Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Mar. 10, 2016 | Jun. 30, 2015 | |
Document And Entity Information [Abstract] | |||
Entity Registrant Name | EASTERN VIRGINIA BANKSHARES INC | ||
Entity Central Index Key | 1,047,170 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Accelerated Filer | ||
Trading Symbol | evbs | ||
Entity Common Stock, Shares Outstanding | 13,029,550 | ||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2015 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2,015 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 78,700,000 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | |
Assets: | |||
Cash and due from banks | $ 13,451 | $ 14,024 | |
Interest bearing deposits with banks | 18,304 | 5,272 | |
Federal funds sold | 200 | 334 | |
Securities available for sale, at fair value | 230,943 | 214,011 | |
Securities held to maturity, at carrying value (fair value of $30,575 and $33,367, respectively) | 29,698 | 32,163 | |
Restricted securities, at cost | 8,959 | 7,533 | |
Loans, net of allowance for loan losses of $11,327 and $13,021, respectively | 869,451 | 807,548 | |
Deferred income taxes, net | 15,060 | 17,529 | |
Bank premises and equipment, net | 27,836 | 27,433 | |
Accrued interest receivable | 4,059 | 4,013 | |
Other real estate owned, net of valuation allowance of $2 and $76, respectively | 520 | 1,838 | |
Goodwill | 17,085 | 17,085 | |
Bank owned life insurance | 25,099 | 24,463 | |
Other assets | 9,719 | 8,726 | |
Total assets | 1,270,384 | 1,181,972 | |
Liabilities | |||
Noninterest-bearing demand accounts | 174,071 | 162,328 | |
Interest-bearing deposits | 814,648 | 776,926 | |
Total deposits | 988,719 | 939,254 | |
Federal funds purchased and repurchase agreements | 5,015 | 14,885 | |
Short-term borrowings | 114,413 | 76,818 | |
Junior subordinated debt | 10,310 | 10,310 | |
Senior subordinated debt | [1] | 19,022 | |
Accrued interest payable | 590 | 316 | |
Other liabilities | 6,040 | 6,115 | |
Total liabilities | 1,144,109 | 1,047,698 | |
Shareholders' Equity | |||
Common stock, $2 par value per share, authorized 50,000,000 shares, issued and outstanding 13,029,550 and 12,978,934 including 121,271 and 104,142 nonvested shares in 2015 and 2014, respectively | 25,817 | 25,750 | |
Surplus | 48,923 | 47,339 | |
Retained earnings | 44,941 | 39,290 | |
Warrant | 1,481 | ||
Accumulated other comprehensive (loss), net | (3,886) | (4,066) | |
Total shareholders' equity | 126,275 | 134,274 | |
Total liabilities and shareholders' equity | 1,270,384 | 1,181,972 | |
Series A Preferred Stock [Member] | |||
Shareholders' Equity | |||
Preferred stock value | 14,000 | ||
Series B Non-Voting Preferred Stock [Member] | |||
Shareholders' Equity | |||
Preferred stock value | $ 10,480 | $ 10,480 | |
[1] | Net of unamortized debt issuance costs of $978. |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Securities held to maturity, Fair Value | $ 30,575 | $ 33,367 |
Loans, allowance for loan losses | 11,327 | 13,021 |
Other real estate owned, valuation allowance | $ 2 | $ 76 |
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 | 13,029,550 | 12,978,934 |
Common stock, shares outstanding | 13,029,550 | 12,978,934 |
Nonvested shares | 121,271 | 104,142 |
Series A Preferred Stock [Member] | ||
Preferred stock, liquidation preference per share | $ 1,000 | $ 1,000 |
Preferred stock, shares issued | 0 | 14,000 |
Preferred stock, shares outstanding | 0 | 14,000 |
Series B Non-Voting Preferred Stock [Member] | ||
Preferred stock, shares issued | 5,240,192 | 5,240,192 |
Preferred stock, shares outstanding | 5,240,192 | 5,240,192 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Interest and Dividend Income | |||
Interest and fees on loans | $ 41,672 | $ 35,555 | $ 35,487 |
Interest on investments: | |||
Taxable interest income | 4,934 | 5,171 | 5,443 |
Tax exempt interest income | 913 | 787 | 666 |
Dividends | 427 | 387 | 323 |
Interest on deposits with banks | 18 | 18 | 105 |
Total interest and dividend income | 47,964 | 41,918 | 42,024 |
Interest Expense | |||
Deposits | 4,057 | 3,910 | 4,676 |
Federal funds purchased and repurchase agreements | 46 | 28 | 21 |
Short-term borrowings | 194 | 151 | 38 |
Long-term borrowings | 2,958 | ||
Junior subordinated debt | 329 | 339 | 352 |
Senior subordinated debt | 963 | ||
Total interest expense | 5,589 | 4,428 | 8,045 |
Net interest income | 42,375 | 37,490 | 33,979 |
Provision for Loan Losses | 250 | 1,850 | |
Net interest income after provision for loan losses | 42,375 | 37,240 | 32,129 |
Noninterest Income | |||
Service charges and fees on deposit accounts | 2,845 | 3,257 | 3,286 |
Debit/credit card fees | 1,728 | 1,416 | 1,469 |
Gain on sale of available for sale securities, net | 224 | 538 | 1,507 |
Gain on sale of held to maturity securities, net | 10 | ||
(Loss) gain on sale of bank premises and equipment | (58) | 6 | 249 |
Earnings on life insurance policies | 636 | 562 | 480 |
Other operating income | 1,068 | 896 | 757 |
Total noninterest income | 6,453 | 6,675 | 7,748 |
Noninterest Expenses | |||
Salaries and employee benefits | 21,649 | 18,982 | 17,156 |
Occupancy and equipment expenses | 5,762 | 5,109 | 5,226 |
Telephone | 933 | 992 | 1,142 |
FDIC expense | 821 | 921 | 1,765 |
Consultant fees | 1,143 | 1,395 | 1,051 |
Collection, repossession and other real estate owned | 519 | 323 | 540 |
Marketing and advertising | 1,359 | 1,005 | 787 |
Loss on sale of other real estate owned | 25 | 78 | 775 |
Impairment losses on other real estate owned | 5 | 24 | 585 |
Loss on extinguishment of debt | 11,453 | ||
Merger and merger related expenses | 224 | 1,831 | |
Other operating expenses | 6,600 | 5,144 | 4,421 |
Total noninterest expenses | 39,040 | 35,804 | 44,901 |
Income (loss) before income taxes | 9,788 | 8,111 | (5,024) |
Income Tax Expense (Benefit) | 2,494 | 2,447 | (2,392) |
Net Income (Loss) | 7,294 | 5,664 | (2,632) |
Effective dividend on Series A Preferred Stock | 386 | 1,948 | 1,504 |
Net income (loss) available to common shareholders | $ 6,908 | $ 3,716 | $ (4,136) |
Net income (loss) per common share: basic and diluted | $ 0.38 | $ 0.22 | $ (0.45) |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Statement Of Income And Comprehensive Income [Abstract] | |||
Net income (loss) | $ 7,294 | $ 5,664 | $ (2,632) |
Other comprehensive income (loss), net of tax: | |||
Unrealized securities gains (losses) arising during period (net of tax, ($53), $3,418, and ($4,473), respectively) | (102) | 6,635 | (8,685) |
Unrealized losses on securities transferred from available for sale to held to maturity (net of tax, $0, $0, and ($338), respectively) | (656) | ||
Amortization of unrealized losses on securities transferred from available for sale to held to maturity (net of tax, $63, $84, and $8, respectively) | 122 | 162 | 16 |
Less: reclassification adjustment for securities gains included in net income (loss) (net of tax, ($76), ($183), and ($512), respectively) | (148) | (355) | (995) |
Change in unfunded pension liability (net of tax, $158, ($845), and $523, respectively) | 308 | (1,640) | 1,016 |
Other comprehensive income (loss) | 180 | 4,802 | (9,304) |
Comprehensive income (loss) | $ 7,474 | $ 10,466 | $ (11,936) |
Consolidated Statements of Com6
Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Statement Of Income And Comprehensive Income [Abstract] | |||
Unrealized securities gains arising during period, tax | $ (53) | $ 3,418 | $ (4,473) |
Unrealized losses on securities transferred from available for sale to held to maturity, tax | 0 | 0 | (338) |
Amortization of unrealized losses on securities transferred from available for sale to held to maturity, tax | 63 | 84 | 8 |
Reclassification adjustment for securities gains included in net income (loss), tax | (76) | (183) | (512) |
Change in unfunded pension liability, tax | $ 158 | $ (845) | $ 523 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands | Series A Preferred Stock [Member]Preferred Stock [Member] | [1] | Series A Preferred Stock [Member]Retained Earnings [Member] | Series A Preferred Stock [Member] | Series B Non-Voting Preferred Stock [Member]Preferred Stock [Member] | Series B Non-Voting Preferred Stock [Member]Retained Earnings [Member] | Series B Non-Voting Preferred Stock [Member] | Common Stock [Member] | Surplus [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive (Loss) Income [Member] | Total |
Balance at Dec. 31, 2012 | $ 25,177 | $ 12,060 | $ 19,521 | $ 42,517 | $ 436 | $ 99,711 | ||||||
Net income (loss) | (2,632) | (2,632) | ||||||||||
Other comprehensive income (loss) | (9,304) | (9,304) | ||||||||||
Preferred stock discount | 304 | (304) | ||||||||||
Stock based compensation | 32 | 32 | ||||||||||
Director stock grant | 12 | 20 | 32 | |||||||||
Restricted common stock vested | 8 | (8) | ||||||||||
Issuance of common stock in private placements and rights offering | 11,498 | 12,052 | 23,550 | |||||||||
Issuance of preferred stock in private placements | $ 10,480 | 11,080 | 21,560 | |||||||||
Balance at Dec. 31, 2013 | 25,481 | 10,480 | 23,578 | 42,697 | 39,581 | (8,868) | 132,949 | |||||
Net income (loss) | 5,664 | 5,664 | ||||||||||
Other comprehensive income (loss) | 4,802 | 4,802 | ||||||||||
Cash dividends - preferred stock | $ (5,955) | $ (5,955) | ||||||||||
Repurchase of stock | (10,000) | (10,000) | ||||||||||
Stock based compensation | 100 | 100 | ||||||||||
Director stock grant | 12 | 26 | 38 | |||||||||
Restricted common stock vested | 30 | (30) | ||||||||||
Issuance of common stock in connection with Virginia Company Bank acquisition | 2,130 | 4,546 | 6,676 | |||||||||
Balance at Dec. 31, 2014 | 15,481 | 10,480 | 25,750 | 47,339 | 39,290 | (4,066) | 134,274 | |||||
Net income (loss) | 7,294 | 7,294 | ||||||||||
Other comprehensive income (loss) | 180 | 180 | ||||||||||
Cash dividends - preferred stock | $ (547) | (547) | $ (315) | $ (315) | ||||||||
Cash dividends - commons stock | (781) | (781) | ||||||||||
Repurchase of stock | (14,000) | $ (14,000) | (1) | (1) | ||||||||
Repurchase of warrant | $ (1,481) | 1,366 | (115) | |||||||||
Stock based compensation | 248 | 248 | ||||||||||
Director stock grant | 12 | 26 | 38 | |||||||||
Restricted common stock vested | 56 | (56) | ||||||||||
Balance at Dec. 31, 2015 | $ 10,480 | $ 25,817 | $ 48,923 | $ 44,941 | $ (3,886) | $ 126,275 | ||||||
[1] | For the purposes of this table, Preferred Stock Series A includes the effect of the warrant (prior to its repurchase by the Company during the second quarter of 2015) issued in connection with the sale of the Series A Preferred Stock and the discount on such preferred stock. |
Consolidated Statements of Sha8
Consolidated Statements of Shareholders' Equity (Parenthetical) (Detail) | 12 Months Ended |
Dec. 31, 2015$ / shares | |
Statement Of Stockholders Equity [Abstract] | |
Common stock, dividends, per share, cash paid | $ 0.06 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Operating Activities: | |||
Net income (loss) | $ 7,294 | $ 5,664 | $ (2,632) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Provision for loan losses | 250 | 1,850 | |
Depreciation and amortization | 2,576 | 2,175 | 2,124 |
Stock based compensation | 248 | 100 | 32 |
Amortization of debt issuance costs | 64 | ||
Net accretion of certain acquisition related fair value adjustments | (479) | (197) | |
Net amortization of premiums and accretion of discounts on investment securities, net | 2,921 | 3,406 | 4,087 |
(Gain) realized on securities available for sale transactions, net | (224) | (538) | (1,507) |
(Gain) on sale of held to maturity securities, net | (10) | ||
Loss (gain) on sale of bank premises and equipment | 58 | (6) | (249) |
Loss on sale of other real estate owned | 25 | 78 | 775 |
Impairment losses on other real estate owned | 5 | 24 | 585 |
Loss on LLC investments | 368 | 116 | 121 |
Earnings on life insurance policies | (636) | (562) | (480) |
Net change in: | |||
Deferred taxes | 2,536 | (1,066) | (3,457) |
Accrued interest receivable | (46) | 222 | 330 |
Other assets | (1,611) | 3,002 | 3,263 |
Accrued interest payable | 274 | (1,037) | (349) |
Other liabilities | 233 | 177 | (425) |
Net cash provided by operating activities | 13,596 | 11,808 | 4,068 |
Investing Activities: | |||
Purchase of securities available for sale | (126,783) | (43,688) | (78,661) |
Purchase of securities held to maturity | (22) | (1,069) | |
Purchase of restricted securities | (9,356) | (11,683) | (3,572) |
Purchases of bank premises and equipment | (3,306) | (2,186) | (1,961) |
Purchases of loans | (21,600) | ||
Purchases of bank owned life insurance | (10,000) | ||
Improvements to other real estate owned | (1) | ||
Net change in loans | (41,431) | (65,258) | 18,129 |
Proceeds from: | |||
Maturities, calls, and paydowns of securities available for sale | 23,291 | 35,980 | 26,322 |
Maturities, calls, and paydowns of securities held to maturity | 1,581 | 2,965 | |
Sales of securities available for sale | 84,053 | 47,109 | 41,675 |
Sales of securities held to maturity | 531 | ||
Sale of restricted securities | 7,930 | 10,256 | 7,274 |
Sale of bank premises and equipment | 269 | 8 | 296 |
Sale of other real estate owned | 3,255 | 620 | 4,508 |
Acquisition of Virginia Company Bank | (6,688) | ||
Cash acquired in acquisition of Virginia Company Bank | 1,626 | ||
Net cash (used in) provided by investing activities | (81,589) | (30,939) | 2,941 |
Financing Activities, Net change in: | |||
Demand, interest-bearing demand and savings deposits | 57,603 | 5,928 | 32,416 |
Time deposits | (8,247) | (5,581) | (36,327) |
Federal funds purchased and repurchase agreements | (9,870) | 8,757 | 67 |
Short-term borrowings | 37,595 | 26,228 | 41,940 |
Long-term borrowings | (117,500) | ||
Senior subordinated debt | 20,000 | ||
Debt issuance costs | (1,042) | ||
Director stock grant | 38 | 38 | 32 |
Net proceeds from issuance of common stock in private placements and rights offering | 23,550 | ||
Net proceeds from issuance of preferred stock in private placements | 21,560 | ||
Repurchase of common stock | (1) | ||
Repurchase of warrant | (115) | ||
Dividends paid - common stock | (781) | ||
Net cash provided by (used in) financing activities | 80,318 | 19,415 | (34,262) |
Net increase (decrease) in cash and cash equivalents | 12,325 | 284 | (27,253) |
Cash and cash equivalents, January 1 | 19,630 | 19,346 | 46,599 |
Cash and cash equivalents, December 31 | 31,955 | 19,630 | 19,346 |
Supplemental disclosure: | |||
Interest paid | 5,315 | 5,436 | 8,394 |
Income taxes paid (received) | 105 | (1,507) | |
Supplemental disclosure of noncash investing and financing activities: | |||
Unrealized gains (losses) on securities available for sale | (155) | 10,053 | (14,665) |
Loans transferred to other real estate owned | (1,966) | (1,657) | (1,921) |
Minimum pension liability adjustment | 466 | (2,485) | 1,539 |
Transfers from available for sale securities to held to maturity | $ 34,547 | ||
Assets acquired, excluding cash and cash equivalents of $1,626 | 127,234 | ||
Liabilities assumed | 116,611 | ||
Series A Preferred Stock [Member] | |||
Financing Activities, Net change in: | |||
Repurchase of preferred stock | (14,000) | (10,000) | |
Dividends paid - preferred | (547) | $ (5,955) | |
Series B Non-Voting Preferred Stock [Member] | |||
Financing Activities, Net change in: | |||
Dividends paid - preferred | $ (315) |
Consolidated Statements of Ca10
Consolidated Statements of Cash Flows (Parenthetical) $ in Thousands | 12 Months Ended |
Dec. 31, 2014USD ($) | |
Statement Of Cash Flows [Abstract] | |
Cash acquired from acquisition | $ 1,626 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note 1. Summary of Significant Accounting Policies The accounting and reporting policies of Eastern Virginia Bankshares, Inc. (the “Company”) 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 Company, the Bank and its subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. In addition, the Company owns the Trust which is an unconsolidated subsidiary. The subordinated debt owed to the Trust is reported as a liability of the Company. 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 ope rations on December 29, 1997. The Company conduct s 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. Additionally, the Company acquired Virginia Company Bank (“ VCB ”) (see Note 2 – Business Combinations) on November 14, 2014 and merged VCB with and into the Bank, with the Bank surviving , thus adding three additional branches to the Bank located in Newport News, Williamsburg and Hampton, respectively. The Bank provides a full range of banking and related financial services to individuals and businesses through its network of retail branches. With twenty-four 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, Northumberland, Southampton, Surry, Sussex, and the c it ies of Colonial Heights , Hampton, Newport News, Richmond and Williamsburg . The Bank also operates a loan production office in Chesterfield County, Virginia, that the Bank opened during the second quarter of 2014. 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 Board”). The Bank owns EVB Financial Services, Inc., which in turn has a 100% ownership interest in EVB Investments, Inc. EVB Investments, Inc. is a full-service brokerage firm offering a comprehensive range of investm ent services. On May 15, 2014, the Bank acquired a 4.9% ownership interest in Southern Trust Mortgage, LLC. Pursuant to an independent contractor agreement with Southern Trust Mortgage, LLC, 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 three retail branches in the Company’s market area and access to office equipment at these locations during normal business hours. For its services, the Company receives fixed monthly compensation from Southern Trust Mortgage, LLC in the amount of $2 thousand, which is adjustable on a quarterly basis. The B ank had a 75% ownership interest in EVB Title, LLC, which primarily s old title insurance to the mortgage loan customers o f the Bank and EVB Mortgage, LLC . Effective January 2014 , the Bank ceased operations of EVB Title, LLC due to low volume and profitability. On October 1, 2014, the Bank acquired a 6.0% ownership interest in Bankers Title, LLC. Bankers Title, LLC is a multi-bank owned title agency providing a full range of title insurance settlement and related financial services. The Bank has a 2.87% ownership interest 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 subsid iaries are not significant to the Company as a whole and are not conside red 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 (or “OREO”), 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 201 5 presentation. These reclassification s 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, 201 5 and 2014 , respectively, 39.6% and 42.3% 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, 201 5 and 201 4 , the Company had $ 20.0 million and $24.8 million of loans to the hospitality industry (hotels, motels, inns, etc.). These amounts represent 5.4% and 7.7% of the Company’s total commercial real estate loans and 15.7% and 21.9% of the Bank’s total risk-based capital at December 31, 2015 and 2014, respectively. These concentrations of loans did not exceed 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 4 - Loans 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 indus try or to any one issuer. Note 3 – Investment Securities discusses the Company’s investment activities. At December 31, 2015 and 20 1 4 , the Company’s cash and due fro m banks included t hree 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 $7.3 million, respectively . Business Combination On November 14, 2014, the Company acquired VCB. The acquisition was accounted for using the acquisition method of accounting. Under this method, assets and liabilities of VCB were recorded at their respective fair values as of November 14, 2014. These fair values were preliminary and subject to refinement for up to one year after the closing date of the acquisition (the “Measurement Period”), or until November 14, 2015, as information relative to the closing date fair values became available. The Company’s financial position and results of operations as of and for the year s ended December 31, 201 5 and 2014 include assets acquired and liabilities assumed from VCB that remain on the Company’s balance sheet as of December 31, 201 5 and results of operations generated by these assets and liabilities from November 14, 2014 forward . No adjustments were made to the preliminary fair values during the Measurement Period . See Note 2 —Business Combinations for additional information regarding the acquisition of VCB. 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 reserve requirements of $1.4 million and $1.8 million with the Reserve Bank for December 31, 2015 and 2014, respectively. These reserve requirements were covered by internal holdings. Investment 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 investment securities until maturity. Management determines the appropriate classification of investment securities at the time of purchase, subject to any subsequent change in our intent and ability to hold the securities until maturity. 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 accumulated other comprehensive income (loss). 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 (loss). 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 loa ns 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 ha s 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 a nd recognized as an adjustment to the yield (interest income) of the related loan s . The Company is amortizing these amounts over the contractual life of the related loans. The Company occasionally purchases loans outside of a business combination. These loans are reviewed with the same scrutiny as originated loans and any discounts or premiums are amortized as a yield adjustment over the remaining life of the 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. A loan (including a troubled debt restructuring or “ TDR ” ) may be returned to accrual status if the borrower has demonstrated a sustained period of repayment performance (typically six months) in accordance with the contractual terms of the loan and there is reasonable assurance the borrower will continue to make payments as agreed. 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 outstandi ng 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 TDRs as noted below. The Company maintains a valuation allowance to the extent that the measure of the impaired loan is less than the recorded investment. A loan is accounted for as a TDR if the Company, for economic or legal reasons related to a deterioration in 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. At the time of a TDR, the loan is placed on non-accrual status. A loan may be returned to accrual status if the borrower has demonstrated a sustained period of repayment performance (typically six months) in accordance with the contractual terms of the loan and there is reasonable assurance the borrower will continue to make payments as agreed. As of December 31, 2015 and 2014, the Company had $16.8 million and $18.7 million of loans classified as TDRs. Loans Acquired in a Business Combination The Company accounts for loans acquired in a business combination, such as the Company’s acquisition of VCB, in accordance with the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 805, “ Business Combinations .” Accordingly, acquired loans are segregated between purchased credit-impaired (“PCI”) loans and purchased performing loans and are recorded at fair value on the date of acquisition without the carryover of the related allowance for loan losses. PCI loans are those for which there is evidence of credit deterioration since origination and for which it is probable at the date of acquisition that the Company will not collect all contractually required principal and interest payments. When determining fair market value, PCI loans were aggregated into pools of loans based on common characteristics as of the date of acquisition such as loan type, date of origination, and evidence of credit quality deterioration such as internal risk grades and past due and nonaccrual status. The Company estimates the amount and timing of expected cash flows for each loan or pool, and the expected cash flows in excess of amount paid is recorded as interest income over the remaining life of the loan or pool (accretable yield). The excess of the loan’s or pool’s contractual principal and interest over expected cash flows is not recorded (nonaccretable difference). Over the life of the loan or pool, expected cash flows continue to be estimated. If the present value of expected cash flows is less than the carrying amount, a loss is recorded as a provision for loan losses. If the present value of expected cash flows is greater than the carrying amount, it is recognized as part of future interest income. Loans not designated PCI loans as of the acquisition date are designated purchased performing loans. The Company accounts for purchased performing loans using the contractual cash flows method of recognizing discount accretion based on the acquired loans’ contractual cash flows. Purchased performing loans are recorded at fair value, including a credit discount. The fair value discount is accreted as an adjustment to yield over the estimated lives of the loans. There is no allowance for loan losses established at the acquisition date for purchased performing or PCI loans. A provision for loan losses is recorded for any deterioration in these loans subsequent to the acquisition. 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. 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 performed pursuant to either 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 resid ential, 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 , are greater than 90 days past due and accruing interest or considered impaired . 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 fair value of the property, less estimated disposal costs, if any. Cost includes loan principal and accrued interest. Any excess of cost over the fair value less costs to sell at the time of acquisition is ch |
Business Combinations
Business Combinations | 12 Months Ended |
Dec. 31, 2015 | |
Business Combinations [Abstract] | |
Business Combinations | Note 2. Business Combinations On November 14, 2014, the Company completed its acquisition of VCB. Pursuant to the Agreement and Plan of Reorganization dated May 29, 2014, VCB's common shareholders received for each share of VCB common stock they owned either (i) cash at a rate of $6.25 per share of VCB common stock, or approximately $2.4 million in the aggregate, or (ii) the Company’s common stock at a rate of 0.9259 shares of the Company’s common stock per share of VCB common stock, which totaled approximately $6.7 million based on the Company’s closing common stock price on November 14, 2014 of $6.27 per share. In addition, the Company purchased VCB’s Series A Preferred Stock for $4.3 million. VCB was established in 2005 and was headquartered in Newport News, Virginia. VCB operated three branches, one each in Newport News, Hampton and Williamsburg, Virginia. The Company accounted for the acquisition using the acquisition method of accounting in accordance with FASB ASC 805, “Business Combinations.” Under the acquisition method of accounting, the assets and liabilities of VCB were recorded at their respective acquisition date fair values. Determining the fair value of assets and liabilities, particularly related to the loan portfolio, is a complicated process involving significant judgment regarding methods and assumptions used to calculate the estimated fair values. The fair values were preliminary and subject to refinement during the Measurement Period as additional information relative to the acquisition date fair values became available. No adjustments were made to the preliminary fair values during the Measurement Period. The Company recognized goodwill of $1.1 million in connection with the acquisition, none of which is deductible for income tax purposes. The following table details the total consideration paid by the Company on November 14, 2014 in connection with the acquisition of VCB, the fair values of the assets acquired and liabilities assumed, and the resulting goodwill. As Recorded As Recorded Fair Value by the (dollars in thousands) by VCB Adjustments Company Consideration paid: Cash $ 6,688 EVBS common stock 6,676 Total consideration paid $ 13,364 Identifiable assets acquired: Cash and due from banks $ 1,377 $ - $ 1,377 Interest bearing deposits with banks 249 - 249 Securities available for sale, at fair value 11,277 - 11,277 Restricted securities, at cost 557 - 557 Loans 103,791 (2,322) 101,469 Deferred income taxes - 3,513 3,513 Bank premises and equipment 7,020 (1,044) 5,976 Accrued interest receivable 344 - 344 Other real estate owned 211 (108) 103 Core deposit intangible - 1,010 1,010 Bank owned life insurance 2,742 - 2,742 Other assets 243 - 243 Total identifiable assets acquired 127,811 1,049 128,860 Identifiable liabilities assumed: Noninterest-bearing demand accounts 18,797 - 18,797 Interest-bearing deposits 85,791 (149) 85,642 Federal funds purchased and repurchase agreements 3,119 - 3,119 Federal Home Loan Bank advances 8,650 - 8,650 Accrued interest payable 30 - 30 Other liabilities 373 - 373 Total identifiable liabilities assumed 116,760 (149) 116,611 Net identifiable assets acquired $ 11,051 $ 1,198 $ 12,249 Goodwill resulting from acquisition $ 1,115 Fair values of the major categories of assets acquired and liabilities assumed were determined as follows: Loans: The acquired loans were recorded at fair value at the acquisition date of $101.5 million without carryover of VCB's allowance for loan losses of $1.1 million. Where loans exhibited characteristics of performance, fair value was determined based on a discounted cash flow analysis which included default estimates; loans without such characteristics, fair value was determined based on the estimated values of the underlying collateral. While estimating the amount and timing of both principal and interest cash flows expected to be collected, a market-based discount rate was applied. In this regard, the acquired loans were segregated into pools based on loan type and credit risk. Loan type was determined based on collateral type and purpose, industry segment and loan structure. Credit risk characteristics included risk rating groups pass , special mention, substandard, and doubtful and lien position. For valuation purposes, these pools were further disaggregated by maturity and pricing characteristics (e.g., fixed-rate, adjustable-rate, balloon maturities). At November 14, 2014, the gross contractual amounts receivable and the fair value for the purchased performing loans were $116.6 million and $93.7 million respectively, while the estimated cash flows not expected to be collected were approximately $2.0 million. Information about the PCI loan portfolio at November 14, 2014 is as follows: November 14, (dollars in thousands) 2014 Contractual principal and interest due $ 9,977 Nonaccretable difference 937 Expected cash flows 9,040 Accretable yield 1,185 Purchase credit impaired loans - estimated fair value $ 7,855 Premises and Equipment: The fair value of VCB's premises, including land, buildings and improvements, was determined based upon appraisal by licensed appraisers. These appraisals were based upon the best and highest use of the property with final values determined based upon an analysis of the cost, sales comparison and income capitalization approaches for each property appraised. The fair value of bank-owned real estate resulted in a discount of $1.0 million. Land is not depreciated. Core Deposit Intangible : The fair value of the core deposit intangible (“CDI”) was determined based on a combined discounted economic benefit and market approach. The economic benefit was calculated as the cost savings between maintaining the core deposit base and using an alternate funding source, such as FHLB advances. The life of the deposit base and projected deposit attrition rates was determined using VCB's historical deposit data. The CDI was estimated at $1.0 million or 1.25% of deposits. The CDI is being amortized over a weighted average life of 89 months using a sum-of-the-months method. Time Deposits: The fair value adjustment of time deposits represents a premium over the value of the contractual repayments of fixed-maturity deposits using prevailing market interest rates for similar term certificates of deposit. The resulting estimated fair value adjustment of certificates of deposit ranging in maturity from one month to five years is a $149 thousand premium and is being amortized into income on a level-yield basis over the weighted average remaining life of approximately 61 months. FHLB Advances: The fair value of FHLB advances was considered to be equivalent to VCB’s recorded book balance as the advances matured in 90 days or less. Deferred Tax Assets and Liabilities: Certain deferred tax assets and liabilities were carried over to the Bank from VCB based on the Company’s ability to utilize them in the future. Additionally, deferred tax assets and liabilities were established for acquisition accounting fair value adjustments as the future amortization/accretion of these adjustments represent temporary differences between book income and taxable income. The table below illustrates the unaudited pro forma revenue and net income of the combined entities had the acquisition taken place on January 1, 2013. The unaudited combined pro forma revenue and net income combines the historical results of VCB with the Company's consolidated statements of operations for the periods listed below and, while certain adjustments were made for the estimated effect of certain fair value adjustments and other acquisition-related activity, they are not indicative of what would have occurred had the acquisition actually taken place on January 1, 2013. Acquisition related expenses of $224 thousand and $1.8 million were included in the Company's actual consolidated statements of operations for the years ended December 31, 2015 and 2014, respectively, but were excluded from the unaudited pro forma information listed below. Additionally, the Company expects to achieve further operational cost savings and other efficiencies as a result of the acquisition which are not reflected in the unaudited pro forma amounts below: Unaudited Unaudited Unaudited Pro Forma Pro Forma Pro Forma Twelve Months Ended Twelve Months Ended Twelve Months Ended December 31, December 31, December 31, (dollars in thousands) 2015 2014 2013 Net interest income $ 42,375 $ 41,548 $ 38,642 Net income (loss) 7,518 5,724 (2,941) |
Investment Securities
Investment Securities | 12 Months Ended |
Dec. 31, 2015 | |
Investment Securities [Abstract] | |
Investment Securities | Note 3. Investment Securities The amortized cost and estimated fair value, with gross unrealized gains and losses, of investment securities at December 31, 2015 and 2014 were as follows: (dollars in thousands) December 31, 2015 Gross Gross Amortized Unrealized Unrealized Fair Available for Sale: Cost Gains Losses Value Obligations of U.S. Government agencies $ 9,404 $ - $ 142 $ 9,262 SBA Pool securities 64,866 25 1,065 63,826 Agency residential mortgage-backed securities 24,250 7 354 23,903 Agency commercial mortgage-backed securities 18,503 - 188 18,315 Agency CMO securities 52,870 130 829 52,171 Non agency CMO securities* 61 - - 61 State and political subdivisions 61,604 303 502 61,405 Corporate securities 2,000 - - 2,000 Total $ 233,558 $ 465 $ 3,080 $ 230,943 * The combined unrealized gains on these securities was less than $1 . (dollars in thousands) December 31, 2014 Gross Gross Amortized Unrealized Unrealized Fair Available for Sale: Cost Gains Losses Value Obligations of U.S. Government agencies $ 14,991 $ - $ 422 $ 14,569 SBA Pool securities 76,469 70 1,740 74,799 Agency residential mortgage-backed securities 28,740 208 319 28,629 Agency CMO securities 39,343 302 430 39,215 Non agency CMO securities 820 11 3 828 State and political subdivisions 55,877 510 461 55,926 FNMA and FHLMC preferred stock 7 38 - 45 Total $ 216,247 $ 1,139 $ 3,375 $ 214,011 (dollars in thousands) December 31, 2015 Net Unrealized Losses Gross Gross Amortized Recorded Carrying Unrealized Unrealized Fair Cost in AOCI* Value Gains Losses Value Held to Maturity: Agency CMO securities $ 11,430 $ 59 $ 11,371 $ 305 $ - $ 11,676 State and political subdivisions 18,807 480 18,327 572 - 18,899 Total $ 30,237 $ 539 $ 29,698 $ 877 $ - $ 30,575 * Represents the net unrealized holding loss at the date of transfer from available for sale to held to maturity, net of any accretion. (dollars in thousands) December 31, 2014 Net Unrealized Losses Gross Gross Amortized Recorded Carrying Unrealized Unrealized Fair Cost in AOCI* Value Gains Losses Value Held to Maturity: Agency CMO securities $ 12,073 $ 80 $ 11,993 $ 294 $ - $ 12,287 State and political subdivisions 20,814 644 20,170 928 18 21,080 Total $ 32,887 $ 724 $ 32,163 $ 1,222 $ 18 $ 33,367 *Represents the net unrealized holding loss at the date of transfer from available for sale to held to maturity, net of any accretion. There are no securities classified as “Trading” at December 31, 201 5 or 2014 . 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 net of tax at the time of transfer remained in Accumulated Other Comprehensive Income (Loss) and is being amortized over the remaining life of the securities as an adjustment to interest income. During the third quarter of 2015, the Company sold a State and political subdivisions security that was classified as “Held to Maturity” due to the significant deterioration in the issuer’s financial condition. The carrying value of this security was $521 thousand and a gain of $10 thousand was recognized as a result of the sale. The Company’s mortgage-backed securities consist of commercial and residential mortgage-backed securities . The Company’s mortgage- backed securities are all backed by an agency of the U.S. government and rated Aaa and AA+ by Moody and S&P, respectively, with no subprime issues. The Company’s pooled trust preferred securities previously included one senior issue of Preferred Term Securities XXVII which remained 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. On December 9, 2014 the Company sold this security resulting in a gain on sale of $82 thousand and the Company reversed the related impairment reserve. 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 . On September 22, 2014 the Company sold this security resulting in a gain on sale of $2 thousand , and the Company reversed the related impairment reserve. The decision to recognize the other-than-temporary impairment had been 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 i n these securities. The amortized cost, carrying value and estimated fair values of investment securities at December 31, 201 5 , 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. (dollars in thousands) December 31, 2015 Available for Sale: Amortized Cost Fair Value Due in one year or less $ 61 $ 61 Due after one year through five years 75,966 75,382 Due after five years through ten years 143,669 141,798 Due after ten years 13,862 13,702 Total $ 233,558 $ 230,943 (dollars in thousands) December 31, 2015 Held to Maturity: Carrying Value Fair Value Due in one year or less $ - $ - Due after one year through five years 24,104 24,855 Due after five years through ten years 4,847 4,968 Due after ten years 747 752 Total $ 29,698 $ 30,575 Proceeds from the sales of securities available for sale for the years ended December 31, 201 5 , 201 4 and 201 3 were $ 84.1 m illion, $47.1 million and $41.7 million, respectively. Net realized gains on the sales of securities available for sale for the years ended December 31, 201 5 , 201 4 and 201 3 were $224 thousand, $538 thousand and $1.5 million, respectively. Proceeds from the sales of securities held to maturity for the year ended December 31, 2015 w as $531 thousand. Net realized gains on the sales of securities held to maturity for the year ended December 31, 2015 was $10 thousand. There were no sales of securities held to maturity for the years ended December 31, 2014 and 2013. Proceeds from maturities, calls and paydowns of securities available for sale for the years ended December 31, 201 5 , 201 4 and 2013 were $ 23.3 million, $36.0 million and $26.3 million, respectively. Proceeds from maturities, calls and paydowns of securities held to maturity were $1.6 million and $ 3.0 million for the year s ended December 31, 2015 and 2014, respectively. There were no proceeds from maturities, calls and paydowns of securities held to maturity for the year ended December 31, 2013. The Company pledges securities to secure public deposits, balances with the Reserve Bank and repurchase agreements. Securities with both aggregate book and fair value s of $88.0 million w ere pledged at December 31, 2015 . Securities with an aggregate book value of $86.9 million and an aggregate fair value of $87.1 million were pledged at December 31, 201 4 . Securities in an unrealized loss position at December 31, 2015, by duration of the period of the unrealized loss, are shown below: December 31, 2015 (dollars in thousands) Less than 12 months 12 months or more Total Fair Unrealized Fair Unrealized Fair Unrealized Description of Securities Value Loss Value Loss Value Loss Obligations of U.S. Government agencies $ 4,848 $ 58 $ 4,414 $ 84 $ 9,262 $ 142 SBA Pool securities 19,573 180 39,700 885 59,273 1,065 Agency residential mortgage-backed securities 9,370 104 9,341 250 18,711 354 Agency commercial mortgage-backed securities 18,315 188 - - 18,315 188 Agency CMO securities 34,075 596 6,340 233 40,415 829 State and political subdivisions 31,415 408 3,840 94 35,255 502 Total $ 117,596 $ 1,534 $ 63,635 $ 1,546 $ 181,231 $ 3,080 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 sing le factor can vary by security. Some fac tors the Company may consider in the other-than-tempor ary 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 spe cific economic conditions. In add ition, the Co mpany may also evaluate payment structure, whether there are defaulted payments or expected defaults, prepayment speeds, and the value of any underlying collater al. For certain securities in unrealize d 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 secur ity. Based on the Company ’s evaluation, m anagement does not believe any unrealized lo ss at December 31, 2015 represents an other-than- temporary impairment as these unrealized losses are primarily attributable to current financial market conditions for these types of investments, particularly related to changes in interest rates, which rose during late 2015 causing bond prices to decline, and are not attributable to credit deterioration. Interest rates had declined somewhat as of the third quarter of 2015, thereby reducing the amount of unrealized losses at that time. However, interest rates increased during the fourth quarter of 2015, primarily as a result of the Federal Reserve’s actions to raise the fed funds target rate to a range of 25 -50 basis points in December 2015. At December 31, 2015, t here were 139 debt securities with fair values totaling $181.2 million considered temporarily impaired. Of these debt securities , 92 with fair values totaling $117.6 million were in an unrealized loss position of less than 12 months and 47 with fair values totaling $63.6 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, 2015 and no impairment has been recognized. At December 31, 2015 , there were no equity securit ies in an unrealized loss position . Securities in an unrealized loss position at December 31, 201 4 , by duration of the period of the unrealized loss, are shown below: December 31, 2014 (dollars in thousands) Less than 12 months 12 months or more Total Fair Unrealized Fair Unrealized Fair Unrealized Description of Securities Value Loss Value Loss Value Loss Obligations of U.S. Government agencies $ - $ - $ 14,587 $ 422 $ 14,587 $ 422 SBA Pool securities 3,520 73 63,290 1,667 66,810 1,740 Agency residential mortgage-backed securities - - 15,343 319 15,343 319 Agency CMO securities 5,140 34 16,478 396 21,618 430 Non agency CMO securities 281 3 44 - 325 3 State and political subdivisions 3,663 36 21,509 443 25,172 479 Total $ 12,604 $ 146 $ 131,251 $ 3,247 $ 143,855 $ 3,393 The Company’s investment in FHLB stock totaled $5.9 million and $4.5 million at December 31, 201 5 and 201 4 , 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, 2015, and ending December 31, 2015, the Company does not consider this investment to be other-than-temporarily impaired at December 31, 2015 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 investment securities portfolio. The Company’s restricted securities also include investments in the Reserve Bank and CBB, which are carried at cost. |
