Document_And_Entity_Informatio
Document And Entity Information | 9 Months Ended | |
Sep. 30, 2014 | Nov. 10, 2014 | |
Document and Entity Information [Abstract] | ' | ' |
Entity Registrant Name | '1ST CONSTITUTION BANCORP | ' |
Document Type | '10-Q | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Common Stock, Shares Outstanding | ' | 7,134,774 |
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 | 30-Sep-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Consolidated_Balance_Sheets_Un
Consolidated Balance Sheets (Unaudited) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
ASSETS | ' | ' |
CASH AND DUE FROM BANKS | $20,371,823 | $69,267,345 |
FEDERAL FUNDS SOLD / SHORT-TERM INVESTMENTS | ' | 11,426 |
Total cash and cash equivalents | 20,371,823 | 69,278,771 |
INVESTMENT SECURITIES: | ' | ' |
Available for sale, at fair value | 103,959,466 | 99,198,807 |
Held to maturity (fair value of $152,466,765 and $153,629,773 at Mar September 30, 2014 and December 31, 2013, respectively) | 148,182,693 | 152,816,815 |
Total investment securities | 252,142,159 | 252,015,622 |
LOANS HELD FOR SALE | 9,459,172 | 10,923,689 |
LOANS | 620,395,918 | 373,336,082 |
Less- Allowance for loan losses | -7,107,872 | -7,038,571 |
Net loans | 613,288,046 | 366,297,511 |
PREMISES AND EQUIPMENT, net | 12,065,252 | 10,043,505 |
ACCRUED INTEREST RECEIVABLE | 2,798,265 | 2,542,602 |
BANK-OWNED LIFE INSURANCE | 21,074,473 | 16,183,574 |
OTHER REAL ESTATE OWNED | 1,748,455 | 2,136,341 |
GOODWILL AND INTANGIBLE ASSETS | 13,587,701 | 4,889,575 |
OTHER ASSETS | 7,769,204 | 8,013,897 |
Total assets | 954,304,550 | 742,325,087 |
Deposits | ' | ' |
Non-interest bearing | 172,185,545 | 121,891,752 |
Interest bearing | 651,379,201 | 516,660,278 |
Total deposits | 823,564,746 | 638,552,030 |
BORROWINGS | 20,798,473 | 10,000,000 |
REDEEMABLE SUBORDINATED DEBENTURES | 18,557,000 | 18,557,000 |
ACCRUED INTEREST PAYABLE | 802,851 | 883,212 |
ACCRUED EXPENSES AND OTHER LIABILITIES | 6,105,078 | 5,974,531 |
Total liabilities | 869,828,148 | 673,966,773 |
COMMITMENTS AND CONTINGENCIES | ' | ' |
SHAREHOLDERS’ EQUITY: | ' | ' |
Preferred stock, no par value; 5,000,000 shares authorized, none issued | ' | ' |
Common Stock, no par value; 30,000,000 shares authorized; 7,165,084, and 6,081,961 shares issued and 7,134,774 and 6,065,123 shares outstanding at September 30,2014 and December 31, 2013, respectively | 61,383,079 | 49,403,450 |
Retained earnings | 23,714,254 | 21,374,381 |
Treasury Stock, 30,310 shares and 16,838 shares at September 30, 2014 and December 31, 2013, respectively | -309,871 | -171,883 |
Accumulated other comprehensive (loss) | -311,060 | -2,247,634 |
Total shareholders’ equity | 84,476,402 | 68,358,314 |
Total liabilities and shareholders’ equity | $954,304,550 | $742,325,087 |
Consolidated_Balance_Sheets_Un1
Consolidated Balance Sheets (Unaudited) (Parentheticals) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
Held to maturity, fair value (in Dollars) | $152,466,765 | $153,629,773 |
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 | 7,165,084 | 6,081,961 |
Common Stock, shares outstanding | 7,134,774 | 6,065,123 |
Treasury stock shares | 30,310 | 16,838 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
INTEREST INCOME: | ' | ' | ' | ' |
Loans, including fees | $8,585,950 | $5,701,804 | $22,694,649 | $17,319,258 |
Securities: | ' | ' | ' | ' |
Taxable | 961,043 | 980,004 | 3,141,787 | 2,818,800 |
Tax-exempt | 575,977 | 575,301 | 1,745,708 | 1,633,799 |
Federal funds sold and short-term investments | 10,184 | 81,745 | 110,892 | 221,087 |
Total interest income | 10,133,154 | 7,338,854 | 27,693,036 | 21,992,944 |
INTEREST EXPENSE: | ' | ' | ' | ' |
Deposits | 955,246 | 842,372 | 2,826,339 | 2,668,306 |
Borrowings | 144,005 | 103,122 | 387,422 | 310,649 |
Redeemable subordinated debentures | 86,534 | 88,338 | 257,314 | 263,982 |
Total interest expense | 1,185,785 | 1,033,832 | 3,471,075 | 3,242,937 |
Net interest income | 8,947,369 | 6,305,022 | 24,221,961 | 18,750,007 |
PROVISION FOR LOAN LOSSES | 649,998 | 539,998 | 5,249,994 | 776,664 |
Net interest income after provision for loan losses | 8,297,371 | 5,765,024 | 18,971,967 | 17,973,343 |
NON-INTEREST INCOME: | ' | ' | ' | ' |
Service charges on deposit accounts | 267,625 | 231,169 | 753,976 | 675,839 |
Gain on sales of loans | 556,054 | 641,966 | 1,562,790 | 1,852,821 |
Income on Bank-owned life insurance | 143,884 | 115,840 | 422,022 | 348,206 |
Other income | 514,279 | 627,573 | 1,640,068 | 1,796,104 |
Total non-interest income | 1,481,842 | 1,616,548 | 4,378,856 | 4,672,970 |
NON-INTEREST EXPENSE: | ' | ' | ' | ' |
Salaries and employee benefits | 3,922,104 | 3,060,143 | 11,194,732 | 9,458,247 |
Occupancy expense | 833,813 | 629,922 | 2,498,903 | 1,930,227 |
Data processing expense | 313,237 | 273,272 | 941,046 | 868,960 |
Other real estate owned expenses | 131,973 | 176,796 | 272,014 | 770,858 |
Merger related expenses | 0 | 0 | 1,532,153 | 0 |
FDIC insurance expense | 210,000 | 111,562 | 544,631 | 146,249 |
Other operating expenses | 1,312,524 | 1,001,788 | 3,792,012 | 3,324,210 |
Total non-interest expenses | 6,723,651 | 5,253,483 | 20,775,491 | 16,498,751 |
Income before income taxes | 3,055,562 | 2,128,089 | 2,575,332 | 6,147,562 |
INCOME TAXES | 917,483 | 604,851 | 235,459 | 1,741,974 |
Net income | $2,138,079 | $1,523,238 | $2,339,873 | $4,405,588 |
NET INCOME PER COMMON SHARE: | ' | ' | ' | ' |
Basic (in Dollars per share) | $0.30 | $0.25 | $0.33 | $0.74 |
Diluted (in Dollars per share) | $0.30 | $0.25 | $0.33 | $0.72 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |||||
Net Income | $2,138,079 | $1,523,238 | $2,339,873 | $4,405,588 | ||||
Other comprehensive income (loss) : | ' | ' | ' | ' | ||||
Unrealized gains (losses) on securities available for sale | 476,686 | -53,738 | 2,758,346 | -4,466,187 | ||||
Tax effect | -255,347 | 18,270 | -1,014,127 | 1,518,504 | ||||
Net of tax amount | 221,339 | -35,468 | 1,744,219 | -2,947,683 | ||||
Realized loss on securities available for sale (1) | ' | [1] | ' | [1] | 2,516 | [1] | ' | [1] |
Tax effect | ' | ' | -1,006 | ' | ||||
Net of tax amount | ' | ' | 1,510 | ' | ||||
Pension liability (2) | 159,474 | [2] | 63,265 | [2] | 318,075 | [2] | 129,751 | [2] |
Tax effect | -63,789 | -25,305 | -127,230 | -51,907 | ||||
Net of tax amount | 95,685 | 37,960 | 190,845 | 77,844 | ||||
Total other comprehensive income (loss) | 317,024 | 2,492 | 1,936,574 | -2,869,839 | ||||
Comprehensive income | $2,455,103 | $1,525,730 | $4,276,447 | $1,535,749 | ||||
[1] | Included in other income on the Consolidated Statements of Income. | |||||||
[2] | Included in salaries and employee benefits on the Consolidated Statements of Income. |
Consolidated_Statements_of_Cha
Consolidated Statements of Changes in Shareholders' Equity (Unaudited) (USD $) | Common Stock [Member] | Retained Earnings [Member] | Treasury Stock [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Total |
Balance at Dec. 31, 2012 | $48,716,032 | $15,594,293 | ($61,086) | $804,293 | $65,053,532 |
Exercise of stock options and issuance of shares under employee benefit program | 603,342 | ' | ' | ' | 603,342 |
