Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2016 | Aug. 12, 2016 | |
Document Information [Line Items] | ||
Entity Registrant Name | PATRIOT NATIONAL BANCORP INC | |
Entity Central Index Key | 1,098,146 | |
Trading Symbol | pnbk | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Well-known Seasoned Issuer | No | |
Entity Common Stock, Shares Outstanding (in shares) | 3,958,486 | |
Document Type | 10-Q/A | |
Document Period End Date | Jun. 30, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | true | |
Amendment Description | The Company is filing this Amendment No. 1 on Form 10-Q/A (this "Amended Filing") to its Quarterly Report on Form 10-Q for the three and six months ended June 30, 2016 ("Original Filing") to: (i) restate management's conclusions regarding the effectiveness of its disclosure controls and procedures as of June 30, 2016; (ii) reissue the consolidated financial statements for the three month and six month periods ended June 30, 2016 to reflect changes in the provision for loan losses resulting from the material weaknesses in internal controls over financial reporting. Accordingly, the Company hereby amends and replaces in their entirety Items 1, 2, and 4 in Part I. For the convenience of the reader, this Amended Filing sets forth the Original Filing, as modified where necessary to reflect the restatement and revisions. All other statements and provisions in the Form 10-Q have not been updated and remain unchanged. Subsequent to filing the June 30, 2016 Form 10-Q, management became aware of the results of a bankruptcy court ordered auction which took place in June 2016, involving the collateral of one of the impaired loans at June 30, 2016. Management also became aware that the court later approved the bid received at the auction and the sale of said collateral occurred in August 2016. Management made the determination that some of this information was publicly available by the time of the filing of the June 30, 2016 Form 10-Q and should have been included in the valuation of the impaired loan in the June 30, 2016 Form 10-Q. The resulting $2.0 million adjustment to the provision for loan losses ($1.2 adjustment to net income) for the three and six month periods ended June 30, 2016 was determined to be material to earnings. The restatement has no impact on the audit report for the year ended December 31, 2015 or the quarter ended March 31, 2016. The Company has concluded that there is a material weakness in internal control over financial reporting, related the allowance for loan losses, as the Company did not maintain effective controls over (i) the recording, monitoring and valuation of eligible collateral when calculating specific reserves on impaired loans; and (ii) controls over the development and monitoring of qualitative factors used in calculating the general component of the loan loss reserve in accordance with the approved allowance for loan losses policy. Specifically the Company’s management has determined that the Company's financial reporting controls and procedures with respect to the allowance for loan losses were not operating effectively for the quarter ended June 30, 2016. Accordingly, management has determined that the Company's disclosure controls and procedures were not effective as of June 30, 2016. As required by Rule 12b-15, the Company's principal executive officer and principal financial officer are providing new currently dated certifications. Accordingly, the Company hereby amends Item 6 in Part II in the Original Filing to reflect the filing of the new certifications. Except as described above, this Amended Filing does not amend, update or change any other items or disclosures in the Original Filing and does not purport to reflect any information or events subsequent to the filing thereof. As such, this Amended Filing speaks only as of the date the Original Filing was filed, and the Company has not undertaken herein to amend, supplement or update any information contained in the Original Filing to give effect to any subsequent events. Accordingly, this Amended Filing should be read in conjunction with the Company's filings made with the SEC subsequent to the filing of the Original Filing, including any amendment to those filings. Except as described above, this Amendment Number 1 to the Form 10-Q continues to speak as of the original filing date, and does not reflect the events that may have occurred subsequent to the original filing date and does not modify or update in any way disclosures made in the original Form 10-Q other than the changes described above. For additional information about this restatement refer to Note 1. Basis of Presentation and Restatement of Consolidated Financial Statements, of the Notes to consolidated financial statements. |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) | Sep. 30, 2016 | Dec. 31, 2015 |
Cash and due from banks: | ||
Noninterest bearing deposits and cash | $ 2,893,000 | $ 2,588,000 |
Interest bearing deposits | 43,594,000 | 82,812,000 |
Total cash and cash equivalents | 46,487,000 | 85,400,000 |
Securities: | ||
Available for sale securities, at fair value (Note 2) | 23,037,000 | 29,377,000 |
Other Investments | 4,450,000 | 4,450,000 |
Restricted stock, at cost | 7,982,000 | 8,645,000 |
Total securities | 35,469,000 | 42,472,000 |
Loans receivable (net of allowance for loan losses: 2016: $7,209; 2015: $5,242) (Note 3) | 521,445,000 | 479,127,000 |
Premises and equipment, net | 29,972,000 | 29,421,000 |
Other real estate owned | 851,000 | |
Accrued interest and dividends receivable | 2,120,000 | 2,010,000 |
Deferred tax asset (Note 7) | 13,836,000 | 13,763,000 |
Other assets | 1,679,000 | 1,338,000 |
Total assets | 651,859,000 | 653,531,000 |
Deposits (Note 5): | ||
Noninterest bearing deposits | 75,244,000 | 85,065,000 |
Interest bearing deposits | 371,092,000 | 359,615,000 |
Total deposits | 446,336,000 | 444,680,000 |
Federal Home Loan Bank borrowings (Note 9) | 128,000,000 | 132,000,000 |
Junior subordinated debt owed to unconsolidated trust (Note 9) | 8,248,000 | 8,248,000 |
Note Payable (Note 9) | 1,846,000 | 1,939,000 |
Advances from borrowers for taxes and insurance | 2,451,000 | 2,367,000 |
Accrued expenses and other liabilities | 3,064,000 | 2,833,000 |
Total liabilities | 589,945,000 | 592,067,000 |
Shareholders' equity | ||
Preferred stock, no par value; 1,000,000 shares authorized, no shares issued and outstanding | 0 | 0 |
Common stock, $.01 par value, 100,000,000 shares authorized; 3,959,903 and 3,957,377 shares issued; 3,958,733 and 3,956,207 shares outstanding; at June 30, 2016 and December 31, 2015, respectively | 40,000 | 40,000 |
Additional paid-in capital | 106,876,000 | 106,568,000 |
Accumulated deficit | (44,761,000) | (44,832,000) |
Less: Treasury stock, at cost: 2016 and 2015, 1,170 shares | (160,000) | (160,000) |
Accumulated other comprehensive loss | (81,000) | (152,000) |
Total shareholders' equity | 61,914,000 | 61,464,000 |
Total liabilities and shareholders' equity | $ 651,859,000 | $ 653,531,000 |
Consolidated Balance Sheets (C3
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Net of allowance for loan losses | $ 7,209 | $ 5,242 |
Preferred stock, par value (in dollars per share) | $ 0 | $ 0 |
Preferred stock, shares authorized (in shares) | 1,000,000 | 1,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 100,000,000 | 100,000,000 |
Common stock, shares issued (in shares) | 3,959,903 | 3,957,377 |
Common stock, shares outstanding (in shares) | 3,958,733 | 3,956,207 |
Treasury stock, shares (in shares) | 1,170 | 1,170 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | ||
Interest and Dividend Income | |||||
Interest and fees on loans | $ 5,783,000 | $ 5,924,000 | $ 11,623,000 | $ 11,470,000 | |
Interest on investment securities | 132,000 | 119,000 | 274,000 | 235,000 | |
Dividends on investment securities | 90,000 | 60,000 | 176,000 | 117,000 | |
Other interest income | 28,000 | 17,000 | 69,000 | 46,000 | |
Total interest and dividend income | 6,033,000 | 6,120,000 | 12,142,000 | 11,868,000 | |
Interest Expense | |||||
Interest on deposits | 496,000 | 513,000 | 969,000 | 1,042,000 | |
Interest on Federal Home Loan Bank borrowings | 64,000 | 85,000 | 185,000 | 156,000 | |
Interest on subordinated debt | 83,000 | 73,000 | 165,000 | 144,000 | |
Interest on other borrowings | 8,000 | 16,000 | |||
Total interest expense | 651,000 | 671,000 | 1,335,000 | 1,342,000 | |
Net interest income | 5,382,000 | 5,449,000 | 10,807,000 | 10,526,000 | |
Provision for loan losses | 1,959,000 | 1,959,000 | 250,000 | ||
Net interest income after provision for loan losses | 3,423,000 | 5,449,000 | 8,848,000 | 10,276,000 | |
Non-Interest Income | |||||
Loan application, inspection & processing fees | 21,000 | 105,000 | 88,000 | 155,000 | |
Fees and service charges | 150,000 | 147,000 | 301,000 | 321,000 | |
Rental Income | 104,000 | 177,000 | 207,000 | 110,000 | |
Other income | 90,000 | 22,000 | 179,000 | 259,000 | |
Total non-interest income | 365,000 | 451,000 | 775,000 | 845,000 | |
Non-Interest Expense | |||||
Salaries and benefits | 2,615,000 | 2,395,000 | 5,165,000 | 4,739,000 | |
Occupancy and equipment expense | 750,000 | 909,000 | 1,530,000 | 1,864,000 | |
Data processing expense | 241,000 | 255,000 | 526,000 | 505,000 | |
Advertising and promotional expenses | 96,000 | 137,000 | 213,000 | 187,000 | |
Professional and other outside services | 364,000 | 391,000 | 773,000 | 960,000 | |
Loan administration and processing expenses | 8,000 | 7,000 | 16,000 | 29,000 | |
Regulatory assessments | 147,000 | 157,000 | 294,000 | 311,000 | |
Insurance expense | 56,000 | 83,000 | 111,000 | 164,000 | |
Material and communications | 115,000 | 106,000 | 208,000 | 187,000 | |
Other operating expenses | 344,000 | 319,000 | 664,000 | 544,000 | |
Total non-interest expense | 4,736,000 | 4,759,000 | 9,500,000 | 9,490,000 | |
Income (loss) before income taxes | (948,000) | 1,141,000 | 123,000 | 1,631,000 | |
Expense (Benefit) for income taxes | (366,000) | 452,000 | 52,000 | 653,000 | |
Net income (loss) | $ (582,313) | $ 689,321 | $ 71,084 | $ 978,134 | |
Basic and diluted income (loss) per share (1) (in dollars per share) | [1] | $ (0.15) | $ 0.18 | $ 0.02 | $ 0.25 |
[1] | All common stock data has been restated for a 1-for-10 reverse stock split which took effect on March 4, 2015. |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Net income | $ (582,313) | $ 689,321 | $ 71,084 | $ 978,134 |
Other comprehensive income (loss) : | ||||
Unrealized holding gains (losses) on securities | 59,000 | (45,000) | 115,000 | 227,000 |
Income tax effect | (23,000) | 18,000 | (44,000) | (91,000) |
Total other comprehensive income (loss) | 36,000 | (27,000) | 71,000 | 136,000 |
Total comprehensive income (loss) | $ (546,000) | $ 662,000 | $ 142,000 | $ 1,114,000 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Treasury Stock [Member] | AOCI Attributable to Parent [Member] | Total |
Balance (in shares) at Dec. 31, 2014 | 3,924,192 | |||||
Balance at Dec. 31, 2014 | $ 39,000 | $ 106,108,000 | $ (46,975,000) | $ (160,000) | $ (277,000) | $ 58,735,000 |
Net income | 978,000 | 978,134 | ||||
Unrealized holding gain on available for sale securities, net of taxes | 136,000 | 136,000 | ||||
Total comprehensive income | 1,114,000 | |||||
Share-based compensation expense | 227,000 | 227,000 | ||||
Issuance of restricted stock (in shares) | 450 | |||||
Balance (in shares) at Jun. 30, 2015 | 3,924,642 | |||||
Balance at Jun. 30, 2015 | $ 39,000 | 106,335,000 | (45,997,000) | (160,000) | (141,000) | 60,076,000 |
Balance (in shares) at Dec. 31, 2015 | 3,956,207 | |||||
Balance at Dec. 31, 2015 | $ 40,000 | 106,568,000 | (44,832,000) | (160,000) | (152,000) | 61,464,000 |
Net income | 71,000 | 71,084 | ||||
Unrealized holding gain on available for sale securities, net of taxes | 71,000 | 71,000 | ||||
Total comprehensive income | 142,000 | |||||
Share-based compensation expense | 308,000 | 308,000 | ||||
Issuance of restricted stock (in shares) | 2,526 | |||||
Balance (in shares) at Jun. 30, 2016 | 3,958,733 | |||||
Balance at Jun. 30, 2016 | $ 40,000 | $ 106,876,000 | $ (44,761,000) | $ (160,000) | $ (81,000) | $ 61,914,000 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Cash Flows from Operating Activities: | ||
Net income | $ 71,084 | $ 978,134 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Amortization (accretion) of investment premiums and discounts, net | 35,000 | 107,000 |
Amortization and accretion of purchase loan premiums and discounts, net | 8,000 | 158,000 |
Provision for loan losses | 1,959,000 | 250,000 |
Depreciation and amortization | 616,000 | 499,000 |
Share-based compensation | 308,000 | 227,000 |
Deferred income taxes | (117,000) | 619,000 |
Gain on acquisition of OREO | (11,000) | |
Changes in assets and liabilities: | ||
(Increase) decrease in net deferred loan costs | (8,000) | 232,000 |
Increase in accrued interest and dividends receivable | (110,000) | (116,000) |
Increase in other assets | (341,000) | (44,000) |
Increase in accrued expenses and other liabilities | 231,000 | 514,000 |
Net cash provided by operating activities | 2,641,000 | 3,424,000 |
Cash Flows from Investing Activities: | ||
Principal repayments on available for sale securities | 1,389,000 | 2,157,000 |
Proceeds from call of available for sale securities | 5,031,000 | |
(Purchases) redemptions of Federal Reserve Bank stock | (48,000) | 38,000 |
Redemptions of Federal Home Loan Bank stock | 711,000 | |
Increase in loans | (45,117,000) | (17,361,000) |
Purchase of bank premises and equipment, net | (1,167,000) | (2,845,000) |
Net cash used in investing activities | (39,201,000) | (18,011,000) |
Cash Flows from Financing Activities: | ||
Net increase in deposits | 1,656,000 | 14,340,000 |
Decrease in FHLB borrowings | (4,000,000) | (20,000,000) |
Repayment of Note Payable | (93,000) | |
Increase in advances from borrowers for taxes and insurance | 84,000 | 82,000 |
Net cash used in financing activities | (2,353,000) | (5,578,000) |
Net decrease in cash and cash equivalents | (38,913,000) | (20,165,000) |
Beginning | 85,400,000 | 73,258,000 |
Ending | 46,487,000 | 53,093,000 |
Interest paid | 1,173,000 | 1,144,000 |
Income taxes paid | 3,000 | |
Transfer of loans to other real estate owned | $ 840,000 |
Note 1 - Basis of Financial Sta
Note 1 - Basis of Financial Statement Presentation | 6 Months Ended |
Jun. 30, 2016 | |
Notes to Financial Statements | |
Basis of Accounting [Text Block] | Note 1: Basis of Financial Statement Presentation and Restatement of Consolidated Financial Statements The accompanying unaudited condensed consolidated financial statements of Patriot National Bancorp, Inc. (the “Company”) and its wholly-owned subsidiaries including Patriot Bank N.A. (the “Bank”), have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission. Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been omitted. The accompanying unaudited condensed consolidated financial statements presented herein should be read in conjunction with the previously filed audited financial statements of the Company and notes thereto for the year ended December 31, 2015. The Consolidated Balance Sheet at December 31, 2015 presented herein has been derived from the audited financial statements of the Company at that date, but does not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. Effective June 30, 2016, the Company has reclassified loans secured by 1-4 Family Non-owner occupied real estate to “Residential” from the “Commercial Real Estate” classification. Amounts presented for prior periods have been reclassified for consistency with the current period. See Note 3: Loans Receivable and Allowance for Loan Losses for additional information. Certain additional other prior period amounts have been reclassified to conform to current year presentation. The information furnished reflects, in the opinion of management, all normal recurring adjustments necessary for a fair presentation of the results for the interim periods presented. The results of operations for the three and six months ended June 30, 2016 are not necessarily indicative of the results of operations that may be expected for the remainder of 2016. Restatement of Consolidated Financial Statements The Company has restated its previously filed interim financial statements as of and for the three and six months ended June 30, 2016. The restatement had the effect of reducing net income for the three months ended June 30, 2016 from net income of $614 thousand to a net loss of $582 thousand. For the six months then ended, net income was reduced from $1,267 thousand to $71 thousand. Basic and diluted income per share was reduced from $0.16 to a loss of $0.15 for the three months ended June 30, 2016, and from $0.32 to $0.02 for the six months then ended. The Company has determined to increase the loan loss reserve for one specific impaired loan due to information and further analysis regarding the full collectability of this loan. Subsequent to filing the original Form 10-Q, information became known, which was available at the time the impairment analysis was prepared, regarding the valuation of certain collateral included in the analysis. To fully reserve for this loan, an increase in the Company’s loan loss provision for the three months ended June 30, 2016 of $1,959,128 is required. The $1.96 million increase in the Company’s loan loss provision has been reflected herein, as well as its impact on earnings, earnings per share, loans receivable, the allowance for loan losses, deferred tax assets, regulatory capital and equity. The effect of these changes on the consolidated financial statements of the Company is as follows. Three Months Ended June 30, 2016 Six Months Ended June 30, 2016 Previously Reported Adjustment Restated Previously Reported Adjustment Restated (in thousands, except shares and per share amounts) Provision for loan losses $ - $ 1,959 $ 1,959 $ - $ 1,959 $ 1,959 Income before income taxes 1,011 (1,959 ) (948 ) 2,082 (1,959 ) 123 (Benefit) expense for income taxes 397 (763 ) (366 ) 815 (763 ) 52 Net income 614 (1,196 ) (582 ) 1,267 (1,196 ) 71 Total comprehensive income (loss) 650 (1,196 ) (546 ) 1,338 (1,196 ) 142 Basic and diluted income per share $ 0.16 $ (0.31 ) $ (0.15 ) $ 0.32 $ (0.30 ) $ 0.02 Consolidated Statement of Cash Flows: Net income N/A N/A N/A 1,267 (1,196 ) 71 Provision for loan losses N/A N/A N/A - 1,959 1,959 Deferred income taxes N/A N/A N/A 646 (762 ) (117 ) As of June 30, 2016 Previously Reported Adjustment Restated Loans receivable, net of allowance for loan losses $ 523,404 $ (1,959 ) $ 521,445 Deferred tax asset 13,073 763 13,836 Total assets 653,055 1,196 651,859 Accumulated deficit (43,565 ) (1,196 ) (44,761 ) Total shareholders' equity 66,110 (1,196 ) 61,914 The restatement had no impact on the Company‘s consolidated financial statements as of and for the periods ended June 30, 2015 or December 31, 2015. |
Note 2 - Investment Securities
Note 2 - Investment Securities | 6 Months Ended |
Jun. 30, 2016 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | Note 2: Investment Securities The amortized cost, gross unrealized gains and losses and approximate fair values of available-for-sale securities at June 30, 2016 and December 31, 2015 are as follows: (in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value June 30, 2016: U. S. Government agency mortgage-backed securities $ 12,170 $ 21 $ (52 ) $ 12,139 Corporate bonds 9,000 - (102 ) 8,898 Subordinated Notes 2,000 - - 2,000 $ 23,170 $ 21 $ (154 ) $ 23,037 December 31, 2015: U. S. Government agency bonds $ 5,000 $ - $ (46 ) $ 4,954 U. S. Government agency mortgage-backed securities 13,625 - (212 ) 13,413 Corporate bonds 9,000 71 (61 ) 9,010 Subordinated Notes 2,000 - - 2,000 $ 29,625 $ 71 $ (319 ) $ 29,377 The following table presents the gross unrealized loss and fair value of the Company’s available-for-sale securities, aggregated by the length of time the individual securities have been in a continuous loss position, at June 30, 2016 and December 31, 2015: Less Than 12 Months 12 Months or More Total (in thousands) Fair Unrealized Fair Unrealized Fair Unrealized Value Loss Value Loss Value Loss June 30, 2016: U. S. Government agency mortgage - backed securities $ - $ - $ 7,136 $ (52 ) $ 7,136 $ (52 ) Corporate bonds 2,985 (15 ) 5,913 (87 ) 8,898 (102 ) Totals $ 2,985 $ (15 ) $ 13,049 $ (139 ) $ 16,034 $ (154 ) December 31, 2015: U. S. Government agency bonds $ 4,954 $ (46 ) $ - $ - $ 4,954 $ (46 ) U. S. Government agency mortgage - backed securities 2,863 (42 ) 10,550 (170 ) 13,413 (212 ) Corporate bonds - - 5,939 (61 ) 5,939 (61 ) Totals $ 7,817 $ (88 ) $ 16,489 $ (231 ) $ 24,306 $ (319 ) At June 30, 2016, six of ten available-for-sale securities had unrealized losses with an average depreciation of 0.7% from the total amortized cost. At December 31, 2015, nine out of eleven available-for-sale securities had unrealized losses with an aggregate depreciation of 1.3% from the total 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, 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 or projections 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 will not be required to sell the investments before recovery of their amortized cost basis, which may be at maturity, the Company does not consider those investments to be other-than-temporarily impaired at June 30, 2016. The amortized cost and fair value of available-for-sale debt securities at June 30, 2016 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 prepaid without any penalties. The actual maturities will also differ from contractual maturities because issuers of certain securities retain early call or prepayment rights. (in thousands) Amortized Cost Fair Value Maturity: Due after five years through ten years $ 11,000 $ 10,898 U.S. Government agency mortgage-backed securities 12,170 12,139 Total $ 23,170 $ 23,037 At June 30, 2016 and December 31, 2015, securities of $4.9 and $5.5 million, respectively, were pledged with the Federal Reserve Bank of New York primarily to secure municipal deposits. There were no sales of available-for-sale securities in during the six-month periods ended June 30, 2016 or June 30, 2015. |