Loan Portfolio
Loan Portfolio | 12 Months Ended |
Dec. 31, 2015 | |
Loan Portfolio [Abstract] | |
Loan Portfolio | Note 4. 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: December 31, 2015 December 31, 2014 (dollars in thousands) Amount Percent Amount Percent Commercial, industrial and agricultural $ 98,828 11.22% $ 85,119 10.37% Real estate - one to four family residential: Closed end first and seconds 232,826 26.43% 236,761 28.86% Home equity lines 116,309 13.20% 110,100 13.42% Total real estate - one to four family residential 349,135 39.63% 346,861 42.28% Real estate - multifamily residential 29,672 3.37% 25,157 3.07% Real estate - construction: One to four family residential 19,495 2.21% 19,698 2.40% Other construction, land development and other land 46,877 5.32% 35,591 4.34% Total real estate - construction 66,372 7.53% 55,289 6.74% Real estate - farmland 11,418 1.30% 9,471 1.15% Real estate - non-farm, non-residential: Owner occupied 187,224 21.27% 157,745 19.22% Non-owner occupied 104,456 11.86% 104,827 12.77% Total real estate - non-farm, non-residential 291,680 33.13% 262,572 31.99% Consumer 19,993 2.27% 15,919 1.94% Other 13,680 1.55% 20,181 2.46% Total loans 880,778 100.00% 820,569 100.00% Less allowance for loan losses (11,327) (13,021) Loans, net $ 869,451 $ 807,548 Deferred fees and costs, net are included in the table above and totaled $1.6 mi llion and $1.4 million for December 31, 2015 and 201 4, respectively . The following table presents the aging of the recorded investment in past due loans as of December 31, 2015 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 $ 149 $ - $ 193 $ 342 $ 98,486 $ 98,828 Real estate - one to four family residential: Closed end first and seconds 2,748 1,322 4,647 8,717 224,109 232,826 Home equity lines 1,166 - 250 1,416 114,893 116,309 Total real estate - one to four family residential 3,914 1,322 4,897 10,133 339,002 349,135 Real estate - multifamily residential - - - - 29,672 29,672 Real estate - construction: One to four family residential 11 - 89 100 19,395 19,495 Other construction, land development and other land - - - - 46,877 46,877 Total real estate - construction 11 - 89 100 66,272 66,372 Real estate - farmland - - - - 11,418 11,418 Real estate - non-farm, non-residential: Owner occupied 1,637 - 624 2,261 184,963 187,224 Non-owner occupied - - 676 676 103,780 104,456 Total real estate - non-farm, non-residential 1,637 - 1,300 2,937 288,743 291,680 Consumer 377 4 - 381 19,612 19,993 Other - - - - 13,680 13,680 Total loans $ 6,088 $ 1,326 $ 6,479 $ 13,893 $ 866,885 $ 880,778 * 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, 2014 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 $ 278 $ 6 $ 373 $ 657 $ 84,462 $ 85,119 Real estate - one to four family residential: Closed end first and seconds 5,515 1,123 1,247 7,885 228,876 236,761 Home equity lines 366 - 360 726 109,374 110,100 Total real estate - one to four family residential 5,881 1,123 1,607 8,611 338,250 346,861 Real estate - multifamily residential - - - - 25,157 25,157 Real estate - construction: One to four family residential 150 - 221 371 19,327 19,698 Other construction, land development and other land 5 - - 5 35,586 35,591 Total real estate - construction 155 - 221 376 54,913 55,289 Real estate - farmland - - 590 590 8,881 9,471 Real estate - non-farm, non-residential: Owner occupied 1,873 158 1,738 3,769 153,976 157,745 Non-owner occupied - - - - 104,827 104,827 Total real estate - non-farm, non-residential 1,873 158 1,738 3,769 258,803 262,572 Consumer 157 32 - 189 15,730 15,919 Other - - - - 20,181 20,181 Total loans $ 8,344 $ 1,319 $ 4,529 $ 14,192 $ 806,377 $ 820,569 *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 troubled debt restructurings (accruing) at December 31: (dollars in thousands) December 31, 2015 December 31, 2014 Nonaccrual loans $ 6,175 $ 6,622 Loans past due 90 days and accruing interest 1,117 53 Troubled debt restructurings (accruing) 15,535 15,223 At December 31, 201 5 and 201 4 , there were approximately $1.3 million and $3.4 million, respectively, in troubled debt restructurings (“TDRs”) included in nonaccrual 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 our loan portfolio. A loan (including a TDR) may be returned to accrual status if the borrower has demonstrated a sustained period of repayment performance (typically six months) in accordance with the contractual terms of the loan and there is reasonable assurance the borrower will continue to make payments as agreed. Outstanding principal balance and the carrying amount of loans acquired pursuant to the Company’s acquisition of VCB (or “Acquired Loans”) that were recorded at fair value at the acquisition date and are included in the consolidated balance sheet at December 31, 201 5 and 2014 were as follows: December 31, 2015 December 31, 2014 Acquired Acquired Loans - Acquired Loans - Acquired Purchased Loans - Acquired Purchased Loans - Acquired Credit Purchased Loans - Credit Purchased Loans - (dollars in thousands) Impaired Performing Total Impaired Performing Total Commercial, industrial and agricultural $ 549 $ 3,476 $ 4,025 $ 1,023 $ 15,673 $ 16,696 Real estate - one to four family residential: Closed end first and seconds 1,116 6,290 7,406 1,374 6,475 7,849 Home equity lines 32 9,955 9,987 33 11,858 11,891 Total real estate - one to four family residential 1,148 16,245 17,393 1,407 18,333 19,740 Real estate - multifamily residential - 1,988 1,988 - 3,539 3,539 Real estate - construction: One to four family residential - 515 515 - 3,206 3,206 Other construction, land development and other land 275 1,910 2,185 79 3,674 3,753 Total real estate - construction 275 2,425 2,700 79 6,880 6,959 Real estate - farmland - - - - - - Real estate - non-farm, non-residential: Owner occupied 4,296 16,528 20,824 1,841 21,037 22,878 Non-owner occupied 1,600 10,847 12,447 3,472 20,762 24,234 Total real estate - non-farm, non-residential 5,896 27,375 33,271 5,313 41,799 47,112 Consumer - 276 276 - 1,462 1,462 Other - 800 800 - - - Total loans $ 7,868 $ 52,585 $ 60,453 $ 7,822 $ 87,686 $ 95,508 The following table presents the recorded investment in nonaccrual loans and loans past due 90 days and accruing interest by class at December 31, 201 5 and 201 4 : Over 90 Days Past Nonaccrual Due and Accruing December 31, December 31, December 31, December 31, (dollars in thousands) 2015 2014 2015 2014 Commercial, industrial and agricultural $ 193 $ 334 $ - $ 53 Real estate - one to four family residential: Closed end first and seconds 4,153 3,364 1,117 - Home equity lines 425 564 - - Total real estate - one to four family residential 4,578 3,928 1,117 - Real estate - construction: One to four family residential 89 221 - - Total real estate - construction 89 221 - - Real estate - farmland - 590 - - Real estate - non-farm, non-residential: Owner occupied 624 1,521 - - Non-owner occupied 676 - - - Total real estate - non-farm, non-residential 1,300 1,521 - - Consumer 15 28 - - Total loans $ 6,175 $ 6,622 $ 1,117 $ 53 If interest income had been recognized on nonaccrual loans at their stated rates during years 201 5 , 201 4 and 201 3 , interest income would have increased by approximately $290 thousand, $124 thousand and $413 thousand, respectively. The following table presents commercial loans by credit qualit y indicator at December 31, 2015 : Acquired Loans - Purchased Special Credit (dollars in thousands) Pass Mention Substandard Doubtful Impaired Impaired Total Commercial, industrial and agricultural $ 95,440 $ 1,709 $ 291 $ - $ 839 $ 549 $ 98,828 Real estate - multifamily residential 29,672 - - - - - 29,672 Real estate - construction: One to four family residential 19,000 220 89 - 186 - 19,495 Other construction, land development and other land 38,013 1,785 1,242 - 5,562 275 46,877 Total real estate - construction 57,013 2,005 1,331 - 5,748 275 66,372 Real estate - farmland 10,396 318 165 - 539 - 11,418 Real estate - non-farm, non-residential: Owner occupied 162,103 12,206 2,283 - 6,336 4,296 187,224 Non-owner occupied 86,894 2,130 1,040 - 12,792 1,600 104,456 Total real estate - non-farm, non-residential 248,997 14,336 3,323 - 19,128 5,896 291,680 Total commercial loans $ 441,518 $ 18,368 $ 5,110 $ - $ 26,254 $ 6,720 $ 497,970 The following table presents commercial loans by credit quality indicator at December 31, 201 4 : Acquired Loans - Purchased Special Credit (dollars in thousands) Pass Mention Substandard Doubtful Impaired Impaired Total Commercial, industrial and agricultural $ 79,191 $ 2,779 $ 675 $ - $ 1,451 $ 1,023 $ 85,119 Real estate - multifamily residential 25,157 - - - - - 25,157 Real estate - construction: One to four family residential 18,978 300 244 - 176 - 19,698 Other construction, land development and other land 26,916 1,791 1,144 - 5,661 79 35,591 Total real estate - construction 45,894 2,091 1,388 - 5,837 79 55,289 Real estate - farmland 9,471 - - - - - 9,471 Real estate - non-farm, non-residential: Owner occupied 132,266 11,339 2,253 - 10,046 1,841 157,745 Non-owner occupied 84,951 4,771 1,817 - 9,816 3,472 104,827 Total real estate - non-farm, non-residential 217,217 16,110 4,070 - 19,862 5,313 262,572 Total commercial loans $ 376,930 $ 20,980 $ 6,133 $ - $ 27,150 $ 6,415 $ 437,608 At December 31, 201 5 and 201 4 , 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, 201 5 : (dollars in thousands) Performing Nonperforming Total Real estate - one to four family residential: Closed end first and seconds $ 220,016 $ 12,810 $ 232,826 Home equity lines 115,434 875 116,309 Total real estate - one to four family residential 335,450 13,685 349,135 Consumer 19,655 338 19,993 Other 13,678 2 13,680 Total consumer loans $ 368,783 $ 14,025 $ 382,808 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, 201 4 : (dollars in thousands) Performing Nonperforming Total Real estate - one to four family residential: Closed end first and seconds $ 226,801 $ 9,960 $ 236,761 Home equity lines 109,565 535 110,100 Total real estate - one to four family residential 336,366 10,495 346,861 Consumer 15,548 371 15,919 Other 20,175 6 20,181 Total consumer loans $ 372,089 $ 10,872 $ 382,961 The following table presents a rollforward of the Company’s allowance for loan losses for the year ended December 31, 201 5 : Beginning Ending Balance Balance (dollars in thousands) January 1, 2015 Charge-offs Recoveries Provision December 31, 2015 Commercial, industrial and agricultural $ 1,168 $ (336) $ 51 $ 1,011 $ 1,894 Real estate - one to four family residential: Closed end first and seconds 1,884 (1,113) 116 722 1,609 Home equity lines 1,678 (160) 31 (754) 795 Total real estate - one to four family residential 3,562 (1,273) 147 (32) 2,404 Real estate - multifamily residential 89 - - (11) 78 Real estate - construction: One to four family residential 235 (129) 4 185 295 Other construction, land development and other land 2,670 - 1 (248) 2,423 Total real estate - construction 2,905 (129) 5 (63) 2,718 Real estate - farmland 144 - - 128 272 Real estate - non-farm, non-residential: Owner occupied 2,416 (139) 1 (314) 1,964 Non-owner occupied 1,908 - - (667) 1,241 Total real estate - non-farm, non-residential 4,324 (139) 1 (981) 3,205 Consumer 305 (33) 49 (34) 287 Other 524 (68) 31 (18) 469 Total $ 13,021 $ (1,978) $ 284 $ - $ 11,327 The following table presents a rollforward of the Company’s allowance for loan losses for the year ended December 31, 201 4 : Beginning Ending Balance Balance (dollars in thousands) January 1, 2014 Charge-offs Recoveries Provision December 31, 2014 Commercial, industrial and agricultural $ 1,787 $ (340) $ 75 $ (354) $ 1,168 Real estate - one to four family residential: Closed end first and seconds 2,859 (483) 265 (757) 1,884 Home equity lines 1,642 (444) 15 465 1,678 Total real estate - one to four family residential 4,501 (927) 280 (292) 3,562 Real estate - multifamily residential 79 - - 10 89 Real estate - construction: One to four family residential 364 (118) 7 (18) 235 Other construction, land development and other land 1,989 - 9 672 2,670 Total real estate - construction 2,353 (118) 16 654 2,905 Real estate - farmland 116 - - 28 144 Real estate - non-farm, non-residential: Owner occupied 3,236 (292) 27 (555) 2,416 Non-owner occupied 1,770 (389) 13 514 1,908 Total real estate - non-farm, non-residential 5,006 (681) 40 (41) 4,324 Consumer 387 (190) 96 12 305 Other 538 (293) 46 233 524 Total $ 14,767 $ (2,549) $ 553 $ 250 $ 13,021 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, 201 5 : Allowance allocated to loans: Total Loans: Acquired Acquired Individually Collectively loans - Individually Collectively loans - evaluated evaluated purchased evaluated evaluated purchased for for credit for for credit (dollars in thousands) impairment impairment impaired Total impairment impairment impaired Total Commercial, industrial and agricultural $ 562 $ 1,332 $ - $ 1,894 $ 839 $ 97,440 $ 549 $ 98,828 Real estate - one to four family residential: Closed end first and seconds 517 1,092 - 1,609 8,163 223,547 1,116 232,826 Home equity lines 265 530 - 795 625 115,652 32 116,309 Total real estate - one to four family residential 782 1,622 - 2,404 8,788 339,199 1,148 349,135 Real estate - multifamily residential - 78 - 78 - 29,672 - 29,672 Real estate - construction: One to four family residential 67 228 - 295 186 19,309 - 19,495 Other construction, land development and other land 1,263 1,160 - 2,423 5,562 41,040 275 46,877 Total real estate - construction 1,330 1,388 - 2,718 5,748 60,349 275 66,372 Real estate - farmland 210 62 - 272 539 10,879 - 11,418 Real estate - non-farm, non-residential: Owner occupied 824 1,140 - 1,964 6,336 176,592 4,296 187,224 Non-owner occupied 810 431 - 1,241 12,792 90,064 1,600 104,456 Total real estate - non-farm, non-residential 1,634 1,571 - 3,205 19,128 266,656 5,896 291,680 Consumer 88 199 - 287 338 19,655 - 19,993 Other - 469 - 469 2 13,678 - 13,680 Total $ 4,606 $ 6,721 $ - $ 11,327 $ 35,382 $ 837,528 $ 7,868 $ 880,778 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, 201 4 : Allowance allocated to loans: Total Loans: Acquired Acquired Individually Collectively loans - Individually Collectively loans - evaluated evaluated purchased evaluated evaluated purchased for for credit for for credit (dollars in thousands) impairment impairment impaired Total impairment impairment impaired Total Commercial, industrial and agricultural $ - $ 1,168 $ - $ 1,168 $ 1,451 $ 82,645 $ 1,023 $ 85,119 Real estate - one to four family residential: Closed end first and seconds 1,006 878 - 1,884 8,713 226,674 1,374 236,761 Home equity lines - 1,678 - 1,678 175 109,892 33 110,100 Total real estate - one to four family residential 1,006 2,556 - 3,562 8,888 336,566 1,407 346,861 Real estate - multifamily residential - 89 - 89 - 25,157 - 25,157 Real estate - construction: One to four family residential 78 157 - 235 176 19,522 - 19,698 Other construction, land development and other land 1,632 1,038 - 2,670 5,661 29,851 79 35,591 Total real estate - construction 1,710 1,195 - 2,905 5,837 49,373 79 55,289 Real estate - farmland - 144 - 144 - 9,471 - 9,471 Real estate - non-farm, non-residential: Owner occupied 1,240 1,176 - 2,416 10,046 145,858 1,841 157,745 Non-owner occupied 1,262 646 - 1,908 9,816 91,539 3,472 104,827 Total real estate - non-farm, non-residential 2,502 1,822 - 4,324 19,862 237,397 5,313 262,572 Consumer 106 199 - 305 371 15,548 - 15,919 Other - 524 - 524 6 20,175 - 20,181 Total $ 5,324 $ 7,697 $ - $ 13,021 $ 36,415 $ 776,332 $ 7,822 $ 820,569 The following table presents loans individually evaluated for impairment by class of loans as of December 31, 201 5 : Recorded Recorded Unpaid Investment Investment Average Interest Recorded Principal With No With Related Recorded Income (dollars in thousands) Investment Balance Allowance Allowance Allowance Investment Recognized Commercial, industrial and agricultural $ 839 $ 839 $ - $ 839 $ 562 $ 753 $ 49 Real estate - one to four family residential: Closed end first and seconds 8,163 8,530 3,981 4,182 517 8,386 416 Home equity lines 625 625 175 450 265 521 16 Total real estate - one to four family residential 8,788 9,155 4,156 4,632 782 8,907 432 Real estate - construction: One to four family residential 186 186 20 166 67 235 8 Other construction, land development and other land 5,562 5,562 - 5,562 1,263 5,611 260 Total real estate - construction 5,748 5,748 20 5,728 1,330 5,846 268 Real estate - farmland 539 541 - 539 210 167 36 Real estate - non-farm, non-residential: Owner occupied 6,336 6,336 3,506 2,830 824 8,995 292 Non-owner occupied 12,792 12,792 7,686 5,106 810 11,312 595 Total real estate - non-farm, non-residential 19,128 19,128 11,192 7,936 1,634 20,307 887 Consumer 338 350 12 326 88 352 19 Other 2 2 2 - - 4 - Total loans* $ 35,382 $ 35,763 $ 15,382 $ 20,000 $ 4,606 $ 36,336 $ 1,691 * PCI Loans are excluded from this table . The following table presents loans individually evaluated for impairment by class of loans as of December 31, 201 4 : Recorded Recorded Unpaid Investment Investment Average Interest Recorded Principal With No With Related Recorded Income (dollars in thousands) Investment Balance Allowance Allowance Allowance Investment Recognized Commercial, industrial and agricultural $ 1,451 $ 1,451 $ 1,451 $ - $ - $ 2,010 $ 128 Real estate - one to four family residential: Closed end first and seconds 8,713 8,813 3,611 5,102 1,006 9,800 474 Home equity lines 175 175 175 - - 289 - Total real estate - one to four family residential 8,888 8,988 3,786 5,102 1,006 10,089 474 Real estate - construction: One to four family residential 176 176 - 176 78 312 7 Other construction, land development and other land 5,661 5,661 - 5,661 1,632 5,399 256 Total real estate - construction 5,837 5,837 - 5,837 1,710 5,711 263 Real estate - farmland - - - - - - - Real estate - non-farm, non-residential: Owner occupied 10,046 10,146 3,734 6,312 1,240 12,056 534 Non-owner occupied 9,816 9,816 4,262 5,554 1,262 9,356 456 Total real estate - non-farm, non-residential 19,862 19,962 7,996 11,866 2,502 21,412 990 Consumer 371 371 - 371 106 420 21 Other 6 6 6 - - 328 - Total loans* $ 36,415 $ 36,615 $ 13,239 $ 23,176 $ 5,324 $ 39,970 $ 1,876 *PCI Loans are excluded from this table. Determining the fair value of PCI loans at November 14, 2014 required the Company to estimate cash flows expected to result from those loans and to discount those cash flows at appropriate rates of interest. For such loans, the excess of the cash flows expected at acquisition over the estimated fair value is recognized as interest income over the remaining lives of the loans and is called the accretable yield. The difference between contractually required payments at acquisition and the cash flows expected to be collected at acquisition is the nonaccretable difference and is not recorded. In accordance with U.S. GAAP, the Company did not “carry over” any allowances for loan losses that were reserved for the VCB loan portfolio prior to the Company’s acquisition of VCB. PCI loans had unpaid principal balances of $8.8 million and $8.8 million and recorded carrying values of $7.9 million and $7.8 million at December 31, 2015 and 2014, respectively. Loans acquired from VCB that constituted PCI loans were recorded by the Company at fair value on the date of acquisition as follows: November 14, (dollars in thousands) 2014 Contractual principal and interest at acquisition $ 9,977 Nonaccretable difference 937 Accretable yield 1,185 PCI loans at acquisition, at fair value $ 7,855 The following table presents a summary of the changes in the accretable yield of the PCI loan portfolio , which was acquired at November 14, 2014, for the years ended December 31, 2015 and 201 4 : Year Ended Year Ended December 31, 2015 December 31, 2014 (dollars in thousands) Accretable Yield Accretable Yield Balance at beginning of period $ 1,131 $ 1,185 Accretion (445) (54) Reclassification of nonaccretable difference due to improvement in expected cash flows 294 - Other changes, net 300 - Balance at end of period $ 1,280 $ 1,131 The following table presents, by class of loans, information related to loans modified as TDRs during the years ended December 31, 201 5 and 201 4 : Year Ended December 31, 2015 Year Ended December 31, 2014 Pre- Post- Pre- Post- Modification Modification Modification Modification Number of Recorded Recorded Number of Recorded Recorded (dollars in thousands) Loans Balance Balance* Loans Balance Balance* Real estate - one to four family residential: Closed end first and seconds 2 $ 355 $ 355 3 $ 570 $ 569 Consumer - - - 2 385 377 Total 2 $ 355 $ 355 5 $ 955 $ 946 * 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. The Company has no obligation to fund additional advances on its impaired loans. 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, 201 5 and 201 4 and were modified as TDRs within the 12 months prior to default: Year Ended Year Ended December 31, 2015 December 31, 2014 Number of Recorded Number of Recorded (dollars in thousands) Loans Balance Loans Balance Real estate - one to four family residential: Closed end first and seconds 1 $ 68 - $ - Real estate - non-farm, non-residential: Non-owner occupied - - 1 855 Total 1 $ 68 1 $ 855 At December 3 1, 2015, $423 thousand in foreclosed residential real estate properties were included in OREO, and $2.0 million in residential real estate loans were in the process of foreclosure. |
Bank Premises and Equipment
Bank Premises and Equipment | 12 Months Ended |
Dec. 31, 2015 | |
Bank Premises and Equipment [Abstract] | |
Bank Premises and Equipment | Note 5. Bank Premises and Equipment Bank premises and equipment are summarized as follows: (dollars in thousands) December 31, 2015 December 31, 2014 Land and improvements $ 6,837 $ 6,929 Buildings and leasehold improvements 28,487 28,001 Furniture, fixtures and equipment 20,385 21,719 Construction in progress 1,136 553 56,845 57,202 Less accumulated depreciation (29,009) (29,769) Net balance $ 27,836 $ 27,433 Depreciation and amortization of bank premises and equipment for the years ended December 31, 2015, 2014 and 2013 amounted to $2.6 million, $2.2 million and $2.1 million, respectively. |
Other Real Estate Owned ("OREO"
Other Real Estate Owned ("OREO") | 12 Months Ended |
Dec. 31, 2015 | |
Other Real Estate ("OREO") [Abstract] | |
Other Real Estate Owned (OREO) | Note 6. Other Real Estate Owned (“OREO”) At December 31, 2015 and 2014 OREO was $520 thousand and $1.8 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, 2015 and 2014 are as follows: December 31, (dollars in thousands) 2015 2014 Balance at the beginning of year, gross $ 1,914 $ 1,054 Transfers from loans 1,966 1,657 Acquired from VCB - 103 Capitalized costs 1 - Sales proceeds (3,255) (620) Previously recognized impairment losses on disposition (79) (202) Loss on disposition (25) (78) Balance at the end of year, gross 522 1,914 Less valuation allowance (2) (76) Balance at the end of year, net $ 520 $ 1,838 Changes in the valuation allowance for OREO for the years ended December 31, 2015, 2014 and 2013 are as follows: December 31, (dollars in thousands) 2015 2014 2013 Balance at the beginning of year $ 76 $ 254 $ 811 Valuation allowance 5 24 585 Charge-offs (79) (202) (1,142) Balance at the end of year $ 2 $ 76 $ 254 Expenses applicable to OREO, other than the valuation allowance, were $222 thousand, $114 thousand and $218 thousand for the years ended December 31, 2015, 2014 and 2013, respectively. |
Deposits
Deposits | 12 Months Ended |
Dec. 31, 2015 | |
Deposits [Abstract] | |
Deposits | Note 7. Deposits Interest-bearing deposits consist of the following: December 31, (dollars in thousands) 2015 2014 Demand deposits $ 306,503 $ 277,937 Money market savings deposits 172,530 162,794 Savings deposits 97,407 89,849 Time deposits: Time deposits $250 and over 37,797 50,501 Other time deposits 200,411 195,845 Total interest-bearing deposits $ 814,648 $ 776,926 A summary of interest expense by deposit category for the years ended December 31, 2015, 2014 and 2013 is as follows: December 31, (dollars in thousands) 2015 2014 2013 Demand deposits $ 1,067 $ 949 $ 929 Money market savings deposits 748 498 516 Savings deposits 131 120 142 Time deposits 2,111 2,343 3,089 Total $ 4,057 $ 3,910 $ 4,676 At December 31, 2015, the scheduled maturities of time deposits are as follows: (dollars in thousands) 2016 $ 102,784 2017 51,762 2018 33,108 2019 31,790 2020 18,720 Thereafter 44 $ 238,208 Overdrawn demand deposit accounts totaling $97 thousand at December 31, 2015 and $115 thousand at December 31, 2014 were reclassified from deposits to loans. |
Borrowings
Borrowings | 12 Months Ended |
Dec. 31, 2015 | |
Borrowings [Abstract] | |
Borrowings | Note 8. 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 (dollars in thousands) December 31, 2015 December 31, 2014 Balance outstanding at year end $ - $ - Maximum balance at any month end during the year $ 2,440 $ 2,000 Average balance for the year $ 63 $ 174 Weighted average rate for the year 0.72% 0.78% Weighted average rate at year end 0.00% 0.00% Repurchase agreements (dollars in thousands) December 31, 2015 December 31, 2014 Balance outstanding at year end $ 5,015 $ 14,885 Maximum balance at any month end during the year $ 12,392 $ 14,885 Average balance for the year $ 8,002 $ 4,523 Weighted average rate for the year 0.57% 0.59% Weighted average rate at year end 0.47% 0.60% 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 one to four family residential properties. Short-term advances from the FHLB at December 31, 201 5 consisted of $114.4 million in fixed rate one month advances. Short-term advances from the FHLB at Dece mber 31, 2014 consisted of $16.4 million using a daily rate credit, whi ch is due on demand, and $60.4 million in fixed rate one month advance s . Outstanding accrued interest at December 31, 2015 totaled $14 thousand. The table below presents selected information on short-term borrowings: Short-term borrowings (dollars in thousands) December 31, 2015 December 31, 2014 Balance outstanding at year end $ 114,413 $ 76,818 Maximum balance at any month end during the year $ 114,413 $ 82,930 Average balance for the year $ 89,580 $ 72,565 Weighted average rate for the year 0.22% 0.21% Weighted average rate at year end 0.32% 0.22% Long-term borrowings. From time to time, the Company may obtain long-term borrowings from the FHLB, which consist of advances from the FHLB that are secured by a blanket floating lien on all qualifying closed end and revolving open end loans that are secured by one to four 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, 201 5 and 201 4 , the Company had no long-term FHLB advances outstanding. The Company’s line of credit with the FHLB can equal up to 30% of the Company’s gross assets or approximately $372.9 million at December 31, 201 5 . This line of credit totaled $224.7 million with approximately $110.3 million available at December 31, 201 5 . As of December 31, 2015 and 2014 , loans with a carrying va lue of $307.2 million and $304.5 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. Short-term borrowings outstanding under the FHLB line of credit were $ 114.4 million and $ 76.8 million as of December 31, 201 5 and 2014 , respectively. |
Junior and Senior Subordinated
Junior and Senior Subordinated Debt | 12 Months Ended |
Dec. 31, 2015 | |
Junior and Senior Subordinated Debt [Abstract] | |
Junior and Senior Subordinated Debt | Note 9. Junior and Senior Subordinated 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 “trust preferred securities” or the “Junior Subordinated Debt”) issued by the Company. 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, 2015 and 2014, the interest rate was 3.48% and 3.21% , 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 dat e of September 17, 2033 , and became subject to varying call provisions beginning September 17, 2008 . The Company has fully and unconditionally guaranteed the trust preferred securities through the combined operation of the Junior Subordinated Debt and other related documents. The Company’s obligation under the guarantee is unsecured and subordinate to senior and subordinated indebtedness of the Company. 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, 2015 and 20 1 4 , 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 Debt relating to its trust preferred securities. If the Company defers interest payments on the Junior Subordinated Debt 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. From June 2011 to March 2014 , the Company deferred its regularly scheduled interest payments on its outstanding Junior Subordinated Deb t relating to its trust preferred securities due to prohibitions on such payments under provisions of regulatory agreements as disclosed in Note 27 – Regulatory Agreements . On June 17, 2014, the Company paid all current and deferred interest on these outstanding Junior Subordinated Debt, and the Company has not deferred any subsequent interest payments through December 31, 2015. On April 22, 2015, the Company entered in a Senior Subordinated Note Purchase Agreement with certain institutional accredited investors pursuant to which the Company sold $20.0 million in aggregate principal amount of its 6.50% Fixed-to-Floating Rate Subordinated Notes due 2025 (the "Senior Subordinated Debt") to the investors at a price equal to 100% of the aggregate principal amount of the Senior Subordinated Debt. The Senior Subordinated Debt bears interest at an annual rate of 6.50%, payable semi-annually in arrears on May 1 and November 1 of each year ending on May 1, 2020. From and including May 1, 2020 to, but excluding, the maturity date, the Senior Subordinated Debt will bear interest at an annual rate, reset quarterly, equal to LIBOR determined on the determination date of the applicable interest period plus 502 basis points, payable quarterly in arrears on February 1, May 1, August 1 and November 1 of each year, beginning on August 1, 2020. The Company may, at its option, redeem, in whole or in part, the Senior Subordinated Debt as early as May 1, 2020, and any partial redemption would be made pro rata among all of the holders. At December 31, 2015, all of the Senior Subordinated Debt qualified as Tier 2 capital. At December 31, 2015, the remaining unamortized debt issuance costs related to the Senior Subordinated Debt totaled $978 thousand. |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2015 | |
Employee Benefit Plans [Abstract] | |
Employee Benefit Plans | Note 10. 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. Be nefits for all participants have remain ed 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) 2015 2014 2013 Change in benefit obligation Benefit obligation at beginning of year $ 12,059 $ 10,263 $ 11,205 Interest cost 404 447 459 Actuarial (gain) loss (901) 2,282 81 Benefits paid (1,173) (916) (1,464) Settlement loss (gain) 45 (17) (18) Benefit obligation at end of year $ 10,434 $ 12,059 $ 10,263 Change in plan assets Fair value of plan assets at beginning of year $ 9,565 $ 10,000 $ 9,513 Actual return on plan assets 3 481 1,951 Benefits paid (1,173) (916) (1,464) Fair value of plan assets at end of year $ 8,395 $ 9,565 $ 10,000 Funded status at the end of year $ (2,039) $ (2,494) $ (263) Amounts recognized in the consolidated balance sheets at December 31, Other liability $ (2,039) $ (2,494) $ (263) Amounts recognized in accumulated other comprehensive income (loss) Net loss $ 2,618 $ 3,076 $ 583 Prior service cost 83 91 100 Deferred income tax benefit (919) (1,077) (232) Amount recognized $ 1,782 $ 2,090 $ 451 Components of net periodic benefit cost Interest cost $ 404 $ 447 $ 459 Expected return on plan assets (713) (745) (703) Amortization of prior service cost due to curtailment 9 9 21 Recognized net loss due to settlement 204 35 208 Recognized net actuarial loss 107 - 124 Net periodic benefit cost $ 11 $ (254) $ 109 Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss) Net (gain) loss $ (458) $ 2,493 $ (1,518) Amortization of prior service cost (8) (8) (21) Total recognized in other comprehensive income (loss) $ (466) $ 2,485 $ (1,539) Total recognized in net periodic benefit cost and other comprehensive income (loss) $ (455) $ 2,231 $ (1,430) Weighted average assumptions for benefit obligation at end of year Discount rate 3.85% 3.55% 4.35% Rate of compensation increase N/A N/A N/A Weighted average assumptions for net periodic pension cost at end of year Discount rate 3.55% 4.35% 4.00% Expected return on plan assets 7.75% 7.75% 8.00% Rate of compensation increase N/A N/A N/A Expected future interest crediting rate 3.00% 3.00% 3.00% Accumulated Benefit Obligation $ 10,434 $ 12,059 $ 10,263 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 3.55% , 4.35% and 4.00% in 2015, 2014 and 2013, 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 2015, 2014 and 2013. The Company has not determined at this time how much, if any, contributions to the plan will be for the year ending December 31, 2016. Fair value is discussed in detail in Note 20 – Fair Value Measurements. The fair value of the Company’s pension plan assets at December 31, 2015 and 2014, by asset category are as follows: Assets Measured at Fair Value at December 31, 2015 Using Quoted Prices in Significant Other Significant Active Markets for Observable Unobservable Balance at Identical Assets Inputs Inputs December 31, (dollars in thousands) (Level 1) (Level 2) (Level 3) 2015 Assets Cash and due from broker $ 21 $ - $ - $ 21 Equity mutual funds (1) 6,259 - - 6,259 Fixed income mutual funds (2) 2,115 - - 2,115 Total assets at fair value $ 8,395 $ - $ - $ 8,395 Assets Measured at Fair Value at December 31, 2014 Using Quoted Prices in Significant Other Significant Active Markets for Observable Unobservable Balance at Identical Assets Inputs Inputs December 31, (dollars in thousands) (Level 1) (Level 2) (Level 3) 2014 Assets Cash and due from broker $ 21 $ - $ - $ 21 Equity mutual funds (1) 7,186 - - 7,186 Fixed income mutual funds (2) 2,358 - - 2,358 Total assets at fair value $ 9,565 $ - $ - $ 9,565 (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, 201 5 and 201 4 , by asset category are as follows: Plan Assets as of December 31, Asset Category 2015 2014 Mutual Funds - Fixed Income 25% 25% Mutual Funds - Equity 75% 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) 2016 $ 448 2017 1,193 2018 957 2019 444 2020 577 Years 2021 - 2025 3,018 Total $ 6,637 401(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 are eligible to participate on the first day of hire. 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 $610 thousand, $503 thousand and $445 thousand for the years ended December 31, 2015, 2014 and 2013, 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, 201 5 , the Company has entered into a deferred supplemental compensation agreement with its Chief Executive Officer and one of its other executive officers. For the 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. 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. For the other executive officer, full vesting of benefits under the supplemental agreement occurs only at age 65, with partial vesting of approximately 5% for each year of service after age 46. Benefits are to be paid in equal monthly installments over a 200 month period. There is no pre-retirement benefit, but a beneficiary can be named to receive the remaining payments for the 200 month period after benefits have commenced. The deferred compensation expense for the Company’s deferred supplemental compensation agreements for 201 5 , 201 4 and 201 3 , based on the present value of the retirement benefits, was $173 thousand, $105 thousand and $105 thousand, respectively. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2015 | |
Income Taxes [Abstract] | |
Income Taxes | Note 11. Income Taxes The current and deferred components of income tax expense (benefit) are as follows: December 31, (dollars in thousands) 2015 2014 2013 Current $ (42) $ 3,513 $ 1,065 Deferred 2,536 (1,066) (3,457) Provision for (benefit from) income taxes $ 2,494 $ 2,447 $ (2,392) 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 of 34% for the years ended December 31, 2015, 2014 and 2013, respectively, is as follows: December 31, (dollars in thousands) 2015 2014 2013 Income tax expense (benefit) at statutory rates $ 3,328 $ 2,758 $ (1,708) Tax-exempt interest income on obligations of state and political subdivisions (333) (292) (249) Tax-exempt earning on life insurance policies (216) (191) (163) Tax credits (325) (314) (314) Nondeductible merger and merger related expenses 13 460 - Reduction of nontaxable interest expense incurred to carry tax-exempt assets 9 8 13 Other 18 18 29 Provision for (benefit from) income taxes $ 2,494 $ 2,447 $ (2,392) 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, 2015 and 2014: December 31, (dollars in thousands) 2015 2014 Deferred tax assets: Allowance for loan losses $ 3,851 $ 4,427 Net operating loss carryforward 7,125 8,089 Net unrealized loss on securities available for sale 889 760 Net unrealized loss on securities transferred from available for sale to held to maturity 183 246 Tax credit carryforward 3,143 2,714 Impairment on securities - 121 Interest on nonaccrual loans 99 83 Accrued benefit cost 918 1,077 Depreciation and amortization 583 848 Home equity line closing cost 136 101 Defined benefit plan 184 180 Deferred compensation 238 179 Accrued bonuses 110 80 Accrued compensated absences 134 89 Other real estate owned 64 566 Other 80 130 Total deferred tax assets 17,737 19,690 Deferred tax liabilities: FHLB dividend (8) (8) Goodwill and other intangible assets (2,668) (2,053) Other (1) (100) Total deferred tax liabilities (2,677) (2,161) Net deferred tax asset $ 15,060 $ 17,529 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, 2015 and 2014 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. 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 aut horities for years prior to 2012 . |
Net Income (Loss) Per Common Sh
Net Income (Loss) Per Common Share | 12 Months Ended |
Dec. 31, 2015 | |
Net Income (Loss) Per Common Share [Abstract] | |
Net Income (Loss) Per Common Share | Note 12. Net Income (Loss) Per Common Share The Company applies the two-class method of computing basic and diluted net income (loss) per common share. Under the two-class method, net income (loss) per common share is determined for each class of common stock and participating security according to dividends declared and participation rights in undistributed earnings. Based on FASB guidance, the Company considers its Series B Preferred Stock (defined below) to be a participating security. FASB guidance requires that all outstanding unvested share-based payment awards that contain voting rights and rights to nonforfeitable dividends participate in undistributed earnings with common shareholders. Accordingly, the weighted average number of shares of the Company’s common stock used in the calculation of basic and diluted net income (loss) per common share includes unvested shares of the Company’s common stock outstanding. The following table shows the computation of basic and diluted net income (loss) per common share for the periods presented: Years Ended (dollars in thousands, except share and per share amounts) December 31, 2015 December 31, 2014 December 31, 2013 Basic Net Income (Loss) Per Common Share Net income (loss) available to common shareholders $ 6,908 $ 3,716 $ (4,136) Less: Net income allocated to participating securities, Series B Preferred Stock 1,983 1,128 - Net income (loss) allocated to common shareholders $ 4,925 $ 2,588 $ (4,136) Weighted average common shares outstanding for basic net income (loss) per common share 13,017,175 12,014,862 9,204,847 Basic net income (loss) per common share $ 0.38 $ 0.22 $ (0.45) Diluted Net Income (Loss) Per Common Share Net income (loss) available to common shareholders $ 6,908 $ 3,716 $ (4,136) Weighted average common shares outstanding for basic net income (loss) per common share 13,017,175 12,014,862 9,204,847 Effect of dilutive securities, stock options - - - Effect of dilutive securities, Series B Preferred Stock 5,240,192 5,240,192 - Weighted average common shares outstanding for diluted net income (loss) per common share 18,257,367 17,255,054 9,204,847 Diluted net income (loss) per common share $ 0.38 $ 0.22 $ (0.45) Options to acquire 67,525 , 110,487 and 152,287 share s of common stock were not included in computing diluted net income (loss) per common share for the years ended December 31, 2015, 2014 and 2013, respectively, because their effects were anti-dilutive. On June 12, 2013, the Company issued 5,240,192 shares of non-voting mandatorily convertible non-cumulative preferred stock, Series B (the “Series B Preferred Stock”) through private placements to certain investors. Each share of Series B Preferred Stock can, under certain limited circumstances as set forth in the Company’s articles of incorporation, be converted into one share of the Company’s common stock, and is therefore reflected in the dilutive weighted average common shares outstanding for 2015 and 2014 . These preferred shares had no dilutive effect in 2013 due to the Company’s net loss. For more information related to the conversion rights o f th ese preferred shares, see Note 2 2 – Preferred Stock and Warrant. Additionally, the impact of warrants to acquire shares of the Company’s common stock that were issued to the U.S. Department of the Treasury (“Treasury”) in connection with the Company’s participation in the Capital Purchase Program is not included, as the warrants were anti-dilutive. As previously disclosed, these warrants were repurchased by the Company during May 2015. For additional information on preferred stock warrants, see Note 22 – Preferred Stock and Warrant. The Company identified and corrected an immaterial error affecting the calculation of basic net income per common share for certain periods prior to the second quarter of 2015. Previously, the Company did not consider the Series B Preferred Stock as a participating security when calculating basic net income per common share. The Company will correct basic net income per common share for historical periods as such measures are disclosed in future public reports, filings and statements. This immaterial error had no impact on previously reported diluted net income per common share for any historical periods. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Note 13. Related Party Transactions During the year, officers, directors, principal s hare holders, 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) 2015 2014 Balance at beginning of year $ 10,559 $ 9,819 Additional borrowings 7,051 3,154 Acquired from VCB - 975 Curtailments (4,501) (3,389) Reclassification* (2,451) - Balance at end of year $ 10,658 $ 10,559 * Loans with a principal balance of $2.5 million from one former director who passed away in June 2015. At December 31, 201 5 and 201 4 , there was approximately $1.9 million and $3.4 million in available credit that the related parties could draw upon, respectively. Deposits from related parties held by the Company at December 31, 201 5 and 201 4 amounted to $10.7 million and $10.3 million, respectively. |
