Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2015 | Oct. 31, 2015 | |
Document Information [Line Items] | ||
Entity Registrant Name | SHORE BANCSHARES INC | |
Entity Central Index Key | 1,035,092 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Trading Symbol | SHBI | |
Entity Common Stock, Shares Outstanding | 12,631,160 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2015 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2,015 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
ASSETS | ||
Cash and due from banks | $ 17,401 | $ 24,211 |
Interest-bearing deposits with other banks | 41,345 | 68,460 |
Federal funds sold | 7,430 | 3,552 |
Investment securities: | ||
Available for sale, at fair value | 220,434 | 236,108 |
Held to maturity, at amortized cost - fair value of $4,280 (2015) and $4,694 (2014) | 4,192 | 4,630 |
Loans | 777,062 | 710,746 |
Less: allowance for credit losses | (8,098) | (7,695) |
Loans, net | 768,964 | 703,051 |
Premises and equipment, net | 16,958 | 16,275 |
Goodwill | 11,931 | 11,931 |
Other intangible assets, net | 1,231 | 1,331 |
Other real estate owned, net | 2,884 | 3,691 |
Other assets | 25,043 | 27,162 |
TOTAL ASSETS | 1,117,813 | 1,100,402 |
Deposits: | ||
Noninterest-bearing | 220,945 | 193,814 |
Interest-bearing | 738,489 | 755,190 |
Total deposits | 959,434 | 949,004 |
Short-term borrowings | 6,480 | 4,808 |
Other liabilities | 6,012 | 6,121 |
TOTAL LIABILITIES | 971,926 | 959,933 |
STOCKHOLDERS’ EQUITY | ||
Common stock, par value $.01 per share; shares authorized - 35,000,000; shares issued and outstanding - 12,630,428 (2015) and 12,618,513 (2014) | 126 | 126 |
Additional paid in capital | 63,767 | 63,532 |
Retained earnings | 81,187 | 76,495 |
Accumulated other comprehensive income | 807 | 316 |
TOTAL STOCKHOLDERS’ EQUITY | 145,887 | 140,469 |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ 1,117,813 | $ 1,100,402 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Securities held to maturity, estimated fair value (in dollars) | $ 4,280 | $ 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 | 12,630,428 | 12,618,513 |
Common stock, shares outstanding | 12,630,428 | 12,618,513 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
INTEREST INCOME | ||||
Interest and fees on loans | $ 8,912 | $ 8,788 | $ 25,984 | $ 26,475 |
Interest and dividends on investment securities: | ||||
Taxable | 892 | 850 | 2,748 | 2,040 |
Tax-exempt | 2 | 3 | 8 | 9 |
Interest on federal funds sold | 1 | 1 | 2 | 1 |
Interest on deposits with other banks | 30 | 44 | 82 | 139 |
Total interest income | 9,837 | 9,686 | 28,824 | 28,664 |
INTEREST EXPENSE | ||||
Interest on deposits | 824 | 1,046 | 2,581 | 3,244 |
Interest on short-term borrowings | 3 | 4 | 11 | 14 |
Total interest expense | 827 | 1,050 | 2,592 | 3,258 |
NET INTEREST INCOME | 9,010 | 8,636 | 26,232 | 25,406 |
Provision for credit losses | 410 | 775 | 1,600 | 2,700 |
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES | 8,600 | 7,861 | 24,632 | 22,706 |
NONINTEREST INCOME | ||||
Service charges on deposit accounts | 769 | 618 | 2,061 | 1,778 |
Trust and investment fee income | 360 | 496 | 1,279 | 1,382 |
Insurance agency commissions | 2,107 | 2,176 | 6,514 | 7,789 |
Other noninterest income | 669 | 704 | 1,924 | 2,361 |
Total noninterest income | 3,905 | 3,994 | 11,778 | 13,310 |
NONINTEREST EXPENSE | ||||
Salaries and wages | 4,468 | 4,689 | 13,174 | 13,295 |
Employee benefits | 935 | 934 | 3,015 | 3,136 |
Occupancy expense | 600 | 565 | 1,837 | 1,769 |
Furniture and equipment expense | 223 | 225 | 711 | 741 |
Data processing | 800 | 741 | 2,451 | 2,240 |
Directors’ fees | 117 | 131 | 356 | 375 |
Amortization of other intangible assets | 34 | 34 | 100 | 168 |
Insurance agency commissions expense | 0 | 0 | 0 | 906 |
FDIC insurance premium expense | 243 | 399 | 933 | 1,234 |
Write-downs of other real estate owned | 7 | 290 | 88 | 466 |
Other noninterest expenses | 1,969 | 1,811 | 5,735 | 5,521 |
Total noninterest expense | 9,396 | 9,819 | 28,400 | 29,851 |
INCOME BEFORE INCOME TAXES | 3,109 | 2,036 | 8,010 | 6,165 |
Income tax expense | 1,200 | 774 | 3,065 | 2,340 |
NET INCOME | $ 1,909 | $ 1,262 | $ 4,945 | $ 3,825 |
Basic net income per common share (in dollars per share) | $ 0.15 | $ 0.10 | $ 0.39 | $ 0.37 |
Diluted net income per common share (in dollars per share) | 0.15 | 0.10 | 0.39 | 0.37 |
Dividends paid per common share (in dollars per share) | $ 0.02 | $ 0 | $ 0.02 | $ 0 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Net income | $ 1,909 | $ 1,262 | $ 4,945 | $ 3,825 |
Securities available for sale: | ||||
Unrealized holding gains (losses) on available-for-sale securities | 1,319 | (181) | 824 | 322 |
Tax effect | (532) | 73 | (333) | (130) |
Net of tax amount | 787 | (108) | 491 | 192 |
Cash flow hedging activities: | ||||
Total other comprehensive income (loss) | 787 | (108) | 491 | 192 |
Comprehensive income | $ 2,696 | $ 1,154 | $ 5,436 | $ 4,017 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] |
Balances at Dec. 31, 2013 | $ 103,299 | $ 85 | $ 32,207 | $ 71,444 | $ (437) |
Net income | 3,825 | 0 | 0 | 3,825 | 0 |
Unrealized gains on available-for-sale securities, net of taxes | 192 | 0 | 0 | 0 | 192 |
Issuance of common stock through public offering, net | 31,279 | 41 | 31,238 | 0 | 0 |
Stock-based compensation | 79 | 0 | 79 | 0 | 0 |
Balances at Sep. 30, 2014 | 138,674 | 126 | 63,524 | 75,269 | (245) |
Balances at Dec. 31, 2014 | 140,469 | 126 | 63,532 | 76,495 | 316 |
Net income | 4,945 | 0 | 0 | 4,945 | 0 |
Unrealized gains on available-for-sale securities, net of taxes | 491 | 0 | 0 | 0 | 491 |
Stock-based compensation | 235 | 0 | 235 | 0 | 0 |
Cash dividends declared | (253) | 0 | 0 | (253) | 0 |
Balances at Sep. 30, 2015 | $ 145,887 | $ 126 | $ 63,767 | $ 81,187 | $ 807 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income | $ 4,945 | $ 3,825 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Provision for credit losses | 1,600 | 2,700 |
Depreciation and amortization | 1,845 | 1,725 |
Discount accretion on debt securities | (83) | (41) |
Stock-based compensation expense | 235 | 79 |
Deferred income tax expense | 2,640 | 1,923 |
Losses on sales of other real estate owned | 47 | 3 |
Write-downs of other real estate owned | 88 | 466 |
Gain on sale of wholesale insurance subsidiary | 0 | (114) |
Net changes in: | ||
Accrued interest receivable | 46 | (79) |
Other assets | (1,120) | (204) |
Accrued interest payable | (38) | (26) |
Other liabilities | (71) | (985) |
Net cash provided by operating activities | 10,134 | 9,272 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Proceeds from maturities and principal payments of investment securities available for sale | 40,573 | 35,473 |
Purchases of investment securities available for sale | (24,830) | (111,949) |
Proceeds from maturities and principal payments of investment securities held to maturity | 432 | 443 |
Net change in loans | (68,448) | 3,354 |
Purchases of premises and equipment | (1,362) | (736) |
Proceeds from sales of other real estate owned | 1,605 | 734 |
Proceeds from sale of wholesale insurance subsidiary | 0 | 2,878 |
Net cash used in investing activities | (52,030) | (69,803) |
Net changes in: | ||
Noninterest-bearing deposits | 27,131 | 17,402 |
Interest-bearing deposits | (16,701) | (10,216) |
Short-term borrowings | 1,672 | 615 |
Common stock dividends paid | (253) | 0 |
Proceeds from issuance of common stock through public offering, net | 0 | 31,279 |
Net cash provided by financing activities | 11,849 | 39,080 |
Net decrease in cash and cash equivalents | (30,047) | (21,451) |
Cash and cash equivalents at beginning of period | 96,223 | 131,090 |
Cash and cash equivalents at end of period | 66,176 | 109,639 |
Supplemental cash flows information: | ||
Interest paid | 2,630 | 3,284 |
Income taxes paid | 368 | 85 |
Transfers from loans to other real estate owned | 934 | 2,224 |
Transfers from loans held for sale to loans | $ 0 | $ 3,521 |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 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 September 30, 2015, the consolidated results of operations and comprehensive income for the three and nine months ended September 30, 2015 and 2014, and changes in stockholders’ equity and cash flows for the nine months ended September 30, 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 and nine months ended September 30, 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 No. 2014-14, “Classification of Certain Government-Guaranteed Mortgage Loans upon Foreclosure.” ASU No. 2015-02, “Amendments to the Consolidation Analysis.” ASU No. 2015-05, “Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement.” FASB issued ASU No. 2014-09, "Revenue from Contracts with Customers." "Revenue from Contracts with Customers - Deferral of the Effective Date" |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Sep. 30, 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 For the Nine Months Ended September 30, September 30, (In thousands, except per share data) 2015 2014 2015 2014 Net income $ 1,909 $ 1,262 $ 4,945 $ 3,825 Weighted average shares outstanding - Basic 12,630 12,615 12,627 10,381 Dilutive effect of common stock equivalents 10 10 10 12 Weighted average shares outstanding - Diluted 12,640 12,625 12,637 10,393 Earnings per common share - Basic $ 0.15 $ 0.10 $ 0.39 $ 0.37 Earnings per common share - Diluted $ 0.15 $ 0.10 $ 0.39 $ 0.37 There were no weighted average common stock equivalents excluded from the calculation of diluted earnings per share for the three and nine months ended September 30, 2015 and 2014. |
Investment Securities
Investment Securities | 9 Months Ended |
Sep. 30, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | Note 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: September 30, 2015 U.S. Treasury $ 5,111 $ 12 $ - $ 5,123 U.S. Government agencies 65,707 207 160 65,754 Mortgage-backed 147,629 1,647 363 148,913 Equity 634 10 - 644 Total $ 219,081 $ 1,876 $ 523 $ 220,434 December 31, 2014 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: September 30, 2015 U.S. Government agencies $ 2,575 $ - $ 43 $ 2,532 States and political subdivisions 1,617 131 - 1,748 Total $ 4,192 $ 131 $ 43 $ 4,280 December 31, 2014 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 September 30, 2015 and December 31, 2014. Less than 12 Months More than 12 Months Total (Dollars in thousands) Fair Unrealized Fair Unrealized Fair Unrealized September 30, 2015 Available-for-sale securities: U.S. Government agencies $ 14,989 $ 19 $ - $ 141 $ 14,989 $ 160 Mortgage-backed 14,067 43 22,488 320 36,555 363 Total $ 29,056 $ 62 $ 22,488 $ 461 $ 51,544 $ 523 Held-to-maturity securities: U.S. Government agencies $ - $ - $ 2,532 $ 43 $ 2,532 $ 43 Less than 12 Months More than 12 Months Total (Dollars in thousands) Fair Unrealized Fair Unrealized Fair Unrealized December 31, 2014 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 $ 33,782 $ 617 $ 88,289 $ 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 September 30, 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 $ 10,149 $ 10,168 $ - $ - Due after one year through five years 57,710 57,839 711 761 Due after five years through ten years 12,084 12,134 403 454 Due after ten years 138,504 139,649 3,078 3,065 218,447 219,790 4,192 4,280 Equity securities 634 644 - - Total $ 219,081 $ 220,434 $ 4,192 $ 4,280 The maturity dates for debt securities are determined using contractual maturity dates. |
Loans and Allowance for Credit
Loans and Allowance for Credit Losses | 9 Months Ended |