Share-based compensation | 75,948 | ' | ' | ' | 75,948 |
Treasury stock purchased | ' | ' | -116,451 | ' | -116,451 |
Net income | ' | 4,405,588 | ' | ' | 4,405,588 |
Other comprehensive income (loss) | ' | ' | ' | -2,869,839 | -2,869,839 |
Balance at Sep. 30, 2013 | 49,395,322 | 19,999,881 | -177,537 | -2,065,546 | 67,152,120 |
Balance at Dec. 31, 2013 | 49,403,450 | 21,374,381 | -171,883 | -2,247,634 | 68,358,314 |
Exercise of stock options and issuance of shares under employee benefit program | 741,806 | ' | ' | ' | 741,806 |
Share-based compensation | 77,123 | ' | ' | ' | 77,123 |
Treasury stock purchased | ' | ' | -137,988 | ' | -137,988 |
Acquisition of Rumson-Fair Haven Bank and Trust Company (1,019,223 shares) | 11,160,700 | ' | ' | ' | 11,160,700 |
Net income | ' | 2,339,873 | ' | ' | 2,339,873 |
Other comprehensive income (loss) | ' | ' | ' | 1,936,574 | 1,936,574 |
Balance at Sep. 30, 2014 | $61,383,079 | $23,714,254 | ($309,871) | ($311,060) | $84,476,402 |
Consolidated_Statements_of_Cha1
Consolidated Statements of Changes in Shareholders' Equity (Unaudited) (Parentheticals) | 9 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | |
Common Stock [Member] | ' | ' |
Exercise of stock options and issuance of shares under employee benefit program (shares) | 63,900 | 23,233 |
Acquisition of Rumson-Fair Haven Bank and Trust Company | 1,019,223 | ' |
Treasury Stock [Member] | ' | ' |
Treasury stock purchased (shares) | 13,472 | 6,440 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (Unaudited) (USD $) | 9 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | |
OPERATING ACTIVITIES: | ' | ' |
Net income | $2,339,873 | $4,405,588 |
Provision for loan losses | 5,249,994 | 776,664 |
Provision for loss on other real estate owned | 111,545 | 662,918 |
Depreciation and amortization | 1,338,569 | 805,823 |
Net amortization of premiums and discounts on securities | 852,302 | 868,639 |
Loss on sales of securities held for sale | 2,516 | ' |
Gains on sales of other real estate owned | -21,012 | -292,170 |
Gains on sales of loans held for sale | -1,562,790 | -1,852,821 |
Originations of loans held for sale | -84,044,668 | -114,126,927 |
Proceeds from sales of loans held for sale | 87,071,975 | 137,972,505 |
Income on Bank – owned life insurance | -422,022 | -348,206 |
Share-based compensation expense | 443,673 | 380,471 |
Decrease in accrued interest receivable | 340,949 | 728,564 |
(Increase) decrease in other assets | -307,003 | 925,461 |
Decrease in accrued interest payable | -227,735 | -269,852 |
Increase (decrease) in accrued expenses and other liabilities | -388,648 | 517,255 |
Net cash provided by operating activities | 10,777,518 | 31,153,912 |
Purchases of securities - | ' | ' |
Available for sale | ' | -16,947,137 |
Held to maturity | -14,229,098 | -62,560,993 |
Proceeds from maturities and prepayments of securities - | ' | ' |
Available for sale | 21,503,769 | 20,423,187 |
Held to maturity | 18,572,106 | 27,488,848 |
Proceeds from sales of securities available for sale | 5,957,188 | ' |
Net (increase) decrease in loans | -108,783,950 | 155,845,716 |
Capital expenditures | -262,407 | -147,040 |
Net cash received in the acquisition | 21,375,071 | ' |
Additional investment in other real estate owned | ' | -11,500 |
Proceeds from sales of other real estate owned | 230,949 | 7,183,854 |
Net cash (used in) provided by investing activities | -55,636,372 | 131,274,935 |
FINANCING ACTIVITIES: | ' | ' |
Issuance of vested shares | 741,806 | 603,342 |
Purchase of Treasury Stock | -137,988 | -116,451 |
Net decrease in demand, savings and time deposits | -4,471,836 | -20,745,521 |
Net increase (decrease) in borrowings | -180,076 | -32,400,000 |
Net cash used in financing activities | -4,048,094 | -52,658,630 |
(Decrease) increase in cash and cash equivalents | -48,906,948 | 109,770,217 |
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR | 69,278,771 | 14,044,921 |
CASH AND CASH EQUIVALENTS AT END OF YEAR | 20,371,823 | 123,815,138 |
Cash paid during the period for - | ' | ' |
Interest | 3,551,436 | 3,512,789 |
Income taxes | 656,223 | 1,721,000 |
Non-cash investing activities | ' | ' |
Real estate acquired in full satisfaction of loans in foreclosure | ' | 2,311,225 |
Noncash assets acquired: | ' | ' |
191,130,804 | ' | |
Liabilities assumed: | ' | ' |
201,345,175 | ' | |
Common stock issued as consideration | 11,160,700 | ' |
Investment Securities Available For Sale [Member] | ' | ' |
Noncash assets acquired: | ' | ' |
Investments | 30,024,458 | ' |
Loans [Member] | ' | ' |
Noncash assets acquired: | ' | ' |
Investments | 143,714,377 | ' |
Accrued Interest Receivable [Member] | ' | ' |
Noncash assets acquired: | ' | ' |
Other assets | 596,612 | ' |
Premises and Equipment [Member] | ' | ' |
Noncash assets acquired: | ' | ' |
Premises and equipment, net | 2,551,939 | ' |
Noncash Acquisition of Goodwill [Member] | ' | ' |
Noncash assets acquired: | ' | ' |
Intangible assets | 7,698,427 | ' |
Core Deposit Intangible [Member] | ' | ' |
Noncash assets acquired: | ' | ' |
Intangible assets | 1,188,836 | ' |
Bankowned Life Insurance [Member] | ' | ' |
Noncash assets acquired: | ' | ' |
Other assets | 4,470,579 | ' |
Other Assets [Member] | ' | ' |
Noncash assets acquired: | ' | ' |
Other assets | 885,576 | ' |
Deposits [Member] | ' | ' |
Liabilities assumed: | ' | ' |
Other liabilities | 189,490,005 | ' |
Advance from FHLB [Member] | ' | ' |
Liabilities assumed: | ' | ' |
Other liabilities | 11,030,000 | ' |
Other Liabilities [Member] | ' | ' |
Liabilities assumed: | ' | ' |
Other liabilities | $825,170 | ' |
Note_1_Summary_of_Significant_
Note 1 - Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2014 | |
Accounting Policies [Abstract] | ' |
Significant Accounting Policies [Text Block] | ' |
(1) Summary of Significant Accounting Policies | |
The accompanying unaudited consolidated financial statements include 1st Constitution Bancorp (the “Company”), its wholly-owned subsidiary, 1st Constitution Bank (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, LLC, 204 South Newman Street Corp. and 249 New York Avenue, LLC. 1st Constitution Capital Trust II, a subsidiary of the Company, 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. The accounting and reporting policies of the Company and its subsidiaries conform to accounting principles generally accepted in the United States of America and pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) including the instructions to Form 10-Q and Article 8 of Regulation S-X. Certain information and footnote disclosures normally included in financial statements have been condensed or omitted pursuant to such rules and regulations. These consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the notes thereto included in the Company’s Form 10-K for the year ended December 31, 2013, filed with the SEC on March 31, 2014. | |
In the opinion of the Company, all adjustments (consisting only of normal recurring accruals) which are necessary for a fair presentation of the operating results for the interim periods have been included. The results of operations for periods of less than a year are not necessarily indicative of results for the full year. | |
