Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2015 | Nov. 12, 2015 | |
Document And Entity Information | ||
Entity Registrant Name | M&F BANCORP INC /NC/ | |
Entity Central Index Key | 1,094,738 | |
Document Period End Date | Sep. 30, 2015 | |
Document Type | 10-Q | |
Current Fiscal Year End Date | --12-31 | |
Entity Well-known Seasoned Issuer | No | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes | |
Amendment Flag | false | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 2,031,337 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q3 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Cash and cash equivalents: | ||
Cash and due from banks | $ 2,366 | $ 2,871 |
Interest-bearing deposits | 33,681 | 32,703 |
Total cash and cash equivalents | 36,047 | 35,574 |
Investment securities available-for-sale, at fair value | 72,461 | 69,703 |
Other invested assets | 298 | 301 |
Loans, net of unearned income and deferred fees | 175,756 | 175,088 |
Allowance for loan losses | (3,437) | (3,440) |
Loans, net | 172,319 | 171,648 |
Interest receivable | 785 | 816 |
Bank premises and equipment, net | 4,389 | 4,293 |
Cash surrender value of bank-owned life insurance | 7,869 | 7,695 |
Other real estate owned ('OREO') | 2,136 | 3,069 |
Deferred tax assets and taxes receivable, net | 3,961 | 4,114 |
Other assets | 1,212 | 1,172 |
TOTAL ASSETS | 301,477 | 298,385 |
Deposits: | ||
Interest-bearing deposits | 210,945 | 214,055 |
Noninterest-bearing deposits | 47,550 | 41,805 |
Total deposits | 258,495 | 255,860 |
Other borrowings | 953 | 784 |
Other liabilities | 5,202 | 5,163 |
Total liabilities | $ 264,650 | $ 261,807 |
COMMITMENTS AND CONTINGENCIES | ||
Stockholders' equity: | ||
Common stock, no par value, 10,000,000 shares authorized; 2,031,337 shares issued and outstanding | $ 8,732 | $ 8,732 |
Retained earnings | 18,033 | 17,785 |
Accumulated other comprehensive loss | (1,668) | (1,668) |
Total stockholders' equity | 36,827 | 36,578 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 301,477 | 298,385 |
Series B Preferred Stock [Member] | ||
Stockholders' equity: | ||
Preferred Stock | $ 11,730 | $ 11,729 |
Series C Junior Participating Preferred Stock [Member] | ||
Stockholders' equity: | ||
Preferred Stock |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Sep. 30, 2015 | Dec. 31, 2014 |
Common stock, no par value (in dollars per share) | $ 0 | $ 0 |
Common stock, authorized (in shares) | 10,000,000 | 10,000,000 |
Common stock, issued (in shares) | 2,031,337 | 2,031,337 |
Common stock, outstanding (in shares) | 2,031,337 | 2,031,337 |
Series B Preferred Stock [Member] | ||
Preferred stock, authorized (in shares) | 11,735 | 11,735 |
Preferred stock, liquidation value (in dollars per share) | $ 1,000 | $ 1,000 |
Preferred stock, issued (in shares) | 11,735 | 11,735 |
Preferred stock, outstanding (in shares) | 11,735 | 11,735 |
Series C Junior Participating Preferred Stock [Member] | ||
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, authorized (in shares) | 21,000 | 21,000 |
Preferred stock, issued (in shares) | 0 | 0 |
Preferred stock, outstanding (in shares) | 0 | 0 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Interest income: | ||||
Loans, including fees | $ 2,354 | $ 2,499 | $ 6,847 | $ 7,439 |
Investment securities available-for-sale, including dividends | ||||
Taxable | 323 | 300 | 967 | 915 |
Tax-exempt | 33 | 4 | 51 | 19 |
Other | 39 | 22 | 109 | 56 |
Total interest income | 2,749 | 2,825 | 7,974 | 8,429 |
Interest expense: | ||||
Deposits | 158 | 155 | 491 | 491 |
Borrowings | 2 | 1 | 6 | 4 |
Total interest expense | 160 | 156 | 497 | 495 |
Net interest income | $ 2,589 | 2,669 | $ 7,477 | 7,934 |
Less provision for loan losses | 50 | 50 | ||
Net interest income after provision for loan losses | $ 2,589 | 2,619 | $ 7,477 | 7,884 |
Noninterest income: | ||||
Service charges | 290 | 286 | 846 | 877 |
Rental income | 58 | 41 | 144 | 138 |
Cash surrender value of life insurance | $ 59 | $ 52 | 174 | $ 153 |
Net realized gains on sales of investment securities available-for-sale | $ 29 | |||
Gains on sales of repossessed assets | $ 515 | |||
Other income | $ 2 | $ 364 | $ 11 | 426 |
Total noninterest income | 409 | 743 | 1,204 | 2,109 |
Noninterest expense: | ||||
Salaries and employee benefits | 1,320 | 1,392 | 3,967 | 4,055 |
Occupancy and equipment | 361 | 346 | 1,045 | 1,084 |
Directors' fees | 40 | 50 | 155 | 154 |
Marketing | 50 | 33 | 145 | 94 |
Professional fees | 132 | 185 | 472 | 564 |
Information technology | 229 | 274 | 664 | 667 |
FDIC deposit insurance | 139 | 141 | 424 | 434 |
OREO expenses, net | 43 | 116 | 259 | 160 |
Delivery expenses | 37 | 41 | 111 | 131 |
Other | 310 | 383 | 905 | 1,046 |
Total noninterest expense | 2,661 | 2,961 | 8,147 | 8,389 |
Income before income taxes | 337 | 401 | 534 | 1,604 |
Income tax expense | 61 | 173 | 109 | 591 |
Net income | 276 | 228 | 425 | 1,013 |
Less preferred stock dividends and accretion | (59) | (59) | (177) | (177) |
Net income available to common stockholders | $ 217 | $ 169 | $ 248 | $ 836 |
Basic and diluted earnings per share of common stock: | $ 0.11 | $ 0.08 | $ 0.12 | $ 0.41 |
Weighted average shares of common stock outstanding: | ||||
Basic and diluted | 2,031,337 | 2,031,337 | 2,031,337 | 2,031,337 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME [Abstract] | ||||
Net income | $ 276 | $ 228 | $ 425 | $ 1,013 |
Investment securities: | ||||
Unrealized holding gains (losses) on investment securities available-for-sale | 617 | (188) | 57 | 352 |
Tax effect | $ (231) | $ 70 | (24) | $ (135) |
Reclassification adjustments for net realized gains | (29) | |||
Tax Effect | 12 | |||
Net of tax amount | $ 386 | $ (118) | 16 | $ 217 |
Defined benefit pension plans: | ||||
Net actuarial losses | $ (63) | $ (54) | $ (188) | $ (162) |
Tax effect | ||||
Prior service cost | $ 63 | $ 54 | $ 188 | $ 162 |
Tax effect | (16) | (11) | (16) | (11) |
Net of tax amount | (16) | (11) | $ (16) | (11) |
Other comprehensive income (loss), net of tax | 370 | (129) | 206 | |
Comprehensive income | $ 646 | $ 99 | $ 425 | $ 1,219 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Common Stock [Member] | Preferred Stock [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Loss [Member] |
Balance, Beginning at Dec. 31, 2013 | $ 36,137 | $ 8,732 | $ 11,727 | $ 17,103 | $ (1,425) |
Balance, Beginning, shares at Dec. 31, 2013 | 2,031,337 | ||||
Accretion of Series B preferred stock issuance costs | $ 1 | (1) | |||
Net income | $ 1,013 | $ 1,013 | |||
Other comprehensive income, net of tax | 206 | $ 206 | |||
Dividends declared on preferred stock | (176) | $ (176) | |||
Balance, Ending at Sep. 30, 2014 | 37,180 | $ 8,732 | $ 11,728 | 17,939 | $ (1,219) |
Balance, Ending, shares at Sep. 30, 2014 | 2,031,337 | ||||
Balance, Beginning at Dec. 31, 2014 | $ 36,578 | $ 8,732 | 11,729 | 17,785 | $ (1,668) |
Balance, Beginning, shares at Dec. 31, 2014 | 2,031,337 | 2,031,337 | |||
Accretion of Series B preferred stock issuance costs | $ 1 | (1) | |||
Net income | $ 425 | $ 425 | |||
Other comprehensive income, net of tax | |||||
Dividends declared on preferred stock | $ (176) | $ (176) | |||
Balance, Ending at Sep. 30, 2015 | $ 36,827 | $ 8,732 | $ 11,730 | $ 18,033 | $ (1,668) |
Balance, Ending, shares at Sep. 30, 2015 | 2,031,337 | 2,031,337 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Cash flows from operating activities: | ||
Net income | $ 425 | $ 1,013 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Provision for loan losses | 50 | |
Depreciation and amortization | $ 312 | 260 |
Gains on dispositions of repossessed assets | (515) | |
Amortization of discounts/premiums on investment securities available-for-sale, net | $ 332 | 545 |
Deferred income tax provision | 114 | $ 201 |
Net gains on sales of investment securities available-for-sale | (29) | |
Increase in cash surrender value of bank-owned life insurance | (174) | $ (153) |
Gains at foreclosure | (13) | (41) |
Net gains on sales of OREO | (79) | (73) |
Contribution of OREO | 6 | |
Writedowns of OREO | 342 | 123 |
Net changes in: | ||
Accrued interest receivable and other assets | 2 | 49 |
Other liabilities | 39 | (357) |
Net cash provided by operating activities | 1,271 | $ 1,108 |
Activity in available for sale securities: | ||
Sales | 19,860 | |
Maturities and calls | 21,660 | $ 6,657 |
Principal collections | 6,711 | 10,577 |
Purchases | (51,264) | (22,424) |
FHLB stock redemptions | 3 | 81 |
Net (increase) decrease in loans | (793) | 3,952 |
Purchases of bank premises and equipment | $ (408) | (206) |
Disposal of bank premises and equipment | 7 | |
Proceeds from death benefit of bank-owned life insurance policies | 201 | |
Proceeds from dispositions of repossessed assets | 1,107 | |
Proceeds from sales of OREO | $ 805 | 695 |
Net cash provided by (used in) investing activities | (3,426) | 647 |
Cash flows from financing activities: | ||
Net increase (decrease) in deposits | 2,635 | (12,907) |
Proceeds from other borrowings | 336 | 93 |
Repayments of other borrowings | (167) | (154) |
Cash dividends | (176) | (176) |
Net cash provided by (used in) financing activities | 2,628 | (13,144) |
Net increase (decrease) in cash and cash equivalents | 473 | (11,389) |
Cash and cash equivalents as of the beginning of the period | 35,574 | 28,583 |
Cash and cash equivalents as of the end of the period | 36,047 | 17,194 |
Cash paid during period for: | ||
Interest | $ 428 | 462 |
Income taxes | 253 | |
Noncash Transactions: | ||
Loans transferred to OREO | $ 122 | 255 |
Net unrealized gains on investment securities available-for-sale, net of deferred income tax | $ 16 | 217 |
Loans transferred to foreclosed assets | 3 | |
Accretion of Series B preferred stock issuance costs | $ 1 | $ 1 |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 9 Months Ended |
Sep. 30, 2015 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Nature of Operations M&F Bancorp, Inc. (the “ ” Basis of Presentation The Consolidated Financial Statements include the accounts and transactions of the Company and the Bank, the wholly owned subsidiary. All significant inter-company accounts and transactions have been eliminated in consolidation. The Consolidated Financial Statements have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) for interim financial statements and in accordance with the instructions for Form 10-Q and Rule 8-03 of Regulation S-X. The accompanying Consolidated Financial Statements and Notes are unaudited except for the consolidated balance sheet and footnote information as of December 31, 2014, which were derived from the Company's audited consolidated Annual Report on Form 10-K as of and for the year ended December 31, 2014. The Consolidated Financial Statements included herein do not include all the information and notes required by GAAP and should be read in conjunction with the Consolidated Financial Statements and the related notes thereto included in the Company's Annual Report on Form 10-K as of and for the year ended December 31, 2014. In the opinion of management, the interim financial statements include all adjustments, consisting of normal recurring accruals, necessary for a fair presentation of the financial position, results of operations and cash flows in the Consolidated Financial Statements. The unaudited operating results for the periods presented may not be indicative of annual results. Segment Reporting Based on an analysis performed by the Company, management has determined that the Company has only one operating segment, which is commercial banking. The chief operating decision-maker uses consolidated results to make operating and strategic decisions and therefore, the Company is not required to disclose additional segment information. Use of Estimates The financial statements are prepared in accordance with GAAP, which require management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. Ne w Accountin Pronouncement In January 2014, the Financial Accounting Standards Board (“FASB”) amended the Receivables topic of the Accounting Standards Codification (“ASC”). The amendments are intended to resolve diversity in practice with respect to when a creditor should reclassify a collateralized consumer mortgage loan to OREO. In addition, the amendments require that a creditor reclassify a collateralized consumer mortgage loan to OREO upon obtaining legal title to the real estate collateral, or the borrower voluntarily conveying all interest in the real estate collateral to the lender to satisfy the loan through a deed in lieu of foreclosure or similar legal agreement. The amendments were effective for the Company for annual periods and interim periods within those annual periods beginning after December 15, 2014 with early implementation of the guidance permitted. In implementing this guidance, assets that are reclassified from real estate to loans are measured at the carrying value of the real estate at the date of adoption. Assets reclassified from loans to real estate are measured at the lower of the net amount of the loan receivable or the fair value of the real estate less costs to sell at the date of adoption. The Company applied the amendments prospectively. These amendments did not have a material effect on the Company's financial statements. In May 2014, the FASB In August 2014, the FASB issued guidance that is intended to define management's responsibility to evaluate whether there is substantial doubt about an organization's ability to continue as a going concern and to provide related footnote disclosures. In connection with preparing financial statements, management will need to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the organization's ability to continue as a going concern within one year after the date that the financial statements are issued. The amendments will be effective for the Company for annual period ending after December 15, 2016, and for annual periods and interim periods thereafter. The Company does not expect these amendments to have a material effect on its financial statements. In January 2015, the FASB issued guidance that eliminated the concept of extraordinary items from GAAP. In February 2015, the FASB issued guidance, which amends the consolidation requirements and significantly changes the consolidation analysis required under GAAP. Although the amendments are expected to result in the deconsolidation of many entities, the Company will need to reevaluate all its previous consolidation conclusions. The amendments will be effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015, with early adoption permitted (including during an interim period), provided that the guidance is applied as of the beginning of the annual period containing the adoption date. The Company does not expect these amendments to have a material effect on its financial statements. In April 2015, the FASB issued guidance that will require debt issuance costs related to a recognized debt liability to be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability. This update affects disclosures related to debt issuance costs but does not affect existing recognition and measurement guidance for these items. In April 2015, the FASB issued guidance which provides a practical expedient that permits the Company to measure defined benefit plan assets and obligations using the month-end that is closest to the Company's fiscal year-end. The amendments will be effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015 with early adoption permitted. The Company does not expect these amendments to have a material effect on its financial statements. In April 2015, the FASB issued guidance which provides guidance to customers about whether a cloud computing arrangement includes a software license. The amendments will be effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015 with early adoption permitted. The Company does not expect these amendments to have a material effect on its financial statements. In June 2015, the FASB issued amendments to clarify the ASC, correct unintended application of guidance, and make minor improvements to the ASC that are not expected to have a significant effect on current accounting practice or create a significant administrative cost to most entities. The amendments were effective upon issuance (June 12, 2015) for amendments that do not have transition guidance. Amendments that are subject to transition guidance will be effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. Early adoption is permitted, including adoption in an interim period. The Company does not expect these amendments to have a material effect on its financial statements. In August 2015, the FASB issued amendments to the Interest topic of the ASC to clarify the SEC staff's position on presenting and measuring debt issuance costs incurred in connection with line of credit arrangements. The amendments were effective upon issuance. The Company does not expect these amendments to have a material effect on its financial statements. Other accounting standards that have been issued or proposed by the FASB or other standards-setting bodies are not expected to have a material impact on the Company's financial position, results of operations or cash flows. |
INVESTMENT SECURITIES
INVESTMENT SECURITIES | 9 Months Ended |
Sep. 30, 2015 | |
INVESTMENT SECURITIES [Abstract] | |
INVESTMENT SECURITIES | 2. INVESTMENT SECURITIES The main objectives of our investment strategy are to provide a source of liquidity while managing our interest rate risk, and to generate an adequate level of interest income without taking undue risks. Our investment policy permits investments in various types of securities, certificates of deposits and federal funds sold in compliance with various restrictions in the policy. As of September 30, 2015 and December 31, 2014, all investment securities were classified as available-for-sale. Our available-for-sale securities totaled $ 72.5 69.7 0.8 “ ” 3.0 22.7 1.0 3.8 18.1 • U.S. government agency securities ( “ ” • U.S. government sponsored residential mortgage backed securities ( “ ” • Municipal securities ( “ ” The amortized cost, gross unrealized gains and losses and fair values of investment securities at September 30, 2015 and December 31, 2014 were: (Dollars in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (Unaudited) September 30, 2015 U.S. Agencies $ 30,382 $ 70 $ (2 ) $ 30,450 MBS Residential 34,591 157 (223 ) 34,525 Municipals 7,489 25 (28 ) 7,486 Total $ 72,462 $ 252 $ (253 ) $ 72,461 December 31, 2014 U.S. Agencies $ 12,373 $ 26 $ (60 ) $ 12,339 MBS Residential 56,350 281 (276 ) 56,355 Municipals North Carolina 1,009 9 (9 ) 1,009 Total $ 69,732 $ 316 $ (345 ) $ 69,703 During the three months ended September 30, 2015 and 2014, there were no gross realized gains or gross realized losses on sales or calls of securities. During the nine months ended September 30, 2015, there were $ 205 176 The amortized cost and estimated market values of securities as of September 30, 2015 and December 31, 2014 by contractual maturities are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. MBS, which are not due at a single maturity date, are grouped based upon the final payment date. MBS may mature prior to the applicable final payment date because of principal prepayments. (Dollars in thousands) As of September 30, 2015 (Unaudited) Fair Value Amortized Cost U.S. Agencies Due within one year $ 2,502 $ 2,498 Due after one year through five years 25,949 25,884 Due after five years through ten years 1,999 2,000 Total U.S. Agencies $ 30,450 $ 30,382 MBS Residential Due within one year $ 6,456 $ 6,487 Due after one year through five years 14,828 14,863 Due after five years through ten years 8,435 8,426 Due after ten years 4,806 4,815 Total MBS $ 34,525 $ 34,591 Municipals Due within one year $ 263 $ 260 Due after one year through five years 733 739 Due after five years through ten years 5,470 5,473 Due after ten years 1,020 1,017 Total Municipals $ 7,486 $ 7,489 (Dollars in thousands) As of December 31, 2014 Fair Value Amortized Cost U.S. Agencies Due within one year $ 2,498 $ 2,499 Due after one year through five years 7,887 7,874 Due after five years through ten years 1,954 2,000 Total U.S. Agencies $ 12,339 $ 12,373 MBS Residential Due within one year $ 10,114 $ 10,139 Due after one year through five years 24,003 24,018 Due after five years through ten years 13,803 13,771 Due after ten years 8,435 8,422 Total MBS $ 56,355 $ 56,350 Municipals Due within one year $ 162 $ 161 Due after one year through five years 268 260 Due after five years through ten years 579 588 Total Municipals $ 1,009 $ 1,009 All securities owned as of September 30, 2015 and December 31, 2014 are investment grade. The unrealized losses were attributable to changes in market interest rates. The Company evaluates securities for other than temporary impairment on a quarterly basis. Consideration is given to the financial condition and near-term prospects of the issuer, the length of time and extent to which the fair value has been less than cost, and our intent and ability to retain our investment in the issuer for a period of time sufficient to allow for any anticipated recovery in fair value. Based on these evaluations, the Company did not deem any securities to be impaired during 2014 or the first nine months of 2015. As of September 30, 2015 and December 31, 2014, the Company held 46 59 As of September 30, 2015 and December 31, 2014, the fair value of securities with gross unrealized losses by length of time that the individual securities have been in an unrealized loss position was as follows: (Dollars in thousands) Less Than 12 Months 12 Months or Greater Total (Unaudited) Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses September 30, 2015 U.S. Agencies $ 1,999 $ (1 ) $ 999 $ (1 ) $ 2,998 $ (2 ) MBS Residential 4,023 (37 ) 10,204 (186 ) 14,227 (223 ) Municipals 3,548 (28 ) — — 3,548 (28 ) Total $ 9,570 $ (66 ) $ 11,203 $ (187 ) $ 20,773 $ (253 ) (Dollars in thousands) Less Than 12 Months 12 Months or Greater Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses December 31, 2014 U.S. Agencies $ 5,982 $ (14 ) $ 1,954 $ (46 ) $ 7,936 $ (60 ) MBS Residential 12,594 (73 ) 13,476 (203 ) 26,070 (276 ) Municipals — — 579 (9 ) 579 (9 ) Total $ 18,576 $ (87 ) $ 16,009 $ (258 ) $ 34,585 $ (345 ) |