Sep. 30, 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. September 30, December 31, (Dollars in thousands) 2015 2014 Construction $ 86,548 $ 69,157 Residential real estate 303,137 273,336 Commercial real estate 323,160 305,788 Commercial 57,129 52,671 Consumer 7,088 9,794 Total loans 777,062 710,746 Allowance for credit losses (8,098) (7,695) Total loans, net $ 768,964 $ 703,051 Loans are stated at their principal amount outstanding net of any purchase premiums, 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. Residential Commercial (Dollars in thousands) Construction real estate real estate Commercial Consumer Unallocated Total September 30, 2015 Loans individually evaluated for impairment $ 11,766 $ 10,753 $ 6,768 $ 165 $ 122 $ - $ 29,574 Loans collectively evaluated for impairment 74,782 292,384 316,392 56,964 6,966 - 747,488 Total loans $ 86,548 $ 303,137 $ 323,160 $ 57,129 $ 7,088 $ - $ 777,062 Allowance for credit losses allocated to: Loans individually evaluated for impairment $ 676 $ 363 $ 189 $ - $ - $ - $ 1,228 Loans collectively evaluated for impairment 1,166 1,928 2,622 499 156 499 6,870 Total allowance for credit losses $ 1,842 $ 2,291 $ 2,811 $ 499 $ 156 $ 499 $ 8,098 Residential Commercial (Dollars in thousands) Construction real estate real estate Commercial Consumer Unallocated Total December 31, 2014 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 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 September 30, 2015 Impaired nonaccrual loans: Construction $ 11,999 $ 4,796 $ 2,889 $ 643 $ 8,025 $ 8,121 Residential real estate 4,399 3,591 487 156 3,812 2,710 Commercial real estate 1,451 884 209 9 2,137 2,511 Commercial 177 165 - - 170 105 Consumer 128 122 - - 123 123 Total 18,154 9,558 3,585 808 14,267 13,570 Impaired accruing TDRs: Construction 4,081 3,273 808 33 4,099 4,076 Residential real estate 6,675 3,350 3,325 207 7,520 7,084 Commercial real estate 5,675 4,300 1,375 180 5,687 6,065 Commercial - - - - 27 38 Consumer - - - - - - Total 16,431 10,923 5,508 420 17,333 17,263 Total impaired loans: Construction 16,080 8,069 3,697 676 12,124 12,197 Residential real estate 11,074 6,941 3,812 363 11,332 9,794 Commercial real estate 7,126 5,184 1,584 189 7,824 8,576 Commercial 177 165 - - 197 143 Consumer 128 122 - - 123 123 Total $ 34,585 $ 20,481 $ 9,093 $ 1,228 $ 31,600 $ 30,833 September 30, 2014 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 December 31, 2014 Impaired nonaccrual loans: Construction $ 9,277 $ 6,045 $ - $ - $ 7,492 $ 7,918 Residential real estate 4,664 1,053 2,982 799 2,604 4,014 Commercial real estate 4,703 2,842 280 100 3,132 4,443 Commercial 1,372 136 5 1 389 558 Consumer 129 99 25 3 124 55 Total 20,145 10,175 3,292 903 13,741 16,988 Impaired accruing TDRs: Construction 4,022 3,196 826 41 3,404 2,301 Residential real estate 6,368 668 5,700 300 16,190 16,131 Commercial real estate 6,237 4,774 1,463 29 5,459 6,826 Commercial 47 47 - - 54 62 Consumer - - - - - - Total 16,674 8,685 7,989 370 25,107 25,320 Total impaired loans: Construction 13,299 9,241 826 41 10,896 10,219 Residential real estate 11,032 1,721 8,682 1,099 18,794 20,145 Commercial real estate 10,940 7,616 1,743 129 8,591 11,269 Commercial 1,419 183 5 1 443 620 Consumer 129 99 25 3 124 55 Total $ 36,819 $ 18,860 $ 11,281 $ 1,273 $ 38,848 $ 42,308 1/1/15 Reclassification/ 9/30/15 TDR New Disbursements Charge Transfers TDR Related (Dollars in thousands) Balance TDRs (Payments) offs In/(Out) Payoffs Balance Allowance For the nine months ended 9/30/2015 Accruing TDRs Construction $ 4,022 $ - $ (83) $ - $ 142 $ - $ 4,081 $ 33 Residential Real Estate 6,368 1,837 (206) - (1,324) - 6,675 207 Commercial Real Estate 6,237 - (562) - - - 5,675 180 Commercial 47 - (6) - (41) - - - Consumer - - - - - - - - Total $ 16,674 $ 1,837 $ (857) $ - $ (1,223) $ - $ 16,431 $ 420 Nonaccrual TDRs Construction $ 3,321 $ - $ (207) $ (1,058) $ 2,911 $ - $ 4,967 $ 643 Residential Real Estate 3,382 - (21) - (2,911) - 450 89 Commercial Real Estate 346 - (4) (40) (302) - - - Commercial - - - - - - - - Consumer 25 - (2) - - - 23 - Total $ 7,074 $ - $ (234) $ (1,098) $ (302) $ - $ 5,440 $ 732 Total TDRs $ 23,748 $ 1,837 $ (1,091) $ (1,098) $ *(1,525) $ - $ 21,871 $ 1,152 1/1/14 Reclassification/ 9/30/14 TDR New Disbursements Transfers TDR Related (Dollars in thousands) Balance TDRs (Payments) Charge offs In/(Out) Payoffs Balance Allowance For the nine months ended 9/30/2014 Accruing TDRs Construction $ 1,620 $ - $ (52) $ (538) $ 2,643 $ (270) $ 3,403 $ 1 Residential Real Estate 14,582 - 1,324 - 478 (158) 16,226 168 Commercial Real Estate 9,791 - (71) (549) (2,508) (1,097) 5,566 6 Commercial 95 - (19) - - (24) 52 - Consumer - - - - - - - - Total $ 26,088 $ - $ 1,182 $ (1,087) $ 613 $ (1,549) $ 25,247 $ 175 Nonaccrual TDRs Construction $ 3,561 $ - $ (12) $ (235) $ 760 $ - $ 4,074 $ - Residential Real Estate 1,884 - (40) (203) (1,037) (123) 481 - Commercial Real Estate 842 - (91) (65) (336) - 350 - Commercial - - - - - - - - Consumer 26 - (1) - - - 25 25 Total $ 6,313 $ - $ (144) $ (503) $ (613) $ (123) $ 4,930 $ 25 Total TDRs $ 32,401 $ - $ 1,038 $ (1,590) $ - $ (1,672) $ 30,177 $ 200 * $ 1.3 Premodification Postmodification outstanding outstanding Number of recorded recorded Related (Dollars in thousands) contracts investment investment allowance TDRs: For the nine months ended September 30, 2015 Construction - $ - $ - $ - Residential real estate 10 1,835 1,837 19 Commercial real estate - - - - Commercial - - - - Consumer - - - - Total 10 $ 1,835 $ 1,837 $ 19 For the nine months ended September 30, 2014 Construction - $ - $ - $ - Residential real estate - - - - Commercial real estate - - - - Commercial - - - - Consumer - - - - Total - $ - $ - $ - Number of Recorded Related (Dollars in thousands) contracts investment allowance TDRs that subsequently defaulted: For the nine months ended September 30, 2015 Construction - $ - $ - Residential real estate - - - Commercial real estate 2 279 - Commercial - - - Consumer - - - Total 2 $ 279 $ - TDRs that subsequently defaulted: For the nine months ended September 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. Special (Dollars in thousands) Pass/Performing mention Substandard Doubtful Total September 30, 2015 Construction $ 69,344 $ 5,525 $ 11,679 $ - $ 86,548 Residential real estate 283,551 7,823 11,763 - 303,137 Commercial real estate 294,148 20,261 8,542 209 323,160 Commercial 55,282 1,632 215 - 57,129 Consumer 6,930 35 123 - 7,088 Total $ 709,255 $ 35,276 $ 32,322 $ 209 $ 777,062 Special (Dollars in thousands) Pass/Performing mention Substandard Doubtful Total December 31, 2014 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 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 September 30, 2015 Construction $ 78,863 $ - $ - $ - $ - $ 7,685 $ 86,548 Residential real estate 296,151 2,274 634 - 2,908 4,078 303,137 Commercial real estate 320,934 1,133 - - 1,133 1,093 323,160 Commercial 56,901 21 42 - 63 165 57,129 Consumer 6,874 79 9 4 92 122 7,088 Total $ 759,723 $ 3,507 $ 685 $ 4 $ 4,196 $ 13,143 $ 777,062 Percent of total loans 97.7 % 0.5 % 0.1 % - % 0.6 % 1.7 % 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 December 31, 2014 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 and nine months ended September 30, 2015 and 2014. Residential Commercial (Dollars in thousands) Construction real estate real estate Commercial Consumer Unallocated Total For the three months ended September 30, 2015 Allowance for credit losses: Beginning balance $ 1,852 $ 2,318 $ 2,616 $ 505 $ 168 $ 458 $ 7,917 Charge-offs (479) (26) - (136) - - (641) Recoveries 9 102 233 60 8 - 412 Net charge-offs (470) 76 233 (76) 8 - (229) Provision 460 (103) (38) 70 (20) 41 410 Ending balance $ 1,842 $ 2,291 $ 2,811 $ 499 $ 156 $ 499 $ 8,098 Residential Commercial (Dollars in thousands) Construction real estate real estate Commercial Consumer Unallocated Total For the three months ended September 30, 2014 Allowance for credit losses: Beginning balance $ 2,248 $ 2,354 $ 2,652 $ 858 $ 306 $ 658 $ 9,076 Charge-offs (213) (242) (35) (1,019) (6) - (1,515) Recoveries 1 229 9 24 7 - 270 Net charge-offs (212) (13) (26) (995) 1 - (1,245) Provision (206) 47 115 935 (39) (77) 775 Ending balance $ 1,830 $ 2,388 $ 2,741 $ 798 $ 268 $ 581 $ 8,606 Residential Commercial (Dollars in thousands) Construction real estate real estate Commercial Consumer Unallocated Total For the nine months ended September 30, 2015 Allowance for credit losses: Beginning balance $ 1,303 $ 2,834 $ 2,379 $ 448 $ 229 $ 502 $ 7,695 Charge-offs (1,058) (283) (320) (285) (45) - (1,991) Recoveries 116 247 248 142 41 - 794 Net charge-offs (942) (36) (72) (143) (4) - (1,197) Provision 1,481 (507) 504 194 (69) (3) 1,600 Ending balance $ 1,842 $ 2,291 $ 2,811 $ 499 $ 156 $ 499 $ 8,098 Residential Commercial (Dollars in thousands) Construction real estate real estate Commercial Consumer Unallocated Total For the nine months ended September 30, 2014 Allowance for credit losses: Beginning balance $ 1,960 $ 3,854 $ 3,029 $ 1,266 $ 243 $ 373 $ 10,725 Charge-offs (454) (1,229) (1,648) (1,956) (153) - (5,440) Recoveries 12 335 22 231 21 - 621 Net charge-offs (442) (894) (1,626) (1,725) (132) - (4,819) Provision 312 (572) 1,338 1,257 157 208 2,700 Ending balance $ 1,830 $ 2,388 $ 2,741 $ 798 $ 268 $ 581 $ 8,606 Foreclosure Proceedings Consumer mortgage loans collateralized by residential real estate property that are in the process of foreclosure totaled $ 581 |
Other Assets
Other Assets | 9 Months Ended |
Sep. 30, 2015 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Other Assets Disclosure [Text Block] | Note 5 Other Assets (Dollars in thousands) September 30, 2015 December 31, 2014 Nonmarketable investment securities $ 1,621 $ 1,586 Accrued interest receivable 2,617 2,663 Deferred income taxes 12,772 15,744 Prepaid expenses 1,334 750 Other assets 6,699 6,419 Total $ 25,043 $ 27,162 September 30, December 31, (Dollars in thousands) 2015 2014 Deferred tax assets: Allowance for credit losses $ 3,230 $ 3,072 Reserve for off-balance sheet commitments 121 121 Net operating loss carry forward 10,426 13,265 Write-downs of other real estate owned 320 355 Deferred income 1,164 1,132 Accrued expenses 926 918 Other 198 80 Total deferred tax assets 16,385 18,943 Deferred tax liabilities: Depreciation 293 372 Purchase accounting adjustments 2,069 1,751 Deferred capital gain on branch sale 415 425 Unrealized gains on available-for-sale securities 546 214 Other 290 437 Total deferred tax liabilities 3,613 3,199 Net deferred tax assets $ 12,772 $ 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 8.1 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 | 9 Months Ended |
Sep. 30, 2015 | |
Other Liabilities Disclosure [Abstract] | |
Other Liabilities Disclosure [Text Block] | Note 6 Other Liabilities The Company had the following other liabilities at September 30, 2015 and December 31, 2014. (Dollars in thousands) September 30, 2015 December 31, 2014 Accrued interest payable $ 134 $ 172 Other accounts payable 2,762 2,435 Deferred compensation liability 1,447 1,503 Other liabilities 1,669 2,011 Total $ 6,012 $ 6,121 |
Stock-Based Compensation
Stock-Based Compensation | 9 Months Ended |
Sep. 30, 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 September 30, 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 The following tables provide information on stock-based compensation expense for the three and nine months ended September 30, 2015 and 2014. For the Three Months Ended For the Nine Months Ended September 30, September 30, (Dollars in thousands) 2015 2014 2015 2014 Stock-based compensation expense $ 41 $ 30 $ 232 $ 79 Excess tax expense related to stock-based compensation 3 - 3 - September 30, (Dollars in thousands) 2015 2014 Unrecognized stock-based compensation expense $ 55 $ 92 Weighted average period unrecognized expense is expected to be recognized 0.4 years 1.0 years The following table summarizes restricted stock award activity for the Company under the 2006 Equity Plan for the nine months ended September 30, 2015 and 2014. Number Weighted Average Grant September 30, 2015 of Shares Date Fair Value Nonvested at beginning of period 14,251 $ 8.33 Granted 11,915 9.19 Vested (13,678) 8.90 Cancelled - - Nonvested at end of period 12,488 $ 8.74 Number Weighted Average Grant September 30, 2014 of Shares Date Fair Value Nonvested at beginning of period 13,930 $ 8.33 Granted 3,654 9.57 Vested (3,333) 8.93 Cancelled - - Nonvested at end of period 14,251 $ 8.51 The fair value of restricted stock awards that vested during the first nine months of 2015 and 2014 was $ 122 30 The following table summarizes stock option activity for the Company under the 2006 Equity Plan for the nine months ended September 30, 2015 and 2014. Weighted Number Average September 30, 2015 of Shares Exercise Price Outstanding at beginning of period 27,108 $ 6.64 Granted 34,219 9.18 Exercised - - Expired/Cancelled - - Outstanding at end of period 61,327 $ 8.05 Exercisable at end of period 27,108 $ 6.64 Weighted Number Average September 30, 2014 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 The weighted average fair value of stock options granted during 2015 was $ 3.44 Dividend yield 0 % Expected volatility 32 % Risk-free interest rate 1.97 % Expected contract life (in years) 7 years At the end of the third quarter of 2015, the aggregate intrinsic value of the options outstanding under the 2006 Equity Plan was $ 102 9.72 83 6.5 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income | 9 Months Ended |
