Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Feb. 28, 2014 | Jun. 30, 2013 | |
Document and Entity Information [Abstract] | ' | ' | ' |
Entity Registrant Name | '1ST CONSTITUTION BANCORP | ' | ' |
Document Type | '10-K | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 7,036,087 | ' |
Entity Public Float | ' | ' | $44,385,349 |
Amendment Flag | 'false | ' | ' |
Entity Central Index Key | '0001141807 | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Filer Category | 'Smaller Reporting Company | ' | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
CASH AND DUE FROM BANKS | $69,267,345 | $14,033,501 |
FEDERAL FUNDS SOLD / SHORT TERM INVESTMENTS | 11,426 | 11,420 |
Total cash and cash equivalents | 69,278,771 | 14,044,921 |
INVESTMENT SECURITIES | ' | ' |
Available for sale, at fair value | 99,198,807 | 109,840,965 |
Held to maturity (fair value of $153,629,773 and $121,839,363 at December 31, 2013and 2012, respectively) | 152,816,815 | 116,027,900 |
Total securities | 252,015,622 | 225,868,865 |
LOANS HELD FOR SALE | 10,923,689 | 35,960,262 |
LOANS | 373,336,082 | 521,814,110 |
Less- Allowance for loan losses | -7,038,571 | -7,151,212 |
Net loans | 366,297,511 | 514,662,898 |
PREMISES AND EQUIPMENT, net | 10,043,505 | 10,630,295 |
ACCRUED INTEREST RECEIVABLE | 2,542,602 | 2,872,099 |
BANK-OWNED LIFE INSURANCE | 16,183,574 | 15,026,506 |
OTHER REAL ESTATE OWNED | 2,136,341 | 8,332,601 |
GOODWILL AND INTANGIBLE ASSETS | 4,889,575 | 5,157,542 |
OTHER ASSETS | 8,013,897 | 8,412,393 |
Total assets | 742,325,087 | 840,968,382 |
Deposits | ' | ' |
Non-interest bearing | 121,891,752 | 152,334,759 |
Interest bearing | 516,660,278 | 555,354,716 |
Total deposits | 638,552,030 | 707,689,475 |
BORROWINGS | 10,000,000 | 42,400,000 |
REDEEMABLE SUBORDINATED DEBENTURES | 18,557,000 | 18,557,000 |
ACCRUED INTEREST PAYABLE | 883,212 | 1,057,779 |
ACCRUED EXPENSES AND OTHER LIABILITIES | 5,974,531 | 6,210,596 |
Total liabilities | 673,966,773 | 775,914,850 |
COMMITMENTS AND CONTINGENCIES | ' | ' |
SHAREHOLDERS’ EQUITY | ' | ' |
Preferred stock, no par value: 5,000,000 shares authorized, none issued | 0 | 0 |
Common stock, no par value; 30,000,000 shares authorized; 6,033,683 and 5,985,275 shares issued and 6,016,845 and 5,977,924 shares outstanding as of December 31, 2013 and 2012, respectively | 49,403,450 | 48,716,032 |
Retained earnings | 21,374,381 | 15,594,293 |
Treasury Stock 16,838 shares and, 7,351 shares at December 31, 2013 and 2012, respectively | -171,883 | -61,086 |
Accumulated other comprehensive (loss) income | -2,247,634 | 804,293 |
Total shareholders’ equity | 68,358,314 | 65,053,532 |
Total liabilities and shareholders’ equity | $742,325,087 | $840,968,382 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parentheticals) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Held to maturity, fair value (in Dollars) | $153,629,773 | $121,839,363 |
Preferred stock, par value (in Dollars per share) | $0 | $0 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock, par value (in Dollars per share) | $0 | $0 |
Common stock, shares authorized | 30,000,000 | 30,000,000 |
Common stock, shares issued | 6,033,683 | 5,985,275 |
Common Stock, shares outstanding | 6,016,845 | 5,977,924 |
Treasury stock shares | 16,838 | 7,351 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Loans, including fees | $22,567,370 | $26,643,502 |
Taxable | 3,915,261 | 4,434,108 |
Tax-exempt | 2,209,305 | 1,677,329 |
Federal funds sold and short-term investments | 300,061 | 81,697 |
Total interest income | 28,991,997 | 32,836,636 |
Deposits | 3,487,918 | 4,314,703 |
Borrowings | 414,904 | 450,462 |
Redeemable subordinated debentures | 352,067 | 385,977 |
Total interest expense | 4,254,889 | 5,151,142 |
Net interest income | 24,737,108 | 27,685,494 |
PROVISION FOR LOAN LOSSES | 1,076,662 | 2,149,992 |
Net interest income after provision for loan losses | 23,660,446 | 25,535,502 |
Service charges on deposit accounts | 919,819 | 930,162 |
Gain on sales of securities available for sale | 0 | 313,004 |
Gain on sales of loans | 2,063,679 | 1,862,219 |
Income on Bank-owned life insurance | 457,069 | 447,525 |
Other income | 2,386,677 | 1,714,618 |
Total other income | 5,827,244 | 5,267,528 |
Salaries and employee benefits | 12,708,952 | 12,434,900 |
Occupancy expense | 2,574,466 | 2,470,577 |
Data processing expenses | 1,112,470 | 1,056,629 |
FDIC insurance expense | 346,149 | 565,027 |
Other real estate owned expenses | 352,927 | 3,553,779 |
Other operating expenses | 4,327,276 | 3,689,649 |
Total other expenses | 21,422,240 | 23,770,561 |
Income before income taxes | 8,065,450 | 7,032,469 |
INCOME TAXES | 2,285,362 | 1,971,965 |
Net income | $5,780,088 | $5,060,504 |
Basic (in Dollars per share) | $0.97 | $0.92 |
Diluted (in Dollars per share) | $0.95 | $0.90 |
WEIGHTED AVERAGE SHARES OUTSTANDING | ' | ' |
Basic (in Shares) | 5,973,323 | 5,511,114 |
Diluted (in Shares) | 6,102,043 | 5,607,103 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Net income | $5,780,088 | $5,060,504 |
Unrealized holding (losses) gains on securities available for sale | -4,799,591 | -198,328 |
Reclassification adjustment for realized gains on available for sale securities included in net income | ' | -313,004 |
Pension liability | 193,017 | 12,880 |
Other comprehensive income | -4,606,574 | -498,452 |
Income tax effect | 1,554,647 | 211,283 |
Other comprehensive (loss) | -3,051,927 | -287,169 |
Comprehensive income | $2,728,161 | $4,773,335 |
Consolidated_Statements_of_Cha
Consolidated Statements of Changes in Shareholders' Equity (USD $) | Common Stock [Member] | Retained Earnings [Member] | Treasury Stock [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Total |
Balance at Dec. 31, 2011 | $40,847,929 | $13,070,606 | ($10,222) | $1,091,462 | $54,999,775 |
Exercise of stock options, net, and issuance of vested shares under employee benefit programs | 412,340 | ' | 71,706 | ' | 484,046 |
Share-based compensation | 99,152 | ' | ' | ' | 99,152 |
Treasury Stock purchased | ' | ' | -122,570 | ' | -122,570 |
Shares issued in connection with Shareholders’ Rights program | 4,819,794 | ' | ' | ' | 4,819,794 |
5% stock dividend declared December 2012 | 2,536,817 | -2,536,817 | ' | ' | ' |
Net Income (Loss) | ' | 5,060,504 | ' | ' | 5,060,504 |
Other Comprehensive Income (Loss) | ' | ' | ' | -287,169 | -287,169 |
Balance at Dec. 31, 2012 | 48,716,032 | 15,594,293 | -61,086 | 804,293 | 65,053,532 |
Exercise of stock options, net, and issuance of vested shares under employee benefit programs | 603,342 | ' | ' | ' | 603,342 |
Share-based compensation | 84,076 | ' | ' | ' | 84,076 |
Treasury Stock purchased | ' | ' | -110,797 | ' | -110,797 |
Net Income (Loss) | ' | 5,780,088 | ' | ' | 5,780,088 |
Other Comprehensive Income (Loss) | ' | ' | ' | -3,051,927 | -3,051,927 |
Balance at Dec. 31, 2013 | $49,403,450 | $21,374,381 | ($171,883) | ($2,247,634) | $68,358,314 |
Consolidated_Statements_of_Cha1
Consolidated Statements of Changes in Shareholders' Equity (Parentheticals) | 1 Months Ended | 12 Months Ended | |
Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | |
Stock Dividend Declared | 5.00% | 5.00% | 5.00% |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
OPERATING ACTIVITIES: | ' | ' |
Net Income | $5,780,088 | $5,060,504 |
Provision for loan losses | 1,076,662 | 2,149,992 |
Provision for loss on other real estate owned | 758,625 | 2,345,267 |
Depreciation and amortization | 1,071,219 | 1,172,625 |
Net amortization of premiums and discounts on securities | 1,081,057 | 1,468,338 |
Gains on sales of securities available for sale | 0 | -313,004 |
(Gains) losses on sales of other real estate owned | -922,860 | 13,347 |
Gains on sales of loans held for sale | -2,063,679 | -1,862,219 |
Originations of loans held for sale | -138,980,555 | -178,044,892 |
Proceeds from sales of loans held for sale | 166,080,807 | 163,180,960 |
Income on bank-owned life insurance | -457,069 | -447,525 |
Share-based compensation expense | 501,196 | 474,758 |
Deferred tax (expense) benefit | 1,484,909 | -1,792,342 |
Decrease (increase) in accrued interest receivable | 329,497 | 124,749 |
(Decrease) increase in other assets | 1,166,991 | -16,584 |
Decrease in accrued interest payable | -174,567 | -128,732 |
(Decrease) increase in accrued expenses and other liabilities | -236,065 | 1,026,726 |
Net cash (used in) provided by operating activities | 36,496,256 | -5,588,032 |
Purchases of securites - | ' | ' |
Available for sale | -16,947,137 | -57,242,330 |
Held to maturity | -71,384,179 | -6,602,385 |
Proceeds from maturities and prepayments of securities - | ' | ' |
Available for sale | 22,346,133 | 34,468,644 |
Held to maturity | 33,957,778 | 31,924,139 |
Proceeds from sales of securities available for sale | 0 | 6,074,598 |
Net decrease (increase) in loans | 144,698,709 | -47,469,331 |
Purchase of bank-owned life insurance | -700,000 | -1,000,000 |
Capital expenditures | -216,462 | -1,095,649 |
Additional investment in other real estate owned | -11,437 | -141,050 |
Proceeds from sales of other real estate owned | 8,039,089 | 2,412,798 |
Net cash provided by (used in) investing activities | 119,782,494 | -38,670,566 |
FINANCING ACTIVITIES: | ' | ' |
Exercise of stock options and issuance of vested shares | 603,342 | 484,046 |
Purchase (re-issue) of Treasury Stock | -110,797 | -122,570 |
Net increase (decrease) in demand, savings and time deposits | -69,137,445 | 83,826,990 |
Net (decrease) increase in borrowings | -32,400,000 | -45,900,000 |
Proceeds from issuance of common stock through Shareholders' Rights Plan | 0 | 4,819,794 |
Net cash (used in) provided by financing activities | -101,044,900 | 43,108,260 |
Decrease in cash and cash equivalents | 55,233,850 | -1,150,338 |
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR | 14,044,921 | 15,195,259 |
Cash paid during the period for - | ' | ' |
Interest | 4,429,456 | 5,279,874 |
Income taxes | 1,751,000 | 3,177,000 |
Non-cash investing activities | ' | ' |
Real estate acquired in full satisfaction of loans in foreclosure | 2,590,017 | 553,762 |
CASH AND CASH EQUIVALENTS AT END OF Year | $69,278,771 | $14,044,921 |
Note_1_Summary_of_Significant_
Note 1 - Summary of Significant Accounting Policies | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||
Significant Accounting Policies [Text Block] | ' | ||||||||||||
1. Summary of Significant Accounting Policies | |||||||||||||
1st Constitution Bancorp (the “Company”) is a bank holding company registered under the Bank Holding Company Act of 1956, as amended, and was organized under the laws of the State of New Jersey. The Company is parent to 1st Constitution Bank (the “Bank”), a state chartered commercial bank. The Bank provides community banking services to a broad range of customers, including corporations, individuals, partnerships and other community organizations in the central and northeastern New Jersey area. The Bank conducts its operations through its main office located in Cranbury, New Jersey and operated, as of December 31, 2013, thirteen additional branch offices in downtown Cranbury, Fort Lee, Hamilton Square, Hightstown, Hillsborough, Hopewell, Jamesburg, Lawrenceville, Perth Amboy, Plainsboro, Skillman, West Windsor, and Princeton, New Jersey. | |||||||||||||
The Company has evaluated events and transactions occurring subsequent to the balance sheet date of December 31, 2013 for items that should potentially be recognized or disclosed in these financial statements. The evaluation was conducted through the date these financial statements were issued. | |||||||||||||
Basis of Presentation | |||||||||||||
The accounting and reporting policies of the Company conform to accounting principles generally accepted in the United States of America (“U.S. GAAP”) and to the accepted practices within the banking industry. The following is a description of the more significant of these policies and practices. | |||||||||||||
Principles of Consolidation | |||||||||||||
The accompanying consolidated financial statements include the Company and its wholly-owned subsidiary, the Bank, and the Bank’s wholly-owned subsidiaries, 1st Constitution Investment Company of New Jersey, Inc., FCB Assets Holdings, Inc., 1st Constitution Title Agency, L.L.C., 204 South Newman Street Corp. and 249 New York Avenue, LLC. 1st Constitution Capital Trust II, a subsidiary of the Company (“Trust II”), is not included in the Company’s consolidated financial statements as it is a variable interest entity and the Company is not the primary beneficiary. All significant intercompany accounts and transactions have been eliminated in consolidation and certain prior period amounts have been reclassified to conform to current year presentation. | |||||||||||||
Use of Estimates in the Preparation of Financial Statements | |||||||||||||
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change in the near term relate to the determination of the allowance for loan losses, other-than-temporary security impairment, the fair value of other real estate owned and the valuation of deferred tax assets. | |||||||||||||
Concentration of Credit Risk | |||||||||||||
Financial instruments which potentially subject the Company and its subsidiaries to concentrations of credit risk primarily consist of investment securities and loans. At December 31, 2013, 71.2% of our investment securities consisted of U.S. Government and Agency issues, mortgage-backed securities and municipal bonds. In addition, another 12.7% of our portfolio consisted of highly rated collateralized mortgage obligations. The remaining 16.1% of our investment securities consisted primarily of corporate debt issues and restricted stock of the Federal Home Loan Bank of New York. The Bank’s lending activity is primarily concentrated in loans collateralized by real estate located in the State of New Jersey. As a result, credit risk is broadly dependent on the real estate market and general economic conditions in that state. | |||||||||||||
Interest Rate Risk | |||||||||||||
The Bank is principally engaged in the business of attracting deposits from the general public and using these deposits, together with other funds, to purchase securities and to make loans, the majority of which are secured by real estate. The potential for interest-rate risk exists as a result of the generally shorter duration of interest-sensitive assets compared to the generally longer duration of interest-sensitive liabilities. In a volatile rate environment, assets held by the Bank will re-price faster than liabilities of the Bank, thereby affecting net interest income. For this reason, management regularly monitors the maturity structure and rate adjustment features of the Bank’s assets and liabilities in order to measure its level of interest-rate risk and to plan for future volatility. | |||||||||||||
Investment Securities | |||||||||||||
Investment Securities which the Company has the intent and ability to hold until maturity are classified as held to maturity and are recorded at cost, adjusted for amortization of premiums and accretion of discounts. Investment Securities which are held for indefinite periods of time, which management intends to use as part of its asset/liability management strategy, or that may be sold in response to changes in interest rates, changes in prepayment risk, increased capital requirements or other similar factors, are classified as available for sale and are carried at fair value, except for restricted stock of the Federal Home Loan Bank of New York and Atlantic Central Banker Bank, which are carried at cost. Unrealized gains and losses on such securities are recorded as a separate component of shareholders’ equity. Realized gains and losses, which are computed using the specific identification method, are recognized on a trade date basis. | |||||||||||||
If the fair value of a security is less than its amortized cost, the security is deemed to be impaired. Management evaluates all securities with unrealized losses quarterly to determine if such impairments are temporary or other-than-temporary in accordance with the Accounting Standards Codification (“ASC”) of the Financial Accounting Standards Board (“FASB”). Temporary impairments on available for sale securities are recognized, on a tax-effected basis, through other comprehensive income (“OCI”) with offsetting adjustments to the carrying value of the security and the balance of related deferred taxes. Temporary impairments of held to maturity securities are not recorded in the consolidated financial statements; however, information concerning the amount and duration of impairments on held to maturity securities is disclosed. | |||||||||||||
Other-than-temporary impairments on all equity securities and on debt securities that the Company has decided to sell, or will, more likely than not, be required to sell prior to the full recovery of fair value to a level equal to or exceeding amortized cost, are recognized in earnings. If neither of these conditions regarding the likelihood of sale for a debt security apply, the other-than-temporary impairment is bifurcated into credit-related and noncredit-related components. Credit-related impairment generally represents the amount by which the present value of the cash flows that are expected to be collected on a debt security fall below its amortized cost. The noncredit-related component represents the remaining portion of the impairment not otherwise designated as credit-related. The Company recognizes credit-related other-than-temporary impairments in earnings. Noncredit-related other-than-temporary impairments on debt securities are recognized in OCI. For held to maturity debt securities, the amount of any other-than-temporary impairment recorded in OCI is amortized prospectively over the remaining lives of the securities based on the timing of future estimated cash flows related to those securities. | |||||||||||||
Premiums and discounts on all securities are amortized/accreted to maturity by use of the level-yield method considering the impact of principal amortization and prepayments. | |||||||||||||
Federal law requires a member institution of the Federal Home Loan Bank (“FHLB”) system to hold restricted stock of its district FHLB according to a predetermined formula. The Bank’s investment in the restricted stock of the FHLB of New York, while included in investment securities available for sale, is carried at cost. | |||||||||||||
Management evaluates the FHLB restricted stock for impairment in accordance with U.S. GAAP. Management’s determination of whether these investments are impaired is based on their assessment of the ultimate recoverability of their cost rather than by recognizing temporary declines in value. The determination of whether a decline affects the ultimate recoverability of their cost is influenced by criteria such as (1) the significance of the decline in net assets of the FHLB as compared to the capital stock amount for the FHLB and the length of time this situation has persisted, (2) commitments by the FHLB to make payments required by law or regulation and the level of such payments in relation to the operating performance of the FHLB, and (3) the impact of legislative and regulatory changes on institutions and, accordingly, on the customer base of the FHLB. Management believes no impairment charge is necessary related to the FHLB stock as of December 31, 2013. | |||||||||||||
Bank-Owned Life Insurance | |||||||||||||
The Company invests in bank-owned life insurance (“BOLI”). BOLI involves the purchasing of life insurance by the Company on a chosen group of employees. The Company is the owner and beneficiary of the policies. This pool of insurance, due to the advantages of the Bank, is profitable to the Company. This profitability offsets a portion of future benefit costs and is intended to provide a funding source for the payment of future benefits. The Bank’s deposits fund BOLI and the earnings from BOLI are recognized as non-interest income. | |||||||||||||
Loans And Loans Held For Sale | |||||||||||||
Loans that management intends to hold to maturity are stated at the principal amount outstanding, net of unearned income. Unearned income is recognized over the lives of the respective loans, principally using the effective interest method. Interest income is generally not accrued on loans, including impaired loans, where interest or principal is 90 days or more past due, unless the loans are adequately secured and in the process of collection, or on loans where management has determined that the borrowers may be unable to meet contractual principal and/or interest obligations. When it is probable that, based upon current information, the Bank will not collect all amounts due under the contractual terms of the loan, the loan is reported as impaired. Smaller balance homogenous type loans, such as residential loans and loans to individuals, which are collectively evaluated, are excluded from consideration for impairment. Loan impairment is measured based upon the present value of the expected future cash flows discounted at the loan’s effective interest rate or the underlying fair value of collateral for collateral dependent loans. When a loan, including an impaired loan, is placed on non-accrual, interest accruals cease and uncollected accrued interest is reversed and charged against current income. Non-accrual loans are generally not returned to accruing status until principal and interest payments have been brought current and full collectibility is reasonably assured. Cash receipts on non-accrual and impaired loans are applied to principal, unless the loan is deemed fully collectible. | |||||||||||||
Loans held for sale are carried at the aggregate lower of cost or market value. Realized gains and losses on loans held for sale are recognized at settlement date and are determined based on the cost, including deferred net loan origination fees and the costs of the specific loans sold. | |||||||||||||
The Bank accounts for its transfers and servicing of financial assets in accordance with ASC Topic 860, “Transfers and Servicing.” The Bank originates mortgages under a definitive plan to sell those loans with servicing generally released. Mortgage loans originated and intended for sale in the secondary market are carried at the lower aggregate cost or estimated fair value. Gains and losses on sales are also accounted for in accordance with ASC Topic 860. | |||||||||||||
The Bank enters into commitments to originate loans whereby the interest rate on the loan is determined prior to funding (rate lock commitments). Rate lock commitments on mortgage loans that are intended to be sold are considered to be derivatives. Time elapsing between the issuance of a loan commitment and closing and sale of the loan generally ranges from 30 to 120 days. The Bank protects itself from changes in interest rates through the use of best efforts forward delivery contracts, whereby the Bank commits to sell a loan at the time the borrower commits to an interest rate with the intent that the buyer has assumed interest rate risk on the loan. As a result, the Bank is not exposed to losses nor will it realize significant gains related to its rate lock commitments due to changes in interest rates. | |||||||||||||
The market value of rate lock commitments and best efforts contracts is not readily ascertainable with precision because rate lock commitments and best efforts contracts are not actively traded in stand-alone markets. The Bank determines the fair value of rate lock commitments and best efforts contracts by measuring the change in the value of the underlying asset while taking into consideration the probability that the rate lock commitments will close. Due to high correlation between rate lock commitments and best efforts contracts, no gain or loss occurs on the rate lock commitments. Rate lock commitments and related derivative instruments were not deemed to be significant at December 31, 2013 and 2012 and therefore, not recorded on the balance sheet at December 31, 2013 and 2012. | |||||||||||||
ASC Topic 460, “Guarantees,” requires a guarantor entity, at the inception of a guarantee covered by the measurement provisions of the interpretation, to record a liability for the fair value of the obligation undertaken in issuing the guarantee. | |||||||||||||
Standby letters of credit are conditional commitments issued by the Bank to guarantee the financial performance of a customer to a third party. Those guarantees are primarily issued to support contracts entered into by customers. Most guarantees extend for one year. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loan facilities to customers. The Bank defines the fair value of these letters of credit as the fees paid by the customer or similar fees collected on similar instruments. The Bank amortizes the fees collected over the life of the instrument. The Bank generally obtains collateral, such as real estate or liens on customer assets for these types of commitments. The Bank’s potential liability would be reduced by any proceeds obtained in liquidation of the collateral held. The Bank had standby letters of credit for customers aggregating $2,212,029 and $1,620,362 at December 31, 2013 and 2012, respectively. These letters of credit are primarily related to our real estate lending and the approximate value of underlying collateral upon liquidation is expected to be sufficient to cover this maximum potential exposure at December 31, 2013. The amount of the liability related to guarantees under standby letters of credit issued was not material as of December 31, 2013 and 2012. | |||||||||||||
Allowance for Loan Losses | |||||||||||||
The allowance for loan losses is maintained at a level sufficient to absorb estimated credit losses in the loan portfolio as of the date of the financial statements. The allowance for loan losses is a valuation reserve available for losses incurred or inherent in the loan portfolio and other extensions of credit. The determination of the adequacy of the allowance for loan losses is a critical accounting policy of the Company. | |||||||||||||
All, or part, of the principal balance of commercial and commercial real estate loans and construction loans are charged off against the allowance as soon as it is determined that the repayment of all, or part, of the principal balance is highly unlikely. Consumer loans are generally charged off no later than 120 days past due on a contractual basis, or earlier in the event of bankruptcy, or if there is an amount deemed uncollectible. Because all identified losses are immediately charged off, no portion of the allowance for loan losses is restricted to any individual loan or groups of loans, and the entire allowance is available to absorb any and all loan losses. | |||||||||||||
Loans are placed in a nonaccrual status when the ultimate collectability of principal or interest in whole, or in part, is in doubt. Past-due loans contractually past-due 90 days or more for either principal or interest are also placed in nonaccrual status unless they are both well secured and in the process of collection. Impaired loans are evaluated individually. | |||||||||||||
The following is our charge-off policy by our loan segments: | |||||||||||||
Commercial | |||||||||||||
Loans are generally fully or partially charged down to the fair value of collateral securing the asset when: | |||||||||||||
● | Management judges the loan to be uncollectible; | ||||||||||||
● | Repayment is deemed to be protracted beyond reasonable time frames; | ||||||||||||
● | The loan has been classified as a loss by either internal loan review process or external examiners; | ||||||||||||
● | The customer has filed bankruptcy and the loss becomes evident owing to a lack of assets; or | ||||||||||||
● | The loan is significantly past due unless both well secured and in the process of collection. | ||||||||||||
Consumer | |||||||||||||
Consumer loans are generally charged off no later than 120 days past due on a contractual basis, earlier in the event of bankruptcy, or if there is an amount deemed uncollectible. | |||||||||||||
Premises and Equipment | |||||||||||||
Premises and equipment are stated at cost less accumulated depreciation and amortization. Depreciation is computed primarily on the straight-line method over the estimated useful lives of the related assets for financial reporting purposes and using the mandated methods by asset type for income tax purposes. Building, furniture and fixtures, equipment and leasehold improvements are depreciated or amortized over the estimated useful lives of the assets or lease terms, as applicable. Estimated useful lives of buildings are forty years, furniture and fixtures and equipment are three to fifteen years, and leasehold improvements are three to ten years. Expenditures for maintenance and repairs are charged to expense as incurred. | |||||||||||||
The Company accounts for impairment of long lived assets in accordance with ASC Topic 360, “Property, Plant, and Equipment,” which requires recognition and measurement for the impairment of long lived assets to be held and used or to be disposed of by sale. The Bank had no impaired long lived assets at December 31, 2013 and 2012. | |||||||||||||
Derivative Contracts | |||||||||||||
Derivative contracts, as required by ASC Topic 815, “Derivatives and Hedging,” are carried at fair value as either assets or liabilities in the statement of financial condition with unrealized gains and losses excluded from earnings and reported in a separate component of shareholders’ equity, net of related income tax effects. Gains and losses on derivative contracts are recognized upon realization utilizing the specific identification method. | |||||||||||||
Income Taxes | |||||||||||||
There are two components of income tax expense: current and deferred. Current income tax expense approximates cash to be paid or refunded for taxes for the applicable period. Deferred tax assets and liabilities are recognized due to differences between the basis of assets and liabilities as measured by tax laws and their basis as reported in the financial statements. Deferred tax assets are subject to management’s judgment based upon available evidence that future realizations are likely. If management determines that the Company may not be able to realize some or all of the net deferred tax asset in the future, a charge to income tax expense may be required to reduce the value of the net deferred tax asset to the expected realizable value. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred taxes of a change in tax rates is recognized in income in the period that includes the enactment date. Deferred tax expense or benefit is recognized for the change in deferred tax liabilities. | |||||||||||||
The Company accounts for uncertainty in income taxes recognized in its consolidated financial statements in accordance with ASC Topic 740, “Income Taxes,” which prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return, and also provides guidance on de-recognition, classification, interest and penalties, accounting in interim periods, disclosure and transition. The Company has not identified any significant income tax uncertainties through the evaluation of its income tax positions for the years ended December 31, 2013 and 2012 and has not recognized any liabilities for tax uncertainties as of December 31, 2013 and 2012. Our policy is to recognize interest and penalties on unrecognized tax benefits in income tax expense; such amounts were not significant during the years ended December 31, 2013 and 2012. The tax years subject to examination by the taxing authorities are, for federal purposes, the years ended December 31, 2012, 2011, and 2010, and, for state purposes, the years ended December 31, 2012, 2011, and 2010. | |||||||||||||
Other Real Estate Owned | |||||||||||||
Other real estate owned obtained through loan foreclosures or the receipt of deeds-in-lieu of foreclosure is carried at the lower of fair value of the related property, as determined by current appraisals less estimated costs to sell, or the recorded investment in the property. Write-downs on these properties, which occur after the initial transfer from the loan portfolio, are recorded as operating expenses. Costs of holding such properties are charged to expense in the current period. Gains, to the extent allowable, and losses on the disposition of these properties are reflected in current operations. | |||||||||||||
Goodwill and Other Intangible Assets | |||||||||||||
Goodwill represents the excess of the cost of an acquired entity over the fair value of the identifiable net assets acquired in accordance with the purchase method of accounting. Goodwill is not amortized but is reviewed for potential impairment on an annual basis, or more often if events or circumstances indicated that there may be impairment, in accordance with ASC Topic 350, “Intangibles – Goodwill and Other.” Goodwill is tested for impairment at the reporting unit level and an impairment loss is recorded to the extent that the carrying amount of goodwill exceeds its implied fair value. Core deposit intangibles are a measure of the value of checking and savings deposits acquired in business combinations accounted for under the purchase method. Core deposit intangibles are amortized on a straight-line basis over their estimated lives (ranging from five to ten years) and identifiable intangible assets are evaluated for impairment if events and circumstances indicate a possible impairment. Any impairment loss related to goodwill and other intangible assets is reflected as other non-interest expense in the statement of operations in the period in which the impairment was determined. No assurance can be given that future impairment tests will not result in a charge to earnings. See Note 8 – Goodwill and Other Intangibles for additional information. | |||||||||||||
Share-Based Compensation | |||||||||||||
The Company recognizes compensation expense for stock awards and options in accordance with ASC Topic 718, “Compensation – Stock Compensation.” The expense of stock-based compensation is generally measured at fair value at the grant date with compensation expense recognized over the service period, which is usually the vesting period. The Company utilizes the Black-Scholes option-pricing model to estimate the fair value of each stock option on the date of grant. The Black-Scholes model takes into consideration the exercise price and expected life of the options, the current price of the underlying stock and its expected volatility, the expected dividends on the stock and the current risk-free interest rate for the expected life of the option. The Company’s estimate of the fair value of a stock option is based on expectations derived from historical experience and may not necessarily equate to its market value when fully vested. See Note 15 – Share-Based Compensation for additional information. | |||||||||||||
Benefit Plans | |||||||||||||
The Company provides certain retirement benefits to employees under a 401(k) plan. The Company’s contributions to the 401(k) plan are expensed as incurred. | |||||||||||||
The Company also provides retirement benefits to certain employees under supplemental executive retirement plans. The plans are unfunded and the Company accrues actuarial determined benefit costs over the estimated service period of the employees in the plans. In accordance with ASC Topic 715, “Compensation – Retirement Benefits,” the Company recognizes the underfunded status of these postretirement plans as a liability in its statement of financial position and recognizes changes in that funded status in the year in which the changes occur through other comprehensive income. | |||||||||||||
Cash And Cash Equivalents | |||||||||||||
Cash and cash equivalents includes cash on hand, interest and non-interest bearing amounts due from banks, Federal funds sold and short-term investments. Generally, Federal funds are sold and short-term investments are made for a one or two-day period. | |||||||||||||
Reclassifications | |||||||||||||
Certain reclassifications have been made to the prior period amounts to conform with the current period presentation. Such reclassification had no impact on net income or total shareholders’ equity. | |||||||||||||
Advertising Costs | |||||||||||||
It is the Company’s policy to expense advertising costs in the period in which they are incurred. | |||||||||||||
Earnings Per Common Share | |||||||||||||
Basic net income per common share is calculated by dividing net income by the weighted average number of common shares outstanding during each period. | |||||||||||||
Diluted net income per common share is calculated by dividing net income by the weighted average number of common shares outstanding, as adjusted for the assumed exercise of potential common stock warrants, common stock options and unvested restricted stock awards (as defined below), using the treasury stock method. | |||||||||||||
All per share information has been restated for the effect of (i) a 5% stock dividend declared on December 20, 2012 and paid on January 31, 2013 to shareholders of record on January 14, 2013 and (ii) a 5% stock dividend declared December 15, 2011 and paid February 2, 2012 to shareholders of record on January 17, 2012. In addition, during the third quarter of 2012, the Company launched a shareholders’ common stock rights offering, which expired on October 5, 2012. The Company received gross proceeds of $5.0 million from holders of subscription rights who exercised their basic subscription rights and from holders who exercised the over-subscription privilege. The rights’ offering was fully subscribed. Accordingly, the Company issued a total of 555,555 shares of common stock to the holders of subscription rights who validly exercised their subscription rights, including pursuant to the exercise of the over-subscription privilege. The 555,555 shares issued in the shareholders’ common stock rights offering are included in the calculation of basic and diluted net income per common share for the years ended December 31, 2013 and 2012. | |||||||||||||
The following tables illustrate the reconciliation of the numerators and denominators of the basic and diluted earnings per common share (EPS) calculations. Dilutive securities in the tables below exclude common stock options and warrants with exercise prices that exceed the average market price of the Company’s common stock during the periods presented. Inclusion of these common stock options and warrants would be anti-dilutive to the diluted earnings per common share calculation. | |||||||||||||
Year Ended December 31, 2013 | |||||||||||||
Income | Weighted- | Per share | |||||||||||
average | Amount | ||||||||||||
shares | |||||||||||||
Basic earnings per common share: | |||||||||||||
Net income | $ | 5,780,088 | 5,973,323 | $ | 0.97 | ||||||||
Effect of dilutive securities: | |||||||||||||
Stock options and unvested stock awards | 128,720 | ||||||||||||
Diluted EPS: | |||||||||||||
Net income plus assumed conversion | $ | 5,780,088 | 6,102,043 | $ | 0.95 | ||||||||
Year Ended December 31, 2012 | |||||||||||||
Income | Weighted- | Per share | |||||||||||
average | Amount | ||||||||||||
shares | |||||||||||||
Basic earnings per common share: | |||||||||||||
Net income | $ | 5,060,504 | 5,511,114 | $ | 0.92 | ||||||||
Effect of dilutive securities: | |||||||||||||
Stock options and unvested stock awards | 95,989 | ||||||||||||
Diluted EPS: | |||||||||||||
Net income plus assumed conversion | $ | 5,060,504 | 5,607,103 | $ | 0.9 | ||||||||
For the years ended December 31, 2013 and 2012, 78,596 and 108,174 options, respectively, were anti-dilutive and were not included in the computation of diluted earnings per common share. | |||||||||||||
Comprehensive Income | |||||||||||||
Comprehensive income consists of net income and other comprehensive income. Other comprehensive income includes unrealized gains and losses on securities available for sale, other-than-temporary non-credit related security impairments, unrealized gains and losses on cash flows hedges, and changes in the funded status of benefit plans which are also recognized in equity. | |||||||||||||
Variable Interest Entities | |||||||||||||
Management has determined that Trust II qualifies as a variable interest entity under ASC Topic 810, “Consolidation.” Trust II issued mandatorily redeemable preferred stock to investors, loaned the proceeds to the Company and holds, as its sole asset, subordinated debentures issued by the Company. As a qualified variable interest entity, Trust II’s Balance Sheet and Statement of Operations have never been consolidated with those of the Company. | |||||||||||||
In March 2005, the Federal Reserve Board adopted a final rule that would continue to allow the inclusion of trust preferred securities in Tier 1 capital, but with stricter quantitative limits. Under the final rule, after a five-year transition period, the aggregate amount of trust preferred securities and certain other capital elements would be limited to 25% of Tier 1 capital elements, net of goodwill. The amount of trust preferred securities and certain other elements in excess of the limit could be included in Tier 2 capital, subject to restrictions. Based on the final rule, the Company has included all of its $18.0 million in trust preferred securities in Tier 1 capital at December 31, 2013 and 2012. | |||||||||||||
Segment Information | |||||||||||||
U.S. GAAP establishes standards for public business enterprises to report information about operating segments in their annual financial statements and requires that those enterprises report selected information about operating segments in subsequent interim financial reports issued to shareholders. It also established standards for related disclosure about products and services, geographic areas, and major customers. Operating segments are components of an enterprise, which are evaluated regularly by the chief operating decision-maker in deciding how to allocate and assess resources and performance. The Company’s chief operating decision-maker is the President and Chief Executive Officer. The Company has applied the aggregation criteria for its operating segments to create one reportable segment, “Community Banking.” | |||||||||||||
The Company’s Community Banking segment consists of construction, commercial, retail and mortgage banking. The Community Banking segment is managed as a single strategic unit, which generates revenue from a variety of products and services provided by the Company. For example, construction and commercial lending is dependent upon the ability of the Company to fund itself with retail deposits and other borrowings and to manage interest rate and credit risk. This situation is also similar for consumer and residential real estate lending. | |||||||||||||
Recent Accounting Pronouncements. | |||||||||||||
ASU 2011-11 (Disclosures about offsetting Assets and Liabilities) | |||||||||||||
On December 19, 2011, The FASB issued Accounting Standards Update (ASU) 2011-11, “Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities.” This new guidance affects all entities with financial instruments or derivatives that are either presented on a net basis in the balance sheet or subject to an enforceable master netting arrangement or a similar arrangement. The ASU does not change existing offsetting criteria in U.S. generally accepted accounting principles (U.S. GAAP) or the permitted balance sheet presentation for items meeting the criteria. To help financial statement users better assess the effect or potential effect of offsetting arrangements on an entity’s financial position, the new guidance requires disclosures in the financial statement notes that provide both net and gross information about assets and liabilities that have been offset and the related arrangements. | |||||||||||||
The new disclosure requirements in the ASU are intended to enhance comparability between financial statements prepared using U.S. GAAP and those prepared in accordance with international Financial Reporting Standards (IFRS). The eligibility criteria for offsetting are different in U.S. GAAP and IFRS. In January 2011, the FASB and the International Accounting Standards Board issued an exposure draft proposing new common criteria for offsetting, but the boards could not agree. The FASB voted to retain existing U.S. GAAP guidance on offsetting and to require expanded disclosures for financial instruments and derivative instruments that are either offset in the balance sheet or eligible for offset subject to a master netting arrangement or similar arrangement. | |||||||||||||
The ASU is effective for annual reporting periods beginning on or after January 1, 2013, and interim periods within those annual periods. Disclosures required by the amendments should be provided retrospectively for all comparative periods. The FASB has published a short recap highlighting the significant issues the ASU addresses. The adoption of this ASU did not have a material impact on the Company’s consolidated financial position or results of operations. | |||||||||||||
ASU 2011-05, 2001-12 and 2013-12 (Presentation of Comprehensive Income) | |||||||||||||
The provisions of ASU 2011-05 amend FASB ASC Topic 220, Comprehensive Income, to facilitate the continued alignment of U.S. GAAP with International Accounting Standards. The ASU prohibits the presentation of the components of comprehensive income in the statement of shareholders’ equity. Reporting entities are allowed to present either: a statement of comprehensive income, which reports both net income and other comprehensive income; or separate, but consecutive, statements of net income and other comprehensive income. Under previous GAAP, all three presentations were acceptable. Regardless of the presentation selected, the reporting entity is required to present all reclassifications between other comprehensive and net income on the face of the new statement or statements. The provisions of this ASU are effective for fiscal years and interim periods beginning after December 31, 2011 for public entities. The Company adopted this update on January 1, 2012 and the new Consolidated Statements of Comprehensive Income are included in these financial statements. | |||||||||||||
ASU 2011-12, “Comprehensive Income (Topic 220): Deferral of the Effective Date for Amendments to the Presentation of Reclassifications of Items Out of Accumulated Other Comprehensive Income (“AOCI”) in Accounting Standards Update No. 2011-05,” was issued by the FASB on December 23, 2011. This ASU defers the implementation of only those provisions in ASU 2011-05, dealing only with the presentation of items reclassified out of AOCI. | |||||||||||||
The amendments in ASU 2011-12 and ASU 2011-05 are effective at the same time: For public entities, the guidance is effective for fiscal years and interim periods within those years, beginning after December 15, 2011. The requirements are effective for nonpublic entities for fiscal years ending after December 15, 2012. The FASB has published a short recap of the reasons for the ASU 2011-12 deferrals. The adoption of this guidance did not have any impact on the Company’s consolidated financial position or results of operations. | |||||||||||||
In February 2013, the FASB issued ASU 2013-02, Comprehensive Income (Topic 220): Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income, to improve the transparency of reporting reclassifications out of accumulated other comprehensive income. The amendments in this ASU do not change the current requirements for reporting net income or other comprehensive income in financial statements. All of the information that this ASU requires already is required to be disclosed elsewhere in the financial statements under U.S. GAAP. | |||||||||||||
The amendments of ASU 2013-02 are effective for reporting periods beginning after December 15, 2012 for public companies and are effective for reporting periods beginning after December 15, 2013 for nonpublic companies. The adoption of this guidance did not have a material impact on the Company’s consolidated financial position or results of operations. |
Note_2_Investment_Securities
Note 2 - Investment Securities | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | ||||||||||||||||||||||||||||||||||||||
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | ' | ||||||||||||||||||||||||||||||||||||||
2. Investment Securities | |||||||||||||||||||||||||||||||||||||||
Amortized cost, gross unrealized gains and losses, and the estimated fair value by security type are as follows: | |||||||||||||||||||||||||||||||||||||||
2013 | Amortized | Gross | Gross | Fair | |||||||||||||||||||||||||||||||||||
Cost | Unrealized | Unrealized | Value | ||||||||||||||||||||||||||||||||||||
Gains | Losses | ||||||||||||||||||||||||||||||||||||||
Available for sale- | |||||||||||||||||||||||||||||||||||||||
U. S. Treasury securities and obligations of U.S. Government sponsored corporations (“GSE”) and agencies | $ | 22,386,761 | $ | 33,213 | $ | (910,274 | ) | $ | 21,509,700 | ||||||||||||||||||||||||||||||
Residential collateralized mortgage obligations - GSE | 3,547,404 | 134,388 | - | 3,681,792 | |||||||||||||||||||||||||||||||||||
Residential collateralized mortgage obligations – non- GSE | 2,782,843 | 52,227 | (8,674 | ) | 2,826,396 | ||||||||||||||||||||||||||||||||||
Residential mortgage backed securities – GSE | 31,532,051 | 872,169 | (438,273 | ) | 31,965,947 | ||||||||||||||||||||||||||||||||||