Note 3 - Loans Receivable and A
Note 3 - Loans Receivable and Allowance for Loan Losses | 6 Months Ended |
Jun. 30, 2016 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | Note 3: Loans Receivable and Allowance for Loan Losses 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 application fees are non interest income, while other 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. A summary of the Company’s loan portfolio at June 30, 2016 and December 31, 2015 is as follows: Restated (in thousands) June 30, December 31, 2016 2015 Inc (Dec) Inc/(Dec) % Commercial and Industrial $ 71,658 $ 59,752 $ 11,906 19.9 % Commercial Real Estate 270,003 245,828 24,175 9.8 Construction 26,094 15,551 10,543 67.8 Construction to permanent- CRE 4,229 4,880 (651 ) (13.3 ) Residential 104,746 110,837 (6,091 ) (5.5 ) Consumer/Other 51,924 47,521 4,403 9.3 Total Loans 528,654 484,369 44,285 9.1 Allowance for loan losses (7,209 ) (5,242 ) (1,967 ) 37.5 Loans receivable, net $ 521,445 $ 479,127 $ 42,318 8.8 % Amounts presented at December 31, 2015 include $28.2 million of loans secured by 1-4 Family Non-owner Occupied real estate in the Residential category, reclassified from Commercial Real Estate for consistency with the June 30, 2016 presentation. Net unamortized purchase loan premiums aggregated $0.8 million and $0.9 million as of June 30, 2016 and December 31, 2015, respectively. Net deferred loan costs aggregated $0.3 million as of June 30, 2016 and December 31, 2015. The Company's lending activities are conducted principally in Fairfield and New Haven Counties in Connecticut and Westchester County in New York, and the five Boroughs of New York City. 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, by which it 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 75% 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 and Industrial Loans Commercial Real Estate Loans – Construction Loans Construction to Perm-CRE – Residential Real Estate Loans Consumer/ Other 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 table sets forth activity in our allowance for loan losses, by loan type, for the three and six months ended June 30, 2016. The following table also details the amount of loans receivable 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, as of June 30, 2016. (in thousands) Restated Restated Three months ended June 30, 2016 Commercial and Industrial Commercial Real Estate Construction Construction to Permanent Residential Consumer/ Other Unallocated Total Allowance for loan losses: Beginning Balance $ 1,083 $ 1,943 $ 650 $ 121 $ 624 $ 609 $ 217 $ 5,247 Charge-offs - - - - - (1 ) - (1 ) Recoveries 3 - - - 1 - - 4 Provision 2,314 352 (481 ) 24 22 (77 ) (195 ) 1,959 Ending Balance $ 3,400 $ 2,295 $ 169 $ 145 $ 647 $ 531 $ 22 $ 7,209 Six months ended June 30, 2016 Allowance for loan losses: Beginning Balance $ 1,027 $ 1,970 $ 486 $ 123 $ 740 $ 677 $ 219 $ 5,242 Charge-offs - - - - (4 ) (2 ) - (6 ) Recoveries 12 - - - 1 1 - 14 Provision 2,361 325 (317 ) 22 (90 ) (145 ) (197 ) 1,959 Ending Balance $ 3,400 $ 2,295 $ 169 $ 145 $ 647 $ 531 $ 22 $ 7,209 Ending balance: individually evaluated for impairment 2,977 - - - - 2 - $ 2,979 Ending balance: collectively evaluated for impairment 423 2,295 169 145 647 529 22 $ 4,230 Total allowance for loan losses $ 3,400 $ 2,295 $ 169 $ 145 $ 647 $ 531 $ 22 $ 7,209 As of June 30, 2016 Total loans ending balance $ 71,658 $ 270,003 $ 26,094 $ 4,229 $ 104,746 $ 51,924 $ - $ 528,654 Ending balance: individually evaluated for impairment $ 3,272 $ 6,526 $ - $ - $ 4,515 $ 546 $ - $ 14,859 Ending balance: collectively evaluated for impairment $ 68,386 $ 263,477 $ 26,094 $ 4,229 $ 100,231 $ 51,378 $ - $ 513,795 The following table sets forth activity in our allowance for loan losses, by loan type, for the three and six months ended June 30, 2015. The following table also details the amount of loans receivable 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, as of December 31, 2015. (in thousands) Three months ended June 30, 2015 Commercial and Industrial Commercial Real Estate Construction Construction to Permanent Residential Consumer Unallocated Total Allowance for loan losses: Beginning Balance $ 1,297 $ 2,024 $ 222 $ 191 $ 730 $ 711 $ 18 $ 5,193 Charge-offs - - - - - - - - Recoveries 14 - - - - 1 - 15 Provision (329 ) 121 53 (41 ) 102 14 80 - Ending Balance $ 982 $ 2,145 $ 275 $ 150 $ 832 $ 726 $ 98 $ 5,208 Six Months Ended June 30, 2015 Allowance for loan losses: Beginning Balance $ 1,918 $ 1,419 $ 63 $ 215 $ 831 $ 478 $ - $ 4,924 Charge-offs - - - - (3 ) (7 ) - (10 ) Recoveries 30 - - 5 - 9 - 44 Provision (966 ) 726 212 (70 ) 4 246 98 250 Ending Balance $ 982 $ 2,145 $ 275 $ 150 $ 832 $ 726 $ 98 $ 5,208 As of December 31, 2015 Ending balance: individually evaluated for impairment - - - - - 3 - 3 Ending balance: collectively evaluated for impairment 1,027 1,970 486 123 740 674 219 5,239 Total allowance for loan losses $ 1,027 $ 1,970 $ 486 $ 123 $ 740 $ 677 $ 219 $ 5,242 Total loans ending balance $ 59,752 $ 245,828 $ 15,551 $ 4,880 $ 110,837 $ 47,521 $ - $ 484,369 Ending balance: individually evaluated for impairment - 7,745 - - 4,556 550 - 12,851 Ending balance: collectively evaluated for impairment $ 59,752 $ 238,083 $ 15,551 $ 4,880 $ 106,281 $ 46,971 $ - $ 471,518 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. 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 a risk rating to each loan in their portfolio at origination, which is ratified or modified by the Loan 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. The Company uses an independent third party loan reviewer who performs quarterly reviews of a sample of loans, validating the Company’s risk ratings assigned to such loans. Any upgrades or downgrades to classified loans must be approved by the Management Loan Committee. When assigning a risk rating to a loan, management utilizes the Company’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. I ncluded 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 unpaid principal balances of loans on nonaccrual status and considered impaired were $4.8 million at June 30, 2016 and $1.6 million at December 31, 2015. The $4.8 million of non-accrual loans at June 30, 2016 is comprised of five relationships, for which a specific reserve of $3.0 million, as restated has been established. The $1.6 million of non-accrual loans at December 31, 2015 was comprised of three relationships, for which a specific reserve of $3,000 had been established. The non-accrual increase of $3.2 million from December 31, 2015 is largely related to a single impaired commercial loan, to which the $3.0 million, as restated increase in specific reserves is also attributable. As this relationship moved to non-accrual status $1.02 million of loan loss allocation, tied to other loans that were no longer considered criticized, was reallocated to this new non-accrual relationship. The Company determined, based on its analysis regarding the collectability of this loan, to fully reserve for this loan. Accordingly an increase in the Company’s loan loss provision for the three months ended June 30, 2016, of $1.96 million was recorded via a charge against earnings. Despite the Company’s decision to fully reserve for this loan as of June 30, 2016 , the Company has commenced recovery actions for alleged fraud across all available avenues, including insurance coverage and claims against third parties. Potentially responsive insurance coverage, under which the Company has sought recovery, includes a Financial Institution Bond with a limit of liability of $5.0 million above a $50,000 deductible. The Company will vigorously pursue its avenues of recovery, including insurance coverage and third party claims. Management believes that this single relationship is not indicative of a credit quality trend within the portfolio, and that the overall credit quality of the Company’s loan portfolio continues to be strong and stable. If non-accrual loans had been performing in accordance with their contractual terms, the Company would have recorded the following amounts of additional income: (dollars in thousands) Three months ended June 30, 2016 $ 58 Six months ended June 30, 2016 $ 196 Three months ended June 30, 2015 $ 4 Six months ended June 30, 2015 $ 8 (in thousands) 2016 31-60 Days Past Due 61-90 Days Past Due Greater Than 90 Days Total Past Due Current Total Non- Accrual Loans Commercial & Industrial Pass $ - $ - $ - $ - $ - $ - Substandard - - 3,208 3,208 - 3,208 Total Commercial & Industrial $ - $ - $ 3,208 $ 3,208 $ - $ 3,208 Commercial Real Estate Substandard $ - $ - $ - $ - $ - Total Commercial Real Estate $ - $ - $ - $ - $ - $ - Residential Real Estate Substandard $ - $ - $ 1,590 $ 1,590 $ - $ 1,590 Total Residential Real Estate $ - $ - $ 1,590 $ 1,590 $ - $ 1,590 Consumer Substandard $ - $ - $ 2 $ 2 $ - $ 2 Total Consumer $ - $ - $ 2 $ 2 $ - $ 2 Total $ - $ - $ 4,800 $ 4,800 $ - $ 4,800 The following table sets forth the detail, and delinquency status, of non-accrual loans at December 31, 2015: (in thousands) 2015 31-60 Days Past Due 61-90 Days Past Due Greater Than 90 Days Total Past Due Current Total Non- Accrual Loans Commercial & Industrial Pass $ - $ - $ - $ - $ - $ - Substandard - - - - - - Total Commercial & Industrial $ - $ - $ - $ - $ - $ - Commercial Real Estate Substandard $ - $ - $ - $ - $ - $ - Total Commercial Real Estate $ - $ - $ - $ - $ - $ - Residential Real Estate Substandard $ - $ - $ 1,590 $ 1,590 $ - $ 1,590 Total Residential Real Estate $ - $ - $ 1,590 $ 1,590 $ - $ 1,590 Consumer/ Other Substandard $ - $ - $ 3 $ 3 $ - $ 3 Total Consumer / Other $ - $ - $ 3 $ 3 $ - $ 3 Total $ - $ - $ 1,593 $ 1,593 $ - $ 1,593 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 at least 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. At June 30, 2016, five loans were on non-accrual status totaling $4.8 million. For these five loans a specific reserve of $3.0 million has been established. The following table sets forth the detail and delinquency status of loans receivable, by performing and non-performing loans at June 30, 2016. (in thousands) Performing (Accruing) Loans 2016 31-60 Days Past Due 61-90 Days Past Due Greater Than 90 Days Total Past Due Current Total Performing Loans Total Non- Accrual Loans Total Loans Commercial & Industrial Pass $ 39 $ - $ - $ 39 $ 68,406 $ 68,445 $ - $ 68,445 Special Mention - - - - - $ - - - Substandard - - - - 5 $ 5 3,208 3,213 Total Commercial & Industrial $ 39 $ - $ - $ 39 $ 68,411 $ 68,450 $ 3,208 $ 71,658 Commercial Real Estate Pass $ 934 $ - $ - $ 934 $ 262,958 $ 263,892 $ - $ 263,892 Special Mention - - - - 5,226 $ 5,226 - 5,226 Substandard - - - - 885 $ 885 - 885 Total Commercial Real Estate $ 934 $ - $ - $ 934 $ 269,069 $ 270,003 $ - $ 270,003 Construction Pass $ - $ - $ - $ - $ 26,094 $ 26,094 $ - $ 26,094 Total Construction $ - $ - $ - $ - $ 26,094 $ 26,094 $ - $ 26,094 Construction to Permanent Pass $ - $ - $ - $ - $ 4,229 $ 4,229 $ - $ 4,229 Total Construction to Permanent $ - $ - $ - $ - $ 4,229 $ 4,229 $ - $ 4,229 Residential Real Estate Pass $ 388 $ 10 $ 1,485 $ 1,883 $ 101,273 $ 103,156 $ - $ 103,156 Substandard - - - - - $ - 1,590 1,590 Total Residential Real Estate $ 388 $ 10 $ 1,485 $ 1,883 $ 101,273 $ 103,156 $ 1,590 $ 104,746 Consumer/ Other Pass $ 402 $ - $ 6 $ 408 $ 51,514 $ 51,922 $ - $ 51,922 Substandard - - - - - $ - 2 $ 2 Total Consumer/ Other $ 402 $ - $ 6 $ 408 $ 51,514 $ 51,922 $ 2 $ 51,924 Total Pass $ 1,763 $ 10 $ 1,491 $ 3,264 $ 514,474 $ 517,738 $ - $ 517,738 Special Mention - - - - 5,226 $ 5,226 - 5,226 Substandard - - - - 890 $ 890 4,800 5,690 Grand Total $ 1,763 $ 10 $ 1,491 $ 3,264 $ 520,590 $ 523,854 $ 4,800 $ 528,654 The following table sets forth the detail and delinquency status of loans receivable, by performing and non-performing loans at December 31, 2015. (in thousands) Performing (Accruing) Loans 2015 31-60 Days Past Due 61-90 Days Past Due Greater Than 90 Days Total Past Due Current Total Performing Loans Total Non- Accrual Loans Total Loans Commercial & Industrial Pass $ 43 $ 605 $ 520 $ 1,168 $ 55,600 $ 56,768 $ - $ 56,768 Special Mention - - - - - - - - Substandard 2,977 - - 2,977 7 2,984 - 2,984 Total Commercial & Industrial $ 3,020 $ 605 $ 520 $ 4,145 $ 55,607 $ 59,752 $ - $ 59,752 Commercial Real Estate Pass $ - $ - $ - $ - $ 237,996 $ 237,996 $ - $ 237,996 Special Mention - - - - 5,322 5,322 - 5,322 Substandard 840 - - 840 1,670 2,510 - 2,510 Total Commercial Real Estate $ 840 $ - $ - $ 840 $ 244,988 $ 245,828 $ - $ 245,828 Construction Pass $ - $ - $ - $ - $ 15,551 $ 15,551 $ - $ 15,551 Total Construction $ - $ - $ - $ - $ 15,551 $ 15,551 $ - $ 15,551 Construction to Permanent Pass $ - $ - $ - $ - $ 4,880 $ 4,880 $ - $ 4,880 Special Mention - - - - - - - - Substandard - - - - - - - - Total Construction to Permanent $ - $ - $ - $ - $ 4,880 $ 4,880 $ - $ 4,880 Residential Real Estate Pass $ 154 $ 87 $ 1,517 $ 1,758 $ 107,489 $ 109,247 $ - $ 109,247 Special Mention - - - - - - - - Substandard - - - - - - 1,590 1,590 Total Residential Real Estate $ 154 $ 87 $ 1,517 $ 1,758 $ 107,489 $ 109,247 $ 1,590 $ 110,837 Consumer/ Other Pass $ 309 $ 2 $ 9 $ 320 $ 47,198 $ 47,518 $ - $ 47,518 Special Mention - - - - - - - - Substandard - - - - - - 3 3 Total Consumer/ Other $ 309 $ 2 $ 9 $ 320 $ 47,198 $ 47,518 $ 3 $ 47,521 Total Pass $ 506 $ 694 $ 2,046 $ 3,246 $ 468,714 $ 471,960 - $ 471,960 Special Mention - - - - 5,322 5,322 - 5,322 Substandard 3,817 - - 3,817 1,677 5,494 1,593 7,087 Grand Total $ 4,323 $ 694 $ 2,046 $ 7,063 $ 475,713 $ 482,776 $ 1,593 $ 484,369 December 31, 2015 loan balances have been reclassified to be consistent with the June 30, 2016 presentation. Impaired Loans Impaired loans consist of non-accrual loans, Troubled Debt Restructurings (“TDRs”), and loans previously classified as TDRs that have been upgraded. As of June 30, 2016, the Company’s impairment analysis resulted in identification of $14.9 million of impaired loans, for which specific reserves of $3.0 million, as restated were required at June 30, 2016, compared to $12.9 million of impaired loans at December 31, 2015, for which specific reserves of $3,000 were required. 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. For the three and six months ended June 30, 2016 and 2015, there were no loans modified as a “troubled debt restructuring”. At June 30, 2016 and December 31, 2015, there were no commitments to advance additional funds under troubled debt restructured loans. 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. All troubled debt restructurings are classified as impaired loans, which are individually evaluated for impairment. The following table summarizes impaired loans by loan portfolio class as of June 30, 2016: Restated (in thousands) Recorded Investment Principal Balance Related Allowance With no related allowance recorded: Commercial & Industrial $ 295 $ 327 $ - Commercial Real Estate 6,526 7,031 - Construction - 287 - Residential 4,515 5,518 - Consumer/ Other 544 629 Total: $ 11,880 $ 13,792 $ - With an allowance recorded: Commercial & Industrial $ 2,977 $ 2,977 $ 2,977 Commercial Real Estate - - - Construction - - - Residential - - - Consumer/ Other 2 2 2 Total: $ 2,979 $ 2,979 $ 2,979 Commercial & Industrial $ 3,272 $ 3,304 $ 2,977 Commercial Real Estate 6,526 7,031 - Construction - 287 - Residential 4,515 5,518 - Consumer/ Other 546 631 2 Total: $ 14,859 $ 16,771 $ 2,979 The following table summarizes impaired loans by loan portfolio class as of December 31, 2015: (in thousands) Recorded Investment Principal Balance Related Allowance With no related allowance recorded: Commercial & Industrial $ - $ 96 $ - Commercial Real Estate 7,745 8,259 - Construction - 287 - Construction to Permanent - - - Residential 4,556 5,559 - Consumer/ Other 547 633 - Total: $ 12,848 $ 14,834 $ - With an allowance recorded: Consumer 3 3 3 Total: $ 3 $ 3 $ 3 Commercial & Industrial $ - $ 96 $ - Commercial Real Estate 7,745 8,259 - Construction - 287 - Residential 4,556 5,559 - Consumer/ Other 550 636 3 Total: $ 12,851 $ 14,837 $ 3 The following tables summarize additional information regarding impaired loans for the three and six months ended June 30, 2016 and 2015. Three Months Ended June 30, 2016 2015 (in thousands) Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized With no related allowance recorded: Commercial & Industrial $ 116 $ - $ - $ - Commercial Real Estate 7,524 79 8,025 94 Residential 4,525 31 3,392 32 Consumer/ Other 545 5 551 5 Total: $ 12,710 $ 115 $ 11,968 $ 131 With an allowance recorded: Commercial & Industrial $ 2,977 $ - $ - $ - Commercial Real Estate - - - - Residential - - - - Consumer/ Other 2 - - - Total: $ 2,979 $ - $ - $ - Commercial & Industrial $ 3,093 $ - $ - $ - Commercial Real Estate 7,524 79 8,025 94 Residential 4,525 31 3,392 32 Consumer/ Other 547 5 551 5 Total: $ 15,688 $ 115 $ 11,968 $ 131 Six Months Ended June 30, 2016 2015 (in thousands) Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized With no related allowance recorded: Commercial & Industrial $ 148 $ - $ 1 $ - Commercial Real Estate 7,597 159 8,160 188 Residential 4,535 62 3,459 63 Consumer/ Other 546 9 552 9 Total: $ 12,826 $ 230 $ 12,172 $ 260 With an allowance recorded: Commercial & Industrial $ 1,914 $ - $ - $ - Commercial Real Estate - - - - Residential - - - - Consumer/ Other 2 - 1 - Total: $ 1,916 $ - $ 1 $ - Commercial & Industrial $ 2,062 $ - $ 1 $ - Commercial Real Estate 7,597 159 8,160 188 Residential 4,535 62 3,459 63 Consumer/ Other 548 9 553 9 Total: $ 14,742 $ 230 $ 12,173 $ 260 |
Note 4 - Other Real Estate Owne
Note 4 - Other Real Estate Owned | 6 Months Ended |
Jun. 30, 2016 | |
Notes to Financial Statements | |
Real Estate Owned [Text Block] | Note 4: Other Real Estate Owned At June 30, 2016, Other Real Estate Owned (“OREO”) consisted of a single property which consists of raw land and is suitable for multi-use construction. The following table presents a summary of OREO activity for the six months ended June 30, 2016: (in thousands) OREO Balance at December 31, 2015 $ - Transfers from loans 840 Gain recognized in acquisition 11 Balance at June 30, 2016 $ 851 The recognized gain represents the amount by which fair market value of the property, net of estimated liquidation costs, exceeded the remaining loan balance as of the date possession was taken of the property. As of and for the six months ended June 30, 2015, there was no OREO activity. |
Note 5 - Deposits
Note 5 - Deposits | 6 Months Ended |
Jun. 30, 2016 | |
Notes to Financial Statements | |
Deposit Liabilities Disclosures [Text Block] | Note 5 : Deposits The following table is a summary of the Company’s deposits at: (in thousands) June 30, 2016 December 31, 2015 Non-interest bearing $ 75,244 $ 85,065 Interest bearing NOW 28,745 28,684 Savings 124,196 106,291 Money market 18,486 19,522 Time certificates, less than $250,000 125,668 139,455 Time certificates, $250,000 or more 16,812 17,509 Brokered Deposits 57,185 48,154 Total interest bearing 371,092 359,615 Total Deposits $ 446,336 $ 444,680 |
Note 6 - Share-based Compensati
Note 6 - Share-based Compensation and Employee Benefit Plan | 6 Months Ended |
