Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2016 | May. 11, 2016 | |
Document And Entity Information | ||
Entity Registrant Name | M&F BANCORP INC /NC/ | |
Entity Central Index Key | 1,094,738 | |
Document Period End Date | Mar. 31, 2016 | |
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 | 2,016 | |
Document Fiscal Period Focus | Q1 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Cash and cash equivalents: | ||
Cash and due from banks | $ 2,659 | $ 2,181 |
Interest-bearing cash | $ 37,529 | 26,081 |
Federal funds sold | 11 | |
Total cash and cash equivalents | $ 40,188 | 28,273 |
Interest-bearing time deposits | 6,665 | 6,665 |
Investment securities available-for-sale, at fair value | 78,888 | 79,941 |
Other invested assets | 298 | 298 |
Loans, net of unearned income and deferred fees | 160,692 | 164,849 |
Allowance for loan losses | (3,436) | (3,435) |
Loans, net | 157,256 | 161,414 |
Interest receivable | 771 | 785 |
Bank premises and equipment, net | 4,587 | 4,412 |
Cash surrender value of bank-owned life insurance | 8,289 | 8,228 |
Other real estate owned ('OREO') | 2,544 | 2,764 |
Deferred tax assets and taxes receivable, net | 3,987 | 4,264 |
Other assets | 1,215 | 1,206 |
TOTAL ASSETS | 304,688 | 298,250 |
Deposits: | ||
Interest-bearing deposits | 209,584 | 209,817 |
Noninterest-bearing deposits | 52,948 | 44,883 |
Total deposits | 262,532 | 254,700 |
Other borrowings | 901 | 938 |
Other liabilities | 4,677 | 6,388 |
Total liabilities | $ 268,110 | $ 262,026 |
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 | 17,755 | 17,895 |
Accumulated other comprehensive loss | (1,640) | (2,134) |
Total stockholders' equity | 36,578 | 36,224 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 304,688 | 298,250 |
Series B Preferred Stock [Member] | ||
Stockholders' equity: | ||
Preferred Stock | $ 11,731 | $ 11,731 |
Series C Junior Participating Preferred Stock [Member] | ||
Stockholders' equity: | ||
Preferred Stock |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Mar. 31, 2016 | Dec. 31, 2015 |
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 | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Interest income: | ||
Loans, including fees | $ 1,979 | $ 2,205 |
Investment securities available-for-sale, including dividends | ||
Taxable | 365 | 330 |
Tax-exempt | 54 | 4 |
Interest-bearing time deposits | 28 | 15 |
Other | 44 | 21 |
Total interest income | 2,470 | 2,575 |
Interest expense: | ||
Deposits | 178 | 172 |
Borrowings | 2 | 1 |
Total interest expense | 180 | 173 |
Net interest income | $ 2,290 | $ 2,402 |
Less provision for loan losses | ||
Net interest income after provision for loan losses | $ 2,290 | $ 2,402 |
Noninterest income: | ||
Service charges | 262 | 265 |
Rental income | 54 | 43 |
Cash surrender value of life insurance | 61 | 50 |
Net realized gains on sales of investment securities available-for-sale | 6 | 29 |
Other income | 45 | 4 |
Total noninterest income | 428 | 391 |
Noninterest expense: | ||
Salaries and employee benefits | 1,393 | 1,344 |
Occupancy and equipment | 332 | 353 |
Directors' fees | 46 | 57 |
Marketing | 68 | 38 |
Professional fees | 137 | 165 |
Information technology | 276 | 222 |
FDIC deposit insurance | 137 | 143 |
OREO expenses, net | 113 | 317 |
Delivery expenses | 33 | 31 |
Other | 273 | 315 |
Total noninterest expense | 2,808 | 2,985 |
Loss before income tax benefit | (90) | (192) |
Income tax benefit | (9) | (23) |
Net loss | (81) | (169) |
Less preferred stock dividends and accretion | (59) | (59) |
Net loss available to common stockholders | $ (140) | $ (228) |
Basic and diluted loss per share of common stock: | $ (0.07) | $ (0.11) |
Weighted average shares of common stock outstanding: | ||
Basic and diluted | 2,031,337 | 2,031,337 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME [Abstract] | ||
Net loss | $ (81) | $ (169) |
Investment securities: | ||
Unrealized holding gains on investment securities available-for-sale | 786 | 199 |
Tax effect | (288) | (75) |
Reclassification adjustments for net realized gains | (6) | (29) |
Tax effect | 2 | 11 |
Net of tax amount | 494 | 106 |
Defined benefit pension plans: | ||
Net actuarial losses | $ (78) | $ (62) |
Tax effect | ||
Prior service cost | $ 78 | $ 62 |
Tax effect | ||
Net of tax amount | ||
Other comprehensive income, net of tax | $ 494 | $ 106 |
Comprehensive income (loss) | $ 413 | $ (63) |
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, 2014 | $ 36,578 | $ 8,732 | $ 11,729 | $ 17,785 | $ (1,668) |
Balance, Beginning, shares at Dec. 31, 2014 | 2,031,337 | ||||
Net loss | (169) | $ (169) | |||
Other comprehensive income, net of tax | 106 | $ 106 | |||
Dividends declared on preferred stock | (59) | $ (59) | |||
Balance, Ending at Mar. 31, 2015 | 36,456 | $ 8,732 | $ 11,729 | 17,557 | $ (1,562) |
Balance, Ending, shares at Mar. 31, 2015 | 2,031,337 | ||||
Balance, Beginning at Dec. 31, 2015 | $ 36,224 | $ 8,732 | $ 11,731 | 17,895 | $ (2,134) |
Balance, Beginning, shares at Dec. 31, 2015 | 2,031,337 | 2,031,337 | |||
Net loss | $ (81) | $ (81) | |||
Other comprehensive income, net of tax | 494 | $ 494 | |||
Dividends declared on preferred stock | (59) | $ (59) | |||
Balance, Ending at Mar. 31, 2016 | $ 36,578 | $ 8,732 | $ 11,731 | $ 17,755 | $ (1,640) |
Balance, Ending, shares at Mar. 31, 2016 | 2,031,337 | 2,031,337 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Cash flows from operating activities: | ||
Net loss | $ (81) | $ (169) |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 111 | 100 |
Amortization of discounts/premiums on investment securities available-for-sale, net | 72 | 121 |
Net gains on sales of investment securities available-for-sale | (6) | (29) |
Increase in cash surrender value of bank-owned life insurance | $ (61) | (50) |
Gains at foreclosure | (13) | |
Net losses on sales of OREO | $ 46 | 4 |
Writedowns of OREO | 62 | 215 |
Net changes in: | ||
Accrued interest receivable and other assets | (4) | 120 |
Other liabilities | (1,711) | (440) |
Net cash used in operating activities | (1,572) | (141) |
Activity in available for sale securities: | ||
Sales | 3,695 | 9,580 |
Maturities and calls | 16,900 | 4,500 |
Principal collections | 1,345 | 2,537 |
Purchases | $ (20,173) | (21,496) |
Purchases of interest bearing time deposits | (1,482) | |
FHLB stock redemptions | 3 | |
Net decrease in loans | $ 4,158 | 2,275 |
Purchases of bank premises and equipment | (286) | (137) |
Proceeds from sales of OREO | 112 | 213 |
Net cash provided by (used in) investing activities | 5,751 | (4,007) |
Cash flows from financing activities: | ||
Net increase (decrease) in deposits | 7,832 | (149) |
Proceeds from other borrowings | 32 | 158 |
Repayments of other borrowings | (69) | (48) |
Cash dividends | (59) | (59) |
Net cash provided by (used in) financing activities | 7,736 | (98) |
Net increase (decrease) in cash and cash equivalents | 11,915 | (4,246) |
Cash and cash equivalents as of the beginning of the period | 28,273 | 33,104 |
Cash and cash equivalents as of the end of the period | 40,188 | 28,858 |
Cash paid during period for: | ||
Interest | $ 186 | 168 |
Noncash Transactions: | ||
Loans transferred to OREO | 122 | |
Net unrealized gains on investment securities available-for-sale, net of deferred income tax | $ 494 | $ 106 |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 3 Months Ended |
Mar. 31, 2016 | |
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 “Company”) is a bank holding company, and the parent company of Mechanics and Farmers Bank (the “Bank”), a state chartered commercial bank incorporated in North Carolina (“NC”) in 1907, which began operations in 1908. The Bank has seven branches in NC: two in Durham, two in Raleigh, and one each in Charlotte, Greensboro and Winston-Salem. The Company, headquartered in Durham, operates as a single business segment and offers a wide variety of consumer and commercial banking services and products almost exclusively in NC. 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, 2015, which were derived from the Company's audited consolidated Annual Report on Form 10-K as of and for the year ended December 31, 2015. 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, 2015. 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. New Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (the “FASB”) issued guidance to change the recognition of revenue from contracts with customers. The core principle of the new guidance is that an entity should recognize revenue to reflect the transfer of goods and services to customers in an amount equal to the consideration the entity receives or expects to receive. The guidance will be effective for the Company for reporting periods beginning after December 15, 2017. The Company does not expect this guidance to have a material effect on its consolidated financial statements. 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 consolidated financial statements. 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 adoption of these amendments did not have a material effect on the Company's consolidated financial statements. 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 adoption of these amendments did not have a material effect on the Company's consolidated 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 was permitted, including adoption in an interim period. The adoption of these amendments did not have a material effect on the Company's consolidated financial statements. In August 2015, the FASB deferred the effective date of Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers. In August 2015, the FASB issued amendments to the Interest topic of the Accounting Standards Codification (“ASC”) to clarify the Securities and Exchange Commission staff position on presenting and measuring debt issuance costs incurred in connection with line-of-credit arrangements. The amendments were effective upon issuance. The adoption of these amendments did not have a material effect on the Company's consolidated financial statements. In January 2016, the FASB amended the Financial Instruments topic of the ASC to address certain aspects of recognition, measurement, presentation, and disclosure of financial instruments. The amendments will be effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. The Company will apply the guidance by means of a cumulative-effect adjustment to the balance sheet as of the beginning of the fiscal year of adoption. The amendments related to equity securities without readily determinable fair values will be applied prospectively to equity investments that exist as of the date of adoption of the amendments. The Company does not expect these amendments to have a material effect on its consolidated financial statements. In February 2016, the FASB amended the Leases topic of the ASC to revise certain aspects of recognition, measurement, presentation, and disclosure of leasing transactions. The amendments will be effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The Company is currently evaluating the effect that implementation of the new standard will have on its financial position, results of operations, and cash flows. In March 2016, the FASB amended the Revenue from Contracts with Customers In March 2016, the FASB issued guidance to simplify several aspects of the accounting for share-based payment award transactions including the income tax consequences, the classification of awards as either equity or liabilities, and the classification on the statement of cash flows. Additionally, the guidance simplifies two areas specific to entities other than public business entities allowing them apply a practical expedient to estimate the expected term for all awards with performance or service conditions that have certain characteristics and also allowing them to make a one-time election to switch from measuring all liability-classified awards at fair value to measuring them at intrinsic value. The amendments will be effective for the Company for annual periods beginning after December 15, 2016 and interim periods within those annual periods. The Company does not expect these amendments to have a material effect on its consolidated 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 | 3 Months Ended |
Mar. 31, 2016 | |
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 March 31, 2016 and December 31, 2015, all investment securities were classified as available-for-sale. Our available-for-sale securities totaled $78.9 million and $79.9 million as of March 31, 2016 and December 31, 2015, respectively. Securities with a fair value of $1.1 million were pledged to the Federal Reserve Bank of Richmond (“FRB”) and an additional $2.8 million and $18.5 million in investments were pledged to public housing authorities in North Carolina and the North Carolina Department of State Treasurer as collateral for public deposits at March 31, 2016. Securities with a fair value of $0.8 million were pledged to the FRB and an additional $2.9 million and $19.6 million in investments were pledged to public housing authorities in North Carolina and the North Carolina Department of State Treasurer as collateral for public deposits at December 31, 2015. Our investment portfolio consists of the following securities: • U.S. government agency securities (“U.S. Agencies”) , • U.S. government sponsored residential mortgage backed securities (“MBS”), and • Municipal securities (“Municipals”). The amortized cost, gross unrealized gains and losses and fair values of investment securities at March 31, 2016 and December 31, 2015 were: (Dollars in thousands) Amortized Gross Gross Fair Value (Unaudited) March 31, 2016 U.S. Agencies $ 22,289 $ 51 $ (2 ) $ 22,338 MBS Residential 47,315 246 (277 ) 47,284 Municipals 9,056 222 (12 ) 9,266 Total $ 78,660 $ 519 $ (291 ) $ 78,888 December 31, 2015 U.S. Agencies $ 30,681 $ 2 $ (250 ) $ 30,433 MBS Residential 41,323 20 (409 ) 40,934 Municipals North Carolina 8,489 98 (13 ) 8,574 Total $ 80,493 $ 120 $ (672 ) $ 79,941 During the three months ended March 31, 2016 and 2015, there were $36 thousand and $112 thousand gross realized gains and $30 thousand and $83 thousand gross realized losses on sales or calls of securities, respectively. The amortized cost and estimated market values of securities as of March 31, 2016 and December 31, 2015 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 March 31, 2016 (Unaudited) Fair Value Amortized Cost U.S. Agencies Due after one year through five years $ 16,324 $ 16,289 Due after five years through ten years 6,014 6,000 Total U.S. Agencies $ 22,338 $ 22,289 MBS Residential Due within one year $ 5,312 $ 5,320 Due after one year through five years 16,214 16,213 Due after five years through ten years 13,572 13,554 Due after ten years 12,186 12,228 Total