Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Feb. 28, 2015 | Jun. 30, 2014 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | PATRIOT NATIONAL BANCORP INC | ||
Document Type | 10-K | ||
Current Fiscal Year End Date | -19 | ||
Entity Common Stock, Shares Outstanding | 3,948,067 | ||
Entity Public Float | $6,800,000 | ||
Amendment Flag | FALSE | ||
Entity Central Index Key | 1098146 | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Smaller Reporting Company | ||
Entity Well-known Seasoned Issuer | No | ||
Document Period End Date | 31-Dec-14 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | ||
ASSETS | ||||
Noninterest bearing deposits and cash | $2,095,000 | $1,570,000 | ||
Interest bearing deposits | 71,163,000 | 33,296,000 | ||
Total cash and cash equivalents | 73,258,000 | 34,866,000 | ||
Securities: | ||||
Available for sale securities, at fair value (Note 3) | 33,682,000 | 37,701,000 | ||
Other Investments | 4,450,000 | 4,450,000 | ||
Federal Reserve Bank stock, at cost | 2,058,000 | 1,444,000 | ||
Federal Home Loan Bank stock, at cost (Note 8) | 6,628,000 | 4,143,000 | ||
Total securities | 46,818,000 | 47,738,000 | ||
Loans receivable (net of allowance for loan losses: 2014: $4,924, 2013: $5,681) (Notes 4 and 17) | 471,984,000 | 418,148,000 | ||
Accrued interest and dividends receivable | 1,918,000 | 1,566,000 | ||
Premises and equipment, net (Notes 5 and 9) | 22,357,000 | 15,061,000 | ||
Cash surrender value of bank owned life insurance (Note 11) | 0 | 22,025,000 | ||
Deferred tax asset (Note 10) | 14,926,000 | 0 | ||
Other assets | 1,363,000 | 1,844,000 | ||
Total assets | 632,624,000 | 541,248,000 | ||
Liabilities | ||||
Noninterest bearing deposits | 63,398,000 | 55,358,000 | ||
Interest bearing deposits | 379,635,000 | 374,846,000 | ||
Total deposits | 443,033,000 | 430,204,000 | ||
Federal Home Loan Bank borrowings (Note 8) | 120,000,000 | 57,000,000 | ||
Junior subordinated debt owed to unconsolidated trust (Note 8) | 8,248,000 | 8,248,000 | ||
Accrued expenses and other liabilities | 2,608,000 | 3,955,000 | ||
Total liabilities | 573,889,000 | 499,407,000 | ||
Commitments and Contingencies (Notes 8,9 and 14) | ||||
Shareholders' equity (1)(Notes 12 and 16) | ||||
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; 2014: 3,952,177 shares issued; 3,951,007 shares outstanding. 2013: 3,878,668 shares issued; 3,877,497 shares outstanding | 395,000 | [1] | 388,000 | [1] |
Additional paid-in capital | 105,752,000 | [1] | 105,484,000 | [1] |
Accumulated deficit | -46,975,000 | [1] | -62,684,000 | [1] |
Less: Treasury stock, at cost: 2014 and 2013, 1,170 shares | -160,000 | [1] | -160,000 | [1] |
Accumulated other comprehensive loss | -277,000 | [1] | -1,187,000 | [1] |
Total shareholders' equity | 58,735,000 | [1] | 41,841,000 | [1] |
Total liabilities and shareholders' equity | $632,624,000 | [1] | $541,248,000 | [1] |
[1] | On March 4, 2015, the Company affected a 1-for-10 reverse stock split. All common stock data included in these financial statements has been restated to give effect to the reverse stock split. |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parentheticals) (USD $) | 12 Months Ended | |||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | ||
Net of allowance for loan losses (in Dollars) | 4,924 | $5,681 | ||
Preferred stock, shares authorized | 1,000,000 | 1,000,000 | ||
Preferred stock, shares issued | 0 | 0 | ||
Preferred stock, shares outstanding | 0 | 0 | ||
Preferred stock, par value (in Dollars per share) | 0 | $0 | ||
Common stock, par value (in Dollars per share) | 0.01 | [1] | $0.01 | [1] |
Common stock, shares authorized | 100,000,000 | [1] | 100,000,000 | [1] |
Common stock, shares issued | 3,952,177 | [1] | 3,878,668 | [1] |
Common stock, shares outstanding | 3,951,007 | [1] | 3,877,497 | [1] |
Treasury stock, shares | 1,170 | [1] | 1,170 | [1] |
Reverse Stock Split [Member] | ||||
Reverse stock split | 10 | |||
[1] | On March 4, 2015, the Company affected a 1-for-10 reverse stock split. All common stock data included in these financial statements has been restated to give effect to the reverse stock split. |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 12 Months Ended | |||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||||
Interest and Dividend Income | ||||||
Interest and fees on loans | $19,601,000 | $20,706,000 | $23,482,000 | |||
Interest on investment securities | 528,000 | 775,000 | 1,508,000 | |||
Dividends on investment securities | 172,000 | 113,000 | 128,000 | |||
Other interest income | 67,000 | 60,000 | 98,000 | |||
Total interest and dividend income | 20,368,000 | 21,654,000 | 25,216,000 | |||
Interest Expense | ||||||
Interest on deposits | 2,364,000 | 3,822,000 | 5,351,000 | |||
Interest on Federal Home Loan Bank borrowings | 181,000 | 666,000 | 1,459,000 | |||
Interest on subordinated debt | 425,000 | 284,000 | 300,000 | |||
Interest on other borrowings | 82,000 | 309,000 | ||||
Total interest expense | 2,970,000 | 4,854,000 | 7,419,000 | |||
Net interest income | 17,398,000 | 16,800,000 | 17,797,000 | |||
Provision for Loan Losses (Note 4) | 970,000 | -2,379,000 | ||||
Net interest income after provision for loan losses | 17,398,000 | 15,830,000 | 20,176,000 | |||
Non-interest Income | ||||||
Mortgage banking activity | 25,000 | 255,000 | 164,000 | |||
Loan application, inspection and processing fees | 214,000 | 249,000 | 101,000 | |||
Fees and service charges | 896,000 | 744,000 | 857,000 | |||
Gain on sale of loans | 28,000 | 336,000 | ||||
Net gain on sale of investment securities | 911,000 | |||||
Gain on sale of branch assets and deposits | 51,000 | |||||
Earnings on cash surrender value of bank owned life insurance | 439,000 | 523,000 | 517,000 | |||
Other income | 258,000 | 576,000 | 388,000 | |||
Total non-interest income | 1,832,000 | 2,426,000 | 3,274,000 | |||
Non-interest Expense | ||||||
Salaries and benefits (Notes 9,12 and 14) | 8,097,000 | 9,702,000 | 10,593,000 | |||
Occupancy and equipment expense | 3,556,000 | 3,911,000 | 4,419,000 | |||
Data processing expense | 1,115,000 | 1,296,000 | 1,469,000 | |||
Advertising and promotional expense | 252,000 | 217,000 | 86,000 | |||
Professional and other outside services | 2,312,000 | 2,836,000 | 2,601,000 | |||
Loan administration and processing expense | 65,000 | 220,000 | 137,000 | |||
Regulatory assessments | 879,000 | 1,159,000 | 1,724,000 | |||
Insurance expense | 349,000 | 315,000 | 471,000 | |||
Other real estate operations (Note 6) | 12,000 | 212,000 | -58,000 | |||
Material and communications | 376,000 | 397,000 | 504,000 | |||
Restructuring charges and asset disposals (Note 20) | 0 | 522,000 | 940,000 | |||
Prepayment penalty on borrowings | 4,116,000 | |||||
Other operating expense | 1,258,000 | 981,000 | 1,100,000 | |||
Total non-interest expense | 18,271,000 | 25,884,000 | 23,986,000 | |||
Income (loss) before income taxes | 959,000 | -7,628,000 | -536,000 | |||
Benefit for Income Taxes (Note 10) | -14,750,000 | -339,000 | ||||
Net income (loss) | $15,709,000 | ($7,289,000) | ($536,000) | |||
Income (loss) per share (1) (Note 13) (in Dollars per share) | $4.08 | [1],[2] | ($1.90) | [1] | ($0.14) | [1] |
[1] | On March 4, 2015, the Company affected a 1-for-10 reverse stock split. All per share data has been restated to give effect to the reverse stock split. | |||||
[2] | On March 4, 2015, the Company affected a 1-for- 10 reverse stock split. All common stock and per share data have been restated to give effect to the reverse stock split. |
Consolidated_Statements_of_Ope1
Consolidated Statements of Operations (Parentheticals) (Reverse Stock Split [Member]) | 12 Months Ended |
Dec. 31, 2014 | |
Reverse Stock Split [Member] | |
Reverse stock split | 10 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Net income (loss) | $15,709,000 | ($7,289,000) | ($536,000) |
Other comprehensive income (loss)(Note 18): | |||
Unrealized holding gains (losses) on securities, net of taxes: | 910,000 | -569,000 | 47,000 |
Less reclassification adjustment for net losses included in net income | -799,000 | ||
Total | 910,000 | -569,000 | -752,000 |
Comprehensive income (loss) | $16,619,000 | ($7,858,000) | ($1,288,000) |
Consolidated_Statements_of_Sha
Consolidated Statements of Shareholders' Equity (USD $) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Treasury Stock [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Total | |
Balance at Dec. 31, 2011 | $384,000 | $105,051,000 | ($54,859,000) | ($160,000) | $134,000 | $50,550,000 | |
Comprehensive loss | |||||||
Net income (loss) | -536,000 | -536,000 | |||||
Unrealized holding gain (loss) on available for sale securities | -752,000 | -752,000 | |||||
Total comprehensive income (loss) | -1,288,000 | ||||||
Share-based compensation expense | 306,000 | 306,000 | |||||
Issuance of restricted stock | 1,000 | -1,000 | |||||
Balance at Dec. 31, 2012 | 385,000 | 105,356,000 | -55,395,000 | -160,000 | -618,000 | 49,568,000 | |
Comprehensive loss | |||||||
Net income (loss) | -7,289,000 | -7,289,000 | |||||
Unrealized holding gain (loss) on available for sale securities | -569,000 | -569,000 | |||||
Total comprehensive income (loss) | -7,858,000 | ||||||
Share-based compensation expense | 131,000 | 131,000 | |||||
Issuance of restricted stock | 3,000 | -3,000 | |||||
Balance at Dec. 31, 2013 | 388,000 | 105,484,000 | -62,684,000 | -160,000 | -1,187,000 | 41,841,000 | [1] |
Comprehensive loss | |||||||
Net income (loss) | 15,709,000 | 15,709,000 | |||||
Unrealized holding gain (loss) on available for sale securities | 910,000 | 910,000 | |||||
Total comprehensive income (loss) | 16,619,000 | ||||||
Share-based compensation expense | 275,000 | 275,000 | |||||
Issuance of restricted stock | 7,000 | -7,000 | |||||
Balance at Dec. 31, 2014 | $395,000 | $105,752,000 | ($46,975,000) | ($160,000) | ($277,000) | $58,735,000 | [1] |
[1] | On March 4, 2015, the Company affected a 1-for-10 reverse stock split. All common stock data included in these financial statements has been restated to give effect to the reverse stock split. |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Net income (loss): | $15,709,000 | ($7,289,000) | ($536,000) |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||
Restructuring charges and asset disposals | -163,000 | -64,000 | |
Amortization of investment premiums, net | 238,000 | 187,000 | 311,000 |
Amortization and accretion of purchase loan premiums and discounts, net | -883,000 | 20,000 | 11,000 |
Provision for loan losses | 970,000 | -2,379,000 | |
Net gain on sale of investment securities | -911,000 | ||
Gain on sale of loans | -283,000 | -420,000 | |
Originations of mortgage loans held for sale | -35,647,000 | -5,206,000 | |
Proceeds from sales of mortgage loans held for sale | 37,429,000 | 3,763,000 | |
Loss on disposal of fixed assets | 16,000 | ||
Earnings on cash surrender value of life insurance | -439,000 | -523,000 | -517,000 |
Liquidation of cash surrender value of life insurance | 22,464,000 | ||
Depreciation and amortization | 1,085,000 | 1,215,000 | 1,216,000 |
Loss (gain) on sale of other real estate owned | 4,000 | -114,000 | -185,000 |
Proceeds from sale of branch assets and deposits | 127,000 | ||
Gain on sale of branch assets and deposits | -51,000 | ||
Share-based compensation | 275,000 | 131,000 | 306,000 |
Changes in assets and liabilities: | |||
Decrease (increase) in net deferred loan costs | 12,000 | -132,000 | 184,000 |
(Increase) decrease in accrued interest and dividends receivable | -352,000 | 328,000 | 559,000 |
Increase in deferred tax asset | -14,750,000 | ||
Decrease (increase) in other assets | 481,000 | 737,000 | -160,000 |
(Decrease) increase in accrued expenses and other liabilities | -1,347,000 | -1,637,000 | 858,000 |
Net cash provided by (used in) operating activities | 22,497,000 | -4,695,000 | -3,154,000 |
Cash Flows from Investing Activities: | |||
Principal repayments on available for sale securities | 4,515,000 | 2,313,000 | 24,516,000 |
(Purchases) redemptions of Federal Reserve Bank stock | -614,000 | 286,000 | -23,000 |
(Purchases) redemptions of Federal Home Loan Bank stock | -2,485,000 | 201,000 | 165,000 |
Proceeds from sale of loans | 10,655,000 | 99,738,000 | |
(Increase) decrease in loans | -52,965,000 | 25,462,000 | -60,646,000 |
Purchase of other real estate owned | -264,000 | ||
Proceeds from sale of other real estate owned | 260,000 | 5,068,000 | 3,347,000 |
Capital improvements of other real estate owned | -80,000 | -111,000 | |
Purchase of bank premises and equipment, net | -8,381,000 | -8,279,000 | -616,000 |
Net cash (used in) provided by investing activities | -59,934,000 | 35,626,000 | 66,370,000 |
Cash Flows from Financing Activities: | |||
Net Increase (decrease) in deposits | 12,829,000 | -52,541,000 | -47,627,000 |
Decrease in deposits held for sale | -14,538,000 | ||
Increase in FHLB borrowings | 63,000,000 | 7,000,000 | |
Decrease in repurchase agreements | -7,000,000 | ||
Net cash provided by (used in) financing activities | 75,829,000 | -67,079,000 | -47,627,000 |
Net increase (decrease) in cash and cash equivalents | 38,392,000 | -36,148,000 | 15,589,000 |
Cash and cash equivalents at beginning of year | 34,866,000 | 71,014,000 | 55,425,000 |
Cash and cash equivalents at end of year | 73,258,000 | 34,866,000 | 71,014,000 |
Supplemental Disclosures of Cash Flow Information | |||
Interest paid | 4,191,000 | 4,706,000 | 7,127,000 |
Income taxes paid | 3,000 | 3,000 | 10,000 |
Supplemental disclosures of noncash operating, investing and financing activities: | |||
Unrealized holding gain (loss) on available for sale securities arising during the period | 910,000 | -569,000 | -834,000 |
Transfer of loans to other real estate owned | 3,698,000 | 6,112,000 | |
Transfer of other real estate owned to premises and equipment | 950,000 | ||
Reduction in deposits held for sale | 10,167,000 | 24,705,000 | |
Reduction in branch assets held for sale | $12,000 | $88,000 |
Note_1_Nature_of_Operations_an
Note 1 - Nature of Operations and Summary of Significant Accounting Policies | 12 Months Ended | ||
Dec. 31, 2014 | |||
Accounting Policies [Abstract] | |||
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block] | 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 in New York. | |||
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: | |||
The preparation of consolidated financial statements in accordance with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, and to disclose contingent assets and liabilities. Actual results could differ from those estimates. Management has identified accounting for the allowance for loan losses, the analysis and valuation of its investment securities and the valuation of deferred tax assets, as the Company’s most critical accounting policies and estimates in that they are important to the portrayal of the Company’s financial condition and results. They require management’s most subjective and complex judgment as a result of the need to make estimates about the effect of matters that are inherently uncertain. These policies as well as the Company’s other significant accounting policies are described below. | |||
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 subsidiaries, PinPat Acquisition Corporation and ABC HOLD Co, LLC, and have been prepared in conformity with U.S. generally accepted accounting principles. All significant intercompany balances and transactions have been eliminated. | |||
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 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. The Company did not maintain any balances in federal funds sold or short-term investments during 2014. | |||
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 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, 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 (ALL) 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 Company’s December 31, 2014 allowance calculation included the use of more definitive and distinct Loss Emergence Periods (LEPs) for each loan segment, allowing the Company to more accurately forecast probable losses that have already occurred in the loan portfolio, which may not have emerged into “problem loan” status. | |||
The updates and refinements to the allowance methodology did not have a significant impact on the total Allowance for Loan Losses, but as depicted in the tables in footnote 4, did result in some realignment of Allowance allocations. Notably, the Residential Mortgage allocation increased, which was primarily the result of higher NPLs and calculated loss rates, higher qualitative factor adjustments, and a higher LEP. As this category has incurred the most amount of dollars charged-off each of the past three years and has been a significant contributor to the Company’s non-performing loans, the Company believes the resulting December 31, 2014 Allowance allocation for this portfolio segment was reasonable and appropriate. | |||
The ALL for homogeneous loans is calculated using a systematic methodology with both a quantitative and a qualitative analysis that is applied on a quarterly basis. The ALL model is comprised of five distinct portfolio segments: | |||
1) | Commercial Real Estate | ||
2) | Residential Real Estate | ||
3) | Construction | ||
4) | Commercial | ||
5) | Consumer | ||
Each segment has a distinct set of risk characteristics monitored by management. We further assess and monitor risk and performance at a more disaggregated level which includes our internal risk rating system for the commercial segments and type of collateral, lien position and loan-to-value, or LTV, for the consumer segments. | |||
We first apply historical loss rates to pools of loans with similar risk characteristics. Loss rates are calculated by historical charge-offs that have occurred within each pool of loans over the loss emergence period, or LEP. The LEP is an estimate of the average amount of time from the point at which a loss is incurred on a loan to the point at which the loss is confirmed. In general, the LEP will be shorter in an economic slowdown or recession and longer during times of economic stability or growth, as customers are better able to delay loss confirmation after a potential loss event has occurred. | |||
In conjunction with our annual review of the ALL assumptions, we have updated our study of LEPs for our commercial portfolio segments using our loan charge-off history. | |||
Another key assumption is the look-back period, or LBP, which represents the historical data period utilized to calculate loss rates. We lengthened the LBP for all segments in order to capture relevant historical data believed to be reflective of losses inherent in the portfolios. We use a 2- year LBP for portfolio segments. | |||
After consideration of the historic loss calculations, management applies additional qualitative adjustments so that the ALL is reflective of the inherent losses that exist in the loan portfolio at the balance sheet date. Qualitative adjustments are made based upon changes in economic conditions, loan portfolio and asset quality data and credit process changes, such as credit policies or underwriting standards. The evaluation of the various components of the ALL requires considerable judgment in order to estimate inherent loss exposures. | |||
Qualitative adjustments are aggregated into the nine categories described in the Interagency Policy Statement (“Interagency Statement”) issued by the bank regulators. Within the statement, the following qualitative factors are considered: | |||
1 | Changes in our lending policies and procedures, including underwriting standards, collection, charge-off and recovery practices not considered elsewhere in estimating credit losses; | ||
2 | Changes in national, regional, and local economic and business conditions and developments that affect the collectability of the portfolio, including the condition of various market segments; | ||
3 | Changes in the nature and volume of our loan portfolio and terms of loans; | ||
4 | Changes in the experience, ability and depth of our lending management and staff; | ||
5 | Changes in the volume and loss severity of past due loans, the volume of nonaccrual loans, and the volume and loss severity of adversely classified or graded loans; | ||
6 | Changes in the quality of our loan review system; | ||
7 | Changes in the value of the underlying collateral for collateral-dependent loans; | ||
8 | The existence and effect of any concentrations of credit and changes in the level of such concentrations; and | ||
9 | The effect of other external factors such as competition and legal and regulatory requirements on the level of estimated credit losses in our current loan portfolio. | ||
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 loans 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. Subsequent recoveries, if any, are credited to the allowance. 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 (generally defined by the Company as non-accrual loans, troubled debt restructured loans 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 and loan-to-value if collateral dependent. 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 above. 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. | ||
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. Risk ratings are assigned based upon the recommendations of the credit analyst and the originating loan officer and confirmed by the Loan Committee at the initiation of the transactions 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. | |||
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. The appraisal is subject to review by an independent third party hired by the Company. 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 and if a construction loan, within 120 days prior to the scheduled maturity date. These appraisals may be more limited than those prepared for the underwriting of a new loan. | |||
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 OCC 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. | |||
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 forty 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 (“BOLI”) represented 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, were recorded in other non-interest income and are not subject to income tax. The funds were held in a segregated account and invested in marketable securities. The Bank liquidated the BOLI policy in December 2014. | |||
Income taxes | |||
The Company recognizes income taxes under the asset and liability method. Under this method, net deferred taxes are recognized for the estimated tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, and loss carry forwards. Deferred tax assets (DTAs) and liabilities (DTLs) 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 DTAs and DTLs of a change in tax rates is recognized in income in the period that includes the enactment date. | |||
In certain circumstances deferred tax assets are subject to reduction by a valuation allowance. A valuation allowance is subject to ongoing adjustment based on changes in circumstances that affect management’s judgment about the realizability of the deferred tax asset. Adjustments to increase or decrease the valuation allowance are charged or credited to income tax provision (benefit). | |||
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 had a net deferred tax asset of $14.9 million at December 31, 2014 compared to a net deferred tax asset of $0 at December 31, 2013. The change in net deferred tax asset of $14.9 million was primarily due to the release of the valuation allowance. | |||
The Company evaluates its ability to realize its net deferred tax assets on a quarterly basis. In doing so the Company considers all available evidence, both positive and negative, to determine whether it is more likely than not that the deferred tax assets will be realized. When comparing 2014 to prior periods, management noted positive evidence which included strong positive trend in financial performance, forecasted 2015 and future period taxable income, a significant improvement in the quality of the loan portfolio, favorable changes in operations which permanently reduce operating expenses and net operating loss carry-forwards that do not begin to expire until 2029. The positive evidence noted above resulted in management’s conclusion to release the valuation allowance against the net deferred tax at September 30, 2014. The positive trend in the Bank’s financial performance continued through the fourth quarter, and management determined that a valuation allowance against the net deferred tax asset was not necessary at December 31, 2014. | |||
Management will continue to evaluate the bank’s ability to realize its net deferred tax asset. Future evidence may prove that it is more likely than not that a portion of the net deferred tax asset will not be realized at which point a valuation allowance may be reestablished. | |||
The Company has no unrecognized tax benefits and related interest or penalties at December 31, 2014. 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 through 2013 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 had 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 17 contains details regarding related party transactions. | |||
Earnings or loss per share | |||
Basic earnings or loss per share represents income or loss relating to common shareholders and is computed by dividing net income or loss by the weighted-average number of common shares outstanding. Diluted earnings or loss per share reflects additional common shares that would have been outstanding if potential dilutive common shares had been issued, as well as any adjustments to income resulting from the assumed issuance unless such assumed issuance is anti-dilutive. Potential common shares that may be issued by the Company include any stock options and warrants, and are determined using the treasury stock method. The Company did not have any potentially dilutive shares outstanding in 2013 or 2014. | |||
Treasury shares are not deemed outstanding for income (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 would be 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 2014, 2013 and 2012, 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. | |||
See Note 19 for additional information regarding fair value. | |||
Recently Issued Accounting Standards Updates | |||
ASU 2014-14, “Receivables - Troubled Debt Restructuring by Creditors (Subtopic 310-40)” – Classification of Certain Government-Guaranteed Mortgage Loans upon Foreclosure which will require creditors to derecognize certain foreclosed government-guaranteed mortgage loans and to recognize a separate other receivable that is measured at the amount the creditor expects to recover from the guarantor, and to treat the guarantee and the receivable as a single unit of account. ASU 2014-14 is effective for public business entities for annual periods, and interim periods within those annual periods, beginning after December 15, 2014. For entities other than public business entities, the ASU is effective for annual periods ending after December 15, 2015, and interim periods beginning after December 15, 2015. An entity can elect a prospective or a modified retrospective transition method, but must use the same transition method that it elected under FASB ASU No. 2014-04, Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure. Early adoption, including adoption in an interim period, is permitted if the entity already adopted ASU 2014-04. The Company intends to adopt the accounting standard during the first quarter of 2015, with no material impact on its financial statements anticipated. | |||
ASU No. 2014-12, Compensation-Stock Compensation (Topic 718) “Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period (a consensus of the FASB Emerging Issues Task Force).”– The ASU provides explicit guidance to account for a performance target that could be achieved after the requisite service period as a performance condition. For awards within the scope of this Update, the Task Force decided that an entity should apply existing guidance in Topic 718 as it relates to share-based payments with performance conditions that affect vesting. Consistent with that guidance, performance conditions that affect vesting should not be reflected in estimating the fair value of an award at the grant date. Compensation cost should be recognized when it is probable that the performance target will be achieved and should represent the compensation cost attributable to the period for which the requisite service has already been rendered. If the performance target becomes probable of being achieved before the end of the requisite service period, the remaining unrecognized compensation cost should be recognized prospectively over the remaining requisite service period. The total amount of compensation cost recognized during and after the requisite service period should reflect the number of awards that are expected to vest and should be adjusted to reflect those awards that ultimately vest. The amendments are effective for annual and interim periods beginning after December 15, 2015. The Company intends to adopt the accounting standard during the first quarter of 2015, with no material impact on its financial statements anticipated. | |||
ASU No. 2014-09, “Revenue from Contracts with Customers (Topic 606)” – which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The ASU will replace most existing revenue recognition guidance in GAAP when it becomes effective. The new standard is effective for the Company on January 1, 2017. Early application is not permitted. The standard permits the use of either the retrospective or cumulative effect transition method. The Company is evaluating the effect that ASU 2014-09 will have on its consolidated financial statements and related disclosures. The Company has not yet selected a transition method nor has it determined the effect of the standard on its ongoing financial reporting. | |||
ASU No. 2014-04, “Receivables – Troubled Debt Restructuring by Creditors (Subtopic 310-40): Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans Upon Foreclosure,” was issued to clarify that when an in substance repossession or foreclosure occurs, a creditor is considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan, upon either (1) the creditor obtaining legal title to the residential real estate property upon completion of a foreclosure or (2) the borrower conveying all interest in the residential real estate property to the creditor to satisfy that loan through completion of a deed in lieu of foreclosure or through a similar legal agreement. Additionally, the amendments require interim and annual disclosure of both (1) the amount of foreclosed residential real estate property held by the creditor and (2) the recorded investment in consumer mortgage loans collateralized by residential real estate property that are in the process of foreclosure according to local requirements of the applicable jurisdiction. ASU 2014-04 is effective for annual reporting periods beginning after December 15, 2014. The Company intends to adopt the accounting standard during the first quarter of 2015, with no material impact on its financial statements anticipated. | |||
ASU No. 2014-01, “Accounting for Investments in Qualified Affordable Housing Projects (Topic 323)“- allows an entity that invests in low income housing projects and meets all the specified conditions to use the proportional amortization method to account for the costs of those investments. The effective date is for annual periods and interim periods within those annual periods beginning after December 15, 2014. The Company intends to adopt the accounting standard during the first quarter of 2015, with no material impact on its financial statements anticipated. |
Note_2_Restrictions_On_Cash_an
Note 2 - Restrictions On Cash and Due from Banks | 12 Months Ended | |
Dec. 31, 2014 | ||
Restrictions On Cash And Due From Banks Disclosure [Abstract] | ||
Restrictions On Cash And Due From Banks Disclosure [Text Block] | Note 2 . | Restrictions on Cash and Due From Banks |
At December 31, 2014 and 2013, 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. |
Note_3_AvailableforSale_Securi
Note 3 - Available-for-Sale Securities | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | 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, 2014 and 2013 are as follows: | |||||||||||||||||||||||||
Gross | |||||||||||||||||||||||||
(in thousands) | Amortized | Unrealized | Fair | ||||||||||||||||||||||
Cost | Losses | Value | |||||||||||||||||||||||
2014 | |||||||||||||||||||||||||
U. S. Government agency bonds | $ | 7,500 | $ | (91 | ) | $ | 7,409 | ||||||||||||||||||
U. S. Government agency mortgage-backed securities | 17,635 | (298 | ) | 17,337 | |||||||||||||||||||||
Corporate bonds | 9,000 | (64 | ) | 8,936 | |||||||||||||||||||||
$ | 34,135 | $ | (453 | ) | $ | 33,682 | |||||||||||||||||||
2013 | |||||||||||||||||||||||||
U. S. Government agency bonds | $ | 7,500 | $ | (421 | ) | $ | 7,079 | ||||||||||||||||||
U. S. Government agency mortgage-backed securities | 22,388 | (636 | ) | 21,752 | |||||||||||||||||||||
Corporate bonds | 9,000 | (130 | ) | 8,870 | |||||||||||||||||||||
$ | 38,888 | $ | (1,187 | ) | $ | 37,701 | |||||||||||||||||||
The amortized cost and fair value of available-for-sale debt securities at December 31, 2014 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. | |||||||||||||||||||||||||
Less Than 12 Months | 12 Months or More | Total | |||||||||||||||||||||||
(in thousands) | Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | |||||||||||||||||||
Value | Loss | Value | Loss | Value | Loss | ||||||||||||||||||||
2014 | |||||||||||||||||||||||||
U. S. Government agency bonds | $ | - | $ | - | $ | 7,409 | $ | (91 | ) | $ | 7,409 | $ | (91 | ) | |||||||||||
U. S. Government agency mortgage -backed securities | - | - | 17,337 | (298 | ) | 17,337 | (298 | ) | |||||||||||||||||
Corporate bonds | - | - | 8,936 | (64 | ) | 8,936 | (64 | ) | |||||||||||||||||
Totals | $ | - | $ | - | $ | 33,682 | $ | (453 | ) | $ | 33,682 | $ | (453 | ) | |||||||||||
2013 | |||||||||||||||||||||||||
U. S. Government agency bonds | $ | 7,079 | $ | (421 | ) | $ | - | $ | - | $ | 7,079 | $ | (421 | ) | |||||||||||
U. S. Government agency mortgage -backed securities | 8,871 | (291 | ) | 12,881 | (345 | ) | 21,752 | (636 | ) | ||||||||||||||||
