Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Mar. 03, 2014 | Jun. 30, 2013 | |
Document and Entity Information [Abstract] | ' | ' | ' |
Entity Registrant Name | 'SOUTHERN FIRST BANCSHARES INC | ' | ' |
Entity Central Index Key | '0001090009 | ' | ' |
Amendment Flag | 'false | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Document Type | '10-K | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Entity Well-Known Seasoned Issuer | 'No | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Filer Category | 'Smaller Reporting Company | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 4,810,700 | ' |
Entity Public Float | ' | ' | $39,710,003 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Cash and cash equivalents: | ' | ' |
Cash and due from banks | $12,361 | $13,063 |
Federal funds sold | 8,541 | ' |
Interest-bearing deposits with banks | 18,301 | 16,350 |
Total cash and cash equivalents | 39,203 | 29,413 |
Investment securities: | ' | ' |
Investment securities available for sale | 67,440 | 78,222 |
Other investments | 6,116 | 7,794 |
Total investment securities | 73,556 | 86,016 |
Loans | 737,267 | 645,949 |
Less allowance for loan losses | -10,213 | -9,091 |
Loans, net | 727,054 | 636,858 |
Bank owned life insurance | 21,383 | 18,725 |
Property and equipment, net | 19,827 | 18,733 |
Deferred income taxes, net | 4,938 | 3,176 |
Other assets | 4,870 | 5,077 |
Total assets | 890,831 | 797,998 |
LIABILITIES | ' | ' |
Deposits | 680,319 | 576,299 |
Federal funds purchased | ' | 13,190 |
Federal Home Loan Bank advances and other borrowings | 124,100 | 124,100 |
Junior subordinated debentures | 13,403 | 13,403 |
Other liabilities | 7,344 | 6,881 |
Total liabilities | 825,166 | 733,873 |
SHAREHOLDERS' EQUITY | ' | ' |
Preferred stock, par value $.01 per share, 10,000,000 shares authorized, 15,299 and 16,299 shares issued and outstanding at December 31, 2013 and 2012, respectively | 15,299 | 16,299 |
Common stock, par value $.01 per share, 10,000,000 shares authorized, 4,319,750 and 4,247,404 shares issued and outstanding at December 31, 2013 and 2012, respectively | 43 | 43 |
Nonvested restricted stock | -636 | -160 |
Additional paid-in capital | 43,585 | 42,396 |
Accumulated other comprehensive income (loss) | -1,348 | 1,178 |
Retained earnings | 8,722 | 4,369 |
Total shareholders' equity | 65,665 | 64,125 |
Total liabilities and shareholders' equity | $890,831 | $797,998 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Balance Sheets [Abstract] | ' | ' |
Preferred Stock, par value | $0.01 | $0.01 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 15,299 | 16,299 |
Preferred stock, shares outstanding | 15,299 | 16,299 |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 10,000,000 | 10,000,000 |
Common stock, shares issued | 4,319,750 | 4,247,404 |
Common stock, shares outstanding | 4,319,750 | 4,247,404 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Interest income | ' | ' | ' |
Loans | $34,242 | $32,668 | $32,892 |
Investment securities | 1,813 | 1,963 | 2,144 |
Federal funds sold | 63 | 67 | 106 |
Total interest income | 36,118 | 34,698 | 35,142 |
Interest expense | ' | ' | ' |
Deposits | 2,862 | 4,177 | 6,993 |
Borrowings | 4,235 | 4,525 | 4,861 |
Total interest expense | 7,097 | 8,702 | 11,854 |
Net interest income | 29,021 | 25,996 | 23,288 |
Provision for loan losses | 3,475 | 4,550 | 5,270 |
Net interest income after provision for loan losses | 25,546 | 21,446 | 18,018 |
Noninterest income | ' | ' | ' |
Loan fee income | 1,235 | 1,044 | 877 |
Service fees on deposit accounts | 879 | 767 | 638 |
Income from bank owned life insurance | 658 | 632 | 565 |
Gain on sale of investment securities | ' | 363 | 23 |
Other than temporary impairment on investment securities | ' | ' | -25 |
Other income | 1,030 | 956 | 692 |
Total noninterest income | 3,802 | 3,762 | 2,770 |
Noninterest expenses | ' | ' | ' |
Compensation and benefits | 12,302 | 10,073 | 8,933 |
Occupancy | 3,056 | 2,468 | 2,282 |
Real estate owned activity | 179 | 939 | 940 |
Data processing and related costs | 2,406 | 2,070 | 1,869 |
Insurance | 818 | 1,367 | 1,437 |
Marketing | 731 | 637 | 686 |
Professional fees | 858 | 841 | 658 |
Other | 1,462 | 1,118 | 1,062 |
Total noninterest expenses | 21,812 | 19,513 | 17,867 |
Income before income tax expense | 7,536 | 5,695 | 2,921 |
Income tax expense | 2,416 | 1,833 | 833 |
Net income | 5,120 | 3,862 | 2,088 |
Preferred stock dividend | 771 | 840 | 865 |
Discount accretion | ' | 360 | 279 |
Redemption of preferred stock | -20 | -96 | ' |
Net income available to common shareholders | $4,369 | $2,758 | $944 |
Earnings per common share | ' | ' | ' |
Basic | $1.02 | $0.65 | $0.22 |
Diluted | $0.98 | $0.64 | $0.22 |
Weighted average common shares outstanding | ' | ' | ' |
Basic | 4,279,992 | 4,229,928 | 4,200,980 |
Diluted | 4,458,918 | 4,339,958 | 4,286,418 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Statements Of Comprehensive Income (Loss) [Abstract] | ' | ' | ' |
Net income | $5,120 | $3,862 | $2,088 |
Unrealized gain (loss) on securities available for sale: | ' | ' | ' |
Unrealized holding gain (loss) arising during the period, pretax | -3,829 | 573 | 2,633 |
Tax (expense) benefit | 1,303 | -195 | -895 |
Reclassification of realized gain | ' | -363 | -23 |
Tax expense | ' | 122 | 8 |
Other than temporary impairment on investment securities | ' | ' | 25 |
Other comprehensive income (loss) | -2,526 | 137 | 1,748 |
Comprehensive income | $2,594 | $3,999 | $3,836 |
Consolidated_Statements_of_Sha
Consolidated Statements of Shareholders' Equity (USD $) | Total | Common stock | Preferred stock | Nonvested restricted stock | Additional paid-in capital | Accumulated other comprehensive income (loss) | Retained earnings |
In Thousands, except Share data, unless otherwise specified | |||||||
Beginning balance at Dec. 31, 2010 | $59,216 | $35 | $16,317 | ' | $36,729 | ($707) | $6,842 |
Beginning balance, shares at Dec. 31, 2010 | ' | 3,457,877 | 17,299 | ' | ' | ' | ' |
Net income | 2,088 | ' | ' | ' | ' | ' | 2,088 |
Preferred stock transactions: | ' | ' | ' | ' | ' | ' | ' |
Cash dividends on Series T preferred stock | -865 | ' | ' | ' | ' | ' | -865 |
Discount accretion | ' | ' | 279 | ' | ' | ' | -279 |
Proceeds from exercise of stock options | 77 | ' | ' | ' | 77 | ' | ' |
Proceeds from exercise of stock options, shares | ' | 13,236 | ' | ' | ' | ' | ' |
Stock dividend on common stock (10%) | ' | 3 | ' | ' | 2,448 | ' | -2,451 |
Stock dividend on common stock (10%), shares | ' | 347,217 | ' | ' | ' | ' | ' |
Cash in lieu of fractional shares | -1 | ' | ' | ' | ' | ' | -1 |
Issuance of restricted stock | ' | ' | ' | -20 | 20 | ' | ' |
Issuance of restricted stock, shares | ' | 2,500 | ' | ' | ' | ' | ' |
Amortization of deferred compensation on restricted stock | 4 | ' | ' | 4 | ' | ' | ' |
Compensation expense related to stock options, net of tax | 272 | ' | ' | ' | 272 | ' | ' |
Other comprehensive income | 1,748 | ' | ' | ' | ' | 1,748 | ' |
Balance at Dec. 31, 2011 | 62,539 | 38 | 16,596 | -16 | 39,546 | 1,041 | 5,334 |
Balance, shares at Dec. 31, 2011 | ' | 3,820,830 | 17,299 | ' | ' | ' | ' |
Net income | 3,862 | ' | ' | ' | ' | ' | 3,862 |
Preferred stock transactions: | ' | ' | ' | ' | ' | ' | ' |
Redemption of preferred stock | -904 | ' | -1,000 | ' | ' | ' | 96 |
Redemption of preferred stock, shares | ' | ' | -1,000 | ' | ' | ' | ' |
Redemption of CPP Warrant | -1,100 | ' | ' | ' | -1,100 | ' | ' |
Cash dividends on Series T preferred stock | -845 | ' | ' | ' | ' | ' | -845 |
Discount accretion | ' | ' | 703 | ' | -343 | ' | -360 |
Proceeds from exercise of stock options | 96 | 1 | ' | ' | 95 | ' | ' |
Proceeds from exercise of stock options, shares | ' | 15,336 | ' | ' | ' | ' | ' |
Stock dividend on common stock (10%) | ' | 4 | ' | ' | 3,712 | ' | -3,716 |
Stock dividend on common stock (10%), shares | ' | 388,738 | ' | ' | ' | ' | ' |
Cash in lieu of fractional shares | -2 | ' | ' | ' | ' | ' | -2 |
Issuance of restricted stock | ' | ' | ' | -175 | 175 | ' | ' |
Issuance of restricted stock, shares | ' | 22,500 | ' | ' | ' | ' | ' |
Amortization of deferred compensation on restricted stock | 31 | ' | ' | 31 | ' | ' | ' |
Compensation expense related to stock options, net of tax | 311 | ' | ' | ' | 311 | ' | ' |
Other comprehensive income | 137 | ' | ' | ' | ' | 137 | ' |
Balance at Dec. 31, 2012 | 64,125 | 43 | 16,299 | -160 | 42,396 | 1,178 | 4,369 |
Balance, shares at Dec. 31, 2012 | ' | 4,247,404 | 16,299 | ' | ' | ' | ' |
Net income | 5,120 | ' | ' | ' | ' | ' | 5,120 |
Preferred stock transactions: | ' | ' | ' | ' | ' | ' | ' |
Redemption of preferred stock | -980 | ' | -1,000 | ' | ' | ' | 20 |
Redemption of preferred stock, shares | ' | ' | -1,000 | ' | ' | ' | ' |
Cash dividends on Series T preferred stock | -778 | ' | ' | ' | ' | ' | -778 |
Proceeds from exercise of stock options | 198 | ' | ' | ' | ' | ' | ' |
Proceeds from exercise of stock options, shares | ' | 28,596 | ' | ' | 198 | ' | ' |
Cash in lieu of fractional shares | -9 | ' | ' | ' | ' | ' | -9 |
Issuance of restricted stock | ' | ' | ' | -564 | 564 | ' | ' |
Issuance of restricted stock, shares | ' | 43,750 | ' | ' | ' | ' | ' |
Amortization of deferred compensation on restricted stock | 88 | ' | ' | 88 | ' | ' | ' |
Compensation expense related to stock options, net of tax | 427 | ' | ' | ' | 427 | ' | ' |
Other comprehensive income | -2,526 | ' | ' | ' | ' | -2,526 | ' |
Balance at Dec. 31, 2013 | $65,665 | $43 | $15,299 | ($636) | $43,585 | ($1,348) | $8,722 |
Balance, shares at Dec. 31, 2013 | ' | 4,319,750 | 15,299 | ' | ' | ' | ' |
Consolidated_Statements_of_Sha1
Consolidated Statements of Shareholders' Equity (Parenthetical) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Statements Of Stockholders' Equity [Abstract] | ' | ' | ' |
Percentage of stock dividend on stock options and restricted stock | 10.00% | 10.00% | 10.00% |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Operating activities | ' | ' | ' |
Net income | $5,120 | $3,862 | $2,088 |
Adjustments to reconcile net income to cash provided by operating activities: | ' | ' | ' |
Provision for loan losses | 3,475 | 4,550 | 5,270 |
Depreciation and other amortization | 1,205 | 979 | 884 |
Accretion and amortization of securities discounts and premiums, net | 659 | 850 | 1,066 |
Loss on sale of real estate owned | 5 | 458 | 318 |
Write-down of real estate owned | 130 | 419 | 782 |
Gain on sale of real estate held for investment | ' | ' | -150 |
Gain on sale of investment securities: | ' | ' | ' |
Available for sale | ' | -363 | -23 |
Other-than-temporary impairment on investment securities | ' | ' | 25 |
Loss on sale of property and equipment | ' | ' | 27 |
Compensation expense related to stock options and restricted stock grants | 515 | 342 | 276 |
Increase in cash surrender value of bank owned life insurance | -658 | -632 | -565 |
Increase in deferred tax asset | -460 | -297 | -853 |
Decrease (increase) in other assets, net | -314 | 1,017 | 729 |
Increase in other liabilities, net | 463 | 690 | 1,316 |
Net cash provided by operating activities | 10,140 | 11,875 | 11,190 |
Increase (decrease) in cash realized from: | ' | ' | ' |
Increase in loans, net | -95,025 | -53,279 | -31,878 |
Purchase of property and equipment | -2,299 | -2,370 | -2,369 |
Purchase of investment securities: | ' | ' | ' |
Available for sale | -3,260 | -35,014 | -81,591 |
Other investments | -2,025 | ' | ' |
Payment and maturity of investment securities: | ' | ' | ' |
Available for sale | 9,555 | 12,031 | 14,374 |
Other investments | 2,218 | 130 | 1,146 |
Proceeds from sale of investment securities: | ' | ' | ' |
Available for sale | ' | 45,143 | 31,914 |
Other investments | 1,485 | ' | ' |
Purchase of life insurance policies | -2,000 | ' | -3,000 |
Proceeds from sale of property held for investment | ' | ' | 1,793 |
Proceeds from sale of other real estate owned | 1,740 | 2,670 | 1,749 |
Net cash used for investing activities | -89,611 | -30,689 | -67,862 |
Increase (decrease) in cash realized from: | ' | ' | ' |
Increase in deposits, net | 104,020 | 13,387 | 26,616 |
Increase in note payable | ' | 1,400 | ' |
Increase (decrease) in Federal Home Loan Bank advances and other borrowings | -13,190 | 13,190 | ' |
Redemption of preferred stock | -980 | -1,100 | ' |
Redemption of CPP warrant | ' | -904 | ' |
Cash dividend on preferred stock | -778 | -845 | -865 |
Cash in lieu of fractional shares | -9 | -2 | -1 |
Proceeds from the exercise of stock options and warrants | 198 | 96 | 77 |
Net cash provided by financing activities | 89,261 | 25,222 | 25,827 |
Net increase (decrease) in cash and cash equivalents | 9,790 | 6,408 | -30,845 |
Cash and cash equivalents, beginning of year | 29,413 | 23,005 | 53,850 |
Cash and cash equivalents, end of year | 39,203 | 29,413 | 23,005 |
Cash paid for | ' | ' | ' |
Interest | 7,571 | 8,669 | 11,897 |
Income taxes | 2,876 | 2,129 | 1,685 |
Schedule of non-cash transactions | ' | ' | ' |
Foreclosure of real estate | 1,354 | 1,580 | 907 |
Unrealized (gain) loss on securities, net of income taxes | $2,526 | ($378) | ($1,738) |
Summary_of_Significant_Account
Summary of Significant Accounting Policies and Activities | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Summary of Significant Accounting Policies and Activities [Abstract] | ' | ||||
Summary of Significant Accounting Policies and Activities | ' | ||||
NOTE 1 – Summary of Significant Accounting Policies and Activities | |||||
Southern First Bancshares, Inc. (the "Company") is a South Carolina corporation that owns all of the capital stock of Southern First Bank (the "Bank") and all of the stock of Greenville First Statutory Trust I and II (collectively, the "Trusts"). The Trusts are special purpose non-consolidated entities organized for the sole purpose of issuing trust preferred securities. The Bank's primary federal regulator is the Federal Deposit Insurance Corporation (the "FDIC"). The Bank is also regulated and examined by the South Carolina Board of Financial Institutions. The Bank is primarily engaged in the business of accepting demand deposits and savings deposits insured by the FDIC, and providing commercial, consumer and mortgage loans to the general public. | |||||
Basis of Presentation | |||||
The accompanying consolidated financial statements include the accounts of the Company and its wholly owned subsidiary, Southern First Bank. We have no additional reportable operating segments under Accounting Standards Codification (“ASC”) 280 “Segment Reporting.” In consolidation, all significant intercompany transactions have been eliminated. The accounting and reporting policies conform to accounting principles generally accepted in the United States of America. In accordance with guidance issued by the Financial Accounting Standards Board (“FASB”), the operations of the Trusts have not been consolidated in these financial statements. | |||||
Use of Estimates | |||||
The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America 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 consolidated financial statements and the reported amount of income and expenses during the reporting periods. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change in the near term relate to the determination of the allowance for loan losses, real estate acquired in settlement of loans, fair value of financial instruments, evaluating other-than-temporary-impairment of investment securities and valuation of deferred tax assets. | |||||
Risks and Uncertainties | |||||
In the normal course of its business, the Company encounters two significant types of risks: economic and regulatory. There are three main components of economic risk: interest rate risk, credit risk and market risk. The Company is subject to interest rate risk to the degree that its interest-bearing liabilities mature or reprice at different speeds, or on different bases, than its interest-earning assets. Credit risk is the risk of default within the Company’s loan portfolio that results from borrowers’ inability or unwillingness to make contractually required payments. Market risk reflects changes in the value of collateral underlying loans receivable and the valuation of real estate held by the Company. | |||||
The Company is subject to the regulations of various governmental agencies. These regulations can and do change significantly from period to period. The Company also undergoes periodic examinations by the regulatory agencies, which may subject it to changes with respect to valuation of assets, amount of required loan loss allowance and operating restrictions resulting from the regulators’ judgments based on information available to them at the time of their examinations. | |||||
The Bank makes loans to individuals and businesses in the Upstate, Midlands, and Lowcountry regions of South Carolina for various personal and commercial purposes. The Bank’s loan portfolio has a concentration of real estate loans. As of December 31, 2013 and 2012, real estate loans represented 80.6% and 80.9%, respectively, of total loans. However, borrowers’ ability to repay their loans is not dependent upon any specific economic sector. | |||||
Subsequent Events | |||||
Subsequent events are events or transactions that occur after the balance sheet date but before financial statements are issued. Recognized subsequent events are events or transactions that provide additional evidence about conditions that existed at the date of the balance sheet, including the estimates inherent in the process of preparing financial statements. Non-recognized subsequent events are events that provide evidence about conditions that did not exist at the date of the balance sheet but arose after that date. | |||||
On January 27, 2014, the Company issued a total of 475,000 shares of its common stock to two controlled affiliates of EJF Capital, Inc. (collectively, “EJF”) at $13.00 per share in a private placement pursuant to Regulation D (the “Private Placement”). The gross proceeds to the Company from the Private Placement were used by the Company to redeem | |||||
4,057 shares of outstanding Series T Preferred Stock at a redemption price of $1,000 per share, or $4.1 million. The redemption of the 4,057 shares of Series T Preferred Stock will reduce the Company’s annual preferred dividend expenses by approximately $200,000. | |||||
The following table is a pro-forma statement to include the Private Placement and the Series T Preferred Stock redemption as of December 31, 2013. | |||||
As of December 31, 2013 | |||||
Common stock | Preferred stock | ||||
(Dollars in thousands) | Reported | Issuance, Net | Redemption | Pro Forma | |
Common equity | $50,366 | $5,940 | - | $56,306 | |
Preferred equity | $15,299 | ($4,057) | $11,242 | ||
Total shareholders' equity | $65,665 | $5,940 | ($4,057) | $67,548 | |
Common Shares | 4,319,750 | 475,000 | - | 4,794,750 | |
Book value per common share | $11.66 | $11.74 | |||
Tangible common equity/tangible asset ratio | 5.65% | 6.32% | |||
Tier I common ratio | 7.09% | 7.90% | |||
Tier I leverage ratio | 9.13% | 9.35% | |||
Tier I risk-based ratio | 10.96% | 11.22% | |||
Total risk-based ratio | 12.22% | 12.47% | |||
Reclassifications | |||||
Certain amounts, previously reported, have been reclassified to state all periods on a comparable basis and had no effect on shareholders’ equity or net income. | |||||
Cash and Cash Equivalents | |||||
Cash and cash equivalents include cash and due from banks, interest bearing deposits and federal funds sold. Cash and cash equivalents have original maturities of three months or less, and federal funds sold are generally purchased and sold for one-day periods. Accordingly, the carrying value of these instruments is deemed to be a reasonable estimate of fair value. At December 31, 2013 and 2012, included in cash and cash equivalents was $16.9 million and $15.6 million, respectively, on deposit to meet Federal Reserve Bank requirements. | |||||
Investment Securities | |||||
We classify our investment securities as held to maturity securities, trading securities and available for sale securities as applicable. | |||||
Debt securities are designated as held to maturity if we have the intent and the ability to hold the securities to maturity. Held to maturity securities are carried at amortized cost, adjusted for the amortization of any related premiums or the accretion of any related discounts into interest income using a methodology which approximates a level yield of interest over the estimated remaining period until maturity. Unrealized losses on held to maturity securities, reflecting a decline in value judged by us to be other than temporary, are charged to income in the Consolidated Statements of Income. | |||||
Debt and equity securities that are purchased and held principally for the purpose of selling in the near term are reported as trading securities. Trading securities are carried at fair value with unrealized holding gains and losses included in earnings. | |||||
We classify debt and equity securities as available for sale when at the time of purchase we determine that such securities may be sold at a future date or if we do not have the intent or ability to hold such securities to maturity. Securities designated as available for sale are recorded at fair value. Changes in the fair value of debt and equity securities available for sale are included in shareholders’ equity as unrealized gains or losses, net of the related tax effect. Unrealized losses on available for sale securities, reflecting a decline in value judged to be other than temporary, are charged to income in the Consolidated Statements of Income. Realized gains or losses on available for sale securities are computed on the specific identification basis. | |||||
Other Investments | |||||
The Bank, as a member institution, is required to own a stock investment in the Federal Home Loan Bank of Atlanta (“FHLB”). Cash dividends on our FHLB stock are recorded in investment income. Prior to the Bank’s conversion to a state charter on April 1, 2013, the Bank was also required to own stock in the Federal Reserve Bank. These stocks are generally pledged against any borrowings from these institutions. No ready market exists for these stocks and they have no quoted market value. However, redemption of these stocks has historically been at par value. Other investments also include a $403,000 investment in the Trusts. | |||||
Loans | |||||
Loans are stated at the principal balance outstanding. Unamortized net loan fees and the allowance for possible loan losses are deducted from total loans on the balance sheets. Interest income is recognized over the term of the loan based on the principal amount outstanding. The net of loan origination fees received and direct costs incurred in the origination of loans is deferred and amortized to interest income over the contractual life of the loans adjusted for actual principal prepayments using a method approximating the interest method. | |||||
Nonaccrual and Past Due Loans | |||||
Loans are generally placed on nonaccrual status when principal or interest becomes 90 days past due, or when payment in full is not anticipated. When a loan is placed on nonaccrual status, interest accrued but not received is generally reversed against interest income. Cash receipts on nonaccrual loans are not recorded as interest income, but are used to reduce the loan’s principal balance. A nonaccrual loan is generally returned to accrual status and accrual of interest is resumed when payments have been made according to the terms and conditions of the loan for a continuous six month period. Our loans are considered past due when contractually required principal or interest payments have not been made on the due dates. | |||||
Nonperforming Assets | |||||
Nonperforming assets include real estate acquired through foreclosure or deed taken in lieu of foreclosure, loans on nonaccrual status and loans past due 90 days or more and still accruing interest. Loans are placed on nonaccrual status when, in the opinion of management, the collection of additional interest is uncertain. Thereafter no interest is taken into income until such time as the borrower demonstrates the ability to pay both principal and interest. | |||||
Impaired Loans | |||||
Our impaired loans include loans on nonaccrual status and loans modified in a troubled debt restructuring (“TDR”), whether on accrual or nonaccrual status. For loans that are classified as impaired, an allowance is established when the fair value (discounted cash flows, collateral value, or observable market price) of the impaired loan less costs to sell, are lower than the carrying value of that loan. A loan is considered impaired when, based on current information and events, it is probable that the Company will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due, among other factors. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including, without limitation, the length of the delay, the reasons for the delay, the borrower's prior payment record, and the amount of the shortfall in relation to the principal and interest owed. Impairment is measured on a loan by loan basis for commercial and construction loans by either the present value of expected future cash flows discounted at the loan's effective interest rate, the loan's obtainable market price, or the fair value of the collateral if the loan is collateral dependent. In the first quarter of 2013, we began to evaluate impaired consumer loans on a loan by loan basis, using the same criteria as those used to evaluate impaired commercial loans. Prior to this change, large groups of smaller balance homogeneous consumer loans were collectively evaluated for impairment, and we did not separately identify individual consumer loans for impairment disclosures. | |||||
Loan Charge-off Policy | |||||
For commercial loans, we generally fully charge off or charge collateralized loans down to net realizable value when management determines the loan to be uncollectible; repayment is deemed to be projected beyond reasonable time | |||||
frames; the loan has been classified as a loss by either our internal loan review process or our banking regulatory agencies; the client has filed bankruptcy and the loss becomes evident owing to a lack of assets; or the loan is 120 days past due unless both well-secured and in the process of collection. For consumer loans, we generally charge down to net realizable value when the loan is 180 days past due. | |||||
Troubled Debt Restructuring (TDRs) | |||||
The Company considers a loan to be a TDR when the debtor experiences financial difficulties and the Company provides concessions such that we will not collect all principal and interest in accordance with the original terms of the loan agreement. Concessions can relate to the contractual interest rate, maturity date, or payment structure of the note. As part of our workout plan for individual loan relationships, we may restructure loan terms to assist borrowers facing challenges in the current economic environment. | |||||
Our policy with respect to accrual of interest on loans restructured in a TDR follows relevant supervisory guidance. That is, if a borrower has demonstrated performance under the previous loan terms and shows capacity to perform under the restructured loan terms; continued accrual of interest at the restructured interest rate is likely. If a borrower was materially delinquent on payments prior to the restructuring, but shows capacity to meet the restructured loan terms, the loan will likely continue as nonaccrual going forward. Lastly, if the borrower does not perform under the restructured terms, the loan is placed on nonaccrual status. We will continue to closely monitor these loans and will cease accruing interest on them if management believes that the borrowers may not continue performing based on the restructured note terms. If, after previously being classified as a TDR, a loan is restructured a second time, then that loan is automatically placed on nonaccrual status. Our policy with respect to nonperforming loans requires the borrower to make a minimum of six consecutive payments of principal and interest in accordance with the loan terms before that loan can be placed back on accrual status. Further, the borrower must show capacity to continue performing into the future prior to restoration of accrual status. | |||||
As a result of adopting the amendments in Accounting Standards Update (“ASU”) 2011-02, we reassessed all restructurings that occurred on or after the beginning of the fiscal year of adoption (January 1, 2011) to determine whether they are considered TDRs under the amended guidance. The amendments in ASU 2011-02 require prospective application of the impairment measurement guidance in ASC 310-10-35 for those loans newly identified as impaired. In the determination of the allowance for loan losses, management considers TDRs on commercial and consumer loans and subsequent defaults in these restructurings by measuring impairment, on a loan by loan basis, based on either the present value of expected future cash flows discounted at the loan's effective interest rate, the loan's obtainable market price, or the fair value of the collateral, less costs to sell, if the loan is collateral dependent. | |||||
Allowance for Loan Losses | |||||
The allowance for loan losses is management’s estimate of credit losses inherent in the loan portfolio. The allowance for loan losses is established as losses are estimated to have occurred through a provision for loan losses charged to earnings. Loan losses are charged against the allowance when management believes the uncollectibility of a loan balance is confirmed. Subsequent recoveries, if any, are credited to the allowance. The allowance for loan losses is evaluated on a regular basis by management and is based upon management’s periodic review of the collectability of the loans in light of historical experience, the nature and volume of the loan portfolio, adverse situations that may affect the borrower’s ability to repay, the estimated value of any underlying collateral and prevailing economic conditions. This evaluation is inherently subjective as it requires estimates that are susceptible to significant revision as more information becomes available. | |||||
We have an established process to determine the adequacy of the allowance for loan losses that assesses the losses inherent in our portfolio. While we attribute portions of the allowance to specific portfolio segments, the entire allowance is available to absorb credit losses inherent in the total loan portfolio. Our process involves procedures to appropriately consider the unique risk characteristics of our commercial and consumer loan portfolio segments. For each portfolio segment, impairment is measured individually for each impaired loan. Our allowance levels are influenced by loan volume, loan grade or delinquency status, historic loss experience and other economic conditions. See Note 3 to the Consolidated Financial Statements for additional information on the Allowance for Loan Losses. | |||||
Other Real Estate Owned | |||||
Real estate acquired through foreclosure is initially recorded at the lower of cost or estimated fair value. Subsequent to the date of acquisition, it is carried at the lower of cost or fair value, adjusted for net selling costs. Fair values of real | |||||
estate owned are reviewed regularly and writedowns are recorded when it is determined that the carrying value of real estate exceeds the fair value less estimated costs to sell. Costs relating to the development and improvement of such property are capitalized, whereas those costs relating to holding the property are expensed. | |||||
Property and Equipment | |||||
Property and equipment are stated at cost. Major repairs are charged to operations, while major improvements are capitalized. Depreciation is computed using the straight-line method over the estimated useful lives of the related assets. Upon retirement, sale, or other disposition of property and equipment, the cost and accumulated depreciation are eliminated from the accounts, and gain or loss is included in income from operations. | |||||
Construction in progress is stated at cost, which includes the cost of construction and other direct costs attributable to the construction. No provision for depreciation is made on construction in progress until such time as the relevant assets are completed and put into use. | |||||
Bank Owned Life Insurance Policies | |||||
Bank owned life insurance policies represent the cash value of policies on certain officers of the Company. | |||||
Securities Sold Under Agreements to Repurchase | |||||
The Bank enters into sales of securities under agreements to repurchase (reverse repurchase agreements). Repurchase agreements are treated as financing, with the obligation to repurchase securities sold being reflected as a liability and the securities underlying the agreements remaining as assets in the Consolidated Balance Sheets. | |||||
Comprehensive Income | |||||
Comprehensive income (loss) consists of net income and net unrealized gains (losses) on securities and is presented in the statements of shareholders’ equity and comprehensive income. The statement requires only additional disclosures in the consolidated financial statements; it does not affect our results of operations. | |||||
Income Taxes | |||||
The financial statements have been prepared on the accrual basis. When income and expenses are recognized in different periods for financial reporting purposes versus for the purposes of computing income taxes currently payable, deferred taxes are provided on such temporary differences. Deferred tax assets and liabilities are recognized for the expected future tax consequences of events that have been recognized in the consolidated financial statements or tax returns. Deferred tax assets and liabilities are measured using the enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be realized or settled. The Company believes that its income tax filing positions taken or expected to be taken on its tax returns will more likely than not be sustained upon audit by the taxing authorities and does not anticipate any adjustments that will result in a material adverse impact on the Company’s financial condition, results of operations, or cash flow. Therefore, no reserves for uncertain income tax positions have been recorded. The Company’s federal and state income tax returns are open and subject to examination from the 2010 tax return year and forward. | |||||
Stock-Based Compensation | |||||
The Company has a stock-based employee compensation plan. Compensation cost is recognized for all stock options granted and for any outstanding unvested awards as if the fair value method had been applied to those awards as of the date of grant. | |||||
Recently Adopted Accounting Pronouncements | |||||
The following is a summary of recent authoritative pronouncements that impacted the accounting, reporting, and/or disclosure of financial information by the Company. | |||||
The Comprehensive Income topic of the ASC was amended in June 2011. The amendment eliminated the option to present other comprehensive income as a part of the statement of changes in stockholders’ equity and required consecutive presentation of the statement of net income and other comprehensive income. The amendments were | |||||
applicable to the Company January 1, 2012 and have been applied retrospectively. In December 2011, the topic was further amended to defer the effective date of presenting reclassification adjustments from other comprehensive income to net income on the face of the financial statements while the FASB redeliberated the presentation requirements for the reclassification adjustments. In February 2013, the FASB further amended the Comprehensive Income topic clarifying the conclusions from such redeliberations. Specifically, the amendments do not change the current requirements for reporting net income or other comprehensive income in financial statements. However, the amendments do require an entity to provide information about the amounts reclassified out of accumulated other comprehensive income by component. In addition, in certain circumstances an entity is required to present, either on the face of the statement where net income is presented or in the notes, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income. The amendments were effective for the Company on a prospective basis for reporting periods beginning after December 15, 2012. These amendments did not have a material effect on the Company’s financial statements. |
