |||||||||||||||||||||||||||||
Beginning balance | $ | 1,960 | $ | 3,854 | $ | 3,029 | $ | 1,266 | $ | 243 | $ | 373 | $ | 10,725 | |||||||||||||||
Charge-offs | -17 | -672 | -90 | -842 | -127 | - | -1,748 | ||||||||||||||||||||||
Recoveries | 10 | 43 | 6 | 50 | 8 | - | 117 | ||||||||||||||||||||||
Net charge-offs | -7 | -629 | -84 | -792 | -119 | - | -1,631 | ||||||||||||||||||||||
Provision | 44 | -1,139 | 1,639 | 203 | 184 | 44 | 975 | ||||||||||||||||||||||
Ending balance | $ | 1,997 | $ | 2,086 | $ | 4,584 | $ | 677 | $ | 308 | $ | 417 | $ | 10,069 | |||||||||||||||
Other_Assets_Tables
Other Assets (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||||||||
Schedule of Other Assets [Table Text Block] | The Company had the following other assets at March 31, 2015 and December 31, 2014. | |||||||
(Dollars in thousands) | March 31, 2015 | December 31, 2014 | ||||||
Nonmarketable investment securities | $ | 1,706 | $ | 1,586 | ||||
Accrued interest receivable | 2,604 | 2,663 | ||||||
Deferred income taxes | 14,631 | 15,744 | ||||||
Prepaid expenses | 1,615 | 750 | ||||||
Other assets | 5,756 | 6,419 | ||||||
Total | $ | 26,312 | $ | 27,162 | ||||
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | The following table provides information on significant components of the Company’s deferred tax assets and liabilities as of March 31, 2015 and December 31, 2014. | |||||||
(Dollars in thousands) | March 31, | December 31, | ||||||
2015 | 2014 | |||||||
Deferred tax assets: | ||||||||
Allowance for credit losses | $ | 3,110 | $ | 3,072 | ||||
Reserve for off-balance sheet commitments | 122 | 121 | ||||||
Net operating loss carry forward | 12,516 | 13,265 | ||||||
Write-downs of other real estate owned | 303 | 355 | ||||||
Deferred income | 1,077 | 1,132 | ||||||
Accrued expenses | 929 | 918 | ||||||
Other | 174 | 80 | ||||||
Total deferred tax assets | 18,231 | 18,943 | ||||||
Deferred tax liabilities: | ||||||||
Depreciation | 343 | 372 | ||||||
Purchase accounting adjustments | 1,807 | 1,751 | ||||||
Deferred capital gain on branch sale | 421 | 425 | ||||||
Unrealized gains on available-for-sale securities | 709 | 214 | ||||||
Other | 320 | 437 | ||||||
Total deferred tax liabilities | 3,600 | 3,199 | ||||||
Net deferred tax assets | $ | 14,631 | $ | 15,744 | ||||
OTHER_EXPENSES_Tables
OTHER EXPENSES (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Other Income and Expenses [Abstract] | ||||||||
Schedule of Other Nonoperating Income (Expense) [Table Text Block] | The Company had the following other liabilities at March 31, 2015 and December 31, 2014. | |||||||
(Dollars in thousands) | March 31, 2015 | December 31, 2014 | ||||||
Accrued interest payable | $ | 155 | $ | 172 | ||||
Other accounts payable | 1,900 | 2,435 | ||||||
Deferred compensation liability | 1,520 | 1,503 | ||||||
Other liabilities | 1,935 | 2,011 | ||||||
Total | $ | 5,510 | $ | 6,121 | ||||
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||
Schedule of Share-based Compensation [Table Text Block] | The following tables provide information on stock-based compensation expense for the first three months of 2015 and 2014. | |||||||
For the Three Months Ended | ||||||||
March 31, | ||||||||
(Dollars in thousands) | 2015 | 2014 | ||||||
Stock-based compensation expense | $ | 136 | $ | 22 | ||||
Excess tax expense related to stock-based compensation | - | - | ||||||
March 31, | ||||||||
(Dollars in thousands) | 2015 | 2014 | ||||||
Unrecognized stock-based compensation expense | $ | 102 | $ | 114 | ||||
Weighted average period unrecognized expense is expected to be recognized | 0.8 years | 1.5 years | ||||||
Schedule of Share-based Compensation, Restricted Stock Units Award Activity [Table Text Block] | The following table summarizes restricted stock award activity for the Company under the 2006 Equity Plan for the three months ended March 31, 2015 and 2014. | |||||||
Number | Weighted Average Grant | |||||||
March 31, 2015 | of Shares | Date Fair Value | ||||||
Nonvested at beginning of period | 14,251 | $ | 8.33 | |||||
Granted | 6,763 | 9.18 | ||||||
Vested | -8,680 | 8.55 | ||||||
Cancelled | - | - | ||||||
Nonvested at end of period | 12,334 | $ | 8.22 | |||||
Number | Weighted Average Grant | |||||||
March 31, 2014 | of Shares | Date Fair Value | ||||||
Nonvested at beginning of period | 13,930 | $ | 8.33 | |||||
Granted | - | - | ||||||
Vested | -3,333 | 8.93 | ||||||
Cancelled | - | - | ||||||
Nonvested at end of period | 10,597 | $ | 8.14 | |||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | The following table summarizes stock option activity for the Company under the 2006 Equity Plan for the three months ended March 31, 2015 and 2014. | |||||||
Weighted | ||||||||
Number | Average | |||||||
31-Mar-15 | of Shares | Exercise Price | ||||||
Outstanding at beginning of period | 27,108 | $ | 6.64 | |||||
Granted | 34,219 | 3.44 | ||||||
Exercised | - | - | ||||||
Expired/Cancelled | - | - | ||||||
Outstanding at end of period | 61,327 | $ | 4.85 | |||||
Exercisable at end of period | 27,108 | $ | 6.64 | |||||
Weighted | ||||||||
Number | Average | |||||||
31-Mar-14 | of Shares | Exercise Price | ||||||
Outstanding at beginning of period | 40,662 | $ | 6.64 | |||||
Granted | - | - | ||||||
Exercised | - | - | ||||||
Expired/Cancelled | - | - | ||||||
Outstanding at end of period | 40,662 | $ | 6.64 | |||||
Exercisable at end of period | 20,331 | $ | 6.64 | |||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | The following table provides information on the changes in the components of accumulated other comprehensive income (loss) for the three months ended March 31, 2015 and 2014. | |||||||
(Dollars in thousands) | Accumulated net | Total accumulated | ||||||
unrealized holding | other | |||||||
gains (losses) on | comprehensive | |||||||
available for sale | income (loss) | |||||||
securities | ||||||||
Balance, December 31, 2014 | $ | 316 | $ | 316 | ||||
Other comprehensive income | 732 | 732 | ||||||
Balance, March 31, 2015 | $ | 1,048 | $ | 1,048 | ||||
Balance, December 31, 2013 | $ | -437 | $ | -437 | ||||
Other comprehensive income | 53 | 53 | ||||||
Balance, March 31, 2014 | $ | -384 | $ | -384 | ||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 3 Months Ended | |||||||||||||
Mar. 31, 2015 | ||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | The tables below present the recorded amount of assets measured at fair value on a recurring basis at March 31, 2015 and December 31, 2014. No assets were transferred from one hierarchy level to another during the first three months of 2015 or 2014. | |||||||||||||
Significant | ||||||||||||||
Other | Significant | |||||||||||||
Quoted | Observable | Unobservable | ||||||||||||
Prices | Inputs | Inputs | ||||||||||||
(Dollars in thousands) | Fair Value | (Level 1) | (Level 2) | (Level 3) | ||||||||||
31-Mar-15 | ||||||||||||||
Securities available for sale: | ||||||||||||||
U.S. Treasury | $ | 5,192 | $ | 5,192 | $ | - | $ | - | ||||||
U.S. Government agencies | 76,027 | - | 76,027 | - | ||||||||||
Mortgage-backed | 158,253 | - | 158,253 | - | ||||||||||
Equity | 639 | - | 639 | - | ||||||||||
Total | $ | 240,111 | $ | 5,192 | $ | 234,919 | $ | - | ||||||
Significant | ||||||||||||||
Other | Significant | |||||||||||||
Quoted | Observable | Unobservable | ||||||||||||
Prices | Inputs | Inputs | ||||||||||||
(Dollars in thousands) | Fair Value | (Level 1) | (Level 2) | (Level 3) | ||||||||||
31-Dec-14 | ||||||||||||||
Securities available for sale: | ||||||||||||||
U.S. Treasury | $ | 5,215 | $ | 5,215 | $ | - | $ | - | ||||||
U.S. Government agencies | 74,960 | - | 74,960 | - | ||||||||||
Mortgage-backed | 155,303 | - | 155,303 | - | ||||||||||
Equity | 630 | - | 630 | - | ||||||||||
Total | $ | 236,108 | $ | 5,215 | $ | 230,893 | $ | - | ||||||
