Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | Mar. 26, 2014 | Jun. 30, 2013 |
Document Information [Line Items] | ' | ' | ' |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Trading Symbol | 'EVBS | ' | ' |
Entity Registrant Name | 'EASTERN VIRGINIA BANKSHARES INC | ' | ' |
Entity Central Index Key | '0001047170 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Filer Category | 'Smaller Reporting Company | ' | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 11,862,367 | ' |
Entity Public Float | ' | ' | $51.50 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Assets: | ' | ' |
Cash and due from banks | $13,944 | $16,687 |
Interest bearing deposits with banks | 5,402 | 29,837 |
Federal funds sold | 0 | 75 |
Securities available for sale, at fair value | 234,935 | 276,913 |
Securities held to maturity, at carrying value (fair value of $34,521 and $0, respectively) | 35,495 | 0 |
Restricted securities, at cost | 5,549 | 9,251 |
Loans, net of allowance for loan losses of $14,767 and $20,338, respectively | 642,430 | 664,330 |
Deferred income taxes, net | 18,937 | 10,687 |
Bank premises and equipment, net | 21,446 | 21,656 |
Accrued interest receivable | 3,893 | 4,223 |
Other real estate owned, net of valuation allowance of $254 and $811, respectively | 800 | 4,747 |
Goodwill | 15,970 | 15,970 |
Bank owned life insurance | 21,158 | 10,678 |
Other assets | 7,115 | 10,499 |
Total assets | 1,027,074 | 1,075,553 |
Liabilities | ' | ' |
Noninterest-bearing demand accounts | 126,861 | 116,717 |
Interest-bearing deposits | 707,601 | 721,656 |
Total deposits | 834,462 | 838,373 |
Federal funds purchased and repurchase agreements | 3,009 | 2,942 |
Short-term borrowings | 41,940 | 0 |
Long-term borrowings | 0 | 117,500 |
Trust preferred debt | 10,310 | 10,310 |
Accrued interest payable | 1,324 | 1,673 |
Other liabilities | 3,080 | 5,044 |
Total liabilities | 894,125 | 975,842 |
Shareholders' Equity | ' | ' |
Common stock, $2 par value per share, authorized 50,000,000 shares, issued and outstanding 11,862,367 and 6,069,551 including 73,500 and 39,400 nonvested shares in 2013 and 2012, respectively | 23,578 | 12,060 |
Surplus | 42,697 | 19,521 |
Retained earnings | 39,581 | 42,517 |
Warrant | 1,481 | 1,481 |
Discount on preferred stock | 0 | -304 |
Accumulated other comprehensive (loss) income, net | -8,868 | 436 |
Total shareholders' equity | 132,949 | 99,711 |
Total liabilities and shareholders' equity | 1,027,074 | 1,075,553 |
Series A Fixed Rate Cumulative Perpetual Preferred | ' | ' |
Shareholders' Equity | ' | ' |
Preferred stock value | 24,000 | 24,000 |
Series B Non-Voting Mandatorily Convertible Non-Cumulative Preferred | ' | ' |
Shareholders' Equity | ' | ' |
Preferred stock value | $10,480 | $0 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Securities held to maturity, Fair Value | $34,521 | $0 |
Loans, allowance for loan losses | 14,767 | 20,338 |
Other real estate owned, valuation allowance | $254 | $811 |
Preferred stock, par value | $2 | $2 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Common stock, par value | $2 | $2 |
Common stock, shares authorized | 50,000,000 | 50,000,000 |
Common stock, shares issued | 11,862,367 | 6,069,551 |
Common stock, shares outstanding | 11,862,367 | 6,069,551 |
Nonvested shares | 73,500 | 39,400 |
Series A Fixed Rate Cumulative Perpetual Preferred | ' | ' |
Preferred stock, par value | $1,000 | $1,000 |
Preferred stock, shares issued | 24,000 | 24,000 |
Preferred stock, shares outstanding | 24,000 | 24,000 |
Series B Non-Voting Mandatorily Convertible Non-Cumulative Preferred | ' | ' |
Preferred stock, shares outstanding | 5,240,192 | ' |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Interest and Dividend Income | ' | ' | ' |
Interest and fees on loans | $35,487 | $39,561 | $42,984 |
Interest on investments: | ' | ' | ' |
Taxable interest income | 5,443 | 4,656 | 5,107 |
Tax exempt interest income | 666 | 465 | 1,147 |
Dividends | 323 | 333 | 246 |
Interest on deposits with banks | 105 | 56 | 54 |
Total interest and dividend income | 42,024 | 45,071 | 49,538 |
Interest Expense | ' | ' | ' |
Deposits | 4,676 | 6,399 | 9,515 |
Federal funds purchased and repurchase agreements | 21 | 32 | 35 |
Short-term borrowings | 38 | 1 | 8 |
Long-term borrowings | 2,958 | 4,775 | 4,761 |
Trust preferred debt | 352 | 361 | 332 |
Total interest expense | 8,045 | 11,568 | 14,651 |
Net interest income | 33,979 | 33,503 | 34,887 |
Provision for Loan Losses | 1,850 | 5,658 | 8,800 |
Net interest income after provision for loan losses | 32,129 | 27,845 | 26,087 |
Noninterest Income | ' | ' | ' |
Service charges and fees on deposit accounts | 3,286 | 3,239 | 3,443 |
Debit/credit card fees | 1,469 | 1,557 | 1,452 |
Gain on sale of available for sale securities, net | 1,507 | 3,875 | 3,186 |
Gain (loss) on sale of bank premises and equipment | 249 | -1 | 258 |
Gain on sale of loans | 0 | 197 | 0 |
Other operating income | 1,237 | 1,031 | 1,179 |
Total noninterest income | 7,748 | 9,898 | 9,518 |
Noninterest Expenses | ' | ' | ' |
Salaries and employee benefits | 17,156 | 15,770 | 14,978 |
Occupancy and equipment expenses | 5,226 | 5,165 | 5,209 |
Telephone | 1,142 | 945 | 1,173 |
FDIC expense | 1,765 | 2,329 | 2,696 |
Consultant fees | 1,051 | 754 | 954 |
Collection, repossession and other real estate owned | 540 | 1,115 | 1,697 |
Marketing and advertising | 787 | 804 | 726 |
Loss on sale of other real estate owned | 775 | 227 | 787 |
Impairment losses on other real estate owned | 585 | 1,723 | 1,386 |
Loss on extinguishment of debt | 11,453 | 0 | 0 |
Other operating expenses | 4,421 | 4,514 | 4,433 |
Total noninterest expenses | 44,901 | 33,346 | 34,039 |
Income (loss) before income taxes | -5,024 | 4,397 | 1,566 |
Income tax expense (benefit) | -2,392 | 945 | -211 |
Net income (loss) | -2,632 | 3,452 | 1,777 |
Effective dividend on Series A Preferred Stock | 1,504 | 1,500 | 1,496 |
Net income (loss) available to common shareholders | ($4,136) | $1,952 | $281 |
Income (loss) per common share: basic and diluted | ($0.45) | $0.32 | $0.05 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (Loss) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Net income (loss) | ($2,632) | $3,452 | $1,777 |
Other comprehensive income (loss), net of tax: | ' | ' | ' |
Unrealized securities (losses) gains arising during period (net of tax, $4,473, $1,537 and $2,967, respectively) | -8,685 | 2,987 | 5,759 |
Unrealized losses on securities transferred from available for sale to held to maturity (net of tax, $338, $0 and $0, respectively) | -656 | 0 | 0 |
Amortization of unrealized losses on securities transferred from available for sale to held to maturity (net of tax, $8, $0 and $0, respectively) | 16 | 0 | 0 |
Less: reclassification adjustment for securities gains included in net income (loss) (net of tax, $512, $1,317 and $1,083, respectively) | -995 | -2,558 | -2,103 |
Change in unfunded pension liability (net of tax, $523, $307 and $1,000, respectively) | 1,016 | 594 | -1,940 |
Other comprehensive income (loss) | -9,304 | 1,023 | 1,716 |
Comprehensive income (loss) | ($11,936) | $4,475 | $3,493 |
Consolidated_Statements_of_Com1
Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Unrealized securities gains arising during period, tax | $4,473 | $1,537 | $2,967 |
Unrealized losses on securities transferred from available for sale to held to maturity, tax | 338 | 0 | 0 |
Amortization of unrealized losses on securities transferred from available for sale to held to maturity, tax | 8 | 0 | 0 |
Reclassification adjustment for securities gains included in net income (loss), tax | 512 | 1,317 | 1,083 |
Change in unfunded pension liability, tax | $523 | $307 | $1,000 |
Consolidated_Statements_of_Sha
Consolidated Statements of Shareholders' Equity (USD $) | Total | Common Stock | Surplus | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Series A Preferred Stock [Member] | Series B Preferred Stock [Member] | |
In Thousands | Preferred Stock | Preferred Stock | ||||||
Balance at Dec. 31, 2010 | $91,418 | $11,954 | $19,302 | $37,884 | ($2,303) | $24,581 | [1] | $0 |
Net income (loss) | 1,777 | ' | ' | 1,777 | ' | ' | ' | |
Other comprehensive income (loss) | 1,716 | ' | ' | ' | 1,716 | ' | ' | |
Preferred stock discount | 0 | ' | ' | -296 | ' | 296 | [1] | ' |
Stock based compensation | 110 | ' | 110 | ' | ' | ' | ' | |
Director stock grant | 22 | 13 | 9 | ' | ' | ' | ' | |
Restricted common stock vested | 0 | 3 | -3 | ' | ' | ' | ' | |
Issuance of common stock under dividend reinvestment and employee stock plans | 80 | 52 | 28 | 0 | 0 | 0 | [1] | 0 |
Balance at Dec. 31, 2011 | 95,123 | 12,022 | 19,446 | 39,365 | -587 | 24,877 | [1] | 0 |
Net income (loss) | 3,452 | ' | ' | 3,452 | ' | ' | ' | |
Other comprehensive income (loss) | 1,023 | ' | ' | ' | 1,023 | ' | ' | |
Preferred stock discount | 0 | ' | ' | -300 | ' | 300 | [1] | ' |
Stock based compensation | 53 | ' | 53 | ' | ' | ' | ' | |
Director stock grant | 23 | 12 | 11 | ' | ' | ' | ' | |
Restricted common stock vested | 0 | 3 | -3 | ' | ' | ' | ' | |
Issuance of common stock under dividend reinvestment and employee stock plans | 37 | 23 | 14 | 0 | 0 | 0 | [1] | 0 |
Balance at Dec. 31, 2012 | 99,711 | 12,060 | 19,521 | 42,517 | 436 | 25,177 | [1] | 0 |
Net income (loss) | -2,632 | ' | ' | -2,632 | ' | ' | ' | |
Other comprehensive income (loss) | -9,304 | ' | ' | ' | -9,304 | ' | ' | |
Preferred stock discount | 0 | ' | ' | -304 | ' | 304 | [1] | ' |
Stock based compensation | 32 | ' | 32 | ' | ' | ' | ' | |
Director stock grant | 32 | 12 | 20 | ' | ' | ' | ' | |
Restricted common stock vested | 0 | 8 | -8 | ' | ' | ' | ' | |
Issuance of common stock in private placements and rights offering | 23,550 | 11,498 | 12,052 | ' | ' | ' | ' | |
Issuance of preferred stock in private placements | 21,560 | 0 | 11,080 | 0 | 0 | 0 | [1] | 10,480 |
Balance at Dec. 31, 2013 | $132,949 | $23,578 | $42,697 | $39,581 | ($8,868) | $25,481 | [1] | $10,480 |
[1] | For the purposes of this table, Preferred Stock Series A includes the effect of the warrant issued in connection with the sale of the Series A Preferred Stock and the discount on such preferred stock |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Operating Activities: | ' | ' | ' |
Net income (loss) | ($2,632) | $3,452 | $1,777 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ' | ' | ' |
Provision for loan losses | 1,850 | 5,658 | 8,800 |
Depreciation and amortization | 2,124 | 2,092 | 2,326 |
Stock based compensation | 32 | 53 | 110 |
Net amortization of premiums and accretion of discounts on investment securities, net | 4,087 | 4,920 | 2,415 |
(Gain) realized on securities available for sale transactions, net | -1,507 | -3,875 | -3,186 |
(Gain) on sale of loans | 0 | -197 | 0 |
(Gain) loss on sale of bank premises and equipment | -249 | 1 | -258 |
Loss on sale of other real estate owned | 775 | 227 | 787 |
Impairment losses on other real estate owned | 585 | 1,723 | 1,386 |
Loss on LLC investments | 121 | 165 | 119 |
Deferred income taxes | -3,457 | 945 | -444 |
Net change in: | ' | ' | ' |
Accrued interest receivable | 330 | -462 | 520 |
Other assets | 2,783 | 846 | 3,018 |
Accrued interest payable | -349 | 190 | 32 |
Other liabilities | -425 | 1,280 | -1,317 |
Net cash provided by operating activities | 4,068 | 17,018 | 16,085 |
Investing Activities: | ' | ' | ' |
Purchase of securities available for sale | -78,661 | -299,001 | -179,462 |
Purchase of securities held to maturity | -1,069 | 0 | 0 |
Purchase of restricted securities | -3,572 | -325 | -331 |
Purchases of bank premises and equipment | -1,961 | -3,698 | -1,666 |
Purchases of bank owned life insurance | -10,000 | 0 | 0 |
Improvements to other real estate owned | 0 | 0 | -346 |
Net change in loans | 18,129 | 32,559 | 26,078 |
Proceeds from: | ' | ' | ' |
Maturities, calls, and paydowns of securities available for sale | 26,322 | 52,976 | 48,939 |
Sales of securities available for sale | 41,675 | 205,537 | 146,134 |
Sale of restricted securities | 7,274 | 836 | 913 |
Sale of loans | 0 | 3,046 | 0 |
Sale of bank premises and equipment | 296 | 3 | 301 |
Sale of other real estate owned | 4,508 | 5,661 | 6,644 |
Net cash provided by (used in) investing activities | 2,941 | -2,406 | 47,204 |
Financing Activities, Net change in: | ' | ' | ' |
Demand, interest-bearing demand and savings deposits | 32,416 | 37,874 | 5,032 |
Time deposits | -36,327 | -29,452 | -43,227 |
Federal funds purchased and repurchase agreements | 67 | -1,061 | 1,539 |
Short-term borrowings | 41,940 | 0 | -25,000 |
Long-term borrowings | -117,500 | 0 | 0 |
Issuance of common stock under dividend reinvestment and employee stock plans | 0 | 37 | 80 |
Director stock grant | 32 | 23 | 22 |
Net cash (used in) provided by financing activities | -34,262 | 7,421 | -61,554 |
Net (decrease) increase in cash and cash equivalents | -27,253 | 22,033 | 1,735 |
Cash and cash equivalents, January 1 | 46,599 | 24,566 | 22,831 |
Cash and cash equivalents, December 31 | 19,346 | 46,599 | 24,566 |
Supplemental disclosure: | ' | ' | ' |
Interest paid | 8,394 | 11,378 | 14,619 |
Income taxes received | -1,507 | -1,328 | 0 |
Supplemental disclosure of noncash investing and financing activities: | ' | ' | ' |
Unrealized (losses) gains on securities available for sale | -14,665 | 649 | 5,540 |
TransferOfOtherRealEstate | -1,921 | -5,032 | -4,180 |
Minimum pension liability adjustment | 1,539 | 901 | -2,940 |
Transfers from available for sale securities to held to maturity | 34,547 | 0 | 0 |
Common Stock [Member] | ' | ' | ' |
Financing Activities, Net change in: | ' | ' | ' |
Net proceeds from issuance of stock in private placements | 23,550 | 0 | 0 |
Preferred Stock [Member] | ' | ' | ' |
Financing Activities, Net change in: | ' | ' | ' |
Net proceeds from issuance of stock in private placements | $21,560 | $0 | $0 |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | ||
Dec. 31, 2013 | |||
Summary of Significant Accounting Policies | ' | ||
Note 1. Summary of Significant Accounting Policies | |||
The accounting and reporting policies of Eastern Virginia Bankshares, Inc. (the “Parent”) and its subsidiaries, EVB Statutory Trust I (the “Trust”), and EVB (the “Bank”) and its subsidiaries, are in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and conform to accepted practices within the banking industry. A summary of significant accounting policies is briefly described below. | |||
Principles of Consolidation | |||
The accompanying consolidated financial statements include the accounts of the Parent, the Bank and its subsidiaries, collectively referred to as the “Company.” All significant intercompany balances and transactions have been eliminated in consolidation. In addition, the Parent owns the Trust which is an unconsolidated subsidiary. The subordinated debt owed to this trust is reported as a liability of the Parent. | |||
Nature of Operations | |||
Eastern Virginia Bankshares, Inc. is a bank holding company headquartered in Tappahannock, Virginia that was organized and chartered under the laws of the Commonwealth of Virginia on September 5, 1997 and commenced operations on December 29, 1997. The Company conducts its primary operations through its wholly-owned bank subsidiary, EVB. Two of EVB’s three predecessor banks, Bank of Northumberland, Inc. and Southside Bank, were established in 1910. The third bank, Hanover Bank, was established as a de novo bank in 2000. In April 2006, these three banks were merged and the surviving bank was re-branded as EVB. The Bank provides a full range of banking and related financial services to individuals and businesses through its network of retail branches. With twenty-one retail branches, the Bank serves diverse markets that primarily are in the counties of Essex, Gloucester, Hanover, Henrico, King and Queen, King William, Lancaster, Middlesex, New Kent, Richmond, Northumberland, Southampton, Surry, Sussex and the City of Colonial Heights. During October 2013, the Bank closed its Old Church branch located in Hanover County. The decision to close this branch was based on several factors including declining branch activity and an absence of community or business initiatives for economic expansion in or around the area in the near future. The Bank operates under a state bank charter and as such is subject to regulation by the Virginia State Corporation Commission Bureau of Financial Institutions (the “Bureau”) and the Board of Governors of the Federal Reserve System (the “Federal Reserve”). | |||
The Bank owns EVB Financial Services, Inc., which in turn has a 100% ownership interest in EVB Investments, Inc. and through March 31, 2011 a 50% ownership interest in EVB Mortgage, LLC. EVB Investments, Inc. is a full-service brokerage firm offering a comprehensive range of investment services. EVB Mortgage, LLC was formed to originate and sell residential mortgages. Due to the uncertainties surrounding potential regulatory pressures regarding the origination and funding of mortgage loans on one to four family residences, the Company decided in March 2011 to cease the operations of EVB Mortgage, LLC as a joint venture with Southern Trust Mortgage, LLC. On April 1, 2011, the Company entered into an independent contractor agreement with Southern Trust Mortgage, LLC. Under the terms of this agreement, the Company advises and consults with Southern Trust Mortgage, LLC and facilitates the marketing and brand recognition of their mortgage business. In addition, the Company provides Southern Trust Mortgage, LLC with offices at five retail branches in the Company’s market area and access to office equipment at those locations during normal working hours. For its services, the Company receives fixed monthly compensation from Southern Trust Mortgage, LLC in the amount of $1 thousand, which is adjustable on a quarterly basis. The Bank has a 75% ownership interest in EVB Title, LLC, which primarily sold title insurance to the mortgage loan customers of the Bank and EVB Mortgage, LLC. Effective January 2014, the Bank has ceased operations of EVB Title, LLC due to low volume and profitability. The Bank has a 2.33% ownership in Bankers Insurance, LLC, which primarily sells insurance products to customers of the Bank, and other financial institutions that have an equity interest in the agency. The Bank also has a 100% ownership interest in Dunston Hall LLC, POS LLC, Tartan Holdings LLC and ECU-RE LLC which were formed to hold the title to real estate acquired by the Bank upon foreclosure on property of real estate secured loans. The financial position and operating results of all of these subsidiaries are not significant to the Company as a whole and are not considered principal activities of the Company at this time. The Company’s common stock trades on the NASDAQ Global Select Market under the symbol “EVBS.” | |||
Use of Estimates | |||
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change in the near term relate to the determination of the allowance for loan losses, impairment of loans, impairment of securities, the valuation of other real estate owned, the projected benefit obligation under the defined benefit pension plan, the valuation of deferred taxes, goodwill impairment and fair value of financial instruments. In the opinion of management, all adjustments, consisting only of normal recurring adjustments, which are necessary for a fair presentation of the results of operations in these financial statements, have been made. | |||
Reclassifications | |||
Certain prior year amounts have been reclassified to conform to the 2013 presentation. Specifically, Bank owned life insurance was previously included as a component of Other assets on the consolidated balance sheets. This reclassification had no effect on previously reported net income (loss). | |||
Significant Group Concentrations of Credit Risk | |||
Substantially all of the Company’s lending activities are with customers located in Virginia. At December 31, 2013 and 2012, respectively, 48.4% and 49.5% of the Company’s loan portfolio consisted of real estate loans secured by one to four family residential properties, which includes closed end first and second mortgages as well as home equity lines. In addition, at December 31, 2013 and 2012, the Company had $23.5 million and $26.1 million of loans to the hospitality industry (hotels, motels, inns, etc.). These amounts represent 9.7% and 10.8% of the Company’s total commercial real estate loans and 25.5% and 29.2% of the Bank’s total risk-based capital at December 31, 2013 and 2012, respectively. This concentration of loans exceeds established supervisory guidelines of 25% of the Bank’s total risk-based capital. The Company does not have any significant loan concentrations to any one customer. Note 3 discusses the Company’s lending activities. | |||
The Company invests in a variety of securities and does not have any significant securities concentrations in any one industry or to any one issuer. Note 2 discusses the Company’s investment activities. | |||
At December 31, 2013 and 2012, the Company’s cash and due from banks included three commercial bank deposit accounts that were in excess of the Federal Deposit Insurance Corporation (“FDIC”) insured limit of $250,000 per institution by approximately $6.9 million and $9.9 million, respectively. | |||
Cash and Cash Equivalents | |||
For purposes of the consolidated statements of cash flows, cash and cash equivalents includes cash and due from banks, interest bearing deposits with banks and federal funds sold, which all mature within ninety days. | |||
Restrictions on Cash and Due from Bank Accounts | |||
The Company is required to maintain average reserve balances in cash with the Federal Reserve Bank of Richmond (the “Reserve Bank”). The Company had a reserve requirement with the Reserve Bank for December 31, 2013 and 2012 but it was covered by internal holdings. | |||
Investment Securities | |||
The accounting and measurement framework for our investment securities differs depending on the security classification. We classify investment securities as available for sale or held to maturity based on our investment strategy and management’s assessment of our intent and ability to hold the securities until maturity. Management determines the appropriate classification of investment securities at the time of purchase. If management has the intent and the Company has the ability at the time of purchase to hold the investment securities to maturity, they are classified as investment securities held to maturity and are stated at amortized cost, adjusted for amortization of premiums and accretion of discounts using the interest method. Investment securities which the Company may not hold to maturity are classified as investment securities available for sale, as management has the intent and ability to hold such investment securities for an indefinite period of time, but not necessarily to maturity. Any decision to sell investment securities available for sale would be based on various factors, including, but not limited to, asset/liability management strategies, changes in interest rates or prepayment risks, liquidity needs, or regulatory capital considerations. Investment securities available for sale are carried at fair value, with unrealized gains and losses, net of related deferred income taxes, included in shareholders’ equity as a separate component of other comprehensive income. Gains or losses are recognized in earnings on the trade date using the amortized cost of the specific security sold. Premiums and discounts are amortized or accreted into interest income using the interest method over the terms of the securities. | |||
Impairment of securities occurs when the fair value of a security is less than its amortized cost. For debt securities, impairment is considered other-than-temporary and recognized in its entirety in net income if either (i) the Company intends to sell the security or (ii) it is more likely than not that the Company will be required to sell the security before recovery of its amortized cost basis. If, however, the Company does not intend to sell the security and it is not more likely than not that the Company will be required to sell the security before recovery, the Company must determine what portion of the impairment is attributable to a credit loss, which occurs when the amortized cost basis of the security exceeds the present value of the cash flows expected to be collected from the security. If there is no credit loss, there is no other-than-temporary impairment. If there is a credit loss, other-than-temporary impairment exists, and the credit loss must be recognized in net income and the remaining portion of impairment must be recognized in other comprehensive income. | |||
For equity securities, impairment is considered to be other-than-temporary based on the Company’s ability and intent to hold the investment until a recovery of fair value. Other-than-temporary impairment of an equity security results in a write-down that must be included in net income. The Company regularly reviews each investment security for other-than-temporary impairment based on criteria that include the extent to which cost exceeds market price, the duration of that market decline, the financial health of and specific prospects for the issuer, the Company’s best estimate of the present value of cash flows expected to be collected from debt securities, the Company’s intention with regard to holding the security to maturity and the likelihood that the Company would be required to sell the security before recovery. | |||
Restricted Securities | |||
As a requirement for membership, the Company invests in the stock of the Federal Home Loan Bank (“FHLB”) of Atlanta, Community Bankers Bank (“CBB”), and the Reserve Bank. These investments are carried at cost. | |||
Loans | |||
The Company offers an array of lending and credit services to customers including mortgage, commercial and consumer loans. A substantial portion of the loan portfolio is represented by mortgage loans in the Company’s market area. The ability of the Company’s debtors to honor their contracts is dependent upon the real estate and general economic conditions in the Company’s market area. Loans that management has both the intent and ability to hold for the foreseeable future or until maturity or pay-off generally are stated at their outstanding unpaid principal balances adjusted for charge-offs, the allowance for loan losses, and net of any deferred fees or costs on originated loans. Interest income is accrued on the unpaid principal balance. Loan origination fees, net of certain direct origination costs, are deferred and recognized as an adjustment to the yield (interest income) of the related loans. The Company is amortizing these amounts over the contractual life of the related loans. | |||
The past due status of a loan is based on the contractual due date of the most delinquent payment due. Loans, including impaired loans, are generally classified as nonaccrual if they are past due as to maturity or payment of principal or interest for a period of more than 90 days, unless such loans are well-secured and in the process of collection. Loans greater than 90 days past due may remain on an accrual status if management determines it has adequate collateral to cover the principal and interest. If a loan or a portion of a loan is adversely classified, or is partially charged off, the loan is generally classified as nonaccrual. Additionally, whenever management becomes aware of facts or circumstances that may adversely impact the collectability of principal or interest on loans, it is management’s practice to place such loans on a nonaccrual status immediately, rather than delaying such action until the loans become 90 days past due. | |||
When a loan is placed on nonaccrual status, previously accrued and uncollected interest is reversed, and the amortization of related deferred loan fees or costs is suspended. While a loan is classified as nonaccrual and the future collectability of the recorded loan balance is doubtful, collections of interest and principal are generally applied as a reduction to principal outstanding. When the future collectability of the recorded loan balance is expected, interest income may be recognized on a cash basis. In the case where a nonaccrual loan has been partially charged off, recognition of interest on a cash basis is limited to that which would have been recognized on the recorded loan balance at the contractual interest rate. Cash interest receipts in excess of that amount are recorded as recoveries to the allowance for loan losses until prior charge-offs have been fully recovered. These policies are applied consistently across the Company’s loan portfolio. | |||
Loans may be returned to accrual status when all principal and interest amounts contractually due (including arrearages) are reasonably assured of repayment within an acceptable period of time, and there is a sustained period of repayment performance by the borrower, in accordance with the contractual terms of interest and principal. | |||
A loan is considered impaired when, based on current information and events, it is probable that the Company will be unable to collect the scheduled payments of principal or interest when due, according to the contractual terms of the loan agreement. Impaired loans are stated at their outstanding unpaid principal balances adjusted for charge-offs, the allowance for loan losses, and net of any deferred fees or costs on originated loans (recorded investment). Factors considered by management in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment shortfalls generally are not classified as impaired. The Company determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record, and the amount of the shortfall in relation to the principal and interest owed. Impairment is measured on a loan-by-loan basis for real estate (including multifamily residential, construction, farmland and non-farm, non-residential) and commercial loans, by either the present value of expected cash flows discounted at the loan’s effective interest rate, the loan’s obtainable market price, or the fair value of collateral if the loan is collateral dependent. Large groups of smaller balance homogeneous loans, representing consumer, one to four family residential first and seconds and home equity lines, are collectively evaluated for impairment. Accordingly, the Company does not separately identify the individual consumer and one to four family residential loans for impairment disclosures, except for troubled debt restructurings (“TDR”) as noted below. | |||
A loan is accounted for as a TDR if the Company, for economic or legal reasons related to the borrower’s financial condition, grants a concession to the borrower that it would not otherwise consider. TDRs are considered impaired loans. A TDR may involve the receipt of assets from the debtor in partial or full satisfaction of the loan, or a modification of terms such as a reduction of the stated interest rate, the forbearance of principal and interest payments for a specified period, the conversion from an amortizing loan to an interest-only loan for a specified period, or some combination of these concessions. These concessions can be temporary and are done in an attempt to avoid foreclosure and are made with the intent to restore the loan to a performing status once sufficient payment history can be demonstrated. TDRs generally remain on nonaccrual status until a six-month payment history is sustained. As of December 31, 2013 and 2012, the Company had $20.2 million and $9.5 million of loans classified as TDRs. | |||
Allowance for Loan Losses | |||
The allowance for loan losses is a reserve for estimated credit losses on individually evaluated loans determined to be impaired as well as estimated credit losses inherent in the loan portfolio, and is based on periodic evaluations of the collectability and historical loss experience of loans. A provision for loan losses, which is a charge against earnings, is recorded to bring the allowance for loan losses to a level that, in management’s judgment, is appropriate to absorb probable losses in the loan portfolio. Actual credit losses are deducted from the allowance for loan losses for the difference between the carrying value of the loan and the estimated net realizable value or fair value of the collateral, if collateral dependent. The following general charge-off guidelines apply: | |||
• | Management believes that the collectability of the principal is unlikely regardless of delinquency status. | ||
• | If unsecured, the loan will be charged-off in full no later than 120 days after its payment due date if a closed-end credit. | ||
• | If unsecured, the loan will be charged-off in full no later than 180 days after its payment due date if an open-ended credit. | ||
• | If secured, the outstanding principal balance of the loan will be charged-off generally after the collateral has been liquidated and sale proceeds applied to the balance. | ||
Subsequent recoveries, if any, are credited to the allowance for loan losses. | |||
The Company's ALL Committee is responsible for assessing the overall appropriateness of the allowance for loan losses and monitoring the Company's allowance for loan losses methodology, particularly in the context of current economic conditions and a rapidly changing regulatory environment. The ALL Committee at least annually reviews the Company's allowance for loan losses methodology. | |||
During 2013, the ALL Committee reviewed, with input from and consultation with independent external parties, the allowance for loan losses methodology with a specific focus on whether the Company should use migration analysis instead of historical loan loss experience on balances collectively evaluated for impairment. Migration analysis tracks the movement of loans through various loan classifications in order to estimate the percentage of losses likely to be incurred in a loan portfolio. In addition to evaluating multiple scenarios using migration analysis over a period of time, the ALL Committee engaged an independent third party to audit the Company’s existing allowance for loan losses methodology and validate its migration analysis. After this review, the ALL Committee determined that the Company should modify its methodology to use migration analysis in the calculation of the allowance for loan losses, effective December 31, 2013. | |||
For prior financial periods ending with the third quarter of 2013, historical loan loss experience was calculated using a rolling three year average of historical loan loss experience. Beginning with the quarter ended December 31, 2013, the Company calculated the allowance for loan losses based on a migration analysis of loans, segmented by an identical risk grading system or past due grading system, depending on type of loan as previously used with the historical loan loss experience methodology. Other adjustments may be made to the allowance for loan losses for pools of loans after an assessment of internal and external factors on credit quality that are not fully reflected in the past due or risk grading data. The Company believes this change in methodology provides a more accurate evaluation of the potential risk in our loan portfolio and establishes a stronger focus on areas of weakness and strength within the portfolio. A tabular presentation comparing the provision for loan losses for the year ended December 31, 2013 calculated using the current methodology, to the provision as would have been calculated for the same period using the former methodology, can be found in Note 3. | |||
The allocation methodology applied by the Company includes management’s ongoing review and grading of the loan portfolio into criticized loan categories (defined as specific loans warranting either specific allocation, or a classified status of substandard, doubtful or loss). The allocation methodology focuses on evaluation of several factors, including but not limited to: evaluation of facts and issues related to specific loans, management’s ongoing review and grading of the loan portfolio, consideration of migration analysis and delinquency experience on each portfolio category, trends in past due and nonaccrual loans, the level of classified loans, the risk characteristics of the various classifications of loans, changes in the size and character of the loan portfolio, concentrations of loans to specific borrowers or industries, existing economic conditions, the fair value of underlying collateral, and other qualitative and quantitative factors which could affect potential credit losses. Because each of the criteria used is subject to change, the allocation of the allowance for loan losses is made for analytical purposes and is not necessarily indicative of the trend of future loan losses in any particular loan category. The total allowance is available to absorb losses from any segment of the portfolio. In determining the allowance for loan losses, the Company considers its portfolio segments and loan classes to be the same. | |||
The allowance for loan losses is comprised of a specific allowance for identified problem loans and a general allowance representing estimations done pursuant to either Financial Accounting Standards Board (“FASB”) ASC Topic 450 “Accounting for Contingencies”, or FASB ASC Topic 310 “Accounting by Creditors for Impairment of a Loan.” The specific component relates to loans that are classified as impaired, and is established when the discounted cash flows (or collateral value or observable market price) of the impaired loan is lower than the carrying value of that loan. For collateral dependent loans, an updated appraisal will be ordered if a current one is not on file. Appraisals are performed by independent third-party appraisers with relevant industry experience. Adjustments to the appraised value may be made based on recent sales of like properties or general market conditions when deemed appropriate. The general component covers non-classified or performing loans and those loans classified as substandard, doubtful or loss that are not impaired. The general component is based on migration analysis adjusted for qualitative factors, such as economic conditions, interest rates and unemployment rates. The Company uses a risk grading system for real estate (including multifamily residential, construction, farmland and non-farm, non-residential) and commercial loans. Loans are graded on a scale from 1 to 9. Non-impaired real estate and commercial loans are assigned an allowance factor which increases with the severity of risk grading. A general description of the characteristics of the risk grades is as follows: | |||
Pass Grades | |||
• | Risk Grade 1 loans have little or no risk and are generally secured by cash or cash equivalents; | ||
• | Risk Grade 2 loans have minimal risk to well qualified borrowers and no significant questions as to safety; | ||
• | Risk Grade 3 loans are satisfactory loans with strong borrowers and secondary sources of repayment; | ||
• | Risk Grade 4 loans are satisfactory loans with borrowers not as strong as risk grade 3 loans but may exhibit a higher degree of financial risk based on the type of business supporting the loan; and | ||
• | Risk Grade 5 loans are loans that warrant more than the normal level of supervision and have the possibility of an event occurring that may weaken the borrower’s ability to repay. | ||
Special Mention | |||
• | Risk Grade 6 loans have increasing potential weaknesses beyond those at which the loan originally was granted and if not addressed could lead to inadequately protecting the Company’s credit position. | ||
Classified Grades | |||
• | Risk Grade 7 loans are substandard loans and are inadequately protected by the current sound worth or paying capacity of the obligor or the collateral pledged. These have well defined weaknesses that jeopardize the liquidation of the debt with the distinct possibility the Company will sustain some loss if the deficiencies are not corrected; | ||
• | Risk Grade 8 loans are doubtful of collection and the possibility of loss is high but pending specific borrower plans for recovery, its classification as a loss is deferred until its more exact status is determined; and | ||
• | Risk Grade 9 loans are loss loans which are considered uncollectable and of such little value that their continuance as a bank asset is not warranted. | ||
The Company uses a past due grading system for consumer loans, including one to four family residential first and seconds and home equity lines. The past due status of a loan is based on the contractual due date of the most delinquent payment due. The past due grading of consumer loans is based on the following categories: current, 1 – 29 days past due, 30 – 59 days past due, 60 – 89 days past due and over 90 days past due. The consumer loans are segregated between performing and nonperforming loans. Performing loans are those that have made timely payments in accordance with the terms of the loan agreement and are not past due 90 days or more. Nonperforming loans are those that do not accrue interest or are greater than 90 days past due and accruing interest. Non-impaired consumer loans are assigned an allowance factor which increases with the severity of past due status. This component of the allowance reflects the margin of imprecision inherent in the underlying assumptions used in the methodologies for estimating specific and general losses in the loan portfolio. | |||
Management believes that the level of the allowance for loan losses is appropriate in light of the credit quality and anticipated risk of loss in the loan portfolio. While management uses available information to recognize losses on loans, future additions to the allowance for loan losses may be necessary based on changes in economic conditions. In addition, various regulatory agencies, as an integral part of their examination process, periodically review the Company’s allowance for loan losses. Such agencies may require the Company to recognize additions to the allowance for loan losses through increased provisions for loan losses or may require that certain loan balances be charged-off or downgraded into classified loan categories when their credit evaluations differ from those of management based on their judgments about information available to them at the time of their examinations. | |||
Transfers of Financial Assets | |||
Transfers of financial assets are accounted for as sales when control over the assets has been surrendered. Control over financial assets is deemed to be surrendered when: 1) the assets have been isolated from the Company, so as to be presumptively beyond reach of the Company and its creditors, even in bankruptcy or other receivership; 2) the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets; and 3) the Company does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity or the ability to unilaterally cause the holder to return specific assets. | |||
Off-Balance Sheet Financial Instruments | |||
In the ordinary course of business, the Company has entered into off-balance sheet financial instruments consisting of commitments to extend credit, commercial letters of credit, standby letters of credit and guarantees of previously sold credit card accounts. Such financial instruments are recorded in the financial statements when they become payable. | |||
Other Real Estate Owned | |||
Real estate acquired through, or in lieu of, foreclosure is held for sale and is stated at the estimated fair market value of the property, less estimated disposal costs, if any. Cost includes loan principal and accrued interest. Any excess of cost over the estimated fair market value less costs to sell at the time of acquisition is charged to the allowance for loan losses. The estimated fair market value is reviewed periodically by management and any write-downs are charged against current earnings. Development and improvement costs relating to property are capitalized. Net operating income or expenses of such properties are included in collection, repossession and other real estate owned expenses. | |||
Bank Premises and Equipment | |||
Land is carried at cost with no depreciation. Premises and equipment are stated at cost, less accumulated depreciation. Depreciation is computed generally by the straight-line method for financial reporting purposes. Depreciation for tax purposes is computed based on accelerated methods. It is the Company’s policy for maintenance and repairs to be charged to expense as incurred and to capitalize major additions and improvements and depreciate the cost thereof over the estimated useful lives. | |||
Upon sale or retirement of depreciable properties, the cost and related accumulated depreciation are netted against proceeds and any resulting gain or loss is reflected in income. | |||
Goodwill and Intangible Assets | |||
The excess of the cost of an acquisition over the fair value of the net assets acquired consists primarily of goodwill, core deposit intangibles, and other identifiable intangibles. Acquired intangible assets (such as core deposit intangibles) are separately recognized if the benefit of the asset can be sold, transferred, licensed, rented or exchanged, and are amortized over their useful life. Goodwill is not amortized but is subject to impairment tests on at least an annual basis or earlier whenever an event occurs indicating that goodwill may be impaired. In assessing the recoverability of the Company’s goodwill, all of which was recognized in connection with the acquisition of branches in 2003 and 2008, the Company must make assumptions in order to determine the fair value of the respective assets. Any impairment of goodwill will be recognized as an expense in the period of impairment and such impairment could be material. Accounting guidance permits preliminary assessment of qualitative factors to determine whether more substantial impairment testing is required. The Company chose to bypass the preliminary assessment and conduct a full goodwill impairment analysis on an annual basis. The Company completes the annual goodwill impairment test during the fourth quarter of each year. Based on annual testing, there were no impairment charges in 2013, 2012 or 2011. | |||
During the third quarter of 2010, the Company sold certain 1-4 family residential mortgage loans and retained the right to service the loans sold. Upon sale, a mortgage servicing rights asset was capitalized in the amount of $214 thousand, which represents the then current fair value of future net cash flows expected to be realized for performing servicing activities. Mortgage servicing rights are amortized in proportion to and over the period of estimated net servicing income, which is 4 years. Mortgage servicing rights, net of accumulated amortization, amounted to $40 thousand and $94 thousand at December 31, 2013 and 2012, respectively, and are included in other assets in the consolidated balance sheets. The Company earns fees for servicing these residential mortgage loans. These fees are generally calculated on the outstanding principal balance of the loans serviced and are recorded as income when earned. Loan servicing income amounted to $35 thousand, $44 thousand and $58 thousand for the years ended December 31, 2013 2012 and 2011, respectively and is included in other operating income in the consolidated statements of operations. | |||
Income Taxes | |||
The Company determines deferred income tax assets and liabilities using the liability (or balance sheet) method. Under this method, the net deferred tax asset or liability is determined annually for differences between the financial statement and tax bases of assets and liabilities that will result in taxable or deductible amounts in the future based on enacted tax laws and rates applicable to the periods in which the differences are expected to affect taxable income. Income tax expense is the tax payable or refundable for the period plus or minus the change during the period in deferred tax assets and liabilities. Deferred taxes are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. | |||
When tax returns are filed, it is highly certain that some positions taken would be sustained upon examination by the taxing authorities, while others are subject to uncertainty about the merits of the position taken or the amount of the position that would be ultimately sustained. The benefit of a tax position is recognized in the financial statements in the period during which, based on all available evidence, management believes it is more likely than not that the position will be sustained upon examination, including the resolution of appeals or litigation processes, if any. Tax positions taken are not offset or aggregated with other positions. Tax positions that meet the more-likely-than-not recognition threshold are measured as the largest amount of tax benefit that is more than 50 percent likely of being realized upon settlement with the applicable taxing authority. The portion of the benefits associated with tax positions taken that exceeds the amount measured as described above is reflected as a liability for unrecognized tax benefits in the consolidated balance sheets along with any associated interest and penalties that would be payable to the taxing authorities upon examination. Interest and penalties associated with unrecognized tax benefits are classified as additional income taxes in the consolidated statements of operations. The Company did not have any uncertain tax positions for the periods ending December 31, 2013, 2012 or 2011. | |||
Retirement Plan | |||
The Company has historically maintained a defined benefit pension plan. Effective January 28, 2008, the Company took action to freeze the plan with no additional contributions for a majority of participants. Employees age 55 or greater or with 10 years of credited service were grandfathered in the plan. No additional participants have been added to the plan. The plan was again amended on February 28, 2011, to freeze the plan with no additional contributions for grandfathered participants. Benefits for all participants have remained frozen in the plan since such action was taken. Effective January 1, 2012, the plan was amended and restated as a cash balance plan. Under a cash balance plan, participant benefits are stated as an account balance. An opening account balance was established for each participant based on the lump sum value of his or her accrued benefit as of December 31, 2011 in the original defined benefit pension plan. Each participant’s account will be credited with an “interest” credit each year. The interest rate for each year is determined as the average annual interest rate on the 2 year U.S. Treasury securities for the month of December preceding the plan year. See Note 9 — Employee Benefit Plans. | |||
Stock Compensation Plans | |||
At December 31, 2013, the Company had two stock based compensation plans. The Company accounts for these plans under the provisions of FASB ASC Topic 718 “Compensation — Stock Compensation.” Compensation expense for grants of restricted shares is accounted for using the fair market value of the Company’s common stock on the date the restricted shares are awarded. Compensation expense for grants of stock options is accounted for at fair value as determined using the Black-Scholes option-pricing model. Compensation expense for restricted shares and stock options is charged to income ratably over the vesting period. Compensation expense recognized is included in salaries and employee benefits expense in the consolidated statements of operations. See Note 13 — Stock Based Compensation Plans. | |||
Fair Value Measurements | |||
The Company follows the provisions of FASB ASC Topic 820 “Fair Value Measurements and Disclosures,” for financial assets and financial liabilities. FASB ASC Topic 820 defines fair value, establishes a framework for measuring fair value in generally accepted accounting principles, and expands disclosures about fair value measurements. See Note 19 — Fair Value Measurements. | |||
Segment Reporting | |||
Public business enterprises are required to report information about operating segments in annual financial statements and selected information about operating segments in financial reports issued to shareholders. Operating segments are components of an enterprise about which separate financial information is available that is evaluated regularly by management in deciding how to allocate resources and in assessing their performance. Generally, financial information is required to be reported on the basis that is used internally for evaluating segment performance and deciding how to allocate resources to segments. The Company has determined that it has one significant operating segment, the providing of general commercial financial services to customers located in the geographic areas of the Company’s retail branch network. | |||
Earnings (Loss) Per Common Share | |||
Basic earnings (loss) per common share represents income (loss) available to common shareholders divided by the weighted-average number of common shares outstanding during the period. Diluted earnings (loss) per common share reflects additional common shares that would have been outstanding if dilutive potential common shares had been issued, as well as any adjustment to income (loss) that would result from the assumed issuance. Potential common shares that may be issued by the Company relate to outstanding stock options and restricted stock awards, and as applicable common stock purchase warrants and the Company’s Series B Preferred Stock, and are determined using the treasury method. Earnings (loss) per common share calculations are presented in Note 11. | |||
Advertising Costs | |||
The Company practices the policy of charging advertising costs to expense as incurred. Advertising expense totaled $602 thousand, $658 thousand and $576 thousand for the years ended December 31, 2013, 2012 and 2011, respectively. | |||
Comprehensive Income | |||
FASB ASC Topic 220 “Comprehensive Income” establishes standards for the reporting and presentation of comprehensive income and its components (revenues, expenses, gains and losses) within the Company’s consolidated financial statements. Although certain changes in assets and liabilities, such as unrealized gains and losses on available for sale securities and pension liability adjustments, are reported as a separate component of the equity section of the consolidated balance sheet, such items, along with net income (loss), are components of comprehensive income (loss). | |||
Recent Significant Accounting Pronouncements: | |||
Adoption of New Accounting Standards: | |||
In December 2011, the FASB issued Accounting Standards Update (“ASU”) 2011-11, “Balance Sheet (Topic 210) — Disclosures about Offsetting Assets and Liabilities.” This ASU requires entities to disclose both gross information and net information about both instruments and transactions eligible for offset in the balance sheet and instruments and transactions subject to an agreement similar to a master netting arrangement. An entity is required to apply the amendments for annual reporting periods beginning on or after January 1, 2013, and interim periods within those annual periods. An entity should provide the disclosures required by those amendments retrospectively for all comparative periods presented. The adoption of the new guidance did not have a material impact on the Company’s consolidated financial statements. | |||
In July 2012, the FASB issued ASU 2012-02, “Intangibles — Goodwill and Other (Topic 350): Testing Indefinite-Lived Intangible Assets for Impairment.” The amendments in this ASU apply to all entities that have indefinite-lived intangible assets, other than goodwill, reported in their financial statements. The amendments in this ASU provide an entity with the option to make a qualitative assessment about the likelihood that an indefinite-lived intangible asset is impaired to determine whether it should perform a quantitative impairment test. The amendments also enhance the consistency of impairment testing guidance among long-lived asset categories by permitting an entity to assess qualitative factors to determine whether it is necessary to calculate the asset’s fair value when testing an indefinite-lived intangible asset for impairment. The amendments are effective for annual and interim impairment tests performed for fiscal years beginning after September 15, 2012. The adoption of the new guidance did not have a material impact on the Company’s consolidated financial statements. | |||
In January 2013, the FASB issued ASU 2013-01, “Balance Sheet (Topic 210): Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities.” The amendments in this ASU clarify the scope for derivatives accounted for in accordance with Topic 815, “Derivatives and Hedging,” including bifurcated embedded derivatives, repurchase agreements and reverse repurchase agreements and securities borrowing and securities lending transactions that are either offset or subject to netting arrangements. An entity is required to apply the amendments for fiscal years, and interim periods within those years, beginning on or after January 1, 2013. The adoption of the new guidance did not have a material impact on the Company’s consolidated financial statements. | |||
In February 2013, the FASB issued ASU 2013-02, “Comprehensive Income (Topic 220): Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income.” The amendments in this ASU require an entity to present (either on the face of the statement where net income is presented or in the notes) the effects on the line items of net income of significant amounts reclassified out of accumulated other comprehensive income. In addition, the amendments require a cross-reference to other disclosures currently required for other reclassification items to be reclassified directly to net income in their entirety in the same reporting period. Companies should apply these amendments for fiscal years, and interim periods within those years, beginning on or after December 15, 2012. The Company has included the required disclosures from ASU 2013-02 in the consolidated financial statements. | |||