Investment_Securities
Investment Securities | 12 Months Ended | ||||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||||||
Investment Securities [Abstract] | ' | ||||||||||||||||||||||||||||||||||||
Investment Securities | ' | ||||||||||||||||||||||||||||||||||||
NOTE 2 – Investment Securities | |||||||||||||||||||||||||||||||||||||
The amortized costs and fair value of investment securities are as follows: | |||||||||||||||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||||||||||
Amortized | Gross Unrealized | Fair | |||||||||||||||||||||||||||||||||||
(dollars in thousands) | Cost | Gains | Losses | Value | |||||||||||||||||||||||||||||||||
Available for sale | |||||||||||||||||||||||||||||||||||||
US government agencies | $ | 8,756 | - | 1,001 | 7,755 | ||||||||||||||||||||||||||||||||
SBA securities | 5,758 | - | 487 | 5,271 | |||||||||||||||||||||||||||||||||
State and political subdivisions | 23,622 | 331 | 583 | 23,370 | |||||||||||||||||||||||||||||||||
Mortgage-backed securities | |||||||||||||||||||||||||||||||||||||
FHLMC | 7,596 | 62 | 186 | 7,472 | |||||||||||||||||||||||||||||||||
FNMA | 23,603 | 172 | 363 | 23,412 | |||||||||||||||||||||||||||||||||
GNMA | 148 | 12 | - | 160 | |||||||||||||||||||||||||||||||||
Total mortgage-backed securities | 31,347 | 246 | 549 | 31,044 | |||||||||||||||||||||||||||||||||
Total | $ | 69,483 | 577 | 2,620 | 67,440 | ||||||||||||||||||||||||||||||||
31-Dec-12 | |||||||||||||||||||||||||||||||||||||
Amortized | Gross Unrealized | Fair | |||||||||||||||||||||||||||||||||||
Cost | Gains | Losses | Value | ||||||||||||||||||||||||||||||||||
Available for sale | |||||||||||||||||||||||||||||||||||||
US government agencies | $ | 7,781 | 14 | 10 | 7,785 | ||||||||||||||||||||||||||||||||
SBA securities | 6,060 | 17 | 5 | 6,072 | |||||||||||||||||||||||||||||||||
State and political subdivisions | 24,167 | 1,130 | 48 | 25,249 | |||||||||||||||||||||||||||||||||
Mortgage-backed securities | |||||||||||||||||||||||||||||||||||||
FHLMC | 8,434 | 196 | - | 8,630 | |||||||||||||||||||||||||||||||||
FNMA | 29,718 | 484 | 14 | 30,188 | |||||||||||||||||||||||||||||||||
GNMA | 276 | 22 | - | 298 | |||||||||||||||||||||||||||||||||
Total mortgage-backed securities | 38,428 | 702 | 14 | 39,116 | |||||||||||||||||||||||||||||||||
Total | $ | 76,436 | 1,863 | 77 | 78,222 | ||||||||||||||||||||||||||||||||
During 2012, we developed a need for additional liquidity as we experienced increased loan demand and, as a result, sold $45.1 million of our mortgage-backed securities and state and municipal obligations, reinvested $18.1 million of the securities in similar investments at current rates, and recorded a net gain on sale of investment securities of $363,000. There were no sales of investment securities during 2013. | |||||||||||||||||||||||||||||||||||||
The amortized costs and fair values of investment securities available for sale at December 31, 2013 and 2012, by contractual maturity, are shown below. Expected maturities may differ from contractual maturities because issuers have the right to prepay the obligations. | |||||||||||||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||||||||||
(dollars in thousands) | Amortized | Fair | Amortized | Fair | |||||||||||||||||||||||||||||||||
Cost | Value | Cost | Value | ||||||||||||||||||||||||||||||||||
Available for sale | |||||||||||||||||||||||||||||||||||||
Due within one year | $ | 1,507 | 1,507 | 417 | 421 | ||||||||||||||||||||||||||||||||
Due after one through five years | 2,121 | 2,114 | 3,690 | 3,671 | |||||||||||||||||||||||||||||||||
Due after five through ten years | 10,268 | 10,426 | 4,612 | 5,031 | |||||||||||||||||||||||||||||||||
Due after ten years | 55,587 | 53,393 | 67,717 | 69,099 | |||||||||||||||||||||||||||||||||
$ | 69,483 | 67,440 | 76,436 | 78,222 | |||||||||||||||||||||||||||||||||
The tables below summarize gross unrealized losses on investment securities and the fair market value of the related securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, at December 31, 2013 and 2012. | |||||||||||||||||||||||||||||||||||||
Less than 12 months | 12 months or longer | Total | |||||||||||||||||||||||||||||||||||
(dollars in thousands) | Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | |||||||||||||||||||||||||||||||
value | losses | value | losses | value | losses | ||||||||||||||||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||||||||||||||
Available for sale | |||||||||||||||||||||||||||||||||||||
US government agencies | 3 | $ | 7,755 | $ | 1,001 | - | $ | - | $ | - | 3 | $ | 7,755 | $ | 1,001 | ||||||||||||||||||||||
SBA securities | - | - | - | 2 | 5,271 | 487 | 2 | 5,271 | 487 | ||||||||||||||||||||||||||||
State and political subdivisions | 22 | 8,482 | 364 | 9 | 3,705 | 219 | 31 | 12,187 | 583 | ||||||||||||||||||||||||||||
Mortgage-backed | |||||||||||||||||||||||||||||||||||||
FHLMC | 3 | 5,006 | 186 | - | - | - | 3 | 5,006 | 186 | ||||||||||||||||||||||||||||
FNMA | 7 | 11,140 | 363 | - | - | - | 7 | 11,140 | 363 | ||||||||||||||||||||||||||||
35 | $ | 32,383 | $ | 1,914 | 11 | $ | 8,976 | $ | 706 | 46 | $ | 41,359 | $ | 2,620 | |||||||||||||||||||||||
As of December 31, 2012 | |||||||||||||||||||||||||||||||||||||
Available for sale | |||||||||||||||||||||||||||||||||||||
US government agencies | 1 | $ | 3,771 | $ | 10 | - | $ | - | $ | - | 1 | $ | 3,771 | $ | 10 | ||||||||||||||||||||||
SBA securities | 1 | 2,015 | 5 | - | - | - | 1 | 2,015 | 5 | ||||||||||||||||||||||||||||
State and political subdivisions | 16 | 6,608 | 48 | - | - | - | 16 | 6,608 | 48 | ||||||||||||||||||||||||||||
Mortgage-backed | |||||||||||||||||||||||||||||||||||||
FHLMC | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||
FNMA | 2 | 3,669 | 14 | - | - | - | 2 | 3,669 | 14 | ||||||||||||||||||||||||||||
20 | $ | 16,063 | $ | 77 | - | $ | - | $ | - | 20 | $ | 16,063 | $ | 77 | |||||||||||||||||||||||
At December 31, 2013, the Company had 35 individual investments with a fair market value of $32.4 million that were in an unrealized loss position for less than 12 months and 11 individual investments with a fair market value of $9.0 million that were in an unrealized loss position for 12 months or longer. The unrealized losses were primarily attributable to changes in interest rates, rather than deterioration in credit quality. The individual securities are each investment grade securities. The Company considers the length of time and extent to which the fair value of available-for-sale debt securities have been less than cost to conclude that such securities were not other-than-temporarily impaired. We also consider other factors such as the financial condition of the issuer including credit ratings and specific events affecting the operations of the issuer, volatility of the security, underlying assets that collateralize the debt security, and other industry and macroeconomic conditions. As the Company has no intent to sell securities with unrealized losses and it is not more-likely-than-not that the Company will be required to sell these securities before recovery of amortized cost, we have concluded that the securities are not impaired on an other-than-temporary basis. | |||||||||||||||||||||||||||||||||||||
During the second quarter of 2011, the Company recorded a $25,000 other-than-temporary impairment (“OTTI”) charge to earnings on its one private-label collateralized mortgage obligation ("CMO") which had been in an unrealized loss position for over 12 months. During the third quarter of 2011, the Company sold the $2.5 million CMO as part of an investment portfolio restructuring and recognized an additional loss of $512,000 on the security. In addition to the CMO, the Company sold $26.9 million of securities during the second half of 2011, recognizing a gain on sale of $535,000. | |||||||||||||||||||||||||||||||||||||
Other investments are comprised of the following and are recorded at cost which approximates fair value: | |||||||||||||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||||||||||||
(dollars in thousands) | 2013 | 2012 | |||||||||||||||||||||||||||||||||||
Federal Reserve Bank stock | $ | - | 1,485 | ||||||||||||||||||||||||||||||||||
Federal Home Loan Bank stock | 5,614 | 5,807 | |||||||||||||||||||||||||||||||||||
Certificates of deposit | 99 | 99 | |||||||||||||||||||||||||||||||||||
Investment in Trust Preferred subsidiaries | 403 | 403 | |||||||||||||||||||||||||||||||||||
$ | 6,116 | 7,794 | |||||||||||||||||||||||||||||||||||
The Company has evaluated the FHLB stock for impairment and determined that the investment in FHLB stock is not other than temporarily impaired as of December 31, 2013 and ultimate recoverability of the par value of this investment is probable. All of the FHLB stock is used to collateralize advances with the FHLB. | |||||||||||||||||||||||||||||||||||||
At December 31, 2013, $22.0 million of securities were pledged as collateral for repurchase agreements from brokers, and approximately $25.0 million was pledged to secure client deposits. At December 31, 2012, $22.8 million of securities were pledged as collateral for repurchase agreements from brokers. In addition, approximately $10.5 million was pledged to secure client deposits. |
Loans_and_Allowance_for_Loan_L
Loans and Allowance for Loan Losses | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Loans and Allowance For Loan Losses [Abstract] | ' | ||||||||||||||||||||||||
Loans and Allowance for Loan Losses | ' | ||||||||||||||||||||||||
NOTE 3 – Loans and Allowance for Loan Losses | |||||||||||||||||||||||||
The Company makes loans to individuals and small businesses for various personal and commercial purposes primarily in the Upstate, Midlands, and Low Country regions of South Carolina. The Company’s loan portfolio is not concentrated in loans to any single borrower or a relatively small number of borrowers. The Company focuses its lending activities primarily on the professional markets in Greenville, Columbia, and Charleston including doctors, dentists, and small business owners. The principal component of the loan portfolio is loans secured by real estate mortgages which account for 80.6% of total loans at December 31, 2013. Commercial loans comprise 64.3% of total real estate loans and consumer loans account for 35.7%. Commercial loans are further categorized into owner occupied which represents 25.1% of total loans and non-owner occupied loans represent 22.5%. Commercial construction loans represent only 4.2% of the total loan portfolio. | |||||||||||||||||||||||||
In addition to monitoring potential concentrations of loans to particular borrowers or groups of borrowers, industries and geographic regions, management monitors exposure to credit risk from concentrations of lending products and practices such as loans that subject borrowers to substantial payment increases (e.g. principal deferral periods, loans with initial interest-only periods, etc.), and loans with high loan-to-value ratios. As of December 31, 2013, approximately $84.1 million, or 11.4% of our loans had loan-to-value ratios which exceeded regulatory supervisory limits, of which 78 loans totaling approximately $32.7 million had loan-to-value ratios of 100% or more. Additionally, there are industry practices that could subject the Company to increased credit risk should economic conditions change over the course of a loan’s life. For example, the Company makes variable rate loans and fixed rate principal-amortizing loans with maturities prior to the loan being fully paid (i.e. balloon payment loans). The various types of loans are individually underwritten and monitored to manage the associated risks. | |||||||||||||||||||||||||
The allowance for loan losses is management's estimate of credit losses inherent in the loan portfolio at the balance sheet date. We have an established process to determine the adequacy of the allowance for loan losses that assesses the losses inherent in our portfolio. While we attribute portions of the allowance to specific portfolio segments, the entire allowance is available to absorb credit losses inherent in the total loan portfolio. Our process involves procedures to appropriately consider the unique risk characteristics of our commercial and consumer loan portfolio segments. For each portfolio segment, impairment is measured individually for each impaired loan. Our allowance levels are influenced by loan volume, loan grade or delinquency status, historic loss experience and other economic conditions. | |||||||||||||||||||||||||
Portfolio Segment Methodology | |||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||
Commercial loans are assessed for estimated losses by grading each loan using various risk factors identified through periodic reviews. We apply historic grade-specific loss factors to each class of loan. In the development of our statistically derived loan grade loss factors, we observe historical losses over 12 quarters for each loan grade. These loss estimates are adjusted as appropriate based on additional analysis of external loss data or other risks identified from current economic conditions and credit quality trends. The allowance also includes an amount for the estimated impairment on nonaccrual commercial loans and commercial loans modified in a TDR, whether on accrual or nonaccrual status. | |||||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||
For consumer loans, we determine the allowance on a collective basis utilizing historical losses over 12 quarters to represent our best estimate of inherent loss. We pool loans, generally by loan class with similar risk characteristics. In addition, we establish an allowance for consumer loans that have been modified in a TDR, whether on accrual or nonaccrual status. The allowance also includes an amount for the estimated impairment on nonaccrual consumer loans and consumer loans modified in a TDR, whether on accrual or nonaccrual status. | |||||||||||||||||||||||||
The following table summarizes the composition of our loan portfolio. Total gross loans are recorded net of deferred loan fees and costs, which totaled $1.3 million as of December 31, 2013 and December 31, 2012, respectively. | |||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||
(dollars in thousands) | 2013 | 2012 | |||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||
Owner occupied | $ | 185,129 | 158,790 | ||||||||||||||||||||||
Non-owner occupied | 166,016 | 165,163 | |||||||||||||||||||||||
Construction | 30,906 | 20,347 | |||||||||||||||||||||||
Business | 129,687 | 114,169 | |||||||||||||||||||||||
Total commercial loans | 511,738 | 458,469 | |||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||
Residential | 114,201 | 86,559 | |||||||||||||||||||||||
Home equity | 78,479 | 77,895 | |||||||||||||||||||||||
Construction | 19,888 | 13,749 | |||||||||||||||||||||||
Other | 12,961 | 9,277 | |||||||||||||||||||||||
Total consumer loans | 225,529 | 187,480 | |||||||||||||||||||||||
Total gross loans, net of deferred fees | 737,267 | 645,949 | |||||||||||||||||||||||
Less – allowance for loan losses | (10,213 | ) | (9,091 | ) | |||||||||||||||||||||
Total loans, net | $ | 727,054 | 636,858 | ||||||||||||||||||||||
The composition of gross loans by rate type is as follows: | |||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||
(dollars in thousands) | 2013 | 2012 | |||||||||||||||||||||||
Variable rate loans | $ | 224,866 | 219,462 | ||||||||||||||||||||||
Fixed rate loans | 512,401 | 426,487 | |||||||||||||||||||||||
$ | 737,267 | 645,949 | |||||||||||||||||||||||
At December 31, 2013, approximately $173.4 million of the Company’s mortgage loans were pledged as collateral for advances from the FHLB, as set forth in Note 8. | |||||||||||||||||||||||||
Credit Quality Indicators | |||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||
We manage a consistent process for assessing commercial loan credit quality by monitoring our loan grading trends and past due statistics. All loans are subject to individual risk assessment. Our risk categories include Pass, Special Mention, Substandard, and Doubtful, each of which is defined by banking regulatory agencies. Delinquency statistics are also an important indicator of credit quality in the establishment of our allowance for credit losses. | |||||||||||||||||||||||||
We categorize our loans into risk categories based on relevant information about the ability of the borrower to service their debt such as current financial information, historical payment experience, credit documentation, public information, and current economic trends, among other factors. A description of the general characteristics of the risk grades is as follows: | |||||||||||||||||||||||||
· Pass—These loans range from minimal credit risk to average however still acceptable credit risk. | |||||||||||||||||||||||||
· Special mention—A special mention loan has potential weaknesses that deserve management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or the institution’s credit position at some future date. | |||||||||||||||||||||||||
· Substandard—A substandard loan is inadequately protected by the current sound worth and paying capacity of the obligor or of the collateral pledged, if any. Loans so classified must have a well-defined weakness, or weaknesses, that may jeopardize the liquidation of the debt. A substandard loan is characterized by the distinct possibility that the Bank will sustain some loss if the deficiencies are not corrected. | |||||||||||||||||||||||||
· Doubtful—A doubtful loan has all of the weaknesses inherent in one classified as substandard with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of the currently existing facts, conditions and values, highly questionable and improbable. | |||||||||||||||||||||||||
The following tables provide past due information for outstanding commercial loans and include loans on nonaccrual status. | |||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||
Owner | Non-owner | ||||||||||||||||||||||||
(dollars in thousands) | occupied RE | occupied RE | Construction | Business | Total | ||||||||||||||||||||
Current | $ | 183,609 | 161,758 | 29,992 | 128,883 | 504,242 | |||||||||||||||||||
30-59 days past due | 791 | 859 | - | 44 | 1,694 | ||||||||||||||||||||
60-89 days past due | - | - | - | - | - | ||||||||||||||||||||
Greater than 90 days | 729 | 3,399 | 914 | 760 | 5,802 | ||||||||||||||||||||
$ | 185,129 | 166,016 | 30,906 | 129,687 | 511,738 | ||||||||||||||||||||
31-Dec-12 | |||||||||||||||||||||||||
Owner | Non-owner | ||||||||||||||||||||||||
occupied RE | occupied RE | Construction | Business | Total | |||||||||||||||||||||
Current | $ | 157,036 | 163,700 | 19,341 | 112,322 | 452,399 | |||||||||||||||||||
30-59 days past due | 306 | - | - | 539 | 845 | ||||||||||||||||||||
60-89 days past due | - | 463 | - | 100 | 563 | ||||||||||||||||||||
Greater than 90 days | 1,448 | 1,000 | 1,006 | 1,208 | 4,662 | ||||||||||||||||||||
$ | 158,790 | 165,163 | 20,347 | 114,169 | 458,469 | ||||||||||||||||||||
As of December 31, 2013 and 2012, loans 30 days or more past due represented 1.29% and 1.11% of our total loan portfolio, respectively. Commercial loans 30 days or more past due were 1.02% and 0.94% as of December 31, 2013 and 2012, respectively. | |||||||||||||||||||||||||
The tables below provide a breakdown of outstanding commercial loans by risk category. | |||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||
Owner | Non-owner | ||||||||||||||||||||||||
(dollars in thousands) | occupied RE | occupied RE | Construction | Business | Total | ||||||||||||||||||||
Pass | $ | 176,320 | 147,378 | 27,797 | 120,254 | 471,749 | |||||||||||||||||||
Special Mention | 5,563 | 7,987 | - | 3,629 | 17,179 | ||||||||||||||||||||
Substandard | 3,246 | 10,651 | 3,109 | 5,804 | 22,810 | ||||||||||||||||||||
Doubtful | - | - | - | - | - | ||||||||||||||||||||
$ | 185,129 | 166,016 | 30,906 | 129,687 | 511,738 | ||||||||||||||||||||
31-Dec-12 | |||||||||||||||||||||||||
Owner | Non-owner | ||||||||||||||||||||||||
occupied RE | occupied RE | Construction | Business | Total | |||||||||||||||||||||
Pass | $ | 148,255 | 141,352 | 18,265 | 105,024 | 412,896 | |||||||||||||||||||
Special Mention | 7,446 | 9,358 | - | 2,750 | 19,554 | ||||||||||||||||||||
Substandard | 3,089 | 14,453 | 2,082 | 6,395 | 26,019 | ||||||||||||||||||||
Doubtful | - | - | - | - | - | ||||||||||||||||||||
$ | 158,790 | 165,163 | 20,347 | 114,169 | 458,469 | ||||||||||||||||||||
Consumer | |||||||||||||||||||||||||
We manage a consistent process for assessing consumer loan credit quality by monitoring our loan grading trends and past due statistics. All loans are subject to individual risk assessment. Our risk categories include Pass, Special Mention, Substandard, and Doubtful, which are defined above. Delinquency statistics are also an important indicator of credit quality in the establishment of our allowance for loan losses. | |||||||||||||||||||||||||
The following tables provide past due information for outstanding consumer loans and include loans on nonaccrual status. | |||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||
(dollars in thousands) | Real estate | Home equity | Construction | Other | Total | ||||||||||||||||||||
Current | $ | 112,314 | 78,402 | 19,888 | 12,877 | 223,481 | |||||||||||||||||||
30-59 days past due | 806 | - | - | 84 | 890 | ||||||||||||||||||||
60-89 days past due | 467 | - | - | - | 467 | ||||||||||||||||||||
Greater than 90 days | 614 | 77 | - | - | 691 | ||||||||||||||||||||
$ | 114,201 | 78,479 | 19,888 | 12,961 | 225,529 | ||||||||||||||||||||
Greater than 90 days | |||||||||||||||||||||||||
- 365 - - 365 | |||||||||||||||||||||||||
31-Dec-12 | |||||||||||||||||||||||||
Real estate | Home equity | Construction | Other | Total | |||||||||||||||||||||
Current | $ | 85,999 | 77,430 | 13,749 | 9,233 | 186,411 | |||||||||||||||||||
30-59 days past due | 560 | 100 | - | - | 660 | ||||||||||||||||||||
60-89 days past due | - | - | - | 44 | 44 | ||||||||||||||||||||
$ | 86,559 | 77,895 | 13,749 | 9,277 | 187,480 | ||||||||||||||||||||
Consumer loans 30 days or more past due were 0.28% and 0.17% as of December 31, 2013 and 2012, respectively. | |||||||||||||||||||||||||
The tables below provide a breakdown of outstanding consumer loans by risk category. | |||||||||||||||||||||||||
Pass | |||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||
(dollars in thousands) | Real estate | Home equity | Construction | Other | Total | ||||||||||||||||||||
$ | 110,304 | 75,304 | 19,888 | 12,641 | 218,137 | ||||||||||||||||||||
Special Mention | 1,455 | 2,176 | - | 212 | 3,843 | ||||||||||||||||||||
Substandard | 2,442 | 999 | - | 108 | 3,549 | ||||||||||||||||||||
Doubtful | - | - | - | - | - | ||||||||||||||||||||
Loss | - | - | - | - | - | ||||||||||||||||||||
$ | 114,201 | 78,479 | 19,888 | 12,961 | 225,529 | ||||||||||||||||||||
31-Dec-12 | |||||||||||||||||||||||||
Real estate | Home equity | Construction | Other | Total | |||||||||||||||||||||
Pass | $ | 83,173 | 73,718 | 13,749 | 8,752 | 179,392 | |||||||||||||||||||
Special Mention | 2,307 | 2,290 | - | 170 | 4,767 | ||||||||||||||||||||
Substandard | 1,079 | 1,887 | - | 355 | 3,321 | ||||||||||||||||||||
Doubtful | - | - | - | - | - | ||||||||||||||||||||
Loss | - | - | - | - | - | ||||||||||||||||||||
$ | 86,559 | 77,895 | 13,749 | 9,277 | 187,480 | ||||||||||||||||||||
Nonperforming assets | |||||||||||||||||||||||||
The following table shows the nonperforming assets and the related percentage of nonperforming assets to total assets and gross loans. Generally, a loan is placed on nonaccrual status when it becomes 90 days past due as to principal or interest, or when we believe, after considering economic and business conditions and collection efforts, that the borrower’s financial condition is such that collection of the contractual principal or interest on the loan is doubtful. A payment of interest on a loan that is classified as nonaccrual is recognized as a reduction in principal when received. | |||||||||||||||||||||||||
Construction | |||||||||||||||||||||||||
- - | |||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||
(dollars in thousands) | 2013 | 2012 | |||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||
Owner occupied RE | $ | 1,199 | 155 | ||||||||||||||||||||||
Non-owner occupied RE | 373 | 1,255 | |||||||||||||||||||||||
Construction | 914 | 1,006 | |||||||||||||||||||||||
Business | 712 | 202 | |||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||
Real estate | 76 | 119 | |||||||||||||||||||||||
Home equity | 77 | 577 | |||||||||||||||||||||||
Other | 3 | 44 | |||||||||||||||||||||||
Nonaccruing troubled debt restructurings | 4,983 | 4,809 | |||||||||||||||||||||||
Total nonaccrual loans, including nonaccruing TDRs | 8,337 | 8,167 | |||||||||||||||||||||||
Other real estate owned | 1,198 | 1,719 | |||||||||||||||||||||||
Total nonperforming assets | $ | 9,535 | 9,886 | ||||||||||||||||||||||
Nonperforming assets as a percentage of: | |||||||||||||||||||||||||
Total assets | 1.07 | % | 1.24 | % | |||||||||||||||||||||
Gross loans | 1.29 | % | 1.53 | % | |||||||||||||||||||||
Total loans over 90 days past due | $ | 6,493 | 5,027 | ||||||||||||||||||||||
Loans over 90 days past due and still accruing | - | - | |||||||||||||||||||||||
Accruing TDRs | 8,045 | 9,421 | |||||||||||||||||||||||
Foregone interest income on the nonaccrual loans for the year ended December 31, 2013 was approximately $543,000 and approximately $402,000 for the same period in 2012. | |||||||||||||||||||||||||
Impaired Loans | |||||||||||||||||||||||||
The table below summarizes key information for impaired loans. Our impaired loans include loans on nonaccrual status and loans modified in a TDR, whether on accrual or nonaccrual status. These impaired loans may have estimated impairment which is included in the allowance for loan losses. Our commercial and consumer impaired loans are evaluated individually to determine the related allowance for loan losses. | |||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||
Recorded investment | |||||||||||||||||||||||||
Impaired loans | |||||||||||||||||||||||||
Unpaid | with related | Related | |||||||||||||||||||||||
Principal | Impaired | allowance for | allowance for | ||||||||||||||||||||||
(dollars in thousands) | Balance | loans | loan losses | loan losses | |||||||||||||||||||||
Commercial | |||||||||||||||||||||||||
Owner occupied RE | $ | 1,935 | 1,935 | 1,666 | 333 | ||||||||||||||||||||
Non-owner occupied RE | 5,957 | 5,622 | 6,125 | 1,441 | |||||||||||||||||||||
Construction | 4,612 | 1,870 | 1,855 | 246 | |||||||||||||||||||||
Business | 5,494 | 4,684 | 2,807 | 1,813 | |||||||||||||||||||||
Total commercial | 17,998 | 14,111 | 12,453 | 3,833 | |||||||||||||||||||||
Consumer | |||||||||||||||||||||||||
Real estate | 1,829 | 1,807 | 1,447 | 704 | |||||||||||||||||||||
Home equity | 239 | 239 | 239 | 188 | |||||||||||||||||||||
Construction | - | - | - | - | |||||||||||||||||||||
Other | 225 | 225 | 4 | 4 | |||||||||||||||||||||
Total consumer | 2,293 | 2,271 | 1,690 | 896 | |||||||||||||||||||||
Total | $ | 20,291 | 16,382 | 14,143 | 4,729 | ||||||||||||||||||||
Consumer | |||||||||||||||||||||||||
31-Dec-12 | |||||||||||||||||||||||||
Recorded investment | |||||||||||||||||||||||||
Impaired loans | |||||||||||||||||||||||||
Unpaid | with related | Related | |||||||||||||||||||||||
Principal | Impaired | allowance for | allowance for | ||||||||||||||||||||||
Balance | loans | loan losses | loan losses | ||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||
Owner occupied RE | $ | 3,071 | 2,271 | 2,116 | 398 | ||||||||||||||||||||
Non-owner occupied RE | 7,497 | 7,162 | 2,218 | 831 | |||||||||||||||||||||
Construction | 4,824 | 2,082 | 1,075 | 213 | |||||||||||||||||||||
Business | 4,048 | 4,048 | 3,329 | 2,092 | |||||||||||||||||||||
Total commercial | 19,440 | 15,563 | 8,738 | 3,534 | |||||||||||||||||||||
Real estate | 985 | 985 | 162 | 24 | |||||||||||||||||||||
Home equity | 770 | 770 | 605 | 91 | |||||||||||||||||||||
Construction | - | - | - | - | |||||||||||||||||||||
Other | 270 | 270 | - | - | |||||||||||||||||||||
Total consumer | 2,025 | 2,025 | 767 | 115 | |||||||||||||||||||||
Total | $ | 21,465 | 17,588 | 9,505 | 3,649 | ||||||||||||||||||||
The following table provides the average recorded investment in impaired loans and the amount of interest income recognized on impaired loans after impairment by portfolio segment and class. | |||||||||||||||||||||||||
interest | |||||||||||||||||||||||||
Year ended December 31, | |||||||||||||||||||||||||
2013 | 2011 | ||||||||||||||||||||||||
2012 | |||||||||||||||||||||||||
Average | Recognized | Average | Recognized | Average | Recognized | ||||||||||||||||||||
recorded | interest | recorded | interest | recorded | |||||||||||||||||||||
(dollars in thousands) | investment | income | investment | income | investment | income | |||||||||||||||||||
Commercial | |||||||||||||||||||||||||
Owner occupied RE | $ | 1,519 | 47 | 3,881 | 17 | 3,521 | 220 | ||||||||||||||||||
Non-owner occupied RE | 5,932 | 261 | 5,811 | 392 | 2,520 | 281 | |||||||||||||||||||
Construction | 2,054 | 57 | 2,127 | 66 | 1,425 | 81 | |||||||||||||||||||
Business | 4,521 | 189 | 3,880 | 84 | 3,331 | 207 | |||||||||||||||||||
Total commercial | 14,026 | 554 | 15,699 | 559 | 10,797 | 789 | |||||||||||||||||||
Consumer | |||||||||||||||||||||||||
Real estate | 1,186 | 100 | 1,397 | 44 | 1,729 | 64 | |||||||||||||||||||
Home equity | 610 | 8 | 518 | 12 | 399 | - | |||||||||||||||||||
Construction | - | - | - | - | - | - | |||||||||||||||||||
Other | 234 | 9 | 240 | 14 | 38 | 13 | |||||||||||||||||||
Total consumer | 2,030 | 117 | 2,155 | 70 | 2,166 | 77 | |||||||||||||||||||
Total | $ | 16,056 | 671 | 17,854 | 629 | 12,963 | 866 | ||||||||||||||||||
Allowance for Loan Losses | |||||||||||||||||||||||||
The following table summarizes the activity related to our allowance for loan losses: | |||||||||||||||||||||||||
Year ended December 31, | |||||||||||||||||||||||||
(dollars in thousands) | 2013 | 2012 | 2011 | ||||||||||||||||||||||
Balance, beginning of period | $ | 9,091 | 8,925 | 8,386 | |||||||||||||||||||||
Provision for loan losses | 3,475 | 4,550 | 5,270 | ||||||||||||||||||||||
Loan charge-offs: | |||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||
Owner occupied RE | (390 | ) | (1,857 | ) | (72 | ) | |||||||||||||||||||
Non-owner occupied RE | (249 | ) | (513 | ) | (1,052 | ) | |||||||||||||||||||
Construction | - | - | (67 | ) | |||||||||||||||||||||
Business | (1,664 | ) | (1,230 | ) | (3,243 | ) | |||||||||||||||||||
Total commercial | (2,303 | ) | (3,600 | ) | (4,434 | ) | |||||||||||||||||||
Consumer | |||||||||||||||||||||||||
Real estate | (22 | ) | (214 | ) | (129 | ) | |||||||||||||||||||
Home equity | (106 | ) | (691 | ) | (175 | ) | |||||||||||||||||||
Construction | - | - | - | ||||||||||||||||||||||
Other | (47 | ) | - | (200 | ) | ||||||||||||||||||||
Total consumer | (175 | ) | (905 | ) | (504 | ) | |||||||||||||||||||
Total loan charge-offs | (2,478 | ) | (4,505 | ) | (4,938 | ) | |||||||||||||||||||
Loan recoveries: | |||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||
Owner occupied RE | 1 | 4 | 14 | ||||||||||||||||||||||
Non-owner occupied RE | 1 | 42 | 42 | ||||||||||||||||||||||
Construction | - | - | - | ||||||||||||||||||||||
Business | 115 | 27 | 149 | ||||||||||||||||||||||
Total commercial | 117 | 73 | 205 | ||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||
Real estate | - | 2 | - | ||||||||||||||||||||||
Home equity | 8 | 32 | 2 | ||||||||||||||||||||||
Construction | - | - | - | ||||||||||||||||||||||
Other | - | 14 | - | ||||||||||||||||||||||
Total consumer | 8 | 48 | 2 | ||||||||||||||||||||||
Total recoveries | 125 | 121 | 207 | ||||||||||||||||||||||
Net loan charge-offs | (2,353 | ) | (4,384 | ) | (4,731 | ) | |||||||||||||||||||
Balance, end of period | $ | 10,213 | 9,091 | 8,925 | |||||||||||||||||||||
The following tables summarize the activity in the allowance for loan losses by our commercial and consumer portfolio segments. | |||||||||||||||||||||||||
Year ended December 31, 2013 | |||||||||||||||||||||||||
(dollars in thousands) | Commercial | Consumer | Unallocated | Total | |||||||||||||||||||||
Balance, beginning of period | $ | 7,981 | 1,110 | - | 9,091 | ||||||||||||||||||||
Provision | 2,444 | 1,031 | - | 3,475 | |||||||||||||||||||||
Loan charge-offs | (2,303 | ) | (175 | ) | - | (2,478 | ) | ||||||||||||||||||
Loan recoveries | 117 | 8 | - | 125 | |||||||||||||||||||||
Net loan charge-offs | (2,186 | ) | (167 | ) | - | (2,353 | ) | ||||||||||||||||||
Balance, end of period | $ | 8,239 | 1,974 | - | 10,213 | ||||||||||||||||||||
Year ended December 31, 2012 | |||||||||||||||||||||||||
Commercial | Consumer | Unallocated | Total | ||||||||||||||||||||||
Balance, beginning of period | $ | 8,061 | 864 | - | 8,925 | ||||||||||||||||||||
Provision | 3,447 | 1,103 | - | 4,550 | |||||||||||||||||||||
Loan charge-offs | (3,600 | ) | (905 | ) | - | (4,505 | ) | ||||||||||||||||||
Loan recoveries | 73 | 48 | - | 121 | |||||||||||||||||||||
Net loan charge-offs | (3,527 | ) | (857 | ) | - | (4,384 | ) | ||||||||||||||||||
Balance, end of period | $ | 7,981 | 1,110 | - | 9,091 | ||||||||||||||||||||
The following table disaggregates our allowance for loan losses and recorded investment in loans by impairment methodology. | |||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||
Allowance for loan losses | Recorded investment in loans | ||||||||||||||||||||||||
(dollars in thousands) | Commercial | Consumer | Total | Commercial | Consumer | Total | |||||||||||||||||||
Individually evaluated | $ | 3,833 | 896 | 4,729 | 14,111 | 2,271 | 16,382 | ||||||||||||||||||
Collectively evaluated | 4,406 | 1,078 | 5,484 | 497,627 | 223,258 | 720,885 | |||||||||||||||||||
Total | $ | 8,239 | 1,974 | 10,213 | 511,738 | 225,529 | 737,267 | ||||||||||||||||||
31-Dec-12 | |||||||||||||||||||||||||
Allowance for loan losses | Recorded investment in loans | ||||||||||||||||||||||||
Commercial | Consumer | Total | Commercial | Consumer | Total | ||||||||||||||||||||
Individually evaluated | $ | 3,534 | - | 3,534 | 15,563 | - | 15,563 | ||||||||||||||||||
Collectively evaluated | 4,447 | 1,110 | 5,557 | 442,906 | 187,480 | 630,396 | |||||||||||||||||||
Total | $ | 7,981 | 1,110 | 9,091 | 458,469 | 187,480 | 645,949 | ||||||||||||||||||
Troubled_Debt_Restructurings
Troubled Debt Restructurings | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Troubled Debt Restructurings [Abstract] | ' | |||||||
Troubled Debt Restructurings | ' | |||||||
NOTE 4 – Troubled Debt Restructurings | ||||||||
At December 31, 2013, we had 34 loans totaling $13.0 million and at December 31, 2012 we had 36 loans totaling $14.2 million, which we considered as TDRs. The Company considers a loan to be a TDR when the debtor experiences financial difficulties and the Company grants a concession to the debtor that it would not normally consider. Concessions can relate to the contractual interest rate, maturity date, or payment structure of the note. As part of our workout plan for individual loan relationships, we may restructure loan terms to assist borrowers facing challenges in the current economic environment. To date, we have restored two commercial loans previously classified as TDRs to accrual status. | ||||||||
The following table summarizes the concession at the time of modification and the recorded investment in our TDRs before and after their modification. | ||||||||
For the year ended December 31, 2013 | ||||||||
Pre-modification | Post-modification | |||||||
Renewals | Reduced | Converted | Maturity | Total | outstanding | outstanding | ||
deemed a | or deferred | to interest | date | number | recorded | recorded | ||
(dollars in thousands) | concession | payments | only | extensions | of loans | investment | Investment | |
Commercial | ||||||||
Non-owner occupied RE | 1 | - | - | - | 1 | $276 | $321 | |
Business | 9 | - | - | - | 9 | 1,805 | 1,885 | |
Consumer | ||||||||
Real estate | 1 | - | - | - | 1 | 831 | 835 | |
Other | 1 | 1 | 4 | 4 | ||||
Total loans | 12 | - | - | - | 12 | $2,916 | $3,045 | |
For the year ended December 31, 2012 | ||||||||
Pre-modification | Post-modification | |||||||
Renewals | Reduced | Converted | Maturity | Total | outstanding | outstanding | ||