MBS $ 47,284 $ 47,315 Municipals Due within one year $ 261 $ 260 Due after one year through five years 1,313 1,318 Due after five years through ten years 7,283 7,078 Due after ten years 409 400 Total Municipals $ 9,266 $ 9,056 (Dollars in thousands) As of December 31, 2015 Fair Value Amortized Cost U.S. Agencies Due within one year $ 3,481 $ 3,500 Due after one year through five years 21,998 22,181 Due after five years through ten years 4,954 5,000 Total U.S. Agencies $ 30,433 $ 30,681 MBS Residential Due within one year $ 5,750 $ 5,812 Due after one year through five years 15,526 15,672 Due after five years through ten years 11,387 11,480 Due after ten years 8,271 8,359 Total MBS $ 40,934 $ 41,323 Municipals Due within one year $ 262 $ 260 Due after one year through five years 738 738 Due after five years through ten years 7,169 7,091 Due after ten years 405 400 Total Municipals $ 8,574 $ 8,489 All securities owned as of March 31, 2016 and December 31, 2015 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 other-than-temporarily impaired as of March 31, 2016 or December 31, 2015. As of March 31, 2016 and December 31, 2015, the Company held 39 and 71 investment positions, respectively, with unrealized losses of $291 thousand and $672 thousand, respectively. These investments were in U.S. Agencies, MBS and Municipals. In analyzing an issuer's financial condition, management considers whether the securities are issued by the federal government or its agencies, whether downgrades by bond rating agencies have occurred, and industry analysts' reports. Management had determined that all declines in market values of available-for-sale securities are not other-than-temporary, and the Company will not likely be required to sell these securities. As of March 31, 2016 and December 31, 2015, 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 Fair Value Unrealized Fair Value Unrealized March 31, 2016 U.S. Agencies $ 994 $ (2 ) $ — $ — $ 994 $ (2 ) MBS Residential 10,362 (58 ) 9,195 (219 ) 19,557 (277 ) Municipals 1,406 (12 ) — — 1,406 (12 ) Total $ 12,762 $ (72 ) $ 9,195 $ (219 ) $ 21,957 $ (291 ) (Dollars in thousands) Less Than 12 Months 12 Months or Greater Total Fair Value Unrealized Fair Value Unrealized Losses Fair Value Unrealized Losses December 31, 2015 U.S. Agencies $ 27,060 $ (237 ) $ 987 $ (13 ) $ 28,047 $ (250 ) MBS Residential 24,369 (193 ) 9,970 (216 ) 34,339 (409 ) Municipals 1,405 (13 ) — — 1,405 (13 ) Total $ 52,834 $ (443 ) $ 10,957 $ (229 ) $ 63,791 $ (672 ) |
FEDERAL HOME LOAN BANK OF ATLAN
FEDERAL HOME LOAN BANK OF ATLANTA ("FHLB") | 3 Months Ended |
Mar. 31, 2016 | |
FEDERAL HOME LOAN BANK OF ATLANTA ("FHLB") [Abstract] | |
FEDERAL HOME LOAN BANK OF ATLANTA ("FHLB") | 3. FEDERAL HOME LOAN BANK OF ATLANTA (“FHLB”) 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% of its total assets as of December 31 of the prior year (up to a maximum of $15.0 million), plus 4.5% of its outstanding FHLB advances. The carrying value of FHLB stock, which is included in Other Invested Assets on the Consolidated Balance Sheets, as of March 31, 2016 and December 31, 2015 was $0.3 million. No ready market exists for the FHLB stock, and it has no quoted market value; however, management believes that the cost approximates the market value as of March 31, 2016 and December 31, 2015. Management has reviewed its investment in FHLB stock for impairment and does not believe it is impaired as of March 31, 2016 or December 31, 2015. |
RECONCILIATIONS OF BASIC AND DI
RECONCILIATIONS OF BASIC AND DILUTED LOSS PER COMMON SHARE ("EPS") | 3 Months Ended |
Mar. 31, 2016 | |
RECONCILIATIONS OF BASIC AND DILUTED LOSS PER COMMON SHARE ("EPS") [Abstract] | |
RECONCILIATIONS OF BASIC AND DILUTED LOSS PER COMMON SHARE ("EPS") | 4. RECONCILIATIONS OF BASIC AND DILUTED LOSS PER COMMON SHARE ("EPS") Basic EPS is computed by dividing net loss 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 loss 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 LOSS | 3 Months Ended |
Mar. 31, 2016 | |
ACCUMULATED OTHER COMPREHENSIVE LOSS [Abstract] | |
ACCUMULATED OTHER COMPREHENSIVE LOSS | 5. ACCUMULATED OTHER COMPREHENSIVE LOSS Accumulated other comprehensive loss includes net loss and all other changes to the Company's Stockholders' Equity, with the exception of transactions with stockholders. The Company's other comprehensive income (loss) and accumulated other comprehensive loss are comprised of unrealized gains and losses on certain investments in debt securities and defined benefit plan adjustments. (Dollars in thousands) (Unaudited) Unrealized Defined Total Balance as of December 31, 2014 $ (17 ) $ (1,651 ) $ (1,668 ) Other comprehensive income before reclassifications 124 — 124 Amounts reclassified from accumulated other comprehensive income (18 ) — (18 ) Net current-period other comprehensive income 106 — 106 Balance as of March 31, 2015 $ 89 $ (1,651 ) $ (1,562 ) Balance as of December 31, 2015 $ (350 ) $ (1,784 ) $ (2,134 ) Other comprehensive income before reclassifications 498 — 498 Amounts reclassified from accumulated other comprehensive income (4 ) — (4 ) Net current-period other comprehensive income 494 — 494 Balance as of March 31, 2016 $ 144 $ (1,784 ) $ (1,640 ) All amounts are net of tax. RECLASSIFICATION ADJUSTMENTS FROM ACCUMULATED OTHER COMPREHENSIVE LOSS For the Three Months Ended March 31, (Dollars in thousands) 2016 2015 (Unaudited) Detail about Accumulated Other Comprehensive Loss Components Amount Reclassified Amount Reclassified Affected Line Item in the Consolidated Statements of Loss Net unrealized holding gains - investment securities available-for-sale $ (6 ) $ (29 ) Net realized gains on sales of investments Income tax expense 2 11 Income tax expense Total, net of tax (4 ) (18 ) Total, net of tax Amortization of defined benefit pension — — Salaries and employee benefits Income tax expense — — Income tax expense Total, net of tax — — Total, net of tax Total reclassifications for the period $ (4 ) $ (18 ) |
LOANS AND ALLOWANCE FOR LOAN LO
LOANS AND ALLOWANCE FOR LOAN LOSSES | 3 Months Ended |
Mar. 31, 2016 | |
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 month periods ended March 31, 2016 and 2015 and related asset balances at March 31, 2016 and December 31, 2015 is summarized as follows: For the Three Months Ended March 31, 2016 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, 2015 $ 329 $ 839 $ 1,229 $ 410 $ 21 $ 229 $ 378 $ 3,435 For the three months ended March 31, 2016 Charge-offs — — — — — (3 ) — (3 ) Recoveries — — — 3 — 1 — 4 Provision for loan losses 218 (152 ) 166 (30 ) 2 174 (378 ) — Total ending ALLL balances as of March 31, 2016 $ 547 $ 687 $ 1,395 $ 383 $ 23 $ 401 $ — $ 3,436 For the Three Months Ended March 31, 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 three months ended March 31, 2015 Charge-offs — — — — — (4 ) — (4 ) Recoveries — — — 10 — — — 10 Provision for loan losses (82 ) 23 206 (106 ) 1 (51 ) 9 — Total ending ALLL balances as of March 31, 2015 $ 271 $ 602 $ 1,440 $ 589 $ 29 $ 210 $ 305 $ 3,446 March 31, 2016 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 $ — $ 252 $ 546 $ 72 $ — $ — $ — $ 870 Collectively evaluated for impairment 547 435 849 311 23 401 — 2,566 Total ending ALLL balance $ 547 $ 687 $ 1,395 $ 383 $ 23 $ 401 $ — $ 3,436 Loans: Loans individually evaluated for impairment $ — $ 7,442 $ 16,260 $ 2,387 $ — $ — $ — $ 26,089 Loans collectively evaluated for impairment 9,742 31,361 68,480 19,685 1,072 4,263 — 134,603 Total ending loans balance $ 9,742 $ 38,803 $ 84,740 $ 22,072 $ 1,072 $ 4,263 $ — $ 160,692 December 31, 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 $ — $ 303 $ 261 $ 67 $ — $ — $ — $ 631 Collectively evaluated for impairment 329 536 968 343 21 229 378 2,804 Total ending ALLL balance $ 329 $ 839 $ 1,229 $ 410 $ 21 $ 229 $ 378 $ 3,435 Loans: Loans individually evaluated for impairment $ — $ 7,517 $ 16,325 $ 2,579 $ — $ — $ — $ 26,421 Loans collectively evaluated for impairment 7,540 36,523 69,130 19,960 1,035 4,240 — 138,428 Total ending loans balance $ 7,540 $ 44,040 $ 85,455 $ 22,539 $ 1,035 $ 4,240 $ — $ 164,849 The Bank experienced $1 thousand and $6 thousand in net recoveries during the three months ended March 31, 2016 and 2015, respectively. Annualized net recoveries as a percent of average loan balances outstanding totaled 0.00% and 0.01% during the three month periods ended March 31, 2016 and 2015, respectively. The decrease in unallocated reserve to none at March 31, 2016 from $378 thousand at December 31, 2015 was attributable to decreases in cash flows and/or collateral values of individually impaired loans. 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 March 31, 2016 and December 31, 2015 was as follows: (Dollars in thousands) March 31, 2016 December 31, 2015 Commercial $ 9,742 $ 7,540 Commercial real estate: Construction 9,661 9,618 Owner occupied 16,188 18,941 Other 12,954 15,481 Faith-based non-profit: Construction 4,885 4,800 Owner occupied 77,509 78,228 Other 2,346 2,427 Residential real estate: First mortgage 16,228 16,467 Multifamily 2,656 2,701 Home equity 3,067 3,249 Construction 121 122 Consumer 1,072 1,035 Other loans 4,263 4,240 Loans, net of deferred fees 160,692 164,849 ALLL (3,436 ) (3,435 ) Loans, net of ALLL $ 157,256 $ 161,414 The Bank has a concentration of loans to faith-based non-profit organizations, in which the Bank has specialized lending experience. As of March 31, 2016, the percentage of loans in this segment, which included construction, real estate secured, and lines of credit, comprised 52.73% of the total loan portfolio and the reserve for these loans was 40.60% of the total allowance. Historically, the Bank has experienced low levels of loan losses in this niche; however, repayment of these loans is generally dependent on voluntary contributions, some of which have been adversely affected by the economic downturn. 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 March 31, 2016 and December 31, 2015: 90 Days March 31, 2016 30-59 Days 60-89 Days Or More Total Past (Dollars in thousands) Past Due Past Due Past Due Due Current Total Commercial $ — $ — $ — $ — $ 9,742 $ 9,742 Commercial real estate: Construction — — — — 9,661 9,661 Owner occupied — — — — 16,188 16,188 Other 70 — — 70 12,884 12,954 Faith-based non-profit: Construction — — — — 4,885 4,885 Owner occupied 14 — — 14 77,495 77,509 Other — — — — 2,346 2,346 Residential real estate: First mortgage 602 234 1,341 2,177 14,051 16,228 Multifamily — — 17 17 2,639 2,656 Home equity 127 — 188 315 2,752 3,067 Construction — — 121 121 — 121 Consumer 1 32 — 33 1,039 1,072 Other loans — — — — 4,263 4,263 Total $ 814 $ 266 $ 1,667 $ 2,747 $ 157,945 $ 160,692 90 Days December 31, 2015 30-59 Days 60-89 Days Or More Total Past (Dollars in thousands) Past Due Past Due Past Due Due Current Total Commercial $ — $ — $ — $ — $ 7,540 $ 7,540 Commercial real estate: Construction 40 — — 40 9,578 9,618 Owner occupied 397 — — 397 18,544 18,941 Other — 71 — 71 15,410 15,481 Faith-based non-profit: Construction — — — — 4,800 4,800 Owner occupied 237 — 355 592 77,636 78,228 Other — — — — 2,427 2,427 Residential real estate: First mortgage 688 161 1,376 2,225 14,242 16,467 Multifamily 17 — — 17 2,684 2,701 Home equity 129 — 206 335 2,914 3,249 Construction 122 — — 122 — 122 Consumer — — — — 1,035 1,035 Other loans 3 — — 3 4,237 4,240 Total $ 1,633 $ 232 $ 1,937 $ 3,802 $ 161,047 $ 164,849 The recorded investment and related information for impaired loans is summarized as follows for March 31, 2016, December 31, 2015 and March 31, 2015: March 31, 2016 For the Three 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 — — — — — Owner occupied 68 68 — 1 68 Other 2,519 2,520 — 39 2,667 Faith based non-profit: Construction — — — — — Owner occupied 5,424 5,430 — 61 5,427 Other — — — — — Residential real estate: First mortgage 1,653 1,626 — 395 1,762 Multifamily 17 17 — — 9 Home equity 280 280 — 1 309 Construction — — — — — Consumer — — — — — Impaired loans with no allowance recorded $ 9,961 $ 9,941 $ — $ 497 $ 10,242 With an allowance recorded: Commercial $ — $ — $ — $ — $ — Commercial real estate: Construction — — — — — Owner occupied 4,627 4,631 251 54 4,654 Other 229 230 1 4 115 Faith based non-profit: Construction — — — — — Owner occupied 10,836 10,854 546 155 10,917 Other — — — — — Residential real estate: First mortgage 344 344 71 — 344 Multifamily — — — — — Home equity — — — — — Construction 121 121 1 — 61 Consumer — — — — — Impaired loans with allowance recorded $ 16,157 $ 16,180 $ 870 $ 213 $ 16,091 Total impaired loans $ 26,118 $ 26,121 $ 870 $ 710 $ 26,333 December 31, 2015 Interest Unpaid Earned Average Principal Recorded ALLL For the Recorded (Dollars in thousands) Balance Investment Allocated Year Investment With no related allowance recorded: Commercial $ — $ — $ — $ — $ — Commercial real estate: Construction — — — — 137 Owner occupied 68 68 — 7 59 Other 2,813 2,815 — 85 3,685 Faith based non-profit: Construction — — — — — Owner occupied 5,413 5,426 — 230 5,197 Other — — — — — Residential real estate: First mortgage 1,926 1,898 — 24 2,211 Multifamily — — — — — Home equity 338 338 — 10 140 Construction — — — — — Consumer — — — — 1 Impaired loans with no allowance recorded $ 10,558 $ 10,545 $ — $ 356 $ 11,430 With an allowance recorded: Commercial $ — $ — $ — $ — $ 1 Commercial real estate: Construction — — — — 172 Owner occupied 4,637 4,677 303 190 4,712 Other — — — — 18 Faith based non-profit: Construction — — — — — Owner occupied 10,912 10,983 261 567 11,583 Other — — — — — Residential real estate: First mortgage 343 343 67 2 775 Multifamily — — — — — Home equity — — — — 39 Construction — — — — — Consumer — — — — — Impaired loans with allowance recorded $ 15,892 $ 16,003 $ 631 $ 759 $ 17,300 Total impaired loans $ 26,450 $ 26,548 $ 631 $ 1,115 $ 28,730 March 31, 2015 For the Three Months 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 — 1 78 Owner occupied 42 42 — — 42 Other 4,087 3,852 — 4 3,862 Faith based non-profit: Construction — — — — — Owner occupied 5,717 5,730 — 59 7,747 Other — — — — — Residential real estate: — First mortgage 2,488 2,354 — 59 2,618 Multifamily — — — — — Home equity 125 115 — 1 67 Construction — — — — — Consumer 11 2 — — 1 Impaired loans with no allowance recorded $ 12,547 $ 12,173 $ — $ 124 $ 14,415 With an allowance recorded: Commercial $ 3 $ — $ 3 $ — $ 1 Commercial real estate: Construction 274 275 1 5 277 Owner occupied 4,748 4,759 27 57 4,779 Other — — — — — Faith based non-profit: Construction — — — — — Owner occupied 10,737 10,761 227 150 9,061 Other — — — — — Residential real estate: First mortgage 1,515 1,515 171 — 1,471 Multifamily — — — — — Home equity 43 43 13 — 94 Construction — — — — — Consumer — — — — — Impaired loans with allowance recorded $ 17,320 $ 17,353 $ 442 $ 212 $ 15,683 Total impaired loans $ 29,867 $ 29,526 $ 442 $ 336 $ 30,098 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 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 five-year rolling data beginning December 31, 2015 and previously a four-year rolling data. The change in methodology resulted in a $425 thousand increase in the ALLL at December 31, 2015. 