Corporate bonds | - | - | 8,870 | (130 | ) | 8,870 | (130 | ) | |||||||||||||||||
Totals | $ | 15,950 | $ | (712 | ) | $ | 21,751 | $ | (475 | ) | $ | 37,701 | $ | (1,187 | ) | ||||||||||
At December 31, 2014, all eleven available-for-sale securities had unrealized losses with an aggregate depreciation of 1.3% from the amortized cost. At December 31, 2013, all eleven securities had unrealized losses with an aggregate depreciation of 3.2% 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, 2014. | |||||||||||||||||||||||||
At December 31, 2014 and 2013, available-for-sale securities with a carrying value of $4.4 million and $5.8 million, respectively, were pledged to secure municipal deposits. | |||||||||||||||||||||||||
The amortized cost and fair value of available-for-sale debt securities at December 31, 2014 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. | |||||||||||||||||||||||||
(in thousands) | Amortized Cost | Fair Value | |||||||||||||||||||||||
Maturity: | |||||||||||||||||||||||||
Corporate bonds 5 to 10 years | $ | 9,000 | $ | 8,936 | |||||||||||||||||||||
U.S. Government agency bonds < 5 years | 2,500 | 2,489 | |||||||||||||||||||||||
U.S. Government agency bonds 5 to 10 years | 5,000 | 4,920 | |||||||||||||||||||||||
U.S. Government agency mortgage-backed securities | 17,635 | 17,337 | |||||||||||||||||||||||
Total | $ | 34,135 | $ | 33,682 | |||||||||||||||||||||
During 2014 and 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 $45.2 million and net gains of $911,000. |
Note_4_Loans_Receivable_and_Al
Note 4 - Loans Receivable and Allowance for Loan Losses | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | Note 4 . | Loan Receivables and Allowance for Loan Losses | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans receivable, net, consists of the following at December 31, 2014 and 2013: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | December 31, | December 31, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | $ | 254,505 | $ | 222,772 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential | 108,543 | 106,968 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction | 3,096 | 260 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction to permanent | 10,627 | 11,372 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | 53,973 | 35,137 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer home equity | 41,631 | 44,315 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer installment | 4,533 | 3,005 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Loans | 476,908 | 423,829 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses | (4,924 | ) | (5,681 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans receivable, net | $ | 471,984 | $ | 418,148 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
A summary of changes in the allowance for loan losses for the years ended December 31, 2014, 2013 and 2012 are as follows: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | 2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, beginning of period | $ | 5,681 | $ | 6,016 | $ | 9,385 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Provision for loan losses | - | 970 | (2,379 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans charged-off | (867 | ) | (1,668 | ) | (1,070 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Recoveries of loans previously charged-off | 110 | 363 | 80 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, end of period | $ | 4,924 | $ | 5,681 | $ | 6,016 | |||||||||||||||||||||||||||||||||||||||||||||||||||
The Company's lending activities are conducted principally in Fairfield and New Haven Counties in Connecticut and Westchester County in New York. The Company originates commercial real estate loans, commercial business loans, and a variety of consumer loans. In addition, the Company previously had originated loans on residential real estate. 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 substantial portion of the loan portfolio and the recovery of a substantial portion 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 and up to 80% for multi–family real estate. In the case of construction loans, the maximum loan-to-value is 65% of the “as completed” appraised value. The appraised value of collateral is monitored on an ongoing basis and additional collateral is requested 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. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 the borrower default or should there be a substantial decline in the value of the property securing the loan or decline in general economic conditions. Where the owner occupies the property, the Company also evaluates the business 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. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 accounts receivable, 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 business assets, 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, where obtained, as a secondary source. Payments on such loans are often dependent upon the successful operation of the underlying business involved. 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 which may take priority over the Company’s claims against assets, death or disability of the borrower or loss of markets for the borrower’s products or services. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential Real Estate Loans – Home equity loans secured by real estate properties are offered by the Company. The Company no longer offers residential mortgages, having exited this business in 2013. Repayment of residential real estate loans may be negatively impacted should the borrower have financial difficulties, should there be a significant decline in the value of the property securing the loan or should there be 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. Included in this category are loans to construct single family homes where no contract of sale exists, 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 construction market, by a significant increase in interest rates or by decline in general economic conditions. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other/Consumer Loans – The Company also offers installment loans, credit cards, consumer overdraft and reserve 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. The Company does not place a high 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 twelve months ended December 31, 2014. 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. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Twelve months ended | Commercial | Commercial Real Estate | Construction | Construction to Permanent | Residential | Consumer | Unallocated | Total | |||||||||||||||||||||||||||||||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning Balance | $ | 2,285 | $ | 1,585 | $ | 260 | $ | 25 | $ | 795 | $ | 534 | $ | 197 | $ | 5,681 | |||||||||||||||||||||||||||||||||||||||||
Charge-offs | (49 | ) | (297 | ) | (260 | ) | - | (195 | ) | (66 | ) | - | (867 | ) | |||||||||||||||||||||||||||||||||||||||||||
Recoveries | 6 | 60 | 10 | - | 30 | 4 | - | 110 | |||||||||||||||||||||||||||||||||||||||||||||||||
Provision | (324 | ) | 71 | 53 | 190 | 201 | 6 | (197 | ) | - | |||||||||||||||||||||||||||||||||||||||||||||||
Ending Balance | $ | 1,918 | $ | 1,419 | $ | 63 | $ | 215 | $ | 831 | $ | 478 | $ | - | $ | 4,924 | |||||||||||||||||||||||||||||||||||||||||
Ending balance: individually evaluated for impairment | $ | - | $ | - | $ | - | $ | - | $ | - | $ | 7 | $ | - | $ | 7 | |||||||||||||||||||||||||||||||||||||||||
Ending balance: collectively evaluated for impairment | 1,918 | 1,419 | 63 | 215 | 831 | 471 | - | 4,917 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total Allowance for Loan Losses | $ | 1,918 | $ | 1,419 | $ | 63 | $ | 215 | $ | 831 | $ | 478 | $ | - | $ | 4,924 | |||||||||||||||||||||||||||||||||||||||||
Total Loans ending balance | $ | 53,973 | $ | 254,505 | $ | 3,096 | $ | 10,627 | $ | 108,543 | $ | 46,164 | $ | - | $ | 476,908 | |||||||||||||||||||||||||||||||||||||||||
Ending balance: individually evaluated for impairment | 2 | 7,398 | - | - | 3,764 | 560 | - | 11,724 | |||||||||||||||||||||||||||||||||||||||||||||||||
Ending balance: collectively evaluated for impairment | $ | 53,971 | $ | 247,107 | $ | 3,096 | $ | 10,627 | $ | 104,779 | $ | 45,604 | $ | - | $ | 465,184 | |||||||||||||||||||||||||||||||||||||||||
The following tables set forth activity in our allowance for loan losses, by loan type, for the twelve months ended December 31, 2013. 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. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Twelve months ended | Commercial | Commercial Real Estate | Construction | Construction to Permanent | Residential | Consumer | Unallocated | Total | |||||||||||||||||||||||||||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning Balance | $ | 942 | $ | 3,509 | $ | 311 | $ | 19 | $ | 897 | $ | 217 | $ | 121 | $ | 6,016 | |||||||||||||||||||||||||||||||||||||||||
Charge-offs | (63 | ) | (403 | ) | (205 | ) | - | (919 | ) | (78 | ) | - | (1,668 | ) | |||||||||||||||||||||||||||||||||||||||||||
Recoveries | 4 | 335 | 20 | - | 1 | 3 | - | 363 | |||||||||||||||||||||||||||||||||||||||||||||||||
Provision | 1,402 | (1,856 | ) | 134 | 6 | 816 | 392 | 76 | 970 | ||||||||||||||||||||||||||||||||||||||||||||||||
Ending Balance | $ | 2,285 | $ | 1,585 | $ | 260 | $ | 25 | $ | 795 | $ | 534 | $ | 197 | $ | 5,681 | |||||||||||||||||||||||||||||||||||||||||
Ending balance: individually evaluated for impairment | $ | 1,500 | $ | 31 | $ | 260 | $ | - | $ | 98 | $ | 2 | $ | - | $ | 1,891 | |||||||||||||||||||||||||||||||||||||||||
Ending balance: collectively evaluated for impairment | 785 | 1,554 | - | 25 | 697 | 532 | 197 | 3,790 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total Allowance for Loan Losses | $ | 2,285 | $ | 1,585 | $ | 260 | $ | 25 | $ | 795 | $ | 534 | $ | 197 | $ | 5,681 | |||||||||||||||||||||||||||||||||||||||||
Total Loans ending balance | $ | 35,137 | $ | 222,772 | $ | 260 | $ | 11,372 | $ | 106,968 | $ | 47,320 | $ | - | $ | 423,829 | |||||||||||||||||||||||||||||||||||||||||
Ending balance: individually evaluated for impairment | 6,152 | 7,766 | 260 | 1,189 | 6,060 | 594 | - | 22,021 | |||||||||||||||||||||||||||||||||||||||||||||||||
Ending balance: collectively evaluated for impairment | $ | 28,985 | $ | 215,006 | $ | - | $ | 10,183 | $ | 100,908 | $ | 46,726 | $ | - | $ | 401,808 | |||||||||||||||||||||||||||||||||||||||||
The Company monitors the credit quality of its loans receivable in an ongoing manner. Credit quality is monitored by reviewing certain credit quality indicators, including loan to value ratios, debt service coverage ratios and credit scores. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Appraisals on properties securing non-performing loans and Other Real Estate Owned (“OREO”) are updated annually. We update our impairment analysis monthly based on the most recent appraisal as well as other factors (such as senior lien positions, property taxes, etc.). | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 when 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. Similarly, the Loan Committee can adjust a risk rating. The Company employs a loan officer whose responsibility is to independently review the ratings annually for all commercial credits over $250,000. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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. Any upgrades to classified loans must be approved by the Management 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 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.” | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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. That amount is recognized as a recovery after 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, 2014: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CREDIT RISK PROFILE BY CREDIT WORTHINESS CATEGORY | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CREDIT RISK PROFILE BY CREDIT WORTHINESS CATEGORY | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | Commercial | Commercial Real Estate | Construction | Construction to Permanent | Residential Real Estate | Consumer | |||||||||||||||||||||||||||||||||||||||||||||||||||
LTVs: | < 75% | >=5% | < 75% | >=5% | <75% | >=5% | < 75% | >=5% | < 75% | >=5% | < 75% | >=5% | Other | Total | |||||||||||||||||||||||||||||||||||||||||||
Internal Risk Rating | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 41,200 | $ | 6,878 | $ | 240,926 | $ | 7,206 | $ | 2,936 | $ | 160 | $ | 10,627 | $ | - | $ | 93,238 | $ | 14,586 | $ | 43,820 | $ | 1,627 | $ | 710 | $ | 463,914 | |||||||||||||||||||||||||||||
Special Mention | 121 | - | 1,945 | 1,983 | - | - | - | - | - | - | - | - | - | 4,049 | |||||||||||||||||||||||||||||||||||||||||||
Substandard | 5,774 | - | 2,445 | - | - | - | - | - | 339 | 380 | 7 | - | - | 8,945 | |||||||||||||||||||||||||||||||||||||||||||
$ | 47,095 | $ | 6,878 | $ | 245,316 | $ | 9,189 | $ | 2,936 | $ | 160 | $ | 10,627 | $ | - | $ | 93,577 | $ | 14,966 | $ | 43,827 | $ | 1,627 | $ | 710 | $ | 476,908 | ||||||||||||||||||||||||||||||
CREDIT RISK PROFILE | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | Construction | Residential | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | Commercial | Real Estate | Construction | to Permanent | Real Estate | Consumer | Totals | ||||||||||||||||||||||||||||||||||||||||||||||||||
Performing | $ | 53,971 | $ | 254,367 | $ | 3,096 | $ | 10,627 | $ | 107,824 | $ | 46,157 | $ | 476,042 | |||||||||||||||||||||||||||||||||||||||||||
Non Performing | 2 | 138 | - | - | 719 | 7 | 866 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 53,973 | $ | 254,505 | $ | 3,096 | $ | 10,627 | $ | 108,543 | $ | 46,164 | $ | 476,908 | |||||||||||||||||||||||||||||||||||||||||||
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 CREDITWORTHINESS CATEGORY | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CREDIT RISK PROFILE BY CREDIT WORTHINESS CATEGORY | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | Commercial | Commercial Real Estate | Construction | Construction to Permanent | Residential Real Estate | Consumer | |||||||||||||||||||||||||||||||||||||||||||||||||||
LTVs: | < 75% | >=5% | < 75% | >=5% | <75% | >=5% | < 75% | >=5% | < 75% | >=5% | < 75% | >=5% | Other | Total | |||||||||||||||||||||||||||||||||||||||||||
Internal Risk Rating | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 23,671 | $ | 3,868 | $ | 198,787 | $ | 7,940 | $ | - | $ | - | $ | 10,183 | $ | - | $ | 83,252 | $ | 20,778 | $ | 42,780 | $ | 3,849 | $ | 650 | $ | 395,758 | |||||||||||||||||||||||||||||
Special Mention | 170 | - | 6,551 | 2,496 | - | - | - | - | - | - | - | - | - | 9,217 | |||||||||||||||||||||||||||||||||||||||||||
Substandard | 7,428 | - | 3,684 | 3,314 | 60 | 200 | 1,189 | - | 1,981 | 957 | 10 | 31 | - | 18,854 | |||||||||||||||||||||||||||||||||||||||||||
$ | 31,269 | $ | 3,868 | $ | 209,022 | $ | 13,750 | $ | 60 | $ | 200 | $ | 11,372 | $ | - | $ | 85,233 | $ | 21,735 | $ | 42,790 | $ | 3,880 | $ | 650 | $ | 423,829 | ||||||||||||||||||||||||||||||
CREDIT RISK PROFILE | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | Construction | Residential | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | Commercial | Real Estate | Construction | to Permanent | Real Estate | Consumer | Totals | ||||||||||||||||||||||||||||||||||||||||||||||||||
Performing | $ | 28,985 | $ | 221,007 | $ | - | $ | 10,183 | $ | 104,030 | $ | 47,287 | $ | 411,492 | |||||||||||||||||||||||||||||||||||||||||||
Non Performing | 6,152 | 1,765 | 260 | 1,189 | 2,938 | 33 | 12,337 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 35,137 | $ | 222,772 | $ | 260 | $ | 11,372 | $ | 106,968 | $ | 47,320 | $ | 423,829 | |||||||||||||||||||||||||||||||||||||||||||
Non-accrual and past due loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 $866,000 and $12.3 million at December 31, 2014, and December 31, 2013 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 $279,000 and $866,000 at December 31, 2014, and December 31, 2013 respectively. Loans over 90 days past due were comprised of four commercial loans as of December 31, 2014. All four loans were mature lines of credit with acceptable risk ratings awaiting renewal. These loans were past the loan’s maturity date and were current within 60 days as to interest payments. 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. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The following table sets forth the detail, and delinquency status, of non-accrual loans and past due loans at December 31, 2014: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-Accrual and Past Due Loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | Non-Accrual Loans | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2014 | 31-60 Days | 61-90 Days | Greater Than | Total Past | Current | >90 Days | Total Non-Accrual | ||||||||||||||||||||||||||||||||||||||||||||||||||
Past Due | Past Due | 90 Days | Due | Past Due | and Past Due | ||||||||||||||||||||||||||||||||||||||||||||||||||||
and | Loans | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accruing | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | - | $ | - | $ | - | $ | - | $ | - | $ | 279 | $ | 279 | |||||||||||||||||||||||||||||||||||||||||||
Substandard | - | - | 2 | 2 | - | - | 2 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total Commercial | $ | - | $ | - | $ | 2 | $ | 2 | $ | - | $ | 279 | $ | 281 | |||||||||||||||||||||||||||||||||||||||||||
Commercial Real Estate | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | $ | - | $ | - | $ | - | $ | - | $ | 138 | $ | - | $ | 138 | |||||||||||||||||||||||||||||||||||||||||||
Total Commercial Real Estate | $ | - | $ | - | $ | - | $ | - | $ | 138 | $ | - | $ | 138 | |||||||||||||||||||||||||||||||||||||||||||
Residential Real Estate | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | $ | - | $ | - | $ | 719 | $ | 719 | $ | - | $ | - | $ | 719 | |||||||||||||||||||||||||||||||||||||||||||
Total Residential Real Estate | $ | - | $ | - | $ | 719 | $ | 719 | $ | - | $ | - | $ | 719 | |||||||||||||||||||||||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | $ | - | $ | - | $ | 7 | $ | 7 | $ | - | $ | - | $ | 7 | |||||||||||||||||||||||||||||||||||||||||||
Total Consumer | $ | - | $ | - | $ | 7 | $ | 7 | $ | - | $ | - | $ | 7 | |||||||||||||||||||||||||||||||||||||||||||
Total | $ | - | $ | - | $ | 728 | $ | 728 | $ | 138 | $ | 279 | $ | 1,145 | |||||||||||||||||||||||||||||||||||||||||||
The following table sets forth the detail, and delinquency status, of non-accrual loans and past due loans at December 31, 2013: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-Accrual and Past Due Loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | Non-Accrual Loans | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2013 | 31-60 Days | 61-90 Days | Greater | Total Past | Current | >90 Days | Total Non- | ||||||||||||||||||||||||||||||||||||||||||||||||||
Past Due | Past Due | Than 90 | Due | Past Due | Accrual and | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Days | and | Past Due Loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accruing | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | - | $ | - | $ | - | $ | - | $ | - | $ | 25 | $ | 25 | |||||||||||||||||||||||||||||||||||||||||||
Substandard | - | - | 2 | 2 | 6,150 | - | 6,152 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total Commercial | $ | - | $ | - | $ | 2 | $ | 2 | $ | 6,150 | $ | 25 | $ | 6,177 | |||||||||||||||||||||||||||||||||||||||||||
Commercial Real Estate | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | $ | - | $ | - | $ | 1,765 | $ | 1,765 | $ | - | $ | 841 | $ | 2,606 | |||||||||||||||||||||||||||||||||||||||||||
Total Commercial Real Estate | $ | - | $ | - | $ | 1,765 | $ | 1,765 | $ | - | $ | 841 | $ | 2,606 | |||||||||||||||||||||||||||||||||||||||||||
Construction | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | $ | - | $ | - | $ | 260 | $ | 260 | $ | - | $ | - | $ | 260 | |||||||||||||||||||||||||||||||||||||||||||
Total Construction | $ | - | $ | - | $ | 260 | $ | 260 | $ | - | $ | - | $ | 260 | |||||||||||||||||||||||||||||||||||||||||||
Construction to Permanent | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | $ | - | $ | - | $ | - | $ | - | $ | 1,189 | $ | - | $ | 1,189 | |||||||||||||||||||||||||||||||||||||||||||
Total Construction to Permanent | $ | - | $ | - | $ | - | $ | - | $ | 1,189 | $ | - | $ | 1,189 | |||||||||||||||||||||||||||||||||||||||||||
Residential Real Estate | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | $ | - | $ | - | $ | 2,553 | $ | 2,553 | $ | 385 | $ | - | $ | 2,938 | |||||||||||||||||||||||||||||||||||||||||||
Total Residential Real Estate | $ | - | $ | - | $ | 2,553 | $ | 2,553 | $ | 385 | $ | - | $ | 2,938 | |||||||||||||||||||||||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | $ | - | $ | - | $ | 2 | $ | 2 | $ | 31 | $ | - | $ | 33 | |||||||||||||||||||||||||||||||||||||||||||
Total Consumer | $ | - | $ | - | $ | 2 | $ | 2 | $ | 31 | $ | - | $ | 33 | |||||||||||||||||||||||||||||||||||||||||||
Total | $ | - | $ | - | $ | 4,582 | $ | 4,582 | $ | 7,755 | $ | 866 | $ | 13,203 | |||||||||||||||||||||||||||||||||||||||||||
If non-accrual loans as of December 31 of each year had been performing in accordance with their original terms, the Company would have recorded $23,000, $310,000 and $1.2 million of additional income during the years ended December 31, 2014, 2013 and 2012, respectively. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
During 2014, 2013 and 2012, interest income collected and recognized on non-accrual loans as of December 31 of each year was approximately $0, $198,000 and $0 respectively. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The following table sets forth the detail and delinquency status of loans receivable, by performing and non-performing loans at December 31, 2014. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | Performing (Accruing) Loans | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2014 | 31-60 Days | 61-90 Days | Greater Than | Total Past | Current | Total | Total Non- | Total Loans | |||||||||||||||||||||||||||||||||||||||||||||||||
Past Due | Past Due | 90 Days | Due | Performing | Accrual and | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans | Past Due | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 1,520 | $ | - | $ | - | $ | 1,520 | $ | 46,279 | $ | 47,799 | $ | 279 | $ | 48,078 | |||||||||||||||||||||||||||||||||||||||||
Special Mention | - | - | - | - | 121 | 121 | - | 121 | |||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | - | - | - | - | 5,772 | 5,772 | 2 | 5,774 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total Commercial | $ | 1,520 | $ | - | $ | - | $ | 1,520 | $ | 52,172 | $ | 53,692 | $ | 281 | $ | 53,973 | |||||||||||||||||||||||||||||||||||||||||
Commercial Real Estate | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | - | $ | - | $ | - | $ | - | $ | 248,132 | $ | 248,132 | $ | - | $ | 248,132 | |||||||||||||||||||||||||||||||||||||||||
Special Mention | 1,041 | - | - | 1,041 | 2,887 | 3,928 | - | 3,928 | |||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | - | 815 | - | 815 | 1,492 | 2,307 | 138 | 2,445 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total Commercial Real Estate | $ | 1,041 | $ | 815 | $ | - | $ | 1,856 | $ | 252,511 | $ | 254,367 | $ | 138 | $ | 254,505 | |||||||||||||||||||||||||||||||||||||||||
Construction | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | - | $ | - | $ | - | $ | - | $ | 3,096 | $ | 3,096 | $ | - | $ | 3,096 | |||||||||||||||||||||||||||||||||||||||||
Total Construction | $ | - | $ | - | $ | - | $ | - | $ | 3,096 | $ | 3,096 | $ | - | $ | 3,096 | |||||||||||||||||||||||||||||||||||||||||
Construction to Permanent | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | - | $ | - | $ | - | $ | - | $ | 10,627 | $ | 10,627 | $ | - | $ | 10,627 | |||||||||||||||||||||||||||||||||||||||||
Total Construction to Permanent | $ | - | $ | - | $ | - | $ | - | $ | 10,627 | $ | 10,627 | $ | - | $ | 10,627 | |||||||||||||||||||||||||||||||||||||||||
Residential Real Estate | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 172 | $ | 87 | $ | 1,553 | $ | 1,812 | $ | 106,012 | $ | 107,824 | $ | - | $ | 107,824 | |||||||||||||||||||||||||||||||||||||||||
Substandard | - | - | - | - | - | - | 719 | 719 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total Residential Real Estate | $ | 172 | $ | 87 | $ | 1,553 | $ | 1,812 | $ | 106,012 | $ | 107,824 | $ | 719 | $ | 108,543 | |||||||||||||||||||||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | - | $ | 2 | $ | - | $ | 2 | $ | 46,155 | $ | 46,157 | $ | - | $ | 46,157 | |||||||||||||||||||||||||||||||||||||||||
Substandard | - | - | - | - | - | - | 7 | 7 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total Consumer | $ | - | $ | 2 | $ | - | $ | 2 | $ | 46,155 | $ | 46,157 | $ | 7 | $ | 46,164 | |||||||||||||||||||||||||||||||||||||||||
Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 1,692 | $ | 89 | $ | 1,553 | $ | 3,334 | $ | 460,301 | $ | 463,635 | $ | 279 | $ | 463,914 | |||||||||||||||||||||||||||||||||||||||||
Special Mention | 1,041 | - | - | 1,041 | 3,008 | 4,049 | - | 4,049 | |||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | - | 815 | - | 815 | 7,264 | 8,079 | 866 | 8,945 | |||||||||||||||||||||||||||||||||||||||||||||||||
Grand Total | $ | 2,733 | $ | 904 | $ | 1,553 | $ | 5,190 | $ | 470,573 | $ | 475,763 | $ | 1,145 | $ | 476,908 | |||||||||||||||||||||||||||||||||||||||||
The following table sets forth the detail and delinquency status of loans receivable, by performing and non-performing loans at December 31, 2013. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | Performing (Accruing) Loans | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2013 | 31-60 Days Past Due | 61-89 Days Past Due | Greater Than 90 Days | Total Past Due | Current | Total Loan Balances | Total Non-Accrual and Past Due Loans | Total Loans Receivable | |||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 725 | $ | - | $ | - | $ | 725 | $ | 26,790 | $ | 27,515 | $ | 25 | $ | 27,540 | |||||||||||||||||||||||||||||||||||||||||
Special Mention | - | - | - | - | 170 | 170 | - | 170 | |||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | - | - | - | - | 1,275 | 1,275 | 6,152 | 7,427 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total Commercial | $ | 725 | $ | - | $ | - | $ | 725 | $ | 28,235 | $ | 28,960 | $ | 6,177 | $ | 35,137 | |||||||||||||||||||||||||||||||||||||||||
Commercial Real Estate | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 1,845 | $ | 266 | $ | - | $ | 2,111 | $ | 204,615 | $ | 206,726 | $ | - | $ | 206,726 | |||||||||||||||||||||||||||||||||||||||||
Special Mention | - | - | - | - | 9,047 | 9,047 | - | 9,047 | |||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | - | - | - | - | 4,394 | 4,394 | 2,605 | 6,999 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total Commercial Real Estate | $ | 1,845 | $ | 266 | $ | - | $ | 2,111 | $ | 218,056 | $ | 220,167 | $ | 2,605 | $ | 222,772 | |||||||||||||||||||||||||||||||||||||||||
Construction | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | 260 | $ | 260 | |||||||||||||||||||||||||||||||||||||||||
Total Construction | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | 260 | $ | 260 | |||||||||||||||||||||||||||||||||||||||||
Construction to Permanent | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | - | $ | - | $ | - | $ | - | $ | 10,183 | $ | 10,183 | $ | - | $ | 10,183 | |||||||||||||||||||||||||||||||||||||||||
Substandard | - | - | - | - | - | - | 1,189 | 1,189 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total Construction to Permanent | $ | - | $ | - | $ | - | $ | - | $ | 10,183 | $ | 10,183 | $ | 1,189 | $ | 11,372 | |||||||||||||||||||||||||||||||||||||||||
Residential Real Estate | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 32 | $ | - | $ | - | $ | 32 | $ | 103,998 | $ | 104,030 | $ | - | $ | 104,030 | |||||||||||||||||||||||||||||||||||||||||
Substandard | - | - | - | - | - | - | 2,938 | 2,938 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total Residential Real Estate | $ | 32 | $ | - | $ | - | $ | 32 | $ | 103,998 | $ | 104,030 | $ | 2,938 | $ | 106,968 | |||||||||||||||||||||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 350 | $ | 561 | $ | - | $ | 911 | $ | 46,368 | $ | 47,279 | $ | - | $ | 47,279 | |||||||||||||||||||||||||||||||||||||||||
Substandard | 7 | - | - | 7 | - | 7 | 34 | 41 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total Consumer | $ | 357 | $ | 561 | $ | - | $ | 918 | $ | 46,368 | $ | 47,286 | $ | 34 | $ | 47,320 | |||||||||||||||||||||||||||||||||||||||||
Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 2,952 | $ | 827 | $ | - | $ | 3,779 | $ | 391,954 | $ | 395,733 | $ | 25 | $ | 395,758 | |||||||||||||||||||||||||||||||||||||||||
Special Mention | - | - | - | - | 9,217 | 9,217 | - | 9,217 | |||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | 7 | - | - | 7 | 5,669 | 5,676 | 13,178 | 18,854 | |||||||||||||||||||||||||||||||||||||||||||||||||
Grand Total | $ | 2,959 | $ | 827 | $ | - | $ | 3,786 | $ | 406,840 | $ | 410,626 | $ | 13,203 | $ | 423,829 | |||||||||||||||||||||||||||||||||||||||||
Impaired Loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Impaired loans consist of non-accrual loans, TDRs, and loans previously classified as TDRs that have been upgraded. The Company’s most recent impairment analysis resulted in identification of $11.7 million of impaired loans, for which specific reserves of $7,000 were required at December 31, 2014, compared to $22.0 million of impaired loans at December 31, 2013, for which specific reserves of $1.9 million were required. The $11.7 million of impaired loans at December 31, 2014 was comprised of exposure to 14 borrowers, compared to the $22.0 million of impaired loans at December 31, 2013 which was comprised of exposure to 22 borrowers. In all cases, the Bank has obtained current appraisal reports from independent licensed appraisal firms and reduced those values for estimated selling expenses to determine estimated impairment. The average recorded investment in impaired loans for the years ending December 31, 2014, 2013 and 2012 were $20.5 million, $30.8 million and $35.0 million respectively. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The following table summarizes impaired loans as of December 31, 2014: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | Recorded | Unpaid Principal | Related Allowance | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment | Balance | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | $ | 2 | $ | 104 | $ | - | |||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial Real Estate | 7,398 | 8,249 | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction | - | 732 | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction to Permanent | - | - | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential | 3,764 | 3,793 | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer | 553 | 633 | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total: | $ | 11,717 | $ | 13,511 | $ | - | |||||||||||||||||||||||||||||||||||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer | $ | 7 | $ | 7 | $ | 7 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Total: | $ | 7 | $ | 7 | $ | 7 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | $ | 2 | $ | 104 | $ | - | |||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial Real Estate | 7,398 | 8,249 | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction | - | 732 | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction to Permanent | - | - | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential | 3,764 | 3,793 | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer | 560 | 640 | 7 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total: | $ | 11,724 | $ | 13,518 | $ | 7 | |||||||||||||||||||||||||||||||||||||||||||||||||||
The following table summarizes impaired loans as of December 31, 2013: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | Recorded | Unpaid | Related | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment | Principal | Allowance | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | $ | 2 | $ | 151 | $ | - | |||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial Real Estate | 7,596 | 8,316 | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction to Permanent | 1,189 | 1,417 | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential | 5,103 | 7,636 | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer | 592 | 671 | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total: | $ | 14,482 | $ | 18,191 | $ | - | |||||||||||||||||||||||||||||||||||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | $ | 6,150 | $ | 6,150 | $ | 1,500 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial Real Estate | 170 | 214 | 31 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction | 260 | 732 | 260 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential | 957 | 1,097 | 98 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer | 2 | 2 | 2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total: | $ | 7,539 | $ | 8,195 | $ | 1,891 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | $ | 6,152 | $ | 6,301 | $ | 1,500 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial Real Estate | 7,766 | 8,530 | 31 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction | 260 | 732 | 260 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction to Permanent | 1,189 | 1,417 | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential | 6,060 | 8,733 | 98 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer | 594 | 673 | 2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total: | $ | 22,021 | $ | 26,386 | $ | 1,891 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Included in the tables above at December 31, 2014 and 2013, are loans with carrying balances of $11.7 million and $14.5 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. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Troubled Debt Restructurings | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