Obligations of State and Political subdivisions | 22,206,959 | 149,959 | (2,710,874 | ) | 19,646,044 | ||||||||||||||||||||||||||||||||||
Trust preferred debt securities – single issuer | 2,468,839 | - | (455,739 | ) | 2,013,100 | ||||||||||||||||||||||||||||||||||
Corporate debt securities | 16,228,474 | 318,590 | (29,336 | ) | 16,517,728 | ||||||||||||||||||||||||||||||||||
Restricted Stock | 1,013,100 | - | - | 1,013,100 | |||||||||||||||||||||||||||||||||||
Mutual Fund | 25,000 | - | - | 25,000 | |||||||||||||||||||||||||||||||||||
$ | 102,191,431 | $ | 1,560,546 | $ | (4,553,170 | ) | $ | 99,198,807 | |||||||||||||||||||||||||||||||
Amortized | Other-Than- | Carrying | Gross | Gross | Fair | ||||||||||||||||||||||||||||||||||
Cost | Temporary | Value | Unrealized | Unrealized | Value | ||||||||||||||||||||||||||||||||||
Impairment | Gains | Losses | |||||||||||||||||||||||||||||||||||||
Recognized In | |||||||||||||||||||||||||||||||||||||||
Accumulated | |||||||||||||||||||||||||||||||||||||||
Other | |||||||||||||||||||||||||||||||||||||||
Comprehensive | |||||||||||||||||||||||||||||||||||||||
Loss | |||||||||||||||||||||||||||||||||||||||
Held to maturity- | |||||||||||||||||||||||||||||||||||||||
Obligations of U.S. Government sponsored | |||||||||||||||||||||||||||||||||||||||
Corporations (“GSE”) and agencies | $ | 1,524,860 | $ | - | $ | 1,524,860 | $ | 10,310 | - | $ | 1,535,170 | ||||||||||||||||||||||||||||
Residential collateralized mortgage obligations – GSE | 14,803,739 | - | 14,803,739 | 379,815 | - | 15,183,554 | |||||||||||||||||||||||||||||||||
Residential collateralized mortgage obligations-non GSE | 10,682,363 | - | 10,682,363 | 119,777 | (27,526 | ) | 10,774,614 | ||||||||||||||||||||||||||||||||
Residential mortgage Backed securities -GSE | 65,240,620 | - | 65,240,620 | 611,062 | (387,034 | ) | 65,464,648 | ||||||||||||||||||||||||||||||||
Obligations of State and | |||||||||||||||||||||||||||||||||||||||
Political subdivisions | 59,400,916 | - | 59,400,916 | 1,399,938 | (1,296,357 | ) | 59,504,497 | ||||||||||||||||||||||||||||||||
Trust preferred debt securities - pooled | 656,662 | (500,944 | ) | 155,718 | - | (6,863 | ) | 148,855 | |||||||||||||||||||||||||||||||
Corporate debt securities | 1,008,599 | - | 1,008,599 | 9,836 | - | 1,018,435 | |||||||||||||||||||||||||||||||||
$ | 153,317,759 | $ | (500,944 | ) | $ | 152,816,815 | $ | 2,530,738 | $ | (1,717,780 | ) | $ | 153,629,773 | ||||||||||||||||||||||||||
2012 | Amortized | Gross | Gross | Fair | |||||||||||||||||||||||||||||||||||
Cost | Unrealized | Unrealized | Value | ||||||||||||||||||||||||||||||||||||
Gains | Losses | ||||||||||||||||||||||||||||||||||||||
Available for sale- | |||||||||||||||||||||||||||||||||||||||
U. S. Treasury securities and obligations of U.S. Government Sponsored corporations (“GSE”) and agencies | $ | 29,384,595 | $ | 137,847 | $ | (26,907 | ) | $ | 29,495,535 | ||||||||||||||||||||||||||||||
Residential collateralized mortgage obligations- GSE | 6,349,310 | 283,355 | - | 6,632,665 | |||||||||||||||||||||||||||||||||||
Residential collateralized mortgage obligations- non GSE | 3,811,933 | 119,323 | (7,074 | ) | 3,924,182 | ||||||||||||||||||||||||||||||||||
Residential mortgage backed securities – GSE | 24,912,948 | 1,576,387 | - | 26,489,335 | |||||||||||||||||||||||||||||||||||
Obligations of State and Political subdivisions | 20,793,222 | 375,416 | (486,337 | ) | 20,682,301 | ||||||||||||||||||||||||||||||||||
Trust preferred debt securities – single issuer | 2,466,009 | - | (467,643 | ) | 1,998,366 | ||||||||||||||||||||||||||||||||||
Corporate debt securities | 17,797,681 | 325,731 | (23,131 | ) | 18,100,281 | ||||||||||||||||||||||||||||||||||
Restricted Stock | 2,493,300 | - | - | 2,493,300 | |||||||||||||||||||||||||||||||||||
Mutual fund | 25,000 | - | - | 25,000 | |||||||||||||||||||||||||||||||||||
$ | 108,033,998 | $ | 2,818,059 | $ | (1,011,092 | ) | $ | 109,840,965 | |||||||||||||||||||||||||||||||
Amortized | Other-Than- | Carrying | Gross | Gross | Fair | ||||||||||||||||||||||||||||||||||
Cost | Temporary | Value | Unrealized | Unrealized | Value | ||||||||||||||||||||||||||||||||||
Impairment | Gains | Losses | |||||||||||||||||||||||||||||||||||||
Recognized In | |||||||||||||||||||||||||||||||||||||||
Accumulated | |||||||||||||||||||||||||||||||||||||||
Other | |||||||||||||||||||||||||||||||||||||||
Comprehensive | |||||||||||||||||||||||||||||||||||||||
Loss | |||||||||||||||||||||||||||||||||||||||
Held to maturity- | |||||||||||||||||||||||||||||||||||||||
Obligations of U.S Government sponsored | |||||||||||||||||||||||||||||||||||||||
Corporations (“GSE”) and agencies | $ | 3,073,957 | - | $ | 3,073,957 | $ | 33,213 | - | $ | 3,107,170 | |||||||||||||||||||||||||||||
Residential collateralized mortgage obligations – GSE | 19,660,625 | - | 19,660,625 | 1,021,556 | - | 20,682,181 | |||||||||||||||||||||||||||||||||
Residential collateralized mortgage obligations-non GSE | 13,387,974 | - | 13,387,974 | 796,892 | (289 | ) | 14,184,577 | ||||||||||||||||||||||||||||||||
Residential mortgage Backed securities-GSE | 19,950,190 | - | 19,950,190 | 849,040 | (944 | ) | 20,798,286 | ||||||||||||||||||||||||||||||||
Obligations of State and Political subdivisions | 42,815,706 | 42,815,706 | 3,039,935 | - | 45,855,641 | ||||||||||||||||||||||||||||||||||
Trust preferred debt securities - pooled | 656,662 | (500,944 | ) | 155,718 | - | (9,638 | ) | 146,080 | |||||||||||||||||||||||||||||||
Corporate debt securities | 16,983,730 | - | 16,983,730 | 84,443 | (2,745 | ) | 17,065,428 | ||||||||||||||||||||||||||||||||
$ | 116,528,844 | $ | (500,944 | ) | $ | 116,027,900 | $ | 5,825,079 | $ | (13,616 | ) | $ | 121,839,363 | ||||||||||||||||||||||||||
The carrying value and estimated fair value of investment securities at December 31, 2013, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Restricted stock is included in “Available for sale - Due in one year or less.” | |||||||||||||||||||||||||||||||||||||||
Amortized | Fair | ||||||||||||||||||||||||||||||||||||||
Cost | Value | ||||||||||||||||||||||||||||||||||||||
Available for sale- | |||||||||||||||||||||||||||||||||||||||
Due in one year or less | |||||||||||||||||||||||||||||||||||||||
U.S. Treasury securities and obligations of US Government sponsored corporations (“GSE”) and agencies | $ | 4,999,345 | $ | 5,001,550 | |||||||||||||||||||||||||||||||||||
Residential mortgage backed securities-GSE | 2,753 | 2,769 | |||||||||||||||||||||||||||||||||||||
Obligations of State and Political subdivisions | 110,000 | 110,322 | |||||||||||||||||||||||||||||||||||||
Corporate debt securities | 1,009,258 | 1,011,685 | |||||||||||||||||||||||||||||||||||||
Restricted stock | 1,013,100 | 1,013,100 | |||||||||||||||||||||||||||||||||||||
Mutual fund | 25,000 | 25,000 | |||||||||||||||||||||||||||||||||||||
$ | 7,159,456 | $ | 7,164,426 | ||||||||||||||||||||||||||||||||||||
Due after one year through five years | |||||||||||||||||||||||||||||||||||||||
U.S. Treasury securities and obligations of US Government sponsored corporations (“GSE”) and agencies | $ | 6,517,670 | $ | 6,516,070 | |||||||||||||||||||||||||||||||||||
Residential mortgage backed securities-GSE | 7,079,770 | 6,962,402 | |||||||||||||||||||||||||||||||||||||
Obligations of State and Political subdivisions | 374,402 | 375,815 | |||||||||||||||||||||||||||||||||||||
Corporate debt securities | 14,133,770 | 14,449,933 | |||||||||||||||||||||||||||||||||||||
$ | 28,105,612 | $ | 28,304,220 | ||||||||||||||||||||||||||||||||||||
Due after five years through ten years | |||||||||||||||||||||||||||||||||||||||
U.S. Treasury securities and obligations of US Government sponsored corporations (“GSE”) and agencies | $ | 10,869,746 | $ | 9,992,080 | |||||||||||||||||||||||||||||||||||
Residential collateralized mortgage obligations-GSE | 123,301 | 131,996 | |||||||||||||||||||||||||||||||||||||
Residential mortgage backed securities-GSE | 8,106,769 | 8,151,463 | |||||||||||||||||||||||||||||||||||||
Obligations of State and Political subdivisions | 4,249,720 | 4,163,057 | |||||||||||||||||||||||||||||||||||||
$ | 23,349,536 | $ | 22,438,596 | ||||||||||||||||||||||||||||||||||||
Due after ten years | |||||||||||||||||||||||||||||||||||||||
Residential collateralized mortgage obligations-GSE | $ | 3,424,103 | $ | 3,549,796 | |||||||||||||||||||||||||||||||||||
Residential collateralized mortgage obligations-non GSE | 2,782,843 | 2,826,396 | |||||||||||||||||||||||||||||||||||||
Residential mortgage backed securities-GSE | 16,342,759 | 16,849,313 | |||||||||||||||||||||||||||||||||||||
Obligations of State and Political subdivisions | 17,472,837 | 14,996,850 | |||||||||||||||||||||||||||||||||||||
Corporate debt securities | 1,085,446 | 1,056,110 | |||||||||||||||||||||||||||||||||||||
Trust preferred debt securities | 2,468,839 | 2,013,100 | |||||||||||||||||||||||||||||||||||||
$ | 43,576,827 | $ | 41,291,565 | ||||||||||||||||||||||||||||||||||||
Total | $ | 102,191,431 | $ | 99,198,807 | |||||||||||||||||||||||||||||||||||
Held to maturity- | |||||||||||||||||||||||||||||||||||||||
Due in one year or less | |||||||||||||||||||||||||||||||||||||||
Obligations of US Government sponsored corporations (“GSE”) and agencies | $ | 1,524,860 | $ | 1,535,170 | |||||||||||||||||||||||||||||||||||
Obligations of State and Political subdivisions | 6,398,314 | 6,403,395 | |||||||||||||||||||||||||||||||||||||
Corporate debt securities | 1,008,599 | 1,018,435 | |||||||||||||||||||||||||||||||||||||
$ | 8,931,773 | $ | 8,957,000 | ||||||||||||||||||||||||||||||||||||
Due after one year through five years | |||||||||||||||||||||||||||||||||||||||
Obligations of US Government sponsored corporations (“GSE”) and agencies | $ | - | $ | - | |||||||||||||||||||||||||||||||||||
Obligations of State and Political subdivisions | 11,538,560 | 11,900,078 | |||||||||||||||||||||||||||||||||||||
Corporate debt securities | - | - | |||||||||||||||||||||||||||||||||||||
$ | 11,538,660 | $ | 11,900,078 | ||||||||||||||||||||||||||||||||||||
Due after five years through ten years | |||||||||||||||||||||||||||||||||||||||
Residential collateralized mortgage obligations-GSE | $ | 47,001 | $ | 47,265 | |||||||||||||||||||||||||||||||||||
Residential collateralized mortgage obligations- non GSE | 915,452 | 909,965 | |||||||||||||||||||||||||||||||||||||
Residential mortgage backed securities-GSE | 21,939,890 | 22,016,399 | |||||||||||||||||||||||||||||||||||||
Obligations of State and Political subdivisions | 21,469,445 | 22,088,136 | |||||||||||||||||||||||||||||||||||||
$ | 44,371,788 | $ | 45,061,765 | ||||||||||||||||||||||||||||||||||||
Due after ten years | |||||||||||||||||||||||||||||||||||||||
Residential collateralized mortgage obligations-GSE | $ | 14,756,736 | $ | 15,136,289 | |||||||||||||||||||||||||||||||||||
Residential collateralized mortgage obligations-non GSE | 9,766,913 | 9,864,649 | |||||||||||||||||||||||||||||||||||||
Residential mortgage backed securities-GSE | 46,300,730 | 43,448,249 | |||||||||||||||||||||||||||||||||||||
Obligations of State and Political subdivisions | 19,994,497 | 19,112,888 | |||||||||||||||||||||||||||||||||||||
Trust preferred debt securities | 656,662 | 148,855 | |||||||||||||||||||||||||||||||||||||
$ | 88,475,538 | $ | 87,710,930 | ||||||||||||||||||||||||||||||||||||
Total | $ | 153,317,759 | $ | 153,629,773 | |||||||||||||||||||||||||||||||||||
Gross unrealized losses on available for sale and held to maturity securities and the estimated fair value of the related securities aggregated by security category and length of time that individual securities have been in a continuous unrealized loss position at December 31, 2013 and 2012 are as follows: | |||||||||||||||||||||||||||||||||||||||
2013 | Less than 12 months | 12 months or longer | Total | ||||||||||||||||||||||||||||||||||||
Number of | Fair Value | Unrealized | Fair Value | Unrealized | Fair Value | Unrealized | |||||||||||||||||||||||||||||||||
Securities | Losses | Losses | Losses | ||||||||||||||||||||||||||||||||||||
U.S. Government sponsored corporations and agencies | 3 | $ | 11,507,350 | $ | (910,274 | ) | - | - | $ | 11,507,350 | $ | (910,274 | ) | ||||||||||||||||||||||||||
Residential collateralized mortgage obligations-non-GSE | 8 | 5,328,485 | (28,231 | ) | 1,094,754 | (7,969 | ) | 6,423,239 | (36,200 | ) | |||||||||||||||||||||||||||||
Residential mortgage backed securities GSE | 38 | 40,504,327 | (825,307 | ) | - | - | 40,504,327 | (825,307 | ) | ||||||||||||||||||||||||||||||
Obligations of State and Political subdivisions | 95 | 19,403,457 | (2,285,759 | ) | 8,936,441 | (1,721,472 | ) | 28,339,898 | (4,007,231 | ) | |||||||||||||||||||||||||||||
Trust preferred debt securities – single issuer | 4 | - | - | 2,013,100 | (455,739 | ) | 2,013,100 | (455,739 | ) | ||||||||||||||||||||||||||||||
Trust preferred debt securities – pooled | 1 | - | - | 148,855 | (507,807 | ) | 146,855 | (507,807 | ) | ||||||||||||||||||||||||||||||
Corporate debt securities | 1 | - | - | 1,056,110 | (29,336 | ) | 1,056,110 | (29,336 | ) | ||||||||||||||||||||||||||||||
Total temporarily impaired securities | 150 | $ | 76,743,619 | $ | (4,049,571 | ) | $ | 13,249,260 | $ | (2,722,323 | ) | $ | 89,992,879 | $ | (6,771,894 | ) | |||||||||||||||||||||||
2012 | Less than 12 months | 12 months or longer | Total | ||||||||||||||||||||||||||||||||||||
Number of | Fair Value | Unrealized | Fair Value | Unrealized | Fair Value | Unrealized | |||||||||||||||||||||||||||||||||
Securities | Losses | Losses | Losses | ||||||||||||||||||||||||||||||||||||
U.S. Government sponsored corporations and agencies | 1 | $ | 9,842,200 | $ | (26,907 | ) | - | - | $ | 9,842,200 | $ | (26,907 | ) | ||||||||||||||||||||||||||
Residential collateralized mortgage obligations-non-GSE | 3 | 1,960,237 | (4,516 | ) | 156,505 | (2,847 | ) | 2,116,742 | (7,363 | ) | |||||||||||||||||||||||||||||
Residential mortgage backed securities GSE | 2 | 3,989,675 | (944 | ) | - | - | 3,989,675 | (944 | ) | ||||||||||||||||||||||||||||||
Obligations of State and Political subdivisions | 37 | 12,794,007 | (486,337 | ) | - | - | 12,794,007 | (486,337 | ) | ||||||||||||||||||||||||||||||
Trust preferred debt securities – single issuer | 4 | - | - | 1,998,366 | (467,643 | ) | 1,998,366 | (467,643 | ) | ||||||||||||||||||||||||||||||
Trust preferred debt securities – pooled | 1 | - | - | 146,080 | (510,582 | ) | 146,080 | (510,582 | ) | ||||||||||||||||||||||||||||||
Corporate debt securities | 5 | 3,176,328 | (25,876 | ) | - | - | 3,176,328 | (25,876 | ) | ||||||||||||||||||||||||||||||
Total temporarily impaired securities | 53 | $ | 31,762,447 | $ | (544,580 | ) | $ | 2,300,951 | $ | (981,072 | ) | $ | 34,063,398 | $ | (1,525,652 | ) | |||||||||||||||||||||||
U.S. Treasury securities and obligations of U.S. Government sponsored corporations and agencies: The Unrealized losses on investments in these securities were caused by interest rate increases. The contractual terms of these investments do not permit the issuer to settle the securities at a price less than the amortized cost of the investment. Because the Company does not intend to sell these investments and it is not more likely than not that the Company will be required to sell these investments before a market price recovery or maturity, these investments are not considered other-than temporarily impaired. | |||||||||||||||||||||||||||||||||||||||
Residential collateralized mortgage obligations and residential mortgage-backed securities: The unrealized losses on investments in residential collateralized mortgage obligations and residential mortgage-backed securities were caused by interest rate increases. The contractual cash flows of these securities are guaranteed by the issuer, primarily government or government sponsored agencies. It is expected that the securities would not be settled at a price less than the amortized cost of the investment. Because the decline in fair value is attributable to changes in interest rates and not credit quality, and because the Company does not intend to sell these investments and it is not more likely than not that the Company will be required to sell these investments before a market price recovery or maturity, these investments are not considered other-than-temporarily impaired. | |||||||||||||||||||||||||||||||||||||||
Obligations of State and Political Subdivisions: The unrealized losses on investments in these securities were caused by interest rate increases. It is expected that the securities would not be settled at a price less than the amortized cost of the investment. In addition, non of the issuers has defaulted on interest payments. Because the decline in fair value is attributable to changes in interest rates and not credit quality, and because the Company does not intend to sell these investments and it is not more likely than not that the Company will be required to sell these investments before a market price recovery or maturity, these investments are not considered other-than-temporarily impaired. | |||||||||||||||||||||||||||||||||||||||
Trust preferred debt securities – single issuer: The investments in these securities with unrealized losses are comprised of four corporate trust preferred securities issued by two large financial institutions that mature in 2027. The contractual terms of the trust preferred securities do not allow the issuer to settle the securities at a price less than the face value of the trust preferred securities, which is greater than the amortized cost of the trust preferred securities. Both of the issuers continue to maintain investment grade credit ratings and neither has defaulted on interest payments. Because the decline in fair value is attributable to the widening of interest rate spreads and the lack of an active trading market for these securities and, to a lesser degree, market concerns on the issuers’ credit quality, and because the Company does not intend to sell these investments and it is not more likely than not that the Company will be required to sell these investments before a market price recovery or maturity, these investments are not considered other-than-temporarily impaired. | |||||||||||||||||||||||||||||||||||||||
Corporate debt securities. The unrealized losses on investments in corporate debt securities were caused by interest rate increases. None of the corporate issuers have defaulted on interest payments. Because the decline in fair value is attributable to changes in interest rates and not credit quality, and because the Company does not intend to sell these investments before a market price recovery or maturity, these investments are not considered other-than-temporarily impaired. | |||||||||||||||||||||||||||||||||||||||
Trust preferred debt securities-pooled: This trust preferred debt security was issued by a two issuer pool (Preferred Term Securities XXV, Ltd. Co-issued by Keefe, Bruyette and Woods, Inc. and First Tennessee (“PRETSL XXV”), consisting primarily of financial institution holding companies. During 2009, the Company recognized an other-than-temporary impairment charge of $864,727, of which $363,783 was determined to be a credit loss and charged to operations and $500,944 was recognized in other comprehensive income (loss) component of shareholders’ equity. | |||||||||||||||||||||||||||||||||||||||
The primary factor used to determine the credit portion of the impairment loss to be recognized in the income statement for this security was the discounted present value of projected cash flow where that present value of cash flow was less than the amortized cost basis of the security. The present value of cash flow was developed using an EITF 99-20 model that considered performing collateral ratios, the level of subordination to senior tranches of the security, credit ratings of and projected credit defaults in the underlying collateral. | |||||||||||||||||||||||||||||||||||||||
On a quarterly basis, management evaluates this security to determine if any additional other-than-temporary impairment is required. As of December 31, 2013, our evaluation was as follows: | |||||||||||||||||||||||||||||||||||||||
a. | We obtained the PRETSL XXV Depository Institutions Issuer List as of December 31, 2013 from the FTN Financial Corp. (“FTN”) website and reviewed the financial ratios and capital levels of each individual financial institution issuer. | ||||||||||||||||||||||||||||||||||||||
b. | We sorted the financial institutions on the issuer list to develop three “buckets” (or categories) for further deferred/default analysis based upon the indicated “Texas Ratio.” The Texas Ratio is calculated by dividing the institution’s Non-Performing Assets plus loans 90 days past due by the combined total of Tangible Equity plus the Allowance for Loan Losses. The three buckets consisted of those institutions with a Texas Ratio of: | ||||||||||||||||||||||||||||||||||||||
-1 | Above 100; | ||||||||||||||||||||||||||||||||||||||
-2 | 75 to 100; and | ||||||||||||||||||||||||||||||||||||||
-3 | Below 75. | ||||||||||||||||||||||||||||||||||||||
c. | We then applied the following asset specific deferral/default assumptions to each of these buckets: | ||||||||||||||||||||||||||||||||||||||
-1 | Above 100 - 100% default; 0% recovery; | ||||||||||||||||||||||||||||||||||||||
-2 | 75 to 100 – 100% deferred; 15% recovery at 2 years from initial date of | ||||||||||||||||||||||||||||||||||||||
deferral; and | |||||||||||||||||||||||||||||||||||||||
-3 | Below 75 – no deferral/default. | ||||||||||||||||||||||||||||||||||||||
d. | We then ran a cash flow projection to analyze the impact of future deferral/default activity by applying the following assumption on those institutions in bucket (3) of our analysis: | ||||||||||||||||||||||||||||||||||||||
● | Defaults at 75 basis points applied annually; 15% recovery with a 2-year lag from the initial date of deferral. | ||||||||||||||||||||||||||||||||||||||
Our rationale for these metrics is as follows: (1) The FDIC lists the number of bank failures each year from 1934 – 2008. Comparing bank failures to the number of FDIC institutions produces an annual average default rate of 36 basis points. Given the continuing uncertain economic environment, we believe the doubling of this amount, or 75 basis points, to be an appropriate measurement for defaults; and (2) Standard & Poor’s published “Global Methodology for Rating Trust Preferred/Hybrid Securities Revised” on November 21, 2008. This analysis uses a recovery assumption of 15%, which we also deem an appropriate measurement. | |||||||||||||||||||||||||||||||||||||||
Our position is that it is appropriate to apply this future default factor in our analysis as it is not realistic to assume no adverse conditions will occur over the remaining 26-year stated maturity of this pooled security even though the individual institutions are currently performing according to terms. | |||||||||||||||||||||||||||||||||||||||
e. | This December 31, 2013 projection of future cash flows produced a present value factor that exceeded the carrying value of the pooled trust preferred security; therefore, management concluded that no other-than-temporary impairment issues were present at December 31, 2013. | ||||||||||||||||||||||||||||||||||||||
A number of factors could cause management to conclude in one or more future reporting periods that an unrealized loss that exists with respect to PRETSL XXV constitutes an additional credit impairment. These factors include, but are not limited to, failure to make interest payments, an increase in the severity of the unrealized loss, an increase in the continuous duration of the unrealized loss without an impairment in value or changes in market conditions and/or industry or issuer specific factors that would render management unable to forecast a full recovery in value. In addition, the fair value of trust preferred securities could decline if the overall economy and the financial condition of the issuers continue to deteriorate and there remains limited liquidity for this security. | |||||||||||||||||||||||||||||||||||||||
The following table sets forth information with respect to this security at December 31, 2013: | |||||||||||||||||||||||||||||||||||||||
Expected | Excess | ||||||||||||||||||||||||||||||||||||||
Deferrals and | Subordination (2) | ||||||||||||||||||||||||||||||||||||||
Defaults as a | |||||||||||||||||||||||||||||||||||||||
Security | Class | Book | Fair | Unrealized | Percent of | Percent of | Percent of | % of | Moody's / | Amount | % of | ||||||||||||||||||||||||||||
Value | Value | Gain | Underlying | Underlying | Underlying | Remaining | S&P | Current | |||||||||||||||||||||||||||||||
(Loss) | Collateral | Collateral In | Collateral In | Performing | Ratings | Performing | |||||||||||||||||||||||||||||||||
Performing | Deferral (1) | Default (1) | Collateral | Collateral | |||||||||||||||||||||||||||||||||||
PreTSL XXV | B-1 | $ | 656,662 | $ | 148,855 | $ | (507,807 | ) | 67 | % | 10.4 | % | 22.6 | % | 13.6 | % | C/NR | $ | 114,000 | 22 | % | ||||||||||||||||||
Notes to table above: | |||||||||||||||||||||||||||||||||||||||
-1 | This percentage represents the amount of specific deferrals / defaults that have occurred, plus those that are known for the following quarters to the total amount of original collateral. Fewer deferrals / defaults produce a lower percentage. | ||||||||||||||||||||||||||||||||||||||
-2 | “Excess subordination” amount is the additional defaults / deferrals necessary in the next reporting period to deplete the entire credit enhancement (excess interest and over-collateralization) beneath our tranche within each pool to the point that would cause a “break in yield”. This amount assumes that all currently performing collateral continues to perform. A break in yield means that our security would not be expected to receive all the contractual cash flows (principal and interest) by maturity. The “percent of underlying collateral performing” is the ratio of the “excess subordination amount” to current performing collateral - a higher percentage means there is more excess subordination to absorb additional defaults / deferrals, and the better our security is protected from loss. | ||||||||||||||||||||||||||||||||||||||
The Company regularly reviews the composition of the investment securities portfolio, taking into account market risks, the current and expected interest rate environment, liquidity needs, and its overall interest rate risk profile and strategic goals. |
Note_3_Loans_and_Loans_Held_fo
Note 3 - Loans and Loans Held for Sale | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Receivables [Abstract] | ' | ||||||||
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | ' | ||||||||
3. Loans and Loans Held for Sale | |||||||||
Loans are as follows: | |||||||||
2013 | 2012 | ||||||||
Commercial business | $ | 82,348,055 | $ | 57,865,436 | |||||
Commercial real estate | 98,389,730 | 102,412,694 | |||||||
Mortgage warehouse lines | 116,951,357 | 284,127,530 | |||||||
Construction loans | 51,002,172 | 55,691,393 | |||||||
Residential real estate loans | 13,764,178 | 10,897,307 | |||||||
Loans to individuals | 9,766,114 | 9,643,385 | |||||||
All other loans | 170,526 | 189,279 | |||||||
Gross Loans | 372,392,132 | 520,827,024 | |||||||
Deferred loan costs | 943,950 | 987,086 | |||||||
$ | 373,336,082 | $ | 521,814,110 | ||||||
The Bank’s business is concentrated in New Jersey, particularly Middlesex, Mercer and Somerset Counties and the Fort Lee area of Bergen County. A significant portion of the total loan portfolio is secured by real estate or other collateral located in these areas. | |||||||||
The Bank had residential mortgage loans held for sale of $10,923,689 at December 31, 2013 and $35,960,262 at December 31, 2012. The Bank sells residential mortgage loans in the secondary market on a non-recourse basis. The related loan servicing rights are generally released to the purchaser. Loans held for sale at December 31, 2013 and 2012 were residential mortgage loans that the Bank intends to sell under forward contracts providing for delivery to purchasers generally within a two month period. Changes in fair value of the forward sales contracts, and the related loan origination commitments and closed loans, were not significant at December 31, 2013 and 2012. |
Note_4_Allowance_for_Loan_Loss
Note 4 - Allowance for Loan Losses and Credit Quality Disclosure | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||||||||||
Disclosure Text Block Supplement [Abstract] | ' | ||||||||||||||||||||||||||||||||||||||||
Allowance for Credit Losses [Text Block] | ' | ||||||||||||||||||||||||||||||||||||||||
4. Allowance for Loan Losses and Credit Quality Disclosures | |||||||||||||||||||||||||||||||||||||||||
The Company’s primary lending emphasis is the origination of commercial and commercial real estate loans and mortgage warehouse lines of credit. Based on the composition of the loan portfolio, the inherent primary risks are deteriorating credit quality, a decline in the economy, and a decline in New Jersey real estate market values. Any one, or a combination, of these events may adversely affect the loan portfolio and may result in increased delinquencies, loan losses and increased future provision levels. | |||||||||||||||||||||||||||||||||||||||||
The following table provides an aging of the loan portfolio by loan class at December 31, 2013: | |||||||||||||||||||||||||||||||||||||||||
30-59 | 60-89 | Greater | Total | Current | Total | Recorded | Nonaccrual | ||||||||||||||||||||||||||||||||||
Days | Days | than 90 | Past Due | Loans | Investment | Loans | |||||||||||||||||||||||||||||||||||
Days | Receivable | > 90 Days | |||||||||||||||||||||||||||||||||||||||
Accruing | |||||||||||||||||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||||||||||||||
Construction | $ | - | $ | - | $ | - | $ | - | $ | 51,002,172 | $ | 51,002,172 | $ | - | $ | - | |||||||||||||||||||||||||
Commercial Business | 385,133 | 58,665 | 453,325 | 897,123 | 81,450,932 | 82,348,055 | - | 511,990 | |||||||||||||||||||||||||||||||||
Commercial Real Estate | - | - | 5,217,173 | 5,217,173 | 93,172,557 | 98,389,730 | - | 5,555,851 | |||||||||||||||||||||||||||||||||
Mortgage Warehouse Lines | - | - | - | - | 116,951,357 | 116,951,357 | - | - | |||||||||||||||||||||||||||||||||
Residential Real Estate | 315,615 | 967,099 | 33,494 | 1,316,208 | 12,447,970 | 13,764,178 | - | 162,012 | |||||||||||||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||||||||||||||||||
Loans to Individuals | - | - | - | - | 9,766,114 | 9,766,114 | - | 92,103 | |||||||||||||||||||||||||||||||||
Other | - | - | - | - | 170,526 | 170,526 | - | - | |||||||||||||||||||||||||||||||||
Deferred Loan Fees | - | - | - | - | 943,950 | 943,950 | - | - | |||||||||||||||||||||||||||||||||
Total | $ | 700,748 | $ | 1,025,764 | $ | 5,703,992 | $ | 7,430,504 | $ | 365,905,578 | $ | 373,336,082 | $ | - | $ | 6,321,956 | |||||||||||||||||||||||||
The following table provides an aging of the loan portfolio by loan class at December 31, 2012: | |||||||||||||||||||||||||||||||||||||||||
30-59 | 60-89 | Greater | Total Past | Current | Total | Recorded | Nonaccrual | ||||||||||||||||||||||||||||||||||
Days | Days | than 90 | Due | Loans | Investment | Loans | |||||||||||||||||||||||||||||||||||
Days | Receivable | > 90 Days | |||||||||||||||||||||||||||||||||||||||
Accruing | |||||||||||||||||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||||||||||||||
Construction | $ | - | $ | - | $ | 1,581,031 | $ | 1,581,031 | $ | 54,110,362 | $ | 55,691,393 | $ | - | $ | 1,581,031 | |||||||||||||||||||||||||
Commercial Business | 202,451 | 70,192 | 518,912 | 791,555 | 57,073,881 | 57,865,436 | - | 629,821 | |||||||||||||||||||||||||||||||||
Commercial Real Estate | - | - | 3,137,553 | 3,137,553 | 99,275,141 | 102,412,694 | - | 3,478,607 | |||||||||||||||||||||||||||||||||
Mortgage Warehouse Lines | - | - | - | - | 284,127,530 | 284,127,530 | - | - | |||||||||||||||||||||||||||||||||
Residential Real Estate | 320,729 | 34,975 | - | 355,704 | 10,541,603 | 10,897,307 | - | 134,193 | |||||||||||||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||||||||||||||||||
Loans to Individuals | 49,243 | - | 139,852 | 189,095 | 9,454,290 | 9,643,385 | 84,948 | 54,904 | |||||||||||||||||||||||||||||||||
Other | - | - | - | - | 189,279 | 189,279 | - | - | |||||||||||||||||||||||||||||||||
Deferred Loan Costs | - | - | - | - | 987,086 | 987,086 | - | - | |||||||||||||||||||||||||||||||||
Total | $ | 572,423 | $ | 105,167 | $ | 5,377,348 | $ | 6,054,938 | $ | 515,759,172 | $ | 521,814,110 | $ | 84,948 | $ | 5,878,556 | |||||||||||||||||||||||||
Additional income before taxes amounting to $398,756 and $362,399 would have been recognized in 2013 and 2012, respectively, if interest on all loans had been recorded based upon original contract terms. | |||||||||||||||||||||||||||||||||||||||||
Management reviews the adequacy of the allowance on at least a quarterly basis to ensure that the provision for loan losses has been charged against earnings in an amount necessary to maintain the allowance at a level that is adequate based on management’s assessment of probable estimated losses. The Company’s methodology for assessing the adequacy of the allowance for loan losses consists of several key elements and is consistent with generally accepted accounting principles (GAAP) and interagency supervisory guidance. The allowance for loan losses methodology consists of two major components. The first component is an estimation of losses associated with individually identified impaired loans, which follows Accounting Standards Codification (ASC) Topic 310 (formerly SFAS 114). The second major component estimates losses under ASC Topic 450 (formerly SFAS 5), which provides guidance for estimating losses on groups of loans with similar risk characteristics. The Company’s methodology results in an allowance for loan losses which includes a specific reserve for impaired loans, an allocated reserve, and an unallocated portion. | |||||||||||||||||||||||||||||||||||||||||
When analyzing groups of loans under ASC 450, the Bank follows the Interagency Policy Statement on the Allowance for Loan and Lease Losses. The methodology considers the Company’s historical loss experience adjusted for changes in trends, conditions, and other relevant factors that affect repayment of the loans as of the evaluation date. These adjustment factors, known as qualitative factors, include: | |||||||||||||||||||||||||||||||||||||||||
● | Delinquencies and nonaccruals | ||||||||||||||||||||||||||||||||||||||||
● | Portfolio quality | ||||||||||||||||||||||||||||||||||||||||
● | Concentration of credit | ||||||||||||||||||||||||||||||||||||||||
● | Trends in volume of loans | ||||||||||||||||||||||||||||||||||||||||
● | Quality of collateral | ||||||||||||||||||||||||||||||||||||||||
● | Policy and procedures | ||||||||||||||||||||||||||||||||||||||||
● | Experience, ability, and depth of management | ||||||||||||||||||||||||||||||||||||||||
● | Economic trends – national and local | ||||||||||||||||||||||||||||||||||||||||
● | External factors – competition, legal and regulatory | ||||||||||||||||||||||||||||||||||||||||
The methodology includes the segregation of the loan portfolio into loan types with a further segregation into risk rating categories, such as special mention, substandard, doubtful, and loss. This allows for an allocation of the allowance for loan losses by loan type; however, the allowance is available to absorb any loan loss without restriction. Larger balance, non-homogeneous loans representing significant individual credit exposures are evaluated individually through the internal loan review process. It is this process that produces the watch list. The borrower’s overall financial condition, repayment sources, guarantors and value of collateral, if appropriate, are evaluated. Based on these reviews, an estimate of probable losses for the individual larger-balance loans are determined, whenever possible, and used to establish specific loan loss reserves. In general, for non-homogeneous loans not individually assessed and for homogeneous groups, such as residential mortgages and consumer credits, the loans are collectively evaluated based on delinquency status, loan type, and historical losses. These loan groups are then internally risk rated. | |||||||||||||||||||||||||||||||||||||||||
The watch list includes loans that are assigned a rating of special mention, substandard, doubtful and loss. Loans criticized special mention have potential weaknesses that deserve management’s close attention. If uncorrected, the potential weaknesses may result in deterioration of the repayment prospects. Loans classified substandard have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They include loans that are inadequately protected by the current sound net worth and paying capacity of the obligor or of the collateral pledged, if any. Loans classified doubtful have all the weaknesses inherent in loans classified substandard with the added characteristic that collection or liquidation in full, on the basis of current conditions and facts, is highly improbable. Loans rated as doubtful in whole, or in part, are placed in nonaccrual status. Loans classified as a loss are considered uncollectible and are charged off against the allowance for loan losses. | |||||||||||||||||||||||||||||||||||||||||
The specific allowance for impaired loans is established for specific loans that have been identified by management as being impaired. These loans are considered to be impaired primarily because the loans have not performed according to payment terms and there is reason to believe that repayment of the loan principal in whole or in part, is unlikely. The specific portion of the allowance is the total amount of potential unconfirmed losses for these individual impaired loans. To assist in determining the fair value of loan collateral, the Company often utilizes independent third party qualified appraisal firms which in turn employ their own criteria and assumptions that may include occupancy rates, rental rates, and property expenses, among others. | |||||||||||||||||||||||||||||||||||||||||
The second category of reserves consists of the allocated portion of the allowance. The allocated portion of the allowance is determined by taking pools of loans outstanding that have similar characteristics and applying historical loss experience for each pool. This estimate represents the potential unconfirmed losses within the portfolio. Individual loan pools are created for commercial and commercial real estate loans, construction loans, warehouse lines of credit and various types of loans to individuals. The historical estimation for each loan pool is then adjusted to account for current conditions, current loan portfolio performance, loan policy or management changes, or any other qualitative factor which may cause future losses to deviate from historical levels. | |||||||||||||||||||||||||||||||||||||||||
The Company also maintains an unallocated allowance. The unallocated allowance is used to cover any factors or conditions which may cause a potential loan loss but are not specifically identifiable. It is prudent to maintain an unallocated portion of the allowance because no matter how detailed an analysis of potential loan losses is performed, these estimates by definition lack precision. Management must make estimates using assumptions and information that is often subjective and changing rapidly. | |||||||||||||||||||||||||||||||||||||||||
The following discusses the risk characteristics of each of our loan portfolio segments, commercial, mortgage warehouse lines of credit, and consumer. | |||||||||||||||||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||||||||||||||
The Company’s primary lending emphasis is the origination of commercial and commercial real estate loans. Based on the composition of the loan portfolio, the inherent primary risks are deteriorating credit quality, a decline in the economy, and a decline in New Jersey real estate market values. Any one or a combination of these events may adversely affect the loan portfolio and may result in increased delinquencies, loan losses and increased future provision levels. | |||||||||||||||||||||||||||||||||||||||||
Mortgage Warehouse Lines of Credit | |||||||||||||||||||||||||||||||||||||||||
The Company’s Mortgage Warehouse Unit provides revolving lines of credit that are available to licensed mortgage banking companies. The Warehouse Line of Credit is used by the mortgage banker to originate one-to-four family residential mortgage loans that are pre-sold to the secondary mortgage market, which includes state and national banks, national mortgage banking firms, insurance companies and government-sponsored enterprises, including the Federal National Mortgage Association, the Federal Home Loan Mortgage Corporation and others. On average, an advance under the Warehouse Line of Credit remains outstanding for a period of less than 30 days, with repayment coming directly from the sale of the loan into the secondary mortgage market. Interest (the spread between our borrowing cost and the rate charged to the client) and a transaction fee are collected by the Bank at the time of repayment. Additionally, customers of the Warehouse Lines of Credit are required to maintain deposit relationships with the Bank that, on average, represent 10% to 15% of the loan balances. | |||||||||||||||||||||||||||||||||||||||||
As a separate segment of the total portfolio, the warehouse loan portfolio is individually analyzed as a whole for allowance for loan losses purposes. Warehouse lines of credit are subject to the same inherent risks as other commercial lending, but the overall degree of risk differs. While the Company’s loss experience with this type of lending has been non-existent since the product was introduced in 2008; there are other risks unique to this lending that still must be considered in assessing the adequacy of the allowance for loan losses. These unique risks may include, but are not limited to, (i) credit risks relating to the mortgage bankers that borrow from us, (ii) the risk of intentional misrepresentation or fraud by any of such mortgage bankers, (iii) changes in the market value of mortgage loans originated by the mortgage banker, the sale of which is the expected source of repayment of the borrowings under a warehouse line of credit, due to changes in interest rates during the time in warehouse, or (iv) unsalable or impaired mortgage loans so originated, which could lead to decreased collateral value and the failure of a purchaser of the mortgage loan to purchase the loan from the mortgage banker. | |||||||||||||||||||||||||||||||||||||||||
These factors, along with the other qualitative factors such as economic trends, concentrations of credit, trends in the volume of loans, portfolio quality, delinquencies and nonaccruals, are also considered and may have positive or negative effects on the allocated allowance. The aggregate amount resulting from the application of these qualitative factors determines the overall risk for the portfolio and results in an allocated allowance for warehouse lines of credit. | |||||||||||||||||||||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||||||||||||||||||
The Company’s loan portfolio consumer segment is comprised of residential real estate loans, home equity loans and other loans to individuals. Individual loan pools are created for the various types of loans to individuals. | |||||||||||||||||||||||||||||||||||||||||
In general, for homogeneous groups such as residential mortgages and consumer credits, the loans are collectively evaluated based on delinquency status, loan type, and historical losses. These loan groups are then internally risk rated. | |||||||||||||||||||||||||||||||||||||||||
The Company considers the following credit quality indicators in assessing the risk in the loan portfolio: | |||||||||||||||||||||||||||||||||||||||||
● | Consumer credit scores | ||||||||||||||||||||||||||||||||||||||||
● | Internal credit risk grades | ||||||||||||||||||||||||||||||||||||||||
● | Loan-to-value ratios | ||||||||||||||||||||||||||||||||||||||||
● | Collateral | ||||||||||||||||||||||||||||||||||||||||
● | Collection experience | ||||||||||||||||||||||||||||||||||||||||
The Company’s internal credit risk grades are based on the definitions currently utilized by the banking regulatory agencies. The grades assigned and definitions are as follows, and loans graded excellent, above average, good and watch list are treated as “pass” for grading purposes: | |||||||||||||||||||||||||||||||||||||||||
1. Excellent - Loans that are based upon cash collateral held at the Bank and adequately margined. Loans that are based upon "blue chip" stocks listed on the major exchanges and adequately margined. | |||||||||||||||||||||||||||||||||||||||||
2. Above Average - Loans to companies whose balance sheets show excellent liquidity and long-term debt is on well-spread schedules of repayment easily covered by cash flow. Such companies have been consistently profitable and have diversification in their product lines or sources of revenue. The continuation of profitable operations for the foreseeable future is likely. Management is comprised of a mix of ages, experience, and backgrounds and management succession is in place. Sources of raw materials are abundant, and for service companies, the source of revenue is abundant. Future needs have been planned for. Character and ability of individuals or company principals are excellent. Loans to individuals supported by high net worths and liquid assets. | |||||||||||||||||||||||||||||||||||||||||
3. Good - Loans to companies whose balance sheets show good liquidity and cash flow adequate to meet maturities of long-term debt with a comfortable margin. Such companies have established profitable records over a number of years, and there has been growth in net worth. Operating ratios are in line with those of the industry, and expenses are in proper relationship to the volume of business done and the profits achieved. Management is well-balanced and competent in their responsibilities. Economic environment is favorable; however, competition is strong. The prospects for growth are good. Loans in this category do not meet the collateral requirements of loans in categories 1 and 2 above. Loans to individuals supported by good net worths but whose supporting assets are illiquid. | |||||||||||||||||||||||||||||||||||||||||
3w. Watch List - Included in this category are loans evidencing problems identified by Bank management that require closer supervision. Such problem has not developed to the point which requires a Special Mention rating. This category also covers situations where the Bank does not have adequate current information upon which credit quality can be determined. The account officer has the obligation to correct these deficiencies within 30 days from the time of notification. | |||||||||||||||||||||||||||||||||||||||||
4. Special Mention - Loans or borrowing relationships that require more than the usual amount of attention by Bank management. Industry conditions may be adverse or weak. The borrower's ability to meet current payment schedules may be questionable, even though interest and principal are being paid as agreed. Heavy reliance has been placed on the collateral. Profits, if any, are interspersed with losses. Management is “one man” or incompetent or there is no plan for management succession. Expectations of a loan loss are not immediate; however, if present trends continue, a loan loss could be expected. | |||||||||||||||||||||||||||||||||||||||||
5. Substandard - Loans in this category possess weaknesses that jeopardize the ultimate collection of total outstandings. These weaknesses require close supervision by Bank management. Current financial statements are unavailable and the loan is inadequately protected by the collateral pledged. This category will normally include loans that have been classified as substandard by the regulators. | |||||||||||||||||||||||||||||||||||||||||
6. Doubtful - Loans with the same weaknesses inherent in the substandard classification and where collection or liquidation in full is highly questionable. It is likely that the loan will not be collected in full and the Bank will suffer some loss which is not quantifiable at the time of review. | |||||||||||||||||||||||||||||||||||||||||
7. Loss - Loans considered uncollectable and of such little value that their continuance as an active asset is not warranted. Loans in this category should immediately be eliminated from the Bank's loan loss reserve. Any accrued interest should immediately be backed out of income. | |||||||||||||||||||||||||||||||||||||||||
The following table provides a breakdown of the loan portfolio by credit quality indictor at December 31, 2013. | |||||||||||||||||||||||||||||||||||||||||
Commercial Credit Exposure - By | Construction | Commercial | Commercial | Mortgage | Residential | ||||||||||||||||||||||||||||||||||||
Internally Assigned Grade | Business | Real Estate | Warehouse | Real Estate | |||||||||||||||||||||||||||||||||||||
Lines | |||||||||||||||||||||||||||||||||||||||||
Grade: | |||||||||||||||||||||||||||||||||||||||||
Pass | $ | 47,539,033 | $ | 79,832,704 | $ | 68,620,450 | $ | 116,951,357 | $ | 12,635,067 | |||||||||||||||||||||||||||||||
Special Mention | - | 1,406,143 | 19,396,574 | - | 1,129,111 | ||||||||||||||||||||||||||||||||||||
Substandard | 3,463,139 | 792,057 | 10,372,706 | - | - | ||||||||||||||||||||||||||||||||||||