deemed a | or deferred | to interest | date | number | recorded | recorded | ||
(dollars in thousands) | concession | payments | only | extensions | of loans | investment | Investment | |
Commercial | ||||||||
Owner occupied RE | 1 | - | - | - | 1 | $247 | $247 | |
Non-owner occupied RE | 2 | - | - | 1 | 3 | 4,148 | 4,148 | |
Business | 6 | - | 1 | - | 7 | 1,909 | 1,994 | |
Consumer | ||||||||
Home equity | - | 1 | - | - | - | 166 | 166 | |
Total loans | 9 | 1 | 1 | 1 | 11 | $6,470 | $6,555 | |
The following table summarizes the TDRs that are more than 60 days past due, and have subsequently defaulted. | ||||||||
For the year ended December 31, 2013 | ||||||||
Number of | Recorded | |||||||
(dollars in thousands) | loans | investment | ||||||
Consumer | ||||||||
Real estate | 1 | $579 | ||||||
Total loans | 1 | $579 | ||||||
For the year ended December 31, 2012 | ||||||||
Number of | Recorded | |||||||
(dollars in thousands) | loans | investment | ||||||
Commercial | ||||||||
Owner occupied RE | 1 | $1,292 | ||||||
Non-owner occupied RE | 1 | 29 | ||||||
Business | 3 | 188 | ||||||
Total loans | 5 | $1,509 | ||||||
Property_and_Equipment
Property and Equipment | 12 Months Ended | ||
Dec. 31, 2013 | |||
Property and Equipment [Abstract] | ' | ||
Property and Equipment | ' | ||
NOTE 5 – Property and Equipment | |||
Property and equipment are stated at cost less accumulated depreciation. Components of property and equipment included in the consolidated balance sheets are as follows: | |||
December 31, | |||
(dollars in thousands) | 2013 | 2012 | |
Land | $4,862 | $3,523 | |
Buildings | 12,976 | 12,874 | |
Leasehold Improvements | 1,628 | 1,624 | |
Furniture and equipment | 5,451 | 5,020 | |
Software | 337 | 342 | |
Construction in process | 301 | 53 | |
25,555 | 23,436 | ||
Accumulated depreciation | -5,728 | -4,703 | |
Total property and equipment | $19,827 | $18,733 | |
During 2013, the Bank purchased land in Mount Pleasant, South Carolina at a cost of $1.3 million for the construction of a new retail office. Construction in process at December 31, 2013 includes various costs related to the construction of the new Mt. Pleasant office, while the December 31, 2012 balance includes various bank-related equipment not yet placed in service. Depreciation and amortization expense for the years ended December 31, 2013, 2012 and 2011 was $1.2 million, $979,000, and $884,000, respectively. Depreciation is charged to operations utilizing a straight-line method over the estimated useful lives of the assets. The estimated useful lives for the principal items follow: | |||
Type of Asset | Life in Years | ||
Software | 3 | ||
Furniture and equipment | 5 to 7 | ||
Leasehold improvements | 5 to 15 | ||
Buildings | 40 | ||
Other_Real_Estate_Owned
Other Real Estate Owned | 12 Months Ended | ||
Dec. 31, 2013 | |||
Other Real Estate Owned [Abstract] | ' | ||
Other Real Estate Owned | ' | ||
NOTE 6 – Other Real Estate Owned | |||
Other real estate owned is comprised of real estate acquired in settlement of loans and is included in other assets on the balance sheet. At December 31, 2013, other real estate owned included six properties totaling $1.2 million, compared to $1.7 million at December 31, 2012. The following summarizes the activity in the real estate acquired in settlement of loans portion of other real estate owned: | |||
For the year ended December 31, | |||
(dollars in thousands) | 2013 | 2012 | |
Balance, beginning of year | $1,719 | 3,686 | |
Additions | 1,354 | 1,580 | |
Sales | -1,745 | -3,128 | |
Write-downs | -130 | -419 | |
Balance, end of year | $1,198 | 1,719 | |
Deposits
Deposits | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Deposits Disclosure [Abstract] | ' | ||||||||
Deposits | ' | ||||||||
NOTE 7 – Deposits | |||||||||
The following is a detail of the deposit accounts: | |||||||||
December 31, | |||||||||
(dollars in thousands) | 2013 | 2012 | |||||||
Non-interest bearing | $ | 101,971 | 80,880 | ||||||
Interest bearing: | |||||||||
NOW accounts | 153,376 | 158,874 | |||||||
Money market accounts | 151,759 | 100,841 | |||||||
Savings | 6,671 | 6,026 | |||||||
Time, less than $100,000 | 68,190 | 81,315 | |||||||
Time, $100,000 and over | 198,352 | 148,363 | |||||||
Total deposits | $ | 680,319 | 576,299 | ||||||
At December 31, 2013 and 2012, the Company had approximately $63.3 million and $13.0 million, respectively, of time deposits that were obtained outside of the Company’s primary market. Interest expense on time deposits greater than $100,000 was $1.5 million, $2.0 million, and $3.5 million for the years ended December 31, 2013, 2012, and 2011, respectively. | |||||||||
At December 31, 2013 the scheduled maturities of certificates of deposit are as follows: | |||||||||
(dollars in thousands) | |||||||||
2014 | $ | 165,405 | |||||||
2015 | 68,309 | ||||||||
2016 | 18,808 | ||||||||
2017 | 2,576 | ||||||||
2018 and after | 11,444 | ||||||||
$ | 266,542 | ||||||||
Federal_Home_Loan_Bank_Advance
Federal Home Loan Bank Advances and Other Borrowings | 12 Months Ended | |||||
Dec. 31, 2013 | ||||||
Federal Home Loan Bank Advances and Other Borrowings [Abstract] | ' | |||||
Federal Home Loan Bank Advances and Other Borrowings | ' | |||||
NOTE 8 – Federal Home Loan Bank Advances and Other Borrowings | ||||||
At December 31, 2013 and 2012, the Company had $124.1 million in FHLB advances and other borrowings. Of the $124.1 million, FHLB advances represented $103.5 million, securities sold under structured agreements to repurchase represented $19.2 million, and a line of credit represented $1.4 million. | ||||||
The FHLB advances are secured with approximately $173.4 million of mortgage loans and $5.6 million of stock in the FHLB. During 2013, the Company restructured one FHLB advance of $5.0 million. In accordance with accounting guidance, we determined that the present value of the cash flows of the modified advance will not change by more than 10% from the present value of the cash flows of the original advances. Therefore, the modified FHLB advance is considered to be a restructuring and no gain or loss was recorded in the transaction. The original FHLB advance had a weighted rate of 4.07% and an average remaining life of 45 months. Under the modified arrangement, the $5.0 million in FHLB advance has a weighted average rate of 3.05% and an average remaining life of 60 months. Under a similar scenario in 2012, the Company restructured three FHLB advances totaling $45.0 million with a weighted average rate of 3.16% and average remaining life of 52 months under their original terms. Following the restructure, the weighted average rate of the three advances was 2.42% and the remaining average life was 61 months. | ||||||
Listed below is a summary of the terms and maturities of the advances at December 31, 2013 and 2012. As of December 31, 2013, $31.5 million of the Company’s advances were at fixed rates, while $72.0 million were at floating rates. In addition, a number of the advances are callable and subject to repricing during 2014 at the option of the FHLB. | ||||||
December 31, | ||||||
(dollars in thousands) | 2013 | 2012 | ||||
Maturity | Amount | Rate | Amount | Rate | ||
2-Sep-14 | $7,500 | 2.29% | 7,500 | 2.36% | ||
11-Oct-16 | - | - | 5,000 | 4.07% | ||
18-Oct-16 | 7,000 | 2.30% | 7,000 | 2.38% | ||
18-Oct-16 | 7,500 | 2.47% | 7,500 | 2.55% | ||
19-Oct-16 | 10,000 | 2.03% | 10,000 | 2.11% | ||
19-Oct-16 | 20,000 | 1.60% | 20,000 | 1.68% | ||
13-Feb-17 | 7,500 | 4.38% | 7,500 | 4.38% | ||
11-Jul-17 | 9,000 | 4.49% | 9,000 | 4.49% | ||
24-Jul-17 | 5,000 | 4.25% | 5,000 | 4.25% | ||
30-Jan-18 | 5,000 | 2.92% | - | - | ||
15-Feb-19 | 10,000 | 4.47% | 10,000 | 4.47% | ||
10-Apr-19 | 15,000 | 3.38% | 15,000 | 3.48% | ||
$103,500 | 103,500 | |||||
At December 31, 2013 and 2012, the Company had four structured debt agreements secured by approximately $22.0 million of various investment securities. While these agreements are at fixed rates, they each have callable features and are subject to repricing at the option of the seller. Listed below is a summary of the terms and maturities of these structured agreements to repurchase: | ||||||
(dollars in thousands) | ||||||
Maturity | Amount | Rate | ||||
18-Sep-17 | $10,000 | 3.63% | ||||
17-Dec-17 | 2,000 | 3.65% | ||||
14-Mar-18 | 3,600 | 2.75% | ||||
15-Sep-18 | 3,600 | 2.55% | ||||
$19,200 | ||||||
The Company also has an unsecured, interest only line of credit for $1.5 million with another financial institution for which $1.4 million was outstanding at December 31, 2013. The line of credit bears interest at 5.0% and matured on February 3, 2014; however, the line of credit was extended to mature on August 18, 2014 with no additional changes in terms. The loan agreement contains various financial covenants related to capital, earnings and asset quality. |
Junior_Subordinated_Debentures
Junior Subordinated Debentures | 12 Months Ended |
Dec. 31, 2013 | |
Junior Subordinated Debentures [Abstract] | ' |
Junior Subordinated Debentures | ' |
NOTE 9 – Junior Subordinated Debentures | |
On June 26, 2003, Greenville First Statutory Trust I, (a non-consolidated subsidiary) issued $6.0 million floating rate trust preferred securities with a maturity of June 26, 2033. At December 31, 2013, the interest rate was 3.35% and is indexed to the 3-month LIBOR rate and adjusted quarterly. The Company received from the Trust the $6.0 million proceeds from the issuance of the securities and the $186,000 initial proceeds from the capital investment in the Trust, and accordingly has shown the funds due to the Trust as $6.2 million junior subordinated debentures. Amortization of debt issuance costs totaled $9,000 for the year ended December 31, 2013 and $18,000 for each of the years ended December 31, 2012 and 2011, respectively, and are included in borrowings interest expense. | |
On December 22, 2005, Greenville First Statutory Trust II, (a non-consolidated subsidiary) issued $7.0 million floating rate trust preferred securities with a maturity of December 22, 2035. At December 31, 2013, the interest rate was 1.69% and is indexed to the 3-month LIBOR rate and adjusted quarterly. The Company received from the Trust the $7.0 million proceeds from the issuance of the securities and the $217,000 initial proceeds from the capital investment in the Trust, and accordingly has shown the funds due to the Trust as $7.2 million junior subordinated debentures. | |
The current regulatory rules allow certain amounts of junior subordinated debentures to be included in the calculation of regulatory capital. However, provisions within the Dodd-Frank Wall Street Reform and Consumer Protection Act will prohibit institutions that had more than $15 billion in assets on December 31, 2009 from including trust preferred securities as Tier 1 capital beginning in 2013. One-third will be phased out over the next two years ending in 2015. Financial institutions with less than $15 billion in total assets, such as the Bank, may continue to include their trust preferred securities issued prior to May 19, 2010 in Tier 1 capital, but cannot include in Tier 1 capital trust preferred securities issued after such date. |
Unused_Lines_of_Credit
Unused Lines of Credit | 12 Months Ended |
Dec. 31, 2013 | |
Unused Lines of Credit [Abstract] | ' |
Unused Lines of Credit | ' |
NOTE 10 – Unused Lines of Credit | |
At December 31, 2013, the Company had three lines of credit to purchase federal funds that totaled $45.0 million which were unused at December 31, 2013. The lines of credit are available on a one to ten day basis for general corporate purposes of the Company. The lender has reserved the right to withdraw the line at their option. The Company has an additional line of credit with the FHLB to borrow funds, subject to a pledge of qualified collateral. The Company has collateral that would support approximately $69.8 million in additional borrowings at December 31, 2013. |
Fair_Value_Accounting
Fair Value Accounting | 12 Months Ended | |||||
Dec. 31, 2013 | ||||||
Fair Value Accounting [Abstract] | ' | |||||
Fair Value Accounting | ' | |||||
NOTE 11 – Fair Value Accounting | ||||||
FASB ASC 820, “Fair Value Measurement and Disclosures,” defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. FASB ASC 820 also establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair value: | ||||||
Level 1 – Quoted market price in active markets | ||||||
Quoted prices in active markets for identical assets or liabilities. Level 1 assets and liabilities include certain debt and equity securities that are traded in an active exchange market. | ||||||
Level 2 – Significant other observable inputs | ||||||
Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 2 assets and liabilities include fixed income securities and mortgage-backed securities that are held in the Company’s available-for-sale portfolio and valued by a third-party pricing service, as well as certain impaired loans. | ||||||
Level 3 – Significant unobservable inputs | ||||||
Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Level 3 assets and liabilities include financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation. These methodologies may result in a significant portion of the fair value being derived from unobservable data. | ||||||
Following is a description of valuation methodologies used for assets recorded at fair value. | ||||||
Investment Securities | ||||||
Securities available for sale are valued on a recurring basis at quoted market prices where available. If quoted market prices are not available, fair values are based on quoted market prices of comparable securities. Level 1 securities include those traded on an active exchange, such as the New York Stock Exchange or U.S. Treasury securities that are traded by dealers or brokers in active over-the-counter markets and money market funds. Level 2 securities include mortgage-backed securities and debentures issued by government sponsored entities, municipal bonds and corporate debt securities. In certain cases where there is limited activity or less transparency around inputs to valuations, securities are classified as Level 3 within the valuation hierarchy. Securities held to maturity are valued at quoted market prices or dealer quotes similar to securities available for sale. The carrying value of Other Investments, such as Federal Reserve Bank and FHLB stock, approximates fair value based on their redemption provisions. | ||||||
Loans | ||||||
The Company does not record loans at fair value on a recurring basis. However, from time to time, a loan may be considered impaired and an allowance for loan losses may be established. Loans for which it is probable that payment of interest and principal will not be made in accordance with the contractual terms of the loan agreement are considered | ||||||
impaired. Once a loan is identified as individually impaired, management measures the impairment in accordance with FASB ASC 310, “Receivables.” The fair value of impaired loans is estimated using one of several methods, including collateral value, market value of similar debt, enterprise value, liquidation value and discounted cash flows. Those impaired loans not requiring an allowance represent loans for which the fair value of the expected repayments or collateral exceed the recorded investments in such loans. At December 31, 2013, substantially all of the impaired loans were evaluated based on the fair value of the collateral. In accordance with FASB ASC 820, “Fair Value Measurement and Disclosures,” impaired loans where an allowance is established based on the fair value of collateral require classification in the fair value hierarchy. When the fair value of the collateral is based on an observable market price or a current appraised value, the Company considers the impaired loan as nonrecurring Level 2. The Company’s current loan and appraisal policies require the Company to obtain updated appraisals on an “as is” basis at renewal, or in the case of an impaired loan, on an annual basis, either through a new external appraisal or an appraisal evaluation. When an appraised value is not available or management determines the fair value of the collateral is further impaired below the appraised value and there is no observable market price, the Company considers the impaired loan as nonrecurring Level 3. The fair value of impaired loans may also be estimated using the present value of expected future cash flows to be realized on the loan, which is also considered a Level 3 valuation. These fair value estimates are subject to fluctuations in assumptions about the amount and timing of expected cash flows as well as the choice of discount rate used in the present value calculation. | ||||||
Other Real Estate Owned (“OREO”) | ||||||
OREO, consisting of properties obtained through foreclosure or in satisfaction of loans, is reported at the lower of cost or fair value, determined on the basis of current appraisals, comparable sales, and other estimates of value obtained principally from independent sources, adjusted for estimated selling costs (Level 2). At the time of foreclosure, any excess of the loan balance over the fair value of the real estate held as collateral is treated as a charge against the allowance for loan losses. Gains or losses on sale and generally any subsequent adjustments to the value are recorded as a component of real estate owned activity. When an appraised value is not available or management determines the fair value of the collateral is further impaired below the appraised value and there is no observable market price, the Company considers the OREO as nonrecurring Level 3. | ||||||
Assets and Liabilities Recorded at Fair Value on a Recurring Basis | ||||||
The tables below present the recorded amount of assets and liabilities measured at fair value on a recurring basis. | ||||||
31-Dec-13 | ||||||
(dollars in thousands) | Level 1 | Level 2 | Level 3 | Total | ||
Assets | ||||||
Securities available for sale: | ||||||
US government agencies | $- | 7,755 | - | 7,755 | ||
SBA securities | - | 5,271 | - | 5,271 | ||
State and political subdivisions | - | 23,370 | - | 23,370 | ||
Mortgage-backed securities | - | 31,044 | - | 31,044 | ||
Total assets measured at fair value on a recurring basis | $- | 67,440 | - | 67,440 | ||
31-Dec-12 | ||||||
Level 1 | Level 2 | Level 3 | Total | |||
Assets | ||||||
Securities available for sale: | ||||||
US government agencies | $- | 7,785 | - | 7,785 | ||
SBA securities | - | 6,072 | - | 6,072 | ||
State and political subdivisions | - | 25,249 | - | 25,249 | ||
Mortgage-backed securities | - | 39,116 | - | 39,116 | ||
Total assets measured at fair value on a recurring basis | $- | 78,222 | - | 78,222 | ||
The Company has no liabilities carried at fair value or measured at fair value on a recurring or nonrecurring basis. | ||||||
Assets and Liabilities Recorded at Fair Value on a Nonrecurring Basis | ||||||
The Company is predominantly an asset based lender with real estate serving as collateral on more than 80% of loans as of December 31, 2013. Loans which are deemed to be impaired are valued net of the allowance for loan losses, and | ||||||
other real estate owned is valued at the lower of cost or net realizable value of the underlying real estate collateral. Such market values are generally obtained using independent appraisals, which the Company considers to be level 2 inputs. The tables below present the recorded amount of assets and liabilities measured at fair value on a nonrecurring basis. | ||||||
31-Dec-13 | ||||||
(dollars in thousands) | Level 1 | Level 2 | Level 3 | Total | ||
Assets | ||||||
Impaired loans | $- | 10,495 | 1,158 | 11,653 | ||
Other real estate owned | - | 1,085 | 113 | 1,198 | ||
Total assets measured at fair value on a nonrecurring basis | $- | 11,580 | 1,271 | 12,851 | ||
31-Dec-12 | ||||||
Level 1 | Level 2 | Level 3 | Total | |||
Assets | ||||||
Impaired loans | $- | 13,748 | 191 | 13,939 | ||
Other real estate owned | - | 1,390 | 329 | 1,719 | ||
Total assets measured at fair value on a nonrecurring basis | $- | 15,138 | 520 | 15,658 | ||
The Company had no liabilities carried at fair value or measured at fair value on a nonrecurring basis. | ||||||
For Level 3 assets and liabilities measured at fair value on a recurring or nonrecurring basis as of December 31, 2013, the significant unobservable inputs used in the fair value measurements were as follows: | ||||||
Valuation Technique | Significant Unobservable Inputs | |||||
Impaired loans | Appraised Value/ Discounted | Discount rate | ||||
Cash Flows | ||||||
Other real estate owned | Appraised Value/ | Collateral value | ||||
Comparable Sales | ||||||
Fair Value of Financial Instruments | ||||||
Financial instruments require disclosure of fair value information, whether or not recognized in the consolidated balance sheets, when it is practical to estimate the fair value. A financial instrument is defined as cash, evidence of an ownership interest in an entity or a contractual obligation which requires the exchange of cash. Certain items are specifically excluded from the disclosure requirements, including the Company’s common stock, premises and equipment and other assets and liabilities. | ||||||
The following is a description of valuation methodologies used to estimate fair value for certain other financial instruments. | ||||||
Fair value approximates carrying value for the following financial instruments due to the short-term nature of the instrument: cash and due from banks, federal funds sold, other investments, federal funds purchased, and securities sold under agreement to repurchase. | ||||||
Bank Owned Life Insurance – The cash surrender value of bank owned life insurance policies held by the Company approximates fair values of the policies. | ||||||
Deposits – Fair value for demand deposit accounts and interest-bearing accounts with no fixed maturity date is equal to the carrying value. The fair value of certificate of deposit accounts are estimated by discounting cash flows from expected maturities using current interest rates on similar instruments. | ||||||
FHLB Advances and Other Borrowings – Fair value for FHLB advances and other borrowings are estimated by discounting cash flows from expected maturities using current interest rates on similar instruments. | ||||||
Junior subordinated debentures – Fair value for junior subordinated debentures are estimated by discounting cash flows from expected maturities using current interest rates on similar instruments. | ||||||
The Company has used management’s best estimate of fair value based on the above assumptions. Thus, the fair values presented may not be the amounts that could be realized in an immediate sale or settlement of the instrument. In addition, any income taxes or other expenses, which would be incurred in an actual sale or settlement, are not taken into consideration in the fair value presented. | ||||||
The estimated fair values of the Company’s financial instruments at December 31, 2013 and 2012 are as follows: | ||||||
31-Dec-13 | ||||||
(dollars in thousands) | Carrying | Fair | Level 1 | Level 2 | Level 3 | |
Amount | Value | |||||
Financial Assets: | ||||||
Cash and cash equivalents | $39,203 | 39,203 | 39,203 | - | - | |
Other investments, at cost | 6,116 | 6,116 | - | - | 6,116 | |
Loans, net | 727,054 | 735,939 | - | 10,676 | 725,263 | |
Bank owned life insurance | 21,383 | 21,383 | - | - | 21,383 | |
Financial Liabilities: | ||||||
Deposits | 680,319 | 550,988 | - | 550,988 | - | |
FHLB and other borrowings | 124,100 | 135,411 | - | 135,411 | - | |
Junior subordinated debentures | 13,403 | 5,145 | - | 5,145 | - | |
31-Dec-12 | ||||||
Carrying | Fair | Level 1 | Level 2 | Level 3 | ||
Amount | Value | |||||
Financial Assets: | ||||||
Cash and cash equivalents | $29,413 | 29,413 | 29,413 | - | - | |
Other investments, at cost | 7,794 | 7,794 | - | - | 7,794 | |
Loans, net | 636,858 | 645,852 | - | 13,748 | 632,104 | |
Bank owned life insurance | 18,725 | 18,725 | - | - | 18,725 | |
Financial Liabilities: | ||||||
Federal funds purchased | 13,190 | 13,190 | 13,190 | - | - | |
Deposits | 576,299 | 561,599 | - | 561,599 | - | |
FHLB and other borrowings | 124,100 | 140,455 | - | 140,455 | - | |
Junior subordinated debentures | 13,403 | 5,093 | - | 5,093 | - | |
Earnings_Per_Common_Share
Earnings Per Common Share | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Earnings Per Common Share [Abstract] | ' | |||
Earnings Per Common Share | ' | |||
NOTE 12 – Earnings Per Common Share | ||||
The following schedule reconciles the numerators and denominators of the basic and diluted earnings per share computations for the years ended December 31, 2013, 2012 and 2011. Dilutive common shares arise from the potentially dilutive effect of the Company’s stock options and warrants that are outstanding. The assumed conversion of stock options and warrants can create a difference between basic and dilutive net income per common share. | ||||
At December 31, 2013, 2012 and 2011, 34,624, 74,802, and 167,937 options, respectively, were anti-dilutive in the calculation of earnings per share as their exercise price exceeded the fair market value. All earnings per share amounts have been restated to reflect the 10% stock dividends issued in January 2012 and 2013. | ||||
December 31, | ||||
(dollars in thousands, except share data) | 2013 | 2012 | 2011 | |
Numerator: | ||||
Net income | $5,120 | 3,862 | 2,088 | |
Less: Preferred stock dividends | 771 | 840 | 865 | |
Discount accretion | - | 360 | 279 | |
Add: Redemption of preferred stock | 20 | 96 | - | |
Net income available to common shareholders | $4,369 | 2,758 | 944 | |
Denominator: | ||||
Weighted-average common shares outstanding - basic | 4,279,992 | 4,229,928 | 4,200,980 | |
Common stock equivalents | 178,926 | 110,030 | 85,438 | |
Weighted-average common shares outstanding - diluted | 4,458,918 | 4,339,958 | 4,286,418 | |
Earnings per common share: | ||||
Basic | $1.02 | 0.65 | 0.22 | |
Diluted | $0.98 | 0.64 | 0.22 |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | ||
Dec. 31, 2013 | |||
Commitments and Contingencies [Abstract] | ' | ||
Commitments and Contingencies | ' | ||
NOTE 13 – Commitments and Contingencies | |||
The Company has entered into a three year employment agreement with its chief executive officer and a two year employment agreement with its president and with six executive and senior vice presidents. These agreements also include a) an incentive program, b) a stock option plan, c) a one-year non-compete agreement upon termination and a severance payment equal to one year of compensation. The total estimated aggregate salary commitment is approximately $1.9 million. | |||
The Company has an agreement with a data processor which expires in 2014 to provide certain item processing, electronic banking, and general ledger processing services. Components of this contract vary based on transaction and account volume and include a base monthly charge of approximately $110,000. | |||
At December 31, 2013, the Company has a contract with a construction company for $1.3 million to construct a new office building in Mt. Pleasant, South Carolina. In addition, the Company occupied land and banking office space under leases expiring on various dates through 2028. The estimated future minimum lease payments under these noncancelable operating leases are summarized as follows: | |||
(dollars in thousands) | For the years ended December 31, | ||
2014 | $776 | ||
2015 | 795 | ||
2016 | 794 | ||
2017 | 132 | ||
2018 | 137 | ||
Thereafter | 1,129 | ||
$3,763 | |||
Lease expense for the years ended December 31, 2013, 2012, and 2011, totaled $800,000, $728,000, and $684,000, respectively. | |||
The Company may be subject to litigation and claims in the normal course of business. As of December 31, 2013, management believes there is no material litigation pending. |
Income_Taxes
Income Taxes | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Income Taxes [Abstract] | ' | |||
Income Taxes | ' | |||
NOTE 14 – Income Taxes | ||||
The components of income tax expense were as follows: | ||||
For the years ended December 31, | ||||
(dollars in thousands) | 2013 | 2012 | 2011 | |
Current income taxes: | ||||
Federal | $2,747 | 2,031 | 1,627 | |
State | 129 | 98 | 63 | |
Total current tax expense | 2,876 | 2,129 | 1,690 | |
Deferred income tax benefit | -460 | -296 | -857 | |
Income tax expense | $2,416 | 1,833 | 833 | |
The following is a summary of the items that caused recorded income taxes to differ from taxes computed using the statutory tax rate: | ||||
For the years ended December 31, | ||||
(dollars in thousands) | 2013 | 2012 | 2011 | |
Tax expense at statutory rate | $2,562 | 1,936 | 993 | |
Effect of state income taxes | 85 | 65 | 74 | |
Exempt income | -199 | -168 | -234 | |
Other | -32 | - | - | |
Income tax expense | $2,416 | 1,833 | 833 | |
The components of the deferred tax assets and liabilities are as follows: | ||||
December 31, | ||||
(dollars in thousands) | 2013 | 2012 | ||
Deferred tax assets: | ||||
Allowance for loan losses | $3,472 | 3,091 | ||
Unrealized loss on securities available for sale | 695 | - | ||
Net deferred loan fees | 450 | 326 | ||
Interest on nonaccrual loans | 627 | 617 | ||
Deferred compensation | 833 | 577 | ||
Sale of real estate owned | 199 | 212 | ||
Other | 297 | 287 | ||
6,573 | 5,110 | |||
Deferred tax liabilities: | ||||
Property and equipment | 1,225 | 1,188 | ||
Unrealized gain on securities available for sale | - | 607 | ||
Other | 410 | 139 | ||
1,635 | 1,934 | |||
Net deferred tax asset | $4,938 | 3,176 | ||
The Company has analyzed the tax positions taken or expected to be taken in its tax returns and concluded it has no liability related to uncertain tax positions. |
Related_Party_Transactions
Related Party Transactions | 12 Months Ended | ||
Dec. 31, 2013 | |||
Related Party Transactions [Abstract] | ' | ||
Related Party Transactions | ' | ||
NOTE 15 – Related Party Transactions | |||
Certain directors, executive officers, and companies with which they are affiliated, are clients of and have banking transactions with the Company in the ordinary course of business. These loans were made on substantially the same terms, including interest rates and collateral, as those prevailing at the time for comparable transactions with persons not related to the lender. | |||
A summary of loan transactions with directors, including their affiliates and executive officers is as follows: | |||
For the years ended December 31, | |||
(dollars in thousands) | 2013 | 2012 | |
Balance, beginning of year | $17,404 | 16,968 | |
New loans | 25,830 | 14,081 | |
Less loan payments | -19,767 | -13,645 | |
Balance, end of year | $23,467 | 17,404 | |
Deposits by officers and directors and their related interests at December 31, 2013 and 2012, were $2.5 million and $2.2 million, respectively. | |||
The Company has a land lease with a director on the property for a branch office, with monthly payments of $5,388. In addition, the Company periodically enters into various consulting agreements with the director for development, administration and advisory services related to the purchase of property and construction of current and future branch office sites. Also, the Company contracts with the director on an annual basis to provide property management services for its four offices in the Greenville market. The Company paid the director approximately $30,000, $44,000, and $39,000 for these services during 2013, 2012, and 2011, respectively. | |||
The Company is of the opinion that the lease payments and consulting fees represent market costs that could have been obtained in similar “arms length” transactions. |
Financial_Instruments_With_Off
Financial Instruments With Off-Balance Sheet Risk | 12 Months Ended |
Dec. 31, 2013 | |
Financial Instruments With Off Balance Sheet Risk [Abstract] | ' |
Financial Instruments With Off-Balance Sheet Risk | ' |
NOTE 16 – Financial Instruments With Off-Balance Sheet Risk | |
In the ordinary course of business, and to meet the financing needs of its clients, the Company is a party to various financial instruments with off-balance sheet risk. These financial instruments, which include commitments to extend credit and standby letters of credit, involve, to varying degrees, elements of credit and interest rate risk in excess of the amounts recognized in the balance sheets. The contract amount of those instruments reflects the extent of involvement the Company has in particular classes of financial instruments. | |
The Company’s exposure to credit loss in the event of nonperformance by the other party to the financial instrument for commitments to extend credit and standby letters of credit is represented by the contractual amounts of those instruments. The Company uses the same credit policies in making commitments and conditional obligations as it does for on-balance sheet instruments. | |
Commitments to extend credit are agreements to lend to a client as long as there is no violation of any material condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require the payment of a fee. At December 31, 2013, unfunded commitments to extend credit were approximately $138.7 million, of which $32.6 million is at fixed rates and $106.1 million is at variable rates. At December 31, 2012, unfunded commitments to extend credit were approximately $115.6 million, of which $22.1 million is at fixed rates and $93.5 million is at variable rates. The Company evaluates each client’s credit-worthiness on a case-by-case basis. The amount of collateral obtained, if deemed necessary by the Company upon extension of credit, is based on management’s credit evaluation of the borrower. Collateral varies but may include accounts receivable, inventory, property, plant and equipment, and commercial and residential real estate. | |
At December 31, 2013 and 2012, there was a $3.0 million and $2.3 million, respectively, commitment under letters of credit. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loan facilities to clients. Collateral varies but may include accounts receivable, inventory, equipment, marketable securities and property. Since most of the letters of credit are expected to expire without being drawn upon, they do not necessarily represent future cash requirements. The fair value of off balance sheet lending commitments are based on fees currently charged to enter into similar agreements, taking into account the remaining terms of the agreements and the counterparties credit standing. The total fair value of such instruments is not material. |
Employee_Benefit_Plan
Employee Benefit Plan | 12 Months Ended |
Dec. 31, 2013 | |
Employee Benefit Plan [Abstract] | ' |
Employee Benefit Plan | ' |
NOTE 17 – Employee Benefit Plan | |
On January 1, 2000, the Company adopted the Southern First Bancshares, Inc. Profit Sharing and 401(k) Plan for the benefit of all eligible employees. The Plan was amended in 2006 to provide a Roth 401(k) feature to the Plan. The Company contributes to the Plan annually upon approval by the Board of Directors. Contributions made to the Plan for the years ended December 31, 2013, 2012, and 2011 amounted to $235,000, $195,000, and $176,000, respectively. | |
The Company also provides a nonqualified deferred compensation plan for 16 executive officers in the form of a Supplemental Executive Retirement Plan (“SERP”). The plan provides retirement income for these officers. As of December 31, 2013 and 2012, the Company had an accrued benefit obligation of $2.5 million and $1.7 million, respectively. The Company incurred expenses related to this plan of $753,000, $497,000, and $381,000 in 2013, 2012, and 2011, respectively. |
Warrants_and_Stock_Options_and
Warrants and Stock Options and Grant Plans | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Warrants and Stock Options and Grant Plans [Abstract] | ' | |||||||||||
Warrants and Stock Options and Grant Plans | ' | |||||||||||
NOTE 18 – Warrants and Stock Options and Grant Plans | ||||||||||||
On March 21, 2000, the Company adopted a stock option plan for the benefit of the directors, officers and employees. Under the Plan, the Board could grant up to 436,424 options at an option price per share not less than the fair market value on the date of grant. The options expire 10 years from the grant date, but expired or forfeited options may be reissued. Under the terms of the Plan any awards remaining and granted after March 2010 are accounted for as non-qualified stock options. As of January 2011, all available options under the Plan had been granted. | ||||||||||||