Jun. 30, 2016 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | Note 6 : Share-Based Compensation and Employee Benefit Plan The Company maintains the Patriot National Bancorp, Inc. 2012 Stock Plan (the “Plan”) to provide an incentive to directors and employees of the Company. Grants under the Plan may take the form of stock options, restricted stock and phantom stock units. Up to three million shares of the Company’s common stock and one million phantom stock units may be issued under the Plan, subject to certain limitations. As of June 30, 2016, 2,819,216 shares of common stock and one million phantom stock units are available for issuance under the Plan. Restricted stock grants are available to directors and employees and generally vest in annual installments over a three, four or five year period from the date of grant, as determined by the Compensation Committee of the Company’s Board of Directors. Vesting may be accelerated under certain circumstances. The Company expenses the grant date fair value of all share-based compensation over the requisite vesting periods on a prorated straight-line basis. During the three and six months ended June 30, 2016, the Company recorded $0.2 million and $0.3 million of total stock-based compensation, respectively. During the three and six months ended June 30, 2015, the Company recorded $0.1 million and $0.2 million of total stock-based compensation, respectively. During the six months ended June 30, 2016, the Company issued 5,884 shares of restricted stock to directors and 52,200 shares of restricted stock to employees under the 2012 Stock Plan. The following is a summary of the status of the Company’s restricted shares as of June 30, 2016, and changes therein during periods indicated. Three months ended June 30, 2016: Number of Shares Awarded Weighted Average Grant Date Fair Value Non-vested at March 31, 2016 113,938 $ 14.06 Granted - - Vested (2,526 ) 14.72 Forfeited (4,213 ) 11.31 Non-vested at June 30, 2016 107,199 $ 14.16 Six months ended June 30, 2016: Non-vested at December 31, 2015 55,854 $ 12.83 Granted 58,084 15.25 Vested (2,526 ) 14.72 Forfeited (4,213 ) 11.31 Non-vested at June 30, 2016 107,199 $ 14.16 The following is a summary of the status of the Company’s restricted shares as of June 30, 2015, and changes therein during periods indicated. Three months ended June 30, 2015: Number of Shares Awarded Weighted Average Grant Date Fair Value Non-vested at March 31, 2015 81,923 $ 12.93 Granted - - Vested (225 ) 17.25 Non-vested at June 30, 2015 81,698 $ 12.92 Six months ended June 30, 2015: Non-vested at December 31, 2014 79,208 $ 12.79 Granted 2,940 17.00 Vested (450 ) 17.25 Non-vested at June 30, 2015 81,698 $ 12.92 Expected future stock award expense related to the non-vested restricted awards as of June 30, 2016, is $1.3 million, which is expected to be recognized over an average period of 2.56 years. The Company had no outstanding stock options at June 30, 2016. The Company offers a 401K retirement plan (the “401K”), which provides for tax-deferred salary deductions for eligible employees. Employees may choose to make voluntary contributions to the 401K, limited to an annual maximum amount as set forth periodically by the Internal Revenue Service. The Company matches 50% of such contributions, up to a maximum of six percent. During the three and six months ended June 30, 2016, compensation expense under the Plan aggregated $0.04 million and $0.08 million, respectively. During the three and six months ended June 30, 2015, compensation expense under the Plan aggregated $0.03 million and $0.09 million, respectively. |
Note 7 - Income Taxes
Note 7 - Income Taxes | 6 Months Ended |
Jun. 30, 2016 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | Note 7 : Income Taxes For the three months ended June 30, 2016, the Company recorded an income tax benefit, as restated, of $0.4 million, and for the six months ended June 30, 2016 the Company recorded an income tax expense of $0.1 million, as restated. This compares to income tax expense of $0.5 million and $0.7 million, Deferred tax assets, as restated, of $13.8 million at June 30, 2016 remained materially unchanged as compared to December 31, 2015. The Company will continue to evaluate its ability to realize its net deferred tax asset. If future evidence suggests that it is more likely than not that a portion of the deferred tax asset will not be realized, the valuation allowance may be increased. |
Note 8 - Income Per Share
Note 8 - Income Per Share | 6 Months Ended |
Jun. 30, 2016 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | Note 8: 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 restricted stocks 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. The Company had no outstanding stock options as of June 30, 2016 or December 31, 2015. The following is information about the computation of income (loss) per share for the three and six months ended June 30, 2016 and 2015: Restated Restated Three months ended June 30, 2016 Net Loss Weighted Average Common Shares Outstanding Amount Basic Loss Per Share $ (582,313 ) 3,957,012 $ (0.15 ) Effect of Dilutive Securities Non-vested Restricted Stock Grants N/A N/A N/A Diluted Loss Per Share (582,313 ) 3,957,012 $ (0.15 ) Three months Ended June 30, 2015 Net Income Weighted Average Common Shares Outstanding Amount Basic Income Per Share $ 689,321 3,872,073 $ 0.18 Effect of Dilutive Securities Non-vested Restricted Stock Grants N/A 21,093 N/A Diluted Income Per Share $ 689,321 3,893,166 $ 0.18 Restated Restated Six months ended June 30, 2016 Net Income Weighted Average Common Shares Outstanding Amount Basic Earnings Per Share $ 71,084 3,956,609 $ 0.02 Effect of Dilutive Securities Non-vested Restricted Stock Grants N/A 33,366 N/A Diluted Earnings Per Share 71,084 3,989,975 $ 0.02 Six months Ended June 30, 2015 Net Income Weighted Average Common Shares Outstanding Amount Basic Income Per Share $ 978,134 3,871,960 $ 0.25 Effect of Dilutive Securities Non-vested Restricted Stock Grants N/A 20,992 N/A Diluted Income Per Share $ 978,134 3,892,952 $ 0.25 |
Note 9 - Borrowings
Note 9 - Borrowings | 6 Months Ended |
Jun. 30, 2016 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | Note 9: Borrowings Federal Home Loan Bank borrowings The Company is a member of the Federal Home Loan Bank of Boston ("FHLB"). The Company has the ability to borrow from the FHLB based on a certain percentage of the value of the Company’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. At June 30, 2016 and December 31, 2015, outstanding advances from the FHLB aggregated $128.0 million and $132.0 million respectively. The advances outstanding at June 30, 2016 had maturities ranging from one day to sixty months with rates ranging from 2.7 basis points to 57 basis points. The FHLB borrowings are collateralized by a mixture of real estate loans and securities with a book value of $131.3 million as of June 30, 2016. Junior subordinated debt owed to unconsolidated trust 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. These obligations qualify as Tier 1 capital. The subordinated debentures, which bear interest at three-month LIBOR plus 3.15% (3.79% at June 30, 2016), mature on March 26, 2033. Beginning in the second quarter of 2009, the Company deferred quarterly interest payments on the subordinated debentures for twenty consecutive quarters as permitted under the terms of the debentures. The Company made a payment of approximately $1.6 million in June 2014, which brought the debt current as of that date. Interest payments since June 2014 have been deferred at the Company’s option, however interest expense continues to be accrued and charged to operations. At June 30, 2016, interest owed for the subordinated debt was $0.6 million. Note Payable In September 2015, the Company executed a $2.0 million Note Payable for the purchase of its Fairfield, CT branch, which had formerly been leased by the Company. The note has a ten-year term and bears interest at a fixed rate of 1.75%. The Company makes interest and principal payments monthly. The note is secured by a first Mortgage Deed and Security Agreement on the property purchased. |
Note 10 - Financial Instruments
Note 10 - Financial Instruments with Off-balance Sheet Risk | 6 Months Ended |
Jun. 30, 2016 | |
Notes to Financial Statements | |
Concentration Risk Disclosure [Text Block] | No te 10 : 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 amount of commitments to extend credit and standby letters of credit represents the total amount of potential accounting loss should the contracts be fully drawn upon, the customers default, and the value of any existing collateral become worthless. The Company uses the same credit policies in approving 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 approvals, credit limits, monitoring procedures and the receipt of collateral as deemed necessary. Financial instruments whose contractual amounts represent credit risk at June 30, 2016 are as follows: Commitments to extend credit: (in thousands) Future loan commitments $ 15,186 Home equity lines of credit 21,464 Unused lines of credit 22,684 Undisbursed construction loans 20,204 Financial standby letters of credit 1,262 $ 80,800 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 Company has established a reserve of $5,000 as of June 30, 2016 for these commitments which is included in accrued expenses and other liabilities. 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 are recorded on the Company’s consolidated balance sheet at their fair value at inception. Any instruments deemed to be derivatives would be accounted for as a fair value or cash flow hedge as appropriate. |
Note 11 - Regulatory and Operat
Note 11 - Regulatory and Operational Matters (Restated) | 6 Months Ended |
Jun. 30, 2016 | |
Notes to Financial Statements | |
Regulatory Capital Requirements under Banking Regulations [Text Block] | Note 1 1 : Regulatory and Operational Matters The Company’s and the Bank’s capital and capital ratios at June 30, 2016 and December 31, 2015 were: Restated Restated Restated Restated Capital Requirements Actual Minimum Minimum with Capital Buffer Well Capitalized (dollars in thousands) Amount Ratio Amount Ratio Amount Ratio Amount Ratio June 30, 2016 The Company: Tier 1 Leverage Capital (to Average Assets) $ 59,154 9.66 % $ 24,491 4.00 % N/A N/A N/A N/A Common Equity Tier 1 Capital (to Risk Weighted Assets) 51,154 9.21 % 24,999 4.50 % N/A N/A N/A N/A Tier 1 Capital (to Risk Weighted Assets) 59,154 10.65 % 33,332 6.00 % N/A N/A N/A N/A Total Capital (to Risk Weighted Assets) 66,101 11.90 % 44,442 8.00 % N/A N/A N/A N/A The Bank: Tier 1 Leverage Capital (to Average Assets) $ 60,201 9.83 % $ 24,504 4.00 % N/A N/A $ 30,630 5.00 % Common Equity Tier 1 Capital (to Risk Weighted Assets) 60,201 10.87 % 24,934 4.50 % 28,397 5.125 % 36,015 6.50 % Tier 1 Capital (to Risk Weighted Assets) 60,201 10.87 % 33,245 6.00 % 36,708 6.625 % 44,327 8.00 % Total Capital (to Risk Weighted Assets) 67,131 12.12 % 44,327 8.00 % 47,790 8.625 % 55,408 10.00 % December 31, 2015 The Company: Total Capital (to Risk Weighted Assets) $ 59,595 9.77 % $ 24,401 4.00 % N/A N/A N/A N/A Common Equity Tier 1 Capital (to Risk Weighted Assets) 51,595 10.04 % 23,119 4.50 % N/A N/A N/A N/A Tier 1 Capital (to Risk Weighted Assets) 59,595 11.60 % 30,826 6.00 % N/A N/A N/A N/A Tier 1 Capital (to Average Assets) 64,845 12.62 % 41,101 8.00 % N/A N/A N/A N/A The Bank: Total Capital (to Risk Weighted Assets) $ 59,958 9.83 % $ 24,393 4.00 % N/A N/A $ 30,491 5.00 % Common Equity Tier 1 Capital (to Risk Weighted Assets) 59,958 11.72 % 23,029 4.50 % N/A N/A 33,265 6.50 % Tier 1 Capital (to Risk Weighted Assets) 59,958 11.72 % 30,706 6.00 % N/A N/A 40,941 8.00 % Tier 1 Capital (to Average Assets) 65,207 12.74 % 40,941 8.00 % N/A N/A 51,177 10.00 % Under the final capital rules that became effective on January 1, 2015, there was a requirement for a common equity Tier 1 capital conservation buffer of 2.5% of risk-weighted assets which is in addition to the other minimum risk-based capital standards in the rule. Institutions that do not maintain this required capital buffer will become subject to progressively more stringent limitations on the percentage of earnings that can be paid out in dividends or used for stock repurchases and on the payment of discretionary bonuses to senior executive management. The capital buffer requirement is being phased in over three years beginning in 2016. We have included the 0.625% increase for 2016 in our minimum capital adequacy ratios in the table above. The capital buffer requirement effectively raises the minimum required common equity Tier 1 capital ratio to 7.0%, the Tier 1 capital ratio to 8.5%, and the total capital ratio to 10.5% on a fully phased-in basis on January 1, 2019. Management believes that, as of June 30, 2016, the Company would meet all capital adequacy requirements under the Basel III Capital Rules on a fully phased-in basis as if all such requirements were currently in effect. |
Note 12 - Fair Value and Intere
Note 12 - Fair Value and Interest Rate Risk | 6 Months Ended |
Jun. 30, 2016 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | Note 1 2 : 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: Available-for-Sale Securities: Other Investments: Loans: OREO : Deposits: Junior Subordinated Debt: Federal Home Loan Bank Borrowings: Off-balance sheet instruments: The following table details the financial assets measured at fair value on a recurring basis as of June 30, 2016 and December 31, 2015, and indicates the fair value hierarchy of the valuation techniques utilized by the Company to determine fair value: (in thousands) Quoted Prices in Significant Significant June 30, 2016 Active Markets for Identical Assets (Level 1) Observable Inputs (Level 2) Unobservable Inputs (Level 3) Balance as of June 30, 2016 U.S. Government agency mortgage- backed securities $ - $ 12,139 $ - $ 12,139 Corporate bonds - 8,898 - 8,898 Subordinated Notes - 2,000 - 2,000 Securities available for sale $ - $ 23,037 $ - $ 23,037 December 31, 2015 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Balance as of June 30, 2016 U.S. Government agency bonds $ - $ 4,954 $ - $ 4,954 U.S. Government agency mortgage- backed securities - 13,413 - 13,413 Corporate bonds - 9,010 - 9,010 Subordinated Notes - 2,000 - 2,000 Securities available for sale $ - $ 29,377 $ - $ 29,377 The Company regularly monitors significant market inputs and assumptions used in its fair value measurements and evaluates the level of the valuation input according to the fair value hierarchy. This may result in a transfer between levels in the hierarchy from period to period. There were no transfers of assets between levels 1, 2 or 3 during the six months ended June 30, 2016 or 2015. Certain financial assets and financial liabilities are measured at fair value on a nonrecurring 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 financial assets measured at fair value on a non-recurring basis as of June 30, 2016 and December 31, 2015, segregated by the level of the valuation inputs within the fair value hierarchy utilized: Restated Restated Asset Description Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Balance June 30, 2016 Impaired loans $ - $ - $ - $ - Other real estate owned $ - $ - $ 851 $ 851 December 31, 2015 Impaired loans $ - $ - $ 363 $ 363 Other real estate owned $ - $ - $ - $ - (dollars in thousands) Quantitative Information about Level 3 Fair Value Measurements Restated Valuation Unobservable Range RangeAsset Description Fair Value Technique Input (Weighted Average ) June 30, 2016 Appraised Liquidation Costs (2) 9.6% (9.6%) (3) Other real estate owned $ 851 Value of Property (1) Appraisal Adjustment (2) 13% (13%) (3) December 31, 2015 Impaired loans $ 363 Appraised Value of Collateral (1) Liquidation Costs (2) 8% (8%) (3) (1) Fair value is generally determined through independent appraisals of the underlying collateral (in the case of impaired loans) or property (in the case of OREO), which include Level 3 inputs that are not identifiable. (2) Appraisals may be adjusted by management for qualitative factors such as economic conditions and estimated liquidation expenses. (3) The range and weighted average of qualitative factors such as economic conditions and estimated liquidation expenses are presented as a percent of the appraised value. 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 June 30, 2016 and December 31, 2015 and have not been reevaluated or updated for purposes of these financial statements subsequent to those respective dates. As such, the estimated fair value 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 June 30, 2016 and December 31, 2015: Restated Restated June 30, 2016 December 31, 2015 (in thousands) Fair Value Hierarchy Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Financial Assets: Cash and noninterest bearing balances due from banks Level 1 $ 2,893 $ 2,893 $ 2,588 $ 2,588 Interest-bearing deposits due from banks Level 1 43,594 43,594 82,812 82,812 Other investments Level 2 4,450 4,450 4,450 4,450 Federal Reserve Bank stock Level 2 2,123 2,123 2,075 2,075 Federal Home Loan Bank stock Level 2 5,859 5,859 6,570 6,570 Loans receivable, net Level 3 521,445 524,635 479,127 478,160 Accrued interest receivable Level 2 2,120 2,120 2,010 2,010 Financial Liabilities: Demand deposits Level 2 $ 75,244 $ 75,244 $ 85,065 $ 85,065 Savings deposits Level 2 124,196 124,196 108,658 108,658 Money market deposits Level 2 18,486 18,486 19,522 19,522 NOW accounts Level 2 28,745 28,745 28,684 28,684 Time deposits Level 2 142,480 122,965 156,964 156,363 Brokered Deposits Level 1 57,185 57,160 48,154 48,062 FHLB Borrowings Level 2 128,000 128,441 132,000 131,903 Subordinated debentures Level 2 8,248 8,248 8,248 8,248 Note Payable Level 3 1,846 1,887 1,939 1,904 Accrued interest payable Level 2 592 592 532 532 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 June 30, 2016 and December 31, 2015. The estimated fair value of fee income on letters of credit at June 30, 2016 and December 31, 2015 was also insignificant. |
Note 13 - Recent Accounting Pro
Note 13 - Recent Accounting Pronouncements | 6 Months Ended |
Jun. 30, 2016 | |
Notes to Financial Statements | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | Note 13 : Recent Accounting Pronouncements Recently Issued Accounting Standards Updates ASU 2014-09: Revenue from Contracts with Customers During 2016, the update was further clarified by ASU 2016-08 Revenue from C ontracts with C ustomers : Principle versus Agent Considerations ; Revenue from Contracts with Customers : Identifying Performance Obligations and Licensing Revenue from C ontracts with C ustomers : Narrow-Scope Improvements and Practical Expedients. The Company is currently assessing the impact that this guidance will have on its consolidated financial statements, but does not expect a material impact on its financial condition or results of operations. ASU 2016-01: Financial Instruments - Overall ASU 2016-02 : Leases. ASU 2016-13 Financial Instruments-Credit Losses: Measurement of Credit Losses on Financial Instruments. |
Note 1 - Basis of Financial S21
Note 1 - Basis of Financial Statement Presentation (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Notes Tables | |
Schedule of Change in Accounting Estimate [Table Text Block] | Three Months Ended June 30, 2016 Six Months Ended June 30, 2016 Previously Reported Adjustment Restated Previously Reported Adjustment Restated (in thousands, except shares and per share amounts) Provision for loan losses $ - $ 1,959 $ 1,959 $ - $ 1,959 $ 1,959 Income before income taxes 1,011 (1,959 ) (948 ) 2,082 (1,959 ) 123 (Benefit) expense for income taxes 397 (763 ) (366 ) 815 (763 ) 52 Net income 614 (1,196 ) (582 ) 1,267 (1,196 ) 71 Total comprehensive income (loss) 650 (1,196 ) (546 ) 1,338 (1,196 ) 142 Basic and diluted income per share $ 0.16 $ (0.31 ) $ (0.15 ) $ 0.32 $ (0.30 ) $ 0.02 Consolidated Statement of Cash Flows: Net income N/A N/A N/A 1,267 (1,196 ) 71 Provision for loan losses N/A N/A N/A - 1,959 1,959 Deferred income taxes N/A N/A N/A 646 (762 ) (117 ) As of June 30, 2016 Previously Reported Adjustment Restated Loans receivable, net of allowance for loan losses $ 523,404 $ (1,959 ) $ 521,445 Deferred tax asset 13,073 763 13,836 Total assets 653,055 1,196 651,859 Accumulated deficit (43,565 ) (1,196 ) (44,761 ) Total shareholders' equity 66,110 (1,196 ) 61,914 |
Note 2 - Investment Securities
Note 2 - Investment Securities (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Notes Tables | |