Doubtful | - | 258,486 | - | - | - | ||||||||||||||||||||||||||||||||||||
Loss | - | 58,665 | - | - | |||||||||||||||||||||||||||||||||||||
Total | $ | 51,002,172 | $ | 82,348,055 | $ | 98,389,730 | $ | 116,951,357 | $ | 13,764,178 | |||||||||||||||||||||||||||||||
Consumer Credit Exposure - By Payment Activity | Loans To | Other | |||||||||||||||||||||||||||||||||||||||
Individuals | |||||||||||||||||||||||||||||||||||||||||
Performing | $ | 9,674,011 | $ | 170,526 | |||||||||||||||||||||||||||||||||||||
Nonperforming | 92,103 | - | |||||||||||||||||||||||||||||||||||||||
Total | $ | 9,766,114 | $ | 170,526 | |||||||||||||||||||||||||||||||||||||
The following table provides a breakdown of the loan portfolio by credit quality indictor at December 31, 2012. | |||||||||||||||||||||||||||||||||||||||||
Commercial Credit Exposure - By | Construction | Commercial | Commercial | Mortgage | Residential | ||||||||||||||||||||||||||||||||||||
Internally Assigned Grade | Business | Real Estate | Warehouse | Real Estate | |||||||||||||||||||||||||||||||||||||
Lines | |||||||||||||||||||||||||||||||||||||||||
Grade: | |||||||||||||||||||||||||||||||||||||||||
Pass | $ | 49,373,827 | $ | 55,498,613 | $ | 76,096,964 | $ | 284,127,530 | $ | 10,763,114 | |||||||||||||||||||||||||||||||
Special Mention | - | 1,019,586 | 19,060,621 | - | 134,193 | ||||||||||||||||||||||||||||||||||||
Substandard | 5,777,494 | 1,064,799 | 7,255,109 | - | - | ||||||||||||||||||||||||||||||||||||
Doubtful | 540,072 | 282,438 | - | - | - | ||||||||||||||||||||||||||||||||||||
Total | $ | 55,691,393 | $ | 57,865,436 | $ | 102,412,694 | $ | 284,127,530 | $ | 10,897,307 | |||||||||||||||||||||||||||||||
Consumer Credit Exposure - | Loans To | Other | |||||||||||||||||||||||||||||||||||||||
By Payment Activity | Individuals | ||||||||||||||||||||||||||||||||||||||||
Performing | $ | 9,454,288 | $ | 189,279 | |||||||||||||||||||||||||||||||||||||
Nonperforming | 189,097 | - | |||||||||||||||||||||||||||||||||||||||
Total | $ | 9,643,385 | $ | 189,279 | |||||||||||||||||||||||||||||||||||||
Impaired Loans Disclosures | |||||||||||||||||||||||||||||||||||||||||
Loans are considered to be impaired when, based on current information and events, it is determined that the Company will not be able to collect all amounts due according to the loan contract, including scheduled interest payments. When a loan is placed on nonaccrual status, it is also considered to be impaired. Loans are placed on nonaccrual status when: (1) the full collection of interest or principal becomes uncertain; or (2) they are contractually past due 90 days or more as to interest or principal payments unless the loans are both well secured and in the process of collection. | |||||||||||||||||||||||||||||||||||||||||
The following tables summarize the distribution of the allowance for loan losses and loans receivable by loan class and impairment method at December 31, 2013 and 2012, respectively. | |||||||||||||||||||||||||||||||||||||||||
Allowance for Credit Losses as of and for the year ended December 31,2013 | |||||||||||||||||||||||||||||||||||||||||
Construction | Commercial | Commercial | Mortgage | Residential | Consumer | Other | Unallocated | Deferred | Total | ||||||||||||||||||||||||||||||||
Real Estate | Warehouse | Real Estate | Fees | ||||||||||||||||||||||||||||||||||||||
Allowance for credit losses: | |||||||||||||||||||||||||||||||||||||||||
Beginning Bal. - December 31, 2012 | $ | 1,990,292 | $ | 972,789 | $ | 2,262,221 | $ | 1,420,638 | $ | 112,103 | $ | 102,583 | $ | 2,271 | $ | 288,315 | $ | - | $ | 7,151,212 | |||||||||||||||||||||
Provision charged to operations | (223,449 | ) | 428,176 | 1,206,130 | (835,881 | ) | 52,570 | 58,176 | (88 | ) | 391,028 | 1,076,662 | |||||||||||||||||||||||||||||
Loans charged off | (561,993 | ) | (141,356 | ) | (453,480 | ) | - | - | (51,910 | ) | - | - | (1,208,739 | ) | |||||||||||||||||||||||||||
Recoveries of loans charged off | 417 | 12,124 | 6,895 | - | - | - | - | - | 19,436 | ||||||||||||||||||||||||||||||||
Ending Bal.- December 31, 2013 | $ | 1,205,267 | $ | 1,271,733 | $ | 3,021,766 | $ | 584,757 | $ | 164,673 | $ | 108,849 | $ | 2,183 | $ | 679,343 | $ | - | $ | 7,038,571 | |||||||||||||||||||||
Ending Balance | |||||||||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | - | 293,692 | 1,490,169 | - | - | - | - | - | - | 1,783,861 | |||||||||||||||||||||||||||||||
Collectively evaluated for impairment | 1,205,267 | 978,041 | 1,531,597 | 584,757 | 164,673 | 108,849 | 2,183 | 679,343 | - | 5,254,710 | |||||||||||||||||||||||||||||||
Loans receivables: | |||||||||||||||||||||||||||||||||||||||||
Ending Balance | $ | 51,002,172 | $ | 82,348,055 | $ | 98,389,730 | $ | 116,951,357 | $ | 13,764,178 | $ | 9,766,114 | $ | 170,526 | $ | - | $ | 943,950 | $ | 373,336,082 | |||||||||||||||||||||
Individually evaluated for impairment | 19,930 | 776,101 | 9,130,605 | - | 162,012 | 92,103 | - | - | - | 10,180,751 | |||||||||||||||||||||||||||||||
Collectively evaluated for impairment | 50,982,242 | 81,571,954 | 89,259,125 | 116,951,357 | 13,602,166 | 9,674,011 | 170,526 | 0 | 943,950 | 363,155,331 | |||||||||||||||||||||||||||||||
Allowance for Credit Losses as of and for the year ended December 31,2012 | |||||||||||||||||||||||||||||||||||||||||
Construction | Commercial | Commercial | Mortgage | Residential | Consumer | Other | Unallocated | Deferred | Total | ||||||||||||||||||||||||||||||||
Real Estate | Warehouse | Real Estate | Fees | ||||||||||||||||||||||||||||||||||||||
Allowance for credit losses: | |||||||||||||||||||||||||||||||||||||||||
Beginning Bal. - December 31, 2011 | $ | 1,054,695 | $ | 934,642 | $ | 1,597,702 | $ | 1,122,056 | $ | 91,076 | $ | 187,352 | $ | 2,377 | $ | 544,550 | $ | - | $ | 5,534,450 | |||||||||||||||||||||
Provision charged to operations | 989,844 | 191,897 | 775,199 | 298,582 | 151,721 | (6,911 | ) | 5,895 | (256,235 | ) | - | 2,149,992 | |||||||||||||||||||||||||||||
Loans charged off | (57,650 | ) | (165,026 | ) | (110,862 | ) | - | (130,694 | ) | (77,858 | ) | (6,001 | ) | - | - | (548,091 | ) | ||||||||||||||||||||||||
Recoveries of loans charged off | 3,403 | 11,276 | 182 | - | - | - | - | - | 14,861 | ||||||||||||||||||||||||||||||||
Ending Bal. – December 31, 2012 | $ | 1,990,292 | $ | 972,789 | $ | 2,262,221 | $ | 1,420,638 | $ | 112,103 | $ | 102,583 | $ | 2,271 | $ | 288,315 | $ | - | $ | 7,151,212 | |||||||||||||||||||||
Ending Balance | |||||||||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | 569,579 | 253,598 | 447,193 | - | 21,693 | - | - | - | - | 1,292,063 | |||||||||||||||||||||||||||||||
Collectively evaluated for impairment | 1,420,713 | 719,191 | 1,815,028 | 1,420,638 | 90,410 | 102,583 | 2,271 | 288,315 | - | 5,859,149 | |||||||||||||||||||||||||||||||
Loans receivables: | |||||||||||||||||||||||||||||||||||||||||
Ending Balance | $ | 55,691,393 | $ | 57,865,436 | $ | 102,412,694 | $ | 284,127,530 | $ | 10,897,307 | $ | 9,643,385 | $ | 189,279 | - | $ | 987,086 | $ | 521,814,110 | ||||||||||||||||||||||
Individually evaluated for impairment | 2,842,031 | 906,526 | 3,952,546 | - | 134,193 | 54,904 | - | - | - | 7,890,200 | |||||||||||||||||||||||||||||||
Collectively evaluated for impairment | 52,849,362 | 56,958,910 | 98,460,148 | 284,127,530 | 10,763,114 | 9,588,481 | 189,279 | - | 987,086 | 513,923,910 | |||||||||||||||||||||||||||||||
When a loan is identified as impaired, the measurement of impairment is based on the present value of expected future cash flows, discounted at the loan’s effective interest rate, except when the sole remaining source of repayment for the loan is the liquidation of the collateral. In such cases, the current fair value of the collateral less selling costs is used. If the value of the impaired loan is less than the recorded investment in the loan, the impairment is recognized through an allowance estimate or a charge to the allowance. | |||||||||||||||||||||||||||||||||||||||||
Impaired Loans Receivables (By Class) - December 31, 2013 | |||||||||||||||||||||||||||||||||||||||||
Recorded | Unpaid | Related | Year to Date 2013 | Year to Date | |||||||||||||||||||||||||||||||||||||
Investment | Principal | Allowance | Average | 2013 Interest | |||||||||||||||||||||||||||||||||||||
Balance | Recorded | Income | |||||||||||||||||||||||||||||||||||||||
Investment | Recognized | ||||||||||||||||||||||||||||||||||||||||
With no related allowance: | |||||||||||||||||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||||||||||||||
Construction | $ | 19,930 | $ | 19,930 | - | $ | 965,268 | $ | 33,946 | ||||||||||||||||||||||||||||||||
Commercial Business | 243,840 | 400,297 | - | 258,139 | 5,094 | ||||||||||||||||||||||||||||||||||||
Commercial Real Estate | - | - | - | 1,032,115 | - | ||||||||||||||||||||||||||||||||||||
Mortgage Warehouse Lines | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
Subtotal | 263,770 | 420,227 | - | 2,255,522 | 39,040 | ||||||||||||||||||||||||||||||||||||
Residential Real Estate | 162,012 | 162,012 | - | 117,746 | - | ||||||||||||||||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||||||||||||||||||
Loans to Individuals | 92,103 | 92,103 | - | 34,292 | - | ||||||||||||||||||||||||||||||||||||
Other | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
Subtotal | 92,103 | 92,103 | - | 34,292 | - | ||||||||||||||||||||||||||||||||||||
Subtotal with no related allowance | 517,885 | 674,342 | - | 2,407,560 | 39,040 | ||||||||||||||||||||||||||||||||||||
With an allowance: | |||||||||||||||||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||||||||||||||
Construction | - | - | - | 246,853 | - | ||||||||||||||||||||||||||||||||||||
Commercial Business | 532,261 | 532,261 | 293,692 | 562,346 | 9,728 | ||||||||||||||||||||||||||||||||||||
Commercial Real Estate | 9,130,605 | 9,130,605 | 1,490,169 | 5,546,690 | 247,277 | ||||||||||||||||||||||||||||||||||||
Mortgage Warehouse Lines | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
Subtotal | 9,662,866 | 9,662,866 | 1,783,861 | 6,355,889 | 257,005 | ||||||||||||||||||||||||||||||||||||
Residential Real Estate | - | - | - | 44,196 | - | ||||||||||||||||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||||||||||||||||||
Loans to Individuals | - | - | - | 4,238 | - | ||||||||||||||||||||||||||||||||||||
Other | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
Subtotal | - | - | - | 4,238 | - | ||||||||||||||||||||||||||||||||||||
Subtotal with an allowance | 9,662,866 | 9,662,866 | 1,783,861 | 6,404,323 | 257,005 | ||||||||||||||||||||||||||||||||||||
Total: | |||||||||||||||||||||||||||||||||||||||||
Construction | 19,930 | 19,930 | - | 1,212,121 | 33,946 | ||||||||||||||||||||||||||||||||||||
Commercial Business | 776,101 | 932,558 | 293,692 | 820,485 | 14,822 | ||||||||||||||||||||||||||||||||||||
Commercial Real Estate | 9,130,605 | 9,130,605 | 1,490,169 | 6,578,805 | 247,277 | ||||||||||||||||||||||||||||||||||||
Mortgage Warehouse Lines | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
Residential Real Estate | 162,012 | 162,012 | - | 161,942 | - | ||||||||||||||||||||||||||||||||||||
Consumer | 92,103 | 92,103 | - | 38,530 | - | ||||||||||||||||||||||||||||||||||||
Total | $ | 10,180,751 | $ | 10,337,208 | $ | 1,783,861 | $ | 8,811,883 | $ | 296,045 | |||||||||||||||||||||||||||||||
Impaired Loans Receivables (By Class) - December 31, 2012 | |||||||||||||||||||||||||||||||||||||||||
Recorded Investment | Unpaid Principal Balance | Related Allowance | Year to Date 2012 Average Recorded Investment | Year to Date 2012 Interest Income Recognized | |||||||||||||||||||||||||||||||||||||
With no related allowance: | |||||||||||||||||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||||||||||||||
Construction | $ | 1,360,914 | $ | 1,360,914 | - | $ | 412,716 | - | |||||||||||||||||||||||||||||||||
Commercial Business | 387,950 | 430,632 | - | 474,839 | 9,490 | ||||||||||||||||||||||||||||||||||||
Commercial Real Estate | - | - | - | 321,743 | - | ||||||||||||||||||||||||||||||||||||
Mortgage Warehouse Lines | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
Subtotal | 1,748,864 | 1,791,546 | - | 1,209,298 | 9,490 | ||||||||||||||||||||||||||||||||||||
Residential Real Estate | - | - | - | 23,600 | 0 | ||||||||||||||||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||||||||||||||||||
Loans to Individuals | 54,904 | 54,904 | - | 54,904 | - | ||||||||||||||||||||||||||||||||||||
Other | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
Subtotal | 54,904 | 54,904 | - | 54,904 | - | ||||||||||||||||||||||||||||||||||||
Subtotal with no related allowance | 1,803,768 | 1,846,450 | - | 1,287,802 | - | ||||||||||||||||||||||||||||||||||||
With an allowance: | |||||||||||||||||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||||||||||||||
Construction | 1,481,117 | 1,481,117 | 569,579 | 123,426 | - | ||||||||||||||||||||||||||||||||||||
Commercial Business | 518,576 | 663,403 | 253,598 | 456,541 | 15,746 | ||||||||||||||||||||||||||||||||||||
Commercial Real Estate | 3,952,546 | 3,999,032 | 447,193 | 2,964,744 | 29,291 | ||||||||||||||||||||||||||||||||||||
Mortgage Warehouse Lines | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
Subtotal | 5,952,239 | 6,143,552 | 1,270,370 | 3,544,711 | 45,037 | ||||||||||||||||||||||||||||||||||||
Residential Real Estate | 134,193 | 134,193 | 21,693 | 287,395 | - | ||||||||||||||||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||||||||||||||||||
Loans to Individuals | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
Other | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
Subtotal | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
Subtotal with an allowance | 6,086,432 | 6,277,745 | 1,292,063 | 3,832,106 | 45,037 | ||||||||||||||||||||||||||||||||||||
Total: | |||||||||||||||||||||||||||||||||||||||||
Construction | 2,842,031 | 2,842,031 | 569,579 | 536,142 | - | ||||||||||||||||||||||||||||||||||||
Commercial Business | 906,526 | 1,094,035 | 253,598 | 931,380 | 25,236 | ||||||||||||||||||||||||||||||||||||
Commercial Real Estate | 3,952,546 | 3,999,032 | 447,193 | 3,286,487 | 29,291 | ||||||||||||||||||||||||||||||||||||
Mortgage Warehouse Lines | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
Residential Real Estate | 134,193 | 134,193 | 21,693 | 310,995 | - | ||||||||||||||||||||||||||||||||||||
Consumer | 54,904 | 54,904 | - | 54,904 | - | ||||||||||||||||||||||||||||||||||||
Total | $ | 7,890,200 | $ | 8,124,195 | $ | 1,292,063 | $ | 5,119,908 | $ | 54,527 | |||||||||||||||||||||||||||||||
In the normal course of business, the Bank may consider modifying loan terms for various reasons. These reasons may include as a retention strategy to compete in the current interest rate environment or to re-amortize or extend a loan term to better match the loan’s payment stream with the borrower’s cash flow. A modified loan would be considered to be a troubled debt restructuring (“TDR”) if the Bank grants a concession to a borrower and has determined that the borrower is troubled (i.e., experiencing financial difficulties). | |||||||||||||||||||||||||||||||||||||||||
If the Bank restructures a loan to a troubled borrower, the loan terms (i.e. interest rate, payment, amortization period, maturity date) may be modified in various ways to enable the borrower to cover the modified debt service payments based on current financials and cash flow adequacy. If a borrower’s hardship is thought to be temporary, then modified terms may only be offered for that time period. Where possible, the Bank would attempt to obtain additional collateral and/or secondary payment sources at the time of the restructure in order to put the Bank in the best possible position if the borrower is not able to meet the modified terms. The Bank will not offer modified terms if it believes that modifying the loan terms will only delay an inevitable permanent default. | |||||||||||||||||||||||||||||||||||||||||
In evaluating whether a restructuring constitutes a troubled debt restructuring, applicable guidance requires that a creditor must separately conclude that the restructuring constitutes a concession and the borrower is experiencing financial difficulties. The following table is a breakdown of troubled debt restructurings, all of which are classified as impaired, which occurred during the years ended December 31, 2013 and 2012. | |||||||||||||||||||||||||||||||||||||||||
During 2013 | |||||||||||||||||||||||||||||||||||||||||
Number of | Pre-Modification | Post-Modification | |||||||||||||||||||||||||||||||||||||||
Contracts | Outstanding | Outstanding | |||||||||||||||||||||||||||||||||||||||
Recorded | Recorded | ||||||||||||||||||||||||||||||||||||||||
Investment | Investment | ||||||||||||||||||||||||||||||||||||||||
Troubled Debt Restructurings: | |||||||||||||||||||||||||||||||||||||||||
Commercial Real Estate | 1 | $ | 371,834 | $ | 367,034 | ||||||||||||||||||||||||||||||||||||
During 2012 | |||||||||||||||||||||||||||||||||||||||||
Number of | Pre-Modification | Post-Modification | |||||||||||||||||||||||||||||||||||||||
Contracts | Outstanding | Outstanding | |||||||||||||||||||||||||||||||||||||||
Recorded | Recorded | ||||||||||||||||||||||||||||||||||||||||
Investment | Investment | ||||||||||||||||||||||||||||||||||||||||
Troubled Debt Restructurings: | |||||||||||||||||||||||||||||||||||||||||
Commercial | 2 | $ | 137,028 | $ | 86,794 | ||||||||||||||||||||||||||||||||||||
Commercial Real Estate | 1 | 1,278,362 | 1,261,000 | ||||||||||||||||||||||||||||||||||||||
The following is a summary of troubled debt restructurings that subsequently defaulted within twelve months of restructuring during the years ended December 31, 2013 and 2012: | |||||||||||||||||||||||||||||||||||||||||
During 2013 | |||||||||||||||||||||||||||||||||||||||||
Number of Contracts | Recorded Investment | ||||||||||||||||||||||||||||||||||||||||
Troubled Debt that subsequently defaulted: | None | ||||||||||||||||||||||||||||||||||||||||
During 2012 | |||||||||||||||||||||||||||||||||||||||||
Number of Contracts | Recorded Investment | ||||||||||||||||||||||||||||||||||||||||
Troubled Debt Restructurings that subsequently defaulted: | |||||||||||||||||||||||||||||||||||||||||
Commercial | 2 | $ | 82,113 | ||||||||||||||||||||||||||||||||||||||
If the Bank determines that a borrower has suffered deterioration in their financial condition, a restructuring of the loan terms may occur. Such loan restructurings may include, but are not limited to, reductions in principal or interest, reductions in interest rates, and extensions of the maturity date. When modifications are implemented, such loans meet the definition of a troubled debt restructuring. All of the modifications employed by the Bank during 2013 and 2012 have resulted in lower amortization payments for a limited time period without any reduction in the interest rate. The lower payments are determined by an analysis of the borrower’s cash flow ability to meet the modified terms while anticipating an improved financial condition to enable a resumption of the original payment terms. |
Note_5_Loans_to_Related_Partie
Note 5 - Loans to Related Parties | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Related Party Transactions [Abstract] | ' | ||||||||
Related Party Transactions Disclosure [Text Block] | ' | ||||||||
5. Loans to Related Parties | |||||||||
Activity related to loans to directors, executive officers and their affiliated interests during 2013 and 2012 is as follows: | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
Balance, beginning of year | $ | 3,256,734 | $ | 3,077,361 | |||||
Loans granted | 244,198 | 412,581 | |||||||
Repayments of loans | (1,914,141 | ) | (233,208 | ) | |||||
Balance, end of year | $ | 1,586,791 | $ | 3,256,734 | |||||
All such loans were made under customary terms and conditions and were current as to principal and interest payments as of December 31, 2013 and 2012. |
Note_6_Premises_and_Equipment
Note 6 - Premises and Equipment | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||||||
Property, Plant and Equipment Disclosure [Text Block] | ' | |||||||||||
6. Premises and Equipment | ||||||||||||
Premises and equipment consist of the following: | ||||||||||||
December 31, | ||||||||||||
Estimated | 2013 | 2012 | ||||||||||
Useful Lives (years) | ||||||||||||
Land | $ | 1,797,528 | $ | 1,797,528 | ||||||||
Building | 40 | 7,272,293 | 7,272,293 | |||||||||
Leasehold improvements | 10 | 4,127,626 | 4,016,113 | |||||||||
Furniture and equipment | 3 | – | 15 | 3,851,500 | 3,745,340 | |||||||
17,048,947 | 16,831,274 | |||||||||||
Less: Accumulated depreciation | (7,005,442 | ) | (6,200,979 | ) | ||||||||
$ | 10,043,505 | $ | 10,630,295 | |||||||||
Depreciation expense was $803,252 and $904,658 for the years ended December 31, 2013 and 2012, respectively. |
Note_7_Other_Real_Estate_Owned
Note 7 - Other Real Estate Owned ("OREO") | 12 Months Ended |
Dec. 31, 2013 | |
Real Estate [Abstract] | ' |
Real Estate Disclosure [Text Block] | ' |
7. Other Real Estate Owned (“OREO”) | |
The Bank held three properties valued at $2,136,341 at December 31, 2013 and six properties valued at $8,332,601 at December 31, 2012. The Company incurred impairment write-downs of $758,625 and $2,345,267 on OREO property during the years ended December 31, 2013 and 2012, respectively. Further declines in real estate values may result in increased foreclosed real estate expense in the future. Routine holding costs are charged to expense as incurred and improvements to real estate owned that enhance the value of the real estate are capitalized. Net OREO expenses, including impairment write-downs and sales gains and losses, amounted to $352,927 and $3,553,779 for the years ended December 31, 2013 and 2012, respectively, and are included in other operating expenses. |
Note_8_Goodwill_and_Intangible
Note 8 - Goodwill and Intangible Assets | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||
Goodwill and Intangible Assets Disclosure [Text Block] | ' | ||||||||
8. Goodwill and Intangible Assets | |||||||||
Goodwill and intangible assets are included in other assets and are summarized as follows: | |||||||||
2013 | 2012 | ||||||||
Goodwill | $ | 3,764,314 | $ | 3,764,314 | |||||
Core deposits intangible | 1,125,261 | 1,393,228 | |||||||
Total | $ | 4,889,575 | $ | 5,157,542 | |||||
Amortization expense of intangible assets was $267,967 for the years ended December 31, 2013 and 2012. | |||||||||
Scheduled amortization of the core deposits intangible is as follows: | |||||||||
2014 | $ | 258,054 | |||||||
2015 | 231,255 | ||||||||
2016 | 231,255 | ||||||||
2017 | 231,255 | ||||||||
2018 | 173,442 | ||||||||
$ | 1,125,261 | ||||||||
Note_9_Deposits
Note 9 - Deposits | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Disclosure Text Block [Abstract] | ' | ||||||||
Deposit Liabilities Disclosures [Text Block] | ' | ||||||||
9. Deposits | |||||||||
Deposits consist of the following: | |||||||||
2013 | 2012 | ||||||||
Demand | |||||||||
Non-interest bearing | $ | 121,891,752 | $ | 152,334,759 | |||||
Interest bearing | 200,737,912 | 211,475,765 | |||||||
Savings | 180,002,971 | 202,261,035 | |||||||
Time | 135,919,395 | 141,617,916 | |||||||
$ | 638,552,030 | $ | 707,689,475 | ||||||
At December 31, 2013, time deposits have contractual maturities as follows: | |||||||||
Year | Amount | ||||||||
2014 | $ | 68,243,871 | |||||||
2015 | 36,221,632 | ||||||||
2016 | 14,403,422 | ||||||||
2017 | 10,444,467 | ||||||||
2018 | 6,606,003 | ||||||||
$ | 135,919,395 | ||||||||
Individual time deposits in amounts of $100,000 or greater amounted to $72,166,380 and $72,248,706 at December 31, 2013 and 2012, respectively. As of December 31, 2013, time certificates of deposit in amounts of $100,000 or more have remaining maturities as follows: | |||||||||
Maturity Range | Amount | ||||||||
Three months or less | $ | 10,237,908 | |||||||
Over three months through six months | 14,215,637 | ||||||||
Over six months through twelve months | 12,948,213 | ||||||||
Over twelve months | 34,764,622 | ||||||||
$ | 72,166,380 | ||||||||
Note_10_Borrowings
Note 10 - Borrowings | 12 Months Ended |
Dec. 31, 2013 | |
Debt Disclosure [Abstract] | ' |
Debt Disclosure [Text Block] | ' |
10. Borrowings | |
The balance of borrowings was $10,000,000 at December 31, 2013, consisting of a long-term FHLB advance of $10,000,000. The balance of borrowings was $42,400,000 at December 31, 2012, consisting of a long-term FHLB advance of $10,000,000 and overnight funds purchased of $32,400,000. | |
The Bank has established a borrowing relationship with the FHLB which further supports and enhances liquidity. During 2010, the FHLB replaced its Overnight Line of Credit and One-Month Overnight Repricing Line of Credit facilities available to member banks with a fully secured line of up to 50 percent of a bank’s quarter-end total assets. Under the terms of this facility, the Bank’s total credit exposure to FHLB cannot exceed 50 percent, or $371,162,543, of its total assets at December 31, 2013. In addition, the aggregate outstanding principal amount of the Bank’s advances, letters of credit, the dollar amount of the FHLB’s minimum collateral requirement for off balance sheet financial contracts and advance commitments cannot exceed 30 percent of the Bank’s total assets, unless the Bank obtains approval from FHLB’s Board of Directors or its Executive Committee. These limits are further restricted by a member bank’s ability to provide eligible collateral to support its obligations to FHLB as well as a member bank’s ability to meet the FHLB’s stock requirement. At December 31, 2013 and 2012, the Bank had collateral at FHLB-NY to support additional borrowing of $76,255,003 and $61,358,015, respectively. The Bank also maintains an unsecured federal funds line of $20,000,000 with a correspondent bank that will expire on June 30, 2014, at which time it will be subject to review and renewal. | |
The Bank has one ten-year fixed rate convertible advances from the FHLB. This advance, in the amount of $10,000,000 bears interest at the rate of 4.08%. This advance is convertible quarterly at the option of the FHLB and is fully secured by marketable securities. The FHLB advance matures on July 31, 2016. Due to the call provision, expected maturity could differ from contractual maturity. The $32,400,000 in overnight funds purchased at December 31, 2012, had an interest rate of 0.31% and matured on January 2, 2013. |
Note_11_Redeemable_Subordinate
Note 11 - Redeemable Subordinated Debentures | 12 Months Ended |
Dec. 31, 2013 | |
Subordinated Borrowings [Abstract] | ' |
Subordinated Borrowings Disclosure [Text Block] | ' |
11. Redeemable Subordinated Debentures | |
On May 30, 2006, the Company established 1st Constitution Capital Trust II, a Delaware business trust and wholly owned subsidiary of the Company (“Trust II”), for the sole purpose of issuing $18 million of trust preferred securities (the “Capital Securities”). Trust II utilized the $18 million proceeds along with $557,000 invested in Trust II by the Company to purchase $18,557,000 of floating rate junior subordinated debentures issued by the Company and due to mature on June 15, 2036. The subordinated debentures carry a floating interest rate based on the three-month LIBOR plus 165 basis points (1.89285% at December 31, 2013). The Capital Securities were issued in connection with a pooled offering involving approximately 50 other financial institution holding companies. All of the Capital Securities were sold to a single pooling vehicle. The floating rate junior subordinated debentures are the only asset of Trust II and have terms that mirrored the Capital Securities. These debentures are redeemable in whole or in part prior to maturity after June 15, 2011. Trust II is obligated to distribute all proceeds of a redemption of these debentures, whether voluntary or upon maturity, to holders of the Capital Securities. The Company’s obligation with respect to the Capital Securities and the debentures, when taken together, provided a full and unconditional guarantee on a subordinated basis by the Company of the obligations of Trust II to pay amounts when due on the Capital Securities. Interest payments on the floating rate junior subordinated debentures flow through Trust II to the pooling vehicle. |
Note_12_Income_Taxes
Note 12 - Income Taxes | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||
Income Tax Disclosure [Text Block] | ' | ||||||||
12. Income Taxes | |||||||||
The components of income tax expense (benefit) are summarized as follows: | |||||||||
2013 | 2012 | ||||||||
Federal- | |||||||||
Current | $ | 655,751 | $ | 3,089,047 | |||||
Deferred | 1,205,078 | (1,415,505 | ) | ||||||
1,860,829 | 1,673,542 | ||||||||
State- | |||||||||
Current | 144,702 | 675,260 | |||||||
Deferred | 279,831 | (376,837 | ) | ||||||
424,533 | 298,423 | ||||||||
$ | 2,285,362 | $ | 1,971,965 | ||||||
A comparison of income tax expense at the Federal statutory rate in 2013 and 2012 to the Company’s provision for income taxes is as follows: | |||||||||
2013 | 2012 | ||||||||
Federal income tax | $ | 2,742,253 | $ | 2,391,039 | |||||
Add (deduct) effect of: | |||||||||
State income taxes net of federal income tax effect | 280,192 | 196,959 | |||||||
Tax-exempt interest income | (751,164 | ) | (570,292 | ) | |||||
Bank-owned life insurance | (155,403 | ) | (152,158 | ) | |||||
Other items, net | 169,484 | 106,417 | |||||||
Provision for income taxes | $ | 2,285,362 | $ | 1,971,965 | |||||
The tax effects of existing temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities are as follows: | |||||||||
2013 | 2012 | ||||||||
Deferred tax assets (liabilities): | |||||||||
Write-downs and expenses of OREO | $ | 100,044 | $ | 1,443,644 | |||||
Allowance for loan losses | 2,811,205 | 2,856,194 | |||||||
Unrealized gain on securities available for sale | 1,060,098 | (571,763 | ) | ||||||
SERP Liability | 1,823,427 | 1,737,663 | |||||||
Other than temporary impairment loss | 170,321 | 170,321 | |||||||
Depreciation | 172,840 | 334,896 | |||||||
Nonaccrual interest | 159,263 | 144,742 | |||||||
Pension Liability | (11,721 | ) | 65,493 | ||||||
Other | 110,963 | 145,512 | |||||||
Net deferred tax assets | $ | 6,396,440 | $ | 6,326,702 | |||||
Based upon the current facts, management has determined that it is more likely than not that there will be sufficient taxable income in future years to realize the deferred tax assets. However, there can be no assurances about the level of future earnings. |
Note_13_Comprehensive_Income_a
Note 13 - Comprehensive Income and Accumulated Other Comprehensive Income | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Disclosure Text Block [Abstract] | ' | ||||||||||||||||
Comprehensive Income (Loss) Note [Text Block] | ' | ||||||||||||||||
13. Comprehensive Income and Accumulated Other Comprehensive Income | |||||||||||||||||
Comprehensive income is the total of (1) net income and (2) all other changes in equity from non-shareholder sources, which are referred to as other comprehensive income. The components of other comprehensive income, and the related tax effects, are as follows: | |||||||||||||||||
Year ended December 31, 2013 : | |||||||||||||||||
Before-Tax | Income Tax | Net-of-Tax | |||||||||||||||
Amount | Effect | Amount | |||||||||||||||
Unrealized holding (losses) gains on available for sale securities : | |||||||||||||||||
Unrealized holding (losses) on available for sale securities | $ | (2,992,624 | ) | $ | 1,060,098 | $ | (1,932,526 | ) | |||||||||
Reclassification adjustment for (gains) realized in income | - | - | - | ||||||||||||||
Other comprehensive (loss) on available for sale securities | (2,992,624 | ) | 1,060,098 | (1,932,526 | ) | ||||||||||||
Unrealized impairment loss on held to maturity security: | |||||||||||||||||
Unrealized impairment (loss) on held to maturity security | (500,944 | ) | 170,321 | (330,623 | ) | ||||||||||||
Unfunded pension liability : | |||||||||||||||||
Changes from plan actuarial gains and losses included in other comprehensive income | 27,236 | (11,721 | ) | 15,515 | |||||||||||||
Amortization of net transition obligation, prior service cost and net actuarial loss included in net periodic benefit cost | - | - | - | ||||||||||||||
Other comprehensive gain (loss) on unfunded retirement obligations | 27,236 | (11,721 | ) | 15,515 | |||||||||||||
Total other comprehensive (loss) | $ | (3,466,332 | ) | $ | 1,218,698 | $ | (2,247,634 | ) | |||||||||
Year ended December 31, 2012 : | |||||||||||||||||
Before-Tax | Income Tax | Net-of-Tax | |||||||||||||||
Amount | Effect | Amount | |||||||||||||||
Unrealized holding (losses) gains on available for sale securities : | |||||||||||||||||
Unrealized holding (losses) gains on available for sale securities | $ | 1,806,967 | $ | (571,763 | ) | $ | 1,235,204 | ||||||||||
Reclassification adjustment for (gains) realized in income | - | - | - | ||||||||||||||
Other comprehensive (loss) gain on available for sale securities | 1,806,967 | (571,763 | ) | 1,235,204 | |||||||||||||
Unrealized impairment loss on held to maturity security: | |||||||||||||||||
Unrealized impairment (loss) on held to maturity security | (500,944 | ) | 170,321 | (330,623 | ) | ||||||||||||
Unfunded pension liability : | |||||||||||||||||
Changes from plan actuarial gains and losses included in other comprehensive income | (165,781 | ) | 65,493 | (100,288 | ) | ||||||||||||
Amortization of net transition obligation, prior service cost and net actuarial loss included in net periodic benefit cost | - | - | - | ||||||||||||||
Other comprehensive gain (loss) on unfunded retirement obligations | (165,781 | ) | 65,493 | (100,288 | ) | ||||||||||||
Total other comprehensive gain (loss) | $ | 1,140,242 | $ | (335,949 | ) | $ | 804,293 | ||||||||||
Changes in the components of accumulated other comprehensive income are as follows and are presented net of tax: | |||||||||||||||||
Unrealized | Unrealized | Unfunded | Accumulated | ||||||||||||||
Holding (Losses) | Impairment Loss | Pension | Other | ||||||||||||||
Gains on | on Held to | Liability | Comprehensive | ||||||||||||||
Available for Sale | Maturity | Income (Loss) | |||||||||||||||
Securities | Security | ||||||||||||||||
Balance, January 1, 2012 | $ | 1,530,078 | $ | (330,623 | ) | $ | (107,993 | ) | $ | 1,091,462 | |||||||
Other comprehensive income (loss) before reclassifications | (294,874 | ) | - | 7,705 | (287,169 | ) | |||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | - | - | - | - | |||||||||||||
Other comprehensive income (loss) | (294,874 | ) | - | 7,705 | (287,169 | ) | |||||||||||
Balance, December 31, 2012 | 1,235,204 | (330,623 | ) | (100,288 | ) | 804,293 | |||||||||||
Other comprehensive income (loss) before reclassifications | (3,167,730 | ) | - | 115,803 | (3,051,927 | ) | |||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | - | - | - | - | |||||||||||||
Other comprehensive income (loss) | (3,167,730 | ) | - | 115,803 | (3,051,927 | ) | |||||||||||
Balance, December 31, 2013 | $ | (1,932,526 | ) | $ | (330,623 | ) | $ | 15,515 | $ | (2,247,634 | ) | ||||||
Note_14_Benefit_Plans
Note 14 - Benefit Plans | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Compensation and Retirement Disclosure [Abstract] | ' | ||||||||
Pension and Other Postretirement Benefits Disclosure [Text Block] | ' | ||||||||
14. Benefit Plans | |||||||||
Retirement Savings Plan | |||||||||
The Bank has a 401(K) plan which covers substantially all employees with six months or more of service. The plan permits all eligible employees to make basic contributions to the plan up to the IRS salary deferral limit. Under the plan, the Bank provided a matching contribution of 50% in 2013 and 2012 up to 6% of base compensation. Employer contributions to the plan amounted to $229,464 in 2013 and $204,918 in 2012. | |||||||||
Benefit Plans | |||||||||
The Company also provides retirement benefits to certain employees under supplemental executive retirement plans. The plans are unfunded and the Company accrues actuarial determined benefit costs over the estimated service period of the employees in the plans. The present value of the benefits accrued under these plans as of December 31, 2013 and 2012 is approximately $4,538,179 and $4,517,757, respectively, and is included in other liabilities and accumulated other comprehensive income in the accompanying consolidated balance sheets. Compensation expense of $213,438and $568,215 is included in the accompanying consolidated statements of income for the years ended December 31, 2013 and 2012, respectively. | |||||||||
In connection with the benefit plans, the Bank has life insurance policies on the lives of its executives, directors and divisional officers. The Bank is the owner and beneficiary of the policies. The cash surrender values of the policies total approximately $15.5 million and $15.0 million as of December 31, 2013 and 2012, respectively. | |||||||||
The following table sets forth the changes in benefit obligations of the Company’s supplemental executive retirement plan. | |||||||||
2013 | 2012 | ||||||||
Change in Benefit Obligation | |||||||||
Liability for pension, beginning | $ | 4,517,757 | $ | 3,952,450 | |||||
Service cost | 273,676 | 247,293 | |||||||
Interest cost | 199,200 | 200,290 | |||||||
Actuarial (gain) loss | (452,454 | ) | 117,724 | ||||||
Benefits paid | - | - | |||||||
Liability for pension, ending | $ | 4,538,179 | $ | 4,517,757 | |||||
Amount Recognized in Consolidated Balance Sheets | |||||||||
Liability for pension | $ | (4,538,179 | ) | $ | (4,517,757 | ) | |||
Net actuarial gain included in accumulated other comprehensive income | (27,236 | ) | 157,336 | ||||||
Prior service cost included in accumulated other comprehensive income | - | 8,445 | |||||||
Net recognized pension liability | $ | (4,565,415 | ) | $ | (4,351,977 | ) | |||
Information for pension plans with an accumulated benefit obligation in excess of plan assets | |||||||||
Projected benefit obligation | $ | 4,538,179 | $ | 4,517,757 | |||||
Accumulated benefit obligation | 4,211,047 | 3,380,461 | |||||||
Components of Net Periodic Benefit Cost | 2013 | 2012 | |||||||
Service cost | $ | 273,676 | $ | 247,293 | |||||
Interest cost | 199,200 | 200,290 | |||||||
Amortization of prior service cost | (267,883 | ) | 99,432 | ||||||
Recognized net actuarial gain | 8,445 | 21,201 | |||||||
Net periodic benefit expense | $ | 213,438 | $ | 568,216 | |||||
The net periodic benefit cost for the year ended December 31, 2014 is projected to be $407,313. | |||||||||
During the year ended December 31, 2014, actuarial (gains) of $(19,943) is expected to be removed from accumulated other comprehensive income and recognized as a component of net periodic benefit expense. | |||||||||
Weighted-Average Assumptions, December 31 | 2013 | 2012 | |||||||
Discount Rate | 4.9 | % | 6 | % | |||||
Salary Scale | 4 | % | 4 | % | |||||
Projected Annual Benefit Payments* | |||||||||
2014 | $ | 730,141 | |||||||
2015 | $ | 3,906,536 | |||||||
2016 | $ | - | |||||||
2017 | $ | 873,279 | |||||||
2018 | $ | - | |||||||
2019-2022 | $ | - | |||||||
* Represents management’s expectation as of December 31, 2013 as to when such payments will be made. |
Note_15_ShareBased_Compensatio
Note 15 - Share-Based Compensation | 12 Months Ended | ||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | ' | ||||||||||||||||||||||||||||
15. Share-Based Compensation | |||||||||||||||||||||||||||||
The Company’s stock-based incentive plans (the “Stock Plans”) authorize the issuance of an aggregate of 440,701 shares of the Company’s common stock (as adjusted for stock dividends) pursuant to awards that may be granted in the form of stock options to purchase common stock (“Options”) and awards of shares of common stock (“Stock Awards”). The purpose of the Stock Plans is to attract and retain personnel for positions of substantial responsibility and to provide additional incentive to certain officers, directors, employees and other persons to promote the success of the Company. Under the Stock Plans, options have a term of ten years after the date of grant, subject to earlier termination in certain circumstances. Options are granted with an exercise price at the then fair market value of the Company’s common stock. The grant date fair value is calculated using the Black-Scholes option valuation model. As of December 31, 2013, there were 393,466 shares of common stock available for future grants under the Stock Plans, of which 343,540 shares are available for future grant under the 2013 Equity Incentive Plan and 49,926 shares are available for future grant under the 2006 Directors Stock Plan. | |||||||||||||||||||||||||||||
Stock-based compensation expense related to stock options was $101,330 and $99,152 for the years ended December 31, 2013 and 2012, respectively. | |||||||||||||||||||||||||||||
Transactions under the Company’s stock option plans during the years ended December 31, 2013 and 2012 are summarized as follows: | |||||||||||||||||||||||||||||
Stock Options | Number of | Weighted | Weighted | Aggregate | |||||||||||||||||||||||||
Shares | Average | Average | Intrinsic | ||||||||||||||||||||||||||
Exercise Price | Remaining | Value | |||||||||||||||||||||||||||
Contractual | |||||||||||||||||||||||||||||
Term (years) | |||||||||||||||||||||||||||||
Outstanding at January 1, 2012 | 206,751 | $ | 9.2 | ||||||||||||||||||||||||||
Granted | 28,007 | 6.11 | |||||||||||||||||||||||||||
Exercised | (9,040 | ) | 7.43 | ||||||||||||||||||||||||||
Forfeited | - | - | |||||||||||||||||||||||||||
Expired | (3,824 | ) | 7.95 | ||||||||||||||||||||||||||
Outstanding at December 31, 2012 | 221,894 | 8.91 | 6.2 | $ | 193,917 | ||||||||||||||||||||||||
Granted | 25,305 | 8.06 | |||||||||||||||||||||||||||
Exercised | (11,601 | ) | 8.86 | ||||||||||||||||||||||||||
Forfeited | - | - | |||||||||||||||||||||||||||
Expired | - | - | |||||||||||||||||||||||||||
Outstanding at December 31, 2013 | 235,598 | $ | 8.81 | 5.6 | $ | 623,916 | |||||||||||||||||||||||
Exercisable at December 31, 2013 | 174,965 | $ | 9.44 | 4.8 | $ | 381,551 | |||||||||||||||||||||||
The total intrinsic value (market value on date of exercise less grant price) of options exercised during the years ended December 31, 2013 and 2012 was $27,826 and $16,122, respectively. | |||||||||||||||||||||||||||||
The following table summarizes stock options outstanding and exercisable at December 31, 2013: | |||||||||||||||||||||||||||||
Outstanding Options | Exercisable Options | ||||||||||||||||||||||||||||
Exercise Price Range | Number | Average | Average | Number | Average | Average | |||||||||||||||||||||||
Life in | Exercise | Life in | Exercise | ||||||||||||||||||||||||||
Years | Price | Years | Price | ||||||||||||||||||||||||||
$5.92 | to | $6.21 | 62,000 | 7.9 | $ | 6.15 | 31,598 | 7.8 | $ | 6.16 | |||||||||||||||||||
$6.79 | to | $10.75 | 110,080 | 6.5 | $ | 8.06 | 79,849 | 5.7 | $ | 8.14 | |||||||||||||||||||
$11.51 | to | $13.77 | 63,518 | 2.1 | $ | 12.7 | 63,518 | 2.1 | $ | 12.7 | |||||||||||||||||||
235,598 | 5.6 | $ | 8.81 | 174,965 | 4.8 | $ | 9.44 | ||||||||||||||||||||||
The fair value of each option and the significant weighted average assumptions used to calculate the fair value of the options granted during the years ended December 31, 2013 and 2012 are as follows: | |||||||||||||||||||||||||||||
Jan-13 | Jan-12 | ||||||||||||||||||||||||||||
Fair value of options granted | $ | 2.69 | $ | 2.2 | |||||||||||||||||||||||||
Risk-free rate of return | 0.81 | % | 0.84 | % | |||||||||||||||||||||||||
Expected option life in years | 7 | 7 | |||||||||||||||||||||||||||
Expected volatility | 30.82 | % | 31.48 | % | |||||||||||||||||||||||||
Expected dividends (1) | - | - | |||||||||||||||||||||||||||
(1) To date, the Company has not paid cash dividends on its common stock. | |||||||||||||||||||||||||||||
As of December 31, 2013, there was approximately $124,889 of unrecognized compensation cost related to non-vested stock option-based compensation arrangements granted under the Company’s stock incentive plans. That cost is expected to be recognized over the next four years. | |||||||||||||||||||||||||||||
The following table summarizes nonvested restricted shares for the years ended December 31, 2013 and 2012 (as adjusted to reflect the 5% stock dividend declared in December 2012 and the 5% stock dividend declared in December 2011): | |||||||||||||||||||||||||||||
Non-vested Shares | Number of | Average Grant-Date | |||||||||||||||||||||||||||
Shares | Fair Value | ||||||||||||||||||||||||||||
Non-vested at January 1, 2012 | 159,341 | $ | 6.54 | ||||||||||||||||||||||||||
Granted | 47,034 | 8.73 | |||||||||||||||||||||||||||
Vested | (65,800 | ) | 8.38 | ||||||||||||||||||||||||||
Forfeited | - | - | |||||||||||||||||||||||||||
Non-vested at December 31, 2012 | 140,575 | 6.41 | |||||||||||||||||||||||||||
Granted | 45,093 | 9.75 | |||||||||||||||||||||||||||
Vested | (49,178 | ) | 8.97 | ||||||||||||||||||||||||||
Forfeited | - | - | |||||||||||||||||||||||||||
Non-vested at December 31, 2013 | 136,490 | $ | 6.59 | ||||||||||||||||||||||||||
The value of restricted shares is based upon the closing price of the common stock on the date of grant. The shares generally vest over a four year service period with compensation expense recognized on a straight-line basis. | |||||||||||||||||||||||||||||
Stock based compensation expense related to stock grants was $399,866 and $375,606 for the years ended December 31, 2013 and 2012. | |||||||||||||||||||||||||||||
As of December 31, 2013, there was approximately $851,159 of unrecognized compensation cost related to non-vested stock grants that will be recognized over the next three years. |
Note_16_Commitments_and_Contin
Note 16 - Commitments and Contingencies | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||
Commitments and Contingencies Disclosure [Text Block] | ' | ||||
16. Commitments and Contingencies | |||||
As of December 31, 2013, future minimum rental payments under non-cancelable operating leases are as follows: | |||||
2014 | $ | 948,922 | |||
2015 | 807,645 | ||||
2016 | 754,435 | ||||
2017 | 750,057 | ||||
2018 | 594,576 | ||||
Thereafter | 1,701,268 | ||||
$ | 5,556,903 | ||||
Rent expense aggregated $1,151,243 and $1,303,584 for the years ended December 31, 2013 and 2012, respectively. | |||||
Commitments With Off-Balance Sheet Risk | |||||
The consolidated balance sheet does not reflect various commitments relating to financial instruments which are used in the normal course of business. Management does not anticipate that the settlement of those financial instruments will have a material adverse effect on the Company’s financial position. These instruments include commitments to extend credit and letters of credit. These financial instruments carry various degrees of credit risk, which is defined as the possibility that a loss may occur from the failure of another party to perform according to the terms of the contract. As these off-balance sheet financial instruments have essentially the same credit risk involved in extending loans, the Bank generally uses the same credit and collateral policies in making these commitments and conditional obligations as it does for on-balance sheet investments. Additionally, as some commitments and conditional obligations are expected to expire without being drawn or returned, the contractual amounts do not necessarily represent future cash requirements. | |||||
Commitments to extend credit are legally binding loan commitments with set expiration dates. They are intended to be disbursed, subject to certain conditions, upon request of the borrower. The Bank receives a fee for providing a commitment. The Bank was committed to advance $328,167,129 and $160,459,141 to its borrowers as of December 31, 2013 and December 31, 2012, respectively. | |||||
The Bank issues financial standby letters of credit that are within the scope of ASC Topic 460, “Guarantees.” These are irrevocable undertakings by the Bank to guarantee payment of a specified financial obligation. Most of the Bank’s financial standby letters of credit arise in connection with lending relationships and have terms of one year or less. The maximum potential future payments the Bank could be required to make under these standby letters of credit amounted to $2,212,009 at December 31, 2013 and $1,620,362 at December 31, 2012. The current amount of the liability as of December 31, 2013 and 2012 for guarantors under standby letters of credit is not material. | |||||
The Bank also enters into forward contracts to sell residential mortgage loans it has closed (loans held for sale) or that it expects to close (commitments to originate loans held for sale). These contracts are used to reduce the Bank’s market price risk during the period from the commitment date to the sale date. The notional amount of the Bank’s forward sales contracts was approximately $23.7 million at December 31, 2013 and $36.0 million at December 31, 2012. Changes in fair value of the forward sales contracts, and the related loan origination commitments and closed loans, were not significant at December 31, 2013 and 2012. | |||||
Litigation | |||||
The Company may, in the ordinary course of business, become a party to litigation involving collection matters, contract claims and other legal proceedings relating to the conduct of its business. The Company may also have various commitments and contingent liabilities which are not reflected in the accompanying consolidated statement of condition. Management is not aware of any present legal proceedings or contingent liabilities and commitments that would have a material impact on the Company’s financial position or results of operations. |