Sep. 30, 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 nine months ended September 30, 2015 and 2014. Accumulated net unrealized holding Total accumulated gains (losses) on other available for sale comprehensive (Dollars in thousands) securities income (loss) Balance, December 31, 2014 $ 316 $ 316 Other comprehensive income 491 491 Balance, September 30, 2015 $ 807 $ 807 Balance, December 31, 2013 $ (437) $ (437) Other comprehensive income 192 192 Balance, September 30, 2014 $ (245) $ (245) |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 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 September 30, 2015 and December 31, 2014. No assets were transferred from one hierarchy level to another during the first nine 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) September 30, 2015 Securities available for sale: U.S. Treasury $ 5,123 $ 5,123 $ - $ - U.S. Government agencies 65,754 - 65,754 - Mortgage-backed 148,913 - 148,913 - Equity 644 - 644 - Total $ 220,434 $ 5,123 $ 215,311 $ - Significant Other Significant Quoted Observable Unobservable Prices Inputs Inputs (Dollars in thousands) Fair Value (Level 1) (Level 2) (Level 3) December 31, 2014 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 September 30, 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. 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 September 30, 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 September 30, 2015 and December 31, 2014. No assets were transferred from one hierarchy level to another during the first nine 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) September 30, 2015 Impaired loans Construction $ 11,090 $ - $ 11,090 $ - Residential real estate 10,390 - 10,390 - Commercial real estate 6,579 - 6,579 - Commercial 165 - 165 - Consumer 122 - 122 - Total impaired loans 28,346 - 28,346 - Other real estate owned 2,884 - 2,884 - Total assets measured at fair value on a nonrecurring basis $ 31,230 $ - $ 31,230 $ - Significant Other Significant Quoted Observable Unobservable Prices Inputs Inputs (Dollars in thousands) Fair Value (Level 1) (Level 2) (Level 3) December 31, 2014 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 - 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. September 30, 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 $ 66,176 $ 66,176 $ 96,223 $ 96,223 Level 2 inputs Investment securities held to maturity $ 4,192 $ 4,280 $ 4,630 $ 4,694 Loans, net 768,964 788,590 703,051 724,771 Financial liabilities Level 2 inputs Deposits $ 959,434 $ 959,193 $ 949,004 $ 948,605 Short-term borrowings 6,480 6,480 4,808 4,808 |
Financial Instruments with Off-
Financial Instruments with Off-Balance Sheet Risk | 9 Months Ended |
Sep. 30, 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 September 30, 2015 and December 31, 2014. (Dollars in thousands) September 30, 2015 December 31, 2014 Commitments to extend credit $ 140,986 $ 127,080 Letters of credit 7,004 7,347 Total $ 147,990 $ 134,427 |
Segment Reporting
Segment Reporting | 9 Months Ended |
Sep. 30, 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 nine months of 2015 and 2014. Community Insurance Products Parent Consolidated (Dollars in thousands) Banking and Services Company Total 2015 Interest income $ 28,670 $ - $ 154 $ 28,824 Interest expense (2,592) - - (2,592) Provision for credit losses (1,600) - - (1,600) Noninterest income 5,237 6,541 - 11,778 Noninterest expense (16,133) (5,287) (6,980) (28,400) Net intersegment (expense) income (5,897) (624) 6,521 - Income (loss) before taxes 7,685 630 (305) 8,010 Income tax (expense) benefit (2,941) (241) 117 (3,065) Net income (loss) $ 4,744 $ 389 $ (188) $ 4,945 Total assets $ 1,090,022 $ 9,222 $ 18,569 $ 1,117,813 2014 Interest income $ 28,664 $ - $ - $ 28,664 Interest expense (3,258) - - (3,258) Provision for credit losses (2,700) - - (2,700) Noninterest income 4,894 8,416 - 13,310 Noninterest expense (17,235) (6,789) (5,827) (29,851) Net intersegment (expense) income (4,919) (534) 5,453 - Income (loss) before taxes 5,446 1,093 (374) 6,165 Income tax (expense) benefit (2,067) (415) 142 (2,340) Net income (loss) $ 3,379 $ 678 $ (232) $ 3,825 Total assets $ 1,070,991 $ 10,292 $ 15,002 $ 1,096,285 |
Basis Of Presentation (Policies
Basis Of Presentation (Policies) | 9 Months Ended |
Sep. 30, 2015 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy 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 September 30, 2015, the consolidated results of operations and comprehensive income for the three and nine months ended September 30, 2015 and 2014, and changes in stockholders’ equity and cash flows for the nine months ended September 30, 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 and nine months ended September 30, 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. |
New Accounting Pronouncements, Policy [Policy Text Block] | 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 No. 2014-14, “Classification of Certain Government-Guaranteed Mortgage Loans upon Foreclosure.” ASU No. 2015-02, “Amendments to the Consolidation Analysis.” ASU No. 2015-05, “Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement.” FASB issued ASU No. 2014-09, "Revenue from Contracts with Customers." "Revenue from Contracts with Customers - Deferral of the Effective Date" |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 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 For the Nine Months Ended September 30, September 30, (In thousands, except per share data) 2015 2014 2015 2014 Net income $ 1,909 $ 1,262 $ 4,945 $ 3,825 Weighted average shares outstanding - Basic 12,630 12,615 12,627 10,381 Dilutive effect of common stock equivalents 10 10 10 12 Weighted average shares outstanding - Diluted 12,640 12,625 12,637 10,393 Earnings per common share - Basic $ 0.15 $ 0.10 $ 0.39 $ 0.37 Earnings per common share - Diluted $ 0.15 $ 0.10 $ 0.39 $ 0.37 |
Investment Securities (Tables)
Investment Securities (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Available-for-sale Securities Reconciliation [Table Text Block] | The 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: September 30, 2015 U.S. Treasury $ 5,111 $ 12 $ - $ 5,123 U.S. Government agencies 65,707 207 160 65,754 Mortgage-backed 147,629 1,647 363 148,913 Equity 634 10 - 644 Total $ 219,081 $ 1,876 $ 523 $ 220,434 December 31, 2014 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: September 30, 2015 U.S. Government agencies $ 2,575 $ - $ 43 $ 2,532 States and political subdivisions 1,617 131 - 1,748 Total $ 4,192 $ 131 $ 43 $ 4,280 December 31, 2014 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 September 30, 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 September 30, 2015 Available-for-sale securities: U.S. Government agencies $ 14,989 $ 19 $ - $ 141 $ 14,989 $ 160 Mortgage-backed 14,067 43 22,488 320 36,555 363 Total $ 29,056 $ 62 $ 22,488 $ 461 $ 51,544 $ 523 Held-to-maturity securities: U.S. Government agencies $ - $ - $ 2,532 $ 43 $ 2,532 $ 43 Less than More than 12 Months 12 Months Total Fair Unrealized Fair Unrealized Fair Unrealized (Dollars in thousands) Value Losses Value Losses Value Losses December 31, 2014 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 $ 33,782 $ 617 $ 88,289 $ 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 September 30, 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 $ 10,149 $ 10,168 $ - $ - Due after one year through five years 57,710 57,839 711 761 Due after five years through ten years 12,084 12,134 403 454 Due after ten years 138,504 139,649 3,078 3,065 218,447 219,790 4,192 4,280 Equity securities 634 644 - - Total $ 219,081 $ 220,434 $ 4,192 $ 4,280 |
Loans and Allowance for Credi22
Loans and Allowance for Credit Losses (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Receivables [Abstract] | |
Schedule of Financing Receivables [Table Text Block] | The following table provides information about the principal classes of the loan portfolio at September 30, 2015 and December 31, 2014. September 30, December 31, (Dollars in thousands) 2015 2014 Construction $ 86,548 $ 69,157 Residential real estate 303,137 273,336 Commercial real estate 323,160 305,788 Commercial 57,129 52,671 Consumer 7,088 9,794 Total loans 777,062 710,746 Allowance for credit losses (8,098) (7,695) Total loans, net $ 768,964 $ 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 September 30, 2015 and December 31, 2014. Residential Commercial (Dollars in thousands) Construction real estate real estate Commercial Consumer Unallocated Total September 30, 2015 Loans individually evaluated for impairment $ 11,766 $ 10,753 $ 6,768 $ 165 $ 122 $ - $ 29,574 Loans collectively evaluated for impairment 74,782 292,384 316,392 56,964 6,966 - 747,488 Total loans $ 86,548 $ 303,137 $ 323,160 $ 57,129 $ 7,088 $ - $ 777,062 Allowance for credit losses allocated to: Loans individually evaluated for impairment $ 676 $ 363 $ 189 $ - $ - $ - $ 1,228 Loans collectively evaluated for impairment 1,166 1,928 2,622 499 156 499 6,870 Total allowance for credit losses $ 1,842 $ 2,291 $ 2,811 $ 499 $ 156 $ 499 $ 8,098 Residential Commercial (Dollars in thousands) Construction real estate real estate Commercial Consumer Unallocated Total December 31, 2014 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 September 30, 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 September 30, 2015 Impaired nonaccrual loans: Construction $ 11,999 $ 4,796 $ 2,889 $ 643 $ 8,025 $ 8,121 Residential real estate 4,399 3,591 487 156 3,812 2,710 Commercial real estate 1,451 884 209 9 2,137 2,511 Commercial 177 165 - - 170 105 Consumer 128 122 - - 123 123 Total 18,154 9,558 3,585 808 14,267 13,570 Impaired accruing TDRs: Construction 4,081 3,273 808 33 4,099 4,076 Residential real estate 6,675 3,350 3,325 207 7,520 7,084 Commercial real estate 5,675 4,300 1,375 180 5,687 6,065 Commercial - - - - 27 38 Consumer - - - - - - Total 16,431 10,923 5,508 420 17,333 17,263 Total impaired loans: Construction 16,080 8,069 3,697 676 12,124 12,197 Residential real estate 11,074 6,941 3,812 363 11,332 9,794 Commercial real estate 7,126 5,184 1,584 189 7,824 8,576 Commercial 177 165 - - 197 143 Consumer 128 122 - - 123 123 Total $ 34,585 $ 20,481 $ 9,093 $ 1,228 $ 31,600 $ 30,833 September 30, 2014 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 December 31, 2014 Impaired nonaccrual loans: Construction $ 9,277 $ 6,045 $ - $ - $ 7,492 $ 7,918 Residential real estate 4,664 1,053 2,982 799 2,604 4,014 Commercial real estate 4,703 2,842 280 100 3,132 4,443 Commercial 1,372 136 5 1 389 558 Consumer 129 99 25 3 124 55 Total 20,145 10,175 3,292 903 13,741 16,988 Impaired accruing TDRs: Construction 4,022 3,196 826 41 3,404 2,301 Residential real estate 6,368 668 5,700 300 16,190 16,131 Commercial real estate 6,237 4,774 1,463 29 5,459 6,826 Commercial 47 47 - - 54 62 Consumer - - - - - - Total 16,674 8,685 7,989 370 25,107 25,320 Total impaired loans: Construction 13,299 9,241 826 41 10,896 10,219 Residential real estate 11,032 1,721 8,682 1,099 18,794 20,145 Commercial real estate 10,940 7,616 1,743 129 8,591 11,269 Commercial 1,419 183 5 1 443 620 Consumer 129 99 25 3 124 55 Total $ 36,819 $ 18,860 $ 11,281 $ 1,273 $ 38,848 $ 42,308 |