On May 18, 2010, the Company adopted the 2010 Incentive Plan in order to attract and retain highly qualified personnel who will contribute to the Company’s success. The Plan makes available for issuance 366,025 stock options (adjusted for the 10% stock dividends in 2013, 2012, and 2011). The options may be exercised at an option price per share based on the fair market value and determined on the date of grant and expire 10 years from the grant date. | ||||||||||||
A summary of the status of the stock option plan and changes for the period (adjusted for the stock dividends in 2011, 2012, and 2013) are presented below: | ||||||||||||
For the years ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Shares | Weighted | Aggregate | Shares | Weighted | Aggregate | Shares | Weighted | Aggregate | ||||
average | Intrinsic | average | Intrinsic | average | Intrinsic | |||||||
exercise | Value | exercise | Value | exercise | Value | |||||||
price | price | price | ||||||||||
Outstanding at beginning of year | 556,474 | $6.72 | 455,698 | $6.76 | 428,469 | $7.04 | ||||||
Granted | 90,300 | 9.05 | 120,615 | 6.31 | 87,967 | 6.05 | ||||||
Exercised | -28,596 | 6.49 | -17,867 | 5.36 | -16,615 | 4.65 | ||||||
Forfeited or expired | -997 | 6.49 | -1,972 | 5.17 | -44,123 | 8.76 | ||||||
Outstanding at end of year | 617,181 | $7.05 | $3,891,860 | 556,474 | $6.72 | $1,265,486 | 455,698 | $6.76 | $117,017 | |||
Options exercisable at year-end | 346,509 | $3,891,860 | 257,290 | $1,265,486 | 181,059 | $117,017 | ||||||
Shares available for grant | 140,525 | 229,616 | 350,231 | |||||||||
The fair value of the option grant is estimated on the date of grant using the Black-Scholes option-pricing model. The following assumptions were used for grants: expected volatility of 43.74% for 2013, 44.04% for 2012, and 26.76% for 2011; risk-free interest rate of 1.78% for 2013, 1.86% for 2012, and 3.35% for 2011; 10 year life expectancy of the options, and; assumed dividend rate of zero. | ||||||||||||
The aggregate intrinsic value in the table above represents the total pre-tax intrinsic value (the difference between the Company’s closing stock price on the last trading day of 2013 and the exercise price, multiplied by the number of in-the-money options) that would have been received by the option holders had all option holders exercised their options on December 31, 2013. This amount changes based on the fair market value of the Company’s stock. | ||||||||||||
In 2006, the Company adopted a restricted stock plan for the benefit of the directors, officers and employees. Under the restricted stock plan, 13,310 shares of restricted stock (adjusted for the stock dividends in 2011 and 2012) were authorized for issuance. As of December 31, 2012 all shares of restricted stock, authorized under the plan had been granted. In May 2010, the Company adopted the 2010 Incentive Plan which included a provision for the issuance of 79,860 shares of restricted stock (adjusted for all subsequent stock dividends). | ||||||||||||
Shares of restricted stock granted to employees under the stock plans are subject to restrictions as to continuous employment for a specified time period following the date of grant. During this period, the holder is entitled to full voting rights and dividends. | ||||||||||||
A summary of the status of the Company’s nonvested restricted stock and changes for the years ended December 31, 2013, 2012, and 2011 (adjusted for the stock dividends in 2011, 2012, and 2013) is as follows: | ||||||||||||
December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Restricted | Weighted | Restricted | Weighted | Restricted | Weighted | |||||||
Shares | Average | Shares | Average | Shares | Average | |||||||
Grant-Date | Grant-Date | Grant-Date | ||||||||||
Fair Value | Fair Value | Fair Value | ||||||||||
Nonvested at beginning of year | 28,119 | $6.76 | 3,025 | $6.53 | - | $- | ||||||
Granted | 43,750 | 12.91 | 25,850 | 6.78 | 3,025 | 6.53 | ||||||
Vested | -7,219 | 6.76 | -756 | 6.53 | - | - | ||||||
Forfeited | - | - | - | - | - | - | ||||||
Nonvested at end of year | 64,650 | $10.92 | 28,119 | $6.76 | 3,025 | $6.53 | ||||||
Preferred_Stock_Issuance
Preferred Stock Issuance | 12 Months Ended |
Dec. 31, 2013 | |
Preferred Stock Issuance [Abstract] | ' |
Preferred Stock Issuance | ' |
NOTE 19 – Preferred Stock Issuance | |
On February 27, 2009, as part of the Treasury Department’s Capital Purchase Program (“CPP”), the Company entered into a Securities Purchase Agreement with the U.S. Department of the Treasury (“the Treasury”), pursuant to which the Company sold 17,299 shares of its Fixed Rate Cumulative Perpetual Preferred Stock, Series T (the “Series T Preferred Stock”) and a warrant to purchase 399,970.34 shares of the Company’s common stock (the “Warrant”)for an aggregate purchase price of $17.3 million in cash. The Series T Preferred Stock qualified as Tier 1 capital and was entitled to cumulative dividends at a rate of 5% per annum for the first five years and 9% per annum thereafter. The Warrant had a 10-year term and was immediately exercisable upon its issuance, with an exercise price, subject to anti-dilution adjustments equal to $6.487 per share of the common stock. | |
On June 28, 2012, the Treasury sold its Series T Preferred Stock through a public offering structured as a modified Dutch auction. The Company bid on a portion of the Series T Preferred Stock in the auction after receiving approval from its regulators to do so. The clearing price per share for the preferred shares was $904 (compared to a par value of $1,000 per share), and the Company was successful in repurchasing 1,000 shares of the 17,299 shares of Series T Preferred Stock outstanding through the auction process. The remaining 16,299 shares of Series T Preferred Stock held by the Treasury were sold to unrelated third-parties through the auction process. Included in the September 30, 2012 operating results are approximately $130,000 of costs incurred by the Company related to the offering. These costs are not tax-deductible. The net balance sheet impact was a reduction to shareholders’ equity of $904,000 which is comprised of a decrease in Series T Preferred Stock of $1.0 million and a $96,000 increase to retained earnings related to the discount on the shares repurchased. The redemption of the $1.0 million in preferred shares will save the Company $50,000 annually in dividend expenses. | |
In addition, on July 25, 2012, the Company completed its repurchase of the Warrant from the Treasury for a mutually agreed upon price of $1.1 million. The difference between the fair value of the Warrant, as originally recorded, and the $1.1 million was $343,000 which resulted in a decrease to additional paid in capital. The Company also recorded the remaining accretion of $180,000 on the Series T Preferred Stock which brought the Preferred Stock to its par value. In conjunction with the repurchase of the Warrant, the Company obtained an interest only line of credit for $1.5 million with another financial institution. Interest is payable quarterly at a rate of 5%, and the line of credit matures on February 3, 2014. | |
Following the settlement of the Warrant on July 25, 2012, the Treasury has completely eliminated its equity stake in the Company through the Capital Purchase Program. As a result, the executive compensation and corporate governance standards that were applicable to the Company while the Treasury held shares of the Series T Preferred Stock are no longer applicable to our Company, and we have the option to increase the compensation for our executive officers and other senior employees on a going forward basis. |
Dividends
Dividends | 12 Months Ended |
Dec. 31, 2013 | |
Dividends [Abstract] | ' |
Dividends | ' |
NOTE 20 – Dividends | |
The ability of the Company to pay cash dividends is dependent upon receiving cash in the form of dividends from the Bank. The dividends that may be paid by the Bank to the Company are subject to legal limitations and regulatory capital requirements. Further, the Company cannot pay cash dividends on its common stock during any calendar quarter unless full dividends on the Series T preferred stock for the dividend period ending during the calendar quarter have been declared and the Company has not failed to pay a dividend in the full amount of the Series T preferred stock with respect to the period in which such dividend payment in respect of its common stock would occur. Effective May 15, 2014, the dividend rate on any outstanding Series T Preferred Stock will increase to 9% per annum from the current rate of 5%. | |
Also, the payment of cash dividends on the Company's common stock by the Company in the future will be subject to certain other legal and regulatory limitations (including the requirement that the Company’s capital be maintained at certain minimum levels) and will be subject to ongoing review by banking regulators. The Federal Reserve has issued a policy statement regarding the payment of dividends by bank holding companies. In general, the Federal Reserve’s policies provide that dividends should be paid only out of current earnings and only if the prospective rate of earnings retention by the bank holding company appears consistent with the organization’s capital needs, asset quality and overall financial condition. | |
On January 15, 2013, the Company's Board of Directors approved a ten percent stock dividend to the Company's shareholders. The record date was February 1, 2013 and the distribution date was February 15, 2013. On January 17, 2012, the Company's Board of Directors also approved a ten percent stock dividend to the Company's shareholders. The record date was February 3, 2012 and the distribution date was February 17, 2012. Earnings per share and average shares outstanding have been adjusted to reflect the stock dividend in our Consolidated Statements of Income. |
Regulatory_Matters
Regulatory Matters | 12 Months Ended | ||||||
Dec. 31, 2013 | |||||||
Regulatory Matters [Abstract] | ' | ||||||
Regulatory Matters | ' | ||||||
NOTE 21 – Regulatory Matters | |||||||
The Company and the Bank are subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory and possible additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Company and Bank’s financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Bank must meet specific capital guidelines that involve quantitative measures of the assets, liabilities, and certain off balance sheet items as calculated under regulatory accounting practices. The Bank’s capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings, and other factors. | |||||||
Quantitative measures established by regulation to ensure capital adequacy require the Company and Bank to maintain minimum amounts and ratios (set forth in the table below) of Total and Tier 1 capital to risk-weighted assets, and of Tier 1 capital to average assets. Total capital includes Tier 1 and Tier 2 capital. Tier 2 capital consists of the allowance for loan losses subject to certain limitations. Management believes, as of December 31, 2013, that the Company and Bank exceed all well capitalized requirements to which they are subject. | |||||||
The following table summarizes the capital amounts and ratios of the Bank and the Company and the regulatory minimum requirements at December 31, 2013 and 2012. | |||||||
Actual | For capital | To be well | |||||
adequacy purposes | capitalized | ||||||
minimum | under prompt | ||||||
corrective action | |||||||
provisions | |||||||
minimum | |||||||
(dollars in thousands) | Amount | Ratio | Amount | Ratio | Amount | Ratio | |
As of December 31, 2013 | |||||||
The Bank | |||||||
Total Capital (to risk weighted assets) | $88,674 | 12.20% | 58,381 | 8.00% | 72,976 | 10.00% | |
Tier 1 Capital (to risk weighted assets) | 79,538 | 10.90% | 29,191 | 4.00% | 43,786 | 6.00% | |
Tier 1 Capital (to average assets) | 79,538 | 9.10% | 34,989 | 4.00% | 43,737 | 5.00% | |
The Company | |||||||
Total Capital (to risk weighted assets) | 89,149 | 12.20% | 58,381 | 8.00% | n/a | n/a | |
Tier 1 Capital (to risk weighted assets) | 80,013 | 11.00% | 29,191 | 4.00% | n/a | n/a | |
Tier 1 Capital (to average assets) | 80,013 | 9.10% | 35,063 | 4.00% | n/a | n/a | |
As of December 31, 2012 | |||||||
The Bank | |||||||
Total Capital (to risk weighted assets) | $83,763 | 13.00% | 51,498 | 8.00% | 64,372 | 10.00% | |
Tier 1 Capital (to risk weighted assets) | 75,704 | 11.80% | 25,749 | 4.00% | 38,623 | 6.00% | |
Tier 1 Capital (to average assets) | 75,704 | 9.60% | 31,492 | 4.00% | 39,366 | 5.00% | |
The Company | |||||||
Total Capital (to risk weighted assets) | 84,006 | 13.10% | 51,498 | 8.00% | n/a | n/a | |
Tier 1 Capital (to risk weighted assets) | 75,947 | 11.80% | 25,749 | 4.00% | n/a | n/a | |
Tier 1 Capital (to average assets) | 75,947 | 9.70% | 31,492 | 4.00% | n/a | n/a |
Parent_Company_Financial_Infor
Parent Company Financial Information | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Parent Company Financial Information [Abstract] | ' | |||
Parent Company Financial Information | ' | |||
NOTE 22 – Parent Company Financial Information | ||||
Following is condensed financial information of Southern First Bancshares, Inc. (parent company only): | ||||
Condensed Balance Sheets | ||||
December 31, | ||||
(dollars in thousands) | 2013 | 2012 | ||
Assets | ||||
Cash and cash equivalents | $15 | 82 | ||
Investment in subsidiaries | 78,593 | 77,285 | ||
Other assets | 1,876 | 1,578 | ||
Total assets | $80,484 | 78,945 | ||
Liabilities and Shareholders’ Equity | ||||
Accounts payable and accrued expenses | $16 | 17 | ||
Other borrowings | 1,400 | 1,400 | ||
Junior subordinated debentures | 13,403 | 13,403 | ||
Shareholders’ equity | 65,665 | 64,125 | ||
Total liabilities and shareholders’ equity | $80,484 | 78,945 | ||
Condensed Statements of Income | ||||
For the years ended December 31, | ||||
2013 | 2012 | 2011 | ||
Revenues | ||||
Interest income | $- | - | 1 | |
Total revenue | - | - | 1 | |
Expenses | ||||
Interest expense | 416 | 406 | 350 | |
Other expenses | 514 | 342 | 276 | |
Total expenses | 930 | 748 | 626 | |
Income tax benefit | 316 | 254 | 212 | |
Loss before equity in undistributed net income of subsidiaries | -614 | -494 | -413 | |
Equity in undistributed net income of subsidiaries | 5,734 | 4,356 | 2,501 | |
Net income | $5,120 | 3,862 | 2,088 | |
Condensed Statements of Cash Flows | ||||
For the years ended December 31, | ||||
2013 | 2012 | 2011 | ||
Operating activities | ||||
Net income | $5,120 | 3,862 | 2,088 | |
Adjustments to reconcile net income to net cash used for | ||||
operating activities | ||||
Equity in undistributed net income of subsidiaries | -5,734 | -4,356 | -2,501 | |
Compensation expense related to stock options and restricted stock grants | 515 | 341 | 276 | |
Increase in other assets | -298 | -241 | -194 | |
Increase (decrease) in accounts payable and accrued expenses | -1 | 11 | - | |
Net cash used for operating activities | -398 | -383 | -331 | |
Investing activities | ||||
Investment in subsidiaries | 1,900 | 1,804 | 550 | |
Net cash provided by investing activities | 1,900 | 1,804 | 550 | |
Financing activities | ||||
Increase in note payable | - | 1,400 | - | |
Redemption of preferred stock | -980 | -1,100 | - | |
Redemption of CPP Warrant | - | -904 | - | |
Cash dividend on preferred stock | -778 | -845 | -865 | |
Cash in lieu | -9 | -2 | -1 | |
Proceeds from the exercise of stock options and warrants | 198 | 96 | 77 | |
Net cash used for financing activities | -1,569 | -1,355 | -789 | |
Net increase (decrease) in cash and cash equivalents | (67) | 66 | -570 | |
Cash and cash equivalents, beginning of year | 82 | 16 | 586 | |
Cash and cash equivalents, end of year | $15 | 82 | 16 |
Selected_Condensed_Quarterly_F
Selected Condensed Quarterly Financial Data (Unaudited) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Selected Condensed Quarterly Financial Data [Abstract] | ' | ||||
Selected Condensed Quarterly Financial Data | ' | ||||
NOTE 23 – Selected Condensed Quarterly Financial Data (Unaudited) | |||||
2013 | |||||
For the quarters ended | |||||
(dollars in thousands, except share data) | 31-Mar | 30-Jun | 30-Sep | 31-Dec | |
Interest income | $8,743 | 8,912 | 9,100 | 9,363 | |
Interest expense | 1,865 | 1,782 | 1,737 | 1,714 | |
Net interest income | 6,878 | 7,130 | 7,363 | 7,649 | |
Provision for loan losses | 1,125 | 750 | 775 | 825 | |
Noninterest income | 882 | 878 | 1,055 | 987 | |
Noninterest expenses | 5,230 | 5,301 | 5,510 | 5,771 | |
Income before income tax expense | 1,405 | 1,957 | 2,133 | 2,040 | |
Income tax expense | 444 | 657 | 714 | 601 | |
Net income | 961 | 1,300 | 1,419 | 1,439 | |
Preferred stock dividends | 197 | 191 | 191 | 191 | |
Redemption of preferred stock | 20 | - | - | - | |
Net income available to common shareholders | $784 | 1,109 | 1,228 | 1,248 | |
Earnings per common share | |||||
Basic | $0.18 | 0.26 | 0.29 | 0.29 | |
Diluted | $0.18 | 0.25 | 0.27 | 0.27 | |
Weighted average common shares outstanding | |||||
Basic | 4,262,330 | 4,269,097 | 4,271,652 | 4,316,890 | |
Diluted | 4,371,324 | 4,423,141 | 4,490,026 | 4,551,182 | |
2012 | |||||
For the quarters ended | |||||
31-Mar | 30-Jun | 30-Sep | 31-Dec | ||
Interest income | $8,557 | 8,534 | 8,790 | 8,817 | |
Interest expense | 2,428 | 2,156 | 2,082 | 2,037 | |
Net interest income | 6,129 | 6,378 | 6,708 | 6,780 | |
Provision for loan losses | 1,200 | 1,275 | 1,125 | 950 | |
Noninterest income | 837 | 741 | 1,286 | 897 | |
Noninterest expenses | 4,779 | 4,655 | 5,025 | 5,053 | |
Income before income tax expense | 987 | 1,189 | 1,844 | 1,674 | |
Income tax expense | 299 | 374 | 618 | 541 | |
Net income | 688 | 815 | 1,226 | 1,133 | |
Preferred stock dividends | 216 | 216 | 204 | 204 | |
Discount accretion | 73 | 106 | 180 | - | |
Redemption of preferred stock | - | 96 | - | - | |
Net income available to common shareholders | $399 | 589 | 842 | 929 | |
Earnings per common share | |||||
Basic | $0.09 | 0.14 | 0.2 | 0.22 | |
Diluted | $0.09 | 0.13 | 0.19 | 0.22 | |
Weighted average common shares outstanding | |||||
Basic | 4,222,622 | 4,225,993 | 4,229,819 | 4,241,280 | |
Diluted | 4,267,813 | 4,436,920 | 4,349,971 | 4,305,127 |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies and Activities (Policies) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Summary of Significant Accounting Policies and Activities [Abstract] | ' | ||||
Business activity | ' | ||||
Southern First Bancshares, Inc. (the "Company") is a South Carolina corporation that owns all of the capital stock of Southern First Bank (the "Bank") and all of the stock of Greenville First Statutory Trust I and II (collectively, the "Trusts"). The Trusts are special purpose non-consolidated entities organized for the sole purpose of issuing trust preferred securities. The Bank's primary federal regulator is the Federal Deposit Insurance Corporation (the "FDIC"). The Bank is also regulated and examined by the South Carolina Board of Financial Institutions. The Bank is primarily engaged in the business of accepting demand deposits and savings deposits insured by the FDIC, and providing commercial, consumer and mortgage loans to the general public. | |||||
Basis of Presentation | ' | ||||
Basis of Presentation | |||||
The accompanying consolidated financial statements include the accounts of the Company and its wholly owned subsidiary, Southern First Bank. We have no additional reportable operating segments under Accounting Standards Codification (“ASC”) 280 “Segment Reporting.” In consolidation, all significant intercompany transactions have been eliminated. The accounting and reporting policies conform to accounting principles generally accepted in the United States of America. In accordance with guidance issued by the Financial Accounting Standards Board (“FASB”), the operations of the Trusts have not been consolidated in these financial statements. | |||||
Use of Estimates | ' | ||||
Use of Estimates | |||||
The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America 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 consolidated financial statements and the reported amount of income and expenses during the reporting periods. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change in the near term relate to the determination of the allowance for loan losses, real estate acquired in settlement of loans, fair value of financial instruments, evaluating other-than-temporary-impairment of investment securities and valuation of deferred tax assets. | |||||
Risks and Uncertainties | ' | ||||
Risks and Uncertainties | |||||
In the normal course of its business, the Company encounters two significant types of risks: economic and regulatory. There are three main components of economic risk: interest rate risk, credit risk and market risk. The Company is subject to interest rate risk to the degree that its interest-bearing liabilities mature or reprice at different speeds, or on different bases, than its interest-earning assets. Credit risk is the risk of default within the Company’s loan portfolio that results from borrowers’ inability or unwillingness to make contractually required payments. Market risk reflects changes in the value of collateral underlying loans receivable and the valuation of real estate held by the Company. | |||||
The Company is subject to the regulations of various governmental agencies. These regulations can and do change significantly from period to period. The Company also undergoes periodic examinations by the regulatory agencies, which may subject it to changes with respect to valuation of assets, amount of required loan loss allowance and operating restrictions resulting from the regulators’ judgments based on information available to them at the time of their examinations. | |||||
The Bank makes loans to individuals and businesses in the Upstate, Midlands, and Lowcountry regions of South Carolina for various personal and commercial purposes. The Bank’s loan portfolio has a concentration of real estate loans. As of December 31, 2013 and 2012, real estate loans represented 80.6% and 80.9%, respectively, of total loans. However, borrowers’ ability to repay their loans is not dependent upon any specific economic sector. | |||||
Subsequent Events | ' | ||||
Subsequent Events | |||||
Subsequent events are events or transactions that occur after the balance sheet date but before financial statements are issued. Recognized subsequent events are events or transactions that provide additional evidence about conditions that existed at the date of the balance sheet, including the estimates inherent in the process of preparing financial statements. Non-recognized subsequent events are events that provide evidence about conditions that did not exist at the date of the balance sheet but arose after that date. | |||||
On January 27, 2014, the Company issued a total of 475,000 shares of its common stock to two controlled affiliates of EJF Capital, Inc. (collectively, “EJF”) at $13.00 per share in a private placement pursuant to Regulation D (the “Private Placement”). The gross proceeds to the Company from the Private Placement were used by the Company to redeem 4,057 shares of outstanding Series T Preferred Stock at a redemption price of $1,000 per share, or $4.1 million. The redemption of the 4,057 shares of Series T Preferred Stock will reduce the Company’s annual preferred dividend expenses by approximately $200,000. | |||||
The following table is a pro-forma statement to include the Private Placement and the Series T Preferred Stock redemption as of December 31, 2013. | |||||
As of December 31, 2013 | |||||
Common stock | Preferred stock | ||||
(Dollars in thousands) | Reported | Issuance, Net | Redemption | Pro Forma | |
Common equity | $50,366 | $5,940 | - | $56,306 | |
Preferred equity | $15,299 | ($4,057) | $11,242 | ||
Total shareholders' equity | $65,665 | $5,940 | ($4,057) | $67,548 | |
Common Shares | 4,319,750 | 475,000 | - | 4,794,750 | |
Book value per common share | $11.66 | $11.74 | |||
Tangible common equity/tangible asset ratio | 5.65% | 6.32% | |||
Tier I common ratio | 7.09% | 7.90% | |||
Tier I leverage ratio | 9.13% | 9.35% | |||
Tier I risk-based ratio | 10.96% | 11.22% | |||
Total risk-based ratio | 12.22% | 12.47% | |||
Reclassifications | ' | ||||
Reclassifications | |||||
Certain amounts, previously reported, have been reclassified to state all periods on a comparable basis and had no effect on shareholders’ equity or net income. | |||||
Cash and Cash Equivalents | ' | ||||
Cash and Cash Equivalents | |||||
Cash and cash equivalents include cash and due from banks, interest bearing deposits and federal funds sold. Cash and cash equivalents have original maturities of three months or less, and federal funds sold are generally purchased and sold for one-day periods. Accordingly, the carrying value of these instruments is deemed to be a reasonable estimate of fair value. At December 31, 2013 and 2012, included in cash and cash equivalents was $16.9 million and $15.6 million, respectively, on deposit to meet Federal Reserve Bank requirements. | |||||
Investment Securities | ' | ||||
Investment Securities | |||||
We classify our investment securities as held to maturity securities, trading securities and available for sale securities as applicable. | |||||
Debt securities are designated as held to maturity if we have the intent and the ability to hold the securities to maturity. Held to maturity securities are carried at amortized cost, adjusted for the amortization of any related premiums or the accretion of any related discounts into interest income using a methodology which approximates a level yield of interest over the estimated remaining period until maturity. Unrealized losses on held to maturity securities, reflecting a decline in value judged by us to be other than temporary, are charged to income in the Consolidated Statements of Income. | |||||
Debt and equity securities that are purchased and held principally for the purpose of selling in the near term are reported as trading securities. Trading securities are carried at fair value with unrealized holding gains and losses included in earnings. | |||||
We classify debt and equity securities as available for sale when at the time of purchase we determine that such securities may be sold at a future date or if we do not have the intent or ability to hold such securities to maturity. Securities designated as available for sale are recorded at fair value. Changes in the fair value of debt and equity securities available for sale are included in shareholders’ equity as unrealized gains or losses, net of the related tax effect. Unrealized losses on available for sale securities, reflecting a decline in value judged to be other than temporary, are charged to income in the Consolidated Statements of Income. Realized gains or losses on available for sale securities are computed on the specific identification basis. | |||||
Other Investments | ' | ||||
Other Investments | |||||
The Bank, as a member institution, is required to own a stock investment in the Federal Home Loan Bank of Atlanta (“FHLB”). Cash dividends on our FHLB stock are recorded in investment income. Prior to the Bank’s conversion to a state charter on April 1, 2013, the Bank was also required to own stock in the Federal Reserve Bank. These stocks are generally pledged against any borrowings from these institutions. No ready market exists for these stocks and they have no quoted market value. However, redemption of these stocks has historically been at par value. Other investments also include a $403,000 investment in the Trusts. | |||||
Loans | ' | ||||
Loans | |||||
Loans are stated at the principal balance outstanding. Unamortized net loan fees and the allowance for possible loan losses are deducted from total loans on the balance sheets. Interest income is recognized over the term of the loan based on the principal amount outstanding. The net of loan origination fees received and direct costs incurred in the origination of loans is deferred and amortized to interest income over the contractual life of the loans adjusted for actual principal prepayments using a method approximating the interest method. | |||||
Nonaccrual and Past Due Loans | ' | ||||
Nonaccrual and Past Due Loans | |||||
Loans are generally placed on nonaccrual status when principal or interest becomes 90 days past due, or when payment in full is not anticipated. When a loan is placed on nonaccrual status, interest accrued but not received is generally reversed against interest income. Cash receipts on nonaccrual loans are not recorded as interest income, but are used to reduce the loan’s principal balance. A nonaccrual loan is generally returned to accrual status and accrual of interest is resumed when payments have been made according to the terms and conditions of the loan for a continuous six month period. Our loans are considered past due when contractually required principal or interest payments have not been made on the due dates. | |||||
Nonperforming Assets | ' | ||||
Nonperforming Assets | |||||
Nonperforming assets include real estate acquired through foreclosure or deed taken in lieu of foreclosure, loans on nonaccrual status and loans past due 90 days or more and still accruing interest. Loans are placed on nonaccrual status when, in the opinion of management, the collection of additional interest is uncertain. Thereafter no interest is taken into income until such time as the borrower demonstrates the ability to pay both principal and interest. | |||||
Impaired Loans | ' | ||||
Impaired Loans | |||||
Our impaired loans include loans on nonaccrual status and loans modified in a troubled debt restructuring (“TDR”), whether on accrual or nonaccrual status. For loans that are classified as impaired, an allowance is established when the fair value (discounted cash flows, collateral value, or observable market price) of the impaired loan less costs to sell, are lower than the carrying value of that loan. A loan is considered impaired when, based on current information and events, it is probable that the Company will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due, among other factors. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including, without limitation, the length of the delay, the reasons for the delay, the borrower's prior payment record, and the amount of the shortfall in relation to the principal and interest owed. Impairment is measured on a loan by loan basis for commercial and construction loans by either the present value of expected future cash flows discounted at the loan's effective interest rate, the loan's obtainable market price, or the fair value of the collateral if the loan is collateral dependent. In the first quarter of 2013, we began to evaluate impaired consumer loans on a loan by loan basis, using the same criteria as those used to evaluate impaired commercial loans. Prior to this change, large groups of smaller balance homogeneous consumer loans were collectively evaluated for impairment, and we did not separately identify individual consumer loans for impairment disclosures. | |||||
Loan Charge-off Policy | ' | ||||
Loan Charge-off Policy | |||||
For commercial loans, we generally fully charge off or charge collateralized loans down to net realizable value when management determines the loan to be uncollectible; repayment is deemed to be projected beyond reasonable time frames; the loan has been classified as a loss by either our internal loan review process or our banking regulatory agencies; the client has filed bankruptcy and the loss becomes evident owing to a lack of assets; or the loan is 120 days past due unless both well-secured and in the process of collection. For consumer loans, we generally charge down to net realizable value when the loan is 180 days past due. | |||||
Troubled Debt Restructuring (TDRs) | ' | ||||
Troubled Debt Restructuring (TDRs) | |||||
The Company considers a loan to be a TDR when the debtor experiences financial difficulties and the Company provides concessions such that we will not collect all principal and interest in accordance with the original terms of the loan agreement. Concessions can relate to the contractual interest rate, maturity date, or payment structure of the note. As part of our workout plan for individual loan relationships, we may restructure loan terms to assist borrowers facing challenges in the current economic environment. | |||||
Our policy with respect to accrual of interest on loans restructured in a TDR follows relevant supervisory guidance. That is, if a borrower has demonstrated performance under the previous loan terms and shows capacity to perform under the restructured loan terms; continued accrual of interest at the restructured interest rate is likely. If a borrower was materially delinquent on payments prior to the restructuring, but shows capacity to meet the restructured loan terms, the loan will likely continue as nonaccrual going forward. Lastly, if the borrower does not perform under the restructured terms, the loan is placed on nonaccrual status. We will continue to closely monitor these loans and will cease accruing interest on them if management believes that the borrowers may not continue performing based on the restructured note terms. If, after previously being classified as a TDR, a loan is restructured a second time, then that loan is automatically placed on nonaccrual status. Our policy with respect to nonperforming loans requires the borrower to make a minimum of six consecutive payments of principal and interest in accordance with the loan terms before that loan can be placed back on accrual status. Further, the borrower must show capacity to continue performing into the future prior to restoration of accrual status. | |||||
As a result of adopting the amendments in Accounting Standards Update (“ASU”) 2011-02, we reassessed all restructurings that occurred on or after the beginning of the fiscal year of adoption (January 1, 2011) to determine whether they are considered TDRs under the amended guidance. The amendments in ASU 2011-02 require prospective application of the impairment measurement guidance in ASC 310-10-35 for those loans newly identified as impaired. In the determination of the allowance for loan losses, management considers TDRs on commercial and consumer loans and subsequent defaults in these restructurings by measuring impairment, on a loan by loan basis, based on either the present value of expected future cash flows discounted at the loan's effective interest rate, the loan's obtainable market price, or the fair value of the collateral, less costs to sell, if the loan is collateral dependent. | |||||
Allowance for Loan Losses | ' | ||||
Allowance for Loan Losses | |||||
The allowance for loan losses is management’s estimate of credit losses inherent in the loan portfolio. The allowance for loan losses is established as losses are estimated to have occurred through a provision for loan losses charged to earnings. Loan losses are charged against the allowance when management believes the uncollectibility of a loan balance is confirmed. Subsequent recoveries, if any, are credited to the allowance. The allowance for loan losses is evaluated on a regular basis by management and is based upon management’s periodic review of the collectability of the loans in light of historical experience, the nature and volume of the loan portfolio, adverse situations that may affect the borrower’s ability to repay, the estimated value of any underlying collateral and prevailing economic conditions. This evaluation is inherently subjective as it requires estimates that are susceptible to significant revision as more information becomes available. | |||||
We have an established process to determine the adequacy of the allowance for loan losses that assesses the losses inherent in our portfolio. While we attribute portions of the allowance to specific portfolio segments, the entire allowance is available to absorb credit losses inherent in the total loan portfolio. Our process involves procedures to appropriately consider the unique risk characteristics of our commercial and consumer loan portfolio segments. For each portfolio segment, impairment is measured individually for each impaired loan. Our allowance levels are influenced by loan volume, loan grade or delinquency status, historic loss experience and other economic conditions. See Note 3 to the Consolidated Financial Statements for additional information on the Allowance for Loan Losses. | |||||