Available-for-sale Securities [Table Text Block] | (in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value June 30, 2016: U. S. Government agency mortgage-backed securities $ 12,170 $ 21 $ (52 ) $ 12,139 Corporate bonds 9,000 - (102 ) 8,898 Subordinated Notes 2,000 - - 2,000 $ 23,170 $ 21 $ (154 ) $ 23,037 December 31, 2015: U. S. Government agency bonds $ 5,000 $ - $ (46 ) $ 4,954 U. S. Government agency mortgage-backed securities 13,625 - (212 ) 13,413 Corporate bonds 9,000 71 (61 ) 9,010 Subordinated Notes 2,000 - - 2,000 $ 29,625 $ 71 $ (319 ) $ 29,377 |
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 June 30, 2016: U. S. Government agency mortgage - backed securities $ - $ - $ 7,136 $ (52 ) $ 7,136 $ (52 ) Corporate bonds 2,985 (15 ) 5,913 (87 ) 8,898 (102 ) Totals $ 2,985 $ (15 ) $ 13,049 $ (139 ) $ 16,034 $ (154 ) December 31, 2015: U. S. Government agency bonds $ 4,954 $ (46 ) $ - $ - $ 4,954 $ (46 ) U. S. Government agency mortgage - backed securities 2,863 (42 ) 10,550 (170 ) 13,413 (212 ) Corporate bonds - - 5,939 (61 ) 5,939 (61 ) Totals $ 7,817 $ (88 ) $ 16,489 $ (231 ) $ 24,306 $ (319 ) |
Investments Classified by Contractual Maturity Date [Table Text Block] | (in thousands) Amortized Cost Fair Value Maturity: Due after five years through ten years $ 11,000 $ 10,898 U.S. Government agency mortgage-backed securities 12,170 12,139 Total $ 23,170 $ 23,037 |
Note 3 - Loans Receivable and23
Note 3 - Loans Receivable and Allowance for Loan Losses (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | Restated (in thousands) June 30, December 31, 2016 2015 Inc (Dec) Inc/(Dec) % Commercial and Industrial $ 71,658 $ 59,752 $ 11,906 19.9 % Commercial Real Estate 270,003 245,828 24,175 9.8 Construction 26,094 15,551 10,543 67.8 Construction to permanent- CRE 4,229 4,880 (651 ) (13.3 ) Residential 104,746 110,837 (6,091 ) (5.5 ) Consumer/Other 51,924 47,521 4,403 9.3 Total Loans 528,654 484,369 44,285 9.1 Allowance for loan losses (7,209 ) (5,242 ) (1,967 ) 37.5 Loans receivable, net $ 521,445 $ 479,127 $ 42,318 8.8 % |
Allowance for Credit Losses on Financing Receivables [Table Text Block] | (in thousands) Restated Restated Three months ended June 30, 2016 Commercial and Industrial Commercial Real Estate Construction Construction to Permanent Residential Consumer/ Other Unallocated Total Allowance for loan losses: Beginning Balance $ 1,083 $ 1,943 $ 650 $ 121 $ 624 $ 609 $ 217 $ 5,247 Charge-offs - - - - - (1 ) - (1 ) Recoveries 3 - - - 1 - - 4 Provision 2,314 352 (481 ) 24 22 (77 ) (195 ) 1,959 Ending Balance $ 3,400 $ 2,295 $ 169 $ 145 $ 647 $ 531 $ 22 $ 7,209 Six months ended June 30, 2016 Allowance for loan losses: Beginning Balance $ 1,027 $ 1,970 $ 486 $ 123 $ 740 $ 677 $ 219 $ 5,242 Charge-offs - - - - (4 ) (2 ) - (6 ) Recoveries 12 - - - 1 1 - 14 Provision 2,361 325 (317 ) 22 (90 ) (145 ) (197 ) 1,959 Ending Balance $ 3,400 $ 2,295 $ 169 $ 145 $ 647 $ 531 $ 22 $ 7,209 Ending balance: individually evaluated for impairment 2,977 - - - - 2 - $ 2,979 Ending balance: collectively evaluated for impairment 423 2,295 169 145 647 529 22 $ 4,230 Total allowance for loan losses $ 3,400 $ 2,295 $ 169 $ 145 $ 647 $ 531 $ 22 $ 7,209 As of June 30, 2016 Total loans ending balance $ 71,658 $ 270,003 $ 26,094 $ 4,229 $ 104,746 $ 51,924 $ - $ 528,654 Ending balance: individually evaluated for impairment $ 3,272 $ 6,526 $ - $ - $ 4,515 $ 546 $ - $ 14,859 Ending balance: collectively evaluated for impairment $ 68,386 $ 263,477 $ 26,094 $ 4,229 $ 100,231 $ 51,378 $ - $ 513,795 (in thousands) Three months ended June 30, 2015 Commercial and Industrial Commercial Real Estate Construction Construction to Permanent Residential Consumer Unallocated Total Allowance for loan losses: Beginning Balance $ 1,297 $ 2,024 $ 222 $ 191 $ 730 $ 711 $ 18 $ 5,193 Charge-offs - - - - - - - - Recoveries 14 - - - - 1 - 15 Provision (329 ) 121 53 (41 ) 102 14 80 - Ending Balance $ 982 $ 2,145 $ 275 $ 150 $ 832 $ 726 $ 98 $ 5,208 Six Months Ended June 30, 2015 Allowance for loan losses: Beginning Balance $ 1,918 $ 1,419 $ 63 $ 215 $ 831 $ 478 $ - $ 4,924 Charge-offs - - - - (3 ) (7 ) - (10 ) Recoveries 30 - - 5 - 9 - 44 Provision (966 ) 726 212 (70 ) 4 246 98 250 Ending Balance $ 982 $ 2,145 $ 275 $ 150 $ 832 $ 726 $ 98 $ 5,208 As of December 31, 2015 Ending balance: individually evaluated for impairment - - - - - 3 - 3 Ending balance: collectively evaluated for impairment 1,027 1,970 486 123 740 674 219 5,239 Total allowance for loan losses $ 1,027 $ 1,970 $ 486 $ 123 $ 740 $ 677 $ 219 $ 5,242 Total loans ending balance $ 59,752 $ 245,828 $ 15,551 $ 4,880 $ 110,837 $ 47,521 $ - $ 484,369 Ending balance: individually evaluated for impairment - 7,745 - - 4,556 550 - 12,851 Ending balance: collectively evaluated for impairment $ 59,752 $ 238,083 $ 15,551 $ 4,880 $ 106,281 $ 46,971 $ - $ 471,518 |
Schedule of Loans and Leases Receivables, Impaired, Additional Income, Non-accrual Status [Table Text Block] | (dollars in thousands) Three months ended June 30, 2016 $ 58 Six months ended June 30, 2016 $ 196 Three months ended June 30, 2015 $ 4 Six months ended June 30, 2015 $ 8 |
Schedule of Financing Receivables, Non Accrual Status [Table Text Block] | (in thousands) 2016 31-60 Days Past Due 61-90 Days Past Due Greater Than 90 Days Total Past Due Current Total Non- Accrual Loans Commercial & Industrial Pass $ - $ - $ - $ - $ - $ - Substandard - - 3,208 3,208 - 3,208 Total Commercial & Industrial $ - $ - $ 3,208 $ 3,208 $ - $ 3,208 Commercial Real Estate Substandard $ - $ - $ - $ - $ - Total Commercial Real Estate $ - $ - $ - $ - $ - $ - Residential Real Estate Substandard $ - $ - $ 1,590 $ 1,590 $ - $ 1,590 Total Residential Real Estate $ - $ - $ 1,590 $ 1,590 $ - $ 1,590 Consumer Substandard $ - $ - $ 2 $ 2 $ - $ 2 Total Consumer $ - $ - $ 2 $ 2 $ - $ 2 Total $ - $ - $ 4,800 $ 4,800 $ - $ 4,800 (in thousands) 2015 31-60 Days Past Due 61-90 Days Past Due Greater Than 90 Days Total Past Due Current Total Non- Accrual Loans Commercial & Industrial Pass $ - $ - $ - $ - $ - $ - Substandard - - - - - - Total Commercial & Industrial $ - $ - $ - $ - $ - $ - Commercial Real Estate Substandard $ - $ - $ - $ - $ - $ - Total Commercial Real Estate $ - $ - $ - $ - $ - $ - Residential Real Estate Substandard $ - $ - $ 1,590 $ 1,590 $ - $ 1,590 Total Residential Real Estate $ - $ - $ 1,590 $ 1,590 $ - $ 1,590 Consumer/ Other Substandard $ - $ - $ 3 $ 3 $ - $ 3 Total Consumer / Other $ - $ - $ 3 $ 3 $ - $ 3 Total $ - $ - $ 1,593 $ 1,593 $ - $ 1,593 |
Schedule of Financing Receivables Performing and Non-Accrual Status [Table Text Block] | (in thousands) Performing (Accruing) Loans 2016 31-60 Days Past Due 61-90 Days Past Due Greater Than 90 Days Total Past Due Current Total Performing Loans Total Non- Accrual Loans Total Loans Commercial & Industrial Pass $ 39 $ - $ - $ 39 $ 68,406 $ 68,445 $ - $ 68,445 Special Mention - - - - - $ - - - Substandard - - - - 5 $ 5 3,208 3,213 Total Commercial & Industrial $ 39 $ - $ - $ 39 $ 68,411 $ 68,450 $ 3,208 $ 71,658 Commercial Real Estate Pass $ 934 $ - $ - $ 934 $ 262,958 $ 263,892 $ - $ 263,892 Special Mention - - - - 5,226 $ 5,226 - 5,226 Substandard - - - - 885 $ 885 - 885 Total Commercial Real Estate $ 934 $ - $ - $ 934 $ 269,069 $ 270,003 $ - $ 270,003 Construction Pass $ - $ - $ - $ - $ 26,094 $ 26,094 $ - $ 26,094 Total Construction $ - $ - $ - $ - $ 26,094 $ 26,094 $ - $ 26,094 Construction to Permanent Pass $ - $ - $ - $ - $ 4,229 $ 4,229 $ - $ 4,229 Total Construction to Permanent $ - $ - $ - $ - $ 4,229 $ 4,229 $ - $ 4,229 Residential Real Estate Pass $ 388 $ 10 $ 1,485 $ 1,883 $ 101,273 $ 103,156 $ - $ 103,156 Substandard - - - - - $ - 1,590 1,590 Total Residential Real Estate $ 388 $ 10 $ 1,485 $ 1,883 $ 101,273 $ 103,156 $ 1,590 $ 104,746 Consumer/ Other Pass $ 402 $ - $ 6 $ 408 $ 51,514 $ 51,922 $ - $ 51,922 Substandard - - - - - $ - 2 $ 2 Total Consumer/ Other $ 402 $ - $ 6 $ 408 $ 51,514 $ 51,922 $ 2 $ 51,924 Total Pass $ 1,763 $ 10 $ 1,491 $ 3,264 $ 514,474 $ 517,738 $ - $ 517,738 Special Mention - - - - 5,226 $ 5,226 - 5,226 Substandard - - - - 890 $ 890 4,800 5,690 Grand Total $ 1,763 $ 10 $ 1,491 $ 3,264 $ 520,590 $ 523,854 $ 4,800 $ 528,654 (in thousands) Performing (Accruing) Loans 2015 31-60 Days Past Due 61-90 Days Past Due Greater Than 90 Days Total Past Due Current Total Performing Loans Total Non- Accrual Loans Total Loans Commercial & Industrial Pass $ 43 $ 605 $ 520 $ 1,168 $ 55,600 $ 56,768 $ - $ 56,768 Special Mention - - - - - - - - Substandard 2,977 - - 2,977 7 2,984 - 2,984 Total Commercial & Industrial $ 3,020 $ 605 $ 520 $ 4,145 $ 55,607 $ 59,752 $ - $ 59,752 Commercial Real Estate Pass $ - $ - $ - $ - $ 237,996 $ 237,996 $ - $ 237,996 Special Mention - - - - 5,322 5,322 - 5,322 Substandard 840 - - 840 1,670 2,510 - 2,510 Total Commercial Real Estate $ 840 $ - $ - $ 840 $ 244,988 $ 245,828 $ - $ 245,828 Construction Pass $ - $ - $ - $ - $ 15,551 $ 15,551 $ - $ 15,551 Total Construction $ - $ - $ - $ - $ 15,551 $ 15,551 $ - $ 15,551 Construction to Permanent Pass $ - $ - $ - $ - $ 4,880 $ 4,880 $ - $ 4,880 Special Mention - - - - - - - - Substandard - - - - - - - - Total Construction to Permanent $ - $ - $ - $ - $ 4,880 $ 4,880 $ - $ 4,880 Residential Real Estate Pass $ 154 $ 87 $ 1,517 $ 1,758 $ 107,489 $ 109,247 $ - $ 109,247 Special Mention - - - - - - - - Substandard - - - - - - 1,590 1,590 Total Residential Real Estate $ 154 $ 87 $ 1,517 $ 1,758 $ 107,489 $ 109,247 $ 1,590 $ 110,837 Consumer/ Other Pass $ 309 $ 2 $ 9 $ 320 $ 47,198 $ 47,518 $ - $ 47,518 Special Mention - - - - - - - - Substandard - - - - - - 3 3 Total Consumer/ Other $ 309 $ 2 $ 9 $ 320 $ 47,198 $ 47,518 $ 3 $ 47,521 Total Pass $ 506 $ 694 $ 2,046 $ 3,246 $ 468,714 $ 471,960 - $ 471,960 Special Mention - - - - 5,322 5,322 - 5,322 Substandard 3,817 - - 3,817 1,677 5,494 1,593 7,087 Grand Total $ 4,323 $ 694 $ 2,046 $ 7,063 $ 475,713 $ 482,776 $ 1,593 $ 484,369 |
Impaired Financing Receivables [Table Text Block] | Restated (in thousands) Recorded Investment Principal Balance Related Allowance With no related allowance recorded: Commercial & Industrial $ 295 $ 327 $ - Commercial Real Estate 6,526 7,031 - Construction - 287 - Residential 4,515 5,518 - Consumer/ Other 544 629 Total: $ 11,880 $ 13,792 $ - With an allowance recorded: Commercial & Industrial $ 2,977 $ 2,977 $ 2,977 Commercial Real Estate - - - Construction - - - Residential - - - Consumer/ Other 2 2 2 Total: $ 2,979 $ 2,979 $ 2,979 Commercial & Industrial $ 3,272 $ 3,304 $ 2,977 Commercial Real Estate 6,526 7,031 - Construction - 287 - Residential 4,515 5,518 - Consumer/ Other 546 631 2 Total: $ 14,859 $ 16,771 $ 2,979 (in thousands) Recorded Investment Principal Balance Related Allowance With no related allowance recorded: Commercial & Industrial $ - $ 96 $ - Commercial Real Estate 7,745 8,259 - Construction - 287 - Construction to Permanent - - - Residential 4,556 5,559 - Consumer/ Other 547 633 - Total: $ 12,848 $ 14,834 $ - With an allowance recorded: Consumer 3 3 3 Total: $ 3 $ 3 $ 3 Commercial & Industrial $ - $ 96 $ - Commercial Real Estate 7,745 8,259 - Construction - 287 - Residential 4,556 5,559 - Consumer/ Other 550 636 3 Total: $ 12,851 $ 14,837 $ 3 |
Impaired Financing Receivables, Additional Information [Table Text Block] | Three Months Ended June 30, 2016 2015 (in thousands) Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized With no related allowance recorded: Commercial & Industrial $ 116 $ - $ - $ - Commercial Real Estate 7,524 79 8,025 94 Residential 4,525 31 3,392 32 Consumer/ Other 545 5 551 5 Total: $ 12,710 $ 115 $ 11,968 $ 131 With an allowance recorded: Commercial & Industrial $ 2,977 $ - $ - $ - Commercial Real Estate - - - - Residential - - - - Consumer/ Other 2 - - - Total: $ 2,979 $ - $ - $ - Commercial & Industrial $ 3,093 $ - $ - $ - Commercial Real Estate 7,524 79 8,025 94 Residential 4,525 31 3,392 32 Consumer/ Other 547 5 551 5 Total: $ 15,688 $ 115 $ 11,968 $ 131 Six Months Ended June 30, 2016 2015 (in thousands) Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized With no related allowance recorded: Commercial & Industrial $ 148 $ - $ 1 $ - Commercial Real Estate 7,597 159 8,160 188 Residential 4,535 62 3,459 63 Consumer/ Other 546 9 552 9 Total: $ 12,826 $ 230 $ 12,172 $ 260 With an allowance recorded: Commercial & Industrial $ 1,914 $ - $ - $ - Commercial Real Estate - - - - Residential - - - - Consumer/ Other 2 - 1 - Total: $ 1,916 $ - $ 1 $ - Commercial & Industrial $ 2,062 $ - $ 1 $ - Commercial Real Estate 7,597 159 8,160 188 Residential 4,535 62 3,459 63 Consumer/ Other 548 9 553 9 Total: $ 14,742 $ 230 $ 12,173 $ 260 |
Note 4 - Other Real Estate Ow24
Note 4 - Other Real Estate Owned (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Notes Tables | |
Other Real Estate, Including Foreclosure Assets, Roll Forward [Table Text Block] | (in thousands) OREO Balance at December 31, 2015 $ - Transfers from loans 840 Gain recognized in acquisition 11 Balance at June 30, 2016 $ 851 |
Note 5 - Deposits (Tables)
Note 5 - Deposits (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Notes Tables | |
Schedule of Deposits [Table Text Block] | (in thousands) June 30, 2016 December 31, 2015 Non-interest bearing $ 75,244 $ 85,065 Interest bearing NOW 28,745 28,684 Savings 124,196 106,291 Money market 18,486 19,522 Time certificates, less than $250,000 125,668 139,455 Time certificates, $250,000 or more 16,812 17,509 Brokered Deposits 57,185 48,154 Total interest bearing 371,092 359,615 Total Deposits $ 446,336 $ 444,680 |
Note 6 - Share-based Compensa26
Note 6 - Share-based Compensation and Employee Benefit Plan (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Notes Tables | |
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block] | Three months ended June 30, 2016: Number of Shares Awarded Weighted Average Grant Date Fair Value Non-vested at March 31, 2016 113,938 $ 14.06 Granted - - Vested (2,526 ) 14.72 Forfeited (4,213 ) 11.31 Non-vested at June 30, 2016 107,199 $ 14.16 Six months ended June 30, 2016: Non-vested at December 31, 2015 55,854 $ 12.83 Granted 58,084 15.25 Vested (2,526 ) 14.72 Forfeited (4,213 ) 11.31 Non-vested at June 30, 2016 107,199 $ 14.16 Three months ended June 30, 2015: Number of Shares Awarded Weighted Average Grant Date Fair Value Non-vested at March 31, 2015 81,923 $ 12.93 Granted - - Vested (225 ) 17.25 Non-vested at June 30, 2015 81,698 $ 12.92 Six months ended June 30, 2015: Non-vested at December 31, 2014 79,208 $ 12.79 Granted 2,940 17.00 Vested (450 ) 17.25 Non-vested at June 30, 2015 81,698 $ 12.92 |
Note 8 - Income Per Share (Tabl
Note 8 - Income Per Share (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Restated Restated Three months ended June 30, 2016 Net Loss Weighted Average Common Shares Outstanding Amount Basic Loss Per Share $ (582,313 ) 3,957,012 $ (0.15 ) Effect of Dilutive Securities Non-vested Restricted Stock Grants N/A N/A N/A Diluted Loss Per Share (582,313 ) 3,957,012 $ (0.15 ) Three months Ended June 30, 2015 Net Income Weighted Average Common Shares Outstanding Amount Basic Income Per Share $ 689,321 3,872,073 $ 0.18 Effect of Dilutive Securities Non-vested Restricted Stock Grants N/A 21,093 N/A Diluted Income Per Share $ 689,321 3,893,166 $ 0.18 Restated Restated Six months ended June 30, 2016 Net Income Weighted Average Common Shares Outstanding Amount Basic Earnings Per Share $ 71,084 3,956,609 $ 0.02 Effect of Dilutive Securities Non-vested Restricted Stock Grants N/A 33,366 N/A Diluted Earnings Per Share 71,084 3,989,975 $ 0.02 Six months Ended June 30, 2015 Net Income Weighted Average Common Shares Outstanding Amount Basic Income Per Share $ 978,134 3,871,960 $ 0.25 Effect of Dilutive Securities Non-vested Restricted Stock Grants N/A 20,992 N/A Diluted Income Per Share $ 978,134 3,892,952 $ 0.25 |
Note 10 - Financial Instrumen28
Note 10 - Financial Instruments with Off-balance Sheet Risk (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Notes Tables | |
Schedule of Commitment to Extended Credit [Table Text Block] | Commitments to extend credit: (in thousands) Future loan commitments $ 15,186 Home equity lines of credit 21,464 Unused lines of credit 22,684 Undisbursed construction loans 20,204 Financial standby letters of credit 1,262 $ 80,800 |
Note 11 - Regulatory and Oper29
Note 11 - Regulatory and Operational Matters (Restated) (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Notes Tables | |
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations [Table Text Block] | Restated Restated Restated Restated Capital Requirements Actual Minimum Minimum with Capital Buffer Well Capitalized (dollars in thousands) Amount Ratio Amount Ratio Amount Ratio Amount Ratio June 30, 2016 The Company: Tier 1 Leverage Capital (to Average Assets) $ 59,154 9.66 % $ 24,491 4.00 % N/A N/A N/A N/A Common Equity Tier 1 Capital (to Risk Weighted Assets) 51,154 9.21 % 24,999 4.50 % N/A N/A N/A N/A Tier 1 Capital (to Risk Weighted Assets) 59,154 10.65 % 33,332 6.00 % N/A N/A N/A N/A Total Capital (to Risk Weighted Assets) 66,101 11.90 % 44,442 8.00 % N/A N/A N/A N/A The Bank: Tier 1 Leverage Capital (to Average Assets) $ 60,201 9.83 % $ 24,504 4.00 % N/A N/A $ 30,630 5.00 % Common Equity Tier 1 Capital (to Risk Weighted Assets) 60,201 10.87 % 24,934 4.50 % 28,397 5.125 % 36,015 6.50 % Tier 1 Capital (to Risk Weighted Assets) 60,201 10.87 % 33,245 6.00 % 36,708 6.625 % 44,327 8.00 % Total Capital (to Risk Weighted Assets) 67,131 12.12 % 44,327 8.00 % 47,790 8.625 % 55,408 10.00 % December 31, 2015 The Company: Total Capital (to Risk Weighted Assets) $ 59,595 9.77 % $ 24,401 4.00 % N/A N/A N/A N/A Common Equity Tier 1 Capital (to Risk Weighted Assets) 51,595 10.04 % 23,119 4.50 % N/A N/A N/A N/A Tier 1 Capital (to Risk Weighted Assets) 59,595 11.60 % 30,826 6.00 % N/A N/A N/A N/A Tier 1 Capital (to Average Assets) 64,845 12.62 % 41,101 8.00 % N/A N/A N/A N/A The Bank: Total Capital (to Risk Weighted Assets) $ 59,958 9.83 % $ 24,393 4.00 % N/A N/A $ 30,491 5.00 % Common Equity Tier 1 Capital (to Risk Weighted Assets) 59,958 11.72 % 23,029 4.50 % N/A N/A 33,265 6.50 % Tier 1 Capital (to Risk Weighted Assets) 59,958 11.72 % 30,706 6.00 % N/A N/A 40,941 8.00 % Tier 1 Capital (to Average Assets) 65,207 12.74 % 40,941 8.00 % N/A N/A 51,177 10.00 % |
Note 12 - Fair Value and Inte30
Note 12 - Fair Value and Interest Rate Risk (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Notes Tables | |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | (in thousands) Quoted Prices in Significant Significant June 30, 2016 Active Markets for Identical Assets (Level 1) Observable Inputs (Level 2) Unobservable Inputs (Level 3) Balance as of June 30, 2016 U.S. Government agency mortgage- backed securities $ - $ 12,139 $ - $ 12,139 Corporate bonds - 8,898 - 8,898 Subordinated Notes - 2,000 - 2,000 Securities available for sale $ - $ 23,037 $ - $ 23,037 December 31, 2015 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Balance as of June 30, 2016 U.S. Government agency bonds $ - $ 4,954 $ - $ 4,954 U.S. Government agency mortgage- backed securities - 13,413 - 13,413 Corporate bonds - 9,010 - 9,010 Subordinated Notes - 2,000 - 2,000 Securities available for sale $ - $ 29,377 $ - $ 29,377 |
Fair Value Measurements, Nonrecurring [Table Text Block] | Restated Restated Asset Description Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Balance June 30, 2016 Impaired loans $ - $ - $ - $ - Other real estate owned $ - $ - $ 851 $ 851 December 31, 2015 Impaired loans $ - $ - $ 363 $ 363 Other real estate owned $ - $ - $ - $ - |
Fair Value Inputs, Assets, Quantitative Information [Table Text Block] | (dollars in thousands) Quantitative Information about Level 3 Fair Value Measurements Restated Valuation Unobservable Range RangeAsset Description Fair Value Technique Input (Weighted Average ) June 30, 2016 Appraised Liquidation Costs (2) 9.6% (9.6%) (3) Other real estate owned $ 851 Value of Property (1) Appraisal Adjustment (2) 13% (13%) (3) December 31, 2015 Impaired loans $ 363 Appraised Value of Collateral (1) Liquidation Costs (2) 8% (8%) (3) |
Fair Value, by Balance Sheet Grouping [Table Text Block] | Restated Restated June 30, 2016 December 31, 2015 (in thousands) Fair Value Hierarchy Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Financial Assets: Cash and noninterest bearing balances due from banks Level 1 $ 2,893 $ 2,893 $ 2,588 $ 2,588 Interest-bearing deposits due from banks Level 1 43,594 43,594 82,812 82,812 Other investments Level 2 4,450 4,450 4,450 4,450 Federal Reserve Bank stock Level 2 2,123 2,123 2,075 2,075 Federal Home Loan Bank stock Level 2 5,859 5,859 6,570 6,570 Loans receivable, net Level 3 521,445 524,635 479,127 478,160 Accrued interest receivable Level 2 2,120 2,120 2,010 2,010 Financial Liabilities: Demand deposits Level 2 $ 75,244 $ 75,244 $ 85,065 $ 85,065 Savings deposits Level 2 124,196 124,196 108,658 108,658 Money market deposits Level 2 18,486 18,486 19,522 19,522 NOW accounts Level 2 28,745 28,745 28,684 28,684 Time deposits Level 2 142,480 122,965 156,964 156,363 Brokered Deposits Level 1 57,185 57,160 48,154 48,062 FHLB Borrowings Level 2 128,000 128,441 132,000 131,903 Subordinated debentures Level 2 8,248 8,248 8,248 8,248 Note Payable Level 3 1,846 1,887 1,939 1,904 Accrued interest payable Level 2 592 592 532 532 |
