Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Feb. 28, 2014 | Jun. 30, 2013 | |
Document And Entity Information [Abstract] | ' | ' | ' |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Entity Registrant Name | 'PATRIOT NATIONAL BANCORP INC | ' | ' |
Entity Central Index Key | '0001098146 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Filer Category | 'Smaller Reporting Company | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 38,774,975 | ' |
Entity Public Float | ' | ' | $5,934,992 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Cash and due from banks (Note 2): | ' | ' |
Noninterest bearing deposits and cash | $1,570,411 | $2,736,486 |
Interest bearing deposits | 33,295,470 | 67,567,155 |
Short-term investments | ' | 710,766 |
Total cash and cash equivalents | 34,865,881 | 71,014,407 |
Securities | ' | ' |
Available for sale securities, at fair value (Note 3) | 37,701,356 | 41,719,320 |
Other Investments | 4,450,000 | 3,500,000 |
Federal Reserve Bank stock, at cost | 1,444,300 | 1,730,200 |
Federal Home Loan Bank stock, at cost (Note 8) | 4,142,600 | 4,343,800 |
Total securities | 47,738,256 | 51,293,320 |
Loans receivable (net of allowance for loan losses: 2013: $5,680,689 2012: $6,015,636) (Notes 4 and 18) | 418,148,323 | 458,793,536 |
Loans held for sale | ' | 1,527,299 |
Accrued interest and dividends receivable | 1,566,415 | 1,894,292 |
Premises and equipment, net (Notes 5 and 9) | 15,061,438 | 4,288,372 |
Cash surrender value of bank owned life insurance (Note 12) | 22,024,770 | 21,501,703 |
Other real estate owned (Note 6) | 0 | 4,873,844 |
Deferred tax asset, net of valuation allowance (Note 10) | ' | ' |
Other assets (Note 11) | 1,843,043 | 2,580,118 |
Other branch related assets held for sale | ' | 88,244 |
Total assets | 541,248,126 | 617,855,135 |
Deposits (Notes 7 and 18): | ' | ' |
Noninterest bearing deposits | 55,358,161 | 61,459,959 |
Interest bearing deposits | 374,845,921 | 411,117,558 |
Deposits held for sale | 0 | 24,705,381 |
Total deposits | 430,204,082 | 497,282,898 |
Borrowings (Note 8) | ' | ' |
Repurchase agreements | ' | 7,000,000 |
Federal Home Loan Bank borrowings | 57,000,000 | 50,000,000 |
Total borrowings | 57,000,000 | 57,000,000 |
Junior subordinated debt owed to unconsolidated trust (Note 8) | 8,248,000 | 8,248,000 |
Accrued expenses and other liabilities | 3,955,356 | 5,756,439 |
Total liabilities | 499,407,438 | 568,287,337 |
Commitments and Contingencies (Notes 8, 9 and 15) | ' | ' |
Shareholders' equity (Notes 13 and 17) | ' | ' |
Preferred stock, no par value; 1,000,000 shares authorized, no shares issued and outstanding | ' | ' |
Common stock, $.01 par value, 100,000,000 shares authorized; 2013: 38,786,680 shares issued; 38,774,975 shares outstanding. 2012: 38,491,819 shares issued; 38,480,114 shares outstanding | 387,867 | 384,918 |
Additional paid-in capital | 105,483,417 | 105,355,680 |
Accumulated deficit | -62,683,941 | -55,394,995 |
Less: Treasury stock, at cost: 2013 and 2012 11,705 shares | -160,025 | -160,025 |
Accumulated other comprehensive (loss) income | -1,186,630 | -617,780 |
Total shareholders' equity | 41,840,688 | 49,567,798 |
Total liabilities and shareholders' equity | $541,248,126 | $617,855,135 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Statement Of Financial Position [Abstract] | ' | ' |
Allowance for loans receivable | $5,680,689 | $6,015,636 |
Preferred stock, par value | ' | ' |
Preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Preferred stock, shares issued | ' | ' |
Preferred stock, shares outstanding | ' | ' |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 38,786,680 | 38,491,819 |
Common stock, shares outstanding | 38,774,975 | 38,480,114 |
Treasury stock, shares | 11,705 | 11,705 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Interest and Dividend Income | ' | ' | ' |
Interest and fees on loans | $20,705,543 | $23,482,365 | $25,957,563 |
Interest on investment securities | 774,590 | 1,507,614 | 1,990,248 |
Dividends on investment securities | 113,467 | 128,297 | 240,025 |
Interest on federal funds sold | ' | ' | 6,875 |
Other interest income | 60,503 | 98,241 | 137,598 |
Total interest and dividend income | 21,654,103 | 25,216,517 | 28,332,309 |
Interest Expense | ' | ' | ' |
Interest on deposits | 3,821,307 | 5,351,477 | 6,283,578 |
Interest on Federal Home Loan Bank borrowings | 666,176 | 1,458,894 | 1,632,378 |
Interest on subordinated debt | 284,103 | 299,683 | 285,936 |
Interest on other borrowings | 81,999 | 309,398 | 308,551 |
Total interest expense | 4,853,585 | 7,419,452 | 8,510,443 |
Net interest income | 16,800,518 | 17,797,065 | 19,821,866 |
Provision for Loan Losses (Note 4) | 970,214 | -2,379,223 | 7,464,427 |
Net interest income after provision for loan losses | 15,830,304 | 20,176,288 | 12,357,439 |
Non-interest Income | ' | ' | ' |
Mortgage banking activity | 255,580 | 163,804 | 58,440 |
Loan application, inspection and processing fees | 248,647 | 101,339 | 78,613 |
Fees and service charges | 743,895 | 856,604 | 964,796 |
Gain on sale of loans | 28,310 | 336,274 | 79,729 |
Net gain on sale of investment securities | ' | 910,591 | 1,109,305 |
Gain on sale of branch assets and deposits | 50,643 | ' | ' |
Earnings on cash surrender value of bank owned life insurance | 523,067 | 517,099 | 636,272 |
Other income | 575,573 | 387,785 | 484,322 |
Total non-interest income | 2,425,715 | 3,273,496 | 3,411,477 |
Non-interest Expense | ' | ' | ' |
Salaries and benefits (Notes 9,13 and 15) | 9,702,350 | 10,593,018 | 12,395,120 |
Occupancy and equipment expense | 3,910,515 | 4,419,260 | 4,931,152 |
Data processing expense | 1,296,273 | 1,468,551 | 1,286,170 |
Advertising and promotional expense | 217,099 | 86,338 | 573,495 |
Professional and other outside services | 2,835,423 | 2,601,133 | 3,406,640 |
Loan administration and processing expense | 220,370 | 137,192 | 271,025 |
Regulatory assessments | 1,159,387 | 1,724,224 | 1,992,865 |
Insurance expense | 314,534 | 471,057 | 869,479 |
Other real estate operations (Note 6) | 211,687 | -58,044 | 877,969 |
Material and communications | 396,840 | 503,513 | 684,778 |
Restructuring charges and asset disposals (Note 21) | 521,903 | 939,492 | 2,986,441 |
Prepayment penalty on borrowings | 4,116,446 | ' | ' |
Other operating expense | 980,922 | 1,100,214 | 953,268 |
Total non-interest expense | 25,883,749 | 23,985,948 | 31,228,402 |
Loss before income taxes | -7,627,730 | -536,164 | -15,459,486 |
Provision for Income Taxes (Note 10) | -338,784 | ' | ' |
Net loss | ($7,288,946) | ($536,164) | ($15,459,486) |
Loss per share (Note 14) | ($0.19) | ($0.01) | ($0.40) |
Dividends per share | ' | ' | ' |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Statement Of Income And Comprehensive Income [Abstract] | ' | ' | ' |
Net loss | ($7,288,946) | ($536,164) | ($15,459,486) |
Unrealized holding (losses) gains on securities, net of taxes: | ' | ' | ' |
Unrealized holding gains (losses) arising during the period | -568,850 | 47,204 | -475,273 |
Less reclassification adjustment for net gains included in net income | ' | -799,323 | -687,769 |
Total | -568,850 | -752,119 | -1,163,042 |
Comprehensive loss | ($7,857,796) | ($1,288,283) | ($16,622,528) |
Consolidated_Statements_of_Sha
Consolidated Statements of Shareholders' Equity (USD $) | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Deficit [Member] | Treasury Stock [Member] | Accumulated Other Comprehensive Income (Loss) [Member] |
Beginning balance at Dec. 31, 2010 | $67,172,188 | $383,744 | $105,050,433 | ($39,399,345) | ($160,025) | $1,297,381 |
Beginning balance, Shares at Dec. 31, 2010 | ' | 38,362,727 | ' | ' | ' | ' |
Comprehensive loss | ' | ' | ' | ' | ' | ' |
Net loss | -15,459,486 | ' | ' | -15,459,486 | ' | ' |
Unrealized holding loss on available for sale securities, net of taxes (Note 19) | -1,163,042 | ' | ' | ' | ' | -1,163,042 |
Total comprehensive loss | -16,622,528 | ' | ' | ' | ' | ' |
Ending balance at Dec. 31, 2011 | 50,549,660 | 383,744 | 105,050,433 | -54,858,831 | -160,025 | 134,339 |
Beginning balance, Shares at Dec. 31, 2011 | ' | 38,362,727 | ' | ' | ' | ' |
Comprehensive loss | ' | ' | ' | ' | ' | ' |
Net loss | -536,164 | ' | ' | -536,164 | ' | ' |
Unrealized holding loss on available for sale securities, net of taxes (Note 19) | -752,119 | ' | ' | ' | ' | -752,119 |
Total comprehensive loss | -1,288,283 | ' | ' | ' | ' | ' |
Share-based compensation expense | 306,421 | ' | 306,421 | ' | ' | ' |
Issuance of restricted stock | ' | 1,174 | -1,174 | ' | ' | ' |
Issuance of restricted stock, Shares | ' | 117,387 | ' | ' | ' | ' |
Ending balance at Dec. 31, 2012 | 49,567,798 | 384,918 | 105,355,680 | -55,394,995 | -160,025 | -617,780 |
Ending balance, Shares at Dec. 31, 2012 | ' | 38,480,114 | ' | ' | ' | ' |
Comprehensive loss | ' | ' | ' | ' | ' | ' |
Net loss | -7,288,946 | ' | ' | -7,288,946 | ' | ' |
Unrealized holding loss on available for sale securities, net of taxes (Note 19) | -568,850 | ' | ' | ' | ' | -568,850 |
Total comprehensive loss | -7,857,796 | ' | ' | ' | ' | ' |
Share-based compensation expense | 130,686 | ' | 130,686 | ' | ' | ' |
Issuance of restricted stock | ' | 2,949 | -2,949 | ' | ' | ' |
Issuance of restricted stock, Shares | ' | 294,861 | ' | ' | ' | ' |
Ending balance at Dec. 31, 2013 | $41,840,688 | $387,867 | $105,483,417 | ($62,683,941) | ($160,025) | ($1,186,630) |
Ending balance, Shares at Dec. 31, 2013 | ' | 38,774,975 | ' | ' | ' | ' |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Cash Flows from Operating Activities | ' | ' | ' |
Net loss | ($7,288,946) | ($536,164) | ($15,459,486) |
Adjustments to reconcile net loss to net cash used in operating activities | ' | ' | ' |
Restructuring charges and asset disposal | -163,417 | -63,680 | 951,659 |
Amortization and accretion of investment premiums and discounts, net | 186,605 | 310,830 | 409,511 |
Amortization and accretion of purchase loan premiums and discounts, net | 19,469 | 11,477 | 11,301 |
Amortization of core deposit intangible | 0 | 6,962 | 15,012 |
Provision for loan losses | 970,214 | -2,379,223 | 7,464,427 |
Net gain on sale of investment securities | ' | -910,591 | -1,109,305 |
Gain on sale of loans | -28,310 | -336,274 | -79,729 |
Gain on sale of mortgage loans | -254,796 | -83,823 | ' |
Originations of mortgage loans held for sale | -35,647,133 | -5,206,497 | ' |
Proceeds from sales of mortgage loans held for sale | 37,429,228 | 3,763,021 | ' |
Loss on disposal of fixed assets | ' | 16,406 | 4,644 |
Gain on sale of other real estate owned | -113,963 | -185,143 | -193,786 |
Impairment write-down on other real estate owned | ' | ' | 165,764 |
Proceeds from sale of branch assets and deposits | 126,875 | ' | ' |
Gain on sale of branch assets and deposits | -50,643 | ' | ' |
Depreciation and amortization of premises and equipment | 1,215,278 | 1,215,774 | 1,272,660 |
Share-based compensation expense | 130,686 | 306,421 | 0 |
Earnings on cash surrender value of bank owned life insurance | -523,067 | -517,099 | -636,272 |
Change in assets and liabilities: | ' | ' | ' |
(Increase) decrease in net deferred loan costs | -131,616 | 183,914 | -472,515 |
Decrease in accrued interest and dividends receivable | 327,877 | 558,887 | 59,007 |
Decrease (increase) in other assets | 737,075 | -167,488 | 6,276,762 |
(Decrease) increase in accrued expenses and other liabilities | -1,637,666 | 858,272 | 344,279 |
Net cash used in operating activities | -4,696,250 | -3,154,018 | -976,067 |
Cash Flows from Investing Activities | ' | ' | ' |
Purchases of available for sale securities | ' | -44,485,312 | -65,459,630 |
Purchases of other investments | -950,000 | ' | ' |
Proceeds from sale of available for sale securities | 0 | 45,226,033 | 26,349,070 |
Proceeds from redemptions of available for sale securities | ' | 15,999,814 | ' |
Principal repayments on available for sale securities | 3,262,509 | 7,775,420 | 12,029,209 |
Purchase of Federal Reserve Bank stock | ' | -48,850 | -1,174,100 |
Proceeds from repurchase of excess stock by the Federal Reserve Bank | 285,900 | 25,650 | 659,100 |
Proceeds from repurchase of excess stock by the Federal Home Loan Bank | 201,200 | 164,500 | ' |
Proceeds from sale of loans | 10,655,482 | 99,737,524 | 55,089,794 |
Net decrease (increase) in loans | 25,462,402 | -60,645,644 | -34,363,332 |
Purchase of other real estate owned | ' | ' | -481,165 |
Capital improvements to other real estate owned | -80,401 | -111,463 | -20,000 |
Proceeds from sale of other real estate owned | 5,068,208 | 3,347,391 | 19,579,304 |
Purchases of premises and equipment, net | -8,278,760 | -615,519 | -685,029 |
Net cash provided by investing activities | 35,626,540 | 66,369,544 | 11,523,221 |
Cash Flows from Financing Activities | ' | ' | ' |
Net (decrease) increase in demand, savings and money market deposits | -17,298,660 | 13,234,388 | -17,785,483 |
Net decrease in time certificates of deposit | -35,241,951 | -60,860,883 | -84,113,953 |
Decrease in deposits held for sale | -14,538,205 | ' | ' |
Increase in FHLB borrowings | 7,000,000 | ' | ' |
Decrease in repurchase agreements | -7,000,000 | ' | ' |
Net cash used in financing activities | -67,078,816 | -47,626,495 | -101,899,436 |
Net (decrease) increase in cash and cash equivalents | -36,148,526 | 15,589,031 | -91,352,282 |
Cash and cash equivalents at | ' | ' | ' |
Beginning of year | 71,014,407 | 55,425,376 | 146,777,658 |
End of year | 34,865,881 | 71,014,407 | 55,425,376 |
Supplemental Disclosures of Cash Flow Information | ' | ' | ' |
Interest paid | 4,706,226 | 7,127,255 | 8,290,544 |
Income taxes paid | 2,750 | 10,319 | 10,534 |
Supplemental Disclosure of Noncash Investing and Financing Activities | ' | ' | ' |
Unrealized holding losses on available for sale securities arising during the period | -568,850 | -834,456 | -1,875,874 |
Transfer of loans to other real estate owned | ' | 6,111,989 | 5,403,970 |
Transfer of loans to premises and equipment | 3,697,572 | ' | ' |
Transfer of other real estate owned to premises and equipment | ' | 950,000 | ' |
Transfer of loans to held for sale | ' | ' | 250,000 |
Transfer of deposits to held for sale | 10,167,176 | 24,705,381 | ' |
Transfer of branch assets held for sale | $12,012 | $88,244 | ' |
Nature_of_Operations_and_Summa
Nature of Operations and Summary of Significant Accounting Policies | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Accounting Policies [Abstract] | ' | |||
Nature of Operations and Summary of Significant Accounting Policies | ' | |||
Note 1. Nature of Operations and Summary of Significant Accounting Policies | ||||
Patriot National Bancorp, Inc. (the “Company”), a Connecticut corporation, is a bank holding company that was organized in 1999. On December 1, 1999, all the issued and outstanding shares of Patriot National Bank (the “Bank”) were converted into Company common stock and the Bank became a wholly owned subsidiary of the Company. The Bank is a nationally chartered commercial bank whose deposits are insured under the Bank Insurance Fund, which is administered by the Federal Deposit Insurance Corporation. The Bank provides a full range of banking services to commercial and consumer customers through its main office in Stamford, Connecticut, seven other branch offices in Connecticut and two branch offices in New York. The Bank’s customers are concentrated in Fairfield and New Haven Counties in Connecticut and Westchester County and New York City. | ||||
On March 11, 2003, the Company formed Patriot National Statutory Trust I (the “Trust”) for the purpose of issuing trust preferred securities and investing the proceeds in subordinated debentures issued by the Company, and on March 26, 2003, the first series of trust preferred securities were issued. In accordance with generally accepted accounting principles, the Trust is not included in the Company’s consolidated financial statements. | ||||
The following is a summary of the Company’s significant accounting policies: | ||||
Significant group concentrations of credit risk | ||||
Most of the Company’s activities are with customers located within Fairfield and New Haven Counties in Connecticut and Westchester County and New York City. Note 3 discusses the types of securities in which the Company invests. Note 4 discusses the types of lending in which the Company engages. The Company does not have any significant concentrations to any one industry or customer. | ||||
Principles of consolidation and basis of financial statement presentation | ||||
The consolidated financial statements include the accounts of the Company and its wholly owned subsidiary, the Bank, and the Bank’s wholly owned subsidiary, PinPat Acquisition Corporation, and have been prepared in conformity with U.S. generally accepted accounting principles. All significant intercompany balances and transactions have been eliminated. In preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosures of contingent assets and liabilities, as of the balance sheet date and reported amounts of revenues and expenses for the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change in the near term relate to the determination of the allowance for loan losses, the valuation of investment securities, the realization of deferred tax assets, and the evaluation of investment securities for impairment. Certain prior year balances have been reclassified to conform to the current year presentation. | ||||
Cash and cash equivalents | ||||
Cash and due from banks, federal funds sold and short-term investments are recognized as cash equivalents in the consolidated balance sheets. Federal funds sold generally mature in one day. For purposes of reporting cash flows, the Company considers all highly liquid debt instruments purchased with an original maturity of three months or less to be cash equivalents. The Company maintains amounts due from banks and federal funds sold which, at times, may exceed federally insured limits. The Company has not experienced any losses from such concentrations. The short-term investments represent an investment in a money market mutual fund. | ||||
Investments in debt and marketable equity securities | ||||
Management determines the appropriate classification of securities at the date individual investment securities are acquired, and the appropriateness of such classification is reassessed at each balance sheet date. | ||||
The Bank is required to maintain an investment in capital stock of the Federal Home Loan Bank of Boston (“FHLB”), as collateral, in an amount equal to a percentage of its outstanding mortgage loans and loans secured by residential properties, including mortgage-backed securities. The stock is purchased from and redeemed by the FHLB based upon its $100 par value. The stock is a non-marketable equity security and as such is classified as restricted stock, carried at cost and evaluated for impairment in accordance with relevant accounting guidance. In accordance with this guidance, the stock’s value is determined by the ultimate recoverability of the par value rather than by recognizing temporary declines. The determination of whether the par value will ultimately be recovered is influenced by criteria such as the following: (a) the significance of any decline in net assets of the FHLB as compared to the capital stock amount and the length of time this situation has persisted; (b) commitments by the FHLB to make payments required by law or regulation and the level of such payments in relation to the operating performance; (c) the potential impact of legislative and regulatory changes on the customer base of the FHLB; and (d) the liquidity position of the FHLB. | ||||
Management evaluated the stock and concluded that the stock was not impaired for the periods presented herein. Consideration was given to the long-term prospects for the FHLB. Management also considered that the FHLB’s regulatory capital ratios have increased from the prior year, liquidity appears adequate, and new shares of FHLB stock continue to exchange hands at $100 par value. | ||||
The Bank is required to maintain an investment in capital stock of the Federal Reserve Bank (“FRB”), as collateral, in an amount equal to one percent of six percent of the Bank’s total equity capital as per the latest Report of Condition (Call Report). The stock is purchased from and redeemed by the FRB based upon its $100 par value. The stock is a non-marketable equity security and as such is classified as restricted stock, carried at cost and evaluated for impairment in accordance with relevant accounting guidance. In accordance with this guidance, the stock’s value is determined by the ultimate recoverability of the par value rather than by recognizing temporary declines. The determination of whether the par value will ultimately be recovered is influenced by criteria such as the following: (a) the significance of any decline in net assets of the FRB as compared to the capital stock amount and the length of time this situation has persisted; (b) the potential impact of legislative and regulatory changes on the customer base of the FRB; and (c) the liquidity position of the FRB. | ||||
Member banks may carry over changes within a calendar year until the cumulative change exceeds the lesser of 15% or 100 shares of Federal Reserve Bank stock. However, any change required by a member bank’s capital and surplus, as shown in its Report of Condition as of December 31 of each year, must be applied for even if the change is less than 100 shares of Federal Reserve Bank stock and less than 15% of the Federal Reserve Bank stock held by the member bank. | ||||
Management evaluated the stock and concluded that the stock was not impaired for the periods presented herein. Consideration was given to the long-term prospects for the FRB. Management also considered that liquidity appears adequate and new shares of FRB stock continue to exchange hands at the $100 par value. | ||||
Debt securities, if any, that management has the positive intent and ability to hold to maturity are classified as “held to maturity” and are recorded at amortized cost. “Trading” securities, if any, are carried at fair value with unrealized gains and losses recognized in earnings. Securities classified as “available for sale” are recorded at fair value, with unrealized gains and losses excluded from earnings and reported in other comprehensive income (loss), net of taxes. Purchase premiums and discounts are recognized in interest income using the interest method over the contractual lives of the securities. | ||||
The Company conducts a quarterly review and evaluation of the securities portfolio to determine if a decline in the fair value of any security below its cost basis is other-than-temporary. Our evaluation of other-than-temporary impairment, or OTTI, considers the duration and severity of the impairment, our intent and ability to hold the securities and our assessments of the reason for the decline in value and the likelihood of a near-term recovery. If such decline is deemed other-than-temporary, the security is written down to a new cost basis and the resulting loss is charged to earnings as a component of non-interest income, except for the amount of the total OTTI for a debt security that does not represent credit losses which is recognized in other comprehensive income/loss, net of applicable taxes. | ||||
Security transactions are recorded on the trade date. Realized gains and losses on the sale of securities are recorded on the trade date and are determined using the specific identification method and reported in non-interest income. | ||||
Loans held for sale | ||||
Loans held for sale, are those loans the Company has the intent to sell in the foreseeable future, and are carried at the lower of aggregate cost or fair value, less estimated selling costs. Gains and losses on sales of loans are recognized on the trade dates, and are determined by the difference between the sales proceeds and the carrying value of the loans. Once loans are transferred to held for sale, any subsequent impairment in loans held for sale is recorded in non-interest income. | ||||
Loans receivable | ||||
Loans that the Company has the intent and ability to hold for the foreseeable future or until maturity or pay-off generally are reported at their outstanding unpaid principal balances adjusted for unearned income, the allowance for loan losses, and any unamortized deferred fees or costs. | ||||
Interest income is accrued based on the unpaid principal balance. Loan origination fees, and certain direct origination costs, are deferred and amortized as a level yield adjustment over the respective term of the loan and reported in interest income. | ||||
The accrual of interest on loans is discontinued at the time the loan is 90 days past due for payment unless the loan is well-secured and in process of collection. Consumer installment loans are typically charged off no later than 180 days past due. Past due status is based on contractual terms of the loan. In all cases, loans are placed on nonaccrual status or charged-off at an earlier date if collection of principal or interest is considered doubtful. | ||||
All interest accrued but not collected for loans that are placed on nonaccrual status or charged off are reversed against interest income. The interest on these loans is accounted for on the cash-basis method until qualifying for return to accrual status. Upon receipt of cash, the cash received is first applied to satisfy principal and then applied to interest unless the loan is in a cure period and Management believes there will be a loss. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured. | ||||
The Company’s real estate loans are collateralized by real estate located principally in Fairfield and New Haven Counties in Connecticut and Westchester County and New York City in New York, and accordingly, the ultimate collectability of a substantial portion of the Company’s loan portfolio is susceptible to changes in regional real estate market conditions. | ||||
A loan is considered impaired when, based on current information and events, it is probable that the Company will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record, and the amount of the shortfall in relation to the principal and interest owed. Impairment is measured on a loan by loan basis for commercial and real estate loans by either the present value of expected future cash flows discounted at the loan’s effective interest rate, the loan’s obtainable market price, or the fair value of the collateral if the loan is collateral dependent. | ||||
Impaired loans also include loans modified in troubled debt restructurings (TDRs), where concessions have been granted to borrowers experiencing financial difficulties. These concessions could include a reduction in the interest rate on the loan, payment extensions, forgiveness of principal, forbearance or other actions intended to maximize collection. TDRs are normally placed on non-accrual status until the loan qualifies for return to accrual status. Loans qualify for return to accrual status once they have demonstrated performance with the restructured term of the loan agreement for a minimum of six months. | ||||
Large groups of smaller balance homogeneous loans are collectively evaluated for impairment. Accordingly, the Company does not separately identify individual consumer installment loans for impairment disclosures, unless such loans are individually evaluated for impairment due to financial difficulties of the borrower. | ||||
Allowance for loan losses | ||||
The allowance for loan losses is established as losses are estimated to have occurred through a provision for loan losses charged to earnings. Loan losses are charged against the allowance when management believes the uncollectibility of a loan balance is confirmed. Subsequent recoveries, if any, are credited to the allowance. | ||||
The allowance for loan losses is evaluated on a regular basis by management and is based upon management’s periodic review of the collectability of the loans in light of historical experience, the nature and volume of the loan portfolio, adverse situations that may affect the borrower’s ability to repay, estimated value of any underlying collateral and prevailing economic conditions. This evaluation is inherently subjective as it requires estimates that are susceptible to significant revision as more information becomes available. | ||||
The allowance consists of specific and general components. The specific component relates to loans that are considered impaired. For such impaired loans, an allowance is established when the discounted cash flows (or collateral value if the loan is collateral dependent) or observable market price of the impaired loan is lower than the carrying value of that loan. The general component covers all other loans, segregated generally by loan type, and is based on historical loss experience with adjustments for qualitative factors which are made after an assessment of internal or external influences on credit quality that are not fully reflected in the historical loss data. In addition, a risk rating system is utilized to evaluate the general component of the allowance for loan losses. Under this system, management assigns risk ratings between one and eleven based upon the recommendations of the credit analyst and the originating loan officer and confirmed by the Loan Committee at the initiation of the transaction and are reviewed and changed, when necessary, during the life of the loan. Loans assigned a risk rating of six or above are monitored more closely by the credit administration officers and the Loan Committee. | ||||
Included in the valuation allowance are disposition discount adjustments made to real estate appraisals on collateral dependent impaired loans anticipated to become other real estate owned (“OREO”) in the coming quarter, as the Company’s recent experience has indicated that the ultimate sales prices of the underlying collateral have been less than the appraisal amounts. The appraisal adjustment percentage will be reviewed quarterly for those loans anticipated to become OREO in the subsequent quarter, based on an analysis of actual variances between appraised values as of the date the loan is transferred into OREO and the actual sales prices of the OREO properties. Generally, the sales prices have been below the appraised values due to the fact that buyers become aware that a bank owns those properties, and, therefore, attempt to offer less than fair market value. In the future, additional revisions may be made to the methodology and assumptions based on historical information related to charge-off and recovery experience and management’s evaluation of the current loan portfolio, and prevailing internal and external factors including but not limited to current economic conditions and local real estate markets. | ||||
The Company provides for loan losses based on the consistent application of our documented allowance for loan loss methodology. Loan losses are charged to the allowance for loan losses and recoveries are credited to it. Additions to the allowance for loan losses are provided by charges against income based on various factors which, in our judgment, deserve current recognition in estimating probable losses. Loan losses are charged-off in the period the loans, or portion thereof, are deemed uncollectible. Generally, the Company will record a loan charge-off (including a partial charge-off) to reduce a loan to the estimated fair value of the underlying collateral, less cost to sell, for collateral dependent loans. The Company regularly reviews the loan portfolio and makes adjustments for loan losses in order to maintain the allowance for loan losses in accordance with U.S. generally accepted accounting principles. The allowance for loan losses consists primarily of the following two components: | ||||
-1 | Allowances are established for impaired loans (defined by the Company as non-accrual loans, troubled debt restructurings and loans that were previously classified as troubled debt restructurings but have been upgraded). The amount of impairment provided for as an allowance is represented by the deficiency, if any, between the present value of expected future cash flows discounted at the original loan’s effective interest rate or the underlying collateral value (less estimated costs to sell,) if the loan is collateral dependent, and the carrying value of the loan. Impaired loans that have no impairment losses are not considered for general valuation allowances described below. | |||
-2 | General allowances are established for loan losses on a portfolio basis for loans that do not meet the definition of impaired. The portfolio is grouped into similar risk characteristics, primarily loan type, loan-to-value, if collateral dependent, and internal risk ratings. Management applies an estimated loss rate to each loan group. The loss rates applied are based on the Company’s cumulative prior two year loss experience adjusted, as appropriate, for the environmental factors discussed below. This evaluation is inherently subjective, as it requires material estimates that may be susceptible to significant revisions based upon changes in economic and real estate market conditions. Actual loan losses may be more or less than the allowance for loan losses management has established, which could have an effect on the Company’s financial results. | |||
The adjustments to the Company’s loss experience are based on management’s evaluation of several environmental factors, including: | ||||
• | Changes in local, regional, national and international economic and business conditions and developments that affect the collectability of the portfolio, including the condition of various market segments; | |||
• | Changes in the nature and volume of the portfolio and in the terms of the loans; | |||
• | Changes in the experience, ability, and depth of lending management and other relevant staff; | |||
• | Changes in the volume and severity of past due loans, the volume of nonaccrual loans, and the volume and severity of adversely classified or graded loans; | |||
• | Changes in the quality of the loan review system; | |||
• | Changes in the value of the underlying collateral for collateral-dependent loans; | |||
• | The existence and effect of any concentrations of credit, and changes in the level of such concentrations; and | |||
• | The effect of other external factors such as competition and legal and regulatory requirements on the level of estimated credit losses in the existing portfolio. | |||
In underwriting a loan secured by real property, we require an appraisal of the property by an independent licensed appraiser approved by the Company’s Board of Directors. All appraisals are reviewed by qualified parties independent from the firm preparing the appraisals. Management reviews and inspects properties before disbursement of funds during the term of a construction loan. Generally, management obtains updated appraisals when a loan is deemed impaired. These appraisals may be more limited than those prepared for the underwriting of a new loan. | ||||
Management evaluates the allowance for loan losses based on the combined total of the impaired and general components. Generally, when the loan portfolio increases, absent other factors, the allowance for loan loss methodology results in a higher dollar amount of estimated probable losses. Conversely, when the loan portfolio decreases, absent other factors, the allowance for loan loss methodology results in a lower dollar amount of estimated probable losses. | ||||
Each quarter management evaluates the allowance for loan losses and adjusts the allowance, as appropriate, through a provision for loan losses. While the Company uses the best information available to make evaluations, future adjustments to the allowance may be necessary if conditions differ substantially from the information used in making the evaluations. In addition, as an integral part of their examination process, the Office of the Comptroller of the Currency will periodically review the allowance for loan losses. The OCC may require the Company to adjust the allowance based on their analysis of information available to them at the time of their examination. | ||||
Mortgage banking activities | ||||
The Company originated residential loans from various sources to be held for sale into the secondary market. The Company renders a credit decision and issues a loan commitment. The loan is then closed and funded by the Company. The loan is subsequently sold to a predetermined secondary market investor and servicing is released. The gain on sale fee income is recognized upon the purchase of the loan by an investor. A reserve is established for prepayments, early payment defaults and other potential investor claims. | ||||
The Company receives loan brokerage fees for soliciting and processing conventional loan applications on behalf of investors. Brokerage fee income is recognized upon closing of loans for permanent investors. | ||||
Transfers of financial assets | ||||
Transfers of financial assets are accounted for as sales, when control over the assets has been surrendered. Control over transferred assets is deemed to be surrendered when (1) the assets have been isolated from the Company—put presumptively beyond the reach of the transferor and its creditors, even in bankruptcy or other receivership, (2) the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets and no condition both constrains the transferee from taking advantage of that right and provides more than a trivial benefit for the transferor, and (3) the transferor does not maintain effective control over the transferred assets through either (a) an agreement that both entitles and obligates the transferor to repurchase or redeem the assets before maturity or (b) the ability to unilaterally cause the holder to return specific assets, other than through a cleanup call. | ||||
Other real estate owned | ||||
Assets acquired through, or in lieu of, loan foreclosure are held for sale and are initially recorded at the lower of cost or estimated fair value less cost to sell at the date of foreclosure, establishing a new cost basis. In addition, when the Company acquires other real estate owned (“OREO”), it obtains a current appraisal to substantiate the net carrying value of the asset. Subsequent to foreclosure, valuations are periodically performed by management and the assets are carried at the lower of carrying amount or fair value less cost to sell. Revenue and expenses from operations and changes in the valuation allowance are included in operations. Costs relating to the development and improvement of the property are capitalized, subject to the limit of fair value of the collateral. Gains or losses are included in non-interest expenses upon disposal. | ||||
Write-downs required upon transfer to other real estate owned are charged to the allowance for loan losses. Thereafter, an allowance for other real estate owned losses is established for any further declines in the property’s value. These losses are included in non-interest expenses in the consolidated statement of operations. | ||||
Premises and equipment | ||||
Premises and equipment are stated at cost, net of accumulated depreciation and amortization. Leasehold improvements are capitalized and amortized over the shorter of the terms of the related leases or the estimated economic lives of the improvements. Depreciation is charged to operations for buildings, furniture, equipment and software using the straight-line method over the estimated useful lives of the related assets which range from three to thirty years. Gains and losses on dispositions are recognized upon realization. Maintenance and repairs are expensed as incurred and improvements are capitalized. | ||||
Impairment of assets | ||||
Long-lived assets, which are held and used by the Company, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If impairment is indicated by that review, the asset is written down to its estimated fair value through a charge to non-interest expense. | ||||
Cash surrender value of bank owned life insurance | ||||
Cash surrender value of bank owned life insurance represents life insurance on certain employees who have consented to allow the Bank to be the beneficiary of those policies. Changes in the cash value of the policies, as well as insurance proceeds received above the carrying value, are recorded in other non-interest income and are not subject to income tax. Management reviews the financial strength of the insurance carrier on an annual basis. The funds are held in a segregated account and invested in marketable securities. | ||||
Income taxes | ||||
The Company recognizes income taxes under the asset and liability method. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, and loss carry forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. | ||||
The Company recognizes a benefit from its tax positions only if it is more-likely-than-not that the tax position will be sustained on examination by taxing authorities, based on the technical merits of the position. The tax benefits recognized in the consolidated financial statements from such a position are measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement with a taxing authority that has full knowledge of all relevant information. | ||||
The Company’s policy for recording interest and penalties related to uncertain tax positions is to record such items as part of its provision for federal and state income taxes. | ||||
The Company has no unrecognized tax benefits and related interest or penalties at December 31, 2013. Management does not believe that there is any tax position for which it is reasonably possible that will result in unrecognized tax benefits within the next 12 months. | ||||
The Company’s returns for tax years 2010 and 2012 are subject to examination by the Internal Revenue Service (“IRS”) for U.S. federal tax purposes, and by its major state tax authority, Connecticut. During 2013, the IRS has completed its examination of the U.S. federal tax returns of the Company for tax years ended December 31, 2004 thru 2009. There were no changes made by the IRS to the Company’s reported tax. There are no other on-going audits in other tax jurisdictions. | ||||
Related party transactions | ||||
Directors and officers of the Company and the Bank and their affiliates have been customers of and have had transactions with the Bank, and it is expected that such persons and entities will continue to have such transactions in the future. Management believes that all deposit accounts, loans, services and commitments comprising such transactions were made in the ordinary course of business, and on substantially the same terms, including interest rates and collateral requirements, as those prevailing at the time for comparable transactions with other customers who are not directors or officers. In the opinion of management, the transactions with related parties did not involve more than normal risks of collectability or favored treatment or terms, or present other unfavorable features. Note 18 contains details regarding related party transactions. | ||||
Loss per share | ||||
Basic loss per share represents loss relating to common shareholders and is computed by dividing the net loss by the weighted-average number of common shares outstanding. Diluted loss per share reflects additional common shares that would have been outstanding if potential dilutive common shares had been issued, as well as any adjustment to income that would result from the assumed issuance unless such assumed issuance is antidilutive. Potential common shares that may be issued by the Company relate to any stock options and warrants that may be outstanding, and are determined using the treasury stock method. | ||||
Treasury shares are not deemed outstanding for loss per share purposes. | ||||
Share-based compensation plan | ||||
The Company accounts for share-based compensation transactions at fair-value and recognizes the related expense in the consolidated statements of operations. | ||||
The Compensation Committee establishes terms and conditions applicable to the vesting of restricted stock awards and stock options. Restricted stock grants vest in quarterly or annual installments over a three, four or five year period from the date of grant. The fair value of stock options granted are estimated utilizing the Black-Scholes options pricing modeling. The Company is expensing the grant date fair value of all share-based compensation over the requisite vesting periods on a straight-line basis. | ||||
Comprehensive income (loss) | ||||
Accounting principles generally require that recognized revenue, expenses, gains and losses be included in net income (loss). Although certain changes in assets and liabilities, such as unrealized gains and losses on available for sale securities, are reported as a separate component of shareholders’ equity in the consolidated balance sheets, such items, along with net income, are components of comprehensive income. | ||||
Segment reporting | ||||
The Company’s only business segment is Community Banking. During the years ended 2013, 2012 and 2011, this segment represented all the revenues and income of the consolidated group and therefore, is the only reported segment. | ||||
Fair value | ||||
The Company uses fair value measurements to record fair value adjustments to certain assets and to determine fair value disclosures. Fair value is 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. Fair value is best determined based upon quoted market prices. However, in certain instances, there are no quoted market prices for certain assets or liabilities. In cases where quoted market prices are not available, fair values are based on estimates using present value or other valuation techniques. Those techniques are significantly affected by the assumptions used, including the discount rate and estimates of future cash flows. Accordingly, the fair value estimates may not be realized in an immediate settlement of the asset or liability. | ||||
Fair value measurements focus on exit prices in an orderly transaction (that is, not a forced liquidation or distressed sale) between market participants at the measurement date under current market conditions. If there has been a significant decrease in the volume and level of activity for the asset or liability, a change in valuation technique or the use of multiple valuation techniques may be appropriate. In such instances, determining the price at which willing market participants would transact business at the measurement date under current market conditions depends on the facts and circumstances and requires the use of significant judgment. | ||||
The Company’s fair value measurements are classified into a fair value hierarchy based on the markets in which the assets and liabilities are traded and the reliability of the assumptions used to determine fair value. The three categories within the hierarchy are as follows: | ||||
• | Level 1 Inputs—Unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. | |||
• | Level 2 Inputs—Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These might include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability (such as interest rates, volatilities, prepayment speeds, credit risks, etc.) or inputs that are derived principally from or corroborated by market data by correlation or other means. | |||
• | Level 3 Inputs—Unobservable inputs for determining the fair values of assets or liabilities that reflect an entity’s own assumptions about the assumptions that market participants would use in pricing the assets or liabilities. | |||
See Note 20 for additional information regarding fair value. | ||||
Recently issued accounting pronouncements | ||||
ASU No. 2013-02, “Comprehensive Income (Topic 220) – Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income,” requires an entity to report the effect of significant reclassifications out of accumulated other comprehensive income on the respective line items in net income if the amount being reclassified is required under U.S. GAAP to be reclassified in its entirety to net income. ASU No. 2013-12 is effective prospectively for reporting periods beginning after December 15, 2012. The Company adopted this guidance on January 1, 2013 and it did not have a material impact on the consolidated financial statements. | ||||
Accounting Standards Update (“ASU”) No. 2011-04, “Fair Value Measurements (Topic 820) – Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs,” was issued as a result of the effort to develop common fair value measurement and disclosure requirements in U.S. GAAP and International Financial Reporting Standards (“IFRS”). While ASU No. 2011-04 is largely consistent with existing fair value measurement principles in U.S. GAAP, it expands the existing disclosure requirements for fair value measurements and clarifies the existing guidance or wording changes to align with IFRS No. 13. Many of the requirements for the amendments in ASU No. 2011-04 do not result in a change in the application of the requirements in Topic 820. The Company adopted ASU No. 2011-04 on January 1, 2012 and it did not have a material impact on the consolidated financial statements. | ||||