The Company has evaluated events and transactions occurring subsequent to the balance sheet date of September 30, 2014 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. |
Note_2_Acquisition_of_RumsonFa
Note 2 - Acquisition of Rumson-Fair Haven Bank and Trust Company | 9 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
Business Combinations [Abstract] | ' | ||||||||||||
Business Combination Disclosure [Text Block] | ' | ||||||||||||
(2) Acquisition of Rumson-Fair Haven Bank and Trust Company | |||||||||||||
On February 7, 2014, the Company completed its acquisition of Rumson-Fair Haven Bank and Trust Company, a New Jersey state commercial bank (“Rumson”), which merged with and into the Bank, with the Bank as the surviving entity. The merger agreement among the Company, the Bank and Rumson (the “Merger Agreement”) provided that the shareholders of Rumson would receive, at their election, for each outstanding share of Rumson common stock that they own at the effective time of the merger, either 0.7772 shares of the Company common stock or $7.50 in cash or a combination thereof, 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 the Company’s common stock. The Company issued an aggregate of 1,019,223 shares of its common stock and paid $14.8 million in cash in the transaction. | |||||||||||||
The merger was accounted for under the acquisition method of accounting and accordingly, assets acquired, liabilities assumed and consideration exchanged were recorded at preliminary estimated fair values as of the acquisition date. Rumson’s results of operations have been included in the Company’s Consolidated Statements of Income since February 7, 2014. | |||||||||||||
The assets acquired and liabilities assumed in the merger were recorded at their estimated fair values based on management’s best estimates using information available at the date of the merger, including the use of a third party valuation specialist. The fair values are preliminary estimates and subject to adjustment for up to one year after the closing date of the merger. The following table summarizes the estimated fair value of the acquired assets and liabilities. | |||||||||||||
($ in thousands) | Amount | ||||||||||||
Consideration paid: | |||||||||||||
Company stock issued | $ | 11,161 | |||||||||||
Cash payment | 14,770 | ||||||||||||
Total consideration paid | 25,931 | ||||||||||||
Recognized amounts of identifiable assets and liabilities assumed at fair value: | |||||||||||||
Cash and cash equivalents | 36,045 | ||||||||||||
Short-term investments | 100 | ||||||||||||
Securities available for sale | 30,024 | ||||||||||||
Loans | 143,714 | ||||||||||||
Premises and equipment, net | 2,552 | ||||||||||||
Identifiable intangible assets | 1,189 | ||||||||||||
Bank-owned life insurance | 4,471 | ||||||||||||
Accrued interest receivable and other assets | 1,483 | ||||||||||||
Deposits | (189,490 | ) | |||||||||||
Borrowings | (11,030 | ) | |||||||||||
Other liabilities | (825 | ) | |||||||||||
Total identifiable assets | 18,233 | ||||||||||||
Goodwill | $ | 7,698 | |||||||||||
Accounting Standards Codification (“ASC”) Topic 805-10 provides that if the initial accounting for a business combination is incomplete by the end of the reporting period in which the combination occurs, the acquirer shall report in its financial statements provisional amounts for the items for which the accounting is incomplete. During the measurement period, the acquirer shall retrospectively adjust the provisional amounts recognized at the acquisition date to reflect new information obtained about facts and circumstances that existed as of the acquisition date that, if known, would have affected the measurement of the amounts recognized as of that date. During the measurement period, the acquirer also shall recognize additional assets or liabilities if new information is obtained about facts and circumstances that existed as of the acquisition date that, if known, would have resulted in the recognition of those assets and liabilities as of that date. The measurement period may not exceed one year from the acquisition date. As of September 30, 2014, independent appraisals of branch office real estate and leases had not been completed and the fair value of these assets and liabilities had not been determined. | |||||||||||||
Loans and leases acquired in the Rumson acquisition were recorded at fair value and subsequently accounted for in accordance with ASC Topic 310, and there was no carryover of Rumson’s allowance for loan losses. The fair values of loans acquired from Rumson were estimated using cash flow projections based on the remaining maturity and repricing terms. Cash flows were adjusted for estimated future credit losses and the rate of prepayments. Projected cash flows were then discounted to present value using a risk-adjusted market rate for similar loans. | |||||||||||||
At the acquisition date, the Company recorded $141.1 million of loans without evidence of credit quality deterioration and $2.6 million of loans with evidence of credit quality deterioration. The following table summarizes the composition of the loans acquired and recorded at fair value. | |||||||||||||
At February 7, 2014 | |||||||||||||
($ in thousands) | Loans | Loans | Total | ||||||||||
acquired with | acquired with | ||||||||||||
no credit | credit | ||||||||||||
quality | quality | ||||||||||||
deterioration | deterioration | ||||||||||||
Commercial | |||||||||||||
Construction | $ | 11,920 | $ | - | $ | 11,920 | |||||||
Commercial Real Estate | 62,398 | 1,832 | 64,230 | ||||||||||
Commercial Business | 18,086 | 368 | 18,454 | ||||||||||
Residential Real Estate | 32,743 | 180 | 32,923 | ||||||||||
Consumer | 15,953 | 234 | 16,187 | ||||||||||
Total | $ | 141,100 | $ | 2,614 | $ | 143,714 | |||||||
The following is a summary of the loans acquired with evidence of deteriorated credit quality in the Rumson acquisition as of the closing date. | |||||||||||||
($ in thousands) | Acquired | ||||||||||||
Credit | |||||||||||||
Impaired | |||||||||||||
Loans | |||||||||||||
Contractually required principal and interest at acquisition | $ | 4,451 | |||||||||||
Contractual cash flows not expected to be collected (non-accretable difference) | 1,543 | ||||||||||||
Expected cash flows at acquisition | 2,908 | ||||||||||||
Interest component of expected cash flows (accretable difference) | 294 | ||||||||||||
Fair value of acquired loans | $ | 2,614 | |||||||||||
The core deposit intangible totaled $1.2 million and is being amortized over its estimated useful life of approximately 10 years using an accelerated method. The goodwill will be evaluated annually for impairment. The goodwill is not deductible for tax purposes. | |||||||||||||
The following table presents the projected amortization of the core deposit intangible for each period presented: | |||||||||||||
($ in thousands) | |||||||||||||
2014 | $ | 216 | |||||||||||
2015 | 195 | ||||||||||||
2016 | 173 | ||||||||||||
2017 | 151 | ||||||||||||