On a case-by-case basis, the Company may agree to modify the contractual terms of a borrower’s loan to assist customers who may be experiencing financial difficulty. If the borrower is experiencing financial difficulties and a concession has been made, the loan is classified as a troubled debt restructured loan. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
At December 31, 2014, there was one loan totaling $1.1 million that was considered a “troubled debt restructuring”, as compared to 2 loans totaling $2.2 million that were considered “troubled debt restructurings” at December 31, 2013, all of which are included in impaired loans. At December 31, 2014, the one loan was accruing. 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, 2014 and 2013, there were no commitments to advance additional funds under troubled debt restructured loans. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The following table presents the total troubled debt restructured loans as of December 31, 2014 which are included in impaired loans: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accrual | Non-accrual | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | # of | # of | # of | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans | Amount | Loans | Amount | Loans | Amount | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial Real Estate | 1 | $ | 1,131 | - | $ | - | 1 | $ | 1,131 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total Troubled Debt Restructurings | 1 | $ | 1,131 | - | $ | - | 1 | $ | 1,131 | ||||||||||||||||||||||||||||||||||||||||||||||||
The following table presents the total troubled debt restructured loans as of December 31, 2013: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accrual | Non-accrual | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | # of | # of | # of | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans | Amount | Loans | Amount | Loans | Amount | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial Real Estate | 1 | $ | 991 | - | $ | - | 1 | $ | 991 | ||||||||||||||||||||||||||||||||||||||||||||||||
Construction to Permanent | - | - | 1 | 1,197 | 1 | 1,197 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Total Troubled Debt Restructurings | 1 | $ | 991 | 1 | $ | 1,197 | 2 | $ | 2,188 | ||||||||||||||||||||||||||||||||||||||||||||||||
The following table summarizes loans that were modified in troubled debt restructurings during the twelve months ended December 31, 2014 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Twelve months ended December 31, 2014 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | Number of | Pre-Modification Outstanding Recorded Investment | Number of | Post-Modification Outstanding Recorded Investment | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Relationships | Relationships | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial Real Estate | 2 | $ | 2,439 | 2 | $ | 2,430 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Total Troubled Debt Restructurings | 2 | $ | 2,439 | 2 | $ | 2,430 | |||||||||||||||||||||||||||||||||||||||||||||||||||
The following table summarizes the two loans that were modified in a troubled debt restructuring during the year ended December 31, 2013. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Twelve months ended December 31, 2013 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | Number of | Post-Modification Outstanding Recorded Investment | Number of | Post-Modification Outstanding Recorded Investment | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Relationships | Relationships | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction to permanent | 2 | 4,730 | 1 | 991 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Troubled Debt Restructurings | 2 | $ | 4,730 | 1 | $ | 991 | |||||||||||||||||||||||||||||||||||||||||||||||||||
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, 2014, one loan in amount of $1.2 million was restructured again, and another loan in the amount of $1.3 million was upgraded to pass impaired. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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. |
Note_5_Premises_and_Equipment
Note 5 - Premises and Equipment | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Property, Plant and Equipment [Abstract] | |||||||||
Property, Plant and Equipment Disclosure [Text Block] | Note 5 . | Premises and Equipment | |||||||
At December 31, 2014 and 2013, premises and equipment consisted of the following: | |||||||||
(in thousands) | 2014 | 2013 | |||||||
Leasehold improvements | $ | 5,150 | $ | 6,060 | |||||
Furniture, equipment and software | 7,216 | 6,981 | |||||||
Land | 10,419 | 7,341 | |||||||
Buildings | 10,166 | 4,956 | |||||||
Total Premises and Equipment | 32,951 | 25,338 | |||||||
Less: accumulated depreciation and amortization | (10,594 | ) | (10,277 | ) | |||||
Premises and Equipment, net | $ | 22,357 | $ | 15,061 | |||||
For the years ended December 31, 2014, 2013 and 2012, depreciation and amortization expense related to premises and equipment totaled $1.1 million, $1.2 million and $1.2 million respectively. |
Note_6_Other_Real_Estate_Opera
Note 6 - Other Real Estate Operations | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Real Estate [Abstract] | |||||||||||||
Real Estate Disclosure [Text Block] | Note 6 . | Other Real Estate Operations | |||||||||||
At December 31, 2014 and 2013, the Company had no other real estate owned. For the years ended December 31, 2014, 2013 and 2012, amounts charged to operations for other real estate owned totaled $12,000, $212,000 and $(58,000) respectively. A summary of other real estate operations for the years ended December 31, 2014, 2013 and 2012 is as follows: | |||||||||||||
(in thousands) | 2014 | 2013 | 2012 | ||||||||||
Expenses of holding other real estate owned | $ | 8 | $ | 326 | $ | 127 | |||||||
Loss (gain) on sale of other real estate owned | 4 | (114 | ) | (185 | ) | ||||||||
Expense (income) from other real estate operations | $ | 12 | $ | 212 | $ | (58 | ) | ||||||
Note_7_Deposits
Note 7 - Deposits | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Disclosure Text Block [Abstract] | |||||||||||||||||
Deposit Liabilities Disclosures [Text Block] | Note 7 . | Deposits | |||||||||||||||
At December 31, 2014 and 2013, deposits consisted of the following: | |||||||||||||||||
Weighted | Weighted | ||||||||||||||||
Average | Average | ||||||||||||||||
(dollars in thousands) | 2014 | Interest Rate | 2013 | Interest Rate | |||||||||||||
Non-interest bearing | $ | 63,398 | - | $ | 55,358 | - | |||||||||||
Interest bearing | |||||||||||||||||
NOW | 26,269 | 0.01 | % | 28,618 | 0.01 | % | |||||||||||
Savings | 93,790 | 0.48 | % | 80,983 | 0.3 | % | |||||||||||
Money market | 24,650 | 0.04 | % | 29,310 | 0.04 | % | |||||||||||
Time certificates, less than $100,000 | 106,340 | 0.73 | % | 129,548 | 1.05 | % | |||||||||||
Time certificates, $100,000 or more | 97,876 | 0.87 | % | 106,387 | 1.09 | % | |||||||||||
Brokered Deposits | 30,710 | 0.47 | % | - | |||||||||||||
Total interest bearing | 379,635 | 0.59 | % | 374,846 | 0.74 | % | |||||||||||
Total Deposits | $ | 443,033 | 0.5 | % | $ | 430,204 | 0.65 | % | |||||||||
Interest expense on deposits consisted of the following: | |||||||||||||||||
Year Ended December 31, | |||||||||||||||||
(in thousands) | 2014 | 2013 | 2012 | ||||||||||||||
Time certificates, less than $100,000 | $ | 1,042 | $ | 1,822 | $ | 2,706 | |||||||||||
Time certificates, $100,000 or more | 972 | 1,601 | 2,226 | ||||||||||||||
Money market | 15 | 40 | 72 | ||||||||||||||
Savings | 330 | 350 | 331 | ||||||||||||||
NOW | 3 | 9 | 16 | ||||||||||||||
Brokered Deposits | 2 | - | - | ||||||||||||||
$ | 2,364 | $ | 3,822 | $ | 5,351 | ||||||||||||
Contractual maturities of time certificates of deposit excluding brokered deposits as of December 31, 2014 are summarized below: | |||||||||||||||||
Balance of Time | Weighted Average | ||||||||||||||||
(dollars in thousands) | Certificates of Deposit | Interest Rate | |||||||||||||||
Due within: | |||||||||||||||||
1 year | $ | 180,327 | 0.74 | % | |||||||||||||
1-2 years | 7,837 | 1.3 | % | ||||||||||||||
2-3 years | 9,462 | 1.54 | % | ||||||||||||||
3-4 years | 3,524 | 0.91 | % | ||||||||||||||
4-5 years | 3,066 | 0.51 | % | ||||||||||||||
$ | 204,216 | 0.8 | % | ||||||||||||||
Note_8_Borrowings
Note 8 - Borrowings | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Debt Disclosure [Abstract] | |||||||||||||
Debt Disclosure [Text Block] | 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, 2014, 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, 2014 was $27.8 million. 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 $2.0 million available line of credit with the FHLB. At December 31, 2014 and 2013, there were no advances outstanding under this line of credit. During 2014, the Bank took additional FHLB advances to increase liquidity for anticipated loan growth. | |||||||||||||
During 2013, $50.0 million of FHLB advances with interest rates ranging from 0.77% to 3.69% were paid off and a $10.0 million 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, 2014 and 2013, outstanding advances from the FHLB aggregated $120.0 million and $57.0 million respectively. | |||||||||||||
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 $8.0 million 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 $8.2 million 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 provides a full and unconditional guarantee of the capital securities. The subordinated debentures, which bear interest at three-month LIBOR plus 3.15% (3.40% at December 31, 2014), mature on March 26, 2033. Beginning in the second quarter of 2009, the Company deferred quarterly interest payments on the subordinated debentures for 20 consecutive quarters as permitted under the terms of the debentures. Interest was still being accrued and charged to operations. The Company made a payment of approximately $1.6 million in June 2014, and brought the debt current as of that date. The Company deferred interest payments in the subsequent two quarters. As of December 31, 2014, the accrued interest payable was approximately $147,000. | |||||||||||||
The duration of the trust is 30 years, with an early redemption feature at the Company’s option on a quarterly basis. | |||||||||||||
Maturity of borrowings | |||||||||||||
The contractual maturities of the Company’s borrowings at December 31, 2014, by year, are as follows: | |||||||||||||
Fixed | Floating | ||||||||||||
(in thousands) | Rate | Rate | Total | ||||||||||
2015 | $ | 120,000 | $ | - | $ | 120,000 | |||||||
2033 | - | 8,248 | 8,248 | ||||||||||
Total borrowings | $ | 120,000 | $ | 8,248 | $ | 128,248 | |||||||
Note_9_Commitments_and_Conting
Note 9 - Commitments and Contingencies | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Commitments and Contingencies Disclosure [Abstract] | |||||
Commitments and Contingencies Disclosure [Text Block] | Note 9 . | Commitments and Contingencies | |||
Operating leases | |||||
The Company has non-cancelable operating leases for seven of its branch banking offices and for administrative and operational activities, which expire on various dates through 2023. 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. | |||||
Future minimum rental commitments under the terms of these leases by year and in the aggregate, are as follows: | |||||
Years Ending | Amount | ||||
December 31, | (in thousands) | ||||
2015 | $ | 1,363 | |||
2016 | 851 | ||||
2017 | 344 | ||||
2018 | 147 | ||||
2019 | 148 | ||||
Thereafter | 324 | ||||
$ | 3,177 | ||||
Total rental expense, which is charged to operations on a straight line basis, for cancelable and non-cancelable operating leases was $1.6 million, $2.1 million and $2.5 million for the years ended December 31, 2014, 2013 and 2012, respectively. During 2014 the Company leased excess space and recognized rental income of $353,000 for the year ended December 31, 2014. Income from subleases included in non-interest expense was $71,000 and $55,000 for the years ended December 31, 2013 and 2012, respectively. | |||||
Employment Agreements | |||||
The Company has one change of control agreement that entitles an officer 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 officer is a full time employee 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. |
Note_10_Income_Taxes
Note 10 - Income Taxes | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||
Income Tax Disclosure [Text Block] | Note 10. | Income Taxes | |||||||||||
The table below presents the components of our federal and state income tax benefit for 2014, 2013, and 2012. | |||||||||||||
Federal and State Income Tax Benefit | |||||||||||||
(in thousands) | Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
Current | |||||||||||||
Federal | $ | (15,979 | ) | $ | - | $ | - | ||||||
State | 268 | (21 | ) | - | |||||||||
Total | (15,711 | ) | (21 | ) | - | ||||||||
Deferred | |||||||||||||
Federal | 839 | (318 | ) | - | |||||||||
State | 122 | - | - | ||||||||||
Total | 961 | (318 | ) | - | |||||||||
Benefit for income taxes | $ | (14,750 | ) | $ | (339 | ) | $ | - | |||||
The income tax benefit for 2014 is due to the release of the valuation allowance against the net deferred tax assets in September 30, 2014. | |||||||||||||
The table below presents a reconciliation between our federal statutory income tax rate and our effective tax rate for 2014, 2013, and 2012. | |||||||||||||
Reconciliation of Statutory to Effective Tax Rate | |||||||||||||
Year Ended December 31, | |||||||||||||
(in thousands) | 2014 | 2013 | 2012 | ||||||||||
Income taxes at | |||||||||||||
statutory Federal rate | $ | 326 | $ | (2,593 | ) | $ | (182 | ) | |||||
State taxes, net of Federal benefit | 48 | (21 | ) | - | |||||||||
Nondeductible expenses | 175 | 6 | 5 | ||||||||||
Change in cash surrender value of life insurance | - | (178 | ) | (176 | ) | ||||||||
Taxes on BOLI income | 1,701 | - | - | ||||||||||
Valuation allowance | (16,812 | ) | - | - | |||||||||
Tangible Property Review IRC Sec 481(a) | (644 | ) | |||||||||||
Current Year Change in valuation allowance | (39 | ) | 2,447 | 329 | |||||||||
Other | 495 | - | 24 | ||||||||||
Total benefit for income taxes | $ | (14,750 | ) | $ | (339 | ) | $ | - | |||||
In 2014, our effective tax rate is (1538) % which is different from the statutory rate of 34% due to the release of the valuation allowance against our net deferred tax assets. In 2013 and 2012, our effective tax rate differs from the statutory rate due to the valuation allowance on the entire net deferred tax assets and the recognition of uncertain tax positions. | |||||||||||||
Deferred Tax Assets and Liabilities | |||||||||||||
In September 2014, we released our valuation allowance previously recorded on the net deferred tax asset. Deferred tax assets are created when expenses are recognized for financial reporting purposes prior to the corresponding recognition of expenses for tax reporting purposes; and/or income is recognized for tax reporting purposes prior to the corresponding recognition of income for financial reporting purposes. | |||||||||||||
The table below presents the balance of significant deferred tax assets, liabilities, and the valuation allowance at December 31, 2014, 2013 and 2012. | |||||||||||||
(in thousands) | 2014 | 2013 | 2012 | ||||||||||
Deferred tax assets: | |||||||||||||
Allowance for loan losses | $ | 1,918 | $ | 2,213 | $ | 2,343 | |||||||
Nonaccrual interest | 1,508 | 1,474 | 1,325 | ||||||||||
Depriciation of premises and equipment | 523 | 1,276 | 1,074 | ||||||||||
Accrued expenses | 292 | 376 | 225 | ||||||||||
Share-based Compensation | - | - | 72 | ||||||||||
OREO Writedowns | 63 | - | - | ||||||||||
Capital loss carryover | 572 | 572 | 572 | ||||||||||
State NOL carryforward benefit | 3,435 | 3,613 | 3,237 | ||||||||||
Federal NOL carryforward benefit | 17,372 | 18,427 | 15,850 | ||||||||||
NOL write-off for § 382 Limitation | (10,382 | ) | (10,382 | ) | (10,382 | ) | |||||||
Federal AMT benefit estimate | - | - | 318 | ||||||||||
Unrealized loss AFS | 176 | 462 | 251 | ||||||||||
Other | 21 | 37 | 154 | ||||||||||
Gross deferred tax assets | 15,498 | 18,068 | 15,039 | ||||||||||
Valuation allowance | (572 | ) | (18,068 | ) | (15,039 | ) | |||||||
Deferred tax assets, net of valuation allowance | 14,926 | - | - | ||||||||||
Deferred tax asset, net | $ | 14,926 | $ | - | $ | - | |||||||
At December 31, 2014, the Bank had a net operating loss carry forwards of $10.3 million to offset future taxable income which will expire over varying periods beginning in 2029 through 2032. | |||||||||||||
Valuation Allowance against net Deferred Tax Assets | |||||||||||||
The Bank had approximately $18.1 million of net deferred tax assets which, prior to 2014, was subject to a valuation allowance because the realization of the net deferred tax assets was not more likely than not. In light of the Bank’s performance over the previous four quarters, Management determined that it was more likely than not that the Bank would be able to realize substantially all of its deferred tax assets and, therefore, a valuation allowance was no longer required. In the third quarter of fiscal year 2014, the Bank released 96.7% of its valuation allowance previously recorded on its net deferred tax assets which resulted in a credit to income tax expense, partially offset by the current income tax expense for the year. | |||||||||||||
The positive evidence that outweighed the negative evidence in Management’s assessment included, but was not limited to, the following: | |||||||||||||
● | Strong positive trend in financial performance over the previous four quarters | ||||||||||||
● | Forecasted 2015 and future period taxable income | ||||||||||||
● | Net Operating Loss carry-forwards do not begin to expire until 2029 | ||||||||||||
● | A significant improvement in the quality of the loan portfolio | ||||||||||||
● | Favorable changes in operations which permanently reduce operating expenses. | ||||||||||||
The Bank will continue to evaluate its ability to realize its net deferred tax assets. Future evidence may prove that it is more likely than not that a portion of the deferred tax assets will not be realized at which point a valuation allowance may be reestablished. | |||||||||||||
At December 31, 2014 the Bank had no unrecognized tax benefits. The Bank does not expect the total amount of unrecognized tax benefits to significantly change over the next twelve months. |
Note_11_Cash_Surrender_Value_o
Note 11 - Cash Surrender Value of Life Insurance | 12 Months Ended | |
Dec. 31, 2014 | ||
Cash Surrender Value Of Life Insurance [Abstract] | ||
Cash Surrender Value Of Life Insurance [Text Block] | Note 11. | Cash Surrender Value of Life Insurance |
The Bank had an investment in, and was the beneficiary of, life insurance policies. The purpose of these life insurance investments was 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. The Bank’s policy was liquidated and resultant proceeds were used to purchase residential loans. Accordingly, the policy had no cash surrender value at December 31, 2014 as compared to $22.0 million in 2013. Income earned on these life insurance policies aggregated $439,000, $523,000 and $517,000 for the years ended December 31, 2014, 2013 and 2012, respectively, and is included in non-interest income. The Bank liquidated its BOLI policies in December 2014 and used the proceeds to purchase residential mortgage loans which had higher yields than those provided by the BOLI policies. Liquidation of the BOLI policies resulted in one time charges of $455,000 to non-interest income, $437,000 to non-interest expense and $1.7 million to provision for income taxes. |
Note_12_ShareBased_Compensatio
Note 12 - Share-Based Compensation | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | Note 12. | 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 300,000 shares of the Company’s common stock subject to certain Plan limitations. As of December 31, 2014 185,212 shares of stock remain available for issuance under the Plan. 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 Company is expensing the grant date fair value of all share-based compensation over the requisite vesting periods on a prorated straight-line basis. | |||||||||
For the years ended December 31, 2014, 2013 and 2012, the Company recorded $275,000, $131,000 and $306,000 of total stock-based compensation, respectively. During 2014, the Company issued 68,814 shares of restricted stock to employees, 4,744 shares of restricted stock issued to directors and no options were granted or exercised. In 2013, the Company awarded 32,964 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 15,216 shares of restricted stock were issued to directors in payment of directors’ fees in the net amount of $120,000. At the 2014 Annual Meeting of Shareholders of Patriot National Bancorp, Inc. ("Patriot"), which was held on December 23, 2014, an amendment to the Patriot National Bancorp, Inc. Certificate of Incorporation to reflect a reverse stock split of the outstanding shares of Patriot's common stock at a ratio of one-for-ten was approved. This reverse stock split was effective March 4, 2015. | |||||||||
The following is a summary of the status of the Company’s restricted shares as of December 31, 2014, and changes therein during the period then ended. | |||||||||
Number of Shares Awarded (1) | Weighted Average Grant Date Fair Value (1) | ||||||||
Non-vested at December 31, 2012 | 4,456 | 17.3 | |||||||
2013 Granted | 32,964 | 12.4 | |||||||
Vested | (9,238 | ) | 14.1 | ||||||
Non-vested at December 31, 2013 | 28,182 | $ | 12.6 | ||||||
2014 Granted | 73,558 | 13.21 | |||||||
Vested | (22,532 | ) | 11.76 | ||||||
Non-vested at December 31, 2014 | 79,208 | $ | 12.79 | ||||||
(1) On March 4, 2015, the Company affected a 1-for- 10 reverse stock split. All common stock and per share data included in these financial statements have been restated to give effect to the reverse stock split. | |||||||||
Expected future stock award expense related to the non-vested restricted awards as of December 31, 2014, is $1.05 million over an average period of 2.80 years. |
Note_13_Shareholders_Equity
Note 13 - Shareholders' Equity | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Stockholders' Equity Note [Abstract] | |||||||||||||
Stockholders' Equity Note Disclosure [Text Block] | Note 13. | 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 3.36 million shares of its common stock at a purchase price of $15.00 per share for an aggregate purchase price of $50.4 million. 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 million. 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. | |||||||||||||
Income (loss) Per Share | |||||||||||||
The Company is required to present basic income (loss) per share and diluted income (loss) per share in its consolidated statements of operations. Basic income (loss) per share amounts are computed by dividing net income (loss) by the weighted average number of common shares outstanding. Diluted income (loss) per share reflects additional common shares that would have been outstanding if potentially dilutive common shares had been issued, as well as any adjustment to income that would result from the assumed issuance. Potential common shares that may be issued by the Company relate to outstanding stock options and would be determined using the treasury stock method. The Company is also required to provide a reconciliation of the numerator and denominator used in the computation of both basic and diluted income (loss) per share. | |||||||||||||
Non-vested restricted stock awards did not have an impact on the diluted earnings per share. The Company had no outstanding stock options. The following tables represent information about the computation of basic and diluted loss per share for the years ended December 31, 2014, 2013 and 2012: | |||||||||||||
2014 | |||||||||||||
Net | Weighted Average | Per Share | |||||||||||
Income | Common Shares O/S (1) | Amount (1) | |||||||||||
Basic and Diluted Income Per Share | |||||||||||||
Income attributable to common shareholders | $ | 15,709,000 | 3,850,042 | $ | 4.08 | ||||||||
2013 | |||||||||||||
Net | Weighted Average | Per Share | |||||||||||
Loss | Common Shares O/S | Amount | |||||||||||
Basic and Diluted Loss Per Share | |||||||||||||
Loss attributable to common shareholders | $ | (7,289,000 | ) | 3,842,353 | $ | (1.90 | ) | ||||||
2012 | |||||||||||||
Net | Weighted Average | Per Share | |||||||||||
Loss | Common Shares O/S | Amount | |||||||||||
Basic and Diluted Loss Per Share | |||||||||||||
Loss attributable to common shareholders | $ | (536,000 | ) | 3,840,189 | $ | (0.14 | ) | ||||||
(1) On March 4, 2015, the Company affected a 1-for- 10 reverse stock split. All common stock and per share data have been restated to give effect to the reverse stock split. | |||||||||||||
For the years ended December 31, 2014, 2013 and 2012, there were no dilutive securities. |
Note_14_401k_Savings_Plan
Note 14 - 401(k) Savings Plan | 12 Months Ended | |
Dec. 31, 2014 | ||
Compensation and Retirement Disclosure [Abstract] | ||
Pension and Other Postretirement Benefits Disclosure [Text Block] | Note 14. | 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 $132,000, $130,000 and $160,000 to the 401(k) Plan in 2014, 2013 and 2012, respectively. |
Note_15_Financial_Instruments_
Note 15 - Financial Instruments with Off-Balance-Sheet Risk | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Risks and Uncertainties [Abstract] | |||||
Concentration Risk Disclosure [Text Block] | Note 15. | 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 sheet. 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 total amount 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, 2014 and 2013: | |||||
(in thousands) | 2014 | ||||
Commitments to extend credit: | |||||
Future loan commitments | $ | 19,734 | |||
Home equity lines of credit | 23,608 | ||||
Unused lines of credit | 33,923 | ||||
Undisbursed construction loans | 6,071 | ||||
Financial standby letters of credit | 1,125 | ||||
$ | 84,461 | ||||
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 $5,000 and $12,000 as of December 31, 2014 and December 31, 2013, respectively. | |||||
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. |
Note_16_Regulatory_and_Operati
Note 16 - Regulatory and Operational Matters | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Disclosure Text Block [Abstract] | |||||||||||||||||||||||||
Regulatory Capital Requirements under Banking Regulations [Text Block] | Note 16. | Regulatory and Operational Matters | |||||||||||||||||||||||
On September 29, 2014, Patriot National Bancorp, Inc. was notified by the Office of the Comptroller of the Currency (the "OCC") that the formal agreement between Patriot National Bank (the "Bank") and the OCC, dated February 9, 2009, had been terminated. This action was taken because the OCC no longer considers the Bank to be in "troubled condition". The decision to terminate the formal agreement was due to, among other things, the satisfactory ratings of the Bank's asset quality, liquidity, management and regulatory capital position following the Bank’s successful control recapitalization and turnaround plan. | |||||||||||||||||||||||||
The Company’s and the Bank’s actual capital amounts and ratios at December 31, 2014 and 2013 were: | |||||||||||||||||||||||||
To Be Well | |||||||||||||||||||||||||
Capitalized Under | |||||||||||||||||||||||||
For Capital | Prompt Corrective | ||||||||||||||||||||||||
Actual | Adequacy Purposes | Action Provisions | |||||||||||||||||||||||
(dollars in thousands) | Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||||||||
2014 | |||||||||||||||||||||||||
The Company: | |||||||||||||||||||||||||
Total Capital (to Risk Weighted Assets) | $ | 63,142 | 14.08 | % | $ | 35,884 | 8 | % | N/A | N/A | |||||||||||||||
Tier 1 Capital (to Risk Weighted Assets) | 58,218 | 12.98 | % | 17,942 | 4 | % | N/A | N/A | |||||||||||||||||
Tier 1 Capital (to Average Assets) | 58,218 | 9.62 | % | 24,210 | 4 | % | N/A | N/A | |||||||||||||||||
The Bank: | |||||||||||||||||||||||||
Total Capital (to Risk Weighted Assets) | $ | 63,151 | 14.08 | % | $ | 35,891 | 8 | % | N/A | N/A | |||||||||||||||
Tier 1 Capital (to Risk Weighted Assets) | 58,227 | 12.98 | % | 17,946 | 4 | % | N/A | N/A | |||||||||||||||||
Tier 1 Capital (to Average Assets) | 58,227 | 9.63 | % | 24,198 | 4 | % | N/A | N/A | |||||||||||||||||
2013 | |||||||||||||||||||||||||
The Company: | |||||||||||||||||||||||||
Total Capital (to Risk Weighted Assets) | $ | 56,060 | 13.95 | % | $ | 32,153 | 8 | % | N/A | N/A | |||||||||||||||
Tier 1 Capital (to Risk Weighted Assets) | 51,027 | 12.7 | % | 16,076 | 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 | % | $ | 32,187 | 8 | % | $ | 48,280 | 12 | % | |||||||||||||
Tier 1 Capital (to Risk Weighted Assets) | 50,730 | 12.61 | % | 16,093 | 4 | % | 42,245 | 10.5 | % | ||||||||||||||||
Tier 1 Capital (to Average Assets) | 50,730 | 9.28 | % | 21,872 | 4 | % | 49,212 | 9 | % | ||||||||||||||||
Note_17_Related_Party_Transact
Note 17 - Related Party Transactions | 12 Months Ended | |
Dec. 31, 2014 | ||
Related Party Transactions [Abstract] | ||
Related Party Transactions Disclosure [Text Block] | Note 17. | 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. The loans outstanding to such related parties during 2014 and 2013 were less than $100. | ||
Related party deposits aggregated approximately $2.8 million and $3.0 million as of December 31, 2014 and 2013, respectively. | ||
During 2014 and 2013, the Company did not lease office space to any directors and there were no legal fees to any director for legal services. Receivables due from affiliates aggregated less than $500 for rent paid on its behalf for the years ended 2014 and 2013. |
Note_18_Other_Comprehensive_In
Note 18 - Other Comprehensive Income | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Disclosure Text Block [Abstract] | |||||||||||||
Comprehensive Income (Loss) Note [Text Block] | Note 18. | Other Comprehensive Income | |||||||||||
Other comprehensive income, which is comprised solely of the change in unrealized gains and losses on available for sale securities, was as follows: | |||||||||||||
(in thousands) | 2014 | ||||||||||||
Before Tax | Net of Tax | ||||||||||||
Amount | Tax Effect | Amount | |||||||||||
Unrealized holding gains arising during the period | $ | 734 | $ | 176 | $ | 910 | |||||||
2013 | |||||||||||||
Before Tax | Net of Tax | ||||||||||||
Amount | Tax Effect | Amount | |||||||||||
Unrealized holding losses arising during the period | $ | (569 | ) | $ | - | $ | (569 | ) | |||||
2012 | |||||||||||||
Before Tax | Net of Tax | ||||||||||||
Amount | Tax Effect | Amount | |||||||||||
Unrealized holding losses arising during the period | $ | 76 | $ | (29 | ) | $ | 47 | ||||||
Less reclassification adjustment for gains recognized in income | (910 | ) | 111 | $ | (799 | ) | |||||||
Unrealized holding losses on available for sale securities | $ | (834 | ) | $ | 82 | $ | (752 | ) | |||||
Note_19_Fair_Value_and_Interes
Note 19 - Fair Value and Interest Rate Risk | 12 Months Ended | |||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||||
Fair Value Disclosures [Text Block] | Note 19. | Fair Value and Interest Rate Risk | ||||||||||||||||
The Company uses fair value measurements to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures. A fair value hierarchy has been established that prioritizes the inputs used to measure fair value, requiring entities to maximize the use of observable inputs. Observable inputs reflect market data obtained from independent sources, while unobservable inputs generally require significant management judgment. | ||||||||||||||||||
The three levels within the fair value hierarchy are as follows: | ||||||||||||||||||
● | Level 1- Unadjusted quoted market prices for identical assets or liabilities in active markets that the entity has the ability to access at the measurement date (such as active exchange-traded equity securities and certain U.S. and government agency debt securities). | |||||||||||||||||
● | Level 2- Observable inputs other than quoted prices included in Level 1, such as: | |||||||||||||||||
■ | quoted prices for similar assets or liabilities in active markets (such as U.S. agency and government sponsored mortgage-backed securities) | |||||||||||||||||
■ | quoted prices for identical or similar assets or liabilities in less active markets (such as certain U.S. and government agency debt securities, and corporate and municipal debt securities that trade infrequently) | |||||||||||||||||
■ | Other inputs that are observable for substantially the full term of the asset or liability (i.e. interest rates, yield curves, prepayment speeds, default rates, etc.) | |||||||||||||||||
● | Level 3- Valuation techniques that require unobservable inputs that are supported by little or no market activity and are significant to the fair value measurement of the asset or liability (such as pricing and discounted cash flow models that typically reflect management’s estimates of the assumptions a market participant would use in pricing the asset or liability). | |||||||||||||||||
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 and accordingly these are classified as Level 1. 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 on a recurring basis in the financial statements. 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. 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. | ||||||||||||||||||
Other Investments: The Bank’s investment portfolio includes the Solomon Hess SBA Loan Fund totaling $4.5 million. This investment is utilized for the purposes of the Bank satisfying its CRA lending requirements. As this fund operates as a private fund, shares in the Fund are not publicly traded and therefore have no readily determinable market value. An investment in the Fund is reported in the financial statements at cost, as adjusted for income, losses, and cash distributions attributable to the investment. | ||||||||||||||||||
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. As estimates are dependent on management’s observations, loans are classified as Level 3. 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 OREO properties the Company may obtain 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. | ||||||||||||||||||