Note 1 - Basis of Financial S31
Note 1 - Basis of Financial Statement Presentation (Details Textual) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2016USD ($)$ / shares | Jun. 30, 2015USD ($)$ / shares | Jun. 30, 2016USD ($)$ / shares | Jun. 30, 2015USD ($)$ / shares | ||
Scenario, Previously Reported [Member] | |||||
Net Income (Loss) Attributable to Parent | $ 614,000 | $ 1,267,000 | |||
Earnings Per Share, Basic and Diluted | $ / shares | $ 0.16 | $ 0.32 | |||
Provision for Loan Losses Expensed | |||||
Restatement Adjustment [Member] | |||||
Net Income (Loss) Attributable to Parent | $ (1,196,000) | $ (1,196,000) | |||
Earnings Per Share, Basic and Diluted | $ / shares | $ (0.31) | $ (0.30) | |||
Provision for Loan Losses Expensed | $ 1,959,128 | $ 1,959,000 | |||
Net Income (Loss) Attributable to Parent | $ (582,313) | $ 689,321 | $ 71,084 | $ 978,134 | |
Earnings Per Share, Basic and Diluted | $ / shares | [1] | $ (0.15) | $ 0.18 | $ 0.02 | $ 0.25 |
Number of Loans, Change in Loan Loss Reserve | 1 | ||||
Provision for Loan Losses Expensed | $ 1,959,000 | $ 1,959,000 | $ 250,000 | ||
[1] | All common stock data has been restated for a 1-for-10 reverse stock split which took effect on March 4, 2015. |
Note 1 - Restatement of Consoli
Note 1 - Restatement of Consolidated Financial Statements (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Sep. 30, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Scenario, Previously Reported [Member] | ||||||||
Provision for Loan Losses Expensed | ||||||||
Income before income taxes | 1,011,000 | 2,082,000 | ||||||
Income Tax Expense (Benefit) | 397,000 | 815,000 | ||||||
Net Income (Loss) Attributable to Parent | 614,000 | 1,267,000 | ||||||
Total comprehensive income | $ 650,000 | $ 1,338,000 | ||||||
Earnings Per Share, Basic and Diluted | $ 0.16 | $ 0.32 | ||||||
Net income | $ 614,000 | $ 1,267,000 | ||||||
Deferred income taxes | 646,000 | |||||||
Loans receivable, net | 523,404,000 | 523,404,000 | ||||||
Deferred tax asset | 13,073,000 | 13,073,000 | ||||||
Total assets | 653,055,000 | 653,055,000 | ||||||
Accumulated deficit | (43,565,000) | (43,565,000) | ||||||
Total shareholders' equity | 66,110,000 | 66,110,000 | ||||||
Restatement Adjustment [Member] | ||||||||
Provision for Loan Losses Expensed | 1,959,128 | 1,959,000 | ||||||
Income before income taxes | (1,959,000) | (1,959,000) | ||||||
Income Tax Expense (Benefit) | (763,000) | (763,000) | ||||||
Net Income (Loss) Attributable to Parent | (1,196,000) | (1,196,000) | ||||||
Total comprehensive income | $ (1,196,000) | $ (1,196,000) | ||||||
Earnings Per Share, Basic and Diluted | $ (0.31) | $ (0.30) | ||||||
Net income | $ (1,196,000) | $ (1,196,000) | ||||||
Deferred income taxes | (762,000) | |||||||
Loans receivable, net | (1,959,000) | (1,959,000) | ||||||
Deferred tax asset | 763,000 | 763,000 | ||||||
Total assets | 1,196,000 | 1,196,000 | ||||||
Accumulated deficit | (1,196,000) | (1,196,000) | ||||||
Total shareholders' equity | (1,196,000) | (1,196,000) | ||||||
Provision for Loan Losses Expensed | 1,959,000 | 1,959,000 | $ 250,000 | |||||
Income before income taxes | (948,000) | 1,141,000 | 123,000 | 1,631,000 | ||||
Income Tax Expense (Benefit) | (366,000) | 452,000 | 52,000 | 653,000 | ||||
Net Income (Loss) Attributable to Parent | (582,313) | 689,321 | 71,084 | 978,134 | ||||
Total comprehensive income | $ (546,000) | $ 662,000 | $ 142,000 | $ 1,114,000 | ||||
Earnings Per Share, Basic and Diluted | [1] | $ (0.15) | $ 0.18 | $ 0.02 | $ 0.25 | |||
Net income | $ (582,313) | $ 689,321 | $ 71,084 | $ 978,134 | ||||
Deferred income taxes | (117,000) | 619,000 | ||||||
Loans receivable, net | 521,445,000 | 521,445,000 | $ 521,445,000 | $ 479,127,000 | ||||
Deferred tax asset | 13,836,000 | 13,836,000 | 13,836,000 | 13,763,000 | ||||
Total assets | 651,859,000 | 651,859,000 | 651,859,000 | 653,531,000 | ||||
Accumulated deficit | (44,761,000) | (44,761,000) | (44,761,000) | (44,832,000) | ||||
Total shareholders' equity | $ 61,914,000 | $ 60,076,000 | $ 61,914,000 | $ 60,076,000 | $ 61,914,000 | $ 61,464,000 | $ 58,735,000 | |
[1] | All common stock data has been restated for a 1-for-10 reverse stock split which took effect on March 4, 2015. |
Note 2 - Investment Securitie33
Note 2 - Investment Securities (Details Textual) - USD ($) | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | |
Municipal Deposits Securities [Member] | |||
Available-for-sale Securities Pledged as Collateral | $ 4,900,000 | $ 5,500,000 | |
Other than Temporary Impairment Losses, Investments, Available-for-sale Securities | 0 | ||
Proceeds from Sale of Available-for-sale Securities | $ 0 | $ 0 | |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | 6 | 9 | |
Unrealized Holding Losses Depreciation Percentage from Amortized Cost | 0.70% | 1.30% |
Note 2 - Investment Securitie34
Note 2 - Investment Securities (Details) - USD ($) | Sep. 30, 2016 | Jun. 30, 2016 | Dec. 31, 2015 |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | |||
Available-for-sale securities, amortized cost | $ 12,170,000 | $ 13,625,000 | |
Available-for-sale securities, gross unrealized losses | 21,000 | ||
Available-for-sale securities, gross unrealized gains | (52,000) | (212,000) | |
Available-for-sale securities | 12,139,000 | 13,413,000 | |
Corporate Debt Securities [Member] | |||
Available-for-sale securities, amortized cost | 9,000,000 | 9,000,000 | |
Available-for-sale securities, gross unrealized losses | 71,000 | ||
Available-for-sale securities, gross unrealized gains | (102,000) | (61,000) | |
Available-for-sale securities | 8,898,000 | 9,010,000 | |
Subordinated Notes [Member] | |||
Available-for-sale securities, amortized cost | 2,000,000 | 2,000,000 | |
Available-for-sale securities, gross unrealized losses | |||
Available-for-sale securities, gross unrealized gains | |||
Available-for-sale securities | 2,000,000 | 2,000,000 | |
US Government Agencies Debt Securities [Member] | |||
Available-for-sale securities, amortized cost | 5,000,000 | ||
Available-for-sale securities, gross unrealized losses | |||
Available-for-sale securities, gross unrealized gains | (46,000) | ||
Available-for-sale securities | 4,954,000 | ||
Available-for-sale securities, amortized cost | 23,170,000 | 29,625,000 | |
Available-for-sale securities, gross unrealized losses | 21,000 | 71,000 | |
Available-for-sale securities, gross unrealized gains | (154,000) | (319,000) | |
Available-for-sale securities | $ 23,037,000 | $ 23,037,000 | $ 29,377,000 |
Note 2 - Investment Securitie35
Note 2 - Investment Securities in a Continuous Loss Position (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Available-for-sale securities in continuous loss position, less than 12 months, fair value | $ 2,863 | |
Available-for-sale securities in continuous loss position, less than 12 months, unrealized loss | (42) | |
Available-for-sale securities in continuous loss position, 12 months or more, fair value | 7,136 | 10,550 |
Available-for-sale securities in continuous loss position, 12 months or more, unrealized loss | (52) | (170) |
Available-for-sale securities in continuous loss position, fair value | 7,136 | 13,413 |
Available-for-sale securities in continuous loss position, unrealized loss | (52) | (212) |
Corporate Debt Securities [Member] | ||
Available-for-sale securities in continuous loss position, less than 12 months, fair value | 2,985 | |
Available-for-sale securities in continuous loss position, less than 12 months, unrealized loss | (15) | |
Available-for-sale securities in continuous loss position, 12 months or more, fair value | 5,913 | 5,939 |
Available-for-sale securities in continuous loss position, 12 months or more, unrealized loss | (87) | (61) |
Available-for-sale securities in continuous loss position, fair value | 8,898 | 5,939 |
Available-for-sale securities in continuous loss position, unrealized loss | (102) | (61) |
US Government Agencies Debt Securities [Member] | ||
Available-for-sale securities in continuous loss position, less than 12 months, fair value | 4,954 | |
Available-for-sale securities in continuous loss position, less than 12 months, unrealized loss | (46) | |
Available-for-sale securities in continuous loss position, 12 months or more, fair value | ||
Available-for-sale securities in continuous loss position, 12 months or more, unrealized loss | ||
Available-for-sale securities in continuous loss position, fair value | 4,954 | |
Available-for-sale securities in continuous loss position, unrealized loss | (46) | |
Available-for-sale securities in continuous loss position, less than 12 months, fair value | 2,985 | 7,817 |
Available-for-sale securities in continuous loss position, less than 12 months, unrealized loss | (15) | (88) |
Available-for-sale securities in continuous loss position, 12 months or more, fair value | 13,049 | 16,489 |
Available-for-sale securities in continuous loss position, 12 months or more, unrealized loss | (139) | (231) |
Available-for-sale securities in continuous loss position, fair value | 16,034 | 24,306 |
Available-for-sale securities in continuous loss position, unrealized loss | $ (154) | $ (319) |
Note 2 - Investment Debt Securi
Note 2 - Investment Debt Securities by Contractual Maturity (Details) - USD ($) | Sep. 30, 2016 | Jun. 30, 2016 | Dec. 31, 2015 |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | |||
U.S. Government agency mortgage-backed securities, amortized cost | $ 12,170,000 | ||
U.S. Government agency mortgage-backed securities, fair value | 12,139,000 | ||
Available-for-sale securities, amortized cost | 12,170,000 | $ 13,625,000 | |
Available-for-sale securities | 12,139,000 | 13,413,000 | |
Due after five years through ten years, amortized cost | 11,000,000 | ||
Due after five years through ten years, fair value | 10,898,000 | ||
Available-for-sale securities, amortized cost | 23,170,000 | 29,625,000 | |
Available-for-sale securities | $ 23,037,000 | $ 23,037,000 | $ 29,377,000 |
Note 3 - Loans Receivable and37
Note 3 - Loans Receivable and Allowance for Loan Losses (Details Textual) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2016USD ($) | Jun. 30, 2015USD ($) | Jun. 30, 2016USD ($) | Jun. 30, 2015USD ($) | Dec. 31, 2015USD ($) | |
Residential Portfolio Segment [Member] | Reclassified from Commercial and Industrial Portfolio Segment [Member] | |||||
Loans and Leases Receivable, Gross | $ 28,200,000 | ||||
Residential Portfolio Segment [Member] | |||||
Loans and Leases Receivable, Gross | $ 104,746,000 | $ 104,746,000 | 110,837,000 | ||
Impaired Financing Receivable, Unpaid Principal Balance | 5,518,000 | 5,518,000 | 5,559,000 | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 1,590,000 | 1,590,000 | 1,590,000 | ||
Impaired Financing Receivable, Related Allowance | |||||
Impaired Financing Receivable, Recorded Investment | 4,515,000 | 4,515,000 | 4,556,000 | ||
Commercial Real Estate Portfolio Segment [Member] | |||||
Loans and Leases Receivable, Gross | 270,003,000 | $ 270,003,000 | 245,828,000 | ||
Maximum Percentage of Credit Extension Based on Market Value of Collateral | 75.00% | ||||
Impaired Financing Receivable, Unpaid Principal Balance | 7,031,000 | $ 7,031,000 | 8,259,000 | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | |||||
Impaired Financing Receivable, Related Allowance | |||||
Impaired Financing Receivable, Recorded Investment | 6,526,000 | $ 6,526,000 | 7,745,000 | ||
Multi-family Real Estate [Member] | |||||
Maximum Percentage of Credit Extension Based on Market Value of Collateral | 80.00% | ||||
Construction Portfolio Segment [Member] | |||||
Loans and Leases Receivable, Gross | 26,094,000 | $ 26,094,000 | 15,551,000 | ||
Percentage of Maximum Loan to Value | 75.00% | ||||
Impaired Financing Receivable, Unpaid Principal Balance | 287,000 | $ 287,000 | 287,000 | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | |||||
Impaired Financing Receivable, Related Allowance | |||||
Impaired Financing Receivable, Recorded Investment | |||||
Non-Accrual Loans [Member] | |||||
Impaired Financing Receivable, Unpaid Principal Balance | 4,800,000 | 4,800,000 | 1,600,000 | ||
Financing Receivable, Allowance for Credit Losses | 3,000,000 | 3,000,000 | 3,000 | ||
Impaired Financing Receivable, Related Allowance | 1,020,000 | 1,020,000 | |||
Loans and Leases Receivable, Gross | 528,654,000 | 528,654,000 | 484,369,000 | ||
Unamortized Loan Commitment and Origination Fees and Unamortized Discounts or Premiums | 800,000 | 800,000 | 900,000 | ||
Loans and Leases Receivable, Deferred Income | 300,000 | $ 300,000 | 300,000 | ||
Maximum Period of Credit Extension of Construction Loans | 1 year 180 days | ||||
Period for Charged Off of Open-End Credits | 180 days | ||||
Period for Charged Off of Close-End Credits | 120 days | ||||
Impaired Financing Receivable, Unpaid Principal Balance | 16,771,000 | $ 16,771,000 | 14,837,000 | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 4,800,000 | 4,800,000 | 1,593,000 | ||
Financing Receivable, Recorded Investment, Nonaccrual Status, Increase (Decrease) | 3,200,000 | ||||
Impaired Financing Receivable, Related Allowance | 2,979,000 | 2,979,000 | 3,000 | ||
Provision for Loan Losses Expensed | 1,959,000 | 1,959,000 | $ 250,000 | ||
Potential Insurance Recovery on Loan, Limit of Liability | 5,000,000 | 5,000,000 | |||
Potential Insurance Recovery, Deductible | $ 50,000 | $ 50,000 | |||
Maximum Period for Charged Off of Consumer Installment Loans | 90 days | ||||
Number of Non-Accruing Loans | 5 | 5 | |||
Impaired Financing Receivable, Recorded Investment | $ 14,859,000 | $ 14,859,000 | 12,851,000 | ||
Financing Receivable, Modifications, Number of Contracts | 0 | 0 | |||
Loans and Leases Receivable, Impaired, Commitment to Lend | $ 0 | $ 0 | $ 0 |
Note 3 - Company Loan Portfolio
Note 3 - Company Loan Portfolio (Details) - USD ($) | 6 Months Ended | ||||||
Jun. 30, 2016 | Sep. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | |
Commercial Portfolio Segment [Member] | |||||||
Loans and Leases Receivable, Gross | $ 71,658,000 | $ 59,752,000 | |||||
Loans increase (decrease) | $ 11,906,000 | ||||||
Loans increase (decrease) | 19.90% | ||||||
Allowance for loan losses | $ (3,400,000) | $ (1,083,000) | (1,027,000) | $ (982,000) | $ (1,297,000) | $ (1,918,000) | |
Commercial Real Estate Portfolio Segment [Member] | |||||||
Loans and Leases Receivable, Gross | 270,003,000 | 245,828,000 | |||||
Loans increase (decrease) | $ 24,175,000 | ||||||
Loans increase (decrease) | 9.80% | ||||||
Allowance for loan losses | $ (2,295,000) | (1,943,000) | (1,970,000) | (2,145,000) | (2,024,000) | (1,419,000) | |
Construction Portfolio Segment [Member] | |||||||
Loans and Leases Receivable, Gross | 26,094,000 | 15,551,000 | |||||
Loans increase (decrease) | $ 10,543,000 | ||||||
Loans increase (decrease) | 67.80% | ||||||
Allowance for loan losses | $ (169,000) | (650,000) | (486,000) | (275,000) | (222,000) | (63,000) | |
Construction to Permanent Portfolio Segment [Member] | |||||||
Loans and Leases Receivable, Gross | 4,229,000 | 4,880,000 | |||||
Loans increase (decrease) | $ (651,000) | ||||||
Loans increase (decrease) | (13.30%) | ||||||
Allowance for loan losses | $ (145,000) | (121,000) | (123,000) | (150,000) | (191,000) | (215,000) | |
Residential Portfolio Segment [Member] | |||||||
Loans and Leases Receivable, Gross | 104,746,000 | 110,837,000 | |||||
Loans increase (decrease) | $ (6,091,000) | ||||||
Loans increase (decrease) | (5.50%) | ||||||
Allowance for loan losses | $ (647,000) | (624,000) | (740,000) | (832,000) | (730,000) | (831,000) | |
Consumer Portfolio Segment [Member] | |||||||
Loans and Leases Receivable, Gross | 51,924,000 | 47,521,000 | |||||
Loans increase (decrease) | $ 4,403,000 | ||||||
Loans increase (decrease) | 9.30% | ||||||
Allowance for loan losses | $ (531,000) | (609,000) | (677,000) | (726,000) | (711,000) | (478,000) | |
Loans and Leases Receivable, Gross | 528,654,000 | 484,369,000 | |||||
Loans increase (decrease) | $ 44,285,000 | ||||||
Loans increase (decrease) | 9.10% | ||||||
Allowance for loan losses | $ (7,209,000) | $ (5,247,000) | (5,242,000) | $ (5,208,000) | $ (5,193,000) | $ (4,924,000) | |
Allowance for loan losses increase (decrease) | $ (1,967,000) | ||||||
Allowance for loan losses increase (decrease) | 37.50% | ||||||
Loans receivable, net | $ 521,445,000 | $ 521,445,000 | $ 479,127,000 | ||||
Loans receivable, net increase (decrease) | $ 42,318,000 | ||||||
Loans receivable, net increase (decrease) | 8.80% |
Note 3 - Allowance for Loan Los
Note 3 - Allowance for Loan Losses to Loan Portfolio Segment (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Dec. 31, 2015 | |
Commercial Portfolio Segment [Member] | ||||||
Beginning Balance | $ 1,083,000 | $ 1,297,000 | $ 1,027,000 | $ 1,918,000 | ||
Charge-offs | 0 | 0 | ||||
Recoveries | 3,000 | 14,000 | 12,000 | 30,000 | ||
Provision | 2,314,000 | (329,000) | 2,361,000 | (966,000) | ||
Ending Balance | 3,400,000 | 982,000 | 3,400,000 | 982,000 | ||
Ending balance: individually evaluated for impairment | $ 2,977,000 | |||||
Ending balance: collectively evaluated for impairment | 423,000 | $ 1,027,000 | ||||
Total allowance for loan losses | 1,083,000 | 1,297,000 | 3,400,000 | 982,000 | 3,400,000 | 1,027,000 |
Loans and Leases Receivable, Gross | 71,658,000 | 59,752,000 | ||||
Ending balance: individually evaluated for impairment | 3,272,000 | |||||
Ending balance: collectively evaluated for impairment | 68,386,000 | 59,752,000 | ||||
Commercial Real Estate Portfolio Segment [Member] | ||||||
Beginning Balance | 1,943,000 | 2,024,000 | 1,970,000 | 1,419,000 | ||
Charge-offs | 0 | 0 | ||||
Recoveries | 0 | 0 | ||||
Provision | 352,000 | 121,000 | 325,000 | 726,000 | ||
Ending Balance | 2,295,000 | 2,145,000 | 2,295,000 | 2,145,000 | ||
Ending balance: individually evaluated for impairment | 0 | |||||
Ending balance: collectively evaluated for impairment | 2,295,000 | 1,970,000 | ||||
Total allowance for loan losses | 1,943,000 | 2,024,000 | 2,295,000 | 2,145,000 | 2,295,000 | 1,970,000 |
Loans and Leases Receivable, Gross | 270,003,000 | 245,828,000 | ||||
Ending balance: individually evaluated for impairment | 6,526,000 | 7,745,000 | ||||
Ending balance: collectively evaluated for impairment | 263,477,000 | 238,083,000 | ||||
Construction Portfolio Segment [Member] | ||||||
Beginning Balance | 650,000 | 222,000 | 486,000 | 63,000 | ||
Charge-offs | 0 | 0 | ||||
Recoveries | 0 | 0 | ||||
Provision | (481,000) | 53,000 | (317,000) | 212,000 | ||
Ending Balance | 169,000 | 275,000 | 169,000 | 275,000 | ||
Ending balance: individually evaluated for impairment | 0 | |||||
Ending balance: collectively evaluated for impairment | 169,000 | 486,000 | ||||
Total allowance for loan losses | 650,000 | 222,000 | 169,000 | 275,000 | 169,000 | 486,000 |
Loans and Leases Receivable, Gross | 26,094,000 | 15,551,000 | ||||
Ending balance: individually evaluated for impairment | 0 | |||||
Ending balance: collectively evaluated for impairment | 26,094,000 | 15,551,000 | ||||
Construction to Permanent Portfolio Segment [Member] | ||||||
Beginning Balance | 121,000 | 191,000 | 123,000 | 215,000 | ||
Charge-offs | 0 | 0 | ||||
Recoveries | 0 | 0 | 5,000 | |||
Provision | 24,000 | (41,000) | 22,000 | (70,000) | ||
Ending Balance | 145,000 | 150,000 | 145,000 | 150,000 | ||
Ending balance: individually evaluated for impairment | 0 | |||||
Ending balance: collectively evaluated for impairment | 145,000 | 123,000 | ||||
Total allowance for loan losses | 121,000 | 191,000 | 145,000 | 150,000 | 145,000 | 123,000 |
Loans and Leases Receivable, Gross | 4,229,000 | 4,880,000 | ||||
Ending balance: individually evaluated for impairment | 0 | |||||
Ending balance: collectively evaluated for impairment | 4,229,000 | 4,880,000 | ||||
Residential Portfolio Segment [Member] | ||||||
Beginning Balance | 624,000 | 730,000 | 740,000 | 831,000 | ||
Charge-offs | 0 | (4,000) | (3,000) | |||
Recoveries | 1,000 | 1,000 | ||||
Provision | 22,000 | 102,000 | (90,000) | 4,000 | ||
Ending Balance | 647,000 | 832,000 | 647,000 | 832,000 | ||
Ending balance: individually evaluated for impairment | 0 | |||||
Ending balance: collectively evaluated for impairment | 647,000 | 740,000 | ||||