Stock Based Compensation Plans
Stock Based Compensation Plans | 12 Months Ended |
Dec. 31, 2015 | |
Stock Based Compensation Plans [Abstract] | |
Stock Based Compensation Plans | Note 14 . 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 pe rsonal financial interest in the Company, thereby stimulating their efforts and strengthenin g 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, after April 17, 2013 no additional awards 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 225,642 shares still available to be granted as awards under the 2007 Plan as of December 31, 2015 . 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 accelerated vesting at 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 were 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 years ended December 31, 2015, 2014 and 2013 there was no stock option compensation expense. There were no stock options granted or exercised in the years ended December 31, 201 5 , 201 4 or 201 3 . There was no remaining unrecognized compensation expense related to stock options . A summary of the Company’s stock option activity and related information is as follows: Remaining Aggregate Weighted Contractual Intrinsic Options Average Life Value Outstanding Exercise Price (in years) (in thousands) Stock options outstanding at January 1, 2013 182,362 $ 20.08 Forfeited (10,750) 18.74 Expired (19,325) 28.60 Stock options outstanding at December 31, 2013 152,287 19.09 Forfeited (20,750) 19.97 Expired (21,050) 28.60 Stock options outstanding at December 31, 2014 110,487 18.76 Forfeited (16,100) 18.47 Expired (26,862) 20.57 Stock options outstanding at December 31, 2015 67,525 $ 18.12 1.61 $ - Stock options exercisable at December 31, 2015 67,525 $ 18.12 1.61 $ - *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. The table below summarizes information concerning stock options outstanding and exercisable at December 31, 2015: Stock Options Outstanding and Exercisable Exercise Number Weighted Average Price Outstanding Remaining Term $ 21.16 28,525 0.75 years $ 19.25 20,000 1.75 years $ 12.36 19,000 2.75 years $ 18.12 67,525 1.61 years On March 19, 2015, the Company granted 45,000 shares of restricted stock under the 2007 Plan to its executive officers. Fifty percent ( 50% ) of the shares are subject to time vesting in five equal annual installments beginning on March 31, 2016. The remaining fifty percent ( 50% ) of the shares are subject to performance vesting and will vest on March 31, 2018 to the extent certain financial performance requirements for fiscal year 2017 are met. On October 15, 2014, the Company granted 42,500 shares of restricted stock under the 2007 Plan to its executive officers. Fifty percent ( 50% ) of the shares are subject to time vesting in five equal annual installments beginning on March 31, 2015. The remaining fifty percent ( 50% ) of the shares are subject to performance vesting and will vest on March 31, 2017 to the extent certain financial performance requirements for fiscal year 2016 are met. On November 20, 2014, the Company granted 3,242 shares of restricted stock under the 2007 Plan to one of its executive officers. All of these shares are subject to time vesting over a two year period, and generally vest fifty percent ( 50% ) on the first and second anniversaries of the grant date. 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 forty percent ( 40% ) on the second anniversary of the grant date and twenty percent ( 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 the form of TARP compliant restricted stock awards. All of these shares are subject to time vesting over a five year period, and generally vest forty percent ( 40% ) on the second anniversary of the grant date and twenty percent ( 20% ) on each of the third, fourth and fifth anniversaries of the grant date. For the years ended December 31, 2015, 2014 and 2013, restricted stock compensation expense was $248 thousand, $100 thousand and $32 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 value of the Company’s common stock on the date the restricted shares were awarded, which was $6.28 per share for the March 19, 2015 awards, $6.10 per share for the October 15, 2014 award s , $6.17 per share for the November 20, 2014 award, $6.70 per share for the 2013 award s and $3.72 per share for the 2012 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, 2015, 2014 and 2013, and changes during the years ended December 31, 2015, 2014 and 2013, is presented below; the weighted average price is the weighted average fair value at the date of grant: Weighted-Average Shares Price Nonvested as of January 1, 2013 39,400 $ 3.89 Granted 38,000 6.70 Vested (3,900) 4.57 Nonvested as of December 31, 2013 73,500 5.30 Granted 45,742 6.10 Vested (15,100) 3.93 Nonvested as of December 31, 2014 104,142 5.85 Granted 45,000 6.28 Vested (27,871) 5.85 Nonvested as of December 31, 2015 121,271 $ 6.01 At December 31, 2015 , there was $493 thousand o f total unrecognized compensation expense related to restricted stock awards. This unearned compensation is being amortized over the remaining vesting period for the time and performance based shares . The total fair value of restricted stock awards vested during 2015, 2014 and 2013 was $181 thousand, $97 thousand and $24 thousand, respectively. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 12 Months Ended |
Dec. 31, 2015 | |
Accumulated Other Comprehensive Income (Loss) [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | Note 15 . Accumulated Other Comprehensive Income (Loss) The balances in accumulated other comprehensive income (loss) are shown in the following table: Accumulated Unrealized Adjustments Other Securities Related to Comprehensive (dollars in thousands) Gains (Losses) Pension Plan Income (Loss) Balance at December 31, 2012 $ 1,924 $ (1,488) $ 436 Other comprehensive (loss) before reclassification (8,685) - (8,685) Unrealized losses on securities transferred from available for sale to held to maturity (656) - (656) Reclassification adjustment for gains included in net (loss) (995) - (995) Net amortization of unrealized losses on securities transferred - from available for sale to held to maturity 16 - 16 Change in unfunded pension liability - 1,016 1,016 Balance at December 31, 2013 (8,396) (472) (8,868) Other comprehensive income before reclassification 6,635 - 6,635 Reclassification adjustment for gains included in net income (355) - (355) Net amortization of unrealized losses on securities transferred - from available for sale to held to maturity 162 - 162 Change in unfunded pension liability - (1,640) (1,640) Balance at December 31, 2014 (1,954) (2,112) (4,066) Other comprehensive (loss) before reclassification (102) - (102) Reclassification adjustment for gains included in net income (148) - (148) Net amortization of unrealized losses on securities transferred - from available for sale to held to maturity 122 - 122 Change in unfunded pension liability - 308 308 Balance at December 31, 2015 $ (2,082) $ (1,804) $ (3,886) 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) . Amortization of unrealized losses on securities transferred from available for sale to held to maturity is included in interest income on investments (taxable or non-taxable) in the Company’s consolidated statements of operations. During the years ended December 3 1 , 201 5, 201 4 and 2013, the Company reported gain s on the sale of available for sale securities and amortization of unrealized losses on securities transferred from available for sale to held to maturity as shown in the following table: December 31, (dollars in thousands) 2015 2014 2013 Gains on sale of available for sale securities $ 224 $ 538 $ 1,507 Less: tax effect (76) (183) (512) Net gains on the sale of available for sale securities $ 148 $ 355 $ 995 Amortization of unrealized losses on securities transferred from available for sale to held to maturity $ (185) $ (246) $ (24) Less: tax effect 63 84 8 Net amortization of unrealized losses on securities transferred from available for sale to held to maturity from available for sale to held to maturity $ (122) $ (162) $ (16) |
Commitments and Contingent Liab
Commitments and Contingent Liabilities | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingent Liabilities [Abstract] | |
Commitments and Contingent Liabilities | Note 16 . 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 21 – Financial Instruments with Off-Balance Sheet Risk. |
Dividend Limitations
Dividend Limitations | 12 Months Ended |
Dec. 31, 2015 | |
Dividends Limitations [Abstract] | |
Dividend Limitations | Note 17 . Dividend Limitations Dividends may be paid to the Company by the Bank under formulas established by the appropriate regulatory authorities. Generally, the amount of dividends the Bank may pay to the Company 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. See Note 27 – Regulatory Agreements for limitations on dividends by the Company and the Bank prior to March 13, 2014. |
Regulatory Matters
Regulatory Matters | 12 Months Ended |
Dec. 31, 2015 | |
Regulatory Matters [Abstract] | |
Regulatory Matters | Note 18. 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. The Basel III Capital Rules, a new comprehensive capital framework for U.S. banking organizations, became effective for the Company and the Bank on January 1, 2015 (subject to a phase-in period for certain provisions). Quantitative measures established by the Basel III Capital Rules to ensure capital adequacy require the maintenance of minimum amounts and ratios as presented in the table below of common equity tier 1 capital (“CET1”), Tier 1 capital and Total capital (as defined in the regulations) to risk-weighted assets (as defined), and of Tier 1 capital to adjusted quarterly average assets (as defined). · The Company and the Bank’s CET1 capital includes common stock and related surplus and retained earnings. In connection with the adoption of the Basel III Capital Rules, we elected to opt-out of the requirement to include components of accumulated other comprehensive income (loss) in CET1 capital. CET1 captial for both the Company and the Bank is reduced by, goodwill, deferred tax assets, and other intangible assets, net of associated deferred tax liabilities, and subject to transition provisions. · Tier 1 capital includes CET1 capital and additional Tier 1 capital. For the Company, additional Tier 1 capital at December 31, 2015 includes $21.6 million of Series B Preferred Stock (including related surplus). At December 31, 2015, $10.0 million of qualified trust preferred securities were included in the Company’s additional Tier 1 capital. The Bank did not have any additional Tier 1 capital beyond CET1 capital as of December 31, 2015. · Total capital includes Tier 1 capital and Tier 2 capital. Tier 2 capital for both the Company and the Bank includes an allowable portion of the allowance for loan losses. Tier 2 capital for the Company also includes $20.0 million of qualified senior subordinated debt. Under regulations applicable at December 31, 2014: (1) 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; (2) 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; and (3) 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 $888.5 million and $889.6 million, respectively at December 31, 2015 and $837.1 million and $837.1 million, respectively at December 31, 2014, as determined under then applicable regulations. Management believes, as of December 31, 2015 and 2014, that the Company and the Bank met all capital adequacy requirements to which they are subject. As of December 31, 2015, 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 at December 31, 2015, an institution must maintain minimum total risk-based, CET1 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, and minimum regulatory capital requirements, as of December 31, 2015 and 2014 are also presented in the table. As of December 31, 2015: Minimum To Be Well Capitalized Under Prompt Corrective Action Provision Minimum Capital Capitalized Under Prompt Actual Requirement Corrective Action Provisions (dollars in thousands) Amount Ratio Amount Ratio Amount Ratio CET1 to risk weighted assets: Company $ 87,114 9.80% $ 39,981 4.50% N/A N/A Bank 115,813 13.02% 40,034 4.50% $ 57,827 6.50% Tier 1 capital to risk weighted assets: Company $ 112,513 12.66% $ 53,308 6.00% N/A N/A Bank 115,813 13.02% 53,378 6.00% $ 71,171 8.00% Total capital to risk weighted assets: Company $ 143,698 16.17% $ 71,077 8.00% N/A N/A Bank 126,993 14.27% 71,171 8.00% $ 88,964 10.00% Tier 1 capital to average assets: Company $ 112,513 9.20% $ 48,903 4.00% N/A N/A Bank 115,813 9.46% 48,946 4.00% $ 61,182 5.00% As of December 31, 2014: Minimum To Be Well Capitalized Under Prompt Corrective Action Provision Minimum Capital Capitalized Under Prompt Actual Requirement Corrective Action Provisions (dollars in thousands) Amount Ratio Amount Ratio Amount Ratio Tier 1 capital to risk weighted assets: Company $ 117,665 14.06% $ 33,484 4.00% N/A N/A Bank 102,799 12.28% 33,483 4.00% $ 50,224 6.00% Total capital to risk weighted assets: Company $ 128,158 15.31% $ 66,968 8.00% N/A N/A Bank 113,292 13.53% 66,965 8.00% $ 83,707 10.00% Tier 1 capital to average assets: Company $ 117,665 10.76% $ 43,729 4.00% N/A N/A Bank 102,799 9.40% 43,757 4.00% $ 54,696 5.00% |
Dividend Reinvestment and Stock
Dividend Reinvestment and Stock Purchase Plan | 12 Months Ended |
Dec. 31, 2015 | |
Dividend Reinvestment and Stock Purchase Plan [Abstract] | |
Dividend Reinvestment and Stock Purchase Plan | Note 19. 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. Beginning on August 15, 2012, the issuance of common stock under the DRIP was temporarily suspended. The Company plans to restore the plan during the second quarter of 2016. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Note 20. 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, 2015. 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, 2015 and 2014, 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, 2015 Using Quoted Prices in Significant Active Other Significant Markets for Observable Unobservable Balance at Identical Assets Inputs Inputs December 31, (dollars in thousands) (Level 1) (Level 2) (Level 3) 2015 Assets Securities available for sale Obligations of U.S. Government agencies $ - $ 9,262 $ - $ 9,262 SBA Pool securities - 63,826 - 63,826 Agency residential mortgage-backed securities - 23,903 - 23,903 Agency commercial mortgage-backed securities - 18,315 - 18,315 Agency CMO securities - 52,171 - 52,171 Non agency CMO securities - 61 - 61 State and political subdivisions - 61,405 - 61,405 Corporate securities - 2,000 - 2,000 Total securities available for sale $ - $ 230,943 $ - $ 230,943 Assets Measured at Fair Value on a Recurring Basis at December 31, 2014 Using Quoted Prices in Significant Active Other Significant Markets for Observable Unobservable Balance at Identical Assets Inputs Inputs December 31, (dollars in thousands) (Level 1) (Level 2) (Level 3) 2014 Assets Securities available for sale Obligations of U.S. Government agencies $ - $ 14,569 $ - $ 14,569 SBA Pool securities - 74,799 - 74,799 Agency residential mortgage-backed securities - 28,629 - 28,629 Agency CMO securities - 39,215 - 39,215 Non agency CMO securities - 828 - 828 State and political subdivisions - 55,926 - 55,926 FNMA and FHLMC preferred stock - 45 - 45 Total securities available for sale $ - $ 214,011 $ - $ 214,011 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 when due. 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’ 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. OREO is measured at fair value less cost to sell, based on an appraisal conducted by an independent, licensed appraiser outside of the Company using observable market data (Level 2). 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, 2015 and 2014, 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, 2015 Using Quoted Prices in Significant Active Other Significant Markets for Observable Unobservable Balance at Identical Assets Inputs Inputs December 31, (dollars in thousands) (Level 1) (Level 2) (Level 3) 2015 Assets Impaired loans $ - $ - $ 15,394 $ 15,394 Other real estate owned $ - $ - $ 520 $ 520 Assets Measured at Fair Value on a Non-Recurring Basis at December 31, 2014 Using Quoted Prices in Significant Active Other Significant Markets for Observable Unobservable Balance at Identical Assets Inputs Inputs December 31, (dollars in thousands) (Level 1) (Level 2) (Level 3) 2014 Assets Impaired loans $ - $ - $ 17,852 $ 17,852 Other real estate owned $ - $ - $ 1,838 $ 1,838 The following table displays quantitative information about Level 3 Fair Value Measurements as of December 31, 2015 and 2014: Quantitative information about Level 3 Fair Value Measurements at December 31, 2015 Fair (dollars in thousands) Value Valuation Technique(s) Unobservable Input Range (Weighted Average) Assets Impaired loans $ 15,394 Discounted appraised value Selling cost 0% - 24% ( 13% ) Discount for lack of marketability and age of appraisal 0% - 30% ( 4% ) Other real estate owned $ 520 Discounted appraised value Selling cost 10% ( 10% ) Discount for lack of marketability and age of appraisal 0% - 36% ( 5% ) Quantitative information about Level 3 Fair Value Measurements at December 31, 2014 Fair (dollars in thousands) Value Valuation Technique(s) Unobservable Input Range (Weighted Average) Assets Impaired loans $ 17,852 Discounted appraised value Selling cost 0% - 30% ( 9% ) Discount for lack of marketability and age of appraisal 0% - 35% ( 13% ) Other real estate owned $ 1,838 Discounted appraised value Selling cost 10% ( 10% ) Discount for lack of marketability and age of appraisal 0% - 22% ( 2% ) 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. The policies are carried at their cash surrender value, which approximates 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, 2015 and 2014, 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, 2015 Using Quoted Prices in Significant Active Other Significant Markets for Observable Unobservable Balance at Carrying Identical Assets Inputs Inputs December 31, (dollars in thousands) Amount (Level 1) (Level 2) (Level 3) 2015 Assets: Cash and short-term investments* $ 13,651 $ 13,651 $ - $ - $ 13,651 Interest bearing deposits with banks 18,304 18,304 - - 18,304 Securities available for sale 230,943 - 230,943 - 230,943 Securities held to maturity 29,698 - 30,575 - 30,575 Restricted securities 8,959 - 8,959 - 8,959 Loans, net 869,451 - - 871,989 871,989 Bank owned life insurance 25,099 - 25,099 - 25,099 Accrued interest receivable 4,059 - 4,059 - 4,059 Total $ 1,200,164 $ 31,955 $ 299,635 $ 871,989 $ 1,203,579 Liabilities: Noninterest-bearing demand deposits $ 174,071 $ 174,071 $ - $ - $ 174,071 Interest-bearing deposits 814,648 - 763,315 - 763,315 Short-term borrowings** 119,428 119,428 - - 119,428 Junior subordinated debt 10,310 - 9,933 - 9,933 Senior subordinated debt*** 19,022 - 19,669 - 19,669 Accrued interest payable 590 - 590 - 590 Total $ 1,138,069 $ 293,499 $ 793,507 $ - $ 1,087,006 * Includes federal funds sold ** Includes federal funds purchased and repurchase agreements. *** Net of unamortized debt issuance costs of $978 . Fair Value Measurements at December 31, 2014 Using Quoted Prices in Significant Active Other Significant Markets for Observable Unobservable Balance at Carrying Identical Assets Inputs Inputs December 31, (dollars in thousands) Amount (Level 1) (Level 2) (Level 3) 2014 Assets: Cash and short-term investments* $ 14,358 $ 14,358 $ - $ - $ 14,358 Interest bearing deposits with banks 5,272 5,272 - - 5,272 Securities available for sale 214,011 - 214,011 - 214,011 Securities held to maturity 32,163 - 33,367 - 33,367 Restricted securities 7,533 - 7,533 - 7,533 Loans, net 807,548 - - 812,429 812,429 Bank owned life insurance 24,463 - 24,463 - 24,463 Accrued interest receivable 4,013 - 4,013 - 4,013 Total $ 1,109,361 $ 19,630 $ 283,387 $ 812,429 $ 1,115,446 Liabilities: Noninterest-bearing demand deposits $ 162,328 $ 162,328 $ - $ - $ 162,328 Interest-bearing deposits 776,926 - 721,240 - 721,240 Short-term borrowings** 91,703 91,703 - - 91,703 Junior subordinated debt 10,310 - 9,100 - 9,100 Accrued interest payable 316 - 316 - 316 Total $ 1,041,583 $ 254,031 $ 730,656 $ - $ 984,687 *Includes federal funds sold **Includes federal funds purchased and repurchase agreements. 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, 2015 | |
Fair Value Disclosures [Abstract] | |
Financial Instruments with Off-Balance Sheet Risk | Note 21 . 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, t o 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 th e se 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 th o se in s truments . The Company use s 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 2015 or 2014. The amounts of loan commitments and standby letters of credit are set forth in the following table as of December 31, 2015 and 2014: December 31, (dollars in thousands) 2015 2014 Loan commitments $ 173,973 $ 142,430 Standby letters of credit $ 6,542 $ 8,004 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, 2015 and 2014, the guarantees totaled $763 thousand and $864 thousand , respectively, of which the outstanding balance of the guarantees was $212 thousand and $242 thousand, respectively . As o f December 31, 2015, 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, 2015 | |
Preferred Stock And Warrant [Abstract] | |
Preferred Stock and Warrant | Note 22 . Preferred Stock and Warrant On January 9, 2009, the Company signed a definitive agreement with 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 paid a cumulative dividend at a rate of 5% for the first five years, and effective January 9, 2014, paid a rate of 9% . As part of its purchase of the Series A Preferred Stock, the Treasury was also issued a warrant (the “Warrant”) to purchase , on its initial terms, 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 would have expired 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. Capital stock transactions by the Company subsequent to the Warrant’s issuance adjusted the Warrant’s exercise price per share to $9.374 and increased the number of shares that could have been acquired upon exercise to 384,041.19 shares. On May 13, 2015, the Company repurchased from the Treasury the Warrant for an aggregate repurchase price of $115 thousand, based on the fair value of the Warrant as agreed upon by the Company and the Treasury. Following the repurchase of the Warrant, the Treasury has no remaining equity investment in the Company. Additionally, on June 15, 2015, the Company redeemed the remaining $9.0 million of its Series A Preferred Stock. Accounting for the issuance of the Series A P referred S tock included entr ies to the equity portion of the Company’s consolidated balance sheet to recognize the Series A P referred S tock at the full amount of the issuance, the W arrant and discount on the Series A P referred S tock 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 W arrant 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 P referred S tock using a 12% discount rate was $14.4 million. The Series A P referred S tock discount determined by the allocation of discount to the W arrant was 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 P referred S tock discount and the W arrant as of January 9, 2009 is provided in the table s 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 NPV of Series A Preferred Stock 12% discount rate Relative Relative (dollars in thousands) Fair Value Value % 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 $ 15,396 100.0% $ 24,000 From February 2011 to May 2014 , the Company deferred its regularly scheduled dividend payments on its Series A Preferred Stock. Deferral of dividends on the Series A Preferred Stock did not constitute an event of default. Dividends on the Series A Preferred Stock we re, however, cumulative, and the Company had 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 . On August 15, 2014, the Company paid $5.5 million of current and all deferred but accumulated dividends on its Series A Preferred Stock. 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 . |
Former Related Party Leases
Former Related Party Leases | 12 Months Ended |
Dec. 31, 2015 | |
Former Related Party Leases [Abstract] | |
Former Related Party Leases | Note 2 3 . Former Related Party Lease The Bank has entered into a long-term land lease with a former 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 expires on April 30, 2025 with annual lease payments of approximately $8 thousand . Future minimum lease payments required over the remaining term of this non-cancelable operating lease total $77 thousand. Under the terms of the lease, the Bank has two option s to extend the lease term beyond April 30, 2025 . Total lease expense was $8 thousand for each of the years 201 5 , 201 4 and 201 3 , respectively. |
Lease Commitments
Lease Commitments | 12 Months Ended |
Dec. 31, 2015 | |
Lease Commitments [Abstract] | |
Lease Commitments | Note 24. Lease Commitments The Company currently has long-term leases for six of its branches and one loan production office. Three of the leases are for branch buildings, three of the leases are for the land on which Company owned branches are located and one lease is for a loan production office building in Chesterfield, Virginia. 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 2016 $ 478 2017 468 2018 448 2019 423 2020 431 Thereafter 2,926 $ 5,174 Rent expense for the years ended December 31, 2015, 2014 and 2013 was $508 thousand, $315 thousand and $337 thousand, respectively, and was included in occupancy and equipment expenses. |
Common Stock Repurchases
Common Stock Repurchases | 12 Months Ended |
Dec. 31, 2015 | |
Common Stock Repurchases [Abstract] | |
Common Stock Repurchases | Note 25. 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 program 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 2015, 2014 and 2013, the Company did not repurchase any of its common stock under the program. See Note 27 – Regulatory Agreements for information about restrictions on repurchases fo the Company’s common stock that applied during 2014 and 2013. |
Condensed Parent Company Only F
Condensed Parent Company Only Financial Information | 12 Months Ended |
Dec. 31, 2015 | |
Condensed Parent Company Only Financial Information [Abstract] | |
Condensed Parent Company Only Financial Information | Note 26. Condensed Parent Company Only Financial Information The condensed financial position as of December 31, 2015 and 2014 and the condensed results of operations and cash flows for each of the years in the three-year period ended December 31, 2015, of Eastern Virginia Bankshares, Inc., parent company only, are presented below: Condensed Balance Sheets December 31, 2015 and 2014 (dollars in thousands) Assets 2015 2014 Cash on deposit with subsidiary $ 14,616 $ 13,485 Investment in subsidiaries 139,166 130,409 Deferred income taxes, net 931 1,076 Other assets 2,630 1,695 Total assets $ 157,343 $ 146,665 Liabilities and Shareholders' Equity Junior subordinated debt $ 10,310 $ 10,310 Senior subordinated debt 19,022 - Accrued benefit cost 1,499 1,965 Other liabilities 237 116 Total shareholders’ equity 126,275 134,274 Total liabilities and shareholders’ equity $ 157,343 $ 146,665 Condensed Statements of Operations Years Ended December 31, 2015, 2014 and 2013 (dollars in thousands) 2015 2014 2013 Income: Interest on deposit with subsidiary $ 76 $ 132 $ 123 Total income 76 132 123 Expenses: Interest on junior subordinated debt 329 339 352 Interest on senior subordinated debt 963 - - Salaries and employee benefits 441 554 - Professional fees 475 1,683 275 Other 259 260 204 Total expenses 2,467 2,836 831 Loss before income tax benefit and equity in undistributed net income (loss) of subsidiary (2,391) (2,704) (708) Income tax benefit (800) (516) (241) Loss before equity in undistributed net income (loss) of subsidiary (1,591) (2,188) (467) Equity in undistributed net income (loss) of subsidiary 8,885 7,852 (2,165) Net income (loss) $ 7,294 $ 5,664 $ (2,632) Condensed Statements of Cash Flows Years Ended December 31, 2015, 2014 and 2013 (dollars in thousands) 2015 2014 2013 Operating activities: Net income (loss) $ 7,294 $ 5,664 $ (2,632) Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities: Equity in undistributed net (income) loss of subsidiary (8,885) (7,852) 2,165 Stock based compensation 248 100 32 Amortization of debt issuance costs 64 - - Net change in: Deferred income taxes - 1 - Other assets (935) (302) 194 Other liabilities 108 (977) 273 Net cash (used in) provided by operating activities (2,106) (3,366) 32 Investing activities: Increase in investment in subsidiary - (2,400) (13,000) Net cash (used in) investing activities - (2,400) (13,000) Financing activities: Senior subordinated debt 20,000 - - Debt issuance costs (1,042) - - Director stock grant 38 38 32 Net proceeds from issuance of common stock in private placements and rights offering - - 23,550 Net proceeds from issuance of preferred stock, Series B, in private placements - - 21,560 Repurchase of preferred stock, Series A (14,000) (10,000) - Repurchase of common stock (1) - - Repurchase of warrant (115) - - Dividends paid - preferred stock, Series A (547) (5,955) - Dividends paid - preferred stock, Series B (315) - - Dividends paid - common stock (781) - - Net cash provided by (used in) financing activities 3,237 (15,917) 45,142 Net increase (decrease) in cash on deposit with subsidiary 1,131 (21,683) - 32,174 Cash on deposit with subsidiary, January 1 13,485 - 35,168 - 2,994 Cash on deposit with subsidiary, December 31 $ 14,616 $ 13,485 $ 35,168 |
Regulatory Agreements
Regulatory Agreements | 12 Months Ended |
Dec. 31, 2015 | |
Regulatory Agreements [Abstract] | |
Regulatory Agreements | Note 27. Regulatory Agreements The Company and the Bank were formerly parties to formal and informal agreements with federal and state banking regulators, as summarized below. These agreements were terminated prior to December 31, 2015 and 2014. On February 17, 2011, the Company 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 Company and the Bank entered into a memorandum of understanding, or MOU, with the Reserve Bank and the Bureau. The MOU was terminated effective March 13, 2014. Under the terms of the MOU, the Company and the Bank had agreed that the Company 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 Company’s trust preferred securities; (b) incur or guarantee any debt; or (c) purchase or redeem any shares of the Company’s stock. In addition, under the MOU the Company 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. |
Capital Raise
Capital Raise | 12 Months Ended |
Dec. 31, 2015 | |
Capital Raise [Abstract] | |
Capital Raise | Note 28. 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 22 - 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, 2 013, the Company closed on its Rights O ffering 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 co mmon stock. . |
Low Income Housing Tax Credits
Low Income Housing Tax Credits | 12 Months Ended |
Dec. 31, 2015 | |
Low Income Housing Tax Credits [Abstract] | |
Low Income Housing Tax Credits | Note 29. Low Income Housing Tax Credits The Company has invested in four separate housing equity funds at December 31, 2015. The general purpose of these funds is to encourage and assist participants in investing in low-income residential rental properties located in the Commonwealth of Virginia, develop and implement strategies to maintain projects as low-income housing, deliver Federal Low Income Housing Credits to investors, allocate tax losses and other possible tax benefits to investors, and to preserve and protect project assets. The investments in these funds were recorded as other assets on the consolidated balance sheets and were $2.8 million and $2.2 million at December 31, 2015 and 2014, respectively. These investments and related tax benefits have expected terms through 2032, with the majority maturing by 2027. Tax credits and other tax benefits recognized related to these investments during the years ended December 31, 2015 and 2014 were $478 thousand and $379 thousand, respectively. Total projected tax credits to be received for 2015 are $324 thousand, which is based on the most recent quarterly estimates received from the funds. Additional capital calls expected for the funds totaled $1.0 million and $35 thousand at December 31, 2015 and 2014, respectively, and are included in other liabilities on the consolidated balance sheets. |
Summary of Significant Accoun40
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | Principles of Consolidation The accompanying consolidated financial statements include the accounts of the Company, the Bank and its subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. In addition, the Company owns the Trust which is an unconsolidated subsidiary. The subordinated debt owed to the Trust is reported as a liability of the Company. |
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 ope rations on December 29, 1997. The Company conduct s 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. Additionally, the Company acquired Virginia Company Bank (“ VCB ”) (see Note 2 – Business Combinations) on November 14, 2014 and merged VCB with and into the Bank, with the Bank surviving , thus adding three additional branches to the Bank located in Newport News, Williamsburg and Hampton, respectively. The Bank provides a full range of banking and related financial services to individuals and businesses through its network of retail branches. With twenty-four 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, Northumberland, Southampton, Surry, Sussex, and the c it ies of Colonial Heights , Hampton, Newport News, Richmond and Williamsburg . The Bank also operates a loan production office in Chesterfield County, Virginia, that the Bank opened during the second quarter of 2014. 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 Board”). The Bank owns EVB Financial Services, Inc., which in turn has a 100% ownership interest in EVB Investments, Inc. EVB Investments, Inc. is a full-service brokerage firm offering a comprehensive range of investm ent services. On May 15, 2014, the Bank acquired a 4.9% ownership interest in Southern Trust Mortgage, LLC. Pursuant to an independent contractor agreement with Southern Trust Mortgage, LLC, 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 three retail branches in the Company’s market area and access to office equipment at these locations during normal business hours. For its services, the Company receives fixed monthly compensation from Southern Trust Mortgage, LLC in the amount of $2 thousand, which is adjustable on a quarterly basis. The B ank had a 75% ownership interest in EVB Title, LLC, which primarily s old title insurance to the mortgage loan customers o f the Bank and EVB Mortgage, LLC . Effective January 2014 , the Bank ceased operations of EVB Title, LLC due to low volume and profitability. On October 1, 2014, the Bank acquired a 6.0% ownership interest in Bankers Title, LLC. Bankers Title, LLC is a multi-bank owned title agency providing a full range of title insurance settlement and related financial services. The Bank has a 2.87% ownership interest 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 subsid iaries are not significant to the Company as a whole and are not conside red 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 (or “OREO”), 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 201 5 presentation. These reclassification s 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, 201 5 and 2014 , respectively, 39.6% and 42.3% 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, 201 5 and 201 4 , the Company had $ 20.0 million and $24.8 million of loans to the hospitality industry (hotels, motels, inns, etc.). These amounts represent 5.4% and 7.7% of the Company’s total commercial real estate loans and 15.7% and 21.9% of the Bank’s total risk-based capital at December 31, 2015 and 2014, respectively. These concentrations of loans did not exceed 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 4 - Loans 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 indus try or to any one issuer. Note 3 – Investment Securities discusses the Company’s investment activities. At December 31, 2015 and 20 1 4 , the Company’s cash and due fro m banks included t hree 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 $7.3 million, respectively . |
Business Combination | Business Combination On November 14, 2014, the Company acquired VCB. The acquisition was accounted for using the acquisition method of accounting. Under this method, assets and liabilities of VCB were recorded at their respective fair values as of November 14, 2014. These fair values were preliminary and subject to refinement for up to one year after the closing date of the acquisition (the “Measurement Period”), or until November 14, 2015, as information relative to the closing date fair values became available. The Company’s financial position and results of operations as of and for the year s ended December 31, 201 5 and 2014 include assets acquired and liabilities assumed from VCB that remain on the Company’s balance sheet as of December 31, 201 5 and results of operations generated by these assets and liabilities from November 14, 2014 forward . No adjustments were made to the preliminary fair values during the Measurement Period . See Note 2 —Business Combinations for additional information regarding the acquisition of VCB. |
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 reserve requirements of $1.4 million and $1.8 million with the Reserve Bank for December 31, 2015 and 2014, respectively. These reserve requirements were covered by internal holdings. |
Investment Securities | Investment 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 investment securities until maturity. Management determines the appropriate classification of investment securities at the time of purchase, subject to any subsequent change in our intent and ability to hold the securities until maturity. 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 accumulated other comprehensive income (loss). 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 (loss). 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 loa ns 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 ha s 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 a nd recognized as an adjustment to the yield (interest income) of the related loan s . The Company is amortizing these amounts over the contractual life of the related loans. The Company occasionally purchases loans outside of a business combination. These loans are reviewed with the same scrutiny as originated loans and any discounts or premiums are amortized as a yield adjustment over the remaining life of the 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. A loan (including a troubled debt restructuring or “ TDR ” ) may be returned to accrual status if the borrower has demonstrated a sustained period of repayment performance (typically six months) in accordance with the contractual terms of the loan and there is reasonable assurance the borrower will continue to make payments as agreed. 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 outstandi ng 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 TDRs as noted below. The Company maintains a valuation allowance to the extent that the measure of the impaired loan is less than the recorded investment. A loan is accounted for as a TDR if the Company, for economic or legal reasons related to a deterioration in 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. At the time of a TDR, the loan is placed on non-accrual status. A loan may be returned to accrual status if the borrower has demonstrated a sustained period of repayment performance (typically six months) in accordance with the contractual terms of the loan and there is reasonable assurance the borrower will continue to make payments as agreed. As of December 31, 2015 and 2014, the Company had $16.8 million and $18.7 million of loans classified as TDRs. |
Loans Acquired in a Business Combination | Loans Acquired in a Business Combination The Company accounts for loans acquired in a business combination, such as the Company’s acquisition of VCB, in accordance with the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 805, “ Business Combinations .” Accordingly, acquired loans are segregated between purchased credit-impaired (“PCI”) loans and purchased performing loans and are recorded at fair value on the date of acquisition without the carryover of the related allowance for loan losses. PCI loans are those for which there is evidence of credit deterioration since origination and for which it is probable at the date of acquisition that the Company will not collect all contractually required principal and interest payments. When determining fair market value, PCI loans were aggregated into pools of loans based on common characteristics as of the date of acquisition such as loan type, date of origination, and evidence of credit quality deterioration such as internal risk grades and past due and nonaccrual status. The Company estimates the amount and timing of expected cash flows for each loan or pool, and the expected cash flows in excess of amount paid is recorded as interest income over the remaining life of the loan or pool (accretable yield). The excess of the loan’s or pool’s contractual principal and interest over expected cash flows is not recorded (nonaccretable difference). Over the life of the loan or pool, expected cash flows continue to be estimated. If the present value of expected cash flows is less than the carrying amount, a loss is recorded as a provision for loan losses. If the present value of expected cash flows is greater than the carrying amount, it is recognized as part of future interest income. Loans not designated PCI loans as of the acquisition date are designated purchased performing loans. The Company accounts for purchased performing loans using the contractual cash flows method of recognizing discount accretion based on the acquired loans’ contractual cash flows. Purchased performing loans are recorded at fair value, including a credit discount. The fair value discount is accreted as an adjustment to yield over the estimated lives of the loans. There is no allowance for loan losses established at the acquisition date for purchased performing or PCI loans. A provision for loan losses is recorded for any deterioration in these loans subsequent to the acquisition. |