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. | ||||||||||||||||||
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, 2014 and 2013, and indicates the fair value hierarchy of the valuation techniques utilized by the Company to determine fair value: | ||||||||||||||||||
Quoted Prices in | Significant | Significant | ||||||||||||||||
(in thousands) | Active Markets | Observable | Unobservable | Balance | ||||||||||||||
for Identical Assets | Inputs | Inputs | as of | |||||||||||||||
31-Dec-14 | (Level 1) | (Level 2) | (Level 3) | 31-Dec-14 | ||||||||||||||
U.S. Government agency mortgage-backed securities | $ | - | $ | 17,337 | $ | - | $ | 17,337 | ||||||||||
U.S. Government agency bonds | - | 7,409 | - | 7,409 | ||||||||||||||
Corporate bonds | - | 8,936 | - | 8,936 | ||||||||||||||
Securities available for sale | $ | - | $ | 33,682 | $ | - | $ | 33,682 | ||||||||||
Quoted Prices in | Significant | Significant | ||||||||||||||||
Active Markets | Observable | Unobservable | Balance | |||||||||||||||
for Identical Assets | Inputs | Inputs | as of | |||||||||||||||
31-Dec-13 | (Level 1) | (Level 2) | (Level 3) | 31-Dec-13 | ||||||||||||||
U.S. Government agency mortgage-backed securities | $ | - | $ | 21,752 | $ | - | $ | 21,752 | ||||||||||
U.S. Government agency bonds | - | 7,079 | - | 7,079 | ||||||||||||||
Corporate bonds | - | 8,870 | - | 8,870 | ||||||||||||||
- | - | |||||||||||||||||
Securities available for sale | $ | - | $ | 37,701 | $ | - | $ | 37,701 | ||||||||||
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, 2014 and 2013, 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 | ||||||||||||||||
(in thousands) | for Identical Assets | Inputs | Inputs | |||||||||||||||
(Level 1) | (Level 2) | (Level 3) | Balance | |||||||||||||||
31-Dec-14 | ||||||||||||||||||
Non-accrual loans | $ | - | $ | - | $ | 859 | $ | 859 | ||||||||||
31-Dec-13 | ||||||||||||||||||
Non-accrual loans | $ | - | $ | - | $ | 10,446 | $ | 10,446 | ||||||||||
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, 2014 and December 31, 2013 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, 2014 and 2013: | ||||||||||||||||||
31-Dec-14 | 31-Dec-13 | |||||||||||||||||
(in thousands) | Fair | Carrying | Estimated | Carrying | Estimated | |||||||||||||
Value | Amount | Fair Value | Amount | Fair Value | ||||||||||||||
Financial Assets: | ||||||||||||||||||
Cash and noninterest bearing balances due from banks | Level 1 | $ | 2,095 | $ | 2,095 | $ | 1,570 | $ | 1,570 | |||||||||
Interest-bearing deposits due from banks | Level 1 | 71,163 | 71,163 | 33,296 | 33,296 | |||||||||||||
Other investments | Level 2 | 4,450 | 4,450 | 4,450 | 4,450 | |||||||||||||
Federal Reserve Bank stock | Level 2 | 2,058 | 2,058 | 1,444 | 1,444 | |||||||||||||
Federal Home Loan Bank stock | Level 2 | 6,628 | 6,628 | 4,143 | 4,143 | |||||||||||||
Loans receivable, net | Level 3 | 471,984 | 476,631 | 418,148 | 424,831 | |||||||||||||
Accrued interest receivable | Level 1 | 1,918 | 1,918 | 1,566 | 1,566 | |||||||||||||
Financial Liabilities: | ||||||||||||||||||
Demand deposits | Level 1 | $ | 63,398 | $ | 63,398 | $ | 55,358 | $ | 55,358 | |||||||||
Savings deposits | Level 1 | 93,790 | 93,790 | 80,983 | 80,983 | |||||||||||||
Money market deposits | Level 1 | 24,650 | 24,650 | 29,310 | 29,310 | |||||||||||||
NOW accounts | Level 1 | 26,269 | 26,269 | 28,618 | 28,618 | |||||||||||||
Time deposits | Level 2 | 234,926 | 234,972 | 235,935 | 236,602 | |||||||||||||
FHLB Borrowings | Level 2 | 120,000 | 120,000 | 57,000 | 57,000 | |||||||||||||
Subordinated debentures | Level 2 | 8,248 | 8,248 | 8,248 | 8,248 | |||||||||||||
Accrued interest payable | Level 1 | 167 | 167 | 1,388 | 1,388 | |||||||||||||
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, 2014 and 2013. The estimated fair value of fee income on letters of credit at December 31, 2014 and 2013 was insignificant. |
Note_20_Restructuring_Charges_
Note 20 - Restructuring Charges and Asset Disposals | 12 Months Ended | |
Dec. 31, 2014 | ||
Restructuring and Related Activities [Abstract] | ||
Restructuring and Related Activities Disclosure [Text Block] | Note 20. | Restructuring Charges and Asset Disposals |
The Company recorded no restructuring charges for the twelve months ended December 31, 2014, compared to $522,000 in the same period as last year. These costs are included in restructuring charges and asset disposals in the Consolidated Statements of Operations. The $522,000 of restructuring charges for the twelve months ended December 31, 2013 consisted of workforce reduction related charges of $643,000 partially offset by $121,000 reduction in existing restructuring reserves related to lease liability costs. | ||
On May 29, 2013, the Company purchased a branch location where the cost of the lease exceeded the cost to own. Purchase of this branch resulted in a reduction of $121,000 in future lease liability costs which had been included as part of a restructuring initiative in 2011. | ||
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 $515,000 in severance expenses. During July 2013, there was an additional workforce reduction, resulting in restructuring charges of $54,000 in severance expenses. | ||
There were no remaining restructuring reserves at December 31, 2014. |
Note_21_Condensed_Parent_Compa
Note 21 - Condensed Parent Company Only Financial Statements | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Text Block] | Note 21. | Condensed Parent Company Only Financial Statements | |||||||||||
The following represent the condensed parent company only balance sheets at December 31, 2014 and 2013, and condensed statements of operations and cash flows for the years ended December 31, 2014, 2013, and 2012. | |||||||||||||
CONDENSED BALANCE SHEETS | |||||||||||||
December 31, 2014 and 2013 | |||||||||||||
(in thousands) | |||||||||||||
2014 | 2013 | ||||||||||||
ASSETS | |||||||||||||
Cash and due from banks | $ | 395 | $ | 1,734 | |||||||||
Investment in subsidiaries | 67,050 | 49,931 | |||||||||||
Other assets | 231 | 201 | |||||||||||
Total assets | $ | 67,676 | $ | 51,866 | |||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||||||
Borrowings | 8,248 | 8,248 | |||||||||||
Accrued expenses and other liabilities | 693 | 1,777 | |||||||||||
Shareholders' equity | 58,735 | 41,841 | |||||||||||
Total liabilities and shareholders' equity | $ | 67,676 | $ | 51,866 | |||||||||
CONDENSED STATEMENTS OF OPERATIONS | |||||||||||||
Years Ended December 31, 2014, 2013 and 2012 | |||||||||||||
(in thousands) | 2014 | 2013 | 2012 | ||||||||||
Revenues | |||||||||||||
Dividends from subsidiary bank | $ | - | $ | - | $ | - | |||||||
Total revenue | - | - | - | ||||||||||
Expenses | |||||||||||||
Interest on subordinated debt | 438 | 293 | 308 | ||||||||||
Other expenses | 157 | 395 | 700 | ||||||||||
Total expenses | 595 | 688 | 1,008 | ||||||||||
Loss before equity in undistributed net loss of subsidiaries | (595 | ) | (688 | ) | (1,008 | ) | |||||||
Equity in undistributed net income (loss) of subsidiaries | 16,304 | (6,601 | ) | 472 | |||||||||
Net Income (loss) | $ | 15,709 | $ | (7,289 | ) | $ | (536 | ) | |||||
CONDENSED STATEMENTS OF CASH FLOWS | |||||||||||||
Years Ended December 31, 2014, 2013 and 2012 | |||||||||||||
(in thousands) | 2014 | 2013 | 2012 | ||||||||||
Cash Flows from Operating Activities | |||||||||||||
Net Income (loss) | $ | 15,709 | $ | (7,289 | ) | $ | (536 | ) | |||||
Adjustments to reconcile net income (loss) to net cash (used in) operating activities: | |||||||||||||
Equity in undistributed (income) loss of subsidiaries | (16,304 | ) | 6,601 | (472 | ) | ||||||||
Share-based compensation expense | 275 | 131 | 306 | ||||||||||
Change in assets and liabilities: | |||||||||||||
(Increase) decrease in other assets | (30 | ) | 85 | (68 | ) | ||||||||
(Decrease) increase in accrued expenses and other liabilities | (1,084 | ) | 323 | 187 | |||||||||
Net cash (used in) operating activities | (1,434 | ) | (149 | ) | (583 | ) | |||||||
Cash Flows from Investing Activities | |||||||||||||
Net investment provided by (used in) bank subsidiary | 95 | (500 | ) | - | |||||||||
Net cash provided by (used in) investing activities | 95 | (500 | ) | - | |||||||||
Net (decrease) increase in cash and cash equivalents | (1,339 | ) | (649 | ) | (583 | ) | |||||||
Cash and cash equivalents at beginning of year | 1,734 | 2,383 | 2,966 | ||||||||||
Cash and cash equivalents at end of year | $ | 395 | $ | 1,734 | $ | 2,383 | |||||||
Supplemental Disclosures of Cash Flow Information | |||||||||||||
Cash paid for interest | $ | 1,704 | $ | - | $ | - | |||||||
Accrued dividends declared on common stock | $ | - | $ | - | |||||||||
Accounting_Policies_by_Policy_
Accounting Policies, by Policy (Policies) | 12 Months Ended | ||
Dec. 31, 2014 | |||
Accounting Policies [Abstract] | |||
Basis of Accounting, Policy [Policy Text Block] | 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 subsidiaries, PinPat Acquisition Corporation and ABC HOLD Co, LLC, and have been prepared in conformity with U.S. generally accepted accounting principles. All significant intercompany balances and transactions have been eliminated. | |||
Cash and Cash Equivalents, Policy [Policy Text Block] | 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 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. The Company did not maintain any balances in federal funds sold or short-term investments during 2014. | |||
Investment, Policy [Policy Text Block] | 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. | |||
Finance, Loan and Lease Receivables, Held-for-sale, Policy [Policy Text Block] | 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. | |||
Policy Loans Receivable, Policy [Policy Text Block] | Loans receivable | ||
Loans that the Company has the intent and ability to hold for the foreseeable future or until maturity 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, 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. | |||
Loans and Leases Receivable, Allowance for Loan Losses Policy [Policy Text Block] | Allowance for loan losses | ||
The allowance for loan losses (ALL) 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 Company’s December 31, 2014 allowance calculation included the use of more definitive and distinct Loss Emergence Periods (LEPs) for each loan segment, allowing the Company to more accurately forecast probable losses that have already occurred in the loan portfolio, which may not have emerged into “problem loan” status. | |||
The updates and refinements to the allowance methodology did not have a significant impact on the total Allowance for Loan Losses, but as depicted in the tables in footnote 4, did result in some realignment of Allowance allocations. Notably, the Residential Mortgage allocation increased, which was primarily the result of higher NPLs and calculated loss rates, higher qualitative factor adjustments, and a higher LEP. As this category has incurred the most amount of dollars charged-off each of the past three years and has been a significant contributor to the Company’s non-performing loans, the Company believes the resulting December 31, 2014 Allowance allocation for this portfolio segment was reasonable and appropriate. | |||
The ALL for homogeneous loans is calculated using a systematic methodology with both a quantitative and a qualitative analysis that is applied on a quarterly basis. The ALL model is comprised of five distinct portfolio segments: | |||
1) | Commercial Real Estate | ||
2) | Residential Real Estate | ||
3) | Construction | ||
4) | Commercial | ||
5) | Consumer | ||
Each segment has a distinct set of risk characteristics monitored by management. We further assess and monitor risk and performance at a more disaggregated level which includes our internal risk rating system for the commercial segments and type of collateral, lien position and loan-to-value, or LTV, for the consumer segments. | |||
We first apply historical loss rates to pools of loans with similar risk characteristics. Loss rates are calculated by historical charge-offs that have occurred within each pool of loans over the loss emergence period, or LEP. The LEP is an estimate of the average amount of time from the point at which a loss is incurred on a loan to the point at which the loss is confirmed. In general, the LEP will be shorter in an economic slowdown or recession and longer during times of economic stability or growth, as customers are better able to delay loss confirmation after a potential loss event has occurred. | |||
In conjunction with our annual review of the ALL assumptions, we have updated our study of LEPs for our commercial portfolio segments using our loan charge-off history. | |||
Another key assumption is the look-back period, or LBP, which represents the historical data period utilized to calculate loss rates. We lengthened the LBP for all segments in order to capture relevant historical data believed to be reflective of losses inherent in the portfolios. We use a 2- year LBP for portfolio segments. | |||
After consideration of the historic loss calculations, management applies additional qualitative adjustments so that the ALL is reflective of the inherent losses that exist in the loan portfolio at the balance sheet date. Qualitative adjustments are made based upon changes in economic conditions, loan portfolio and asset quality data and credit process changes, such as credit policies or underwriting standards. The evaluation of the various components of the ALL requires considerable judgment in order to estimate inherent loss exposures. | |||
Qualitative adjustments are aggregated into the nine categories described in the Interagency Policy Statement (“Interagency Statement”) issued by the bank regulators. Within the statement, the following qualitative factors are considered: | |||
1 | Changes in our lending policies and procedures, including underwriting standards, collection, charge-off and recovery practices not considered elsewhere in estimating credit losses; | ||
2 | Changes in national, regional, and local economic and business conditions and developments that affect the collectability of the portfolio, including the condition of various market segments; | ||
3 | Changes in the nature and volume of our loan portfolio and terms of loans; | ||
4 | Changes in the experience, ability and depth of our lending management and staff; | ||
5 | Changes in the volume and loss severity of past due loans, the volume of nonaccrual loans, and the volume and loss severity of adversely classified or graded loans; | ||
6 | Changes in the quality of our loan review system; | ||
7 | Changes in the value of the underlying collateral for collateral-dependent loans; | ||
8 | The existence and effect of any concentrations of credit and changes in the level of such concentrations; and | ||
9 | The effect of other external factors such as competition and legal and regulatory requirements on the level of estimated credit losses in our current loan portfolio. | ||
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 loans 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. Subsequent recoveries, if any, are credited to the allowance. 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 (generally defined by the Company as non-accrual loans, troubled debt restructured loans 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 and loan-to-value if collateral dependent. 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 above. 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. | ||
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. Risk ratings are assigned based upon the recommendations of the credit analyst and the originating loan officer and confirmed by the Loan Committee at the initiation of the transactions 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. | |||
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. The appraisal is subject to review by an independent third party hired by the Company. 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 and if a construction loan, within 120 days prior to the scheduled maturity date. These appraisals may be more limited than those prepared for the underwriting of a new loan. | |||
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 OCC 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. | |||
Transfers and Servicing of Financial Assets, Policy [Policy Text Block] | 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 [Policy Text Block] | 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. | |||
Property, Plant and Equipment, Policy [Policy Text Block] | 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 forty years. Gains and losses on dispositions are recognized upon realization. Maintenance and repairs are expensed as incurred and improvements are capitalized. | |||
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | 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 Life Insurance [Policy Text Block] | Cash surrender value of bank owned life insurance | ||
Cash surrender value of bank owned life insurance (“BOLI”) represented 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, were recorded in other non-interest income and are not subject to income tax. The funds were held in a segregated account and invested in marketable securities. The Bank liquidated the BOLI policy in December 2014. | |||
Income Tax, Policy [Policy Text Block] | Income taxes | ||
The Company recognizes income taxes under the asset and liability method. Under this method, net deferred taxes are recognized for the estimated tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, and loss carry forwards. Deferred tax assets (DTAs) and liabilities (DTLs) 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 DTAs and DTLs of a change in tax rates is recognized in income in the period that includes the enactment date. | |||
In certain circumstances deferred tax assets are subject to reduction by a valuation allowance. A valuation allowance is subject to ongoing adjustment based on changes in circumstances that affect management’s judgment about the realizability of the deferred tax asset. Adjustments to increase or decrease the valuation allowance are charged or credited to income tax provision (benefit). | |||
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 had a net deferred tax asset of $14.9 million at December 31, 2014 compared to a net deferred tax asset of $0 at December 31, 2013. The change in net deferred tax asset of $14.9 million was primarily due to the release of the valuation allowance. | |||
The Company evaluates its ability to realize its net deferred tax assets on a quarterly basis. In doing so the Company considers all available evidence, both positive and negative, to determine whether it is more likely than not that the deferred tax assets will be realized. When comparing 2014 to prior periods, management noted positive evidence which included strong positive trend in financial performance, forecasted 2015 and future period taxable income, a significant improvement in the quality of the loan portfolio, favorable changes in operations which permanently reduce operating expenses and net operating loss carry-forwards that do not begin to expire until 2029. The positive evidence noted above resulted in management’s conclusion to release the valuation allowance against the net deferred tax at September 30, 2014. The positive trend in the Bank’s financial performance continued through the fourth quarter, and management determined that a valuation allowance against the net deferred tax asset was not necessary at December 31, 2014. | |||
Management will continue to evaluate the bank’s ability to realize its net deferred tax asset. Future evidence may prove that it is more likely than not that a portion of the net deferred tax asset will not be realized at which point a valuation allowance may be reestablished. | |||
The Company has no unrecognized tax benefits and related interest or penalties at December 31, 2014. 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 through 2013 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 had 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 Transaction [Policy Text Block] | 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 17 contains details regarding related party transactions. | |||
Earnings Per Share, Policy [Policy Text Block] | Earnings or loss per share | ||
Basic earnings or loss per share represents income or loss relating to common shareholders and is computed by dividing net income or loss by the weighted-average number of common shares outstanding. Diluted earnings or loss per share reflects additional common shares that would have been outstanding if potential dilutive common shares had been issued, as well as any adjustments to income resulting from the assumed issuance unless such assumed issuance is anti-dilutive. Potential common shares that may be issued by the Company include any stock options and warrants, and are determined using the treasury stock method. The Company did not have any potentially dilutive shares outstanding in 2013 or 2014. | |||
Treasury shares are not deemed outstanding for income (loss) per share purposes. | |||
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | 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 would be 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, Policy [Policy Text Block] | 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, Policy [Policy Text Block] | Segment reporting | ||
The Company’s only business segment is Community Banking. During the years ended 2014, 2013 and 2012, this segment represented all the revenues and income of the consolidated group and, therefore, is the only reported segment. | |||
Fair Value Measurement, Policy [Policy Text Block] | 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. | |||
See Note 19 for additional information regarding fair value. | |||
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Issued Accounting Standards Updates | ||
ASU 2014-14, “Receivables - Troubled Debt Restructuring by Creditors (Subtopic 310-40)” – Classification of Certain Government-Guaranteed Mortgage Loans upon Foreclosure which will require creditors to derecognize certain foreclosed government-guaranteed mortgage loans and to recognize a separate other receivable that is measured at the amount the creditor expects to recover from the guarantor, and to treat the guarantee and the receivable as a single unit of account. ASU 2014-14 is effective for public business entities for annual periods, and interim periods within those annual periods, beginning after December 15, 2014. For entities other than public business entities, the ASU is effective for annual periods ending after December 15, 2015, and interim periods beginning after December 15, 2015. An entity can elect a prospective or a modified retrospective transition method, but must use the same transition method that it elected under FASB ASU No. 2014-04, Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure. Early adoption, including adoption in an interim period, is permitted if the entity already adopted ASU 2014-04. The Company intends to adopt the accounting standard during the first quarter of 2015, with no material impact on its financial statements anticipated. | |||
ASU No. 2014-12, Compensation-Stock Compensation (Topic 718) “Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period (a consensus of the FASB Emerging Issues Task Force).”– The ASU provides explicit guidance to account for a performance target that could be achieved after the requisite service period as a performance condition. For awards within the scope of this Update, the Task Force decided that an entity should apply existing guidance in Topic 718 as it relates to share-based payments with performance conditions that affect vesting. Consistent with that guidance, performance conditions that affect vesting should not be reflected in estimating the fair value of an award at the grant date. Compensation cost should be recognized when it is probable that the performance target will be achieved and should represent the compensation cost attributable to the period for which the requisite service has already been rendered. If the performance target becomes probable of being achieved before the end of the requisite service period, the remaining unrecognized compensation cost should be recognized prospectively over the remaining requisite service period. The total amount of compensation cost recognized during and after the requisite service period should reflect the number of awards that are expected to vest and should be adjusted to reflect those awards that ultimately vest. The amendments are effective for annual and interim periods beginning after December 15, 2015. The Company intends to adopt the accounting standard during the first quarter of 2015, with no material impact on its financial statements anticipated. | |||
ASU No. 2014-09, “Revenue from Contracts with Customers (Topic 606)” – which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The ASU will replace most existing revenue recognition guidance in GAAP when it becomes effective. The new standard is effective for the Company on January 1, 2017. Early application is not permitted. The standard permits the use of either the retrospective or cumulative effect transition method. The Company is evaluating the effect that ASU 2014-09 will have on its consolidated financial statements and related disclosures. The Company has not yet selected a transition method nor has it determined the effect of the standard on its ongoing financial reporting. | |||
ASU No. 2014-04, “Receivables – Troubled Debt Restructuring by Creditors (Subtopic 310-40): Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans Upon Foreclosure,” was issued to clarify that when an in substance repossession or foreclosure occurs, a creditor is considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan, upon either (1) the creditor obtaining legal title to the residential real estate property upon completion of a foreclosure or (2) the borrower conveying all interest in the residential real estate property to the creditor to satisfy that loan through completion of a deed in lieu of foreclosure or through a similar legal agreement. Additionally, the amendments require interim and annual disclosure of both (1) the amount of foreclosed residential real estate property held by the creditor and (2) the recorded investment in consumer mortgage loans collateralized by residential real estate property that are in the process of foreclosure according to local requirements of the applicable jurisdiction. ASU 2014-04 is effective for annual reporting periods beginning after December 15, 2014. The Company intends to adopt the accounting standard during the first quarter of 2015, with no material impact on its financial statements anticipated. | |||
ASU No. 2014-01, “Accounting for Investments in Qualified Affordable Housing Projects (Topic 323)“- allows an entity that invests in low income housing projects and meets all the specified conditions to use the proportional amortization method to account for the costs of those investments. The effective date is for annual periods and interim periods within those annual periods beginning after December 15, 2014. The Company intends to adopt the accounting standard during the first quarter of 2015, with no material impact on its financial statements anticipated. |
Note_3_AvailableforSale_Securi1
Note 3 - Available-for-Sale Securities (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||
Available-for-sale Securities [Table Text Block] | Gross | ||||||||||||||||||||||||
(in thousands) | Amortized | Unrealized | Fair | ||||||||||||||||||||||
Cost | Losses | Value | |||||||||||||||||||||||
2014 | |||||||||||||||||||||||||
U. S. Government agency bonds | $ | 7,500 | $ | (91 | ) | $ | 7,409 | ||||||||||||||||||
U. S. Government agency mortgage-backed securities | 17,635 | (298 | ) | 17,337 | |||||||||||||||||||||
Corporate bonds | 9,000 | (64 | ) | 8,936 | |||||||||||||||||||||
$ | 34,135 | $ | (453 | ) | $ | 33,682 | |||||||||||||||||||
2013 | |||||||||||||||||||||||||
U. S. Government agency bonds | $ | 7,500 | $ | (421 | ) | $ | 7,079 | ||||||||||||||||||
U. S. Government agency mortgage-backed securities | 22,388 | (636 | ) | 21,752 | |||||||||||||||||||||
Corporate bonds | 9,000 | (130 | ) | 8,870 | |||||||||||||||||||||
$ | 38,888 | $ | (1,187 | ) | $ | 37,701 | |||||||||||||||||||
Schedule of Unrealized Loss on Investments [Table Text Block] | Less Than 12 Months | 12 Months or More | Total | ||||||||||||||||||||||
(in thousands) | Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | |||||||||||||||||||
Value | Loss | Value | Loss | Value | Loss | ||||||||||||||||||||
2014 | |||||||||||||||||||||||||
U. S. Government agency bonds | $ | - | $ | - | $ | 7,409 | $ | (91 | ) | $ | 7,409 | $ | (91 | ) | |||||||||||
U. S. Government agency mortgage -backed securities | - | - | 17,337 | (298 | ) | 17,337 | (298 | ) | |||||||||||||||||
Corporate bonds | - | - | 8,936 | (64 | ) | 8,936 | (64 | ) | |||||||||||||||||
Totals | $ | - | $ | - | $ | 33,682 | $ | (453 | ) | $ | 33,682 | $ | (453 | ) | |||||||||||
2013 | |||||||||||||||||||||||||
U. S. Government agency bonds | $ | 7,079 | $ | (421 | ) | $ | - | $ | - | $ | 7,079 | $ | (421 | ) | |||||||||||
U. S. Government agency mortgage -backed securities | 8,871 | (291 | ) | 12,881 | (345 | ) | 21,752 | (636 | ) | ||||||||||||||||
Corporate bonds | - | - | 8,870 | (130 | ) | 8,870 | (130 | ) | |||||||||||||||||
Totals | $ | 15,950 | $ | (712 | ) | $ | 21,751 | $ | (475 | ) | $ | 37,701 | $ | (1,187 | ) | ||||||||||
Investments Classified by Contractual Maturity Date [Table Text Block] | (in thousands) | Amortized Cost | Fair Value | ||||||||||||||||||||||
Maturity: | |||||||||||||||||||||||||
Corporate bonds 5 to 10 years | $ | 9,000 | $ | 8,936 | |||||||||||||||||||||
U.S. Government agency bonds < 5 years | 2,500 | 2,489 | |||||||||||||||||||||||
U.S. Government agency bonds 5 to 10 years | 5,000 | 4,920 | |||||||||||||||||||||||
U.S. Government agency mortgage-backed securities | 17,635 | 17,337 | |||||||||||||||||||||||
Total | $ | 34,135 | $ | 33,682 |
Note_4_Loans_Receivable_and_Al1
Note 4 - Loans Receivable and Allowance for Loan Losses (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Note 4 - Loans Receivable and Allowance for Loan Losses (Tables) [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | (in thousands) | December 31, | December 31, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | $ | 254,505 | $ | 222,772 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential | 108,543 | 106,968 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction | 3,096 | 260 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction to permanent | 10,627 | 11,372 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | 53,973 | 35,137 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer home equity | 41,631 | 44,315 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer installment | 4,533 | 3,005 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Loans | 476,908 | 423,829 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses | (4,924 | ) | (5,681 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans receivable, net | $ | 471,984 | $ | 418,148 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Changes in Allowance for Loan Losses [Table Text Block] | (in thousands) | 2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, beginning of period | $ | 5,681 | $ | 6,016 | $ | 9,385 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Provision for loan losses | - | 970 | (2,379 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans charged-off | (867 | ) | (1,668 | ) | (1,070 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Recoveries of loans previously charged-off | 110 | 363 | 80 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, end of period | $ | 4,924 | $ | 5,681 | $ | 6,016 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for Credit Losses on Financing Receivables [Table Text Block] | (in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Twelve months ended | Commercial | Commercial Real Estate | Construction | Construction to Permanent | Residential | Consumer | Unallocated | Total | |||||||||||||||||||||||||||||||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning Balance | $ | 2,285 | $ | 1,585 | $ | 260 | $ | 25 | $ | 795 | $ | 534 | $ | 197 | $ | 5,681 | |||||||||||||||||||||||||||||||||||||||||
Charge-offs | (49 | ) | (297 | ) | (260 | ) | - | (195 | ) | (66 | ) | - | (867 | ) | |||||||||||||||||||||||||||||||||||||||||||
Recoveries | 6 | 60 | 10 | - | 30 | 4 | - | 110 | |||||||||||||||||||||||||||||||||||||||||||||||||
Provision | (324 | ) | 71 | 53 | 190 | 201 | 6 | (197 | ) | - | |||||||||||||||||||||||||||||||||||||||||||||||
Ending Balance | $ | 1,918 | $ | 1,419 | $ | 63 | $ | 215 | $ | 831 | $ | 478 | $ | - | $ | 4,924 | |||||||||||||||||||||||||||||||||||||||||
Ending balance: individually evaluated for impairment | $ | - | $ | - | $ | - | $ | - | $ | - | $ | 7 | $ | - | $ | 7 | |||||||||||||||||||||||||||||||||||||||||
Ending balance: collectively evaluated for impairment | 1,918 | 1,419 | 63 | 215 | 831 | 471 | - | 4,917 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total Allowance for Loan Losses | $ | 1,918 | $ | 1,419 | $ | 63 | $ | 215 | $ | 831 | $ | 478 | $ | - | $ | 4,924 | |||||||||||||||||||||||||||||||||||||||||
Total Loans ending balance | $ | 53,973 | $ | 254,505 | $ | 3,096 | $ | 10,627 | $ | 108,543 | $ | 46,164 | $ | - | $ | 476,908 | |||||||||||||||||||||||||||||||||||||||||
Ending balance: individually evaluated for impairment | 2 | 7,398 | - | - | 3,764 | 560 | - | 11,724 | |||||||||||||||||||||||||||||||||||||||||||||||||
Ending balance: collectively evaluated for impairment | $ | 53,971 | $ | 247,107 | $ | 3,096 | $ | 10,627 | $ | 104,779 | $ | 45,604 | $ | - | $ | 465,184 | |||||||||||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Twelve months ended | Commercial | Commercial Real Estate | Construction | Construction to Permanent | Residential | Consumer | Unallocated | Total | |||||||||||||||||||||||||||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning Balance | $ | 942 | $ | 3,509 | $ | 311 | $ | 19 | $ | 897 | $ | 217 | $ | 121 | $ | 6,016 | |||||||||||||||||||||||||||||||||||||||||