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 The following table presents non-accrual loans and loans past due over 90 days still on accrual by class of loans as of March 31, 2016 and December 31, 2015, respectively: 90 Days or More Past Due March 31, 2016 Still (Dollars in thousands) Non-accrual Number Accruing Number Commercial $ — — $ — — Commercial real estate: Construction — — — — Owner occupied — — — — Other 2,449 2 — — Faith-based non-profit: Construction — — — — Owner occupied 14 1 — — Other — — — — Residential real estate: First mortgage 1,756 32 — 1 Multifamily 17 1 — — Home equity 280 3 — — Construction 122 1 — — Consumer — — — 1 Other loans — — — — Total $ 4,638 40 $ — 2 90 Days or More Past Due December 31, 2015 Still (Dollars in thousands) Non-accrual Number Accruing Number Commercial $ — — $ — — Commercial real estate: Construction — — — — Owner occupied — — — — Other 2,513 2 — — Faith-based non-profit: Construction — — — — Owner occupied 15 1 355 3 Other — — — — Residential real estate: First mortgage 2,154 36 — — Multifamily — — — — Home equity 338 5 — — Construction — — — — Consumer — — — — Other loans — — — — Total $ 5,020 44 $ 355 3 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 March 31, 2016 and December 31, 2015: March 31, 2016 (Dollars in thousands) Pass Special Mention Substandard Doubtful Total Commercial $ 4,100 $ — $ 5,642 $ — $ 9,742 Commercial real estate: Construction 9,661 — — — 9,661 Owner occupied 15,858 262 68 — 16,188 Other 9,342 252 3,360 — 12,954 Faith-based non-profit: Construction 4,885 — — — 4,885 Owner occupied 60,593 6,969 9,947 — 77,509 Other 2,346 — — — 2,346 Residential real estate: First mortgage 13,811 6 2,411 — 16,228 Multifamily 2,552 29 75 — 2,656 Home equity 2,787 — 280 — 3,067 Construction — — 121 — 121 Consumer 1,058 9 5 — 1,072 Other loans 4,263 — — — 4,263 Total $ 131,256 $ 7,527 $ 21,909 $ — $ 160,692 December 31, 2015 (Dollars in thousands) Pass Special Mention Substandard Doubtful Total Commercial $ 1,869 $ — $ 5,671 $ — $ 7,540 Commercial real estate: Construction 9,618 — — — 9,618 Owner occupied 18,601 272 68 — 18,941 Other 11,720 394 3,367 — 15,481 Faith-based non-profit: Construction 4,800 — — — 4,800 Owner occupied 61,836 7,243 9,149 — 78,228 Other 2,427 — — — 2,427 Residential real estate: First mortgage 13,733 256 2,478 — 16,467 Multifamily 2,613 30 58 — 2,701 Home equity 3,070 — 179 — 3,249 Construction 122 — — — 122 Consumer 1,020 10 5 — 1,035 Other loans 4,240 — — — 4,240 Total $ 135,669 $ 8,205 $ 20,975 $ — $ 164,849 Loans Modified as a TDR The following tables present TDRs as of March 31, 2016 and December 31, 2015. Troubled Debt Restructurings March 31, 2016 Non-accrual Total Accrual Status Status Modifications (Dollars in thousands) Number Amount Number Amount Number Amount Commercial real estate: Construction — $ — — $ — — $ — Owner occupied 4 4,694 — — 4 4,694 Other 2 299 1 2,432 3 2,731 Faith-based non-profit: Owner occupied 20 16,246 1 14 21 16,260 Other — — — — — — Residential real estate: First mortgage 4 212 2 178 6 390 Total 30 $ 21,451 4 $ 2,624 34 $ 24,075 Troubled Debt Restructurings December 31, 2015 Non-accrual Total Accrual Status Status Modifications (Dollars in thousands) Number Amount Number Amount Number Amount Commercial real estate: Construction — $ — — $ — — $ — Owner occupied 4 4,704 — — 4 4,704 Other 2 300 1 2,494 3 2,794 Faith-based non-profit: Owner occupied 20 16,309 1 16 21 16,325 Other — — — — — — Residential real estate: First mortgage 2 87 4 315 6 402 Total 28 $ 21,400 6 $ 2,825 34 $ 24,225 No loans were restructured during the three months ended March 31, 2016. Two loans totaling $129 thousand were restructured during the three months ended March 31, 2015. The following table shows loans newly restructured during the three months ended March 31, 2015. TDR Modifications For the Three Months Ended March 31, 2015 March 31, 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 Total 2 $ 129 $ 125 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 months ended March 31, 2016 or 2015. 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") | 3 Months Ended |
Mar. 31, 2016 | |
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 March 31, 2016 and December 31, 2015, OREO totaled $2.5 million and $2.8 million, respectively. At March 31, 2016 and December 31, 2015, $0.1 million and $0.2 million, respectively, of OREO was comprised of residential real estate; the remainder was commercial real estate. Also as of March 31, 2016 and December 31, 2015, $0.5 million of consumer mortgage loans collateralized by residential real estate were in the process of foreclosure. OREO excludes bank-owned property held for Company use at March 31, 2016 and December 31, 2015. |
BORROWINGS
BORROWINGS | 3 Months Ended |
Mar. 31, 2016 | |
BORROWINGS [Abstract] | |
BORROWINGS | 8. BORROWINGS Borrowings as of March 31, 2016 consisted of an FHLB borrowing of $0.6 million with an interest rate of 0.50% that matures in 2020, and capital leases of $0.3 million with a blended interest rate of 1.85%. Borrowings as of December 31, 2015 consisted of an FHLB borrowing of $0.6 million with an interest rate of 0.50% that matures in 2020 and capital leases of $0.3 million with a blended rate of 1.83%. The Company has federal funds lines of credit with three correspondent banks totaling $10.0 million at March 31, 2016 and December 31, 2015. The Company periodically tests its federal funds lines of credit with its correspondent banks. These lines were tested during the three months ended March 31, 2016. The Company had unused borrowing capacity with the FHLB of $6.4 million as of March 31, 2016 and $6.1 million as of December 31, 2015. In addition, the Company has the ability to borrow from the FRB to the extent of investment securities pledged to the FRB. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 3 Months Ended |
Mar. 31, 2016 | |
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. The Bank's exposure to credit losses in the event of non-performance by the other party to the financial instrument for commitments to extend credit and standby letters of credit is represented by the contractual amount of those instruments. The Bank utilizes the same credit policies in making commitments and conditional obligations as it does for balance sheet instruments. Commitments to extend credit are agreements to lend to a customer as long as there is not a violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since many of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. The Bank evaluates each customer's credit worthiness on a case-by-case basis. The amount of collateral obtained, if deemed necessary by the Bank, upon extension of credit is based on management's credit evaluation of the counter parties. Collateral varies and may include real estate, accounts receivable, inventory, property, plant and equipment, and income-producing commercial properties. Standby letters of credit are conditional commitments issued by the Bank to guarantee the performance of a customer to a third party. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loan facilities to customers. To the extent deemed necessary, collateral of varying types and amounts is held to secure customer performance under certain of those letters of credit outstanding. Financial instruments whose contract amounts represent credit risk as of March 31, 2016 and December 31, 2015, respectively, are commitments to extend credit (including availability of lines of credit), and standby letters of credit. The Bank evaluates each customer's credit worthiness on a case-by-case basis. The amount of collateral deemed necessary by the Bank is based on management's credit evaluation and underwriting guidelines for the particular loan. Commitments outstanding at March 31, 2016 are summarized in the following table: (Dollars in thousands) Commercial Other loan Total Less than one year $ 19 $ 15,295 $ 15,314 One to three years 250 5,496 5,746 Three to five years — 3,308 3,308 More than five years 93 1,194 1,287 Total $ 362 $ 25,293 $ 25,655 |
FAIR VALUE MEASUREMENT
FAIR VALUE MEASUREMENT | 3 Months Ended |
Mar. 31, 2016 | |
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 March 31, 2016 were: (Dollars in thousands) Quoted Prices in Significant Other Significant Active Markets for Observable Unobservable Identical Assets Inputs Inputs Description March 31, 2016 (Level 1) (Level 2) (Level 3) Recurring: U.S. Agencies $ 22,338 $ — $ 22,338 $ — MBS Residential 47,284 — 47,284 — Municipals 9,266 — 9,266 — Mortgage servicing rights 13 — — 13 Total $ 78,901 $ — $ 78,888 $ 13 Assets measured at fair value on a recurring basis as of December 31, 2015 were: (Dollars in thousands) Quoted Prices in Significant Other Significant Active Markets for Observable Unobservable Identical Assets Inputs Inputs Description December 31, 2015 (Level 1) (Level 2) (Level 3) Recurring: U.S. Agencies $ 30,433 $ — $ 30,433 $ — MBS Residential 40,934 — 40,934 — Municipals 8,574 — 8,574 — Mortgage servicing rights 14 — — 14 Total $ 79,955 $ — $ 79,941 $ 14 The table below displays changes in all recurring Level 3 Assets from December 31, 2015 to March 31, 2016 and December 31, 2014 to December 31, 2015. (Dollars in thousands) Mortgage Servicing Rights Beginning balance (December 31, 2015) $ 14 Amortization 1 Ending Balance (March 31, 2016) $ 13 (Dollars in thousands) Mortgage Servicing Rights Beginning balance (December 31, 2014) $ 22 Amortization 8 Ending Balance (December 31, 2015) $ 14 Assets and Liabilities Measured on a Nonrecurring Basis: Impaired Loans: OREO: Mortgage Servicing Rights: Assets measured at fair value on a nonrecurring basis as of March 31, 2016 and December 31, 2015 were: (Dollars in thousands) Quoted Prices in Significant Other Significant Active Markets for Observable Unobservable Identical Assets Inputs Inputs Description March 31, 2016 (Level 1) (Level 2) (Level 3) Nonrecurring: OREO $ 2,544 $ — $ — $ 2,544 Impaired loans: Commercial real estate 7,197 — — 7,197 Faith-based non-profit 15,738 — — 15,738 Residential real estate 2,316 — — 2,316 Consumer — — — — Total $ 27,795 $ — $ — $ 27,795 (Dollars in thousands) Quoted Prices in Significant Other Significant Active Markets for Observable Unobservable Identical Assets Inputs Inputs Description December 31, 2015 (Level 1) (Level 2) (Level 3) Nonrecurring: OREO $ 2,764 $ — $ — $ 2,764 Impaired loans: Commercial real estate 7,257 — — 7,257 Faith-based non-profit 16,148 — — 16,148 Residential real estate 2,512 — — 2,512 Total $ 28,681 $ — $ — $ 28,681 Quantitative Information about Level 3 Fair Value Measurements (Dollars in thousands) Significant Significant Valuation Unobservable Unobservable Description March 31, 2016 Technique Inputs Input Value Nonrecurring: OREO $ 2,544 discounted appraisals collateral discounts 6-20% Impaired loans 25,251 discounted appraisals collateral discounts 6-20% Total $ 27,795 (Dollars in thousands) Significant Significant Valuation Unobservable Unobservable Description December 31, 2015 Technique Inputs Input Value Nonrecurring: OREO $ 2,764 discounted appraisals collateral discounts 6-20% Impaired loans 25,917 discounted appraisals collateral discounts 6-20% Total $ 28,681 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 2015 or 2016. 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 March 31, 2016 and December 31, 2015, the carrying amounts and associated estimated fair value of financial assets and liabilities of the Company are as follows: March 31, 2016 (Dollars in thousands) Carrying Estimated Amount Fair Value Level 1 Level 2 Level 3 Assets: Cash and cash equivalents $ 46,853 $ 46,853 $ 46,853 $ — $ — Investment securities available for sale 78,888 78,888 — 78,888 — Loans, net of allowances for loan losses 157,256 161,553 — — 161,553 Accrued interest receivable 771 771 771 — — Liabilities: Non-maturity deposits $ 132,560 $ 132,560 $ 132,560 $ — $ — Maturity deposits 129,972 129,222 — 129,222 — Other borrowings 901 873 — — 873 Accrued interest payable 89 89 89 — — December 31, 2015 (Dollars in thousands) Carrying Amount Estimated Amount Fair Value Level 1 Level 2 Level 3 Assets: Cash, cash equivalents and interest-bearing time deposits $ 34,938 $ 34,938 $ 34,938 $ — $ — Investment securities available for sale 79,941 79,941 — 79,941 — Loans, net of allowances for loan losses 161,414 165,105 — — 165,105 Accrued interest receivable 785 785 785 — — Liabilities: Non-maturity deposits $ 121,315 $ 121,315 $ 121,315 $ — $ — Maturity deposits 133,385 132,687 — 132,687 — Other borrowings 938 889 — — 889 Accrued interest payable 95 95 95 — — |
SUMMARY OF SIGNIFICANT ACCOUN18
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 3 Months Ended |
Mar. 31, 2016 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract] | |
Nature of Operations | Nature of Operations M&F Bancorp, Inc. (the “Company”) is a bank holding company, and the parent company of Mechanics and Farmers Bank (the “Bank”), a state chartered commercial bank incorporated in North Carolina (“NC”) in 1907, which began operations in 1908. The Bank has seven branches in NC: two in Durham, two in Raleigh, and one each in Charlotte, Greensboro and Winston-Salem. The Company, headquartered in Durham, operates as a single business segment and offers a wide variety of consumer and commercial banking services and products almost exclusively in NC. |