FEDERAL HOME LOAN BANK OF ATLAN
FEDERAL HOME LOAN BANK OF ATLANTA ("FHLB") | 9 Months Ended |
Sep. 30, 2015 | |
FEDERAL HOME LOAN BANK OF ATLANTA ("FHLB") [Abstract] | |
FEDERAL HOME LOAN BANK OF ATLANTA ("FHLB") | 3. FEDERAL HOME LOAN BANK OF ATLANTA ( “ ” To be a member of the FHLB System, the Bank is required to maintain an investment in capital stock of the FHLB in an amount equal to 0.09 15.0 4.5 0.3 |
RECONCILIATIONS OF BASIC AND DI
RECONCILIATIONS OF BASIC AND DILUTED EARNINGS PER SHARE ("EPS") | 9 Months Ended |
Sep. 30, 2015 | |
RECONCILIATIONS OF BASIC AND DILUTED EARNINGS (LOSS) PER COMMON SHARE ("EPS") [Abstract] | |
RECONCILIATIONS OF BASIC AND DILUTED EARNINGS (LOSS) PER COMMON SHARE ("EPS") | 4. RECONCILIATIONS OF BASIC AND DILUTED EARNINGS PER COMMON SHARE ("EPS") Basic EPS is computed by dividing net income available to common stockholders by the weighted average number shares of common stock outstanding for the period. Basic EPS excludes the dilutive effect that could occur if any options or warrants to purchase shares of common stock were exercised. Diluted EPS is computed by dividing net income available to common stockholders by the sum of the weighted average number of shares of common stock outstanding for the period plus the number of additional shares of common stock that would have been outstanding if the potentially dilutive common shares had been issued. There are no stock options or warrants outstanding. |
ACCUMULATED OTHER COMPREHENSIVE
ACCUMULATED OTHER COMPREHENSIVE INCOME | 9 Months Ended |
Sep. 30, 2015 | |
ACCUMULATED OTHER COMPREHENSIVE INCOME [Abstract] | |
ACCUMULATED OTHER COMPREHENSIVE INCOME | 5. ACCUMULATED OTHER COMPREHENSIVE INCOME Comprehensive income includes net income and all other changes to the Company's Stockholders ' CHANGES IN ACCUMULATED OTHER COMPREHENSIVE LOSS BY COMPONENT For the Three and Nine Months Ended September 30, 2015 and 2014 (Dollars in thousands) (Unaudited) Unrealized Gains and Losses on Available-for- Sale Securities Defined Benefit Pension Items Total Balance as of December 31, 2013 $ (405 ) $ (1,020 ) $ (1,425 ) Other comprehensive income before reclassifications 217 (11 ) 206 Amounts reclassified from accumulated other comprehensive loss — — — Net current-period other comprehensive income 217 (11 ) 206 Balance as of September 30, 2014 $ (188 ) $ (1,031 ) $ (1,219 ) Balance as of June 30, 2014 $ (70 ) $ (1,020 ) $ (1,090 ) Other comprehensive income before reclassifications (118 ) (11 ) (129 ) Amounts reclassified from accumulated other comprehensive loss — — — Net current-period other comprehensive income (118 ) (11 ) (129 ) Balance as of September 30, 2014 $ (188 ) $ (1,031 ) $ (1,219 ) Balance as of December 31, 2014 $ (17 ) $ (1,651 ) $ (1,668 ) Other comprehensive loss before reclassifications 33 (16 ) 17 Amounts reclassified from accumulated other comprehensive loss (17 ) — (17 ) Net current-period other comprehensive loss 16 (16 ) - Balance as of September 30, 2015 $ (1 ) $ (1,667 ) $ (1,668 ) Balance as of June 30, 2015 $ (387 ) $ (1,651 ) $ (2,038 ) Other comprehensive loss before reclassifications 386 (16 ) 370 Amounts reclassified from accumulated other comprehensive loss — — — Net current-period other comprehensive loss 386 (16 ) 370 Balance as of September 30, 2015 $ (1 ) $ (1,667 ) $ (1,668 ) All amounts are net of tax. RECLASSIFICATION ADJUSTMENTS FROM ACCUMULATED OTHER COMPREHENSIVE LOSS For the Three Months Ended September 30, For the Nine Months Ended September 30, (Dollars in thousands) 2015 2014 2015 2014 (Unaudited) Detail about Acumulated Other Comprehensive Income Components Amount Reclassified from Accumulated Other Comprehensive Loss Amount Reclassified Amount Reclassified Amount Reclassified Net unrealized holding gain - investment securities available-for-sale $ — $ — $ (29 ) $ — Income tax expense — — 12 — Total, net of tax — — (17 ) — Amortization of defined benefit pension — — — — Income tax expense — — — — Total, net of tax — — — — Total reclassifications for the period $ — $ — $ (17 ) $ — |
LOANS AND ALLOWANCE FOR LOAN LO
LOANS AND ALLOWANCE FOR LOAN LOSSES | 9 Months Ended |
Sep. 30, 2015 | |
LOANS AND ALLOWANCE FOR LOAN LOSSES [Abstract] | |
LOANS AND ALLOWANCE FOR LOAN LOSSES | 6. LOANS AND ALLOWANCE FOR LOAN LOSSES The activity in the Company's allowance for loan losses (“ALLL”) for the three and nine month periods ended September 30, 2015 and 2014 and related asset balances at September 30, 2015 and December 31, 2014 is summarized as follows: For the Three Months September 30, 2015 Faith- Based Residential Commercial Non- Real Other (Dollars in thousands) Commercial Real Estate Profit Estate Consumer Loans Unallocated Total ALLL: Total ending ALLL balances as of June 30, 2015 $ 276 $ 944 $ 1,450 $ 394 $ 23 $ 204 $ 148 $ 3,439 For the three months ended September 30, 2015 Charge-offs (2 ) — — — — (5 ) — (7 ) Recoveries — — — 3 — 2 — 5 Provision for loan losses 54 (19 ) (76 ) (7 ) — 44 4 — Total ending ALLL balances as of September 30, 2015 $ 328 $ 925 $ 1,374 $ 390 $ 23 $ 245 $ 152 $ 3,437 For the Three Months September 30, 2014 Faith- Based Residential Commercial Non- Real Other (Dollars in thousands) Commercial Real Estate Profit Estate Consumer Loans Unallocated Total ALLL: Total ending ALLL balances as of June 30, 2014 $ 109 $ 780 $ 1,686 $ 645 $ 27 $ 109 $ 93 $ 3,449 For the three months ended September 30, 2014 Charge-offs — — — (40 ) — (4 ) — (44 ) Recoveries — — — 4 — 2 — 6 Provision for loan losses 19 7 74 (7 ) — 50 (93 ) 50 Total ending ALLL balances as of September 30, 2014 $ 128 $ 787 $ 1,760 $ 602 $ 27 $ 157 $ — $ 3,461 For the Nine Months September 30, 2015 Faith- Based Residential Commercial Non- Real Other (Dollars in thousands) Commercial Real Estate Profit Estate Consumer Loans Unallocated Total ALLL: Total ending ALLL balances as of December 31, 2014 $ 353 $ 579 $ 1,234 $ 685 $ 28 $ 265 $ 296 $ 3,440 For the nine months ended September 30, 2015 Charge-offs (2 ) — — (7 ) (1 ) (12 ) — (22 ) Recoveries — — — 15 1 3 — 19 Provision for loan losses (23 ) 346 140 (303 ) (5 ) (11 ) (144 ) — Total ending ALLL balances as of September 30, 2015 $ 328 $ 925 $ 1,374 $ 390 $ 23 $ 245 $ 152 $ 3,437 For the Nine Months Ended September 30, 2014 Faith- Based Residential Commercial Non- Real Other (Dollars in thousands) Commercial Real Estate Profit Estate Consumer Loans Unallocated Total ALLL: Total ending ALLL balances as of December 31, 2013 $ 184 $ 808 $ 1,883 $ 493 $ 19 $ 106 $ — $ 3,493 For the nine months ended September 30, 2014 Charge-offs — — — (71 ) (16 ) (15 ) — (102 ) Recoveries — — — 13 1 6 — 20 Provision for loan losses (56 ) (21 ) (123 ) 167 23 60 — 50 Total ending ALLL balances as of September 30, 2014 $ 128 $ 787 $ 1,760 $ 602 $ 27 $ 157 $ — $ 3,461 September 30, 2015 Faith Based Commercial Non- Residential Other (Dollars in thousands) Commercial Real Estate Profit Real Estate Consumer Loans Unallocated Total ALLL: Ending ALLL balance attributable to loans: Individually evaluated for impairment $ — $ 306 $ 293 $ 32 $ — $ — $ — $ 631 Collectively evaluated for impairment 328 619 1,081 358 23 245 152 2,806 Total ending ALLL balance $ 328 $ 925 $ 1,374 $ 390 $ 23 $ 245 $ 152 $ 3,437 Loans: Loans individually evaluated for impairment $ — $ 8,856 $ 16,842 $ 2,360 $ 2 $ — $ — $ 28,060 Loans collectively evaluated for impairment 7,631 38,764 75,078 20,656 1,029 4,538 — 147,696 Total ending loans balance $ 7,631 $ 47,620 $ 91,920 $ 23,016 $ 1,031 $ 4,538 $ — $ 175,756 December 31, 2014 Faith Based Commercial Non- Residential Other (Dollars in thousands) Commercial Real Estate Profit Real Estate Consumer Loans Unallocated Total ALLL: Ending ALLL balance attributable to loans: Individually evaluated for impairment $ — $ 11 $ 6 $ 259 $ — $ — $ — $ 276 Collectively evaluated for impairment 353 568 1,228 426 28 265 296 3,164 Total ending ALLL balance $ 353 $ 579 $ 1,234 $ 685 $ 28 $ 265 $ 296 $ 3,440 Loans: Loans individually evaluated for impairment $ — $ 9,012 $ 16,807 $ 4,450 $ — $ — $ — $ 30,269 Loans collectively evaluated for impairment 7,253 31,051 78,555 22,176 1,232 4,552 — 144,819 Total ending loans balance $ 7,253 $ 40,063 $ 95,362 $ 26,626 $ 1,232 $ 4,552 $ — $ 175,088 The Bank experienced $ 2 38 0.00 0.08 3 82 0.00 0.06 0.06 Loans A portfolio segment is defined as the level at which an entity develops and documents a systematic methodology to determine its ALLL. The composition of the loan portfolio, net of deferred fees and costs, by loan classification as of September 30, 2015 and December 31, 2014 was as follows: (Dollars in thousands) September 30, 2015 December 31, 2014 Commercial $ 7,631 $ 7,253 Commercial real estate: Construction 9,885 2,557 Owner occupied 17,678 18,013 Other 20,057 19,493 Faith-based non-profit: Construction 4,652 6,156 Owner occupied 84,152 84,499 Other 3,116 4,707 Residential real estate: First mortgage 16,676 18,995 Multifamily 2,768 3,001 Home equity 3,450 4,124 Construction 122 506 Consumer 1,031 1,232 Other loans 4,538 4,552 Loans, net of deferred fees 175,756 175,088 ALLL (3,437 ) (3,440 ) Loans, net of ALLL $ 172,319 $ 171,648 The Bank has a concentration of loans to faith-based non-profit organizations, in which the Bank has specialized lending experience. As of September 30, 2015, the percentage of loans in this segment, which included construction, real estate secured, and lines of credit, comprised 52.30 39.98 Non-Performing Loans and Leases When a loan is placed on non-accrual status, regardless of class, the accrued and unpaid interest receivable is reversed and the loan is accounted for on the cash or cost recovery method until qualifying for return to accrual status. All payments received on non-accrual loans and leases are applied against the principal balance of the loan or lease. Loans may be returned to accrual status when all principal and interest amounts contractually due (including any arrearages) are reasonably assured of repayment within a reasonable period, the borrower has demonstrated payment performance for a minimum of six months in accordance with the original or revised contractual terms of the loan, and when doubt about repayment is resolved. Generally, for all classes of loans and leases, a charge-off is recorded when it is probable that a loss has been incurred and when it is possible to determine a reasonable estimate of the loss. For all classes of commercial loans and leases, a charge-off is determined on a subjective basis after due consideration of the debtor's prospects for repayment and the fair value of collateral. For closed-end consumer loans, the entire outstanding balance of the loan is charged-off during the month that the loan becomes 120 days past due as to principal or interest. Consumer loans with non-real estate collateral are written down to the value of the collateral, less estimated costs to sell, if repossession of collateral is assured and in process. For residential mortgage and home equity loan classes, a partial charge-off is recorded at 120 days past due as to principal or interest for the amount that the loan balance exceeds the fair value of the collateral less estimated costs to sell. Impaired Loans For all classes of commercial loans, a quarterly evaluation of specific individual commercial borrowers with identified weaknesses is performed to identify impaired loans. The identification of specific borrowers for review is based on a review of non-accrual loans as well as those loans specifically identified by management as exhibiting above average levels of risk. When a loan has been identified as being impaired, the amount of impairment is measured based on the present value of expected future cash flows discounted at the loan's effective interest rate, the loan's observable market price, or the estimated fair value of the collateral, less any selling costs, if the loan is collateral-dependent. If the measurement of the impaired loan is less than the recorded investment in the loan (net of deferred loan fees or costs and unamortized premiums or discounts), impairment is recognized by creating or adjusting an existing allocation of the ALLL, or by recording a partial charge-off of the loan to its estimated fair value. Interest payments made on impaired loans are typically applied to principal unless collectability of the principal amount is reasonably assured, in which case interest income may be accrued or recognized on a cash basis. Income Recognition on Impaired and Non-accrual Loans Loans may be returned to accrual status when all principal and interest amounts contractually due (including arrearages) are reasonably assured of repayment within a reasonable period of time, and the borrower has demonstrated payment performance for a minimum of six months in accordance with the contractual terms involving payments of cash or cash equivalents. During the non-accrual period, all payments received will be applied to principal. After a loan is returned to accruing status, foregone interest will be accreted to interest income on a pro-rata basis over the remaining term of the loan if full repayment of principal and interest is reasonably assured. In the case where a non-accrual loan had been partially charged off, recognition of interest on a cash basis is limited to that which would have been recognized on the remaining loan balance at the contractual interest rate. Receipts in excess of that amount are recorded as recoveries to the ALLL until prior charged off balances have been fully recovered. The following tables present current loans and the aging of past due loans as of September 30, 2015 and December 31, 2014: 90 Days September 30, 2015 30-59 Days 60-89 Days Or More Total Past (Dollars in thousands) Past Due Past Due Past Due Due Current Total Commercial $ — $ — $ — $ — $ 7,631 $ 7,631 Commercial real estate: Construction 403 — — 403 9,482 9,885 Owner occupied 308 — — 308 17,370 17,678 Other 124 — 922 1,046 19,011 20,057 Faith-based non-profit: Construction — — — — 4,652 4,652 Owner occupied 507 — 1,719 2,226 81,926 84,152 Other 71 — — 71 3,045 3,116 Residential real estate: First mortgage — 496 1,101 1,597 15,079 16,676 Multifamily — — — — 2,768 2,768 Home equity 325 — 26 351 3,099 3,450 Construction — — — — 122 122 Consumer 10 — 2 12 1,019 1,031 Other loans — — — — 4,538 4,538 Total $ 1,748 $ 496 $ 3,770 $ 6,014 $ 169,742 $ 175,756 90 Days December 31, 2014 30-59 Days 60-89 Days Or More Total Past (Dollars in thousands) Past Due Past Due Past Due Due Current Total Commercial $ 3 $ — $ — $ 3 $ 7,250 $ 7,253 Commercial real estate: Construction — — — — 2,557 2,557 Owner occupied 69 321 42 432 17,581 18,013 Other 25 1,188 3,602 4,815 14,678 19,493 Faith-based non-profit: Construction — — — — 6,156 6,156 Owner occupied 1,923 435 674 3,032 81,467 84,499 Other — — 15 15 4,692 4,707 Residential real estate: First mortgage 745 103 3,322 4,170 14,825 18,995 Multifamily — — — — 3,001 3,001 Home equity 47 — 23 70 4,054 4,124 Construction — — — — 506 506 Consumer 11 — — 11 1,221 1,232 Other loans — 8 — 8 4,544 4,552 Total $ 2,823 $ 2,055 $ 7,678 $ 12,556 $ 162,532 $ 175,088 At September 30, 2015 and December 31, 2014, the total recorded investment in impaired loans amounted to $28.2 million and $30.7 million, respectively. The recorded investment and related information for impaired loans is summarized as follows for September 30, 2015, December 31, 2014 and September 30, 2014: September 30, 2015 For the Nine Months Ended For the Three Months Ended Unpaid Average Average Principal Recorded ALLL Interest Recorded Interest Recorded (Dollars in thousands) Balance Investment Allocated Earned Investment Earned Investment With no related allowance recorded: Commercial $ 6 $ — $ — $ — $ — $ — $ — Commercial real estate: Construction 345 354 — 16 124 13 78 Owner occupied 68 69 — 5 56 1 42 Other 4,017 3,782 — 54 3,814 35 3,862 Faith based non-profit: Construction — — — — — — — Owner occupied 6,004 6,017 — 189 5,023 156 7,747 Other — — — — — — — Residential real estate: First mortgage 1,812 1,797 — 109 2,332 8 2,618 Multifamily — — — — — — — Home equity 162 116 — 4 111 — 67 Construction — — — — — — — Consumer 40 2 — — 1 — 1 Impaired loans with no allowance recorded $ 12,454 $ 12,137 $ — $ 377 $ 11,461 $ 213 $ 14,415 With an allowance recorded: Commercial $ — $ — $ — $ — $ 2 $ — $ 1 Commercial real estate: Construction — — — — 229 — 277 Owner occupied 4,661 4,673 306 150 4,724 55 4779 Other — — — — 24 — — Faith based non-profit: Construction — — — — — — — Owner occupied 10,838 10,891 293 416 11,798 43 9,061 Other — — — — — — — Residential real estate: First mortgage 409 412 25 6 907 6 1,471 Multifamily — — — — — — — Home equity 38 38 7 1 46 1 94 Construction — — — — — — — Consumer — — — — — — — Impaired loans with allowance recorded $ 15,946 $ 16,014 $ 631 $ 573 $ 17,730 $ 105 $ 15,683 Impaired loans $ 28,400 $ 28,151 $ 631 $ 950 $ 29,191 $ 318 $ 30,098 December 31, 2014 For the Twelve Months Ended Unpaid Average Principal Recorded ALLL Interest Recorded (Dollars in thousands) Balance Investment Allocated Earned Investment With no related allowance recorded: Commercial $ — $ — $ — $ — $ — Commercial real estate: Construction 77 78 — 6 186 Owner occupied 42 42 — 16 2,818 Other 3,855 3,872 — 100 3,017 Faith based non-profit: Construction — — — — — Owner occupied 9,744 9,764 — 558 9,937 Other — — — — 40 Residential real estate: First mortgage 2,894 2,881 — 172 2,717 Multifamily — — — — — Home equity 20 20 — 2 70 Construction — — — — — Consumer — — — — 8 Impaired loans with no allowance recorded $ 16,632 $ 16,657 $ — $ 854 $ 18,793 With an allowance recorded: Commercial $ — $ — $ — $ — $ — Commercial real estate: Construction 278 279 1 23 176 Owner occupied 4,760 4,800 10 200 1,164 Other — — — — 1,714 Faith based non-profit: Construction — — — — — Owner occupied 7,063 7,361 6 327 6,801 Other — — — — — Residential real estate: First mortgage 1,426 1,427 242 76 644 Multifamily — — — — — Home equity 145 145 17 6 112 Construction — — — — — Consumer — — — — — Impaired loans with allowance recorded $ 13,672 $ 14,012 $ 276 $ 632 $ 10,611 Impaired loans $ 30,304 $ 30,669 $ 276 $ 1,486 $ 29,404 September 30, 2014 For the Nine Months Ended For the Three Months Ended Unpaid Interest Average Interest Average Principal Recorded ALLL Income Recorded Income Recorded (Dollars in thousands) Balance Investment Allocated Recognized Investment Recognized Investment With no related allowance recorded: Commercial $ — $ — $ — $ — $ — $ — $ — Commercial real estate: Construction 77 82 — 4 221 1 80 Owner occupied 3,355 3,367 — 118 3,190 77 3,251 Other 3,130 3,135 — 47 2,855 — 3,257 Faith based non-profit: Construction — — — — — — — Owner occupied 10,005 10,021 — 445 9,952 161 9,623 Other 157 159 — 6 26 6 79 Residential real estate: First mortgage 2,580 2,550 — 93 2,718 46 2,562 Multifamily — — — — — — — Home equity 126 126 — 4 69 4 75 Construction — — — — — — — Consumer 8 8 — 1 9 1 8 Impaired loans with no allowance recorded $ 19,438 $ 19,448 $ — $ 718 $ 19,040 $ 296 $ 18,935 With an allowance recorded: Commercial $ — $ — $ — $ — $ — $ — $ — Commercial real estate: Construction 280 285 39 14 141 2 282 Owner occupied 2,234 2,258 109 73 376 73 1,129 Other — — — — 2,285 — 1,090 Faith based non-profit: Construction — — — — — — — Owner occupied 6,375 6,389 583 234 6,777 57 6,843 Other — — — — — — — Residential real estate: First mortgage 500 480 141 7 541 2 514 Multifamily — — — — — — — Home equity 78 66 29 3 114 — 116 Construction — — — — — — — Consumer — — — — — — — Impaired loans with allowance recorded $ 9,467 $ 9,478 $ 901 $ 331 $ 10,234 $ 134 $ 9,974 Impaired loans $ 28,905 $ 28,926 $ 901 $ 1,049 $ 29,274 $ 430 $ 28,909 Reserve for Credit Losses Allowance for Loan Losses (“ALLL”) The ALLL is management's estimate of probable losses that are inherent in the loan portfolio. The ALLL is based on regular quarterly assessments. The methodologies for measuring the appropriate level of the ALLL include the combination of a quantitative historical loss history by loan type and a qualitative analysis for loans not classified as impaired or TDRs Accounting Standards Codification 450 reserve ("ASC 450 reserve"), and a specific allowance method for impaired and TDR loans ("ASC 310 reserve"). The qualitative analysis for the ASC 450 reserve is patterned after the guidelines provided under Securities Exchange Commission (“SEC”) Staff Accounting Bulletin 102 and the Federal Financial Institutions Examination Council (“FFIEC”) Interagency Policy Statement on the Allowance for Loan and Lease Losses and include the following: • Changes