Total allowance for loan losses | 624,000 | 730,000 | 647,000 | 832,000 | 647,000 | 740,000 |
Loans and Leases Receivable, Gross | 104,746,000 | 110,837,000 | ||||
Ending balance: individually evaluated for impairment | 4,515,000 | 4,556,000 | ||||
Ending balance: collectively evaluated for impairment | 100,231,000 | 106,281,000 | ||||
Consumer Portfolio Segment [Member] | ||||||
Beginning Balance | 609,000 | 711,000 | 677,000 | 478,000 | ||
Charge-offs | (1,000) | (2,000) | (7,000) | |||
Recoveries | 0 | 1,000 | 1,000 | 9,000 | ||
Provision | (77,000) | 14,000 | (145,000) | 246,000 | ||
Ending Balance | 531,000 | 726,000 | 531,000 | 726,000 | ||
Ending balance: individually evaluated for impairment | 2,000 | 3,000 | ||||
Ending balance: collectively evaluated for impairment | 529,000 | 674,000 | ||||
Total allowance for loan losses | 609,000 | 711,000 | 531,000 | 726,000 | 531,000 | 677,000 |
Loans and Leases Receivable, Gross | 51,924,000 | 47,521,000 | ||||
Ending balance: individually evaluated for impairment | 546,000 | 550,000 | ||||
Ending balance: collectively evaluated for impairment | 51,378,000 | 46,971,000 | ||||
Unallocated Financing Receivables [Member] | ||||||
Beginning Balance | 217,000 | 18,000 | 219,000 | |||
Charge-offs | 0 | 0 | ||||
Recoveries | 0 | 0 | ||||
Provision | (195,000) | 80,000 | (197,000) | 98,000 | ||
Ending Balance | 22,000 | 98,000 | 22,000 | 98,000 | ||
Ending balance: individually evaluated for impairment | 0 | |||||
Ending balance: collectively evaluated for impairment | 22,000 | 219,000 | ||||
Total allowance for loan losses | 217,000 | 18,000 | 22,000 | 98,000 | 22,000 | 219,000 |
Loans and Leases Receivable, Gross | 0 | |||||
Ending balance: individually evaluated for impairment | 0 | |||||
Ending balance: collectively evaluated for impairment | 0 | |||||
Beginning Balance | 5,247,000 | 5,193,000 | 5,242,000 | 4,924,000 | ||
Charge-offs | (1,000) | (6,000) | (10,000) | |||
Recoveries | 4,000 | 15,000 | 14,000 | 44,000 | ||
Provision | 1,959,000 | 1,959,000 | 250,000 | |||
Ending Balance | 7,209,000 | 5,208,000 | 7,209,000 | 5,208,000 | ||
Ending balance: individually evaluated for impairment | 2,979,000 | 3,000 | ||||
Ending balance: collectively evaluated for impairment | 4,230,000 | 5,239,000 | ||||
Total allowance for loan losses | $ 7,209,000 | $ 5,193,000 | $ 7,209,000 | $ 5,208,000 | 7,209,000 | 5,242,000 |
Loans and Leases Receivable, Gross | 528,654,000 | 484,369,000 | ||||
Ending balance: individually evaluated for impairment | 14,859,000 | 12,851,000 | ||||
Ending balance: collectively evaluated for impairment | $ 513,795,000 | $ 471,518,000 |
Note 3 - Non-accrual Loans Addi
Note 3 - Non-accrual Loans Additional Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Additional Income | $ 58 | $ 4 | $ 196 | $ 8 |
Note 3 - Delinquency Status of
Note 3 - Delinquency Status of Non-accrual Loans and Past Due Matured Loans (Details) - USD ($) | Jun. 30, 2016 | Dec. 31, 2015 |
Pass [Member] | Commercial Portfolio Segment [Member] | Non-Accrual Loans [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | ||
Pass [Member] | Commercial Portfolio Segment [Member] | Non-Accrual Loans [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | ||
Pass [Member] | Commercial Portfolio Segment [Member] | Non-Accrual Loans [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | ||
Pass [Member] | Commercial Portfolio Segment [Member] | Non-Accrual Loans [Member] | ||
Non accrual loans current | ||
Pass [Member] | Commercial Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | ||
Pass [Member] | Commercial Real Estate Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | ||
Pass [Member] | Residential Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | ||
Pass [Member] | Consumer Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | ||
Pass [Member] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | ||
Substandard [Member] | Commercial Portfolio Segment [Member] | Non-Accrual Loans [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | ||
Substandard [Member] | Commercial Portfolio Segment [Member] | Non-Accrual Loans [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | ||
Substandard [Member] | Commercial Portfolio Segment [Member] | Non-Accrual Loans [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 3,208,000 | |
Substandard [Member] | Commercial Portfolio Segment [Member] | Non-Accrual Loans [Member] | ||
Non accrual loans current | ||
Non accrual loans past due | 3,208,000 | |
Substandard [Member] | Commercial Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 3,208,000 | |
Substandard [Member] | Commercial Real Estate Portfolio Segment [Member] | Non-Accrual Loans [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | ||
Substandard [Member] | Commercial Real Estate Portfolio Segment [Member] | Non-Accrual Loans [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | ||
Substandard [Member] | Commercial Real Estate Portfolio Segment [Member] | Non-Accrual Loans [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | ||
Substandard [Member] | Commercial Real Estate Portfolio Segment [Member] | Non-Accrual Loans [Member] | ||
Non accrual loans current | ||
Non accrual loans past due | ||
Substandard [Member] | Commercial Real Estate Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | ||
Substandard [Member] | Residential Portfolio Segment [Member] | Non-Accrual Loans [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | ||
Substandard [Member] | Residential Portfolio Segment [Member] | Non-Accrual Loans [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | ||
Substandard [Member] | Residential Portfolio Segment [Member] | Non-Accrual Loans [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 1,590,000 | 1,590,000 |
Substandard [Member] | Residential Portfolio Segment [Member] | Non-Accrual Loans [Member] | ||
Non accrual loans current | ||
Non accrual loans past due | 1,590,000 | 1,590,000 |
Substandard [Member] | Residential Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 1,590,000 | 1,590,000 |
Substandard [Member] | Consumer Portfolio Segment [Member] | Non-Accrual Loans [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | ||
Substandard [Member] | Consumer Portfolio Segment [Member] | Non-Accrual Loans [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | ||
Substandard [Member] | Consumer Portfolio Segment [Member] | Non-Accrual Loans [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 2,000 | 3,000 |
Substandard [Member] | Consumer Portfolio Segment [Member] | Non-Accrual Loans [Member] | ||
Non accrual loans current | ||
Non accrual loans past due | 2,000 | 3,000 |
Substandard [Member] | Consumer Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 2,000 | 3,000 |
Substandard [Member] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 4,800,000 | 1,593,000 |
Commercial Portfolio Segment [Member] | Non-Accrual Loans [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | ||
Commercial Portfolio Segment [Member] | Non-Accrual Loans [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | ||
Commercial Portfolio Segment [Member] | Non-Accrual Loans [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 3,208,000 | |
Commercial Portfolio Segment [Member] | Non-Accrual Loans [Member] | ||
Non accrual loans current | ||
Non accrual loans past due | 3,208,000 | |
Commercial Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 3,208,000 | |
Commercial Real Estate Portfolio Segment [Member] | Non-Accrual Loans [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | ||
Commercial Real Estate Portfolio Segment [Member] | Non-Accrual Loans [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | ||
Commercial Real Estate Portfolio Segment [Member] | Non-Accrual Loans [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | ||
Commercial Real Estate Portfolio Segment [Member] | Non-Accrual Loans [Member] | ||
Non accrual loans current | ||
Non accrual loans past due | ||
Commercial Real Estate Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | ||
Residential Portfolio Segment [Member] | Non-Accrual Loans [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | ||
Residential Portfolio Segment [Member] | Non-Accrual Loans [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | ||
Residential Portfolio Segment [Member] | Non-Accrual Loans [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 1,590,000 | 1,590,000 |
Residential Portfolio Segment [Member] | Non-Accrual Loans [Member] | ||
Non accrual loans current | ||
Non accrual loans past due | 1,590,000 | 1,590,000 |
Residential Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 1,590,000 | 1,590,000 |
Consumer Portfolio Segment [Member] | Non-Accrual Loans [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | ||
Consumer Portfolio Segment [Member] | Non-Accrual Loans [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | ||
Consumer Portfolio Segment [Member] | Non-Accrual Loans [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 2,000 | 3,000 |
Consumer Portfolio Segment [Member] | Non-Accrual Loans [Member] | ||
Non accrual loans current | ||
Non accrual loans past due | 2,000 | 3,000 |
Consumer Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 2,000 | 3,000 |
Non-Accrual Loans [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | ||
Non-Accrual Loans [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | ||
Non-Accrual Loans [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 4,800,000 | 1,593,000 |
Non-Accrual Loans [Member] | ||
Non accrual loans current | ||
Non accrual loans past due | 4,800,000 | 1,593,000 |
Financing Receivable, Recorded Investment, Nonaccrual Status | $ 4,800,000 | $ 1,593,000 |
Note 3 - Delinquency Status o42
Note 3 - Delinquency Status of Performing (Accruing) Loans (Details) - USD ($) | Jun. 30, 2016 | Dec. 31, 2015 |
Pass [Member] | Commercial Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | Performing Financial Instruments [Member] | ||
Non accrual loans past due | $ 39,000 | $ 43,000 |
Pass [Member] | Commercial Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | Performing Financial Instruments [Member] | ||
Non accrual loans past due | 0 | 605,000 |
Pass [Member] | Commercial Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Performing Financial Instruments [Member] | ||
Non accrual loans past due | 0 | 520,000 |
Pass [Member] | Commercial Portfolio Segment [Member] | Performing Financial Instruments [Member] | ||
Non accrual loans past due | 39,000 | 1,168,000 |
Non accrual loans current | 68,406,000 | 55,600,000 |
Loans and Leases Receivable, Gross | 68,445,000 | 56,768,000 |
Pass [Member] | Commercial Portfolio Segment [Member] | ||
Loans and Leases Receivable, Gross | 68,445,000 | 56,768,000 |
Financing Receivable, Recorded Investment, Nonaccrual Status | ||
Pass [Member] | Commercial Real Estate Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | Performing Financial Instruments [Member] | ||
Non accrual loans past due | 934,000 | 0 |
Pass [Member] | Commercial Real Estate Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | Performing Financial Instruments [Member] | ||
Non accrual loans past due | 0 | 0 |
Pass [Member] | Commercial Real Estate Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Performing Financial Instruments [Member] | ||
Non accrual loans past due | 0 | 0 |
Pass [Member] | Commercial Real Estate Portfolio Segment [Member] | Performing Financial Instruments [Member] | ||
Non accrual loans past due | 934,000 | 0 |
Non accrual loans current | 262,958,000 | 237,996,000 |
Loans and Leases Receivable, Gross | 263,892,000 | 237,996,000 |
Pass [Member] | Commercial Real Estate Portfolio Segment [Member] | ||
Loans and Leases Receivable, Gross | 263,892,000 | 237,996,000 |
Financing Receivable, Recorded Investment, Nonaccrual Status | ||
Pass [Member] | Construction Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | Performing Financial Instruments [Member] | ||
Non accrual loans past due | 0 | 0 |
Pass [Member] | Construction Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | Performing Financial Instruments [Member] | ||
Non accrual loans past due | 0 | 0 |
Pass [Member] | Construction Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Performing Financial Instruments [Member] | ||
Non accrual loans past due | 0 | 0 |
Pass [Member] | Construction Portfolio Segment [Member] | Performing Financial Instruments [Member] | ||
Non accrual loans past due | 0 | 0 |
Non accrual loans current | 26,094,000 | 15,551,000 |
Loans and Leases Receivable, Gross | 26,094,000 | 15,551,000 |
Pass [Member] | Construction Portfolio Segment [Member] | ||
Loans and Leases Receivable, Gross | 26,094,000 | 15,551,000 |
Financing Receivable, Recorded Investment, Nonaccrual Status | ||
Pass [Member] | Construction to Permanent Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | Performing Financial Instruments [Member] | ||
Non accrual loans past due | ||
Pass [Member] | Construction to Permanent Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | Performing Financial Instruments [Member] | ||
Non accrual loans past due | ||
Pass [Member] | Construction to Permanent Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Performing Financial Instruments [Member] | ||
Non accrual loans past due | ||
Pass [Member] | Construction to Permanent Portfolio Segment [Member] | Performing Financial Instruments [Member] | ||
Non accrual loans past due | ||
Non accrual loans current | 4,229,000 | 4,880,000 |
Loans and Leases Receivable, Gross | 4,229,000 | 4,880,000 |
Pass [Member] | Construction to Permanent Portfolio Segment [Member] | ||
Loans and Leases Receivable, Gross | 4,229,000 | 4,880,000 |
Financing Receivable, Recorded Investment, Nonaccrual Status | ||
Pass [Member] | Residential Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | Performing Financial Instruments [Member] | ||
Non accrual loans past due | 388,000 | 154,000 |
Pass [Member] | Residential Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | Performing Financial Instruments [Member] | ||
Non accrual loans past due | 10,000 | 87,000 |
Pass [Member] | Residential Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Performing Financial Instruments [Member] | ||
Non accrual loans past due | 1,485,000 | 1,517,000 |
Pass [Member] | Residential Portfolio Segment [Member] | Performing Financial Instruments [Member] | ||
Non accrual loans past due | 1,883,000 | 1,758,000 |
Non accrual loans current | 101,273,000 | 107,489,000 |
Loans and Leases Receivable, Gross | 103,156,000 | 109,247,000 |
Pass [Member] | Residential Portfolio Segment [Member] | ||
Loans and Leases Receivable, Gross | 103,156,000 | 109,247,000 |
Financing Receivable, Recorded Investment, Nonaccrual Status | ||
Pass [Member] | Consumer Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | Performing Financial Instruments [Member] | ||
Non accrual loans past due | 402,000 | 309,000 |
Pass [Member] | Consumer Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | Performing Financial Instruments [Member] | ||
Non accrual loans past due | 2,000 | |
Pass [Member] | Consumer Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Performing Financial Instruments [Member] | ||
Non accrual loans past due | 6,000 | 9,000 |
Pass [Member] | Consumer Portfolio Segment [Member] | Performing Financial Instruments [Member] | ||
Non accrual loans past due | 408,000 | 320,000 |
Non accrual loans current | 51,514,000 | 47,198,000 |
Loans and Leases Receivable, Gross | 51,922,000 | 47,518,000 |
Pass [Member] | Consumer Portfolio Segment [Member] | ||
Loans and Leases Receivable, Gross | 51,922,000 | 47,518,000 |
Financing Receivable, Recorded Investment, Nonaccrual Status | ||
Pass [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | Performing Financial Instruments [Member] | ||
Non accrual loans past due | 1,763,000 | 506,000 |
Pass [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | Performing Financial Instruments [Member] | ||
Non accrual loans past due | 10,000 | 694,000 |
Pass [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Performing Financial Instruments [Member] | ||
Non accrual loans past due | 1,491,000 | 2,046,000 |
Pass [Member] | Performing Financial Instruments [Member] | ||
Non accrual loans past due | 3,264,000 | 3,246,000 |
Non accrual loans current | 514,474,000 | 468,714,000 |
Loans and Leases Receivable, Gross | 517,738,000 | 471,960,000 |
Pass [Member] | ||
Loans and Leases Receivable, Gross | 517,738,000 | 471,960,000 |
Financing Receivable, Recorded Investment, Nonaccrual Status | ||
Special Mention [Member] | Commercial Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | Performing Financial Instruments [Member] | ||
Non accrual loans past due | 0 | 0 |
Special Mention [Member] | Commercial Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | Performing Financial Instruments [Member] | ||
Non accrual loans past due | 0 | 0 |
Special Mention [Member] | Commercial Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Performing Financial Instruments [Member] | ||
Non accrual loans past due | 0 | 0 |
Special Mention [Member] | Commercial Portfolio Segment [Member] | Performing Financial Instruments [Member] | ||
Non accrual loans past due | 0 | 0 |
Non accrual loans current | ||
Loans and Leases Receivable, Gross | ||
Special Mention [Member] | Commercial Portfolio Segment [Member] | ||
Loans and Leases Receivable, Gross | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | ||
Special Mention [Member] | Commercial Real Estate Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | Performing Financial Instruments [Member] | ||
Non accrual loans past due | 0 | 0 |
Special Mention [Member] | Commercial Real Estate Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | Performing Financial Instruments [Member] | ||
Non accrual loans past due | 0 | |
Special Mention [Member] | Commercial Real Estate Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Performing Financial Instruments [Member] | ||
Non accrual loans past due | 0 | 0 |
Special Mention [Member] | Commercial Real Estate Portfolio Segment [Member] | Performing Financial Instruments [Member] | ||
Non accrual loans past due | 0 | |
Non accrual loans current | 5,226,000 | 5,322,000 |
Loans and Leases Receivable, Gross | 5,226,000 | 5,322,000 |
Special Mention [Member] | Commercial Real Estate Portfolio Segment [Member] | ||
Loans and Leases Receivable, Gross | 5,226,000 | 5,322,000 |
Financing Receivable, Recorded Investment, Nonaccrual Status | ||
Special Mention [Member] | Construction to Permanent Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | Performing Financial Instruments [Member] | ||
Non accrual loans past due | ||
Special Mention [Member] | Construction to Permanent Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | Performing Financial Instruments [Member] | ||
Non accrual loans past due | ||
Special Mention [Member] | Construction to Permanent Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Performing Financial Instruments [Member] | ||
Non accrual loans past due | ||
Special Mention [Member] | Construction to Permanent Portfolio Segment [Member] | Performing Financial Instruments [Member] | ||
Non accrual loans past due | ||
Non accrual loans current | ||
Loans and Leases Receivable, Gross | ||
Special Mention [Member] | Construction to Permanent Portfolio Segment [Member] | ||
Loans and Leases Receivable, Gross | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | ||
Special Mention [Member] | Residential Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | Performing Financial Instruments [Member] | ||
Non accrual loans past due | ||
Special Mention [Member] | Residential Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | Performing Financial Instruments [Member] | ||
Non accrual loans past due | ||
Special Mention [Member] | Residential Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Performing Financial Instruments [Member] | ||
Non accrual loans past due | ||
Special Mention [Member] | Residential Portfolio Segment [Member] | Performing Financial Instruments [Member] | ||
Non accrual loans past due | ||
Non accrual loans current | ||
Loans and Leases Receivable, Gross | ||
Special Mention [Member] | Residential Portfolio Segment [Member] | ||
Loans and Leases Receivable, Gross | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | ||
Special Mention [Member] | Consumer Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | Performing Financial Instruments [Member] | ||
Non accrual loans past due | ||
Special Mention [Member] | Consumer Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | Performing Financial Instruments [Member] | ||
Non accrual loans past due | ||