In July 2013, the FASB issued ASU 2013-10, “Derivatives and Hedging (Topic 815): Inclusion of the Fed Funds Effective Swap Rate (or Overnight Index Swap Rate) as a Benchmark Interest Rate for Hedge Accounting Purposes.” The amendments in this ASU permit the Fed Funds Effective Swap Rate (also referred to as the Overnight Index Swap Rate) to be used as a U.S. benchmark interest rate for hedge accounting purposes under Topic 815, in addition to interest rates on direct Treasury obligations of the U.S. government and the London Interbank Offered Rate or LIBOR. The amendments also remove the restriction on using different benchmark rates for similar hedges. The amendments apply to all entities that elect to apply hedge accounting of the benchmark interest rate under Topic 815. The amendments are effective prospectively for qualifying new or redesignated hedging relationships entered into on or after July 17, 2013. The adoption of the new guidance did not have a material impact on the Company's consolidated financial statements. | |||
In July 2013, the FASB issued ASU 2013-11, “Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists.” The amendments in this ASU provide guidance on the financial statement presentation of an unrecognized tax benefit when a net operating loss carryforward, similar tax loss, or tax credit carryforward exists. An unrecognized tax benefit, or a portion of an unrecognized tax benefit, should be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward, except as follows. To the extent a net operating loss carryforward, a similar tax loss, or a tax credit carryforward is not available at the reporting date under the tax law of the applicable jurisdiction to settle any additional income taxes that would result from the disallowance of a tax position or the tax law of the applicable jurisdiction does not require the entity to use, and the entity does not intend to use, the deferred tax asset for such purpose, the unrecognized tax benefit should be presented in the financial statements as a liability and should not be combined with deferred tax assets. The amendments in this ASU are effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. Early adoption is permitted. The amendments should be applied prospectively to all unrecognized tax benefits that exist at the effective date. Retrospective application is permitted. The adoption of the new guidance did not have a material impact on the Company’s consolidated financial statements. | |||
New Accounting Standards Not Yet Adopted: | |||
In January 2014, the FASB issued ASU 2014-01, “Investments — Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Qualified Affordable Housing Projects (a consensus of the FASB Emerging Issues Task Force).” The amendments in this ASU permit reporting entities to make an accounting policy election to account for their investments in qualified affordable housing projects using the proportional amortization method if certain conditions are met. Under the proportional amortization method, an entity amortizes the initial cost of the investment in proportion to the tax credits and other tax benefits received and recognizes the net investment performance in the income statement as a component of income tax expense (benefit). The amendments in this ASU should be applied retrospectively to all periods presented. A reporting entity that uses the effective yield method to account for its investments in qualified affordable housing projects before the date of adoption may continue to apply the effective yield method for those preexisting investments. The amendments in this ASU are effective for public business entities for annual periods and interim reporting periods within those annual periods, beginning after December 15, 2014. Early adoption is permitted. The Company does not expect the adoption of ASU 2014-01 to have a material impact on its consolidated financial statements. | |||
In January 2014, the FASB issued ASU 2014-04, “Receivables — Troubled Debt Restructurings by Creditors (Subtopic 310-40): Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure (a consensus of the FASB Emerging Issues Task Force).” The amendments in this ASU clarify that an in substance repossession or foreclosure occurs, and a creditor is considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan, upon either (1) the creditor obtaining legal title to the residential real estate property upon completion of a foreclosure or (2) the borrower conveying all interest in the residential real estate property to the creditor to satisfy that loan through completion of a deed in lieu of foreclosure or through a similar legal agreement. Additionally, the amendments require interim and annual disclosure of both (1) the amount of foreclosed residential real estate property held by the creditor and (2) the recorded investment in consumer mortgage loans collateralized by residential real estate property that are in the process of foreclosure according to local requirements of the applicable jurisdiction. The amendments in this ASU are effective for public business entities for annual periods, and interim periods within those annual periods, beginning after December 15, 2014. The Company does not expect the adoption of ASU 2014-04 to have a material impact on its consolidated financial statements. | |||
Investment_Securities
Investment Securities | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Investment Securities | ' | ||||||||||||||||||||||||
Note 2. Investment Securities | |||||||||||||||||||||||||
The amortized cost and estimated fair value, with gross unrealized gains and losses, of securities at December 31, 2013 and 2012 were as follows: | |||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||
(dollars in thousands) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated | |||||||||||||||||||||
Fair Value | |||||||||||||||||||||||||
Available for Sale: | |||||||||||||||||||||||||
Obligations of U.S. Government agencies | $ | 14,989 | $ | — | $ | 1,599 | $ | 13,390 | |||||||||||||||||
SBA Pool securities | 89,531 | 35 | 3,531 | 86,035 | |||||||||||||||||||||
Agency mortgage-backed securities | 36,261 | 104 | 1,111 | 35,254 | |||||||||||||||||||||
Agency CMO securities | 43,277 | 62 | 1,961 | 41,378 | |||||||||||||||||||||
Non agency CMO securities* | 1,304 | 2 | — | 1,306 | |||||||||||||||||||||
State and political subdivisions | 60,834 | 177 | 4,669 | 56,342 | |||||||||||||||||||||
Pooled trust preferred securities | 467 | 282 | — | 749 | |||||||||||||||||||||
FNMA and FHLMC preferred stock | 22 | 459 | — | 481 | |||||||||||||||||||||
Total | $ | 246,685 | $ | 1,121 | $ | 12,871 | $ | 234,935 | |||||||||||||||||
* | The combined unrealized loss on these securities was less than $1. | ||||||||||||||||||||||||
31-Dec-12 | |||||||||||||||||||||||||
(dollars in thousands) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated | |||||||||||||||||||||
Fair Value | |||||||||||||||||||||||||
Available for Sale: | |||||||||||||||||||||||||
Obligations of U.S. Government agencies | $ | 13,495 | $ | 10 | $ | 38 | $ | 13,467 | |||||||||||||||||
SBA Pool securities | 81,500 | 1,515 | 264 | 82,751 | |||||||||||||||||||||
Agency mortgage-backed securities | 31,384 | 349 | 19 | 31,714 | |||||||||||||||||||||
Agency CMO securities | 61,710 | 583 | 357 | 61,936 | |||||||||||||||||||||
Non agency CMO securities | 2,200 | 1 | 2 | 2,199 | |||||||||||||||||||||
State and political subdivisions | 82,536 | 1,229 | 548 | 83,217 | |||||||||||||||||||||
Pooled trust preferred securities | 506 | 253 | — | 759 | |||||||||||||||||||||
FNMA and FHLMC preferred stock | 77 | 199 | — | 276 | |||||||||||||||||||||
Corporate securities | 590 | 4 | — | 594 | |||||||||||||||||||||
Total | $ | 273,998 | $ | 4,143 | $ | 1,228 | $ | 276,913 | |||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||
(dollars in thousands) | Amortized Cost | Unrealized Losses Recorded in AOCI* | Carrying Value | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value | |||||||||||||||||||
Held to Maturity: | |||||||||||||||||||||||||
Agency CMO securities | $ | 12,598 | $ | 98 | $ | 12,500 | $ | — | $ | 547 | $ | 11,953 | |||||||||||||
State and political subdivisions | 23,867 | 872 | 22,995 | 4 | 431 | 22,568 | |||||||||||||||||||
Total | $ | 36,465 | $ | 970 | $ | 35,495 | $ | 4 | $ | 978 | $ | 34,521 | |||||||||||||
* | Represents the unrealized holding gain or loss at the date of transfer from available for sale to held to maturity, net of any accretion. | ||||||||||||||||||||||||
As of December 31, 2012, the Company had no securities classified as “Held to Maturity”. | |||||||||||||||||||||||||
There are no securities classified as “Trading” at December 31, 2013 or 2012. During the fourth quarter of 2013, the Company transferred securities with an amortized cost of $35.5 million, previously designated as “Available for Sale”, to “Held to Maturity” classification. The fair value of those securities as of the date of the transfer was $34.5 million, reflecting a gross unrealized loss of $994 thousand. The gross unrealized loss has been recorded in Accumulated Other Comprehensive Income and will be amortized over the remaining life of the securities as an adjustment to interest income, beginning with the fourth quarter of 2013. The Company’s mortgage-backed securities consist entirely of residential mortgage-backed securities. The Company does not hold any commercial mortgage-backed securities. The Company’s mortgage-backed securities are all agency backed and rated Aaa and AA+ by Moody and S&P, respectively, with no subprime issues. | |||||||||||||||||||||||||
The Company’s pooled trust preferred securities include one senior issue of Preferred Term Securities XXVII which is current on all payments and on which the Company took an impairment charge in the third quarter of 2009 to reduce the Company’s book value to the market value at September 30, 2009. As of December 31, 2013, that security has an estimated fair value that is $282 thousand greater than its amortized cost after impairment. During the second quarter of 2010, the Company recognized an impairment charge in the amount of $77 thousand on the Company’s investment in Preferred Term Securities XXIII mezzanine tranche, thus reducing the book value of this investment to $0. The decision to recognize the other-than-temporary impairment was based upon an analysis of the market value of the discounted cash flow for the security as provided by Moody’s at June 30, 2010, which indicated that the Company was unlikely to recover any of its remaining investment in these securities. | |||||||||||||||||||||||||
The amortized cost, carrying value and estimated fair values of securities at December 31, 2013, by the earlier of contractual maturity or expected maturity, are shown below. Expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations without penalties. | |||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||
(dollars in thousands) | Amortized Cost | Estimated | |||||||||||||||||||||||
Fair Value | |||||||||||||||||||||||||
Available for Sale: | |||||||||||||||||||||||||
Due in one year or less | $ | 4,567 | $ | 4,102 | |||||||||||||||||||||
Due after one year through five years | 50,281 | 49,617 | |||||||||||||||||||||||
Due after five years through ten years | 168,344 | 157,876 | |||||||||||||||||||||||
Due after ten years | 23,493 | 23,340 | |||||||||||||||||||||||
Total | $ | 246,685 | $ | 234,935 | |||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||
(dollars in thousands) | Carrying Value | Estimated | |||||||||||||||||||||||
Fair Value | |||||||||||||||||||||||||
Held to Maturity: | |||||||||||||||||||||||||
Due in one year or less | $ | — | $ | — | |||||||||||||||||||||
Due after one year through five years | 6,957 | 6,725 | |||||||||||||||||||||||
Due after five years through ten years | 27,791 | 27,067 | |||||||||||||||||||||||
Due after ten years | 747 | 729 | |||||||||||||||||||||||
Total | $ | 35,495 | $ | 34,521 | |||||||||||||||||||||
Proceeds from the sales of securities available for sale for the years ended December 31, 2013, 2012 and 2011 were $41.7 million, $205.5 million and $146.1 million, respectively. Net realized gains on the sales of securities available for sale for the years ended December 31, 2013, 2012 and 2011 were $1.5 million, $3.9 million and $3.2 million, respectively. Proceeds from maturities, calls and paydowns of securities available for sale for the years ended December 31, 2013, 2012 and 2011 were $26.3 million, $53.0 million and $48.9 million, respectively. | |||||||||||||||||||||||||
The Company pledges securities to secure public deposits, balances with the Reserve Bank and repurchase agreements. Securities with an aggregate book value of $88.8 million and an aggregate fair value of $85.0 million were pledged at December 31, 2013. Securities with an aggregate book value of $104.3 million and an aggregate fair value of $105.8 million were pledged at December 31, 2012. | |||||||||||||||||||||||||
Securities in an unrealized loss position at December 31, 2013, by duration of the period of the unrealized loss, are shown below: | |||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||
Less than 12 months | 12 months or more | Total | |||||||||||||||||||||||
(dollars in thousands) | Fair | Unrealized Loss | Fair | Unrealized Loss | Fair | Unrealized Loss | |||||||||||||||||||
Value | Value | Value | |||||||||||||||||||||||
Description of Securities | |||||||||||||||||||||||||
Obligations of U.S. Government agencies | $ | 5,436 | $ | 558 | $ | 7,954 | $ | 1,041 | $ | 13,390 | $ | 1,599 | |||||||||||||
SBA Pool securities | 68,163 | 3,131 | 11,156 | 400 | 79,319 | 3,531 | |||||||||||||||||||
Agency mortgage-backed securities | 21,834 | 863 | 4,172 | 248 | 26,006 | 1,111 | |||||||||||||||||||
Agency CMO securities | 39,860 | 1,962 | 7,788 | 546 | 47,648 | 2,508 | |||||||||||||||||||
Non agency CMO securities* | 67 | — | — | — | 67 | — | |||||||||||||||||||
State and political subdivisions | 61,316 | 3,455 | 11,855 | 1,645 | 73,171 | 5,100 | |||||||||||||||||||
Total | $ | 196,676 | $ | 9,969 | $ | 42,925 | $ | 3,880 | $ | 239,601 | $ | 13,849 | |||||||||||||
* | The combined unrealized loss on these securities was less than $1. | ||||||||||||||||||||||||
The Company reviews the investment securities portfolio on a quarterly basis to monitor its exposure to other-than-temporary impairment that may result due to adverse economic conditions and associated credit deterioration. A determination as to whether a security’s decline in market value is other-than-temporary takes into consideration numerous factors and the relative significance of any single factor can vary by security. Some factors the Company may consider in the other-than-temporary impairment analysis include the length of time the security has been in an unrealized loss position, changes in security ratings, financial condition of the issuer, as well as security and industry specific economic conditions. In addition, the Company may also evaluate payment structure, whether there are defaulted payments or expected defaults, prepayment speeds, and the value of any underlying collateral. For certain securities in unrealized loss positions, the Company will enlist independent third-party firms to prepare cash flow analyses to compare the present value of cash flows expected to be collected from the security with the amortized cost basis of the security. | |||||||||||||||||||||||||
Based on the Company’s evaluation, management does not believe any unrealized loss at December 31, 2013, represents an other-than-temporary impairment as these unrealized losses are primarily attributable to current financial market conditions for these types of investments, particularly changes in interest rates, which rose between December 31, 2012 and December 31, 2013 causing bond prices to decline, and are not attributable to credit deterioration. At December 31, 2013, there are 194 debt securities with fair values totaling $239.6 million considered temporarily impaired. Of these debt securities, 159 with fair values totaling $196.7 million were in an unrealized loss position of less than 12 months and 35 with fair values totaling $42.9 million were in an unrealized loss position of 12 months or more. Because the Company intends to hold these investments in debt securities until recovery of the amortized cost basis and it is more likely than not that the Company will not be required to sell these investments before a recovery of unrealized losses, the Company does not consider these investments to be other-than-temporarily impaired at December 31, 2013 and no impairment has been recognized. At December 31, 2013, there are no equity securities in an unrealized loss position. | |||||||||||||||||||||||||
Securities in an unrealized loss position at December 31, 2012, by duration of the period of the unrealized loss, are shown below: | |||||||||||||||||||||||||
31-Dec-12 | |||||||||||||||||||||||||
Less than 12 months | 12 months or more | Total | |||||||||||||||||||||||
(dollars in thousands) | Fair | Unrealized Loss | Fair | Unrealized Loss | Fair | Unrealized Loss | |||||||||||||||||||
Value | Value | Value | |||||||||||||||||||||||
Description of Securities | |||||||||||||||||||||||||
Obligations of U.S. Government agencies | $ | 8,957 | $ | 38 | $ | — | $ | — | $ | 8,957 | $ | 38 | |||||||||||||
SBA Pool securities | 16,782 | 264 | — | — | 16,782 | 264 | |||||||||||||||||||
Agency mortgage-backed securities | 4,268 | 19 | — | — | 4,268 | 19 | |||||||||||||||||||
Agency CMO securities | 21,767 | 357 | — | — | 21,767 | 357 | |||||||||||||||||||
Non agency CMO securities | 750 | 2 | — | — | 750 | 2 | |||||||||||||||||||
State and political subdivisions | 27,241 | 548 | — | — | 27,241 | 548 | |||||||||||||||||||
Total | $ | 79,765 | $ | 1,228 | $ | — | $ | — | $ | 79,765 | $ | 1,228 | |||||||||||||
As of December 31, 2012, there were no corporate securities in an unrealized loss position. | |||||||||||||||||||||||||
The table below presents a roll forward of the credit loss component recognized in earnings (referred to as “credit-impaired debt securities”) on debt securities held by the Company for which a portion of an other-than-temporary impairment was recognized in other comprehensive income during 2009. Changes in the credit loss component of credit-impaired debt securities were: | |||||||||||||||||||||||||
(dollars in thousands) | Year Ended December 31, 2013 | ||||||||||||||||||||||||
Balance, beginning of period | $ | 339 | |||||||||||||||||||||||
Additions | |||||||||||||||||||||||||
Initial credit impairments | — | ||||||||||||||||||||||||
Subsequent credit impairments | — | ||||||||||||||||||||||||
Reductions | |||||||||||||||||||||||||
Subsequent chargeoff of previously impaired credits | — | ||||||||||||||||||||||||
Balance, end of period | $ | 339 | |||||||||||||||||||||||
The Company’s investment in FHLB stock totaled $3.2 million and $6.9 million at December 31, 2013 and 2012, respectively. FHLB stock is generally viewed as a long-term investment and as a restricted investment security, which is carried at cost, because there is no market for the stock other than the FHLBs or member institutions. Therefore, when evaluating FHLB stock for impairment, its value is based on the ultimate recoverability of the par value rather than by recognizing temporary declines in value. Because the FHLB generated positive net income for each quarterly period beginning January 1, 2010, and ending December 31, 2013, the Company does not consider this investment to be other-than-temporarily impaired at December 31, 2013 and no impairment has been recognized. FHLB stock is included in a separate line item on the consolidated balance sheets (Restricted securities, at cost) and is not part of the Company’s securities available for sale portfolio. | |||||||||||||||||||||||||
Loan_Portfolio
Loan Portfolio | 12 Months Ended | ||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||
Loan Portfolio | ' | ||||||||||||||||||||||||||||
Note 3. Loan Portfolio | |||||||||||||||||||||||||||||
The following table sets forth the composition of the Company’s loan portfolio in dollar amounts and as a percentage of the Company’s total gross loans at the dates indicated: | |||||||||||||||||||||||||||||
31-Dec-13 | 31-Dec-12 | ||||||||||||||||||||||||||||
(dollars in thousands) | Amount | Percent | Amount | Percent | |||||||||||||||||||||||||
Commercial, industrial and agricultural | $ | 53,673 | 8.17 | % | $ | 51,881 | 7.58 | % | |||||||||||||||||||||
Real estate – one to four family residential: | |||||||||||||||||||||||||||||
Closed end first and seconds | 218,472 | 33.25 | % | 239,002 | 34.91 | % | |||||||||||||||||||||||
Home equity lines | 99,839 | 15.19 | % | 99,698 | 14.56 | % | |||||||||||||||||||||||
Total real estate – one to four family residential | 318,311 | 48.44 | % | 338,700 | 49.47 | % | |||||||||||||||||||||||
Real estate – multifamily residential | 18,077 | 2.75 | % | 15,801 | 2.31 | % | |||||||||||||||||||||||
Real estate – construction: | |||||||||||||||||||||||||||||
One to four family residential | 16,169 | 2.46 | % | 20,232 | 2.96 | % | |||||||||||||||||||||||
Other construction, land development and other | 21,690 | 3.3 | % | 34,555 | 5.04 | % | |||||||||||||||||||||||
land | |||||||||||||||||||||||||||||
Total real estate – construction | 37,859 | 5.76 | % | 54,787 | 8 | % | |||||||||||||||||||||||
Real estate – farmland | 8,172 | 1.24 | % | 8,558 | 1.25 | % | |||||||||||||||||||||||
Real estate – non-farm, non-residential: | |||||||||||||||||||||||||||||
Owner occupied | 126,569 | 19.26 | % | 119,824 | 17.5 | % | |||||||||||||||||||||||
Non-owner occupied | 74,831 | 11.39 | % | 71,741 | 10.48 | % | |||||||||||||||||||||||
Total real estate – non-farm, non-residential | 201,400 | 30.65 | % | 191,565 | 27.98 | % | |||||||||||||||||||||||
Consumer | 16,782 | 2.55 | % | 20,173 | 2.94 | % | |||||||||||||||||||||||
Other | 2,923 | 0.44 | % | 3,203 | 0.47 | % | |||||||||||||||||||||||
Total loans | 657,197 | 100 | % | 684,668 | 100 | % | |||||||||||||||||||||||
Less allowance for loan losses | (14,767 | ) | (20,338 | ) | |||||||||||||||||||||||||
Loans, net | $ | 642,430 | $ | 664,330 | |||||||||||||||||||||||||
The following table presents the aging of the recorded investment in past due loans as of December 31, 2013 by class of loans: | |||||||||||||||||||||||||||||
(dollars in thousands) | 30 – 59 Days Past Due | 60 – 89 Days Past Due | Over 90 Days Past Due | Total Past Due | Total Current* | Total | |||||||||||||||||||||||
Loans | |||||||||||||||||||||||||||||
Commercial, industrial and agricultural | $ | 2,083 | $ | 170 | $ | 383 | $ | 2,636 | $ | 51,037 | $ | 53,673 | |||||||||||||||||
Real estate – one to four family residential: | |||||||||||||||||||||||||||||
Closed end first and seconds | 6,217 | 1,513 | 2,564 | 10,294 | 208,178 | 218,472 | |||||||||||||||||||||||
Home equity lines | 700 | 303 | 353 | 1,356 | 98,483 | 99,839 | |||||||||||||||||||||||
Total real estate – one to four family residential | 6,917 | 1,816 | 2,917 | 11,650 | 306,661 | 318,311 | |||||||||||||||||||||||
Real estate – multifamily residential | — | — | — | — | 18,077 | 18,077 | |||||||||||||||||||||||
Real estate – construction: | |||||||||||||||||||||||||||||
One to four family residential | 112 | 176 | 132 | 420 | 15,749 | 16,169 | |||||||||||||||||||||||
Other construction, land development and other land | 167 | — | 137 | 304 | 21,386 | 21,690 | |||||||||||||||||||||||
Total real estate – construction | 279 | 176 | 269 | 724 | 37,135 | 37,859 | |||||||||||||||||||||||
Real estate – farmland | 808 | — | 590 | 1,398 | 6,774 | 8,172 | |||||||||||||||||||||||
Real estate – non-farm, non-residential: | |||||||||||||||||||||||||||||
Owner occupied | 2,933 | — | 3,074 | 6,007 | 120,562 | 126,569 | |||||||||||||||||||||||
Non-owner occupied | 1,779 | — | 23 | 1,802 | 73,029 | 74,831 | |||||||||||||||||||||||
Total real estate – non-farm, non-residential | 4,712 | — | 3,097 | 7,809 | 193,591 | 201,400 | |||||||||||||||||||||||
Consumer | 283 | 21 | 166 | 470 | 16,312 | 16,782 | |||||||||||||||||||||||
Other | 7 | — | — | 7 | 2,916 | 2,923 | |||||||||||||||||||||||
Total loans | $ | 15,089 | $ | 2,183 | $ | 7,422 | $ | 24,694 | $ | 632,503 | $ | 657,197 | |||||||||||||||||
* | For purposes of this table only, the “Total Current” column includes loans that are 1 – 29 days past due. | ||||||||||||||||||||||||||||
The following table presents the aging of the recorded investment in past due loans as of December 31, 2012 by class of loans: | |||||||||||||||||||||||||||||
(dollars in thousands) | 30 – 59 Days Past Due | 60 – 89 Days Past Due | Over 90 Days Past Due | Total Past Due | Total Current* | Total | |||||||||||||||||||||||
Loans | |||||||||||||||||||||||||||||
Commercial, industrial and agricultural | $ | 352 | $ | 253 | $ | 187 | $ | 792 | $ | 51,089 | $ | 51,881 | |||||||||||||||||
Real estate – one to four family residential: | |||||||||||||||||||||||||||||
Closed end first and seconds | 6,169 | 870 | 3,904 | 10,943 | 228,059 | 239,002 | |||||||||||||||||||||||
Home equity lines | 604 | 239 | 195 | 1,038 | 98,660 | 99,698 | |||||||||||||||||||||||
Total real estate – one to four family residential | 6,773 | 1,109 | 4,099 | 11,981 | 326,719 | 338,700 | |||||||||||||||||||||||
Real estate – multifamily residential | — | — | — | — | 15,801 | 15,801 | |||||||||||||||||||||||
Real estate – construction: | |||||||||||||||||||||||||||||
One to four family residential | 164 | 11 | 706 | 881 | 19,351 | 20,232 | |||||||||||||||||||||||
Other construction, land development and other land | 23 | — | 439 | 462 | 34,093 | 34,555 | |||||||||||||||||||||||
Total real estate – construction | 187 | 11 | 1,145 | 1,343 | 53,444 | 54,787 | |||||||||||||||||||||||
Real estate – farmland | — | — | 40 | 40 | 8,518 | 8,558 | |||||||||||||||||||||||
Real estate – non-farm, non-residential: | |||||||||||||||||||||||||||||
Owner occupied | 619 | — | 1,177 | 1,796 | 118,028 | 119,824 | |||||||||||||||||||||||
Non-owner occupied | 395 | — | 855 | 1,250 | 70,491 | 71,741 | |||||||||||||||||||||||
Total real estate – non-farm, non-residential | 1,014 | — | 2,032 | 3,046 | 188,519 | 191,565 | |||||||||||||||||||||||
Consumer | 328 | 9 | 138 | 475 | 19,698 | 20,173 | |||||||||||||||||||||||
Other | 21 | — | — | 21 | 3,182 | 3,203 | |||||||||||||||||||||||
Total loans | $ | 8,675 | $ | 1,382 | $ | 7,641 | $ | 17,698 | $ | 666,970 | $ | 684,668 | |||||||||||||||||
* | For purposes of this table only, the “Total Current” column includes loans that are 1 – 29 days past due. | ||||||||||||||||||||||||||||
The following table presents nonaccrual loans, loans past due 90 days and accruing interest, and restructured loans at December 31: | |||||||||||||||||||||||||||||
(dollars in thousands) | 2013 | 2012 | |||||||||||||||||||||||||||
Nonaccrual loans | $ | 11,018 | $ | 11,874 | |||||||||||||||||||||||||
Loans past due 90 days and accruing interest | — | — | |||||||||||||||||||||||||||
Restructured loans (accruing) | 16,026 | 4,433 | |||||||||||||||||||||||||||
At December 31, 2013 and 2012, there were approximately $4.2 million and $5.1 million, respectively, in troubled debt restructurings (“TDRs”) included in nonaccrual loans. | |||||||||||||||||||||||||||||
The following table presents the recorded investment in nonaccrual loans by class at December 31, 2013 and 2012: | |||||||||||||||||||||||||||||
Nonaccrual | |||||||||||||||||||||||||||||
(dollars in thousands) | 2013 | 2012 | |||||||||||||||||||||||||||
Commercial, industrial and agricultural | $ | 383 | $ | 391 | |||||||||||||||||||||||||
Real estate – one to four family residential: | |||||||||||||||||||||||||||||
Closed end first and seconds | 5,630 | 6,127 | |||||||||||||||||||||||||||
Home equity lines | 688 | 445 | |||||||||||||||||||||||||||
Total real estate – one to four family residential | 6,318 | 6,572 | |||||||||||||||||||||||||||
Real estate – construction: | |||||||||||||||||||||||||||||
One to four family residential | 318 | 900 | |||||||||||||||||||||||||||
Other construction, land development and other land | 137 | 439 | |||||||||||||||||||||||||||
Total real estate – construction | 455 | 1,339 | |||||||||||||||||||||||||||
Real estate – farmland | 590 | 40 | |||||||||||||||||||||||||||
Real estate – non-farm, non-residential: | |||||||||||||||||||||||||||||
Owner occupied | 3,074 | 2,526 | |||||||||||||||||||||||||||
Non-owner occupied | 23 | 855 | |||||||||||||||||||||||||||
Total real estate – non-farm, non-residential | 3,097 | 3,381 | |||||||||||||||||||||||||||
Consumer | 175 | 151 | |||||||||||||||||||||||||||
Total loans | $ | 11,018 | $ | 11,874 | |||||||||||||||||||||||||
At December 31, 2013 and 2012, the Company did not have any loans past due 90 days and accruing interest. | |||||||||||||||||||||||||||||
If interest income had been recognized on nonaccrual loans at their stated rates during years 2013, 2012 and 2011, interest income would have increased by approximately $413 thousand, $335 thousand and $1.3 million, respectively. | |||||||||||||||||||||||||||||
The following table presents commercial loans by credit quality indicator at December 31, 2013: | |||||||||||||||||||||||||||||
(dollars in thousands) | Pass | Special Mention | Substandard | Doubtful | Impaired | Total | |||||||||||||||||||||||
Commercial, industrial and agricultural | $ | 44,571 | $ | 3,851 | $ | 3,229 | $ | 22 | $ | 2,000 | $ | 53,673 | |||||||||||||||||
Real estate – multifamily residential | 18,077 | — | — | — | — | 18,077 | |||||||||||||||||||||||
Real estate – construction: | |||||||||||||||||||||||||||||
One to four family residential | 14,890 | 235 | 738 | — | 306 | 16,169 | |||||||||||||||||||||||
Other construction, land development and other land | 6,638 | 7,104 | 4,634 | — | 3,314 | 21,690 | |||||||||||||||||||||||
Total real estate – construction | 21,528 | 7,339 | 5,372 | — | 3,620 | 37,859 | |||||||||||||||||||||||
Real estate – farmland | 6,288 | 338 | 1,068 | — | 478 | 8,172 | |||||||||||||||||||||||
Real estate – non-farm, non-residential: | |||||||||||||||||||||||||||||
Owner occupied | 87,187 | 13,341 | 15,983 | — | 10,058 | 126,569 | |||||||||||||||||||||||
Non-owner occupied | 43,406 | 15,533 | 7,520 | — | 8,372 | 74,831 | |||||||||||||||||||||||
Total real estate – non-farm, non-residential | 130,593 | 28,874 | 23,503 | — | 18,430 | 201,400 | |||||||||||||||||||||||
Total commercial loans | $ | 221,057 | $ | 40,402 | $ | 33,172 | $ | 22 | $ | 24,528 | $ | 319,181 | |||||||||||||||||
The following table presents commercial loans by credit quality indicator at December 31, 2012: | |||||||||||||||||||||||||||||
(dollars in thousands) | Pass | Special Mention | Substandard | Doubtful | Impaired | Total | |||||||||||||||||||||||
Commercial, industrial and agricultural | $ | 46,705 | $ | 2,454 | $ | 1,602 | $ | 169 | $ | 951 | $ | 51,881 | |||||||||||||||||
Real estate – multifamily residential | 15,801 | — | — | — | — | 15,801 | |||||||||||||||||||||||
Real estate – construction: | |||||||||||||||||||||||||||||
One to four family residential | 17,976 | 923 | 883 | — | 450 | 20,232 | |||||||||||||||||||||||
Other construction, land development and other land | 9,167 | 3,449 | 3,008 | — | 18,931 | 34,555 | |||||||||||||||||||||||
Total real estate – construction | 27,143 | 4,372 | 3,891 | — | 19,381 | 54,787 | |||||||||||||||||||||||
Real estate – farmland | 7,371 | 1,146 | 41 | — | — | 8,558 | |||||||||||||||||||||||
Real estate – non-farm, non-residential: | |||||||||||||||||||||||||||||
Owner occupied | 87,058 | 16,424 | 10,669 | 72 | 5,601 | 119,824 | |||||||||||||||||||||||
Non-owner occupied | 44,721 | 15,090 | 3,821 | — | 8,109 | 71,741 | |||||||||||||||||||||||
Total real estate – non-farm, non-residential | 131,779 | 31,514 | 14,490 | 72 | 13,710 | 191,565 | |||||||||||||||||||||||
Total commercial loans | $ | 228,799 | $ | 39,486 | $ | 20,024 | $ | 241 | $ | 34,042 | $ | 322,592 | |||||||||||||||||
At December 31, 2013 and 2012, the Company did not have any loans classified as Loss. | |||||||||||||||||||||||||||||
The following table presents consumer loans, including one to four family residential first and seconds and home equity lines, by payment activity at December 31, 2013: | |||||||||||||||||||||||||||||
(dollars in thousands) | Performing | Nonperforming | Total | ||||||||||||||||||||||||||
Real estate – one to four family residential: | |||||||||||||||||||||||||||||
Closed end first and seconds | $ | 205,860 | $ | 12,612 | $ | 218,472 | |||||||||||||||||||||||
Home equity lines | 99,311 | 528 | 99,839 | ||||||||||||||||||||||||||
Total real estate – one to four family residential | 305,171 | 13,140 | 318,311 | ||||||||||||||||||||||||||
Consumer | 16,314 | 468 | 16,782 | ||||||||||||||||||||||||||
Other | 2,451 | 472 | 2,923 | ||||||||||||||||||||||||||
Total consumer loans | $ | 323,936 | $ | 14,080 | $ | 338,016 | |||||||||||||||||||||||
The following table presents consumer loans, including one to four family residential first and seconds and home equity lines, by payment activity at December 31, 2012: | |||||||||||||||||||||||||||||
(dollars in thousands) | Performing | Nonperforming | Total | ||||||||||||||||||||||||||
Real estate – one to four family residential: | |||||||||||||||||||||||||||||
Closed end first and seconds | $ | 229,087 | $ | 9,915 | $ | 239,002 | |||||||||||||||||||||||
Home equity lines | 98,343 | 1,355 | 99,698 | ||||||||||||||||||||||||||
Total real estate – one to four family residential | 327,430 | 11,270 | 338,700 | ||||||||||||||||||||||||||
Consumer | 20,010 | 163 | 20,173 | ||||||||||||||||||||||||||
Other | 2,715 | 488 | 3,203 | ||||||||||||||||||||||||||
Total consumer loans | $ | 350,155 | $ | 11,921 | $ | 362,076 | |||||||||||||||||||||||
On December 31, 2013, the Company transitioned the analysis of the adequacy of the allowance for loan losses from a historical loan loss experience to a migration analysis. This was accomplished by converting to a more automated process using information downloaded from the loan subledger to a software program. This program streamlines the reserve estimation with a consistent and defensible methodology, automates a manual process and ensures better and more accurate calculations. The automation of the data is primarily used to input and aggregate information and to provide the analysis regarding migration trends. This process enhances but does not replace management’s subjective analysis of historical loan loss experience, credit risk and qualitative factors. | |||||||||||||||||||||||||||||
The change in the allowance for loan losses calculation is in the methodology by which the historical loan loss experience on balances collectively evaluated for impairment is determined. Prior to December 31, 2013, the Company pooled each loan type by either a risk grading system for real estate (including multifamily residential, construction, farmland and non-farm, non-residential) and commercial loans or a past due grading system for consumer loans, including one to four family residential first and seconds and home equity lines and applied a historic loss percentage based on the rolling three year average to determine the balance of the allowance for loan losses for each loan type in the loan portfolio. Beginning with December 31, 2013, the Company uses migration analysis of loans, segmented by an identical risk grading system or past due grading system, depending on type of loan as previously described above. The current methodology, which uses migration analysis, tracks the movement of loans through various loan classifications in order to estimate the percentage of losses likely to be incurred in the Company’s current portfolio. | |||||||||||||||||||||||||||||
Management believes, going forward, this change in methodology provides a more accurate evaluation of the potential risk in our loan portfolio and establishes a stronger focus on areas of weakness and strength within the portfolio. | |||||||||||||||||||||||||||||
The following table represents the effect on the current period provision of the changes in methodology from that used in prior periods. | |||||||||||||||||||||||||||||
Year Ended December 31, 2013 | Provision Based on New Methodology | Provision Based on Prior Methodology | Difference | ||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||
Commercial, industrial and agricultural | $ | (237 | ) | $ | (444 | ) | $ | 207 | |||||||||||||||||||||
Real estate – one to four family residential: | |||||||||||||||||||||||||||||
Closed end first and seconds | 1,427 | 1,984 | (557 | ) | |||||||||||||||||||||||||
Home equity lines | 1,072 | 58 | 1,014 | ||||||||||||||||||||||||||
Total real estate – one to four family residential | 2,499 | 2,042 | 457 | ||||||||||||||||||||||||||
Real estate – multifamily residential | 17 | 10 | 7 | ||||||||||||||||||||||||||
Real estate – construction: | |||||||||||||||||||||||||||||
One to four family residential | (59 | ) | (154 | ) | 95 | ||||||||||||||||||||||||
Other construction, land development and other land | (781 | ) | (835 | ) | 54 | ||||||||||||||||||||||||
Total real estate – construction | (840 | ) | (989 | ) | 149 | ||||||||||||||||||||||||
Real estate – farmland | 75 | (3 | ) | 78 | |||||||||||||||||||||||||
Real estate – non-farm, non-residential: | |||||||||||||||||||||||||||||
Owner occupied | 513 | 1,432 | (919 | ) | |||||||||||||||||||||||||
Non-owner occupied | (436 | ) | (133 | ) | (303 | ) | |||||||||||||||||||||||
Total real estate – non-farm, non-residential | 77 | 1,299 | (1,222 | ) | |||||||||||||||||||||||||
Consumer | 217 | 74 | 143 | ||||||||||||||||||||||||||
Other | 42 | 12 | 30 | ||||||||||||||||||||||||||
Total provision for loan losses | $ | 1,850 | $ | 2,001 | $ | (151 | ) | ||||||||||||||||||||||
The following table presents a rollforward of the Company’s allowance for loan losses for the year ended December 31, 2013: | |||||||||||||||||||||||||||||
(dollars in thousands) | Beginning Balance January 1, 2013 | Charge-offs | Recoveries | Provision | Ending Balance December 31, 2013 | ||||||||||||||||||||||||
Commercial, industrial and agricultural | $ | 2,340 | $ | (635 | ) | $ | 319 | $ | (237 | ) | $ | 1,787 | |||||||||||||||||
Real estate – one to four family residential: | |||||||||||||||||||||||||||||
Closed end first and seconds | 2,876 | (1,529 | ) | 85 | 1,427 | 2,859 | |||||||||||||||||||||||
Home equity lines | 720 | (184 | ) | 34 | 1,072 | 1,642 | |||||||||||||||||||||||
Total real estate – one to four family residential | 3,596 | (1,713 | ) | 119 | 2,499 | 4,501 | |||||||||||||||||||||||
Real estate – multifamily residential | 62 | — | — | 17 | 79 | ||||||||||||||||||||||||
Real estate – construction: | |||||||||||||||||||||||||||||
One to four family residential | 419 | (57 | ) | 61 | (59 | ) | 364 | ||||||||||||||||||||||
Other construction, land development and other land | 3,897 | (1,196 | ) | 69 | (781 | ) | 1,989 | ||||||||||||||||||||||
Total real estate – construction | 4,316 | (1,253 | ) | 130 | (840 | ) | 2,353 | ||||||||||||||||||||||
Real estate – farmland | 41 | — | — | 75 | 116 | ||||||||||||||||||||||||
Real estate – non-farm, non-residential: | |||||||||||||||||||||||||||||
Owner occupied | 5,092 | (2,370 | ) | 1 | 513 | 3,236 | |||||||||||||||||||||||
Non-owner occupied | 4,093 | (1,944 | ) | 57 | (436 | ) | 1,770 | ||||||||||||||||||||||
Total real estate – non-farm, non-residential | 9,185 | (4,314 | ) | 58 | 77 | 5,006 | |||||||||||||||||||||||
Consumer | 215 | (153 | ) | 108 | 217 | 387 | |||||||||||||||||||||||
Other | 583 | (138 | ) | 51 | 42 | 538 | |||||||||||||||||||||||
Total | $ | 20,338 | $ | (8,206 | ) | $ | 785 | $ | 1,850 | $ | 14,767 | ||||||||||||||||||
The following table presents a rollforward of the Company’s allowance for loan losses for the year ended December 31, 2012: | |||||||||||||||||||||||||||||
(dollars in thousands) | Beginning Balance January 1, 2012 | Charge-offs | Recoveries | Provision | Ending Balance December 31, 2012 | ||||||||||||||||||||||||
Commercial, industrial and agricultural | $ | 4,389 | $ | (1,219 | ) | $ | 774 | $ | (1,604 | ) | $ | 2,340 | |||||||||||||||||
Real estate – one to four family residential: | |||||||||||||||||||||||||||||
Closed end first and seconds | 2,856 | (2,664 | ) | 61 | 2,623 | 2,876 | |||||||||||||||||||||||
Home equity lines | 278 | (1,112 | ) | 11 | 1,543 | 720 | |||||||||||||||||||||||
Total real estate – one to four family residential | 3,134 | (3,776 | ) | 72 | 4,166 | 3,596 | |||||||||||||||||||||||
Real estate – multifamily residential | 29 | — | — | 33 | 62 | ||||||||||||||||||||||||
Real estate – construction: | |||||||||||||||||||||||||||||
One to four family residential | 382 | (98 | ) | 55 | 80 | 419 | |||||||||||||||||||||||
Other construction, land development and other land | 6,861 | (1,622 | ) | 2 | (1,344 | ) | 3,897 | ||||||||||||||||||||||
Total real estate – construction | 7,243 | (1,720 | ) | 57 | (1,264 | ) | 4,316 | ||||||||||||||||||||||
Real estate – farmland | 15 | — | — | 26 | 41 | ||||||||||||||||||||||||
Real estate – non-farm, non-residential: | |||||||||||||||||||||||||||||
Owner occupied | 4,831 | (2,337 | ) | 100 | 2,498 | 5,092 | |||||||||||||||||||||||
Non-owner occupied | 3,172 | (1,506 | ) | 409 | 2,018 | 4,093 | |||||||||||||||||||||||
Total real estate – non-farm, non-residential | 8,003 | (3,843 | ) | 509 | 4,516 | 9,185 | |||||||||||||||||||||||
Consumer | 776 | (391 | ) | 179 | (349 | ) | 215 | ||||||||||||||||||||||
Other | 513 | (99 | ) | 35 | 134 | 583 | |||||||||||||||||||||||
Total | $ | 24,102 | $ | (11,048 | ) | $ | 1,626 | $ | 5,658 | $ | 20,338 | ||||||||||||||||||
The following table presents the balance in the allowance for loan losses and the recorded investment in loans by portfolio class based on impairment method as of December 31, 2013: | |||||||||||||||||||||||||||||
Allowance allocated to loans: | Total Loans: | ||||||||||||||||||||||||||||
(dollars in thousands) | Individually evaluated for impairment | Collectively evaluated for impairment | Total | Individually evaluated for impairment | Collectively evaluated for impairment | Total | |||||||||||||||||||||||
Commercial, industrial and agricultural | $ | 612 | $ | 1,175 | $ | 1,787 | $ | 2,000 | $ | 51,673 | $ | 53,673 | |||||||||||||||||
Real estate – one to four family residential: | |||||||||||||||||||||||||||||
Closed end first and seconds | 1,833 | 1,026 | 2,859 | 10,048 | 208,424 | 218,472 | |||||||||||||||||||||||
Home equity lines | — | 1,642 | 1,642 | 175 | 99,664 | 99,839 | |||||||||||||||||||||||
Total real estate – one to four family residential | 1,833 | 2,668 | 4,501 | 10,223 | 308,088 | 318,311 | |||||||||||||||||||||||
Real estate – multifamily | — | 79 | 79 | — | 18,077 | 18,077 | |||||||||||||||||||||||
residential | |||||||||||||||||||||||||||||
Real estate – construction: | |||||||||||||||||||||||||||||
One to four family residential | 180 | 184 | 364 | 306 | 15,863 | 16,169 | |||||||||||||||||||||||
Other construction, land development and other land | 802 | 1,187 | 1,989 | 3,314 | 18,376 | 21,690 | |||||||||||||||||||||||
Total real estate – | 982 | 1,371 | 2,353 | 3,620 | 34,239 | 37,859 | |||||||||||||||||||||||
construction | |||||||||||||||||||||||||||||
Real estate – farmland | — | 116 | 116 | 478 | 7,694 | 8,172 | |||||||||||||||||||||||
Real estate – non-farm, non-residential: | |||||||||||||||||||||||||||||
Owner occupied | 1,223 | 2,013 | 3,236 | 10,058 | 116,511 | 126,569 | |||||||||||||||||||||||
Non-owner occupied | 617 | 1,153 | 1,770 | 8,372 | 66,459 | 74,831 | |||||||||||||||||||||||
Total real estate – non-farm, non-residential | 1,840 | 3,166 | 5,006 | 18,430 | 182,970 | 201,400 | |||||||||||||||||||||||
Consumer | 104 | 283 | 387 | 302 | 16,480 | 16,782 | |||||||||||||||||||||||
Other | 311 | 227 | 538 | 472 | 2,451 | 2,923 | |||||||||||||||||||||||
Total | $ | 5,682 | $ | 9,085 | $ | 14,767 | $ | 35,525 | $ | 621,672 | $ | 657,197 | |||||||||||||||||
The following table presents the balance in the allowance for loan losses and the recorded investment in loans by portfolio class based on impairment method as of December 31, 2012: | |||||||||||||||||||||||||||||
Allowance allocated to loans: | Total Loans: | ||||||||||||||||||||||||||||
(dollars in thousands) | Individually evaluated for impairment | Collectively evaluated for impairment | Total | Individually evaluated for impairment | Collectively evaluated for impairment | Total | |||||||||||||||||||||||
Commercial, industrial and agricultural | $ | 402 | $ | 1,938 | $ | 2,340 | $ | 951 | $ | 50,930 | $ | 51,881 | |||||||||||||||||
Real estate – one to four family residential: | |||||||||||||||||||||||||||||
Closed end first and seconds | 923 | 1,953 | 2,876 | 6,856 | 232,146 | 239,002 | |||||||||||||||||||||||
Home equity lines | — | 720 | 720 | 315 | 99,383 | 99,698 | |||||||||||||||||||||||
Total real estate – one to four family residential | 923 | 2,673 | 3,596 | 7,171 | 331,529 | 338,700 | |||||||||||||||||||||||
Real estate – multifamily | — | 62 | 62 | — | 15,801 | 15,801 | |||||||||||||||||||||||
residential | |||||||||||||||||||||||||||||
Real estate – construction: | |||||||||||||||||||||||||||||
One to four family residential | 268 | 151 | 419 | 450 | 19,782 | 20,232 | |||||||||||||||||||||||
Other construction, land development and other land | 928 | 2,969 | 3,897 | 18,931 | 15,624 | 34,555 | |||||||||||||||||||||||
Total real estate – | 1,196 | 3,120 | 4,316 | 19,381 | 35,406 | 54,787 | |||||||||||||||||||||||
construction | |||||||||||||||||||||||||||||
Real estate – farmland | — | 41 | 41 | — | 8,558 | 8,558 | |||||||||||||||||||||||
Real estate – non-farm, non-residential: | |||||||||||||||||||||||||||||
Owner occupied | 714 | 4,378 | 5,092 | 5,601 | 114,223 | 119,824 | |||||||||||||||||||||||
Non-owner occupied | 1,646 | 2,447 | 4,093 | 8,109 | 63,632 | 71,741 | |||||||||||||||||||||||
Total real estate – non-farm, non-residential | 2,360 | 6,825 | 9,185 | 13,710 | 177,855 | 191,565 | |||||||||||||||||||||||
Consumer | 1 | 214 | 215 | 25 | 20,148 | 20,173 | |||||||||||||||||||||||
Other | 348 | 235 | 583 | 488 | 2,715 | 3,203 | |||||||||||||||||||||||
Total | $ | 5,230 | $ | 15,108 | $ | 20,338 | $ | 41,726 | $ | 642,942 | $ | 684,668 | |||||||||||||||||
The following table presents loans individually evaluated for impairment by class of loans as of December 31, 2013: | |||||||||||||||||||||||||||||
(dollars in thousands) | Recorded Investment | Unpaid Principal Balance | Recorded Investment With No Allowance | Recorded Investment With Allowance | Related Allowance | Average Recorded Investment | Interest Income Recognized | ||||||||||||||||||||||
Commercial, industrial and agricultural | $ | 2,000 | $ | 2,000 | $ | — | $ | 2,000 | $ | 612 | $ | 1,712 | $ | 97 | |||||||||||||||
Real estate – one to four family residential: | |||||||||||||||||||||||||||||
Closed end first and seconds | 10,048 | 10,148 | 2,008 | 8,040 | 1,833 | 8,727 | 498 | ||||||||||||||||||||||
Home equity lines | 175 | 175 | 175 | — | — | 382 | — | ||||||||||||||||||||||
Total real estate – one to four family residential | 10,223 | 10,323 | 2,183 | 8,040 | 1,833 | 9,109 | 498 | ||||||||||||||||||||||
Real estate – construction: | |||||||||||||||||||||||||||||
One to four family residential | 306 | 306 | — | 306 | 180 | 794 | 9 | ||||||||||||||||||||||
Other construction, land development and other land | 3,314 | 5,662 | — | 3,314 | 802 | 8,581 | 161 | ||||||||||||||||||||||
Total real estate – | 3,620 | 5,968 | — | 3,620 | 982 | 9,375 | 170 | ||||||||||||||||||||||
construction | |||||||||||||||||||||||||||||
Real estate – farmland | 478 | 478 | 478 | — | — | 428 | 32 | ||||||||||||||||||||||
Real estate – non-farm, non-residential: | |||||||||||||||||||||||||||||
Owner occupied | 10,058 | 11,544 | 6,730 | 3,328 | 1,223 | 10,472 | 506 | ||||||||||||||||||||||
Non-owner occupied | 8,372 | 8,372 | 4,357 | 4,015 | 617 | 9,353 | 348 | ||||||||||||||||||||||
Total real estate – non-farm, non-residential | 18,430 | 19,916 | 11,087 | 7,343 | 1,840 | 19,825 | 854 | ||||||||||||||||||||||
Consumer | 302 | 302 | — | 302 | 104 | 203 | 22 | ||||||||||||||||||||||
Other | 472 | 472 | 9 | 463 | 311 | 504 | — | ||||||||||||||||||||||
Total loans | $ | 35,525 | $ | 39,459 | $ | 13,757 | $ | 21,768 | $ | 5,682 | $ | 41,156 | $ | 1,673 | |||||||||||||||
The following table presents loans individually evaluated for impairment by class of loans as of December 31, 2012: | |||||||||||||||||||||||||||||
(dollars in thousands) | Recorded Investment | Unpaid Principal Balance | Recorded Investment With No Allowance | Recorded Investment With Allowance | Related Allowance | Average Recorded Investment | Interest Income Recognized | ||||||||||||||||||||||
Commercial, industrial and agricultural | $ | 951 | $ | 1,247 | $ | 408 | $ | 543 | $ | 402 | $ | 907 | $ | 59 | |||||||||||||||
Real estate – one to four family residential: | |||||||||||||||||||||||||||||
Closed end first and seconds | 6,856 | 7,327 | 2,127 | 4,729 | 923 | 8,431 | 386 | ||||||||||||||||||||||
Home equity lines | 315 | 515 | 315 | — | — | 801 | 9 | ||||||||||||||||||||||
Total real estate – one to four family residential | 7,171 | 7,842 | 2,442 | 4,729 | 923 | 9,232 | 395 | ||||||||||||||||||||||
Real estate – construction: | |||||||||||||||||||||||||||||
One to four family residential | 450 | 450 | — | 450 | 268 | 402 | 10 | ||||||||||||||||||||||
Other construction, land development and other land | 18,931 | 18,931 | 14,071 | 4,860 | 928 | 20,169 | 814 | ||||||||||||||||||||||
Total real estate – | 19,381 | 19,381 | 14,071 | 5,310 | 1,196 | 20,571 | 824 | ||||||||||||||||||||||
construction | |||||||||||||||||||||||||||||
Real estate – non-farm, non-residential: | |||||||||||||||||||||||||||||
Owner occupied | 5,601 | 5,748 | 380 | 5,221 | 714 | 8,753 | 304 | ||||||||||||||||||||||
Non-owner occupied | 8,109 | 8,109 | 626 | 7,483 | 1,646 | 8,434 | 457 | ||||||||||||||||||||||
Total real estate – non-farm, non-residential | 13,710 | 13,857 | 1,006 | 12,704 | 2,360 | 17,187 | 761 | ||||||||||||||||||||||
Consumer | 25 | 25 | — | 25 | 1 | 25 | 2 | ||||||||||||||||||||||
Other | 488 | 488 | — | 488 | 348 | 496 | — | ||||||||||||||||||||||
Total loans | $ | 41,726 | $ | 42,840 | $ | 17,927 | $ | 23,799 | $ | 5,230 | $ | 48,418 | $ | 2,041 | |||||||||||||||
The following table presents, by class of loans, information related to loans modified as TDRs during the years ended December 31, 2013 and 2012: | |||||||||||||||||||||||||||||
Year Ended December 31, 2013 | Year Ended December 31, 2012 | ||||||||||||||||||||||||||||
(dollars in thousands) | Number of Loans | Pre- | Post- | Number of Loans | Pre- | Post- | |||||||||||||||||||||||
Modification Recorded Balance | Modification Recorded Balance* | Modification Recorded Balance | Modification Recorded Balance* | ||||||||||||||||||||||||||
Commercial, industrial and agricultural | — | $ | — | $ | — | 1 | $ | 66 | $ | 66 | |||||||||||||||||||
Real estate – one to four family residential: | |||||||||||||||||||||||||||||
Closed end first and seconds | 11 | 4,834 | 3,600 | 4 | 965 | 964 | |||||||||||||||||||||||
Real estate – construction: | |||||||||||||||||||||||||||||
One to four family residential | — | — | — | 3 | 434 | 434 | |||||||||||||||||||||||
Other construction, land development and other land | — | — | — | 2 | 164 | 163 | |||||||||||||||||||||||
Total real estate – construction | — | — | — | 5 | 598 | 597 | |||||||||||||||||||||||
Real estate – non-farm, non-residential: | |||||||||||||||||||||||||||||
Owner occupied | 4 | 7,955 | 6,355 | — | — | — | |||||||||||||||||||||||
Non-owner occupied | 2 | 8,403 | 6,015 | — | — | — | |||||||||||||||||||||||
Total real estate – non-farm, non-residential | 6 | 16,358 | 12,370 | — | — | — | |||||||||||||||||||||||
Total | 17 | $ | 21,192 | $ | 15,970 | 10 | $ | 1,629 | $ | 1,627 | |||||||||||||||||||
* | The period end balances are inclusive of all partial paydowns and charge-offs since the modification date. Loans modified as TDRs that were fully paid down, charged-off, or foreclosed upon by period end are not reported. | ||||||||||||||||||||||||||||
TDRs increased during 2013 due to the Company utilizing a workout strategy involving an “A/B note” structure, in which the A note component is structured at a market interest rate and the debt service is typically covered by the in-place property operations and the B note component is fully charged off. All loans that underwent this A/B note restructuring during 2013 are considered TDRs. These A/B notes are part of our efforts to focus on asset quality, strengthen the balance sheet and reduce classified assets. | |||||||||||||||||||||||||||||
The following table presents, by class of loans, information related to loans modified as TDRs that subsequently defaulted (i.e., 90 days or more past due following a modification) during the years ended December 31, 2013 and 2012 and were modified as TDRs within the 12 months prior to default: | |||||||||||||||||||||||||||||
Year Ended | Year Ended | ||||||||||||||||||||||||||||
31-Dec-13 | 31-Dec-12 | ||||||||||||||||||||||||||||
(dollars in thousands) | Number of Loans | Recorded Balance | Number of Loans | Recorded Balance | |||||||||||||||||||||||||
Commercial, industrial and agricultural | — | $ | — | 1 | $ | 66 | |||||||||||||||||||||||
Real estate – one to four family residential: | |||||||||||||||||||||||||||||
Closed end first and seconds | 10 | 1,846 | 3 | 878 | |||||||||||||||||||||||||
Real estate – construction: | |||||||||||||||||||||||||||||
One to four family residential | — | — | 2 | 374 | |||||||||||||||||||||||||
Other construction, land development and other land | — | — | 1 | 29 | |||||||||||||||||||||||||
Total real estate – construction | — | — | 3 | 403 | |||||||||||||||||||||||||
Real estate – non-farm, non-residential: | |||||||||||||||||||||||||||||
Owner occupied | 2 | 1,019 | — | — | |||||||||||||||||||||||||
Total | 12 | $ | 2,865 | 7 | $ | 1,347 | |||||||||||||||||||||||
Bank_Premises_and_Equipment
Bank Premises and Equipment | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Bank Premises and Equipment | ' | ||||||||
Note 4. Bank Premises and Equipment | |||||||||
Bank premises and equipment are summarized as follows: | |||||||||
December 31, | |||||||||
(dollars in thousands) | 2013 | 2012 | |||||||
Land and improvements | $ | 6,421 | $ | 6,409 | |||||
Buildings and leasehold improvements | 22,678 | 21,688 | |||||||
Furniture, fixtures and equipment | 19,765 | 18,416 | |||||||
Construction in progress | 212 | 949 | |||||||
49,076 | 47,462 | ||||||||
Less accumulated depreciation | (27,630 | ) | (25,806 | ) | |||||
Net balance | $ | 21,446 | $ | 21,656 | |||||
Depreciation and amortization of bank premises and equipment for the years ended December 31, 2013, 2012 and 2011 amounted to $2.1 million, $2.1 million and $2.3 million, respectively. | |||||||||
Other_Real_Estate_Owned_OREO
Other Real Estate Owned (OREO) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Other Real Estate Owned (OREO) | ' | ||||||||||||
Note 5. Other Real Estate Owned (OREO) | |||||||||||||
At December 31, 2013 and 2012, OREO was $800 thousand and $4.7 million, respectively. OREO is primarily comprised of residential properties, residential lots, raw land and non-residential properties associated with commercial relationships, and is located primarily in the Commonwealth of Virginia. | |||||||||||||
Changes in the balance for OREO for the years ended December 31, 2013 and 2012 are as follows: | |||||||||||||
December 31, | |||||||||||||
(dollars in thousands) | 2013 | 2012 | |||||||||||
Balance at the beginning of year, gross | $ | 5,558 | $ | 8,729 | |||||||||
Transfers from loans | 1,921 | 5,032 | |||||||||||
Sales proceeds | (4,508 | ) | (5,661 | ) | |||||||||
Previously recognized impairment losses on disposition | (1,142 | ) | (2,315 | ) | |||||||||
(Loss) on disposition | (775 | ) | (227 | ) | |||||||||
Balance at the end of year, gross | 1,054 | 5,558 | |||||||||||
Less valuation allowance | (254 | ) | (811 | ) | |||||||||
Balance at the end of year, net | $ | 800 | $ | 4,747 | |||||||||
Changes in the valuation allowance for OREO for the years ended December 31, 2013, 2012 and 2011 are as follows: | |||||||||||||
December 31, | |||||||||||||
(dollars in thousands) | 2013 | 2012 | 2011 | ||||||||||
Balance at the beginning of year | $ | 811 | $ | 1,403 | $ | 928 | |||||||
Valuation allowance | 585 | 1,723 | 1,386 | ||||||||||
Charge-offs | (1,142 | ) | (2,315 | ) | (911 | ) | |||||||
Balance at the end of year | $ | 254 | $ | 811 | $ | 1,403 | |||||||
Expenses applicable to OREO, other than the valuation allowance, were $218 thousand, $421 thousand and $769 thousand for the years ended December 31, 2013, 2012 and 2011, respectively. | |||||||||||||
Deposits
Deposits | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Deposits | ' | ||||||||||||
Note 6. Deposits | |||||||||||||
Interest-bearing deposits consist of the following: | |||||||||||||
December 31, | |||||||||||||
(dollars in thousands) | 2013 | 2012 | |||||||||||
Demand deposits | $ | 272,343 | $ | 245,833 | |||||||||
Money market deposits | 121,491 | 128,438 | |||||||||||
Savings deposits | 89,577 | 86,868 | |||||||||||
Time deposits: | |||||||||||||
Time deposits $100 and over | 110,841 | 130,285 | |||||||||||
Other time deposits | 113,349 | 130,232 | |||||||||||
Total interest-bearing deposits | $ | 707,601 | $ | 721,656 | |||||||||
A summary of interest expense by deposit category for the years ended December 31, 2013, 2012 and 2011 is as follows: | |||||||||||||
December 31, | |||||||||||||
(dollars in thousands) | 2013 | 2012 | 2011 | ||||||||||
Demand deposits | $ | 929 | $ | 1,205 | $ | 1,908 | |||||||
Money market deposits | 516 | 613 | 1,254 | ||||||||||
Savings deposits | 142 | 239 | 441 | ||||||||||
Time deposits | 3,089 | 4,342 | 5,912 | ||||||||||
Total | $ | 4,676 | $ | 6,399 | $ | 9,515 | |||||||
At December 31, 2013, the scheduled maturities of time deposits are as follows: | |||||||||||||
(dollars in thousands) | |||||||||||||
2014 | $ | 110,204 | |||||||||||
2015 | 56,756 | ||||||||||||
2016 | 19,005 | ||||||||||||
2017 | 21,193 | ||||||||||||
2018 | 17,032 | ||||||||||||
$ | 224,190 | ||||||||||||
Overdrawn demand deposit accounts totaling $135 thousand at December 31, 2013 and $154 thousand at December 31, 2012 were reclassified from deposits to loans. | |||||||||||||
Borrowings
Borrowings | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Borrowings | ' | ||||||||
Note 7. Borrowings | |||||||||