in lending policies and procedures, including underwriting standards and collection, charge-off, and recovery practices; • Changes in national economic and business conditions and developments and the effect of unemployment on African Americans, who are the majority of our customers; • Changes in the nature and volume of the loan portfolio; • Changes in the experience, ability, and depth of lending management and staff; • Changes in trends of the volume and severity of past due and classified loans; and changes in trends in the volume of non-accrual loans, troubled debt restructurings and classified loans; • Changes in the quality of the loan review system and the degree of oversight by the Bank's Board of Directors; • The existence and effect of any concentrations of credit, and changes in the level of such concentrations; and • The effect of external factors such as competition and legal and regulatory requirements. Management has developed, from historical loan and economic information, quantitative drivers for certain qualitative factors. Management has identified which factors, by nature, are subjective, such as lending policies, competition and regulatory requirements. The quantitative drivers of qualitative factors, to which different weights are assigned based on management's judgment, are reviewed and updated quarterly based on an updated four-year rolling data for periods beginning December 31, 2014 and previously an eight-quarter rolling data. The quantitative loss history is based on a four-year rolling history of losses incurred by different loan types within the loan portfolio for periods beginning December 31, 2014 and previously an eight-quarter rolling history of losses. The change in methodology resulted in a $ 375 A specific ALLL is established for loans identified as impaired or TDRs, based on significant conditions or circumstances related to the specific credits. The specific allowance amounts are determined by a method prescribed by ASC 310, Receivables. For commercial business, faith-based non-profit, real estate and certain consumer loans, the measurement of loan impairment is based on the present value of the expected future cash flows, discounted at the loan's effective interest rate, or on the fair value of the loan's collateral if the loan is collateral dependent. Most consumer loans are smaller balance and homogeneous, and are evaluated for impairment on a collective basis, applying the quantitative loss history and the qualitative factors. Impairment losses are included in the ALLL through a charge to the provision for loan losses. The Company uses several credit quality indicators to manage credit risk on an ongoing basis. The Company's credit risk rating system was developed to aid in the risk management process by grouping credits with similar risk profiles into pass (which includes internal watch), special mention, or criticized categories, which includes substandard, doubtful, and loss. Credit risk ratings are applied individually to all classes of loans. Internal credit reviews and external contracted credit review examinations are used to determine and validate loan risk grades. The credit review system takes into consideration factors such as: borrower's background and experience; historical and current financial condition; credit history and payment performance; economic conditions and their impact on various industries; type, market value and volatility of the market value of collateral; lien position; and the financial strength of guarantors. The process of assessing the adequacy of the ALLL is necessarily subjective. Further, and particularly in periods of economic downturns, it is reasonably possible that future credit losses may exceed historical loss levels and may also exceed management's current estimates of incurred losses inherent within the loan portfolio. As such, there can be no assurance that future loan charge-offs will not exceed management's current estimate of what constitutes a reasonable ALLL. The Company and the Bank are subject to periodic examination by their federal and state regulators, and may be required by such regulators to recognize additions to the allowance for loan losses based on the regulators' assessment of credit information available to them at the time of their examinations. Reserve for Unfunded Commitments 31 34 The following table presents non-accrual loans and loans past due over 90 days still on accrual by class of loans as of September 30, 2015 and December 31, 2014, respectively: 90 Days or More Past Due September 30, 2015 Still (Dollars in thousands) Non-accrual Number Accruing Number Commercial $ — — $ — — Commercial real estate: Construction — — — — Owner occupied — — — — Other 3,711 5 — — Faith-based non-profit: Construction — — — — Owner occupied 482 2 1,254 5 Other — — — — Residential real estate: First mortgage 2,044 31 44 4 Multifamily — — — — Home equity 154 4 8 1 Construction — — — — Consumer 2 1 — — Other loans — — — — Total $ 6,393 43 $ 1,306 10 90 Days or More Past Due December 31, 2014 Still (Dollars in thousands) Non-accrual Number Accruing Number Commercial $ — — $ — — Commercial real estate: Construction — — — — Owner occupied 42 1 — — Other 2,860 3 771 1 Faith-based non-profit: Construction — — — — Owner occupied 133 2 541 2 Other — — 15 1 Residential real estate: First mortgage 2,720 33 1,696 8 Multifamily — — — — Home equity 165 7 — — Construction — — — — Consumer — — — 1 Other loans — — — — Total $ 5,920 46 $ 3,023 13 Non-accrual loans and loans past due over 90 days still accruing interest include both smaller balance homogenous loans that are collectively evaluated for impairment and individually classified impaired loans. Loans for which principal or interest is in default for 90 days or more are classified as a non-accrual unless they are well secured and in process of collection. Those loans over 90 days still accruing interest were in the process of modification. In these cases, the borrowers are still making payments. Borrowers have continued to make payments on these loans while administrative and legal due processes are proceeding which will enable the Bank to extend or modify maturity dates. The Company categorizes loans into risk categories based on relevant information about the ability of borrowers to service their debt such as current financial information, historical payment experience, credit documentation, public information, and current economic trends, among other factors. The Company analyzes loans for reserves according to the loan's classification as to credit risk. This analysis includes non-homogenous loans, such as commercial, commercial real estate and faith-based non–profit entities, and mortgage loans in process of foreclosure for which the loan to value does not support repayment in full. This analysis is performed on at least a quarterly basis. The Company uses the following definitions for risk ratings: • Special Mention. Loans classified as special mention have a potential weakness that deserves management's close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or of the institution's credit position at some future date. Management believes that there is a moderate likelihood of some loss related to those loans and leases that are considered special mention. • Substandard. Loans classified as substandard are inadequately protected by the current sound financial repayment capacity and debt service coverage of the obligor or of the collateral pledge, if any. Loans so classified have a well-defined weakness or weaknesses that may jeopardize the liquidation of our repayment according to the original terms of the debt. In addition to commercial and faith-based non-profit loans with identified weaknesses, substandard loans include loans within the mortgage and consumer portfolio segments that are past due 90 days or more as to principal or interest if the loan to value does not support full repayment. Substandard loans are evaluated for impairment on an individual loan basis unless the substandard loan is a smaller homogeneous loan that is not a TDR and is not in the process of foreclosure. These loans exhibit a distinct possibility that the Company will sustain some loss if the deficiencies related to the loss are not corrected in a timely manner. • Doubtful. Loans classified as doubtful have all the weaknesses inherent in those classified as substandard, with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable. • Loss. Based on current facts and circumstances, loans classified as loss are not expected to be repaid, or that collateral will be difficult to liquidate. Loans classified as loss are charged off to the ALLL with board approval. • Pass. Loans not identified as special mention, substandard, doubtful or loss are classified as pass. The following is a breakdown of loans by risk categories at September 30, 2015 and December 31, 2014: September 30, 2015 (Dollars in thousands) Pass Special Mention Substandard Doubtful Total Commercial $ 1,924 $ — $ 5,707 $ — $ 7,631 Commercial real estate: Construction 9,541 — 344 — 9,885 Owner occupied 17,329 281 68 — 17,678 Other 14,994 721 4,342 — 20,057 Faith-based non-profit: Construction 4,652 — — — 4,652 Owner occupied 68,069 9,205 6,878 — 84,152 Other 3,116 — — — 3,116 Residential real estate: First mortgage 14,002 15 2,659 — 16,676 Multifamily 2,679 30 59 — 2,768 Home equity 3,252 — 198 — 3,450 Construction 122 — — — 122 Consumer 1,014 11 6 — 1,031 Other loans 4,538 — — — 4,538 Total $ 145,232 $ 10,263 $ 20,261 $ — $ 175,756 December 31, 2014 (Dollars in thousands) Pass Special Mention Substandard Doubtful Total Commercial $ 1,279 $ 3,159 $ 2,815 $ — $ 7,253 Commercial real estate: Construction 2,202 — 355 — 2,557 Owner occupied 17,596 306 111 — 18,013 Other 14,263 457 4,773 — 19,493 Faith-based non-profit: Construction 6,156 — — — 6,156 Owner occupied 68,963 6,160 9,376 — 84,499 Other 4,707 — — — 4,707 Residential real estate: First mortgage 14,328 88 4,579 — 18,995 Multifamily 2,910 31 60 — 3,001 Home equity 3,910 — 214 — 4,124 Construction 506 — — — 506 Consumer 1,213 14 5 — 1,232 Other loans 4,552 — — — 4,552 Total $ 142,585 $ 10,215 $ 22,288 $ — $ 175,088 Loans Modified as a TDR The following tables present TDRs as of September 30, 2015 and December 31, 2014. Troubled Debt Restructurings September 30, 2015 Non-accrual Total Accrual Status Status Modifications (Dollars in thousands) Number Amount Number Amount Number Amount Commercial real estate: Construction 2 $ 345 — $ — 2 $ 345 Owner occupied 4 4,729 — — 4 4,729 Other 1 71 3 2,918 4 2,989 Faith-based non-profit: Owner occupied 20 16,360 1 17 21 16,377 Other — — — — 4 — Residential real estate: First mortgage 3 143 3 268 6 411 Total 30 $ 21,648 7 $ 3,203 41 $ 24,851 Troubled Debt Restructurings December 31, 2014 Non-accrual Total Accrual Status Status Modifications (Dollars in thousands) Number Amount Number Amount Number Amount Commercial real estate: Construction 2 $ 355 — $ — 2 $ 355 Owner occupied 4 4,760 — — 4 4,760 Other 2 224 2 2,830 4 3,054 Faith-based non-profit: Owner occupied 20 16,391 1 22 21 16,413 Other — — — — — — Residential real estate: First mortgage 1 23 2 164 3 187 Total 29 $ 21,753 5 $ 3,016 34 $ 24,769 One totaling $ 129 Three 258 No The following table shows loans newly restructured during the three and nine months ended September 30, 2015. There were no restructures during the three or nine months ended September 30, 2014. TDR Modifications For the Three Months Ended September 30, 2015 Pre-modification Outstanding Post-modification Outstanding (Dollars in thousands) Number of loans Recorded Investment Recorded Investment Extended Payment terms: Residential real estate: First mortgage 1 $ 129 $ 127 Total 1 $ 129 $ 127 TDR Modifications For the Nine Months Ended September 30, 2015 Pre-modification Outstanding Post-modification Outstanding (Dollars in thousands) Number of loans Recorded Investment Recorded Investment Below market interest rates Residential real estate: First mortgage 2 $ 129 $ 125 Extended payment terms: Residential real estate: First mortgage 1 129 127 Total 3 $ 258 $ 252 There were no loans modified as TDRs and with a payment default, with the payment default occurring within 12 months of the restructure date, and the payment default occurring during the three or nine months ended September 30, 2015 or 2014. The Company defines default as the loan becoming 90 days or more past due, foreclosed upon or charged-off. TDR defaults can result in a higher ALLL and a corresponding higher provision for loan losses because they generally negatively impact the timing of and expected collections from these impaired loans. Impaired loans, which include TDRs, are evaluated for specific additions to the ALLL by subtracting the recorded investment in these impaired loans from their fair values. Fair values are generally determined by the present value of future cash flows, collateral value, or liquidation value. Defaults generally reduce the present value of the future cash flows and can negatively influence the collateral values if the declining real estate values are affecting the sale of collateral. |
OTHER REAL ESTATE OWNED ("OREO"
OTHER REAL ESTATE OWNED ("OREO") | 9 Months Ended |
Sep. 30, 2015 | |
OTHER REAL ESTATE OWNED ("OREO") [Abstract] | |
OTHER REAL ESTATE OWNED ("OREO") | 7. OTHER REAL ESTATE OWNED (“OREO”) At the time of foreclosure, real estate is recorded at fair market value based on appraised value less estimated costs to sell, such as realtor, legal and recording fees and expenses. Subsequent to foreclosure, properties are appraised annually and adjusted to the lower of carrying amount or fair market value less estimated costs to sell. At September 30, 2015 and December 31, 2014, OREO totaled $ 2.1 3.1 441 377 |
BORROWINGS
BORROWINGS | 9 Months Ended |
Sep. 30, 2015 | |
BORROWINGS [Abstract] | |
BORROWINGS | 8. BORROWINGS Borrowings as of September 30, 2015 consisted of an FHLB borrowing of $ 0.7 0.50 0.3 1.81 0.7 0.50 0.1 1.60 The Company has federal funds lines of credit with three correspondent banks totaling $ 10.0 5.9 6.6 |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 9 Months Ended |
Sep. 30, 2015 | |
COMMITMENTS AND CONTINGENCIES [Abstract] | |
COMMITMENTS AND CONTINGENCIES | 9. COMMITMENTS AND CONTINGENCIES The Bank is a party to financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include commitments to extend credit, and standby letters of credit. These instruments involve, to varying degrees, elements of credit and interest rate risk beyond the amount recognized on the Consolidated Balance Sheets. The contractual amounts of those instruments reflect the extent of involvement the Bank has in particular classes of financial instruments. Commitments outstanding at September 30, 2015 are summarized in the following table: (Dollars in thousands) Commercial Other loan Total commitments Less than one year $ 176 $ 14,656 $ 14,832 One to three years 250 5,492 5,742 Three to five years — 108 108 More than five years 93 1,301 1,394 Total $ 519 $ 21,557 $ 22,076 |
FAIR VALUE MEASUREMENT
FAIR VALUE MEASUREMENT | 9 Months Ended |
Sep. 30, 2015 | |
FAIR VALUE MEASUREMENT [Abstract] | |
FAIR VALUE MEASUREMENT | 10. FAIR VALUE MEASUREMENT Fair value is defined as the exchange price that would be received to sell an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Fair value should be based on the assumptions market participants would use when pricing an asset or liability and establishes a fair value hierarchy that prioritizes the information used to develop those assumptions. The fair value hierarchy gives the highest priority to quoted prices in active markets and the lowest priority to unobservable data. Fair value measurements are required to be separately disclosed by level within the fair value hierarchy. The Company bases fair values on the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. For assets and liabilities recorded at fair value, the Company maximizes the use of observable inputs and minimizes the use of unobservable inputs when developing fair value measurements, in accordance with the fair value hierarchy. Fair value measurements for assets and liabilities where there exists limited or no observable market data and, therefore, are based primarily upon estimates, are often calculated based on the economic and competitive environment, the characteristics of the asset or liability and other factors. Therefore, the results cannot be determined with precision and may not be realized in an actual sale or immediate settlement of the asset or liability. Additionally, there may be inherent weaknesses in any calculation technique, and changes in the underlying assumptions used, including discount rates and estimates of future cash flows, could significantly affect the results of current or future values. The Company utilizes fair value measurements to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures. Securities available-for-sale are recorded at fair value on a recurring basis. Additionally, from time to time, the Company may be required to record at fair value other assets on a nonrecurring basis, such as loans held for sale, loans held for investment, OREO, and certain other assets. These nonrecurring fair value adjustments typically involve application of lower of cost or market accounting or write-downs of individual assets. The Company groups assets and liabilities at fair value in three levels, based on the markets in which the assets and liabilities are traded and the reliability of the assumptions used to determine fair value. These levels are: Level 1 —Valuations for assets and liabilities traded in active exchange markets, such as the New York Stock Exchange. Level 2 —Valuations are obtained from readily available pricing sources via independent providers for market transactions involving similar assets or liabilities. The Company's principal market for these securities is the secondary institutional markets and valuations are based on observable market data in those markets. Level 2 securities include U. S. Agencies, state and municipal bonds and MBS. Level 3 — Valuations for assets and liabilities that are derived from other valuation methodologies, including option pricing models, discounted cash flow models and similar techniques, and not based on market exchange, dealer, or broker traded transactions. Level 3 valuations incorporate certain assumptions and projections in determining the fair value assigned to such assets. Assets and Liabilities Measured on a Recurring Basis: Available-for-Sale Investment Securities: Assets measured at fair value on a recurring basis as of September 30, 2015 were: (Dollars in thousands) Quoted Prices in Significant Other Significant Active Markets for Observable Unobservable Identical Assets Inputs Inputs Description September 30, 2015 (Level 1) (Level 2) (Level 3) Recurring: U.S. Agencies $ 30,450 $ — $ 30,450 $ — MBS Residential 34,525 — 34,525 — Municipals 7,486 — 7,486 — Mortgage servicing rights 19 — — 19 Total $ 72,480 $ — $ 72,461 $ 19 Assets measured at fair value on a recurring basis as of December 31, 2014 were: (Dollars in thousands) Quoted Prices in Significant Other Significant Active Markets for Observable Unobservable Identical Assets Inputs Inputs Description December 31, 2014 (Level 1) (Level 2) (Level 3) Recurring: U.S. Agencies $ 12,339 $ — $ 12,339 $ — MBS Residential 56,355 — 56,355 — Municipals 1,009 — 1,009 — Mortgage servicing rights 22 — — 22 Total $ 69,725 $ — $ 69,703 $ 22 The table below displays changes in all recurring Level 3 Assets from December 31, 2014 to September 30, 2015 and December 31, 2013 to December 31, 2014. (Dollars in thousands) Mortgage Servicing Rights Beginning balance (December 31, 2014) $ 22 Amortization 3 Ending Balance (June 30, 2015) $ 19 (Dollars in thousands) Mortgage Servicing Rights Beginning balance (December 31, 2013) $ 25 Amortization 3 Ending Balance (December 31, 2014) $ 22 Assets and Liabilities Measured on a Nonrecurring Basis: Impaired loans: OREO: Repossessed Assets: Mortgage Servicing Rights: Assets measured at fair value on a nonrecurring basis as of September 30, 2015 and December 31, 2014 were: (Dollars in thousands) Quoted Prices in Significant Other Significant Active Markets for Observable Unobservable Identical Assets Inputs Inputs Description September 30, 2015 (Level 1) (Level 2) (Level 3) Nonrecurring: OREO $ 2,136 $ — $ — $ 2,136 Impaired loans: Commercial real estate 8,572 — — 8,572 Faith-based non-profit 16,615 — — 16,615 Residential real estate 2,331 — — 2,331 Consumer 2 — — 2 Total $ 29,656 $ — $ — $ 29,656 (Dollars in thousands) Quoted Prices in Significant Other Significant Active Markets for Observable Unobservable Identical Assets Inputs Inputs Description December 31, 2014 (Level 1) (Level 2) (Level 3) Nonrecurring: OREO $ 3,069 $ — $ — $ 3,069 Impaired loans: Commercial real estate 9,060 — — 9,060 Faith-based non-profit 17,119 — — 17,119 Residential real estate 4,214 — — 4,214 Total $ 33,462 $ — $ — $ 33,462 Quantitative Information about Level 3 Fair Value Measurements (Dollars in thousands) Significant Significant Valuation Unobservable Unobservable Description September 30, 2015 Technique Inputs Input Value Nonrecurring: OREO $ 2,136 discounted appraisals collateral discounts 6 20 Impaired loans 27,520 discounted appraisals collateral discounts 6 20 Total $ 29,656 (Dollars in thousands) Significant Significant Valuation Unobservable Unobservable Description December 31, 2014 Technique Inputs Input Value Nonrecurring: OREO $ 3,069 discounted appraisals collateral discounts 6 20 Impaired loans 30,393 discounted appraisals collateral discounts 6 20 Total $ 33,462 The Company discloses estimated fair values for its significant financial instruments. The methodologies for estimating the fair value of financial assets and liabilities that are measured at fair value on a recurring or non-recurring basis are discussed above. The methodologies for other financial assets and liabilities are discussed below. The Company had no transfers between any of the three levels in 2014 or 2015. Cash and Cash Equivalents Loans (other than impaired), net of allowances for loan losses The fair value of performing loans is calculated by discounting scheduled cash flows through their individual contractual maturity, using discount rates that reflect the credit risk, overhead expenses, interest rate earned and again, contractual maturity of each loan. The maturity is based on contractual maturities for each loan, modified as required by an estimate of the effect of historical prepayments and current economic conditions. For all loans, assumptions regarding the characteristics and segregation of loans, maturities, credit risk, cash flows, and discount rates are determined using specific borrower and other available information and are therefore considered a Level 3 input. Accrued Interest Receivable and Payable Deposits Borrowings Off-Balance Sheet Instruments As of September 30, 2015 and December 31, 2014, the carrying amounts and associated estimated fair value of financial assets and liabilities of the Company are as follows: September 30, 2015 (Dollars in thousands) Carrying Estimated Amount Fair Value Level 1 Level 2 Level 3 Assets: Cash and cash equivalents $ 36,047 $ 36,047 $ 36,047 $ — $ — Investment securities available for sale 72,461 72,461 — 72,461 — Loans, net of allowances for loan losses 172,319 175,687 — — 175,687 Accrued interest receivable 785 785 785 — — Liabilities: Non-maturity deposits $ 125,136 $ 125,136 $ 125,136 $ — $ — Maturity deposits 133,359 132,514 — 132,514 — Other borrowings 953 912 — — 912 Accrued interest payable 145 145 145 — — December 31, 2014 (Dollars in thousands) Carrying Estimated Amount Fair Value Level 1 Level 2 Level 3 Assets: Cash and cash equivalents $ 35,574 $ 35,574 $ 35,574 $ — $ — Investment securities available for sale 69,703 69,703 — 69,703 — Loans, net of allowances for loan losses 171,648 175,165 — — 175,165 Accrued interest receivable 816 816 816 — — Liabilities: Non-maturity deposits $ 119,383 $ 119,383 $ 119,383 $ — $ — Maturity deposits 136,477 135,965 — 135,965 — Other borrowings 784 734 — — 734 Accrued interest payable 76 76 76 — — |