Schedule of Financing Receivables Accruing and Non Accrual of Troubled Debt restructurings [Table Text Block] | 1/1/15 Reclassification/ 9/30/15 TDR New Disbursements Charge Transfers TDR Related (Dollars in thousands) Balance TDRs (Payments) offs In/(Out) Payoffs Balance Allowance For the nine months ended 9/30/2015 Accruing TDRs Construction $ 4,022 $ - $ (83) $ - $ 142 $ - $ 4,081 $ 33 Residential Real Estate 6,368 1,837 (206) - (1,324) - 6,675 207 Commercial Real Estate 6,237 - (562) - - - 5,675 180 Commercial 47 - (6) - (41) - - - Consumer - - - - - - - - Total $ 16,674 $ 1,837 $ (857) $ - $ (1,223) $ - $ 16,431 $ 420 Nonaccrual TDRs Construction $ 3,321 $ - $ (207) $ (1,058) $ 2,911 $ - $ 4,967 $ 643 Residential Real Estate 3,382 - (21) - (2,911) - 450 89 Commercial Real Estate 346 - (4) (40) (302) - - - Commercial - - - - - - - - Consumer 25 - (2) - - - 23 - Total $ 7,074 $ - $ (234) $ (1,098) $ (302) $ - $ 5,440 $ 732 Total TDRs $ 23,748 $ 1,837 $ (1,091) $ (1,098) $ *(1,525) $ - $ 21,871 $ 1,152 1/1/14 Reclassification/ 9/30/14 TDR New Disbursements Transfers TDR Related (Dollars in thousands) Balance TDRs (Payments) Charge offs In/(Out) Payoffs Balance Allowance For the nine months ended 9/30/2014 Accruing TDRs Construction $ 1,620 $ - $ (52) $ (538) $ 2,643 $ (270) $ 3,403 $ 1 Residential Real Estate 14,582 - 1,324 - 478 (158) 16,226 168 Commercial Real Estate 9,791 - (71) (549) (2,508) (1,097) 5,566 6 Commercial 95 - (19) - - (24) 52 - Consumer - - - - - - - - Total $ 26,088 $ - $ 1,182 $ (1,087) $ 613 $ (1,549) $ 25,247 $ 175 Nonaccrual TDRs Construction $ 3,561 $ - $ (12) $ (235) $ 760 $ - $ 4,074 $ - Residential Real Estate 1,884 - (40) (203) (1,037) (123) 481 - Commercial Real Estate 842 - (91) (65) (336) - 350 - Commercial - - - - - - - - Consumer 26 - (1) - - - 25 25 Total $ 6,313 $ - $ (144) $ (503) $ (613) $ (123) $ 4,930 $ 25 Total TDRs $ 32,401 $ - $ 1,038 $ (1,590) $ - $ (1,672) $ 30,177 $ 200 * $ 1.3 |
Troubled Debt Restructurings on Financing Receivables [Table Text Block] | The following tables provide information on loans that were modified and considered TDRs during the nine months ended September 30, 2015 and September 30, 2014. Premodification Postmodification outstanding outstanding Number of recorded recorded Related (Dollars in thousands) contracts investment investment allowance TDRs: For the nine months ended September 30, 2015 Construction - $ - $ - $ - Residential real estate 10 1,835 1,837 19 Commercial real estate - - - - Commercial - - - - Consumer - - - - Total 10 $ 1,835 $ 1,837 $ 19 For the nine months ended September 30, 2014 Construction - $ - $ - $ - Residential real estate - - - - Commercial real estate - - - - Commercial - - - - Consumer - - - - Total - $ - $ - $ - |
Troubled Debt Restructurings that Defaulted on Financing Receivables [Table Text Block] | The following tables provide information on TDRs that defaulted during the nine months ended September 30, 2015 and September 30, 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 nine months ended September 30, 2015 Construction - $ - $ - Residential real estate - - - Commercial real estate 2 279 - Commercial - - - Consumer - - - Total 2 $ 279 $ - TDRs that subsequently defaulted: For the nine months ended September 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 September 30, 2015 and December 31, 2014. Special (Dollars in thousands) Pass/Performing mention Substandard Doubtful Total September 30, 2015 Construction $ 69,344 $ 5,525 $ 11,679 $ - $ 86,548 Residential real estate 283,551 7,823 11,763 - 303,137 Commercial real estate 294,148 20,261 8,542 209 323,160 Commercial 55,282 1,632 215 - 57,129 Consumer 6,930 35 123 - 7,088 Total $ 709,255 $ 35,276 $ 32,322 $ 209 $ 777,062 Special (Dollars in thousands) Pass/Performing mention Substandard Doubtful Total December 31, 2014 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 September 30, 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 September 30, 2015 Construction $ 78,863 $ - $ - $ - $ - $ 7,685 $ 86,548 Residential real estate 296,151 2,274 634 - 2,908 4,078 303,137 Commercial real estate 320,934 1,133 - - 1,133 1,093 323,160 Commercial 56,901 21 42 - 63 165 57,129 Consumer 6,874 79 9 4 92 122 7,088 Total $ 759,723 $ 3,507 $ 685 $ 4 $ 4,196 $ 13,143 $ 777,062 Percent of total loans 97.7 % 0.5 % 0.1 % - % 0.6 % 1.7 % 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 December 31, 2014 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] | 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 September 30, 2015 Allowance for credit losses: Beginning balance $ 1,852 $ 2,318 $ 2,616 $ 505 $ 168 $ 458 $ 7,917 Charge-offs (479) (26) - (136) - - (641) Recoveries 9 102 233 60 8 - 412 Net charge-offs (470) 76 233 (76) 8 - (229) Provision 460 (103) (38) 70 (20) 41 410 Ending balance $ 1,842 $ 2,291 $ 2,811 $ 499 $ 156 $ 499 $ 8,098 Residential Commercial (Dollars in thousands) Construction real estate real estate Commercial Consumer Unallocated Total For the three months ended September 30, 2014 Allowance for credit losses: Beginning balance $ 2,248 $ 2,354 $ 2,652 $ 858 $ 306 $ 658 $ 9,076 Charge-offs (213) (242) (35) (1,019) (6) - (1,515) Recoveries 1 229 9 24 7 - 270 Net charge-offs (212) (13) (26) (995) 1 - (1,245) Provision (206) 47 115 935 (39) (77) 775 Ending balance $ 1,830 $ 2,388 $ 2,741 $ 798 $ 268 $ 581 $ 8,606 Residential Commercial (Dollars in thousands) Construction real estate real estate Commercial Consumer Unallocated Total For the nine months ended September 30, 2015 Allowance for credit losses: Beginning balance $ 1,303 $ 2,834 $ 2,379 $ 448 $ 229 $ 502 $ 7,695 Charge-offs (1,058) (283) (320) (285) (45) - (1,991) Recoveries 116 247 248 142 41 - 794 Net charge-offs (942) (36) (72) (143) (4) - (1,197) Provision 1,481 (507) 504 194 (69) (3) 1,600 Ending balance $ 1,842 $ 2,291 $ 2,811 $ 499 $ 156 $ 499 $ 8,098 Residential Commercial (Dollars in thousands) Construction real estate real estate Commercial Consumer Unallocated Total For the nine months ended September 30, 2014 Allowance for credit losses: Beginning balance $ 1,960 $ 3,854 $ 3,029 $ 1,266 $ 243 $ 373 $ 10,725 Charge-offs (454) (1,229) (1,648) (1,956) (153) - (5,440) Recoveries 12 335 22 231 21 - 621 Net charge-offs (442) (894) (1,626) (1,725) (132) - (4,819) Provision 312 (572) 1,338 1,257 157 208 2,700 Ending balance $ 1,830 $ 2,388 $ 2,741 $ 798 $ 268 $ 581 $ 8,606 |
Other Assets (Tables)
Other Assets (Tables) | 9 Months Ended |
Sep. 30, 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 September 30, 2015 and December 31, 2014. (Dollars in thousands) September 30, 2015 December 31, 2014 Nonmarketable investment securities $ 1,621 $ 1,586 Accrued interest receivable 2,617 2,663 Deferred income taxes 12,772 15,744 Prepaid expenses 1,334 750 Other assets 6,699 6,419 Total $ 25,043 $ 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 September 30, 2015 and December 31, 2014. September 30, December 31, (Dollars in thousands) 2015 2014 Deferred tax assets: Allowance for credit losses $ 3,230 $ 3,072 Reserve for off-balance sheet commitments 121 121 Net operating loss carry forward 10,426 13,265 Write-downs of other real estate owned 320 355 Deferred income 1,164 1,132 Accrued expenses 926 918 Other 198 80 Total deferred tax assets 16,385 18,943 Deferred tax liabilities: Depreciation 293 372 Purchase accounting adjustments 2,069 1,751 Deferred capital gain on branch sale 415 425 Unrealized gains on available-for-sale securities 546 214 Other 290 437 Total deferred tax liabilities 3,613 3,199 Net deferred tax assets $ 12,772 $ 15,744 |
Other Liabilities (Tables)
Other Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Other Liabilities Disclosure [Abstract] | |
Schedule of Other Liabilities [Table Text Block] | The Company had the following other liabilities at September 30, 2015 and December 31, 2014. (Dollars in thousands) September 30, 2015 December 31, 2014 Accrued interest payable $ 134 $ 172 Other accounts payable 2,762 2,435 Deferred compensation liability 1,447 1,503 Other liabilities 1,669 2,011 Total $ 6,012 $ 6,121 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 9 Months Ended |
Sep. 30, 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 three and nine months ended September 30, 2015 and 2014. For the Three Months Ended For the Nine Months Ended September 30, September 30, (Dollars in thousands) 2015 2014 2015 2014 Stock-based compensation expense $ 41 $ 30 $ 232 $ 79 Excess tax expense related to stock-based compensation 3 - 3 - September 30, (Dollars in thousands) 2015 2014 Unrecognized stock-based compensation expense $ 55 $ 92 Weighted average period unrecognized expense is expected to be recognized 0.4 years 1.0 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 nine months ended September 30, 2015 and 2014. Number Weighted Average Grant September 30, 2015 of Shares Date Fair Value Nonvested at beginning of period 14,251 $ 8.33 Granted 11,915 9.19 Vested (13,678) 8.90 Cancelled - - Nonvested at end of period 12,488 $ 8.74 Number Weighted Average Grant September 30, 2014 of Shares Date Fair Value Nonvested at beginning of period 13,930 $ 8.33 Granted 3,654 9.57 Vested (3,333) 8.93 Cancelled - - Nonvested at end of period 14,251 $ 8.51 |
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 nine months ended September 30, 2015 and 2014. Weighted Number Average September 30, 2015 of Shares Exercise Price Outstanding at beginning of period 27,108 $ 6.64 Granted 34,219 9.18 Exercised - - Expired/Cancelled - - Outstanding at end of period 61,327 $ 8.05 Exercisable at end of period 27,108 $ 6.64 Weighted Number Average September 30, 2014 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 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | The following weighted average assumptions were used as inputs to the Black-Scholes valuation model for options granted in 2015. Dividend yield 0 % Expected volatility 32 % Risk-free interest rate 1.97 % Expected contract life (in years) 7 years |
Accumulated Other Comprehensi26
Accumulated Other Comprehensive Income (Tables) | 9 Months Ended |
Sep. 30, 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 nine months ended September 30, 2015 and 2014. Accumulated net unrealized holding Total accumulated gains (losses) on other available for sale comprehensive (Dollars in thousands) securities income (loss) Balance, December 31, 2014 $ 316 $ 316 Other comprehensive income 491 491 Balance, September 30, 2015 $ 807 $ 807 Balance, December 31, 2013 $ (437) $ (437) Other comprehensive income 192 192 Balance, September 30, 2014 $ (245) $ (245) |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 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 September 30, 2015 and December 31, 2014. No assets were transferred from one hierarchy level to another during the first nine 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) September 30, 2015 Securities available for sale: U.S. Treasury $ 5,123 $ 5,123 $ - $ - U.S. Government agencies 65,754 - 65,754 - Mortgage-backed 148,913 - 148,913 - Equity 644 - 644 - Total $ 220,434 $ 5,123 $ 215,311 $ - Significant Other Significant Quoted Observable Unobservable Prices Inputs Inputs (Dollars in thousands) Fair Value (Level 1) (Level 2) (Level 3) December 31, 2014 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 September 30, 2015 and December 31, 2014. No assets were transferred from one hierarchy level to another during the first nine 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) September 30, 2015 Impaired loans Construction $ 11,090 $ - $ 11,090 $ - Residential real estate 10,390 - 10,390 - Commercial real estate 6,579 - 6,579 - Commercial 165 - 165 - Consumer 122 - 122 - Total impaired loans 28,346 - 28,346 - Other real estate owned 2,884 - 2,884 - Total assets measured at fair value on a nonrecurring basis $ 31,230 $ - $ 31,230 $ - Significant Other Significant Quoted Observable Unobservable Prices Inputs Inputs (Dollars in thousands) Fair Value (Level 1) (Level 2) (Level 3) December 31, 2014 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 - 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 financial assets and liabilities have been segregated by their classification level in the fair value hierarchy. September 30, 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 $ 66,176 $ 66,176 $ 96,223 $ 96,223 Level 2 inputs Investment securities held to maturity $ 4,192 $ 4,280 $ 4,630 $ 4,694 Loans, net 768,964 788,590 703,051 724,771 Financial liabilities Level 2 inputs Deposits $ 959,434 $ 959,193 $ 949,004 $ 948,605 Short-term borrowings 6,480 6,480 4,808 4,808 |