ASU No. 2011-05, “Comprehensive Income (Topic 220) – Presentation of Comprehensive Income,” requires an entity to present components of comprehensive income either in a single continuous statement of comprehensive income or in two separate consecutive statements. These amendments made the financial statement presentation of other comprehensive income more prominent by eliminating the alternative to present comprehensive income within the statement of equity. As originally issued, ASU No. 2011-05 required entities to present reclassification adjustments out of accumulated other comprehensive income by component in the statement in which net income is presented and the statement in which other comprehensive income is presented (for both interim and annual financial statements). This requirement was deferred by ASU No.2011-12, “Comprehensive Income (Topic 220) – Deferral of the Effective Date for Amendments to the Presentation of Reclassification of Items Out of Accumulated Other Comprehensive Income in Accounting Standards”. ASU No. 2011-05 is effective for all interim and annual periods beginning on or after December 15, 2011. The Company adopted this guidance in the first quarter of 2012 and elected to present comprehensive income in a separate consolidated statement of comprehensive income. |
Restrictions_on_Cash_and_Due_F
Restrictions on Cash and Due From Banks | 12 Months Ended |
Dec. 31, 2013 | |
Text Block [Abstract] | ' |
Restrictions on Cash and Due From Banks | ' |
Note 2. Restrictions on Cash and Due From Banks | |
At December 31, 2013 and 2012, the Company was required to maintain $25,000 in the Federal Reserve Bank for clearing purposes for its transaction accounts and non-personal time deposits. |
AvailableforSale_Securities
Available-for-Sale Securities | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Investments Debt And Equity Securities [Abstract] | ' | ||||||||||||||||||||||||
Available-for-Sale Securities | ' | ||||||||||||||||||||||||
Note 3. Available-for-Sale Securities | |||||||||||||||||||||||||
The amortized cost, gross unrealized gains, gross unrealized losses and approximate fair value of available-for-sale securities at December 31, 2013 and 2012 are as follows: | |||||||||||||||||||||||||
Gross | Gross | ||||||||||||||||||||||||
Amortized | Unrealized | Unrealized | Fair | ||||||||||||||||||||||
2013 | Cost | Gains | Losses | Value | |||||||||||||||||||||
U. S. Government agency bonds | $ | 7,500,000 | $ | — | $ | (420,650 | ) | $ | 7,079,350 | ||||||||||||||||
U. S. Government agency mortgage-backed securities | 22,387,986 | — | (635,774 | ) | 21,752,212 | ||||||||||||||||||||
Corporate bonds | 9,000,000 | — | (130,206 | ) | 8,869,794 | ||||||||||||||||||||
$ | 38,887,986 | $ | — | $ | (1,186,630 | ) | $ | 37,701,356 | |||||||||||||||||
Gross | Gross | ||||||||||||||||||||||||
Amortized | Unrealized | Unrealized | Fair | ||||||||||||||||||||||
2012 | Cost | Gains | Losses | Value | |||||||||||||||||||||
U. S. Government agency bonds | $ | 7,500,000 | $ | 26,170 | $ | — | $ | 7,526,170 | |||||||||||||||||
U. S. Government agency mortgage-backed securities | 25,837,100 | — | (130,209 | ) | 25,706,891 | ||||||||||||||||||||
Corporate bonds | 9,000,000 | — | (513,741 | ) | 8,486,259 | ||||||||||||||||||||
$ | 42,337,100 | $ | 26,170 | $ | (643,950 | ) | $ | 41,719,320 | |||||||||||||||||
The following table presents the Company’s available for sale securities’ gross unrealized losses and fair value, aggregated by the length of time the individual securities have been in a continuous loss position, at December 31, 2013 and 2012: | |||||||||||||||||||||||||
Less Than 12 Months | 12 Months or More | Total | |||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | ||||||||||||||||||||
2013 | Value | Loss | Value | Loss | Value | Loss | |||||||||||||||||||
U. S. Government agency bonds | $ | 7,079,350 | $ | (420,650 | ) | $ | — | $ | — | $ | 7,079,350 | $ | (420,650 | ) | |||||||||||
U. S. Government agency mortgage-backed securities | 8,870,860 | (291,233 | ) | 12,855,648 | (344,541 | ) | 21,726,508 | (635,774 | ) | ||||||||||||||||
Corporate bonds | — | — | 8,869,794 | (130,206 | ) | 8,869,794 | (130,206 | ) | |||||||||||||||||
Totals | $ | 15,950,210 | $ | (711,883 | ) | $ | 21,725,442 | $ | (474,747 | ) | $ | 37,675,652 | $ | (1,186,630 | ) | ||||||||||
Less Than 12 Months | 12 Months or More | Total | |||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | ||||||||||||||||||||
2012 | Value | Loss | Value | Loss | Value | Loss | |||||||||||||||||||
U. S. Government agency mortgage-backed securities | $ | 25,670,832 | $ | (130,209 | ) | $ | — | $ | — | $ | 25,670,832 | $ | (130,209 | ) | |||||||||||
Corporate bonds | 2,842,368 | (157,632 | ) | 5,643,891 | (356,109 | ) | 8,486,259 | (513,741 | ) | ||||||||||||||||
Totals | $ | 28,513,200 | $ | (287,841 | ) | $ | 5,643,891 | $ | (356,109 | ) | $ | 34,157,091 | $ | (643,950 | ) | ||||||||||
At December 31, 2013, eleven securities had unrealized losses with an aggregate depreciation of 3.2% from the amortized cost, compared to nine securities at December 31, 2012 with an aggregate depreciation of 1.9% from the amortized cost. | |||||||||||||||||||||||||
The Company performs a quarterly analysis of those securities that are in an unrealized loss position to determine if those losses qualify as other-than-temporary impairments. This analysis considers the following criteria in its determination: the ability of the issuer to meet its obligations, when the loss position is due to a deterioration in credit quality, management’s plans and ability to maintain its investment in the security, the length of time and the amount by which the security has been in a loss position, the interest rate environment, the general economic environment and prospects for improvement or deterioration. | |||||||||||||||||||||||||
Management believes that none of the unrealized losses on available-for-sale securities noted above are other than temporary due to the fact that they relate to market interest rate changes on U.S. Government agency debt, corporate debt and mortgage-backed securities issued by U.S. Government agencies. Management considers the issuers of the securities to be financially sound, the corporate bonds are investment grade and the Company expects to receive all contractual principal and interest related to these investments. Because the Company does not intend to sell the investments, and it is not more-likely-than-not that the Company will be required to sell the investments before recovery of their amortized cost basis, which may be maturity, the Company does not consider those investments to be other-than-temporarily impaired at December 31, 2013. | |||||||||||||||||||||||||
At December 31, 2013 and 2012, available-for-sale securities with a carrying value of $5,758,916 and $6,913,797, respectively, were pledged to secure municipal deposits. At December 31, 2013, no securities were pledged to secure securities sold under agreements to repurchase. At December 31, 2012, available- for-sale securities with a carrying value of $9,088,000 were pledged to secure securities sold under agreements to repurchase. | |||||||||||||||||||||||||
The amortized cost and fair value of available-for-sale debt securities at December 31, 2013 by contractual maturity are presented below. Actual maturities of mortgage-backed securities may differ from contractual maturities because the mortgages underlying the securities may be repaid without any penalties. Because mortgage-backed securities are not due at a single maturity date, they are not included in the maturity categories in the following maturity summary. | |||||||||||||||||||||||||
Amortized | Fair | ||||||||||||||||||||||||
Cost | Value | ||||||||||||||||||||||||
Maturity: | |||||||||||||||||||||||||
Corporate bonds 5 to 10 years | $ | 9,000,000 | $ | 8,869,794 | |||||||||||||||||||||
U.S. Government bonds 5 to 10 years | 7,500,000 | 7,079,350 | |||||||||||||||||||||||
Mortgage-backed securities | 22,387,986 | 21,752,212 | |||||||||||||||||||||||
Total | $ | 38,887,986 | $ | 37,701,356 | |||||||||||||||||||||
During 2013 there were no sales of available-for-sale securities. During 2012, sales of available-for-sale securities resulted in the Company recognizing proceeds of $45,226,033, and gross gains and gross losses of $910,591 and $9,651 respectively. During 2011 there were ten sales of available-for-sale securities, which resulted in the Company recognizing gross proceeds from the sales of $26,349,070 and gross gains of $1,109,305. |
Loan_Receivables_and_Allowance
Loan Receivables and Allowance for Loan Losses | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loan Receivables and Allowance for Loan Losses | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Note 4. Loan Receivables and Allowance for Loan Losses | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans receivable, net, consists of the following at December 31, 2013 and 2012: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | $ | 223,165,092 | $ | 247,495,321 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential | 106,198,275 | 119,033,025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction | 260,000 | 4,997,991 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction-to-permanent | 11,303,002 | 4,851,768 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | 35,061,249 | 36,428,751 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer home equity | 44,080,895 | 49,180,908 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer installment | 2,989,662 | 2,162,718 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total loans | 423,058,175 | 464,150,482 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Premiums on purchased loans | 200,180 | 219,649 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net deferred costs | 570,657 | 439,041 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses | (5,680,689 | ) | (6,015,636 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans receivable, net | $ | 418,148,323 | $ | 458,793,536 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
During 2013, the Bank completed bulk loan sales of $10.5 million of residential loans consummated for a cash purchase price of $10.7 million, which represented 101.5% of the Bank’s net book value for these assets. During 2012, the Bank completed bulk loan sales of $97.0 million of residential loans consummated for a cash purchase price of $98.5 million, which represented 101.5% of the Bank’s net book value for these assets. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
A summary of changes in the allowance for loan losses for the years ended December 31, 2013, 2012 and 2011 are as follows: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, beginning of year | $ | 6,015,636 | $ | 9,384,672 | $ | 15,374,101 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Provision for loan losses | 970,214 | (2,379,223 | ) | 7,464,427 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Transferred to loans held-for-sale | — | — | (6,054,660 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Recoveries of loans previously charged-off | 363,225 | 80,543 | 853,578 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans charged-off | (1,668,386 | ) | (1,070,356 | ) | (8,252,774 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, end of year | $ | 5,680,689 | $ | 6,015,636 | $ | 9,384,672 | |||||||||||||||||||||||||||||||||||||||||||||||||||
At December 31, 2013 and 2012, the unpaid principal balances of loans 90 days or more past due, and still accruing interest were $866,000 and $2.2 million respectively, and the unpaid principal balances of loans on non-accrual status and considered impaired were $12.3 million and $23.8 million respectively. Loans over 90 days past due were comprised of two loans as of December 31, 2013. One loan for $841,000 was current and a second loan for $25,000 was current within 60 days as to interest payments, both were past the loan’s maturity date and in the process of being renewed. Four of the five loans as of December 31, 2012, totaling $1,667,000, were making payments, but past the loan’s maturity date and were in the process of being renewed. The other loan totaling $567,000 was over 90 days past due as to payments and past the loan’s maturity date, but was subsequently paid off. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
At December 31, 2013, there were two loans totaling $2.2 million that were considered “troubled debt restructurings”, as compared to 8 loans totaling $11.6 million that were considered “troubled debt restructurings” at December 31, 2012, all of which are included in impaired loans. At December 31, 2013, one of the two loans for $991,000 was accruing and the other for $1.2 million was a non-accruing loan. At December 31, 2012, 1 of the 8 loans aggregating $0.5 million was accruing and 7 loans aggregating $11.1 million were non-accruing loans. Loan modifications, which resulted in these loans being considered troubled debt restructurings, are primarily in the form of rate concessions or term extensions. At December 31, 2013 and 2012, there were no commitments to advance additional funds under troubled debt restructured loans. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
If non-accrual loans had been performing in accordance with their original terms, the Company would have recorded $1.2 million, $1.5 million and $2.3 million of additional income during the years ended December 31, 2013, 2012 and 2011, respectively. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
During 2013, 2012 and 2011, interest income collected and recognized on non-accrual loans was approximately $774,000, $231,000 and $465,000 respectively. The average recorded investment in impaired loans for the years ending December 31, 2013, 2012 and 2011 were $30.8 million, $35.0 million and $49.8 million respectively. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The Company’s lending activities are conducted principally in Fairfield and New Haven Counties in Connecticut and Westchester County and New York City. The Company originates commercial real estate loans, commercial business loans, residential real estate loans and a variety of consumer loans. In addition, the Company had originated loans for the construction of residential homes, residential developments and for land development projects. A moratorium on new speculative construction loans was instituted by management in July 2008. All residential and commercial mortgage loans are collateralized primarily by first or second mortgages on real estate. The ability and willingness of borrowers to satisfy their loan obligations is dependent to some degree on the status of the regional economy as well as upon the regional real estate market. Accordingly, the ultimate collectability of a portion of the loan portfolio and the recovery of any resulting real estate acquired is susceptible to changes in market conditions. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The Company has established credit policies applicable to each type of lending activity in which it engages, evaluates the creditworthiness of each customer and, in most cases, extends credit of up to 75% of the market value of the collateral for commercial real estate at the date of the credit extension depending on the Company’s evaluation of the borrowers’ creditworthiness and type of collateral. In the case of construction loans, the maximum loan-to-value was 65% of the “as completed” market value. The market value of collateral is monitored on an ongoing basis and additional collateral is obtained when warranted. Real estate is the primary form of collateral. Other important forms of collateral are accounts receivable, inventory, other business assets, marketable securities and time deposits. While collateral provides assurance as a secondary source of repayment, the Company ordinarily requires the primary source of repayment to be based on the borrower’s ability to generate continuing cash flows on all loans not related to construction. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk characteristics of the Company’s portfolio classes include the following: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial Real Estate Loans – In underwriting commercial real estate loans, the Company evaluates both the prospective borrower’s ability to make timely payments on the loan and the value of the property securing the loans. Repayment of such loans may be negatively impacted should there be a substantial decline in the value of the property securing the loan or a decline in the general economic conditions. Where the owner occupies the property, the Company also evaluates the business’s ability to repay the loan on a timely basis. In addition, the Company may require personal guarantees, lease assignments and/or the guarantee of the operating company when the property is owner occupied. These types of loans involve different risks because payments on such loans are dependent upon the successful operation of the business involved, therefore, repayment of such loans may be negatively impacted by adverse changes in economic conditions affecting the borrowers’ businesses. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and Industrial Loans – The Company’s commercial and industrial loan portfolio consists primarily of commercial business loans and lines of credit to businesses and professionals. These loans are usually made to finance the purchase of inventory or new or used equipment and for other short or long-term working capital purposes. These loans are generally secured by corporate assets, often with real estate as secondary collateral, but are also occasionally offered on an unsecured basis. In granting this type of loan, the Company primarily looks to the borrower’s cash flow as the source of repayment with collateral and personal guarantees as a secondary source as needed. Commercial loans are often larger and may involve greater risks than other type of loans offered by the Company. Payments on such loans are often dependent upon the successful operation of the underlying business. Repayment of such loans may therefore be negatively impacted by adverse changes in economic conditions, management’s inability to effectively manage the business, claims of others against the borrower’s assets, death or disability of the borrower or loss of market for the borrower’s products or services. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential Real Estate Loans – Various loans secured by residential real estate properties are offered by the Company, including 1-4 family residential mortgages, multi-family residential loans and a variety of home equity line of credit products. Repayment of such loans may be negatively impacted should the borrower default, should there be a significant decline in the value of the property securing the loan or should there be a decline in general economic conditions. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction Loans – Construction loans are short-term loans (generally up to 18 months) secured by land for both residential and commercial development. The loans are generally made for acquisition and improvements. Funds are disbursed as phases of construction are completed. In the past, the Company funded construction of single family homes, when no contract of sale existed, based upon the experience and the financial strength of the builder, the type and location of the property and other factors. Construction loans are generally personally guaranteed by the principal(s). Repayment of such loans may be negatively impacted by the builders’ inability to complete construction, by a downturn in the new home sales market, by a significant increase in interest rates or by decline in general economic conditions. The Company has had a moratorium in place since mid-2008 on new speculative construction loans. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Loans – The Company also offers installment loans and reserves lines of credit to individuals. Repayments of such loans are often dependent on the personal income of the borrower which may be negatively impacted by adverse changes in economic conditions or personal circumstances. The Company does not place an emphasis on originating these types of loans. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The Company does not have any lending programs commonly referred to as subprime lending. Subprime lending generally targets borrowers with weakened credit histories typically characterized by payment delinquencies, previous charge-offs, judgments, bankruptcies, or borrowers with questionable repayment capacity as evidenced by low credit scores or high debt-burdened ratios. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The following tables set forth activity in our allowance for loan losses, by loan type, for the years ended December 31, 2013 and 2012. The following tables also detail the amount of loans receivable, net, that are evaluated individually, and collectively, for impairment, and the related portion of the allowance for loan losses that is allocated to each loan portfolio segment. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2013 | Commercial | Commercial | Construction | Construction | Residential | Consumer | Unallocated | Total | |||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate | to Permanent | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning Balance | $ | 941,456 | $ | 3,509,395 | $ | 311,297 | $ | 18,720 | $ | 897,368 | $ | 216,698 | $ | 120,702 | $ | 6,015,636 | |||||||||||||||||||||||||||||||||||||||||
Charge-offs | (62,779 | ) | (403,124 | ) | (204,868 | ) | — | (918,853 | ) | (78,762 | ) | — | (1,668,386 | ) | |||||||||||||||||||||||||||||||||||||||||||
Recoveries | 3,920 | 334,951 | 20,000 | — | 612 | 3,742 | — | 363,225 | |||||||||||||||||||||||||||||||||||||||||||||||||
Provision | 1,402,088 | (1,855,894 | ) | 133,571 | 6,659 | 815,829 | 392,117 | 75,844 | 970,214 | ||||||||||||||||||||||||||||||||||||||||||||||||
Ending Balance | $ | 2,284,685 | $ | 1,585,328 | $ | 260,000 | $ | 25,379 | $ | 794,956 | $ | 533,795 | $ | 196,546 | $ | 5,680,689 | |||||||||||||||||||||||||||||||||||||||||
Ending balance: individually evaluated for impairment | $ | 1,500,000 | $ | 31,097 | $ | 260,000 | $ | — | $ | 97,829 | $ | 1,811 | $ | — | $ | 1,890,737 | |||||||||||||||||||||||||||||||||||||||||
Ending balance: collectively evaluated for impairment | 784,685 | 1,554,231 | — | 25,379 | 697,127 | 531,984 | 196,546 | 3,789,952 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total Allowance for Loan Losses | $ | 2,284,685 | $ | 1,585,328 | $ | 260,000 | $ | 25,379 | $ | 794,956 | $ | 533,795 | $ | 196,546 | $ | 5,680,689 | |||||||||||||||||||||||||||||||||||||||||
Total Loans ending balance | $ | 35,061,249 | $ | 223,165,092 | $ | 260,000 | $ | 11,303,002 | $ | 106,198,275 | $ | 47,070,557 | $ | — | $ | 423,058,175 | |||||||||||||||||||||||||||||||||||||||||
Ending balance: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
individually evaluated for impairment | 6,151,799 | 7,767,224 | 260,000 | 1,197,474 | 6,024,266 | 592,636 | — | 21,993,399 | |||||||||||||||||||||||||||||||||||||||||||||||||
Ending balance : | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
collectively evaluated for impairment | $ | 28,909,450 | $ | 215,397,868 | $ | — | $ | 10,105,528 | $ | 100,174,009 | $ | 46,477,921 | $ | — | $ | 401,064,776 | |||||||||||||||||||||||||||||||||||||||||
2012 | Commercial | Commercial | Construction | Construction | Residential | Consumer | Unallocated | Total | |||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate | to Permanent | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning Balance | $ | 882,062 | $ | 4,018,746 | $ | 867,159 | $ | 547,333 | $ | 2,550,588 | $ | 458,762 | $ | 60,022 | $ | 9,384,672 | |||||||||||||||||||||||||||||||||||||||||
Charge-offs | (48,414 | ) | (49,922 | ) | (101,391 | ) | — | (84,711 | ) | (785,918 | ) | — | (1,070,356 | ) | |||||||||||||||||||||||||||||||||||||||||||
Recoveries | 10,861 | 66,951 | — | — | — | 2,731 | — | 80,543 | |||||||||||||||||||||||||||||||||||||||||||||||||
Provision | 96,947 | (526,380 | ) | (454,471 | ) | (528,613 | ) | (1,568,509 | ) | 541,123 | 60,680 | (2,379,223 | ) | ||||||||||||||||||||||||||||||||||||||||||||
Ending Balance | $ | 941,456 | $ | 3,509,395 | $ | 311,297 | $ | 18,720 | $ | 897,368 | $ | 216,698 | $ | 120,702 | $ | 6,015,636 | |||||||||||||||||||||||||||||||||||||||||
Ending balance: individually evaluated for impairment | $ | 33,280 | $ | 728,607 | $ | 120,616 | $ | — | $ | 83,543 | $ | 2,368 | $ | — | $ | 968,414 | |||||||||||||||||||||||||||||||||||||||||
Ending balance: collectively evaluated for impairment | 908,176 | 2,780,788 | 190,681 | 18,720 | 813,825 | 214,330 | 120,702 | 5,047,222 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total Allowance for Loan Losses | $ | 941,456 | $ | 3,509,395 | $ | 311,297 | $ | 18,720 | $ | 897,368 | $ | 216,698 | $ | 120,702 | $ | 6,015,636 | |||||||||||||||||||||||||||||||||||||||||
Total Loans ending balance | $ | 36,428,751 | $ | 247,495,321 | $ | 4,997,991 | $ | 4,851,768 | $ | 119,033,025 | $ | 51,343,626 | $ | — | $ | 464,150,482 | |||||||||||||||||||||||||||||||||||||||||
Ending balance: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
individually evaluated for impairment | 219,509 | 15,909,103 | 1,862,038 | 1,258,710 | 13,567,175 | 566,543 | — | 33,383,078 | |||||||||||||||||||||||||||||||||||||||||||||||||
Ending balance : | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
collectively evaluated for impairment | $ | 36,209,242 | $ | 231,586,218 | $ | 3,135,953 | $ | 3,593,058 | $ | 105,465,850 | $ | 50,777,083 | $ | — | $ | 430,767,404 | |||||||||||||||||||||||||||||||||||||||||
The Company monitors the credit quality of its loans receivable on an ongoing basis. Credit quality is monitored by reviewing certain credit quality indicators. Management has determined that internally assigned risk ratings and loan-to-value ratios (LTVs), at period end, are the key credit quality indicators that best help management monitor the credit quality of the Company’s loans receivable. Loan-to-value ratios used by management in monitoring credit quality are based on current period loan balances and original values at time of origination (unless a current appraisal has been obtained as a result of the loan being deemed impaired or the loan is a maturing construction loan). | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Appraisals on properties securing impaired loans and Other Real Estate Owned (“OREO”) are updated annually. Additionally, appraisals on construction loans are updated four months in advance of scheduled maturity dates. We update our impairment analysis monthly based on the most recent appraisal as well as other factors (such as senior lien positions, e.g. property taxes). We are subscribers to a national real estate valuation database service and use published information regarding home sales prices in the towns/counties where our collateral is located in CT and NY. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The majority of the Company’s impaired loans have been resolved through courses of action other than via bank liquidations of real estate collateral through OREO. These include normal loan payoffs, the traditional workout process, triggering personal guarantee obligations, and troubled debt restructurings. However, as loan workout efforts progress to a point where the bank’s liquidation of real estate collateral is the likely outcome, the impairment analysis is updated to reflect actual recent experience with bank sales of OREO properties. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
A disposition discount is built into our impairment analysis and reflected in our allowance once a property is determined to be a likely OREO (e.g. foreclosure is probable). To determine the discount we compare the average sales prices of our prior OREO properties to the appraised value that was obtained as of the date we took title to the property. The difference is the bank-owned disposition discount. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The Company has a risk rating system as part of the risk assessment of its loan portfolio. The Company’s lending officers are required to assign an Obligor and a Facility risk rating to each loan in their portfolio at origination, which is ratified or modified by the Committee to which the loan is submitted for approval. When the lender learns of important financial developments, the risk rating is reviewed accordingly, and adjusted if necessary. All loans are reviewed annually. Similarly, the Loan Committee can adjust a risk rating. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
In addition, the Company engages a third party independent loan reviewer that performs quarterly reviews of a sample of loans, validating the Bank’s risk ratings assigned to such loans. The risk ratings play an important role in the establishment of the loan loss provision and to confirm the adequacy of the allowance for loan losses. Any upgrades to classified loans must be approved by the Board Loan Committee. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
When assigning a risk rating to a loan, management utilizes the Bank’s internal eleven-point risk rating system. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
An asset is considered “special mention” when it has a potential weakness based on objective evidence, but does not currently expose the Company to sufficient risk to warrant classification in one of the following categories: An asset is considered “substandard” if it is not adequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. Substandard assets have well defined weaknesses based on objective evidence, and are characterized by the “distinct possibility” that the Company will sustain “some loss” if the deficiencies are not corrected. Assets classified as “doubtful” have all of the weaknesses inherent in those classified “substandard” with the added characteristic that the weaknesses present make “collection or liquidation in full,” on the basis of currently existing facts, conditions, and values, “highly questionable and improbable.” | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
During the quarter ended June 30, 2012, the Bank implemented changes to the allowance methodology, resulting in a reduction of the allowance for loan losses of $1.1 million for that period. In making this transition, the changes served to update the methodology to reflect the direction of the current loan portfolio. The changes were threefold: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
• | First, the Bank adopted a two year, instead of a three year, weighted average historical loss factor as the basis for the calculation of its historical loss experience. This is used to calculate expected losses in the pools identified in the Accounting Standards Codification (“ASC”) (Topic 450-20), “Loss Contingencies” pools prior to the application of qualitative risk adjustment factors. This change was made to be more responsive to the changing credit environment. This shorter average historical loss period will produce results more indicative of the current period and expected behavior of the portfolio. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
• | Second, the Bank adopted an Internal Risk Ratings Based (IRB) approach to calculating historical loss rates. This approach calibrates expected losses with actual risk assessment and equates the likelihood of loss to the level of risk in a credit facility rating. Previously, loss history was applied to categories of loans and adjusted by qualitative factors apportioned by risk rating within the categories. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
• | Third, the Bank increased the detail of analysis within the segments, particularly within Commercial Real Estate lending, which is currently the Bank’s largest concentration overall, by expanding the number of ASC 450-20 pools. In all, ten sub-concentrations have been added to the analysis. The greater level of detail enables the Bank to better apply qualitative risk adjustment factors to the segments affected and to monitor changes in credit risk within the portfolio. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Charge-off generally commences after the loan is classified “doubtful” to reduce the loan to its recoverable balance. If the account is classified as “loss”, the full balance is charged off regardless of the potential recovery from the sale of the collateral. This amount is recognized as a recovery once the collateral is sold. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
In accordance with FFIEC (“Federal Financial Institutions Examination Council”) published policies establishing uniform criteria for the classification of retail credit based on delinquency status, “Open-end” credits are charged-off when 180 days delinquent and “Closed-end” credits are charged-off when 120 days delinquent. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The following table details the credit risk exposure of loans receivable, by loan type and credit quality indicator at December 31, 2013: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CREDIT RISK PROFILE BY CREDIT WORTHINESS CATEGORY | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | Commercial | Construction | Construction to | Residential | Consumer | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate | Permanent | Real Estate | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
LTVs: | < 75% | >=5% | < 75% | >=5% | < 75% | >=5% | < 75% | >=xA0;75% | < 75% | >=5% | < 75% | >=5% | Other | Total | |||||||||||||||||||||||||||||||||||||||||||
Internal Risk Rating | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 23,492,659 | $ | 3,898,173 | $ | 199,117,577 | $ | 7,950,793 | $ | — | $ | — | $ | 10,105,528 | $ | — | $ | 82,704,363 | $ | 20,592,131 | $ | 42,541,721 | $ | 3,839,030 | 650,234 | $ | 394,892,209 | ||||||||||||||||||||||||||||||
Special Mention | 167,095 | — | 6,573,089 | 2,502,204 | — | — | — | — | — | — | — | — | — | 9,242,388 | |||||||||||||||||||||||||||||||||||||||||||
Substandard | 7,503,322 | — | 3,690,308 | 3,331,121 | 60,000 | 200,000 | 1,197,474 | — | 1,975,907 | 925,874 | 8,696 | 30,876 | — | 18,923,578 | |||||||||||||||||||||||||||||||||||||||||||
$ | 31,163,076 | $ | 3,898,173 | $ | 209,380,974 | $ | 13,784,118 | $ | 60,000 | $ | 200,000 | $ | 11,303,002 | $ | — | $ | 84,680,270 | $ | 21,518,005 | $ | 42,550,417 | $ | 3,869,906 | $ | 650,234 | $ | 423,058,175 | ||||||||||||||||||||||||||||||
CREDIT RISK PROFILE | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | Commercial Real | Construction | Construction to | Residential | Consumer | Totals | |||||||||||||||||||||||||||||||||||||||||||||||||||
Estate | Permanent | Real Estate | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Performing | $ | 28,909,450 | $ | 221,400,483 | $ | — | $ | 10,105,528 | $ | 103,296,494 | $ | 47,037,870 | $ | 410,749,825 | |||||||||||||||||||||||||||||||||||||||||||
Non Performing | 6,151,799 | 1,764,609 | 260,000 | 1,197,474 | 2,901,781 | 32,687 | 12,308,350 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 35,061,249 | $ | 223,165,092 | $ | 260,000 | $ | 11,303,002 | $ | 106,198,275 | $ | 47,070,557 | $ | 423,058,175 | |||||||||||||||||||||||||||||||||||||||||||
The following table details the credit risk exposure of loans receivable, by loan type and credit quality indicator at December 31, 2012: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CREDIT RISK PROFILE BY CREDIT WORTHINESS CATEGORY | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | Commercial | Construction | Construction to | Residential | Consumer | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate | Permanent | Real Estate | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
LTVs: | < 75% | >=5% | < 75% | >=5% | < 75% | >=5% | < 75% | >=5% | < 75% | >=5% | < 75% | >=5% | Other | Total | |||||||||||||||||||||||||||||||||||||||||||
Internal Risk Rating | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 25,563,777 | $ | 1,241,109 | $ | 203,149,356 | $ | 9,182,622 | $ | — | $ | — | $ | 3,593,058 | $ | — | $ | 77,368,459 | $ | 25,617,355 | $ | 46,102,332 | $ | 3,752,752 | 765,469 | $ | 396,336,289 | ||||||||||||||||||||||||||||||
Special Mention | 7,234,814 | 164,191 | 11,554,971 | 5,374,265 | 3,135,953 | — | — | — | 5,310,178 | — | 98,530 | 564,175 | — | 33,437,077 | |||||||||||||||||||||||||||||||||||||||||||
Substandard | 2,014,401 | 210,459 | 8,503,630 | 9,730,477 | — | 1,862,038 | — | 1,258,710 | 2,524,186 | 8,212,847 | 2,368 | 58,000 | — | 34,377,116 | |||||||||||||||||||||||||||||||||||||||||||
$ | 34,812,992 | $ | 1,615,759 | $ | 223,207,957 | $ | 24,287,364 | $ | 3,135,953 | $ | 1,862,038 | $ | 3,593,058 | $ | 1,258,710 | $ | 85,202,823 | $ | 33,830,202 | $ | 46,203,230 | $ | 4,374,927 | $ | 765,469 | $ | 464,150,482 | ||||||||||||||||||||||||||||||
CREDIT RISK PROFILE | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | Commercial | Construction | Construction to | Residential | Consumer | Totals | |||||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate | Permanent | Real Estate | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Performing | $ | 36,209,242 | $ | 237,764,844 | $ | 3,135,953 | $ | 3,593,058 | $ | 108,295,992 | $ | 51,341,258 | $ | 440,340,347 | |||||||||||||||||||||||||||||||||||||||||||
Non Performing | 219,509 | 9,730,477 | 1,862,038 | 1,258,710 | 10,737,033 | 2,368 | 23,810,135 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 36,428,751 | $ | 247,495,321 | $ | 4,997,991 | $ | 4,851,768 | $ | 119,033,025 | $ | 51,343,626 | $ | 464,150,482 | |||||||||||||||||||||||||||||||||||||||||||
The following table sets forth the detail, and delinquency status, of non-accrual loans and past due matured loans at December 31, 2013: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-Accrual and Past Due Loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-Accrual Loans | >90 Days | Total Non- | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
2013 | 31-60 Days | 61-90 Days | Greater Than | Total Past Due | Current | Past Due and | Accrual and | ||||||||||||||||||||||||||||||||||||||||||||||||||
Past Due | Past Due | 90 Days | Accruing | Past Due Loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 25,000 | $ | 25,000 | |||||||||||||||||||||||||||||||||||||||||||
Substandard | — | — | 1,799 | 1,799 | 6,150,000 | — | 6,151,799 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total Commercial | $ | — | $ | — | $ | 1,799 | $ | 1,799 | $ | 6,150,000 | $ | 25,000 | $ | 6,176,799 | |||||||||||||||||||||||||||||||||||||||||||
Commercial Real Estate | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | $ | — | $ | — | $ | 1,764,609 | $ | 1,764,609 | $ | — | $ | 840,962 | $ | 2,605,571 | |||||||||||||||||||||||||||||||||||||||||||
Total Commercial Real Estate | $ | — | $ | — | $ | 1,764,609 | $ | 1,764,609 | $ | — | $ | 840,962 | $ | 2,605,571 | |||||||||||||||||||||||||||||||||||||||||||
Construction | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | $ | — | $ | — | $ | 260,000 | $ | 260,000 | $ | — | $ | — | $ | 260,000 | |||||||||||||||||||||||||||||||||||||||||||
Total Construction | $ | — | $ | — | $ | 260,000 | $ | 260,000 | $ | — | $ | — | $ | 260,000 | |||||||||||||||||||||||||||||||||||||||||||
Construction to Permanent | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | $ | — | $ | — | $ | — | $ | — | $ | 1,197,474 | $ | — | $ | 1,197,474 | |||||||||||||||||||||||||||||||||||||||||||
Total Construction to Permanent | $ | — | $ | — | $ | — | $ | — | $ | 1,197,474 | $ | — | $ | 1,197,474 | |||||||||||||||||||||||||||||||||||||||||||
Residential Real Estate | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | $ | — | $ | — | $ | 2,523,233 | $ | 2,523,233 | $ | 378,548 | $ | — | $ | 2,901,781 | |||||||||||||||||||||||||||||||||||||||||||
Total Residential Real Estate | $ | — | $ | — | $ | 2,523,233 | $ | 2,523,233 | $ | 378,548 | $ | — | $ | 2,901,781 | |||||||||||||||||||||||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | $ | — | $ | — | $ | 1,811 | $ | 1,811 | $ | 30,876 | $ | — | $ | 32,687 | |||||||||||||||||||||||||||||||||||||||||||
Total Consumer | $ | — | $ | — | $ | 1,811 | $ | 1,811 | $ | 30,876 | $ | — | $ | 32,687 | |||||||||||||||||||||||||||||||||||||||||||
Total | $ | — | $ | — | $ | 4,551,452 | $ | 4,551,452 | $ | 7,756,898 | $ | 865,962 | $ | 13,174,312 | |||||||||||||||||||||||||||||||||||||||||||
The following table sets forth the detail, and delinquency status, of non-accrual loans and past due matured loans at December 31, 2012: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-Accrual and Past Due Loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-Accrual Loans | >90 Days | Total Non- | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
2012 | 31-60 Days | 61-90 Days | Greater Than | Total Past Due | Current | Past Due and | Accrual and | ||||||||||||||||||||||||||||||||||||||||||||||||||
Past Due | Past Due | 90 Days | Accruing | Past Due Loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 300,000 | $ | 300,000 | |||||||||||||||||||||||||||||||||||||||||||
Substandard | — | — | 182,258 | 182,258 | 37,251 | 500,000 | 719,509 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total Commercial | $ | — | $ | — | $ | 182,258 | $ | 182,258 | $ | 37,251 | $ | 800,000 | $ | 1,019,509 | |||||||||||||||||||||||||||||||||||||||||||
Commercial Real Estate | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 566,936 | $ | 566,936 | |||||||||||||||||||||||||||||||||||||||||||
Substandard | — | — | 7,629,819 | 7,629,819 | 2,100,658 | 867,361 | 10,597,838 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total Commercial Real Estate | $ | — | $ | — | $ | 7,629,819 | $ | 7,629,819 | $ | 2,100,658 | $ | 1,434,297 | $ | 11,164,774 | |||||||||||||||||||||||||||||||||||||||||||
Construction | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | $ | — | $ | — | $ | 1,862,038 | $ | 1,862,038 | $ | — | $ | — | $ | 1,862,038 | |||||||||||||||||||||||||||||||||||||||||||
Total Construction | $ | — | $ | — | $ | 1,862,038 | $ | 1,862,038 | $ | — | $ | — | $ | 1,862,038 | |||||||||||||||||||||||||||||||||||||||||||
Construction to Permanent | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | $ | — | $ | — | $ | — | $ | — | $ | 1,258,710 | $ | — | $ | 1,258,710 | |||||||||||||||||||||||||||||||||||||||||||
Total Construction to Permanent | $ | — | $ | — | $ | — | $ | — | $ | 1,258,710 | $ | — | $ | 1,258,710 | |||||||||||||||||||||||||||||||||||||||||||
Residential Real Estate | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | $ | — | $ | 358,123 | $ | 10,231,542 | $ | 10,589,665 | $ | 147,368 | $ | — | $ | 10,737,033 | |||||||||||||||||||||||||||||||||||||||||||
Total Residential Real Estate | $ | — | $ | 358,123 | $ | 10,231,542 | $ | 10,589,665 | $ | 147,368 | $ | — | $ | 10,737,033 | |||||||||||||||||||||||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | $ | — | $ | — | $ | — | $ | — | $ | 2,368 | $ | — | $ | 2,368 | |||||||||||||||||||||||||||||||||||||||||||
Total Consumer | $ | — | $ | — | $ | — | $ | — | $ | 2,368 | $ | — | $ | 2,368 | |||||||||||||||||||||||||||||||||||||||||||
Total | $ | — | $ | 358,123 | $ | 19,905,657 | $ | 20,263,780 | $ | 3,546,355 | $ | 2,234,297 | $ | 26,044,432 | |||||||||||||||||||||||||||||||||||||||||||
Included in loans receivable are loans for which the accrual of interest income has been discontinued due to deterioration in the financial condition of the borrowers. The recorded balance of these nonaccrual loans was $12.3 million and $23.8 million at December 31, 2013, and December 31, 2012 respectively. Generally, loans are placed on non-accruing status when they become 90 days or more delinquent, and remain on non-accrual status until they are brought current, have six months of performance under the loan terms, and factors indicating reasonable doubt about the timely collection of payments no longer exist. Therefore, loans may be current in accordance with their loan terms, or may be less than 90 days delinquent and still be on a non-accruing status. Additionally, certain loans that cannot demonstrate sufficient global cash flow to continue loan payments in the future and certain troubled debt restructures (TDRs) are placed on non-accrual status. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans past due ninety days or more, and still accruing interest, were $866,000 and $2.2 million at December 31, 2013, and December 31, 2012 respectively. Loans over 90 days past due were comprised of two loans as of December 31, 2013. One loan for $841,000 was current and the second loan for $25,000 was current within 60 days as to interest payments, both were past the loan’s maturity date and in the process of being renewed. At December 31, 2012, four of the five loans totaling $1,667,000, were making payments, but past the loan’s maturity date and were in the process of being renewed. The other loan totaling $567,000 was over 90 days past due as to payments and past the loan’s maturity date, but was subsequently paid off. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The following table sets forth the detail and delinquency status of loans receivable, net, by performing and non-performing loans at December 31, 2013. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Performing (Accruing) Loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2013 | 31-60 Days | 61-89 Days | Total Past | Current | Total Loan | Total Non- | Total Loans | ||||||||||||||||||||||||||||||||||||||||||||||||||
Past Due | Past Due | Due | Balances | Accrual and > | Receivable | ||||||||||||||||||||||||||||||||||||||||||||||||||||
90 Days Past | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Due Loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 725,000 | $ | — | $ | 725,000 | $ | 26,640,833 | $ | 27,365,833 | $ | 25,000 | $ | 27,390,833 | |||||||||||||||||||||||||||||||||||||||||||
Special Mention | — | — | — | 167,095 | 167,095 | — | 167,095 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | — | — | — | 1,351,522 | 1,351,522 | 6,151,799 | 7,503,321 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total Commercial | $ | 725,000 | $ | — | $ | 725,000 | $ | 28,159,450 | $ | 28,884,450 | $ | 6,176,799 | $ | 35,061,249 | |||||||||||||||||||||||||||||||||||||||||||
Commercial Real Estate | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 1,858,402 | $ | 266,250 | $ | 2,124,652 | $ | 204,943,717 | $ | 207,068,369 | $ | — | $ | 207,068,369 | |||||||||||||||||||||||||||||||||||||||||||
Special Mention | — | — | — | 9,075,293 | 9,075,293 | — | 9,075,293 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | — | — | — | 4,415,859 | 4,415,859 | 2,605,571 | 7,021,430 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total Commercial Real Estate | $ | 1,858,402 | $ | 266,250 | $ | 2,124,652 | $ | 218,434,869 | $ | 220,559,521 | $ | 2,605,571 | $ | 223,165,092 | |||||||||||||||||||||||||||||||||||||||||||
Construction | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 260,000 | $ | 260,000 | |||||||||||||||||||||||||||||||||||||||||||
Total Construction | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 260,000 | $ | 260,000 | |||||||||||||||||||||||||||||||||||||||||||
Construction to Permanent | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | — | $ | — | $ | — | $ | 10,105,528 | $ | 10,105,528 | $ | — | $ | 10,105,528 | |||||||||||||||||||||||||||||||||||||||||||
Substandard | — | — | — | — | — | 1,197,474 | 1,197,474 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total Construction to Permanent | $ | — | $ | — | $ | — | $ | 10,105,528 | $ | 10,105,528 | $ | 1,197,474 | $ | 11,303,002 | |||||||||||||||||||||||||||||||||||||||||||
Residential Real Estate | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 31,951 | $ | — | $ | 31,951 | $ | 103,264,543 | $ | 103,296,494 | $ | — | $ | 103,296,494 | |||||||||||||||||||||||||||||||||||||||||||
Substandard | — | — | — | — | — | 2,901,781 | 2,901,781 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total Residential Real Estate | $ | 31,951 | $ | — | $ | 31,951 | $ | 103,264,543 | $ | 103,296,494 | $ | 2,901,781 | $ | 106,198,275 | |||||||||||||||||||||||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 349,999 | $ | 559,949 | $ | 909,948 | $ | 46,121,037 | $ | 47,030,985 | $ | — | $ | 47,030,985 | |||||||||||||||||||||||||||||||||||||||||||
Substandard | 6,885 | — | 6,885 | — | 6,885 | 32,687 | 39,572 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total Consumer | $ | 356,884 | $ | 559,949 | $ | 916,833 | $ | 46,121,037 | $ | 47,037,870 | $ | 32,687 | $ | 47,070,557 | |||||||||||||||||||||||||||||||||||||||||||
Total | $ | 2,972,237 | $ | 826,199 | $ | 3,798,436 | $ | 406,085,427 | $ | 409,883,863 | $ | 13,174,312 | $ | 423,058,175 | |||||||||||||||||||||||||||||||||||||||||||
The following table sets forth the detail and delinquency status of loans receivable, net, by performing and non-performing loans at December 31, 2012. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Performing (Accruing) Loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2012 | 31-60 Days | 61-89 Days | Total | Current | Total Loan | Total Non- | Total Loans | ||||||||||||||||||||||||||||||||||||||||||||||||||
Past Due | Past Due | Past Due | Balances | Accrual and > 90 | Receivable | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Days Past Due | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 10,171 | $ | — | $ | 10,171 | $ | 26,494,715 | $ | 26,504,886 | $ | 300,000 | $ | 26,804,886 | |||||||||||||||||||||||||||||||||||||||||||
Special Mention | — | — | — | 7,399,006 | 7,399,006 | — | 7,399,006 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | — | — | — | 1,505,350 | 1,505,350 | 719,509 | 2,224,859 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total Commercial | $ | 10,171 | $ | — | $ | 10,171 | $ | 35,399,071 | $ | 35,409,242 | $ | 1,019,509 | $ | 36,428,751 | |||||||||||||||||||||||||||||||||||||||||||
Commercial Real Estate | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | — | $ | — | $ | — | $ | 211,765,042 | $ | 211,765,042 | $ | 566,936 | $ | 212,331,978 | |||||||||||||||||||||||||||||||||||||||||||