2018 | 130 | ||||||||||||
Thereafter | 324 | ||||||||||||
$ | 1,189 | ||||||||||||
The fair values of deposit liabilities with no stated maturities, such as checking, money market and savings accounts, were assumed to equal the carrying amounts since these deposits are payable on demand. The fair values of certificates of deposits and IRAs represent the present value of contractual cash flows discounted at market rates for similar certificates of deposit. | |||||||||||||
Direct costs related to the acquisition were expensed as incurred. During the nine months ended September 30, 2014, the Company incurred $1.5 million of merger and acquisition integration-related expenses, which have been separately stated in the Company’s Consolidated Statements of Income. | |||||||||||||
Supplemental Pro Forma Financial Information | |||||||||||||
The following table presents financial information regarding the former Rumson operations included in the Consolidated Statements of Income from the date of the acquisition, February 7, 2014, through September 30, 2014 under the column “Actual from acquisition date to September 30, 2014.” In addition, the table provides unaudited condensed pro forma financial information assuming that the Rumson acquisition had been completed as of January 1, 2013. In the table below, merger-related expenses of $1.8 million were excluded from pro forma non-interest expenses for the nine months ended September 30, 2014. Income taxes were also adjusted to exclude income tax benefits of $624,000 related to the merger expenses for the nine months ended September 30, 2014. | |||||||||||||
The table below has been prepared for comparative purposes only and is not necessarily indicative of the actual results that would have been attained had the acquisition occurred as of the beginning of the periods presented, nor is it indicative of future results. Furthermore, the unaudited pro forma financial information does not reflect management’s estimate of any revenue-enhancing opportunities nor anticipated cost savings that may have occurred as a result of the integration and consolidation of Rumson’s operations. The pro forma financial information reflects adjustments related to certain purchase accounting fair value adjustments; amortization of core deposit and other intangibles; and related income tax effects. | |||||||||||||
Actual from | Pro Forma for the | Pro Forma for the | |||||||||||
Acquisition date to | nine months | Nine months | |||||||||||
September | ended | ended | |||||||||||
30, 2014 | September | September | |||||||||||
30, 2014 | 30, 2013 | ||||||||||||
(in thousands, except per share amounts) | |||||||||||||
Net interest income | $ | 4,430 | $ | 25,021 | $ | 24,434 | |||||||
Non-interest income | 176 | 4,428 | 5,476 | ||||||||||
Non-interest expenses | 1,926 | 19,964 | 20,802 | ||||||||||
Income taxes | 1,070 | 839 | 2,543 | ||||||||||
Net income | 1,610 | 3,395 | 5,648 | ||||||||||
Earnings per share-diluted | $ | 0.48 | $ | 0.79 | |||||||||
Note_3_Net_Income_Per_Common_S
Note 3 - Net Income Per Common Share | 9 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
Earnings Per Share [Text Block] | ' | ||||||||||||
(3) Net Income 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, and common stock options, using the treasury stock method. For periods when a net loss is incurred, there is no dilutive effect of share equivalents. Accordingly, these shares are not included in the calculation of diluted earnings per share. | |||||||||||||
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. | |||||||||||||
Three Months Ended September 30, | |||||||||||||
2014 | |||||||||||||
Income | Weighted- | Per share | |||||||||||
average | amount | ||||||||||||
shares | |||||||||||||
Basic earnings per common share: | |||||||||||||
Net Income | $ | 2,138,079 | 7,119,113 | $ | 0.3 | ||||||||
Effect of dilutive securities: | |||||||||||||
Stock options and warrants | 122,436 | ||||||||||||
Diluted EPS: | |||||||||||||
Net plus assumed conversion | $ | 2,138,079 | 7,241,549 | $ | 0.3 | ||||||||
Three Months Ended September 30, | |||||||||||||
2013 | |||||||||||||
Net | Weighted- | Per share | |||||||||||
Income | average | amount | |||||||||||
shares | |||||||||||||
Basic earnings per common share: | |||||||||||||
Net income | $ | 1,523,238 | 5,991,480 | $ | 0.25 | ||||||||
Effect of Dilutive Securities: | |||||||||||||
Stock options and warrants | 155,182 | ||||||||||||
Diluted EPS: | |||||||||||||
Net income plus assumed conversions | $ | 1,523,238 | 6,146,662 | $ | 0.25 | ||||||||
Nine Months Ended September 30, | |||||||||||||
2014 | |||||||||||||
Net | Weighted- | Per share | |||||||||||
Income | average | amount | |||||||||||
shares | |||||||||||||
Basic earnings per common share: | |||||||||||||
Net income | $ | 2,339,873 | 7,013,776 | $ | 0.33 | ||||||||
Effect of Dilutive Securities: | |||||||||||||
Stock options and warrants | 127,792 | ||||||||||||
Diluted EPS: | |||||||||||||
Net income plus assumed conversions | $ | 2,339,873 | 7,141,568 | $ | 0.33 | ||||||||
Nine Months Ended September 30, | |||||||||||||
2013 | |||||||||||||
Net | Weighted- | Per share | |||||||||||
Income | average | amount | |||||||||||
shares | |||||||||||||
Basic earnings per common share: | |||||||||||||
Net income | $ | 4,405,588 | 5,960,294 | $ | 0.74 | ||||||||
Effect of Dilutive Securities: | |||||||||||||
Stock options and warrants | 128,539 | ||||||||||||
Diluted EPS: | |||||||||||||
Net income plus assumed conversions | $ | 4,405,588 | 6,088,833 | $ | 0.72 | ||||||||
For the three months and nine months ended September 30, 2014 and 2013, 90,296 and 247,298 options, respectively, were anti-dilutive and were not included in the computation of diluted earnings per common shares. |
Note_4_Investment_Securities
Note 4 - Investment Securities | 9 Months Ended | ||||||||||||||||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | ||||||||||||||||||||||||||||||||||||||
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | ' | ||||||||||||||||||||||||||||||||||||||
(4) Investment Securities | |||||||||||||||||||||||||||||||||||||||
Amortized cost, gross unrealized gains and losses, and the estimated fair value by security type are as follows: | |||||||||||||||||||||||||||||||||||||||
30-Sep-14 | Amortized | Gross | Gross | Fair value | |||||||||||||||||||||||||||||||||||
Cost | unrealized | unrealized | |||||||||||||||||||||||||||||||||||||
gains | losses | ||||||||||||||||||||||||||||||||||||||
Available for sale- | |||||||||||||||||||||||||||||||||||||||
U. S. Treasury securities and obligations of U.S. Government sponsored corporations (“GSE”) and agencies | $ | 11,431,027 | $ | - | $ | (444,332 | ) | $ | 10,986,695 | ||||||||||||||||||||||||||||||
Residential collateralized mortgage obligations – GSE | 3,684,424 | 82,520 | (43,280 | ) | 3,723,664 | ||||||||||||||||||||||||||||||||||
Residential collateralized mortgage obligations – non GSE | 2,564,282 | 39,395 | (6,013 | ) | 2,597,664 | ||||||||||||||||||||||||||||||||||
Residential mortgage backed securities – GSE | 28,136,260 | 822,737 | (278,630 | ) | 28,680,367 | ||||||||||||||||||||||||||||||||||
