Document_and_Entity_Informatio
Document and Entity Information | 6 Months Ended | |
Jun. 30, 2014 | Aug. 07, 2014 | |
Document and Entity Information | ' | ' |
Entity Registrant Name | 'CITIZENS FIRST CORP | ' |
Entity Central Index Key | '0001073475 | ' |
Document Type | '10-Q | ' |
Document Period End Date | 30-Jun-14 | ' |
Amendment Flag | 'false | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Filer Category | 'Smaller Reporting Company | ' |
Entity Common Stock, Shares Outstanding | ' | 1,968,777 |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q2 | ' |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Assets | ' | ' |
Cash and due from financial institutions | $11,055 | $8,572 |
Federal funds sold | 11,775 | 28,490 |
Cash and cash equivalents | 22,830 | 37,062 |
Available-for-sale securities | 55,405 | 51,633 |
Loans held for sale | 286 | ' |
Loans, net of allowance for loan losses of $4,953 and $4,653 at June 30, 2014 and December 31, 2013, respectively | 306,502 | 290,415 |
Premises and equipment, net | 10,880 | 11,054 |
Bank owned life insurance (BOLI) | 7,900 | 7,806 |
Federal Home Loan Bank (FHLB) stock, at cost | 2,025 | 2,025 |
Accrued interest receivable | 1,536 | 1,554 |
Deferred income taxes | 1,614 | 2,279 |
Goodwill | 4,097 | 4,097 |
Core deposit intangible | 499 | 665 |
Other real estate owned | 598 | 833 |
Other assets | 639 | 752 |
Total Assets | 414,811 | 410,175 |
Deposits | ' | ' |
Noninterest bearing | 44,972 | 39,967 |
Savings, NOW and money market | 139,293 | 143,602 |
Time | 161,545 | 159,382 |
Total deposits | 345,810 | 342,951 |
FHLB advances and other borrowings | 25,300 | 22,000 |
Subordinated debentures | 5,000 | 5,000 |
Accrued interest payable | 239 | 243 |
Other liabilities | 1,661 | 1,634 |
Total Liabilities | 378,010 | 371,828 |
Stockholders' Equity | ' | ' |
Common stock, no par value, authorized 5,000,000 shares; issued and outstanding 1,968,777 shares at June 30, 2014 and December 31, 2013, respectively | 27,072 | 27,072 |
Retained earnings | 1,818 | 653 |
Accumulated other comprehensive income (loss) | 252 | -303 |
Total stockholders' equity | 36,801 | 38,347 |
Total liabilities and stockholders' equity | 414,811 | 410,175 |
6.5% Cumulative preferred stock | ' | ' |
Stockholders' Equity | ' | ' |
Preferred stock | 7,659 | 7,659 |
5.0% Series A cumulative preferred stock | ' | ' |
Stockholders' Equity | ' | ' |
Preferred stock | ' | $3,266 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | 6.5% Cumulative preferred stock | 6.5% Cumulative preferred stock | 5.0% Series A cumulative preferred stock | 5.0% Series A cumulative preferred stock | ||
Loans, allowance for loan losses (in dollars) | $4,953 | $4,653 | ' | ' | ' | ' |
Preferred stock, dividend rate (as a percent) | ' | ' | 6.50% | 6.50% | 5.00% | 5.00% |
Preferred stock, authorized shares | ' | ' | 250 | 250 | 250 | 250 |
Preferred stock, aggregate liquidation preference (in dollars) | ' | ' | $7,998 | $7,998 | $0 | $3,266 |
Preferred stock, issued shares | ' | ' | 250 | 250 | 0 | 93 |
Preferred stock, outstanding shares | ' | ' | 250 | 250 | 0 | 93 |
Preferred stock no par value | ' | ' | ' | ' | ' | ' |
Common stock, authorized shares | 5,000,000 | 5,000,000 | ' | ' | ' | ' |
Common stock, issued shares | 1,968,777 | 1,968,777 | ' | ' | ' | ' |
Common stock, outstanding shares | 1,968,777 | 1,968,777 | ' | ' | ' | ' |
Common stock no par value | ' | ' | ' | ' | ' | ' |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Interest and dividend income | ' | ' | ' | ' |
Loans | $3,879 | $4,022 | $7,722 | $8,147 |
Taxable securities | 151 | 101 | 292 | 196 |
Non-taxable securities | 167 | 165 | 332 | 334 |
Federal funds sold and other | 33 | 37 | 65 | 76 |
Total interest and dividend income | 4,230 | 4,325 | 8,411 | 8,753 |
Interest expense | ' | ' | ' | ' |
Deposits | 551 | 625 | 1,094 | 1,252 |
FHLB advances and other | 126 | 121 | 243 | 231 |
Subordinated debentures | 24 | 24 | 47 | 49 |
Total interest expense | 701 | 770 | 1,384 | 1,532 |
Net interest income | 3,529 | 3,555 | 7,027 | 7,221 |
Provision for loan losses | 150 | 50 | 275 | 1,300 |
Net interest income after provision for loan losses | 3,379 | 3,505 | 6,752 | 5,921 |
Non-interest income | ' | ' | ' | ' |
Service charges on deposit accounts | 296 | 321 | 557 | 612 |
Other service charges and fees | 141 | 158 | 294 | 296 |
Gain on sale of mortgage loans | 51 | 78 | 75 | 160 |
Non-deposit brokerage fees | 75 | 78 | 144 | 143 |
Lease income | 74 | 75 | 149 | 149 |
BOLI income | 47 | 56 | 94 | 117 |
Gain on sale of securities available-for-sale (includes $74 and $29, accumulated other comprehensive income reclassifications for unrealized net gains on available-for-sale-securities for three months ended June 30, 2014 and 2013, respectively; and includes $74 and $37 comprehensive income reclassifications for unrealized net gains on available-for-sale securities for six months ended June 30, 2014 and 2013, respectively) | 74 | 29 | 74 | 37 |
Total non-interest income | 758 | 795 | 1,387 | 1,514 |
Non-interest expenses | ' | ' | ' | ' |
Salaries and employee benefits | 1,486 | 1,417 | 3,013 | 2,858 |
Net occupancy expense | 479 | 465 | 961 | 926 |
Advertising and public relations | 93 | 110 | 176 | 188 |
Professional fees | 149 | 174 | 302 | 338 |
Data processing services | 248 | 272 | 481 | 537 |
Franchise shares and deposit tax | 145 | 141 | 291 | 282 |
FDIC insurance | 74 | 26 | 151 | 111 |
Core deposit intangible amortization | 82 | 85 | 166 | 169 |
Postage and office supplies | 59 | 35 | 110 | 78 |
Other real estate owned expenses | 47 | 20 | 57 | 31 |
Other | 271 | 434 | 487 | 743 |
Total non-interest expenses | 3,133 | 3,179 | 6,195 | 6,261 |
Income before income taxes | 1,004 | 1,121 | 1,944 | 1,174 |
Income taxes | 271 | 333 | 520 | 271 |
Net income | 733 | 788 | 1,424 | 903 |
Dividends and accretion on preferred stock | 127 | 176 | 259 | 393 |
Net income available for common stockholders | $606 | $612 | $1,165 | $510 |
Basic earnings per common share (in dollars per share) | $0.31 | $0.31 | $0.59 | $0.26 |
Diluted earnings per common share (in dollars per share) | $0.29 | $0.30 | $0.56 | $0.25 |
Consolidated_Statements_of_Inc1
Consolidated Statements of Income (Parenthetical) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Consolidated Statements of Income | ' | ' | ' | ' |
Accumulated other comprehensive income reclassifications for unrealized net gains on available-for sale-securities | $74 | $29 | $74 | $37 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Comprehensive income (loss), net of tax | ' | ' | ' | ' |
Net income | $733 | $788 | $1,424 | $903 |
Other comprehensive income (loss) | ' | ' | ' | ' |
Reclassification adjustment for gains included in net income, net | -49 | -19 | -49 | -24 |
Change in unrealized gain (loss) on available for sale securities, net of $113 and $205 taxes for three and six month ended June 30, 2014 and $327 and $360 for three and six month ended June 30, 2013, respectively | 331 | -914 | 604 | -1,009 |
Total other comprehensive income (loss) | 282 | -933 | 555 | -1,033 |
Comprehensive income (loss) | $1,015 | ($145) | $1,979 | ($130) |
Consolidated_Statements_of_Com1
Consolidated Statements of Comprehensive Income (Parenthetical) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Consolidated Statements of Comprehensive Income | ' | ' | ' | ' |
Unrealized gain (loss) on available for sale securities, taxes | $113 | $327 | $205 | $360 |
Consolidated_Statements_of_Cha
Consolidated Statements of Changes in Stockholders' Equity (USD $) | Total | Preferred Stock | Common Stock | Retained Earnings (Deficit) | Accumulated Other Comprehensive Income (Loss) |
In Thousands, unless otherwise specified | |||||
Balance at Dec. 31, 2012 | $41,566 | $14,178 | $27,072 | ($430) | $746 |
Increase (Decrease) in Stockholders' Equity | ' | ' | ' | ' | ' |
Net income | 903 | ' | ' | 903 | ' |
Repayment of 93 shares Series A preferred stock | -3,301 | -3,301 | ' | ' | ' |
Accretion on Series A preferred stock | ' | 35 | ' | -35 | ' |
Change in other comprehensive income (loss) | -1,033 | ' | ' | ' | -1,033 |
Dividend declared and paid on preferred stock | -359 | ' | ' | -359 | ' |
Balance at Jun. 30, 2013 | 37,776 | 10,912 | 27,072 | 79 | -287 |
Balance at Dec. 31, 2013 | 38,347 | 10,925 | 27,072 | 653 | -303 |
Increase (Decrease) in Stockholders' Equity | ' | ' | ' | ' | ' |
Net income | 1,424 | ' | ' | 1,424 | ' |
Repayment of 93 shares Series A preferred stock | -3,266 | -3,266 | ' | ' | ' |
Change in other comprehensive income (loss) | 555 | ' | ' | ' | 555 |
Dividend declared and paid on preferred stock | -259 | ' | ' | -259 | ' |
Balance at Jun. 30, 2014 | $36,801 | $7,659 | $27,072 | $1,818 | $252 |
Consolidated_Statements_of_Cha1
Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) (Preferred Stock) | 6 Months Ended |
Jun. 30, 2014 | |
Preferred Stock | ' |
Repayment of shares Series A preferred stock | 93 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Operating Activities | ' | ' |
Net income | $1,424 | $903 |
Items not requiring (providing) cash: | ' | ' |
Depreciation and amortization | 277 | 310 |
Provision for loan losses | 275 | 1,300 |
Amortization of premiums and discounts on securities | 138 | 181 |
Amortization of core deposit intangible | 166 | 169 |
Deferred income taxes | 796 | 182 |
BOLI income | -94 | -117 |
Proceeds from sale of mortgage loans | 2,956 | 6,743 |
Origination of mortgage loans held for sale | -3,167 | -6,678 |
Gains on sales of available-for-sale securities | -74 | -37 |
Gains on sales of mortgage loans | -75 | -160 |
Write-downs and losses on sale of other real estate owned | 35 | 8 |
Gain on sale premises and equipment | -11 | -9 |
Changes in: | ' | ' |
Accrued interest receivable | 18 | -6 |
Other assets | -304 | 552 |
Accrued interest payable and other liabilities | 23 | 923 |
Net cash provided by operating activities | 2,383 | 4,264 |
Investing Activities | ' | ' |
Loan originations and payments, net | -16,462 | -8,959 |
Purchase of premises and equipment | -115 | -36 |
Proceeds from maturities of available-for-sale securities | 3,252 | 5,535 |
Proceeds from sales of available-for-sale securities | 5,888 | 1,089 |
Proceeds from sales of other real estate owned | 300 | 25 |
Purchase of available-for-sale securities | -12,135 | -10,894 |
Proceeds from sales of premises and equipment | 23 | 9 |
Net cash used in investing activities | -19,249 | -13,231 |
Financing Activities | ' | ' |
Net change in demand deposits, money market, NOW and savings accounts | 696 | -418 |
Net change in time deposits | 2,163 | 5,911 |
Repayment of TARP preferred stock | -3,266 | -3,301 |
Proceeds from other borrowings | 3,300 | 2,300 |
Dividends paid on preferred stock | -259 | -359 |
Net cash provided by financing activities | 2,634 | 4,133 |
Decrease in Cash and Cash Equivalents | -14,232 | -4,834 |
Cash and Cash Equivalents, Beginning of Year | 37,062 | 34,799 |
Cash and Cash Equivalents, End of Quarter | 22,830 | 29,965 |
Supplemental Cash Flows Information | ' | ' |
Interest paid | 1,389 | 1,487 |
Income taxes paid | 10 | 260 |
Loans transferred to other real estate owned | $100 | $359 |
Nature_of_Operations_and_Summa
Nature of Operations and Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2014 | |
Nature of Operations and Summary of Significant Accounting Policies | ' |
Nature of Operations and Summary of Significant Accounting Policies | ' |
Note 1 — Nature of Operations and Summary of Significant Accounting Policies | |
The accounting and reporting policies of Citizens First Corporation (the “Company”) and its subsidiary, Citizens First Bank, Inc. (the “Bank”), conform to U.S. generally accepted accounting principles and general practices within the banking industry. The consolidated financial statements include the accounts of the Company and the Bank. All significant intercompany transactions and accounts have been eliminated in consolidation. | |
Certain information and note disclosures normally included in the Company’s annual financial statements prepared in accordance with U.S. generally accepted accounting principles have been condensed or omitted. These consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s 2013 Annual Report on Form 10-K filed with the Securities and Exchange Commission. | |
The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Estimates used in the preparation of the financial statements are based on various factors including the current interest rate environment and the general strength of the local economy. Changes in the overall interest rate environment can significantly affect the Company’s net interest income and the value of its recorded assets and liabilities. Actual results could differ from those estimates used in the preparation of the financial statements. | |
In the opinion of management, all adjustments considered necessary for a fair presentation have been reflected in the accompanying unaudited financial statements. Those adjustments consist only of normal recurring adjustments. Results of interim periods are not necessarily indicative of results to be expected for the full year. The consolidated balance sheet of the Company as of December 31, 2013 has been derived from the audited consolidated balance sheet of the Company as of that date. | |
Reclassifications
Reclassifications | 6 Months Ended |
Jun. 30, 2014 | |
Reclassifications | ' |
Reclassifications | ' |
Note 2 - Reclassifications | |
Certain reclassifications have been made to the consolidated financial statements of prior periods to conform to the current period presentation. These reclassifications do not affect net income or total stockholders’ equity as previously reported. | |
AvailableForSale_Securities
Available-For-Sale Securities | 6 Months Ended | |||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||
Available-For-Sale Securities | ' | |||||||||||||||||||
Available-For-Sale Securities | ' | |||||||||||||||||||
Note 3 - Available-For-Sale Securities | ||||||||||||||||||||
The following table summarizes the amortized cost and fair value of the available-for sale securities portfolio at June 30, 2014 and December 31, 2013 and the corresponding amounts of gross unrealized gains and losses recognized in accumulated other comprehensive loss: | ||||||||||||||||||||
(Dollars in Thousands) | ||||||||||||||||||||
Amortized | Gross | Gross | Fair | |||||||||||||||||
Cost | Unrealized | Unrealized | Value | |||||||||||||||||
Gains | Losses | |||||||||||||||||||
June 30, 2014 | ||||||||||||||||||||
U. S. government agencies and government sponsored entities | $ | 5,991 | $ | — | $ | (67 | ) | $ | 5,924 | |||||||||||
State and municipal | 20,614 | 819 | (131 | ) | 21,302 | |||||||||||||||
Agency mortgage-backed securities: residential | 25,544 | 267 | (71 | ) | 25,740 | |||||||||||||||
Trust preferred security | 1,874 | — | (434 | ) | 1,440 | |||||||||||||||
Corporate Bonds | 1,000 | — | (1 | ) | 999 | |||||||||||||||
Total Available-for-Sale Securities | $ | 55,023 | $ | 1,086 | $ | (704 | ) | $ | 55,405 | |||||||||||
December 31, 2013 | ||||||||||||||||||||
U. S. government agencies and government sponsored entities | $ | 6001 | $ | — | $ | (182 | ) | $ | 5,819 | |||||||||||
State and municipal | 19,394 | 547 | (265 | ) | 19,676 | |||||||||||||||
Agency mortgage-backed securities: residential | 23,825 | 172 | (253 | ) | 23,744 | |||||||||||||||
Trust preferred security | 1,872 | — | (472 | ) | 1,400 | |||||||||||||||
Corporate bond | 1,000 | — | (6 | ) | 994 | |||||||||||||||
Total Available-for-Sale Securities | $ | 52,092 | $ | 719 | $ | (1,178 | ) | $ | 51,633 | |||||||||||
The amortized cost and fair value of investment securities at June 30, 2014 by contractual maturity were as follows. Securities not due at a single maturity date, primarily mortgage-backed securities, are shown separately. | ||||||||||||||||||||
June 30, 2014 | ||||||||||||||||||||
(Dollars in Thousands) | ||||||||||||||||||||
Available-For-Sale | ||||||||||||||||||||