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. 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 performed pursuant to either 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 resid ential, 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 , are greater than 90 days past due and accruing interest or considered impaired . 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 fair value of the property, less estimated disposal costs, if any. Cost includes loan principal and accrued interest. Any excess of cost over the fair value less costs to sell at the time of acquisition is charged to the allowance for loan losses. The fair value is reviewed periodically by management and any write-downs are charged against current earnings. Development and improvement costs relating to the 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 if, based on an assessment of qualitative factors related to goodwill, the Company determines that it is more likely than not that the fair value of goodwill is less than its carrying amount. If the likelihood of impairment is more than 50 percent, the Company must perform a test for impairment and may be required to record the impairment changes. In assessing the recoverability of the Company’s goodwill, which was recognized in connection with the acquisition o f branches in 2003 and 2008 and the acquisition of VCB in 2014, 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 suc h impairment could be material. The Company has elected to bypass the preliminary assessment and conduct a full goodwill impairment analysis on an annual basis through the use of an independent third party specialist. The Company has completed the annual goodwill impairment test during the fourth quarter of each yea r (as of September 30 of that year). Based on annual testing, there were no impairment charges in 201 5 , 201 4 or 20 1 3 . During the third quarter of 2010, the Company sold certain one to four family residential mortgage loans and retained the right to service the loans sold. Upon sale, a mortgage servicing rights asset wa s capitalized in the amount of $214 thousand , which represents the then current fair value of future net cash flows expected to be realized for p erforming servicing activities. Mortgage servicing rights are amortized in proportion to and over the period of estimated net servicing income, which is 4 years. As of December 31, 2014 the balance of mortgage servicing rights had been fully amortized. 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. Total loan servicing income amounted to $ 19 thousand , $37 thousand and $35 thousand for the years ended December 31, 2015, 2014 and 2013, 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 statement s o f operations. The Company did no t have any uncertain tax positions for the periods ending December 31, 2015 , 201 4 or 20 1 3 . |
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 base d on the lump sum value of his or her accrued benefit as of December 31, 2011 in the original defined benefit p en s ion 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 10 – Employee Benefit Plans. |
Stock Compensation Plans | Stock Compensation Plans At December 31, 2015 , the Company had equity awards outstanding under two stock based compensation plans . The Company accounts for these plans under the provi sions 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 1 4 – 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 20 - 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. |
Net Income (Loss) Per Common Share | Net Income (Loss) Per Common Share The Company applies the two-class method of computing basic and diluted net income (loss) per common share. Under the two-class method, net income per common (loss) share is determined for each class of common stock and participating security according to dividends declared and participation rights in undistributed earnings. Based on FASB guidance, the Company considers its Series B Preferred Stock to be a participating security. FASB guidance requires that all outstanding unvested share-based payment awards that contain rights to nonforfeitable dividends participate in undistributed earnings with common shareholders. Accordingly, the weighted average number of shares of the Company’s common stock used in the calculation of basic and diluted net income (loss) per common share includes unvested shares of the Company’s common stock outstanding. Potential common shares that may be issued by the Company relate to outstanding stock options and the Company’s Series B Preferred Stock, and are determined usin g the treasury method. Net income (loss) per common share calculations are presented in Note 1 2 – Net Income (Loss) Per Common Share . |
Advertising Costs | Advertising Costs The Company charges advertising costs to expense as incurred. Advertising expense totaled $984 thousand , $748 thousand and $602 thousand for the years ended December 31, 2015, 2014 and 2013, 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 securities available for sale 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 June 2014, the FASB issued Accounting Standards Update (“ASU”) 2014-11, “Transfers and Servicing (Topic 860): Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures.” This ASU aligns the accounting for repurchase-to-maturity transactions and repurchase agreements executed as a repurchase financing with the accounting for other typical repurchase agreements. The new guidance eliminates sale accounting for repurchase-to-maturity transactions and supersedes the guidance under which a transfer of a financial asset and a contemporaneous repurchase financing could be accounted for on a combined basis as a forward agreement. The amendments in the ASU also require a new disclosure for transactions economically similar to repurchase agreements in which the transferor retains substantially all of the exposure to the economic return on the transferred financial assets throughout the term of the transaction. Additional disclosures will be required for the nature of collateral pledged in repurchase agreements and similar transactions accounted for as secured borrowings. The amendments in this ASU are effective for the first interim or annual period beginning after December 15, 2014. However, the disclosure for transactions accounted for as secured borrowings is required to be presented for annual periods beginning after December 15, 2014, and interim periods beginning after March 15, 2015. Early adoption is not permitted. The adoption of the new guidance did not have a material impact on the Company’s consolidated financial statements. In April 2015, the FASB issued ASU 2015-03, “Interest – Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs.” The amendments in this ASU are intended to simplify the presentation of debt issuance costs. These amendments require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected by the amendments in this ASU. The amendments in this ASU are effective for public business entities for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. Early adoption is permitted for financial statements that have not been previously issued, and as such, the Company adopted ASU 2015-03 in the second quarter of 2015. The adoption of the new guidance did not have a material impact on the Company’s consolidated financial statements. In May 2015, the FASB issued ASU 2015-08, “Business Combinations (Topic 805): Pushdown Accounting – Amendments to SEC Paragraphs Pursuant to Staff Accounting Bulletin No. 115.” The amendments in ASU 2015-08 amend various SEC paragraphs pursuant to the issuance of Staff Accounting Bulletin No. 115, Topic 5: Miscellaneous Accounting, regarding various pushdown accounting issues, and did not have a material impact on the Company’s consolidated financial statements. New Accounting Standards Not Yet Adopted: In June 2014, the FASB issued ASU 2014-12, “Compensation – Stock Compensation (Topic 718): Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period.” The new guidance applies to reporting entities that grant employees share-based payments in which the terms of the award allow a performance target to be achieved after the requisite service period. The amendments in the ASU require that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition. Existing guidance in “Compensation – Stock Compensation (Topic 718)” should be applied to account for these types of awards. The amendments in this ASU are effective for annual periods and interim periods within those annual periods beginning after December 15, 2015. Early adoption is permitted, and reporting entities may choose to apply the amendments in the ASU either on a prospective or retrospective basis. The Company is currently assessing the impact that ASU 2014-12 will have on its consolidated financial statements. In August 2014, the FASB issued ASU 2014-15, “Presentation of Financial Statements – Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern.” This update is intended to provide guidance about management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern and to provide related footnote disclosures. Management is required under the new guidance to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the entity’s ability to continue as a going concern within one year after the date the financial statements are issued when preparing financial statements for each interim and annual reporting period. If conditions or events are identified, the ASU specifies the process that must be followed by management and also clarifies the timing and content of going concern footnote disclosures in order to reduce diversity in practice. The amendments in this ASU are effective for annual periods and interim periods within those annual periods beginning after December 15, 2016. Early adoption is permitted. The Company does not expect the adoption of ASU 2014-15 to have a material impact on its consolidated financial statements. In January 2015, the FASB issued ASU 2015-01, “Income Statement—Extraordinary and Unusual Items (Subtopic 225-20): Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items.” The amendments in this ASU eliminate from U.S. GAAP the concept of extraordinary items. Subtopic 225-20, Income Statement - Extraordinary and Unusual Items, required that an entity separately classify, present, and disclose extraordinary events and transactions. Presently, an event or transaction is presumed to be an ordinary and usual activity of the reporting entity unless evidence clearly supports its classification as an extraordinary item. If an event or transaction meets the criteria for extraordinary classification, an entity is required to segregate the extraordinary item from the results of ordinary operations and show the item separately in the income statement, net of tax, after income from continuing operations. The entity also is required to disclose applicable income taxes and either present or disclose earnings-per-share data applicable to the extraordinary item. The amendments in this ASU are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. Early adoption is permitted provided that the guidance is applied from the beginning of the fiscal year of adoption. The Company does not expect the adoption of ASU 2015-01 to have a material impact on its consolidated financial statements. In February 2015, the FASB issued ASU 2015-02, “Consolidation (Topic 810): Amendments to the Consolidation Analysis.” The amendments in this ASU are intended to improve targeted areas of consolidation guidance for legal entities such as limited partnerships, limited liability corporations, and securitization structures (collateralized debt obligations, collateralized loan obligations, and mortgage-backed security transactions). In addition to reducing the number of consolidation models from four to two, the new standard simplifies the FASB ASC and improves current U.S. GAAP by placing more emphasis on risk of loss when determining a controlling financial interest, reducing the frequency of the application of related-party guidance when determining a controlling financial interest in a variable interest entity (“VIE”), and changing consolidation conclusions for public and private companies in several industries that typically make use of limited partnerships or VIEs. The amendments in this ASU are effective for public business entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. Early adoption is permitted, including adoption in an interim period. ASU 2015-02 may be applied retrospectively in previously issued financial statements for one or more years with a cumulative-effect adjustment to retained earnings as of the beginning of the first year restated. The Company does not expect the adoption of ASU 2015-02 to have a material impact on its consolidated financial statements. In April 2015, the FASB issued ASU 2015-05, “Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement.” The amendments in this ASU provide guidance to customers regarding cloud computing arrangements that include a software license. If a cloud computing arrangement includes a software license, then the customer should account for the software license element of the arrangement consistent with the acquisition of other software licenses. If a cloud computing arrangement does not include a software license, the customer should account for the arrangement as a service contract. The amendments do not change the accounting for a customer’s accounting for service contracts. As a result of the amendments, all software licenses within the scope of Subtopic 350-40 will be accounted for consistent with other licenses of intangible assets. The amendments in this ASU are effective for public business entities for annual periods, including interim periods within those annual periods, beginning after December 15, 2015. Early adoption is permitted. An entity can elect to adopt the amendments either: (1) prospectively to all arrangements entered into or materially modified after the effective date; or (2) retrospectively. The Company is currently assessing the impact that ASU 2015-05 will have on its consolidated financial statements. In July 2015, the FASB issued ASU 2015-12, “Plan Accounting: Defined Benefit Pension Plans (Topic 960), Defined Contribution Pension Plans (Topic 962), and Health and Welfare Benefit Plans (Topic 965) – 1. Fully Benefit-Responsive Investment Contracts, 2. Plan Investment Disclosures, and 3. Measurement Date Practical Expedient.” The amendments within this ASU are in 3 parts. Among other things, Part I amendments designate contract value as the only required measure for fully benefit-responsive investment contracts; Part II amendments eliminate the requirement that plans disclose: (a) individual investments that represent 5 percent or more of net assets available for benefits; and (b) the net appreciation or depreciation for investments by general type requirements for both participant-directed investments and nonparticipant-directed investments. Part III amendments provide a practical expedient to permit plans to measure investments and investment-related accounts (e.g., a liability for a pending trade with a broker) as of a month-end date that is closest to the plan’s fiscal year-end, when the fiscal period does not coincide with month-end. The amendments in Parts I and II of this ASU are effective on a retrospective basis and Part III is effective on a prospective basis, for fiscal years beginning after December 15, 2015. Early adoption is permitted. The Company is currently assessing the impact that ASU 2015-12 will have on its consolidated financial statements. In August 2015, the FASB issued ASU 2015-14, “Revenue from Contracts with Customers (Topic 606): Deferral of Effective Date.” The amendments in ASU 2015-14 defer the effective date of ASU 2014-09 for all entities by one year. Public business entities, certain not-for-profit entities, and certain employee benefit plans should apply the guidance in ASU 2014-09 to annual reporting periods beginning after December 15, 2017, including interim reporting periods within that reporting period. Earlier application is permitted only for annual reporting periods beginning after December 15, 2016, including interim reporting periods within that reporting period. All other entities should apply the guidance in ASU 2014-09 to annual reporting periods beginning after December 15, 2018, and interim reporting periods within annual reporting periods beginning after December 15, 2019. All other entities may apply the guidance in ASU 2014-09 earlier to an annual reporting period beginning after December 15, 2016, including interim reporting periods within that reporting period. All other entities also may apply the guidance in ASU 2014-09 earlier to an annual reporting period beginning after December 15, 2016, and interim reporting periods within annual reporting periods beginning one year after the annual reporting period in which the entity first applies the guidance in ASU 2014-09. The Company does not expect the adoption of ASU 2015-14 (or ASU 2014-09) to have a material impact on its consolidated financial statements. In August 2015, the FASB issued ASU 2015-15, “Interest – Imputation of Interest (Subtopic 835-30) – Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements (Amendments to SEC Paragraphs Pursuant to Staff Announcement at June 18, 2015 EITF Meeting).” On April 7, 2015, the FASB issued ASU 2015-03, Interest—Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs, which requires entities to present debt issuance costs related to a recognized debt liability as a direct deduction from the carrying amount of that debt liability. The guidance in ASU 2015-03 (see paragraph 835-30-45-1A) does not address presentation or subsequent measurement of debt issuance costs related to line-of-credit arrangements. Given the absence of authoritative guidance within ASU 2015-03 for debt issuance costs related to line-of-credit arrangements, the SEC staff stated that they would not object to an entity deferring and presenting debt issuance costs as an asset and subsequently amortizing the deferred debt issuance costs ratably over the term of the line-of-credit arrangement, regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. ASU 2015-15 adds these SEC comments to the "S" section of the ASC. The Company does not expect the adoption of ASU 2015-15 to have a material impact on its consolidated financial statements. In September 2015, the FASB issued ASU 2015-16, “Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments.” The amendments in ASU 2015-16 require that an acquirer recognize adjustments to estimated amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. The amendments require that the acquirer record, in the same period’s financial statements, the effect on earnings of changes in depreciation, amortization, or other income effects, if any, as a result of the change to the estimated amounts, calculated as if the accounting had been completed at the acquisition date. The amendments also require an entity to present separately on the face of the income statement or disclose in the notes the portion of the amount recorded in current-period earnings by line item that would have been recorded in previous reporting periods if the adjustment to the estimated amounts had been recognized as of the acquisition date. The amendments in this ASU are effective for public business entities for fiscal years beginning after December 15, 2015, including interim periods within those fiscal years. For all other entities, the amendments are effective for fiscal years beginning after December 15, 2016, and interim periods within fiscal years beginning after December 15, 2017. The amendments should be applied prospectively to adjustments to provisional amounts that occur after the effective date with earlier application permitted for financial statements that have not been issued. The Company does not expect the adoption of ASU 2015-16 to have a material impact on its consolidated financial statements. In January 2016, the FASB issued ASU 2016-01, “Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities.” The amendments in ASU 2016-01, among other things: 1) requires equity investments (except those accounted for under the equity method of accounting, or those that result in consolidation of the investee) to be measured at fair value with changes in fair value recognized in net income; 2) requires public business entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes; 3) requires separate presentation of financial assets and financial liabilities by measurement category and form of financial asset (i.e., securities or loans and receivables); and 4) eliminates the requirement for public business entities to disclose the method(s) and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost. The amendments in this ASU are effective for public companies for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. The Company is currently assessing the impact that ASU 201 6 - 0 1 will have on its consolidated financial statements. In February 2016, the FASB issued ASU No. 2016-01, “Leases (Topic 842).” Among other things, in the amendments in ASU 2016-02, lessees will be required to recognize the following for all leases (with the exception of short-term leases) at the commencement date: 1) A lease liability, which is a lessee‘s obligation to make lease payments arising from a lease, measured on a discounted basis; and 2) A right-of-use asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term. Under the new guidance, lessor accounting is largely unchanged. Certain targeted improvements were made to align, where necessary, lessor accounting with the lessee accounting model and Topic 606, Revenue from Contracts with Customers. The amendments in this ASU are effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early application is permitted upon issuance. Lessees (for capital and operating leases) and lessors (for sales-type, direct financing, and operating leases) must apply a modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. The modified retrospective approach would not require any transition accounting for leases that expired before the earliest comparative period presented. Lessees and lessors may not apply a full retrospective transition approach. The Company is currently assessing the impact that ASU 2016-02 will have on its consolidated financial statements. |
Business Combinations (Tables)
Business Combinations (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The following table details the total consideration paid by the Company on November 14, 2014 in connection with the acquisition of VCB, the fair values of the assets acquired and liabilities assumed, and the resulting goodwill. As Recorded As Recorded Fair Value by the (dollars in thousands) by VCB Adjustments Company Consideration paid: Cash $ 6,688 EVBS common stock 6,676 Total consideration paid $ 13,364 Identifiable assets acquired: Cash and due from banks $ 1,377 $ - $ 1,377 Interest bearing deposits with banks 249 - 249 Securities available for sale, at fair value 11,277 - 11,277 Restricted securities, at cost 557 - 557 Loans 103,791 (2,322) 101,469 Deferred income taxes - 3,513 3,513 Bank premises and equipment 7,020 (1,044) 5,976 Accrued interest receivable 344 - 344 Other real estate owned 211 (108) 103 Core deposit intangible - 1,010 1,010 Bank owned life insurance 2,742 - 2,742 Other assets 243 - 243 Total identifiable assets acquired 127,811 1,049 128,860 Identifiable liabilities assumed: Noninterest-bearing demand accounts 18,797 - 18,797 Interest-bearing deposits 85,791 (149) 85,642 Federal funds purchased and repurchase agreements 3,119 - 3,119 Federal Home Loan Bank advances 8,650 - 8,650 Accrued interest payable 30 - 30 Other liabilities 373 - 373 Total identifiable liabilities assumed 116,760 (149) 116,611 Net identifiable assets acquired $ 11,051 $ 1,198 $ 12,249 Goodwill resulting from acquisition $ 1,115 |
Business Acquisition, Pro Forma Information | Additionally, the Company expects to achieve further operational cost savings and other efficiencies as a result of the acquisition which are not reflected in the unaudited pro forma amounts below: Unaudited Unaudited Unaudited Pro Forma Pro Forma Pro Forma Twelve Months Ended Twelve Months Ended Twelve Months Ended December 31, December 31, December 31, (dollars in thousands) 2015 2014 2013 Net interest income $ 42,375 $ 41,548 $ 38,642 Net income (loss) 7,518 5,724 (2,941) |
PCI Loan [Member] | |
Schedule of Credit Impaired Loans | At November 14, 2014, the gross contractual amounts receivable and the fair value for the purchased performing loans were $116.6 million and $93.7 million respectively, while the estimated cash flows not expected to be collected were approximately $2.0 million. Information about the PCI loan portfolio at November 14, 2014 is as follows: November 14, (dollars in thousands) 2014 Contractual principal and interest due $ 9,977 Nonaccretable difference 937 Expected cash flows 9,040 Accretable yield 1,185 Purchase credit impaired loans - estimated fair value $ 7,855 |
Investment Securities (Tables)
Investment Securities (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Investment Securities [Abstract] | |
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 investment securities at December 31, 2015 and 2014 were as follows: (dollars in thousands) December 31, 2015 Gross Gross Amortized Unrealized Unrealized Fair Available for Sale: Cost Gains Losses Value Obligations of U.S. Government agencies $ 9,404 $ - $ 142 $ 9,262 SBA Pool securities 64,866 25 1,065 63,826 Agency residential mortgage-backed securities 24,250 7 354 23,903 Agency commercial mortgage-backed securities 18,503 - 188 18,315 Agency CMO securities 52,870 130 829 52,171 Non agency CMO securities* 61 - - 61 State and political subdivisions 61,604 303 502 61,405 Corporate securities 2,000 - - 2,000 Total $ 233,558 $ 465 $ 3,080 $ 230,943 * The combined unrealized gains on these securities was less than $1 . (dollars in thousands) December 31, 2014 Gross Gross Amortized Unrealized Unrealized Fair Available for Sale: Cost Gains Losses Value Obligations of U.S. Government agencies $ 14,991 $ - $ 422 $ 14,569 SBA Pool securities 76,469 70 1,740 74,799 Agency residential mortgage-backed securities 28,740 208 319 28,629 Agency CMO securities 39,343 302 430 39,215 Non agency CMO securities 820 11 3 828 State and political subdivisions 55,877 510 461 55,926 FNMA and FHLMC preferred stock 7 38 - 45 Total $ 216,247 $ 1,139 $ 3,375 $ 214,011 (dollars in thousands) December 31, 2015 Net Unrealized Losses Gross Gross Amortized Recorded Carrying Unrealized Unrealized Fair Cost in AOCI* Value Gains Losses Value Held to Maturity: Agency CMO securities $ 11,430 $ 59 $ 11,371 $ 305 $ - $ 11,676 State and political subdivisions 18,807 480 18,327 572 - 18,899 Total $ 30,237 $ 539 $ 29,698 $ 877 $ - $ 30,575 * Represents the net unrealized holding loss at the date of transfer from available for sale to held to maturity, net of any accretion. (dollars in thousands) December 31, 2014 Net Unrealized Losses Gross Gross Amortized Recorded Carrying Unrealized Unrealized Fair Cost in AOCI* Value Gains Losses Value Held to Maturity: Agency CMO securities $ 12,073 $ 80 $ 11,993 $ 294 $ - $ 12,287 State and political subdivisions 20,814 644 20,170 928 18 21,080 Total $ 32,887 $ 724 $ 32,163 $ 1,222 $ 18 $ 33,367 *Represents the net unrealized holding loss at the date of transfer from available for sale to held to maturity, net of any accretion. |
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 investment securities at December 31, 201 5 , 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. (dollars in thousands) December 31, 2015 Available for Sale: Amortized Cost Fair Value Due in one year or less $ 61 $ 61 Due after one year through five years 75,966 75,382 Due after five years through ten years 143,669 141,798 Due after ten years 13,862 13,702 Total $ 233,558 $ 230,943 (dollars in thousands) December 31, 2015 Held to Maturity: Carrying Value Fair Value Due in one year or less $ - $ - Due after one year through five years 24,104 24,855 Due after five years through ten years 4,847 4,968 Due after ten years 747 752 Total $ 29,698 $ 30,575 |
Securities in Unrealized Loss Position by Duration of Period of Unrealized Loss | Securities in an unrealized loss position at December 31, 201 5 , by duration of the period of the unrealized loss, are shown below: December 31, 2015 (dollars in thousands) Less than 12 months 12 months or more Total Fair Unrealized Fair Unrealized Fair Unrealized Description of Securities Value Loss Value Loss Value Loss Obligations of U.S. Government agencies $ 4,848 $ 58 $ 4,414 $ 84 $ 9,262 $ 142 SBA Pool securities 19,573 180 39,700 885 59,273 1,065 Agency residential mortgage-backed securities 9,370 104 9,341 250 18,711 354 Agency commercial mortgage-backed securities 18,315 188 - - 18,315 188 Agency CMO securities 34,075 596 6,340 233 40,415 829 State and political subdivisions 31,415 408 3,840 94 35,255 502 Total $ 117,596 $ 1,534 $ 63,635 $ 1,546 $ 181,231 $ 3,080 Securities in an unrealized loss position at December 31, 201 4 , by duration of the period of the unrealized loss, are shown below: December 31, 2014 (dollars in thousands) Less than 12 months 12 months or more Total Fair Unrealized Fair Unrealized Fair Unrealized Description of Securities Value Loss Value Loss Value Loss Obligations of U.S. Government agencies $ - $ - $ 14,587 $ 422 $ 14,587 $ 422 SBA Pool securities 3,520 73 63,290 1,667 66,810 1,740 Agency residential mortgage-backed securities - - 15,343 319 15,343 319 Agency CMO securities 5,140 34 16,478 396 21,618 430 Non agency CMO securities 281 3 44 - 325 3 State and political subdivisions 3,663 36 21,509 443 25,172 479 Total $ 12,604 $ 146 $ 131,251 $ 3,247 $ 143,855 $ 3,393 |
Loan Portfolio (Tables)
Loan Portfolio (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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: December 31, 2015 December 31, 2014 (dollars in thousands) Amount Percent Amount Percent Commercial, industrial and agricultural $ 98,828 11.22% $ 85,119 10.37% Real estate - one to four family residential: Closed end first and seconds 232,826 26.43% 236,761 28.86% Home equity lines 116,309 13.20% 110,100 13.42% Total real estate - one to four family residential 349,135 39.63% 346,861 42.28% Real estate - multifamily residential 29,672 3.37% 25,157 3.07% Real estate - construction: One to four family residential 19,495 2.21% 19,698 2.40% Other construction, land development and other land 46,877 5.32% 35,591 4.34% Total real estate - construction 66,372 7.53% 55,289 6.74% Real estate - farmland 11,418 1.30% 9,471 1.15% Real estate - non-farm, non-residential: Owner occupied 187,224 21.27% 157,745 19.22% Non-owner occupied 104,456 11.86% 104,827 12.77% Total real estate - non-farm, non-residential 291,680 33.13% 262,572 31.99% Consumer 19,993 2.27% 15,919 1.94% Other 13,680 1.55% 20,181 2.46% Total loans 880,778 100.00% 820,569 100.00% Less allowance for loan losses (11,327) (13,021) Loans, net $ 869,451 $ 807,548 |
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, 2015 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 $ 149 $ - $ 193 $ 342 $ 98,486 $ 98,828 Real estate - one to four family residential: Closed end first and seconds 2,748 1,322 4,647 8,717 224,109 232,826 Home equity lines 1,166 - 250 1,416 114,893 116,309 Total real estate - one to four family residential 3,914 1,322 4,897 10,133 339,002 349,135 Real estate - multifamily residential - - - - 29,672 29,672 Real estate - construction: One to four family residential 11 - 89 100 19,395 19,495 Other construction, land development and other land - - - - 46,877 46,877 Total real estate - construction 11 - 89 100 66,272 66,372 Real estate - farmland - - - - 11,418 11,418 Real estate - non-farm, non-residential: Owner occupied 1,637 - 624 2,261 184,963 187,224 Non-owner occupied - - 676 676 103,780 104,456 Total real estate - non-farm, non-residential 1,637 - 1,300 2,937 288,743 291,680 Consumer 377 4 - 381 19,612 19,993 Other - - - - 13,680 13,680 Total loans $ 6,088 $ 1,326 $ 6,479 $ 13,893 $ 866,885 $ 880,778 * 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, 2014 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 $ 278 $ 6 $ 373 $ 657 $ 84,462 $ 85,119 Real estate - one to four family residential: Closed end first and seconds 5,515 1,123 1,247 7,885 228,876 236,761 Home equity lines 366 - 360 726 109,374 110,100 Total real estate - one to four family residential 5,881 1,123 1,607 8,611 338,250 346,861 Real estate - multifamily residential - - - - 25,157 25,157 Real estate - construction: One to four family residential 150 - 221 371 19,327 19,698 Other construction, land development and other land 5 - - 5 35,586 35,591 Total real estate - construction 155 - 221 376 54,913 55,289 Real estate - farmland - - 590 590 8,881 9,471 Real estate - non-farm, non-residential: Owner occupied 1,873 158 1,738 3,769 153,976 157,745 Non-owner occupied - - - - 104,827 104,827 Total real estate - non-farm, non-residential 1,873 158 1,738 3,769 258,803 262,572 Consumer 157 32 - 189 15,730 15,919 Other - - - - 20,181 20,181 Total loans $ 8,344 $ 1,319 $ 4,529 $ 14,192 $ 806,377 $ 820,569 *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 troubled debt restructurings (accruing) at December 31: (dollars in thousands) December 31, 2015 December 31, 2014 Nonaccrual loans $ 6,175 $ 6,622 Loans past due 90 days and accruing interest 1,117 53 Troubled debt restructurings (accruing) 15,535 15,223 |
Schedule of Loans Acquired Pursuant To Acquisition | Outstanding principal balance and the carrying amount of loans acquired pursuant to the Company’s acquisition of VCB (or “Acquired Loans”) that were recorded at fair value at the acquisition date and are included in the consolidated balance sheet at December 31, 201 5 and 2014 were as follows: December 31, 2015 December 31, 2014 Acquired Acquired Loans - Acquired Loans - Acquired Purchased Loans - Acquired Purchased Loans - Acquired Credit Purchased Loans - Credit Purchased Loans - (dollars in thousands) Impaired Performing Total Impaired Performing Total Commercial, industrial and agricultural $ 549 $ 3,476 $ 4,025 $ 1,023 $ 15,673 $ 16,696 Real estate - one to four family residential: Closed end first and seconds 1,116 6,290 7,406 1,374 6,475 7,849 Home equity lines 32 9,955 9,987 33 11,858 11,891 Total real estate - one to four family residential 1,148 16,245 17,393 1,407 18,333 19,740 Real estate - multifamily residential - 1,988 1,988 - 3,539 3,539 Real estate - construction: One to four family residential - 515 515 - 3,206 3,206 Other construction, land development and other land 275 1,910 2,185 79 3,674 3,753 Total real estate - construction 275 2,425 2,700 79 6,880 6,959 Real estate - farmland - - - - - - Real estate - non-farm, non-residential: Owner occupied 4,296 16,528 20,824 1,841 21,037 22,878 Non-owner occupied 1,600 10,847 12,447 3,472 20,762 24,234 Total real estate - non-farm, non-residential 5,896 27,375 33,271 5,313 41,799 47,112 Consumer - 276 276 - 1,462 1,462 Other - 800 800 - - - Total loans $ 7,868 $ 52,585 $ 60,453 $ 7,822 $ 87,686 $ 95,508 |
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 and loans past due 90 days and accruing interest by class at December 31, 201 5 and 201 4 : Over 90 Days Past Nonaccrual Due and Accruing December 31, December 31, December 31, December 31, (dollars in thousands) 2015 2014 2015 2014 Commercial, industrial and agricultural $ 193 $ 334 $ - $ 53 Real estate - one to four family residential: Closed end first and seconds 4,153 3,364 1,117 - Home equity lines 425 564 - - Total real estate - one to four family residential 4,578 3,928 1,117 - Real estate - construction: One to four family residential 89 221 - - Total real estate - construction 89 221 - - Real estate - farmland - 590 - - Real estate - non-farm, non-residential: Owner occupied 624 1,521 - - Non-owner occupied 676 - - - Total real estate - non-farm, non-residential 1,300 1,521 - - Consumer 15 28 - - Total loans $ 6,175 $ 6,622 $ 1,117 $ 53 |
Commercial Loans by Credit Quality Indicator | The following table presents commercial loans by credit qualit y indicator at December 31, 2015 : Acquired Loans - Purchased Special Credit (dollars in thousands) Pass Mention Substandard Doubtful Impaired Impaired Total Commercial, industrial and agricultural $ 95,440 $ 1,709 $ 291 $ - $ 839 $ 549 $ 98,828 Real estate - multifamily residential 29,672 - - - - - 29,672 Real estate - construction: One to four family residential 19,000 220 89 - 186 - 19,495 Other construction, land development and other land 38,013 1,785 1,242 - 5,562 275 46,877 Total real estate - construction 57,013 2,005 1,331 - 5,748 275 66,372 Real estate - farmland 10,396 318 165 - 539 - 11,418 Real estate - non-farm, non-residential: Owner occupied 162,103 12,206 2,283 - 6,336 4,296 187,224 Non-owner occupied 86,894 2,130 1,040 - 12,792 1,600 104,456 Total real estate - non-farm, non-residential 248,997 14,336 3,323 - 19,128 5,896 291,680 Total commercial loans $ 441,518 $ 18,368 $ 5,110 $ - $ 26,254 $ 6,720 $ 497,970 The following table presents commercial loans by credit quality indicator at December 31, 201 4 : Acquired Loans - Purchased Special Credit (dollars in thousands) Pass Mention Substandard Doubtful Impaired Impaired Total Commercial, industrial and agricultural $ 79,191 $ 2,779 $ 675 $ - $ 1,451 $ 1,023 $ 85,119 Real estate - multifamily residential 25,157 - - - - - 25,157 Real estate - construction: One to four family residential 18,978 300 244 - 176 - 19,698 Other construction, land development and other land 26,916 1,791 1,144 - 5,661 79 35,591 Total real estate - construction 45,894 2,091 1,388 - 5,837 79 55,289 Real estate - farmland 9,471 - - - - - 9,471 Real estate - non-farm, non-residential: Owner occupied 132,266 11,339 2,253 - 10,046 1,841 157,745 Non-owner occupied 84,951 4,771 1,817 - 9,816 3,472 104,827 Total real estate - non-farm, non-residential 217,217 16,110 4,070 - 19,862 5,313 262,572 Total commercial loans $ 376,930 $ 20,980 $ 6,133 $ - $ 27,150 $ 6,415 $ 437,608 |
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, 201 5 : (dollars in thousands) Performing Nonperforming Total Real estate - one to four family residential: Closed end first and seconds $ 220,016 $ 12,810 $ 232,826 Home equity lines 115,434 875 116,309 Total real estate - one to four family residential 335,450 13,685 349,135 Consumer 19,655 338 19,993 Other 13,678 2 13,680 Total consumer loans $ 368,783 $ 14,025 $ 382,808 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, 201 4 : (dollars in thousands) Performing Nonperforming Total Real estate - one to four family residential: Closed end first and seconds $ 226,801 $ 9,960 $ 236,761 Home equity lines 109,565 535 110,100 Total real estate - one to four family residential 336,366 10,495 346,861 Consumer 15,548 371 15,919 Other 20,175 6 20,181 Total consumer loans $ 372,089 $ 10,872 $ 382,961 |
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, 201 5 : Beginning Ending Balance Balance (dollars in thousands) January 1, 2015 Charge-offs Recoveries Provision December 31, 2015 Commercial, industrial and agricultural $ 1,168 $ (336) $ 51 $ 1,011 $ 1,894 Real estate - one to four family residential: Closed end first and seconds 1,884 (1,113) 116 722 1,609 Home equity lines 1,678 (160) 31 (754) 795 Total real estate - one to four family residential 3,562 (1,273) 147 (32) 2,404 Real estate - multifamily residential 89 - - (11) 78 Real estate - construction: One to four family residential 235 (129) 4 185 295 Other construction, land development and other land 2,670 - 1 (248) 2,423 Total real estate - construction 2,905 (129) 5 (63) 2,718 Real estate - farmland 144 - - 128 272 Real estate - non-farm, non-residential: Owner occupied 2,416 (139) 1 (314) 1,964 Non-owner occupied 1,908 - - (667) 1,241 Total real estate - non-farm, non-residential 4,324 (139) 1 (981) 3,205 Consumer 305 (33) 49 (34) 287 Other 524 (68) 31 (18) 469 Total $ 13,021 $ (1,978) $ 284 $ - $ 11,327 The following table presents a rollforward of the Company’s allowance for loan losses for the year ended December 31, 201 4 : Beginning Ending Balance Balance (dollars in thousands) January 1, 2014 Charge-offs Recoveries Provision December 31, 2014 Commercial, industrial and agricultural $ 1,787 $ (340) $ 75 $ (354) $ 1,168 Real estate - one to four family residential: Closed end first and seconds 2,859 (483) 265 (757) 1,884 Home equity lines 1,642 (444) 15 465 1,678 Total real estate - one to four family residential 4,501 (927) 280 (292) 3,562 Real estate - multifamily residential 79 - - 10 89 Real estate - construction: One to four family residential 364 (118) 7 (18) 235 Other construction, land development and other land 1,989 - 9 672 2,670 Total real estate - construction 2,353 (118) 16 654 2,905 Real estate - farmland 116 - - 28 144 Real estate - non-farm, non-residential: Owner occupied 3,236 (292) 27 (555) 2,416 Non-owner occupied 1,770 (389) 13 514 1,908 Total real estate - non-farm, non-residential 5,006 (681) 40 (41) 4,324 Consumer 387 (190) 96 12 305 Other 538 (293) 46 233 524 Total $ 14,767 $ (2,549) $ 553 $ 250 $ 13,021 |
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, 201 5 : Allowance allocated to loans: Total Loans: Acquired Acquired Individually Collectively loans - Individually Collectively loans - evaluated evaluated purchased evaluated evaluated purchased for for credit for for credit (dollars in thousands) impairment impairment impaired Total impairment impairment impaired Total Commercial, industrial and agricultural $ 562 $ 1,332 $ - $ 1,894 $ 839 $ 97,440 $ 549 $ 98,828 Real estate - one to four family residential: Closed end first and seconds 517 1,092 - 1,609 8,163 223,547 1,116 232,826 Home equity lines 265 530 - 795 625 115,652 32 116,309 Total real estate - one to four family residential 782 1,622 - 2,404 8,788 339,199 1,148 349,135 Real estate - multifamily residential - 78 - 78 - 29,672 - 29,672 Real estate - construction: One to four family residential 67 228 - 295 186 19,309 - 19,495 Other construction, land development and other land 1,263 1,160 - 2,423 5,562 41,040 275 46,877 Total real estate - construction 1,330 1,388 - 2,718 5,748 60,349 275 66,372 Real estate - farmland 210 62 - 272 539 10,879 - 11,418 Real estate - non-farm, non-residential: Owner occupied 824 1,140 - 1,964 6,336 176,592 4,296 187,224 Non-owner occupied 810 431 - 1,241 12,792 90,064 1,600 104,456 Total real estate - non-farm, non-residential 1,634 1,571 - 3,205 19,128 266,656 5,896 291,680 Consumer 88 199 - 287 338 19,655 - 19,993 Other - 469 - 469 2 13,678 - 13,680 Total $ 4,606 $ 6,721 $ - $ 11,327 $ 35,382 $ 837,528 $ 7,868 $ 880,778 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, 201 4 : Allowance allocated to loans: Total Loans: Acquired Acquired Individually Collectively loans - Individually Collectively loans - evaluated evaluated purchased evaluated evaluated purchased for for credit for for credit (dollars in thousands) impairment impairment impaired Total impairment impairment impaired Total Commercial, industrial and agricultural $ - $ 1,168 $ - $ 1,168 $ 1,451 $ 82,645 $ 1,023 $ 85,119 Real estate - one to four family residential: Closed end first and seconds 1,006 878 - 1,884 8,713 226,674 1,374 236,761 Home equity lines - 1,678 - 1,678 175 109,892 33 110,100 Total real estate - one to four family residential 1,006 2,556 - 3,562 8,888 336,566 1,407 346,861 Real estate - multifamily residential - 89 - 89 - 25,157 - 25,157 Real estate - construction: One to four family residential 78 157 - 235 176 19,522 - 19,698 Other construction, land development and other land 1,632 1,038 - 2,670 5,661 29,851 79 35,591 Total real estate - construction 1,710 1,195 - 2,905 5,837 49,373 79 55,289 Real estate - farmland - 144 - 144 - 9,471 - 9,471 Real estate - non-farm, non-residential: Owner occupied 1,240 1,176 - 2,416 10,046 145,858 1,841 157,745 Non-owner occupied 1,262 646 - 1,908 9,816 91,539 3,472 104,827 Total real estate - non-farm, non-residential 2,502 1,822 - 4,324 19,862 237,397 5,313 262,572 Consumer 106 199 - 305 371 15,548 - 15,919 Other - 524 - 524 6 20,175 - 20,181 Total $ 5,324 $ 7,697 $ - $ 13,021 $ 36,415 $ 776,332 $ 7,822 $ 820,569 |