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, 2015, which were derived from the Company's audited consolidated Annual Report on Form 10-K as of and for the year ended December 31, 2015. 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, 2015. 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 | New Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (the “FASB”) issued guidance to change the recognition of revenue from contracts with customers. The core principle of the new guidance is that an entity should recognize revenue to reflect the transfer of goods and services to customers in an amount equal to the consideration the entity receives or expects to receive. The guidance will be effective for the Company for reporting periods beginning after December 15, 2017. The Company does not expect this guidance to have a material effect on its consolidated financial statements. 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 consolidated financial statements. 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 adoption of these amendments did not have a material effect on the Company's consolidated financial statements. 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 adoption of these amendments did not have a material effect on the Company's consolidated 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 was permitted, including adoption in an interim period. The adoption of these amendments did not have a material effect on the Company's consolidated financial statements. In August 2015, the FASB deferred the effective date of Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers. In August 2015, the FASB issued amendments to the Interest topic of the Accounting Standards Codification (“ASC”) to clarify the Securities and Exchange Commission staff position on presenting and measuring debt issuance costs incurred in connection with line-of-credit arrangements. The amendments were effective upon issuance. The adoption of these amendments did not have a material effect on the Company's consolidated financial statements. In January 2016, the FASB amended the Financial Instruments topic of the ASC to address certain aspects of recognition, measurement, presentation, and disclosure of financial instruments. The amendments will be effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. The Company will apply the guidance by means of a cumulative-effect adjustment to the balance sheet as of the beginning of the fiscal year of adoption. The amendments related to equity securities without readily determinable fair values will be applied prospectively to equity investments that exist as of the date of adoption of the amendments. The Company does not expect these amendments to have a material effect on its consolidated financial statements. In February 2016, the FASB amended the Leases topic of the ASC to revise certain aspects of recognition, measurement, presentation, and disclosure of leasing transactions. The amendments will be effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The Company is currently evaluating the effect that implementation of the new standard will have on its financial position, results of operations, and cash flows. In March 2016, the FASB amended the Revenue from Contracts with Customers In March 2016, the FASB issued guidance to simplify several aspects of the accounting for share-based payment award transactions including the income tax consequences, the classification of awards as either equity or liabilities, and the classification on the statement of cash flows. Additionally, the guidance simplifies two areas specific to entities other than public business entities allowing them apply a practical expedient to estimate the expected term for all awards with performance or service conditions that have certain characteristics and also allowing them to make a one-time election to switch from measuring all liability-classified awards at fair value to measuring them at intrinsic value. The amendments will be effective for the Company for annual periods beginning after December 15, 2016 and interim periods within those annual periods. The Company does not expect these amendments to have a material effect on its consolidated 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) | 3 Months Ended |
Mar. 31, 2016 | |
INVESTMENT SECURITIES [Abstract] | |
Schedule of Investment Securities | (Dollars in thousands) Amortized Gross Gross Fair Value (Unaudited) March 31, 2016 U.S. Agencies $ 22,289 $ 51 $ (2 ) $ 22,338 MBS Residential 47,315 246 (277 ) 47,284 Municipals 9,056 222 (12 ) 9,266 Total $ 78,660 $ 519 $ (291 ) $ 78,888 December 31, 2015 U.S. Agencies $ 30,681 $ 2 $ (250 ) $ 30,433 MBS Residential 41,323 20 (409 ) 40,934 Municipals North Carolina 8,489 98 (13 ) 8,574 Total $ 80,493 $ 120 $ (672 ) $ 79,941 |
Schedule of Investment Securities maturities | (Dollars in thousands) As of March 31, 2016 (Unaudited) Fair Value Amortized Cost U.S. Agencies Due after one year through five years $ 16,324 $ 16,289 Due after five years through ten years 6,014 6,000 Total U.S. Agencies $ 22,338 $ 22,289 MBS Residential Due within one year $ 5,312 $ 5,320 Due after one year through five years 16,214 16,213 Due after five years through ten years 13,572 13,554 Due after ten years 12,186 12,228 Total MBS $ 47,284 $ 47,315 Municipals Due within one year $ 261 $ 260 Due after one year through five years 1,313 1,318 Due after five years through ten years 7,283 7,078 Due after ten years 409 400 Total Municipals $ 9,266 $ 9,056 (Dollars in thousands) As of December 31, 2015 Fair Value Amortized Cost U.S. Agencies Due within one year $ 3,481 $ 3,500 Due after one year through five years 21,998 22,181 Due after five years through ten years 4,954 5,000 Total U.S. Agencies $ 30,433 $ 30,681 MBS Residential Due within one year $ 5,750 $ 5,812 Due after one year through five years 15,526 15,672 Due after five years through ten years 11,387 11,480 Due after ten years 8,271 8,359 Total MBS $ 40,934 $ 41,323 Municipals Due within one year $ 262 $ 260 Due after one year through five years 738 738 Due after five years through ten years 7,169 7,091 Due after ten years 405 400 Total Municipals $ 8,574 $ 8,489 |
Schedule of Securities in an unrealized loss position | (Dollars in thousands) Less Than 12 Months 12 Months or Greater Total (Unaudited) Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized March 31, 2016 U.S. Agencies $ 994 $ (2 ) $ — $ — $ 994 $ (2 ) MBS Residential 10,362 (58 ) 9,195 (219 ) 19,557 (277 ) Municipals 1,406 (12 ) — — 1,406 (12 ) Total $ 12,762 $ (72 ) $ 9,195 $ (219 ) $ 21,957 $ (291 ) (Dollars in thousands) Less Than 12 Months 12 Months or Greater Total Fair Value Unrealized Fair Value Unrealized Losses Fair Value Unrealized Losses December 31, 2015 U.S. Agencies $ 27,060 $ (237 ) $ 987 $ (13 ) $ 28,047 $ (250 ) MBS Residential 24,369 (193 ) 9,970 (216 ) 34,339 (409 ) Municipals 1,405 (13 ) — — 1,405 (13 ) Total $ 52,834 $ (443 ) $ 10,957 $ (229 ) $ 63,791 $ (672 ) |
ACCUMULATED OTHER COMPREHENSI20
ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
ACCUMULATED OTHER COMPREHENSIVE LOSS [Abstract] | |
Schedule of changes in Accumulated Other Comprehensive Income (Loss) by Component | (Dollars in thousands) (Unaudited) Unrealized Defined Total Balance as of December 31, 2014 $ (17 ) $ (1,651 ) $ (1,668 ) Other comprehensive income before reclassifications 124 — 124 Amounts reclassified from accumulated other comprehensive income (18 ) — (18 ) Net current-period other comprehensive income 106 — 106 Balance as of March 31, 2015 $ 89 $ (1,651 ) $ (1,562 ) Balance as of December 31, 2015 $ (350 ) $ (1,784 ) $ (2,134 ) Other comprehensive income before reclassifications 498 — 498 Amounts reclassified from accumulated other comprehensive income (4 ) — (4 ) Net current-period other comprehensive income 494 — 494 Balance as of March 31, 2016 $ 144 $ (1,784 ) $ (1,640 ) All amounts are net of tax. |
Schedule of reclassification adjustments from accumulated other comprehensive loss | For the Three Months Ended March 31, (Dollars in thousands) 2016 2015 (Unaudited) Detail about Accumulated Other Comprehensive Loss Components Amount Reclassified Amount Reclassified Affected Line Item in the Consolidated Statements of Loss Net unrealized holding gains - investment securities available-for-sale $ (6 ) $ (29 ) Net realized gains on sales of investments Income tax expense 2 11 Income tax expense Total, net of tax (4 ) (18 ) Total, net of tax Amortization of defined benefit pension — — Salaries and employee benefits Income tax expense — — Income tax expense Total, net of tax — — Total, net of tax Total reclassifications for the period $ (4 ) $ (18 ) |
LOANS AND ALLOWANCE FOR LOAN 21
LOANS AND ALLOWANCE FOR LOAN LOSSES (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
LOANS AND ALLOWANCE FOR LOAN LOSSES [Abstract] | |
Schedule of Allowance for Loan Losses | For the Three Months Ended March 31, 2016 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, 2015 $ 329 $ 839 $ 1,229 $ 410 $ 21 $ 229 $ 378 $ 3,435 For the three months ended March 31, 2016 Charge-offs — — — — — (3 ) — (3 ) Recoveries — — — 3 — 1 — 4 Provision for loan losses 218 (152 ) 166 (30 ) 2 174 (378 ) — Total ending ALLL balances as of March 31, 2016 $ 547 $ 687 $ 1,395 $ 383 $ 23 $ 401 $ — $ 3,436 For the Three Months Ended March 31, 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 three months ended March 31, 2015 Charge-offs — — — — — (4 ) — (4 ) Recoveries — — — 10 — — — 10 Provision for loan losses (82 ) 23 206 (106 ) 1 (51 ) 9 — Total ending ALLL balances as of March 31, 2015 $ 271 $ 602 $ 1,440 $ 589 $ 29 $ 210 $ 305 $ 3,446 March 31, 2016 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 $ — $ 252 $ 546 $ 72 $ — $ — $ — $ 870 Collectively evaluated for impairment 547 435 849 311 23 401 — 2,566 Total ending ALLL balance $ 547 $ 687 $ 1,395 $ 383 $ 23 $ 401 $ — $ 3,436 Loans: Loans individually evaluated for impairment $ — $ 7,442 $ 16,260 $ 2,387 $ — $ — $ — $ 26,089 Loans collectively evaluated for impairment 9,742 31,361 68,480 19,685 1,072 4,263 — 134,603 Total ending loans balance $ 9,742 $ 38,803 $ 84,740 $ 22,072 $ 1,072 $ 4,263 $ — $ 160,692 December 31, 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 $ — $ 303 $ 261 $ 67 $ — $ — $ — $ 631 Collectively evaluated for impairment 329 536 968 343 21 229 378 2,804 Total ending ALLL balance $ 329 $ 839 $ 1,229 $ 410 $ 21 $ 229 $ 378 $ 3,435 Loans: Loans individually evaluated for impairment $ — $ 7,517 $ 16,325 $ 2,579 $ — $ — $ — $ 26,421 Loans collectively evaluated for impairment 7,540 36,523 69,130 19,960 1,035 4,240 — 138,428 Total ending loans balance $ 7,540 $ 44,040 $ 85,455 $ 22,539 $ 1,035 $ 4,240 $ — $ 164,849 |
Loan Portfolio Schedule | (Dollars in thousands) March 31, 2016 December 31, 2015 Commercial $ 9,742 $ 7,540 Commercial real estate: Construction 9,661 9,618 Owner occupied 16,188 18,941 Other 12,954 15,481 Faith-based non-profit: Construction 4,885 4,800 Owner occupied 77,509 78,228 Other 2,346 2,427 Residential real estate: First mortgage 16,228 16,467 Multifamily 2,656 2,701 Home equity 3,067 3,249 Construction 121 122 Consumer 1,072 1,035 Other loans 4,263 4,240 Loans, net of deferred fees 160,692 164,849 ALLL (3,436 ) (3,435 ) Loans, net of ALLL $ 157,256 $ 161,414 |
Schedule of Past Due loans | 90 Days March 31, 2016 30-59 Days 60-89 Days Or More Total Past (Dollars in thousands) Past Due Past Due Past Due Due Current Total Commercial $ — $ — $ — $ — $ 9,742 $ 9,742 Commercial real estate: Construction — — — — 9,661 9,661 Owner occupied — — — — 16,188 16,188 Other 70 — — 70 12,884 12,954 Faith-based non-profit: Construction — — — — 4,885 4,885 Owner occupied 14 — — 14 77,495 77,509 Other — — — — 2,346 2,346 Residential real estate: First mortgage 602 234 1,341 2,177 14,051 16,228 Multifamily — — 17 17 2,639 2,656 Home equity 127 — 188 315 2,752 3,067 Construction — — 121 121 — 121 Consumer 1 32 — 33 1,039 1,072 Other loans — — — — 4,263 4,263 Total $ 814 $ 266 $ 1,667 $ 2,747 $ 157,945 $ 160,692 90 Days December 31, 2015 30-59 Days 60-89 Days Or More Total Past (Dollars in thousands) Past Due Past Due Past Due Due Current Total Commercial $ — $ — $ — $ — $ 7,540 $ 7,540 Commercial real estate: Construction 40 — — 40 9,578 9,618 Owner occupied 397 — — 397 18,544 18,941 Other — 71 — 71 15,410 15,481 Faith-based non-profit: Construction — — — — 4,800 4,800 Owner occupied 237 — 355 592 77,636 78,228 Other — — — — 2,427 2,427 Residential real estate: First mortgage 688 161 1,376 2,225 14,242 16,467 Multifamily 17 — — 17 2,684 2,701 Home equity 129 — 206 335 2,914 3,249 Construction 122 — — 122 — 122 Consumer — — — — 1,035 1,035 Other loans 3 — — 3 4,237 4,240 Total $ 1,633 $ 232 $ 1,937 $ 3,802 $ 161,047 $ 164,849 |
Schedule of Impaired Loans | March 31, 2016 For the Three 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 — — — — — Owner occupied 68 68 — 1 68 Other 2,519 2,520 — 39 2,667 Faith based non-profit: Construction — — — — — Owner occupied 5,424 5,430 — 61 5,427 Other — — — — — Residential real estate: First mortgage 1,653 1,626 — 395 1,762 Multifamily 17 17 — — 9 Home equity 280 280 — 1 309 Construction — — — — — Consumer — — — — — Impaired loans with no allowance recorded $ 9,961 $ 9,941 $ — $ 497 $ 10,242 With an allowance recorded: Commercial $ — $ — $ — $ — $ — Commercial real estate: Construction — — — — — Owner occupied 4,627 4,631 251 54 4,654 Other 229 230 1 4 115 Faith based non-profit: Construction — — — — — Owner occupied 10,836 10,854 546 155 10,917 Other — — — — — Residential real estate: First mortgage 344 344 71 — 344 Multifamily — — — — — Home equity — — — — — Construction 121 121 1 — 61 Consumer — — — — — Impaired loans with allowance recorded $ 16,157 $ 16,180 $ 870 $ 213 $ 16,091 Total impaired loans $ 26,118 $ 26,121 $ 870 $ 710 $ 26,333 December 31, 2015 Interest Unpaid Earned Average Principal Recorded ALLL For the Recorded (Dollars in thousands) Balance Investment Allocated Year Investment With no related allowance recorded: Commercial $ — $ — $ — $ — $ — Commercial real estate: Construction — — — — 137 Owner occupied 68 68 — 7 59 Other 2,813 2,815 — 85 3,685 Faith based non-profit: Construction — — — — — Owner occupied 5,413 5,426 — 230 5,197 Other — — — — — Residential real estate: First mortgage 1,926 1,898 — 24 2,211 Multifamily — — — — — Home equity 338 338 — 10 140 Construction — — — — — Consumer — — — — 1 Impaired loans with no allowance recorded $ 10,558 $ 10,545 $ — $ 356 $ 11,430 With an allowance recorded: Commercial $ — $ — $ — $ — $ 1 Commercial real estate: Construction — — — — 172 Owner occupied 4,637 4,677 303 190 4,712 Other — — — — 18 Faith based non-profit: Construction — — — — — Owner occupied 10,912 10,983 261 567 11,583 Other — — — — — Residential real estate: First mortgage 343 343 67 2 775 Multifamily — — — — — Home equity — — — — 39 Construction — — — — — Consumer — — — — — Impaired loans with allowance recorded $ 15,892 $ 16,003 $ 631 $ 759 $ 17,300 Total impaired loans $ 26,450 $ 26,548 $ 631 $ 1,115 $ 28,730 March 31, 2015 For the Three Months 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 — 1 78 Owner occupied 42 42 — — 42 Other 4,087 3,852 — 4 3,862 Faith based non-profit: Construction — — — — — Owner occupied 5,717 5,730 — 59 7,747 Other — — — — — Residential real estate: — First mortgage 2,488 2,354 — 59 2,618 Multifamily — — — — — Home equity 125 115 — 1 67 Construction — — — — — Consumer 11 2 — — 1 Impaired loans with no allowance recorded $ 12,547 $ 12,173 $ — $ 124 $ 14,415 With an allowance recorded: Commercial $ 3 $ — $ 3 $ — $ 1 Commercial real estate: Construction 274 275 1 5 277 Owner occupied 4,748 4,759 27 57 4,779 Other — — — — — Faith based non-profit: Construction — — — — — Owner occupied 10,737 10,761 227 150 9,061 Other — — — — — Residential real estate: First mortgage 1,515 1,515 171 — 1,471 Multifamily — — — — — Home equity 43 43 13 — 94 Construction — — — — — Consumer — — — — — Impaired loans with allowance recorded $ 17,320 $ 17,353 $ 442 $ 212 $ 15,683 Total impaired loans $ 29,867 $ 29,526 $ 442 $ 336 $ 30,098 |