Amortized Cost | Fair Value | |||||||||||||||||||
Due in one year or less | 534 | 543 | ||||||||||||||||||
Due from one to five years | 8,091 | 8,251 | ||||||||||||||||||
Due from five to ten years | 11,978 | 12,226 | ||||||||||||||||||
Due after ten years | 8,876 | 8,645 | ||||||||||||||||||
Agency mortgage-backed: residential | 25,544 | 25,740 | ||||||||||||||||||
Total | $ | 55,023 | $ | 55,405 | ||||||||||||||||
The following table summarizes the investment securities with unrealized losses at June 30, 2014 and December 31, 2013, aggregated by investment category and length of time that individual securities have been in continuous unrealized loss position: | ||||||||||||||||||||
(Dollars in Thousands) | ||||||||||||||||||||
Less than 12 Months | 12 Months or More | Total | ||||||||||||||||||
Description of | Fair Value | Unrealized | Fair Value | Unrealized | Fair Value | Unrealized | ||||||||||||||
Securities | Losses | Losses | Losses | |||||||||||||||||
June 30, 2014: | ||||||||||||||||||||
U.S. government agencies and government sponsored entities | $ | 990 | $ | (2 | ) | $ | 4,934 | $ | (65 | ) | $ | 5,924 | $ | (67 | ) | |||||
State and municipal | 1,736 | (8 | ) | 2,489 | (123 | ) | 4,225 | (131 | ) | |||||||||||
Agency mortgage-backed: residential | 7,984 | (21 | ) | 1751 | (50 | ) | 9,735 | (71 | ) | |||||||||||
Trust preferred security | — | — | 1,440 | (434 | ) | 1,440 | (434 | ) | ||||||||||||
Corporate Bonds | 999 | (1 | ) | — | — | 999 | (1 | ) | ||||||||||||
Total temporarily impaired | $ | 11,709 | $ | (32 | ) | $ | 10,614 | $ | (672 | ) | $ | 22,323 | $ | (704 | ) | |||||
(Dollars in Thousands) | ||||||||||||||||||||
Less than 12 Months | 12 Months or More | Total | ||||||||||||||||||
Description of | Fair Value | Unrealized | Fair Value | Unrealized | Fair Value | Unrealized | ||||||||||||||
Securities | Losses | Losses | Losses | |||||||||||||||||
December 31, 2013: | ||||||||||||||||||||
U.S. government agencies and government sponsored entities | $ | 4,882 | $ | (119 | ) | $ | 937 | $ | (63 | ) | $ | 5,819 | $ | (182 | ) | |||||
State and municipal | 3,988 | (128 | ) | 844 | (137 | ) | 4,832 | (265 | ) | |||||||||||
Agency mortgage-backed: residential | 12,977 | (253 | ) | — | — | 12,977 | (253 | ) | ||||||||||||
Trust preferred security | — | — | 1,400 | (472 | ) | 1,400 | (472 | ) | ||||||||||||
Corporate bonds | 994 | (6 | ) | — | — | 994 | (6 | ) | ||||||||||||
Total temporarily impaired | $ | 22,841 | $ | (506 | ) | $ | 3,181 | $ | (672 | ) | $ | 26,022 | $ | (1,178 | ) | |||||
Other-Than-Temporary-Impairment | ||||||||||||||||||||
Management evaluates securities for other-than-temporary impairment (“OTTI”) at least on a quarterly basis, and more frequently when economic or market conditions warrant such an evaluation. Investment securities classified as available-for-sale are generally evaluated for OTTI under ASC Topic 320, “Investments - Debt and Equity Securities.” | ||||||||||||||||||||
In determining OTTI under the ASC Topic 320 model, management considers many factors, including: (1) the length of time and the extent to which the fair value has been less than cost, (2) the financial condition and near-term prospects of the issuer, (3) whether the market decline was affected by macroeconomic conditions, and (4) whether the entity has the intent to sell the debt security or more likely than not will be required to sell the debt security before its anticipated recovery. The assessment of whether an other-than-temporary decline exists involves a high degree of subjectivity and judgment and is based on the information available to management at a point in time. | ||||||||||||||||||||
As of June 30, 2014, our securities portfolio consisted of $55.4 million fair value of securities, $22.3 million, or 23 securities, of which were in an unrealized loss position. | ||||||||||||||||||||
All rated securities are investment grade. For those that are not rated, the financial condition has been evaluated and no adverse conditions were identified related to repayment. Declines in fair value are a function of rate differences in the market and market illiquidity. The Company does not intend or is not expected to be required to sell these securities before recovery of their amortized cost basis. | ||||||||||||||||||||
Approximately 60% of the Company’s unrealized losses 12 months or more relate to its investment in a single trust preferred security. The security is a single-issuer trust preferred that is not rated. While market conditions have allowed some increase in the fair market value of the trust preferred security at June 30, 2014, a full recovery has not yet occurred. No impairment charge is being taken as no loss of principal or interest is anticipated. All principal and interest payments are being received as scheduled. On a quarterly basis, we evaluate the creditworthiness of the issuer, a bank holding company with operations in the state of Kentucky. Based on the issuer’s continued profitability and well-capitalized position, we do not deem that there is credit loss. The decline in fair value is primarily attributable to illiquidity affecting these markets and not the expected cash flows of the individual securities. We have evaluated the financial condition and near term prospects of the issuer and expect to fully recover our cost basis. This security continues to pay interest as agreed and future payments are expected to be made as agreed. This security is not considered to be other-than-temporarily impaired. | ||||||||||||||||||||
Loans_and_Allowance_for_Loan_L
Loans and Allowance for Loan Losses | 6 Months Ended | |||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||
Loans and Allowance for Loan Losses | ' | |||||||||||||||||||
Loans and Allowance for Loan Losses | ' | |||||||||||||||||||
Note 4 - Loans and Allowance for Loan Losses | ||||||||||||||||||||
Categories of loans include: | ||||||||||||||||||||
(Dollars in Thousands) | ||||||||||||||||||||
June | December | |||||||||||||||||||
30, | 31, | |||||||||||||||||||
2014 | 2013 | |||||||||||||||||||
Commercial | $ | 45,712 | $ | 45,254 | ||||||||||||||||
Commercial real estate: | ||||||||||||||||||||
Construction | 15,668 | 15,052 | ||||||||||||||||||
Other | 167,271 | 154,975 | ||||||||||||||||||
Residential real estate | 77,267 | 74,040 | ||||||||||||||||||
Consumer: | ||||||||||||||||||||
Auto | 2,088 | 2,544 | ||||||||||||||||||
Other | 3,449 | 3,203 | ||||||||||||||||||
Total loans | 311,455 | 295,068 | ||||||||||||||||||
Less allowance for loan losses | (4,953 | ) | (4,653 | ) | ||||||||||||||||
Net loans | $ | 306,502 | $ | 290,415 | ||||||||||||||||
The following table sets forth an analysis of our allowance for loan losses for the three months ending June 30, 2014 and 2013. | ||||||||||||||||||||
(Dollars In Thousands) | ||||||||||||||||||||
Commercial | Commercial | Residential | Consumer | Unallocated | Total | |||||||||||||||
Real Estate | Real Estate | |||||||||||||||||||
June 30, 2014 Allowance for loan losses: | ||||||||||||||||||||
Beginning balance | $ | 937 | $ | 3,013 | $ | 699 | $ | 71 | $ | 107 | $ | 4,827 | ||||||||
Provision for loan losses | (77 | ) | 165 | 15 | 5 | 42 | 150 | |||||||||||||
Loans charged-off | — | — | (71 | ) | (10 | ) | — | (81 | ) | |||||||||||
Recoveries | 42 | 11 | 3 | 1 | — | 57 | ||||||||||||||
Total ending allowance balance | $ | 902 | $ | 3,189 | $ | 646 | $ | 67 | $ | 149 | $ | 4,953 | ||||||||
(Dollars In Thousands) | ||||||||||||||||||||
Commercial | Commercial | Residential | Consumer | Unallocated | Total | |||||||||||||||
Real Estate | Real Estate | |||||||||||||||||||
June 30, 2013 Allowance for loan losses: | ||||||||||||||||||||
Beginning balance | $ | 3,282 | $ | 2,584 | $ | 507 | $ | 81 | $ | 196 | $ | 6,650 | ||||||||
Provision for loan losses | (714 | ) | 656 | 30 | (3 | ) | 81 | 50 | ||||||||||||
Loans charged-off | (653 | ) | — | (19 | ) | (6 | ) | — | (678 | ) | ||||||||||
Recoveries | 7 | 31 | 3 | 1 | — | 42 | ||||||||||||||
Total ending allowance balance | $ | 1,922 | $ | 3,271 | $ | 521 | $ | 73 | $ | 277 | $ | 6,064 | ||||||||
The following table sets forth an analysis of our allowance for loan losses for the six months ending June 30, 2014 and 2013. | ||||||||||||||||||||
(Dollars In Thousands) | ||||||||||||||||||||
Commercial | Commercial | Residential | Consumer | Unallocated | Total | |||||||||||||||
Real Estate | Real Estate | |||||||||||||||||||
June 30, 2014 Allowance for loan losses: | ||||||||||||||||||||
Beginning balance | $ | 1,420 | $ | 2,079 | $ | 703 | $ | 86 | $ | 365 | $ | 4,653 | ||||||||
Provision for loan losses | (577 | ) | 1,052 | 24 | (8 | ) | (216 | ) | 275 | |||||||||||
Loans charged-off | — | — | (90 | ) | (13 | ) | — | (103 | ) | |||||||||||
Recoveries | 59 | 58 | 9 | 2 | — | 128 | ||||||||||||||
Total ending allowance balance | $ | 902 | $ | 3,189 | $ | 646 | $ | 67 | $ | 149 | $ | 4,953 | ||||||||
(Dollars In Thousands) | ||||||||||||||||||||
Commercial | Commercial | Residential | Consumer | Unallocated | Total | |||||||||||||||
Real Estate | Real Estate | |||||||||||||||||||
June 30, 2013 Allowance for loan losses: | ||||||||||||||||||||
Beginning balance | $ | 2,156 | $ | 2,635 | $ | 589 | $ | 90 | $ | 251 | $ | 5,721 | ||||||||
Provision for loan losses | 746 | 590 | (60 | ) | (2 | ) | 26 | 1,300 | ||||||||||||
Loans charged-off | (987 | ) | (14 | ) | (19 | ) | (17 | ) | — | (1,037 | ) | |||||||||
Recoveries | 7 | 60 | 11 | 2 | — | 80 | ||||||||||||||
Total ending allowance balance | $ | 1,922 | $ | 3,271 | $ | 521 | $ | 73 | $ | 277 | $ | 6,064 | ||||||||
The following tables present the balance in the allowance for loan losses and the recorded investment in loans by portfolio segment and based on the impairment method as of June 30, 2014 and December 31, 2013. As of June 30, 2014 and December 31, 2013, accrued interest receivable of $1.3 million is not considered significant and therefore not included in the recorded investment in loans presented in the following tables. Net deferred loan fees of $355,000 and $280,000, respectively, are included in the following tables. | ||||||||||||||||||||
(Dollars In Thousands) | ||||||||||||||||||||
Commercial | Commercial | Residential | Consumer | Unallocated | Total | |||||||||||||||
Real Estate | Real Estate | |||||||||||||||||||
June 30, 2014 Allowance for loan losses: | ||||||||||||||||||||
Ending allowance balance attributable to loans: | ||||||||||||||||||||
Individually evaluated for impairment | $ | 147 | $ | 389 | $ | 60 | $ | 17 | $ | — | $ | 613 | ||||||||
Collectively evaluated | 755 | 2,800 | 586 | 50 | 149 | 4,340 | ||||||||||||||
Total ending allowance balance | $ | 902 | $ | 3,189 | $ | 646 | $ | 67 | $ | 149 | $ | 4,953 | ||||||||
Loans: | ||||||||||||||||||||
Individually evaluated for impairment | $ | 2,617 | $ | 1,561 | $ | 1,261 | $ | 30 | $ | — | $ | 5,469 | ||||||||
Collectively evaluated | 43,095 | 181,378 | 76,006 | 5,507 | — | 305,986 | ||||||||||||||
Total ending loans balance | $ | 45,712 | $ | 182,939 | $ | 77,267 | $ | 5,537 | $ | — | $ | 311,455 | ||||||||
(Dollars In Thousands) | ||||||||||||||||||||
Commercial | Commercial | Residential | Consumer | Unallocated | Total | |||||||||||||||
Real Estate | Real Estate | |||||||||||||||||||
December 31, 2013 Allowance for loan losses: | ||||||||||||||||||||
Ending allowance balance attributable to loans: | ||||||||||||||||||||
Individually evaluated for impairment | $ | 676 | $ | 369 | $ | 307 | $ | 35 | $ | — | $ | 1,387 | ||||||||
Collectively evaluated | 744 | 1,710 | 396 | 51 | 365 | 3,266 | ||||||||||||||
Total ending allowance balance | $ | 1,420 | $ | 2,079 | $ | 703 | $ | 86 | $ | 365 | $ | 4,653 | ||||||||
Loans: | ||||||||||||||||||||
Individually evaluated for impairment | $ | 3,085 | $ | 2,021 | $ | 1,383 | $ | 36 | $ | — | $ | 6,525 | ||||||||
Collectively evaluated | 42,169 | 168,006 | 72,657 | 5,711 | — | 288,543 | ||||||||||||||
Total ending loans balance | $ | 45,254 | $ | 170,027 | $ | 74,040 | $ | 5,747 | $ | — | $ | 295,068 | ||||||||
The following table presents information related to impaired loans by class of loans as of June 30, 2014 and December 31, 2013. In this table presentation the unpaid principal balance of the loans has not been reduced by partial net charge-offs. In this table presentation the recorded investment of the loans was reduced by partial net charge-offs. | ||||||||||||||||||||
(Dollars in Thousands) | (Dollars in Thousands) | |||||||||||||||||||
June 30, 2014 | December 31, 2013 | |||||||||||||||||||
Unpaid | Recorded | Allowance | Unpaid | Recorded | Allowance | |||||||||||||||
Principal | Investment | for Loan | Principal | Investment | for Loan | |||||||||||||||
Balance | Losses | Balance | Losses | |||||||||||||||||
Allocated | Allocated | |||||||||||||||||||
With no related allowance recorded: | ||||||||||||||||||||
Commercial | $ | 783 | $ | 783 | $ | — | $ | 1,880 | $ | 1,880 | $ | — | ||||||||
Commercial real estate: | ||||||||||||||||||||
Construction | — | — | — | — | — | — | ||||||||||||||
Other | 111 | 111 | — | 843 | 843 | — | ||||||||||||||
Residential real estate | 1,037 | 1,037 | — | 337 | 337 | — | ||||||||||||||
Consumer: | ||||||||||||||||||||
Auto | — | — | — | 1 | 1 | — | ||||||||||||||
Other | — | — | — | — | — | — | ||||||||||||||
Subtotal | 1,931 | 1,931 | — | 3,061 | 3,061 | — | ||||||||||||||
With an allowance recorded: | ||||||||||||||||||||
Commercial | 1,834 | 1,834 | 147 | 1,205 | 1,205 | 676 | ||||||||||||||
Commercial real estate: | ||||||||||||||||||||
Construction | — | — | — | — | — | — | ||||||||||||||
Other | 1,450 | 1,450 | 389 | 1,178 | 1,178 | 369 | ||||||||||||||
Residential real estate | 224 | 224 | 60 | 1,046 | 1,046 | 307 | ||||||||||||||
Consumer: | ||||||||||||||||||||
Auto | 17 | 17 | 17 | 21 | 21 | 21 | ||||||||||||||
Other | 13 | 13 | — | 14 | 14 | 14 | ||||||||||||||
Subtotal | 3,538 | 3,538 | 613 | 3,464 | 3,464 | 1,387 | ||||||||||||||
Total | $ | 5,469 | $ | 5,469 | $ | 613 | $ | 6,525 | $ | 6,525 | $ | 1,387 | ||||||||
Information on impaired loans for the three months ending June 30, 2014 and 2013 is as follows: | ||||||||||||||||||||
(Dollars in Thousands) | (Dollars in Thousands) | |||||||||||||||||||
June 30, 2014 | June 30, 2013 | |||||||||||||||||||
Average | Interest | Cash Basis | Average | Interest | Cash Basis | |||||||||||||||
Recorded | Income | Interest | Recorded | Income | Interest | |||||||||||||||
Investment | Recognized | Recognized | Investment | Recognized | Recognized | |||||||||||||||
Commercial | $ | 2,710 | 37 | 26 | $ | 6,287 | 99 | 52 | ||||||||||||
Commercial real estate: | ||||||||||||||||||||
Construction | — | — | — | — | — | — | ||||||||||||||
Other | 1,547 | 20 | 15 | 7,607 | 120 | 13 | ||||||||||||||
Residential real estate | 1,305 | 16 | 11 | 682 | 13 | 8 | ||||||||||||||
Consumer: | ||||||||||||||||||||
Auto | 18 | — | — | 27 | — | — | ||||||||||||||
Other | 13 | — | — | 4 | — | — | ||||||||||||||
Total | $ | 5,593 | $ | 73 | $ | 52 | $ | 14,607 | $ | 232 | $ | 73 | ||||||||
Information on impaired loans for the six months ending June 30, 2014 and 2013 is as follows: | ||||||||||||||||||||
(Dollars in Thousands) | (Dollars in Thousands) | |||||||||||||||||||
June 30, 2014 | June 30, 2013 | |||||||||||||||||||
Average | Interest | Cash Basis | Average | Interest | Cash Basis | |||||||||||||||
Recorded | Income | Interest | Recorded | Income | Interest | |||||||||||||||
Investment | Recognized | Recognized | Investment | Recognized | Recognized | |||||||||||||||
Commercial | $ | 2,851 | 68 | 53 | $ | 5,851 | 161 | 94 | ||||||||||||
Commercial real estate: | ||||||||||||||||||||
Construction | — | — | — | — | — | — | ||||||||||||||
Other | 1,791 | 40 | 29 | 7,128 | 208 | 44 | ||||||||||||||
Residential real estate | 1,322 | 31 | 20 | 528 | 16 | 9 | ||||||||||||||
Consumer: | ||||||||||||||||||||
Auto | 19 | 1 | — | 28 | 1 | — | ||||||||||||||
Other | 14 | — | — | 3 | — | — | ||||||||||||||
Total | $ | 5,997 | $ | 140 | $ | 102 | $ | 13,538 | $ | 386 | $ | 147 | ||||||||