Fair Value Assets Measured on Nonrecurring Basis [Table Text Block] | The tables below present the recorded amount of assets measured at fair value on a nonrecurring basis at March 31, 2015 and December 31, 2014. No assets were transferred from one hierarchy level to another during the first three months of 2015 or 2014. | |||||||||||||
Significant | ||||||||||||||
Other | Significant | |||||||||||||
Quoted | Observable | Unobservable | ||||||||||||
Prices | Inputs | Inputs | ||||||||||||
(Dollars in thousands) | Fair Value | (Level 1) | (Level 2) | (Level 3) | ||||||||||
31-Mar-15 | ||||||||||||||
Impaired loans | ||||||||||||||
Construction | $ | 11,872 | $ | - | $ | 11,872 | $ | - | ||||||
Residential real estate | 7,624 | - | 7,624 | - | ||||||||||
Commercial real estate | 8,738 | - | 8,738 | - | ||||||||||
Commercial | 99 | - | 99 | - | ||||||||||
Consumer | 123 | - | 123 | - | ||||||||||
Total impaired loans | 28,456 | - | 28,456 | - | ||||||||||
Loans held for sale | - | - | - | - | ||||||||||
Other real estate owned | 3,469 | - | 3,469 | - | ||||||||||
Total assets measured at fair value on a nonrecurring basis | $ | 31,925 | $ | - | $ | 31,925 | $ | - | ||||||
Significant | ||||||||||||||
Other | Significant | |||||||||||||
Quoted | Observable | Unobservable | ||||||||||||
Prices | Inputs | Inputs | ||||||||||||
(Dollars in thousands) | Fair Value | (Level 1) | (Level 2) | (Level 3) | ||||||||||
31-Dec-14 | ||||||||||||||
Impaired loans | ||||||||||||||
Construction | $ | 10,026 | $ | - | $ | 10,026 | $ | - | ||||||
Residential real estate | 9,304 | - | 9,304 | - | ||||||||||
Commercial real estate | 9,230 | - | 9,230 | - | ||||||||||
Commercial | 187 | - | 187 | - | ||||||||||
Consumer | 121 | - | 121 | - | ||||||||||
Total impaired loans | 28,868 | - | 28,868 | - | ||||||||||
Loans held for sale | - | - | - | - | ||||||||||
Other real estate owned | 3,691 | - | 3,691 | - | ||||||||||
Total assets measured at fair value on a nonrecurring basis | $ | 32,559 | $ | - | $ | 32,559 | $ | - | ||||||
Schedule of Estimated Fair Values of Financial Assets and Liabilities [Table Text Block] | The following table provides information on the estimated fair values of the Company’s financial assets and liabilities that are reported in the balance sheets at their carrying amounts. The financial assets and liabilities have been segregated by their classification level in the fair value hierarchy. | |||||||||||||
March 31, 2015 | December 31, 2014 | |||||||||||||
Estimated | Estimated | |||||||||||||
Carrying | Fair | Carrying | Fair | |||||||||||
(Dollars in thousands) | Amount | Value | Amount | Value | ||||||||||
Financial assets | ||||||||||||||
Level 1 inputs | ||||||||||||||
Cash and cash equivalents | $ | 75,958 | $ | 75,958 | $ | 96,223 | $ | 96,223 | ||||||
Level 2 inputs | ||||||||||||||
Investment securities held to maturity | $ | 4,515 | $ | 4,616 | $ | 4,630 | $ | 4,694 | ||||||
Loans, net | 713,807 | 735,287 | 703,051 | 724,771 | ||||||||||
Financial liabilities | ||||||||||||||
Level 2 inputs | ||||||||||||||
Deposits | $ | 940,774 | $ | 940,484 | $ | 949,004 | $ | 948,605 | ||||||
Short-term borrowings | 5,098 | 5,098 | 4,808 | 4,808 | ||||||||||
Financial_Instruments_with_Off1
Financial Instruments with Off-Balance Sheet Risk (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Financial Instruments With Off Balance Sheet Risk Disclosure [Abstract] | ||||||||
Schedule of Commitments Outstanding [Table Text Block] | The following table provides information on commitments outstanding at March 31, 2015 and December 31, 2014. | |||||||
(Dollars in thousands) | March 31, 2015 | December 31, 2014 | ||||||
Commitments to extend credit | $ | 142,084 | $ | 127,080 | ||||
Letters of credit | 7,155 | 7,347 | ||||||
Total | $ | 149,239 | $ | 134,427 | ||||
Segment_Reporting_Tables
Segment Reporting (Tables) | 3 Months Ended | |||||||||||||
Mar. 31, 2015 | ||||||||||||||
Segment Reporting [Abstract] | ||||||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | The following table includes selected financial information by business segments for the first three months of 2015 and 2014. | |||||||||||||
Community | Insurance Products | Parent | Consolidated | |||||||||||
(Dollars in thousands) | Banking | and Services | Company | Total | ||||||||||
2015 | ||||||||||||||
Interest income | $ | 9,394 | $ | - | $ | 51 | $ | 9,445 | ||||||
Interest expense | -906 | - | - | -906 | ||||||||||
Provision for credit losses | -650 | - | - | -650 | ||||||||||
Noninterest income | 1,666 | 2,419 | - | 4,085 | ||||||||||
Noninterest expense | -5,527 | -1,751 | -2,426 | -9,704 | ||||||||||
Net intersegment (expense) income | -1,993 | -197 | 2,190 | - | ||||||||||
Income (loss) before taxes | 1,984 | 471 | -185 | 2,270 | ||||||||||
Income tax (expense) benefit | -752 | -179 | 70 | -861 | ||||||||||
Net income (loss) | $ | 1,232 | $ | 292 | $ | -115 | $ | 1,409 | ||||||
Total assets | $ | 1,068,367 | $ | 10,023 | $ | 15,738 | $ | 1,094,128 | ||||||
2014 | ||||||||||||||
Interest income | $ | 9,455 | $ | - | $ | - | $ | 9,455 | ||||||
Interest expense | -1,132 | - | - | -1,132 | ||||||||||
Provision for credit losses | -975 | - | - | -975 | ||||||||||
Noninterest income | 1,522 | 3,266 | - | 4,788 | ||||||||||
Noninterest expense | -5,591 | -2,615 | -1,909 | -10,115 | ||||||||||
Net intersegment (expense) income | -1,662 | -181 | 1,843 | - | ||||||||||
Income (loss) before taxes | 1,617 | 470 | -66 | 2,021 | ||||||||||
Income tax (expense) benefit | -610 | -178 | 25 | -763 | ||||||||||
Net income (loss) | $ | 1,007 | $ | 292 | $ | -41 | $ | 1,258 | ||||||
Total assets | $ | 1,031,855 | $ | 13,567 | $ | 4,092 | $ | 1,049,514 | ||||||
Earnings_Per_Share_Details
Earnings Per Share (Details) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Earnings Per Share Basic And Diluted [Line Items] | ||
Net income | $1,409 | $1,258 |
Weighted average shares outstanding - basic (in shares) | 12,625 | 8,471 |
Dilutive effect of common stock equivalents (in shares) | 8 | 13 |
Weighted average shares outstanding - diluted (in shares) | 12,633 | 8,484 |
Earnings per common share - Basic (in dollars per share) | $0.11 | $0.15 |
Earnings per common share - Diluted (in dollars per share) | $0.11 | $0.15 |
Earnings_Per_Share_Details_Tex
Earnings Per Share (Details Textual) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Jun. 30, 2014 |
In Thousands, except Share data, unless otherwise specified | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Common stock, shares | 12,625,276 | 12,618,513 | 4,140,000 |
Share Price | $8.25 | ||
Common Stock Value Issued | $126 | $126 | $31,300 |
Investment_Securities_Details
Investment Securities (Details) (USD $) | 3 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 |
ScheduleOfAvailableForSaleSecuritiesLineItems | ||
Available-for-sale securities, Amortized Cost | $238,354 | $235,579 |
Available-for-sale securities, Gross Unrealized Gains | 2,245 | 1,328 |
Available-for-sale securities, Gross Unrealized Losses | 488 | 799 |
Available-for-sale securities, Estimated Fair Value | 240,111 | 236,108 |
Held-to-maturity securities, Amortized Cost | 4,515 | 4,630 |
Held-to-maturity securities, Gross Unrealized Gains | 154 | 147 |
Held-to-maturity securities, Gross Unrealized Losses | 53 | 83 |
Held-to-maturity securities, Estimated Fair Value | 4,616 | 4,694 |
US Treasury Securities [Member] | ||
ScheduleOfAvailableForSaleSecuritiesLineItems | ||
Available-for-sale securities, Amortized Cost | 5,178 | 5,210 |
Available-for-sale securities, Gross Unrealized Gains | 14 | 5 |
Available-for-sale securities, Gross Unrealized Losses | 0 | 0 |
Available-for-sale securities, Estimated Fair Value | 5,192 | 5,215 |
US Government Corporations and Agencies Securities [Member] | ||
ScheduleOfAvailableForSaleSecuritiesLineItems | ||