Schedule of non-accrual loans | 90 Days or More Past Due March 31, 2016 Still (Dollars in thousands) Non-accrual Number Accruing Number Commercial $ — — $ — — Commercial real estate: Construction — — — — Owner occupied — — — — Other 2,449 2 — — Faith-based non-profit: Construction — — — — Owner occupied 14 1 — — Other — — — — Residential real estate: First mortgage 1,756 32 — 1 Multifamily 17 1 — — Home equity 280 3 — — Construction 122 1 — — Consumer — — — 1 Other loans — — — — Total $ 4,638 40 $ — 2 90 Days or More Past Due December 31, 2015 Still (Dollars in thousands) Non-accrual Number Accruing Number Commercial $ — — $ — — Commercial real estate: Construction — — — — Owner occupied — — — — Other 2,513 2 — — Faith-based non-profit: Construction — — — — Owner occupied 15 1 355 3 Other — — — — Residential real estate: First mortgage 2,154 36 — — Multifamily — — — — Home equity 338 5 — — Construction — — — — Consumer — — — — Other loans — — — — Total $ 5,020 44 $ 355 3 |
Loans by risk category | March 31, 2016 (Dollars in thousands) Pass Special Mention Substandard Doubtful Total Commercial $ 4,100 $ — $ 5,642 $ — $ 9,742 Commercial real estate: Construction 9,661 — — — 9,661 Owner occupied 15,858 262 68 — 16,188 Other 9,342 252 3,360 — 12,954 Faith-based non-profit: Construction 4,885 — — — 4,885 Owner occupied 60,593 6,969 9,947 — 77,509 Other 2,346 — — — 2,346 Residential real estate: First mortgage 13,811 6 2,411 — 16,228 Multifamily 2,552 29 75 — 2,656 Home equity 2,787 — 280 — 3,067 Construction — — 121 — 121 Consumer 1,058 9 5 — 1,072 Other loans 4,263 — — — 4,263 Total $ 131,256 $ 7,527 $ 21,909 $ — $ 160,692 December 31, 2015 (Dollars in thousands) Pass Special Mention Substandard Doubtful Total Commercial $ 1,869 $ — $ 5,671 $ — $ 7,540 Commercial real estate: Construction 9,618 — — — 9,618 Owner occupied 18,601 272 68 — 18,941 Other 11,720 394 3,367 — 15,481 Faith-based non-profit: Construction 4,800 — — — 4,800 Owner occupied 61,836 7,243 9,149 — 78,228 Other 2,427 — — — 2,427 Residential real estate: First mortgage 13,733 256 2,478 — 16,467 Multifamily 2,613 30 58 — 2,701 Home equity 3,070 — 179 — 3,249 Construction 122 — — — 122 Consumer 1,020 10 5 — 1,035 Other loans 4,240 — — — 4,240 Total $ 135,669 $ 8,205 $ 20,975 $ — $ 164,849 |
Schedule of Troubled Debt Restructurings | Troubled Debt Restructurings March 31, 2016 Non-accrual Total Accrual Status Status Modifications (Dollars in thousands) Number Amount Number Amount Number Amount Commercial real estate: Construction — $ — — $ — — $ — Owner occupied 4 4,694 — — 4 4,694 Other 2 299 1 2,432 3 2,731 Faith-based non-profit: Owner occupied 20 16,246 1 14 21 16,260 Other — — — — — — Residential real estate: First mortgage 4 212 2 178 6 390 Total 30 $ 21,451 4 $ 2,624 34 $ 24,075 Troubled Debt Restructurings December 31, 2015 Non-accrual Total Accrual Status Status Modifications (Dollars in thousands) Number Amount Number Amount Number Amount Commercial real estate: Construction — $ — — $ — — $ — Owner occupied 4 4,704 — — 4 4,704 Other 2 300 1 2,494 3 2,794 Faith-based non-profit: Owner occupied 20 16,309 1 16 21 16,325 Other — — — — — — Residential real estate: First mortgage 2 87 4 315 6 402 Total 28 $ 21,400 6 $ 2,825 34 $ 24,225 TDR Modifications For the Three Months Ended March 31, 2015 March 31, 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 Total 2 $ 129 $ 125 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
COMMITMENTS AND CONTINGENCIES [Abstract] | |
Schedule of commitments | (Dollars in thousands) Commercial Other loan Total Less than one year $ 19 $ 15,295 $ 15,314 One to three years 250 5,496 5,746 Three to five years — 3,308 3,308 More than five years 93 1,194 1,287 Total $ 362 $ 25,293 $ 25,655 |
FAIR VALUE MEASUREMENT (Tables)
FAIR VALUE MEASUREMENT (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
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 March 31, 2016 (Level 1) (Level 2) (Level 3) Recurring: U.S. Agencies $ 22,338 $ — $ 22,338 $ — MBS Residential 47,284 — 47,284 — Municipals 9,266 — 9,266 — Mortgage servicing rights 13 — — 13 Total $ 78,901 $ — $ 78,888 $ 13 (Dollars in thousands) Quoted Prices in Significant Other Significant Active Markets for Observable Unobservable Identical Assets Inputs Inputs Description December 31, 2015 (Level 1) (Level 2) (Level 3) Recurring: U.S. Agencies $ 30,433 $ — $ 30,433 $ — MBS Residential 40,934 — 40,934 — Municipals 8,574 — 8,574 — Mortgage servicing rights 14 — — 14 Total $ 79,955 $ — $ 79,941 $ 14 |
Schedule of fair value of Level 3 assets | (Dollars in thousands) Mortgage Servicing Rights Beginning balance (December 31, 2015) $ 14 Amortization 1 Ending Balance (March 31, 2016) $ 13 (Dollars in thousands) Mortgage Servicing Rights Beginning balance (December 31, 2014) $ 22 Amortization 8 Ending Balance (December 31, 2015) $ 14 |
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 March 31, 2016 (Level 1) (Level 2) (Level 3) Nonrecurring: OREO $ 2,544 $ — $ — $ 2,544 Impaired loans: Commercial real estate 7,197 — — 7,197 Faith-based non-profit 15,738 — — 15,738 Residential real estate 2,316 — — 2,316 Consumer — — — — Total $ 27,795 $ — $ — $ 27,795 (Dollars in thousands) Quoted Prices in Significant Other Significant Active Markets for Observable Unobservable Identical Assets Inputs Inputs Description December 31, 2015 (Level 1) (Level 2) (Level 3) Nonrecurring: OREO $ 2,764 $ — $ — $ 2,764 Impaired loans: Commercial real estate 7,257 — — 7,257 Faith-based non-profit 16,148 — — 16,148 Residential real estate 2,512 — — 2,512 Total $ 28,681 $ — $ — $ 28,681 |
Schedule of Level 3 fair value measurement methods | (Dollars in thousands) Significant Significant Valuation Unobservable Unobservable Description March 31, 2016 Technique Inputs Input Value Nonrecurring: OREO $ 2,544 discounted appraisals collateral discounts 6-20% Impaired loans 25,251 discounted appraisals collateral discounts 6-20% Total $ 27,795 (Dollars in thousands) Significant Significant Valuation Unobservable Unobservable Description December 31, 2015 Technique Inputs Input Value Nonrecurring: OREO $ 2,764 discounted appraisals collateral discounts 6-20% Impaired loans 25,917 discounted appraisals collateral discounts 6-20% Total $ 28,681 |
Schedule of carrying amount and fair value of financial instruments | March 31, 2016 (Dollars in thousands) Carrying Estimated Amount Fair Value Level 1 Level 2 Level 3 Assets: Cash and cash equivalents $ 46,853 $ 46,853 $ 46,853 $ — $ — Investment securities available for sale 78,888 78,888 — 78,888 — Loans, net of allowances for loan losses 157,256 161,553 — — 161,553 Accrued interest receivable 771 771 771 — — Liabilities: Non-maturity deposits $ 132,560 $ 132,560 $ 132,560 $ — $ — Maturity deposits 129,972 129,222 — 129,222 — Other borrowings 901 873 — — 873 Accrued interest payable 89 89 89 — — December 31, 2015 (Dollars in thousands) Carrying Amount Estimated Amount Fair Value Level 1 Level 2 Level 3 Assets: Cash, cash equivalents and interest-bearing time deposits $ 34,938 $ 34,938 $ 34,938 $ — $ — Investment securities available for sale 79,941 79,941 — 79,941 — Loans, net of allowances for loan losses 161,414 165,105 — — 165,105 Accrued interest receivable 785 785 785 — — Liabilities: Non-maturity deposits $ 121,315 $ 121,315 $ 121,315 $ — $ — Maturity deposits 133,385 132,687 — 132,687 — Other borrowings 938 889 — — 889 Accrued interest payable 95 95 95 — — |
INVESTMENT SECURITIES (Schedule
INVESTMENT SECURITIES (Schedule of Investment Securities) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Investment securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | $ 78,660 | $ 80,493 |
Available-for-sale Securities, Gross Unrealized Gains | 519 | 120 |
Available-for-sale Securities, Gross Unrealized Losses | (291) | (672) |
Available-for-sale Securities, Debt Securities | 78,888 | 79,941 |
U.S Agencies [Member] | ||
Investment securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 22,289 | 30,681 |
Available-for-sale Securities, Gross Unrealized Gains | 51 | 2 |
Available-for-sale Securities, Gross Unrealized Losses | (2) | (250) |
Available-for-sale Securities, Debt Securities | 22,338 | 30,433 |
MBS - Residential [Member] | ||
Investment securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 47,315 | 41,323 |
Available-for-sale Securities, Gross Unrealized Gains | 246 | 20 |
Available-for-sale Securities, Gross Unrealized Losses | (277) | (409) |
Available-for-sale Securities, Debt Securities | 47,284 | 40,934 |
Municipal - North Carolina [Member] | ||
Investment securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 9,056 | 8,489 |
Available-for-sale Securities, Gross Unrealized Gains | 222 | 98 |
Available-for-sale Securities, Gross Unrealized Losses | (12) | (13) |
Available-for-sale Securities, Debt Securities | $ 9,266 | $ 8,574 |
INVESTMENT SECURITIES (Schedu25
INVESTMENT SECURITIES (Schedule of Investment Securities Maturities) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Fair Value | ||
Total debt securities | $ 78,888 | $ 79,941 |
U.S Agencies [Member] | ||
Fair Value | ||
Due within one year | 3,481 | |
Due after one year through five years | 16,324 | 21,998 |
Due after five years through ten years | 6,014 | 4,954 |
Total debt securities | 22,338 | 30,433 |
Amortized Cost | ||
Due within one year | 3,500 | |
Due after one year through five years | 16,289 | 22,181 |
Due after five years through ten years | 6,000 | 5,000 |
Total debt securities | 22,289 | 30,681 |
MBS - Residential [Member] | ||
Fair Value | ||
Due within one year | 5,312 | 5,750 |
Due after one year through five years | 16,214 | 15,526 |
Due after five years through ten years | 13,572 | 11,387 |
Due after ten years | 12,186 | 8,271 |
Total debt securities | 47,284 | 40,934 |
Amortized Cost | ||
Due within one year | 5,320 | 5,812 |
Due after one year through five years | 16,213 | 15,672 |
Due after five years through ten years | 13,554 | 11,480 |
Due after ten years | 12,228 | 8,359 |
Total debt securities | 47,315 | 41,323 |
Municipals [Member] | ||
Fair Value | ||
Due within one year | 261 | 262 |
Due after one year through five years | 1,313 | 738 |
Due after five years through ten years | 7,283 | 7,169 |
Due after ten years | 409 | 405 |
Total debt securities | 9,266 | 8,574 |
Amortized Cost | ||
Due within one year | 260 | 260 |
Due after one year through five years | 1,318 | 738 |
Due after five years through ten years | 7,078 | 7,091 |
Due after ten years | 400 | 400 |
Total debt securities | $ 9,056 | $ 8,489 |
INVESTMENT SECURITIES (Schedu26
INVESTMENT SECURITIES (Schedule of Securities in an Unrealized Loss Position) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Securities in an Unrealized Loss Position for Less than 12 Months | ||
Fair Value | $ 12,762 | $ 52,834 |
Unrealized Losses | (72) | (443) |
Securities in an Unrealized Loss Position for More than 12 Months | ||
Fair Value | 9,195 | 10,957 |
Unrealized Losses | (219) | (229) |
Securities Total | ||
Total Fair Value | 21,957 | 63,791 |
Total Unrealized Losses | (291) | (672) |
U.S Agencies [Member] | ||
Securities in an Unrealized Loss Position for Less than 12 Months | ||
Fair Value | 994 | 27,060 |
Unrealized Losses | $ (2) | (237) |
Securities in an Unrealized Loss Position for More than 12 Months | ||
Fair Value | 987 | |
Unrealized Losses | (13) | |
Securities Total | ||
Total Fair Value | $ 994 | 28,047 |
Total Unrealized Losses | (2) | (250) |
MBS - Residential [Member] | ||
Securities in an Unrealized Loss Position for Less than 12 Months | ||
Fair Value | 10,362 | 24,369 |
Unrealized Losses | (58) | (193) |
Securities in an Unrealized Loss Position for More than 12 Months | ||
Fair Value | 9,195 | 9,970 |
Unrealized Losses | (219) | (216) |
Securities Total | ||
Total Fair Value | 19,557 | 34,339 |
Total Unrealized Losses | (277) | (409) |
Municipals [Member] | ||
Securities in an Unrealized Loss Position for Less than 12 Months | ||
Fair Value | 1,406 | 1,405 |
Unrealized Losses | $ (12) | $ (13) |
Securities in an Unrealized Loss Position for More than 12 Months | ||
Fair Value | ||
Unrealized Losses | ||
Securities Total | ||
Total Fair Value | $ 1,406 | $ 1,405 |
Total Unrealized Losses | $ (12) | $ (13) |
INVESTMENT SECURITIES (Narrativ
INVESTMENT SECURITIES (Narrative) (Details) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2016USD ($)item | Mar. 31, 2015USD ($) | Dec. 31, 2015USD ($)item | |
INVESTMENT SECURITIES [Abstract] | |||
Gross realized gains | $ 36 | $ 112 | |
Gross realized losses | $ 30 | $ 83 | |
Number of investment positions | item | 39 | 71 | |
Investment securities available for sale, at fair value | $ 78,888 | $ 79,941 | |
Pledged to Federal Reserve Bank [Member] | |||
Funds pledged for public deposits | 1,100 | 800 | |
Pledged to Public Housing [Member] | |||
Funds pledged for public deposits | 2,800 | 2,900 | |
Pledged to NC State Treasurer [Member] | |||
Funds pledged for public deposits | $ 18,500 | $ 19,600 |
FEDERAL HOME LOAN BANK OF ATL28
FEDERAL HOME LOAN BANK OF ATLANTA ("FHLB") (Details) - USD ($) $ in Millions | Mar. 31, 2016 | Dec. 31, 2015 |
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 LOSS (Schedule of Changes in Accumulated Other Comprehensive Income (Loss) by Component) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Unrealized Gains and Losses on Available-for-Sale Securities | ||
Balance, beginning | $ (350) | $ (17) |
Other comprehensive income before reclassifications | 498 | 124 |
Amounts reclassified from accumulated other comprehensive income | (4) | (18) |
Net current-period other comprehensive income | 494 | 106 |
Balance, ending | 144 | 89 |
Defined Benefit Pension Items | ||
Balance, beginning | $ (1,784) | $ (1,651) |
Other comprehensive income before reclassifications | ||
Amounts reclassified from accumulated other comprehensive income | ||
Net current-period other comprehensive income | ||
Balance, ending | $ (1,784) | $ (1,651) |
Total | ||
Accumulated other comprehensive loss | (2,134) | (1,668) |
Other comprehensive income before reclassifications | 498 | 124 |
Amounts reclassified from accumulated other comprehensive income | (4) | (18) |
Net current-period other comprehensive income | 494 | 106 |
Accumulated other comprehensive loss | $ (1,640) | $ (1,562) |
ACCUMULATED OTHER COMPREHENSI30
ACCUMULATED OTHER COMPREHENSIVE LOSS (Schedule of reclassification adjustments from accumulated other comprehensive loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