Federal funds purchased and repurchase agreements. The Company has unsecured lines of credit with SunTrust Bank, Community Bankers Bank and Pacific Coast Bankers Bank for the purchase of federal funds in the amount of $20.0 million, $15.0 million and $5.0 million, respectively. These lines of credit have a variable rate based on the lending bank’s daily federal funds sold rate and are due on demand. Repurchase agreements are secured transactions and generally mature the day following the day sold. Customer repurchases are standard transactions that involve a Bank customer instead of a wholesale bank or broker. The Company offers this product as an accommodation to larger retail and commercial customers that request safety for their funds beyond the FDIC deposit insurance limits. The Company does not use or have any open repurchase agreements with broker-dealers. | |||||||||
The tables below present selected information on federal funds purchased and repurchase agreements: | |||||||||
Federal funds purchased | December 31, | 31-Dec-12 | |||||||
(dollars in thousands) | 2013 | ||||||||
Balance outstanding at year end | $ | — | $ | — | |||||
Maximum balance at any month end during the year | $ | — | $ | 2 | |||||
Average balance for the year | $ | 14 | $ | 163 | |||||
Weighted average rate for the year | 0.79 | % | 0.75 | % | |||||
Weighted average rate at year end | 0 | % | 0 | % | |||||
Repurchase agreements | 31-Dec-13 | 31-Dec-12 | |||||||
(dollars in thousands) | |||||||||
Balance outstanding at year end | $ | 3,009 | $ | 2,942 | |||||
Maximum balance at any month end during the year | $ | 3,770 | $ | 6,292 | |||||
Average balance for the year | $ | 3,475 | $ | 3,486 | |||||
Weighted average rate for the year | 0.6 | % | 0.89 | % | |||||
Weighted average rate at year end | 0.6 | % | 0.6 | % | |||||
Short-term borrowings. Short-term borrowings consist of advances from the FHLB, which are secured by a blanket floating lien on all qualifying closed-end and revolving open-end loans that are secured by 1-4 family residential properties. Short-term advances from the FHLB at December 31, 2013 consisted of $18.9 million using a daily rate credit, which is due on demand, and a $23.0 million fixed rate one month advance. There were no short-term advances outstanding with the FHLB at December 31, 2012. | |||||||||
The table below presents selected information on short-term borrowings: | |||||||||
Short-term borrowings | 31-Dec-13 | 31-Dec-12 | |||||||
(dollars in thousands) | |||||||||
Balance outstanding at year end | $ | 41,940 | $ | — | |||||
Maximum balance at any month end during the year | $ | 62,124 | $ | — | |||||
Average balance for the year | $ | 16,963 | $ | 318 | |||||
Weighted average rate for the year | 0.22 | % | 0.31 | % | |||||
Weighted average rate at year end | 0.23 | % | 0 | % | |||||
Long-term borrowings. Long-term borrowings consist of advances from the FHLB, which are secured by a blanket floating lien on all qualifying closed-end and revolving open-end loans that are secured by 1-4 family residential properties. During August 2013, the Company restructured its FHLB advances with the prepayment of $107.5 million in higher rate long-term advances. The long-term advances that were extinguished were fixed rate advances with a weighted average remaining maturity of 3.5 years and a current weighted average interest rate of 4.14%; $94.0 million of the prepaid FHLB advances were callable quarterly by the FHLB. The prepayment of the FHLB advances triggered a prepayment penalty of $11.5 million, or $0.67 per fully diluted share at September 30, 2013, all of which was recognized in the third quarter of 2013. The Company also paid off the remaining $10.0 million higher rate long-term FHLB advance at maturity during September 2013. At December 31, 2013, the Company had no long-term FHLB advances outstanding. Long-term advances from the FHLB at December 31, 2012 consisted of $107.5 million in convertible advances and a $10.0 million fixed rate hybrid advance. The convertible advances had fixed rates of interest unless the FHLB would have exercised its option to convert the interest on these advances from fixed rate to variable rate. | |||||||||
The Company’s line of credit with the FHLB can equal up to 25% of the Company’s gross assets or approximately $256.9 million at December 31, 2013. This line of credit totaled $175.7 million with approximately $120.4 million available at December 31, 2013. As of December 31, 2013 and 2012, loans with a carrying value of $285.6 million and $297.7 million, respectively, are pledged to the FHLB as collateral for borrowings. Additional loans are available that can be pledged as collateral for future borrowings from the FHLB above the current lendable collateral value. Combined short-term and long-term borrowings outstanding under the FHLB line of credit were $41.9 million and $117.5 million as of December 31, 2013 and 2012, respectively. | |||||||||
Trust_Preferred_Debt
Trust Preferred Debt | 12 Months Ended |
Dec. 31, 2013 | |
Trust Preferred Debt | ' |
Note 8. Trust Preferred Debt | |
On September 17, 2003, $10 million of trust preferred securities were placed through EVB Statutory Trust I in a pooled underwriting totaling approximately $650 million. The trust issuer has invested the total proceeds from the sale of the trust preferred securities in Floating Rate Junior Subordinated Deferrable Interest Debentures (the “Junior Subordinated Debentures”) issued by the Parent. The trust preferred securities pay cumulative cash distributions quarterly at a variable rate per annum, reset quarterly, equal to the 3-month LIBOR plus 2.95%. As of December 31, 2013 and 2012, the interest rate was 3.19% and 3.26%, respectively. The dividends paid to holders of the trust preferred securities, which are recorded as interest expense, are deductible for income tax purposes. The trust preferred securities have a mandatory redemption date of September 17, 2033, and became subject to varying call provisions beginning September 17, 2008. The Parent has fully and unconditionally guaranteed the trust preferred securities through the combined operation of the debentures and other related documents. The Parent’s obligation under the guarantee is unsecured and subordinate to senior and subordinated indebtedness of the Parent. | |
The trust preferred securities may be included in Tier 1 capital for regulatory capital adequacy determination purposes up to 25% of Tier 1 capital after its inclusion. The portion of the securities not considered as Tier 1 capital will be included in Tier 2 capital. At December 31, 2013 and 2012, all of the trust preferred securities qualified as Tier 1 capital. | |
Subject to certain exceptions and limitations, the Company is permitted to elect from time to time to defer regularly scheduled interest payments on its outstanding Junior Subordinated Debentures relating to its trust preferred securities. If the Company defers interest payments on the Junior Subordinated Debentures for more than 20 consecutive quarters, the Company would be in default under the governing agreements for such notes and the amount due under such agreements would be immediately due and payable. | |
On February 17, 2011, the Parent and the Bank entered into a written agreement (the “Written Agreement”) with the Reserve Bank and the Bureau. The Written Agreement was terminated on July 30, 2013. Under the terms of this written agreement, the Company could not make payments on its outstanding Junior Subordinated Debentures relating to the trust preferred securities without prior regulatory approval. See Note 26 — Regulatory Agreements. | |
On September 5, 2013, the Parent and the Bank entered into a Memorandum of Understanding (the “MOU”) with the Reserve Bank and the Bureau. The MOU was terminated effective March 13, 2014. Under the terms of the MOU, the Company could not make payments on its outstanding Junior Subordinated Debentures relating to the trust preferred securities without prior regulatory approval. See Note 26 — Regulatory Agreements. | |
In June 2011, the Company began deferring its regularly scheduled interest payments on its outstanding Junior Subordinated Debentures relating to its trust preferred securities. As of December 31, 2013, the Company had deferred eleven quarterly interest payments on its Junior Subordinated Notes. | |
Employee_Benefit_Plans
Employee Benefit Plans | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Employee Benefit Plans | ' | ||||||||||||||||
Note 9. Employee Benefit Plans | |||||||||||||||||
Pension Plan | |||||||||||||||||
The Company has historically maintained a defined benefit pension plan covering substantially all of the Company’s employees. Benefits are based on years of service and the employee’s compensation during the last five years of employment. The Company’s funding policy has been to contribute annually the maximum amount that can be deducted for federal income tax purposes. Contributions are intended to provide not only for benefits attributable to service to date but also for those expected to be earned in the future. | |||||||||||||||||
The plan was amended January 28, 2008 to freeze the plan with no additional contributions for a majority of participants. Employees age 55 or greater or with 10 years of credited service were grandfathered in the plan. No additional participants have been added to the plan. The plan was again amended February 28, 2011 to freeze the plan with no additional contributions for grandfathered participants. Benefits for all participants have remained frozen in the plan since such action was taken. Effective January 1, 2012, the plan was amended and restated as a cash balance plan. Under a cash balance plan, participant benefits are stated as an account balance. An opening account balance was established for each participant based on the lump sum value of his or her accrued benefit as of December 31, 2011 in the original defined benefit pension plan. Each participant’s account will be credited with an “interest” credit each year. The interest rate for each year is determined as the average annual interest rate on the 2 year U.S. Treasury securities for the month of December preceding the plan year. | |||||||||||||||||
Information pertaining to the activity in the plan, using a measurement date of December 31, is as follows: | |||||||||||||||||
(dollars in thousands) | 2013 | 2012 | 2011 | ||||||||||||||
Change in benefit obligation | |||||||||||||||||
Benefit obligation at beginning of year | $ | 11,205 | $ | 11,554 | $ | 11,127 | |||||||||||
Interest cost | 459 | 492 | 606 | ||||||||||||||
Actuarial loss (gain) | 81 | (62 | ) | 1,703 | |||||||||||||
Benefits paid | (1,464 | ) | (774 | ) | (2,057 | ) | |||||||||||
Change in obligation due to plan change | — | — | 135 | ||||||||||||||
Settlement (gain) loss | (18 | ) | (5 | ) | 40 | ||||||||||||
Benefit obligation at end of year | $ | 10,263 | $ | 11,205 | $ | 11,554 | |||||||||||
Change in plan assets | |||||||||||||||||
Fair value of plan assets at beginning of year | $ | 9,513 | $ | 9,047 | $ | 11,306 | |||||||||||
Actual return on plan assets | 1,951 | 1,240 | (202 | ) | |||||||||||||
Benefits paid | (1,464 | ) | (774 | ) | (2,057 | ) | |||||||||||
Fair value of plan assets at end of year | $ | 10,000 | $ | 9,513 | $ | 9,047 | |||||||||||
Funded status at the end of year | $ | (263 | ) | $ | (1,692 | ) | $ | (2,507 | ) | ||||||||
Amounts recognized in the consolidated balance sheets at December 31, | |||||||||||||||||
Other liability | $ | (263 | ) | $ | (1,692 | ) | $ | (2,507 | ) | ||||||||
Amounts recognized in accumulated other comprehensive income (loss) | |||||||||||||||||
Net loss | $ | 583 | $ | 2,122 | $ | 3,008 | |||||||||||
Prior service cost | 100 | 121 | 135 | ||||||||||||||
Deferred income tax benefit | (232 | ) | (755 | ) | (1,061 | ) | |||||||||||
Amount recognized | $ | 451 | $ | 1,488 | $ | 2,082 | |||||||||||
Components of net periodic benefit cost | |||||||||||||||||
Interest cost | $ | 459 | $ | 492 | $ | 606 | |||||||||||
Expected return on plan assets | (703 | ) | (675 | ) | (895 | ) | |||||||||||
Amortization of prior service cost due to curtailment | 21 | 15 | — | ||||||||||||||
Recognized net loss due to settlement | 208 | 132 | 34 | ||||||||||||||
Recognized net actuarial loss | 124 | 122 | — | ||||||||||||||
Net periodic benefit cost | $ | 109 | $ | 86 | $ | (255 | ) | ||||||||||
Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss) | |||||||||||||||||
Net (gain) loss | $ | (1,518 | ) | $ | (886 | ) | $ | 2,805 | |||||||||
Prior service cost | — | — | 135 | ||||||||||||||
Amortization of prior service cost | (21 | ) | (15 | ) | — | ||||||||||||
Total recognized in other comprehensive income (loss) | $ | (1,539 | ) | $ | (901 | ) | $ | 2,940 | |||||||||
Total recognized in net periodic benefit cost and other comprehensive income (loss) | $ | (1,430 | ) | $ | (815 | ) | $ | 2,685 | |||||||||
Weighted average assumptions for benefit obligation at end of year | |||||||||||||||||
Discount rate | 4.35 | % | 4 | % | 4.5 | % | |||||||||||
Rate of compensation increase | N/A | N/A | N/A | ||||||||||||||
Weighted average assumptions for net periodic pension cost at end of year | |||||||||||||||||
Discount rate | 4 | % | 4.5 | % | 5.5 | % | |||||||||||
Expected return on plan assets | 8 | % | 8 | % | 8 | % | |||||||||||
Rate of compensation increase | N/A | N/A | 4 | % | |||||||||||||
Expected future interest crediting rate | 3 | % | 3 | % | 3 | % | |||||||||||
Accumulated Benefit Obligation | $ | 10,263 | $ | 11,205 | $ | 11,554 | |||||||||||
Expected Long-Term Rate of Return on Assets | |||||||||||||||||
In consultation with its investment advisors and actuary, the Company’s plan sponsor selects the expected long-term rate of return on assets assumption. This rate is intended to reflect the average rate of earnings expected to be earned on the funds invested or to be invested to provide plan benefits. Historical performance is reviewed, especially with respect to real rates of return (net of inflation), for the major asset classes held or anticipated to be held by the trust, and for the trust itself. Undue weight is not given to recent experience that may not continue over the measurement period, with higher significance placed on current forecasts of future long-term economic conditions. The discount rate used to calculate funding requirements and benefit expense was 4.00%, 4.50% and 5.50% in 2013, 2012 and 2011, respectively. | |||||||||||||||||
Because assets are held in a qualified trust, anticipated returns are not reduced for taxes. Further, solely for this purpose, the plan is assumed to continue in force and not terminate during the period during which the assets are invested. However, consideration is given to the potential impact of current and future investment policy, cash flow into and out of the trust, and expenses (both investment and non-investment) typically paid from plan assets (to the extent such expenses are not explicitly estimated with periodic cost). The Company made no contributions to the pension plan during 2013, 2012 and 2011. The Company has not determined at this time how much, if any, contributions to the plan will be for the year ending December 31, 2014. | |||||||||||||||||
Fair value is discussed in detail in Note 19. The fair value of the Company’s pension plan assets at December 31, 2013 and 2012, by asset category are as follows: | |||||||||||||||||
Assets Measured at Fair Value at December 31, 2013 Using | |||||||||||||||||
Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | Balance at December 31, 2013 | ||||||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||||||||
(dollars in thousands) | |||||||||||||||||
Assets | |||||||||||||||||
Cash and due from broker | $ | 21 | $ | — | $ | — | $ | 21 | |||||||||
Equity mutual funds(1) | 7,573 | — | — | 7,573 | |||||||||||||
Fixed income mutual funds(2) | 2,406 | — | — | 2,406 | |||||||||||||
Total assets at fair value | $ | 10,000 | $ | — | $ | — | $ | 10,000 | |||||||||
Assets Measured at Fair Value at December 31, 2012 Using | |||||||||||||||||
Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | Balance at December 31, 2012 | ||||||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||||||||
(dollars in thousands) | |||||||||||||||||
Assets | |||||||||||||||||
Cash and due from broker | $ | 18 | $ | — | $ | — | $ | 18 | |||||||||
Equity mutual funds(1) | 7,106 | — | — | 7,106 | |||||||||||||
Fixed income mutual funds(2) | 2,389 | — | — | 2,389 | |||||||||||||
Total assets at fair value | $ | 9,513 | $ | — | $ | — | $ | 9,513 | |||||||||
-1 | This category includes investments in mutual funds focused on equity securities with a diversified portfolio and includes investments in large cap and small cap funds, growth funds, international focused funds and value funds. The funds are valued using the net asset value method in which an average of the market prices for the underlying investments is used to value the funds. | ||||||||||||||||
-2 | This category includes investments in mutual funds focused on fixed income securities with both short-term and long-term investments. The funds are valued using the net asset value method in which an average of the market prices for the underlying investments is used to value the funds. | ||||||||||||||||
The pension plan’s weighted-average asset allocations as of December 31, 2013 and 2012, by asset category are as follows: | |||||||||||||||||
Plan Assets as of | |||||||||||||||||
December 31, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Asset Category | |||||||||||||||||
Mutual Funds – Fixed Income | 24 | % | 25 | % | |||||||||||||
Mutual Funds – Equity | 76 | % | 75 | % | |||||||||||||
Total | 100 | % | 100 | % | |||||||||||||
The Company believes that the trust fund is sufficiently diversified to maintain a reasonable level of risk without imprudently sacrificing return, with a targeted asset allocation of 25% fixed income and 75% equities. The Investment Manager selects investment fund managers with demonstrated experience and expertise, and funds with demonstrated historical performance, for the implementation of the Plan’s investment strategy. The Investment Manager will consider both actively and passively managed investment strategies and will allocate funds across the asset classes to develop an efficient investment structure. | |||||||||||||||||
It is the responsibility of the Company’s Trustee to administer the investments of the Trust within reasonable costs, being careful to avoid sacrificing quality. These costs include, but are not limited to, management and custodial fees, consulting fees, transaction costs and other administrative costs chargeable to the Trust. There is no Company common stock included in the Plan assets. | |||||||||||||||||
Estimated future benefit payments, which reflect expected future service, as appropriate, are as follows: | |||||||||||||||||
(dollars in thousands) | |||||||||||||||||
2014 | $ | 455 | |||||||||||||||
2015 | 641 | ||||||||||||||||
2016 | 854 | ||||||||||||||||
2017 | 1,127 | ||||||||||||||||
2018 | 1,022 | ||||||||||||||||
Years 2019 – 2023 | 3,195 | ||||||||||||||||
Total | $ | 7,294 | |||||||||||||||
401(k) Plan | |||||||||||||||||
The Company maintains a defined contribution 401(k) profit sharing plan (the “401(k) Plan”). The 401(k) Plan allows for a maximum voluntary salary deferral up to the statutory limitations. All employees who have completed three calendar months of employment with the Company are eligible to participate on the first day of the fourth month following hire, after meeting eligibility requirements. The 401(k) Plan provides for a matching contribution, which equals 100% of the first 3% of the employee’s contributions and 50% of the next 3% of the employee’s contributions. At the option of the Compensation Committee, the Company may make an additional discretionary contribution after the end of each year to employees not previously grandfathered in the Pension Plan in an amount equal to 3% of the employee’s compensation (as described in plan documents). For matching and discretionary employer contributions, an employee is 100% vested after two years of service. The amounts charged to expense under the 401(k) Plan were $445 thousand, $411 thousand and $399 thousand for the years ended December 31, 2013, 2012 and 2011, respectively. The Company does not offer its stock as an investment option under the 401(k) Plan. | |||||||||||||||||
Deferred Compensation Plan | |||||||||||||||||
The Company has a Supplemental Executive Retirement Plan which is unfunded and maintained primarily for the purpose of providing deferred compensation for a select group of management or highly compensated employees. As of December 31, 2013, the Company has entered into a deferred supplemental compensation agreement with only its Chief Executive Officer. Full vesting of benefits under the supplemental agreement occurs only at age 67, with partial vesting of approximately 5% for each year of service after age 52. Under the supplemental agreement, benefits are to be paid in equal monthly installments over a 15 year period. There is no pre-retirement benefit, but a beneficiary can be named to receive the remaining payments for the 15 year period after benefits have commenced. The deferred compensation expense for 2013, 2012 and 2011, based on the present value of the retirement benefits, was $105 thousand, $91 thousand and $68 thousand, respectively. | |||||||||||||||||
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Taxes | ' | ||||||||||||
Note 10. Income Taxes | |||||||||||||
The current and deferred components of income tax expense (benefit) are as follows: | |||||||||||||
December 31, | |||||||||||||
(dollars in thousands) | 2013 | 2012 | 2011 | ||||||||||
Current | $ | 1,065 | $ | — | $ | 233 | |||||||
Deferred | (3,457 | ) | 945 | (444 | ) | ||||||||
Provision for (benefit from) income taxes | $ | (2,392 | ) | $ | 945 | $ | (211 | ) | |||||
A reconciliation between the provision for (benefit from) income taxes and the amount computed by multiplying income by the current statutory federal income tax rate, for the years ended December 31, 2013, 2012 and 2011, respectively, is as follows: | |||||||||||||
December 31, | |||||||||||||
(dollars in thousands) | 2013 | 2012 | 2011 | ||||||||||
Income tax expense (benefit) at statutory rates | $ | (1,708 | ) | $ | 1,495 | $ | 533 | ||||||
Decrease due to: | |||||||||||||
Tax exempt income | (400 | ) | (285 | ) | (497 | ) | |||||||
Other | (284 | ) | (265 | ) | (247 | ) | |||||||
Provision for (benefit from) income taxes | $ | (2,392 | ) | $ | 945 | $ | (211 | ) | |||||
Deferred income taxes result from timing differences between taxable income and the income for financial reporting purposes. The most significant timing difference relates to the net operating loss carryforward. | |||||||||||||
Cumulative net deferred tax assets consist of the following components at December 31, 2013 and 2012: | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
Deferred tax assets: | |||||||||||||
Allowance for loan losses | $ | 5,021 | $ | 6,915 | |||||||||
Net operating loss carryforward | 7,361 | 1,548 | |||||||||||
Net unrealized loss on securities available for sale | 4,325 | — | |||||||||||
Tax credit carryforward | 2,400 | 994 | |||||||||||
Impairment on securities | 702 | 1,696 | |||||||||||
Interest on nonaccrual loans | 140 | 114 | |||||||||||
Accrued benefit cost | 232 | 755 | |||||||||||
Depreciation and amortization | 361 | 167 | |||||||||||
Home equity line closing cost | 103 | 120 | |||||||||||
Defined benefit plan | 266 | 229 | |||||||||||
Deferred compensation | 143 | 107 | |||||||||||
Accrued compensated absences | 66 | 65 | |||||||||||
Other real estate owned | 275 | 1,116 | |||||||||||
Other | 191 | 133 | |||||||||||
Total deferred tax assets | 21,586 | 13,959 | |||||||||||
Deferred tax liabilities: | |||||||||||||
FHLB dividend | (8 | ) | (8 | ) | |||||||||
Goodwill and other intangible assets | (2,532 | ) | (2,150 | ) | |||||||||
Net unrealized gain on securities available for sale | — | (991 | ) | ||||||||||
Other | (109 | ) | (123 | ) | |||||||||
Total deferred tax liabilities | (2,649 | ) | (3,272 | ) | |||||||||
Net deferred tax asset | $ | 18,937 | $ | 10,687 | |||||||||
The realization of deferred income tax assets is assessed and a valuation allowance is recorded if it is “more likely than not” that all or a portion of the deferred tax asset will not be realized. “More likely than not” is defined as greater than a 50% chance. Management considers all available evidence, both positive and negative, to determine whether, based on the weight of that evidence, a valuation allowance is needed. Management’s assessment is primarily dependent on historical taxable income and projections of future taxable income, which are directly related to the Company’s core earnings capacity and its prospects to generate core earnings in the future. Projections of core earnings and taxable income are inherently subject to uncertainty and estimates that may change given the uncertain economic outlook, banking industry conditions and other factors. Further, management has considered future reversals of existing taxable temporary differences and limited, prudent and feasible tax-planning strategies, such as changes in investment security income (tax-exempt to taxable), additional sales of loans and sales of branches/buildings with an appreciated asset value over the tax basis. Based upon an analysis of available evidence, management has determined that it is “more likely than not” that the Company’s deferred income tax assets as of December 31, 2013 and 2012 will be fully realized and therefore no valuation allowance to the Company’s deferred income tax assets was recorded. However, the Company can give no assurance that in the future its deferred income tax assets will not be impaired because such determination is based on projections of future earnings and the possible effect of certain transactions which are subject to uncertainty and based on estimates that may change due to changing economic conditions and other factors. Due to the uncertainty of estimates and projections, it is possible that the Company will be required to record adjustments to the valuation allowance in future reporting periods. | |||||||||||||
The Company’s ability to realize its deferred income tax assets may be limited if the Company experiences an ownership change as defined by Section 382 of the Internal Revenue Code of 1986, as amended (the “Code”). For additional information see Part I, Item 1A. “Risk Factors” in this Annual Report on Form 10-K. | |||||||||||||
Due primarily to the net operating loss incurred for the years ended December 31, 2010 and 2009, the Company has recorded income taxes receivable, which have been carried back to prior years, of approximately $0 and $2.6 million at December 31, 2013 and 2012, respectively, which are included in other assets on the accompanying consolidated balance sheets. | |||||||||||||
The Company files income tax returns in the U.S. federal jurisdiction and the Commonwealth of Virginia. With few exceptions, the Company is no longer subject to U.S. federal, state and local income tax examinations by tax authorities for years prior to 2010. | |||||||||||||
Earnings_Loss_Per_Common_Share
Earnings (Loss) Per Common Share | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Earnings (Loss) Per Common Share | ' | ||||||||||||
Note 11. Earnings (Loss) Per Common Share | |||||||||||||
The following table shows the weighted average number of common shares used in computing earnings (loss) per common share and the effect on the weighted average number of shares of potential dilutive common stock. Potential dilutive common stock had no effect on earnings (loss) per common share otherwise available to common shareholders for the years ended December 31, 2013, 2012 and 2011. | |||||||||||||
Years Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Weighted average common shares outstanding for basic earnings (loss) per common share | 9,204,847 | 6,050,969 | 6,007,743 | ||||||||||
Effect of dilutive securities, stock options | — | — | — | ||||||||||
Effect of dilutive securities, Series B Preferred Stock | — | — | — | ||||||||||
Weighted average common shares outstanding for diluted earnings (loss) per common share | 9,204,847 | 6,050,969 | 6,007,743 | ||||||||||
Basic (loss) earnings per common share | $ | (0.45 | ) | $ | 0.32 | $ | 0.05 | ||||||
Diluted (loss) earnings per common share | $ | (0.45 | ) | $ | 0.32 | $ | 0.05 | ||||||
Options to acquire 152,287, 182,362 and 218,442 shares of common stock were not included in computing diluted earnings (loss) per common share for the years ended December 31, 2013, 2012 and 2011, respectively, because their effects were anti-dilutive. | |||||||||||||
On June 12, 2013, the Company issued 5,240,192 shares of a new series of non-voting mandatorily convertible non-cumulative preferred stock (the “Series B Preferred Stock”) through private placements to certain investors. For more information related to the conversion rights on these preferred shares, see Note 21 — Preferred Stock and Warrant. For the year ended December 31, 2013, the weighted average dilutive effect of the Series B Preferred Stock would have been 2,914,408 shares, however, these shares were not included in computing diluted earnings (loss) per common share because their effects were anti-dilutive. There was no weighted average dilutive effect of the Series B Preferred Stock for the years ended December 31, 2012 and 2011, respectively. | |||||||||||||
Related_Party_Transactions
Related Party Transactions | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Related Party Transactions | ' | ||||||||
Note 12. Related Party Transactions | |||||||||
During the year, officers, directors, principal stockholders, and their affiliates (related parties) were customers of and had transactions with the Company in the ordinary course of business. In management’s opinion, these transactions were made on substantially the same terms, including interest rates and collateral, as those prevailing at the time for comparable loans to non-related customers and did not involve more than the normal risk of collectability or present other unfavorable features. | |||||||||
Loan activity to related parties is as follows: | |||||||||
(dollars in thousands) | 2013 | 2012 | |||||||
Balance at beginning of year | $ | 9,344 | $ | 11,353 | |||||
Additional borrowings | 1,280 | 1,544 | |||||||
Curtailments | (805 | ) | (3,553 | ) | |||||
Balance at end of year | $ | 9,819 | $ | 9,344 | |||||
At both December 31, 2013 and 2012, there was approximately $3.1 million in available credit that the related parties could draw upon. | |||||||||
Deposits from related parties held by the Company at December 31, 2013 and 2012 amounted to $6.2 million and $6.6 million, respectively. | |||||||||
Stock_Based_Compensation_Plans
Stock Based Compensation Plans | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Stock Based Compensation Plans | ' | ||||||||||||||||
Note 13. Stock Based Compensation Plans | |||||||||||||||||
On September 21, 2000, the Company adopted the Eastern Virginia Bankshares, Inc. 2000 Stock Option Plan (the “2000 Plan”) to provide a means for selected key employees and directors to increase their personal financial interest in the Company, thereby stimulating their efforts and strengthening their desire to remain with the Company. Under the 2000 Plan, up to 400,000 shares of Company common stock could be granted in the form of stock options. On April 17, 2003, the shareholders approved the Eastern Virginia Bankshares, Inc. 2003 Stock Incentive Plan, amending and restating the 2000 Plan (the “2003 Plan”) still authorizing the issuance of up to 400,000 shares of common stock under the plan, but expanding the award types available under the plan to include stock options, stock appreciation rights, common stock, restricted stock and phantom stock. Under the terms of the 2003 Plan document, after April 17, 2013 no awards of shares of common stock may be granted under the 2003 Plan. Any awards previously granted under the 2003 Plan that were outstanding as of April 17, 2013 remain outstanding and will vest, etc. in accordance with their regular terms. | |||||||||||||||||
On April 19, 2007, the Company’s shareholders approved the Eastern Virginia Bankshares, Inc. 2007 Equity Compensation Plan (the “2007 Plan”) to enhance the Company’s ability to recruit and retain officers, directors, employees, consultants and advisors with ability and initiative and to encourage such persons to have a greater financial interest in the Company. The 2007 Plan authorizes the Company to issue up to 400,000 additional shares of common stock pursuant to grants of stock options, stock appreciation rights, common stock, restricted stock, performance shares, incentive awards and stock units. There were 322,000 shares still available to be granted as awards under the 2007 Plan as of December 31, 2013. | |||||||||||||||||
Accounting standards require companies to recognize the cost of employee services received in exchange for awards of equity instruments, such as stock options, based on the fair value of those awards at the date of grant. | |||||||||||||||||
Accounting standards also require that new awards to employees eligible for retirement prior to the awards becoming fully vested be recognized as compensation cost over the period through the date that the employee first becomes eligible to retire and is no longer required to provide service to earn the award. The Company’s stock options granted to eligible participants are being recognized, as required, as compensation cost over the vesting period except in the instance where a participant reaches normal retirement age of 65 prior to the normal vesting date. For the year ended December 31, 2013 there was no stock option compensation expense, compared to stock option compensation expense of $31 thousand and $92 thousand for the same period of 2012 and 2011, respectively, and was included in salaries and employee benefits expense in the consolidated statements of operations. | |||||||||||||||||
Stock option compensation expense is the estimated fair value of options granted, amortized on a straight-line basis over the requisite service period for each stock option award. There were no stock options granted or exercised in 2013, 2012 or 2011. | |||||||||||||||||
A summary of the Company’s stock option activity and related information is as follows: | |||||||||||||||||
Options Outstanding | Weighted Average | Remaining Contractual Life | Aggregate Intrinsic Value | ||||||||||||||
Exercise | (in years) | (in thousands) | |||||||||||||||
Price | |||||||||||||||||
Stock options outstanding at January 1, 2011 | 251,137 | $ | 19.68 | ||||||||||||||
Forfeited | (32,695 | ) | 18.51 | ||||||||||||||
Stock options outstanding at December 31, 2011 | 218,442 | 19.86 | |||||||||||||||
Forfeited | (36,080 | ) | 18.61 | ||||||||||||||
Stock options outstanding at December 31, 2012 | 182,362 | 20.08 | |||||||||||||||
Forfeited | (10,750 | ) | 18.74 | ||||||||||||||
Expired | (19,325 | ) | 28.6 | ||||||||||||||
Stock options outstanding at December 31, 2013 | 152,287 | $ | 19.09 | 2.54 | $ | — | |||||||||||
Stock options exercisable at December 31, 2013 | 152,287 | $ | 19.09 | 2.54 | $ | — | |||||||||||
* | Intrinsic value is the amount by which the fair value of the underlying common stock exceeds the exercise price of a stock option on exercise date. | ||||||||||||||||
As of December 31, 2013, there was no remaining unrecognized compensation expense related to stock options. | |||||||||||||||||
The table below summarizes information concerning stock options outstanding and exercisable at December 31, 2013: | |||||||||||||||||
Stock Options Outstanding | Stock Options Exercisable | ||||||||||||||||
Exercise Price | Number Outstanding | Weighted Average Remaining Term | Exercise Price | Number Exercisable | |||||||||||||
$19.92 | 27,300 | 0.50 years | $19.92 | 27,300 | |||||||||||||
$20.57 | 36,162 | 1.50 years | $20.57 | 36,162 | |||||||||||||
$21.16 | 38,325 | 2.75 years | $21.16 | 38,325 | |||||||||||||
$19.25 | 26,750 | 3.75 years | $19.25 | 26,750 | |||||||||||||
$12.36 | 23,750 | 4.75 years | $12.36 | 23,750 | |||||||||||||
$19.09 | 152,287 | 2.54 years | $19.09 | 152,287 | |||||||||||||
On November 18, 2013, the Company granted 38,000 shares of restricted stock under the 2007 Plan to its executive officers in the form of Troubled Asset Relief Program (“TARP”) compliant restricted stock awards. All of these shares are subject to time vesting over a five year period, and generally vest 40% on the second anniversary of the grant date and 20% on each of the third, fourth and fifth anniversaries of the grant date. On June 29, 2012, the Company granted 34,000 shares of restricted stock under the 2007 Plan to its executive officers in connection with TARP compliant restricted stock awards. All of these shares are subject to time vesting over a five year period, and generally vest 40% on the second anniversary of the grant date and 20% on each of the third, fourth and fifth anniversaries of the grant date. The Company issued no restricted stock in 2011. On July 1, 2009, the Company awarded 18,000 shares of restricted stock to employees. One half of these shares are subject to time vesting at 20% per year over a five year period. The other half of the 18,000 restricted shares granted on July 1, 2009 were performance based. On December 16, 2010, the Company cancelled 8,000 shares of restricted stock previously awarded to its Chief Executive Officer on July 1, 2009 as the award did not contain the terms necessary to comply with the TARP executive compensation restrictions and therefore prevented the employee from accruing or vesting in any portion of the award while the TARP executive compensation restrictions applied. In conjunction with this cancellation, the Company granted a TARP compliant restricted stock award to its Chief Executive Officer in an equal amount of shares and in substantially the same form as previously awarded. On June 30, 2012, any of these performance based shares that had not previously been forfeited for other reasons were forfeited because the Company’s financial achievements for the year ended December 31, 2011 did not meet pre-specified targets for earnings per share or return on equity compared to a defined peer group. | |||||||||||||||||
For the years ended December 31, 2013, 2012 and 2011, restricted stock compensation expense was $32 thousand, $22 thousand and $18 thousand, respectively, and was included in salaries and employee benefits expense in the consolidated statements of operations. Restricted stock compensation expense is accounted for using the fair market value of the Company’s common stock on the date the restricted shares were awarded, which was $6.70 per share for the 2013 award, $3.72 per share for the 2012 award, $3.75 per share for the 2010 award and $8.31 per share for the 2009 awards. | |||||||||||||||||
A summary of the status of the Company’s nonvested shares in relation to the Company’s restricted stock awards as of December 31, 2013, 2012 and 2011, and changes during the years ended December 31, 2013, 2012 and 2011, is presented below; the weighted average price is the weighted average fair value at the date of grant: | |||||||||||||||||
Shares | Weighted- | ||||||||||||||||
Average | |||||||||||||||||
Price | |||||||||||||||||
Nonvested as of January 1, 2011 | 16,500 | $ | 7.29 | ||||||||||||||
Vested | (1,600 | ) | 13.34 | ||||||||||||||
Forfeited | (400 | ) | 17.25 | ||||||||||||||
Nonvested as of December 31, 2011 | 14,500 | 6.35 | |||||||||||||||
Granted | 34,000 | 3.72 | |||||||||||||||
Vested | (1,600 | ) | 13.34 | ||||||||||||||
Forfeited | (7,500 | ) | 5.88 | ||||||||||||||
Nonvested as of December 31, 2012 | 39,400 | 3.89 | |||||||||||||||
Granted | 38,000 | 6.7 | |||||||||||||||
Vested | (3,900 | ) | 4.57 | ||||||||||||||
Nonvested as of December 31, 2013 | 73,500 | $ | 5.3 | ||||||||||||||
At December 31, 2013, there was $339 thousand of total unrecognized compensation expense related to restricted stock awards. This unearned compensation is being amortized over the remaining vesting period for the time based shares. The total fair value of restricted stock awards vested during 2013, 2012 and 2011 was $24 thousand, $7 thousand and $4 thousand, respectively. | |||||||||||||||||
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income (Loss) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Accumulated Other Comprehensive Income (Loss) | ' | ||||||||||||
Note 14. Accumulated Other Comprehensive Income (Loss) | |||||||||||||
The balances in accumulated other comprehensive income (loss) are shown in the following table: | |||||||||||||
Unrealized Securities Gains (Losses) | Adjustments Related to Pension Plan | Accumulated Other Comprehensive Income | |||||||||||
(Loss) | |||||||||||||
(dollars in thousands) | |||||||||||||
Balance at December 31, 2010 | $ | (2,161 | ) | $ | (142 | ) | $ | (2,303 | ) | ||||
Unrealized securities gains (net of tax, $2,967) | 5,759 | — | 5,759 | ||||||||||
Securities gains included in net income (net of tax, $1,083) | (2,103 | ) | — | (2,103 | ) | ||||||||
Change in unfunded pension liability (net of tax, $1,000) | — | (1,940 | ) | (1,940 | ) | ||||||||
Balance at December 31, 2011 | 1,495 | (2,082 | ) | (587 | ) | ||||||||
Unrealized securities gains (net of tax, $1,537) | 2,987 | — | 2,987 | ||||||||||
Securities gains included in net income (net of tax, $1,317) | (2,558 | ) | — | (2,558 | ) | ||||||||
Change in unfunded pension liability (net of tax, $307) | — | 594 | 594 | ||||||||||
Balance at December 31, 2012 | 1,924 | (1,488 | ) | 436 | |||||||||
Unrealized securities losses (net of tax, $4,803) | (9,325 | ) | — | (9,325 | ) | ||||||||
Securities gains included in net loss (net of tax, $512) | (995 | ) | — | (995 | ) | ||||||||
Change in unfunded pension liability (net of tax, $523) | — | 1,016 | 1,016 | ||||||||||
Balance at December 31, 2013 | $ | (8,396 | ) | $ | (472 | ) | $ | (8,868 | ) | ||||
Reclassifications of gains on securities available for sale are reported in the consolidated statements of operations as “Gain on sale of available for sale securities, net” with the corresponding income tax effect being reflected as a component of income tax expense (benefit). During 2013, the Company reported a gain on the sale of available for sale securities of $1.5 million, compared to a gain of $3.9 million in 2012 and a gain of $3.2 million in 2011; the tax effect of these transactions during 2013, 2012 and 2011 was $512 thousand, $1.3 million and $1.1 million, respectively, which was included as a component of income tax expense (benefit). | |||||||||||||
Commitments_and_Contingent_Lia
Commitments and Contingent Liabilities | 12 Months Ended |
Dec. 31, 2013 | |
Commitments and Contingent Liabilities | ' |
Note 15. Commitments and Contingent Liabilities | |
In the normal course of business there are various outstanding commitments and contingent liabilities, which are not reflected in the accompanying financial statements. The Company does not anticipate any material losses as a result of these transactions. See Note 20 — Financial Instruments with Off-Balance Sheet Risk. | |
Dividend_Limitations
Dividend Limitations | 12 Months Ended |
Dec. 31, 2013 | |
Dividend Limitations | ' |
Note 16. Dividend Limitations | |
Dividends may be paid to the Parent by the Bank under formulas established by the appropriate regulatory authorities. Generally, the amount of dividends the Bank may pay to the Parent at any time, without prior approval, is limited to current year to date earnings as of the dividend date plus earnings retained for the two preceding years. | |
On February 17, 2011, the Parent and the Bank entered into a written agreement with the Reserve Bank and the Bureau. The Written Agreement was terminated on July 30, 2013. Under the terms of this written agreement, the Parent and the Bank were subject to additional limitations and regulatory restrictions and could not declare or pay dividends to its shareholders (including payments by the Parent on its trust preferred securities or preferred stock) and could not purchase or redeem shares of its stock without prior regulatory approval. See Note 26 — Regulatory Agreements. | |
On September 5, 2013, the Parent and the Bank entered into a memorandum of understanding with the Reserve Bank and the Bureau. The MOU was terminated effective March 13, 2014. Under the terms of this MOU, the Parent and the Bank were subject to additional limitations and regulatory restrictions and could not declare or pay dividends to its shareholders (including payments by the Parent on its trust preferred securities or preferred stock) and could not purchase or redeem shares of its stock without prior regulatory approval. See Note 26 — Regulatory Agreements. | |
Regulatory_Matters
Regulatory Matters | 12 Months Ended | ||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||
Regulatory Matters | ' | ||||||||||||||||||||||||||
Note 17. Regulatory Matters | |||||||||||||||||||||||||||
The Company and the Bank are subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Company’s and the Bank’s financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Company and the Bank must meet specific capital guidelines that involve quantitative measures of their assets, liabilities, and certain off-balance sheet items as calculated under regulatory accounting practices. The capital amounts and classification are also subject to qualitative judgments by the regulators about components (such as interest rate risk), risk weightings and other factors. Prompt corrective action provisions are not applicable to bank holding companies. | |||||||||||||||||||||||||||
Quantitative measures established by regulation to ensure capital adequacy require the Company and the Bank to maintain minimum amounts and ratios (set forth in the following table) of total and Tier 1 Capital (as defined in the regulations) to risk-weighted assets (as defined) and of Tier 1 capital (as defined) to average assets (as defined). For the Company, Tier 1 Capital consists of shareholders’ equity and qualifying trust preferred securities, excluding any net unrealized gain (loss) on securities available for sale, disallowed deferred tax assets, goodwill and intangible assets. For the Bank, Tier 1 Capital consists of shareholders’ equity excluding any net unrealized gain (loss) on securities available for sale, disallowed deferred tax assets, goodwill and intangible assets. For the Company and the Bank, total capital consists of Tier 1 Capital and the allowable portion of the allowance for loan losses, excluding any investments in unconsolidated subsidiaries. Risk-weighted assets for the Company and the Bank were $658.9 million and $658.6 million, respectively at December 31, 2013 and $673.1 million and $671.6 million, respectively at December 31, 2012. Management believes, as of December 31, 2013 and 2012, that the Company and the Bank met all capital adequacy requirements to which they are subject. | |||||||||||||||||||||||||||
For information concerning the Written Agreement and the MOU, see Note 26 — Regulatory Agreements. | |||||||||||||||||||||||||||
During 2013, the federal bank regulatory agencies adopted rules to implement the Basel III capital framework and a revised risk weighting framework, and other related changes to the prompt corrective action framework. For a summary of these regulatory changes, see Part I, Item 1 of this Annual Report on Form 10-K, under “Regulation and Supervision — Capital Requirements.” | |||||||||||||||||||||||||||
As of December 31, 2013, the most recent notification from the Reserve Bank categorized the Bank as well capitalized under the regulatory framework for prompt corrective action. To be categorized as well capitalized, an institution must maintain minimum total risk-based, Tier 1 risk-based, and Tier 1 leverage ratios as set forth in the following tables. There are no conditions or events since the notification that management believes have changed the Bank’s category. The Company’s and the Bank’s actual capital amounts and ratios as of December 31, 2013 and 2012 are also presented in the table. | |||||||||||||||||||||||||||
Actual | Minimum Capital Requirement | Minimum To Be Well Capitalized Under Prompt Corrective Action Provision | |||||||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||
As of December 31, 2013: | |||||||||||||||||||||||||||
Total capital to risk weighted assets: | |||||||||||||||||||||||||||
Company | $ | 128,345 | 19.48 | % | $ | 52,710 | 8 | % | N/A | N/A | |||||||||||||||||
Bank | 92,038 | 13.98 | % | 52,685 | 8 | % | $ | 65,856 | 10 | % | |||||||||||||||||
Tier 1 capital to risk weighted assets: | |||||||||||||||||||||||||||
Company | $ | 120,031 | 18.22 | % | $ | 26,355 | 4 | % | N/A | N/A | |||||||||||||||||
Bank | 83,728 | 12.71 | % | 26,342 | 4 | % | $ | 39,514 | 6 | % | |||||||||||||||||
Tier 1 capital to average assets: | |||||||||||||||||||||||||||
Company | $ | 120,031 | 12.06 | % | $ | 39,803 | 4 | % | N/A | N/A | |||||||||||||||||
Bank | 83,728 | 8.43 | % | 39,731 | 4 | % | $ | 49,664 | 5 | % | |||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||
As of December 31, 2012: | |||||||||||||||||||||||||||
Total capital to risk weighted assets: | |||||||||||||||||||||||||||
Company | $ | 93,400 | 13.88 | % | $ | 53,846 | 8 | % | N/A | N/A | |||||||||||||||||
Bank | 89,425 | 13.32 | % | 53,725 | 8 | % | $ | 67,156 | 10 | % | |||||||||||||||||
Tier 1 capital to risk weighted assets: | |||||||||||||||||||||||||||
Company | $ | 85,071 | 12.64 | % | $ | 26,923 | 4 | % | N/A | N/A | |||||||||||||||||
Bank | 81,115 | 12.08 | % | 26,862 | 4 | % | $ | 40,294 | 6 | % | |||||||||||||||||
Tier 1 capital to average assets: | |||||||||||||||||||||||||||
Company | $ | 85,071 | 8.13 | % | $ | 41,875 | 4 | % | N/A | N/A | |||||||||||||||||
Bank | 81,115 | 7.76 | % | 41,815 | 4 | % | $ | 52,268 | 5 | % | |||||||||||||||||
Dividend_Reinvestment_and_Stoc
Dividend Reinvestment and Stock Purchase Plan | 12 Months Ended |
Dec. 31, 2013 | |
Dividend Reinvestment and Stock Purchase Plan | ' |
Note 18. Dividend Reinvestment and Stock Purchase Plan | |
The Company has a Dividend Reinvestment and Stock Purchase Plan (the “DRIP”), which provides for the automatic conversion of dividends into common stock for enrolled shareholders. The DRIP also permits participants to make voluntary cash payments of up to $20 thousand per shareholder per calendar quarter for the purchase of additional shares of the Company’s common stock. When the administrator of the DRIP purchases shares of common stock from the Company, the purchase price will generally be the market value of the common stock on the purchase date as defined by the Nasdaq Stock Market. When the administrator purchases shares of common stock in the open market, the purchase price will be the weighted average of the prices actually paid for the shares for the relevant purchase date, excluding all fees, brokerage commissions, and expenses. When the administrator purchases shares of common stock in privately negotiated transactions, the purchase price will be the weighted average of the prices actually paid for the shares for the relevant purchase date, excluding all fees, brokerage commissions, and expenses. Effective March 1, 2012, the DRIP was amended and restated to effect certain design changes to the plan, but not to change the number of shares issuable thereunder. Effective August 15, 2012, the issuance of common stock under the DRIP was temporarily suspended during the Company’s continued deferral of cumulative dividends on its Series A Fixed Rate Cumulative Perpetual Preferred Stock. | |
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Fair Value Measurements | ' | ||||||||||||||||||||
Note 19. Fair Value Measurements | |||||||||||||||||||||
Fair value is defined 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. U.S. GAAP requires that valuation techniques maximize the use of observable inputs and minimize the use of unobservable inputs. U.S. GAAP also establishes a fair value hierarchy which prioritizes the valuation inputs into three broad levels. Based on the underlying inputs, each fair value measurement in its entirety is reported in one of the three levels. These levels are: | |||||||||||||||||||||
• | Level 1 — Valuation is based upon quoted prices (unadjusted) for identical instruments traded in active markets. | ||||||||||||||||||||
• | Level 2 — Valuation is based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model based valuation techniques for which all significant assumptions are observable in the market or can be corroborated by observable market data for substantially the full term of the assets or liabilities. | ||||||||||||||||||||
• | Level 3 — Valuation is determined using model-based techniques with significant assumptions not observable in the market. | ||||||||||||||||||||
U.S. GAAP allows an entity the irrevocable option to elect fair value (the fair value option) for the initial and subsequent measurement for certain financial assets and liabilities on a contract-by-contract basis. The Company has not made any fair value option elections as of December 31, 2013. | |||||||||||||||||||||
Following is a description of the valuation methodologies used for instruments measured at fair value, as well as the general classification of such instruments pursuant to the valuation hierarchy. | |||||||||||||||||||||
Assets Measured at Fair Value on a Recurring Basis | |||||||||||||||||||||
Securities Available For Sale. Securities available for sale are recorded at fair value on a recurring basis. Fair value measurement is based upon quoted market prices, when available (Level 1). If quoted market prices are not available, fair values are measured utilizing independent valuation techniques of identical or similar securities for which significant assumptions are derived primarily from or corroborated by observable market data. Third party vendors compile prices from various sources and may determine the fair value of identical or similar securities by using pricing models that consider observable market data (Level 2). In certain cases where there is limited activity or less transparency around inputs to the valuation, securities are classified within Level 3 of the valuation hierarchy. Currently, all of the Company’s available for sale securities are considered to be Level 2 securities. | |||||||||||||||||||||
The following table summarizes financial assets measured at fair value on a recurring basis as of December 31, 2013 and 2012, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value: | |||||||||||||||||||||
Assets Measured at Fair Value on a Recurring Basis at December 31, 2013 Using | |||||||||||||||||||||
Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs | Significant Unobservable Inputs | Balance at December 31, 2013 | ||||||||||||||||||
(Level 2) | (Level 3) | ||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||
Assets | |||||||||||||||||||||
Securities available for sale | |||||||||||||||||||||
Obligations of U.S. Government agencies | $ | — | $ | 13,390 | $ | — | $ | 13,390 | |||||||||||||
SBA Pool securities | — | 86,035 | — | 86,035 | |||||||||||||||||
Agency mortgage-backed securities | — | 35,254 | — | 35,254 | |||||||||||||||||
Agency CMO securities | — | 41,378 | — | 41,378 | |||||||||||||||||
Non agency CMO securities | — | 1,306 | — | 1,306 | |||||||||||||||||
State and political subdivisions | — | 56,342 | — | 56,342 | |||||||||||||||||
Pooled trust preferred securities | — | 749 | — | 749 | |||||||||||||||||
FNMA and FHLMC preferred stock | — | 481 | — | 481 | |||||||||||||||||
Total securities available for sale | $ | — | $ | 234,935 | $ | — | $ | 234,935 | |||||||||||||
Assets Measured at Fair Value on a Recurring Basis at December 31, 2012 Using | |||||||||||||||||||||
Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs | Significant Unobservable Inputs | Balance at December 31, 2012 | ||||||||||||||||||
(Level 2) | (Level 3) | ||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||
Assets | |||||||||||||||||||||
Securities available for sale | |||||||||||||||||||||
Obligations of U.S. Government agencies | $ | — | $ | 13,467 | $ | — | $ | 13,467 | |||||||||||||
SBA Pool securities | — | 82,751 | — | 82,751 | |||||||||||||||||
Agency mortgage-backed securities | — | 31,714 | — | 31,714 | |||||||||||||||||
Agency CMO securities | — | 61,936 | — | 61,936 | |||||||||||||||||
Non agency CMO securities | — | 2,199 | — | 2,199 | |||||||||||||||||
State and political subdivisions | — | 83,217 | — | 83,217 | |||||||||||||||||
Pooled trust preferred securities | — | 759 | — | 759 | |||||||||||||||||
FNMA and FHLMC preferred stock | — | 276 | — | 276 | |||||||||||||||||
Corporate securities | — | 594 | — | 594 | |||||||||||||||||
Total securities available for sale | $ | — | $ | 276,913 | $ | — | $ | 276,913 | |||||||||||||
Assets Measured at Fair Value on a Non-Recurring Basis | |||||||||||||||||||||
Certain assets are measured at fair value on a non-recurring basis in accordance with U.S. GAAP. These adjustments to fair value usually result from the application of fair value accounting or impairment write-downs of individual assets. | |||||||||||||||||||||
Impaired Loans. Loans are designated as impaired when, in the judgment of management based on current information and events, it is probable that all amounts due according to the contractual terms of the loan agreement will not be collected. The measurement of loss associated with impaired loans can be based on either the observable market price of the loan or the fair value of the collateral. Collateral may be in the form of real estate or business assets including equipment, inventory, and accounts receivable. The vast majority of the collateral is real estate. The value of real estate collateral is determined utilizing an income or market valuation approach based on an appraisal conducted by an independent, licensed appraiser outside of the Company using observable market data (Level 2). However, if the collateral value is significantly adjusted due to differences in the comparable properties, or is discounted by the Company because of marketability, then the fair value is considered Level 3. | |||||||||||||||||||||