The recorded investment in nonaccrual and loans past due over 90 days still on accrual by class of loans as of June 30, 2014 and December 31, 2013 are summarized below: | ||||||||||||||||||||
(Dollars in Thousands) | (Dollars in Thousands) | |||||||||||||||||||
As of June 30, 2014 | As of December 31, 2013 | |||||||||||||||||||
Loans Past Due | Nonaccrual | Loans Past Due | Nonaccrual | |||||||||||||||||
Over 90 Days and | Over 90 Days and | |||||||||||||||||||
Still Accruing | Still Accruing | |||||||||||||||||||
Commercial | $ | — | $ | 816 | $ | — | $ | 153 | ||||||||||||
Commercial real estate: | ||||||||||||||||||||
Construction | — | — | — | — | ||||||||||||||||
Other | — | 535 | — | 362 | ||||||||||||||||
Residential real estate | 42 | 473 | — | 643 | ||||||||||||||||
Consumer: | ||||||||||||||||||||
Auto | — | 17 | — | 22 | ||||||||||||||||
Other | — | — | — | — | ||||||||||||||||
Total | $ | 42 | $ | 1,841 | $ | — | $ | 1,180 | ||||||||||||
Nonaccrual loans and loans past due 90 days still on accrual include individually classified impaired loans. | ||||||||||||||||||||
The following tables present the aging of the recorded investment in past due loans as of June 30, 2014 and December 31, 2013 by class of loans. Non-accrual loans are included and have been categorized based on their payment status: | ||||||||||||||||||||
(Dollars In Thousands) | ||||||||||||||||||||
30-59 | 60-89 | Over 90 | Total | Loans Not | Total | |||||||||||||||
Days | Days | Days | Past Due | Past Due | ||||||||||||||||
Past Due | Past Due | Past Due | ||||||||||||||||||
June 30, 2014 | ||||||||||||||||||||
Commercial | $ | 181 | $ | — | $ | 688 | $ | 869 | $ | 44,843 | $ | 45,712 | ||||||||
Commercial real estate: | ||||||||||||||||||||
Construction | — | — | — | — | 15,668 | 15,668 | ||||||||||||||
Other | — | 45 | 440 | 485 | 166,786 | 167,271 | ||||||||||||||
Residential real estate | 68 | 23 | 513 | 604 | 76,663 | 77,267 | ||||||||||||||
Consumer: | ||||||||||||||||||||
Auto | — | — | — | — | 2,088 | 2,088 | ||||||||||||||
Other | — | — | — | — | 3,449 | 3,449 | ||||||||||||||
Total | $ | 249 | $ | 68 | $ | 1,641 | $ | 1,958 | $ | 309,497 | $ | 311,455 | ||||||||
(Dollars In Thousands) | ||||||||||||||||||||
30-59 | 60-89 | Over 90 | Total | Loans Not | Total | |||||||||||||||
Days | Days | Days | Past Due | Past Due | ||||||||||||||||
Past Due | Past Due | Past Due | ||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||
Commercial | $ | 53 | $ | — | $ | — | $ | 53 | $ | 45,201 | $ | 45,254 | ||||||||
Commercial real estate: | ||||||||||||||||||||
Construction | — | — | — | — | 15,052 | 15,052 | ||||||||||||||
Other | 321 | — | 303 | 624 | 154,351 | 154,975 | ||||||||||||||
Residential real estate | 98 | 66 | 574 | 738 | 73,302 | 74,040 | ||||||||||||||
Consumer: | ||||||||||||||||||||
Auto | 6 | 1 | — | 7 | 2,537 | 2,544 | ||||||||||||||
Other | — | — | — | — | 3,203 | 3,203 | ||||||||||||||
Total | $ | 478 | $ | 67 | $ | 877 | $ | 1,422 | $ | 293,646 | $ | 295,068 | ||||||||
Troubled Debt Restructurings: | ||||||||||||||||||||
The Company reported total troubled debt restructurings of $4.4 million and $5.5 million as of June 30, 2014 and December 31, 2013, respectively. The Company has no commitments to lend additional amounts to customers with outstanding loans that are classified as troubled debt restructurings. Troubled debt restructurings are included in impaired loans. Of the 14 troubled debt restructurings reported at quarter end, 11 loans totaling $3.6 million were accruing and 3 loans totaling $806,000 were on nonaccrual status. | ||||||||||||||||||||
During the quarter ending June 30, 2014, one previously identified troubled debt restructuring was further modified and will continue the current amortization at the current interest rate, as the subject loan had matured. No other troubled debt restructurings were added during the second quarter of 2014. | ||||||||||||||||||||
The following table presents loans by class modified as troubled debt restructurings outstanding as of June 30, 2014: | ||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
Number of | Pre-Modification | Post-Modification | ||||||||||||||||||
Loans | Outstanding | Outstanding Recorded | ||||||||||||||||||
Recorded | Investment | |||||||||||||||||||
Investment | ||||||||||||||||||||
Troubled Debt Restructurings: | ||||||||||||||||||||
Commercial | 6 | $ | 3,326 | $ | 3,326 | |||||||||||||||
Commercial real estate: | ||||||||||||||||||||
Other | 3 | 1,109 | 1,109 | |||||||||||||||||
Residential real estate | 4 | 757 | 759 | |||||||||||||||||
Consumer | 1 | 16 | 15 | |||||||||||||||||
Total | 14 | $ | 5,208 | $ | 5,209 | |||||||||||||||
The following table presents loans by class modified as troubled debt restructurings outstanding as of December 31, 2013: | ||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
Number of | Pre-Modification | Post-Modification | ||||||||||||||||||
Loans | Outstanding | Outstanding Recorded | ||||||||||||||||||
Recorded | Investment | |||||||||||||||||||
Investment | ||||||||||||||||||||
Troubled Debt Restructurings: | ||||||||||||||||||||
Commercial | 10 | $ | 2,716 | $ | 2,716 | |||||||||||||||
Commercial real estate: | ||||||||||||||||||||
Other | 1 | 604 | 604 | |||||||||||||||||
Residential real estate | 3 | 841 | 854 | |||||||||||||||||
Consumer other | 1 | 16 | 15 | |||||||||||||||||
Total | 15 | $ | 4,177 | $ | 4,189 | |||||||||||||||
The following table presents loans by class modified as troubled debt restructurings that occurred during the quarter ending June 30, 2014: | ||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
Number of | Pre-Modification | Post-Modification | ||||||||||||||||||
Loans | Outstanding | Outstanding Recorded | ||||||||||||||||||
Recorded | Investment | |||||||||||||||||||
Investment | ||||||||||||||||||||
Troubled Debt Restructurings: | ||||||||||||||||||||
Commercial real estate | 1 | $ | 924 | $ | 924 | |||||||||||||||
Total | 1 | $ | 924 | $ | 924 | |||||||||||||||
The following table presents loans by class modified as troubled debt restructurings that occurred during the quarter ending June 30, 2013: | ||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
Number of | Pre-Modification | Post-Modification | ||||||||||||||||||
Loans | Outstanding | Outstanding Recorded | ||||||||||||||||||
Recorded | Investment | |||||||||||||||||||
Investment | ||||||||||||||||||||
Troubled Debt Restructurings: | ||||||||||||||||||||
Commercial | 4 | $ | 795 | $ | 1,195 | |||||||||||||||
Total | 4 | $ | 795 | $ | 1,195 | |||||||||||||||
Specific allocations of $337,000 and $1.1 million were reported for troubled debt restructurings as of June 30, 2014 and December 31, 2013. No payment defaults were reported for troubled debt restructurings during the quarter ending June 30, 2014 or June 30, 2013. Specific allocations of $1.9 million were reported for the troubled debt restructurings as of June 30, 2013. No charge offs were taken on troubled debt restructurings during the quarter ending June 30, 2014 or June 30, 2013. | ||||||||||||||||||||
The terms of certain other loans were modified during the six months ending June 30, 2014 and 2013 that did not meet the definition of a troubled debt restructuring. These loans modified during the six months ending June 30, 2014 have a total recorded investment of $13.9 million as of June 30, 2014. The loans modified during the six months ending June 30, 2013 have a total recorded investment of $3.7 million as of June 30, 2013. The modification of these loans involved either a modification of the terms of a loan to borrowers who were not experiencing financial difficulties or a delay in a payment that was considered to be insignificant. | ||||||||||||||||||||
In order to determine whether a borrower is experiencing financial difficulty, an evaluation is performed of the probability that the borrower will be in payment default on any of its debt in the foreseeable future without the modification. This evaluation is performed under the Company’s internal underwriting policy. | ||||||||||||||||||||
Credit Quality Indicators: | ||||||||||||||||||||
The Company categorizes loans into risk categories based on relevant information about the ability of borrowers to service their debt such as current financial information, historical payment experience, credit documentation, public information, and current economic trends, among other factors. The Company analyzes loans individually by classifying the loans as to credit risk. This analysis includes commercial and commercial real estate loans with an outstanding balance greater than $25 thousand and is reviewed on a monthly basis. For residential real estate and consumer loans the analysis primarily involves monitoring the past due status of these loans and at such time that these loans are past due, the Company evaluates the loans to determine if a change in risk category is warranted. The Company uses the following definitions for risk ratings: | ||||||||||||||||||||
Special Mention. Loans classified as special mention have a potential weakness that deserves management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or of the institution’s credit position at some future date. | ||||||||||||||||||||
Substandard. Loans classified as substandard are inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. Loans so classified have a well-defined weakness or weaknesses that jeopardize the | ||||||||||||||||||||
liquidation of the debt. They are characterized by the distinct possibility that the institution will sustain some loss if the deficiencies are not corrected. | ||||||||||||||||||||
Doubtful. Loans classified as doubtful have all the weaknesses inherent in those classified as substandard, with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable. | ||||||||||||||||||||
Loans not meeting the criteria above that are analyzed individually as part of the above described process are considered to be Pass rated loans. All loans in all loan categories are assigned risk ratings. Based on the most recent analyses performed, the risk category of loans by class of loans is as follows: | ||||||||||||||||||||
Pass | Special | Substandard | Doubtful | Total | ||||||||||||||||
Mention | ||||||||||||||||||||
June 30, 2014 | ||||||||||||||||||||
Commercial | $ | 41,754 | $ | 69 | $ | 3,889 | $ | — | $ | 45,712 | ||||||||||
Commercial real estate: | ||||||||||||||||||||
Construction | 15,668 | — | — | — | 15,668 | |||||||||||||||
Other | 159,994 | — | 7,277 | — | 167,271 | |||||||||||||||
Residential real estate | 76,259 | 161 | 847 | — | 77,267 | |||||||||||||||
Consumer | ||||||||||||||||||||
Auto | 2,088 | — | — | — | 2,088 | |||||||||||||||
Other | 3,442 | — | 7 | — | 3,449 | |||||||||||||||
Total | $ | 299,205 | $ | 230 | $ | 12,020 | $ | — | $ | 311,455 | ||||||||||
Pass | Special | Substandard | Doubtful | Total | ||||||||||||||||
Mention | ||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||
Commercial | $ | 41,968 | $ | 77 | $ | 3,209 | $ | — | $ | 45,254 | ||||||||||
Commercial real estate: | ||||||||||||||||||||
Construction | 15,052 | — | — | — | 15,052 | |||||||||||||||
Other | 147,429 | — | 7,546 | — | 154,975 | |||||||||||||||
Residential real estate | 72,264 | 164 | 1,612 | — | 74,040 | |||||||||||||||
Consumer: | ||||||||||||||||||||
Auto | 2,543 | — | 1 | — | 2,544 | |||||||||||||||
Other | 3,203 | — | — | — | 3,203 | |||||||||||||||
Total | $ | 282,459 | $ | 241 | $ | 12,368 | $ | — | $ | 295,068 |
Fair_Value_Measurements
Fair Value Measurements | 6 Months Ended | ||||||||||||||
Jun. 30, 2014 | |||||||||||||||
Fair Value Measurements | ' | ||||||||||||||
Fair Value Measurements | ' | ||||||||||||||
Note 5 - Fair Value Measurements | |||||||||||||||
Fair value is the exchange price that would be received to sell an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. The fair value hierarchy requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair values: | |||||||||||||||
Level 1 — Quoted prices in active markets for identical assets or liabilities. | |||||||||||||||
Level 2 — Significant other observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, and other inputs that are observable or can be corroborated by observable market data. | |||||||||||||||
Level 3 — Significant unobservable inputs that are supported by little or no market activity, reflect a company’s own assumptions about market participant assumptions of fair value, and are significant to the fair value of the assets or liabilities. | |||||||||||||||
In determining the appropriate levels, the Company used the following methods and significant assumptions to estimate the fair value of each type of financial instrument: | |||||||||||||||
Investment Securities: The fair value of securities available-for-sale are determined by obtaining quoted prices on nationally recognized securities exchanges (level 1 inputs) or matrix pricing, which is a mathematical technique used widely in the industry to value debt securities without relying exclusively on quoted prices for the specific securities but rather by relying on the securities’ relationship to other benchmark quoted securities (level 2 inputs). The Company does not have any Level 1 securities. Level 2 securities include certain U.S. agency bonds, collateralized mortgage and debt obligations, and certain municipal securities. The Company also has one Level 3 security. The fair value of this security is obtained directly from the broker which originally handled the security issue. The value is determined based on trades of similar securities with similar coupons. | |||||||||||||||
Impaired Loans: The fair value of impaired loans with specific allocations of the allowance for loan losses is generally based on recent real estate appraisals. These appraisals may utilize a single valuation approach or a combination of approaches including comparable sales and the income approach. Adjustments are routinely made in the appraisal process by the independent appraisers to adjust for differences between the comparable sales and income data available. Such adjustments are usually significant and typically result in a Level 3 classification of the inputs for determining fair value. | |||||||||||||||
Other Real Estate Owned: Commercial and residential real estate properties classified as other real estate owned (OREO) are measured at fair value, less costs to sell. Fair values are based on recent real estate appraisals. These appraisals may use a single valuation approach or a combination of approaches including comparable sales and the income approach. Adjustments are routinely made in the appraisal process by the independent appraisers to adjust for differences between the comparable sales and income data available. Such adjustments are usually significant and typically result in a Level 3 classification of the inputs for determining fair value. | |||||||||||||||
Appraisals for collateral-dependent impaired loans and real estate properties classified as other real estate owned are performed by certified general appraisers (for commercial properties) or certified residential appraisers (for residential properties) whose qualifications and licenses have been reviewed and verified by Bank management. The appraisal values for collateral-dependent impaired loans are discounted to allow for selling expenses and fees, the limited use nature of various properties, the age of the most recent appraisal, and additional discretionary discounts for location, condition, etc. The Bank annually obtains an updated current appraisal value for each OREO property to certify that the fair value has not declined. For each parcel of OREO that has declined in value, the Bank records the decline in value by a direct writedown of the asset. | |||||||||||||||
Assets measured on a recurring basis: | |||||||||||||||
Fair Value Measurements at June 30, 2014 | |||||||||||||||
(Dollars in Thousands) | |||||||||||||||
Quoted Prices | Significant Other | Significant | |||||||||||||
