Document_and_Entity_Informatio
Document and Entity Information | 6 Months Ended | |
Jun. 30, 2014 | Jul. 31, 2014 | |
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-Q | ' |
Document Period End Date | 30-Jun-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q2 | ' |
Entity Filer Category | 'Smaller Reporting Company | ' |
Entity Common Stock, Shares Outstanding | ' | 4,829,514 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Cash and cash equivalents: | ' | ' |
Cash and due from banks | $14,663 | $12,361 |
Interest-bearing deposits with banks | 18,458 | 18,301 |
Federal funds sold | 8,004 | 8,541 |
Total cash and cash equivalents | 41,125 | 39,203 |
Investment securities: | ' | ' |
Investment securities available for sale | 58,718 | 67,440 |
Other investments | 5,960 | 6,116 |
Total investment securities | 64,678 | 73,556 |
Mortgage Loans Held for Sale | 7,189 | 3,611 |
Loans | 812,833 | 733,656 |
Less allowance for loan losses | -11,103 | -10,213 |
Loans, net | 801,730 | 723,443 |
Bank owned life insurance | 21,712 | 21,383 |
Property and equipment, net | 20,692 | 19,827 |
Deferred income taxes | 5,104 | 4,938 |
Other assets | 4,859 | 4,870 |
Total assets | 967,089 | 890,831 |
LIABILITIES AND SHAREHOLDERS' EQUITY | ' | ' |
Deposits | 747,369 | 680,319 |
Federal Home Loan Bank advances and other borrowings | 127,100 | 124,100 |
Junior subordinated debentures | 13,403 | 13,403 |
Other liabilities | 7,331 | 7,344 |
Total liabilities | 895,203 | 825,166 |
Shareholders' equity: | ' | ' |
Preferred stock, par value $.01 per share, 10,000,000 shares authorized, 11,242 and 15,299 shares issued and outstanding at June 30, 2014 and December 31, 2013, respectively | 11,242 | 15,299 |
Common stock, par value $.01 per share, 10,000,000 shares authorized, 4,829,514 and 4,319,750 shares issued and outstanding at June 30, 2014 and December 31, 2013, respectively | 48 | 43 |
Nonvested restricted stock | -565 | -636 |
Additional paid-in capital | 50,066 | 43,585 |
Accumulated other comprehensive loss | -9 | -1,348 |
Retained earnings | 11,104 | 8,722 |
Total shareholders' equity | 71,886 | 65,665 |
Total liabilities and shareholders' equity | $967,089 | $890,831 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
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 | 11,242 | 15,299 |
Number of series T Preferred Stock held by the Treasury sold to unrelated third-parties through the auction process | 11,242 | 15,299 |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 10,000,000 | 10,000,000 |
Common stock, shares issued | 4,829,514 | 4,319,750 |
Common stock, shares outstanding | 4,829,514 | 4,319,750 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (Unaudited) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Interest income | ' | ' | ' | ' |
Loans | $9,309 | $8,468 | $18,127 | $16,733 |
Investment securities | 465 | 426 | 977 | 890 |
Federal funds sold | 16 | 18 | 30 | 32 |
Total interest income | 9,790 | 8,912 | 19,134 | 17,655 |
Interest expense | ' | ' | ' | ' |
Deposits | 696 | 724 | 1,376 | 1,530 |
Borrowings | 1,024 | 1,058 | 2,044 | 2,117 |
Total interest expense | 1,720 | 1,782 | 3,420 | 3,647 |
Net interest income | 8,070 | 7,130 | 15,714 | 14,008 |
Provision for loan losses | 950 | 750 | 1,950 | 1,875 |
Net interest income after provision for loan losses | 7,120 | 6,380 | 13,764 | 12,133 |
Noninterest income | ' | ' | ' | ' |
Loan fee income | 613 | 267 | 955 | 526 |
Service fees on deposit accounts | 231 | 204 | 445 | 428 |
Income from bank owned life insurance | 167 | 158 | 329 | 318 |
Gain on sale of investment securities | 230 | ' | 230 | ' |
Other income | 277 | 249 | 529 | 488 |
Total noninterest income | 1,518 | 878 | 2,488 | 1,760 |
Noninterest expenses | ' | ' | ' | ' |
Compensation and benefits | 3,514 | 3,018 | 6,925 | 5,970 |
Occupancy | 730 | 744 | 1,457 | 1,452 |
Real estate owned activity | 12 | -14 | 25 | 5 |
Data processing and related costs | 622 | 594 | 1,216 | 1,170 |
Insurance | 203 | 201 | 395 | 441 |
Marketing | 197 | 218 | 398 | 404 |
Professional fees | 294 | 183 | 517 | 364 |
Other | 743 | 357 | 1,152 | 725 |
Total noninterest expenses | 6,315 | 5,301 | 12,085 | 10,531 |
Income before income tax expense | 2,323 | 1,957 | 4,167 | 3,362 |
Income tax expense | 757 | 657 | 1,351 | 1,100 |
Net income | 1,566 | 1,300 | 2,816 | 2,262 |
Preferred stock dividend | 253 | 191 | 445 | 389 |
Redemption of preferred stock | ' | ' | ' | 20 |
Net income available to common shareholders | $1,313 | $1,109 | $2,371 | $1,893 |
Earnings per common share | ' | ' | ' | ' |
Basic | $0.28 | $0.26 | $0.51 | $0.44 |
Diluted | $0.26 | $0.25 | $0.48 | $0.43 |
Weighted average common shares outstanding | ' | ' | ' | ' |
Basic | 4,763,407 | 4,269,097 | 4,686,748 | 4,265,714 |
Diluted | 5,036,553 | 4,423,141 | 4,957,000 | 4,397,233 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (Unaudited) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Statements of Comprehensive Income (Loss) [Abstract] | ' | ' | ' | ' |
Net income | $1,566 | $1,300 | $2,816 | $2,262 |
Unrealized gain (loss) on securities available for sale: | ' | ' | ' | ' |
Unrealized holding gain (loss) arising during the period, pretax | 1,093 | -2,415 | 2,259 | -2,730 |
Tax (expense) benefit | -371 | 821 | -768 | 929 |
Reclassification to realized gain | -230 | ' | -230 | ' |
Tax expense | 78 | 0 | 78 | 0 |
Other comprehensive income (loss) | 570 | -1,594 | 1,339 | -1,801 |
Comprehensive income (loss) | $2,136 | ($294) | $4,155 | $461 |
Consolidated_Statements_of_Sha
Consolidated Statements of Shareholders' Equity (Unaudited) (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, 2012 | $64,125 | $43 | $16,299 | ($160) | $42,396 | $1,178 | $4,369 |
Beginning balance, shares at Dec. 31, 2012 | ' | 4,247,404 | 16,299 | ' | ' | ' | ' |
Net income | 2,262 | ' | ' | ' | ' | ' | 2,262 |
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 | -396 | ' | ' | ' | ' | ' | -396 |
Proceeds from exercise of stock options | 121 | ' | ' | ' | 121 | ' | ' |
Proceeds from exercise of stock options, shares | ' | 19,533 | ' | ' | ' | ' | ' |
Issuance of restricted stock | ' | ' | ' | -24 | 24 | ' | ' |
Issuance of restricted stock, shares | ' | 2,500 | ' | ' | ' | ' | ' |
Cash in lieu of fractional shares | -7 | ' | ' | ' | ' | ' | -7 |
Amortization of deferred compensation on restricted stock | 28 | ' | ' | 28 | ' | ' | ' |
Compensation expense related to stock options, net of tax | 210 | ' | ' | ' | 210 | ' | ' |
Other comprehensive income | -1,801 | ' | ' | ' | ' | -1,801 | ' |
Balance at Jun. 30, 2013 | 63,562 | 43 | 15,299 | -156 | 42,751 | -623 | 6,248 |
Balance, shares at Jun. 30, 2013 | ' | 4,269,437 | 15,299 | ' | ' | ' | ' |
Beginning balance at Dec. 31, 2013 | 65,665 | 43 | 15,299 | -636 | 43,585 | -1,348 | 8,722 |
Beginning balance, shares at Dec. 31, 2013 | ' | 4,319,750 | 15,299 | ' | ' | ' | ' |
Net income | 2,816 | ' | ' | ' | ' | ' | 2,816 |
Preferred stock transactions: | ' | ' | ' | ' | ' | ' | ' |
Redemption of preferred stock | -4,057 | ' | -4,057 | ' | ' | ' | ' |
Redemption of preferred stock, shares | ' | ' | -4,057 | ' | ' | ' | ' |
Cash dividends on Series T preferred stock | -434 | ' | ' | ' | ' | ' | -434 |
Issuance of common stock | 5,950 | 5 | ' | ' | 5,945 | ' | ' |
Issuance of common stock, shares | ' | 475,000 | ' | ' | ' | ' | ' |
Proceeds from exercise of stock options | 287 | ' | ' | ' | 287 | ' | ' |
Proceeds from exercise of stock options, shares | ' | 32,764 | ' | ' | ' | ' | ' |
Issuance of restricted stock | ' | ' | ' | -27 | 27 | ' | ' |
Issuance of restricted stock, shares | ' | 2,000 | ' | ' | ' | ' | ' |
Amortization of deferred compensation on restricted stock | 98 | ' | ' | 98 | ' | ' | ' |
Compensation expense related to stock options, net of tax | 222 | ' | ' | ' | 222 | ' | ' |
Other comprehensive income | 1,339 | ' | ' | ' | ' | 1,339 | ' |
Balance at Jun. 30, 2014 | $71,886 | $48 | $11,242 | ($565) | $50,066 | ($9) | $11,104 |
Balance, shares at Jun. 30, 2014 | ' | 4,829,514 | 11,242 | ' | ' | ' | ' |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (Unaudited) (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Operating activities | ' | ' |
Net income | $2,816 | $2,262 |
Adjustments to reconcile net income to cash provided by operating activities: | ' | ' |
Provision for loan losses | 1,950 | 1,875 |
Depreciation and other amortization | 591 | 596 |
Accretion and amortization of securities discounts and premium, net | 200 | 380 |
Gain on sale of investment securities | -230 | ' |
Gain on sale and write-down of real estate owned | ' | -22 |
Compensation expense related to stock options and grants | 320 | 238 |
Increase in cash surrender value of bank owned life insurance | -329 | -318 |
Increase in deferred tax asset | -856 | -50 |
(Increase) decrease in other assets, net | 90 | -12 |
Decrease in other liabilities, net | -13 | -1,010 |
Net cash provided by operating activities | 4,539 | 3,939 |
Increase (decrease) in cash realized from: | ' | ' |
Origination of loans, net | -83,970 | -43,939 |
Purchase of property and equipment | -1,456 | -1,834 |
Purchase of investment securities: | ' | ' |
Available for sale | -2,073 | ' |
Other | ' | -675 |
Payments and maturity of investment securities: | ' | ' |
Available for sale | 2,427 | 5,429 |
Other | 157 | 2,353 |
Purchase of bank owned life insurance | ' | -2,000 |
Proceeds from sale of investment securities | 10,427 | 200 |
Proceeds from sale of real estate owned | 75 | 1,432 |
Net cash used for investing activities | -74,413 | -39,034 |
Increase (decrease) in cash realized from: | ' | ' |
Increase in deposits, net | 67,050 | 55,773 |
Decrease in short-term borrowings | ' | -13,190 |
Increase in other borrowings | 3,000 | ' |
Cash dividend on preferred stock | -434 | -396 |
Redemption of preferred stock | -4,057 | -980 |
Issuance of common stock | 5,950 | ' |
Cash in lieu of fractional shares | ' | -7 |
Proceeds from the exercise of stock options and warrants | 287 | 121 |
Net cash provided by financing activities | 71,796 | 41,321 |
Net increase in cash and cash equivalents | 1,922 | 6,226 |
Cash and cash equivalents at beginning of the period | 39,203 | 29,413 |
Cash and cash equivalents at end of the period | 41,125 | 35,639 |
Cash paid for | ' | ' |
Interest | 3,320 | 4,059 |
Income taxes | 2,207 | 1,150 |
Schedule of non-cash transactions | ' | ' |
Real estate acquired in settlement of loans | 154 | 1,001 |
Unrealized gain (loss) on securities, net of income taxes | $1,491 | ($1,801) |
Nature_of_Business_and_Basis_o
Nature of Business and Basis of Presentation | 6 Months Ended |
Jun. 30, 2014 | |
Nature of Business and Basis of Presentation [Abstract] | ' |
Nature of Business and Basis of Presentation | ' |
NOTE 1 – Nature of Business and Basis of Presentation | |
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 | |
The accompanying consolidated financial statements have been prepared in accordance with generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three and six month periods ended June 30, 2014 are not necessarily indicative of the results that may be expected for the year ending December 31, 2014. For further information, refer to the consolidated financial statements and footnotes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013 as filed with the Securities and Exchange Commission on March 4, 2014. The consolidated financial statements include the accounts of the Company and the Bank. In accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 810, “Consolidation,” the financial statements related to the Trusts have not been consolidated. | |
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 the settlement of loans, fair value of financial instruments, evaluating other-than-temporary-impairment of investment securities and valuation of deferred tax assets. | |
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. | |
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. Management performed an evaluation to determine whether there have been any subsequent events since the balance sheet date and determined that no subsequent events occurred requiring accrual or disclosure. | |
Recently Adopted Accounting Pronouncements | |
The following is a summary of recently adopted authoritative pronouncements that have impacted the accounting, reporting, and/or disclosure of financial information by the Company. | |
In April 2013, the FASB issued guidance addressing application of the liquidation basis of accounting. The guidance is intended to clarify when an entity should apply the liquidation basis of accounting. In addition, the guidance provides principles for the recognition and measurement of assets and liabilities and requirements for financial statements prepared using the liquidation basis of accounting. The amendments went into effect for entities that determine liquidation is imminent during annual reporting periods beginning after December 15, 2013, and interim reporting periods therein and those requirements should be applied prospectively from the day that liquidation becomes imminent. Early adoption is permitted. The amendments did not have a material effect on the Company’s financial statements. | |
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, 2013. These amendments did not have a material effect on the Company’s financial statements. |
Preferred_and_Common_Stock
Preferred and Common Stock | 6 Months Ended |
Jun. 30, 2014 | |
Preferred and Common Stock [Abstract] | ' |
Preferred and Common Stock | ' |
NOTE 2 – Preferred and Common Stock | |
On February 27, 2009, as part of the 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 qualifies as Tier 1 capital and is entitled to cumulative dividends at a rate of 5% per annum for the first five years, which increased to a rate of 9% per annum on May 15, 2014. 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. | |
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 repurchase price 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 Series T Preferred Stock to its par value. 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. | |
On January 3, 2013 and April 1, 2013, the Company redeemed a total of $1.0 million of its outstanding Series T Preferred Stock from three of its preferred shareholders. | |
On January 27, 2014, the Company issued a total of 475,000 shares of its common stock at $13.00 per share in a private placement offering. Immediately following the consummation of the Private Placement, the Company redeemed 4,057 shares of the Series T Preferred Stock at a redemption price of $1,000 per share, or par, using the proceeds from the private placement. 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. | |
Since July of 2012, the Company has redeemed shares of its outstanding Series T Preferred Stock with a cumulative par value of $6,057,000, thus reducing the balance to shares with a par value of $11,242,000. The Company will continue to explore options and opportunities to repurchase the remaining Series T Preferred Stock outstanding. |
Investment_Securities
Investment Securities | 6 Months Ended | |||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||
Investment Securities [Abstract] | ' | |||||||||||||||||||||||
Investment Securities | ' | |||||||||||||||||||||||
NOTE 3 – Investment Securities | ||||||||||||||||||||||||
The amortized costs and fair value of investment securities are as follows: | ||||||||||||||||||||||||
30-Jun-14 | ||||||||||||||||||||||||
Amortized | Gross Unrealized | Fair | ||||||||||||||||||||||
(dollars in thousands) | Cost | Gains | Losses | Value | ||||||||||||||||||||
Available for sale | ||||||||||||||||||||||||
US government agencies | $ 8,760 | 11 | 468 | 8,303 | ||||||||||||||||||||
SBA securities | 5,533 | - | 312 | 5,221 | ||||||||||||||||||||
State and political subdivisions | 17,784 | 535 | 91 | 18,228 | ||||||||||||||||||||
Mortgage-backed securities | 26,655 | 418 | 107 | 26,966 | ||||||||||||||||||||
Total investment securities available for sale | $58,732 | 964 | 978 | 58,718 | ||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||
Amortized | Gross Unrealized | Fair | ||||||||||||||||||||||
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 | 31,347 | 246 | 549 | 31,044 | ||||||||||||||||||||
Total investment securities available for sale | $69,483 | 577 | 2,620 | 67,440 | ||||||||||||||||||||