The value of business equipment is based upon an outside appraisal if deemed significant, or the net book value on the applicable business’s financial statements if not considered significant. Likewise, values for inventory and accounts receivables collateral are based on financial statement balances or aging reports (Level 3). Impaired loans allocated to the allowance for loan losses are measured at fair value on a non-recurring basis. Any fair value adjustments are recorded in the period incurred as provision for loan losses on the consolidated statements of operations. | |||||||||||||||||||||
Other Real Estate Owned. Other real estate owned (“OREO”) is measured at fair value less cost to sell, based on an appraisal conducted by an independent, licensed appraiser outside of the Company. If the collateral value is significantly adjusted due to differences in the comparable properties, or is discounted by the Company because of marketability, then the fair value is considered Level 3. OREO is measured at fair value on a non-recurring basis. Any initial fair value adjustment is charged against the allowance for loan losses. Subsequent fair value adjustments are recorded in the period incurred and included in other noninterest expense on the consolidated statements of operations. | |||||||||||||||||||||
The following table summarizes assets measured at fair value on a non-recurring basis as of December 31, 2013 and 2012, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value: | |||||||||||||||||||||
Assets Measured at Fair Value on a Non-Recurring Basis at December 31, 2013 Using | |||||||||||||||||||||
Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs | Significant Unobservable Inputs | Balance at December 31, 2013 | ||||||||||||||||||
(Level 2) | (Level 3) | ||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||
Assets | |||||||||||||||||||||
Impaired loans | $ | — | $ | — | $ | 16,086 | $ | 16,086 | |||||||||||||
Other real estate owned | $ | — | $ | — | $ | 800 | $ | 800 | |||||||||||||
Assets Measured at Fair Value on a Non-Recurring Basis at December 31, 2012 Using | |||||||||||||||||||||
Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs | Significant Unobservable Inputs | Balance at December 31, 2012 | ||||||||||||||||||
(Level 2) | (Level 3) | ||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||
Assets | |||||||||||||||||||||
Impaired loans | $ | — | $ | — | $ | 18,569 | $ | 18,569 | |||||||||||||
Other real estate owned | $ | — | $ | — | $ | 4,747 | $ | 4,747 | |||||||||||||
The following table displays quantitative information about Level 3 Fair Value Measurements as of December 31, 2013 and 2012: | |||||||||||||||||||||
Quantitative information about Level 3 Fair Value Measurements at December 31, 2013 | |||||||||||||||||||||
Fair Value | Valuation Technique(s) | Unobservable Input | Range (Weighted Average) | ||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||
Assets | |||||||||||||||||||||
Impaired loans | $ | 16,086 | Discounted | Selling cost | 0% – 32% (12%) | ||||||||||||||||
appraised value | |||||||||||||||||||||
Discount for lack of | 0% – 20% (6%) | ||||||||||||||||||||
marketability and age | |||||||||||||||||||||
of appraisal | |||||||||||||||||||||
Other real estate owned | $ | 800 | Discounted | Selling cost | 10% (10%) | ||||||||||||||||
appraised value | |||||||||||||||||||||
Discount for lack of | 0% – 28% (13%) | ||||||||||||||||||||
marketability and age | |||||||||||||||||||||
of appraisal | |||||||||||||||||||||
Quantitative information about Level 3 Fair Value Measurements at December 31, 2012 | |||||||||||||||||||||
Fair Value | Valuation Technique(s) | Unobservable Input | Range (Weighted Average) | ||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||
Assets | |||||||||||||||||||||
Impaired loans | $ | 18,569 | Discounted | Selling cost | 7% – 32% (12%) | ||||||||||||||||
appraised value | |||||||||||||||||||||
Discount for lack of | 0% – 50% (15%) | ||||||||||||||||||||
marketability and age | |||||||||||||||||||||
of appraisal | |||||||||||||||||||||
Other real estate owned | $ | 4,747 | Discounted | Selling cost | 10% – 15% (10%) | ||||||||||||||||
appraised value | |||||||||||||||||||||
Discount for lack of | 0% – 56% (6%) | ||||||||||||||||||||
marketability and age | |||||||||||||||||||||
of appraisal | |||||||||||||||||||||
Fair Value of Financial Instruments | |||||||||||||||||||||
U.S. GAAP requires disclosure of the fair value of financial assets and financial liabilities, including those financial assets and financial liabilities that are not measured and reported at fair value on a recurring basis or non-recurring basis. The methodologies and assumptions for estimating the fair value of financial assets and financial liabilities that are measured at fair value on a recurring or non-recurring basis are discussed above. The methodologies and assumptions for other financial assets and financial liabilities are discussed below: | |||||||||||||||||||||
Cash and Short-Term Investments. For those short-term instruments, the carrying amount is a reasonable estimate of fair value. | |||||||||||||||||||||
Investment Securities. For securities and marketable equity securities held for investment purposes, fair values are based on quoted market prices or dealer quotes. For other securities held as investments, fair value equals quoted market price, if available. If a quoted market price is not available, fair value is estimated using quoted prices for similar securities. All securities prices are provided by independent third party vendors. | |||||||||||||||||||||
Restricted Securities. The carrying amount approximates fair value based on the redemption provisions of the correspondent banks. | |||||||||||||||||||||
Loans. The fair value of performing loans is estimated by discounting the future cash flows using the current rates at which similar loans would be made to borrowers with similar remaining maturities. This calculation ignores loan fees and certain factors affecting the interest rates charged on various loans such as the borrower’s creditworthiness and compensating balances and dissimilar types of real estate held as collateral. The fair value of impaired loans is measured as described within the Impaired Loans section of this note. | |||||||||||||||||||||
Bank Owned Life Insurance. Bank owned life insurance represents insurance policies on officers of the Company. The cash values of the policies are estimated using information provided by insurance carriers. These policies are carried at their cash surrender value, which approximates the fair value. | |||||||||||||||||||||
Deposits. The fair value of demand deposits, savings accounts, and certain money market deposits is the amount payable on demand at the reporting date. The fair value of fixed maturity certificates of deposit is estimated using market rates for deposits of similar remaining maturities. | |||||||||||||||||||||
Short-Term Borrowings. The carrying amounts of federal funds purchased and other short-term borrowings maturing within 90 days approximate their fair values. Fair values of other short-term borrowings are estimated using discounted cash flow analyses based on the current incremental borrowing rates for similar types of borrowing arrangements. | |||||||||||||||||||||
Long-Term Borrowings. The fair values of the Company’s long-term borrowings are estimated using discounted cash flow analyses based on the Company’s current incremental borrowing rates for similar types of borrowing arrangements. | |||||||||||||||||||||
Accrued Interest Receivable and Accrued Interest Payable. The carrying amounts of accrued interest approximate fair value. | |||||||||||||||||||||
Off-Balance Sheet Financial Instruments. The fair value of commitments to extend credit is estimated using the fees currently charged to enter similar agreements, taking into account the remaining terms of the agreements and the present credit worthiness of the counterparties. For fixed-rate loan commitments, fair value also considers the difference between current levels of interest rates and the committed rates. | |||||||||||||||||||||
The fair value of standby letters of credit is based on fees currently charged for similar agreements or on the estimated cost to terminate them or otherwise settle the obligations with the counterparties at the reporting date. The fair value of guarantees of credit card accounts previously sold is based on the estimated cost to settle the obligations with the counterparty at the reporting date. At December 31, 2013 and 2012, the fair value of loan commitments, standby letters of credit and credit card guarantees are not significant and are not included in the table below. | |||||||||||||||||||||
The estimated fair value and the carrying value of the Company’s recorded financial instruments are as follows: | |||||||||||||||||||||
Fair Value Measurements at December 31, 2013 Using | |||||||||||||||||||||
Carrying Amount | Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | Balance at December 31, 2013 | |||||||||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||
Assets: | |||||||||||||||||||||
Cash and short-term investments | $ | 13,944 | $ | 13,944 | $ | — | $ | — | $ | 13,944 | |||||||||||
Interest bearing deposits with banks | 5,402 | 5,402 | — | — | 5,402 | ||||||||||||||||
Securities available for sale | 234,935 | — | 234,935 | — | 234,935 | ||||||||||||||||
Securities held to maturity | 35,495 | — | 34,521 | — | 34,521 | ||||||||||||||||
Restricted securities | 5,549 | — | 5,549 | — | 5,549 | ||||||||||||||||
Loans, net | 642,430 | — | — | 653,125 | 653,125 | ||||||||||||||||
Bank owned life insurance | 21,158 | — | 21,158 | — | 21,158 | ||||||||||||||||
Accrued interest receivable | 3,893 | — | 3,893 | — | 3,893 | ||||||||||||||||
Total | $ | 962,806 | $ | 19,346 | $ | 300,056 | $ | 653,125 | $ | 972,527 | |||||||||||
Liabilities: | |||||||||||||||||||||
Noninterest-bearing demand deposits | $ | 126,861 | $ | 126,861 | $ | — | $ | — | $ | 126,861 | |||||||||||
Interest-bearing deposits | 707,601 | — | 614,747 | — | 614,747 | ||||||||||||||||
Short-term borrowings | 44,949 | 44,949 | — | — | 44,949 | ||||||||||||||||
Trust preferred debt | 10,310 | — | 10,310 | — | 10,310 | ||||||||||||||||
Accrued interest payable | 1,324 | — | 1,324 | — | 1,324 | ||||||||||||||||
Total | $ | 891,045 | $ | 171,810 | $ | 626,381 | $ | — | $ | 798,191 | |||||||||||
Fair Value Measurements at December 31, 2012 Using | |||||||||||||||||||||
Carrying Amount | Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | Balance at December 31, 2012 | |||||||||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||
Assets: | |||||||||||||||||||||
Cash and short-term investments | $ | 16,762 | $ | 16,762 | $ | — | $ | — | $ | 16,762 | |||||||||||
Interest bearing deposits with banks | 29,837 | 29,837 | — | — | 29,837 | ||||||||||||||||
Securities available for sale | 276,913 | — | 276,913 | — | 276,913 | ||||||||||||||||
Restricted securities | 9,251 | — | 9,251 | — | 9,251 | ||||||||||||||||
Loans, net | 664,330 | — | — | 659,818 | 659,818 | ||||||||||||||||
Bank owned life insurance | 10,678 | — | 10,678 | — | 10,678 | ||||||||||||||||
Accrued interest receivable | 4,223 | — | 4,223 | — | 4,223 | ||||||||||||||||
Total | $ | 1,011,994 | $ | 46,599 | $ | 301,065 | $ | 659,818 | $ | 1,007,482 | |||||||||||
Liabilities: | |||||||||||||||||||||
Noninterest-bearing demand deposits | $ | 116,717 | $ | 116,717 | $ | — | $ | — | $ | 116,717 | |||||||||||
Interest-bearing deposits | 721,656 | — | 717,035 | — | 717,035 | ||||||||||||||||
Short-term borrowings | 2,942 | 2,942 | — | — | 2,942 | ||||||||||||||||
Long-term borrowings | 117,500 | — | 126,739 | — | 126,739 | ||||||||||||||||
Trust preferred debt | 10,310 | — | 10,310 | — | 10,310 | ||||||||||||||||
Accrued interest payable | 1,673 | — | 1,673 | — | 1,673 | ||||||||||||||||
Total | $ | 970,798 | $ | 119,659 | $ | 855,757 | $ | — | $ | 975,416 | |||||||||||
The Company assumes interest rate risk (the risk that general interest rate levels will change) as a result of the Company’s normal operations. As a result, the fair values of the Company’s financial instruments will change when interest rate levels change and that change may be either favorable or unfavorable to the Company. The Company attempts to match maturities of assets and liabilities to the extent believed necessary to minimize interest rate risk. However, borrowers with fixed rate obligations are less likely to prepay in a rising rate environment. Conversely, depositors who are receiving fixed rates are more likely to withdraw funds before maturity in a rising rate environment and less likely to do so in a falling rate environment. The Company monitors rates and maturities of assets and liabilities and attempts to minimize interest rate risk by adjusting terms of new loans and deposits and by investing in securities with terms that mitigate the Company’s overall interest rate risk. | |||||||||||||||||||||
Financial_Instruments_with_Off
Financial Instruments with Off-Balance Sheet Risk | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Financial Instruments with Off-Balance Sheet Risk | ' | ||||||||
Note 20. Financial Instruments with Off-Balance Sheet Risk | |||||||||
In the normal course of business, the Company is a party to financial instruments with off-balance sheet risk. These financial instruments include commitments to extend credit, standby letters of credit, guarantees of credit card accounts previously sold and potential repurchase obligations related to previously sold loans, and involve, to varying degrees, elements of credit and interest rate risk in excess of the amount recognized in the consolidated balance sheet. The contract or notional amounts of these instruments reflect the extent of the Company’s involvement in particular classes of financial instruments. | |||||||||
The Company’s exposure to credit loss in the event of nonperformance by the other party to the financial instrument for commitments to extend credit, standby letters of credit and guarantees of credit card accounts previously sold is represented by the contractual notional amount of those instruments. The Company uses the same credit policies in making commitments and conditional obligations as it does for on-balance sheet instruments. | |||||||||
Unless otherwise noted, the Company does not require collateral or other security to support financial instruments with credit risk. | |||||||||
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. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since many of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. The Company evaluates each customer’s credit worthiness on a case-by-case basis. The amount of collateral obtained, if deemed necessary by the Company upon extension of credit, is based on management’s credit evaluation of the counterparty. Collateral held varies but may include property, plant and equipment and income-producing commercial properties. | |||||||||
Unfunded commitments under commercial lines of credit, revolving credit lines and overdraft protection agreements are commitments for possible future extensions of credit to existing customers. These lines of credit are usually uncollateralized and do not always contain a specified maturity date and may not be drawn upon to the total extent to which the Company is committed. | |||||||||
Standby letters of credit are conditional commitments issued by the Company to guarantee the performance of a customer to a third party. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loan facilities to customers. The Company has not incurred any losses on its commitments in either 2013 or 2012. | |||||||||
The amounts of loan commitments and standby letters of credit are set forth in the following table as of December 31, 2013 and 2012: | |||||||||
December 31, | |||||||||
(dollars in thousands) | 2013 | 2012 | |||||||
Loan commitments | $ | 102,703 | $ | 98,922 | |||||
Standby letters of credit | $ | 7,114 | $ | 6,851 | |||||
In connection with the sale of its credit card loan portfolio, the Company has guaranteed credit card accounts of certain customers to the bank that purchased the accounts. At December 31, 2013 and 2012, the guarantees totaled $964 thousand and $731 thousand, respectively, of which the outstanding balance of the guarantees was $385 thousand and $327 thousand, respectively. As of December 31, 2013, the Company does not anticipate any significant or material losses as a result of the guaranteed credit card accounts. | |||||||||
Preferred_Stock_and_Warrant
Preferred Stock and Warrant | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Preferred Stock and Warrant | ' | ||||||||||||
Note 21. Preferred Stock and Warrant | |||||||||||||
On January 9, 2009, the Company signed a definitive agreement with the U.S. Department of the Treasury (the “Treasury”) under the Emergency Economic Stabilization Act of 2008 to participate in the Treasury’s Capital Purchase Program. Pursuant to this agreement, the Company sold 24,000 shares of its Series A fixed rate cumulative perpetual preferred stock, liquidation value $1,000 per share (the “Series A Preferred Stock”), to the Treasury for an aggregate purchase price of $24 million. The Series A Preferred Stock pays a cumulative dividend at a rate of 5% for the first five years, and if not redeemed, pays a rate of 9% starting at the beginning of the sixth year. As part of its purchase of the Series A Preferred Stock, the Treasury was also issued a warrant to purchase up to 373,832 shares of the Company’s common stock at an initial exercise price of $9.63 per share. If not exercised, the warrant expires after ten years. On October 21, 2013, the Treasury sold all 24,000 shares of Series A Preferred Stock that were held by Treasury to private investors. | |||||||||||||
Accounting for the issuance of the Series A Preferred Stock included entries to the equity portion of the Company’s consolidated balance sheet to recognize the Series A Preferred Stock at the full amount of the issuance, the warrant and discount on the Series A Preferred Stock at values calculated by discounting the future cash flows by a prevailing interest rate that a similar security would receive in the current market environment. At the time of issuance, that discount rate was determined to be 12%. The fair value of the warrant of $950 thousand was calculated using the Black-Scholes model with inputs of 7 year volatility, average rate of quarterly dividends, 7 year Treasury strip rate and the exercise price of $9.63 per share exercisable for up to 10 years. The present value of the Series A Preferred Stock using a 12% discount rate was $14.4 million. The Series A Preferred Stock discount determined by the allocation of discount to the warrant is being accreted quarterly over a 5 year period on a constant effective yield method at a rate of approximately 6.4%. Allocation of the Series A Preferred Stock discount and the warrant as of January 9, 2009 is provided in the tables below: | |||||||||||||
Warrant Value | 2009 | ||||||||||||
Series A Preferred Stock | $ | 24,000,000 | |||||||||||
Price | $ | 9.63 | |||||||||||
Warrant – shares | 373,832 | ||||||||||||
Value per warrant | $ | 2.54 | |||||||||||
Fair value of warrant | $ | 949,533 | |||||||||||
(dollars in thousands) | |||||||||||||
NPV of Series A Preferred Stock | Fair | Relative Value % | Relative Value | ||||||||||
@ 12% discount rate | Value | ||||||||||||
$24 million 1/09/2009 | |||||||||||||
NPV of Series A Preferred Stock (12% discount rate) | $ | 14,446 | 93.8 | % | $ | 22,519 | |||||||
Fair value of warrant | 950 | 6.2 | % | 1,481 | |||||||||
$ | 15,396 | 100 | % | $ | 24,000 | ||||||||
On February 17, 2011, the Parent and the Bank entered into a written agreement with the Reserve Bank and the Bureau. The Written Agreement was terminated on July 30, 2013. Under the terms of this written agreement, the Parent and the Bank were subject to additional limitations and regulatory restrictions and could not declare or pay dividends to its shareholders (including payments by the Parent related to trust preferred securities) without prior regulatory approval. See Note 26 — Regulatory Agreements. | |||||||||||||
On September 5, 2013, the Parent and the Bank entered into a memorandum of understanding with the Reserve Bank and the Bureau. The MOU was terminated effective March 13, 2014. Under the terms of the MOU, the Parent and the Bank were subject to additional limitations and regulatory restrictions and could not declare or pay dividends to its shareholders (including payment by the Parent related to trust preferred securities) without prior regulatory approval. See Note 26 — Regulatory Agreements. | |||||||||||||
On February 15, 2014, the Company deferred its thirteenth consecutive dividend on the Series A Preferred Stock. Deferral of dividends on the Series A Preferred Stock does not constitute an event of default. Dividends on the Series A Preferred Stock are, however, cumulative, and the Company has accumulated the dividends in accordance with the terms of the Series A Preferred Stock and U.S. GAAP and reflected the accumulated dividends as a portion of the effective dividend on Series A Preferred Stock on the consolidated statements of operations. As of December 31, 2013, the Company had accumulated $3.6 million for dividends on the Series A Preferred Stock. In addition, because dividends on the Series A Preferred Stock have not been paid for more than six quarters, the authorized number of directors on the Company’s Board of Directors has increased by two, and the holders of the Series A Preferred Stock have the right, voting as a class, to elect two directors to the Company’s Board of Directors at the next annual meeting (or a special meeting called for that purpose) and each annual meeting until all owed and unpaid dividends on the Series A Preferred Stock have been paid. To date the holders of the Series A Preferred Stock have not yet exercised this right. | |||||||||||||
In connection with its private placements, on June 12, 2013, the Company issued 5,240,192 shares of its Series B Preferred Stock for a gross purchase price of $23.8 million, or $4.55 per share. The Series B Preferred Stock has no maturity date. The holders of Series B Preferred Stock are entitled to receive dividends if, as and when declared by the Company’s Board of Directors, in an identical form of consideration and at the same time, as those dividends or distributions that would have been payable on the number of whole shares of the Company’s common stock that such shares of Series B Preferred Stock would be convertible into upon satisfaction of certain conditions. The Company will not pay any dividends with respect to its common stock unless an equivalent dividend also is paid to the holders of Series B Preferred Stock. The Series B Preferred Stock ranks junior with regard to dividends to any class or series of capital stock of the Company the terms of which expressly provide that such class or series will rank senior to the common stock or the Series B Preferred Stock as to dividend rights and/or as to rights on liquidation, dissolution or winding up of the Company, including the Series A Preferred Stock. | |||||||||||||
For a summary of the terms of the Series B Preferred Stock, including the conditions under which shares of Series B Preferred Stock convert into shares of the Company’s common stock, see the Company’s Current Report on Form 8-K filed with the SEC on June 14, 2013 and the exhibits thereto. | |||||||||||||
Related_Party_Leases
Related Party Leases | 12 Months Ended |
Dec. 31, 2013 | |
Related Party Leases | ' |
Note 22. Related Party Leases | |
The Bank has entered into a long-term land lease with a related party to provide for space for one branch located in Hartfield, Virginia. This lease has been classified as an operating lease for financial reporting purposes. The lease term was extended for an additional ten years during 2013 and now expires on May 31, 2023 with annual lease payments of approximately $8 thousand. Future minimum lease payments required over the remaining term of this non-cancelable operating lease total $73 thousand. Under the terms of the lease, the Bank has multiple options to extend the lease term beyond May 31, 2023. Total lease expense was $8 thousand for each of the years 2013, 2012 and 2011, respectively. | |
Lease_Commitments
Lease Commitments | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Lease Commitments | ' | ||||
Note 23. Lease Commitments | |||||
The Company currently has long-term leases for four of its retail branches and one for a former retail branch. Four of the leases are for the retail branch buildings and one lease is for the land on which the Company owned retail branch is located. The leases provide for options to renew for various periods. Pursuant to the terms of these leases, the following is a schedule, by year, of future minimum lease payments required under the long-term non-cancelable lease agreements. | |||||
(dollars in thousands) | Lease Payments | ||||
2014 | $ | 282 | |||
2015 | 224 | ||||
2016 | 182 | ||||
2017 | 140 | ||||
2018 | 129 | ||||
Thereafter | 50 | ||||
$ | 1,007 | ||||
Rent expense for the years ended December 31, 2013, 2012 and 2011 was $337 thousand, $397 thousand and $413 thousand, respectively, and was included in occupancy and equipment expenses. | |||||
Common_Stock_Repurchases
Common Stock Repurchases | 12 Months Ended |
Dec. 31, 2013 | |
Common Stock Repurchases | ' |
Note 24. Common Stock Repurchases | |
In January 2001, the Company announced a stock repurchase program by which management was authorized to repurchase up to 300,000 shares of the Company’s common stock. This plan was amended in 2003 and the number of shares by which management is authorized to repurchase is up to 5% of the outstanding shares of the Company’s common stock on January 1 of each year. There is no stated expiration date for the program. During 2013, 2012 and 2011, the Company did not repurchase any of its common stock. | |
In connection with the Company’s sale to the Treasury of its Series A Preferred Stock under the Capital Purchase Program, as previously described, prior to January 9, 2012, the Company generally could not purchase any of its common stock without the consent of the Treasury. See Note 21 — Preferred Stock and Warrant. | |
In connection with the Written Agreement with the Reserve Bank and the Bureau, as previously described, the Company was subject to additional limitations and regulatory restrictions and could not purchase or redeem shares of its stock without prior regulatory approval. The Written Agreement was terminated on July 30, 2013. See Note 26 — Regulatory Agreements. | |
In connection with the MOU with the Reserve Bank and the Bureau, as previously described, the Company was subject to additional limitations and regulatory restrictions and could not purchase or redeem shares of its stock without prior regulatory approval. The MOU was terminated effective March 13, 2014. See Note 26 — Regulatory Agreements | |
Condensed_Parent_Company_Only_
Condensed Parent Company Only Financial Information | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Condensed Parent Company Only Financial Information | ' | ||||||||||||
Note 25. Condensed Parent Company Only Financial Information | |||||||||||||
The condensed financial position as of December 31, 2013 and 2012 and the condensed results of operations and cash flows for each of the years in the three-year period ended December 31, 2013, of Eastern Virginia Bankshares, Inc., parent company only, are presented below: | |||||||||||||
Condensed Balance Sheets | |||||||||||||
December 31, 2013 and 2012 | |||||||||||||
(dollars in thousands) | |||||||||||||
2013 | 2012 | ||||||||||||
Assets | |||||||||||||
Cash on deposit with subsidiary | $ | 35,168 | $ | 2,994 | |||||||||
Investment in subsidiaries | 107,039 | 106,523 | |||||||||||
Deferred income taxes, net | 232 | 755 | |||||||||||
Prepaid benefit cost | 520 | — | |||||||||||
Other assets | 1,393 | 1,587 | |||||||||||
Total assets | $ | 144,352 | $ | 111,859 | |||||||||
Liabilities and Shareholders' Equity | |||||||||||||
Trust preferred debt | $ | 10,310 | $ | 10,310 | |||||||||
Accrued benefit cost | — | 1,019 | |||||||||||
Other liabilities | 1,093 | 819 | |||||||||||
Total shareholders’ equity | 132,949 | 99,711 | |||||||||||
Total liabilities and shareholders’ equity | $ | 144,352 | $ | 111,859 | |||||||||
Condensed Statements of Operations | |||||||||||||
Years Ended December 31, 2013, 2012 and 2011 | |||||||||||||
(dollars in thousands) | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Income: | |||||||||||||
Interest on deposit with subsidiary | $ | 123 | $ | 19 | $ | 32 | |||||||
Interest on subordinated debt | — | — | 321 | ||||||||||
Total income | 123 | 19 | 353 | ||||||||||
Expenses: | |||||||||||||
Interest on trust preferred debt | 352 | 361 | 332 | ||||||||||
Professional fees | 275 | 295 | 344 | ||||||||||
Other | 204 | 169 | 162 | ||||||||||
Total expenses | 831 | 825 | 838 | ||||||||||
Loss before income tax benefit and equity in undistributed net income (loss) of subsidiary | (708 | ) | (806 | ) | (485 | ) | |||||||
Income tax benefit | (241 | ) | (274 | ) | (165 | ) | |||||||
Loss before equity in undistributed net income (loss) of subsidiary | (467 | ) | (532 | ) | (320 | ) | |||||||
Equity in undistributed net income (loss) of subsidiary | (2,165 | ) | 3,984 | 2,097 | |||||||||
Net income (loss) | $ | (2,632 | ) | $ | 3,452 | $ | 1,777 | ||||||
Condensed Statements of Cash Flows | |||||||||||||
Years Ended December 31, 2013, 2012 and 2011 | |||||||||||||
(dollars in thousands) | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Operating activities: | |||||||||||||
Net income (loss) | $ | (2,632 | ) | $ | 3,452 | $ | 1,777 | ||||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||||||||||||
Equity in undistributed net (income) loss of subsidiary | 2,165 | (3,984 | ) | (2,097 | ) | ||||||||
Stock based compensation | 32 | 53 | 110 | ||||||||||
Net change in: | |||||||||||||
Other assets | 194 | (844 | ) | (320 | ) | ||||||||
Other liabilities | 273 | 358 | 282 | ||||||||||
Net cash provided by (used in) operating activities | 32 | (965 | ) | (248 | ) | ||||||||
Investing activities: | |||||||||||||
Subordinated debt to subsidiary | — | — | 11,000 | ||||||||||
Increase in investment in subsidiary | (13,000 | ) | — | (11,000 | ) | ||||||||
Net cash used in investing activities | (13,000 | ) | — | — | |||||||||
Financing activities: | |||||||||||||
Issuance of common stock under dividend reinvestment and employee stock plans | — | 37 | 80 | ||||||||||
Director stock grant | 32 | 23 | 22 | ||||||||||
Net proceeds from issuance of common stock in private placements and rights offering | 23,550 | — | — | ||||||||||
Net proceeds from issuance of preferred stock in private | 21,560 | — | — | ||||||||||
placements | |||||||||||||
Net cash provided by financing activities | 45,142 | 60 | 102 | ||||||||||
Net increase (decrease) in cash on deposit with subsidiary | 32,174 | (905 | ) | (146 | ) | ||||||||
Cash on deposit with subsidiary, January 1 | 2,994 | 3,899 | 4,045 | ||||||||||
Cash on deposit with subsidiary, December 31 | $ | 35,168 | $ | 2,994 | $ | 3,899 | |||||||
Regulatory_Agreements
Regulatory Agreements | 12 Months Ended |
Dec. 31, 2013 | |
Regulatory Agreements | ' |
Note 26. Regulatory Agreements | |
On February 17, 2011, the Parent and the Bank entered into a written agreement with the Reserve Bank and the Bureau. The Written Agreement was terminated on July 30, 2013. The Written Agreement had required the Bank, among other things, to develop plans for improving numerous aspects of the Bank’s operations and management, required the Bank to improve asset quality, restricted certain types of credit extensions and imposed a number of measures designed to preserve the Bank’s capital. | |
On September 5, 2013, the Parent and the Bank entered into a memorandum of understanding with the Reserve Bank and the Bureau. The MOU was terminated effective March 13, 2014. | |
Under the terms of the MOU, the Parent and the Bank had agreed that the Parent would not, without prior written approval of the Reserve Bank and the Bureau, (a) declare or pay dividends of any kind, or make any payments on the Parent’s trust preferred securities; (b) incur or guarantee any debt; or (c) purchase or redeem any shares of the Parent’s stock. In addition, under the MOU the Parent and the Bank had agreed to review and revise the allowance for loan and lease losses methodology (“ALLL”), and on a quarterly basis submit to the Reserve Bank and the Bureau a copy of the internally calculated ALLL worksheet. | |
Management believes, as of December 31, 2013, that the Parent and Bank were in full or substantial compliance with the terms of the MOU. | |
Capital_Raise
Capital Raise | 12 Months Ended |
Dec. 31, 2013 | |
Capital Raise | ' |
Note 27. Capital Raise | |
During 2013, the Company completed a capital raising initiative (the “Capital Raise”), which resulted in $50.0 million in gross proceeds for which the Company issued, in the aggregate, approximately 5.7 million shares of common stock and 5.2 million shares of Series B Preferred Stock, each at $4.55 per share. The Capital Raise was comprised of two components (i) private placements to institutional investors and (ii) a rights offering for existing shareholders. | |
In connection with the first component of the Capital Raise, on March 26, 2013, the Company entered into securities purchase agreements with affiliates of Castle Creek Capital Partners (“Castle Creek”) and GCP Capital Partners (“GCP Capital”) and certain other institutional investors pursuant to which it closed the private placements on June 12, 2013 and raised aggregate gross proceeds of $45.0 million through private placements of approximately 4.6 million shares of common stock and 5.2 million shares of Series B Preferred Stock, each at $4.55 per share (the “Private Placements”). For more information related to the preferred shares issued in the Private Placements, see Note 21 — Preferred Stock and Warrant. | |
In connection with the second component of the Capital Raise, on March 26, 2013, the Company announced plans to conduct a $5.0 million rights offering to allow existing shareholders to purchase common stock at the same price per share as the investors in the Private Placements. The closing of the Rights Offering was conditioned on the closing of the Private Placements. On July 5, 2013, the Company closed on its Rights Offering to existing shareholders which raised aggregate gross proceeds of $5.0 million through the issuance of 1.1 million newly issued shares of the Company’s common stock. After issuing 1.1 million newly subscribed common shares in the Rights Offering, the Company had approximately 11.8 million total common shares outstanding. | |
Subsequent_Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2013 | |
Subsequent Events | ' |
Note 28. Subsequent Events | |
Effective March 13, 2014, the MOU was terminated by the Reserve Bank and the Bureau. | |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | ||
Dec. 31, 2013 | |||
Principles of Consolidation | ' | ||
Principles of Consolidation | |||
The accompanying consolidated financial statements include the accounts of the Parent, the Bank and its subsidiaries, collectively referred to as the “Company.” All significant intercompany balances and transactions have been eliminated in consolidation. In addition, the Parent owns the Trust which is an unconsolidated subsidiary. The subordinated debt owed to this trust is reported as a liability of the Parent. | |||
Nature of Operations | ' | ||
Nature of Operations | |||
Eastern Virginia Bankshares, Inc. is a bank holding company headquartered in Tappahannock, Virginia that was organized and chartered under the laws of the Commonwealth of Virginia on September 5, 1997 and commenced operations on December 29, 1997. The Company conducts its primary operations through its wholly-owned bank subsidiary, EVB. Two of EVB’s three predecessor banks, Bank of Northumberland, Inc. and Southside Bank, were established in 1910. The third bank, Hanover Bank, was established as a de novo bank in 2000. In April 2006, these three banks were merged and the surviving bank was re-branded as EVB. The Bank provides a full range of banking and related financial services to individuals and businesses through its network of retail branches. With twenty-one retail branches, the Bank serves diverse markets that primarily are in the counties of Essex, Gloucester, Hanover, Henrico, King and Queen, King William, Lancaster, Middlesex, New Kent, Richmond, Northumberland, Southampton, Surry, Sussex and the City of Colonial Heights. During October 2013, the Bank closed its Old Church branch located in Hanover County. The decision to close this branch was based on several factors including declining branch activity and an absence of community or business initiatives for economic expansion in or around the area in the near future. The Bank operates under a state bank charter and as such is subject to regulation by the Virginia State Corporation Commission Bureau of Financial Institutions (the “Bureau”) and the Board of Governors of the Federal Reserve System (the “Federal Reserve”). | |||
The Bank owns EVB Financial Services, Inc., which in turn has a 100% ownership interest in EVB Investments, Inc. and through March 31, 2011 a 50% ownership interest in EVB Mortgage, LLC. EVB Investments, Inc. is a full-service brokerage firm offering a comprehensive range of investment services. EVB Mortgage, LLC was formed to originate and sell residential mortgages. Due to the uncertainties surrounding potential regulatory pressures regarding the origination and funding of mortgage loans on one to four family residences, the Company decided in March 2011 to cease the operations of EVB Mortgage, LLC as a joint venture with Southern Trust Mortgage, LLC. On April 1, 2011, the Company entered into an independent contractor agreement with Southern Trust Mortgage, LLC. Under the terms of this agreement, the Company advises and consults with Southern Trust Mortgage, LLC and facilitates the marketing and brand recognition of their mortgage business. In addition, the Company provides Southern Trust Mortgage, LLC with offices at five retail branches in the Company’s market area and access to office equipment at those locations during normal working hours. For its services, the Company receives fixed monthly compensation from Southern Trust Mortgage, LLC in the amount of $1 thousand, which is adjustable on a quarterly basis. The Bank has a 75% ownership interest in EVB Title, LLC, which primarily sold title insurance to the mortgage loan customers of the Bank and EVB Mortgage, LLC. Effective January 2014, the Bank has ceased operations of EVB Title, LLC due to low volume and profitability. The Bank has a 2.33% ownership in Bankers Insurance, LLC, which primarily sells insurance products to customers of the Bank, and other financial institutions that have an equity interest in the agency. The Bank also has a 100% ownership interest in Dunston Hall LLC, POS LLC, Tartan Holdings LLC and ECU-RE LLC which were formed to hold the title to real estate acquired by the Bank upon foreclosure on property of real estate secured loans. The financial position and operating results of all of these subsidiaries are not significant to the Company as a whole and are not considered principal activities of the Company at this time. The Company’s common stock trades on the NASDAQ Global Select Market under the symbol “EVBS.” | |||
Use of Estimates | ' | ||
Use of Estimates | |||
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change in the near term relate to the determination of the allowance for loan losses, impairment of loans, impairment of securities, the valuation of other real estate owned, the projected benefit obligation under the defined benefit pension plan, the valuation of deferred taxes, goodwill impairment and fair value of financial instruments. In the opinion of management, all adjustments, consisting only of normal recurring adjustments, which are necessary for a fair presentation of the results of operations in these financial statements, have been made. | |||
Reclassifications | ' | ||
Reclassifications | |||
Certain prior year amounts have been reclassified to conform to the 2013 presentation. Specifically, Bank owned life insurance was previously included as a component of Other assets on the consolidated balance sheets. This reclassification had no effect on previously reported net income (loss). | |||
Significant Group Concentrations of Credit Risk | ' | ||
Significant Group Concentrations of Credit Risk | |||
Substantially all of the Company’s lending activities are with customers located in Virginia. At December 31, 2013 and 2012, respectively, 48.4% and 49.5% of the Company’s loan portfolio consisted of real estate loans secured by one to four family residential properties, which includes closed end first and second mortgages as well as home equity lines. In addition, at December 31, 2013 and 2012, the Company had $23.5 million and $26.1 million of loans to the hospitality industry (hotels, motels, inns, etc.). These amounts represent 9.7% and 10.8% of the Company’s total commercial real estate loans and 25.5% and 29.2% of the Bank’s total risk-based capital at December 31, 2013 and 2012, respectively. This concentration of loans exceeds established supervisory guidelines of 25% of the Bank’s total risk-based capital. The Company does not have any significant loan concentrations to any one customer. Note 3 discusses the Company’s lending activities. | |||
The Company invests in a variety of securities and does not have any significant securities concentrations in any one industry or to any one issuer. Note 2 discusses the Company’s investment activities. | |||
At December 31, 2013 and 2012, the Company’s cash and due from banks included three commercial bank deposit accounts that were in excess of the Federal Deposit Insurance Corporation (“FDIC”) insured limit of $250,000 per institution by approximately $6.9 million and $9.9 million, respectively. | |||
Cash and Cash Equivalents | ' | ||
Cash and Cash Equivalents | |||
For purposes of the consolidated statements of cash flows, cash and cash equivalents includes cash and due from banks, interest bearing deposits with banks and federal funds sold, which all mature within ninety days. | |||
Restrictions on Cash and Due from Bank Accounts | ' | ||
Restrictions on Cash and Due from Bank Accounts | |||
The Company is required to maintain average reserve balances in cash with the Federal Reserve Bank of Richmond (the “Reserve Bank”). The Company had a reserve requirement with the Reserve Bank for December 31, 2013 and 2012 but it was covered by internal holdings. | |||
Investment Securities | ' | ||
Investment Securities | |||
The accounting and measurement framework for our investment securities differs depending on the security classification. We classify investment securities as available for sale or held to maturity based on our investment strategy and management’s assessment of our intent and ability to hold the securities until maturity. Management determines the appropriate classification of investment securities at the time of purchase. If management has the intent and the Company has the ability at the time of purchase to hold the investment securities to maturity, they are classified as investment securities held to maturity and are stated at amortized cost, adjusted for amortization of premiums and accretion of discounts using the interest method. Investment securities which the Company may not hold to maturity are classified as investment securities available for sale, as management has the intent and ability to hold such investment securities for an indefinite period of time, but not necessarily to maturity. Any decision to sell investment securities available for sale would be based on various factors, including, but not limited to, asset/liability management strategies, changes in interest rates or prepayment risks, liquidity needs, or regulatory capital considerations. Investment securities available for sale are carried at fair value, with unrealized gains and losses, net of related deferred income taxes, included in shareholders’ equity as a separate component of other comprehensive income. Gains or losses are recognized in earnings on the trade date using the amortized cost of the specific security sold. Premiums and discounts are amortized or accreted into interest income using the interest method over the terms of the securities. | |||
Impairment of securities occurs when the fair value of a security is less than its amortized cost. For debt securities, impairment is considered other-than-temporary and recognized in its entirety in net income if either (i) the Company intends to sell the security or (ii) it is more likely than not that the Company will be required to sell the security before recovery of its amortized cost basis. If, however, the Company does not intend to sell the security and it is not more likely than not that the Company will be required to sell the security before recovery, the Company must determine what portion of the impairment is attributable to a credit loss, which occurs when the amortized cost basis of the security exceeds the present value of the cash flows expected to be collected from the security. If there is no credit loss, there is no other-than-temporary impairment. If there is a credit loss, other-than-temporary impairment exists, and the credit loss must be recognized in net income and the remaining portion of impairment must be recognized in other comprehensive income. | |||
For equity securities, impairment is considered to be other-than-temporary based on the Company’s ability and intent to hold the investment until a recovery of fair value. Other-than-temporary impairment of an equity security results in a write-down that must be included in net income. The Company regularly reviews each investment security for other-than-temporary impairment based on criteria that include the extent to which cost exceeds market price, the duration of that market decline, the financial health of and specific prospects for the issuer, the Company’s best estimate of the present value of cash flows expected to be collected from debt securities, the Company’s intention with regard to holding the security to maturity and the likelihood that the Company would be required to sell the security before recovery. | |||
Restricted Securities | ' | ||
Restricted Securities | |||
As a requirement for membership, the Company invests in the stock of the Federal Home Loan Bank (“FHLB”) of Atlanta, Community Bankers Bank (“CBB”), and the Reserve Bank. These investments are carried at cost. | |||
Loans | ' | ||
Loans | |||
The Company offers an array of lending and credit services to customers including mortgage, commercial and consumer loans. A substantial portion of the loan portfolio is represented by mortgage loans in the Company’s market area. The ability of the Company’s debtors to honor their contracts is dependent upon the real estate and general economic conditions in the Company’s market area. Loans that management has both the intent and ability to hold for the foreseeable future or until maturity or pay-off generally are stated at their outstanding unpaid principal balances adjusted for charge-offs, the allowance for loan losses, and net of any deferred fees or costs on originated loans. Interest income is accrued on the unpaid principal balance. Loan origination fees, net of certain direct origination costs, are deferred and recognized as an adjustment to the yield (interest income) of the related loans. The Company is amortizing these amounts over the contractual life of the related loans. | |||
The past due status of a loan is based on the contractual due date of the most delinquent payment due. Loans, including impaired loans, are generally classified as nonaccrual if they are past due as to maturity or payment of principal or interest for a period of more than 90 days, unless such loans are well-secured and in the process of collection. Loans greater than 90 days past due may remain on an accrual status if management determines it has adequate collateral to cover the principal and interest. If a loan or a portion of a loan is adversely classified, or is partially charged off, the loan is generally classified as nonaccrual. Additionally, whenever management becomes aware of facts or circumstances that may adversely impact the collectability of principal or interest on loans, it is management’s practice to place such loans on a nonaccrual status immediately, rather than delaying such action until the loans become 90 days past due. | |||
When a loan is placed on nonaccrual status, previously accrued and uncollected interest is reversed, and the amortization of related deferred loan fees or costs is suspended. While a loan is classified as nonaccrual and the future collectability of the recorded loan balance is doubtful, collections of interest and principal are generally applied as a reduction to principal outstanding. When the future collectability of the recorded loan balance is expected, interest income may be recognized on a cash basis. In the case where a nonaccrual loan has been partially charged off, recognition of interest on a cash basis is limited to that which would have been recognized on the recorded loan balance at the contractual interest rate. Cash interest receipts in excess of that amount are recorded as recoveries to the allowance for loan losses until prior charge-offs have been fully recovered. These policies are applied consistently across the Company’s loan portfolio. | |||
Loans may be returned to accrual status when all principal and interest amounts contractually due (including arrearages) are reasonably assured of repayment within an acceptable period of time, and there is a sustained period of repayment performance by the borrower, in accordance with the contractual terms of interest and principal. | |||
A loan is considered impaired when, based on current information and events, it is probable that the Company will be unable to collect the scheduled payments of principal or interest when due, according to the contractual terms of the loan agreement. Impaired loans are stated at their outstanding unpaid principal balances adjusted for charge-offs, the allowance for loan losses, and net of any deferred fees or costs on originated loans (recorded investment). Factors considered by management in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment shortfalls generally are not classified as impaired. The Company determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record, and the amount of the shortfall in relation to the principal and interest owed. Impairment is measured on a loan-by-loan basis for real estate (including multifamily residential, construction, farmland and non-farm, non-residential) and commercial loans, by either the present value of expected cash flows discounted at the loan’s effective interest rate, the loan’s obtainable market price, or the fair value of collateral if the loan is collateral dependent. Large groups of smaller balance homogeneous loans, representing consumer, one to four family residential first and seconds and home equity lines, are collectively evaluated for impairment. Accordingly, the Company does not separately identify the individual consumer and one to four family residential loans for impairment disclosures, except for troubled debt restructurings (“TDR”) as noted below. | |||
A loan is accounted for as a TDR if the Company, for economic or legal reasons related to the borrower’s financial condition, grants a concession to the borrower that it would not otherwise consider. TDRs are considered impaired loans. A TDR may involve the receipt of assets from the debtor in partial or full satisfaction of the loan, or a modification of terms such as a reduction of the stated interest rate, the forbearance of principal and interest payments for a specified period, the conversion from an amortizing loan to an interest-only loan for a specified period, or some combination of these concessions. These concessions can be temporary and are done in an attempt to avoid foreclosure and are made with the intent to restore the loan to a performing status once sufficient payment history can be demonstrated. TDRs generally remain on nonaccrual status until a six-month payment history is sustained. As of December 31, 2013 and 2012, the Company had $20.2 million and $9.5 million of loans classified as TDRs. | |||
Allowance for Loan Losses | ' | ||
Allowance for Loan Losses | |||
The allowance for loan losses is a reserve for estimated credit losses on individually evaluated loans determined to be impaired as well as estimated credit losses inherent in the loan portfolio, and is based on periodic evaluations of the collectability and historical loss experience of loans. A provision for loan losses, which is a charge against earnings, is recorded to bring the allowance for loan losses to a level that, in management’s judgment, is appropriate to absorb probable losses in the loan portfolio. Actual credit losses are deducted from the allowance for loan losses for the difference between the carrying value of the loan and the estimated net realizable value or fair value of the collateral, if collateral dependent. The following general charge-off guidelines apply: | |||
• | Management believes that the collectability of the principal is unlikely regardless of delinquency status. | ||
• | If unsecured, the loan will be charged-off in full no later than 120 days after its payment due date if a closed-end credit. | ||
• | If unsecured, the loan will be charged-off in full no later than 180 days after its payment due date if an open-ended credit. | ||
• | If secured, the outstanding principal balance of the loan will be charged-off generally after the collateral has been liquidated and sale proceeds applied to the balance. | ||
Subsequent recoveries, if any, are credited to the allowance for loan losses. | |||
The Company's ALL Committee is responsible for assessing the overall appropriateness of the allowance for loan losses and monitoring the Company's allowance for loan losses methodology, particularly in the context of current economic conditions and a rapidly changing regulatory environment. The ALL Committee at least annually reviews the Company's allowance for loan losses methodology. | |||
During 2013, the ALL Committee reviewed, with input from and consultation with independent external parties, the allowance for loan losses methodology with a specific focus on whether the Company should use migration analysis instead of historical loan loss experience on balances collectively evaluated for impairment. Migration analysis tracks the movement of loans through various loan classifications in order to estimate the percentage of losses likely to be incurred in a loan portfolio. In addition to evaluating multiple scenarios using migration analysis over a period of time, the ALL Committee engaged an independent third party to audit the Company’s existing allowance for loan losses methodology and validate its migration analysis. After this review, the ALL Committee determined that the Company should modify its methodology to use migration analysis in the calculation of the allowance for loan losses, effective December 31, 2013. | |||
For prior financial periods ending with the third quarter of 2013, historical loan loss experience was calculated using a rolling three year average of historical loan loss experience. Beginning with the quarter ended December 31, 2013, the Company calculated the allowance for loan losses based on a migration analysis of loans, segmented by an identical risk grading system or past due grading system, depending on type of loan as previously used with the historical loan loss experience methodology. Other adjustments may be made to the allowance for loan losses for pools of loans after an assessment of internal and external factors on credit quality that are not fully reflected in the past due or risk grading data. The Company believes this change in methodology provides a more accurate evaluation of the potential risk in our loan portfolio and establishes a stronger focus on areas of weakness and strength within the portfolio. A tabular presentation comparing the provision for loan losses for the year ended December 31, 2013 calculated using the current methodology, to the provision as would have been calculated for the same period using the former methodology, can be found in Note 3. | |||
The allocation methodology applied by the Company includes management’s ongoing review and grading of the loan portfolio into criticized loan categories (defined as specific loans warranting either specific allocation, or a classified status of substandard, doubtful or loss). The allocation methodology focuses on evaluation of several factors, including but not limited to: evaluation of facts and issues related to specific loans, management’s ongoing review and grading of the loan portfolio, consideration of migration analysis and delinquency experience on each portfolio category, trends in past due and nonaccrual loans, the level of classified loans, the risk characteristics of the various classifications of loans, changes in the size and character of the loan portfolio, concentrations of loans to specific borrowers or industries, existing economic conditions, the fair value of underlying collateral, and other qualitative and quantitative factors which could affect potential credit losses. Because each of the criteria used is subject to change, the allocation of the allowance for loan losses is made for analytical purposes and is not necessarily indicative of the trend of future loan losses in any particular loan category. The total allowance is available to absorb losses from any segment of the portfolio. In determining the allowance for loan losses, the Company considers its portfolio segments and loan classes to be the same. | |||