Charge-offs | (63 | ) | (403 | ) | (205 | ) | - | (919 | ) | (78 | ) | - | (1,668 | ) | |||||||||||||||||||||||||||||||||||||||||||
Recoveries | 4 | 335 | 20 | - | 1 | 3 | - | 363 | |||||||||||||||||||||||||||||||||||||||||||||||||
Provision | 1,402 | (1,856 | ) | 134 | 6 | 816 | 392 | 76 | 970 | ||||||||||||||||||||||||||||||||||||||||||||||||
Ending Balance | $ | 2,285 | $ | 1,585 | $ | 260 | $ | 25 | $ | 795 | $ | 534 | $ | 197 | $ | 5,681 | |||||||||||||||||||||||||||||||||||||||||
Ending balance: individually evaluated for impairment | $ | 1,500 | $ | 31 | $ | 260 | $ | - | $ | 98 | $ | 2 | $ | - | $ | 1,891 | |||||||||||||||||||||||||||||||||||||||||
Ending balance: collectively evaluated for impairment | 785 | 1,554 | - | 25 | 697 | 532 | 197 | 3,790 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total Allowance for Loan Losses | $ | 2,285 | $ | 1,585 | $ | 260 | $ | 25 | $ | 795 | $ | 534 | $ | 197 | $ | 5,681 | |||||||||||||||||||||||||||||||||||||||||
Total Loans ending balance | $ | 35,137 | $ | 222,772 | $ | 260 | $ | 11,372 | $ | 106,968 | $ | 47,320 | $ | - | $ | 423,829 | |||||||||||||||||||||||||||||||||||||||||
Ending balance: individually evaluated for impairment | 6,152 | 7,766 | 260 | 1,189 | 6,060 | 594 | - | 22,021 | |||||||||||||||||||||||||||||||||||||||||||||||||
Ending balance: collectively evaluated for impairment | $ | 28,985 | $ | 215,006 | $ | - | $ | 10,183 | $ | 100,908 | $ | 46,726 | $ | - | $ | 401,808 | |||||||||||||||||||||||||||||||||||||||||
Ceded Credit Risk [Table Text Block] | Commercial | Construction | Residential | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | Commercial | Real Estate | Construction | to Permanent | Real Estate | Consumer | Totals | ||||||||||||||||||||||||||||||||||||||||||||||||||
Performing | $ | 53,971 | $ | 254,367 | $ | 3,096 | $ | 10,627 | $ | 107,824 | $ | 46,157 | $ | 476,042 | |||||||||||||||||||||||||||||||||||||||||||
Non Performing | 2 | 138 | - | - | 719 | 7 | 866 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 53,973 | $ | 254,505 | $ | 3,096 | $ | 10,627 | $ | 108,543 | $ | 46,164 | $ | 476,908 | |||||||||||||||||||||||||||||||||||||||||||
Commercial | Construction | Residential | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | Commercial | Real Estate | Construction | to Permanent | Real Estate | Consumer | Totals | ||||||||||||||||||||||||||||||||||||||||||||||||||
Performing | $ | 28,985 | $ | 221,007 | $ | - | $ | 10,183 | $ | 104,030 | $ | 47,287 | $ | 411,492 | |||||||||||||||||||||||||||||||||||||||||||
Non Performing | 6,152 | 1,765 | 260 | 1,189 | 2,938 | 33 | 12,337 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 35,137 | $ | 222,772 | $ | 260 | $ | 11,372 | $ | 106,968 | $ | 47,320 | $ | 423,829 | |||||||||||||||||||||||||||||||||||||||||||
Schedule of Financing Receivables, Non Accrual Status [Table Text Block] | Non-Accrual and Past Due Loans | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | Non-Accrual Loans | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2014 | 31-60 Days | 61-90 Days | Greater Than | Total Past | Current | >90 Days | Total Non-Accrual | ||||||||||||||||||||||||||||||||||||||||||||||||||
Past Due | Past Due | 90 Days | Due | Past Due | and Past Due | ||||||||||||||||||||||||||||||||||||||||||||||||||||
and | Loans | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accruing | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | - | $ | - | $ | - | $ | - | $ | - | $ | 279 | $ | 279 | |||||||||||||||||||||||||||||||||||||||||||
Substandard | - | - | 2 | 2 | - | - | 2 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total Commercial | $ | - | $ | - | $ | 2 | $ | 2 | $ | - | $ | 279 | $ | 281 | |||||||||||||||||||||||||||||||||||||||||||
Commercial Real Estate | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | $ | - | $ | - | $ | - | $ | - | $ | 138 | $ | - | $ | 138 | |||||||||||||||||||||||||||||||||||||||||||
Total Commercial Real Estate | $ | - | $ | - | $ | - | $ | - | $ | 138 | $ | - | $ | 138 | |||||||||||||||||||||||||||||||||||||||||||
Residential Real Estate | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | $ | - | $ | - | $ | 719 | $ | 719 | $ | - | $ | - | $ | 719 | |||||||||||||||||||||||||||||||||||||||||||
Total Residential Real Estate | $ | - | $ | - | $ | 719 | $ | 719 | $ | - | $ | - | $ | 719 | |||||||||||||||||||||||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | $ | - | $ | - | $ | 7 | $ | 7 | $ | - | $ | - | $ | 7 | |||||||||||||||||||||||||||||||||||||||||||
Total Consumer | $ | - | $ | - | $ | 7 | $ | 7 | $ | - | $ | - | $ | 7 | |||||||||||||||||||||||||||||||||||||||||||
Total | $ | - | $ | - | $ | 728 | $ | 728 | $ | 138 | $ | 279 | $ | 1,145 | |||||||||||||||||||||||||||||||||||||||||||
Non-Accrual and Past Due Loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | Non-Accrual Loans | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2013 | 31-60 Days | 61-90 Days | Greater | Total Past | Current | >90 Days | Total Non- | ||||||||||||||||||||||||||||||||||||||||||||||||||
Past Due | Past Due | Than 90 | Due | Past Due | Accrual and | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Days | and | Past Due Loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accruing | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | - | $ | - | $ | - | $ | - | $ | - | $ | 25 | $ | 25 | |||||||||||||||||||||||||||||||||||||||||||
Substandard | - | - | 2 | 2 | 6,150 | - | 6,152 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total Commercial | $ | - | $ | - | $ | 2 | $ | 2 | $ | 6,150 | $ | 25 | $ | 6,177 | |||||||||||||||||||||||||||||||||||||||||||
Commercial Real Estate | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | $ | - | $ | - | $ | 1,765 | $ | 1,765 | $ | - | $ | 841 | $ | 2,606 | |||||||||||||||||||||||||||||||||||||||||||
Total Commercial Real Estate | $ | - | $ | - | $ | 1,765 | $ | 1,765 | $ | - | $ | 841 | $ | 2,606 | |||||||||||||||||||||||||||||||||||||||||||
Construction | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | $ | - | $ | - | $ | 260 | $ | 260 | $ | - | $ | - | $ | 260 | |||||||||||||||||||||||||||||||||||||||||||
Total Construction | $ | - | $ | - | $ | 260 | $ | 260 | $ | - | $ | - | $ | 260 | |||||||||||||||||||||||||||||||||||||||||||
Construction to Permanent | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | $ | - | $ | - | $ | - | $ | - | $ | 1,189 | $ | - | $ | 1,189 | |||||||||||||||||||||||||||||||||||||||||||
Total Construction to Permanent | $ | - | $ | - | $ | - | $ | - | $ | 1,189 | $ | - | $ | 1,189 | |||||||||||||||||||||||||||||||||||||||||||
Residential Real Estate | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | $ | - | $ | - | $ | 2,553 | $ | 2,553 | $ | 385 | $ | - | $ | 2,938 | |||||||||||||||||||||||||||||||||||||||||||
Total Residential Real Estate | $ | - | $ | - | $ | 2,553 | $ | 2,553 | $ | 385 | $ | - | $ | 2,938 | |||||||||||||||||||||||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | $ | - | $ | - | $ | 2 | $ | 2 | $ | 31 | $ | - | $ | 33 | |||||||||||||||||||||||||||||||||||||||||||
Total Consumer | $ | - | $ | - | $ | 2 | $ | 2 | $ | 31 | $ | - | $ | 33 | |||||||||||||||||||||||||||||||||||||||||||
Total | $ | - | $ | - | $ | 4,582 | $ | 4,582 | $ | 7,755 | $ | 866 | $ | 13,203 | |||||||||||||||||||||||||||||||||||||||||||
Schedule of Financing Receivables Performing and Non-Accrual Status [Table Text Block] | (in thousands) | Performing (Accruing) Loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
2014 | 31-60 Days | 61-90 Days | Greater Than | Total Past | Current | Total | Total Non- | Total Loans | |||||||||||||||||||||||||||||||||||||||||||||||||
Past Due | Past Due | 90 Days | Due | Performing | Accrual and | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans | Past Due | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 1,520 | $ | - | $ | - | $ | 1,520 | $ | 46,279 | $ | 47,799 | $ | 279 | $ | 48,078 | |||||||||||||||||||||||||||||||||||||||||
Special Mention | - | - | - | - | 121 | 121 | - | 121 | |||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | - | - | - | - | 5,772 | 5,772 | 2 | 5,774 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total Commercial | $ | 1,520 | $ | - | $ | - | $ | 1,520 | $ | 52,172 | $ | 53,692 | $ | 281 | $ | 53,973 | |||||||||||||||||||||||||||||||||||||||||
Commercial Real Estate | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | - | $ | - | $ | - | $ | - | $ | 248,132 | $ | 248,132 | $ | - | $ | 248,132 | |||||||||||||||||||||||||||||||||||||||||
Special Mention | 1,041 | - | - | 1,041 | 2,887 | 3,928 | - | 3,928 | |||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | - | 815 | - | 815 | 1,492 | 2,307 | 138 | 2,445 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total Commercial Real Estate | $ | 1,041 | $ | 815 | $ | - | $ | 1,856 | $ | 252,511 | $ | 254,367 | $ | 138 | $ | 254,505 | |||||||||||||||||||||||||||||||||||||||||
Construction | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | - | $ | - | $ | - | $ | - | $ | 3,096 | $ | 3,096 | $ | - | $ | 3,096 | |||||||||||||||||||||||||||||||||||||||||
Total Construction | $ | - | $ | - | $ | - | $ | - | $ | 3,096 | $ | 3,096 | $ | - | $ | 3,096 | |||||||||||||||||||||||||||||||||||||||||
Construction to Permanent | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | - | $ | - | $ | - | $ | - | $ | 10,627 | $ | 10,627 | $ | - | $ | 10,627 | |||||||||||||||||||||||||||||||||||||||||
Total Construction to Permanent | $ | - | $ | - | $ | - | $ | - | $ | 10,627 | $ | 10,627 | $ | - | $ | 10,627 | |||||||||||||||||||||||||||||||||||||||||
Residential Real Estate | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 172 | $ | 87 | $ | 1,553 | $ | 1,812 | $ | 106,012 | $ | 107,824 | $ | - | $ | 107,824 | |||||||||||||||||||||||||||||||||||||||||
Substandard | - | - | - | - | - | - | 719 | 719 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total Residential Real Estate | $ | 172 | $ | 87 | $ | 1,553 | $ | 1,812 | $ | 106,012 | $ | 107,824 | $ | 719 | $ | 108,543 | |||||||||||||||||||||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | - | $ | 2 | $ | - | $ | 2 | $ | 46,155 | $ | 46,157 | $ | - | $ | 46,157 | |||||||||||||||||||||||||||||||||||||||||
Substandard | - | - | - | - | - | - | 7 | 7 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total Consumer | $ | - | $ | 2 | $ | - | $ | 2 | $ | 46,155 | $ | 46,157 | $ | 7 | $ | 46,164 | |||||||||||||||||||||||||||||||||||||||||
Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 1,692 | $ | 89 | $ | 1,553 | $ | 3,334 | $ | 460,301 | $ | 463,635 | $ | 279 | $ | 463,914 | |||||||||||||||||||||||||||||||||||||||||
Special Mention | 1,041 | - | - | 1,041 | 3,008 | 4,049 | - | 4,049 | |||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | - | 815 | - | 815 | 7,264 | 8,079 | 866 | 8,945 | |||||||||||||||||||||||||||||||||||||||||||||||||
Grand Total | $ | 2,733 | $ | 904 | $ | 1,553 | $ | 5,190 | $ | 470,573 | $ | 475,763 | $ | 1,145 | $ | 476,908 | |||||||||||||||||||||||||||||||||||||||||
(in thousands) | Performing (Accruing) Loans | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2013 | 31-60 Days Past Due | 61-89 Days Past Due | Greater Than 90 Days | Total Past Due | Current | Total Loan Balances | Total Non-Accrual and Past Due Loans | Total Loans Receivable | |||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 725 | $ | - | $ | - | $ | 725 | $ | 26,790 | $ | 27,515 | $ | 25 | $ | 27,540 | |||||||||||||||||||||||||||||||||||||||||
Special Mention | - | - | - | - | 170 | 170 | - | 170 | |||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | - | - | - | - | 1,275 | 1,275 | 6,152 | 7,427 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total Commercial | $ | 725 | $ | - | $ | - | $ | 725 | $ | 28,235 | $ | 28,960 | $ | 6,177 | $ | 35,137 | |||||||||||||||||||||||||||||||||||||||||
Commercial Real Estate | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 1,845 | $ | 266 | $ | - | $ | 2,111 | $ | 204,615 | $ | 206,726 | $ | - | $ | 206,726 | |||||||||||||||||||||||||||||||||||||||||
Special Mention | - | - | - | - | 9,047 | 9,047 | - | 9,047 | |||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | - | - | - | - | 4,394 | 4,394 | 2,605 | 6,999 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total Commercial Real Estate | $ | 1,845 | $ | 266 | $ | - | $ | 2,111 | $ | 218,056 | $ | 220,167 | $ | 2,605 | $ | 222,772 | |||||||||||||||||||||||||||||||||||||||||
Construction | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | 260 | $ | 260 | |||||||||||||||||||||||||||||||||||||||||
Total Construction | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | 260 | $ | 260 | |||||||||||||||||||||||||||||||||||||||||
Construction to Permanent | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | - | $ | - | $ | - | $ | - | $ | 10,183 | $ | 10,183 | $ | - | $ | 10,183 | |||||||||||||||||||||||||||||||||||||||||
Substandard | - | - | - | - | - | - | 1,189 | 1,189 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total Construction to Permanent | $ | - | $ | - | $ | - | $ | - | $ | 10,183 | $ | 10,183 | $ | 1,189 | $ | 11,372 | |||||||||||||||||||||||||||||||||||||||||
Residential Real Estate | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 32 | $ | - | $ | - | $ | 32 | $ | 103,998 | $ | 104,030 | $ | - | $ | 104,030 | |||||||||||||||||||||||||||||||||||||||||
Substandard | - | - | - | - | - | - | 2,938 | 2,938 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total Residential Real Estate | $ | 32 | $ | - | $ | - | $ | 32 | $ | 103,998 | $ | 104,030 | $ | 2,938 | $ | 106,968 | |||||||||||||||||||||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 350 | $ | 561 | $ | - | $ | 911 | $ | 46,368 | $ | 47,279 | $ | - | $ | 47,279 | |||||||||||||||||||||||||||||||||||||||||
Substandard | 7 | - | - | 7 | - | 7 | 34 | 41 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total Consumer | $ | 357 | $ | 561 | $ | - | $ | 918 | $ | 46,368 | $ | 47,286 | $ | 34 | $ | 47,320 | |||||||||||||||||||||||||||||||||||||||||
Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 2,952 | $ | 827 | $ | - | $ | 3,779 | $ | 391,954 | $ | 395,733 | $ | 25 | $ | 395,758 | |||||||||||||||||||||||||||||||||||||||||
Special Mention | - | - | - | - | 9,217 | 9,217 | - | 9,217 | |||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | 7 | - | - | 7 | 5,669 | 5,676 | 13,178 | 18,854 | |||||||||||||||||||||||||||||||||||||||||||||||||
Grand Total | $ | 2,959 | $ | 827 | $ | - | $ | 3,786 | $ | 406,840 | $ | 410,626 | $ | 13,203 | $ | 423,829 | |||||||||||||||||||||||||||||||||||||||||
Impaired Financing Receivables [Table Text Block] | (in thousands) | Recorded | Unpaid Principal | Related Allowance | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment | Balance | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | $ | 2 | $ | 104 | $ | - | |||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial Real Estate | 7,398 | 8,249 | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction | - | 732 | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction to Permanent | - | - | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential | 3,764 | 3,793 | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer | 553 | 633 | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total: | $ | 11,717 | $ | 13,511 | $ | - | |||||||||||||||||||||||||||||||||||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer | $ | 7 | $ | 7 | $ | 7 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Total: | $ | 7 | $ | 7 | $ | 7 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | $ | 2 | $ | 104 | $ | - | |||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial Real Estate | 7,398 | 8,249 | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction | - | 732 | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction to Permanent | - | - | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential | 3,764 | 3,793 | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer | 560 | 640 | 7 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total: | $ | 11,724 | $ | 13,518 | $ | 7 | |||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | Recorded | Unpaid | Related | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment | Principal | Allowance | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | $ | 2 | $ | 151 | $ | - | |||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial Real Estate | 7,596 | 8,316 | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction to Permanent | 1,189 | 1,417 | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential | 5,103 | 7,636 | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer | 592 | 671 | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total: | $ | 14,482 | $ | 18,191 | $ | - | |||||||||||||||||||||||||||||||||||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | $ | 6,150 | $ | 6,150 | $ | 1,500 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial Real Estate | 170 | 214 | 31 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction | 260 | 732 | 260 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential | 957 | 1,097 | 98 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer | 2 | 2 | 2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total: | $ | 7,539 | $ | 8,195 | $ | 1,891 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | $ | 6,152 | $ | 6,301 | $ | 1,500 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial Real Estate | 7,766 | 8,530 | 31 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction | 260 | 732 | 260 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction to Permanent | 1,189 | 1,417 | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential | 6,060 | 8,733 | 98 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer | 594 | 673 | 2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total: | $ | 22,021 | $ | 26,386 | $ | 1,891 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Troubled Debt Restructurings on Financing Receivables [Table Text Block] | Accrual | Non-accrual | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | # of | # of | # of | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans | Amount | Loans | Amount | Loans | Amount | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial Real Estate | 1 | $ | 1,131 | - | $ | - | 1 | $ | 1,131 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total Troubled Debt Restructurings | 1 | $ | 1,131 | - | $ | - | 1 | $ | 1,131 | ||||||||||||||||||||||||||||||||||||||||||||||||
Accrual | Non-accrual | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | # of | # of | # of | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans | Amount | Loans | Amount | Loans | Amount | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial Real Estate | 1 | $ | 991 | - | $ | - | 1 | $ | 991 | ||||||||||||||||||||||||||||||||||||||||||||||||
Construction to Permanent | - | - | 1 | 1,197 | 1 | 1,197 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Total Troubled Debt Restructurings | 1 | $ | 991 | 1 | $ | 1,197 | 2 | $ | 2,188 | ||||||||||||||||||||||||||||||||||||||||||||||||
Modified Troubled Debt Restructurings on Financing Receivables [Table Text Block] | Twelve months ended December 31, 2014 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | Number of | Pre-Modification Outstanding Recorded Investment | Number of | Post-Modification Outstanding Recorded Investment | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Relationships | Relationships | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial Real Estate | 2 | $ | 2,439 | 2 | $ | 2,430 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Total Troubled Debt Restructurings | 2 | $ | 2,439 | 2 | $ | 2,430 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Twelve months ended December 31, 2013 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | Number of | Post-Modification Outstanding Recorded Investment | Number of | Post-Modification Outstanding Recorded Investment | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Relationships | Relationships | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction to permanent | 2 | 4,730 | 1 | 991 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Troubled Debt Restructurings | 2 | $ | 4,730 | 1 | $ | 991 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Credit Worthiness [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Note 4 - Loans Receivable and Allowance for Loan Losses (Tables) [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ceded Credit Risk [Table Text Block] | (in thousands) | Commercial | Commercial Real Estate | Construction | Construction to Permanent | Residential Real Estate | Consumer | ||||||||||||||||||||||||||||||||||||||||||||||||||
LTVs: | < 75% | >=5% | < 75% | >=5% | <75% | >=5% | < 75% | >=5% | < 75% | >=5% | < 75% | >=5% | Other | Total | |||||||||||||||||||||||||||||||||||||||||||
Internal Risk Rating | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 41,200 | $ | 6,878 | $ | 240,926 | $ | 7,206 | $ | 2,936 | $ | 160 | $ | 10,627 | $ | - | $ | 93,238 | $ | 14,586 | $ | 43,820 | $ | 1,627 | $ | 710 | $ | 463,914 | |||||||||||||||||||||||||||||
Special Mention | 121 | - | 1,945 | 1,983 | - | - | - | - | - | - | - | - | - | 4,049 | |||||||||||||||||||||||||||||||||||||||||||
Substandard | 5,774 | - | 2,445 | - | - | - | - | - | 339 | 380 | 7 | - | - | 8,945 | |||||||||||||||||||||||||||||||||||||||||||
$ | 47,095 | $ | 6,878 | $ | 245,316 | $ | 9,189 | $ | 2,936 | $ | 160 | $ | 10,627 | $ | - | $ | 93,577 | $ | 14,966 | $ | 43,827 | $ | 1,627 | $ | 710 | $ | 476,908 | ||||||||||||||||||||||||||||||
(in thousands) | Commercial | Commercial Real Estate | Construction | Construction to Permanent | Residential Real Estate | Consumer | |||||||||||||||||||||||||||||||||||||||||||||||||||
LTVs: | < 75% | >=5% | < 75% | >=5% | <75% | >=5% | < 75% | >=5% | < 75% | >=5% | < 75% | >=5% | Other | Total | |||||||||||||||||||||||||||||||||||||||||||
Internal Risk Rating | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 23,671 | $ | 3,868 | $ | 198,787 | $ | 7,940 | $ | - | $ | - | $ | 10,183 | $ | - | $ | 83,252 | $ | 20,778 | $ | 42,780 | $ | 3,849 | $ | 650 | $ | 395,758 | |||||||||||||||||||||||||||||
Special Mention | 170 | - | 6,551 | 2,496 | - | - | - | - | - | - | - | - | - | 9,217 | |||||||||||||||||||||||||||||||||||||||||||
Substandard | 7,428 | - | 3,684 | 3,314 | 60 | 200 | 1,189 | - | 1,981 | 957 | 10 | 31 | - | 18,854 | |||||||||||||||||||||||||||||||||||||||||||
$ | 31,269 | $ | 3,868 | $ | 209,022 | $ | 13,750 | $ | 60 | $ | 200 | $ | 11,372 | $ | - | $ | 85,233 | $ | 21,735 | $ | 42,790 | $ | 3,880 | $ | 650 | $ | 423,829 |
Note_5_Premises_and_Equipment_
Note 5 - Premises and Equipment (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Property, Plant and Equipment [Abstract] | |||||||||
Property, Plant and Equipment [Table Text Block] | (in thousands) | 2014 | 2013 | ||||||
Leasehold improvements | $ | 5,150 | $ | 6,060 | |||||
Furniture, equipment and software | 7,216 | 6,981 | |||||||
Land | 10,419 | 7,341 | |||||||
Buildings | 10,166 | 4,956 | |||||||
Total Premises and Equipment | 32,951 | 25,338 | |||||||
Less: accumulated depreciation and amortization | (10,594 | ) | (10,277 | ) | |||||
Premises and Equipment, net | $ | 22,357 | $ | 15,061 |
Note_6_Other_Real_Estate_Opera1
Note 6 - Other Real Estate Operations (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Real Estate [Abstract] | |||||||||||||
Other Real Estate, Roll Forward [Table Text Block] | (in thousands) | 2014 | 2013 | 2012 | |||||||||
Expenses of holding other real estate owned | $ | 8 | $ | 326 | $ | 127 | |||||||
Loss (gain) on sale of other real estate owned | 4 | (114 | ) | (185 | ) | ||||||||
Expense (income) from other real estate operations | $ | 12 | $ | 212 | $ | (58 | ) |
Note_7_Deposits_Tables
Note 7 - Deposits (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Disclosure Text Block [Abstract] | |||||||||||||||||
Schedule of Deposits [Table Text Block] | Weighted | Weighted | |||||||||||||||
Average | Average | ||||||||||||||||
(dollars in thousands) | 2014 | Interest Rate | 2013 | Interest Rate | |||||||||||||
Non-interest bearing | $ | 63,398 | - | $ | 55,358 | - | |||||||||||
Interest bearing | |||||||||||||||||
NOW | 26,269 | 0.01 | % | 28,618 | 0.01 | % | |||||||||||
Savings | 93,790 | 0.48 | % | 80,983 | 0.3 | % | |||||||||||
Money market | 24,650 | 0.04 | % | 29,310 | 0.04 | % | |||||||||||
Time certificates, less than $100,000 | 106,340 | 0.73 | % | 129,548 | 1.05 | % | |||||||||||
Time certificates, $100,000 or more | 97,876 | 0.87 | % | 106,387 | 1.09 | % | |||||||||||
Brokered Deposits | 30,710 | 0.47 | % | - | |||||||||||||
Total interest bearing | 379,635 | 0.59 | % | 374,846 | 0.74 | % | |||||||||||
Total Deposits | $ | 443,033 | 0.5 | % | $ | 430,204 | 0.65 | % | |||||||||
Schedule of Interest Expenses on Deposits, Liabilities Type [Table Text Block] | Year Ended December 31, | ||||||||||||||||
(in thousands) | 2014 | 2013 | 2012 | ||||||||||||||
Time certificates, less than $100,000 | $ | 1,042 | $ | 1,822 | $ | 2,706 | |||||||||||
Time certificates, $100,000 or more | 972 | 1,601 | 2,226 | ||||||||||||||
Money market | 15 | 40 | 72 | ||||||||||||||
Savings | 330 | 350 | 331 | ||||||||||||||
NOW | 3 | 9 | 16 | ||||||||||||||
Brokered Deposits | 2 | - | - | ||||||||||||||
$ | 2,364 | $ | 3,822 | $ | 5,351 | ||||||||||||
Contractual Obligation, Fiscal Year Maturity Schedule [Table Text Block] | Balance of Time | Weighted Average | |||||||||||||||
(dollars in thousands) | Certificates of Deposit | Interest Rate | |||||||||||||||
Due within: | |||||||||||||||||
1 year | $ | 180,327 | 0.74 | % | |||||||||||||
1-2 years | 7,837 | 1.3 | % | ||||||||||||||
2-3 years | 9,462 | 1.54 | % | ||||||||||||||
3-4 years | 3,524 | 0.91 | % | ||||||||||||||
4-5 years | 3,066 | 0.51 | % | ||||||||||||||
$ | 204,216 | 0.8 | % |
Note_8_Borrowings_Tables
Note 8 - Borrowings (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Debt Disclosure [Abstract] | |||||||||||||
Schedule of Maturities of Long-term Debt [Table Text Block] | Fixed | Floating | |||||||||||
(in thousands) | Rate | Rate | Total | ||||||||||
2015 | $ | 120,000 | $ | - | $ | 120,000 | |||||||
2033 | - | 8,248 | 8,248 | ||||||||||
Total borrowings | $ | 120,000 | $ | 8,248 | $ | 128,248 |
Note_9_Commitments_and_Conting1
Note 9 - Commitments and Contingencies (Tables) | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Commitments and Contingencies Disclosure [Abstract] | |||||
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Years Ending | Amount | |||
December 31, | (in thousands) | ||||
2015 | $ | 1,363 | |||
2016 | 851 | ||||
2017 | 344 | ||||
2018 | 147 | ||||
2019 | 148 | ||||
Thereafter | 324 | ||||
$ | 3,177 |
Note_10_Income_Taxes_Tables
Note 10 - Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | (in thousands) | Year Ended December 31, | |||||||||||
2014 | 2013 | 2012 | |||||||||||
Current | |||||||||||||
Federal | $ | (15,979 | ) | $ | - | $ | - | ||||||
State | 268 | (21 | ) | - | |||||||||
Total | (15,711 | ) | (21 | ) | - | ||||||||
Deferred | |||||||||||||
Federal | 839 | (318 | ) | - | |||||||||
State | 122 | - | - | ||||||||||
Total | 961 | (318 | ) | - | |||||||||
Benefit for income taxes | $ | (14,750 | ) | $ | (339 | ) | $ | - | |||||
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Year Ended December 31, | ||||||||||||
(in thousands) | 2014 | 2013 | 2012 | ||||||||||
Income taxes at | |||||||||||||
statutory Federal rate | $ | 326 | $ | (2,593 | ) | $ | (182 | ) | |||||
State taxes, net of Federal benefit | 48 | (21 | ) | - | |||||||||
Nondeductible expenses | 175 | 6 | 5 | ||||||||||
Change in cash surrender value of life insurance | - | (178 | ) | (176 | ) | ||||||||
Taxes on BOLI income | 1,701 | - | - | ||||||||||
Valuation allowance | (16,812 | ) | - | - | |||||||||
Tangible Property Review IRC Sec 481(a) | (644 | ) | |||||||||||
Current Year Change in valuation allowance | (39 | ) | 2,447 | 329 | |||||||||
Other | 495 | - | 24 | ||||||||||
Total benefit for income taxes | $ | (14,750 | ) | $ | (339 | ) | $ | - | |||||
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | (in thousands) | 2014 | 2013 | 2012 | |||||||||
Deferred tax assets: | |||||||||||||
Allowance for loan losses | $ | 1,918 | $ | 2,213 | $ | 2,343 | |||||||
Nonaccrual interest | 1,508 | 1,474 | 1,325 | ||||||||||
Depriciation of premises and equipment | 523 | 1,276 | 1,074 | ||||||||||
Accrued expenses | 292 | 376 | 225 | ||||||||||
Share-based Compensation | - | - | 72 | ||||||||||
OREO Writedowns | 63 | - | - | ||||||||||
Capital loss carryover | 572 | 572 | 572 | ||||||||||
State NOL carryforward benefit | 3,435 | 3,613 | 3,237 | ||||||||||
Federal NOL carryforward benefit | 17,372 | 18,427 | 15,850 | ||||||||||
NOL write-off for § 382 Limitation | (10,382 | ) | (10,382 | ) | (10,382 | ) | |||||||
Federal AMT benefit estimate | - | - | 318 | ||||||||||
Unrealized loss AFS | 176 | 462 | 251 | ||||||||||
Other | 21 | 37 | 154 | ||||||||||
Gross deferred tax assets | 15,498 | 18,068 | 15,039 | ||||||||||
Valuation allowance | (572 | ) | (18,068 | ) | (15,039 | ) | |||||||
Deferred tax assets, net of valuation allowance | 14,926 | - | - | ||||||||||
Deferred tax asset, net | $ | 14,926 | $ | - | $ | - |
Note_12_ShareBased_Compensatio1
Note 12 - Share-Based Compensation (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block] | Number of Shares Awarded (1) | Weighted Average Grant Date Fair Value (1) | |||||||
Non-vested at December 31, 2012 | 4,456 | 17.3 | |||||||
2013 Granted | 32,964 | 12.4 | |||||||
Vested | (9,238 | ) | 14.1 | ||||||
Non-vested at December 31, 2013 | 28,182 | $ | 12.6 | ||||||
2014 Granted | 73,558 | 13.21 | |||||||
Vested | (22,532 | ) | 11.76 | ||||||
Non-vested at December 31, 2014 | 79,208 | $ | 12.79 |
Note_13_Shareholders_Equity_Ta
Note 13 - Shareholders' Equity (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Stockholders' Equity Note [Abstract] | |||||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | 2014 | ||||||||||||
Net | Weighted Average | Per Share | |||||||||||
Income | Common Shares O/S (1) | Amount (1) | |||||||||||
Basic and Diluted Income Per Share | |||||||||||||
Income attributable to common shareholders | $ | 15,709,000 | 3,850,042 | $ | 4.08 | ||||||||
2013 | |||||||||||||
Net | Weighted Average | Per Share | |||||||||||
Loss | Common Shares O/S | Amount | |||||||||||
Basic and Diluted Loss Per Share | |||||||||||||
Loss attributable to common shareholders | $ | (7,289,000 | ) | 3,842,353 | $ | (1.90 | ) | ||||||
2012 | |||||||||||||
Net | Weighted Average | Per Share | |||||||||||
Loss | Common Shares O/S | Amount | |||||||||||
Basic and Diluted Loss Per Share | |||||||||||||
Loss attributable to common shareholders | $ | (536,000 | ) | 3,840,189 | $ | (0.14 | ) |
Note_15_Financial_Instruments_1
Note 15 - Financial Instruments with Off-Balance-Sheet Risk (Tables) | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Risks and Uncertainties [Abstract] | |||||
Schedule of Commitment to Extended Credit [Table Text Block] | (in thousands) | 2014 | |||
Commitments to extend credit: | |||||
Future loan commitments | $ | 19,734 | |||
Home equity lines of credit | 23,608 | ||||
Unused lines of credit | 33,923 | ||||
Undisbursed construction loans | 6,071 | ||||
Financial standby letters of credit | 1,125 | ||||
$ | 84,461 |
Note_16_Regulatory_and_Operati1
Note 16 - Regulatory and Operational Matters (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Disclosure Text Block [Abstract] | |||||||||||||||||||||||||
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations [Table Text Block] | To Be Well | ||||||||||||||||||||||||
Capitalized Under | |||||||||||||||||||||||||
For Capital | Prompt Corrective | ||||||||||||||||||||||||
Actual | Adequacy Purposes | Action Provisions | |||||||||||||||||||||||
(dollars in thousands) | Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||||||||
2014 | |||||||||||||||||||||||||
The Company: | |||||||||||||||||||||||||
Total Capital (to Risk Weighted Assets) | $ | 63,142 | 14.08 | % | $ | 35,884 | 8 | % | N/A | N/A | |||||||||||||||
Tier 1 Capital (to Risk Weighted Assets) | 58,218 | 12.98 | % | 17,942 | 4 | % | N/A | N/A | |||||||||||||||||
Tier 1 Capital (to Average Assets) | 58,218 | 9.62 | % | 24,210 | 4 | % | N/A | N/A | |||||||||||||||||
The Bank: | |||||||||||||||||||||||||
Total Capital (to Risk Weighted Assets) | $ | 63,151 | 14.08 | % | $ | 35,891 | 8 | % | N/A | N/A | |||||||||||||||
Tier 1 Capital (to Risk Weighted Assets) | 58,227 | 12.98 | % | 17,946 | 4 | % | N/A | N/A | |||||||||||||||||
Tier 1 Capital (to Average Assets) | 58,227 | 9.63 | % | 24,198 | 4 | % | N/A | N/A | |||||||||||||||||
2013 | |||||||||||||||||||||||||
The Company: | |||||||||||||||||||||||||
Total Capital (to Risk Weighted Assets) | $ | 56,060 | 13.95 | % | $ | 32,153 | 8 | % | N/A | N/A | |||||||||||||||
Tier 1 Capital (to Risk Weighted Assets) | 51,027 | 12.7 | % | 16,076 | 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 | % | $ | 32,187 | 8 | % | $ | 48,280 | 12 | % | |||||||||||||
Tier 1 Capital (to Risk Weighted Assets) | 50,730 | 12.61 | % | 16,093 | 4 | % | 42,245 | 10.5 | % | ||||||||||||||||
Tier 1 Capital (to Average Assets) | 50,730 | 9.28 | % | 21,872 | 4 | % | 49,212 | 9 | % |
Note_18_Other_Comprehensive_In1
Note 18 - Other Comprehensive Income (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Disclosure Text Block [Abstract] | |||||||||||||
Schedule of Other Comprehensive Income Change in Unrealized Gains and Losses on Available for Sale Securities [Table Text Block] | (in thousands) | 2014 | |||||||||||
Before Tax | Net of Tax | ||||||||||||
Amount | Tax Effect | Amount | |||||||||||
Unrealized holding gains arising during the period | $ | 734 | $ | 176 | $ | 910 | |||||||
2013 | |||||||||||||
Before Tax | Net of Tax | ||||||||||||
Amount | Tax Effect | Amount | |||||||||||
Unrealized holding losses arising during the period | $ | (569 | ) | $ | - | $ | (569 | ) | |||||
2012 | |||||||||||||
Before Tax | Net of Tax | ||||||||||||
Amount | Tax Effect | Amount | |||||||||||
Unrealized holding losses arising during the period | $ | 76 | $ | (29 | ) | $ | 47 | ||||||
Less reclassification adjustment for gains recognized in income | (910 | ) | 111 | $ | (799 | ) | |||||||