Contractual maturities and yields on our investment securities at June 30, 2014 and December 31, 2013 are shown in the following table. Expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties. | ||||||||||||||||||||||||
30-Jun-14 | ||||||||||||||||||||||||
Less than one year | One to five years | Five to ten years | Over ten years | Total | ||||||||||||||||||||
(dollars in thousands) | Amount | Yield | Amount | Yield | Amount | Yield | Amount | Yield | Amount | Yield | ||||||||||||||
Available for sale | ||||||||||||||||||||||||
US government agencies | $ | - | - | - | - | 987 | 2.13% | 7,316 | 2.43% | 8,303 | 2.40% | |||||||||||||
SBA securities | - | - | - | - | - | - | 5,221 | 1.88% | 5,221 | 1.88% | ||||||||||||||
State and political subdivisions | 1,495 | 0.51% | 2,508 | 1.05% | 7,657 | 3.31% | 6,568 | 2.94% | 18,228 | 2.62% | ||||||||||||||
Mortgage-backed securities | - | - | - | - | 2,427 | 1.80% | 24,539 | 2.72% | 26,966 | 2.63% | ||||||||||||||
Total | $ | 1,495 | 0.51% | 2,508 | 1.05% | 11,071 | 2.86% | 43,644 | 2.59% | 58,718 | 2.52% | |||||||||||||
31-Dec-13 | ||||||||||||||||||||||||
Less than one year | One to five years | Five to ten years | Over ten years | Total | ||||||||||||||||||||
Amount | Yield | Amount | Yield | Amount | Yield | Amount | Yield | Amount | Yield | |||||||||||||||
Available for sale | ||||||||||||||||||||||||
US government agencies | $ | - | - | - | - | 956 | 2.13% | 6,799 | 2.43% | 7,755 | 2.40% | |||||||||||||
SBA securities | - | - | - | - | - | - | 5,271 | 1.88% | 5,271 | 1.88% | ||||||||||||||
State and political subdivisions | 1,507 | 0.51% | 2,114 | 0.67% | 7,398 | 3.22% | 12,351 | 2.88% | 23,370 | 2.63% | ||||||||||||||
Mortgage-backed securities | - | - | - | - | 2,072 | 1.77% | 28,972 | 2.69% | 31,044 | 2.62% | ||||||||||||||
Total | $ | 1,507 | 0.51% | 2,114 | 0.67% | 10,426 | 2.82% | 53,393 | 2.61% | 67,440 | 2.54% | |||||||||||||
The tables below summarize gross unrealized losses on investment securities and the fair market value of the related securities at June 30, 2014 and December 31, 2013, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position. | ||||||||||||||||||||||||
30-Jun-14 | ||||||||||||||||||||||||
Less than 12 months | 12 months or longer | Total | ||||||||||||||||||||||
(dollars in thousands) | # | Fair | Unrealized | # | Fair | Unrealized | # | Fair | Unrealized | |||||||||||||||
value | losses | value | losses | value | losses | |||||||||||||||||||
Available for sale | ||||||||||||||||||||||||
US government agencies | - | $ - | $ - | 2 | $ 7,316 | $468 | 2 | $ 7,316 | $ 468 | |||||||||||||||
SBA securities | - | - | - | 2 | 5,221 | 312 | 2 | 5,221 | 312 | |||||||||||||||
State and political subdivisions | 2 | 762 | 1 | 7 | 3,464 | 90 | 9 | 4,226 | 91 | |||||||||||||||
Mortgage-backed securities | - | - | - | 4 | 8,976 | 107 | 4 | 8,976 | 107 | |||||||||||||||
Total | 2 | $ 762 | $ 1 | 15 | $24,977 | $977 | 17 | $25,739 | $ 978 | |||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||
Less than 12 months | 12 months or longer | Total | ||||||||||||||||||||||
# | Fair | Unrealized | # | Fair | Unrealized | # | Fair | Unrealized | ||||||||||||||||
value | losses | value | losses | value | losses | |||||||||||||||||||
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 securities | 10 | 16,146 | 549 | - | - | - | 10 | 16,146 | 549 | |||||||||||||||
Total | 35 | $32,383 | $1,914 | 11 | $8,976 | $706 | 46 | $41,359 | $2,620 | |||||||||||||||
At June 30, 2014, the Company had two individual investments with a fair market value of $762 thousand that were in an unrealized loss position for less than 12 months and 15 individual investments with a fair market value of $25.0 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 are 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 2014, we developed a need for additional liquidity as we experienced increased loan demand and, as a result, sold $10.4 million of our mortgage-backed securities and state and municipal obligations and recorded a net gain on sale of investment securities of $230,000. | ||||||||||||||||||||||||
Other investments are comprised of the following and are recorded at cost which approximates fair value. | ||||||||||||||||||||||||
(dollars in thousands) | 30-Jun-14 | 31-Dec-13 | ||||||||||||||||||||||
Federal Home Loan Bank stock | $ 5,458 | 5,614 | ||||||||||||||||||||||
Certificates of deposit with other banks | 99 | 99 | ||||||||||||||||||||||
Investment in Trust Preferred securities | 403 | 403 | ||||||||||||||||||||||
Total other investments | $ 5,960 | 6,116 | ||||||||||||||||||||||
The Company has evaluated the Federal Home Loan Bank (“FHLB”) stock for impairment and determined that the investment in the FHLB stock is not other than temporarily impaired as of June 30, 2014 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 June 30, 2014 $21.7 million of securities were pledged as collateral for repurchase agreements from brokers, and approximately $5.1 million of securities were pledged to secure client deposits. At December 31, 2013, $22.0 million of securities were pledged as collateral for repurchase agreements from brokers, and approximately $25.0 million of securities were pledged to secure client deposits. |
Loans_and_Allowance_for_Loan_L
Loans and Allowance for Loan Losses | 6 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Loans and Allowance for Loan Losses [Abstract] | ' | ||||||||||||
Loans and Allowance for Loan Losses | ' | ||||||||||||
NOTE 4 – Loans and Allowance for Loan Losses | |||||||||||||
The following table summarizes the composition of our loan portfolio. Total gross loans are recorded net of deferred loan fees and costs, which totaled $1.7 million and $1.3 million as of June 30, 2014 and December 31, 2013, respectively. | |||||||||||||
30-Jun-14 | 31-Dec-13 | ||||||||||||
(dollars in thousands) | Amount | % of Total | Amount | % of Total | |||||||||
Commercial | |||||||||||||
Owner occupied RE | $187,222 | 23.00% | $185,129 | 25.20% | |||||||||
Non-owner occupied RE | 175,683 | 21.60% | 166,016 | 22.60% | |||||||||
Construction | 42,753 | 5.30% | 30,906 | 4.20% | |||||||||
Business | 142,357 | 17.50% | 129,687 | 17.70% | |||||||||
Total commercial loans | 548,015 | 67.40% | 511,738 | 69.70% | |||||||||
Consumer | |||||||||||||
Real estate | 135,988 | 16.70% | 110,590 | 15.10% | |||||||||
Home equity | 87,798 | 10.80% | 78,479 | 10.70% | |||||||||
Construction | 28,122 | 3.50% | 19,888 | 2.70% | |||||||||
Other | 12,910 | 1.60% | 12,961 | 1.80% | |||||||||
Total consumer loans | 264,818 | 32.60% | 221,918 | 30.30% | |||||||||
Total gross loans, net of deferred fees | 812,833 | 100.00% | 733,656 | 100.00% | |||||||||
Less—allowance for loan losses | -11,103 | -10,213 | |||||||||||
Total loans, net | $801,730 | $723,443 | |||||||||||
Maturities and Sensitivity of Loans to Changes in Interest Rates | |||||||||||||
The information in the following tables summarizes the loan maturity distribution by type and related interest rate characteristics based on the contractual maturities of individual loans, including loans which may be subject to renewal at their contractual maturity. Renewal of such loans is subject to review and credit approval, as well as modification of terms upon maturity. Actual repayments of loans may differ from the maturities reflected below, because borrowers have the right to prepay obligations with or without prepayment penalties. | |||||||||||||
30-Jun-14 | |||||||||||||
(dollars in thousands) | One year | After one | After five | Total | |||||||||
or less | but within | years | |||||||||||
five years | |||||||||||||
Commercial | |||||||||||||
Owner occupied RE | $ 21,046 | 100,259 | 65,917 | 187,222 | |||||||||
Non-owner occupied RE | 50,794 | 96,678 | 28,211 | 175,683 | |||||||||
Construction | 12,797 | 16,916 | 13,040 | 42,753 | |||||||||
Business | 74,162 | 60,459 | 7,736 | 142,357 | |||||||||
Total commercial loans | 158,799 | 274,312 | 114,904 | 548,015 | |||||||||
Consumer | |||||||||||||
Real estate | 22,220 | 36,044 | 77,724 | 135,988 | |||||||||
Home equity | 4,344 | 28,853 | 54,601 | 87,798 | |||||||||
Construction | 11,194 | 1,699 | 15,229 | 28,122 | |||||||||
Other | 5,663 | 5,909 | 1,338 | 12,910 | |||||||||
Total consumer loans | 43,421 | 72,505 | 148,892 | 264,818 | |||||||||
Total gross loans, net of deferred fees | $202,220 | 346,817 | 263,796 | 812,833 | |||||||||
Loans maturing after one year with: | |||||||||||||
Fixed interest rates | $440,552 | ||||||||||||
Floating interest rates | 170,061 | ||||||||||||
31-Dec-13 | |||||||||||||
One year | After one | After five | Total | ||||||||||
or less | but within | years | |||||||||||
five years | |||||||||||||
Commercial | |||||||||||||
Owner occupied RE | $ 26,959 | 93,377 | 64,793 | 185,129 | |||||||||
Non-owner occupied RE | 45,937 | 96,891 | 23,188 | 166,016 | |||||||||
Construction | 11,619 | 13,844 | 5,443 | 30,906 | |||||||||
Business | 63,720 | 58,780 | 7,187 | 129,687 | |||||||||
Total commercial loans | 148,235 | 262,892 | 100,611 | 511,738 | |||||||||
Consumer | |||||||||||||
Real estate | 14,786 | 34,068 | 61,736 | 110,590 | |||||||||
Home equity | 4,988 | 26,319 | 47,172 | 78,479 | |||||||||
Construction | 11,749 | 1,709 | 6,430 | 19,888 | |||||||||
Other | 6,451 | 5,334 | 1,176 | 12,961 | |||||||||
Total consumer | 37,974 | 67,430 | 116,514 | 221,918 | |||||||||
Total gross loan, net of deferred fees | $186,209 | 330,322 | 217,125 | 733,656 | |||||||||
Loans maturing after one year with : | |||||||||||||
Fixed interest rates | $380,476 | ||||||||||||
Floating interest rates | 166,971 | ||||||||||||
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 troubled debt restructuring (“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. 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. | |||||||||||||
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 tables below provide a breakdown of outstanding commercial loans by risk category. | |||||||||||||
30-Jun-14 | |||||||||||||
(dollars in thousands) | Owner | Non-owner occupied RE | Construction | Business | Total | ||||||||
occupied RE | |||||||||||||
Pass | $178,883 | 159,241 | 39,713 | 133,321 | 511,158 | ||||||||
Special mention | 5,778 | 6,814 | - | 3,589 | 16,181 | ||||||||
Substandard | 2,561 | 9,628 | 3,040 | 5,447 | 20,676 | ||||||||
Doubtful | - | - | - | - | - | ||||||||
Loss | - | - | - | - | - | ||||||||
$187,222 | 175,683 | 42,753 | 142,357 | 548,015 | |||||||||
31-Dec-13 | |||||||||||||
Owner | Non-owner occupied RE | Construction | Business | Total | |||||||||
occupied RE | |||||||||||||
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 | - | - | - | - | - | ||||||||
Loss | - | - | - | - | - | ||||||||
$185,129 | 166,016 | 30,906 | 129,687 | 511,738 | |||||||||
The following tables provide past due information for outstanding commercial loans and include loans on nonaccrual status as well as accruing TDRs. | |||||||||||||
30-Jun-14 | |||||||||||||
(dollars in thousands) | Owner occupied RE | Non-owner occupied RE | Construction | Business | Total | ||||||||
Current | $187,125 | 169,203 | 41,005 | 141,159 | 538,492 | ||||||||
30-59 days past due | - | 55 | - | 169 | 224 | ||||||||
60-89 days past due | 97 | - | - | - | 97 | ||||||||
Greater than 90 Days | - | 6,425 | 1,748 | 1,029 | 9,202 | ||||||||
$187,222 | 175,683 | 42,753 | 142,357 | 548,015 | |||||||||
31-Dec-13 | |||||||||||||
Owner occupied RE | Non-owner 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 | |||||||||
As of June 30, 2014 and December 31, 2013, loans 30 days or more past due represented 1.41% and 1.30% of our total loan portfolio, respectively. Commercial loans 30 days or more past due were 1.17% and 1.02% of our total loan portfolio as of June 30, 2014 and December 31, 2013, respectively. | |||||||||||||
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 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 tables below provide a breakdown of outstanding consumer loans by risk category. | |||||||||||||
30-Jun-14 | |||||||||||||
(dollars in thousands) | Real estate | Home equity | Construction | Other | Total | ||||||||
Pass | $131,515 | 83,924 | 28,122 | 12,470 | 256,031 | ||||||||
Special mention | 1,586 | 3,049 | - | 338 | 4,973 | ||||||||
Substandard | 2,887 | 825 | - | 102 | 3,814 | ||||||||
Doubtful | - | - | - | - | - | ||||||||
Loss | - | - | - | - | - | ||||||||
$135,988 | 87,798 | 28,122 | 12,910 | 264,818 | |||||||||
31-Dec-13 | |||||||||||||
Real estate | Home equity | Construction | Other | Total | |||||||||
Pass | $106,693 | 75,304 | 19,888 | 12,641 | 214,526 | ||||||||
Special mention | 1,455 | 2,176 | - | 212 | 3,843 | ||||||||
Substandard | 2,442 | 999 | - | 108 | 3,549 | ||||||||
Doubtful | - | - | - | - | - | ||||||||
Loss | - | - | - | - | - | ||||||||
$110,590 | 78,479 | 19,888 | 12,961 | 221,918 | |||||||||
The following tables provide past due information for outstanding consumer loans and include loans on nonaccrual status as well as accruing TDRs. | |||||||||||||
30-Jun-14 | |||||||||||||
(dollars in thousands) | Real estate | Home equity | Construction | Other | Total | ||||||||
Current | $134,409 | 87,479 | 28,122 | 12,909 | 262,919 | ||||||||
30-59 days past due | 329 | - | - | - | 329 | ||||||||
60-89 days past due | 176 | 319 | - | 1 | 496 | ||||||||
Greater than 90 Days | 1,074 | - | - | - | 1,074 | ||||||||
$135,988 | 87,798 | 28,122 | 12,910 | 264,818 | |||||||||
31-Dec-13 | |||||||||||||
Real estate | Home equity | Construction | Other | Total | |||||||||
Current | $108,703 | 78,402 | 19,888 | 12,877 | 219,870 | ||||||||
30-59 days past due | 806 | - | - | 84 | 890 | ||||||||
60-89 days past due | 467 | - | - | - | 467 | ||||||||
Greater than 90 Days | 614 | 77 | - | - | 691 | ||||||||
$110,590 | 78,479 | 19,888 | 12,961 | 221,918 | |||||||||
As of June 30, 2014 and December 31, 2013, consumer loans 30 days or more past due were 0.23% and 0.28%, respectively, of total loans. | |||||||||||||
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. | |||||||||||||
Following is a summary of our nonperforming assets, including nonaccruing TDRs. | |||||||||||||
(dollars in thousands) | 30-Jun-14 | 31-Dec-13 | |||||||||||
Commercial | |||||||||||||
Owner occupied RE | $ 671 | 1,199 | |||||||||||
Non-owner occupied RE | 3,686 | 373 | |||||||||||
Construction | 849 | 914 | |||||||||||
Business | 730 | 712 | |||||||||||
Consumer | |||||||||||||
Real estate | 488 | 76 | |||||||||||
Home equity | - | 77 | |||||||||||
Construction | - | - | |||||||||||
Other | 1 | 3 | |||||||||||
Nonaccruing troubled debt restructurings | 5,871 | 4,983 | |||||||||||
Total nonaccrual loans, including nonaccruing TDRs | 12,296 | 8,337 | |||||||||||
Other real estate owned | 1,277 | 1,198 | |||||||||||
Total nonperforming assets | $13,573 | 9,535 | |||||||||||
Nonperforming assets as a percentage of: | |||||||||||||
Total assets | 1.40 % | 1.07 % | |||||||||||
Gross loans | 1.67 % | 1.30 % | |||||||||||
Total loans over 90 days past due | 10,276 | 6,493 | |||||||||||
Loans over 90 days past due and still accruing | - | - | |||||||||||
Accruing troubled debt restructurings | $ 6,479 | 8,045 | |||||||||||
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. | |||||||||||||
30-Jun-14 | |||||||||||||
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 | $ 1,398 | 1,398 | 728 | 171 | |||||||||
Non-owner occupied RE | 9,555 | 8,136 | 6,185 | 1,914 | |||||||||
Construction | 4,491 | 1,749 | 1,802 | 194 | |||||||||
Business | 5,471 | 4,661 | 3,259 | 2,391 | |||||||||
Total commercial | 20,915 | 15,944 | 11,974 | 4,670 | |||||||||
Consumer | |||||||||||||
Real estate | 2,355 | 2,333 | 2,017 | 841 | |||||||||
Home equity | 160 | 160 | 160 | 160 | |||||||||
Construction | - | - | - | - | |||||||||
Other | 338 | 338 | 124 | 124 | |||||||||
Total consumer | 2,853 | 2,831 | 2,301 | 1,125 | |||||||||
Total | $23,768 | 18,775 | 14,275 | 5,795 | |||||||||
31-Dec-13 | |||||||||||||
Recorded investment | |||||||||||||
Impaired loans | |||||||||||||
Unpaid | with related | Related | |||||||||||
Principal | Impaired | allowance for | allowance for | ||||||||||
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 | |||||||||
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. | |||||||||||||
Three months ended | Three months ended | ||||||||||||
30-Jun-14 | 30-Jun-13 | ||||||||||||
(dollars in thousands) | Average | Recognized | Average | Recognized | |||||||||
recorded | interest | recorded | interest | ||||||||||
investment | income | investment | income | ||||||||||
Commercial | |||||||||||||