Special Mention | — | — | — | 16,929,236 | 16,929,236 | — | 16,929,236 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | — | — | — | 7,636,269 | 7,636,269 | 10,597,838 | 18,234,107 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total Commercial Real Estate | $ | — | $ | — | $ | — | $ | 236,330,547 | $ | 236,330,547 | $ | 11,164,774 | $ | 247,495,321 | |||||||||||||||||||||||||||||||||||||||||||
Construction | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Special Mention | $ | — | $ | — | $ | — | $ | 3,135,953 | $ | 3,135,953 | $ | — | $ | 3,135,953 | |||||||||||||||||||||||||||||||||||||||||||
Substandard | — | — | — | — | — | 1,862,038 | 1,862,038 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total Construction | $ | — | $ | — | $ | — | $ | 3,135,953 | $ | 3,135,953 | $ | 1,862,038 | $ | 4,997,991 | |||||||||||||||||||||||||||||||||||||||||||
Construction to Permanent | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | — | $ | — | $ | — | $ | 3,593,058 | $ | 3,593,058 | $ | — | $ | 3,593,058 | |||||||||||||||||||||||||||||||||||||||||||
Substandard | — | — | — | — | — | 1,258,710 | 1,258,710 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total Construction to Permanent | $ | — | $ | — | $ | — | $ | 3,593,058 | $ | 3,593,058 | $ | 1,258,710 | $ | 4,851,768 | |||||||||||||||||||||||||||||||||||||||||||
Residential Real Estate | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 40,838 | $ | — | $ | 40,838 | $ | 102,944,976 | $ | 102,985,814 | $ | — | $ | 102,985,814 | |||||||||||||||||||||||||||||||||||||||||||
Special Mention | — | — | — | 5,310,178 | 5,310,178 | — | 5,310,178 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | — | — | — | — | — | 10,737,033 | 10,737,033 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total Residential Real Estate | $ | 40,838 | $ | — | $ | 40,838 | $ | 108,255,154 | $ | 108,295,992 | $ | 10,737,033 | $ | 119,033,025 | |||||||||||||||||||||||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | — | $ | 12,443 | $ | 12,443 | $ | 50,608,110 | $ | 50,620,553 | $ | — | $ | 50,620,553 | |||||||||||||||||||||||||||||||||||||||||||
Special Mention | — | — | — | 662,705 | 662,705 | — | 662,705 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | — | — | — | 58,000 | 58,000 | 2,368 | 60,368 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total Consumer | $ | — | $ | 12,443 | $ | 12,443 | $ | 51,328,815 | $ | 51,341,258 | $ | 2,368 | $ | 51,343,626 | |||||||||||||||||||||||||||||||||||||||||||
Total | $ | 51,009 | $ | 12,443 | $ | 63,452 | $ | 438,042,598 | $ | 438,106,050 | $ | 26,044,432 | $ | 464,150,482 | |||||||||||||||||||||||||||||||||||||||||||
The following table summarizes impaired loans as of December 31, 2013: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Recorded Investment | Unpaid Principal | Related Allowance | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2013 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | $ | 1,799 | $ | 150,969 | $ | — | |||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial Real Estate | 7,596,817 | 8,316,412 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction to Permanent | 1,197,474 | 1,425,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential | 5,098,392 | 7,631,751 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer | 590,825 | 669,584 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total: | $ | 14,485,307 | $ | 18,193,716 | $ | — | |||||||||||||||||||||||||||||||||||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | $ | 6,150,000 | $ | 6,150,000 | $ | 1,500,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial Real Estate | 170,406 | 215,219 | 31,097 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction | 260,000 | 486,625 | 260,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction to Permanent | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential | 925,874 | 1,065,974 | 97,829 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer | 1,811 | 2,062 | 1,811 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total: | $ | 7,508,091 | $ | 7,919,880 | $ | 1,890,737 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | $ | 6,151,799 | $ | 6,300,969 | $ | 1,500,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial Real Estate | 7,767,223 | 8,531,631 | 31,097 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction | 260,000 | 486,625 | 260,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction to Permanent | 1,197,474 | 1,425,000 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential | 6,024,266 | 8,697,725 | 97,829 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer | 592,636 | 671,646 | 1,811 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total: | $ | 21,993,398 | $ | 26,113,596 | $ | 1,890,737 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Impaired loans consist of non-accrual loans, TDRs and loans that were previously classified as TDRs that have been upgraded. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The following table summarizes impaired loans as of December 31, 2012: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Recorded Investment | Unpaid Principal | Related Allowance | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2012 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | $ | 46,301 | $ | 131,195 | $ | — | |||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial Real Estate | 12,328,103 | 13,369,985 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction to Permanent | 1,258,710 | 1,425,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential | 10,760,965 | 12,786,388 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer | 564,175 | 564,175 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total: | $ | 24,958,254 | $ | 28,276,743 | $ | — | |||||||||||||||||||||||||||||||||||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | $ | 173,208 | $ | 350,000 | $ | 33,280 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial Real Estate | 3,581,000 | 3,606,947 | 728,607 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction | 1,862,038 | 2,013,663 | 120,616 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction to Permanent | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential | 2,806,210 | 2,806,766 | 83,543 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer | 2,368 | 2,506 | 2,368 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total: | $ | 8,424,824 | $ | 8,779,882 | $ | 968,414 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | $ | 219,509 | $ | 481,195 | $ | 33,280 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial Real Estate | 15,909,103 | 16,976,932 | 728,607 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction | 1,862,038 | 2,013,663 | 120,616 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction to Permanent | 1,258,710 | 1,425,000 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential | 13,567,175 | 15,593,154 | 83,543 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer | 566,543 | 566,681 | 2,368 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total: | $ | 33,383,078 | $ | 37,056,625 | $ | 968,414 | |||||||||||||||||||||||||||||||||||||||||||||||||||
At December 31, 2013 and 2012, the recorded investment of impaired loans was $22.0 million and $33.4 million, with related allowances of $1.9 million and $1.0 million, respectively. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Included in the tables above at December 31, 2013 and 2012, are loans with carrying balances of $14.5 million and $25.0 million respectively that required no specific reserves in our allowance for loan losses. Loans that did not require specific reserves have sufficient collateral values, less costs to sell, supporting the carrying balances of the loans. In some cases, there may be no specific reserves because the Company already charged-off the specific impairment. Once a borrower is in default, the Company is under no obligation to advance additional funds on unused commitments. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
On a case-by-case basis, the Company may agree to modify the contractual terms of a borrower’s loan to remain competitive and assist customers who may be experiencing financial difficulty, as well as preserve the Company’s position in the loan. If the borrower is experiencing financial difficulties and a concession has been made, the loan is classified as a troubled debt restructured loan. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The following table presents the total troubled debt restructured loans as of December 31, 2013 which are included in impaired loans: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accrual | Non-accrual | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
# of | Amount | # of | Amount | # of | Amount | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans | Loans | Loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction to permanent | 1 | $ | 990,913 | 1 | $ | 1,197,474 | 2 | $ | 2,188,387 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total Troubled Debt Restructurings | 1 | $ | 990,913 | 1 | $ | 1,197,474 | 2 | $ | 2,188,387 | ||||||||||||||||||||||||||||||||||||||||||||||||
The following table presents the total troubled debt restructured loans as of December 31, 2012: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accrual | Non-accrual | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
# of | Amount | # of | Amount | # of | Amount | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans | Loans | Loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial Real Estate | — | $ | — | 2 | $ | 4,255,658 | 2 | $ | 4,255,658 | ||||||||||||||||||||||||||||||||||||||||||||||||
Residential Real Estate | — | — | 3 | 5,519,232 | 3 | 5,519,232 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Construction to permanent | — | — | 1 | 1,258,710 | 1 | 1,258,710 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | — | — | 1 | 37,251 | 1 | 37,251 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer home equity | 1 | 564,175 | — | — | 1 | 564,175 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Total Troubled Debt Restructurings | 1 | $ | 564,175 | 7 | $ | 11,070,851 | 8 | $ | 11,635,026 | ||||||||||||||||||||||||||||||||||||||||||||||||
The following table summarizes the two loans that were modified in a troubled debt restructuring during the year ended December 31, 2013 and are included in total impaired loans. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Twelve months ended December 31, 2013 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of | Pre-Modification | Number of | Post-Modification | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Relationships | Outstanding Recorded | Relationships | Outstanding Recorded | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment | Investment | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Troubled Debt Restructurings | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction to permanent | 2 | $ | 4,730,324 | 1 | $ | 990,913 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Total Troubled Debt Restructurings | 2 | $ | 4,730,324 | 1 | $ | 990,913 | |||||||||||||||||||||||||||||||||||||||||||||||||||
The following table summarizes the six loans that were modified in a troubled debt restructuring during the year ended December 31, 2012. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Twelve months ended December 31, 2012 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of | Pre-Modification | Number of | Post-Modification | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Relationships | Outstanding Recorded | Relationships | Outstanding Recorded | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment | Investment | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Troubled Debt Restructurings | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential Real Estate | 3 | $ | 8,529,624 | 3 | $ | 5,524,800 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Construction to permanent | 1 | 4,905,000 | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | 1 | 37,251 | 1 | 37,251 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer home equity | 1 | 564,175 | 1 | 564,175 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Troubled Debt Restructurings | 6 | $ | 14,036,050 | 5 | $ | 6,126,226 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Substantially all of our troubled debt restructured loan modifications involve lowering the monthly payments on such loans through either a reduction in interest rate below market rate, an extension of the term of the loan, or a combination of these two methods. These modifications rarely result in the forgiveness of principal or accrued interest. In addition, we frequently obtain additional collateral or guarantor support when modifying commercial loans. If the borrower had demonstrated performance under the previous terms and our underwriting process shows the borrower has the capacity to continue to perform under the restructured terms, the loan will continue to accrue interest. Non-accruing restructured loans may be returned to accrual status when there has been a sustained period of repayment performance (generally six consecutive months of payments) and both principal and interest are deemed collectible. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
During the year ended December 31, 2013, two construction to permanent loans to one borrower in the amount of $3.7 million and $1.0 million were downgraded due to the financial hardship of the borrower. The loan for $3.7 million has since been upgraded as to risk rating. Four troubled debt restructured loans, a commercial loan for $37,000, a residential real estate loan for $4.4 million and two commercial real estate loans aggregating $3.9 million have since paid off. Two troubled debt restructured loans, a home equity installment loan for $563,000 and a residential real estate loan for $347,000 were upgraded due to the improvement in the borrower’s financial condition. One residential real estate loan for $500,000 was charged off, due to the uncertainty of the collectability of the loan. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
During the year ended December 31, 2012, four of the troubled debt restructured loans were upgraded and are no longer classified as troubled debt restructurings as compared to December 31, 2011. The upgrades, due to performance, were a commercial construction loan for $1.2 million where the bank received additional collateral, a commercial real estate loan for $234,000 due to increased cash flow generated from the borrower’s business and a residential real estate loan for $2.8 million due to increased liquidity of the borrower. The fourth loan, a construction to permanent troubled debt restructured loan for $4.9 million was restructured into two loans, both of which have been upgraded. One loan was upgraded to pass, due to increased liquidity from additional tenants and is now classified as commercial real estate. The other loan for $1.1 million was upgraded to special mention, due to increased liquidity of the borrower. There was another troubled debt restructuring of a residential loan for $4.7 million that was upgraded to special mention due to increased liquidity of the borrower during the first quarter of 2012, which has since been downgraded to substandard, due to financial hardship of the borrower in the second quarter. Two troubled debt restructurings had a payment default, a commercial real estate loan which became an OREO in the second quarter and has since been sold, and a construction loan that is currently an OREO. There was one troubled debt restructuring of a residential loan for $364,000 due to the discharge from bankruptcy of the borrower. There were two troubled debt restructurings due to forbearance agreements of the borrowers, a commercial loan for $37,000 and a home equity installment loan for $564,000. There was an additional troubled debt restructuring for $500,000 due to foreclosure action of a residential real estate loan. The Bank obtained a judgment lien on another property of the borrower, resulting in additional collateral of $500,000. |
Premises_and_Equipment
Premises and Equipment | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Property Plant And Equipment [Abstract] | ' | ||||||||
Premises and Equipment | ' | ||||||||
Note 5. Premises and Equipment | |||||||||
At December 31, 2013 and 2012, premises and equipment consisted of the following: | |||||||||
2013 | 2012 | ||||||||
Leasehold improvements | $ | 6,060,275 | $ | 6,356,657 | |||||
Furniture, equipment and software | 6,981,177 | 6,591,500 | |||||||
Land | 7,340,858 | — | |||||||
Buildings | 4,956,407 | 964,745 | |||||||
25,338,717 | 13,912,902 | ||||||||
Less: accumulated depreciation and amortization | (10,277,279 | ) | (9,536,286 | ) | |||||
$ | 15,061,438 | $ | 4,376,616 | ||||||
For the years ended December 31, 2013, 2012 and 2011, depreciation and amortization expense related to premises and equipment totaled $1,230,917, $1,215,774 and $1,272,660 respectively. Included in the year ended December 31, 2012 of total premises and equipment above, approximately $88,000 was related to assets held for sale. |
Other_Real_Estate_Operations
Other Real Estate Operations | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Real Estate [Abstract] | ' | ||||||||||||
Other Real Estate Operations | ' | ||||||||||||
Note 6. Other Real Estate Operations | |||||||||||||
At December 31, 2013 and 2012, the Company had other real estate owned of $0 and $4,873,844 respectively. For the years ended December 31, 2013, 2012 and 2011, amounts charged to operations for other real estate owned totaled $211,687, $(58,044) and $877,969 respectively. A summary of other real estate operations for the years ended December 31, 2013, 2012 and 2011 is as follows: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Expenses of holding other real estate owned | $ | 325,650 | $ | 127,099 | $ | 918,291 | |||||||
Impairment write-downs on other real estate owned | — | — | 165,764 | ||||||||||
(Gain) loss on sale of other real estate owned | (113,963 | ) | (185,143 | ) | (193,786 | ) | |||||||
Rental income from other real estate owned | — | — | (12,300 | ) | |||||||||
Expense from other real estate operations | $ | 211,687 | $ | (58,044 | ) | $ | 877,969 | ||||||
Deposits
Deposits | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Banking And Thrift [Abstract] | ' | ||||||||||||||||
Deposits | ' | ||||||||||||||||
Note 7. Deposits | |||||||||||||||||
At December 31, 2013 and 2012, deposits consisted of the following: | |||||||||||||||||
Weighted | 2013 | Weighted | 2012 | ||||||||||||||
Average | Average | ||||||||||||||||
Interest Rate | Interest Rate | ||||||||||||||||
Non-interest bearing | — | $ | 55,358,161 | — | $ | 65,176,125 | |||||||||||
Interest bearing: | |||||||||||||||||
Time certificates, less than $100,000 | 1.05 | % | 129,548,033 | 1.37 | % | 160,610,601 | |||||||||||
Time certificates, $100,000 or more | 1.09 | % | 106,387,098 | 1.5 | % | 121,142,374 | |||||||||||
Money market | 0.04 | % | 29,309,657 | 0.2 | % | 42,401,428 | |||||||||||
Savings | 0.3 | % | 80,982,920 | 0.51 | % | 77,760,967 | |||||||||||
NOW | 0.01 | % | 28,618,213 | 0.07 | % | 30,191,403 | |||||||||||
Total interest bearing | 374,845,921 | 432,106,773 | |||||||||||||||
Total deposits | $ | 430,204,082 | $ | 497,282,898 | |||||||||||||
At December 31, 2013 and 2012, we did not have any certificates of deposit through the Certificate of Deposit Account Registry Service (CDARS) network included in time certificates. Included in total deposits above, approximately $24.7 million is related to deposits held for sale at December 31, 2012. There were no deposits held for sale at December 31, 2013. | |||||||||||||||||
Interest expense on deposits consists of the following: | |||||||||||||||||
Year Ended December 31, | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
Time certificates, less than $100,000 | $ | 1,821,591 | $ | 2,706,666 | $ | 3,380,456 | |||||||||||
Time certificates, $100,000 or more | 1,600,519 | 2,225,726 | 2,567,071 | ||||||||||||||
Money market | 40,481 | 71,808 | 88,813 | ||||||||||||||
Savings | 349,998 | 330,842 | 235,628 | ||||||||||||||
NOW | 8,718 | 16,435 | 11,610 | ||||||||||||||
$ | 3,821,307 | $ | 5,351,477 | $ | 6,283,578 | ||||||||||||
Contractual maturities of time certificates of deposit as of December 31, 2013 are summarized below: | |||||||||||||||||
Weighted Average | Balance of Time | ||||||||||||||||
Interest Rate | Certificates of Deposit | ||||||||||||||||
Due within: | |||||||||||||||||
1 year | 0.96 | % | $ | 200,555,373 | |||||||||||||
1-2 years | 1.99 | % | 16,514,915 | ||||||||||||||
2-3 years | 1.59 | % | 5,661,154 | ||||||||||||||
3-4 years | 1.58 | % | 8,018,162 | ||||||||||||||
4-5 years | 0.85 | % | 5,185,527 | ||||||||||||||
1.07 | % | $ | 235,935,131 |
Borrowings
Borrowings | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||
Borrowings | ' | ||||||||||||
Note 8. Borrowings | |||||||||||||
Federal Home Loan Bank borrowings | |||||||||||||
The Bank is a member of the Federal Home Loan Bank of Boston (“FHLB”). At December 31, 2013, the Bank has the ability to borrow from the FHLB based on a certain percentage of the value of the Bank’s qualified collateral, as defined in the FHLB Statement of Products Policy, comprised mainly of mortgage-backed securities and loans segregated as collateral for the FHLB. The additional amount available under this agreement as of December 31, 2013 was $37,000,000. In accordance with an agreement with the FHLB, the qualified collateral must be free and clear of liens, pledges and encumbrances. In addition, the Company has a $2,000,000 available line of credit with the FHLB. At December 31, 2013 and 2012, there were no advances outstanding under this line of credit. During 2013, $50,000,000 of FHLB advances with interest rates ranging from 0.77% to 3.69%, were paid off and a $10,000,000 FHLB advance with an interest rate of 2.19% was restructured. The restructured advance allowed the Company to reduce the effective interest rates, from 2.19% to 0.77%, and to extend the maturity for one year, in accordance with ASC 470-50, “Debt Modifications and Extinguishments”. At December 31, 2013 and 2012, outstanding advances from the FHLB aggregated $57,000,000 and $50,000,000 respectively, with average interest rates ranging from 0.19% to 1.17%. | |||||||||||||
Repurchase agreements | |||||||||||||
At December 31, 2013 and 2012, the Company had $0 and $7,000,000 of securities sold under agreements to repurchase bearing interest at a fixed rate of 4.3475%. During 2013, the $7,000,000 of repurchase agreements with an interest rate of 4.41% was repaid. | |||||||||||||
Junior subordinated debt owed to unconsolidated trust | |||||||||||||
During 2003, the Company formed the Trust of which 100% of the Trust’s common securities are owned by the Company. The Trust has no independent assets, and exists for the sole purpose of issuing trust securities and investing the proceeds thereof in an equivalent amount of junior subordinated debentures issued by the Company. The Trust issued $8,000,000 of trust preferred securities in 2003. | |||||||||||||
Trust preferred securities currently qualify for up to 25% of the Company’s Tier I Capital, with the excess qualifying as Tier 2 Capital. On March 1, 2005, the Federal Reserve Board of Governors, which is the banking regulator for the Holding Company, approved final rules that allowed for the continued inclusion of outstanding and prospective issuances of trust preferred securities in regulatory capital, subject to new, stricter limitations, which became effective March 31, 2009 and had no impact on the Company. | |||||||||||||
The subordinated debentures of $8,248,000 are unsecured obligations of the Company and are subordinate and junior in right of payment to all present and future senior indebtedness of the Company. The Company has entered into a guarantee, which together with its obligations under the subordinated debentures and the declaration of trust governing the Trust, including its obligations to pay costs, expenses, debts and liabilities, other than trust securities, provides a full and unconditional guarantee of amounts on the capital securities. The subordinated debentures, which bear interest at the three-month LIBOR plus 3.15% (3.39585% at December 31, 2013), mature on March 26, 2033. Beginning in the second quarter of 2009, the Company began deferring interest payments on the subordinated debentures as permitted under the terms of the debentures. Interest is still being accrued and charged to operations. The Company may only defer the payment of interest for 20 consecutive quarters, or thru March, 2014, and all accrued interest must be paid at the completion of the deferral period, June 2014. As of December 31, 2013, the accrued interest payable is approximately $1.4 million. | |||||||||||||
The duration of the Trust is 30 years, with an early redemption feature at the Company’s option on a quarterly basis which commenced March 26, 2008. The Trust securities also bear interest at the three month LIBOR plus 3.15%. | |||||||||||||
Maturity of borrowings | |||||||||||||
The contractual maturities of the Company’s borrowings at December 31, 2013, by year, are as follows: | |||||||||||||
Fixed | Floating | Total | |||||||||||
Rate | Rate | ||||||||||||
2014 | $ | 57,000,000 | $ | — | $ | 57,000,000 | |||||||
2015 | — | — | — | ||||||||||
2016 | — | — | — | ||||||||||
2017 | — | — | — | ||||||||||
2018 | — | — | — | ||||||||||
Thereafter | — | 8,248,000 | 8,248,000 | ||||||||||
Total borrowings | $ | 57,000,000 | $ | 8,248,000 | $ | 65,248,000 | |||||||
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Commitments And Contingencies Disclosure [Abstract] | ' | ||||
Commitments and Contingencies | ' | ||||
Note 9. Commitments and Contingencies | |||||
Operating leases | |||||
The Company has non-cancelable operating leases for its eight branch banking offices and for administrative and operational activities, which expire on various dates through 2017. Most of the leases contain rent escalation provisions, as well as renewal options for one or more periods. Under these lease agreements, the Company is required to pay certain operating costs such as insurance and property taxes. The Company also leases certain equipment under cancelable and non-cancelable arrangements. | |||||
Included in the table below, $39,646 of operating lease commitments have already been accounted for and included in restructuring charges in the consolidated financial statements for one branch that was closed. | |||||
Future minimum rental commitments under the terms of these leases by year and in the aggregate, are as follows: | |||||
Years Ending | Amount | ||||
December 31, | |||||
2014 | $ | 1,638,568 | |||
2015 | 1,271,057 | ||||
2016 | 720,034 | ||||
2017 | 182,978 | ||||
2018 | — | ||||
Thereafter | — | ||||
$ | 3,812,637 | ||||
Total rental expense, which is charged to operations on a straight line basis, for cancelable and non-cancelable operating leases was $2,142,995, $2,531,929 and $2,838,066 for the years ended December 31, 2013, 2012 and 2011, respectively. The Company subleased excess space at two locations. Income from subleases included in non-interest expense was $70,835, $54,846 and $33,326 for the years ended December 31, 2013, 2012 and 2011, respectively. | |||||
Employment Agreements | |||||
The Company has two change of control agreements that entitle executive officers to receive up to two and one-half times the greater of the officer’s base salary at the time or total compensation for the most recently completed fiscal year if a change of control occurs while such officers are full time employees of the Company or within six months following termination of employment other than for cause or by reason of death or disability. | |||||
Legal Matters | |||||
Neither the Company nor the Bank has any pending legal proceedings, other than ordinary routine litigation, incidental to its business, to which the Company or the Bank is a party or any of its property is subject. Management and its legal counsel are of the opinion that the ultimate disposition of these routine matters will not have a material adverse effect on the Company’s consolidated financial condition, results of operations or liquidity. |
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Income Taxes | ' | ||||||||||||
Note 10. Income Taxes | |||||||||||||
The components of the income tax provision (benefit) for the years ended December 31, 2013, 2012 and 2011 are as follows: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Current | |||||||||||||
Federal | $ | — | $ | — | $ | — | |||||||
State | (21,080 | ) | — | — | |||||||||
Total | (21,080 | ) | — | — | |||||||||
Deferred | |||||||||||||
Federal | (317,704 | ) | — | — | |||||||||
State | — | — | — | ||||||||||
Total | (317,704 | ) | — | — | |||||||||
Benefit for income taxes | $ | (338,784 | ) | $ | — | $ | — | ||||||
A reconciliation of the anticipated income tax benefit (computed by applying the statutory Federal income tax rate of 34% to loss before income taxes) to the income tax provision (benefit) as reported in the statements of operations for the years ended December 31, 2013, 2012 and 2011 is as follows: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Benefit for income taxes at statutory Federal rate | $ | (2,593,428 | ) | $ | (182,296 | ) | $ | (5,256,200 | ) | ||||
State taxes, net of Federal benefit | (21,080 | ) | — | — | |||||||||
Dividends received deduction | — | — | (50,100 | ) | |||||||||
Nondeductible expenses | 6,006 | 4,570 | 5,900 | ||||||||||
Write-off of DTA due to 382 Limitation | — | — | 10,382,276 | ||||||||||
Change in cash surrender value of life insurance | (177,843 | ) | (175,814 | ) | (216,300 | ) | |||||||
Increase (decrease) in valuation allowance | 2,447,561 | 329,113 | (4,853,660 | ) | |||||||||
Other | 0 | 24,427 | (11,916 | ) | |||||||||
Total benefit for income taxes | $ | (338,784 | ) | $ | — | $ | — | ||||||
At December 31, 2013 and 2012, the tax effects of temporary differences that give rise to the Company’s deferred tax assets and deferred tax liabilities are as follows: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Deferred tax assets: | |||||||||||||
Allowance for loan losses | $ | 2,212,628 | $ | 2,343,090 | $ | 3,655,330 | |||||||
Nonaccrual interest | 1,474,105 | 1,324,824 | 774,233 | ||||||||||
Premises and equipment | 1,276,365 | 1,073,884 | 1,090,095 | ||||||||||
Accrued expenses | 375,881 | 224,523 | 405,108 | ||||||||||
Share-based Compensation | — | 72,456 | — | ||||||||||
Capital loss carryover | 572,301 | 572,301 | 572,301 | ||||||||||
State NOL carryforward benefit | 3,612,623 | 3,237,434 | 3,081,579 | ||||||||||
Federal NOL carryforward benefit | 18,427,179 | 15,850,218 | 14,755,699 | ||||||||||
NOL write-off for § 382 Limitation | (10,382,276 | ) | (10,382,276 | ) | (10,382,276 | ) | |||||||
Federal AMT benefit estimate | — | 317,704 | 317,704 | ||||||||||
Unrealized loss AFS | 462,192 | 250,819 | — | ||||||||||
Other | 36,791 | 153,959 | 144,809 | ||||||||||
Gross deferred tax assets | 18,067,789 | 15,038,936 | 14,414,582 | ||||||||||
Valuation allowance | (18,067,789 | ) | (15,038,936 | ) | (14,414,582 | ) | |||||||
Deferred tax assets, net of valuation allowance | — | — | — | ||||||||||
Deferred tax liabilities | |||||||||||||
Investment securities | — | — | (82,337 | ) | |||||||||
Other | — | — | — | ||||||||||
Gross deferred tax liabilities | — | — | (82,337 | ) | |||||||||
Deferred tax liability, net | $ | — | $ | — | $ | (82,337 | ) | ||||||
The net deferred tax liability at December 31, 2013 and 2012 is included in accrued expenses and other liabilities in the consolidated balance sheets. | |||||||||||||
The allocation of the deferred tax (benefit) provision items charged to operations and items charged directly to equity for the years ended December 31, 2013, 2012 and 2011 are as follows: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Deferred tax benefit allocated to equity | $ | — | $ | — | $ | (712,832 | ) | ||||||
Deferred tax provision allocated to operations | — | — | — | ||||||||||
Total deferred tax benefit | $ | — | $ | — | $ | (712,832 | ) | ||||||
The determination of the amount of deferred income tax assets which are more likely than not to be realized is primarily dependent on projections of future earnings, which are subject to uncertainty and estimates that may change given economic conditions and other factors. A valuation allowance related to deferred tax assets is required when it is considered more likely than not that all or part of the benefit related to such assets will not be realized. Management has reviewed the deferred tax position of the Company at December 31, 2013. The deferred tax position has been affected by several significant transactions in prior years. These transactions include increased provision for loan losses, the levels of non-accrual loans and other-than-temporary impairment write-offs of certain investments, as well as a loss on the bulk sale of loans in 2011. As a result, the Company is in a cumulative net loss position at December 31, 2013, and under the applicable accounting guidance, has concluded that it is not more-likely-than-not that the Company will be able to realize its deferred tax assets and, accordingly, has established a full valuation allowance totaling $18.1 million against its deferred tax asset at December 31, 2013. The valuation allowance is analyzed quarterly for changes affecting the deferred tax asset. If, in the future, the Company generates taxable income on a sustained basis, management’s conclusion regarding the need for a deferred tax asset valuation allowance could change, resulting in the reversal of all or a portion of the deferred tax asset valuation allowance. | |||||||||||||
As measured under the rules of the Tax Reform Act of 1986, the Company has undergone a greater than 50% change of ownership in 2010. Consequently, use of the Company’s net operating loss carryforward and certain built in deductions available against future taxable income in any one year are limited. The maximum amount of carry forwards available in a given year is limited to the product of the Company’s fair market value on the date of ownership change and the federal long-term tax-exempt rate, plus any limited carry forward not utilized in prior years. | |||||||||||||
The Company has analyzed the impact of its recent ownership change and has calculated the annual limitation under IRC 382 to be $284,000. Based on the analysis, the Company has determined that the pre-change net operating losses and net unrealized built-in deductions were approximately $36.2 million. Based on a 20 year carry forward period, the Company could utilize approximately $5.6 million of the pre-change net operating losses and built-in deductions. Therefore, the Company wrote-off approximately $10.4 million of deferred tax assets in 2011. Accordingly, the write-off of the deferred tax asset did not affect the consolidated financial statements as there was a full valuation allowance against the deferred tax asset. At December 31, 2013, the Company had $19.1 million of U.S. federal pre-tax net operating loss carryforwards, which are not subject to the above mentioned IRC Section 382 limitation and do not begin to expire until 2020. |
Other_Intangible_Assets
Other Intangible Assets | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ||||||||
Other Intangible Assets | ' | ||||||||
Note 11. Other intangible assets | |||||||||
The changes in the carrying amount of core deposit intangibles for the years ended December 31, 2013 and 2012 are as follows: | |||||||||
2013 | 2012 | ||||||||
Core Deposit Intangible: | |||||||||
Balance as of January 1, | $ | — | $ | 38,196 | |||||
Amortization expense | — | 6,962 | |||||||
Asset disposal | — | 31,234 | |||||||
Balance as of December 31, | — | — | |||||||
Total other intangible assets | $ | — | $ | — | |||||
Amortization expense for the years ended December 31, 2013, 2012 and 2011 was $0, $6,962 and $15,012 respectively. The asset disposal of $31,234 was part of the consolidation of branches and is included in restructuring charges and asset disposals on the consolidated financial statements. |
Cash_Surrender_Value_of_Life_I
Cash Surrender Value of Life Insurance | 12 Months Ended |
Dec. 31, 2013 | |
Text Block [Abstract] | ' |
Cash Surrender Value of Life Insurance | ' |
Note 12. Cash Surrender Value of Life Insurance | |
The Bank has an investment in, and is the beneficiary of, life insurance policies. The purpose of these life insurance investments is to provide income through the appreciation in the cash surrender value of the policies on the lives of certain officers, directors and employees of the Bank. These policies have an aggregate cash surrender value of $22,024,770 and $21,501,703 at December 31, 2013 and 2012, respectively. These assets are unsecured and maintained in a separate account with one insurance carrier. Income earned on these life insurance policies aggregated $523,067, $517,099 and $636,272 for the years ended December 31, 2013, 2012 and 2011, respectively, and is included in non-interest income. |
ShareBased_Compensation
Share-Based Compensation | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ||||||||||||||||
Share-Based Compensation | ' | ||||||||||||||||
Note 13. Share-Based Compensation | |||||||||||||||||
The Company maintains the Patriot National Bancorp, Inc. 2012 Stock Plan to provide an incentive to directors and employees of the Company by the grant of options, restricted stock awards or phantom stock units. The Plan provides for the issuance of up to 3,000,000 shares of the Company’s common stock subject to certain Plan limitations. 2,552,964 shares of stock remain available for issuance under the Plan as of December 31, 2013. The vesting of restricted stock awards and options may be accelerated in accordance with terms of the plan. The Compensation Committee shall make terms and conditions applicable to the vesting of restricted stock awards and stock options. Restricted stock grants are available to directors and employees and vest in quarterly or annual installments over a three, four or five year period from the date of grant. The Compensation Committee accelerated the vesting of the initial grant of restricted stock in 2012, whereby the first year of the tranche vested immediately. The initial grant, which was awarded to the directors of the Board and accelerated, was deemed as compensation for past services. Stock options were granted at an exercise price equal to $2.20 based on a price determined by the Compensation Committee and all had an expiration period of 10 years. The fair value of stock options granted on January 24, 2012, was estimated utilizing the Black-Scholes option pricing model using the following assumptions: an expected life of 6.28 years utilizing the simplified method, risk-free rate of return of 1.28%, volatility of 61.29% and no dividend yield. The Company was expensing the grant date fair value of all share-based compensation over the requisite vesting periods on a straight-line basis. As of December 31, 2013, there were no outstanding stock options. | |||||||||||||||||
For the years ended December 31, 2013, 2012 and 2011, the Company recorded $130,686, $306,421 and $0 of total stock-based compensation, respectively. During 2013, the Company awarded 294,861 shares of restricted stock to employees, there were no shares of restricted stock issued to directors and no options were granted or exercised. In 2012, there were no options exercised and 152,169 shares of restricted stock were issued to directors in payment of directors’ fees in the net amount of $120,397. There were no awards in 2011. | |||||||||||||||||
The following table is a summary of the Company’s non-vested stock options as of December 31, 2013, and changes therein during the year then ended: | |||||||||||||||||
Number | Weighted | Weighted | Weighted | ||||||||||||||
of Stock | Average | Average | Average | ||||||||||||||
Options | Grant | Exercise | Contractual | ||||||||||||||
Date Fair | Price | Life (years) | |||||||||||||||
Value | |||||||||||||||||
Outstanding—December 31, 2011 | — | $ | — | $ | — | — | |||||||||||
Granted | 850,000 | 0.9 | 2.2 | 10 | |||||||||||||
Outstanding—December 31, 2012 | 850,000 | 0.9 | 2.2 | 10 | |||||||||||||
Forfeited | (850,000 | ) | 0.9 | 2.2 | 10 | ||||||||||||
Outstanding—December 31, 2013 | — | $ | — | $ | — | — | |||||||||||
Exercisable—December 31, 2013 | — | $ | — | $ | — | — | |||||||||||
The following is a summary of the status of the Company’s restricted shares as of December 31, 2013, and changes therein during the period then ended. | |||||||||||||||||
Number of | Weighted | ||||||||||||||||
Shares | Average Grant | ||||||||||||||||
Awarded | Date Fair Value | ||||||||||||||||
Non-vested at December 31, 2011 | — | $ | — | ||||||||||||||
2012 Granted | 152,169 | 1.69 | |||||||||||||||
Vested | (72,821 | ) | 1.65 | ||||||||||||||
Forfeited | (34,782 | ) | 1.73 | ||||||||||||||
Non-vested at December 31, 2012 | 44,566 | $ | 1.73 | ||||||||||||||
2013 Granted | 329,649 | 1.24 | |||||||||||||||
Vested | (92,380 | ) | 1.41 | ||||||||||||||
Forfeited | — | — | |||||||||||||||
Non-vested at December 31, 2013 | 281,835 | $ | 1.26 | ||||||||||||||
Expected future stock award expense related to the non-vested restricted awards as of December 31, 2013, is $356,190 over an average period of 2.88 years. |
Shareholders_Equity
Shareholders' Equity | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Equity [Abstract] | ' | ||||||||||||
Shareholders' Equity | ' | ||||||||||||
Note 14. Shareholders’ Equity | |||||||||||||
Common Stock | |||||||||||||
On December 16, 2009, the Company entered into a Securities Purchase Agreement (the “Securities Purchase Agreement”) with the Bank and PNBK Holdings, LLC, a limited liability company controlled by Michael Carrazza (“Holdings”). Pursuant to the Securities Purchase Agreement, on October 15, 2010, the Company issued and sold to Holdings 33,600,000 shares of its common stock at a purchase price of $1.50 per share for an aggregate purchase price of $50,400,000. The shares sold to Holdings represent 87.6% of the Company’s current issued and outstanding common stock. Also in connection with that sale, certain directors and officers of both the Company and the Bank resigned and were replaced with nominees of Holdings and Michael Carrazza became Chairman of the Board of the Company. | |||||||||||||
In connection with that sale, the Company reduced the par value of its common stock to $0.01 per share and increased the number of its authorized common shares to 100,000,000. Also in connection with that sale, the Company entered into a Registration Rights Agreement with Holdings. The Registration Rights Agreement provides Holdings with customary demand, shelf and piggyback registration rights. | |||||||||||||
The Bank is currently party to an agreement with the Office of the Comptroller of the Currency (“OCC”), which restricts the Bank’s ability to pay dividends without the consent of the OCC. To date, the OCC has not consented to the Bank paying any dividends. In addition, the Company is party to an agreement with the Federal Reserve Bank of New York which also restricts the ability of the Company to pay dividends. | |||||||||||||
Loss Per Share | |||||||||||||
The following tables represent information about the computation of basic and diluted loss per share for the years ended December 31, 2013, 2012 and 2011: | |||||||||||||
2013 | |||||||||||||
Net | Weighted Average | Per Share | |||||||||||
Loss | Common Shares O/S | Amount | |||||||||||
Basic and Diluted Loss Per Share | |||||||||||||
Loss attributable to common shareholders | $ | (7,288,946 | ) | 38,423,533 | $ | (0.19 | ) | ||||||
2012 | |||||||||||||
Net | Weighted Average | Per Share | |||||||||||
Loss | Common Shares O/S | Amount | |||||||||||
Basic and Diluted Loss Per Share | |||||||||||||
Loss attributable to common shareholders | $ | (536,164 | ) | 38,401,889 | $ | (0.01 | ) | ||||||
2011 | |||||||||||||
Net | Weighted Average | Per Share | |||||||||||
Loss | Common Shares O/S | Amount | |||||||||||
Basic and Diluted Loss Per Share | |||||||||||||
Loss attributable to common shareholders | $ | (15,459,486 | ) | 38,362,727 | $ | (0.40 | ) | ||||||
For the years ended December 31, 2013, 2012 and 2011, there were no dilutive securities. |
401k_Savings_Plan
401(k) Savings Plan | 12 Months Ended |
Dec. 31, 2013 | |
Compensation And Retirement Disclosure [Abstract] | ' |
401(k) Savings Plan | ' |
Note 15. 401(k) Savings Plan | |
The Company offers employees participation in the Patriot National Bank 401(k) Savings Plan (the “401(k) Plan”) under Section 401(k) of the Internal Revenue Code. The 401(k) Plan covers substantially all employees who have completed six months of service, are 21 years of age and who elect to participate. Under the terms of the 401(k) Plan, participants can contribute up to the maximum amount allowed, subject to Federal limitations. The Company may make discretionary matching contributions of 50% of the first 6% of the participants’ salary to the 401(k) Plan. Participants are immediately vested in their contributions and the Company’s contributions. The Company contributed approximately $130,000, $160,000 and $201,000 to the 401(k) Plan in 2013, 2012 and 2011, respectively. |
Financial_Instruments_with_Off
Financial Instruments with Off-Balance-Sheet Risk | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Risks And Uncertainties [Abstract] | ' | ||||||||
Financial Instruments with Off-Balance-Sheet Risk | ' | ||||||||
. | |||||||||
Note 16. Financial Instruments with Off-Balance-Sheet Risk | |||||||||
In the normal course of business, the Company is a party to financial instruments with off-balance-sheet risk to meet the financing needs of its customers. These financial instruments include commitments to extend credit and standby letters of credit and involve, to varying degrees, elements of credit and interest rate risk in excess of the amounts recognized in the balance sheets. The contractual amounts of these instruments reflect the extent of involvement the Company has in particular classes of financial instruments. | |||||||||
The contractual amounts of commitments to extend credit and standby letters of credit represent the amounts of potential accounting loss should: the contract be fully drawn upon; the customer default; and the value of any existing collateral becomes worthless. The Company uses the same credit policies in making commitments and conditional obligations as it does for on-balance-sheet instruments and evaluates each customer’s creditworthiness on a case-by-case basis. Management believes that the Company controls the credit risk of these financial instruments through credit approval processes, credit limits, monitoring procedures and the receipt of collateral as deemed necessary. | |||||||||
Financial instruments whose contract amounts represent credit risk are as follows at December 31, 2013 and 2012: | |||||||||
2013 | 2012 | ||||||||
Commitments to extend credit: | |||||||||
Future loan commitments | $ | 7,102,437 | $ | 16,601,019 | |||||
Home equity lines of credit | 28,707,608 | 30,044,312 | |||||||
Unused lines of credit | 40,207,868 | 39,652,231 | |||||||
Undisbursed construction loans | 2,187,752 | 3,233,322 | |||||||
Financial standby letters of credit | 1,117,997 | 7,000 | |||||||
$ | 79,323,662 | $ | 89,537,884 | ||||||
Standby letters of credit are written commitments issued by the Company 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. Guarantees that are not derivative contracts have been recorded on the Company’s consolidated balance sheet at their fair value at inception. | |||||||||
Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments to extend credit generally have fixed expiration dates or other termination clauses and may require payment of a fee by the borrower. Since these commitments could expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. The amount of collateral obtained, if deemed necessary by the Company upon extension of credit, is based on management’s credit evaluation of the customer. Collateral held varies, but may include residential and commercial property, deposits and securities. The bank has established a reserve of $12,000 and $5,000 as of December 31, 2013 and December 31, 2012, respectively. |
Regulatory_and_Operational_Mat
Regulatory and Operational Matters | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Banking And Thrift [Abstract] | ' | ||||||||||||||||||||||||
Regulatory and Operational Matters | ' | ||||||||||||||||||||||||
Note 17. Regulatory and Operational Matters | |||||||||||||||||||||||||
The Company and the Bank are subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory—and possibly additional discretionary—actions by regulators that, if undertaken, could have a direct material effect on the Company’s financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Company and the Bank must meet specific capital guidelines that involve quantitative measures of the Company’s and the Bank’s assets, liabilities, and certain off-balance-sheet items as calculated under regulatory accounting practices. The Company’s and the Bank’s capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings, and other factors. | |||||||||||||||||||||||||
Quantitative measures established by regulation to ensure capital adequacy require the Company and the Bank to maintain minimum amounts and ratios (set forth in the table below) of total and Tier I capital (as defined in the regulations) to risk-weighted assets (as defined), and of Tier I capital (as defined) to average assets (as defined). In addition, due to the Bank’s asset profile and current economic conditions in its markets, the Bank’s capital plan pursuant to the Agreement described below does target a minimum 9% Tier 1 leverage capital ratio. | |||||||||||||||||||||||||