Note_17_Other_Operating_Expens
Note 17 - Other Operating Expenses | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Other Income and Expenses [Abstract] | ' | ||||||||
Other Income and Other Expense Disclosure [Text Block] | ' | ||||||||
17. Other Operating Expenses | |||||||||
The components of other operating expenses for the years ended December 31, 2013 and 2012 are as follows: | |||||||||
2013 | 2012 | ||||||||
Marketing | $ | 294,663 | $ | 185,738 | |||||
Equipment | 884,092 | 862,765 | |||||||
Telephone | 364,059 | 351,183 | |||||||
Regulatory, professional and other consulting fees | 1,104,037 | 726,556 | |||||||
Amortization of intangible assets | 267,966 | 267,967 | |||||||
Other expenses | 1,412,459 | 1,295,440 | |||||||
$ | 4,327,276 | $ | 3,689,649 | ||||||
Note_18_Regulatory_Requirement
Note 18 - Regulatory Requirements | 12 Months Ended | ||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||
Disclosure Text Block [Abstract] | ' | ||||||||||||||||||||||
Regulatory Capital Requirements under Banking Regulations [Text Block] | ' | ||||||||||||||||||||||
18. Regulatory Requirements | |||||||||||||||||||||||
The Company and the Bank are subject to various regulatory capital requirements administered by the Federal and state banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory, and possibly additional discretionary, actions by regulators that, if undertaken, could have a direct material effect on the Bank’s and the Company’s financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Company and the Bank must meet specific capital guidelines that involve quantitative measures of the Company’s and the Bank’s assets, liabilities, and certain off-balance sheet items as calculated under regulatory accounting practices. The Company’s and the Bank’s capital amounts and classifications are also subject to qualitative judgments by the regulators about components, risk weightings and other factors. | |||||||||||||||||||||||
Quantitative measures established by regulation to ensure capital adequacy require the Company and the Bank to maintain minimum amounts and ratios of Total and Tier I capital (as defined in the regulations) to risk-weighted assets (as defined), and of Tier I capital to average assets (as defined). As of December 31, 2013, the Company and the Bank met all capital adequacy requirements to which they are subject. | |||||||||||||||||||||||
To be categorized as adequately capitalized, the Company and the Bank must maintain minimum total risk-based, Tier I risk-based, and Tier I leverage ratios as set forth in the table. As of December 31, 2013, the Bank's capital ratios exceed the regulatory standards for well-capitalized institutions. Certain bank regulatory limitations exist on the availability of the Bank’s assets for the payment of dividends by the Bank without prior approval of bank regulatory authorities. | |||||||||||||||||||||||
Actual capital amounts and ratios for the Company and the Bank as of December 31, 2013 and 2012 are as follows: | |||||||||||||||||||||||
Actual | For Capital | To Be Well Capitalized | |||||||||||||||||||||
Adequacy Purposes | Under Prompt | ||||||||||||||||||||||
Corrective | |||||||||||||||||||||||
Action Provisions | |||||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||
Company | |||||||||||||||||||||||
Total Capital to Risk Weighted Assets | $ | 89,532,373 | 19.29 | % | $ | 37,123,200 | > | 8 | % | N/A | N/A | ||||||||||||
Tier I Capital to Risk Weighted Assets | 83,716,373 | 18.04 | % | 18,561,600 | > | 4 | % | N/A | N/A | ||||||||||||||
Tier I Capital to Average Assets | 83,716,373 | 10.89 | % | 30,757,840 | > | 4 | % | N/A | N/A | ||||||||||||||
Bank | |||||||||||||||||||||||
Total Capital to Risk Weighted Assets | $ | 87,253,384 | 18.8 | % | $ | 37,123,200 | > | 8 | % | $ | 46,404,000 | > | 10 | % | |||||||||
Tier I Capital to Risk Weighted Assets | 81,437,384 | 17.55 | % | 18,561,600 | > | 4 | % | 27,842,400 | > | 6 | % | ||||||||||||
Tier I Capital to Average Assets | 81,437,384 | 10.59 | % | 30,757,840 | > | 4 | % | 38,447,300 | > | 5 | % | ||||||||||||
As of December 31, 2012 | |||||||||||||||||||||||
Company | |||||||||||||||||||||||
Total Capital to Risk Weighted Assets | $ | 81,213,909 | 12.98 | % | $ | 50,044,960 | > | 8 | % | N/A | N/A | ||||||||||||
Tier I Capital to Risk Weighted Assets | 74,062,697 | 11.84 | % | 25,022,480 | > | 4 | % | N/A | N/A | ||||||||||||||
Tier I Capital to Average Assets | 74,062,697 | 9.29 | % | 31,881,576 | > | 4 | % | N/A | N/A | ||||||||||||||
Bank | |||||||||||||||||||||||
Total Capital to Risk Weighted Assets | $ | 78,621,740 | 12.57 | % | $ | 50,044,960 | > | 8 | % | $ | 62,556,200 | > | 10 | % | |||||||||
Tier I Capital to Risk Weighted Assets | 71,470,528 | 11.43 | % | 25,022,480 | > | 4 | % | 37,533,720 | > | 6 | % | ||||||||||||
Tier I Capital to Average Assets | 71,470,528 | 9.05 | % | 31,604,458 | > | 4 | % | 39,505,573 | > | 5 | % | ||||||||||||
Dividend payments by the Bank to the Company are subject to the New Jersey Banking Act of 1948 (the “Banking Act”) and the Federal Deposit Insurance Act (the “FDIA”). Under the Banking Act and the FDIA, the Bank may not pay any dividends if after paying the dividend, it would be undercapitalized under applicable capital requirements. In addition to these explicit limitations, the federal regulatory agencies are authorized to prohibit a banking subsidiary or bank holding company from engaging in an unsafe or unsound banking practice. Depending upon the circumstances, the agencies could take the position that paying a dividend would constitute an unsafe or unsound banking practice. | |||||||||||||||||||||||
In the event the Company defers payments on the junior subordinated debentures used to fund payments to be made pursuant to the terms of the Capital Securities, the Company would be unable to pay cash dividends on its common stock until the deferred payments are made. |
Note_19_Shareholders_Equity
Note 19 - Shareholders' Equity | 12 Months Ended |
Dec. 31, 2013 | |
Stockholders' Equity Note [Abstract] | ' |
Stockholders' Equity Note Disclosure [Text Block] | ' |
19. Shareholders’ Equity | |
During the third quarter of 2012, the Company launched a shareholders’ common stock rights offering, which expired on October 5, 2012. The Company received gross proceeds of $5.0 million from holders of subscription rights who exercised their basic subscription rights and from holders who exercised the over-subscription privilege. The rights offering was fully subscribed. Accordingly, the Company issued a total of 555,555 shares of common stock at $9.00 per share to the holders of subscription rights who validly exercised their subscription rights, including pursuant to the exercise of the over-subscription privilege. | |
The Company issued a warrant on December 23, 2008 to the United States Department of the Treasury (the “Treasury”) under the Troubled Asset Relief Program (“TARP”) Capital Purchase Program (the “CPP”). This warrant was sold by the Treasury on November 23, 2011 and exchanged for two warrants which permit the holders thereof to acquire, on an adjusted basis resulting from declarations of stock dividends to holders of common stock since the issuance of the two warrants, 255,540 shares of common stock of the Company at a price of $7.044 per share. | |
Certain terms and conditions of the warrant issued to the Treasury were modified or deleted in the two new warrants, including, without limitation, the deletion of the anti-dilution provision upon certain issuances of the Company’s common stock at or below a specified price relative to the initial exercise price. However, the two warrants still provide for the adjustment of the exercise price and the number of shares of the Company’s common stock issuable upon exercise pursuant to customary anti-dilution provisions, such as upon stock splits or distributions of securities or other assets to holders of the Company’s common stock. The two warrants remain outstanding, are immediately exercisable and continue to have an expiration date of December 23, 2018, which was the expiration date of the warrant originally issued to the Treasury. | |
The new warrants qualify and are accounted for as permanent equity on the Company’s balance sheet. | |
The Board of Governors of the Federal Reserve System has issued a supervisory letter to bank holding companies that contains guidance on when the board of directors of a bank holding company should eliminate or defer or severely limit dividends including for example when net income available for shareholders for the past four quarters net of previously paid dividends paid during that period is not sufficient to fully fund the dividends. The letter also contains guidance on the redemption of stock by bank holding companies which urges bank holding companies to advise the Federal Reserve of any such redemption or repurchase of common stock for cash or other value which results in the net reduction of a bank holding company’s capital at the beginning of the quarter below the capital outstanding at the end of the quarter. | |
In July 2005, the Board of Directors of the Company authorized a common stock repurchase program that allows for the repurchase of a limited number of the company’s shares at management’s discretion on the open market. The Company undertook this repurchase program in order to increase shareholder value. During the year ended December 31, 2013, the Company repurchased 12,355 shares for an aggregate price of approximately $110,797. During the year ended December 31, 2012, the Company repurchased 2,337 shares for an aggregate price of approximately $20,916. |
Note_20_Fair_Value_Disclosures
Note 20 - Fair Value Disclosures | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||||
Fair Value Disclosures [Text Block] | ' | ||||||||||||||||||||
20. Fair Value Disclosures | |||||||||||||||||||||
U.S. GAAP has established a fair value hierarchy that prioritizes the inputs to valuation methods used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are as follows: | |||||||||||||||||||||
Level 1: | Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. | ||||||||||||||||||||
Level 2: | Quoted prices in markets that are not active, or inputs that are observable either directly or indirectly, for substantially the full term of the asset or liability. | ||||||||||||||||||||
Level 3: | Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported with little or no market activity). | ||||||||||||||||||||
An asset’s or liability’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. | |||||||||||||||||||||
A description of the valuation methodologies used for instruments measured at fair value, as well as the general classification of such instruments pursuant to the valuation hierarchy, is set forth below. These valuation methodologies were applied to all of the Company’s financial assets and financial liabilities carried at fair value. | |||||||||||||||||||||
In general, fair value is based upon quoted market prices, where available. If such quoted market prices are not available, fair value is based upon internally developed models that primarily use, as inputs, observable market-based parameters. Valuation adjustments may be made to ensure that financial instruments are recorded at fair value. These adjustments may include amounts to reflect counterparty credit quality and counterparty creditworthiness, among other things, as well as unobservable parameters. Any such valuation adjustments are applied consistently over time. The Company’s valuation methodologies may produce a fair value calculation that may not be indicative of net realizable value or reflective value or reflective of future values. While management believes the Company’s valuation methodologies are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different estimate of fair value at the reporting date. | |||||||||||||||||||||
Securities Available for Sale. Securities classified as available for sale are reported at fair value utilizing Level 1 and Level 2 inputs. For Level 2 securities, the fair value measurements consider observable data that may include dealer quotes, market spreads, cash flows, the U.S. Treasury yield curve, live trading levels, trade execution data, market consensus prepayments speeds, credit information and the security’s terms and conditions, among other things. | |||||||||||||||||||||
Impaired loans. Loans included in the following table are those which the Company has measured and recognized impairment generally based on the fair value of the loan’s collateral. Fair value is generally determined based upon independent third party appraisals of the properties, or discounted cash flows based on the expected proceeds. These assets are included as Level 3 fair values, based upon the lowest level of input that is significant to the fair value measurements. The fair value consists of the loan balances less specific valuation allowances. | |||||||||||||||||||||
Other Real Estate Owned. Foreclosed properties are adjusted to fair value less estimated selling costs at the time of foreclosure in preparation for transfer from portfolio loans to other real estate owned (“OREO”), establishing a new accounting basis. The Company subsequently adjusts the fair value on the OREO utilizing Level 3 inputs on a non-recurring basis to reflect partial write-downs based on the observable market price, current appraised value of the asset or other estimates of fair value. | |||||||||||||||||||||
The following table summarizes financial assets and financial liabilities measured at fair value on a recurring basis segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value: | |||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total Fair | ||||||||||||||||||
Inputs | Inputs | Inputs | Value | ||||||||||||||||||
December 31, 2013: | |||||||||||||||||||||
Securities available for sale: | |||||||||||||||||||||
U.S. Treasury Securities and obligations of U.S. Government sponsored corporations (“GSE”) and agencies | $ | 19,994,430 | $ | 1,515,270 | $ | - | $ | 21,509,700 | |||||||||||||
Residential collateralized mortgage obligations GSE | - | 3,681,792 | - | 3,681,792 | |||||||||||||||||
Residential collateralized mortgage obligations – non GSE | - | 2,826,396 | - | 2,826,396 | |||||||||||||||||
Residential mortgage backed securities - GSE | - | 31,965,947 | - | 31,965,947 | |||||||||||||||||
Obligations of State and Political subdivisions | - | 19,646,044 | - | 19,464,044 | |||||||||||||||||
Trust preferred debt securities - single issuer | - | 2,013,100 | - | 2,013,100 | |||||||||||||||||
Corporate debt securities | - | 16,517,728 | - | 16,517,728 | |||||||||||||||||
Restricted stock | - | 1,013,100 | - | 1,013,100 | |||||||||||||||||
Mutual fund | - | 25,000 | - | 25,000 | |||||||||||||||||
December 31, 2012: | |||||||||||||||||||||
Securities available for sale: | |||||||||||||||||||||
U.S. Treasury Securities and obligations of U.S. Government sponsored corporations (“GSE”) and agencies | $ | 27,923,670 | $ | 1,571,865 | $ | - | $ | 29,495,535 | |||||||||||||
Residential collateralized mortgage obligations GSE | - | 6,632,665 | - | 6,632,665 | |||||||||||||||||
Residential collateralized mortgage obligations – non GSE | - | 3,924,182 | - | 3,924,182 | |||||||||||||||||
Residential mortgage backed securities - GSE | - | 26,489,335 | - | 26,489,335 | |||||||||||||||||
Obligations of State and Political subdivisions | - | 20,682,301 | - | 20,682,301 | |||||||||||||||||
Trust preferred debt securities - single issuer | - | 1,998,366 | - | 1,998,366 | |||||||||||||||||
Corporate debt securities | - | 18,100,281 | - | 18,100,281 | |||||||||||||||||
Restricted stock | - | 2,493,300 | - | 2,493,300 | |||||||||||||||||
Mutual fund | - | 25,000 | - | 25,000 | |||||||||||||||||
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). Financial assets and financial liabilities measured at fair value on a non-recurring basis at December 31, 2013 and 2012 are as follows: | |||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total Fair | ||||||||||||||||||
Inputs | Inputs | Inputs | Value | ||||||||||||||||||
December 31, 2013: | |||||||||||||||||||||
Impaired loans | - | - | $ | 7,879,005 | $ | 7,879,005 | |||||||||||||||
Other real estate owned | - | - | 209,937 | 209,937 | |||||||||||||||||
December 31, 2012: | |||||||||||||||||||||
Impaired loans | - | - | $ | 4,794,369 | $ | 4,794,369 | |||||||||||||||
Other real estate owned | - | - | 6,568,781 | 6,568,781 | |||||||||||||||||
Impaired loans, measured at fair value and included in the above table, consisted of 17 loans having an aggregate balance of $10,088,648 and specific loan loss allowances of $1,783,861 at December 31, 2013 and 16 loans having an aggregate balance of $6,086,432 and specific loan loss allowances of $1,292,063 at December 31, 2012. | |||||||||||||||||||||
The following table presents additional qualitative information about assets measured at fair value on a nonrecurring basis and for which the Company has utilized Level 3 inputs to determine fair value: | |||||||||||||||||||||
Quantitative Information about Level 3 Fair Value Measurements | |||||||||||||||||||||
Fair Value Estimate | Valuation Techniques | Unobservable Input | Range (Weighted Average) | ||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||
Impaired loans | $ | 7,879,005 | Appraisal of collateral (1) | Appraisal adjustments (2) | 5 | - | 15% | -8.80% | |||||||||||||
Other real estate owned | $ | 209,937 | Appraisal of collateral (1) | Appraisal adjustments (2) | 5 | - | 45% | -21.70% | |||||||||||||
31-Dec-12 | |||||||||||||||||||||
Impaired loans | $ | 4,794,369 | Appraisal of collateral (1) | Appraisal adjustments (2) | 5 | - | 15% | -9.70% | |||||||||||||
Other real estate owned | $ | 6,568,781 | Appraisal of collateral (1) | Appraisal adjustments (2) | 10 | - | 50% | -32.60% | |||||||||||||
-1 | Fair value is generally determined through independent appraisals of the underlying collateral, which generally include various Level 3 inputs that are not identifiable. | ||||||||||||||||||||
-2 | Includes qualitative adjustments by management and estimated liquidation expenses. | ||||||||||||||||||||
The fair values of other real estate owned was determined using appraisals, which may be discounted based on management’s review and changes in market conditions. | |||||||||||||||||||||
The following is a summary of fair value versus the carrying value of all the Company’s financial instruments. For the Company and the Bank, as for most financial institutions, the bulk of its assets and liabilities are considered financial instruments. Many of the financial instruments lack an available trading market as characterized by a willing buyer and willing seller engaging in an exchange transaction. Therefore, significant estimations and present value calculations were used for the purpose of this note. Changes in assumptions could significantly affect these estimates. | |||||||||||||||||||||
Estimated fair values have been determined by using the best available data and an estimation methodology suitable for each category of financial instruments as follows: | |||||||||||||||||||||
Cash and Cash Equivalents, Accrued Interest Receivable and Accrued Interest Payable (Carried at Cost). The carrying amounts reported in the balance sheet for cash and cash equivalents, accrued interest receivable and accrued interest payable approximate fair value. | |||||||||||||||||||||
Securities Held to Maturity (Carried at Amortized Cost). The fair values of securities held to maturity are determined in the same manner as for securities available for sale. | |||||||||||||||||||||
Loans Held For Sale (Carried at Lower of Aggregated Cost or Fair Value). The fair values of loans held for sale are determined, when possible, using quoted secondary market prices. If no such quoted market prices exist, fair values are determined using quoted prices for similar loans, adjusted for the specific attributes of the loans. | |||||||||||||||||||||
Gross Loans Receivable (Carried at Cost). The fair values of loans, excluding impaired loans subject to specific loss reserves, are estimated using discounted cash flow analyses, using market rates at the balance sheet date that reflect the credit and interest rate-risk inherent in the loans. Projected future cash flows are calculated based upon contractual maturity or call dates, projected repayments and prepayments of principal. Generally, for variable rate loans that re-price frequently and with no significant change in credit risk, fair values are based on carrying values. | |||||||||||||||||||||
Deposit Liabilities (Carried at Cost). The fair values disclosed for demand deposits (e.g., interest and non-interest demand and savings accounts) are, by definition, equal to the amount payable on demand at the reporting date (i.e., their carrying amounts). Fair values for fixed-rate certificates of deposit are estimated using a discounted cash flow calculation that applies interest rates currently being offered in the market on certificates to a schedule of aggregated expected monthly maturities on time deposits. | |||||||||||||||||||||
Borrowings and Subordinated Debentures (Carried at Cost). The carrying amounts of short-term borrowings approximate their fair values. The fair values of long-term FHLB advances and subordinated debentures are estimated using discounted cash flow analysis, based on quoted or estimated interest rates for new borrowings with similar credit risk characteristics, terms and remaining maturity. | |||||||||||||||||||||
The estimated fair values, and the recorded book balances, at December 31, 2013 were as follows: | |||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||
Carrying | Level 1 | Level 2 | Level 3 | Fair | |||||||||||||||||
Value | Inputs | Inputs | Inputs | Value | |||||||||||||||||
Cash and cash equivalents | $ | 69,278,771 | $ | 69,278,771 | - | - | $ | 69,278,771 | |||||||||||||
Securities available for sale | 99,198,807 | 19,994,430 | 79,204,377 | - | 99,198,807 | ||||||||||||||||
Securities held to maturity | 152,816,815 | - | 153,629,773 | - | 153,629,773 | ||||||||||||||||
Loans held for sale | 10,923,689 | - | 10,924,000 | - | 10,924,000 | ||||||||||||||||
Loans | 366,297,511 | - | - | 372,548,000 | 372,548,000 | ||||||||||||||||
Accrued interest receivable | 2,542,602 | - | 2,542,602 | - | 2,542,602 | ||||||||||||||||
Deposits | (638,552,030 | ) | - | (639,539,000 | ) | - | (639,539,000 | ) | |||||||||||||
Borrowings | (10,000,000 | ) | - | (11,148,000 | ) | - | (11,148,000 | ) | |||||||||||||
Redeemable subordinated debentures | (18,557,000 | ) | - | (18,557,000 | ) | - | (18,557,000 | ) | |||||||||||||
Accrued interest payable | (883,212 | ) | - | (883,212 | ) | - | (883,212 | ) | |||||||||||||
31-Dec-12 | |||||||||||||||||||||
Carrying | Level 1 | Level 2 | Level 3 | Fair | |||||||||||||||||
Value | Inputs | Inputs | Inputs | Value | |||||||||||||||||
Cash and cash equivalents | $ | 14,044,921 | $ | 14,044,921 | - | - | $ | 14,044,921 | |||||||||||||
Securities available for sale | 109,840,965 | 27,923,670 | 81,917,295 | - | 109,840,965 | ||||||||||||||||
Securities held to maturity | 116,027,900 | - | 121,839,363 | - | 121,839,363 | ||||||||||||||||
Loans held for sale | 35,960,262 | - | 35,960,262 | - | 35,960,262 | ||||||||||||||||
Loans | 514,662,898 | - | - | 515,577,788 | 515,577,788 | ||||||||||||||||
Accrued interest receivable | 2,872,099 | - | 2,872,099 | - | 2,872,099 | ||||||||||||||||
Deposits | (707,689,475 | ) | - | (709,678,000 | ) | - | (709,678,000 | ) | |||||||||||||
Borrowings | (42,400,000 | ) | - | (43,906,000 | ) | - | (43,906,000 | ) | |||||||||||||
Redeemable subordinated debentures | (18,557,000 | ) | - | (18,557,000 | ) | - | (18,557,000 | ) | |||||||||||||
Accrued interest payable | (1,057,779 | ) | - | (1,057,779 | ) | - | (1,057,779 | ) | |||||||||||||
Loan commitments and standby letters of credit as of December 31, 2013 and 2012 are based on fees charged for similar agreements; accordingly, the estimated fair value of loan commitments and standby letters of credit is nominal. |
Note_21_Condensed_Financial_St
Note 21 - Condensed Financial Statements of 1st Constitution Bancorp (Parent Company Only) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ' | ||||||||
Condensed Financial Information of Parent Company Only Disclosure [Text Block] | ' | ||||||||
21. Condensed Financial Statements of 1st Constitution Bancorp (Parent Company Only) | |||||||||
CONDENSED STATEMENTS OF CONDITION | |||||||||
December 31, | December 31, | ||||||||
2013 | 2012 | ||||||||
Assets: | |||||||||
Cash | $ | 55,409 | $ | 271,638 | |||||
Investment securities available for sale | 557,000 | 557,000 | |||||||
Investment in subsidiaries | 84,079,325 | 80,461,566 | |||||||
Other assets | 2,223,580 | 2,320,328 | |||||||
Total Assets | $ | 86,915,314 | $ | 83,610,532 | |||||
Liabilities And Shareholders’ Equity | |||||||||
Subordinated debentures | $ | 18,557,000 | $ | 18,557,000 | |||||
Shareholders’ equity | 68,358,314 | 65,053,532 | |||||||
Total Liabilities and Shareholders’ Equity | $ | 86,915,314 | $ | 83,610,532 | |||||
CONDENSED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME | |||||||||
Year ended December 31, | |||||||||
2013 | 2012 | ||||||||
Income: | |||||||||
Interest | $ | 11,464 | $ | 14,541 | |||||
Total Income | 11,464 | 14,541 | |||||||
Expense: | |||||||||
Interest | 362,961 | 397,920 | |||||||
Total Expense | 362,961 | 397,920 | |||||||
Loss before income taxes and equity in undistributed income of subsidiaries | (351,497 | ) | (383,379 | ) | |||||
Federal income tax benefit | (120,188 | ) | (131,232 | ) | |||||
Loss before equity in undistributed income of subsidiaries | (231,309 | ) | (252,147 | ) | |||||
Equity in undistributed income of subsidiaries | 6,011,397 | 5,312,651 | |||||||
Net Income | 5,780,088 | 5,060,504 | |||||||
Equity in other comprehensive loss of subsidiaries | (3,051,927 | ) | (287,169 | ) | |||||
Comprehensive Income | $ | 2,728,161 | $ | 4,773,335 | |||||
CONDENSED STATEMENTS OF CASH FLOWS | |||||||||
Year ended December 31, | |||||||||
2013 | 2012 | ||||||||
Operating Activities: | |||||||||
Net Income | $ | 5,780,088 | $ | 5,060,504 | |||||
Adjustments: | |||||||||
Decrease (increase) in other assets | 96,748 | (134,972 | ) | ||||||
Equity in undistributed income of subsidiaries | (6,011,397 | ) | (5,312,651 | ) | |||||
Net cash used in operating activities | (134,561 | ) | (387,119 | ) | |||||
Cash Flows From Investing Activities: | |||||||||
Investment in subsidiary | (574,213 | ) | (5,181,472 | ) | |||||
Net cash (used in) provided by investing activities | (574,213 | ) | (5,181,472 | ) | |||||
Cash Flows From Financing Activities: | |||||||||
Issuance of common stock, net | 603,342 | 5,303,840 | |||||||
Purchase of treasury stock | (110,797 | ) | (122,570 | ) | |||||
Net cash provided by financing activities | 492,545 | 5,181,470 | |||||||
Net (decrease) in cash | (216,229 | ) | (387,321 | ) | |||||
Cash at beginning of year | 271,638 | 658,959 | |||||||
Cash at end of year | $ | 55,409 | $ | 271,638 | |||||
Note_22_Unaudited_Quarterly_Fi
Note 22 - Unaudited Quarterly Financial Data | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||
Quarterly Financial Information [Text Block] | ' | ||||||||||||||||
22. Unaudited Quarterly Financial Data | |||||||||||||||||
The following sets forth a condensed summary of the Company’s quarterly results of operations: | |||||||||||||||||
2013 | |||||||||||||||||
Dec. 31 | Sept. 30 | 30-Jun | 31-Mar | ||||||||||||||
Summary of Operations | |||||||||||||||||
Interest income | $ | 6,999,053 | $ | 7,338,854 | $ | 7,182,252 | $ | 7,471,838 | |||||||||
Interest expense | 1,011,952 | 1,033,832 | 1,061,623 | 1,147,482 | |||||||||||||
Net interest income | 5,987,101 | 6,305,022 | 6,120,629 | 6,324,356 | |||||||||||||
Provision for loan losses | 299,998 | 539,998 | 236,666 | 0 | |||||||||||||
Net interest income after provision for loan losses | 5,687,103 | 5,765,024 | 5,883,963 | 6,324,356 | |||||||||||||
Non-interest income | 1,154,274 | 1,616,548 | 1,447,859 | 1,608,563 | |||||||||||||
Non-interest expense | 4,923,489 | 5,253,483 | 5,162,300 | 6,082,968 | |||||||||||||
Income before income taxes | 1,917,888 | 2,128,089 | 2,169,522 | 1,849,951 | |||||||||||||
Income taxes | 543,386 | 604,851 | 612,492 | 524,633 | |||||||||||||
Net income | $ | 1,374,502 | $ | 1,523,238 | $ | 1,557,030 | $ | 1,325,318 | |||||||||
Net income per common share : | |||||||||||||||||
Basic | $ | 0.24 | $ | 0.25 | $ | 0.26 | $ | 0.22 | |||||||||
Diluted | $ | 0.23 | $ | 0.25 | $ | 0.25 | $ | 0.22 | |||||||||
2012 | |||||||||||||||||
Dec. 31 | Sept. 30 | 30-Jun | 31-Mar | ||||||||||||||
Summary of Operations | |||||||||||||||||
Interest income | $ | 8,408,534 | $ | 8,486,646 | $ | 7,907,189 | $ | 8,034,267 | |||||||||
Interest expense | 1,225,923 | 1,242,244 | 1,279,267 | 1,403,708 | |||||||||||||
Net interest income | 7,182,611 | 7,244,402 | 6,627,922 | 6,630,559 | |||||||||||||
Provision for loan losses | 499,998 | 499,998 | 549,998 | 559,998 | |||||||||||||
Net interest income after provision for loan losses | 6,682,613 | 6,744,404 | 6,077,924 | 6,030,561 | |||||||||||||
Non-interest income | 1,597,670 | 1,316,727 | 1,187,966 | 1,165,165 | |||||||||||||
Non-interest expense | 6,600,896 | 6,183,174 | 5,373,974 | 5,612,517 | |||||||||||||
Income before income taxes | 1,679,387 | 1,877,957 | 1,891,916 | 1,583,209 | |||||||||||||
Income taxes | 438,642 | 523,038 | 593,808 | 416,477 | |||||||||||||
Net income | $ | 1,240,745 | $ | 1,354,919 | $ | 1,298,108 | $ | 1,166,732 | |||||||||
Net income per common share : | |||||||||||||||||
Basic | $ | 0.21 | $ | 0.25 | $ | 0.24 | $ | 0.22 | |||||||||
Diluted | $ | 0.2 | $ | 0.25 | $ | 0.24 | $ | 0.22 | |||||||||
Note_23_Subsequent_Events
Note 23 - Subsequent Events | 12 Months Ended |
Dec. 31, 2013 | |
Subsequent Events [Abstract] | ' |
Subsequent Events [Text Block] | ' |
23. Subsequent Event | |
On February 7, 2014 at 3:30 p.m. (the "Effective Time"), the Company and the Bank closed on the merger of Rumson-Fair Haven Bank and Trust Company, a New Jersey state commercial bank ("RFHB"), with and into the Bank, with the Bank continuing as the surviving entity (the "2014 Merger"), pursuant to the terms and conditions of that certain Agreement and Plan of Merger, dated August 14, 2013 and as amended on September 19, 2013 (the "Merger Agreement"), by and between the Company, the Bank and RFHB. | |
Subject to the terms and conditions of the Merger Agreement, at the Effective Time, each share of RFHB common stock issued and outstanding immediately prior to the Effective Time was converted into and became the right to receive, at the election of the holder, either 0.7772 shares of common stock of the Company, $7.50 in cash or a combination of cash and shares of common stock of the Company, subject to proration as described in the Merger Agreement, so that 60% of the aggregate merger consideration consisted of cash and 40% consisted of shares of common stock of the Company. Cash was paid in lieu of fractional shares. In the aggregate, the Company paid approximately $14,770,000 in cash and issued 1,019,242 shares of common stock of the Company as 2014 Merger consideration to RFHB shareholders. Included in the cash and stock consideration amounts were a total of $98,919 that was used to cash out outstanding options to acquire shares of RFHB common stock and 5,829 shares of common stock of the Company that were issued in exchange for restricted stock awards for RFHB common stock. Cash used as consideration in the 2014 Merger was provided by the Bank from existing cash assets. | |
As of December 31, 2013, RFHB had approximately $230 million in assets, approximately $149 million in loans and approximately $200 million in deposits. RFHB operated five offices in Monmouth County, New Jersey which became branches of the Bank as a result of the 2014 Merger. The 2014 Merger will be accounted for under the acquisition method of accounting as prescribed by "ASC" 805 "Business Combinations", as amended. Under this method of accounting, the purchase price will be allocated to the respective assets acquired and liabilities assumed based on their estimated fair values, net of applicable income tax effects. The excess cost over fair value of net assets acquired will be recorded as goodwill. The financial information regarding RFHB is unaudited and is subject to adjustment. | |
The pro forma net interest income and non-interest income of the combined banks for the year ended December 31, 2013 as if the acquisition had occured on January I, 2013 (the first day of the Company's 2013 fiscal year) is approximately $37.8 million. The pro forma assets, loans and deposits of the combined banks as of December 31, 2013 as if the acquisition had occurred on December 31, 2013 is as follows: approximately $972.6 million in assets, approximately $513.9 million in loans and approximately $838.9 million in deposits. As indicated above, the financial information regarding RFHB is unaudited and is subject to adjustment. The pro forma net interest income and non-interest income is not indicative of the future net interest income and non-interest income of the combined banks, and the pro forma assets, loans and deposits are not indicative of the future assets, loans and deposits of the combined banks. Due to the limited time since the completion of the 2014 Merger, the remaining disclosures for this business combination are incomplete as of March 28, 2014. As such, it is impracticable for the Company to include pro forma earnings and the purchase price allocation. |
Accounting_Policies_by_Policy_
Accounting Policies, by Policy (Policies) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||
Basis of Accounting, Policy [Policy Text Block] | ' | ||||||||||||
Basis of Presentation | |||||||||||||
The accounting and reporting policies of the Company conform to accounting principles generally accepted in the United States of America (“U.S. GAAP”) and to the accepted practices within the banking industry. The following is a description of the more significant of these policies and practices. | |||||||||||||
Consolidation, Policy [Policy Text Block] | ' | ||||||||||||
Principles of Consolidation | |||||||||||||
The accompanying consolidated financial statements include the Company and its wholly-owned subsidiary, the Bank, and the Bank’s wholly-owned subsidiaries, 1st Constitution Investment Company of New Jersey, Inc., FCB Assets Holdings, Inc., 1st Constitution Title Agency, L.L.C., 204 South Newman Street Corp. and 249 New York Avenue, LLC. 1st Constitution Capital Trust II, a subsidiary of the Company (“Trust II”), is not included in the Company’s consolidated financial statements as it is a variable interest entity and the Company is not the primary beneficiary. All significant intercompany accounts and transactions have been eliminated in consolidation and certain prior period amounts have been reclassified to conform to current year presentation. | |||||||||||||
Use of Estimates, Policy [Policy Text Block] | ' | ||||||||||||
Use of Estimates in the Preparation of Financial Statements | |||||||||||||
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change in the near term relate to the determination of the allowance for loan losses, other-than-temporary security impairment, the fair value of other real estate owned and the valuation of deferred tax assets. | |||||||||||||
Concentration Risk, Credit Risk, Policy [Policy Text Block] | ' | ||||||||||||
Concentration of Credit Risk | |||||||||||||
Financial instruments which potentially subject the Company and its subsidiaries to concentrations of credit risk primarily consist of investment securities and loans. At December 31, 2013, 71.2% of our investment securities consisted of U.S. Government and Agency issues, mortgage-backed securities and municipal bonds. In addition, another 12.7% of our portfolio consisted of highly rated collateralized mortgage obligations. The remaining 16.1% of our investment securities consisted primarily of corporate debt issues and restricted stock of the Federal Home Loan Bank of New York. The Bank’s lending activity is primarily concentrated in loans collateralized by real estate located in the State of New Jersey. As a result, credit risk is broadly dependent on the real estate market and general economic conditions in that state. | |||||||||||||
Interest Rate Risk [Policy Text Block] | ' | ||||||||||||
Interest Rate Risk | |||||||||||||
The Bank is principally engaged in the business of attracting deposits from the general public and using these deposits, together with other funds, to purchase securities and to make loans, the majority of which are secured by real estate. The potential for interest-rate risk exists as a result of the generally shorter duration of interest-sensitive assets compared to the generally longer duration of interest-sensitive liabilities. In a volatile rate environment, assets held by the Bank will re-price faster than liabilities of the Bank, thereby affecting net interest income. For this reason, management regularly monitors the maturity structure and rate adjustment features of the Bank’s assets and liabilities in order to measure its level of interest-rate risk and to plan for future volatility. | |||||||||||||
Investment, Policy [Policy Text Block] | ' | ||||||||||||
Investment Securities | |||||||||||||
Investment Securities which the Company has the intent and ability to hold until maturity are classified as held to maturity and are recorded at cost, adjusted for amortization of premiums and accretion of discounts. Investment Securities which are held for indefinite periods of time, which management intends to use as part of its asset/liability management strategy, or that may be sold in response to changes in interest rates, changes in prepayment risk, increased capital requirements or other similar factors, are classified as available for sale and are carried at fair value, except for restricted stock of the Federal Home Loan Bank of New York and Atlantic Central Banker Bank, which are carried at cost. Unrealized gains and losses on such securities are recorded as a separate component of shareholders’ equity. Realized gains and losses, which are computed using the specific identification method, are recognized on a trade date basis. | |||||||||||||
If the fair value of a security is less than its amortized cost, the security is deemed to be impaired. Management evaluates all securities with unrealized losses quarterly to determine if such impairments are temporary or other-than-temporary in accordance with the Accounting Standards Codification (“ASC”) of the Financial Accounting Standards Board (“FASB”). Temporary impairments on available for sale securities are recognized, on a tax-effected basis, through other comprehensive income (“OCI”) with offsetting adjustments to the carrying value of the security and the balance of related deferred taxes. Temporary impairments of held to maturity securities are not recorded in the consolidated financial statements; however, information concerning the amount and duration of impairments on held to maturity securities is disclosed. | |||||||||||||
Other-than-temporary impairments on all equity securities and on debt securities that the Company has decided to sell, or will, more likely than not, be required to sell prior to the full recovery of fair value to a level equal to or exceeding amortized cost, are recognized in earnings. If neither of these conditions regarding the likelihood of sale for a debt security apply, the other-than-temporary impairment is bifurcated into credit-related and noncredit-related components. Credit-related impairment generally represents the amount by which the present value of the cash flows that are expected to be collected on a debt security fall below its amortized cost. The noncredit-related component represents the remaining portion of the impairment not otherwise designated as credit-related. The Company recognizes credit-related other-than-temporary impairments in earnings. Noncredit-related other-than-temporary impairments on debt securities are recognized in OCI. For held to maturity debt securities, the amount of any other-than-temporary impairment recorded in OCI is amortized prospectively over the remaining lives of the securities based on the timing of future estimated cash flows related to those securities. | |||||||||||||
Premiums and discounts on all securities are amortized/accreted to maturity by use of the level-yield method considering the impact of principal amortization and prepayments. | |||||||||||||
Federal law requires a member institution of the Federal Home Loan Bank (“FHLB”) system to hold restricted stock of its district FHLB according to a predetermined formula. The Bank’s investment in the restricted stock of the FHLB of New York, while included in investment securities available for sale, is carried at cost. | |||||||||||||
Management evaluates the FHLB restricted stock for impairment in accordance with U.S. GAAP. Management’s determination of whether these investments are impaired is based on their assessment of the ultimate recoverability of their cost rather than by recognizing temporary declines in value. The determination of whether a decline affects the ultimate recoverability of their cost is influenced by criteria such as (1) the significance of the decline in net assets of the FHLB as compared to the capital stock amount for the FHLB and the length of time this situation has persisted, (2) commitments by the FHLB to make payments required by law or regulation and the level of such payments in relation to the operating performance of the FHLB, and (3) the impact of legislative and regulatory changes on institutions and, accordingly, on the customer base of the FHLB. Management believes no impairment charge is necessary related to the FHLB stock as of December 31, 2013. | |||||||||||||
Bank Owned Life Insurance [Policy Text Block] | ' | ||||||||||||
Bank-Owned Life Insurance | |||||||||||||
The Company invests in bank-owned life insurance (“BOLI”). BOLI involves the purchasing of life insurance by the Company on a chosen group of employees. The Company is the owner and beneficiary of the policies. This pool of insurance, due to the advantages of the Bank, is profitable to the Company. This profitability offsets a portion of future benefit costs and is intended to provide a funding source for the payment of future benefits. The Bank’s deposits fund BOLI and the earnings from BOLI are recognized as non-interest income. | |||||||||||||
Loans and Leases Receivable, Lease Financing, Policy [Policy Text Block] | ' | ||||||||||||
Loans And Loans Held For Sale | |||||||||||||
Loans that management intends to hold to maturity are stated at the principal amount outstanding, net of unearned income. Unearned income is recognized over the lives of the respective loans, principally using the effective interest method. Interest income is generally not accrued on loans, including impaired loans, where interest or principal is 90 days or more past due, unless the loans are adequately secured and in the process of collection, or on loans where management has determined that the borrowers may be unable to meet contractual principal and/or interest obligations. When it is probable that, based upon current information, the Bank will not collect all amounts due under the contractual terms of the loan, the loan is reported as impaired. Smaller balance homogenous type loans, such as residential loans and loans to individuals, which are collectively evaluated, are excluded from consideration for impairment. Loan impairment is measured based upon the present value of the expected future cash flows discounted at the loan’s effective interest rate or the underlying fair value of collateral for collateral dependent loans. When a loan, including an impaired loan, is placed on non-accrual, interest accruals cease and uncollected accrued interest is reversed and charged against current income. Non-accrual loans are generally not returned to accruing status until principal and interest payments have been brought current and full collectibility is reasonably assured. Cash receipts on non-accrual and impaired loans are applied to principal, unless the loan is deemed fully collectible. | |||||||||||||
Loans held for sale are carried at the aggregate lower of cost or market value. Realized gains and losses on loans held for sale are recognized at settlement date and are determined based on the cost, including deferred net loan origination fees and the costs of the specific loans sold. | |||||||||||||
The Bank accounts for its transfers and servicing of financial assets in accordance with ASC Topic 860, “Transfers and Servicing.” The Bank originates mortgages under a definitive plan to sell those loans with servicing generally released. Mortgage loans originated and intended for sale in the secondary market are carried at the lower aggregate cost or estimated fair value. Gains and losses on sales are also accounted for in accordance with ASC Topic 860. | |||||||||||||
The Bank enters into commitments to originate loans whereby the interest rate on the loan is determined prior to funding (rate lock commitments). Rate lock commitments on mortgage loans that are intended to be sold are considered to be derivatives. Time elapsing between the issuance of a loan commitment and closing and sale of the loan generally ranges from 30 to 120 days. The Bank protects itself from changes in interest rates through the use of best efforts forward delivery contracts, whereby the Bank commits to sell a loan at the time the borrower commits to an interest rate with the intent that the buyer has assumed interest rate risk on the loan. As a result, the Bank is not exposed to losses nor will it realize significant gains related to its rate lock commitments due to changes in interest rates. | |||||||||||||
The market value of rate lock commitments and best efforts contracts is not readily ascertainable with precision because rate lock commitments and best efforts contracts are not actively traded in stand-alone markets. The Bank determines the fair value of rate lock commitments and best efforts contracts by measuring the change in the value of the underlying asset while taking into consideration the probability that the rate lock commitments will close. Due to high correlation between rate lock commitments and best efforts contracts, no gain or loss occurs on the rate lock commitments. Rate lock commitments and related derivative instruments were not deemed to be significant at December 31, 2013 and 2012 and therefore, not recorded on the balance sheet at December 31, 2013 and 2012. | |||||||||||||
ASC Topic 460, “Guarantees,” requires a guarantor entity, at the inception of a guarantee covered by the measurement provisions of the interpretation, to record a liability for the fair value of the obligation undertaken in issuing the guarantee. | |||||||||||||
Standby letters of credit are conditional commitments issued by the Bank to guarantee the financial performance of a customer to a third party. Those guarantees are primarily issued to support contracts entered into by customers. Most guarantees extend for one year. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loan facilities to customers. The Bank defines the fair value of these letters of credit as the fees paid by the customer or similar fees collected on similar instruments. The Bank amortizes the fees collected over the life of the instrument. The Bank generally obtains collateral, such as real estate or liens on customer assets for these types of commitments. The Bank’s potential liability would be reduced by any proceeds obtained in liquidation of the collateral held. The Bank had standby letters of credit for customers aggregating $2,212,029 and $1,620,362 at December 31, 2013 and 2012, respectively. These letters of credit are primarily related to our real estate lending and the approximate value of underlying collateral upon liquidation is expected to be sufficient to cover this maximum potential exposure at December 31, 2013. The amount of the liability related to guarantees under standby letters of credit issued was not material as of December 31, 2013 and 2012. | |||||||||||||
Loans and Leases Receivable, Allowance for Loan Losses Policy [Policy Text Block] | ' | ||||||||||||
Allowance for Loan Losses | |||||||||||||
The allowance for loan losses is maintained at a level sufficient to absorb estimated credit losses in the loan portfolio as of the date of the financial statements. The allowance for loan losses is a valuation reserve available for losses incurred or inherent in the loan portfolio and other extensions of credit. The determination of the adequacy of the allowance for loan losses is a critical accounting policy of the Company. | |||||||||||||
All, or part, of the principal balance of commercial and commercial real estate loans and construction loans are charged off against the allowance as soon as it is determined that the repayment of all, or part, of the principal balance is highly unlikely. Consumer loans are generally charged off no later than 120 days past due on a contractual basis, or earlier in the event of bankruptcy, or if there is an amount deemed uncollectible. Because all identified losses are immediately charged off, no portion of the allowance for loan losses is restricted to any individual loan or groups of loans, and the entire allowance is available to absorb any and all loan losses. | |||||||||||||