Impairment by Class of Loans | The following table presents loans individually evaluated for impairment by class of loans as of December 31, 201 5 : Recorded Recorded Unpaid Investment Investment Average Interest Recorded Principal With No With Related Recorded Income (dollars in thousands) Investment Balance Allowance Allowance Allowance Investment Recognized Commercial, industrial and agricultural $ 839 $ 839 $ - $ 839 $ 562 $ 753 $ 49 Real estate - one to four family residential: Closed end first and seconds 8,163 8,530 3,981 4,182 517 8,386 416 Home equity lines 625 625 175 450 265 521 16 Total real estate - one to four family residential 8,788 9,155 4,156 4,632 782 8,907 432 Real estate - construction: One to four family residential 186 186 20 166 67 235 8 Other construction, land development and other land 5,562 5,562 - 5,562 1,263 5,611 260 Total real estate - construction 5,748 5,748 20 5,728 1,330 5,846 268 Real estate - farmland 539 541 - 539 210 167 36 Real estate - non-farm, non-residential: Owner occupied 6,336 6,336 3,506 2,830 824 8,995 292 Non-owner occupied 12,792 12,792 7,686 5,106 810 11,312 595 Total real estate - non-farm, non-residential 19,128 19,128 11,192 7,936 1,634 20,307 887 Consumer 338 350 12 326 88 352 19 Other 2 2 2 - - 4 - Total loans* $ 35,382 $ 35,763 $ 15,382 $ 20,000 $ 4,606 $ 36,336 $ 1,691 * PCI Loans are excluded from this table . The following table presents loans individually evaluated for impairment by class of loans as of December 31, 201 4 : Recorded Recorded Unpaid Investment Investment Average Interest Recorded Principal With No With Related Recorded Income (dollars in thousands) Investment Balance Allowance Allowance Allowance Investment Recognized Commercial, industrial and agricultural $ 1,451 $ 1,451 $ 1,451 $ - $ - $ 2,010 $ 128 Real estate - one to four family residential: Closed end first and seconds 8,713 8,813 3,611 5,102 1,006 9,800 474 Home equity lines 175 175 175 - - 289 - Total real estate - one to four family residential 8,888 8,988 3,786 5,102 1,006 10,089 474 Real estate - construction: One to four family residential 176 176 - 176 78 312 7 Other construction, land development and other land 5,661 5,661 - 5,661 1,632 5,399 256 Total real estate - construction 5,837 5,837 - 5,837 1,710 5,711 263 Real estate - farmland - - - - - - - Real estate - non-farm, non-residential: Owner occupied 10,046 10,146 3,734 6,312 1,240 12,056 534 Non-owner occupied 9,816 9,816 4,262 5,554 1,262 9,356 456 Total real estate - non-farm, non-residential 19,862 19,962 7,996 11,866 2,502 21,412 990 Consumer 371 371 - 371 106 420 21 Other 6 6 6 - - 328 - Total loans* $ 36,415 $ 36,615 $ 13,239 $ 23,176 $ 5,324 $ 39,970 $ 1,876 *PCI Loans are excluded from this table. |
Accounting For Certain Loans And Debt Securities Acquired In Transfer | The following table presents a summary of the changes in the accretable yield of the PCI loan portfolio , which was acquired at November 14, 2014, for the years ended December 31, 2015 and 201 4 : Year Ended Year Ended December 31, 2015 December 31, 2014 (dollars in thousands) Accretable Yield Accretable Yield Balance at beginning of period $ 1,131 $ 1,185 Accretion (445) (54) Reclassification of nonaccretable difference due to improvement in expected cash flows 294 - Other changes, net 300 - Balance at end of period $ 1,280 $ 1,131 |
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, 201 5 and 201 4 : Year Ended December 31, 2015 Year Ended December 31, 2014 Pre- Post- Pre- Post- Modification Modification Modification Modification Number of Recorded Recorded Number of Recorded Recorded (dollars in thousands) Loans Balance Balance* Loans Balance Balance* Real estate - one to four family residential: Closed end first and seconds 2 $ 355 $ 355 3 $ 570 $ 569 Consumer - - - 2 385 377 Total 2 $ 355 $ 355 5 $ 955 $ 946 *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, 201 5 and 201 4 and were modified as TDRs within the 12 months prior to default: Year Ended Year Ended December 31, 2015 December 31, 2014 Number of Recorded Number of Recorded (dollars in thousands) Loans Balance Loans Balance Real estate - one to four family residential: Closed end first and seconds 1 $ 68 - $ - Real estate - non-farm, non-residential: Non-owner occupied - - 1 855 Total 1 $ 68 1 $ 855 |
VCB [Member] | |
Schedule of Credit Impaired Loans | Loans acquired from VCB that constituted PCI loans were recorded by the Company at fair value on the date of acquisition as follows: November 14, (dollars in thousands) 2014 Contractual principal and interest at acquisition $ 9,977 Nonaccretable difference 937 Accretable yield 1,185 PCI loans at acquisition, at fair value $ 7,855 |
Bank Premises and Equipment (Ta
Bank Premises and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Bank Premises and Equipment [Abstract] | |
Schedule of Bank Premises and Equipment | Bank premises and equipment are summarized as follows: (dollars in thousands) December 31, 2015 December 31, 2014 Land and improvements $ 6,837 $ 6,929 Buildings and leasehold improvements 28,487 28,001 Furniture, fixtures and equipment 20,385 21,719 Construction in progress 1,136 553 56,845 57,202 Less accumulated depreciation (29,009) (29,769) Net balance $ 27,836 $ 27,433 |
Other Real Estate Owned ("ORE45
Other Real Estate Owned ("OREO") (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Other Real Estate ("OREO") [Abstract] | |
Changes in Balance for Other Real Estate Owned | Changes in the balance for OREO for the years ended December 31, 2015 and 2014 are as follows: December 31, (dollars in thousands) 2015 2014 Balance at the beginning of year, gross $ 1,914 $ 1,054 Transfers from loans 1,966 1,657 Acquired from VCB - 103 Capitalized costs 1 - Sales proceeds (3,255) (620) Previously recognized impairment losses on disposition (79) (202) Loss on disposition (25) (78) Balance at the end of year, gross 522 1,914 Less valuation allowance (2) (76) Balance at the end of year, net $ 520 $ 1,838 |
Changes in Valuation Allowance for Other Real Estate Owned | Changes in the valuation allowance for OREO for the years ended December 31, 2015, 2014 and 2013 are as follows: December 31, (dollars in thousands) 2015 2014 2013 Balance at the beginning of year $ 76 $ 254 $ 811 Valuation allowance 5 24 585 Charge-offs (79) (202) (1,142) Balance at the end of year $ 2 $ 76 $ 254 |
Deposits (Tables)
Deposits (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Deposits [Abstract] | |
Interest-Bearing Deposits | Interest-bearing deposits consist of the following: December 31, (dollars in thousands) 2015 2014 Demand deposits $ 306,503 $ 277,937 Money market savings deposits 172,530 162,794 Savings deposits 97,407 89,849 Time deposits: Time deposits $250 and over 37,797 50,501 Other time deposits 200,411 195,845 Total interest-bearing deposits $ 814,648 $ 776,926 |
Interest Expense by Deposit Category | A summary of interest expense by deposit category for the years ended December 31, 2015, 2014 and 2013 is as follows: December 31, (dollars in thousands) 2015 2014 2013 Demand deposits $ 1,067 $ 949 $ 929 Money market savings deposits 748 498 516 Savings deposits 131 120 142 Time deposits 2,111 2,343 3,089 Total $ 4,057 $ 3,910 $ 4,676 |
Maturities of Time Deposits | At December 31, 2015, the scheduled maturities of time deposits are as follows: (dollars in thousands) 2016 $ 102,784 2017 51,762 2018 33,108 2019 31,790 2020 18,720 Thereafter 44 $ 238,208 |
Borrowings (Tables)
Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Federal Funds Purchased [Member] | |
Short-term Debt [Line Items] | |
Short Term Borrowings | The tables below present selected information on federal funds purchased and repurchase agreements: Federal funds purchased (dollars in thousands) December 31, 2015 December 31, 2014 Balance outstanding at year end $ - $ - Maximum balance at any month end during the year $ 2,440 $ 2,000 Average balance for the year $ 63 $ 174 Weighted average rate for the year 0.72% 0.78% Weighted average rate at year end 0.00% 0.00% |
Repurchase Agreements [Member] | |
Short-term Debt [Line Items] | |
Short Term Borrowings | Repurchase agreements (dollars in thousands) December 31, 2015 December 31, 2014 Balance outstanding at year end $ 5,015 $ 14,885 Maximum balance at any month end during the year $ 12,392 $ 14,885 Average balance for the year $ 8,002 $ 4,523 Weighted average rate for the year 0.57% 0.59% Weighted average rate at year end 0.47% 0.60% |
Federal Home Loan Bank Advances [Member] | |
Short-term Debt [Line Items] | |
Short Term Borrowings | The table below presents selected information on short-term borrowings: Short-term borrowings (dollars in thousands) December 31, 2015 December 31, 2014 Balance outstanding at year end $ 114,413 $ 76,818 Maximum balance at any month end during the year $ 114,413 $ 82,930 Average balance for the year $ 89,580 $ 72,565 Weighted average rate for the year 0.22% 0.21% Weighted average rate at year end 0.32% 0.22% |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Employee Benefit Plans [Abstract] | |
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) 2015 2014 2013 Change in benefit obligation Benefit obligation at beginning of year $ 12,059 $ 10,263 $ 11,205 Interest cost 404 447 459 Actuarial (gain) loss (901) 2,282 81 Benefits paid (1,173) (916) (1,464) Settlement loss (gain) 45 (17) (18) Benefit obligation at end of year $ 10,434 $ 12,059 $ 10,263 Change in plan assets Fair value of plan assets at beginning of year $ 9,565 $ 10,000 $ 9,513 Actual return on plan assets 3 481 1,951 Benefits paid (1,173) (916) (1,464) Fair value of plan assets at end of year $ 8,395 $ 9,565 $ 10,000 Funded status at the end of year $ (2,039) $ (2,494) $ (263) Amounts recognized in the consolidated balance sheets at December 31, Other liability $ (2,039) $ (2,494) $ (263) Amounts recognized in accumulated other comprehensive income (loss) Net loss $ 2,618 $ 3,076 $ 583 Prior service cost 83 91 100 Deferred income tax benefit (919) (1,077) (232) Amount recognized $ 1,782 $ 2,090 $ 451 Components of net periodic benefit cost Interest cost $ 404 $ 447 $ 459 Expected return on plan assets (713) (745) (703) Amortization of prior service cost due to curtailment 9 9 21 Recognized net loss due to settlement 204 35 208 Recognized net actuarial loss 107 - 124 Net periodic benefit cost $ 11 $ (254) $ 109 Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss) Net (gain) loss $ (458) $ 2,493 $ (1,518) Amortization of prior service cost (8) (8) (21) Total recognized in other comprehensive income (loss) $ (466) $ 2,485 $ (1,539) Total recognized in net periodic benefit cost and other comprehensive income (loss) $ (455) $ 2,231 $ (1,430) Weighted average assumptions for benefit obligation at end of year Discount rate 3.85% 3.55% 4.35% Rate of compensation increase N/A N/A N/A Weighted average assumptions for net periodic pension cost at end of year Discount rate 3.55% 4.35% 4.00% Expected return on plan assets 7.75% 7.75% 8.00% Rate of compensation increase N/A N/A N/A Expected future interest crediting rate 3.00% 3.00% 3.00% Accumulated Benefit Obligation $ 10,434 $ 12,059 $ 10,263 |
Fair Value of Pension Plan Assets by Asset Category | Fair value is discussed in detail in Note 20 – Fair Value Measurements. The fair value of the Company’s pension plan assets at December 31, 2015 and 2014, by asset category are as follows: Assets Measured at Fair Value at December 31, 2015 Using Quoted Prices in Significant Other Significant Active Markets for Observable Unobservable Balance at Identical Assets Inputs Inputs December 31, (dollars in thousands) (Level 1) (Level 2) (Level 3) 2015 Assets Cash and due from broker $ 21 $ - $ - $ 21 Equity mutual funds (1) 6,259 - - 6,259 Fixed income mutual funds (2) 2,115 - - 2,115 Total assets at fair value $ 8,395 $ - $ - $ 8,395 Assets Measured at Fair Value at December 31, 2014 Using Quoted Prices in Significant Other Significant Active Markets for Observable Unobservable Balance at Identical Assets Inputs Inputs December 31, (dollars in thousands) (Level 1) (Level 2) (Level 3) 2014 Assets Cash and due from broker $ 21 $ - $ - $ 21 Equity mutual funds (1) 7,186 - - 7,186 Fixed income mutual funds (2) 2,358 - - 2,358 Total assets at fair value $ 9,565 $ - $ - $ 9,565 (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, 201 5 and 201 4 , by asset category are as follows: Plan Assets as of December 31, Asset Category 2015 2014 Mutual Funds - Fixed Income 25% 25% Mutual Funds - Equity 75% 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) 2016 $ 448 2017 1,193 2018 957 2019 444 2020 577 Years 2021 - 2025 3,018 Total $ 6,637 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Taxes [Abstract] | |
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) 2015 2014 2013 Current $ (42) $ 3,513 $ 1,065 Deferred 2,536 (1,066) (3,457) Provision for (benefit from) income taxes $ 2,494 $ 2,447 $ (2,392) |
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 of 34% for the years ended December 31, 2015, 2014 and 2013, respectively, is as follows: December 31, (dollars in thousands) 2015 2014 2013 Income tax expense (benefit) at statutory rates $ 3,328 $ 2,758 $ (1,708) Tax-exempt interest income on obligations of state and political subdivisions (333) (292) (249) Tax-exempt earning on life insurance policies (216) (191) (163) Tax credits (325) (314) (314) Nondeductible merger and merger related expenses 13 460 - Reduction of nontaxable interest expense incurred to carry tax-exempt assets 9 8 13 Other 18 18 29 Provision for (benefit from) income taxes $ 2,494 $ 2,447 $ (2,392) |
Net Deferred Tax Assets | Cumulative net deferred tax assets consist of the following components at December 31, 2015 and 2014: December 31, (dollars in thousands) 2015 2014 Deferred tax assets: Allowance for loan losses $ 3,851 $ 4,427 Net operating loss carryforward 7,125 8,089 Net unrealized loss on securities available for sale 889 760 Net unrealized loss on securities transferred from available for sale to held to maturity 183 246 Tax credit carryforward 3,143 2,714 Impairment on securities - 121 Interest on nonaccrual loans 99 83 Accrued benefit cost 918 1,077 Depreciation and amortization 583 848 Home equity line closing cost 136 101 Defined benefit plan 184 180 Deferred compensation 238 179 Accrued bonuses 110 80 Accrued compensated absences 134 89 Other real estate owned 64 566 Other 80 130 Total deferred tax assets 17,737 19,690 Deferred tax liabilities: FHLB dividend (8) (8) Goodwill and other intangible assets (2,668) (2,053) Other (1) (100) Total deferred tax liabilities (2,677) (2,161) Net deferred tax asset $ 15,060 $ 17,529 |
Net Income (Loss) Per Common 50
Net Income (Loss) Per Common Share (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Net Income (Loss) Per Common Share [Abstract] | |
Weighted Average Number of Common Shares used in Computing Earnings Per Common Share and Effect on Potential Dilutive Common Stock | The following table shows the computation of basic and diluted net income (loss) per common share for the periods presented: Years Ended (dollars in thousands, except share and per share amounts) December 31, 2015 December 31, 2014 December 31, 2013 Basic Net Income (Loss) Per Common Share Net income (loss) available to common shareholders $ 6,908 $ 3,716 $ (4,136) Less: Net income allocated to participating securities, Series B Preferred Stock 1,983 1,128 - Net income (loss) allocated to common shareholders $ 4,925 $ 2,588 $ (4,136) Weighted average common shares outstanding for basic net income (loss) per common share 13,017,175 12,014,862 9,204,847 Basic net income (loss) per common share $ 0.38 $ 0.22 $ (0.45) Diluted Net Income (Loss) Per Common Share Net income (loss) available to common shareholders $ 6,908 $ 3,716 $ (4,136) Weighted average common shares outstanding for basic net income (loss) per common share 13,017,175 12,014,862 9,204,847 Effect of dilutive securities, stock options - - - Effect of dilutive securities, Series B Preferred Stock 5,240,192 5,240,192 - Weighted average common shares outstanding for diluted net income (loss) per common share 18,257,367 17,255,054 9,204,847 Diluted net income (loss) per common share $ 0.38 $ 0.22 $ (0.45) |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Related Party Transactions [Abstract] | |
Loan Activity to Related Parties | Loan activity to related parties is as follows: (dollars in thousands) 2015 2014 Balance at beginning of year $ 10,559 $ 9,819 Additional borrowings 7,051 3,154 Acquired from VCB - 975 Curtailments (4,501) (3,389) Reclassification* (2,451) - Balance at end of year $ 10,658 $ 10,559 * Loans with a principal balance of $2.5 million from one former director who passed away in June 2015. |
Stock Based Compensation Plans
Stock Based Compensation Plans (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Stock Based Compensation Plans [Abstract] | |
Stock Option Activity and Related Information | A summary of the Company’s stock option activity and related information is as follows: Remaining Aggregate Weighted Contractual Intrinsic Options Average Life Value Outstanding Exercise Price (in years) (in thousands) Stock options outstanding at January 1, 2013 182,362 $ 20.08 Forfeited (10,750) 18.74 Expired (19,325) 28.60 Stock options outstanding at December 31, 2013 152,287 19.09 Forfeited (20,750) 19.97 Expired (21,050) 28.60 Stock options outstanding at December 31, 2014 110,487 18.76 Forfeited (16,100) 18.47 Expired (26,862) 20.57 Stock options outstanding at December 31, 2015 67,525 $ 18.12 1.61 $ - Stock options exercisable at December 31, 2015 67,525 $ 18.12 1.61 $ - *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, 2015: Stock Options Outstanding and Exercisable Exercise Number Weighted Average Price Outstanding Remaining Term $ 21.16 28,525 0.75 years $ 19.25 20,000 1.75 years $ 12.36 19,000 2.75 years $ 18.12 67,525 1.61 years |
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, 2015, 2014 and 2013, and changes during the years ended December 31, 2015, 2014 and 2013, is presented below; the weighted average price is the weighted average fair value at the date of grant: Weighted-Average Shares Price Nonvested as of January 1, 2013 39,400 $ 3.89 Granted 38,000 6.70 Vested (3,900) 4.57 Nonvested as of December 31, 2013 73,500 5.30 Granted 45,742 6.10 Vested (15,100) 3.93 Nonvested as of December 31, 2014 104,142 5.85 Granted 45,000 6.28 Vested (27,871) 5.85 Nonvested as of December 31, 2015 121,271 $ 6.01 |
Accumulated Other Comprehensi53
Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Accumulated Other Comprehensive Income (Loss) [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | The balances in accumulated other comprehensive income (loss) are shown in the following table: Accumulated Unrealized Adjustments Other Securities Related to Comprehensive (dollars in thousands) Gains (Losses) Pension Plan Income (Loss) Balance at December 31, 2012 $ 1,924 $ (1,488) $ 436 Other comprehensive (loss) before reclassification (8,685) - (8,685) Unrealized losses on securities transferred from available for sale to held to maturity (656) - (656) Reclassification adjustment for gains included in net (loss) (995) - (995) Net amortization of unrealized losses on securities transferred - from available for sale to held to maturity 16 - 16 Change in unfunded pension liability - 1,016 1,016 Balance at December 31, 2013 (8,396) (472) (8,868) Other comprehensive income before reclassification 6,635 - 6,635 Reclassification adjustment for gains included in net income (355) - (355) Net amortization of unrealized losses on securities transferred - from available for sale to held to maturity 162 - 162 Change in unfunded pension liability - (1,640) (1,640) Balance at December 31, 2014 (1,954) (2,112) (4,066) Other comprehensive (loss) before reclassification (102) - (102) Reclassification adjustment for gains included in net income (148) - (148) Net amortization of unrealized losses on securities transferred - from available for sale to held to maturity 122 - 122 Change in unfunded pension liability - 308 308 Balance at December 31, 2015 $ (2,082) $ (1,804) $ (3,886) |
Available for Sale Securities and Amortization of Unrealized Losses on Securities | During the years ended December 3 1 , 201 5, 201 4 and 2013, the Company reported gain s on the sale of available for sale securities and amortization of unrealized losses on securities transferred from available for sale to held to maturity as shown in the following table: December 31, (dollars in thousands) 2015 2014 2013 Gains on sale of available for sale securities $ 224 $ 538 $ 1,507 Less: tax effect (76) (183) (512) Net gains on the sale of available for sale securities $ 148 $ 355 $ 995 Amortization of unrealized losses on securities transferred from available for sale to held to maturity $ (185) $ (246) $ (24) Less: tax effect 63 84 8 Net amortization of unrealized losses on securities transferred from available for sale to held to maturity from available for sale to held to maturity $ (122) $ (162) $ (16) |
Regulatory Matters (Tables)
Regulatory Matters (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Regulatory Matters [Abstract] | |
Actual Capital Amounts and Ratios | As of December 31, 2015: Minimum To Be Well Capitalized Under Prompt Corrective Action Provision Minimum Capital Capitalized Under Prompt Actual Requirement Corrective Action Provisions (dollars in thousands) Amount Ratio Amount Ratio Amount Ratio CET1 to risk weighted assets: Company $ 87,114 9.80% $ 39,981 4.50% N/A N/A Bank 115,813 13.02% 40,034 4.50% $ 57,827 6.50% Tier 1 capital to risk weighted assets: Company $ 112,513 12.66% $ 53,308 6.00% N/A N/A Bank 115,813 13.02% 53,378 6.00% $ 71,171 8.00% Total capital to risk weighted assets: Company $ 143,698 16.17% $ 71,077 8.00% N/A N/A Bank 126,993 14.27% 71,171 8.00% $ 88,964 10.00% Tier 1 capital to average assets: Company $ 112,513 9.20% $ 48,903 4.00% N/A N/A Bank 115,813 9.46% 48,946 4.00% $ 61,182 5.00% As of December 31, 2014: Minimum To Be Well Capitalized Under Prompt Corrective Action Provision Minimum Capital Capitalized Under Prompt Actual Requirement Corrective Action Provisions (dollars in thousands) Amount Ratio Amount Ratio Amount Ratio Tier 1 capital to risk weighted assets: Company $ 117,665 14.06% $ 33,484 4.00% N/A N/A Bank 102,799 12.28% 33,483 4.00% $ 50,224 6.00% Total capital to risk weighted assets: Company $ 128,158 15.31% $ 66,968 8.00% N/A N/A Bank 113,292 13.53% 66,965 8.00% $ 83,707 10.00% Tier 1 capital to average assets: Company $ 117,665 10.76% $ 43,729 4.00% N/A N/A Bank 102,799 9.40% 43,757 4.00% $ 54,696 5.00% |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
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, 2015 and 2014, 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, 2015 Using Quoted Prices in Significant Active Other Significant Markets for Observable Unobservable Balance at Identical Assets Inputs Inputs December 31, (dollars in thousands) (Level 1) (Level 2) (Level 3) 2015 Assets Securities available for sale Obligations of U.S. Government agencies $ - $ 9,262 $ - $ 9,262 SBA Pool securities - 63,826 - 63,826 Agency residential mortgage-backed securities - 23,903 - 23,903 Agency commercial mortgage-backed securities - 18,315 - 18,315 Agency CMO securities - 52,171 - 52,171 Non agency CMO securities - 61 - 61 State and political subdivisions - 61,405 - 61,405 Corporate securities - 2,000 - 2,000 Total securities available for sale $ - $ 230,943 $ - $ 230,943 Assets Measured at Fair Value on a Recurring Basis at December 31, 2014 Using Quoted Prices in Significant Active Other Significant Markets for Observable Unobservable Balance at Identical Assets Inputs Inputs December 31, (dollars in thousands) (Level 1) (Level 2) (Level 3) 2014 Assets Securities available for sale Obligations of U.S. Government agencies $ - $ 14,569 $ - $ 14,569 SBA Pool securities - 74,799 - 74,799 Agency residential mortgage-backed securities - 28,629 - 28,629 Agency CMO securities - 39,215 - 39,215 Non agency CMO securities - 828 - 828 State and political subdivisions - 55,926 - 55,926 FNMA and FHLMC preferred stock - 45 - 45 Total securities available for sale $ - $ 214,011 $ - $ 214,011 |
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, 2015 and 2014, 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, 2015 Using Quoted Prices in Significant Active Other Significant Markets for Observable Unobservable Balance at Identical Assets Inputs Inputs December 31, (dollars in thousands) (Level 1) (Level 2) (Level 3) 2015 Assets Impaired loans $ - $ - $ 15,394 $ 15,394 Other real estate owned $ - $ - $ 520 $ 520 Assets Measured at Fair Value on a Non-Recurring Basis at December 31, 2014 Using Quoted Prices in Significant Active Other Significant Markets for Observable Unobservable Balance at Identical Assets Inputs Inputs December 31, (dollars in thousands) (Level 1) (Level 2) (Level 3) 2014 Assets Impaired loans $ - $ - $ 17,852 $ 17,852 Other real estate owned $ - $ - $ 1,838 $ 1,838 |
Quantitative Information about Level Three Fair Value Measurements | The following table displays quantitative information about Level 3 Fair Value Measurements as of December 31, 2015 and 2014: Quantitative information about Level 3 Fair Value Measurements at December 31, 2015 Fair (dollars in thousands) Value Valuation Technique(s) Unobservable Input Range (Weighted Average) Assets Impaired loans $ 15,394 Discounted appraised value Selling cost 0% - 24% ( 13% ) Discount for lack of marketability and age of appraisal 0% - 30% ( 4% ) Other real estate owned $ 520 Discounted appraised value Selling cost 10% ( 10% ) Discount for lack of marketability and age of appraisal 0% - 36% ( 5% ) Quantitative information about Level 3 Fair Value Measurements at December 31, 2014 Fair (dollars in thousands) Value Valuation Technique(s) Unobservable Input Range (Weighted Average) Assets Impaired loans $ 17,852 Discounted appraised value Selling cost 0% - 30% ( 9% ) Discount for lack of marketability and age of appraisal 0% - 35% ( 13% ) Other real estate owned $ 1,838 Discounted appraised value Selling cost 10% ( 10% ) Discount for lack of marketability and age of appraisal 0% - 22% ( 2% ) |
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, 2015 Using Quoted Prices in Significant Active Other Significant Markets for Observable Unobservable Balance at Carrying Identical Assets Inputs Inputs December 31, (dollars in thousands) Amount (Level 1) (Level 2) (Level 3) 2015 Assets: Cash and short-term investments* $ 13,651 $ 13,651 $ - $ - $ 13,651 Interest bearing deposits with banks 18,304 18,304 - - 18,304 Securities available for sale 230,943 - 230,943 - 230,943 Securities held to maturity 29,698 - 30,575 - 30,575 Restricted securities 8,959 - 8,959 - 8,959 Loans, net 869,451 - - 871,989 871,989 Bank owned life insurance 25,099 - 25,099 - 25,099 Accrued interest receivable 4,059 - 4,059 - 4,059 Total $ 1,200,164 $ 31,955 $ 299,635 $ 871,989 $ 1,203,579 Liabilities: Noninterest-bearing demand deposits $ 174,071 $ 174,071 $ - $ - $ 174,071 Interest-bearing deposits 814,648 - 763,315 - 763,315 Short-term borrowings** 119,428 119,428 - - 119,428 Junior subordinated debt 10,310 - 9,933 - 9,933 Senior subordinated debt*** 19,022 - 19,669 - 19,669 Accrued interest payable 590 - 590 - 590 Total $ 1,138,069 $ 293,499 $ 793,507 $ - $ 1,087,006 * Includes federal funds sold ** Includes federal funds purchased and repurchase agreements. *** Net of unamortized debt issuance costs of $978 . Fair Value Measurements at December 31, 2014 Using Quoted Prices in Significant Active Other Significant Markets for Observable Unobservable Balance at Carrying Identical Assets Inputs Inputs December 31, (dollars in thousands) Amount (Level 1) (Level 2) (Level 3) 2014 Assets: Cash and short-term investments* $ 14,358 $ 14,358 $ - $ - $ 14,358 Interest bearing deposits with banks 5,272 5,272 - - 5,272 Securities available for sale 214,011 - 214,011 - 214,011 Securities held to maturity 32,163 - 33,367 - 33,367 Restricted securities 7,533 - 7,533 - 7,533 Loans, net 807,548 - - 812,429 812,429 Bank owned life insurance 24,463 - 24,463 - 24,463 Accrued interest receivable 4,013 - 4,013 - 4,013 Total $ 1,109,361 $ 19,630 $ 283,387 $ 812,429 $ 1,115,446 Liabilities: Noninterest-bearing demand deposits $ 162,328 $ 162,328 $ - $ - $ 162,328 Interest-bearing deposits 776,926 - 721,240 - 721,240 Short-term borrowings** 91,703 91,703 - - 91,703 Junior subordinated debt 10,310 - 9,100 - 9,100 Accrued interest payable 316 - 316 - 316 Total $ 1,041,583 $ 254,031 $ 730,656 $ - $ 984,687 *Includes federal funds sold **Includes federal funds purchased and repurchase agreements. |
Financial Instruments with Of56
Financial Instruments with Off-Balance Sheet Risk (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
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, 2015 and 2014: December 31, (dollars in thousands) 2015 2014 Loan commitments $ 173,973 $ 142,430 Standby letters of credit $ 6,542 $ 8,004 |
Preferred Stock and Warrant (Ta
Preferred Stock and Warrant (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Preferred Stock And Warrant [Abstract] | |
Allocation of Preferred Stock Discount and Warrant | Allocation of the Series A P referred S tock discount and the W arrant as of January 9, 2009 is provided in the table s 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 | NPV of Series A Preferred Stock 12% discount rate Relative Relative (dollars in thousands) Fair Value Value % 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 $ 15,396 100.0% $ 24,000 |
Lease Commitments (Tables)
Lease Commitments (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Lease Commitments [Abstract] | |
Future Minimum Lease Payments Required under Long-Term Non-Cancelable Lease Agreements | (dollars in thousands) Lease Payments 2016 $ 478 2017 468 2018 448 2019 423 2020 431 Thereafter 2,926 $ 5,174 |
Condensed Parent Company Only59
Condensed Parent Company Only Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Condensed Parent Company Only Financial Information [Abstract] | |
Condensed Balance Sheets | Condensed Balance Sheets December 31, 2015 and 2014 (dollars in thousands) Assets 2015 2014 Cash on deposit with subsidiary $ 14,616 $ 13,485 Investment in subsidiaries 139,166 130,409 Deferred income taxes, net 931 1,076 Other assets 2,630 1,695 Total assets $ 157,343 $ 146,665 Liabilities and Shareholders' Equity Junior subordinated debt $ 10,310 $ 10,310 Senior subordinated debt 19,022 - Accrued benefit cost 1,499 1,965 Other liabilities 237 116 Total shareholders’ equity 126,275 134,274 Total liabilities and shareholders’ equity $ 157,343 $ 146,665 |
Condensed Statements of Operations | Condensed Statements of Operations Years Ended December 31, 2015, 2014 and 2013 (dollars in thousands) 2015 2014 2013 Income: Interest on deposit with subsidiary $ 76 $ 132 $ 123 Total income 76 132 123 Expenses: Interest on junior subordinated debt 329 339 352 Interest on senior subordinated debt 963 - - Salaries and employee benefits 441 554 - Professional fees 475 1,683 275 Other 259 260 204 Total expenses 2,467 2,836 831 Loss before income tax benefit and equity in undistributed net income (loss) of subsidiary (2,391) (2,704) (708) Income tax benefit (800) (516) (241) Loss before equity in undistributed net income (loss) of subsidiary (1,591) (2,188) (467) Equity in undistributed net income (loss) of subsidiary 8,885 7,852 (2,165) Net income (loss) $ 7,294 $ 5,664 $ (2,632) |
Condensed Statements of Cash Flows | Condensed Statements of Cash Flows Years Ended December 31, 2015, 2014 and 2013 (dollars in thousands) 2015 2014 2013 Operating activities: Net income (loss) $ 7,294 $ 5,664 $ (2,632) Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities: Equity in undistributed net (income) loss of subsidiary (8,885) (7,852) 2,165 Stock based compensation 248 100 32 Amortization of debt issuance costs 64 - - Net change in: Deferred income taxes - 1 - Other assets (935) (302) 194 Other liabilities 108 (977) 273 Net cash (used in) provided by operating activities (2,106) (3,366) 32 Investing activities: Increase in investment in subsidiary - (2,400) (13,000) Net cash (used in) investing activities - (2,400) (13,000) Financing activities: Senior subordinated debt 20,000 - - Debt issuance costs (1,042) - - Director stock grant 38 38 32 Net proceeds from issuance of common stock in private placements and rights offering - - 23,550 Net proceeds from issuance of preferred stock, Series B, in private placements - - 21,560 Repurchase of preferred stock, Series A (14,000) (10,000) - Repurchase of common stock (1) - - Repurchase of warrant (115) - - Dividends paid - preferred stock, Series A (547) (5,955) - Dividends paid - preferred stock, Series B (315) - - Dividends paid - common stock (781) - - Net cash provided by (used in) financing activities 3,237 (15,917) 45,142 Net increase (decrease) in cash on deposit with subsidiary 1,131 (21,683) - 32,174 Cash on deposit with subsidiary, January 1 13,485 - 35,168 - 2,994 Cash on deposit with subsidiary, December 31 $ 14,616 $ 13,485 $ 35,168 |
Summary of Significant Accoun60
Summary of Significant Accounting Policies (Narrative) (Details) | 3 Months Ended | 12 Months Ended | ||||
Sep. 30, 2010USD ($) | Dec. 31, 2015USD ($)store | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Oct. 01, 2014 | May. 15, 2014 | |
Accounting Policies [Line Items] | ||||||
Number of retail branches | store | 24 | |||||
Percentage of real estate loans secured by one to four family residential properties | 39.60% | 42.30% | ||||
Percentage of loans to hospitality industry to total risk-based capital | 15.70% | 21.90% | ||||
Commercial bank deposit accounts in excess of Federal Deposit Insurance Corporation insured limit of $250,000 per institution | $ 6,900,000 | $ 7,300,000 | ||||
Cash reserve deposit required and made | 1,400,000 | 1,800,000 | ||||
Loans classified as TDRs | 16,800,000 | 18,700,000 | ||||
Goodwill, impairment loss | 0 | 0 | $ 0 | |||
Mortgage servicing rights asset, capitalized | $ 214,000 | |||||
Amortization period, mortgage servicing rights | 4 years | |||||
Loan servicing income amount | 19,000 | 37,000 | 35,000 | |||
Advertising expense | $ 984,000 | 748,000 | 602,000 | |||
Defined benefit plan, credited service period | 10 years | |||||
Defined benefit plan number of years for calculating average annual interest rate | 2 years | |||||
Uncertain tax positions | $ 0 | 0 | $ 0 | |||
Hospitality [Member] | ||||||
Accounting Policies [Line Items] | ||||||
Loans, commerical, carrying amount | 20,000,000 | $ 24,800,000 | ||||
Southern Trust Mortgage, LLC [Member] | ||||||
Accounting Policies [Line Items] | ||||||
Equity method investment ownership percentage | 4.90% | |||||
Service revenue, per month | $ 2,000 | |||||
EVB Title, LLC [Member] | ||||||
Accounting Policies [Line Items] | ||||||
Equity method investment ownership percentage | 0.00% | 75.00% | ||||
Dunston Hall LLC [Member] | ||||||
Accounting Policies [Line Items] | ||||||
Ownership interest percentage | 100.00% | |||||
POS LLC [Member] | ||||||
Accounting Policies [Line Items] | ||||||
Ownership interest percentage | 100.00% | |||||
Tartan Holdings LLC [Member] | ||||||
Accounting Policies [Line Items] | ||||||
Ownership interest percentage | 100.00% | |||||
ECU-RE LLC [Member] | ||||||
Accounting Policies [Line Items] | ||||||
Ownership interest percentage | 100.00% | |||||
Bankers Title LLC [Member] [Member] | ||||||
Accounting Policies [Line Items] | ||||||
Equity method investment ownership percentage | 6.00% | |||||
Bankers Insurance, LLC. [Member] | ||||||
Accounting Policies [Line Items] | ||||||
Ownership interest percentage | 2.87% | |||||
Commercial Real Estate Portfolio Segment [Member] | Hospitality [Member] | ||||||
Accounting Policies [Line Items] | ||||||
Concentration risk, percentage | 5.40% | 7.70% | ||||
EVB Financial Services Inc. [Member] | EVB Investments, Inc. [Member] | ||||||
Accounting Policies [Line Items] | ||||||
Ownership interest percentage | 100.00% |
Business Combinations (Narrativ
Business Combinations (Narrative) (Details) $ / shares in Units, $ in Thousands | Nov. 14, 2014USD ($)$ / shares | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) |
Business Acquisition [Line Items] | |||
Business acquisition, equity interest issued or Issuable, value assigned | $ 6,700 | ||
Goodwill | $ 17,085 | $ 17,085 | |
Finite-lived core deposits, gross | 1,000 | ||
Time deposits premium | $ 149 | ||
Time deposits weighted average remaining life | 61 months | ||
Business combination, acquisition related costs | $ 1,800 | ||
Core Deposits [Member] | |||
Business Acquisition [Line Items] | |||
Acquired finite-lived intangible assets, weighted average useful life | 89 months | ||
VCB [Member] | |||
Business Acquisition [Line Items] | |||
Payments to acquire businesses, gross | $ 6,688 | ||
Loans | 103,791 | 101,469 | |
Goodwill | 1,100 | 1,115 | |
Allowance for loan and lease losses, loans acquired | 1,100 | ||
Business combination, acquired receivables, gross contractual amount | 116,600 | ||
Business combination, recognized identifiable assets acquired and liabilities assumed, current assets, receivables | 344 | 344 | |
Estimated cash flows not expected to be collected | 2,000 | ||
Discount of bank owned real estate | $ 1,000 | ||
Percentage of core deposit intangible | 1.25% | ||
Business combination, acquisition related costs | 224 | ||
Business combination, recognized identifiable assets acquired and liabilities assumed, intangible assets, other than goodwill | $ 1,010 | ||
VCB [Member] | Performing [Member] | |||
Business Acquisition [Line Items] | |||
Business combination, recognized identifiable assets acquired and liabilities assumed, current assets, receivables | $ 93,700 | ||
VCB [Member] | Common Stock [Member] | |||
Business Acquisition [Line Items] | |||
Business acquisition, share price | $ / shares | $ 6.25 | ||
Payments to acquire businesses, gross | $ 2,400 | ||
Business acquisition common stock exchange rate | 0.9259 | ||
Share Price | $ / shares | $ 6.27 | ||
Series A Preferred Stock [Member] | VCB [Member] | |||
Business Acquisition [Line Items] | |||
Payments to acquire businesses, gross | $ 4,300 | ||
Maximum [Member] | |||
Business Acquisition [Line Items] | |||
Maturity of time deposits | 5 years | ||
Minimum [Member] | |||
Business Acquisition [Line Items] | |||
Maturity of time deposits | 1 month |
Business Combinations (Schedule
Business Combinations (Schedule of Recognized Identified Assets Acquired and Liabilities Assumed) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Nov. 14, 2014 | |
Identifiable liabilities assumed: | |||
Goodwill resulting from acquisition | $ 17,085 | $ 17,085 | |
VCB [Member] | |||
Consideration paid: | |||
Cash | 6,688 | ||
EVBS common stock | 6,676 | ||
Total consideration paid | 13,364 | ||
Identifiable assets acquired: | |||
Cash and due from banks | 1,377 | $ 1,377 | |
Interest bearing deposits with banks | 249 | 249 | |
Securities available for sale, at fair value | 11,277 | 11,277 | |
Restricted securities, at cost | 557 | 557 | |
Loans | 101,469 | 103,791 | |
Deferred income taxes | 3,513 | ||
Bank premises and equipment | 5,976 | 7,020 | |
Accrued interest receivable | 344 | 344 | |
Other real estate owned | 103 | 211 | |
Core deposit intangible | 1,010 | ||
Bank owned life insurance | 2,742 | 2,742 | |
Other assets | 243 | 243 | |
Total identifiable assets acquired | 128,860 | 127,811 | |
Identifiable liabilities assumed: | |||
Noninterest-bearing demand accounts | 18,797 | 18,797 | |
Interest-bearing deposits | 85,642 | 85,791 | |
Federal funds purchased and repurchase agreements | 3,119 | 3,119 | |
Federal Home Loan Bank advances | 8,650 | 8,650 | |
Accrued interest payable | 30 | 30 | |
Other liabilities | 373 | 373 | |
Total identifiable liabilities assumed | 116,611 | 116,760 | |
Net identifiable assets assumed | 12,249 | 11,051 | |
Goodwill resulting from acquisition | 1,115 | $ 1,100 | |
VCB [Member] | Changes Measurement [Member] | |||
Identifiable assets acquired: | |||
Loans | (2,322) | ||
Deferred income taxes | 3,513 | ||
Bank premises and equipment | (1,044) | ||
Other real estate owned | (108) | ||
Core deposit intangible | 1,010 | ||
Total identifiable assets acquired | 1,049 | ||
Identifiable liabilities assumed: | |||
Interest-bearing deposits | (149) | ||
Total identifiable liabilities assumed | (149) | ||
Net identifiable assets assumed | $ 1,198 |
Business Combinations (Schedu63
Business Combinations (Schedule of Credit Impaired Loans) (Details) $ in Thousands | Nov. 14, 2014USD ($) |
Business Combinations [Abstract] | |
Contractual principal and interest due | $ 9,977 |
Nonaccretable difference | 937 |
Expected cash flows | 9,040 |
Accretable yield | 1,185 |
Purchase credit impaired loans - estimated fair value | $ 7,855 |
Business Combinations (Business
Business Combinations (Business Acquisition, Pro Forma Information) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Business Combinations [Abstract] | |||
Net interest income | $ 42,375 | $ 41,548 | $ 38,642 |
Net income (loss) | $ 7,518 | $ 5,724 | $ (2,941) |
Investment Securities (Narrativ
Investment Securities (Narrative) (Detail) | Dec. 09, 2014USD ($) | Sep. 22, 2014USD ($) | Jun. 30, 2010USD ($) | Dec. 31, 2015USD ($)security | Dec. 31, 2013USD ($) | Dec. 31, 2015USD ($)security | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Sep. 30, 2015USD ($) |
Amortized cost | $ 30,237,000 | $ 35,500,000 | $ 30,237,000 | $ 32,887,000 | $ 35,500,000 | ||||
Estimated fair value | 30,575,000 | 34,500,000 | 30,575,000 | 33,367,000 | 34,500,000 | ||||
Gross Unrealized Losses | $ 994,000 | 18,000 | |||||||
Held-to-maturity securities | 29,698,000 | 29,698,000 | 32,163,000 | ||||||
Gain on sale of held to maturity securities, net | 10,000 | ||||||||
Marketable securities, realized gain (loss) | $ 82,000 | $ 2,000 | |||||||
Other than temporary impairment losses, investments | $ 77,000 | 0 | |||||||
Marketable securities | $ 0 | ||||||||
Proceeds from sales of securities | 84,053,000 | 47,109,000 | 41,675,000 | ||||||
Gain on sale of available for sale securities, net | 224,000 | 538,000 | 1,507,000 | ||||||
Sales of securities held to maturity | 531,000 | ||||||||
Gain on sale of held to maturity securities, net | 10,000 | ||||||||
Proceeds from maturities, calls and paydowns of securities available for sale | 23,291,000 | 35,980,000 | $ 26,322,000 | ||||||
Maturities, calls, and paydowns of securities held to maturity | 1,581,000 | 2,965,000 | |||||||
Pledged securities, aggregate book value | 88,000,000 | 88,000,000 | 86,900,000 | ||||||
Pledged securities, aggregate fair value | 88,000,000 | 88,000,000 | 87,100,000 | ||||||
Fair value of temporarily impaired debt securities | 181,231,000 | 181,231,000 | 143,855,000 | ||||||
Available for sale securities continuous unrealized loss position less than twelve months fair value | 117,596,000 | 117,596,000 | 12,604,000 | ||||||
Available for sale securities continuous unrealized loss position twelve months or longer fair value | 63,635,000 | 63,635,000 | 131,251,000 | ||||||
Investment in Federal Home Loan Bank of Atlanta stock | 5,900,000 | 5,900,000 | 4,500,000 | ||||||
State and Political Subdivisions [Member] | |||||||||
Amortized cost | 18,807,000 | 18,807,000 | 20,814,000 | ||||||
Estimated fair value | 18,899,000 | 18,899,000 | 21,080,000 | ||||||
Gross Unrealized Losses | 18,000 | ||||||||
Held-to-maturity securities | 18,327,000 | 18,327,000 | 20,170,000 | ||||||
Fair value of temporarily impaired debt securities | 35,255,000 | 35,255,000 | 25,172,000 | ||||||
Available for sale securities continuous unrealized loss position less than twelve months fair value | 31,415,000 | 31,415,000 | 3,663,000 | ||||||
Available for sale securities continuous unrealized loss position twelve months or longer fair value | $ 3,840,000 | $ 3,840,000 | $ 21,509,000 | ||||||
State and Political Subdivisions [Member] | Held To Maturity Securities Sold [Member] | |||||||||
Held-to-maturity securities | $ 521,000 | ||||||||
Debt Securities [Member] | |||||||||