Special Mention [Member] | Consumer Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Performing Financial Instruments [Member] | ||
Non accrual loans past due | ||
Special Mention [Member] | Consumer Portfolio Segment [Member] | Performing Financial Instruments [Member] | ||
Non accrual loans past due | ||
Non accrual loans current | ||
Loans and Leases Receivable, Gross | ||
Special Mention [Member] | Consumer Portfolio Segment [Member] | ||
Loans and Leases Receivable, Gross | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | ||
Special Mention [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | Performing Financial Instruments [Member] | ||
Non accrual loans past due | ||
Special Mention [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | Performing Financial Instruments [Member] | ||
Non accrual loans past due | ||
Special Mention [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Performing Financial Instruments [Member] | ||
Non accrual loans past due | ||
Special Mention [Member] | Performing Financial Instruments [Member] | ||
Non accrual loans past due | ||
Non accrual loans current | 5,226,000 | 5,322,000 |
Loans and Leases Receivable, Gross | 5,226,000 | 5,322,000 |
Special Mention [Member] | ||
Loans and Leases Receivable, Gross | 5,226,000 | 5,322,000 |
Financing Receivable, Recorded Investment, Nonaccrual Status | ||
Substandard [Member] | Commercial Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | Performing Financial Instruments [Member] | ||
Non accrual loans past due | 0 | 2,977,000 |
Substandard [Member] | Commercial Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | Performing Financial Instruments [Member] | ||
Non accrual loans past due | 0 | 0 |
Substandard [Member] | Commercial Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Performing Financial Instruments [Member] | ||
Non accrual loans past due | 0 | 0 |
Substandard [Member] | Commercial Portfolio Segment [Member] | Performing Financial Instruments [Member] | ||
Non accrual loans past due | 0 | 2,977,000 |
Non accrual loans current | 5,000 | 7,000 |
Loans and Leases Receivable, Gross | 5,000 | 2,984,000 |
Substandard [Member] | Commercial Portfolio Segment [Member] | ||
Loans and Leases Receivable, Gross | 3,213,000 | 2,984,000 |
Financing Receivable, Recorded Investment, Nonaccrual Status | 3,208,000 | |
Substandard [Member] | Commercial Real Estate Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | Performing Financial Instruments [Member] | ||
Non accrual loans past due | 0 | 840,000 |
Substandard [Member] | Commercial Real Estate Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | Performing Financial Instruments [Member] | ||
Non accrual loans past due | 0 | 0 |
Substandard [Member] | Commercial Real Estate Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Performing Financial Instruments [Member] | ||
Non accrual loans past due | 0 | 0 |
Substandard [Member] | Commercial Real Estate Portfolio Segment [Member] | Performing Financial Instruments [Member] | ||
Non accrual loans past due | 0 | 840,000 |
Non accrual loans current | 885,000 | 1,670,000 |
Loans and Leases Receivable, Gross | 885,000 | 2,510,000 |
Substandard [Member] | Commercial Real Estate Portfolio Segment [Member] | ||
Loans and Leases Receivable, Gross | 885,000 | 2,510,000 |
Financing Receivable, Recorded Investment, Nonaccrual Status | ||
Substandard [Member] | Construction to Permanent Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | Performing Financial Instruments [Member] | ||
Non accrual loans past due | ||
Substandard [Member] | Construction to Permanent Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | Performing Financial Instruments [Member] | ||
Non accrual loans past due | ||
Substandard [Member] | Construction to Permanent Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Performing Financial Instruments [Member] | ||
Non accrual loans past due | ||
Substandard [Member] | Construction to Permanent Portfolio Segment [Member] | Performing Financial Instruments [Member] | ||
Non accrual loans past due | ||
Non accrual loans current | ||
Loans and Leases Receivable, Gross | ||
Substandard [Member] | Construction to Permanent Portfolio Segment [Member] | ||
Loans and Leases Receivable, Gross | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | ||
Substandard [Member] | Residential Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | Performing Financial Instruments [Member] | ||
Non accrual loans past due | ||
Substandard [Member] | Residential Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | Performing Financial Instruments [Member] | ||
Non accrual loans past due | ||
Substandard [Member] | Residential Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Performing Financial Instruments [Member] | ||
Non accrual loans past due | ||
Substandard [Member] | Residential Portfolio Segment [Member] | Performing Financial Instruments [Member] | ||
Non accrual loans past due | ||
Non accrual loans current | ||
Loans and Leases Receivable, Gross | ||
Substandard [Member] | Residential Portfolio Segment [Member] | ||
Loans and Leases Receivable, Gross | 1,590,000 | 1,590,000 |
Financing Receivable, Recorded Investment, Nonaccrual Status | 1,590,000 | 1,590,000 |
Substandard [Member] | Consumer Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | Performing Financial Instruments [Member] | ||
Non accrual loans past due | ||
Substandard [Member] | Consumer Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | Performing Financial Instruments [Member] | ||
Non accrual loans past due | ||
Substandard [Member] | Consumer Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Performing Financial Instruments [Member] | ||
Non accrual loans past due | ||
Substandard [Member] | Consumer Portfolio Segment [Member] | Performing Financial Instruments [Member] | ||
Non accrual loans past due | ||
Non accrual loans current | ||
Loans and Leases Receivable, Gross | ||
Substandard [Member] | Consumer Portfolio Segment [Member] | ||
Loans and Leases Receivable, Gross | 2,000 | 3,000 |
Financing Receivable, Recorded Investment, Nonaccrual Status | 2,000 | 3,000 |
Substandard [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | Performing Financial Instruments [Member] | ||
Non accrual loans past due | 3,817,000 | |
Substandard [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | Performing Financial Instruments [Member] | ||
Non accrual loans past due | ||
Substandard [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Performing Financial Instruments [Member] | ||
Non accrual loans past due | ||
Substandard [Member] | Performing Financial Instruments [Member] | ||
Non accrual loans past due | 3,817,000 | |
Non accrual loans current | 890,000 | 1,677,000 |
Loans and Leases Receivable, Gross | 890,000 | 5,494,000 |
Substandard [Member] | ||
Loans and Leases Receivable, Gross | 5,690,000 | 7,087,000 |
Financing Receivable, Recorded Investment, Nonaccrual Status | 4,800,000 | 1,593,000 |
Commercial Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | Performing Financial Instruments [Member] | ||
Non accrual loans past due | 39,000 | 3,020,000 |
Commercial Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | Performing Financial Instruments [Member] | ||
Non accrual loans past due | 0 | 605,000 |
Commercial Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Performing Financial Instruments [Member] | ||
Non accrual loans past due | 0 | 520,000 |
Commercial Portfolio Segment [Member] | Performing Financial Instruments [Member] | ||
Non accrual loans past due | 39,000 | 4,145,000 |
Non accrual loans current | 68,411,000 | 55,607,000 |
Loans and Leases Receivable, Gross | 68,450,000 | 59,752,000 |
Commercial Portfolio Segment [Member] | ||
Loans and Leases Receivable, Gross | 71,658,000 | 59,752,000 |
Financing Receivable, Recorded Investment, Nonaccrual Status | 3,208,000 | |
Commercial Real Estate Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | Performing Financial Instruments [Member] | ||
Non accrual loans past due | 934,000 | 840,000 |
Commercial Real Estate Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | Performing Financial Instruments [Member] | ||
Non accrual loans past due | 0 | |
Commercial Real Estate Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Performing Financial Instruments [Member] | ||
Non accrual loans past due | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Performing Financial Instruments [Member] | ||
Non accrual loans past due | 934,000 | 840,000 |
Non accrual loans current | 269,069,000 | 244,988,000 |
Loans and Leases Receivable, Gross | 270,003,000 | 245,828,000 |
Commercial Real Estate Portfolio Segment [Member] | ||
Loans and Leases Receivable, Gross | 270,003,000 | 245,828,000 |
Financing Receivable, Recorded Investment, Nonaccrual Status | ||
Construction Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | Performing Financial Instruments [Member] | ||
Non accrual loans past due | 0 | 0 |
Construction Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | Performing Financial Instruments [Member] | ||
Non accrual loans past due | 0 | 0 |
Construction Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Performing Financial Instruments [Member] | ||
Non accrual loans past due | 0 | 0 |
Construction Portfolio Segment [Member] | Performing Financial Instruments [Member] | ||
Non accrual loans past due | 0 | 0 |
Non accrual loans current | 26,094,000 | 15,551,000 |
Loans and Leases Receivable, Gross | 26,094,000 | 15,551,000 |
Construction Portfolio Segment [Member] | ||
Loans and Leases Receivable, Gross | 26,094,000 | 15,551,000 |
Financing Receivable, Recorded Investment, Nonaccrual Status | ||
Construction to Permanent Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | Performing Financial Instruments [Member] | ||
Non accrual loans past due | ||
Construction to Permanent Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | Performing Financial Instruments [Member] | ||
Non accrual loans past due | ||
Construction to Permanent Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Performing Financial Instruments [Member] | ||
Non accrual loans past due | ||
Construction to Permanent Portfolio Segment [Member] | Performing Financial Instruments [Member] | ||
Non accrual loans past due | ||
Non accrual loans current | 4,229,000 | 4,880,000 |
Loans and Leases Receivable, Gross | 4,229,000 | 4,880,000 |
Construction to Permanent Portfolio Segment [Member] | ||
Loans and Leases Receivable, Gross | 4,229,000 | 4,880,000 |
Financing Receivable, Recorded Investment, Nonaccrual Status | ||
Residential Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | Performing Financial Instruments [Member] | ||
Non accrual loans past due | 388,000 | 154,000 |
Residential Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | Performing Financial Instruments [Member] | ||
Non accrual loans past due | 10,000 | 87,000 |
Residential Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Performing Financial Instruments [Member] | ||
Non accrual loans past due | 1,485,000 | 1,517,000 |
Residential Portfolio Segment [Member] | Performing Financial Instruments [Member] | ||
Non accrual loans past due | 1,883,000 | 1,758,000 |
Non accrual loans current | 101,273,000 | 107,489,000 |
Loans and Leases Receivable, Gross | 103,156,000 | 109,247,000 |
Residential Portfolio Segment [Member] | ||
Loans and Leases Receivable, Gross | 104,746,000 | 110,837,000 |
Financing Receivable, Recorded Investment, Nonaccrual Status | 1,590,000 | 1,590,000 |
Consumer Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | Performing Financial Instruments [Member] | ||
Non accrual loans past due | 402,000 | 309,000 |
Consumer Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | Performing Financial Instruments [Member] | ||
Non accrual loans past due | 2,000 | |
Consumer Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Performing Financial Instruments [Member] | ||
Non accrual loans past due | 6,000 | 9,000 |
Consumer Portfolio Segment [Member] | Performing Financial Instruments [Member] | ||
Non accrual loans past due | 408,000 | 320,000 |
Non accrual loans current | 51,514,000 | 47,198,000 |
Loans and Leases Receivable, Gross | 51,922,000 | 47,518,000 |
Consumer Portfolio Segment [Member] | ||
Loans and Leases Receivable, Gross | 51,924,000 | 47,521,000 |
Financing Receivable, Recorded Investment, Nonaccrual Status | 2,000 | 3,000 |
Financing Receivables, 30 to 59 Days Past Due [Member] | Performing Financial Instruments [Member] | ||
Non accrual loans past due | 1,763,000 | 4,323,000 |
Financing Receivables, 60 to 89 Days Past Due [Member] | Performing Financial Instruments [Member] | ||
Non accrual loans past due | 10,000 | 694,000 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Performing Financial Instruments [Member] | ||
Non accrual loans past due | 1,491,000 | 2,046,000 |
Performing Financial Instruments [Member] | ||
Non accrual loans past due | 3,264,000 | 7,063,000 |
Non accrual loans current | 520,590,000 | 475,713,000 |
Loans and Leases Receivable, Gross | 523,854,000 | 482,776,000 |
Loans and Leases Receivable, Gross | 528,654,000 | 484,369,000 |
Financing Receivable, Recorded Investment, Nonaccrual Status | $ 4,800,000 | $ 1,593,000 |
Note 3 - Impaired Loans (Detail
Note 3 - Impaired Loans (Details) - USD ($) | Jun. 30, 2016 | Dec. 31, 2015 |
Commercial Portfolio Segment [Member] | ||
With no allowance recorded, recorded investment | $ 295,000 | |
With no allowance recorded, unpaid principal balance | 327,000 | 96,000 |
With allowance recorded, recorded investment | 2,977,000 | |
With allowance recorded, unpaid principal balance | 2,977,000 | |
Related allowance | 2,977,000 | |
Recorded investment | 3,272,000 | |
Unpaid principal balance | 3,304,000 | 96,000 |
Commercial Real Estate Portfolio Segment [Member] | ||
With no allowance recorded, recorded investment | 6,526,000 | 7,745,000 |
With no allowance recorded, unpaid principal balance | 7,031,000 | 8,259,000 |
With allowance recorded, recorded investment | ||
With allowance recorded, unpaid principal balance | ||
Related allowance | ||
Recorded investment | 6,526,000 | 7,745,000 |
Unpaid principal balance | 7,031,000 | 8,259,000 |
Construction Portfolio Segment [Member] | ||
With no allowance recorded, recorded investment | ||
With no allowance recorded, unpaid principal balance | 287,000 | 287,000 |
With allowance recorded, recorded investment | ||
With allowance recorded, unpaid principal balance | ||
Related allowance | ||
Recorded investment | ||
Unpaid principal balance | 287,000 | 287,000 |
Residential Portfolio Segment [Member] | ||
With no allowance recorded, recorded investment | 4,515,000 | 4,556,000 |
With no allowance recorded, unpaid principal balance | 5,518,000 | 5,559,000 |
With allowance recorded, recorded investment | ||
With allowance recorded, unpaid principal balance | ||
Related allowance | ||
Recorded investment | 4,515,000 | 4,556,000 |
Unpaid principal balance | 5,518,000 | 5,559,000 |
Construction to Permanent Portfolio Segment [Member] | ||
With no allowance recorded, recorded investment | ||
With no allowance recorded, unpaid principal balance | ||
Consumer Portfolio Segment [Member] | ||
With no allowance recorded, recorded investment | 544,000 | 547,000 |
With no allowance recorded, unpaid principal balance | 629,000 | 633,000 |
With allowance recorded, recorded investment | 2,000 | 3,000 |
With allowance recorded, unpaid principal balance | 2,000 | 3,000 |
Related allowance | 2,000 | 3,000 |
Recorded investment | 546,000 | 550,000 |
Unpaid principal balance | 631,000 | 636,000 |
With no allowance recorded, recorded investment | 11,880,000 | 12,848,000 |
With no allowance recorded, unpaid principal balance | 13,792,000 | 14,834,000 |
With allowance recorded, recorded investment | 2,979,000 | 3,000 |
With allowance recorded, unpaid principal balance | 2,979,000 | 3,000 |
Related allowance | 2,979,000 | 3,000 |
Recorded investment | 14,859,000 | 12,851,000 |
Unpaid principal balance | $ 16,771,000 | $ 14,837,000 |
Note 3 - Impaired Loans (Additi
Note 3 - Impaired Loans (Additional Information) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Commercial Portfolio Segment [Member] | ||||
With no allowance recorded, average recorded investment | $ 116 | $ 1 | ||
With no allowance recorded, interest income recognized | ||||
With allowance recorded, average recorded investment | 2,977 | $ 1,914 | ||
With allowance recorded, interest income recognized | ||||
Average recorded investment | 3,093 | 2,062 | 1 | |
Interest income recognized | ||||
Commercial Real Estate Portfolio Segment [Member] | ||||
With no allowance recorded, average recorded investment | 7,524 | 8,025 | 7,597 | 8,160 |
With no allowance recorded, interest income recognized | 79 | 94 | 159 | 188 |
With allowance recorded, average recorded investment | ||||
With allowance recorded, interest income recognized | ||||
Average recorded investment | 7,524 | 8,025 | 7,597 | 8,160 |
Interest income recognized | 79 | 94 | 159 | 188 |
Residential Portfolio Segment [Member] | ||||
With no allowance recorded, average recorded investment | 4,525 | 3,392 | 4,535 | 3,459 |
With no allowance recorded, interest income recognized | 31 | 32 | 62 | 63 |
With allowance recorded, average recorded investment | ||||
With allowance recorded, interest income recognized | ||||
Average recorded investment | 4,525 | 3,392 | 4,535 | 3,459 |
Interest income recognized | 31 | 32 | 62 | 63 |
Consumer Portfolio Segment [Member] | ||||
With no allowance recorded, average recorded investment | 545 | 551 | 546 | 552 |
With no allowance recorded, interest income recognized | 5 | 5 | 9 | 9 |
With allowance recorded, average recorded investment | 2 | 2 | 1 | |
With allowance recorded, interest income recognized | ||||
Average recorded investment | 547 | 551 | 548 | 553 |
Interest income recognized | 5 | 5 | 9 | 9 |
With no allowance recorded, average recorded investment | 12,710 | 11,968 | 12,826 | 12,172 |
With no allowance recorded, interest income recognized | 115 | 131 | 230 | 260 |
With allowance recorded, average recorded investment | 2,979 | 1,916 | 1 | |
With allowance recorded, interest income recognized | ||||
Average recorded investment | 15,688 | 11,968 | 14,742 | 12,173 |
Interest income recognized | $ 115 | $ 131 | $ 230 | $ 260 |
Note 4 - Other Real Estate Ow45
Note 4 - Other Real Estate Owned (Details Textual) - USD ($) | Sep. 30, 2016 | Jun. 30, 2016 | Dec. 31, 2015 | Jun. 30, 2015 |
Real Estate Acquired Through Foreclosure | $ 851,000 | $ 851,000 | $ 0 |
Note 4 - Summary of OREO Activi
Note 4 - Summary of OREO Activity (Details) - USD ($) | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Balance at December 31, 2015 | ||
Transfers from loans | 840,000 | |
Gain recognized in acquisition | 11,000 | |
Balance at June 30, 2016 | $ 851,000 | $ 0 |
Note 5 - Summary of the Company
Note 5 - Summary of the Company's Deposits (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Non-interest bearing | $ 75,244 | $ 85,065 |
Interest bearing | ||
NOW | 28,745 | 28,684 |
Savings | 124,196 | 106,291 |
Money market | 18,486 | 19,522 |
Time certificates, less than $250,000 | 125,668 | 139,455 |
Time certificates, $250,000 or more | 16,812 | 17,509 |
Brokered Deposits | 57,185 | 48,154 |
Total interest bearing | 371,092 | 359,615 |
Total Deposits | $ 446,336 | $ 444,680 |
Note 6 - Share-based Compensa48
Note 6 - Share-based Compensation and Employee Benefit Plan (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | |
Restricted Stock [Member] | Share-based Compensation Award, Tranche Two [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | ||||
Restricted Stock [Member] | Share-based Compensation Award, Tranche One [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | ||||
Restricted Stock [Member] | Share-based Compensation Award, Tranche Three [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 5 years | ||||
Restricted Stock [Member] | Director [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 5,884 | ||||
Restricted Stock [Member] | Employee [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 52,200 | ||||
Restricted Stock [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 58,084 | 2,940 | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options | $ 1,300 | $ 1,300 | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years 204 days | ||||
Employee Stock Option and Restricted Stock [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 3,000,000 | 3,000,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 2,819,216 | 2,819,216 | |||
Phantom Share Units (PSUs) [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 1,000,000 | 1,000,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 1,000,000 | 1,000,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 0 | 0 | 0 | ||