The allowance for loan losses is comprised of a specific allowance for identified problem loans and a general allowance representing estimations done pursuant to either Financial Accounting Standards Board (“FASB”) ASC Topic 450 “Accounting for Contingencies”, or FASB ASC Topic 310 “Accounting by Creditors for Impairment of a Loan.” The specific component relates to loans that are classified as impaired, and is established when the discounted cash flows (or collateral value or observable market price) of the impaired loan is lower than the carrying value of that loan. For collateral dependent loans, an updated appraisal will be ordered if a current one is not on file. Appraisals are performed by independent third-party appraisers with relevant industry experience. Adjustments to the appraised value may be made based on recent sales of like properties or general market conditions when deemed appropriate. The general component covers non-classified or performing loans and those loans classified as substandard, doubtful or loss that are not impaired. The general component is based on migration analysis adjusted for qualitative factors, such as economic conditions, interest rates and unemployment rates. The Company uses a risk grading system for real estate (including multifamily residential, construction, farmland and non-farm, non-residential) and commercial loans. Loans are graded on a scale from 1 to 9. Non-impaired real estate and commercial loans are assigned an allowance factor which increases with the severity of risk grading. A general description of the characteristics of the risk grades is as follows: | |||
Pass Grades | |||
• | Risk Grade 1 loans have little or no risk and are generally secured by cash or cash equivalents; | ||
• | Risk Grade 2 loans have minimal risk to well qualified borrowers and no significant questions as to safety; | ||
• | Risk Grade 3 loans are satisfactory loans with strong borrowers and secondary sources of repayment; | ||
• | Risk Grade 4 loans are satisfactory loans with borrowers not as strong as risk grade 3 loans but may exhibit a higher degree of financial risk based on the type of business supporting the loan; and | ||
• | Risk Grade 5 loans are loans that warrant more than the normal level of supervision and have the possibility of an event occurring that may weaken the borrower’s ability to repay. | ||
Special Mention | |||
• | Risk Grade 6 loans have increasing potential weaknesses beyond those at which the loan originally was granted and if not addressed could lead to inadequately protecting the Company’s credit position. | ||
Classified Grades | |||
• | Risk Grade 7 loans are substandard loans and are inadequately protected by the current sound worth or paying capacity of the obligor or the collateral pledged. These have well defined weaknesses that jeopardize the liquidation of the debt with the distinct possibility the Company will sustain some loss if the deficiencies are not corrected; | ||
• | Risk Grade 8 loans are doubtful of collection and the possibility of loss is high but pending specific borrower plans for recovery, its classification as a loss is deferred until its more exact status is determined; and | ||
• | Risk Grade 9 loans are loss loans which are considered uncollectable and of such little value that their continuance as a bank asset is not warranted. | ||
The Company uses a past due grading system for consumer loans, including one to four family residential first and seconds and home equity lines. The past due status of a loan is based on the contractual due date of the most delinquent payment due. The past due grading of consumer loans is based on the following categories: current, 1 – 29 days past due, 30 – 59 days past due, 60 – 89 days past due and over 90 days past due. The consumer loans are segregated between performing and nonperforming loans. Performing loans are those that have made timely payments in accordance with the terms of the loan agreement and are not past due 90 days or more. Nonperforming loans are those that do not accrue interest or are greater than 90 days past due and accruing interest. Non-impaired consumer loans are assigned an allowance factor which increases with the severity of past due status. This component of the allowance reflects the margin of imprecision inherent in the underlying assumptions used in the methodologies for estimating specific and general losses in the loan portfolio. | |||
Management believes that the level of the allowance for loan losses is appropriate in light of the credit quality and anticipated risk of loss in the loan portfolio. While management uses available information to recognize losses on loans, future additions to the allowance for loan losses may be necessary based on changes in economic conditions. In addition, various regulatory agencies, as an integral part of their examination process, periodically review the Company’s allowance for loan losses. Such agencies may require the Company to recognize additions to the allowance for loan losses through increased provisions for loan losses or may require that certain loan balances be charged-off or downgraded into classified loan categories when their credit evaluations differ from those of management based on their judgments about information available to them at the time of their examinations. | |||
Transfers of Financial Assets | ' | ||
Transfers of Financial Assets | |||
Transfers of financial assets are accounted for as sales when control over the assets has been surrendered. Control over financial assets is deemed to be surrendered when: 1) the assets have been isolated from the Company, so as to be presumptively beyond reach of the Company and its creditors, even in bankruptcy or other receivership; 2) the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets; and 3) the Company does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity or the ability to unilaterally cause the holder to return specific assets. | |||
Off-Balance Sheet Financial Instruments | ' | ||
Off-Balance Sheet Financial Instruments | |||
In the ordinary course of business, the Company has entered into off-balance sheet financial instruments consisting of commitments to extend credit, commercial letters of credit, standby letters of credit and guarantees of previously sold credit card accounts. Such financial instruments are recorded in the financial statements when they become payable. | |||
Other Real Estate Owned | ' | ||
Other Real Estate Owned | |||
Real estate acquired through, or in lieu of, foreclosure is held for sale and is stated at the estimated fair market value of the property, less estimated disposal costs, if any. Cost includes loan principal and accrued interest. Any excess of cost over the estimated fair market value less costs to sell at the time of acquisition is charged to the allowance for loan losses. The estimated fair market value is reviewed periodically by management and any write-downs are charged against current earnings. Development and improvement costs relating to property are capitalized. Net operating income or expenses of such properties are included in collection, repossession and other real estate owned expenses. | |||
Bank Premises and Equipment | ' | ||
Bank Premises and Equipment | |||
Land is carried at cost with no depreciation. Premises and equipment are stated at cost, less accumulated depreciation. Depreciation is computed generally by the straight-line method for financial reporting purposes. Depreciation for tax purposes is computed based on accelerated methods. It is the Company’s policy for maintenance and repairs to be charged to expense as incurred and to capitalize major additions and improvements and depreciate the cost thereof over the estimated useful lives. | |||
Upon sale or retirement of depreciable properties, the cost and related accumulated depreciation are netted against proceeds and any resulting gain or loss is reflected in income. | |||
Goodwill and Intangible Assets | ' | ||
Goodwill and Intangible Assets | |||
The excess of the cost of an acquisition over the fair value of the net assets acquired consists primarily of goodwill, core deposit intangibles, and other identifiable intangibles. Acquired intangible assets (such as core deposit intangibles) are separately recognized if the benefit of the asset can be sold, transferred, licensed, rented or exchanged, and are amortized over their useful life. Goodwill is not amortized but is subject to impairment tests on at least an annual basis or earlier whenever an event occurs indicating that goodwill may be impaired. In assessing the recoverability of the Company’s goodwill, all of which was recognized in connection with the acquisition of branches in 2003 and 2008, the Company must make assumptions in order to determine the fair value of the respective assets. Any impairment of goodwill will be recognized as an expense in the period of impairment and such impairment could be material. Accounting guidance permits preliminary assessment of qualitative factors to determine whether more substantial impairment testing is required. The Company chose to bypass the preliminary assessment and conduct a full goodwill impairment analysis on an annual basis. The Company completes the annual goodwill impairment test during the fourth quarter of each year. Based on annual testing, there were no impairment charges in 2013, 2012 or 2011. | |||
During the third quarter of 2010, the Company sold certain 1-4 family residential mortgage loans and retained the right to service the loans sold. Upon sale, a mortgage servicing rights asset was capitalized in the amount of $214 thousand, which represents the then current fair value of future net cash flows expected to be realized for performing servicing activities. Mortgage servicing rights are amortized in proportion to and over the period of estimated net servicing income, which is 4 years. Mortgage servicing rights, net of accumulated amortization, amounted to $40 thousand and $94 thousand at December 31, 2013 and 2012, respectively, and are included in other assets in the consolidated balance sheets. The Company earns fees for servicing these residential mortgage loans. These fees are generally calculated on the outstanding principal balance of the loans serviced and are recorded as income when earned. Loan servicing income amounted to $35 thousand, $44 thousand and $58 thousand for the years ended December 31, 2013 2012 and 2011, respectively and is included in other operating income in the consolidated statements of operations. | |||
Income Taxes | ' | ||
Income Taxes | |||
The Company determines deferred income tax assets and liabilities using the liability (or balance sheet) method. Under this method, the net deferred tax asset or liability is determined annually for differences between the financial statement and tax bases of assets and liabilities that will result in taxable or deductible amounts in the future based on enacted tax laws and rates applicable to the periods in which the differences are expected to affect taxable income. Income tax expense is the tax payable or refundable for the period plus or minus the change during the period in deferred tax assets and liabilities. Deferred taxes are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. | |||
When tax returns are filed, it is highly certain that some positions taken would be sustained upon examination by the taxing authorities, while others are subject to uncertainty about the merits of the position taken or the amount of the position that would be ultimately sustained. The benefit of a tax position is recognized in the financial statements in the period during which, based on all available evidence, management believes it is more likely than not that the position will be sustained upon examination, including the resolution of appeals or litigation processes, if any. Tax positions taken are not offset or aggregated with other positions. Tax positions that meet the more-likely-than-not recognition threshold are measured as the largest amount of tax benefit that is more than 50 percent likely of being realized upon settlement with the applicable taxing authority. The portion of the benefits associated with tax positions taken that exceeds the amount measured as described above is reflected as a liability for unrecognized tax benefits in the consolidated balance sheets along with any associated interest and penalties that would be payable to the taxing authorities upon examination. Interest and penalties associated with unrecognized tax benefits are classified as additional income taxes in the consolidated statements of operations. The Company did not have any uncertain tax positions for the periods ending December 31, 2013, 2012 or 2011. | |||
Retirement Plan | ' | ||
Retirement Plan | |||
The Company has historically maintained a defined benefit pension plan. Effective January 28, 2008, the Company took action to freeze the plan with no additional contributions for a majority of participants. Employees age 55 or greater or with 10 years of credited service were grandfathered in the plan. No additional participants have been added to the plan. The plan was again amended on February 28, 2011, to freeze the plan with no additional contributions for grandfathered participants. Benefits for all participants have remained frozen in the plan since such action was taken. Effective January 1, 2012, the plan was amended and restated as a cash balance plan. Under a cash balance plan, participant benefits are stated as an account balance. An opening account balance was established for each participant based on the lump sum value of his or her accrued benefit as of December 31, 2011 in the original defined benefit pension plan. Each participant’s account will be credited with an “interest” credit each year. The interest rate for each year is determined as the average annual interest rate on the 2 year U.S. Treasury securities for the month of December preceding the plan year. See Note 9 — Employee Benefit Plans. | |||
Stock Compensation Plans | ' | ||
Stock Compensation Plans | |||
At December 31, 2013, the Company had two stock based compensation plans. The Company accounts for these plans under the provisions of FASB ASC Topic 718 “Compensation — Stock Compensation.” Compensation expense for grants of restricted shares is accounted for using the fair market value of the Company’s common stock on the date the restricted shares are awarded. Compensation expense for grants of stock options is accounted for at fair value as determined using the Black-Scholes option-pricing model. Compensation expense for restricted shares and stock options is charged to income ratably over the vesting period. Compensation expense recognized is included in salaries and employee benefits expense in the consolidated statements of operations. See Note 13 — Stock Based Compensation Plans. | |||
Fair Value Measurements | ' | ||
Fair Value Measurements | |||
The Company follows the provisions of FASB ASC Topic 820 “Fair Value Measurements and Disclosures,” for financial assets and financial liabilities. FASB ASC Topic 820 defines fair value, establishes a framework for measuring fair value in generally accepted accounting principles, and expands disclosures about fair value measurements. See Note 19 — Fair Value Measurements. | |||
Segment Reporting | ' | ||
Segment Reporting | |||
Public business enterprises are required to report information about operating segments in annual financial statements and selected information about operating segments in financial reports issued to shareholders. Operating segments are components of an enterprise about which separate financial information is available that is evaluated regularly by management in deciding how to allocate resources and in assessing their performance. Generally, financial information is required to be reported on the basis that is used internally for evaluating segment performance and deciding how to allocate resources to segments. The Company has determined that it has one significant operating segment, the providing of general commercial financial services to customers located in the geographic areas of the Company’s retail branch network. | |||
Earnings (Loss) Per Common Share | ' | ||
Earnings (Loss) Per Common Share | |||
Basic earnings (loss) per common share represents income (loss) available to common shareholders divided by the weighted-average number of common shares outstanding during the period. Diluted earnings (loss) per common share reflects additional common shares that would have been outstanding if dilutive potential common shares had been issued, as well as any adjustment to income (loss) that would result from the assumed issuance. Potential common shares that may be issued by the Company relate to outstanding stock options and restricted stock awards, and as applicable common stock purchase warrants and the Company’s Series B Preferred Stock, and are determined using the treasury method. Earnings (loss) per common share calculations are presented in Note 11. | |||
Advertising Costs | ' | ||
Advertising Costs | |||
The Company practices the policy of charging advertising costs to expense as incurred. Advertising expense totaled $602 thousand, $658 thousand and $576 thousand for the years ended December 31, 2013, 2012 and 2011, respectively. | |||
Comprehensive Income | ' | ||
Comprehensive Income | |||
FASB ASC Topic 220 “Comprehensive Income” establishes standards for the reporting and presentation of comprehensive income and its components (revenues, expenses, gains and losses) within the Company’s consolidated financial statements. Although certain changes in assets and liabilities, such as unrealized gains and losses on available for sale securities and pension liability adjustments, are reported as a separate component of the equity section of the consolidated balance sheet, such items, along with net income (loss), are components of comprehensive income (loss). | |||
Recent Significant Accounting Pronouncements | ' | ||
Recent Significant Accounting Pronouncements: | |||
Adoption of New Accounting Standards: | |||
In December 2011, the FASB issued Accounting Standards Update (“ASU”) 2011-11, “Balance Sheet (Topic 210) — Disclosures about Offsetting Assets and Liabilities.” This ASU requires entities to disclose both gross information and net information about both instruments and transactions eligible for offset in the balance sheet and instruments and transactions subject to an agreement similar to a master netting arrangement. An entity is required to apply the amendments for annual reporting periods beginning on or after January 1, 2013, and interim periods within those annual periods. An entity should provide the disclosures required by those amendments retrospectively for all comparative periods presented. The adoption of the new guidance did not have a material impact on the Company’s consolidated financial statements. | |||
In July 2012, the FASB issued ASU 2012-02, “Intangibles — Goodwill and Other (Topic 350): Testing Indefinite-Lived Intangible Assets for Impairment.” The amendments in this ASU apply to all entities that have indefinite-lived intangible assets, other than goodwill, reported in their financial statements. The amendments in this ASU provide an entity with the option to make a qualitative assessment about the likelihood that an indefinite-lived intangible asset is impaired to determine whether it should perform a quantitative impairment test. The amendments also enhance the consistency of impairment testing guidance among long-lived asset categories by permitting an entity to assess qualitative factors to determine whether it is necessary to calculate the asset’s fair value when testing an indefinite-lived intangible asset for impairment. The amendments are effective for annual and interim impairment tests performed for fiscal years beginning after September 15, 2012. The adoption of the new guidance did not have a material impact on the Company’s consolidated financial statements. | |||
In January 2013, the FASB issued ASU 2013-01, “Balance Sheet (Topic 210): Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities.” The amendments in this ASU clarify the scope for derivatives accounted for in accordance with Topic 815, “Derivatives and Hedging,” including bifurcated embedded derivatives, repurchase agreements and reverse repurchase agreements and securities borrowing and securities lending transactions that are either offset or subject to netting arrangements. An entity is required to apply the amendments for fiscal years, and interim periods within those years, beginning on or after January 1, 2013. The adoption of the new guidance did not have a material impact on the Company’s consolidated financial statements. | |||
In February 2013, the FASB issued ASU 2013-02, “Comprehensive Income (Topic 220): Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income.” The amendments in this ASU require an entity to present (either on the face of the statement where net income is presented or in the notes) the effects on the line items of net income of significant amounts reclassified out of accumulated other comprehensive income. In addition, the amendments require a cross-reference to other disclosures currently required for other reclassification items to be reclassified directly to net income in their entirety in the same reporting period. Companies should apply these amendments for fiscal years, and interim periods within those years, beginning on or after December 15, 2012. The Company has included the required disclosures from ASU 2013-02 in the consolidated financial statements. | |||
In July 2013, the FASB issued ASU 2013-10, “Derivatives and Hedging (Topic 815): Inclusion of the Fed Funds Effective Swap Rate (or Overnight Index Swap Rate) as a Benchmark Interest Rate for Hedge Accounting Purposes.” The amendments in this ASU permit the Fed Funds Effective Swap Rate (also referred to as the Overnight Index Swap Rate) to be used as a U.S. benchmark interest rate for hedge accounting purposes under Topic 815, in addition to interest rates on direct Treasury obligations of the U.S. government and the London Interbank Offered Rate or LIBOR. The amendments also remove the restriction on using different benchmark rates for similar hedges. The amendments apply to all entities that elect to apply hedge accounting of the benchmark interest rate under Topic 815. The amendments are effective prospectively for qualifying new or redesignated hedging relationships entered into on or after July 17, 2013. The adoption of the new guidance did not have a material impact on the Company's consolidated financial statements. | |||
In July 2013, the FASB issued ASU 2013-11, “Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists.” The amendments in this ASU provide guidance on the financial statement presentation of an unrecognized tax benefit when a net operating loss carryforward, similar tax loss, or tax credit carryforward exists. An unrecognized tax benefit, or a portion of an unrecognized tax benefit, should be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward, except as follows. To the extent a net operating loss carryforward, a similar tax loss, or a tax credit carryforward is not available at the reporting date under the tax law of the applicable jurisdiction to settle any additional income taxes that would result from the disallowance of a tax position or the tax law of the applicable jurisdiction does not require the entity to use, and the entity does not intend to use, the deferred tax asset for such purpose, the unrecognized tax benefit should be presented in the financial statements as a liability and should not be combined with deferred tax assets. The amendments in this ASU are effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. Early adoption is permitted. The amendments should be applied prospectively to all unrecognized tax benefits that exist at the effective date. Retrospective application is permitted. The adoption of the new guidance did not have a material impact on the Company’s consolidated financial statements. | |||
New Accounting Standards Not Yet Adopted: | |||
In January 2014, the FASB issued ASU 2014-01, “Investments — Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Qualified Affordable Housing Projects (a consensus of the FASB Emerging Issues Task Force).” The amendments in this ASU permit reporting entities to make an accounting policy election to account for their investments in qualified affordable housing projects using the proportional amortization method if certain conditions are met. Under the proportional amortization method, an entity amortizes the initial cost of the investment in proportion to the tax credits and other tax benefits received and recognizes the net investment performance in the income statement as a component of income tax expense (benefit). The amendments in this ASU should be applied retrospectively to all periods presented. A reporting entity that uses the effective yield method to account for its investments in qualified affordable housing projects before the date of adoption may continue to apply the effective yield method for those preexisting investments. The amendments in this ASU are effective for public business entities for annual periods and interim reporting periods within those annual periods, beginning after December 15, 2014. Early adoption is permitted. The Company does not expect the adoption of ASU 2014-01 to have a material impact on its consolidated financial statements. | |||
In January 2014, the FASB issued ASU 2014-04, “Receivables — Troubled Debt Restructurings by Creditors (Subtopic 310-40): Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure (a consensus of the FASB Emerging Issues Task Force).” The amendments in this ASU clarify that an in substance repossession or foreclosure occurs, and a creditor is considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan, upon either (1) the creditor obtaining legal title to the residential real estate property upon completion of a foreclosure or (2) the borrower conveying all interest in the residential real estate property to the creditor to satisfy that loan through completion of a deed in lieu of foreclosure or through a similar legal agreement. Additionally, the amendments require interim and annual disclosure of both (1) the amount of foreclosed residential real estate property held by the creditor and (2) the recorded investment in consumer mortgage loans collateralized by residential real estate property that are in the process of foreclosure according to local requirements of the applicable jurisdiction. The amendments in this ASU are effective for public business entities for annual periods, and interim periods within those annual periods, beginning after December 15, 2014. The Company does not expect the adoption of ASU 2014-04 to have a material impact on its consolidated financial statements. | |||
Investment_Securities_Tables
Investment Securities (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Amortized Cost and Estimated Fair Value with Gross Unrealized Gains and Losses of Securities | ' | ||||||||||||||||||||||||
The amortized cost and estimated fair value, with gross unrealized gains and losses, of securities at December 31, 2013 and 2012 were as follows: | |||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||
(dollars in thousands) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated | |||||||||||||||||||||
Fair Value | |||||||||||||||||||||||||
Available for Sale: | |||||||||||||||||||||||||
Obligations of U.S. Government agencies | $ | 14,989 | $ | — | $ | 1,599 | $ | 13,390 | |||||||||||||||||
SBA Pool securities | 89,531 | 35 | 3,531 | 86,035 | |||||||||||||||||||||
Agency mortgage-backed securities | 36,261 | 104 | 1,111 | 35,254 | |||||||||||||||||||||
Agency CMO securities | 43,277 | 62 | 1,961 | 41,378 | |||||||||||||||||||||
Non agency CMO securities* | 1,304 | 2 | — | 1,306 | |||||||||||||||||||||
State and political subdivisions | 60,834 | 177 | 4,669 | 56,342 | |||||||||||||||||||||
Pooled trust preferred securities | 467 | 282 | — | 749 | |||||||||||||||||||||
FNMA and FHLMC preferred stock | 22 | 459 | — | 481 | |||||||||||||||||||||
Total | $ | 246,685 | $ | 1,121 | $ | 12,871 | $ | 234,935 | |||||||||||||||||
* | The combined unrealized loss on these securities was less than $1. | ||||||||||||||||||||||||
31-Dec-12 | |||||||||||||||||||||||||
(dollars in thousands) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated | |||||||||||||||||||||
Fair Value | |||||||||||||||||||||||||
Available for Sale: | |||||||||||||||||||||||||
Obligations of U.S. Government agencies | $ | 13,495 | $ | 10 | $ | 38 | $ | 13,467 | |||||||||||||||||
SBA Pool securities | 81,500 | 1,515 | 264 | 82,751 | |||||||||||||||||||||
Agency mortgage-backed securities | 31,384 | 349 | 19 | 31,714 | |||||||||||||||||||||
Agency CMO securities | 61,710 | 583 | 357 | 61,936 | |||||||||||||||||||||
Non agency CMO securities | 2,200 | 1 | 2 | 2,199 | |||||||||||||||||||||
State and political subdivisions | 82,536 | 1,229 | 548 | 83,217 | |||||||||||||||||||||
Pooled trust preferred securities | 506 | 253 | — | 759 | |||||||||||||||||||||
FNMA and FHLMC preferred stock | 77 | 199 | — | 276 | |||||||||||||||||||||
Corporate securities | 590 | 4 | — | 594 | |||||||||||||||||||||
Total | $ | 273,998 | $ | 4,143 | $ | 1,228 | $ | 276,913 | |||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||
(dollars in thousands) | Amortized Cost | Unrealized Losses Recorded in AOCI* | Carrying Value | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value | |||||||||||||||||||
Held to Maturity: | |||||||||||||||||||||||||
Agency CMO securities | $ | 12,598 | $ | 98 | $ | 12,500 | $ | — | $ | 547 | $ | 11,953 | |||||||||||||
State and political subdivisions | 23,867 | 872 | 22,995 | 4 | 431 | 22,568 | |||||||||||||||||||
Total | $ | 36,465 | $ | 970 | $ | 35,495 | $ | 4 | $ | 978 | $ | 34,521 | |||||||||||||
Amortized Cost and Estimated Fair Values of Securities by Earlier of Contractual Maturity or Expected Maturity | ' | ||||||||||||||||||||||||
The amortized cost, carrying value and estimated fair values of securities at December 31, 2013, by the earlier of contractual maturity or expected maturity, are shown below. Expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations without penalties. | |||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||
(dollars in thousands) | Amortized Cost | Estimated | |||||||||||||||||||||||
Fair Value | |||||||||||||||||||||||||
Available for Sale: | |||||||||||||||||||||||||
Due in one year or less | $ | 4,567 | $ | 4,102 | |||||||||||||||||||||
Due after one year through five years | 50,281 | 49,617 | |||||||||||||||||||||||
Due after five years through ten years | 168,344 | 157,876 | |||||||||||||||||||||||
Due after ten years | 23,493 | 23,340 | |||||||||||||||||||||||
Total | $ | 246,685 | $ | 234,935 | |||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||
(dollars in thousands) | Carrying Value | Estimated | |||||||||||||||||||||||
Fair Value | |||||||||||||||||||||||||
Held to Maturity: | |||||||||||||||||||||||||
Due in one year or less | $ | — | $ | — | |||||||||||||||||||||
Due after one year through five years | 6,957 | 6,725 | |||||||||||||||||||||||
Due after five years through ten years | 27,791 | 27,067 | |||||||||||||||||||||||
Due after ten years | 747 | 729 | |||||||||||||||||||||||
Total | $ | 35,495 | $ | 34,521 | |||||||||||||||||||||
Securities in Unrealized Loss Position by Duration of Period of Unrealized Loss | ' | ||||||||||||||||||||||||
Securities in an unrealized loss position at December 31, 2013, by duration of the period of the unrealized loss, are shown below: | |||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||
Less than 12 months | 12 months or more | Total | |||||||||||||||||||||||
(dollars in thousands) | Fair | Unrealized Loss | Fair | Unrealized Loss | Fair | Unrealized Loss | |||||||||||||||||||
Value | Value | Value | |||||||||||||||||||||||
Description of Securities | |||||||||||||||||||||||||
Obligations of U.S. Government agencies | $ | 5,436 | $ | 558 | $ | 7,954 | $ | 1,041 | $ | 13,390 | $ | 1,599 | |||||||||||||
SBA Pool securities | 68,163 | 3,131 | 11,156 | 400 | 79,319 | 3,531 | |||||||||||||||||||
Agency mortgage-backed securities | 21,834 | 863 | 4,172 | 248 | 26,006 | 1,111 | |||||||||||||||||||
Agency CMO securities | 39,860 | 1,962 | 7,788 | 546 | 47,648 | 2,508 | |||||||||||||||||||
Non agency CMO securities* | 67 | — | — | — | 67 | — | |||||||||||||||||||
State and political subdivisions | 61,316 | 3,455 | 11,855 | 1,645 | 73,171 | 5,100 | |||||||||||||||||||
Total | $ | 196,676 | $ | 9,969 | $ | 42,925 | $ | 3,880 | $ | 239,601 | $ | 13,849 | |||||||||||||
* | The combined unrealized loss on these securities was less than $1. | ||||||||||||||||||||||||
Securities in an unrealized loss position at December 31, 2012, by duration of the period of the unrealized loss, are shown below: | |||||||||||||||||||||||||
31-Dec-12 | |||||||||||||||||||||||||
Less than 12 months | 12 months or more | Total | |||||||||||||||||||||||
(dollars in thousands) | Fair | Unrealized Loss | Fair | Unrealized Loss | Fair | Unrealized Loss | |||||||||||||||||||
Value | Value | Value | |||||||||||||||||||||||
Description of Securities | |||||||||||||||||||||||||
Obligations of U.S. Government agencies | $ | 8,957 | $ | 38 | $ | — | $ | — | $ | 8,957 | $ | 38 | |||||||||||||
SBA Pool securities | 16,782 | 264 | — | — | 16,782 | 264 | |||||||||||||||||||
Agency mortgage-backed securities | 4,268 | 19 | — | — | 4,268 | 19 | |||||||||||||||||||
Agency CMO securities | 21,767 | 357 | — | — | 21,767 | 357 | |||||||||||||||||||
Non agency CMO securities | 750 | 2 | — | — | 750 | 2 | |||||||||||||||||||
State and political subdivisions | 27,241 | 548 | — | — | 27,241 | 548 | |||||||||||||||||||
Total | $ | 79,765 | $ | 1,228 | $ | — | $ | — | $ | 79,765 | $ | 1,228 | |||||||||||||
Changes in Credit Loss Component of Credit-Impaired Debt Securities | ' | ||||||||||||||||||||||||
Changes in the credit loss component of credit-impaired debt securities were: | |||||||||||||||||||||||||
(dollars in thousands) | Year Ended December 31, 2013 | ||||||||||||||||||||||||
Balance, beginning of period | $ | 339 | |||||||||||||||||||||||
Additions | |||||||||||||||||||||||||
Initial credit impairments | — | ||||||||||||||||||||||||
Subsequent credit impairments | — | ||||||||||||||||||||||||
Reductions | |||||||||||||||||||||||||
Subsequent chargeoff of previously impaired credits | — | ||||||||||||||||||||||||
Balance, end of period | $ | 339 | |||||||||||||||||||||||
Loan_Portfolio_Tables
Loan Portfolio (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||
Composition of Loan Portfolio | ' | ||||||||||||||||||||||||||||
The following table sets forth the composition of the Company’s loan portfolio in dollar amounts and as a percentage of the Company’s total gross loans at the dates indicated: | |||||||||||||||||||||||||||||
31-Dec-13 | 31-Dec-12 | ||||||||||||||||||||||||||||
(dollars in thousands) | Amount | Percent | Amount | Percent | |||||||||||||||||||||||||
Commercial, industrial and agricultural | $ | 53,673 | 8.17 | % | $ | 51,881 | 7.58 | % | |||||||||||||||||||||
Real estate – one to four family residential: | |||||||||||||||||||||||||||||
Closed end first and seconds | 218,472 | 33.25 | % | 239,002 | 34.91 | % | |||||||||||||||||||||||
Home equity lines | 99,839 | 15.19 | % | 99,698 | 14.56 | % | |||||||||||||||||||||||
Total real estate – one to four family residential | 318,311 | 48.44 | % | 338,700 | 49.47 | % | |||||||||||||||||||||||
Real estate – multifamily residential | 18,077 | 2.75 | % | 15,801 | 2.31 | % | |||||||||||||||||||||||
Real estate – construction: | |||||||||||||||||||||||||||||
One to four family residential | 16,169 | 2.46 | % | 20,232 | 2.96 | % | |||||||||||||||||||||||
Other construction, land development and other | 21,690 | 3.3 | % | 34,555 | 5.04 | % | |||||||||||||||||||||||
land | |||||||||||||||||||||||||||||
Total real estate – construction | 37,859 | 5.76 | % | 54,787 | 8 | % | |||||||||||||||||||||||
Real estate – farmland | 8,172 | 1.24 | % | 8,558 | 1.25 | % | |||||||||||||||||||||||
Real estate – non-farm, non-residential: | |||||||||||||||||||||||||||||
Owner occupied | 126,569 | 19.26 | % | 119,824 | 17.5 | % | |||||||||||||||||||||||
Non-owner occupied | 74,831 | 11.39 | % | 71,741 | 10.48 | % | |||||||||||||||||||||||
Total real estate – non-farm, non-residential | 201,400 | 30.65 | % | 191,565 | 27.98 | % | |||||||||||||||||||||||
Consumer | 16,782 | 2.55 | % | 20,173 | 2.94 | % | |||||||||||||||||||||||
Other | 2,923 | 0.44 | % | 3,203 | 0.47 | % | |||||||||||||||||||||||
Total loans | 657,197 | 100 | % | 684,668 | 100 | % | |||||||||||||||||||||||
Less allowance for loan losses | (14,767 | ) | (20,338 | ) | |||||||||||||||||||||||||
Loans, net | $ | 642,430 | $ | 664,330 | |||||||||||||||||||||||||
Aging of Recorded Investment in Past Due Loans | ' | ||||||||||||||||||||||||||||
The following table presents the aging of the recorded investment in past due loans as of December 31, 2013 by class of loans: | |||||||||||||||||||||||||||||
(dollars in thousands) | 30 – 59 Days Past Due | 60 – 89 Days Past Due | Over 90 Days Past Due | Total Past Due | Total Current* | Total | |||||||||||||||||||||||
Loans | |||||||||||||||||||||||||||||
Commercial, industrial and agricultural | $ | 2,083 | $ | 170 | $ | 383 | $ | 2,636 | $ | 51,037 | $ | 53,673 | |||||||||||||||||
Real estate – one to four family residential: | |||||||||||||||||||||||||||||
Closed end first and seconds | 6,217 | 1,513 | 2,564 | 10,294 | 208,178 | 218,472 | |||||||||||||||||||||||
Home equity lines | 700 | 303 | 353 | 1,356 | 98,483 | 99,839 | |||||||||||||||||||||||
Total real estate – one to four family residential | 6,917 | 1,816 | 2,917 | 11,650 | 306,661 | 318,311 | |||||||||||||||||||||||
Real estate – multifamily residential | — | — | — | — | 18,077 | 18,077 | |||||||||||||||||||||||
Real estate – construction: | |||||||||||||||||||||||||||||
One to four family residential | 112 | 176 | 132 | 420 | 15,749 | 16,169 | |||||||||||||||||||||||
Other construction, land development and other land | 167 | — | 137 | 304 | 21,386 | 21,690 | |||||||||||||||||||||||
Total real estate – construction | 279 | 176 | 269 | 724 | 37,135 | 37,859 | |||||||||||||||||||||||
Real estate – farmland | 808 | — | 590 | 1,398 | 6,774 | 8,172 | |||||||||||||||||||||||
Real estate – non-farm, non-residential: | |||||||||||||||||||||||||||||
Owner occupied | 2,933 | — | 3,074 | 6,007 | 120,562 | 126,569 | |||||||||||||||||||||||
Non-owner occupied | 1,779 | — | 23 | 1,802 | 73,029 | 74,831 | |||||||||||||||||||||||
Total real estate – non-farm, non-residential | 4,712 | — | 3,097 | 7,809 | 193,591 | 201,400 | |||||||||||||||||||||||
Consumer | 283 | 21 | 166 | 470 | 16,312 | 16,782 | |||||||||||||||||||||||
Other | 7 | — | — | 7 | 2,916 | 2,923 | |||||||||||||||||||||||
Total loans | $ | 15,089 | $ | 2,183 | $ | 7,422 | $ | 24,694 | $ | 632,503 | $ | 657,197 | |||||||||||||||||
* | For purposes of this table only, the “Total Current” column includes loans that are 1 – 29 days past due. | ||||||||||||||||||||||||||||
The following table presents the aging of the recorded investment in past due loans as of December 31, 2012 by class of loans: | |||||||||||||||||||||||||||||
(dollars in thousands) | 30 – 59 Days Past Due | 60 – 89 Days Past Due | Over 90 Days Past Due | Total Past Due | Total Current* | Total | |||||||||||||||||||||||
Loans | |||||||||||||||||||||||||||||
Commercial, industrial and agricultural | $ | 352 | $ | 253 | $ | 187 | $ | 792 | $ | 51,089 | $ | 51,881 | |||||||||||||||||
Real estate – one to four family residential: | |||||||||||||||||||||||||||||
Closed end first and seconds | 6,169 | 870 | 3,904 | 10,943 | 228,059 | 239,002 | |||||||||||||||||||||||
Home equity lines | 604 | 239 | 195 | 1,038 | 98,660 | 99,698 | |||||||||||||||||||||||
Total real estate – one to four family residential | 6,773 | 1,109 | 4,099 | 11,981 | 326,719 | 338,700 | |||||||||||||||||||||||
Real estate – multifamily residential | — | — | — | — | 15,801 | 15,801 | |||||||||||||||||||||||
Real estate – construction: | |||||||||||||||||||||||||||||
One to four family residential | 164 | 11 | 706 | 881 | 19,351 | 20,232 | |||||||||||||||||||||||
Other construction, land development and other land | 23 | — | 439 | 462 | 34,093 | 34,555 | |||||||||||||||||||||||
Total real estate – construction | 187 | 11 | 1,145 | 1,343 | 53,444 | 54,787 | |||||||||||||||||||||||
Real estate – farmland | — | — | 40 | 40 | 8,518 | 8,558 | |||||||||||||||||||||||
Real estate – non-farm, non-residential: | |||||||||||||||||||||||||||||
Owner occupied | 619 | — | 1,177 | 1,796 | 118,028 | 119,824 | |||||||||||||||||||||||
Non-owner occupied | 395 | — | 855 | 1,250 | 70,491 | 71,741 | |||||||||||||||||||||||
Total real estate – non-farm, non-residential | 1,014 | — | 2,032 | 3,046 | 188,519 | 191,565 | |||||||||||||||||||||||
Consumer | 328 | 9 | 138 | 475 | 19,698 | 20,173 | |||||||||||||||||||||||
Other | 21 | — | — | 21 | 3,182 | 3,203 | |||||||||||||||||||||||
Total loans | $ | 8,675 | $ | 1,382 | $ | 7,641 | $ | 17,698 | $ | 666,970 | $ | 684,668 | |||||||||||||||||
* | For purposes of this table only, the “Total Current” column includes loans that are 1 – 29 days past due. | ||||||||||||||||||||||||||||
Nonaccural Loans, Loans Past Due Ninety Days and Accruing Interest, and Restructured Loans | ' | ||||||||||||||||||||||||||||
The following table presents nonaccrual loans, loans past due 90 days and accruing interest, and restructured loans at December 31: | |||||||||||||||||||||||||||||
(dollars in thousands) | 2013 | 2012 | |||||||||||||||||||||||||||
Nonaccrual loans | $ | 11,018 | $ | 11,874 | |||||||||||||||||||||||||
Loans past due 90 days and accruing interest | — | — | |||||||||||||||||||||||||||
Restructured loans (accruing) | 16,026 | 4,433 | |||||||||||||||||||||||||||
Recorded Investment in Nonaccrual Loans and Loans Past Due Ninety Days and Accruing Interest by Class | ' | ||||||||||||||||||||||||||||
The following table presents the recorded investment in nonaccrual loans by class at December 31, 2013 and 2012: | |||||||||||||||||||||||||||||
Nonaccrual | |||||||||||||||||||||||||||||
(dollars in thousands) | 2013 | 2012 | |||||||||||||||||||||||||||
Commercial, industrial and agricultural | $ | 383 | $ | 391 | |||||||||||||||||||||||||
Real estate – one to four family residential: | |||||||||||||||||||||||||||||
Closed end first and seconds | 5,630 | 6,127 | |||||||||||||||||||||||||||
Home equity lines | 688 | 445 | |||||||||||||||||||||||||||
Total real estate – one to four family residential | 6,318 | 6,572 | |||||||||||||||||||||||||||
Real estate – construction: | |||||||||||||||||||||||||||||
One to four family residential | 318 | 900 | |||||||||||||||||||||||||||
Other construction, land development and other land | 137 | 439 | |||||||||||||||||||||||||||
Total real estate – construction | 455 | 1,339 | |||||||||||||||||||||||||||
Real estate – farmland | 590 | 40 | |||||||||||||||||||||||||||
Real estate – non-farm, non-residential: | |||||||||||||||||||||||||||||
Owner occupied | 3,074 | 2,526 | |||||||||||||||||||||||||||
Non-owner occupied | 23 | 855 | |||||||||||||||||||||||||||
Total real estate – non-farm, non-residential | 3,097 | 3,381 | |||||||||||||||||||||||||||
Consumer | 175 | 151 | |||||||||||||||||||||||||||
Total loans | $ | 11,018 | $ | 11,874 | |||||||||||||||||||||||||
Commercial Loans by Credit Quality Indicator | ' | ||||||||||||||||||||||||||||
The following table presents commercial loans by credit quality indicator at December 31, 2013: | |||||||||||||||||||||||||||||
(dollars in thousands) | Pass | Special Mention | Substandard | Doubtful | Impaired | Total | |||||||||||||||||||||||
Commercial, industrial and agricultural | $ | 44,571 | $ | 3,851 | $ | 3,229 | $ | 22 | $ | 2,000 | $ | 53,673 | |||||||||||||||||
Real estate – multifamily residential | 18,077 | — | — | — | — | 18,077 | |||||||||||||||||||||||
Real estate – construction: | |||||||||||||||||||||||||||||
One to four family residential | 14,890 | 235 | 738 | — | 306 | 16,169 | |||||||||||||||||||||||
Other construction, land development and other land | 6,638 | 7,104 | 4,634 | — | 3,314 | 21,690 | |||||||||||||||||||||||
Total real estate – construction | 21,528 | 7,339 | 5,372 | — | 3,620 | 37,859 | |||||||||||||||||||||||
Real estate – farmland | 6,288 | 338 | 1,068 | — | 478 | 8,172 | |||||||||||||||||||||||
Real estate – non-farm, non-residential: | |||||||||||||||||||||||||||||
Owner occupied | 87,187 | 13,341 | 15,983 | — | 10,058 | 126,569 | |||||||||||||||||||||||
Non-owner occupied | 43,406 | 15,533 | 7,520 | — | 8,372 | 74,831 | |||||||||||||||||||||||
Total real estate – non-farm, non-residential | 130,593 | 28,874 | 23,503 | — | 18,430 | 201,400 | |||||||||||||||||||||||
Total commercial loans | $ | 221,057 | $ | 40,402 | $ | 33,172 | $ | 22 | $ | 24,528 | $ | 319,181 | |||||||||||||||||
The following table presents commercial loans by credit quality indicator at December 31, 2012: | |||||||||||||||||||||||||||||
(dollars in thousands) | Pass | Special Mention | Substandard | Doubtful | Impaired | Total | |||||||||||||||||||||||
Commercial, industrial and agricultural | $ | 46,705 | $ | 2,454 | $ | 1,602 | $ | 169 | $ | 951 | $ | 51,881 | |||||||||||||||||
Real estate – multifamily residential | 15,801 | — | — | — | — | 15,801 | |||||||||||||||||||||||
Real estate – construction: | |||||||||||||||||||||||||||||
One to four family residential | 17,976 | 923 | 883 | — | 450 | 20,232 | |||||||||||||||||||||||
Other construction, land development and other land | 9,167 | 3,449 | 3,008 | — | 18,931 | 34,555 | |||||||||||||||||||||||
Total real estate – construction | 27,143 | 4,372 | 3,891 | — | 19,381 | 54,787 | |||||||||||||||||||||||
Real estate – farmland | 7,371 | 1,146 | 41 | — | — | 8,558 | |||||||||||||||||||||||
Real estate – non-farm, non-residential: | |||||||||||||||||||||||||||||
Owner occupied | 87,058 | 16,424 | 10,669 | 72 | 5,601 | 119,824 | |||||||||||||||||||||||
Non-owner occupied | 44,721 | 15,090 | 3,821 | — | 8,109 | 71,741 | |||||||||||||||||||||||
Total real estate – non-farm, non-residential | 131,779 | 31,514 | 14,490 | 72 | 13,710 | 191,565 | |||||||||||||||||||||||
Total commercial loans | $ | 228,799 | $ | 39,486 | $ | 20,024 | $ | 241 | $ | 34,042 | $ | 322,592 | |||||||||||||||||
Consumer Loans, Including One to Four Family Residential First and Seconds and Home Equity Lines, by Payment Activity | ' | ||||||||||||||||||||||||||||
The following table presents consumer loans, including one to four family residential first and seconds and home equity lines, by payment activity at December 31, 2013: | |||||||||||||||||||||||||||||
(dollars in thousands) | Performing | Nonperforming | Total | ||||||||||||||||||||||||||
Real estate – one to four family residential: | |||||||||||||||||||||||||||||
Closed end first and seconds | $ | 205,860 | $ | 12,612 | $ | 218,472 | |||||||||||||||||||||||
Home equity lines | 99,311 | 528 | 99,839 | ||||||||||||||||||||||||||
Total real estate – one to four family residential | 305,171 | 13,140 | 318,311 | ||||||||||||||||||||||||||
Consumer | 16,314 | 468 | 16,782 | ||||||||||||||||||||||||||
Other | 2,451 | 472 | 2,923 | ||||||||||||||||||||||||||
Total consumer loans | $ | 323,936 | $ | 14,080 | $ | 338,016 | |||||||||||||||||||||||
The following table presents consumer loans, including one to four family residential first and seconds and home equity lines, by payment activity at December 31, 2012: | |||||||||||||||||||||||||||||
(dollars in thousands) | Performing | Nonperforming | Total | ||||||||||||||||||||||||||
Real estate – one to four family residential: | |||||||||||||||||||||||||||||
Closed end first and seconds | $ | 229,087 | $ | 9,915 | $ | 239,002 | |||||||||||||||||||||||
Home equity lines | 98,343 | 1,355 | 99,698 | ||||||||||||||||||||||||||
Total real estate – one to four family residential | 327,430 | 11,270 | 338,700 | ||||||||||||||||||||||||||
Consumer | 20,010 | 163 | 20,173 | ||||||||||||||||||||||||||
Other | 2,715 | 488 | 3,203 | ||||||||||||||||||||||||||
Total consumer loans | $ | 350,155 | $ | 11,921 | $ | 362,076 | |||||||||||||||||||||||
Effect on Current Period Provision of Changes in Methodology | ' | ||||||||||||||||||||||||||||
The following table represents the effect on the current period provision of the changes in methodology from that used in prior periods. | |||||||||||||||||||||||||||||
Year Ended December 31, 2013 | Provision Based on New Methodology | Provision Based on Prior Methodology | Difference | ||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||
Commercial, industrial and agricultural | $ | (237 | ) | $ | (444 | ) | $ | 207 | |||||||||||||||||||||
Real estate – one to four family residential: | |||||||||||||||||||||||||||||
Closed end first and seconds | 1,427 | 1,984 | (557 | ) | |||||||||||||||||||||||||
Home equity lines | 1,072 | 58 | 1,014 | ||||||||||||||||||||||||||
Total real estate – one to four family residential | 2,499 | 2,042 | 457 | ||||||||||||||||||||||||||
Real estate – multifamily residential | 17 | 10 | 7 | ||||||||||||||||||||||||||
Real estate – construction: | |||||||||||||||||||||||||||||
One to four family residential | (59 | ) | (154 | ) | 95 | ||||||||||||||||||||||||
Other construction, land development and other land | (781 | ) | (835 | ) | 54 | ||||||||||||||||||||||||
Total real estate – construction | (840 | ) | (989 | ) | 149 | ||||||||||||||||||||||||
Real estate – farmland | 75 | (3 | ) | 78 | |||||||||||||||||||||||||
Real estate – non-farm, non-residential: | |||||||||||||||||||||||||||||
Owner occupied | 513 | 1,432 | (919 | ) | |||||||||||||||||||||||||
Non-owner occupied | (436 | ) | (133 | ) | (303 | ) | |||||||||||||||||||||||
Total real estate – non-farm, non-residential | 77 | 1,299 | (1,222 | ) | |||||||||||||||||||||||||
Consumer | 217 | 74 | 143 | ||||||||||||||||||||||||||
Other | 42 | 12 | 30 | ||||||||||||||||||||||||||
Total provision for loan losses | $ | 1,850 | $ | 2,001 | $ | (151 | ) | ||||||||||||||||||||||
Rollforward of Allowance for Loan Losses | ' | ||||||||||||||||||||||||||||
The following table presents a rollforward of the Company’s allowance for loan losses for the year ended December 31, 2013: | |||||||||||||||||||||||||||||
(dollars in thousands) | Beginning Balance January 1, 2013 | Charge-offs | Recoveries | Provision | Ending Balance December 31, 2013 | ||||||||||||||||||||||||
Commercial, industrial and agricultural | $ | 2,340 | $ | (635 | ) | $ | 319 | $ | (237 | ) | $ | 1,787 | |||||||||||||||||
Real estate – one to four family residential: | |||||||||||||||||||||||||||||
Closed end first and seconds | 2,876 | (1,529 | ) | 85 | 1,427 | 2,859 | |||||||||||||||||||||||
Home equity lines | 720 | (184 | ) | 34 | 1,072 | 1,642 | |||||||||||||||||||||||
Total real estate – one to four family residential | 3,596 | (1,713 | ) | 119 | 2,499 | 4,501 | |||||||||||||||||||||||
Real estate – multifamily residential | 62 | — | — | 17 | 79 | ||||||||||||||||||||||||
Real estate – construction: | |||||||||||||||||||||||||||||
One to four family residential | 419 | (57 | ) | 61 | (59 | ) | 364 | ||||||||||||||||||||||
Other construction, land development and other land | 3,897 | (1,196 | ) | 69 | (781 | ) | 1,989 | ||||||||||||||||||||||
Total real estate – construction | 4,316 | (1,253 | ) | 130 | (840 | ) | 2,353 | ||||||||||||||||||||||
Real estate – farmland | 41 | — | — | 75 | 116 | ||||||||||||||||||||||||
Real estate – non-farm, non-residential: | |||||||||||||||||||||||||||||
Owner occupied | 5,092 | (2,370 | ) | 1 | 513 | 3,236 | |||||||||||||||||||||||
Non-owner occupied | 4,093 | (1,944 | ) | 57 | (436 | ) | 1,770 | ||||||||||||||||||||||
Total real estate – non-farm, non-residential | 9,185 | (4,314 | ) | 58 | 77 | 5,006 | |||||||||||||||||||||||
Consumer | 215 | (153 | ) | 108 | 217 | 387 | |||||||||||||||||||||||
Other | 583 | (138 | ) | 51 | 42 | 538 | |||||||||||||||||||||||
Total | $ | 20,338 | $ | (8,206 | ) | $ | 785 | $ | 1,850 | $ | 14,767 | ||||||||||||||||||
The following table presents a rollforward of the Company’s allowance for loan losses for the year ended December 31, 2012: | |||||||||||||||||||||||||||||
(dollars in thousands) | Beginning Balance January 1, 2012 | Charge-offs | Recoveries | Provision | Ending Balance December 31, 2012 | ||||||||||||||||||||||||
Commercial, industrial and agricultural | $ | 4,389 | $ | (1,219 | ) | $ | 774 | $ | (1,604 | ) | $ | 2,340 | |||||||||||||||||
Real estate – one to four family residential: | |||||||||||||||||||||||||||||
Closed end first and seconds | 2,856 | (2,664 | ) | 61 | 2,623 | 2,876 | |||||||||||||||||||||||
Home equity lines | 278 | (1,112 | ) | 11 | 1,543 | 720 | |||||||||||||||||||||||
Total real estate – one to four family residential | 3,134 | (3,776 | ) | 72 | 4,166 | 3,596 | |||||||||||||||||||||||
Real estate – multifamily residential | 29 | — | — | 33 | 62 | ||||||||||||||||||||||||
Real estate – construction: | |||||||||||||||||||||||||||||
One to four family residential | 382 | (98 | ) | 55 | 80 | 419 | |||||||||||||||||||||||
Other construction, land development and other land | 6,861 | (1,622 | ) | 2 | (1,344 | ) | 3,897 | ||||||||||||||||||||||
Total real estate – construction | 7,243 | (1,720 | ) | 57 | (1,264 | ) | 4,316 | ||||||||||||||||||||||
Real estate – farmland | 15 | — | — | 26 | 41 | ||||||||||||||||||||||||
Real estate – non-farm, non-residential: | |||||||||||||||||||||||||||||
Owner occupied | 4,831 | (2,337 | ) | 100 | 2,498 | 5,092 | |||||||||||||||||||||||
Non-owner occupied | 3,172 | (1,506 | ) | 409 | 2,018 | 4,093 | |||||||||||||||||||||||
Total real estate – non-farm, non-residential | 8,003 | (3,843 | ) | 509 | 4,516 | 9,185 | |||||||||||||||||||||||
Consumer | 776 | (391 | ) | 179 | (349 | ) | 215 | ||||||||||||||||||||||
Other | 513 | (99 | ) | 35 | 134 | 583 | |||||||||||||||||||||||
Total | $ | 24,102 | $ | (11,048 | ) | $ | 1,626 | $ | 5,658 | $ | 20,338 | ||||||||||||||||||
Allowance for Loan Losses and Recorded Investment in Loans by Portfolio Class Based on Impairment | ' | ||||||||||||||||||||||||||||
The following table presents the balance in the allowance for loan losses and the recorded investment in loans by portfolio class based on impairment method as of December 31, 2013: | |||||||||||||||||||||||||||||
Allowance allocated to loans: | Total Loans: | ||||||||||||||||||||||||||||
(dollars in thousands) | Individually evaluated for impairment | Collectively evaluated for impairment | Total | Individually evaluated for impairment | Collectively evaluated for impairment | Total | |||||||||||||||||||||||
Commercial, industrial and agricultural | $ | 612 | $ | 1,175 | $ | 1,787 | $ | 2,000 | $ | 51,673 | $ | 53,673 | |||||||||||||||||
Real estate – one to four family residential: | |||||||||||||||||||||||||||||
Closed end first and seconds | 1,833 | 1,026 | 2,859 | 10,048 | 208,424 | 218,472 | |||||||||||||||||||||||
Home equity lines | — | 1,642 | 1,642 | 175 | 99,664 | 99,839 | |||||||||||||||||||||||
Total real estate – one to four family residential | 1,833 | 2,668 | 4,501 | 10,223 | 308,088 | 318,311 | |||||||||||||||||||||||
Real estate – multifamily | — | 79 | 79 | — | 18,077 | 18,077 | |||||||||||||||||||||||
residential | |||||||||||||||||||||||||||||
Real estate – construction: | |||||||||||||||||||||||||||||
One to four family residential | 180 | 184 | 364 | 306 | 15,863 | 16,169 | |||||||||||||||||||||||
Other construction, land development and other land | 802 | 1,187 | 1,989 | 3,314 | 18,376 | 21,690 | |||||||||||||||||||||||
Total real estate – | 982 | 1,371 | 2,353 | 3,620 | 34,239 | 37,859 | |||||||||||||||||||||||
construction | |||||||||||||||||||||||||||||
Real estate – farmland | — | 116 | 116 | 478 | 7,694 | 8,172 | |||||||||||||||||||||||
Real estate – non-farm, non-residential: | |||||||||||||||||||||||||||||
Owner occupied | 1,223 | 2,013 | 3,236 | 10,058 | 116,511 | 126,569 | |||||||||||||||||||||||
Non-owner occupied | 617 | 1,153 | 1,770 | 8,372 | 66,459 | 74,831 | |||||||||||||||||||||||
Total real estate – non-farm, non-residential | 1,840 | 3,166 | 5,006 | 18,430 | 182,970 | 201,400 | |||||||||||||||||||||||
Consumer | 104 | 283 | 387 | 302 | 16,480 | 16,782 | |||||||||||||||||||||||
Other | 311 | 227 | 538 | 472 | 2,451 | 2,923 | |||||||||||||||||||||||
Total | $ | 5,682 | $ | 9,085 | $ | 14,767 | $ | 35,525 | $ | 621,672 | $ | 657,197 | |||||||||||||||||
The following table presents the balance in the allowance for loan losses and the recorded investment in loans by portfolio class based on impairment method as of December 31, 2012: | |||||||||||||||||||||||||||||
Allowance allocated to loans: | Total Loans: | ||||||||||||||||||||||||||||
(dollars in thousands) | Individually evaluated for impairment | Collectively evaluated for impairment | Total | Individually evaluated for impairment | Collectively evaluated for impairment | Total | |||||||||||||||||||||||
Commercial, industrial and agricultural | $ | 402 | $ | 1,938 | $ | 2,340 | $ | 951 | $ | 50,930 | $ | 51,881 | |||||||||||||||||
Real estate – one to four family residential: | |||||||||||||||||||||||||||||
Closed end first and seconds | 923 | 1,953 | 2,876 | 6,856 | 232,146 | 239,002 | |||||||||||||||||||||||
Home equity lines | — | 720 | 720 | 315 | 99,383 | 99,698 | |||||||||||||||||||||||
Total real estate – one to four family residential | 923 | 2,673 | 3,596 | 7,171 | 331,529 | 338,700 | |||||||||||||||||||||||
Real estate – multifamily | — | 62 | 62 | — | 15,801 | 15,801 | |||||||||||||||||||||||
residential | |||||||||||||||||||||||||||||
Real estate – construction: | |||||||||||||||||||||||||||||
One to four family residential | 268 | 151 | 419 | 450 | 19,782 | 20,232 | |||||||||||||||||||||||
Other construction, land development and other land | 928 | 2,969 | 3,897 | 18,931 | 15,624 | 34,555 | |||||||||||||||||||||||
Total real estate – | 1,196 | 3,120 | 4,316 | 19,381 | 35,406 | 54,787 | |||||||||||||||||||||||
construction | |||||||||||||||||||||||||||||
Real estate – farmland | — | 41 | 41 | — | 8,558 | 8,558 | |||||||||||||||||||||||
Real estate – non-farm, non-residential: | |||||||||||||||||||||||||||||
Owner occupied | 714 | 4,378 | 5,092 | 5,601 | 114,223 | 119,824 | |||||||||||||||||||||||