Loans are placed in a nonaccrual status when the ultimate collectability of principal or interest in whole, or in part, is in doubt. Past-due loans contractually past-due 90 days or more for either principal or interest are also placed in nonaccrual status unless they are both well secured and in the process of collection. Impaired loans are evaluated individually. | |||||||||||||
The following is our charge-off policy by our loan segments: | |||||||||||||
Commercial | |||||||||||||
Loans are generally fully or partially charged down to the fair value of collateral securing the asset when: | |||||||||||||
● | Management judges the loan to be uncollectible; | ||||||||||||
● | Repayment is deemed to be protracted beyond reasonable time frames; | ||||||||||||
● | The loan has been classified as a loss by either internal loan review process or external examiners; | ||||||||||||
● | The customer has filed bankruptcy and the loss becomes evident owing to a lack of assets; or | ||||||||||||
● | The loan is significantly past due unless both well secured and in the process of collection. | ||||||||||||
Consumer | |||||||||||||
Consumer loans are generally charged off no later than 120 days past due on a contractual basis, earlier in the event of bankruptcy, or if there is an amount deemed uncollectible. | |||||||||||||
Property, Plant and Equipment, Policy [Policy Text Block] | ' | ||||||||||||
Premises and Equipment | |||||||||||||
Premises and equipment are stated at cost less accumulated depreciation and amortization. Depreciation is computed primarily on the straight-line method over the estimated useful lives of the related assets for financial reporting purposes and using the mandated methods by asset type for income tax purposes. Building, furniture and fixtures, equipment and leasehold improvements are depreciated or amortized over the estimated useful lives of the assets or lease terms, as applicable. Estimated useful lives of buildings are forty years, furniture and fixtures and equipment are three to fifteen years, and leasehold improvements are three to ten years. Expenditures for maintenance and repairs are charged to expense as incurred. | |||||||||||||
The Company accounts for impairment of long lived assets in accordance with ASC Topic 360, “Property, Plant, and Equipment,” which requires recognition and measurement for the impairment of long lived assets to be held and used or to be disposed of by sale. The Bank had no impaired long lived assets at December 31, 2013 and 2012. | |||||||||||||
Derivatives, Policy [Policy Text Block] | ' | ||||||||||||
Derivative Contracts | |||||||||||||
Derivative contracts, as required by ASC Topic 815, “Derivatives and Hedging,” are carried at fair value as either assets or liabilities in the statement of financial condition with unrealized gains and losses excluded from earnings and reported in a separate component of shareholders’ equity, net of related income tax effects. Gains and losses on derivative contracts are recognized upon realization utilizing the specific identification method. | |||||||||||||
Income Tax, Policy [Policy Text Block] | ' | ||||||||||||
Income Taxes | |||||||||||||
There are two components of income tax expense: current and deferred. Current income tax expense approximates cash to be paid or refunded for taxes for the applicable period. Deferred tax assets and liabilities are recognized due to differences between the basis of assets and liabilities as measured by tax laws and their basis as reported in the financial statements. Deferred tax assets are subject to management’s judgment based upon available evidence that future realizations are likely. If management determines that the Company may not be able to realize some or all of the net deferred tax asset in the future, a charge to income tax expense may be required to reduce the value of the net deferred tax asset to the expected realizable value. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred taxes of a change in tax rates is recognized in income in the period that includes the enactment date. Deferred tax expense or benefit is recognized for the change in deferred tax liabilities. | |||||||||||||
The Company accounts for uncertainty in income taxes recognized in its consolidated financial statements in accordance with ASC Topic 740, “Income Taxes,” which prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return, and also provides guidance on de-recognition, classification, interest and penalties, accounting in interim periods, disclosure and transition. The Company has not identified any significant income tax uncertainties through the evaluation of its income tax positions for the years ended December 31, 2013 and 2012 and has not recognized any liabilities for tax uncertainties as of December 31, 2013 and 2012. Our policy is to recognize interest and penalties on unrecognized tax benefits in income tax expense; such amounts were not significant during the years ended December 31, 2013 and 2012. The tax years subject to examination by the taxing authorities are, for federal purposes, the years ended December 31, 2012, 2011, and 2010, and, for state purposes, the years ended December 31, 2012, 2011, and 2010. | |||||||||||||
Loans and Leases Receivable, Real Estate Acquired Through Foreclosure, Policy [Policy Text Block] | ' | ||||||||||||
Other Real Estate Owned | |||||||||||||
Other real estate owned obtained through loan foreclosures or the receipt of deeds-in-lieu of foreclosure is carried at the lower of fair value of the related property, as determined by current appraisals less estimated costs to sell, or the recorded investment in the property. Write-downs on these properties, which occur after the initial transfer from the loan portfolio, are recorded as operating expenses. Costs of holding such properties are charged to expense in the current period. Gains, to the extent allowable, and losses on the disposition of these properties are reflected in current operations. | |||||||||||||
Goodwill and Intangible Assets, Policy [Policy Text Block] | ' | ||||||||||||
Goodwill and Other Intangible Assets | |||||||||||||
Goodwill represents the excess of the cost of an acquired entity over the fair value of the identifiable net assets acquired in accordance with the purchase method of accounting. Goodwill is not amortized but is reviewed for potential impairment on an annual basis, or more often if events or circumstances indicated that there may be impairment, in accordance with ASC Topic 350, “Intangibles – Goodwill and Other.” Goodwill is tested for impairment at the reporting unit level and an impairment loss is recorded to the extent that the carrying amount of goodwill exceeds its implied fair value. Core deposit intangibles are a measure of the value of checking and savings deposits acquired in business combinations accounted for under the purchase method. Core deposit intangibles are amortized on a straight-line basis over their estimated lives (ranging from five to ten years) and identifiable intangible assets are evaluated for impairment if events and circumstances indicate a possible impairment. Any impairment loss related to goodwill and other intangible assets is reflected as other non-interest expense in the statement of operations in the period in which the impairment was determined. No assurance can be given that future impairment tests will not result in a charge to earnings. See Note 8 – Goodwill and Other Intangibles for additional information. | |||||||||||||
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | ' | ||||||||||||
Share-Based Compensation | |||||||||||||
The Company recognizes compensation expense for stock awards and options in accordance with ASC Topic 718, “Compensation – Stock Compensation.” The expense of stock-based compensation is generally measured at fair value at the grant date with compensation expense recognized over the service period, which is usually the vesting period. The Company utilizes the Black-Scholes option-pricing model to estimate the fair value of each stock option on the date of grant. The Black-Scholes model takes into consideration the exercise price and expected life of the options, the current price of the underlying stock and its expected volatility, the expected dividends on the stock and the current risk-free interest rate for the expected life of the option. The Company’s estimate of the fair value of a stock option is based on expectations derived from historical experience and may not necessarily equate to its market value when fully vested. See Note 15 – Share-Based Compensation for additional information. | |||||||||||||
Pension and Other Postretirement Plans, Nonpension Benefits, Policy [Policy Text Block] | ' | ||||||||||||
Benefit Plans | |||||||||||||
The Company provides certain retirement benefits to employees under a 401(k) plan. The Company’s contributions to the 401(k) plan are expensed as incurred. | |||||||||||||
The Company also provides retirement benefits to certain employees under supplemental executive retirement plans. The plans are unfunded and the Company accrues actuarial determined benefit costs over the estimated service period of the employees in the plans. In accordance with ASC Topic 715, “Compensation – Retirement Benefits,” the Company recognizes the underfunded status of these postretirement plans as a liability in its statement of financial position and recognizes changes in that funded status in the year in which the changes occur through other comprehensive income. | |||||||||||||
Cash and Cash Equivalents, Policy [Policy Text Block] | ' | ||||||||||||
Cash And Cash Equivalents | |||||||||||||
Cash and cash equivalents includes cash on hand, interest and non-interest bearing amounts due from banks, Federal funds sold and short-term investments. Generally, Federal funds are sold and short-term investments are made for a one or two-day period. | |||||||||||||
Reclassification, Policy [Policy Text Block] | ' | ||||||||||||
Reclassifications | |||||||||||||
Certain reclassifications have been made to the prior period amounts to conform with the current period presentation. Such reclassification had no impact on net income or total shareholders’ equity. | |||||||||||||
Advertising Costs, Policy [Policy Text Block] | ' | ||||||||||||
Advertising Costs | |||||||||||||
It is the Company’s policy to expense advertising costs in the period in which they are incurred. | |||||||||||||
Earnings Per Share, Policy [Policy Text Block] | ' | ||||||||||||
Earnings Per Common Share | |||||||||||||
Basic net income per common share is calculated by dividing net income by the weighted average number of common shares outstanding during each period. | |||||||||||||
Diluted net income per common share is calculated by dividing net income by the weighted average number of common shares outstanding, as adjusted for the assumed exercise of potential common stock warrants, common stock options and unvested restricted stock awards (as defined below), using the treasury stock method. | |||||||||||||
All per share information has been restated for the effect of (i) a 5% stock dividend declared on December 20, 2012 and paid on January 31, 2013 to shareholders of record on January 14, 2013 and (ii) a 5% stock dividend declared December 15, 2011 and paid February 2, 2012 to shareholders of record on January 17, 2012. In addition, during the third quarter of 2012, the Company launched a shareholders’ common stock rights offering, which expired on October 5, 2012. The Company received gross proceeds of $5.0 million from holders of subscription rights who exercised their basic subscription rights and from holders who exercised the over-subscription privilege. The rights’ offering was fully subscribed. Accordingly, the Company issued a total of 555,555 shares of common stock to the holders of subscription rights who validly exercised their subscription rights, including pursuant to the exercise of the over-subscription privilege. The 555,555 shares issued in the shareholders’ common stock rights offering are included in the calculation of basic and diluted net income per common share for the years ended December 31, 2013 and 2012. | |||||||||||||
The following tables illustrate the reconciliation of the numerators and denominators of the basic and diluted earnings per common share (EPS) calculations. Dilutive securities in the tables below exclude common stock options and warrants with exercise prices that exceed the average market price of the Company’s common stock during the periods presented. Inclusion of these common stock options and warrants would be anti-dilutive to the diluted earnings per common share calculation. | |||||||||||||
Year Ended December 31, 2013 | |||||||||||||
Income | Weighted- | Per share | |||||||||||
average | Amount | ||||||||||||
shares | |||||||||||||
Basic earnings per common share: | |||||||||||||
Net income | $ | 5,780,088 | 5,973,323 | $ | 0.97 | ||||||||
Effect of dilutive securities: | |||||||||||||
Stock options and unvested stock awards | 128,720 | ||||||||||||
Diluted EPS: | |||||||||||||
Net income plus assumed conversion | $ | 5,780,088 | 6,102,043 | $ | 0.95 | ||||||||
Year Ended December 31, 2012 | |||||||||||||
Income | Weighted- | Per share | |||||||||||
average | Amount | ||||||||||||
shares | |||||||||||||
Basic earnings per common share: | |||||||||||||
Net income | $ | 5,060,504 | 5,511,114 | $ | 0.92 | ||||||||
Effect of dilutive securities: | |||||||||||||
Stock options and unvested stock awards | 95,989 | ||||||||||||
Diluted EPS: | |||||||||||||
Net income plus assumed conversion | $ | 5,060,504 | 5,607,103 | $ | 0.9 | ||||||||
For the years ended December 31, 2013 and 2012, 78,596 and 108,174 options, respectively, were anti-dilutive and were not included in the computation of diluted earnings per common share. | |||||||||||||
Comprehensive Income, Policy [Policy Text Block] | ' | ||||||||||||
Comprehensive Income | |||||||||||||
Comprehensive income consists of net income and other comprehensive income. Other comprehensive income includes unrealized gains and losses on securities available for sale, other-than-temporary non-credit related security impairments, unrealized gains and losses on cash flows hedges, and changes in the funded status of benefit plans which are also recognized in equity. | |||||||||||||
Consolidation, Variable Interest Entity, Policy [Policy Text Block] | ' | ||||||||||||
Variable Interest Entities | |||||||||||||
Management has determined that Trust II qualifies as a variable interest entity under ASC Topic 810, “Consolidation.” Trust II issued mandatorily redeemable preferred stock to investors, loaned the proceeds to the Company and holds, as its sole asset, subordinated debentures issued by the Company. As a qualified variable interest entity, Trust II’s Balance Sheet and Statement of Operations have never been consolidated with those of the Company. | |||||||||||||
In March 2005, the Federal Reserve Board adopted a final rule that would continue to allow the inclusion of trust preferred securities in Tier 1 capital, but with stricter quantitative limits. Under the final rule, after a five-year transition period, the aggregate amount of trust preferred securities and certain other capital elements would be limited to 25% of Tier 1 capital elements, net of goodwill. The amount of trust preferred securities and certain other elements in excess of the limit could be included in Tier 2 capital, subject to restrictions. Based on the final rule, the Company has included all of its $18.0 million in trust preferred securities in Tier 1 capital at December 31, 2013 and 2012. | |||||||||||||
Segment Reporting, Policy [Policy Text Block] | ' | ||||||||||||
Segment Information | |||||||||||||
U.S. GAAP establishes standards for public business enterprises to report information about operating segments in their annual financial statements and requires that those enterprises report selected information about operating segments in subsequent interim financial reports issued to shareholders. It also established standards for related disclosure about products and services, geographic areas, and major customers. Operating segments are components of an enterprise, which are evaluated regularly by the chief operating decision-maker in deciding how to allocate and assess resources and performance. The Company’s chief operating decision-maker is the President and Chief Executive Officer. The Company has applied the aggregation criteria for its operating segments to create one reportable segment, “Community Banking.” | |||||||||||||
The Company’s Community Banking segment consists of construction, commercial, retail and mortgage banking. The Community Banking segment is managed as a single strategic unit, which generates revenue from a variety of products and services provided by the Company. For example, construction and commercial lending is dependent upon the ability of the Company to fund itself with retail deposits and other borrowings and to manage interest rate and credit risk. This situation is also similar for consumer and residential real estate lending. | |||||||||||||
New Accounting Pronouncements, Policy [Policy Text Block] | ' | ||||||||||||
Recent Accounting Pronouncements. | |||||||||||||
ASU 2011-11 (Disclosures about offsetting Assets and Liabilities) | |||||||||||||
On December 19, 2011, The FASB issued Accounting Standards Update (ASU) 2011-11, “Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities.” This new guidance affects all entities with financial instruments or derivatives that are either presented on a net basis in the balance sheet or subject to an enforceable master netting arrangement or a similar arrangement. The ASU does not change existing offsetting criteria in U.S. generally accepted accounting principles (U.S. GAAP) or the permitted balance sheet presentation for items meeting the criteria. To help financial statement users better assess the effect or potential effect of offsetting arrangements on an entity’s financial position, the new guidance requires disclosures in the financial statement notes that provide both net and gross information about assets and liabilities that have been offset and the related arrangements. | |||||||||||||
The new disclosure requirements in the ASU are intended to enhance comparability between financial statements prepared using U.S. GAAP and those prepared in accordance with international Financial Reporting Standards (IFRS). The eligibility criteria for offsetting are different in U.S. GAAP and IFRS. In January 2011, the FASB and the International Accounting Standards Board issued an exposure draft proposing new common criteria for offsetting, but the boards could not agree. The FASB voted to retain existing U.S. GAAP guidance on offsetting and to require expanded disclosures for financial instruments and derivative instruments that are either offset in the balance sheet or eligible for offset subject to a master netting arrangement or similar arrangement. | |||||||||||||
The ASU is effective for annual reporting periods beginning on or after January 1, 2013, and interim periods within those annual periods. Disclosures required by the amendments should be provided retrospectively for all comparative periods. The FASB has published a short recap highlighting the significant issues the ASU addresses. The adoption of this ASU did not have a material impact on the Company’s consolidated financial position or results of operations. | |||||||||||||
ASU 2011-05, 2001-12 and 2013-12 (Presentation of Comprehensive Income) | |||||||||||||
The provisions of ASU 2011-05 amend FASB ASC Topic 220, Comprehensive Income, to facilitate the continued alignment of U.S. GAAP with International Accounting Standards. The ASU prohibits the presentation of the components of comprehensive income in the statement of shareholders’ equity. Reporting entities are allowed to present either: a statement of comprehensive income, which reports both net income and other comprehensive income; or separate, but consecutive, statements of net income and other comprehensive income. Under previous GAAP, all three presentations were acceptable. Regardless of the presentation selected, the reporting entity is required to present all reclassifications between other comprehensive and net income on the face of the new statement or statements. The provisions of this ASU are effective for fiscal years and interim periods beginning after December 31, 2011 for public entities. The Company adopted this update on January 1, 2012 and the new Consolidated Statements of Comprehensive Income are included in these financial statements. | |||||||||||||
ASU 2011-12, “Comprehensive Income (Topic 220): Deferral of the Effective Date for Amendments to the Presentation of Reclassifications of Items Out of Accumulated Other Comprehensive Income (“AOCI”) in Accounting Standards Update No. 2011-05,” was issued by the FASB on December 23, 2011. This ASU defers the implementation of only those provisions in ASU 2011-05, dealing only with the presentation of items reclassified out of AOCI. | |||||||||||||
The amendments in ASU 2011-12 and ASU 2011-05 are effective at the same time: For public entities, the guidance is effective for fiscal years and interim periods within those years, beginning after December 15, 2011. The requirements are effective for nonpublic entities for fiscal years ending after December 15, 2012. The FASB has published a short recap of the reasons for the ASU 2011-12 deferrals. The adoption of this guidance did not have any impact on the Company’s consolidated financial position or results of operations. | |||||||||||||
In February 2013, the FASB issued ASU 2013-02, Comprehensive Income (Topic 220): Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income, to improve the transparency of reporting reclassifications out of accumulated other comprehensive income. The amendments in this ASU do not change the current requirements for reporting net income or other comprehensive income in financial statements. All of the information that this ASU requires already is required to be disclosed elsewhere in the financial statements under U.S. GAAP. | |||||||||||||
The amendments of ASU 2013-02 are effective for reporting periods beginning after December 15, 2012 for public companies and are effective for reporting periods beginning after December 15, 2013 for nonpublic companies. The adoption of this guidance did not have a material impact on the Company’s consolidated financial position or results of operations. |
Note_1_Summary_of_Significant_1
Note 1 - Summary of Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | ' | ||||||||||||
Year Ended December 31, 2013 | |||||||||||||
Income | Weighted- | Per share | |||||||||||
average | Amount | ||||||||||||
shares | |||||||||||||
Basic earnings per common share: | |||||||||||||
Net income | $ | 5,780,088 | 5,973,323 | $ | 0.97 | ||||||||
Effect of dilutive securities: | |||||||||||||
Stock options and unvested stock awards | 128,720 | ||||||||||||
Diluted EPS: | |||||||||||||
Net income plus assumed conversion | $ | 5,780,088 | 6,102,043 | $ | 0.95 | ||||||||
Year Ended December 31, 2012 | |||||||||||||
Income | Weighted- | Per share | |||||||||||
average | Amount | ||||||||||||
shares | |||||||||||||
Basic earnings per common share: | |||||||||||||
Net income | $ | 5,060,504 | 5,511,114 | $ | 0.92 | ||||||||
Effect of dilutive securities: | |||||||||||||
Stock options and unvested stock awards | 95,989 | ||||||||||||
Diluted EPS: | |||||||||||||
Net income plus assumed conversion | $ | 5,060,504 | 5,607,103 | $ | 0.9 |
Note_2_Investment_Securities_T
Note 2 - Investment Securities (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | ||||||||||||||||||||||||||||||||||||||
Available-for-sale Securities [Table Text Block] | ' | ||||||||||||||||||||||||||||||||||||||
2013 | Amortized | Gross | Gross | Fair | |||||||||||||||||||||||||||||||||||
Cost | Unrealized | Unrealized | Value | ||||||||||||||||||||||||||||||||||||
Gains | Losses | ||||||||||||||||||||||||||||||||||||||
Available for sale- | |||||||||||||||||||||||||||||||||||||||
U. S. Treasury securities and obligations of U.S. Government sponsored corporations (“GSE”) and agencies | $ | 22,386,761 | $ | 33,213 | $ | (910,274 | ) | $ | 21,509,700 | ||||||||||||||||||||||||||||||
Residential collateralized mortgage obligations - GSE | 3,547,404 | 134,388 | - | 3,681,792 | |||||||||||||||||||||||||||||||||||
Residential collateralized mortgage obligations – non- GSE | 2,782,843 | 52,227 | (8,674 | ) | 2,826,396 | ||||||||||||||||||||||||||||||||||
Residential mortgage backed securities – GSE | 31,532,051 | 872,169 | (438,273 | ) | 31,965,947 | ||||||||||||||||||||||||||||||||||
Obligations of State and Political subdivisions | 22,206,959 | 149,959 | (2,710,874 | ) | 19,646,044 | ||||||||||||||||||||||||||||||||||
Trust preferred debt securities – single issuer | 2,468,839 | - | (455,739 | ) | 2,013,100 | ||||||||||||||||||||||||||||||||||
Corporate debt securities | 16,228,474 | 318,590 | (29,336 | ) | 16,517,728 | ||||||||||||||||||||||||||||||||||
Restricted Stock | 1,013,100 | - | - | 1,013,100 | |||||||||||||||||||||||||||||||||||
Mutual Fund | 25,000 | - | - | 25,000 | |||||||||||||||||||||||||||||||||||
$ | 102,191,431 | $ | 1,560,546 | $ | (4,553,170 | ) | $ | 99,198,807 | |||||||||||||||||||||||||||||||
2012 | Amortized | Gross | Gross | Fair | |||||||||||||||||||||||||||||||||||
Cost | Unrealized | Unrealized | Value | ||||||||||||||||||||||||||||||||||||
Gains | Losses | ||||||||||||||||||||||||||||||||||||||
Available for sale- | |||||||||||||||||||||||||||||||||||||||
U. S. Treasury securities and obligations of U.S. Government Sponsored corporations (“GSE”) and agencies | $ | 29,384,595 | $ | 137,847 | $ | (26,907 | ) | $ | 29,495,535 | ||||||||||||||||||||||||||||||
Residential collateralized mortgage obligations- GSE | 6,349,310 | 283,355 | - | 6,632,665 | |||||||||||||||||||||||||||||||||||
Residential collateralized mortgage obligations- non GSE | 3,811,933 | 119,323 | (7,074 | ) | 3,924,182 | ||||||||||||||||||||||||||||||||||
Residential mortgage backed securities – GSE | 24,912,948 | 1,576,387 | - | 26,489,335 | |||||||||||||||||||||||||||||||||||
Obligations of State and Political subdivisions | 20,793,222 | 375,416 | (486,337 | ) | 20,682,301 | ||||||||||||||||||||||||||||||||||
Trust preferred debt securities – single issuer | 2,466,009 | - | (467,643 | ) | 1,998,366 | ||||||||||||||||||||||||||||||||||
Corporate debt securities | 17,797,681 | 325,731 | (23,131 | ) | 18,100,281 | ||||||||||||||||||||||||||||||||||
Restricted Stock | 2,493,300 | - | - | 2,493,300 | |||||||||||||||||||||||||||||||||||
Mutual fund | 25,000 | - | - | 25,000 | |||||||||||||||||||||||||||||||||||
$ | 108,033,998 | $ | 2,818,059 | $ | (1,011,092 | ) | $ | 109,840,965 | |||||||||||||||||||||||||||||||
Held-to-maturity Securities [Table Text Block] | ' | ||||||||||||||||||||||||||||||||||||||
Amortized | Other-Than- | Carrying | Gross | Gross | Fair | ||||||||||||||||||||||||||||||||||
Cost | Temporary | Value | Unrealized | Unrealized | Value | ||||||||||||||||||||||||||||||||||
Impairment | Gains | Losses | |||||||||||||||||||||||||||||||||||||
Recognized In | |||||||||||||||||||||||||||||||||||||||
Accumulated | |||||||||||||||||||||||||||||||||||||||
Other | |||||||||||||||||||||||||||||||||||||||
Comprehensive | |||||||||||||||||||||||||||||||||||||||
Loss | |||||||||||||||||||||||||||||||||||||||
Held to maturity- | |||||||||||||||||||||||||||||||||||||||
Obligations of U.S. Government sponsored | |||||||||||||||||||||||||||||||||||||||
Corporations (“GSE”) and agencies | $ | 1,524,860 | $ | - | $ | 1,524,860 | $ | 10,310 | - | $ | 1,535,170 | ||||||||||||||||||||||||||||
Residential collateralized mortgage obligations – GSE | 14,803,739 | - | 14,803,739 | 379,815 | - | 15,183,554 | |||||||||||||||||||||||||||||||||
Residential collateralized mortgage obligations-non GSE | 10,682,363 | - | 10,682,363 | 119,777 | (27,526 | ) | 10,774,614 | ||||||||||||||||||||||||||||||||
Residential mortgage Backed securities -GSE | 65,240,620 | - | 65,240,620 | 611,062 | (387,034 | ) | 65,464,648 | ||||||||||||||||||||||||||||||||
Obligations of State and | |||||||||||||||||||||||||||||||||||||||
Political subdivisions | 59,400,916 | - | 59,400,916 | 1,399,938 | (1,296,357 | ) | 59,504,497 | ||||||||||||||||||||||||||||||||
Trust preferred debt securities - pooled | 656,662 | (500,944 | ) | 155,718 | - | (6,863 | ) | 148,855 | |||||||||||||||||||||||||||||||
Corporate debt securities | 1,008,599 | - | 1,008,599 | 9,836 | - | 1,018,435 | |||||||||||||||||||||||||||||||||
$ | 153,317,759 | $ | (500,944 | ) | $ | 152,816,815 | $ | 2,530,738 | $ | (1,717,780 | ) | $ | 153,629,773 | ||||||||||||||||||||||||||
Amortized | Other-Than- | Carrying | Gross | Gross | Fair | ||||||||||||||||||||||||||||||||||
Cost | Temporary | Value | Unrealized | Unrealized | Value | ||||||||||||||||||||||||||||||||||
Impairment | Gains | Losses | |||||||||||||||||||||||||||||||||||||
Recognized In | |||||||||||||||||||||||||||||||||||||||
Accumulated | |||||||||||||||||||||||||||||||||||||||
Other | |||||||||||||||||||||||||||||||||||||||
Comprehensive | |||||||||||||||||||||||||||||||||||||||
Loss | |||||||||||||||||||||||||||||||||||||||
Held to maturity- | |||||||||||||||||||||||||||||||||||||||
Obligations of U.S Government sponsored | |||||||||||||||||||||||||||||||||||||||
Corporations (“GSE”) and agencies | $ | 3,073,957 | - | $ | 3,073,957 | $ | 33,213 | - | $ | 3,107,170 | |||||||||||||||||||||||||||||
Residential collateralized mortgage obligations – GSE | 19,660,625 | - | 19,660,625 | 1,021,556 | - | 20,682,181 | |||||||||||||||||||||||||||||||||
Residential collateralized mortgage obligations-non GSE | 13,387,974 | - | 13,387,974 | 796,892 | (289 | ) | 14,184,577 | ||||||||||||||||||||||||||||||||
Residential mortgage Backed securities-GSE | 19,950,190 | - | 19,950,190 | 849,040 | (944 | ) | 20,798,286 | ||||||||||||||||||||||||||||||||
Obligations of State and Political subdivisions | 42,815,706 | 42,815,706 | 3,039,935 | - | 45,855,641 | ||||||||||||||||||||||||||||||||||
Trust preferred debt securities - pooled | 656,662 | (500,944 | ) | 155,718 | - | (9,638 | ) | 146,080 | |||||||||||||||||||||||||||||||
Corporate debt securities | 16,983,730 | - | 16,983,730 | 84,443 | (2,745 | ) | 17,065,428 | ||||||||||||||||||||||||||||||||
$ | 116,528,844 | $ | (500,944 | ) | $ | 116,027,900 | $ | 5,825,079 | $ | (13,616 | ) | $ | 121,839,363 | ||||||||||||||||||||||||||
Investments Classified by Contractual Maturity Date [Table Text Block] | ' | ||||||||||||||||||||||||||||||||||||||
Amortized | Fair | ||||||||||||||||||||||||||||||||||||||
Cost | Value | ||||||||||||||||||||||||||||||||||||||
Available for sale- | |||||||||||||||||||||||||||||||||||||||
Due in one year or less | |||||||||||||||||||||||||||||||||||||||
U.S. Treasury securities and obligations of US Government sponsored corporations (“GSE”) and agencies | $ | 4,999,345 | $ | 5,001,550 | |||||||||||||||||||||||||||||||||||
Residential mortgage backed securities-GSE | 2,753 | 2,769 | |||||||||||||||||||||||||||||||||||||
Obligations of State and Political subdivisions | 110,000 | 110,322 | |||||||||||||||||||||||||||||||||||||
Corporate debt securities | 1,009,258 | 1,011,685 | |||||||||||||||||||||||||||||||||||||
Restricted stock | 1,013,100 | 1,013,100 | |||||||||||||||||||||||||||||||||||||
Mutual fund | 25,000 | 25,000 | |||||||||||||||||||||||||||||||||||||
$ | 7,159,456 | $ | 7,164,426 | ||||||||||||||||||||||||||||||||||||
Due after one year through five years | |||||||||||||||||||||||||||||||||||||||
U.S. Treasury securities and obligations of US Government sponsored corporations (“GSE”) and agencies | $ | 6,517,670 | $ | 6,516,070 | |||||||||||||||||||||||||||||||||||
Residential mortgage backed securities-GSE | 7,079,770 | 6,962,402 | |||||||||||||||||||||||||||||||||||||
Obligations of State and Political subdivisions | 374,402 | 375,815 | |||||||||||||||||||||||||||||||||||||
Corporate debt securities | 14,133,770 | 14,449,933 | |||||||||||||||||||||||||||||||||||||
$ | 28,105,612 | $ | 28,304,220 | ||||||||||||||||||||||||||||||||||||
Due after five years through ten years | |||||||||||||||||||||||||||||||||||||||
U.S. Treasury securities and obligations of US Government sponsored corporations (“GSE”) and agencies | $ | 10,869,746 | $ | 9,992,080 | |||||||||||||||||||||||||||||||||||
Residential collateralized mortgage obligations-GSE | 123,301 | 131,996 | |||||||||||||||||||||||||||||||||||||
Residential mortgage backed securities-GSE | 8,106,769 | 8,151,463 | |||||||||||||||||||||||||||||||||||||
Obligations of State and Political subdivisions | 4,249,720 | 4,163,057 | |||||||||||||||||||||||||||||||||||||
$ | 23,349,536 | $ | 22,438,596 | ||||||||||||||||||||||||||||||||||||
Due after ten years | |||||||||||||||||||||||||||||||||||||||
Residential collateralized mortgage obligations-GSE | $ | 3,424,103 | $ | 3,549,796 | |||||||||||||||||||||||||||||||||||
Residential collateralized mortgage obligations-non GSE | 2,782,843 | 2,826,396 | |||||||||||||||||||||||||||||||||||||
Residential mortgage backed securities-GSE | 16,342,759 | 16,849,313 | |||||||||||||||||||||||||||||||||||||
Obligations of State and Political subdivisions | 17,472,837 | 14,996,850 | |||||||||||||||||||||||||||||||||||||
Corporate debt securities | 1,085,446 | 1,056,110 | |||||||||||||||||||||||||||||||||||||
Trust preferred debt securities | 2,468,839 | 2,013,100 | |||||||||||||||||||||||||||||||||||||
$ | 43,576,827 | $ | 41,291,565 | ||||||||||||||||||||||||||||||||||||
Total | $ | 102,191,431 | $ | 99,198,807 | |||||||||||||||||||||||||||||||||||
Held to maturity- | |||||||||||||||||||||||||||||||||||||||
Due in one year or less | |||||||||||||||||||||||||||||||||||||||
Obligations of US Government sponsored corporations (“GSE”) and agencies | $ | 1,524,860 | $ | 1,535,170 | |||||||||||||||||||||||||||||||||||
Obligations of State and Political subdivisions | 6,398,314 | 6,403,395 | |||||||||||||||||||||||||||||||||||||
Corporate debt securities | 1,008,599 | 1,018,435 | |||||||||||||||||||||||||||||||||||||
$ | 8,931,773 | $ | 8,957,000 | ||||||||||||||||||||||||||||||||||||
Due after one year through five years | |||||||||||||||||||||||||||||||||||||||
Obligations of US Government sponsored corporations (“GSE”) and agencies | $ | - | $ | - | |||||||||||||||||||||||||||||||||||
Obligations of State and Political subdivisions | 11,538,560 | 11,900,078 | |||||||||||||||||||||||||||||||||||||
Corporate debt securities | - | - | |||||||||||||||||||||||||||||||||||||
$ | 11,538,660 | $ | 11,900,078 | ||||||||||||||||||||||||||||||||||||
Due after five years through ten years | |||||||||||||||||||||||||||||||||||||||
Residential collateralized mortgage obligations-GSE | $ | 47,001 | $ | 47,265 | |||||||||||||||||||||||||||||||||||
Residential collateralized mortgage obligations- non GSE | 915,452 | 909,965 | |||||||||||||||||||||||||||||||||||||
Residential mortgage backed securities-GSE | 21,939,890 | 22,016,399 | |||||||||||||||||||||||||||||||||||||
Obligations of State and Political subdivisions | 21,469,445 | 22,088,136 | |||||||||||||||||||||||||||||||||||||
$ | 44,371,788 | $ | 45,061,765 | ||||||||||||||||||||||||||||||||||||
Due after ten years | |||||||||||||||||||||||||||||||||||||||
Residential collateralized mortgage obligations-GSE | $ | 14,756,736 | $ | 15,136,289 | |||||||||||||||||||||||||||||||||||
Residential collateralized mortgage obligations-non GSE | 9,766,913 | 9,864,649 | |||||||||||||||||||||||||||||||||||||
Residential mortgage backed securities-GSE | 46,300,730 | 43,448,249 | |||||||||||||||||||||||||||||||||||||
Obligations of State and Political subdivisions | 19,994,497 | 19,112,888 | |||||||||||||||||||||||||||||||||||||
Trust preferred debt securities | 656,662 | 148,855 | |||||||||||||||||||||||||||||||||||||
$ | 88,475,538 | $ | 87,710,930 | ||||||||||||||||||||||||||||||||||||
Total | $ | 153,317,759 | $ | 153,629,773 | |||||||||||||||||||||||||||||||||||
Investment Securities Continuous Unrealized Loss Position Fair Value [Table Text Block] | ' | ||||||||||||||||||||||||||||||||||||||
2013 | Less than 12 months | 12 months or longer | Total | ||||||||||||||||||||||||||||||||||||
Number of | Fair Value | Unrealized | Fair Value | Unrealized | Fair Value | Unrealized | |||||||||||||||||||||||||||||||||
Securities | Losses | Losses | Losses | ||||||||||||||||||||||||||||||||||||
U.S. Government sponsored corporations and agencies | 3 | $ | 11,507,350 | $ | (910,274 | ) | - | - | $ | 11,507,350 | $ | (910,274 | ) | ||||||||||||||||||||||||||
Residential collateralized mortgage obligations-non-GSE | 8 | 5,328,485 | (28,231 | ) | 1,094,754 | (7,969 | ) | 6,423,239 | (36,200 | ) | |||||||||||||||||||||||||||||
Residential mortgage backed securities GSE | 38 | 40,504,327 | (825,307 | ) | - | - | 40,504,327 | (825,307 | ) | ||||||||||||||||||||||||||||||
Obligations of State and Political subdivisions | 95 | 19,403,457 | (2,285,759 | ) | 8,936,441 | (1,721,472 | ) | 28,339,898 | (4,007,231 | ) | |||||||||||||||||||||||||||||
Trust preferred debt securities – single issuer | 4 | - | - | 2,013,100 | (455,739 | ) | 2,013,100 | (455,739 | ) | ||||||||||||||||||||||||||||||
Trust preferred debt securities – pooled | 1 | - | - | 148,855 | (507,807 | ) | 146,855 | (507,807 | ) | ||||||||||||||||||||||||||||||
Corporate debt securities | 1 | - | - | 1,056,110 | (29,336 | ) | 1,056,110 | (29,336 | ) | ||||||||||||||||||||||||||||||
Total temporarily impaired securities | 150 | $ | 76,743,619 | $ | (4,049,571 | ) | $ | 13,249,260 | $ | (2,722,323 | ) | $ | 89,992,879 | $ | (6,771,894 | ) | |||||||||||||||||||||||
2012 | Less than 12 months | 12 months or longer | Total | ||||||||||||||||||||||||||||||||||||
Number of | Fair Value | Unrealized | Fair Value | Unrealized | Fair Value | Unrealized | |||||||||||||||||||||||||||||||||
Securities | Losses | Losses | Losses | ||||||||||||||||||||||||||||||||||||
U.S. Government sponsored corporations and agencies | 1 | $ | 9,842,200 | $ | (26,907 | ) | - | - | $ | 9,842,200 | $ | (26,907 | ) | ||||||||||||||||||||||||||
Residential collateralized mortgage obligations-non-GSE | 3 | 1,960,237 | (4,516 | ) | 156,505 | (2,847 | ) | 2,116,742 | (7,363 | ) | |||||||||||||||||||||||||||||
Residential mortgage backed securities GSE | 2 | 3,989,675 | (944 | ) | - | - | 3,989,675 | (944 | ) | ||||||||||||||||||||||||||||||
Obligations of State and Political subdivisions | 37 | 12,794,007 | (486,337 | ) | - | - | 12,794,007 | (486,337 | ) | ||||||||||||||||||||||||||||||
Trust preferred debt securities – single issuer | 4 | - | - | 1,998,366 | (467,643 | ) | 1,998,366 | (467,643 | ) | ||||||||||||||||||||||||||||||
Trust preferred debt securities – pooled | 1 | - | - | 146,080 | (510,582 | ) | 146,080 | (510,582 | ) | ||||||||||||||||||||||||||||||
Corporate debt securities | 5 | 3,176,328 | (25,876 | ) | - | - | 3,176,328 | (25,876 | ) | ||||||||||||||||||||||||||||||
Total temporarily impaired securities | 53 | $ | 31,762,447 | $ | (544,580 | ) | $ | 2,300,951 | $ | (981,072 | ) | $ | 34,063,398 | $ | (1,525,652 | ) | |||||||||||||||||||||||
Schedule of Information Related to PreTSL Security [Table Text Block] | ' | ||||||||||||||||||||||||||||||||||||||
Expected | Excess | ||||||||||||||||||||||||||||||||||||||
Deferrals and | Subordination (2) | ||||||||||||||||||||||||||||||||||||||
Defaults as a | |||||||||||||||||||||||||||||||||||||||
Security | Class | Book | Fair | Unrealized | Percent of | Percent of | Percent of | % of | Moody's / | Amount | % of | ||||||||||||||||||||||||||||
Value | Value | Gain | Underlying | Underlying | Underlying | Remaining | S&P | Current | |||||||||||||||||||||||||||||||
(Loss) | Collateral | Collateral In | Collateral In | Performing | Ratings | Performing | |||||||||||||||||||||||||||||||||
Performing | Deferral (1) | Default (1) | Collateral | Collateral | |||||||||||||||||||||||||||||||||||
PreTSL XXV | B-1 | $ | 656,662 | $ | 148,855 | $ | (507,807 | ) | 67 | % | 10.4 | % | 22.6 | % | 13.6 | % | C/NR | $ | 114,000 | 22 | % |
Note_3_Loans_and_Loans_Held_fo1
Note 3 - Loans and Loans Held for Sale (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Receivables [Abstract] | ' | ||||||||
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | ' | ||||||||
2013 | 2012 | ||||||||
Commercial business | $ | 82,348,055 | $ | 57,865,436 | |||||
Commercial real estate | 98,389,730 | 102,412,694 | |||||||
Mortgage warehouse lines | 116,951,357 | 284,127,530 | |||||||
Construction loans | 51,002,172 | 55,691,393 | |||||||
Residential real estate loans | 13,764,178 | 10,897,307 | |||||||
Loans to individuals | 9,766,114 | 9,643,385 | |||||||
All other loans | 170,526 | 189,279 | |||||||
Gross Loans | 372,392,132 | 520,827,024 | |||||||
Deferred loan costs | 943,950 | 987,086 | |||||||
$ | 373,336,082 | $ | 521,814,110 |
Note_4_Allowance_for_Loan_Loss1
Note 4 - Allowance for Loan Losses and Credit Quality Disclosure (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||||||||||
Note 4 - Allowance for Loan Losses and Credit Quality Disclosure (Tables) [Line Items] | ' | ||||||||||||||||||||||||||||||||||||||||
Past Due Financing Receivables [Table Text Block] | ' | ||||||||||||||||||||||||||||||||||||||||
30-59 | 60-89 | Greater | Total | Current | Total | Recorded | Nonaccrual | ||||||||||||||||||||||||||||||||||
Days | Days | than 90 | Past Due | Loans | Investment | Loans | |||||||||||||||||||||||||||||||||||
Days | Receivable | > 90 Days | |||||||||||||||||||||||||||||||||||||||
Accruing | |||||||||||||||||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||||||||||||||
Construction | $ | - | $ | - | $ | - | $ | - | $ | 51,002,172 | $ | 51,002,172 | $ | - | $ | - | |||||||||||||||||||||||||
Commercial Business | 385,133 | 58,665 | 453,325 | 897,123 | 81,450,932 | 82,348,055 | - | 511,990 | |||||||||||||||||||||||||||||||||
Commercial Real Estate | - | - | 5,217,173 | 5,217,173 | 93,172,557 | 98,389,730 | - | 5,555,851 | |||||||||||||||||||||||||||||||||
Mortgage Warehouse Lines | - | - | - | - | 116,951,357 | 116,951,357 | - | - | |||||||||||||||||||||||||||||||||
Residential Real Estate | 315,615 | 967,099 | 33,494 | 1,316,208 | 12,447,970 | 13,764,178 | - | 162,012 | |||||||||||||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||||||||||||||||||
Loans to Individuals | - | - | - | - | 9,766,114 | 9,766,114 | - | 92,103 | |||||||||||||||||||||||||||||||||
Other | - | - | - | - | 170,526 | 170,526 | - | - | |||||||||||||||||||||||||||||||||
Deferred Loan Fees | - | - | - | - | 943,950 | 943,950 | - | - | |||||||||||||||||||||||||||||||||
Total | $ | 700,748 | $ | 1,025,764 | $ | 5,703,992 | $ | 7,430,504 | $ | 365,905,578 | $ | 373,336,082 | $ | - | $ | 6,321,956 | |||||||||||||||||||||||||
30-59 | 60-89 | Greater | Total Past | Current | Total | Recorded | Nonaccrual | ||||||||||||||||||||||||||||||||||
Days | Days | than 90 | Due | Loans | Investment | Loans | |||||||||||||||||||||||||||||||||||
Days | Receivable | > 90 Days | |||||||||||||||||||||||||||||||||||||||
Accruing | |||||||||||||||||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||||||||||||||
Construction | $ | - | $ | - | $ | 1,581,031 | $ | 1,581,031 | $ | 54,110,362 | $ | 55,691,393 | $ | - | $ | 1,581,031 | |||||||||||||||||||||||||
Commercial Business | 202,451 | 70,192 | 518,912 | 791,555 | 57,073,881 | 57,865,436 | - | 629,821 | |||||||||||||||||||||||||||||||||
Commercial Real Estate | - | - | 3,137,553 | 3,137,553 | 99,275,141 | 102,412,694 | - | 3,478,607 | |||||||||||||||||||||||||||||||||
Mortgage Warehouse Lines | - | - | - | - | 284,127,530 | 284,127,530 | - | - | |||||||||||||||||||||||||||||||||
Residential Real Estate | 320,729 | 34,975 | - | 355,704 | 10,541,603 | 10,897,307 | - | 134,193 | |||||||||||||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||||||||||||||||||
Loans to Individuals | 49,243 | - | 139,852 | 189,095 | 9,454,290 | 9,643,385 | 84,948 | 54,904 | |||||||||||||||||||||||||||||||||
Other | - | - | - | - | 189,279 | 189,279 | - | - | |||||||||||||||||||||||||||||||||
Deferred Loan Costs | - | - | - | - | 987,086 | 987,086 | - | - | |||||||||||||||||||||||||||||||||
Total | $ | 572,423 | $ | 105,167 | $ | 5,377,348 | $ | 6,054,938 | $ | 515,759,172 | $ | 521,814,110 | $ | 84,948 | $ | 5,878,556 | |||||||||||||||||||||||||
Allowance for Credit Losses on Financing Receivables [Table Text Block] | ' | ||||||||||||||||||||||||||||||||||||||||
Construction | Commercial | Commercial | Mortgage | Residential | Consumer | Other | Unallocated | Deferred | Total | ||||||||||||||||||||||||||||||||
Real Estate | Warehouse | Real Estate | Fees | ||||||||||||||||||||||||||||||||||||||
Allowance for credit losses: | |||||||||||||||||||||||||||||||||||||||||
Beginning Bal. - December 31, 2012 | $ | 1,990,292 | $ | 972,789 | $ | 2,262,221 | $ | 1,420,638 | $ | 112,103 | $ | 102,583 | $ | 2,271 | $ | 288,315 | $ | - | $ | 7,151,212 | |||||||||||||||||||||
Provision charged to operations | (223,449 | ) | 428,176 | 1,206,130 | (835,881 | ) | 52,570 | 58,176 | (88 | ) | 391,028 | 1,076,662 | |||||||||||||||||||||||||||||
Loans charged off | (561,993 | ) | (141,356 | ) | (453,480 | ) | - | - | (51,910 | ) | - | - | (1,208,739 | ) | |||||||||||||||||||||||||||
Recoveries of loans charged off | 417 | 12,124 | 6,895 | - | - | - | - | - | 19,436 | ||||||||||||||||||||||||||||||||
Ending Bal.- December 31, 2013 | $ | 1,205,267 | $ | 1,271,733 | $ | 3,021,766 | $ | 584,757 | $ | 164,673 | $ | 108,849 | $ | 2,183 | $ | 679,343 | $ | - | $ | 7,038,571 | |||||||||||||||||||||
Ending Balance | |||||||||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | - | 293,692 | 1,490,169 | - | - | - | - | - | - | 1,783,861 | |||||||||||||||||||||||||||||||
Collectively evaluated for impairment | 1,205,267 | 978,041 | 1,531,597 | 584,757 | 164,673 | 108,849 | 2,183 | 679,343 | - | 5,254,710 | |||||||||||||||||||||||||||||||
Loans receivables: | |||||||||||||||||||||||||||||||||||||||||
Ending Balance | $ | 51,002,172 | $ | 82,348,055 | $ | 98,389,730 | $ | 116,951,357 | $ | 13,764,178 | $ | 9,766,114 | $ | 170,526 | $ | - | $ | 943,950 | $ | 373,336,082 | |||||||||||||||||||||
Individually evaluated for impairment | 19,930 | 776,101 | 9,130,605 | - | 162,012 | 92,103 | - | - | - | 10,180,751 | |||||||||||||||||||||||||||||||
Collectively evaluated for impairment | 50,982,242 | 81,571,954 | 89,259,125 | 116,951,357 | 13,602,166 | 9,674,011 | 170,526 | 0 | 943,950 | 363,155,331 | |||||||||||||||||||||||||||||||
Construction | Commercial | Commercial | Mortgage | Residential | Consumer | Other | Unallocated | Deferred | Total | ||||||||||||||||||||||||||||||||
Real Estate | Warehouse | Real Estate | Fees | ||||||||||||||||||||||||||||||||||||||
Allowance for credit losses: | |||||||||||||||||||||||||||||||||||||||||
Beginning Bal. - December 31, 2011 | $ | 1,054,695 | $ | 934,642 | $ | 1,597,702 | $ | 1,122,056 | $ | 91,076 | $ | 187,352 | $ | 2,377 | $ | 544,550 | $ | - | $ | 5,534,450 | |||||||||||||||||||||
Provision charged to operations | 989,844 | 191,897 | 775,199 | 298,582 | 151,721 | (6,911 | ) | 5,895 | (256,235 | ) | - | 2,149,992 | |||||||||||||||||||||||||||||
Loans charged off | (57,650 | ) | (165,026 | ) | (110,862 | ) | - | (130,694 | ) | (77,858 | ) | (6,001 | ) | - | - | (548,091 | ) | ||||||||||||||||||||||||
Recoveries of loans charged off | 3,403 | 11,276 | 182 | - | - | - | - | - | 14,861 | ||||||||||||||||||||||||||||||||
Ending Bal. – December 31, 2012 | $ | 1,990,292 | $ | 972,789 | $ | 2,262,221 | $ | 1,420,638 | $ | 112,103 | $ | 102,583 | $ | 2,271 | $ | 288,315 | $ | - | $ | 7,151,212 | |||||||||||||||||||||
Ending Balance | |||||||||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | 569,579 | 253,598 | 447,193 | - | 21,693 | - | - | - | - | 1,292,063 | |||||||||||||||||||||||||||||||
Collectively evaluated for impairment | 1,420,713 | 719,191 | 1,815,028 | 1,420,638 | 90,410 | 102,583 | 2,271 | 288,315 | - | 5,859,149 | |||||||||||||||||||||||||||||||
Loans receivables: | |||||||||||||||||||||||||||||||||||||||||
Ending Balance | $ | 55,691,393 | $ | 57,865,436 | $ | 102,412,694 | $ | 284,127,530 | $ | 10,897,307 | $ | 9,643,385 | $ | 189,279 | - | $ | 987,086 | $ | 521,814,110 | ||||||||||||||||||||||
Individually evaluated for impairment | 2,842,031 | 906,526 | 3,952,546 | - | 134,193 | 54,904 | - | - | - | 7,890,200 | |||||||||||||||||||||||||||||||
Collectively evaluated for impairment | 52,849,362 | 56,958,910 | 98,460,148 | 284,127,530 | 10,763,114 | 9,588,481 | 189,279 | - | 987,086 | 513,923,910 | |||||||||||||||||||||||||||||||
Impaired Financing Receivables [Table Text Block] | ' | ||||||||||||||||||||||||||||||||||||||||
Recorded | Unpaid | Related | Year to Date 2013 | Year to Date | |||||||||||||||||||||||||||||||||||||
Investment | Principal | Allowance | Average | 2013 Interest | |||||||||||||||||||||||||||||||||||||
Balance | Recorded | Income | |||||||||||||||||||||||||||||||||||||||
Investment | Recognized | ||||||||||||||||||||||||||||||||||||||||
With no related allowance: | |||||||||||||||||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||||||||||||||
Construction | $ | 19,930 | $ | 19,930 | - | $ | 965,268 | $ | 33,946 | ||||||||||||||||||||||||||||||||
Commercial Business | 243,840 | 400,297 | - | 258,139 | 5,094 | ||||||||||||||||||||||||||||||||||||
Commercial Real Estate | - | - | - | 1,032,115 | - | ||||||||||||||||||||||||||||||||||||