Other Real Estate Owned | ' | ||||
Other Real Estate Owned | |||||
Real estate acquired through foreclosure is initially recorded at the lower of cost or estimated fair value. Subsequent to the date of acquisition, it is carried at the lower of cost or fair value, adjusted for net selling costs. Fair values of real estate owned are reviewed regularly and writedowns are recorded when it is determined that the carrying value of real estate exceeds the fair value less estimated costs to sell. Costs relating to the development and improvement of such property are capitalized, whereas those costs relating to holding the property are expensed. | |||||
Property and Equipment | ' | ||||
Property and Equipment | |||||
Property and equipment are stated at cost. Major repairs are charged to operations, while major improvements are capitalized. Depreciation is computed using the straight-line method over the estimated useful lives of the related assets. Upon retirement, sale, or other disposition of property and equipment, the cost and accumulated depreciation are eliminated from the accounts, and gain or loss is included in income from operations. | |||||
Construction in progress is stated at cost, which includes the cost of construction and other direct costs attributable to the construction. No provision for depreciation is made on construction in progress until such time as the relevant assets are completed and put into use. | |||||
Bank Owned Life Insurance Policies | ' | ||||
Bank Owned Life Insurance Policies | |||||
Bank owned life insurance policies represent the cash value of policies on certain officers of the Company. | |||||
Securities Sold Under Agreements to Repurchase | ' | ||||
Securities Sold Under Agreements to Repurchase | |||||
The Bank enters into sales of securities under agreements to repurchase (reverse repurchase agreements). Repurchase agreements are treated as financing, with the obligation to repurchase securities sold being reflected as a liability and the securities underlying the agreements remaining as assets in the Consolidated Balance Sheets. | |||||
Comprehensive income | ' | ||||
Comprehensive Income | |||||
Comprehensive income (loss) consists of net income and net unrealized gains (losses) on securities and is presented in the statements of shareholders’ equity and comprehensive income. The statement requires only additional disclosures in the consolidated financial statements; it does not affect our results of operations. | |||||
Income Taxes | ' | ||||
Income Taxes | |||||
The financial statements have been prepared on the accrual basis. When income and expenses are recognized in different periods for financial reporting purposes versus for the purposes of computing income taxes currently payable, deferred taxes are provided on such temporary differences. Deferred tax assets and liabilities are recognized for the expected future tax consequences of events that have been recognized in the consolidated financial statements or tax returns. Deferred tax assets and liabilities are measured using the enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be realized or settled. The Company believes that its income tax filing positions taken or expected to be taken on its tax returns will more likely than not be sustained upon audit by the taxing authorities and does not anticipate any adjustments that will result in a material adverse impact on the Company’s financial condition, results of operations, or cash flow. Therefore, no reserves for uncertain income tax positions have been recorded. The Company’s federal and state income tax returns are open and subject to examination from the 2010 tax return year and forward. | |||||
Stock-Based Compensation | ' | ||||
Stock-Based Compensation | |||||
The Company has a stock-based employee compensation plan. Compensation cost is recognized for all stock options granted and for any outstanding unvested awards as if the fair value method had been applied to those awards as of the date of grant. | |||||
Recently Adopted Accounting Pronouncements | ' | ||||
Recently Adopted Accounting Pronouncements | |||||
The following is a summary of recent authoritative pronouncements that impacted the accounting, reporting, and/or disclosure of financial information by the Company. | |||||
The Comprehensive Income topic of the ASC was amended in June 2011. The amendment eliminated the option to present other comprehensive income as a part of the statement of changes in stockholders’ equity and required consecutive presentation of the statement of net income and other comprehensive income. The amendments were applicable to the Company January 1, 2012 and have been applied retrospectively. In December 2011, the topic was further amended to defer the effective date of presenting reclassification adjustments from other comprehensive income to net income on the face of the financial statements while the FASB redeliberated the presentation requirements for the reclassification adjustments. In February 2013, the FASB further amended the Comprehensive Income topic clarifying the conclusions from such redeliberations. Specifically, the amendments do not change the current requirements for reporting net income or other comprehensive income in financial statements. However, the amendments do require an entity to provide information about the amounts reclassified out of accumulated other comprehensive income by component. In addition, in certain circumstances an entity is required to present, either on the face of the statement where net income is presented or in the notes, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income. The amendments were effective for the Company on a prospective basis for reporting periods beginning after December 15, 2012. These amendments did not have a material effect on the Company’s financial statements. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies and Activities (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Summary of Significant Accounting Policies and Activities [Abstract] | ' | ||||
Schedule of pro-forma statement to include the Private Placement and the Series T Preferred Stock redemption | ' | ||||
As of December 31, 2013 | |||||
Common stock | Preferred stock | ||||
(Dollars in thousands) | Reported | Issuance, Net | Redemption | Pro Forma | |
Common equity | $50,366 | $5,940 | - | $56,306 | |
Preferred equity | $15,299 | ($4,057) | $11,242 | ||
Total shareholders' equity | $65,665 | $5,940 | ($4,057) | $67,548 | |
Common Shares | 4,319,750 | 475,000 | - | 4,794,750 | |
Book value per common share | $11.66 | $11.74 | |||
Tangible common equity/tangible asset ratio | 5.65% | 6.32% | |||
Tier I common ratio | 7.09% | 7.90% | |||
Tier I leverage ratio | 9.13% | 9.35% | |||
Tier I risk-based ratio | 10.96% | 11.22% | |||
Total risk-based ratio | 12.22% | 12.47% | |||
Investment_Securities_Tables
Investment Securities (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||||||
Investment Securities [Abstract] | ' | ||||||||||||||||||||||||||||||||||||
Amortized costs and fair value of investment securities | ' | ||||||||||||||||||||||||||||||||||||
Total | |||||||||||||||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||||||||||
Amortized | Gross Unrealized | Fair | |||||||||||||||||||||||||||||||||||
(dollars in thousands) | Cost | Gains | Losses | Value | |||||||||||||||||||||||||||||||||
Available for sale | |||||||||||||||||||||||||||||||||||||
US government agencies | $ | 8,756 | - | 1,001 | 7,755 | ||||||||||||||||||||||||||||||||
SBA securities | 5,758 | - | 487 | 5,271 | |||||||||||||||||||||||||||||||||
State and political subdivisions | 23,622 | 331 | 583 | 23,370 | |||||||||||||||||||||||||||||||||
Mortgage-backed securities | |||||||||||||||||||||||||||||||||||||
FHLMC | 7,596 | 62 | 186 | 7,472 | |||||||||||||||||||||||||||||||||
FNMA | 23,603 | 172 | 363 | 23,412 | |||||||||||||||||||||||||||||||||
GNMA | 148 | 12 | - | 160 | |||||||||||||||||||||||||||||||||
Total mortgage-backed securities | 31,347 | 246 | 549 | 31,044 | |||||||||||||||||||||||||||||||||
Total | $ | 69,483 | 577 | 2,620 | 67,440 | ||||||||||||||||||||||||||||||||
31-Dec-12 | |||||||||||||||||||||||||||||||||||||
Amortized | Gross Unrealized | Fair | |||||||||||||||||||||||||||||||||||
Cost | Gains | Losses | Value | ||||||||||||||||||||||||||||||||||
Available for sale | |||||||||||||||||||||||||||||||||||||
US government agencies | $ | 7,781 | 14 | 10 | 7,785 | ||||||||||||||||||||||||||||||||
SBA securities | 6,060 | 17 | 5 | 6,072 | |||||||||||||||||||||||||||||||||
State and political subdivisions | 24,167 | 1,130 | 48 | 25,249 | |||||||||||||||||||||||||||||||||
Mortgage-backed securities | |||||||||||||||||||||||||||||||||||||
FHLMC | 8,434 | 196 | - | 8,630 | |||||||||||||||||||||||||||||||||
FNMA | 29,718 | 484 | 14 | 30,188 | |||||||||||||||||||||||||||||||||
GNMA | 276 | 22 | - | 298 | |||||||||||||||||||||||||||||||||
Total mortgage-backed securities | 38,428 | 702 | 14 | 39,116 | |||||||||||||||||||||||||||||||||
$ | 76,436 | 1,863 | 77 | 78,222 | |||||||||||||||||||||||||||||||||
Amortized costs and fair values of investment securities available for sale by contractual maturity | ' | ||||||||||||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||||||||||
(dollars in thousands) | Amortized | Fair | Amortized | Fair | |||||||||||||||||||||||||||||||||
Cost | Value | Cost | Value | ||||||||||||||||||||||||||||||||||
Available for sale | |||||||||||||||||||||||||||||||||||||
Due within one year | $ | 1,507 | 1,507 | 417 | 421 | ||||||||||||||||||||||||||||||||
Due after one through five years | 2,121 | 2,114 | 3,690 | 3,671 | |||||||||||||||||||||||||||||||||
Due after five through ten years | 10,268 | 10,426 | 4,612 | 5,031 | |||||||||||||||||||||||||||||||||
Due after ten years | 55,587 | 53,393 | 67,717 | 69,099 | |||||||||||||||||||||||||||||||||
$ | 69,483 | 67,440 | 76,436 | 78,222 | |||||||||||||||||||||||||||||||||
Summary of gross unrealized losses on investment securities and fair market value of related securities | ' | ||||||||||||||||||||||||||||||||||||
Less than 12 months | 12 months or longer | Total | |||||||||||||||||||||||||||||||||||
(dollars in thousands) | Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | |||||||||||||||||||||||||||||||
value | losses | value | losses | value | losses | ||||||||||||||||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||||||||||||||
Available for sale | |||||||||||||||||||||||||||||||||||||
US government agencies | 3 | $ | 7,755 | $ | 1,001 | - | $ | - | $ | - | 3 | $ | 7,755 | $ | 1,001 | ||||||||||||||||||||||
SBA securities | - | - | - | 2 | 5,271 | 487 | 2 | 5,271 | 487 | ||||||||||||||||||||||||||||
State and political subdivisions | 22 | 8,482 | 364 | 9 | 3,705 | 219 | 31 | 12,187 | 583 | ||||||||||||||||||||||||||||
Mortgage-backed | |||||||||||||||||||||||||||||||||||||
FHLMC | 3 | 5,006 | 186 | - | - | - | 3 | 5,006 | 186 | ||||||||||||||||||||||||||||
FNMA | 7 | 11,140 | 363 | - | - | - | 7 | 11,140 | 363 | ||||||||||||||||||||||||||||
35 | $ | 32,383 | $ | 1,914 | 11 | $ | 8,976 | $ | 706 | 46 | $ | 41,359 | $ | 2,620 | |||||||||||||||||||||||
As of December 31, 2012 | |||||||||||||||||||||||||||||||||||||
Available for sale | |||||||||||||||||||||||||||||||||||||
US government agencies | 1 | $ | 3,771 | $ | 10 | - | $ | - | $ | - | 1 | $ | 3,771 | $ | 10 | ||||||||||||||||||||||
SBA securities | 1 | 2,015 | 5 | - | - | - | 1 | 2,015 | 5 | ||||||||||||||||||||||||||||
State and political subdivisions | 16 | 6,608 | 48 | - | - | - | 16 | 6,608 | 48 | ||||||||||||||||||||||||||||
Mortgage-backed | |||||||||||||||||||||||||||||||||||||
FHLMC | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||
FNMA | 2 | 3,669 | 14 | - | - | - | 2 | 3,669 | 14 | ||||||||||||||||||||||||||||
20 | $ | 16,063 | $ | 77 | - | $ | - | $ | - | 20 | $ | 16,063 | $ | 77 | |||||||||||||||||||||||
Other investments | ' | ||||||||||||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||||||||||||
(dollars in thousands) | 2013 | 2012 | |||||||||||||||||||||||||||||||||||
Federal Reserve Bank stock | $ | - | 1,485 | ||||||||||||||||||||||||||||||||||
Federal Home Loan Bank stock | 5,614 | 5,807 | |||||||||||||||||||||||||||||||||||
Certificates of deposit | 99 | 99 | |||||||||||||||||||||||||||||||||||
Investment in Trust Preferred subsidiaries | 403 | 403 | |||||||||||||||||||||||||||||||||||
$ | 6,116 | 7,794 | |||||||||||||||||||||||||||||||||||
Loans_and_Allowance_for_Loan_L1
Loans and Allowance for Loan Losses (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ||||||||||||||||||||||||
Composition of loan portfolio | ' | ||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||
(dollars in thousands) | 2013 | 2012 | |||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||
Owner occupied | $ | 185,129 | 158,790 | ||||||||||||||||||||||
Non-owner occupied | 166,016 | 165,163 | |||||||||||||||||||||||
Construction | 30,906 | 20,347 | |||||||||||||||||||||||
Business | 129,687 | 114,169 | |||||||||||||||||||||||
Total commercial loans | 511,738 | 458,469 | |||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||
Residential | 114,201 | 86,559 | |||||||||||||||||||||||
Home equity | 78,479 | 77,895 | |||||||||||||||||||||||
Construction | 19,888 | 13,749 | |||||||||||||||||||||||
Other | 12,961 | 9,277 | |||||||||||||||||||||||
Total consumer loans | 225,529 | 187,480 | |||||||||||||||||||||||
Total gross loans, net of deferred fees | 737,267 | 645,949 | |||||||||||||||||||||||
Less – allowance for loan losses | (10,213 | ) | (9,091 | ) | |||||||||||||||||||||
Total loans, net | $ | 727,054 | 636,858 | ||||||||||||||||||||||
Composition of gross loans by rate type | ' | ||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||
(dollars in thousands) | 2013 | 2012 | |||||||||||||||||||||||
Variable rate loans | $ | 224,866 | 219,462 | ||||||||||||||||||||||
Fixed rate loans | 512,401 | 426,487 | |||||||||||||||||||||||
$ | 737,267 | 645,949 | |||||||||||||||||||||||
Summary of key information for impaired loans | ' | ||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||
Recorded investment | |||||||||||||||||||||||||
Impaired loans | |||||||||||||||||||||||||
Unpaid | with related | Related | |||||||||||||||||||||||
Principal | Impaired | allowance for | allowance for | ||||||||||||||||||||||
(dollars in thousands) | Balance | loans | loan losses | loan losses | |||||||||||||||||||||
Commercial | |||||||||||||||||||||||||
Owner occupied RE | $ | 1,935 | 1,935 | 1,666 | 333 | ||||||||||||||||||||
Non-owner occupied RE | 5,957 | 5,622 | 6,125 | 1,441 | |||||||||||||||||||||
Construction | 4,612 | 1,870 | 1,855 | 246 | |||||||||||||||||||||
Business | 5,494 | 4,684 | 2,807 | 1,813 | |||||||||||||||||||||
Total commercial | 17,998 | 14,111 | 12,453 | 3,833 | |||||||||||||||||||||
Consumer | |||||||||||||||||||||||||
Real estate | 1,829 | 1,807 | 1,447 | 704 | |||||||||||||||||||||
Home equity | 239 | 239 | 239 | 188 | |||||||||||||||||||||
Construction | - | - | - | - | |||||||||||||||||||||
Other | 225 | 225 | 4 | 4 | |||||||||||||||||||||
Total consumer | 2,293 | 2,271 | 1,690 | 896 | |||||||||||||||||||||
Total | $ | 20,291 | 16,382 | 14,143 | 4,729 | ||||||||||||||||||||
31-Dec-12 | |||||||||||||||||||||||||
Recorded investment | |||||||||||||||||||||||||
Impaired loans | |||||||||||||||||||||||||
Unpaid | with related | Related | |||||||||||||||||||||||
Principal | Impaired | allowance for | allowance for | ||||||||||||||||||||||
Balance | loans | loan losses | loan losses | ||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||
Owner occupied RE | $ | 3,071 | 2,271 | 2,116 | 398 | ||||||||||||||||||||
Non-owner occupied RE | 7,497 | 7,162 | 2,218 | 831 | |||||||||||||||||||||
Construction | 4,824 | 2,082 | 1,075 | 213 | |||||||||||||||||||||
Business | 4,048 | 4,048 | 3,329 | 2,092 | |||||||||||||||||||||
Total commercial | 19,440 | 15,563 | 8,738 | 3,534 | |||||||||||||||||||||
Consumer | |||||||||||||||||||||||||
Real estate | 985 | 985 | 162 | 24 | |||||||||||||||||||||
Home equity | 770 | 770 | 605 | 91 | |||||||||||||||||||||
Construction | - | - | - | - | |||||||||||||||||||||
Other | 270 | 270 | - | - | |||||||||||||||||||||
Total consumer | 2,025 | 2,025 | 767 | 115 | |||||||||||||||||||||
Total | $ | 21,465 | 17,588 | 9,505 | 3,649 | ||||||||||||||||||||
Average recorded investment and interest income recognized on impaired loans | ' | ||||||||||||||||||||||||
Year ended December 31, | |||||||||||||||||||||||||
2013 | 2011 | ||||||||||||||||||||||||
2012 | |||||||||||||||||||||||||
Average | Recognized | Average | Recognized | Average | Recognized | ||||||||||||||||||||
recorded | interest | recorded | interest | recorded | interest | ||||||||||||||||||||
(dollars in thousands) | investment | income | investment | income | investment | income | |||||||||||||||||||
Commercial | |||||||||||||||||||||||||
Owner occupied RE | $ | 1,519 | 47 | 3,881 | 17 | 3,521 | 220 | ||||||||||||||||||
Non-owner occupied RE | 5,932 | 261 | 5,811 | 392 | 2,520 | 281 | |||||||||||||||||||
Construction | 2,054 | 57 | 2,127 | 66 | 1,425 | 81 | |||||||||||||||||||
Business | 4,521 | 189 | 3,880 | 84 | 3,331 | 207 | |||||||||||||||||||
Total commercial | 14,026 | 554 | 15,699 | 559 | 10,797 | 789 | |||||||||||||||||||
Consumer | |||||||||||||||||||||||||
Real estate | 1,186 | 100 | 1,397 | 44 | 1,729 | 64 | |||||||||||||||||||
Home equity | 610 | 8 | 518 | 12 | 399 | - | |||||||||||||||||||
Construction | - | - | - | - | - | - | |||||||||||||||||||
Other | 234 | 9 | 240 | 14 | 38 | 13 | |||||||||||||||||||
Total consumer | 2,030 | 117 | 2,155 | 70 | 2,166 | 77 | |||||||||||||||||||
Total | $ | 16,056 | 671 | 17,854 | 629 | 12,963 | 866 | ||||||||||||||||||
Summary of allowance for loan losses by commercial and consumer portfolio segments | ' | ||||||||||||||||||||||||
Year ended December 31, 2013 | |||||||||||||||||||||||||
(dollars in thousands) | Commercial | Consumer | Unallocated | Total | |||||||||||||||||||||
Balance, beginning of period | $ | 7,981 | 1,110 | - | 9,091 | ||||||||||||||||||||
Provision | 2,444 | 1,031 | - | 3,475 | |||||||||||||||||||||
Loan charge-offs | (2,303 | ) | (175 | ) | - | (2,478 | ) | ||||||||||||||||||
Loan recoveries | 117 | 8 | - | 125 | |||||||||||||||||||||
Net loan charge-offs | (2,186 | ) | (167 | ) | - | (2,353 | ) | ||||||||||||||||||
Balance, end of period | $ | 8,239 | 1,974 | - | 10,213 | ||||||||||||||||||||
Year ended December 31, 2012 | |||||||||||||||||||||||||
Commercial | Consumer | Unallocated | Total | ||||||||||||||||||||||
Balance, beginning of period | $ | 8,061 | 864 | - | 8,925 | ||||||||||||||||||||
Provision | 3,447 | 1,103 | - | 4,550 | |||||||||||||||||||||
Loan charge-offs | (3,600 | ) | (905 | ) | - | (4,505 | ) | ||||||||||||||||||
Loan recoveries | 73 | 48 | - | 121 | |||||||||||||||||||||
Net loan charge-offs | (3,527 | ) | (857 | ) | - | (4,384 | ) | ||||||||||||||||||
Balance, end of period | $ | 7,981 | 1,110 | - | 9,091 | ||||||||||||||||||||
Summary of nonperforming assets | ' | ||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||
(dollars in thousands) | 2013 | 2012 | |||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||
Owner occupied RE | $ | 1,199 | 155 | ||||||||||||||||||||||
Non-owner occupied RE | 373 | 1,255 | |||||||||||||||||||||||
Construction | 914 | 1,006 | |||||||||||||||||||||||
Business | 712 | 202 | |||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||
Real estate | 76 | 119 | |||||||||||||||||||||||
Home equity | 77 | 577 | |||||||||||||||||||||||
Construction | - | - | |||||||||||||||||||||||
Other | 3 | 44 | |||||||||||||||||||||||
Nonaccruing troubled debt restructurings | 4,983 | 4,809 | |||||||||||||||||||||||
Total nonaccrual loans, including nonaccruing TDRs | 8,337 | 8,167 | |||||||||||||||||||||||
Other real estate owned | 1,198 | 1,719 | |||||||||||||||||||||||
Total nonperforming assets | $ | 9,535 | 9,886 | ||||||||||||||||||||||
Nonperforming assets as a percentage of: | |||||||||||||||||||||||||
Total assets | 1.07 | % | 1.24 | % | |||||||||||||||||||||
Gross loans | 1.29 | % | 1.53 | % | |||||||||||||||||||||
Total loans over 90 days past due | $ | 6,493 | 5,027 | ||||||||||||||||||||||
Loans over 90 days past due and still accruing | - | - | |||||||||||||||||||||||
Accruing TDRs | 8,045 | 9,421 | |||||||||||||||||||||||
Allowance for loan losses and recorded investment in loans by impairment methodology | ' | ||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||
Allowance for loan losses | Recorded investment in loans | ||||||||||||||||||||||||
(dollars in thousands) | Commercial | Consumer | Total | Commercial | Consumer | Total | |||||||||||||||||||
Individually evaluated | $ | 3,833 | 896 | 4,729 | 14,111 | 2,271 | 16,382 | ||||||||||||||||||
Collectively evaluated | 4,406 | 1,078 | 5,484 | 497,627 | 223,258 | 720,885 | |||||||||||||||||||
Total | $ | 8,239 | 1,974 | 10,213 | 511,738 | 225,529 | 737,267 | ||||||||||||||||||
31-Dec-12 | |||||||||||||||||||||||||
Allowance for loan losses | Recorded investment in loans | ||||||||||||||||||||||||
Commercial | Consumer | Total | Commercial | Consumer | Total | ||||||||||||||||||||
Individually evaluated | $ | 3,534 | - | 3,534 | 15,563 | - | 15,563 | ||||||||||||||||||
Collectively evaluated | 4,447 | 1,110 | 5,557 | 442,906 | 187,480 | 630,396 | |||||||||||||||||||
Total | $ | 7,981 | 1,110 | 9,091 | 458,469 | 187,480 | 645,949 | ||||||||||||||||||
Summary of activity related to allowance for loan losses | ' | ||||||||||||||||||||||||
Year ended December 31, | |||||||||||||||||||||||||
(dollars in thousands) | 2013 | 2012 | 2011 | ||||||||||||||||||||||
Balance, beginning of period | $ | 9,091 | 8,925 | 8,386 | |||||||||||||||||||||
Provision for loan losses | 3,475 | 4,550 | 5,270 | ||||||||||||||||||||||
Loan charge-offs: | |||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||
Owner occupied RE | (390 | ) | (1,857 | ) | (72 | ) | |||||||||||||||||||
Non-owner occupied RE | (249 | ) | (513 | ) | (1,052 | ) | |||||||||||||||||||
Construction | - | - | (67 | ) | |||||||||||||||||||||
Business | (1,664 | ) | (1,230 | ) | (3,243 | ) | |||||||||||||||||||
Total commercial | (2,303 | ) | (3,600 | ) | (4,434 | ) | |||||||||||||||||||
Consumer | |||||||||||||||||||||||||
Real estate | (22 | ) | (214 | ) | (129 | ) | |||||||||||||||||||
Home equity | (106 | ) | (691 | ) | (175 | ) | |||||||||||||||||||
Construction | - | - | - | ||||||||||||||||||||||
Other | (47 | ) | - | (200 | ) | ||||||||||||||||||||
Total consumer | (175 | ) | (905 | ) | (504 | ) | |||||||||||||||||||
Total loan charge-offs | (2,478 | ) | (4,505 | ) | (4,938 | ) | |||||||||||||||||||
Loan recoveries: | |||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||
Owner occupied RE | 1 | 4 | 14 | ||||||||||||||||||||||
Non-owner occupied RE | 1 | 42 | 42 | ||||||||||||||||||||||
Construction | - | - | - | ||||||||||||||||||||||
Business | 115 | 27 | 149 | ||||||||||||||||||||||
Total commercial | 117 | 73 | 205 | ||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||
Real estate | - | 2 | - | ||||||||||||||||||||||
Home equity | 8 | 32 | 2 | ||||||||||||||||||||||
Construction | - | - | - | ||||||||||||||||||||||
Other | - | 14 | - | ||||||||||||||||||||||
Total consumer | 8 | 48 | 2 | ||||||||||||||||||||||
Total recoveries | 125 | 121 | 207 | ||||||||||||||||||||||
Net loan charge-offs | (2,353 | ) | (4,384 | ) | (4,731 | ) | |||||||||||||||||||
Balance, end of period | $ | 10,213 | 9,091 | 8,925 | |||||||||||||||||||||
Commercial [Member] | ' | ||||||||||||||||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ||||||||||||||||||||||||
Outstanding commercial and consumer loans which include loans on nonaccrual by past due status | ' | ||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||
Owner | Non-owner | ||||||||||||||||||||||||
(dollars in thousands) | occupied RE | occupied RE | Construction | Business | Total | ||||||||||||||||||||
Current | $ | 183,609 | 161,758 | 29,992 | 128,883 | 504,242 | |||||||||||||||||||
30-59 days past due | 791 | 859 | - | 44 | 1,694 | ||||||||||||||||||||
60-89 days past due | - | - | - | - | - | ||||||||||||||||||||
Greater than 90 days | 729 | 3,399 | 914 | 760 | 5,802 | ||||||||||||||||||||
$ | 185,129 | 166,016 | 30,906 | 129,687 | 511,738 | ||||||||||||||||||||
31-Dec-12 | |||||||||||||||||||||||||
Owner | Non-owner | ||||||||||||||||||||||||
occupied RE | occupied RE | Construction | Business | Total | |||||||||||||||||||||
Current | $ | 157,036 | 163,700 | 19,341 | 112,322 | 452,399 | |||||||||||||||||||
30-59 days past due | 306 | - | - | 539 | 845 | ||||||||||||||||||||
60-89 days past due | - | 463 | - | 100 | 563 | ||||||||||||||||||||
Greater than 90 days | 1,448 | 1,000 | 1,006 | 1,208 | 4,662 | ||||||||||||||||||||
$ | 158,790 | 165,163 | 20,347 | 114,169 | 458,469 | ||||||||||||||||||||
Outstanding commercial and consumer loans by risk category | ' | ||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||
Owner | Non-owner | ||||||||||||||||||||||||
(dollars in thousands) | occupied RE | occupied RE | Construction | Business | Total | ||||||||||||||||||||
Pass | $ | 176,320 | 147,378 | 27,797 | 120,254 | 471,749 | |||||||||||||||||||
Special Mention | 5,563 | 7,987 | - | 3,629 | 17,179 | ||||||||||||||||||||
Substandard | 3,246 | 10,651 | 3,109 | 5,804 | 22,810 | ||||||||||||||||||||
Doubtful | - | - | - | - | - | ||||||||||||||||||||
$ | 185,129 | 166,016 | 30,906 | 129,687 | 511,738 | ||||||||||||||||||||
31-Dec-12 | |||||||||||||||||||||||||
Owner | Non-owner | ||||||||||||||||||||||||
occupied RE | occupied RE | Construction | Business | Total | |||||||||||||||||||||
Pass | $ | 148,255 | 141,352 | 18,265 | 105,024 | 412,896 | |||||||||||||||||||
Special Mention | 7,446 | 9,358 | - | 2,750 | 19,554 | ||||||||||||||||||||
Substandard | 3,089 | 14,453 | 2,082 | 6,395 | 26,019 | ||||||||||||||||||||
Doubtful | - | - | - | - | - | ||||||||||||||||||||
$ | 158,790 | 165,163 | 20,347 | 114,169 | 458,469 | ||||||||||||||||||||
Consumer [Member] | ' | ||||||||||||||||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ||||||||||||||||||||||||
Outstanding commercial and consumer loans which include loans on nonaccrual by past due status | ' | ||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||
(dollars in thousands) | Real estate | Home equity | Construction | Other | Total | ||||||||||||||||||||
Current | $ | 112,314 | 78,402 | 19,888 | 12,877 | 223,481 | |||||||||||||||||||
30-59 days past due | 806 | - | - | 84 | 890 | ||||||||||||||||||||
60-89 days past due | 467 | - | - | - | 467 | ||||||||||||||||||||
Greater than 90 days | 614 | 77 | - | - | 691 | ||||||||||||||||||||
$ | 114,201 | 78,479 | 19,888 | 12,961 | 225,529 | ||||||||||||||||||||
31-Dec-12 | |||||||||||||||||||||||||
Real estate | Home equity | Construction | Other | Total | |||||||||||||||||||||
Current | $ | 85,999 | 77,430 | 13,749 | 9,233 | 186,411 | |||||||||||||||||||
30-59 days past due | 560 | 100 | - | - | 660 | ||||||||||||||||||||
60-89 days past due | - | - | - | 44 | 44 | ||||||||||||||||||||
Greater than 90 days | - | 365 | - | - | 365 | ||||||||||||||||||||
$ | 86,559 | 77,895 | 13,749 | 9,277 | 187,480 | ||||||||||||||||||||
Outstanding commercial and consumer loans by risk category | ' | ||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||
(dollars in thousands) | Real estate | Home equity | Construction | Other | Total | ||||||||||||||||||||
Pass | $ | 110,304 | 75,304 | 19,888 | 12,641 | 218,137 | |||||||||||||||||||
Special Mention | 1,455 | 2,176 | - | 212 | 3,843 | ||||||||||||||||||||
Substandard | 2,442 | 999 | - | 108 | 3,549 | ||||||||||||||||||||
Doubtful | - | - | - | - | - | ||||||||||||||||||||
Loss | - | - | - | - | - | ||||||||||||||||||||
$ | 114,201 | 78,479 | 19,888 | 12,961 | 225,529 | ||||||||||||||||||||
31-Dec-12 | |||||||||||||||||||||||||
Real estate | Home equity | Construction | Other | Total | |||||||||||||||||||||
Pass | $ | 83,173 | 73,718 | 13,749 | 8,752 | 179,392 | |||||||||||||||||||
Special Mention | 2,307 | 2,290 | - | 170 | 4,767 | ||||||||||||||||||||
Substandard | 1,079 | 1,887 | - | 355 | 3,321 | ||||||||||||||||||||
Doubtful | - | - | - | - | - | ||||||||||||||||||||
Loss | - | - | - | - | - | ||||||||||||||||||||
$ | 86,559 | 77,895 | 13,749 | 9,277 | 187,480 | ||||||||||||||||||||
Troubled_Debt_Restructurings_T
Troubled Debt Restructurings (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Troubled Debt Restructurings [Abstract] | ' | |||||||
Summary of concession at the time of modification and the recorded investment in TDRs before and after their modification | ' | |||||||
For the year ended December 31, 2013 | ||||||||
Pre-modification | Post-modification | |||||||
Renewals | Reduced | Converted | Maturity | Total | outstanding | outstanding | ||
deemed a | or deferred | to interest | date | number | recorded | recorded | ||
(dollars in thousands) | concession | payments | only | extensions | of loans | investment | Investment | |
Commercial | ||||||||
Non-owner occupied RE | 1 | - | - | - | 1 | $276 | $321 | |
Business | 9 | - | - | - | 9 | 1,805 | 1,885 | |
Consumer | ||||||||
Real estate | 1 | - | - | - | 1 | 831 | 835 | |
Other | 1 | 1 | 4 | 4 | ||||
Total loans | 12 | - | - | - | 12 | $2,916 | $3,045 | |
For the year ended December 31, 2012 | ||||||||
Pre-modification | Post-modification | |||||||
Renewals | Reduced | Converted | Maturity | Total | outstanding | outstanding | ||
deemed a | or deferred | to interest | date | number | recorded | recorded | ||
(dollars in thousands) | concession | payments | only | extensions | of loans | investment | Investment | |
Commercial | ||||||||
Owner occupied RE | 1 | - | - | - | 1 | $247 | $247 | |
Non-owner occupied RE | 2 | - | - | 1 | 3 | 4,148 | 4,148 | |
Business | 6 | - | 1 | - | 7 | 1,909 | 1,994 | |
Consumer | ||||||||
Home equity | - | 1 | - | - | - | 166 | 166 | |
Total loans | 9 | 1 | 1 | 1 | 11 | $6,470 | $6,555 | |
Summary of TDRs past due more than 60 days and subsequently defaulted | ' | |||||||
For the year ended December 31, 2013 | ||||||||
Number of | Recorded | |||||||
(dollars in thousands) | loans | investment | ||||||
Consumer | ||||||||
Real estate | 1 | $579 | ||||||
Total loans | 1 | $579 | ||||||
For the year ended December 31, 2012 | ||||||||
Number of | Recorded | |||||||
(dollars in thousands) | loans | investment | ||||||
Commercial | ||||||||
Owner occupied RE | 1 | $1,292 | ||||||
Non-owner occupied RE | 1 | 29 | ||||||
Business | 3 | 188 | ||||||
Total loans | 5 | $1,509 | ||||||
Property_and_Equipment_Tables
Property and Equipment (Tables) | 12 Months Ended | ||
Dec. 31, 2013 | |||
Property and Equipment [Abstract] | ' | ||
Components of property and equipment | ' | ||
December 31, | |||
(dollars in thousands) | 2013 | 2012 | |
Land | $4,862 | $3,523 | |
Buildings | 12,976 | 12,874 | |
Leasehold Improvements | 1,628 | 1,624 | |
Furniture and equipment | 5,451 | 5,020 | |
Software | 337 | 342 | |
Construction in process | 301 | 53 | |
25,555 | 23,436 | ||
Accumulated depreciation | -5,728 | -4,703 | |
Total property and equipment | $19,827 | $18,733 | |
Schedule of estimated useful lives of property and equipment | ' | ||
Type of Asset | Life in Years | ||
Software | 3 | ||
Furniture and equipment | 5 to 7 | ||
Leasehold improvements | 5 to 15 | ||
Buildings | 40 | ||
Other_Real_Estate_Owned_Tables
Other Real Estate Owned (Tables) | 12 Months Ended | ||
Dec. 31, 2013 | |||
Other Real Estate Owned [Abstract] | ' | ||
Summary of activity of real estate acquired in settlement of loans portion of other real estate owned | ' | ||
For the year ended December 31, | |||
(dollars in thousands) | 2013 | 2012 | |
Balance, beginning of year | $1,719 | 3,686 | |
Additions | 1,354 | 1,580 | |
Sales | -1,745 | -3,128 | |
Write-downs | -130 | -419 | |
Balance, end of year | $1,198 | 1,719 | |
Deposits_Tables
Deposits (Tables) | 12 Months Ended | ||
Dec. 31, 2013 | |||
Deposits Disclosure [Abstract] | ' | ||
Detail of the deposit accounts | ' | ||
December 31, | |||
(dollars in thousands) | 2013 | 2012 | |
Non-interest bearing | $101,971 | 80,880 | |
Interest bearing: | |||
NOW accounts | 153,376 | 158,874 | |
Money market accounts | 151,759 | 100,841 | |
Savings | 6,671 | 6,026 | |
Time, less than $100,000 | 68,190 | 81,315 | |
Time, $100,000 and over | 198,352 | 148,363 | |
Total deposits | $680,319 | 576,299 | |
Scheduled maturities of certificates of deposit | ' | ||
(dollars in thousands) | |||
2014 | $165,405 | ||
2015 | 68,309 | ||
2016 | 18,808 | ||
2017 | 2,576 | ||
2018 and after | 11,444 | ||
$266,542 | |||
Federal_Home_Loan_Bank_Advance1
Federal Home Loan Bank Advances and Other Borrowings (Tables) | 12 Months Ended | |||||
Dec. 31, 2013 | ||||||
Federal Home Loan Bank Advances and Other Borrowings [Abstract] | ' | |||||
Summary of terms and maturities of advances of FHLB | ' | |||||
December 31, | ||||||
(dollars in thousands) | 2013 | 2012 | ||||
Maturity | Amount | Rate | Amount | Rate | ||
2-Sep-14 | $7,500 | 2.29% | 7,500 | 2.36% | ||
11-Oct-16 | - | - | 5,000 | 4.07% | ||
18-Oct-16 | 7,000 | 2.30% | 7,000 | 2.38% | ||
18-Oct-16 | 7,500 | 2.47% | 7,500 | 2.55% | ||
19-Oct-16 | 10,000 | 2.03% | 10,000 | 2.11% | ||
19-Oct-16 | 20,000 | 1.60% | 20,000 | 1.68% | ||
13-Feb-17 | 7,500 | 4.38% | 7,500 | 4.38% | ||
11-Jul-17 | 9,000 | 4.49% | 9,000 | 4.49% | ||
24-Jul-17 | 5,000 | 4.25% | 5,000 | 4.25% | ||
30-Jan-18 | 5,000 | 2.92% | - | - | ||
15-Feb-19 | 10,000 | 4.47% | 10,000 | 4.47% | ||
10-Apr-19 | 15,000 | 3.38% | 15,000 | 3.48% | ||
$103,500 | 103,500 | |||||
Schedule of terms and maturities of structured debt agreements | ' | |||||
(dollars in thousands) | ||||||
Maturity | Amount | Rate | ||||
18-Sep-17 | $10,000 | 3.63% | ||||
17-Dec-17 | 2,000 | 3.65% | ||||
14-Mar-18 | 3,600 | 2.75% | ||||
15-Sep-18 | 3,600 | 2.55% | ||||
$19,200 | ||||||
Fair_Value_Accounting_Tables
Fair Value Accounting (Tables) | 12 Months Ended | |||||
Dec. 31, 2013 | ||||||
Fair Value Accounting [Abstract] | ' | |||||
Schedule of assets and liabilities measured at fair value on recurring basis | ' | |||||
31-Dec-13 | ||||||
(dollars in thousands) | Level 1 | Level 2 | Level 3 | Total | ||
Assets | ||||||
Securities available for sale: | ||||||
US government agencies | $- | 7,755 | - | 7,755 | ||
SBA securities | - | 5,271 | - | 5,271 | ||
State and political subdivisions | - | 23,370 | - | 23,370 | ||
Mortgage-backed securities | - | 31,044 | - | 31,044 | ||
Total assets measured at fair value on a recurring basis | $- | 67,440 | - | 67,440 | ||
31-Dec-12 | ||||||
Level 1 | Level 2 | Level 3 | Total | |||
Assets | ||||||
Securities available for sale: | ||||||
US government agencies | $- | 7,785 | - | 7,785 | ||
SBA securities | - | 6,072 | - | 6,072 | ||
State and political subdivisions | - | 25,249 | - | 25,249 | ||
Mortgage-backed securities | - | 39,116 | - | 39,116 | ||
Total assets measured at fair value on a recurring basis | $- | 78,222 | - | 78,222 | ||
Schedule of assets and liabilities measured on a nonrecurring basis | ' | |||||
31-Dec-13 | ||||||
(dollars in thousands) | Level 1 | Level 2 | Level 3 | Total | ||
Assets | ||||||
Impaired loans | $- | 10,495 | 1,158 | 11,653 | ||
Other real estate owned | - | 1,085 | 113 | 1,198 | ||
Total assets measured at fair value on a nonrecurring basis | $- | 11,580 | 1,271 | 12,851 | ||
31-Dec-12 | ||||||
Level 1 | Level 2 | Level 3 | Total | |||
Assets | ||||||
Impaired loans | $- | 13,748 | 191 | 13,939 | ||
Other real estate owned | - | 1,390 | 329 | 1,719 | ||
Total assets measured at fair value on a nonrecurring basis | $- | 15,138 | 520 | 15,658 | ||
Schedule of unobservable inputs used in the fair value measurements | ' | |||||
Valuation Technique | Significant Unobservable Inputs | |||||
Impaired loans | Appraised Value/ Discounted | Discount rate | ||||
Cash Flows | ||||||
Other real estate owned | Appraised Value/ | Collateral value | ||||
Comparable Sales | ||||||
Estimated fair values of the Company's financial instruments | ' | |||||
6,116 | ||||||
31-Dec-13 | ||||||
(dollars in thousands) | Carrying | Fair | Level 1 | Level 2 | Level 3 | |
Amount | Value | |||||
Financial Assets: | ||||||
Cash and cash equivalents | $39,203 | 39,203 | 39,203 | - | - | |
Other investments, at cost | 6,116 | - | - | 6,116 | ||