In February 2009 the Bank entered into a formal written agreement (the “Agreement”) with the Office of the Comptroller of the Currency. Under the terms of the Agreement, the Bank has appointed a Compliance Committee of outside directors and the Chief Executive Officer. The Committee must report quarterly to the Board of Directors and to the OCC on the Bank’s progress in complying with the Agreement. The Agreement requires the Bank to review, adopt and implement a number of policies and programs related to credit and operational issues. The Agreement further provides for limitations on the acceptance of certain brokered deposits and the extension of credit to borrowers whose loans are criticized. The Bank may pay dividends during the term of the Agreement only with prior written permission from the OCC. The Agreement also requires that the Bank develop and implement a three-year capital plan. The Bank has taken or put into process all of the steps required by the Agreement, and does not anticipate that the restrictions included within the Agreement will impair its current business plan. | |||||||||||||||||||||||||
In June 2010 the company entered into a formal written agreement (the “Reserve Bank Agreement”) with the Federal Reserve Bank of New York (the “Reserve Bank”). Under the terms of the Reserve Bank Agreement, the Board of Directors of the Company are required to take appropriate steps to fully utilize the Company’s financial and managerial resources to serve as a source of strength to the Bank including taking steps to insure that the Bank complies with the Agreement with the OCC. The Reserve Bank Agreement requires the Company to submit, adopt and implement a capital plan that is acceptable to the Reserve Bank. The Company must also report to the Reserve Bank quarterly on the Company’s progress in complying with the Reserve Bank Agreement. The Agreement further provides for certain restrictions on the payment or receipt of dividends, distributions of interest or principal on subordinate debentures or trust preferred securities and the Company’s ability to incur debt or to purchase or redeem its stock without the prior written approval of the Reserve Bank. The Company has taken or put into process all of the steps required by the Reserve Bank Agreement, and does not anticipate that the restrictions included within the Reserve Bank Agreement will impair its current business plan. | |||||||||||||||||||||||||
The Company’s and the Bank’s actual capital amounts and ratios at December 31, 2013 and 2012 were (dollars in thousands): | |||||||||||||||||||||||||
To Be Well | |||||||||||||||||||||||||
Capitalized Under | |||||||||||||||||||||||||
For Capital | Prompt Corrective | ||||||||||||||||||||||||
Actual | Adequacy Purposes | Action Provisions | |||||||||||||||||||||||
2013 | Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||||||||
The Company: | |||||||||||||||||||||||||
Total Capital (to Risk Weighted Assets) | $ | 56,060 | 13.95 | % | $ | 43,300 | 8 | % | $ | N/A | N/A | ||||||||||||||
Tier 1 Capital (to Risk Weighted Assets) | 51,027 | 12.7 | % | 21,650 | 4 | % | N/A | N/A | |||||||||||||||||
Tier 1 Capital (to Average Assets) | 51,027 | 9.33 | % | 21,888 | 4 | % | N/A | N/A | |||||||||||||||||
The Bank: | |||||||||||||||||||||||||
Total Capital (to Risk Weighted Assets) | $ | 55,758 | 13.86 | % | $ | 43,270 | 8 | % | $ | 54,087 | 10 | % | |||||||||||||
Tier 1 Capital (to Risk Weighted Assets) | 50,730 | 12.61 | % | 21,635 | 4 | % | 32,452 | 6 | % | ||||||||||||||||
Tier 1 Capital (to Average Assets) | 50,730 | 9.28 | % | 21,872 | 4 | % | 27,340 | 5 | % | ||||||||||||||||
To Be Well | |||||||||||||||||||||||||
Capitalized Under | |||||||||||||||||||||||||
For Capital | Prompt Corrective | ||||||||||||||||||||||||
Actual | Adequacy Purposes | Action Provisions | |||||||||||||||||||||||
2012 | Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||||||||
The Company: | |||||||||||||||||||||||||
Total Capital (to Risk Weighted Assets) | $ | 63,253 | 15.64 | % | $ | 49,447 | 8 | % | $ | N/A | N/A | ||||||||||||||
Tier 1 Capital (to Risk Weighted Assets) | 58,186 | 14.39 | % | 24,724 | 4 | % | N/A | N/A | |||||||||||||||||
Tier 1 Capital (to Average Assets) | 58,186 | 9.33 | % | 24,948 | 4 | % | N/A | N/A | |||||||||||||||||
The Bank: | |||||||||||||||||||||||||
Total Capital (to Risk Weighted Assets) | $ | 61,908 | 15.31 | % | $ | 49,447 | 8 | % | $ | 61,808 | 10 | % | |||||||||||||
Tier 1 Capital (to Risk Weighted Assets) | 56,840 | 14.05 | % | 24,723 | 4 | % | 37,085 | 6 | % | ||||||||||||||||
Tier 1 Capital (to Average Assets) | 56,840 | 9.11 | % | 24,952 | 4 | % | 31,190 | 5 | % | ||||||||||||||||
Restrictions on dividends, loans and advances | |||||||||||||||||||||||||
The Company’s ability to pay dividends is dependent on the Bank’s ability to pay dividends to the Company. Pursuant to the February 9, 2009 Agreement between the Bank and the OCC, the Bank can pay dividends to the Company only pursuant to a dividend policy requiring compliance with the Bank’s OCC-approved capital program, in compliance with applicable law and with the prior written determination of no supervisory objection by the Assistant Deputy Comptroller. In addition to the Agreement, certain other restrictions exist regarding the ability of the Bank to transfer funds to the Company in the form of cash dividends, loans or advances. The approval of the OCC is required to pay dividends in excess of the Bank’s earnings retained in the current year plus retained net earnings for the preceding two years. As of December 31, 2013, the Bank had an accumulated deficit; therefore, dividends may not be paid to the Company. The Bank is also prohibited from paying dividends that would reduce its capital ratios below minimum regulatory requirements. | |||||||||||||||||||||||||
The Company’s ability to pay dividends and incur debt is also restricted by the Reserve Bank Agreement. Under the terms of the Reserve Bank Agreement, the Company has agreed that it shall not declare or pay any dividends or incur, increase or guarantee any debt without the prior written approval of the Reserve Bank and the Director of the Division of Banking Supervision and Regulation (the “Director”) of the Board of Governors. | |||||||||||||||||||||||||
Loans or advances to the Company from the Bank are limited to 10% of the Bank’s capital stock and surplus on a secured basis. | |||||||||||||||||||||||||
Recent Legislative Developments | |||||||||||||||||||||||||
The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (the “Act”) was signed into law on July 21, 2010. The Act is a significant piece of legislation that will continue to have a major impact on the financial services industry, including the organization, financial condition and operations of banks and bank holding companies. Management continues to evaluate the impact of the Act; however, uncertainty remains as to its operational impact, which could have a material adverse impact on the Company’s business, results of operations and financial condition. Many of the provisions of the Act are aimed at financial institutions that are significantly larger than the Company and the Bank. Notwithstanding this, there are many other provisions that the Company and the Bank are subject to and will have to comply with, including any new rules applicable to the Company and the Bank promulgated by the Bureau of Consumer Financial Protection, a new regulatory body dedicated to consumer protection. As rules and regulations are promulgated by the agencies responsible for implementing and enforcing the Act, the Company and the Bank will have to address each to ensure compliance with applicable provisions of the Act and compliance costs are expected to increase. | |||||||||||||||||||||||||
The Dodd-Frank Act broadens the base for Federal Deposit Insurance Corporation insurance assessments. Under rules issued by the FDIC in February 2011, the base for insurance assessments changed from domestic deposits to consolidated assets less tangible equity. Assessment rates are calculated using formulas that take into account the risks of the institution being assessed. The rule was effective beginning April 1, 2011. This did not have a material impact on the Company. | |||||||||||||||||||||||||
On June 28, 2011, the Federal Reserve Board approved a final debit-card interchange rule. This primarily impacts larger banks and has not had a material impact on the Company. | |||||||||||||||||||||||||
It is difficult to predict at this time what specific impact the Dodd-Frank Act and the yet to be written implementing rules and regulations will have on the Company. The financial reform legislation and any implementing rules that are ultimately issued could have adverse implications on the financial industry, the competitive environment, and our ability to conduct business. Management will have to apply resources to ensure compliance with all applicable provisions of the Dodd-Frank Act and any implementing rules, which may increase our costs of operations and adversely impact our earnings. |
Related_Party_Transactions
Related Party Transactions | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Related Party Transactions [Abstract] | ' | ||||||||
Related Party Transactions | ' | ||||||||
Note 18. Related Party Transactions | |||||||||
In the normal course of business, the Company grants loans to executive officers, directors and members of their immediate families, as defined, and to entities in which these individuals have more than a 10% equity ownership. Such loans are transacted at terms, including interest rates, similar to those available to unrelated customers. | |||||||||
Changes in loans outstanding to such related parties during 2013 and 2012 are as follows: | |||||||||
2013 | 2012 | ||||||||
Balance, beginning of year | $ | 122 | $ | 2,068,939 | |||||
Additional Loans | 58 | 483 | |||||||
Repayments | (143 | ) | (2,069,300 | ) | |||||
Balance, end of year | $ | 37 | $ | 122 | |||||
Related party deposits aggregated approximately $3,063,909 and $3,224,946 as of December 31, 2013 and 2012, respectively. | |||||||||
The Company leased office space to a director of the Company during 2012 and 2011. Rental income under these leases for the years ended December 31, 2013, 2012 and 2011 was approximately $0, $15,266 and $25,601 respectively. During 2013, the Company did not lease office space to any director. | |||||||||
The Company paid legal fees of approximately $3,725 and $75 to an attorney who was a director of the Company during 2012 and 2011 respectively. During 2013, there were no legal fees paid to any director for legal services. | |||||||||
Receivables due from affiliates aggregated approximately $400 and $39,000 for rent paid on its behalf as of December 31, 2013 and 2012 respectively. |
Other_Comprehensive_Income
Other Comprehensive Income | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Equity [Abstract] | ' | ||||||||||||
Other Comprehensive Income | ' | ||||||||||||
Note 19. Other Comprehensive Income | |||||||||||||
Other comprehensive income, which is comprised solely of the change in unrealized gains and losses on available for sale securities, is as follows: | |||||||||||||
2013 | |||||||||||||
Before Tax | Tax Effect | Net of Tax | |||||||||||
Amount | Amount | ||||||||||||
Unrealized holding losses arising during the period | $ | (568,850 | ) | $ | — | $ | (568,850 | ) | |||||
Unrealized holding losses on available for sale securities | $ | (568,850 | ) | $ | — | $ | (568,850 | ) | |||||
2012 | |||||||||||||
Before Tax | Tax Effect | Net of Tax | |||||||||||
Amount | Amount | ||||||||||||
Unrealized holding gains arising during the period | $ | 76,135 | $ | (28,931 | ) | $ | 47,204 | ||||||
Less reclassification adjustment for gains recognized in income | (910,591 | ) | 111,268 | (799,323 | ) | ||||||||
Unrealized holding losses on available for sale securities | $ | (834,456 | ) | $ | 82,337 | $ | (752,119 | ) | |||||
2011 | |||||||||||||
Before Tax | Tax Effect | Net of Tax | |||||||||||
Amount | Amount | ||||||||||||
Unrealized holding losses arising during the period | $ | (766,569 | ) | $ | 291,296 | $ | (475,273 | ) | |||||
Less reclassification adjustment for gains recognized in income | (1,109,305 | ) | 421,536 | (687,769 | ) | ||||||||
Unrealized holding losses on available for sale securities | $ | (1,875,874 | ) | $ | 712,832 | $ | (1,163,042 | ) |
Fair_Value_and_Interest_Rate_R
Fair Value and Interest Rate Risk | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||
Fair Value and Interest Rate Risk | ' | ||||||||||||||||||
Note 20. Fair Value and Interest Rate Risk | |||||||||||||||||||
As described in Note 1, the Company used fair value measurements to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures. A description of the valuation methodologies used for assets and liabilities recorded at fair value, and for estimating fair value for financial and non-financial instruments not recorded at fair value, is set forth below. | |||||||||||||||||||
Cash and due from banks, federal funds sold, short-term investments and accrued interest receivable and payable: The carrying amount is a reasonable estimate of fair value. These financial instruments are not recorded at fair value on a recurring basis. | |||||||||||||||||||
Available-for-Sale Securities: These financial instruments are recorded at fair value in the financial statements. Where quoted prices are available in an active market, securities are classified within Level 1 of the valuation hierarchy. If quoted prices are not available, then fair values are estimated by using pricing models (i.e., matrix pricing) or quoted prices of securities with similar characteristics and are classified within Level 2 of the valuation hierarchy. Examples of such instruments include U.S. government agency bonds and mortgage-backed securities, corporate bonds and money market preferred equity securities. The prices for these instruments are obtained through an independent pricing service or dealer market participants with whom the Company has historically transacted both purchases and sales of investment securities. Prices obtained from these sources include prices derived from market quotations and matrix pricings. The fair value measurements considered observable data may include dealer quotes, market spreads, cash flows, the U.S. Treasury yield curve, live trading execution data, market consensus prepayment speeds, credit information and the bond’s terms and conditions, among other things. Management reviews the data and assumptions used in pricing the securities by its third party provider to ensure the highest level of significant inputs are derived from market observable data. Level 3 securities are instruments for which significant unobservable input are utilized. Available-for-sale securities are recorded at fair value on a recurring basis. | |||||||||||||||||||
Loans: For variable rate loans, which reprice frequently and have no significant change in credit risk, carrying values are a reasonable estimate of fair values, adjusted for credit losses inherent in the portfolios. The fair value of fixed rate loans is estimated by discounting the future cash flows using the period end rates, estimated by using local market data, at which similar loans would be made to borrowers with similar credit ratings and for the same remaining maturities, adjusted for credit losses inherent in the portfolios. The Company does not record loans at fair value on a recurring basis. However, from time to time, nonrecurring fair value adjustments to collateral-dependent impaired loans are recorded to reflect partial write-downs based on the observable market price or current appraised value of collateral. Fair values estimated in this manner do not fully incorporate an exit-price approach to fair value, but instead are based on a comparison to current market rates for comparable loans. | |||||||||||||||||||
Other Real Estate Owned: The fair value of the Company’s OREO properties is based on the estimated current property valuations less estimated selling costs. When the fair value is based on current observable appraised values, OREO is classified within Level 2. The Company classifies the OREO within Level 3 when unobservable adjustments are made to appraised values. The Company does not record other real estate owned at fair value on a recurring basis. | |||||||||||||||||||
Deposits: The fair value of demand deposits, regular savings and certain money market deposits is the amount payable on demand at the reporting date. The fair value of certificates of deposit and other time deposits is estimated using a discounted cash flow calculation that applies interest rates currently being offered for deposits of similar remaining maturities, estimated using local market data, to a schedule of aggregated expected maturities on such deposits. The Company does not record deposits at fair value on a recurring basis. | |||||||||||||||||||
Short-term borrowings: The carrying amounts of borrowings under short-term repurchase agreements and other short-term borrowings maturing within 90 days approximate their fair values. The Company does not record short-term borrowings at fair value on a recurring basis. | |||||||||||||||||||
Junior Subordinated Debt: Junior subordinated debt reprices quarterly and as a result the carrying amount is considered a reasonable estimate of fair value. The Company does not record junior subordinated debt at fair value on a recurring basis. | |||||||||||||||||||
Federal Home Loan Bank Borrowings: The fair value of the advances is estimated using a discounted cash flow calculation that applies current Federal Home Loan Bank interest rates for advances of similar maturity to a schedule of maturities of such advances. The Company does not record these borrowings at fair value on a recurring basis. | |||||||||||||||||||
Other Borrowings: The fair values of longer term borrowings and fixed rate repurchase agreements are estimated using a discounted cash flow calculation that applies current interest rates for transactions of similar maturity to a schedule of maturities of such transactions. The Company does not record these borrowings at fair value on a recurring basis. | |||||||||||||||||||
Off-balance sheet instruments: Fair values for the Company’s off-balance-sheet instruments (lending commitments) are based on interest rate changes and fees currently charged to enter into similar agreements, taking into account the remaining terms of the agreements and the counterparties’ credit standing. The Company does not record its off-balance-sheet instruments at fair value on a recurring basis. | |||||||||||||||||||
The following table details the financial assets measured at fair value on a recurring basis as of December 31, 2013 and 2012, and indicates the fair value hierarchy of the valuation techniques utilized by the Company to determine fair value: | |||||||||||||||||||
Quoted Prices in | Significant | Significant | |||||||||||||||||
Active Markets | Observable | Unobservable | Balance | ||||||||||||||||
for Identical Assets | Inputs | Inputs | as of | ||||||||||||||||
December 31, 2013 | (Level 1) | (Level 2) | (Level 3) | December 31, 2013 | |||||||||||||||
Corporate bonds | $ | — | $ | 8,869,794 | $ | — | $ | 8,869,794 | |||||||||||
U.S. Government agency mortgage-backed securities | — | 21,752,212 | — | 21,752,212 | |||||||||||||||
U.S. Government agency bonds | — | 7,079,350 | — | 7,079,350 | |||||||||||||||
Securities available for sale | $ | — | $ | 37,701,356 | $ | — | $ | 37,701,356 | |||||||||||
Quoted Prices in | Significant | Significant | |||||||||||||||||
Active Markets | Observable | Unobservable | Balance | ||||||||||||||||
for Identical Assets | Inputs | Inputs | as of | ||||||||||||||||
December 31, 2012 | (Level 1) | (Level 2) | (Level 3) | 31-Dec-12 | |||||||||||||||
Corporate bonds | $ | — | $ | 8,486,259 | $ | — | $ | 8,486,259 | |||||||||||
U.S. Government agency mortgage-backed securities | — | 25,706,891 | — | 25,706,891 | |||||||||||||||
U.S. Government bonds | — | 7,526,170 | — | 7,526,170 | |||||||||||||||
Securities available for sale | $ | — | $ | 41,719,320 | $ | — | $ | 41,719,320 | |||||||||||
Certain financial assets and financial liabilities are measured at fair value on a non-recurring basis; that is, the instruments are not measured at fair value on an ongoing basis but are subject to fair value adjustments in certain circumstances (for example, when there is evidence of impairment). | |||||||||||||||||||
The following table reflects assets measured at fair value on a non-recurring basis as of December 31, 2013 and 2012, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value: | |||||||||||||||||||
Quoted Prices in | Significant | Significant | |||||||||||||||||
Active Markets | Observable | Unobservable | |||||||||||||||||
for Identical Assets | Inputs | Inputs | |||||||||||||||||
(Level 1) | (Level 2) | (Level 3) | Balance | ||||||||||||||||
December 31, 2013 | |||||||||||||||||||
Impaired Loans (1) | $ | — | $ | — | $ | 7,508,091 | $ | 7,508,091 | |||||||||||
Other real estate owned (2) | $ | — | $ | — | $ | — | $ | — | |||||||||||
December 31, 2012 | |||||||||||||||||||
Impaired Loans (1) | $ | — | $ | — | $ | 8,424,786 | $ | 8,424,786 | |||||||||||
Other real estate owned (2) | $ | — | $ | — | $ | 4,873,844 | $ | 4,873,844 | |||||||||||
(1) | Represents carrying value for which adjustments are based on the appraised value of the collateral. | ||||||||||||||||||
-2 | Represents carrying value for which adjustments are based on the appraised value of the property. | ||||||||||||||||||
The Company discloses fair value information about financial instruments, whether or not recognized in the consolidated balance sheet, for which it is practicable to estimate that value. Certain financial instruments are excluded from disclosure requirements and, accordingly, the aggregate fair value amounts presented do not represent the underlying value of the Company. | |||||||||||||||||||
The estimated fair value amounts have been measured as of December 31, 2013 and December 31, 2012 and have not been reevaluated or updated for purposes of these financial statements subsequent to those respective dates. As such, the estimated fair values of these financial instruments subsequent to the respective reporting dates may be different than amounts reported on those dates. | |||||||||||||||||||
The information presented should not be interpreted as an estimate of the fair value of the Company since a fair value calculation is only required for a limited portion of the Company’s assets and liabilities. Due to the wide range of valuation techniques and the degree of subjectivity used in making the estimates, comparisons between the Company’s disclosures and those of other bank holding companies may not be meaningful. | |||||||||||||||||||
The following is a summary of the carrying amounts and estimated fair values of the Company’s financial instruments not measured and not reported at fair value on the consolidated balance sheets at December 31, 2013 and 2012 (in thousands): | |||||||||||||||||||
2013 | 2012 | ||||||||||||||||||
Fair Value | Carrying | Estimated | Carrying | Estimated | |||||||||||||||
Hierarchy | Amount | Fair Value | Amount | Fair Value | |||||||||||||||
Financial Assets: | |||||||||||||||||||
Cash and noninterest bearing deposits due from banks | Level 1 | $ | 1,570 | $ | 1,570 | $ | 2,736 | $ | 2,736 | ||||||||||
Interest-bearing deposits due from banks | Level 1 | 33,295 | 33,295 | 67,567 | 67,567 | ||||||||||||||
Short-term investments | Level 1 | — | — | 711 | 711 | ||||||||||||||
Other Investments | Level 2 | 4,450 | 4,450 | 3,500 | 3,500 | ||||||||||||||
Federal Reserve Bank stock | Level 1 | 1,444 | 1,444 | 1,730 | 1,730 | ||||||||||||||
Federal Home Loan Bank stock | Level 1 | 4,143 | 4,143 | 4,344 | 4,344 | ||||||||||||||
Loans receivable, net | Level 3 | 418,148 | 424,831 | 458,794 | 464,551 | ||||||||||||||
Accrued interest receivable | Level 1 | 1,566 | 1,566 | 1,894 | 1,894 | ||||||||||||||
Financial Liabilities: | |||||||||||||||||||
Demand deposits | Level 1 | $ | 55,358 | $ | 55,358 | $ | 65,176 | $ | 65,176 | ||||||||||
Savings deposits | Level 1 | 80,983 | 80,983 | 77,761 | 77,761 | ||||||||||||||
Money market deposits | Level 1 | 29,310 | 29,310 | 42,401 | 42,401 | ||||||||||||||
NOW accounts | Level 1 | 28,618 | 28,618 | 30,191 | 30,191 | ||||||||||||||
Time deposits | Level 2 | 235,935 | 236,602 | 281,753 | 284,974 | ||||||||||||||
FHLB borrowings | Level 2 | 57,000 | 57,000 | 50,000 | 52,448 | ||||||||||||||
Securities sold under repurchase agreements | Level 2 | — | — | 7,000 | 7,683 | ||||||||||||||
Subordinated debt | Level 2 | 8,248 | 8,248 | 8,248 | 8,248 | ||||||||||||||
Accrued interest payable | Level 1 | 1,388 | 1,388 | 1,241 | 1,241 | ||||||||||||||
The Company assumes interest rate risk (the risk that general interest rate levels will change) as a result of its normal operations. As a result, the fair values of the Company’s financial instruments will change when interest rate levels change and that change may be either favorable or unfavorable to the Company. Management attempts to match maturities of assets and liabilities to the extent possible to mitigate interest rate risk. However, borrowers with fixed rate obligations are less likely to prepay in a rising rate environment and more likely to prepay in a falling rate environment. Conversely, depositors who are receiving fixed rates are more likely to withdraw funds before maturity in a rising rate environment and less likely to do so in a falling rate environment. Management monitors rates and maturities of assets and liabilities and attempts to minimize interest rate risk by adjusting terms of new loans and deposits and by investing in securities with terms that mitigate the Company’s overall interest rate risk. | |||||||||||||||||||
Off-balance-sheet instruments | |||||||||||||||||||
Loan commitments on which the committed interest rate is less than the current market rate were insignificant at December 31, 2013 and 2012. The estimated fair value of fee income on letters of credit at December 31, 2013 and 2012 was insignificant. |
Restructuring_Charges_and_Asse
Restructuring Charges and Asset Disposals | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Restructuring And Related Activities [Abstract] | ' | ||||||||||||||||||||
Restructuring Charges and Asset Disposals | ' | ||||||||||||||||||||
Note 21. Restructuring Charges and Asset Disposals | |||||||||||||||||||||
The Company recorded restructuring charges and asset disposals of $0.5 million and $0.9 million for the twelve months ended December 31, 2013 and 2012. These costs are included in restructuring charges and asset disposals expense in the Consolidated Statements of Operations. | |||||||||||||||||||||
During 2011, the Company announced that it would be undertaking a series of initiatives that are designed to transform and enhance its operations in order to strengthen the Company’s competitive position and return it to its goal of restored health and profitability. | |||||||||||||||||||||
On March 3, 2011, the Company announced that it would consolidate four branches, effective June 2011, to reduce operating expenses. All customer accounts in the affected branches were transferred to nearby Patriot branches to minimize any inconvenience to customers. The consolidation of these branches resulted in an earnings charge of $1.8 million, which is comprised of lease termination expenses of $1.2 million, lease liabilities charges of $400,000, and severance payments of $200,000 to affected employees. In addition, there was a $600,000 write-off of leasehold improvements and other fixed assets for these branches that were closed. | |||||||||||||||||||||
In order to further reduce operating expenses, the Company announced on May 16, 2011 that it would be executing a workforce reduction plan with employees in the back office operational areas. There were a total of eighteen employees affected by this reduction. This initiative resulted in an earnings charge of $600,000, which is comprised exclusively of severance payments to affected employees. | |||||||||||||||||||||
On September 23, 2011, the Company subleased vacant office space at 900 Bedford Street, Stamford, CT, effective October 1, 2011 for a term of two years. | |||||||||||||||||||||
On March 30, 2012 the Company announced that it would close the NYC branch, effective June 2012. During the first quarter, the Company executed a workforce reduction of back office personnel to further reduce operating expenses. There were twelve employees in total affected by this announcement. This initiative resulted in a restructuring charge of $495,207, which was comprised of $445,429 for severance expenses for the branch and back office personnel, asset disposals of $39,445 and $10,333 in lease liabilities. | |||||||||||||||||||||
On June 29, 2012, the Company announced that it would be consolidating three more branches in its continued effort to reduce operating expenses. Restructuring charges for the consolidation of these branches of $444,285 were comprised of $247,163 for severance expenses, lease liability charges of $140,292 and $56,830 in asset disposals. | |||||||||||||||||||||
On May 29, 2013, the Company purchased a branch location where the cost of the lease exceeded the cost to own. This facility is intended to provide headquarter office space and replace our leased headquarter space by July 2015. This branch was part of a restructuring initiative in 2011, resulting in a reduction of $120,703 in lease liability costs. | |||||||||||||||||||||
On June 13, 2013, the Company executed a workforce reduction of the residential lending group and retail operations to further reduce operating expenses. There were nineteen employees in total affected by this announcement. Restructuring charges for this initiative resulted in $515,161 in severance expenses. | |||||||||||||||||||||
During July and October 2013, there were additional workforce reductions of back office personnel, resulting in restructuring charges of $53,510 and $73,935 in severance expenses, respectively. | |||||||||||||||||||||
Restructuring reserves at December 31, 2013 for the restructuring activities taken in accordance with these initiatives are comprised of the following: | |||||||||||||||||||||
Balance at | Expenses | Cash | Non-cash | Balance at | |||||||||||||||||
December 31, 2012 | payments | charges | December 31, 2013 | ||||||||||||||||||
Lease liability costs 2011 | $ | 172,999 | (120,703 | ) | (52,296 | ) | $ | — | |||||||||||||
Lease liability costs 2012 | 80,220 | — | (22,112 | ) | (34,865 | ) | 23,243 | ||||||||||||||
Severance and benefit costs 2013 | — | 642,606 | (576,047 | ) | — | 66,559 | |||||||||||||||
Total | $ | 253,219 | $ | 521,903 | $ | (598,159 | ) | $ | (87,161 | ) | $ | 89,802 | |||||||||
The restructuring reserves at December 31, 2013 are included in accrued expenses and other liabilities in the Consolidated Balance Sheet. |
Condensed_Parent_Company_Only_
Condensed Parent Company Only Financial Statements | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Condensed Financial Information Of Parent Company Only Disclosure [Abstract] | ' | ||||||||||||
Condensed Parent Company Only Financial Statements | ' | ||||||||||||
Note 22. Condensed Parent Company Only Financial Statements | |||||||||||||
The following represent the condensed parent company only balance sheets as December 31, 2013 and 2012, and condensed statements of operations and cash flows for the years ended December 31, 2013, 2012, and 2011. | |||||||||||||
CONDENSED BALANCE SHEETS | |||||||||||||
December 31, 2013 and 2012 | |||||||||||||
2013 | 2012 | ||||||||||||
ASSETS | |||||||||||||
Cash and due from banks | $ | 1,734,335 | $ | 2,382,695 | |||||||||
Investment in subsidiaries | 49,931,446 | 56,601,461 | |||||||||||
Other assets | 200,563 | 286,506 | |||||||||||
Total assets | $ | 51,866,344 | $ | 59,270,662 | |||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||||
Borrowings | 8,248,000 | 8,248,000 | |||||||||||
Accrued expenses and other liabilities | 1,777,656 | 1,454,864 | |||||||||||
Shareholders’ equity | 41,840,688 | 49,567,798 | |||||||||||
Total liabilities and shareholders’ equity | $ | 51,866,344 | $ | 59,270,662 | |||||||||
CONDENSED STATEMENTS OF OPERATIONS | |||||||||||||
Years Ended December 31, 2013, 2012 and 2011 | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Revenues | |||||||||||||
Dividends from subsidiary bank | $ | — | $ | — | $ | — | |||||||
Total revenue | — | — | — | ||||||||||
Expenses | |||||||||||||
Interest on subordinated debt | 292,725 | 308,797 | 294,631 | ||||||||||
Other expenses | 395,056 | 699,646 | 319,070 | ||||||||||
Total expenses | 687,781 | 1,008,443 | 613,701 | ||||||||||
Loss before equity in undistributed net loss of subsidiaries | (687,781 | ) | (1,008,443 | ) | (613,701 | ) | |||||||
Equity in undistributed net (loss) income of subsidiaries | (6,601,165 | ) | 472,279 | (14,845,785 | ) | ||||||||
Net loss | $ | (7,288,946 | ) | $ | (536,164 | ) | $ | (15,459,486 | ) | ||||
CONDENSED STATEMENTS OF CASH FLOWS | |||||||||||||
Years Ended December 31, 2013, 2012 and 2001 | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Cash Flows from Operating Activities | |||||||||||||
Net loss | $ | (7,288,946 | ) | $ | (536,164 | ) | $ | (15,459,486 | ) | ||||
Adjustments to reconcile net loss to net cash (used in) provided by operating activities: | |||||||||||||
Equity in undistributed loss (income) of subsidiaries | 6,601,165 | (472,279 | ) | 14,845,785 | |||||||||
Share-based compensation expense | 130,686 | 306,421 | — | ||||||||||
Change in assets and liabilities: | |||||||||||||
Decrease (increase) in other assets | 85,943 | (68,213 | ) | 373,920 | |||||||||
Increase in accrued expenses and other liabilities | 322,792 | 187,422 | 341,801 | ||||||||||
Net cash (used in) provided by operating activities | (148,360 | ) | (582,813 | ) | 102,020 | ||||||||
Cash Flows from Investing Activities | |||||||||||||
Net investment in bank subsidiary | (500,000 | ) | — | — | |||||||||
Net cash used in investing activities | (500,000 | ) | — | — | |||||||||
Cash Flows from Financing Activities | |||||||||||||
Proceeds from issuance of common stock | — | — | — | ||||||||||
Net cash provided by financing activities | — | — | — | ||||||||||
Net (decrease) increase in cash and cash equivalents | (648,360 | ) | (582,813 | ) | 102,020 | ||||||||
Cash and cash equivalents | |||||||||||||
Beginning | 2,382,695 | 2,965,508 | 2,863,488 | ||||||||||
Ending | $ | 1,734,335 | $ | 2,382,695 | $ | 2,965,508 | |||||||
Supplemental Disclosures of Cash Flow Information | |||||||||||||
Cash paid for interest | $ | — | $ | — | $ | — | |||||||
Accrued dividends declared on common stock | $ | — | $ | — | $ | — | |||||||
Nature_of_Operations_and_Summa1
Nature of Operations and Summary of Significant Accounting Policies (Policies) | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Accounting Policies [Abstract] | ' | |||
Significant Group Concentrations of Credit Risk | ' | |||
Significant group concentrations of credit risk | ||||
Most of the Company’s activities are with customers located within Fairfield and New Haven Counties in Connecticut and Westchester County and New York City. Note 3 discusses the types of securities in which the Company invests. Note 4 discusses the types of lending in which the Company engages. The Company does not have any significant concentrations to any one industry or customer. | ||||
Principles of Consolidation and Basis of Financial Statement Presentation | ' | |||
Principles of consolidation and basis of financial statement presentation | ||||
The consolidated financial statements include the accounts of the Company and its wholly owned subsidiary, the Bank, and the Bank’s wholly owned subsidiary, PinPat Acquisition Corporation, and have been prepared in conformity with U.S. generally accepted accounting principles. All significant intercompany balances and transactions have been eliminated. In preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosures of contingent assets and liabilities, as of the balance sheet date and reported amounts of revenues and expenses for the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change in the near term relate to the determination of the allowance for loan losses, the valuation of investment securities, the realization of deferred tax assets, and the evaluation of investment securities for impairment. Certain prior year balances have been reclassified to conform to the current year presentation. | ||||
Cash and Cash Equivalents | ' | |||
Cash and cash equivalents | ||||
Cash and due from banks, federal funds sold and short-term investments are recognized as cash equivalents in the consolidated balance sheets. Federal funds sold generally mature in one day. For purposes of reporting cash flows, the Company considers all highly liquid debt instruments purchased with an original maturity of three months or less to be cash equivalents. The Company maintains amounts due from banks and federal funds sold which, at times, may exceed federally insured limits. The Company has not experienced any losses from such concentrations. The short-term investments represent an investment in a money market mutual fund. | ||||
Investments in Debt and Marketable Equity Securities | ' | |||
Investments in debt and marketable equity securities | ||||
Management determines the appropriate classification of securities at the date individual investment securities are acquired, and the appropriateness of such classification is reassessed at each balance sheet date. | ||||
The Bank is required to maintain an investment in capital stock of the Federal Home Loan Bank of Boston (“FHLB”), as collateral, in an amount equal to a percentage of its outstanding mortgage loans and loans secured by residential properties, including mortgage-backed securities. The stock is purchased from and redeemed by the FHLB based upon its $100 par value. The stock is a non-marketable equity security and as such is classified as restricted stock, carried at cost and evaluated for impairment in accordance with relevant accounting guidance. In accordance with this guidance, the stock’s value is determined by the ultimate recoverability of the par value rather than by recognizing temporary declines. The determination of whether the par value will ultimately be recovered is influenced by criteria such as the following: (a) the significance of any decline in net assets of the FHLB as compared to the capital stock amount and the length of time this situation has persisted; (b) commitments by the FHLB to make payments required by law or regulation and the level of such payments in relation to the operating performance; (c) the potential impact of legislative and regulatory changes on the customer base of the FHLB; and (d) the liquidity position of the FHLB. | ||||
Management evaluated the stock and concluded that the stock was not impaired for the periods presented herein. Consideration was given to the long-term prospects for the FHLB. Management also considered that the FHLB’s regulatory capital ratios have increased from the prior year, liquidity appears adequate, and new shares of FHLB stock continue to exchange hands at $100 par value. | ||||
The Bank is required to maintain an investment in capital stock of the Federal Reserve Bank (“FRB”), as collateral, in an amount equal to one percent of six percent of the Bank’s total equity capital as per the latest Report of Condition (Call Report). The stock is purchased from and redeemed by the FRB based upon its $100 par value. The stock is a non-marketable equity security and as such is classified as restricted stock, carried at cost and evaluated for impairment in accordance with relevant accounting guidance. In accordance with this guidance, the stock’s value is determined by the ultimate recoverability of the par value rather than by recognizing temporary declines. The determination of whether the par value will ultimately be recovered is influenced by criteria such as the following: (a) the significance of any decline in net assets of the FRB as compared to the capital stock amount and the length of time this situation has persisted; (b) the potential impact of legislative and regulatory changes on the customer base of the FRB; and (c) the liquidity position of the FRB. | ||||
Member banks may carry over changes within a calendar year until the cumulative change exceeds the lesser of 15% or 100 shares of Federal Reserve Bank stock. However, any change required by a member bank’s capital and surplus, as shown in its Report of Condition as of December 31 of each year, must be applied for even if the change is less than 100 shares of Federal Reserve Bank stock and less than 15% of the Federal Reserve Bank stock held by the member bank. | ||||
Management evaluated the stock and concluded that the stock was not impaired for the periods presented herein. Consideration was given to the long-term prospects for the FRB. Management also considered that liquidity appears adequate and new shares of FRB stock continue to exchange hands at the $100 par value. | ||||
Debt securities, if any, that management has the positive intent and ability to hold to maturity are classified as “held to maturity” and are recorded at amortized cost. “Trading” securities, if any, are carried at fair value with unrealized gains and losses recognized in earnings. Securities classified as “available for sale” are recorded at fair value, with unrealized gains and losses excluded from earnings and reported in other comprehensive income (loss), net of taxes. Purchase premiums and discounts are recognized in interest income using the interest method over the contractual lives of the securities. | ||||
The Company conducts a quarterly review and evaluation of the securities portfolio to determine if a decline in the fair value of any security below its cost basis is other-than-temporary. Our evaluation of other-than-temporary impairment, or OTTI, considers the duration and severity of the impairment, our intent and ability to hold the securities and our assessments of the reason for the decline in value and the likelihood of a near-term recovery. If such decline is deemed other-than-temporary, the security is written down to a new cost basis and the resulting loss is charged to earnings as a component of non-interest income, except for the amount of the total OTTI for a debt security that does not represent credit losses which is recognized in other comprehensive income/loss, net of applicable taxes. | ||||
Security transactions are recorded on the trade date. Realized gains and losses on the sale of securities are recorded on the trade date and are determined using the specific identification method and reported in non-interest income. | ||||
Loans Held for Sale | ' | |||
Loans held for sale | ||||
Loans held for sale, are those loans the Company has the intent to sell in the foreseeable future, and are carried at the lower of aggregate cost or fair value, less estimated selling costs. Gains and losses on sales of loans are recognized on the trade dates, and are determined by the difference between the sales proceeds and the carrying value of the loans. Once loans are transferred to held for sale, any subsequent impairment in loans held for sale is recorded in non-interest income. | ||||
Loans Receivable | ' | |||
Loans receivable | ||||
Loans that the Company has the intent and ability to hold for the foreseeable future or until maturity or pay-off generally are reported at their outstanding unpaid principal balances adjusted for unearned income, the allowance for loan losses, and any unamortized deferred fees or costs. | ||||
Interest income is accrued based on the unpaid principal balance. Loan origination fees, and certain direct origination costs, are deferred and amortized as a level yield adjustment over the respective term of the loan and reported in interest income. | ||||
The accrual of interest on loans is discontinued at the time the loan is 90 days past due for payment unless the loan is well-secured and in process of collection. Consumer installment loans are typically charged off no later than 180 days past due. Past due status is based on contractual terms of the loan. In all cases, loans are placed on nonaccrual status or charged-off at an earlier date if collection of principal or interest is considered doubtful. | ||||
All interest accrued but not collected for loans that are placed on nonaccrual status or charged off are reversed against interest income. The interest on these loans is accounted for on the cash-basis method until qualifying for return to accrual status. Upon receipt of cash, the cash received is first applied to satisfy principal and then applied to interest unless the loan is in a cure period and Management believes there will be a loss. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured. | ||||
The Company’s real estate loans are collateralized by real estate located principally in Fairfield and New Haven Counties in Connecticut and Westchester County and New York City in New York, and accordingly, the ultimate collectability of a substantial portion of the Company’s loan portfolio is susceptible to changes in regional real estate market conditions. | ||||
A loan is considered impaired when, based on current information and events, it is probable that the Company will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record, and the amount of the shortfall in relation to the principal and interest owed. Impairment is measured on a loan by loan basis for commercial and real estate loans by either the present value of expected future cash flows discounted at the loan’s effective interest rate, the loan’s obtainable market price, or the fair value of the collateral if the loan is collateral dependent. | ||||
Impaired loans also include loans modified in troubled debt restructurings (TDRs), where concessions have been granted to borrowers experiencing financial difficulties. These concessions could include a reduction in the interest rate on the loan, payment extensions, forgiveness of principal, forbearance or other actions intended to maximize collection. TDRs are normally placed on non-accrual status until the loan qualifies for return to accrual status. Loans qualify for return to accrual status once they have demonstrated performance with the restructured term of the loan agreement for a minimum of six months. | ||||
Large groups of smaller balance homogeneous loans are collectively evaluated for impairment. Accordingly, the Company does not separately identify individual consumer installment loans for impairment disclosures, unless such loans are individually evaluated for impairment due to financial difficulties of the borrower. | ||||
Allowance for Loan Losses | ' | |||
Allowance for loan losses | ||||
The allowance for loan losses is established as losses are estimated to have occurred through a provision for loan losses charged to earnings. Loan losses are charged against the allowance when management believes the uncollectibility of a loan balance is confirmed. Subsequent recoveries, if any, are credited to the allowance. | ||||
The allowance for loan losses is evaluated on a regular basis by management and is based upon management’s periodic review of the collectability of the loans in light of historical experience, the nature and volume of the loan portfolio, adverse situations that may affect the borrower’s ability to repay, estimated value of any underlying collateral and prevailing economic conditions. This evaluation is inherently subjective as it requires estimates that are susceptible to significant revision as more information becomes available. | ||||
The allowance consists of specific and general components. The specific component relates to loans that are considered impaired. For such impaired loans, an allowance is established when the discounted cash flows (or collateral value if the loan is collateral dependent) or observable market price of the impaired loan is lower than the carrying value of that loan. The general component covers all other loans, segregated generally by loan type, and is based on historical loss experience with adjustments for qualitative factors which are made after an assessment of internal or external influences on credit quality that are not fully reflected in the historical loss data. In addition, a risk rating system is utilized to evaluate the general component of the allowance for loan losses. Under this system, management assigns risk ratings between one and eleven based upon the recommendations of the credit analyst and the originating loan officer and confirmed by the Loan Committee at the initiation of the transaction and are reviewed and changed, when necessary, during the life of the loan. Loans assigned a risk rating of six or above are monitored more closely by the credit administration officers and the Loan Committee. | ||||