Available-for-sale, securities in unrealized loss positions, qualitative disclosure, number of positions | security | 139 | 139 | |||||||
Fair value of temporarily impaired debt securities | $ 181,200,000 | $ 181,200,000 | |||||||
Available-for-sale, securities in unrealized loss positions, qualitative disclosure, number of positions, less than one year | security | 92 | 92 | |||||||
Available for sale securities continuous unrealized loss position less than twelve months fair value | $ 117,600,000 | $ 117,600,000 | |||||||
Available-for-sale, securities in unrealized loss positions, qualitative disclosure, number of positions, greater than or equal to one year | security | 47 | 47 | |||||||
Available for sale securities continuous unrealized loss position twelve months or longer fair value | $ 63,600,000 | $ 63,600,000 | |||||||
Equity Securities [Member] | |||||||||
Available-for-sale, securities in unrealized loss positions, qualitative disclosure, number of positions | security | 0 | 0 | |||||||
Maximum [Member] | |||||||||
Federal funds target rate | 50 | 50 | |||||||
Minimum [Member] | |||||||||
Federal funds target rate | 25 | 25 |
Investment Securities (Amortize
Investment Securities (Amortized Cost and Estimated Fair Value with Gross Unrealized Gains and Losses of Securities) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | |||
Available for Sale: | |||||
Amortized Cost | $ 233,558 | $ 216,247 | |||
Gross Unrealized Gains | 465 | 1,139 | |||
Gross Unrealized Losses | 3,080 | 3,375 | |||
Fair Value | 230,943 | 214,011 | |||
Held to Maturity: | |||||
Amortized cost | $ 35,500 | 30,237 | 32,887 | ||
Unrealized Losses Recorded in AOCI | [1] | 539 | 724 | ||
Carrying Value | 29,698 | 32,163 | |||
Gross Unrealized Gains | 877 | 1,222 | |||
Gross Unrealized Losses | 994 | 18 | |||
Fair Value | $ 34,500 | 30,575 | 33,367 | ||
Obligations of U.S. Government Agencies [Member] | |||||
Available for Sale: | |||||
Amortized Cost | 9,404 | 14,991 | |||
Gross Unrealized Losses | 142 | 422 | |||
Fair Value | 9,262 | 14,569 | |||
SBA Pool Securities [Member] | |||||
Available for Sale: | |||||
Amortized Cost | 64,866 | 76,469 | |||
Gross Unrealized Gains | 25 | 70 | |||
Gross Unrealized Losses | 1,065 | 1,740 | |||
Fair Value | 63,826 | 74,799 | |||
Agency CMO Securities [Member] | |||||
Available for Sale: | |||||
Amortized Cost | 52,870 | 39,343 | |||
Gross Unrealized Gains | 130 | 302 | |||
Gross Unrealized Losses | 829 | 430 | |||
Fair Value | 52,171 | 39,215 | |||
Held to Maturity: | |||||
Amortized cost | 11,430 | 12,073 | |||
Unrealized Losses Recorded in AOCI | [1] | 59 | 80 | ||
Carrying Value | 11,371 | 11,993 | |||
Gross Unrealized Gains | 305 | 294 | |||
Fair Value | 11,676 | 12,287 | |||
Agency CMO Securities [Member] | Residential Mortgage-backed Securities [Member] | |||||
Available for Sale: | |||||
Amortized Cost | 24,250 | 28,740 | |||
Gross Unrealized Gains | 7 | 208 | |||
Gross Unrealized Losses | 354 | 319 | |||
Fair Value | 23,903 | 28,629 | |||
Agency CMO Securities [Member] | Commercial Mortgage Backed Securities [Member] | |||||
Available for Sale: | |||||
Amortized Cost | 18,503 | ||||
Gross Unrealized Losses | 188 | ||||
Fair Value | 18,315 | ||||
Non Agency CMO Securities [Member] | |||||
Available for Sale: | |||||
Amortized Cost | 61 | [2] | 820 | ||
Gross Unrealized Gains | 11 | ||||
Gross Unrealized Losses | 3 | ||||
Fair Value | 61 | [2] | 828 | ||
State and Political Subdivisions [Member] | |||||
Available for Sale: | |||||
Amortized Cost | 61,604 | 55,877 | |||
Gross Unrealized Gains | 303 | 510 | |||
Gross Unrealized Losses | 502 | 461 | |||
Fair Value | 61,405 | 55,926 | |||
Held to Maturity: | |||||
Amortized cost | 18,807 | 20,814 | |||
Unrealized Losses Recorded in AOCI | [1] | 480 | 644 | ||
Carrying Value | 18,327 | 20,170 | |||
Gross Unrealized Gains | 572 | 928 | |||
Gross Unrealized Losses | 18 | ||||
Fair Value | 18,899 | 21,080 | |||
Corporate Securities [Member] | |||||
Available for Sale: | |||||
Amortized Cost | 2,000 | ||||
Fair Value | 2,000 | ||||
FNMA and FHLMC Preferred Stock [Member] | |||||
Available for Sale: | |||||
Amortized Cost | 7 | ||||
Gross Unrealized Gains | 38 | ||||
Fair Value | $ 45 | ||||
Maximum [Member] | Non Agency CMO Securities [Member] | |||||
Available for Sale: | |||||
Gross Unrealized Gains | $ 1 | ||||
[1] | Represents the net unrealized holding loss at the date of transfer from available for sale to held to maturity, net of any accretion. | ||||
[2] | The combined unrealized gains on these securities was less than $1 |
Investment Securities (Amorti67
Investment Securities (Amortized Cost and Estimated Fair Values of Securities by Earlier of Contractual Maturity or Expected Maturity) (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Available for Sale: | ||
Amortized Cost, Due in one year or less | $ 61 | |
Amortized Cost, Due after one year through five years | 75,966 | |
Amortized Cost, Due after five years through ten years | 143,669 | |
Amortized Cost, Due after ten years | 13,862 | |
Amortized Cost, Total | 233,558 | $ 216,247 |
Fair Value, Due in one year or less | 61 | |
Fair Value, Due after one year through five years | 75,382 | |
Fair Value, Due after five years through ten years | 141,798 | |
Fair Value, Due after ten years | 13,702 | |
Fair Value, Total | $ 230,943 | |
Held to Maturity: | ||
Carrying Value, Due in one year or less | ||
Carrying Value, Due after one year through five years | $ 24,104 | |
Carrying Value, Due after five years through ten years | 4,847 | |
Carrying Value, Due after ten years | 747 | |
Carrying Value, Total | $ 29,698 | |
Fair Value, Due in one year or less | ||
Fair Value, Due after one year through five years | $ 24,855 | |
Fair Value, Due after five years through ten years | 4,968 | |
Fair Value, Due after ten years | 752 | |
Fair Value, Total | $ 30,575 |
Investment Securities (Securiti
Investment Securities (Securities in Unrealized Loss Position by Duration of Period of Unrealized Loss) (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 months, Fair Value | $ 117,596 | $ 12,604 |
Less than 12 months, Unrealized Loss | 1,534 | 146 |
12 months or more, Fair Value | 63,635 | 131,251 |
12 months or more, Unrealized Loss | 1,546 | 3,247 |
Total, Fair Value | 181,231 | 143,855 |
Total, Unrealized Loss | 3,080 | 3,393 |
Obligations of U.S. Government Agencies [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 months, Fair Value | 4,848 | |
Less than 12 months, Unrealized Loss | 58 | |
12 months or more, Fair Value | 4,414 | 14,587 |
12 months or more, Unrealized Loss | 84 | 422 |
Total, Fair Value | 9,262 | 14,587 |
Total, Unrealized Loss | 142 | 422 |
SBA Pool Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 months, Fair Value | 19,573 | 3,520 |
Less than 12 months, Unrealized Loss | 180 | 73 |
12 months or more, Fair Value | 39,700 | 63,290 |
12 months or more, Unrealized Loss | 885 | 1,667 |
Total, Fair Value | 59,273 | 66,810 |
Total, Unrealized Loss | 1,065 | 1,740 |
Agency CMO Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 months, Fair Value | 34,075 | 5,140 |
Less than 12 months, Unrealized Loss | 596 | 34 |
12 months or more, Fair Value | 6,340 | 16,478 |
12 months or more, Unrealized Loss | 233 | 396 |
Total, Fair Value | 40,415 | 21,618 |
Total, Unrealized Loss | 829 | 430 |
Non Agency CMO Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 months, Fair Value | 281 | |
Less than 12 months, Unrealized Loss | 3 | |
12 months or more, Fair Value | 44 | |
Total, Fair Value | 325 | |
Total, Unrealized Loss | 3 | |
State and Political Subdivisions [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 months, Fair Value | 31,415 | 3,663 |
Less than 12 months, Unrealized Loss | 408 | 36 |
12 months or more, Fair Value | 3,840 | 21,509 |
12 months or more, Unrealized Loss | 94 | 443 |
Total, Fair Value | 35,255 | 25,172 |
Total, Unrealized Loss | 502 | 479 |
Residential Mortgage-backed Securities [Member] | Agency CMO Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 months, Fair Value | 9,370 | |
Less than 12 months, Unrealized Loss | 104 | |
12 months or more, Fair Value | 9,341 | 15,343 |
12 months or more, Unrealized Loss | 250 | 319 |
Total, Fair Value | 18,711 | 15,343 |
Total, Unrealized Loss | 354 | $ 319 |
Commercial Mortgage Backed Securities [Member] | Agency CMO Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 months, Fair Value | 18,315 | |
Less than 12 months, Unrealized Loss | 188 | |
Total, Fair Value | 18,315 | |
Total, Unrealized Loss | $ 188 |
Loan Portfolio (Narrative) (Det
Loan Portfolio (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Loan Portfolio [Abstract] | |||
Deferred finance costs, net | $ 1,600 | $ 1,400 | |
Troubled debt restructurings in nonaccrual loans | 1,300 | 3,400 | |
Impaired financing receivable, interest income, accrual method | 290 | 124 | $ 413 |
Certain Loans Acquired in Transfer Accounted for as Debt Securities, Outstanding Balance | 8,800 | 8,800 | |
Certain Loans Acquired in Transfer Accounted for as Debt Securities, Carrying Amount, Net | 7,900 | $ 7,800 | |
Mortgage loans in process of foreclosure, amount | 2,000 | ||
Real estate acquired through foreclosure | $ 423 |
Loan Portfolio (Composition of
Loan Portfolio (Composition of Loan Portfolio) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Composition of Loan Portfolio [Line Items] | |||
Total loans | $ 880,778 | $ 820,569 | |
Total loans Percent | 100.00% | 100.00% | |
Less allowance for loan losses | $ (11,327) | $ (13,021) | $ (14,767) |
Loans, net | 869,451 | 807,548 | |
Commercial, Industrial and Agricultural [Member] | |||
Composition of Loan Portfolio [Line Items] | |||
Total loans | $ 98,828 | $ 85,119 | |
Total loans Percent | 11.22% | 10.37% | |
Less allowance for loan losses | $ (1,894) | $ (1,168) | (1,787) |
Real Estate - One to Four Family Residential [Member] | |||
Composition of Loan Portfolio [Line Items] | |||
Total loans | $ 349,135 | $ 346,861 | |
Total loans Percent | 39.63% | 42.28% | |
Less allowance for loan losses | $ (2,404) | $ (3,562) | (4,501) |
Real Estate - One to Four Family Residential [Member] | Closed End First And Seconds [Member] | |||
Composition of Loan Portfolio [Line Items] | |||
Total loans | $ 232,826 | $ 236,761 | |
Total loans Percent | 26.43% | 28.86% | |
Less allowance for loan losses | $ (1,609) | $ (1,884) | (2,859) |
Real Estate - One to Four Family Residential [Member] | Home Equity Line of Credit [Member] | |||
Composition of Loan Portfolio [Line Items] | |||
Total loans | $ 116,309 | $ 110,100 | |
Total loans Percent | 13.20% | 13.42% | |
Less allowance for loan losses | $ (795) | $ (1,678) | (1,642) |
Real estate - Multifamily Residential [Member] | |||
Composition of Loan Portfolio [Line Items] | |||
Total loans | $ 29,672 | $ 25,157 | |
Total loans Percent | 3.37% | 3.07% | |
Less allowance for loan losses | $ (78) | $ (89) | (79) |
Real Estate - Construction [Member] | |||
Composition of Loan Portfolio [Line Items] | |||
Total loans | $ 66,372 | $ 55,289 | |
Total loans Percent | 7.53% | 6.74% | |
Less allowance for loan losses | $ (2,718) | $ (2,905) | (2,353) |
Real Estate - Construction [Member] | One To Four Family Residential [Member] | |||
Composition of Loan Portfolio [Line Items] | |||
Total loans | $ 19,495 | $ 19,698 | |
Total loans Percent | 2.21% | 2.40% | |
Less allowance for loan losses | $ (295) | $ (235) | (364) |
Real Estate - Construction [Member] | Other Construction, Land Development and Other Land [Member] | |||
Composition of Loan Portfolio [Line Items] | |||
Total loans | $ 46,877 | $ 35,591 | |
Total loans Percent | 5.32% | 4.34% | |
Less allowance for loan losses | $ (2,423) | $ (2,670) | (1,989) |
Real estate - Farmland [Member] | |||
Composition of Loan Portfolio [Line Items] | |||
Total loans | $ 11,418 | $ 9,471 | |
Total loans Percent | 1.30% | 1.15% | |
Less allowance for loan losses | $ (272) | $ (144) | (116) |
Real Estate - Non-farm, Non-residential [Member] | |||
Composition of Loan Portfolio [Line Items] | |||
Total loans | $ 291,680 | $ 262,572 | |
Total loans Percent | 33.13% | 31.99% | |
Less allowance for loan losses | $ (3,205) | $ (4,324) | (5,006) |
Real Estate - Non-farm, Non-residential [Member] | Owner Occupied [Member] | |||
Composition of Loan Portfolio [Line Items] | |||
Total loans | $ 187,224 | $ 157,745 | |
Total loans Percent | 21.27% | 19.22% | |
Less allowance for loan losses | $ (1,964) | $ (2,416) | (3,236) |
Real Estate - Non-farm, Non-residential [Member] | Non-owner Occupied [Member] | |||
Composition of Loan Portfolio [Line Items] | |||
Total loans | $ 104,456 | $ 104,827 | |
Total loans Percent | 11.86% | 12.77% | |
Less allowance for loan losses | $ (1,241) | $ (1,908) | (1,770) |
Consumer Loan [Member] | |||
Composition of Loan Portfolio [Line Items] | |||
Total loans | $ 19,993 | $ 15,919 | |
Total loans Percent | 2.27% | 1.94% | |
Less allowance for loan losses | $ (287) | $ (305) | (387) |
Other [Member] | |||
Composition of Loan Portfolio [Line Items] | |||
Total loans | $ 13,680 | $ 20,181 | |
Total loans Percent | 1.55% | 2.46% | |
Less allowance for loan losses | $ (469) | $ (524) | $ (538) |
Loan Portfolio (Aging of Record
Loan Portfolio (Aging of Recorded Investment in Past Due Loans) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | |
Aging of Past Due Commercial Mortgage Loans [Line Items] | |||
Total Past Due | $ 13,893 | $ 14,192 | |
Total Current | [1] | 866,885 | 806,377 |
Total Loans | 880,778 | 820,569 | |
Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Aging of Past Due Commercial Mortgage Loans [Line Items] | |||
Total Past Due | 6,088 | 8,344 | |
Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Aging of Past Due Commercial Mortgage Loans [Line Items] | |||
Total Past Due | 1,326 | 1,319 | |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Aging of Past Due Commercial Mortgage Loans [Line Items] | |||
Total Past Due | 6,479 | 4,529 | |
Commercial, Industrial and Agricultural [Member] | |||
Aging of Past Due Commercial Mortgage Loans [Line Items] | |||
Total Past Due | 342 | 657 | |
Total Current | [1] | 98,486 | 84,462 |
Total Loans | 98,828 | 85,119 | |
Commercial, Industrial and Agricultural [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Aging of Past Due Commercial Mortgage Loans [Line Items] | |||
Total Past Due | 149 | 278 | |
Commercial, Industrial and Agricultural [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Aging of Past Due Commercial Mortgage Loans [Line Items] | |||
Total Past Due | 6 | ||
Commercial, Industrial and Agricultural [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Aging of Past Due Commercial Mortgage Loans [Line Items] | |||
Total Past Due | 193 | 373 | |
Real Estate - One to Four Family Residential [Member] | |||
Aging of Past Due Commercial Mortgage Loans [Line Items] | |||
Total Past Due | 10,133 | 8,611 | |
Total Current | [1] | 339,002 | 338,250 |
Total Loans | 349,135 | 346,861 | |
Real Estate - One to Four Family Residential [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Aging of Past Due Commercial Mortgage Loans [Line Items] | |||
Total Past Due | 3,914 | 5,881 | |
Real Estate - One to Four Family Residential [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Aging of Past Due Commercial Mortgage Loans [Line Items] | |||
Total Past Due | 1,322 | 1,123 | |
Real Estate - One to Four Family Residential [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Aging of Past Due Commercial Mortgage Loans [Line Items] | |||
Total Past Due | 4,897 | 1,607 | |
Real Estate - One to Four Family Residential [Member] | Closed End First And Seconds [Member] | |||
Aging of Past Due Commercial Mortgage Loans [Line Items] | |||
Total Past Due | 8,717 | 7,885 | |
Total Current | [1] | 224,109 | 228,876 |
Total Loans | 232,826 | 236,761 | |
Real Estate - One to Four Family Residential [Member] | Closed End First And Seconds [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Aging of Past Due Commercial Mortgage Loans [Line Items] | |||
Total Past Due | 2,748 | 5,515 | |
Real Estate - One to Four Family Residential [Member] | Closed End First And Seconds [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Aging of Past Due Commercial Mortgage Loans [Line Items] | |||
Total Past Due | 1,322 | 1,123 | |
Real Estate - One to Four Family Residential [Member] | Closed End First And Seconds [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Aging of Past Due Commercial Mortgage Loans [Line Items] | |||
Total Past Due | 4,647 | 1,247 | |
Real Estate - One to Four Family Residential [Member] | Home Equity Line of Credit [Member] | |||
Aging of Past Due Commercial Mortgage Loans [Line Items] | |||
Total Past Due | 1,416 | 726 | |
Total Current | [1] | 114,893 | 109,374 |
Total Loans | 116,309 | 110,100 | |
Real Estate - One to Four Family Residential [Member] | Home Equity Line of Credit [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Aging of Past Due Commercial Mortgage Loans [Line Items] | |||
Total Past Due | 1,166 | 366 | |
Real Estate - One to Four Family Residential [Member] | Home Equity Line of Credit [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Aging of Past Due Commercial Mortgage Loans [Line Items] | |||
Total Past Due | 250 | 360 | |
Real estate - Multifamily Residential [Member] | |||
Aging of Past Due Commercial Mortgage Loans [Line Items] | |||
Total Current | [1] | 29,672 | 25,157 |
Total Loans | 29,672 | 25,157 | |
Real Estate - Construction [Member] | |||
Aging of Past Due Commercial Mortgage Loans [Line Items] | |||
Total Past Due | 100 | 376 | |
Total Current | [1] | 66,272 | 54,913 |
Total Loans | 66,372 | 55,289 | |
Real Estate - Construction [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Aging of Past Due Commercial Mortgage Loans [Line Items] | |||
Total Past Due | 11 | 155 | |
Real Estate - Construction [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Aging of Past Due Commercial Mortgage Loans [Line Items] | |||
Total Past Due | 89 | 221 | |
Real Estate - Construction [Member] | One To Four Family Residential [Member] | |||
Aging of Past Due Commercial Mortgage Loans [Line Items] | |||
Total Past Due | 100 | 371 | |
Total Current | [1] | 19,395 | 19,327 |
Total Loans | 19,495 | 19,698 | |
Real Estate - Construction [Member] | One To Four Family Residential [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Aging of Past Due Commercial Mortgage Loans [Line Items] | |||
Total Past Due | 11 | 150 | |
Real Estate - Construction [Member] | One To Four Family Residential [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Aging of Past Due Commercial Mortgage Loans [Line Items] | |||
Total Past Due | 89 | 221 | |
Real Estate - Construction [Member] | Other Construction, Land Development and Other Land [Member] | |||
Aging of Past Due Commercial Mortgage Loans [Line Items] | |||
Total Past Due | 5 | ||
Total Current | [1] | 46,877 | 35,586 |
Total Loans | 46,877 | 35,591 | |
Real Estate - Construction [Member] | Other Construction, Land Development and Other Land [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Aging of Past Due Commercial Mortgage Loans [Line Items] | |||
Total Past Due | 5 | ||
Real estate - Farmland [Member] | |||
Aging of Past Due Commercial Mortgage Loans [Line Items] | |||
Total Past Due | 590 | ||
Total Current | [1] | 11,418 | 8,881 |
Total Loans | 11,418 | 9,471 | |
Real estate - Farmland [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Aging of Past Due Commercial Mortgage Loans [Line Items] | |||
Total Past Due | 590 | ||
Real Estate - Non-farm, Non-residential [Member] | |||
Aging of Past Due Commercial Mortgage Loans [Line Items] | |||
Total Past Due | 2,937 | 3,769 | |
Total Current | [1] | 288,743 | 258,803 |
Total Loans | 291,680 | 262,572 | |
Real Estate - Non-farm, Non-residential [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Aging of Past Due Commercial Mortgage Loans [Line Items] | |||
Total Past Due | 1,637 | 1,873 | |
Real Estate - Non-farm, Non-residential [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Aging of Past Due Commercial Mortgage Loans [Line Items] | |||
Total Past Due | 158 | ||
Real Estate - Non-farm, Non-residential [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Aging of Past Due Commercial Mortgage Loans [Line Items] | |||
Total Past Due | 1,300 | 1,738 | |
Real Estate - Non-farm, Non-residential [Member] | Owner Occupied [Member] | |||
Aging of Past Due Commercial Mortgage Loans [Line Items] | |||
Total Past Due | 2,261 | 3,769 | |
Total Current | [1] | 184,963 | 153,976 |
Total Loans | 187,224 | 157,745 | |
Real Estate - Non-farm, Non-residential [Member] | Owner Occupied [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Aging of Past Due Commercial Mortgage Loans [Line Items] | |||
Total Past Due | 1,637 | 1,873 | |
Real Estate - Non-farm, Non-residential [Member] | Owner Occupied [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Aging of Past Due Commercial Mortgage Loans [Line Items] | |||
Total Past Due | 158 | ||
Real Estate - Non-farm, Non-residential [Member] | Owner Occupied [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Aging of Past Due Commercial Mortgage Loans [Line Items] | |||
Total Past Due | 624 | 1,738 | |
Real Estate - Non-farm, Non-residential [Member] | Non-owner Occupied [Member] | |||
Aging of Past Due Commercial Mortgage Loans [Line Items] | |||
Total Past Due | 676 | ||
Total Current | [1] | 103,780 | 104,827 |
Total Loans | 104,456 | 104,827 | |
Real Estate - Non-farm, Non-residential [Member] | Non-owner Occupied [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Aging of Past Due Commercial Mortgage Loans [Line Items] | |||
Total Past Due | 676 | ||
Consumer Loan [Member] | |||
Aging of Past Due Commercial Mortgage Loans [Line Items] | |||
Total Past Due | 381 | 189 | |
Total Current | [1] | 19,612 | 15,730 |
Total Loans | 19,993 | 15,919 | |
Consumer Loan [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Aging of Past Due Commercial Mortgage Loans [Line Items] | |||
Total Past Due | 377 | 157 | |
Consumer Loan [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Aging of Past Due Commercial Mortgage Loans [Line Items] | |||
Total Past Due | 4 | 32 | |
Other [Member] | |||
Aging of Past Due Commercial Mortgage Loans [Line Items] | |||
Total Current | [1] | 13,680 | 20,181 |
Total Loans | $ 13,680 | $ 20,181 | |
[1] | For purposes of this table only, the "Total Current" column includes loans that are 1-29 days past due. |
Loan Portfolio (Nonaccural Loan
Loan Portfolio (Nonaccural Loans, Loans Past Due Ninety Days and Accruing Interest, and Restructured Loans) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Loan Portfolio [Abstract] | ||
Nonaccrual loans | $ 6,175 | $ 6,622 |
Loans past due 90 days and accruing interest | 1,117 | 53 |
Troubled debt restructurings (accruing) | $ 15,535 | $ 15,223 |
Loan Portfolio (Schedule of Loa
Loan Portfolio (Schedule of Loans Acquired Pursuant To Acquisition) (Details) - Virginia Company Bank [Member] - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Acquired loans | $ 60,453 | $ 95,508 |
Performing [Member] | ||
Acquired loans | 52,585 | 87,686 |
Receivables Acquired with Deteriorated Credit Quality [Member] | ||
Acquired loans | 7,868 | 7,822 |
Commercial, Industrial and Agricultural [Member] | ||
Acquired loans | 4,025 | 16,696 |
Commercial, Industrial and Agricultural [Member] | Performing [Member] | ||
Acquired loans | 3,476 | 15,673 |
Commercial, Industrial and Agricultural [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | ||
Acquired loans | 549 | 1,023 |
Real Estate - One to Four Family Residential [Member] | ||
Acquired loans | 17,393 | 19,740 |
Real Estate - One to Four Family Residential [Member] | Performing [Member] | ||
Acquired loans | 16,245 | 18,333 |
Real Estate - One to Four Family Residential [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | ||
Acquired loans | 1,148 | 1,407 |
Real Estate - One to Four Family Residential [Member] | Closed End First And Seconds [Member] | ||
Acquired loans | 7,406 | 7,849 |
Real Estate - One to Four Family Residential [Member] | Closed End First And Seconds [Member] | Performing [Member] | ||
Acquired loans | 6,290 | 6,475 |
Real Estate - One to Four Family Residential [Member] | Closed End First And Seconds [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | ||
Acquired loans | 1,116 | 1,374 |
Real Estate - One to Four Family Residential [Member] | Home Equity Lines [Member] | ||
Acquired loans | 9,987 | 11,891 |
Real Estate - One to Four Family Residential [Member] | Home Equity Lines [Member] | Performing [Member] | ||
Acquired loans | 9,955 | 11,858 |
Real Estate - One to Four Family Residential [Member] | Home Equity Lines [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | ||
Acquired loans | 32 | 33 |
Real estate - Multifamily Residential [Member] | ||
Acquired loans | 1,988 | 3,539 |
Real estate - Multifamily Residential [Member] | Performing [Member] | ||
Acquired loans | 1,988 | 3,539 |
Real Estate - Construction [Member] | ||
Acquired loans | 2,700 | 6,959 |
Real Estate - Construction [Member] | Performing [Member] | ||
Acquired loans | 2,425 | 6,880 |
Real Estate - Construction [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | ||
Acquired loans | 275 | 79 |
Real Estate - Construction [Member] | One To Four Family Residential [Member] | ||
Acquired loans | 515 | 3,206 |
Real Estate - Construction [Member] | One To Four Family Residential [Member] | Performing [Member] | ||
Acquired loans | 515 | 3,206 |
Real Estate - Construction [Member] | Other Construction, Land Development and Other Land [Member] | ||
Acquired loans | 2,185 | 3,753 |
Real Estate - Construction [Member] | Other Construction, Land Development and Other Land [Member] | Performing [Member] | ||
Acquired loans | 1,910 | 3,674 |
Real Estate - Construction [Member] | Other Construction, Land Development and Other Land [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | ||
Acquired loans | 275 | 79 |
Real Estate - Non-farm, Non-residential [Member] | ||
Acquired loans | 33,271 | 47,112 |
Real Estate - Non-farm, Non-residential [Member] | Performing [Member] | ||
Acquired loans | 27,375 | 41,799 |
Real Estate - Non-farm, Non-residential [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | ||
Acquired loans | 5,896 | 5,313 |
Real Estate - Non-farm, Non-residential [Member] | Non-owner Occupied [Member] | ||
Acquired loans | 12,447 | 24,234 |
Real Estate - Non-farm, Non-residential [Member] | Non-owner Occupied [Member] | Performing [Member] | ||
Acquired loans | 10,847 | 20,762 |
Real Estate - Non-farm, Non-residential [Member] | Non-owner Occupied [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | ||
Acquired loans | 1,600 | 3,472 |
Real Estate - Non-farm, Non-residential [Member] | Owner Occupied [Member] | ||
Acquired loans | 20,824 | 22,878 |
Real Estate - Non-farm, Non-residential [Member] | Owner Occupied [Member] | Performing [Member] | ||
Acquired loans | 16,528 | 21,037 |
Real Estate - Non-farm, Non-residential [Member] | Owner Occupied [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | ||
Acquired loans | 4,296 | 1,841 |
Consumer Loan [Member] | ||
Acquired loans | 276 | 1,462 |
Consumer Loan [Member] | Performing [Member] | ||
Acquired loans | 276 | $ 1,462 |
Other [Member] | ||
Acquired loans | 800 | |
Other [Member] | Performing [Member] | ||
Acquired loans | $ 800 |
Loan Portfolio (Recorded Invest
Loan Portfolio (Recorded Investment in Nonaccrual Loans and Loans Past Due Ninety Days and Accruing Interest by Class) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Aging of Past Due Commercial Mortgage Loans [Line Items] | ||
Nonaccrual loans | $ 6,175 | $ 6,622 |
Over 90 Days Past Due and Accruing Loans | 1,117 | 53 |
Commercial, Industrial and Agricultural [Member] | ||
Aging of Past Due Commercial Mortgage Loans [Line Items] | ||
Nonaccrual loans | 193 | 334 |
Over 90 Days Past Due and Accruing Loans | 53 | |
Real Estate - One to Four Family Residential [Member] | ||
Aging of Past Due Commercial Mortgage Loans [Line Items] | ||
Nonaccrual loans | 4,578 | $ 3,928 |
Over 90 Days Past Due and Accruing Loans | 1,117 | |
Real Estate - One to Four Family Residential [Member] | Closed End First And Seconds [Member] | ||
Aging of Past Due Commercial Mortgage Loans [Line Items] | ||
Nonaccrual loans | 4,153 | $ 3,364 |
Over 90 Days Past Due and Accruing Loans | 1,117 | |
Real Estate - One to Four Family Residential [Member] | Home Equity Line of Credit [Member] | ||
Aging of Past Due Commercial Mortgage Loans [Line Items] | ||
Nonaccrual loans | 425 | $ 564 |
Over 90 Days Past Due and Accruing Loans | ||
Real Estate - Construction [Member] | ||
Aging of Past Due Commercial Mortgage Loans [Line Items] | ||
Nonaccrual loans | 89 | $ 221 |
Over 90 Days Past Due and Accruing Loans | ||
Real Estate - Construction [Member] | One To Four Family Residential [Member] | ||
Aging of Past Due Commercial Mortgage Loans [Line Items] | ||
Nonaccrual loans | 89 | $ 221 |
Over 90 Days Past Due and Accruing Loans | ||
Real estate - Farmland [Member] | ||
Aging of Past Due Commercial Mortgage Loans [Line Items] | ||
Nonaccrual loans | $ 590 | |
Over 90 Days Past Due and Accruing Loans | ||
Real Estate - Non-farm, Non-residential [Member] | ||
Aging of Past Due Commercial Mortgage Loans [Line Items] | ||
Nonaccrual loans | 1,300 | $ 1,521 |
Over 90 Days Past Due and Accruing Loans | ||
Real Estate - Non-farm, Non-residential [Member] | Owner Occupied [Member] | ||
Aging of Past Due Commercial Mortgage Loans [Line Items] | ||
Nonaccrual loans | 624 | $ 1,521 |
Over 90 Days Past Due and Accruing Loans | ||
Real Estate - Non-farm, Non-residential [Member] | Non-owner Occupied [Member] | ||
Aging of Past Due Commercial Mortgage Loans [Line Items] | ||
Nonaccrual loans | 676 | |
Over 90 Days Past Due and Accruing Loans | ||
Consumer Loan [Member] | ||
Aging of Past Due Commercial Mortgage Loans [Line Items] | ||
Nonaccrual loans | $ 15 | $ 28 |
Over 90 Days Past Due and Accruing Loans |
Loan Portfolio (Commercial Loan
Loan Portfolio (Commercial Loans by Credit Quality Indicator) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Financing Receivable, Recorded Investment [Line Items] | ||
Total commercial loans | $ 497,970 | $ 437,608 |
Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total commercial loans | 441,518 | 376,930 |
Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total commercial loans | 18,368 | 20,980 |
Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total commercial loans | $ 5,110 | $ 6,133 |
Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total commercial loans | ||
Impaired [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total commercial loans | $ 26,254 | $ 27,150 |
Receivables Acquired with Deteriorated Credit Quality [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total commercial loans | 6,720 | 6,415 |
Commercial, Industrial and Agricultural [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total commercial loans | 98,828 | 85,119 |
Commercial, Industrial and Agricultural [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total commercial loans | 95,440 | 79,191 |
Commercial, Industrial and Agricultural [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total commercial loans | 1,709 | 2,779 |
Commercial, Industrial and Agricultural [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total commercial loans | $ 291 | $ 675 |
Commercial, Industrial and Agricultural [Member] | Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total commercial loans | ||
Commercial, Industrial and Agricultural [Member] | Impaired [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total commercial loans | $ 839 | $ 1,451 |
Commercial, Industrial and Agricultural [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total commercial loans | 549 | 1,023 |
Real estate - Multifamily Residential [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total commercial loans | 29,672 | 25,157 |
Real estate - Multifamily Residential [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total commercial loans | $ 29,672 | $ 25,157 |
Real estate - Multifamily Residential [Member] | Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total commercial loans | ||
Real Estate - Construction [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total commercial loans | $ 66,372 | $ 55,289 |
Real Estate - Construction [Member] | One To Four Family Residential [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total commercial loans | 19,495 | 19,698 |
Real Estate - Construction [Member] | Other Construction, Land Development and Other Land [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total commercial loans | 46,877 | 35,591 |
Real Estate - Construction [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total commercial loans | 57,013 | 45,894 |
Real Estate - Construction [Member] | Pass [Member] | One To Four Family Residential [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total commercial loans | 19,000 | 18,978 |
Real Estate - Construction [Member] | Pass [Member] | Other Construction, Land Development and Other Land [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total commercial loans | 38,013 | 26,916 |
Real Estate - Construction [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total commercial loans | 2,005 | 2,091 |
Real Estate - Construction [Member] | Special Mention [Member] | One To Four Family Residential [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total commercial loans | 220 | 300 |
Real Estate - Construction [Member] | Special Mention [Member] | Other Construction, Land Development and Other Land [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total commercial loans | 1,785 | 1,791 |
Real Estate - Construction [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total commercial loans | 1,331 | 1,388 |
Real Estate - Construction [Member] | Substandard [Member] | One To Four Family Residential [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total commercial loans | 89 | 244 |
Real Estate - Construction [Member] | Substandard [Member] | Other Construction, Land Development and Other Land [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total commercial loans | $ 1,242 | $ 1,144 |
Real Estate - Construction [Member] | Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total commercial loans | ||
Real Estate - Construction [Member] | Doubtful [Member] | One To Four Family Residential [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total commercial loans | ||
Real Estate - Construction [Member] | Doubtful [Member] | Other Construction, Land Development and Other Land [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total commercial loans | ||
Real Estate - Construction [Member] | Impaired [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total commercial loans | $ 5,748 | $ 5,837 |
Real Estate - Construction [Member] | Impaired [Member] | One To Four Family Residential [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total commercial loans | 186 | 176 |
Real Estate - Construction [Member] | Impaired [Member] | Other Construction, Land Development and Other Land [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total commercial loans | 5,562 | 5,661 |
Real Estate - Construction [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total commercial loans | 275 | 79 |
Real Estate - Construction [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | Other Construction, Land Development and Other Land [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total commercial loans | 275 | 79 |
Real estate - Farmland [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total commercial loans | 11,418 | 9,471 |
Real estate - Farmland [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total commercial loans | 10,396 | $ 9,471 |
Real estate - Farmland [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total commercial loans | 318 | |
Real estate - Farmland [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total commercial loans | $ 165 | |
Real estate - Farmland [Member] | Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total commercial loans | ||
Real estate - Farmland [Member] | Impaired [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total commercial loans | $ 539 | |
Real Estate - Non-farm, Non-residential [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total commercial loans | 291,680 | $ 262,572 |
Real Estate - Non-farm, Non-residential [Member] | Owner Occupied [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total commercial loans | 187,224 | 157,745 |
Real Estate - Non-farm, Non-residential [Member] | Non-owner Occupied [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total commercial loans | 104,456 | 104,827 |
Real Estate - Non-farm, Non-residential [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total commercial loans | 248,997 | 217,217 |
Real Estate - Non-farm, Non-residential [Member] | Pass [Member] | Owner Occupied [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total commercial loans | 162,103 | 132,266 |
Real Estate - Non-farm, Non-residential [Member] | Pass [Member] | Non-owner Occupied [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total commercial loans | 86,894 | 84,951 |
Real Estate - Non-farm, Non-residential [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total commercial loans | 14,336 | 16,110 |
Real Estate - Non-farm, Non-residential [Member] | Special Mention [Member] | Owner Occupied [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total commercial loans | 12,206 | 11,339 |
Real Estate - Non-farm, Non-residential [Member] | Special Mention [Member] | Non-owner Occupied [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total commercial loans | 2,130 | 4,771 |
Real Estate - Non-farm, Non-residential [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total commercial loans | 3,323 | 4,070 |
Real Estate - Non-farm, Non-residential [Member] | Substandard [Member] | Owner Occupied [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total commercial loans | 2,283 | 2,253 |
Real Estate - Non-farm, Non-residential [Member] | Substandard [Member] | Non-owner Occupied [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total commercial loans | $ 1,040 | $ 1,817 |
Real Estate - Non-farm, Non-residential [Member] | Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total commercial loans | ||
Real Estate - Non-farm, Non-residential [Member] | Doubtful [Member] | Owner Occupied [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total commercial loans | ||
Real Estate - Non-farm, Non-residential [Member] | Doubtful [Member] | Non-owner Occupied [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total commercial loans | ||
Real Estate - Non-farm, Non-residential [Member] | Impaired [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total commercial loans | $ 19,128 | $ 19,862 |
Real Estate - Non-farm, Non-residential [Member] | Impaired [Member] | Owner Occupied [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total commercial loans | 6,336 | 10,046 |
Real Estate - Non-farm, Non-residential [Member] | Impaired [Member] | Non-owner Occupied [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total commercial loans | 12,792 | 9,816 |
Real Estate - Non-farm, Non-residential [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total commercial loans | 5,896 | 5,313 |
Real Estate - Non-farm, Non-residential [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | Owner Occupied [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total commercial loans | 4,296 | 1,841 |
Real Estate - Non-farm, Non-residential [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | Non-owner Occupied [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total commercial loans | $ 1,600 | $ 3,472 |
Loan Portfolio (Consumer Loans,
Loan Portfolio (Consumer Loans, including One to Four Family Residential First and Seconds and Home Equity Lines, by Payment Activity) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Consumer Loans Credit Quality Information And Allowances And Liabilities For Losses On Consumer Loans [Line Items] | ||
Total Consumer loans | $ 382,808 | $ 382,961 |
Performing [Member] | ||
Consumer Loans Credit Quality Information And Allowances And Liabilities For Losses On Consumer Loans [Line Items] | ||
Total Consumer loans | 368,783 | 372,089 |
NonPerforming [Member] | ||
Consumer Loans Credit Quality Information And Allowances And Liabilities For Losses On Consumer Loans [Line Items] | ||
Total Consumer loans | 14,025 | 10,872 |
Real Estate - One to Four Family Residential [Member] | ||
Consumer Loans Credit Quality Information And Allowances And Liabilities For Losses On Consumer Loans [Line Items] | ||
Total Consumer loans | 349,135 | 346,861 |
Real Estate - One to Four Family Residential [Member] | Performing [Member] | ||
Consumer Loans Credit Quality Information And Allowances And Liabilities For Losses On Consumer Loans [Line Items] | ||
Total Consumer loans | 335,450 | 336,366 |
Real Estate - One to Four Family Residential [Member] | NonPerforming [Member] | ||
Consumer Loans Credit Quality Information And Allowances And Liabilities For Losses On Consumer Loans [Line Items] | ||
Total Consumer loans | 13,685 | 10,495 |
Real Estate - One to Four Family Residential [Member] | Closed End First And Seconds [Member] | ||
Consumer Loans Credit Quality Information And Allowances And Liabilities For Losses On Consumer Loans [Line Items] | ||
Total Consumer loans | 232,826 | 236,761 |
Real Estate - One to Four Family Residential [Member] | Closed End First And Seconds [Member] | Performing [Member] | ||
Consumer Loans Credit Quality Information And Allowances And Liabilities For Losses On Consumer Loans [Line Items] | ||
Total Consumer loans | 220,016 | 226,801 |
Real Estate - One to Four Family Residential [Member] | Closed End First And Seconds [Member] | NonPerforming [Member] | ||
Consumer Loans Credit Quality Information And Allowances And Liabilities For Losses On Consumer Loans [Line Items] | ||
Total Consumer loans | 12,810 | 9,960 |
Real Estate - One to Four Family Residential [Member] | Home Equity Line of Credit [Member] | ||
Consumer Loans Credit Quality Information And Allowances And Liabilities For Losses On Consumer Loans [Line Items] | ||
Total Consumer loans | 116,309 | 110,100 |
Real Estate - One to Four Family Residential [Member] | Home Equity Line of Credit [Member] | Performing [Member] | ||
Consumer Loans Credit Quality Information And Allowances And Liabilities For Losses On Consumer Loans [Line Items] | ||
Total Consumer loans | 115,434 | 109,565 |
Real Estate - One to Four Family Residential [Member] | Home Equity Line of Credit [Member] | NonPerforming [Member] | ||
Consumer Loans Credit Quality Information And Allowances And Liabilities For Losses On Consumer Loans [Line Items] | ||
Total Consumer loans | 875 | 535 |
Consumer Loan [Member] | ||
Consumer Loans Credit Quality Information And Allowances And Liabilities For Losses On Consumer Loans [Line Items] | ||
Total Consumer loans | 19,993 | 15,919 |
Consumer Loan [Member] | Performing [Member] | ||
Consumer Loans Credit Quality Information And Allowances And Liabilities For Losses On Consumer Loans [Line Items] | ||
Total Consumer loans | 19,655 | 15,548 |
Consumer Loan [Member] | NonPerforming [Member] | ||
Consumer Loans Credit Quality Information And Allowances And Liabilities For Losses On Consumer Loans [Line Items] | ||
Total Consumer loans | 338 | 371 |
Other [Member] | ||
Consumer Loans Credit Quality Information And Allowances And Liabilities For Losses On Consumer Loans [Line Items] | ||
Total Consumer loans | 13,680 | 20,181 |
Other [Member] | Performing [Member] | ||
Consumer Loans Credit Quality Information And Allowances And Liabilities For Losses On Consumer Loans [Line Items] | ||
Total Consumer loans | 13,678 | 20,175 |