Obligations of State and Political subdivisions | 22,023,131 | 244,381 | (649,000 | ) | 21,618,512 | ||||||||||||||||||||||||||||||||||
Trust preferred debt securities – single issuer | 2,471,060 | - | (287,360 | ) | 2,183,700 | ||||||||||||||||||||||||||||||||||
Corporate debt securities | 32,294,145 | 322,566 | (34,747 | ) | 32,581,964 | ||||||||||||||||||||||||||||||||||
Restricted stock | 1,561,900 | - | - | 1,561,900 | |||||||||||||||||||||||||||||||||||
Mutual fund | 25,000 | - | - | 25,000 | |||||||||||||||||||||||||||||||||||
$ | 104,191,229 | $ | 1,511,599 | $ | (1,743,362 | ) | $ | 103,959,466 | |||||||||||||||||||||||||||||||
30-Sep-14 | 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- | |||||||||||||||||||||||||||||||||||||||
U. S. Treasury securities and obligations of U.S. Government sponsored corporations (“GSE”) and agencies | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | |||||||||||||||||||||||||||
Residential collateralized mortgage obligations – GSE | 12,300,297 | - | 12,300,297 | 429,031 | - | 12,729,328 | |||||||||||||||||||||||||||||||||
Residential collateralized mortgage obligations – non-GSE | 9,099,412 | - | 9,099,412 | 292,039 | 9,391,451 | ||||||||||||||||||||||||||||||||||
Residential mortgage backed securities – GSE | 58,526,504 | - | 58,526,504 | 1,085,369 | (122,585 | ) | 59,489,288 | ||||||||||||||||||||||||||||||||
Obligations of State and Political subdivisions | 68,100,762 | - | 68,100,762 | 2,250,385 | (105,740 | ) | 70,245,407 | ||||||||||||||||||||||||||||||||
Trust preferred debt securities-pooled | 656,662 | (500,944 | ) | 155,718 | 455,573 | - | 611,291 | ||||||||||||||||||||||||||||||||
Corporate debt securities | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||
$ | 148,683,637 | $ | (500,944 | ) | $ | 148,182,693 | $ | 4,512,397 | $ | (228,325 | ) | $ | 152,466,765 | ||||||||||||||||||||||||||
31-Dec-13 | Amortized | Gross | Gross | Fair value | |||||||||||||||||||||||||||||||||||
Cost | unrealized | unrealized | |||||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||
31-Dec-13 | Amortized | Other-Than-Temporary Impairment Recognized In | Carrying | Gross | Gross | Fair | |||||||||||||||||||||||||||||||||
Cost | Accumulated | Value | Unrealized | Unrealized | Value | ||||||||||||||||||||||||||||||||||
Other Comprehensive | Gains | Losses | |||||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||
Restricted stock at September 30, 2014 and December 31, 2013 consisted of $1,496,900 and $998,100, respectively, of Federal Home Loan Bank of New York stock and $15,000 and $65,000, respectively of Atlantic Central Bankers Bank stock. | |||||||||||||||||||||||||||||||||||||||
The amortized cost and estimated fair value of investment securities at September 30, 2014, 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 Cost | Fair Value | ||||||||||||||||||||||||||||||||||||||
Available for sale- | |||||||||||||||||||||||||||||||||||||||
Due in one year or less | |||||||||||||||||||||||||||||||||||||||
Residential collateralized mortgage obligations - non GSE | $ | 263,345 | $ | 264,102 | |||||||||||||||||||||||||||||||||||
Residential mortgage backed securities – GSE | 250 | 250 | |||||||||||||||||||||||||||||||||||||
Obligations of State and Political subdivisions | 264,775 | 265,665 | |||||||||||||||||||||||||||||||||||||
Corporate debt securities | 10,224,296 | 10,198,171 | |||||||||||||||||||||||||||||||||||||
Restricted stock | 1,561,900 | 1,561,900 | |||||||||||||||||||||||||||||||||||||
Mutual fund | 25,000 | 25,000 | |||||||||||||||||||||||||||||||||||||
$ | 12,339,566 | $ | 12,315,088 | ||||||||||||||||||||||||||||||||||||
Due after one year through five years | |||||||||||||||||||||||||||||||||||||||
U.S. Treasury securities and obligations of U.S. Government sponsored corporations (“GSE”) and agencies | $ | 1,540,385 | $ | 1,535,895 | |||||||||||||||||||||||||||||||||||
Residential collateralized mortgage obligations – non-GSE | - | - | |||||||||||||||||||||||||||||||||||||
Residential mortgage backed securities – GSE | 7,450,510 | 7,358,278 | |||||||||||||||||||||||||||||||||||||
Obligations of State and Political subdivisions | 681,967 | 714,360 | |||||||||||||||||||||||||||||||||||||
Corporate debt securities | 21,050,621 | 21,351,292 | |||||||||||||||||||||||||||||||||||||
$ | 30,723,483 | $ | 30,959,825 | ||||||||||||||||||||||||||||||||||||
Due after five years through ten years | |||||||||||||||||||||||||||||||||||||||
U.S. Treasury securities and obligations of US Government sponsored corporations (“GSE”) and agencies | $ | 9,890,642 | $ | 9,450,800 | |||||||||||||||||||||||||||||||||||
Residential collateralized mortgage obligations – GSE | 102,768 | 109,333 | |||||||||||||||||||||||||||||||||||||
Residential mortgage backed Securities – GSE | 6,661,024 | 6,742,207 | |||||||||||||||||||||||||||||||||||||
Obligations of State and Political Subdivisions | 4,796,387 | 4,866,134 | |||||||||||||||||||||||||||||||||||||
Corporate debt securities | 1,019,227 | 1,032,500 | |||||||||||||||||||||||||||||||||||||
$ | 22,470,048 | $ | 22,200,974 | ||||||||||||||||||||||||||||||||||||
Due after ten years | |||||||||||||||||||||||||||||||||||||||
Residential collateralized mortgage obligations – GSE | $ | 3,581,657 | $ | 3,614,332 | |||||||||||||||||||||||||||||||||||
Residential collateralized mortgage obligations – non-GSE | 2,300,936 | 2,333,561 | |||||||||||||||||||||||||||||||||||||
Residential mortgage backed securities – GSE | 14,024,476 | 14,579,634 | |||||||||||||||||||||||||||||||||||||
Obligations of State and Political subdivisions | 16,280,003 | 15,772,352 | |||||||||||||||||||||||||||||||||||||
Corporate debt securities | 0 | 0 | |||||||||||||||||||||||||||||||||||||
Trust preferred debt securities | 2,471,060 | 2,183,700 | |||||||||||||||||||||||||||||||||||||
$ | 38,658,132 | $ | 38,483,579 | ||||||||||||||||||||||||||||||||||||
Total | $ | 104,191,229 | $ | 103,959,466 | |||||||||||||||||||||||||||||||||||
Held to maturity- | |||||||||||||||||||||||||||||||||||||||
Due in one year or less | |||||||||||||||||||||||||||||||||||||||
U. S. Treasury securities and obligations of U.S. Government sponsored corporations (“GSE”) and agencies | $ | 0 | $ | 0 | |||||||||||||||||||||||||||||||||||
Obligations of State and Political subdivisions | 18,205,158 | 18,211,282 | |||||||||||||||||||||||||||||||||||||
Corporate debt securities | 0 | 0 | |||||||||||||||||||||||||||||||||||||
18,205,158 | 18,211,282 | ||||||||||||||||||||||||||||||||||||||
Due after one year through five years | |||||||||||||||||||||||||||||||||||||||
U.S. Treasury securities and obligations of US Government sponsored corporations (“GSE”) and agencies | $ | - | $ | - | |||||||||||||||||||||||||||||||||||
Obligations of State and Political subdivisions | 13,503,851 | 14,035,745 | |||||||||||||||||||||||||||||||||||||
Corporate debt securities | - | - | |||||||||||||||||||||||||||||||||||||
$ | 13,503,851 | $ | 14,035,745 | ||||||||||||||||||||||||||||||||||||
Due after five years through ten years | |||||||||||||||||||||||||||||||||||||||