Financial Instruments with Of28
Financial Instruments with Off-Balance Sheet Risk (Tables) | 9 Months Ended |
Sep. 30, 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 September 30, 2015 and December 31, 2014. (Dollars in thousands) September 30, 2015 December 31, 2014 Commitments to extend credit $ 140,986 $ 127,080 Letters of credit 7,004 7,347 Total $ 147,990 $ 134,427 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 9 Months Ended |
Sep. 30, 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 nine months of 2015 and 2014. Community Insurance Products Parent Consolidated (Dollars in thousands) Banking and Services Company Total 2015 Interest income $ 28,670 $ - $ 154 $ 28,824 Interest expense (2,592) - - (2,592) Provision for credit losses (1,600) - - (1,600) Noninterest income 5,237 6,541 - 11,778 Noninterest expense (16,133) (5,287) (6,980) (28,400) Net intersegment (expense) income (5,897) (624) 6,521 - Income (loss) before taxes 7,685 630 (305) 8,010 Income tax (expense) benefit (2,941) (241) 117 (3,065) Net income (loss) $ 4,744 $ 389 $ (188) $ 4,945 Total assets $ 1,090,022 $ 9,222 $ 18,569 $ 1,117,813 2014 Interest income $ 28,664 $ - $ - $ 28,664 Interest expense (3,258) - - (3,258) Provision for credit losses (2,700) - - (2,700) Noninterest income 4,894 8,416 - 13,310 Noninterest expense (17,235) (6,789) (5,827) (29,851) Net intersegment (expense) income (4,919) (534) 5,453 - Income (loss) before taxes 5,446 1,093 (374) 6,165 Income tax (expense) benefit (2,067) (415) 142 (2,340) Net income (loss) $ 3,379 $ 678 $ (232) $ 3,825 Total assets $ 1,070,991 $ 10,292 $ 15,002 $ 1,096,285 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Earnings Per Share Basic And Diluted [Line Items] | ||||
Net income | $ 1,909 | $ 1,262 | $ 4,945 | $ 3,825 |
Weighted average shares outstanding - Basic (in shares) | 12,630 | 12,615 | 12,627 | 10,381 |
Dilutive effect of common stock equivalents (in shares) | 10 | 10 | 10 | 12 |
Weighted average shares outstanding - Diluted (in shares) | 12,640 | 12,625 | 12,637 | 10,393 |
Earnings per common share - Basic (in dollars per share) | $ 0.15 | $ 0.10 | $ 0.39 | $ 0.37 |
Earnings per common share - Diluted (in dollars per share) | $ 0.15 | $ 0.10 | $ 0.39 | $ 0.37 |
Investment Securities (Details)
Investment Securities (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2015 | Dec. 31, 2014 | |
ScheduleOfAvailableForSaleSecuritiesLineItems | ||
Available-for-sale securities, Amortized Cost | $ 219,081 | $ 235,579 |
Available-for-sale securities, Gross Unrealized Gains | 1,876 | 1,328 |
Available-for-sale securities, Gross Unrealized Losses | 523 | 799 |
Available-for-sale securities, Estimated Fair Value | 220,434 | 236,108 |
Held-to-maturity securities, Amortized Cost | 4,192 | 4,630 |
Held-to-maturity securities, Gross Unrealized Gains | 131 | 147 |
Held-to-maturity securities, Gross Unrealized Losses | 43 | 83 |
Held-to-maturity securities, Estimated Fair Value | 4,280 | 4,694 |
US Treasury Securities [Member] | ||
ScheduleOfAvailableForSaleSecuritiesLineItems | ||
Available-for-sale securities, Amortized Cost | 5,111 | 5,210 |
Available-for-sale securities, Gross Unrealized Gains | 12 | 5 |
Available-for-sale securities, Gross Unrealized Losses | 0 | 0 |
Available-for-sale securities, Estimated Fair Value | 5,123 | 5,215 |
US Government Corporations and Agencies Securities [Member] | ||
ScheduleOfAvailableForSaleSecuritiesLineItems | ||
Available-for-sale securities, Amortized Cost | 65,707 | 75,220 |
Available-for-sale securities, Gross Unrealized Gains | 207 | 87 |
Available-for-sale securities, Gross Unrealized Losses | 160 | 347 |
Available-for-sale securities, Estimated Fair Value | 65,754 | 74,960 |
Held-to-maturity securities, Amortized Cost | 2,575 | 2,791 |
Held-to-maturity securities, Gross Unrealized Gains | 0 | 0 |
Held-to-maturity securities, Gross Unrealized Losses | 43 | 83 |
Held-to-maturity securities, Estimated Fair Value | 2,532 | 2,708 |
US States and Political Subdivisions Debt Securities [Member] | ||
ScheduleOfAvailableForSaleSecuritiesLineItems | ||
Held-to-maturity securities, Amortized Cost | 1,617 | 1,839 |
Held-to-maturity securities, Gross Unrealized Gains | 131 | 147 |
Held-to-maturity securities, Gross Unrealized Losses | 0 | 0 |
Held-to-maturity securities, Estimated Fair Value | 1,748 | 1,986 |
Collateralized Mortgage Backed Securities [Member] | ||
ScheduleOfAvailableForSaleSecuritiesLineItems | ||
Available-for-sale securities, Amortized Cost | 147,629 | 154,525 |
Available-for-sale securities, Gross Unrealized Gains | 1,647 | 1,230 |
Available-for-sale securities, Gross Unrealized Losses | 363 | 452 |
Available-for-sale securities, Estimated Fair Value | 148,913 | 155,303 |
Equity Securities [Member] | ||
ScheduleOfAvailableForSaleSecuritiesLineItems | ||
Available-for-sale securities, Amortized Cost | 634 | 624 |
Available-for-sale securities, Gross Unrealized Gains | 10 | 6 |
Available-for-sale securities, Gross Unrealized Losses | 0 | 0 |
Available-for-sale securities, Estimated Fair Value | 644 | $ 630 |
Held-to-maturity securities, Amortized Cost | 0 | |
Held-to-maturity securities, Estimated Fair Value | $ 0 |
Investment Securities (Details
Investment Securities (Details 1) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 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 | $ 29,056 | $ 54,507 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Unrealized Losses | 62 | 182 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 22,488 | 33,782 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Unrealized Losses | 461 | 617 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 51,544 | 88,289 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Unrealized Losses | 523 | 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 | 14,989 | 41,574 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Unrealized Losses | 19 | 138 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 0 | 6,954 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Unrealized Losses | 141 | 209 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 14,989 | 48,528 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Unrealized Losses | 160 | 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 | 2,532 | 2,708 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Unrealized Losses | 43 | 83 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value | 2,532 | 2,708 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Aggregate Loss, Unrealized Losses | 43 | 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 | 14,067 | 12,933 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Unrealized Losses | 43 | 44 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 22,488 | 26,828 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Unrealized Losses | 320 | 408 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 36,555 | 39,761 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Unrealized Losses | $ 363 | $ 452 |
Investment Securities (Detail33
Investment Securities (Details 2) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Schedule of Available-for-sale Securities [Line Items] | ||
Available for sale, Amortized Cost, Due in one year or less | $ 10,149 | |
Available for sale, Amortized Cost, Due after one year through five years | 57,710 | |
Available for sale, Amortized Cost, Due after five years through ten years | 12,084 | |
Available for sale, Amortized Cost, Due after ten years | 138,504 | |
Available for sale, Amortized Cost, Debt maturities | 218,447 | |
Available-for-sale securities, Amortized Cost | 219,081 | $ 235,579 |
Available for sale, Estimated Fair Value, Due in one year or less | 10,168 | |
Available for sale, Estimated Fair Value, Due after one year through five years | 57,839 | |
Available for sale, Estimated Fair Value, Due after five years through ten years | 12,134 | |
Available for sale, Estimated Fair Value, Due after ten years | 139,649 | |
Available for sale, Estimated Fair Value, Debt maturities | 219,790 | |
Available for sale, Estimated Fair Value, Total | 220,434 | 236,108 |
Held to maturity securities, Amortized Cost, Due in one year or less | 0 | |
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 | 3,078 | |
Held to maturity securities, Amortized Cost, Debt maturities | 4,192 | |
Held to maturity securities, Amortized Cost, Total | 4,192 | 4,630 |
Held to maturity securities, Estimated Fair Value, Due in one year or less | 0 | |
Held to maturity securities, Estimated Fair Value, Due after one year through five years | 761 | |
Held to maturity securities, Estimated Fair Value, Due after five years through ten years | 454 | |
Held to maturity securities, Estimated Fair Value, Due after ten years | 3,065 | |
Held to maturity securities, Estimated Fair Value, Debt maturities | 4,280 | |
Held-to-maturity securities, Estimated Fair Value, Total | 4,280 | 4,694 |
Equity [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities, Amortized Cost | 634 | 624 |
Available for sale, Estimated Fair Value, Total | 644 | $ 630 |
Held to maturity securities, Amortized Cost, Total | 0 | |
Held-to-maturity securities, Estimated Fair Value, Total | $ 0 |
Loans and Allowance for Credi34
Loans and Allowance for Credit Losses (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Construction | $ 86,548 | $ 69,157 |
Residential real estate | 303,137 | 273,336 |
Commercial real estate | 323,160 | 305,788 |
Commercial | 57,129 | 52,671 |
Consumer | 7,088 | 9,794 |
Total loans | 777,062 | 710,746 |
Allowance for credit losses | (8,098) | (7,695) |
Loans, net | $ 768,964 | $ 703,051 |
Loans and Allowance for Credi35
Loans and Allowance for Credit Losses (Details 1) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans individually evaluated for impairment | $ 29,574 | $ 30,141 |
Loans collectively evaluated for impairment | 747,488 | 680,605 |
Total loans | 777,062 | 710,746 |
Allowance for credit losses allocated to: | ||
Loans individually evaluated for impairment | 1,228 | 1,273 |
Loans collectively evaluated for impairment | 6,870 | 6,422 |
Total allowance for credit losses | 8,098 | 7,695 |
Construction [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans individually evaluated for impairment | 11,766 | 10,067 |
Loans collectively evaluated for impairment | 74,782 | 59,090 |
Total loans | 86,548 | 69,157 |
Allowance for credit losses allocated to: | ||
Loans individually evaluated for impairment | 676 | 41 |
Loans collectively evaluated for impairment | 1,166 | 1,262 |
Total allowance for credit losses | 1,842 | 1,303 |
Residential real estate [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans individually evaluated for impairment | 10,753 | 10,403 |
Loans collectively evaluated for impairment | 292,384 | 262,933 |
Total loans | 303,137 | 273,336 |
Allowance for credit losses allocated to: | ||
Loans individually evaluated for impairment | 363 | 1,099 |
Loans collectively evaluated for impairment | 1,928 | 1,735 |
Total allowance for credit losses | 2,291 | 2,834 |
Commercial real estate [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans individually evaluated for impairment | 6,768 | 9,359 |
Loans collectively evaluated for impairment | 316,392 | 296,429 |
Total loans | 323,160 | 305,788 |