Non-owner occupied | 1,646 | 2,447 | 4,093 | 8,109 | 63,632 | 71,741 | |||||||||||||||||||||||
Total real estate – non-farm, non-residential | 2,360 | 6,825 | 9,185 | 13,710 | 177,855 | 191,565 | |||||||||||||||||||||||
Consumer | 1 | 214 | 215 | 25 | 20,148 | 20,173 | |||||||||||||||||||||||
Other | 348 | 235 | 583 | 488 | 2,715 | 3,203 | |||||||||||||||||||||||
Total | $ | 5,230 | $ | 15,108 | $ | 20,338 | $ | 41,726 | $ | 642,942 | $ | 684,668 | |||||||||||||||||
Impairment by Class of Loans | ' | ||||||||||||||||||||||||||||
The following table presents loans individually evaluated for impairment by class of loans as of December 31, 2013: | |||||||||||||||||||||||||||||
(dollars in thousands) | Recorded Investment | Unpaid Principal Balance | Recorded Investment With No Allowance | Recorded Investment With Allowance | Related Allowance | Average Recorded Investment | Interest Income Recognized | ||||||||||||||||||||||
Commercial, industrial and agricultural | $ | 2,000 | $ | 2,000 | $ | — | $ | 2,000 | $ | 612 | $ | 1,712 | $ | 97 | |||||||||||||||
Real estate – one to four family residential: | |||||||||||||||||||||||||||||
Closed end first and seconds | 10,048 | 10,148 | 2,008 | 8,040 | 1,833 | 8,727 | 498 | ||||||||||||||||||||||
Home equity lines | 175 | 175 | 175 | — | — | 382 | — | ||||||||||||||||||||||
Total real estate – one to four family residential | 10,223 | 10,323 | 2,183 | 8,040 | 1,833 | 9,109 | 498 | ||||||||||||||||||||||
Real estate – construction: | |||||||||||||||||||||||||||||
One to four family residential | 306 | 306 | — | 306 | 180 | 794 | 9 | ||||||||||||||||||||||
Other construction, land development and other land | 3,314 | 5,662 | — | 3,314 | 802 | 8,581 | 161 | ||||||||||||||||||||||
Total real estate – | 3,620 | 5,968 | — | 3,620 | 982 | 9,375 | 170 | ||||||||||||||||||||||
construction | |||||||||||||||||||||||||||||
Real estate – farmland | 478 | 478 | 478 | — | — | 428 | 32 | ||||||||||||||||||||||
Real estate – non-farm, non-residential: | |||||||||||||||||||||||||||||
Owner occupied | 10,058 | 11,544 | 6,730 | 3,328 | 1,223 | 10,472 | 506 | ||||||||||||||||||||||
Non-owner occupied | 8,372 | 8,372 | 4,357 | 4,015 | 617 | 9,353 | 348 | ||||||||||||||||||||||
Total real estate – non-farm, non-residential | 18,430 | 19,916 | 11,087 | 7,343 | 1,840 | 19,825 | 854 | ||||||||||||||||||||||
Consumer | 302 | 302 | — | 302 | 104 | 203 | 22 | ||||||||||||||||||||||
Other | 472 | 472 | 9 | 463 | 311 | 504 | — | ||||||||||||||||||||||
Total loans | $ | 35,525 | $ | 39,459 | $ | 13,757 | $ | 21,768 | $ | 5,682 | $ | 41,156 | $ | 1,673 | |||||||||||||||
The following table presents loans individually evaluated for impairment by class of loans as of December 31, 2012: | |||||||||||||||||||||||||||||
(dollars in thousands) | Recorded Investment | Unpaid Principal Balance | Recorded Investment With No Allowance | Recorded Investment With Allowance | Related Allowance | Average Recorded Investment | Interest Income Recognized | ||||||||||||||||||||||
Commercial, industrial and agricultural | $ | 951 | $ | 1,247 | $ | 408 | $ | 543 | $ | 402 | $ | 907 | $ | 59 | |||||||||||||||
Real estate – one to four family residential: | |||||||||||||||||||||||||||||
Closed end first and seconds | 6,856 | 7,327 | 2,127 | 4,729 | 923 | 8,431 | 386 | ||||||||||||||||||||||
Home equity lines | 315 | 515 | 315 | — | — | 801 | 9 | ||||||||||||||||||||||
Total real estate – one to four family residential | 7,171 | 7,842 | 2,442 | 4,729 | 923 | 9,232 | 395 | ||||||||||||||||||||||
Real estate – construction: | |||||||||||||||||||||||||||||
One to four family residential | 450 | 450 | — | 450 | 268 | 402 | 10 | ||||||||||||||||||||||
Other construction, land development and other land | 18,931 | 18,931 | 14,071 | 4,860 | 928 | 20,169 | 814 | ||||||||||||||||||||||
Total real estate – | 19,381 | 19,381 | 14,071 | 5,310 | 1,196 | 20,571 | 824 | ||||||||||||||||||||||
construction | |||||||||||||||||||||||||||||
Real estate – non-farm, non-residential: | |||||||||||||||||||||||||||||
Owner occupied | 5,601 | 5,748 | 380 | 5,221 | 714 | 8,753 | 304 | ||||||||||||||||||||||
Non-owner occupied | 8,109 | 8,109 | 626 | 7,483 | 1,646 | 8,434 | 457 | ||||||||||||||||||||||
Total real estate – non-farm, non-residential | 13,710 | 13,857 | 1,006 | 12,704 | 2,360 | 17,187 | 761 | ||||||||||||||||||||||
Consumer | 25 | 25 | — | 25 | 1 | 25 | 2 | ||||||||||||||||||||||
Other | 488 | 488 | — | 488 | 348 | 496 | — | ||||||||||||||||||||||
Total loans | $ | 41,726 | $ | 42,840 | $ | 17,927 | $ | 23,799 | $ | 5,230 | $ | 48,418 | $ | 2,041 | |||||||||||||||
Loans Modified as Troubled Debt Restructurings | ' | ||||||||||||||||||||||||||||
The following table presents, by class of loans, information related to loans modified as TDRs during the years ended December 31, 2013 and 2012: | |||||||||||||||||||||||||||||
Year Ended December 31, 2013 | Year Ended December 31, 2012 | ||||||||||||||||||||||||||||
(dollars in thousands) | Number of Loans | Pre- | Post- | Number of Loans | Pre- | Post- | |||||||||||||||||||||||
Modification Recorded Balance | Modification Recorded Balance* | Modification Recorded Balance | Modification Recorded Balance* | ||||||||||||||||||||||||||
Commercial, industrial and agricultural | — | $ | — | $ | — | 1 | $ | 66 | $ | 66 | |||||||||||||||||||
Real estate – one to four family residential: | |||||||||||||||||||||||||||||
Closed end first and seconds | 11 | 4,834 | 3,600 | 4 | 965 | 964 | |||||||||||||||||||||||
Real estate – construction: | |||||||||||||||||||||||||||||
One to four family residential | — | — | — | 3 | 434 | 434 | |||||||||||||||||||||||
Other construction, land development and other land | — | — | — | 2 | 164 | 163 | |||||||||||||||||||||||
Total real estate – construction | — | — | — | 5 | 598 | 597 | |||||||||||||||||||||||
Real estate – non-farm, non-residential: | |||||||||||||||||||||||||||||
Owner occupied | 4 | 7,955 | 6,355 | — | — | — | |||||||||||||||||||||||
Non-owner occupied | 2 | 8,403 | 6,015 | — | — | — | |||||||||||||||||||||||
Total real estate – non-farm, non-residential | 6 | 16,358 | 12,370 | — | — | — | |||||||||||||||||||||||
Total | 17 | $ | 21,192 | $ | 15,970 | 10 | $ | 1,629 | $ | 1,627 | |||||||||||||||||||
* | The period end balances are inclusive of all partial paydowns and charge-offs since the modification date. Loans modified as TDRs that were fully paid down, charged-off, or foreclosed upon by period end are not reported. | ||||||||||||||||||||||||||||
Loans Modified as Troubled Debt Restructurings that Subsequently Defaulted | ' | ||||||||||||||||||||||||||||
The following table presents, by class of loans, information related to loans modified as TDRs that subsequently defaulted (i.e., 90 days or more past due following a modification) during the years ended December 31, 2013 and 2012 and were modified as TDRs within the 12 months prior to default: | |||||||||||||||||||||||||||||
Year Ended | Year Ended | ||||||||||||||||||||||||||||
31-Dec-13 | 31-Dec-12 | ||||||||||||||||||||||||||||
(dollars in thousands) | Number of Loans | Recorded Balance | Number of Loans | Recorded Balance | |||||||||||||||||||||||||
Commercial, industrial and agricultural | — | $ | — | 1 | $ | 66 | |||||||||||||||||||||||
Real estate – one to four family residential: | |||||||||||||||||||||||||||||
Closed end first and seconds | 10 | 1,846 | 3 | 878 | |||||||||||||||||||||||||
Real estate – construction: | |||||||||||||||||||||||||||||
One to four family residential | — | — | 2 | 374 | |||||||||||||||||||||||||
Other construction, land development and other land | — | — | 1 | 29 | |||||||||||||||||||||||||
Total real estate – construction | — | — | 3 | 403 | |||||||||||||||||||||||||
Real estate – non-farm, non-residential: | |||||||||||||||||||||||||||||
Owner occupied | 2 | 1,019 | — | — | |||||||||||||||||||||||||
Total | 12 | $ | 2,865 | 7 | $ | 1,347 | |||||||||||||||||||||||
Bank_Premises_and_Equipment_Ta
Bank Premises and Equipment (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Bank Premises and Equipment | ' | ||||||||
Bank premises and equipment are summarized as follows: | |||||||||
December 31, | |||||||||
(dollars in thousands) | 2013 | 2012 | |||||||
Land and improvements | $ | 6,421 | $ | 6,409 | |||||
Buildings and leasehold improvements | 22,678 | 21,688 | |||||||
Furniture, fixtures and equipment | 19,765 | 18,416 | |||||||
Construction in progress | 212 | 949 | |||||||
49,076 | 47,462 | ||||||||
Less accumulated depreciation | (27,630 | ) | (25,806 | ) | |||||
Net balance | $ | 21,446 | $ | 21,656 | |||||
Other_Real_Estate_Owned_OREO_T
Other Real Estate Owned (OREO) (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Changes in Balance for Other Real Estate Owned | ' | ||||||||||||
Changes in the balance for OREO for the years ended December 31, 2013 and 2012 are as follows: | |||||||||||||
December 31, | |||||||||||||
(dollars in thousands) | 2013 | 2012 | |||||||||||
Balance at the beginning of year, gross | $ | 5,558 | $ | 8,729 | |||||||||
Transfers from loans | 1,921 | 5,032 | |||||||||||
Sales proceeds | (4,508 | ) | (5,661 | ) | |||||||||
Previously recognized impairment losses on disposition | (1,142 | ) | (2,315 | ) | |||||||||
(Loss) on disposition | (775 | ) | (227 | ) | |||||||||
Balance at the end of year, gross | 1,054 | 5,558 | |||||||||||
Less valuation allowance | (254 | ) | (811 | ) | |||||||||
Balance at the end of year, net | $ | 800 | $ | 4,747 | |||||||||
Changes in Valuation Allowance for Other Real Estate Owned | ' | ||||||||||||
Changes in the valuation allowance for OREO for the years ended December 31, 2013, 2012 and 2011 are as follows: | |||||||||||||
December 31, | |||||||||||||
(dollars in thousands) | 2013 | 2012 | 2011 | ||||||||||
Balance at the beginning of year | $ | 811 | $ | 1,403 | $ | 928 | |||||||
Valuation allowance | 585 | 1,723 | 1,386 | ||||||||||
Charge-offs | (1,142 | ) | (2,315 | ) | (911 | ) | |||||||
Balance at the end of year | $ | 254 | $ | 811 | $ | 1,403 | |||||||
Deposits_Tables
Deposits (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Interest-Bearing Deposits | ' | ||||||||||||
Interest-bearing deposits consist of the following: | |||||||||||||
December 31, | |||||||||||||
(dollars in thousands) | 2013 | 2012 | |||||||||||
Demand deposits | $ | 272,343 | $ | 245,833 | |||||||||
Money market deposits | 121,491 | 128,438 | |||||||||||
Savings deposits | 89,577 | 86,868 | |||||||||||
Time deposits: | |||||||||||||
Time deposits $100 and over | 110,841 | 130,285 | |||||||||||
Other time deposits | 113,349 | 130,232 | |||||||||||
Total interest-bearing deposits | $ | 707,601 | $ | 721,656 | |||||||||
Interest Expense by Deposit Category | ' | ||||||||||||
A summary of interest expense by deposit category for the years ended December 31, 2013, 2012 and 2011 is as follows: | |||||||||||||
December 31, | |||||||||||||
(dollars in thousands) | 2013 | 2012 | 2011 | ||||||||||
Demand deposits | $ | 929 | $ | 1,205 | $ | 1,908 | |||||||
Money market deposits | 516 | 613 | 1,254 | ||||||||||
Savings deposits | 142 | 239 | 441 | ||||||||||
Time deposits | 3,089 | 4,342 | 5,912 | ||||||||||
Total | $ | 4,676 | $ | 6,399 | $ | 9,515 | |||||||
Maturities of Time Deposits | ' | ||||||||||||
At December 31, 2013, the scheduled maturities of time deposits are as follows: | |||||||||||||
(dollars in thousands) | |||||||||||||
2014 | $ | 110,204 | |||||||||||
2015 | 56,756 | ||||||||||||
2016 | 19,005 | ||||||||||||
2017 | 21,193 | ||||||||||||
2018 | 17,032 | ||||||||||||
$ | 224,190 | ||||||||||||
Borrowings_Tables
Borrowings (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Federal Funds Purchased and Repurchase Agreements | ' | ||||||||
The tables below present selected information on federal funds purchased and repurchase agreements: | |||||||||
Federal funds purchased | December 31, | 31-Dec-12 | |||||||
(dollars in thousands) | 2013 | ||||||||
Balance outstanding at year end | $ | — | $ | — | |||||
Maximum balance at any month end during the year | $ | — | $ | 2 | |||||
Average balance for the year | $ | 14 | $ | 163 | |||||
Weighted average rate for the year | 0.79 | % | 0.75 | % | |||||
Weighted average rate at year end | 0 | % | 0 | % | |||||
Repurchase agreements | 31-Dec-13 | 31-Dec-12 | |||||||
(dollars in thousands) | |||||||||
Balance outstanding at year end | $ | 3,009 | $ | 2,942 | |||||
Maximum balance at any month end during the year | $ | 3,770 | $ | 6,292 | |||||
Average balance for the year | $ | 3,475 | $ | 3,486 | |||||
Weighted average rate for the year | 0.6 | % | 0.89 | % | |||||
Weighted average rate at year end | 0.6 | % | 0.6 | % | |||||
Short Term Borrowings | ' | ||||||||
The table below presents selected information on short-term borrowings: | |||||||||
Short-term borrowings | 31-Dec-13 | 31-Dec-12 | |||||||
(dollars in thousands) | |||||||||
Balance outstanding at year end | $ | 41,940 | $ | — | |||||
Maximum balance at any month end during the year | $ | 62,124 | $ | — | |||||
Average balance for the year | $ | 16,963 | $ | 318 | |||||
Weighted average rate for the year | 0.22 | % | 0.31 | % | |||||
Weighted average rate at year end | 0.23 | % | 0 | % | |||||
Employee_Benefit_Plans_Tables
Employee Benefit Plans (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Activity in Benefit Plan | ' | ||||||||||||||||
Information pertaining to the activity in the plan, using a measurement date of December 31, is as follows: | |||||||||||||||||
(dollars in thousands) | 2013 | 2012 | 2011 | ||||||||||||||
Change in benefit obligation | |||||||||||||||||
Benefit obligation at beginning of year | $ | 11,205 | $ | 11,554 | $ | 11,127 | |||||||||||
Interest cost | 459 | 492 | 606 | ||||||||||||||
Actuarial loss (gain) | 81 | (62 | ) | 1,703 | |||||||||||||
Benefits paid | (1,464 | ) | (774 | ) | (2,057 | ) | |||||||||||
Change in obligation due to plan change | — | — | 135 | ||||||||||||||
Settlement (gain) loss | (18 | ) | (5 | ) | 40 | ||||||||||||
Benefit obligation at end of year | $ | 10,263 | $ | 11,205 | $ | 11,554 | |||||||||||
Change in plan assets | |||||||||||||||||
Fair value of plan assets at beginning of year | $ | 9,513 | $ | 9,047 | $ | 11,306 | |||||||||||
Actual return on plan assets | 1,951 | 1,240 | (202 | ) | |||||||||||||
Benefits paid | (1,464 | ) | (774 | ) | (2,057 | ) | |||||||||||
Fair value of plan assets at end of year | $ | 10,000 | $ | 9,513 | $ | 9,047 | |||||||||||
Funded status at the end of year | $ | (263 | ) | $ | (1,692 | ) | $ | (2,507 | ) | ||||||||
Amounts recognized in the consolidated balance sheets at December 31, | |||||||||||||||||
Other liability | $ | (263 | ) | $ | (1,692 | ) | $ | (2,507 | ) | ||||||||
Amounts recognized in accumulated other comprehensive income (loss) | |||||||||||||||||
Net loss | $ | 583 | $ | 2,122 | $ | 3,008 | |||||||||||
Prior service cost | 100 | 121 | 135 | ||||||||||||||
Deferred income tax benefit | (232 | ) | (755 | ) | (1,061 | ) | |||||||||||
Amount recognized | $ | 451 | $ | 1,488 | $ | 2,082 | |||||||||||
Components of net periodic benefit cost | |||||||||||||||||
Interest cost | $ | 459 | $ | 492 | $ | 606 | |||||||||||
Expected return on plan assets | (703 | ) | (675 | ) | (895 | ) | |||||||||||
Amortization of prior service cost due to curtailment | 21 | 15 | — | ||||||||||||||
Recognized net loss due to settlement | 208 | 132 | 34 | ||||||||||||||
Recognized net actuarial loss | 124 | 122 | — | ||||||||||||||
Net periodic benefit cost | $ | 109 | $ | 86 | $ | (255 | ) | ||||||||||
Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss) | |||||||||||||||||
Net (gain) loss | $ | (1,518 | ) | $ | (886 | ) | $ | 2,805 | |||||||||
Prior service cost | — | — | 135 | ||||||||||||||
Amortization of prior service cost | (21 | ) | (15 | ) | — | ||||||||||||
Total recognized in other comprehensive income (loss) | $ | (1,539 | ) | $ | (901 | ) | $ | 2,940 | |||||||||
Total recognized in net periodic benefit cost and other comprehensive income (loss) | $ | (1,430 | ) | $ | (815 | ) | $ | 2,685 | |||||||||
Weighted average assumptions for benefit obligation at end of year | |||||||||||||||||
Discount rate | 4.35 | % | 4 | % | 4.5 | % | |||||||||||
Rate of compensation increase | N/A | N/A | N/A | ||||||||||||||
Weighted average assumptions for net periodic pension cost at end of year | |||||||||||||||||
Discount rate | 4 | % | 4.5 | % | 5.5 | % | |||||||||||
Expected return on plan assets | 8 | % | 8 | % | 8 | % | |||||||||||
Rate of compensation increase | N/A | N/A | 4 | % | |||||||||||||
Expected future interest crediting rate | 3 | % | 3 | % | 3 | % | |||||||||||
Accumulated Benefit Obligation | $ | 10,263 | $ | 11,205 | $ | 11,554 | |||||||||||
Fair Value of Pension Plan Assets by Asset Category | ' | ||||||||||||||||
Fair value is discussed in detail in Note 19. The fair value of the Company’s pension plan assets at December 31, 2013 and 2012, by asset category are as follows: | |||||||||||||||||
Assets Measured at Fair Value at December 31, 2013 Using | |||||||||||||||||
Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | Balance at December 31, 2013 | ||||||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||||||||
(dollars in thousands) | |||||||||||||||||
Assets | |||||||||||||||||
Cash and due from broker | $ | 21 | $ | — | $ | — | $ | 21 | |||||||||
Equity mutual funds(1) | 7,573 | — | — | 7,573 | |||||||||||||
Fixed income mutual funds(2) | 2,406 | — | — | 2,406 | |||||||||||||
Total assets at fair value | $ | 10,000 | $ | — | $ | — | $ | 10,000 | |||||||||
Assets Measured at Fair Value at December 31, 2012 Using | |||||||||||||||||
Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | Balance at December 31, 2012 | ||||||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||||||||
(dollars in thousands) | |||||||||||||||||
Assets | |||||||||||||||||
Cash and due from broker | $ | 18 | $ | — | $ | — | $ | 18 | |||||||||
Equity mutual funds(1) | 7,106 | — | — | 7,106 | |||||||||||||
Fixed income mutual funds(2) | 2,389 | — | — | 2,389 | |||||||||||||
Total assets at fair value | $ | 9,513 | $ | — | $ | — | $ | 9,513 | |||||||||
-1 | This category includes investments in mutual funds focused on equity securities with a diversified portfolio and includes investments in large cap and small cap funds, growth funds, international focused funds and value funds. The funds are valued using the net asset value method in which an average of the market prices for the underlying investments is used to value the funds. | ||||||||||||||||
-2 | This category includes investments in mutual funds focused on fixed income securities with both short-term and long-term investments. The funds are valued using the net asset value method in which an average of the market prices for the underlying investments is used to value the funds. | ||||||||||||||||
Weighted-Average Asset Allocations by Asset Category | ' | ||||||||||||||||
The pension plan’s weighted-average asset allocations as of December 31, 2013 and 2012, by asset category are as follows: | |||||||||||||||||
Plan Assets as of | |||||||||||||||||
December 31, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Asset Category | |||||||||||||||||
Mutual Funds – Fixed Income | 24 | % | 25 | % | |||||||||||||
Mutual Funds – Equity | 76 | % | 75 | % | |||||||||||||
Total | 100 | % | 100 | % | |||||||||||||
Estimated Future Benefit Payments | ' | ||||||||||||||||
Estimated future benefit payments, which reflect expected future service, as appropriate, are as follows: | |||||||||||||||||
(dollars in thousands) | |||||||||||||||||
2014 | $ | 455 | |||||||||||||||
2015 | 641 | ||||||||||||||||
2016 | 854 | ||||||||||||||||
2017 | 1,127 | ||||||||||||||||
2018 | 1,022 | ||||||||||||||||
Years 2019 – 2023 | 3,195 | ||||||||||||||||
Total | $ | 7,294 | |||||||||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Current and Deferred Income Tax Expense (Benefit) | ' | ||||||||||||
The current and deferred components of income tax expense (benefit) are as follows: | |||||||||||||
December 31, | |||||||||||||
(dollars in thousands) | 2013 | 2012 | 2011 | ||||||||||
Current | $ | 1,065 | $ | — | $ | 233 | |||||||
Deferred | (3,457 | ) | 945 | (444 | ) | ||||||||
Provision for (benefit from) income taxes | $ | (2,392 | ) | $ | 945 | $ | (211 | ) | |||||
Reconciliation Between Provision for (Benefit from) Income Taxes and Statutory Federal Income Tax | ' | ||||||||||||
A reconciliation between the provision for (benefit from) income taxes and the amount computed by multiplying income by the current statutory federal income tax rate, for the years ended December 31, 2013, 2012 and 2011, respectively, is as follows: | |||||||||||||
December 31, | |||||||||||||
(dollars in thousands) | 2013 | 2012 | 2011 | ||||||||||
Income tax expense (benefit) at statutory rates | $ | (1,708 | ) | $ | 1,495 | $ | 533 | ||||||
Decrease due to: | |||||||||||||
Tax exempt income | (400 | ) | (285 | ) | (497 | ) | |||||||
Other | (284 | ) | (265 | ) | (247 | ) | |||||||
Provision for (benefit from) income taxes | $ | (2,392 | ) | $ | 945 | $ | (211 | ) | |||||
Net Deferred Tax Assets | ' | ||||||||||||
Cumulative net deferred tax assets consist of the following components at December 31, 2013 and 2012: | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
Deferred tax assets: | |||||||||||||
Allowance for loan losses | $ | 5,021 | $ | 6,915 | |||||||||
Net operating loss carryforward | 7,361 | 1,548 | |||||||||||
Net unrealized loss on securities available for sale | 4,325 | — | |||||||||||
Tax credit carryforward | 2,400 | 994 | |||||||||||
Impairment on securities | 702 | 1,696 | |||||||||||
Interest on nonaccrual loans | 140 | 114 | |||||||||||
Accrued benefit cost | 232 | 755 | |||||||||||
Depreciation and amortization | 361 | 167 | |||||||||||
Home equity line closing cost | 103 | 120 | |||||||||||
Defined benefit plan | 266 | 229 | |||||||||||
Deferred compensation | 143 | 107 | |||||||||||
Accrued compensated absences | 66 | 65 | |||||||||||
Other real estate owned | 275 | 1,116 | |||||||||||
Other | 191 | 133 | |||||||||||
Total deferred tax assets | 21,586 | 13,959 | |||||||||||
Deferred tax liabilities: | |||||||||||||
FHLB dividend | (8 | ) | (8 | ) | |||||||||
Goodwill and other intangible assets | (2,532 | ) | (2,150 | ) | |||||||||
Net unrealized gain on securities available for sale | — | (991 | ) | ||||||||||
Other | (109 | ) | (123 | ) | |||||||||
Total deferred tax liabilities | (2,649 | ) | (3,272 | ) | |||||||||
Net deferred tax asset | $ | 18,937 | $ | 10,687 | |||||||||
Earnings_Loss_Per_Common_Share1
Earnings (Loss) Per Common Share (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Weighted Average Number of Common Shares used in Computing Earnings Per Common Share and Effect on Potential Dilutive Common Stock | ' | ||||||||||||
Potential dilutive common stock had no effect on earnings (loss) per common share otherwise available to common shareholders for the years ended December 31, 2013, 2012 and 2011. | |||||||||||||
Years Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Weighted average common shares outstanding for basic earnings (loss) per common share | 9,204,847 | 6,050,969 | 6,007,743 | ||||||||||
Effect of dilutive securities, stock options | — | — | — | ||||||||||
Effect of dilutive securities, Series B Preferred Stock | — | — | — | ||||||||||
Weighted average common shares outstanding for diluted earnings (loss) per common share | 9,204,847 | 6,050,969 | 6,007,743 | ||||||||||
Basic (loss) earnings per common share | $ | (0.45 | ) | $ | 0.32 | $ | 0.05 | ||||||
Diluted (loss) earnings per common share | $ | (0.45 | ) | $ | 0.32 | $ | 0.05 | ||||||
Related_Party_Transactions_Tab
Related Party Transactions (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Loan Activity to Related Parties | ' | ||||||||
Loan activity to related parties is as follows: | |||||||||
(dollars in thousands) | 2013 | 2012 | |||||||
Balance at beginning of year | $ | 9,344 | $ | 11,353 | |||||
Additional borrowings | 1,280 | 1,544 | |||||||
Curtailments | (805 | ) | (3,553 | ) | |||||
Balance at end of year | $ | 9,819 | $ | 9,344 | |||||
Stock_Based_Compensation_Plans1
Stock Based Compensation Plans (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Stock Option Activity and Related Information | ' | ||||||||||||||||
A summary of the Company’s stock option activity and related information is as follows: | |||||||||||||||||
Options Outstanding | Weighted Average | Remaining Contractual Life | Aggregate Intrinsic Value | ||||||||||||||
Exercise | (in years) | (in thousands) | |||||||||||||||
Price | |||||||||||||||||
Stock options outstanding at January 1, 2011 | 251,137 | $ | 19.68 | ||||||||||||||
Forfeited | (32,695 | ) | 18.51 | ||||||||||||||
Stock options outstanding at December 31, 2011 | 218,442 | 19.86 | |||||||||||||||
Forfeited | (36,080 | ) | 18.61 | ||||||||||||||
Stock options outstanding at December 31, 2012 | 182,362 | 20.08 | |||||||||||||||
Forfeited | (10,750 | ) | 18.74 | ||||||||||||||
Expired | (19,325 | ) | 28.6 | ||||||||||||||
Stock options outstanding at December 31, 2013 | 152,287 | $ | 19.09 | 2.54 | $ | — | |||||||||||
Stock options exercisable at December 31, 2013 | 152,287 | $ | 19.09 | 2.54 | $ | — | |||||||||||
* | Intrinsic value is the amount by which the fair value of the underlying common stock exceeds the exercise price of a stock option on exercise date. | ||||||||||||||||
Stock Options Outstanding and Exercisable | ' | ||||||||||||||||
The table below summarizes information concerning stock options outstanding and exercisable at December 31, 2013: | |||||||||||||||||
Stock Options Outstanding | Stock Options Exercisable | ||||||||||||||||
Exercise Price | Number Outstanding | Weighted Average Remaining Term | Exercise Price | Number Exercisable | |||||||||||||
$19.92 | 27,300 | 0.50 years | $19.92 | 27,300 | |||||||||||||
$20.57 | 36,162 | 1.50 years | $20.57 | 36,162 | |||||||||||||
$21.16 | 38,325 | 2.75 years | $21.16 | 38,325 | |||||||||||||
$19.25 | 26,750 | 3.75 years | $19.25 | 26,750 | |||||||||||||
$12.36 | 23,750 | 4.75 years | $12.36 | 23,750 | |||||||||||||
$19.09 | 152,287 | 2.54 years | $19.09 | 152,287 | |||||||||||||
Nonvested Shares in Relation to Restricted Stock Awards and Changes | ' | ||||||||||||||||
A summary of the status of the Company’s nonvested shares in relation to the Company’s restricted stock awards as of December 31, 2013, 2012 and 2011, and changes during the years ended December 31, 2013, 2012 and 2011, is presented below; the weighted average price is the weighted average fair value at the date of grant: | |||||||||||||||||
Shares | Weighted- | ||||||||||||||||
Average | |||||||||||||||||
Price | |||||||||||||||||
Nonvested as of January 1, 2011 | 16,500 | $ | 7.29 | ||||||||||||||
Vested | (1,600 | ) | 13.34 | ||||||||||||||
Forfeited | (400 | ) | 17.25 | ||||||||||||||
Nonvested as of December 31, 2011 | 14,500 | 6.35 | |||||||||||||||
Granted | 34,000 | 3.72 | |||||||||||||||
Vested | (1,600 | ) | 13.34 | ||||||||||||||
Forfeited | (7,500 | ) | 5.88 | ||||||||||||||
Nonvested as of December 31, 2012 | 39,400 | 3.89 | |||||||||||||||
Granted | 38,000 | 6.7 | |||||||||||||||
Vested | (3,900 | ) | 4.57 | ||||||||||||||
Nonvested as of December 31, 2013 | 73,500 | $ | 5.3 | ||||||||||||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Accumulated Other Comprehensive Income (Loss) | ' | ||||||||||||
The balances in accumulated other comprehensive income (loss) are shown in the following table: | |||||||||||||
Unrealized Securities Gains (Losses) | Adjustments Related to Pension Plan | Accumulated Other Comprehensive Income | |||||||||||
(Loss) | |||||||||||||
(dollars in thousands) | |||||||||||||
Balance at December 31, 2010 | $ | (2,161 | ) | $ | (142 | ) | $ | (2,303 | ) | ||||
Unrealized securities gains (net of tax, $2,967) | 5,759 | — | 5,759 | ||||||||||
Securities gains included in net income (net of tax, $1,083) | (2,103 | ) | — | (2,103 | ) | ||||||||
Change in unfunded pension liability (net of tax, $1,000) | — | (1,940 | ) | (1,940 | ) | ||||||||
Balance at December 31, 2011 | 1,495 | (2,082 | ) | (587 | ) | ||||||||
Unrealized securities gains (net of tax, $1,537) | 2,987 | — | 2,987 | ||||||||||
Securities gains included in net income (net of tax, $1,317) | (2,558 | ) | — | (2,558 | ) | ||||||||
Change in unfunded pension liability (net of tax, $307) | — | 594 | 594 | ||||||||||
Balance at December 31, 2012 | 1,924 | (1,488 | ) | 436 | |||||||||
Unrealized securities losses (net of tax, $4,803) | (9,325 | ) | — | (9,325 | ) | ||||||||
Securities gains included in net loss (net of tax, $512) | (995 | ) | — | (995 | ) | ||||||||
Change in unfunded pension liability (net of tax, $523) | — | 1,016 | 1,016 | ||||||||||
Balance at December 31, 2013 | $ | (8,396 | ) | $ | (472 | ) | $ | (8,868 | ) | ||||
Regulatory_Matters_Tables
Regulatory Matters (Tables) | 12 Months Ended | ||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||
Actual Capital Amounts and Ratios | ' | ||||||||||||||||||||||||||
The Company’s and the Bank’s actual capital amounts and ratios as of December 31, 2013 and 2012 are also presented in the table. | |||||||||||||||||||||||||||
Actual | Minimum Capital Requirement | Minimum To Be Well Capitalized Under Prompt Corrective Action Provision | |||||||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||
As of December 31, 2013: | |||||||||||||||||||||||||||
Total capital to risk weighted assets: | |||||||||||||||||||||||||||
Company | $ | 128,345 | 19.48 | % | $ | 52,710 | 8 | % | N/A | N/A | |||||||||||||||||
Bank | 92,038 | 13.98 | % | 52,685 | 8 | % | $ | 65,856 | 10 | % | |||||||||||||||||
Tier 1 capital to risk weighted assets: | |||||||||||||||||||||||||||
Company | $ | 120,031 | 18.22 | % | $ | 26,355 | 4 | % | N/A | N/A | |||||||||||||||||
Bank | 83,728 | 12.71 | % | 26,342 | 4 | % | $ | 39,514 | 6 | % | |||||||||||||||||
Tier 1 capital to average assets: | |||||||||||||||||||||||||||
Company | $ | 120,031 | 12.06 | % | $ | 39,803 | 4 | % | N/A | N/A | |||||||||||||||||
Bank | 83,728 | 8.43 | % | 39,731 | 4 | % | $ | 49,664 | 5 | % | |||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||
As of December 31, 2012: | |||||||||||||||||||||||||||
Total capital to risk weighted assets: | |||||||||||||||||||||||||||
Company | $ | 93,400 | 13.88 | % | $ | 53,846 | 8 | % | N/A | N/A | |||||||||||||||||
Bank | 89,425 | 13.32 | % | 53,725 | 8 | % | $ | 67,156 | 10 | % | |||||||||||||||||
Tier 1 capital to risk weighted assets: | |||||||||||||||||||||||||||
Company | $ | 85,071 | 12.64 | % | $ | 26,923 | 4 | % | N/A | N/A | |||||||||||||||||
Bank | 81,115 | 12.08 | % | 26,862 | 4 | % | $ | 40,294 | 6 | % | |||||||||||||||||
Tier 1 capital to average assets: | |||||||||||||||||||||||||||
Company | $ | 85,071 | 8.13 | % | $ | 41,875 | 4 | % | N/A | N/A | |||||||||||||||||
Bank | 81,115 | 7.76 | % | 41,815 | 4 | % | $ | 52,268 | 5 | % | |||||||||||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Financial Assets Measured at Fair Value on Recurring Basis | ' | ||||||||||||||||||||
The following table summarizes financial assets measured at fair value on a recurring basis as of December 31, 2013 and 2012, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value: | |||||||||||||||||||||
Assets Measured at Fair Value on a Recurring Basis at December 31, 2013 Using | |||||||||||||||||||||
Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs | Significant Unobservable Inputs | Balance at December 31, 2013 | ||||||||||||||||||
(Level 2) | (Level 3) | ||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||
Assets | |||||||||||||||||||||
Securities available for sale | |||||||||||||||||||||
Obligations of U.S. Government agencies | $ | — | $ | 13,390 | $ | — | $ | 13,390 | |||||||||||||
SBA Pool securities | — | 86,035 | — | 86,035 | |||||||||||||||||
Agency mortgage-backed securities | — | 35,254 | — | 35,254 | |||||||||||||||||
Agency CMO securities | — | 41,378 | — | 41,378 | |||||||||||||||||
Non agency CMO securities | — | 1,306 | — | 1,306 | |||||||||||||||||
State and political subdivisions | — | 56,342 | — | 56,342 | |||||||||||||||||
Pooled trust preferred securities | — | 749 | — | 749 | |||||||||||||||||
FNMA and FHLMC preferred stock | — | 481 | — | 481 | |||||||||||||||||
Total securities available for sale | $ | — | $ | 234,935 | $ | — | $ | 234,935 | |||||||||||||
Assets Measured at Fair Value on a Recurring Basis at December 31, 2012 Using | |||||||||||||||||||||
Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs | Significant Unobservable Inputs | Balance at December 31, 2012 | ||||||||||||||||||
(Level 2) | (Level 3) | ||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||
Assets | |||||||||||||||||||||
Securities available for sale | |||||||||||||||||||||
Obligations of U.S. Government agencies | $ | — | $ | 13,467 | $ | — | $ | 13,467 | |||||||||||||
SBA Pool securities | — | 82,751 | — | 82,751 | |||||||||||||||||
Agency mortgage-backed securities | — | 31,714 | — | 31,714 | |||||||||||||||||
Agency CMO securities | — | 61,936 | — | 61,936 | |||||||||||||||||
Non agency CMO securities | — | 2,199 | — | 2,199 | |||||||||||||||||
State and political subdivisions | — | 83,217 | — | 83,217 | |||||||||||||||||
Pooled trust preferred securities | — | 759 | — | 759 | |||||||||||||||||
FNMA and FHLMC preferred stock | — | 276 | — | 276 | |||||||||||||||||
Corporate securities | — | 594 | — | 594 | |||||||||||||||||
Total securities available for sale | $ | — | $ | 276,913 | $ | — | $ | 276,913 | |||||||||||||
Assets Measured at Fair Value on Non-Recurring Basis | ' | ||||||||||||||||||||
The following table summarizes assets measured at fair value on a non-recurring basis as of December 31, 2013 and 2012, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value: | |||||||||||||||||||||
Assets Measured at Fair Value on a Non-Recurring Basis at December 31, 2013 Using | |||||||||||||||||||||
Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs | Significant Unobservable Inputs | Balance at December 31, 2013 | ||||||||||||||||||
(Level 2) | (Level 3) | ||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||
Assets | |||||||||||||||||||||
Impaired loans | $ | — | $ | — | $ | 16,086 | $ | 16,086 | |||||||||||||
Other real estate owned | $ | — | $ | — | $ | 800 | $ | 800 | |||||||||||||
Assets Measured at Fair Value on a Non-Recurring Basis at December 31, 2012 Using | |||||||||||||||||||||
Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs | Significant Unobservable Inputs | Balance at December 31, 2012 | ||||||||||||||||||
(Level 2) | (Level 3) | ||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||
Assets | |||||||||||||||||||||
Impaired loans | $ | — | $ | — | $ | 18,569 | $ | 18,569 | |||||||||||||
Other real estate owned | $ | — | $ | — | $ | 4,747 | $ | 4,747 | |||||||||||||
Quantitative Information about Level Three Fair Value Measurements | ' | ||||||||||||||||||||
The following table displays quantitative information about Level 3 Fair Value Measurements as of December 31, 2013 and 2012: | |||||||||||||||||||||
Quantitative information about Level 3 Fair Value Measurements at December 31, 2013 | |||||||||||||||||||||
Fair Value | Valuation Technique(s) | Unobservable Input | Range (Weighted Average) | ||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||
Assets | |||||||||||||||||||||
Impaired loans | $ | 16,086 | Discounted | Selling cost | 0% – 32% (12%) | ||||||||||||||||
appraised value | |||||||||||||||||||||
Discount for lack of | 0% – 20% (6%) | ||||||||||||||||||||
marketability and age | |||||||||||||||||||||
of appraisal | |||||||||||||||||||||
Other real estate owned | $ | 800 | Discounted | Selling cost | 10% (10%) | ||||||||||||||||
appraised value | |||||||||||||||||||||
Discount for lack of | 0% – 28% (13%) | ||||||||||||||||||||
marketability and age | |||||||||||||||||||||
of appraisal | |||||||||||||||||||||
Quantitative information about Level 3 Fair Value Measurements at December 31, 2012 | |||||||||||||||||||||
Fair Value | Valuation Technique(s) | Unobservable Input | Range (Weighted Average) | ||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||
Assets | |||||||||||||||||||||
Impaired loans | $ | 18,569 | Discounted | Selling cost | 7% – 32% (12%) | ||||||||||||||||
appraised value | |||||||||||||||||||||
Discount for lack of | 0% – 50% (15%) | ||||||||||||||||||||
marketability and age | |||||||||||||||||||||
of appraisal | |||||||||||||||||||||
Other real estate owned | $ | 4,747 | Discounted | Selling cost | 10% – 15% (10%) | ||||||||||||||||
appraised value | |||||||||||||||||||||
Discount for lack of | 0% – 56% (6%) | ||||||||||||||||||||
marketability and age | |||||||||||||||||||||
of appraisal | |||||||||||||||||||||
Estimated Fair Value and Carrying Value | ' | ||||||||||||||||||||
The estimated fair value and the carrying value of the Company’s recorded financial instruments are as follows: | |||||||||||||||||||||
Fair Value Measurements at December 31, 2013 Using | |||||||||||||||||||||
Carrying Amount | Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | Balance at December 31, 2013 | |||||||||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||
Assets: | |||||||||||||||||||||
Cash and short-term investments | $ | 13,944 | $ | 13,944 | $ | — | $ | — | $ | 13,944 | |||||||||||
Interest bearing deposits with banks | 5,402 | 5,402 | — | — | 5,402 | ||||||||||||||||
Securities available for sale | 234,935 | — | 234,935 | — | 234,935 | ||||||||||||||||
Securities held to maturity | 35,495 | — | 34,521 | — | 34,521 | ||||||||||||||||
Restricted securities | 5,549 | — | 5,549 | — | 5,549 | ||||||||||||||||
Loans, net | 642,430 | — | — | 653,125 | 653,125 | ||||||||||||||||
Bank owned life insurance | 21,158 | — | 21,158 | — | 21,158 | ||||||||||||||||
Accrued interest receivable | 3,893 | — | 3,893 | — | 3,893 | ||||||||||||||||
Total | $ | 962,806 | $ | 19,346 | $ | 300,056 | $ | 653,125 | $ | 972,527 | |||||||||||
Liabilities: | |||||||||||||||||||||
Noninterest-bearing demand deposits | $ | 126,861 | $ | 126,861 | $ | — | $ | — | $ | 126,861 | |||||||||||
Interest-bearing deposits | 707,601 | — | 614,747 | — | 614,747 | ||||||||||||||||
Short-term borrowings | 44,949 | 44,949 | — | — | 44,949 | ||||||||||||||||
Trust preferred debt | 10,310 | — | 10,310 | — | 10,310 | ||||||||||||||||
Accrued interest payable | 1,324 | — | 1,324 | — | 1,324 | ||||||||||||||||
Total | $ | 891,045 | $ | 171,810 | $ | 626,381 | $ | — | $ | 798,191 | |||||||||||
Fair Value Measurements at December 31, 2012 Using | |||||||||||||||||||||
Carrying Amount | Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | Balance at December 31, 2012 | |||||||||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||
Assets: | |||||||||||||||||||||
Cash and short-term investments | $ | 16,762 | $ | 16,762 | $ | — | $ | — | $ | 16,762 | |||||||||||
Interest bearing deposits with banks | 29,837 | 29,837 | — | — | 29,837 | ||||||||||||||||
Securities available for sale | 276,913 | — | 276,913 | — | 276,913 | ||||||||||||||||
Restricted securities | 9,251 | — | 9,251 | — | 9,251 | ||||||||||||||||
Loans, net | 664,330 | — | — | 659,818 | 659,818 | ||||||||||||||||
Bank owned life insurance | 10,678 | — | 10,678 | — | 10,678 | ||||||||||||||||
Accrued interest receivable | 4,223 | — | 4,223 | — | 4,223 | ||||||||||||||||
Total | $ | 1,011,994 | $ | 46,599 | $ | 301,065 | $ | 659,818 | $ | 1,007,482 | |||||||||||
Liabilities: | |||||||||||||||||||||
Noninterest-bearing demand deposits | $ | 116,717 | $ | 116,717 | $ | — | $ | — | $ | 116,717 | |||||||||||
Interest-bearing deposits | 721,656 | — | 717,035 | — | 717,035 | ||||||||||||||||
Short-term borrowings | 2,942 | 2,942 | — | — | 2,942 | ||||||||||||||||
Long-term borrowings | 117,500 | — | 126,739 | — | 126,739 | ||||||||||||||||
Trust preferred debt | 10,310 | — | 10,310 | — | 10,310 | ||||||||||||||||
Accrued interest payable | 1,673 | — | 1,673 | — | 1,673 | ||||||||||||||||
Total | $ | 970,798 | $ | 119,659 | $ | 855,757 | $ | — | $ | 975,416 | |||||||||||
Financial_Instruments_with_Off1
Financial Instruments with Off-Balance Sheet Risk (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Loan Commitments and Standby Letters of Credit | ' | ||||||||
The amounts of loan commitments and standby letters of credit are set forth in the following table as of December 31, 2013 and 2012: | |||||||||
December 31, | |||||||||
(dollars in thousands) | 2013 | 2012 | |||||||
Loan commitments | $ | 102,703 | $ | 98,922 | |||||
Standby letters of credit | $ | 7,114 | $ | 6,851 | |||||
Preferred_Stock_and_Warrant_Ta
Preferred Stock and Warrant (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Allocation of Preferred Stock Discount and Warrant | ' | ||||||||||||
Allocation of the Series A Preferred Stock discount and the warrant as of January 9, 2009 is provided in the tables below: | |||||||||||||
Warrant Value | 2009 | ||||||||||||
Series A Preferred Stock | $ | 24,000,000 | |||||||||||
Price | $ | 9.63 | |||||||||||
Warrant – shares | 373,832 | ||||||||||||
Value per warrant | $ | 2.54 | |||||||||||
Fair value of warrant | $ | 949,533 | |||||||||||
Net Present Value of Preferred Stock | ' | ||||||||||||
(dollars in thousands) | |||||||||||||
NPV of Series A Preferred Stock | Fair | Relative Value % | Relative Value | ||||||||||
@ 12% discount rate | Value | ||||||||||||
$24 million 1/09/2009 | |||||||||||||
NPV of Series A Preferred Stock (12% discount rate) | $ | 14,446 | 93.8 | % | $ | 22,519 | |||||||
Fair value of warrant | 950 | 6.2 | % | 1,481 | |||||||||
$ | 15,396 | 100 | % | $ | 24,000 | ||||||||
Lease_Commitments_Tables
Lease Commitments (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Future Minimum Lease Payments Required under Long-Term Non-Cancelable Lease Agreements | ' | ||||
Pursuant to the terms of these leases, the following is a schedule, by year, of future minimum lease payments required under the long-term non-cancelable lease agreements. | |||||
(dollars in thousands) | Lease Payments | ||||
2014 | $ | 282 | |||
2015 | 224 | ||||
2016 | 182 | ||||
2017 | 140 | ||||
2018 | 129 | ||||
Thereafter | 50 | ||||
$ | 1,007 | ||||
Condensed_Parent_Company_Only_1
Condensed Parent Company Only Financial Information (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Condensed Balance Sheets | ' | ||||||||||||
The condensed financial position as of December 31, 2013 and 2012 and the condensed results of operations and cash flows for each of the years in the three-year period ended December 31, 2013, of Eastern Virginia Bankshares, Inc., parent company only, are presented below: | |||||||||||||
Condensed Balance Sheets | |||||||||||||
December 31, 2013 and 2012 | |||||||||||||
(dollars in thousands) | |||||||||||||
2013 | 2012 | ||||||||||||
Assets | |||||||||||||
Cash on deposit with subsidiary | $ | 35,168 | $ | 2,994 | |||||||||
Investment in subsidiaries | 107,039 | 106,523 | |||||||||||
Deferred income taxes, net | 232 | 755 | |||||||||||
Prepaid benefit cost | 520 | — | |||||||||||
Other assets | 1,393 | 1,587 | |||||||||||
Total assets | $ | 144,352 | $ | 111,859 | |||||||||
Liabilities and Shareholders' Equity | |||||||||||||
Trust preferred debt | $ | 10,310 | $ | 10,310 | |||||||||
Accrued benefit cost | — | 1,019 | |||||||||||
Other liabilities | 1,093 | 819 | |||||||||||
Total shareholders’ equity | 132,949 | 99,711 | |||||||||||
Total liabilities and shareholders’ equity | $ | 144,352 | $ | 111,859 | |||||||||
Condensed Statements of Operations | ' | ||||||||||||
Condensed Statements of Operations | |||||||||||||
Years Ended December 31, 2013, 2012 and 2011 | |||||||||||||
(dollars in thousands) | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Income: | |||||||||||||
Interest on deposit with subsidiary | $ | 123 | $ | 19 | $ | 32 | |||||||
Interest on subordinated debt | — | — | 321 | ||||||||||
Total income | 123 | 19 | 353 | ||||||||||
Expenses: | |||||||||||||
Interest on trust preferred debt | 352 | 361 | 332 | ||||||||||
Professional fees | 275 | 295 | 344 | ||||||||||
Other | 204 | 169 | 162 | ||||||||||
Total expenses | 831 | 825 | 838 | ||||||||||
Loss before income tax benefit and equity in undistributed net income (loss) of subsidiary | (708 | ) | (806 | ) | (485 | ) | |||||||
Income tax benefit | (241 | ) | (274 | ) | (165 | ) | |||||||
Loss before equity in undistributed net income (loss) of subsidiary | (467 | ) | (532 | ) | (320 | ) | |||||||
Equity in undistributed net income (loss) of subsidiary | (2,165 | ) | 3,984 | 2,097 | |||||||||
Net income (loss) | $ | (2,632 | ) | $ | 3,452 | $ | 1,777 | ||||||
Condensed Statements of Cash Flows | ' | ||||||||||||
Condensed Statements of Cash Flows | |||||||||||||
Years Ended December 31, 2013, 2012 and 2011 | |||||||||||||
(dollars in thousands) | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Operating activities: | |||||||||||||
Net income (loss) | $ | (2,632 | ) | $ | 3,452 | $ | 1,777 | ||||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||||||||||||
Equity in undistributed net (income) loss of subsidiary | 2,165 | (3,984 | ) | (2,097 | ) | ||||||||
Stock based compensation | 32 | 53 | 110 | ||||||||||
Net change in: | |||||||||||||
Other assets | 194 | (844 | ) | (320 | ) | ||||||||
Other liabilities | 273 | 358 | 282 | ||||||||||
Net cash provided by (used in) operating activities | 32 | (965 | ) | (248 | ) | ||||||||
Investing activities: | |||||||||||||
Subordinated debt to subsidiary | — | — | 11,000 | ||||||||||
Increase in investment in subsidiary | (13,000 | ) | — | (11,000 | ) | ||||||||
Net cash used in investing activities | (13,000 | ) | — | — | |||||||||
Financing activities: | |||||||||||||
Issuance of common stock under dividend reinvestment and employee stock plans | — | 37 | 80 | ||||||||||
Director stock grant | 32 | 23 | 22 | ||||||||||
Net proceeds from issuance of common stock in private placements and rights offering | 23,550 | — | — | ||||||||||
Net proceeds from issuance of preferred stock in private | 21,560 | — | — | ||||||||||
placements | |||||||||||||
Net cash provided by financing activities | 45,142 | 60 | 102 | ||||||||||
Net increase (decrease) in cash on deposit with subsidiary | 32,174 | (905 | ) | (146 | ) | ||||||||
Cash on deposit with subsidiary, January 1 | 2,994 | 3,899 | 4,045 | ||||||||||
Cash on deposit with subsidiary, December 31 | $ | 35,168 | $ | 2,994 | $ | 3,899 | |||||||
Summary_of_Significant_Account2
Summary of Significant Accounting Policies - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||
Sep. 30, 2010 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Mar. 31, 2011 | Mar. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | |
Entity | Mortgage Servicing Rights | EVB Investments, Inc. | EVB Mortgage, LLC. | EVB Title, LLC | Virginia Bankers Insurance Center, LLC | Dunston Hall LLC | Closed-end credit | Open-ended credit | ||||
Accounting Policies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of retail branches | ' | 21 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ownership interest percentage | ' | ' | ' | ' | ' | 100.00% | 50.00% | 75.00% | 2.33% | 100.00% | ' | ' |
Fixed monthly compensation | ' | $1,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of branches which provide mortgage services | ' | 5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of real estate loans secured by one to four family residential properties | ' | 48.40% | 49.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loans to hospital industry | ' | 23,500,000 | 26,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of loans to hospitality industry to total commercial real estate loan | ' | 9.70% | 10.80% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of loans to hospitality industry to total risk-based capital | ' | 25.50% | 29.20% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of total risk-based capital | ' | 25.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Commercial bank deposit accounts in excess of Federal Deposit Insurance Corporation insured limit of $250,000 per institution | ' | 6,900,000 | 9,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loans classified as TDRs | ' | 20,200,000 | 9,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unsecured loan, payment due date (in days) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '120 days | '180 days |
Mortgage servicing rights asset, capitalized | 214,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Intangible asset, amortization period | ' | ' | ' | ' | '4 years | ' | ' | ' | ' | ' | ' | ' |
Mortgage servicing rights, net of accumulated amortization | ' | 40,000 | 94,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loan servicing income amount | ' | 35,000 | 44,000 | 58,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Defined benefit plan, credited service period | ' | '10 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Defined benefit plan number of years for calculating average annual interest rate | ' | '2 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Advertising expense | ' | $602,000 | $658,000 | $576,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Amortized_Cost_and_Estimated_F
Amortized Cost and Estimated Fair Value with Gross Unrealized Gains and Losses of Securities (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | |
Available for Sale: | ' | ' | |
Amortized Cost | $246,685 | $273,998 | |
Gross unrealized gains | 1,121 | 4,143 | |
Gross Unrealized Losses | 12,871 | 1,228 | |
Estimated Fair Value | 234,935 | 276,913 | |
Held to Maturity: | ' | ' | |
Amortized cost | 36,465 | ' | |
Unrealized Losses Recorded in AOCI | 970 | [1] | ' |
Carrying Value | 35,495 | 0 | |
Gross Unrealized Gains | 4 | ' | |
Gross Unrealized Losses | 978 | ' | |
Estimated Fair Value | 34,521 | 0 | |
Obligations of U.S. Government agencies | ' | ' | |
Available for Sale: | ' | ' | |
Amortized Cost | 14,989 | 13,495 | |
Gross unrealized gains | 0 | 10 | |
Gross Unrealized Losses | 1,599 | 38 | |
Estimated Fair Value | 13,390 | 13,467 | |
SBA Pool securities | ' | ' | |
Available for Sale: | ' | ' | |
Amortized Cost | 89,531 | 81,500 | |
Gross unrealized gains | 35 | 1,515 | |
Gross Unrealized Losses | 3,531 | 264 | |
Estimated Fair Value | 86,035 | 82,751 | |
Agency mortgage-backed securities | ' | ' | |
Available for Sale: | ' | ' | |
Amortized Cost | 36,261 | 31,384 | |
Gross unrealized gains | 104 | 349 | |
Gross Unrealized Losses | 1,111 | 19 | |
Estimated Fair Value | 35,254 | 31,714 | |
Agency CMO securities | ' | ' | |
Available for Sale: | ' | ' | |
Amortized Cost | 43,277 | 61,710 | |
Gross unrealized gains | 62 | 583 | |
Gross Unrealized Losses | 1,961 | 357 | |
Estimated Fair Value | 41,378 | 61,936 | |
Held to Maturity: | ' | ' | |
Amortized cost | 12,598 | ' | |
Unrealized Losses Recorded in AOCI | 98 | [1] | ' |
Carrying Value | 12,500 | ' | |
Gross Unrealized Gains | 0 | ' | |
Gross Unrealized Losses | 547 | ' | |
Estimated Fair Value | 11,953 | ' | |
Non agency CMO securities | ' | ' | |
Available for Sale: | ' | ' | |
Amortized Cost | 1,304 | [2] | 2,200 |
Gross unrealized gains | 2 | [2] | 1 |
Gross Unrealized Losses | 0 | [2] | 2 |
Estimated Fair Value | 1,306 | [2] | 2,199 |
State and political subdivisions | ' | ' | |
Available for Sale: | ' | ' | |
Amortized Cost | 60,834 | 82,536 | |
Gross unrealized gains | 177 | 1,229 | |
Gross Unrealized Losses | 4,669 | 548 | |
Estimated Fair Value | 56,342 | 83,217 | |
Held to Maturity: | ' | ' | |
Amortized cost | 23,867 | ' | |
Unrealized Losses Recorded in AOCI | 872 | [1] | ' |
Carrying Value | 22,995 | ' | |
Gross Unrealized Gains | 4 | ' | |
Gross Unrealized Losses | 431 | ' | |
Estimated Fair Value | 22,568 | ' | |
Pooled trust preferred securities | ' | ' | |
Available for Sale: | ' | ' | |
Amortized Cost | 467 | 506 | |
Gross unrealized gains | 282 | 253 | |
Gross Unrealized Losses | 0 | 0 | |
Estimated Fair Value | 749 | 759 | |
FNMA and FHLMC preferred stock | ' | ' | |
Available for Sale: | ' | ' | |
Amortized Cost | 22 | 77 | |
Gross unrealized gains | 459 | 199 | |
Gross Unrealized Losses | 0 | 0 | |
Estimated Fair Value | 481 | 276 | |
Corporate securities | ' | ' | |
Available for Sale: | ' | ' | |
Amortized Cost | ' | 590 | |
Gross unrealized gains | ' | 4 | |
Gross Unrealized Losses | ' | 0 | |
Estimated Fair Value | ' | $594 | |
[1] | Represents the unrealized holding gain or loss at the date of transfer from available for sale to held to maturity, net of any accretion. | ||
[2] | The combined unrealized loss on these securities was less than $1 thousand |
Amortized_Cost_and_Estimated_F1
Amortized Cost and Estimated Fair Value with Gross Unrealized Gains and Losses of Securities (Parenthetical) (Detail) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Schedule of Available-for-sale Securities [Line Items] | ' |
Unrealized Loss on securities | $994 |
State and political subdivisions | Maximum | ' |
Schedule of Available-for-sale Securities [Line Items] | ' |
Unrealized Loss on securities | $1 |
Investment_Securities_Addition
Investment Securities - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Investment Securities [Line Items] | ' | ' | ' |
Impairment charge | $77,000 | ' | ' |
Reducing book value of investment | 0 | ' | ' |
Proceeds from sales of securities | 41,675,000 | 205,537,000 | 146,134,000 |
Net realized gains on sale of securities | 1,507,000 | 3,875,000 | 3,186,000 |
Proceeds from maturities, calls and paydowns of securities available for sale | 26,322,000 | 52,976,000 | 48,939,000 |
Pledged securities, aggregate book value | 88,800,000 | 104,300,000 | ' |
Pledged securities, aggregate fair value | 85,000,000 | 105,800,000 | ' |
Number of debt securities, temporarily impaired | 194 | ' | ' |
Fair value of temporarily impaired debt securities | 239,601,000 | 79,765,000 | ' |
Investment in Federal Home Loan Bank of Atlanta stock | 3,200,000 | 6,900,000 | ' |
Estimated fair value of securties | 282,000 | ' | ' |
Available-for-sale Securities, Amortized Cost Basis, Total | 35,500,000 | ' | ' |
Available-for-sale Securities, Debt Securities | 34,500,000 | ' | ' |
Available-for-sale Securities, Gross Unrealized Gain (Loss), Total | 994,000 | ' | ' |
Available For Sale Securities Continuous Unrealized Loss Position Less Than Twelve Months Fair Value | 196,676,000 | 79,765,000 | ' |
Available For Sale Securities Continuous Unrealized Loss Position Twelve Months Or Longer Fair Value | $42,925,000 | $0 | ' |
Number Of Debt Securities Less than 12 Months | 159 | ' | ' |
Number Of Securities 12 Months or Longer | 35 | ' | ' |
Amortized_Cost_and_Estimated_F2
Amortized Cost and Estimated Fair Values of Securities by Earlier of Contractual Maturity or Expected Maturity (Detail) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Schedule of Available-for-sale Securities [Line Items] | ' |
Amortized Cost, Due in one year or less | $4,567 |
Amortized Cost, Due after one year through five years | 50,281 |
Amortized Cost, Due after five years through ten years | 168,344 |
Amortized Cost, Due after ten years | 23,493 |
Amortized Cost, Total | 246,685 |
Estimated Fair Value, Due in one year or less | 4,102 |
Estimated Fair Value, Due after one year through five years | 49,617 |
Estimated Fair Value, Due after five years through ten years | 157,876 |
Estimated Fair Value, Due after ten years | 23,340 |
Estimated Fair Value, Total | 234,935 |
Held to Maturity | ' |
Carrying Value, Due in one year or less | 0 |
Carrying Value, Due after one year through five years | 6,957 |
Carrying Value, Due after five years through ten years | 27,791 |
Carrying Value, Due after ten years | 747 |
Carrying Value, Total | 35,495 |
Estimated Fair Value, Due in one year or less | 0 |
Estimated Fair Value, Due after one year through five years | 6,725 |
Estimated Fair Value, Due after five years through ten years | 27,067 |
Estimated Fair Value, Due after ten years | 729 |
Estimated Fair Value, Total | $34,521 |
Securities_in_Unrealized_Loss_
Securities in Unrealized Loss Position by Duration of Period of Unrealized Loss (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | |
Less than 12 months, Fair Value | $196,676 | $79,765 | |
Less than 12 months, Unrealized Loss | 9,969 | 1,228 | |
12 months or more, Fair Value | 42,925 | 0 | |
12 months or more, Unrealized Loss | 3,880 | 0 | |
Total, Fair Value | 239,601 | 79,765 | |
Total, Unrealized Loss | 13,849 | 1,228 | |
Obligations of U.S. Government agencies | ' | ' | |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | |
Less than 12 months, Fair Value | 5,436 | 8,957 | |
Less than 12 months, Unrealized Loss | 558 | 38 | |
12 months or more, Fair Value | 7,954 | 0 | |
12 months or more, Unrealized Loss | 1,041 | 0 | |
Total, Fair Value | 13,390 | 8,957 | |
Total, Unrealized Loss | 1,599 | 38 | |
SBA Pool securities | ' | ' | |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | |
Less than 12 months, Fair Value | 68,163 | 16,782 | |
Less than 12 months, Unrealized Loss | 3,131 | 264 | |
12 months or more, Fair Value | 11,156 | 0 | |
12 months or more, Unrealized Loss | 400 | 0 | |
Total, Fair Value | 79,319 | 16,782 | |
Total, Unrealized Loss | 3,531 | 264 | |
Agency mortgage-backed securities | ' | ' | |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | |
Less than 12 months, Fair Value | 21,834 | 4,268 | |
Less than 12 months, Unrealized Loss | 863 | 19 | |
12 months or more, Fair Value | 4,172 | 0 | |
12 months or more, Unrealized Loss | 248 | 0 | |
Total, Fair Value | 26,006 | 4,268 | |
Total, Unrealized Loss | 1,111 | 19 | |
Agency CMO securities | ' | ' | |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | |
Less than 12 months, Fair Value | 39,860 | 21,767 | |
Less than 12 months, Unrealized Loss | 1,962 | 357 | |
12 months or more, Fair Value | 7,788 | 0 | |
12 months or more, Unrealized Loss | 546 | 0 | |
Total, Fair Value | 47,648 | 21,767 | |
Total, Unrealized Loss | 2,508 | 357 | |
Non agency CMO securities | ' | ' | |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | |
Less than 12 months, Fair Value | 67 | [1] | 750 |
Less than 12 months, Unrealized Loss | 0 | [1] | 2 |
12 months or more, Fair Value | 0 | [1] | 0 |
12 months or more, Unrealized Loss | 0 | [1] | 0 |
Total, Fair Value | 67 | [1] | 750 |
Total, Unrealized Loss | 0 | [1] | 2 |
State and political subdivisions | ' | ' | |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | |
Less than 12 months, Fair Value | 61,316 | 27,241 | |
Less than 12 months, Unrealized Loss | 3,455 | 548 | |
12 months or more, Fair Value | 11,855 | 0 | |
12 months or more, Unrealized Loss | 1,645 | 0 | |