Owner occupied RE | $ 1,662 | 2 | 1,191 | 4 | |||||||||
Non-owner occupied RE | 6,646 | 22 | 5,715 | 78 | |||||||||
Construction | 1,768 | - | 1,987 | 16 | |||||||||
Business | 4,713 | 42 | 4,473 | 57 | |||||||||
Total commercial | 14,789 | 66 | 13,366 | 155 | |||||||||
Consumer | |||||||||||||
Real estate | 2,355 | 12 | 1,026 | 36 | |||||||||
Home equity | 161 | 2 | 726 | 3 | |||||||||
Construction | - | - | - | - | |||||||||
Other | 277 | 3 | 223 | 2 | |||||||||
Total consumer | 2,793 | 17 | 1,975 | 41 | |||||||||
Total | $17,582 | 83 | 15,341 | 196 | |||||||||
Six months ended | Six months ended | Year ended | |||||||||||
30-Jun-14 | 30-Jun-13 | 31-Dec-13 | |||||||||||
(dollars in thousands) | Average | Recognized | Average | Recognized | Average | Recognized | |||||||
recorded | interest | recorded | interest | recorded | interest | ||||||||
investment | income | investment | income | investment | income | ||||||||
Commercial | |||||||||||||
Owner occupied RE | $ 1,753 | 3 | 1,551 | 7 | 1,519 | 47 | |||||||
Non-owner occupied RE | 6,305 | 53 | 6,198 | 145 | 5,932 | 261 | |||||||
Construction | 1,802 | 14 | 2,018 | 26 | 2,054 | 57 | |||||||
Business | 4,703 | 83 | 4,331 | 86 | 4,521 | 189 | |||||||
Total commercial | 14,563 | 153 | 14,098 | 264 | 14,026 | 554 | |||||||
Consumer | |||||||||||||
Real estate | 2,172 | 25 | 239 | 43 | 1,186 | 100 | |||||||
Home equity | 187 | 4 | 1,012 | 5 | 610 | 8 | |||||||
Construction | - | - | - | - | - | - | |||||||
Other | 260 | 5 | 741 | 4 | 234 | 9 | |||||||
Total consumer | 2,619 | 34 | 1,992 | 52 | 2,030 | 117 | |||||||
Total | $17,182 | 187 | 16,090 | 316 | 16,056 | 671 | |||||||
Allowance for Loan Losses | |||||||||||||
The allowance for loan loss 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, 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. | |||||||||||||
The following table summarizes the activity related to our allowance for loan losses by commercial and consumer portfolio segments: | |||||||||||||
Six months ended June 30, 2014 | |||||||||||||
Commercial | Consumer | ||||||||||||
(dollars in thousands) | Owner occupied RE | Non-owner occupied RE | Construction | Business | Real Estate | Home equity | Construction | Other | Total | ||||
Balance, beginning of period | $1,880 | 2,633 | 397 | 3,329 | 1,091 | 644 | 99 | 140 | 10,213 | ||||
Provision for loan losses | -299 | 1,661 | 29 | 207 | 178 | 100 | 36 | 38 | 1,950 | ||||
Loan charge-offs | - | -1,084 | - | - | - | -76 | - | -4 | -1,164 | ||||
Loan recoveries | - | - | - | 103 | - | 1 | - | - | 104 | ||||
Net loan charge-offs | - | -1,084 | - | 103 | - | -75 | - | -4 | -1,060 | ||||
Balance, end of period | $1,581 | 3,210 | 426 | 3,639 | 1,269 | 669 | 135 | 174 | 11,103 | ||||
Net charge-offs to average loans (annualized) | 0.28% | ||||||||||||
Allowance for loan losses to gross loans | 1.37% | ||||||||||||
Allowance for loan losses to nonperforming loans | 90.30% | ||||||||||||
Six months ended June 30, 2013 | |||||||||||||
Commercial | Consumer | ||||||||||||
(dollars in thousands) | Owner occupied RE | Non-owner occupied RE | Construction | Business | Real Estate | Home equity | Construction | Other | Total | ||||
Balance, beginning of period | $ 1,774 | 1,946 | 313 | 3,981 | 346 | 540 | 3 | 188 | 9,091 | ||||
Provision for loan losses | 784 | 6 | -26 | 535 | 217 | 214 | 66 | 79 | 1,875 | ||||
Loan charge-offs | -386 | -172 | - | -862 | - | -38 | - | -46 | -1,504 | ||||
Loan recoveries | 2 | - | - | 90 | - | 7 | - | - | 99 | ||||
Net loan charge-offs | -384 | -172 | - | -772 | - | -31 | - | -46 | -1,405 | ||||
Balance, end of period | $2,174 | 1,780 | 287 | 3,744 | 563 | 723 | 69 | 221 | 9,561 | ||||
Net charge-offs to average loans (annualized) | 0.43% | ||||||||||||
Allowance for loan losses to gross loans | 1.39% | ||||||||||||
Allowance for loan losses to nonperforming loans | 172.48% | ||||||||||||
The following table disaggregates our allowance for loan losses and recorded investment in loans by impairment methodology. | |||||||||||||
30-Jun-14 | |||||||||||||
Allowance for loan losses | Recorded investment in loans | ||||||||||||
(dollars in thousands) | Commercial | Consumer | Total | Commercial | Consumer | Total | |||||||
Individually evaluated | $4,670 | 1,125 | 5,795 | 15,944 | 2,831 | 18,775 | |||||||
Collectively evaluated | 4,186 | 1,122 | 5,308 | 532,071 | 261,987 | 794,058 | |||||||
Total | $8,856 | 2,247 | 11,103 | 548,015 | 264,818 | 812,833 | |||||||
31-Dec-13 | |||||||||||||
Allowance for loan losses | Recorded investment in loans | ||||||||||||
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 | 219,647 | 717,274 | |||||||
Total | $8,239 | 1,974 | 10,213 | 511,738 | 221,918 | 733,656 |
Troubled_Debt_Restructurings
Troubled Debt Restructurings | 6 Months Ended | |||||||||
Jun. 30, 2014 | ||||||||||
Troubled Debt Restructurings [Abstract] | ' | |||||||||
Troubled Debt Restructurings | ' | |||||||||
NOTE 5 – Troubled Debt Restructurings | ||||||||||
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 financial challenges in the current economic environment. At June 30, 2014, we had 38 loans totaling $12.4 million and at December 31, 2013 we had 34 loans totaling $13.0 million, which we considered as TDRs. To date, we have restored four 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 during the six months ended June 30, 2014 and 2013, respectively. | ||||||||||
For the six months ended June 30, 2014 | ||||||||||
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 | - | - | - | - | - | $ | - | $ | - | |
Non-owner occupied RE | - | - | - | 1 | 1 | 49 | 49 | |||
Construction | - | - | - | - | - | - | - | |||
Business | 1 | - | - | 2 | 3 | 371 | 372 | |||
Consumer | ||||||||||
Real estate | - | - | 1 | - | 1 | 116 | 116 | |||
Home equity | - | - | - | - | - | - | - | |||
Construction | - | - | - | - | - | - | - | |||
Other | 2 | - | - | - | 2 | 126 | 126 | |||
Total loans | 3 | - | 1 | 3 | 7 | $ | 662 | $ | 663 | |
For the six months ended June 30, 2013 | ||||||||||
Pre-modification | Post-modification | |||||||||
Renewals | Reduced | Converted | Maturity | Total | outstanding | outstanding | ||||
deemed a | or deferred | to interest | date | number | recorded | recorded | ||||
concession | payments | only | extensions | of loans | investment | investment | ||||
Commercial | ||||||||||
Owner occupied RE | - | - | - | - | - | $ - | $ - | |||
Non-owner occupied RE | - | - | - | - | - | - | - | |||
Construction | - | - | - | - | - | - | - | |||
Business | 6 | - | - | - | 6 | 1,144 | 1,144 | |||
Consumer | ||||||||||
Real estate | - | - | - | - | - | - | - | |||
Home equity | - | - | - | - | - | - | - | |||
Construction | - | - | - | - | - | - | - | |||
Other | - | - | - | - | - | - | - | |||
Total loans | 6 | - | - | - | 6 | $ 1,144 | $ 1,144 | |||
The following table summarizes loans modified as TDRs for which there was a payment default that occurred during the six months ended June 30, 2014 and 2013 and within 12 months of the restructuring date. | ||||||||||
For the six months ended June 30, | ||||||||||
2014 | 2013 | |||||||||
Number of | Recorded | Number of | Recorded | |||||||
(dollars in thousands) | Loans | Investment | Loans | Investment | ||||||
Commercial | ||||||||||
Owner occupied RE | - | $ - | - | $ - | ||||||
Non-owner occupied RE | 2 | 3,357 | - | - | ||||||
Construction | - | - | - | - | ||||||
Business | 1 | 98 | - | - | ||||||
Consumer | ||||||||||
Real estate | - | - | - | - | ||||||
Home equity | - | - | - | - | ||||||
Construction | - | - | - | - | ||||||
Other | - | - | - | - | ||||||
Total loans | 3 | $ 3,455 | - | $ - | ||||||
Fair_Value_Accounting
Fair Value Accounting | 6 Months Ended | |||||
Jun. 30, 2014 | ||||||
Fair Value Accounting [Abstract] | ' | |||||
Fair Value Accounting | ' | |||||
NOTE 6 – 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 Held for Sale | ||||||
Loans held for sale include mortgage loans and are carried at the lower of cost or market value. The fair values of mortgage loans held for sale are based on commitments on hand from investors within the secondary market for loans with similar characteristics. | ||||||
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 June 30, 2014, 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 Bank 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 as of June 30, 2014 and December 31, 2013. | ||||||
30-Jun-14 | ||||||
(dollars in thousands) | Level 1 | Level 2 | Level 3 | Total | ||
Assets | ||||||
Securities available for sale | ||||||
US government agencies | $ - | 8,303 | - | 8,303 | ||
SBA securities | - | 5,221 | - | 5,221 | ||
State and political subdivisions | - | 18,228 | - | 18,228 | ||
Mortgage-backed securities | - | 26,966 | - | 26,966 | ||
Total assets measured at fair value on a recurring basis | $ - | 58,718 | - | 58,718 | ||
31-Dec-13 | ||||||
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 | ||
The Company has no liabilities carried at fair value or measured at fair value on a recurring basis as of June 30, 2014 and December 31, 2013. | ||||||
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 June 30, 2014. 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 as of June 30, 2014 and December 31, 2013. | ||||||
As of June 30, 2014 | ||||||
(dollars in thousands) | Level 1 | Level 2 | Level 3 | Total | ||
Assets | ||||||
Impaired loans | $ - | 11,850 | 1,130 | 12,980 | ||
Other real estate owned | - | 1,164 | 113 | 1,277 | ||
Total assets measured at fair value on a nonrecurring basis | $ - | 13,014 | 1,243 | 14,257 | ||
As of December 31, 2013 | ||||||
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 | ||
The Company has no liabilities carried at fair value or measured at fair value on a nonrecurring basis as of June 30, 2014 and December 31, 2013. | ||||||
For Level 3 assets and liabilities measured at fair value on a recurring or non-recurring basis as of June 30, 2014, the significant unobservable inputs used in the fair value measurements were as follows: | ||||||
Valuation Technique | Significant Unobservable Inputs | |||||
Impaired loans | Appraised Value/ Discounted Cash Flows | Discounts to appraisals or cash flows for estimated holding and/or selling costs | ||||
Other real estate owned | Appraised Value/ Comparable Sales | Discounts to appraisals for estimated holding or selling costs | ||||
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, federal funds purchased, and securities sold under agreement to repurchase. | ||||||
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 June 30, 2014 and December 31, 2013 are as follows: | ||||||
30-Jun-14 | ||||||
(dollars in thousands) | Carrying | Fair | Level 1 | Level 2 | Level 3 | |
Amount | Value | |||||
Financial Assets: | ||||||
Cash and cash equivalents | $41,125 | 41,125 | 41,125 | - | - | |
Other investments, at cost | 5,960 | 5,960 | - | - | 5,960 | |
Loans held for sale | 7,189 | 7,189 | - | 7,189 | - | |
Loans, net | 801,730 | 818,115 | - | 11,850 | 806,265 | |
Financial Liabilities: | ||||||
Deposits | 747,369 | 710,732 | - | 710,732 | - | |
FHLB and other borrowings | 127,100 | 137,137 | - | 137,137 | - | |
Junior subordinated debentures | 13,403 | 5,198 | - | 5,198 | - | |
31-Dec-13 | ||||||
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 held for sale | 3,611 | 3,611 | - | 3,611 | - | |
Loans, net | 723,443 | 732,328 | - | 10,676 | 721,652 | |
Financial Liabilities: | ||||||
Deposits | 680,319 | 643,399 | - | 643,399 | - | |
FHLB and other borrowings | 124,100 | 135,411 | - | 135,411 | - | |
Junior subordinated debentures | 13,403 | 5,145 | - | 5,145 | - | |
Earnings_Per_Common_Share
Earnings Per Common Share | 6 Months Ended | ||||||
Jun. 30, 2014 | |||||||
Earnings Per Common Share [Abstract] | ' | ||||||
Earnings Per Common Share | ' | ||||||
NOTE 7 – Earnings Per Common Share | |||||||
The following schedule reconciles the numerators and denominators of the basic and diluted earnings per share computations for the three and six month periods ended June 30, 2014 and 2013. Dilutive common shares arise from the potentially dilutive effect of the Company’s stock options that were outstanding at June 30, 2014. The assumed conversion of stock options can create a difference between basic and dilutive net income per common share. At June 30, 2014 and 2013, 114,124 and 47,193 options, respectively, were anti-dilutive in the calculation of earnings per share as their exercise price exceeded the fair market value. | |||||||
Three months ended June 30, | Six months ended June 30, | ||||||
(dollars in thousands, except share data) | 2014 | 2013 | 2014 | 2013 | |||
Numerator: | |||||||
Net income | $1,566 | 1,300 | 2,816 | $2,262 | |||
Less: | Preferred stock dividend | 253 | 191 | 445 | 389 | ||
Add: | Redemption of preferred stock | - | - | - | 20 | ||
Net income available to common shareholders | $1,313 | 1,109 | 2,371 | $1,893 | |||
Denominator: | |||||||
Weighted-average common shares outstanding – basic | 4,763,407 | 4,269,097 | 4,686,748 | 4,265,714 | |||
Common stock equivalents | 273,146 | 154,044 | 270,252 | 131,519 | |||
Weighted-average common shares outstanding – diluted | 5,036,553 | 4,423,141 | 4,957,000 | 4,397,233 | |||
Earnings per common share: | |||||||
Basic | $ 0.28 | 0.26 | 0.51 | 0.44 | |||
Diluted | $ 0.26 | 0.25 | 0.48 | 0.43 | |||
Nature_of_Business_and_Basis_o1
Nature of Business and Basis of Presentation (Policies) | 6 Months Ended |
Jun. 30, 2014 | |
Nature of Business and Basis of Presentation [Abstract] | ' |
Business Activity | ' |
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 have been prepared in accordance with generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three and six month periods ended June 30, 2014 are not necessarily indicative of the results that may be expected for the year ending December 31, 2014. For further information, refer to the consolidated financial statements and footnotes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013 as filed with the Securities and Exchange Commission on March 4, 2014. The consolidated financial statements include the accounts of the Company and the Bank. In accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 810, “Consolidation,” the financial statements related to the Trusts have not been consolidated. | |
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 the settlement of loans, fair value of financial instruments, evaluating other-than-temporary-impairment of investment securities and valuation of deferred tax assets. | |
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. | |
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. Management performed an evaluation to determine whether there have been any subsequent events since the balance sheet date and determined that no subsequent events occurred requiring accrual or disclosure. | |
Recently Adopted Accounting Pronouncements | ' |
Recently Adopted Accounting Pronouncements | |
The following is a summary of recently adopted authoritative pronouncements that have impacted the accounting, reporting, and/or disclosure of financial information by the Company. | |
In April 2013, the FASB issued guidance addressing application of the liquidation basis of accounting. The guidance is intended to clarify when an entity should apply the liquidation basis of accounting. In addition, the guidance provides principles for the recognition and measurement of assets and liabilities and requirements for financial statements prepared using the liquidation basis of accounting. The amendments went into effect for entities that determine liquidation is imminent during annual reporting periods beginning after December 15, 2013, and interim reporting periods therein and those requirements should be applied prospectively from the day that liquidation becomes imminent. Early adoption is permitted. The amendments did not have a material effect on the Company’s financial statements. | |
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, 2013. These amendments did not have a material effect on the Company’s financial statements. |
Investment_Securities_Tables
Investment Securities (Tables) | 6 Months Ended | |||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||
Investment Securities [Abstract] | ' | |||||||||||||||||||||||
Amortized costs and fair value of investment securities | ' | |||||||||||||||||||||||
30-Jun-14 | ||||||||||||||||||||||||
Amortized | Gross Unrealized | Fair | ||||||||||||||||||||||