Loans, net | 727,054 | 735,939 | - | 10,676 | 725,263 | |
Bank owned life insurance | 21,383 | 21,383 | - | - | 21,383 | |
Financial Liabilities: | ||||||
Deposits | 680,319 | 550,988 | - | 550,988 | - | |
FHLB and other borrowings | 124,100 | 135,411 | - | 135,411 | - | |
Junior subordinated debentures | 13,403 | 5,145 | - | 5,145 | - | |
31-Dec-12 | ||||||
Carrying | Fair | Level 1 | Level 2 | Level 3 | ||
Amount | Value | |||||
Financial Assets: | ||||||
Cash and cash equivalents | $29,413 | 29,413 | 29,413 | - | - | |
Other investments, at cost | 7,794 | 7,794 | - | - | 7,794 | |
Loans, net | 636,858 | 645,852 | - | 13,748 | 632,104 | |
Bank owned life insurance | 18,725 | 18,725 | - | - | 18,725 | |
Financial Liabilities: | ||||||
Federal funds purchased | 13,190 | 13,190 | 13,190 | - | - | |
Deposits | 576,299 | 561,599 | - | 561,599 | - | |
FHLB and other borrowings | 124,100 | 140,455 | - | 140,455 | - | |
Junior subordinated debentures | 13,403 | 5,093 | - | 5,093 | - | |
Earnings_Per_Common_Share_Tabl
Earnings Per Common Share (Tables) | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Earnings Per Common Share [Abstract] | ' | |||
Schedule of earnings per share reconciliation | ' | |||
December 31, | ||||
(dollars in thousands, except share data) | 2013 | 2012 | 2011 | |
Numerator: | ||||
Net income | $5,120 | 3,862 | 2,088 | |
Less: Preferred stock dividends | 771 | 840 | 865 | |
Discount accretion | - | 360 | 279 | |
Add: Redemption of preferred stock | 20 | 96 | - | |
Net income available to common shareholders | $4,369 | 2,758 | 944 | |
Denominator: | ||||
Weighted-average common shares outstanding - basic | 4,279,992 | 4,229,928 | 4,200,980 | |
Common stock equivalents | 178,926 | 110,030 | 85,438 | |
Weighted-average common shares outstanding - diluted | 4,458,918 | 4,339,958 | 4,286,418 | |
Earnings per common share: | ||||
Basic | $1.02 | 0.65 | 0.22 | |
Diluted | $0.98 | 0.64 | 0.22 | |
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | ||
Dec. 31, 2013 | |||
Commitments and Contingencies [Abstract] | ' | ||
Summary of estimated future minimum lease payments under noncancelable operating leases | ' | ||
(dollars in thousands) | For the years ended December 31, | ||
2014 | $776 | ||
2015 | 795 | ||
2016 | 794 | ||
2017 | 132 | ||
2018 | 137 | ||
Thereafter | 1,129 | ||
$3,763 |
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Income Taxes [Abstract] | ' | |||
Summary of income tax expense | ' | |||
For the years ended December 31, | ||||
(dollars in thousands) | 2013 | 2012 | 2011 | |
Current income taxes: | ||||
Federal | $2,747 | 2,031 | 1,627 | |
State | 129 | 98 | 63 | |
Total current tax expense | 2,876 | 2,129 | 1,690 | |
Deferred income tax benefit | -460 | -296 | -857 | |
Income tax expense | $2,416 | 1,833 | 833 | |
Summary of the items that caused recorded income taxes to differ from taxes computed using the statutory tax rate | ' | |||
For the years ended December 31, | ||||
(dollars in thousands) | 2013 | 2012 | 2011 | |
Tax expense at statutory rate | $2,562 | 1,936 | 993 | |
Effect of state income taxes | 85 | 65 | 74 | |
Exempt income | -199 | -168 | -234 | |
Other | -32 | - | - | |
Income tax expense | $2,416 | 1,833 | 833 | |
Summary of the deferred tax assets and liabilities | ' | |||
December 31, | ||||
(dollars in thousands) | 2013 | 2012 | ||
Deferred tax assets: | ||||
Allowance for loan losses | $3,472 | 3,091 | ||
Unrealized loss on securities available for sale | 695 | - | ||
Net deferred loan fees | 450 | 326 | ||
Interest on nonaccrual loans | 627 | 617 | ||
Deferred compensation | 833 | 577 | ||
Sale of real estate owned | 199 | 212 | ||
Other | 297 | 287 | ||
6,573 | 5,110 | |||
Deferred tax liabilities: | ||||
Property and equipment | 1,225 | 1,188 | ||
Unrealized gain on securities available for sale | - | 607 | ||
Other | 410 | 139 | ||
1,635 | 1,934 | |||
Net deferred tax asset | $4,938 | 3,176 | ||
Related_Party_Transactions_Tab
Related Party Transactions (Tables) | 12 Months Ended | ||
Dec. 31, 2013 | |||
Related Party Transactions [Abstract] | ' | ||
Summary of loan transactions with directors, including their affiliates and executive officers | ' | ||
For the years ended December 31, | |||
(dollars in thousands) | 2013 | 2012 | |
Balance, beginning of year | $17,404 | 16,968 | |
New loans | 25,830 | 14,081 | |
Less loan payments | -19,767 | -13,645 | |
Balance, end of year | $23,467 | 17,404 | |
Warrants_and_Stock_Options_and1
Warrants and Stock Options and Grant Plans (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Warrants and Stock Options and Grant Plans [Abstract] | ' | |||||||||||
Summary of the status of the stock option plan and changes | ' | |||||||||||
For the years ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Shares | Weighted | Aggregate | Shares | Weighted | Aggregate | Shares | Weighted | Aggregate | ||||
average | Intrinsic | average | Intrinsic | average | Intrinsic | |||||||
exercise | Value | exercise | Value | exercise | Value | |||||||
price | price | price | ||||||||||
Outstanding at beginning of year | 556,474 | $6.72 | 455,698 | $6.76 | 428,469 | $7.04 | ||||||
Granted | 90,300 | 9.05 | 120,615 | 6.31 | 87,967 | 6.05 | ||||||
Exercised | -28,596 | 6.49 | -17,867 | 5.36 | -16,615 | 4.65 | ||||||
Forfeited or expired | -997 | 6.49 | -1,972 | 5.17 | -44,123 | 8.76 | ||||||
Outstanding at end of year | 617,181 | $7.05 | $3,891,860 | 556,474 | $6.72 | $1,265,486 | 455,698 | $6.76 | $117,017 | |||
Options exercisable at year-end | 346,509 | $3,891,860 | 257,290 | $1,265,486 | 181,059 | $117,017 | ||||||
Shares available for grant | 140,525 | 229,616 | 350,231 | |||||||||
Summary of the status of the Company's nonvested restricted stock and changes | ' | |||||||||||
December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Restricted | Weighted | Restricted | Weighted | Restricted | Weighted | |||||||
Shares | Average | Shares | Average | Shares | Average | |||||||
Grant-Date | Grant-Date | Grant-Date | ||||||||||
Fair Value | Fair Value | Fair Value | ||||||||||
Nonvested at beginning of year | 28,119 | $6.76 | 3,025 | $6.53 | - | $- | ||||||
Granted | 43,750 | 12.91 | 25,850 | 6.78 | 3,025 | 6.53 | ||||||
Vested | -7,219 | 6.76 | -756 | 6.53 | - | - | ||||||
Forfeited | - | - | - | - | - | - | ||||||
Nonvested at end of year | 64,650 | $10.92 | 28,119 | $6.76 | 3,025 | $6.53 | ||||||
Regulatory_Matters_Tables
Regulatory Matters (Tables) | 12 Months Ended | ||||||
Dec. 31, 2013 | |||||||
Regulatory Matters [Abstract] | ' | ||||||
Summary of capital amounts and ratios of the Bank and the Company and the regulatory minimum requirements | ' | ||||||
Actual | For capital | To be well | |||||
adequacy purposes | capitalized | ||||||
minimum | under prompt | ||||||
corrective action | |||||||
provisions | |||||||
minimum | |||||||
(dollars in thousands) | Amount | Ratio | Amount | Ratio | Amount | Ratio | |
As of December 31, 2013 | |||||||
The Bank | |||||||
Total Capital (to risk weighted assets) | $88,674 | 12.20% | 58,381 | 8.00% | 72,976 | 10.00% | |
Tier 1 Capital (to risk weighted assets) | 79,538 | 10.90% | 29,191 | 4.00% | 43,786 | 6.00% | |
Tier 1 Capital (to average assets) | 79,538 | 9.10% | 34,989 | 4.00% | 43,737 | 5.00% | |
The Company | |||||||
Total Capital (to risk weighted assets) | 89,149 | 12.20% | 58,381 | 8.00% | n/a | n/a | |
Tier 1 Capital (to risk weighted assets) | 80,013 | 11.00% | 29,191 | 4.00% | n/a | n/a | |
Tier 1 Capital (to average assets) | 80,013 | 9.10% | 35,063 | 4.00% | n/a | n/a | |
As of December 31, 2012 | |||||||
The Bank | |||||||
Total Capital (to risk weighted assets) | $83,763 | 13.00% | 51,498 | 8.00% | 64,372 | 10.00% | |
Tier 1 Capital (to risk weighted assets) | 75,704 | 11.80% | 25,749 | 4.00% | 38,623 | 6.00% | |
Tier 1 Capital (to average assets) | 75,704 | 9.60% | 31,492 | 4.00% | 39,366 | 5.00% | |
The Company | |||||||
Total Capital (to risk weighted assets) | 84,006 | 13.10% | 51,498 | 8.00% | n/a | n/a | |
Tier 1 Capital (to risk weighted assets) | 75,947 | 11.80% | 25,749 | 4.00% | n/a | n/a | |
Tier 1 Capital (to average assets) | 75,947 | 9.70% | 31,492 | 4.00% | n/a | n/a | |
Parent_Company_Financial_Infor1
Parent Company Financial Information (Tables) | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Parent Company Financial Information [Abstract] | ' | |||
Schedule of condensed financial information of Southern First Bancshares, Inc. (parent company only) | ' | |||
Condensed Balance Sheets | ||||
December 31, | ||||
(dollars in thousands) | 2013 | 2012 | ||
Assets | ||||
Cash and cash equivalents | $15 | 82 | ||
Investment in subsidiaries | 78,593 | 77,285 | ||
Other assets | 1,876 | 1,578 | ||
Total assets | $80,484 | 78,945 | ||
Liabilities and Shareholders’ Equity | ||||
Accounts payable and accrued expenses | $16 | 17 | ||
Other borrowings | 1,400 | 1,400 | ||
Junior subordinated debentures | 13,403 | 13,403 | ||
Shareholders’ equity | 65,665 | 64,125 | ||
Total liabilities and shareholders’ equity | $80,484 | 78,945 | ||
Condensed Statements of Income | ||||
For the years ended December 31, | ||||
2013 | 2012 | 2011 | ||
Revenues | ||||
Interest income | $- | - | 1 | |
Total revenue | - | - | 1 | |
Expenses | ||||
Interest expense | 416 | 406 | 350 | |
Other expenses | 514 | 342 | 276 | |
Total expenses | 930 | 748 | 626 | |
Income tax benefit | 316 | 254 | 212 | |
Loss before equity in undistributed net income of subsidiaries | -614 | -494 | -413 | |
Equity in undistributed net income of subsidiaries | 5,734 | 4,356 | 2,501 | |
Net income | $5,120 | 3,862 | 2,088 | |
Condensed Statements of Cash Flows | ||||
For the years ended December 31, | ||||
2013 | 2012 | 2011 | ||
Operating activities | ||||
Net income | $5,120 | 3,862 | 2,088 | |
Adjustments to reconcile net income to net cash used for | ||||
operating activities | ||||
Equity in undistributed net income of subsidiaries | -5,734 | -4,356 | -2,501 | |
Compensation expense related to stock options and restricted stock grants | 515 | 341 | 276 | |
Increase in other assets | -298 | -241 | -194 | |
Increase (decrease) in accounts payable and accrued expenses | -1 | 11 | - | |
Net cash used for operating activities | -398 | -383 | -331 | |
Investing activities | ||||
Investment in subsidiaries | 1,900 | 1,804 | 550 | |
Net cash provided by investing activities | 1,900 | 1,804 | 550 | |
Financing activities | ||||
Increase in note payable | - | 1,400 | - | |
Redemption of preferred stock | -980 | -1,100 | - | |
Redemption of CPP Warrant | - | -904 | - | |
Cash dividend on preferred stock | -778 | -845 | -865 | |
Cash in lieu | -9 | -2 | -1 | |
Proceeds from the exercise of stock options and warrants | 198 | 96 | 77 | |
Net cash used for financing activities | -1,569 | -1,355 | -789 | |
Net increase (decrease) in cash and cash equivalents | (67) | 66 | -570 | |
Cash and cash equivalents, beginning of year | 82 | 16 | 586 | |
Cash and cash equivalents, end of year | $15 | 82 | 16 | |
Selected_Condensed_Quarterly_F1
Selected Condensed Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Selected Condensed Quarterly Financial Data [Abstract] | ' | ||||
Summary of selected quarterly financial information | ' | ||||
2013 | |||||
For the quarters ended | |||||
(dollars in thousands, except share data) | 31-Mar | 30-Jun | 30-Sep | 31-Dec | |
Interest income | $8,743 | 8,912 | 9,100 | 9,363 | |
Interest expense | 1,865 | 1,782 | 1,737 | 1,714 | |
Net interest income | 6,878 | 7,130 | 7,363 | 7,649 | |
Provision for loan losses | 1,125 | 750 | 775 | 825 | |
Noninterest income | 882 | 878 | 1,055 | 987 | |
Noninterest expenses | 5,230 | 5,301 | 5,510 | 5,771 | |
Income before income tax expense | 1,405 | 1,957 | 2,133 | 2,040 | |
Income tax expense | 444 | 657 | 714 | 601 | |
Net income | 961 | 1,300 | 1,419 | 1,439 | |
Preferred stock dividends | 197 | 191 | 191 | 191 | |
Redemption of preferred stock | 20 | - | - | - | |
Net income available to common shareholders | $784 | 1,109 | 1,228 | 1,248 | |
Earnings per common share | |||||
Basic | $0.18 | 0.26 | 0.29 | 0.29 | |
Diluted | $0.18 | 0.25 | 0.27 | 0.27 | |
Weighted average common shares outstanding | |||||
Basic | 4,262,330 | 4,269,097 | 4,271,652 | 4,316,890 | |
Diluted | 4,371,324 | 4,423,141 | 4,490,026 | 4,551,182 | |
2012 | |||||
For the quarters ended | |||||
31-Mar | 30-Jun | 30-Sep | 31-Dec | ||
Interest income | $8,557 | 8,534 | 8,790 | 8,817 | |
Interest expense | 2,428 | 2,156 | 2,082 | 2,037 | |
Net interest income | 6,129 | 6,378 | 6,708 | 6,780 | |
Provision for loan losses | 1,200 | 1,275 | 1,125 | 950 | |
Noninterest income | 837 | 741 | 1,286 | 897 | |
Noninterest expenses | 4,779 | 4,655 | 5,025 | 5,053 | |
Income before income tax expense | 987 | 1,189 | 1,844 | 1,674 | |
Income tax expense | 299 | 374 | 618 | 541 | |
Net income | 688 | 815 | 1,226 | 1,133 | |
Preferred stock dividends | 216 | 216 | 204 | 204 | |
Discount accretion | 73 | 106 | 180 | - | |
Redemption of preferred stock | - | 96 | - | - | |
Net income available to common shareholders | $399 | 589 | 842 | 929 | |
Earnings per common share | |||||
Basic | $0.09 | 0.14 | 0.2 | 0.22 | |
Diluted | $0.09 | 0.13 | 0.19 | 0.22 | |
Weighted average common shares outstanding | |||||
Basic | 4,222,622 | 4,225,993 | 4,229,819 | 4,241,280 | |
Diluted | 4,267,813 | 4,436,920 | 4,349,971 | 4,305,127 |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies and Activities (Details) (USD $) | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |
Schedule of pro-forma statement to include private placement and SeriesT Preferred Stock redemption [Abstract] | ' | ' | ' | ' |
Common equity | $43,000 | $43,000 | ' | ' |
Preferred stock | 15,299,000 | 16,299,000 | ' | ' |
Preferred stock Redemption | 6,057,000 | ' | ' | ' |
Total shareholders' equity | 65,665,000 | 64,125,000 | 62,539,000 | 59,216,000 |
Common Shares | 4,319,750 | 4,247,404 | ' | ' |
Book value per common share | $0.01 | $0.01 | ' | ' |
Common Stock [Member] | ' | ' | ' | ' |
Schedule of pro-forma statement to include private placement and SeriesT Preferred Stock redemption [Abstract] | ' | ' | ' | ' |
Common stock Issuance, Net | 5,940,000 | ' | ' | ' |
Common stock Issuance, Shares | 475,000 | ' | ' | ' |
Total shareholders' equity | 43,000 | 43,000 | 38,000 | 35,000 |
Preferred Stock [Member] | ' | ' | ' | ' |
Schedule of pro-forma statement to include private placement and SeriesT Preferred Stock redemption [Abstract] | ' | ' | ' | ' |
Preferred stock Redemption | -4,057,000 | ' | ' | ' |
Total shareholders' equity | 15,299,000 | 16,299,000 | 16,596,000 | 16,317,000 |
Reported [Member] | ' | ' | ' | ' |
Schedule of pro-forma statement to include private placement and SeriesT Preferred Stock redemption [Abstract] | ' | ' | ' | ' |
Common equity | 50,366,000 | ' | ' | ' |
Preferred stock | 15,299,000 | ' | ' | ' |
Total shareholders' equity | 65,665,000 | ' | ' | ' |
Common Shares | 4,319,750 | ' | ' | ' |
Book value per common share | $11.66 | ' | ' | ' |
Tangible common equity/tangible asset ratio | 5.65% | ' | ' | ' |
Tier I common ratio | 7.09% | ' | ' | ' |
Tier I leverage ratio | 9.13% | ' | ' | ' |
Tier I risk-based ratio | 10.96% | ' | ' | ' |
Total risk-based ratio | 12.22% | ' | ' | ' |
Pro Forma [Member] | ' | ' | ' | ' |
Schedule of pro-forma statement to include private placement and SeriesT Preferred Stock redemption [Abstract] | ' | ' | ' | ' |
Common equity | 56,306,000 | ' | ' | ' |
Preferred stock | 11,242,000 | ' | ' | ' |
Total shareholders' equity | $67,548,000 | ' | ' | ' |
Common Shares | 4,794,750 | ' | ' | ' |
Book value per common share | $11.74 | ' | ' | ' |
Tangible common equity/tangible asset ratio | 6.32% | ' | ' | ' |
Tier I common ratio | 7.90% | ' | ' | ' |
Tier I leverage ratio | 9.35% | ' | ' | ' |
Tier I risk-based ratio | 11.22% | ' | ' | ' |
Total risk-based ratio | 12.47% | ' | ' | ' |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies and Activities (Details Textual) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 28, 2012 | Jan. 27, 2014 |
Subsequent Event [Member] | ||||
Summary of Significant Accounting Policies and Activities (Textual) | ' | ' | ' | ' |
Real estate loan percentage of total loan | 80.60% | 80.90% | ' | ' |
Number of outstanding Series T Preferred Stock redeemed | ' | ' | ' | 4,057 |
Redemption amount of preferred stock | ' | ' | ' | $4,100,000 |
Deposit to Federal Reserve Bank | 16,900,000 | 15,600,000 | ' | ' |
Investment in Trusts | 403,000 | ' | ' | ' |
Common stock, shares issued | 4,319,750 | 4,247,404 | ' | 475,000 |
Book value per common share | $0.01 | $0.01 | ' | $13 |
Series T Preferred Stock, par value | $0.01 | $0.01 | $1,000 | $1,000 |
Savings on payment of dividends, annually | ' | ' | ' | $200,000 |
Investment_Securities_Details
Investment Securities (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Available for sale | ' | ' |
Total investment securities available for sale, Amortized Cost | $69,483 | $76,436 |
Total investment securities available for sale, Gross Unrealized Gains | 577 | 1,863 |
Total investment securities available for sale, Gross Unrealized Losses | 2,620 | 77 |
Available-for-sale securities, investment securities, Fair Value | 67,440 | 78,222 |
US Agency securities [Member] | ' | ' |
Available for sale | ' | ' |
Total investment securities available for sale, Amortized Cost | 8,756 | 7,781 |
Total investment securities available for sale, Gross Unrealized Gains | ' | 14 |
Total investment securities available for sale, Gross Unrealized Losses | 1,001 | 10 |
Available-for-sale securities, investment securities, Fair Value | 7,755 | 7,785 |
SBA securities [Member] | ' | ' |
Available for sale | ' | ' |
Total investment securities available for sale, Amortized Cost | 5,758 | 6,060 |
Total investment securities available for sale, Gross Unrealized Gains | ' | 17 |
Total investment securities available for sale, Gross Unrealized Losses | 487 | 5 |
Available-for-sale securities, investment securities, Fair Value | 5,271 | 6,072 |
States and political subdivisions [Member] | ' | ' |
Available for sale | ' | ' |
Total investment securities available for sale, Amortized Cost | 23,622 | 24,167 |
Total investment securities available for sale, Gross Unrealized Gains | 331 | 1,130 |
Total investment securities available for sale, Gross Unrealized Losses | 583 | 48 |
Available-for-sale securities, investment securities, Fair Value | 23,370 | 25,249 |
Mortgage Backed Securities [Member] | ' | ' |
Available for sale | ' | ' |
Total investment securities available for sale, Amortized Cost | 31,347 | 38,428 |
Total investment securities available for sale, Gross Unrealized Gains | 246 | 702 |
Total investment securities available for sale, Gross Unrealized Losses | 549 | 14 |
Available-for-sale securities, investment securities, Fair Value | 31,044 | 39,116 |
Mortgage Backed Securities [Member] | FHLMC [Member] | ' | ' |
Available for sale | ' | ' |
Total investment securities available for sale, Amortized Cost | 7,596 | 8,434 |
Total investment securities available for sale, Gross Unrealized Gains | 62 | 196 |
Total investment securities available for sale, Gross Unrealized Losses | 186 | ' |
Available-for-sale securities, investment securities, Fair Value | 7,472 | 8,630 |
Mortgage Backed Securities [Member] | FNMA [Member] | ' | ' |
Available for sale | ' | ' |
Total investment securities available for sale, Amortized Cost | 23,603 | 29,718 |
Total investment securities available for sale, Gross Unrealized Gains | 172 | 484 |
Total investment securities available for sale, Gross Unrealized Losses | 363 | 14 |
Available-for-sale securities, investment securities, Fair Value | 23,412 | 30,188 |
Mortgage Backed Securities [Member] | GNMA [Member] | ' | ' |
Available for sale | ' | ' |
Total investment securities available for sale, Amortized Cost | 148 | 276 |
Total investment securities available for sale, Gross Unrealized Gains | 12 | 22 |
Total investment securities available for sale, Gross Unrealized Losses | ' | ' |
Available-for-sale securities, investment securities, Fair Value | $160 | $298 |
Investment_Securities_Details_
Investment Securities (Details 1) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Amortized costs and fair values of investment securities available for sale by contractual maturity | ' | ' |
Due within one year, Amortized Cost | $1,507 | $417 |
Due within one year, Fair Value | 1,507 | 421 |
Due after one through five years, Amortized Cost | 2,121 | 3,690 |
Due after one through five years, Fair Value | 2,114 | 3,671 |
Due after five through ten years, Amortized Cost | 10,268 | 4,612 |
Due after five through ten years, Fair Value | 10,426 | 5,031 |
Due after ten years, Amortized Cost | 55,587 | 67,717 |
Due after ten years, Fair Value | 53,393 | 69,099 |
Available for sale, Amortized Cost | 69,483 | 76,436 |
Available-for-sale securities, investment securities, Fair Value | $67,440 | $78,222 |
Investment_Securities_Details_1
Investment Securities (Details 2) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Investment | Investment | |
Summary of gross unrealized losses on investment securities and fair market value of related securities | ' | ' |
Number of investments, Less than 12 months | 35 | 20 |
Available-for-sale Securities, Less than 12 months, Fair Value | $32,383 | $16,063 |
Available-for-sale Securities, Less than 12 Months, Unrealized losses | 1,914 | 77 |
Number of investments, 12 months or longer | 11 | ' |
Available-for-sale Securities, 12 months or longer, Fair Value | 8,976 | ' |
Available-for-sale Securities, 12 Months or Longer, Unrealized losses | 706 | ' |
Number of investments, Total | 46 | 20 |
Available-for-sale Securities, Fair Value, Total | 41,359 | 16,063 |
Available-for-sale Securities, Unrealized Losses, Total | 2,620 | 77 |
US government agencies [Member] | ' | ' |
Summary of gross unrealized losses on investment securities and fair market value of related securities | ' | ' |
Number of investments, Less than 12 months | 3 | 1 |
Available-for-sale Securities, Less than 12 months, Fair Value | 7,755 | 3,771 |
Available-for-sale Securities, Less than 12 Months, Unrealized losses | 1,001 | 10 |
Number of investments, 12 months or longer | ' | ' |
Available-for-sale Securities, 12 months or longer, Fair Value | ' | ' |
Available-for-sale Securities, 12 Months or Longer, Unrealized losses | ' | ' |
Number of investments, Total | 3 | 1 |
Available-for-sale Securities, Fair Value, Total | 7,755 | 3,771 |
Available-for-sale Securities, Unrealized Losses, Total | 1,001 | 10 |
SBA securities [Member] | ' | ' |
Summary of gross unrealized losses on investment securities and fair market value of related securities | ' | ' |
Number of investments, Less than 12 months | ' | 1 |
Available-for-sale Securities, Less than 12 months, Fair Value | ' | 2,015 |
Available-for-sale Securities, Less than 12 Months, Unrealized losses | ' | 5 |
Number of investments, 12 months or longer | 2 | ' |
Available-for-sale Securities, 12 months or longer, Fair Value | 5,271 | ' |
Available-for-sale Securities, 12 Months or Longer, Unrealized losses | 487 | ' |
Number of investments, Total | 2 | 1 |
Available-for-sale Securities, Fair Value, Total | 5,271 | 2,015 |
Available-for-sale Securities, Unrealized Losses, Total | 487 | 5 |
States and political subdivisions [Member] | ' | ' |
Summary of gross unrealized losses on investment securities and fair market value of related securities | ' | ' |
Number of investments, Less than 12 months | 22 | 16 |
Available-for-sale Securities, Less than 12 months, Fair Value | 8,482 | 6,608 |
Available-for-sale Securities, Less than 12 Months, Unrealized losses | 364 | 48 |
Number of investments, 12 months or longer | 9 | ' |
Available-for-sale Securities, 12 months or longer, Fair Value | 3,705 | ' |
Available-for-sale Securities, 12 Months or Longer, Unrealized losses | 219 | ' |
Number of investments, Total | 31 | 16 |
Available-for-sale Securities, Fair Value, Total | 12,187 | 6,608 |
Available-for-sale Securities, Unrealized Losses, Total | 583 | 48 |
Mortgage Backed Securities [Member] | FHLMC [Member] | ' | ' |
Summary of gross unrealized losses on investment securities and fair market value of related securities | ' | ' |
Number of investments, Less than 12 months | 3 | ' |
Available-for-sale Securities, Less than 12 months, Fair Value | 5,006 | ' |
Available-for-sale Securities, Less than 12 Months, Unrealized losses | 186 | ' |
Number of investments, 12 months or longer | ' | ' |
Available-for-sale Securities, 12 months or longer, Fair Value | ' | ' |
Available-for-sale Securities, 12 Months or Longer, Unrealized losses | ' | ' |
Number of investments, Total | 3 | ' |
Available-for-sale Securities, Fair Value, Total | 5,006 | ' |
Available-for-sale Securities, Unrealized Losses, Total | 186 | ' |
Mortgage Backed Securities [Member] | FNMA [Member] | ' | ' |
Summary of gross unrealized losses on investment securities and fair market value of related securities | ' | ' |
Number of investments, Less than 12 months | 7 | 2 |
Available-for-sale Securities, Less than 12 months, Fair Value | 11,140 | 3,669 |
Available-for-sale Securities, Less than 12 Months, Unrealized losses | 363 | 14 |
Number of investments, 12 months or longer | ' | ' |
Available-for-sale Securities, 12 months or longer, Fair Value | ' | ' |
Available-for-sale Securities, 12 Months or Longer, Unrealized losses | ' | ' |
Number of investments, Total | 7 | 2 |
Available-for-sale Securities, Fair Value, Total | 11,140 | 3,669 |
Available-for-sale Securities, Unrealized Losses, Total | $363 | $14 |
Investment_Securities_Details_2
Investment Securities (Details 3) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Other investments | ' | ' |
Federal Reserve Bank stock | ' | $1,485 |
Federal Home Loan Bank stock | 5,614 | 5,807 |
Certificates of deposit | 99 | 99 |
Investment in Trust Preferred subsidiaries | 403 | 403 |
Total other investments | $6,116 | $7,794 |
Investment_Securities_Details_3
Investment Securities (Details Textual) (USD $) | 3 Months Ended | 12 Months Ended | |||
Sep. 30, 2011 | Jun. 30, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Investment | Investment | ||||
Investment Securities (Textual) | ' | ' | ' | ' | ' |
Sale of mortgage-backed securities and state and municipal obligations | ' | $26,900,000 | ' | $45,100,000 | ' |
Reinvested securities mortgage backed securities and state and municipal obligations investments at current rates | ' | ' | ' | 18,100,000 | ' |
Gain (Loss) on sale of investment securities | -512,000 | 535,000 | ' | 363,000 | 23,000 |
Number of investments, Less than 12 months | ' | ' | 35 | 20 | ' |
OTTI charge to earnings on private-label collateralized mortgage obligation | ' | 25,000 | ' | ' | ' |
Collateralized mortgage obligation sold as part of investment securities | 2,500,000 | ' | ' | ' | ' |
Securities pledged as collateral for repurchase agreements from brokers | ' | ' | 22,000,000 | 22,800,000 | ' |
Securities pledged to secure client deposit | ' | ' | 25,000,000 | 10,500,000 | ' |
Number of investments, 12 months or longer | ' | ' | 11 | ' | ' |
Fair Market Value, less than 12 months | ' | ' | 32,400,000 | ' | ' |
Fair Market Value,12 months or longer | ' | ' | $9,000,000 | ' | ' |
Loans_and_Allowance_for_Loan_L2
Loans and Allowance for Loan Losses (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Composition of loan portfolio | ' | ' |
Total commercial loans | $511,738 | $458,469 |
Total consumer loans | 225,529 | 187,480 |
Total gross loans, net of deferred fees | 737,267 | 645,949 |
Less allowance for loan losses | -10,213 | -9,091 |
Total loans, net | 727,054 | 636,858 |
Commercial [Member] | ' | ' |
Composition of loan portfolio | ' | ' |
Total commercial loans | 511,738 | 458,469 |
Total gross loans, net of deferred fees | 511,738 | 458,469 |
Commercial [Member] | Owner occupied [Member] | ' | ' |
Composition of loan portfolio | ' | ' |
Total commercial loans | 185,129 | 158,790 |
Commercial [Member] | Non-owner occupied [Member] | ' | ' |
Composition of loan portfolio | ' | ' |
Total commercial loans | 166,016 | 165,163 |
Commercial [Member] | Construction [Member] | ' | ' |
Composition of loan portfolio | ' | ' |
Total commercial loans | 30,906 | 20,347 |
Commercial [Member] | Business [Member] | ' | ' |
Composition of loan portfolio | ' | ' |
Total commercial loans | 129,687 | 114,169 |
Consumer [Member] | ' | ' |
Composition of loan portfolio | ' | ' |
Total commercial loans | 225,529 | 187,480 |
Total gross loans, net of deferred fees | 225,529 | 187,480 |
Consumer [Member] | Construction [Member] | ' | ' |
Composition of loan portfolio | ' | ' |
Total commercial loans | 19,888 | 13,749 |
Consumer [Member] | Residential [Member] | ' | ' |
Composition of loan portfolio | ' | ' |
Total commercial loans | 114,201 | 86,559 |
Consumer [Member] | Home equity [Member] | ' | ' |
Composition of loan portfolio | ' | ' |
Total commercial loans | 78,479 | 77,895 |
Consumer [Member] | Other [Member] | ' | ' |
Composition of loan portfolio | ' | ' |
Total commercial loans | $12,961 | $9,277 |
Loans_and_Allowance_for_Loan_L3
Loans and Allowance for Loan Losses (Details 1) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Composition of gross loans by rate type | ' | ' |
Variable rate loans | $224,866 | $219,462 |
Fixed rate loans | 512,401 | 426,487 |
Total gross loans, net of deferred fees | $737,267 | $645,949 |
Loans_and_Allowance_for_Loan_L4
Loans and Allowance for Loan Losses (Details 2) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Outstanding commercial and consumer loans which include loans on nonaccrual by past due status | ' | ' |
Total commercial loans | $511,738 | $458,469 |
Total consumer loans | 225,529 | 187,480 |
Commercial [Member] | ' | ' |
Outstanding commercial and consumer loans which include loans on nonaccrual by past due status | ' | ' |
Current | 504,242 | 452,399 |
30-59 days past due | 1,694 | 845 |
60-89 days past due | ' | 563 |
Greater than 90 days | 5,802 | 4,662 |
Total commercial loans | 511,738 | 458,469 |
Commercial [Member] | Owner occupied RE [Member] | ' | ' |
Outstanding commercial and consumer loans which include loans on nonaccrual by past due status | ' | ' |
Current | 183,609 | 157,036 |
30-59 days past due | 791 | 306 |
60-89 days past due | ' | ' |
Greater than 90 days | 729 | 1,448 |
Total commercial loans | 185,129 | 158,790 |
Commercial [Member] | Non-owner occupied RE [Member] | ' | ' |
Outstanding commercial and consumer loans which include loans on nonaccrual by past due status | ' | ' |
Current | 161,758 | 163,700 |
30-59 days past due | 859 | ' |
60-89 days past due | ' | 463 |
Greater than 90 days | 3,399 | 1,000 |
Total commercial loans | 166,016 | 165,163 |
Commercial [Member] | Construction [Member] | ' | ' |
Outstanding commercial and consumer loans which include loans on nonaccrual by past due status | ' | ' |
Current | 29,992 | 19,341 |
30-59 days past due | ' | ' |
60-89 days past due | ' | ' |
Greater than 90 days | 914 | 1,006 |
Total commercial loans | 30,906 | 20,347 |
Commercial [Member] | Business [Member] | ' | ' |
Outstanding commercial and consumer loans which include loans on nonaccrual by past due status | ' | ' |
Current | 128,883 | 112,322 |
30-59 days past due | 44 | 539 |
60-89 days past due | ' | 100 |
Greater than 90 days | 760 | 1,208 |
Total commercial loans | 129,687 | 114,169 |
Consumer [Member] | ' | ' |
Outstanding commercial and consumer loans which include loans on nonaccrual by past due status | ' | ' |
Current | 223,481 | 186,411 |
30-59 days past due | 890 | 660 |
60-89 days past due | 467 | 44 |
Greater than 90 days | 691 | 365 |
Total commercial loans | 225,529 | 187,480 |
Consumer [Member] | Construction [Member] | ' | ' |
Outstanding commercial and consumer loans which include loans on nonaccrual by past due status | ' | ' |
Current | 19,888 | 13,749 |
30-59 days past due | ' | ' |
60-89 days past due | ' | ' |
Greater than 90 days | ' | ' |
Total commercial loans | 19,888 | 13,749 |
Consumer [Member] | Real estate [Member] | ' | ' |
Outstanding commercial and consumer loans which include loans on nonaccrual by past due status | ' | ' |
Current | 112,314 | 85,999 |
30-59 days past due | 806 | 560 |
60-89 days past due | 467 | ' |
Greater than 90 days | 614 | ' |
Total commercial loans | 114,201 | 86,559 |
Consumer [Member] | Home equity [Member] | ' | ' |
Outstanding commercial and consumer loans which include loans on nonaccrual by past due status | ' | ' |
Current | 78,402 | 77,430 |
30-59 days past due | ' | 100 |
60-89 days past due | ' | ' |
Greater than 90 days | 77 | 365 |
Total commercial loans | 78,479 | 77,895 |
Consumer [Member] | Other [Member] | ' | ' |
Outstanding commercial and consumer loans which include loans on nonaccrual by past due status | ' | ' |
Current | 12,877 | 9,233 |
30-59 days past due | 84 | ' |
60-89 days past due | ' | 44 |
Greater than 90 days | ' | ' |
Total commercial loans | $12,961 | $9,277 |
Loans_and_Allowance_for_Loan_L5
Loans and Allowance for Loan Losses (Details 3) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Outstanding commercial and consumer loans by risk category | ' | ' |
Outstanding commercial loans | $511,738 | $458,469 |
Outstanding consumer loans | 225,529 | 187,480 |
Owner occupied [Member] | ' | ' |
Outstanding commercial and consumer loans by risk category | ' | ' |
Outstanding commercial loans | 185,129 | 158,790 |
Non-owner occupied RE [Member] | ' | ' |
Outstanding commercial and consumer loans by risk category | ' | ' |
Outstanding commercial loans | 166,016 | 165,163 |
Real estate [Member] | ' | ' |
Outstanding commercial and consumer loans by risk category | ' | ' |
Outstanding consumer loans | 114,201 | 86,559 |
Home equity [Member] | ' | ' |
Outstanding commercial and consumer loans by risk category | ' | ' |
Outstanding consumer loans | 78,479 | 77,895 |
Construction [Member] | ' | ' |
Outstanding commercial and consumer loans by risk category | ' | ' |
Outstanding commercial loans | 30,906 | 20,347 |
Outstanding consumer loans | 19,888 | 13,749 |
Business [Member] | ' | ' |
Outstanding commercial and consumer loans by risk category | ' | ' |
Outstanding commercial loans | 129,687 | 114,169 |
Other [Member] | ' | ' |
Outstanding commercial and consumer loans by risk category | ' | ' |
Outstanding consumer loans | 12,961 | 9,277 |
Pass [Member] | ' | ' |
Outstanding commercial and consumer loans by risk category | ' | ' |
Outstanding commercial loans | 471,749 | 412,896 |
Outstanding consumer loans | 218,137 | 179,392 |
Pass [Member] | Owner occupied [Member] | ' | ' |
Outstanding commercial and consumer loans by risk category | ' | ' |
Outstanding commercial loans | 176,320 | 148,255 |
Pass [Member] | Non-owner occupied RE [Member] | ' | ' |
Outstanding commercial and consumer loans by risk category | ' | ' |
Outstanding commercial loans | 147,378 | 141,352 |
Pass [Member] | Real estate [Member] | ' | ' |
Outstanding commercial and consumer loans by risk category | ' | ' |
Outstanding consumer loans | 110,304 | 83,173 |
Pass [Member] | Home equity [Member] | ' | ' |
Outstanding commercial and consumer loans by risk category | ' | ' |
Outstanding consumer loans | 75,304 | 73,718 |
Pass [Member] | Construction [Member] | ' | ' |
Outstanding commercial and consumer loans by risk category | ' | ' |
Outstanding commercial loans | 27,797 | 18,265 |
Outstanding consumer loans | 19,888 | 13,749 |
Pass [Member] | Business [Member] | ' | ' |
Outstanding commercial and consumer loans by risk category | ' | ' |
Outstanding commercial loans | 120,254 | 105,024 |
Pass [Member] | Other [Member] | ' | ' |
Outstanding commercial and consumer loans by risk category | ' | ' |
Outstanding consumer loans | 12,641 | 8,752 |
Special Mention [Member] | ' | ' |
Outstanding commercial and consumer loans by risk category | ' | ' |
Outstanding commercial loans | 17,179 | 19,554 |
Outstanding consumer loans | 3,843 | 4,767 |
Special Mention [Member] | Owner occupied [Member] | ' | ' |
Outstanding commercial and consumer loans by risk category | ' | ' |
Outstanding commercial loans | 5,563 | 7,446 |
Special Mention [Member] | Non-owner occupied RE [Member] | ' | ' |
Outstanding commercial and consumer loans by risk category | ' | ' |
Outstanding commercial loans | 7,987 | 9,358 |
Special Mention [Member] | Real estate [Member] | ' | ' |
Outstanding commercial and consumer loans by risk category | ' | ' |
Outstanding consumer loans | 1,455 | 2,307 |
Special Mention [Member] | Home equity [Member] | ' | ' |