SUMMARY OF SIGNIFICANT ACCOUN18
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 9 Months Ended |
Sep. 30, 2015 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract] | |
Nature of Operations | Nature of Operations M&F Bancorp, Inc. (the “ ” |
Basis of Presentation | Basis of Presentation The Consolidated Financial Statements include the accounts and transactions of the Company and the Bank, the wholly owned subsidiary. All significant inter-company accounts and transactions have been eliminated in consolidation. The Consolidated Financial Statements have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) for interim financial statements and in accordance with the instructions for Form 10-Q and Rule 8-03 of Regulation S-X. The accompanying Consolidated Financial Statements and Notes are unaudited except for the consolidated balance sheet and footnote information as of December 31, 2014, which were derived from the Company's audited consolidated Annual Report on Form 10-K as of and for the year ended December 31, 2014. The Consolidated Financial Statements included herein do not include all the information and notes required by GAAP and should be read in conjunction with the Consolidated Financial Statements and the related notes thereto included in the Company's Annual Report on Form 10-K as of and for the year ended December 31, 2014. In the opinion of management, the interim financial statements include all adjustments, consisting of normal recurring accruals, necessary for a fair presentation of the financial position, results of operations and cash flows in the Consolidated Financial Statements. The unaudited operating results for the periods presented may not be indicative of annual results. |
Segment Reporting | Segment Reporting Based on an analysis performed by the Company, management has determined that the Company has only one operating segment, which is commercial banking. The chief operating decision-maker uses consolidated results to make operating and strategic decisions and therefore, the Company is not required to disclose additional segment information. |
Use of Estimates | Use of Estimates The financial statements are prepared in accordance with GAAP, which require management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. |
New Accounting Pronouncements | Ne w Accountin Pronouncement In January 2014, the Financial Accounting Standards Board (“FASB”) amended the Receivables topic of the Accounting Standards Codification (“ASC”). The amendments are intended to resolve diversity in practice with respect to when a creditor should reclassify a collateralized consumer mortgage loan to OREO. In addition, the amendments require that a creditor reclassify a collateralized consumer mortgage loan to OREO upon obtaining legal title to the real estate collateral, or the borrower voluntarily conveying all interest in the real estate collateral to the lender to satisfy the loan through a deed in lieu of foreclosure or similar legal agreement. The amendments were effective for the Company for annual periods and interim periods within those annual periods beginning after December 15, 2014 with early implementation of the guidance permitted. In implementing this guidance, assets that are reclassified from real estate to loans are measured at the carrying value of the real estate at the date of adoption. Assets reclassified from loans to real estate are measured at the lower of the net amount of the loan receivable or the fair value of the real estate less costs to sell at the date of adoption. The Company applied the amendments prospectively. These amendments did not have a material effect on the Company's financial statements. In May 2014, the FASB In August 2014, the FASB issued guidance that is intended to define management's responsibility to evaluate whether there is substantial doubt about an organization's ability to continue as a going concern and to provide related footnote disclosures. In connection with preparing financial statements, management will need to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the organization's ability to continue as a going concern within one year after the date that the financial statements are issued. The amendments will be effective for the Company for annual period ending after December 15, 2016, and for annual periods and interim periods thereafter. The Company does not expect these amendments to have a material effect on its financial statements. In January 2015, the FASB issued guidance that eliminated the concept of extraordinary items from GAAP. In February 2015, the FASB issued guidance, which amends the consolidation requirements and significantly changes the consolidation analysis required under GAAP. Although the amendments are expected to result in the deconsolidation of many entities, the Company will need to reevaluate all its previous consolidation conclusions. The amendments will be effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015, with early adoption permitted (including during an interim period), provided that the guidance is applied as of the beginning of the annual period containing the adoption date. The Company does not expect these amendments to have a material effect on its financial statements. In April 2015, the FASB issued guidance that will require debt issuance costs related to a recognized debt liability to be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability. This update affects disclosures related to debt issuance costs but does not affect existing recognition and measurement guidance for these items. In April 2015, the FASB issued guidance which provides a practical expedient that permits the Company to measure defined benefit plan assets and obligations using the month-end that is closest to the Company's fiscal year-end. The amendments will be effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015 with early adoption permitted. The Company does not expect these amendments to have a material effect on its financial statements. In April 2015, the FASB issued guidance which provides guidance to customers about whether a cloud computing arrangement includes a software license. The amendments will be effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015 with early adoption permitted. The Company does not expect these amendments to have a material effect on its financial statements. In June 2015, the FASB issued amendments to clarify the ASC, correct unintended application of guidance, and make minor improvements to the ASC that are not expected to have a significant effect on current accounting practice or create a significant administrative cost to most entities. The amendments were effective upon issuance (June 12, 2015) for amendments that do not have transition guidance. Amendments that are subject to transition guidance will be effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. Early adoption is permitted, including adoption in an interim period. The Company does not expect these amendments to have a material effect on its financial statements. In August 2015, the FASB issued amendments to the Interest topic of the ASC to clarify the SEC staff's position on presenting and measuring debt issuance costs incurred in connection with line of credit arrangements. The amendments were effective upon issuance. The Company does not expect these amendments to have a material effect on its financial statements. Other accounting standards that have been issued or proposed by the FASB or other standards-setting bodies are not expected to have a material impact on the Company's financial position, results of operations or cash flows. |
INVESTMENT SECURITIES (Tables)
INVESTMENT SECURITIES (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
INVESTMENT SECURITIES [Abstract] | |
Schedule of Investment Securities | (Dollars in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (Unaudited) September 30, 2015 U.S. Agencies $ 30,382 $ 70 $ (2 ) $ 30,450 MBS Residential 34,591 157 (223 ) 34,525 Municipals 7,489 25 (28 ) 7,486 Total $ 72,462 $ 252 $ (253 ) $ 72,461 December 31, 2014 U.S. Agencies $ 12,373 $ 26 $ (60 ) $ 12,339 MBS Residential 56,350 281 (276 ) 56,355 Municipals North Carolina 1,009 9 (9 ) 1,009 Total $ 69,732 $ 316 $ (345 ) $ 69,703 |
Schedule of Investment Securities maturities | (Dollars in thousands) As of September 30, 2015 (Unaudited) Fair Value Amortized Cost U.S. Agencies Due within one year $ 2,502 $ 2,498 Due after one year through five years 25,949 25,884 Due after five years through ten years 1,999 2,000 Total U.S. Agencies $ 30,450 $ 30,382 MBS Residential Due within one year $ 6,456 $ 6,487 Due after one year through five years 14,828 14,863 Due after five years through ten years 8,435 8,426 Due after ten years 4,806 4,815 Total MBS $ 34,525 $ 34,591 Municipals Due within one year $ 263 $ 260 Due after one year through five years 733 739 Due after five years through ten years 5,470 5,473 Due after ten years 1,020 1,017 Total Municipals $ 7,486 $ 7,489 (Dollars in thousands) As of December 31, 2014 Fair Value Amortized Cost U.S. Agencies Due within one year $ 2,498 $ 2,499 Due after one year through five years 7,887 7,874 Due after five years through ten years 1,954 2,000 Total U.S. Agencies $ 12,339 $ 12,373 MBS Residential Due within one year $ 10,114 $ 10,139 Due after one year through five years 24,003 24,018 Due after five years through ten years 13,803 13,771 Due after ten years 8,435 8,422 Total MBS $ 56,355 $ 56,350 Municipals Due within one year $ 162 $ 161 Due after one year through five years 268 260 Due after five years through ten years 579 588 Total Municipals $ 1,009 $ 1,009 |
Schedule of Securities in an unrealized loss position | (Dollars in thousands) Less Than 12 Months 12 Months or Greater Total (Unaudited) Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses September 30, 2015 U.S. Agencies $ 1,999 $ (1 ) $ 999 $ (1 ) $ 2,998 $ (2 ) MBS Residential 4,023 (37 ) 10,204 (186 ) 14,227 (223 ) Municipals 3,548 (28 ) — — 3,548 (28 ) Total $ 9,570 $ (66 ) $ 11,203 $ (187 ) $ 20,773 $ (253 ) (Dollars in thousands) Less Than 12 Months 12 Months or Greater Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses December 31, 2014 U.S. Agencies $ 5,982 $ (14 ) $ 1,954 $ (46 ) $ 7,936 $ (60 ) MBS Residential 12,594 (73 ) 13,476 (203 ) 26,070 (276 ) Municipals — — 579 (9 ) 579 (9 ) Total $ 18,576 $ (87 ) $ 16,009 $ (258 ) $ 34,585 $ (345 ) |
ACCUMULATED OTHER COMPREHENSI20
ACCUMULATED OTHER COMPREHENSIVE INCOME (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
ACCUMULATED OTHER COMPREHENSIVE INCOME [Abstract] | |
Schedule of changes in Accumulated Other Comprehensive Income (Loss) by Component | Unrealized Gains and Losses on Available-for- Sale Securities Defined Benefit Pension Items Total Balance as of December 31, 2013 $ (405 ) $ (1,020 ) $ (1,425 ) Other comprehensive income before reclassifications 217 (11 ) 206 Amounts reclassified from accumulated other comprehensive loss — — — Net current-period other comprehensive income 217 (11 ) 206 Balance as of September 30, 2014 $ (188 ) $ (1,031 ) $ (1,219 ) Balance as of June 30, 2014 $ (70 ) $ (1,020 ) $ (1,090 ) Other comprehensive income before reclassifications (118 ) (11 ) (129 ) Amounts reclassified from accumulated other comprehensive loss — — — Net current-period other comprehensive income (118 ) (11 ) (129 ) Balance as of September 30, 2014 $ (188 ) $ (1,031 ) $ (1,219 ) Balance as of December 31, 2014 $ (17 ) $ (1,651 ) $ (1,668 ) Other comprehensive loss before reclassifications 33 (16 ) 17 Amounts reclassified from accumulated other comprehensive loss (17 ) — (17 ) Net current-period other comprehensive loss 16 (16 ) - Balance as of September 30, 2015 $ (1 ) $ (1,667 ) $ (1,668 ) Balance as of June 30, 2015 $ (387 ) $ (1,651 ) $ (2,038 ) Other comprehensive loss before reclassifications 386 (16 ) 370 Amounts reclassified from accumulated other comprehensive loss — — — Net current-period other comprehensive loss 386 (16 ) 370 Balance as of September 30, 2015 $ (1 ) $ (1,667 ) $ (1,668 ) |
Schedule of reclassification adjustments from accumulated other comprehensive loss | For the Three Months Ended September 30, For the Nine Months Ended September 30, (Dollars in thousands) 2015 2014 2015 2014 (Unaudited) Detail about Acumulated Other Comprehensive Income Components Amount Reclassified from Accumulated Other Comprehensive Loss Amount Reclassified Amount Reclassified Amount Reclassified Net unrealized holding gain - investment securities available-for-sale $ — $ — $ (29 ) $ — Income tax expense — — 12 — Total, net of tax — — (17 ) — Amortization of defined benefit pension — — — — Income tax expense — — — — Total, net of tax — — — — Total reclassifications for the period $ — $ — $ (17 ) $ — |
LOANS AND ALLOWANCE FOR LOAN 21
LOANS AND ALLOWANCE FOR LOAN LOSSES (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
LOANS AND ALLOWANCE FOR LOAN LOSSES [Abstract] | |
Schedule of Allowance for Loan Losses | For the Three Months September 30, 2015 Faith- Based Residential Commercial Non- Real Other (Dollars in thousands) Commercial Real Estate Profit Estate Consumer Loans Unallocated Total ALLL: Total ending ALLL balances as of June 30, 2015 $ 276 $ 944 $ 1,450 $ 394 $ 23 $ 204 $ 148 $ 3,439 For the three months ended September 30, 2015 Charge-offs (2 ) — — — — (5 ) — (7 ) Recoveries — — — 3 — 2 — 5 Provision for loan losses 54 (19 ) (76 ) (7 ) — 44 4 — Total ending ALLL balances as of September 30, 2015 $ 328 $ 925 $ 1,374 $ 390 $ 23 $ 245 $ 152 $ 3,437 For the Three Months September 30, 2014 Faith- Based Residential Commercial Non- Real Other (Dollars in thousands) Commercial Real Estate Profit Estate Consumer Loans Unallocated Total ALLL: Total ending ALLL balances as of June 30, 2014 $ 109 $ 780 $ 1,686 $ 645 $ 27 $ 109 $ 93 $ 3,449 For the three months ended September 30, 2014 Charge-offs — — — (40 ) — (4 ) — (44 ) Recoveries — — — 4 — 2 — 6 Provision for loan losses 19 7 74 (7 ) — 50 (93 ) 50 Total ending ALLL balances as of September 30, 2014 $ 128 $ 787 $ 1,760 $ 602 $ 27 $ 157 $ — $ 3,461 For the Nine Months September 30, 2015 Faith- Based Residential Commercial Non- Real Other (Dollars in thousands) Commercial Real Estate Profit Estate Consumer Loans Unallocated Total ALLL: Total ending ALLL balances as of December 31, 2014 $ 353 $ 579 $ 1,234 $ 685 $ 28 $ 265 $ 296 $ 3,440 For the nine months ended September 30, 2015 Charge-offs (2 ) — — (7 ) (1 ) (12 ) — (22 ) Recoveries — — — 15 1 3 — 19 Provision for loan losses (23 ) 346 140 (303 ) (5 ) (11 ) (144 ) — Total ending ALLL balances as of September 30, 2015 $ 328 $ 925 $ 1,374 $ 390 $ 23 $ 245 $ 152 $ 3,437 For the Nine Months Ended September 30, 2014 Faith- Based Residential Commercial Non- Real Other (Dollars in thousands) Commercial Real Estate Profit Estate Consumer Loans Unallocated Total ALLL: Total ending ALLL balances as of December 31, 2013 $ 184 $ 808 $ 1,883 $ 493 $ 19 $ 106 $ — $ 3,493 For the nine months ended September 30, 2014 Charge-offs — — — (71 ) (16 ) (15 ) — (102 ) Recoveries — — — 13 1 6 — 20 Provision for loan losses (56 ) (21 ) (123 ) 167 23 60 — 50 Total ending ALLL balances as of September 30, 2014 $ 128 $ 787 $ 1,760 $ 602 $ 27 $ 157 $ — $ 3,461 September 30, 2015 Faith Based Commercial Non- Residential Other (Dollars in thousands) Commercial Real Estate Profit Real Estate Consumer Loans Unallocated Total ALLL: Ending ALLL balance attributable to loans: Individually evaluated for impairment $ — $ 306 $ 293 $ 32 $ — $ — $ — $ 631 Collectively evaluated for impairment 328 619 1,081 358 23 245 152 2,806 Total ending ALLL balance $ 328 $ 925 $ 1,374 $ 390 $ 23 $ 245 $ 152 $ 3,437 Loans: Loans individually evaluated for impairment $ — $ 8,856 $ 16,842 $ 2,360 $ 2 $ — $ — $ 28,060 Loans collectively evaluated for impairment 7,631 38,764 75,078 20,656 1,029 4,538 — 147,696 Total ending loans balance $ 7,631 $ 47,620 $ 91,920 $ 23,016 $ 1,031 $ 4,538 $ — $ 175,756 December 31, 2014 Faith Based Commercial Non- Residential Other (Dollars in thousands) Commercial Real Estate Profit Real Estate Consumer Loans Unallocated Total ALLL: Ending ALLL balance attributable to loans: Individually evaluated for impairment $ — $ 11 $ 6 $ 259 $ — $ — $ — $ 276 Collectively evaluated for impairment 353 568 1,228 426 28 265 296 3,164 Total ending ALLL balance $ 353 $ 579 $ 1,234 $ 685 $ 28 $ 265 $ 296 $ 3,440 Loans: Loans individually evaluated for impairment $ — $ 9,012 $ 16,807 $ 4,450 $ — $ — $ — $ 30,269 Loans collectively evaluated for impairment 7,253 31,051 78,555 22,176 1,232 4,552 — 144,819 Total ending loans balance $ 7,253 $ 40,063 $ 95,362 $ 26,626 $ 1,232 $ 4,552 $ — $ 175,088 |
Loan Portfolio Schedule | (Dollars in thousands) September 30, 2015 December 31, 2014 Commercial $ 7,631 $ 7,253 Commercial real estate: Construction 9,885 2,557 Owner occupied 17,678 18,013 Other 20,057 19,493 Faith-based non-profit: Construction 4,652 6,156 Owner occupied 84,152 84,499 Other 3,116 4,707 Residential real estate: First mortgage 16,676 18,995 Multifamily 2,768 3,001 Home equity 3,450 4,124 Construction 122 506 Consumer 1,031 1,232 Other loans 4,538 4,552 Loans, net of deferred fees 175,756 175,088 ALLL (3,437 ) (3,440 ) Loans, net of ALLL $ 172,319 $ 171,648 |
Schedule of Past Due loans | 90 Days September 30, 2015 30-59 Days 60-89 Days Or More Total Past (Dollars in thousands) Past Due Past Due Past Due Due Current Total Commercial $ — $ — $ — $ — $ 7,631 $ 7,631 Commercial real estate: Construction 403 — — 403 9,482 9,885 Owner occupied 308 — — 308 17,370 17,678 Other 124 — 922 1,046 19,011 20,057 Faith-based non-profit: Construction — — — — 4,652 4,652 Owner occupied 507 — 1,719 2,226 81,926 84,152 Other 71 — — 71 3,045 3,116 Residential real estate: First mortgage — 496 1,101 1,597 15,079 16,676 Multifamily — — — — 2,768 2,768 Home equity 325 — 26 351 3,099 3,450 Construction — — — — 122 122 Consumer 10 — 2 12 1,019 1,031 Other loans — — — — 4,538 4,538 Total $ 1,748 $ 496 $ 3,770 $ 6,014 $ 169,742 $ 175,756 90 Days December 31, 2014 30-59 Days 60-89 Days Or More Total Past (Dollars in thousands) Past Due Past Due Past Due Due Current Total Commercial $ 3 $ — $ — $ 3 $ 7,250 $ 7,253 Commercial real estate: Construction — — — — 2,557 2,557 Owner occupied 69 321 42 432 17,581 18,013 Other 25 1,188 3,602 4,815 14,678 19,493 Faith-based non-profit: Construction — — — — 6,156 6,156 Owner occupied 1,923 435 674 3,032 81,467 84,499 Other — — 15 15 4,692 4,707 Residential real estate: First mortgage 745 103 3,322 4,170 14,825 18,995 Multifamily — — — — 3,001 3,001 Home equity 47 — 23 70 4,054 4,124 Construction — — — — 506 506 Consumer 11 — — 11 1,221 1,232 Other loans — 8 — 8 4,544 4,552 Total $ 2,823 $ 2,055 $ 7,678 $ 12,556 $ 162,532 $ 175,088 |