RECLASSIFICATION ADJUSTMENTS FROM ACCUMULATED OTHER COMPREHENSIVE LOSS [Line items] | ||
Net unrealized holding gains - investment securities available-for-sale | $ 6 | $ 29 |
Income tax expense | (2) | (11) |
Total reclassifications for the period | 4 | 18 |
Reclassification out of accumulated other comprehensive loss | ||
RECLASSIFICATION ADJUSTMENTS FROM ACCUMULATED OTHER COMPREHENSIVE LOSS [Line items] | ||
Net unrealized holding gains - investment securities available-for-sale | (6) | (29) |
Income tax expense | 2 | 11 |
Total, net of tax | $ (4) | $ (18) |
Amortization of defined benefit pension | ||
Income tax expense | ||
Total, net of tax | ||
Total reclassifications for the period | $ (4) | $ (18) |
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 | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Loans and allowance for loan losses ("ALLL") [Line Items] | ||
Beginning balance | $ 3,435 | $ 3,440 |
Charge-offs | (3) | (4) |
Recoveries | $ 4 | $ 10 |
Provision for loan losses | ||
Ending balance | $ 3,436 | $ 3,446 |
Commercial [Member] | ||
Loans and allowance for loan losses ("ALLL") [Line Items] | ||
Beginning balance | $ 329 | $ 353 |
Charge-offs | ||
Recoveries | ||
Provision for loan losses | $ 218 | $ (82) |
Ending balance | 547 | 271 |
Commercial Real Estate [Member] | ||
Loans and allowance for loan losses ("ALLL") [Line Items] | ||
Beginning balance | $ 839 | $ 579 |
Charge-offs | ||
Recoveries | ||
Provision for loan losses | $ (152) | $ 23 |
Ending balance | 687 | 602 |
Faith Based Non-Profit [Member] | ||
Loans and allowance for loan losses ("ALLL") [Line Items] | ||
Beginning balance | $ 1,229 | $ 1,234 |
Charge-offs | ||
Recoveries | ||
Provision for loan losses | $ 166 | $ 206 |
Ending balance | 1,395 | 1,440 |
Residential Real Estate [Member] | ||
Loans and allowance for loan losses ("ALLL") [Line Items] | ||
Beginning balance | $ 410 | $ 685 |
Charge-offs | ||
Recoveries | $ 3 | $ 10 |
Provision for loan losses | (30) | (106) |
Ending balance | 383 | 589 |
Consumer [Member] | ||
Loans and allowance for loan losses ("ALLL") [Line Items] | ||
Beginning balance | $ 21 | $ 28 |
Charge-offs | ||
Recoveries | ||
Provision for loan losses | $ 2 | $ 1 |
Ending balance | 23 | 29 |
Other [Member] | ||
Loans and allowance for loan losses ("ALLL") [Line Items] | ||
Beginning balance | 229 | 265 |
Charge-offs | (3) | $ (4) |
Recoveries | 1 | |
Provision for loan losses | 174 | $ (51) |
Ending balance | 401 | 210 |
Unallocated [Member] | ||
Loans and allowance for loan losses ("ALLL") [Line Items] | ||
Beginning balance | $ 378 | $ 296 |
Charge-offs | ||
Recoveries | ||
Provision for loan losses | $ (378) | $ 9 |
Ending balance | $ 305 |
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 | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | Dec. 31, 2014 |
Ending balances: Allowance for loan losses | ||||
Individually evaluated for impairment | $ 870 | $ 631 | ||
Collectively evaluated for impairment | 2,566 | 2,804 | ||
Allowances for loan losses | 3,436 | 3,435 | $ 3,446 | $ 3,440 |
Ending balances: Loans | ||||
Individually evaluated for impairment | 26,089 | 26,421 | ||
Collectively evaluated for impairment | 134,603 | 138,428 | ||
Loans, net of unearned income and deferred fees | $ 160,692 | $ 164,849 | ||
Commercial [Member] | ||||
Ending balances: Allowance for loan losses | ||||
Individually evaluated for impairment | ||||
Collectively evaluated for impairment | $ 547 | $ 329 | ||
Allowances for loan losses | $ 547 | $ 329 | 271 | 353 |
Ending balances: Loans | ||||
Individually evaluated for impairment | ||||
Collectively evaluated for impairment | $ 9,742 | $ 7,540 | ||
Loans, net of unearned income and deferred fees | 9,742 | 7,540 | ||
Commercial Real Estate [Member] | ||||
Ending balances: Allowance for loan losses | ||||
Individually evaluated for impairment | 252 | 303 | ||
Collectively evaluated for impairment | 435 | 536 | ||
Allowances for loan losses | 687 | 839 | 602 | 579 |
Ending balances: Loans | ||||
Individually evaluated for impairment | 7,442 | 7,517 | ||
Collectively evaluated for impairment | 31,361 | 36,523 | ||
Loans, net of unearned income and deferred fees | 38,803 | 44,040 | ||
Faith Based Non-Profit [Member] | ||||
Ending balances: Allowance for loan losses | ||||
Individually evaluated for impairment | 546 | 261 | ||
Collectively evaluated for impairment | 849 | 968 | ||
Allowances for loan losses | 1,395 | 1,229 | 1,440 | 1,234 |
Ending balances: Loans | ||||
Individually evaluated for impairment | 16,260 | 16,325 | ||
Collectively evaluated for impairment | 68,480 | 69,130 | ||
Loans, net of unearned income and deferred fees | 84,740 | 85,455 | ||
Residential Real Estate [Member] | ||||
Ending balances: Allowance for loan losses | ||||
Individually evaluated for impairment | 72 | 67 | ||
Collectively evaluated for impairment | 311 | 343 | ||
Allowances for loan losses | 383 | 410 | 589 | 685 |
Ending balances: Loans | ||||
Individually evaluated for impairment | 2,387 | 2,579 | ||
Collectively evaluated for impairment | 19,685 | 19,960 | ||
Loans, net of unearned income and deferred fees | $ 22,072 | $ 22,539 | ||
Consumer [Member] | ||||
Ending balances: Allowance for loan losses | ||||
Individually evaluated for impairment | ||||
Collectively evaluated for impairment | $ 23 | $ 21 | ||
Allowances for loan losses | $ 23 | $ 21 | 29 | 28 |
Ending balances: Loans | ||||
Individually evaluated for impairment | ||||
Collectively evaluated for impairment | $ 1,072 | $ 1,035 | ||
Loans, net of unearned income and deferred fees | $ 1,072 | $ 1,035 | ||
Other [Member] | ||||
Ending balances: Allowance for loan losses | ||||
Individually evaluated for impairment | ||||
Collectively evaluated for impairment | $ 401 | $ 229 | ||
Allowances for loan losses | $ 401 | $ 229 | 210 | 265 |
Ending balances: Loans | ||||
Individually evaluated for impairment | ||||
Collectively evaluated for impairment | $ 4,263 | $ 4,240 | ||
Loans, net of unearned income and deferred fees | $ 4,263 | $ 4,240 | ||
Unallocated [Member] | ||||
Ending balances: Allowance for loan losses | ||||
Individually evaluated for impairment | ||||
Collectively evaluated for impairment | $ 378 | |||
Allowances for loan losses | $ 378 | $ 305 | $ 296 | |
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 | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | Dec. 31, 2014 |
Loans and allowance for loan losses ("ALLL") [Line Items] | ||||
Loans, net of unearned income and deferred fees | $ 160,692 | $ 164,849 | ||
Allowance for loan losses | (3,436) | (3,435) | $ (3,446) | $ (3,440) |
Loans, net | 157,256 | 161,414 | ||
Commercial [Member] | ||||
Loans and allowance for loan losses ("ALLL") [Line Items] | ||||
Loans, net of unearned income and deferred fees | 9,742 | 7,540 | ||
Allowance for loan losses | (547) | (329) | (271) | (353) |
Commercial Real Estate Construction [Member] | ||||
Loans and allowance for loan losses ("ALLL") [Line Items] | ||||
Loans, net of unearned income and deferred fees | 9,661 | 9,618 | ||
Commercial Real Estate Owner Occupied [Member] | ||||
Loans and allowance for loan losses ("ALLL") [Line Items] | ||||
Loans, net of unearned income and deferred fees | 16,188 | 18,941 | ||
Commercial Real Estate Other [Member] | ||||
Loans and allowance for loan losses ("ALLL") [Line Items] | ||||
Loans, net of unearned income and deferred fees | 12,954 | 15,481 | ||
Faith Based Non-Profit Construction [Member] | ||||
Loans and allowance for loan losses ("ALLL") [Line Items] | ||||
Loans, net of unearned income and deferred fees | 4,885 | 4,800 | ||
Faith Based Non-Profit Owner Occupied [Member] | ||||
Loans and allowance for loan losses ("ALLL") [Line Items] | ||||
Loans, net of unearned income and deferred fees | 77,509 | 78,228 | ||
Faith Based Non-Profit Other [Member] | ||||
Loans and allowance for loan losses ("ALLL") [Line Items] | ||||
Loans, net of unearned income and deferred fees | 2,346 | 2,427 | ||
Residential Real Estate First Mortgage [Member] | ||||
Loans and allowance for loan losses ("ALLL") [Line Items] | ||||
Loans, net of unearned income and deferred fees | 16,228 | 16,467 | ||
Residential Real Estate Multifamily [Member] | ||||
Loans and allowance for loan losses ("ALLL") [Line Items] | ||||
Loans, net of unearned income and deferred fees | 2,656 | 2,701 | ||
Residential Real Estate Home Equity [Member] | ||||
Loans and allowance for loan losses ("ALLL") [Line Items] | ||||
Loans, net of unearned income and deferred fees | 3,067 | 3,249 | ||
Residential Real Estate Construction [Member] | ||||
Loans and allowance for loan losses ("ALLL") [Line Items] | ||||
Loans, net of unearned income and deferred fees | 121 | 122 | ||
Consumer [Member] | ||||
Loans and allowance for loan losses ("ALLL") [Line Items] | ||||
Loans, net of unearned income and deferred fees | 1,072 | 1,035 | ||
Allowance for loan losses | (23) | (21) | (29) | (28) |
Other [Member] | ||||
Loans and allowance for loan losses ("ALLL") [Line Items] | ||||
Loans, net of unearned income and deferred fees | 4,263 | 4,240 | ||
Allowance for loan losses | $ (401) | $ (229) | $ (210) | $ (265) |
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 | Mar. 31, 2016 | Dec. 31, 2015 |
Aging Schedule of Loans Receivable | ||
Total past due | $ 2,747 | $ 3,802 |
Current | 157,945 | 161,047 |
Loans, net of unearned income and deferred fees | 160,692 | 164,849 |
30-59 Days Past Due [Member] | ||
Aging Schedule of Loans Receivable | ||
Total past due | 814 | 1,633 |
60-89 Days Past Due [Member] | ||
Aging Schedule of Loans Receivable | ||
Total past due | 266 | 232 |
90 Days Or More Past Due [Member] | ||
Aging Schedule of Loans Receivable | ||
Total past due | $ 1,667 | $ 1,937 |
Commercial [Member] | ||
Aging Schedule of Loans Receivable | ||
Total past due | ||
Current | $ 9,742 | $ 7,540 |
Loans, net of unearned income and deferred fees | $ 9,742 | $ 7,540 |
Commercial [Member] | 30-59 Days Past Due [Member] | ||
Aging Schedule of Loans Receivable | ||
Total past due | ||
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 | $ 40 | |
Current | $ 9,661 | 9,578 |
Loans, net of unearned income and deferred fees | $ 9,661 | 9,618 |
Commercial Real Estate Construction [Member] | 30-59 Days Past Due [Member] | ||
Aging Schedule of Loans Receivable | ||
Total past due | $ 40 | |
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 | $ 397 | |
Current | $ 16,188 | 18,544 |
Loans, net of unearned income and deferred fees | $ 16,188 | 18,941 |
Commercial Real Estate Owner Occupied [Member] | 30-59 Days Past Due [Member] | ||
Aging Schedule of Loans Receivable | ||
Total past due | $ 397 | |
Commercial Real Estate Owner Occupied [Member] | 60-89 Days Past Due [Member] | ||
Aging Schedule of Loans Receivable | ||
Total past due | ||
Commercial Real Estate Owner Occupied [Member] | 90 Days Or More Past Due [Member] | ||
Aging Schedule of Loans Receivable | ||
Total past due | ||
Commercial Real Estate Other [Member] | ||
Aging Schedule of Loans Receivable | ||
Total past due | $ 70 | $ 71 |
Current | 12,884 | 15,410 |
Loans, net of unearned income and deferred fees | 12,954 | $ 15,481 |
Commercial Real Estate Other [Member] | 30-59 Days Past Due [Member] | ||
Aging Schedule of Loans Receivable | ||
Total past due | $ 70 | |
Commercial Real Estate Other [Member] | 60-89 Days Past Due [Member] | ||
Aging Schedule of Loans Receivable | ||
Total past due | $ 71 | |
Commercial Real Estate Other [Member] | 90 Days Or More Past Due [Member] | ||
Aging Schedule of Loans Receivable | ||
Total past due | ||
Faith Based Non-Profit Construction [Member] | ||
Aging Schedule of Loans Receivable | ||
Total past due | ||
Current | $ 4,885 | $ 4,800 |
Loans, net of unearned income and deferred fees | $ 4,885 | $ 4,800 |
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 | $ 14 | $ 592 |
Current | 77,495 | 77,636 |
Loans, net of unearned income and deferred fees | 77,509 | 78,228 |
Faith Based Non-Profit Owner Occupied [Member] | 30-59 Days Past Due [Member] | ||
Aging Schedule of Loans Receivable | ||
Total past due | $ 14 | $ 237 |
Faith Based Non-Profit Owner Occupied [Member] | 60-89 Days Past Due [Member] | ||
Aging Schedule of Loans Receivable | ||
Total past due | ||
Faith Based Non-Profit Owner Occupied [Member] | 90 Days Or More Past Due [Member] | ||
Aging Schedule of Loans Receivable | ||
Total past due | $ 355 | |
Faith Based Non-Profit Other [Member] | ||
Aging Schedule of Loans Receivable | ||
Total past due | ||
Current | $ 2,346 | $ 2,427 |
Loans, net of unearned income and deferred fees | $ 2,346 | $ 2,427 |
Faith Based Non-Profit Other [Member] | 30-59 Days Past Due [Member] | ||
Aging Schedule of Loans Receivable | ||
Total past due | ||
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 | ||
Residential Real Estate First Mortgage [Member] | ||
Aging Schedule of Loans Receivable | ||
Total past due | $ 2,177 | $ 2,225 |
Current | 14,051 | 14,242 |
Loans, net of unearned income and deferred fees | 16,228 | 16,467 |
Residential Real Estate First Mortgage [Member] | 30-59 Days Past Due [Member] | ||
Aging Schedule of Loans Receivable | ||
Total past due | 602 | 688 |
Residential Real Estate First Mortgage [Member] | 60-89 Days Past Due [Member] | ||
Aging Schedule of Loans Receivable | ||
Total past due | 234 | 161 |
Residential Real Estate First Mortgage [Member] | 90 Days Or More Past Due [Member] | ||
Aging Schedule of Loans Receivable | ||
Total past due | 1,341 | 1,376 |
Residential Real Estate Multifamily [Member] | ||
Aging Schedule of Loans Receivable | ||
Total past due | 17 | 17 |
Current | 2,639 | 2,684 |
Loans, net of unearned income and deferred fees | $ 2,656 | 2,701 |
Residential Real Estate Multifamily [Member] | 30-59 Days Past Due [Member] | ||
Aging Schedule of Loans Receivable | ||
Total past due | $ 17 | |
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 | $ 17 | |
Residential Real Estate Home Equity [Member] | ||
Aging Schedule of Loans Receivable | ||
Total past due | 315 | $ 335 |
Current | 2,752 | 2,914 |
Loans, net of unearned income and deferred fees | 3,067 | 3,249 |
Residential Real Estate Home Equity [Member] | 30-59 Days Past Due [Member] | ||
Aging Schedule of Loans Receivable | ||
Total past due | $ 127 | $ 129 |
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 | $ 188 | $ 206 |
Residential Real Estate Construction [Member] | ||
Aging Schedule of Loans Receivable | ||
Total past due | $ 121 | $ 122 |
Current | ||
Loans, net of unearned income and deferred fees | $ 121 | $ 122 |
Residential Real Estate Construction [Member] | 30-59 Days Past Due [Member] | ||
Aging Schedule of Loans Receivable | ||
Total past due | $ 122 | |
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 | $ 121 | |
Consumer [Member] | ||