Included in the valuation allowance are disposition discount adjustments made to real estate appraisals on collateral dependent impaired loans anticipated to become other real estate owned (“OREO”) in the coming quarter, as the Company’s recent experience has indicated that the ultimate sales prices of the underlying collateral have been less than the appraisal amounts. The appraisal adjustment percentage will be reviewed quarterly for those loans anticipated to become OREO in the subsequent quarter, based on an analysis of actual variances between appraised values as of the date the loan is transferred into OREO and the actual sales prices of the OREO properties. Generally, the sales prices have been below the appraised values due to the fact that buyers become aware that a bank owns those properties, and, therefore, attempt to offer less than fair market value. In the future, additional revisions may be made to the methodology and assumptions based on historical information related to charge-off and recovery experience and management’s evaluation of the current loan portfolio, and prevailing internal and external factors including but not limited to current economic conditions and local real estate markets. | ||||
The Company provides for loan losses based on the consistent application of our documented allowance for loan loss methodology. Loan losses are charged to the allowance for loan losses and recoveries are credited to it. Additions to the allowance for loan losses are provided by charges against income based on various factors which, in our judgment, deserve current recognition in estimating probable losses. Loan losses are charged-off in the period the loans, or portion thereof, are deemed uncollectible. Generally, the Company will record a loan charge-off (including a partial charge-off) to reduce a loan to the estimated fair value of the underlying collateral, less cost to sell, for collateral dependent loans. The Company regularly reviews the loan portfolio and makes adjustments for loan losses in order to maintain the allowance for loan losses in accordance with U.S. generally accepted accounting principles. The allowance for loan losses consists primarily of the following two components: | ||||
-1 | Allowances are established for impaired loans (defined by the Company as non-accrual loans, troubled debt restructurings and loans that were previously classified as troubled debt restructurings but have been upgraded). The amount of impairment provided for as an allowance is represented by the deficiency, if any, between the present value of expected future cash flows discounted at the original loan’s effective interest rate or the underlying collateral value (less estimated costs to sell,) if the loan is collateral dependent, and the carrying value of the loan. Impaired loans that have no impairment losses are not considered for general valuation allowances described below. | |||
-2 | General allowances are established for loan losses on a portfolio basis for loans that do not meet the definition of impaired. The portfolio is grouped into similar risk characteristics, primarily loan type, loan-to-value, if collateral dependent, and internal risk ratings. Management applies an estimated loss rate to each loan group. The loss rates applied are based on the Company’s cumulative prior two year loss experience adjusted, as appropriate, for the environmental factors discussed below. This evaluation is inherently subjective, as it requires material estimates that may be susceptible to significant revisions based upon changes in economic and real estate market conditions. Actual loan losses may be more or less than the allowance for loan losses management has established, which could have an effect on the Company’s financial results. | |||
The adjustments to the Company’s loss experience are based on management’s evaluation of several environmental factors, including: | ||||
• | Changes in local, regional, national and international economic and business conditions and developments that affect the collectability of the portfolio, including the condition of various market segments; | |||
• | Changes in the nature and volume of the portfolio and in the terms of the loans; | |||
• | Changes in the experience, ability, and depth of lending management and other relevant staff; | |||
• | Changes in the volume and severity of past due loans, the volume of nonaccrual loans, and the volume and severity of adversely classified or graded loans; | |||
• | Changes in the quality of the loan review system; | |||
• | Changes in the value of the underlying collateral for collateral-dependent loans; | |||
• | The existence and effect of any concentrations of credit, and changes in the level of such concentrations; and | |||
• | The effect of other external factors such as competition and legal and regulatory requirements on the level of estimated credit losses in the existing portfolio. | |||
In underwriting a loan secured by real property, we require an appraisal of the property by an independent licensed appraiser approved by the Company’s Board of Directors. All appraisals are reviewed by qualified parties independent from the firm preparing the appraisals. Management reviews and inspects properties before disbursement of funds during the term of a construction loan. Generally, management obtains updated appraisals when a loan is deemed impaired. These appraisals may be more limited than those prepared for the underwriting of a new loan. | ||||
Management evaluates the allowance for loan losses based on the combined total of the impaired and general components. Generally, when the loan portfolio increases, absent other factors, the allowance for loan loss methodology results in a higher dollar amount of estimated probable losses. Conversely, when the loan portfolio decreases, absent other factors, the allowance for loan loss methodology results in a lower dollar amount of estimated probable losses. | ||||
Each quarter management evaluates the allowance for loan losses and adjusts the allowance, as appropriate, through a provision for loan losses. While the Company uses the best information available to make evaluations, future adjustments to the allowance may be necessary if conditions differ substantially from the information used in making the evaluations. In addition, as an integral part of their examination process, the Office of the Comptroller of the Currency will periodically review the allowance for loan losses. The OCC may require the Company to adjust the allowance based on their analysis of information available to them at the time of their examination. | ||||
Mortgage Banking Activities | ' | |||
Mortgage banking activities | ||||
The Company originated residential loans from various sources to be held for sale into the secondary market. The Company renders a credit decision and issues a loan commitment. The loan is then closed and funded by the Company. The loan is subsequently sold to a predetermined secondary market investor and servicing is released. The gain on sale fee income is recognized upon the purchase of the loan by an investor. A reserve is established for prepayments, early payment defaults and other potential investor claims. | ||||
The Company receives loan brokerage fees for soliciting and processing conventional loan applications on behalf of investors. Brokerage fee income is recognized upon closing of loans for permanent investors. | ||||
Transfers of Financial Assets | ' | |||
Transfers of financial assets | ||||
Transfers of financial assets are accounted for as sales, when control over the assets has been surrendered. Control over transferred assets is deemed to be surrendered when (1) the assets have been isolated from the Company—put presumptively beyond the reach of the transferor and its creditors, even in bankruptcy or other receivership, (2) the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets and no condition both constrains the transferee from taking advantage of that right and provides more than a trivial benefit for the transferor, and (3) the transferor does not maintain effective control over the transferred assets through either (a) an agreement that both entitles and obligates the transferor to repurchase or redeem the assets before maturity or (b) the ability to unilaterally cause the holder to return specific assets, other than through a cleanup call. | ||||
Other Real Estate Owned | ' | |||
Other real estate owned | ||||
Assets acquired through, or in lieu of, loan foreclosure are held for sale and are initially recorded at the lower of cost or estimated fair value less cost to sell at the date of foreclosure, establishing a new cost basis. In addition, when the Company acquires other real estate owned (“OREO”), it obtains a current appraisal to substantiate the net carrying value of the asset. Subsequent to foreclosure, valuations are periodically performed by management and the assets are carried at the lower of carrying amount or fair value less cost to sell. Revenue and expenses from operations and changes in the valuation allowance are included in operations. Costs relating to the development and improvement of the property are capitalized, subject to the limit of fair value of the collateral. Gains or losses are included in non-interest expenses upon disposal. | ||||
Write-downs required upon transfer to other real estate owned are charged to the allowance for loan losses. Thereafter, an allowance for other real estate owned losses is established for any further declines in the property’s value. These losses are included in non-interest expenses in the consolidated statement of operations. | ||||
Premises and Equipment | ' | |||
Premises and equipment | ||||
Premises and equipment are stated at cost, net of accumulated depreciation and amortization. Leasehold improvements are capitalized and amortized over the shorter of the terms of the related leases or the estimated economic lives of the improvements. Depreciation is charged to operations for buildings, furniture, equipment and software using the straight-line method over the estimated useful lives of the related assets which range from three to thirty years. Gains and losses on dispositions are recognized upon realization. Maintenance and repairs are expensed as incurred and improvements are capitalized. | ||||
Impairment of Assets | ' | |||
Impairment of assets | ||||
Long-lived assets, which are held and used by the Company, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If impairment is indicated by that review, the asset is written down to its estimated fair value through a charge to non-interest expense. | ||||
Cash Surrender Value of Bank Owned Life Insurance | ' | |||
Cash surrender value of bank owned life insurance | ||||
Cash surrender value of bank owned life insurance represents life insurance on certain employees who have consented to allow the Bank to be the beneficiary of those policies. Changes in the cash value of the policies, as well as insurance proceeds received above the carrying value, are recorded in other non-interest income and are not subject to income tax. Management reviews the financial strength of the insurance carrier on an annual basis. The funds are held in a segregated account and invested in marketable securities. | ||||
Income Taxes | ' | |||
Income taxes | ||||
The Company recognizes income taxes under the asset and liability method. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, and loss carry forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. | ||||
The Company recognizes a benefit from its tax positions only if it is more-likely-than-not that the tax position will be sustained on examination by taxing authorities, based on the technical merits of the position. The tax benefits recognized in the consolidated financial statements from such a position are measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement with a taxing authority that has full knowledge of all relevant information. | ||||
The Company’s policy for recording interest and penalties related to uncertain tax positions is to record such items as part of its provision for federal and state income taxes. | ||||
The Company has no unrecognized tax benefits and related interest or penalties at December 31, 2013. Management does not believe that there is any tax position for which it is reasonably possible that will result in unrecognized tax benefits within the next 12 months. | ||||
The Company’s returns for tax years 2010 and 2012 are subject to examination by the Internal Revenue Service (“IRS”) for U.S. federal tax purposes, and by its major state tax authority, Connecticut. During 2013, the IRS has completed its examination of the U.S. federal tax returns of the Company for tax years ended December 31, 2004 thru 2009. There were no changes made by the IRS to the Company’s reported tax. There are no other on-going audits in other tax jurisdictions. | ||||
Related Party Transactions | ' | |||
Related party transactions | ||||
Directors and officers of the Company and the Bank and their affiliates have been customers of and have had transactions with the Bank, and it is expected that such persons and entities will continue to have such transactions in the future. Management believes that all deposit accounts, loans, services and commitments comprising such transactions were made in the ordinary course of business, and on substantially the same terms, including interest rates and collateral requirements, as those prevailing at the time for comparable transactions with other customers who are not directors or officers. In the opinion of management, the transactions with related parties did not involve more than normal risks of collectability or favored treatment or terms, or present other unfavorable features. Note 18 contains details regarding related party transactions. | ||||
Loss Per Share | ' | |||
Loss per share | ||||
Basic loss per share represents loss relating to common shareholders and is computed by dividing the net loss by the weighted-average number of common shares outstanding. Diluted loss per share reflects additional common shares that would have been outstanding if potential dilutive common shares had been issued, as well as any adjustment to income that would result from the assumed issuance unless such assumed issuance is antidilutive. Potential common shares that may be issued by the Company relate to any stock options and warrants that may be outstanding, and are determined using the treasury stock method. | ||||
Treasury shares are not deemed outstanding for loss per share purposes. | ||||
Share-based Compensation Plan | ' | |||
Share-based compensation plan | ||||
The Company accounts for share-based compensation transactions at fair-value and recognizes the related expense in the consolidated statements of operations. | ||||
The Compensation Committee establishes terms and conditions applicable to the vesting of restricted stock awards and stock options. Restricted stock grants vest in quarterly or annual installments over a three, four or five year period from the date of grant. The fair value of stock options granted are estimated utilizing the Black-Scholes options pricing modeling. The Company is expensing the grant date fair value of all share-based compensation over the requisite vesting periods on a straight-line basis. | ||||
Comprehensive Income (Loss) | ' | |||
Comprehensive income (loss) | ||||
Accounting principles generally require that recognized revenue, expenses, gains and losses be included in net income (loss). Although certain changes in assets and liabilities, such as unrealized gains and losses on available for sale securities, are reported as a separate component of shareholders’ equity in the consolidated balance sheets, such items, along with net income, are components of comprehensive income. | ||||
Segment Reporting | ' | |||
Segment reporting | ||||
The Company’s only business segment is Community Banking. During the years ended 2013, 2012 and 2011, this segment represented all the revenues and income of the consolidated group and therefore, is the only reported segment. | ||||
Fair Value | ' | |||
Fair value | ||||
The Company uses fair value measurements to record fair value adjustments to certain assets and to determine fair value disclosures. Fair value is 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. Fair value is best determined based upon quoted market prices. However, in certain instances, there are no quoted market prices for certain assets or liabilities. In cases where quoted market prices are not available, fair values are based on estimates using present value or other valuation techniques. Those techniques are significantly affected by the assumptions used, including the discount rate and estimates of future cash flows. Accordingly, the fair value estimates may not be realized in an immediate settlement of the asset or liability. | ||||
Fair value measurements focus on exit prices in an orderly transaction (that is, not a forced liquidation or distressed sale) between market participants at the measurement date under current market conditions. If there has been a significant decrease in the volume and level of activity for the asset or liability, a change in valuation technique or the use of multiple valuation techniques may be appropriate. In such instances, determining the price at which willing market participants would transact business at the measurement date under current market conditions depends on the facts and circumstances and requires the use of significant judgment. | ||||
The Company’s fair value measurements are classified into a fair value hierarchy based on the markets in which the assets and liabilities are traded and the reliability of the assumptions used to determine fair value. The three categories within the hierarchy are as follows: | ||||
• | Level 1 Inputs—Unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. | |||
• | Level 2 Inputs—Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These might include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability (such as interest rates, volatilities, prepayment speeds, credit risks, etc.) or inputs that are derived principally from or corroborated by market data by correlation or other means. | |||
• | Level 3 Inputs—Unobservable inputs for determining the fair values of assets or liabilities that reflect an entity’s own assumptions about the assumptions that market participants would use in pricing the assets or liabilities. | |||
See Note 20 for additional information regarding fair value. | ||||
Recently Issued Accounting Pronouncements | ' | |||
Recently issued accounting pronouncements | ||||
ASU No. 2013-02, “Comprehensive Income (Topic 220) – Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income,” requires an entity to report the effect of significant reclassifications out of accumulated other comprehensive income on the respective line items in net income if the amount being reclassified is required under U.S. GAAP to be reclassified in its entirety to net income. ASU No. 2013-12 is effective prospectively for reporting periods beginning after December 15, 2012. The Company adopted this guidance on January 1, 2013 and it did not have a material impact on the consolidated financial statements. | ||||
Accounting Standards Update (“ASU”) No. 2011-04, “Fair Value Measurements (Topic 820) – Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs,” was issued as a result of the effort to develop common fair value measurement and disclosure requirements in U.S. GAAP and International Financial Reporting Standards (“IFRS”). While ASU No. 2011-04 is largely consistent with existing fair value measurement principles in U.S. GAAP, it expands the existing disclosure requirements for fair value measurements and clarifies the existing guidance or wording changes to align with IFRS No. 13. Many of the requirements for the amendments in ASU No. 2011-04 do not result in a change in the application of the requirements in Topic 820. The Company adopted ASU No. 2011-04 on January 1, 2012 and it did not have a material impact on the consolidated financial statements. | ||||
ASU No. 2011-05, “Comprehensive Income (Topic 220) – Presentation of Comprehensive Income,” requires an entity to present components of comprehensive income either in a single continuous statement of comprehensive income or in two separate consecutive statements. These amendments made the financial statement presentation of other comprehensive income more prominent by eliminating the alternative to present comprehensive income within the statement of equity. As originally issued, ASU No. 2011-05 required entities to present reclassification adjustments out of accumulated other comprehensive income by component in the statement in which net income is presented and the statement in which other comprehensive income is presented (for both interim and annual financial statements). This requirement was deferred by ASU No.2011-12, “Comprehensive Income (Topic 220) – Deferral of the Effective Date for Amendments to the Presentation of Reclassification of Items Out of Accumulated Other Comprehensive Income in Accounting Standards”. ASU No. 2011-05 is effective for all interim and annual periods beginning on or after December 15, 2011. The Company adopted this guidance in the first quarter of 2012 and elected to present comprehensive income in a separate consolidated statement of comprehensive income. | ||||
Loss Contingencies | ' | |||
• | First, the Bank adopted a two year, instead of a three year, weighted average historical loss factor as the basis for the calculation of its historical loss experience. This is used to calculate expected losses in the pools identified in the Accounting Standards Codification (“ASC”) (Topic 450-20), “Loss Contingencies” pools prior to the application of qualitative risk adjustment factors. This change was made to be more responsive to the changing credit environment. This shorter average historical loss period will produce results more indicative of the current period and expected behavior of the portfolio. | |||
• | Second, the Bank adopted an Internal Risk Ratings Based (IRB) approach to calculating historical loss rates. This approach calibrates expected losses with actual risk assessment and equates the likelihood of loss to the level of risk in a credit facility rating. Previously, loss history was applied to categories of loans and adjusted by qualitative factors apportioned by risk rating within the categories. | |||
• | Third, the Bank increased the detail of analysis within the segments, particularly within Commercial Real Estate lending, which is currently the Bank’s largest concentration overall, by expanding the number of ASC 450-20 pools. In all, ten sub-concentrations have been added to the analysis. The greater level of detail enables the Bank to better apply qualitative risk adjustment factors to the segments affected and to monitor changes in credit risk within the portfolio. |
AvailableforSale_Securities_Ta
Available-for-Sale Securities (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Investments Debt And Equity Securities [Abstract] | ' | ||||||||||||||||||||||||
Amortized Cost, Gross Unrealized Gains, Gross Unrealized Losses and Approximate Fair Values of Available-for-Sale Securities | ' | ||||||||||||||||||||||||
The amortized cost, gross unrealized gains, gross unrealized losses and approximate fair value of available-for-sale securities at December 31, 2013 and 2012 are as follows: | |||||||||||||||||||||||||
Gross | Gross | ||||||||||||||||||||||||
Amortized | Unrealized | Unrealized | Fair | ||||||||||||||||||||||
2013 | Cost | Gains | Losses | Value | |||||||||||||||||||||
U. S. Government agency bonds | $ | 7,500,000 | $ | — | $ | (420,650 | ) | $ | 7,079,350 | ||||||||||||||||
U. S. Government agency mortgage-backed securities | 22,387,986 | — | (635,774 | ) | 21,752,212 | ||||||||||||||||||||
Corporate bonds | 9,000,000 | — | (130,206 | ) | 8,869,794 | ||||||||||||||||||||
$ | 38,887,986 | $ | — | $ | (1,186,630 | ) | $ | 37,701,356 | |||||||||||||||||
Gross | Gross | ||||||||||||||||||||||||
Amortized | Unrealized | Unrealized | Fair | ||||||||||||||||||||||
2012 | Cost | Gains | Losses | Value | |||||||||||||||||||||
U. S. Government agency bonds | $ | 7,500,000 | $ | 26,170 | $ | — | $ | 7,526,170 | |||||||||||||||||
U. S. Government agency mortgage-backed securities | 25,837,100 | — | (130,209 | ) | 25,706,891 | ||||||||||||||||||||
Corporate bonds | 9,000,000 | — | (513,741 | ) | 8,486,259 | ||||||||||||||||||||
$ | 42,337,100 | $ | 26,170 | $ | (643,950 | ) | $ | 41,719,320 | |||||||||||||||||
Gross Unrealized Loss and Fair Value of Available-for-Sale Securities, Aggregated by the Length of Time | ' | ||||||||||||||||||||||||
The following table presents the Company’s available for sale securities’ gross unrealized losses and fair value, aggregated by the length of time the individual securities have been in a continuous loss position, at December 31, 2013 and 2012: | |||||||||||||||||||||||||
Less Than 12 Months | 12 Months or More | Total | |||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | ||||||||||||||||||||
2013 | Value | Loss | Value | Loss | Value | Loss | |||||||||||||||||||
U. S. Government agency bonds | $ | 7,079,350 | $ | (420,650 | ) | $ | — | $ | — | $ | 7,079,350 | $ | (420,650 | ) | |||||||||||
U. S. Government agency mortgage-backed securities | 8,870,860 | (291,233 | ) | 12,855,648 | (344,541 | ) | 21,726,508 | (635,774 | ) | ||||||||||||||||
Corporate bonds | — | — | 8,869,794 | (130,206 | ) | 8,869,794 | (130,206 | ) | |||||||||||||||||
Totals | $ | 15,950,210 | $ | (711,883 | ) | $ | 21,725,442 | $ | (474,747 | ) | $ | 37,675,652 | $ | (1,186,630 | ) | ||||||||||
Less Than 12 Months | 12 Months or More | Total | |||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | ||||||||||||||||||||
2012 | Value | Loss | Value | Loss | Value | Loss | |||||||||||||||||||
U. S. Government agency mortgage-backed securities | $ | 25,670,832 | $ | (130,209 | ) | $ | — | $ | — | $ | 25,670,832 | $ | (130,209 | ) | |||||||||||
Corporate bonds | 2,842,368 | (157,632 | ) | 5,643,891 | (356,109 | ) | 8,486,259 | (513,741 | ) | ||||||||||||||||
Totals | $ | 28,513,200 | $ | (287,841 | ) | $ | 5,643,891 | $ | (356,109 | ) | $ | 34,157,091 | $ | (643,950 | ) | ||||||||||
Amortized Cost and Fair Value of Available-for-Sale Debt Securities by Contractual Maturity | ' | ||||||||||||||||||||||||
Amortized | Fair | ||||||||||||||||||||||||
Cost | Value | ||||||||||||||||||||||||
Maturity: | |||||||||||||||||||||||||
Corporate bonds 5 to 10 years | $ | 9,000,000 | $ | 8,869,794 | |||||||||||||||||||||
U.S. Government bonds 5 to 10 years | 7,500,000 | 7,079,350 | |||||||||||||||||||||||
Mortgage-backed securities | 22,387,986 | 21,752,212 | |||||||||||||||||||||||
Total | $ | 38,887,986 | $ | 37,701,356 | |||||||||||||||||||||
Loan_Receivables_and_Allowance1
Loan Receivables and Allowance for Loan Losses (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Company's Loan Portfolio | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans receivable, net, consists of the following at December 31, 2013 and 2012: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | $ | 223,165,092 | $ | 247,495,321 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential | 106,198,275 | 119,033,025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction | 260,000 | 4,997,991 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction-to-permanent | 11,303,002 | 4,851,768 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | 35,061,249 | 36,428,751 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer home equity | 44,080,895 | 49,180,908 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer installment | 2,989,662 | 2,162,718 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total loans | 423,058,175 | 464,150,482 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Premiums on purchased loans | 200,180 | 219,649 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net deferred costs | 570,657 | 439,041 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses | (5,680,689 | ) | (6,015,636 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans receivable, net | $ | 418,148,323 | $ | 458,793,536 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Changes in the Allowance for Loan Losses for the Periods | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
A summary of changes in the allowance for loan losses for the years ended December 31, 2013, 2012 and 2011 are as follows: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, beginning of year | $ | 6,015,636 | $ | 9,384,672 | $ | 15,374,101 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Provision for loan losses | 970,214 | (2,379,223 | ) | 7,464,427 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Transferred to loans held-for-sale | — | — | (6,054,660 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Recoveries of loans previously charged-off | 363,225 | 80,543 | 853,578 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans charged-off | (1,668,386 | ) | (1,070,356 | ) | (8,252,774 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, end of year | $ | 5,680,689 | $ | 6,015,636 | $ | 9,384,672 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for Loan Losses to Loan Portfolio Segment | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The following tables set forth activity in our allowance for loan losses, by loan type, for the years ended December 31, 2013 and 2012. The following tables also detail the amount of loans receivable, net, that are evaluated individually, and collectively, for impairment, and the related portion of the allowance for loan losses that is allocated to each loan portfolio segment. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2013 | Commercial | Commercial | Construction | Construction | Residential | Consumer | Unallocated | Total | |||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate | to Permanent | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning Balance | $ | 941,456 | $ | 3,509,395 | $ | 311,297 | $ | 18,720 | $ | 897,368 | $ | 216,698 | $ | 120,702 | $ | 6,015,636 | |||||||||||||||||||||||||||||||||||||||||
Charge-offs | (62,779 | ) | (403,124 | ) | (204,868 | ) | — | (918,853 | ) | (78,762 | ) | — | (1,668,386 | ) | |||||||||||||||||||||||||||||||||||||||||||
Recoveries | 3,920 | 334,951 | 20,000 | — | 612 | 3,742 | — | 363,225 | |||||||||||||||||||||||||||||||||||||||||||||||||
Provision | 1,402,088 | (1,855,894 | ) | 133,571 | 6,659 | 815,829 | 392,117 | 75,844 | 970,214 | ||||||||||||||||||||||||||||||||||||||||||||||||
Ending Balance | $ | 2,284,685 | $ | 1,585,328 | $ | 260,000 | $ | 25,379 | $ | 794,956 | $ | 533,795 | $ | 196,546 | $ | 5,680,689 | |||||||||||||||||||||||||||||||||||||||||
Ending balance: individually evaluated for impairment | $ | 1,500,000 | $ | 31,097 | $ | 260,000 | $ | — | $ | 97,829 | $ | 1,811 | $ | — | $ | 1,890,737 | |||||||||||||||||||||||||||||||||||||||||
Ending balance: collectively evaluated for impairment | 784,685 | 1,554,231 | — | 25,379 | 697,127 | 531,984 | 196,546 | 3,789,952 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total Allowance for Loan Losses | $ | 2,284,685 | $ | 1,585,328 | $ | 260,000 | $ | 25,379 | $ | 794,956 | $ | 533,795 | $ | 196,546 | $ | 5,680,689 | |||||||||||||||||||||||||||||||||||||||||
Total Loans ending balance | $ | 35,061,249 | $ | 223,165,092 | $ | 260,000 | $ | 11,303,002 | $ | 106,198,275 | $ | 47,070,557 | $ | — | $ | 423,058,175 | |||||||||||||||||||||||||||||||||||||||||
Ending balance: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
individually evaluated for impairment | 6,151,799 | 7,767,224 | 260,000 | 1,197,474 | 6,024,266 | 592,636 | — | 21,993,399 | |||||||||||||||||||||||||||||||||||||||||||||||||
Ending balance : | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
collectively evaluated for impairment | $ | 28,909,450 | $ | 215,397,868 | $ | — | $ | 10,105,528 | $ | 100,174,009 | $ | 46,477,921 | $ | — | $ | 401,064,776 | |||||||||||||||||||||||||||||||||||||||||
2012 | Commercial | Commercial | Construction | Construction | Residential | Consumer | Unallocated | Total | |||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate | to Permanent | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning Balance | $ | 882,062 | $ | 4,018,746 | $ | 867,159 | $ | 547,333 | $ | 2,550,588 | $ | 458,762 | $ | 60,022 | $ | 9,384,672 | |||||||||||||||||||||||||||||||||||||||||
Charge-offs | (48,414 | ) | (49,922 | ) | (101,391 | ) | — | (84,711 | ) | (785,918 | ) | — | (1,070,356 | ) | |||||||||||||||||||||||||||||||||||||||||||
Recoveries | 10,861 | 66,951 | — | — | — | 2,731 | — | 80,543 | |||||||||||||||||||||||||||||||||||||||||||||||||
Provision | 96,947 | (526,380 | ) | (454,471 | ) | (528,613 | ) | (1,568,509 | ) | 541,123 | 60,680 | (2,379,223 | ) | ||||||||||||||||||||||||||||||||||||||||||||
Ending Balance | $ | 941,456 | $ | 3,509,395 | $ | 311,297 | $ | 18,720 | $ | 897,368 | $ | 216,698 | $ | 120,702 | $ | 6,015,636 | |||||||||||||||||||||||||||||||||||||||||
Ending balance: individually evaluated for impairment | $ | 33,280 | $ | 728,607 | $ | 120,616 | $ | — | $ | 83,543 | $ | 2,368 | $ | — | $ | 968,414 | |||||||||||||||||||||||||||||||||||||||||
Ending balance: collectively evaluated for impairment | 908,176 | 2,780,788 | 190,681 | 18,720 | 813,825 | 214,330 | 120,702 | 5,047,222 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total Allowance for Loan Losses | $ | 941,456 | $ | 3,509,395 | $ | 311,297 | $ | 18,720 | $ | 897,368 | $ | 216,698 | $ | 120,702 | $ | 6,015,636 | |||||||||||||||||||||||||||||||||||||||||
Total Loans ending balance | $ | 36,428,751 | $ | 247,495,321 | $ | 4,997,991 | $ | 4,851,768 | $ | 119,033,025 | $ | 51,343,626 | $ | — | $ | 464,150,482 | |||||||||||||||||||||||||||||||||||||||||
Ending balance: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
individually evaluated for impairment | 219,509 | 15,909,103 | 1,862,038 | 1,258,710 | 13,567,175 | 566,543 | — | 33,383,078 | |||||||||||||||||||||||||||||||||||||||||||||||||
Ending balance : | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
collectively evaluated for impairment | $ | 36,209,242 | $ | 231,586,218 | $ | 3,135,953 | $ | 3,593,058 | $ | 105,465,850 | $ | 50,777,083 | $ | — | $ | 430,767,404 | |||||||||||||||||||||||||||||||||||||||||
Credit Risk Exposure of Loans Receivable, by Loan Type and Credit Quality Indicator | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The following table details the credit risk exposure of loans receivable, by loan type and credit quality indicator at December 31, 2013: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CREDIT RISK PROFILE BY CREDIT WORTHINESS CATEGORY | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | Commercial | Construction | Construction to | Residential | Consumer | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate | Permanent | Real Estate | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
LTVs: | < 75% | >=5% | < 75% | >=5% | < 75% | >=5% | < 75% | >=xA0;75% | < 75% | >=5% | < 75% | >=5% | Other | Total | |||||||||||||||||||||||||||||||||||||||||||
Internal Risk Rating | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 23,492,659 | $ | 3,898,173 | $ | 199,117,577 | $ | 7,950,793 | $ | — | $ | — | $ | 10,105,528 | $ | — | $ | 82,704,363 | $ | 20,592,131 | $ | 42,541,721 | $ | 3,839,030 | 650,234 | $ | 394,892,209 | ||||||||||||||||||||||||||||||
Special Mention | 167,095 | — | 6,573,089 | 2,502,204 | — | — | — | — | — | — | — | — | — | 9,242,388 | |||||||||||||||||||||||||||||||||||||||||||
Substandard | 7,503,322 | — | 3,690,308 | 3,331,121 | 60,000 | 200,000 | 1,197,474 | — | 1,975,907 | 925,874 | 8,696 | 30,876 | — | 18,923,578 | |||||||||||||||||||||||||||||||||||||||||||
$ | 31,163,076 | $ | 3,898,173 | $ | 209,380,974 | $ | 13,784,118 | $ | 60,000 | $ | 200,000 | $ | 11,303,002 | $ | — | $ | 84,680,270 | $ | 21,518,005 | $ | 42,550,417 | $ | 3,869,906 | $ | 650,234 | $ | 423,058,175 | ||||||||||||||||||||||||||||||
CREDIT RISK PROFILE | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | Commercial Real | Construction | Construction to | Residential | Consumer | Totals | |||||||||||||||||||||||||||||||||||||||||||||||||||
Estate | Permanent | Real Estate | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Performing | $ | 28,909,450 | $ | 221,400,483 | $ | — | $ | 10,105,528 | $ | 103,296,494 | $ | 47,037,870 | $ | 410,749,825 | |||||||||||||||||||||||||||||||||||||||||||
Non Performing | 6,151,799 | 1,764,609 | 260,000 | 1,197,474 | 2,901,781 | 32,687 | 12,308,350 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 35,061,249 | $ | 223,165,092 | $ | 260,000 | $ | 11,303,002 | $ | 106,198,275 | $ | 47,070,557 | $ | 423,058,175 | |||||||||||||||||||||||||||||||||||||||||||
The following table details the credit risk exposure of loans receivable, by loan type and credit quality indicator at December 31, 2012: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CREDIT RISK PROFILE BY CREDIT WORTHINESS CATEGORY | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | Commercial | Construction | Construction to | Residential | Consumer | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate | Permanent | Real Estate | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
LTVs: | < 75% | >=5% | < 75% | >=5% | < 75% | >=5% | < 75% | >=5% | < 75% | >=5% | < 75% | >=5% | Other | Total | |||||||||||||||||||||||||||||||||||||||||||
Internal Risk Rating | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 25,563,777 | $ | 1,241,109 | $ | 203,149,356 | $ | 9,182,622 | $ | — | $ | — | $ | 3,593,058 | $ | — | $ | 77,368,459 | $ | 25,617,355 | $ | 46,102,332 | $ | 3,752,752 | 765,469 | $ | 396,336,289 | ||||||||||||||||||||||||||||||
Special Mention | 7,234,814 | 164,191 | 11,554,971 | 5,374,265 | 3,135,953 | — | — | — | 5,310,178 | — | 98,530 | 564,175 | — | 33,437,077 | |||||||||||||||||||||||||||||||||||||||||||
Substandard | 2,014,401 | 210,459 | 8,503,630 | 9,730,477 | — | 1,862,038 | — | 1,258,710 | 2,524,186 | 8,212,847 | 2,368 | 58,000 | — | 34,377,116 | |||||||||||||||||||||||||||||||||||||||||||
$ | 34,812,992 | $ | 1,615,759 | $ | 223,207,957 | $ | 24,287,364 | $ | 3,135,953 | $ | 1,862,038 | $ | 3,593,058 | $ | 1,258,710 | $ | 85,202,823 | $ | 33,830,202 | $ | 46,203,230 | $ | 4,374,927 | $ | 765,469 | $ | 464,150,482 | ||||||||||||||||||||||||||||||
CREDIT RISK PROFILE | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | Commercial | Construction | Construction to | Residential | Consumer | Totals | |||||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate | Permanent | Real Estate | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Performing | $ | 36,209,242 | $ | 237,764,844 | $ | 3,135,953 | $ | 3,593,058 | $ | 108,295,992 | $ | 51,341,258 | $ | 440,340,347 | |||||||||||||||||||||||||||||||||||||||||||
Non Performing | 219,509 | 9,730,477 | 1,862,038 | 1,258,710 | 10,737,033 | 2,368 | 23,810,135 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 36,428,751 | $ | 247,495,321 | $ | 4,997,991 | $ | 4,851,768 | $ | 119,033,025 | $ | 51,343,626 | $ | 464,150,482 | |||||||||||||||||||||||||||||||||||||||||||
Delinquency Status, of Non-Accrual Loans and Past Due Matured Loans | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The following table sets forth the detail, and delinquency status, of non-accrual loans and past due matured loans at December 31, 2013: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-Accrual and Past Due Loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-Accrual Loans | >90 Days | Total Non- | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
2013 | 31-60 Days | 61-90 Days | Greater Than | Total Past Due | Current | Past Due and | Accrual and | ||||||||||||||||||||||||||||||||||||||||||||||||||
Past Due | Past Due | 90 Days | Accruing | Past Due Loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 25,000 | $ | 25,000 | |||||||||||||||||||||||||||||||||||||||||||
Substandard | — | — | 1,799 | 1,799 | 6,150,000 | — | 6,151,799 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total Commercial | $ | — | $ | — | $ | 1,799 | $ | 1,799 | $ | 6,150,000 | $ | 25,000 | $ | 6,176,799 | |||||||||||||||||||||||||||||||||||||||||||
Commercial Real Estate | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | $ | — | $ | — | $ | 1,764,609 | $ | 1,764,609 | $ | — | $ | 840,962 | $ | 2,605,571 | |||||||||||||||||||||||||||||||||||||||||||
Total Commercial Real Estate | $ | — | $ | — | $ | 1,764,609 | $ | 1,764,609 | $ | — | $ | 840,962 | $ | 2,605,571 | |||||||||||||||||||||||||||||||||||||||||||
Construction | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | $ | — | $ | — | $ | 260,000 | $ | 260,000 | $ | — | $ | — | $ | 260,000 | |||||||||||||||||||||||||||||||||||||||||||
Total Construction | $ | — | $ | — | $ | 260,000 | $ | 260,000 | $ | — | $ | — | $ | 260,000 | |||||||||||||||||||||||||||||||||||||||||||
Construction to Permanent | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | $ | — | $ | — | $ | — | $ | — | $ | 1,197,474 | $ | — | $ | 1,197,474 | |||||||||||||||||||||||||||||||||||||||||||
Total Construction to Permanent | $ | — | $ | — | $ | — | $ | — | $ | 1,197,474 | $ | — | $ | 1,197,474 | |||||||||||||||||||||||||||||||||||||||||||
Residential Real Estate | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | $ | — | $ | — | $ | 2,523,233 | $ | 2,523,233 | $ | 378,548 | $ | — | $ | 2,901,781 | |||||||||||||||||||||||||||||||||||||||||||
Total Residential Real Estate | $ | — | $ | — | $ | 2,523,233 | $ | 2,523,233 | $ | 378,548 | $ | — | $ | 2,901,781 | |||||||||||||||||||||||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | $ | — | $ | — | $ | 1,811 | $ | 1,811 | $ | 30,876 | $ | — | $ | 32,687 | |||||||||||||||||||||||||||||||||||||||||||
Total Consumer | $ | — | $ | — | $ | 1,811 | $ | 1,811 | $ | 30,876 | $ | — | $ | 32,687 | |||||||||||||||||||||||||||||||||||||||||||
Total | $ | — | $ | — | $ | 4,551,452 | $ | 4,551,452 | $ | 7,756,898 | $ | 865,962 | $ | 13,174,312 | |||||||||||||||||||||||||||||||||||||||||||
The following table sets forth the detail, and delinquency status, of non-accrual loans and past due matured loans at December 31, 2012: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-Accrual and Past Due Loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-Accrual Loans | >90 Days | Total Non- | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
2012 | 31-60 Days | 61-90 Days | Greater Than | Total Past Due | Current | Past Due and | Accrual and | ||||||||||||||||||||||||||||||||||||||||||||||||||
Past Due | Past Due | 90 Days | Accruing | Past Due Loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 300,000 | $ | 300,000 | |||||||||||||||||||||||||||||||||||||||||||
Substandard | — | — | 182,258 | 182,258 | 37,251 | 500,000 | 719,509 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total Commercial | $ | — | $ | — | $ | 182,258 | $ | 182,258 | $ | 37,251 | $ | 800,000 | $ | 1,019,509 | |||||||||||||||||||||||||||||||||||||||||||
Commercial Real Estate | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 566,936 | $ | 566,936 | |||||||||||||||||||||||||||||||||||||||||||
Substandard | — | — | 7,629,819 | 7,629,819 | 2,100,658 | 867,361 | 10,597,838 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total Commercial Real Estate | $ | — | $ | — | $ | 7,629,819 | $ | 7,629,819 | $ | 2,100,658 | $ | 1,434,297 | $ | 11,164,774 | |||||||||||||||||||||||||||||||||||||||||||
Construction | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | $ | — | $ | — | $ | 1,862,038 | $ | 1,862,038 | $ | — | $ | — | $ | 1,862,038 | |||||||||||||||||||||||||||||||||||||||||||
Total Construction | $ | — | $ | — | $ | 1,862,038 | $ | 1,862,038 | $ | — | $ | — | $ | 1,862,038 | |||||||||||||||||||||||||||||||||||||||||||
Construction to Permanent | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | $ | — | $ | — | $ | — | $ | — | $ | 1,258,710 | $ | — | $ | 1,258,710 | |||||||||||||||||||||||||||||||||||||||||||
Total Construction to Permanent | $ | — | $ | — | $ | — | $ | — | $ | 1,258,710 | $ | — | $ | 1,258,710 | |||||||||||||||||||||||||||||||||||||||||||
Residential Real Estate | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | $ | — | $ | 358,123 | $ | 10,231,542 | $ | 10,589,665 | $ | 147,368 | $ | — | $ | 10,737,033 | |||||||||||||||||||||||||||||||||||||||||||
Total Residential Real Estate | $ | — | $ | 358,123 | $ | 10,231,542 | $ | 10,589,665 | $ | 147,368 | $ | — | $ | 10,737,033 | |||||||||||||||||||||||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | $ | — | $ | — | $ | — | $ | — | $ | 2,368 | $ | — | $ | 2,368 | |||||||||||||||||||||||||||||||||||||||||||
Total Consumer | $ | — | $ | — | $ | — | $ | — | $ | 2,368 | $ | — | $ | 2,368 | |||||||||||||||||||||||||||||||||||||||||||
Total | $ | — | $ | 358,123 | $ | 19,905,657 | $ | 20,263,780 | $ | 3,546,355 | $ | 2,234,297 | $ | 26,044,432 | |||||||||||||||||||||||||||||||||||||||||||
Delinquency Status of Loans Receivable, by Performing and Non-Performing Loans | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The following table sets forth the detail and delinquency status of loans receivable, net, by performing and non-performing loans at December 31, 2013. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Performing (Accruing) Loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2013 | 31-60 Days | 61-89 Days | Total Past | Current | Total Loan | Total Non- | Total Loans | ||||||||||||||||||||||||||||||||||||||||||||||||||
Past Due | Past Due | Due | Balances | Accrual and > | Receivable | ||||||||||||||||||||||||||||||||||||||||||||||||||||
90 Days Past | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Due Loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 725,000 | $ | — | $ | 725,000 | $ | 26,640,833 | $ | 27,365,833 | $ | 25,000 | $ | 27,390,833 | |||||||||||||||||||||||||||||||||||||||||||
Special Mention | — | — | — | 167,095 | 167,095 | — | 167,095 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | — | — | — | 1,351,522 | 1,351,522 | 6,151,799 | 7,503,321 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total Commercial | $ | 725,000 | $ | — | $ | 725,000 | $ | 28,159,450 | $ | 28,884,450 | $ | 6,176,799 | $ | 35,061,249 | |||||||||||||||||||||||||||||||||||||||||||
Commercial Real Estate | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 1,858,402 | $ | 266,250 | $ | 2,124,652 | $ | 204,943,717 | $ | 207,068,369 | $ | — | $ | 207,068,369 | |||||||||||||||||||||||||||||||||||||||||||
Special Mention | — | — | — | 9,075,293 | 9,075,293 | — | 9,075,293 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | — | — | — | 4,415,859 | 4,415,859 | 2,605,571 | 7,021,430 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total Commercial Real Estate | $ | 1,858,402 | $ | 266,250 | $ | 2,124,652 | $ | 218,434,869 | $ | 220,559,521 | $ | 2,605,571 | $ | 223,165,092 | |||||||||||||||||||||||||||||||||||||||||||
Construction | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 260,000 | $ | 260,000 | |||||||||||||||||||||||||||||||||||||||||||
Total Construction | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 260,000 | $ | 260,000 | |||||||||||||||||||||||||||||||||||||||||||
Construction to Permanent | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | — | $ | — | $ | — | $ | 10,105,528 | $ | 10,105,528 | $ | — | $ | 10,105,528 | |||||||||||||||||||||||||||||||||||||||||||
Substandard | — | — | — | — | — | 1,197,474 | 1,197,474 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total Construction to Permanent | $ | — | $ | — | $ | — | $ | 10,105,528 | $ | 10,105,528 | $ | 1,197,474 | $ | 11,303,002 | |||||||||||||||||||||||||||||||||||||||||||
Residential Real Estate | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 31,951 | $ | — | $ | 31,951 | $ | 103,264,543 | $ | 103,296,494 | $ | — | $ | 103,296,494 | |||||||||||||||||||||||||||||||||||||||||||
Substandard | — | — | — | — | — | 2,901,781 | 2,901,781 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total Residential Real Estate | $ | 31,951 | $ | — | $ | 31,951 | $ | 103,264,543 | $ | 103,296,494 | $ | 2,901,781 | $ | 106,198,275 | |||||||||||||||||||||||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 349,999 | $ | 559,949 | $ | 909,948 | $ | 46,121,037 | $ | 47,030,985 | $ | — | $ | 47,030,985 | |||||||||||||||||||||||||||||||||||||||||||
Substandard | 6,885 | — | 6,885 | — | 6,885 | 32,687 | 39,572 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total Consumer | $ | 356,884 | $ | 559,949 | $ | 916,833 | $ | 46,121,037 | $ | 47,037,870 | $ | 32,687 | $ | 47,070,557 | |||||||||||||||||||||||||||||||||||||||||||
Total | $ | 2,972,237 | $ | 826,199 | $ | 3,798,436 | $ | 406,085,427 | $ | 409,883,863 | $ | 13,174,312 | $ | 423,058,175 | |||||||||||||||||||||||||||||||||||||||||||
The following table sets forth the detail and delinquency status of loans receivable, net, by performing and non-performing loans at December 31, 2012. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Performing (Accruing) Loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2012 | 31-60 Days | 61-89 Days | Total | Current | Total Loan | Total Non- | Total Loans | ||||||||||||||||||||||||||||||||||||||||||||||||||
Past Due | Past Due | Past Due | Balances | Accrual and > 90 | Receivable | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Days Past Due | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 10,171 | $ | — | $ | 10,171 | $ | 26,494,715 | $ | 26,504,886 | $ | 300,000 | $ | 26,804,886 | |||||||||||||||||||||||||||||||||||||||||||
Special Mention | — | — | — | 7,399,006 | 7,399,006 | — | 7,399,006 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | — | — | — | 1,505,350 | 1,505,350 | 719,509 | 2,224,859 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total Commercial | $ | 10,171 | $ | — | $ | 10,171 | $ | 35,399,071 | $ | 35,409,242 | $ | 1,019,509 | $ | 36,428,751 | |||||||||||||||||||||||||||||||||||||||||||
Commercial Real Estate | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | — | $ | — | $ | — | $ | 211,765,042 | $ | 211,765,042 | $ | 566,936 | $ | 212,331,978 | |||||||||||||||||||||||||||||||||||||||||||