(dollars in thousands) | Cost | Gains | Losses | Value | ||||||||||||||||||||
Available for sale | ||||||||||||||||||||||||
US government agencies | $ 8,760 | 11 | 468 | 8,303 | ||||||||||||||||||||
SBA securities | 5,533 | - | 312 | 5,221 | ||||||||||||||||||||
State and political subdivisions | 17,784 | 535 | 91 | 18,228 | ||||||||||||||||||||
Mortgage-backed securities | 26,655 | 418 | 107 | 26,966 | ||||||||||||||||||||
Total investment securities available for sale | $58,732 | 964 | 978 | 58,718 | ||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||
Amortized | Gross Unrealized | Fair | ||||||||||||||||||||||
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 | 31,347 | 246 | 549 | 31,044 | ||||||||||||||||||||
Total investment securities available for sale | $69,483 | 577 | 2,620 | 67,440 | ||||||||||||||||||||
Summary of contractual maturities and yields | ' | |||||||||||||||||||||||
30-Jun-14 | ||||||||||||||||||||||||
Less than one year | One to five years | Five to ten years | Over ten years | Total | ||||||||||||||||||||
(dollars in thousands) | Amount | Yield | Amount | Yield | Amount | Yield | Amount | Yield | Amount | Yield | ||||||||||||||
Available for sale | ||||||||||||||||||||||||
US government agencies | $ | - | - | - | - | 987 | 2.13% | 7,316 | 2.43% | 8,303 | 2.40% | |||||||||||||
SBA securities | - | - | - | - | - | - | 5,221 | 1.88% | 5,221 | 1.88% | ||||||||||||||
State and political subdivisions | 1,495 | 0.51% | 2,508 | 1.05% | 7,657 | 3.31% | 6,568 | 2.94% | 18,228 | 2.62% | ||||||||||||||
Mortgage-backed securities | - | - | - | - | 2,427 | 1.80% | 24,539 | 2.72% | 26,966 | 2.63% | ||||||||||||||
Total | $ | 1,495 | 0.51% | 2,508 | 1.05% | 11,071 | 2.86% | 43,644 | 2.59% | 58,718 | 2.52% | |||||||||||||
31-Dec-13 | ||||||||||||||||||||||||
Less than one year | One to five years | Five to ten years | Over ten years | Total | ||||||||||||||||||||
Amount | Yield | Amount | Yield | Amount | Yield | Amount | Yield | Amount | Yield | |||||||||||||||
Available for sale | ||||||||||||||||||||||||
US government agencies | $ | - | - | - | - | 956 | 2.13% | 6,799 | 2.43% | 7,755 | 2.40% | |||||||||||||
SBA securities | - | - | - | - | - | - | 5,271 | 1.88% | 5,271 | 1.88% | ||||||||||||||
State and political subdivisions | 1,507 | 0.51% | 2,114 | 0.67% | 7,398 | 3.22% | 12,351 | 2.88% | 23,370 | 2.63% | ||||||||||||||
Mortgage-backed securities | - | - | - | - | 2,072 | 1.77% | 28,972 | 2.69% | 31,044 | 2.62% | ||||||||||||||
Total | $ | 1,507 | 0.51% | 2,114 | 0.67% | 10,426 | 2.82% | 53,393 | 2.61% | 67,440 | 2.54% | |||||||||||||
Summary of gross unrealized losses on investment securities and fair market value of related securities | ' | |||||||||||||||||||||||
30-Jun-14 | ||||||||||||||||||||||||
Less than 12 months | 12 months or longer | Total | ||||||||||||||||||||||
(dollars in thousands) | # | Fair | Unrealized | # | Fair | Unrealized | # | Fair | Unrealized | |||||||||||||||
value | losses | value | losses | value | losses | |||||||||||||||||||
Available for sale | ||||||||||||||||||||||||
US government agencies | - | $ - | $ - | 2 | $7,316 | $468 | 2 | $ 7,316 | $ 468 | |||||||||||||||
SBA securities | - | - | - | 2 | 5,221 | 312 | 2 | 5,221 | 312 | |||||||||||||||
State and political subdivisions | 2 | 762 | 1 | 7 | 3,464 | 90 | 9 | 4,226 | 91 | |||||||||||||||
Mortgage-backed securities | - | - | - | 4 | 8,976 | 107 | 4 | 8,976 | 107 | |||||||||||||||
Total | 2 | $ 762 | $ 1 | 15 | $24,977 | $ 977 | 17 | $25,739 | $ 978 | |||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||
Less than 12 months | 12 months or longer | Total | ||||||||||||||||||||||
# | Fair | Unrealized | # | Fair | Unrealized | # | Fair | Unrealized | ||||||||||||||||
value | losses | value | losses | value | losses | |||||||||||||||||||
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 securities | 10 | 16,146 | 549 | - | - | - | 10 | 16,146 | 549 | |||||||||||||||
Total | 35 | $32,383 | $ 1,914 | 11 | $8,976 | $ 706 | 46 | $41,359 | $ 2,620 | |||||||||||||||
Summary of other investments | ' | |||||||||||||||||||||||
(dollars in thousands) | 30-Jun-14 | 31-Dec-13 | ||||||||||||||||||||||
Federal Home Loan Bank stock | $ 5,458 | 5,614 | ||||||||||||||||||||||
Certificates of deposit with other banks | 99 | 99 | ||||||||||||||||||||||
Investment in Trust Preferred securities | 403 | 403 | ||||||||||||||||||||||
Total other investments | $5,960 | 6,116 |
Loans_and_Allowance_for_Loan_L1
Loans and Allowance for Loan Losses (Tables) | 6 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ||||||||||||
Composition of loan portfolio | ' | ||||||||||||
30-Jun-14 | 31-Dec-13 | ||||||||||||
(dollars in thousands) | Amount | % of Total | Amount | % of Total | |||||||||
Commercial | |||||||||||||
Owner occupied RE | $187,222 | 23.00% | $185,129 | 25.20% | |||||||||
Non-owner occupied RE | 175,683 | 21.60% | 166,016 | 22.60% | |||||||||
Construction | 42,753 | 5.30% | 30,906 | 4.20% | |||||||||
Business | 142,357 | 17.50% | 129,687 | 17.70% | |||||||||
Total commercial loans | 548,015 | 67.40% | 511,738 | 69.70% | |||||||||
Consumer | |||||||||||||
Real estate | 135,988 | 16.70% | 110,590 | 15.10% | |||||||||
Home equity | 87,798 | 10.80% | 78,479 | 10.70% | |||||||||
Construction | 28,122 | 3.50% | 19,888 | 2.70% | |||||||||
Other | 12,910 | 1.60% | 12,961 | 1.80% | |||||||||
Total consumer loans | 264,818 | 32.60% | 221,918 | 30.30% | |||||||||
Total gross loans, net of deferred fees | 812,833 | 100.00% | 733,656 | 100.00% | |||||||||
Less—allowance for loan losses | -11,103 | -10,213 | |||||||||||
Total loans, net | $801,730 | $723,443 | |||||||||||
Loan maturity distribution by type and related interest rate | ' | ||||||||||||
30-Jun-14 | |||||||||||||
(dollars in thousands) | One year | After one | After five | Total | |||||||||
or less | but within | years | |||||||||||
five years | |||||||||||||
Commercial | |||||||||||||
Owner occupied RE | $ 21,046 | 100,259 | 65,917 | 187,222 | |||||||||
Non-owner occupied RE | 50,794 | 96,678 | 28,211 | 175,683 | |||||||||
Construction | 12,797 | 16,916 | 13,040 | 42,753 | |||||||||
Business | 74,162 | 60,459 | 7,736 | 142,357 | |||||||||
Total commercial loans | 158,799 | 274,312 | 114,904 | 548,015 | |||||||||
Consumer | |||||||||||||
Real estate | 22,220 | 36,044 | 77,724 | 135,988 | |||||||||
Home equity | 4,344 | 28,853 | 54,601 | 87,798 | |||||||||
Construction | 11,194 | 1,699 | 15,229 | 28,122 | |||||||||
Other | 5,663 | 5,909 | 1,338 | 12,910 | |||||||||
Total consumer loans | 43,421 | 72,505 | 148,892 | 264,818 | |||||||||
Total gross loans, net of deferred fees | $202,220 | 346,817 | 263,796 | 812,833 | |||||||||
Loans maturing after one year with: | |||||||||||||
Fixed interest rates | $440,552 | ||||||||||||
Floating interest rates | 170,061 | ||||||||||||
31-Dec-13 | |||||||||||||
One year | After one | After five | Total | ||||||||||
or less | but within | years | |||||||||||
five years | |||||||||||||
Commercial | |||||||||||||
Owner occupied RE | $ 26,959 | 93,377 | 64,793 | 185,129 | |||||||||
Non-owner occupied RE | 45,937 | 96,891 | 23,188 | 166,016 | |||||||||
Construction | 11,619 | 13,844 | 5,443 | 30,906 | |||||||||
Business | 63,720 | 58,780 | 7,187 | 129,687 | |||||||||
Total commercial loans | 148,235 | 262,892 | 100,611 | 511,738 | |||||||||
Consumer | |||||||||||||
Real estate | 14,786 | 34,068 | 61,736 | 110,590 | |||||||||
Home equity | 4,988 | 26,319 | 47,172 | 78,479 | |||||||||
Construction | 11,749 | 1,709 | 6,430 | 19,888 | |||||||||
Other | 6,451 | 5,334 | 1,176 | 12,961 | |||||||||
Total consumer | 37,974 | 67,430 | 116,514 | 221,918 | |||||||||
Total gross loan, net of deferred fees | $186,209 | 330,322 | 217,125 | 733,656 | |||||||||
Loans maturing after one year with : | |||||||||||||
Fixed interest rates | $380,476 | ||||||||||||
Floating interest rates | 166,971 | ||||||||||||
Summary of nonperforming assets, including nonaccruing TDRs | ' | ||||||||||||
(dollars in thousands) | 30-Jun-14 | 31-Dec-13 | |||||||||||
Commercial | |||||||||||||
Owner occupied RE | $ 671 | 1,199 | |||||||||||
Non-owner occupied RE | 3,686 | 373 | |||||||||||
Construction | 849 | 914 | |||||||||||
Business | 730 | 712 | |||||||||||
Consumer | |||||||||||||
Real estate | 488 | 76 | |||||||||||
Home equity | - | 77 | |||||||||||
Construction | - | - | |||||||||||
Other | 1 | 3 | |||||||||||
Nonaccruing troubled debt restructurings | 5,871 | 4,983 | |||||||||||
Total nonaccrual loans, including nonaccruing TDRs | 12,296 | 8,337 | |||||||||||
Other real estate owned | 1,277 | 1,198 | |||||||||||
Total nonperforming assets | $13,573 | 9,535 | |||||||||||
Nonperforming assets as a percentage of: | |||||||||||||
Total assets | 1.40 % | 1.07 % | |||||||||||
Gross loans | 1.67 % | 1.30 % | |||||||||||
Total loans over 90 days past due | 10,276 | 6,493 | |||||||||||
Loans over 90 days past due and still accruing | - | - | |||||||||||
Accruing troubled debt restructurings | $ 6,479 | 8,045 | |||||||||||
Summary of key information for impaired loans | ' | ||||||||||||
30-Jun-14 | |||||||||||||
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 | $ 1,398 | 1,398 | 728 | 171 | |||||||||
Non-owner occupied RE | 9,555 | 8,136 | 6,185 | 1,914 | |||||||||
Construction | 4,491 | 1,749 | 1,802 | 194 | |||||||||
Business | 5,471 | 4,661 | 3,259 | 2,391 | |||||||||
Total commercial | 20,915 | 15,944 | 11,974 | 4,670 | |||||||||
Consumer | |||||||||||||
Real estate | 2,355 | 2,333 | 2,017 | 841 | |||||||||
Home equity | 160 | 160 | 160 | 160 | |||||||||
Construction | - | - | - | - | |||||||||
Other | 338 | 338 | 124 | 124 | |||||||||
Total consumer | 2,853 | 2,831 | 2,301 | 1,125 | |||||||||
Total | $23,768 | 18,775 | 14,275 | 5,795 | |||||||||
31-Dec-13 | |||||||||||||
Recorded investment | |||||||||||||
Impaired loans | |||||||||||||
Unpaid | with related | Related | |||||||||||
Principal | Impaired | allowance for | allowance for | ||||||||||
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 | |||||||||
Average recorded investment and interest income recognized on impaired loans | ' | ||||||||||||
Three months ended | Three months ended | ||||||||||||
30-Jun-14 | 30-Jun-13 | ||||||||||||
(dollars in thousands) | Average | Recognized | Average | Recognized | |||||||||
recorded | interest | recorded | interest | ||||||||||
investment | income | investment | income | ||||||||||
Commercial | |||||||||||||
Owner occupied RE | $ 1,662 | 2 | 1,191 | 4 | |||||||||
Non-owner occupied RE | 6,646 | 22 | 5,715 | 78 | |||||||||
Construction | 1,768 | - | 1,987 | 16 | |||||||||
Business | 4,713 | 42 | 4,473 | 57 | |||||||||
Total commercial | 14,789 | 66 | 13,366 | 155 | |||||||||
Consumer | |||||||||||||
Real estate | 2,355 | 12 | 1,026 | 36 | |||||||||
Home equity | 161 | 2 | 726 | 3 | |||||||||
Construction | - | - | - | ||||||||||
Other | 277 | 3 | 223 | 2 | |||||||||
Total consumer | 2,793 | 17 | 1,975 | 41 | |||||||||
Total | $17,582 | 83 | 15,341 | 196 | |||||||||
Six months ended | Six months ended | Year ended | |||||||||||
30-Jun-14 | 30-Jun-13 | 31-Dec-13 | |||||||||||
(dollars in thousands) | Average | Recognized | Average | Recognized | Average | Recognized | |||||||
recorded | interest | recorded | interest | recorded | interest | ||||||||
investment | income | investment | income | investment | income | ||||||||
Commercial | |||||||||||||
Owner occupied RE | $ 1,753 | 3 | 1,551 | 7 | 1,519 | 47 | |||||||
Non-owner occupied RE | 6,305 | 53 | 6,198 | 145 | 5,932 | 261 | |||||||
Construction | 1,802 | 14 | 2,018 | 26 | 2,054 | 57 | |||||||
Business | 4,703 | 83 | 4,331 | 86 | 4,521 | 189 | |||||||
Total commercial | 14,563 | 153 | 14,098 | 264 | 14,026 | 554 | |||||||
Consumer | |||||||||||||
Real estate | 2,172 | 25 | 239 | 43 | 1,186 | 100 | |||||||
Home equity | 187 | 4 | 1,012 | 5 | 610 | 8 | |||||||
Construction | - | - | - | - | - | - | |||||||
Other | 260 | 5 | 741 | 4 | 234 | 9 | |||||||
Total consumer | 2,619 | 34 | 1,992 | 52 | 2,030 | 117 | |||||||
Total | $17,182 | 187 | 16,090 | 316 | 16,056 | 671 | |||||||
Summary of allowance for loan losses by commercial and consumer portfolio segments | ' | ||||||||||||
Six months ended June 30, 2014 | |||||||||||||
Commercial | Consumer | ||||||||||||
(dollars in thousands) | Owner occupied RE | Non-owner occupied RE | Construction | Business | Real Estate | Home equity | Construction | Other | Total | ||||
Balance, beginning of period | $1,880 | 2,633 | 397 | 3,329 | 1,091 | 644 | 99 | 140 | 10,213 | ||||
Provision for loan losses | -299 | 1,661 | 29 | 207 | 178 | 100 | 36 | 38 | 1,950 | ||||
Loan charge-offs | - | -1,084 | - | - | - | -76 | - | -4 | -1,164 | ||||
Loan recoveries | - | - | - | 103 | - | 1 | - | - | 104 | ||||
Net loan charge-offs | - | -1,084 | - | 103 | - | -75 | - | -4 | -1,060 | ||||
Balance, end of period | $1,581 | 3,210 | 426 | 3,639 | 1,269 | 669 | 135 | 174 | 11,103 | ||||
Net charge-offs to average loans (annualized) | 0.28% | ||||||||||||
Allowance for loan losses to gross loans | 1.37% | ||||||||||||
Allowance for loan losses to nonperforming loans | 90.30% | ||||||||||||
Six months ended June 30, 2013 | |||||||||||||
Commercial | Consumer | ||||||||||||
(dollars in thousands) | Owner occupied RE | Non-owner occupied RE | Construction | Business | Real Estate | Home equity | Construction | Other | Total | ||||
Balance, beginning of period | $ 1,774 | 1,946 | 313 | 3,981 | 346 | 540 | 3 | 188 | 9,091 | ||||
Provision for loan losses | 784 | 6 | -26 | 535 | 217 | 214 | 66 | 79 | 1,875 | ||||
Loan charge-offs | -386 | -172 | - | -862 | - | -38 | - | -46 | -1,504 | ||||
Loan recoveries | 2 | - | - | 90 | - | 7 | - | - | 99 | ||||
Net loan charge-offs | -384 | -172 | - | -772 | - | -31 | - | -46 | -1,405 | ||||
Balance, end of period | $2,174 | 1,780 | 287 | 3,744 | 563 | 723 | 69 | 221 | 9,561 | ||||
Net charge-offs to average loans (annualized) | 0.43% | ||||||||||||
Allowance for loan losses to gross loans | 1.39% | ||||||||||||
Allowance for loan losses to nonperforming loans | 172.48% | ||||||||||||
Allowance for loan losses and recorded investment in loans by impairment methodology | ' | ||||||||||||
30-Jun-14 | |||||||||||||
Allowance for loan losses | Recorded investment in loans | ||||||||||||
(dollars in thousands) | Commercial | Consumer | Total | Commercial | Consumer | Total | |||||||
Individually evaluated | $4,670 | 1,125 | 5,795 | 15,944 | 2,831 | 18,775 | |||||||
Collectively evaluated | 4,186 | 1,122 | 5,308 | 532,071 | 261,987 | 794,058 | |||||||
Total | $8,856 | 2,247 | 11,103 | 548,015 | 264,818 | 812,833 | |||||||
31-Dec-13 | |||||||||||||
Allowance for loan losses | Recorded investment in loans | ||||||||||||
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 | 219,647 | 717,274 | |||||||
Total | $8,239 | 1,974 | 10,213 | 511,738 | 221,918 | 733,656 | |||||||
Commercial [Member] | ' | ||||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ||||||||||||
Summary of breakdown of outstanding loans by risk category | ' | ||||||||||||
30-Jun-14 | |||||||||||||
(dollars in thousands) | Owner | Non-owner occupied RE | Construction | Business | Total | ||||||||
occupied RE | |||||||||||||
Pass | $178,883 | 159,241 | 39,713 | 133,321 | 511,158 | ||||||||
Special mention | 5,778 | 6,814 | - | 3,589 | 16,181 | ||||||||
Substandard | 2,561 | 9,628 | 3,040 | 5,447 | 20,676 | ||||||||
Doubtful | - | - | - | - | - | ||||||||
Loss | - | - | - | - | - | ||||||||
$187,222 | 175,683 | 42,753 | 142,357 | 548,015 | |||||||||
31-Dec-13 | |||||||||||||
Owner | Non-owner occupied RE | Construction | Business | Total | |||||||||
occupied RE | |||||||||||||
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 | - | - | - | - | - | ||||||||
Loss | - | - | - | - | - | ||||||||
$185,129 | 166,016 | 30,906 | 129,687 | 511,738 | |||||||||
Outstanding loans which include loans on nonaccrual by past due status | ' | ||||||||||||
30-Jun-14 | |||||||||||||
(dollars in thousands) | Owner occupied RE | Non-owner occupied RE | Construction | Business | Total | ||||||||
Current | $187,125 | 169,203 | 41,005 | 141,159 | 538,492 | ||||||||
30-59 days past due | - | 55 | - | 169 | 224 | ||||||||
60-89 days past due | 97 | - | - | - | 97 | ||||||||
Greater than 90 Days | - | 6,425 | 1,748 | 1,029 | 9,202 | ||||||||
$187,222 | 175,683 | 42,753 | 142,357 | 548,015 | |||||||||
31-Dec-13 | |||||||||||||
Owner occupied RE | Non-owner 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 | |||||||||