Aging Schedule of Loans Receivable | ||
Total past due | 33 | |
Current | 1,039 | $ 1,035 |
Loans, net of unearned income and deferred fees | 1,072 | $ 1,035 |
Consumer [Member] | 30-59 Days Past Due [Member] | ||
Aging Schedule of Loans Receivable | ||
Total past due | 1 | |
Consumer [Member] | 60-89 Days Past Due [Member] | ||
Aging Schedule of Loans Receivable | ||
Total past due | $ 32 | |
Consumer [Member] | 90 Days Or More Past Due [Member] | ||
Aging Schedule of Loans Receivable | ||
Total past due | ||
Other [Member] | ||
Aging Schedule of Loans Receivable | ||
Total past due | $ 3 | |
Current | $ 4,263 | 4,237 |
Loans, net of unearned income and deferred fees | $ 4,263 | 4,240 |
Other [Member] | 30-59 Days Past Due [Member] | ||
Aging Schedule of Loans Receivable | ||
Total past due | $ 3 | |
Other [Member] | 60-89 Days Past Due [Member] | ||
Aging Schedule of Loans Receivable | ||
Total past due | ||
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 | 12 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Loans with no related allowance recorded: | |||
Impaired loans with no related allowance - Unpaid Principal Balance | $ 9,961 | $ 12,547 | $ 10,558 |
Impaired loans with no related allowance - Recorded Investment | 9,941 | 12,173 | 10,545 |
Imapired loans with no related allowance - Interest earned | 497 | 124 | 356 |
Impaired loans with related allowance - Average Recorded Investment | 10,242 | 14,415 | 11,430 |
Loans with an allowance recorded: | |||
Impaired loans with allowance - Unpaid Principal Balance | 16,157 | 17,320 | 15,892 |
Impaired loans with allowance - Recorded Investment | 16,180 | 17,353 | 16,003 |
Impaired loans with related allowance - Related Allowance | 870 | 442 | 631 |
Impaired loans with related allowance - Interest earned | 213 | 212 | 759 |
Impaired loans with related allowance - Average Recorded Investment | 16,091 | 15,683 | 17,300 |
Total impaired loans | |||
Impaired loans with allowance - Unpaid Principal Balance | 26,118 | 29,867 | 26,450 |
Impaired loans with allowance - Recorded Investment | 26,121 | 29,526 | 26,548 |
Impaired loans with related allowance - Interest earned | 710 | 336 | 1,115 |
Impaired loans with related allowance - Average Recorded Investment | $ 26,333 | $ 30,098 | $ 28,730 |
Commercial [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 | $ 3 | ||
Impaired loans with allowance - Recorded Investment | |||
Impaired loans with related allowance - Related Allowance | $ 3 | ||
Impaired loans with related allowance - Interest earned | |||
Impaired loans with related allowance - Average Recorded Investment | $ 1 | $ 1 | |
Commercial Real Estate Construction [Member] | |||
Loans with no related allowance recorded: | |||
Impaired loans with no related allowance - Unpaid Principal Balance | 77 | ||
Impaired loans with no related allowance - Recorded Investment | 78 | ||
Imapired loans with no related allowance - Interest earned | 1 | ||
Impaired loans with related allowance - Average Recorded Investment | 78 | $ 137 | |
Loans with an allowance recorded: | |||
Impaired loans with allowance - Unpaid Principal Balance | 274 | ||
Impaired loans with allowance - Recorded Investment | 275 | ||
Impaired loans with related allowance - Related Allowance | 1 | ||
Impaired loans with related allowance - Interest earned | 5 | ||
Impaired loans with related allowance - Average Recorded Investment | 277 | $ 172 | |
Commercial Real Estate Owner Occupied [Member] | |||
Loans with no related allowance recorded: | |||
Impaired loans with no related allowance - Unpaid Principal Balance | $ 68 | 42 | 68 |
Impaired loans with no related allowance - Recorded Investment | 68 | $ 42 | 68 |
Imapired loans with no related allowance - Interest earned | 1 | 7 | |
Impaired loans with related allowance - Average Recorded Investment | 68 | $ 42 | 59 |
Loans with an allowance recorded: | |||
Impaired loans with allowance - Unpaid Principal Balance | 4,627 | 4,748 | 4,637 |
Impaired loans with allowance - Recorded Investment | 4,631 | 4,759 | 4,677 |
Impaired loans with related allowance - Related Allowance | 251 | 27 | 303 |
Impaired loans with related allowance - Interest earned | 54 | 57 | 190 |
Impaired loans with related allowance - Average Recorded Investment | 4,654 | 4,779 | 4,712 |
Commercial Real Estate Other [Member] | |||
Loans with no related allowance recorded: | |||
Impaired loans with no related allowance - Unpaid Principal Balance | 2,519 | 4,087 | 2,813 |
Impaired loans with no related allowance - Recorded Investment | 2,520 | 3,852 | 2,815 |
Imapired loans with no related allowance - Interest earned | 39 | 4 | 85 |
Impaired loans with related allowance - Average Recorded Investment | 2,667 | $ 3,862 | $ 3,685 |
Loans with an allowance recorded: | |||
Impaired loans with allowance - Unpaid Principal Balance | 229 | ||
Impaired loans with allowance - Recorded Investment | 230 | ||
Impaired loans with related allowance - Related Allowance | 1 | ||
Impaired loans with related allowance - Interest earned | 4 | ||
Impaired loans with related allowance - Average Recorded Investment | $ 115 | $ 18 | |
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 | $ 5,424 | $ 5,717 | $ 5,413 |
Impaired loans with no related allowance - Recorded Investment | 5,430 | 5,730 | 5,426 |
Imapired loans with no related allowance - Interest earned | 61 | 59 | 230 |
Impaired loans with related allowance - Average Recorded Investment | 5,427 | 7,747 | 5,197 |
Loans with an allowance recorded: | |||
Impaired loans with allowance - Unpaid Principal Balance | 10,836 | 10,737 | 10,912 |
Impaired loans with allowance - Recorded Investment | 10,854 | 10,761 | 10,983 |
Impaired loans with related allowance - Related Allowance | 546 | 227 | 261 |
Impaired loans with related allowance - Interest earned | 155 | 150 | 567 |
Impaired loans with related allowance - Average Recorded Investment | $ 10,917 | $ 9,061 | $ 11,583 |
Faith Based Non-Profit Other [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 First Mortgage [Member] | |||
Loans with no related allowance recorded: | |||
Impaired loans with no related allowance - Unpaid Principal Balance | $ 1,653 | $ 2,488 | $ 1,926 |
Impaired loans with no related allowance - Recorded Investment | 1,626 | 2,354 | 1,898 |
Imapired loans with no related allowance - Interest earned | 395 | 59 | 24 |
Impaired loans with related allowance - Average Recorded Investment | 1,762 | 2,618 | 2,211 |
Loans with an allowance recorded: | |||
Impaired loans with allowance - Unpaid Principal Balance | 344 | 1,515 | 343 |
Impaired loans with allowance - Recorded Investment | 344 | 1,515 | 343 |
Impaired loans with related allowance - Related Allowance | $ 71 | $ 171 | 67 |
Impaired loans with related allowance - Interest earned | 2 | ||
Impaired loans with related allowance - Average Recorded Investment | $ 344 | $ 1,471 | $ 775 |
Residential Real Estate Multifamily [Member] | |||
Loans with no related allowance recorded: | |||
Impaired loans with no related allowance - Unpaid Principal Balance | 17 | ||
Impaired loans with no related allowance - Recorded Investment | $ 17 | ||
Imapired loans with no related allowance - Interest earned | |||
Impaired loans with related allowance - Average Recorded Investment | $ 9 | ||
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 | $ 280 | $ 125 | $ 338 |
Impaired loans with no related allowance - Recorded Investment | 280 | 115 | 338 |
Imapired loans with no related allowance - Interest earned | 1 | 1 | 10 |
Impaired loans with related allowance - Average Recorded Investment | $ 309 | 67 | $ 140 |
Loans with an allowance recorded: | |||
Impaired loans with allowance - Unpaid Principal Balance | 43 | ||
Impaired loans with allowance - Recorded Investment | 43 | ||
Impaired loans with related allowance - Related Allowance | $ 13 | ||
Impaired loans with related allowance - Interest earned | |||
Impaired loans with related allowance - Average Recorded Investment | $ 94 | $ 39 | |
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 | $ 121 | ||
Impaired loans with allowance - Recorded Investment | 121 | ||
Impaired loans with related allowance - Related Allowance | $ 1 | ||
Impaired loans with related allowance - Interest earned | |||
Impaired loans with related allowance - Average Recorded Investment | $ 61 | ||
Consumer [Member] | |||
Loans with no related allowance recorded: | |||
Impaired loans with no related allowance - Unpaid Principal Balance | $ 11 | ||
Impaired loans with no related allowance - Recorded Investment | $ 2 | ||
Imapired loans with no related allowance - Interest earned | |||
Impaired loans with related allowance - Average Recorded Investment | $ 1 | $ 1 | |
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 | Mar. 31, 2016USD ($)item | Dec. 31, 2015USD ($)item |
Loans and allowance for loan losses ("ALLL") [Line Items] | ||
Non-accrual Loans | $ | $ 4,638 | $ 5,020 |
Number of non-accrual loans | item | 40 | 44 |
Loans past due over 90 days still accruing | $ | $ 355 | |
Number of loans past due over 90 days still accruing | item | 2 | 3 |
Commercial [Member] | ||
Loans and allowance for loan losses ("ALLL") [Line Items] | ||
Non-accrual Loans | $ | ||
Number of non-accrual loans | item | ||
Loans past due over 90 days still accruing | $ | ||
Number of loans past due over 90 days still accruing | item | ||
Commercial Real Estate Construction [Member] | ||
Loans and allowance for loan losses ("ALLL") [Line Items] | ||
Non-accrual Loans | $ | ||
Number of non-accrual loans | item | ||
Loans past due over 90 days still accruing | $ | ||
Number of loans past due over 90 days still accruing | item | ||
Commercial Real Estate Owner Occupied [Member] | ||
Loans and allowance for loan losses ("ALLL") [Line Items] | ||
Non-accrual Loans | $ | ||
Number of non-accrual loans | item | ||
Loans past due over 90 days still accruing | $ | ||
Number of loans past due over 90 days still accruing | item | ||
Commercial Real Estate Other [Member] | ||
Loans and allowance for loan losses ("ALLL") [Line Items] | ||
Non-accrual Loans | $ | $ 2,449 | $ 2,513 |
Number of non-accrual loans | item | 2 | 2 |
Loans past due over 90 days still accruing | $ | ||
Number of loans past due over 90 days still accruing | item | ||
Faith Based Non-Profit Construction [Member] | ||
Loans and allowance for loan losses ("ALLL") [Line Items] | ||
Non-accrual Loans | $ | ||
Number of non-accrual loans | item | ||
Loans past due over 90 days still accruing | $ | ||
Number of loans past due over 90 days still accruing | item | ||
Faith Based Non-Profit Owner Occupied [Member] | ||
Loans and allowance for loan losses ("ALLL") [Line Items] | ||
Non-accrual Loans | $ | $ 14 | $ 15 |
Number of non-accrual loans | item | 1 | 1 |
Loans past due over 90 days still accruing | $ | $ 355 | |
Number of loans past due over 90 days still accruing | item | 3 | |
Faith Based Non-Profit Other [Member] | ||
Loans and allowance for loan losses ("ALLL") [Line Items] | ||
Non-accrual Loans | $ | ||
Number of non-accrual loans | item | ||
Loans past due over 90 days still accruing | $ | ||
Number of loans past due over 90 days still accruing | item | ||
Residential Real Estate First Mortgage [Member] | ||
Loans and allowance for loan losses ("ALLL") [Line Items] | ||
Non-accrual Loans | $ | $ 1,756 | $ 2,154 |
Number of non-accrual loans | item | 32 | 36 |
Loans past due over 90 days still accruing | $ | ||
Number of loans past due over 90 days still accruing | item | 1 | |
Residential Real Estate Multifamily [Member] | ||
Loans and allowance for loan losses ("ALLL") [Line Items] | ||
Non-accrual Loans | $ | $ 17 | |
Number of non-accrual loans | item | 1 | |
Loans past due over 90 days still accruing | $ | ||
Number of loans past due over 90 days still accruing | item | ||
Residential Real Estate Home Equity [Member] | ||
Loans and allowance for loan losses ("ALLL") [Line Items] | ||
Non-accrual Loans | $ | $ 280 | $ 338 |
Number of non-accrual loans | item | 3 | 5 |
Loans past due over 90 days still accruing | $ | ||
Number of loans past due over 90 days still accruing | item | ||
Residential Real Estate Construction [Member] | ||
Loans and allowance for loan losses ("ALLL") [Line Items] | ||
Non-accrual Loans | $ | $ 122 | |
Number of non-accrual loans | item | 1 | |
Loans past due over 90 days still accruing | $ | ||
Number of loans past due over 90 days still accruing | item | ||
Consumer [Member] | ||
Loans and allowance for loan losses ("ALLL") [Line Items] | ||
Non-accrual Loans | $ | ||
Number of non-accrual loans | item | ||
Loans past due over 90 days still accruing | $ | ||
Number of loans past due over 90 days still accruing | item | 1 | |
Other [Member] | ||
Loans and allowance for loan losses ("ALLL") [Line Items] | ||
Non-accrual Loans | $ | ||
Number of non-accrual loans | item | ||
Loans past due over 90 days still accruing | $ | ||
Number of loans past due over 90 days still accruing | item |
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 | Mar. 31, 2016 | Dec. 31, 2015 |
Loans and allowance for loan losses ("ALLL") [Line Items] | ||
Loans, net of unearned income and deferred fees | $ 160,692 | $ 164,849 |
Pass [Member] | ||
Loans and allowance for loan losses ("ALLL") [Line Items] | ||
Loans, net of unearned income and deferred fees | 131,256 | 135,669 |
Special Mention [Member] | ||
Loans and allowance for loan losses ("ALLL") [Line Items] | ||
Loans, net of unearned income and deferred fees | 7,527 | 8,205 |
Substandard [Member] | ||
Loans and allowance for loan losses ("ALLL") [Line Items] | ||
Loans, net of unearned income and deferred fees | $ 21,909 | $ 20,975 |
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 | $ 9,742 | $ 7,540 |
Commercial [Member] | Pass [Member] | ||
Loans and allowance for loan losses ("ALLL") [Line Items] | ||
Loans, net of unearned income and deferred fees | $ 4,100 | $ 1,869 |
Commercial [Member] | Special Mention [Member] | ||
Loans and allowance for loan losses ("ALLL") [Line Items] | ||
Loans, net of unearned income and deferred fees | ||
Commercial [Member] | Substandard [Member] | ||
Loans and allowance for loan losses ("ALLL") [Line Items] | ||
Loans, net of unearned income and deferred fees | $ 5,642 | $ 5,671 |
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 | $ 9,661 | $ 9,618 |
Commercial Real Estate Construction [Member] | Pass [Member] | ||
Loans and allowance for loan losses ("ALLL") [Line Items] | ||
Loans, net of unearned income and deferred fees | $ 9,661 | $ 9,618 |
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 | ||
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 | $ 16,188 | $ 18,941 |
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 | 15,858 | 18,601 |
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 | 262 | 272 |