in Active | Observable Inputs | Unobservable Inputs | |||||||||||||
Markets for | (Level 2) | (Level 3) | |||||||||||||
Identical Assets | |||||||||||||||
(Level 1) | |||||||||||||||
Assets: | |||||||||||||||
Securities available-for-sale | |||||||||||||||
U. S. government agencies and government sponsored entities | $ | 5,924 | |||||||||||||
State and municipal | 21,302 | ||||||||||||||
Agency mortgage-backed securities -residential | 25,740 | ||||||||||||||
Trust preferred security | 1,440 | ||||||||||||||
Corporate bonds | 999 | ||||||||||||||
Total investment securities | — | $ | 53,965 | $ | 1,440 | ||||||||||
Fair Value Measurements at December 31, 2013 | |||||||||||||||
(Dollars in Thousands) | |||||||||||||||
Quoted Prices | Significant Other | Significant | |||||||||||||
in Active | Observable Inputs | Unobservable Inputs | |||||||||||||
Markets for | (Level 2) | (Level 3) | |||||||||||||
Identical Assets | |||||||||||||||
(Level 1) | |||||||||||||||
Assets: | |||||||||||||||
Securities available-for-sale | |||||||||||||||
U. S. government agencies and government sponsored entities | $ | 5,819 | |||||||||||||
State and municipal | 19,676 | ||||||||||||||
Agency mortgage-backed securities -residential | 23,744 | ||||||||||||||
Trust preferred security | 1,400 | ||||||||||||||
Corporate Bond | 994 | ||||||||||||||
Total investment securities | — | $ | 51,633 | — | |||||||||||
Assets measured on a non-recurring basis: | |||||||||||||||
Fair Value Measurements | |||||||||||||||
(Dollars in Thousands) | |||||||||||||||
June 30, 2014 | December 31, 2013 | ||||||||||||||
Significant | Significant | ||||||||||||||
Unobservable Inputs | Unobservable Inputs | ||||||||||||||
(Level 3) | (Level 3) | ||||||||||||||
Impaired loans: | |||||||||||||||
Commercial | $ | 26 | $ | 530 | |||||||||||
Commercial RE | 243 | 808 | |||||||||||||
Residential | 157 | 739 | |||||||||||||
Other real estate owned: | |||||||||||||||
Commercial RE | $ | 471 | $ | 516 | |||||||||||
Residential | 127 | 317 | |||||||||||||
Impaired loans which are measured for impairment using the fair value of collateral for collateral dependent loans, had a principal balance of $761,000 at June 30, 2014 with a valuation allowance of $335,000. Impaired loans had a principal balance of $3.5 million at December 31, 2013, with a valuation allowance of $1.4 million. An increase in the provision for loan losses of $22,000 was recognized for the six months ended June 30, 2014, as a result of net changes in fair values on collateral dependent loans and other factors affecting the provision for loan losses. | |||||||||||||||
Other real estate owned, which is measured at fair value less costs to sell, had a net carrying value of $598,000 at June 30, 2014 and $833,000 at December 31, 2013. Total writedowns of other real estate owned year to date June 30, 2014 and 2013, were $33,000 and $11,000 respectively. | |||||||||||||||
The following table presents quantitative and qualitative information about Level 3 fair value measurements for financial instruments measured on a non-recurring basis at June 30, 2014. | |||||||||||||||
June 30, 2014 | Valuation Techniques | Unobservable Inputs (Dollars in | Range | ||||||||||||
thousands) | (Weighted Avg) | ||||||||||||||
Impaired loans: | |||||||||||||||
Commercial | $ | 26 | Market Approach | Discounts to allow for market value of assets | -50.00% | ||||||||||
Commercial RE | 243 | Sales Comparison | Adjustments for limited use nature of certain properties, age of appraisal, location, and/or condition | 20%-50% (34.08%) | |||||||||||
Residential | 157 | Sales Comparison | Adjustments for limited use nature of certain properties, age of appraisal, location, and/or condition | 0%-20% (11.94%) | |||||||||||
Other real estate owned: | |||||||||||||||
Commercial RE | 471 | Sales Comparison | Adjustments for limited use nature of certain properties, age of appraisal, location, and/or condition | 8%-55% (44.24%) | |||||||||||
Residential | 127 | Sales Comparison | Adjustments for limited use nature of certain properties, age of appraisal, location, and/or condition | 6%-69% (17.36%) | |||||||||||
The following table presents quantitative and qualitative information about Level 3 fair value measurements for financial instruments measured on a non-recurring basis at December 31, 2013. | |||||||||||||||
December 31, | Valuation Techniques | Unobservable Inputs (Dollars in | Range | ||||||||||||
2013 | thousands) | (Weighted Avg) | |||||||||||||
Impaired loans: | |||||||||||||||
Commercial | $ | 530 | Market Approach | Discounts to allow for market value of assets | 0%-50% (39.42%) | ||||||||||
Commercial RE | 808 | Sales Comparison | Adjustments for limited use nature of certain properties, age of appraisal, location, and/or condition | 20%-50% (24.92%) | |||||||||||
Residential | 739 | Sales Comparison | Adjustments for limited use nature of certain properties, age of appraisal, location, and/or condition | 0%-20% (18.43%) | |||||||||||
Other real estate owned: | |||||||||||||||
Residential | 317 | Sales Comparison | Adjustments for limited use nature of certain properties, age of appraisal, location, and/or condition | 6%-42.3% (21.47%) | |||||||||||
Commercial RE | 516 | Sales Comparison | Adjustments for limited use nature of certain properties, age of appraisal, location, and/or condition | 7.9%-54.5% (42.93%) | |||||||||||
Carrying amount and estimated fair values of financial instruments, not previously presented, were as follows: | |||||||||||||||
Fair Value Measurements at | |||||||||||||||
June 30, 2014 | |||||||||||||||
Carrying | Level 1 | Level 2 | Level 3 | Total | |||||||||||
Amount | |||||||||||||||
Financial Assets | |||||||||||||||
Cash and cash equivalents | $ | 22,830 | $ | 22,830 | $ | 22,830 | |||||||||
Loans held for sale | 286 | 291 | 291 | ||||||||||||
Loans, net of allowance | 306,076 | 313,542 | 313,542 | ||||||||||||
Accrued interest receivable | 1,536 | 284 | 1,252 | 1,536 | |||||||||||
Federal Home Loan Bank stock | 2,025 | N/A | |||||||||||||
Financial Liabilities | |||||||||||||||
Demand and savings deposits | $ | 184,265 | $ | 150,376 | $ | 150,376 | |||||||||
Time deposits | 161,545 | 162,395 | 162,395 | ||||||||||||
FHLB advances | 22,000 | 21,868 | 21,868 | ||||||||||||
Subordinate debentures | 5,000 | 2,836 | 2,836 | ||||||||||||
Accrued interest payable | 239 | 13 | 226 | 239 | |||||||||||
Fair Value Measurements at | |||||||||||||||
December 31, 2013 | |||||||||||||||
Carrying | Level 1 | Level 2 | Level 3 | Total | |||||||||||
Amount | |||||||||||||||
Financial Assets | |||||||||||||||
Cash and cash equivalents | $ | 37,062 | $ | 37,062 | $ | 37,062 | |||||||||
Loans, net of allowance | 288,338 | 295,850 | 295,850 | ||||||||||||
Accrued interest receivable | 1,554 | 274 | 1,280 | 1,554 | |||||||||||
Federal Home Loan Bank stock | 2,025 | N/A | |||||||||||||
Financial Liabilities | |||||||||||||||
Demand and savings deposits | $ | 183,569 | $ | 144,220 | $ | 144,220 | |||||||||
Time deposits | 159,382 | 160,284 | 160,284 | ||||||||||||
FHLB advances | 22,000 | 21,794 | 21,794 | ||||||||||||
Subordinate debentures | 5,000 | 2,836 | 2,836 | ||||||||||||
Accrued interest payable | 243 | 15 | 228 | 243 | |||||||||||
The methods and assumptions used to estimate fair value are described as follows: | |||||||||||||||
(a) Cash and Cash Equivalents: The carrying amounts of cash and short-term instruments approximate fair values and are classified as Level 1. | |||||||||||||||
(b) FHLB Stock: It is not practical to determine the fair value of FHLB stock due to restrictions placed on its transferability. | |||||||||||||||
(c) Loans: Fair values of loans, excluding loans held for sale, are estimated as follows: For variable rate loans that reprice frequently and with no significant change in credit risk, fair values are based on carrying values resulting in a Level 3 classification. Fair values for other loans are estimated using discounted cash flow analyses, using interest rates currently being offered for loans with similar terms to borrowers of similar credit quality resulting in a Level 3 classification. Impaired loans are valued at the lower of cost or fair value as described previously. The methods utilized to estimate the fair value of loans do not necessarily represent an exit price. The fair value of loans held for sale is estimated based upon binding contracts and quotes from third party investors resulting in a Level 2 classification. | |||||||||||||||
(d) Deposits: The fair values disclosed for demand deposits (e.g., interest and non-interest checking, passbook savings, and certain types of money market accounts) are, by definition, equal to the amount payable on demand at the reporting date (i.e., their carrying amount) resulting in a Level 1 classification. The carrying amounts of variable rate money market accounts and certificates of deposit approximate their fair values at the reporting date resulting in a Level 2 classification. Fair values for fixed rate certificates of deposit are estimated using a discounted cash flows calculation that applies interest rates currently being offered on certificates to a schedule of aggregated expected monthly maturities on time deposits resulting in a Level 2 classification. | |||||||||||||||
(e) FHLB Advances/ Subordinated Debentures: The fair values of the Company’s long-term borrowings are estimated using discounted cash flow analyses based on the current borrowing rates for similar types of borrowing arrangements resulting in a Level 2 classification. The fair values of the Company’s Subordinated Debentures are estimated using discounted cash flow analyses based on the current borrowing rates for similar types of borrowing arrangements resulting in a Level 3 classification. | |||||||||||||||
(f) Accrued Interest Receivable/Payable: The carrying amounts of accrued interest approximate fair value resulting in a Level 1 or Level 2 classification consistent with the asset/liability they are associated with. |
Earnings_Per_Share
Earnings Per Share | 6 Months Ended | |||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||
Earnings Per Share | ' | |||||||||||||||||
Earnings Per Share | ' | |||||||||||||||||
Note 6 - Earnings Per Share | ||||||||||||||||||
Basic earnings per share have been computed by dividing net income available for common shareholders by the weighted-average number of common shares outstanding for the period. Diluted earnings per share have been computed the same as basic earnings per share, and assumes the conversion of outstanding stock options, convertible preferred stock and warrants, if dilutive. The following table reconciles the basic and diluted earnings per share computations for the quarters ending June 30, 2014 and 2013. | ||||||||||||||||||
Quarter ended June 30, 2014 | Quarter ended June 30, 2013 | |||||||||||||||||
Income | Weighted | Per Share | Income | Weighted- | Per Share | |||||||||||||
Average | Amount | Average | Amount | |||||||||||||||
Shares | Shares | |||||||||||||||||
Basic earnings per share: | ||||||||||||||||||
Net income | $ | 733 | $ | 788 | ||||||||||||||
Less: Dividends and accretion on preferred stock | (127 | ) | (176 | ) | ||||||||||||||
Net income available to common shareholders | $ | 606 | 1,968,777 | $ | 0.31 | $ | 612 | 1,968,777 | $ | 0.31 | ||||||||
Effect of dilutive securities | ||||||||||||||||||
Convertible preferred stock | — | — | — | — | ||||||||||||||
Stock options | — | — | — | — | ||||||||||||||
Warrants | — | 130,338 | — | 106,091 | ||||||||||||||
Diluted earnings per share | ||||||||||||||||||
Net income available to common shareholders and assumed conversions | $ | 606 | 2,099,115 | $ | 0.29 | $ | 612 | 2,074,868 | $ | 0.3 | ||||||||
Six months ended June 30, | Six months ended June 30, | |||||||||||||||||
2014 | 2013 | |||||||||||||||||
Income | Weighted | Per Share | Income | Weighted- | Per Share | |||||||||||||
Average | Amount | Average | Amount | |||||||||||||||
Shares | Shares | |||||||||||||||||
Basic earnings per share | ||||||||||||||||||
Net income | $ | 1,424 | $ | 903 | ||||||||||||||
Less: Dividends and accretion on preferred stock | (259 | ) | (393 | ) | ||||||||||||||
Net income available to common shareholders | $ | 1,165 | 1,968,777 | $ | 0.59 | $ | 510 | 1,968,777 | $ | 0.26 | ||||||||
Effect of dilutive securities | ||||||||||||||||||
Convertible preferred stock | — | — | — | — | ||||||||||||||
Stock options | — | — | — | — | ||||||||||||||
Warrants | — | 125,995 | — | 109,350 | ||||||||||||||
Diluted earnings per share | ||||||||||||||||||
Net income available to common shareholders and assumed conversions | $ | 1,165 | 2,094,772 | $ | 0.56 | $ | 510 | 2,078,127 | $ | 0.25 | ||||||||
Stock options for 72,931 shares of common stock were not considered in computing diluted earnings per common share for June 30, 2014 and 2013 because they are anti-dilutive. Convertible preferred shares are not included because they are anti-dilutive as of June 30, 2014 and 2013. Common stock warrants totaled 254,218 as of June 30, 2014 and 2013. |
Nature_of_Operations_and_Summa1
Nature of Operations and Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2014 | |
Nature of Operations and Summary of Significant Accounting Policies | ' |
Nature of Operations and Principles of Consolidation | ' |
Nature of Operations and Summary of Significant Accounting Policies | |
The accounting and reporting policies of Citizens First Corporation (the “Company”) and its subsidiary, Citizens First Bank, Inc. (the “Bank”), conform to U.S. generally accepted accounting principles and general practices within the banking industry. The consolidated financial statements include the accounts of the Company and the Bank. All significant intercompany transactions and accounts have been eliminated in consolidation. | |
Certain information and note disclosures normally included in the Company’s annual financial statements prepared in accordance with U.S. generally accepted accounting principles have been condensed or omitted. These consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s 2013 Annual Report on Form 10-K filed with the Securities and Exchange Commission. | |
The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Estimates used in the preparation of the financial statements are based on various factors including the current interest rate environment and the general strength of the local economy. Changes in the overall interest rate environment can significantly affect the Company’s net interest income and the value of its recorded assets and liabilities. Actual results could differ from those estimates used in the preparation of the financial statements. | |
In the opinion of management, all adjustments considered necessary for a fair presentation have been reflected in the accompanying unaudited financial statements. Those adjustments consist only of normal recurring adjustments. Results of interim periods are not necessarily indicative of results to be expected for the full year. The consolidated balance sheet of the Company as of December 31, 2013 has been derived from the audited consolidated balance sheet of the Company as of that date. | |
Reclassifications | ' |
Reclassifications | |
Certain reclassifications have been made to the consolidated financial statements of prior periods to conform to the current period presentation. These reclassifications do not affect net income or total stockholders’ equity as previously reported. | |
AvailableForSale_Securities_Ta
Available-For-Sale Securities (Tables) | 6 Months Ended | |||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||
Available-For-Sale Securities | ' | |||||||||||||||||||
Summary of the amortized cost and fair value of the available for sale investment securities portfolio | ' | |||||||||||||||||||
(Dollars in Thousands) | ||||||||||||||||||||
Amortized | Gross | Gross | Fair | |||||||||||||||||
Cost | Unrealized | Unrealized | Value | |||||||||||||||||