Available-for-sale securities, Amortized Cost | 76,019 | 75,220 |
Available-for-sale securities, Gross Unrealized Gains | 219 | 87 |
Available-for-sale securities, Gross Unrealized Losses | 211 | 347 |
Available-for-sale securities, Estimated Fair Value | 76,027 | 74,960 |
Held-to-maturity securities, Amortized Cost | 2,677 | 2,791 |
Held-to-maturity securities, Gross Unrealized Gains | 0 | 0 |
Held-to-maturity securities, Gross Unrealized Losses | 53 | 83 |
Held-to-maturity securities, Estimated Fair Value | 2,624 | 2,708 |
US States and Political Subdivisions Debt Securities [Member] | ||
ScheduleOfAvailableForSaleSecuritiesLineItems | ||
Held-to-maturity securities, Amortized Cost | 1,838 | 1,839 |
Held-to-maturity securities, Gross Unrealized Gains | 154 | 147 |
Held-to-maturity securities, Gross Unrealized Losses | 0 | 0 |
Held-to-maturity securities, Estimated Fair Value | 1,992 | 1,986 |
Collateralized Mortgage Backed Securities [Member] | ||
ScheduleOfAvailableForSaleSecuritiesLineItems | ||
Available-for-sale securities, Amortized Cost | 156,530 | 154,525 |
Available-for-sale securities, Gross Unrealized Gains | 2,000 | 1,230 |
Available-for-sale securities, Gross Unrealized Losses | 277 | 452 |
Available-for-sale securities, Estimated Fair Value | 158,253 | 155,303 |
Equity Securities [Member] | ||
ScheduleOfAvailableForSaleSecuritiesLineItems | ||
Available-for-sale securities, Amortized Cost | 627 | 624 |
Available-for-sale securities, Gross Unrealized Gains | 12 | 6 |
Available-for-sale securities, Gross Unrealized Losses | 0 | 0 |
Available-for-sale securities, Estimated Fair Value | 639 | 630 |
Held-to-maturity securities, Amortized Cost | 0 | |
Held-to-maturity securities, Estimated Fair Value | $0 |
Investment_Securities_Details_
Investment Securities (Details 1) (USD $) | 3 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 |
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | $18,939 | $54,507 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Unrealized Losses | 61 | 182 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 33,261 | 34,412 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Unrealized Losses | 427 | 617 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 52,200 | 88,919 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Unrealized Losses | 488 | 799 |
U.S. Government agencies [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | 12,970 | 41,574 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Unrealized Losses | 39 | 138 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 6,983 | 6,954 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Unrealized Losses | 17 | 209 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 19,953 | 48,528 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Unrealized Losses | 211 | 347 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | 0 | 0 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than 12 Months, Unrealized Losses | 0 | 0 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 2,624 | 2,708 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Unrealized Losses | 53 | 83 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value | 2,624 | 2,708 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Aggregate Loss, Unrealized Losses | 53 | 83 |
Mortgage-backed [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | 5,969 | 12,933 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Unrealized Losses | 22 | 44 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 25,638 | 26,828 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Unrealized Losses | 410 | 408 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 31,607 | 39,761 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Unrealized Losses | $277 | $452 |
Investment_Securities_Details_1
Investment Securities (Details 2) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for sale, Amortized Cost, Due in one year or less | $2,001 | |
Available for sale, Amortized Cost, Due after one year through five years | 76,053 | |
Available for sale, Amortized Cost, Due after five years through ten years | 10,647 | |
Available for sale, Amortized Cost, Due after ten years | 149,026 | |
Available for sale, Amortized Cost, Debt maturities | 237,727 | |
Available-for-sale securities, Amortized Cost | 238,354 | 235,579 |
Available for sale, Estimated Fair Value, Due in one year or less | 2,004 | |
Available for sale, Estimated Fair Value, Due after one year through five years | 76,191 | |
Available for sale, Estimated Fair Value, Due after five years through ten years | 10,782 | |
Available for sale, Estimated Fair Value, Due after ten years | 150,495 | |
Available for sale, Estimated Fair Value, Debt maturities | 239,472 | |
Available for sale, Estimated Fair Value, Total | 240,111 | 236,108 |
Held to maturity securities, Amortized Cost, Due in one year or less | 221 | |
Held to maturity securities, Amortized Cost, Due after one year through five years | 711 | |
Held to maturity securities, Amortized Cost, Due after five years through ten years | 403 | |
Held to maturity securities, Amortized Cost, Due after ten years | 3,180 | |
Held to maturity securities, Amortized Cost, Debt maturities | 4,515 | |
Held to maturity securities, Amortized Cost, Total | 4,515 | 4,630 |
Held to maturity securities, Estimated Fair Value, Due in one year or less | 222 | |
Held to maturity securities, Estimated Fair Value, Due after one year through five years | 766 | |
Held to maturity securities, Estimated Fair Value, Due after five years through ten years | 461 | |
Held to maturity securities, Estimated Fair Value, Due after ten years | 3,167 | |
Held to maturity securities, Estimated Fair Value, Debt maturities | 4,616 | |
Held-to-maturity securities, Estimated Fair Value, Total | 4,616 | 4,694 |
Equity [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities, Amortized Cost | 627 | 624 |
Available for sale, Estimated Fair Value, Total | 639 | 630 |
Held to maturity securities, Amortized Cost, Total | 0 | |
Held-to-maturity securities, Estimated Fair Value, Total | $0 |
Loans_and_Allowance_for_Credit2
Loans and Allowance for Credit Losses (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Construction | $77,697 | $69,157 |
Residential real estate | 264,424 | 273,336 |
Commercial real estate | 316,389 | 305,788 |
Commercial | 55,079 | 52,671 |
Consumer | 8,016 | 9,794 |
Total loans | 721,605 | 710,746 |
Allowance for credit losses | -7,798 | -7,695 |
Total loans, net | $713,807 | $703,051 |
Loans_and_Allowance_for_Credit3
Loans and Allowance for Credit Losses (Details 1) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans individually evaluated for impairment | $29,559 | $30,141 |
Loans collectively evaluated for impairment | 692,046 | 680,605 |
Total loans | 721,605 | 710,746 |
Allowance for credit losses allocated to: | ||
Loans individually evaluated for impairment | 1,102 | 1,273 |
Loans collectively evaluated for impairment | 6,696 | 6,422 |
Total allowance for credit losses | 7,798 | 7,695 |
Construction [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans individually evaluated for impairment | 12,601 | 10,067 |
Loans collectively evaluated for impairment | 65,096 | 59,090 |
Total loans | 77,697 | 69,157 |
Allowance for credit losses allocated to: | ||
Loans individually evaluated for impairment | 729 | 41 |
Loans collectively evaluated for impairment | 1,155 | 1,262 |
Total allowance for credit losses | 1,884 | 1,303 |
Residential real estate [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans individually evaluated for impairment | 7,975 | 10,403 |
Loans collectively evaluated for impairment | 256,449 | 262,933 |
Total loans | 264,424 | 273,336 |
Allowance for credit losses allocated to: | ||
Loans individually evaluated for impairment | 350 | 1,099 |