Schedule of Impaired Loans | September 30, 2015 For the Nine Months Ended For the Three Months Ended Unpaid Average Average Principal Recorded ALLL Interest Recorded Interest Recorded (Dollars in thousands) Balance Investment Allocated Earned Investment Earned Investment With no related allowance recorded: Commercial $ 6 $ — $ — $ — $ — $ — $ — Commercial real estate: Construction 345 354 — 16 124 13 78 Owner occupied 68 69 — 5 56 1 42 Other 4,017 3,782 — 54 3,814 35 3,862 Faith based non-profit: Construction — — — — — — — Owner occupied 6,004 6,017 — 189 5,023 156 7,747 Other — — — — — — — Residential real estate: First mortgage 1,812 1,797 — 109 2,332 8 2,618 Multifamily — — — — — — — Home equity 162 116 — 4 111 — 67 Construction — — — — — — — Consumer 40 2 — — 1 — 1 Impaired loans with no allowance recorded $ 12,454 $ 12,137 $ — $ 377 $ 11,461 $ 213 $ 14,415 With an allowance recorded: Commercial $ — $ — $ — $ — $ 2 $ — $ 1 Commercial real estate: Construction — — — — 229 — 277 Owner occupied 4,661 4,673 306 150 4,724 55 4779 Other — — — — 24 — — Faith based non-profit: Construction — — — — — — — Owner occupied 10,838 10,891 293 416 11,798 43 9,061 Other — — — — — — — Residential real estate: First mortgage 409 412 25 6 907 6 1,471 Multifamily — — — — — — — Home equity 38 38 7 1 46 1 94 Construction — — — — — — — Consumer — — — — — — — Impaired loans with allowance recorded $ 15,946 $ 16,014 $ 631 $ 573 $ 17,730 $ 105 $ 15,683 Impaired loans $ 28,400 $ 28,151 $ 631 $ 950 $ 29,191 $ 318 $ 30,098 December 31, 2014 For the Twelve Months Ended Unpaid Average Principal Recorded ALLL Interest Recorded (Dollars in thousands) Balance Investment Allocated Earned Investment With no related allowance recorded: Commercial $ — $ — $ — $ — $ — Commercial real estate: Construction 77 78 — 6 186 Owner occupied 42 42 — 16 2,818 Other 3,855 3,872 — 100 3,017 Faith based non-profit: Construction — — — — — Owner occupied 9,744 9,764 — 558 9,937 Other — — — — 40 Residential real estate: First mortgage 2,894 2,881 — 172 2,717 Multifamily — — — — — Home equity 20 20 — 2 70 Construction — — — — — Consumer — — — — 8 Impaired loans with no allowance recorded $ 16,632 $ 16,657 $ — $ 854 $ 18,793 With an allowance recorded: Commercial $ — $ — $ — $ — $ — Commercial real estate: Construction 278 279 1 23 176 Owner occupied 4,760 4,800 10 200 1,164 Other — — — — 1,714 Faith based non-profit: Construction — — — — — Owner occupied 7,063 7,361 6 327 6,801 Other — — — — — Residential real estate: First mortgage 1,426 1,427 242 76 644 Multifamily — — — — — Home equity 145 145 17 6 112 Construction — — — — — Consumer — — — — — Impaired loans with allowance recorded $ 13,672 $ 14,012 $ 276 $ 632 $ 10,611 Impaired loans $ 30,304 $ 30,669 $ 276 $ 1,486 $ 29,404 September 30, 2014 For the Nine Months Ended For the Three Months Ended Unpaid Interest Average Interest Average Principal Recorded ALLL Income Recorded Income Recorded (Dollars in thousands) Balance Investment Allocated Recognized Investment Recognized Investment With no related allowance recorded: Commercial $ — $ — $ — $ — $ — $ — $ — Commercial real estate: Construction 77 82 — 4 221 1 80 Owner occupied 3,355 3,367 — 118 3,190 77 3,251 Other 3,130 3,135 — 47 2,855 — 3,257 Faith based non-profit: Construction — — — — — — — Owner occupied 10,005 10,021 — 445 9,952 161 9,623 Other 157 159 — 6 26 6 79 Residential real estate: First mortgage 2,580 2,550 — 93 2,718 46 2,562 Multifamily — — — — — — — Home equity 126 126 — 4 69 4 75 Construction — — — — — — — Consumer 8 8 — 1 9 1 8 Impaired loans with no allowance recorded $ 19,438 $ 19,448 $ — $ 718 $ 19,040 $ 296 $ 18,935 With an allowance recorded: Commercial $ — $ — $ — $ — $ — $ — $ — Commercial real estate: Construction 280 285 39 14 141 2 282 Owner occupied 2,234 2,258 109 73 376 73 1,129 Other — — — — 2,285 — 1,090 Faith based non-profit: Construction — — — — — — — Owner occupied 6,375 6,389 583 234 6,777 57 6,843 Other — — — — — — — Residential real estate: First mortgage 500 480 141 7 541 2 514 Multifamily — — — — — — — Home equity 78 66 29 3 114 — 116 Construction — — — — — — — Consumer — — — — — — — Impaired loans with allowance recorded $ 9,467 $ 9,478 $ 901 $ 331 $ 10,234 $ 134 $ 9,974 Impaired loans $ 28,905 $ 28,926 $ 901 $ 1,049 $ 29,274 $ 430 $ 28,909 |
Schedule of non-accrual loans | 90 Days or More Past Due September 30, 2015 Still (Dollars in thousands) Non-accrual Number Accruing Number Commercial $ — — $ — — Commercial real estate: Construction — — — — Owner occupied — — — — Other 3,711 5 — — Faith-based non-profit: Construction — — — — Owner occupied 482 2 1,254 5 Other — — — — Residential real estate: First mortgage 2,044 31 44 4 Multifamily — — — — Home equity 154 4 8 1 Construction — — — — Consumer 2 1 — — Other loans — — — — Total $ 6,393 43 $ 1,306 10 90 Days or More Past Due December 31, 2014 Still (Dollars in thousands) Non-accrual Number Accruing Number Commercial $ — — $ — — Commercial real estate: Construction — — — — Owner occupied 42 1 — — Other 2,860 3 771 1 Faith-based non-profit: Construction — — — — Owner occupied 133 2 541 2 Other — — 15 1 Residential real estate: First mortgage 2,720 33 1,696 8 Multifamily — — — — Home equity 165 7 — — Construction — — — — Consumer — — — 1 Other loans — — — — Total $ 5,920 46 $ 3,023 13 |
Loans by risk category | September 30, 2015 (Dollars in thousands) Pass Special Mention Substandard Doubtful Total Commercial $ 1,924 $ — $ 5,707 $ — $ 7,631 Commercial real estate: Construction 9,541 — 344 — 9,885 Owner occupied 17,329 281 68 — 17,678 Other 14,994 721 4,342 — 20,057 Faith-based non-profit: Construction 4,652 — — — 4,652 Owner occupied 68,069 9,205 6,878 — 84,152 Other 3,116 — — — 3,116 Residential real estate: First mortgage 14,002 15 2,659 — 16,676 Multifamily 2,679 30 59 — 2,768 Home equity 3,252 — 198 — 3,450 Construction 122 — — — 122 Consumer 1,014 11 6 — 1,031 Other loans 4,538 — — — 4,538 Total $ 145,232 $ 10,263 $ 20,261 $ — $ 175,756 December 31, 2014 (Dollars in thousands) Pass Special Mention Substandard Doubtful Total Commercial $ 1,279 $ 3,159 $ 2,815 $ — $ 7,253 Commercial real estate: Construction 2,202 — 355 — 2,557 Owner occupied 17,596 306 111 — 18,013 Other 14,263 457 4,773 — 19,493 Faith-based non-profit: Construction 6,156 — — — 6,156 Owner occupied 68,963 6,160 9,376 — 84,499 Other 4,707 — — — 4,707 Residential real estate: First mortgage 14,328 88 4,579 — 18,995 Multifamily 2,910 31 60 — 3,001 Home equity 3,910 — 214 — 4,124 Construction 506 — — — 506 Consumer 1,213 14 5 — 1,232 Other loans 4,552 — — — 4,552 Total $ 142,585 $ 10,215 $ 22,288 $ — $ 175,088 |
Schedule of Troubled Debt Restructurings | Troubled Debt Restructurings September 30, 2015 Non-accrual Total Accrual Status Status Modifications (Dollars in thousands) Number Amount Number Amount Number Amount Commercial real estate: Construction 2 $ 345 — $ — 2 $ 345 Owner occupied 4 4,729 — — 4 4,729 Other 1 71 3 2,918 4 2,989 Faith-based non-profit: Owner occupied 20 16,360 1 17 21 16,377 Other — — — — 4 — Residential real estate: First mortgage 3 143 3 268 6 411 Total 30 $ 21,648 7 $ 3,203 41 $ 24,851 Troubled Debt Restructurings December 31, 2014 Non-accrual Total Accrual Status Status Modifications (Dollars in thousands) Number Amount Number Amount Number Amount Commercial real estate: Construction 2 $ 355 — $ — 2 $ 355 Owner occupied 4 4,760 — — 4 4,760 Other 2 224 2 2,830 4 3,054 Faith-based non-profit: Owner occupied 20 16,391 1 22 21 16,413 Other — — — — — — Residential real estate: First mortgage 1 23 2 164 3 187 Total 29 $ 21,753 5 $ 3,016 34 $ 24,769 TDR Modifications For the Three Months Ended September 30, 2015 Pre-modification Outstanding Post-modification Outstanding (Dollars in thousands) Number of loans Recorded Investment Recorded Investment Extended Payment terms: Residential real estate: First mortgage 1 $ 129 $ 127 Total 1 $ 129 $ 127 TDR Modifications For the Nine Months Ended September 30, 2015 Pre-modification Outstanding Post-modification Outstanding (Dollars in thousands) Number of loans Recorded Investment Recorded Investment Below market interest rates Residential real estate: First mortgage 2 $ 129 $ 125 Extended payment terms: Residential real estate: First mortgage 1 129 127 Total 3 $ 258 $ 252 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
COMMITMENTS AND CONTINGENCIES [Abstract] | |
Schedule of commitments | (Dollars in thousands) Commercial Other loan Total commitments Less than one year $ 176 $ 14,656 $ 14,832 One to three years 250 5,492 5,742 Three to five years — 108 108 More than five years 93 1,301 1,394 Total $ 519 $ 21,557 $ 22,076 |
FAIR VALUE MEASUREMENT (Tables)
FAIR VALUE MEASUREMENT (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
FAIR VALUE MEASUREMENT [Abstract] | |
Schedule of assets and liabilities measured at fair value on a recurring basis | (Dollars in thousands) Quoted Prices in Significant Other Significant Active Markets for Observable Unobservable Identical Assets Inputs Inputs Description September 30, 2015 (Level 1) (Level 2) (Level 3) Recurring: U.S. Agencies $ 30,450 $ — $ 30,450 $ — MBS Residential 34,525 — 34,525 — Municipals 7,486 — 7,486 — Mortgage servicing rights 19 — — 19 Total $ 72,480 $ — $ 72,461 $ 19 (Dollars in thousands) Quoted Prices in Significant Other Significant Active Markets for Observable Unobservable Identical Assets Inputs Inputs Description December 31, 2014 (Level 1) (Level 2) (Level 3) Recurring: U.S. Agencies $ 12,339 $ — $ 12,339 $ — MBS Residential 56,355 — 56,355 — Municipals 1,009 — 1,009 — Mortgage servicing rights 22 — — 22 Total $ 69,725 $ — $ 69,703 $ 22 |
Schedule of fair value of Level 3 assets | (Dollars in thousands) Mortgage Servicing Rights Beginning balance (December 31, 2014) $ 22 Amortization 3 Ending Balance (June 30, 2015) $ 19 (Dollars in thousands) Mortgage Servicing Rights Beginning balance (December 31, 2013) $ 25 Amortization 3 Ending Balance (December 31, 2014) $ 22 |
Schedule of assets and liabilities measured at fair value on a non recurring basis | (Dollars in thousands) Quoted Prices in Significant Other Significant Active Markets for Observable Unobservable Identical Assets Inputs Inputs Description September 30, 2015 (Level 1) (Level 2) (Level 3) Nonrecurring: OREO $ 2,136 $ — $ — $ 2,136 Impaired loans: Commercial real estate 8,572 — — 8,572 Faith-based non-profit 16,615 — — 16,615 Residential real estate 2,331 — — 2,331 Consumer 2 — — 2 Total $ 29,656 $ — $ — $ 29,656 (Dollars in thousands) Quoted Prices in Significant Other Significant Active Markets for Observable Unobservable Identical Assets Inputs Inputs Description December 31, 2014 (Level 1) (Level 2) (Level 3) Nonrecurring: OREO $ 3,069 $ — $ — $ 3,069 Impaired loans: Commercial real estate 9,060 — — 9,060 Faith-based non-profit 17,119 — — 17,119 Residential real estate 4,214 — — 4,214 Total $ 33,462 $ — $ — $ 33,462 |
Schedule of Level 3 fair value measurement methods | (Dollars in thousands) Significant Significant Valuation Unobservable Unobservable Description September 30, 2015 Technique Inputs Input Value Nonrecurring: OREO $ 2,136 discounted appraisals collateral discounts 6 20 Impaired loans 27,520 discounted appraisals collateral discounts 6 20 Total $ 29,656 (Dollars in thousands) Significant Significant Valuation Unobservable Unobservable Description December 31, 2014 Technique Inputs Input Value Nonrecurring: OREO $ 3,069 discounted appraisals collateral discounts 6 20 Impaired loans 30,393 discounted appraisals collateral discounts 6 20 Total $ 33,462 |
Schedule of carrying amount and fair value of financial instruments | September 30, 2015 (Dollars in thousands) Carrying Estimated Amount Fair Value Level 1 Level 2 Level 3 Assets: Cash and cash equivalents $ 36,047 $ 36,047 $ 36,047 $ — $ — Investment securities available for sale 72,461 72,461 — 72,461 — Loans, net of allowances for loan losses 172,319 175,687 — — 175,687 Accrued interest receivable 785 785 785 — — Liabilities: Non-maturity deposits $ 125,136 $ 125,136 $ 125,136 $ — $ — Maturity deposits 133,359 132,514 — 132,514 — Other borrowings 953 912 — — 912 Accrued interest payable 145 145 145 — — December 31, 2014 (Dollars in thousands) Carrying Estimated Amount Fair Value Level 1 Level 2 Level 3 Assets: Cash and cash equivalents $ 35,574 $ 35,574 $ 35,574 $ — $ — Investment securities available for sale 69,703 69,703 — 69,703 — Loans, net of allowances for loan losses 171,648 175,165 — — 175,165 Accrued interest receivable 816 816 816 — — Liabilities: Non-maturity deposits $ 119,383 $ 119,383 $ 119,383 $ — $ — Maturity deposits 136,477 135,965 — 135,965 — Other borrowings 784 734 — — 734 Accrued interest payable 76 76 76 — — |
INVESTMENT SECURITIES (Schedule
INVESTMENT SECURITIES (Schedule of Investment Securities) (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2015 | Dec. 31, 2014 | |
Investment securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | $ 72,462 | $ 69,732 |
Available-for-sale Securities, Gross Unrealized Gains | 252 | 316 |
Available-for-sale Securities, Gross Unrealized Losses | (253) | (345) |
Available-for-sale Securities, Debt Securities | 72,461 | 69,703 |
U.S Agencies [Member] | ||
Investment securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 30,382 | 12,373 |
Available-for-sale Securities, Gross Unrealized Gains | 70 | 26 |
Available-for-sale Securities, Gross Unrealized Losses | (2) | (60) |
Available-for-sale Securities, Debt Securities | 30,450 | 12,339 |
MBS - Residential [Member] | ||
Investment securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 34,591 | 56,350 |
Available-for-sale Securities, Gross Unrealized Gains | 157 | 281 |
Available-for-sale Securities, Gross Unrealized Losses | (223) | (276) |
Available-for-sale Securities, Debt Securities | 34,525 | 56,355 |
Municipal - North Carolina [Member] | ||
Investment securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 7,489 | 1,009 |
Available-for-sale Securities, Gross Unrealized Gains | 25 | 9 |
Available-for-sale Securities, Gross Unrealized Losses | (28) | (9) |
Available-for-sale Securities, Debt Securities | $ 7,486 | $ 1,009 |
INVESTMENT SECURITIES (Schedu25
INVESTMENT SECURITIES (Schedule of Investment Securities Maturities) (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Fair Value | ||
Total debt securities | $ 72,461 | $ 69,703 |
U.S Agencies [Member] | ||
Fair Value | ||
Due within one year | 2,502 | 2,498 |
Due after one year through five years | 25,949 | 7,887 |
Due after five years through ten years | 1,999 | 1,954 |
Total debt securities | 30,450 | 12,339 |
Amortized Cost | ||
Due within one year | 2,498 | 2,499 |
Due after one year through five years | 25,884 | 7,874 |
Due after five years through ten years | 2,000 | 2,000 |
Total debt securities | 30,382 | 12,373 |
MBS - Residential [Member] | ||
Fair Value | ||
Due within one year | 6,456 | 10,114 |
Due after one year through five years | 14,828 | 24,003 |
Due after five years through ten years | 8,435 | 13,803 |
Due after ten years | 4,806 | 8,435 |
Total debt securities | 34,525 | 56,355 |
Amortized Cost | ||
Due within one year | 6,487 | 10,139 |
Due after one year through five years | 14,863 | 24,018 |
Due after five years through ten years | 8,426 | 13,771 |
Due after ten years | 4,815 | 8,422 |
Total debt securities | 34,591 | 56,350 |
Municipals [Member] | ||
Fair Value | ||
Due within one year | 263 | 162 |
Due after one year through five years | 733 | 268 |
Due after five years through ten years | 5,470 | 579 |
Due after ten years | 1,020 | |
Total debt securities | 7,486 | 1,009 |
Amortized Cost | ||
Due within one year | 260 | 161 |
Due after one year through five years | 739 | 260 |
Due after five years through ten years | 5,473 | 588 |
Due after ten years | 1,017 | |
Total debt securities | $ 7,489 | $ 1,009 |
INVESTMENT SECURITIES (Schedu26
INVESTMENT SECURITIES (Schedule of Securities in an Unrealized Loss Position) (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2015 | Dec. 31, 2014 | |
Securities in an Unrealized Loss Position for Less than 12 Months | ||
Fair Value | $ 9,570 | $ 18,576 |
Unrealized Losses | (66) | (87) |
Securities in an Unrealized Loss Position for More than 12 Months | ||
Fair Value | 11,203 | 16,009 |
Unrealized Losses | (187) | (258) |
Securities Total | ||
Total Fair Value | 20,773 | 34,585 |
Total Unrealized Losses | (253) | (345) |
U.S Agencies [Member] | ||
Securities in an Unrealized Loss Position for Less than 12 Months | ||
Fair Value | 1,999 | 5,982 |
Unrealized Losses | (1) | (14) |
Securities in an Unrealized Loss Position for More than 12 Months | ||
Fair Value | 999 | 1,954 |
Unrealized Losses | (1) | (46) |
Securities Total | ||
Total Fair Value | 2,998 | 7,936 |
Total Unrealized Losses | (2) | (60) |
MBS - Residential [Member] | ||
Securities in an Unrealized Loss Position for Less than 12 Months | ||
Fair Value | 4,023 | 12,594 |
Unrealized Losses | (37) | (73) |
Securities in an Unrealized Loss Position for More than 12 Months | ||
Fair Value | 10,204 | 13,476 |
Unrealized Losses | (186) | (203) |
Securities Total | ||
Total Fair Value | 14,227 | 26,070 |
Total Unrealized Losses | (223) | $ (276) |
Municipals [Member] | ||
Securities in an Unrealized Loss Position for Less than 12 Months | ||
Fair Value | 3,548 | |
Unrealized Losses | $ (28) | |
Securities in an Unrealized Loss Position for More than 12 Months | ||
Fair Value | $ 579 | |
Unrealized Losses | (9) | |
Securities Total | ||
Total Fair Value | $ 3,548 | 579 |
Total Unrealized Losses | $ (28) | $ (9) |
INVESTMENT SECURITIES (Narrativ
INVESTMENT SECURITIES (Narrative) (Details) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015USD ($)N | Sep. 30, 2014USD ($) | Sep. 30, 2015USD ($)N | Dec. 31, 2014USD ($)N | |
INVESTMENT SECURITIES [Abstract] | ||||
Gross realized gains | $ 0 | $ 0 | $ 205,000 | |
Gross realized losses | $ 0 | $ 0 | $ (176,000) | |
Number of investment positions | N | 46 | 46 | 59 | |
Investment securities available for sale, at fair value | $ 72,461,000 | $ 72,461,000 | $ 69,703,000 | |
Pledged to Federal Reserve Bank [Member] | ||||
Funds pledged for public deposits | 800,000 | 800,000 | 1,000,000 | |
Pledged to Public Housing [Member] | ||||
Funds pledged for public deposits | 3,000,000 | 3,000,000 | 3,800,000 | |
Pledged to NC State Treasurer [Member] | ||||
Funds pledged for public deposits | $ 22,700,000 | $ 22,700,000 | $ 18,100,000 |
FEDERAL HOME LOAN BANK OF ATL28
FEDERAL HOME LOAN BANK OF ATLANTA ("FHLB") (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
FEDERAL HOME LOAN BANK OF ATLANTA ("FHLB") [Abstract] | ||
Required investment in FHLB stock as a percent of total assets | 0.09% | |
Base amount, as a component of the maximum amount of FHLB stock that may be purchased | $ 15 | |
Percent of outstanding FHLB advances, as a component of the maximum amount of FHLB stock that may be purchased | 4.50% | |
Carrying value of FHLB stock | $ 0.3 | $ 0.3 |
ACCUMULATED OTHER COMPREHENSI29
ACCUMULATED OTHER COMPREHENSIVE INCOME (Schedule of Changes in Accumulated Other Comprehensive Income (Loss) by Component) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Unrealized Gains and Losses on Available-for-Sale Securities | ||||
Balance, beginning | $ (387) | $ (70) | $ (17) | $ (405) |
Other comprehensive income (loss) before reclassifications | $ 386 | $ (118) | 33 | $ 217 |
Amounts reclassified from accumulated other comprehensive loss | (17) | |||
Net current-period other comprehensive income (loss) | $ 386 | $ (118) | 16 | $ 217 |
Balance, ending | (1) | (188) | (1) | (188) |
Defined Benefit Pension Items | ||||
Balance, beginning | (1,651) | (1,020) | (1,651) | (1,020) |
Other comprehensive income (loss) before reclassifications | $ (16) | $ (11) | $ (16) | $ (11) |
Amounts reclassified from accumulated other comprehensive loss | ||||
Net current-period other comprehensive income (loss) | $ (16) | $ (11) | $ (16) | $ (11) |
Balance, ending | (1,667) | (1,031) | (1,667) | (1,031) |
Total | ||||
Accumulated other comprehensive loss | (2,038) | (1,090) | (1,668) | (1,425) |
Other comprehensive income (loss) before reclassifications | $ 370 | $ (129) | 17 | $ 206 |
Amounts reclassified from accumulated other comprehensive loss | $ (17) | |||
Net current-period other comprehensive income (loss) | $ 370 | $ (129) | $ 206 | |
Accumulated other comprehensive loss | $ (1,668) | $ (1,219) | $ (1,668) | $ (1,219) |
ACCUMULATED OTHER COMPREHENSI30
ACCUMULATED OTHER COMPREHENSIVE INCOME (Schedule of reclassification adjustments from accumulated other comprehensive loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
RECLASSIFICATION ADJUSTMENTS FROM ACCUMULATED OTHER COMPREHENSIVE LOSS [Line items] | ||||
Net unrealized holding gain - investment securities available-for-sale | $ 29 | |||
Income tax expense | (12) | |||
Total reclassifications for the period | 17 | |||
Reclassification out of accumulated other comprehensive loss | ||||
RECLASSIFICATION ADJUSTMENTS FROM ACCUMULATED OTHER COMPREHENSIVE LOSS [Line items] | ||||
Net unrealized holding gain - investment securities available-for-sale | (29) | |||
Income tax expense | 12 | |||
Total, net of tax | $ (17) | |||
Amortization of defined benefit pension | ||||
Income tax expense | ||||
Total, net of tax | ||||
Total reclassifications for the period | $ (17) |
LOANS AND ALLOWANCE FOR LOAN 31