Outstanding commercial and consumer loans by risk category | ' | ' |
Outstanding consumer loans | 2,176 | 2,290 |
Special Mention [Member] | Construction [Member] | ' | ' |
Outstanding commercial and consumer loans by risk category | ' | ' |
Outstanding commercial loans | ' | ' |
Outstanding consumer loans | ' | ' |
Special Mention [Member] | Business [Member] | ' | ' |
Outstanding commercial and consumer loans by risk category | ' | ' |
Outstanding commercial loans | 3,629 | 2,750 |
Special Mention [Member] | Other [Member] | ' | ' |
Outstanding commercial and consumer loans by risk category | ' | ' |
Outstanding consumer loans | 212 | 170 |
Substandard [Member] | ' | ' |
Outstanding commercial and consumer loans by risk category | ' | ' |
Outstanding commercial loans | 22,810 | 26,019 |
Outstanding consumer loans | 3,549 | 3,321 |
Substandard [Member] | Owner occupied [Member] | ' | ' |
Outstanding commercial and consumer loans by risk category | ' | ' |
Outstanding commercial loans | 3,246 | 3,089 |
Substandard [Member] | Non-owner occupied RE [Member] | ' | ' |
Outstanding commercial and consumer loans by risk category | ' | ' |
Outstanding commercial loans | 10,651 | 14,453 |
Substandard [Member] | Real estate [Member] | ' | ' |
Outstanding commercial and consumer loans by risk category | ' | ' |
Outstanding consumer loans | 2,442 | 1,079 |
Substandard [Member] | Home equity [Member] | ' | ' |
Outstanding commercial and consumer loans by risk category | ' | ' |
Outstanding consumer loans | 999 | 1,887 |
Substandard [Member] | Construction [Member] | ' | ' |
Outstanding commercial and consumer loans by risk category | ' | ' |
Outstanding commercial loans | 3,109 | 2,082 |
Outstanding consumer loans | ' | ' |
Substandard [Member] | Business [Member] | ' | ' |
Outstanding commercial and consumer loans by risk category | ' | ' |
Outstanding commercial loans | 5,804 | 6,395 |
Substandard [Member] | Other [Member] | ' | ' |
Outstanding commercial and consumer loans by risk category | ' | ' |
Outstanding consumer loans | 108 | 355 |
Doubtful [Member] | ' | ' |
Outstanding commercial and consumer loans by risk category | ' | ' |
Outstanding commercial loans | ' | ' |
Outstanding consumer loans | ' | ' |
Doubtful [Member] | Owner occupied [Member] | ' | ' |
Outstanding commercial and consumer loans by risk category | ' | ' |
Outstanding commercial loans | ' | ' |
Doubtful [Member] | Non-owner occupied RE [Member] | ' | ' |
Outstanding commercial and consumer loans by risk category | ' | ' |
Outstanding commercial loans | ' | ' |
Doubtful [Member] | Real estate [Member] | ' | ' |
Outstanding commercial and consumer loans by risk category | ' | ' |
Outstanding consumer loans | ' | ' |
Doubtful [Member] | Home equity [Member] | ' | ' |
Outstanding commercial and consumer loans by risk category | ' | ' |
Outstanding consumer loans | ' | ' |
Doubtful [Member] | Construction [Member] | ' | ' |
Outstanding commercial and consumer loans by risk category | ' | ' |
Outstanding commercial loans | ' | ' |
Outstanding consumer loans | ' | ' |
Doubtful [Member] | Business [Member] | ' | ' |
Outstanding commercial and consumer loans by risk category | ' | ' |
Outstanding commercial loans | ' | ' |
Doubtful [Member] | Other [Member] | ' | ' |
Outstanding commercial and consumer loans by risk category | ' | ' |
Outstanding consumer loans | ' | ' |
Loss [Member] | ' | ' |
Outstanding commercial and consumer loans by risk category | ' | ' |
Outstanding consumer loans | ' | ' |
Loss [Member] | Real estate [Member] | ' | ' |
Outstanding commercial and consumer loans by risk category | ' | ' |
Outstanding consumer loans | ' | ' |
Loss [Member] | Home equity [Member] | ' | ' |
Outstanding commercial and consumer loans by risk category | ' | ' |
Outstanding consumer loans | ' | ' |
Loss [Member] | Construction [Member] | ' | ' |
Outstanding commercial and consumer loans by risk category | ' | ' |
Outstanding consumer loans | ' | ' |
Loss [Member] | Other [Member] | ' | ' |
Outstanding commercial and consumer loans by risk category | ' | ' |
Outstanding consumer loans | ' | ' |
Loans_and_Allowance_for_Loan_L6
Loans and Allowance for Loan Losses (Details 4) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | |||
Summary of nonperforming assets | ' | ' | ' |
Nonaccruing troubled debt restructurings | $4,983 | $4,809 | ' |
Total nonaccrual loans | 8,337 | 8,167 | ' |
Other real estate owned | 1,198 | 1,719 | 3,686 |
Total nonperforming assets | 9,535 | 9,886 | ' |
Nonperforming assets as a percentage of: | ' | ' | ' |
Total assets | 1.07% | 1.24% | ' |
Gross loans | 1.29% | 1.53% | ' |
Total loans over 90 days past due | 6,493 | 5,027 | ' |
Loans over 90 days past due and still accruing | ' | ' | ' |
Accruing TDRs | 8,045 | 9,421 | ' |
Commercial [Member] | Owner occupied RE [Member] | ' | ' | ' |
Summary of nonperforming assets | ' | ' | ' |
Total nonaccrual loans | 1,199 | 155 | ' |
Commercial [Member] | Non-owner occupied RE [Member] | ' | ' | ' |
Summary of nonperforming assets | ' | ' | ' |
Total nonaccrual loans | 373 | 1,255 | ' |
Commercial [Member] | Construction [Member] | ' | ' | ' |
Summary of nonperforming assets | ' | ' | ' |
Total nonaccrual loans | 914 | 1,006 | ' |
Commercial [Member] | Business [Member] | ' | ' | ' |
Summary of nonperforming assets | ' | ' | ' |
Total nonaccrual loans | 712 | 202 | ' |
Consumer [Member] | Real estate [Member] | ' | ' | ' |
Summary of nonperforming assets | ' | ' | ' |
Total nonaccrual loans | 76 | 119 | ' |
Consumer [Member] | Home equity [Member] | ' | ' | ' |
Summary of nonperforming assets | ' | ' | ' |
Total nonaccrual loans | 77 | 577 | ' |
Consumer [Member] | Construction [Member] | ' | ' | ' |
Summary of nonperforming assets | ' | ' | ' |
Total nonaccrual loans | ' | ' | ' |
Consumer [Member] | Other [Member] | ' | ' | ' |
Summary of nonperforming assets | ' | ' | ' |
Total nonaccrual loans | $3 | $44 | ' |
Loans_and_Allowance_for_Loan_L7
Loans and Allowance for Loan Losses (Details 5) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Summary of key information for impaired loans | ' | ' |
Unpaid Principal Balance | $20,291 | $21,465 |
Impaired Loans | 16,382 | 17,588 |
Impaired loans with related allowance for loan losses | 14,143 | 9,505 |
Related allowance for loan losses | 4,729 | 3,649 |
Commercial [Member] | ' | ' |
Summary of key information for impaired loans | ' | ' |
Unpaid Principal Balance | 17,998 | 19,440 |
Impaired Loans | 14,111 | 15,563 |
Impaired loans with related allowance for loan losses | 12,453 | 8,738 |
Related allowance for loan losses | 3,833 | 3,534 |
Commercial [Member] | Owner occupied RE [Member] | ' | ' |
Summary of key information for impaired loans | ' | ' |
Unpaid Principal Balance | 1,935 | 3,071 |
Impaired Loans | 1,935 | 2,271 |
Impaired loans with related allowance for loan losses | 1,666 | 2,116 |
Related allowance for loan losses | 333 | 398 |
Commercial [Member] | Non-owner occupied RE [Member] | ' | ' |
Summary of key information for impaired loans | ' | ' |
Unpaid Principal Balance | 5,957 | 7,497 |
Impaired Loans | 5,622 | 7,162 |
Impaired loans with related allowance for loan losses | 6,125 | 2,218 |
Related allowance for loan losses | 1,441 | 831 |
Commercial [Member] | Construction [Member] | ' | ' |
Summary of key information for impaired loans | ' | ' |
Unpaid Principal Balance | 4,612 | 4,824 |
Impaired Loans | 1,870 | 2,082 |
Impaired loans with related allowance for loan losses | 1,855 | 1,075 |
Related allowance for loan losses | 246 | 213 |
Commercial [Member] | Business [Member] | ' | ' |
Summary of key information for impaired loans | ' | ' |
Unpaid Principal Balance | 5,494 | 4,048 |
Impaired Loans | 4,684 | 4,048 |
Impaired loans with related allowance for loan losses | 2,807 | 3,329 |
Related allowance for loan losses | 1,813 | 2,092 |
Consumer [Member] | ' | ' |
Summary of key information for impaired loans | ' | ' |
Unpaid Principal Balance | 2,293 | 2,025 |
Impaired Loans | 2,271 | 2,025 |
Impaired loans with related allowance for loan losses | 1,690 | 767 |
Related allowance for loan losses | 896 | 115 |
Consumer [Member] | Real estate [Member] | ' | ' |
Summary of key information for impaired loans | ' | ' |
Unpaid Principal Balance | 1,829 | 985 |
Impaired Loans | 1,807 | 985 |
Impaired loans with related allowance for loan losses | 1,447 | 162 |
Related allowance for loan losses | 704 | 24 |
Consumer [Member] | Home equity [Member] | ' | ' |
Summary of key information for impaired loans | ' | ' |
Unpaid Principal Balance | 239 | 770 |
Impaired Loans | 239 | 770 |
Impaired loans with related allowance for loan losses | 239 | 605 |
Related allowance for loan losses | 188 | 91 |
Consumer [Member] | Construction [Member] | ' | ' |
Summary of key information for impaired loans | ' | ' |
Unpaid Principal Balance | ' | ' |
Impaired Loans | ' | ' |
Impaired loans with related allowance for loan losses | ' | ' |
Related allowance for loan losses | ' | ' |
Consumer [Member] | Other [Member] | ' | ' |
Summary of key information for impaired loans | ' | ' |
Unpaid Principal Balance | 225 | 270 |
Impaired Loans | 225 | 270 |
Impaired loans with related allowance for loan losses | 4 | ' |
Related allowance for loan losses | $4 | ' |
Loans_and_Allowance_for_Loan_L8
Loans and Allowance for Loan Losses (Details 6) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Average recorded investment and interest income recognized on impaired loans | ' | ' | ' |
Average recorded investment | $16,056 | $17,854 | $12,963 |
Recognized interest income | 671 | 629 | 866 |
Commercial [Member] | ' | ' | ' |
Average recorded investment and interest income recognized on impaired loans | ' | ' | ' |
Average recorded investment | 14,026 | 15,699 | 10,797 |
Recognized interest income | 554 | 559 | 789 |
Commercial [Member] | Owner occupied RE [Member] | ' | ' | ' |
Average recorded investment and interest income recognized on impaired loans | ' | ' | ' |
Average recorded investment | 1,519 | 3,881 | 3,521 |
Recognized interest income | 47 | 17 | 220 |
Commercial [Member] | Non-owner occupied RE [Member] | ' | ' | ' |
Average recorded investment and interest income recognized on impaired loans | ' | ' | ' |
Average recorded investment | 5,932 | 5,811 | 2,520 |
Recognized interest income | 261 | 392 | 281 |
Commercial [Member] | Construction [Member] | ' | ' | ' |
Average recorded investment and interest income recognized on impaired loans | ' | ' | ' |
Average recorded investment | 2,054 | 2,127 | 1,425 |
Recognized interest income | 57 | 66 | 81 |
Commercial [Member] | Business [Member] | ' | ' | ' |
Average recorded investment and interest income recognized on impaired loans | ' | ' | ' |
Average recorded investment | 4,521 | 3,880 | 3,331 |
Recognized interest income | 189 | 84 | 207 |
Consumer [Member] | ' | ' | ' |
Average recorded investment and interest income recognized on impaired loans | ' | ' | ' |
Average recorded investment | 2,030 | 2,155 | 2,166 |
Recognized interest income | 117 | 70 | 77 |
Consumer [Member] | Real Estate [Member] | ' | ' | ' |
Average recorded investment and interest income recognized on impaired loans | ' | ' | ' |
Average recorded investment | 1,186 | 1,397 | 1,729 |
Recognized interest income | 100 | 44 | 64 |
Consumer [Member] | Home equity [Member] | ' | ' | ' |
Average recorded investment and interest income recognized on impaired loans | ' | ' | ' |
Average recorded investment | 610 | 518 | 399 |
Recognized interest income | 8 | 12 | ' |
Consumer [Member] | Construction [Member] | ' | ' | ' |
Average recorded investment and interest income recognized on impaired loans | ' | ' | ' |
Average recorded investment | ' | ' | ' |
Recognized interest income | ' | ' | ' |
Consumer [Member] | Other [Member] | ' | ' | ' |
Average recorded investment and interest income recognized on impaired loans | ' | ' | ' |
Average recorded investment | 234 | 240 | 38 |
Recognized interest income | $9 | $14 | $13 |
Loans_and_Allowance_for_Loan_L9
Loans and Allowance for Loan Losses (Details 7) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Summary of activity related to our allowance for loan losses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance, beginning of period | ' | ' | ' | $9,091 | ' | ' | ' | $8,925 | $9,091 | $8,925 | $8,386 |
Provision for loan losses | 825 | 775 | 750 | 1,125 | 950 | 1,125 | 1,275 | 1,200 | 3,475 | 4,550 | 5,270 |
Loan charge-offs | ' | ' | ' | ' | ' | ' | ' | ' | -2,478 | -4,505 | -4,938 |
Loan recoveries | ' | ' | ' | ' | ' | ' | ' | ' | 125 | 121 | 207 |
Net loan charge-offs | ' | ' | ' | ' | ' | ' | ' | ' | -2,353 | -4,384 | -4,731 |
Balance, end of period | 10,213 | ' | ' | ' | 9,091 | ' | ' | ' | 10,213 | 9,091 | 8,925 |
Commercial [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Summary of activity related to our allowance for loan losses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance, beginning of period | ' | ' | ' | 7,981 | ' | ' | ' | 8,061 | 7,981 | 8,061 | ' |
Loan charge-offs | ' | ' | ' | ' | ' | ' | ' | ' | -2,303 | -3,600 | -4,434 |
Loan recoveries | ' | ' | ' | ' | ' | ' | ' | ' | 117 | 73 | 205 |
Balance, end of period | 8,239 | ' | ' | ' | 7,981 | ' | ' | ' | 8,239 | 7,981 | 8,061 |
Commercial [Member] | Owner occupied RE [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Summary of activity related to our allowance for loan losses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loan charge-offs | ' | ' | ' | ' | ' | ' | ' | ' | -390 | -1,857 | -72 |
Loan recoveries | ' | ' | ' | ' | ' | ' | ' | ' | 1 | 4 | 14 |
Commercial [Member] | Non-owner occupied RE [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Summary of activity related to our allowance for loan losses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loan charge-offs | ' | ' | ' | ' | ' | ' | ' | ' | -249 | -513 | -1,052 |
Loan recoveries | ' | ' | ' | ' | ' | ' | ' | ' | 1 | 42 | 42 |
Commercial [Member] | Construction [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Summary of activity related to our allowance for loan losses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loan charge-offs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -67 |
Loan recoveries | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Commercial [Member] | Business [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Summary of activity related to our allowance for loan losses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loan charge-offs | ' | ' | ' | ' | ' | ' | ' | ' | -1,664 | -1,230 | -3,243 |
Loan recoveries | ' | ' | ' | ' | ' | ' | ' | ' | 115 | 27 | 149 |
Consumer [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Summary of activity related to our allowance for loan losses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance, beginning of period | ' | ' | ' | 1,110 | ' | ' | ' | 864 | 1,110 | 864 | ' |
Loan charge-offs | ' | ' | ' | ' | ' | ' | ' | ' | -175 | -905 | -504 |
Loan recoveries | ' | ' | ' | ' | ' | ' | ' | ' | 8 | 48 | 2 |
Balance, end of period | 1,974 | ' | ' | ' | 1,110 | ' | ' | ' | 1,974 | 1,110 | 864 |
Consumer [Member] | Real estate [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Summary of activity related to our allowance for loan losses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loan charge-offs | ' | ' | ' | ' | ' | ' | ' | ' | -22 | -214 | -129 |
Loan recoveries | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' |
Consumer [Member] | Home equity [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Summary of activity related to our allowance for loan losses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loan charge-offs | ' | ' | ' | ' | ' | ' | ' | ' | -106 | -691 | -175 |
Loan recoveries | ' | ' | ' | ' | ' | ' | ' | ' | 8 | 32 | 2 |
Consumer [Member] | Construction [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Summary of activity related to our allowance for loan losses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loan charge-offs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loan recoveries | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Consumer [Member] | Other [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Summary of activity related to our allowance for loan losses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loan charge-offs | ' | ' | ' | ' | ' | ' | ' | ' | -47 | ' | -200 |
Loan recoveries | ' | ' | ' | ' | ' | ' | ' | ' | ' | $14 | ' |
Recovered_Sheet1
Loans and Allowance for Loan Losses (Details 8) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Summary of activity related to our allowance for loan losses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance, beginning of period | ' | ' | ' | $9,091 | ' | ' | ' | $8,925 | $9,091 | $8,925 | $8,386 |
Provision | 825 | 775 | 750 | 1,125 | 950 | 1,125 | 1,275 | 1,200 | 3,475 | 4,550 | 5,270 |
Loan charge-offs | ' | ' | ' | ' | ' | ' | ' | ' | -2,478 | -4,505 | -4,938 |
Loan recoveries | ' | ' | ' | ' | ' | ' | ' | ' | 125 | 121 | 207 |
Net loan charge-offs | ' | ' | ' | ' | ' | ' | ' | ' | -2,353 | -4,384 | -4,731 |
Balance, end of period | 10,213 | ' | ' | ' | 9,091 | ' | ' | ' | 10,213 | 9,091 | 8,925 |
Commercial Portfolio Segment [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Summary of activity related to our allowance for loan losses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance, beginning of period | ' | ' | ' | 7,981 | ' | ' | ' | 8,061 | 7,981 | 8,061 | ' |
Provision | ' | ' | ' | ' | ' | ' | ' | ' | 2,444 | 3,447 | ' |
Loan charge-offs | ' | ' | ' | ' | ' | ' | ' | ' | -2,303 | -3,600 | ' |
Loan recoveries | ' | ' | ' | ' | ' | ' | ' | ' | 117 | 73 | ' |
Net loan charge-offs | ' | ' | ' | ' | ' | ' | ' | ' | -2,186 | -3,527 | ' |
Balance, end of period | 8,239 | ' | ' | ' | 7,981 | ' | ' | ' | 8,239 | 7,981 | ' |
Consumer Portfolio Segment [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Summary of activity related to our allowance for loan losses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance, beginning of period | ' | ' | ' | 1,110 | ' | ' | ' | 864 | 1,110 | 864 | ' |
Provision | ' | ' | ' | ' | ' | ' | ' | ' | 1,031 | 1,103 | ' |
Loan charge-offs | ' | ' | ' | ' | ' | ' | ' | ' | -175 | -905 | ' |
Loan recoveries | ' | ' | ' | ' | ' | ' | ' | ' | 8 | 48 | ' |
Net loan charge-offs | ' | ' | ' | ' | ' | ' | ' | ' | -167 | -857 | ' |
Balance, end of period | 1,974 | ' | ' | ' | 1,110 | ' | ' | ' | 1,974 | 1,110 | ' |
Unallocated Financing Receivables [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Summary of activity related to our allowance for loan losses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance, beginning of period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Provision | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loan charge-offs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loan recoveries | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net loan charge-offs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance, end of period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Recovered_Sheet2
Loans and Allowance for Loan Losses (Details 9) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
In Thousands, unless otherwise specified | ||||
Allowance for loan losses and recorded investment in loans by impairment methodology | ' | ' | ' | ' |
Allowance for loan losses, Individually evaluated | $4,729 | $3,534 | ' | ' |
Recorded investment in loans, Individually evaluated | 16,382 | 15,563 | ' | ' |
Allowance for loan losses, Collectively evaluated | 5,484 | 5,557 | ' | ' |
Recorded investment in loans, Collectively evaluated | 720,885 | 630,396 | ' | ' |
Allowance for loan losses, Total | 10,213 | 9,091 | 8,925 | 8,386 |
Total gross loans, net of deferred fees | 737,267 | 645,949 | ' | ' |
Commercial Loan [Member] | ' | ' | ' | ' |
Allowance for loan losses and recorded investment in loans by impairment methodology | ' | ' | ' | ' |
Allowance for loan losses, Individually evaluated | 3,833 | 3,534 | ' | ' |
Recorded investment in loans, Individually evaluated | 14,111 | 15,563 | ' | ' |
Allowance for loan losses, Collectively evaluated | 4,406 | 4,447 | ' | ' |
Recorded investment in loans, Collectively evaluated | 497,627 | 442,906 | ' | ' |
Allowance for loan losses, Total | 8,239 | 7,981 | 8,061 | ' |
Total gross loans, net of deferred fees | 511,738 | 458,469 | ' | ' |
Consumer [Member] | ' | ' | ' | ' |
Allowance for loan losses and recorded investment in loans by impairment methodology | ' | ' | ' | ' |
Allowance for loan losses, Individually evaluated | 896 | ' | ' | ' |
Recorded investment in loans, Individually evaluated | 2,271 | ' | ' | ' |
Allowance for loan losses, Collectively evaluated | 1,078 | 1,110 | ' | ' |
Recorded investment in loans, Collectively evaluated | 223,258 | 187,480 | ' | ' |
Allowance for loan losses, Total | 1,974 | 1,110 | 864 | ' |
Total gross loans, net of deferred fees | $225,529 | $187,480 | ' | ' |
Recovered_Sheet3
Loans and Allowance for Loan Losses (Details Textual) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Loan and Allowance For Loan Losses (Textual) | ' | ' |
Part of loans of 30 days or More past due as a percentage of total loan portfolio | 1.29% | 1.11% |
Loans over 90 days past due and still accruing | ' | ' |
Real estate loan percentage of total loan | 80.60% | 80.90% |
Consumer loans percentage of total real estate loan | 35.70% | ' |
Mortgage loan pledged as collateral for advances from FHLB | 173,400,000 | ' |
Foregone interest income on non accrual loans | 543,000 | 402,000 |
Description of loan to value ratio | 'Approximately $84.1 million, or 11.4% of our loans had loan-to-value ratios which exceeded regulatory supervisory limits, of which 78 loans totaling approximately $32.7 million had loan-to-value ratios of 100% or more. | ' |
Commercial loans percentage of total real estate loan | 64.30% | ' |
Net of deferred loan fees and costs | $1,300,000 | $1,300,000 |
Owner occupied [Member] | ' | ' |
Loan and Allowance For Loan Losses (Textual) | ' | ' |
Commercial loans percentage of total real estate loan | 25.10% | ' |
Non-owner occupied [Member] | ' | ' |
Loan and Allowance For Loan Losses (Textual) | ' | ' |
Commercial loans percentage of total real estate loan | 22.50% | ' |
Construction [Member] | ' | ' |
Loan and Allowance For Loan Losses (Textual) | ' | ' |
Commercial loans percentage of total real estate loan | 4.20% | ' |
Commercial [Member] | ' | ' |
Loan and Allowance For Loan Losses (Textual) | ' | ' |
Part of loans of 30 days or More past due as a percentage of total loan portfolio | 1.02% | 0.94% |
Consumer [Member] | ' | ' |
Loan and Allowance For Loan Losses (Textual) | ' | ' |
Part of loans of 30 days or More past due as a percentage of total loan portfolio | 0.28% | 0.17% |
Troubled_Debt_Restructurings_D
Troubled Debt Restructurings (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Investment | Investment | |
Summary of concession at the time of modification and the recorded investment in TDRs before and after their modification | ' | ' |
Renewals deemed concession | 12 | 9 |
Reduced or deferred payments | ' | 1 |
Converted to interest only | ' | 1 |
Maturity date extensions | ' | 1 |
Total number of loans | 12 | 11 |
Pre-modification outstanding recorded investment | $2,916 | $6,470 |
Post-modification outstanding recorded investment | 3,045 | 6,555 |
Commercial [Member] | Owner occupied [Member] | ' | ' |
Summary of concession at the time of modification and the recorded investment in TDRs before and after their modification | ' | ' |
Renewals deemed concession | ' | 1 |
Reduced or deferred payments | ' | ' |
Converted to interest only | ' | ' |
Maturity date extensions | ' | ' |
Total number of loans | ' | 1 |
Pre-modification outstanding recorded investment | ' | 247 |
Post-modification outstanding recorded investment | ' | 247 |
Commercial [Member] | Non-owner occupied [Member] | ' | ' |
Summary of concession at the time of modification and the recorded investment in TDRs before and after their modification | ' | ' |
Renewals deemed concession | 1 | 2 |
Reduced or deferred payments | ' | ' |
Converted to interest only | ' | ' |
Maturity date extensions | ' | 1 |
Total number of loans | 1 | 3 |
Pre-modification outstanding recorded investment | 276 | 4,148 |
Post-modification outstanding recorded investment | 321 | 4,148 |
Commercial [Member] | Business [Member] | ' | ' |
Summary of concession at the time of modification and the recorded investment in TDRs before and after their modification | ' | ' |
Renewals deemed concession | 9 | 6 |
Reduced or deferred payments | ' | ' |
Converted to interest only | ' | 1 |
Maturity date extensions | ' | ' |
Total number of loans | 9 | 7 |
Pre-modification outstanding recorded investment | 1,805 | 1,909 |
Post-modification outstanding recorded investment | 1,885 | 1,994 |
Consumer [Member] | Real estate [Member] | ' | ' |
Summary of concession at the time of modification and the recorded investment in TDRs before and after their modification | ' | ' |
Renewals deemed concession | 1 | ' |
Reduced or deferred payments | ' | ' |
Converted to interest only | ' | ' |
Maturity date extensions | ' | ' |
Total number of loans | 1 | ' |
Pre-modification outstanding recorded investment | 831 | ' |
Post-modification outstanding recorded investment | 835 | ' |
Consumer [Member] | Home equity [Member] | ' | ' |
Summary of concession at the time of modification and the recorded investment in TDRs before and after their modification | ' | ' |
Renewals deemed concession | ' | ' |
Reduced or deferred payments | ' | 1 |
Converted to interest only | ' | ' |
Maturity date extensions | ' | ' |
Total number of loans | ' | ' |
Pre-modification outstanding recorded investment | ' | 166 |
Post-modification outstanding recorded investment | ' | 166 |
Consumer [Member] | Other [Member] | ' | ' |
Summary of concession at the time of modification and the recorded investment in TDRs before and after their modification | ' | ' |
Renewals deemed concession | 1 | ' |
Reduced or deferred payments | ' | ' |
Converted to interest only | ' | ' |
Maturity date extensions | ' | ' |
Total number of loans | 1 | ' |
Pre-modification outstanding recorded investment | 4 | ' |
Post-modification outstanding recorded investment | $4 | ' |
Troubled_Debt_Restructurings_D1
Troubled Debt Restructurings (Details 1) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Investment | Investment | |
Summary of TDRs past due more than 60 days and subsequently defaulted | ' | ' |
Number of loans | 1 | 5 |
Recorded investment | $579 | $1,509 |
Commercial [Member] | Owner occupied RE [Member] | ' | ' |
Summary of TDRs past due more than 60 days and subsequently defaulted | ' | ' |
Number of loans | ' | 1 |
Recorded investment | ' | 1,292 |
Commercial [Member] | Non-owner occupied RE [Member] | ' | ' |
Summary of TDRs past due more than 60 days and subsequently defaulted | ' | ' |
Number of loans | ' | 1 |
Recorded investment | ' | 29 |
Commercial [Member] | Business [Member] | ' | ' |
Summary of TDRs past due more than 60 days and subsequently defaulted | ' | ' |
Number of loans | ' | 3 |
Recorded investment | ' | 188 |
Consumer [Member] | Real estate [Member] | ' | ' |
Summary of TDRs past due more than 60 days and subsequently defaulted | ' | ' |
Number of loans | 1 | ' |
Recorded investment | $579 | ' |
Troubled_Debt_Restructurings_D2
Troubled Debt Restructurings (Details Textual) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Investment | Investment | |
Troubled Debt Restructurings (Textual) | ' | ' |
Total number of loans classified under troubled debt restructurings (TDRs) | 34 | 36 |
Total sum of loans classified as troubled debt restructurings (TDRs) | $13 | $14.20 |
Number of days after loans subsequently defaulted | 'More than 60 days past due. | ' |
Property_and_Equipment_Details
Property and Equipment (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Components of property and equipment | ' | ' |
Property and equipment, Gross | $25,555 | $23,436 |
Accumulated depreciation | -5,728 | -4,703 |
Total property and equipment | 19,827 | 18,733 |
Land [Member] | ' | ' |
Components of property and equipment | ' | ' |
Property and equipment, Gross | 4,862 | 3,523 |
Buildings [Member] | ' | ' |
Components of property and equipment | ' | ' |
Property and equipment, Gross | 12,976 | 12,874 |
Leasehold Improvements [Member] | ' | ' |
Components of property and equipment | ' | ' |
Property and equipment, Gross | 1,628 | 1,624 |
Furniture and equipment [Member] | ' | ' |
Components of property and equipment | ' | ' |
Property and equipment, Gross | 5,451 | 5,020 |
Software [Member] | ' | ' |
Components of property and equipment | ' | ' |
Property and equipment, Gross | 337 | 342 |
Construction in process [Member] | ' | ' |
Components of property and equipment | ' | ' |
Property and equipment, Gross | $301 | $53 |
Property_and_Equipment_Details1
Property and Equipment (Details 1) | 12 Months Ended |
Dec. 31, 2013 | |
Software [Member] | ' |
Schedule of estimated useful lives of property plant and equipment | ' |
Property and equipment, estimated useful life (in years) | '3 |
Furniture and equipment [Member] | ' |
Schedule of estimated useful lives of property plant and equipment | ' |
Property and equipment, estimated useful life (in years) | '5 to 7 |
Leasehold Improvements [Member] | ' |
Schedule of estimated useful lives of property plant and equipment | ' |
Property and equipment, estimated useful life (in years) | '5 to 15 |
Buildings [Member] | ' |
Schedule of estimated useful lives of property plant and equipment | ' |
Property and equipment, estimated useful life (in years) | '40 |
Property_and_Equipment_Details2
Property and Equipment (Details Textual) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Property and Equipment (Textual) | ' | ' | ' |
Depreciation and amortization expense | $1,200,000 | $979,000 | $884,000 |
Purchased land in Mount Pleasant | $1,300,000 | ' | ' |
Other_Real_Estate_Owned_Detail
Other Real Estate Owned (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Summary of activity of real estate acquired in settlement of loans portion of other real estate owned | ' | ' |
Balance, beginning of year | $1,719 | $3,686 |
Additions | 1,354 | 1,580 |
Sales | -1,745 | -3,128 |
Write-downs | -130 | -419 |
Balance, end of year | $1,198 | $1,719 |
Other_Real_Estate_Owned_Detail1
Other Real Estate Owned (Details Textual) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Property | ||
Other Real Estate Owned (Textual) | ' | ' |
Number of properties | 6 | ' |
Real estate acquired in settlement loans | $1.20 | $1.70 |
Deposits_Details
Deposits (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Details of the deposit accounts | ' | ' |
Non-interest bearing | $101,971 | $80,880 |
Interest bearing: | ' | ' |
NOW accounts | 153,376 | 158,874 |
Money market accounts | 151,759 | 100,841 |
Savings | 6,671 | 6,026 |
Time, less than $100,000 | 68,190 | 81,315 |
Time, $100,000 and over | 198,352 | 148,363 |
Total deposits | $680,319 | $576,299 |
Deposits_Details_1
Deposits (Details 1) (Certificates of Deposit [Member], USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Certificates of Deposit [Member] | ' |
Scheduled maturities of certificates of deposit | ' |
2014 | $165,405 |
2015 | 68,309 |
2016 | 18,808 |
2017 | 2,576 |
2018 and after | 11,444 |
Certificates of deposit | $266,542 |
Deposits_Details_Textual
Deposits (Details Textual) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Deposits (Textual) | ' | ' | ' |
Time deposits obtained outside of primary market | $63.30 | $13 | ' |
Interest expense on time deposits greater than $100,000 | $1.50 | $2 | $3.50 |
Federal_Home_Loan_Bank_Advance2
Federal Home Loan Bank Advances and Other Borrowings (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Summary of the terms and maturities of advances of FHLB | ' | ' |
Amount | $103,500 | $103,500 |
Federal Home Loan Bank Advances [Member] | ' | ' |
Summary of the terms and maturities of advances of FHLB | ' | ' |
Maturity | 2-Sep-14 | 2-Sep-14 |
Amount | 7,500 | 7,500 |
Rate | 2.29% | 2.36% |
Federal Home Loan Bank Advances one [Member] | ' | ' |
Summary of the terms and maturities of advances of FHLB | ' | ' |
Maturity | 11-Oct-16 | 11-Oct-16 |
Amount | ' | 5,000 |
Rate | ' | 4.07% |
Federal Home Loan Bank Advances two [Member] | ' | ' |
Summary of the terms and maturities of advances of FHLB | ' | ' |
Maturity | 18-Oct-16 | 18-Oct-16 |
Amount | 7,000 | 7,000 |
Rate | 2.30% | 2.38% |
Federal Home Loan Bank Advances three [Member] | ' | ' |
Summary of the terms and maturities of advances of FHLB | ' | ' |
Maturity | 18-Oct-16 | 18-Oct-16 |
Amount | 7,500 | 7,500 |
Rate | 2.47% | 2.55% |
Federal Home Loan Bank Advances four [Member] | ' | ' |
Summary of the terms and maturities of advances of FHLB | ' | ' |
Maturity | 19-Oct-16 | 19-Oct-16 |
Amount | 10,000 | 10,000 |
Rate | 2.03% | 2.11% |
Federal Home Loan Bank Advances five [Member] | ' | ' |
Summary of the terms and maturities of advances of FHLB | ' | ' |
Maturity | 19-Oct-16 | 19-Oct-16 |
Amount | 20,000 | 20,000 |
Rate | 1.60% | 1.68% |
Federal Home Loan Bank Advances six [Member] | ' | ' |
Summary of the terms and maturities of advances of FHLB | ' | ' |
Maturity | 13-Feb-17 | 13-Feb-17 |
Amount | 7,500 | 7,500 |
Rate | 4.38% | 4.38% |
Federal Home Loan Bank Advances seven [Member] | ' | ' |
Summary of the terms and maturities of advances of FHLB | ' | ' |
Maturity | 11-Jul-17 | 11-Jul-17 |
Amount | 9,000 | 9,000 |
Rate | 4.49% | 4.49% |
Federal Home Loan Bank Advances eight [Member] | ' | ' |
Summary of the terms and maturities of advances of FHLB | ' | ' |
Maturity | 24-Jul-17 | 24-Jul-17 |
Amount | 5,000 | 5,000 |
Rate | 4.25% | 4.25% |
Federal Home Loan Bank Advances nine [Member] | ' | ' |
Summary of the terms and maturities of advances of FHLB | ' | ' |
Maturity | 30-Jan-18 | 30-Jan-18 |
Amount | 5,000 | ' |
Rate | 2.92% | ' |
Federal Home Loan Bank Advances ten [Member] | ' | ' |
Summary of the terms and maturities of advances of FHLB | ' | ' |
Maturity | 15-Feb-19 | 15-Feb-19 |
Amount | 10,000 | 10,000 |
Rate | 4.47% | 4.47% |
Federal Home Loan Bank Advances eleven [Member] | ' | ' |
Summary of the terms and maturities of advances of FHLB | ' | ' |
Maturity | 10-Apr-19 | 10-Apr-19 |
Amount | $15,000 | $15,000 |
Rate | 3.38% | 3.48% |
Federal_Home_Loan_Bank_Advance3
Federal Home Loan Bank Advances and Other Borrowings (Details 1) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Summary of terms and maturities of structured debt agreements | ' | ' |
Amount | $19,200 | $19,200 |
Structured debt agreements [Member] | ' | ' |
Summary of terms and maturities of structured debt agreements | ' | ' |
Maturity | 18-Sep-17 | ' |
Amount | 10,000 | ' |
Rate | 3.63% | ' |
Structured debt agreements one [Member] | ' | ' |
Summary of terms and maturities of structured debt agreements | ' | ' |
Maturity | 17-Dec-17 | ' |
Amount | 2,000 | ' |
Rate | 3.65% | ' |
Structured debt agreements two [Member] | ' | ' |
Summary of terms and maturities of structured debt agreements | ' | ' |
Maturity | 14-Mar-18 | ' |
Amount | 3,600 | ' |
Rate | 2.75% | ' |
Structured debt agreements three [Member] | ' | ' |
Summary of terms and maturities of structured debt agreements | ' | ' |
Maturity | 15-Sep-18 | ' |
Amount | $3,600 | ' |
Rate | 2.55% | ' |
Federal_Home_Loan_Bank_Advance4
Federal Home Loan Bank Advances and Other Borrowings (Details Textual) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Jul. 25, 2012 | |
Agreement | Agreement | ||
Federal Home Loan Bank Advances and Other Borrowings (Textual) | ' | ' | ' |
FHLB advances and related debt | $124,100,000 | $124,100,000 | ' |
FHLB advances | 103,500,000 | 103,500,000 | ' |
Securities sold under structured agreements to repurchase | 19,200,000 | 19,200,000 | ' |
Line of credit | 1,400,000 | 1,400,000 | ' |
Mortgage loan pledged as collateral for advances from FHLB | 173,400,000 | ' | ' |
FHLB stock | 5,600,000 | ' | ' |
Number of restructured FHLB advances | 1 | 3 | ' |
Restructured FHLB advances | 5,000,000 | 45,000,000 | ' |
Description of present value of cash flow of modified FHLB advances | 'Present value of the cash flows of the modified advance will not change by more than 10% from the present value of the cash flows of the original advances. | ' | ' |
FHLB advances, weighted average rate | 4.07% | 3.16% | ' |
FHLB advances, weighted average remaining life | '45 months | '52 months | ' |
Restructured FHLB advances, weighted average interest rate | 3.05% | 2.42% | ' |