Allowance for credit losses allocated to: | ||
Loans individually evaluated for impairment | 189 | 129 |
Loans collectively evaluated for impairment | 2,622 | 2,250 |
Total allowance for credit losses | 2,811 | 2,379 |
Commercial [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans individually evaluated for impairment | 165 | 188 |
Loans collectively evaluated for impairment | 56,964 | 52,483 |
Total loans | 57,129 | 52,671 |
Allowance for credit losses allocated to: | ||
Loans individually evaluated for impairment | 0 | 1 |
Loans collectively evaluated for impairment | 499 | 447 |
Total allowance for credit losses | 499 | 448 |
Consumer [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans individually evaluated for impairment | 122 | 124 |
Loans collectively evaluated for impairment | 6,966 | 9,670 |
Total loans | 7,088 | 9,794 |
Allowance for credit losses allocated to: | ||
Loans individually evaluated for impairment | 0 | 3 |
Loans collectively evaluated for impairment | 156 | 226 |
Total allowance for credit losses | 156 | 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 | 499 | 502 |
Total allowance for credit losses | $ 499 | $ 502 |
Loans and Allowance for Credi36
Loans and Allowance for Credit Losses (Details 2) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2015 | Dec. 31, 2014 | |
Impaired Nonaccrual Loans [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Unpaid principal balance | $ 18,154 | $ 20,145 |
Recorded investment with no allowance | 9,558 | 10,175 |
Recorded investment with an allowance | 3,585 | 3,292 |
Related allowance | 808 | 903 |
Quarter-to-date average recorded investment | 14,267 | 13,741 |
Year-to-date average recorded investment | 13,570 | 16,988 |
Impaired Nonaccrual Loans [Member] | Construction Loans [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Unpaid principal balance | 11,999 | 9,277 |
Recorded investment with no allowance | 4,796 | 6,045 |
Recorded investment with an allowance | 2,889 | 0 |
Related allowance | 643 | 0 |
Quarter-to-date average recorded investment | 8,025 | 7,492 |
Year-to-date average recorded investment | 8,121 | 7,918 |
Impaired Nonaccrual Loans [Member] | Residential Real Estate [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Unpaid principal balance | 4,399 | 4,664 |
Recorded investment with no allowance | 3,591 | 1,053 |
Recorded investment with an allowance | 487 | 2,982 |
Related allowance | 156 | 799 |
Quarter-to-date average recorded investment | 3,812 | 2,604 |
Year-to-date average recorded investment | 2,710 | 4,014 |
Impaired Nonaccrual Loans [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Unpaid principal balance | 1,451 | 4,703 |
Recorded investment with no allowance | 884 | 2,842 |
Recorded investment with an allowance | 209 | 280 |
Related allowance | 9 | 100 |
Quarter-to-date average recorded investment | 2,137 | 3,132 |
Year-to-date average recorded investment | 2,511 | 4,443 |
Impaired Nonaccrual Loans [Member] | Commercial Loan [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Unpaid principal balance | 177 | 1,372 |
Recorded investment with no allowance | 165 | 136 |
Recorded investment with an allowance | 0 | 5 |
Related allowance | 0 | 1 |
Quarter-to-date average recorded investment | 170 | 389 |
Year-to-date average recorded investment | 105 | 558 |
Impaired Nonaccrual Loans [Member] | Consumer Loan [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Unpaid principal balance | 128 | 129 |
Recorded investment with no allowance | 122 | 99 |
Recorded investment with an allowance | 0 | 25 |
Related allowance | 0 | 3 |
Quarter-to-date average recorded investment | 123 | 124 |
Year-to-date average recorded investment | 123 | 55 |
Impaired Accruing TDRs [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Unpaid principal balance | 16,431 | 16,674 |
Recorded investment with no allowance | 10,923 | 8,685 |
Recorded investment with an allowance | 5,508 | 7,989 |
Related allowance | 420 | 370 |
Quarter-to-date average recorded investment | 17,333 | 25,107 |
Year-to-date average recorded investment | 17,263 | 25,320 |
Impaired Accruing TDRs [Member] | Construction Loans [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Unpaid principal balance | 4,081 | 4,022 |
Recorded investment with no allowance | 3,273 | 3,196 |
Recorded investment with an allowance | 808 | 826 |
Related allowance | 33 | 41 |
Quarter-to-date average recorded investment | 4,099 | 3,404 |
Year-to-date average recorded investment | 4,076 | 2,301 |
Impaired Accruing TDRs [Member] | Residential Real Estate [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Unpaid principal balance | 6,675 | 6,368 |
Recorded investment with no allowance | 3,350 | 668 |
Recorded investment with an allowance | 3,325 | 5,700 |
Related allowance | 207 | 300 |
Quarter-to-date average recorded investment | 7,520 | 16,190 |
Year-to-date average recorded investment | 7,084 | 16,131 |
Impaired Accruing TDRs [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Unpaid principal balance | 5,675 | 6,237 |
Recorded investment with no allowance | 4,300 | 4,774 |
Recorded investment with an allowance | 1,375 | 1,463 |
Related allowance | 180 | 29 |
Quarter-to-date average recorded investment | 5,687 | 5,459 |
Year-to-date average recorded investment | 6,065 | 6,826 |
Impaired Accruing TDRs [Member] | Commercial Loan [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Unpaid principal balance | 0 | 47 |
Recorded investment with no allowance | 0 | 47 |
Recorded investment with an allowance | 0 | 0 |
Related allowance | 0 | 0 |
Quarter-to-date average recorded investment | 27 | 54 |
Year-to-date average recorded investment | 38 | 62 |
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 |
Quarter-to-date average recorded investment | 0 | 0 |
Year-to-date average recorded investment | 0 | 0 |
Total Impired Loans [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Unpaid principal balance | 34,585 | 36,819 |
Recorded investment with no allowance | 20,481 | 18,860 |
Recorded investment with an allowance | 9,093 | 11,281 |
Related allowance | 1,228 | 1,273 |
Quarter-to-date average recorded investment | 31,600 | 38,848 |
Year-to-date average recorded investment | 30,833 | 42,308 |
Total Impired Loans [Member] | Construction Loans [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Unpaid principal balance | 16,080 | 13,299 |
Recorded investment with no allowance | 8,069 | 9,241 |
Recorded investment with an allowance | 3,697 | 826 |
Related allowance | 676 | 41 |
Quarter-to-date average recorded investment | 12,124 | 10,896 |
Year-to-date average recorded investment | 12,197 | 10,219 |
Total Impired Loans [Member] | Residential Real Estate [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Unpaid principal balance | 11,074 | 11,032 |
Recorded investment with no allowance | 6,941 | 1,721 |
Recorded investment with an allowance | 3,812 | 8,682 |
Related allowance | 363 | 1,099 |
Quarter-to-date average recorded investment | 11,332 | 18,794 |
Year-to-date average recorded investment | 9,794 | 20,145 |
Total Impired Loans [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Unpaid principal balance | 7,126 | 10,940 |
Recorded investment with no allowance | 5,184 | 7,616 |
Recorded investment with an allowance | 1,584 | 1,743 |
Related allowance | 189 | 129 |
Quarter-to-date average recorded investment | 7,824 | 8,591 |
Year-to-date average recorded investment | 8,576 | 11,269 |
Total Impired Loans [Member] | Commercial Loan [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Unpaid principal balance | 177 | 1,419 |
Recorded investment with no allowance | 165 | 183 |
Recorded investment with an allowance | 0 | 5 |
Related allowance | 0 | 1 |
Quarter-to-date average recorded investment | 197 | 443 |
Year-to-date average recorded investment | 143 | 620 |
Total Impired Loans [Member] | Consumer Loan [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Unpaid principal balance | 128 | 129 |
Recorded investment with no allowance | 122 | 99 |
Recorded investment with an allowance | 0 | 25 |
Related allowance | 0 | 3 |
Quarter-to-date average recorded investment | 123 | 124 |
Year-to-date average recorded investment | $ 123 | $ 55 |
Loans and Allowance for Credi37
Loans and Allowance for Credit Losses (Details 3) - USD ($) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
TDR Balance | $ 7,695 | ||
TDR Balance | 8,098 | ||
Troubled Debt Restructuring [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
TDR Balance | 23,748 | $ 32,401 | |
New TDRs | 1,837 | 0 | |
Disbursements (Payments) | (1,091) | 1,038 | |
Charge Offs | (1,098) | (1,590) | |
Reclassification/Transfers In/(Out) | (1,525) | [1] | 0 |
Payoffs | 0 | (1,672) | |
TDR Balance | 21,871 | 30,177 | |
Related allowance | 1,152 | 200 | |
Accruing Troubled Debt Restructurings [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
TDR Balance | 16,674 | 26,088 | |
New TDRs | 1,837 | 0 | |
Disbursements (Payments) | (857) | 1,182 | |
Charge Offs | 0 | (1,087) | |
Reclassification/Transfers In/(Out) | (1,223) | 613 | |
Payoffs | 0 | (1,549) | |
TDR Balance | 16,431 | 25,247 | |
Related allowance | 420 | 175 | |
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) | (234) | (144) | |
Charge Offs | (1,098) | (503) | |
Reclassification/Transfers In/(Out) | (302) | (613) | |
Payoffs | 0 | (123) | |
TDR Balance | 5,440 | 4,930 | |
Related allowance | 732 | 25 | |
Construction [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
TDR Balance | 1,303 | ||
TDR Balance | 1,842 | ||
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) | (83) | (52) | |
Charge Offs | 0 | (538) | |
Reclassification/Transfers In/(Out) | 142 | 2,643 | |
Payoffs | 0 | (270) | |
TDR Balance | 4,081 | 3,403 | |
Related allowance | 33 | 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) | (207) | (12) | |
Charge Offs | (1,058) | (235) | |
Reclassification/Transfers In/(Out) | 2,911 | 760 | |
Payoffs | 0 | 0 | |
TDR Balance | 4,967 | 4,074 | |
Related allowance | 643 | 0 | |
Residential real estate [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
TDR Balance | 2,834 | ||
TDR Balance | 2,291 | ||
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 | 1,837 | 0 | |
Disbursements (Payments) | (206) | 1,324 | |
Charge Offs | 0 | 0 | |
Reclassification/Transfers In/(Out) | (1,324) | 478 | |
Payoffs | 0 | (158) | |
TDR Balance | 6,675 | 16,226 | |
Related allowance | 207 | 168 | |
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) | (21) | (40) | |
Charge Offs | 0 | (203) | |
Reclassification/Transfers In/(Out) | (2,911) | (1,037) | |
Payoffs | 0 | (123) | |
TDR Balance | 450 | 481 | |
Related allowance | 89 | 0 | |
Commercial real estate [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
TDR Balance | 2,379 | ||
TDR Balance | 2,811 | ||
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) | (562) | (71) | |
Charge Offs | 0 | (549) | |
Reclassification/Transfers In/(Out) | 0 | (2,508) | |
Payoffs | 0 | (1,097) | |
TDR Balance | 5,675 | 5,566 | |
Related allowance | 180 | 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) | (4) | (91) | |
Charge Offs | (40) | (65) | |
Reclassification/Transfers In/(Out) | (302) | (336) | |
Payoffs | 0 | 0 | |
TDR Balance | 0 | 350 | |
Related allowance | 0 | 0 | |
Commercial [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
TDR Balance | 448 | ||
TDR Balance | 499 | ||
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) | (6) | (19) | |
Charge Offs | 0 | 0 | |
Reclassification/Transfers In/(Out) | (41) | 0 | |
Payoffs | 0 | (24) | |
TDR Balance | 0 | 52 | |
Related allowance | 0 | 0 | |
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 | 156 | ||
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) | (2) | (1) | |
Charge Offs | 0 | 0 | |
Reclassification/Transfers In/(Out) | 0 | 0 | |
Payoffs | 0 | 0 | |
TDR Balance | 23 | 25 | |
Related allowance | $ 0 | $ 25 | |