Gains | Losses | |||||||||||||||||||
June 30, 2014 | ||||||||||||||||||||
U. S. government agencies and government sponsored entities | $ | 5,991 | $ | — | $ | (67 | ) | $ | 5,924 | |||||||||||
State and municipal | 20,614 | 819 | (131 | ) | 21,302 | |||||||||||||||
Agency mortgage-backed securities: residential | 25,544 | 267 | (71 | ) | 25,740 | |||||||||||||||
Trust preferred security | 1,874 | — | (434 | ) | 1,440 | |||||||||||||||
Corporate Bonds | 1,000 | — | (1 | ) | 999 | |||||||||||||||
Total Available-for-Sale Securities | $ | 55,023 | $ | 1,086 | $ | (704 | ) | $ | 55,405 | |||||||||||
December 31, 2013 | ||||||||||||||||||||
U. S. government agencies and government sponsored entities | $ | 6001 | $ | — | $ | (182 | ) | $ | 5,819 | |||||||||||
State and municipal | 19,394 | 547 | (265 | ) | 19,676 | |||||||||||||||
Agency mortgage-backed securities: residential | 23,825 | 172 | (253 | ) | 23,744 | |||||||||||||||
Trust preferred security | 1,872 | — | (472 | ) | 1,400 | |||||||||||||||
Corporate bond | 1,000 | — | (6 | ) | 994 | |||||||||||||||
Total Available-for-Sale Securities | $ | 52,092 | $ | 719 | $ | (1,178 | ) | $ | 51,633 | |||||||||||
Summary of the amortized cost and fair value of investment securities by contractual maturity | ' | |||||||||||||||||||
June 30, 2014 | ||||||||||||||||||||
(Dollars in Thousands) | ||||||||||||||||||||
Available-For-Sale | ||||||||||||||||||||
Amortized Cost | Fair Value | |||||||||||||||||||
Due in one year or less | 534 | 543 | ||||||||||||||||||
Due from one to five years | 8,091 | 8,251 | ||||||||||||||||||
Due from five to ten years | 11,978 | 12,226 | ||||||||||||||||||
Due after ten years | 8,876 | 8,645 | ||||||||||||||||||
Agency mortgage-backed: residential | 25,544 | 25,740 | ||||||||||||||||||
Total | $ | 55,023 | $ | 55,405 | ||||||||||||||||
Summary of the investment securities with unrealized losses aggregated by investment category and length of time that individual securities have been in continuous unrealized loss position | ' | |||||||||||||||||||
(Dollars in Thousands) | ||||||||||||||||||||
Less than 12 Months | 12 Months or More | Total | ||||||||||||||||||
Description of | Fair Value | Unrealized | Fair Value | Unrealized | Fair Value | Unrealized | ||||||||||||||
Securities | Losses | Losses | Losses | |||||||||||||||||
June 30, 2014: | ||||||||||||||||||||
U.S. government agencies and government sponsored entities | $ | 990 | $ | (2 | ) | $ | 4,934 | $ | (65 | ) | $ | 5,924 | $ | (67 | ) | |||||
State and municipal | 1,736 | (8 | ) | 2,489 | (123 | ) | 4,225 | (131 | ) | |||||||||||
Agency mortgage-backed: residential | 7,984 | (21 | ) | 1751 | (50 | ) | 9,735 | (71 | ) | |||||||||||
Trust preferred security | — | — | 1,440 | (434 | ) | 1,440 | (434 | ) | ||||||||||||
Corporate Bonds | 999 | (1 | ) | — | — | 999 | (1 | ) | ||||||||||||
Total temporarily impaired | $ | 11,709 | $ | (32 | ) | $ | 10,614 | $ | (672 | ) | $ | 22,323 | $ | (704 | ) | |||||
(Dollars in Thousands) | ||||||||||||||||||||
Less than 12 Months | 12 Months or More | Total | ||||||||||||||||||
Description of | Fair Value | Unrealized | Fair Value | Unrealized | Fair Value | Unrealized | ||||||||||||||
Securities | Losses | Losses | Losses | |||||||||||||||||
December 31, 2013: | ||||||||||||||||||||
U.S. government agencies and government sponsored entities | $ | 4,882 | $ | (119 | ) | $ | 937 | $ | (63 | ) | $ | 5,819 | $ | (182 | ) | |||||
State and municipal | 3,988 | (128 | ) | 844 | (137 | ) | 4,832 | (265 | ) | |||||||||||
Agency mortgage-backed: residential | 12,977 | (253 | ) | — | — | 12,977 | (253 | ) | ||||||||||||
Trust preferred security | — | — | 1,400 | (472 | ) | 1,400 | (472 | ) | ||||||||||||
Corporate bonds | 994 | (6 | ) | — | — | 994 | (6 | ) | ||||||||||||
Total temporarily impaired | $ | 22,841 | $ | (506 | ) | $ | 3,181 | $ | (672 | ) | $ | 26,022 | $ | (1,178 | ) |
Loans_and_Allowance_for_Loan_L1
Loans and Allowance for Loan Losses (Tables) | 6 Months Ended | |||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||
Loans and Allowance for Loan Losses | ' | |||||||||||||||||||
Schedule of categories of loans | ' | |||||||||||||||||||
(Dollars in Thousands) | ||||||||||||||||||||
June | December | |||||||||||||||||||
30, | 31, | |||||||||||||||||||
2014 | 2013 | |||||||||||||||||||
Commercial | $ | 45,712 | $ | 45,254 | ||||||||||||||||
Commercial real estate: | ||||||||||||||||||||
Construction | 15,668 | 15,052 | ||||||||||||||||||
Other | 167,271 | 154,975 | ||||||||||||||||||
Residential real estate | 77,267 | 74,040 | ||||||||||||||||||
Consumer: | ||||||||||||||||||||
Auto | 2,088 | 2,544 | ||||||||||||||||||
Other | 3,449 | 3,203 | ||||||||||||||||||
Total loans | 311,455 | 295,068 | ||||||||||||||||||
Less allowance for loan losses | (4,953 | ) | (4,653 | ) | ||||||||||||||||
Net loans | $ | 306,502 | $ | 290,415 | ||||||||||||||||
Schedule of activity in the allowance for loan losses | ' | |||||||||||||||||||
The following table sets forth an analysis of our allowance for loan losses for the three months ending June 30, 2014 and 2013. | ||||||||||||||||||||
(Dollars In Thousands) | ||||||||||||||||||||
Commercial | Commercial | Residential | Consumer | Unallocated | Total | |||||||||||||||
Real Estate | Real Estate | |||||||||||||||||||
June 30, 2014 Allowance for loan losses: | ||||||||||||||||||||
Beginning balance | $ | 937 | $ | 3,013 | $ | 699 | $ | 71 | $ | 107 | $ | 4,827 | ||||||||
Provision for loan losses | (77 | ) | 165 | 15 | 5 | 42 | 150 | |||||||||||||
Loans charged-off | — | — | (71 | ) | (10 | ) | — | (81 | ) | |||||||||||
Recoveries | 42 | 11 | 3 | 1 | — | 57 | ||||||||||||||
Total ending allowance balance | $ | 902 | $ | 3,189 | $ | 646 | $ | 67 | $ | 149 | $ | 4,953 | ||||||||
(Dollars In Thousands) | ||||||||||||||||||||
Commercial | Commercial | Residential | Consumer | Unallocated | Total | |||||||||||||||
Real Estate | Real Estate | |||||||||||||||||||
June 30, 2013 Allowance for loan losses: | ||||||||||||||||||||
Beginning balance | $ | 3,282 | $ | 2,584 | $ | 507 | $ | 81 | $ | 196 | $ | 6,650 | ||||||||
Provision for loan losses | (714 | ) | 656 | 30 | (3 | ) | 81 | 50 | ||||||||||||
Loans charged-off | (653 | ) | — | (19 | ) | (6 | ) | — | (678 | ) | ||||||||||
Recoveries | 7 | 31 | 3 | 1 | — | 42 | ||||||||||||||
Total ending allowance balance | $ | 1,922 | $ | 3,271 | $ | 521 | $ | 73 | $ | 277 | $ | 6,064 | ||||||||
The following table sets forth an analysis of our allowance for loan losses for the six months ending June 30, 2014 and 2013. | ||||||||||||||||||||
(Dollars In Thousands) | ||||||||||||||||||||
Commercial | Commercial | Residential | Consumer | Unallocated | Total | |||||||||||||||
Real Estate | Real Estate | |||||||||||||||||||
June 30, 2014 Allowance for loan losses: | ||||||||||||||||||||
Beginning balance | $ | 1,420 | $ | 2,079 | $ | 703 | $ | 86 | $ | 365 | $ | 4,653 | ||||||||
Provision for loan losses | (577 | ) | 1,052 | 24 | (8 | ) | (216 | ) | 275 | |||||||||||
Loans charged-off | — | — | (90 | ) | (13 | ) | — | (103 | ) | |||||||||||
Recoveries | 59 | 58 | 9 | 2 | — | 128 | ||||||||||||||
Total ending allowance balance | $ | 902 | $ | 3,189 | $ | 646 | $ | 67 | $ | 149 | $ | 4,953 | ||||||||
(Dollars In Thousands) | ||||||||||||||||||||
Commercial | Commercial | Residential | Consumer | Unallocated | Total | |||||||||||||||
Real Estate | Real Estate | |||||||||||||||||||
June 30, 2013 Allowance for loan losses: | ||||||||||||||||||||
Beginning balance | $ | 2,156 | $ | 2,635 | $ | 589 | $ | 90 | $ | 251 | $ | 5,721 | ||||||||
Provision for loan losses | 746 | 590 | (60 | ) | (2 | ) | 26 | 1,300 | ||||||||||||
Loans charged-off | (987 | ) | (14 | ) | (19 | ) | (17 | ) | — | (1,037 | ) | |||||||||
Recoveries | 7 | 60 | 11 | 2 | — | 80 | ||||||||||||||
Total ending allowance balance | $ | 1,922 | $ | 3,271 | $ | 521 | $ | 73 | $ | 277 | $ | 6,064 | ||||||||
Schedule of balance in the allowance for loan losses and the recorded investment in loans by portfolio segment and based on the impairment method | ' | |||||||||||||||||||
(Dollars In Thousands) | ||||||||||||||||||||
Commercial | Commercial | Residential | Consumer | Unallocated | Total | |||||||||||||||
Real Estate | Real Estate | |||||||||||||||||||
June 30, 2014 Allowance for loan losses: | ||||||||||||||||||||
Ending allowance balance attributable to loans: | ||||||||||||||||||||
Individually evaluated for impairment | $ | 147 | $ | 389 | $ | 60 | $ | 17 | $ | — | $ | 613 | ||||||||
Collectively evaluated | 755 | 2,800 | 586 | 50 | 149 | 4,340 | ||||||||||||||
Total ending allowance balance | $ | 902 | $ | 3,189 | $ | 646 | $ | 67 | $ | 149 | $ | 4,953 | ||||||||
Loans: | ||||||||||||||||||||
Individually evaluated for impairment | $ | 2,617 | $ | 1,561 | $ | 1,261 | $ | 30 | $ | — | $ | 5,469 | ||||||||
Collectively evaluated | 43,095 | 181,378 | 76,006 | 5,507 | — | 305,986 | ||||||||||||||
Total ending loans balance | $ | 45,712 | $ | 182,939 | $ | 77,267 | $ | 5,537 | $ | — | $ | 311,455 | ||||||||
(Dollars In Thousands) | ||||||||||||||||||||
Commercial | Commercial | Residential | Consumer | Unallocated | Total | |||||||||||||||
Real Estate | Real Estate | |||||||||||||||||||
December 31, 2013 Allowance for loan losses: | ||||||||||||||||||||
Ending allowance balance attributable to loans: | ||||||||||||||||||||
Individually evaluated for impairment | $ | 676 | $ | 369 | $ | 307 | $ | 35 | $ | — | $ | 1,387 | ||||||||
Collectively evaluated | 744 | 1,710 | 396 | 51 | 365 | 3,266 | ||||||||||||||
Total ending allowance balance | $ | 1,420 | $ | 2,079 | $ | 703 | $ | 86 | $ | 365 | $ | 4,653 | ||||||||
Loans: | ||||||||||||||||||||
Individually evaluated for impairment | $ | 3,085 | $ | 2,021 | $ | 1,383 | $ | 36 | $ | — | $ | 6,525 | ||||||||
Collectively evaluated | 42,169 | 168,006 | 72,657 | 5,711 | — | 288,543 | ||||||||||||||
Total ending loans balance | $ | 45,254 | $ | 170,027 | $ | 74,040 | $ | 5,747 | $ | — | $ | 295,068 | ||||||||
Schedule of impaired loans by class of loans | ' | |||||||||||||||||||
(Dollars in Thousands) | (Dollars in Thousands) | |||||||||||||||||||
June 30, 2014 | December 31, 2013 | |||||||||||||||||||
Unpaid | Recorded | Allowance | Unpaid | Recorded | Allowance | |||||||||||||||
Principal | Investment | for Loan | Principal | Investment | for Loan | |||||||||||||||
Balance | Losses | Balance | Losses | |||||||||||||||||
Allocated | Allocated | |||||||||||||||||||
With no related allowance recorded: | ||||||||||||||||||||
Commercial | $ | 783 | $ | 783 | $ | — | $ | 1,880 | $ | 1,880 | $ | — | ||||||||
Commercial real estate: | ||||||||||||||||||||
Construction | — | — | — | — | — | — | ||||||||||||||
Other | 111 | 111 | — | 843 | 843 | — | ||||||||||||||
Residential real estate | 1,037 | 1,037 | — | 337 | 337 | — | ||||||||||||||
Consumer: | ||||||||||||||||||||
Auto | — | — | — | 1 | 1 | — | ||||||||||||||
Other | — | — | — | — | — | — | ||||||||||||||
Subtotal | 1,931 | 1,931 | — | 3,061 | 3,061 | — | ||||||||||||||
With an allowance recorded: | ||||||||||||||||||||
Commercial | 1,834 | 1,834 | 147 | 1,205 | 1,205 | 676 | ||||||||||||||
Commercial real estate: | ||||||||||||||||||||
Construction | — | — | — | — | — | — | ||||||||||||||
Other | 1,450 | 1,450 | 389 | 1,178 | 1,178 | 369 | ||||||||||||||
Residential real estate | 224 | 224 | 60 | 1,046 | 1,046 | 307 | ||||||||||||||
Consumer: | ||||||||||||||||||||
Auto | 17 | 17 | 17 | 21 | 21 | 21 | ||||||||||||||
Other | 13 | 13 | — | 14 | 14 | 14 | ||||||||||||||
Subtotal | 3,538 | 3,538 | 613 | 3,464 | 3,464 | 1,387 | ||||||||||||||
Total | $ | 5,469 | $ | 5,469 | $ | 613 | $ | 6,525 | $ | 6,525 | $ | 1,387 | ||||||||
Information on impaired loans for the three months ending June 30, 2014 and 2013 is as follows: | ||||||||||||||||||||
(Dollars in Thousands) | (Dollars in Thousands) | |||||||||||||||||||
June 30, 2014 | June 30, 2013 | |||||||||||||||||||
Average | Interest | Cash Basis | Average | Interest | Cash Basis | |||||||||||||||
Recorded | Income | Interest | Recorded | Income | Interest | |||||||||||||||
Investment | Recognized | Recognized | Investment | Recognized | Recognized | |||||||||||||||
Commercial | $ | 2,710 | 37 | 26 | $ | 6,287 | 99 | 52 | ||||||||||||
Commercial real estate: | ||||||||||||||||||||
Construction | — | — | — | — | — | — | ||||||||||||||
Other | 1,547 | 20 | 15 | 7,607 | 120 | 13 | ||||||||||||||
Residential real estate | 1,305 | 16 | 11 | 682 | 13 | 8 | ||||||||||||||
Consumer: | ||||||||||||||||||||
Auto | 18 | — | — | 27 | — | — | ||||||||||||||
Other | 13 | — | — | 4 | — | — | ||||||||||||||
Total | $ | 5,593 | $ | 73 | $ | 52 | $ | 14,607 | $ | 232 | $ | 73 | ||||||||
Information on impaired loans for the six months ending June 30, 2014 and 2013 is as follows: | ||||||||||||||||||||
(Dollars in Thousands) | (Dollars in Thousands) | |||||||||||||||||||
June 30, 2014 | June 30, 2013 | |||||||||||||||||||
Average | Interest | Cash Basis | Average | Interest | Cash Basis | |||||||||||||||
Recorded | Income | Interest | Recorded | Income | Interest | |||||||||||||||
Investment | Recognized | Recognized | Investment | Recognized | Recognized | |||||||||||||||
Commercial | $ | 2,851 | 68 | 53 | $ | 5,851 | 161 | 94 | ||||||||||||
Commercial real estate: | ||||||||||||||||||||
Construction | — | — | — | — | — | — | ||||||||||||||
Other | 1,791 | 40 | 29 | 7,128 | 208 | 44 | ||||||||||||||
Residential real estate | 1,322 | 31 | 20 | 528 | 16 | 9 | ||||||||||||||
Consumer: | ||||||||||||||||||||
Auto | 19 | 1 | — | 28 | 1 | — | ||||||||||||||
Other | 14 | — | — | 3 | — | — | ||||||||||||||
Total | $ | 5,997 | $ | 140 | $ | 102 | $ | 13,538 | $ | 386 | $ | 147 | ||||||||
Schedule of recorded investment in nonaccrual and loans past due over 90 days still on accrual by class of loans | ' | |||||||||||||||||||
(Dollars in Thousands) | (Dollars in Thousands) | |||||||||||||||||||
As of June 30, 2014 | As of December 31, 2013 | |||||||||||||||||||
Loans Past Due | Nonaccrual | Loans Past Due | Nonaccrual | |||||||||||||||||
Over 90 Days and | Over 90 Days and | |||||||||||||||||||
Still Accruing | Still Accruing | |||||||||||||||||||
Commercial | $ | — | $ | 816 | $ | — | $ | 153 | ||||||||||||
Commercial real estate: | ||||||||||||||||||||
Construction | — | — | — | — | ||||||||||||||||
Other | — | 535 | — | 362 | ||||||||||||||||
Residential real estate | 42 | 473 | — | 643 | ||||||||||||||||
Consumer: | ||||||||||||||||||||
Auto | — | 17 | — | 22 | ||||||||||||||||
Other | — | — | — | — | ||||||||||||||||
Total | $ | 42 | $ | 1,841 | $ | — | $ | 1,180 | ||||||||||||
Schedule of aging of the recorded investment in past due loans by class of loans | ' | |||||||||||||||||||
(Dollars In Thousands) | ||||||||||||||||||||
30-59 | 60-89 | Over 90 | Total | Loans Not | Total | |||||||||||||||
Days | Days | Days | Past Due | Past Due | ||||||||||||||||
Past Due | Past Due | Past Due | ||||||||||||||||||
June 30, 2014 | ||||||||||||||||||||
Commercial | $ | 181 | $ | — | $ | 688 | $ | 869 | $ | 44,843 | $ | 45,712 | ||||||||
Commercial real estate: | ||||||||||||||||||||
Construction | — | — | — | — | 15,668 | 15,668 | ||||||||||||||
Other | — | 45 | 440 | 485 | 166,786 | 167,271 | ||||||||||||||
Residential real estate | 68 | 23 | 513 | 604 | 76,663 | 77,267 | ||||||||||||||
Consumer: | ||||||||||||||||||||
Auto | — | — | — | — | 2,088 | 2,088 | ||||||||||||||
Other | — | — | — | — | 3,449 | 3,449 | ||||||||||||||
Total | $ | 249 | $ | 68 | $ | 1,641 | $ | 1,958 | $ | 309,497 | $ | 311,455 | ||||||||
(Dollars In Thousands) | ||||||||||||||||||||
30-59 | 60-89 | Over 90 | Total | Loans Not | Total | |||||||||||||||
Days | Days | Days | Past Due | Past Due | ||||||||||||||||
Past Due | Past Due | Past Due | ||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||
Commercial | $ | 53 | $ | — | $ | — | $ | 53 | $ | 45,201 | $ | 45,254 | ||||||||
Commercial real estate: | ||||||||||||||||||||
Construction | — | — | — | — | 15,052 | 15,052 | ||||||||||||||
Other | 321 | — | 303 | 624 | 154,351 | 154,975 | ||||||||||||||