Special Mention | — | — | — | 16,929,236 | 16,929,236 | — | 16,929,236 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | — | — | — | 7,636,269 | 7,636,269 | 10,597,838 | 18,234,107 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total Commercial Real Estate | $ | — | $ | — | $ | — | $ | 236,330,547 | $ | 236,330,547 | $ | 11,164,774 | $ | 247,495,321 | |||||||||||||||||||||||||||||||||||||||||||
Construction | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Special Mention | $ | — | $ | — | $ | — | $ | 3,135,953 | $ | 3,135,953 | $ | — | $ | 3,135,953 | |||||||||||||||||||||||||||||||||||||||||||
Substandard | — | — | — | — | — | 1,862,038 | 1,862,038 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total Construction | $ | — | $ | — | $ | — | $ | 3,135,953 | $ | 3,135,953 | $ | 1,862,038 | $ | 4,997,991 | |||||||||||||||||||||||||||||||||||||||||||
Construction to Permanent | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | — | $ | — | $ | — | $ | 3,593,058 | $ | 3,593,058 | $ | — | $ | 3,593,058 | |||||||||||||||||||||||||||||||||||||||||||
Substandard | — | — | — | — | — | 1,258,710 | 1,258,710 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total Construction to Permanent | $ | — | $ | — | $ | — | $ | 3,593,058 | $ | 3,593,058 | $ | 1,258,710 | $ | 4,851,768 | |||||||||||||||||||||||||||||||||||||||||||
Residential Real Estate | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 40,838 | $ | — | $ | 40,838 | $ | 102,944,976 | $ | 102,985,814 | $ | — | $ | 102,985,814 | |||||||||||||||||||||||||||||||||||||||||||
Special Mention | — | — | — | 5,310,178 | 5,310,178 | — | 5,310,178 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | — | — | — | — | — | 10,737,033 | 10,737,033 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total Residential Real Estate | $ | 40,838 | $ | — | $ | 40,838 | $ | 108,255,154 | $ | 108,295,992 | $ | 10,737,033 | $ | 119,033,025 | |||||||||||||||||||||||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | — | $ | 12,443 | $ | 12,443 | $ | 50,608,110 | $ | 50,620,553 | $ | — | $ | 50,620,553 | |||||||||||||||||||||||||||||||||||||||||||
Special Mention | — | — | — | 662,705 | 662,705 | — | 662,705 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | — | — | — | 58,000 | 58,000 | 2,368 | 60,368 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total Consumer | $ | — | $ | 12,443 | $ | 12,443 | $ | 51,328,815 | $ | 51,341,258 | $ | 2,368 | $ | 51,343,626 | |||||||||||||||||||||||||||||||||||||||||||
Total | $ | 51,009 | $ | 12,443 | $ | 63,452 | $ | 438,042,598 | $ | 438,106,050 | $ | 26,044,432 | $ | 464,150,482 | |||||||||||||||||||||||||||||||||||||||||||
Summarizes Impaired Loans | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The following table summarizes impaired loans as of December 31, 2013: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Recorded | Unpaid Principal | Related | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment | Balance | Allowance | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
2013 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | $ | 1,799 | $ | 150,969 | $ | — | |||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial Real Estate | 7,596,817 | 8,316,412 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction to Permanent | 1,197,474 | 1,425,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential | 5,098,392 | 7,631,751 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer | 590,825 | 669,584 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total: | $ | 14,485,307 | $ | 18,193,716 | $ | — | |||||||||||||||||||||||||||||||||||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | $ | 6,150,000 | $ | 6,150,000 | $ | 1,500,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial Real Estate | 170,406 | 215,219 | 31,097 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction | 260,000 | 486,625 | 260,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction to Permanent | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential | 925,874 | 1,065,974 | 97,829 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer | 1,811 | 2,062 | 1,811 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total: | $ | 7,508,091 | $ | 7,919,880 | $ | 1,890,737 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | $ | 6,151,799 | $ | 6,300,969 | $ | 1,500,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial Real Estate | 7,767,223 | 8,531,631 | 31,097 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction | 260,000 | 486,625 | 260,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction to Permanent | 1,197,474 | 1,425,000 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential | 6,024,266 | 8,697,725 | 97,829 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer | 592,636 | 671,646 | 1,811 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total: | $ | 21,993,398 | $ | 26,113,596 | $ | 1,890,737 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Impaired loans consist of non-accrual loans, TDRs and loans that were previously classified as TDRs that have been upgraded. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The following table summarizes impaired loans as of December 31, 2012: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Recorded | Unpaid Principal | Related | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment | Balance | Allowance | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
2012 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | $ | 46,301 | $ | 131,195 | $ | — | |||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial Real Estate | 12,328,103 | 13,369,985 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction to Permanent | 1,258,710 | 1,425,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential | 10,760,965 | 12,786,388 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer | 564,175 | 564,175 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total: | $ | 24,958,254 | $ | 28,276,743 | $ | — | |||||||||||||||||||||||||||||||||||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | $ | 173,208 | $ | 350,000 | $ | 33,280 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial Real Estate | 3,581,000 | 3,606,947 | 728,607 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction | 1,862,038 | 2,013,663 | 120,616 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction to Permanent | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential | 2,806,210 | 2,806,766 | 83,543 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer | 2,368 | 2,506 | 2,368 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total: | $ | 8,424,824 | $ | 8,779,882 | $ | 968,414 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | $ | 219,509 | $ | 481,195 | $ | 33,280 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial Real Estate | 15,909,103 | 16,976,932 | 728,607 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction | 1,862,038 | 2,013,663 | 120,616 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction to Permanent | 1,258,710 | 1,425,000 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential | 13,567,175 | 15,593,154 | 83,543 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer | 566,543 | 566,681 | 2,368 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total: | $ | 33,383,078 | $ | 37,056,625 | $ | 968,414 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Total Troubled Debt Restructured Loans Included in Impaired Loans | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The following table presents the total troubled debt restructured loans as of December 31, 2013 which are included in impaired loans: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accrual | Non-accrual | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
# of | Amount | # of | Amount | # of | Amount | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans | Loans | Loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction to permanent | 1 | $ | 990,913 | 1 | $ | 1,197,474 | 2 | $ | 2,188,387 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total Troubled Debt Restructurings | 1 | $ | 990,913 | 1 | $ | 1,197,474 | 2 | $ | 2,188,387 | ||||||||||||||||||||||||||||||||||||||||||||||||
The following table presents the total troubled debt restructured loans as of December 31, 2012: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accrual | Non-accrual | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
# of | Amount | # of | Amount | # of | Amount | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans | Loans | Loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial Real Estate | — | $ | — | 2 | $ | 4,255,658 | 2 | $ | 4,255,658 | ||||||||||||||||||||||||||||||||||||||||||||||||
Residential Real Estate | — | — | 3 | 5,519,232 | 3 | 5,519,232 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Construction to permanent | — | — | 1 | 1,258,710 | 1 | 1,258,710 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | — | — | 1 | 37,251 | 1 | 37,251 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer home equity | 1 | 564,175 | — | — | 1 | 564,175 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Total Troubled Debt Restructurings | 1 | $ | 564,175 | 7 | $ | 11,070,851 | 8 | $ | 11,635,026 | ||||||||||||||||||||||||||||||||||||||||||||||||
Summarizes Loans that were Modified in a Troubled Debt Restructuring | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The following table summarizes the two loans that were modified in a troubled debt restructuring during the year ended December 31, 2013 and are included in total impaired loans. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Twelve months ended December 31, 2013 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of | Pre-Modification | Number of | Post-Modification | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Relationships | Outstanding Recorded | Relationships | Outstanding Recorded | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment | Investment | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Troubled Debt Restructurings | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction to permanent | 2 | $ | 4,730,324 | 1 | $ | 990,913 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Total Troubled Debt Restructurings | 2 | $ | 4,730,324 | 1 | $ | 990,913 | |||||||||||||||||||||||||||||||||||||||||||||||||||
The following table summarizes the six loans that were modified in a troubled debt restructuring during the year ended December 31, 2012. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Twelve months ended December 31, 2012 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of | Pre-Modification | Number of | Post-Modification | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Relationships | Outstanding Recorded | Relationships | Outstanding Recorded | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment | Investment | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Troubled Debt Restructurings | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential Real Estate | 3 | $ | 8,529,624 | 3 | $ | 5,524,800 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Construction to permanent | 1 | 4,905,000 | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | 1 | 37,251 | 1 | 37,251 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer home equity | 1 | 564,175 | 1 | 564,175 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Troubled Debt Restructurings | 6 | $ | 14,036,050 | 5 | $ | 6,126,226 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Premises_and_Equipment_Tables
Premises and Equipment (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Property Plant And Equipment [Abstract] | ' | ||||||||
Summary of Premises and Equipment | ' | ||||||||
At December 31, 2013 and 2012, premises and equipment consisted of the following: | |||||||||
2013 | 2012 | ||||||||
Leasehold improvements | $ | 6,060,275 | $ | 6,356,657 | |||||
Furniture, equipment and software | 6,981,177 | 6,591,500 | |||||||
Land | 7,340,858 | — | |||||||
Buildings | 4,956,407 | 964,745 | |||||||
25,338,717 | 13,912,902 | ||||||||
Less: accumulated depreciation and amortization | (10,277,279 | ) | (9,536,286 | ) | |||||
$ | 15,061,438 | $ | 4,376,616 | ||||||
Other_Real_Estate_Operations_T
Other Real Estate Operations (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Real Estate [Abstract] | ' | ||||||||||||
Summary of Other Real Estate Operations | ' | ||||||||||||
A summary of other real estate operations for the years ended December 31, 2013, 2012 and 2011 is as follows: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Expenses of holding other real estate owned | $ | 325,650 | $ | 127,099 | $ | 918,291 | |||||||
Impairment write-downs on other real estate owned | — | — | 165,764 | ||||||||||
(Gain) loss on sale of other real estate owned | (113,963 | ) | (185,143 | ) | (193,786 | ) | |||||||
Rental income from other real estate owned | — | — | (12,300 | ) | |||||||||
Expense from other real estate operations | $ | 211,687 | $ | (58,044 | ) | $ | 877,969 | ||||||
Deposits_Tables
Deposits (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Banking And Thrift [Abstract] | ' | ||||||||||||||||
Summary of Company's Deposits | ' | ||||||||||||||||
At December 31, 2013 and 2012, deposits consisted of the following: | |||||||||||||||||
Weighted | 2013 | Weighted | 2012 | ||||||||||||||
Average | Average | ||||||||||||||||
Interest Rate | Interest Rate | ||||||||||||||||
Non-interest bearing | — | $ | 55,358,161 | — | $ | 65,176,125 | |||||||||||
Interest bearing: | |||||||||||||||||
Time certificates, less than $100,000 | 1.05 | % | 129,548,033 | 1.37 | % | 160,610,601 | |||||||||||
Time certificates, $100,000 or more | 1.09 | % | 106,387,098 | 1.5 | % | 121,142,374 | |||||||||||
Money market | 0.04 | % | 29,309,657 | 0.2 | % | 42,401,428 | |||||||||||
Savings | 0.3 | % | 80,982,920 | 0.51 | % | 77,760,967 | |||||||||||
NOW | 0.01 | % | 28,618,213 | 0.07 | % | 30,191,403 | |||||||||||
Total interest bearing | 374,845,921 | 432,106,773 | |||||||||||||||
Total deposits | $ | 430,204,082 | $ | 497,282,898 | |||||||||||||
Interest Expense on Deposits | ' | ||||||||||||||||
Interest expense on deposits consists of the following: | |||||||||||||||||
Year Ended December 31, | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
Time certificates, less than $100,000 | $ | 1,821,591 | $ | 2,706,666 | $ | 3,380,456 | |||||||||||
Time certificates, $100,000 or more | 1,600,519 | 2,225,726 | 2,567,071 | ||||||||||||||
Money market | 40,481 | 71,808 | 88,813 | ||||||||||||||
Savings | 349,998 | 330,842 | 235,628 | ||||||||||||||
NOW | 8,718 | 16,435 | 11,610 | ||||||||||||||
$ | 3,821,307 | $ | 5,351,477 | $ | 6,283,578 | ||||||||||||
Contractual Maturities of Time Certificates of Deposit | ' | ||||||||||||||||
Contractual maturities of time certificates of deposit as of December 31, 2013 are summarized below: | |||||||||||||||||
Weighted Average | Balance of Time | ||||||||||||||||
Interest Rate | Certificates of Deposit | ||||||||||||||||
Due within: | |||||||||||||||||
1 year | 0.96 | % | $ | 200,555,373 | |||||||||||||
1-2 years | 1.99 | % | 16,514,915 | ||||||||||||||
2-3 years | 1.59 | % | 5,661,154 | ||||||||||||||
3-4 years | 1.58 | % | 8,018,162 | ||||||||||||||
4-5 years | 0.85 | % | 5,185,527 | ||||||||||||||
1.07 | % | $ | 235,935,131 | ||||||||||||||
Borrowings_Tables
Borrowings (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||
Maturity of Borrowings | ' | ||||||||||||
The contractual maturities of the Company’s borrowings at December 31, 2013, by year, are as follows: | |||||||||||||
Fixed | Floating | Total | |||||||||||
Rate | Rate | ||||||||||||
2014 | $ | 57,000,000 | $ | — | $ | 57,000,000 | |||||||
2015 | — | — | — | ||||||||||
2016 | — | — | — | ||||||||||
2017 | — | — | — | ||||||||||
2018 | — | — | — | ||||||||||
Thereafter | — | 8,248,000 | 8,248,000 | ||||||||||
Total borrowings | $ | 57,000,000 | $ | 8,248,000 | $ | 65,248,000 | |||||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Commitments And Contingencies Disclosure [Abstract] | ' | ||||
Future Minimum Leasing Rental Commitments | ' | ||||
Future minimum rental commitments under the terms of these leases by year and in the aggregate, are as follows: | |||||
Years Ending | Amount | ||||
December 31, | |||||
2014 | $ | 1,638,568 | |||
2015 | 1,271,057 | ||||
2016 | 720,034 | ||||
2017 | 182,978 | ||||
2018 | — | ||||
Thereafter | — | ||||
$ | 3,812,637 | ||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Components of the Income Tax Provision (Benefit) | ' | ||||||||||||
The components of the income tax provision (benefit) for the years ended December 31, 2013, 2012 and 2011 are as follows: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Current | |||||||||||||
Federal | $ | — | $ | — | $ | — | |||||||
State | (21,080 | ) | — | — | |||||||||
Total | (21,080 | ) | — | — | |||||||||
Deferred | |||||||||||||
Federal | (317,704) | — | — | ||||||||||
State | — | — | — | ||||||||||
Total | -317,704 | — | — | ||||||||||
Benefit for income taxes | $ | (338,784 | ) | $ | — | $ | — | ||||||
Reconciliation of the Anticipated Income Tax Benefit | ' | ||||||||||||
A reconciliation of the anticipated income tax benefit (computed by applying the statutory Federal income tax rate of 34% to loss before income taxes) to the income tax provision (benefit) as reported in the statements of operations for the years ended December 31, 2013, 2012 and 2011 is as follows: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Benefit for income taxes at statutory Federal rate | $ | (2,593,428 | ) | $ | (182,296 | ) | $ | (5,256,200 | ) | ||||
State taxes, net of Federal benefit | (21,080 | ) | — | — | |||||||||
Dividends received deduction | — | — | (50,100 | ) | |||||||||
Nondeductible expenses | 6,006 | 4,570 | 5,900 | ||||||||||
Write-off of DTA due to 382 Limitation | — | — | 10,382,276 | ||||||||||
Change in cash surrender value of life insurance | (177,843 | ) | (175,814 | ) | (216,300 | ) | |||||||
Increase (decrease) in valuation allowance | 2,447,561 | 329,113 | (4,853,660 | ) | |||||||||
Other | 0 | 24,427 | (11,916 | ) | |||||||||
Total benefit for income taxes | $ | (338,784 | ) | $ | — | $ | — | ||||||
Tax Effects of Temporary Differences | ' | ||||||||||||
At December 31, 2013 and 2012, the tax effects of temporary differences that give rise to the Company’s deferred tax assets and deferred tax liabilities are as follows: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Deferred tax assets: | |||||||||||||
Allowance for loan losses | $ | 2,212,628 | $ | 2,343,090 | $ | 3,655,330 | |||||||
Nonaccrual interest | 1,474,105 | 1,324,824 | 774,233 | ||||||||||
Premises and equipment | 1,276,365 | 1,073,884 | 1,090,095 | ||||||||||
Accrued expenses | 375,881 | 224,523 | 405,108 | ||||||||||
Share-based Compensation | — | 72,456 | — | ||||||||||
Capital loss carryover | 572,301 | 572,301 | 572,301 | ||||||||||
State NOL carryforward benefit | 3,612,623 | 3,237,434 | 3,081,579 | ||||||||||
Federal NOL carryforward benefit | 18,427,179 | 15,850,218 | 14,755,699 | ||||||||||
NOL write-off for § 382 Limitation | (10,382,276 | ) | (10,382,276 | ) | (10,382,276 | ) | |||||||
Federal AMT benefit estimate | — | 317,704 | 317,704 | ||||||||||
Unrealized loss AFS | 462,192 | 250,819 | — | ||||||||||
Other | 36,791 | 153,959 | 144,809 | ||||||||||
Gross deferred tax assets | 18,067,789 | 15,038,936 | 14,414,582 | ||||||||||
Valuation allowance | (18,067,789 | ) | (15,038,936 | ) | (14,414,582 | ) | |||||||
Deferred tax assets, net of valuation allowance | — | — | — | ||||||||||
Deferred tax liabilities | |||||||||||||
Investment securities | — | — | (82,337 | ) | |||||||||
Other | — | — | — | ||||||||||
Gross deferred tax liabilities | — | — | (82,337 | ) | |||||||||
Deferred tax liability, net | $ | — | $ | — | $ | (82,337 | ) | ||||||
Allocation of the Deferred Tax (Benefit) Provision Items Charged to Operations and Items Charged Directly to Equity | ' | ||||||||||||
The allocation of the deferred tax (benefit) provision items charged to operations and items charged directly to equity for the years ended December 31, 2013, 2012 and 2011 are as follows: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Deferred tax benefit allocated to equity | $ | — | $ | — | $ | (712,832 | ) | ||||||
Deferred tax provision allocated to operations | — | — | — | ||||||||||
Total deferred tax benefit | $ | — | $ | — | $ | (712,832 | ) | ||||||
Other_Intangible_Assets_Tables
Other Intangible Assets (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ||||||||
Changes in the Carrying Amount of Core Deposit Intangibles | ' | ||||||||
The changes in the carrying amount of core deposit intangibles for the years ended December 31, 2013 and 2012 are as follows: | |||||||||
2013 | 2012 | ||||||||
Core Deposit Intangible: | |||||||||
Balance as of January 1, | $ | — | $ | 38,196 | |||||
Amortization expense | — | 6,962 | |||||||
Asset disposal | — | 31,234 | |||||||
Balance as of December 31, | — | — | |||||||
Total other intangible assets | $ | — | $ | — | |||||
ShareBased_Compensation_Tables
Share-Based Compensation (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ||||||||||||||||
Summary of Non-Vested Stock Options | ' | ||||||||||||||||
The following table is a summary of the Company’s non-vested stock options as of December 31, 2013, and changes therein during the year then ended: | |||||||||||||||||
Number of | Weighted | Weighted | Weighted | ||||||||||||||
Stock Options | Average Grant | Average | Average | ||||||||||||||
Date Fair Value | Exercise | Contractual | |||||||||||||||
Price | Life (years) | ||||||||||||||||
Outstanding—December 31, 2011 | — | $ | — | $ | — | — | |||||||||||
Granted | 850,000 | 0.9 | 2.2 | 10 | |||||||||||||
Outstanding—December 31, 2012 | 850,000 | 0.9 | 2.2 | 10 | |||||||||||||
Forfeited | (850,000 | ) | 0.9 | 2.2 | 10 | ||||||||||||
Outstanding—December 31, 2013 | — | $ | — | $ | — | — | |||||||||||
Exercisable—December 31, 2013 | — | $ | — | $ | — | — | |||||||||||
Summary of Restricted Shares | ' | ||||||||||||||||
The following is a summary of the status of the Company’s restricted shares as of December 31, 2013, and changes therein during the period then ended. | |||||||||||||||||
Number of | Weighted | ||||||||||||||||
Shares | Average Grant | ||||||||||||||||
Awarded | Date Fair Value | ||||||||||||||||
Non-vested at December 31, 2011 | — | $ | — | ||||||||||||||
2012 Granted | 152,169 | 1.69 | |||||||||||||||
Vested | (72,821 | ) | 1.65 | ||||||||||||||
Forfeited | (34,782 | ) | 1.73 | ||||||||||||||
Non-vested at December 31, 2012 | 44,566 | $ | 1.73 | ||||||||||||||
2013 Granted | 329,649 | 1.24 | |||||||||||||||
Vested | (92,380 | ) | 1.41 | ||||||||||||||
Forfeited | — | — | |||||||||||||||
Non-vested at December 31, 2013 | 281,835 | $ | 1.26 | ||||||||||||||
Shareholders_Equity_Tables
Shareholders' Equity (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Equity [Abstract] | ' | ||||||||||||
Computation of Basic and Diluted Loss Per Share | ' | ||||||||||||
The following tables represent information about the computation of basic and diluted loss per share for the years ended December 31, 2013, 2012 and 2011: | |||||||||||||
2013 | |||||||||||||
Net | Weighted Average | Per Share | |||||||||||
Loss | Common Shares O/S | Amount | |||||||||||
Basic and Diluted Loss Per Share | |||||||||||||
Loss attributable to common shareholders | $ | (7,288,946 | ) | 38,423,533 | $ | (0.19 | ) | ||||||
2012 | |||||||||||||
Net | Weighted Average | Per Share | |||||||||||
Loss | Common Shares O/S | Amount | |||||||||||
Basic and Diluted Loss Per Share | |||||||||||||
Loss attributable to common shareholders | $ | (536,164 | ) | 38,401,889 | $ | (0.01 | ) | ||||||
2011 | |||||||||||||
Net | Weighted Average | Per Share | |||||||||||
Loss | Common Shares O/S | Amount | |||||||||||
Basic and Diluted Loss Per Share | |||||||||||||
Loss attributable to common shareholders | $ | (15,459,486 | ) | 38,362,727 | $ | (0.40 | ) | ||||||
Financial_Instruments_with_Off1
Financial Instruments with Off-Balance-Sheet Risk (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Risks And Uncertainties [Abstract] | ' | ||||||||
Contractual Amounts Represent Credit Risk | ' | ||||||||
Financial instruments whose contract amounts represent credit risk are as follows at December 31, 2013 and 2012: | |||||||||
2013 | 2012 | ||||||||
Commitments to extend credit: | |||||||||
Future loan commitments | $ | 7,102,437 | $ | 16,601,019 | |||||
Home equity lines of credit | 28,707,608 | 30,044,312 | |||||||
Unused lines of credit | 40,207,868 | 39,652,231 | |||||||
Undisbursed construction loans | 2,187,752 | 3,233,322 | |||||||
Financial standby letters of credit | 1,117,997 | 7,000 | |||||||
$ | 79,323,662 | $ | 89,537,884 | ||||||
Regulatory_and_Operational_Mat1
Regulatory and Operational Matters (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Banking And Thrift [Abstract] | ' | ||||||||||||||||||||||||
Company's and Bank's Actual Capital Amounts and Ratios | ' | ||||||||||||||||||||||||
The Company’s and the Bank’s actual capital amounts and ratios at December 31, 2013 and 2012 were (dollars in thousands): | |||||||||||||||||||||||||
To Be Well | |||||||||||||||||||||||||
Capitalized Under | |||||||||||||||||||||||||
For Capital | Prompt Corrective | ||||||||||||||||||||||||
Actual | Adequacy Purposes | Action Provisions | |||||||||||||||||||||||
2013 | Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||||||||
The Company: | |||||||||||||||||||||||||
Total Capital (to Risk Weighted Assets) | $ | 56,060 | 13.95 | % | $ | 43,300 | 8 | % | $ | N/A | N/A | ||||||||||||||
Tier 1 Capital (to Risk Weighted Assets) | 51,027 | 12.7 | % | 21,650 | 4 | % | N/A | N/A | |||||||||||||||||
Tier 1 Capital (to Average Assets) | 51,027 | 9.33 | % | 21,888 | 4 | % | N/A | N/A | |||||||||||||||||
The Bank: | |||||||||||||||||||||||||
Total Capital (to Risk Weighted Assets) | $ | 55,758 | 13.86 | % | $ | 43,270 | 8 | % | $ | 54,087 | 10 | % | |||||||||||||
Tier 1 Capital (to Risk Weighted Assets) | 50,730 | 12.61 | % | 21,635 | 4 | % | 32,452 | 6 | % | ||||||||||||||||
Tier 1 Capital (to Average Assets) | 50,730 | 9.28 | % | 21,872 | 4 | % | 27,340 | 5 | % | ||||||||||||||||
To Be Well | |||||||||||||||||||||||||
Capitalized Under | |||||||||||||||||||||||||
For Capital | Prompt Corrective | ||||||||||||||||||||||||
Actual | Adequacy Purposes | Action Provisions | |||||||||||||||||||||||
2012 | Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||||||||
The Company: | |||||||||||||||||||||||||
Total Capital (to Risk Weighted Assets) | $ | 63,253 | 15.64 | % | $ | 49,447 | 8 | % | $ | N/A | N/A | ||||||||||||||
Tier 1 Capital (to Risk Weighted Assets) | 58,186 | 14.39 | % | 24,724 | 4 | % | N/A | N/A | |||||||||||||||||
Tier 1 Capital (to Average Assets) | 58,186 | 9.33 | % | 24,948 | 4 | % | N/A | N/A | |||||||||||||||||
The Bank: | |||||||||||||||||||||||||
Total Capital (to Risk Weighted Assets) | $ | 61,908 | 15.31 | % | $ | 49,447 | 8 | % | $ | 61,808 | 10 | % | |||||||||||||
Tier 1 Capital (to Risk Weighted Assets) | 56,840 | 14.05 | % | 24,723 | 4 | % | 37,085 | 6 | % | ||||||||||||||||
Tier 1 Capital (to Average Assets) | 56,840 | 9.11 | % | 24,952 | 4 | % | 31,190 | 5 | % |
Related_Party_Transactions_Tab
Related Party Transactions (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Related Party Transactions [Abstract] | ' | ||||||||
Changes in Loans Outstanding | ' | ||||||||
Changes in loans outstanding to such related parties during 2013 and 2012 are as follows: | |||||||||
2013 | 2012 | ||||||||
Balance, beginning of year | $ | 122 | $ | 2,068,939 | |||||
Additional Loans | 58 | 483 | |||||||
Repayments | (143 | ) | (2,069,300 | ) | |||||
Balance, end of year | $ | 37 | $ | 122 | |||||
Other_Comprehensive_Income_Tab
Other Comprehensive Income (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Equity [Abstract] | ' | ||||||||||||
Change in Unrealized Gains and Losses on Available-for-Sale Securities | ' | ||||||||||||
Other comprehensive income, which is comprised solely of the change in unrealized gains and losses on available for sale securities, is as follows: | |||||||||||||
2013 | |||||||||||||
Before Tax | Tax Effect | Net of Tax | |||||||||||
Amount | Amount | ||||||||||||
Unrealized holding losses arising during the period | $ | (568,850 | ) | $ | — | $ | (568,850 | ) | |||||
Unrealized holding losses on available for sale securities | $ | (568,850 | ) | $ | — | $ | (568,850 | ) | |||||
2012 | |||||||||||||
Before Tax | Tax Effect | Net of Tax | |||||||||||
Amount | Amount | ||||||||||||
Unrealized holding gains arising during the period | $ | 76,135 | $ | (28,931 | ) | $ | 47,204 | ||||||
Less reclassification adjustment for gains recognized in income | (910,591 | ) | 111,268 | (799,323 | ) | ||||||||
Unrealized holding losses on available for sale securities | $ | (834,456 | ) | $ | 82,337 | $ | (752,119 | ) | |||||
2011 | |||||||||||||
Before Tax | Tax Effect | Net of Tax | |||||||||||
Amount | Amount | ||||||||||||
Unrealized holding losses arising during the period | $ | (766,569 | ) | $ | 291,296 | $ | (475,273 | ) | |||||
Less reclassification adjustment for gains recognized in income | (1,109,305 | ) | 421,536 | (687,769 | ) | ||||||||
Unrealized holding losses on available for sale securities | $ | (1,875,874 | ) | $ | 712,832 | $ | (1,163,042 | ) | |||||
Fair_Value_and_Interest_Rate_R1
Fair Value and Interest Rate Risk (Tables) | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||
Financial Assets Measured at Fair Value on Recurring Basis | ' | ||||||||||||||||||
The following table details the financial assets measured at fair value on a recurring basis as of December 31, 2013 and 2012, and indicates the fair value hierarchy of the valuation techniques utilized by the Company to determine fair value: | |||||||||||||||||||
Quoted Prices in | Significant | Significant | |||||||||||||||||
Active Markets | Observable | Unobservable | Balance | ||||||||||||||||
for Identical Assets | Inputs | Inputs | as of | ||||||||||||||||
December 31, 2013 | (Level 1) | (Level 2) | (Level 3) | December 31, 2013 | |||||||||||||||
Corporate bonds | $ | — | $ | 8,869,794 | $ | — | $ | 8,869,794 | |||||||||||
U.S. Government agency mortgage-backed securities | — | 21,752,212 | — | 21,752,212 | |||||||||||||||
U.S. Government agency bonds | — | 7,079,350 | — | 7,079,350 | |||||||||||||||
Securities available for sale | $ | — | $ | 37,701,356 | $ | — | $ | 37,701,356 | |||||||||||
Quoted Prices in | Significant | Significant | |||||||||||||||||
Active Markets | Observable | Unobservable | Balance | ||||||||||||||||
for Identical Assets | Inputs | Inputs | as of | ||||||||||||||||
December 31, 2012 | (Level 1) | (Level 2) | (Level 3) | 31-Dec-12 | |||||||||||||||
Corporate bonds | $ | — | $ | 8,486,259 | $ | — | $ | 8,486,259 | |||||||||||
U.S. Government agency mortgage-backed securities | — | 25,706,891 | — | 25,706,891 | |||||||||||||||
U.S. Government bonds | — | 7,526,170 | — | 7,526,170 | |||||||||||||||
Securities available for sale | $ | — | $ | 41,719,320 | $ | — | $ | 41,719,320 | |||||||||||
Financial Assets Measured at Fair Value on Non-Recurring Basis | ' | ||||||||||||||||||
The following table reflects assets measured at fair value on a non-recurring basis as of December 31, 2013 and 2012, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value: | |||||||||||||||||||
Quoted Prices in | Significant | Significant | |||||||||||||||||
Active Markets | Observable | Unobservable | |||||||||||||||||
for Identical Assets | Inputs | Inputs | |||||||||||||||||
(Level 1) | (Level 2) | (Level 3) | Balance | ||||||||||||||||
December 31, 2013 | |||||||||||||||||||
Impaired Loans (1) | $ | — | $ | — | $ | 7,508,091 | $ | 7,508,091 | |||||||||||
Other real estate owned (2) | $ | — | $ | — | $ | — | $ | — | |||||||||||
December 31, 2012 | |||||||||||||||||||
Impaired Loans (1) | $ | — | $ | — | $ | 8,424,786 | $ | 8,424,786 | |||||||||||
Other real estate owned (2) | $ | — | $ | — | $ | 4,873,844 | $ | 4,873,844 | |||||||||||
(1) | Represents carrying value for which adjustments are based on the appraised value of the collateral. | ||||||||||||||||||
-2 | Represents carrying value for which adjustments are based on the appraised value of the property. | ||||||||||||||||||
Carrying Amounts and Estimated Fair Values of Financial Instruments | ' | ||||||||||||||||||
The following is a summary of the carrying amounts and estimated fair values of the Company’s financial instruments not measured and not reported at fair value on the consolidated balance sheets at December 31, 2013 and 2012 (in thousands): | |||||||||||||||||||
2013 | 2012 | ||||||||||||||||||
Fair Value | Carrying | Estimated | Carrying | Estimated | |||||||||||||||
Hierarchy | Amount | Fair Value | Amount | Fair Value | |||||||||||||||
Financial Assets: | |||||||||||||||||||
Cash and noninterest bearing deposits due from banks | Level 1 | $ | 1,570 | $ | 1,570 | $ | 2,736 | $ | 2,736 | ||||||||||
Interest-bearing deposits due from banks | Level 1 | 33,295 | 33,295 | 67,567 | 67,567 | ||||||||||||||
Short-term investments | Level 1 | — | — | 711 | 711 | ||||||||||||||
Other Investments | Level 2 | 4,450 | 4,450 | 3,500 | 3,500 | ||||||||||||||
Federal Reserve Bank stock | Level 1 | 1,444 | 1,444 | 1,730 | 1,730 | ||||||||||||||
Federal Home Loan Bank stock | Level 1 | 4,143 | 4,143 | 4,344 | 4,344 | ||||||||||||||
Loans receivable, net | Level 3 | 418,148 | 424,831 | 458,794 | 464,551 | ||||||||||||||
Accrued interest receivable | Level 1 | 1,566 | 1,566 | 1,894 | 1,894 | ||||||||||||||
Financial Liabilities: | |||||||||||||||||||
Demand deposits | Level 1 | $ | 55,358 | $ | 55,358 | $ | 65,176 | $ | 65,176 | ||||||||||
Savings deposits | Level 1 | 80,983 | 80,983 | 77,761 | 77,761 | ||||||||||||||
Money market deposits | Level 1 | 29,310 | 29,310 | 42,401 | 42,401 | ||||||||||||||
NOW accounts | Level 1 | 28,618 | 28,618 | 30,191 | 30,191 | ||||||||||||||
Time deposits | Level 2 | 235,935 | 236,602 | 281,753 | 284,974 | ||||||||||||||
FHLB borrowings | Level 2 | 57,000 | 57,000 | 50,000 | 52,448 | ||||||||||||||
Securities sold under repurchase agreements | Level 2 | — | — | 7,000 | 7,683 | ||||||||||||||
Subordinated debt | Level 2 | 8,248 | 8,248 | 8,248 | 8,248 | ||||||||||||||
Accrued interest payable | Level 1 | 1,388 | 1,388 | 1,241 | 1,241 |
Restructuring_Charges_and_Asse1
Restructuring Charges and Asset Disposals (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Restructuring And Related Activities [Abstract] | ' | ||||||||||||||||||||
Restructuring Reserves | ' | ||||||||||||||||||||
Restructuring reserves at December 31, 2013 for the restructuring activities taken in accordance with these initiatives are comprised of the following: | |||||||||||||||||||||
Balance at | Expenses | Cash | Non-cash | Balance at | |||||||||||||||||
December 31, 2012 | payments | charges | December 31, 2013 | ||||||||||||||||||
Lease liability costs 2011 | $ | 172,999 | (120,703 | ) | (52,296 | ) | $ | — | |||||||||||||
Lease liability costs 2012 | 80,220 | — | (22,112 | ) | (34,865 | ) | 23,243 | ||||||||||||||
Severance and benefit costs 2013 | — | 642,606 | (576,047 | ) | — | 66,559 | |||||||||||||||
Total | $ | 253,219 | $ | 521,903 | $ | (598,159 | ) | $ | (87,161 | ) | $ | 89,802 | |||||||||
Condensed_Parent_Company_Only_1
Condensed Parent Company Only Financial Statements (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Condensed Financial Information Of Parent Company Only Disclosure [Abstract] | ' | ||||||||||||
Condensed Balance Sheets | ' | ||||||||||||
CONDENSED BALANCE SHEETS | |||||||||||||
December 31, 2013 and 2012 | |||||||||||||
2013 | 2012 | ||||||||||||
ASSETS | |||||||||||||
Cash and due from banks | $ | 1,734,335 | $ | 2,382,695 | |||||||||
Investment in subsidiaries | 49,931,446 | 56,601,461 | |||||||||||
Other assets | 200,563 | 286,506 | |||||||||||
Total assets | $ | 51,866,344 | $ | 59,270,662 | |||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||||
Borrowings | 8,248,000 | 8,248,000 | |||||||||||
Accrued expenses and other liabilities | 1,777,656 | 1,454,864 | |||||||||||
Shareholders’ equity | 41,840,688 | 49,567,798 | |||||||||||
Total liabilities and shareholders’ equity | $ | 51,866,344 | $ | 59,270,662 | |||||||||
Condensed Statement of Operations | ' | ||||||||||||
CONDENSED STATEMENTS OF OPERATIONS | |||||||||||||
Years Ended December 31, 2013, 2012 and 2011 | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Revenues | |||||||||||||
Dividends from subsidiary bank | $ | — | $ | — | $ | — | |||||||
Total revenue | — | — | — | ||||||||||
Expenses | |||||||||||||
Interest on subordinated debt | 292,725 | 308,797 | 294,631 | ||||||||||
Other expenses | 395,056 | 699,646 | 319,070 | ||||||||||
Total expenses | 687,781 | 1,008,443 | 613,701 | ||||||||||
Loss before equity in undistributed net loss of subsidiaries | (687,781 | ) | (1,008,443 | ) | (613,701 | ) | |||||||
Equity in undistributed net (loss) income of subsidiaries | (6,601,165 | ) | 472,279 | (14,845,785 | ) | ||||||||
Net loss | $ | (7,288,946 | ) | $ | (536,164 | ) | $ | (15,459,486 | ) | ||||
Condensed Statement of Cash Flows | ' | ||||||||||||
CONDENSED STATEMENTS OF CASH FLOWS | |||||||||||||
Years Ended December 31, 2013, 2012 and 2001 | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Cash Flows from Operating Activities | |||||||||||||
Net loss | $ | (7,288,946 | ) | $ | (536,164 | ) | $ | (15,459,486 | ) | ||||
Adjustments to reconcile net loss to net cash (used in) provided by operating activities: | |||||||||||||
Equity in undistributed loss (income) of subsidiaries | 6,601,165 | (472,279 | ) | 14,845,785 | |||||||||
Share-based compensation expense | 130,686 | 306,421 | — | ||||||||||
Change in assets and liabilities: | |||||||||||||
Decrease (increase) in other assets | 85,943 | (68,213 | ) | 373,920 | |||||||||
Increase in accrued expenses and other liabilities | 322,792 | 187,422 | 341,801 | ||||||||||
Net cash (used in) provided by operating activities | (148,360 | ) | (582,813 | ) | 102,020 | ||||||||
Cash Flows from Investing Activities | |||||||||||||
Net investment in bank subsidiary | (500,000 | ) | — | — | |||||||||
Net cash used in investing activities | (500,000 | ) | — | — | |||||||||
Cash Flows from Financing Activities | |||||||||||||
Proceeds from issuance of common stock | — | — | — | ||||||||||
Net cash provided by financing activities | — | — | — | ||||||||||
Net (decrease) increase in cash and cash equivalents | (648,360 | ) | (582,813 | ) | 102,020 | ||||||||
Cash and cash equivalents | |||||||||||||
Beginning | 2,382,695 | 2,965,508 | 2,863,488 | ||||||||||
Ending | $ | 1,734,335 | $ | 2,382,695 | $ | 2,965,508 | |||||||
Supplemental Disclosures of Cash Flow Information | |||||||||||||
Cash paid for interest | $ | — | $ | — | $ | — | |||||||
Accrued dividends declared on common stock | $ | — | $ | — | $ | — | |||||||
Nature_of_Operations_and_Summa2
Nature of Operations and Summary of Significant Accounting Policies - Additional Information (Detail) (USD $) | 12 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2010 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | |
RiskRating | Vesting Period One [Member] | Vesting Period Two [Member] | Vesting Period Three [Member] | Internal Revenue Service (IRS) [Member] | Internal Revenue Service (IRS) [Member] | Internal Revenue Service (IRS) [Member] | FHLB [Member] | Federal Reserve Bank Stock [Member] | Connecticut [Member] | New York [Member] | ||
Branch | Branch | |||||||||||
Summary Of Significant Accounting Policies And Recent Accounting Pronouncements [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of branches | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7 | 2 |
Maturity of federal funds | '1 day | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maturity of liquid debt instruments | 'three months or less | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Par value of stock purchased and redeemed | ' | ' | ' | ' | ' | ' | ' | ' | $100 | $100 | ' | ' |
Investment in capital stock of Federal Reserve Bank Description | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'one percent of six percent of the Bank's total equity capital | ' | ' |
Federal Reserve Bank stock percentage, cumulative changes | 15.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Federal Reserve Bank stock, cumulative changes | 100 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cumulative changes, description | ' | ' | ' | ' | ' | ' | ' | ' | 'Cumulative change exceeds the lesser of 15% or 100 shares of Federal Reserve Bank stock | ' | ' | ' |
Duration of discontinuation of loan | '90 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Duration of consumer installment loans | '180 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Term of the loan agreement | '6 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Assigns risk rating Minimum | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Assigns risk rating Maximum | 11 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loans assigned risk rating | 'six or above | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum risk rate of loans that are monitored | '6 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cumulative prior period | '2 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Period for appraisal | '120 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated useful lives of related assets | 'Three to thirty years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Tax benefits recognized | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrecognized tax benefits | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrecognized tax benefit related interest or penalties | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Changes made by the IRS to the Company's reported tax | ' | ' | ' | ' | ' | ' | ' | $0 | ' | ' | ' | ' |
Returns subject to examination | ' | ' | ' | ' | ' | '2012 | '2010 | ' | ' | ' | ' | ' |
Years for which examination completed | ' | 'IRS has completed its examination of the U.S. federal tax returns of the Company for tax years ended December 31, 2004 thru 2009 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restricted stock grants vesting period | ' | ' | '3 years | '4 years | '5 years | ' | ' | ' | ' | ' | ' | ' |
Restrictions_on_Cash_and_Due_F1
Restrictions on Cash and Due From Banks - Additional Information (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Cash And Cash Equivalents [Abstract] | ' | ' |
Amount required for clearing purposes | $25,000 | $25,000 |
AvailableforSale_Securities_Am
Available-for-Sale Securities - Amortized Cost, Gross Unrealized Gains, Gross Unrealized Losses and Approximate Fair Values of Available-for-Sale Securities (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | $38,887,986 | $42,337,100 |
Gross Unrealized Gains | ' | 26,170 |
Gross Unrealized Losses | -1,186,630 | -643,950 |
Fair Value | 37,701,356 | 41,719,320 |
U. S. Government Agency Bonds [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 7,500,000 | 7,500,000 |
Gross Unrealized Gains | ' | 26,170 |
Gross Unrealized Losses | -420,650 | ' |
Fair Value | 7,079,350 | 7,526,170 |
U. S. Government Agency Mortgage-Backed Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 22,387,986 | 25,837,100 |
Gross Unrealized Gains | ' | ' |
Gross Unrealized Losses | -635,774 | -130,209 |
Fair Value | 21,752,212 | 25,706,891 |
Corporate Bonds [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 9,000,000 | 9,000,000 |
Gross Unrealized Gains | ' | ' |
Gross Unrealized Losses | -130,206 | -513,741 |
Fair Value | $8,869,794 | $8,486,259 |
AvailableforSale_Securities_Gr
Available-for-Sale Securities - Gross Unrealized Loss and Fair Value of Available-for-Sale Securities, Aggregated by the Length of Time (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Less Than 12 Months, Fair Value | $15,950,210 | $28,513,200 |
Less Than 12 Months, Unrealized Loss | -711,883 | -287,841 |
12 Months or More, Fair Value | 21,725,442 | 5,643,891 |
12 Months or More, Unrealized Loss | -474,747 | -356,109 |
Total, Fair Value | 37,675,652 | 34,157,091 |
Total, Unrealized Loss | -1,186,630 | -643,950 |
U. S. Government Agency Bonds [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Less Than 12 Months, Fair Value | 7,079,350 | ' |
Less Than 12 Months, Unrealized Loss | -420,650 | ' |
12 Months or More, Fair Value | ' | ' |
12 Months or More, Unrealized Loss | ' | ' |
Total, Fair Value | 7,079,350 | ' |
Total, Unrealized Loss | -420,650 | ' |
U. S. Government Agency Mortgage-Backed Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Less Than 12 Months, Fair Value | 8,870,860 | 25,670,832 |
Less Than 12 Months, Unrealized Loss | -291,233 | -130,209 |
12 Months or More, Fair Value | 12,855,648 | ' |
12 Months or More, Unrealized Loss | -344,541 | ' |
Total, Fair Value | 21,726,508 | 25,670,832 |
Total, Unrealized Loss | -635,774 | -130,209 |
Corporate Bonds [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Less Than 12 Months, Fair Value | ' | 2,842,368 |
Less Than 12 Months, Unrealized Loss | ' | -157,632 |
12 Months or More, Fair Value | 8,869,794 | 5,643,891 |
12 Months or More, Unrealized Loss | -130,206 | -356,109 |
Total, Fair Value | 8,869,794 | 8,486,259 |
Total, Unrealized Loss | ($130,206) | ($513,741) |
AvailableforSale_Securities_Ad
Available-for-Sale Securities - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Security | Security | Security | |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' |
Number of securities having unrealized holding losses with aggregate depreciation | 11 | 9 | ' |
Unrealized holding losses depreciation | 3.20% | 1.90% | ' |
Repurchase agreements | ' | $7,000,000 | ' |
Gross proceeds from the sales | 0 | 45,226,033 | 26,349,070 |
Gross gains | ' | 910,591 | 1,109,305 |
Gross losses | ' | 9,651 | ' |
Number of sales of available-for-sale securities | ' | ' | 10 |
Municipal Deposits Securities [Member] | ' | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' |
Carrying value of available-for-sale securities pledged to secure obligations under municipal deposits | 5,758,916 | 6,913,797 | ' |
Repurchase agreements | $0 | $9,088,000 | ' |
AvailableforSale_Securities_Am1
Available-for-Sale Securities - Amortized Cost and Fair Value of Available-for-Sale Debt Securities by Contractual Maturity (Detail) (USD $) | Dec. 31, 2013 |
Schedule of Available-for-sale Securities [Line Items] | ' |
Amortized Cost, Total | $38,887,986 |
Fair Value | 37,701,356 |
Corporate Bonds [Member] | ' |
Schedule of Available-for-sale Securities [Line Items] | ' |
Corporate and U.S. Government bonds 5 to 10 years, Amortized Cost | 9,000,000 |
Corporate bonds 5 to 10 years, Fair Value | 8,869,794 |
U. S. Government Agency Bonds [Member] | ' |
Schedule of Available-for-sale Securities [Line Items] | ' |
Corporate and U.S. Government bonds 5 to 10 years, Amortized Cost | 7,500,000 |
Corporate bonds 5 to 10 years, Fair Value | 7,079,350 |
U. S. Government Agency Mortgage-Backed Securities [Member] | ' |
Schedule of Available-for-sale Securities [Line Items] | ' |
Mortgage-backed securities, Amortized Cost | 22,387,986 |
U.S. Government agency mortgage - backed securities, Fair Value | $21,752,212 |
AvailableforSale_Securities_Am2
Available-for-Sale Securities - Amortized Cost and Fair Value of Available-for-Sale Debt Securities by Contractual Maturity (Parenthetical) (Detail) | 12 Months Ended |
Dec. 31, 2013 | |
Minimum [Member] | Corporate Bonds [Member] | ' |
Schedule of Available-for-sale Securities [Line Items] | ' |
Available for sale security maturity period | '5 years |
Minimum [Member] | U. S. Government Agency Bonds [Member] | ' |
Schedule of Available-for-sale Securities [Line Items] | ' |
Available for sale security maturity period | '5 years |
Maximum [Member] | Corporate Bonds [Member] | ' |
Schedule of Available-for-sale Securities [Line Items] | ' |
Available for sale security maturity period | '10 years |
Maximum [Member] | U. S. Government Agency Bonds [Member] | ' |
Schedule of Available-for-sale Securities [Line Items] | ' |
Available for sale security maturity period | '10 years |
Loan_Receivables_and_Allowance2
Loan Receivables and Allowance for Loan Losses - Company's Loan Portfolio (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' |
Total Loans | $423,058,175 | $464,150,482 | ' | ' |
Premiums on purchased loans | 200,180 | 219,649 | ' | ' |
Net deferred costs | 570,657 | 439,041 | ' | ' |
Allowance for loan losses | -5,680,689 | -6,015,636 | -9,384,672 | -15,374,101 |
Loans receivable, net | 418,148,323 | 458,793,536 | ' | ' |
Commercial Real Estate [Member] | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' |
Total Loans | 223,165,092 | 247,495,321 | ' | ' |
Allowance for loan losses | -1,585,328 | -3,509,395 | -4,018,746 | ' |
Residential Real Estate [Member] | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' |
Total Loans | 106,198,275 | 119,033,025 | ' | ' |
Allowance for loan losses | -794,956 | -897,368 | -2,550,588 | ' |
Construction [Member] | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' |
Total Loans | 260,000 | 4,997,991 | ' | ' |
Allowance for loan losses | -260,000 | -311,297 | -867,159 | ' |
Construction to Permanent [Member] | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' |
Total Loans | 11,303,002 | 4,851,768 | ' | ' |
Allowance for loan losses | -25,379 | -18,720 | -547,333 | ' |
Commercial [Member] | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' |
Total Loans | 35,061,249 | 36,428,751 | ' | ' |
Allowance for loan losses | -2,284,685 | -941,456 | -882,062 | ' |
Consumer Home Equity [Member] | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' |
Total Loans | 44,080,895 | 49,180,908 | ' | ' |
Consumer Installment [Member] | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' |
Total Loans | $2,989,662 | $2,162,718 | ' | ' |
Loan_Receivables_and_Allowance3