[1] | $1.3 million in subsequently modified TDRs were transferred from accruing TDR classification to accrual status during the period, thus removing the TDR designation. In accordance with ASC 310-40-50-2 “Creditor Disclosure of Troubled Debt Restructurings,” an impaired loan that has been subsequently restructured in a troubled debt restructuring involving modification of terms need not be included in the disclosures in years after the restructuring if both of the following conditions exist: a) the subsequent restructuring agreement specifies an interest rate equal to or greater than the rate that the creditor was willing to accept at the time of the restructuring for a new loan with comparable risk; and b) the loan is not impaired based on the terms specified by the restructuring agreement. During the period ended September 30, 2015, three loans totaling $1.3 million met the conditions stipulated in ASC 310-40-50-2, and after a careful evaluation of well supported documentation by management, these loans were upgraded to accrual status. |
Loans and Allowance for Credi38
Loans and Allowance for Credit Losses (Details 4) $ in Thousands | 9 Months Ended | |
Sep. 30, 2015USD ($) | Sep. 30, 2014USD ($) | |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Number of contracts | 10 | 0 |
Premodification outstanding recorded investment | $ 1,835 | $ 0 |
Postmodification outstanding recorded investment | 1,837 | 0 |
Related allowance | $ 19 | $ 0 |
Troubled Debt Restructurings [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Number of contracts | 3 | |
Postmodification outstanding recorded investment | $ 1,300 | |
Troubled Debt Restructurings [Member] | Construction Loans [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Number of contracts | 0 | 0 |
Premodification outstanding recorded investment | $ 0 | $ 0 |
Postmodification outstanding recorded investment | 0 | 0 |
Related allowance | $ 0 | $ 0 |
Troubled Debt Restructurings [Member] | Residential Real Estate [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Number of contracts | 10 | 0 |
Premodification outstanding recorded investment | $ 1,835 | $ 0 |
Postmodification outstanding recorded investment | 1,837 | 0 |
Related allowance | $ 19 | $ 0 |
Troubled Debt Restructurings [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Number of contracts | 0 | 0 |
Premodification outstanding recorded investment | $ 0 | $ 0 |
Postmodification outstanding recorded investment | 0 | 0 |
Related allowance | $ 0 | $ 0 |
Troubled Debt Restructurings [Member] | Commercial Loan [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Number of contracts | 0 | 0 |
Premodification outstanding recorded investment | $ 0 | $ 0 |
Postmodification outstanding recorded investment | 0 | 0 |
Related allowance | $ 0 | $ 0 |
Troubled Debt Restructurings [Member] | Consumer Loan [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Number of contracts | 0 | 0 |
Premodification outstanding recorded investment | $ 0 | $ 0 |
Postmodification outstanding recorded investment | 0 | 0 |
Related allowance | $ 0 | $ 0 |
Loans and Allowance for Credi39
Loans and Allowance for Credit Losses (Details 5) $ in Thousands | 9 Months Ended | |
Sep. 30, 2015USD ($) | Sep. 30, 2014USD ($) | |
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 Credi40
Loans and Allowance for Credit Losses (Details 6) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loan Risk Rating | $ 777,062 | $ 710,746 |
Construction [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loan Risk Rating | 86,548 | 69,157 |
Residential real estate [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loan Risk Rating | 303,137 | 273,336 |
Commercial real estate [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loan Risk Rating | 323,160 | 305,788 |
Commercial [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loan Risk Rating | 57,129 | 52,671 |
Consumer [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loan Risk Rating | 7,088 | 9,794 |
Pass/Performing [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loan Risk Rating | 709,255 | 640,698 |
Pass/Performing [Member] | Construction [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loan Risk Rating | 69,344 | 52,241 |
Pass/Performing [Member] | Residential real estate [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loan Risk Rating | 283,551 | 252,643 |
Pass/Performing [Member] | Commercial real estate [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loan Risk Rating | 294,148 | 275,573 |
Pass/Performing [Member] | Commercial [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loan Risk Rating | 55,282 | 50,583 |
Pass/Performing [Member] | Consumer [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loan Risk Rating | 6,930 | 9,658 |
Special Mention [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loan Risk Rating | 35,276 | 34,256 |
Special Mention [Member] | Construction [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loan Risk Rating | 5,525 | 5,643 |
Special Mention [Member] | Residential real estate [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loan Risk Rating | 7,823 | 6,675 |
Special Mention [Member] | Commercial real estate [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loan Risk Rating | 20,261 | 20,040 |
Special Mention [Member] | Commercial [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loan Risk Rating | 1,632 | 1,885 |
Special Mention [Member] | Consumer [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loan Risk Rating | 35 | 13 |
Substandard [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loan Risk Rating | 32,322 | 35,703 |
Substandard [Member] | Construction [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loan Risk Rating | 11,679 | 11,273 |
Substandard [Member] | Residential real estate [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loan Risk Rating | 11,763 | 14,018 |
Substandard [Member] | Commercial real estate [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loan Risk Rating | 8,542 | 10,175 |
Substandard [Member] | Commercial [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loan Risk Rating | 215 | 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 | 209 | 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 | 0 | 0 |
Doubtful [Member] | Commercial real estate [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loan Risk Rating | 209 | 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 Credi41
Loans and Allowance for Credit Losses (Details 7) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Current | $ 759,723 | $ 688,156 |
Total past due | 4,196 | 9,124 |
Non-accrual | 13,143 | 13,466 |
Total loans | $ 777,062 | $ 710,746 |
Percent of total loans, Current | 97.70% | 96.80% |
Percent of total loans, Total past due | 0.60% | 1.30% |
Percent of total loans, Non accrual | 1.70% | 1.90% |
Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total past due | $ 3,507 | $ 5,654 |
Percent of total loans, Total past due | 0.50% | 0.80% |
Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total past due | $ 685 | $ 3,383 |
Percent of total loans, Total past due | 0.10% | 0.50% |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total past due | $ 4 | $ 87 |
Percent of total loans, Total past due | 0.00% | 0.00% |
Construction [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Current | $ 78,863 | $ 61,325 |
Total past due | 0 | 1,786 |
Non-accrual | 7,685 | 6,046 |
Total loans | 86,548 | 69,157 |
Construction [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total past due | 0 | 1,786 |
Construction [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total past due | 0 | 0 |
Construction [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total past due | 0 | 0 |
Residential real estate [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Current | 296,151 | 263,165 |
Total past due | 2,908 | 6,136 |
Non-accrual | 4,078 | 4,035 |
Total loans | 303,137 | 273,336 |
Residential real estate [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total past due | 2,274 | 3,351 |
Residential real estate [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total past due | 634 | 2,702 |
Residential real estate [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total past due | 0 | 83 |
Commercial real estate [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Current | 320,934 | 301,695 |
Total past due | 1,133 | 972 |
Non-accrual | 1,093 | 3,121 |
Total loans | 323,160 | 305,788 |
Commercial real estate [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total past due | 1,133 | 459 |
Commercial real estate [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total past due | 0 | 513 |
Commercial real estate [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total past due | 0 | 0 |
Commercial [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Current | 56,901 | 52,352 |
Total past due | 63 | 178 |
Non-accrual | 165 | 141 |
Total loans | 57,129 | 52,671 |
Commercial [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total past due | 21 | 47 |
Commercial [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total past due | 42 | 131 |
Commercial [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total past due | 0 | 0 |
Consumer [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Current | 6,874 | 9,619 |
Total past due | 92 | 52 |
Non-accrual | 122 | 123 |
Total loans | 7,088 | 9,794 |
Consumer [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total past due | 79 | 11 |
Consumer [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total past due | 9 | 37 |
Consumer [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total past due | $ 4 | $ 4 |
Loans and Allowance for Credi42
Loans and Allowance for Credit Losses (Details 8) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Allowance for credit losses: | ||||
Beginning balance | $ 7,917 | $ 9,076 | $ 7,695 | $ 10,725 |
Charge-offs | (641) | (1,515) | (1,991) | (5,440) |
Recoveries | 412 | 270 | 794 | 621 |
Net charge-offs | (229) | (1,245) | (1,197) | (4,819) |
Provision | 410 | 775 | 1,600 | 2,700 |
Ending balance | 8,098 | 8,606 | 8,098 | 8,606 |
Construction [Member] | ||||
Allowance for credit losses: | ||||
Beginning balance | 1,852 | 2,248 | 1,303 | 1,960 |
Charge-offs | (479) | (213) | (1,058) | (454) |
Recoveries | 9 | 1 | 116 | 12 |
Net charge-offs | (470) | (212) | (942) | (442) |
Provision | 460 | (206) | 1,481 | 312 |
Ending balance | 1,842 | 1,830 | 1,842 | 1,830 |
Residential real estate [Member] | ||||
Allowance for credit losses: | ||||
Beginning balance | 2,318 | 2,354 | 2,834 | 3,854 |
Charge-offs | (26) | (242) | (283) | (1,229) |
Recoveries | 102 | 229 | 247 | 335 |
Net charge-offs | 76 | (13) | (36) | (894) |
Provision | (103) | 47 | (507) | (572) |
Ending balance | 2,291 | 2,388 | 2,291 | 2,388 |
Commercial real estate [Member] | ||||
Allowance for credit losses: | ||||
Beginning balance | 2,616 | 2,652 | 2,379 | 3,029 |
Charge-offs | 0 | (35) | (320) | (1,648) |
Recoveries | 233 | 9 | 248 | 22 |
Net charge-offs | 233 | (26) | (72) | (1,626) |
Provision | (38) | 115 | 504 | 1,338 |
Ending balance | 2,811 | 2,741 | 2,811 | 2,741 |
Commercial [Member] | ||||
Allowance for credit losses: | ||||
Beginning balance | 505 | 858 | 448 | 1,266 |
Charge-offs | (136) | (1,019) | (285) | (1,956) |
Recoveries | 60 | 24 | 142 | 231 |
Net charge-offs | (76) | (995) | (143) | (1,725) |
Provision | 70 | 935 | 194 | 1,257 |
Ending balance | 499 | 798 | 499 | 798 |
Consumer [Member] | ||||
Allowance for credit losses: | ||||
Beginning balance | 168 | 306 | 229 | 243 |
Charge-offs | 0 | (6) | (45) | (153) |
Recoveries | 8 | 7 | 41 | 21 |
Net charge-offs | 8 | 1 | (4) | (132) |
Provision | (20) | (39) | (69) | 157 |
Ending balance | 156 | 268 | 156 | 268 |
Unallocated Financing Receivables [Member] | ||||
Allowance for credit losses: | ||||
Beginning balance | 458 | 658 | 502 | 373 |
Charge-offs | 0 | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 | 0 |
Net charge-offs | 0 | 0 | 0 | 0 |
Provision | 41 | (77) | (3) | 208 |
Ending balance | $ 499 | $ 581 | $ 499 | $ 581 |
Loans and Allowance for Credi43
Loans and Allowance for Credit Losses (Details Textual) $ in Thousands | 9 Months Ended | |