Residential real estate | 98 | 66 | 574 | 738 | 73,302 | 74,040 | ||||||||||||||
Consumer: | ||||||||||||||||||||
Auto | 6 | 1 | — | 7 | 2,537 | 2,544 | ||||||||||||||
Other | — | — | — | — | 3,203 | 3,203 | ||||||||||||||
Total | $ | 478 | $ | 67 | $ | 877 | $ | 1,422 | $ | 293,646 | $ | 295,068 | ||||||||
Schedule of loans by class modified as troubled debt restructurings | ' | |||||||||||||||||||
The following table presents loans by class modified as troubled debt restructurings outstanding as of June 30, 2014: | ||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
Number of | Pre-Modification | Post-Modification | ||||||||||||||||||
Loans | Outstanding | Outstanding Recorded | ||||||||||||||||||
Recorded | Investment | |||||||||||||||||||
Investment | ||||||||||||||||||||
Troubled Debt Restructurings: | ||||||||||||||||||||
Commercial | 6 | $ | 3,326 | $ | 3,326 | |||||||||||||||
Commercial real estate: | ||||||||||||||||||||
Other | 3 | 1,109 | 1,109 | |||||||||||||||||
Residential real estate | 4 | 757 | 759 | |||||||||||||||||
Consumer | 1 | 16 | 15 | |||||||||||||||||
Total | 14 | $ | 5,208 | $ | 5,209 | |||||||||||||||
The following table presents loans by class modified as troubled debt restructurings outstanding as of December 31, 2013: | ||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
Number of | Pre-Modification | Post-Modification | ||||||||||||||||||
Loans | Outstanding | Outstanding Recorded | ||||||||||||||||||
Recorded | Investment | |||||||||||||||||||
Investment | ||||||||||||||||||||
Troubled Debt Restructurings: | ||||||||||||||||||||
Commercial | 10 | $ | 2,716 | $ | 2,716 | |||||||||||||||
Commercial real estate: | ||||||||||||||||||||
Other | 1 | 604 | 604 | |||||||||||||||||
Residential real estate | 3 | 841 | 854 | |||||||||||||||||
Consumer other | 1 | 16 | 15 | |||||||||||||||||
Total | 15 | $ | 4,177 | $ | 4,189 | |||||||||||||||
The following table presents loans by class modified as troubled debt restructurings that occurred during the quarter ending June 30, 2014: | ||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
Number of | Pre-Modification | Post-Modification | ||||||||||||||||||
Loans | Outstanding | Outstanding Recorded | ||||||||||||||||||
Recorded | Investment | |||||||||||||||||||
Investment | ||||||||||||||||||||
Troubled Debt Restructurings: | ||||||||||||||||||||
Commercial real estate | 1 | $ | 924 | $ | 924 | |||||||||||||||
Total | 1 | $ | 924 | $ | 924 | |||||||||||||||
The following table presents loans by class modified as troubled debt restructurings that occurred during the quarter ending June 30, 2013: | ||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
Number of | Pre-Modification | Post-Modification | ||||||||||||||||||
Loans | Outstanding | Outstanding Recorded | ||||||||||||||||||
Recorded | Investment | |||||||||||||||||||
Investment | ||||||||||||||||||||
Troubled Debt Restructurings: | ||||||||||||||||||||
Commercial | 4 | $ | 795 | $ | 1,195 | |||||||||||||||
Total | 4 | $ | 795 | $ | 1,195 | |||||||||||||||
Schedule of risk category of loans by class of loans based on the most recent analyses performed | ' | |||||||||||||||||||
Pass | Special | Substandard | Doubtful | Total | ||||||||||||||||
Mention | ||||||||||||||||||||
June 30, 2014 | ||||||||||||||||||||
Commercial | $ | 41,754 | $ | 69 | $ | 3,889 | $ | — | $ | 45,712 | ||||||||||
Commercial real estate: | ||||||||||||||||||||
Construction | 15,668 | — | — | — | 15,668 | |||||||||||||||
Other | 159,994 | — | 7,277 | — | 167,271 | |||||||||||||||
Residential real estate | 76,259 | 161 | 847 | — | 77,267 | |||||||||||||||
Consumer | ||||||||||||||||||||
Auto | 2,088 | — | — | — | 2,088 | |||||||||||||||
Other | 3,442 | — | 7 | — | 3,449 | |||||||||||||||
Total | $ | 299,205 | $ | 230 | $ | 12,020 | $ | — | $ | 311,455 | ||||||||||
Pass | Special | Substandard | Doubtful | Total | ||||||||||||||||
Mention | ||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||
Commercial | $ | 41,968 | $ | 77 | $ | 3,209 | $ | — | $ | 45,254 | ||||||||||
Commercial real estate: | ||||||||||||||||||||
Construction | 15,052 | — | — | — | 15,052 | |||||||||||||||
Other | 147,429 | — | 7,546 | — | 154,975 | |||||||||||||||
Residential real estate | 72,264 | 164 | 1,612 | — | 74,040 | |||||||||||||||
Consumer: | ||||||||||||||||||||
Auto | 2,543 | — | 1 | — | 2,544 | |||||||||||||||
Other | 3,203 | — | — | — | 3,203 | |||||||||||||||
Total | $ | 282,459 | $ | 241 | $ | 12,368 | $ | — | $ | 295,068 |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 6 Months Ended | ||||||||||||||
Jun. 30, 2014 | |||||||||||||||
Fair Value Measurements | ' | ||||||||||||||
Schedule of assets measured at fair value on a recurring basis | ' | ||||||||||||||
Fair Value Measurements at June 30, 2014 | |||||||||||||||
(Dollars in Thousands) | |||||||||||||||
Quoted Prices | Significant Other | Significant | |||||||||||||
in Active | Observable Inputs | Unobservable Inputs | |||||||||||||
Markets for | (Level 2) | (Level 3) | |||||||||||||
Identical Assets | |||||||||||||||
(Level 1) | |||||||||||||||
Assets: | |||||||||||||||
Securities available-for-sale | |||||||||||||||
U. S. government agencies and government sponsored entities | $ | 5,924 | |||||||||||||
State and municipal | 21,302 | ||||||||||||||
Agency mortgage-backed securities -residential | 25,740 | ||||||||||||||
Trust preferred security | 1,440 | ||||||||||||||
Corporate bonds | 999 | ||||||||||||||
Total investment securities | — | $ | 53,965 | $ | 1,440 | ||||||||||
Fair Value Measurements at December 31, 2013 | |||||||||||||||
(Dollars in Thousands) | |||||||||||||||
Quoted Prices | Significant Other | Significant | |||||||||||||
in Active | Observable Inputs | Unobservable Inputs | |||||||||||||
Markets for | (Level 2) | (Level 3) | |||||||||||||
Identical Assets | |||||||||||||||
(Level 1) | |||||||||||||||
Assets: | |||||||||||||||
Securities available-for-sale | |||||||||||||||
U. S. government agencies and government sponsored entities | $ | 5,819 | |||||||||||||
State and municipal | 19,676 | ||||||||||||||
Agency mortgage-backed securities -residential | 23,744 | ||||||||||||||
Trust preferred security | 1,400 | ||||||||||||||
Corporate Bond | 994 | ||||||||||||||
Total investment securities | — | $ | 51,633 | — | |||||||||||
Schedule of financial assets measured at fair value on a non-recurring basis | ' | ||||||||||||||
Fair Value Measurements at June 30, 2014 | |||||||||||||||
(Dollars in Thousands) | |||||||||||||||
Quoted Prices | Significant Other | Significant | |||||||||||||
in Active | Observable Inputs | Unobservable Inputs | |||||||||||||
Markets for | (Level 2) | (Level 3) | |||||||||||||
Identical Assets | |||||||||||||||
(Level 1) | |||||||||||||||
Assets: | |||||||||||||||
Securities available-for-sale | |||||||||||||||
U. S. government agencies and government sponsored entities | $ | 5,924 | |||||||||||||
State and municipal | 21,302 | ||||||||||||||
Agency mortgage-backed securities -residential | 25,740 | ||||||||||||||
Trust preferred security | 1,440 | ||||||||||||||
Corporate bonds | 999 | ||||||||||||||
Total investment securities | — | $ | 53,965 | $ | 1,440 | ||||||||||
Fair Value Measurements at December 31, 2013 | |||||||||||||||
(Dollars in Thousands) | |||||||||||||||
Quoted Prices | Significant Other | Significant | |||||||||||||
in Active | Observable Inputs | Unobservable Inputs | |||||||||||||
Markets for | (Level 2) | (Level 3) | |||||||||||||
Identical Assets | |||||||||||||||
(Level 1) | |||||||||||||||
Assets: | |||||||||||||||
Securities available-for-sale | |||||||||||||||
U. S. government agencies and government sponsored entities | $ | 5,819 | |||||||||||||
State and municipal | 19,676 | ||||||||||||||
Agency mortgage-backed securities -residential | 23,744 | ||||||||||||||
Trust preferred security | 1,400 | ||||||||||||||
Corporate Bond | 994 | ||||||||||||||
Total investment securities | — | $ | 51,633 | — | |||||||||||
Schedule of quantitative and qualitative information about Level 3 fair value measurements for financial instruments measured on a non-recurring basis | ' | ||||||||||||||
June 30, 2014 | Valuation Techniques | Unobservable Inputs (Dollars in | Range | ||||||||||||
thousands) | (Weighted Avg) | ||||||||||||||
Impaired loans: | |||||||||||||||
Commercial | $ | 26 | Market Approach | Discounts to allow for market value of assets | -50.00% | ||||||||||
Commercial RE | 243 | Sales Comparison | Adjustments for limited use nature of certain properties, age of appraisal, location, and/or condition | 20%-50% (34.08%) | |||||||||||
Residential | 157 | Sales Comparison | Adjustments for limited use nature of certain properties, age of appraisal, location, and/or condition | 0%-20% (11.94%) | |||||||||||
Other real estate owned: | |||||||||||||||
Commercial RE | 471 | Sales Comparison | Adjustments for limited use nature of certain properties, age of appraisal, location, and/or condition | 8%-55% (44.24%) | |||||||||||
Residential | 127 | Sales Comparison | Adjustments for limited use nature of certain properties, age of appraisal, location, and/or condition | 6%-69% (17.36%) | |||||||||||
December 31, | Valuation Techniques | Unobservable Inputs (Dollars in | Range | ||||||||||||
2013 | thousands) | (Weighted Avg) | |||||||||||||
Impaired loans: | |||||||||||||||
Commercial | $ | 530 | Market Approach | Discounts to allow for market value of assets | 0%-50% (39.42%) | ||||||||||
Commercial RE | 808 | Sales Comparison | Adjustments for limited use nature of certain properties, age of appraisal, location, and/or condition | 20%-50% (24.92%) | |||||||||||
Residential | 739 | Sales Comparison | Adjustments for limited use nature of certain properties, age of appraisal, location, and/or condition | 0%-20% (18.43%) | |||||||||||
Other real estate owned: | |||||||||||||||
Residential | 317 | Sales Comparison | Adjustments for limited use nature of certain properties, age of appraisal, location, and/or condition | 6%-42.3% (21.47%) | |||||||||||
Commercial RE | 516 | Sales Comparison | Adjustments for limited use nature of certain properties, age of appraisal, location, and/or condition | 7.9%-54.5% (42.93%) | |||||||||||
Schedule of carrying amount and estimated fair values of financial instruments | ' | ||||||||||||||
Fair Value Measurements at | |||||||||||||||
June 30, 2014 | |||||||||||||||
Carrying | Level 1 | Level 2 | Level 3 | Total | |||||||||||
Amount | |||||||||||||||
Financial Assets | |||||||||||||||
Cash and cash equivalents | $ | 22,830 | $ | 22,830 | $ | 22,830 | |||||||||
Loans held for sale | 286 | 291 | 291 | ||||||||||||
Loans, net of allowance | 306,076 | 313,542 | 313,542 | ||||||||||||
Accrued interest receivable | 1,536 | 284 | 1,252 | 1,536 | |||||||||||
Federal Home Loan Bank stock | 2,025 | N/A | |||||||||||||
Financial Liabilities | |||||||||||||||
Demand and savings deposits | $ | 184,265 | $ | 150,376 | $ | 150,376 | |||||||||
Time deposits | 161,545 | 162,395 | 162,395 | ||||||||||||
FHLB advances | 22,000 | 21,868 | 21,868 | ||||||||||||
Subordinate debentures | 5,000 | 2,836 | 2,836 | ||||||||||||
Accrued interest payable | 239 | 13 | 226 | 239 | |||||||||||
Fair Value Measurements at | |||||||||||||||
December 31, 2013 | |||||||||||||||
Carrying | Level 1 | Level 2 | Level 3 | Total | |||||||||||
Amount | |||||||||||||||
Financial Assets | |||||||||||||||
Cash and cash equivalents | $ | 37,062 | $ | 37,062 | $ | 37,062 | |||||||||
Loans, net of allowance | 288,338 | 295,850 | 295,850 | ||||||||||||
Accrued interest receivable | 1,554 | 274 | 1,280 | 1,554 | |||||||||||
Federal Home Loan Bank stock | 2,025 | N/A | |||||||||||||
Financial Liabilities | |||||||||||||||
Demand and savings deposits | $ | 183,569 | $ | 144,220 | $ | 144,220 | |||||||||
Time deposits | 159,382 | 160,284 | 160,284 | ||||||||||||
FHLB advances | 22,000 | 21,794 | 21,794 | ||||||||||||
Subordinate debentures | 5,000 | 2,836 | 2,836 | ||||||||||||
Accrued interest payable | 243 | 15 | 228 | 243 |
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 6 Months Ended | |||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||
Earnings Per Share | ' | |||||||||||||||||
Schedule of reconciliation of basic and diluted earnings per share computations | ' | |||||||||||||||||
Quarter ended June 30, 2014 | Quarter ended June 30, 2013 | |||||||||||||||||
Income | Weighted | Per Share | Income | Weighted- | Per Share | |||||||||||||
Average | Amount | Average | Amount | |||||||||||||||
Shares | Shares | |||||||||||||||||
Basic earnings per share: | ||||||||||||||||||
Net income | $ | 733 | $ | 788 | ||||||||||||||
Less: Dividends and accretion on preferred stock | (127 | ) | (176 | ) | ||||||||||||||
Net income available to common shareholders | $ | 606 | 1,968,777 | $ | 0.31 | $ | 612 | 1,968,777 | $ | 0.31 | ||||||||
Effect of dilutive securities | ||||||||||||||||||
Convertible preferred stock | — | — | — | — | ||||||||||||||
Stock options | — | — | — | — | ||||||||||||||
Warrants | — | 130,338 | — | 106,091 | ||||||||||||||
Diluted earnings per share | ||||||||||||||||||
Net income available to common shareholders and assumed conversions | $ | 606 | 2,099,115 | $ | 0.29 | $ | 612 | 2,074,868 | $ | 0.3 | ||||||||
Six months ended June 30, | Six months ended June 30, | |||||||||||||||||
2014 | 2013 | |||||||||||||||||
Income | Weighted | Per Share | Income | Weighted- | Per Share | |||||||||||||
Average | Amount | Average | Amount | |||||||||||||||
Shares | Shares | |||||||||||||||||
Basic earnings per share | ||||||||||||||||||
Net income | $ | 1,424 | $ | 903 | ||||||||||||||
Less: Dividends and accretion on preferred stock | (259 | ) | (393 | ) | ||||||||||||||
Net income available to common shareholders | $ | 1,165 | 1,968,777 | $ | 0.59 | $ | 510 | 1,968,777 | $ | 0.26 | ||||||||
Effect of dilutive securities | ||||||||||||||||||
Convertible preferred stock | — | — | — | — | ||||||||||||||
Stock options | — | — | — | — | ||||||||||||||
Warrants | — | 125,995 | — | 109,350 | ||||||||||||||
Diluted earnings per share | ||||||||||||||||||
Net income available to common shareholders and assumed conversions | $ | 1,165 | 2,094,772 | $ | 0.56 | $ | 510 | 2,078,127 | $ | 0.25 |
AvailableForSale_Securities_De
Available-For-Sale Securities (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Amortized cost and fair value of the available for sale investment securities portfolio | ' | ' |
Amortized Cost | $55,023 | $52,092 |
Gross Unrealized Gains | 1,086 | 719 |
Gross Unrealized Losses | -704 | -1,178 |
Fair Value | 55,405 | 51,633 |
U. S. government agencies and government sponsored entities | ' | ' |
Amortized cost and fair value of the available for sale investment securities portfolio | ' | ' |
Amortized Cost | 5,991 | 6,001 |
Gross Unrealized Losses | -67 | -182 |
Fair Value | 5,924 | 5,819 |
State and municipal | ' | ' |
Amortized cost and fair value of the available for sale investment securities portfolio | ' | ' |
Amortized Cost | 20,614 | 19,394 |
Gross Unrealized Gains | 819 | 547 |
Gross Unrealized Losses | -131 | -265 |
Fair Value | 21,302 | 19,676 |
Agency mortgage-backed securities: residential | ' | ' |
Amortized cost and fair value of the available for sale investment securities portfolio | ' | ' |
Amortized Cost | 25,544 | 23,825 |
Gross Unrealized Gains | 267 | 172 |
Gross Unrealized Losses | -71 | -253 |
Fair Value | 25,740 | 23,744 |
Trust preferred security | ' | ' |
Amortized cost and fair value of the available for sale investment securities portfolio | ' | ' |
Amortized Cost | 1,874 | 1,872 |
Gross Unrealized Losses | -434 | -472 |
Fair Value | 1,440 | 1,400 |
Corporate Bonds | ' | ' |
Amortized cost and fair value of the available for sale investment securities portfolio | ' | ' |
Amortized Cost | 1,000 | 1,000 |
Gross Unrealized Losses | -1 | -6 |
Fair Value | $999 | $994 |
AvailableForSale_Securities_De1
Available-For-Sale Securities (Details 2) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Amortized Cost | ' | ' |