Mortgage Warehouse Lines | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
Subtotal | 263,770 | 420,227 | - | 2,255,522 | 39,040 | ||||||||||||||||||||||||||||||||||||
Residential Real Estate | 162,012 | 162,012 | - | 117,746 | - | ||||||||||||||||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||||||||||||||||||
Loans to Individuals | 92,103 | 92,103 | - | 34,292 | - | ||||||||||||||||||||||||||||||||||||
Other | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
Subtotal | 92,103 | 92,103 | - | 34,292 | - | ||||||||||||||||||||||||||||||||||||
Subtotal with no related allowance | 517,885 | 674,342 | - | 2,407,560 | 39,040 | ||||||||||||||||||||||||||||||||||||
With an allowance: | |||||||||||||||||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||||||||||||||
Construction | - | - | - | 246,853 | - | ||||||||||||||||||||||||||||||||||||
Commercial Business | 532,261 | 532,261 | 293,692 | 562,346 | 9,728 | ||||||||||||||||||||||||||||||||||||
Commercial Real Estate | 9,130,605 | 9,130,605 | 1,490,169 | 5,546,690 | 247,277 | ||||||||||||||||||||||||||||||||||||
Mortgage Warehouse Lines | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
Subtotal | 9,662,866 | 9,662,866 | 1,783,861 | 6,355,889 | 257,005 | ||||||||||||||||||||||||||||||||||||
Residential Real Estate | - | - | - | 44,196 | - | ||||||||||||||||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||||||||||||||||||
Loans to Individuals | - | - | - | 4,238 | - | ||||||||||||||||||||||||||||||||||||
Other | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
Subtotal | - | - | - | 4,238 | - | ||||||||||||||||||||||||||||||||||||
Subtotal with an allowance | 9,662,866 | 9,662,866 | 1,783,861 | 6,404,323 | 257,005 | ||||||||||||||||||||||||||||||||||||
Total: | |||||||||||||||||||||||||||||||||||||||||
Construction | 19,930 | 19,930 | - | 1,212,121 | 33,946 | ||||||||||||||||||||||||||||||||||||
Commercial Business | 776,101 | 932,558 | 293,692 | 820,485 | 14,822 | ||||||||||||||||||||||||||||||||||||
Commercial Real Estate | 9,130,605 | 9,130,605 | 1,490,169 | 6,578,805 | 247,277 | ||||||||||||||||||||||||||||||||||||
Mortgage Warehouse Lines | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
Residential Real Estate | 162,012 | 162,012 | - | 161,942 | - | ||||||||||||||||||||||||||||||||||||
Consumer | 92,103 | 92,103 | - | 38,530 | - | ||||||||||||||||||||||||||||||||||||
Total | $ | 10,180,751 | $ | 10,337,208 | $ | 1,783,861 | $ | 8,811,883 | $ | 296,045 | |||||||||||||||||||||||||||||||
Recorded Investment | Unpaid Principal Balance | Related Allowance | Year to Date 2012 Average Recorded Investment | Year to Date 2012 Interest Income Recognized | |||||||||||||||||||||||||||||||||||||
With no related allowance: | |||||||||||||||||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||||||||||||||
Construction | $ | 1,360,914 | $ | 1,360,914 | - | $ | 412,716 | - | |||||||||||||||||||||||||||||||||
Commercial Business | 387,950 | 430,632 | - | 474,839 | 9,490 | ||||||||||||||||||||||||||||||||||||
Commercial Real Estate | - | - | - | 321,743 | - | ||||||||||||||||||||||||||||||||||||
Mortgage Warehouse Lines | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
Subtotal | 1,748,864 | 1,791,546 | - | 1,209,298 | 9,490 | ||||||||||||||||||||||||||||||||||||
Residential Real Estate | - | - | - | 23,600 | 0 | ||||||||||||||||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||||||||||||||||||
Loans to Individuals | 54,904 | 54,904 | - | 54,904 | - | ||||||||||||||||||||||||||||||||||||
Other | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
Subtotal | 54,904 | 54,904 | - | 54,904 | - | ||||||||||||||||||||||||||||||||||||
Subtotal with no related allowance | 1,803,768 | 1,846,450 | - | 1,287,802 | - | ||||||||||||||||||||||||||||||||||||
With an allowance: | |||||||||||||||||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||||||||||||||
Construction | 1,481,117 | 1,481,117 | 569,579 | 123,426 | - | ||||||||||||||||||||||||||||||||||||
Commercial Business | 518,576 | 663,403 | 253,598 | 456,541 | 15,746 | ||||||||||||||||||||||||||||||||||||
Commercial Real Estate | 3,952,546 | 3,999,032 | 447,193 | 2,964,744 | 29,291 | ||||||||||||||||||||||||||||||||||||
Mortgage Warehouse Lines | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
Subtotal | 5,952,239 | 6,143,552 | 1,270,370 | 3,544,711 | 45,037 | ||||||||||||||||||||||||||||||||||||
Residential Real Estate | 134,193 | 134,193 | 21,693 | 287,395 | - | ||||||||||||||||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||||||||||||||||||
Loans to Individuals | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
Other | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
Subtotal | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
Subtotal with an allowance | 6,086,432 | 6,277,745 | 1,292,063 | 3,832,106 | 45,037 | ||||||||||||||||||||||||||||||||||||
Total: | |||||||||||||||||||||||||||||||||||||||||
Construction | 2,842,031 | 2,842,031 | 569,579 | 536,142 | - | ||||||||||||||||||||||||||||||||||||
Commercial Business | 906,526 | 1,094,035 | 253,598 | 931,380 | 25,236 | ||||||||||||||||||||||||||||||||||||
Commercial Real Estate | 3,952,546 | 3,999,032 | 447,193 | 3,286,487 | 29,291 | ||||||||||||||||||||||||||||||||||||
Mortgage Warehouse Lines | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
Residential Real Estate | 134,193 | 134,193 | 21,693 | 310,995 | - | ||||||||||||||||||||||||||||||||||||
Consumer | 54,904 | 54,904 | - | 54,904 | - | ||||||||||||||||||||||||||||||||||||
Total | $ | 7,890,200 | $ | 8,124,195 | $ | 1,292,063 | $ | 5,119,908 | $ | 54,527 | |||||||||||||||||||||||||||||||
Troubled Debt Restructurings on Financing Receivables [Table Text Block] | ' | ||||||||||||||||||||||||||||||||||||||||
Number of | Pre-Modification | Post-Modification | |||||||||||||||||||||||||||||||||||||||
Contracts | Outstanding | Outstanding | |||||||||||||||||||||||||||||||||||||||
Recorded | Recorded | ||||||||||||||||||||||||||||||||||||||||
Investment | Investment | ||||||||||||||||||||||||||||||||||||||||
Troubled Debt Restructurings: | |||||||||||||||||||||||||||||||||||||||||
Commercial Real Estate | 1 | $ | 371,834 | $ | 367,034 | ||||||||||||||||||||||||||||||||||||
Number of | Pre-Modification | Post-Modification | |||||||||||||||||||||||||||||||||||||||
Contracts | Outstanding | Outstanding | |||||||||||||||||||||||||||||||||||||||
Recorded | Recorded | ||||||||||||||||||||||||||||||||||||||||
Investment | Investment | ||||||||||||||||||||||||||||||||||||||||
Troubled Debt Restructurings: | |||||||||||||||||||||||||||||||||||||||||
Commercial | 2 | $ | 137,028 | $ | 86,794 | ||||||||||||||||||||||||||||||||||||
Commercial Real Estate | 1 | 1,278,362 | 1,261,000 | ||||||||||||||||||||||||||||||||||||||
Troubled Debt Restructurings on Financing Receivables Subsequent Default [Table Text Block] | ' | ||||||||||||||||||||||||||||||||||||||||
Number of Contracts | Recorded Investment | ||||||||||||||||||||||||||||||||||||||||
Troubled Debt Restructurings that subsequently defaulted: | |||||||||||||||||||||||||||||||||||||||||
Commercial | 2 | $ | 82,113 | ||||||||||||||||||||||||||||||||||||||
Commercial [Member] | ' | ||||||||||||||||||||||||||||||||||||||||
Note 4 - Allowance for Loan Losses and Credit Quality Disclosure (Tables) [Line Items] | ' | ||||||||||||||||||||||||||||||||||||||||
Financing Receivable Credit Quality Indicators [Table Text Block] | ' | ||||||||||||||||||||||||||||||||||||||||
Commercial Credit Exposure - By | Construction | Commercial | Commercial | Mortgage | Residential | ||||||||||||||||||||||||||||||||||||
Internally Assigned Grade | Business | Real Estate | Warehouse | Real Estate | |||||||||||||||||||||||||||||||||||||
Lines | |||||||||||||||||||||||||||||||||||||||||
Grade: | |||||||||||||||||||||||||||||||||||||||||
Pass | $ | 47,539,033 | $ | 79,832,704 | $ | 68,620,450 | $ | 116,951,357 | $ | 12,635,067 | |||||||||||||||||||||||||||||||
Special Mention | - | 1,406,143 | 19,396,574 | - | 1,129,111 | ||||||||||||||||||||||||||||||||||||
Substandard | 3,463,139 | 792,057 | 10,372,706 | - | - | ||||||||||||||||||||||||||||||||||||
Doubtful | - | 258,486 | - | - | - | ||||||||||||||||||||||||||||||||||||
Loss | - | 58,665 | - | - | |||||||||||||||||||||||||||||||||||||
Total | $ | 51,002,172 | $ | 82,348,055 | $ | 98,389,730 | $ | 116,951,357 | $ | 13,764,178 | |||||||||||||||||||||||||||||||
Commercial Credit Exposure - By | Construction | Commercial | Commercial | Mortgage | Residential | ||||||||||||||||||||||||||||||||||||
Internally Assigned Grade | Business | Real Estate | Warehouse | Real Estate | |||||||||||||||||||||||||||||||||||||
Lines | |||||||||||||||||||||||||||||||||||||||||
Grade: | |||||||||||||||||||||||||||||||||||||||||
Pass | $ | 49,373,827 | $ | 55,498,613 | $ | 76,096,964 | $ | 284,127,530 | $ | 10,763,114 | |||||||||||||||||||||||||||||||
Special Mention | - | 1,019,586 | 19,060,621 | - | 134,193 | ||||||||||||||||||||||||||||||||||||
Substandard | 5,777,494 | 1,064,799 | 7,255,109 | - | - | ||||||||||||||||||||||||||||||||||||
Doubtful | 540,072 | 282,438 | - | - | - | ||||||||||||||||||||||||||||||||||||
Total | $ | 55,691,393 | $ | 57,865,436 | $ | 102,412,694 | $ | 284,127,530 | $ | 10,897,307 | |||||||||||||||||||||||||||||||
Consumer [Member] | ' | ||||||||||||||||||||||||||||||||||||||||
Note 4 - Allowance for Loan Losses and Credit Quality Disclosure (Tables) [Line Items] | ' | ||||||||||||||||||||||||||||||||||||||||
Financing Receivable Credit Quality Indicators [Table Text Block] | ' | ||||||||||||||||||||||||||||||||||||||||
Consumer Credit Exposure - By Payment Activity | Loans To | Other | |||||||||||||||||||||||||||||||||||||||
Individuals | |||||||||||||||||||||||||||||||||||||||||
Performing | $ | 9,674,011 | $ | 170,526 | |||||||||||||||||||||||||||||||||||||
Nonperforming | 92,103 | - | |||||||||||||||||||||||||||||||||||||||
Total | $ | 9,766,114 | $ | 170,526 | |||||||||||||||||||||||||||||||||||||
Consumer Credit Exposure - | Loans To | Other | |||||||||||||||||||||||||||||||||||||||
By Payment Activity | Individuals | ||||||||||||||||||||||||||||||||||||||||
Performing | $ | 9,454,288 | $ | 189,279 | |||||||||||||||||||||||||||||||||||||
Nonperforming | 189,097 | - | |||||||||||||||||||||||||||||||||||||||
Total | $ | 9,643,385 | $ | 189,279 |
Note_5_Loans_to_Related_Partie1
Note 5 - Loans to Related Parties (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Related Party Transactions [Abstract] | ' | ||||||||
Schedule of Related Party Transactions [Table Text Block] | ' | ||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
Balance, beginning of year | $ | 3,256,734 | $ | 3,077,361 | |||||
Loans granted | 244,198 | 412,581 | |||||||
Repayments of loans | (1,914,141 | ) | (233,208 | ) | |||||
Balance, end of year | $ | 1,586,791 | $ | 3,256,734 |
Note_6_Premises_and_Equipment_
Note 6 - Premises and Equipment (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||||||
Property, Plant and Equipment [Table Text Block] | ' | |||||||||||
December 31, | ||||||||||||
Estimated | 2013 | 2012 | ||||||||||
Useful Lives (years) | ||||||||||||
Land | $ | 1,797,528 | $ | 1,797,528 | ||||||||
Building | 40 | 7,272,293 | 7,272,293 | |||||||||
Leasehold improvements | 10 | 4,127,626 | 4,016,113 | |||||||||
Furniture and equipment | 3 | – | 15 | 3,851,500 | 3,745,340 | |||||||
17,048,947 | 16,831,274 | |||||||||||
Less: Accumulated depreciation | (7,005,442 | ) | (6,200,979 | ) | ||||||||
$ | 10,043,505 | $ | 10,630,295 |
Note_8_Goodwill_and_Intangible1
Note 8 - Goodwill and Intangible Assets (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||
Schedule of Intangible Assets and Goodwill [Table Text Block] | ' | ||||||||
2013 | 2012 | ||||||||
Goodwill | $ | 3,764,314 | $ | 3,764,314 | |||||
Core deposits intangible | 1,125,261 | 1,393,228 | |||||||
Total | $ | 4,889,575 | $ | 5,157,542 | |||||
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | ' | ||||||||
2014 | $ | 258,054 | |||||||
2015 | 231,255 | ||||||||
2016 | 231,255 | ||||||||
2017 | 231,255 | ||||||||
2018 | 173,442 | ||||||||
$ | 1,125,261 |
Note_9_Deposits_Tables
Note 9 - Deposits (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Disclosure Text Block [Abstract] | ' | ||||||||
Schedule of Deposits Liabilities [Table Text Block] | ' | ||||||||
2013 | 2012 | ||||||||
Demand | |||||||||
Non-interest bearing | $ | 121,891,752 | $ | 152,334,759 | |||||
Interest bearing | 200,737,912 | 211,475,765 | |||||||
Savings | 180,002,971 | 202,261,035 | |||||||
Time | 135,919,395 | 141,617,916 | |||||||
$ | 638,552,030 | $ | 707,689,475 | ||||||
Scheduled Maturities of Time Deposits [Table Text Block] | ' | ||||||||
Year | Amount | ||||||||
2014 | $ | 68,243,871 | |||||||
2015 | 36,221,632 | ||||||||
2016 | 14,403,422 | ||||||||
2017 | 10,444,467 | ||||||||
2018 | 6,606,003 | ||||||||
$ | 135,919,395 | ||||||||
Schedule of Deposits Liabilities [Table Text Block] | ' | ||||||||
Maturity Range | Amount | ||||||||
Three months or less | $ | 10,237,908 | |||||||
Over three months through six months | 14,215,637 | ||||||||
Over six months through twelve months | 12,948,213 | ||||||||
Over twelve months | 34,764,622 | ||||||||
$ | 72,166,380 |
Note_12_Income_Taxes_Tables
Note 12 - Income Taxes (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | ' | ||||||||
2013 | 2012 | ||||||||
Federal- | |||||||||
Current | $ | 655,751 | $ | 3,089,047 | |||||
Deferred | 1,205,078 | (1,415,505 | ) | ||||||
1,860,829 | 1,673,542 | ||||||||
State- | |||||||||
Current | 144,702 | 675,260 | |||||||
Deferred | 279,831 | (376,837 | ) | ||||||
424,533 | 298,423 | ||||||||
$ | 2,285,362 | $ | 1,971,965 | ||||||
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | ' | ||||||||
2013 | 2012 | ||||||||
Federal income tax | $ | 2,742,253 | $ | 2,391,039 | |||||
Add (deduct) effect of: | |||||||||
State income taxes net of federal income tax effect | 280,192 | 196,959 | |||||||
Tax-exempt interest income | (751,164 | ) | (570,292 | ) | |||||
Bank-owned life insurance | (155,403 | ) | (152,158 | ) | |||||
Other items, net | 169,484 | 106,417 | |||||||
Provision for income taxes | $ | 2,285,362 | $ | 1,971,965 | |||||
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | ' | ||||||||
2013 | 2012 | ||||||||
Deferred tax assets (liabilities): | |||||||||
Write-downs and expenses of OREO | $ | 100,044 | $ | 1,443,644 | |||||
Allowance for loan losses | 2,811,205 | 2,856,194 | |||||||
Unrealized gain on securities available for sale | 1,060,098 | (571,763 | ) | ||||||
SERP Liability | 1,823,427 | 1,737,663 | |||||||
Other than temporary impairment loss | 170,321 | 170,321 | |||||||
Depreciation | 172,840 | 334,896 | |||||||
Nonaccrual interest | 159,263 | 144,742 | |||||||
Pension Liability | (11,721 | ) | 65,493 | ||||||
Other | 110,963 | 145,512 | |||||||
Net deferred tax assets | $ | 6,396,440 | $ | 6,326,702 |
Note_13_Comprehensive_Income_a1
Note 13 - Comprehensive Income and Accumulated Other Comprehensive Income (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Disclosure Text Block [Abstract] | ' | ||||||||||||||||
Comprehensive Income (Loss) [Table Text Block] | ' | ||||||||||||||||
Before-Tax | Income Tax | Net-of-Tax | |||||||||||||||
Amount | Effect | Amount | |||||||||||||||
Unrealized holding (losses) gains on available for sale securities : | |||||||||||||||||
Unrealized holding (losses) on available for sale securities | $ | (2,992,624 | ) | $ | 1,060,098 | $ | (1,932,526 | ) | |||||||||
Reclassification adjustment for (gains) realized in income | - | - | - | ||||||||||||||
Other comprehensive (loss) on available for sale securities | (2,992,624 | ) | 1,060,098 | (1,932,526 | ) | ||||||||||||
Unrealized impairment loss on held to maturity security: | |||||||||||||||||
Unrealized impairment (loss) on held to maturity security | (500,944 | ) | 170,321 | (330,623 | ) | ||||||||||||
Unfunded pension liability : | |||||||||||||||||
Changes from plan actuarial gains and losses included in other comprehensive income | 27,236 | (11,721 | ) | 15,515 | |||||||||||||
Amortization of net transition obligation, prior service cost and net actuarial loss included in net periodic benefit cost | - | - | - | ||||||||||||||
Other comprehensive gain (loss) on unfunded retirement obligations | 27,236 | (11,721 | ) | 15,515 | |||||||||||||
Total other comprehensive (loss) | $ | (3,466,332 | ) | $ | 1,218,698 | $ | (2,247,634 | ) | |||||||||
Before-Tax | Income Tax | Net-of-Tax | |||||||||||||||
Amount | Effect | Amount | |||||||||||||||
Unrealized holding (losses) gains on available for sale securities : | |||||||||||||||||
Unrealized holding (losses) gains on available for sale securities | $ | 1,806,967 | $ | (571,763 | ) | $ | 1,235,204 | ||||||||||
Reclassification adjustment for (gains) realized in income | - | - | - | ||||||||||||||
Other comprehensive (loss) gain on available for sale securities | 1,806,967 | (571,763 | ) | 1,235,204 | |||||||||||||
Unrealized impairment loss on held to maturity security: | |||||||||||||||||
Unrealized impairment (loss) on held to maturity security | (500,944 | ) | 170,321 | (330,623 | ) | ||||||||||||
Unfunded pension liability : | |||||||||||||||||
Changes from plan actuarial gains and losses included in other comprehensive income | (165,781 | ) | 65,493 | (100,288 | ) | ||||||||||||
Amortization of net transition obligation, prior service cost and net actuarial loss included in net periodic benefit cost | - | - | - | ||||||||||||||
Other comprehensive gain (loss) on unfunded retirement obligations | (165,781 | ) | 65,493 | (100,288 | ) | ||||||||||||
Total other comprehensive gain (loss) | $ | 1,140,242 | $ | (335,949 | ) | $ | 804,293 | ||||||||||
Components of Accumulated Other Comprehensive Loss [Table Text Block] | ' | ||||||||||||||||
Unrealized | Unrealized | Unfunded | Accumulated | ||||||||||||||
Holding (Losses) | Impairment Loss | Pension | Other | ||||||||||||||
Gains on | on Held to | Liability | Comprehensive | ||||||||||||||
Available for Sale | Maturity | Income (Loss) | |||||||||||||||
Securities | Security | ||||||||||||||||
Balance, January 1, 2012 | $ | 1,530,078 | $ | (330,623 | ) | $ | (107,993 | ) | $ | 1,091,462 | |||||||
Other comprehensive income (loss) before reclassifications | (294,874 | ) | - | 7,705 | (287,169 | ) | |||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | - | - | - | - | |||||||||||||
Other comprehensive income (loss) | (294,874 | ) | - | 7,705 | (287,169 | ) | |||||||||||
Balance, December 31, 2012 | 1,235,204 | (330,623 | ) | (100,288 | ) | 804,293 | |||||||||||
Other comprehensive income (loss) before reclassifications | (3,167,730 | ) | - | 115,803 | (3,051,927 | ) | |||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | - | - | - | - | |||||||||||||
Other comprehensive income (loss) | (3,167,730 | ) | - | 115,803 | (3,051,927 | ) | |||||||||||
Balance, December 31, 2013 | $ | (1,932,526 | ) | $ | (330,623 | ) | $ | 15,515 | $ | (2,247,634 | ) |
Note_14_Benefit_Plans_Tables
Note 14 - Benefit Plans (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Compensation and Retirement Disclosure [Abstract] | ' | ||||||||
Schedule of Changes in Projected Benefit Obligations [Table Text Block] | ' | ||||||||
2013 | 2012 | ||||||||
Change in Benefit Obligation | |||||||||
Liability for pension, beginning | $ | 4,517,757 | $ | 3,952,450 | |||||
Service cost | 273,676 | 247,293 | |||||||
Interest cost | 199,200 | 200,290 | |||||||
Actuarial (gain) loss | (452,454 | ) | 117,724 | ||||||
Benefits paid | - | - | |||||||
Liability for pension, ending | $ | 4,538,179 | $ | 4,517,757 | |||||
Amount Recognized in Consolidated Balance Sheets | |||||||||
Liability for pension | $ | (4,538,179 | ) | $ | (4,517,757 | ) | |||
Net actuarial gain included in accumulated other comprehensive income | (27,236 | ) | 157,336 | ||||||
Prior service cost included in accumulated other comprehensive income | - | 8,445 | |||||||
Net recognized pension liability | $ | (4,565,415 | ) | $ | (4,351,977 | ) | |||
Information for pension plans with an accumulated benefit obligation in excess of plan assets | |||||||||
Projected benefit obligation | $ | 4,538,179 | $ | 4,517,757 | |||||
Accumulated benefit obligation | 4,211,047 | 3,380,461 | |||||||
Schedule of Net Periodic Benefit Cost Not yet Recognized [Table Text Block] | ' | ||||||||
Components of Net Periodic Benefit Cost | 2013 | 2012 | |||||||
Service cost | $ | 273,676 | $ | 247,293 | |||||
Interest cost | 199,200 | 200,290 | |||||||
Amortization of prior service cost | (267,883 | ) | 99,432 | ||||||
Recognized net actuarial gain | 8,445 | 21,201 | |||||||
Net periodic benefit expense | $ | 213,438 | $ | 568,216 | |||||
Schedule of Assumptions Used [Table Text Block] | ' | ||||||||
Weighted-Average Assumptions, December 31 | 2013 | 2012 | |||||||
Discount Rate | 4.9 | % | 6 | % | |||||
Salary Scale | 4 | % | 4 | % | |||||
Schedule of Expected Benefit Payments [Table Text Block] | ' | ||||||||
Projected Annual Benefit Payments* | |||||||||
2014 | $ | 730,141 | |||||||
2015 | $ | 3,906,536 | |||||||
2016 | $ | - | |||||||
2017 | $ | 873,279 | |||||||
2018 | $ | - | |||||||
2019-2022 | $ | - |
Note_15_ShareBased_Compensatio1
Note 15 - Share-Based Compensation (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||||||||||||||||
Schedule of Share-based Compensation, Activity [Table Text Block] | ' | ||||||||||||||||||||||||||||
Stock Options | Number of | Weighted | Weighted | Aggregate | |||||||||||||||||||||||||
Shares | Average | Average | Intrinsic | ||||||||||||||||||||||||||
Exercise Price | Remaining | Value | |||||||||||||||||||||||||||
Contractual | |||||||||||||||||||||||||||||
Term (years) | |||||||||||||||||||||||||||||
Outstanding at January 1, 2012 | 206,751 | $ | 9.2 | ||||||||||||||||||||||||||
Granted | 28,007 | 6.11 | |||||||||||||||||||||||||||
Exercised | (9,040 | ) | 7.43 | ||||||||||||||||||||||||||
Forfeited | - | - | |||||||||||||||||||||||||||
Expired | (3,824 | ) | 7.95 | ||||||||||||||||||||||||||
Outstanding at December 31, 2012 | 221,894 | 8.91 | 6.2 | $ | 193,917 | ||||||||||||||||||||||||
Granted | 25,305 | 8.06 | |||||||||||||||||||||||||||
Exercised | (11,601 | ) | 8.86 | ||||||||||||||||||||||||||
Forfeited | - | - | |||||||||||||||||||||||||||
Expired | - | - | |||||||||||||||||||||||||||
Outstanding at December 31, 2013 | 235,598 | $ | 8.81 | 5.6 | $ | 623,916 | |||||||||||||||||||||||
Exercisable at December 31, 2013 | 174,965 | $ | 9.44 | 4.8 | $ | 381,551 | |||||||||||||||||||||||
Schedule of Options Outstanding [Table Text Block] | ' | ||||||||||||||||||||||||||||
Outstanding Options | Exercisable Options | ||||||||||||||||||||||||||||
Exercise Price Range | Number | Average | Average | Number | Average | Average | |||||||||||||||||||||||
Life in | Exercise | Life in | Exercise | ||||||||||||||||||||||||||
Years | Price | Years | Price | ||||||||||||||||||||||||||
$5.92 | to | $6.21 | 62,000 | 7.9 | $ | 6.15 | 31,598 | 7.8 | $ | 6.16 | |||||||||||||||||||
$6.79 | to | $10.75 | 110,080 | 6.5 | $ | 8.06 | 79,849 | 5.7 | $ | 8.14 | |||||||||||||||||||
$11.51 | to | $13.77 | 63,518 | 2.1 | $ | 12.7 | 63,518 | 2.1 | $ | 12.7 | |||||||||||||||||||
235,598 | 5.6 | $ | 8.81 | 174,965 | 4.8 | $ | 9.44 | ||||||||||||||||||||||
Fair Value Inputs, Assets, Quantitative Information [Table Text Block] | ' | ||||||||||||||||||||||||||||
Jan-13 | Jan-12 | ||||||||||||||||||||||||||||
Fair value of options granted | $ | 2.69 | $ | 2.2 | |||||||||||||||||||||||||
Risk-free rate of return | 0.81 | % | 0.84 | % | |||||||||||||||||||||||||
Expected option life in years | 7 | 7 | |||||||||||||||||||||||||||
Expected volatility | 30.82 | % | 31.48 | % | |||||||||||||||||||||||||
Expected dividends (1) | - | - | |||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value [Table Text Block] | ' | ||||||||||||||||||||||||||||
Non-vested Shares | Number of | Average Grant-Date | |||||||||||||||||||||||||||
Shares | Fair Value | ||||||||||||||||||||||||||||
Non-vested at January 1, 2012 | 159,341 | $ | 6.54 | ||||||||||||||||||||||||||
Granted | 47,034 | 8.73 | |||||||||||||||||||||||||||
Vested | (65,800 | ) | 8.38 | ||||||||||||||||||||||||||
Forfeited | - | - | |||||||||||||||||||||||||||
Non-vested at December 31, 2012 | 140,575 | 6.41 | |||||||||||||||||||||||||||
Granted | 45,093 | 9.75 | |||||||||||||||||||||||||||
Vested | (49,178 | ) | 8.97 | ||||||||||||||||||||||||||
Forfeited | - | - | |||||||||||||||||||||||||||
Non-vested at December 31, 2013 | 136,490 | $ | 6.59 |
Note_16_Commitments_and_Contin1
Note 16 - Commitments and Contingencies (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | ' | ||||
2014 | $ | 948,922 | |||
2015 | 807,645 | ||||
2016 | 754,435 | ||||
2017 | 750,057 | ||||
2018 | 594,576 | ||||
Thereafter | 1,701,268 | ||||
$ | 5,556,903 |
Note_17_Other_Operating_Expens1
Note 17 - Other Operating Expenses (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Other Income and Expenses [Abstract] | ' | ||||||||
Schedule of Other Operating Cost and Expense, by Component [Table Text Block] | ' | ||||||||
2013 | 2012 | ||||||||
Marketing | $ | 294,663 | $ | 185,738 | |||||
Equipment | 884,092 | 862,765 | |||||||
Telephone | 364,059 | 351,183 | |||||||
Regulatory, professional and other consulting fees | 1,104,037 | 726,556 | |||||||
Amortization of intangible assets | 267,966 | 267,967 | |||||||
Other expenses | 1,412,459 | 1,295,440 | |||||||
$ | 4,327,276 | $ | 3,689,649 |
Note_18_Regulatory_Requirement1
Note 18 - Regulatory Requirements (Tables) | 12 Months Ended | ||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||
Disclosure Text Block [Abstract] | ' | ||||||||||||||||||||||
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations [Table Text Block] | ' | ||||||||||||||||||||||
Actual | For Capital | To Be Well Capitalized | |||||||||||||||||||||
Adequacy Purposes | Under Prompt | ||||||||||||||||||||||
Corrective | |||||||||||||||||||||||
Action Provisions | |||||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||
Company | |||||||||||||||||||||||
Total Capital to Risk Weighted Assets | $ | 89,532,373 | 19.29 | % | $ | 37,123,200 | > | 8 | % | N/A | N/A | ||||||||||||
Tier I Capital to Risk Weighted Assets | 83,716,373 | 18.04 | % | 18,561,600 | > | 4 | % | N/A | N/A | ||||||||||||||
Tier I Capital to Average Assets | 83,716,373 | 10.89 | % | 30,757,840 | > | 4 | % | N/A | N/A | ||||||||||||||
Bank | |||||||||||||||||||||||
Total Capital to Risk Weighted Assets | $ | 87,253,384 | 18.8 | % | $ | 37,123,200 | > | 8 | % | $ | 46,404,000 | > | 10 | % | |||||||||
Tier I Capital to Risk Weighted Assets | 81,437,384 | 17.55 | % | 18,561,600 | > | 4 | % | 27,842,400 | > | 6 | % | ||||||||||||
Tier I Capital to Average Assets | 81,437,384 | 10.59 | % | 30,757,840 | > | 4 | % | 38,447,300 | > | 5 | % | ||||||||||||
As of December 31, 2012 | |||||||||||||||||||||||
Company | |||||||||||||||||||||||
Total Capital to Risk Weighted Assets | $ | 81,213,909 | 12.98 | % | $ | 50,044,960 | > | 8 | % | N/A | N/A | ||||||||||||
Tier I Capital to Risk Weighted Assets | 74,062,697 | 11.84 | % | 25,022,480 | > | 4 | % | N/A | N/A | ||||||||||||||
Tier I Capital to Average Assets | 74,062,697 | 9.29 | % | 31,881,576 | > | 4 | % | N/A | N/A | ||||||||||||||
Bank | |||||||||||||||||||||||
Total Capital to Risk Weighted Assets | $ | 78,621,740 | 12.57 | % | $ | 50,044,960 | > | 8 | % | $ | 62,556,200 | > | 10 | % | |||||||||
Tier I Capital to Risk Weighted Assets | 71,470,528 | 11.43 | % | 25,022,480 | > | 4 | % | 37,533,720 | > | 6 | % | ||||||||||||
Tier I Capital to Average Assets | 71,470,528 | 9.05 | % | 31,604,458 | > | 4 | % | 39,505,573 | > | 5 | % |
Note_20_Fair_Value_Disclosures1
Note 20 - Fair Value Disclosures (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||||
Fair Value, Liabilities Measured on Recurring Basis [Table Text Block] | ' | ||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total Fair | ||||||||||||||||||
Inputs | Inputs | Inputs | Value | ||||||||||||||||||
December 31, 2013: | |||||||||||||||||||||
Securities available for sale: | |||||||||||||||||||||
U.S. Treasury Securities and obligations of U.S. Government sponsored corporations (“GSE”) and agencies | $ | 19,994,430 | $ | 1,515,270 | $ | - | $ | 21,509,700 | |||||||||||||
Residential collateralized mortgage obligations GSE | - | 3,681,792 | - | 3,681,792 | |||||||||||||||||
Residential collateralized mortgage obligations – non GSE | - | 2,826,396 | - | 2,826,396 | |||||||||||||||||
Residential mortgage backed securities - GSE | - | 31,965,947 | - | 31,965,947 | |||||||||||||||||
Obligations of State and Political subdivisions | - | 19,646,044 | - | 19,464,044 | |||||||||||||||||
Trust preferred debt securities - single issuer | - | 2,013,100 | - | 2,013,100 | |||||||||||||||||
Corporate debt securities | - | 16,517,728 | - | 16,517,728 | |||||||||||||||||
Restricted stock | - | 1,013,100 | - | 1,013,100 | |||||||||||||||||
Mutual fund | - | 25,000 | - | 25,000 | |||||||||||||||||
December 31, 2012: | |||||||||||||||||||||
Securities available for sale: | |||||||||||||||||||||
U.S. Treasury Securities and obligations of U.S. Government sponsored corporations (“GSE”) and agencies | $ | 27,923,670 | $ | 1,571,865 | $ | - | $ | 29,495,535 | |||||||||||||
Residential collateralized mortgage obligations GSE | - | 6,632,665 | - | 6,632,665 | |||||||||||||||||
Residential collateralized mortgage obligations – non GSE | - | 3,924,182 | - | 3,924,182 | |||||||||||||||||
Residential mortgage backed securities - GSE | - | 26,489,335 | - | 26,489,335 | |||||||||||||||||
Obligations of State and Political subdivisions | - | 20,682,301 | - | 20,682,301 | |||||||||||||||||
Trust preferred debt securities - single issuer | - | 1,998,366 | - | 1,998,366 | |||||||||||||||||
Corporate debt securities | - | 18,100,281 | - | 18,100,281 | |||||||||||||||||
Restricted stock | - | 2,493,300 | - | 2,493,300 | |||||||||||||||||
Mutual fund | - | 25,000 | - | 25,000 | |||||||||||||||||
Fair Value Measurements, Nonrecurring [Table Text Block] | ' | ||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total Fair | ||||||||||||||||||
Inputs | Inputs | Inputs | Value | ||||||||||||||||||
December 31, 2013: | |||||||||||||||||||||
Impaired loans | - | - | $ | 7,879,005 | $ | 7,879,005 | |||||||||||||||
Other real estate owned | - | - | 209,937 | 209,937 | |||||||||||||||||
December 31, 2012: | |||||||||||||||||||||
Impaired loans | - | - | $ | 4,794,369 | $ | 4,794,369 | |||||||||||||||
Other real estate owned | - | - | 6,568,781 | 6,568,781 | |||||||||||||||||
Fair Value, Option, Quantitative Disclosures [Table Text Block] | ' | ||||||||||||||||||||
Quantitative Information about Level 3 Fair Value Measurements | |||||||||||||||||||||
Fair Value Estimate | Valuation Techniques | Unobservable Input | Range (Weighted Average) | ||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||
Impaired loans | $ | 7,879,005 | Appraisal of collateral (1) | Appraisal adjustments (2) | 5 | - | 15% | -8.80% | |||||||||||||
Other real estate owned | $ | 209,937 | Appraisal of collateral (1) | Appraisal adjustments (2) | 5 | - | 45% | -21.70% | |||||||||||||
31-Dec-12 | |||||||||||||||||||||
Impaired loans | $ | 4,794,369 | Appraisal of collateral (1) | Appraisal adjustments (2) | 5 | - | 15% | -9.70% | |||||||||||||
Other real estate owned | $ | 6,568,781 | Appraisal of collateral (1) | Appraisal adjustments (2) | 10 | - | 50% | -32.60% | |||||||||||||
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments [Table Text Block] | ' | ||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||
Carrying | Level 1 | Level 2 | Level 3 | Fair | |||||||||||||||||
Value | Inputs | Inputs | Inputs | Value | |||||||||||||||||
Cash and cash equivalents | $ | 69,278,771 | $ | 69,278,771 | - | - | $ | 69,278,771 | |||||||||||||
Securities available for sale | 99,198,807 | 19,994,430 | 79,204,377 | - | 99,198,807 | ||||||||||||||||
Securities held to maturity | 152,816,815 | - | 153,629,773 | - | 153,629,773 | ||||||||||||||||
Loans held for sale | 10,923,689 | - | 10,924,000 | - | 10,924,000 | ||||||||||||||||
Loans | 366,297,511 | - | - | 372,548,000 | 372,548,000 | ||||||||||||||||
Accrued interest receivable | 2,542,602 | - | 2,542,602 | - | 2,542,602 | ||||||||||||||||
Deposits | (638,552,030 | ) | - | (639,539,000 | ) | - | (639,539,000 | ) | |||||||||||||
Borrowings | (10,000,000 | ) | - | (11,148,000 | ) | - | (11,148,000 | ) | |||||||||||||
Redeemable subordinated debentures | (18,557,000 | ) | - | (18,557,000 | ) | - | (18,557,000 | ) | |||||||||||||
Accrued interest payable | (883,212 | ) | - | (883,212 | ) | - | (883,212 | ) | |||||||||||||
31-Dec-12 | |||||||||||||||||||||
Carrying | Level 1 | Level 2 | Level 3 | Fair | |||||||||||||||||
Value | Inputs | Inputs | Inputs | Value | |||||||||||||||||
Cash and cash equivalents | $ | 14,044,921 | $ | 14,044,921 | - | - | $ | 14,044,921 | |||||||||||||
Securities available for sale | 109,840,965 | 27,923,670 | 81,917,295 | - | 109,840,965 | ||||||||||||||||
Securities held to maturity | 116,027,900 | - | 121,839,363 | - | 121,839,363 | ||||||||||||||||
Loans held for sale | 35,960,262 | - | 35,960,262 | - | 35,960,262 | ||||||||||||||||
Loans | 514,662,898 | - | - | 515,577,788 | 515,577,788 | ||||||||||||||||
Accrued interest receivable | 2,872,099 | - | 2,872,099 | - | 2,872,099 | ||||||||||||||||
Deposits | (707,689,475 | ) | - | (709,678,000 | ) | - | (709,678,000 | ) | |||||||||||||
Borrowings | (42,400,000 | ) | - | (43,906,000 | ) | - | (43,906,000 | ) | |||||||||||||
Redeemable subordinated debentures | (18,557,000 | ) | - | (18,557,000 | ) | - | (18,557,000 | ) | |||||||||||||
Accrued interest payable | (1,057,779 | ) | - | (1,057,779 | ) | - | (1,057,779 | ) |
Note_21_Condensed_Financial_St1
Note 21 - Condensed Financial Statements of 1st Constitution Bancorp (Parent Company Only) (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ' | ||||||||
Condensed Balance Sheet [Table Text Block] | ' | ||||||||
December 31, | December 31, | ||||||||
2013 | 2012 | ||||||||
Assets: | |||||||||
Cash | $ | 55,409 | $ | 271,638 | |||||
Investment securities available for sale | 557,000 | 557,000 | |||||||
Investment in subsidiaries | 84,079,325 | 80,461,566 | |||||||
Other assets | 2,223,580 | 2,320,328 | |||||||
Total Assets | $ | 86,915,314 | $ | 83,610,532 | |||||
Liabilities And Shareholders’ Equity | |||||||||
Subordinated debentures | $ | 18,557,000 | $ | 18,557,000 | |||||
Shareholders’ equity | 68,358,314 | 65,053,532 | |||||||
Total Liabilities and Shareholders’ Equity | $ | 86,915,314 | $ | 83,610,532 | |||||
Condensed Income Statement [Table Text Block] | ' | ||||||||
Year ended December 31, | |||||||||
2013 | 2012 | ||||||||
Income: | |||||||||
Interest | $ | 11,464 | $ | 14,541 | |||||
Total Income | 11,464 | 14,541 | |||||||
Expense: | |||||||||
Interest | 362,961 | 397,920 | |||||||
Total Expense | 362,961 | 397,920 | |||||||
Loss before income taxes and equity in undistributed income of subsidiaries | (351,497 | ) | (383,379 | ) | |||||
Federal income tax benefit | (120,188 | ) | (131,232 | ) | |||||
Loss before equity in undistributed income of subsidiaries | (231,309 | ) | (252,147 | ) | |||||
Equity in undistributed income of subsidiaries | 6,011,397 | 5,312,651 | |||||||
Net Income | 5,780,088 | 5,060,504 | |||||||
Equity in other comprehensive loss of subsidiaries | (3,051,927 | ) | (287,169 | ) | |||||
Comprehensive Income | $ | 2,728,161 | $ | 4,773,335 | |||||
Condensed Cash Flow Statement [Table Text Block] | ' | ||||||||
Year ended December 31, | |||||||||
2013 | 2012 | ||||||||
Operating Activities: | |||||||||
Net Income | $ | 5,780,088 | $ | 5,060,504 | |||||
Adjustments: | |||||||||
Decrease (increase) in other assets | 96,748 | (134,972 | ) | ||||||
Equity in undistributed income of subsidiaries | (6,011,397 | ) | (5,312,651 | ) | |||||
Net cash used in operating activities | (134,561 | ) | (387,119 | ) | |||||
Cash Flows From Investing Activities: | |||||||||
Investment in subsidiary | (574,213 | ) | (5,181,472 | ) | |||||
Net cash (used in) provided by investing activities | (574,213 | ) | (5,181,472 | ) | |||||
Cash Flows From Financing Activities: | |||||||||
Issuance of common stock, net | 603,342 | 5,303,840 | |||||||
Purchase of treasury stock | (110,797 | ) | (122,570 | ) | |||||
Net cash provided by financing activities | 492,545 | 5,181,470 | |||||||
Net (decrease) in cash | (216,229 | ) | (387,321 | ) | |||||
Cash at beginning of year | 271,638 | 658,959 | |||||||
Cash at end of year | $ | 55,409 | $ | 271,638 |
Note_22_Unaudited_Quarterly_Fi1
Note 22 - Unaudited Quarterly Financial Data (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||
Schedule of Quarterly Financial Information [Table Text Block] | ' | ||||||||||||||||
2013 | |||||||||||||||||
Dec. 31 | Sept. 30 | 30-Jun | 31-Mar | ||||||||||||||
Summary of Operations | |||||||||||||||||
Interest income | $ | 6,999,053 | $ | 7,338,854 | $ | 7,182,252 | $ | 7,471,838 | |||||||||
Interest expense | 1,011,952 | 1,033,832 | 1,061,623 | 1,147,482 | |||||||||||||
Net interest income | 5,987,101 | 6,305,022 | 6,120,629 | 6,324,356 | |||||||||||||
Provision for loan losses | 299,998 | 539,998 | 236,666 | 0 | |||||||||||||
Net interest income after provision for loan losses | 5,687,103 | 5,765,024 | 5,883,963 | 6,324,356 | |||||||||||||
Non-interest income | 1,154,274 | 1,616,548 | 1,447,859 | 1,608,563 | |||||||||||||
Non-interest expense | 4,923,489 | 5,253,483 | 5,162,300 | 6,082,968 | |||||||||||||
Income before income taxes | 1,917,888 | 2,128,089 | 2,169,522 | 1,849,951 | |||||||||||||
Income taxes | 543,386 | 604,851 | 612,492 | 524,633 | |||||||||||||
Net income | $ | 1,374,502 | $ | 1,523,238 | $ | 1,557,030 | $ | 1,325,318 | |||||||||
Net income per common share : | |||||||||||||||||
Basic | $ | 0.24 | $ | 0.25 | $ | 0.26 | $ | 0.22 | |||||||||
Diluted | $ | 0.23 | $ | 0.25 | $ | 0.25 | $ | 0.22 | |||||||||
2012 | |||||||||||||||||
Dec. 31 | Sept. 30 | 30-Jun | 31-Mar | ||||||||||||||
Summary of Operations | |||||||||||||||||
Interest income | $ | 8,408,534 | $ | 8,486,646 | $ | 7,907,189 | $ | 8,034,267 | |||||||||
Interest expense | 1,225,923 | 1,242,244 | 1,279,267 | 1,403,708 | |||||||||||||
Net interest income | 7,182,611 | 7,244,402 | 6,627,922 | 6,630,559 | |||||||||||||
Provision for loan losses | 499,998 | 499,998 | 549,998 | 559,998 | |||||||||||||
Net interest income after provision for loan losses | 6,682,613 | 6,744,404 | 6,077,924 | 6,030,561 | |||||||||||||
Non-interest income | 1,597,670 | 1,316,727 | 1,187,966 | 1,165,165 | |||||||||||||
Non-interest expense | 6,600,896 | 6,183,174 | 5,373,974 | 5,612,517 | |||||||||||||
Income before income taxes | 1,679,387 | 1,877,957 | 1,891,916 | 1,583,209 | |||||||||||||
Income taxes | 438,642 | 523,038 | 593,808 | 416,477 | |||||||||||||
Net income | $ | 1,240,745 | $ | 1,354,919 | $ | 1,298,108 | $ | 1,166,732 | |||||||||
Net income per common share : | |||||||||||||||||
Basic | $ | 0.21 | $ | 0.25 | $ | 0.24 | $ | 0.22 | |||||||||
Diluted | $ | 0.2 | $ | 0.25 | $ | 0.24 | $ | 0.22 |
Note_1_Summary_of_Significant_2
Note 1 - Summary of Significant Accounting Policies (Details) (USD $) | 3 Months Ended | 12 Months Ended | |
Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | |
Note 1 - Summary of Significant Accounting Policies (Details) [Line Items] | ' | ' | ' |
Number of Stores | ' | 13 | ' |
Letters of Credit Outstanding, Amount | $1,620,362 | $2,212,029 | $1,620,362 |
Adjusted Share Information | ' | 5.00% | ' |
Dividends Payable, Date Declared | ' | 31-Dec-12 | ' |
Dividends Payable, Date to be Paid | ' | 31-Jan-13 | ' |
Dividends Payable, Date of Record | ' | 14-Jan-13 | ' |
Proceeds from Issuance of Common Stock | 5,000,000 | 0 | 4,819,794 |
Stock Issued During Period, Shares, New Issues (in Shares) | ' | 555,555 | 555,555 |
Marketable Securities | 225,868,865 | 252,015,622 | 225,868,865 |
Trust Preferred Securities Subject to Mandatory Redemption [Member] | ' | ' | ' |
Note 1 - Summary of Significant Accounting Policies (Details) [Line Items] | ' | ' | ' |
Marketable Securities | 18,000,000 | 18,000,000 | 18,000,000 |
Equity Option [Member] | ' | ' | ' |
Note 1 - Summary of Significant Accounting Policies (Details) [Line Items] | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in Shares) | ' | 78,596 | 108,174 |
US Government Agencies Debt Securities [Member] | ' | ' | ' |
Note 1 - Summary of Significant Accounting Policies (Details) [Line Items] | ' | ' | ' |
Investment Owned, Percent of Total Portfolio | ' | 71.20% | ' |
Collateralized Mortgage Obligations [Member] | ' | ' | ' |
Note 1 - Summary of Significant Accounting Policies (Details) [Line Items] | ' | ' | ' |
Investment Owned, Percent of Total Portfolio | ' | 12.70% | ' |
Investment Securities Type 2 [Member] | ' | ' | ' |
Note 1 - Summary of Significant Accounting Policies (Details) [Line Items] | ' | ' | ' |
Investment Owned, Percent of Total Portfolio | ' | 16.10% | ' |
Impaired Loans [Member] | ' | ' | ' |
Note 1 - Summary of Significant Accounting Policies (Details) [Line Items] | ' | ' | ' |
Long-Lived Assets | $0 | $0 | $0 |
Minimum [Member] | Core Deposits [Member] | ' | ' | ' |
Note 1 - Summary of Significant Accounting Policies (Details) [Line Items] | ' | ' | ' |
Finite-Lived Intangible Asset, Useful Life | ' | '5 years | ' |
Maximum [Member] | Core Deposits [Member] | ' | ' | ' |
Note 1 - Summary of Significant Accounting Policies (Details) [Line Items] | ' | ' | ' |
Finite-Lived Intangible Asset, Useful Life | ' | '10 years | ' |
Note_1_Summary_of_Significant_3
Note 1 - Summary of Significant Accounting Policies (Details) - Earnings Per Share, Basic and Diluted (USD $) | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | |
Basic earnings per common share: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income (in Dollars) | $1,374,502 | $1,523,238 | $1,557,030 | $1,325,318 | $1,240,745 | $1,354,919 | $1,298,108 | $1,166,732 | $5,780,088 | $5,060,504 |
Weighted average shares, basic | ' | ' | ' | ' | ' | ' | ' | ' | 5,973,323 | 5,511,114 |
Per share Amount, basic (in Dollars per share) | $0.24 | $0.25 | $0.26 | $0.22 | $0.21 | $0.25 | $0.24 | $0.22 | $0.97 | $0.92 |
Effect of dilutive securities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock options and unvested stock awards | ' | ' | ' | ' | ' | ' | ' | ' | 128,720 | 95,989 |
Diluted EPS: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income (in Dollars) | ' | ' | ' | ' | ' | ' | ' | ' | $5,780,088 | $5,060,504 |
Weighted average shares, diluted | ' | ' | ' | ' | ' | ' | ' | ' | 6,102,043 | 5,607,103 |
Per share Amount, diluted (in Dollars per share) | $0.23 | $0.25 | $0.25 | $0.22 | $0.20 | $0.25 | $0.24 | $0.22 | $0.95 | $0.90 |
Note_2_Investment_Securities_D
Note 2 - Investment Securities (Details) (USD $) | 12 Months Ended |
Dec. 31, 2009 | |
Investments, Debt and Equity Securities [Abstract] | ' |
Other than Temporary Impairment Losses, Investments | $864,727 |
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net | 363,783 |
Other than Temporary Impairment Losses, Investments, Portion in Other Comprehensive Loss, before Tax, Including Portion Attributable to Noncontrolling Interest | $500,944 |
Note_2_Investment_Securities_D1
Note 2 - Investment Securities (Details) - Available-for-sale Securities (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Available for sale- | ' | ' |
Amortized Cost | $102,191,431 | $108,033,998 |
Gross Unrealized Gains | 1,560,546 | 2,818,059 |
Gross Unrealized Losses | -4,553,170 | -1,011,092 |
Fair Value | 99,198,807 | 109,840,965 |
Restricted Stock [Member] | ' | ' |
Available for sale- | ' | ' |
Amortized Cost | 1,013,100 | 2,493,300 |
Fair Value | 1,013,100 | 2,493,300 |
U.S. Treasury Securities and Obligations of U.S. Government Sponsored Corporations ("GSE') and Agencies [Member] | ' | ' |
Available for sale- | ' | ' |
Amortized Cost | 22,386,761 | 29,384,595 |
Gross Unrealized Gains | 33,213 | 137,847 |
Gross Unrealized Losses | -910,274 | -26,907 |
Fair Value | 21,509,700 | 29,495,535 |
Residential Collateralized Mortgage Obligations- GSE [Member] | ' | ' |
Available for sale- | ' | ' |
Amortized Cost | 3,547,404 | 6,349,310 |
Gross Unrealized Gains | 134,388 | 283,355 |
Fair Value | 3,681,792 | 6,632,665 |
Residential Collateralized Mortgage Obligations- Non GSE [Member] | ' | ' |
Available for sale- | ' | ' |
Amortized Cost | 2,782,843 | 3,811,933 |
Gross Unrealized Gains | 52,227 | 119,323 |
Gross Unrealized Losses | -8,674 | -7,074 |
Fair Value | 2,826,396 | 3,924,182 |
Residential Mortgage Backed Securities- GSE [Member] | ' | ' |
Available for sale- | ' | ' |
Amortized Cost | 31,532,051 | 24,912,948 |
Gross Unrealized Gains | 872,169 | 1,576,387 |
Gross Unrealized Losses | -438,273 | ' |
Fair Value | 31,965,947 | 26,489,335 |
Obligations of State and Political Subdivisions [Member] | ' | ' |
Available for sale- | ' | ' |
Amortized Cost | 22,206,959 | 20,793,222 |
Gross Unrealized Gains | 149,959 | 375,416 |
Gross Unrealized Losses | -2,710,874 | -486,337 |
Fair Value | 19,646,044 | 20,682,301 |
Trust Preferred Debt Securities [Member] | ' | ' |
Available for sale- | ' | ' |
Amortized Cost | 2,468,839 | 2,466,009 |
Gross Unrealized Losses | -455,739 | -467,643 |
Fair Value | 2,013,100 | 1,998,366 |
Corporate Debt Securities [Member] | ' | ' |
Available for sale- | ' | ' |
Amortized Cost | 16,228,474 | 17,797,681 |
Gross Unrealized Gains | 318,590 | 325,731 |
Gross Unrealized Losses | -29,336 | -23,131 |
Fair Value | 16,517,728 | 18,100,281 |
Mutual Fund [Member] | ' | ' |
Available for sale- | ' | ' |
Amortized Cost | 25,000 | 25,000 |
Fair Value | $25,000 | $25,000 |
Note_2_Investment_Securities_D2
Note 2 - Investment Securities (Details) - Held-to-maturity Securities (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Obligations of U.S. Government sponsored | ' | ' |
Amortized Cost | $153,317,759 | $116,528,844 |
Other-Than-Temporary Impairment Recognized In Accumulated Other Comprehensive Loss | -500,944 | -500,944 |
Carrying Value | 152,816,815 | 116,027,900 |
Gross Unrealized Gains | 2,530,738 | 5,825,079 |
Gross Unrealized Losses | -1,717,780 | -13,616 |
Fair Value | 153,629,773 | 121,839,363 |
U.S. Treasury Securities and Obligations of U.S. Government Sponsored Corporations ("GSE') and Agencies [Member] | ' | ' |
Obligations of U.S. Government sponsored | ' | ' |
Amortized Cost | 1,524,860 | 3,073,957 |
Carrying Value | 1,524,860 | 3,073,957 |
Gross Unrealized Gains | 10,310 | 33,213 |
Fair Value | 1,535,170 | 3,107,170 |
Residential Collateralized Mortgage Obligations- GSE [Member] | ' | ' |
Obligations of U.S. Government sponsored | ' | ' |
Amortized Cost | 14,803,739 | 19,660,625 |
Carrying Value | 14,803,739 | 19,660,625 |
Gross Unrealized Gains | 379,815 | 1,021,556 |
Fair Value | 15,183,554 | 20,682,181 |
Residential Collateralized Mortgage Obligations- Non GSE [Member] | ' | ' |
Obligations of U.S. Government sponsored | ' | ' |
Amortized Cost | 10,682,363 | 13,387,974 |
Carrying Value | 10,682,363 | 13,387,974 |
Gross Unrealized Gains | 119,777 | 796,892 |
Gross Unrealized Losses | -27,526 | -289 |
Fair Value | 10,774,614 | 14,184,577 |
Residential Mortgage Backed Securities- GSE [Member] | ' | ' |
Obligations of U.S. Government sponsored | ' | ' |
Amortized Cost | 65,240,620 | 19,950,190 |
Carrying Value | 65,240,620 | 19,950,190 |
Gross Unrealized Gains | 611,062 | 849,040 |
Gross Unrealized Losses | -387,034 | -944 |
Fair Value | 65,464,648 | 20,798,286 |
Obligations of State and Political Subdivisions [Member] | ' | ' |
Obligations of U.S. Government sponsored | ' | ' |
Amortized Cost | 59,400,916 | 42,815,706 |
Carrying Value | 59,400,916 | 42,815,706 |
Gross Unrealized Gains | 1,399,938 | 3,039,935 |
Gross Unrealized Losses | -1,296,357 | ' |
Fair Value | 59,504,497 | 45,855,641 |
Trust Preferred Debt Securities Pooled [Member] | ' | ' |
Obligations of U.S. Government sponsored | ' | ' |
Amortized Cost | 656,662 | 656,662 |
Other-Than-Temporary Impairment Recognized In Accumulated Other Comprehensive Loss | -500,944 | -500,944 |
Carrying Value | 155,718 | 155,718 |
Gross Unrealized Losses | -6,863 | -9,638 |
Fair Value | 148,855 | 146,080 |
Corporate Debt Securities [Member] | ' | ' |
Obligations of U.S. Government sponsored | ' | ' |
Amortized Cost | 1,008,599 | 16,983,730 |
Carrying Value | 1,008,599 | 16,983,730 |
Gross Unrealized Gains | 9,836 | 84,443 |
Gross Unrealized Losses | ' | -2,745 |
Fair Value | $1,018,435 | $17,065,428 |
Note_2_Investment_Securities_D3
Note 2 - Investment Securities (Details) - Investments Classified by Contractual Maturity Date (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Due in one year or less | ' | ' |
Available-for-sale Securities, Debt Maturities, Next Twelve Months, Amortized Cost Basis | $7,159,456 | ' |
Available-for-sale Securities, Debt Maturities, Next Twelve Months, Fair Value | 7,164,426 | ' |
Due after one year through five years | ' | ' |
Available-for-sale Securities, Debt Maturities, Year Two Through Five, Amortized Cost Basis | 28,105,612 | ' |
Available-for-sale Securities, Debt Maturities, Year Two Through Five, Fair Value | 28,304,220 | ' |
Due after five years through ten years | ' | ' |
Available-for-sale Securities, Debt Maturities, Year Six Through Ten, Amortized Cost Basis | 23,349,536 | ' |
Available-for-sale Securities, Debt Maturities, Year Six Through Ten, Fair Value | 22,438,596 | ' |
Due after ten years | ' | ' |
Available-for-sale Securities, Debt Maturities, After Ten Years, Amortized Cost Basis | 43,576,827 | ' |
Available-for-sale Securities, Debt Maturities, After Ten Years, Fair Value | 41,291,565 | ' |
Total | 102,191,431 | 108,033,998 |
Total | 99,198,807 | 109,840,965 |
Due in one year or less | ' | ' |