Unrealized holding losses on available for sale securities | $ | (834 | ) | $ | 82 | $ | (752 | ) |
Note_19_Fair_Value_and_Interes1
Note 19 - Fair Value and Interest Rate Risk (Tables) | 12 Months Ended | |||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||||
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | Quoted Prices in | Significant | Significant | |||||||||||||||
(in thousands) | Active Markets | Observable | Unobservable | Balance | ||||||||||||||
for Identical Assets | Inputs | Inputs | as of | |||||||||||||||
31-Dec-14 | (Level 1) | (Level 2) | (Level 3) | 31-Dec-14 | ||||||||||||||
U.S. Government agency mortgage-backed securities | $ | - | $ | 17,337 | $ | - | $ | 17,337 | ||||||||||
U.S. Government agency bonds | - | 7,409 | - | 7,409 | ||||||||||||||
Corporate bonds | - | 8,936 | - | 8,936 | ||||||||||||||
Securities available for sale | $ | - | $ | 33,682 | $ | - | $ | 33,682 | ||||||||||
Quoted Prices in | Significant | Significant | ||||||||||||||||
Active Markets | Observable | Unobservable | Balance | |||||||||||||||
for Identical Assets | Inputs | Inputs | as of | |||||||||||||||
31-Dec-13 | (Level 1) | (Level 2) | (Level 3) | 31-Dec-13 | ||||||||||||||
U.S. Government agency mortgage-backed securities | $ | - | $ | 21,752 | $ | - | $ | 21,752 | ||||||||||
U.S. Government agency bonds | - | 7,079 | - | 7,079 | ||||||||||||||
Corporate bonds | - | 8,870 | - | 8,870 | ||||||||||||||
- | - | |||||||||||||||||
Securities available for sale | $ | - | $ | 37,701 | $ | - | $ | 37,701 | ||||||||||
Fair Value Measurements, Nonrecurring [Table Text Block] | Quoted Prices in | Significant | Significant | |||||||||||||||
Active Markets | Observable | Unobservable | ||||||||||||||||
(in thousands) | for Identical Assets | Inputs | Inputs | |||||||||||||||
(Level 1) | (Level 2) | (Level 3) | Balance | |||||||||||||||
31-Dec-14 | ||||||||||||||||||
Non-accrual loans | $ | - | $ | - | $ | 859 | $ | 859 | ||||||||||
31-Dec-13 | ||||||||||||||||||
Non-accrual loans | $ | - | $ | - | $ | 10,446 | $ | 10,446 | ||||||||||
Fair Value, by Balance Sheet Grouping [Table Text Block] | 31-Dec-14 | 31-Dec-13 | ||||||||||||||||
(in thousands) | Fair | Carrying | Estimated | Carrying | Estimated | |||||||||||||
Value | Amount | Fair Value | Amount | Fair Value | ||||||||||||||
Financial Assets: | ||||||||||||||||||
Cash and noninterest bearing balances due from banks | Level 1 | $ | 2,095 | $ | 2,095 | $ | 1,570 | $ | 1,570 | |||||||||
Interest-bearing deposits due from banks | Level 1 | 71,163 | 71,163 | 33,296 | 33,296 | |||||||||||||
Other investments | Level 2 | 4,450 | 4,450 | 4,450 | 4,450 | |||||||||||||
Federal Reserve Bank stock | Level 2 | 2,058 | 2,058 | 1,444 | 1,444 | |||||||||||||
Federal Home Loan Bank stock | Level 2 | 6,628 | 6,628 | 4,143 | 4,143 | |||||||||||||
Loans receivable, net | Level 3 | 471,984 | 476,631 | 418,148 | 424,831 | |||||||||||||
Accrued interest receivable | Level 1 | 1,918 | 1,918 | 1,566 | 1,566 | |||||||||||||
Financial Liabilities: | ||||||||||||||||||
Demand deposits | Level 1 | $ | 63,398 | $ | 63,398 | $ | 55,358 | $ | 55,358 | |||||||||
Savings deposits | Level 1 | 93,790 | 93,790 | 80,983 | 80,983 | |||||||||||||
Money market deposits | Level 1 | 24,650 | 24,650 | 29,310 | 29,310 | |||||||||||||
NOW accounts | Level 1 | 26,269 | 26,269 | 28,618 | 28,618 | |||||||||||||
Time deposits | Level 2 | 234,926 | 234,972 | 235,935 | 236,602 | |||||||||||||
FHLB Borrowings | Level 2 | 120,000 | 120,000 | 57,000 | 57,000 | |||||||||||||
Subordinated debentures | Level 2 | 8,248 | 8,248 | 8,248 | 8,248 | |||||||||||||
Accrued interest payable | Level 1 | 167 | 167 | 1,388 | 1,388 |
Note_21_Condensed_Parent_Compa1
Note 21 - Condensed Parent Company Only Financial Statements (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |||||||||||||
Condensed Balance Sheet [Table Text Block] | (in thousands) | ||||||||||||
2014 | 2013 | ||||||||||||
ASSETS | |||||||||||||
Cash and due from banks | $ | 395 | $ | 1,734 | |||||||||
Investment in subsidiaries | 67,050 | 49,931 | |||||||||||
Other assets | 231 | 201 | |||||||||||
Total assets | $ | 67,676 | $ | 51,866 | |||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||||||
Borrowings | 8,248 | 8,248 | |||||||||||
Accrued expenses and other liabilities | 693 | 1,777 | |||||||||||
Shareholders' equity | 58,735 | 41,841 | |||||||||||
Total liabilities and shareholders' equity | $ | 67,676 | $ | 51,866 | |||||||||
Condensed Income Statement [Table Text Block] | (in thousands) | 2014 | 2013 | 2012 | |||||||||
Revenues | |||||||||||||
Dividends from subsidiary bank | $ | - | $ | - | $ | - | |||||||
Total revenue | - | - | - | ||||||||||
Expenses | |||||||||||||
Interest on subordinated debt | 438 | 293 | 308 | ||||||||||
Other expenses | 157 | 395 | 700 | ||||||||||
Total expenses | 595 | 688 | 1,008 | ||||||||||
Loss before equity in undistributed net loss of subsidiaries | (595 | ) | (688 | ) | (1,008 | ) | |||||||
Equity in undistributed net income (loss) of subsidiaries | 16,304 | (6,601 | ) | 472 | |||||||||
Net Income (loss) | $ | 15,709 | $ | (7,289 | ) | $ | (536 | ) | |||||
Condensed Cash Flow Statement [Table Text Block] | (in thousands) | 2014 | 2013 | 2012 | |||||||||
Cash Flows from Operating Activities | |||||||||||||
Net Income (loss) | $ | 15,709 | $ | (7,289 | ) | $ | (536 | ) | |||||
Adjustments to reconcile net income (loss) to net cash (used in) operating activities: | |||||||||||||
Equity in undistributed (income) loss of subsidiaries | (16,304 | ) | 6,601 | (472 | ) | ||||||||
Share-based compensation expense | 275 | 131 | 306 | ||||||||||
Change in assets and liabilities: | |||||||||||||
(Increase) decrease in other assets | (30 | ) | 85 | (68 | ) | ||||||||
(Decrease) increase in accrued expenses and other liabilities | (1,084 | ) | 323 | 187 | |||||||||
Net cash (used in) operating activities | (1,434 | ) | (149 | ) | (583 | ) | |||||||
Cash Flows from Investing Activities | |||||||||||||
Net investment provided by (used in) bank subsidiary | 95 | (500 | ) | - | |||||||||
Net cash provided by (used in) investing activities | 95 | (500 | ) | - | |||||||||
Net (decrease) increase in cash and cash equivalents | (1,339 | ) | (649 | ) | (583 | ) | |||||||
Cash and cash equivalents at beginning of year | 1,734 | 2,383 | 2,966 | ||||||||||
Cash and cash equivalents at end of year | $ | 395 | $ | 1,734 | $ | 2,383 | |||||||
Supplemental Disclosures of Cash Flow Information | |||||||||||||
Cash paid for interest | $ | 1,704 | $ | - | $ | - | |||||||
Accrued dividends declared on common stock | $ | - | $ | - |
Note_1_Nature_of_Operations_an1
Note 1 - Nature of Operations and Summary of Significant Accounting Policies (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Note 1 - Nature of Operations and Summary of Significant Accounting Policies (Details) [Line Items] | ||
Maturity of Federal Funds | 1 day | |
Percentage of Possible Cumulative Change of Federal Reserve Bank Stock | 15.00% | |
Cumulative Change in Shares of Federal Reserve Bank Stock | 100 | |
Look-back Period | 2 years | |
Deferred Tax Assets, Net of Valuation Allowance | $14,926,000 | $0 |
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | 14,900,000 | |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense | 0 | |
Weighted Average Number Diluted Shares Outstanding Adjustment | 0 | 0 |
Federal Home Loan Bank Certificates and Obligations (FHLB) [Member] | ||
Note 1 - Nature of Operations and Summary of Significant Accounting Policies (Details) [Line Items] | ||
Stock Value Par or Stated Value Per Share | $100 | |
Federal Reserve Bank Stock [Member] | ||
Note 1 - Nature of Operations and Summary of Significant Accounting Policies (Details) [Line Items] | ||
Stock Value Par or Stated Value Per Share | $100 | |
Earliest Tax Year [Member] | Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | ||
Note 1 - Nature of Operations and Summary of Significant Accounting Policies (Details) [Line Items] | ||
Open Tax Year | 2010 | |
Earliest Tax Year [Member] | State and Local Jurisdiction [Member] | CONNECTICUT | ||
Note 1 - Nature of Operations and Summary of Significant Accounting Policies (Details) [Line Items] | ||
Open Tax Year | 2010 | |
Earliest Tax Year [Member] | ||
Note 1 - Nature of Operations and Summary of Significant Accounting Policies (Details) [Line Items] | ||
Income Tax Examination, Year under Examination, Completed | 2004 | |
Latest Tax Year [Member] | Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | ||
Note 1 - Nature of Operations and Summary of Significant Accounting Policies (Details) [Line Items] | ||
Open Tax Year | 2013 | |
Latest Tax Year [Member] | State and Local Jurisdiction [Member] | CONNECTICUT | ||
Note 1 - Nature of Operations and Summary of Significant Accounting Policies (Details) [Line Items] | ||
Open Tax Year | 2013 | |
Latest Tax Year [Member] | ||
Note 1 - Nature of Operations and Summary of Significant Accounting Policies (Details) [Line Items] | ||
Income Tax Examination, Year under Examination, Completed | 2009 | |
Restricted Stock [Member] | Vesting Period One [Member] | ||
Note 1 - Nature of Operations and Summary of Significant Accounting Policies (Details) [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | |
Restricted Stock [Member] | Vesting Period Two [Member] | ||
Note 1 - Nature of Operations and Summary of Significant Accounting Policies (Details) [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | |
Restricted Stock [Member] | Vesting Period Three [Member] | ||
Note 1 - Nature of Operations and Summary of Significant Accounting Policies (Details) [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 5 years | |
Minimum [Member] | ||
Note 1 - Nature of Operations and Summary of Significant Accounting Policies (Details) [Line Items] | ||
Property, Plant and Equipment, Useful Life | 3 years | |
Maximum [Member] | ||
Note 1 - Nature of Operations and Summary of Significant Accounting Policies (Details) [Line Items] | ||
Property, Plant and Equipment, Useful Life | 40 years | |
Internal Revenue Service (IRS) [Member] | ||
Note 1 - Nature of Operations and Summary of Significant Accounting Policies (Details) [Line Items] | ||
Income Tax Examination, Increase (Decrease) in Liability from Prior Year | $0 | |
CONNECTICUT | ||
Note 1 - Nature of Operations and Summary of Significant Accounting Policies (Details) [Line Items] | ||
Number of Operating Branches | 7 | |
NEW YORK | ||
Note 1 - Nature of Operations and Summary of Significant Accounting Policies (Details) [Line Items] | ||
Number of Operating Branches | 2 |
Note_2_Restrictions_On_Cash_an1
Note 2 - Restrictions On Cash and Due from Banks (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Restrictions On Cash And Due From Banks Disclosure [Abstract] | ||
Restricted Cash and Cash Equivalents | $25,000 | $25,000 |
Note_3_AvailableforSale_Securi2
Note 3 - Available-for-Sale Securities (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Note 3 - Available-for-Sale Securities (Details) [Line Items] | |||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | 11 | 11 | |
Unrealized Holding Losses Depreciation Percentage from Amortized Cost | 1.30% | 3.20% | |
Other than Temporary Impairment Losses, Investments, Available-for-sale Securities | $0 | ||
Proceeds from Sale of Available-for-sale Securities | 0 | 0 | 45,200,000 |
Available-for-sale Securities, Gross Realized Gains | 911,000 | ||
Municipal Deposits Securities [Member] | |||
Note 3 - Available-for-Sale Securities (Details) [Line Items] | |||
Available-for-sale Securities Pledged as Collateral | $4,400,000 | $5,800,000 |
Note_3_AvailableforSale_Securi3
Note 3 - Available-for-Sale Securities (Details) - Investment Securities (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-forsale securities, amortized cost | $34,135 | $38,888 |
Available-forsale securities, fair value | 33,682 | 37,701 |
Available-forsale securities, gross unrealized losses | -453 | -1,187 |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-forsale securities, amortized cost | 7,500 | 7,500 |
Available-forsale securities, fair value | 7,409 | 7,079 |
Available-forsale securities, gross unrealized losses | -91 | -421 |
US Government Agencies Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-forsale securities, amortized cost | 17,635 | 22,388 |
Available-forsale securities, fair value | 17,337 | 21,752 |
Available-forsale securities, gross unrealized losses | -298 | -636 |
Corporate Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-forsale securities, amortized cost | 9,000 | 9,000 |
Available-forsale securities, fair value | 8,936 | 8,870 |
Available-forsale securities, gross unrealized losses | ($64) | ($130) |
Note_3_AvailableforSale_Securi4
Note 3 - Available-for-Sale Securities (Details) - Investment Securities in a Continuous Loss Position (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Note 3 - Available-for-Sale Securities (Details) - Investment Securities in a Continuous Loss Position [Line Items] | ||
Available-for-sale securities in continuous loss position, less than 12 months, fair value | $15,950 | |
Available-for-sale securities in continuous loss position, less than 12 months, unrealized loss | -712 | |
Available-for-sale securities in continuous loss position, 12 months or more, fair value | 33,682 | 21,751 |
Available-for-sale securities in continuous loss position, 12 months or more, unrealized loss | -453 | -475 |
Available-for-sale securities in continuous loss position, fair value | 33,682 | 37,701 |
Available-for-sale securities in continuous loss position, unrealized loss | -453 | -1,187 |
US Government Agencies Debt Securities [Member] | ||
Note 3 - Available-for-Sale Securities (Details) - Investment Securities in a Continuous Loss Position [Line Items] | ||
Available-for-sale securities in continuous loss position, less than 12 months, fair value | 7,079 | |
Available-for-sale securities in continuous loss position, less than 12 months, unrealized loss | -421 | |
Available-for-sale securities in continuous loss position, 12 months or more, fair value | 7,409 | |
Available-for-sale securities in continuous loss position, 12 months or more, unrealized loss | -91 | |
Available-for-sale securities in continuous loss position, fair value | 7,409 | 7,079 |
Available-for-sale securities in continuous loss position, unrealized loss | -91 | -421 |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Note 3 - Available-for-Sale Securities (Details) - Investment Securities in a Continuous Loss Position [Line Items] | ||
Available-for-sale securities in continuous loss position, less than 12 months, fair value | 8,871 | |
Available-for-sale securities in continuous loss position, less than 12 months, unrealized loss | -291 | |
Available-for-sale securities in continuous loss position, 12 months or more, fair value | 17,337 | 12,881 |
Available-for-sale securities in continuous loss position, 12 months or more, unrealized loss | -298 | -345 |
Available-for-sale securities in continuous loss position, fair value | 17,337 | 21,752 |
Available-for-sale securities in continuous loss position, unrealized loss | -298 | -636 |
Corporate Debt Securities [Member] | ||
Note 3 - Available-for-Sale Securities (Details) - Investment Securities in a Continuous Loss Position [Line Items] | ||
Available-for-sale securities in continuous loss position, 12 months or more, fair value | 8,936 | 8,870 |
Available-for-sale securities in continuous loss position, 12 months or more, unrealized loss | -64 | -130 |
Available-for-sale securities in continuous loss position, fair value | 8,936 | 8,870 |
Available-for-sale securities in continuous loss position, unrealized loss | ($64) | ($130) |
Note_3_AvailableforSale_Securi5
Note 3 - Available-for-Sale Securities (Details) - Investment Debt Securities by Contractual Maturity (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Maturity: | |
Total | $34,135 |
Total | 33,682 |
Corporate Debt Securities [Member] | |
Maturity: | |
Bonds 5 to 10 years, amortized cost | 9,000 |
Bonds 5 to 10 years, fair value | 8,936 |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | |
Maturity: | |
Bonds 5 to 10 years, amortized cost | 5,000 |
Bonds 5 to 10 years, fair value | 4,920 |
U.S. Government agency bonds 5 years | 2,500 |
U.S. Government agency bonds 5 years | 2,489 |
US Government Agencies Debt Securities [Member] | |
Maturity: | |
U.S. Government agency mortgage-backed securities | 17,635 |
U.S. Government agency mortgage-backed securities | $17,337 |
Note_4_Loans_Receivable_and_Al2
Note 4 - Loans Receivable and Allowance for Loan Losses (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Note 4 - Loans Receivable and Allowance for Loan Losses (Details) [Line Items] | |||
Maximum Period of Credit Extension of Construction Loans | 18 months | ||
Period for Charged Off of Open-End Credits | 180 days | ||
Period for Charged Off of Close-End Credits | 120 days | ||
Recorded Balance of Non-Accrual Loans | $866,000 | $12,300,000 | |
Maximum Period for Charged Off of Consumer Installment Loans | 90 days | ||
Performance Period Under Loan Terms | 6 months | ||
Financing Receivable, Recorded Investment, 90 Days Past Due and Still Accruing | 279,000 | 866,000 | |
Number of Loans Past Due Over 90 Days | 2 | ||
Loans and Leases Receivable, Impaired, Interest Lost on Nonaccrual Loans | 23,000 | 310,000 | 1,200,000 |
Impaired Financing Receivable, Recorded Investment | 11,724,000 | 22,021,000 | |
Impaired Financing Receivable, Related Allowance | 7,000 | 1,891,000 | |
Number of Borrowers | 14 | 22 | |
Impaired Financing Receivable, Average Recorded Investment | 20,500,000 | 30,800,000 | 35,000,000 |
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 11,717,000 | 14,482,000 | |
Financing Receivable, Modifications, Number of Contracts | 1 | 2 | |
Financing Receivable, Modifications, Recorded Investment | 1,131,000 | 2,188,000 | |
Loans and Leases Receivable, Impaired, Commitment to Lend | 0 | 0 | |
Financing Receivable, Modifications, Pre-Modification Recorded Investment | 2,439,000 | 4,730,000 | |
Accrual Status [Member] | |||
Note 4 - Loans Receivable and Allowance for Loan Losses (Details) [Line Items] | |||
Financing Receivable, Modifications, Number of Contracts | 1 | ||
Financing Receivable, Modifications, Recorded Investment | 991,000 | ||
Non-Accrual Loans [Member] | Real Estate Construction to Permanent [Member] | |||
Note 4 - Loans Receivable and Allowance for Loan Losses (Details) [Line Items] | |||
Financing Receivable, Modifications, Number of Contracts | 1 | ||
Financing Receivable, Modifications, Recorded Investment | 1,197,000 | ||
Non-Accrual Loans [Member] | |||
Note 4 - Loans Receivable and Allowance for Loan Losses (Details) [Line Items] | |||
Financing Receivable, Modifications, Number of Contracts | 1 | ||
Financing Receivable, Modifications, Recorded Investment | 1,197,000 | ||
Restructured [Member] | |||
Note 4 - Loans Receivable and Allowance for Loan Losses (Details) [Line Items] | |||
Financing Receivable, Modifications, Number of Contracts | 1 | ||
Financing Receivable, Modifications, Recorded Investment | 1,200,000 | ||
Upgraded to Pass Impaired [Member] | |||
Note 4 - Loans Receivable and Allowance for Loan Losses (Details) [Line Items] | |||
Financing Receivable, Modifications, Recorded Investment | 1,300,000 | ||
Current as to Interest [Member] | |||
Note 4 - Loans Receivable and Allowance for Loan Losses (Details) [Line Items] | |||
Number of Loans Past Due Over 90 Days | 1 | ||
Financing Receivable, Recorded Investment, Past Due | 841,000 | ||
Current Within 60 Days as to Interest [Member] | |||
Note 4 - Loans Receivable and Allowance for Loan Losses (Details) [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 25,000 | ||
Non-Accrual Loans [Member] | |||
Note 4 - Loans Receivable and Allowance for Loan Losses (Details) [Line Items] | |||
Impaired Financing Receivable, Interest Income, Cash Basis Method | 0 | 198,000 | 0 |
Downgraded [Member] | Real Estate Construction to Permanent [Member] | |||
Note 4 - Loans Receivable and Allowance for Loan Losses (Details) [Line Items] | |||
Financing Receivable, Modifications, Number of Contracts | 2 | ||
Downgraded [Member] | Construction to Permanent Real Estate Financing Receivable Loan One [Member] | |||
Note 4 - Loans Receivable and Allowance for Loan Losses (Details) [Line Items] | |||
Financing Receivable, Modifications, Pre-Modification Recorded Investment | 3,700,000 | ||
Downgraded [Member] | Construction to Permanent Real Estate Financing Receivable Loan Two [Member] | |||
Note 4 - Loans Receivable and Allowance for Loan Losses (Details) [Line Items] | |||
Financing Receivable, Modifications, Pre-Modification Recorded Investment | 1,000,000 | ||
Upgraded as to Risk Rating [Member] | Construction to Permanent Real Estate Financing Receivable Loan One [Member] | |||
Note 4 - Loans Receivable and Allowance for Loan Losses (Details) [Line Items] | |||
Financing Receivable, Modifications, Recorded Investment | 3,700,000 | ||
Paid Off [Member] | Commercial Real Estate Portfolio Segment [Member] | |||
Note 4 - Loans Receivable and Allowance for Loan Losses (Details) [Line Items] | |||
Financing Receivable, Modifications, Number of Contracts | 2 | ||
Paid Off [Member] | Commercial Portfolio Segment [Member] | |||
Note 4 - Loans Receivable and Allowance for Loan Losses (Details) [Line Items] | |||
Financing Receivable, Modifications, Number of Contracts | 1 | ||
Paid Off [Member] | Residential Real Estate [Member] | |||
Note 4 - Loans Receivable and Allowance for Loan Losses (Details) [Line Items] | |||
Financing Receivable, Modifications, Number of Contracts | 1 | ||
Paid Off [Member] | |||
Note 4 - Loans Receivable and Allowance for Loan Losses (Details) [Line Items] | |||
Financing Receivable, Modifications, Number of Contracts | 4 | ||
Upgraded [Member] | Residential Real Estate [Member] | |||
Note 4 - Loans Receivable and Allowance for Loan Losses (Details) [Line Items] | |||
Financing Receivable, Modifications, Recorded Investment | 347,000 | ||
Upgraded [Member] | Consumer Home Equity [Member] | |||
Note 4 - Loans Receivable and Allowance for Loan Losses (Details) [Line Items] | |||
Financing Receivable, Modifications, Recorded Investment | 563,000 | ||
Upgraded [Member] | |||
Note 4 - Loans Receivable and Allowance for Loan Losses (Details) [Line Items] | |||
Financing Receivable, Modifications, Number of Contracts | 2 | ||
Charged Off [Member] | Residential Real Estate [Member] | |||
Note 4 - Loans Receivable and Allowance for Loan Losses (Details) [Line Items] | |||
Financing Receivable, Modifications, Number of Contracts | 1 | ||
Commercial Real Estate Portfolio Segment [Member] | |||
Note 4 - Loans Receivable and Allowance for Loan Losses (Details) [Line Items] | |||
Maximum Percentage of Credit Extension Based on Market Value of Collateral | 75.00% | ||
Impaired Financing Receivable, Recorded Investment | 7,398,000 | 7,766,000 | |
Impaired Financing Receivable, Related Allowance | 31,000 | ||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 7,398,000 | 7,596,000 | |
Financing Receivable, Modifications, Pre-Modification Recorded Investment | 2,439,000 | ||
Proceeds from Financing Receivable Restructured Loan Paid Off | 3,900,000 | ||
Multi-family Real Estate [Member] | |||
Note 4 - Loans Receivable and Allowance for Loan Losses (Details) [Line Items] | |||
Maximum Percentage of Credit Extension Based on Market Value of Collateral | 80.00% | ||
Construction Loans [Member] | |||
Note 4 - Loans Receivable and Allowance for Loan Losses (Details) [Line Items] | |||
Percentage of Maximum Loan to Value | 65.00% | ||
Commercial Portfolio Segment [Member] | |||
Note 4 - Loans Receivable and Allowance for Loan Losses (Details) [Line Items] | |||
Number of Loans Past Due Over 90 Days | 4 | ||
Impaired Financing Receivable, Recorded Investment | 2,000 | 6,152,000 | |
Impaired Financing Receivable, Related Allowance | 1,500,000 | ||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 2,000 | 2,000 | |
Financing Receivable, Modifications, Number of Contracts | 1 | 1 | |
Financing Receivable, Modifications, Recorded Investment | 1,131,000 | 991,000 | |
Proceeds from Financing Receivable Restructured Loan Paid Off | 37,000 | ||
Real Estate Construction to Permanent [Member] | |||
Note 4 - Loans Receivable and Allowance for Loan Losses (Details) [Line Items] | |||
Impaired Financing Receivable, Recorded Investment | 1,189,000 | ||
Number of Borrowers | 1 | ||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 1,189,000 | ||
Financing Receivable, Modifications, Number of Contracts | 1 | ||
Financing Receivable, Modifications, Recorded Investment | 1,197,000 | ||
Financing Receivable, Modifications, Pre-Modification Recorded Investment | 4,730,000 | ||
Residential Real Estate [Member] | |||
Note 4 - Loans Receivable and Allowance for Loan Losses (Details) [Line Items] | |||
Proceeds from Financing Receivable Restructured Loan Paid Off | 4,400,000 | ||
Financing Receivable, Allowance for Credit Losses, Write-downs | $500,000 |
Note_4_Loans_Receivable_and_Al3
Note 4 - Loans Receivable and Allowance for Loan Losses (Details) - Companybs Loan Portfolio (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||
Real Estate | ||||
Loans | $476,908 | $423,829 | ||
Allowance for loan losses | -4,924 | -5,681 | -6,016 | -9,385 |
Loans receivable, net | 471,984 | 418,148 | ||
Commercial Real Estate [Member] | ||||
Real Estate | ||||
Loans | 254,505 | 222,772 | ||
Residential Mortgage [Member] | ||||
Real Estate | ||||
Loans | 108,543 | 106,968 | ||
Real Estate Construction [Member] | ||||
Real Estate | ||||
Loans | 3,096 | 260 | ||
Real Estate Construction to Permanent [Member] | ||||
Real Estate | ||||
Loans | 10,627 | 11,372 | ||
Commercial Loan [Member] | ||||
Real Estate | ||||
Loans | 53,973 | 35,137 | ||
Home Equity Line of Credit [Member] | ||||
Real Estate | ||||
Loans | 41,631 | 44,315 | ||
Consumer Installment [Member] | ||||
Real Estate | ||||
Loans | $4,533 | $3,005 |
Note_4_Loans_Receivable_and_Al4
Note 4 - Loans Receivable and Allowance for Loan Losses (Details) - Changes in the Allowance for Loan Losses (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Changes in the Allowance for Loan Losses [Abstract] | |||
Balance | $5,681 | $6,016 | $9,385 |
Provision for loan losses | 970 | -2,379 | |
Loans charged-off | -867 | -1,668 | -1,070 |
Recoveries of loans previously charged-off | 110 | 363 | 80 |
Balance | $4,924 | $5,681 | $6,016 |
Note_4_Loans_Receivable_and_Al5
Note 4 - Loans Receivable and Allowance for Loan Losses (Details) - Allowance for Loan Losses to Loan Portfolio Segment (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Balance | $4,924 | $5,681 | $6,016 | $9,385 |
Total Loans ending balance | 476,908 | 423,829 | ||
Loans Ending balance: individually evaluated for impairment | 11,724 | 22,021 | ||
Allowance for Loan Losses Ending balance: collectively evaluated for impairment | 465,184 | 401,808 | ||
Loans Ending balance: individually evaluated for impairment | 7 | 1,891 | ||
Allowance for Loan Losses Ending balance: collectively evaluated for impairment | 4,917 | 3,790 | ||
Charge-offs | -867 | -1,668 | -1,070 | |
Recoveries | 110 | 363 | 80 | |
Provision | 970 | -2,379 | ||
Commercial Portfolio Segment [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Balance | 1,918 | 2,285 | 942 | |
Total Loans ending balance | 53,973 | 35,137 | ||
Loans Ending balance: individually evaluated for impairment | 2 | 6,152 | ||
Allowance for Loan Losses Ending balance: collectively evaluated for impairment | 53,971 | 28,985 | ||
Loans Ending balance: individually evaluated for impairment | 1,500 | |||
Allowance for Loan Losses Ending balance: collectively evaluated for impairment | 1,918 | 785 | ||
Charge-offs | -49 | -63 | ||
Recoveries | 6 | 4 | ||
Provision | -324 | 1,402 | ||
Commercial Real Estate Portfolio Segment [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Balance | 1,419 | 1,585 | 3,509 | |
Total Loans ending balance | 254,505 | 222,772 | ||
Loans Ending balance: individually evaluated for impairment | 7,398 | 7,766 | ||
Allowance for Loan Losses Ending balance: collectively evaluated for impairment | 247,107 | 215,006 | ||
Loans Ending balance: individually evaluated for impairment | 31 | |||
Allowance for Loan Losses Ending balance: collectively evaluated for impairment | 1,419 | 1,554 | ||
Charge-offs | -297 | -403 | ||
Recoveries | 60 | 335 | ||
Provision | 71 | -1,856 | ||
Real Estate Construction [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Balance | 63 | 260 | 311 | |
Total Loans ending balance | 3,096 | 260 | ||
Loans Ending balance: individually evaluated for impairment | 260 | |||
Allowance for Loan Losses Ending balance: collectively evaluated for impairment | 3,096 | |||
Loans Ending balance: individually evaluated for impairment | 260 | |||
Allowance for Loan Losses Ending balance: collectively evaluated for impairment | 63 | |||
Charge-offs | -260 | -205 | ||
Recoveries | 10 | 20 | ||
Provision | 53 | 134 | ||
Real Estate Construction to Permanent [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Balance | 215 | 25 | 19 | |
Total Loans ending balance | 10,627 | 11,372 | ||
Loans Ending balance: individually evaluated for impairment | 1,189 | |||
Allowance for Loan Losses Ending balance: collectively evaluated for impairment | 10,627 | 10,183 | ||
Allowance for Loan Losses Ending balance: collectively evaluated for impairment | 215 | 25 | ||
Provision | 190 | 6 | ||
Residential Portfolio Segment [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Balance | 831 | 795 | 897 | |
Total Loans ending balance | 108,543 | 106,968 | ||
Loans Ending balance: individually evaluated for impairment | 3,764 | 6,060 | ||
Allowance for Loan Losses Ending balance: collectively evaluated for impairment | 104,779 | 100,908 | ||
Loans Ending balance: individually evaluated for impairment | 98 | |||
Allowance for Loan Losses Ending balance: collectively evaluated for impairment | 831 | 697 | ||
Charge-offs | -195 | -919 | ||
Recoveries | 30 | 1 | ||
Provision | 201 | 816 | ||
Consumer Installment [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Balance | 478 | 534 | 217 | |
Total Loans ending balance | 46,164 | 47,320 | ||
Loans Ending balance: individually evaluated for impairment | 560 | 594 | ||
Allowance for Loan Losses Ending balance: collectively evaluated for impairment | 45,604 | 46,726 | ||
Loans Ending balance: individually evaluated for impairment | 7 | 2 | ||
Allowance for Loan Losses Ending balance: collectively evaluated for impairment | 471 | 532 | ||
Charge-offs | -66 | -78 | ||
Recoveries | 4 | 3 | ||
Provision | 6 | 392 | ||
Unallocated Financing Receivables [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Balance | 197 | 121 | ||
Allowance for Loan Losses Ending balance: collectively evaluated for impairment | 197 | |||
Provision | ($197) | $76 |
Note_4_Loans_Receivable_and_Al6
Note 4 - Loans Receivable and Allowance for Loan Losses (Details) - Credit Risk Exposure of Loans Receivable, by Loan Type and Credit Quality Indicator (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Internal Risk Rating | ||
Loans receivable | $476,908 | $423,829 |
Commercial Portfolio Segment [Member] | Pass [Member] | Loan to Value Ratio Less than 75 Percent [Member] | ||
Internal Risk Rating | ||
Loans receivable | 41,200 | 23,671 |
Commercial Portfolio Segment [Member] | Pass [Member] | Loan to Value Ratio Greater than or Equal to 75 Percent [Member] | ||
Internal Risk Rating | ||
Loans receivable | 6,878 | 3,868 |
Commercial Portfolio Segment [Member] | Special Mention [Member] | Loan to Value Ratio Less than 75 Percent [Member] | ||
Internal Risk Rating | ||
Loans receivable | 121 | 170 |
Commercial Portfolio Segment [Member] | Substandard [Member] | Loan to Value Ratio Less than 75 Percent [Member] | ||
Internal Risk Rating | ||
Loans receivable | 5,774 | 7,428 |
Commercial Portfolio Segment [Member] | Loan to Value Ratio Less than 75 Percent [Member] | ||
Internal Risk Rating | ||
Loans receivable | 47,095 | 31,269 |
Commercial Portfolio Segment [Member] | Loan to Value Ratio Greater than or Equal to 75 Percent [Member] | ||
Internal Risk Rating | ||
Loans receivable | 6,878 | 3,868 |
Commercial Portfolio Segment [Member] | ||
Internal Risk Rating | ||
Loans receivable | 53,973 | 35,137 |
Commercial Real Estate Portfolio Segment [Member] | Pass [Member] | Loan to Value Ratio Less than 75 Percent [Member] | ||
Internal Risk Rating | ||
Loans receivable | 240,926 | 198,787 |
Commercial Real Estate Portfolio Segment [Member] | Pass [Member] | Loan to Value Ratio Greater than or Equal to 75 Percent [Member] | ||
Internal Risk Rating | ||
Loans receivable | 7,206 | 7,940 |
Commercial Real Estate Portfolio Segment [Member] | Special Mention [Member] | Loan to Value Ratio Less than 75 Percent [Member] | ||
Internal Risk Rating | ||
Loans receivable | 1,945 | 6,551 |
Commercial Real Estate Portfolio Segment [Member] | Special Mention [Member] | Loan to Value Ratio Greater than or Equal to 75 Percent [Member] | ||
Internal Risk Rating | ||
Loans receivable | 1,983 | 2,496 |
Commercial Real Estate Portfolio Segment [Member] | Substandard [Member] | Loan to Value Ratio Less than 75 Percent [Member] | ||
Internal Risk Rating | ||
Loans receivable | 2,445 | 3,684 |
Commercial Real Estate Portfolio Segment [Member] | Substandard [Member] | Loan to Value Ratio Greater than or Equal to 75 Percent [Member] | ||
Internal Risk Rating | ||
Loans receivable | 3,314 | |
Commercial Real Estate Portfolio Segment [Member] | Loan to Value Ratio Less than 75 Percent [Member] | ||
Internal Risk Rating | ||
Loans receivable | 245,316 | 209,022 |
Commercial Real Estate Portfolio Segment [Member] | Loan to Value Ratio Greater than or Equal to 75 Percent [Member] | ||
Internal Risk Rating | ||
Loans receivable | 9,189 | 13,750 |
Commercial Real Estate Portfolio Segment [Member] | ||
Internal Risk Rating | ||
Loans receivable | 254,505 | 222,772 |
Real Estate Construction [Member] | Pass [Member] | Loan to Value Ratio Less than 75 Percent [Member] | ||
Internal Risk Rating | ||
Loans receivable | 2,936 | |
Real Estate Construction [Member] | Pass [Member] | Loan to Value Ratio Greater than or Equal to 75 Percent [Member] | ||
Internal Risk Rating | ||
Loans receivable | 160 | |
Real Estate Construction [Member] | Substandard [Member] | Loan to Value Ratio Less than 75 Percent [Member] | ||