Other [Member] | NonPerforming [Member] | ||
Consumer Loans Credit Quality Information And Allowances And Liabilities For Losses On Consumer Loans [Line Items] | ||
Total Consumer loans | $ 2 | $ 6 |
Loan Portfolio (Roll Forward of
Loan Portfolio (Roll Forward of Allowance for Loan Losses) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Balance at beginning of period | $ 13,021 | $ 14,767 | |
Charge-offs | (1,978) | (2,549) | |
Recoveries | 284 | 553 | |
Provision | 250 | $ 1,850 | |
Balance at end of period | 11,327 | 13,021 | 14,767 |
Commercial, Industrial and Agricultural [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Balance at beginning of period | 1,168 | 1,787 | |
Charge-offs | (336) | (340) | |
Recoveries | 51 | 75 | |
Provision | 1,011 | (354) | |
Balance at end of period | 1,894 | 1,168 | 1,787 |
Real Estate - One to Four Family Residential [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Balance at beginning of period | 3,562 | 4,501 | |
Charge-offs | (1,273) | (927) | |
Recoveries | 147 | 280 | |
Provision | (32) | (292) | |
Balance at end of period | 2,404 | 3,562 | 4,501 |
Real Estate - One to Four Family Residential [Member] | Closed End First And Seconds [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Balance at beginning of period | 1,884 | 2,859 | |
Charge-offs | (1,113) | (483) | |
Recoveries | 116 | 265 | |
Provision | 722 | (757) | |
Balance at end of period | 1,609 | 1,884 | 2,859 |
Real Estate - One to Four Family Residential [Member] | Home Equity Line of Credit [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Balance at beginning of period | 1,678 | 1,642 | |
Charge-offs | (160) | (444) | |
Recoveries | 31 | 15 | |
Provision | (754) | 465 | |
Balance at end of period | 795 | 1,678 | 1,642 |
Real estate - Multifamily Residential [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Balance at beginning of period | 89 | 79 | |
Provision | (11) | 10 | |
Balance at end of period | 78 | 89 | 79 |
Real Estate - Construction [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Balance at beginning of period | 2,905 | 2,353 | |
Charge-offs | (129) | (118) | |
Recoveries | 5 | 16 | |
Provision | (63) | 654 | |
Balance at end of period | 2,718 | 2,905 | 2,353 |
Real Estate - Construction [Member] | One To Four Family Residential [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Balance at beginning of period | 235 | 364 | |
Charge-offs | (129) | (118) | |
Recoveries | 4 | 7 | |
Provision | 185 | (18) | |
Balance at end of period | 295 | 235 | 364 |
Real Estate - Construction [Member] | Other Construction, Land Development and Other Land [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Balance at beginning of period | 2,670 | 1,989 | |
Recoveries | 1 | 9 | |
Provision | (248) | 672 | |
Balance at end of period | 2,423 | 2,670 | 1,989 |
Real estate - Farmland [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Balance at beginning of period | 144 | 116 | |
Provision | 128 | 28 | |
Balance at end of period | 272 | 144 | 116 |
Real Estate - Non-farm, Non-residential [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Balance at beginning of period | 4,324 | 5,006 | |
Charge-offs | (139) | (681) | |
Recoveries | 1 | 40 | |
Provision | (981) | (41) | |
Balance at end of period | 3,205 | 4,324 | 5,006 |
Real Estate - Non-farm, Non-residential [Member] | Owner Occupied [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Balance at beginning of period | 2,416 | 3,236 | |
Charge-offs | (139) | (292) | |
Recoveries | 1 | 27 | |
Provision | (314) | (555) | |
Balance at end of period | 1,964 | 2,416 | 3,236 |
Real Estate - Non-farm, Non-residential [Member] | Non-owner Occupied [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Balance at beginning of period | 1,908 | 1,770 | |
Charge-offs | (389) | ||
Recoveries | 13 | ||
Provision | (667) | 514 | |
Balance at end of period | 1,241 | 1,908 | 1,770 |
Consumer Loan [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Balance at beginning of period | 305 | 387 | |
Charge-offs | (33) | (190) | |
Recoveries | 49 | 96 | |
Provision | (34) | 12 | |
Balance at end of period | 287 | 305 | 387 |
Other [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Balance at beginning of period | 524 | 538 | |
Charge-offs | (68) | (293) | |
Recoveries | 31 | 46 | |
Provision | (18) | 233 | |
Balance at end of period | $ 469 | $ 524 | $ 538 |
Loan Portfolio (Allowance for L
Loan Portfolio (Allowance for Loan Losses and Recorded Investment in Loans by Portfolio Class Based on Impairment) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance allocated to loans, Individually evaluated for impairment | $ 4,606 | $ 5,324 | |
Allowance allocated to loans, Collectively evaluated for impairment | 6,721 | 7,697 | |
Allowance allocated to loans, total | 11,327 | 13,021 | $ 14,767 |
Individually evaluated for impairment, Total Loans | 35,382 | 36,415 | |
Collectively evaluated for impairment, Total Loans | 837,528 | 776,332 | |
Total Loans | $ 880,778 | 820,569 | |
Receivables Acquired with Deteriorated Credit Quality [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance allocated to loans,Acquired loans -purchase credit impaired | |||
Financing Receivable, Acquired Loans -Purchased Credit Impaired | $ 7,868 | 7,822 | |
Commercial, Industrial and Agricultural [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance allocated to loans, Individually evaluated for impairment | 562 | ||
Allowance allocated to loans, Collectively evaluated for impairment | 1,332 | 1,168 | |
Allowance allocated to loans, total | 1,894 | 1,168 | 1,787 |
Individually evaluated for impairment, Total Loans | 839 | 1,451 | |
Collectively evaluated for impairment, Total Loans | 97,440 | 82,645 | |
Total Loans | $ 98,828 | 85,119 | |
Commercial, Industrial and Agricultural [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance allocated to loans,Acquired loans -purchase credit impaired | |||
Financing Receivable, Acquired Loans -Purchased Credit Impaired | $ 549 | 1,023 | |
Real Estate - One to Four Family Residential [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance allocated to loans, Individually evaluated for impairment | 782 | 1,006 | |
Allowance allocated to loans, Collectively evaluated for impairment | 1,622 | 2,556 | |
Allowance allocated to loans, total | 2,404 | 3,562 | 4,501 |
Individually evaluated for impairment, Total Loans | 8,788 | 8,888 | |
Collectively evaluated for impairment, Total Loans | 339,199 | 336,566 | |
Total Loans | $ 349,135 | 346,861 | |
Real Estate - One to Four Family Residential [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance allocated to loans,Acquired loans -purchase credit impaired | |||
Financing Receivable, Acquired Loans -Purchased Credit Impaired | $ 1,148 | 1,407 | |
Real Estate - One to Four Family Residential [Member] | Closed End First And Seconds [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance allocated to loans, Individually evaluated for impairment | 517 | 1,006 | |
Allowance allocated to loans, Collectively evaluated for impairment | 1,092 | 878 | |
Allowance allocated to loans, total | 1,609 | 1,884 | 2,859 |
Individually evaluated for impairment, Total Loans | 8,163 | 8,713 | |
Collectively evaluated for impairment, Total Loans | 223,547 | 226,674 | |
Total Loans | $ 232,826 | 236,761 | |
Real Estate - One to Four Family Residential [Member] | Closed End First And Seconds [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance allocated to loans,Acquired loans -purchase credit impaired | |||
Financing Receivable, Acquired Loans -Purchased Credit Impaired | $ 1,116 | 1,374 | |
Real Estate - One to Four Family Residential [Member] | Home Equity Line of Credit [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance allocated to loans, Individually evaluated for impairment | 265 | ||
Allowance allocated to loans, Collectively evaluated for impairment | 530 | 1,678 | |
Allowance allocated to loans, total | 795 | 1,678 | 1,642 |
Individually evaluated for impairment, Total Loans | 625 | 175 | |
Collectively evaluated for impairment, Total Loans | 115,652 | 109,892 | |
Total Loans | $ 116,309 | 110,100 | |
Real Estate - One to Four Family Residential [Member] | Home Equity Line of Credit [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance allocated to loans,Acquired loans -purchase credit impaired | |||
Financing Receivable, Acquired Loans -Purchased Credit Impaired | $ 32 | 33 | |
Real estate - Multifamily Residential [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance allocated to loans, Collectively evaluated for impairment | 78 | 89 | |
Allowance allocated to loans, total | 78 | 89 | 79 |
Collectively evaluated for impairment, Total Loans | 29,672 | 25,157 | |
Total Loans | $ 29,672 | 25,157 | |
Real estate - Multifamily Residential [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance allocated to loans,Acquired loans -purchase credit impaired | |||
Real Estate - Construction [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance allocated to loans, Individually evaluated for impairment | $ 1,330 | 1,710 | |
Allowance allocated to loans, Collectively evaluated for impairment | 1,388 | 1,195 | |
Allowance allocated to loans, total | 2,718 | 2,905 | 2,353 |
Individually evaluated for impairment, Total Loans | 5,748 | 5,837 | |
Collectively evaluated for impairment, Total Loans | 60,349 | 49,373 | |
Total Loans | $ 66,372 | 55,289 | |
Real Estate - Construction [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance allocated to loans,Acquired loans -purchase credit impaired | |||
Financing Receivable, Acquired Loans -Purchased Credit Impaired | $ 275 | 79 | |
Real Estate - Construction [Member] | One To Four Family Residential [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance allocated to loans, Individually evaluated for impairment | 67 | 78 | |
Allowance allocated to loans, Collectively evaluated for impairment | 228 | 157 | |
Allowance allocated to loans, total | 295 | 235 | 364 |
Individually evaluated for impairment, Total Loans | 186 | 176 | |
Collectively evaluated for impairment, Total Loans | 19,309 | 19,522 | |
Total Loans | $ 19,495 | 19,698 | |
Real Estate - Construction [Member] | One To Four Family Residential [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance allocated to loans,Acquired loans -purchase credit impaired | |||
Real Estate - Construction [Member] | Other Construction, Land Development and Other Land [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance allocated to loans, Individually evaluated for impairment | $ 1,263 | 1,632 | |
Allowance allocated to loans, Collectively evaluated for impairment | 1,160 | 1,038 | |
Allowance allocated to loans, total | 2,423 | 2,670 | 1,989 |
Individually evaluated for impairment, Total Loans | 5,562 | 5,661 | |
Collectively evaluated for impairment, Total Loans | 41,040 | 29,851 | |
Total Loans | $ 46,877 | 35,591 | |
Real Estate - Construction [Member] | Other Construction, Land Development and Other Land [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance allocated to loans,Acquired loans -purchase credit impaired | |||
Financing Receivable, Acquired Loans -Purchased Credit Impaired | $ 275 | 79 | |
Real estate - Farmland [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance allocated to loans, Individually evaluated for impairment | 210 | ||
Allowance allocated to loans, Collectively evaluated for impairment | 62 | 144 | |
Allowance allocated to loans, total | 272 | 144 | 116 |
Individually evaluated for impairment, Total Loans | 539 | ||
Collectively evaluated for impairment, Total Loans | 10,879 | 9,471 | |
Total Loans | $ 11,418 | 9,471 | |
Real estate - Farmland [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance allocated to loans,Acquired loans -purchase credit impaired | |||
Real Estate - Non-farm, Non-residential [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance allocated to loans, Individually evaluated for impairment | $ 1,634 | 2,502 | |
Allowance allocated to loans, Collectively evaluated for impairment | 1,571 | 1,822 | |
Allowance allocated to loans, total | 3,205 | 4,324 | 5,006 |
Individually evaluated for impairment, Total Loans | 19,128 | 19,862 | |
Collectively evaluated for impairment, Total Loans | 266,656 | 237,397 | |
Total Loans | $ 291,680 | 262,572 | |
Real Estate - Non-farm, Non-residential [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance allocated to loans,Acquired loans -purchase credit impaired | |||
Financing Receivable, Acquired Loans -Purchased Credit Impaired | $ 5,896 | 5,313 | |
Real Estate - Non-farm, Non-residential [Member] | Owner Occupied [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance allocated to loans, Individually evaluated for impairment | 824 | 1,240 | |
Allowance allocated to loans, Collectively evaluated for impairment | 1,140 | 1,176 | |
Allowance allocated to loans, total | 1,964 | 2,416 | 3,236 |
Individually evaluated for impairment, Total Loans | 6,336 | 10,046 | |
Collectively evaluated for impairment, Total Loans | 176,592 | 145,858 | |
Total Loans | $ 187,224 | 157,745 | |
Real Estate - Non-farm, Non-residential [Member] | Owner Occupied [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance allocated to loans,Acquired loans -purchase credit impaired | |||
Financing Receivable, Acquired Loans -Purchased Credit Impaired | $ 4,296 | 1,841 | |
Real Estate - Non-farm, Non-residential [Member] | Non-owner Occupied [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance allocated to loans, Individually evaluated for impairment | 810 | 1,262 | |
Allowance allocated to loans, Collectively evaluated for impairment | 431 | 646 | |
Allowance allocated to loans, total | 1,241 | 1,908 | 1,770 |
Individually evaluated for impairment, Total Loans | 12,792 | 9,816 | |
Collectively evaluated for impairment, Total Loans | 90,064 | 91,539 | |
Total Loans | $ 104,456 | 104,827 | |
Real Estate - Non-farm, Non-residential [Member] | Non-owner Occupied [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance allocated to loans,Acquired loans -purchase credit impaired | |||
Financing Receivable, Acquired Loans -Purchased Credit Impaired | $ 1,600 | 3,472 | |
Consumer Loan [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance allocated to loans, Individually evaluated for impairment | 88 | 106 | |
Allowance allocated to loans, Collectively evaluated for impairment | 199 | 199 | |
Allowance allocated to loans, total | 287 | 305 | 387 |
Individually evaluated for impairment, Total Loans | 338 | 371 | |
Collectively evaluated for impairment, Total Loans | 19,655 | 15,548 | |
Total Loans | $ 19,993 | 15,919 | |
Consumer Loan [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance allocated to loans,Acquired loans -purchase credit impaired | |||
Other [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance allocated to loans, Collectively evaluated for impairment | $ 469 | 524 | |
Allowance allocated to loans, total | 469 | 524 | $ 538 |
Individually evaluated for impairment, Total Loans | 2 | 6 | |
Collectively evaluated for impairment, Total Loans | 13,678 | 20,175 | |
Total Loans | $ 13,680 | $ 20,181 | |
Other [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance allocated to loans,Acquired loans -purchase credit impaired |
Loan Portfolio (Impairment by C
Loan Portfolio (Impairment by Class of Loans) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | ||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment | [1] | $ 35,382 | $ 36,415 |
Unpaid Principal Balance | [1] | 35,763 | 36,615 |
Recorded Investment With No Allowance | [1] | 15,382 | 13,239 |
Recorded Investment With Allowance | [1] | 20,000 | 23,176 |
Related Allowance | [1] | 4,606 | 5,324 |
Average Recorded Investment | [1] | 36,336 | 39,970 |
Interest Income Recognized | [1] | 1,691 | 1,876 |
Commercial, Industrial and Agricultural [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment | 839 | 1,451 | |
Unpaid Principal Balance | 839 | 1,451 | |
Recorded Investment With No Allowance | 1,451 | ||
Recorded Investment With Allowance | 839 | ||
Related Allowance | 562 | ||
Average Recorded Investment | 753 | 2,010 | |
Interest Income Recognized | 49 | 128 | |
Real Estate - One to Four Family Residential [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment | 8,788 | 8,888 | |
Unpaid Principal Balance | 9,155 | 8,988 | |
Recorded Investment With No Allowance | 4,156 | 3,786 | |
Recorded Investment With Allowance | 4,632 | 5,102 | |
Related Allowance | 782 | 1,006 | |
Average Recorded Investment | 8,907 | 10,089 | |
Interest Income Recognized | 432 | 474 | |
Real Estate - One to Four Family Residential [Member] | Closed End First And Seconds [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment | 8,163 | 8,713 | |
Unpaid Principal Balance | 8,530 | 8,813 | |
Recorded Investment With No Allowance | 3,981 | 3,611 | |
Recorded Investment With Allowance | 4,182 | 5,102 | |
Related Allowance | 517 | 1,006 | |
Average Recorded Investment | 8,386 | 9,800 | |
Interest Income Recognized | 416 | 474 | |
Real Estate - One to Four Family Residential [Member] | Home Equity Line of Credit [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment | 625 | 175 | |
Unpaid Principal Balance | 625 | 175 | |
Recorded Investment With No Allowance | 175 | 175 | |
Recorded Investment With Allowance | 450 | ||
Related Allowance | 265 | ||
Average Recorded Investment | 521 | 289 | |
Interest Income Recognized | 16 | ||
Real Estate - Construction [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment | 5,748 | 5,837 | |
Unpaid Principal Balance | 5,748 | 5,837 | |
Recorded Investment With No Allowance | 20 | ||
Recorded Investment With Allowance | 5,728 | 5,837 | |
Related Allowance | 1,330 | 1,710 | |
Average Recorded Investment | 5,846 | 5,711 | |
Interest Income Recognized | 268 | 263 | |
Real Estate - Construction [Member] | One To Four Family Residential [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment | 186 | 176 | |
Unpaid Principal Balance | 186 | 176 | |
Recorded Investment With No Allowance | 20 | ||
Recorded Investment With Allowance | 166 | 176 | |
Related Allowance | 67 | 78 | |
Average Recorded Investment | 235 | 312 | |
Interest Income Recognized | 8 | 7 | |
Real Estate - Construction [Member] | Other Construction, Land Development and Other Land [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment | 5,562 | 5,661 | |
Unpaid Principal Balance | 5,562 | 5,661 | |
Recorded Investment With Allowance | 5,562 | 5,661 | |
Related Allowance | 1,263 | 1,632 | |
Average Recorded Investment | 5,611 | 5,399 | |
Interest Income Recognized | 260 | 256 | |
Real estate - Farmland [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment | 539 | ||
Unpaid Principal Balance | 541 | ||
Recorded Investment With Allowance | 539 | ||
Related Allowance | 210 | ||
Average Recorded Investment | 167 | ||
Interest Income Recognized | 36 | ||
Real Estate - Non-farm, Non-residential [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment | 19,128 | 19,862 | |
Unpaid Principal Balance | 19,128 | 19,962 | |
Recorded Investment With No Allowance | 11,192 | 7,996 | |
Recorded Investment With Allowance | 7,936 | 11,866 | |
Related Allowance | 1,634 | 2,502 | |
Average Recorded Investment | 20,307 | 21,412 | |
Interest Income Recognized | 887 | 990 | |
Real Estate - Non-farm, Non-residential [Member] | Owner Occupied [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment | 6,336 | 10,046 | |
Unpaid Principal Balance | 6,336 | 10,146 | |
Recorded Investment With No Allowance | 3,506 | 3,734 | |
Recorded Investment With Allowance | 2,830 | 6,312 | |
Related Allowance | 824 | 1,240 | |
Average Recorded Investment | 8,995 | 12,056 | |
Interest Income Recognized | 292 | 534 | |
Real Estate - Non-farm, Non-residential [Member] | Non-owner Occupied [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment | 12,792 | 9,816 | |
Unpaid Principal Balance | 12,792 | 9,816 | |
Recorded Investment With No Allowance | 7,686 | 4,262 | |
Recorded Investment With Allowance | 5,106 | 5,554 | |
Related Allowance | 810 | 1,262 | |
Average Recorded Investment | 11,312 | 9,356 | |
Interest Income Recognized | 595 | 456 | |
Consumer Loan [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment | 338 | 371 | |
Unpaid Principal Balance | 350 | 371 | |
Recorded Investment With No Allowance | 12 | ||
Recorded Investment With Allowance | 326 | 371 | |
Related Allowance | 88 | 106 | |
Average Recorded Investment | 352 | 420 | |
Interest Income Recognized | 19 | 21 | |
Other [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment | 2 | 6 | |
Unpaid Principal Balance | 2 | 6 | |
Recorded Investment With No Allowance | 2 | 6 | |
Average Recorded Investment | $ 4 | $ 328 | |
[1] | PCI Loans are excluded from this table. |
Loan Portfolio (PCI Loan Portfo
Loan Portfolio (PCI Loan Portfolio Related To VCB Acquisition) (Details) $ in Thousands | Nov. 14, 2014USD ($) |
Loan Portfolio [Abstract] | |
Contractual principal and interest at acquisition | $ 9,977 |
Nonaccretable difference | 937 |
Accretable yield | 1,185 |
PCI loans at acquisition, estimated fair value | $ 7,855 |
Loan Portfolio (Summary of the
Loan Portfolio (Summary of the Changes in the Accretable Yield of the PCI Loan Portfolio) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Loan Portfolio [Abstract] | ||
Beginning | $ 1,131 | $ 1,185 |
Accretion | (445) | (54) |
Reclassification of nonaccretable difference due to improvement in expected cash flows | 294 | |
Other changes, net | 300 | |
Balance | $ 1,280 | $ 1,131 |
Loan Portfolio (Loans Modified
Loan Portfolio (Loans Modified as Troubled Debt Restructurings) (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015USD ($)loan | Dec. 31, 2014USD ($)loan | ||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | loan | 2 | 5 | |
Pre-Modification Recorded Balance | $ 355 | $ 955 | |
Post-Modification Recorded Balance | [1] | $ 355 | $ 946 |
Real Estate - One to Four Family Residential [Member] | Closed End First And Seconds [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | loan | 2 | 3 | |
Pre-Modification Recorded Balance | $ 355 | $ 570 | |
Post-Modification Recorded Balance | [1] | $ 355 | $ 569 |
Consumer Loan [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | loan | 2 | ||
Pre-Modification Recorded Balance | $ 385 | ||
Post-Modification Recorded Balance | [1] | $ 377 | |
[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. |
Loan Portfolio (Loans Modifie83
Loan Portfolio (Loans Modified as Troubled Debt Restructurings that Subsequently Defaulted) (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015USD ($)loan | Dec. 31, 2014USD ($)loan | |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Number of Loans | loan | 1 | 1 |
Recorded Balance | $ | $ 68 | $ 855 |
Real Estate - One to Four Family Residential [Member] | Closed End First And Seconds [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Number of Loans | loan | 1 | |
Recorded Balance | $ | $ 68 | |
Real Estate - Non-farm, Non-residential [Member] | Non-owner Occupied [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Number of Loans | loan | 1 | |
Recorded Balance | $ | $ 855 |
Bank Premises and Equipment (Na
Bank Premises and Equipment (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Bank Premises and Equipment [Abstract] | |||
Depreciation and amortization | $ 2,576 | $ 2,175 | $ 2,124 |
Bank Premises and Equipment (Sc
Bank Premises and Equipment (Schedule of Bank Premises and Equipment) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Property Plant And Equipment [Line Items] | ||
Bank premises and equipment, Gross | $ 56,845 | $ 57,202 |
Less accumulated depreciation | (29,009) | (29,769) |
Net balance | 27,836 | 27,433 |
Land and Land Improvements [Member] | ||
Property Plant And Equipment [Line Items] | ||
Bank premises and equipment, Gross | 6,837 | 6,929 |
Buildings And Leasehold Improvements [Member] | ||
Property Plant And Equipment [Line Items] | ||
Bank premises and equipment, Gross | 28,487 | 28,001 |
Furniture, Fixtures and Equipment [Member] | ||
Property Plant And Equipment [Line Items] | ||
Bank premises and equipment, Gross | 20,385 | 21,719 |
Construction in Progress [Member] | ||
Property Plant And Equipment [Line Items] | ||
Bank premises and equipment, Gross | $ 1,136 | $ 553 |
Other Real Estate Owned ("ORE86
Other Real Estate Owned ("OREO") (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Other Real Estate ("OREO") [Abstract] | |||
Other Real Estate | $ 520 | $ 1,838 | |
Expenses applicable to OREO, other than the valuation allowance | $ 222 | $ 114 | $ 218 |
Other Real Estate Owned ("ORE87
Other Real Estate Owned ("OREO") (Changes in Balance for Other Real Estate Owned) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Other Real Estate ("OREO") [Abstract] | ||||
Balance at the beginning of year, gross | $ 1,914 | $ 1,054 | ||
Transfers from loans | 1,966 | 1,657 | ||
Acquired from Virginia Company Bank | 103 | |||
Capitalized costs | 1 | |||
Sales proceeds | (3,255) | (620) | ||
Previously recognized impairment losses on disposition | (79) | (202) | ||
Loss on disposition | (25) | (78) | ||
Balance at the end of year, gross | 522 | 1,914 | ||
Less valuation allowance | (2) | (76) | $ (254) | $ (811) |
Balance at the end of year, net | $ 520 | $ 1,838 |
Other Real Estate Owned ("ORE88
Other Real Estate Owned ("OREO") (Changes in Valuation Allowance for Other Real Estate Owned) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Other Real Estate ("OREO") [Abstract] | |||
Balance at the beginning of year | $ 76 | $ 254 | $ 811 |
Valuation allowance | 5 | 24 | 585 |
Charge-offs | (79) | (202) | (1,142) |
Balance at the end of year | $ 2 | $ 76 | $ 254 |
Deposits (Narrative) (Details)
Deposits (Narrative) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Deposits [Abstract] | ||
Overdrawn demand deposit accounts reclassified as loans | $ 97 | $ 115 |
Deposits (Interest-Bearing Depo
Deposits (Interest-Bearing Deposits) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Deposits [Abstract] | ||
Demand deposits | $ 306,503 | $ 277,937 |
Money market savings deposits | 172,530 | 162,794 |
Savings deposits | 97,407 | 89,849 |
Time deposits: | ||
Time deposits $250 and over | 37,797 | 50,501 |
Other time deposits | 200,411 | 195,845 |
Total interest-bearing deposits | $ 814,648 | $ 776,926 |
Deposits (Interest Expense by D
Deposits (Interest Expense by Deposit Category) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Deposits [Abstract] | |||
Demand deposits | $ 1,067 | $ 949 | $ 929 |
Money market savings deposits | 748 | 498 | 516 |
Savings deposits | 131 | 120 | 142 |
Time deposits | 2,111 | 2,343 | 3,089 |
Total | $ 4,057 | $ 3,910 | $ 4,676 |
Deposits (Maturities of Time De
Deposits (Maturities of Time Deposits) (Details) $ in Thousands | Dec. 31, 2015USD ($) |
Deposits [Abstract] | |
2,016 | $ 102,784 |
2,017 | 51,762 |
2,018 | 33,108 |
2,019 | 31,790 |
2,020 | 18,720 |
Thereafter | 44 |
Time Deposits, Total | $ 238,208 |
Borrowings (Narrative) (Detail)
Borrowings (Narrative) (Detail) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | |||
Sep. 30, 2013 | Aug. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | |
Debt Instrument [Line Items] | ||||
Repayments of Federal Home Loan Bank borrowings | $ 10,000 | $ 107,500 | ||
Long-term FHLB advances, weighted average maturity remaining | 3 years 6 months | |||
Long-term FHLB advances, weighted average interest rate current | 4.14% | |||
Long-term FHLB advances, penalties | $ 11,500 | |||
FHLB, penalty, per share diluted | $ 0.67 | |||
Long-term FHLB advances | $ 0 | $ 0 | ||
Line of credit with FHLB, equal to 30% of assets | 372,900 | |||
Short-term borrowings | 114,413 | 76,818 | ||
Accrued interest payable | 590 | 316 | ||
Federal Home Loan Bank Advances [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of credit, maximum | $ 224,700 | |||
Percentage of FHLB line of credit to asset | 30.00% | |||
Line of credit available | $ 110,300 | |||
Loans pledged as collateral | 307,200 | 304,500 | ||
Federal Home Loan Bank, Advances, Callable Option [Member] | ||||
Debt Instrument [Line Items] | ||||
Repayments of Federal Home Loan Bank borrowings | $ 94,000 | |||
Sun Trust Bank [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of credit, maximum | 20,000 | |||
Community Bankers Bank [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of credit, maximum | 15,000 | |||
Pacific Coast Bankers Bank [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of credit, maximum | 5,000 | |||
Federal Home Loan Bank Advances [Member] | ||||
Debt Instrument [Line Items] | ||||
Short-term borrowings | 114,413 | 76,818 | ||
Accrued interest payable | 14 | |||
Federal Home Loan Bank Advances [Member] | Fixed Rate [Member] | ||||
Debt Instrument [Line Items] | ||||
Short term FHLB advances | $ 114,400 | 60,400 | ||
Federal Home Loan Bank Advances [Member] | Due on Demand Daily Rate [Member] | ||||
Debt Instrument [Line Items] | ||||
Short term FHLB advances | $ 16,400 |
Borrowings (Federal Funds Purch
Borrowings (Federal Funds Purchased, Repurchase Agreements and Short Term Borrowings ) (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Short-term Debt [Line Items] | ||
Balance outstanding at year end | $ 114,413 | $ 76,818 |
Federal Funds Purchased [Member] | ||
Short-term Debt [Line Items] | ||
Balance outstanding at year end | ||
Maximum balance at any month end during the year | $ 2,440 | $ 2,000 |
Average balance for the year | $ 63 | $ 174 |
Weighted average rate for the year | 0.72% | 0.78% |
Weighted average rate at year end | 0.00% | 0.00% |
Repurchase Agreements [Member] | ||
Short-term Debt [Line Items] | ||
Balance outstanding at year end | $ 5,015 | $ 14,885 |
Maximum balance at any month end during the year | 12,392 | 14,885 |
Average balance for the year | $ 8,002 | $ 4,523 |
Weighted average rate for the year | 0.57% | 0.59% |
Weighted average rate at year end | 0.47% | 0.60% |
Federal Home Loan Bank Advances [Member] | ||
Short-term Debt [Line Items] | ||
Balance outstanding at year end | $ 114,413 | $ 76,818 |
Maximum balance at any month end during the year | 114,413 | 82,930 |
Average balance for the year | $ 89,580 | $ 72,565 |
Weighted average rate for the year | 0.22% | 0.21% |
Weighted average rate at year end | 0.32% | 0.22% |
Junior and Senior Subordinate95
Junior and Senior Subordinated Debt (Narrative) (Detail) $ in Thousands | Apr. 22, 2015USD ($) | Sep. 17, 2003USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) |
Debt Instrument [Line Items] | ||||
Subsidiary's capital | $ 650,000 | $ 143,698 | $ 128,158 | |
London Interbank Offered Rate (LIBOR) [Member] | ||||
Debt Instrument [Line Items] | ||||
Trust preferred securities pay cumulative cash distributions quarterly at a variable rate per annum | 2.95% | |||
Junior Subordinated Debt [Member] | ||||
Debt Instrument [Line Items] | ||||
Investment into subsidairy | $ 10,000 | |||
Trust preferred securities, effective interest rate | 3.48% | 3.21% | ||
Subordinated debt, maturity date | Sep. 17, 2033 | |||
Senior Subordinated Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Subordinated debt, maturity date | Apr. 22, 2025 | |||
Proceeds from sale of senior notes | $ 20,000 | |||
Senior notes, stated interest rate | 6.50% | |||
Redemption price percentage | 100.00% | |||
Remaining unamortized debt issuance costs | $ 978 | |||
Basis points on subordinated debt | 5.02 |
Employee Benefit Plans (Narrati
Employee Benefit Plans (Narrative) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
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 | 3.55% | 4.35% | 4.00% |
Defined benefit plan, contributions by employer | $ 0 | $ 0 | $ 0 |
401 (k) plan, compensation expenses | $ 610 | $ 503 | 445 |
Weighted-average asset allocations | 100.00% | 100.00% | |
Supplemental Executive Retirement Plan, deferred compensation expense | $ 173 | $ 105 | $ 105 |
Chief Executive Officer [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Deferred compensation arrangement with individual, description | 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. 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. | ||
Supplemental Executive Retirement Plan, partial vesting percentage | 5.00% | ||
Supplemental Executive Retirement Plan, monthly installment period | 15 years | ||
Executive Officer [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Deferred compensation arrangement with individual, description | For the other executive officer, full vesting of benefits under the supplemental agreement occurs only at age 65, with partial vesting of approximately 5% for each year of service after age 46. Benefits are to be paid in equal monthly installments over a 200 month period. There is no pre-retirement benefit, but a beneficiary can be named to receive the remaining payments for the 200 month period after benefits have commenced. | ||
Supplemental Executive Retirement Plan, partial vesting percentage | 5.00% | ||
Supplemental Executive Retirement Plan, monthly installment period | 200 months | ||
First 3% Percent of Employee's Contributions | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined contribution plan, employer matching contribution, percent of match | 100.00% | ||
Next 3% Percent of employee's Contributions | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined contribution plan, employer matching contribution, percent of match | 50.00% | ||
Fixed Income Mutual Funds [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Weighted-average asset allocations | 25.00% | 25.00% | |
Equity Mutual Funds [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Weighted-average asset allocations | 75.00% | 75.00% |
Employee Benefit Plans (Activit
Employee Benefit Plans (Activity in Benefit Plan) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Change in benefit obligation | |||
Benefit obligation at beginning of year | $ 12,059 | $ 10,263 | $ 11,205 |
Interest cost | 404 | 447 | 459 |
Actuarial (gain) loss | (901) | 2,282 | 81 |
Benefits paid | (1,173) | (916) | (1,464) |
Settlement loss (gain) | 45 | (17) | (18) |
Benefit obligation at end of year | 10,434 | 12,059 | 10,263 |
Change in plan assets | |||
Fair value of plan assets at beginning of year | 9,565 | 10,000 | 9,513 |
Actual return on plan assets | 3 | 481 | 1,951 |
Benefits paid | (1,173) | (916) | (1,464) |
Fair value of plan assets at end of year | 8,395 | 9,565 | 10,000 |
Funded status at the end of year | (2,039) | (2,494) | (263) |
Amounts recognized in the consolidated balance sheets at December 31, | |||
Other liability | (2,039) | (2,494) | (263) |
Amounts recognized in accumulated other comprehensive income (loss) | |||
Net loss | 2,618 | 3,076 | 583 |
Prior service cost | 83 | 91 | 100 |
Deferred income tax benefit | (919) | (1,077) | (232) |
Amount recognized | 1,782 | 2,090 | 451 |
Components of net periodic benefit cost | |||
Interest cost | 404 | 447 | 459 |
Expected return on plan assets | (713) | (745) | (703) |
Amortization of prior service cost due to curtailment | 9 | 9 | 21 |
Recognized net loss due to settlement | 204 | 35 | 208 |
Recognized net actuarial loss | 107 | 124 | |
Net periodic benefit cost | 11 | (254) | 109 |
Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss) | |||
Net (gain) loss | (458) | 2,493 | (1,518) |
Amortization of prior service cost | (8) | (8) | (21) |
Total recognized in other comprehensive income (loss) | (466) | 2,485 | (1,539) |
Total recognized in net periodic benefit cost and other comprehensive income (loss) | $ (455) | $ 2,231 | $ (1,430) |
Weighted average assumptions for benefit obligation at end of year | |||
Discount rate | 3.85% | 3.55% | 4.35% |
Rate of compensation increase | |||
Weighted average assumptions for net periodic pension cost at end of year | |||
Discount rate | 3.55% | 4.35% | 4.00% |
Expected return on plan assets | 7.75% | 7.75% | 8.00% |
Rate of compensation increase | |||
Expected future interest crediting rate | 3.00% | 3.00% | 3.00% |
Accumulated Benefit Obligation | $ 10,434 | $ 12,059 | $ 10,263 |
Employee Benefit Plans (Fair Va
Employee Benefit Plans (Fair Value of Pension Plan Assets by Asset Category) (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Defined Benefit Plan Disclosure [Line Items] | |||||
Total assets at fair value | $ 8,395 | $ 9,565 | $ 10,000 | $ 9,513 | |
Cash and Due from Broker [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Total assets at fair value | 21 | 21 | |||
Equity Mutual Funds [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Total assets at fair value | [1] | 6,259 | 7,186 | ||
Fixed Income Mutual Funds [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Total assets at fair value | [2] | 2,115 | 2,358 | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Total assets at fair value | 8,395 | 9,565 | |||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Cash and Due from Broker [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Total assets at fair value | 21 | 21 | |||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Equity Mutual Funds [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Total assets at fair value | [1] | 6,259 | 7,186 | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Fixed Income Mutual Funds [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Total assets at fair value | [2] | $ 2,115 | $ 2,358 | ||
[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. |
Employee Benefit Plans (Weighte
Employee Benefit Plans (Weighted-Average Asset Allocations by Asset Category) (Detail) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Schedule of Defined Benefit Plan Asset Allocation Targets [Line Items] | ||
Weighted-average asset allocations | 100.00% | 100.00% |
Fixed Income Mutual Funds [Member] | ||
Schedule of Defined Benefit Plan Asset Allocation Targets [Line Items] | ||
Weighted-average asset allocations | 25.00% | 25.00% |
Equity Mutual Funds [Member] | ||
Schedule of Defined Benefit Plan Asset Allocation Targets [Line Items] | ||
Weighted-average asset allocations | 75.00% | 75.00% |
Employee Benefit Plans (Estimat
Employee Benefit Plans (Estimated Future Benefit Payments) (Detail) $ in Thousands | Dec. 31, 2015USD ($) |
Employee Benefit Plans [Abstract] | |
2,016 | $ 448 |
2,017 | 1,193 |
2,018 | 957 |
2,019 | 444 |
2,020 | 577 |
Years 2021 - 2024 | 3,018 |
Total | $ 6,637 |
Income Taxes (Current and Defer
Income Taxes (Current and Deferred Income Tax Expense (Benefit)) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Taxes [Abstract] | |||
Current | $ (42) | $ 3,513 | $ 1,065 |
Deferred | 2,536 | (1,066) | (3,457) |
Provision for (benefit from) income taxes | $ 2,494 | $ 2,447 | $ (2,392) |
Income Taxes (Reconciliation Be
Income Taxes (Reconciliation Between Provision for (Benefit from) Income Taxes and Statutory Federal Income Tax) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Taxes [Abstract] | |||
Effective income tax rate | 34.00% | 34.00% | 34.00% |
Income tax expense (benefit) at statutory rates | $ 3,328 | $ 2,758 | $ (1,708) |
Decrease due to: | |||
Tax-exempt interest income on obligations of state and political subdivisions | (333) | (292) | (249) |
Tax-exempt earning on life insurance policies | (216) | (191) | (163) |
Tax credits | (325) | (314) | (314) |
Nondeductible merger and merger related | 13 | 460 | |
Reduction of nontaxble interest expense incurred to carry tax-exempt assets | 9 | 8 | 13 |
Other | 18 | 18 | 29 |
Provision for (benefit from) income taxes | $ 2,494 | $ 2,447 | $ (2,392) |
Income Taxes (Net Deferred Tax
Income Taxes (Net Deferred Tax Assets) (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Deferred tax assets: | ||
Allowance for loan losses | $ 3,851 | $ 4,427 |
Net operating loss carryforward | 7,125 | 8,089 |
Net unrealized loss on securities available for sale | 889 | 760 |
Net unrealized loss on securities transferred from available for sale to held to maturity | 183 | 246 |
Tax credit carryforward | 3,143 | 2,714 |
Impairment on securities | 121 | |
Interest on nonaccrual loans | 99 | 83 |
Accrued benefit cost | 918 | 1,077 |
Depreciation and amortization | 583 | 848 |
Home equity line closing cost | 136 | 101 |
Defined benefit plan | 184 | 180 |
Deferred compensation | 238 | 179 |
Accrued bonuses | 110 | 80 |
Accrued compensated absences | 134 | 89 |
Other real estate owned | 64 | 566 |
Other | 80 | 130 |
Total deferred tax assets | 17,737 | 19,690 |
Deferred tax liabilities: | ||
FHLB dividend | (8) | (8) |
Goodwill and other intangible assets | (2,668) | (2,053) |
Other | (1) | (100) |
Total deferred tax liabilities | (2,677) | (2,161) |
Net deferred tax asset | 15,060 | 17,529 |
Deferred tax assets, valuation allowance | $ 0 | $ 0 |
Net Income (Loss) Per Common104
Net Income (Loss) Per Common Share (Narrative) (Detail) - shares | Jun. 12, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Earnings Per Share Disclosure [Line Items] | ||||
Shares of common stock excluded from the computation of diluted earnings(loss)per common share | 67,525 | 110,487 | 152,287 | |
Series B Non-Voting Preferred Stock [Member] | ||||
Earnings Per Share Disclosure [Line Items] | ||||
Issuance of shares under private placement | 5,240,192 | 5,200,000 |
Net Income (Loss) Per Common105
Net Income (Loss) Per Common Share (Weighted Average Number of Common Shares used in Computing Earnings Per Common Share and Effect on Potential Dilutive Common Stock) (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Basic Net Income (Loss) Per Common Share | |||
Net income (loss) available to common shareholders | $ 6,908 | $ 3,716 | $ (4,136) |
Less: Net income allocated to participating securities, Series B Preferred Stock | 1,983 | 1,128 | |
Net income (loss) allocated to common shareholders | $ 4,925 | $ 2,588 | $ (4,136) |
Weighted average common shares outstanding for basic net income (loss) per common share | 13,017,175 | 12,014,862 | 9,204,847 |
Basic net income (loss) per common share | $ 0.38 | $ 0.22 | $ (0.45) |
Diluted Net Income (Loss) Per Common Share | |||
Net income (loss) available to common shareholders | $ 6,908 | $ 3,716 | $ (4,136) |
Weighted average common shares outstanding for basic net income (loss) per common share | 13,017,175 | 12,014,862 | 9,204,847 |
Effect of dilutive securities, Series B Preferred Stock | 5,240,192 | 5,240,192 | |
Weighted average common shares outstanding for diluted income (loss) per common share | 18,257,367 | 17,255,054 | 9,204,847 |
Diluted net income (loss) per common share | $ 0.38 | $ 0.22 | $ (0.45) |
Related Party Transactions (Nar
Related Party Transactions (Narrative) (Detail) - Officers, Directors, Principal Shareholders and Affiliates [Member] - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Related Party Transaction [Line Items] | ||
Deposits from related parties | $ 10.7 | $ 10.3 |
Line of credit available | $ 1.9 | $ 3.4 |
Related Party Transactions (Loa
Related Party Transactions (Loan Activity to Related Parties) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | ||
Related Party Transactions [Abstract] | |||
Balance at beginning of year | $ 10,559 | $ 9,819 | |
Additional borrowings | 7,051 | 3,154 | |
Acquired from Virginia Company Bank | 975 | ||
Curtailments | (4,501) | (3,389) | |
Reclassification | [1] | (2,451) | |
Balance at end of year | $ 10,658 | $ 10,559 | |
[1] | Loans with a principal balance of $2.5 million from one former director who passed away in June 2015. |
Stock Based Compensation Pla108
Stock Based Compensation Plans (Narrative) (Detail) - USD ($) $ / shares in Units, $ in Thousands | Mar. 19, 2015 | Nov. 20, 2014 | Oct. 15, 2014 | Nov. 18, 2013 | Jun. 29, 2012 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Apr. 19, 2007 | Apr. 17, 2003 | Sep. 21, 2000 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Normal retirement age | 65 years | ||||||||||
Stock compensation expense | $ 248 | $ 100 | $ 32 | ||||||||
Granted, stock options | 0 | 0 | 0 | ||||||||