Residential collateralized mortgage obligations – GSE | $ | - | $ | - | |||||||||||||||||||||||||||||||||||
Residential collateralized mortgage obligations – non-GSE | 802,511 | 805,099 | |||||||||||||||||||||||||||||||||||||
Residential mortgage backed securities – GSE | 19,279,679 | 19,492,168 | |||||||||||||||||||||||||||||||||||||
Obligations of State and Political subdivisions | 18,544,514 | 19,475,290 | |||||||||||||||||||||||||||||||||||||
$ | 38,626,704 | $ | 39,772,557 | ||||||||||||||||||||||||||||||||||||
Due after ten years | |||||||||||||||||||||||||||||||||||||||
Residential collateralized mortgage obligations – GSE | $ | 12,299,996 | $ | 12,729,330 | |||||||||||||||||||||||||||||||||||
Residential collateralized mortgage obligations – non-GSE | 8,297,202 | 8,586,350 | |||||||||||||||||||||||||||||||||||||
Residential mortgage backed securities – GSE | 39,246,826 | 39,997,121 | |||||||||||||||||||||||||||||||||||||
Obligations of State and Political subdivisions | 17,847,239 | 18,523,090 | |||||||||||||||||||||||||||||||||||||
Trust preferred debt securities – pooled | 656,661 | 611,290 | |||||||||||||||||||||||||||||||||||||
$ | 78,347,924 | $ | 80,447,181 | ||||||||||||||||||||||||||||||||||||
Total | $ | 148,683,637 | $ | 152,466,765 | |||||||||||||||||||||||||||||||||||
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 September 30, 2014 and December 31, 2013 were as follows: | |||||||||||||||||||||||||||||||||||||||
30-Sep-14 | Less than 12 months | 12 months or longer | Total | ||||||||||||||||||||||||||||||||||||
Number | Fair Value | Unrealized | Fair Value | Unrealized | Fair Value | Unrealized | |||||||||||||||||||||||||||||||||
of | Losses | Losses | Losses | ||||||||||||||||||||||||||||||||||||
Securities | |||||||||||||||||||||||||||||||||||||||
U.S. Treasury securities and obligations of U.S. Government sponsored corporations and agencies | 2 | $ | 1,535,895 | $ | (4,490 | ) | $ | 9,450,800 | $ | (439,842 | ) | $ | 10,986,695 | $ | (444,332 | ) | |||||||||||||||||||||||
Residential collateralized mortgage obligations – GSE | 1 | 1,074,027 | (43,280 | ) | - | - | 1,074,027 | (43,280 | ) | ||||||||||||||||||||||||||||||
Residential collateralized mortgage obligations – non-GSE | 2 | 989,807 | (892 | ) | 93,295 | (5,121 | ) | 1,083,102 | (6,013 | ) | |||||||||||||||||||||||||||||
Residential mortgage backed securities – GSE | 18 | 1,711,545 | (1,679 | ) | 17,021,564 | (399,536 | ) | 18,733,109 | (401,215 | ) | |||||||||||||||||||||||||||||
Obligations of State and Political Subdivisions | 63 | 394,002 | (1,596 | ) | 21,564,852 | (753,144 | ) | 21,958,854 | (754,740 | ) | |||||||||||||||||||||||||||||
Trust preferred debt securities – single issuer | 4 | - | - | 2,183,700 | (287,360 | ) | 2,183,700 | (287,360 | ) | ||||||||||||||||||||||||||||||
Corporate Debt Securities | 2 | 1,420,594 | (1,233 | ) | 1,028,880 | (33,514 | ) | 2,449,474 | (34,747 | ) | |||||||||||||||||||||||||||||
Total temporarily impaired securities | 92 | $ | 7,125,870 | $ | (53,170 | ) | $ | 51,343,091 | $ | (1,918,517 | ) | $ | 58,468,961 | $ | (1,971,687 | ) | |||||||||||||||||||||||
31-Dec-13 | Less than 12 months | 12 months or longer | Total | ||||||||||||||||||||||||||||||||||||
Number | Fair Value | Unrealized | Fair Value | Unrealized | Fair Value | Unrealized | |||||||||||||||||||||||||||||||||
of | Losses | Losses | Losses | ||||||||||||||||||||||||||||||||||||
Securities | |||||||||||||||||||||||||||||||||||||||
U.S. Treasury securities and obligations of U.S. Government sponsored corporations (GSE) 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 | ) | 148,855 | (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 | ) | |||||||||||||||||||||||
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 increases in market interest rates. The contractual terms of these investments do not permit the issuer to settle the securities at a price less than the par value of the investment. 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; therefore, 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 residential mortgage obligations and mortgage-backed securities were caused by increases in market interest rates. The contractual cash flows of these securities are guaranteed by the issuer, which are 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. These investments are not considered to be other than temporarily impaired because The decline in fair value is attributable to changes in interest rates and not credit quality. The Company does not intend to sell these investments and it is more likely than not that the Company will be required to sell these investments before a market price recovery or maturity. | |||||||||||||||||||||||||||||||||||||||
Obligations of State and Political Subdivisions: The unrealized losses or investments in these securities were caused by increases in market interest rates. None of the issuers have defaulted on interest payments. It is expected that the securities would not be settled at a price less than the amortized cost of the investment. These investments are not considered to be other than temporarily impaired because the decline in fair value is attributable to changes in interest rates and not credit quality. 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; therefore, these investments are not considered other-than-temporarily impaired. | |||||||||||||||||||||||||||||||||||||||
Corporate debt securities: The unrealized losses on investments in corporate debt securities were caused by increases in market interest rates. None of the corporate issuers have defaulted on interest payments. These investments are not considered to be other than temporarily impaired because the decline in fair value is attributable to changes in interest rates and not a decline in credit quality. 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. | |||||||||||||||||||||||||||||||||||||||
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. Neither of the issuers has defaulted on interest payments. 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 about the issuers’ credit quality. These investments are not considered to be other than temporarily impaired because the Company does not intend to sell these investments and it is not likely that the Company will be required to sell these investments before a market price recovery or maturity. | |||||||||||||||||||||||||||||||||||||||
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 securities issued by financial institution holding companies. During 2009, the Company recognized an other-than-temporary impairment of $864,727, of which $363,783 was determined to be a credit loss and charged to operations and $500,944 was recognized in the 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 September 30, 2014, our evaluation was as follows: | |||||||||||||||||||||||||||||||||||||||
a. | We obtained the PRETSL XXV Depository Institutions Issuer List as of September30, 2014 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 performed 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 23-year stated maturity of this pooled security even though the individual institutions are currently performing according to terms. | |||||||||||||||||||||||||||||||||||||||