Restructured FHLB advances, weighted average remaining life | '60 months | '61 months | ' |
Structured debt agreements secured by investment securities | 22,000,000 | 22,000,000 | ' |
Number of structured debt agreements | 4 | 4 | ' |
Interest only line of credit | 1,500,000 | ' | ' |
Interest only line of credit, outstanding amount | 1,400,000 | ' | 1,500,000 |
Line of credit, interest rate | 5.00% | ' | ' |
Line of credit facility, maturity date | 18-Aug-14 | ' | ' |
Loans maturing after one year with floating interest rates | 72,000,000 | ' | ' |
Loans maturing after one year with fixed interest rates | $31,500,000 | ' | ' |
Junior_Subordinated_Debentures1
Junior Subordinated Debentures (Details) (USD $) | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Jun. 30, 2003 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2005 | Dec. 31, 2013 | |
Greenville First Statutory Trust I [Member] | Greenville First Statutory Trust I [Member] | Greenville First Statutory Trust I [Member] | Greenville First Statutory Trust I [Member] | Greenville First Statutory Trust II [Member] | Greenville First Statutory Trust II [Member] | |||
Junior Subordinated Debentures (Textual) | ' | ' | ' | ' | ' | ' | ' | ' |
Trust preferred securities issued at floating rate | ' | ' | $6,000,000 | ' | ' | ' | $7,000,000 | ' |
Maturity date of trust preferred securities | ' | ' | 26-Jun-33 | ' | ' | ' | 22-Dec-35 | ' |
Floating interest rate of trust preferred securities | ' | ' | ' | 3.35% | ' | ' | ' | 1.69% |
Indexed period of LIBOR rate | ' | ' | ' | '3-month | ' | ' | ' | '3-month |
Initial proceeds of preferred securities from the capital investment | ' | ' | ' | 186,000 | ' | ' | ' | 217,000 |
Junior subordinated debentures | 13,403,000 | 13,403,000 | ' | 6,200,000 | ' | ' | ' | 7,200,000 |
Amortization of debt issuance costs | ' | ' | ' | $9,000 | $18,000 | $18,000 | ' | ' |
Description Of Wall Street Reform and Consumer Protection Act | 'Dodd-Frank Wall Street Reform and Consumer Protection Act will prohibit institutions that had more than $15 billion in assets on December 31, 2009 from including trust preferred securities as Tier 1 capital beginning in 2013. One-third will be phased out over the next two years ending in 2015. Financial institutions with less than $15 billion in total assets, such as the Bank, may continue to include their trust preferred securities issued prior to May 19, 2010 in Tier 1 capital, but cannot include in Tier 1 capital trust preferred securities issued after such date. | ' | ' | ' | ' | ' | ' | ' |
Unused_Lines_of_Credit_Details
Unused Lines of Credit (Details) (USD $) | Dec. 31, 2013 |
In Millions, unless otherwise specified | Line_of_Credit |
Unused Lines of Credit (Textual) | ' |
Number of lines of credit | 3 |
Line of credit to purchase federal fund | $45 |
Additional borrowings under FHLB | $69.80 |
Fair_Value_Accounting_Details
Fair Value Accounting (Details) (Fair Value, Measurements, Recurring [Member], USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Securities available for sale: | ' | ' |
US government agencies | $7,755 | $7,785 |
SBA securities | 5,271 | 6,072 |
State and political subdivisions | 23,370 | 25,249 |
Mortgage-backed securities | 31,044 | 39,116 |
Total assets measured at fair value on a recurring basis | 67,440 | 78,222 |
Fair Value, Inputs, Level 1 [Member] | ' | ' |
Securities available for sale: | ' | ' |
US government agencies | ' | ' |
SBA securities | ' | ' |
State and political subdivisions | ' | ' |
Mortgage-backed securities | ' | ' |
Total assets measured at fair value on a recurring basis | ' | ' |
Fair Value, Inputs, Level 2 [Member] | ' | ' |
Securities available for sale: | ' | ' |
US government agencies | 7,755 | 7,785 |
SBA securities | 5,271 | 6,072 |
State and political subdivisions | 23,370 | 25,249 |
Mortgage-backed securities | 31,044 | 39,116 |
Total assets measured at fair value on a recurring basis | 67,440 | 78,222 |
Fair Value, Inputs, Level 3 [Member] | ' | ' |
Securities available for sale: | ' | ' |
US government agencies | ' | ' |
SBA securities | ' | ' |
State and political subdivisions | ' | ' |
Mortgage-backed securities | ' | ' |
Total assets measured at fair value on a recurring basis | ' | ' |
Fair_Value_Accounting_Details_
Fair Value Accounting (Details 1) (Fair Value, Measurements, Nonrecurring [Member], USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Assets | ' | ' |
Impaired loans | $11,653 | $13,939 |
Other real estate owned | 1,198 | 1,719 |
Total assets measured at fair value on a nonrecurring basis | 12,851 | 15,658 |
Fair Value, Inputs, Level 1 [Member] | ' | ' |
Assets | ' | ' |
Impaired loans | ' | ' |
Other real estate owned | ' | ' |
Total assets measured at fair value on a nonrecurring basis | ' | ' |
Fair Value, Inputs, Level 2 [Member] | ' | ' |
Assets | ' | ' |
Impaired loans | 10,495 | 13,748 |
Other real estate owned | 1,085 | 1,390 |
Total assets measured at fair value on a nonrecurring basis | 11,580 | 15,138 |
Fair Value, Inputs, Level 3 [Member] | ' | ' |
Assets | ' | ' |
Impaired loans | 1,158 | 191 |
Other real estate owned | 113 | 329 |
Total assets measured at fair value on a nonrecurring basis | $1,271 | $520 |
Fair_Value_Accounting_Details_1
Fair Value Accounting (Details 2) | 12 Months Ended |
Dec. 31, 2013 | |
Impaired loans [Member] | ' |
Schedule of unobservable inputs used in the fair value measurements | ' |
Valuation Technique | 'Appraised Value/ Discounted Cash Flows |
Significant Unobservable Inputs | 'Discount rate |
Other real estate owned [Member] | ' |
Schedule of unobservable inputs used in the fair value measurements | ' |
Valuation Technique | 'Appraised Value/ Comparable Sales |
Significant Unobservable Inputs | 'Collateral value |
Fair_Value_Accounting_Details_2
Fair Value Accounting (Details 3) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
In Thousands, unless otherwise specified | ||||
Financial Assets: | ' | ' | ' | ' |
Cash and cash equivalents | $39,203 | $29,413 | $23,005 | $53,850 |
Other investments, at cost | 6,116 | 7,794 | ' | ' |
Loans, net | 727,054 | 636,858 | ' | ' |
Bank owned life insurance | 21,383 | 18,725 | ' | ' |
Cash and cash equivalents, Fair Value | 39,203 | 29,413 | ' | ' |
Other investments, fair value | 6,116 | 7,794 | ' | ' |
Loans, net, Fair Value | 735,939 | 645,852 | ' | ' |
Bank owned life insurance, Fair Value | 21,383 | 18,725 | ' | ' |
Financial Liabilities: | ' | ' | ' | ' |
Federal funds purchased | ' | 13,190 | ' | ' |
Deposits | 680,319 | 576,299 | ' | ' |
FHLB and other borrowings | 124,100 | 124,100 | ' | ' |
Junior subordinated debentures | 13,403 | 13,403 | ' | ' |
Federal funds purchased, fair value | ' | 13,190 | ' | ' |
Deposits, Fair Value | 550,988 | 561,599 | ' | ' |
FHLB and other borrowings, Fair Value | 135,411 | 140,455 | ' | ' |
Junior subordinated debentures, Fair Value | 5,145 | 5,093 | ' | ' |
Fair Value, Inputs, Level 1 [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | ' | ' | ' | ' |
Financial Assets: | ' | ' | ' | ' |
Cash and cash equivalents, Fair Value | 39,203 | 29,413 | ' | ' |
Other investments, fair value | ' | ' | ' | ' |
Loans, net, Fair Value | ' | ' | ' | ' |
Bank owned life insurance, Fair Value | ' | ' | ' | ' |
Financial Liabilities: | ' | ' | ' | ' |
Federal funds purchased, fair value | ' | 13,190 | ' | ' |
Deposits, Fair Value | ' | ' | ' | ' |
FHLB and other borrowings, Fair Value | ' | ' | ' | ' |
Junior subordinated debentures, Fair Value | ' | ' | ' | ' |
Fair Value, Inputs, Level 2 [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | ' | ' | ' | ' |
Financial Assets: | ' | ' | ' | ' |
Cash and cash equivalents, Fair Value | ' | ' | ' | ' |
Other investments, fair value | ' | ' | ' | ' |
Loans, net, Fair Value | 10,676 | 13,748 | ' | ' |
Bank owned life insurance, Fair Value | ' | ' | ' | ' |
Financial Liabilities: | ' | ' | ' | ' |
Federal funds purchased, fair value | ' | ' | ' | ' |
Deposits, Fair Value | 550,988 | 561,599 | ' | ' |
FHLB and other borrowings, Fair Value | 135,411 | 140,455 | ' | ' |
Junior subordinated debentures, Fair Value | 5,145 | 5,093 | ' | ' |
Fair Value, Inputs, Level 3 [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | ' | ' | ' | ' |
Financial Assets: | ' | ' | ' | ' |
Cash and cash equivalents, Fair Value | ' | ' | ' | ' |
Other investments, fair value | 6,116 | 7,794 | ' | ' |
Loans, net, Fair Value | 725,263 | 632,104 | ' | ' |
Bank owned life insurance, Fair Value | 21,383 | 18,725 | ' | ' |
Financial Liabilities: | ' | ' | ' | ' |
Federal funds purchased, fair value | ' | ' | ' | ' |
Deposits, Fair Value | ' | ' | ' | ' |
FHLB and other borrowings, Fair Value | ' | ' | ' | ' |
Junior subordinated debentures, Fair Value | ' | ' | ' | ' |
Fair_Value_Accounting_Details_3
Fair Value Accounting (Details Textual) | 12 Months Ended |
Dec. 31, 2013 | |
Fair Value Accounting (Textual) | ' |
Percentage of loans collateralize by real estate | 'More than 80 |
Earnings_Per_Common_Share_Deta
Earnings Per Common Share (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Numerator: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | $1,439 | $1,419 | $1,300 | $961 | $1,133 | $1,226 | $815 | $688 | $5,120 | $3,862 | $2,088 |
Less: Preferred stock dividends | 191 | 191 | 191 | 197 | 204 | 204 | 216 | 216 | 771 | 840 | 865 |
Discount accretion | ' | ' | ' | ' | ' | 180 | 106 | 73 | ' | 360 | 279 |
Add: Redemption of preferred stock | ' | ' | ' | ' | ' | ' | ' | ' | 20 | 96 | ' |
Net income available to common shareholders | $1,248 | $1,228 | $1,109 | $784 | $929 | $842 | $589 | $399 | $4,369 | $2,758 | $944 |
Denominator: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted-average common shares outstanding - basic | 4,316,890 | 4,271,652 | 4,269,097 | 4,262,330 | 4,241,280 | 4,229,819 | 4,225,993 | 4,222,622 | 4,279,992 | 4,229,928 | 4,200,980 |
Common stock equivalents | ' | ' | ' | ' | ' | ' | ' | ' | 178,926 | 110,030 | 85,438 |
Weighted-average common shares outstanding - diluted | 4,551,182 | 4,490,026 | 4,423,141 | 4,371,324 | 4,305,127 | 4,349,971 | 4,436,920 | 4,267,813 | 4,458,918 | 4,339,958 | 4,286,418 |
Earnings per common share: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic | $0.29 | $0.29 | $0.26 | $0.18 | $0.22 | $0.20 | $0.14 | $0.09 | $1.02 | $0.65 | $0.22 |
Diluted | $0.27 | $0.27 | $0.25 | $0.18 | $0.22 | $0.19 | $0.13 | $0.09 | $0.98 | $0.64 | $0.22 |
Earnings_Per_Common_Share_Deta1
Earnings Per Common Share (Details Textual) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Earnings Per Common Share (Textual) | ' | ' | ' |
Antidilutive securities excluded from computation of earnings per share, amount | 34,624 | 74,802 | 167,937 |
Percentage of stock dividend on stock options and restricted stock | 10.00% | 10.00% | 10.00% |
Commitments_and_Contingencies_1
Commitments and Contingencies (Details) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Summary of estimated future minimum lease payments under noncancelable operating leases | ' |
2014 | $776 |
2015 | 795 |
2016 | 794 |
2017 | 132 |
2018 | 137 |
Thereafter | 1,129 |
Total | $3,763 |
Commitments_and_Contingencies_2
Commitments and Contingencies (Details Textual) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Commitments and Contingencies (Textual) | ' | ' | ' |
Description of employment agreement | ' | ' | ' |
These agreements also include a) an incentive program, b) a stock option plan, c) a one-year non-compete agreement upon termination and a severance payment equal to one year of compensation. | |||
Estimated aggregate salary commitment | $1,900,000 | ' | ' |
Agreement with data processor expire date | '2014 | ' | ' |
Monthly charges under agreement with data processor | 110,000 | ' | ' |
Operating lease expired date | '2028 | ' | ' |
Lease expense | 800,000 | 728,000 | 684,000 |
Construction Contracts [Member] | ' | ' | ' |
Commitments and Contingencies (Textual) | ' | ' | ' |
Construction and Development Costs | $1,300,000 | ' | ' |
Chief Executive Officer [Member] | ' | ' | ' |
Commitments and Contingencies (Textual) | ' | ' | ' |
Period of employment agreement | '3 years | ' | ' |
President [Member] | ' | ' | ' |
Commitments and Contingencies (Textual) | ' | ' | ' |
Period of employment agreement | '2 years | ' | ' |
Executive Vice President [Member] | ' | ' | ' |
Commitments and Contingencies (Textual) | ' | ' | ' |
Period of employment agreement | '2 years | ' | ' |
Number of executive officers | 6 | ' | ' |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Current income taxes: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Federal | ' | ' | ' | ' | ' | ' | ' | ' | $2,747 | $2,031 | $1,627 |
State | ' | ' | ' | ' | ' | ' | ' | ' | 129 | 98 | 63 |
Total current tax expense | ' | ' | ' | ' | ' | ' | ' | ' | 2,876 | 2,129 | 1,690 |
Deferred income tax benefit | ' | ' | ' | ' | ' | ' | ' | ' | -460 | -296 | -857 |
Income tax expense | $601 | $714 | $657 | $444 | $541 | $618 | $374 | $299 | $2,416 | $1,833 | $833 |
Income_Taxes_Details_1
Income Taxes (Details 1) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Summary of the items that caused recorded income taxes to differ from taxes computed using the statutory tax rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Tax expense at statutory rate | ' | ' | ' | ' | ' | ' | ' | ' | $2,562 | $1,936 | $993 |
Effect of state income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 85 | 65 | 74 |
Exempt income | ' | ' | ' | ' | ' | ' | ' | ' | -199 | -168 | -234 |
Other | ' | ' | ' | ' | ' | ' | ' | ' | -32 | ' | ' |
Income tax expense | $601 | $714 | $657 | $444 | $541 | $618 | $374 | $299 | $2,416 | $1,833 | $833 |
Income_Taxes_Details_2
Income Taxes (Details 2) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Deferred tax assets: | ' | ' |
Allowance for loan losses | $3,472 | $3,091 |
Unrealized loss on securities available for sale | 695 | ' |
Net deferred loan fees | 450 | 326 |
Interest on nonaccrual loans | 627 | 617 |
Deferred compensation | 833 | 577 |
Sale of real estate owned | 199 | 212 |
Other | 297 | 287 |
Deferred tax assets, gross | 6,573 | 5,110 |
Deferred tax liabilities: | ' | ' |
Property and equipment | 1,225 | 1,188 |
Unrealized gain on securities available for sale | ' | 607 |
Other | 410 | 139 |
Deferred tax liabilities, gross | 1,635 | 1,934 |
Net deferred tax asset | $4,938 | $3,176 |
Related_Party_Transactions_Det
Related Party Transactions (Details) (Directors, their affiliates and executive officers [Member], USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Directors, their affiliates and executive officers [Member] | ' | ' |
Summary of loan transactions with directors, including their affiliates and executive officers | ' | ' |
Balance, beginning of year | $17,404 | $16,968 |
New loans | 25,830 | 14,081 |
Less loan payments | -19,767 | -13,645 |
Balance, end of year | $23,467 | $17,404 |
Related_Party_Transactions_Det1
Related Party Transactions (Details Textual) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Related Party Transactions (Textual) | ' | ' | ' |
Number of offices | 4 | ' | ' |
Officers and directors [Member] | ' | ' | ' |
Related Party Transactions (Textual) | ' | ' | ' |
Deposits by related parties | $2,500,000 | $2,200,000 | ' |
Director [Member] | ' | ' | ' |
Related Party Transactions (Textual) | ' | ' | ' |
Monthly payments of land lease by Company | 5,388 | ' | ' |
Property management services expense for Bank | $30,000 | $44,000 | $39,000 |
Financial_Instruments_With_Off1
Financial Instruments With Off-Balance Sheet Risk (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Financial instruments with-off balance sheet risk (Textual) | ' | ' |
Commitment under letters of credit | $3 | $2.30 |
Unfunded commitments to extend credit [Member] | ' | ' |
Financial instruments with-off balance sheet risk (Textual) | ' | ' |
Amount of unfunded commitments to extend credit | 138.7 | 115.6 |
Unfunded commitments to extend credit at fixed rate | 32.6 | 22.1 |
Unfunded commitments to extend credit at variable rate | $106.10 | $93.50 |
Employee_Benefit_Plan_Details
Employee Benefit Plan (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Officer | |||
Profit Sharing and 401(k) Plan for eligible employees [Member] | ' | ' | ' |
Employee Benefit Plan (Textual) | ' | ' | ' |
Defined benefit plan, annually cost | $235,000 | $195,000 | $176,000 |
Number of executive officers | 16 | ' | ' |
Supplemental Executive Retirement Plan (nonqualified deferred compensation plan) [Member] | ' | ' | ' |
Employee Benefit Plan (Textual) | ' | ' | ' |
Defined benefit plan, annually cost | 753,000 | 497,000 | 381,000 |
Accrued benefit obligation | $2,500,000 | $1,700,000 | ' |
Warrants_and_Stock_Options_and2
Warrants and Stock Options and Grant Plans (Details) (Stock Options [Member], USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Stock Options [Member] | ' | ' | ' |
Summary of the status of the stock option plan and changes | ' | ' | ' |
Shares Outstanding at beginning of year | 556,474 | 455,698 | 428,469 |
Shares Granted | 90,300 | 120,615 | 87,967 |
Shares Exercised | -28,596 | -17,867 | -16,615 |
Shares Forfeited or expired | -997 | -1,972 | -44,123 |
Shares Outstanding at end of year | 617,181 | 556,474 | 455,698 |
Shares Options exercisable at year-end | 346,509 | 257,290 | 181,059 |
Weighted average exercise price Outstanding at beginning of year | $6.72 | $6.76 | $7.04 |
Weighted average exercise price Granted | $9.05 | $6.31 | $6.05 |
Weighted average exercise price Exercised | $6.49 | $5.36 | $4.65 |
Weighted average exercise price Forfeited or expired | $6.49 | $5.17 | $8.76 |
Weighted average exercise price Outstanding at end of year | $7.05 | $6.72 | $6.76 |
Aggregate Intrinsic Value Outstanding at end of year | $3,891,860 | $1,265,486 | $117,017 |
Aggregate Intrinsic Value Options exercisable at year-end | $3,891,860 | $1,265,486 | $117,017 |
Shares available for grant | 140,525 | 229,616 | 350,231 |
Warrants_and_Stock_Options_and3
Warrants and Stock Options and Grant Plans (Details 1) (Nonvested restricted stock [Member], USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Nonvested restricted stock [Member] | ' | ' | ' |
Summary of the status of the Company's nonvested restricted stock and changes | ' | ' | ' |
Restricted Shares Nonvested at beginning of year | 28,119 | 3,025 | ' |
Restricted Shares Granted | 43,750 | 25,850 | 3,025 |
Restricted Shares Vested | -7,219 | -756 | ' |
Restricted Shares Forfeited | ' | ' | ' |
Restricted Shares Nonvested at end of year | 64,650 | 28,119 | 3,025 |
Weighted Average Grant-Date Fair Value Nonvested at beginning of year | $6.76 | $6.53 | ' |
Weighted Average Grant-Date Fair Value Granted | $12.91 | $6.78 | $6.53 |
Weighted Average Grant-Date Fair Value Vested | $6.76 | $6.53 | ' |
Weighted Average Grant-Date Fair Value Forfeited | ' | ' | ' |
Weighted Average Grant-Date Fair Value Nonvested at end of year | $10.92 | $6.76 | $6.53 |
Warrants_and_Stock_Options_and4
Warrants and Stock Options and Grant Plans (Details Textual) | 12 Months Ended | 1 Months Ended | 1 Months Ended | ||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Mar. 31, 2000 | Mar. 21, 2000 | 31-May-10 | 18-May-10 | Dec. 31, 2012 | Dec. 31, 2011 | |
Stock option plan [Member] | Stock option plan [Member] | 2010 incentive plan [Member] | 2010 incentive plan [Member] | Restricted stock plan [Member] | Restricted stock plan [Member] | ||||
Warrants and Stock Options and Grant Plans (Textual) | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of stock option available for grant | ' | ' | ' | ' | 436,424 | ' | 366,025 | ' | ' |
Option expiration period | ' | ' | ' | '10 years | ' | '10 years | ' | ' | ' |
Adjusted percentage of stock dividends | ' | ' | ' | ' | ' | ' | 10.00% | ' | ' |
Number of shares authorized under the restricted stock plan | ' | ' | ' | ' | ' | ' | ' | 13,310 | 13,310 |
Shares issued under provision of issuance of shares of restricted stock | ' | ' | ' | ' | ' | 79,860 | ' | ' | ' |
Expected volatility rate | 43.74% | 44.04% | 26.76% | ' | ' | ' | ' | ' | ' |
Risk-free interest rate | 1.78% | 1.86% | 3.35% | ' | ' | ' | ' | ' | ' |
Life expectancy of the options | '10 years | '10 years | '10 years | ' | ' | ' | ' | ' | ' |
Assumed dividend rate | 0.00% | 0.00% | 0.00% | ' | ' | ' | ' | ' | ' |
Preferred_Stock_Issuance_Detai
Preferred Stock Issuance (Details) (USD $) | 1 Months Ended | 2 Months Ended | |||||||
Jan. 27, 2014 | Apr. 30, 2013 | Jan. 31, 2013 | Sep. 30, 2012 | Jun. 28, 2012 | Feb. 27, 2009 | Jul. 25, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | |
Preferred Stock Issuance (Textual) | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares of Fixed Rate Cumulative Perpetual Preferred Stock, Series T, Shares sold | ' | ' | ' | ' | ' | 17,299 | ' | ' | ' |
Warrant issued with option to purchase additional common shares | ' | ' | ' | ' | ' | 399,970.34 | ' | ' | ' |
Purchase price of fixed rate cumulative perpetual preferred stock, Series T | ' | ' | ' | ' | ' | $17,300,000 | ' | ' | ' |
Cumulative dividend rate for first five years | ' | ' | ' | ' | ' | 5.00% | ' | 5.00% | ' |
Cumulative dividend rate after first five years | ' | ' | ' | ' | ' | 9.00% | ' | 9.00% | ' |
Capital purchase program warrant term | ' | ' | ' | ' | ' | '10 years | ' | ' | ' |
Exercise price of CPP warrant | ' | ' | ' | ' | ' | $6.49 | ' | ' | ' |
Preferred shares clearing price per share value | ' | ' | ' | ' | 904 | ' | ' | ' | ' |
Preferred Stock, par value | ' | ' | ' | ' | $1,000 | ' | ' | $0.01 | $0.01 |
Number of preferred stock repurchased | ' | ' | ' | ' | 1,000 | ' | ' | ' | ' |
Preferred stock, shares outstanding | ' | ' | ' | ' | 16,299 | ' | ' | 15,299 | 16,299 |
Operating costs incurred as a result of TARP auction | ' | ' | ' | 130,000 | ' | ' | ' | ' | ' |
Balance sheet impact - Shareholders' equity | ' | ' | ' | 904,000 | ' | ' | ' | ' | ' |
Increase in retained earnings related to discount on the shares repurchased | ' | ' | ' | 96,000 | ' | ' | ' | ' | ' |
Decrease in Preferred Stock Value | ' | ' | ' | 1,000,000 | ' | ' | ' | ' | ' |
Warrant repurchase, value | ' | ' | ' | ' | ' | ' | 1,100,000 | ' | ' |
Difference between fair value of Warrant and repurchase value | ' | ' | ' | ' | ' | ' | 343,000 | ' | ' |
Remaining accretion | ' | ' | ' | ' | ' | ' | 180,000 | ' | ' |
Preferred stock, redemption date | ' | 1-Apr-13 | 3-Jan-13 | ' | ' | ' | ' | ' | ' |
Preferred stock, redemption amount of outstanding Series T preferred stock | ' | ' | ' | ' | ' | ' | ' | 6,057,000 | ' |
Redemption of Series T Preferred preferred stock, shares | 4,057 | 1,000,000 | 1,000,000 | ' | ' | ' | ' | ' | ' |
Preferred stock, redemption price per share | $1,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Series T Preferred Stock outstanding after redemption | ' | ' | ' | ' | ' | ' | ' | $11,242,000 | ' |
Dividends_Details
Dividends (Details) | 12 Months Ended | |
Dec. 31, 2013 | Feb. 27, 2009 | |
Dividends (Textual) | ' | ' |
Cumulative dividend rate for first five years | 5.00% | 5.00% |
Cumulative dividend rate after first five years | 9.00% | 9.00% |
Description of dividend distribution | ' | ' |
On January 15, 2013, the Company's Board of Directors approved a ten percent stock dividend to the Company's shareholders. The record date was February 1, 2013 and the distribution date was February 15, 2013. On January 17, 2012, the Company's Board of Directors also approved a ten percent stock dividend to the Company's shareholders. The record date was February 3, 2012 and the distribution date was February 17, 2012. |
Regulatory_Matters_Details
Regulatory Matters (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Southern First Bank (the "bank") [Member] | ' | ' |
Summary of capital amounts and ratios of the Bank and the Company and the regulatory minimum requirements | ' | ' |
Total Capital (to risk weighted assets) Actual | $88,674 | $83,763 |
Total Capital (to risk weighted assets) Actual, Ratio | 12.20% | 13.00% |
Total Capital (to risk weighted assets) For capital adequacy purposes Minimum | 58,381 | 51,498 |
Total Capital (to risk weighted assets) For capital adequacy purposes Minimum, Ratio | 8.00% | 8.00% |
Total Capital (to risk weighted assets) To be well capitalized under prompt corrective action provisions minimum | 72,976 | 64,372 |
Total Capital (to risk weighted assets) To be well capitalized under prompt corrective action provisions minimum, Ratio | 10.00% | 10.00% |
Tier 1 Capital (to risk weighted assets) Actual | 79,538 | 75,704 |
Tier 1 Capital (to risk weighted assets) Actual, Ratio | 10.90% | 11.80% |
Tier 1 Capital (to risk weighted assets) For capital adequacy purposes Minimum | 29,191 | 25,749 |
Tier 1 Capital (to risk weighted assets) For capital adequacy purposes Minimum, Ratio | 4.00% | 4.00% |
Tier 1 Capital (to risk weighted assets) To be well capitalized under prompt corrective action provisions minimum | 43,786 | 38,623 |
Tier 1 Capital (to risk weighted assets) To be well capitalized under prompt corrective action provisions minimum, Ratio | 6.00% | 6.00% |
Tier 1 Capital (to average assets) Actual | 79,538 | 75,704 |
Tier 1 Capital (to average assets), Actual Ratio | 9.10% | 9.60% |
Tier 1 Capital (to average assets) For capital adequacy purposes Minimum | 34,989 | 31,492 |
Tier 1 Capital (to average assets) For capital adequacy purposes Minimum, Ratio | 4.00% | 4.00% |
Tier 1 Capital (to average assets) To be well capitalized under prompt corrective action provisions minimum | 43,737 | 39,366 |
Tier 1 Capital (to average assets) To be well capitalized under prompt corrective action provisions minimum, Ratio | 5.00% | 5.00% |
Southern First Bancshares, Inc. [Member] | ' | ' |
Summary of capital amounts and ratios of the Bank and the Company and the regulatory minimum requirements | ' | ' |
Total Capital (to risk weighted assets) Actual | 89,149 | 84,006 |
Total Capital (to risk weighted assets) Actual, Ratio | 12.20% | 13.10% |
Total Capital (to risk weighted assets) For capital adequacy purposes Minimum | 58,381 | 51,498 |
Total Capital (to risk weighted assets) For capital adequacy purposes Minimum, Ratio | 8.00% | 8.00% |
Total Capital (to risk weighted assets) To be well capitalized under prompt corrective action provisions minimum | ' | ' |
Total Capital (to risk weighted assets) To be well capitalized under prompt corrective action provisions minimum, Ratio | ' | ' |
Tier 1 Capital (to risk weighted assets) Actual | 80,013 | 75,947 |
Tier 1 Capital (to risk weighted assets) Actual, Ratio | 11.00% | 11.80% |
Tier 1 Capital (to risk weighted assets) For capital adequacy purposes Minimum | 29,191 | 25,749 |
Tier 1 Capital (to risk weighted assets) For capital adequacy purposes Minimum, Ratio | 4.00% | 4.00% |
Tier 1 Capital (to risk weighted assets) To be well capitalized under prompt corrective action provisions minimum | ' | ' |
Tier 1 Capital (to risk weighted assets) To be well capitalized under prompt corrective action provisions minimum, Ratio | ' | ' |
Tier 1 Capital (to average assets) Actual | 80,013 | 75,947 |
Tier 1 Capital (to average assets), Actual Ratio | 9.10% | 9.70% |
Tier 1 Capital (to average assets) For capital adequacy purposes Minimum | 35,063 | 31,492 |
Tier 1 Capital (to average assets) For capital adequacy purposes Minimum, Ratio | 4.00% | 4.00% |
Tier 1 Capital (to average assets) To be well capitalized under prompt corrective action provisions minimum | ' | ' |
Tier 1 Capital (to average assets) To be well capitalized under prompt corrective action provisions minimum, Ratio | ' | ' |
Parent_Company_Financial_Infor2
Parent Company Financial Information (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | $39,203 | ' | ' | ' | $29,413 | ' | ' | ' | $39,203 | $29,413 | $23,005 | ' |
Other assets | 4,870 | ' | ' | ' | 5,077 | ' | ' | ' | 4,870 | 5,077 | ' | ' |
Total assets | 890,831 | ' | ' | ' | 797,998 | ' | ' | ' | 890,831 | 797,998 | ' | ' |
Liabilities and Shareholders' Equity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shareholders' equity | 65,665 | ' | ' | ' | 64,125 | ' | ' | ' | 65,665 | 64,125 | 62,539 | 59,216 |
Total liabilities and shareholders' equity | 890,831 | ' | ' | ' | 797,998 | ' | ' | ' | 890,831 | 797,998 | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest income | 9,363 | 9,100 | 8,912 | 8,743 | 8,817 | 8,790 | 8,534 | 8,557 | 36,118 | 34,698 | 35,142 | ' |
Expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest expense | 1,714 | 1,737 | 1,782 | 1,865 | 2,037 | 2,082 | 2,156 | 2,428 | 7,097 | 8,702 | 11,854 | ' |
Income tax benefit | 601 | 714 | 657 | 444 | 541 | 618 | 374 | 299 | 2,416 | 1,833 | 833 | ' |
Net income | 1,439 | 1,419 | 1,300 | 961 | 1,133 | 1,226 | 815 | 688 | 5,120 | 3,862 | 2,088 | ' |
Operating activities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | 1,439 | 1,419 | 1,300 | 961 | 1,133 | 1,226 | 815 | 688 | 5,120 | 3,862 | 2,088 | ' |
Adjustments to reconcile net income to net cash used for operating activities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Compensation expense related to stock options and restricted stock grants | ' | ' | ' | ' | ' | ' | ' | ' | 515 | 342 | 276 | ' |
Decrease (increase) in other assets, net | ' | ' | ' | ' | ' | ' | ' | ' | -314 | 1,017 | 729 | ' |
Net cash used for operating activities | ' | ' | ' | ' | ' | ' | ' | ' | 10,140 | 11,875 | 11,190 | ' |
Investing activities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net cash provided by investing activities | ' | ' | ' | ' | ' | ' | ' | ' | -89,611 | -30,689 | -67,862 | ' |
Financing activities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Redemption of preferred stock | ' | ' | ' | ' | ' | ' | ' | ' | -980 | -1,100 | ' | ' |
Redemption of CPP Warrant | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1,100 | ' | ' |
Cash dividend on preferred stock | ' | ' | ' | ' | ' | ' | ' | ' | -778 | -845 | -865 | ' |
Cash in lieu of fractional shares | ' | ' | ' | ' | ' | ' | ' | ' | -9 | -2 | -1 | ' |
Proceeds from the exercise of stock options and warrants | ' | ' | ' | ' | ' | ' | ' | ' | 198 | 96 | 77 | ' |
Net cash used for financing activities | ' | ' | ' | ' | ' | ' | ' | ' | 89,261 | 25,222 | 25,827 | ' |
Net increase (decrease) in cash and cash equivalents | ' | ' | ' | ' | ' | ' | ' | ' | 9,790 | 6,408 | -30,845 | ' |
Cash and cash equivalents, beginning of year | ' | ' | ' | 29,413 | ' | ' | ' | 23,005 | 29,413 | 23,005 | 53,850 | ' |
Cash and cash equivalents, end of year | 39,203 | ' | ' | ' | 29,413 | ' | ' | ' | 39,203 | 29,413 | 23,005 | ' |
Southern First Bancshares, Inc. [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | 15 | ' | ' | ' | 82 | ' | ' | ' | 15 | 82 | 16 | ' |
Investment in subsidiaries | 78,593 | ' | ' | ' | 77,285 | ' | ' | ' | 78,593 | 77,285 | ' | ' |
Other assets | 1,876 | ' | ' | ' | 1,578 | ' | ' | ' | 1,876 | 1,578 | ' | ' |
Total assets | 80,484 | ' | ' | ' | 78,945 | ' | ' | ' | 80,484 | 78,945 | ' | ' |
Liabilities and Shareholders' Equity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accounts payable and accrued expenses | 16 | ' | ' | ' | 17 | ' | ' | ' | 16 | 17 | ' | ' |
Other borrowings | 1,400 | ' | ' | ' | 1,400 | ' | ' | ' | 1,400 | 1,400 | ' | ' |
Junior subordinated debentures | 13,403 | ' | ' | ' | 13,403 | ' | ' | ' | 13,403 | 13,403 | ' | ' |
Shareholders' equity | 65,665 | ' | ' | ' | 64,125 | ' | ' | ' | 65,665 | 64,125 | 62,539 | ' |
Total liabilities and shareholders' equity | 80,484 | ' | ' | ' | 78,945 | ' | ' | ' | 80,484 | 78,945 | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' |
Total revenue | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' |
Expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 416 | 406 | 350 | ' |
Other expenses | ' | ' | ' | ' | ' | ' | ' | ' | 514 | 342 | 276 | ' |
Total expenses | ' | ' | ' | ' | ' | ' | ' | ' | 930 | 748 | 626 | ' |
Income tax benefit | ' | ' | ' | ' | ' | ' | ' | ' | 316 | 254 | 212 | ' |
Loss before equity in undistributed net income of subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | -614 | -494 | -413 | ' |
Equity in undistributed net income of subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | 5,734 | 4,356 | 2,501 | ' |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | 5,120 | 3,862 | 2,088 | ' |
Operating activities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | 5,120 | 3,862 | 2,088 | ' |
Adjustments to reconcile net income to net cash used for operating activities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity in undistributed net income of subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | -5,734 | -4,356 | -2,501 | ' |
Compensation expense related to stock options and restricted stock grants | ' | ' | ' | ' | ' | ' | ' | ' | 515 | 341 | 276 | ' |
Decrease (increase) in other assets, net | ' | ' | ' | ' | ' | ' | ' | ' | -298 | -241 | -194 | ' |
Increase (decrease) in accounts payable and accrued expenses | ' | ' | ' | ' | ' | ' | ' | ' | -1 | 11 | ' | ' |
Net cash used for operating activities | ' | ' | ' | ' | ' | ' | ' | ' | -398 | -383 | -331 | ' |
Investing activities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investment in subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | 1,900 | 1,804 | 550 | ' |
Net cash provided by investing activities | ' | ' | ' | ' | ' | ' | ' | ' | 1,900 | 1,804 | 550 | ' |
Financing activities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Increase in note payable | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,400 | ' | ' |
Redemption of preferred stock | ' | ' | ' | ' | ' | ' | ' | ' | -980 | -1,100 | ' | ' |
Redemption of CPP Warrant | ' | ' | ' | ' | ' | ' | ' | ' | ' | -904 | ' | ' |
Cash dividend on preferred stock | ' | ' | ' | ' | ' | ' | ' | ' | -778 | -845 | -865 | ' |
Cash in lieu of fractional shares | ' | ' | ' | ' | ' | ' | ' | ' | -9 | -2 | -1 | ' |
Proceeds from the exercise of stock options and warrants | ' | ' | ' | ' | ' | ' | ' | ' | 198 | 96 | 77 | ' |
Net cash used for financing activities | ' | ' | ' | ' | ' | ' | ' | ' | -1,569 | -1,355 | -789 | ' |
Net increase (decrease) in cash and cash equivalents | ' | ' | ' | ' | ' | ' | ' | ' | -67 | 66 | -570 | ' |
Cash and cash equivalents, beginning of year | ' | ' | ' | 82 | ' | ' | ' | 16 | 82 | 16 | 586 | ' |
Cash and cash equivalents, end of year | $15 | ' | ' | ' | $82 | ' | ' | ' | $15 | $82 | $16 | ' |
Selected_Condensed_Quarterly_F2
Selected Condensed Quarterly Financial Data (Unaudited) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Summary of selected quarterly financial information | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest income | $9,363 | $9,100 | $8,912 | $8,743 | $8,817 | $8,790 | $8,534 | $8,557 | $36,118 | $34,698 | $35,142 |
Interest expense | 1,714 | 1,737 | 1,782 | 1,865 | 2,037 | 2,082 | 2,156 | 2,428 | 7,097 | 8,702 | 11,854 |
Net interest income | 7,649 | 7,363 | 7,130 | 6,878 | 6,780 | 6,708 | 6,378 | 6,129 | 29,021 | 25,996 | 23,288 |
Provision for loan losses | 825 | 775 | 750 | 1,125 | 950 | 1,125 | 1,275 | 1,200 | 3,475 | 4,550 | 5,270 |
Noninterest income | 987 | 1,055 | 878 | 882 | 897 | 1,286 | 741 | 837 | 3,802 | 3,762 | 2,770 |
Noninterest expenses | 5,771 | 5,510 | 5,301 | 5,230 | 5,053 | 5,025 | 4,655 | 4,779 | 21,812 | 19,513 | 17,867 |
Income before income tax expense | 2,040 | 2,133 | 1,957 | 1,405 | 1,674 | 1,844 | 1,189 | 987 | 7,536 | 5,695 | 2,921 |
Income tax expense | 601 | 714 | 657 | 444 | 541 | 618 | 374 | 299 | 2,416 | 1,833 | 833 |
Net income | 1,439 | 1,419 | 1,300 | 961 | 1,133 | 1,226 | 815 | 688 | 5,120 | 3,862 | 2,088 |
Preferred stock dividend | 191 | 191 | 191 | 197 | 204 | 204 | 216 | 216 | 771 | 840 | 865 |
Discount accretion | ' | ' | ' | ' | ' | 180 | 106 | 73 | ' | 360 | 279 |
Redemption of preferred stock | ' | ' | ' | 20 | ' | ' | 96 | ' | -980 | -904 | ' |
Net income available to common shareholders | $1,248 | $1,228 | $1,109 | $784 | $929 | $842 | $589 | $399 | $4,369 | $2,758 | $944 |
Earnings per common share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic | $0.29 | $0.29 | $0.26 | $0.18 | $0.22 | $0.20 | $0.14 | $0.09 | $1.02 | $0.65 | $0.22 |
Diluted | $0.27 | $0.27 | $0.25 | $0.18 | $0.22 | $0.19 | $0.13 | $0.09 | $0.98 | $0.64 | $0.22 |
Weighted average common shares outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic | 4,316,890 | 4,271,652 | 4,269,097 | 4,262,330 | 4,241,280 | 4,229,819 | 4,225,993 | 4,222,622 | 4,279,992 | 4,229,928 | 4,200,980 |
Diluted | 4,551,182 | 4,490,026 | 4,423,141 | 4,371,324 | 4,305,127 | 4,349,971 | 4,436,920 | 4,267,813 | 4,458,918 | 4,339,958 | 4,286,418 |