Exercised, stock options | 0 | 0 | 0 | ||||||||
Unrecognized compensation expense, stock options | $ 0 | $ 0 | $ 0 | ||||||||
Shares, Granted | 45,000 | 45,742 | 38,000 | ||||||||
Granted, per share price | $ 6.28 | $ 6.10 | $ 6.70 | ||||||||
Restricted Stock [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Stock compensation expense | $ 248 | $ 100 | $ 32 | ||||||||
Unrecognized compensation expense, other than options | 493 | ||||||||||
Vested, fair value | $ 181 | 97 | 24 | ||||||||
2000 Plan [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Number of share authorized for issuance | 400,000 | ||||||||||
2003 Plan [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Number of share authorized for issuance | 400,000 | ||||||||||
2007 Plan [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Number of share authorized for issuance | 400,000 | ||||||||||
Number of shares available to be granted | 225,642 | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights | On March 19, 2015, the Company granted 45,000 shares of restricted stock under the 2007 Plan to its executive officers. Fifty percent (50%) of the shares are subject to time vesting in five equal annual installments beginning on March 31, 2016. The remaining fifty percent (50%) of the shares are subject to performance vesting and will vest on March 31, 2018 to the extent certain financial performance requirements for fiscal year 2017 are met. On October 15, 2014, the Company granted 42,500 shares of restricted stock under the 2007 Plan to its executive officers. Fifty percent (50%) of the shares are subject to time vesting in five equal annual installments beginning on March 31, 2015. The remaining fifty percent (50%) of the shares are subject to performance vesting and will vest on March 31, 2017 to the extent certain financial performance requirements for fiscal year 2016 are met. On November 20, 2014, the Company granted 3,242 shares of restricted stock under the 2007 Plan to one of its executive officers. All of these shares are subject to time vesting over a two year period, and generally vest fifty percent (50%) on the first and second anniversaries of the grant date. 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 forty percent (40%) on the second anniversary of the grant date and twenty percent (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 the form of TARP compliant restricted stock awards. All of these shares are subject to time vesting over a five year period, and generally vest forty percent (40%) on the second anniversary of the grant date and twenty percent (20%) on each of the third, fourth and fifth anniversaries of the grant date. | ||||||||||
Stock compensation expense | $ 0 | $ 0 | $ 0 | ||||||||
2007 Plan [Member] | Restricted Stock [Member] | Executive Officer [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Shares, Granted | 45,000 | 3,242 | 42,500 | 38,000 | 34,000 | ||||||
Vesting period | 2 years | 5 years | 5 years | ||||||||
Granted, per share price | $ 6.28 | $ 6.17 | $ 6.10 | $ 6.70 | $ 3.72 | ||||||
2007 Plan [Member] | Restricted Stock [Member] | Executive Officer [Member] | Share-based Compensation Award Tranche One [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Vesting percentage | 50.00% | 50.00% | 50.00% | 40.00% | 40.00% | ||||||
2007 Plan [Member] | Restricted Stock [Member] | Executive Officer [Member] | Share-based Compensation Award, Tranche Two [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Vesting percentage | 50.00% | 50.00% | 20.00% | 20.00% |
Stock Based Compensation Pla109
Stock Based Compensation Plans (Stock Option Activity and Related Information) (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Options Outstanding | |||
Stock options outstanding, beginning balance | 110,487 | 152,287 | 182,362 |
Stock options Outstanding, Forfeited | (16,100) | (20,750) | (10,750) |
Stock options outstanding, Expired | (26,862) | (21,050) | (19,325) |
Stock options outstanding, ending balance | 67,525 | 110,487 | 152,287 |
Stock options exercisable, Ending balance | 67,525 | ||
Weighted Average Exercise Price | |||
Stock options outstanding, Weighted Average Exercise Price, beginning balance | $ 18.76 | $ 19.09 | $ 20.08 |
Stock options outstanding, Weighted Average Exercisable Price, Forfeited | 18.47 | 19.97 | 18.74 |
Stock options outstanding, Weighted Average Exercisable Price, Expired | 20.57 | 28.60 | 28.60 |
Stock options outstanding, Weighted Average Exercise Price, ending balance | 18.12 | $ 18.76 | $ 19.09 |
Stock options exercisable, Weighted Average Exercise Price | $ 18.12 | ||
Remaining Contractual Life | |||
Stock options outstanding, Remaining Contractual Life (in years) | 1 year 7 months 10 days | ||
Stock options exercisable, Remaining Contractual Life (in years) | 1 year 7 months 10 days | ||
Aggregate Intrinsic Value | |||
Stock options outstanding, Aggregated Intrinsic Value | |||
Stock options exercisable, Aggregate Intrinsic Value |
Stock Based Compensation Pla110
Stock Based Compensation Plans (Stock Options Outstanding and Exercisable) (Detail) - $ / shares | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Stock options outstanding, exercise price | $ 18.12 | $ 18.76 | $ 19.09 | $ 20.08 |
Stock options outstanding, number outstanding | 67,525 | |||
Stock options outstanding, weighted average remaining term | 1 year 7 months 10 days | |||
Range One [Member] | ||||
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 | 28,525 | |||
Stock options outstanding, weighted average remaining term | 9 months | |||
Range Two [Member] | ||||
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 | 20,000 | |||
Stock options outstanding, weighted average remaining term | 1 year 9 months | |||
Range Three [Member] | ||||
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 | 19,000 | |||
Stock options outstanding, weighted average remaining term | 2 years 9 months |
Stock Based Compensation Pla111
Stock Based Compensation Plans (Nonvested Shares in Relation to Restricted Stock Awards and Changes) (Detail) - $ / shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Shares | |||
Shares, Nonvested, Beginning balance | 104,142 | (73,500) | 39,400 |
Shares, Granted | 45,000 | 45,742 | 38,000 |
Shares, Vested | (27,871) | (15,100) | (3,900) |
Shares, Nonvested, Ending balance | 121,271 | 104,142 | (73,500) |
Weighted-Average Price | |||
Weighted- Average Price, Nonvested, Beginning balance | $ 5.85 | $ 5.30 | $ 3.89 |
Weighted-Average Price, Granted | 6.28 | 6.10 | 6.70 |
Weighted-Average Price, Vested | 5.85 | 3.93 | 4.57 |
Weighted-Average Price, Nonvested, Ending balance | $ 6.01 | $ 5.85 | $ 5.30 |
Accumulated Other Comprehens112
Accumulated Other Comprehensive Income (Loss) (Accumulated Other Comprehensive Income (Loss)) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | $ (4,066) | $ (8,868) | $ 436 |
Other comprehensive income (loss) before reclassification | (102) | 6,635 | (8,685) |
Unrealized losses on securities transferred from available for sale to held to maturity | (656) | ||
Reclassification adjustment for gains included in net income (loss) | (148) | (355) | (995) |
Net amortization of unrealized losses on securities transferred from available for sale to held to maturity | 122 | 162 | 16 |
Change in unfunded pension liability | 308 | (1,640) | 1,016 |
Ending Balance | (3,886) | (4,066) | (8,868) |
Unrealized Securities Gains (Losses) | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | (1,954) | (8,396) | 1,924 |
Other comprehensive income (loss) before reclassification | (102) | 6,635 | (8,685) |
Unrealized losses on securities transferred from available for sale to held to maturity | (656) | ||
Reclassification adjustment for gains included in net income (loss) | (148) | (355) | (995) |
Net amortization of unrealized losses on securities transferred from available for sale to held to maturity | 122 | 162 | 16 |
Ending Balance | (2,082) | (1,954) | (8,396) |
Adjustments Related to Pension Plan | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | (2,112) | (472) | (1,488) |
Change in unfunded pension liability | 308 | (1,640) | 1,016 |
Ending Balance | $ (1,804) | $ (2,112) | $ (472) |
Accumulated Other Comprehens113
Accumulated Other Comprehensive Income (Loss) (Gains on the Sale Securities and Amortization of Unrealized Losses) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Investment Securities [Abstract] | |||
Gains on sale of available for sale securities | $ 224 | $ 538 | $ 1,507 |
Less: tax effect | (76) | (183) | (512) |
Net gains on the sale of available for sale securities | 148 | 355 | 995 |
Amortization of unrealized losses on securities transferred from available for sale to held to maturity | (185) | (246) | (24) |
Less: tax effect | 63 | 84 | 8 |
Net amortization of unrealized losses on securities transferred from available for sale to held to maturity | $ (122) | $ (162) | $ (16) |
Regulatory Matters (Narrative)
Regulatory Matters (Narrative) (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Risk Weighted Assets | $ 888.5 | $ 837.1 |
Bank [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Risk Weighted Assets | $ 889.6 | $ 837.1 |
Regulatory Matters (Actual Capi
Regulatory Matters (Actual Capital Amounts and Ratios) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Sep. 17, 2003 |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
CET1 to risk weighted assets, actual amount | $ 87,114 | ||
CET1 to risk weighted assets, actual ratio | 9.80% | ||
CET1 capital to risk weighted assets, minimum capital requirements amount | $ 39,981 | ||
CET1 capital to risk weighted assets, minimum capital requirements ratio | 4.50% | ||
Tier 1 capital to risk weighted assets, actual amount | $ 112,513 | $ 117,665 | |
Tier 1 capital to risk weighted assets, actual ratio | 12.66% | 14.06% | |
Tier 1 capital to risk weighted assets, minimum capital requirements amount | $ 53,308 | $ 33,484 | |
Tier 1 capital to risk weighted assets, minimum capital requirements ratio | 6.00% | 4.00% | |
Total capital to risk weighted assets, actual amount | $ 143,698 | $ 128,158 | $ 650,000 |
Total capital to risk weighted assets, actual ratio | 16.17% | 15.31% | |
Total capital to risk weighted assets, minimum capital requirements amount | $ 71,077 | $ 66,968 | |
Total capital to risk weighted assets, minimum capital requirements ratio | 8.00% | 8.00% | |
Tier 1 capital to average assets, actual amount | $ 112,513 | $ 117,665 | |
Tier 1 capital to average assets, actual ratio | 9.20% | 10.76% | |
Tier 1 capital to average assets, minimum capital requirements amount | $ 48,903 | $ 43,729 | |
Tier 1 capital to average assets, minimum capital requirements ratio | 4.00% | 4.00% | |
Bank [Member] | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
CET1 to risk weighted assets, actual amount | $ 115,813 | ||
CET1 to risk weighted assets, actual ratio | 13.02% | ||
CET1 capital to risk weighted assets, minimum capital requirements amount | $ 40,034 | ||
CET1 capital to risk weighted assets, minimum capital requirements ratio | 4.50% | ||
CET1 capital to risk weighted assets, minimum to be well capitalized under prompt corrective action provision amount | $ 57,827 | ||
CET1 capital to risk weighted assets, minimum to be well capitalized under prompt corrective action provision ratio | 6.50% | ||
Tier 1 capital to risk weighted assets, actual amount | $ 115,813 | $ 102,799 | |
Tier 1 capital to risk weighted assets, actual ratio | 13.02% | 12.28% | |
Tier 1 capital to risk weighted assets, minimum capital requirements amount | $ 53,378 | $ 33,483 | |
Tier 1 capital to risk weighted assets, minimum capital requirements ratio | 6.00% | 4.00% | |
Tier 1 capital to risk weighted assets, minimum to be well capitalized under prompt corrective action provision amount | $ 71,171 | $ 50,224 | |
Tier 1 capital to risk weighted assets, minimum to be well capitalized under prompt corrective action provision ratio | 8.00% | 6.00% | |
Total capital to risk weighted assets, actual amount | $ 126,993 | $ 113,292 | |
Total capital to risk weighted assets, actual ratio | 14.27% | 13.53% | |
Total capital to risk weighted assets, minimum capital requirements amount | $ 71,171 | $ 66,965 | |
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 | $ 88,964 | $ 83,707 | |
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 average assets, actual amount | $ 115,813 | $ 102,799 | |
Tier 1 capital to average assets, actual ratio | 9.46% | 9.40% | |
Tier 1 capital to average assets, minimum capital requirements amount | $ 48,946 | $ 43,757 | |
Tier 1 capital to average assets, 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 | $ 61,182 | $ 54,696 | |
Tier 1 capital to average assets, minimum to be well capitalized under prompt corrective action provision ratio | 5.00% | 5.00% |
Dividend Reinvestment and St116
Dividend Reinvestment and Stock Purchase Plan (Narrative) (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Disclosure Dividend Reinvestment And Stock Purchase Plan Additional Information [Abstract] | |
Dividend Reinvestment and Stock Purchase Plan, maximum amount of optional cash payments per shareholder per calendar quarter | $ 20 |
Fair Value Measurements (Financ
Fair Value Measurements (Financial Assets Measured at Fair Value on Recurring Basis) (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total securities available for sale | $ 230,943 | $ 214,011 |
Fair Value on Recurring Basis [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total securities available for sale | 230,943 | 214,011 |
Fair Value on Recurring Basis [Member] | Obligations of U.S. Government Agencies [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total securities available for sale | 9,262 | 14,569 |
Fair Value on Recurring Basis [Member] | SBA Pool Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total securities available for sale | 63,826 | 74,799 |
Fair Value on Recurring Basis [Member] | Residential Mortgage-backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total securities available for sale | 23,903 | 28,629 |
Fair Value on Recurring Basis [Member] | Commercial Mortgage Backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total securities available for sale | 18,315 | |
Fair Value on Recurring Basis [Member] | Agency CMO Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total securities available for sale | 52,171 | 39,215 |
Fair Value on Recurring Basis [Member] | Non Agency CMO Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total securities available for sale | 61 | 828 |
Fair Value on Recurring Basis [Member] | State and Political Subdivisions [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total securities available for sale | 61,405 | 55,926 |
Fair Value on Recurring Basis [Member] | Corporate Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total securities available for sale | $ 2,000 | |
Fair Value on Recurring Basis [Member] | FNMA and FHLMC Preferred Stock [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total securities available for sale | $ 45 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Fair Value on Recurring Basis [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total securities available for sale | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Fair Value on Recurring Basis [Member] | Obligations of U.S. Government Agencies [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total securities available for sale | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Fair Value on Recurring Basis [Member] | SBA Pool Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total securities available for sale | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Fair Value on Recurring Basis [Member] | Residential Mortgage-backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total securities available for sale | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Fair Value on Recurring Basis [Member] | Commercial Mortgage Backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total securities available for sale | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Fair Value on Recurring Basis [Member] | Agency CMO Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total securities available for sale | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Fair Value on Recurring Basis [Member] | Non Agency CMO Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total securities available for sale | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Fair Value on Recurring Basis [Member] | State and Political Subdivisions [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total securities available for sale | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Fair Value on Recurring Basis [Member] | Corporate Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total securities available for sale | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Fair Value on Recurring Basis [Member] | FNMA and FHLMC Preferred Stock [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total securities available for sale | ||
Significant Other Observable Inputs (Level 2) [Member] | Fair Value on Recurring Basis [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total securities available for sale | $ 230,943 | $ 214,011 |
Significant Other Observable Inputs (Level 2) [Member] | Fair Value on Recurring Basis [Member] | Obligations of U.S. Government Agencies [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total securities available for sale | 9,262 | 14,569 |
Significant Other Observable Inputs (Level 2) [Member] | Fair Value on Recurring Basis [Member] | SBA Pool Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total securities available for sale | 63,826 | 74,799 |
Significant Other Observable Inputs (Level 2) [Member] | Fair Value on Recurring Basis [Member] | Residential Mortgage-backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total securities available for sale | 23,903 | 28,629 |
Significant Other Observable Inputs (Level 2) [Member] | Fair Value on Recurring Basis [Member] | Commercial Mortgage Backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total securities available for sale | 18,315 | |
Significant Other Observable Inputs (Level 2) [Member] | Fair Value on Recurring Basis [Member] | Agency CMO Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total securities available for sale | 52,171 | 39,215 |
Significant Other Observable Inputs (Level 2) [Member] | Fair Value on Recurring Basis [Member] | Non Agency CMO Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total securities available for sale | 61 | 828 |
Significant Other Observable Inputs (Level 2) [Member] | Fair Value on Recurring Basis [Member] | State and Political Subdivisions [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total securities available for sale | 61,405 | 55,926 |
Significant Other Observable Inputs (Level 2) [Member] | Fair Value on Recurring Basis [Member] | Corporate Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total securities available for sale | $ 2,000 | |
Significant Other Observable Inputs (Level 2) [Member] | Fair Value on Recurring Basis [Member] | FNMA and FHLMC Preferred Stock [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total securities available for sale | $ 45 | |
Significant Unobservable Inputs (Level 3) [Member] | Fair Value on Recurring Basis [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total securities available for sale | ||
Significant Unobservable Inputs (Level 3) [Member] | Fair Value on Recurring Basis [Member] | Obligations of U.S. Government Agencies [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total securities available for sale | ||
Significant Unobservable Inputs (Level 3) [Member] | Fair Value on Recurring Basis [Member] | SBA Pool Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total securities available for sale | ||
Significant Unobservable Inputs (Level 3) [Member] | Fair Value on Recurring Basis [Member] | Residential Mortgage-backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total securities available for sale | ||
Significant Unobservable Inputs (Level 3) [Member] | Fair Value on Recurring Basis [Member] | Commercial Mortgage Backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total securities available for sale | ||
Significant Unobservable Inputs (Level 3) [Member] | Fair Value on Recurring Basis [Member] | Agency CMO Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total securities available for sale | ||
Significant Unobservable Inputs (Level 3) [Member] | Fair Value on Recurring Basis [Member] | Non Agency CMO Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total securities available for sale | ||
Significant Unobservable Inputs (Level 3) [Member] | Fair Value on Recurring Basis [Member] | State and Political Subdivisions [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total securities available for sale | ||
Significant Unobservable Inputs (Level 3) [Member] | Fair Value on Recurring Basis [Member] | Corporate Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total securities available for sale | ||
Significant Unobservable Inputs (Level 3) [Member] | Fair Value on Recurring Basis [Member] | FNMA and FHLMC Preferred Stock [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total securities available for sale |
Fair Value Measurements (Assets
Fair Value Measurements (Assets Measured at Fair Value on Non-Recurring Basis) (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value on a non-recurring basis | $ 1,200,164 | $ 1,109,361 |
Fair Value on Non-Recurring Basis [Member] | Impaired Loans [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value on a non-recurring basis | 15,394 | 17,852 |
Fair Value on Non-Recurring Basis [Member] | Other Real Estate Owned [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value on a non-recurring basis | $ 520 | $ 1,838 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Fair Value on Non-Recurring Basis [Member] | Impaired Loans [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value on a non-recurring basis | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Fair Value on Non-Recurring Basis [Member] | Other Real Estate Owned [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value on a non-recurring basis | ||
Significant Other Observable Inputs (Level 2) [Member] | Fair Value on Non-Recurring Basis [Member] | Impaired Loans [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value on a non-recurring basis | ||
Significant Other Observable Inputs (Level 2) [Member] | Fair Value on Non-Recurring Basis [Member] | Other Real Estate Owned [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value on a non-recurring basis | ||
Significant Unobservable Inputs (Level 3) [Member] | Fair Value on Non-Recurring Basis [Member] | Impaired Loans [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value on a non-recurring basis | $ 15,394 | $ 17,852 |
Significant Unobservable Inputs (Level 3) [Member] | Fair Value on Non-Recurring Basis [Member] | Other Real Estate Owned [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value on a non-recurring basis | $ 520 | $ 1,838 |
Fair Value Measurements (Quanti
Fair Value Measurements (Quantitative Information About Level Three Fair Value Measurements) (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Asset measured at fair value | $ 1,200,164 | $ 1,109,361 |
Significant Unobservable Inputs (Level 3) [Member] | Other Real Estate Owned [Member] | Selling Cost [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Rate, range | 10.00% | 10.00% |
Discounted Appraised Value [Member] | Significant Unobservable Inputs (Level 3) [Member] | Impaired Loans [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Asset measured at fair value | $ 15,394 | $ 17,852 |
Discounted Appraised Value [Member] | Significant Unobservable Inputs (Level 3) [Member] | Other Real Estate Owned [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Asset measured at fair value | $ 520 | $ 1,838 |
Minimum [Member] | Significant Unobservable Inputs (Level 3) [Member] | Impaired Loans [Member] | Selling Cost [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Rate, range | 0.00% | 0.00% |
Minimum [Member] | Significant Unobservable Inputs (Level 3) [Member] | Impaired Loans [Member] | Discount for Lack of Marketability and Age of Appraisal [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Rate, range | 0.00% | 0.00% |
Minimum [Member] | Significant Unobservable Inputs (Level 3) [Member] | Other Real Estate Owned [Member] | Discount for Lack of Marketability and Age of Appraisal [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Rate, range | 0.00% | 0.00% |
Maximum [Member] | Significant Unobservable Inputs (Level 3) [Member] | Impaired Loans [Member] | Selling Cost [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Rate, range | 24.00% | 30.00% |
Maximum [Member] | Significant Unobservable Inputs (Level 3) [Member] | Impaired Loans [Member] | Discount for Lack of Marketability and Age of Appraisal [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Rate, range | 30.00% | 35.00% |
Maximum [Member] | Significant Unobservable Inputs (Level 3) [Member] | Other Real Estate Owned [Member] | Discount for Lack of Marketability and Age of Appraisal [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Rate, range | 36.00% | 22.00% |
Weighted Average [Member] | Significant Unobservable Inputs (Level 3) [Member] | Impaired Loans [Member] | Selling Cost [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Rate, range | 13.00% | 9.00% |
Weighted Average [Member] | Significant Unobservable Inputs (Level 3) [Member] | Impaired Loans [Member] | Discount for Lack of Marketability and Age of Appraisal [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Rate, range | 4.00% | 13.00% |
Weighted Average [Member] | Significant Unobservable Inputs (Level 3) [Member] | Other Real Estate Owned [Member] | Selling Cost [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Rate, range | 10.00% | 10.00% |
Weighted Average [Member] | Significant Unobservable Inputs (Level 3) [Member] | Other Real Estate Owned [Member] | Discount for Lack of Marketability and Age of Appraisal [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Rate, range | 5.00% | 2.00% |
Fair Value Measurements (Estima
Fair Value Measurements (Estimated Fair Value and Carrying Value) (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | |
Assets: | |||
Cash and short-term investments | [1] | $ 13,651 | $ 14,358 |
Interest bearing deposits with banks | 18,304 | 5,272 | |
Securities available for sale | 230,943 | 214,011 | |
Securities held to maturity | 29,698 | 32,163 | |
Restricted securities | 8,959 | 7,533 | |
Loans, net | 869,451 | 807,548 | |
Bank owned life insurance | 25,099 | 24,463 | |
Accrued interest receivable | 4,059 | 4,013 | |
Total | 1,200,164 | 1,109,361 | |
Liabilities: | |||
Noninterest-bearing demand accounts | 174,071 | 162,328 | |
Interest-bearing deposits | 814,648 | 776,926 | |
Short-term borrowings | [2] | 119,428 | 91,703 |
Junior subordinated debt | 10,310 | 10,310 | |
Senior subordinated debt | [3] | 19,022 | |
Accrued interest payable | 590 | 316 | |
Total | 1,138,069 | 1,041,583 | |
Senior Subordinated Notes [Member] | |||
Liabilities: | |||
Unamortized Debt Issuance Expense | 978 | ||
Portion at Fair Value Measurement [Member] | |||
Assets: | |||
Cash and short-term investments | [1] | 13,651 | 14,358 |
Interest bearing deposits with banks | 18,304 | 5,272 | |
Securities available for sale | 230,943 | 214,011 | |
Securities held to maturity | 30,575 | 33,367 | |
Restricted securities | 8,959 | 7,533 | |
Loans, net | 871,989 | 812,429 | |
Bank owned life insurance | 25,099 | 24,463 | |
Accrued interest receivable | 4,059 | 4,013 | |
Total | 1,203,579 | 1,115,446 | |
Liabilities: | |||
Noninterest-bearing demand accounts | 174,071 | 162,328 | |
Interest-bearing deposits | 763,315 | 721,240 | |
Short-term borrowings | [2] | 119,428 | 91,703 |
Junior subordinated debt | 9,933 | 9,100 | |
Senior subordinated debt | [3] | 19,669 | |
Accrued interest payable | 590 | 316 | |
Total | 1,087,006 | 984,687 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Portion at Fair Value Measurement [Member] | |||
Assets: | |||
Cash and short-term investments | [1] | 13,651 | 14,358 |
Interest bearing deposits with banks | 18,304 | 5,272 | |
Total | 31,955 | 19,630 | |
Liabilities: | |||
Noninterest-bearing demand accounts | 174,071 | 162,328 | |
Short-term borrowings | [2] | 119,428 | 91,703 |
Total | 293,499 | 254,031 | |
Significant Other Observable Inputs (Level 2) [Member] | Portion at Fair Value Measurement [Member] | |||
Assets: | |||
Securities available for sale | 230,943 | 214,011 | |
Securities held to maturity | 30,575 | 33,367 | |
Restricted securities | 8,959 | 7,533 | |
Bank owned life insurance | 25,099 | 24,463 | |
Accrued interest receivable | 4,059 | 4,013 | |
Total | 299,635 | 283,387 | |
Liabilities: | |||
Interest-bearing deposits | 763,315 | 721,240 | |
Junior subordinated debt | 9,933 | 9,100 | |
Senior subordinated debt | [3] | 19,669 | |
Accrued interest payable | 590 | 316 | |
Total | 793,507 | 730,656 | |
Significant Unobservable Inputs (Level 3) [Member] | Portion at Fair Value Measurement [Member] | |||
Assets: | |||
Loans, net | 871,989 | 812,429 | |
Total | $ 871,989 | $ 812,429 | |
[1] | Includes federal funds sold | ||
[2] | Includes federal funds purchased and repurchase agreements. | ||
[3] | Net of unamortized debt issuance costs of $978. |
Financial Instruments with O121
Financial Instruments with Off-Balance Sheet Risk (Narrative) (Detail) - Guarantee Type, Other [Member] - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Total credit guarantees | $ 763 | $ 864 |
Outstanding credit guarantees | $ 212 | $ 242 |
Financial Instruments with O122
Financial Instruments with Off-Balance Sheet Risk (Loan Commitments and Standby Letters of Credit) (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Loan Commitments [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Off balance sheet liabilities | $ 173,973 | $ 142,430 |
Standby Letters of Credit [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Off balance sheet liabilities | $ 6,542 | $ 8,004 |
Preferred Stock and Warrant (Na
Preferred Stock and Warrant (Narrative) (Detail) - USD ($) | Jun. 15, 2015 | Aug. 14, 2014 | Jan. 09, 2014 | Jun. 12, 2013 | May. 13, 2013 | Jan. 09, 2009 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Oct. 21, 2013 |
Preferred Securities And Warrants [Line Items] | ||||||||||
Proceeds from issuance of preferred stock | $ 23,800,000 | $ 21,560,000 | ||||||||
Warrant to purchase up to shares | 373,832 | 384,041.19 | ||||||||
Class of warrant or right, exercise price of warrants or rights | $ 9.63 | $ 9.374 | ||||||||
Exercisable period for warrants | 10 years | |||||||||
Payments for repurchase of warrants | $ 115,000 | $ 115,000 | ||||||||
Fair value of warrant | $ 949,533 | |||||||||
Series A Preferred Stock [Member] | ||||||||||
Preferred Securities And Warrants [Line Items] | ||||||||||
Stock issued during period | 24,000 | |||||||||
Preferred stock, liquidation preference per share | $ 1,000 | $ 1,000 | $ 1,000 | |||||||
Proceeds from issuance of preferred stock | $ 24,000,000 | |||||||||
Preferred stock dividend rate percentage | 9.00% | 5.00% | ||||||||
Payments for repurchase of preferred stock and preference stock | $ 9,000,000 | $ 14,000,000 | $ 10,000,000 | |||||||
Fair value inputs, discount rate | 12.00% | |||||||||
Average volatility used to calculate fair value of warrants | 7 years | |||||||||
Years of treasure strip rate used calculate fair value of warrants | 7 years | |||||||||
NPV of preferred stock, Fair Value | $ 14,446,000 | |||||||||
Accretion period of warrant's discount | 5 years | |||||||||
Present value of preferred stock constant effective yield rate | 6.40% | |||||||||
Preferred stock issuance discount rate | 9.00% | 5.00% | ||||||||
Dividends and deferred but accumulated dividends paid | $ 5,500,000 | |||||||||
Series B Non-Voting Preferred Stock [Member] | ||||||||||
Preferred Securities And Warrants [Line Items] | ||||||||||
Stock issued during period | 5,240,192 | 5,200,000 | ||||||||
Shares issued, price per share | $ 4.55 | $ 4.55 |
Preferred Stock and Warrant (Al
Preferred Stock and Warrant (Allocation of Preferred Stock Discount and Warrant) (Detail) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 | Oct. 21, 2013 | Jan. 09, 2009 |
Warrant Value | ||||
Price | $ 9.374 | $ 9.63 | ||
Warrant - shares | 384,041.19 | 373,832 | ||
Value per warrant | $ 2.54 | |||
Fair value of warrant | $ 949,533 | |||
Series A Preferred Stock [Member] | ||||
Warrant Value | ||||
Series A Preferred Stock | $ 14,000,000 | $ 24,000,000 | ||
Series B Non-Voting Preferred Stock [Member] | ||||
Warrant Value | ||||
Series A Preferred Stock | $ 10,480,000 | $ 10,480,000 |
Preferred Stock and Warrant (Ne
Preferred Stock and Warrant (Net Present Value of Preferred Stock) (Detail) - USD ($) | Jan. 09, 2009 | Dec. 31, 2014 |
Fair value of warrant | $ 949,533 | |
NPV of preferred stock, fair value | $ 15,396,000 | |
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 | $ 1,481,000 | |
Series A Preferred Stock [Member] | ||
NPV of preferred stock, Fair Value | $ 14,446,000 | |
NPV of preferred stock, discount rate, relative value percent | 93.80% | |
NPV of preferred stock, discount rate, relative Value | $ 22,519,000 | |
Fair value inputs, discount rate | 12.00% | |
Series A Preferred Stock | $ 24,000,000 | $ 14,000,000 |
Former Related Party Lease (Nar
Former Related Party Lease (Narrative) (Detail) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015USD ($)item | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Operating Leased Assets [Line Items] | |||
Future minimum lease payments required over the remaining term of this non-cancelable operating lease, total | $ 5,174 | ||
Hartfield Virginia Property [Member] | |||
Operating Leased Assets [Line Items] | |||
Future minimum lease payments required over the remaining term of this non-cancelable operating lease, total | $ 77 | ||
Operating lease number of extensions | item | 2 | ||
Lease expiration date | Apr. 30, 2025 | ||
Total lease expense | $ 8 | $ 8 | $ 8 |
Scenario, Plan [Member] | |||
Operating Leased Assets [Line Items] | |||
Total lease expense | $ 8 |
Lease Commitments (Narrative) (
Lease Commitments (Narrative) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Lease Commitments And Contingencies [Line Items] | |||
Rent expense | $ 508 | $ 315 | $ 337 |
Retail branches | |||
Lease Commitments And Contingencies [Line Items] | |||
Number of long term leases | six |
Lease Commitments (Future Minim
Lease Commitments (Future Minimum Lease Payments Required under Long-Term Non-Cancelable Lease Agreements) (Detail) $ in Thousands | Dec. 31, 2015USD ($) |
Lease Commitments [Abstract] | |
2,016 | $ 478 |
2,017 | 468 |
2,018 | 448 |
2,019 | 423 |
2,020 | 431 |
Thereafter | 2,926 |
Future minimum lease payments required over the remaining term of this non-cancelable operating lease, total | $ 5,174 |
Common Stock Repurchases (Narra
Common Stock Repurchases (Narrative) (Details) | Jan. 31, 2001shares |
Common Stock Repurchases [Abstract] | |
Maximum number of shares authorized to repurchase under stock repurchase program | 300,000 |
Percentage of outstanding common stock authorized to repurchase | 5.00% |
Condensed Parent Company Onl130
Condensed Parent Company Only Financial Information (Condensed Balance Sheets) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Assets | |||||
Deferred income taxes, net | $ 15,060 | $ 17,529 | |||
Other assets | 9,719 | 8,726 | |||
Total assets | 1,270,384 | 1,181,972 | |||
Liabilities and Shareholders' Equity | |||||
Junior subordinated debt | 10,310 | 10,310 | |||
Senior subordinated debt | [1] | 19,022 | |||
Other liabilities | 6,040 | 6,115 | |||
Total shareholders' equity | 126,275 | 134,274 | $ 132,949 | $ 99,711 | |
Total liabilities and shareholders' equity | 1,270,384 | 1,181,972 | |||
Parent Company [Member] | |||||
Assets | |||||
Cash on deposit with subsidiary | 14,616 | 13,485 | |||
Investment in subsidiaries | 139,166 | 130,409 | |||
Deferred income taxes, net | 931 | 1,076 | |||
Other assets | 2,630 | 1,695 | |||
Total assets | 157,343 | 146,665 | |||
Liabilities and Shareholders' Equity | |||||
Junior subordinated debt | 10,310 | 10,310 | |||
Senior subordinated debt | 19,022 | ||||
Accrued benefit cost | 1,499 | 1,965 | |||
Other liabilities | 237 | 116 | |||
Total shareholders' equity | 126,275 | 134,274 | |||
Total liabilities and shareholders' equity | $ 157,343 | $ 146,665 | |||
[1] | Net of unamortized debt issuance costs of $978. |
Condensed Parent Company Onl131
Condensed Parent Company Only Financial Information (Condensed Statements of Operations) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income: | |||
Total income | $ 47,964 | $ 41,918 | $ 42,024 |
Expenses: | |||
Interest on junior subordinated debt | 329 | 339 | 352 |
Interest on senior subordinated debt | 963 | ||
Salaries and employee benefits | 21,649 | 18,982 | 17,156 |
Professional fees | 1,143 | 1,395 | 1,051 |
Income tax benefit | (2,494) | (2,447) | 2,392 |
Net income (loss) | 7,294 | 5,664 | (2,632) |
Parent Company [Member] | |||
Income: | |||
Interest on deposit with subsidiary | 76 | 132 | 123 |
Total income | 76 | 132 | 123 |
Expenses: | |||
Interest on junior subordinated debt | 329 | 339 | 352 |
Interest on senior subordinated debt | 963 | ||
Salaries and employee benefits | 441 | 554 | |
Professional fees | 475 | 1,683 | 275 |
Other | 259 | 260 | 204 |
Total expenses | 2,467 | 2,836 | 831 |
Loss before income tax benefit and equity in undistributed net income (loss) of subsidiary | (2,391) | (2,704) | (708) |
Income tax benefit | (800) | (516) | (241) |
Loss before equity in undistributed net income (loss) of subsidiary | (1,591) | (2,188) | (467) |
Equity in undistributed net income (loss) of subsidiary | 8,885 | 7,852 | (2,165) |
Net income (loss) | $ 7,294 | $ 5,664 | $ (2,632) |
Condensed Parent Company Onl132
Condensed Parent Company Only Financial Information (Condensed Statements of Cash Flows) (Details) - USD ($) $ in Thousands | Jun. 15, 2015 | May. 13, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Operating activities: | |||||
Net income (loss) | $ 7,294 | $ 5,664 | $ (2,632) | ||
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities: | |||||
Stock based compensation | 248 | 100 | 32 | ||
Amortization of debt issuance costs | 64 | ||||
Net change in: | |||||
Deferred taxes | 2,536 | (1,066) | (3,457) | ||
Other assets | (1,611) | 3,002 | 3,263 | ||
Other liabilities | 233 | 177 | (425) | ||
Net cash (used in) provided by operating activities | 13,596 | 11,808 | 4,068 | ||
Investing activities: | |||||
Net cash used in investing activities | (81,589) | (30,939) | 2,941 | ||
Financing activities: | |||||
Senior subordinated debt | 20,000 | ||||
Debt issuance costs | (1,042) | ||||
Net proceeds from issuance of common stock in private placements and rights offering | 23,550 | ||||
Dividends paid - common stock | (781) | ||||
Repurchase of common stock | (1) | ||||
Repurchase of warrant | $ (115) | (115) | |||
Net cash (used in) provided by financing activities | 80,318 | 19,415 | (34,262) | ||
Net (decrease) increase in cash on deposit with subsidiary | 12,325 | 284 | (27,253) | ||
Cash and cash equivalents, January 1 | 19,630 | 19,346 | 46,599 | ||
Cash and cash equivalents, December 31 | 31,955 | 19,630 | 19,346 | ||
Parent Company [Member] | |||||
Operating activities: | |||||
Net income (loss) | 7,294 | 5,664 | (2,632) | ||
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities: | |||||
Equity in undistributed net (income) loss of subsidiary | (8,885) | (7,852) | 2,165 | ||
Stock based compensation | 248 | 100 | 32 | ||
Amortization of debt issuance costs | 64 | ||||
Net change in: | |||||
Deferred taxes | 1 | ||||
Other assets | (935) | (302) | 194 | ||
Other liabilities | 108 | (977) | 273 | ||
Net cash (used in) provided by operating activities | (2,106) | (3,366) | 32 | ||
Investing activities: | |||||
Investment in subsidiaries | 139,166 | 130,409 | |||
Increase in investment in subsidiary | (2,400) | (13,000) | |||
Net cash used in investing activities | (2,400) | (13,000) | |||
Financing activities: | |||||
Senior subordinated debt | 20,000 | ||||
Debt issuance costs | (1,042) | ||||
Director stock grant | 38 | 38 | 32 | ||
Net proceeds from issuance of common stock in private placements and rights offering | (23,550) | ||||
Dividends paid - common stock | (781) | ||||
Repurchase of common stock | (1) | ||||
Repurchase of warrant | (115) | ||||
Net cash (used in) provided by financing activities | 3,237 | (15,917) | 45,142 | ||
Net (decrease) increase in cash on deposit with subsidiary | 1,131 | (21,683) | 32,174 | ||
Cash and cash equivalents, January 1 | 13,485 | 35,168 | 2,994 | ||
Cash and cash equivalents, December 31 | 14,616 | 13,485 | 35,168 | ||
Series A Preferred Stock [Member] | |||||
Financing activities: | |||||
Net proceeds from issuance of preferred stock in private placements | (547) | (5,955) | |||
Repurchase of preferred stock | $ (9,000) | (14,000) | (10,000) | ||
Dividends paid - preferred | (547) | (5,955) | |||
Series A Preferred Stock [Member] | Parent Company [Member] | |||||
Financing activities: | |||||
Net proceeds from issuance of preferred stock in private placements | (547) | (5,955) | |||
Repurchase of preferred stock | (14,000) | (10,000) | |||
Dividends paid - preferred | (547) | $ (5,955) | |||
Series B Non-Voting Preferred Stock [Member] | |||||
Financing activities: | |||||
Net proceeds from issuance of preferred stock in private placements | (315) | ||||
Dividends paid - preferred | (315) | ||||
Series B Non-Voting Preferred Stock [Member] | Parent Company [Member] | |||||
Financing activities: | |||||
Net proceeds from issuance of preferred stock in private placements | (315) | 21,560 | |||
Dividends paid - preferred | $ (315) | $ 21,560 |
Capital Raise (Narrative) (Deta
Capital Raise (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions | Jun. 12, 2013 | Jul. 05, 2013 | Dec. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 |
Capital Raise [Line Items] | |||||
Proceeds from issuance of shares | $ 50 | ||||
Common stock, shares outstanding | 13,029,550 | 12,978,934 | |||
Private Placements [Member] | |||||
Capital Raise [Line Items] | |||||
Proceeds from issuance of shares | $ 45 | ||||
Offering for Existing Shareholders [Member] | |||||
Capital Raise [Line Items] | |||||
Proceeds from issuance of shares | $ 5 | ||||
Series B Non-Voting Preferred Stock [Member] | |||||
Capital Raise [Line Items] | |||||
Stock issued during period | 5,240,192 | 5,200,000 | |||
Shares issued, price per share | $ 4.55 | $ 4.55 | |||
Series B Non-Voting Preferred Stock [Member] | Private Placements [Member] | |||||
Capital Raise [Line Items] | |||||
Stock issued during period | 5,200,000 | ||||
Shares issued, price per share | $ 4.55 | ||||
Common Stock [Member] | |||||
Capital Raise [Line Items] | |||||
Stock issued during period | 5,700,000 | ||||
Common Stock [Member] | Private Placements [Member] | |||||
Capital Raise [Line Items] | |||||
Stock issued during period | 4,600,000 | ||||
Common Stock [Member] | Offering for Existing Shareholders [Member] | |||||
Capital Raise [Line Items] | |||||
Stock issued during period | 1,100,000 |
Low Income Housing Tax Credits
Low Income Housing Tax Credits (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Tax credits and other tax benefits recognized related to | $ 478 | $ 379 |
Total projected tax credits to be received | 324 | |
Other liabilities | 6,040 | 6,115 |
Other Assets [Member] | ||
Investments in equity funds | 2,800 | 2,200 |
Investments [Member] | ||
Other liabilities | 1,000 | 35 |
Parent Company [Member] | ||
Other liabilities | $ 237 | $ 116 |