Allocated Share-based Compensation Expense | $ 200 | $ 100 | $ 300 | $ 200 | |
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 | $ 40 | $ 30 | $ 80 | $ 90 |
Note 6 - Summary of Restricted
Note 6 - Summary of Restricted Shares (Details) - Restricted Stock [Member] - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Non-vested (in shares) | 113,938 | 81,923 | 55,854 | 79,208 |
Non-vested (in dollars per share) | $ 14.06 | $ 12.93 | $ 12.83 | $ 12.79 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 58,084 | 2,940 | ||
Granted (in dollars per share) | $ 15.25 | $ 17 | ||
Vested (in shares) | (2,526) | (225) | (2,526) | (450) |
Vested (in dollars per share) | $ 14.72 | $ 17.25 | $ 14.72 | $ 17.25 |
Forfeited (in shares) | (4,213) | (4,213) | ||
Forfeited (in dollars per share) | $ 11.31 | $ 11.31 | ||
Non-vested (in shares) | 107,199 | 81,698 | 107,199 | 81,698 |
Non-vested (in dollars per share) | $ 14.16 | $ 12.92 | $ 14.16 | $ 12.92 |
Note 7 - Income Taxes (Details
Note 7 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | |
Income Tax Expense (Benefit) | $ (366) | $ 452 | $ 52 | $ 653 | |
Deferred Tax Assets, Net | $ 13,800 |
Note 8 - Income Per Share (Deta
Note 8 - Income Per Share (Details Textual) - shares | Jun. 30, 2016 | Dec. 31, 2015 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 0 | 0 |
Note 8 - Computation of Income
Note 8 - Computation of Income (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Restricted Stock [Member] | ||||
Non-vested Restricted Stock Grants - Weighted Average Common Shares Outstanding (in shares) | 21,093 | 33,366 | 20,992 | |
Net Income (Loss) Attributable to Parent | $ (582,313) | $ 689,321 | $ 71,084 | $ 978,134 |
Basic Loss Per Share (in shares) | 3,957,012 | 3,872,073 | 3,956,609 | 3,871,960 |
Basic Loss Per Share (in dollars per share) | $ (0.15) | $ 0.18 | $ 0.02 | $ 0.25 |
Diluted Loss Per Share (in shares) | 3,957,012 | 3,893,166 | 3,989,975 | 3,892,952 |
Diluted Loss Per Share (in dollars per share) | $ (0.15) | $ 0.18 | $ 0.02 | $ 0.25 |
Note 9 - Borrowings (Details Te
Note 9 - Borrowings (Details Textual) $ in Millions | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2015USD ($) | Jun. 30, 2014USD ($) | Jun. 30, 2009 | Jun. 30, 2016USD ($) | Dec. 31, 2015USD ($) | |
Minimum [Member] | |||||
Federal Home Loan Bank, Advances, Maturity Period, Fixed Rate | 1 day | ||||
Federal Home Loan Bank, Advances, Interest Rate | 0.027% | ||||
Maximum [Member] | |||||
Federal Home Loan Bank, Advances, Maturity Period, Fixed Rate | 5 years | ||||
Federal Home Loan Bank, Advances, Interest Rate | 0.57% | ||||
Unsecured Debt [Member] | Trust [Member] | |||||
Subordinated Debt | $ 8.2 | ||||
Notes Payable, Other Payables [Member] | |||||
Debt Instrument, Term | 10 years | ||||
Debt Instrument, Interest Rate, Stated Percentage | 1.75% | ||||
London Interbank Offered Rate (LIBOR) [Member] | |||||
Debt Instrument, Basis Spread on Variable Rate | 3.15% | ||||
Advances from Federal Home Loan Banks | $ 128 | $ 132 | |||
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Collateral Pledged | $ 131.3 | ||||
Derivative, Variable Interest Rate | 3.79% | ||||
Number of Consecutive Quarters for Interest Deferment | 20 | ||||
Interest Expense, Debt | $ 1.6 | ||||
Interest Payable | $ 0.6 | ||||
Proceeds from Notes Payable | $ 2 |
Note 10 - Financial Instrumen54
Note 10 - Financial Instruments with Off-balance Sheet Risk (Details Textual) | Jun. 30, 2016USD ($) |
Banks Reserve Based on Analysis in Unfunded Commitments | $ 5,000 |
Note 10 - Contractual Amounts R
Note 10 - Contractual Amounts Represent Credit Risk (Details) $ in Thousands | Jun. 30, 2016USD ($) |
Future Loan Commitments [Member] | |
Commitments to extend credit | $ 15,186 |
Home Equity Lines of Credit [Member] | |
Commitments to extend credit | 21,464 |
Unused Line of Credit [Member] | |
Commitments to extend credit | 22,684 |
Undisbursed Construction Loans [Member] | |
Commitments to extend credit | 20,204 |
Financial Standy Letter of Credit [Member] | |
Commitments to extend credit | 1,262 |
Commitments to extend credit | $ 80,800 |
Note 11 - Regulatory and Oper56
Note 11 - Regulatory and Operational Matters (Restated) (Details Textual) | Jan. 01, 2019 | Jun. 30, 2016 |
Scenario, Forecast [Member] | ||
Common Equity, Tier 1, Capital Required for Capital Adequacy to Risk Weighted Assets | 7.00% | |
Tier One Risk Based Capital Required for Capital Adequacy to Risk Weighted Assets | 8.50% | |
Capital Required for Capital Adequacy to Risk Weighted Assets | 10.50% | |
Capital Conservation Buffer | 2.50% | |
Capital Conservation Buffer Phase In Amount | 0.625% |
Note 11 - Company's and Bank's
Note 11 - Company's and Bank's Actual Capital Amounts and Ratios (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Parent Company [Member] | ||
Tier 1 Capital (to Average Assets) Actual Amount | $ 59,154 | $ 64,845 |
Tier 1 Capital (to Average Assets) Actual Ratio | 9.66% | 12.62% |
Tier 1 Capital (to Average Assets) For Capital Adequacy Purposes Amount | $ 24,491 | $ 41,101 |
Tier 1 Capital (to Average Assets) For Capital Adequacy Purposes Ratio | 4.00% | 8.00% |
Common Equity Tier 1 Capital (to Risk Weighted Assets) Actual Amount | $ 51,154 | $ 51,595 |
Common Equity Tier 1 Capital (to Risk Weighted Assets) Actual Ratio | 9.21% | 10.04% |
Common Equity Tier 1 Capital (to Risk Weighted Assets) For Capital Adequacy Purposes Amount | $ 24,999 | $ 23,119 |
Common Equity Tier 1 Capital (to Risk Weighted Assets) For Capital Adequacy Purposes Ratio | 4.50% | 4.50% |
Tier 1 Capital (to Risk Weighted Assets) Actual Amount | $ 59,154 | $ 59,595 |
Tier 1 Capital (to Risk Weighted Assets) Actual Ratio | 10.65% | 11.60% |
Tier 1 Capital (to Risk Weighted Assets) For Capital Adequacy Purposes Amount | $ 33,332 | $ 30,826 |
Tier 1 Capital (to Risk Weighted Assets) For Capital Adequacy Purposes Ratio | 6.00% | 6.00% |
Total Capital (to Risk Weighted Assets) Actual Amount | $ 66,101 | $ 59,595 |
Total Capital (to Risk Weighted Assets) Actual Ratio | 11.90% | 9.77% |
Total Capital (to Risk Weighted Assets) For Capital Adequacy Purposes Amount | $ 44,442 | $ 24,401 |
Total Capital (to Risk Weighted Assets) For Capital Adequacy Purposes Ratio | 8.00% | 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 | ||
Common Equity Tier 1 Capital (to Risk Weighted Assets) For Capital Adequacy With Capital Buffer Purposes Amount | ||
Common Equity Tier 1 Capital (to Risk Weighted Assets) For Capital Adequacy Purposes With Capital Buffer Ratio | ||
Common Equity Tier 1 Capital (to Risk Weighted Assets) To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | ||
Common Equity Tier 1 Capital (to Risk Weighted Assets) To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | ||
Tier 1 Capital (to Risk Weighted Assets) For Capital Adequacy Purposes With Capital Buffer Amount | ||
Tier 1 Capital (to Risk Weighted Assets) For Capital Adequacy With Capital Buffer Purposes Ratio | ||
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 | ||
Total Capital (to Risk Weighted Assets) For Capital Adequacy Purposes With Capital Buffer Amount | ||
Total Capital (to Risk Weighted Assets) For Capital Adequacy Purposes With Capital Buffer Ratio | ||
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 Average Assets) For Capital Adequacy Purposes With Capital Buffer Amount | ||
Tier 1 Capital (to Average Assets) For Capital Adequacy With Capital Buffer Purposes Ratio | ||
Bank [Member] | ||
Tier 1 Capital (to Average Assets) Actual Amount | $ 60,201 | $ 65,207 |
Tier 1 Capital (to Average Assets) Actual Ratio | 9.83% | 12.74% |
Tier 1 Capital (to Average Assets) For Capital Adequacy Purposes Amount | $ 24,504 | $ 40,941 |
Tier 1 Capital (to Average Assets) For Capital Adequacy Purposes Ratio | 4.00% | 8.00% |
Common Equity Tier 1 Capital (to Risk Weighted Assets) Actual Amount | $ 60,201 | $ 59,958 |
Common Equity Tier 1 Capital (to Risk Weighted Assets) Actual Ratio | 10.87% | 11.72% |
Common Equity Tier 1 Capital (to Risk Weighted Assets) For Capital Adequacy Purposes Amount | $ 24,934 | $ 23,029 |
Common Equity Tier 1 Capital (to Risk Weighted Assets) For Capital Adequacy Purposes Ratio | 4.50% | 4.50% |
Tier 1 Capital (to Risk Weighted Assets) Actual Amount | $ 60,201 | $ 59,958 |
Tier 1 Capital (to Risk Weighted Assets) Actual Ratio | 10.87% | 11.72% |
Tier 1 Capital (to Risk Weighted Assets) For Capital Adequacy Purposes Amount | $ 33,245 | $ 30,706 |
Tier 1 Capital (to Risk Weighted Assets) For Capital Adequacy Purposes Ratio | 6.00% | 6.00% |
Total Capital (to Risk Weighted Assets) Actual Amount | $ 67,131 | $ 59,958 |
Total Capital (to Risk Weighted Assets) Actual Ratio | 12.12% | 9.83% |
Total Capital (to Risk Weighted Assets) For Capital Adequacy Purposes Amount | $ 44,327 | $ 24,393 |
Total Capital (to Risk Weighted Assets) For Capital Adequacy Purposes Ratio | 8.00% | 4.00% |
Tier 1 Capital (to Average Assets) To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | $ 30,630 | $ 51,177 |
Tier 1 Capital (to Average Assets) To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | 5.00% | 10.00% |
Common Equity Tier 1 Capital (to Risk Weighted Assets) For Capital Adequacy With Capital Buffer Purposes Amount | $ 28,397 | |
Common Equity Tier 1 Capital (to Risk Weighted Assets) For Capital Adequacy Purposes With Capital Buffer Ratio | 5.125% | |
Common Equity Tier 1 Capital (to Risk Weighted Assets) To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | $ 36,015 | $ 33,265 |
Common Equity Tier 1 Capital (to Risk Weighted Assets) To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | 6.50% | 6.50% |
Tier 1 Capital (to Risk Weighted Assets) For Capital Adequacy Purposes With Capital Buffer Amount | $ 36,708 | |
Tier 1 Capital (to Risk Weighted Assets) For Capital Adequacy With Capital Buffer Purposes Ratio | 6.625% | |
Tier 1 Capital (to Risk Weighted Assets) To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | $ 44,327 | $ 40,941 |
Tier 1 Capital (to Risk Weighted Assets) To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | 8.00% | 8.00% |
Total Capital (to Risk Weighted Assets) For Capital Adequacy Purposes With Capital Buffer Amount | $ 47,790 | |
Total Capital (to Risk Weighted Assets) For Capital Adequacy Purposes With Capital Buffer Ratio | 8.625% | |
Total Capital (to Risk Weighted Assets) To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | $ 55,408 | $ 30,491 |
Total Capital (to Risk Weighted Assets) To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | 10.00% | 5.00% |
Tier 1 Capital (to Average Assets) For Capital Adequacy Purposes With Capital Buffer Amount | ||
Tier 1 Capital (to Average Assets) For Capital Adequacy With Capital Buffer Purposes Ratio |
Note 12 - Fair Value and Inte58
Note 12 - Fair Value and Interest Rate Risk (Details Textual) - USD ($) | Sep. 30, 2016 | Jun. 30, 2016 | Dec. 31, 2015 |
Solomon Hess SBA Loan Fund [Member] | |||
Other Investments | $ 4,500,000 | ||
Other Investments | $ 4,450,000 | $ 4,450,000 |
Note 12 - Financial Assets Meas
Note 12 - Financial Assets Measured at Fair Value on a Recurring Basis (Details) - USD ($) | Sep. 30, 2016 | Jun. 30, 2016 | Dec. 31, 2015 |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | |||
Available-for-sale securities | |||
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | US Government Agencies Debt Securities [Member] | |||
Available-for-sale securities | |||
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | Corporate Debt Securities [Member] | |||
Available-for-sale securities | |||
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | Subordinated Notes [Member] | |||
Available-for-sale securities | |||
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | |||
Available-for-sale securities | |||
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | |||
Available-for-sale securities | 12,139,000 | 13,413,000 | |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | US Government Agencies Debt Securities [Member] | |||
Available-for-sale securities | 4,954,000 | ||
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Corporate Debt Securities [Member] | |||
Available-for-sale securities | 8,898,000 | 9,010,000 | |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Subordinated Notes [Member] | |||
Available-for-sale securities | 2,000,000 | 2,000,000 | |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | |||
Available-for-sale securities | 23,037,000 | 29,377,000 | |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | |||
Available-for-sale securities | |||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | US Government Agencies Debt Securities [Member] | |||
Available-for-sale securities | |||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Corporate Debt Securities [Member] | |||
Available-for-sale securities | |||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Subordinated Notes [Member] | |||
Available-for-sale securities | |||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | |||
Available-for-sale securities | |||
Fair Value, Measurements, Recurring [Member] | Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | |||
Available-for-sale securities | 12,139,000 | 13,413,000 | |
Fair Value, Measurements, Recurring [Member] | US Government Agencies Debt Securities [Member] | |||
Available-for-sale securities | 4,954,000 | ||
Fair Value, Measurements, Recurring [Member] | Corporate Debt Securities [Member] | |||
Available-for-sale securities | 8,898,000 | 9,010,000 | |
Fair Value, Measurements, Recurring [Member] | Subordinated Notes [Member] | |||
Available-for-sale securities | 2,000,000 | 2,000,000 | |
Fair Value, Measurements, Recurring [Member] | |||
Available-for-sale securities | 23,037,000 | 29,377,000 | |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | |||
Available-for-sale securities | 12,139,000 | 13,413,000 | |
US Government Agencies Debt Securities [Member] | |||
Available-for-sale securities | 4,954,000 | ||
Corporate Debt Securities [Member] | |||
Available-for-sale securities | 8,898,000 | 9,010,000 | |
Subordinated Notes [Member] | |||
Available-for-sale securities | 2,000,000 | 2,000,000 | |
Available-for-sale securities | $ 23,037,000 | $ 23,037,000 | $ 29,377,000 |
Note 12 - Financial Assets Me60
Note 12 - Financial Assets Measured at Fair Value on a Non-recurring Basis (Details) - Fair Value, Measurements, Nonrecurring [Member] - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Fair Value, Inputs, Level 1 [Member] | ||
Impaired loans | ||
Other real estate owned | ||
Fair Value, Inputs, Level 2 [Member] | ||
Impaired loans | ||
Other real estate owned | ||
Fair Value, Inputs, Level 3 [Member] | ||
Impaired loans | 363 | |
Other real estate owned | 851 | |
Impaired loans | 363 | |
Other real estate owned | $ 851 |
Note 12 - Quantitative Informat
Note 12 - Quantitative Information About Level 3 Fair Value Measurements (Details) - Fair Value, Measurements, Nonrecurring [Member] - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2016 | Dec. 31, 2015 | ||
Fair Value, Inputs, Level 3 [Member] | Minimum [Member] | Fair Value of Property Approach [Member] | |||
Quantitative Information about Level 3 Fair Value Measurements Range | [1],[2] | 9.60% | |
Quantitative Information about Level 3 Fair Value Measurements Range | [1],[2] | 13.00% | |
Fair Value, Inputs, Level 3 [Member] | Minimum [Member] | Fair Value of Collateral Approach [Member] | |||
Quantitative Information about Level 3 Fair Value Measurements Range | [1],[2] | 8.00% | |
Fair Value, Inputs, Level 3 [Member] | Maximum [Member] | Fair Value of Property Approach [Member] | |||
Quantitative Information about Level 3 Fair Value Measurements Range | [1],[2] | (3.00%) | |
Quantitative Information about Level 3 Fair Value Measurements Range | [1],[2] | (3.00%) | |
Fair Value, Inputs, Level 3 [Member] | Maximum [Member] | Fair Value of Collateral Approach [Member] | |||
Quantitative Information about Level 3 Fair Value Measurements Range | [1],[2] | (3.00%) | |
Fair Value, Inputs, Level 3 [Member] | Fair Value of Property Approach [Member] | |||
Quantitative Information about Level 3 Fair Value Measurements Range | [1],[2] | (9.60%) | |
Other real estate owned | [1],[2] | $ 851 | |
Quantitative Information about Level 3 Fair Value Measurements Range | [1],[2] | (13.00%) | |
Fair Value, Inputs, Level 3 [Member] | Fair Value of Collateral Approach [Member] | |||
Quantitative Information about Level 3 Fair Value Measurements Range | [1],[2] | (8.00%) | |
Impaired loans | [1],[2] | $ 363 | |
Fair Value, Inputs, Level 3 [Member] | |||
Other real estate owned | $ 851 | ||
Impaired loans | 363 | ||
Other real estate owned | 851 | ||
Impaired loans | $ 363 | ||
[1] | Appraisals may be adjusted by management for qualitative factors such as economic conditions and estimated liquidation expenses. | ||
[2] | Fair value is generally determined through independent appraisals of the underlying collateral (in the case of impaired loans) or property (in the case of OREO), which include Level 3 inputs that are not identifiable. |
Note 12 - Carrying Amounts and
Note 12 - Carrying Amounts and Estimated Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Fair Value, Inputs, Level 1 [Member] | Reported Value Measurement [Member] | Cash and Due from Banks [Member] | ||
Cash and cash equivalents | $ 2,893 | $ 2,588 |
Fair Value, Inputs, Level 1 [Member] | Reported Value Measurement [Member] | Interest-bearing Deposits [Member] | ||
Cash and cash equivalents | 43,594 | 82,812 |
Fair Value, Inputs, Level 1 [Member] | Reported Value Measurement [Member] | Brokered Deposits [Member] | ||
Deposits | 57,185 | 48,154 |
Fair Value, Inputs, Level 1 [Member] | Estimate of Fair Value Measurement [Member] | Cash and Due from Banks [Member] | ||
Cash and cash equivalents | 2,893 | 2,588 |
Fair Value, Inputs, Level 1 [Member] | Estimate of Fair Value Measurement [Member] | Interest-bearing Deposits [Member] | ||
Cash and cash equivalents | 43,594 | 82,812 |
Fair Value, Inputs, Level 1 [Member] | Estimate of Fair Value Measurement [Member] | Brokered Deposits [Member] | ||
Deposits | 57,160 | 48,062 |
Fair Value, Inputs, Level 2 [Member] | Reported Value Measurement [Member] | Demand Deposits [Member] | ||
Deposits | 75,244 | 85,065 |
Fair Value, Inputs, Level 2 [Member] | Reported Value Measurement [Member] | Savings Deposits [Member] | ||
Deposits | 124,196 | 108,658 |
Fair Value, Inputs, Level 2 [Member] | Reported Value Measurement [Member] | Money Market Deposits [Member] | ||
Deposits | 18,486 | 19,522 |
Fair Value, Inputs, Level 2 [Member] | Reported Value Measurement [Member] | Negotiable Order of Withdrawal (NOW) Accounts [Member] | ||
Deposits | 28,745 | 28,684 |
Fair Value, Inputs, Level 2 [Member] | Reported Value Measurement [Member] | Time Deposits [Member] | ||
Deposits | 142,480 | 156,964 |
Fair Value, Inputs, Level 2 [Member] | Reported Value Measurement [Member] | ||
Other investments | 4,450 | 4,450 |
Federal Reserve Bank stock | 2,123 | 2,075 |
Federal Home Loan Bank stock | 5,859 | 6,570 |
Accrued interest receivable | 2,120 | 2,010 |
FHLB Borrowings | 128,000 | 132,000 |
Subordinated debentures | 8,248 | 8,248 |
Accrued interest payable | 592 | 532 |
Fair Value, Inputs, Level 2 [Member] | Estimate of Fair Value Measurement [Member] | Demand Deposits [Member] | ||
Deposits | 75,244 | 85,065 |
Fair Value, Inputs, Level 2 [Member] | Estimate of Fair Value Measurement [Member] | Savings Deposits [Member] | ||
Deposits | 124,196 | 108,658 |
Fair Value, Inputs, Level 2 [Member] | Estimate of Fair Value Measurement [Member] | Money Market Deposits [Member] | ||
Deposits | 18,486 | 19,522 |
Fair Value, Inputs, Level 2 [Member] | Estimate of Fair Value Measurement [Member] | Negotiable Order of Withdrawal (NOW) Accounts [Member] | ||
Deposits | 28,745 | 28,684 |
Fair Value, Inputs, Level 2 [Member] | Estimate of Fair Value Measurement [Member] | Time Deposits [Member] | ||
Deposits | 122,965 | 156,363 |
Fair Value, Inputs, Level 2 [Member] | Estimate of Fair Value Measurement [Member] | ||
Other investments | 4,450 | 4,450 |
Federal Reserve Bank stock | 2,123 | 2,075 |
Federal Home Loan Bank stock | 5,859 | 6,570 |
Accrued interest receivable | 2,120 | 2,010 |
FHLB Borrowings | 128,441 | 131,903 |
Subordinated debentures | 8,248 | 8,248 |
Accrued interest payable | 592 | 532 |
Fair Value, Inputs, Level 3 [Member] | Reported Value Measurement [Member] | ||
Loans receivable, net | 521,445 | 479,127 |
Note Payable | 1,846 | 1,939 |
Fair Value, Inputs, Level 3 [Member] | Estimate of Fair Value Measurement [Member] | ||
Loans receivable, net | 524,635 | 478,160 |
Note Payable | $ 1,887 | $ 1,904 |