Loans collectively evaluated for impairment | 1,774 | 1,735 |
Total allowance for credit losses | 2,124 | 2,834 |
Commercial real estate [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans individually evaluated for impairment | 8,761 | 9,359 |
Loans collectively evaluated for impairment | 307,628 | 296,429 |
Total loans | 316,389 | 305,788 |
Allowance for credit losses allocated to: | ||
Loans individually evaluated for impairment | 23 | 129 |
Loans collectively evaluated for impairment | 2,316 | 2,250 |
Total allowance for credit losses | 2,339 | 2,379 |
Commercial [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans individually evaluated for impairment | 99 | 188 |
Loans collectively evaluated for impairment | 54,980 | 52,483 |
Total loans | 55,079 | 52,671 |
Allowance for credit losses allocated to: | ||
Loans individually evaluated for impairment | 0 | 1 |
Loans collectively evaluated for impairment | 441 | 447 |
Total allowance for credit losses | 441 | 448 |
Consumer [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans individually evaluated for impairment | 123 | 124 |
Loans collectively evaluated for impairment | 7,893 | 9,670 |
Total loans | 8,016 | 9,794 |
Allowance for credit losses allocated to: | ||
Loans individually evaluated for impairment | 0 | 3 |
Loans collectively evaluated for impairment | 180 | 226 |
Total allowance for credit losses | 180 | 229 |
Unallocated [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans individually evaluated for impairment | 0 | 0 |
Loans collectively evaluated for impairment | 0 | 0 |
Total loans | 0 | 0 |
Allowance for credit losses allocated to: | ||
Loans individually evaluated for impairment | 0 | 0 |
Loans collectively evaluated for impairment | 830 | 502 |
Total allowance for credit losses | $830 | $502 |
Loans_and_Allowance_for_Credit4
Loans and Allowance for Credit Losses (Details 2) (USD $) | 3 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 |
Impaired Nonaccrual Loans [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Unpaid principal balance | $18,552 | $20,145 |
Recorded investment with no allowance | 9,915 | 10,175 |
Recorded investment with an allowance | 2,999 | 3,292 |
Related allowance | 785 | 903 |
Average recorded investment | 12,998 | 12,765 |
Interest income recognized | 12,998 | 15,466 |
Impaired Nonaccrual Loans [Member] | Construction Loans [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Unpaid principal balance | 12,188 | 9,277 |
Recorded investment with no allowance | 5,681 | 6,045 |
Recorded investment with an allowance | 2,904 | 0 |
Related allowance | 690 | 0 |
Average recorded investment | 7,861 | 7,364 |
Interest income recognized | 7,861 | 7,739 |
Impaired Nonaccrual Loans [Member] | Residential Real Estate [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Unpaid principal balance | 2,178 | 4,664 |
Recorded investment with no allowance | 1,557 | 1,053 |
Recorded investment with an allowance | 95 | 2,982 |
Related allowance | 95 | 799 |
Average recorded investment | 2,276 | 2,681 |
Interest income recognized | 2,276 | 3,322 |
Impaired Nonaccrual Loans [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Unpaid principal balance | 3,994 | 4,703 |
Recorded investment with no allowance | 2,500 | 2,842 |
Recorded investment with an allowance | 0 | 280 |
Related allowance | 0 | 100 |
Average recorded investment | 2,689 | 2,455 |
Interest income recognized | 2,689 | 3,889 |
Impaired Nonaccrual Loans [Member] | Commercial Loan [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Unpaid principal balance | 63 | 1,372 |
Recorded investment with no allowance | 54 | 136 |
Recorded investment with an allowance | 0 | 5 |
Related allowance | 0 | 1 |
Average recorded investment | 49 | 141 |
Interest income recognized | 49 | 437 |
Impaired Nonaccrual Loans [Member] | Consumer Loan [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Unpaid principal balance | 129 | 129 |
Recorded investment with no allowance | 123 | 99 |
Recorded investment with an allowance | 0 | 25 |
Related allowance | 0 | 3 |
Average recorded investment | 123 | 124 |
Interest income recognized | 123 | 79 |
Impaired Accruing TDRs [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Unpaid principal balance | 16,644 | 16,674 |
Recorded investment with no allowance | 8,654 | 8,685 |
Recorded investment with an allowance | 7,990 | 7,989 |
Related allowance | 317 | 370 |
Average recorded investment | 16,675 | 22,400 |
Interest income recognized | 16,675 | 24,495 |
Impaired Accruing TDRs [Member] | Construction Loans [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Unpaid principal balance | 4,016 | 4,022 |
Recorded investment with no allowance | 3,196 | 3,196 |
Recorded investment with an allowance | 820 | 826 |
Related allowance | 39 | 41 |
Average recorded investment | 4,019 | 3,609 |
Interest income recognized | 4,019 | 2,743 |
Impaired Accruing TDRs [Member] | Residential Real Estate [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Unpaid principal balance | 6,322 | 6,368 |
Recorded investment with no allowance | 659 | 668 |
Recorded investment with an allowance | 5,663 | 5,700 |
Related allowance | 255 | 300 |
Average recorded investment | 6,338 | 12,401 |
Interest income recognized | 6,338 | 15,123 |
Impaired Accruing TDRs [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Unpaid principal balance | 6,261 | 6,237 |
Recorded investment with no allowance | 4,754 | 4,774 |
Recorded investment with an allowance | 1,507 | 1,463 |
Related allowance | 23 | 29 |
Average recorded investment | 6,272 | 6,342 |
Interest income recognized | 6,272 | 6,574 |
Impaired Accruing TDRs [Member] | Commercial Loan [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Unpaid principal balance | 45 | 47 |
Recorded investment with no allowance | 45 | 47 |
Recorded investment with an allowance | 0 | 0 |
Related allowance | 0 | 0 |
Average recorded investment | 46 | 48 |
Interest income recognized | 46 | 55 |
Impaired Accruing TDRs [Member] | Consumer Loan [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Unpaid principal balance | 0 | 0 |
Recorded investment with no allowance | 0 | 0 |
Recorded investment with an allowance | 0 | 0 |
Related allowance | 0 | 0 |
Average recorded investment | 0 | 0 |
Interest income recognized | 0 | 0 |
Total Impired Loans [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Unpaid principal balance | 35,196 | 36,819 |
Recorded investment with no allowance | 18,570 | 18,860 |
Recorded investment with an allowance | 10,989 | 11,281 |
Related allowance | 1,102 | 1,273 |
Average recorded investment | 29,673 | 35,165 |
Interest income recognized | 29,673 | 39,961 |
Total Impired Loans [Member] | Construction Loans [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Unpaid principal balance | 16,204 | 13,299 |
Recorded investment with no allowance | 8,877 | 9,241 |
Recorded investment with an allowance | 3,724 | 826 |
Related allowance | 729 | 41 |
Average recorded investment | 11,880 | 10,973 |
Interest income recognized | 11,880 | 10,482 |
Total Impired Loans [Member] | Residential Real Estate [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Unpaid principal balance | 8,500 | 11,032 |
Recorded investment with no allowance | 2,217 | 1,721 |
Recorded investment with an allowance | 5,758 | 8,682 |
Related allowance | 350 | 1,099 |
Average recorded investment | 8,614 | 15,082 |
Interest income recognized | 8,614 | 18,445 |
Total Impired Loans [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Unpaid principal balance | 10,255 | 10,940 |
Recorded investment with no allowance | 7,254 | 7,616 |
Recorded investment with an allowance | 1,507 | 1,743 |
Related allowance | 23 | 129 |
Average recorded investment | 8,961 | 8,797 |
Interest income recognized | 8,961 | 10,463 |