Consumer [Member] | ' | ||||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ||||||||||||
Summary of breakdown of outstanding loans by risk category | ' | ||||||||||||
30-Jun-14 | |||||||||||||
(dollars in thousands) | Real estate | Home equity | Construction | Other | Total | ||||||||
Pass | $131,515 | 83,924 | 28,122 | 12,470 | 256,031 | ||||||||
Special mention | 1,586 | 3,049 | - | 338 | 4,973 | ||||||||
Substandard | 2,887 | 825 | - | 102 | 3,814 | ||||||||
Doubtful | - | - | - | - | - | ||||||||
Loss | - | - | - | - | - | ||||||||
$135,988 | 87,798 | 28,122 | 12,910 | 264,818 | |||||||||
31-Dec-13 | |||||||||||||
Real estate | Home equity | Construction | Other | Total | |||||||||
Pass | $106,693 | 75,304 | 19,888 | 12,641 | 214,526 | ||||||||
Special mention | 1,455 | 2,176 | - | 212 | 3,843 | ||||||||
Substandard | 2,442 | 999 | - | 108 | 3,549 | ||||||||
Doubtful | - | - | - | - | - | ||||||||
Loss | - | - | - | - | - | ||||||||
$110,590 | 78,479 | 19,888 | 12,961 | 221,918 | |||||||||
Outstanding loans which include loans on nonaccrual by past due status | ' | ||||||||||||
30-Jun-14 | |||||||||||||
(dollars in thousands) | Real estate | Home equity | Construction | Other | Total | ||||||||
Current | $134,409 | 87,479 | 28,122 | 12,909 | 262,919 | ||||||||
30-59 days past due | 329 | - | - | - | 329 | ||||||||
60-89 days past due | 176 | 319 | - | 1 | 496 | ||||||||
Greater than 90 Days | 1,074 | - | - | - | 1,074 | ||||||||
$135,988 | 87,798 | 28,122 | 12,910 | 264,818 | |||||||||
31-Dec-13 | |||||||||||||
Real estate | Home equity | Construction | Other | Total | |||||||||
Current | $108,703 | 78,402 | 19,888 | 12,877 | 219,870 | ||||||||
30-59 days past due | 806 | - | - | 84 | 890 | ||||||||
60-89 days past due | 467 | - | - | - | 467 | ||||||||
Greater than 90 Days | 614 | 77 | - | - | 691 | ||||||||
$110,590 | 78,479 | 19,888 | 12,961 | 221,918 | |||||||||
Troubled_Debt_Restructurings_T
Troubled Debt Restructurings (Tables) | 6 Months Ended | |||||||||
Jun. 30, 2014 | ||||||||||
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 six months ended June 30, 2014 | ||||||||||
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 | - | - | - | - | - | $ | - | $ | - | |
Non-owner occupied RE | - | - | - | 1 | 1 | 49 | 49 | |||
Construction | - | - | - | - | - | - | - | |||
Business | 1 | - | - | 2 | 3 | 371 | 372 | |||
Consumer | ||||||||||
Real estate | - | - | 1 | - | 1 | 116 | 116 | |||
Home equity | - | - | - | - | - | - | - | |||
Construction | - | - | - | - | - | - | - | |||
Other | 2 | - | - | - | 2 | 126 | 126 | |||
Total loans | 3 | - | 1 | 3 | 7 | $ | 662 | $ | 663 | |
For the six months ended June 30, 2013 | ||||||||||
Pre-modification | Post-modification | |||||||||
Renewals | Reduced | Converted | Maturity | Total | outstanding | outstanding | ||||
deemed a | or deferred | to interest | date | number | recorded | recorded | ||||
concession | payments | only | extensions | of loans | investment | investment | ||||
Commercial | ||||||||||
Owner occupied RE | - | - | - | - | - | $ - | $ - | |||
Non-owner occupied RE | - | - | - | - | - | - | - | |||
Construction | - | - | - | - | - | - | - | |||
Business | 6 | - | - | - | 6 | 1,144 | 1,144 | |||
Consumer | ||||||||||
Real estate | - | - | - | - | - | - | - | |||
Home equity | - | - | - | - | - | - | - | |||
Construction | - | - | - | - | - | - | - | |||
Other | - | - | - | - | - | - | - | |||
Total loans | 6 | - | - | - | 6 | $ 1,144 | $ 1,144 | |||
Summary of loans modified as TDRs within the previous 12-month period | ' | |||||||||
For the six months ended June 30, | ||||||||||
2014 | 2013 | |||||||||
Number of | Recorded | Number of | Recorded | |||||||
(dollars in thousands) | Loans | Investment | Loans | Investment | ||||||
Commercial | ||||||||||
Owner occupied RE | - | $ - | - | $ - | ||||||
Non-owner occupied RE | 2 | 3,357 | - | - | ||||||
Construction | - | - | - | - | ||||||
Business | 1 | 98 | - | - | ||||||
Consumer | ||||||||||
Real estate | - | - | - | - | ||||||
Home equity | - | - | - | - | ||||||
Construction | - | - | - | - | ||||||
Other | - | - | - | - | ||||||
Total loans | 3 | $ 3,455 | - | $ - | ||||||
Fair_Value_Accounting_Tables
Fair Value Accounting (Tables) | 6 Months Ended | |||||
Jun. 30, 2014 | ||||||
Fair Value Accounting [Abstract] | ' | |||||
Schedule of assets and liabilities measured at fair value on recurring basis | ' | |||||
30-Jun-14 | ||||||
(dollars in thousands) | Level 1 | Level 2 | Level 3 | Total | ||
Assets | ||||||
Securities available for sale | ||||||
US government agencies | $ - | 8,303 | - | 8,303 | ||
SBA securities | - | 5,221 | - | 5,221 | ||
State and political subdivisions | - | 18,228 | - | 18,228 | ||
Mortgage-backed securities | - | 26,966 | - | 26,966 | ||
Total assets measured at fair value on a recurring basis | $ - | 58,718 | - | 58,718 | ||
31-Dec-13 | ||||||
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 | ||
Schedule of assets and liabilities measured on a nonrecurring basis | ' | |||||
As of June 30, 2014 | ||||||
(dollars in thousands) | Level 1 | Level 2 | Level 3 | Total | ||
Assets | ||||||
Impaired loans | $ - | 11,850 | 1,130 | 12,980 | ||
Other real estate owned | - | 1,164 | 113 | 1,277 | ||
Total assets measured at fair value on a nonrecurring basis | $ - | 13,014 | 1,243 | 14,257 | ||
As of December 31, 2013 | ||||||
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 | ||
Schedule of unobservable inputs used in the fair value measurements | ' | |||||
Valuation Technique | Significant Unobservable Inputs | |||||
Impaired loans | Appraised Value/ Discounted Cash Flows | Discounts to appraisals or cash flows for estimated holding and/or selling costs | ||||
Other real estate owned | Appraised Value/ Comparable Sales | Discounts to appraisals for estimated holding or selling costs | ||||
Estimated fair values of the Company's financial instruments | ' | |||||
30-Jun-14 | ||||||
(dollars in thousands) | Carrying | Fair | Level 1 | Level 2 | Level 3 | |
Amount | Value | |||||
Financial Assets: | ||||||
Cash and cash equivalents | $41,125 | 41,125 | 41,125 | - | - | |
Other investments, at cost | 5,960 | 5,960 | - | - | 5,960 | |
Loans held for sale | 7,189 | 7,189 | - | 7,189 | - | |
Loans, net | 801,730 | 818,115 | - | 11,850 | 806,265 | |
Financial Liabilities: | ||||||
Deposits | 747,369 | 710,732 | - | 710,732 | - | |
FHLB and other borrowings | 127,100 | 137,137 | - | 137,137 | - | |
Junior subordinated debentures | 13,403 | 5,198 | - | 5,198 | - | |
31-Dec-13 | ||||||
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 held for sale | 3,611 | 3,611 | - | 3,611 | - | |
Loans, net | 723,443 | 732,328 | - | 10,676 | 721,652 | |
Financial Liabilities: | ||||||
Deposits | 680,319 | 643,399 | - | 643,399 | - | |
FHLB and other borrowings | 124,100 | 135,411 | - | 135,411 | - | |
Junior subordinated debentures | 13,403 | 5,145 | - | 5,145 | - | |
Earnings_Per_Common_Share_Tabl
Earnings Per Common Share (Tables) | 6 Months Ended | ||||||
Jun. 30, 2014 | |||||||
Earnings Per Common Share [Abstract] | ' | ||||||
Schedule of earnings per share reconciliation | ' | ||||||
Three months ended June 30, | Six months ended June 30, | ||||||
(dollars in thousands, except share data) | 2014 | 2013 | 2014 | 2013 | |||
Numerator: | |||||||
Net income | $1,566 | 1,300 | 2,816 | $2,262 | |||
Less: | Preferred stock dividend | 253 | 191 | 445 | 389 | ||
Add: | Redemption of preferred stock | - | - | - | 20 | ||
Net income available to common shareholders | $1,313 | 1,109 | 2,371 | $1,893 | |||
Denominator: | |||||||
Weighted-average common shares outstanding – basic | 4,763,407 | 4,269,097 | 4,686,748 | 4,265,714 | |||
Common stock equivalents | 273,146 | 154,044 | 270,252 | 131,519 | |||
Weighted-average common shares outstanding – diluted | 5,036,553 | 4,423,141 | 4,957,000 | 4,397,233 | |||
Earnings per common share: | |||||||
Basic | $ 0.28 | 0.26 | 0.51 | 0.44 | |||
Diluted | $ 0.26 | 0.25 | 0.48 | 0.43 | |||
Preferred_Stock_Issuance_and_P
Preferred Stock Issuance and Partial Redemption (Details) (USD $) | 1 Months Ended | 6 Months Ended | ||||||||
Jan. 27, 2014 | Apr. 30, 2013 | Sep. 30, 2012 | Jul. 25, 2012 | Jun. 28, 2012 | Feb. 27, 2009 | Jun. 30, 2014 | Dec. 31, 2013 | Apr. 01, 2013 | Jul. 31, 2012 | |
Shareholders | ||||||||||
Preferred and Common Stock (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% | ' | ' | ' | ' |
Cumulative dividend rate after first five years | ' | ' | ' | ' | ' | 9.00% | ' | ' | ' | ' |
Capital purchase program warrant term | ' | ' | ' | ' | ' | '10 years | ' | ' | ' | ' |
Exercise price of CPP warrant | ' | ' | ' | ' | ' | $6.49 | ' | ' | ' | ' |
Preferred shares clearing price per share value | ' | ' | ' | ' | 904 | ' | ' | ' | ' | ' |
Series T Preferred Stock, par value | $1,000 | ' | ' | ' | $1,000 | ' | $0.01 | $0.01 | ' | ' |
Number of preferred stock repurchased | ' | ' | ' | ' | 1,000 | ' | ' | ' | ' | ' |
Preferred stock, shares outstanding | ' | ' | ' | ' | 16,299 | ' | 11,242 | 15,299 | ' | ' |
Operating costs incurred as a result of TARP auction | ' | ' | 130,000 | ' | ' | ' | ' | ' | ' | ' |
Balance sheet impact - Shareholders' equity | ' | ' | 904,000 | ' | ' | ' | ' | ' | ' | ' |
Amount increase to retained earnings related to discount on the shares repurchased | ' | ' | 96,000 | ' | ' | ' | ' | ' | ' | ' |
Decrease in series T 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 on the Series T Preferred Stock | ' | ' | ' | 180,000 | ' | ' | ' | ' | ' | ' |
Value of total redeemed outstanding Series T Preferred Stock On January 3, 2013 and April 1, 2013 | ' | ' | ' | ' | ' | ' | ' | ' | 1,000,000 | ' |
Cumulative outstanding series T preferred stock redeemed | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,057,000 |
Number of preferred shareholders | ' | 3 | ' | ' | ' | ' | ' | ' | ' | ' |
common stock, shares | 475,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Private placement offering price per share | ' | ' | ' | ' | ' | ' | ' | ' | ' | $13 |
Redemption of preferred stock, shares | 4,057 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred dividend expenses, annual | 200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Series T preferred stock outstanding after redemption | ' | ' | ' | ' | ' | ' | $11,242,000 | ' | ' | ' |
Investment_Securities_Details
Investment Securities (Details) (USD $) | 6 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 |
Available for sale | ' | ' |
Total investment securities available for sale, Amortized Cost | $58,732 | $69,483 |
Total investment securities available for sale, Gross Unrealized Gains | 964 | 577 |
Total investment securities available for sale, Gross Unrealized Losses | 978 | 2,620 |
Available-for-sale securities, investment securities, Fair Value | 58,718 | 67,440 |
US Government agencies [Member] | ' | ' |
Available for sale | ' | ' |
Total investment securities available for sale, Amortized Cost | 8,760 | 8,756 |
Total investment securities available for sale, Gross Unrealized Gains | 11 | ' |
Total investment securities available for sale, Gross Unrealized Losses | 468 | 1,001 |
Available-for-sale securities, investment securities, Fair Value | 8,303 | 7,755 |
SBA securities [Member] | ' | ' |
Available for sale | ' | ' |
Total investment securities available for sale, Amortized Cost | 5,533 | 5,758 |
Total investment securities available for sale, Gross Unrealized Gains | ' | ' |
Total investment securities available for sale, Gross Unrealized Losses | 312 | 487 |
Available-for-sale securities, investment securities, Fair Value | 5,221 | 5,271 |
States and Political Subdivisions [Member] | ' | ' |
Available for sale | ' | ' |
Total investment securities available for sale, Amortized Cost | 17,784 | 23,622 |
Total investment securities available for sale, Gross Unrealized Gains | 535 | 331 |
Total investment securities available for sale, Gross Unrealized Losses | 91 | 583 |
Available-for-sale securities, investment securities, Fair Value | 18,228 | 23,370 |
Mortgage Backed Securities [Member] | ' | ' |
Available for sale | ' | ' |
Total investment securities available for sale, Amortized Cost | 26,655 | 31,347 |
Total investment securities available for sale, Gross Unrealized Gains | 418 | 246 |
Total investment securities available for sale, Gross Unrealized Losses | 107 | 549 |
Available-for-sale securities, investment securities, Fair Value | $26,966 | $31,044 |
Investment_Securities_Details_
Investment Securities (Details 1) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Loan maturity distribution by type and related interest rate | ' | ' |
Available-for-sale Securities, Contractual Maturities, Less than one year, Value | $1,495 | $1,507 |
Available-for-sale Securities, Contractual Maturities, Less than one year, Yield | 0.51% | 0.51% |
Available-for-sale Securities, Contractual Maturities, One to Five Years, Value | 2,508 | 2,114 |
Available-for-sale Securities, Contractual Maturities, One to Five Years, Yield | 1.05% | 0.67% |
Available-for-sale Securities, Contractual Maturities, Five to Ten Years, Value | 11,071 | 10,426 |
Available-for-sale Securities, Contractual Maturities, Five to Ten Years, Yield | 2.86% | 2.82% |
Available-for-sale Securities, Contractual Maturities, Over Ten Years, Value | 43,644 | 53,393 |
Available-for-sale Securities, Contractual Maturities, Over Ten Years, Yield | 2.59% | 2.61% |
Investment securities available for sale, Value | 58,718 | 67,440 |
Available-for-sale Securities, Contractual Securities, Yield Total | 2.52% | 2.54% |
US Government agencies [Member] | ' | ' |
Loan maturity distribution by type and related interest rate | ' | ' |
Available-for-sale Securities, Contractual Maturities, Less than one year, Value | ' | ' |
Available-for-sale Securities, Contractual Maturities, Less than one year, Yield | ' | ' |
Available-for-sale Securities, Contractual Maturities, One to Five Years, Value | ' | ' |
Available-for-sale Securities, Contractual Maturities, One to Five Years, Yield | ' | ' |
Available-for-sale Securities, Contractual Maturities, Five to Ten Years, Value | 987 | 956 |
Available-for-sale Securities, Contractual Maturities, Five to Ten Years, Yield | 2.13% | 2.13% |
Available-for-sale Securities, Contractual Maturities, Over Ten Years, Value | 7,316 | 6,799 |
Available-for-sale Securities, Contractual Maturities, Over Ten Years, Yield | 2.43% | 2.43% |
Investment securities available for sale, Value | 8,303 | 7,755 |
Available-for-sale Securities, Contractual Securities, Yield Total | 2.40% | 2.40% |
SBA securities [Member] | ' | ' |
Loan maturity distribution by type and related interest rate | ' | ' |
Available-for-sale Securities, Contractual Maturities, Less than one year, Value | ' | ' |
Available-for-sale Securities, Contractual Maturities, Less than one year, Yield | ' | ' |
Available-for-sale Securities, Contractual Maturities, One to Five Years, Value | ' | ' |
Available-for-sale Securities, Contractual Maturities, One to Five Years, Yield | ' | ' |
Available-for-sale Securities, Contractual Maturities, Five to Ten Years, Value | ' | ' |
Available-for-sale Securities, Contractual Maturities, Five to Ten Years, Yield | ' | ' |
Available-for-sale Securities, Contractual Maturities, Over Ten Years, Value | 5,221 | 5,271 |
Available-for-sale Securities, Contractual Maturities, Over Ten Years, Yield | 1.88% | 1.88% |
Investment securities available for sale, Value | 5,221 | 5,271 |
Available-for-sale Securities, Contractual Securities, Yield Total | 1.88% | 1.88% |
States and Political Subdivisions [Member] | ' | ' |
Loan maturity distribution by type and related interest rate | ' | ' |
Available-for-sale Securities, Contractual Maturities, Less than one year, Value | 1,495 | 1,507 |
Available-for-sale Securities, Contractual Maturities, Less than one year, Yield | 0.51% | 0.51% |
Available-for-sale Securities, Contractual Maturities, One to Five Years, Value | 2,508 | 2,114 |
Available-for-sale Securities, Contractual Maturities, One to Five Years, Yield | 1.05% | 0.67% |
Available-for-sale Securities, Contractual Maturities, Five to Ten Years, Value | 7,657 | 7,398 |
Available-for-sale Securities, Contractual Maturities, Five to Ten Years, Yield | 3.31% | 3.22% |
Available-for-sale Securities, Contractual Maturities, Over Ten Years, Value | 6,568 | 12,351 |
Available-for-sale Securities, Contractual Maturities, Over Ten Years, Yield | 2.94% | 2.88% |
Investment securities available for sale, Value | 18,228 | 23,370 |