Due in one year or less | $534 | ' |
Due from one to five years | 8,091 | ' |
Due from five to ten years | 11,978 | ' |
Due after ten years | 8,876 | ' |
Agency mortgage-backed: residential | 25,544 | ' |
Total | 55,023 | ' |
Fair Value | ' | ' |
Due in one year or less | 543 | ' |
Due from one to five years | 8,251 | ' |
Due from five to ten years | 12,226 | ' |
Due after ten years | 8,645 | ' |
Agency mortgage-backed: residential | 25,740 | ' |
Fair Value | $55,405 | $51,633 |
AvailableForSale_Securities_De2
Available-For-Sale Securities (Details 3) (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 |
item | ||
Investment securities with unrealized losses | ' | ' |
Fair Value, Less than 12 Months | $11,709 | $22,841 |
Unrealized Losses, Less than 12 Months | -32 | -506 |
Fair Value, 12 Months or More | 10,614 | 3,181 |
Unrealized Losses, 12 Months or More | -672 | -672 |
Fair Value, Total | 22,323 | 26,022 |
Unrealized Losses, Total | -704 | -1,178 |
Number of available-for-sale securities in an unrealized loss position | 23 | ' |
Number of adverse conditions identified, related to repayment of securities that are not rated | 0 | ' |
Impairment charge on available for sale securities | 0 | ' |
Loss of principal anticipated | 0 | ' |
Loss of interest anticipated | 0 | ' |
U. S. government agencies and government sponsored entities | ' | ' |
Investment securities with unrealized losses | ' | ' |
Fair Value, Less than 12 Months | 990 | 4,882 |
Unrealized Losses, Less than 12 Months | -2 | -119 |
Fair Value, 12 Months or More | 4,934 | 937 |
Unrealized Losses, 12 Months or More | -65 | -63 |
Fair Value, Total | 5,924 | 5,819 |
Unrealized Losses, Total | -67 | -182 |
State and municipal | ' | ' |
Investment securities with unrealized losses | ' | ' |
Fair Value, Less than 12 Months | 1,736 | 3,988 |
Unrealized Losses, Less than 12 Months | -8 | -128 |
Fair Value, 12 Months or More | 2,489 | 844 |
Unrealized Losses, 12 Months or More | -123 | -137 |
Fair Value, Total | 4,225 | 4,832 |
Unrealized Losses, Total | -131 | -265 |
Agency mortgage-backed securities: residential | ' | ' |
Investment securities with unrealized losses | ' | ' |
Fair Value, Less than 12 Months | 7,984 | 12,977 |
Unrealized Losses, Less than 12 Months | -21 | -253 |
Fair Value, 12 Months or More | 1,751 | ' |
Unrealized Losses, 12 Months or More | -50 | ' |
Fair Value, Total | 9,735 | 12,977 |
Unrealized Losses, Total | -71 | -253 |
Trust preferred security | ' | ' |
Investment securities with unrealized losses | ' | ' |
Fair Value, 12 Months or More | 1,440 | 1,400 |
Unrealized Losses, 12 Months or More | -434 | -472 |
Fair Value, Total | 1,440 | 1,400 |
Unrealized Losses, Total | -434 | -472 |
Unrealized losses, 12 months or more (as a percent) | 60.00% | ' |
Corporate Bond | ' | ' |
Investment securities with unrealized losses | ' | ' |
Fair Value, Less than 12 Months | 999 | 994 |
Unrealized Losses, Less than 12 Months | -1 | -6 |
Fair Value, Total | 999 | 994 |
Unrealized Losses, Total | ($1) | ($6) |
Loans_and_Allowance_for_Loan_L2
Loans and Allowance for Loan Losses (Details) (USD $) | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||||||
Categories of loans | ' | ' | ' | ' | ' | ' |
Total loans | $311,455 | ' | $295,068 | ' | ' | ' |
Less allowance for loan losses | -4,953 | -4,827 | -4,653 | -6,064 | -6,650 | -5,721 |
Net loans | 306,502 | ' | 290,415 | ' | ' | ' |
Commercial | ' | ' | ' | ' | ' | ' |
Categories of loans | ' | ' | ' | ' | ' | ' |
Total loans | 45,712 | ' | 45,254 | ' | ' | ' |
Less allowance for loan losses | -902 | -937 | -1,420 | -1,922 | -3,282 | -2,156 |
Commercial real estate: Construction | ' | ' | ' | ' | ' | ' |
Categories of loans | ' | ' | ' | ' | ' | ' |
Total loans | 15,668 | ' | 15,052 | ' | ' | ' |
Commercial real estate: Other | ' | ' | ' | ' | ' | ' |
Categories of loans | ' | ' | ' | ' | ' | ' |
Total loans | 167,271 | ' | 154,975 | ' | ' | ' |
Residential Real Estate | ' | ' | ' | ' | ' | ' |
Categories of loans | ' | ' | ' | ' | ' | ' |
Total loans | 77,267 | ' | 74,040 | ' | ' | ' |
Less allowance for loan losses | -646 | -699 | -703 | -521 | -507 | -589 |
Consumer: Auto | ' | ' | ' | ' | ' | ' |
Categories of loans | ' | ' | ' | ' | ' | ' |
Total loans | 2,088 | ' | 2,544 | ' | ' | ' |
Consumer: Other | ' | ' | ' | ' | ' | ' |
Categories of loans | ' | ' | ' | ' | ' | ' |
Total loans | $3,449 | ' | $3,203 | ' | ' | ' |
Loans_and_Allowance_for_Loan_L3
Loans and Allowance for Loan Losses (Details 2) (USD $) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | |
Allowance for loan losses: | ' | ' | ' | ' | ' |
Beginning balance | $4,827,000 | $6,650,000 | $4,653,000 | $5,721,000 | ' |
Provision for loan losses | 150,000 | 50,000 | 275,000 | 1,300,000 | ' |
Loans charged-off | -81,000 | -678,000 | -103,000 | -1,037,000 | ' |
Recoveries | 57,000 | 42,000 | 128,000 | 80,000 | ' |
Total ending allowance balance | 4,953,000 | 6,064,000 | 4,953,000 | 6,064,000 | ' |
Accrued interest receivable | 1,536,000 | ' | 1,536,000 | ' | 1,554,000 |
Net deferred loan fees | 355,000 | ' | 355,000 | ' | 280,000 |
Allowance for loan losses, Ending allowance balance attributable to loans: | ' | ' | ' | ' | ' |
Individually evaluated for impairment | 613,000 | ' | 613,000 | ' | 1,387,000 |
Collectively evaluated | 4,340,000 | ' | 4,340,000 | ' | 3,266,000 |
Total ending allowance balance | 4,953,000 | 6,064,000 | 4,953,000 | 6,064,000 | ' |
Loans: | ' | ' | ' | ' | ' |
Individually evaluated for impairment | 5,469,000 | ' | 5,469,000 | ' | 6,525,000 |
Collectively evaluated | 305,986,000 | ' | 305,986,000 | ' | 288,543,000 |
Total loans | 311,455,000 | ' | 311,455,000 | ' | 295,068,000 |
Commercial | ' | ' | ' | ' | ' |
Allowance for loan losses: | ' | ' | ' | ' | ' |
Beginning balance | 937,000 | 3,282,000 | 1,420,000 | 2,156,000 | ' |
Provision for loan losses | -77,000 | -714,000 | -577,000 | 746,000 | ' |
Loans charged-off | ' | -653,000 | ' | -987,000 | ' |
Recoveries | 42,000 | 7,000 | 59,000 | 7,000 | ' |
Total ending allowance balance | 902,000 | 1,922,000 | 902,000 | 1,922,000 | ' |
Allowance for loan losses, Ending allowance balance attributable to loans: | ' | ' | ' | ' | ' |
Individually evaluated for impairment | 147,000 | ' | 147,000 | ' | 676,000 |
Collectively evaluated | 755,000 | ' | 755,000 | ' | 744,000 |
Total ending allowance balance | 902,000 | 1,922,000 | 902,000 | 1,922,000 | ' |
Loans: | ' | ' | ' | ' | ' |
Individually evaluated for impairment | 2,617,000 | ' | 2,617,000 | ' | 3,085,000 |
Collectively evaluated | 43,095,000 | ' | 43,095,000 | ' | 42,169,000 |
Total loans | 45,712,000 | ' | 45,712,000 | ' | 45,254,000 |
Commercial Real estate | ' | ' | ' | ' | ' |
Allowance for loan losses: | ' | ' | ' | ' | ' |
Beginning balance | 3,013,000 | 2,584,000 | 2,079,000 | 2,635,000 | ' |
Provision for loan losses | 165,000 | 656,000 | 1,052,000 | 590,000 | ' |
Loans charged-off | ' | ' | ' | -14,000 | ' |
Recoveries | 11,000 | 31,000 | 58,000 | 60,000 | ' |
Total ending allowance balance | 3,189,000 | 3,271,000 | 3,189,000 | 3,271,000 | ' |
Allowance for loan losses, Ending allowance balance attributable to loans: | ' | ' | ' | ' | ' |
Individually evaluated for impairment | 389,000 | ' | 389,000 | ' | 369,000 |
Collectively evaluated | 2,800,000 | ' | 2,800,000 | ' | 1,710,000 |
Total ending allowance balance | 3,189,000 | 3,271,000 | 3,189,000 | 3,271,000 | ' |
Loans: | ' | ' | ' | ' | ' |
Individually evaluated for impairment | 1,561,000 | ' | 1,561,000 | ' | 2,021,000 |
Collectively evaluated | 181,378,000 | ' | 181,378,000 | ' | 168,006,000 |
Total loans | 182,939,000 | ' | 182,939,000 | ' | 170,027,000 |
Residential Real Estate | ' | ' | ' | ' | ' |
Allowance for loan losses: | ' | ' | ' | ' | ' |
Beginning balance | 699,000 | 507,000 | 703,000 | 589,000 | ' |
Provision for loan losses | 15,000 | 30,000 | 24,000 | -60,000 | ' |
Loans charged-off | -71,000 | -19,000 | -90,000 | -19,000 | ' |
Recoveries | 3,000 | 3,000 | 9,000 | 11,000 | ' |
Total ending allowance balance | 646,000 | 521,000 | 646,000 | 521,000 | ' |
Allowance for loan losses, Ending allowance balance attributable to loans: | ' | ' | ' | ' | ' |
Individually evaluated for impairment | 60,000 | ' | 60,000 | ' | 307,000 |
Collectively evaluated | 586,000 | ' | 586,000 | ' | 396,000 |
Total ending allowance balance | 646,000 | 521,000 | 646,000 | 521,000 | ' |
Loans: | ' | ' | ' | ' | ' |
Individually evaluated for impairment | 1,261,000 | ' | 1,261,000 | ' | 1,383,000 |
Collectively evaluated | 76,006,000 | ' | 76,006,000 | ' | 72,657,000 |
Total loans | 77,267,000 | ' | 77,267,000 | ' | 74,040,000 |
Consumer | ' | ' | ' | ' | ' |
Allowance for loan losses: | ' | ' | ' | ' | ' |
Beginning balance | 71,000 | 81,000 | 86,000 | 90,000 | ' |
Provision for loan losses | 5,000 | -3,000 | -8,000 | -2,000 | ' |
Loans charged-off | -10,000 | -6,000 | -13,000 | -17,000 | ' |
Recoveries | 1,000 | 1,000 | 2,000 | 2,000 | ' |
Total ending allowance balance | 67,000 | 73,000 | 67,000 | 73,000 | ' |
Allowance for loan losses, Ending allowance balance attributable to loans: | ' | ' | ' | ' | ' |
Individually evaluated for impairment | 17,000 | ' | 17,000 | ' | 35,000 |
Collectively evaluated | 50,000 | ' | 50,000 | ' | 51,000 |
Total ending allowance balance | 67,000 | 73,000 | 67,000 | 73,000 | ' |
Loans: | ' | ' | ' | ' | ' |
Individually evaluated for impairment | 30,000 | ' | 30,000 | ' | 36,000 |
Collectively evaluated | 5,507,000 | ' | 5,507,000 | ' | 5,711,000 |
Total loans | 5,537,000 | ' | 5,537,000 | ' | 5,747,000 |
Unallocated | ' | ' | ' | ' | ' |
Allowance for loan losses: | ' | ' | ' | ' | ' |
Beginning balance | 107,000 | 196,000 | 365,000 | 251,000 | ' |
Provision for loan losses | 42,000 | 81,000 | -216,000 | 26,000 | ' |
Total ending allowance balance | 149,000 | 277,000 | 149,000 | 277,000 | ' |
Allowance for loan losses, Ending allowance balance attributable to loans: | ' | ' | ' | ' | ' |
Collectively evaluated | 149,000 | ' | 149,000 | ' | 365,000 |
Total ending allowance balance | 149,000 | 277,000 | 149,000 | 277,000 | ' |
Loans Receivable | ' | ' | ' | ' | ' |
Allowance for loan losses: | ' | ' | ' | ' | ' |
Accrued interest receivable | $1,300,000 | ' | $1,300,000 | ' | $1,300,000 |
Loans_and_Allowance_for_Loan_L4
Loans and Allowance for Loan Losses (Details 3) (USD $) | 3 Months Ended | 6 Months Ended | |||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 |
Unpaid Principal Balance | ' | ' | ' | ' | ' |
With no related allowance recorded | $1,931 | ' | $1,931 | ' | $3,061 |
With an allowance recorded | 3,538 | ' | 3,538 | ' | 3,464 |
Total | 5,469 | ' | 5,469 | ' | 6,525 |
Recorded Investment | ' | ' | ' | ' | ' |
With no allowance recorded | 1,931 | ' | 1,931 | ' | 3,061 |
With an allowance recorded | 3,538 | ' | 3,538 | ' | 3,464 |
Total | 5,469 | ' | 5,469 | ' | 6,525 |
Allowance for Loan Losses Allocated | ' | ' | ' | ' | ' |
Total | 613 | ' | 613 | ' | 1,387 |
Average Recorded Investment | ' | ' | ' | ' | ' |
Total | 5,593 | 14,607 | 5,997 | 13,538 | ' |
Interest Income Recognized | ' | ' | ' | ' | ' |
Total | 73 | 232 | 140 | 386 | ' |
Cash Basis Interest Recognized | ' | ' | ' | ' | ' |
Total | 52 | 73 | 102 | 147 | ' |
Commercial | ' | ' | ' | ' | ' |
Unpaid Principal Balance | ' | ' | ' | ' | ' |
With no related allowance recorded | 783 | ' | 783 | ' | 1,880 |
With an allowance recorded | 1,834 | ' | 1,834 | ' | 1,205 |
Recorded Investment | ' | ' | ' | ' | ' |
With no allowance recorded | 783 | ' | 783 | ' | 1,880 |
With an allowance recorded | 1,834 | ' | 1,834 | ' | 1,205 |
Allowance for Loan Losses Allocated | ' | ' | ' | ' | ' |
Total | 147 | ' | 147 | ' | 676 |
Average Recorded Investment | ' | ' | ' | ' | ' |
Total | 2,710 | 6,287 | 2,851 | 5,851 | ' |
Interest Income Recognized | ' | ' | ' | ' | ' |
Total | 37 | 99 | 68 | 161 | ' |
Cash Basis Interest Recognized | ' | ' | ' | ' | ' |
Total | 26 | 52 | 53 | 94 | ' |
Commercial real estate: Other | ' | ' | ' | ' | ' |
Unpaid Principal Balance | ' | ' | ' | ' | ' |
With no related allowance recorded | 111 | ' | 111 | ' | 843 |
With an allowance recorded | 1,450 | ' | 1,450 | ' | 1,178 |
Recorded Investment | ' | ' | ' | ' | ' |
With no allowance recorded | 111 | ' | 111 | ' | 843 |
With an allowance recorded | 1,450 | ' | 1,450 | ' | 1,178 |
Allowance for Loan Losses Allocated | ' | ' | ' | ' | ' |
Total | 389 | ' | 389 | ' | 369 |
Average Recorded Investment | ' | ' | ' | ' | ' |
Total | 1,547 | 7,607 | 1,791 | 7,128 | ' |
Interest Income Recognized | ' | ' | ' | ' | ' |
Total | 20 | 120 | 40 | 208 | ' |
Cash Basis Interest Recognized | ' | ' | ' | ' | ' |
Total | 15 | 13 | 29 | 44 | ' |
Residential Real Estate | ' | ' | ' | ' | ' |
Unpaid Principal Balance | ' | ' | ' | ' | ' |
With no related allowance recorded | 1,037 | ' | 1,037 | ' | 337 |
With an allowance recorded | 224 | ' | 224 | ' | 1,046 |
Recorded Investment | ' | ' | ' | ' | ' |
With no allowance recorded | 1,037 | ' | 1,037 | ' | 337 |
With an allowance recorded | 224 | ' | 224 | ' | 1,046 |
Allowance for Loan Losses Allocated | ' | ' | ' | ' | ' |
Total | 60 | ' | 60 | ' | 307 |
Average Recorded Investment | ' | ' | ' | ' | ' |
Total | 1,305 | 682 | 1,322 | 528 | ' |
Interest Income Recognized | ' | ' | ' | ' | ' |
Total | 16 | 13 | 31 | 16 | ' |
Cash Basis Interest Recognized | ' | ' | ' | ' | ' |
Total | 11 | 8 | 20 | 9 | ' |
Consumer: Auto | ' | ' | ' | ' | ' |
Unpaid Principal Balance | ' | ' | ' | ' | ' |
With no related allowance recorded | ' | ' | ' | ' | 1 |
With an allowance recorded | 17 | ' | 17 | ' | 21 |
Recorded Investment | ' | ' | ' | ' | ' |
With no allowance recorded | ' | ' | ' | ' | 1 |
With an allowance recorded | 17 | ' | 17 | ' | 21 |
Allowance for Loan Losses Allocated | ' | ' | ' | ' | ' |
Total | 17 | ' | 17 | ' | 21 |
Average Recorded Investment | ' | ' | ' | ' | ' |
Total | 18 | 27 | 19 | 28 | ' |
Interest Income Recognized | ' | ' | ' | ' | ' |
Total | ' | ' | 1 | 1 | ' |
Consumer: Other | ' | ' | ' | ' | ' |
Unpaid Principal Balance | ' | ' | ' | ' | ' |
With an allowance recorded | 13 | ' | 13 | ' | 14 |
Recorded Investment | ' | ' | ' | ' | ' |
With an allowance recorded | 13 | ' | 13 | ' | 14 |
Allowance for Loan Losses Allocated | ' | ' | ' | ' | ' |
Total | ' | ' | ' | ' | 14 |
Average Recorded Investment | ' | ' | ' | ' | ' |
Total | $13 | $4 | $14 | $3 | ' |
Loans_and_Allowance_for_Loan_L5
Loans and Allowance for Loan Losses (Details 4) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Recorded investment in nonaccrual and loans past due over 90 days | ' | ' |
Loans Past Due Over 90 Days and Still Accruing | $42 | ' |
Nonaccrual | 1,841 | 1,180 |
Commercial | ' | ' |
Recorded investment in nonaccrual and loans past due over 90 days | ' | ' |
Nonaccrual | 816 | 153 |
Commercial real estate: Other | ' | ' |
Recorded investment in nonaccrual and loans past due over 90 days | ' | ' |
Nonaccrual | 535 | 362 |
Residential Real Estate | ' | ' |
Recorded investment in nonaccrual and loans past due over 90 days | ' | ' |
Loans Past Due Over 90 Days and Still Accruing | 42 | ' |
Nonaccrual | 473 | 643 |
Consumer: Auto | ' | ' |
Recorded investment in nonaccrual and loans past due over 90 days | ' | ' |
Nonaccrual | $17 | $22 |
Loans_and_Allowance_for_Loan_L6
Loans and Allowance for Loan Losses (Details 5) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Aging of the recorded investment in past due loans | ' | ' |
30-59 Days Past Due | $249 | $478 |
60-89 Days Past Due | 68 | 67 |
Over 90 Days Past Due | 1,641 | 877 |
Total Past Due | 1,958 | 1,422 |
Loans Not Past Due | 309,497 | 293,646 |
Total loans | 311,455 | 295,068 |
Commercial | ' | ' |
Aging of the recorded investment in past due loans | ' | ' |
30-59 Days Past Due | 181 | 53 |
Over 90 Days Past Due | 688 | ' |
Total Past Due | 869 | 53 |
Loans Not Past Due | 44,843 | 45,201 |
Total loans | 45,712 | 45,254 |
Commercial real estate: Construction | ' | ' |
Aging of the recorded investment in past due loans | ' | ' |
Loans Not Past Due | 15,668 | 15,052 |