Total Impired Loans [Member] | Commercial Loan [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Unpaid principal balance | 108 | 1,419 |
Recorded investment with no allowance | 99 | 183 |
Recorded investment with an allowance | 0 | 5 |
Related allowance | 0 | 1 |
Average recorded investment | 95 | 189 |
Interest income recognized | 95 | 492 |
Total Impired Loans [Member] | Consumer Loan [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Unpaid principal balance | 129 | 129 |
Recorded investment with no allowance | 123 | 99 |
Recorded investment with an allowance | 0 | 25 |
Related allowance | 0 | 3 |
Average recorded investment | 123 | 124 |
Interest income recognized | $123 | $79 |
Loans_and_Allowance_for_Credit5
Loans and Allowance for Credit Losses (Details 3) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
TDR Balance | $7,695 | ||
TDR Balance | 7,798 | 7,695 | |
Troubled Debt Restructuring [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
TDR Balance | 23,748 | 32,401 | |
New TDRs | 0 | 0 | |
Disbursements (Payments) | -49 | 978 | |
Charge Offs | -403 | -701 | |
Reclassification/Transfers In(Out) | -238 | 0 | |
Payoffs | 0 | -1,279 | |
TDR Balance | 23,058 | 31,399 | |
Related allowance | 1,007 | 159 | |
Accruing Troubled Debt Restructurings [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
TDR Balance | 16,674 | 26,088 | |
New TDRs | 0 | 0 | |
Disbursements (Payments) | -30 | 1,073 | |
Charge Offs | 0 | -549 | |
Reclassification/Transfers In(Out) | 0 | 0 | |
Payoffs | 0 | -1,279 | |
TDR Balance | 16,644 | 25,333 | |
Related allowance | 317 | 159 | |
Nonaccrual Troubled Debt Restructurings [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
TDR Balance | 7,074 | 6,313 | |
New TDRs | 0 | 0 | |
Disbursements (Payments) | -19 | -95 | |
Charge Offs | -403 | -152 | |
Reclassification/Transfers In(Out) | -238 | 0 | |
Payoffs | 0 | 0 | |
TDR Balance | 6,414 | 6,066 | |
Related allowance | 690 | 0 | |
Construction [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
TDR Balance | 1,303 | ||
TDR Balance | 1,884 | 1,303 | |
Construction [Member] | Accruing Troubled Debt Restructurings [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
TDR Balance | 4,022 | 1,620 | |
New TDRs | 0 | 0 | |
Disbursements (Payments) | -6 | -314 | |
Charge Offs | 0 | 0 | |
Reclassification/Transfers In(Out) | 0 | 0 | |
Payoffs | 0 | 0 | |
TDR Balance | 4,016 | 1,306 | |
Related allowance | 39 | 1 | |
Construction [Member] | Nonaccrual Troubled Debt Restructurings [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
TDR Balance | 3,321 | 3,561 | |
New TDRs | 0 | 0 | |
Disbursements (Payments) | -7 | -2 | |
Charge Offs | -363 | -17 | |
Reclassification/Transfers In(Out) | 2,911 | 760 | |
Payoffs | 0 | 0 | |
TDR Balance | 5,862 | 4,302 | |
Related allowance | 690 | 0 | |
Residential real estate [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
TDR Balance | 2,834 | ||
TDR Balance | 2,124 | 2,834 | |
Residential real estate [Member] | Accruing Troubled Debt Restructurings [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
TDR Balance | 6,368 | 14,582 | |
New TDRs | 0 | 0 | |
Disbursements (Payments) | -46 | 1,421 | |
Charge Offs | 0 | 0 | |
Reclassification/Transfers In(Out) | 0 | 201 | |
Payoffs | 0 | -158 | |
TDR Balance | 6,322 | 16,046 | |
Related allowance | 255 | 143 | |
Residential real estate [Member] | Nonaccrual Troubled Debt Restructurings [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
TDR Balance | 3,382 | 1,884 | |
New TDRs | 0 | 0 | |
Disbursements (Payments) | -9 | -20 | |
Charge Offs | 0 | -70 | |
Reclassification/Transfers In(Out) | -2,911 | -760 | |
Payoffs | 0 | 0 | |
TDR Balance | 462 | 1,034 | |
Related allowance | 0 | 0 | |
Commercial real estate [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
TDR Balance | 2,379 | ||
TDR Balance | 2,339 | 2,379 | |
Commercial real estate [Member] | Accruing Troubled Debt Restructurings [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
TDR Balance | 6,237 | 9,791 | |
New TDRs | 0 | 0 | |
Disbursements (Payments) | 24 | -25 | |
Charge Offs | 0 | -549 | |
Reclassification/Transfers In(Out) | 0 | -201 | |
Payoffs | 0 | -1,097 | |
TDR Balance | 6,261 | 7,919 | |
Related allowance | 23 | 6 | |
Commercial real estate [Member] | Nonaccrual Troubled Debt Restructurings [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
TDR Balance | 346 | 842 | |
New TDRs | 0 | 0 | |
Disbursements (Payments) | -2 | -72 | |
Charge Offs | -40 | -65 | |
Reclassification/Transfers In(Out) | -238 | 0 | |
Payoffs | 0 | 0 | |
TDR Balance | 66 | 705 | |
Related allowance | 0 | 0 | |
Commercial [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
TDR Balance | 448 | ||
TDR Balance | 441 | 448 | |
Commercial [Member] | Accruing Troubled Debt Restructurings [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
TDR Balance | 47 | 95 | |
New TDRs | 0 | 0 | |
Disbursements (Payments) | -2 | -9 | |
Charge Offs | 0 | 0 | |
Reclassification/Transfers In(Out) | 0 | 0 | |
Payoffs | 0 | -24 | |
TDR Balance | 45 | 62 | |
Related allowance | 0 | 9 | |
Commercial [Member] | Nonaccrual Troubled Debt Restructurings [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
TDR Balance | 0 | 0 | |
New TDRs | 0 | 0 | |
Disbursements (Payments) | 0 | 0 | |
Charge Offs | 0 | 0 | |
Reclassification/Transfers In(Out) | 0 | 0 | |
Payoffs | 0 | 0 | |
TDR Balance | 0 | 0 | |
Related allowance | 0 | 0 | |
Consumer [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
TDR Balance | 229 | ||
TDR Balance | 180 | 229 | |
Consumer [Member] | Accruing Troubled Debt Restructurings [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
TDR Balance | 0 | 0 | |
New TDRs | 0 | 0 | |
Disbursements (Payments) | 0 | 0 | |
Charge Offs | 0 | 0 | |
Reclassification/Transfers In(Out) | 0 | 0 | |
Payoffs | 0 | 0 | |
TDR Balance | 0 | 0 | |
Related allowance | 0 | 0 | |
Consumer [Member] | Nonaccrual Troubled Debt Restructurings [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
TDR Balance | 25 | 26 | |
New TDRs | 0 | 0 | |
Disbursements (Payments) | -1 | -1 | |
Charge Offs | 0 | 0 | |
Reclassification/Transfers In(Out) | 0 | 0 | |
Payoffs | 0 | 0 | |
TDR Balance | 24 | 25 | |
Related allowance | $0 | $0 |
Loans_and_Allowance_for_Credit6
Loans and Allowance for Credit Losses (Details 4) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Number of contracts | 2 | 0 |
Recorded investment | $279 | $0 |
Related allowance | 0 | 0 |
Troubled Debt Restructurings That Subsequently Defaulted [Member] | Construction [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Number of contracts | 0 | 0 |
Recorded investment | 0 | 0 |
Related allowance | 0 | 0 |
Troubled Debt Restructurings That Subsequently Defaulted [Member] | Residential real estate [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Number of contracts | 0 | 0 |
Recorded investment | 0 | 0 |
Related allowance | 0 | 0 |
Troubled Debt Restructurings That Subsequently Defaulted [Member] | Commercial real estate [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Number of contracts | 2 | 0 |
Recorded investment | 279 | 0 |
Related allowance | 0 | 0 |
Troubled Debt Restructurings That Subsequently Defaulted [Member] | Commercial [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Number of contracts | 0 | 0 |
Recorded investment | 0 | 0 |
Related allowance | 0 | 0 |
Troubled Debt Restructurings That Subsequently Defaulted [Member] | Consumer [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Number of contracts | 0 | 0 |
Recorded investment | 0 | 0 |
Related allowance | $0 | $0 |
Loans_and_Allowance_for_Credit7
Loans and Allowance for Credit Losses (Details 5) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loan Risk Rating | $721,605 | $710,746 |
Construction [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loan Risk Rating | 77,697 | 69,157 |