Available-for-sale Securities, Contractual Securities, Yield Total | 2.62% | 2.63% |
Mortgage Backed Securities [Member] | ' | ' |
Loan maturity distribution by type and related interest rate | ' | ' |
Available-for-sale Securities, Contractual Maturities, Less than one year, Value | ' | ' |
Available-for-sale Securities, Contractual Maturities, Less than one year, Yield | ' | ' |
Available-for-sale Securities, Contractual Maturities, One to Five Years, Value | ' | ' |
Available-for-sale Securities, Contractual Maturities, One to Five Years, Yield | ' | ' |
Available-for-sale Securities, Contractual Maturities, Five to Ten Years, Value | 2,427 | 2,072 |
Available-for-sale Securities, Contractual Maturities, Five to Ten Years, Yield | 1.80% | 1.77% |
Available-for-sale Securities, Contractual Maturities, Over Ten Years, Value | 24,539 | 28,972 |
Available-for-sale Securities, Contractual Maturities, Over Ten Years, Yield | 2.72% | 2.69% |
Investment securities available for sale, Value | $26,966 | $31,044 |
Available-for-sale Securities, Contractual Securities, Yield Total | 2.63% | 2.62% |
Investment_Securities_Details_1
Investment Securities (Details 2) (USD $) | 6 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 |
Investment | Investment | |
Summary of gross unrealized losses on investment securities and fair market value of related securities | ' | ' |
Number of investments, Less than 12 months | 2 | 35 |
Available-for-sale Securities, Less than 12 months, Fair Value | $762 | $32,383 |
Available-for-sale Securities, Less than 12 Months, Unrealized losses | 1 | 1,914 |
Number of investments, 12 months or longer | 15 | 11 |
Available-for-sale Securities, 12 months or longer, Fair Value | 24,977 | 8,976 |
Available-for-sale Securities, 12 Months or Longer, Unrealized losses | 977 | 706 |
Number of investments, Total | 17 | 46 |
Available-for-sale Securities, Fair Value, Total | 25,739 | 41,359 |
Available-for-sale Securities, Unrealized Losses, Total | 978 | 2,620 |
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 |
Available-for-sale Securities, Less than 12 months, Fair Value | ' | 7,755 |
Available-for-sale Securities, Less than 12 Months, Unrealized losses | ' | 1,001 |
Number of investments, 12 months or longer | 2 | ' |
Available-for-sale Securities, 12 months or longer, Fair Value | 7,316 | ' |
Available-for-sale Securities, 12 Months or Longer, Unrealized losses | 468 | ' |
Number of investments, Total | 2 | 3 |
Available-for-sale Securities, Fair Value, Total | 7,316 | 7,755 |
Available-for-sale Securities, Unrealized Losses, Total | 468 | 1,001 |
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 | ' | ' |
Available-for-sale Securities, Less than 12 months, Fair Value | ' | ' |
Available-for-sale Securities, Less than 12 Months, Unrealized losses | ' | ' |
Number of investments, 12 months or longer | 2 | 2 |
Available-for-sale Securities, 12 months or longer, Fair Value | 5,221 | 5,271 |
Available-for-sale Securities, 12 Months or Longer, Unrealized losses | 312 | 487 |
Number of investments, Total | 2 | 2 |
Available-for-sale Securities, Fair Value, Total | 5,221 | 5,271 |
Available-for-sale Securities, Unrealized Losses, Total | 312 | 487 |
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 | 2 | 22 |
Available-for-sale Securities, Less than 12 months, Fair Value | 762 | 8,482 |
Available-for-sale Securities, Less than 12 Months, Unrealized losses | 1 | 364 |
Number of investments, 12 months or longer | 7 | 9 |
Available-for-sale Securities, 12 months or longer, Fair Value | 3,464 | 3,705 |
Available-for-sale Securities, 12 Months or Longer, Unrealized losses | 90 | 219 |
Number of investments, Total | 9 | 31 |
Available-for-sale Securities, Fair Value, Total | 4,226 | 12,187 |
Available-for-sale Securities, Unrealized Losses, Total | 91 | 583 |
Mortgage Backed Securities [Member] | ' | ' |
Summary of gross unrealized losses on investment securities and fair market value of related securities | ' | ' |
Number of investments, Less than 12 months | ' | 10 |
Available-for-sale Securities, Less than 12 months, Fair Value | ' | 16,146 |
Available-for-sale Securities, Less than 12 Months, Unrealized losses | ' | 549 |
Number of investments, 12 months or longer | 4 | ' |
Available-for-sale Securities, 12 months or longer, Fair Value | 8,976 | ' |
Available-for-sale Securities, 12 Months or Longer, Unrealized losses | 107 | ' |
Number of investments, Total | 4 | 10 |
Available-for-sale Securities, Fair Value, Total | 8,976 | 16,146 |
Available-for-sale Securities, Unrealized Losses, Total | $107 | $549 |
Investment_Securities_Details_2
Investment Securities (Details 3) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Other investments | ' | ' |
Federal Home Loan Bank stock | $5,458 | $5,614 |
Certificates of deposit with other banks | 99 | 99 |
Investment in Trust Preferred securities | 403 | 403 |
Total other investments | $5,960 | $6,116 |
Investment_Securities_Details_3
Investment Securities (Details Textual) (USD $) | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | |
Investment | Investment | Investment | |
Investment Securities (Textual) | ' | ' | ' |
Number of investments, Less than 12 months | 2 | 2 | 35 |
Number of investments, 12 months or longer | 15 | 15 | 11 |
Fair Market Value, less than 12 months | $762,000 | $762,000 | ' |
Fair Market Value,12 months or longer | 25,000,000 | 25,000,000 | ' |
Securities pledged as collateral for repurchase agreements from brokers | 21,700,000 | 21,700,000 | 22,000,000 |
Securities pledged to secure client deposit | 5,100,000 | 5,100,000 | 25,000,000 |
Mortgage-backed Securities Available-for-sale, Fair Value Disclosure | 10,400,000 | 10,400,000 | ' |
Gain on Sale of Investments | $230,000 | $230,000 | ' |
Loans_and_Allowance_for_Loan_L2
Loans and Allowance for Loan Losses (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Composition of loan portfolio | ' | ' |
Total commercial loans | $548,015 | $511,738 |
Total consumer loans | 264,818 | 221,918 |
Total gross loans, net of deferred fees | 812,833 | 733,656 |
Total gross loans, net of deferred fees, (Percentage) | 100.00% | 100.00% |
Less allowance for loan losses | -11,103 | -10,213 |
Total loans, net | 801,730 | 723,443 |
Commercial [Member] | ' | ' |
Composition of loan portfolio | ' | ' |
Total commercial loans | 548,015 | 511,738 |
Total commercial loans, (Percentage) | 67.40% | 69.70% |
Total gross loans, net of deferred fees | 548,015 | 511,738 |
Commercial [Member] | Owner occupied RE [Member] | ' | ' |
Composition of loan portfolio | ' | ' |
Total commercial loans | 187,222 | 185,129 |
Total commercial loans, (Percentage) | 23.00% | 25.20% |
Commercial [Member] | Non-owner occupied RE [Member] | ' | ' |
Composition of loan portfolio | ' | ' |
Total commercial loans | 175,683 | 166,016 |
Total commercial loans, (Percentage) | 21.60% | 22.60% |
Commercial [Member] | Construction [Member] | ' | ' |
Composition of loan portfolio | ' | ' |
Total commercial loans | 42,753 | 30,906 |
Total commercial loans, (Percentage) | 5.30% | 4.20% |
Commercial [Member] | Business [Member] | ' | ' |
Composition of loan portfolio | ' | ' |
Total commercial loans | 142,357 | 129,687 |
Total commercial loans, (Percentage) | 17.50% | 17.70% |
Consumer [Member] | ' | ' |
Composition of loan portfolio | ' | ' |
Total consumer loans | 264,818 | 221,918 |
Total consumer loans, (Percentage) | 32.60% | 30.30% |
Total gross loans, net of deferred fees | 264,818 | 221,918 |
Consumer [Member] | Real estate [Member] | ' | ' |
Composition of loan portfolio | ' | ' |
Total consumer loans | 135,988 | 110,590 |
Total consumer loans, (Percentage) | 16.70% | 15.10% |
Consumer [Member] | Home equity [Member] | ' | ' |
Composition of loan portfolio | ' | ' |
Total consumer loans | 87,798 | 78,479 |
Total consumer loans, (Percentage) | 10.80% | 10.70% |
Consumer [Member] | Construction [Member] | ' | ' |
Composition of loan portfolio | ' | ' |
Total consumer loans | 28,122 | 19,888 |
Total consumer loans, (Percentage) | 3.50% | 2.70% |
Consumer [Member] | Other [Member] | ' | ' |
Composition of loan portfolio | ' | ' |
Total consumer loans | $12,910 | $12,961 |
Total consumer loans, (Percentage) | 1.60% | 1.80% |
Loans_and_Allowance_for_Loan_L3
Loans and Allowance for Loan Losses (Details 1) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Loan maturity distribution by type and related interest rate | ' | ' |
Total gross loans, net of deferred fees, One year or less | $202,220 | $186,209 |
Total gross loans, net of deferred fees, After one but within five years | 346,817 | 330,322 |
Total gross loans, net of deferred fees, After five years | 263,796 | 217,125 |
Total gross loans, net of deferred fees | 812,833 | 733,656 |
Loans maturing after one year with fixed interest rates | 440,552 | 380,476 |
Loans maturing after one year with floating interest rates | 170,061 | 166,971 |
Commercial [Member] | ' | ' |
Loan maturity distribution by type and related interest rate | ' | ' |
Total gross loans, net of deferred fees, One year or less | 158,799 | 148,235 |
Total gross loans, net of deferred fees, After one but within five years | 274,312 | 262,892 |
Total gross loans, net of deferred fees, After five years | 114,904 | 100,611 |
Total gross loans, net of deferred fees | 548,015 | 511,738 |
Commercial [Member] | Owner occupied RE [Member] | ' | ' |
Loan maturity distribution by type and related interest rate | ' | ' |
Total gross loans, net of deferred fees, One year or less | 21,046 | 26,959 |
Total gross loans, net of deferred fees, After one but within five years | 100,259 | 93,377 |
Total gross loans, net of deferred fees, After five years | 65,917 | 64,793 |
Total gross loans, net of deferred fees | 187,222 | 185,129 |
Commercial [Member] | Non-owner occupied RE [Member] | ' | ' |
Loan maturity distribution by type and related interest rate | ' | ' |
Total gross loans, net of deferred fees, One year or less | 50,794 | 45,937 |
Total gross loans, net of deferred fees, After one but within five years | 96,678 | 96,891 |
Total gross loans, net of deferred fees, After five years | 28,211 | 23,188 |
Total gross loans, net of deferred fees | 175,683 | 166,016 |
Commercial [Member] | Construction [Member] | ' | ' |
Loan maturity distribution by type and related interest rate | ' | ' |
Total gross loans, net of deferred fees, One year or less | 12,797 | 11,619 |
Total gross loans, net of deferred fees, After one but within five years | 16,916 | 13,844 |
Total gross loans, net of deferred fees, After five years | 13,040 | 5,443 |
Total gross loans, net of deferred fees | 42,753 | 30,906 |
Commercial [Member] | Business [Member] | ' | ' |
Loan maturity distribution by type and related interest rate | ' | ' |
Total gross loans, net of deferred fees, One year or less | 74,162 | 63,720 |
Total gross loans, net of deferred fees, After one but within five years | 60,459 | 58,780 |
Total gross loans, net of deferred fees, After five years | 7,736 | 7,187 |
Total gross loans, net of deferred fees | 142,357 | 129,687 |
Consumer [Member] | ' | ' |
Loan maturity distribution by type and related interest rate | ' | ' |
Total gross loans, net of deferred fees, One year or less | 43,421 | 37,974 |
Total gross loans, net of deferred fees, After one but within five years | 72,505 | 67,430 |
Total gross loans, net of deferred fees, After five years | 148,892 | 116,514 |
Total gross loans, net of deferred fees | 264,818 | 221,918 |
Consumer [Member] | Real estate [Member] | ' | ' |
Loan maturity distribution by type and related interest rate | ' | ' |
Total gross loans, net of deferred fees, One year or less | 22,220 | 14,786 |
Total gross loans, net of deferred fees, After one but within five years | 36,044 | 34,068 |
Total gross loans, net of deferred fees, After five years | 77,724 | 61,736 |
Total gross loans, net of deferred fees | 135,988 | 110,590 |
Consumer [Member] | Home equity [Member] | ' | ' |
Loan maturity distribution by type and related interest rate | ' | ' |
Total gross loans, net of deferred fees, One year or less | 4,344 | 4,988 |
Total gross loans, net of deferred fees, After one but within five years | 28,853 | 26,319 |
Total gross loans, net of deferred fees, After five years | 54,601 | 47,172 |
Total gross loans, net of deferred fees | 87,798 | 78,479 |
Consumer [Member] | Construction [Member] | ' | ' |
Loan maturity distribution by type and related interest rate | ' | ' |
Total gross loans, net of deferred fees, One year or less | 11,194 | 11,749 |
Total gross loans, net of deferred fees, After one but within five years | 1,699 | 1,709 |
Total gross loans, net of deferred fees, After five years | 15,229 | 6,430 |
Total gross loans, net of deferred fees | 28,122 | 19,888 |
Consumer [Member] | Other [Member] | ' | ' |
Loan maturity distribution by type and related interest rate | ' | ' |
Total gross loans, net of deferred fees, One year or less | 5,663 | 6,451 |
Total gross loans, net of deferred fees, After one but within five years | 5,909 | 5,334 |
Total gross loans, net of deferred fees, After five years | 1,338 | 1,176 |
Total gross loans, net of deferred fees | $12,910 | $12,961 |
Loans_and_Allowance_for_Loan_L4
Loans and Allowance for Loan Losses (Details 2) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Outstanding commercial and consumer loans by risk category | ' | ' |
Outstanding commercial loans | $548,015 | $511,738 |
Outstanding consumer loans | 264,818 | 221,918 |
Owner occupied RE [Member] | ' | ' |
Outstanding commercial and consumer loans by risk category | ' | ' |
Outstanding commercial loans | 187,222 | 185,129 |
Non-owner occupied RE [Member] | ' | ' |
Outstanding commercial and consumer loans by risk category | ' | ' |
Outstanding commercial loans | 175,683 | 166,016 |
Real estate [Member] | ' | ' |
Outstanding commercial and consumer loans by risk category | ' | ' |
Outstanding consumer loans | 135,988 | 110,590 |
Home equity [Member] | ' | ' |
Outstanding commercial and consumer loans by risk category | ' | ' |
Outstanding consumer loans | 87,798 | 78,479 |
Construction [Member] | ' | ' |
Outstanding commercial and consumer loans by risk category | ' | ' |
Outstanding commercial loans | 42,753 | 39,906 |
Outstanding consumer loans | 28,122 | 19,888 |
Business [Member] | ' | ' |
Outstanding commercial and consumer loans by risk category | ' | ' |
Outstanding commercial loans | 142,357 | 129,687 |
Other [Member] | ' | ' |
Outstanding commercial and consumer loans by risk category | ' | ' |
Outstanding consumer loans | 12,910 | 12,961 |
Pass [Member] | ' | ' |
Outstanding commercial and consumer loans by risk category | ' | ' |
Outstanding commercial loans | 511,158 | 471,749 |
Outstanding consumer loans | 256,031 | 214,526 |
Pass [Member] | Owner occupied RE [Member] | ' | ' |
Outstanding commercial and consumer loans by risk category | ' | ' |
Outstanding commercial loans | 178,883 | 176,320 |
Pass [Member] | Non-owner occupied RE [Member] | ' | ' |
Outstanding commercial and consumer loans by risk category | ' | ' |
Outstanding commercial loans | 159,241 | 147,378 |
Pass [Member] | Real estate [Member] | ' | ' |
Outstanding commercial and consumer loans by risk category | ' | ' |
Outstanding consumer loans | 131,515 | 106,693 |
Pass [Member] | Home equity [Member] | ' | ' |
Outstanding commercial and consumer loans by risk category | ' | ' |
Outstanding consumer loans | 83,924 | 75,304 |
Pass [Member] | Construction [Member] | ' | ' |
Outstanding commercial and consumer loans by risk category | ' | ' |
Outstanding commercial loans | 39,713 | 27,797 |
Outstanding consumer loans | 28,122 | 19,888 |
Pass [Member] | Business [Member] | ' | ' |
Outstanding commercial and consumer loans by risk category | ' | ' |
Outstanding commercial loans | 133,321 | 120,254 |
Pass [Member] | Other [Member] | ' | ' |
Outstanding commercial and consumer loans by risk category | ' | ' |
Outstanding consumer loans | 12,470 | 12,641 |
Special Mention [Member] | ' | ' |
Outstanding commercial and consumer loans by risk category | ' | ' |
Outstanding commercial loans | 16,181 | 17,179 |
Outstanding consumer loans | 4,973 | 3,843 |
Special Mention [Member] | Owner occupied RE [Member] | ' | ' |
Outstanding commercial and consumer loans by risk category | ' | ' |
Outstanding commercial loans | 5,778 | 5,563 |
Special Mention [Member] | Non-owner occupied RE [Member] | ' | ' |
Outstanding commercial and consumer loans by risk category | ' | ' |