Held-to-maturity Securities, Debt Maturities, within One Year, Net Carrying Amount | 8,931,773 | ' |
Held-to-maturity Securities, Debt Maturities, Net Twelve Months, Fair Value | 8,957,000 | ' |
Due after one year through five years | ' | ' |
Held-to-maturity Securities, Debt Maturities, after One Through Five Years, Net Carrying Amount | 11,538,660 | ' |
Held-to-maturity Securities, Debt Maturities, Year Two Through Five, Fair Value | 11,900,078 | ' |
Due after five years through ten years | ' | ' |
Held-to-maturity Securities, Debt Maturities, after Five Through Ten Years, Net Carrying Amount | 44,371,788 | ' |
Held-to-maturity Securities, Debt Maturities, Year Six Through Ten, Fair Value | 45,061,765 | ' |
Due after ten years | ' | ' |
Held-to-maturity Securities, Debt Maturities, after Ten Year, Net Carrying Amount | 88,475,538 | ' |
Held-to-maturity Securities, Debt Maturities, after Ten Year, Fair Value | 87,710,930 | ' |
Total | 153,317,759 | 116,528,844 |
Total | 153,629,773 | 121,839,363 |
Restricted Stock [Member] | ' | ' |
Due in one year or less | ' | ' |
Available-for-sale Securities, Debt Maturities, Next Twelve Months, Amortized Cost Basis | 1,013,100 | ' |
Available-for-sale Securities, Debt Maturities, Next Twelve Months, Fair Value | 1,013,100 | ' |
Due after ten years | ' | ' |
Total | 1,013,100 | 2,493,300 |
Total | 1,013,100 | 2,493,300 |
U.S. Treasury Securities and Obligations of U.S. Government Sponsored Corporations ("GSE') and Agencies [Member] | ' | ' |
Due in one year or less | ' | ' |
Available-for-sale Securities, Debt Maturities, Next Twelve Months, Amortized Cost Basis | 4,999,345 | ' |
Available-for-sale Securities, Debt Maturities, Next Twelve Months, Fair Value | 5,001,550 | ' |
Due after one year through five years | ' | ' |
Available-for-sale Securities, Debt Maturities, Year Two Through Five, Amortized Cost Basis | 6,517,670 | ' |
Available-for-sale Securities, Debt Maturities, Year Two Through Five, Fair Value | 6,516,070 | ' |
Due after five years through ten years | ' | ' |
Available-for-sale Securities, Debt Maturities, Year Six Through Ten, Amortized Cost Basis | 10,869,746 | ' |
Available-for-sale Securities, Debt Maturities, Year Six Through Ten, Fair Value | 9,992,080 | ' |
Due after ten years | ' | ' |
Total | 22,386,761 | 29,384,595 |
Total | 21,509,700 | 29,495,535 |
Due in one year or less | ' | ' |
Held-to-maturity Securities, Debt Maturities, within One Year, Net Carrying Amount | 1,524,860 | ' |
Held-to-maturity Securities, Debt Maturities, Net Twelve Months, Fair Value | 1,535,170 | ' |
Due after ten years | ' | ' |
Total | 1,524,860 | 3,073,957 |
Total | 1,535,170 | 3,107,170 |
Residential Mortgage Backed Securities- GSE [Member] | ' | ' |
Due in one year or less | ' | ' |
Available-for-sale Securities, Debt Maturities, Next Twelve Months, Amortized Cost Basis | 2,753 | ' |
Available-for-sale Securities, Debt Maturities, Next Twelve Months, Fair Value | 2,769 | ' |
Due after one year through five years | ' | ' |
Available-for-sale Securities, Debt Maturities, Year Two Through Five, Amortized Cost Basis | 7,079,770 | ' |
Available-for-sale Securities, Debt Maturities, Year Two Through Five, Fair Value | 6,962,402 | ' |
Due after five years through ten years | ' | ' |
Available-for-sale Securities, Debt Maturities, Year Six Through Ten, Amortized Cost Basis | 8,106,769 | ' |
Available-for-sale Securities, Debt Maturities, Year Six Through Ten, Fair Value | 8,151,463 | ' |
Due after ten years | ' | ' |
Available-for-sale Securities, Debt Maturities, After Ten Years, Amortized Cost Basis | 16,342,759 | ' |
Available-for-sale Securities, Debt Maturities, After Ten Years, Fair Value | 16,849,313 | ' |
Total | 31,532,051 | 24,912,948 |
Total | 31,965,947 | 26,489,335 |
Due after five years through ten years | ' | ' |
Held-to-maturity Securities, Debt Maturities, after Five Through Ten Years, Net Carrying Amount | 21,939,890 | ' |
Held-to-maturity Securities, Debt Maturities, Year Six Through Ten, Fair Value | 22,016,399 | ' |
Due after ten years | ' | ' |
Held-to-maturity Securities, Debt Maturities, after Ten Year, Net Carrying Amount | 46,300,730 | ' |
Held-to-maturity Securities, Debt Maturities, after Ten Year, Fair Value | 43,448,249 | ' |
Total | 65,240,620 | 19,950,190 |
Total | 65,464,648 | 20,798,286 |
Obligations of State and Political Subdivisions [Member] | ' | ' |
Due in one year or less | ' | ' |
Available-for-sale Securities, Debt Maturities, Next Twelve Months, Amortized Cost Basis | 110,000 | ' |
Available-for-sale Securities, Debt Maturities, Next Twelve Months, Fair Value | 110,322 | ' |
Due after one year through five years | ' | ' |
Available-for-sale Securities, Debt Maturities, Year Two Through Five, Amortized Cost Basis | 374,402 | ' |
Available-for-sale Securities, Debt Maturities, Year Two Through Five, Fair Value | 375,815 | ' |
Due after five years through ten years | ' | ' |
Available-for-sale Securities, Debt Maturities, Year Six Through Ten, Amortized Cost Basis | 4,249,720 | ' |
Available-for-sale Securities, Debt Maturities, Year Six Through Ten, Fair Value | 4,163,057 | ' |
Due after ten years | ' | ' |
Available-for-sale Securities, Debt Maturities, After Ten Years, Amortized Cost Basis | 17,472,837 | ' |
Available-for-sale Securities, Debt Maturities, After Ten Years, Fair Value | 14,996,850 | ' |
Total | 22,206,959 | 20,793,222 |
Total | 19,646,044 | 20,682,301 |
Due in one year or less | ' | ' |
Held-to-maturity Securities, Debt Maturities, within One Year, Net Carrying Amount | 6,398,314 | ' |
Held-to-maturity Securities, Debt Maturities, Net Twelve Months, Fair Value | 6,403,395 | ' |
Due after one year through five years | ' | ' |
Held-to-maturity Securities, Debt Maturities, after One Through Five Years, Net Carrying Amount | 11,538,560 | ' |
Held-to-maturity Securities, Debt Maturities, Year Two Through Five, Fair Value | 11,900,078 | ' |
Due after five years through ten years | ' | ' |
Held-to-maturity Securities, Debt Maturities, after Five Through Ten Years, Net Carrying Amount | 21,469,445 | ' |
Held-to-maturity Securities, Debt Maturities, Year Six Through Ten, Fair Value | 22,088,136 | ' |
Due after ten years | ' | ' |
Held-to-maturity Securities, Debt Maturities, after Ten Year, Net Carrying Amount | 19,994,497 | ' |
Held-to-maturity Securities, Debt Maturities, after Ten Year, Fair Value | 19,112,888 | ' |
Total | 59,400,916 | 42,815,706 |
Total | 59,504,497 | 45,855,641 |
Corporate Debt Securities [Member] | ' | ' |
Due in one year or less | ' | ' |
Available-for-sale Securities, Debt Maturities, Next Twelve Months, Amortized Cost Basis | 1,009,258 | ' |
Available-for-sale Securities, Debt Maturities, Next Twelve Months, Fair Value | 1,011,685 | ' |
Due after one year through five years | ' | ' |
Available-for-sale Securities, Debt Maturities, Year Two Through Five, Amortized Cost Basis | 14,133,770 | ' |
Available-for-sale Securities, Debt Maturities, Year Two Through Five, Fair Value | 14,449,933 | ' |
Due after ten years | ' | ' |
Available-for-sale Securities, Debt Maturities, After Ten Years, Amortized Cost Basis | 1,085,446 | ' |
Available-for-sale Securities, Debt Maturities, After Ten Years, Fair Value | 1,056,110 | ' |
Total | 16,228,474 | 17,797,681 |
Total | 16,517,728 | 18,100,281 |
Due in one year or less | ' | ' |
Held-to-maturity Securities, Debt Maturities, within One Year, Net Carrying Amount | 1,008,599 | ' |
Held-to-maturity Securities, Debt Maturities, Net Twelve Months, Fair Value | 1,018,435 | ' |
Due after ten years | ' | ' |
Total | 1,008,599 | 16,983,730 |
Total | 1,018,435 | 17,065,428 |
Mutual Fund [Member] | ' | ' |
Due in one year or less | ' | ' |
Available-for-sale Securities, Debt Maturities, Next Twelve Months, Amortized Cost Basis | 25,000 | ' |
Available-for-sale Securities, Debt Maturities, Next Twelve Months, Fair Value | 25,000 | ' |
Due after ten years | ' | ' |
Total | 25,000 | 25,000 |
Total | 25,000 | 25,000 |
Residential Collateralized Mortgage Obligations- GSE [Member] | ' | ' |
Due after five years through ten years | ' | ' |
Available-for-sale Securities, Debt Maturities, Year Six Through Ten, Amortized Cost Basis | 123,301 | ' |
Available-for-sale Securities, Debt Maturities, Year Six Through Ten, Fair Value | 131,996 | ' |
Due after ten years | ' | ' |
Available-for-sale Securities, Debt Maturities, After Ten Years, Amortized Cost Basis | 3,424,103 | ' |
Available-for-sale Securities, Debt Maturities, After Ten Years, Fair Value | 3,549,796 | ' |
Total | 3,547,404 | 6,349,310 |
Total | 3,681,792 | 6,632,665 |
Due after five years through ten years | ' | ' |
Held-to-maturity Securities, Debt Maturities, after Five Through Ten Years, Net Carrying Amount | 47,001 | ' |
Held-to-maturity Securities, Debt Maturities, Year Six Through Ten, Fair Value | 47,265 | ' |
Due after ten years | ' | ' |
Held-to-maturity Securities, Debt Maturities, after Ten Year, Net Carrying Amount | 14,756,736 | ' |
Held-to-maturity Securities, Debt Maturities, after Ten Year, Fair Value | 15,136,289 | ' |
Total | 14,803,739 | 19,660,625 |
Total | 15,183,554 | 20,682,181 |
Residential Collateralized Mortgage Obligations- Non GSE [Member] | ' | ' |
Due after ten years | ' | ' |
Available-for-sale Securities, Debt Maturities, After Ten Years, Amortized Cost Basis | 2,782,843 | ' |
Available-for-sale Securities, Debt Maturities, After Ten Years, Fair Value | 2,826,396 | ' |
Total | 2,782,843 | 3,811,933 |
Total | 2,826,396 | 3,924,182 |
Due after five years through ten years | ' | ' |
Held-to-maturity Securities, Debt Maturities, after Five Through Ten Years, Net Carrying Amount | 915,452 | ' |
Held-to-maturity Securities, Debt Maturities, Year Six Through Ten, Fair Value | 909,965 | ' |
Due after ten years | ' | ' |
Held-to-maturity Securities, Debt Maturities, after Ten Year, Net Carrying Amount | 9,766,913 | ' |
Held-to-maturity Securities, Debt Maturities, after Ten Year, Fair Value | 9,864,649 | ' |
Total | 10,682,363 | 13,387,974 |
Total | 10,774,614 | 14,184,577 |
Trust Preferred Debt Securities [Member] | ' | ' |
Due after ten years | ' | ' |
Available-for-sale Securities, Debt Maturities, After Ten Years, Amortized Cost Basis | 2,468,839 | ' |
Available-for-sale Securities, Debt Maturities, After Ten Years, Fair Value | 2,013,100 | ' |
Total | 2,468,839 | 2,466,009 |
Total | 2,013,100 | 1,998,366 |
Due after ten years | ' | ' |
Held-to-maturity Securities, Debt Maturities, after Ten Year, Net Carrying Amount | 656,662 | ' |
Held-to-maturity Securities, Debt Maturities, after Ten Year, Fair Value | $148,855 | ' |
Note_2_Investment_Securities_D4
Note 2 - Investment Securities (Details) - Available-for-sale Securities Continuous Unrealized Loss Position Fair Value (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Note 2 - Investment Securities (Details) - Available-for-sale Securities Continuous Unrealized Loss Position Fair Value [Line Items] | ' | ' |
Number of Securities | 150 | 53 |
Investment Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | $76,743,619 | $31,762,447 |
Investment Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Aggregate Losses | -4,049,571 | -544,580 |
Investment Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 13,249,260 | 2,300,951 |
Investment Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Aggregate Losses | -2,722,323 | -981,072 |
Investment Securities, Continuous Unrealized Loss Position, Fair Value | 89,992,879 | 34,063,398 |
Investment Securities, Continuous Unrealized Loss Position, Aggregate Losses | -6,771,894 | -1,525,652 |
U.S. Treasury Securities and Obligations of U.S. Government Sponsored Corporations ("GSE') and Agencies [Member] | ' | ' |
Note 2 - Investment Securities (Details) - Available-for-sale Securities Continuous Unrealized Loss Position Fair Value [Line Items] | ' | ' |
Number of Securities | 3 | 1 |
Investment Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 11,507,350 | 9,842,200 |
Investment Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Aggregate Losses | -910,274 | -26,907 |
Investment Securities, Continuous Unrealized Loss Position, Fair Value | 11,507,350 | 9,842,200 |
Investment Securities, Continuous Unrealized Loss Position, Aggregate Losses | -910,274 | -26,907 |
Residential Collateralized Mortgage Obligations- Non GSE [Member] | ' | ' |
Note 2 - Investment Securities (Details) - Available-for-sale Securities Continuous Unrealized Loss Position Fair Value [Line Items] | ' | ' |
Number of Securities | 8 | 3 |
Investment Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 5,328,485 | 1,960,237 |
Investment Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Aggregate Losses | -28,231 | -4,516 |
Investment Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 1,094,754 | 156,505 |
Investment Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Aggregate Losses | -7,969 | -2,847 |
Investment Securities, Continuous Unrealized Loss Position, Fair Value | 6,423,239 | 2,116,742 |
Investment Securities, Continuous Unrealized Loss Position, Aggregate Losses | -36,200 | -7,363 |
Residential Mortgage Backed Securities- GSE [Member] | ' | ' |
Note 2 - Investment Securities (Details) - Available-for-sale Securities Continuous Unrealized Loss Position Fair Value [Line Items] | ' | ' |
Number of Securities | 38 | 2 |
Investment Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 40,504,327 | 3,989,675 |
Investment Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Aggregate Losses | -825,307 | -944 |
Investment Securities, Continuous Unrealized Loss Position, Fair Value | 40,504,327 | 3,989,675 |
Investment Securities, Continuous Unrealized Loss Position, Aggregate Losses | -825,307 | -944 |
Obligations of State and Political Subdivisions [Member] | ' | ' |
Note 2 - Investment Securities (Details) - Available-for-sale Securities Continuous Unrealized Loss Position Fair Value [Line Items] | ' | ' |
Number of Securities | 95 | 37 |
Investment Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 19,403,457 | 12,794,007 |
Investment Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Aggregate Losses | -2,285,759 | -486,337 |
Investment Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 8,936,441 | ' |
Investment Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Aggregate Losses | -1,721,472 | ' |
Investment Securities, Continuous Unrealized Loss Position, Fair Value | 28,339,898 | 12,794,007 |
Investment Securities, Continuous Unrealized Loss Position, Aggregate Losses | -4,007,231 | -486,337 |
Trust Preferred Debt Securities [Member] | ' | ' |
Note 2 - Investment Securities (Details) - Available-for-sale Securities Continuous Unrealized Loss Position Fair Value [Line Items] | ' | ' |
Number of Securities | 4 | 4 |
Investment Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 2,013,100 | 1,998,366 |
Investment Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Aggregate Losses | -455,739 | -467,643 |
Investment Securities, Continuous Unrealized Loss Position, Fair Value | 2,013,100 | 1,998,366 |
Investment Securities, Continuous Unrealized Loss Position, Aggregate Losses | -455,739 | -467,643 |
Trust Preferred Debt Securities Pooled [Member] | ' | ' |
Note 2 - Investment Securities (Details) - Available-for-sale Securities Continuous Unrealized Loss Position Fair Value [Line Items] | ' | ' |
Number of Securities | 1 | 1 |
Investment Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 148,855 | 146,080 |
Investment Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Aggregate Losses | -507,807 | -510,582 |
Investment Securities, Continuous Unrealized Loss Position, Fair Value | 146,855 | 146,080 |
Investment Securities, Continuous Unrealized Loss Position, Aggregate Losses | -507,807 | -510,582 |
Corporate Debt Securities [Member] | ' | ' |
Note 2 - Investment Securities (Details) - Available-for-sale Securities Continuous Unrealized Loss Position Fair Value [Line Items] | ' | ' |
Number of Securities | 1 | 5 |
Investment Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | ' | 3,176,328 |
Investment Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Aggregate Losses | ' | -25,876 |
Investment Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 1,056,110 | ' |
Investment Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Aggregate Losses | -29,336 | ' |
Investment Securities, Continuous Unrealized Loss Position, Fair Value | 1,056,110 | 3,176,328 |
Investment Securities, Continuous Unrealized Loss Position, Aggregate Losses | ($29,336) | ($25,876) |
Note_2_Investment_Securities_D5
Note 2 - Investment Securities (Details) - Unrealized Loss on Investments (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | ||
Note 2 - Investment Securities (Details) - Unrealized Loss on Investments [Line Items] | ' | ' | |
PreTSL XXV (in Dollars) | $153,317,759 | $116,528,844 | |
PreTSL XXV (in Dollars) | 153,629,773 | 121,839,363 | |
PreTSL XXV (in Dollars) | -1,717,780 | -13,616 | |
PreTSL XXV [Member] | Moody's / S&P Ratings [Member] | ' | ' | |
Note 2 - Investment Securities (Details) - Unrealized Loss on Investments [Line Items] | ' | ' | |
PreTSL XXV | 'C/NR | ' | |
PreTSL XXV [Member] | ' | ' | |
Note 2 - Investment Securities (Details) - Unrealized Loss on Investments [Line Items] | ' | ' | |
PreTSL XXV | 'B-1 | ' | |
PreTSL XXV (in Dollars) | 656,662 | ' | |
PreTSL XXV (in Dollars) | 148,855 | ' | |
PreTSL XXV (in Dollars) | -507,807 | ' | |
PreTSL XXV | 67.00% | ' | |
PreTSL XXV | 10.40% | [1] | ' |
PreTSL XXV | 22.60% | [1] | ' |
PreTSL XXV | 13.60% | ' | |
PreTSL XXV (in Dollars) | $114,000 | [2] | ' |
PreTSL XXV | 22.00% | [2] | ' |
[1] | This percentage represents the amount of specific deferrals / defaults that have occurred, plus those that are known for the following quarters to the total amount of original collateral. Fewer deferrals / defaults produce a lower percentage. | ||
[2] | "Excess subordination" amount is the additional defaults / deferrals necessary in the next reporting period to deplete the entire credit enhancement (excess interest and over-collateralization) beneath our tranche within each pool to the point that would cause a "break in yield". This amount assumes that all currently performing collateral continues to perform. A break in yield means that our security would not be expected to receive all the contractual cash flows (principal and interest) by maturity. The "percent of underlying collateral performing" is the ratio of the "excess subordination amount" to current performing collateral - a higher percentage means there is more excess subordination to absorb additional defaults / deferrals, and the better our security is protected from loss. |
Note_3_Loans_and_Loans_Held_fo2
Note 3 - Loans and Loans Held for Sale (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Receivables [Abstract] | ' | ' |
Loans Held-for-sale, Mortgages | $10,923,689 | $35,960,262 |
Note_3_Loans_and_Loans_Held_fo3
Note 3 - Loans and Loans Held for Sale (Details) - Gross Loans (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Loans and Leases Receivable, Before Deferred Loan Costs | $372,392,132 | $520,827,024 |
Deferred loan costs | 943,950 | 987,086 |
373,336,082 | 521,814,110 | |
Commercial Business [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Loans and Leases Receivable, Before Deferred Loan Costs | 82,348,055 | 57,865,436 |
82,348,055 | 57,865,436 | |
Commercial Real Estate Other Receivable [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Loans and Leases Receivable, Before Deferred Loan Costs | 98,389,730 | 102,412,694 |
98,389,730 | 102,412,694 | |
Mortgage Warehouse Lines [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Loans and Leases Receivable, Before Deferred Loan Costs | 116,951,357 | 284,127,530 |
116,951,357 | 284,127,530 | |
Construction [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Loans and Leases Receivable, Before Deferred Loan Costs | 51,002,172 | 55,691,393 |
51,002,172 | 55,691,393 | |
Residential Real Estate [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Loans and Leases Receivable, Before Deferred Loan Costs | 13,764,178 | 10,897,307 |
13,764,178 | 10,897,307 | |
Loans to Individuals [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Loans and Leases Receivable, Before Deferred Loan Costs | 9,766,114 | 9,643,385 |
9,766,114 | 9,643,385 | |
Other [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Loans and Leases Receivable, Before Deferred Loan Costs | 170,526 | 189,279 |
$170,526 | $189,279 |
Note_4_Allowance_for_Loan_Loss2
Note 4 - Allowance for Loan Losses and Credit Quality Disclosure (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Note 4 - Allowance for Loan Losses and Credit Quality Disclosure (Details) [Line Items] | ' | ' |
Loans and Leases Receivable, Impaired, Interest Lost on Nonaccrual Loans | $398,756 | $362,399 |
Mortgage Warehouse Lines [Member] | Minimum [Member] | ' | ' |
Note 4 - Allowance for Loan Losses and Credit Quality Disclosure (Details) [Line Items] | ' | ' |
Collateral Required | 10.00% | ' |
Mortgage Warehouse Lines [Member] | Maximum [Member] | ' | ' |
Note 4 - Allowance for Loan Losses and Credit Quality Disclosure (Details) [Line Items] | ' | ' |
Collateral Required | 15.00% | ' |
Note_4_Allowance_for_Loan_Loss3
Note 4 - Allowance for Loan Losses and Credit Quality Disclosure (Details) - Past Due Financing Receivables (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Commercial | ' | ' |
30-59 Days | $700,748 | $572,423 |
60-89 Days | 1,025,764 | 105,167 |
Greater than 90 Days | 5,703,992 | 5,377,348 |
Total Past Due | 7,430,504 | 6,054,938 |
Current | 365,905,578 | 515,759,172 |
Total Loans Receivable | 373,336,082 | 521,814,110 |
Recorded Investment > 90 Days Accruing | ' | 84,948 |
Nonaccrual Loans | 6,321,956 | 5,878,556 |
Construction [Member] | ' | ' |
Commercial | ' | ' |
Greater than 90 Days | ' | 1,581,031 |
Total Past Due | ' | 1,581,031 |
Current | 51,002,172 | 54,110,362 |
Total Loans Receivable | 51,002,172 | 55,691,393 |
Nonaccrual Loans | ' | 1,581,031 |
Commercial Business [Member] | ' | ' |
Commercial | ' | ' |
30-59 Days | 385,133 | 202,451 |
60-89 Days | 58,665 | 70,192 |
Greater than 90 Days | 453,325 | 518,912 |
Total Past Due | 897,123 | 791,555 |
Current | 81,450,932 | 57,073,881 |
Total Loans Receivable | 82,348,055 | 57,865,436 |
Nonaccrual Loans | 511,990 | 629,821 |
Commercial Real Estate Other Receivable [Member] | ' | ' |
Commercial | ' | ' |
Greater than 90 Days | 5,217,173 | 3,137,553 |
Total Past Due | 5,217,173 | 3,137,553 |
Current | 93,172,557 | 99,275,141 |
Total Loans Receivable | 98,389,730 | 102,412,694 |
Nonaccrual Loans | 5,555,851 | 3,478,607 |
Mortgage Warehouse Lines [Member] | ' | ' |
Commercial | ' | ' |
Current | 116,951,357 | 284,127,530 |
Total Loans Receivable | 116,951,357 | 284,127,530 |
Residential Real Estate [Member] | ' | ' |
Commercial | ' | ' |
30-59 Days | 315,615 | 320,729 |
60-89 Days | 967,099 | 34,975 |
Greater than 90 Days | 33,494 | ' |
Total Past Due | 1,316,208 | 355,704 |
Current | 12,447,970 | 10,541,603 |
Total Loans Receivable | 13,764,178 | 10,897,307 |
Nonaccrual Loans | 162,012 | 134,193 |
Loans to Individuals [Member] | ' | ' |
Commercial | ' | ' |
30-59 Days | ' | 49,243 |
Greater than 90 Days | ' | 139,852 |
Total Past Due | ' | 189,095 |
Current | 9,766,114 | 9,454,290 |
Total Loans Receivable | 9,766,114 | 9,643,385 |
Recorded Investment > 90 Days Accruing | ' | 84,948 |
Nonaccrual Loans | 92,103 | 54,904 |
Other [Member] | ' | ' |
Commercial | ' | ' |
Current | 170,526 | 189,279 |
Total Loans Receivable | 170,526 | 189,279 |
Deferred Loan Cost [Member] | ' | ' |
Commercial | ' | ' |
Current | 943,950 | 987,086 |
Total Loans Receivable | $943,950 | $987,086 |
Note_4_Allowance_for_Loan_Loss4
Note 4 - Allowance for Loan Losses and Credit Quality Disclosure (Details) - Financing Receivable Credit Qulity Indicators Commercial (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Gross Loans | $373,336,082 | $521,814,110 |
Construction [Member] | Pass [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Gross Loans | 47,539,033 | 49,373,827 |
Construction [Member] | Substandard [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Gross Loans | 3,463,139 | 5,777,494 |
Construction [Member] | Doubtful [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Gross Loans | ' | 540,072 |
Construction [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Gross Loans | 51,002,172 | 55,691,393 |
Commercial Business [Member] | Pass [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Gross Loans | 79,832,704 | 55,498,613 |
Commercial Business [Member] | Special Mention [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Gross Loans | 1,406,143 | 1,019,586 |
Commercial Business [Member] | Substandard [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Gross Loans | 792,057 | 1,064,799 |
Commercial Business [Member] | Doubtful [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Gross Loans | 258,486 | 282,438 |
Commercial Business [Member] | Loss [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Gross Loans | 58,665 | ' |
Commercial Business [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Gross Loans | 82,348,055 | 57,865,436 |
Commercial Real Estate Other Receivable [Member] | Pass [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Gross Loans | 68,620,450 | 76,096,964 |
Commercial Real Estate Other Receivable [Member] | Special Mention [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Gross Loans | 19,396,574 | 19,060,621 |
Commercial Real Estate Other Receivable [Member] | Substandard [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Gross Loans | 10,372,706 | 7,255,109 |
Commercial Real Estate Other Receivable [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Gross Loans | 98,389,730 | 102,412,694 |
Mortgage Warehouse Lines [Member] | Pass [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Gross Loans | 116,951,357 | 284,127,530 |
Mortgage Warehouse Lines [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Gross Loans | 116,951,357 | 284,127,530 |
Residential Real Estate [Member] | Pass [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Gross Loans | 12,635,067 | 10,763,114 |
Residential Real Estate [Member] | Special Mention [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Gross Loans | 1,129,111 | 134,193 |
Residential Real Estate [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Gross Loans | $13,764,178 | $10,897,307 |
Note_4_Allowance_for_Loan_Loss5
Note 4 - Allowance for Loan Losses and Credit Quality Disclosure (Details) - Financing Receivable Credit Qulity Indicators Consumer (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Gross Loans | $373,336,082 | $521,814,110 |
Loans to Individuals [Member] | Performing Financing Receivable [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Gross Loans | 9,674,011 | 9,454,288 |
Loans to Individuals [Member] | Nonperforming Financing Receivable [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Gross Loans | 92,103 | 189,097 |
Loans to Individuals [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Gross Loans | 9,766,114 | 9,643,385 |
Other [Member] | Performing Financing Receivable [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Gross Loans | 170,526 | 189,279 |
Other [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Gross Loans | $170,526 | $189,279 |
Note_4_Allowance_for_Loan_Loss6
Note 4 - Allowance for Loan Losses and Credit Quality Disclosure (Details) - Allowance for Credit Losses on Financing Receivables (USD $) | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | |
Allowance for credit losses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Allowance for credit losses, balance | ' | ' | ' | $7,151,212 | ' | ' | ' | $5,534,450 | $7,151,212 | $5,534,450 |
Ending Balance | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Allowance for credit losses, individually evaluated for impairment | 1,783,861 | ' | ' | ' | 1,292,063 | ' | ' | ' | 1,783,861 | 1,292,063 |
Allowance for credit losses, collectively evaluated or impairment | 5,254,710 | ' | ' | ' | 5,859,149 | ' | ' | ' | 5,254,710 | 5,859,149 |
Provision for loan losses | 299,998 | 539,998 | 236,666 | 0 | 499,998 | 499,998 | 549,998 | 559,998 | 1,076,662 | 2,149,992 |
Loans charged off | ' | ' | ' | ' | ' | ' | ' | ' | -1,208,739 | -548,091 |
Recoveries of loans charged off | ' | ' | ' | ' | ' | ' | ' | ' | 19,436 | 14,861 |
Allowance for credit losses, balance | 7,038,571 | ' | ' | ' | 7,151,212 | ' | ' | ' | 7,038,571 | 7,151,212 |
Loans receivables: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loans receivables, balance | 373,336,082 | ' | ' | ' | 521,814,110 | ' | ' | ' | 373,336,082 | 521,814,110 |
Loans receivables, individually evaluated for impairment | 10,180,751 | ' | ' | ' | 7,890,200 | ' | ' | ' | 10,180,751 | 7,890,200 |
Loans receivables, collectively evaluated for impairment | 363,155,331 | ' | ' | ' | 513,923,910 | ' | ' | ' | 363,155,331 | 513,923,910 |
Construction [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Allowance for credit losses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Allowance for credit losses, balance | ' | ' | ' | 1,990,292 | ' | ' | ' | 1,054,695 | 1,990,292 | 1,054,695 |
Ending Balance | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Allowance for credit losses, individually evaluated for impairment | ' | ' | ' | ' | 569,579 | ' | ' | ' | ' | 569,579 |
Allowance for credit losses, collectively evaluated or impairment | 1,205,267 | ' | ' | ' | 1,420,713 | ' | ' | ' | 1,205,267 | 1,420,713 |
Provision for loan losses | ' | ' | ' | ' | ' | ' | ' | ' | -223,449 | 989,844 |
Loans charged off | ' | ' | ' | ' | ' | ' | ' | ' | -561,993 | -57,650 |
Recoveries of loans charged off | ' | ' | ' | ' | ' | ' | ' | ' | 417 | 3,403 |
Allowance for credit losses, balance | 1,205,267 | ' | ' | ' | 1,990,292 | ' | ' | ' | 1,205,267 | 1,990,292 |
Loans receivables: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loans receivables, balance | 51,002,172 | ' | ' | ' | 55,691,393 | ' | ' | ' | 51,002,172 | 55,691,393 |
Loans receivables, individually evaluated for impairment | 19,930 | ' | ' | ' | 2,842,031 | ' | ' | ' | 19,930 | 2,842,031 |
Loans receivables, collectively evaluated for impairment | 50,982,242 | ' | ' | ' | 52,849,362 | ' | ' | ' | 50,982,242 | 52,849,362 |
Commercial [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Allowance for credit losses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Allowance for credit losses, balance | ' | ' | ' | 972,789 | ' | ' | ' | 934,642 | 972,789 | 934,642 |
Ending Balance | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Allowance for credit losses, individually evaluated for impairment | 293,692 | ' | ' | ' | 253,598 | ' | ' | ' | 293,692 | 253,598 |
Allowance for credit losses, collectively evaluated or impairment | 978,041 | ' | ' | ' | 719,191 | ' | ' | ' | 978,041 | 719,191 |
Provision for loan losses | ' | ' | ' | ' | ' | ' | ' | ' | 428,176 | 191,897 |
Loans charged off | ' | ' | ' | ' | ' | ' | ' | ' | -141,356 | -165,026 |
Recoveries of loans charged off | ' | ' | ' | ' | ' | ' | ' | ' | 12,124 | 11,276 |
Allowance for credit losses, balance | 1,271,733 | ' | ' | ' | 972,789 | ' | ' | ' | 1,271,733 | 972,789 |
Loans receivables: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loans receivables, balance | 82,348,055 | ' | ' | ' | 57,865,436 | ' | ' | ' | 82,348,055 | 57,865,436 |
Loans receivables, individually evaluated for impairment | 776,101 | ' | ' | ' | 906,526 | ' | ' | ' | 776,101 | 906,526 |
Loans receivables, collectively evaluated for impairment | 81,571,954 | ' | ' | ' | 56,958,910 | ' | ' | ' | 81,571,954 | 56,958,910 |
Commercial Real Estate Other Receivable [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Allowance for credit losses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Allowance for credit losses, balance | ' | ' | ' | 2,262,221 | ' | ' | ' | 1,597,702 | 2,262,221 | 1,597,702 |
Ending Balance | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Allowance for credit losses, individually evaluated for impairment | 1,490,169 | ' | ' | ' | 447,193 | ' | ' | ' | 1,490,169 | 447,193 |
Allowance for credit losses, collectively evaluated or impairment | 1,531,597 | ' | ' | ' | 1,815,028 | ' | ' | ' | 1,531,597 | 1,815,028 |
Provision for loan losses | ' | ' | ' | ' | ' | ' | ' | ' | 1,206,130 | 775,199 |
Loans charged off | ' | ' | ' | ' | ' | ' | ' | ' | -453,480 | -110,862 |
Recoveries of loans charged off | ' | ' | ' | ' | ' | ' | ' | ' | 6,895 | 182 |
Allowance for credit losses, balance | 3,021,766 | ' | ' | ' | 2,262,221 | ' | ' | ' | 3,021,766 | 2,262,221 |
Loans receivables: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loans receivables, balance | 98,389,730 | ' | ' | ' | 102,412,694 | ' | ' | ' | 98,389,730 | 102,412,694 |
Loans receivables, individually evaluated for impairment | 9,130,605 | ' | ' | ' | 3,952,546 | ' | ' | ' | 9,130,605 | 3,952,546 |
Loans receivables, collectively evaluated for impairment | 89,259,125 | ' | ' | ' | 98,460,148 | ' | ' | ' | 89,259,125 | 98,460,148 |
Mortgage Warehouse Lines [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Allowance for credit losses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Allowance for credit losses, balance | ' | ' | ' | 1,420,638 | ' | ' | ' | 1,122,056 | 1,420,638 | 1,122,056 |
Ending Balance | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Allowance for credit losses, collectively evaluated or impairment | 584,757 | ' | ' | ' | 1,420,638 | ' | ' | ' | 584,757 | 1,420,638 |
Provision for loan losses | ' | ' | ' | ' | ' | ' | ' | ' | -835,881 | 298,582 |
Allowance for credit losses, balance | 584,757 | ' | ' | ' | 1,420,638 | ' | ' | ' | 584,757 | 1,420,638 |
Loans receivables: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loans receivables, balance | 116,951,357 | ' | ' | ' | 284,127,530 | ' | ' | ' | 116,951,357 | 284,127,530 |
Loans receivables, collectively evaluated for impairment | 116,951,357 | ' | ' | ' | 284,127,530 | ' | ' | ' | 116,951,357 | 284,127,530 |
Residential Real Estate [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Allowance for credit losses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Allowance for credit losses, balance | ' | ' | ' | 112,103 | ' | ' | ' | 91,076 | 112,103 | 91,076 |
Ending Balance | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Allowance for credit losses, individually evaluated for impairment | ' | ' | ' | ' | 21,693 | ' | ' | ' | ' | 21,693 |
Allowance for credit losses, collectively evaluated or impairment | 164,673 | ' | ' | ' | 90,410 | ' | ' | ' | 164,673 | 90,410 |
Provision for loan losses | ' | ' | ' | ' | ' | ' | ' | ' | 52,570 | 151,721 |
Loans charged off | ' | ' | ' | ' | ' | ' | ' | ' | ' | -130,694 |
Allowance for credit losses, balance | 164,673 | ' | ' | ' | 112,103 | ' | ' | ' | 164,673 | 112,103 |
Loans receivables: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loans receivables, balance | 13,764,178 | ' | ' | ' | 10,897,307 | ' | ' | ' | 13,764,178 | 10,897,307 |
Loans receivables, individually evaluated for impairment | 162,012 | ' | ' | ' | 134,193 | ' | ' | ' | 162,012 | 134,193 |
Loans receivables, collectively evaluated for impairment | 13,602,166 | ' | ' | ' | 10,763,114 | ' | ' | ' | 13,602,166 | 10,763,114 |
Consumer [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Allowance for credit losses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Allowance for credit losses, balance | ' | ' | ' | 102,583 | ' | ' | ' | 187,352 | 102,583 | 187,352 |
Ending Balance | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Allowance for credit losses, collectively evaluated or impairment | 108,849 | ' | ' | ' | 102,583 | ' | ' | ' | 108,849 | 102,583 |
Provision for loan losses | ' | ' | ' | ' | ' | ' | ' | ' | 58,176 | -6,911 |
Loans charged off | ' | ' | ' | ' | ' | ' | ' | ' | -51,910 | -77,858 |
Allowance for credit losses, balance | 108,849 | ' | ' | ' | 102,583 | ' | ' | ' | 108,849 | 102,583 |
Loans receivables: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loans receivables, balance | 9,766,114 | ' | ' | ' | 9,643,385 | ' | ' | ' | 9,766,114 | 9,643,385 |
Loans receivables, individually evaluated for impairment | 92,103 | ' | ' | ' | 54,904 | ' | ' | ' | 92,103 | 54,904 |
Loans receivables, collectively evaluated for impairment | 9,674,011 | ' | ' | ' | 9,588,481 | ' | ' | ' | 9,674,011 | 9,588,481 |
Other [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Allowance for credit losses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Allowance for credit losses, balance | ' | ' | ' | 2,271 | ' | ' | ' | 2,377 | 2,271 | 2,377 |
Ending Balance | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Allowance for credit losses, collectively evaluated or impairment | 2,183 | ' | ' | ' | 2,271 | ' | ' | ' | 2,183 | 2,271 |
Provision for loan losses | ' | ' | ' | ' | ' | ' | ' | ' | -88 | 5,895 |
Loans charged off | ' | ' | ' | ' | ' | ' | ' | ' | ' | -6,001 |
Allowance for credit losses, balance | 2,183 | ' | ' | ' | 2,271 | ' | ' | ' | 2,183 | 2,271 |
Loans receivables: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loans receivables, balance | 170,526 | ' | ' | ' | 189,279 | ' | ' | ' | 170,526 | 189,279 |
Loans receivables, collectively evaluated for impairment | 170,526 | ' | ' | ' | 189,279 | ' | ' | ' | 170,526 | 189,279 |
Unallocated Financing Receivables [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Allowance for credit losses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Allowance for credit losses, balance | ' | ' | ' | 288,315 | ' | ' | ' | 544,550 | 288,315 | 544,550 |
Ending Balance | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Allowance for credit losses, collectively evaluated or impairment | 679,343 | ' | ' | ' | 288,315 | ' | ' | ' | 679,343 | 288,315 |
Provision for loan losses | ' | ' | ' | ' | ' | ' | ' | ' | 391,028 | -256,235 |
Allowance for credit losses, balance | 679,343 | ' | ' | ' | 288,315 | ' | ' | ' | 679,343 | 288,315 |
Loans receivables: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loans receivables, collectively evaluated for impairment | 0 | ' | ' | ' | ' | ' | ' | ' | 0 | ' |
Loan Cost [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loans receivables: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loans receivables, balance | 943,950 | ' | ' | ' | 987,086 | ' | ' | ' | 943,950 | 987,086 |
Loans receivables, collectively evaluated for impairment | $943,950 | ' | ' | ' | $987,086 | ' | ' | ' | $943,950 | $987,086 |
Note_4_Allowance_for_Loan_Loss7
Note 4 - Allowance for Loan Losses and Credit Quality Disclosure (Details) - Impaired Financing Receivables (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
With no related allowance: | ' | ' |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | $9,662,866 | $6,086,432 |
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 9,662,866 | 6,277,745 |
Impaired Financing Receivable, Related Allowance | 1,783,861 | 1,292,063 |
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 6,404,323 | 3,832,106 |
Impaired Financing Receivable, with Related Allowance, Interest Income | 257,005 | 45,037 |
Recorded Investment | 10,180,751 | 7,890,200 |
Unpaid Principal Balance | 10,337,208 | 8,124,195 |
Related Allowance | 1,783,861 | 1,292,063 |
Related Allowance | 8,811,883 | 5,119,908 |
Year to Date 2013 Interest Income Recognized | 296,045 | 54,527 |
Construction [Member] | No Related Allowance Recorded [Member] | ' | ' |
With no related allowance: | ' | ' |
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 19,930 | 1,360,914 |
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 19,930 | 1,360,914 |
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 965,268 | 412,716 |
Impaired Financing Receivable, with No Related Allowance, Interest Income | 33,946 | ' |
Construction [Member] | ' | ' |
With no related allowance: | ' | ' |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | ' | 1,481,117 |
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | ' | 1,481,117 |
Impaired Financing Receivable, Related Allowance | ' | 569,579 |
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 246,853 | 123,426 |
Recorded Investment | 19,930 | 2,842,031 |
Unpaid Principal Balance | 19,930 | 2,842,031 |
Related Allowance | ' | 569,579 |
Related Allowance | 1,212,121 | 536,142 |
Year to Date 2013 Interest Income Recognized | 33,946 | ' |
Commercial Business [Member] | No Related Allowance Recorded [Member] | ' | ' |
With no related allowance: | ' | ' |
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 243,840 | 387,950 |
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 400,297 | 430,632 |
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 258,139 | 474,839 |
Impaired Financing Receivable, with No Related Allowance, Interest Income | 5,094 | 9,490 |
Commercial Business [Member] | ' | ' |
With no related allowance: | ' | ' |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 532,261 | 518,576 |
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 532,261 | 663,403 |
Impaired Financing Receivable, Related Allowance | 293,692 | 253,598 |
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 562,346 | 456,541 |
Impaired Financing Receivable, with Related Allowance, Interest Income | 9,728 | 15,746 |
Recorded Investment | 776,101 | 906,526 |
Unpaid Principal Balance | 932,558 | 1,094,035 |
Related Allowance | 293,692 | 253,598 |
Related Allowance | 820,485 | 931,380 |
Year to Date 2013 Interest Income Recognized | 14,822 | 25,236 |
Commercial Real Estate Other Receivable [Member] | No Related Allowance Recorded [Member] | ' | ' |
With no related allowance: | ' | ' |
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 1,032,115 | 321,743 |
Commercial Real Estate Other Receivable [Member] | ' | ' |
With no related allowance: | ' | ' |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 9,130,605 | 3,952,546 |
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 9,130,605 | 3,999,032 |
Impaired Financing Receivable, Related Allowance | 1,490,169 | 447,193 |
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 5,546,690 | 2,964,744 |
Impaired Financing Receivable, with Related Allowance, Interest Income | 247,277 | 29,291 |
Related Allowance | 1,490,169 | 447,193 |
Commercial [Member] | No Related Allowance Recorded [Member] | ' | ' |
With no related allowance: | ' | ' |
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 263,770 | 1,748,864 |
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 420,227 | 1,791,546 |
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 2,255,522 | 1,209,298 |
Impaired Financing Receivable, with No Related Allowance, Interest Income | 39,040 | 9,490 |
Commercial [Member] | ' | ' |
With no related allowance: | ' | ' |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 9,662,866 | 5,952,239 |
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 9,662,866 | 6,143,552 |
Impaired Financing Receivable, Related Allowance | 1,783,861 | 1,270,370 |
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 6,355,889 | 3,544,711 |
Impaired Financing Receivable, with Related Allowance, Interest Income | 257,005 | 45,037 |
Related Allowance | 1,783,861 | 1,270,370 |
Residential Real Estate [Member] | No Related Allowance Recorded [Member] | ' | ' |
With no related allowance: | ' | ' |
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 162,012 | ' |
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 162,012 | ' |
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 117,746 | 23,600 |
Impaired Financing Receivable, with No Related Allowance, Interest Income | ' | 0 |
Residential Real Estate [Member] | ' | ' |
With no related allowance: | ' | ' |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | ' | 134,193 |
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | ' | 134,193 |
Impaired Financing Receivable, Related Allowance | ' | 21,693 |
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 44,196 | 287,395 |
Recorded Investment | 162,012 | 134,193 |
Unpaid Principal Balance | 162,012 | 134,193 |
Related Allowance | ' | 21,693 |
Related Allowance | 161,942 | 310,995 |
Loans to Individuals [Member] | No Related Allowance Recorded [Member] | ' | ' |
With no related allowance: | ' | ' |
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 92,103 | 54,904 |
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 92,103 | 54,904 |
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 34,292 | 54,904 |
Loans to Individuals [Member] | ' | ' |
With no related allowance: | ' | ' |
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 4,238 | ' |
Consumer [Member] | No Related Allowance Recorded [Member] | ' | ' |
With no related allowance: | ' | ' |
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 92,103 | 54,904 |
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 92,103 | 54,904 |
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 34,292 | 54,904 |
Consumer [Member] | ' | ' |
With no related allowance: | ' | ' |
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 4,238 | ' |
Recorded Investment | 92,103 | 54,904 |
Unpaid Principal Balance | 92,103 | 54,904 |
Related Allowance | 38,530 | 54,904 |
Commercial Real Estate1 [Member] | ' | ' |
With no related allowance: | ' | ' |
Impaired Financing Receivable, Related Allowance | 1,490,169 | 447,193 |
Recorded Investment | 9,130,605 | 3,952,546 |
Unpaid Principal Balance | 9,130,605 | 3,999,032 |
Related Allowance | 1,490,169 | 447,193 |
Related Allowance | 6,578,805 | 3,286,487 |
Year to Date 2013 Interest Income Recognized | 247,277 | 29,291 |
No Related Allowance Recorded [Member] | ' | ' |
With no related allowance: | ' | ' |
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 517,885 | 1,803,768 |
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 674,342 | 1,846,450 |
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 2,407,560 | 1,287,802 |
Impaired Financing Receivable, with No Related Allowance, Interest Income | $39,040 | ' |
Note_4_Allowance_for_Loan_Loss8
Note 4 - Allowance for Loan Losses and Credit Quality Disclosure (Details) - Troubled Debt Restructurings on Financing Receivables (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Commercial Real Estate Other Receivable [Member] | ' | ' |
Troubled Debt Restructurings: | ' | ' |
Number of Contracts | 1 | 1 |
Pre-Modification Outstanding Recorded Investment | $371,834 | $1,278,362 |
Post-Modification Outstanding Recorded Investment | 367,034 | 1,261,000 |
Commercial [Member] | ' | ' |
Troubled Debt Restructurings: | ' | ' |
Number of Contracts | ' | 2 |
Pre-Modification Outstanding Recorded Investment | ' | 137,028 |
Post-Modification Outstanding Recorded Investment | ' | $86,794 |
Note_4_Allowance_for_Loan_Loss9
Note 4 - Allowance for Loan Losses and Credit Quality Disclosure (Details) - Troubled Debt Restructurings on Financing Receivables Subsequently Default (Commercial [Member], USD $) | 12 Months Ended |
Dec. 31, 2012 | |
Commercial [Member] | ' |
Troubled Debt Restructurings that subsequently defaulted: | ' |
Commercial | 2 |
Commercial | $82,113 |
Note_5_Loans_to_Related_Partie2
Note 5 - Loans to Related Parties (Details) - Loans to Related Parties (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Loans to Related Parties [Abstract] | ' | ' |
Balance, beginning of year | $3,256,734 | $3,077,361 |
Loans granted | 244,198 | 412,581 |
Repayments of loans | -1,914,141 | -233,208 |
Balance, end of year | $1,586,791 | $3,256,734 |
Note_6_Premises_and_Equipment_1
Note 6 - Premises and Equipment (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Property, Plant and Equipment [Abstract] | ' | ' |
Depreciation, Depletion and Amortization | $803,252 | $904,658 |
Note_6_Premises_and_Equipment_2
Note 6 - Premises and Equipment (Details) - Premises and Equipment (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, Plant and Equipment, Gross | $17,048,947 | $16,831,274 |
Less: Accumulated depreciation | -7,005,442 | -6,200,979 |
10,043,505 | 10,630,295 | |
Land [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, Plant and Equipment, Gross | 1,797,528 | 1,797,528 |
Building [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, Plant and Equipment, Useful Life | '40 years | ' |
Property, Plant and Equipment, Gross | 7,272,293 | 7,272,293 |
Leasehold Improvements [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, Plant and Equipment, Useful Life | '10 years | ' |
Property, Plant and Equipment, Gross | 4,127,626 | 4,016,113 |
Furniture and Equipment [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, Plant and Equipment, Gross | $3,851,500 | $3,745,340 |
Furniture and Equipment [Member] | Minimum [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, Plant and Equipment, Useful Life | '3 years | ' |
Furniture and Equipment [Member] | Maximum [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, Plant and Equipment, Useful Life | '15 years | ' |
Note_7_Other_Real_Estate_Owned1
Note 7 - Other Real Estate Owned ("OREO") (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Real Estate [Abstract] | ' | ' |
Number of Real Estate Properties | 3 | 6 |
Real Estate Acquired Through Foreclosure | $2,136,341 | $8,332,601 |
Impairment of Real Estate | 758,625 | 2,345,267 |
Foreclosed Real Estate Expense | $352,927 | $3,553,779 |
Note_8_Goodwill_and_Intangible2
Note 8 - Goodwill and Intangible Assets (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ' |
Amortization of Intangible Assets | $267,967 | $267,967 |
Note_8_Goodwill_and_Intangible3
Note 8 - Goodwill and Intangible Assets (Details) - Goodwill and Intangible Assets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Goodwill and Intangible Assets [Abstract] | ' | ' |
Goodwill | $3,764,314 | $3,764,314 |