Residential real estate [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loan Risk Rating | 264,424 | 273,336 |
Commercial real estate [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loan Risk Rating | 316,389 | 305,788 |
Commercial [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loan Risk Rating | 55,079 | 52,671 |
Consumer [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loan Risk Rating | 8,016 | 9,794 |
Pass/Performing [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loan Risk Rating | 653,917 | 640,698 |
Pass/Performing [Member] | Construction [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loan Risk Rating | 60,330 | 52,241 |
Pass/Performing [Member] | Residential real estate [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loan Risk Rating | 245,964 | 252,643 |
Pass/Performing [Member] | Commercial real estate [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loan Risk Rating | 286,695 | 275,573 |
Pass/Performing [Member] | Commercial [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loan Risk Rating | 53,076 | 50,583 |
Pass/Performing [Member] | Consumer [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loan Risk Rating | 7,852 | 9,658 |
Special Mention [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loan Risk Rating | 33,102 | 34,256 |
Special Mention [Member] | Construction [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loan Risk Rating | 3,472 | 5,643 |
Special Mention [Member] | Residential real estate [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loan Risk Rating | 7,646 | 6,675 |
Special Mention [Member] | Commercial real estate [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loan Risk Rating | 20,047 | 20,040 |
Special Mention [Member] | Commercial [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loan Risk Rating | 1,896 | 1,885 |
Special Mention [Member] | Consumer [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loan Risk Rating | 41 | 13 |
Substandard [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loan Risk Rating | 34,562 | 35,703 |
Substandard [Member] | Construction [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loan Risk Rating | 13,895 | 11,273 |
Substandard [Member] | Residential real estate [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loan Risk Rating | 10,790 | 14,018 |
Substandard [Member] | Commercial real estate [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loan Risk Rating | 9,647 | 10,175 |
Substandard [Member] | Commercial [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loan Risk Rating | 107 | 114 |
Substandard [Member] | Consumer [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loan Risk Rating | 123 | 123 |
Doubtful [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loan Risk Rating | 24 | 89 |
Doubtful [Member] | Construction [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loan Risk Rating | 0 | 0 |
Doubtful [Member] | Residential real estate [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loan Risk Rating | 24 | 0 |
Doubtful [Member] | Commercial real estate [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loan Risk Rating | 0 | 0 |
Doubtful [Member] | Commercial [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loan Risk Rating | 0 | 89 |
Doubtful [Member] | Consumer [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loan Risk Rating | $0 | $0 |
Loans_and_Allowance_for_Credit8
Loans and Allowance for Credit Losses (Details 6) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Current | $700,489 | $688,156 |
30-59 days past due | 3,861 | 5,654 |
60-89 days past due | 4,305 | 3,383 |
90 days or more past due | 36 | 87 |
Total past due | 8,202 | 9,124 |
Non-accrual | 12,914 | 13,466 |
Total loans | 721,605 | 710,746 |
Percent of total loans, Current | 97.10% | 96.80% |
Percent of total loans, 30-59 days past due | 0.50% | 0.80% |
Percent of total loans, 60-89 days past due | 0.60% | 0.50% |
Percent of total loans, 90 days or more past due | 0.00% | 0.00% |
Percent of total loans, Total past due | 1.10% | 1.30% |
Percent of total loans, Non accrual | 1.80% | 1.90% |
Construction [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Current | 68,844 | 61,325 |
30-59 days past due | 268 | 1,786 |
60-89 days past due | 0 | 0 |
90 days or more past due | 0 | 0 |
Total past due | 268 | 1,786 |
Non-accrual | 8,585 | 6,046 |
Total loans | 77,697 | 69,157 |
Residential real estate [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Current | 257,818 | 263,165 |
30-59 days past due | 1,933 | 3,351 |
60-89 days past due | 3,012 | 2,702 |
90 days or more past due | 9 | 83 |
Total past due | 4,954 | 6,136 |
Non-accrual | 1,652 | 4,035 |
Total loans | 264,424 | 273,336 |
Commercial real estate [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Current | 311,204 | 301,695 |
30-59 days past due | 1,555 | 459 |
60-89 days past due | 1,130 | 513 |
90 days or more past due | 0 | 0 |
Total past due | 2,685 | 972 |
Non-accrual | 2,500 | 3,121 |
Total loans | 316,389 | 305,788 |
Commercial [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Current | 54,798 | 52,352 |
30-59 days past due | 70 | 47 |
60-89 days past due | 157 | 131 |
90 days or more past due | 0 | 0 |
Total past due | 227 | 178 |
Non-accrual | 54 | 141 |
Total loans | 55,079 | 52,671 |
Consumer [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Current | 7,825 | 9,619 |
30-59 days past due | 35 | 11 |
60-89 days past due | 6 | 37 |
90 days or more past due | 27 | 4 |
Total past due | 68 | 52 |
Non-accrual | 123 | 123 |
Total loans | $8,016 | $9,794 |
Loans_and_Allowance_for_Credit9
Loans and Allowance for Credit Losses (Details 7) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Allowance for credit losses: | ||
Beginning balance | $7,695 | $10,725 |
Charge-offs | -651 | -1,748 |
Recoveries | 104 | 117 |
Net charge-offs | -547 | -1,631 |
Provision | 650 | 975 |
Ending balance | 7,798 | 10,069 |
Construction [Member] | ||
Allowance for credit losses: | ||
Beginning balance | 1,303 | 1,960 |
Charge-offs | -363 | -17 |
Recoveries | 3 | 10 |
Net charge-offs | -360 | -7 |
Provision | 941 | 44 |
Ending balance | 1,884 | 1,997 |
Residential real estate [Member] | ||
Allowance for credit losses: | ||
Beginning balance | 2,834 | 3,854 |
Charge-offs | -114 | -672 |
Recoveries | 23 | 43 |
Net charge-offs | -91 | -629 |
Provision | -619 | -1,139 |
Ending balance | 2,124 | 2,086 |
Commercial real estate [Member] | ||
Allowance for credit losses: | ||
Beginning balance | 2,379 | 3,029 |
Charge-offs | -40 | -90 |
Recoveries | 13 | 6 |
Net charge-offs | -27 | -84 |
Provision | -13 | 1,639 |
Ending balance | 2,339 | 4,584 |
Commercial [Member] | ||
Allowance for credit losses: | ||
Beginning balance | 448 | 1,266 |
Charge-offs | -124 | -842 |
Recoveries | 47 | 50 |
Net charge-offs | -77 | -792 |
Provision | 70 | 203 |
Ending balance | 441 | 677 |
Consumer [Member] | ||
Allowance for credit losses: | ||
Beginning balance | 229 | 243 |
Charge-offs | -10 | -127 |
Recoveries | 18 | 8 |
Net charge-offs | 8 | -119 |
Provision | -57 | 184 |
Ending balance | 180 | 308 |
Unallocated Financing Receivables [Member] | ||
Allowance for credit losses: | ||
Beginning balance | 502 | 373 |
Charge-offs | 0 | 0 |
Recoveries | 0 | 0 |
Net charge-offs | 0 | 0 |
Provision | 328 | 44 |
Ending balance | $830 | $417 |
Recovered_Sheet1
Loans and Allowance for Credit Losses (Details Textual) (Residential Real Estate [Member], USD $) | Mar. 31, 2015 |
In Thousands, unless otherwise specified | |
Residential Real Estate [Member] | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Loans and Leases Receivable Net Reported Amount Additions | $27 |
Other_Assets_Details
Other Assets (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Other Assets [Line Items] | ||
Nonmarketable investment securities | $1,706 | $1,586 |