Internal Risk Rating | ||
Loans receivable | 60 | |
Real Estate Construction [Member] | Substandard [Member] | Loan to Value Ratio Greater than or Equal to 75 Percent [Member] | ||
Internal Risk Rating | ||
Loans receivable | 200 | |
Real Estate Construction [Member] | Loan to Value Ratio Less than 75 Percent [Member] | ||
Internal Risk Rating | ||
Loans receivable | 2,936 | 60 |
Real Estate Construction [Member] | Loan to Value Ratio Greater than or Equal to 75 Percent [Member] | ||
Internal Risk Rating | ||
Loans receivable | 160 | 200 |
Real Estate Construction [Member] | ||
Internal Risk Rating | ||
Loans receivable | 3,096 | 260 |
Real Estate Construction to Permanent [Member] | Pass [Member] | Loan to Value Ratio Less than 75 Percent [Member] | ||
Internal Risk Rating | ||
Loans receivable | 10,627 | 10,183 |
Real Estate Construction to Permanent [Member] | Substandard [Member] | Loan to Value Ratio Less than 75 Percent [Member] | ||
Internal Risk Rating | ||
Loans receivable | 1,189 | |
Real Estate Construction to Permanent [Member] | Loan to Value Ratio Less than 75 Percent [Member] | ||
Internal Risk Rating | ||
Loans receivable | 10,627 | 11,372 |
Real Estate Construction to Permanent [Member] | ||
Internal Risk Rating | ||
Loans receivable | 10,627 | 11,372 |
Residential Portfolio Segment [Member] | Pass [Member] | Loan to Value Ratio Less than 75 Percent [Member] | ||
Internal Risk Rating | ||
Loans receivable | 93,238 | 83,252 |
Residential Portfolio Segment [Member] | Pass [Member] | Loan to Value Ratio Greater than or Equal to 75 Percent [Member] | ||
Internal Risk Rating | ||
Loans receivable | 14,586 | 20,778 |
Residential Portfolio Segment [Member] | Substandard [Member] | Loan to Value Ratio Less than 75 Percent [Member] | ||
Internal Risk Rating | ||
Loans receivable | 339 | 1,981 |
Residential Portfolio Segment [Member] | Substandard [Member] | Loan to Value Ratio Greater than or Equal to 75 Percent [Member] | ||
Internal Risk Rating | ||
Loans receivable | 380 | 957 |
Residential Portfolio Segment [Member] | Loan to Value Ratio Less than 75 Percent [Member] | ||
Internal Risk Rating | ||
Loans receivable | 93,577 | 85,233 |
Residential Portfolio Segment [Member] | Loan to Value Ratio Greater than or Equal to 75 Percent [Member] | ||
Internal Risk Rating | ||
Loans receivable | 14,966 | 21,735 |
Residential Portfolio Segment [Member] | ||
Internal Risk Rating | ||
Loans receivable | 108,543 | 106,968 |
Consumer Portfolio Segment [Member] | Pass [Member] | Loan to Value Ratio Less than 75 Percent [Member] | ||
Internal Risk Rating | ||
Loans receivable | 43,820 | 42,780 |
Consumer Portfolio Segment [Member] | Pass [Member] | Loan to Value Ratio Greater than or Equal to 75 Percent [Member] | ||
Internal Risk Rating | ||
Loans receivable | 1,627 | 3,849 |
Consumer Portfolio Segment [Member] | Pass [Member] | Other LTV [Member] | ||
Internal Risk Rating | ||
Loans receivable | 710 | 650 |
Consumer Portfolio Segment [Member] | Substandard [Member] | Loan to Value Ratio Less than 75 Percent [Member] | ||
Internal Risk Rating | ||
Loans receivable | 7 | 10 |
Consumer Portfolio Segment [Member] | Substandard [Member] | Loan to Value Ratio Greater than or Equal to 75 Percent [Member] | ||
Internal Risk Rating | ||
Loans receivable | 31 | |
Consumer Portfolio Segment [Member] | Loan to Value Ratio Less than 75 Percent [Member] | ||
Internal Risk Rating | ||
Loans receivable | 43,827 | 42,790 |
Consumer Portfolio Segment [Member] | Loan to Value Ratio Greater than or Equal to 75 Percent [Member] | ||
Internal Risk Rating | ||
Loans receivable | 1,627 | 3,880 |
Consumer Portfolio Segment [Member] | Other LTV [Member] | ||
Internal Risk Rating | ||
Loans receivable | 710 | 650 |
Consumer Portfolio Segment [Member] | ||
Internal Risk Rating | ||
Loans receivable | 46,164 | 47,320 |
Pass [Member] | ||
Internal Risk Rating | ||
Loans receivable | 463,914 | 395,758 |
Special Mention [Member] | ||
Internal Risk Rating | ||
Loans receivable | 4,049 | 9,217 |
Substandard [Member] | ||
Internal Risk Rating | ||
Loans receivable | $8,945 | $18,854 |
Note_4_Loans_Receivable_and_Al7
Note 4 - Loans Receivable and Allowance for Loan Losses (Details) - Credit Risk Profile (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Ceded Credit Risk [Line Items] | ||
Loans receivable | $476,908 | $423,829 |
Commercial Portfolio Segment [Member] | Performing Financing Receivable [Member] | ||
Ceded Credit Risk [Line Items] | ||
Loans receivable | 53,971 | 28,985 |
Commercial Portfolio Segment [Member] | Nonperforming Financing Receivable [Member] | ||
Ceded Credit Risk [Line Items] | ||
Loans receivable | 2 | 6,152 |
Commercial Portfolio Segment [Member] | ||
Ceded Credit Risk [Line Items] | ||
Loans receivable | 53,973 | 35,137 |
Commercial Real Estate Portfolio Segment [Member] | Performing Financing Receivable [Member] | ||
Ceded Credit Risk [Line Items] | ||
Loans receivable | 254,367 | 221,007 |
Commercial Real Estate Portfolio Segment [Member] | Nonperforming Financing Receivable [Member] | ||
Ceded Credit Risk [Line Items] | ||
Loans receivable | 138 | 1,765 |
Commercial Real Estate Portfolio Segment [Member] | ||
Ceded Credit Risk [Line Items] | ||
Loans receivable | 254,505 | 222,772 |
Real Estate Construction [Member] | Performing Financing Receivable [Member] | ||
Ceded Credit Risk [Line Items] | ||
Loans receivable | 3,096 | |
Real Estate Construction [Member] | Nonperforming Financing Receivable [Member] | ||
Ceded Credit Risk [Line Items] | ||
Loans receivable | 260 | |
Real Estate Construction [Member] | ||
Ceded Credit Risk [Line Items] | ||
Loans receivable | 3,096 | 260 |
Real Estate Construction to Permanent [Member] | Performing Financing Receivable [Member] | ||
Ceded Credit Risk [Line Items] | ||
Loans receivable | 10,627 | 10,183 |
Real Estate Construction to Permanent [Member] | Nonperforming Financing Receivable [Member] | ||
Ceded Credit Risk [Line Items] | ||
Loans receivable | 1,189 | |
Real Estate Construction to Permanent [Member] | ||
Ceded Credit Risk [Line Items] | ||
Loans receivable | 10,627 | 11,372 |
Residential Portfolio Segment [Member] | Performing Financing Receivable [Member] | ||
Ceded Credit Risk [Line Items] | ||
Loans receivable | 107,824 | 104,030 |
Residential Portfolio Segment [Member] | Nonperforming Financing Receivable [Member] | ||
Ceded Credit Risk [Line Items] | ||
Loans receivable | 719 | 2,938 |
Residential Portfolio Segment [Member] | ||
Ceded Credit Risk [Line Items] | ||
Loans receivable | 108,543 | 106,968 |
Consumer Portfolio Segment [Member] | Performing Financing Receivable [Member] | ||
Ceded Credit Risk [Line Items] | ||
Loans receivable | 46,157 | 47,287 |
Consumer Portfolio Segment [Member] | Nonperforming Financing Receivable [Member] | ||
Ceded Credit Risk [Line Items] | ||
Loans receivable | 7 | 33 |
Consumer Portfolio Segment [Member] | ||
Ceded Credit Risk [Line Items] | ||
Loans receivable | 46,164 | 47,320 |
Performing Financing Receivable [Member] | ||
Ceded Credit Risk [Line Items] | ||
Loans receivable | 476,042 | 411,492 |
Nonperforming Financing Receivable [Member] | ||
Ceded Credit Risk [Line Items] | ||
Loans receivable | $866 | $12,337 |
Note_4_Loans_Receivable_and_Al8
Note 4 - Loans Receivable and Allowance for Loan Losses (Details) - Delinquency Status of Non-Accrual Loans and Past Due Matured Loans (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Note 4 - Loans Receivable and Allowance for Loan Losses (Details) - Delinquency Status of Non-Accrual Loans and Past Due Matured Loans [Line Items] | ||
Greater Than 90 Days Past Due and Accruing | $279,000 | $866,000 |
Non-Accrual and Past Due Loans [Member] | Commercial Portfolio Segment [Member] | Pass [Member] | ||
Note 4 - Loans Receivable and Allowance for Loan Losses (Details) - Delinquency Status of Non-Accrual Loans and Past Due Matured Loans [Line Items] | ||
Greater Than 90 Days Past Due and Accruing | 279,000 | 25,000 |
Total Non-Accrual and Past Due Loans | 279,000 | 25,000 |
Non-Accrual and Past Due Loans [Member] | Commercial Portfolio Segment [Member] | Substandard [Member] | ||
Note 4 - Loans Receivable and Allowance for Loan Losses (Details) - Delinquency Status of Non-Accrual Loans and Past Due Matured Loans [Line Items] | ||
Non-Accrual Loans, Greater Than 90 Days | 2,000 | 2,000 |
Non-Accrual Loans, Total Past Due | 2,000 | 2,000 |
Non-Accrual Loans, Current | 6,150,000 | |
Total Non-Accrual and Past Due Loans | 2,000 | 6,152,000 |
Non-Accrual and Past Due Loans [Member] | Commercial Portfolio Segment [Member] | ||
Note 4 - Loans Receivable and Allowance for Loan Losses (Details) - Delinquency Status of Non-Accrual Loans and Past Due Matured Loans [Line Items] | ||
Non-Accrual Loans, Greater Than 90 Days | 2,000 | 2,000 |
Non-Accrual Loans, Total Past Due | 2,000 | 2,000 |
Non-Accrual Loans, Current | 6,150,000 | |
Greater Than 90 Days Past Due and Accruing | 279,000 | 25,000 |
Total Non-Accrual and Past Due Loans | 281,000 | 6,177,000 |
Non-Accrual and Past Due Loans [Member] | Commercial Real Estate Portfolio Segment [Member] | Substandard [Member] | ||
Note 4 - Loans Receivable and Allowance for Loan Losses (Details) - Delinquency Status of Non-Accrual Loans and Past Due Matured Loans [Line Items] | ||
Non-Accrual Loans, Greater Than 90 Days | 1,765,000 | |
Non-Accrual Loans, Total Past Due | 1,765,000 | |
Non-Accrual Loans, Current | 138,000 | |
Greater Than 90 Days Past Due and Accruing | 841,000 | |
Total Non-Accrual and Past Due Loans | 138,000 | 2,606,000 |
Non-Accrual and Past Due Loans [Member] | Commercial Real Estate Portfolio Segment [Member] | ||
Note 4 - Loans Receivable and Allowance for Loan Losses (Details) - Delinquency Status of Non-Accrual Loans and Past Due Matured Loans [Line Items] | ||
Non-Accrual Loans, Greater Than 90 Days | 1,765,000 | |
Non-Accrual Loans, Total Past Due | 1,765,000 | |
Non-Accrual Loans, Current | 138,000 | |
Greater Than 90 Days Past Due and Accruing | 841,000 | |
Total Non-Accrual and Past Due Loans | 138,000 | 2,606,000 |
Non-Accrual and Past Due Loans [Member] | Residential Portfolio Segment [Member] | Substandard [Member] | ||
Note 4 - Loans Receivable and Allowance for Loan Losses (Details) - Delinquency Status of Non-Accrual Loans and Past Due Matured Loans [Line Items] | ||
Non-Accrual Loans, Greater Than 90 Days | 719,000 | 2,553,000 |
Non-Accrual Loans, Total Past Due | 719,000 | 2,553,000 |
Non-Accrual Loans, Current | 385,000 | |
Total Non-Accrual and Past Due Loans | 719,000 | 2,938,000 |
Non-Accrual and Past Due Loans [Member] | Residential Portfolio Segment [Member] | ||
Note 4 - Loans Receivable and Allowance for Loan Losses (Details) - Delinquency Status of Non-Accrual Loans and Past Due Matured Loans [Line Items] | ||
Non-Accrual Loans, Greater Than 90 Days | 719,000 | 2,553,000 |
Non-Accrual Loans, Total Past Due | 719,000 | 2,553,000 |
Non-Accrual Loans, Current | 385,000 | |
Total Non-Accrual and Past Due Loans | 719,000 | 2,938,000 |
Non-Accrual and Past Due Loans [Member] | Consumer Portfolio Segment [Member] | Substandard [Member] | ||
Note 4 - Loans Receivable and Allowance for Loan Losses (Details) - Delinquency Status of Non-Accrual Loans and Past Due Matured Loans [Line Items] | ||
Non-Accrual Loans, Greater Than 90 Days | 7,000 | 2,000 |
Non-Accrual Loans, Total Past Due | 7,000 | 2,000 |
Non-Accrual Loans, Current | 31,000 | |
Total Non-Accrual and Past Due Loans | 7,000 | 33,000 |
Non-Accrual and Past Due Loans [Member] | Consumer Portfolio Segment [Member] | ||
Note 4 - Loans Receivable and Allowance for Loan Losses (Details) - Delinquency Status of Non-Accrual Loans and Past Due Matured Loans [Line Items] | ||
Non-Accrual Loans, Greater Than 90 Days | 7,000 | 2,000 |
Non-Accrual Loans, Total Past Due | 7,000 | 2,000 |
Non-Accrual Loans, Current | 31,000 | |
Total Non-Accrual and Past Due Loans | 7,000 | 33,000 |
Non-Accrual and Past Due Loans [Member] | Real Estate Construction [Member] | Substandard [Member] | ||
Note 4 - Loans Receivable and Allowance for Loan Losses (Details) - Delinquency Status of Non-Accrual Loans and Past Due Matured Loans [Line Items] | ||
Non-Accrual Loans, Greater Than 90 Days | 260,000 | |
Non-Accrual Loans, Total Past Due | 260,000 | |
Total Non-Accrual and Past Due Loans | 260,000 | |
Non-Accrual and Past Due Loans [Member] | Real Estate Construction [Member] | ||
Note 4 - Loans Receivable and Allowance for Loan Losses (Details) - Delinquency Status of Non-Accrual Loans and Past Due Matured Loans [Line Items] | ||
Non-Accrual Loans, Greater Than 90 Days | 260,000 | |
Non-Accrual Loans, Total Past Due | 260,000 | |
Total Non-Accrual and Past Due Loans | 260,000 | |
Non-Accrual and Past Due Loans [Member] | Real Estate Construction to Permanent [Member] | Substandard [Member] | ||
Note 4 - Loans Receivable and Allowance for Loan Losses (Details) - Delinquency Status of Non-Accrual Loans and Past Due Matured Loans [Line Items] | ||
Non-Accrual Loans, Current | 1,189,000 | |
Total Non-Accrual and Past Due Loans | 1,189,000 | |
Non-Accrual and Past Due Loans [Member] | Real Estate Construction to Permanent [Member] | ||
Note 4 - Loans Receivable and Allowance for Loan Losses (Details) - Delinquency Status of Non-Accrual Loans and Past Due Matured Loans [Line Items] | ||
Non-Accrual Loans, Current | 1,189,000 | |
Total Non-Accrual and Past Due Loans | 1,189,000 | |
Non-Accrual and Past Due Loans [Member] | ||
Note 4 - Loans Receivable and Allowance for Loan Losses (Details) - Delinquency Status of Non-Accrual Loans and Past Due Matured Loans [Line Items] | ||
Non-Accrual Loans, Greater Than 90 Days | 728,000 | 4,582,000 |
Non-Accrual Loans, Total Past Due | 728,000 | 4,582,000 |
Non-Accrual Loans, Current | 138,000 | 7,755,000 |
Greater Than 90 Days Past Due and Accruing | 279,000 | 866,000 |
Total Non-Accrual and Past Due Loans | $1,145,000 | $13,203,000 |
Note_4_Loans_Receivable_and_Al9
Note 4 - Loans Receivable and Allowance for Loan Losses (Details) - Delinquency Status of Performing (Accruing) Loans (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Note 4 - Loans Receivable and Allowance for Loan Losses (Details) - Delinquency Status of Performing (Accruing) Loans [Line Items] | ||
Total Loans Receivable | $476,908,000 | $423,829,000 |
Performing and Accruing Loans [Member] | Commercial Portfolio Segment [Member] | Pass [Member] | ||
Note 4 - Loans Receivable and Allowance for Loan Losses (Details) - Delinquency Status of Performing (Accruing) Loans [Line Items] | ||
31-60 Days Past Due | 1,520,000 | 725,000 |
Total Past Due | 1,520,000 | 725,000 |
Current | 46,279,000 | 26,790,000 |
Total Loan Balances | 47,799,000 | 27,515,000 |
Total Non-Accrual and Past Due Loans | 279,000 | 25,000 |
Total Loans Receivable | 48,078,000 | 27,540,000 |
Performing and Accruing Loans [Member] | Commercial Portfolio Segment [Member] | Special Mention [Member] | ||
Note 4 - Loans Receivable and Allowance for Loan Losses (Details) - Delinquency Status of Performing (Accruing) Loans [Line Items] | ||
Current | 121,000 | 170,000 |
Total Loan Balances | 121,000 | 170,000 |
Total Loans Receivable | 121,000 | 170,000 |
Performing and Accruing Loans [Member] | Commercial Portfolio Segment [Member] | Substandard [Member] | ||
Note 4 - Loans Receivable and Allowance for Loan Losses (Details) - Delinquency Status of Performing (Accruing) Loans [Line Items] | ||
Current | 5,772,000 | 1,275,000 |
Total Loan Balances | 5,772,000 | 1,275,000 |
Total Non-Accrual and Past Due Loans | 2,000 | 6,152,000 |
Total Loans Receivable | 5,774,000 | 7,427,000 |
Performing and Accruing Loans [Member] | Commercial Portfolio Segment [Member] | ||
Note 4 - Loans Receivable and Allowance for Loan Losses (Details) - Delinquency Status of Performing (Accruing) Loans [Line Items] | ||
31-60 Days Past Due | 1,520,000 | 725,000 |
Total Past Due | 1,520,000 | 725,000 |
Current | 52,172,000 | 28,235,000 |
Total Loan Balances | 53,692,000 | 28,960,000 |
Total Non-Accrual and Past Due Loans | 281,000 | 6,177,000 |
Total Loans Receivable | 53,973,000 | 35,137,000 |
Performing and Accruing Loans [Member] | Commercial Real Estate Portfolio Segment [Member] | Pass [Member] | ||
Note 4 - Loans Receivable and Allowance for Loan Losses (Details) - Delinquency Status of Performing (Accruing) Loans [Line Items] | ||
31-60 Days Past Due | 1,845,000 | |
61- 89 Days Past Due | 266,000 | |
Total Past Due | 2,111,000 | |
Current | 248,132,000 | 204,615,000 |
Total Loan Balances | 248,132,000 | 206,726,000 |
Total Loans Receivable | 248,132,000 | 206,726,000 |
Performing and Accruing Loans [Member] | Commercial Real Estate Portfolio Segment [Member] | Special Mention [Member] | ||
Note 4 - Loans Receivable and Allowance for Loan Losses (Details) - Delinquency Status of Performing (Accruing) Loans [Line Items] | ||
31-60 Days Past Due | 1,041,000 | |
Total Past Due | 1,041,000 | |
Current | 2,887,000 | 9,047,000 |
Total Loan Balances | 3,928,000 | 9,047,000 |
Total Loans Receivable | 3,928,000 | 9,047,000 |
Performing and Accruing Loans [Member] | Commercial Real Estate Portfolio Segment [Member] | Substandard [Member] | ||
Note 4 - Loans Receivable and Allowance for Loan Losses (Details) - Delinquency Status of Performing (Accruing) Loans [Line Items] | ||
61- 89 Days Past Due | 815,000 | |
Total Past Due | 815,000 | |
Current | 1,492,000 | 4,394,000 |
Total Loan Balances | 2,307,000 | 4,394,000 |
Total Non-Accrual and Past Due Loans | 138,000 | 2,605,000 |
Total Loans Receivable | 2,445,000 | 6,999,000 |
Performing and Accruing Loans [Member] | Commercial Real Estate Portfolio Segment [Member] | ||
Note 4 - Loans Receivable and Allowance for Loan Losses (Details) - Delinquency Status of Performing (Accruing) Loans [Line Items] | ||
31-60 Days Past Due | 1,041,000 | 1,845,000 |
61- 89 Days Past Due | 815,000 | 266,000 |
Total Past Due | 1,856,000 | 2,111,000 |
Current | 252,511,000 | 218,056,000 |
Total Loan Balances | 254,367,000 | 220,167,000 |
Total Non-Accrual and Past Due Loans | 138,000 | 2,605,000 |
Total Loans Receivable | 254,505,000 | 222,772,000 |
Performing and Accruing Loans [Member] | Real Estate Construction [Member] | Pass [Member] | ||
Note 4 - Loans Receivable and Allowance for Loan Losses (Details) - Delinquency Status of Performing (Accruing) Loans [Line Items] | ||
Current | 3,096,000 | |
Total Loan Balances | 3,096,000 | |
Total Loans Receivable | 3,096,000 | |
Performing and Accruing Loans [Member] | Real Estate Construction [Member] | Substandard [Member] | ||
Note 4 - Loans Receivable and Allowance for Loan Losses (Details) - Delinquency Status of Performing (Accruing) Loans [Line Items] | ||
Total Non-Accrual and Past Due Loans | 260,000 | |
Total Loans Receivable | 260,000 | |
Performing and Accruing Loans [Member] | Real Estate Construction [Member] | ||
Note 4 - Loans Receivable and Allowance for Loan Losses (Details) - Delinquency Status of Performing (Accruing) Loans [Line Items] | ||
Current | 3,096,000 | |
Total Loan Balances | 3,096,000 | |
Total Non-Accrual and Past Due Loans | 260,000 | |
Total Loans Receivable | 3,096,000 | 260,000 |
Performing and Accruing Loans [Member] | Real Estate Construction to Permanent [Member] | Pass [Member] | ||
Note 4 - Loans Receivable and Allowance for Loan Losses (Details) - Delinquency Status of Performing (Accruing) Loans [Line Items] | ||
Current | 10,627,000 | 10,183,000 |
Total Loan Balances | 10,627,000 | 10,183,000 |
Total Loans Receivable | 10,627,000 | 10,183,000 |
Performing and Accruing Loans [Member] | Real Estate Construction to Permanent [Member] | Substandard [Member] | ||
Note 4 - Loans Receivable and Allowance for Loan Losses (Details) - Delinquency Status of Performing (Accruing) Loans [Line Items] | ||
Total Non-Accrual and Past Due Loans | 1,189,000 | |
Total Loans Receivable | 1,189,000 | |
Performing and Accruing Loans [Member] | Real Estate Construction to Permanent [Member] | ||
Note 4 - Loans Receivable and Allowance for Loan Losses (Details) - Delinquency Status of Performing (Accruing) Loans [Line Items] | ||
Current | 10,627,000 | 10,183,000 |
Total Loan Balances | 10,627,000 | 10,183,000 |
Total Non-Accrual and Past Due Loans | 1,189,000 | |
Total Loans Receivable | 10,627,000 | 11,372,000 |
Performing and Accruing Loans [Member] | Residential Portfolio Segment [Member] | Pass [Member] | ||
Note 4 - Loans Receivable and Allowance for Loan Losses (Details) - Delinquency Status of Performing (Accruing) Loans [Line Items] | ||
31-60 Days Past Due | 172,000 | 32,000 |
61- 89 Days Past Due | 87,000 | |
Greater Than 90 Days | 1,553,000 | |
Total Past Due | 1,812,000 | 32,000 |
Current | 106,012,000 | 103,998,000 |
Total Loan Balances | 107,824,000 | 104,030,000 |
Total Loans Receivable | 107,824,000 | 104,030,000 |
Performing and Accruing Loans [Member] | Residential Portfolio Segment [Member] | Substandard [Member] | ||
Note 4 - Loans Receivable and Allowance for Loan Losses (Details) - Delinquency Status of Performing (Accruing) Loans [Line Items] | ||
Total Non-Accrual and Past Due Loans | 719,000 | 2,938,000 |
Total Loans Receivable | 719,000 | 2,938,000 |
Performing and Accruing Loans [Member] | Residential Portfolio Segment [Member] | ||
Note 4 - Loans Receivable and Allowance for Loan Losses (Details) - Delinquency Status of Performing (Accruing) Loans [Line Items] | ||
31-60 Days Past Due | 172,000 | 32,000 |
61- 89 Days Past Due | 87,000 | |
Greater Than 90 Days | 1,553,000 | |
Total Past Due | 1,812,000 | 32,000 |
Current | 106,012,000 | 103,998,000 |
Total Loan Balances | 107,824,000 | 104,030,000 |
Total Non-Accrual and Past Due Loans | 719,000 | 2,938,000 |
Total Loans Receivable | 108,543,000 | 106,968,000 |
Performing and Accruing Loans [Member] | Consumer Portfolio Segment [Member] | Pass [Member] | ||
Note 4 - Loans Receivable and Allowance for Loan Losses (Details) - Delinquency Status of Performing (Accruing) Loans [Line Items] | ||
31-60 Days Past Due | 350,000 | |
61- 89 Days Past Due | 2,000 | 561,000 |
Total Past Due | 2,000 | 911,000 |
Current | 46,155,000 | 46,368,000 |
Total Loan Balances | 46,157,000 | 47,279,000 |
Total Loans Receivable | 46,157,000 | 47,279,000 |
Performing and Accruing Loans [Member] | Consumer Portfolio Segment [Member] | Substandard [Member] | ||
Note 4 - Loans Receivable and Allowance for Loan Losses (Details) - Delinquency Status of Performing (Accruing) Loans [Line Items] | ||
31-60 Days Past Due | 7,000 | |
Total Past Due | 7,000 | |
Total Loan Balances | 7,000 | |
Total Non-Accrual and Past Due Loans | 7,000 | 34,000 |
Total Loans Receivable | 7,000 | 41,000 |
Performing and Accruing Loans [Member] | Consumer Portfolio Segment [Member] | ||
Note 4 - Loans Receivable and Allowance for Loan Losses (Details) - Delinquency Status of Performing (Accruing) Loans [Line Items] | ||
31-60 Days Past Due | 357,000 | |
61- 89 Days Past Due | 2,000 | 561,000 |
Total Past Due | 2,000 | 918,000 |
Current | 46,155,000 | 46,368,000 |
Total Loan Balances | 46,157,000 | 47,286,000 |
Total Non-Accrual and Past Due Loans | 7,000 | 34,000 |
Total Loans Receivable | 46,164,000 | 47,320,000 |
Performing and Accruing Loans [Member] | Pass [Member] | ||
Note 4 - Loans Receivable and Allowance for Loan Losses (Details) - Delinquency Status of Performing (Accruing) Loans [Line Items] | ||
31-60 Days Past Due | 1,692,000 | 2,952,000 |
61- 89 Days Past Due | 89,000 | 827,000 |
Greater Than 90 Days | 1,553,000 | |
Total Past Due | 3,334,000 | 3,779,000 |
Current | 460,301,000 | 391,954,000 |
Total Loan Balances | 463,635,000 | 395,733,000 |
Total Non-Accrual and Past Due Loans | 279,000 | 25,000 |
Total Loans Receivable | 463,914,000 | 395,758,000 |
Performing and Accruing Loans [Member] | Special Mention [Member] | ||
Note 4 - Loans Receivable and Allowance for Loan Losses (Details) - Delinquency Status of Performing (Accruing) Loans [Line Items] | ||
31-60 Days Past Due | 1,041,000 | |
Total Past Due | 1,041,000 | |
Current | 3,008,000 | 9,217,000 |
Total Loan Balances | 4,049,000 | 9,217,000 |
Total Loans Receivable | 4,049,000 | 9,217,000 |
Performing and Accruing Loans [Member] | Substandard [Member] | ||
Note 4 - Loans Receivable and Allowance for Loan Losses (Details) - Delinquency Status of Performing (Accruing) Loans [Line Items] | ||
31-60 Days Past Due | 7,000 | |
61- 89 Days Past Due | 815,000 | |
Total Past Due | 815,000 | 7,000 |
Current | 7,264,000 | 5,669,000 |
Total Loan Balances | 8,079,000 | 5,676,000 |
Total Non-Accrual and Past Due Loans | 866,000 | 13,178,000 |
Total Loans Receivable | 8,945,000 | 18,854,000 |
Performing and Accruing Loans [Member] | ||
Note 4 - Loans Receivable and Allowance for Loan Losses (Details) - Delinquency Status of Performing (Accruing) Loans [Line Items] | ||
31-60 Days Past Due | 2,733,000 | 2,959,000 |
61- 89 Days Past Due | 904,000 | 827,000 |
Greater Than 90 Days | 1,553,000 | |
Total Past Due | 5,190,000 | 3,786,000 |
Current | 470,573,000 | 406,840,000 |
Total Loan Balances | 475,763,000 | 410,626,000 |
Total Non-Accrual and Past Due Loans | 1,145,000 | 13,203,000 |
Total Loans Receivable | 476,908,000 | 423,829,000 |
Commercial Portfolio Segment [Member] | ||
Note 4 - Loans Receivable and Allowance for Loan Losses (Details) - Delinquency Status of Performing (Accruing) Loans [Line Items] | ||
Total Loans Receivable | 53,973,000 | 35,137,000 |
Commercial Real Estate Portfolio Segment [Member] | ||
Note 4 - Loans Receivable and Allowance for Loan Losses (Details) - Delinquency Status of Performing (Accruing) Loans [Line Items] | ||
Total Loans Receivable | 254,505,000 | 222,772,000 |
Real Estate Construction [Member] | ||
Note 4 - Loans Receivable and Allowance for Loan Losses (Details) - Delinquency Status of Performing (Accruing) Loans [Line Items] | ||
Total Loans Receivable | 3,096,000 | 260,000 |
Real Estate Construction to Permanent [Member] | ||
Note 4 - Loans Receivable and Allowance for Loan Losses (Details) - Delinquency Status of Performing (Accruing) Loans [Line Items] | ||
Total Loans Receivable | 10,627,000 | 11,372,000 |
Residential Portfolio Segment [Member] | ||
Note 4 - Loans Receivable and Allowance for Loan Losses (Details) - Delinquency Status of Performing (Accruing) Loans [Line Items] | ||
Total Loans Receivable | 108,543,000 | 106,968,000 |
Consumer Portfolio Segment [Member] | ||
Note 4 - Loans Receivable and Allowance for Loan Losses (Details) - Delinquency Status of Performing (Accruing) Loans [Line Items] | ||
Total Loans Receivable | 46,164,000 | 47,320,000 |
Pass [Member] | ||
Note 4 - Loans Receivable and Allowance for Loan Losses (Details) - Delinquency Status of Performing (Accruing) Loans [Line Items] | ||
Total Loans Receivable | 463,914,000 | 395,758,000 |
Special Mention [Member] | ||
Note 4 - Loans Receivable and Allowance for Loan Losses (Details) - Delinquency Status of Performing (Accruing) Loans [Line Items] | ||
Total Loans Receivable | 4,049,000 | 9,217,000 |
Substandard [Member] | ||
Note 4 - Loans Receivable and Allowance for Loan Losses (Details) - Delinquency Status of Performing (Accruing) Loans [Line Items] | ||
Total Loans Receivable | $8,945,000 | $18,854,000 |
Recovered_Sheet1
Note 4 - Loans Receivable and Allowance for Loan Losses (Details) - Impaired Loans (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
With no related allowance recorded: | ||
Loans with an allowance recorded, recorded investment | $11,717,000 | $14,482,000 |
Loans with an allowance recorded, unpaid principal balance | 13,511,000 | 18,191,000 |
Loans with an allowance recorded, recorded investment | 7,000 | 7,539,000 |
Loans with an allowance recorded, unpaid principal balance | 7,000 | 8,195,000 |
Loans, related allowance | 7,000 | 1,891,000 |
Loans with an allowance recorded, recorded investment | 11,724,000 | 22,021,000 |
Loans with an allowance recorded, unpaid principal balance | 13,518,000 | 26,386,000 |
Loans, related allowance | 7,000 | 1,891,000 |
Commercial Portfolio Segment [Member] | ||
With no related allowance recorded: | ||
Loans with an allowance recorded, recorded investment | 2,000 | 2,000 |
Loans with an allowance recorded, unpaid principal balance | 104,000 | 151,000 |
Loans with an allowance recorded, recorded investment | 6,150,000 | |
Loans with an allowance recorded, unpaid principal balance | 6,150,000 | |
Loans, related allowance | 1,500,000 | |
Loans with an allowance recorded, recorded investment | 2,000 | 6,152,000 |
Loans with an allowance recorded, unpaid principal balance | 104,000 | 6,301,000 |
Loans, related allowance | 1,500,000 | |
Commercial Real Estate Portfolio Segment [Member] | ||
With no related allowance recorded: | ||
Loans with an allowance recorded, recorded investment | 7,398,000 | 7,596,000 |
Loans with an allowance recorded, unpaid principal balance | 8,249,000 | 8,316,000 |
Loans with an allowance recorded, recorded investment | 170,000 | |
Loans with an allowance recorded, unpaid principal balance | 214,000 | |
Loans, related allowance | 31,000 | |
Loans with an allowance recorded, recorded investment | 7,398,000 | 7,766,000 |
Loans with an allowance recorded, unpaid principal balance | 8,249,000 | 8,530,000 |
Loans, related allowance | 31,000 | |
Real Estate Construction [Member] | ||
With no related allowance recorded: | ||
Loans with an allowance recorded, unpaid principal balance | 732,000 | |
Loans with an allowance recorded, recorded investment | 260,000 | |
Loans with an allowance recorded, unpaid principal balance | 732,000 | |
Loans, related allowance | 260,000 | |
Loans with an allowance recorded, recorded investment | 260,000 | |
Loans with an allowance recorded, unpaid principal balance | 732,000 | 732,000 |
Loans, related allowance | 260,000 | |
Real Estate Construction to Permanent [Member] | ||
With no related allowance recorded: | ||
Loans with an allowance recorded, recorded investment | 1,189,000 | |
Loans with an allowance recorded, unpaid principal balance | 1,417,000 | |
Loans with an allowance recorded, recorded investment | 1,189,000 | |
Loans with an allowance recorded, unpaid principal balance | 1,417,000 | |
Residential Portfolio Segment [Member] | ||
With no related allowance recorded: | ||
Loans with an allowance recorded, recorded investment | 3,764,000 | 5,103,000 |
Loans with an allowance recorded, unpaid principal balance | 3,793,000 | 7,636,000 |
Loans with an allowance recorded, recorded investment | 957,000 | |
Loans with an allowance recorded, unpaid principal balance | 1,097,000 | |
Loans, related allowance | 98,000 | |
Loans with an allowance recorded, recorded investment | 3,764,000 | 6,060,000 |
Loans with an allowance recorded, unpaid principal balance | 3,793,000 | 8,733,000 |
Loans, related allowance | 98,000 | |
Consumer Portfolio Segment [Member] | ||
With no related allowance recorded: | ||
Loans with an allowance recorded, recorded investment | 553,000 | 592,000 |
Loans with an allowance recorded, unpaid principal balance | 633,000 | 671,000 |
Loans with an allowance recorded, recorded investment | 7,000 | 2,000 |
Loans with an allowance recorded, unpaid principal balance | 7,000 | 2,000 |
Loans, related allowance | 7,000 | 2,000 |
Loans with an allowance recorded, recorded investment | 560,000 | 594,000 |
Loans with an allowance recorded, unpaid principal balance | 640,000 | 673,000 |
Loans, related allowance | $7,000 | $2,000 |
Recovered_Sheet2
Note 4 - Loans Receivable and Allowance for Loan Losses (Details) - Troubled Debt Restructured Loans (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Financing Receivable, Modifications [Line Items] | ||
Number of loans | 1 | 2 |
Troubled debt restructured loan amount | $1,131,000 | $2,188,000 |
Accrual and Past Due Loans [Member] | Commercial Portfolio Segment [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of loans | 1 | 1 |
Troubled debt restructured loan amount | 1,131,000 | 991,000 |
Accrual and Past Due Loans [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of loans | 1 | 1 |
Troubled debt restructured loan amount | 1,131,000 | 991,000 |
Non-Accrual Loans [Member] | Real Estate Construction to Permanent [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of loans | 1 | |
Troubled debt restructured loan amount | 1,197,000 | |
Non-Accrual Loans [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of loans | 1 | |
Troubled debt restructured loan amount | 1,197,000 | |
Commercial Portfolio Segment [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of loans | 1 | 1 |
Troubled debt restructured loan amount | 1,131,000 | 991,000 |
Real Estate Construction to Permanent [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of loans | 1 | |
Troubled debt restructured loan amount | $1,197,000 |
Recovered_Sheet3
Note 4 - Loans Receivable and Allowance for Loan Losses (Details) - Loans Modified in a Troubled Debt Restructuring (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Note 4 - Loans Receivable and Allowance for Loan Losses (Details) - Loans Modified in a Troubled Debt Restructuring [Line Items] | ||
Number of Relationships | 2 | 2 |
Pre-Modification Outstanding Recorded Investment | $2,439 | $4,730 |
Number of Relationships | 2 | 1 |
Post-Modification Outstanding Recorded Investment | 2,430 | 991 |
Commercial Real Estate Portfolio Segment [Member] | ||
Note 4 - Loans Receivable and Allowance for Loan Losses (Details) - Loans Modified in a Troubled Debt Restructuring [Line Items] | ||
Number of Relationships | 2 | |
Pre-Modification Outstanding Recorded Investment | 2,439 | |
Number of Relationships | 2 | |
Post-Modification Outstanding Recorded Investment | 2,430 | |
Real Estate Construction to Permanent [Member] | ||
Note 4 - Loans Receivable and Allowance for Loan Losses (Details) - Loans Modified in a Troubled Debt Restructuring [Line Items] | ||
Number of Relationships | 2 | |
Pre-Modification Outstanding Recorded Investment | 4,730 | |
Number of Relationships | 1 | |
Post-Modification Outstanding Recorded Investment | $991 |
Note_5_Premises_and_Equipment_1
Note 5 - Premises and Equipment (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Property, Plant and Equipment [Abstract] | |||
Depreciation | $1.10 | $1.20 | $1.20 |
Note_5_Premises_and_Equipment_2
Note 5 - Premises and Equipment (Details) - Summary of Premises and Equipment (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $32,951 | $25,338 |
Less: accumulated depreciation and amortization | -10,594 | -10,277 |