e. | This September 30, 2014 projection of future cash flows produced a present value that exceeded the carrying value of the pooled trust preferred security; therefore, management concluded that no other-than-temporary impairment issues were present at September 30, 2014. | ||||||||||||||||||||||||||||||||||||||
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 September 30, 2014: | |||||||||||||||||||||||||||||||||||||||
Excess | |||||||||||||||||||||||||||||||||||||||
Subordination (2) | |||||||||||||||||||||||||||||||||||||||
Security | Class | Book | Fair | Unrealized | Percent of | Percent of | Percent of | Expected | Moody's | Amount | % of | ||||||||||||||||||||||||||||
Value | Value | Gain (Loss) | Underlying | Underlying | Underlying | Deferrals and | S&P / | Current | |||||||||||||||||||||||||||||||
Collateral | Collateral In | Collateral In | Defaults as a | Ratings | Performing | ||||||||||||||||||||||||||||||||||
Performing | Deferral (1) | Default (1) | % of Remaining Performing | Collateral | |||||||||||||||||||||||||||||||||||
Collateral | |||||||||||||||||||||||||||||||||||||||
PreTSL XXV | B-1 | $ | 155,718 | $ | 611,290 | $ | 455,572 | 69 | % | 5.8 | % | 25.2 | % | 13.7 | % | B1/ NR | $ | 136,000 | 26 | % | |||||||||||||||||||
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. | |||||||||||||||||||||||||||||||||||||||
The following table presents a cumulative roll forward of the amount of other-than-temporary impairment related to credit losses, all of which relate to PRETSL XXV, which have been recognized in earnings for debt securities held to maturity and not intended to be sold. | |||||||||||||||||||||||||||||||||||||||
(in thousands) | Three months ended | Nine months ended | |||||||||||||||||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | 364 | $ | 364 | $ | 364 | $ | 364 | |||||||||||||||||||||||||||||||
Change during the period | - | - | - | - | |||||||||||||||||||||||||||||||||||
Balance at end of period | $ | 364 | $ | 364 | $ | 364 | $ | 364 | |||||||||||||||||||||||||||||||
Note_5_Allowance_for_Loan_Loss
Note 5 - Allowance for Loan Losses and Credit Quality Disclosure | 9 Months Ended | ||||||||||||||||||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | ' | ||||||||||||||||||||||||||||||||||||||||
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | ' | ||||||||||||||||||||||||||||||||||||||||
(5) Allowance for Loan Losses and Credit Quality Disclosure | |||||||||||||||||||||||||||||||||||||||||
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 September 30, 2014: | |||||||||||||||||||||||||||||||||||||||||
30-59 Days | 60-89 Days | Greater | Total Past | Current | Total | Recorded Investment | Nonaccrual Loans | ||||||||||||||||||||||||||||||||||
than 90 | Due | Loans Receivable | > 90 Days Accruing | ||||||||||||||||||||||||||||||||||||||
Days | |||||||||||||||||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||||||||||||||
Construction | $ | - | $ | - | $ | - | $ | - | $ | 88,547,583 | $ | 88,547,583 | $ | - | $ | - | |||||||||||||||||||||||||
Commercial Business | 959,386 | 14,051 | 390,396 | 1,363,833 | 107,689,596 | 109,053,429 | - | 356,577 | |||||||||||||||||||||||||||||||||
Commercial Real Estate | 2,290,804 | - | 6,119,386 | 8,410,190 | 183,957,654 | 192,367,844 | - | 5,787,533 | |||||||||||||||||||||||||||||||||
Mortgage Warehouse Lines | - | - | - | - | 157,333,717 | 157,333,717 | - | - | |||||||||||||||||||||||||||||||||
Residential Real Estate | - | - | 1,714,972 | 1,714,972 | 47,017,079 | 48,732,051 | 320,315 | 1,394,657 | |||||||||||||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||||||||||||||||||
Loans to Individuals | 279,909 | - | - | 279,909 | 23,083,133 | 23,363,042 | - | - | |||||||||||||||||||||||||||||||||
Other | - | - | - | - | 197,704 | 197,704 | - | - | |||||||||||||||||||||||||||||||||
Deferred Loan Costs | - | - | - | - | 800,548 | 800,548 | - | - | |||||||||||||||||||||||||||||||||
Total | $ | 3,530,099 | $ | 14,051 | $ | 8,224,754 | $ | 11,768,904 | $ | 608,627,014 | $ | 620,395,918 | 320,315 | $ | 7,538,767 | ||||||||||||||||||||||||||
As provided by ASC 310-30, the excess of cash flows expected at acquisition over the initial investment in the loan is recognized as interest income over the life of the loan. Accordingly, loans acquired with evidence of deteriorated credit quality of $1,246,640 at September 30, 2014 were not classified as non-performing loans. Of this amount, loans aggregating $699,287 were included in the Greater than 90 Days category. | |||||||||||||||||||||||||||||||||||||||||
The following table provides an aging of the loan portfolio by loan class at December 31, 2013: | |||||||||||||||||||||||||||||||||||||||||
30-59 Days | 60-89 Days | Greater | Total Past | Current | Total | Recorded Investment | Nonaccrual Loans | ||||||||||||||||||||||||||||||||||
than 90 | Due | Loans Receivable | > 90 Days Accruing | ||||||||||||||||||||||||||||||||||||||
Days | |||||||||||||||||||||||||||||||||||||||||
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 Costs | - | - | - | - | 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 | ||||||||||||||||||||||||||
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 regulatory 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 is an estimation of 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 internal 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 rated as 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 Group provides revolving lines of credit that are available to licensed mortgage banking companies (the “Warehouse Line of Credit”). The Warehouse Line of Credit is used by the mortgage banker to fund the origination of 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 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 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 management ability of individuals or company principals are excellent. Loans to individuals are 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 are supported by good net worths but whose supporting assets are illiquid. | |||||||||||||||||||||||||||||||||||||||||
3w. Watch - 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,” ineffective 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. | |||||||||||||||||||||||||||||||||||||||||
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 be charged off to the Bank's loan loss reserve. Any accrued interest should be backed out of income. | |||||||||||||||||||||||||||||||||||||||||
The following table provides a breakdown of the loan portfolio by credit quality indicator at September 30, 2014. | |||||||||||||||||||||||||||||||||||||||||
Commercial Credit Exposure - | Construction | Commercial Business | Commercial Real Estate | Mortgage Warehouse | Residential Real Estate | ||||||||||||||||||||||||||||||||||||
By Internally Assigned Grade | Lines | ||||||||||||||||||||||||||||||||||||||||
Grade: | |||||||||||||||||||||||||||||||||||||||||