Accrued interest receivable | 2,604 | 2,663 |
Deferred income taxes | 14,631 | 15,744 |
Prepaid expenses | 1,615 | 750 |
Other assets | 5,756 | 6,419 |
Total | $26,312 | $27,162 |
Other_Assets_Details_1
Other Assets (Details 1) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Deferred tax assets: | ||
Allowance for credit losses | $3,110 | $3,072 |
Reserve for off-balance sheet commitments | 122 | 121 |
Net operating loss carry forward | 12,516 | 13,265 |
Write-downs of other real estate owned | 303 | 355 |
Deferred income | 1,077 | 1,132 |
Accrued expenses | 929 | 918 |
Other | 174 | 80 |
Total deferred tax assets | 18,231 | 18,943 |
Deferred tax liabilities: | ||
Depreciation | 343 | 372 |
Purchase accounting adjustments | 1,807 | 1,751 |
Deferred capital gain on branch sale | 421 | 425 |
Unrealized gains on available-for-sale securities | 709 | 214 |
Other | 320 | 437 |
Total deferred tax liabilities | 3,600 | 3,199 |
Net deferred tax assets | $14,631 | $15,744 |
Other_Assets_Details_Textual
Other Assets (Details Textual) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest, Total | $2,270 | $2,021 |
Operating Loss Carryforwards Expiration Year | 20 years |
Other_Liabilities_Details
Other Liabilities (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Other Liabilities [Line Items] | ||
Accrued interest payable | $155 | $172 |
Other accounts payable | 1,900 | 2,435 |
Deferred compensation liability | 1,520 | 1,503 |
Other liabilities | 1,935 | 2,011 |
Total | $5,510 | $6,121 |
StockBased_Compensation_Detail
Stock-Based Compensation (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Stock-based compensation expense | $136 | $22 |
Excess tax expense related to stock-based compensation | 0 | 0 |
Unrecognized stock-based compensation expense | $102 | $114 |
Weighted average period unrecognized expense is expected to be recognized | 9 months 18 days | 1 year 6 months |
StockBased_Compensation_Detail1
Stock-Based Compensation (Details 1) (Restricted Stock [Member], USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Restricted Stock [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of Shares, Nonvested at beginning of period (in shares) | 14,251 | 13,930 |
Number of Shares, Granted (in shares) | 6,763 | 0 |
Number of Shares, Vested (in shares) | -8,680 | -3,333 |
Number of Shares, Cancelled (in shares) | 0 | 0 |
Number of Shares, Nonvested at end of period (in shares) | 12,334 | 10,597 |
Weighted Average Grant Date Fair Value, Nonvested at beginning of period (in dollars per share) | $8.33 | $8.33 |
Weighted Average Grant Date Fair Value, Granted (in dollars per share) | $9.18 | $0 |
Weighted Average Grant Date Fair Value, Vested (in dollars per share) | $8.55 | $8.93 |
Weighted Average Grant Date Fair Value, Cancelled (in dollars per share) | $0 | $0 |
Weighted Average Grant Date Fair Value, Nonvested at end of period (in dollars per share) | $8.22 | $8.14 |
StockBased_Compensation_Detail2
Stock-Based Compensation (Details 2) (Equity Option [Member], USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Equity Option [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of shares, Outstanding at beginning of period (in shares) | 27,108 | 40,662 |
Number of shares, Granted (in shares) | 34,219 | 0 |
Number of shares, Exercised (in shares) | 0 | 0 |
Number of shares, Expired/Cancelled (in shares) | 0 | 0 |
Number of shares, Outstanding at end of period (in shares) | 61,327 | 40,662 |
Number of shares, Exercisable at end of period (in shares) | 27,108 | 20,331 |
Weighted Average Exercise Price, Outstanding at beginning of period | $6.64 | $6.64 |
Weighted Average Exercise Price, Granted | $3.44 | $0 |
Weighted Average Exercise Price, Exercised | $0 | $0 |
Weighted Average Exercise Price, Expired/Cancelled | $0 | $0 |
Weighted Average Exercise Price, Outstanding at end of period | $4.85 | $6.64 |
Weighted Average Exercise Price, Exercisable at end of period | $6.64 | $6.64 |
StockBased_Compensation_Detail3
Stock-Based Compensation (Details Textual) (USD $) | 3 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $69 |
Equity Plan 2006 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based Compensation Shares Authorized Under Stock Option Plans Expire Period | 7 years |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | 74 |
Share Based Compensation Arrangement By Share Based Payment Award Estimated Fair Value Of Stock Price | $9.18 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $265 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Accumulated other comprehensive income (loss), Beginning Balance | $316 | ($437) |
Other comprehensive (loss) income | 732 | 53 |
Accumulated other comprehensive income (loss), Ending Balance | 1,048 | -384 |
Accumulated Net Unrealized Holding Gains (Losses) On Available For Sale Securities [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Accumulated other comprehensive income (loss), Beginning Balance | 316 | -437 |
Other comprehensive (loss) income | 732 | 53 |
Accumulated other comprehensive income (loss), Ending Balance | $1,048 | ($384) |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Securities available for sale: | ||
Available-for-sale Securities, Fair Value Disclosure | $240,111 | $236,108 |
Fair Value, Inputs, Level 1 [Member] | ||
Securities available for sale: | ||
Available-for-sale Securities, Fair Value Disclosure | 5,192 | 5,215 |
Fair Value, Inputs, Level 2 [Member] | ||
Securities available for sale: | ||
Available-for-sale Securities, Fair Value Disclosure | 234,919 | 230,893 |
Fair Value, Inputs, Level 3 [Member] | ||
Securities available for sale: | ||
Available-for-sale Securities, Fair Value Disclosure | 0 | 0 |
US Treasury Securities [Member] | ||
Securities available for sale: | ||
Available-for-sale Securities, Fair Value Disclosure | 5,192 | 5,215 |
US Treasury Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Securities available for sale: | ||
Available-for-sale Securities, Fair Value Disclosure | 5,192 | 5,215 |
US Treasury Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Securities available for sale: | ||
Available-for-sale Securities, Fair Value Disclosure | 0 | 0 |
US Treasury Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Securities available for sale: | ||
Available-for-sale Securities, Fair Value Disclosure | 0 | 0 |
US Government and Government Agencies and Authorities [Member] | ||
Securities available for sale: | ||
Available-for-sale Securities, Fair Value Disclosure | 76,027 | 74,960 |
US Government and Government Agencies and Authorities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Securities available for sale: | ||
Available-for-sale Securities, Fair Value Disclosure | 0 | 0 |
US Government and Government Agencies and Authorities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Securities available for sale: | ||
Available-for-sale Securities, Fair Value Disclosure | 76,027 | 74,960 |
US Government and Government Agencies and Authorities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Securities available for sale: | ||
Available-for-sale Securities, Fair Value Disclosure | 0 | 0 |
Mortgage Backed Securities, Other [Member] | ||
Securities available for sale: | ||
Available-for-sale Securities, Fair Value Disclosure | 158,253 | 155,303 |
Mortgage Backed Securities, Other [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Securities available for sale: | ||
Available-for-sale Securities, Fair Value Disclosure | 0 | 0 |
Mortgage Backed Securities, Other [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Securities available for sale: | ||
Available-for-sale Securities, Fair Value Disclosure | 158,253 | 155,303 |
Mortgage Backed Securities, Other [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Securities available for sale: | ||
Available-for-sale Securities, Fair Value Disclosure | 0 | 0 |