LOANS AND ALLOWANCE FOR LOAN LOSSES (Schedule of Reported Investment in Loans, Net of Deferred Fees and Costs, by Portfolio Segment and Based on Impairment Method) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Loans and allowance for loan losses ("ALLL") [Line Items] | ||||
Beginning balance | $ 3,439 | $ 3,449 | $ 3,440 | $ 3,493 |
Charge-offs | (7) | (44) | (22) | (102) |
Recoveries | $ 5 | 6 | $ 19 | 20 |
Provision (decrease) increase | 50 | 50 | ||
Ending balance | $ 3,437 | 3,461 | $ 3,437 | 3,461 |
Commercial [Member] | ||||
Loans and allowance for loan losses ("ALLL") [Line Items] | ||||
Beginning balance | 276 | $ 109 | 353 | $ 184 |
Charge-offs | $ (2) | $ (2) | ||
Recoveries | ||||
Provision (decrease) increase | $ 54 | $ 19 | $ (23) | $ (56) |
Ending balance | 328 | 128 | 328 | 128 |
Commercial Real Estate [Member] | ||||
Loans and allowance for loan losses ("ALLL") [Line Items] | ||||
Beginning balance | $ 944 | $ 780 | $ 579 | $ 808 |
Charge-offs | ||||
Recoveries | ||||
Provision (decrease) increase | $ (19) | $ 7 | $ 346 | $ (21) |
Ending balance | 925 | 787 | 925 | 787 |
Faith Based Non-Profit [Member] | ||||
Loans and allowance for loan losses ("ALLL") [Line Items] | ||||
Beginning balance | $ 1,450 | $ 1,686 | $ 1,234 | $ 1,883 |
Charge-offs | ||||
Recoveries | ||||
Provision (decrease) increase | $ (76) | $ 74 | $ 140 | $ (123) |
Ending balance | 1,374 | 1,760 | 1,374 | 1,760 |
Residential Real Estate [Member] | ||||
Loans and allowance for loan losses ("ALLL") [Line Items] | ||||
Beginning balance | $ 394 | 645 | 685 | 493 |
Charge-offs | (40) | (7) | (71) | |
Recoveries | $ 3 | 4 | 15 | 13 |
Provision (decrease) increase | (7) | (7) | (303) | 167 |
Ending balance | 390 | 602 | 390 | 602 |
Consumer [Member] | ||||
Loans and allowance for loan losses ("ALLL") [Line Items] | ||||
Beginning balance | $ 23 | $ 27 | 28 | 19 |
Charge-offs | (1) | (16) | ||
Recoveries | 1 | 1 | ||
Provision (decrease) increase | (5) | 23 | ||
Ending balance | $ 23 | $ 27 | 23 | 27 |
Other [Member] | ||||
Loans and allowance for loan losses ("ALLL") [Line Items] | ||||
Beginning balance | 204 | 109 | 265 | 106 |
Charge-offs | (5) | (4) | (12) | (15) |
Recoveries | 2 | 2 | 3 | 6 |
Provision (decrease) increase | 44 | 50 | (11) | 60 |
Ending balance | 245 | 157 | 245 | $ 157 |
Unallocated [Member] | ||||
Loans and allowance for loan losses ("ALLL") [Line Items] | ||||
Beginning balance | $ 148 | $ 93 | $ 296 | |
Charge-offs | ||||
Recoveries | ||||
Provision (decrease) increase | $ 4 | $ (93) | $ (144) | |
Ending balance | $ 152 | $ 152 |
LOANS AND ALLOWANCE FOR LOAN 32
LOANS AND ALLOWANCE FOR LOAN LOSSES (Schedule of Ending Balances of Allownace for Loan Losses and Loans) (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Jun. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 |
Ending balances: Allowance for loan losses | ||||||
Individually evaluated for impairment | $ 631 | $ 276 | ||||
Collectively evaluated for impairment | 2,806 | 3,164 | ||||
Allowances for loan losses | 3,437 | $ 3,439 | 3,440 | $ 3,461 | $ 3,449 | $ 3,493 |
Ending balances: Loans | ||||||
Individually evaluated for impairment | 28,060 | 30,269 | ||||
Collectively evaluated for impairment | 147,696 | 144,819 | ||||
Loans, net of unearned income and deferred fees | $ 175,756 | $ 175,088 | ||||
Commercial [Member] | ||||||
Ending balances: Allowance for loan losses | ||||||
Individually evaluated for impairment | ||||||
Collectively evaluated for impairment | $ 328 | $ 353 | ||||
Allowances for loan losses | $ 328 | 276 | $ 353 | 128 | 109 | 184 |
Ending balances: Loans | ||||||
Individually evaluated for impairment | ||||||
Collectively evaluated for impairment | $ 7,631 | $ 7,253 | ||||
Loans, net of unearned income and deferred fees | 7,631 | 7,253 | ||||
Commercial Real Estate [Member] | ||||||
Ending balances: Allowance for loan losses | ||||||
Individually evaluated for impairment | 306 | 11 | ||||
Collectively evaluated for impairment | 619 | 568 | ||||
Allowances for loan losses | 925 | 944 | 579 | 787 | 780 | 808 |
Ending balances: Loans | ||||||
Individually evaluated for impairment | 8,856 | 9,012 | ||||
Collectively evaluated for impairment | 38,764 | 31,051 | ||||
Loans, net of unearned income and deferred fees | 47,620 | 40,063 | ||||
Faith Based Non-Profit [Member] | ||||||
Ending balances: Allowance for loan losses | ||||||
Individually evaluated for impairment | 293 | 6 | ||||
Collectively evaluated for impairment | 1,081 | 1,228 | ||||
Allowances for loan losses | 1,374 | 1,450 | 1,234 | 1,760 | 1,686 | 1,883 |
Ending balances: Loans | ||||||
Individually evaluated for impairment | 16,842 | 16,807 | ||||
Collectively evaluated for impairment | 75,078 | 78,555 | ||||
Loans, net of unearned income and deferred fees | 91,920 | 95,362 | ||||
Residential Real Estate [Member] | ||||||
Ending balances: Allowance for loan losses | ||||||
Individually evaluated for impairment | 32 | 259 | ||||
Collectively evaluated for impairment | 358 | 426 | ||||
Allowances for loan losses | 390 | 394 | 685 | 602 | 645 | 493 |
Ending balances: Loans | ||||||
Individually evaluated for impairment | 2,360 | 4,450 | ||||
Collectively evaluated for impairment | 20,656 | 22,176 | ||||
Loans, net of unearned income and deferred fees | $ 23,016 | $ 26,626 | ||||
Consumer [Member] | ||||||
Ending balances: Allowance for loan losses | ||||||
Individually evaluated for impairment | ||||||
Collectively evaluated for impairment | $ 23 | $ 28 | ||||
Allowances for loan losses | 23 | 23 | $ 28 | 27 | 27 | 19 |
Ending balances: Loans | ||||||
Individually evaluated for impairment | 2 | |||||
Collectively evaluated for impairment | 1,029 | $ 1,232 | ||||
Loans, net of unearned income and deferred fees | $ 1,031 | $ 1,232 | ||||
Other [Member] | ||||||
Ending balances: Allowance for loan losses | ||||||
Individually evaluated for impairment | ||||||
Collectively evaluated for impairment | $ 245 | $ 265 | ||||
Allowances for loan losses | $ 245 | 204 | $ 265 | $ 157 | 109 | $ 106 |
Ending balances: Loans | ||||||
Individually evaluated for impairment | ||||||
Collectively evaluated for impairment | $ 4,538 | $ 4,552 | ||||
Loans, net of unearned income and deferred fees | $ 4,538 | $ 4,552 | ||||
Unallocated [Member] | ||||||
Ending balances: Allowance for loan losses | ||||||
Individually evaluated for impairment | ||||||
Collectively evaluated for impairment | $ 152 | $ 296 | ||||
Allowances for loan losses | $ 152 | $ 148 | $ 296 | $ 93 | ||
Ending balances: Loans | ||||||
Individually evaluated for impairment | ||||||
Collectively evaluated for impairment | ||||||
Loans, net of unearned income and deferred fees |
LOANS AND ALLOWANCE FOR LOAN 33
LOANS AND ALLOWANCE FOR LOAN LOSSES (Schedule of Composition of Loan Portfolio, Net of Deferred Fees and Costs, By Loan Classification) (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Jun. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 |
Loans and allowance for loan losses ("ALLL") [Line Items] | ||||||
Loans, net of unearned income and deferred fees | $ 175,756 | $ 175,088 | ||||
Allowance for loan losses | (3,437) | $ (3,439) | (3,440) | $ (3,461) | $ (3,449) | $ (3,493) |
Loans, net | 172,319 | 171,648 | ||||
Commercial [Member] | ||||||
Loans and allowance for loan losses ("ALLL") [Line Items] | ||||||
Loans, net of unearned income and deferred fees | 7,631 | 7,253 | ||||
Allowance for loan losses | (328) | (276) | (353) | (128) | (109) | (184) |
Commercial Real Estate Construction [Member] | ||||||
Loans and allowance for loan losses ("ALLL") [Line Items] | ||||||
Loans, net of unearned income and deferred fees | 9,885 | 2,557 | ||||
Commercial Real Estate Owner Occupied [Member] | ||||||
Loans and allowance for loan losses ("ALLL") [Line Items] | ||||||
Loans, net of unearned income and deferred fees | 17,678 | 18,013 | ||||
Commercial Real Estate Other [Member] | ||||||
Loans and allowance for loan losses ("ALLL") [Line Items] | ||||||
Loans, net of unearned income and deferred fees | 20,057 | 19,493 | ||||
Faith Based Non-Profit Construction [Member] | ||||||
Loans and allowance for loan losses ("ALLL") [Line Items] | ||||||
Loans, net of unearned income and deferred fees | 4,652 | 6,156 | ||||
Faith Based Non-Profit Owner Occupied [Member] | ||||||
Loans and allowance for loan losses ("ALLL") [Line Items] | ||||||
Loans, net of unearned income and deferred fees | 84,152 | 84,499 | ||||
Faith Based Non-Profit Other [Member] | ||||||
Loans and allowance for loan losses ("ALLL") [Line Items] | ||||||
Loans, net of unearned income and deferred fees | 3,116 | 4,707 | ||||
Residential Real Estate First Mortgage [Member] | ||||||
Loans and allowance for loan losses ("ALLL") [Line Items] | ||||||
Loans, net of unearned income and deferred fees | 16,676 | 18,995 | ||||
Residential Real Estate Multifamily [Member] | ||||||
Loans and allowance for loan losses ("ALLL") [Line Items] | ||||||
Loans, net of unearned income and deferred fees | 2,768 | 3,001 | ||||
Residential Real Estate Home Equity [Member] | ||||||
Loans and allowance for loan losses ("ALLL") [Line Items] | ||||||
Loans, net of unearned income and deferred fees | 3,450 | 4,124 | ||||
Residential Real Estate Construction [Member] | ||||||
Loans and allowance for loan losses ("ALLL") [Line Items] | ||||||
Loans, net of unearned income and deferred fees | 122 | 506 | ||||
Consumer [Member] | ||||||
Loans and allowance for loan losses ("ALLL") [Line Items] | ||||||
Loans, net of unearned income and deferred fees | 1,031 | 1,232 | ||||
Allowance for loan losses | (23) | (23) | (28) | (27) | (27) | (19) |
Other [Member] | ||||||
Loans and allowance for loan losses ("ALLL") [Line Items] | ||||||
Loans, net of unearned income and deferred fees | 4,538 | 4,552 | ||||
Allowance for loan losses | $ (245) | $ (204) | $ (265) | $ (157) | $ (109) | $ (106) |
LOANS AND ALLOWANCE FOR LOAN 34
LOANS AND ALLOWANCE FOR LOAN LOSSES (Schedule of Loans Not Past Due, and Aging of Past Due Loans) (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Aging Schedule of Loans Receivable | ||
Total past due | $ 6,014 | $ 12,556 |
Current | 169,742 | 162,532 |
Loans, net of unearned income and deferred fees | 175,756 | 175,088 |
30-59 Days Past Due [Member] | ||
Aging Schedule of Loans Receivable | ||
Total past due | 1,748 | 2,823 |
60-89 Days Past Due [Member] | ||
Aging Schedule of Loans Receivable | ||
Total past due | 496 | 2,055 |
90 Days Or More Past Due [Member] | ||
Aging Schedule of Loans Receivable | ||
Total past due | $ 3,770 | 7,678 |
Commercial [Member] | ||
Aging Schedule of Loans Receivable | ||
Total past due | 3 | |
Current | $ 7,631 | 7,250 |
Loans, net of unearned income and deferred fees | $ 7,631 | 7,253 |
Commercial [Member] | 30-59 Days Past Due [Member] | ||
Aging Schedule of Loans Receivable | ||
Total past due | $ 3 | |
Commercial [Member] | 60-89 Days Past Due [Member] | ||
Aging Schedule of Loans Receivable | ||
Total past due | ||
Commercial [Member] | 90 Days Or More Past Due [Member] | ||
Aging Schedule of Loans Receivable | ||
Total past due | ||
Commercial Real Estate Construction [Member] | ||
Aging Schedule of Loans Receivable | ||
Total past due | $ 403 | |
Current | 9,482 | $ 2,557 |
Loans, net of unearned income and deferred fees | 9,885 | $ 2,557 |
Commercial Real Estate Construction [Member] | 30-59 Days Past Due [Member] | ||
Aging Schedule of Loans Receivable | ||
Total past due | $ 403 | |
Commercial Real Estate Construction [Member] | 60-89 Days Past Due [Member] | ||
Aging Schedule of Loans Receivable | ||
Total past due | ||
Commercial Real Estate Construction [Member] | 90 Days Or More Past Due [Member] | ||
Aging Schedule of Loans Receivable | ||
Total past due | ||
Commercial Real Estate Owner Occupied [Member] | ||
Aging Schedule of Loans Receivable | ||
Total past due | $ 308 | $ 432 |
Current | 17,370 | 17,581 |
Loans, net of unearned income and deferred fees | 17,678 | 18,013 |
Commercial Real Estate Owner Occupied [Member] | 30-59 Days Past Due [Member] | ||
Aging Schedule of Loans Receivable | ||
Total past due | $ 308 | 69 |
Commercial Real Estate Owner Occupied [Member] | 60-89 Days Past Due [Member] | ||
Aging Schedule of Loans Receivable | ||
Total past due | 321 | |
Commercial Real Estate Owner Occupied [Member] | 90 Days Or More Past Due [Member] | ||
Aging Schedule of Loans Receivable | ||
Total past due | 42 | |
Commercial Real Estate Other [Member] | ||
Aging Schedule of Loans Receivable | ||
Total past due | $ 1,046 | 4,815 |
Current | 19,011 | 14,678 |
Loans, net of unearned income and deferred fees | 20,057 | 19,493 |
Commercial Real Estate Other [Member] | 30-59 Days Past Due [Member] | ||
Aging Schedule of Loans Receivable | ||
Total past due | $ 124 | 25 |
Commercial Real Estate Other [Member] | 60-89 Days Past Due [Member] | ||
Aging Schedule of Loans Receivable | ||
Total past due | 1,188 | |
Commercial Real Estate Other [Member] | 90 Days Or More Past Due [Member] | ||
Aging Schedule of Loans Receivable | ||
Total past due | $ 922 | $ 3,602 |
Faith Based Non-Profit Construction [Member] | ||
Aging Schedule of Loans Receivable | ||
Total past due | ||
Current | $ 4,652 | $ 6,156 |
Loans, net of unearned income and deferred fees | $ 4,652 | $ 6,156 |
Faith Based Non-Profit Construction [Member] | 30-59 Days Past Due [Member] | ||
Aging Schedule of Loans Receivable | ||
Total past due | ||
Faith Based Non-Profit Construction [Member] | 60-89 Days Past Due [Member] | ||
Aging Schedule of Loans Receivable | ||
Total past due | ||
Faith Based Non-Profit Construction [Member] | 90 Days Or More Past Due [Member] | ||
Aging Schedule of Loans Receivable | ||
Total past due | ||
Faith Based Non-Profit Owner Occupied [Member] | ||
Aging Schedule of Loans Receivable | ||
Total past due | $ 2,226 | $ 3,032 |
Current | 81,926 | 81,467 |
Loans, net of unearned income and deferred fees | 84,152 | 84,499 |
Faith Based Non-Profit Owner Occupied [Member] | 30-59 Days Past Due [Member] | ||
Aging Schedule of Loans Receivable | ||
Total past due | $ 507 | 1,923 |
Faith Based Non-Profit Owner Occupied [Member] | 60-89 Days Past Due [Member] | ||
Aging Schedule of Loans Receivable | ||
Total past due | 435 | |
Faith Based Non-Profit Owner Occupied [Member] | 90 Days Or More Past Due [Member] | ||
Aging Schedule of Loans Receivable | ||
Total past due | $ 1,719 | 674 |
Faith Based Non-Profit Other [Member] | ||
Aging Schedule of Loans Receivable | ||
Total past due | 71 | 15 |
Current | 3,045 | 4,692 |
Loans, net of unearned income and deferred fees | 3,116 | $ 4,707 |
Faith Based Non-Profit Other [Member] | 30-59 Days Past Due [Member] | ||
Aging Schedule of Loans Receivable | ||
Total past due | $ 71 | |
Faith Based Non-Profit Other [Member] | 60-89 Days Past Due [Member] | ||
Aging Schedule of Loans Receivable | ||
Total past due | ||
Faith Based Non-Profit Other [Member] | 90 Days Or More Past Due [Member] | ||
Aging Schedule of Loans Receivable | ||
Total past due | $ 15 | |
Residential Real Estate First Mortgage [Member] | ||
Aging Schedule of Loans Receivable | ||
Total past due | $ 1,597 | 4,170 |
Current | 15,079 | 14,825 |
Loans, net of unearned income and deferred fees | $ 16,676 | 18,995 |
Residential Real Estate First Mortgage [Member] | 30-59 Days Past Due [Member] | ||
Aging Schedule of Loans Receivable | ||
Total past due | 745 | |
Residential Real Estate First Mortgage [Member] | 60-89 Days Past Due [Member] | ||
Aging Schedule of Loans Receivable | ||
Total past due | $ 496 | 103 |
Residential Real Estate First Mortgage [Member] | 90 Days Or More Past Due [Member] | ||
Aging Schedule of Loans Receivable | ||
Total past due | $ 1,101 | $ 3,322 |
Residential Real Estate Multifamily [Member] | ||
Aging Schedule of Loans Receivable | ||
Total past due | ||
Current | $ 2,768 | $ 3,001 |
Loans, net of unearned income and deferred fees | $ 2,768 | $ 3,001 |
Residential Real Estate Multifamily [Member] | 30-59 Days Past Due [Member] | ||
Aging Schedule of Loans Receivable | ||
Total past due | ||
Residential Real Estate Multifamily [Member] | 60-89 Days Past Due [Member] | ||
Aging Schedule of Loans Receivable | ||
Total past due | ||
Residential Real Estate Multifamily [Member] | 90 Days Or More Past Due [Member] | ||
Aging Schedule of Loans Receivable | ||
Total past due | ||
Residential Real Estate Home Equity [Member] | ||
Aging Schedule of Loans Receivable | ||
Total past due | $ 351 | $ 70 |
Current | 3,099 | 4,054 |
Loans, net of unearned income and deferred fees | 3,450 | 4,124 |
Residential Real Estate Home Equity [Member] | 30-59 Days Past Due [Member] | ||
Aging Schedule of Loans Receivable | ||
Total past due | $ 325 | $ 47 |
Residential Real Estate Home Equity [Member] | 60-89 Days Past Due [Member] | ||
Aging Schedule of Loans Receivable | ||
Total past due | ||
Residential Real Estate Home Equity [Member] | 90 Days Or More Past Due [Member] | ||
Aging Schedule of Loans Receivable | ||
Total past due | $ 26 | $ 23 |
Residential Real Estate Construction [Member] | ||
Aging Schedule of Loans Receivable | ||
Total past due | ||
Current | $ 122 | $ 506 |
Loans, net of unearned income and deferred fees | $ 122 | $ 506 |
Residential Real Estate Construction [Member] | 30-59 Days Past Due [Member] | ||
Aging Schedule of Loans Receivable | ||
Total past due | ||
Residential Real Estate Construction [Member] | 60-89 Days Past Due [Member] | ||
Aging Schedule of Loans Receivable | ||
Total past due | ||
Residential Real Estate Construction [Member] | 90 Days Or More Past Due [Member] | ||
Aging Schedule of Loans Receivable | ||
Total past due | ||
Consumer [Member] | ||
Aging Schedule of Loans Receivable | ||
Total past due | $ 12 | $ 11 |
Current | 1,019 | 1,221 |
Loans, net of unearned income and deferred fees | 1,031 | 1,232 |
Consumer [Member] | 30-59 Days Past Due [Member] | ||
Aging Schedule of Loans Receivable | ||
Total past due | $ 10 | $ 11 |
Consumer [Member] | 60-89 Days Past Due [Member] | ||
Aging Schedule of Loans Receivable | ||
Total past due | ||
Consumer [Member] | 90 Days Or More Past Due [Member] | ||
Aging Schedule of Loans Receivable | ||
Total past due | $ 2 | |
Other [Member] | ||
Aging Schedule of Loans Receivable | ||
Total past due | $ 8 | |
Current | $ 4,538 | 4,544 |
Loans, net of unearned income and deferred fees | $ 4,538 | $ 4,552 |
Other [Member] | 30-59 Days Past Due [Member] | ||
Aging Schedule of Loans Receivable | ||
Total past due | ||
Other [Member] | 60-89 Days Past Due [Member] | ||
Aging Schedule of Loans Receivable | ||
Total past due | $ 8 | |
Other [Member] | 90 Days Or More Past Due [Member] | ||
Aging Schedule of Loans Receivable | ||
Total past due |
LOANS AND ALLOWANCE FOR LOAN 35
LOANS AND ALLOWANCE FOR LOAN LOSSES (Schedule of Impaired Loans with and without Valuation Allowances) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Loans with no related allowance recorded: | |||||
Impaired loans with no related allowance - Unpaid Principal Balance | $ 12,454 | $ 19,438 | $ 12,454 | $ 19,438 | $ 16,632 |
Impaired loans with no related allowance - Recorded Investment | 12,137 | 19,448 | 12,137 | 19,448 | 16,657 |
Imapired loans with no related allowance - Interest earned | 213 | 296 | 377 | 718 | 854 |
Impaired loans with related allowance - Average Recorded Investment | 14,415 | 18,935 | 11,461 | 19,040 | 18,793 |
Loans with an allowance recorded: | |||||
Impaired loans with allowance - Unpaid Principal Balance | 15,946 | 9,467 | 15,946 | 9,467 | 13,672 |
Impaired loans with allowance - Recorded Investment | 16,014 | 9,478 | 16,014 | 9,478 | 14,012 |
Impaired loans with related allowance - Related Allowance | 631 | 901 | 631 | 901 | 276 |
Impaired loans with related allowance - Interest earned | 105 | 134 | 573 | 331 | 632 |
Impaired loans with related allowance - Average Recorded Investment | 15,683 | 9,974 | 17,730 | 10,234 | 10,611 |
Total impaired loans | |||||
Impaired loans with allowance - Unpaid Principal Balance | 28,400 | 28,905 | 28,400 | 28,905 | 30,304 |
Impaired loans with allowance - Recorded Investment | 28,151 | 28,926 | 28,151 | 28,926 | 30,669 |
Impaired loans with related allowance - Interest earned | 318 | 430 | 950 | 1,049 | 1,486 |
Impaired loans with related allowance - Average Recorded Investment | 30,098 | $ 28,909 | 29,191 | $ 29,274 | $ 29,404 |
Commercial [Member] | |||||
Loans with no related allowance recorded: | |||||
Impaired loans with no related allowance - Unpaid Principal Balance | $ 6 | $ 6 | |||
Impaired loans with no related allowance - Recorded Investment | |||||
Imapired loans with no related allowance - Interest earned | |||||
Impaired loans with related allowance - Average Recorded Investment | |||||
Loans with an allowance recorded: | |||||
Impaired loans with allowance - Unpaid Principal Balance | |||||
Impaired loans with allowance - Recorded Investment | |||||
Impaired loans with related allowance - Related Allowance | |||||
Impaired loans with related allowance - Interest earned | |||||
Impaired loans with related allowance - Average Recorded Investment | $ 1 | $ 2 | |||
Commercial Real Estate Construction [Member] | |||||
Loans with no related allowance recorded: | |||||
Impaired loans with no related allowance - Unpaid Principal Balance | 345 | $ 77 | 345 | $ 77 | $ 77 |
Impaired loans with no related allowance - Recorded Investment | 354 | 82 | 354 | 82 | 78 |
Imapired loans with no related allowance - Interest earned | 13 | 1 | 16 | 4 | 6 |