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 | $ 68 |
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 | $ 12,954 | $ 15,481 |
Commercial Real Estate Other [Member] | Pass [Member] | ||
Loans and allowance for loan losses ("ALLL") [Line Items] | ||
Loans, net of unearned income and deferred fees | 9,342 | 11,720 |
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 | 252 | 394 |
Commercial Real Estate Other [Member] | Substandard [Member] | ||
Loans and allowance for loan losses ("ALLL") [Line Items] | ||
Loans, net of unearned income and deferred fees | $ 3,360 | $ 3,367 |
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 | $ 4,885 | $ 4,800 |
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 | $ 4,885 | $ 4,800 |
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 | $ 77,509 | $ 78,228 |
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 | 60,593 | 61,836 |
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 | 6,969 | 7,243 |
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 | $ 9,947 | $ 9,149 |
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 | $ 2,346 | $ 2,427 |
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 | $ 2,346 | $ 2,427 |
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 | $ 16,228 | $ 16,467 |
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 | 13,811 | 13,733 |
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 | 6 | 256 |
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 | $ 2,411 | $ 2,478 |
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 | $ 2,656 | $ 2,701 |
Residential Real Estate Multifamily [Member] | Pass [Member] | ||
Loans and allowance for loan losses ("ALLL") [Line Items] | ||
Loans, net of unearned income and deferred fees | 2,552 | 2,613 |
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 | 29 | 30 |
Residential Real Estate Multifamily [Member] | Substandard [Member] | ||
Loans and allowance for loan losses ("ALLL") [Line Items] | ||
Loans, net of unearned income and deferred fees | $ 75 | $ 58 |
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 | $ 3,067 | $ 3,249 |
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 | $ 2,787 | $ 3,070 |
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 | $ 280 | $ 179 |
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 | $ 121 | $ 122 |
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 | |
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 | $ 121 | |
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 | $ 1,072 | $ 1,035 |
Consumer [Member] | Pass [Member] | ||
Loans and allowance for loan losses ("ALLL") [Line Items] | ||
Loans, net of unearned income and deferred fees | 1,058 | 1,020 |
Consumer [Member] | Special Mention [Member] | ||
Loans and allowance for loan losses ("ALLL") [Line Items] | ||
Loans, net of unearned income and deferred fees | 9 | 10 |
Consumer [Member] | Substandard [Member] | ||
Loans and allowance for loan losses ("ALLL") [Line Items] | ||
Loans, net of unearned income and deferred fees | $ 5 | $ 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 | $ 4,263 | $ 4,240 |
Other [Member] | Pass [Member] | ||
Loans and allowance for loan losses ("ALLL") [Line Items] | ||
Loans, net of unearned income and deferred fees | $ 4,263 | $ 4,240 |
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 | Mar. 31, 2016USD ($)item | Dec. 31, 2015USD ($)item |
Accrual status | ||
Number of loans, TDRs | item | 30 | 28 |
TDRs arising during period Recorded Investment | $ | $ 21,451 | $ 21,400 |
Non-accrual Status | ||
Number of loans, TDRs | item | 4 | 6 |
TDRs arising during period Recorded Investment | $ | $ 2,624 | $ 2,825 |
Total | ||
Number of loans, TDRs | item | 34 | 34 |
TDRs arising during period Post-Modification Recorded Investment | $ | $ 24,075 | $ 24,225 |
Commercial Real Estate Construction [Member] | ||
Accrual status | ||
Number of loans, TDRs | item | ||
TDRs arising during period Recorded Investment | $ | ||
Non-accrual Status | ||
Number of loans, TDRs | item | ||
TDRs arising during period Recorded Investment | $ | ||
Total | ||
Number of loans, TDRs | item | ||
TDRs arising during period Post-Modification Recorded Investment | $ | ||
Commercial Real Estate Owner Occupied [Member] | ||
Accrual status | ||
Number of loans, TDRs | item | 4 | 4 |
TDRs arising during period Recorded Investment | $ | $ 4,694 | $ 4,704 |
Non-accrual Status | ||
Number of loans, TDRs | item | ||
TDRs arising during period Recorded Investment | $ | ||
Total | ||
Number of loans, TDRs | item | 4 | 4 |
TDRs arising during period Post-Modification Recorded Investment | $ | $ 4,694 | $ 4,704 |
Commercial Real Estate Other [Member] | ||
Accrual status | ||
Number of loans, TDRs | item | 2 | 2 |
TDRs arising during period Recorded Investment | $ | $ 299 | $ 300 |
Non-accrual Status | ||
Number of loans, TDRs | item | 1 | 1 |
TDRs arising during period Recorded Investment | $ | $ 2,432 | $ 2,494 |
Total | ||
Number of loans, TDRs | item | 3 | 3 |
TDRs arising during period Post-Modification Recorded Investment | $ | $ 2,731 | $ 2,794 |
Faith Based Non-Profit Owner Occupied [Member] | ||
Accrual status | ||
Number of loans, TDRs | item | 20 | 20 |
TDRs arising during period Recorded Investment | $ | $ 16,246 | $ 16,309 |
Non-accrual Status | ||
Number of loans, TDRs | item | 1 | 1 |
TDRs arising during period Recorded Investment | $ | $ 14 | $ 16 |
Total | ||
Number of loans, TDRs | item | 21 | 21 |
TDRs arising during period Post-Modification Recorded Investment | $ | $ 16,260 | $ 16,325 |
Faith Based Non-Profit Other [Member] | ||
Accrual status | ||
Number of loans, TDRs | item | ||
TDRs arising during period Recorded Investment | $ | ||
Non-accrual Status | ||
Number of loans, TDRs | item | ||
TDRs arising during period Recorded Investment | $ | ||
Total | ||
Number of loans, TDRs | item | ||
TDRs arising during period Post-Modification Recorded Investment | $ | ||
Residential Real Estate First Mortgage [Member] | ||
Accrual status | ||
Number of loans, TDRs | item | 4 | 2 |
TDRs arising during period Recorded Investment | $ | $ 212 | $ 87 |
Non-accrual Status | ||
Number of loans, TDRs | item | 2 | 4 |
TDRs arising during period Recorded Investment | $ | $ 178 | $ 315 |
Total | ||
Number of loans, TDRs | item | 6 | 6 |
TDRs arising during period Post-Modification Recorded Investment | $ | $ 390 | $ 402 |
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 | |
Mar. 31, 2016item | Mar. 31, 2015USD ($)item | |
Below Market Interest Rate | ||
Number of loans, TDRs | item | 2 | |
Pre-modification Outstanding Recorded Investment | $ 129 | |
Post-modification Outstanding Recorded Investment | $ 125 | |
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 |
LOANS AND ALLOWANCE FOR LOAN 40
LOANS AND ALLOWANCE FOR LOAN LOSSES (Narrative) (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2016USD ($)item | Mar. 31, 2015USD ($)item | Dec. 31, 2015USD ($) | |
Loans and allowance for loan losses ("ALLL") [Line Items] | |||
Net charge-offs/(recoveries) | $ 1 | $ 6 | |
Net Charge-offs/(recoveries), percentage | 0.00% | 0.01% | |
Percentage of financing receivables in faith-based non-profit organizations | 52.73% | ||
Concentration risk - percentage of reserve allocated to faith-based non-profit organizations | 40.60% | ||
Reserve for unfunded commitments | $ 12 | $ 10 | |
Change in loans | $ 425 | ||
Number of loans, TDRs | item | 2 | ||
Pre-modification Outstanding Recorded Investment | $ 129 |
OTHER REAL ESTATE OWNED ("ORE41
OTHER REAL ESTATE OWNED ("OREO") (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
OTHER REAL ESTATE OWNED ("OREO") [Abstract] | ||
OREO | $ 2,544 | $ 2,764 |
Residential real estate foreclosed properties | 100 | 200 |
Consumer mortgage loans collateralized by residential real estate property | $ 500 | $ 500 |
BORROWINGS (Narrative) (Details
BORROWINGS (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Dec. 31, 2015 | |
BORROWINGS [Abstract] | ||
FHLB advances, maturing fully in 2020 | $ 0.6 | $ 0.6 |
Federal Home Loan Bank interest rate | 0.50% | 0.50% |
Capital leases | $ 0.3 | $ 0.3 |
Capital lease interest rate | 1.85% | 1.83% |
Federal funds lines of credit | $ 10 | $ 10 |
Federal funds unused funds | $ 6.4 | $ 6.1 |
COMMITMENTS AND CONTINGENCIES43
COMMITMENTS AND CONTINGENCIES (Details) $ in Thousands | Mar. 31, 2016USD ($) |
Commitments and contingencies [LineItems] | |
Guarantee Obligations less than 1 year | $ 15,314 |
Guarantee Obligations 1 to 3 years | 5,746 |
Guarantee Obligations 3 to 5 years | 3,308 |
Guarantee Obligations more than 5 years | 1,287 |
Obligations to extend credit | 25,655 |
Commerical Letters of Credit [Member] | |
Commitments and contingencies [LineItems] | |
Guarantee Obligations less than 1 year | 19 |
Guarantee Obligations 1 to 3 years | $ 250 |
Guarantee Obligations 3 to 5 years | |
Guarantee Obligations more than 5 years | $ 93 |
Obligations to extend credit | 362 |
Other Commercial Loan Commitments [Member] | |
Commitments and contingencies [LineItems] | |
Guarantee Obligations less than 1 year | 15,295 |
Guarantee Obligations 1 to 3 years | 5,496 |
Guarantee Obligations 3 to 5 years | 3,308 |
Guarantee Obligations more than 5 years | 1,194 |
Obligations to extend credit | $ 25,293 |
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 | Mar. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Fair value measurement [Line Items] | |||
Fair value of assets | $ 78,901 | $ 79,955 | |
Mortgage Servicing Rights [Member] | |||
Fair value measurement [Line Items] | |||
Fair value of assets | $ 13 | $ 14 | |
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 | $ 78,888 | $ 79,941 | |
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 | $ 13 | $ 14 | |
Significant Unobservable Inputs (Level 3) [Member] | Mortgage Servicing Rights [Member] | |||
Fair value measurement [Line Items] | |||
Fair value of assets | 13 | 14 | $ 22 |
U.S. Agencies Debt Securities [Member] | |||
Fair value measurement [Line Items] | |||
Fair value of assets | $ 22,338 | $ 30,433 | |
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 | $ 22,338 | $ 30,433 | |
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 | $ 47,284 | $ 40,934 | |
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 | $ 47,284 | $ 40,934 | |
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 | $ 9,266 | $ 8,574 | |
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 | $ 9,266 | $ 8,574 | |
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 | 3 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Dec. 31, 2015 | |
Fair value measurement [Line Items] | ||
Balance beginning | $ 79,955 | |
Balance ending | 78,901 | $ 79,955 |
Significant Unobservable Inputs (Level 3) [Member] | ||
Fair value measurement [Line Items] | ||
Balance beginning | 14 | |
Balance ending | 13 | 14 |
Mortgage Servicing Rights [Member] | ||
Fair value measurement [Line Items] | ||
Balance beginning | 14 | |
Balance ending | 13 | 14 |
Mortgage Servicing Rights [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair value measurement [Line Items] | ||
Balance beginning | 14 | 22 |
Amortization | 1 | 8 |
Balance ending | $ 13 | $ 14 |
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 | 3 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Dec. 31, 2015 | |
Non-Recurring Fair Value Measurements | ||
OREO | $ 2,544 | $ 2,764 |
Fair Value Measured on a Non-Recurring Basis [Member] | ||
Non-Recurring Fair Value Measurements | ||
OREO | 2,544 | 2,764 |
Impaired Loans - Commercial Real Estate | 7,197 | 7,257 |
Impaired Loans - Faith-based non-profit | 15,738 | 16,148 |
Impaired Loans - Residential real estate | $ 2,316 | 2,512 |
Impaired Loans - Consumer | ||
Total Fair Value, non-recurring | $ 27,795 | $ 28,681 |
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 | $ 2,544 | $ 2,764 |
Impaired Loans - Commercial Real Estate | 7,197 | 7,257 |
Impaired Loans - Faith-based non-profit | 15,738 | 16,148 |
Impaired Loans - Residential real estate | $ 2,316 | 2,512 |
Impaired Loans - Consumer | ||
Total Fair Value, non-recurring | $ 27,795 | $ 28,681 |
Fair Value Measured on a Non-Recurring Basis [Member] | Significant Unobservable Inputs (Level 3) [Member] | 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% |
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 | $ 25,251 | $ 25,917 |
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 MEASUREMENT (Sched47
FAIR VALUE MEASUREMENT (Schedule of Carrying Amounts and Associated Estimated Fair Value of Financial Assets and Liabilities) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Assets: | ||
Investment securities available for sale, at fair value | $ 78,888 | $ 79,941 |
Loans, net | 157,256 | 161,414 |
Interest receivable | 771 | 785 |
Liabilities: | ||
Other borrowings | 901 | 938 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Assets: | ||
Cash, cash equivalents and interest-bearing time deposits | $ 46,853 | $ 34,938 |
Investment securities available for sale, at fair value | ||
Loans, net | ||
Interest receivable | $ 771 | $ 785 |
Liabilities: | ||
Non-maturity deposits | $ 132,560 | $ 121,315 |
Maturity deposits | ||
Other borrowings | ||
Accrued interest payable | $ 89 | $ 95 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Assets: | ||
Cash, cash equivalents and interest-bearing time deposits | ||
Investment securities available for sale, at fair value | $ 78,888 | $ 79,941 |
Loans, net | ||
Interest receivable | ||
Liabilities: | ||
Non-maturity deposits | ||
Maturity deposits | $ 129,222 | $ 132,687 |
Other borrowings | ||
Accrued interest payable | ||
Significant Unobservable Inputs (Level 3) [Member] | ||
Assets: | ||
Cash, cash equivalents and interest-bearing time deposits | ||
Investment securities available for sale, at fair value | ||
Loans, net | $ 161,553 | $ 165,105 |
Interest receivable | ||
Liabilities: | ||
Non-maturity deposits | ||
Maturity deposits | ||
Other borrowings | $ 873 | $ 889 |
Accrued interest payable | ||
Carrying Amount [Member] | ||
Assets: | ||
Cash, cash equivalents and interest-bearing time deposits | $ 46,853 | $ 34,938 |
Investment securities available for sale, at fair value | 78,888 | 79,941 |
Loans, net | 157,256 | 161,414 |
Interest receivable | 771 | 785 |
Liabilities: | ||
Non-maturity deposits | 132,560 | 121,315 |
Maturity deposits | 129,972 | 133,385 |
Other borrowings | 901 | 938 |
Accrued interest payable | 89 | 95 |
Fair Value [Member] | ||
Assets: | ||
Cash, cash equivalents and interest-bearing time deposits | 46,853 | 34,938 |
Investment securities available for sale, at fair value | 78,888 | 79,941 |
Loans, net | 161,553 | 165,105 |
Interest receivable | 771 | 785 |
Liabilities: | ||
Non-maturity deposits | 132,560 | 121,315 |
Maturity deposits | 129,222 | 132,687 |
Other borrowings | 873 | 889 |
Accrued interest payable | $ 89 | $ 95 |