Equity Securities Others [Member] | ||
Securities available for sale: | ||
Available-for-sale Securities, Fair Value Disclosure | 639 | 630 |
Equity Securities Others [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Securities available for sale: | ||
Available-for-sale Securities, Fair Value Disclosure | 0 | 0 |
Equity Securities Others [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Securities available for sale: | ||
Available-for-sale Securities, Fair Value Disclosure | 639 | 630 |
Equity Securities Others [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Securities available for sale: | ||
Available-for-sale Securities, Fair Value Disclosure | $0 | $0 |
Fair_Value_Measurements_Detail1
Fair Value Measurements (Details 1) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Impaired loans: | ||
Impaired loans | $28,456 | $28,868 |
Loans held for sale | 0 | 0 |
Other real estate owned | 3,469 | 3,691 |
Total assets measured at fair value on a nonrecurring basis | 31,925 | 32,559 |
Fair Value, Inputs, Level 1 [Member] | ||
Impaired loans: | ||
Impaired loans | 0 | 0 |
Loans held for sale | 0 | 0 |
Other real estate owned | 0 | 0 |
Total assets measured at fair value on a nonrecurring basis | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ||
Impaired loans: | ||
Impaired loans | 28,456 | 28,868 |
Loans held for sale | 0 | 0 |
Other real estate owned | 3,469 | 3,691 |
Total assets measured at fair value on a nonrecurring basis | 31,925 | 32,559 |
Fair Value, Inputs, Level 3 [Member] | ||
Impaired loans: | ||
Impaired loans | 0 | 0 |
Loans held for sale | 0 | 0 |
Other real estate owned | 0 | 0 |
Total assets measured at fair value on a nonrecurring basis | 0 | 0 |
Construction [Member] | ||
Impaired loans: | ||
Impaired loans | 11,872 | 10,026 |
Construction [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Impaired loans: | ||
Impaired loans | 0 | 0 |
Construction [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Impaired loans: | ||
Impaired loans | 11,872 | 10,026 |
Construction [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Impaired loans: | ||
Impaired loans | 0 | 0 |
Residential Real Estate [Member] | ||
Impaired loans: | ||
Impaired loans | 7,624 | 9,304 |
Residential Real Estate [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Impaired loans: | ||
Impaired loans | 0 | 0 |
Residential Real Estate [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Impaired loans: | ||
Impaired loans | 7,624 | 9,304 |
Residential Real Estate [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Impaired loans: | ||
Impaired loans | 0 | 0 |
Commercial Real Estate [Member] | ||
Impaired loans: | ||
Impaired loans | 8,738 | 9,230 |
Commercial Real Estate [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Impaired loans: | ||
Impaired loans | 0 | 0 |
Commercial Real Estate [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Impaired loans: | ||
Impaired loans | 8,738 | 9,230 |
Commercial Real Estate [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Impaired loans: | ||
Impaired loans | 0 | 0 |
Commercial [Member] | ||
Impaired loans: | ||
Impaired loans | 99 | 187 |
Commercial [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Impaired loans: | ||
Impaired loans | 0 | 0 |
Commercial [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Impaired loans: | ||
Impaired loans | 99 | 187 |
Commercial [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Impaired loans: | ||
Impaired loans | 0 | 0 |
Consumer [Member] | ||
Impaired loans: | ||
Impaired loans | 123 | 121 |
Consumer [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Impaired loans: | ||
Impaired loans | 0 | 0 |
Consumer [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Impaired loans: | ||
Impaired loans | 123 | 121 |
Consumer [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Impaired loans: | ||
Impaired loans | $0 | $0 |
Fair_Value_Measurements_Detail2
Fair Value Measurements (Details 2) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||||
Financial assets, Carrying Amount | ||||
Cash and cash equivalents, Carrying Amount | $75,958 | $96,223 | $132,898 | $131,090 |
Investment securities held to maturity, Carrying Amount | 4,515 | 4,630 | ||
Loans, net, Carrying Amount | 713,807 | 703,051 | ||
Financial liabilities, Carrying Amount | ||||
Deposits, Carrying Amount | 940,774 | 949,004 | ||
Short-term borrowings, Carrying Amount | 5,098 | 4,808 | ||
Financial assets, Estimated Fair Value | ||||
Investment securities held to maturity, Estimated Fair Value | 4,616 | 4,694 | ||
Fair Value, Inputs, Level 1 [Member] | ||||
Financial assets, Estimated Fair Value | ||||
Cash and cash equivalents, Estimated Fair Value | 75,958 | 96,223 | ||
Fair Value, Inputs, Level 2 [Member] | ||||
Financial assets, Carrying Amount | ||||
Investment securities held to maturity, Carrying Amount | 4,515 | 4,630 | ||
Loans, net, Carrying Amount | 713,807 | 703,051 | ||
Financial liabilities, Carrying Amount | ||||
Deposits, Carrying Amount | 940,774 | 949,004 | ||
Short-term borrowings, Carrying Amount | 5,098 | 4,808 | ||
Financial assets, Estimated Fair Value | ||||
Investment securities held to maturity, Estimated Fair Value | 4,616 | 4,694 | ||
Loans, net, Estimated Fair Value | 735,287 | 724,771 | ||
Financial liabilities, Estimated Fair Value | ||||
Deposits, Estimated Fair Value | 940,484 | 948,605 | ||
Short-term borrowings, Estimated Fair Value | $5,098 | $4,808 |
Financial_Instruments_with_Off2
Financial Instruments with Off-Balance Sheet Risk (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Financial Instruments With Off Balance Sheet Risk Disclosure [Line Items] | ||
Commitments to extend credit | $142,084 | $127,080 |
Letters of credit | 7,155 | 7,347 |
Total | $149,239 | $134,427 |
Segment_Reporting_Details
Segment Reporting (Details) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
Segment Reporting Information [Line Items] | |||
Interest income | $9,445 | $9,455 | |
Interest expense | -906 | -1,132 | |
Provision for credit losses | -650 | -975 | |
Noninterest income | 4,085 | 4,788 | |
Noninterest expense | -9,704 | -10,115 | |
Net intersegment (expense) income | 0 | 0 | |
Income (loss) before taxes | 2,270 | 2,021 | |
Income tax (expense) benefit | -861 | -763 | |
Net income (loss) | 1,409 | 1,258 | |
Total assets | 1,094,128 | 1,049,514 | 1,100,402 |
Community Banking [Member] | |||
Segment Reporting Information [Line Items] | |||
Interest income | 9,394 | 9,455 | |
Interest expense | -906 | -1,132 | |
Provision for credit losses | -650 | -975 | |
Noninterest income | 1,666 | 1,522 | |
Noninterest expense | -5,527 | -5,591 | |
Net intersegment (expense) income | -1,993 | -1,662 | |
Income (loss) before taxes | 1,984 | 1,617 | |
Income tax (expense) benefit | -752 | -610 | |
Net income (loss) | 1,232 | 1,007 | |
Total assets | 1,068,367 | 1,031,855 | |
Insurance Products and Services [Member] | |||
Segment Reporting Information [Line Items] | |||
Interest income | 0 | 0 | |
Interest expense | 0 | 0 | |
Provision for credit losses | 0 | 0 | |
Noninterest income | 2,419 | 3,266 | |
Noninterest expense | -1,751 | -2,615 | |
Net intersegment (expense) income | -197 | -181 | |
Income (loss) before taxes | 471 | 470 | |
Income tax (expense) benefit | -179 | -178 | |
Net income (loss) | 292 | 292 | |
Total assets | 10,023 | 13,567 | |
Parent Company [Member] | |||
Segment Reporting Information [Line Items] | |||
Interest income | 51 | 0 | |
Interest expense | 0 | 0 | |
Provision for credit losses | 0 | 0 | |
Noninterest income | 0 | 0 | |
Noninterest expense | -2,426 | -1,909 | |
Net intersegment (expense) income | 2,190 | 1,843 | |
Income (loss) before taxes | -185 | -66 | |
Income tax (expense) benefit | 70 | 25 | |
Net income (loss) | -115 | -41 | |
Total assets | $15,738 | $4,092 |