Total, Fair Value | 73,171 | 27,241 | |
Total, Unrealized Loss | $5,100 | $548 | |
[1] | The combined unrealized loss on these securities was less than $1. |
Securities_in_Unrealized_Loss_1
Securities in Unrealized Loss Position by Duration of Period of Unrealized Loss (Parenthetical) (Detail) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Schedule of Available-for-sale Securities [Line Items] | ' |
Unrealized Loss on securities | $994 |
State and political subdivisions | Minimum | ' |
Schedule of Available-for-sale Securities [Line Items] | ' |
Unrealized Loss on securities | $1 |
Changes_In_Credit_Loss_Compone
Changes In Credit Loss Component of Credit-impaired Debt Securities (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | Initial Credit Impairments | Subsequent Credit Impairments | Subsequent Charge Off Of Previously Impaired Credits | ||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ' | ' | ' | ' | ' |
Balance, beginning of period | $339 | $339 | ' | ' | ' |
Additions | ' | ' | 0 | 0 | ' |
Reductions | ' | ' | ' | ' | 0 |
Balance, end of period | $339 | $339 | ' | ' | ' |
Composition_of_Loan_Portfolio_
Composition of Loan Portfolio (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | |||
Composition of Loan Portfolio [Line Items] | ' | ' | ' |
Total loans | $657,197 | $684,668 | ' |
Total loans Percent | 100.00% | 100.00% | ' |
Less allowance for loan losses | -14,767 | -20,338 | -24,102 |
Loans, net | 642,430 | 664,330 | ' |
Commercial, industrial and agricultural | ' | ' | ' |
Composition of Loan Portfolio [Line Items] | ' | ' | ' |
Total loans | 53,673 | 51,881 | ' |
Total loans Percent | 8.17% | 7.58% | ' |
Less allowance for loan losses | -1,787 | -2,340 | -4,389 |
Real Estate - One to Four Family Residential | ' | ' | ' |
Composition of Loan Portfolio [Line Items] | ' | ' | ' |
Total loans | 318,311 | 338,700 | ' |
Total loans Percent | 48.44% | 49.47% | ' |
Less allowance for loan losses | -4,501 | -3,596 | -3,134 |
Real Estate - One to Four Family Residential | Closed End First And Seconds | ' | ' | ' |
Composition of Loan Portfolio [Line Items] | ' | ' | ' |
Total loans | 218,472 | 239,002 | ' |
Total loans Percent | 33.25% | 34.91% | ' |
Less allowance for loan losses | -2,859 | -2,876 | -2,856 |
Real Estate - One to Four Family Residential | Home Equity Line of Credit | ' | ' | ' |
Composition of Loan Portfolio [Line Items] | ' | ' | ' |
Total loans | 99,839 | 99,698 | ' |
Total loans Percent | 15.19% | 14.56% | ' |
Less allowance for loan losses | -1,642 | -720 | -278 |
Real estate - multifamily residential | ' | ' | ' |
Composition of Loan Portfolio [Line Items] | ' | ' | ' |
Total loans | 18,077 | 15,801 | ' |
Total loans Percent | 2.75% | 2.31% | ' |
Less allowance for loan losses | -79 | -62 | -29 |
Real Estate - Construction | ' | ' | ' |
Composition of Loan Portfolio [Line Items] | ' | ' | ' |
Total loans | 37,859 | 54,787 | ' |
Total loans Percent | 5.76% | 8.00% | ' |
Less allowance for loan losses | -2,353 | -4,316 | -7,243 |
Real Estate - Construction | One To Four Family Residential | ' | ' | ' |
Composition of Loan Portfolio [Line Items] | ' | ' | ' |
Total loans | 16,169 | 20,232 | ' |
Total loans Percent | 2.46% | 2.96% | ' |
Less allowance for loan losses | -364 | -419 | -382 |
Real Estate - Construction | Other construction, land development and other land | ' | ' | ' |
Composition of Loan Portfolio [Line Items] | ' | ' | ' |
Total loans | 21,690 | 34,555 | ' |
Total loans Percent | 3.30% | 5.04% | ' |
Less allowance for loan losses | -1,989 | -3,897 | -6,861 |
Real estate - farmland | ' | ' | ' |
Composition of Loan Portfolio [Line Items] | ' | ' | ' |
Total loans | 8,172 | 8,558 | ' |
Total loans Percent | 1.24% | 1.25% | ' |
Less allowance for loan losses | -116 | -41 | -15 |
Real Estate - Non-farm, Non-residential | ' | ' | ' |
Composition of Loan Portfolio [Line Items] | ' | ' | ' |
Total loans | 201,400 | 191,565 | ' |
Total loans Percent | 30.65% | 27.98% | ' |
Less allowance for loan losses | -5,006 | -9,185 | -8,003 |
Real Estate - Non-farm, Non-residential | Owner Occupied | ' | ' | ' |
Composition of Loan Portfolio [Line Items] | ' | ' | ' |
Total loans | 126,569 | 119,824 | ' |
Total loans Percent | 19.26% | 17.50% | ' |
Less allowance for loan losses | -3,236 | -5,092 | -4,831 |
Real Estate - Non-farm, Non-residential | Non-owner Occupied | ' | ' | ' |
Composition of Loan Portfolio [Line Items] | ' | ' | ' |
Total loans | 74,831 | 71,741 | ' |
Total loans Percent | 11.39% | 10.48% | ' |
Less allowance for loan losses | -1,770 | -4,093 | -3,172 |
Consumer Loan | ' | ' | ' |
Composition of Loan Portfolio [Line Items] | ' | ' | ' |
Total loans | 16,782 | 20,173 | ' |
Total loans Percent | 2.55% | 2.94% | ' |
Other | ' | ' | ' |
Composition of Loan Portfolio [Line Items] | ' | ' | ' |
Total loans | 2,923 | 3,203 | ' |
Total loans Percent | 0.44% | 0.47% | ' |
Less allowance for loan losses | ($538) | ($583) | ($513) |
Aging_of_Recorded_Investment_i
Aging of Recorded Investment in Past Due Loans (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | ||||
Aging of Past Due Commercial Mortgage Loans [Line Items] | ' | ' | ||
30-59 Days Past Due | $15,089 | $8,675 | ||
60-89 Days Past Due | 2,183 | 1,382 | ||
Over 90 Days Past Due | 7,422 | 7,641 | ||
Total Past Due | 24,694 | 17,698 | ||
Total Current | 632,503 | [1] | 666,970 | [1] |
Total Loans | 657,197 | 684,668 | ||
Commercial, industrial and agricultural | ' | ' | ||
Aging of Past Due Commercial Mortgage Loans [Line Items] | ' | ' | ||
30-59 Days Past Due | 2,083 | 352 | ||
60-89 Days Past Due | 170 | 253 | ||
Over 90 Days Past Due | 383 | 187 | ||
Total Past Due | 2,636 | 792 | ||
Total Current | 51,037 | [1] | 51,089 | [1] |
Total Loans | 53,673 | 51,881 | ||
Real Estate - One to Four Family Residential | ' | ' | ||
Aging of Past Due Commercial Mortgage Loans [Line Items] | ' | ' | ||
30-59 Days Past Due | 6,917 | 6,773 | ||
60-89 Days Past Due | 1,816 | 1,109 | ||
Over 90 Days Past Due | 2,917 | 4,099 | ||
Total Past Due | 11,650 | 11,981 | ||
Total Current | 306,661 | [1] | 326,719 | [1] |
Total Loans | 318,311 | 338,700 | ||
Real Estate - One to Four Family Residential | Closed End First And Seconds | ' | ' | ||
Aging of Past Due Commercial Mortgage Loans [Line Items] | ' | ' | ||
30-59 Days Past Due | 6,217 | 6,169 | ||
60-89 Days Past Due | 1,513 | 870 | ||
Over 90 Days Past Due | 2,564 | 3,904 | ||
Total Past Due | 10,294 | 10,943 | ||
Total Current | 208,178 | [1] | 228,059 | [1] |
Total Loans | 218,472 | 239,002 | ||
Real Estate - One to Four Family Residential | Home Equity Line of Credit | ' | ' | ||
Aging of Past Due Commercial Mortgage Loans [Line Items] | ' | ' | ||
30-59 Days Past Due | 700 | 604 | ||
60-89 Days Past Due | 303 | 239 | ||
Over 90 Days Past Due | 353 | 195 | ||
Total Past Due | 1,356 | 1,038 | ||
Total Current | 98,483 | [1] | 98,660 | [1] |
Total Loans | 99,839 | 99,698 | ||
Real estate - multifamily residential | ' | ' | ||
Aging of Past Due Commercial Mortgage Loans [Line Items] | ' | ' | ||
30-59 Days Past Due | 0 | 0 | ||
60-89 Days Past Due | 0 | 0 | ||
Over 90 Days Past Due | 0 | 0 | ||
Total Past Due | 0 | 0 | ||
Total Current | 18,077 | [1] | 15,801 | [1] |
Total Loans | 18,077 | 15,801 | ||
Real Estate - Construction | ' | ' | ||
Aging of Past Due Commercial Mortgage Loans [Line Items] | ' | ' | ||
30-59 Days Past Due | 279 | 187 | ||
60-89 Days Past Due | 176 | 11 | ||
Over 90 Days Past Due | 269 | 1,145 | ||
Total Past Due | 724 | 1,343 | ||
Total Current | 37,135 | [1] | 53,444 | [1] |
Total Loans | 37,859 | 54,787 | ||
Real Estate - Construction | One To Four Family Residential | ' | ' | ||
Aging of Past Due Commercial Mortgage Loans [Line Items] | ' | ' | ||
30-59 Days Past Due | 112 | 164 | ||
60-89 Days Past Due | 176 | 11 | ||
Over 90 Days Past Due | 132 | 706 | ||
Total Past Due | 420 | 881 | ||
Total Current | 15,749 | [1] | 19,351 | [1] |
Total Loans | 16,169 | 20,232 | ||
Real Estate - Construction | Other construction, land development and other land | ' | ' | ||
Aging of Past Due Commercial Mortgage Loans [Line Items] | ' | ' | ||
30-59 Days Past Due | 167 | 23 | ||
60-89 Days Past Due | 0 | 0 | ||
Over 90 Days Past Due | 137 | 439 | ||
Total Past Due | 304 | 462 | ||
Total Current | 21,386 | [1] | 34,093 | [1] |
Total Loans | 21,690 | 34,555 | ||
Real estate - farmland | ' | ' | ||
Aging of Past Due Commercial Mortgage Loans [Line Items] | ' | ' | ||
30-59 Days Past Due | 808 | 0 | ||
60-89 Days Past Due | 0 | 0 | ||
Over 90 Days Past Due | 590 | 40 | ||
Total Past Due | 1,398 | 40 | ||
Total Current | 6,774 | [1] | 8,518 | [1] |
Total Loans | 8,172 | 8,558 | ||
Real Estate - Non-farm, Non-residential | ' | ' | ||
Aging of Past Due Commercial Mortgage Loans [Line Items] | ' | ' | ||
30-59 Days Past Due | 4,712 | 1,014 | ||
60-89 Days Past Due | 0 | 0 | ||
Over 90 Days Past Due | 3,097 | 2,032 | ||
Total Past Due | 7,809 | 3,046 | ||
Total Current | 193,591 | [1] | 188,519 | [1] |
Total Loans | 201,400 | 191,565 | ||
Real Estate - Non-farm, Non-residential | Owner Occupied | ' | ' | ||
Aging of Past Due Commercial Mortgage Loans [Line Items] | ' | ' | ||
30-59 Days Past Due | 2,933 | 619 | ||
60-89 Days Past Due | 0 | 0 | ||
Over 90 Days Past Due | 3,074 | 1,177 | ||
Total Past Due | 6,007 | 1,796 | ||
Total Current | 120,562 | [1] | 118,028 | [1] |
Total Loans | 126,569 | 119,824 | ||
Real Estate - Non-farm, Non-residential | Non-owner Occupied | ' | ' | ||
Aging of Past Due Commercial Mortgage Loans [Line Items] | ' | ' | ||
30-59 Days Past Due | 1,779 | 395 | ||
60-89 Days Past Due | 0 | 0 | ||
Over 90 Days Past Due | 23 | 855 | ||
Total Past Due | 1,802 | 1,250 | ||
Total Current | 73,029 | [1] | 70,491 | [1] |
Total Loans | 74,831 | 71,741 | ||
Consumer Loan | ' | ' | ||
Aging of Past Due Commercial Mortgage Loans [Line Items] | ' | ' | ||
30-59 Days Past Due | 283 | 328 | ||
60-89 Days Past Due | 21 | 9 | ||
Over 90 Days Past Due | 166 | 138 | ||
Total Past Due | 470 | 475 | ||
Total Current | 16,312 | [1] | 19,698 | [1] |
Total Loans | 16,782 | 20,173 | ||
Other | ' | ' | ||
Aging of Past Due Commercial Mortgage Loans [Line Items] | ' | ' | ||
30-59 Days Past Due | 7 | 21 | ||
60-89 Days Past Due | 0 | 0 | ||
Over 90 Days Past Due | 0 | 0 | ||
Total Past Due | 7 | 21 | ||
Total Current | 2,916 | [1] | 3,182 | [1] |
Total Loans | $2,923 | $3,203 | ||
[1] | For purposes of this table only, the "Total Current" column includes loans that are 1-29 days past due. |
Nonaccural_Loans_Loans_Past_du
Nonaccural Loans, Loans Past due Ninety Days and Accruing Interest, and Restructured Loans (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Financing Receivable Recorded Investment Nonaccrual Status [Line Items] | ' | ' |
Nonaccrual loans | $11,018 | $11,874 |
Loans past due 90 days and accruing interest | 0 | 0 |
Restructured loans (accruing) | $16,026 | $4,433 |
Loan_Portfolio_Additional_Info
Loan Portfolio - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Loans [Line Items] | ' | ' | ' |
Troubled debt restructurings in nonaccrual loans | $4,200,000 | $5,100,000 | ' |
Interest income that would have increased | $413,000 | $335,000 | $1,300,000 |
Recorded_Investment_in_Nonaccr
Recorded Investment in Nonaccrual Loans and Loans Past Due Ninety Days and Accruing Interest by Class (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Financing Receivable Recorded Investment Nonaccrual Status [Line Items] | ' | ' |
Nonaccrual loans | $11,018 | $11,874 |
Commercial, industrial and agricultural | ' | ' |
Financing Receivable Recorded Investment Nonaccrual Status [Line Items] | ' | ' |
Nonaccrual loans | 383 | 391 |
Real Estate - One to Four Family Residential | ' | ' |
Financing Receivable Recorded Investment Nonaccrual Status [Line Items] | ' | ' |
Nonaccrual loans | 6,318 | 6,572 |
Real Estate - One to Four Family Residential | Closed End First And Seconds | ' | ' |
Financing Receivable Recorded Investment Nonaccrual Status [Line Items] | ' | ' |
Nonaccrual loans | 5,630 | 6,127 |
Real Estate - One to Four Family Residential | Home Equity Line of Credit | ' | ' |
Financing Receivable Recorded Investment Nonaccrual Status [Line Items] | ' | ' |
Nonaccrual loans | 688 | 445 |
Real Estate - Construction | ' | ' |
Financing Receivable Recorded Investment Nonaccrual Status [Line Items] | ' | ' |
Nonaccrual loans | 455 | 1,339 |
Real Estate - Construction | One To Four Family Residential | ' | ' |
Financing Receivable Recorded Investment Nonaccrual Status [Line Items] | ' | ' |
Nonaccrual loans | 318 | 900 |
Real Estate - Construction | Other construction, land development and other land | ' | ' |
Financing Receivable Recorded Investment Nonaccrual Status [Line Items] | ' | ' |
Nonaccrual loans | 137 | 439 |
Real estate - farmland | ' | ' |
Financing Receivable Recorded Investment Nonaccrual Status [Line Items] | ' | ' |
Nonaccrual loans | 590 | 40 |
Real Estate - Non-farm, Non-residential | ' | ' |
Financing Receivable Recorded Investment Nonaccrual Status [Line Items] | ' | ' |
Nonaccrual loans | 3,097 | 3,381 |
Real Estate - Non-farm, Non-residential | Owner Occupied | ' | ' |
Financing Receivable Recorded Investment Nonaccrual Status [Line Items] | ' | ' |
Nonaccrual loans | 3,074 | 2,526 |
Real Estate - Non-farm, Non-residential | Non-owner Occupied | ' | ' |
Financing Receivable Recorded Investment Nonaccrual Status [Line Items] | ' | ' |
Nonaccrual loans | 23 | 855 |
Consumer Loan | ' | ' |
Financing Receivable Recorded Investment Nonaccrual Status [Line Items] | ' | ' |
Nonaccrual loans | $175 | $151 |
Commercial_Loans_by_Credit_Qua
Commercial Loans by Credit Quality Indicator (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total commercial loans | $319,181 | $322,592 |
Pass | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total commercial loans | 221,057 | 228,799 |
Special Mention | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total commercial loans | 40,402 | 39,486 |
Substandard | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total commercial loans | 33,172 | 20,024 |
Doubtful | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total commercial loans | 22 | 241 |
Impaired | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total commercial loans | 24,528 | 34,042 |
Commercial, industrial and agricultural | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total commercial loans | 53,673 | 51,881 |
Commercial, industrial and agricultural | Pass | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total commercial loans | 44,571 | 46,705 |
Commercial, industrial and agricultural | Special Mention | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total commercial loans | 3,851 | 2,454 |
Commercial, industrial and agricultural | Substandard | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total commercial loans | 3,229 | 1,602 |
Commercial, industrial and agricultural | Doubtful | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total commercial loans | 22 | 169 |
Commercial, industrial and agricultural | Impaired | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total commercial loans | 2,000 | 951 |
Real estate - multifamily residential | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total commercial loans | 18,077 | 15,801 |
Real estate - multifamily residential | Pass | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total commercial loans | 18,077 | 15,801 |
Real estate - multifamily residential | Special Mention | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total commercial loans | 0 | 0 |
Real estate - multifamily residential | Substandard | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total commercial loans | 0 | 0 |
Real estate - multifamily residential | Doubtful | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total commercial loans | 0 | 0 |
Real estate - multifamily residential | Impaired | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total commercial loans | 0 | 0 |
Real Estate - Construction | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total commercial loans | 37,859 | 54,787 |
Real Estate - Construction | One To Four Family Residential | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total commercial loans | 16,169 | 20,232 |
Real Estate - Construction | Other construction, land development and other land | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total commercial loans | 21,690 | 34,555 |
Real Estate - Construction | Pass | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total commercial loans | 21,528 | 27,143 |
Real Estate - Construction | Pass | One To Four Family Residential | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total commercial loans | 14,890 | 17,976 |
Real Estate - Construction | Pass | Other construction, land development and other land | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total commercial loans | 6,638 | 9,167 |
Real Estate - Construction | Special Mention | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total commercial loans | 7,339 | 4,372 |
Real Estate - Construction | Special Mention | One To Four Family Residential | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total commercial loans | 235 | 923 |
Real Estate - Construction | Special Mention | Other construction, land development and other land | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total commercial loans | 7,104 | 3,449 |
Real Estate - Construction | Substandard | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total commercial loans | 5,372 | 3,891 |
Real Estate - Construction | Substandard | One To Four Family Residential | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total commercial loans | 738 | 883 |
Real Estate - Construction | Substandard | Other construction, land development and other land | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total commercial loans | 4,634 | 3,008 |
Real Estate - Construction | Doubtful | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total commercial loans | 0 | 0 |
Real Estate - Construction | Doubtful | One To Four Family Residential | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total commercial loans | 0 | 0 |
Real Estate - Construction | Doubtful | Other construction, land development and other land | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total commercial loans | 0 | 0 |
Real Estate - Construction | Impaired | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total commercial loans | 3,620 | 19,381 |
Real Estate - Construction | Impaired | One To Four Family Residential | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total commercial loans | 306 | 450 |
Real Estate - Construction | Impaired | Other construction, land development and other land | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total commercial loans | 3,314 | 18,931 |
Real estate - farmland | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total commercial loans | 8,172 | 8,558 |
Real estate - farmland | Pass | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total commercial loans | 6,288 | 7,371 |
Real estate - farmland | Special Mention | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total commercial loans | 338 | 1,146 |
Real estate - farmland | Substandard | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total commercial loans | 1,068 | 41 |
Real estate - farmland | Doubtful | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total commercial loans | 0 | 0 |
Real estate - farmland | Impaired | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total commercial loans | 478 | 0 |
Real Estate - Non-farm, Non-residential | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total commercial loans | 201,400 | 191,565 |
Real Estate - Non-farm, Non-residential | Owner Occupied | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total commercial loans | 126,569 | 119,824 |
Real Estate - Non-farm, Non-residential | Non-owner Occupied | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total commercial loans | 74,831 | 71,741 |
Real Estate - Non-farm, Non-residential | Pass | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total commercial loans | 130,593 | 131,779 |
Real Estate - Non-farm, Non-residential | Pass | Owner Occupied | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total commercial loans | 87,187 | 87,058 |
Real Estate - Non-farm, Non-residential | Pass | Non-owner Occupied | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total commercial loans | 43,406 | 44,721 |
Real Estate - Non-farm, Non-residential | Special Mention | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total commercial loans | 28,874 | 31,514 |
Real Estate - Non-farm, Non-residential | Special Mention | Owner Occupied | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total commercial loans | 13,341 | 16,424 |
Real Estate - Non-farm, Non-residential | Special Mention | Non-owner Occupied | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total commercial loans | 15,533 | 15,090 |
Real Estate - Non-farm, Non-residential | Substandard | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total commercial loans | 23,503 | 14,490 |
Real Estate - Non-farm, Non-residential | Substandard | Owner Occupied | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total commercial loans | 15,983 | 10,669 |
Real Estate - Non-farm, Non-residential | Substandard | Non-owner Occupied | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total commercial loans | 7,520 | 3,821 |
Real Estate - Non-farm, Non-residential | Doubtful | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total commercial loans | 0 | 72 |
Real Estate - Non-farm, Non-residential | Doubtful | Owner Occupied | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total commercial loans | 0 | 72 |
Real Estate - Non-farm, Non-residential | Doubtful | Non-owner Occupied | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total commercial loans | 0 | 0 |
Real Estate - Non-farm, Non-residential | Impaired | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total commercial loans | 18,430 | 13,710 |
Real Estate - Non-farm, Non-residential | Impaired | Owner Occupied | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total commercial loans | 10,058 | 5,601 |
Real Estate - Non-farm, Non-residential | Impaired | Non-owner Occupied | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total commercial loans | $8,372 | $8,109 |
Consumer_Loans_including_One_t
Consumer Loans, including One to Four Family Residential First and Seconds and Home Equity Lines, by Payment Activity (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Consumer Loans Credit Quality Information And Allowances And Liabilities For Losses On Consumer Loans [Line Items] | ' | ' |
Total Consumer loans | $338,016 | $362,076 |
Real Estate - One to Four Family Residential | ' | ' |
Consumer Loans Credit Quality Information And Allowances And Liabilities For Losses On Consumer Loans [Line Items] | ' | ' |
Total Consumer loans | 318,311 | 338,700 |
Real Estate - One to Four Family Residential | Closed End First And Seconds | ' | ' |
Consumer Loans Credit Quality Information And Allowances And Liabilities For Losses On Consumer Loans [Line Items] | ' | ' |
Total Consumer loans | 218,472 | 239,002 |
Real Estate - One to Four Family Residential | Home Equity Line of Credit | ' | ' |
Consumer Loans Credit Quality Information And Allowances And Liabilities For Losses On Consumer Loans [Line Items] | ' | ' |
Total Consumer loans | 99,839 | 99,698 |
Consumer Loan | ' | ' |
Consumer Loans Credit Quality Information And Allowances And Liabilities For Losses On Consumer Loans [Line Items] | ' | ' |
Total Consumer loans | 16,782 | 20,173 |
Other | ' | ' |
Consumer Loans Credit Quality Information And Allowances And Liabilities For Losses On Consumer Loans [Line Items] | ' | ' |
Total Consumer loans | 2,923 | 3,203 |
Performing | ' | ' |
Consumer Loans Credit Quality Information And Allowances And Liabilities For Losses On Consumer Loans [Line Items] | ' | ' |
Total Consumer loans | 323,936 | 350,155 |
Performing | Real Estate - One to Four Family Residential | ' | ' |
Consumer Loans Credit Quality Information And Allowances And Liabilities For Losses On Consumer Loans [Line Items] | ' | ' |
Total Consumer loans | 305,171 | 327,430 |
Performing | Real Estate - One to Four Family Residential | Closed End First And Seconds | ' | ' |
Consumer Loans Credit Quality Information And Allowances And Liabilities For Losses On Consumer Loans [Line Items] | ' | ' |
Total Consumer loans | 205,860 | 229,087 |
Performing | Real Estate - One to Four Family Residential | Home Equity Line of Credit | ' | ' |
Consumer Loans Credit Quality Information And Allowances And Liabilities For Losses On Consumer Loans [Line Items] | ' | ' |
Total Consumer loans | 99,311 | 98,343 |
Performing | Consumer Loan | ' | ' |
Consumer Loans Credit Quality Information And Allowances And Liabilities For Losses On Consumer Loans [Line Items] | ' | ' |
Total Consumer loans | 16,314 | 20,010 |
Performing | Other | ' | ' |
Consumer Loans Credit Quality Information And Allowances And Liabilities For Losses On Consumer Loans [Line Items] | ' | ' |
Total Consumer loans | 2,451 | 2,715 |
NonPerforming | ' | ' |
Consumer Loans Credit Quality Information And Allowances And Liabilities For Losses On Consumer Loans [Line Items] | ' | ' |
Total Consumer loans | 14,080 | 11,921 |
NonPerforming | Real Estate - One to Four Family Residential | ' | ' |
Consumer Loans Credit Quality Information And Allowances And Liabilities For Losses On Consumer Loans [Line Items] | ' | ' |
Total Consumer loans | 13,140 | 11,270 |
NonPerforming | Real Estate - One to Four Family Residential | Closed End First And Seconds | ' | ' |
Consumer Loans Credit Quality Information And Allowances And Liabilities For Losses On Consumer Loans [Line Items] | ' | ' |
Total Consumer loans | 12,612 | 9,915 |
NonPerforming | Real Estate - One to Four Family Residential | Home Equity Line of Credit | ' | ' |
Consumer Loans Credit Quality Information And Allowances And Liabilities For Losses On Consumer Loans [Line Items] | ' | ' |
Total Consumer loans | 528 | 1,355 |
NonPerforming | Consumer Loan | ' | ' |
Consumer Loans Credit Quality Information And Allowances And Liabilities For Losses On Consumer Loans [Line Items] | ' | ' |
Total Consumer loans | 468 | 163 |
NonPerforming | Other | ' | ' |
Consumer Loans Credit Quality Information And Allowances And Liabilities For Losses On Consumer Loans [Line Items] | ' | ' |
Total Consumer loans | $472 | $488 |
Effect_on_Current_Period_Provi
Effect on Current Period Provision of Changes in Methodology (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Provision for loan losses | $1,850 | $5,658 | $8,800 |
Consumer Loan | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Provision for loan losses | 217 | -349 | ' |
Commercial, industrial and agricultural | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Provision for loan losses | -237 | -1,604 | ' |
Real Estate - One to Four Family Residential | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Provision for loan losses | 2,499 | 4,166 | ' |
Real Estate - One to Four Family Residential | Closed End First And Seconds | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Provision for loan losses | 1,427 | 2,623 | ' |
Real Estate - One to Four Family Residential | Home Equity Line of Credit | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Provision for loan losses | 1,072 | 1,543 | ' |
Real estate - multifamily residential | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Provision for loan losses | 17 | 33 | ' |
Real Estate - Construction | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Provision for loan losses | -840 | -1,264 | ' |
Real Estate - Construction | One To Four Family Residential | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Provision for loan losses | -59 | 80 | ' |
Real Estate - Construction | Other construction, land development and other land | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Provision for loan losses | -781 | -1,344 | ' |
Real estate - farmland | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Provision for loan losses | 75 | 26 | ' |
Real Estate - Non-farm, Non-residential | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Provision for loan losses | 77 | 4,516 | ' |
Real Estate - Non-farm, Non-residential | Owner Occupied | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Provision for loan losses | 513 | 2,498 | ' |
Real Estate - Non-farm, Non-residential | Non-owner Occupied | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Provision for loan losses | -436 | 2,018 | ' |
Other | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Provision for loan losses | 42 | 134 | ' |
Provision Based on New Methodology | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Provision for loan losses | 1,850 | ' | ' |
Provision Based on New Methodology | Consumer Loan | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Provision for loan losses | 217 | ' | ' |
Provision Based on New Methodology | Commercial, industrial and agricultural | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Provision for loan losses | -237 | ' | ' |
Provision Based on New Methodology | Real Estate - One to Four Family Residential | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Provision for loan losses | 2,499 | ' | ' |
Provision Based on New Methodology | Real Estate - One to Four Family Residential | Closed End First And Seconds | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Provision for loan losses | 1,427 | ' | ' |
Provision Based on New Methodology | Real Estate - One to Four Family Residential | Home Equity Line of Credit | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Provision for loan losses | 1,072 | ' | ' |
Provision Based on New Methodology | Real estate - multifamily residential | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Provision for loan losses | 17 | ' | ' |
Provision Based on New Methodology | Real Estate - Construction | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Provision for loan losses | -840 | ' | ' |
Provision Based on New Methodology | Real Estate - Construction | One To Four Family Residential | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Provision for loan losses | -59 | ' | ' |
Provision Based on New Methodology | Real Estate - Construction | Other construction, land development and other land | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Provision for loan losses | -781 | ' | ' |
Provision Based on New Methodology | Real estate - farmland | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Provision for loan losses | 75 | ' | ' |
Provision Based on New Methodology | Real Estate - Non-farm, Non-residential | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Provision for loan losses | 77 | ' | ' |
Provision Based on New Methodology | Real Estate - Non-farm, Non-residential | Owner Occupied | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Provision for loan losses | 513 | ' | ' |
Provision Based on New Methodology | Real Estate - Non-farm, Non-residential | Non-owner Occupied | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Provision for loan losses | -436 | ' | ' |
Provision Based on New Methodology | Other | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Provision for loan losses | 42 | ' | ' |
Provision Based on Prior Methodology | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Provision for loan losses | 2,001 | ' | ' |
Provision Based on Prior Methodology | Consumer Loan | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Provision for loan losses | 74 | ' | ' |
Provision Based on Prior Methodology | Commercial, industrial and agricultural | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Provision for loan losses | -444 | ' | ' |
Provision Based on Prior Methodology | Real Estate - One to Four Family Residential | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Provision for loan losses | 2,042 | ' | ' |
Provision Based on Prior Methodology | Real Estate - One to Four Family Residential | Closed End First And Seconds | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Provision for loan losses | 1,984 | ' | ' |
Provision Based on Prior Methodology | Real Estate - One to Four Family Residential | Home Equity Line of Credit | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Provision for loan losses | 58 | ' | ' |
Provision Based on Prior Methodology | Real estate - multifamily residential | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Provision for loan losses | 10 | ' | ' |
Provision Based on Prior Methodology | Real Estate - Construction | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Provision for loan losses | -989 | ' | ' |
Provision Based on Prior Methodology | Real Estate - Construction | One To Four Family Residential | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Provision for loan losses | -154 | ' | ' |
Provision Based on Prior Methodology | Real Estate - Construction | Other construction, land development and other land | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Provision for loan losses | -835 | ' | ' |
Provision Based on Prior Methodology | Real estate - farmland | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Provision for loan losses | -3 | ' | ' |
Provision Based on Prior Methodology | Real Estate - Non-farm, Non-residential | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Provision for loan losses | 1,299 | ' | ' |
Provision Based on Prior Methodology | Real Estate - Non-farm, Non-residential | Owner Occupied | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Provision for loan losses | 1,432 | ' | ' |
Provision Based on Prior Methodology | Real Estate - Non-farm, Non-residential | Non-owner Occupied | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Provision for loan losses | -133 | ' | ' |
Provision Based on Prior Methodology | Other | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Provision for loan losses | 12 | ' | ' |
Difference | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Provision for loan losses | -151 | ' | ' |
Difference | Consumer Loan | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Provision for loan losses | 143 | ' | ' |
Difference | Commercial, industrial and agricultural | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Provision for loan losses | 207 | ' | ' |
Difference | Real Estate - One to Four Family Residential | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Provision for loan losses | 457 | ' | ' |
Difference | Real Estate - One to Four Family Residential | Closed End First And Seconds | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Provision for loan losses | -557 | ' | ' |
Difference | Real Estate - One to Four Family Residential | Home Equity Line of Credit | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Provision for loan losses | 1,014 | ' | ' |
Difference | Real estate - multifamily residential | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Provision for loan losses | 7 | ' | ' |
Difference | Real Estate - Construction | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Provision for loan losses | 149 | ' | ' |
Difference | Real Estate - Construction | One To Four Family Residential | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Provision for loan losses | 95 | ' | ' |
Difference | Real Estate - Construction | Other construction, land development and other land | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Provision for loan losses | 54 | ' | ' |
Difference | Real estate - farmland | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Provision for loan losses | 78 | ' | ' |
Difference | Real Estate - Non-farm, Non-residential | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Provision for loan losses | -1,222 | ' | ' |
Difference | Real Estate - Non-farm, Non-residential | Owner Occupied | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Provision for loan losses | -919 | ' | ' |
Difference | Real Estate - Non-farm, Non-residential | Non-owner Occupied | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Provision for loan losses | -303 | ' | ' |
Difference | Other | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Provision for loan losses | $30 | ' | ' |
Roll_Forward_of_Allowance_for_
Roll Forward of Allowance for Loan Losses (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Balance at beginning of period | $20,338 | $24,102 | ' |
Charge-offs | -8,206 | -11,048 | ' |
Recoveries | 785 | 1,626 | ' |
Provision | 1,850 | 5,658 | 8,800 |
Balance at end of period | 14,767 | 20,338 | 24,102 |
Consumer Loan | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Balance at beginning of period | 215 | 776 | ' |
Charge-offs | -153 | -391 | ' |
Recoveries | 108 | 179 | ' |
Provision | 217 | -349 | ' |
Balance at end of period | 387 | 215 | ' |
Commercial, industrial and agricultural | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Balance at beginning of period | 2,340 | 4,389 | ' |
Charge-offs | -635 | -1,219 | ' |
Recoveries | 319 | 774 | ' |
Provision | -237 | -1,604 | ' |
Balance at end of period | 1,787 | 2,340 | ' |
Real Estate - One to Four Family Residential | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Balance at beginning of period | 3,596 | 3,134 | ' |
Charge-offs | -1,713 | -3,776 | ' |
Recoveries | 119 | 72 | ' |
Provision | 2,499 | 4,166 | ' |
Balance at end of period | 4,501 | 3,596 | ' |
Real Estate - One to Four Family Residential | Closed End First And Seconds | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Balance at beginning of period | 2,876 | 2,856 | ' |
Charge-offs | -1,529 | -2,664 | ' |
Recoveries | 85 | 61 | ' |
Provision | 1,427 | 2,623 | ' |
Balance at end of period | 2,859 | 2,876 | ' |
Real Estate - One to Four Family Residential | Home Equity Line of Credit | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Balance at beginning of period | 720 | 278 | ' |
Charge-offs | -184 | -1,112 | ' |
Recoveries | 34 | 11 | ' |
Provision | 1,072 | 1,543 | ' |
Balance at end of period | 1,642 | 720 | ' |
Real estate - multifamily residential | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Balance at beginning of period | 62 | 29 | ' |
Charge-offs | 0 | 0 | ' |
Recoveries | 0 | 0 | ' |
Provision | 17 | 33 | ' |
Balance at end of period | 79 | 62 | ' |
Real Estate - Construction | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Balance at beginning of period | 4,316 | 7,243 | ' |
Charge-offs | -1,253 | -1,720 | ' |
Recoveries | 130 | 57 | ' |
Provision | -840 | -1,264 | ' |
Balance at end of period | 2,353 | 4,316 | ' |
Real Estate - Construction | One To Four Family Residential | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Balance at beginning of period | 419 | 382 | ' |
Charge-offs | -57 | -98 | ' |
Recoveries | 61 | 55 | ' |
Provision | -59 | 80 | ' |
Balance at end of period | 364 | 419 | ' |
Real Estate - Construction | Other construction, land development and other land | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Balance at beginning of period | 3,897 | 6,861 | ' |
Charge-offs | -1,196 | -1,622 | ' |
Recoveries | 69 | 2 | ' |
Provision | -781 | -1,344 | ' |
Balance at end of period | 1,989 | 3,897 | ' |
Real estate - farmland | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Balance at beginning of period | 41 | 15 | ' |
Charge-offs | 0 | 0 | ' |
Recoveries | 0 | 0 | ' |
Provision | 75 | 26 | ' |
Balance at end of period | 116 | 41 | ' |
Real Estate - Non-farm, Non-residential | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Balance at beginning of period | 9,185 | 8,003 | ' |
Charge-offs | -4,314 | -3,843 | ' |
Recoveries | 58 | 509 | ' |
Provision | 77 | 4,516 | ' |
Balance at end of period | 5,006 | 9,185 | ' |
Real Estate - Non-farm, Non-residential | Owner Occupied | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Balance at beginning of period | 5,092 | 4,831 | ' |
Charge-offs | -2,370 | -2,337 | ' |
Recoveries | 1 | 100 | ' |
Provision | 513 | 2,498 | ' |
Balance at end of period | 3,236 | 5,092 | ' |
Real Estate - Non-farm, Non-residential | Non-owner Occupied | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Balance at beginning of period | 4,093 | 3,172 | ' |
Charge-offs | -1,944 | -1,506 | ' |
Recoveries | 57 | 409 | ' |
Provision | -436 | 2,018 | ' |
Balance at end of period | 1,770 | 4,093 | ' |
Other | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Balance at beginning of period | 583 | 513 | ' |
Charge-offs | -138 | -99 | ' |
Recoveries | 51 | 35 | ' |
Provision | 42 | 134 | ' |
Balance at end of period | $538 | $583 | ' |
Allowance_for_Loan_Losses_and_
Allowance for Loan Losses and Recorded Investment in Loans by Portfolio Class Based on Impairment (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Allowance allocated to loans, Individually evaluated for impairment | $5,682 | $5,230 | ' |
Allowance allocated to loans, Collectively evaluated for impairment | 9,085 | 15,108 | ' |
Allowance allocated to loans, total | 14,767 | 20,338 | 24,102 |
Individually evaluated for impairment, Total Loans | 35,525 | 41,726 | ' |
Collectively evaluated for impairment, Total Loans | 621,672 | 642,942 | ' |
Total Loans | 657,197 | 684,668 | ' |
Consumer Loan | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Allowance allocated to loans, Individually evaluated for impairment | 104 | 1 | ' |
Allowance allocated to loans, Collectively evaluated for impairment | 283 | 214 | ' |
Allowance allocated to loans, total | 387 | 215 | 776 |
Individually evaluated for impairment, Total Loans | 302 | 25 | ' |
Collectively evaluated for impairment, Total Loans | 16,480 | 20,148 | ' |
Total Loans | 16,782 | 20,173 | ' |
Commercial, industrial and agricultural | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Allowance allocated to loans, Individually evaluated for impairment | 612 | 402 | ' |
Allowance allocated to loans, Collectively evaluated for impairment | 1,175 | 1,938 | ' |
Allowance allocated to loans, total | 1,787 | 2,340 | 4,389 |
Individually evaluated for impairment, Total Loans | 2,000 | 951 | ' |
Collectively evaluated for impairment, Total Loans | 51,673 | 50,930 | ' |
Total Loans | 53,673 | 51,881 | ' |
Real Estate - One to Four Family Residential | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Allowance allocated to loans, Individually evaluated for impairment | 1,833 | 923 | ' |
Allowance allocated to loans, Collectively evaluated for impairment | 2,668 | 2,673 | ' |
Allowance allocated to loans, total | 4,501 | 3,596 | 3,134 |
Individually evaluated for impairment, Total Loans | 10,223 | 7,171 | ' |
Collectively evaluated for impairment, Total Loans | 308,088 | 331,529 | ' |
Total Loans | 318,311 | 338,700 | ' |
Real Estate - One to Four Family Residential | Closed End First And Seconds | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Allowance allocated to loans, Individually evaluated for impairment | 1,833 | 923 | ' |
Allowance allocated to loans, Collectively evaluated for impairment | 1,026 | 1,953 | ' |
Allowance allocated to loans, total | 2,859 | 2,876 | 2,856 |
Individually evaluated for impairment, Total Loans | 10,048 | 6,856 | ' |
Collectively evaluated for impairment, Total Loans | 208,424 | 232,146 | ' |
Total Loans | 218,472 | 239,002 | ' |
Real Estate - One to Four Family Residential | Home Equity Line of Credit | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Allowance allocated to loans, Individually evaluated for impairment | 0 | 0 | ' |
Allowance allocated to loans, Collectively evaluated for impairment | 1,642 | 720 | ' |
Allowance allocated to loans, total | 1,642 | 720 | 278 |
Individually evaluated for impairment, Total Loans | 175 | 315 | ' |
Collectively evaluated for impairment, Total Loans | 99,664 | 99,383 | ' |
Total Loans | 99,839 | 99,698 | ' |
Real estate - multifamily residential | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Allowance allocated to loans, Individually evaluated for impairment | 0 | 0 | ' |
Allowance allocated to loans, Collectively evaluated for impairment | 79 | 62 | ' |
Allowance allocated to loans, total | 79 | 62 | 29 |
Individually evaluated for impairment, Total Loans | 0 | 0 | ' |
Collectively evaluated for impairment, Total Loans | 18,077 | 15,801 | ' |
Total Loans | 18,077 | 15,801 | ' |
Real Estate - Construction | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Allowance allocated to loans, Individually evaluated for impairment | 982 | 1,196 | ' |
Allowance allocated to loans, Collectively evaluated for impairment | 1,371 | 3,120 | ' |
Allowance allocated to loans, total | 2,353 | 4,316 | 7,243 |
Individually evaluated for impairment, Total Loans | 3,620 | 19,381 | ' |
Collectively evaluated for impairment, Total Loans | 34,239 | 35,406 | ' |
Total Loans | 37,859 | 54,787 | ' |
Real Estate - Construction | One To Four Family Residential | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Allowance allocated to loans, Individually evaluated for impairment | 180 | 268 | ' |
Allowance allocated to loans, Collectively evaluated for impairment | 184 | 151 | ' |
Allowance allocated to loans, total | 364 | 419 | 382 |
Individually evaluated for impairment, Total Loans | 306 | 450 | ' |
Collectively evaluated for impairment, Total Loans | 15,863 | 19,782 | ' |
Total Loans | 16,169 | 20,232 | ' |
Real Estate - Construction | Other construction, land development and other land | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Allowance allocated to loans, Individually evaluated for impairment | 802 | 928 | ' |
Allowance allocated to loans, Collectively evaluated for impairment | 1,187 | 2,969 | ' |
Allowance allocated to loans, total | 1,989 | 3,897 | 6,861 |
Individually evaluated for impairment, Total Loans | 3,314 | 18,931 | ' |
Collectively evaluated for impairment, Total Loans | 18,376 | 15,624 | ' |
Total Loans | 21,690 | 34,555 | ' |
Real estate - farmland | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Allowance allocated to loans, Individually evaluated for impairment | 0 | 0 | ' |
Allowance allocated to loans, Collectively evaluated for impairment | 116 | 41 | ' |
Allowance allocated to loans, total | 116 | 41 | 15 |
Individually evaluated for impairment, Total Loans | 478 | 0 | ' |
Collectively evaluated for impairment, Total Loans | 7,694 | 8,558 | ' |
Total Loans | 8,172 | 8,558 | ' |
Real Estate - Non-farm, Non-residential | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Allowance allocated to loans, Individually evaluated for impairment | 1,840 | 2,360 | ' |
Allowance allocated to loans, Collectively evaluated for impairment | 3,166 | 6,825 | ' |
Allowance allocated to loans, total | 5,006 | 9,185 | 8,003 |
Individually evaluated for impairment, Total Loans | 18,430 | 13,710 | ' |
Collectively evaluated for impairment, Total Loans | 182,970 | 177,855 | ' |
Total Loans | 201,400 | 191,565 | ' |
Real Estate - Non-farm, Non-residential | Owner Occupied | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Allowance allocated to loans, Individually evaluated for impairment | 1,223 | 714 | ' |
Allowance allocated to loans, Collectively evaluated for impairment | 2,013 | 4,378 | ' |
Allowance allocated to loans, total | 3,236 | 5,092 | 4,831 |
Individually evaluated for impairment, Total Loans | 10,058 | 5,601 | ' |
Collectively evaluated for impairment, Total Loans | 116,511 | 114,223 | ' |
Total Loans | 126,569 | 119,824 | ' |
Real Estate - Non-farm, Non-residential | Non-owner Occupied | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Allowance allocated to loans, Individually evaluated for impairment | 617 | 1,646 | ' |
Allowance allocated to loans, Collectively evaluated for impairment | 1,153 | 2,447 | ' |
Allowance allocated to loans, total | 1,770 | 4,093 | 3,172 |
Individually evaluated for impairment, Total Loans | 8,372 | 8,109 | ' |
Collectively evaluated for impairment, Total Loans | 66,459 | 63,632 | ' |
Total Loans | 74,831 | 71,741 | ' |
Other | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Allowance allocated to loans, Individually evaluated for impairment | 311 | 348 | ' |
Allowance allocated to loans, Collectively evaluated for impairment | 227 | 235 | ' |
Allowance allocated to loans, total | 538 | 583 | 513 |
Individually evaluated for impairment, Total Loans | 472 | 488 | ' |
Collectively evaluated for impairment, Total Loans | 2,451 | 2,715 | ' |
Total Loans | $2,923 | $3,203 | ' |
Impairment_by_Class_of_Loans_D
Impairment by Class of Loans (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Financing Receivable, Impaired [Line Items] | ' | ' |
Recorded Investment | $35,525 | $41,726 |
Unpaid Principal Balance | 39,459 | 42,840 |
Recorded Investment With No Allowance | 13,757 | 17,927 |
Recorded Investment With Allowance | 21,768 | 23,799 |
Related Allowance | 5,682 | 5,230 |
Average Recorded Investment | 41,156 | 48,418 |
Interest Income Recognized | 1,673 | 2,041 |
Consumer Loan | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Recorded Investment | 302 | 25 |
Unpaid Principal Balance | 302 | 25 |
Recorded Investment With No Allowance | 0 | 0 |
Recorded Investment With Allowance | 302 | 25 |
Related Allowance | 104 | 1 |
Average Recorded Investment | 203 | 25 |
Interest Income Recognized | 22 | 2 |
Commercial, industrial and agricultural | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Recorded Investment | 2,000 | 951 |
Unpaid Principal Balance | 2,000 | 1,247 |
Recorded Investment With No Allowance | 0 | 408 |
Recorded Investment With Allowance | 2,000 | 543 |
Related Allowance | 612 | 402 |
Average Recorded Investment | 1,712 | 907 |
Interest Income Recognized | 97 | 59 |
Real Estate - One to Four Family Residential | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Recorded Investment | 10,223 | 7,171 |
Unpaid Principal Balance | 10,323 | 7,842 |
Recorded Investment With No Allowance | 2,183 | 2,442 |
Recorded Investment With Allowance | 8,040 | 4,729 |
Related Allowance | 1,833 | 923 |
Average Recorded Investment | 9,109 | 9,232 |
Interest Income Recognized | 498 | 395 |
Real Estate - One to Four Family Residential | Closed End First And Seconds | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Recorded Investment | 10,048 | 6,856 |
Unpaid Principal Balance | 10,148 | 7,327 |
Recorded Investment With No Allowance | 2,008 | 2,127 |
Recorded Investment With Allowance | 8,040 | 4,729 |
Related Allowance | 1,833 | 923 |
Average Recorded Investment | 8,727 | 8,431 |
Interest Income Recognized | 498 | 386 |
Real Estate - One to Four Family Residential | Home Equity Line of Credit | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Recorded Investment | 175 | 315 |
Unpaid Principal Balance | 175 | 515 |
Recorded Investment With No Allowance | 175 | 315 |
Recorded Investment With Allowance | 0 | 0 |
Related Allowance | 0 | 0 |
Average Recorded Investment | 382 | 801 |
Interest Income Recognized | 0 | 9 |
Real Estate - Construction | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Recorded Investment | 3,620 | 19,381 |
Unpaid Principal Balance | 5,968 | 19,381 |
Recorded Investment With No Allowance | 0 | 14,071 |
Recorded Investment With Allowance | 3,620 | 5,310 |
Related Allowance | 982 | 1,196 |
Average Recorded Investment | 9,375 | 20,571 |
Interest Income Recognized | 170 | 824 |
Real Estate - Construction | One To Four Family Residential | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Recorded Investment | 306 | 450 |
Unpaid Principal Balance | 306 | 450 |
Recorded Investment With No Allowance | 0 | 0 |
Recorded Investment With Allowance | 306 | 450 |
Related Allowance | 180 | 268 |
Average Recorded Investment | 794 | 402 |
Interest Income Recognized | 9 | 10 |
Real Estate - Construction | Other construction, land development and other land | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Recorded Investment | 3,314 | 18,931 |
Unpaid Principal Balance | 5,662 | 18,931 |
Recorded Investment With No Allowance | 0 | 14,071 |
Recorded Investment With Allowance | 3,314 | 4,860 |
Related Allowance | 802 | 928 |
Average Recorded Investment | 8,581 | 20,169 |
Interest Income Recognized | 161 | 814 |
Real estate - farmland | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Recorded Investment | 478 | ' |
Unpaid Principal Balance | 478 | ' |
Recorded Investment With No Allowance | 478 | ' |
Recorded Investment With Allowance | 0 | ' |
Related Allowance | 0 | ' |
Average Recorded Investment | 428 | ' |
Interest Income Recognized | 32 | ' |
Real Estate - Non-farm, Non-residential | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Recorded Investment | 18,430 | 13,710 |
Unpaid Principal Balance | 19,916 | 13,857 |
Recorded Investment With No Allowance | 11,087 | 1,006 |
Recorded Investment With Allowance | 7,343 | 12,704 |
Related Allowance | 1,840 | 2,360 |
Average Recorded Investment | 19,825 | 17,187 |
Interest Income Recognized | 854 | 761 |
Real Estate - Non-farm, Non-residential | Owner Occupied | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Recorded Investment | 10,058 | 5,601 |
Unpaid Principal Balance | 11,544 | 5,748 |
Recorded Investment With No Allowance | 6,730 | 380 |
Recorded Investment With Allowance | 3,328 | 5,221 |
Related Allowance | 1,223 | 714 |
Average Recorded Investment | 10,472 | 8,753 |
Interest Income Recognized | 506 | 304 |
Real Estate - Non-farm, Non-residential | Non-owner Occupied | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Recorded Investment | 8,372 | 8,109 |
Unpaid Principal Balance | 8,372 | 8,109 |
Recorded Investment With No Allowance | 4,357 | 626 |
Recorded Investment With Allowance | 4,015 | 7,483 |
Related Allowance | 617 | 1,646 |
Average Recorded Investment | 9,353 | 8,434 |
Interest Income Recognized | 348 | 457 |
Other | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Recorded Investment | 472 | 488 |
Unpaid Principal Balance | 472 | 488 |
Recorded Investment With No Allowance | 9 | 0 |
Recorded Investment With Allowance | 463 | 488 |
Related Allowance | 311 | 348 |
Average Recorded Investment | 504 | 496 |
Interest Income Recognized | $0 | $0 |
Loans_Modified_as_Troubled_Deb
Loans Modified as Troubled Debt Restructurings (Detail) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | ||
Number | Number | |||
Financing Receivable, Modifications [Line Items] | ' | ' | ||
Number of Loans | 17 | 10 | ||
Pre-Modification Recorded Balance | $21,192 | $1,629 | ||
Post-Modification Recorded Balance | 15,970 | [1] | 1,627 | [1] |
Commercial, industrial and agricultural | ' | ' | ||
Financing Receivable, Modifications [Line Items] | ' | ' | ||
Number of Loans | 0 | 1 | ||
Pre-Modification Recorded Balance | 0 | 66 | ||
Post-Modification Recorded Balance | 0 | [1] | 66 | [1] |
Real Estate - One to Four Family Residential | Closed End First And Seconds | ' | ' | ||
Financing Receivable, Modifications [Line Items] | ' | ' | ||
Number of Loans | 11 | 4 | ||
Pre-Modification Recorded Balance | 4,834 | 965 | ||
Post-Modification Recorded Balance | 3,600 | [1] | 964 | [1] |
Real Estate - Construction | ' | ' | ||
Financing Receivable, Modifications [Line Items] | ' | ' | ||
Number of Loans | 0 | 5 | ||
Pre-Modification Recorded Balance | 0 | 598 | ||
Post-Modification Recorded Balance | 0 | [1] | 597 | [1] |
Real Estate - Construction | One To Four Family Residential | ' | ' | ||
Financing Receivable, Modifications [Line Items] | ' | ' | ||
Number of Loans | 0 | 3 | ||
Pre-Modification Recorded Balance | 0 | 434 | ||
Post-Modification Recorded Balance | 0 | [1] | 434 | [1] |
Real Estate - Construction | Other construction, land development and other land | ' | ' | ||
Financing Receivable, Modifications [Line Items] | ' | ' | ||
Number of Loans | 0 | 2 | ||
Pre-Modification Recorded Balance | 0 | 164 | ||
Post-Modification Recorded Balance | 0 | [1] | 163 | [1] |
Real Estate - Non-farm, Non-residential | ' | ' | ||
Financing Receivable, Modifications [Line Items] | ' | ' | ||
Number of Loans | 6 | 0 | ||
Pre-Modification Recorded Balance | 16,358 | 0 | ||
Post-Modification Recorded Balance | 12,370 | [1] | 0 | [1] |
Real Estate - Non-farm, Non-residential | Owner Occupied | ' | ' | ||
Financing Receivable, Modifications [Line Items] | ' | ' | ||
Number of Loans | 4 | 0 | ||
Pre-Modification Recorded Balance | 7,955 | 0 | ||
Post-Modification Recorded Balance | 6,355 | [1] | 0 | [1] |
Real Estate - Non-farm, Non-residential | Non-owner Occupied | ' | ' | ||
Financing Receivable, Modifications [Line Items] | ' | ' | ||
Number of Loans | 2 | 0 | ||
Pre-Modification Recorded Balance | 8,403 | 0 | ||
Post-Modification Recorded Balance | $6,015 | [1] | $0 | [1] |
[1] | The period end balances are inclusive of all partial paydowns and charge-offs since the modification date. Loans modified as TDRs that were fully paid down, charged-off,or foreclosed upon by period end are not reported. |
Loans_Modified_as_Troubled_Deb1
Loans Modified as Troubled Debt Restructurings that Subsequently Defaulted (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Number | Number | |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Number of Loans | 12 | 7 |
Recorded Balance | $2,865 | $1,347 |
Commercial, industrial and agricultural | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Number of Loans | 0 | 1 |
Recorded Balance | 0 | 66 |
Real Estate - One to Four Family Residential | Closed End First And Seconds | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Number of Loans | 10 | 3 |
Recorded Balance | 1,846 | 878 |
Real Estate - Construction | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Number of Loans | 0 | 3 |
Recorded Balance | 0 | 403 |
Real Estate - Construction | One To Four Family Residential | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Number of Loans | 0 | 2 |
Recorded Balance | 0 | 374 |
Real Estate - Construction | Other construction, land development and other land | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Number of Loans | 0 | 1 |
Recorded Balance | 0 | 29 |
Real Estate - Non-farm, Non-residential | Owner Occupied | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Number of Loans | 2 | 0 |
Recorded Balance | $1,019 | $0 |
Bank_Premises_and_Equipment_De
Bank Premises and Equipment (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ' | ' |
Land and improvements | $6,421 | $6,409 |
Buildings and leasehold improvements | 22,678 | 21,688 |
Furniture, fixtures and equipment | 19,765 | 18,416 |
Construction in progress | 212 | 949 |
Bank premises and equipment, Gross | 49,076 | 47,462 |
Less accumulated depreciation | -27,630 | -25,806 |