Outstanding commercial loans | 6,814 | 7,987 |
Special Mention [Member] | Real estate [Member] | ' | ' |
Outstanding commercial and consumer loans by risk category | ' | ' |
Outstanding consumer loans | 1,586 | 1,455 |
Special Mention [Member] | Home equity [Member] | ' | ' |
Outstanding commercial and consumer loans by risk category | ' | ' |
Outstanding consumer loans | 3,049 | 2,176 |
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 | 3,589 | 3,629 |
Special Mention [Member] | Other [Member] | ' | ' |
Outstanding commercial and consumer loans by risk category | ' | ' |
Outstanding consumer loans | 338 | 212 |
Substandard [Member] | ' | ' |
Outstanding commercial and consumer loans by risk category | ' | ' |
Outstanding commercial loans | 20,676 | 22,810 |
Outstanding consumer loans | 3,814 | 3,549 |
Substandard [Member] | Owner occupied RE [Member] | ' | ' |
Outstanding commercial and consumer loans by risk category | ' | ' |
Outstanding commercial loans | 2,561 | 3,246 |
Substandard [Member] | Non-owner occupied RE [Member] | ' | ' |
Outstanding commercial and consumer loans by risk category | ' | ' |
Outstanding commercial loans | 9,628 | 10,651 |
Substandard [Member] | Real estate [Member] | ' | ' |
Outstanding commercial and consumer loans by risk category | ' | ' |
Outstanding consumer loans | 2,887 | 2,442 |
Substandard [Member] | Home equity [Member] | ' | ' |
Outstanding commercial and consumer loans by risk category | ' | ' |
Outstanding consumer loans | 825 | 999 |
Substandard [Member] | Construction [Member] | ' | ' |
Outstanding commercial and consumer loans by risk category | ' | ' |
Outstanding commercial loans | 3,040 | 3,109 |
Outstanding consumer loans | ' | ' |
Substandard [Member] | Business [Member] | ' | ' |
Outstanding commercial and consumer loans by risk category | ' | ' |
Outstanding commercial loans | 5,447 | 5,804 |
Substandard [Member] | Other [Member] | ' | ' |
Outstanding commercial and consumer loans by risk category | ' | ' |
Outstanding consumer loans | 102 | 108 |
Doubtful [Member] | ' | ' |
Outstanding commercial and consumer loans by risk category | ' | ' |
Outstanding commercial loans | ' | ' |
Outstanding consumer loans | ' | ' |
Doubtful [Member] | Owner occupied RE [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 commercial loans | ' | ' |
Outstanding consumer loans | ' | ' |
Loss [Member] | Owner occupied RE [Member] | ' | ' |
Outstanding commercial and consumer loans by risk category | ' | ' |
Outstanding commercial loans | ' | ' |
Loss [Member] | Non-owner occupied RE [Member] | ' | ' |
Outstanding commercial and consumer loans by risk category | ' | ' |
Outstanding commercial 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 commercial loans | ' | ' |
Outstanding consumer loans | ' | ' |
Loss [Member] | Business [Member] | ' | ' |
Outstanding commercial and consumer loans by risk category | ' | ' |
Outstanding commercial loans | ' | ' |
Loss [Member] | Other [Member] | ' | ' |
Outstanding commercial and consumer loans by risk category | ' | ' |
Outstanding consumer loans | ' | ' |
Loans_and_Allowance_for_Loan_L5
Loans and Allowance for Loan Losses (Details 3) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Outstanding commercial and consumer loans which include loans on nonaccrual by past due status as well as accruing TDRs | ' | ' |
Total commercial loans | $548,015 | $511,738 |
Total consumer loans | 264,818 | 221,918 |
Commercial [Member] | ' | ' |
Outstanding commercial and consumer loans which include loans on nonaccrual by past due status as well as accruing TDRs | ' | ' |
Current | 538,492 | 504,242 |
30-59 days past due | 224 | 1,694 |
60-89 days past due | 97 | ' |
Greater than 90 days | 9,202 | 5,802 |
Total commercial loans | 548,015 | 511,738 |
Commercial [Member] | Owner occupied RE [Member] | ' | ' |
Outstanding commercial and consumer loans which include loans on nonaccrual by past due status as well as accruing TDRs | ' | ' |
Current | 187,125 | 183,609 |
30-59 days past due | ' | 791 |
60-89 days past due | 97 | ' |
Greater than 90 days | ' | 729 |
Total commercial loans | 187,222 | 185,129 |
Commercial [Member] | Non-owner occupied RE [Member] | ' | ' |
Outstanding commercial and consumer loans which include loans on nonaccrual by past due status as well as accruing TDRs | ' | ' |
Current | 169,203 | 161,758 |
30-59 days past due | 55 | 859 |
60-89 days past due | ' | ' |
Greater than 90 days | 6,425 | 3,399 |
Total commercial loans | 175,683 | 166,016 |
Commercial [Member] | Construction [Member] | ' | ' |
Outstanding commercial and consumer loans which include loans on nonaccrual by past due status as well as accruing TDRs | ' | ' |
Current | 41,005 | 29,992 |
30-59 days past due | ' | ' |
60-89 days past due | ' | ' |
Greater than 90 days | 1,748 | 914 |
Total commercial loans | 42,753 | 30,906 |
Commercial [Member] | Business [Member] | ' | ' |
Outstanding commercial and consumer loans which include loans on nonaccrual by past due status as well as accruing TDRs | ' | ' |
Current | 141,159 | 128,883 |
30-59 days past due | 169 | 44 |
60-89 days past due | ' | ' |
Greater than 90 days | 1,029 | 760 |
Total commercial loans | 142,357 | 129,687 |
Consumer [Member] | ' | ' |
Outstanding commercial and consumer loans which include loans on nonaccrual by past due status as well as accruing TDRs | ' | ' |
Current | 262,919 | 219,870 |
30-59 days past due | 329 | 890 |
60-89 days past due | 496 | 467 |
Greater than 90 days | 1,074 | 691 |
Total consumer loans | 264,818 | 221,918 |
Consumer [Member] | Real estate [Member] | ' | ' |
Outstanding commercial and consumer loans which include loans on nonaccrual by past due status as well as accruing TDRs | ' | ' |
Current | 134,409 | 108,703 |
30-59 days past due | 329 | 806 |
60-89 days past due | 176 | 467 |
Greater than 90 days | 1,074 | 614 |
Total consumer loans | 135,988 | 110,590 |
Consumer [Member] | Home equity [Member] | ' | ' |
Outstanding commercial and consumer loans which include loans on nonaccrual by past due status as well as accruing TDRs | ' | ' |
Current | 87,479 | 78,402 |
30-59 days past due | ' | ' |
60-89 days past due | 319 | ' |
Greater than 90 days | ' | 77 |
Total consumer loans | 87,798 | 78,479 |
Consumer [Member] | Construction [Member] | ' | ' |
Outstanding commercial and consumer loans which include loans on nonaccrual by past due status as well as accruing TDRs | ' | ' |
Current | 28,122 | 19,888 |
30-59 days past due | ' | ' |
60-89 days past due | ' | ' |
Greater than 90 days | ' | ' |
Total consumer loans | 28,122 | 19,888 |
Consumer [Member] | Other [Member] | ' | ' |
Outstanding commercial and consumer loans which include loans on nonaccrual by past due status as well as accruing TDRs | ' | ' |
Current | 12,909 | 12,877 |
30-59 days past due | ' | 84 |
60-89 days past due | 1 | ' |
Greater than 90 days | ' | ' |
Total consumer loans | $12,910 | $12,961 |
Loans_and_Allowance_for_Loan_L6
Loans and Allowance for Loan Losses (Details 4) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Summary of nonperforming assets including nonaccruing TDRs | ' | ' |
Nonaccruing troubled debt restructurings | $5,871 | $4,983 |
Total nonaccrual loans, including nonaccruing TDRs | 12,296 | 8,337 |
Other real estate owned | 1,277 | 1,198 |
Total nonperforming assets | 13,573 | 9,535 |
Nonperforming assets as a percentage of: | ' | ' |
Total assets | 1.40% | 1.07% |
Gross loans | 1.67% | 1.29% |
Total loans over 90 days past due | 10,276 | 6,493 |
Loans over 90 days past due and still accruing | ' | ' |
Accruing troubled debt restructurings | 6,479 | 8,045 |
Commercial [Member] | Owner occupied RE [Member] | ' | ' |
Summary of nonperforming assets including nonaccruing TDRs | ' | ' |
Total nonaccrual loans, including nonaccruing TDRs | 671 | 1,199 |
Commercial [Member] | Non-owner occupied RE [Member] | ' | ' |
Summary of nonperforming assets including nonaccruing TDRs | ' | ' |
Total nonaccrual loans, including nonaccruing TDRs | 3,686 | 373 |
Commercial [Member] | Construction [Member] | ' | ' |
Summary of nonperforming assets including nonaccruing TDRs | ' | ' |
Total nonaccrual loans, including nonaccruing TDRs | 849 | 914 |
Commercial [Member] | Business [Member] | ' | ' |
Summary of nonperforming assets including nonaccruing TDRs | ' | ' |
Total nonaccrual loans, including nonaccruing TDRs | 730 | 712 |
Consumer [Member] | Real estate [Member] | ' | ' |
Summary of nonperforming assets including nonaccruing TDRs | ' | ' |
Total nonaccrual loans, including nonaccruing TDRs | 488 | 76 |
Consumer [Member] | Home equity [Member] | ' | ' |
Summary of nonperforming assets including nonaccruing TDRs | ' | ' |
Total nonaccrual loans, including nonaccruing TDRs | ' | 77 |
Consumer [Member] | Construction [Member] | ' | ' |
Summary of nonperforming assets including nonaccruing TDRs | ' | ' |
Total nonaccrual loans, including nonaccruing TDRs | ' | ' |
Consumer [Member] | Other [Member] | ' | ' |
Summary of nonperforming assets including nonaccruing TDRs | ' | ' |
Total nonaccrual loans, including nonaccruing TDRs | $1 | $3 |
Loans_and_Allowance_for_Loan_L7
Loans and Allowance for Loan Losses (Details 5) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Summary of key information for impaired loans | ' | ' |
Unpaid Principal Balance | $23,768 | $20,291 |
Impaired Loans | 18,775 | 16,382 |
Impaired loans with related allowance for loan losses | 14,275 | 14,143 |
Related allowance for loan losses | 5,795 | 4,729 |
Commercial [Member] | ' | ' |
Summary of key information for impaired loans | ' | ' |
Unpaid Principal Balance | 20,915 | 17,998 |
Impaired Loans | 15,944 | 14,111 |
Impaired loans with related allowance for loan losses | 11,974 | 12,453 |
Related allowance for loan losses | 4,670 | 3,833 |
Commercial [Member] | Owner occupied RE [Member] | ' | ' |
Summary of key information for impaired loans | ' | ' |
Unpaid Principal Balance | 1,398 | 1,935 |
Impaired Loans | 1,398 | 1,935 |
Impaired loans with related allowance for loan losses | 728 | 1,666 |
Related allowance for loan losses | 171 | 333 |
Commercial [Member] | Non-owner occupied RE [Member] | ' | ' |
Summary of key information for impaired loans | ' | ' |
Unpaid Principal Balance | 9,555 | 5,957 |
Impaired Loans | 8,136 | 5,622 |
Impaired loans with related allowance for loan losses | 6,185 | 6,125 |
Related allowance for loan losses | 1,914 | 1,441 |
Commercial [Member] | Construction [Member] | ' | ' |
Summary of key information for impaired loans | ' | ' |
Unpaid Principal Balance | 4,491 | 4,612 |
Impaired Loans | 1,749 | 1,870 |
Impaired loans with related allowance for loan losses | 1,802 | 1,855 |
Related allowance for loan losses | 194 | 246 |
Commercial [Member] | Business [Member] | ' | ' |
Summary of key information for impaired loans | ' | ' |
Unpaid Principal Balance | 5,471 | 5,494 |
Impaired Loans | 4,661 | 4,684 |
Impaired loans with related allowance for loan losses | 3,259 | 2,807 |
Related allowance for loan losses | 2,391 | 1,813 |
Consumer [Member] | ' | ' |
Summary of key information for impaired loans | ' | ' |
Unpaid Principal Balance | 2,853 | 2,293 |
Impaired Loans | 2,831 | 2,271 |
Impaired loans with related allowance for loan losses | 2,301 | 1,690 |
Related allowance for loan losses | 1,125 | 896 |
Consumer [Member] | Real estate [Member] | ' | ' |
Summary of key information for impaired loans | ' | ' |
Unpaid Principal Balance | 2,355 | 1,829 |
Impaired Loans | 2,333 | 1,807 |
Impaired loans with related allowance for loan losses | 2,017 | 1,447 |
Related allowance for loan losses | 841 | 704 |
Consumer [Member] | Home equity [Member] | ' | ' |
Summary of key information for impaired loans | ' | ' |
Unpaid Principal Balance | 160 | 239 |
Impaired Loans | 160 | 239 |
Impaired loans with related allowance for loan losses | 160 | 239 |
Related allowance for loan losses | 160 | 188 |
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 | 338 | 225 |
Impaired Loans | 338 | 225 |
Impaired loans with related allowance for loan losses | 124 | 4 |
Related allowance for loan losses | $124 | $4 |
Loans_and_Allowance_for_Loan_L8
Loans and Allowance for Loan Losses (Details 6) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 |
Average recorded investment and interest income recognized on impaired loans | ' | ' | ' | ' | ' |
Average recorded investment | $17,582 | $15,341 | $17,182 | $16,090 | $16,056 |
Recognized interest income | 83 | 196 | 187 | 316 | 671 |
Commercial [Member] | ' | ' | ' | ' | ' |
Average recorded investment and interest income recognized on impaired loans | ' | ' | ' | ' | ' |
Average recorded investment | 14,789 | 13,366 | 14,563 | 14,098 | 14,026 |
Recognized interest income | 66 | 155 | 153 | 264 | 554 |
Commercial [Member] | Owner occupied RE [Member] | ' | ' | ' | ' | ' |
Average recorded investment and interest income recognized on impaired loans | ' | ' | ' | ' | ' |
Average recorded investment | 1,662 | 1,191 | 1,753 | 1,551 | 1,519 |
Recognized interest income | 2 | 4 | 3 | 7 | 47 |
Commercial [Member] | Non-owner occupied RE [Member] | ' | ' | ' | ' | ' |
Average recorded investment and interest income recognized on impaired loans | ' | ' | ' | ' | ' |
Average recorded investment | 6,646 | 5,715 | 6,305 | 6,198 | 5,932 |
Recognized interest income | 22 | 78 | 53 | 145 | 261 |
Commercial [Member] | Construction [Member] | ' | ' | ' | ' | ' |
Average recorded investment and interest income recognized on impaired loans | ' | ' | ' | ' | ' |
Average recorded investment | 1,768 | 1,987 | 1,802 | 2,018 | 2,054 |
Recognized interest income | ' | 16 | 14 | 26 | 57 |
Commercial [Member] | Business [Member] | ' | ' | ' | ' | ' |
Average recorded investment and interest income recognized on impaired loans | ' | ' | ' | ' | ' |
Average recorded investment | 4,713 | 4,473 | 4,703 | 4,331 | 4,521 |
Recognized interest income | 42 | 57 | 83 | 86 | 189 |
Consumer [Member] | ' | ' | ' | ' | ' |
Average recorded investment and interest income recognized on impaired loans | ' | ' | ' | ' | ' |
Average recorded investment | 2,793 | 1,975 | 2,619 | 1,992 | 2,030 |
Recognized interest income | 17 | 41 | 34 | 52 | 117 |
Consumer [Member] | Real estate [Member] | ' | ' | ' | ' | ' |
Average recorded investment and interest income recognized on impaired loans | ' | ' | ' | ' | ' |
Average recorded investment | 2,355 | 1,026 | 2,172 | 239 | 1,186 |
Recognized interest income | 12 | 36 | 25 | 43 | 100 |
Consumer [Member] | Home equity [Member] | ' | ' | ' | ' | ' |
Average recorded investment and interest income recognized on impaired loans | ' | ' | ' | ' | ' |
Average recorded investment | 161 | 726 | 187 | 1,012 | 610 |
Recognized interest income | 2 | 3 | 4 | 5 | 8 |
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 | 277 | 223 | 260 | 741 | 234 |
Recognized interest income | $3 | $2 | $5 | $4 | $9 |
Loans_and_Allowance_for_Loan_L9
Loans and Allowance for Loan Losses (Details 7) (USD $) | 3 Months Ended | 6 Months Ended | 6 Months Ended | 6 Months Ended | 6 Months Ended | 6 Months Ended | 6 Months Ended | 6 Months Ended | 6 Months Ended | 6 Months Ended | ||||||||||||||||||||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Mar. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Mar. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Mar. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Mar. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Mar. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Mar. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Mar. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Mar. 31, 2013 |
Commercial [Member] | Commercial [Member] | Commercial [Member] | Commercial [Member] | Commercial [Member] | Commercial [Member] | Commercial [Member] | Commercial [Member] | Commercial [Member] | Commercial [Member] | Commercial [Member] | Commercial [Member] | Commercial [Member] | Commercial [Member] | Consumer [Member] | Consumer [Member] | Consumer [Member] | Consumer [Member] | Consumer [Member] | Consumer [Member] | Consumer [Member] | Consumer [Member] | Consumer [Member] | Consumer [Member] | Consumer [Member] | Consumer [Member] | Consumer [Member] | Consumer [Member] | |||||