Loan Receivables and Allowance for Loan Losses - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||
Jun. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
SecurityLoan | SecurityLoan | |||
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' |
Sale of residential loans | ' | $10,500,000 | $97,000,000 | ' |
Cash purchase price on sale of residential loans | ' | 10,700,000 | 98,500,000 | ' |
Net book value of bank's assets | ' | 101.50% | 101.50% | ' |
Accruing interest | ' | 866,000 | 2,200,000 | ' |
Loans on nonaccrual status and considered impaired | ' | 12,300,000 | 23,800,000 | ' |
Non-accrual loans (90 days or more) had been performing | ' | ' | 1,667,000 | ' |
Renewed loan | ' | 2 | 4 | ' |
Accrual loans (90 days or more) had been performing subsequently paid off | ' | ' | 567,000 | ' |
Number of modified troubled debt restructuring loan | ' | 2 | 8 | ' |
Troubled debt restructured loan amount | ' | 2,188,387 | 11,635,026 | ' |
Number of Accruing loans | ' | 1 | 1 | ' |
Number of non-accruing loans | ' | 1 | 7 | ' |
Aggregating accruing loans | ' | 991,000 | 500,000 | ' |
Aggregating non-accruing loans | ' | 1,200,000 | 11,100,000 | ' |
Commitments to advance additional funds under troubled debt restructured loans | ' | 0 | 0 | ' |
Non-accrual additional income recorded | ' | 1,200,000 | 1,500,000 | 2,300,000 |
Interest collected and recognized as income on non-accrual loans | ' | 774,000 | 231,000 | 465,000 |
Average recorded investment in impaired loans | ' | 30,800,000 | 35,000,000 | 49,800,000 |
Creditworthiness extends credit | ' | 75.00% | ' | ' |
Construction loans, the maximum loan-to-value | ' | 65.00% | ' | ' |
Construction loans are short-term loans | ' | '18 months | ' | ' |
Real Estate and Accumulated Depreciation, Date of Construction | ' | '4 months | ' | ' |
Reduction in the allowance for loan losses | 1,100,000 | ' | ' | ' |
Delinquency status, "Open-end" credits are charged-off | ' | '180 days | ' | ' |
Delinquent and "Closed-end" credits are charged-off | ' | '120 days | ' | ' |
Consumer installment loans are charged off no later | ' | '90 days | ' | ' |
Performance under loan terms | ' | '6 months | ' | ' |
Loans past due still accruing interest | ' | 866,000 | 2,200,000 | ' |
Current loans for interest payment | ' | 841,000 | ' | ' |
Current loans for interest payment within 60 days | ' | 25,000 | ' | ' |
Non-accrual loans (over 30 days but under 60 days) had been performing | ' | ' | 567,000 | ' |
Recorded Investment, Total | ' | 21,993,398 | 33,383,078 | ' |
Related Allowance, Total | ' | 1,890,737 | 968,414 | ' |
Construction to permanent loans downgraded | ' | 4,730,324 | 14,036,050 | ' |
Troubled debt restructured loans reclassified | ' | ' | 4 | ' |
Permanent troubled debt restructured loans | ' | ' | 4,900,000 | ' |
Troubled debt restructured other than loans | ' | ' | 1,100,000 | ' |
Upgraded amount of commercial real estate loan | ' | ' | 4,700,000 | ' |
Troubled debt restructuring residential loan | ' | ' | 364,000 | ' |
Additional troubled debt restructured loans | ' | ' | 500,000 | ' |
Construction [Member] | ' | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' |
Recorded Investment, Total | ' | 260,000 | 1,862,038 | ' |
Related Allowance, Total | ' | 260,000 | 120,616 | ' |
Troubled debt restructured loan upgraded | ' | ' | 1,200,000 | ' |
Commercial Real Estate [Member] | ' | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' |
Troubled debt restructured loan amount | ' | ' | 4,255,658 | ' |
Recorded Investment, Total | ' | 7,767,223 | 15,909,103 | ' |
Related Allowance, Total | ' | 31,097 | 728,607 | ' |
Troubled debt restructured loan upgraded | ' | ' | 234,000 | ' |
Troubled debt restructured loan amounts (due to forbearance agreement) | ' | ' | 37,000 | ' |
Residential Real Estate [Member] | ' | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' |
Troubled debt restructured loan amount | ' | ' | 5,519,232 | ' |
Recorded Investment, Total | ' | 6,024,266 | 13,567,175 | ' |
Related Allowance, Total | ' | 97,829 | 83,543 | ' |
Construction to permanent loans downgraded | ' | ' | 8,529,624 | ' |
Commercial loan that was a troubled debt restructured | ' | 4,400,000 | ' | ' |
Troubled debt restructured loan upgraded | ' | 347,000 | 2,800,000 | ' |
Charged off loan | ' | 500,000 | ' | ' |
Consumer Home Equity [Member] | ' | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' |
Troubled debt restructured loan amount | ' | ' | 564,175 | ' |
Construction to permanent loans downgraded | ' | ' | 564,175 | ' |
Troubled debt restructured loan upgraded | ' | 563,000 | ' | ' |
Troubled debt restructured loan amounts (due to forbearance agreement) | ' | ' | 564,000 | ' |
No Related Allowance Recorded [Member] | ' | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' |
Recorded Investment, Total | ' | 14,500,000 | 25,000,000 | ' |
Loan Current Interest Payment [Member] | ' | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' |
Accruing interest | ' | 841,000 | ' | ' |
Loan Current Interest Payment Within Sixty Days [Member] | ' | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' |
Accruing interest | ' | 25,000 | ' | ' |
Construction to Permanent Real Estate Financing Receivable Loan One [Member] | ' | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' |
Construction to permanent loans downgraded | ' | 3,700,000 | ' | ' |
Construction to Permanent Real Estate Financing Receivable Loan Two [Member] | ' | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' |
Construction to permanent loans downgraded | ' | 1,000,000 | ' | ' |
Commercial [Member] | ' | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' |
Troubled debt restructured loan amount | ' | ' | 37,251 | ' |
Recorded Investment, Total | ' | 6,151,799 | 219,509 | ' |
Related Allowance, Total | ' | 1,500,000 | 33,280 | ' |
Construction to permanent loans downgraded | ' | ' | 37,251 | ' |
Commercial loan that was a troubled debt restructured | ' | 37,000 | ' | ' |
Commercial Real Estate Construction Financing Receivable [Member] | ' | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' |
Commercial loan that was a troubled debt restructured | ' | $3,900,000 | ' | ' |
Loan_Receivables_and_Allowance4
Loan Receivables and Allowance for Loan Losses - Changes in the Allowance for Loan Losses for the Periods (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Receivables [Abstract] | ' | ' | ' |
Balance, beginning of year | $6,015,636 | $9,384,672 | $15,374,101 |
Provision for loan losses | 970,214 | -2,379,223 | 7,464,427 |
Transferred to loans held-for-sale | ' | ' | -6,054,660 |
Recoveries of loans previously charged-off | 363,225 | 80,543 | 853,578 |
Loans charged-off | -1,668,386 | -1,070,356 | -8,252,774 |
Balance, end of year | $5,680,689 | $6,015,636 | $9,384,672 |
Loan_Receivables_and_Allowance5
Loan Receivables and Allowance for Loan Losses - Allowance for Loan Losses to Loan Portfolio Segment (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Balance, beginning of year | $6,015,636 | $9,384,672 | $15,374,101 |
Charge-offs | -1,668,386 | -1,070,356 | -8,252,774 |
Transferred to loans held-for-sale | ' | ' | -6,054,660 |
Recoveries | 363,225 | 80,543 | 853,578 |
Provision | 970,214 | -2,379,223 | 7,464,427 |
Balance, end of year | 5,680,689 | 6,015,636 | 9,384,672 |
Ending balance: individually evaluated for impairment | 1,890,737 | 968,414 | ' |
Ending balance: collectively evaluated for impairment | 3,789,952 | 5,047,222 | ' |
Total Allowance for Loan Losses | 5,680,689 | 6,015,636 | 9,384,672 |
Total Loans ending balance | 423,058,175 | 464,150,482 | ' |
Ending balance: individually evaluated for impairment | 21,993,399 | 33,383,078 | ' |
Ending balance: collectively evaluated for impairment | 401,064,776 | 430,767,404 | ' |
Commercial [Member] | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Balance, beginning of year | 941,456 | 882,062 | ' |
Charge-offs | -62,779 | -48,414 | ' |
Transferred to loans held-for-sale | ' | ' | ' |
Recoveries | 3,920 | 10,861 | ' |
Provision | 1,402,088 | 96,947 | ' |
Balance, end of year | 2,284,685 | 941,456 | ' |
Ending balance: individually evaluated for impairment | 1,500,000 | 33,280 | ' |
Ending balance: collectively evaluated for impairment | 784,685 | 908,176 | ' |
Total Allowance for Loan Losses | 2,284,685 | 941,456 | ' |
Total Loans ending balance | 35,061,249 | 36,428,751 | ' |
Ending balance: individually evaluated for impairment | 6,151,799 | 219,509 | ' |
Ending balance: collectively evaluated for impairment | 28,909,450 | 36,209,242 | ' |
Commercial Real Estate [Member] | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Balance, beginning of year | 3,509,395 | 4,018,746 | ' |
Charge-offs | -403,124 | -49,922 | ' |
Transferred to loans held-for-sale | ' | ' | ' |
Recoveries | 334,951 | 66,951 | ' |
Provision | -1,855,894 | -526,380 | ' |
Balance, end of year | 1,585,328 | 3,509,395 | ' |
Ending balance: individually evaluated for impairment | 31,097 | 728,607 | ' |
Ending balance: collectively evaluated for impairment | 1,554,231 | 2,780,788 | ' |
Total Allowance for Loan Losses | 1,585,328 | 3,509,395 | ' |
Total Loans ending balance | 223,165,092 | 247,495,321 | ' |
Ending balance: individually evaluated for impairment | 7,767,224 | 15,909,103 | ' |
Ending balance: collectively evaluated for impairment | 215,397,868 | 231,586,218 | ' |
Construction [Member] | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Balance, beginning of year | 311,297 | 867,159 | ' |
Charge-offs | -204,868 | -101,391 | ' |
Transferred to loans held-for-sale | ' | ' | ' |
Recoveries | 20,000 | ' | ' |
Provision | 133,571 | -454,471 | ' |
Balance, end of year | 260,000 | 311,297 | ' |
Ending balance: individually evaluated for impairment | 260,000 | 120,616 | ' |
Ending balance: collectively evaluated for impairment | ' | 190,681 | ' |
Total Allowance for Loan Losses | 260,000 | 311,297 | ' |
Total Loans ending balance | 260,000 | 4,997,991 | ' |
Ending balance: individually evaluated for impairment | 260,000 | 1,862,038 | ' |
Ending balance: collectively evaluated for impairment | ' | 3,135,953 | ' |
Construction to Permanent [Member] | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Balance, beginning of year | 18,720 | 547,333 | ' |
Charge-offs | ' | ' | ' |
Transferred to loans held-for-sale | ' | ' | ' |
Recoveries | ' | ' | ' |
Provision | 6,659 | -528,613 | ' |
Balance, end of year | 25,379 | 18,720 | ' |
Ending balance: individually evaluated for impairment | ' | ' | ' |
Ending balance: collectively evaluated for impairment | 25,379 | 18,720 | ' |
Total Allowance for Loan Losses | 25,379 | 18,720 | ' |
Total Loans ending balance | 11,303,002 | 4,851,768 | ' |
Ending balance: individually evaluated for impairment | 1,197,474 | 1,258,710 | ' |
Ending balance: collectively evaluated for impairment | 10,105,528 | 3,593,058 | ' |
Residential Real Estate [Member] | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Balance, beginning of year | 897,368 | 2,550,588 | ' |
Charge-offs | -918,853 | -84,711 | ' |
Transferred to loans held-for-sale | ' | ' | ' |
Recoveries | 612 | ' | ' |
Provision | 815,829 | -1,568,509 | ' |
Balance, end of year | 794,956 | 897,368 | ' |
Ending balance: individually evaluated for impairment | 97,829 | 83,543 | ' |
Ending balance: collectively evaluated for impairment | 697,127 | 813,825 | ' |
Total Allowance for Loan Losses | 794,956 | 897,368 | ' |
Total Loans ending balance | 106,198,275 | 119,033,025 | ' |
Ending balance: individually evaluated for impairment | 6,024,266 | 13,567,175 | ' |
Ending balance: collectively evaluated for impairment | 100,174,009 | 105,465,850 | ' |
Consumer [Member] | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Balance, beginning of year | 216,698 | 458,762 | ' |
Charge-offs | -78,762 | -785,918 | ' |
Transferred to loans held-for-sale | ' | ' | ' |
Recoveries | 3,742 | 2,731 | ' |
Provision | 392,117 | 541,123 | ' |
Balance, end of year | 533,795 | 216,698 | ' |
Ending balance: individually evaluated for impairment | 1,811 | 2,368 | ' |
Ending balance: collectively evaluated for impairment | 531,984 | 214,330 | ' |
Total Allowance for Loan Losses | 533,795 | 216,698 | ' |
Total Loans ending balance | 47,070,557 | 51,343,626 | ' |
Ending balance: individually evaluated for impairment | 592,636 | 566,543 | ' |
Ending balance: collectively evaluated for impairment | 46,477,921 | 50,777,083 | ' |
Unallocated [Member] | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Balance, beginning of year | 120,702 | 60,022 | ' |
Charge-offs | ' | ' | ' |
Transferred to loans held-for-sale | ' | ' | ' |
Recoveries | ' | ' | ' |
Provision | 75,844 | 60,680 | ' |
Balance, end of year | 196,546 | 120,702 | ' |
Ending balance: individually evaluated for impairment | ' | ' | ' |
Ending balance: collectively evaluated for impairment | 196,546 | 120,702 | ' |
Total Allowance for Loan Losses | 196,546 | 120,702 | ' |
Total Loans ending balance | ' | ' | ' |
Ending balance: individually evaluated for impairment | ' | ' | ' |
Ending balance: collectively evaluated for impairment | ' | ' | ' |
Loan_Receivables_and_Allowance6
Loan Receivables and Allowance for Loan Losses - Credit Risk Exposure of Loans Receivable, by Loan Type and Credit Quality Indicator (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total | $423,058,175 | $464,150,482 |
Loan to Value Ratio Other [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total | 650,234 | 765,469 |
Pass [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total | 394,892,209 | 396,336,289 |
Pass [Member] | Loan to Value Ratio Other [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total | 650,234 | 765,469 |
Special Mention [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total | 9,242,388 | 33,437,077 |
Substandard [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total | 18,923,578 | 34,377,116 |
Performing [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total | 410,749,825 | 440,340,347 |
Non Performing [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total | 12,308,350 | 23,810,135 |
Commercial [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total | 35,061,249 | 36,428,751 |
Commercial [Member] | Less than 75% Loan to Value Ratio [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total | 31,163,076 | 34,812,992 |
Commercial [Member] | 75% or more Loan to Value Ratio [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total | 3,898,173 | 1,615,759 |
Commercial [Member] | Pass [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total | 27,390,833 | 26,804,886 |
Commercial [Member] | Pass [Member] | Less than 75% Loan to Value Ratio [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total | 23,492,659 | 25,563,777 |
Commercial [Member] | Pass [Member] | 75% or more Loan to Value Ratio [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total | 3,898,173 | 1,241,109 |
Commercial [Member] | Special Mention [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total | 167,095 | 7,399,006 |
Commercial [Member] | Special Mention [Member] | Less than 75% Loan to Value Ratio [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total | 167,095 | 7,234,814 |
Commercial [Member] | Special Mention [Member] | 75% or more Loan to Value Ratio [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total | ' | 164,191 |
Commercial [Member] | Substandard [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total | 7,503,321 | 2,224,859 |
Commercial [Member] | Substandard [Member] | Less than 75% Loan to Value Ratio [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total | 7,503,322 | 2,014,401 |
Commercial [Member] | Substandard [Member] | 75% or more Loan to Value Ratio [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total | ' | 210,459 |
Commercial [Member] | Performing [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total | 28,909,450 | 36,209,242 |
Commercial [Member] | Non Performing [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total | 6,151,799 | 219,509 |
Commercial Real Estate [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total | 223,165,092 | 247,495,321 |
Commercial Real Estate [Member] | Less than 75% Loan to Value Ratio [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total | 209,380,974 | 223,207,957 |
Commercial Real Estate [Member] | 75% or more Loan to Value Ratio [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total | 13,784,118 | 24,287,364 |
Commercial Real Estate [Member] | Pass [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total | 207,068,369 | 212,331,978 |
Commercial Real Estate [Member] | Pass [Member] | Less than 75% Loan to Value Ratio [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total | 199,117,577 | 203,149,356 |
Commercial Real Estate [Member] | Pass [Member] | 75% or more Loan to Value Ratio [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total | 7,950,793 | 9,182,622 |
Commercial Real Estate [Member] | Special Mention [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total | 9,075,293 | 16,929,236 |
Commercial Real Estate [Member] | Special Mention [Member] | Less than 75% Loan to Value Ratio [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total | 6,573,089 | 11,554,971 |
Commercial Real Estate [Member] | Special Mention [Member] | 75% or more Loan to Value Ratio [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total | 2,502,204 | 5,374,265 |
Commercial Real Estate [Member] | Substandard [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total | 7,021,430 | 18,234,107 |
Commercial Real Estate [Member] | Substandard [Member] | Less than 75% Loan to Value Ratio [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total | 3,690,308 | 8,503,630 |
Commercial Real Estate [Member] | Substandard [Member] | 75% or more Loan to Value Ratio [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total | 3,331,121 | 9,730,477 |
Commercial Real Estate [Member] | Performing [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total | 221,400,483 | 237,764,844 |
Commercial Real Estate [Member] | Non Performing [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total | 1,764,609 | 9,730,477 |
Construction [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total | 260,000 | 4,997,991 |
Construction [Member] | Less than 75% Loan to Value Ratio [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total | 60,000 | 3,135,953 |
Construction [Member] | 75% or more Loan to Value Ratio [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total | 200,000 | 1,862,038 |
Construction [Member] | Pass [Member] | Less than 75% Loan to Value Ratio [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total | ' | ' |
Construction [Member] | Pass [Member] | 75% or more Loan to Value Ratio [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total | ' | ' |
Construction [Member] | Special Mention [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total | ' | 3,135,953 |
Construction [Member] | Special Mention [Member] | Less than 75% Loan to Value Ratio [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total | ' | 3,135,953 |
Construction [Member] | Substandard [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total | 260,000 | 1,862,038 |
Construction [Member] | Substandard [Member] | Less than 75% Loan to Value Ratio [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total | 60,000 | ' |
Construction [Member] | Substandard [Member] | 75% or more Loan to Value Ratio [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total | 200,000 | 1,862,038 |
Construction [Member] | Performing [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total | ' | 3,135,953 |
Construction [Member] | Non Performing [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total | 260,000 | 1,862,038 |
Construction to Permanent [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total | 11,303,002 | 4,851,768 |
Construction to Permanent [Member] | Less than 75% Loan to Value Ratio [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total | 11,303,002 | 3,593,058 |
Construction to Permanent [Member] | 75% or more Loan to Value Ratio [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total | ' | 1,258,710 |
Construction to Permanent [Member] | Pass [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total | 10,105,528 | 3,593,058 |
Construction to Permanent [Member] | Pass [Member] | Less than 75% Loan to Value Ratio [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total | 10,105,528 | 3,593,058 |
Construction to Permanent [Member] | Pass [Member] | 75% or more Loan to Value Ratio [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total | ' | ' |
Construction to Permanent [Member] | Substandard [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total | 1,197,474 | 1,258,710 |
Construction to Permanent [Member] | Substandard [Member] | Less than 75% Loan to Value Ratio [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total | 1,197,474 | ' |
Construction to Permanent [Member] | Substandard [Member] | 75% or more Loan to Value Ratio [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total | ' | 1,258,710 |
Construction to Permanent [Member] | Performing [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total | 10,105,528 | 3,593,058 |
Construction to Permanent [Member] | Non Performing [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total | 1,197,474 | 1,258,710 |
Residential Real Estate [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total | 106,198,275 | 119,033,025 |
Residential Real Estate [Member] | Less than 75% Loan to Value Ratio [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total | 84,680,270 | 85,202,823 |
Residential Real Estate [Member] | 75% or more Loan to Value Ratio [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total | 21,518,005 | 33,830,202 |
Residential Real Estate [Member] | Pass [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total | 103,296,494 | 102,985,814 |
Residential Real Estate [Member] | Pass [Member] | Less than 75% Loan to Value Ratio [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total | 82,704,363 | 77,368,459 |
Residential Real Estate [Member] | Pass [Member] | 75% or more Loan to Value Ratio [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total | 20,592,131 | 25,617,355 |
Residential Real Estate [Member] | Special Mention [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total | ' | 5,310,178 |
Residential Real Estate [Member] | Special Mention [Member] | Less than 75% Loan to Value Ratio [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total | ' | 5,310,178 |
Residential Real Estate [Member] | Substandard [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total | 2,901,781 | 10,737,033 |
Residential Real Estate [Member] | Substandard [Member] | Less than 75% Loan to Value Ratio [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total | 1,975,907 | 2,524,186 |
Residential Real Estate [Member] | Substandard [Member] | 75% or more Loan to Value Ratio [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total | 925,874 | 8,212,847 |
Residential Real Estate [Member] | Performing [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total | 103,296,494 | 108,295,992 |
Residential Real Estate [Member] | Non Performing [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total | 2,901,781 | 10,737,033 |
Consumer [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total | 47,070,557 | 51,343,626 |
Consumer [Member] | Less than 75% Loan to Value Ratio [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total | 42,550,417 | 46,203,230 |
Consumer [Member] | 75% or more Loan to Value Ratio [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total | 3,869,906 | 4,374,927 |
Consumer [Member] | Pass [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total | 47,030,985 | 50,620,553 |
Consumer [Member] | Pass [Member] | Less than 75% Loan to Value Ratio [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total | 42,541,721 | 46,102,332 |
Consumer [Member] | Pass [Member] | 75% or more Loan to Value Ratio [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total | 3,839,030 | 3,752,752 |
Consumer [Member] | Special Mention [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total | ' | 662,705 |
Consumer [Member] | Special Mention [Member] | Less than 75% Loan to Value Ratio [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total | ' | 98,530 |
Consumer [Member] | Special Mention [Member] | 75% or more Loan to Value Ratio [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total | ' | 564,175 |
Consumer [Member] | Substandard [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total | 39,572 | 60,368 |
Consumer [Member] | Substandard [Member] | Less than 75% Loan to Value Ratio [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total | 8,696 | 2,368 |
Consumer [Member] | Substandard [Member] | 75% or more Loan to Value Ratio [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total | 30,876 | 58,000 |
Consumer [Member] | Performing [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total | 47,037,870 | 51,341,258 |
Consumer [Member] | Non Performing [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total | $32,687 | $2,368 |
Loan_Receivables_and_Allowance7
Loan Receivables and Allowance for Loan Losses - Delinquency Status, of Non-Accrual Loans and Past Due Matured Loans (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Greater than 90 Days Past Due and Accruing | $866,000 | $2,200,000 |
Total Non-Accrual and Past Due Loans | 13,174,312 | 26,044,432 |
Commercial [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total Non-Accrual and Past Due Loans | 6,176,799 | 1,019,509 |
Commercial Real Estate [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total Non-Accrual and Past Due Loans | 2,605,571 | 11,164,774 |
Construction [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total Non-Accrual and Past Due Loans | 260,000 | 1,862,038 |
Construction to Permanent [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total Non-Accrual and Past Due Loans | 1,197,474 | 1,258,710 |
Residential Real Estate [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total Non-Accrual and Past Due Loans | 2,901,781 | 10,737,033 |
Consumer [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total Non-Accrual and Past Due Loans | 32,687 | 2,368 |
Pass [Member] | Commercial [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total Non-Accrual and Past Due Loans | 25,000 | 300,000 |
Pass [Member] | Commercial Real Estate [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total Non-Accrual and Past Due Loans | ' | 566,936 |
Pass [Member] | Construction to Permanent [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total Non-Accrual and Past Due Loans | ' | ' |
Pass [Member] | Residential Real Estate [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total Non-Accrual and Past Due Loans | ' | ' |
Pass [Member] | Consumer [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total Non-Accrual and Past Due Loans | ' | ' |
Substandard [Member] | Commercial [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total Non-Accrual and Past Due Loans | 6,151,799 | 719,509 |
Substandard [Member] | Commercial Real Estate [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total Non-Accrual and Past Due Loans | 2,605,571 | 10,597,838 |
Substandard [Member] | Construction [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total Non-Accrual and Past Due Loans | 260,000 | 1,862,038 |
Substandard [Member] | Construction to Permanent [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total Non-Accrual and Past Due Loans | 1,197,474 | 1,258,710 |
Substandard [Member] | Residential Real Estate [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total Non-Accrual and Past Due Loans | 2,901,781 | 10,737,033 |
Substandard [Member] | Consumer [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total Non-Accrual and Past Due Loans | 32,687 | 2,368 |
Non-Accrual Loans [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
31-60 Days Past Due | ' | ' |
61-90 Days Past Due | ' | 358,123 |
Greater Than 90 Days | 4,551,452 | 19,905,657 |
Total Past Due | 4,551,452 | 20,263,780 |
Current | 7,756,898 | 3,546,355 |
Greater than 90 Days Past Due and Accruing | 865,962 | 2,234,297 |
Total Non-Accrual and Past Due Loans | 13,174,312 | 26,044,432 |
Non-Accrual Loans [Member] | Commercial [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
31-60 Days Past Due | ' | ' |
61-90 Days Past Due | ' | ' |
Greater Than 90 Days | 1,799 | 182,258 |
Total Past Due | 1,799 | 182,258 |
Current | 6,150,000 | 37,251 |
Greater than 90 Days Past Due and Accruing | 25,000 | 800,000 |
Total Non-Accrual and Past Due Loans | 6,176,799 | 1,019,509 |
Non-Accrual Loans [Member] | Commercial Real Estate [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
31-60 Days Past Due | ' | ' |
61-90 Days Past Due | ' | ' |
Greater Than 90 Days | 1,764,609 | 7,629,819 |
Total Past Due | 1,764,609 | 7,629,819 |
Current | ' | 2,100,658 |
Greater than 90 Days Past Due and Accruing | 840,962 | 1,434,297 |
Total Non-Accrual and Past Due Loans | 2,605,571 | 11,164,774 |
Non-Accrual Loans [Member] | Construction [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
31-60 Days Past Due | ' | ' |
61-90 Days Past Due | ' | ' |
Greater Than 90 Days | 260,000 | 1,862,038 |
Total Past Due | 260,000 | 1,862,038 |
Current | ' | ' |
Greater than 90 Days Past Due and Accruing | ' | ' |
Total Non-Accrual and Past Due Loans | 260,000 | 1,862,038 |
Non-Accrual Loans [Member] | Construction to Permanent [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
31-60 Days Past Due | ' | ' |
61-90 Days Past Due | ' | ' |
Greater Than 90 Days | ' | ' |
Total Past Due | ' | ' |
Current | 1,197,474 | 1,258,710 |
Greater than 90 Days Past Due and Accruing | ' | ' |
Total Non-Accrual and Past Due Loans | 1,197,474 | 1,258,710 |
Non-Accrual Loans [Member] | Residential Real Estate [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
31-60 Days Past Due | ' | ' |
61-90 Days Past Due | ' | 358,123 |
Greater Than 90 Days | 2,523,233 | 10,231,542 |
Total Past Due | 2,523,233 | 10,589,665 |
Current | 378,548 | 147,368 |
Greater than 90 Days Past Due and Accruing | ' | ' |
Total Non-Accrual and Past Due Loans | 2,901,781 | 10,737,033 |
Non-Accrual Loans [Member] | Consumer [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
31-60 Days Past Due | ' | ' |
61-90 Days Past Due | ' | ' |
Greater Than 90 Days | 1,811 | ' |
Total Past Due | 1,811 | ' |
Current | 30,876 | 2,368 |
Greater than 90 Days Past Due and Accruing | ' | ' |
Total Non-Accrual and Past Due Loans | 32,687 | 2,368 |
Non-Accrual Loans [Member] | Pass [Member] | Commercial [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
31-60 Days Past Due | ' | ' |
61-90 Days Past Due | ' | ' |
Greater Than 90 Days | ' | ' |
Total Past Due | ' | ' |
Current | ' | ' |
Greater than 90 Days Past Due and Accruing | 25,000 | 300,000 |
Total Non-Accrual and Past Due Loans | 25,000 | 300,000 |
Non-Accrual Loans [Member] | Pass [Member] | Commercial Real Estate [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
31-60 Days Past Due | ' | ' |
61-90 Days Past Due | ' | ' |
Greater Than 90 Days | ' | ' |
Total Past Due | ' | ' |
Current | ' | ' |
Greater than 90 Days Past Due and Accruing | ' | 566,936 |
Total Non-Accrual and Past Due Loans | ' | 566,936 |
Non-Accrual Loans [Member] | Substandard [Member] | Commercial [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
31-60 Days Past Due | ' | ' |
61-90 Days Past Due | ' | ' |
Greater Than 90 Days | 1,799 | 182,258 |
Total Past Due | 1,799 | 182,258 |
Current | 6,150,000 | 37,251 |
Greater than 90 Days Past Due and Accruing | ' | 500,000 |
Total Non-Accrual and Past Due Loans | 6,151,799 | 719,509 |
Non-Accrual Loans [Member] | Substandard [Member] | Commercial Real Estate [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
31-60 Days Past Due | ' | ' |
61-90 Days Past Due | ' | ' |
Greater Than 90 Days | 1,764,609 | 7,629,819 |
Total Past Due | 1,764,609 | 7,629,819 |
Current | ' | 2,100,658 |
Greater than 90 Days Past Due and Accruing | 840,962 | 867,361 |
Total Non-Accrual and Past Due Loans | 2,605,571 | 10,597,838 |
Non-Accrual Loans [Member] | Substandard [Member] | Construction [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
31-60 Days Past Due | ' | ' |
61-90 Days Past Due | ' | ' |
Greater Than 90 Days | 260,000 | 1,862,038 |
Total Past Due | 260,000 | 1,862,038 |
Current | ' | ' |
Greater than 90 Days Past Due and Accruing | ' | ' |
Total Non-Accrual and Past Due Loans | 260,000 | 1,862,038 |
Non-Accrual Loans [Member] | Substandard [Member] | Construction to Permanent [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
31-60 Days Past Due | ' | ' |
61-90 Days Past Due | ' | ' |
Greater Than 90 Days | ' | ' |
Total Past Due | ' | ' |
Current | 1,197,474 | 1,258,710 |
Greater than 90 Days Past Due and Accruing | ' | ' |
Total Non-Accrual and Past Due Loans | 1,197,474 | 1,258,710 |
Non-Accrual Loans [Member] | Substandard [Member] | Residential Real Estate [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
31-60 Days Past Due | ' | ' |
61-90 Days Past Due | ' | 358,123 |
Greater Than 90 Days | 2,523,233 | 10,231,542 |
Total Past Due | 2,523,233 | 10,589,665 |
Current | 378,548 | 147,368 |
Greater than 90 Days Past Due and Accruing | ' | ' |
Total Non-Accrual and Past Due Loans | 2,901,781 | 10,737,033 |
Non-Accrual Loans [Member] | Substandard [Member] | Consumer [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
31-60 Days Past Due | ' | ' |
61-90 Days Past Due | ' | ' |
Greater Than 90 Days | 1,811 | ' |
Total Past Due | 1,811 | ' |
Current | 30,876 | 2,368 |
Greater than 90 Days Past Due and Accruing | ' | ' |
Total Non-Accrual and Past Due Loans | $32,687 | $2,368 |
Loan_Receivables_and_Allowance8
Loan Receivables and Allowance for Loan Losses - Delinquency Status of Loans Receivable, by Performing and Non-Performing Loans (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total Non-Accrual and > 90 Days Past Due Loans | $13,174,312 | $26,044,432 |
Total Performing Loans | 423,058,175 | 464,150,482 |
Pass [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total Performing Loans | 394,892,209 | 396,336,289 |
Special Mention [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total Performing Loans | 9,242,388 | 33,437,077 |
Substandard [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total Performing Loans | 18,923,578 | 34,377,116 |
Commercial [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total Non-Accrual and > 90 Days Past Due Loans | 6,176,799 | 1,019,509 |
Total Performing Loans | 35,061,249 | 36,428,751 |
Commercial [Member] | Pass [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total Non-Accrual and > 90 Days Past Due Loans | 25,000 | 300,000 |
Total Performing Loans | 27,390,833 | 26,804,886 |
Commercial [Member] | Special Mention [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total Non-Accrual and > 90 Days Past Due Loans | ' | ' |
Total Performing Loans | 167,095 | 7,399,006 |
Commercial [Member] | Substandard [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total Non-Accrual and > 90 Days Past Due Loans | 6,151,799 | 719,509 |
Total Performing Loans | 7,503,321 | 2,224,859 |
Commercial Real Estate [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total Non-Accrual and > 90 Days Past Due Loans | 2,605,571 | 11,164,774 |
Total Performing Loans | 223,165,092 | 247,495,321 |
Commercial Real Estate [Member] | Pass [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total Non-Accrual and > 90 Days Past Due Loans | ' | 566,936 |
Total Performing Loans | 207,068,369 | 212,331,978 |
Commercial Real Estate [Member] | Special Mention [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total Non-Accrual and > 90 Days Past Due Loans | ' | ' |
Total Performing Loans | 9,075,293 | 16,929,236 |
Commercial Real Estate [Member] | Substandard [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total Non-Accrual and > 90 Days Past Due Loans | 2,605,571 | 10,597,838 |
Total Performing Loans | 7,021,430 | 18,234,107 |
Construction [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total Non-Accrual and > 90 Days Past Due Loans | 260,000 | 1,862,038 |
Total Performing Loans | 260,000 | 4,997,991 |
Construction [Member] | Special Mention [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total Non-Accrual and > 90 Days Past Due Loans | ' | ' |
Total Performing Loans | ' | 3,135,953 |
Construction [Member] | Substandard [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total Non-Accrual and > 90 Days Past Due Loans | 260,000 | 1,862,038 |
Total Performing Loans | 260,000 | 1,862,038 |
Construction to Permanent [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total Non-Accrual and > 90 Days Past Due Loans | 1,197,474 | 1,258,710 |
Total Performing Loans | 11,303,002 | 4,851,768 |
Construction to Permanent [Member] | Pass [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total Non-Accrual and > 90 Days Past Due Loans | ' | ' |
Total Performing Loans | 10,105,528 | 3,593,058 |
Construction to Permanent [Member] | Substandard [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total Non-Accrual and > 90 Days Past Due Loans | 1,197,474 | 1,258,710 |
Total Performing Loans | 1,197,474 | 1,258,710 |
Residential Real Estate [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total Non-Accrual and > 90 Days Past Due Loans | 2,901,781 | 10,737,033 |
Total Performing Loans | 106,198,275 | 119,033,025 |
Residential Real Estate [Member] | Pass [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total Non-Accrual and > 90 Days Past Due Loans | ' | ' |
Total Performing Loans | 103,296,494 | 102,985,814 |
Residential Real Estate [Member] | Special Mention [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total Non-Accrual and > 90 Days Past Due Loans | ' | ' |
Total Performing Loans | ' | 5,310,178 |
Residential Real Estate [Member] | Substandard [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total Non-Accrual and > 90 Days Past Due Loans | 2,901,781 | 10,737,033 |
Total Performing Loans | 2,901,781 | 10,737,033 |
Consumer [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total Non-Accrual and > 90 Days Past Due Loans | 32,687 | 2,368 |
Total Performing Loans | 47,070,557 | 51,343,626 |
Consumer [Member] | Pass [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total Non-Accrual and > 90 Days Past Due Loans | ' | ' |
Total Performing Loans | 47,030,985 | 50,620,553 |
Consumer [Member] | Special Mention [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total Non-Accrual and > 90 Days Past Due Loans | ' | ' |
Total Performing Loans | ' | 662,705 |
Consumer [Member] | Substandard [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total Non-Accrual and > 90 Days Past Due Loans | 32,687 | 2,368 |
Total Performing Loans | 39,572 | 60,368 |
Performing (Accruing) Loans [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
31-60 Days Past Due | 2,972,237 | 51,009 |
61- 89 Days Past Due | 826,199 | 12,443 |
Total Past Due | 3,798,436 | 63,452 |
Current | 406,085,427 | 438,042,598 |
Total Loan Balances | 409,883,863 | 438,106,050 |
Performing (Accruing) Loans [Member] | Commercial [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
31-60 Days Past Due | 725,000 | 10,171 |
61- 89 Days Past Due | ' | ' |
Total Past Due | 725,000 | 10,171 |
Current | 28,159,450 | 35,399,071 |
Total Loan Balances | 28,884,450 | 35,409,242 |
Performing (Accruing) Loans [Member] | Commercial [Member] | Pass [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
31-60 Days Past Due | 725,000 | 10,171 |
61- 89 Days Past Due | ' | ' |
Total Past Due | 725,000 | 10,171 |
Current | 26,640,833 | 26,494,715 |
Total Loan Balances | 27,365,833 | 26,504,886 |
Performing (Accruing) Loans [Member] | Commercial [Member] | Special Mention [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
31-60 Days Past Due | ' | ' |
61- 89 Days Past Due | ' | ' |
Total Past Due | ' | ' |
Current | 167,095 | 7,399,006 |
Total Loan Balances | 167,095 | 7,399,006 |
Performing (Accruing) Loans [Member] | Commercial [Member] | Substandard [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
31-60 Days Past Due | ' | ' |
61- 89 Days Past Due | ' | ' |
Total Past Due | ' | ' |
Current | 1,351,522 | 1,505,350 |
Total Loan Balances | 1,351,522 | 1,505,350 |
Performing (Accruing) Loans [Member] | Commercial Real Estate [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
31-60 Days Past Due | 1,858,402 | ' |
61- 89 Days Past Due | 266,250 | ' |
Total Past Due | 2,124,652 | ' |
Current | 218,434,869 | 236,330,547 |
Total Loan Balances | 220,559,521 | 236,330,547 |
Performing (Accruing) Loans [Member] | Commercial Real Estate [Member] | Pass [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
31-60 Days Past Due | 1,858,402 | ' |
61- 89 Days Past Due | 266,250 | ' |
Total Past Due | 2,124,652 | ' |
Current | 204,943,717 | 211,765,042 |
Total Loan Balances | 207,068,369 | 211,765,042 |
Performing (Accruing) Loans [Member] | Commercial Real Estate [Member] | Special Mention [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
31-60 Days Past Due | ' | ' |
61- 89 Days Past Due | ' | ' |
Total Past Due | ' | ' |
Current | 9,075,293 | 16,929,236 |
Total Loan Balances | 9,075,293 | 16,929,236 |
Performing (Accruing) Loans [Member] | Commercial Real Estate [Member] | Substandard [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
31-60 Days Past Due | ' | ' |
61- 89 Days Past Due | ' | ' |
Total Past Due | ' | ' |
Current | 4,415,859 | 7,636,269 |
Total Loan Balances | 4,415,859 | 7,636,269 |
Performing (Accruing) Loans [Member] | Construction [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
31-60 Days Past Due | ' | ' |
61- 89 Days Past Due | ' | ' |
Total Past Due | ' | ' |
Current | ' | 3,135,953 |
Total Loan Balances | ' | 3,135,953 |
Performing (Accruing) Loans [Member] | Construction [Member] | Special Mention [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
31-60 Days Past Due | ' | ' |
61- 89 Days Past Due | ' | ' |
Total Past Due | ' | ' |
Current | ' | 3,135,953 |
Total Loan Balances | ' | 3,135,953 |
Performing (Accruing) Loans [Member] | Construction [Member] | Substandard [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
31-60 Days Past Due | ' | ' |
61- 89 Days Past Due | ' | ' |
Total Past Due | ' | ' |
Current | ' | ' |
Total Loan Balances | ' | ' |
Performing (Accruing) Loans [Member] | Construction to Permanent [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
31-60 Days Past Due | ' | ' |
61- 89 Days Past Due | ' | ' |
Total Past Due | ' | ' |
Current | 10,105,528 | 3,593,058 |
Total Loan Balances | 10,105,528 | 3,593,058 |
Performing (Accruing) Loans [Member] | Construction to Permanent [Member] | Pass [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
31-60 Days Past Due | ' | ' |
61- 89 Days Past Due | ' | ' |
Total Past Due | ' | ' |
Current | 10,105,528 | 3,593,058 |
Total Loan Balances | 10,105,528 | 3,593,058 |
Performing (Accruing) Loans [Member] | Construction to Permanent [Member] | Substandard [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
31-60 Days Past Due | ' | ' |
61- 89 Days Past Due | ' | ' |
Total Past Due | ' | ' |
Current | ' | ' |
Total Loan Balances | ' | ' |
Performing (Accruing) Loans [Member] | Residential Real Estate [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
31-60 Days Past Due | 31,951 | 40,838 |
61- 89 Days Past Due | ' | ' |
Total Past Due | 31,951 | 40,838 |
Current | 103,264,543 | 108,255,154 |
Total Loan Balances | 103,296,494 | 108,295,992 |
Performing (Accruing) Loans [Member] | Residential Real Estate [Member] | Pass [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
31-60 Days Past Due | 31,951 | 40,838 |
61- 89 Days Past Due | ' | ' |
Total Past Due | 31,951 | 40,838 |
Current | 103,264,543 | 102,944,976 |
Total Loan Balances | 103,296,494 | 102,985,814 |
Performing (Accruing) Loans [Member] | Residential Real Estate [Member] | Special Mention [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
31-60 Days Past Due | ' | ' |
61- 89 Days Past Due | ' | ' |
Total Past Due | ' | ' |
Current | ' | 5,310,178 |
Total Loan Balances | ' | 5,310,178 |
Performing (Accruing) Loans [Member] | Residential Real Estate [Member] | Substandard [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
31-60 Days Past Due | ' | ' |
61- 89 Days Past Due | ' | ' |
Total Past Due | ' | ' |
Current | ' | ' |
Total Loan Balances | ' | ' |
Performing (Accruing) Loans [Member] | Consumer [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
31-60 Days Past Due | 356,884 | ' |
61- 89 Days Past Due | 559,949 | 12,443 |
Total Past Due | 916,833 | 12,443 |
Current | 46,121,037 | 51,328,815 |
Total Loan Balances | 47,037,870 | 51,341,258 |
Performing (Accruing) Loans [Member] | Consumer [Member] | Pass [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
31-60 Days Past Due | 349,999 | ' |
61- 89 Days Past Due | 559,949 | 12,443 |
Total Past Due | 909,948 | 12,443 |
Current | 46,121,037 | 50,608,110 |
Total Loan Balances | 47,030,985 | 50,620,553 |
Performing (Accruing) Loans [Member] | Consumer [Member] | Special Mention [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
31-60 Days Past Due | ' | ' |
61- 89 Days Past Due | ' | ' |
Total Past Due | ' | ' |
Current | ' | 662,705 |
Total Loan Balances | ' | 662,705 |
Performing (Accruing) Loans [Member] | Consumer [Member] | Substandard [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
31-60 Days Past Due | 6,885 | ' |
61- 89 Days Past Due | ' | ' |
Total Past Due | 6,885 | ' |
Current | ' | 58,000 |
Total Loan Balances | $6,885 | $58,000 |
Loan_Receivables_and_Allowance9
Loan Receivables and Allowance for Loan Losses - Summarizes Impaired Loans (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Financing Receivable, Impaired [Line Items] | ' | ' |
Related Allowance with an allowance | $1,890,737 | $968,414 |
Related Allowance, Total | 1,890,737 | 968,414 |
Recorded investments with no related allowance | 14,485,307 | 24,958,254 |
Recorded investments with an allowance | 7,508,091 | 8,424,824 |
Recorded Investment, Total | 21,993,398 | 33,383,078 |
Unpaid principal with no related allowance | 18,193,716 | 28,276,743 |
Unpaid principal with an allowance | 7,919,880 | 8,779,882 |
Unpaid Principal Balance, Total | 26,113,596 | 37,056,625 |
Related Allowance with an allowance | 1,890,737 | 968,414 |
Related Allowance, Total | 1,890,737 | 968,414 |
Commercial [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Related Allowance with an allowance | 1,500,000 | 33,280 |
Related Allowance, Total | 1,500,000 | 33,280 |
Recorded investments with no related allowance | 1,799 | 46,301 |
Recorded investments with an allowance | 6,150,000 | 173,208 |
Recorded Investment, Total | 6,151,799 | 219,509 |
Unpaid principal with no related allowance | 150,969 | 131,195 |
Unpaid principal with an allowance | 6,150,000 | 350,000 |
Unpaid Principal Balance, Total | 6,300,969 | 481,195 |
Related Allowance with an allowance | 1,500,000 | 33,280 |
Related Allowance, Total | 1,500,000 | 33,280 |
Commercial Real Estate [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Related Allowance with an allowance | 31,097 | 728,607 |
Related Allowance, Total | 31,097 | 728,607 |
Recorded investments with no related allowance | 7,596,817 | 12,328,103 |
Recorded investments with an allowance | 170,406 | 3,581,000 |
Recorded Investment, Total | 7,767,223 | 15,909,103 |
Unpaid principal with no related allowance | 8,316,412 | 13,369,985 |
Unpaid principal with an allowance | 215,219 | 3,606,947 |
Unpaid Principal Balance, Total | 8,531,631 | 16,976,932 |
Related Allowance with an allowance | 31,097 | 728,607 |
Related Allowance, Total | 31,097 | 728,607 |
Construction [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Related Allowance with an allowance | 260,000 | 120,616 |
Related Allowance, Total | 260,000 | 120,616 |
Recorded investments with no related allowance | ' | ' |
Recorded investments with an allowance | 260,000 | 1,862,038 |
Recorded Investment, Total | 260,000 | 1,862,038 |
Unpaid principal with no related allowance | ' | ' |
Unpaid principal with an allowance | 486,625 | 2,013,663 |
Unpaid Principal Balance, Total | 486,625 | 2,013,663 |
Related Allowance with an allowance | 260,000 | 120,616 |
Related Allowance, Total | 260,000 | 120,616 |
Construction to Permanent [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Related Allowance with an allowance | ' | ' |
Related Allowance, Total | 2,188,387 | ' |
Recorded investments with no related allowance | 1,197,474 | 1,258,710 |
Recorded investments with an allowance | ' | ' |
Recorded Investment, Total | 1,197,474 | 1,258,710 |
Unpaid principal with no related allowance | 1,425,000 | 1,425,000 |
Unpaid principal with an allowance | ' | ' |
Unpaid Principal Balance, Total | 1,425,000 | 1,425,000 |
Related Allowance with an allowance | ' | ' |
Related Allowance, Total | 2,188,387 | ' |
Residential Real Estate [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Related Allowance with an allowance | 97,829 | 83,543 |
Related Allowance, Total | 97,829 | 83,543 |
Recorded investments with no related allowance | 5,098,392 | 10,760,965 |
Recorded investments with an allowance | 925,874 | 2,806,210 |
Recorded Investment, Total | 6,024,266 | 13,567,175 |
Unpaid principal with no related allowance | 7,631,751 | 12,786,388 |
Unpaid principal with an allowance | 1,065,974 | 2,806,766 |
Unpaid Principal Balance, Total | 8,697,725 | 15,593,154 |
Related Allowance with an allowance | 97,829 | 83,543 |
Related Allowance, Total | 97,829 | 83,543 |
Consumer [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Related Allowance with an allowance | 1,811 | 2,368 |
Related Allowance, Total | 1,811 | 2,368 |
Recorded investments with no related allowance | 590,825 | 564,175 |
Recorded investments with an allowance | 1,811 | 2,368 |