Sep. 30, 2015USD ($) | Sep. 30, 2014USD ($) | |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ 1,837 | $ 0 |
Financing Receivable, Modifications, Number of Contracts | 10 | 0 |
Troubled Debt Restructurings [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ 1,300 | |
Financing Receivable, Modifications, Number of Contracts | 3 | |
Residential Real Estate [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans and Leases Receivable Net Reported Amount Additions | $ 581 | |
Residential Real Estate [Member] | Troubled Debt Restructurings [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ 1,837 | $ 0 |
Financing Receivable, Modifications, Number of Contracts | 10 | 0 |
Other Assets (Details)
Other Assets (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Other Assets [Line Items] | ||
Nonmarketable investment securities | $ 1,621 | $ 1,586 |
Accrued interest receivable | 2,617 | 2,663 |
Deferred income taxes | 12,772 | 15,744 |
Prepaid expenses | 1,334 | 750 |
Other assets | 6,699 | 6,419 |
Total | $ 25,043 | $ 27,162 |
Other Assets (Details 1)
Other Assets (Details 1) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Deferred tax assets: | ||
Allowance for credit losses | $ 3,230 | $ 3,072 |
Reserve for off-balance sheet commitments | 121 | 121 |
Net operating loss carry forward | 10,426 | 13,265 |
Write-downs of other real estate owned | 320 | 355 |
Deferred income | 1,164 | 1,132 |
Accrued expenses | 926 | 918 |
Other | 198 | 80 |
Total deferred tax assets | 16,385 | 18,943 |
Deferred tax liabilities: | ||
Depreciation | 293 | 372 |
Purchase accounting adjustments | 2,069 | 1,751 |
Deferred capital gain on branch sale | 415 | 425 |
Unrealized gains on available-for-sale securities | 546 | 214 |
Other | 290 | 437 |
Total deferred tax liabilities | 3,613 | 3,199 |
Net deferred tax assets | $ 12,772 | $ 15,744 |
Other Assets (Details Textual)
Other Assets (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest, Total | $ 3,109 | $ 2,036 | $ 8,010 | $ 6,165 | $ 8,100 |
Operating Loss Carryforwards Expiration Year | 20 years |
Other Liabilities (Details)
Other Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Other Liabilities [Line Items] | ||
Accrued interest payable | $ 134 | $ 172 |
Other accounts payable | 2,762 | 2,435 |
Deferred compensation liability | 1,447 | 1,503 |
Other liabilities | 1,669 | 2,011 |
Total | $ 6,012 | $ 6,121 |
Stock-Based Compensation (Detai
Stock-Based Compensation (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Stock-based compensation expense | $ 41 | $ 30 | $ 232 | $ 79 |
Excess tax expense related to stock-based compensation | 3 | 0 | 3 | 0 |
Unrecognized stock-based compensation expense | $ 55 | $ 92 | $ 55 | $ 92 |
Weighted average period unrecognized expense is expected to be recognized | 4 months 24 days | 1 year |
Stock-Based Compensation (Det49
Stock-Based Compensation (Details 1) - Restricted Stock [Member] - $ / shares | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
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) | 11,915 | 3,654 |
Number of Shares, Vested (in shares) | (13,678) | (3,333) |
Number of Shares, Cancelled (in shares) | 0 | 0 |
Number of Shares, Nonvested at end of period (in shares) | 12,488 | 14,251 |
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) | 9.19 | 9.57 |
Weighted Average Grant Date Fair Value, Vested (in dollars per share) | 8.90 | 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) | $ 8.74 | $ 8.51 |
Stock-Based Compensation (Det50
Stock-Based Compensation (Details 2) - Equity Option [Member] - $ / shares | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
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 | 9.18 | 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 | 8.05 | 6.64 |
Weighted Average Exercise Price, Exercisable at end of period | $ 6.64 | $ 6.64 |
Stock-Based Compensation (Det51
Stock-Based Compensation (Details 3) | 9 Months Ended |
Sep. 30, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Dividend yield | 0.00% |
Expected volatility | 32.00% |
Risk-free interest rate | 1.97% |
Expected contract life (in years) | 7 years |
Stock-Based Compensation (Det52
Stock-Based Compensation (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $ 83 | |
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 | $ 122 | $ 30 |
Share Based Compensation Arrangement By Share Based Payment Award Estimated Fair Value Of Stock Price | $ 9.72 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 6 years 6 months | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 3.44 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $ 102 |
Accumulated Other Comprehensi53
Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Accumulated other comprehensive income (loss), Beginning Balance | $ 316 | $ (437) |
Other comprehensive (loss) income | 491 | 192 |
Accumulated other comprehensive income (loss), Ending Balance | 807 | (245) |
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 | 491 | 192 |
Accumulated other comprehensive income (loss), Ending Balance | $ 807 | $ (245) |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Securities available for sale: | ||
Available-for-sale Securities, Fair Value Disclosure | $ 220,434 | $ 236,108 |
Fair Value, Inputs, Level 1 [Member] | ||
Securities available for sale: | ||
Available-for-sale Securities, Fair Value Disclosure | 5,123 | 5,215 |
Fair Value, Inputs, Level 2 [Member] | ||
Securities available for sale: | ||
Available-for-sale Securities, Fair Value Disclosure | 215,311 | 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 | 5,123 | 5,215 |
US Treasury Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Securities available for sale: | ||
Available-for-sale Securities, Fair Value Disclosure | 5,123 | 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 | 65,754 | 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 | 65,754 | 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 | 148,913 | 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 | 148,913 | 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 | 644 | 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 | 644 | 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 (Deta55
Fair Value Measurements (Details 1) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Impaired loans: | ||
Impaired loans | $ 28,346 | $ 28,868 |
Other real estate owned | 2,884 | 3,691 |
Total assets measured at fair value on a nonrecurring basis | 31,230 | 32,559 |
Fair Value, Inputs, Level 1 [Member] | ||
Impaired loans: | ||
Impaired loans | 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 | 28,346 | 28,868 |
Other real estate owned | 2,884 | 3,691 |
Total assets measured at fair value on a nonrecurring basis | 31,230 | 32,559 |
Fair Value, Inputs, Level 3 [Member] | ||
Impaired loans: | ||
Impaired loans | 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 | 11,090 | 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 | 11,090 | 10,026 |
Construction [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Impaired loans: | ||
Impaired loans | 0 | 0 |
Residential Real Estate [Member] | ||
Impaired loans: | ||
Impaired loans | 10,390 | 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 | 10,390 | 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 | 6,579 | 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 | 6,579 | 9,230 |
Commercial Real Estate [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Impaired loans: | ||
Impaired loans | 0 | 0 |
Commercial [Member] | ||
Impaired loans: | ||
Impaired loans | 165 | 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 | 165 | 187 |
Commercial [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Impaired loans: | ||
Impaired loans | 0 | 0 |
Consumer [Member] | ||
Impaired loans: | ||
Impaired loans | 122 | 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 | 122 | 121 |
Consumer [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Impaired loans: | ||
Impaired loans | $ 0 | $ 0 |
Fair Value Measurements (Deta56
Fair Value Measurements (Details 2) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Dec. 31, 2013 |
Financial assets, Carrying Amount | ||||
Cash and cash equivalents, Carrying Amount | $ 66,176 | $ 96,223 | $ 109,639 | $ 131,090 |
Investment securities held to maturity, Carrying Amount | 4,192 | 4,630 | ||
Loans, net, Carrying Amount | 768,964 | 703,051 | ||
Financial liabilities, Carrying Amount | ||||
Deposits, Carrying Amount | 959,434 | 949,004 | ||
Short-term borrowings, Carrying Amount | 6,480 | 4,808 | ||
Financial assets, Estimated Fair Value | ||||
Investment securities held to maturity, Estimated Fair Value | 4,280 | 4,694 | ||
Fair Value, Inputs, Level 1 [Member] | ||||
Financial assets, Estimated Fair Value | ||||
Cash and cash equivalents, Estimated Fair Value | 66,176 | 96,223 | ||
Fair Value, Inputs, Level 2 [Member] | ||||
Financial assets, Carrying Amount | ||||
Investment securities held to maturity, Carrying Amount | 4,192 | 4,630 | ||
Loans, net, Carrying Amount | 768,964 | 703,051 | ||
Financial liabilities, Carrying Amount | ||||
Deposits, Carrying Amount | 959,434 | 949,004 | ||
Short-term borrowings, Carrying Amount | 6,480 | 4,808 | ||
Financial assets, Estimated Fair Value | ||||
Investment securities held to maturity, Estimated Fair Value | 4,280 | 4,694 | ||
Loans, net, Estimated Fair Value | 788,590 | 724,771 | ||
Financial liabilities, Estimated Fair Value | ||||
Deposits, Estimated Fair Value | 959,193 | 948,605 | ||
Short-term borrowings, Estimated Fair Value | $ 6,480 | $ 4,808 |
Financial Instruments with Of57
Financial Instruments with Off-Balance Sheet Risk (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Commitments to extend credit | $ 140,986 | $ 127,080 |
Letters of credit | 7,004 | 7,347 |
Total | $ 147,990 | $ 134,427 |
Segment Reporting (Details)
Segment Reporting (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Segment Reporting Information [Line Items] | |||||
Interest income | $ 9,837 | $ 9,686 | $ 28,824 | $ 28,664 | |
Interest expense | (827) | (1,050) | (2,592) | (3,258) | |
Provision for credit losses | (410) | (775) | (1,600) | (2,700) | |
Noninterest income | 3,905 | 3,994 | 11,778 | 13,310 | |
Noninterest expense | (9,396) | (9,819) | (28,400) | (29,851) | |
Net intersegment (expense) income | 0 | 0 | |||
Income (loss) before taxes | 3,109 | 2,036 | 8,010 | 6,165 | $ 8,100 |
Income tax (expense) benefit | (1,200) | (774) | (3,065) | (2,340) | |
Net income (loss) | 1,909 | 1,262 | 4,945 | 3,825 | |
Total assets | 1,117,813 | 1,096,285 | 1,117,813 | 1,096,285 | $ 1,100,402 |
Community Banking [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Interest income | 28,670 | 28,664 | |||
Interest expense | (2,592) | (3,258) | |||
Provision for credit losses | (1,600) | (2,700) | |||
Noninterest income | 5,237 | 4,894 | |||
Noninterest expense | (16,133) | (17,235) | |||
Net intersegment (expense) income | (5,897) | (4,919) | |||
Income (loss) before taxes | 7,685 | 5,446 | |||
Income tax (expense) benefit | (2,941) | (2,067) | |||
Net income (loss) | 4,744 | 3,379 | |||
Total assets | 1,090,022 | 1,070,991 | 1,090,022 | 1,070,991 | |
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 | 6,541 | 8,416 | |||
Noninterest expense | (5,287) | (6,789) | |||
Net intersegment (expense) income | (624) | (534) | |||
Income (loss) before taxes | 630 | 1,093 | |||
Income tax (expense) benefit | (241) | (415) | |||
Net income (loss) | 389 | 678 | |||
Total assets | 9,222 | 10,292 | 9,222 | 10,292 | |
Parent Company [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Interest income | 154 | 0 | |||
Interest expense | 0 | 0 | |||
Provision for credit losses | 0 | 0 | |||
Noninterest income | 0 | 0 | |||
Noninterest expense | (6,980) | (5,827) | |||
Net intersegment (expense) income | 6,521 | 5,453 | |||
Income (loss) before taxes | (305) | (374) | |||
Income tax (expense) benefit | 117 | 142 | |||
Net income (loss) | (188) | (232) | |||
Total assets | $ 18,569 | $ 15,002 | $ 18,569 | $ 15,002 |