Impaired loans with related allowance - Average Recorded Investment | $ 78 | 80 | $ 124 | 221 | 186 |
Loans with an allowance recorded: | |||||
Impaired loans with allowance - Unpaid Principal Balance | 280 | 280 | 278 | ||
Impaired loans with allowance - Recorded Investment | 285 | 285 | 279 | ||
Impaired loans with related allowance - Related Allowance | 39 | 39 | 1 | ||
Impaired loans with related allowance - Interest earned | 2 | 14 | 23 | ||
Impaired loans with related allowance - Average Recorded Investment | $ 277 | 282 | $ 229 | 141 | 176 |
Commercial Real Estate Owner Occupied [Member] | |||||
Loans with no related allowance recorded: | |||||
Impaired loans with no related allowance - Unpaid Principal Balance | 68 | 3,355 | 68 | 3,355 | 42 |
Impaired loans with no related allowance - Recorded Investment | 69 | 3,367 | 69 | 3,367 | 42 |
Imapired loans with no related allowance - Interest earned | 1 | 77 | 5 | 118 | 16 |
Impaired loans with related allowance - Average Recorded Investment | 42 | 3,251 | 56 | 3,190 | 2,818 |
Loans with an allowance recorded: | |||||
Impaired loans with allowance - Unpaid Principal Balance | 4,661 | 2,234 | 4,661 | 2,234 | 4,760 |
Impaired loans with allowance - Recorded Investment | 4,673 | 2,258 | 4,673 | 2,258 | 4,800 |
Impaired loans with related allowance - Related Allowance | 306 | 109 | 306 | 109 | 10 |
Impaired loans with related allowance - Interest earned | 55 | 73 | 150 | 73 | 200 |
Impaired loans with related allowance - Average Recorded Investment | 4,779 | 1,129 | 4,724 | 376 | 1,164 |
Commercial Real Estate Other [Member] | |||||
Loans with no related allowance recorded: | |||||
Impaired loans with no related allowance - Unpaid Principal Balance | 4,017 | 3,130 | 4,017 | 3,130 | 3,855 |
Impaired loans with no related allowance - Recorded Investment | 3,782 | $ 3,135 | 3,782 | 3,135 | 3,872 |
Imapired loans with no related allowance - Interest earned | 35 | 54 | 47 | 100 | |
Impaired loans with related allowance - Average Recorded Investment | $ 3,862 | $ 3,257 | $ 3,814 | $ 2,855 | $ 3,017 |
Loans with an allowance recorded: | |||||
Impaired loans with allowance - Unpaid Principal Balance | |||||
Impaired loans with allowance - Recorded Investment | |||||
Impaired loans with related allowance - Related Allowance | |||||
Impaired loans with related allowance - Interest earned | |||||
Impaired loans with related allowance - Average Recorded Investment | $ 1,090 | $ 24 | $ 2,285 | $ 1,714 | |
Faith Based Non-Profit Construction [Member] | |||||
Loans with no related allowance recorded: | |||||
Impaired loans with no related allowance - Unpaid Principal Balance | |||||
Impaired loans with no related allowance - Recorded Investment | |||||
Imapired loans with no related allowance - Interest earned | |||||
Impaired loans with related allowance - Average Recorded Investment | |||||
Loans with an allowance recorded: | |||||
Impaired loans with allowance - Unpaid Principal Balance | |||||
Impaired loans with allowance - Recorded Investment | |||||
Impaired loans with related allowance - Related Allowance | |||||
Impaired loans with related allowance - Interest earned | |||||
Impaired loans with related allowance - Average Recorded Investment | |||||
Faith Based Non-Profit Owner Occupied [Member] | |||||
Loans with no related allowance recorded: | |||||
Impaired loans with no related allowance - Unpaid Principal Balance | $ 6,004 | $ 10,005 | $ 6,004 | $ 10,005 | $ 9,744 |
Impaired loans with no related allowance - Recorded Investment | 6,017 | 10,021 | 6,017 | 10,021 | 9,764 |
Imapired loans with no related allowance - Interest earned | 156 | 161 | 189 | 445 | 558 |
Impaired loans with related allowance - Average Recorded Investment | 7,747 | 9,623 | 5,023 | 9,952 | 9,937 |
Loans with an allowance recorded: | |||||
Impaired loans with allowance - Unpaid Principal Balance | 10,838 | 6,375 | 10,838 | 6,375 | 7,063 |
Impaired loans with allowance - Recorded Investment | 10,891 | 6,389 | 10,891 | 6,389 | 7,361 |
Impaired loans with related allowance - Related Allowance | 293 | 583 | 293 | 583 | 6 |
Impaired loans with related allowance - Interest earned | 43 | 57 | 416 | 234 | 327 |
Impaired loans with related allowance - Average Recorded Investment | $ 9,061 | 6,843 | $ 11,798 | 6,777 | $ 6,801 |
Faith Based Non-Profit Other [Member] | |||||
Loans with no related allowance recorded: | |||||
Impaired loans with no related allowance - Unpaid Principal Balance | 157 | 157 | |||
Impaired loans with no related allowance - Recorded Investment | 159 | 159 | |||
Imapired loans with no related allowance - Interest earned | 6 | 6 | |||
Impaired loans with related allowance - Average Recorded Investment | $ 79 | $ 26 | $ 40 | ||
Loans with an allowance recorded: | |||||
Impaired loans with allowance - Unpaid Principal Balance | |||||
Impaired loans with allowance - Recorded Investment | |||||
Impaired loans with related allowance - Related Allowance | |||||
Impaired loans with related allowance - Interest earned | |||||
Impaired loans with related allowance - Average Recorded Investment | |||||
Residential Real Estate First Mortgage [Member] | |||||
Loans with no related allowance recorded: | |||||
Impaired loans with no related allowance - Unpaid Principal Balance | $ 1,812 | $ 2,580 | $ 1,812 | $ 2,580 | $ 2,894 |
Impaired loans with no related allowance - Recorded Investment | 1,797 | 2,550 | 1,797 | 2,550 | 2,881 |
Imapired loans with no related allowance - Interest earned | 8 | 46 | 109 | 93 | 172 |
Impaired loans with related allowance - Average Recorded Investment | 2,618 | 2,562 | 2,332 | 2,718 | 2,717 |
Loans with an allowance recorded: | |||||
Impaired loans with allowance - Unpaid Principal Balance | 409 | 500 | 409 | 500 | 1,426 |
Impaired loans with allowance - Recorded Investment | 412 | 480 | 412 | 480 | 1,427 |
Impaired loans with related allowance - Related Allowance | 25 | 141 | 25 | 141 | 242 |
Impaired loans with related allowance - Interest earned | 6 | 2 | 6 | 7 | 76 |
Impaired loans with related allowance - Average Recorded Investment | $ 1,471 | $ 514 | $ 907 | $ 541 | $ 644 |
Residential Real Estate Multifamily [Member] | |||||
Loans with no related allowance recorded: | |||||
Impaired loans with no related allowance - Unpaid Principal Balance | |||||
Impaired loans with no related allowance - Recorded Investment | |||||
Imapired loans with no related allowance - Interest earned | |||||
Impaired loans with related allowance - Average Recorded Investment | |||||
Loans with an allowance recorded: | |||||
Impaired loans with allowance - Unpaid Principal Balance | |||||
Impaired loans with allowance - Recorded Investment | |||||
Impaired loans with related allowance - Related Allowance | |||||
Impaired loans with related allowance - Interest earned | |||||
Impaired loans with related allowance - Average Recorded Investment | |||||
Residential Real Estate Home Equity [Member] | |||||
Loans with no related allowance recorded: | |||||
Impaired loans with no related allowance - Unpaid Principal Balance | $ 162 | $ 126 | $ 162 | $ 126 | $ 20 |
Impaired loans with no related allowance - Recorded Investment | $ 116 | 126 | 116 | 126 | 20 |
Imapired loans with no related allowance - Interest earned | 4 | 4 | 4 | 2 | |
Impaired loans with related allowance - Average Recorded Investment | $ 67 | 75 | 111 | 69 | 70 |
Loans with an allowance recorded: | |||||
Impaired loans with allowance - Unpaid Principal Balance | 38 | 78 | 38 | 78 | 145 |
Impaired loans with allowance - Recorded Investment | 38 | 66 | 38 | 66 | 145 |
Impaired loans with related allowance - Related Allowance | 7 | $ 29 | 7 | 29 | 17 |
Impaired loans with related allowance - Interest earned | 1 | 1 | 3 | 6 | |
Impaired loans with related allowance - Average Recorded Investment | $ 94 | $ 116 | $ 46 | $ 114 | $ 112 |
Residential Real Estate Construction [Member] | |||||
Loans with no related allowance recorded: | |||||
Impaired loans with no related allowance - Unpaid Principal Balance | |||||
Impaired loans with no related allowance - Recorded Investment | |||||
Imapired loans with no related allowance - Interest earned | |||||
Impaired loans with related allowance - Average Recorded Investment | |||||
Loans with an allowance recorded: | |||||
Impaired loans with allowance - Unpaid Principal Balance | |||||
Impaired loans with allowance - Recorded Investment | |||||
Impaired loans with related allowance - Related Allowance | |||||
Impaired loans with related allowance - Interest earned | |||||
Impaired loans with related allowance - Average Recorded Investment | |||||
Consumer [Member] | |||||
Loans with no related allowance recorded: | |||||
Impaired loans with no related allowance - Unpaid Principal Balance | $ 40 | $ 8 | $ 40 | $ 8 | |
Impaired loans with no related allowance - Recorded Investment | $ 2 | 8 | $ 2 | 8 | |
Imapired loans with no related allowance - Interest earned | 1 | 1 | |||
Impaired loans with related allowance - Average Recorded Investment | $ 1 | $ 8 | $ 1 | $ 9 | $ 8 |
Loans with an allowance recorded: | |||||
Impaired loans with allowance - Unpaid Principal Balance | |||||
Impaired loans with allowance - Recorded Investment | |||||
Impaired loans with related allowance - Related Allowance | |||||
Impaired loans with related allowance - Interest earned | |||||
Impaired loans with related allowance - Average Recorded Investment |
LOANS AND ALLOWANCE FOR LOAN 36
LOANS AND ALLOWANCE FOR LOAN LOSSES (Schedule of Recorded Investment in Non-accrual and Loans Past Due Over 90 Days Still on Accrual by Class of Loans) (Details) $ in Thousands | Sep. 30, 2015USD ($)N | Dec. 31, 2014USD ($)N |
Loans and allowance for loan losses ("ALLL") [Line Items] | ||
Non-accrual Loans | $ | $ 6,393 | $ 5,920 |
Number of non-accrual loans | 43 | 46 |
Loans past due over 90 days still accruing | $ | $ 1,306 | $ 3,023 |
Number of loans past due over 90 days still accruing | 10 | 13 |
Commercial [Member] | ||
Loans and allowance for loan losses ("ALLL") [Line Items] | ||
Non-accrual Loans | $ | ||
Number of non-accrual loans | ||
Loans past due over 90 days still accruing | $ | ||
Number of loans past due over 90 days still accruing | ||
Commercial Real Estate Construction [Member] | ||
Loans and allowance for loan losses ("ALLL") [Line Items] | ||
Non-accrual Loans | $ | ||
Number of non-accrual loans | ||
Loans past due over 90 days still accruing | $ | ||
Number of loans past due over 90 days still accruing | ||
Commercial Real Estate Owner Occupied [Member] | ||
Loans and allowance for loan losses ("ALLL") [Line Items] | ||
Non-accrual Loans | $ | $ 42 | |
Number of non-accrual loans | 1 | |
Loans past due over 90 days still accruing | $ | ||
Number of loans past due over 90 days still accruing | ||
Commercial Real Estate Other [Member] | ||
Loans and allowance for loan losses ("ALLL") [Line Items] | ||
Non-accrual Loans | $ | $ 3,711 | $ 2,860 |
Number of non-accrual loans | 5 | 3 |
Loans past due over 90 days still accruing | $ | $ 771 | |
Number of loans past due over 90 days still accruing | 1 | |
Faith Based Non-Profit Construction [Member] | ||
Loans and allowance for loan losses ("ALLL") [Line Items] | ||
Non-accrual Loans | $ | ||
Number of non-accrual loans | ||
Loans past due over 90 days still accruing | $ | ||
Number of loans past due over 90 days still accruing | ||
Faith Based Non-Profit Owner Occupied [Member] | ||
Loans and allowance for loan losses ("ALLL") [Line Items] | ||
Non-accrual Loans | $ | $ 482 | $ 133 |
Number of non-accrual loans | 2 | 2 |
Loans past due over 90 days still accruing | $ | $ 1,254 | $ 541 |
Number of loans past due over 90 days still accruing | 5 | 2 |
Faith Based Non-Profit Other [Member] | ||
Loans and allowance for loan losses ("ALLL") [Line Items] | ||
Non-accrual Loans | $ | ||
Number of non-accrual loans | ||
Loans past due over 90 days still accruing | $ | $ 15 | |
Number of loans past due over 90 days still accruing | 1 | |
Residential Real Estate First Mortgage [Member] | ||
Loans and allowance for loan losses ("ALLL") [Line Items] | ||
Non-accrual Loans | $ | $ 2,044 | $ 2,720 |
Number of non-accrual loans | 31 | 33 |
Loans past due over 90 days still accruing | $ | $ 44 | $ 1,696 |
Number of loans past due over 90 days still accruing | 4 | 8 |
Residential Real Estate Multifamily [Member] | ||
Loans and allowance for loan losses ("ALLL") [Line Items] | ||
Non-accrual Loans | $ | ||
Number of non-accrual loans | ||
Loans past due over 90 days still accruing | $ | ||
Number of loans past due over 90 days still accruing | ||
Residential Real Estate Home Equity [Member] | ||
Loans and allowance for loan losses ("ALLL") [Line Items] | ||
Non-accrual Loans | $ | $ 154 | $ 165 |
Number of non-accrual loans | 4 | 7 |
Loans past due over 90 days still accruing | $ | $ 8 | |
Number of loans past due over 90 days still accruing | 1 | |
Residential Real Estate Construction [Member] | ||
Loans and allowance for loan losses ("ALLL") [Line Items] | ||
Non-accrual Loans | $ | ||
Number of non-accrual loans | ||
Loans past due over 90 days still accruing | $ | ||
Number of loans past due over 90 days still accruing | ||
Consumer [Member] | ||
Loans and allowance for loan losses ("ALLL") [Line Items] | ||
Non-accrual Loans | $ | $ 2 | |
Number of non-accrual loans | 1 | |
Loans past due over 90 days still accruing | $ | ||
Number of loans past due over 90 days still accruing | 1 | |
Other [Member] | ||
Loans and allowance for loan losses ("ALLL") [Line Items] | ||
Non-accrual Loans | $ | ||
Number of non-accrual loans | ||
Loans past due over 90 days still accruing | $ | ||
Number of loans past due over 90 days still accruing |
LOANS AND ALLOWANCE FOR LOAN 37
LOANS AND ALLOWANCE FOR LOAN LOSSES (Schedule of Risk Category of Loans by Class of Loans) (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Loans and allowance for loan losses ("ALLL") [Line Items] | ||
Loans, net of unearned income and deferred fees | $ 175,756 | $ 175,088 |
Pass [Member] | ||
Loans and allowance for loan losses ("ALLL") [Line Items] | ||
Loans, net of unearned income and deferred fees | 145,232 | 142,585 |
Special Mention [Member] | ||
Loans and allowance for loan losses ("ALLL") [Line Items] | ||
Loans, net of unearned income and deferred fees | 10,263 | 10,215 |
Substandard [Member] | ||
Loans and allowance for loan losses ("ALLL") [Line Items] | ||
Loans, net of unearned income and deferred fees | $ 20,261 | $ 22,288 |
Doubtful [Member] | ||
Loans and allowance for loan losses ("ALLL") [Line Items] | ||
Loans, net of unearned income and deferred fees | ||
Commercial [Member] | ||
Loans and allowance for loan losses ("ALLL") [Line Items] | ||
Loans, net of unearned income and deferred fees | $ 7,631 | $ 7,253 |
Commercial [Member] | Pass [Member] | ||
Loans and allowance for loan losses ("ALLL") [Line Items] | ||
Loans, net of unearned income and deferred fees | $ 1,924 | 1,279 |
Commercial [Member] | Special Mention [Member] | ||
Loans and allowance for loan losses ("ALLL") [Line Items] | ||
Loans, net of unearned income and deferred fees | 3,159 | |
Commercial [Member] | Substandard [Member] | ||
Loans and allowance for loan losses ("ALLL") [Line Items] | ||
Loans, net of unearned income and deferred fees | $ 5,707 | $ 2,815 |
Commercial [Member] | Doubtful [Member] | ||
Loans and allowance for loan losses ("ALLL") [Line Items] | ||
Loans, net of unearned income and deferred fees | ||
Commercial Real Estate Construction [Member] | ||
Loans and allowance for loan losses ("ALLL") [Line Items] | ||
Loans, net of unearned income and deferred fees | $ 9,885 | $ 2,557 |
Commercial Real Estate Construction [Member] | Pass [Member] | ||
Loans and allowance for loan losses ("ALLL") [Line Items] | ||
Loans, net of unearned income and deferred fees | $ 9,541 | $ 2,202 |
Commercial Real Estate Construction [Member] | Special Mention [Member] | ||
Loans and allowance for loan losses ("ALLL") [Line Items] | ||
Loans, net of unearned income and deferred fees | ||
Commercial Real Estate Construction [Member] | Substandard [Member] | ||
Loans and allowance for loan losses ("ALLL") [Line Items] | ||
Loans, net of unearned income and deferred fees | $ 344 | $ 355 |
Commercial Real Estate Construction [Member] | Doubtful [Member] | ||
Loans and allowance for loan losses ("ALLL") [Line Items] | ||
Loans, net of unearned income and deferred fees | ||
Commercial Real Estate Owner Occupied [Member] | ||
Loans and allowance for loan losses ("ALLL") [Line Items] | ||
Loans, net of unearned income and deferred fees | $ 17,678 | $ 18,013 |
Commercial Real Estate Owner Occupied [Member] | Pass [Member] | ||
Loans and allowance for loan losses ("ALLL") [Line Items] | ||
Loans, net of unearned income and deferred fees | 17,329 | 17,596 |
Commercial Real Estate Owner Occupied [Member] | Special Mention [Member] | ||
Loans and allowance for loan losses ("ALLL") [Line Items] | ||
Loans, net of unearned income and deferred fees | 281 | 306 |
Commercial Real Estate Owner Occupied [Member] | Substandard [Member] | ||
Loans and allowance for loan losses ("ALLL") [Line Items] | ||
Loans, net of unearned income and deferred fees | $ 68 | $ 111 |
Commercial Real Estate Owner Occupied [Member] | Doubtful [Member] | ||
Loans and allowance for loan losses ("ALLL") [Line Items] | ||
Loans, net of unearned income and deferred fees | ||
Commercial Real Estate Other [Member] | ||
Loans and allowance for loan losses ("ALLL") [Line Items] | ||
Loans, net of unearned income and deferred fees | $ 20,057 | $ 19,493 |
Commercial Real Estate Other [Member] | Pass [Member] | ||
Loans and allowance for loan losses ("ALLL") [Line Items] | ||
Loans, net of unearned income and deferred fees | 14,994 | 14,263 |
Commercial Real Estate Other [Member] | Special Mention [Member] | ||
Loans and allowance for loan losses ("ALLL") [Line Items] | ||
Loans, net of unearned income and deferred fees | 721 | 457 |
Commercial Real Estate Other [Member] | Substandard [Member] | ||
Loans and allowance for loan losses ("ALLL") [Line Items] | ||
Loans, net of unearned income and deferred fees | $ 4,342 | $ 4,773 |
Commercial Real Estate Other [Member] | Doubtful [Member] | ||
Loans and allowance for loan losses ("ALLL") [Line Items] | ||
Loans, net of unearned income and deferred fees | ||
Faith Based Non-Profit Construction [Member] | ||
Loans and allowance for loan losses ("ALLL") [Line Items] | ||
Loans, net of unearned income and deferred fees | $ 4,652 | $ 6,156 |
Faith Based Non-Profit Construction [Member] | Pass [Member] | ||
Loans and allowance for loan losses ("ALLL") [Line Items] | ||
Loans, net of unearned income and deferred fees | $ 4,652 | $ 6,156 |
Faith Based Non-Profit Construction [Member] | Special Mention [Member] | ||
Loans and allowance for loan losses ("ALLL") [Line Items] | ||
Loans, net of unearned income and deferred fees | ||
Faith Based Non-Profit Construction [Member] | Substandard [Member] | ||
Loans and allowance for loan losses ("ALLL") [Line Items] | ||
Loans, net of unearned income and deferred fees | ||
Faith Based Non-Profit Construction [Member] | Doubtful [Member] | ||
Loans and allowance for loan losses ("ALLL") [Line Items] | ||
Loans, net of unearned income and deferred fees | ||
Faith Based Non-Profit Owner Occupied [Member] | ||
Loans and allowance for loan losses ("ALLL") [Line Items] | ||
Loans, net of unearned income and deferred fees | $ 84,152 | $ 84,499 |
Faith Based Non-Profit Owner Occupied [Member] | Pass [Member] | ||
Loans and allowance for loan losses ("ALLL") [Line Items] | ||
Loans, net of unearned income and deferred fees | 68,069 | 68,963 |
Faith Based Non-Profit Owner Occupied [Member] | Special Mention [Member] | ||
Loans and allowance for loan losses ("ALLL") [Line Items] | ||
Loans, net of unearned income and deferred fees | 9,205 | 6,160 |
Faith Based Non-Profit Owner Occupied [Member] | Substandard [Member] | ||
Loans and allowance for loan losses ("ALLL") [Line Items] | ||
Loans, net of unearned income and deferred fees | $ 6,878 | $ 9,376 |
Faith Based Non-Profit Owner Occupied [Member] | Doubtful [Member] | ||
Loans and allowance for loan losses ("ALLL") [Line Items] | ||
Loans, net of unearned income and deferred fees | ||
Faith Based Non-Profit Other [Member] | ||
Loans and allowance for loan losses ("ALLL") [Line Items] | ||
Loans, net of unearned income and deferred fees | $ 3,116 | $ 4,707 |
Faith Based Non-Profit Other [Member] | Pass [Member] | ||
Loans and allowance for loan losses ("ALLL") [Line Items] | ||
Loans, net of unearned income and deferred fees | $ 3,116 | $ 4,707 |
Faith Based Non-Profit Other [Member] | Special Mention [Member] | ||
Loans and allowance for loan losses ("ALLL") [Line Items] | ||
Loans, net of unearned income and deferred fees | ||
Faith Based Non-Profit Other [Member] | Substandard [Member] | ||
Loans and allowance for loan losses ("ALLL") [Line Items] | ||
Loans, net of unearned income and deferred fees | ||
Faith Based Non-Profit Other [Member] | Doubtful [Member] | ||
Loans and allowance for loan losses ("ALLL") [Line Items] | ||
Loans, net of unearned income and deferred fees | ||
Residential Real Estate First Mortgage [Member] | ||
Loans and allowance for loan losses ("ALLL") [Line Items] | ||
Loans, net of unearned income and deferred fees | $ 16,676 | $ 18,995 |
Residential Real Estate First Mortgage [Member] | Pass [Member] | ||
Loans and allowance for loan losses ("ALLL") [Line Items] | ||