Premises and Equipment, net | 22,357 | 15,061 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 5,150 | 6,060 |
Furniture, Equipment and Software [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 7,216 | 6,981 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 10,419 | 7,341 |
Building [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $10,166 | $4,956 |
Note_6_Other_Real_Estate_Opera2
Note 6 - Other Real Estate Operations (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Real Estate [Abstract] | |||
Other Revenue (Expense) from Real Estate Operations | ($12,000) | ($212,000) | $58,000 |
Note_6_Other_Real_Estate_Opera3
Note 6 - Other Real Estate Operations (Details) - Summary of Other Real Estate Operations (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Summary of Other Real Estate Operations [Abstract] | |||
Expenses of holding other real estate owned | $8,000 | $326,000 | $127,000 |
Loss (gain) on sale of other real estate owned | 4,000 | -114,000 | -185,000 |
Expense (income) from other real estate operations | $12,000 | $212,000 | ($58,000) |
Note_7_Deposits_Details_Summar
Note 7 - Deposits (Details) - Summary of the Companybs Deposits (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Summary of the Companybs Deposits [Abstract] | ||
Non-interest bearing | $63,398,000 | $55,358,000 |
Interest bearing | ||
NOW | 26269.00% | 28618.00% |
NOW | 0.0001 | 0.0001 |
Savings | 93790.00% | 80983.00% |
Savings | 0.0048 | 0.003 |
Money market | 24650.00% | 29310.00% |
Money market | 0.0004 | 0.0004 |
Time certificates, less than $100,000 | 106340.00% | 129548.00% |
Time certificates, less than $100,000 | 0.0073 | 0.0105 |
Time certificates, $100,000 or more | 97876.00% | 106387.00% |
Time certificates, $100,000 or more | 0.0087 | 0.0109 |
Brokered Deposits | 30710.00% | |
Brokered Deposits | 0.0047 | |
Total interest bearing | 379635.00% | 374846.00% |
Total interest bearing | 0.0059 | 0.0074 |
Total Deposits | 443033.00% | 430204.00% |
Total Deposits | $0.01 | $0.01 |
Note_7_Deposits_Details_Intere
Note 7 - Deposits (Details) - Interest Expense on Deposits (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Interest Expense on Deposits [Abstract] | |||
Time certificates, less than $100,000 | $1,042 | $1,822 | $2,706 |
Time certificates, $100,000 or more | 972 | 1,601 | 2,226 |
Money market | 15 | 40 | 72 |
Savings | 330 | 350 | 331 |
NOW | 3 | 9 | 16 |
Brokered Deposits | 2 | ||
$2,364 | $3,822 | $5,351 |
Note_7_Deposits_Details_Contra
Note 7 - Deposits (Details) - Contractual Maturities of Time Certificates of Deposit (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Due within: | |
1 year | $180,327 |
1 year | 0.74% |
1-2 years | 7,837 |
1-2 years | 1.30% |
2-3 years | 9,462 |
2-3 years | 1.54% |
3-4 years | 3,524 |
3-4 years | 0.91% |
4-5 years | 3,066 |
4-5 years | 0.51% |
$204,216 | |
0.80% |
Note_8_Borrowings_Details
Note 8 - Borrowings (Details) (USD $) | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2003 | |
Note 8 - Borrowings (Details) [Line Items] | ||||
Proceeds from Federal Home Loan Bank Advances | $50,000,000 | |||
Restructured Federal Home Loan Bank Advances | 10,000,000 | |||
Federal Home Loan Bank, Advances, Branch of FHLB Bank, Interest Rate | 2.19% | |||
Number of Years of Maturity Period Extended | 1 year | |||
Advances from Federal Home Loan Banks | 120,000,000 | 57,000,000 | ||
Preferred Stock, Shares Issued (in Shares) | 0 | 0 | ||
Derivative, Variable Interest Rate | 3.40% | |||
Number of Consecutive Quarters for Interest Deferment | 20 | |||
Interest Payable | 147,000 | 1,600,000 | ||
Number of Years of Duration of Trust | 30 | |||
Federal Home Loan Bank Borrowings [Member] | Minimum [Member] | ||||
Note 8 - Borrowings (Details) [Line Items] | ||||
Federal Home Loan Bank Borrowings Interest Rate | 0.77% | |||
Federal Home Loan Bank Borrowings [Member] | Maximum [Member] | ||||
Note 8 - Borrowings (Details) [Line Items] | ||||
Federal Home Loan Bank Borrowings Interest Rate | 3.69% | |||
Federal Home Loan Bank Borrowings [Member] | ||||
Note 8 - Borrowings (Details) [Line Items] | ||||
Long Term Debt Additional Available Amount | 27,800,000 | |||
Line of Credit Facility, Maximum Borrowing Capacity | 2,000,000 | |||
Long-term Line of Credit | 0 | 0 | ||
Unsecured Debt [Member] | Trust [Member] | ||||
Note 8 - Borrowings (Details) [Line Items] | ||||
Subordinated Debt | $8,200,000 | |||
London Interbank Offered Rate (LIBOR) [Member] | ||||
Note 8 - Borrowings (Details) [Line Items] | ||||
Debt Instrument, Basis Spread on Variable Rate | 3.15% | |||
Trust [Member] | ||||
Note 8 - Borrowings (Details) [Line Items] | ||||
Noncontrolling Interest, Ownership Percentage by Parent | 100.00% | |||
Preferred Stock, Shares Issued (in Shares) | 8,000,000 | |||
Excess Tier One Risk Based Capital to Risk Weighted Assets | 25.00% |
Note_8_Borrowings_Details_Matu
Note 8 - Borrowings (Details) - Maturity of Borrowings (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Note 8 - Borrowings (Details) - Maturity of Borrowings [Line Items] | |
$120,000 | |
8,248 | |
128,248 | |
Fixed Interest Rate [Member] | |
Note 8 - Borrowings (Details) - Maturity of Borrowings [Line Items] | |
120,000 | |
120,000 | |
Floating Interest Rate [Member] | |
Note 8 - Borrowings (Details) - Maturity of Borrowings [Line Items] | |
8,248 | |
$8,248 |
Note_9_Commitments_and_Conting2
Note 9 - Commitments and Contingencies (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Commitments and Contingencies Disclosure [Abstract] | |||
Operating Leases, Rent Expense, Net | $1,600,000 | $2,100,000 | $2,500,000 |
Operating Leases, Income Statement, Sublease Revenue | $353,000 | $71,000 | $55,000 |
Note_9_Commitments_and_Conting3
Note 9 - Commitments and Contingencies (Details) - Future Minimum Leasing Rental Commitments (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Future Minimum Leasing Rental Commitments [Abstract] | |
2015 | $1,363 |
2016 | 851 |
2017 | 344 |
2018 | 147 |
2019 | 148 |
Thereafter | 324 |
$3,177 |
Note_10_Income_Taxes_Details
Note 10 - Income Taxes (Details) (USD $) | 3 Months Ended | 12 Months Ended | |
Sep. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | |||
Effective Income Tax Rate Reconciliation, Percent | -1538.00% | ||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 34.00% | ||
Operating Loss Carryforwards | $10,300,000 | ||
Deferred Tax Assets, Net | 14,926,000 | 18,100,000 | |
Valuation Allowance Percentage Released | 96.70% | ||
Unrecognized Tax Benefits | $0 |
Note_10_Income_Taxes_Details_C
Note 10 - Income Taxes (Details) - Components of the Income Tax Provision (Benefit) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Current | ||
Federal | ($15,979) | |
State | 268 | -21 |
Total | -15,711 | -21 |
Deferred | ||
Federal | 839 | -318 |
State | 122 | |
Total | 961 | -318 |
Benefit for income taxes | ($14,750) | ($339) |
Note_10_Income_Taxes_Details_R
Note 10 - Income Taxes (Details) - Reconciliation of the Anticipated Income Tax Benefit (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Reconciliation of the Anticipated Income Tax Benefit [Abstract] | |||
statutory Federal rate | $326 | ($2,593) | ($182) |
State taxes, net of Federal benefit | 48 | -21 | |
Nondeductible expenses | 175 | 6 | 5 |
Change in cash surrender value of life insurance | -178 | -176 | |
Taxes on BOLI income | 1,701 | ||
Valuation allowance | -16,812 | ||
Tangible Property Review IRC Sec 481(a) | -644 | ||
Current Year Change in valuation allowance | -39 | 2,447 | 329 |
Other | 495 | 24 | |
Total benefit for income taxes | ($14,750) | ($339) |
Note_10_Income_Taxes_Details_T
Note 10 - Income Taxes (Details) - Tax Effects of Temporary Differences (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |||
Deferred tax assets: | |||
Allowance for loan losses | $1,918 | $2,213 | $2,343 |
Nonaccrual interest | 1,508 | 1,474 | 1,325 |
Depriciation of premises and equipment | 523 | 1,276 | 1,074 |
Accrued expenses | 292 | 376 | 225 |
Share-based Compensation | 72 | ||
OREO Writedowns | 63 | ||
Capital loss carryover | 572 | 572 | 572 |
State NOL carryforward benefit | 3,435 | 3,613 | 3,237 |
Federal NOL carryforward benefit | 17,372 | 18,427 | 15,850 |
NOL write-off for B' 382 Limitation | -10,382 | -10,382 | -10,382 |
Federal AMT benefit estimate | 318 | ||
Unrealized loss AFS | 176 | 462 | 251 |
Other | 21 | 37 | 154 |
Gross deferred tax assets | 15,498 | 18,068 | 15,039 |
Valuation allowance | -572 | -18,068 | -15,039 |
Deferred tax assets, net of valuation allowance | 14,926 | 0 | |
Deferred tax asset, net | $14,926 | $18,100 |
Note_11_Cash_Surrender_Value_o1
Note 11 - Cash Surrender Value of Life Insurance (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Note 11 - Cash Surrender Value of Life Insurance (Details) [Line Items] | |||
Cash Surrender Value of Life Insurance | $0 | $22,025,000 | |
Bank Owned Life Insurance Income | 439,000 | 523,000 | 517,000 |
Non-interest Income [Member] | |||
Note 11 - Cash Surrender Value of Life Insurance (Details) [Line Items] | |||
Life Insurance Liquidation | -455,000 | ||
Non-interest Expense [Member] | |||
Note 11 - Cash Surrender Value of Life Insurance (Details) [Line Items] | |||
Life Insurance Liquidation | 437,000 | ||
Provision for Income Taxes [Member] | |||
Note 11 - Cash Surrender Value of Life Insurance (Details) [Line Items] | |||
Life Insurance Liquidation | ($1,700,000) |
Note_12_ShareBased_Compensatio2
Note 12 - Share-Based Compensation (Details) (USD $) | 12 Months Ended | 0 Months Ended | ||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 04, 2015 | |||
Note 12 - Share-Based Compensation (Details) [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 300,000 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 185,212 | |||||
Allocated Share-based Compensation Expense (in Dollars) | $275,000 | $131,000 | $306,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures | 0 | 0 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 0 | 0 | 0 | |||
Restricted Stock [Member] | Share-based Compensation Award, Tranche One [Member] | ||||||
Note 12 - Share-Based Compensation (Details) [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | |||||
Restricted Stock [Member] | Share-based Compensation Award, Tranche Two [Member] | ||||||
Note 12 - Share-Based Compensation (Details) [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | |||||
Restricted Stock [Member] | Share-based Compensation Award, Tranche Three [Member] | ||||||
Note 12 - Share-Based Compensation (Details) [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 5 years | |||||
Restricted Stock [Member] | Employee [Member] | ||||||
Note 12 - Share-Based Compensation (Details) [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 68,814 | 32,964 | ||||
Restricted Stock [Member] | Director [Member] | ||||||
Note 12 - Share-Based Compensation (Details) [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 4,744 | 0 | 15,216 | |||
Restricted Stock [Member] | ||||||
Note 12 - Share-Based Compensation (Details) [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 73,558 | [1] | 32,964 | [1] | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options (in Dollars) | 1,050,000 | |||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years 292 days | |||||
Subsequent Event [Member] | Reverse Stock Split [Member] | ||||||
Note 12 - Share-Based Compensation (Details) [Line Items] | ||||||
Stockholders' Equity Note, Stock Split, Conversion Ratio | 10 | |||||
Reverse Stock Split [Member] | ||||||
Note 12 - Share-Based Compensation (Details) [Line Items] | ||||||
Stockholders' Equity Note, Stock Split, Conversion Ratio | 10 | |||||
Director [Member] | ||||||
Note 12 - Share-Based Compensation (Details) [Line Items] | ||||||
Stock Issued During Period, Value, Issued for Services (in Dollars) | $120,000 | |||||
[1] | On March 4, 2015, the Company affected a 1-for-10 reverse stock split. All common stock and per share data included in these financial statements have been restated to give effect to the reverse stock split. |
Note_12_ShareBased_Compensatio3
Note 12 - Share-Based Compensation (Details) - Summary of Restricted Shares (Restricted Stock [Member], USD $) | 12 Months Ended | |||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||||
Restricted Stock [Member] | ||||||
Note 12 - Share-Based Compensation (Details) - Summary of Restricted Shares [Line Items] | ||||||
Number of shares awarded, nonvested shares | 79,208 | [1] | 28,182 | [1] | 4,456 | [1] |
Weighted average grant date fair value, nonvested shares | $12.79 | [1] | $12.60 | [1] | $17.30 | [1] |
Number of shares awarded, shares granted | 73,558 | [1] | 32,964 | [1] | ||
Weighted average grant date fair value, shares granted | $13.21 | [1] | $12.40 | [1] | ||
Number of shares awarded, vested shares | -22,532 | [1] | -9,238 | [1] | ||
Weighted average grant date fair value, vested shares | $11.76 | [1] | $14.10 | [1] | ||
[1] | On March 4, 2015, the Company affected a 1-for-10 reverse stock split. All common stock and per share data included in these financial statements have been restated to give effect to the reverse stock split. |
Note_13_Shareholders_Equity_De
Note 13 - Shareholders' Equity (Details) (USD $) | 0 Months Ended | 12 Months Ended | 0 Months Ended | ||||
In Millions, except Share data, unless otherwise specified | Oct. 15, 2010 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 04, 2015 | ||
Note 13 - Shareholders' Equity (Details) [Line Items] | |||||||
Stock Issued During Period, Shares, Acquisitions (in Shares) | 3,360,000 | ||||||
Stock Issued During Period at Purchase Price Per Share Acquisition (in Dollars per share) | $15 | ||||||
Stock Issued During Period, Value, Acquisitions (in Dollars) | $50.40 | ||||||
Percentage of Shares Sold of Common Stock Issued and Outstanding | 87.60% | ||||||
Common Stock, Par or Stated Value Per Share (in Dollars per share) | $0.01 | $0.01 | [1] | $0.01 | [1] | ||
Common Stock, Shares Authorized (in Shares) | 100,000,000 | 100,000,000 | [1] | 100,000,000 | [1] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number (in Shares) | 0 | ||||||
Number of Dilutive Securities Stock | 0 | 0 | 0 | ||||
Subsequent Event [Member] | Reverse Stock Split [Member] | |||||||
Note 13 - Shareholders' Equity (Details) [Line Items] | |||||||
Stockholders' Equity Note, Stock Split, Conversion Ratio | 10 | ||||||
Reverse Stock Split [Member] | |||||||
Note 13 - Shareholders' Equity (Details) [Line Items] | |||||||
Stockholders' Equity Note, Stock Split, Conversion Ratio | 10 | ||||||
[1] | On March 4, 2015, the Company affected a 1-for-10 reverse stock split. All common stock data included in these financial statements has been restated to give effect to the reverse stock split. |
Note_13_Shareholders_Equity_De1
Note 13 - Shareholders' Equity (Details) - Computation of Income (Loss) Per Share (USD $) | 12 Months Ended | |||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||||
Basic and Diluted Income Per Share | ||||||
Net Income | $15,709,000 | ($7,289,000) | ($536,000) | |||
Weighted Average Common Shares O/S | 3,850,042 | [1] | 3,842,353 | 3,840,189 | ||
Per Share Amount | $4.08 | [1],[2] | ($1.90) | [2] | ($0.14) | [2] |
[1] | On March 4, 2015, the Company affected a 1-for- 10 reverse stock split. All common stock and per share data have been restated to give effect to the reverse stock split. | |||||
[2] | On March 4, 2015, the Company affected a 1-for-10 reverse stock split. All per share data has been restated to give effect to the reverse stock split. |
Note_14_401k_Savings_Plan_Deta
Note 14 - 401(k) Savings Plan (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Compensation and Retirement Disclosure [Abstract] | |||
Defined Benefit Plan Employee Eligible Service Period | 6 months | ||
Defined Benefit Plan Eligible Age for Employee | 21 years | ||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 50.00% | ||
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | 6.00% | ||
Defined Contribution Plan, Cost Recognized | $132,000 | $130,000 | $160,000 |
Note_15_Financial_Instruments_2
Note 15 - Financial Instruments with Off-Balance-Sheet Risk (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Risks and Uncertainties [Abstract] | ||
Banks Reserve Based on Analysis in Unfunded Commitments | $5,000 | $12,000 |
Note_15_Financial_Instruments_3
Note 15 - Financial Instruments with Off-Balance-Sheet Risk (Details) - Contractual Amounts Represent Credit Risk (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Note 15 - Financial Instruments with Off-Balance-Sheet Risk (Details) - Contractual Amounts Represent Credit Risk [Line Items] | |
Commitments to extend credit | $84,461 |
Future Loan Commitments [Member] | |
Note 15 - Financial Instruments with Off-Balance-Sheet Risk (Details) - Contractual Amounts Represent Credit Risk [Line Items] | |
Commitments to extend credit | 19,734 |
Home Equity Lines of Credit [Member] | |
Note 15 - Financial Instruments with Off-Balance-Sheet Risk (Details) - Contractual Amounts Represent Credit Risk [Line Items] | |
Commitments to extend credit | 23,608 |
Unused Line of Credit [Member] | |
Note 15 - Financial Instruments with Off-Balance-Sheet Risk (Details) - Contractual Amounts Represent Credit Risk [Line Items] | |
Commitments to extend credit | 33,923 |
Undisbursed Construction Loans [Member] | |
Note 15 - Financial Instruments with Off-Balance-Sheet Risk (Details) - Contractual Amounts Represent Credit Risk [Line Items] | |
Commitments to extend credit | 6,071 |
Financial Standy Letter of Credit [Member] | |
Note 15 - Financial Instruments with Off-Balance-Sheet Risk (Details) - Contractual Amounts Represent Credit Risk [Line Items] | |
Commitments to extend credit | $1,125 |
Note_16_Regulatory_and_Operati2
Note 16 - Regulatory and Operational Matters (Details) - Companybs and Bankbs Actual Capital Amounts and Ratios (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Parent Company [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Total Capital (to Risk Weighted Assets) Actual Amount | $63,142 | $56,060 |
Total Capital (to Risk Weighted Assets) Actual Ratio | 14.08% | 13.95% |
Total Capital (to Risk Weighted Assets) For Capital Adequacy Purposes Amount | 35,884 | 32,153 |
Total Capital (to Risk Weighted Assets) For Capital Adequacy Purposes Ratio | 8.00% | 8.00% |
Total Capital (to Risk Weighted Assets) To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | ||
Total Capital (to Risk Weighted Assets) To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | ||
Tier 1 Capital (to Risk Weighted Assets) Actual Amount | 58,218 | 51,027 |
Tier 1 Capital (to Risk Weighted Assets) Actual Ratio | 12.98% | 12.70% |
Tier 1 Capital (to Risk Weighted Assets) For Capital Adequacy Purposes Amount | 17,942 | 16,076 |
Tier 1 Capital (to Risk Weighted Assets) For Capital Adequacy Purposes Ratio | 4.00% | 4.00% |
Tier 1 Capital (to Risk Weighted Assets) To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | ||
Tier 1 Capital (to Risk Weighted Assets) To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | ||
Tier 1 Capital (to Average Assets) Actual Amount | 58,218 | 51,027 |
Tier 1 Capital (to Average Assets) Actual Ratio | 9.62% | 9.33% |
Tier 1 Capital (to Average Assets) For Capital Adequacy Purposes Amount | 24,210 | 21,888 |
Tier 1 Capital (to Average 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) 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 | 63,151 | 55,758 |
Total Capital (to Risk Weighted Assets) Actual Ratio | 14.08% | 13.86% |
Total Capital (to Risk Weighted Assets) For Capital Adequacy Purposes Amount | 35,891 | 32,187 |
Total Capital (to Risk Weighted Assets) For Capital Adequacy Purposes Ratio | 8.00% | 8.00% |
Total Capital (to Risk Weighted Assets) To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | 48,280 | |
Total Capital (to Risk Weighted Assets) To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | 12.00% | |
Tier 1 Capital (to Risk Weighted Assets) Actual Amount | 58,227 | 50,730 |
Tier 1 Capital (to Risk Weighted Assets) Actual Ratio | 12.98% | 12.61% |
Tier 1 Capital (to Risk Weighted Assets) For Capital Adequacy Purposes Amount | 17,946 | 16,093 |
Tier 1 Capital (to Risk Weighted Assets) For Capital Adequacy Purposes Ratio | 4.00% | 4.00% |
Tier 1 Capital (to Risk Weighted Assets) To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | 42,245 | |
Tier 1 Capital (to Risk Weighted Assets) To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | 10.50% | |
Tier 1 Capital (to Average Assets) Actual Amount | 58,227 | 50,730 |
Tier 1 Capital (to Average Assets) Actual Ratio | 9.63% | 9.28% |
Tier 1 Capital (to Average Assets) For Capital Adequacy Purposes Amount | 24,198 | 21,872 |
Tier 1 Capital (to Average 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 | $49,212 | |
Tier 1 Capital (to Average Assets) To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | 9.00% |
Note_17_Related_Party_Transact1
Note 17 - Related Party Transactions (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Related Party Transactions [Abstract] | ||
Percentage of Related Party Ownership in Other Entities for Grant of Loan | 10.00% | |
Loans and Leases Receivable, Related Parties | $100 | $100 |
Related Party Deposit Liabilities | 2,800,000 | 3,000,000 |
Related Party Costs | 0 | 0 |
Due from Affiliates | $500 | $500 |
Note_18_Other_Comprehensive_In2
Note 18 - Other Comprehensive Income (Details) - Other Comprehensive Income (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Other Comprehensive Income [Abstract] | |||
Unrealized holding gains arising during the period-Before tax | $734,000 | ($569,000) | $76,000 |
Unrealized holding gains arising during the period- Tax | 176 | -29 | |
Unrealized holding gains arising during the period-Net | 910,000 | -569,000 | 47,000 |
Less reclassification adjustment for gains recognized in income | -910,000 | ||
Less reclassification adjustment for gains recognized in income | 111,000 | ||
Less reclassification adjustment for gains recognized in income | -799,000 | ||
Unrealized holding losses on available for sale securities | -834,000 | ||
Unrealized holding losses on available for sale securities | 82,000 | ||
Unrealized holding losses on available for sale securities | $910,000 | ($569,000) | ($752,000) |
Note_19_Fair_Value_and_Interes2
Note 19 - Fair Value and Interest Rate Risk (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Note 19 - Fair Value and Interest Rate Risk (Details) [Line Items] | ||
Other Investments | $4,450 | $4,450 |
Solomon Hess SBA Loan Fund [Member] | ||
Note 19 - Fair Value and Interest Rate Risk (Details) [Line Items] | ||
Other Investments | $4,500 |
Note_19_Fair_Value_and_Interes3
Note 19 - Fair Value and Interest Rate Risk (Details) - Financial Assets Measured at Fair Value on a Recurring Basis (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Note 19 - Fair Value and Interest Rate Risk (Details) - Financial Assets Measured at Fair Value on a Recurring Basis [Line Items] | ||
Available-for-sale securities | $33,682 | $37,701 |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Note 19 - Fair Value and Interest Rate Risk (Details) - Financial Assets Measured at Fair Value on a Recurring Basis [Line Items] | ||
Available-for-sale securities | 17,337 | 21,752 |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | Fair Value, Measurements, Recurring [Member] | ||
Note 19 - Fair Value and Interest Rate Risk (Details) - Financial Assets Measured at Fair Value on a Recurring Basis [Line Items] | ||
Available-for-sale securities | 17,337 | 21,752 |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Note 19 - Fair Value and Interest Rate Risk (Details) - Financial Assets Measured at Fair Value on a Recurring Basis [Line Items] | ||
Available-for-sale securities | 7,409 | 7,079 |
US Government Agencies Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Note 19 - Fair Value and Interest Rate Risk (Details) - Financial Assets Measured at Fair Value on a Recurring Basis [Line Items] | ||
Available-for-sale securities | 7,409 | 7,079 |
US Government Agencies Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Note 19 - Fair Value and Interest Rate Risk (Details) - Financial Assets Measured at Fair Value on a Recurring Basis [Line Items] | ||
Available-for-sale securities | 7,409 | 7,079 |
US Government Agencies Debt Securities [Member] | ||
Note 19 - Fair Value and Interest Rate Risk (Details) - Financial Assets Measured at Fair Value on a Recurring Basis [Line Items] | ||
Available-for-sale securities | 17,337 | 21,752 |
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Note 19 - Fair Value and Interest Rate Risk (Details) - Financial Assets Measured at Fair Value on a Recurring Basis [Line Items] | ||
Available-for-sale securities | 8,936 | 8,870 |
Corporate Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Note 19 - Fair Value and Interest Rate Risk (Details) - Financial Assets Measured at Fair Value on a Recurring Basis [Line Items] | ||
Available-for-sale securities | 8,936 | 8,870 |
Corporate Debt Securities [Member] | ||
Note 19 - Fair Value and Interest Rate Risk (Details) - Financial Assets Measured at Fair Value on a Recurring Basis [Line Items] | ||
Available-for-sale securities | 8,936 | 8,870 |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Note 19 - Fair Value and Interest Rate Risk (Details) - Financial Assets Measured at Fair Value on a Recurring Basis [Line Items] | ||
Available-for-sale securities | 33,682 | 37,701 |
Fair Value, Measurements, Recurring [Member] | ||
Note 19 - Fair Value and Interest Rate Risk (Details) - Financial Assets Measured at Fair Value on a Recurring Basis [Line Items] | ||
Available-for-sale securities | $33,682 | $37,701 |
Note_19_Fair_Value_and_Interes4
Note 19 - Fair Value and Interest Rate Risk (Details) - Financial Assets Measured at Fair Value on a Non-Recurring Basis (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Note 19 - Fair Value and Interest Rate Risk (Details) - Financial Assets Measured at Fair Value on a Non-Recurring Basis [Line Items] | ||
Non-accrual loans | $11,724 | $22,021 |
Impaired Loans [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Nonrecurring [Member] | ||
Note 19 - Fair Value and Interest Rate Risk (Details) - Financial Assets Measured at Fair Value on a Non-Recurring Basis [Line Items] | ||
Non-accrual loans | 859 | 10,446 |
Impaired Loans [Member] | Fair Value, Measurements, Nonrecurring [Member] | ||
Note 19 - Fair Value and Interest Rate Risk (Details) - Financial Assets Measured at Fair Value on a Non-Recurring Basis [Line Items] | ||
Non-accrual loans | $859 | $10,446 |
Note_19_Fair_Value_and_Interes5
Note 19 - Fair Value and Interest Rate Risk (Details) - Carrying Amounts and Estimated Fair Values of Financial Instruments (USD $) | Dec. 31, 2014 | Jun. 30, 2014 | Dec. 31, 2013 |
Financial Assets: | |||
Cash and noninterest bearing balances due from banks | $2,095,000 | $1,570,000 | |
Interest-bearing deposits due from banks | 71,163,000 | 33,296,000 | |
Other investments | 4,450,000 | 4,450,000 | |
Federal Reserve Bank stock | 2,058,000 | 1,444,000 | |
Federal Home Loan Bank stock | 6,628,000 | 4,143,000 | |
Loans receivable, net | 471,984,000 | 418,148,000 | |
Accrued interest receivable | 1,918,000 | 1,566,000 | |
Financial Liabilities: | |||
Savings deposits | 0.0048 | 0.003 | |
Money market deposits | 0.0004 | 0.0004 | |
NOW accounts | 0.0001 | 0.0001 | |
Time deposits | 204,216,000 | ||
FHLB Borrowings | 120,000,000 | 57,000,000 | |
Accrued interest payable | 147,000 | 1,600,000 | |
Fair Value, Inputs, Level 1 [Member] | |||
Financial Assets: | |||
Cash and noninterest bearing balances due from banks | 2,095,000 | 1,570,000 | |
Cash and noninterest bearing balances due from banks | 2,095,000 | 1,570,000 | |
Interest-bearing deposits due from banks | 71,163,000 | 33,296,000 | |
Interest-bearing deposits due from banks | 71,163,000 | 33,296,000 | |
Accrued interest receivable | 1,918,000 | 1,566,000 | |
Accrued interest receivable | 1,918,000 | 1,566,000 | |
Financial Liabilities: | |||
Demand deposits | 63,398,000 | 55,358,000 | |
Demand deposits | 63,398,000 | 55,358,000 | |
Savings deposits | 93,790,000 | 80,983,000 | |
Savings deposits | 93,790,000 | 80,983,000 | |
Money market deposits | 24,650,000 | 29,310,000 | |
Money market deposits | 24,650,000 | 29,310,000 | |
NOW accounts | 26,269,000 | 28,618,000 | |
NOW accounts | 26,269,000 | 28,618,000 | |
Accrued interest payable | 167,000 | 1,388,000 | |
Accrued interest payable | 167,000 | 1,388,000 | |
Fair Value, Inputs, Level 2 [Member] | |||
Financial Assets: | |||
Other investments | 4,450,000 | 4,450,000 | |
Other investments | 4,450,000 | 4,450,000 | |
Federal Reserve Bank stock | 2,058,000 | 1,444,000 | |
Federal Reserve Bank stock | 2,058,000 | 1,444,000 | |
Federal Home Loan Bank stock | 6,628,000 | 4,143,000 | |
Federal Home Loan Bank stock | 6,628,000 | 4,143,000 | |
Financial Liabilities: | |||
Time deposits | 234,926,000 | 235,935,000 | |
Time deposits | 234,972,000 | 236,602,000 | |
FHLB Borrowings | 120,000,000 | 57,000,000 | |
FHLB Borrowings | 120,000,000 | 57,000,000 | |
Subordinated debentures | 8,248,000 | 8,248,000 | |
Subordinated debentures | 8,248,000 | 8,248,000 | |
Fair Value, Inputs, Level 3 [Member] | |||
Financial Assets: | |||
Loans receivable, net | 471,984,000 | 418,148,000 | |
Loans receivable, net | $476,631,000 | $424,831,000 |
Note_20_Restructuring_Charges_1
Note 20 - Restructuring Charges and Asset Disposals (Details) (USD $) | 0 Months Ended | 1 Months Ended | 12 Months Ended | ||
Jun. 13, 2013 | Jul. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Restructuring and Related Activities [Abstract] | |||||
Restructuring Charges | $0 | $522,000 | $940,000 | ||
Severance Costs | 515,000 | 54,000 | 643,000 | ||
Restructuring Reserve, Accrual Adjustment | 121,000 | ||||
Restructuring and Related Cost, Number of Positions Eliminated | 19 | ||||
Restructuring Reserve | $0 |
Note_21_Condensed_Parent_Compa2
Note 21 - Condensed Parent Company Only Financial Statements (Details) - Condensed Balance Sheet (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||
In Thousands, unless otherwise specified | ||||||
ASSETS | ||||||
Cash and due from banks | $2,095 | $1,570 | ||||
Other assets | 1,363 | 1,844 | ||||
Total assets | 632,624 | 541,248 | ||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||
Borrowings | 128,248 | |||||
Shareholders' equity | 58,735 | [1] | 41,841 | [1] | 49,568 | 50,550 |
Total liabilities and shareholders' equity | 632,624 | [1] | 541,248 | [1] | ||
Parent Company [Member] | ||||||
ASSETS | ||||||
Cash and due from banks | 395 | 1,734 | ||||
Investment in subsidiaries | 67,050 | 49,931 | ||||
Other assets | 231 | 201 | ||||
Total assets | 67,676 | 51,866 | ||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||
Borrowings | 8,248 | 8,248 | ||||
Accrued expenses and other liabilities | 693 | 1,777 | ||||
Shareholders' equity | 58,735 | 41,841 | ||||
Total liabilities and shareholders' equity | $67,676 | $51,866 | ||||
[1] | On March 4, 2015, the Company affected a 1-for-10 reverse stock split. All common stock data included in these financial statements has been restated to give effect to the reverse stock split. |
Note_21_Condensed_Parent_Compa3
Note 21 - Condensed Parent Company Only Financial Statements (Details) - Condensed Statements of Operations (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Expenses | |||
Other expenses | $1,258,000 | $981,000 | $1,100,000 |
Loss before equity in undistributed net loss of subsidiaries | 959,000 | -7,628,000 | -536,000 |
Net Income (loss) | 15,709,000 | -7,289,000 | -536,000 |
Parent Company [Member] | |||
Expenses | |||
Interest on subordinated debt | 438,000 | 293,000 | 308,000 |
Other expenses | 157,000 | 395,000 | 700,000 |
Total expenses | 595,000 | 688,000 | 1,008,000 |
Loss before equity in undistributed net loss of subsidiaries | -595,000 | -688,000 | -1,008,000 |
Equity in undistributed net income (loss) of subsidiaries | 16,304,000 | -6,601,000 | 472,000 |
Net Income (loss) | $15,709,000 | ($7,289,000) | ($536,000) |
Note_21_Condensed_Parent_Compa4
Note 21 - Condensed Parent Company Only Financial Statements (Details) - Condensed Statements of Cash Flows (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Condensed Cash Flow Statements, Captions [Line Items] | |||
Net Income (loss) | $15,709,000 | ($7,289,000) | ($536,000) |
Supplemental Disclosures of Cash Flow Information | |||
Cash paid for interest | 4,191,000 | 4,706,000 | 7,127,000 |
Adjustments to reconcile net income (loss) to net cash (used in) operating activities: | |||
Share-based compensation expense | 275,000 | 131,000 | 306,000 |
Change in assets and liabilities: | |||
(Increase) decrease in other assets | 481,000 | 737,000 | -160,000 |
(Decrease) increase in accrued expenses and other liabilities | -1,347,000 | -1,637,000 | 858,000 |
Cash Flows from Investing Activities | |||
Net (decrease) increase in cash and cash equivalents | 38,392,000 | -36,148,000 | 15,589,000 |
Cash and cash equivalents at beginning of year | 34,866,000 | 71,014,000 | 55,425,000 |
Cash and cash equivalents at end of year | 73,258,000 | 34,866,000 | 71,014,000 |
Parent Company [Member] | |||
Condensed Cash Flow Statements, Captions [Line Items] | |||
Net Income (loss) | 15,709,000 | -7,289,000 | -536,000 |
Supplemental Disclosures of Cash Flow Information | |||
Cash paid for interest | 1,704,000 | ||
Adjustments to reconcile net income (loss) to net cash (used in) operating activities: | |||
Equity in undistributed (income) loss of subsidiaries | -16,304,000 | 6,601,000 | -472,000 |
Share-based compensation expense | 275,000 | 131,000 | 306,000 |
Change in assets and liabilities: | |||
(Increase) decrease in other assets | -30,000 | 85,000 | -68,000 |
(Decrease) increase in accrued expenses and other liabilities | -1,084,000 | 323,000 | 187,000 |
Net cash (used in) operating activities | -1,434,000 | -149,000 | -583,000 |
Cash Flows from Investing Activities | |||
Net investment provided by (used in) bank subsidiary | 95,000 | -500,000 | |
Net cash provided by (used in) investing activities | 95,000 | -500,000 | |
Net (decrease) increase in cash and cash equivalents | -1,339,000 | -649,000 | -583,000 |
Cash and cash equivalents at beginning of year | 1,734,000 | 2,383,000 | 2,966,000 |
Cash and cash equivalents at end of year | $395,000 | $1,734,000 | $2,383,000 |