Owner occupied RE [Member] | Owner occupied RE [Member] | Owner occupied RE [Member] | Non-owner occupied RE [Member] | Non-owner occupied RE [Member] | Non-owner occupied RE [Member] | Construction [Member] | Construction [Member] | Construction [Member] | Business [Member] | Business [Member] | Business [Member] | Real estate [Member] | Real estate [Member] | Real estate [Member] | Home equity [Member] | Home equity [Member] | Home equity [Member] | Construction [Member] | Construction [Member] | Construction [Member] | Other [Member] | Other [Member] | Other [Member] | |||||||||
Summary of activity related to our allowance for loan losses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance, beginning of period | ' | ' | $10,213 | $9,091 | $8,856 | $8,239 | $1,880 | $1,774 | $1,916 | $2,633 | $1,946 | $1,962 | $397 | $313 | $393 | $3,329 | $3,981 | $3,439 | $2,247 | $1,974 | $1,091 | $346 | $545 | $644 | $540 | $821 | $99 | $3 | $86 | $140 | $188 | $206 |
Provision for loan losses | 950 | 750 | 1,950 | 1,875 | ' | ' | -299 | 784 | ' | 1,661 | 6 | ' | 29 | -26 | ' | 207 | 535 | ' | ' | ' | 178 | 217 | ' | 100 | 214 | ' | 36 | 66 | ' | 38 | 79 | ' |
Total loan charge-offs | ' | ' | -1,164 | -1,504 | ' | ' | ' | -386 | ' | -1,084 | -172 | ' | ' | ' | ' | ' | -862 | ' | ' | ' | ' | ' | ' | -76 | -38 | ' | ' | ' | ' | -4 | -46 | ' |
Loan recoveries | ' | ' | 104 | 99 | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | 103 | 90 | ' | ' | ' | ' | ' | ' | 1 | 7 | ' | ' | ' | ' | ' | ' | ' |
Net loan charge-offs | ' | ' | -1,060 | -1,405 | ' | ' | ' | -384 | ' | -1,084 | -172 | ' | ' | ' | ' | 103 | -772 | ' | ' | ' | ' | ' | ' | -75 | -31 | ' | ' | ' | ' | -4 | -46 | ' |
Balance, end of period | $11,103 | $9,561 | $11,103 | $9,561 | $8,856 | $8,239 | $1,581 | $2,174 | $1,916 | $3,210 | $1,780 | $1,962 | $426 | $287 | $393 | $3,639 | $3,744 | $3,439 | $2,247 | $1,974 | $1,269 | $563 | $545 | $669 | $723 | $821 | $135 | $69 | $86 | $174 | $221 | $206 |
Net charge-offs to average loans (annualized) | ' | ' | 0.28% | 0.43% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Allowance for loan losses to gross loans | ' | ' | 1.37% | 1.39% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Allowance for loan losses to nonperforming loans | ' | ' | 90.30% | 172.48% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Recovered_Sheet1
Loans and Allowance for Loan Losses (Details 8) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||||
Allowance for loan losses and recorded investment in loans by impairment methodology | ' | ' | ' | ' |
Allowance for loan losses, Individually evaluated | $5,795 | $4,729 | ' | ' |
Allowance for loan losses, Collectively evaluated | 5,308 | 5,484 | ' | ' |
Allowance for loan losses, Total | 11,103 | 10,213 | 9,561 | 9,091 |
Recorded investment in loans, Individually evaluated | 18,775 | 16,382 | ' | ' |
Recorded investment in loans, Collectively evaluated | 794,058 | 717,274 | ' | ' |
Total gross loans, net of deferred fees | 812,833 | 733,656 | ' | ' |
Commercial [Member] | ' | ' | ' | ' |
Allowance for loan losses and recorded investment in loans by impairment methodology | ' | ' | ' | ' |
Allowance for loan losses, Individually evaluated | 4,670 | 3,833 | ' | ' |
Allowance for loan losses, Collectively evaluated | 4,186 | 4,406 | ' | ' |
Allowance for loan losses, Total | 8,856 | 8,239 | ' | ' |
Recorded investment in loans, Individually evaluated | 15,944 | 14,111 | ' | ' |
Recorded investment in loans, Collectively evaluated | 532,071 | 497,627 | ' | ' |
Total gross loans, net of deferred fees | 548,015 | 511,738 | ' | ' |
Consumer [Member] | ' | ' | ' | ' |
Allowance for loan losses and recorded investment in loans by impairment methodology | ' | ' | ' | ' |
Allowance for loan losses, Individually evaluated | 1,125 | 896 | ' | ' |
Allowance for loan losses, Collectively evaluated | 1,122 | 1,078 | ' | ' |
Allowance for loan losses, Total | 2,247 | 1,974 | ' | ' |
Recorded investment in loans, Individually evaluated | 2,831 | 2,271 | ' | ' |
Recorded investment in loans, Collectively evaluated | 261,987 | 219,647 | ' | ' |
Total gross loans, net of deferred fees | $264,818 | $221,918 | ' | ' |
Recovered_Sheet2
Loans and Allowance for Loan Losses (Details Textual) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Loan and Allowance For Loan Losses (Textual) | ' | ' |
Net of deferred loan fees and costs | $1.70 | $1.30 |
Part of loans of 30 days or More past due as a percentage of total loan portfolio | 1.41% | 1.30% |
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 | 1.17% | 1.02% |
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 | 0.23% | 0.28% |
Troubled_Debt_Restructurings_D
Troubled Debt Restructurings (Details) (USD $) | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Mar. 31, 2013 |
Investment | Investment | Investment | |
Summary of concession at the time of modification and the recorded investment in TDRs before and after their modification | ' | ' | ' |
Renewals deemed concession | 3 | 6 | 4 |
Reduced or deferred payments | ' | ' | ' |
Converted to interest only | 1 | ' | ' |
Maturity date extensions | 3 | ' | ' |
Total number of loans | 7 | 6 | ' |
Pre-modification outstanding recorded investment | $662 | $1,144 | ' |
Post-modification outstanding recorded investment | 663 | 1,144 | ' |
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 | ' | ' | ' |
Reduced or deferred payments | ' | ' | ' |
Converted to interest only | ' | ' | ' |
Maturity date extensions | ' | ' | ' |
Total number of loans | ' | ' | ' |
Pre-modification outstanding recorded investment | ' | ' | ' |
Post-modification outstanding recorded investment | ' | ' | ' |
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 | ' | ' | ' |
Reduced or deferred payments | ' | ' | ' |
Converted to interest only | ' | ' | ' |
Maturity date extensions | 1 | ' | ' |
Total number of loans | 1 | ' | ' |
Pre-modification outstanding recorded investment | 49 | ' | ' |
Post-modification outstanding recorded investment | 49 | ' | ' |
Commercial [Member] | Construction [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 | ' | ' | ' |
Converted to interest only | ' | ' | ' |
Maturity date extensions | ' | ' | ' |
Total number of loans | ' | ' | ' |
Pre-modification outstanding recorded investment | ' | ' | ' |
Post-modification outstanding recorded investment | ' | ' | ' |
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 | 1 | 6 | 4 |
Reduced or deferred payments | ' | ' | ' |
Converted to interest only | ' | ' | ' |
Maturity date extensions | 2 | ' | ' |
Total number of loans | 3 | 6 | ' |
Pre-modification outstanding recorded investment | 371 | 1,144 | ' |
Post-modification outstanding recorded investment | 372 | 1,144 | ' |
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 | ' | ' | ' |
Reduced or deferred payments | ' | ' | ' |
Converted to interest only | 1 | ' | ' |
Maturity date extensions | ' | ' | ' |
Total number of loans | 1 | ' | ' |
Pre-modification outstanding recorded investment | 116 | ' | ' |
Post-modification outstanding recorded investment | 116 | ' | ' |
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 | ' | ' | ' |
Converted to interest only | ' | ' | ' |
Maturity date extensions | ' | ' | ' |
Total number of loans | ' | ' | ' |
Pre-modification outstanding recorded investment | ' | ' | ' |
Post-modification outstanding recorded investment | ' | ' | ' |
Consumer [Member] | Construction [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 | ' | ' | ' |
Converted to interest only | ' | ' | ' |
Maturity date extensions | ' | ' | ' |
Total number of loans | ' | ' | ' |
Pre-modification outstanding recorded investment | ' | ' | ' |
Post-modification outstanding recorded investment | ' | ' | ' |
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 | 2 | ' | ' |
Reduced or deferred payments | ' | ' | ' |
Converted to interest only | ' | ' | ' |
Maturity date extensions | ' | ' | ' |
Total number of loans | 2 | ' | ' |
Pre-modification outstanding recorded investment | 126 | ' | ' |
Post-modification outstanding recorded investment | $126 | ' | ' |
Troubled_Debt_Restructurings_D1
Troubled Debt Restructurings (Details 1) (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Investment | Investment | |
Summary of TDRs past due more than 60 days and subsequently defaulted | ' | ' |
Number of loans | 3 | ' |
Recorded investment | $3,455 | ' |
Commercial [Member] | Owner occupied RE [Member] | ' | ' |
Summary of TDRs past due more than 60 days and subsequently defaulted | ' | ' |
Number of loans | ' | ' |
Recorded investment | ' | ' |
Commercial [Member] | Non-owner occupied RE [Member] | ' | ' |
Summary of TDRs past due more than 60 days and subsequently defaulted | ' | ' |
Number of loans | 2 | ' |
Recorded investment | 3,357 | ' |
Commercial [Member] | Construction [Member] | ' | ' |
Summary of TDRs past due more than 60 days and subsequently defaulted | ' | ' |
Number of loans | ' | ' |
Recorded investment | ' | ' |
Commercial [Member] | Business [Member] | ' | ' |
Summary of TDRs past due more than 60 days and subsequently defaulted | ' | ' |
Number of loans | 1 | ' |
Recorded investment | 98 | ' |
Consumer [Member] | Construction [Member] | ' | ' |
Summary of TDRs past due more than 60 days and subsequently defaulted | ' | ' |
Number of loans | ' | ' |
Recorded investment | ' | ' |
Consumer [Member] | Real estate [Member] | ' | ' |
Summary of TDRs past due more than 60 days and subsequently defaulted | ' | ' |
Number of loans | ' | ' |
Recorded investment | ' | ' |
Consumer [Member] | Home equity [Member] | ' | ' |
Summary of TDRs past due more than 60 days and subsequently defaulted | ' | ' |
Number of loans | ' | ' |
Recorded investment | ' | ' |
Consumer [Member] | Other [Member] | ' | ' |
Summary of TDRs past due more than 60 days and subsequently defaulted | ' | ' |
Number of loans | ' | ' |
Recorded investment | ' | ' |
Troubled_Debt_Restructurings_D2
Troubled Debt Restructurings (Details Textual) (USD $) | 6 Months Ended | |
In Millions, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 |
Investment | Investment | |
Troubled Debt Restructurings (Textual) | ' | ' |
Total number of loans classified under troubled debt restructurings (TDRs) | 38 | 34 |
Total sum of loans classified as troubled debt restructurings (TDRs) | $12.40 | $13 |
Number of months previous loan payment defaulted | '12 month period | ' |
Fair_Value_Accounting_Details
Fair Value Accounting (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Securities available for sale: | ' | ' |
Mortgage-backed securities | $10,400 | ' |
Fair Value, Measurements, Recurring [Member] | ' | ' |
Securities available for sale: | ' | ' |
US Government agencies | 8,303 | 7,755 |
SBA securities | 5,221 | 5,271 |
State and political subdivisions | 18,228 | 23,370 |
Mortgage-backed securities | 26,966 | 31,044 |
Total assets measured at fair value on a recurring basis | 58,718 | 67,440 |
Fair Value, Measurements, Recurring [Member] | 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, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Securities available for sale: | ' | ' |
US Government agencies | 8,303 | 7,755 |
SBA securities | 5,221 | 5,271 |
State and political subdivisions | 18,228 | 23,370 |
Mortgage-backed securities | 26,966 | 31,044 |
Total assets measured at fair value on a recurring basis | 58,718 | 67,440 |
Fair Value, Measurements, Recurring [Member] | 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 $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Schedule of assets and liabilities measured on a nonrecurring basis | ' | ' |
Impaired loans | $12,980 | $11,653 |
Other real estate owned | 1,277 | 1,198 |
Total assets measured at fair value on a non-recurring basis | 14,257 | 12,851 |
Fair Value, Inputs, Level 1 [Member] | ' | ' |
Schedule of assets and liabilities measured on a nonrecurring basis | ' | ' |
Impaired loans | ' | ' |
Other real estate owned | ' | ' |
Total assets measured at fair value on a non-recurring basis | ' | ' |
Fair Value, Inputs, Level 2 [Member] | ' | ' |
Schedule of assets and liabilities measured on a nonrecurring basis | ' | ' |
Impaired loans | 11,850 | 10,495 |
Other real estate owned | 1,164 | 1,085 |
Total assets measured at fair value on a non-recurring basis | 13,014 | 11,580 |
Fair Value, Inputs, Level 3 [Member] | ' | ' |
Schedule of assets and liabilities measured on a nonrecurring basis | ' | ' |
Impaired loans | 1,130 | 1,158 |
Other real estate owned | 113 | 113 |
Total assets measured at fair value on a non-recurring basis | $1,243 | $1,271 |
Fair_Value_Accounting_Details_1
Fair Value Accounting (Details 2) | 6 Months Ended |
Jun. 30, 2014 | |
Impaired loans [Member] | ' |
Schedule of unobservable inputs used in the fair value measurements | ' |
Valuation Technique | 'Appraised Value/ Discounted Cash Flows |
Significant Unobservable Inputs | 'Discounts to appraisals or cash flows for estimated holding and/or selling costs |
Other real estate owned [Member] | ' |
Schedule of unobservable inputs used in the fair value measurements | ' |
Valuation Technique | 'Appraised Value/ Comparable Sales |
Significant Unobservable Inputs | 'Discounts to appraisals for estimated holding or selling costs |
Fair_Value_Accounting_Details_2
Fair Value Accounting (Details 3) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |||||
Financial Assets: | ' | ' | ' | ' | ' |
Cash and cash equivalents, Carrying Amount | $41,125 | $39,203 | $35,639 | $36,190 | $29,413 |
Other investments, at cost, Carrying Amount | 5,960 | 6,116 | ' | ' | ' |
Loans held for sale, Carrying Amount | 7,189 | 3,611 | ' | ' | ' |
Loans, net, Carrying Amount | 801,730 | 723,443 | ' | ' | ' |
Cash and cash equivalents, Fair Value | 41,125 | 39,203 | ' | ' | ' |
Other investments, fair value | 5,960 | 6,116 | ' | ' | ' |
Loans held for sale, Fair Value | 7,189 | 3,611 | ' | ' | ' |
Loans, net, Fair Value | 818,115 | 732,328 | ' | ' | ' |
Financial Liabilities: | ' | ' | ' | ' | ' |
Deposits, Carrying Amount | 747,369 | 680,319 | ' | ' | ' |
FHLB and other borrowings, Carrying Amount | 127,100 | 124,100 | ' | ' | ' |
Junior subordinated debentures, Carrying Amount | 13,403 | 13,403 | ' | ' | ' |
Deposits, Fair Value | 710,732 | 643,399 | ' | ' | ' |
FHLB and other borrowings, Fair Value | 137,137 | 135,411 | ' | ' | ' |
Junior subordinated debentures, Fair Value | 5,198 | 5,145 | ' | ' | ' |
Fair Value, Inputs, Level 1 [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | ' | ' | ' | ' | ' |
Financial Assets: | ' | ' | ' | ' | ' |
Cash and cash equivalents, Fair Value | 41,125 | 39,203 | ' | ' | ' |
Other investments, fair value | ' | ' | ' | ' | ' |
Loans, net, Fair Value | ' | ' | ' | ' | ' |
Financial Liabilities: | ' | ' | ' | ' | ' |
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 held for sale, Fair Value | 7,189 | 3,611 | ' | ' | ' |
Loans, net, Fair Value | 11,850 | 10,676 | ' | ' | ' |
Financial Liabilities: | ' | ' | ' | ' | ' |
Deposits, Fair Value | 710,732 | 643,399 | ' | ' | ' |
FHLB and other borrowings, Fair Value | 137,137 | 135,411 | ' | ' | ' |
Junior subordinated debentures, Fair Value | 5,198 | 5,145 | ' | ' | ' |
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 | 5,960 | 6,116 | ' | ' | ' |
Loans, net, Fair Value | 806,265 | 721,652 | ' | ' | ' |
Financial Liabilities: | ' | ' | ' | ' | ' |
Deposits, Fair Value | ' | ' | ' | ' | ' |
FHLB and other borrowings, Fair Value | ' | ' | ' | ' | ' |
Junior subordinated debentures, Fair Value | ' | ' | ' | ' | ' |
Fair_Value_Accounting_Details_3
Fair Value Accounting (Details Textual) | 6 Months Ended |
Jun. 30, 2014 | |
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 | 6 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Numerator: | ' | ' | ' | ' |
Net income | $1,566 | $1,300 | $2,816 | $2,262 |
Less: Preferred stock dividend | 253 | 191 | 445 | 389 |
Add: Redemption of preferred stock | ' | ' | ' | 20 |
Net income available to common shareholders | $1,313 | $1,109 | $2,371 | $1,893 |
Denominator: | ' | ' | ' | ' |
Weighted-average common shares outstanding - basic | 4,763,407 | 4,269,097 | 4,686,748 | 4,265,714 |
Common stock equivalents | 273,146 | 154,044 | 270,252 | 131,519 |
Weighted-average common shares outstanding - diluted | 5,036,553 | 4,423,141 | 4,957,000 | 4,397,233 |
Earnings per common share: | ' | ' | ' | ' |
Basic | $0.28 | $0.26 | $0.51 | $0.44 |
Diluted | $0.26 | $0.25 | $0.48 | $0.43 |
Earnings_Per_Common_Share_Deta1
Earnings Per Common Share (Details Textual) | 6 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2013 | |
Earnings Per Common Share (Textual) | ' | ' |
Antidilutive securities excluded from computation of earnings per share, amount | 114,124 | 47,193 |