Loans, net of unearned income and deferred fees | 14,002 | 14,328 |
Residential Real Estate First Mortgage [Member] | Special Mention [Member] | ||
Loans and allowance for loan losses ("ALLL") [Line Items] | ||
Loans, net of unearned income and deferred fees | 15 | 88 |
Residential Real Estate First Mortgage [Member] | Substandard [Member] | ||
Loans and allowance for loan losses ("ALLL") [Line Items] | ||
Loans, net of unearned income and deferred fees | $ 2,659 | $ 4,579 |
Residential Real Estate First Mortgage [Member] | Doubtful [Member] | ||
Loans and allowance for loan losses ("ALLL") [Line Items] | ||
Loans, net of unearned income and deferred fees | ||
Residential Real Estate Multifamily [Member] | ||
Loans and allowance for loan losses ("ALLL") [Line Items] | ||
Loans, net of unearned income and deferred fees | $ 2,768 | $ 3,001 |
Residential Real Estate Multifamily [Member] | Pass [Member] | ||
Loans and allowance for loan losses ("ALLL") [Line Items] | ||
Loans, net of unearned income and deferred fees | 2,679 | 2,910 |
Residential Real Estate Multifamily [Member] | Special Mention [Member] | ||
Loans and allowance for loan losses ("ALLL") [Line Items] | ||
Loans, net of unearned income and deferred fees | 30 | 31 |
Residential Real Estate Multifamily [Member] | Substandard [Member] | ||
Loans and allowance for loan losses ("ALLL") [Line Items] | ||
Loans, net of unearned income and deferred fees | $ 59 | $ 60 |
Residential Real Estate Multifamily [Member] | Doubtful [Member] | ||
Loans and allowance for loan losses ("ALLL") [Line Items] | ||
Loans, net of unearned income and deferred fees | ||
Residential Real Estate Home Equity [Member] | ||
Loans and allowance for loan losses ("ALLL") [Line Items] | ||
Loans, net of unearned income and deferred fees | $ 3,450 | $ 4,124 |
Residential Real Estate Home Equity [Member] | Pass [Member] | ||
Loans and allowance for loan losses ("ALLL") [Line Items] | ||
Loans, net of unearned income and deferred fees | $ 3,252 | $ 3,910 |
Residential Real Estate Home Equity [Member] | Special Mention [Member] | ||
Loans and allowance for loan losses ("ALLL") [Line Items] | ||
Loans, net of unearned income and deferred fees | ||
Residential Real Estate Home Equity [Member] | Substandard [Member] | ||
Loans and allowance for loan losses ("ALLL") [Line Items] | ||
Loans, net of unearned income and deferred fees | $ 198 | $ 214 |
Residential Real Estate Home Equity [Member] | Doubtful [Member] | ||
Loans and allowance for loan losses ("ALLL") [Line Items] | ||
Loans, net of unearned income and deferred fees | ||
Residential Real Estate Construction [Member] | ||
Loans and allowance for loan losses ("ALLL") [Line Items] | ||
Loans, net of unearned income and deferred fees | $ 122 | $ 506 |
Residential Real Estate Construction [Member] | Pass [Member] | ||
Loans and allowance for loan losses ("ALLL") [Line Items] | ||
Loans, net of unearned income and deferred fees | $ 122 | $ 506 |
Residential Real Estate Construction [Member] | Special Mention [Member] | ||
Loans and allowance for loan losses ("ALLL") [Line Items] | ||
Loans, net of unearned income and deferred fees | ||
Residential Real Estate Construction [Member] | Substandard [Member] | ||
Loans and allowance for loan losses ("ALLL") [Line Items] | ||
Loans, net of unearned income and deferred fees | ||
Residential Real Estate Construction [Member] | Doubtful [Member] | ||
Loans and allowance for loan losses ("ALLL") [Line Items] | ||
Loans, net of unearned income and deferred fees | ||
Consumer [Member] | ||
Loans and allowance for loan losses ("ALLL") [Line Items] | ||
Loans, net of unearned income and deferred fees | $ 1,031 | $ 1,232 |
Consumer [Member] | Pass [Member] | ||
Loans and allowance for loan losses ("ALLL") [Line Items] | ||
Loans, net of unearned income and deferred fees | 1,014 | 1,213 |
Consumer [Member] | Special Mention [Member] | ||
Loans and allowance for loan losses ("ALLL") [Line Items] | ||
Loans, net of unearned income and deferred fees | 11 | 14 |
Consumer [Member] | Substandard [Member] | ||
Loans and allowance for loan losses ("ALLL") [Line Items] | ||
Loans, net of unearned income and deferred fees | $ 6 | $ 5 |
Consumer [Member] | Doubtful [Member] | ||
Loans and allowance for loan losses ("ALLL") [Line Items] | ||
Loans, net of unearned income and deferred fees | ||
Other [Member] | ||
Loans and allowance for loan losses ("ALLL") [Line Items] | ||
Loans, net of unearned income and deferred fees | $ 4,538 | $ 4,552 |
Other [Member] | Pass [Member] | ||
Loans and allowance for loan losses ("ALLL") [Line Items] | ||
Loans, net of unearned income and deferred fees | $ 4,538 | $ 4,552 |
Other [Member] | Special Mention [Member] | ||
Loans and allowance for loan losses ("ALLL") [Line Items] | ||
Loans, net of unearned income and deferred fees | ||
Other [Member] | Substandard [Member] | ||
Loans and allowance for loan losses ("ALLL") [Line Items] | ||
Loans, net of unearned income and deferred fees | ||
Other [Member] | Doubtful [Member] | ||
Loans and allowance for loan losses ("ALLL") [Line Items] | ||
Loans, net of unearned income and deferred fees |
LOANS AND ALLOWANCE FOR LOAN 38
LOANS AND ALLOWANCE FOR LOAN LOSSES (Schedule of TDRs) (Details) $ in Thousands | Sep. 30, 2015USD ($)item | Dec. 31, 2014USD ($)item |
Accrual status | ||
Number of loans, TDRs | 30 | 29 |
TDRs arising during period Recorded Investment | $ | $ 21,648 | $ 21,753 |
Non-accrual Status | ||
Number of loans, TDRs | 7 | 5 |
TDRs arising during period Recorded Investment | $ | $ 3,203 | $ 3,016 |
Total | ||
Number of loans, TDRs | 41 | 34 |
TDRs arising during period Post-Modification Recorded Investment | $ | $ 24,851 | $ 24,769 |
Commercial Real Estate Construction [Member] | ||
Accrual status | ||
Number of loans, TDRs | 2 | 2 |
TDRs arising during period Recorded Investment | $ | $ 345 | $ 355 |
Non-accrual Status | ||
Number of loans, TDRs | ||
TDRs arising during period Recorded Investment | $ | ||
Total | ||
Number of loans, TDRs | 2 | 2 |
TDRs arising during period Post-Modification Recorded Investment | $ | $ 345 | $ 355 |
Commercial Real Estate Owner Occupied [Member] | ||
Accrual status | ||
Number of loans, TDRs | 4 | 4 |
TDRs arising during period Recorded Investment | $ | $ 4,729 | $ 4,760 |
Non-accrual Status | ||
Number of loans, TDRs | ||
TDRs arising during period Recorded Investment | $ | ||
Total | ||
Number of loans, TDRs | 4 | 4 |
TDRs arising during period Post-Modification Recorded Investment | $ | $ 4,729 | $ 4,760 |
Commercial Real Estate Other [Member] | ||
Accrual status | ||
Number of loans, TDRs | 1 | 2 |
TDRs arising during period Recorded Investment | $ | $ 71 | $ 224 |
Non-accrual Status | ||
Number of loans, TDRs | 3 | 2 |
TDRs arising during period Recorded Investment | $ | $ 2,918 | $ 2,830 |
Total | ||
Number of loans, TDRs | 4 | 4 |
TDRs arising during period Post-Modification Recorded Investment | $ | $ 2,989 | $ 3,054 |
Faith Based Non-Profit Owner Occupied [Member] | ||
Accrual status | ||
Number of loans, TDRs | 20 | 20 |
TDRs arising during period Recorded Investment | $ | $ 16,360 | $ 16,391 |
Non-accrual Status | ||
Number of loans, TDRs | 1 | 1 |
TDRs arising during period Recorded Investment | $ | $ 17 | $ 22 |
Total | ||
Number of loans, TDRs | 21 | 21 |
TDRs arising during period Post-Modification Recorded Investment | $ | $ 16,377 | $ 16,413 |
Faith Based Non-Profit Other [Member] | ||
Accrual status | ||
Number of loans, TDRs | ||
TDRs arising during period Recorded Investment | $ | ||
Non-accrual Status | ||
Number of loans, TDRs | ||
TDRs arising during period Recorded Investment | $ | ||
Total | ||
Number of loans, TDRs | 4 | |
TDRs arising during period Post-Modification Recorded Investment | $ | ||
Residential Real Estate First Mortgage [Member] | ||
Accrual status | ||
Number of loans, TDRs | 3 | 1 |
TDRs arising during period Recorded Investment | $ | $ 143 | $ 23 |
Non-accrual Status | ||
Number of loans, TDRs | 3 | 2 |
TDRs arising during period Recorded Investment | $ | $ 268 | $ 164 |
Total | ||
Number of loans, TDRs | 6 | 3 |
TDRs arising during period Post-Modification Recorded Investment | $ | $ 411 | $ 187 |
LOANS AND ALLOWANCE FOR LOAN 39
LOANS AND ALLOWANCE FOR LOAN LOSSES (Schedule of Details of TDR Loans that were Restructured and Loans Modified as TDRs) (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015USD ($)item | Sep. 30, 2014item | Sep. 30, 2015USD ($)item | Sep. 30, 2014item | |
Below Market Interest Rate | ||||
Number of loans, TDRs | item | 1 | 3 | ||
Pre-modification Outstanding Recorded Investment | $ 129 | $ 258 | ||
Post-modification Outstanding Recorded Investment | $ 252 | |||
Extended Payment Terms | ||||
Number of loans, TDRs | item | 1 | |||
Pre-modification Outstanding Recorded Investment | $ 129 | |||
Post-modification Outstanding Recorded Investment | $ 127 | |||
Residential Real Estate First Mortgage [Member] | ||||
Below Market Interest Rate | ||||
Number of loans, TDRs | item | 2 | |||
Pre-modification Outstanding Recorded Investment | $ 129 | |||
Post-modification Outstanding Recorded Investment | $ 125 | |||
Extended Payment Terms | ||||
Number of loans, TDRs | item | 1 | 1 | ||
Pre-modification Outstanding Recorded Investment | $ 129 | $ 129 | ||
Post-modification Outstanding Recorded Investment | $ 127 | $ 127 |
LOANS AND ALLOWANCE FOR LOAN 40
LOANS AND ALLOWANCE FOR LOAN LOSSES (Narrative) (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2015USD ($)item | Sep. 30, 2014USD ($)item | Sep. 30, 2015USD ($)item | Sep. 30, 2014USD ($)item | Dec. 31, 2014USD ($) | |
Loans and allowance for loan losses ("ALLL") [Line Items] | |||||
Net charge-offs/(recoveries) | $ 2 | $ 38 | $ 3 | $ 82 | |
Net Charge-offs/(recoveries), percentage | 0.00% | 0.08% | 0.00% | 0.06% | 0.06% |
Concentration risk - percentage of financing receivables in faith-based non-profit organizations | 52.30% | ||||
Concentration risk - percentage of reserve allocated to faith-based non-profit organizations | 39.98% | ||||
Reserve for unfunded commitments | $ 31 | $ 31 | $ 34 | ||
Change in loans | $ 375 | ||||
Number of loans, TDRs | item | 1 | 3 | |||
Pre-modification Outstanding Recorded Investment | $ 129 | $ 258 |
OTHER REAL ESTATE OWNED ("ORE41
OTHER REAL ESTATE OWNED ("OREO") (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
OTHER REAL ESTATE OWNED ("OREO") [Abstract] | ||
OREO | $ 2,136 | $ 3,069 |
Residential real estate foreclosed properties | 441 | |
Consumer mortgage loans collateralized by residential real estate property | $ 377 |
BORROWINGS (Narrative) (Details
BORROWINGS (Narrative) (Details) - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended |
Sep. 30, 2015 | Dec. 31, 2014 | |
BORROWINGS [Abstract] | ||
FHLB advances, maturing fully in 2020 | $ 0.7 | $ 0.7 |
Federal Home Loan Bank interest rate | 0.50% | 0.50% |
Capital leases | $ 0.3 | $ 0.1 |
Capital lease interest rate | 1.81% | 1.60% |
Federal funds lines of credit | $ 10 | $ 10 |
Federal funds unused funds | $ 5.9 | $ 6.6 |
COMMITMENTS AND CONTINGENCIES43
COMMITMENTS AND CONTINGENCIES (Details) $ in Thousands | Sep. 30, 2015USD ($) |
Commitments and contingencies [LineItems] | |
Guarantee Obligations less than 1 year | $ 14,832 |
Guarantee Obligations 1 to 3 years | 5,742 |
Guarantee Obligations 3 to 5 years | 108 |
Guarantee Obligations more than 5 years | 1,394 |
Obligations to extend credit | 22,076 |
Commerical Letters of Credit [Member] | |
Commitments and contingencies [LineItems] | |
Guarantee Obligations less than 1 year | 176 |
Guarantee Obligations 1 to 3 years | $ 250 |
Guarantee Obligations 3 to 5 years | |
Guarantee Obligations more than 5 years | $ 93 |
Obligations to extend credit | 519 |
Other Commercial Loan Commitments [Member] | |
Commitments and contingencies [LineItems] | |
Guarantee Obligations less than 1 year | 14,656 |
Guarantee Obligations 1 to 3 years | 5,492 |
Guarantee Obligations 3 to 5 years | 108 |
Guarantee Obligations more than 5 years | 1,301 |
Obligations to extend credit | $ 21,557 |
FAIR VALUE MEASUREMENT (Schedul
FAIR VALUE MEASUREMENT (Schedule of Assets Measured at Fair Value on Recurring Basis) (Details) - Fair Value Measured on a Recurring Basis [Member] - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Fair value measurement [Line Items] | |||
Fair value of assets | $ 72,480 | $ 69,725 | |
Mortgage Servicing Rights [Member] | |||
Fair value measurement [Line Items] | |||
Fair value of assets | $ 19 | $ 22 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||
Fair value measurement [Line Items] | |||
Fair value of assets | |||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Mortgage Servicing Rights [Member] | |||
Fair value measurement [Line Items] | |||
Fair value of assets | |||
Significant Other Observable Inputs (Level 2) [Member] | |||
Fair value measurement [Line Items] | |||
Fair value of assets | $ 72,461 | $ 69,703 | |
Significant Other Observable Inputs (Level 2) [Member] | Mortgage Servicing Rights [Member] | |||
Fair value measurement [Line Items] | |||
Fair value of assets | |||
Significant Unobservable Inputs (Level 3) [Member] | |||
Fair value measurement [Line Items] | |||
Fair value of assets | $ 19 | $ 22 | |
Significant Unobservable Inputs (Level 3) [Member] | Mortgage Servicing Rights [Member] | |||
Fair value measurement [Line Items] | |||
Fair value of assets | 19 | 22 | $ 25 |
U.S. Agencies Debt Securities [Member] | |||
Fair value measurement [Line Items] | |||
Fair value of assets | $ 30,450 | $ 12,339 | |
U.S. Agencies Debt Securities [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||
Fair value measurement [Line Items] | |||
Fair value of assets | |||
U.S. Agencies Debt Securities [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||
Fair value measurement [Line Items] | |||
Fair value of assets | $ 30,450 | $ 12,339 | |
U.S. Agencies Debt Securities [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Fair value measurement [Line Items] | |||
Fair value of assets | |||
Mortgage-backed Securities [Member] | |||
Fair value measurement [Line Items] | |||
Fair value of assets | $ 34,525 | $ 56,355 | |
Mortgage-backed Securities [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||
Fair value measurement [Line Items] | |||
Fair value of assets | |||
Mortgage-backed Securities [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||
Fair value measurement [Line Items] | |||
Fair value of assets | $ 34,525 | $ 56,355 | |
Mortgage-backed Securities [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Fair value measurement [Line Items] | |||
Fair value of assets | |||
Non-Government Mortgage-backed Securities [Member] | |||
Fair value measurement [Line Items] | |||
Fair value of assets | $ 7,486 | $ 1,009 | |
Non-Government Mortgage-backed Securities [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||
Fair value measurement [Line Items] | |||
Fair value of assets | |||
Non-Government Mortgage-backed Securities [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||
Fair value measurement [Line Items] | |||
Fair value of assets | $ 7,486 | $ 1,009 | |
Non-Government Mortgage-backed Securities [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Fair value measurement [Line Items] | |||
Fair value of assets |
FAIR VALUE MEASUREMENT (Sched45
FAIR VALUE MEASUREMENT (Schedule of Change in All Recurring Level 3 Assets) (Details) - Fair Value Measured on a Recurring Basis [Member] - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2015 | Dec. 31, 2014 | |
Fair value measurement [Line Items] | ||
Balance beginning | $ 69,725 | |
Balance ending | 72,480 | $ 69,725 |
Significant Unobservable Inputs (Level 3) [Member] | ||
Fair value measurement [Line Items] | ||
Balance beginning | 22 | |
Balance ending | 19 | 22 |
Mortgage Servicing Rights [Member] | ||
Fair value measurement [Line Items] | ||
Balance beginning | 22 | |
Balance ending | 19 | 22 |
Mortgage Servicing Rights [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair value measurement [Line Items] | ||
Balance beginning | 22 | 25 |
Amortization | 3 | 3 |
Balance ending | $ 19 | $ 22 |
FAIR VALUE MEASUREMENT (Sched46
FAIR VALUE MEASUREMENT (Schedule of Assets Measured at Fair Value on Nonrecurring Basis and Quantitative Information about Level 3 Fair Value Measurements) (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2015 | Dec. 31, 2014 | |
Non-Recurring Fair Value Measurements | ||
OREO | $ 2,136 | $ 3,069 |
Other Real Estate Owned- Fair Value [Member] | ||
Non-Recurring Fair Value Measurements | ||
Valuation technique | discounted appraisals | discounted appraisals |
Significant Unobservable Inputs | collateral discounts | collateral discounts |
General range of significant input values, minimum | 6.00% | 6.00% |
General range of significant input values, maximum | 20.00% | 20.00% |
Impaired Loans [Member] | ||
Non-Recurring Fair Value Measurements | ||
Valuation technique | discounted appraisals | discounted appraisals |
Significant Unobservable Inputs | collateral discounts | collateral discounts |
General range of significant input values, minimum | 6.00% | 6.00% |
General range of significant input values, maximum | 20.00% | 20.00% |
Fair Value Measured on a Non-Recurring Basis [Member] | ||
Non-Recurring Fair Value Measurements | ||
OREO | $ 2,136 | $ 3,069 |
Impaired Loans - Commercial Real Estate | 8,572 | 9,060 |
Impaired Loans - Faith-based non-profit | 16,615 | 17,119 |
Impaired Loans - Residential real estate | 2,331 | 4,214 |
Impaired Loans - Consumer | 2 | |
Total Fair Value, non-recurring | $ 29,656 | $ 33,462 |
Fair Value Measured on a Non-Recurring Basis [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Non-Recurring Fair Value Measurements | ||
OREO | ||
Impaired Loans - Commercial Real Estate | ||
Impaired Loans - Faith-based non-profit | ||
Impaired Loans - Residential real estate | ||
Impaired Loans - Consumer | ||
Total Fair Value, non-recurring | ||
Fair Value Measured on a Non-Recurring Basis [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Non-Recurring Fair Value Measurements | ||
OREO | ||
Impaired Loans - Commercial Real Estate | ||
Impaired Loans - Faith-based non-profit | ||
Impaired Loans - Residential real estate | ||
Impaired Loans - Consumer | ||
Total Fair Value, non-recurring | ||
Fair Value Measured on a Non-Recurring Basis [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Non-Recurring Fair Value Measurements | ||
OREO | $ 2,136 | $ 3,069 |
Impaired Loans - Commercial Real Estate | 8,572 | 9,060 |
Impaired Loans - Faith-based non-profit | 16,615 | 17,119 |
Impaired Loans - Residential real estate | 2,331 | 4,214 |
Impaired Loans - Consumer | 2 | |
Total Fair Value, non-recurring | 29,656 | 33,462 |
Fair Value Measured on a Non-Recurring Basis [Member] | Significant Unobservable Inputs (Level 3) [Member] | Impaired Loans [Member] | ||
Non-Recurring Fair Value Measurements | ||
Total Fair Value, non-recurring | $ 27,520 | $ 30,393 |
FAIR VALUE MEASUREMENT (Sched47
FAIR VALUE MEASUREMENT (Schedule of Carrying Amounts and Associated Estimated Fair Value of Financial Assets and Liabilities) (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Dec. 31, 2013 |
Assets: | ||||
Cash and cash equivalents | $ 36,047 | $ 35,574 | $ 17,194 | $ 28,583 |
Investment securities available for sale, at fair value | 72,461 | 69,703 | ||
Loans, net | 172,319 | 171,648 | ||
Interest receivable | 785 | 816 | ||
Liabilities: | ||||
Other borrowings | 953 | 784 | ||
Carrying Amount [Member] | ||||
Assets: | ||||
Cash and cash equivalents | 36,047 | 35,574 | ||
Investment securities available for sale, at fair value | 72,461 | 69,703 | ||
Loans, net | 172,319 | 171,648 | ||
Interest receivable | 785 | 816 | ||
Liabilities: | ||||
Non-maturity deposits | 125,136 | 119,383 | ||
Maturity deposits | 133,359 | 136,477 | ||
Other borrowings | 953 | 784 | ||
Accrued interest payable | 145 | 76 | ||
Fair Value [Member] | ||||
Assets: | ||||
Cash and cash equivalents | 36,047 | 35,574 | ||
Investment securities available for sale, at fair value | 72,461 | 69,703 | ||
Loans, net | 175,687 | 175,165 | ||
Interest receivable | 785 | 816 | ||
Liabilities: | ||||
Non-maturity deposits | 125,136 | 119,383 | ||
Maturity deposits | 132,514 | 135,965 | ||
Other borrowings | 912 | 734 | ||
Accrued interest payable | 145 | 76 | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||||
Assets: | ||||
Cash and cash equivalents | $ 36,047 | $ 35,574 | ||
Investment securities available for sale, at fair value | ||||
Loans, net | ||||
Interest receivable | $ 785 | $ 816 | ||
Liabilities: | ||||
Non-maturity deposits | $ 125,136 | $ 119,383 | ||
Maturity deposits | ||||
Other borrowings | ||||
Accrued interest payable | $ 145 | $ 76 | ||
Significant Other Observable Inputs (Level 2) [Member] | ||||
Assets: | ||||
Cash and cash equivalents | ||||
Investment securities available for sale, at fair value | $ 72,461 | $ 69,703 | ||
Loans, net | ||||
Interest receivable | ||||
Liabilities: | ||||
Non-maturity deposits | ||||
Maturity deposits | $ 132,514 | $ 135,965 | ||
Other borrowings | ||||
Accrued interest payable | ||||
Significant Unobservable Inputs (Level 3) [Member] | ||||
Assets: | ||||
Cash and cash equivalents | ||||
Investment securities available for sale, at fair value | ||||
Loans, net | $ 175,687 | $ 175,165 | ||
Interest receivable | ||||
Liabilities: | ||||
Non-maturity deposits | ||||
Maturity deposits | ||||
Other borrowings | $ 912 | $ 734 | ||
Accrued interest payable |