Net balance | $21,446 | $21,656 |
Bank_Premises_and_Equipment_Ad
Bank Premises and Equipment - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Depreciation and amortization | $2,124 | $2,092 | $2,326 |
Other_Real_Estate_Owned_OREO_A
Other Real Estate Owned (OREO) - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Real Estate Properties [Line Items] | ' | ' | ' |
Expenses applicable to OREO, other than the valuation allowance | $218 | $421 | $769 |
Changes_in_Balance_for_Other_R
Changes in Balance for Other Real Estate Owned (Detail) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Real Estate Properties [Line Items] | ' | ' | ' | ' |
Balance at the beginning of year, gross | $5,558 | $8,729 | ' | ' |
Transfers from loans | 1,921 | 5,032 | ' | ' |
Sales proceeds | -4,508 | -5,661 | ' | ' |
Previously recognized impairment losses on disposition | -1,142 | -2,315 | ' | ' |
(Loss) on disposition | -775 | -227 | ' | ' |
Balance at the end of year, gross | 1,054 | 5,558 | ' | ' |
Less valuation allowance | -254 | -811 | -1,403 | -928 |
Balance at the end of year, net | $800 | $4,747 | ' | ' |
Changes_in_Valuation_Allowance
Changes in Valuation Allowance for Other Real Estate Owned (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Real Estate [Line Items] | ' | ' | ' |
Balance at the beginning of year | $811 | $1,403 | $928 |
Valuation allowance | 585 | 1,723 | 1,386 |
Charge-offs | -1,142 | -2,315 | -911 |
Balance at the end of year | $254 | $811 | $1,403 |
InterestBearing_Deposits_Detai
Interest-Bearing Deposits (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Interest Bearing Deposits [Line Items] | ' | ' |
Demand deposits | $272,343 | $245,833 |
Money market deposits | 121,491 | 128,438 |
Savings deposits | 89,577 | 86,868 |
Time Deposits [Abstract] | ' | ' |
Time deposits $100 and over | 110,841 | 130,285 |
Other time deposits | 113,349 | 130,232 |
Total interest-bearing deposits | $707,601 | $721,656 |
Interest_Expense_by_Deposit_Ca
Interest Expense by Deposit Category (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Interest Expense [Line Items] | ' | ' | ' |
Demand deposits | $929 | $1,205 | $1,908 |
Money market deposits | 516 | 613 | 1,254 |
Savings deposits | 142 | 239 | 441 |
Time deposits | 3,089 | 4,342 | 5,912 |
Total | $4,676 | $6,399 | $9,515 |
Maturities_of_Time_Deposits_De
Maturities of Time Deposits (Detail) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Time Deposits [Line Items] | ' |
2014 | $110,204 |
2015 | 56,756 |
2016 | 19,005 |
2017 | 21,193 |
2018 | 17,032 |
Time Deposits, Total | $224,190 |
Deposits_Additional_Informatio
Deposits - Additional Information (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Deposits [Line Items] | ' | ' |
Overdrawn demand deposit accounts reclassified as loans | $135 | $154 |
Borrowings_Additional_Informat
Borrowings - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |
In Millions, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 |
Debt Instrument [Line Items] | ' | ' | ' |
Long-term advances from the FHLB | $10 | ' | ' |
Percentage of FHLB line of credit to asset | ' | 25.00% | ' |
Line of credit with FHLB, equal to 25% of assets | ' | 256.9 | ' |
Line of credit available | ' | 120.4 | ' |
Loans, carrying value | ' | 285.6 | 297.7 |
Short-term and long-term borrowings outstanding under FHLB line of credit | ' | 41.9 | 117.5 |
Debt Instrument Weighted Average Remaining Term | ' | '3 years 6 months | ' |
Federal Home Loan Bank, Advances, Branch of FHLB Bank, Weighted Average Interest Rate | ' | 4.14% | ' |
Federal Home Loan Bank, Advances, Branch of FHLB Bank, Amount of Advances | ' | 94 | ' |
Prepayment Fees on Advances, Net | 11.5 | ' | ' |
Federal Home Loan Bank Advances Prepayment Penalty Of Diluted Per Share | $0.67 | ' | ' |
Federal Home Loan Bank Advances | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Line of credit, maximum | ' | 175.7 | ' |
Convertible advances | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Long-term advances from the FHLB | ' | 107.5 | 107.5 |
Fixed rate hybrid advance | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Long-term advances from the FHLB | ' | ' | 10 |
Sun Trust Bank | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Line of credit, maximum | ' | 20 | ' |
Community Bankers Bank | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Line of credit, maximum | ' | 15 | ' |
Pacific Coast Bankers Bank | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Line of credit, maximum | ' | 5 | ' |
Daily Rate [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Long-term advances from the FHLB | ' | 18.9 | ' |
Fixed Rate [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Long-term advances from the FHLB | ' | $23 | ' |
Federal_Funds_Purchased_and_Re
Federal Funds Purchased and Repurchase Agreements (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Line of Credit Facility [Line Items] | ' | ' |
Balance outstanding at year end | $41,940 | $0 |
Maximum balance at any month end during the year | 62,124 | 0 |
Average balance for the year | 16,963 | 318 |
Weighted average rate for the year | 0.22% | 0.31% |
Weighted average rate at year end | 0.23% | 0.00% |
Federal Funds Purchased | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Balance outstanding at year end | 0 | 0 |
Maximum balance at any month end during the year | 0 | 2 |
Average balance for the year | 14 | 163 |
Weighted average rate for the year | 0.79% | 0.75% |
Weighted average rate at year end | 0.00% | 0.00% |
Repurchase Agreements | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Balance outstanding at year end | 3,009 | 2,942 |
Maximum balance at any month end during the year | 3,770 | 6,292 |
Average balance for the year | $3,475 | $3,486 |
Weighted average rate for the year | 0.60% | 0.89% |
Weighted average rate at year end | 0.60% | 0.60% |
Short_Term_Borrowings_Detail
Short Term Borrowings (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Short-term Debt [Line Items] | ' | ' |
Balance outstanding at year end | $41,940 | $0 |
Maximum balance at any month end during the year | 62,124 | 0 |
Average balance for the year | $16,963 | $318 |
Weighted average rate for the year | 0.22% | 0.31% |
Weighted average rate at year end | 0.23% | 0.00% |
Trust_Preferred_Debt_Additiona
Trust Preferred Debt - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 17, 2003 |
Debt Instrument [Line Items] | ' | ' | ' |
Trust preferred securities | ' | ' | $10 |
Trust I capital in a pooled underwriting totaled | ' | ' | $650 |
Trust preferred securities pay cumulative cash distributions quarterly at a variable rate per annum | 2.95% | ' | ' |
Trust preferred debt interest rate percentage | 3.19% | 3.26% | ' |
Trust preferred securities mandatory redemption date | 17-Sep-33 | ' | ' |
Tier 1 capital for regulatory capital adequacy determination purposes | 25.00% | ' | ' |
Number of days defers interest payments | 'More than 20 consecutive quarters | ' | ' |
Employee_Benefit_Plan_Addition
Employee Benefit Plan - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Number of employment years of service used for consideration of employee compensation | '5 years | ' | ' |
Defined benefit plan, credited service period | '10 years | ' | ' |
Defined benefit plan number of years for calculating average annual interest rate | '2 years | ' | ' |
Discount rate used to calculate funding requirements and benefit expense | 4.00% | 4.50% | 5.50% |
Weighted-average asset allocations | 100.00% | 100.00% | ' |
401 (k) plan, compensation expenses | $445 | $411 | $399 |
Supplemental Executive Retirement Plan, deferred compensation expense | $105 | $91 | $68 |
Supplemental Executive Retirement Plan, partial vesting percentage | ' | 5.00% | ' |
Supplemental Executive Retirement Plan, partial vesting percentage | 5.00% | ' | ' |
Supplemental Executive Retirement Plan, monthly installment period | '15 years | ' | ' |
First three Percent of Employee's Contributions | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | 100.00% | ' | ' |
Next three Percent of employee's Contributions | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | 50.00% | ' | ' |
After two years of service | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | 100.00% | ' | ' |
Fixed Income Securities | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Weighted-average asset allocations | 25.00% | ' | ' |
Equity Securities | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Weighted-average asset allocations | 75.00% | ' | ' |
Activity_in_Benefit_Plan_Detai
Activity in Benefit Plan (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Change in benefit obligation | ' | ' | ' |
Benefit obligation at beginning of year | $11,205 | $11,554 | $11,127 |
Interest cost | 459 | 492 | 606 |
Actuarial loss (gain) | 81 | -62 | 1,703 |
Benefits paid | -1,464 | -774 | -2,057 |
Change in obligation due to plan change | 0 | 0 | 135 |
Settlement (gain) loss | -18 | -5 | 40 |
Benefit obligation at end of year | 10,263 | 11,205 | 11,554 |
Change in plan assets | ' | ' | ' |
Fair value of plan assets at beginning of year | 9,513 | 9,047 | 11,306 |
Actual return on plan assets | 1,951 | 1,240 | -202 |
Benefits paid | -1,464 | -774 | -2,057 |
Fair value of plan assets at end of year | 10,000 | 9,513 | 9,047 |
Funded status at the end of year | -263 | -1,692 | -2,507 |
Amounts recognized in the consolidated balance sheets at December 31, | ' | ' | ' |
Other liability | -263 | -1,692 | -2,507 |
Amounts recognized in accumulated other comprehensive income (loss) | ' | ' | ' |
Net loss | 583 | 2,122 | 3,008 |
Prior service cost | 100 | 121 | 135 |
Deferred income tax benefit | -232 | -755 | -1,061 |
Amount recognized | 451 | 1,488 | 2,082 |
Components of net periodic benefit cost | ' | ' | ' |
Interest cost | 459 | 492 | 606 |
Expected return on plan assets | -703 | -675 | -895 |
Amortization of prior service cost due to curtailment | 21 | 15 | 0 |
Recognized net loss due to settlement | 208 | 132 | 34 |
Recognized net actuarial loss | 124 | 122 | 0 |
Net periodic benefit cost | 109 | 86 | -255 |
Other changes in plan assets and benefit obligations recognized in other comprehensive (income) loss | ' | ' | ' |
Net (gain) loss | -1,518 | -886 | 2,805 |
Prior service cost | 0 | 0 | 135 |
Amortization of prior service cost | -21 | -15 | 0 |
Total recognized in other comprehensive (income) loss | -1,539 | -901 | 2,940 |
Total recognized in net periodic benefit cost and other comprehensive (income) loss | -1,430 | -815 | 2,685 |
Weighted average assumptions for benefit obligation at end of year | ' | ' | ' |
Discount rate | 4.35% | 4.00% | 4.50% |
Rate of compensation increase | 0.00% | 0.00% | 0.00% |
Weighted average assumptions for net periodic pension cost at end of year | ' | ' | ' |
Discount rate | 4.00% | 4.50% | 5.50% |
Expected return on plan assets | 8.00% | 8.00% | 8.00% |
Rate of compensation increase | 0.00% | 0.00% | 4.00% |
Expected future interest crediting rate | 3.00% | 3.00% | 3.00% |
Accumulated Benefit Obligation | $10,263 | $11,205 | $11,554 |
Fair_Value_of_Pension_Plan_Ass
Fair Value of Pension Plan Assets by Asset Category (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | ||
In Thousands, unless otherwise specified | ||||||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ||
Total assets at fair value | $10,000 | $9,513 | $9,047 | $11,306 | ||
Cash and due from broker | ' | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ||
Total assets at fair value | 21 | 18 | ' | ' | ||
Equity mutual funds | ' | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ||
Total assets at fair value | 7,573 | [1] | 7,106 | [1] | ' | ' |
Fixed income mutual funds | ' | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ||
Total assets at fair value | 2,406 | [2] | 2,389 | [2] | ' | ' |
Quoted Prices in Active Markets for Identical Assets (Level 1) | ' | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ||
Total assets at fair value | 10,000 | 9,513 | ' | ' | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) | Cash and due from broker | ' | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ||
Total assets at fair value | 21 | 18 | ' | ' | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) | Equity mutual funds | ' | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ||
Total assets at fair value | 7,573 | [1] | 7,106 | [1] | ' | ' |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Fixed income mutual funds | ' | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ||
Total assets at fair value | $2,406 | [2] | $2,389 | [2] | ' | ' |
[1] | This category includes investments in mutual funds focused on equity securities with a diversified portfolio and includes investments in large cap and small cap funds, growth funds, international focused funds and value funds. The funds are valued using the net asset value method in which an average of the market prices for the underlying investments is used to value the funds. | |||||
[2] | This category includes investments in mutual funds focused on fixed income securities with both short-term and long-term investments. The funds are valued using the net asset value method in which an average of the market prices for the underlying investments is used to value the funds. |
WeightedAverage_Asset_Allocati
Weighted-Average Asset Allocations by Asset Category (Detail) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Schedule of Defined Benefit Plan Asset Allocation Targets [Line Items] | ' | ' |
Weighted-average asset allocations | 100.00% | 100.00% |
Fixed income mutual funds | ' | ' |
Schedule of Defined Benefit Plan Asset Allocation Targets [Line Items] | ' | ' |
Weighted-average asset allocations | 24.00% | 25.00% |
Equity mutual funds | ' | ' |
Schedule of Defined Benefit Plan Asset Allocation Targets [Line Items] | ' | ' |
Weighted-average asset allocations | 76.00% | 75.00% |
Estimated_Future_Benefit_Payme
Estimated Future Benefit Payments (Detail) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Schedule of Pension Expected Future Benefit Payments [Line Items] | ' |
2014 | $455 |
2015 | 641 |
2016 | 854 |
2017 | 1,127 |
2018 | 1,022 |
Years 2019 - 2023 | 3,195 |
Total | $7,294 |
Current_and_Deferred_Income_Ta
Current and Deferred Income Tax Expense (Benefit) (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Components Of Income Tax Expense Benefit [Line Items] | ' | ' | ' |
Current | $1,065 | $0 | $233 |
Deferred | -3,457 | 945 | -444 |
Provision for (benefit from) income taxes | ($2,392) | $945 | ($211) |
Reconciliation_Between_Provisi
Reconciliation Between Provision for (Benefit from) Income Taxes and Statutory Federal Income Tax (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Schedule Of Effective Tax Rates Line Items | ' | ' | ' |
Income tax expense (benefit) at statutory rates | ($1,708) | $1,495 | $533 |
Decrease due to: | ' | ' | ' |
Tax exempt income | -400 | -285 | -497 |
Other | -284 | -265 | -247 |
Provision for (benefit from) income taxes | ($2,392) | $945 | ($211) |
Net_Deferred_Tax_Assets_Detail
Net Deferred Tax Assets (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Deferred tax assets: | ' | ' |
Allowance for loan losses | $5,021 | $6,915 |
Net operating loss carryforward | 7,361 | 1,548 |
Net unrealized loss on securities available for sale | 4,325 | 0 |
Tax credit carryforward | 2,400 | 994 |
Impairment on securities | 702 | 1,696 |
Interest on nonaccrual loans | 140 | 114 |
Accrued benefit cost | 232 | 755 |
Depreciation and amortization | 361 | 167 |
Home equity line closing cost | 103 | 120 |
Defined benefit plan | 266 | 229 |
Deferred compensation | 143 | 107 |
Accrued compensated absences | 66 | 65 |
Other real estate owned | 275 | 1,116 |
Other | 191 | 133 |
Total deferred tax assets | 21,586 | 13,959 |
Deferred tax liabilities: | ' | ' |
FHLB dividend | -8 | -8 |
Goodwill and other intangible assets | -2,532 | -2,150 |
Net unrealized gain on securities available for sale | 0 | -991 |
Other | -109 | -123 |
Total deferred tax liabilities | -2,649 | -3,272 |
Net deferred tax asset | $18,937 | $10,687 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Components Of Income Tax Expense Benefit [Line Items] | ' | ' |
Income taxes receivable carried back to prior years | $0 | $2.60 |
Weighted_Average_Number_of_Com
Weighted Average Number of Common Shares used in Computing Earnings Per Common Share and Effect on Potential Dilutive Common Stock (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Earnings Per Share Disclosure [Line Items] | ' | ' | ' |
Weighted average common shares outstanding for basic earnings (loss) per common share | 9,204,847 | 6,050,969 | 6,007,743 |
Effect of dilutive securities, stock options | 0 | 0 | 0 |
Effect of dilutive securities, Series B Preferred Stock | 0 | 0 | 0 |
Weighted average common shares outstanding for diluted earnings (loss) per common share | 9,204,847 | 6,050,969 | 6,007,743 |
Basic (loss) earnings per common share | ($0.45) | $0.32 | $0.05 |
Diluted (loss) earnings per common share | ($0.45) | $0.32 | $0.05 |
Earnings_Loss_Per_Common_Share2
Earnings (Loss) Per Common Share - Additional Information (Detail) | 12 Months Ended | 0 Months Ended | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jun. 12, 2013 | Dec. 31, 2013 | |
Series B Non-Voting Mandatorily Convertible Non-Cumulative Preferred | Series B Non-Voting Mandatorily Convertible Non-Cumulative Preferred | ||||
Earnings Per Share Disclosure [Line Items] | ' | ' | ' | ' | ' |
Shares of common stock excluded from the computation of diluted earnings(loss)per common share | 152,287 | 182,362 | 218,442 | ' | ' |
Issuance of shares under private placement | ' | ' | ' | 5,240,192 | 5,200,000 |
Weighted Average Number of Shares Outstanding, Basic and Diluted | ' | ' | ' | ' | 2,914,408 |
Effect of dilutive securities, Series B non-voting mandatorily convertible non-cumulative preferred | 0 | 0 | 0 | ' | ' |
Loan_Activity_to_Related_Parti
Loan Activity to Related Parties (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Related Party Transaction [Line Items] | ' | ' |
Balance at beginning of year | $9,344 | $11,353 |
Additional borrowings | 1,280 | 1,544 |
Curtailments | -805 | -3,553 |
Balance at end of year | $9,819 | $9,344 |
Related_Party_Transactions_Add
Related Party Transactions - Additional Information (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Related Party Transaction [Line Items] | ' | ' |
Deposits from related parties | $6.20 | $6.60 |
Related Party | ' | ' |
Related Party Transaction [Line Items] | ' | ' |
Available credit facility | $3.10 | $3.10 |
Stock_Based_Compensation_Plans2
Stock Based Compensation Plans - Additional Information (Detail) (USD $) | 1 Months Ended | 12 Months Ended | 12 Months Ended | 1 Months Ended | |||||||||||||||||
In Thousands, except Share data, unless otherwise specified | Jul. 31, 2009 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Jul. 02, 2009 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2011 | Sep. 21, 2000 | Apr. 17, 2003 | Dec. 31, 2013 | Apr. 19, 2007 | Nov. 18, 2013 | Jun. 29, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
Restricted Stock | Restricted Stock | Restricted Stock | Stock Options | Stock Options | 2000 Plan | 2003 Plan | 2007 Plan | 2007 Plan | Two Thousand And Seven Plan | Two Thousand And Seven Plan | 2012Plan | 2010 Plan | 2009 Plan | 2013 Plan | |||||||
Restricted Stock | Restricted Stock | Restricted Stock | Restricted Stock | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of common stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 400,000 | 400,000 | ' | 400,000 | ' | ' | ' | ' | ' | ' |
Number of common stock available to be granted | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 322,000 | ' | ' | ' | ' | ' | ' | ' |
Normal retirement age | ' | 65 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock compensation expense | ' | $32 | $53 | $110 | ' | ' | $32 | $22 | $18 | $31 | $92 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restricted stock granted under 2007 plan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 38,000 | 34,000 | ' | ' | ' | ' |
vesting period of restricted stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | '5 years | ' | ' | ' | ' |
Percentage of share vest on the second anniversary of the grant date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 40.00% | 40.00% | ' | ' | ' | ' |
Percentage of share vest on each of the third, fourth and fifth anniversary of the grant date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20.00% | 20.00% | ' | ' | ' | ' |
Restricted shares cancelled | ' | ' | ' | ' | 8,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restricted stock awarded | 18,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of restricted shares subject to time vesting per year | ' | ' | ' | ' | ' | 20.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restricted stock awarded per share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $3.72 | $3.75 | $8.31 | $6.70 |
Unrecognized compensation expense related to restricted stock awards | ' | 339 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of restricted stock awards vested | ' | $24 | $7 | $4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock_Option_Activity_and_Rela
Stock Option Activity and Related Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Options Outstanding | ' | ' | ' |
Stock options outstanding, beginning balance | 182,362 | 218,442 | 251,137 |
Stock options Outstanding, Forfeited | -10,750 | -36,080 | -32,695 |
Stock options outstanding, Expired | -19,325 | ' | ' |
Stock options outstanding, ending balance | 152,287 | 182,362 | 218,442 |
Stock options exercisable, Ending balance | 152,287 | ' | ' |
Weighted Average Exercise Price | ' | ' | ' |
Stock options outstanding, Weighted Average Exercise Price, beginning balance | $20.08 | $19.86 | $19.68 |
Stock options outstanding, Weighted Average Exercisable Price, Forfeited | $18.74 | $18.61 | $18.51 |
Stock options outstanding, Weighted Average Exercisable Price, Expired | $28.60 | ' | ' |
Stock options outstanding, Weighted Average Exercise Price, ending balance | $19.09 | $20.08 | $19.86 |
Stock options exercisable, Weighted Average Exercise Price | $19.09 | ' | ' |
Remaining Contractual Life | ' | ' | ' |
Stock options outstanding, Remaining Contractual Life (in years) | '2 years 6 months 14 days | ' | ' |
Stock options exercisable, Remaining Contractual Life (in years) | '2 years 6 months 14 days | ' | ' |
Aggregate Intrinsic Value | ' | ' | ' |
Stock options outstanding, Aggregated Intrinsic Value | $0 | ' | ' |
Stock options exercisable, Aggregate Intrinsic Value | $0 | ' | ' |
Stock_Options_Outstanding_and_
Stock Options Outstanding and Exercisable (Detail) (USD $) | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' | ' | ' |
Stock Options Outstanding, Exercise Price | $19.09 | $20.08 | $19.86 | $19.68 |
Stock Options Outstanding, Number Outstanding | 152,287 | ' | ' | ' |
Stock Options Outstanding, Weighted Average Remaining Term | '2 years 6 months 14 days | ' | ' | ' |
Stock Options Exercisable, Exercise Price | $19.09 | ' | ' | ' |
Stock Options Exercisable, Number Exercisable | 152,287 | ' | ' | ' |
Range One | ' | ' | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' | ' | ' |
Stock Options Outstanding, Exercise Price | $19.92 | ' | ' | ' |
Stock Options Outstanding, Number Outstanding | 27,300 | ' | ' | ' |
Stock Options Outstanding, Weighted Average Remaining Term | '6 months | ' | ' | ' |
Stock Options Exercisable, Exercise Price | $19.92 | ' | ' | ' |
Stock Options Exercisable, Number Exercisable | 27,300 | ' | ' | ' |
Range Two | ' | ' | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' | ' | ' |
Stock Options Outstanding, Exercise Price | $20.57 | ' | ' | ' |
Stock Options Outstanding, Number Outstanding | 36,162 | ' | ' | ' |
Stock Options Outstanding, Weighted Average Remaining Term | '1 year 6 months | ' | ' | ' |
Stock Options Exercisable, Exercise Price | $20.57 | ' | ' | ' |
Stock Options Exercisable, Number Exercisable | 36,162 | ' | ' | ' |
Range Three | ' | ' | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' | ' | ' |
Stock Options Outstanding, Exercise Price | $21.16 | ' | ' | ' |
Stock Options Outstanding, Number Outstanding | 38,325 | ' | ' | ' |
Stock Options Outstanding, Weighted Average Remaining Term | '2 years 9 months | ' | ' | ' |
Stock Options Exercisable, Exercise Price | $21.16 | ' | ' | ' |
Stock Options Exercisable, Number Exercisable | 38,325 | ' | ' | ' |
Range Four | ' | ' | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' | ' | ' |
Stock Options Outstanding, Exercise Price | $19.25 | ' | ' | ' |
Stock Options Outstanding, Number Outstanding | 26,750 | ' | ' | ' |
Stock Options Outstanding, Weighted Average Remaining Term | '3 years 9 months | ' | ' | ' |
Stock Options Exercisable, Exercise Price | $19.25 | ' | ' | ' |
Stock Options Exercisable, Number Exercisable | 26,750 | ' | ' | ' |
Range Five | ' | ' | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' | ' | ' |
Stock Options Outstanding, Exercise Price | $12.36 | ' | ' | ' |
Stock Options Outstanding, Number Outstanding | 23,750 | ' | ' | ' |
Stock Options Outstanding, Weighted Average Remaining Term | '4 years 9 months | ' | ' | ' |
Stock Options Exercisable, Exercise Price | $12.36 | ' | ' | ' |
Stock Options Exercisable, Number Exercisable | 23,750 | ' | ' | ' |
Nonvested_Shares_in_Relation_t
Nonvested Shares in Relation to Restricted Stock Awards and Changes (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Shares | ' | ' | ' |
Shares, Nonvested, Beginning balance | 39,400 | 14,500 | 16,500 |
Shares, Granted | 38,000 | 34,000 | ' |
Shares, Vested | -3,900 | -1,600 | -1,600 |
Shares, Forfeited | ' | -7,500 | -400 |
Shares, Nonvested, Ending balance | 73,500 | 39,400 | 14,500 |
Weighted-Average Price | ' | ' | ' |
Weighted- Average Price, Nonvested, Beginning balance | $3.89 | $6.35 | $7.29 |
Weighted-Average Price, Granted | $6.70 | $3.72 | ' |
Weighted-Average Price, Vested | $4.57 | $13.34 | $13.34 |
Weighted-Average Price, Forfeited | ' | $5.88 | $17.25 |
Weighted-Average Price, Nonvested, Ending balance | $5.30 | $3.89 | $6.35 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income (Loss) (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' |
Beginning Balance | $436 | ($587) | ($2,303) |
Unrealized securities gains (losses) (net of tax of $4,803, $1,537, $2,967 for the year ended December 31, 2013, 2012 and 2011 respectively) | -9,325 | 2,987 | 5,759 |
Securities gains included in net (loss) (net of tax of $512, $1,317 and $1,083 for the year ended December 31, 2013, 2012 and 2011 respectively) | -995 | -2,558 | -2,103 |
Change in unfunded pension liability (net of tax of $523, $307 and $1,000 for the year ended December 31, 2013, 2012 and 2011) | 1,016 | 594 | -1,940 |
Ending Balance | -8,868 | 436 | -587 |
Accumulated Net Unrealized Investment Gain (Loss) | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' |
Beginning Balance | 1,924 | 1,495 | -2,161 |
Unrealized securities gains (losses) (net of tax of $4,803, $1,537, $2,967 for the year ended December 31, 2013, 2012 and 2011 respectively) | -9,325 | 2,987 | 5,759 |
Securities gains included in net (loss) (net of tax of $512, $1,317 and $1,083 for the year ended December 31, 2013, 2012 and 2011 respectively) | -995 | -2,558 | -2,103 |
Change in unfunded pension liability (net of tax of $523, $307 and $1,000 for the year ended December 31, 2013, 2012 and 2011) | 0 | 0 | 0 |
Ending Balance | -8,396 | 1,924 | 1,495 |
Pension and Other Postretirement Adjustments | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' |
Beginning Balance | -1,488 | -2,082 | -142 |
Change in unfunded pension liability (net of tax of $523, $307 and $1,000 for the year ended December 31, 2013, 2012 and 2011) | 1,016 | 594 | -1,940 |
Ending Balance | ($472) | ($1,488) | ($2,082) |
Accumulated_Other_Comprehensiv3
Accumulated Other Comprehensive Income (Loss) (Parenthetical) (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' |
Unrealized securities gains (losses) (net of tax of $4,803, $1,537, $2,967 for the year ended December 31, 2013, 2012 and 2011 respectively) | $4,473 | $1,537 | $2,967 |
Securities gains included in net (loss) (net of tax of $512, $1,317 and $1,083 for the year ended December 31, 2013, 2012 and 2011 respectively) | 512 | 1,317 | 1,083 |
Change in unfunded pension liability (net of tax of $523, $307 and $1,000 for the year ended December 31, 2013, 2012 and 2011) | $523 | $307 | $1,000 |
Accumulated_Other_Comprehensiv4
Accumulated Other Comprehensive Income (Loss) - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' |
Gain on sale of available for sale securities | $1,500,000 | $3,900,000 | $3,200,000 |
Gain on sale of available for sale securities, tax effect | $512,000 | $1,317,000 | $1,083,000 |
Regulatory_Matters_Additional_
Regulatory Matters - Additional Information (Detail) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ' | ' |
Risk Weighted Assets | $658.90 | $673.10 |
Effective Date Bank Entered Into Formal Written Agreement | 17-Feb-11 | ' |
Tier One Risk Based Capital To Risk Weighted Assets | 18.22% | 12.64% |
Capital To Risk Weighted Assets | 19.48% | 13.88% |
Tier One Leverage Capital To Average Assets | 12.06% | 8.13% |
Percentage of Capital Conversion Buffer | 2.50% | ' |
Tier One Leverage Capital Required For Capital Adequacy To Average Assets | 4.00% | 4.00% |
Minimum [Member] | ' | ' |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ' | ' |
Capital To Risk Weighted Assets | 0.00% | ' |
Maximum [Member] | ' | ' |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ' | ' |
Capital To Risk Weighted Assets | 600.00% | ' |
Increased Rate [Member] | ' | ' |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ' | ' |
Tier One Risk Based Capital Required To Be Well Capitalized To Risk Weighted Assets | 8.00% | ' |
Current Rate [Member] | ' | ' |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ' | ' |
Tier One Risk Based Capital Required To Be Well Capitalized To Risk Weighted Assets | 6.00% | ' |
Common Stock [Member] | ' | ' |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ' | ' |
Tier One Risk Based Capital Required To Be Well Capitalized To Risk Weighted Assets | 6.50% | ' |
Common Stock [Member] | As on 1 January 2015 [Member] | ' | ' |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ' | ' |
Tier One Risk Based Capital To Risk Weighted Assets | 4.50% | ' |
Bank | ' | ' |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ' | ' |
Risk Weighted Assets | $658.60 | $671.60 |
Tier One Risk Based Capital To Risk Weighted Assets | 12.71% | 12.08% |
Capital To Risk Weighted Assets | 13.98% | 13.32% |
Tier One Leverage Capital To Average Assets | 8.43% | 7.76% |
Tier One Risk Based Capital Required To Be Well Capitalized To Risk Weighted Assets | 6.00% | 6.00% |
Tier One Leverage Capital Required For Capital Adequacy To Average Assets | 4.00% | 4.00% |
Actual_Capital_Amounts_and_Rat
Actual Capital Amounts and Ratios (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ' | ' |
Total capital to risk weighted assets, actual amount | $128,345 | $93,400 |
Total capital to risk weighted assets, actual ratio | 19.48% | 13.88% |
Total capital to risk weighted assets, minimum capital requirements amount | 52,710 | 53,846 |
Total capital to risk weighted assets, minimum capital requirements ratio | 8.00% | 8.00% |
Tier 1 capital to risk weighted assets, actual amount | 120,031 | 85,071 |
Tier 1 capital to risk weighted assets, actual ratio | 18.22% | 12.64% |
Tier 1 capital to risk weighted assets, minimum capital requirements amount | 26,355 | 26,923 |
Tier one risk-based capital, minimum capital requirements ratio | 4.00% | 4.00% |
Tier 1 capital to average assets, actual amount | 120,031 | 85,071 |
Tier 1 capital to average assets, actual ratio | 12.06% | 8.13% |
Tier 1 capital to average assets, minimum capital requirements amount | 39,803 | 41,875 |
Tier one leverage capital, minimum capital requirements ratio | 4.00% | 4.00% |
Bank | ' | ' |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ' | ' |
Total capital to risk weighted assets, actual amount | 92,038 | 89,425 |
Total capital to risk weighted assets, actual ratio | 13.98% | 13.32% |
Total capital to risk weighted assets, minimum capital requirements amount | 52,685 | 53,725 |
Total capital to risk weighted assets, minimum capital requirements ratio | 8.00% | 8.00% |
Total capital to risk weighted assets, minimum to be well capitalized under prompt corrective action provision amount | 65,856 | 67,156 |
Total capital to risk weighted assets, minimum to be well capitalized under prompt corrective action provision ratio | 10.00% | 10.00% |
Tier 1 capital to risk weighted assets, actual amount | 83,728 | 81,115 |
Tier 1 capital to risk weighted assets, actual ratio | 12.71% | 12.08% |
Tier 1 capital to risk weighted assets, minimum capital requirements amount | 26,342 | 26,862 |
Tier one risk-based capital, minimum capital requirements ratio | 4.00% | 4.00% |
Tier 1 capital to risk weighted assets, minimum to be well capitalized under prompt corrective action provision amount | 39,514 | 40,294 |
Tier 1 capital to risk weighted assets, minimum to be well capitalized under prompt corrective action provision ratio | 6.00% | 6.00% |
Tier 1 capital to average assets, actual amount | 83,728 | 81,115 |
Tier 1 capital to average assets, actual ratio | 8.43% | 7.76% |
Tier 1 capital to average assets, minimum capital requirements amount | 39,731 | 41,815 |
Tier one leverage capital, minimum capital requirements ratio | 4.00% | 4.00% |
Tier 1 capital to average assets, minimum to be well capitalized under prompt corrective action provision amount | $49,664 | $52,268 |
Tier 1 capital to average assets, minimum to be well capitalized under prompt corrective action provision ratio | 5.00% | 5.00% |
Dividend_Reinvestment_and_Stoc1
Dividend Reinvestment and Stock Purchase Plan - Additional Information (Detail) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Stock Repurchase Program and Dividend [Line Items] | ' |
Dividend Reinvestment and Stock Purchase Plan, maximum amount of optional cash payments per shareholder per calendar quarter | $20 |
Financial_Assets_Measured_at_F
Financial Assets Measured at Fair Value on Recurring Basis (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Assets and Liabilities At Fair Value On Recurring Basis [Line Items] | ' | ' |
Total securities available for sale | $234,935 | $276,913 |
Fair Value on Recurring Basis | ' | ' |
Assets and Liabilities At Fair Value On Recurring Basis [Line Items] | ' | ' |
Total securities available for sale | 234,935 | 276,913 |
Fair Value on Recurring Basis | Obligations of U.S. Government agencies | ' | ' |
Assets and Liabilities At Fair Value On Recurring Basis [Line Items] | ' | ' |
Total securities available for sale | 13,390 | 13,467 |
Fair Value on Recurring Basis | SBA Pool securities | ' | ' |
Assets and Liabilities At Fair Value On Recurring Basis [Line Items] | ' | ' |
Total securities available for sale | 86,035 | 82,751 |
Fair Value on Recurring Basis | Agency mortgage-backed securities | ' | ' |
Assets and Liabilities At Fair Value On Recurring Basis [Line Items] | ' | ' |
Total securities available for sale | 35,254 | 31,714 |
Fair Value on Recurring Basis | Agency CMO securities | ' | ' |
Assets and Liabilities At Fair Value On Recurring Basis [Line Items] | ' | ' |
Total securities available for sale | 41,378 | 61,936 |
Fair Value on Recurring Basis | Non agency CMO securities | ' | ' |
Assets and Liabilities At Fair Value On Recurring Basis [Line Items] | ' | ' |
Total securities available for sale | 1,306 | 2,199 |
Fair Value on Recurring Basis | State and political subdivisions | ' | ' |
Assets and Liabilities At Fair Value On Recurring Basis [Line Items] | ' | ' |
Total securities available for sale | 56,342 | 83,217 |
Fair Value on Recurring Basis | Pooled trust preferred securities | ' | ' |
Assets and Liabilities At Fair Value On Recurring Basis [Line Items] | ' | ' |
Total securities available for sale | 749 | 759 |
Fair Value on Recurring Basis | FNMA and FHLMC preferred stock | ' | ' |
Assets and Liabilities At Fair Value On Recurring Basis [Line Items] | ' | ' |
Total securities available for sale | 481 | 276 |
Fair Value on Recurring Basis | Corporate securities | ' | ' |
Assets and Liabilities At Fair Value On Recurring Basis [Line Items] | ' | ' |
Total securities available for sale | ' | 594 |
Significant Other Observable Inputs (Level 2) | Fair Value on Recurring Basis | ' | ' |
Assets and Liabilities At Fair Value On Recurring Basis [Line Items] | ' | ' |
Total securities available for sale | 234,935 | 276,913 |
Significant Other Observable Inputs (Level 2) | Fair Value on Recurring Basis | Obligations of U.S. Government agencies | ' | ' |
Assets and Liabilities At Fair Value On Recurring Basis [Line Items] | ' | ' |
Total securities available for sale | 13,390 | 13,467 |
Significant Other Observable Inputs (Level 2) | Fair Value on Recurring Basis | SBA Pool securities | ' | ' |
Assets and Liabilities At Fair Value On Recurring Basis [Line Items] | ' | ' |
Total securities available for sale | 86,035 | 82,751 |
Significant Other Observable Inputs (Level 2) | Fair Value on Recurring Basis | Agency mortgage-backed securities | ' | ' |
Assets and Liabilities At Fair Value On Recurring Basis [Line Items] | ' | ' |
Total securities available for sale | 35,254 | 31,714 |
Significant Other Observable Inputs (Level 2) | Fair Value on Recurring Basis | Agency CMO securities | ' | ' |
Assets and Liabilities At Fair Value On Recurring Basis [Line Items] | ' | ' |
Total securities available for sale | 41,378 | 61,936 |
Significant Other Observable Inputs (Level 2) | Fair Value on Recurring Basis | Non agency CMO securities | ' | ' |
Assets and Liabilities At Fair Value On Recurring Basis [Line Items] | ' | ' |
Total securities available for sale | 1,306 | 2,199 |
Significant Other Observable Inputs (Level 2) | Fair Value on Recurring Basis | State and political subdivisions | ' | ' |
Assets and Liabilities At Fair Value On Recurring Basis [Line Items] | ' | ' |
Total securities available for sale | 56,342 | 83,217 |
Significant Other Observable Inputs (Level 2) | Fair Value on Recurring Basis | Pooled trust preferred securities | ' | ' |
Assets and Liabilities At Fair Value On Recurring Basis [Line Items] | ' | ' |
Total securities available for sale | 749 | 759 |
Significant Other Observable Inputs (Level 2) | Fair Value on Recurring Basis | FNMA and FHLMC preferred stock | ' | ' |
Assets and Liabilities At Fair Value On Recurring Basis [Line Items] | ' | ' |
Total securities available for sale | 481 | 276 |
Significant Other Observable Inputs (Level 2) | Fair Value on Recurring Basis | Corporate securities | ' | ' |
Assets and Liabilities At Fair Value On Recurring Basis [Line Items] | ' | ' |
Total securities available for sale | ' | $594 |
Assets_Measured_at_Fair_Value_
Assets Measured at Fair Value on Non-Recurring Basis (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Fair Value on Non-Recurring Basis | Impaired Loans | ' | ' |
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | ' | ' |
Assets measured at fair value on a non-recurring basis | $16,086 | $18,569 |
Fair Value on Non-Recurring Basis | Other Real Estate Owned | ' | ' |
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | ' | ' |
Assets measured at fair value on a non-recurring basis | 800 | 4,747 |
Significant Unobservable Inputs (Level 3) | Impaired Loans | ' | ' |
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | ' | ' |
Assets measured at fair value on a non-recurring basis | 16,086 | 18,569 |
Significant Unobservable Inputs (Level 3) | Other Real Estate Owned | ' | ' |
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | ' | ' |
Assets measured at fair value on a non-recurring basis | 800 | 4,747 |
Significant Unobservable Inputs (Level 3) | Fair Value on Non-Recurring Basis | Impaired Loans | ' | ' |
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | ' | ' |
Assets measured at fair value on a non-recurring basis | 16,086 | 18,569 |
Significant Unobservable Inputs (Level 3) | Fair Value on Non-Recurring Basis | Other Real Estate Owned | ' | ' |
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | ' | ' |
Assets measured at fair value on a non-recurring basis | $800 | $4,747 |
Quantitative_Information_About
Quantitative Information About Level Three Fair Value Measurements (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Significant Unobservable Inputs (Level 3) | Impaired Loans | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Asset measured at fair value | $16,086 | $18,569 |
Significant Unobservable Inputs (Level 3) | Other Real Estate Owned | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Asset measured at fair value | $800 | $4,747 |
Discounted Appraised Value | Other Real Estate Owned | Selling Cost | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Range | 10.00% | ' |
Minimum | Discounted Appraised Value | Impaired Loans | Selling Cost | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Range | 0.00% | 7.00% |
Minimum | Discounted Appraised Value | Impaired Loans | Discount for Lack of Marketability and Age of Appraisal | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Range | 0.00% | 0.00% |
Minimum | Discounted Appraised Value | Other Real Estate Owned | Selling Cost | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Range | ' | 10.00% |
Minimum | Discounted Appraised Value | Other Real Estate Owned | Discount for Lack of Marketability and Age of Appraisal | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Range | 0.00% | 0.00% |
Maximum | Discounted Appraised Value | Impaired Loans | Selling Cost | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Range | 32.00% | 32.00% |
Maximum | Discounted Appraised Value | Impaired Loans | Discount for Lack of Marketability and Age of Appraisal | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Range | 20.00% | 50.00% |
Maximum | Discounted Appraised Value | Other Real Estate Owned | Selling Cost | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Range | ' | 15.00% |
Maximum | Discounted Appraised Value | Other Real Estate Owned | Discount for Lack of Marketability and Age of Appraisal | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Range | 28.00% | 56.00% |
Average | Discounted Appraised Value | Impaired Loans | Selling Cost | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Range | 12.00% | 12.00% |
Average | Discounted Appraised Value | Impaired Loans | Discount for Lack of Marketability and Age of Appraisal | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Range | 6.00% | 15.00% |
Average | Discounted Appraised Value | Other Real Estate Owned | Selling Cost | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Range | 10.00% | 10.00% |
Average | Discounted Appraised Value | Other Real Estate Owned | Discount for Lack of Marketability and Age of Appraisal | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Range | 13.00% | 6.00% |
Estimated_Fair_Value_and_Carry
Estimated Fair Value and Carrying Value (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Interest bearing deposits with banks | $5,402 | $29,837 |
Securities held to maturity, at carrying value (fair value of $34,521 and $0, respectively) | 35,495 | 0 |
Restricted securities | 5,549 | 9,251 |
Bank owned life insurance | 21,158 | 10,678 |
Interest-bearing deposits | 707,601 | 721,656 |
Assets | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Cash and short-term investments | 13,944 | 16,762 |
Interest bearing deposits with banks | 5,402 | 29,837 |
Securities available for sale | 234,935 | 276,913 |
Securities held to maturity, at carrying value (fair value of $34,521 and $0, respectively) | 34,521 | ' |
Restricted securities | 5,549 | 9,251 |
Loans, net | 653,125 | 659,818 |
Bank owned life insurance | 21,158 | 10,678 |
Accrued interest receivable | 3,893 | 4,223 |
Asset measured at fair value | 972,527 | 1,007,482 |
Assets | Carrying Amount | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Cash and short-term investments | 13,944 | 16,762 |
Interest bearing deposits with banks | 5,402 | 29,837 |
Securities available for sale | 234,935 | 276,913 |
Securities held to maturity, at carrying value (fair value of $34,521 and $0, respectively) | 35,495 | ' |
Restricted securities | 5,549 | 9,251 |
Loans, net | 642,430 | 664,330 |
Bank owned life insurance | 21,158 | 10,678 |
Accrued interest receivable | 3,893 | 4,223 |
Asset measured at fair value | 962,806 | 1,011,994 |
Liability | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Noninterest-bearing demand deposits | 126,861 | 116,717 |
Interest-bearing deposits | 614,747 | 717,035 |
Short-term borrowings | 44,949 | 2,942 |
Long-term borrowings | ' | 126,739 |
Trust preferred debt | 10,310 | 10,310 |
Accrued interest payable | 1,324 | 1,673 |
Liabilities measured at fair value | 798,191 | 975,416 |
Liability | Carrying Amount | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Noninterest-bearing demand deposits | 126,861 | 116,717 |
Interest-bearing deposits | 707,601 | 721,656 |
Short-term borrowings | 44,949 | 2,942 |
Long-term borrowings | ' | 117,500 |
Trust preferred debt | 10,310 | 10,310 |
Accrued interest payable | 1,324 | 1,673 |
Liabilities measured at fair value | 891,045 | 970,798 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Assets | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Cash and short-term investments | 13,944 | 16,762 |
Interest bearing deposits with banks | 5,402 | 29,837 |
Asset measured at fair value | 19,346 | 46,599 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Liability | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Noninterest-bearing demand deposits | 126,861 | 116,717 |
Short-term borrowings | 44,949 | 2,942 |
Liabilities measured at fair value | 171,810 | 119,659 |
Significant Other Observable Inputs (Level 2) | Assets | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Securities available for sale | 234,935 | 276,913 |
Securities held to maturity, at carrying value (fair value of $34,521 and $0, respectively) | 34,521 | ' |
Restricted securities | 5,549 | 9,251 |
Bank owned life insurance | 21,158 | 10,678 |
Accrued interest receivable | 3,893 | 4,223 |
Asset measured at fair value | 300,056 | 301,065 |
Significant Other Observable Inputs (Level 2) | Liability | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Interest-bearing deposits | 614,747 | 717,035 |
Long-term borrowings | ' | 126,739 |
Trust preferred debt | 10,310 | 10,310 |
Accrued interest payable | 1,324 | 1,673 |
Liabilities measured at fair value | 626,381 | 855,757 |
Significant Unobservable Inputs (Level 3) | Assets | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Loans, net | 653,125 | 659,818 |
Asset measured at fair value | $653,125 | $659,818 |
Loan_Commitments_and_Standby_L
Loan Commitments and Standby Letters of Credit (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Financial Instruments [Line Items] | ' | ' |
Loan commitments | $102,703 | $98,922 |
Standby letters of credit | $7,114 | $6,851 |
Financial_Instruments_with_Off2
Financial Instruments with Off-Balance Sheet Risk - Additional Information (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Unusual Risk or Uncertainty [Line Items] | ' | ' |
Total credit guarantees | $964 | $731 |
Outstanding credit guarantees | $385 | $327 |
Preferred_Stock_and_Warrant_Ad
Preferred Stock and Warrant - Additional Information (Detail) (USD $) | 1 Months Ended | ||
Jan. 09, 2009 | Dec. 31, 2013 | Dec. 31, 2012 | |
Preferred Securities And Warrants [Line Items] | ' | ' | ' |
Preferred stock, shares issued | 24,000 | ' | ' |
Preferred stock value | $24,000,000 | ' | ' |
Cumulative dividend payment condition | 'The Series A Preferred Stock pays a cumulative dividend at a rate of 5% for the first five years, and if not redeemed, pays a rate of 9% starting at the beginning of the sixth year. | ' | ' |
Warrant to purchase up to shares | 373,832 | ' | ' |
Initial exercise price of warrants | $9.63 | ' | ' |
Investment warrants expiration years | '10 years | ' | ' |
Preferred stock issuance discount rate | 12.00% | ' | ' |
Fair value of warrant | 950,000 | ' | ' |
Average volatility used to calculate fair value of warrants | '7 years | ' | ' |
Years of treasure strip rate used calculate fair value of warrants | '7 years | ' | ' |
Exercisable period for warrants | '10 years | ' | ' |
NPV of preferred stock, Fair Value | 24,000,000 | ' | ' |
Present value of preferred stock constant effective yield rate | 6.40% | ' | ' |
Accumulated dividend on preferred stock | ' | 3,600,000 | ' |
Preferred Stock Par Or Stated Value Per Share | ' | $2 | $2 |
Preferred Stock Shares Outstanding | 5,240,192 | ' | ' |
Series A Preferred Stock [Member] | ' | ' | ' |
Preferred Securities And Warrants [Line Items] | ' | ' | ' |
Preferred stock, shares issued | ' | 24,000 | ' |
Preferred stock issuance discount rate | 12.00% | ' | ' |
Preferred Stock Par Or Stated Value Per Share | $1,000 | ' | ' |
Series B Preferred Stock [Member] | ' | ' | ' |
Preferred Securities And Warrants [Line Items] | ' | ' | ' |
Preferred Stock, Liquidation Preference, Value | ' | $23,800,000 | ' |
Preferred Stock, Liquidation Preference Per Share | ' | $4.55 | ' |
The first five years | ' | ' | ' |
Preferred Securities And Warrants [Line Items] | ' | ' | ' |
Percentage of cumulative dividend rate | 5.00% | ' | ' |
Starting at the beginning of the sixth year | ' | ' | ' |
Preferred Securities And Warrants [Line Items] | ' | ' | ' |
Percentage of cumulative dividend rate | 9.00% | ' | ' |
Allocation_of_Preferred_Stock_
Allocation of Preferred Stock Discount and Warrant (Detail) (USD $) | 1 Months Ended |
In Thousands, except Share data, unless otherwise specified | Jan. 09, 2009 |
Warrant Value | ' |
Price | $9.63 |
Warrant - shares | 373,832 |
Value per warrant | $2.54 |
Fair value of warrant | $950 |
Net_Present_Value_of_Preferred
Net Present Value of Preferred Stock (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Jan. 09, 2009 |
In Thousands, unless otherwise specified | |||
Preferred Securities And Warrants [Line Items] | ' | ' | ' |
NPV of preferred stock, Fair Value | ' | ' | $24,000 |
Fair value of warrant | ' | ' | 950 |
NPV of preferred stock, fair value | ' | ' | 15,396 |
Fair value of warrant, relative value percent | ' | ' | 6.20% |
Net present value of preferred stock, relative value percentage | ' | ' | 100.00% |
Fair value of warrant, relative Value | ' | ' | 1,481 |
Preferred stock | ' | ' | 24,000 |
Series A [Member] | ' | ' | ' |
Preferred Securities And Warrants [Line Items] | ' | ' | ' |
NPV of preferred stock, Fair Value | ' | ' | 14,446 |
NPV of preferred stock, discount rate, relative value percent | ' | ' | 93.80% |
NPV of preferred stock, discount rate, relative Value | ' | ' | 22,519 |
Preferred stock | $24,000 | $24,000 | ' |
Related_Party_Leases_Additiona
Related Party Leases - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Operating Leased Assets [Line Items] | ' | ' | ' |
Future minimum lease payments required over the remaining term of this non-cancelable operating lease, total | $1,007 | ' | ' |
Lease Expiration Date | 31-May-23 | ' | ' |
Total lease expense | 8 | 8 | 8 |
One branch located in Hartfield, Virginia | ' | ' | ' |
Operating Leased Assets [Line Items] | ' | ' | ' |
Future minimum lease payments required over the remaining term of this non-cancelable operating lease, total | $73 | ' | ' |
Additional extended lease period | '10 years | ' | ' |
Lease_Commitments_Additional_I
Lease Commitments - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Lease Commitments And Contingencies [Line Items] | ' | ' | ' |
Rent expense | $337 | $397 | $413 |
Retail branches | ' | ' | ' |
Lease Commitments And Contingencies [Line Items] | ' | ' | ' |
Number of long term leases | 'Four | ' | ' |
Leased land | ' | ' | ' |
Lease Commitments And Contingencies [Line Items] | ' | ' | ' |
Number of long term leases | 'one | ' | ' |
Future_Minimum_Lease_Payments_
Future Minimum Lease Payments Required under Long-Term Non-Cancelable Lease Agreements (Detail) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Operating Leased Assets [Line Items] | ' |
2014 | $282 |
2015 | 224 |
2016 | 182 |
2017 | 140 |
2018 | 129 |
Thereafter | 50 |
Future minimum lease payments required over the remaining term of this non-cancelable operating lease, total | $1,007 |
Common_Stock_Repurchases_Addit
Common Stock Repurchases - Additional Information (Detail) | Jan. 31, 2003 | Jan. 31, 2001 |
Equity, Class of Treasury Stock [Line Items] | ' | ' |
Maximum number of shares authorized to repurchase under stock repurchase program | ' | 300,000 |
Percentage of outstanding common stock authorized to repurchase | 5.00% | ' |
Condensed_Balance_Sheets_Detai
Condensed Balance Sheets (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
In Thousands, unless otherwise specified | ||||
Assets | ' | ' | ' | ' |
Deferred income taxes, net | $18,937 | $10,687 | ' | ' |
Other assets | 7,115 | 10,499 | ' | ' |
Total assets | 1,027,074 | 1,075,553 | ' | ' |
Liabilities and Shareholders' Equity | ' | ' | ' | ' |
Trust preferred debt | 10,310 | 10,310 | ' | ' |
Other liabilities | 3,080 | 5,044 | ' | ' |
Total shareholders' equity | 132,949 | 99,711 | 95,123 | 91,418 |
Total liabilities and shareholders' equity | 1,027,074 | 1,075,553 | ' | ' |
Parent Company | ' | ' | ' | ' |
Assets | ' | ' | ' | ' |
Cash on deposit with subsidiary | 35,168 | 2,994 | ' | ' |
Investment in subsidiaries | 107,039 | 106,523 | ' | ' |
Deferred income taxes, net | 232 | 755 | ' | ' |
Prepaid benefit cost | 520 | 0 | ' | ' |
Other assets | 1,393 | 1,587 | ' | ' |
Total assets | 144,352 | 111,859 | ' | ' |
Liabilities and Shareholders' Equity | ' | ' | ' | ' |
Trust preferred debt | 10,310 | 10,310 | ' | ' |
Accrued benefit cost | 0 | 1,019 | ' | ' |
Other liabilities | 1,093 | 819 | ' | ' |
Total shareholders' equity | 132,949 | 99,711 | ' | ' |
Total liabilities and shareholders' equity | $144,352 | $111,859 | ' | ' |
Condensed_Statements_of_Operat
Condensed Statements of Operations (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income: | ' | ' | ' |
Total income | $42,024 | $45,071 | $49,538 |
Expenses: | ' | ' | ' |
Interest on trust preferred debt | 352 | 361 | 332 |
Professional fees | 1,051 | 754 | 954 |
Income tax benefit | 2,392 | -945 | 211 |
Net income (loss) | -2,632 | 3,452 | 1,777 |
Parent Company | ' | ' | ' |
Income: | ' | ' | ' |
Interest on deposit with subsidiary | 123 | 19 | 32 |
Interest on subordinated debt | 0 | 0 | 321 |
Total income | 123 | 19 | 353 |
Expenses: | ' | ' | ' |
Interest on trust preferred debt | 352 | 361 | 332 |
Professional fees | 275 | 295 | 344 |
Other | 204 | 169 | 162 |
Total expenses | 831 | 825 | 838 |
Loss before income tax benefit and equity in undistributed net income (loss) of subsidiary | -708 | -806 | -485 |
Income tax benefit | -241 | -274 | -165 |
Loss before equity in undistributed net income (loss) of subsidiary | -467 | -532 | -320 |
Equity in undistributed net income (loss) of subsidiary | -2,165 | 3,984 | 2,097 |
Net income (loss) | ($2,632) | $3,452 | $1,777 |
Condensed_Statements_of_Cash_F
Condensed Statements of Cash Flows (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Operating activities: | ' | ' | ' |
Net income (loss) | ($2,632) | $3,452 | $1,777 |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ' | ' | ' |
Stock based compensation | 32 | 53 | 110 |
Net change in: | ' | ' | ' |
Other assets | 2,783 | 846 | 3,018 |
Other liabilities | -425 | 1,280 | -1,317 |
Net cash provided by (used in) operating activities | 4,068 | 17,018 | 16,085 |
Investing activities: | ' | ' | ' |
Net cash used in investing activities | 2,941 | -2,406 | 47,204 |
Financing activities: | ' | ' | ' |
Net cash provided by financing activities | -34,262 | 7,421 | -61,554 |
Net increase (decrease) in cash on deposit with subsidiary | -27,253 | 22,033 | 1,735 |
Cash and cash equivalents, January 1 | 46,599 | 24,566 | 22,831 |
Cash and cash equivalents, December 31 | 19,346 | 46,599 | 24,566 |
Parent Company | ' | ' | ' |
Operating activities: | ' | ' | ' |
Net income (loss) | -2,632 | 3,452 | 1,777 |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ' | ' | ' |
Equity in undistributed net (income) loss of subsidiary | 2,165 | -3,984 | -2,097 |
Stock based compensation | 32 | 53 | 110 |
Net change in: | ' | ' | ' |
Other assets | 194 | -844 | -320 |
Other liabilities | 273 | 358 | 282 |
Net cash provided by (used in) operating activities | 32 | -965 | -248 |
Investing activities: | ' | ' | ' |
Subordinated debt to subsidiary | 0 | 0 | 11,000 |
Increase in investment in subsidiary | -13,000 | 0 | -11,000 |
Net cash used in investing activities | -13,000 | 0 | 0 |
Financing activities: | ' | ' | ' |
Issuance of common stock under dividend reinvestment and employee stock plans | 0 | 37 | 80 |
Director stock grant | 32 | 23 | 22 |
Net proceeds from issuance of common stock in private placements and rights offering | 23,550 | 0 | 0 |
Net proceeds from issuance of preferred stock in private placements | 21,560 | 0 | 0 |
Net cash provided by financing activities | 45,142 | 60 | 102 |
Net increase (decrease) in cash on deposit with subsidiary | 32,174 | -905 | -146 |
Cash and cash equivalents, January 1 | 2,994 | 3,899 | 4,045 |
Cash and cash equivalents, December 31 | $35,168 | $2,994 | $3,899 |
Capital_Raise_Additional_Infor
Capital Raise - Additional Information (Detail) (USD $) | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | |||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 12, 2013 | Jun. 12, 2013 | Dec. 31, 2013 | Jun. 12, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Jun. 12, 2013 |
Private Placement [Member] | Series B Preferred Stock [Member] | Series B Preferred Stock [Member] | Series B Preferred Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | |||
Private Placement [Member] | Rights [Member] | Private Placement [Member] | |||||||
Capital Raise [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Issuance or Sale of Equity, Total | $50 | ' | $45 | ' | ' | ' | ' | $5 | ' |
Stock Issued During Period, Shares, New Issues | ' | ' | ' | 5,240,192 | 5,200,000 | 5,200,000 | 5,700,000 | 1,100,000 | 4,600,000 |
Stock Issue Price Per Share | $4.55 | ' | $4.55 | ' | ' | ' | ' | ' | ' |
Common Stock Shares Outstanding | 11,862,367 | 6,069,551 | ' | ' | ' | ' | ' | ' | ' |