Core deposits intangible | 1,125,261 | 1,393,228 |
Total | $4,889,575 | $5,157,542 |
Note_8_Goodwill_and_Intangible4
Note 8 - Goodwill and Intangible Assets (Details) - Expected Amortization Expense (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Expected Amortization Expense [Abstract] | ' | ' |
2014 | $258,054 | ' |
2015 | 231,255 | ' |
2016 | 231,255 | ' |
2017 | 231,255 | ' |
2018 | 173,442 | ' |
$1,125,261 | $1,393,228 |
Note_9_Deposits_Details
Note 9 - Deposits (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Disclosure Text Block [Abstract] | ' | ' |
Time Deposits, $100,000 or More | $72,166,380 | $72,248,706 |
Note_9_Deposits_Details_Deposi
Note 9 - Deposits (Details) - Deposits Liabilities (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Deposits Liabilities [Abstract] | ' | ' |
Non-interest bearing | $121,891,752 | $152,334,759 |
Interest bearing | 200,737,912 | 211,475,765 |
Savings | 180,002,971 | 202,261,035 |
Time | 135,919,395 | 141,617,916 |
$638,552,030 | $707,689,475 |
Note_9_Deposits_Details_Maturi
Note 9 - Deposits (Details) - Maturities of Time Deposits (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Maturities of Time Deposits [Abstract] | ' | ' |
2014 | $68,243,871 | ' |
2015 | 36,221,632 | ' |
2016 | 14,403,422 | ' |
2017 | 10,444,467 | ' |
2018 | 6,606,003 | ' |
$135,919,395 | $141,617,916 |
Note_9_Deposits_Details_Maturi1
Note 9 - Deposits (Details) - Maturities of Time Deposits 100000 or Greater (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Maturities of Time Deposits 100000 or Greater [Abstract] | ' | ' |
Three months or less | $10,237,908 | ' |
Over three months through six months | 14,215,637 | ' |
Over six months through twelve months | 12,948,213 | ' |
Over twelve months | 34,764,622 | ' |
$72,166,380 | $72,248,706 |
Note_10_Borrowings_Details
Note 10 - Borrowings (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Note 10 - Borrowings (Details) [Line Items] | ' | ' |
Borrowed Funds | $10,000,000 | $42,400,000 |
Federal Home Loan Bank, Advances, Branch of FHLB Bank, Amount of Advances | 10,000,000 | 10,000,000 |
Short-term Debt | 10,000,000 | 42,400,000 |
Federal Home Loan Bank, Advances, General Debt Obligations, Maximum Amount Available | 371,162,543 | ' |
Federal Funds Purchased, Additional Line of Credit | 20,000,000 | ' |
Federal Funds Purchased, Additional Line of Credit, Expiration Date | 30-Jun-14 | ' |
Federal Home Loan Bank, Advances, Branch of FHLB Bank, Interest Rate | 4.08% | ' |
Federal Home Loan Bank Advance Branch of FHLB Bank Maturity Date | 31-Jul-16 | ' |
Short Term Debt Terms Date Purchased | 31-Dec-12 | ' |
Short-term Debt, Weighted Average Interest Rate | 0.31% | ' |
Short Term Debt Terms Matured Date | ' | 2-Jan-13 |
Maturity Overnight [Member] | ' | ' |
Note 10 - Borrowings (Details) [Line Items] | ' | ' |
Short-term Debt | ' | 32,400,000 |
FHLB-NY [Member] | ' | ' |
Note 10 - Borrowings (Details) [Line Items] | ' | ' |
Federal Home Loan Bank, Advances, General Debt Obligations, Maximum Amount Available | $76,255,003 | $61,358,015 |
Note_11_Redeemable_Subordinate1
Note 11 - Redeemable Subordinated Debentures (Details) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Subordinated Borrowings [Abstract] | ' |
Subordinated Debt, Current | $18,000,000 |
Subordinated Liabilities, Additions | 557,000 |
Junior Subordinated Debenture Owed to Unconsolidated Subsidiary Trust | $18,557,000 |
Debt Instrument, Basis Spread on Variable Rate | 1.65% |
Subordinated Borrowing, Interest Rate | 1.89% |
Subordinated Debentures, Date that Debentures are Redeemable | 15-Jun-11 |
Note_12_Income_Taxes_Details_C
Note 12 - Income Taxes (Details) - Components of Income Tax Expense (Benefit) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | |
Federal- | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Current | ' | ' | ' | ' | ' | ' | ' | ' | $655,751 | $3,089,047 |
Deferred | ' | ' | ' | ' | ' | ' | ' | ' | 1,205,078 | -1,415,505 |
' | ' | ' | ' | ' | ' | ' | ' | 1,860,829 | 1,673,542 | |
State- | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Current | ' | ' | ' | ' | ' | ' | ' | ' | 144,702 | 675,260 |
Deferred | ' | ' | ' | ' | ' | ' | ' | ' | 279,831 | -376,837 |
' | ' | ' | ' | ' | ' | ' | ' | 424,533 | 298,423 | |
$543,386 | $604,851 | $612,492 | $524,633 | $438,642 | $523,038 | $593,808 | $416,477 | $2,285,362 | $1,971,965 |
Note_12_Income_Taxes_Details_E
Note 12 - Income Taxes (Details) - Effective Income Tax Rate Reconciliation (USD $) | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | |
Effective Income Tax Rate Reconciliation [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Federal income tax | ' | ' | ' | ' | ' | ' | ' | ' | $2,742,253 | $2,391,039 |
State income taxes net of federal income tax effect | ' | ' | ' | ' | ' | ' | ' | ' | 280,192 | 196,959 |
Tax-exempt interest income | ' | ' | ' | ' | ' | ' | ' | ' | -751,164 | -570,292 |
Bank-owned life insurance | ' | ' | ' | ' | ' | ' | ' | ' | -155,403 | -152,158 |
Other items, net | ' | ' | ' | ' | ' | ' | ' | ' | 169,484 | 106,417 |
Provision for income taxes | $543,386 | $604,851 | $612,492 | $524,633 | $438,642 | $523,038 | $593,808 | $416,477 | $2,285,362 | $1,971,965 |
Note_12_Income_Taxes_Details_D
Note 12 - Income Taxes (Details) - Deferred Tax Assets and Liabilities (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Deferred tax assets (liabilities): | ' | ' |
Write-downs and expenses of OREO | $100,044 | $1,443,644 |
Allowance for loan losses | 2,811,205 | 2,856,194 |
Unrealized gain on securities available for sale | 1,060,098 | -571,763 |
SERP Liability | 1,823,427 | 1,737,663 |
Other than temporary impairment loss | 170,321 | 170,321 |
Depreciation | 172,840 | 334,896 |
Nonaccrual interest | 159,263 | 144,742 |
Pension Liability | -11,721 | 65,493 |
Other | 110,963 | 145,512 |
Net deferred tax assets | $6,396,440 | $6,326,702 |
Note_13_Comprehensive_Income_a2
Note 13 - Comprehensive Income and Accumulated Other Comprehensive Income (Details) - Other Comprehensive Income (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Unrealized holding (losses) gains on available for sale securities : | ' | ' |
Unrealized holding (losses) on securities, before tax | ($4,799,591) | ($198,328) |
Unfunded pension liability : | ' | ' |
Changes from plan actuarial gains and losses included in other comprehensive income, before tax | 27,236 | -165,781 |
Changes from plan actuarial gains and losses included in other comprehensive income, tax effect | -11,721 | 65,493 |
Changes from plan actuarial gains and losses included in other comprehensive income, net of tax | 15,515 | -100,288 |
Other comprehensive gain (loss) on unfunded retirement obligations, before tax | 27,236 | -165,781 |
Other comprehensive gain (loss) on unfunded retirement obligations, tax effect | -11,721 | 65,493 |
Other comprehensive gain (loss) on unfunded retirement obligations, net of tax | 15,515 | -100,288 |
Total other comprehensive (loss), before tax | -3,466,332 | 1,140,242 |
Total other comprehensive (loss), tax effect | 1,218,698 | -335,949 |
Total other comprehensive (loss), net of tax | -2,247,634 | 804,293 |
Other comprehensive (loss) on available for sale securities, before tax | -2,992,624 | 1,806,967 |
Other comprehensive (loss) on available for sale securities, tax effect | 1,060,098 | -571,763 |
Other comprehensive (loss) on available for sale securities, net of tax | -1,932,526 | 1,235,204 |
Available-for-sale Securities [Member] | ' | ' |
Unrealized holding (losses) gains on available for sale securities : | ' | ' |
Unrealized holding (losses) on securities, before tax | -2,992,624 | 1,806,967 |
Unrealized holding (losses) on securities, tax effect | 1,060,098 | -571,763 |
Unrealized holding (losses) on securities, net of tax | -1,932,526 | 1,235,204 |
Held-to-maturity Securities [Member] | ' | ' |
Unrealized holding (losses) gains on available for sale securities : | ' | ' |
Unrealized holding (losses) on securities, before tax | -500,944 | -500,944 |
Unrealized holding (losses) on securities, tax effect | 170,321 | 170,321 |
Unrealized holding (losses) on securities, net of tax | ($330,623) | ($330,623) |
Note_13_Comprehensive_Income_a3
Note 13 - Comprehensive Income and Accumulated Other Comprehensive Income (Details) - Change in Accumulated Other Comprehensive Income (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Note 13 - Comprehensive Income and Accumulated Other Comprehensive Income (Details) - Change in Accumulated Other Comprehensive Income [Line Items] | ' | ' |
Balance, January 1, 2012 | ($2,247,634) | $804,293 |
Other comprehensive income (loss) | -1,932,526 | 1,235,204 |
Other comprehensive income (loss) | -3,051,927 | -287,169 |
Beginning of Period [Member] | ' | ' |
Note 13 - Comprehensive Income and Accumulated Other Comprehensive Income (Details) - Change in Accumulated Other Comprehensive Income [Line Items] | ' | ' |
Balance, January 1, 2012 | ' | 1,530,078 |
Balance, January 1, 2012 | ' | -330,623 |
Balance, January 1, 2012 | ' | -107,993 |
Balance, January 1, 2012 | ' | 1,091,462 |
Other comprehensive income (loss) before reclassifications | ' | -294,874 |
Other comprehensive income (loss) before reclassifications | ' | 7,705 |
Other comprehensive income (loss) before reclassifications | ' | -287,169 |
Other comprehensive income (loss) | ' | -294,874 |
Other comprehensive income (loss) | ' | 7,705 |
Other comprehensive income (loss) | ' | -287,169 |
End of Period [Member] | ' | ' |
Note 13 - Comprehensive Income and Accumulated Other Comprehensive Income (Details) - Change in Accumulated Other Comprehensive Income [Line Items] | ' | ' |
Balance, January 1, 2012 | -1,932,526 | 1,235,204 |
Balance, January 1, 2012 | -330,623 | -330,623 |
Balance, January 1, 2012 | 15,515 | -100,288 |
Balance, January 1, 2012 | -2,247,634 | 804,293 |
Other comprehensive income (loss) before reclassifications | -3,167,730 | ' |
Other comprehensive income (loss) before reclassifications | 115,803 | ' |
Other comprehensive income (loss) before reclassifications | -3,051,927 | ' |
Other comprehensive income (loss) | -3,167,730 | ' |
Other comprehensive income (loss) | 115,803 | ' |
Other comprehensive income (loss) | ($3,051,927) | ' |
Note_14_Benefit_Plans_Details
Note 14 - Benefit Plans (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Note 14 - Benefit Plans (Details) [Line Items] | ' | ' |
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 50.00% | 50.00% |
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | 6.00% | 6.00% |
Defined Contribution Plan, Employer Discretionary Contribution Amount | $229,464 | $204,918 |
Defined Benefit Plan, Net Periodic Benefit Cost | 213,438 | 568,216 |
Cash Surrender Value of Life Insurance | 15,500,000 | 15,000,000 |
Defined Benefit Plan, Expected Future Benefit Payments, Next Rolling Twelve Months | 407,313 | ' |
Defined Benefit Plan, Future Amortization of Gain (Loss) | 19,943 | ' |
Supplemental Employee Retirement Plan, Defined Benefit [Member] | ' | ' |
Note 14 - Benefit Plans (Details) [Line Items] | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 4,538,179 | 4,517,757 |
Defined Benefit Plan, Contributions by Employer | ' | $568,215 |
Note_14_Benefit_Plans_Details_
Note 14 - Benefit Plans (Details) - Changes in Projected Benefit Obligations (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Change in Benefit Obligation | ' | ' |
Liability for pension, beginning | $4,517,757 | $3,952,450 |
Service cost | 273,676 | 247,293 |
Interest cost | 199,200 | 200,290 |
Actuarial (gain) loss | -452,454 | 117,724 |
Liability for pension, ending | 4,538,179 | 4,517,757 |
Amount Recognized in Consolidated Balance Sheets | ' | ' |
Liability for pension | -4,538,179 | -4,517,757 |
Net actuarial gain included in accumulated other comprehensive income | -27,236 | 157,336 |
Prior service cost included in accumulated other comprehensive income | ' | 8,445 |
Net recognized pension liability | -4,565,415 | -4,351,977 |
Information for pension plans with an accumulated benefit obligation in excess of plan assets | ' | ' |
Projected benefit obligation | 4,538,179 | 4,517,757 |
Accumulated benefit obligation | $4,211,047 | $3,380,461 |
Note_14_Benefit_Plans_Details_1
Note 14 - Benefit Plans (Details) - Net Periodic Benefit Cost Not Yet Recognized (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Net Periodic Benefit Cost Not Yet Recognized [Abstract] | ' | ' |
Service cost | $273,676 | $247,293 |
Interest cost | 199,200 | 200,290 |
Amortization of prior service cost | -267,883 | 99,432 |
Recognized net actuarial gain | 8,445 | 21,201 |
Net periodic benefit expense | $213,438 | $568,216 |
Note_14_Benefit_Plans_Details_2
Note 14 - Benefit Plans (Details) - Assumptions Used | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Assumptions Used [Abstract] | ' | ' |
Discount Rate | 4.90% | 6.00% |
Salary Scale | 4.00% | 4.00% |
Note_14_Benefit_Plans_Details_3
Note 14 - Benefit Plans (Details) - Expected Benefit Payments (USD $) | Dec. 31, 2013 | |
Expected Benefit Payments [Abstract] | ' | |
2014 | $730,141 | [1] |
2015 | 3,906,536 | [1] |
2017 | $873,279 | [1] |
[1] | Represents management's expectation as of December 31, 2013 as to when such payments will be made. |
Note_15_ShareBased_Compensatio2
Note 15 - Share-Based Compensation (Details) (USD $) | 1 Months Ended | 12 Months Ended | ||
Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | |
Note 15 - Share-Based Compensation (Details) [Line Items] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in Shares) | ' | ' | 440,701 | ' |
Option Expiration | ' | ' | '10 years | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in Shares) | ' | ' | 393,466 | ' |
Allocated Share-based Compensation Expense | ' | ' | $101,330 | $99,152 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | 16,122 | ' | 27,826 | 16,122 |
Unrecognized Compensation Cost Related to Nonvested Stock Option Based Compensation Arrangements | ' | ' | 124,889 | ' |
Stock Dividend Declared | 5.00% | 5.00% | ' | 5.00% |
Recognition of Nonvested Stock Options | ' | ' | '4 years | ' |
Employee Benefits and Share-based Compensation | ' | ' | 399,866 | 375,606 |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | ' | ' | $851,159 | ' |
Equity Incentive Plan [Member] | ' | ' | ' | ' |
Note 15 - Share-Based Compensation (Details) [Line Items] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in Shares) | ' | ' | 343,540 | ' |
Director Stock Plan 2006 [Member] | ' | ' | ' | ' |
Note 15 - Share-Based Compensation (Details) [Line Items] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in Shares) | ' | ' | 49,926 | ' |
Note_15_ShareBased_Compensatio3
Note 15 - Share-Based Compensation (Details) - Share Based Compensation Activity (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2010 | |
Share Based Compensation Activity [Abstract] | ' | ' | ' |
Outstanding, Number of Shares | 221,894 | ' | 206,751 |
Outstanding, Weighted Average Exercise Price | $8.91 | ' | $9.20 |
Outstanding, Weighted Average Remaining Contractual Term (years) | '5 years 219 days | '6 years 73 days | ' |
Outstanding, Aggregate Intrinsic Value | $623,916 | $193,917 | ' |
Exercisable at December 31, 2013 | 174,965 | ' | ' |
Exercisable at December 31, 2013 | $9.44 | ' | ' |
Exercisable at December 31, 2013 | '4 years 292 days | ' | ' |
Exercisable at December 31, 2013 | $381,551 | ' | ' |
Granted, Number of Shares | 25,305 | 28,007 | ' |
Granted, Weighted Average Exercise Price | $8.06 | $6.11 | ' |
Exercised, Number of Shares | -11,601 | -9,040 | ' |
Exercised, Weighted Average Exercise Price | $8.86 | $7.43 | ' |
Expired, Number of Shares | ' | -3,824 | ' |
Expired, Weighted Average Exercise Price | ' | $7.95 | ' |
Outstanding, Number of Shares | 235,598 | 221,894 | 206,751 |
Outstanding, Weighted Average Exercise Price | $8.81 | $8.91 | $9.20 |
Note_15_ShareBased_Compensatio4
Note 15 - Share-Based Compensation (Details) - Share Based Compensation Shares Authorized Under Stock Option Plans By Exercise Price Range (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2010 | |
Note 15 - Share-Based Compensation (Details) - Share Based Compensation Shares Authorized Under Stock Option Plans By Exercise Price Range [Line Items] | ' | ' | ' |
Outstanding Options, Number (in Shares) | 235,598 | ' | ' |
Outstanding Options, Average Life in Years | '5 years 219 days | '6 years 73 days | ' |
Outstanding Options, Average Exercise Price | $8.81 | $8.91 | $9.20 |
Exercisable Options, Number (in Shares) | 174,965 | ' | ' |
Exercisable Options, Average Life in Years | '4 years 292 days | ' | ' |
Exercisable Options, Average Exercise Price | $9.44 | ' | ' |
Range 1 [Member] | ' | ' | ' |
Note 15 - Share-Based Compensation (Details) - Share Based Compensation Shares Authorized Under Stock Option Plans By Exercise Price Range [Line Items] | ' | ' | ' |
Exercise Price Range, Lower Range Limit | $5.92 | ' | ' |
Exercise Price Range, Upper Range Limit | $6.21 | ' | ' |
Outstanding Options, Number (in Shares) | 62,000 | ' | ' |
Outstanding Options, Average Life in Years | '7 years 328 days | ' | ' |
Outstanding Options, Average Exercise Price | $6.15 | ' | ' |
Exercisable Options, Number (in Shares) | 31,598 | ' | ' |
Exercisable Options, Average Life in Years | '7 years 292 days | ' | ' |
Exercisable Options, Average Exercise Price | $6.16 | ' | ' |
Range 2 [Member] | ' | ' | ' |
Note 15 - Share-Based Compensation (Details) - Share Based Compensation Shares Authorized Under Stock Option Plans By Exercise Price Range [Line Items] | ' | ' | ' |
Exercise Price Range, Lower Range Limit | $6.79 | ' | ' |
Exercise Price Range, Upper Range Limit | $10.75 | ' | ' |
Outstanding Options, Number (in Shares) | 110,080 | ' | ' |
Outstanding Options, Average Life in Years | '6 years 6 months | ' | ' |
Outstanding Options, Average Exercise Price | $8.06 | ' | ' |
Exercisable Options, Number (in Shares) | 79,849 | ' | ' |
Exercisable Options, Average Life in Years | '5 years 255 days | ' | ' |
Exercisable Options, Average Exercise Price | $8.14 | ' | ' |
Range 3 [Member] | ' | ' | ' |
Note 15 - Share-Based Compensation (Details) - Share Based Compensation Shares Authorized Under Stock Option Plans By Exercise Price Range [Line Items] | ' | ' | ' |
Exercise Price Range, Lower Range Limit | $11.51 | ' | ' |
Exercise Price Range, Upper Range Limit | $13.77 | ' | ' |
Outstanding Options, Number (in Shares) | 63,518 | ' | ' |
Outstanding Options, Average Life in Years | '2 years 36 days | ' | ' |
Outstanding Options, Average Exercise Price | $12.70 | ' | ' |
Exercisable Options, Number (in Shares) | 63,518 | ' | ' |
Exercisable Options, Average Life in Years | '2 years 36 days | ' | ' |
Exercisable Options, Average Exercise Price | $12.70 | ' | ' |
Note_15_ShareBased_Compensatio5
Note 15 - Share-Based Compensation (Details) - Fair Value Inputs Assets Quantitative Information (USD $) | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | |||
Fair Value Inputs Assets Quantitative Information [Abstract] | ' | ' | ||
Fair value of options granted | $2.69 | $2.20 | ||
Risk-free rate of return | 0.81% | 0.84% | ||
Expected option life in years | '7 years | '7 years | ||
Expected volatility | 30.82% | 31.48% | ||
Expected dividends (1) | $0 | [1] | $0 | [1] |
[1] | To date, the Company has not paid cash dividends on its common stock. |
Note_15_ShareBased_Compensatio6
Note 15 - Share-Based Compensation (Details) - Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value [Abstract] | ' | ' |
Non-vested, Number of Shares | 140,575 | 159,341 |
Non-vested, Average Grant-Date Fair Value | $6.41 | $6.54 |
Number of Shares, Granted | 45,093 | 47,034 |
Average Grant-Date Fair Value, Granted | $9.75 | $8.73 |
Number of Shares, Vested | -49,178 | -65,800 |
Average Grant-Date Fair Value, Vested | $8.97 | $8.38 |
Non-vested, Number of Shares | 136,490 | 140,575 |
Non-vested, Average Grant-Date Fair Value | $6.59 | $6.41 |
Note_16_Commitments_and_Contin2
Note 16 - Commitments and Contingencies (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Note 16 - Commitments and Contingencies (Details) [Line Items] | ' | ' |
Operating Leases, Rent Expense, Net | $1,151,243 | $1,303,584 |
Guarantor Obligations, Maximum Exposure, Undiscounted | 2,212,009 | 1,620,362 |
Loans and Leases Receivable, Commitments to Purchase or Sell | 23,700,000 | 36,000,000 |
Commitments to Extend Credit [Member] | ' | ' |
Note 16 - Commitments and Contingencies (Details) [Line Items] | ' | ' |
Supply Commitment, Remaining Minimum Amount Committed | $328,167,129 | $160,459,141 |
Note_16_Commitments_and_Contin3
Note 16 - Commitments and Contingencies (Details) - Future Minimum Rental Payments For Operating Leases (USD $) | Dec. 31, 2013 |
Future Minimum Rental Payments For Operating Leases [Abstract] | ' |
2014 | $948,922 |
2015 | 807,645 |
2016 | 754,435 |
2017 | 750,057 |
2018 | 594,576 |
Thereafter | 1,701,268 |
$5,556,903 |
Note_17_Other_Operating_Expens2
Note 17 - Other Operating Expenses (Details) - Other Operating Cost and Expenses By Component (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Note 17 - Other Operating Expenses (Details) - Other Operating Cost and Expenses By Component [Line Items] | ' | ' |
Other Cost and Expense, Operating | $4,327,276 | $3,689,649 |
Marketing [Member] | ' | ' |
Note 17 - Other Operating Expenses (Details) - Other Operating Cost and Expenses By Component [Line Items] | ' | ' |
Other Cost and Expense, Operating | 294,663 | 185,738 |
Equipment Expense [Member] | ' | ' |
Note 17 - Other Operating Expenses (Details) - Other Operating Cost and Expenses By Component [Line Items] | ' | ' |
Other Cost and Expense, Operating | 884,092 | 862,765 |
Telephone [Member] | ' | ' |
Note 17 - Other Operating Expenses (Details) - Other Operating Cost and Expenses By Component [Line Items] | ' | ' |
Other Cost and Expense, Operating | 364,059 | 351,183 |
Regulatory, Professional and Other Consulting Fees [Member] | ' | ' |
Note 17 - Other Operating Expenses (Details) - Other Operating Cost and Expenses By Component [Line Items] | ' | ' |
Other Cost and Expense, Operating | 1,104,037 | 726,556 |
Amortization of Intangible Assets [Member] | ' | ' |
Note 17 - Other Operating Expenses (Details) - Other Operating Cost and Expenses By Component [Line Items] | ' | ' |
Other Cost and Expense, Operating | 267,966 | 267,967 |
Other Expenses [Member] | ' | ' |
Note 17 - Other Operating Expenses (Details) - Other Operating Cost and Expenses By Component [Line Items] | ' | ' |
Other Cost and Expense, Operating | $1,412,459 | $1,295,440 |
Note_18_Regulatory_Requirement2
Note 18 - Regulatory Requirements (Details) - Compliance With Regulatory Capital Requirements Under Banking Regulations (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ' | ' |
Actual Capital | $89,532,373 | $81,213,909 |
Capital to Risk Weighted Assets | 19.29% | 12.98% |
Capital Required for Capital Adequacy | 37,123,200 | 50,044,960 |
Capital Required for Capital Adequacy to Risk Weighted Assets | 8.00% | 8.00% |
Capital Required to be Well Capitalized to Risk Weighted Assets | ' | ' |
Tier One Risk Based Capital | 83,716,373 | 74,062,697 |
Tier One Risk Based Capital to Risk Weighted Assets | 18.04% | 11.84% |
Tier One Risk Based Capital Required for Capital Adequacy | 18,561,600 | 25,022,480 |
Tier One Risk Based Capital Required for Capital Adequacy to Risk Weighted Assets | 4.00% | 4.00% |
Tier One Risk Based Capital Required to be Well Capitalized to Risk Weighted Assets | ' | ' |
Tier One Leverage Capital | 83,716,373 | 74,062,697 |
Tier One Leverage Capital to Average Assets | 10.89% | 9.29% |
Tier One Leverage Capital Required for Capital Adequacy | 30,757,840 | 31,881,576 |
Tier One Leverage Capital Required for Capital Adequacy to Average Assets | 4.00% | 4.00% |
Tier One Leverage Capital Required to be Well Capitalized to Average Assets | ' | ' |
Subsidiaries [Member] | ' | ' |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ' | ' |
Actual Capital | 87,253,384 | 78,621,740 |
Capital to Risk Weighted Assets | 18.80% | 12.57% |
Capital Required for Capital Adequacy | 37,123,200 | 50,044,960 |
Capital Required for Capital Adequacy to Risk Weighted Assets | 8.00% | 8.00% |
Capital Required to be Well Capitalized | 46,404,000 | 62,556,200 |
Capital Required to be Well Capitalized to Risk Weighted Assets | 10.00% | 10.00% |
Tier One Risk Based Capital | 81,437,384 | 71,470,528 |
Tier One Risk Based Capital to Risk Weighted Assets | 17.55% | 11.43% |
Tier One Risk Based Capital Required for Capital Adequacy | 18,561,600 | 25,022,480 |
Tier One Risk Based Capital Required for Capital Adequacy to Risk Weighted Assets | 4.00% | 4.00% |
Tier One Risk Based Capital Required to be Well Capitalized | 27,842,400 | 37,533,720 |
Tier One Risk Based Capital Required to be Well Capitalized to Risk Weighted Assets | 6.00% | 6.00% |
Tier One Leverage Capital | 81,437,384 | 71,470,528 |
Tier One Leverage Capital to Average Assets | 10.59% | 9.05% |
Tier One Leverage Capital Required for Capital Adequacy | 30,757,840 | 31,604,458 |
Tier One Leverage Capital Required for Capital Adequacy to Average Assets | 4.00% | 4.00% |
Tier One Leverage Capital Required to be Well Capitalized | $38,447,300 | $39,505,573 |
Tier One Leverage Capital Required to be Well Capitalized to Average Assets | 5.00% | 5.00% |
Note_19_Shareholders_Equity_De
Note 19 - Shareholders' Equity (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Nov. 23, 2011 | |
Note 19 - Shareholders' Equity (Details) [Line Items] | ' | ' | ' | ' |
Proceeds from Issuance of Common Stock (in Dollars) | $5,000,000 | $0 | $4,819,794 | ' |
Common Stock, Shares, Issued | 5,985,275 | 6,033,683 | 5,985,275 | ' |
Treasury Auction of Warrants Date | ' | ' | ' | 23-Nov-11 |
Class of Warrant or Right Option Length | ' | '2 years | ' | ' |
Warrant Expiration Date | ' | ' | ' | 23-Dec-18 |
Number of Shares Repurchased | 2,337 | 12,355 | 2,337 | ' |
Cost to Repurchase Shares (in Dollars) | ' | 110,797 | 20,916 | ' |
Subscription Offering [Member] | ' | ' | ' | ' |
Note 19 - Shareholders' Equity (Details) [Line Items] | ' | ' | ' | ' |
Expiration of Shareholders Rights Offerings | ' | 5-Oct-12 | ' | ' |
Proceeds from Issuance of Common Stock (in Dollars) | ' | $5,000,000 | ' | ' |
Common Stock, Shares, Issued | ' | 555,555 | ' | ' |
Share Price (in Dollars per share) | ' | $9 | ' | ' |
Series B Preferred Stock [Member] | ' | ' | ' | ' |
Note 19 - Shareholders' Equity (Details) [Line Items] | ' | ' | ' | ' |
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | ' | 255,540 | ' | ' |
Class of Warrant or Right, Exercise Price of Warrants or Rights (in Dollars per Item) | ' | 7.044 | ' | ' |
Note_20_Fair_Value_Disclosures2
Note 20 - Fair Value Disclosures (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Note 20 - Fair Value Disclosures (Details) [Line Items] | ' | ' |
Impaired Financing Receivable, Unpaid Principal Balance | $10,337,208 | $8,124,195 |
Impaired Financing Receivable, Related Allowance | 1,783,861 | 1,292,063 |
Loans With Fair Value Measurement [Member] | ' | ' |
Note 20 - Fair Value Disclosures (Details) [Line Items] | ' | ' |
Number of Loans | 17 | 16 |
Impaired Financing Receivable, Unpaid Principal Balance | 10,088,648 | 6,086,432 |
Impaired Financing Receivable, Related Allowance | $1,783,861 | $1,292,063 |
Note_20_Fair_Value_Disclosures3
Note 20 - Fair Value Disclosures (Details) - Fair Value, Assets and Liabilities Measured on Recurring Basis (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Note 20 - Fair Value Disclosures (Details) - Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Available for sale, at fair value | $99,198,807 | $109,840,965 |
Restricted Stock [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Note 20 - Fair Value Disclosures (Details) - Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Available for sale, at fair value | 1,013,100 | 2,493,300 |
Restricted Stock [Member] | Estimate of Fair Value Measurement [Member] | ' | ' |
Note 20 - Fair Value Disclosures (Details) - Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Available for sale, at fair value | 1,013,100 | 2,493,300 |
Restricted Stock [Member] | ' | ' |
Note 20 - Fair Value Disclosures (Details) - Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Available for sale, at fair value | 1,013,100 | 2,493,300 |
U.S. Treasury Securities and Obligations of U.S. Government Sponsored Corporations ("GSE') and Agencies [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' |
Note 20 - Fair Value Disclosures (Details) - Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Available for sale, at fair value | 19,994,430 | 27,923,670 |
U.S. Treasury Securities and Obligations of U.S. Government Sponsored Corporations ("GSE') and Agencies [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Note 20 - Fair Value Disclosures (Details) - Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Available for sale, at fair value | 1,515,270 | 1,571,865 |
U.S. Treasury Securities and Obligations of U.S. Government Sponsored Corporations ("GSE') and Agencies [Member] | Estimate of Fair Value Measurement [Member] | ' | ' |
Note 20 - Fair Value Disclosures (Details) - Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Available for sale, at fair value | 21,509,700 | 29,495,535 |
U.S. Treasury Securities and Obligations of U.S. Government Sponsored Corporations ("GSE') and Agencies [Member] | ' | ' |
Note 20 - Fair Value Disclosures (Details) - Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Available for sale, at fair value | 21,509,700 | 29,495,535 |
Residential Collateralized Mortgage Obligations- GSE [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Note 20 - Fair Value Disclosures (Details) - Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Available for sale, at fair value | 3,681,792 | 6,632,665 |
Residential Collateralized Mortgage Obligations- GSE [Member] | Estimate of Fair Value Measurement [Member] | ' | ' |
Note 20 - Fair Value Disclosures (Details) - Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Available for sale, at fair value | 3,681,792 | 6,632,665 |
Residential Collateralized Mortgage Obligations- GSE [Member] | ' | ' |
Note 20 - Fair Value Disclosures (Details) - Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Available for sale, at fair value | 3,681,792 | 6,632,665 |
Residential Collateralized Mortgage Obligations- Non GSE [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Note 20 - Fair Value Disclosures (Details) - Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Available for sale, at fair value | 2,826,396 | 3,924,182 |
Residential Collateralized Mortgage Obligations- Non GSE [Member] | Estimate of Fair Value Measurement [Member] | ' | ' |
Note 20 - Fair Value Disclosures (Details) - Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Available for sale, at fair value | 2,826,396 | 3,924,182 |
Residential Collateralized Mortgage Obligations- Non GSE [Member] | ' | ' |
Note 20 - Fair Value Disclosures (Details) - Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Available for sale, at fair value | 2,826,396 | 3,924,182 |
Residential Mortgage Backed Securities- GSE [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Note 20 - Fair Value Disclosures (Details) - Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Available for sale, at fair value | 31,965,947 | 26,489,335 |
Residential Mortgage Backed Securities- GSE [Member] | Estimate of Fair Value Measurement [Member] | ' | ' |
Note 20 - Fair Value Disclosures (Details) - Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Available for sale, at fair value | 31,965,947 | 26,489,335 |
Residential Mortgage Backed Securities- GSE [Member] | ' | ' |
Note 20 - Fair Value Disclosures (Details) - Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Available for sale, at fair value | 31,965,947 | 26,489,335 |
Obligations of State and Political Subdivisions [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Note 20 - Fair Value Disclosures (Details) - Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Available for sale, at fair value | 19,646,044 | 20,682,301 |
Obligations of State and Political Subdivisions [Member] | Estimate of Fair Value Measurement [Member] | ' | ' |
Note 20 - Fair Value Disclosures (Details) - Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Available for sale, at fair value | 19,464,044 | 20,682,301 |
Obligations of State and Political Subdivisions [Member] | ' | ' |
Note 20 - Fair Value Disclosures (Details) - Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Available for sale, at fair value | 19,646,044 | 20,682,301 |
Trust Preferred Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Note 20 - Fair Value Disclosures (Details) - Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Available for sale, at fair value | 2,013,100 | 1,998,366 |
Trust Preferred Debt Securities [Member] | Estimate of Fair Value Measurement [Member] | ' | ' |
Note 20 - Fair Value Disclosures (Details) - Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Available for sale, at fair value | 2,013,100 | 1,998,366 |
Trust Preferred Debt Securities [Member] | ' | ' |
Note 20 - Fair Value Disclosures (Details) - Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Available for sale, at fair value | 2,013,100 | 1,998,366 |
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Note 20 - Fair Value Disclosures (Details) - Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Available for sale, at fair value | 16,517,728 | 18,100,281 |
Corporate Debt Securities [Member] | Estimate of Fair Value Measurement [Member] | ' | ' |
Note 20 - Fair Value Disclosures (Details) - Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Available for sale, at fair value | 16,517,728 | 18,100,281 |
Corporate Debt Securities [Member] | ' | ' |
Note 20 - Fair Value Disclosures (Details) - Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Available for sale, at fair value | 16,517,728 | 18,100,281 |
Mutual Fund [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Note 20 - Fair Value Disclosures (Details) - Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Available for sale, at fair value | 25,000 | 25,000 |
Mutual Fund [Member] | Estimate of Fair Value Measurement [Member] | ' | ' |
Note 20 - Fair Value Disclosures (Details) - Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Available for sale, at fair value | 25,000 | 25,000 |
Mutual Fund [Member] | ' | ' |
Note 20 - Fair Value Disclosures (Details) - Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Available for sale, at fair value | 25,000 | 25,000 |
Fair Value, Inputs, Level 1 [Member] | ' | ' |
Note 20 - Fair Value Disclosures (Details) - Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Available for sale, at fair value | 19,994,430 | 27,923,670 |
Fair Value, Inputs, Level 2 [Member] | ' | ' |
Note 20 - Fair Value Disclosures (Details) - Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Available for sale, at fair value | $79,204,377 | $81,917,295 |
Note_20_Fair_Value_Disclosures4
Note 20 - Fair Value Disclosures (Details) - Fair Value Assets, Measurements, Nonrecurring (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Fair Value, Inputs, Level 3 [Member] | ' | ' |
Note 20 - Fair Value Disclosures (Details) - Fair Value Assets, Measurements, Nonrecurring [Line Items] | ' | ' |
Impaired loans, fair value disclosure | $7,879,005 | $4,794,369 |
Other real estate owned, fair value disclosure | 209,937 | 6,568,781 |
Estimate of Fair Value Measurement [Member] | ' | ' |
Note 20 - Fair Value Disclosures (Details) - Fair Value Assets, Measurements, Nonrecurring [Line Items] | ' | ' |
Impaired loans, fair value disclosure | 7,879,005 | 4,794,369 |
Other real estate owned, fair value disclosure | $209,937 | $6,568,781 |
Note_20_Fair_Value_Disclosures5
Note 20 - Fair Value Disclosures (Details) - Fair Value, Quantitative Disclosures (USD $) | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | |||
Impaired Loans [Member] | ' | ' | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ' | ' | ||
Impaired loans (in Dollars) | $7,879,005 | $4,794,369 | ||
Impaired loans | 'Appraisal of collateral (1) | [1] | 'Appraisal of collateral (1) | [1] |
Impaired loans | 'Appraisal adjustments (2) | [2] | 'Appraisal adjustments (2) | [2] |
Other real estate owned | 'Appraisal of collateral (1) | [1] | 'Appraisal of collateral (1) | [1] |
Other real estate owned | 'Appraisal adjustments (2) | [2] | 'Appraisal adjustments (2) | [2] |
Other Real Estate Owned [Member] | ' | ' | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ' | ' | ||
Impaired loans | 'Appraisal of collateral (1) | [1] | 'Appraisal of collateral (1) | [1] |
Impaired loans | 'Appraisal adjustments (2) | [2] | 'Appraisal adjustments (2) | [2] |
Other real estate owned (in Dollars) | $209,937 | $6,568,781 | ||
Other real estate owned | 'Appraisal of collateral (1) | [1] | 'Appraisal of collateral (1) | [1] |
Other real estate owned | 'Appraisal adjustments (2) | [2] | 'Appraisal adjustments (2) | [2] |
Minimum [Member] | Impaired Loans [Member] | ' | ' | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ' | ' | ||
Impaired loans | 5.00% | 5.00% | ||
Other real estate owned | 5.00% | 5.00% | ||
Minimum [Member] | Other Real Estate Owned [Member] | ' | ' | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ' | ' | ||
Impaired loans | 5.00% | 10.00% | ||
Other real estate owned | 5.00% | 10.00% | ||
Maximum [Member] | Impaired Loans [Member] | ' | ' | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ' | ' | ||
Impaired loans | 15.00% | 15.00% | ||
Other real estate owned | 15.00% | 15.00% | ||
Maximum [Member] | Other Real Estate Owned [Member] | ' | ' | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ' | ' | ||
Impaired loans | 45.00% | 50.00% | ||
Other real estate owned | 45.00% | 50.00% | ||
Weighted Average [Member] | Impaired Loans [Member] | ' | ' | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ' | ' | ||
Impaired loans | -8.80% | -9.70% | ||
Other real estate owned | -8.80% | -9.70% | ||
Weighted Average [Member] | Other Real Estate Owned [Member] | ' | ' | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ' | ' | ||
Impaired loans | -21.70% | -32.60% | ||
Other real estate owned | -21.70% | -32.60% | ||
[1] | Fair value is generally determined through independent appraisals of the underlying collateral, which generally include various Level 3 inputs that are not identifiable. | |||
[2] | Includes qualitative adjustments by management and estimated liquidation expenses. |
Note_20_Fair_Value_Disclosures6
Note 20 - Fair Value Disclosures (Details) - Carrying Values And Estimated Fair Values Of Debt Instuments (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Note 20 - Fair Value Disclosures (Details) - Carrying Values And Estimated Fair Values Of Debt Instuments [Line Items] | ' | ' |
Cash and cash equivalents | $69,278,771 | $14,044,921 |
Securities available for sale | 99,198,807 | 109,840,965 |
Securities held to maturity | 152,816,815 | 116,027,900 |
Loans held for sale | 10,923,689 | 35,960,262 |
Loans | 366,297,511 | 514,662,898 |
Accrued interest receivable | 2,542,602 | 2,872,099 |
Deposits | -638,552,030 | -707,689,475 |
Borrowings | -10,000,000 | -42,400,000 |
Redeemable subordinated debentures | -18,557,000 | -18,557,000 |
Accrued interest payable | -883,212 | -1,057,779 |
Fair Value, Inputs, Level 1 [Member] | ' | ' |
Note 20 - Fair Value Disclosures (Details) - Carrying Values And Estimated Fair Values Of Debt Instuments [Line Items] | ' | ' |
Cash and cash equivalents | 69,278,771 | 14,044,921 |
Securities available for sale | 19,994,430 | 27,923,670 |
Fair Value, Inputs, Level 2 [Member] | ' | ' |
Note 20 - Fair Value Disclosures (Details) - Carrying Values And Estimated Fair Values Of Debt Instuments [Line Items] | ' | ' |
Securities available for sale | 79,204,377 | 81,917,295 |
Securities held to maturity | 153,629,773 | 121,839,363 |
Loans held for sale | 10,924,000 | 35,960,262 |
Accrued interest receivable | 2,542,602 | 2,872,099 |
Deposits | -639,539,000 | -709,678,000 |
Borrowings | -11,148,000 | -43,906,000 |
Redeemable subordinated debentures | -18,557,000 | -18,557,000 |
Accrued interest payable | -883,212 | -1,057,779 |
Fair Value, Inputs, Level 3 [Member] | ' | ' |
Note 20 - Fair Value Disclosures (Details) - Carrying Values And Estimated Fair Values Of Debt Instuments [Line Items] | ' | ' |
Loans | 372,548,000 | 515,577,788 |
Estimate of Fair Value Measurement [Member] | ' | ' |
Note 20 - Fair Value Disclosures (Details) - Carrying Values And Estimated Fair Values Of Debt Instuments [Line Items] | ' | ' |
Cash and cash equivalents | 69,278,771 | 14,044,921 |
Securities available for sale | 99,198,807 | 109,840,965 |
Securities held to maturity | 153,629,773 | 121,839,363 |
Loans held for sale | 10,924,000 | 35,960,262 |
Loans | 372,548,000 | 515,577,788 |
Accrued interest receivable | 2,542,602 | 2,872,099 |
Deposits | -639,539,000 | -709,678,000 |
Borrowings | -11,148,000 | -43,906,000 |
Redeemable subordinated debentures | -18,557,000 | -18,557,000 |
Accrued interest payable | ($883,212) | ($1,057,779) |
Note_21_Condensed_Financial_St2
Note 21 - Condensed Financial Statements of 1st Constitution Bancorp (Parent Company Only) (Details) - Condensed Balance Sheet (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Assets: | ' | ' | ' |
Investment securities available for sale | $99,198,807 | $109,840,965 | ' |
Other assets | 8,013,897 | 8,412,393 | ' |
Total Assets | 742,325,087 | 840,968,382 | ' |
Liabilities And Shareholdersb Equity | ' | ' | ' |
Subordinated debentures | 18,557,000 | 18,557,000 | ' |
Shareholdersb equity | 68,358,314 | 65,053,532 | 54,999,775 |
Total Liabilities and Shareholdersb Equity | 742,325,087 | 840,968,382 | ' |
Parent Company [Member] | ' | ' | ' |
Assets: | ' | ' | ' |
Cash | 55,409 | 271,638 | ' |
Investment securities available for sale | 557,000 | 557,000 | ' |
Investment in subsidiaries | 84,079,325 | 80,461,566 | ' |
Other assets | 2,223,580 | 2,320,328 | ' |
Total Assets | 86,915,314 | 83,610,532 | ' |
Liabilities And Shareholdersb Equity | ' | ' | ' |
Subordinated debentures | 18,557,000 | 18,557,000 | ' |
Shareholdersb equity | 68,358,314 | 65,053,532 | ' |
Total Liabilities and Shareholdersb Equity | $86,915,314 | $83,610,532 | ' |
Note_21_Condensed_Financial_St3
Note 21 - Condensed Financial Statements of 1st Constitution Bancorp (Parent Company Only) (Details) - Condensed Statements of Income and Comprehensive Income (USD $) | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | |
Condensed Income Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest Income | $6,999,053 | $7,338,854 | $7,182,252 | $7,471,838 | $8,408,534 | $8,486,646 | $7,907,189 | $8,034,267 | $28,991,997 | $32,836,636 |
Interest Expense | 1,011,952 | 1,033,832 | 1,061,623 | 1,147,482 | 1,225,923 | 1,242,244 | 1,279,267 | 1,403,708 | 4,254,889 | 5,151,142 |
Loss before income taxes and equity in undistributed income of subsidiaries | 1,917,888 | 2,128,089 | 2,169,522 | 1,849,951 | 1,679,387 | 1,877,957 | 1,891,916 | 1,583,209 | 8,065,450 | 7,032,469 |
Federal income tax benefit | 543,386 | 604,851 | 612,492 | 524,633 | 438,642 | 523,038 | 593,808 | 416,477 | 2,285,362 | 1,971,965 |
Net Income | 1,374,502 | 1,523,238 | 1,557,030 | 1,325,318 | 1,240,745 | 1,354,919 | 1,298,108 | 1,166,732 | 5,780,088 | 5,060,504 |
Comprehensive Income | ' | ' | ' | ' | ' | ' | ' | ' | 2,728,161 | 4,773,335 |
Parent Company [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Condensed Income Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest Income | ' | ' | ' | ' | ' | ' | ' | ' | 11,464 | 14,541 |
Interest Expense | ' | ' | ' | ' | ' | ' | ' | ' | 362,961 | 397,920 |
Loss before income taxes and equity in undistributed income of subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | -351,497 | -383,379 |
Federal income tax benefit | ' | ' | ' | ' | ' | ' | ' | ' | -120,188 | -131,232 |
Loss before equity in undistributed income of subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | -231,309 | -252,147 |
Equity in undistributed income of subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | 6,011,397 | 5,312,651 |
Net Income | ' | ' | ' | ' | ' | ' | ' | ' | 5,780,088 | 5,060,504 |
Equity in other comprehensive loss of subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | -3,051,927 | -287,169 |
Comprehensive Income | ' | ' | ' | ' | ' | ' | ' | ' | $2,728,161 | $4,773,335 |
Note_21_Condensed_Financial_St4
Note 21 - Condensed Financial Statements of 1st Constitution Bancorp (Parent Company Only) (Details) - Condensed Cash Flow Statements (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Operating Activities: | ' | ' |
Net Income | $5,780,088 | $5,060,504 |
Adjustments: | ' | ' |
Decrease (increase) in other assets | 1,166,991 | -16,584 |
Net cash used in operating activities | 36,496,256 | -5,588,032 |
Cash Flows From Investing Activities: | ' | ' |
Net cash (used in) provided by investing activities | 119,782,494 | -38,670,566 |
Cash Flows From Financing Activities: | ' | ' |
Issuance of common stock, net | 0 | 4,819,794 |
Purchase of treasury stock | -110,797 | -122,570 |
Net cash provided by financing activities | -101,044,900 | 43,108,260 |
Net (decrease) in cash | 55,233,850 | -1,150,338 |
Cash at beginning of year | 14,044,921 | ' |
Cash at end of year | 69,278,771 | 14,044,921 |
Parent Company [Member] | ' | ' |
Operating Activities: | ' | ' |
Net Income | 5,780,088 | 5,060,504 |
Adjustments: | ' | ' |
Decrease (increase) in other assets | 96,748 | -134,972 |
Equity in undistributed income of subsidiaries | -6,011,397 | -5,312,651 |
Net cash used in operating activities | -134,561 | -387,119 |
Cash Flows From Investing Activities: | ' | ' |
Investment in subsidiary | -574,213 | -5,181,472 |
Net cash (used in) provided by investing activities | -574,213 | -5,181,472 |
Cash Flows From Financing Activities: | ' | ' |
Issuance of common stock, net | 603,342 | 5,303,840 |
Purchase of treasury stock | -110,797 | -122,570 |
Net cash provided by financing activities | 492,545 | 5,181,470 |
Net (decrease) in cash | -216,229 | -387,321 |
Cash at beginning of year | 271,638 | 658,959 |
Cash at end of year | $55,409 | $271,638 |
Note_22_Unaudited_Quarterly_Fi2
Note 22 - Unaudited Quarterly Financial Data (Details) - Condensed Summary of Quarterly Results of Operations (USD $) | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | |
Summary of Operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest income | $6,999,053 | $7,338,854 | $7,182,252 | $7,471,838 | $8,408,534 | $8,486,646 | $7,907,189 | $8,034,267 | $28,991,997 | $32,836,636 |
Interest expense | 1,011,952 | 1,033,832 | 1,061,623 | 1,147,482 | 1,225,923 | 1,242,244 | 1,279,267 | 1,403,708 | 4,254,889 | 5,151,142 |
Net interest income | 5,987,101 | 6,305,022 | 6,120,629 | 6,324,356 | 7,182,611 | 7,244,402 | 6,627,922 | 6,630,559 | 24,737,108 | 27,685,494 |
Provision for loan losses | 299,998 | 539,998 | 236,666 | 0 | 499,998 | 499,998 | 549,998 | 559,998 | 1,076,662 | 2,149,992 |
Net interest income after provision for loan losses | 5,687,103 | 5,765,024 | 5,883,963 | 6,324,356 | 6,682,613 | 6,744,404 | 6,077,924 | 6,030,561 | 23,660,446 | 25,535,502 |
Non-interest income | 1,154,274 | 1,616,548 | 1,447,859 | 1,608,563 | 1,597,670 | 1,316,727 | 1,187,966 | 1,165,165 | 5,827,244 | 5,267,528 |
Non-interest expense | 4,923,489 | 5,253,483 | 5,162,300 | 6,082,968 | 6,600,896 | 6,183,174 | 5,373,974 | 5,612,517 | 21,422,240 | 23,770,561 |
Income before income taxes | 1,917,888 | 2,128,089 | 2,169,522 | 1,849,951 | 1,679,387 | 1,877,957 | 1,891,916 | 1,583,209 | 8,065,450 | 7,032,469 |
Income taxes | 543,386 | 604,851 | 612,492 | 524,633 | 438,642 | 523,038 | 593,808 | 416,477 | 2,285,362 | 1,971,965 |
Net income | $1,374,502 | $1,523,238 | $1,557,030 | $1,325,318 | $1,240,745 | $1,354,919 | $1,298,108 | $1,166,732 | $5,780,088 | $5,060,504 |
Basic (in Dollars per share) | $0.24 | $0.25 | $0.26 | $0.22 | $0.21 | $0.25 | $0.24 | $0.22 | $0.97 | $0.92 |
Diluted (in Dollars per share) | $0.23 | $0.25 | $0.25 | $0.22 | $0.20 | $0.25 | $0.24 | $0.22 | $0.95 | $0.90 |
Note_23_Subsequent_Events_Deta
Note 23 - Subsequent Events (Details) (Rumson-Fair Haven Bank and Trust Company [Member], USD $) | 0 Months Ended | 0 Months Ended | 1 Months Ended | 12 Months Ended | ||||
Feb. 07, 2014 | Feb. 07, 2014 | Feb. 07, 2014 | Feb. 07, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | |
Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Acquired Loans [Member] | Acquired Deposits [Member] | |||
Per Share of Common Stock [Member] | Common Stock [Member] | Cash [Member] | ||||||
Note 23 - Subsequent Events (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares (in Shares) | 0.7772 | ' | 1,019,242 | ' | ' | ' | ' | ' |
Business Acquisition, Share Price (in Dollars per share) | ' | ' | $7.50 | ' | ' | ' | ' | ' |
Portion of Merger Consideration | ' | 40.00% | ' | 60.00% | ' | ' | ' | ' |
Payments to Acquire Businesses, Gross | ' | ' | $14,770,000 | ' | ' | ' | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | ' | ' | ' | ' | ' | ' | 230,000,000 | 230,000,000 |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Financial Assets | ' | ' | ' | ' | 149,000,000 | 200,000,000 | ' | ' |
Number of Operating Offices | ' | ' | ' | ' | ' | ' | 5 | ' |
Business Acquisition, Pro Forma Net Income (Loss) | ' | ' | ' | ' | ' | ' | ' | 37,800,000 |
Business Acquisition, Pro Forma Asset Value | ' | ' | ' | ' | ' | ' | 972,600,000 | 972,600,000 |
Business Acquisition, Pro Forma Value of Financial Assets, Loans | ' | ' | ' | ' | ' | ' | 513,900,000 | 513,900,000 |
Business Acquisition, Pro Forma Value of Financial Assets, Deposits | ' | ' | ' | ' | ' | ' | $838,900,000 | $838,900,000 |