Total loans | 15,668 | 15,052 |
Commercial real estate: Other | ' | ' |
Aging of the recorded investment in past due loans | ' | ' |
30-59 Days Past Due | ' | 321 |
60-89 Days Past Due | 45 | ' |
Over 90 Days Past Due | 440 | 303 |
Total Past Due | 485 | 624 |
Loans Not Past Due | 166,786 | 154,351 |
Total loans | 167,271 | 154,975 |
Residential Real Estate | ' | ' |
Aging of the recorded investment in past due loans | ' | ' |
30-59 Days Past Due | 68 | 98 |
60-89 Days Past Due | 23 | 66 |
Over 90 Days Past Due | 513 | 574 |
Total Past Due | 604 | 738 |
Loans Not Past Due | 76,663 | 73,302 |
Total loans | 77,267 | 74,040 |
Consumer: Auto | ' | ' |
Aging of the recorded investment in past due loans | ' | ' |
30-59 Days Past Due | ' | 6 |
60-89 Days Past Due | ' | 1 |
Total Past Due | ' | 7 |
Loans Not Past Due | 2,088 | 2,537 |
Total loans | 2,088 | 2,544 |
Consumer: Other | ' | ' |
Aging of the recorded investment in past due loans | ' | ' |
Loans Not Past Due | 3,449 | 3,203 |
Total loans | $3,449 | $3,203 |
Loans_and_Allowance_for_Loan_L7
Loans and Allowance for Loan Losses (Details 6) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | |
item | item | item | item | |
Loans and Allowance for Loan Losses | ' | ' | ' | ' |
Total troubled debt restructurings | $4,400,000 | ' | $4,400,000 | $5,500,000 |
Commitments to lend additional amounts to customers with outstanding loans that are classified as troubled debt restructurings | 0 | ' | 0 | 0 |
Number of Loans | 14 | ' | 14 | ' |
Number of loans accruing that are classified as troubled debt restructurings | ' | ' | 11 | ' |
Loans accruing that are classified as troubled debt restructurings | 3,600,000 | ' | 3,600,000 | ' |
Number of loans on nonaccrual status that are classified as troubled debt restructurings | ' | ' | 3 | ' |
Loans on nonaccrual status that are classified as troubled debt restructurings | 806,000 | ' | 806,000 | ' |
Troubled Debt Restructurings | ' | ' | ' | ' |
Number of loans modified as troubled debt restructurings | 1 | ' | ' | ' |
Addition to troubled debt restructurings | 0 | ' | ' | ' |
Number of Loans | ' | ' | 14 | 15 |
Pre-Modification Outstanding Recorded Investment | ' | ' | 5,208,000 | 4,177,000 |
Post-Modification Outstanding Recorded Investment | ' | ' | 5,209,000 | 4,189,000 |
Number of Loans | 1 | 4 | ' | ' |
Pre-Modification Outstanding Recorded Investment | 924,000 | 795,000 | ' | ' |
Post-Modification Outstanding Recorded Investment | 924,000 | 1,195,000 | ' | ' |
Specific allocations reported for the troubled debt restructurings | 337,000 | 1,900,000 | 337,000 | 1,100,000 |
Number of payment defaults reported for troubled debt restructurings | 0 | 0 | ' | ' |
Troubled debt restructurings charged off | 0 | 0 | ' | ' |
Total recorded investment for loans modified (other than through troubled debt restructuring) | 13,900,000 | 3,700,000 | 13,900,000 | ' |
Commercial | ' | ' | ' | ' |
Troubled Debt Restructurings | ' | ' | ' | ' |
Number of Loans | ' | ' | 6 | 10 |
Pre-Modification Outstanding Recorded Investment | ' | ' | 3,326,000 | 2,716,000 |
Post-Modification Outstanding Recorded Investment | ' | ' | 3,326,000 | 2,716,000 |
Number of Loans | ' | 4 | ' | ' |
Pre-Modification Outstanding Recorded Investment | ' | 795,000 | ' | ' |
Post-Modification Outstanding Recorded Investment | ' | 1,195,000 | ' | ' |
Commercial real estate: Other | ' | ' | ' | ' |
Troubled Debt Restructurings | ' | ' | ' | ' |
Number of Loans | ' | ' | 3 | 1 |
Pre-Modification Outstanding Recorded Investment | ' | ' | 1,109,000 | 604,000 |
Post-Modification Outstanding Recorded Investment | ' | ' | 1,109,000 | 604,000 |
Number of Loans | 1 | ' | ' | ' |
Pre-Modification Outstanding Recorded Investment | 924,000 | ' | ' | ' |
Post-Modification Outstanding Recorded Investment | 924,000 | ' | ' | ' |
Residential Real Estate | ' | ' | ' | ' |
Troubled Debt Restructurings | ' | ' | ' | ' |
Number of Loans | ' | ' | 4 | 3 |
Pre-Modification Outstanding Recorded Investment | ' | ' | 757,000 | 841,000 |
Post-Modification Outstanding Recorded Investment | ' | ' | 759,000 | 854,000 |
Consumer other | ' | ' | ' | ' |
Troubled Debt Restructurings | ' | ' | ' | ' |
Number of Loans | ' | ' | 1 | 1 |
Pre-Modification Outstanding Recorded Investment | ' | ' | 16,000 | 16,000 |
Post-Modification Outstanding Recorded Investment | ' | ' | $15,000 | $15,000 |
Loans_and_Allowance_for_Loan_L8
Loans and Allowance for Loan Losses (Details 7) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Credit Quality Indicators | ' | ' |
Minimum outstanding balance of loans to be reviewed on a monthly basis | $25 | ' |
Total loans | 311,455 | 295,068 |
Commercial | ' | ' |
Credit Quality Indicators | ' | ' |
Total loans | 45,712 | 45,254 |
Commercial real estate: Construction | ' | ' |
Credit Quality Indicators | ' | ' |
Total loans | 15,668 | 15,052 |
Commercial real estate: Other | ' | ' |
Credit Quality Indicators | ' | ' |
Total loans | 167,271 | 154,975 |
Residential Real Estate | ' | ' |
Credit Quality Indicators | ' | ' |
Total loans | 77,267 | 74,040 |
Consumer: Auto | ' | ' |
Credit Quality Indicators | ' | ' |
Total loans | 2,088 | 2,544 |
Consumer: Other | ' | ' |
Credit Quality Indicators | ' | ' |
Total loans | 3,449 | 3,203 |
Pass | ' | ' |
Credit Quality Indicators | ' | ' |
Total loans | 299,205 | 282,459 |
Pass | Commercial | ' | ' |
Credit Quality Indicators | ' | ' |
Total loans | 41,754 | 41,968 |
Pass | Commercial real estate: Construction | ' | ' |
Credit Quality Indicators | ' | ' |
Total loans | 15,668 | 15,052 |
Pass | Commercial real estate: Other | ' | ' |
Credit Quality Indicators | ' | ' |
Total loans | 159,994 | 147,429 |
Pass | Residential Real Estate | ' | ' |
Credit Quality Indicators | ' | ' |
Total loans | 76,259 | 72,264 |
Pass | Consumer: Auto | ' | ' |
Credit Quality Indicators | ' | ' |
Total loans | 2,088 | 2,543 |
Pass | Consumer: Other | ' | ' |
Credit Quality Indicators | ' | ' |
Total loans | 3,442 | 3,203 |
Special Mention | ' | ' |
Credit Quality Indicators | ' | ' |
Total loans | 230 | 241 |
Special Mention | Commercial | ' | ' |
Credit Quality Indicators | ' | ' |
Total loans | 69 | 77 |
Special Mention | Residential Real Estate | ' | ' |
Credit Quality Indicators | ' | ' |
Total loans | 161 | 164 |
Substandard | ' | ' |
Credit Quality Indicators | ' | ' |
Total loans | 12,020 | 12,368 |
Substandard | Commercial | ' | ' |
Credit Quality Indicators | ' | ' |
Total loans | 3,889 | 3,209 |
Substandard | Commercial real estate: Other | ' | ' |
Credit Quality Indicators | ' | ' |
Total loans | 7,277 | 7,546 |
Substandard | Residential Real Estate | ' | ' |
Credit Quality Indicators | ' | ' |
Total loans | 847 | 1,612 |
Substandard | Consumer: Auto | ' | ' |
Credit Quality Indicators | ' | ' |
Total loans | ' | 1 |
Substandard | Consumer: Other | ' | ' |
Credit Quality Indicators | ' | ' |
Total loans | $7 | ' |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (USD $) | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | |
Assets: | ' | ' | ' |
Securities available-for-sale | $55,405,000 | ' | $51,633,000 |
Impaired loans | 5,469,000 | ' | 6,525,000 |
Other real estate owned | 598,000 | ' | 833,000 |
Writedowns of other real estate owned | 33,000 | 11,000 | ' |
Principal Balance of Impaired Loans | 3,538,000 | ' | 3,464,000 |
Valuation allowance | 613,000 | ' | 1,387,000 |
Increase in the provision for loan losses | 22,000 | ' | ' |
Commercial | ' | ' | ' |
Assets: | ' | ' | ' |
Principal Balance of Impaired Loans | 1,834,000 | ' | 1,205,000 |
Valuation allowance | 147,000 | ' | 676,000 |
U. S. government agencies and government sponsored entities | ' | ' | ' |
Assets: | ' | ' | ' |
Securities available-for-sale | 5,924,000 | ' | 5,819,000 |
State and municipal | ' | ' | ' |
Assets: | ' | ' | ' |
Securities available-for-sale | 21,302,000 | ' | 19,676,000 |
Agency mortgage-backed securities: residential | ' | ' | ' |
Assets: | ' | ' | ' |
Securities available-for-sale | 25,740,000 | ' | 23,744,000 |
Trust preferred security | ' | ' | ' |
Assets: | ' | ' | ' |
Securities available-for-sale | 1,440,000 | ' | 1,400,000 |
Corporate Bonds | ' | ' | ' |
Assets: | ' | ' | ' |
Securities available-for-sale | 999,000 | ' | 994,000 |
Recurring basis | Significant Other Observable Inputs (Level 2) | ' | ' | ' |
Assets: | ' | ' | ' |
Securities available-for-sale | 53,965,000 | ' | 51,633,000 |
Recurring basis | Significant Other Observable Inputs (Level 2) | U. S. government agencies and government sponsored entities | ' | ' | ' |
Assets: | ' | ' | ' |
Securities available-for-sale | 5,924,000 | ' | 5,819,000 |
Recurring basis | Significant Other Observable Inputs (Level 2) | State and municipal | ' | ' | ' |
Assets: | ' | ' | ' |
Securities available-for-sale | 21,302,000 | ' | 19,676,000 |
Recurring basis | Significant Other Observable Inputs (Level 2) | Agency mortgage-backed securities: residential | ' | ' | ' |
Assets: | ' | ' | ' |
Securities available-for-sale | 25,740,000 | ' | 23,744,000 |
Recurring basis | Significant Other Observable Inputs (Level 2) | Trust preferred security | ' | ' | ' |
Assets: | ' | ' | ' |
Securities available-for-sale | ' | ' | 1,400,000 |
Recurring basis | Significant Other Observable Inputs (Level 2) | Corporate Bonds | ' | ' | ' |
Assets: | ' | ' | ' |
Securities available-for-sale | 999,000 | ' | 994,000 |
Recurring basis | Significant Unobservable Inputs (Level 3) | ' | ' | ' |
Assets: | ' | ' | ' |
Securities available-for-sale | 1,440,000 | ' | ' |
Recurring basis | Significant Unobservable Inputs (Level 3) | Trust preferred security | ' | ' | ' |
Assets: | ' | ' | ' |
Securities available-for-sale | 1,440,000 | ' | ' |
Non-recurring basis | Significant Unobservable Inputs (Level 3) | Commercial | ' | ' | ' |
Assets: | ' | ' | ' |
Impaired loans | 26,000 | ' | 530,000 |
Non-recurring basis | Significant Unobservable Inputs (Level 3) | Commercial RE | ' | ' | ' |
Assets: | ' | ' | ' |
Impaired loans | 243,000 | ' | 808,000 |
Other real estate owned | 471,000 | ' | 516,000 |
Non-recurring basis | Significant Unobservable Inputs (Level 3) | Residential real estate properties | ' | ' | ' |
Assets: | ' | ' | ' |
Impaired loans | 157,000 | ' | 739,000 |
Other real estate owned | $127,000 | ' | $317,000 |
Fair_Value_Measurements_Detail1
Fair Value Measurements (Details 2) (USD $) | 6 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 |
Valuation techniques | ' | ' |
Impaired loans | 5,469 | 6,525 |
Other real estate owned | 598 | 833 |
Market Approach | Commercial | ' | ' |
Valuation techniques | ' | ' |
Impaired loans | 26 | 530 |
Market Approach | Commercial | Minimum | ' | ' |
Valuation techniques | ' | ' |
Range (as a percent) | ' | 0.00% |
Market Approach | Commercial | Maximum | ' | ' |
Valuation techniques | ' | ' |
Range (as a percent) | ' | 50.00% |
Market Approach | Commercial | Weighted Average | ' | ' |
Valuation techniques | ' | ' |
Range (as a percent) | 50.00% | 39.42% |
Sales Comparison | Commercial | ' | ' |
Valuation techniques | ' | ' |
Other real estate owned | 127 | 516 |
Sales Comparison | Commercial RE | ' | ' |
Valuation techniques | ' | ' |
Impaired loans | 243 | 808 |
Sales Comparison | Commercial RE | Minimum | ' | ' |
Valuation techniques | ' | ' |
Range (as a percent) | 20.00% | 20.00% |
Sales Comparison | Commercial RE | Maximum | ' | ' |
Valuation techniques | ' | ' |
Range (as a percent) | 50.00% | 50.00% |
Sales Comparison | Commercial RE | Weighted Average | ' | ' |
Valuation techniques | ' | ' |
Range (as a percent) | 34.08% | 24.92% |
Sales Comparison | Residential | ' | ' |
Valuation techniques | ' | ' |
Impaired loans | 157 | 739 |
Other real estate owned | 471 | 317 |
Sales Comparison | Residential | Minimum | ' | ' |
Valuation techniques | ' | ' |
Range (as a percent) | 0.00% | 0.00% |
Sales Comparison | Residential | Maximum | ' | ' |
Valuation techniques | ' | ' |
Range (as a percent) | 20.00% | 20.00% |
Sales Comparison | Residential | Weighted Average | ' | ' |
Valuation techniques | ' | ' |
Range (as a percent) | 11.94% | 18.43% |
Sales Comparison | Real estate owned residential | Minimum | ' | ' |
Valuation techniques | ' | ' |
Range (as a percent) | 6.00% | 6.00% |
Sales Comparison | Real estate owned residential | Maximum | ' | ' |
Valuation techniques | ' | ' |
Range (as a percent) | 69.00% | 42.30% |
Sales Comparison | Real estate owned residential | Weighted Average | ' | ' |
Valuation techniques | ' | ' |
Range (as a percent) | 17.36% | 21.47% |
Sales Comparison | Other real estate owned: Commercial RE | Minimum | ' | ' |
Valuation techniques | ' | ' |
Range (as a percent) | 8.00% | 7.90% |
Sales Comparison | Other real estate owned: Commercial RE | Maximum | ' | ' |
Valuation techniques | ' | ' |
Range (as a percent) | 55.00% | 54.50% |
Sales Comparison | Other real estate owned: Commercial RE | Weighted Average | ' | ' |
Valuation techniques | ' | ' |
Range (as a percent) | 44.24% | 42.93% |
Fair_Value_Measurements_Detail2
Fair Value Measurements (Details 3) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Financial Assets | ' | ' |
Loans, net of allowance | $306,502 | $290,415 |
Accrued interest receivable | 1,536 | 1,554 |
Federal Home Loan Bank stock | 2,025 | 2,025 |
Financial Liabilities | ' | ' |
Subordinated debentures | 5,000 | 5,000 |
Accrued interest payable | 239 | 243 |
Level 1 | ' | ' |
Financial Assets | ' | ' |
Cash and cash equivalents | 22,830 | 37,062 |
Financial Liabilities | ' | ' |
Demand and savings deposits | 150,376 | 144,220 |
Accrued interest payable | 13 | 15 |
Level 2 | ' | ' |
Financial Assets | ' | ' |
Loans held for sale | 291 | ' |
Accrued interest receivable | 284 | 274 |
Financial Liabilities | ' | ' |
Time deposits | 162,395 | 160,284 |
FHLB advances | 21,868 | 21,794 |
Accrued interest payable | 226 | 228 |
Level 3 | ' | ' |
Financial Assets | ' | ' |
Loans, net of allowance | 313,542 | 295,850 |
Accrued interest receivable | 1,252 | 1,280 |
Financial Liabilities | ' | ' |
Subordinated debentures | 2,836 | 2,836 |
Carrying Amount | ' | ' |
Financial Assets | ' | ' |
Cash and cash equivalents | 22,830 | 37,062 |
Loans held for sale | 286 | ' |
Loans, net of allowance | 306,076 | 288,338 |
Accrued interest receivable | 1,536 | 1,554 |
Federal Home Loan Bank stock | 2,025 | 2,025 |
Financial Liabilities | ' | ' |
Demand and savings deposits | 184,265 | 183,569 |
Time deposits | 161,545 | 159,382 |
FHLB advances | 22,000 | 22,000 |
Subordinated debentures | 5,000 | 5,000 |
Accrued interest payable | 239 | 243 |
Total | ' | ' |
Financial Assets | ' | ' |
Cash and cash equivalents | 22,830 | 37,062 |
Loans held for sale | 291 | ' |
Loans, net of allowance | 313,542 | 295,850 |
Accrued interest receivable | 1,536 | 1,554 |
Financial Liabilities | ' | ' |
Demand and savings deposits | 150,376 | 144,220 |
Time deposits | 162,395 | 160,284 |
FHLB advances | 21,868 | 21,794 |
Subordinated debentures | 2,836 | 2,836 |
Accrued interest payable | $239 | $243 |
Earnings_Per_Share_Details
Earnings Per Share (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Basic earnings per share: | ' | ' | ' | ' |
Net income | $733 | $788 | $1,424 | $903 |
Less: Dividends and accretion on preferred stock | -127 | -176 | -259 | -393 |
Net income available for common stockholders | $606 | $612 | $1,165 | $510 |
Weighted Average Shares | ' | ' | ' | ' |
Weighted Average Shares, basic | 1,968,777 | 1,968,777 | 1,968,777 | 1,968,777 |
Weighted Average Shares, diluted | 2,099,115 | 2,074,868 | 2,094,772 | 2,078,127 |
Effect of dilutive securities | ' | ' | ' | ' |
Warrants (in shares) | 130,338 | 106,091 | 125,995 | 109,350 |
Per Share Amount | ' | ' | ' | ' |
Basic earnings per common share (in dollars per share) | $0.31 | $0.31 | $0.59 | $0.26 |
Diluted earnings per common share (in dollars per share) | $0.29 | $0.30 | $0.56 | $0.25 |
Stock options not considered in computing diluted earnings per common share (in shares) | ' | ' | 72,931 | 72,931 |
Common stock warrants outstanding | 254,218 | 254,218 | 254,218 | 254,218 |