Recorded Investment, Total | 592,636 | 566,543 |
Unpaid principal with no related allowance | 669,584 | 564,175 |
Unpaid principal with an allowance | 2,062 | 2,506 |
Unpaid Principal Balance, Total | 671,646 | 566,681 |
Related Allowance with an allowance | 1,811 | 2,368 |
Related Allowance, Total | $1,811 | $2,368 |
Recovered_Sheet1
Loan Receivables and Allowance for Loan Losses - Total Troubled Debt Restructured Loans Included in Impaired Loans (Detail) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
SecurityLoan | SecurityLoan | |
Financing Receivable, Modifications [Line Items] | ' | ' |
Number of Loans | 2 | 8 |
Troubled debt restructured loan amount | $1,890,737 | $968,414 |
Troubled debt restructured loan amount | 2,188,387 | 11,635,026 |
Commercial Real Estate [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Number of Loans | ' | 2 |
Troubled debt restructured loan amount | 31,097 | 728,607 |
Troubled debt restructured loan amount | ' | 4,255,658 |
Residential Real Estate [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Number of Loans | ' | 3 |
Troubled debt restructured loan amount | 97,829 | 83,543 |
Troubled debt restructured loan amount | ' | 5,519,232 |
Construction to Permanent [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Number of Loans | 2 | 1 |
Troubled debt restructured loan amount | 2,188,387 | ' |
Troubled debt restructured loan amount | ' | 1,258,710 |
Commercial [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Number of Loans | ' | 1 |
Troubled debt restructured loan amount | 1,500,000 | 33,280 |
Troubled debt restructured loan amount | ' | 37,251 |
Consumer Home Equity [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Number of Loans | ' | 1 |
Troubled debt restructured loan amount | ' | 564,175 |
Accrual of Loans [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Number of Loans | 1 | 1 |
Troubled debt restructured loan amount | 990,913 | 564,175 |
Accrual of Loans [Member] | Commercial Real Estate [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Number of Loans | ' | ' |
Troubled debt restructured loan amount | ' | ' |
Accrual of Loans [Member] | Residential Real Estate [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Number of Loans | ' | ' |
Troubled debt restructured loan amount | ' | ' |
Accrual of Loans [Member] | Construction to Permanent [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Number of Loans | 1 | ' |
Troubled debt restructured loan amount | 990,913 | ' |
Troubled debt restructured loan amount | ' | ' |
Accrual of Loans [Member] | Commercial [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Number of Loans | ' | ' |
Troubled debt restructured loan amount | ' | ' |
Accrual of Loans [Member] | Consumer Home Equity [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Number of Loans | ' | 1 |
Troubled debt restructured loan amount | ' | 564,175 |
Non-Accrual Loans [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Number of Loans | 1 | 7 |
Troubled debt restructured loan amount | 1,197,474 | 11,070,851 |
Non-Accrual Loans [Member] | Commercial Real Estate [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Number of Loans | ' | 2 |
Troubled debt restructured loan amount | ' | 4,255,658 |
Non-Accrual Loans [Member] | Residential Real Estate [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Number of Loans | ' | 3 |
Troubled debt restructured loan amount | ' | 5,519,232 |
Non-Accrual Loans [Member] | Construction to Permanent [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Number of Loans | 1 | 1 |
Troubled debt restructured loan amount | 1,197,474 | ' |
Troubled debt restructured loan amount | ' | 1,258,710 |
Non-Accrual Loans [Member] | Commercial [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Number of Loans | ' | 1 |
Troubled debt restructured loan amount | ' | 37,251 |
Non-Accrual Loans [Member] | Consumer Home Equity [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Number of Loans | ' | ' |
Troubled debt restructured loan amount | ' | ' |
Recovered_Sheet2
Loan Receivables and Allowance for Loan Losses - Summarizes Loans that were Modified in a Troubled Debt Restructuring (Detail) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Relationships | Relationships | |
Financing Receivable, Modifications [Line Items] | ' | ' |
Number of Relationships, Pre-Modification | 2 | 6 |
Number of Relationships, Post-Modification | 1 | 5 |
Pre-Modification Outstanding Recorded Investment | $4,730,324 | $14,036,050 |
Post-Modification Outstanding Recorded Investment | 990,913 | 6,126,226 |
Residential Real Estate [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Number of Relationships, Pre-Modification | ' | 3 |
Number of Relationships, Post-Modification | ' | 3 |
Pre-Modification Outstanding Recorded Investment | ' | 8,529,624 |
Post-Modification Outstanding Recorded Investment | ' | 5,524,800 |
Construction to Permanent [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Number of Relationships, Pre-Modification | 2 | 1 |
Number of Relationships, Post-Modification | 1 | ' |
Pre-Modification Outstanding Recorded Investment | 4,730,324 | 4,905,000 |
Post-Modification Outstanding Recorded Investment | 990,913 | ' |
Commercial [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Number of Relationships, Pre-Modification | ' | 1 |
Number of Relationships, Post-Modification | ' | 1 |
Pre-Modification Outstanding Recorded Investment | ' | 37,251 |
Post-Modification Outstanding Recorded Investment | ' | 37,251 |
Consumer Home Equity [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Number of Relationships, Pre-Modification | ' | 1 |
Number of Relationships, Post-Modification | ' | 1 |
Pre-Modification Outstanding Recorded Investment | ' | 564,175 |
Post-Modification Outstanding Recorded Investment | ' | $564,175 |
Premises_and_Equipment_Summary
Premises and Equipment - Summary of Premises and Equipment (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Property, Plant and Equipment [Line Items] | ' | ' |
Gross | $25,338,717 | $13,912,902 |
Less: accumulated depreciation and amortization | -10,277,279 | -9,536,286 |
Premises and equipment, net | 15,061,438 | 4,376,616 |
Leasehold Improvements [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Gross | 6,060,275 | 6,356,657 |
Furniture, Equipment and Software [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Gross | 6,981,177 | 6,591,500 |
Land [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Gross | 7,340,858 | ' |
Buildings [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Gross | $4,956,407 | $964,745 |
Premises_and_Equipment_Additio
Premises and Equipment - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Property Plant And Equipment Useful Life And Values [Abstract] | ' | ' | ' |
Depreciation and amortization expense | $1,230,917 | $1,215,774 | $1,272,660 |
Premises and Equipment held for sale | ' | $88,000 | ' |
Other_Real_Estate_Operations_A
Other Real Estate Operations - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Real Estate [Abstract] | ' | ' | ' |
Other real estate owned | $0 | $4,873,844 | ' |
Other real estate operations | $211,687 | ($58,044) | $877,969 |
Other_Real_Estate_Operations_S
Other Real Estate Operations - Summary of Other Real Estate Operations (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Real Estate [Abstract] | ' | ' | ' |
Expenses of holding other real estate owned | $325,650 | $127,099 | $918,291 |
Impairment write-downs on other real estate owned | ' | ' | 165,764 |
(Gain) loss on sale of other real estate owned | -113,963 | -185,143 | -193,786 |
Rental income from other real estate owned | ' | ' | -12,300 |
Expense from other real estate operations | $211,687 | ($58,044) | $877,969 |
Deposits_Summary_of_Companys_D
Deposits - Summary of Company's Deposits (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Banking And Thrift [Abstract] | ' | ' |
Weighted Average Interest Rate Time certificates less than $100000 | 1.05% | 1.37% |
Weighted Average Interest Rate Time certificates,$100,000 or more | 1.09% | 1.50% |
Weighted Average Interest Rate Money market | 0.04% | 0.20% |
Weighted Average Interest Rate Savings | 0.30% | 0.51% |
Weighted Average Interest Rate NOW | 0.01% | 0.07% |
Non-interest bearing | $55,358,161 | $65,176,125 |
Time certificates, less than $100,000 | 129,548,033 | 160,610,601 |
Time certificates, $100,000 or more | 106,387,098 | 121,142,374 |
Money market | 29,309,657 | 42,401,428 |
Savings | 80,982,920 | 77,760,967 |
NOW | 28,618,213 | 30,191,403 |
Total interest bearing | 374,845,921 | 432,106,773 |
Total deposits | $430,204,082 | $497,282,898 |
Deposits_Additional_Informatio
Deposits - Additional Information (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Banking And Thrift [Abstract] | ' | ' |
Certificate of Deposit Account Registry Service | $0 | $0 |
Deposits held for sale | $0 | $24,705,381 |
Deposits_Interest_Expense_on_D
Deposits - Interest Expense on Deposits (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Banking And Thrift [Abstract] | ' | ' | ' |
Time certificates, less than $100,000 | $1,821,591 | $2,706,666 | $3,380,456 |
Time certificates, $100,000 or more | 1,600,519 | 2,225,726 | 2,567,071 |
Money market | 40,481 | 71,808 | 88,813 |
Savings | 349,998 | 330,842 | 235,628 |
NOW | 8,718 | 16,435 | 11,610 |
Total interest expense | $3,821,307 | $5,351,477 | $6,283,578 |
Deposits_Contractual_Maturitie
Deposits - Contractual Maturities of Time Certificates of Deposit (Detail) (USD $) | Dec. 31, 2013 |
Banking And Thrift [Abstract] | ' |
Weighted Average Interest Rate, Due within 1 year | 0.96% |
Weighted Average Interest Rate, Due within 1-2 years | 1.99% |
Weighted Average Interest Rate, Due within 2-3 years | 1.59% |
Weighted Average Interest Rate, Due within 3-4 years | 1.58% |
Weighted Average Interest Rate, Due within 4-5 years | 0.85% |
Weighted Average Interest Rate, Due Total | 1.07% |
Certificate of Deposit, Due within 1 year | $200,555,373 |
Certificate of Deposit, Due within 1-2 years | 16,514,915 |
Certificate of Deposit, Due within 2-3 years | 5,661,154 |
Certificate of Deposit, Due within 3-4 years | 8,018,162 |
Certificate of Deposit, Due within 4-5 years | 5,185,527 |
Certificate of Deposit, Due Total | $235,935,131 |
Borrowings_Additional_Informat
Borrowings - Additional Information (Detail) (USD $) | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2003 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | |
Quarters | Federal Home Loan Bank Borrowings [Member] | Federal Home Loan Bank Borrowings [Member] | Trust [Member] | Trust [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||
Unsecured Debt [Member] | Federal Home Loan Bank Borrowings [Member] | Federal Home Loan Bank Borrowings [Member] | |||||||||||
Borrowings Under Repurchase Agreements [Line items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Additional amount available under FHLB | ' | ' | $37,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit with the FHLB | ' | ' | 2,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Advances outstanding under line of credit | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
FHLB advances Paid off during period | 50,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rates ranges of FHLB | 4.41% | ' | ' | ' | ' | ' | 0.77% | ' | ' | 3.69% | ' | ' | ' |
Restructured interest rates ranges of FHLB | ' | ' | ' | ' | ' | ' | ' | ' | 0.77% | ' | ' | 2.19% | ' |
Restructured FHLB advance | 10,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructured interest rate | 2.19% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Extension of maturity period | '1 year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding advances from the FHLB | 57,000,000 | 50,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rates of outstanding advances from FHLB | ' | ' | ' | ' | ' | ' | 0.19% | 0.19% | ' | 1.17% | 1.17% | ' | ' |
Securities sold under Repurchase agreements | 0 | 7,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fixed interest rate | 4.35% | 4.35% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Securities sold under repurchase agreements | 7,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Trust's common securities | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Trust preferred securities | ' | ' | ' | ' | 8,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Tier I Capital | ' | ' | ' | ' | 25.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Unsecured subordinated debentures | ' | ' | ' | ' | ' | 8,248,000 | ' | ' | ' | ' | ' | ' | ' |
Debt instrument interest rate description | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'Three-month LIBOR plus 3.15% |
LIBOR interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.15% |
Subordinated debentures, interest rate | 3.40% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maturity date of subordinated debentures | ' | ' | ' | ' | ' | 26-Mar-33 | ' | ' | ' | ' | ' | ' | ' |
Number of consecutive quarters for interest deferment | 20 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accrued interest payable | $1,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Duration of the Trust | '30 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Borrowings_Maturity_of_Borrowi
Borrowings - Maturity of Borrowings (Detail) (USD $) | Dec. 31, 2013 |
Schedule Of Borrowings [Line Items] | ' |
2014 | $57,000,000 |
2015 | ' |
2016 | ' |
2017 | ' |
2018 | ' |
Thereafter | 8,248,000 |
Total borrowings | 65,248,000 |
Fixed Interest Rate [Member] | ' |
Schedule Of Borrowings [Line Items] | ' |
2014 | 57,000,000 |
2015 | ' |
2016 | ' |
2017 | ' |
2018 | ' |
Thereafter | ' |
Total borrowings | 57,000,000 |
Floating Interest Rate [Member] | ' |
Schedule Of Borrowings [Line Items] | ' |
2014 | ' |
2015 | ' |
2016 | ' |
2017 | ' |
2018 | ' |
Thereafter | 8,248,000 |
Total borrowings | $8,248,000 |
Commitments_and_Contingencies_1
Commitments and Contingencies - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Agreement | |||
Location | |||
Branches | |||
Commitments And Contingencies [Line Items] | ' | ' | ' |
Non-cancelable operating leases expiration dates | 'through 2017 | ' | ' |
Operating lease commitments included in restructuring charges | $3,812,637 | ' | ' |
Number of branch closed | 1 | ' | ' |
Total rental expenses | 2,142,995 | 2,531,929 | 2,838,066 |
Income from subleases | 70,835 | 54,846 | 33,326 |
Number of locations | 2 | ' | ' |
Number of change in control agreements | 2 | ' | ' |
Employee compensation multiples | 2.5 | ' | ' |
Change in control period considered after termination | '6 months | ' | ' |
Restructuring Charges [Member] | ' | ' | ' |
Commitments And Contingencies [Line Items] | ' | ' | ' |
Operating lease commitments included in restructuring charges | $39,646 | ' | ' |
Commitments_and_Contingencies_2
Commitments and Contingencies - Future Minimum Leasing Rental Commitments (Detail) (USD $) | Dec. 31, 2013 |
Commitments And Contingencies Disclosure [Abstract] | ' |
2014 | $1,638,568 |
2015 | 1,271,057 |
2016 | 720,034 |
2017 | 182,978 |
2018 | ' |
Thereafter | ' |
Total | $3,812,637 |
Income_Taxes_Components_of_the
Income Taxes - Components of the Income Tax Provision (Benefit) (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Current | ' | ' | ' |
Federal | ' | ' | ' |
State | -21,080 | ' | ' |
Total | -21,080 | ' | ' |
Deferred | ' | ' | ' |
Federal | -317,704 | ' | ' |
State | ' | ' | ' |
Total | -317,704 | ' | ' |
Benefit for income taxes | ($338,784) | ' | ' |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |
Income Tax [Line Items] | ' | ' | ' | ' |
Federal income tax rate | 34.00% | 34.00% | 34.00% | ' |
Valuation allowance | $18,067,789 | $15,038,936 | $14,414,582 | ' |
Percentage of change in ownership for operating loss carry forward | ' | ' | ' | 50.00% |
Annual limitation on use of pre -ownership changes losses | 284,000 | ' | ' | ' |
Net operating loss carryforwards | 36,200,000 | ' | ' | ' |
Carryforward period of ownership | '20 years | ' | ' | ' |
Utilize pre-ownership change losses | 5,600,000 | ' | ' | ' |
Write-off deferred tax assets | ' | ' | 10,400,000 | ' |
Federal net operating loss carryforwards expiration year start | '2020 | ' | ' | ' |
U.S Federal [Member] | ' | ' | ' | ' |
Income Tax [Line Items] | ' | ' | ' | ' |
Net operating loss carryforwards | $19,100,000 | ' | ' | ' |
Income_Taxes_Reconciliation_of
Income Taxes - Reconciliation of the Anticipated Income Tax Benefit (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Benefit for income taxes at statutory Federal rate | ($2,593,428) | ($182,296) | ($5,256,200) |
State taxes, net of Federal benefit | -21,080 | ' | ' |
Dividends received deduction | ' | ' | -50,100 |
Nondeductible expenses | 6,006 | 4,570 | 5,900 |
Write-off of DTA due to 382 Limitation | ' | ' | 10,382,276 |
Change in cash surrender value of life insurance | -177,843 | -175,814 | -216,300 |
Increase (decrease) in valuation allowance | 2,447,561 | 329,113 | -4,853,660 |
Other | 0 | 24,427 | -11,916 |
Benefit for income taxes | ($338,784) | ' | ' |
Income_Taxes_Tax_Effects_of_Te
Income Taxes - Tax Effects of Temporary Differences (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Deferred tax assets: | ' | ' | ' |
Allowance for loan losses | $2,212,628 | $2,343,090 | $3,655,330 |
Nonaccrual interest | 1,474,105 | 1,324,824 | 774,233 |
Premises and equipment | 1,276,365 | 1,073,884 | 1,090,095 |
Accrued expenses | 375,881 | 224,523 | 405,108 |
Share-based Compensation | ' | 72,456 | ' |
Capital loss carryover | 572,301 | 572,301 | 572,301 |
State NOL carryforward benefit | 3,612,623 | 3,237,434 | 3,081,579 |
Federal NOL carryforward benefit | 18,427,179 | 15,850,218 | 14,755,699 |
NOL write-off for B' 382 Limitation | -10,382,276 | -10,382,276 | -10,382,276 |
Federal AMT benefit estimate | ' | 317,704 | 317,704 |
Unrealized loss AFS | 462,192 | 250,819 | ' |
Other | 36,791 | 153,959 | 144,809 |
Gross deferred tax assets | 18,067,789 | 15,038,936 | 14,414,582 |
Valuation allowance | -18,067,789 | -15,038,936 | -14,414,582 |
Deferred tax assets, net of valuation allowance | ' | ' | ' |
Deferred tax liabilities | ' | ' | ' |
Investment securities | ' | ' | -82,337 |
Other | ' | ' | ' |
Gross deferred tax liabilities | ' | ' | -82,337 |
Deferred tax liability, net | ' | ' | ($82,337) |
Income_Taxes_Allocation_of_the
Income Taxes - Allocation of the Deferred Tax (Benefit) Provision Items Charged to Operations and Items Charged Directly to Equity (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Deferred tax benefit allocated to equity | ' | ' | ($712,832) |
Deferred tax provision allocated to operations | ' | ' | ' |
Total deferred tax benefit | ' | ' | ($712,832) |
Other_Intangible_Assets_Change
Other Intangible Assets - Changes in the carrying amount of core deposit intangibles (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Total other intangible assets | ' | ' | ' |
Balance | ' | ' | ' |
Amortization expense | 0 | 6,962 | 15,012 |
Asset disposal | -31,234 | ' | ' |
Balance | ' | ' | ' |
Core Deposits [Member] | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Total other intangible assets | ' | ' | ' |
Balance | ' | 38,196 | ' |
Amortization expense | ' | 6,962 | ' |
Asset disposal | ' | 31,234 | ' |
Balance | ' | ' | ' |
Other_Intangible_Assets_Additi
Other Intangible Assets - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ' | ' |
Amortization expense | $0 | $6,962 | $15,012 |
Asset disposal | $31,234 | ' | ' |
Cash_Surrender_Value_of_Life_I1
Cash Surrender Value of Life Insurance - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract] | ' | ' | ' |
Cash surrender value, Aggregate | $22,024,770 | $21,501,703 | ' |
Income from life insurance policies | $523,067 | $517,099 | $636,272 |
ShareBased_Compensation_Additi
Share-Based Compensation - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
2012 Stock Plan for issuance of common stock | 3,000,000 | ' | ' |
2012 Stock Plan remain available for issuance of common stock | 2,552,964 | ' | ' |
Weighted Average Exercise Price, Granted | $2.20 | $2.20 | ' |
Stock options expiration period | '10 years | ' | ' |
Fair value of stock options granted method | 'Black-Scholes option pricing model | ' | ' |
Stock options granted date | 24-Jan-12 | ' | ' |
Stock options expected life | '6 years 3 months 11 days | ' | ' |
Stock options risk-free rate of return | 1.28% | ' | ' |
Stock options volatility | 61.29% | ' | ' |
Stock options dividend yield | 0.00% | ' | ' |
Number of Stock Options, Outstanding | ' | 850,000 | ' |
Share-based Compensation | $130,686 | $306,421 | $0 |
Option exercised | 0 | 0 | ' |
Restricted stock granted | 329,649 | 152,169 | ' |
Value of shares issued to directors in payment of directors fee | ' | 120,397 | ' |
Awards in 2011 | ' | ' | 0 |
Option granted | 0 | 850,000 | ' |
Expected future stock award expense related to the non-vested restricted awards | $356,190 | ' | ' |
Expected future stock award expense average period | '2 years 10 months 17 days | ' | ' |
Vesting Period One [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Restricted stock grants vesting period | '3 years | ' | ' |
Vesting Period Two [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Restricted stock grants vesting period | '4 years | ' | ' |
Vesting Period Three [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Restricted stock grants vesting period | '5 years | ' | ' |
Restricted Stock [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Restricted stock granted | 294,861 | ' | ' |
Shares issued to directors in payment of directors fee | 0 | 152,169 | ' |
Restricted Stock [Member] | Vesting Period One [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Restricted stock grants vesting period | '3 years | ' | ' |
Restricted Stock [Member] | Vesting Period Two [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Restricted stock grants vesting period | '4 years | ' | ' |
Restricted Stock [Member] | Vesting Period Three [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Restricted stock grants vesting period | '5 years | ' | ' |
ShareBased_Compensation_Summar
Share-Based Compensation - Summary of Non-Vested Stock Options (Detail) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ' |
Number of Stock Options, Outstanding Beginning Balance | 850,000 | ' |
Number of Stock Options, Forfeited | -850,000 | ' |
Weighted Average Grant Date Fair Value, Forfeited | $0.90 | ' |
Weighted Average Exercise Price, Forfeited | $2.20 | ' |
Weighted Average Contractual Life (years), Forfeited | '10 years | ' |
Number of Stock Options, Granted | 0 | 850,000 |
Number of Stock Options Outstanding, Ending Balance | ' | 850,000 |
Weighted Average Grant Date Fair Value, Outstanding, Beginning Balance | $0.90 | ' |
Number of Stock Options, Exercisable | ' | ' |
Weighted Average Grant Date Fair Value, Granted | ' | $0.90 |
Weighted Average Grant Date Fair Value, Outstanding, Ending Balance | ' | $0.90 |
Weighted Average Exercise Price, Outstanding, Beginning Balance | $2.20 | ' |
Weighted Average Grant Date Fair Value, Exercisable | ' | ' |
Weighted Average Exercise Price, Granted | $2.20 | $2.20 |
Weighted Average Exercise Price, Outstanding, Ending Balance | ' | $2.20 |
Weighted Average Contractual Life (years), Outstanding, Beginning Balance | '10 years | ' |
Weighted Average Exercise Price, Exercisable | ' | ' |
Weighted Average Contractual Life (years), Granted | ' | '10 years |
Weighted Average Contractual Life (years), Outstanding, Ending Balance | ' | '10 years |
Weighted Average Contractual Life (years), Exercisable | ' | ' |
ShareBased_Compensation_Summar1
Share-Based Compensation - Summary of Restricted Shares (Detail) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ' |
Number of Shares Awarded, Non-vested, Beginning Balance | 44,566 | ' |
Number of Shares Awarded, Granted | 329,649 | 152,169 |
Number of Shares Awarded, Vested | -92,380 | -72,821 |
Number of Shares Awarded, Forfeited | ' | -34,782 |
Number of Shares Awarded, Non-vested, Ending Balance | 281,835 | 44,566 |
Weighted Average Grant Date Fair Value, Non-vested, Beginning Balance | $1.73 | ' |
Weighted Average Grant Date Fair Value, Granted | $1.24 | $1.69 |
Weighted Average Grant Date Fair Value, Vested | $1.41 | $1.65 |
Weighted Average Grant Date Fair Value, Forfeited | ' | $1.73 |
Weighted Average Grant Date Fair Value, Non-vested, Ending Balance | $1.26 | $1.73 |
Shareholders_Equity_Additional
Shareholder's Equity - Additional Information (Detail) (USD $) | 0 Months Ended | 12 Months Ended | ||
Oct. 15, 2010 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Equity [Abstract] | ' | ' | ' | ' |
Common stock, issued | 33,600,000 | ' | ' | ' |
Common stock, purchase price | $1.50 | ' | ' | ' |
Common stock, aggregate purchase price | $50,400,000 | ' | ' | ' |
Common stock sold, percentage | 87.60% | ' | ' | ' |
Common stock, par value | $0.01 | $0.01 | $0.01 | ' |
Common stock, authorized shares increased | 100,000,000 | 100,000,000 | 100,000,000 | ' |
Dilutive securities | ' | 0 | 0 | 0 |
Shareholders_Equity_Computatio
Shareholder's Equity - Computation of Basic and Diluted Loss Per Share (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Equity [Abstract] | ' | ' | ' |
Net loss | ($7,288,946) | ($536,164) | ($15,459,486) |
Weighted Average Common Shares O/S | 38,423,533 | 38,401,889 | 38,362,727 |
Per Share Amount | ($0.19) | ($0.01) | ($0.40) |
401k_Savings_Plan_Additional_I
401(k) Savings Plan - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Schedule Of Sale Of Subsidiary [Abstract] | ' | ' | ' |
Period of service required for savings plan covering | '6 months | ' | ' |
Age required for savings plan covering | '21 years | ' | ' |
Company matching contribution | 50.00% | ' | ' |
Contribution to participants salary, maximum | 6.00% | ' | ' |
Company contribution towards savings plan | $130,000 | $160,000 | $201,000 |
Financial_Instruments_with_Off2
Financial Instruments with Off-Balance-Sheet Risk - Contractual Amounts Represent Credit Risk (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Commitments to extend credit: | ' | ' |
Total Commitments to extend credit | $79,323,662 | $89,537,884 |
Future Loan Commitments [Member] | ' | ' |
Commitments to extend credit: | ' | ' |
Total Commitments to extend credit | 7,102,437 | 16,601,019 |
Home Equity Lines of Credit [Member] | ' | ' |
Commitments to extend credit: | ' | ' |
Total Commitments to extend credit | 28,707,608 | 30,044,312 |
Unused Lines of Credit [Member] | ' | ' |
Commitments to extend credit: | ' | ' |
Total Commitments to extend credit | 40,207,868 | 39,652,231 |
Undisbursed Construction Loans [Member] | ' | ' |
Commitments to extend credit: | ' | ' |
Total Commitments to extend credit | 2,187,752 | 3,233,322 |
Financial Standby Letters of Credit [Member] | ' | ' |
Commitments to extend credit: | ' | ' |
Total Commitments to extend credit | $1,117,997 | $7,000 |
Financial_Instruments_with_Off3
Financial Instruments with Off-Balance-Sheet Risk - Additional Information (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Insurance [Abstract] | ' | ' |
Bank's reserve based on the analysis in the unfunded commitments | $12,000 | $5,000 |
Regulatory_and_Operational_Mat2
Regulatory and Operational Matters - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2013 | |
Banking And Thrift [Abstract] | ' |
Targets a minimum Tier 1 leverage capital ratio | 9.00% |
Loans or advances to Company from Bank limited | 10.00% |
Regulatory_and_Operational_Mat3
Regulatory and Operational Matters - Company's and Bank's Actual Capital Amounts and Ratios (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ' | ' |
Tier 1 Capital (to Average Assets), Actual Ratio | 9.00% | ' |
Parent Company [Member] | ' | ' |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ' | ' |
Total Capital (to Risk Weighted Assets), Actual Amount | $56,060 | $63,253 |
Tier 1 Capital (to Risk Weighted Assets), Actual Amount | 51,027 | 58,186 |
Tier 1 Capital (to Average Assets), Actual Amount | 51,027 | 58,186 |
Total Capital (to Risk Weighted Assets), For Capital Adequacy Purposes Amount | 43,300 | 49,447 |
Total Capital (to Risk Weighted Assets), Actual Ratio | 13.95% | 15.64% |
Tier 1 Capital (to Risk Weighted Assets), For Capital Adequacy Purposes Amount | 21,650 | 24,724 |
Tier 1 Capital (to Risk Weighted Assets), Actual Ratio | 12.70% | 14.39% |
Tier 1 Capital (to Average Assets), For Capital Adequacy Purposes Amount | 21,888 | 24,948 |
Tier 1 Capital (to Average Assets), Actual Ratio | 9.33% | 9.33% |
Total Capital (to Risk Weighted Assets), To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | ' | ' |
Total Capital (to Risk Weighted Assets), For Capital Adequacy Purposes Ratio | 8.00% | 8.00% |
Tier 1 Capital (to Risk Weighted Assets), To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | ' | ' |
Tier 1 Capital (to Risk Weighted Assets), For Capital Adequacy Purposes Ratio | 4.00% | 4.00% |
Tier 1 Capital (to Average Assets), To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | ' | ' |
Tier 1 Capital (to Average Assets), For Capital Adequacy Purposes Ratio | 4.00% | 4.00% |
Total Capital (to Risk Weighted Assets), To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | ' | ' |
Tier 1 Capital (to Risk Weighted Assets), To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | ' | ' |
Tier 1 Capital (to Average Assets), To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | ' | ' |
Bank [Member] | ' | ' |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ' | ' |
Total Capital (to Risk Weighted Assets), Actual Amount | 55,758 | 61,908 |
Tier 1 Capital (to Risk Weighted Assets), Actual Amount | 50,730 | 56,840 |
Tier 1 Capital (to Average Assets), Actual Amount | 50,730 | 56,840 |
Total Capital (to Risk Weighted Assets), For Capital Adequacy Purposes Amount | 43,270 | 49,447 |
Total Capital (to Risk Weighted Assets), Actual Ratio | 13.86% | 15.31% |
Tier 1 Capital (to Risk Weighted Assets), For Capital Adequacy Purposes Amount | 21,635 | 24,723 |
Tier 1 Capital (to Risk Weighted Assets), Actual Ratio | 12.61% | 14.05% |
Tier 1 Capital (to Average Assets), For Capital Adequacy Purposes Amount | 21,872 | 24,952 |
Tier 1 Capital (to Average Assets), Actual Ratio | 9.28% | 9.11% |
Total Capital (to Risk Weighted Assets), To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | 54,087 | 61,808 |
Total Capital (to Risk Weighted Assets), For Capital Adequacy Purposes Ratio | 8.00% | 8.00% |
Tier 1 Capital (to Risk Weighted Assets), To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | 32,452 | 37,085 |
Tier 1 Capital (to Risk Weighted Assets), For Capital Adequacy Purposes Ratio | 4.00% | 4.00% |
Tier 1 Capital (to Average Assets), To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | $27,340 | $31,190 |
Tier 1 Capital (to Average Assets), For Capital Adequacy Purposes Ratio | 4.00% | 4.00% |
Total Capital (to Risk Weighted Assets), To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | 10.00% | 10.00% |
Tier 1 Capital (to Risk Weighted Assets), To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | 6.00% | 6.00% |
Tier 1 Capital (to Average Assets), To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | 5.00% | 5.00% |
Related_Party_Transactions_Add
Related Party Transactions - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Related Party Transactions [Abstract] | ' | ' | ' |
Equity ownership percentage | 10.00% | ' | ' |
Related party deposits | $3,063,909 | $3,224,946 | ' |
Rental income | 0 | 15,266 | 25,601 |
Company paid legal fees | 0 | 3,725 | 75 |
Receivables due from an affiliate for rent paid | $400 | $39,000 | ' |
Related_Party_Transactions_Cha
Related Party Transactions - Changes in Loans Outstanding (Detail) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Related Party Transactions [Abstract] | ' | ' |
Balance, beginning of year | $122 | $2,068,939 |
Additional Loans | 58 | 483 |
Repayments | -143 | -2,069,300 |
Balance, end of year | $37 | $122 |
Other_Comprehensive_Income_Cha
Other Comprehensive Income - Change in Unrealized Gains and Losses on Available-for-Sale Securities (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Change In Unrealized Gains And Losses On Available For Sale Securities [Abstract] | ' | ' | ' |
Unrealized holding (losses) gains arising during the period, Before Tax Amount | ($568,850) | $76,135 | ($766,569) |
Reclassification adjustment for losses / net gains recognized in income, Before Tax Amount | ' | -910,591 | -1,109,305 |
Unrealized holding losses / gains on available for sale securities, net of taxes, Before Tax Amount | -568,850 | -834,456 | -1,875,874 |
Unrealized holding (losses) gains arising during the period, Tax Effect | ' | -28,931 | 291,296 |
Reclassification adjustment for losses / net gains recognized in income, Tax Effect | ' | 111,268 | 421,536 |
Unrealized holding losses / gains on available for sale securities, net of taxes, Tax Effect | ' | 82,337 | 712,832 |
Unrealized holding (losses) gains arising during the period, Net of Tax Amount | -568,850 | 47,204 | -475,273 |
Reclassification adjustment for losses / net gains recognized in income, Net of Tax Amount | ' | -799,323 | -687,769 |
Unrealized holding losses / gains on available for sale securities, net of taxes, Net of Tax Amount | ($568,850) | ($752,119) | ($1,163,042) |
Fair_Value_and_Interest_Rate_R2
Fair Value and Interest Rate Risk - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2013 | |
Fair Value Disclosures [Abstract] | ' |
Short-term borrowings | '90 days |
Fair_Value_and_Interest_Rate_R3
Fair Value and Interest Rate Risk - Financial Assets Measured at Fair Value on Recurring Basis (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Securities available for sale | $37,701,356 | $41,719,320 |
U. S. Government Agency Mortgage-Backed Securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Securities available for sale | 21,752,212 | 25,706,891 |
U. S. Government Agency Bonds [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Securities available for sale | 7,079,350 | 7,526,170 |
Corporate Bonds [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Securities available for sale | 8,869,794 | 8,486,259 |
Fair Value Measurements Recurring [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Securities available for sale | 37,701,356 | 41,719,320 |
Fair Value Measurements Recurring [Member] | U. S. Government Agency Mortgage-Backed Securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Securities available for sale | 21,752,212 | 25,706,891 |
Fair Value Measurements Recurring [Member] | U. S. Government Agency Bonds [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Securities available for sale | 7,079,350 | 7,526,170 |
Fair Value Measurements Recurring [Member] | Corporate Bonds [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Securities available for sale | 8,869,794 | 8,486,259 |
Level 1 [Member] | Fair Value Measurements Recurring [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Securities available for sale | ' | ' |
Level 1 [Member] | Fair Value Measurements Recurring [Member] | U. S. Government Agency Mortgage-Backed Securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Securities available for sale | ' | ' |
Level 1 [Member] | Fair Value Measurements Recurring [Member] | U. S. Government Agency Bonds [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Securities available for sale | ' | ' |
Level 1 [Member] | Fair Value Measurements Recurring [Member] | Corporate Bonds [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Securities available for sale | ' | ' |
Level 2 [Member] | Fair Value Measurements Recurring [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Securities available for sale | 37,701,356 | 41,719,320 |
Level 2 [Member] | Fair Value Measurements Recurring [Member] | U. S. Government Agency Mortgage-Backed Securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Securities available for sale | 21,752,212 | 25,706,891 |
Level 2 [Member] | Fair Value Measurements Recurring [Member] | U. S. Government Agency Bonds [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Securities available for sale | 7,079,350 | 7,526,170 |
Level 2 [Member] | Fair Value Measurements Recurring [Member] | Corporate Bonds [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Securities available for sale | 8,869,794 | 8,486,259 |
Level 3 [Member] | Fair Value Measurements Recurring [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Securities available for sale | ' | ' |
Level 3 [Member] | Fair Value Measurements Recurring [Member] | U. S. Government Agency Mortgage-Backed Securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Securities available for sale | ' | ' |
Level 3 [Member] | Fair Value Measurements Recurring [Member] | U. S. Government Agency Bonds [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Securities available for sale | ' | ' |
Level 3 [Member] | Fair Value Measurements Recurring [Member] | Corporate Bonds [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Securities available for sale | ' | ' |
Fair_Value_and_Interest_Rate_R4
Fair Value and Interest Rate Risk - Financial Assets Measured at Fair Value on Non-Recurring Basis (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Impaired Loans | $21,993,398 | $33,383,078 |
Other real estate owned | 0 | 4,873,844 |
Fair Value Measurements Nonrecurring [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Impaired Loans | 7,508,091 | 8,424,786 |
Other real estate owned | ' | 4,873,844 |
Level 1 [Member] | Fair Value Measurements Nonrecurring [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Impaired Loans | ' | ' |
Other real estate owned | ' | ' |
Level 2 [Member] | Fair Value Measurements Nonrecurring [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Impaired Loans | ' | ' |
Other real estate owned | ' | ' |
Level 3 [Member] | Fair Value Measurements Nonrecurring [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Impaired Loans | 7,508,091 | 8,424,786 |
Other real estate owned | ' | $4,873,844 |
Fair_Value_and_Interest_Rate_R5
Fair Value and Interest Rate Risk - Carrying Amounts and Estimated Fair Values of Financial Instruments (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Financial Assets: | ' | ' |
Cash and noninterest bearing deposits due from banks | $1,570,411 | $2,736,486 |
Interest-bearing deposits due from banks, Carrying Amount | 33,295,470 | 67,567,155 |
Short-term investments, Carrying Amount | ' | 710,766 |
Other investments, Carrying Amount | 4,450,000 | 3,500,000 |
Federal Reserve Bank stock, Carrying Amount | 1,444,300 | 1,730,200 |
Federal Home Loan Bank stock, Carrying Amount | 4,142,600 | 4,343,800 |
Loans receivable, net, Carrying Amount | 418,148,323 | 458,793,536 |
Accrued interest receivable, Carrying Amount | 1,566,415 | 1,894,292 |
Financial Liabilities: | ' | ' |
Savings deposits, Carrying Amount | 80,982,920 | 77,760,967 |
Money market deposits, Carrying Amount | 29,309,657 | 42,401,428 |
NOW accounts, Carrying Amount | 28,618,213 | 30,191,403 |
Time deposits, Carrying Amount | 235,935,131 | ' |
FHLB Borrowings, Carrying Amount | 57,000,000 | 50,000,000 |
Securities sold under repurchase agreements, Carrying Amount | ' | 7,000,000 |
Accrued interest payable, Carrying Amount | 1,400,000 | ' |
Level 1 [Member] | ' | ' |
Financial Assets: | ' | ' |
Cash and noninterest bearing deposits due from banks | 1,570,000 | 2,736,000 |
Interest-bearing deposits due from banks, Carrying Amount | 33,295,000 | 67,567,000 |
Short-term investments, Carrying Amount | ' | 711,000 |
Federal Reserve Bank stock, Carrying Amount | 1,444,000 | 1,730,000 |
Federal Home Loan Bank stock, Carrying Amount | 4,143,000 | 4,344,000 |
Accrued interest receivable, Carrying Amount | 1,566,000 | 1,894,000 |
Cash and noninterest bearing balances due from banks, Estimated Fair Value | 1,570,000 | 2,736,000 |
Interest-bearing deposits due from banks, Estimated Fair Value | 33,295,000 | 67,567,000 |
Short-term investments, Estimated Fair Value | ' | 711,000 |
Federal Reserve Bank stock, Estimated Fair Value | 1,444,000 | 1,730,000 |
Federal Home Loan Bank stock, Estimated Fair Value | 4,143,000 | 4,344,000 |
Accrued interest receivable, Estimated Fair Value | 1,566,000 | 1,894,000 |
Financial Liabilities: | ' | ' |
Demand deposits, Carrying Amount | 55,358,000 | 65,176,000 |
Savings deposits, Carrying Amount | 80,983,000 | 77,761,000 |
Money market deposits, Carrying Amount | 29,310,000 | 42,401,000 |
NOW accounts, Carrying Amount | 28,618,000 | 30,191,000 |
Accrued interest payable, Carrying Amount | 1,388,000 | 1,241,000 |
Demand deposits, Estimated Fair Value | 55,358,000 | 65,176,000 |
Savings deposits, Estimated Fair Value | 80,983,000 | 77,761,000 |
Money market deposits, Estimated Fair Value | 29,310,000 | 42,401,000 |
NOW accounts, Estimated Fair Value | 28,618,000 | 30,191,000 |
Accrued interest payable, Estimated Fair Value | 1,388,000 | 1,241,000 |
Level 2 [Member] | ' | ' |
Financial Assets: | ' | ' |
Other investments, Carrying Amount | 4,450,000 | 3,500,000 |
Other investments, Estimated Fair Value | 4,450,000 | 3,500,000 |
Financial Liabilities: | ' | ' |
Time deposits, Carrying Amount | 235,935,000 | 281,753,000 |
FHLB Borrowings, Carrying Amount | 57,000,000 | 50,000,000 |
Securities sold under repurchase agreements, Carrying Amount | ' | 7,000,000 |
Subordinated debt, Carrying Amount | 8,248,000 | 8,248,000 |
Time deposits, Estimated Fair Value | 236,602,000 | 284,974,000 |
FHLB Borrowings, Estimated Fair Value | 57,000,000 | 52,448,000 |
Securities sold under repurchase agreements, Estimated Fair Value | ' | 7,683,000 |
Subordinated debt, Estimated Fair Value | 8,248,000 | 8,248,000 |
Level 3 [Member] | ' | ' |
Financial Assets: | ' | ' |
Loans receivable, net, Carrying Amount | 418,148,000 | 458,794,000 |
Loans receivable, net, Estimated Fair Value | $424,831,000 | $464,551,000 |
Restructuring_Charges_and_Asse2
Restructuring Charges and Asset Disposals - Additional Information (Detail) (USD $) | 0 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||
Oct. 31, 2013 | Jul. 31, 2013 | Jun. 13, 2013 | 29-May-13 | Jun. 29, 2012 | Sep. 23, 2011 | 16-May-11 | Mar. 03, 2011 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Employees | Branch | Employees | Branch | Employees | ||||||||
Restructuring And Related Activities [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring charges and asset disposals | ' | ' | ' | ' | $444,285 | ' | ' | ' | $495,207 | $521,903 | $939,492 | $2,986,441 |
Branches resulted in an earnings charge | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,800,000 | ' | ' |
Lease termination expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,200,000 | ' | ' |
Lease liabilities charges | ' | ' | ' | ' | 140,292 | ' | ' | ' | ' | 400,000 | ' | ' |
Severance payments | ' | ' | ' | ' | ' | ' | ' | ' | ' | 200,000 | ' | ' |
Write-off of leasehold improvements | ' | ' | ' | ' | ' | ' | ' | ' | ' | 600,000 | ' | ' |
Number of consolidated branches to reduce operating expenses | ' | ' | ' | ' | ' | ' | ' | 4 | ' | ' | ' | ' |
Total number of employees affected by reduction | ' | ' | 19 | ' | ' | ' | 18 | ' | 12 | ' | ' | ' |
Severance expenses | 73,935 | 53,510 | 515,161 | ' | 247,163 | ' | ' | ' | 445,429 | 600,000 | ' | ' |
Term of period in which office vacant | ' | ' | ' | ' | ' | '2 years | ' | ' | ' | ' | ' | ' |
Asset disposals | ' | ' | ' | ' | 56,830 | ' | ' | ' | 39,445 | ' | ' | ' |
Lease liabilities | ' | ' | ' | ' | ' | ' | ' | ' | 10,333 | ' | ' | ' |
Number of branches | ' | ' | ' | ' | 3 | ' | ' | ' | ' | ' | ' | ' |
Operating cost reduction | ' | ' | ' | $120,703 | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring_Charges_and_Asse3
Restructuring Charges and Asset Disposals - Restructuring Reserves (Detail) (USD $) | 0 Months Ended | 3 Months Ended | 12 Months Ended | ||
Jun. 29, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' |
Beginning balance | ' | ' | $253,219 | ' | ' |
Expenses | 444,285 | 495,207 | 521,903 | 939,492 | 2,986,441 |
Cash payments | ' | ' | -598,159 | ' | ' |
Non-cash charges | ' | ' | -87,161 | ' | ' |
Ending balance | ' | ' | 89,802 | 253,219 | ' |
Lease Liability Costs 2011 [Member] | ' | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' |
Beginning balance | ' | ' | 172,999 | ' | ' |
Expenses | ' | ' | -120,703 | ' | ' |
Cash payments | ' | ' | ' | ' | ' |
Non-cash charges | ' | ' | -52,296 | ' | ' |
Ending balance | ' | ' | ' | ' | ' |
Lease Liability Costs 2012 [Member] | ' | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' |
Beginning balance | ' | ' | 80,220 | ' | ' |
Expenses | ' | ' | ' | ' | ' |
Cash payments | ' | ' | -22,112 | ' | ' |
Non-cash charges | ' | ' | -34,865 | ' | ' |
Ending balance | ' | ' | 23,243 | ' | ' |
Severance and Benefit Costs 2013 [Member] | ' | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' |
Beginning balance | ' | ' | ' | ' | ' |
Expenses | ' | ' | 642,606 | ' | ' |
Cash payments | ' | ' | -576,047 | ' | ' |
Non-cash charges | ' | ' | ' | ' | ' |
Ending balance | ' | ' | $66,559 | ' | ' |
Condensed_Parent_Company_Only_2
Condensed Parent Company Only Financial Statements - Condensed Balance Sheets (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
ASSETS | ' | ' | ' | ' |
Cash and due from banks | $1,570,411 | $2,736,486 | ' | ' |
Other assets | 1,843,043 | 2,580,118 | ' | ' |
Total assets | 541,248,126 | 617,855,135 | ' | ' |
LIABILITIES AND SHAREHOLDERS' EQUITY | ' | ' | ' | ' |
Shareholders' equity | 41,840,688 | 49,567,798 | 50,549,660 | 67,172,188 |
Total liabilities and shareholders' equity | 541,248,126 | 617,855,135 | ' | ' |
Parent Company [Member] | ' | ' | ' | ' |
ASSETS | ' | ' | ' | ' |
Cash and due from banks | 1,734,335 | 2,382,695 | ' | ' |
Investment in subsidiaries | 49,931,446 | 56,601,461 | ' | ' |
Other assets | 200,563 | 286,506 | ' | ' |
Total assets | 51,866,344 | 59,270,662 | ' | ' |
LIABILITIES AND SHAREHOLDERS' EQUITY | ' | ' | ' | ' |
Borrowings | 8,248,000 | 8,248,000 | ' | ' |
Accrued expenses and other liabilities | 1,777,656 | 1,454,864 | ' | ' |
Shareholders' equity | 41,840,688 | 49,567,798 | ' | ' |
Total liabilities and shareholders' equity | $51,866,344 | $59,270,662 | ' | ' |
Condensed_Parent_Company_Only_3
Condensed Parent Company Only Financial Statements - Codensed Statements of Operations (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Expenses | ' | ' | ' |
Other expenses | $980,922 | $1,100,214 | $953,268 |
Loss before equity in undistributed net loss of subsidiaries | -7,627,730 | -536,164 | -15,459,486 |
Net loss | -7,288,946 | -536,164 | -15,459,486 |
Parent Company [Member] | ' | ' | ' |
Revenues | ' | ' | ' |
Dividends from subsidiary bank | ' | ' | ' |
Total revenue | ' | ' | ' |
Expenses | ' | ' | ' |
Other expenses | 395,056 | 699,646 | 319,070 |
Total expenses | 687,781 | 1,008,443 | 613,701 |
Loss before equity in undistributed net loss of subsidiaries | -687,781 | -1,008,443 | -613,701 |
Equity in undistributed net (loss) income of subsidiaries | -6,601,165 | 472,279 | -14,845,785 |
Net loss | -7,288,946 | -536,164 | -15,459,486 |
Parent Company [Member] | Subordinated Debt [Member] | ' | ' | ' |
Expenses | ' | ' | ' |
Interest on subordinated debt | $292,725 | $308,797 | $294,631 |
Condensed_Parent_Company_Only_4
Condensed Parent Company Only Financial Statements - Codensed Statements of Cash Flows (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Cash Flows from Operating Activities | ' | ' | ' |
Net loss | ($7,288,946) | ($536,164) | ($15,459,486) |
Adjustments to reconcile net loss to net cash (used in) provided by operating activities: | ' | ' | ' |
Share-based compensation expense | 130,686 | 306,421 | 0 |
Change in assets and liabilities: | ' | ' | ' |
Decrease (increase) in other assets | 737,075 | -167,488 | 6,276,762 |
Increase in accrued expenses and other liabilities | -1,637,666 | 858,272 | 344,279 |
Net cash used in operating activities | -4,696,250 | -3,154,018 | -976,067 |
Cash Flows from Investing Activities | ' | ' | ' |
Net cash provided by investing activities | 35,626,540 | 66,369,544 | 11,523,221 |
Cash Flows from Financing Activities | ' | ' | ' |
Net cash provided by financing activities | -67,078,816 | -47,626,495 | -101,899,436 |
Net (decrease) increase in cash and cash equivalents | -36,148,526 | 15,589,031 | -91,352,282 |
Cash and cash equivalents | ' | ' | ' |
Beginning of year | 71,014,407 | 55,425,376 | 146,777,658 |
End of year | 34,865,881 | 71,014,407 | 55,425,376 |
Supplemental Disclosures of Cash Flow Information | ' | ' | ' |
Cash paid for interest | 4,706,226 | 7,127,255 | 8,290,544 |
Parent Company [Member] | ' | ' | ' |
Cash Flows from Operating Activities | ' | ' | ' |
Net loss | -7,288,946 | -536,164 | -15,459,486 |
Adjustments to reconcile net loss to net cash (used in) provided by operating activities: | ' | ' | ' |
Equity in undistributed loss (income) of subsidiaries | 6,601,165 | -472,279 | 14,845,785 |
Share-based compensation expense | 130,686 | 306,421 | ' |
Change in assets and liabilities: | ' | ' | ' |
Decrease (increase) in other assets | 85,943 | -68,213 | 373,920 |
Increase in accrued expenses and other liabilities | 322,792 | 187,422 | 341,801 |
Net cash used in operating activities | -148,360 | -582,813 | 102,020 |
Cash Flows from Investing Activities | ' | ' | ' |
Net investment in bank subsidiary | -500,000 | ' | ' |
Net cash provided by investing activities | -500,000 | ' | ' |
Cash Flows from Financing Activities | ' | ' | ' |
Proceeds from issuance of common stock | ' | ' | ' |
Net cash provided by financing activities | ' | ' | ' |
Net (decrease) increase in cash and cash equivalents | -648,360 | -582,813 | 102,020 |
Cash and cash equivalents | ' | ' | ' |
Beginning of year | 2,382,695 | 2,965,508 | 2,863,488 |
End of year | 1,734,335 | 2,382,695 | 2,965,508 |
Supplemental Disclosures of Cash Flow Information | ' | ' | ' |
Cash paid for interest | ' | ' | ' |
Accrued dividends declared on common stock | ' | ' | ' |