Pass | $ | 88,353,183 | $ | 100,658,477 | $ | 167,521,583 | $ | 157,333,717 | $ | 47,017,079 | |||||||||||||||||||||||||||||||
Special Mention | 194,400 | 7,645,736 | 14,177,468 | - | 127,977 | ||||||||||||||||||||||||||||||||||||
Substandard | - | 715,397 | 10,668,793 | - | 1,586,995 | ||||||||||||||||||||||||||||||||||||
Doubtful | - | 33,819 | - | - | - | ||||||||||||||||||||||||||||||||||||
Total | $ | 88,547,583 | $ | 109,053,429 | $ | 192,367,844 | $ | 157,333,717 | $ | 48,732,051 | |||||||||||||||||||||||||||||||
Loans To | Other | ||||||||||||||||||||||||||||||||||||||||
Individuals | |||||||||||||||||||||||||||||||||||||||||
Consumer Credit Exposure - | |||||||||||||||||||||||||||||||||||||||||
By Payment Activity | |||||||||||||||||||||||||||||||||||||||||
Performing | $ | 23,363,042 | $ | 197,704 | |||||||||||||||||||||||||||||||||||||
Nonperforming | - | - | |||||||||||||||||||||||||||||||||||||||
Total | $ | 23,363,042 | $ | 197,704 | |||||||||||||||||||||||||||||||||||||
The following table provides a breakdown of the loan portfolio by credit quality indictor at December 31, 2013. | |||||||||||||||||||||||||||||||||||||||||
Commercial Credit Exposure - | Construction | Commercial Business | Commercial Real Estate | Mortgage Warehouse | Residential Real Estate | ||||||||||||||||||||||||||||||||||||
By Internally Assigned Grade | 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 - | Loans To | Other | |||||||||||||||||||||||||||||||||||||||
By Payment Activity | Individuals | ||||||||||||||||||||||||||||||||||||||||
Performing | $ | 9,674,011 | $ | 170,526 | |||||||||||||||||||||||||||||||||||||
Nonperforming | 92,103 | - | |||||||||||||||||||||||||||||||||||||||
Total | $ | 9,766,114 | $ | 170,526 | |||||||||||||||||||||||||||||||||||||
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 September 30, 2014 and December 31, 2013: | |||||||||||||||||||||||||||||||||||||||||
Period-End Allowance for Loan Losses by Impairment Method September 30, 2014 | |||||||||||||||||||||||||||||||||||||||||
Commercial | Mortgage | Residential | Loan | ||||||||||||||||||||||||||||||||||||||
Construction | Commercial | Real Estate | Warehouse | Real Estate | Consumer | Other | Unallocated | Costs | Total | ||||||||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||||||||||||||
Ending Balance | $ | 1,099,053 | $ | 1,641,189 | $ | 2,974,785 | $ | 786,669 | $ | 202,146 | $ | 91,417 | $ | 1,583 | $ | 311,030 | $ | - | $ | 7,107,872 | |||||||||||||||||||||
Ending Balance | |||||||||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | - | 1,874 | 1,274,380 | - | - | - | - | - | - | 1,276,254 | |||||||||||||||||||||||||||||||
Collectively evaluated for impairment | $ | 1,099,053 | $ | 1,639,315 | $ | 1,700,405 | $ | 786,669 | $ | 202,146 | $ | 91,417 | $ | 1,583 | $ | 311,030 | $ | - | $ | 5,831,618 | |||||||||||||||||||||
Loans receivables: | |||||||||||||||||||||||||||||||||||||||||
Ending Balance | $ | 88,547,583 | $ | 109,053,429 | $ | 192,367,844 | $ | 157,333,717 | $ | 48,732,051 | $ | 23,363,042 | $ | 197,704 | $ | - | $ | 800,548 | $ | 620,395,918 | |||||||||||||||||||||
Individually evaluated for impairment | 449,663 | 492,940 | 9,129,396 | - | 1,394,657 | - | - | - | - | 11,466,656 | |||||||||||||||||||||||||||||||
Loans acquired with deteriorated credit quality | - | 332,175 | 1,713,910 | - | - | - | - | - | - | 2,046,085 | |||||||||||||||||||||||||||||||
Collectively evaluated for impairment | $ | 88,097,920 | $ | 108,228,314 | $ | 181,524,538 | $ | 157,333,717 | $ | 47,337,394 | $ | 23,363,042 | $ | 197,704 | $ | - | $ | 800,548 | $ | 606,883,177 | |||||||||||||||||||||
Period-End Allowance for Loan Losses by Impairment Method December 31, 2013 | |||||||||||||||||||||||||||||||||||||||||
Commercial | Mortgage | Residential | Loan | ||||||||||||||||||||||||||||||||||||||
Construction | Commercial | Real Estate | Warehouse | Real Estate | Consumer | Other | Unallocated | Costs | Total | ||||||||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||||||||||||||
Ending Balance | $ | 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 | $ | - | $ | 943,950 | $ | 363,155,331 | |||||||||||||||||||||
The activity in the allowance for loan loss by loan class for the nine months ended September 30, 2014 and 2013 was as follows: | |||||||||||||||||||||||||||||||||||||||||
Construction | Commercial | Commercial | Mortgage | Residential | Consumer | Other | Unallocated | Total | |||||||||||||||||||||||||||||||||
Business | Real Estate | Warehouse | Real Estate | ||||||||||||||||||||||||||||||||||||||
Balance - 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 | |||||||||||||||||||||||
Provision charged to operations | 60,163 | 454,031 | 113,961 | (63,082 | ) | 17,332 | (16,462 | ) | (560 | ) | (65,385 | ) | 499,998 | ||||||||||||||||||||||||||||
Loans charged off | - | (510,952 | ) | - | - | - | - | - | - | (510,952 | ) | ||||||||||||||||||||||||||||||
Recoveries of loans charged off | - | 3,225 | - | - | - | - | - | - | 3,225 | ||||||||||||||||||||||||||||||||
Balance – March 31, 2014 | $ | 1,265,430 | $ | 1,218,037 | $ | 3,135,727 | $ | 521,675 | $ | 182,005 | $ | 92,387 | $ | 1,623 | $ | 613,958 | $ | 7,030,842 | |||||||||||||||||||||||
Provision charged to operations | (315,416 | ) | 4,041,190 | 471,356 | 387,884 | (9,152 | ) | (1,655 | ) | 42 | (474,251 | ) | 4,099,998 | ||||||||||||||||||||||||||||
Loans charged off | - | (3,713,789 | ) | - | - | - | - | - | - | (3,713,789 | ) | ||||||||||||||||||||||||||||||
Recoveries of loans charged off | - | 1,328 | - | - | - | - | - | - | 1,328 | ||||||||||||||||||||||||||||||||
Balance – June 30, 2014 | $ | 950,014 | $ | 1,546,766 | $ | 3,607,083 | $ | 909,559 | $ | 172,853 | $ | 90,732 | $ | 1,665 | $ | 139,707 | $ | 7,418,379 | |||||||||||||||||||||||
Provision charged to operations | 149,039 | 185,109 | 222,506 | (122,890 | ) | 44,308 | 685 | (82 | ) | 171,323 | 649,998 | ||||||||||||||||||||||||||||||
Loans charged off | - | (99,402 | ) | (893,804 | ) | - | (15,015 | ) | - | - | - | (1,008,221 | ) | ||||||||||||||||||||||||||||
Recoveries of loans charged off | - | 8,716 | 39,000 | - | - | - | - | - | 47,716 | ||||||||||||||||||||||||||||||||
Balance September 30, 2014 | $ | 1,099,053 | $ | 1,641,189 | $ | 2,974,785 | $ | 786,669 | $ | 202,146 | $ | 91,417 | $ | 1,583 | $ | 311,030 | $ | 7,107,872 | |||||||||||||||||||||||
Construction | Commercial | Commercial | Mortgage | Residential | Consumer | Other | Unallocated | Total | |||||||||||||||||||||||||||||||||
Business | Real Estate | Warehouse | Real Estate | ||||||||||||||||||||||||||||||||||||||
Balance - 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 | (218,010 | ) | (18,319 | ) | 245,769 | (429,900 | ) | 262 | 50,506 | (212 | ) | 369,804 | - | ||||||||||||||||||||||||||||
Loans charged off | (561,993 | ) | (139,289 | ) | (384,688 | ) | - | - | (50,855 | ) | - | - | (1,136,825 | ) | |||||||||||||||||||||||||||
Recoveries of loans charged off | - | 2,000 | 6,895 | - | - | - | - | - | 8,895 | ||||||||||||||||||||||||||||||||
Balance – March 31, 2013 | $ | 1,210,289 | $ | 817,181 | $ | 2,130,197 | $ | 990,738 | $ | 112,365 | $ | 102,334 | $ | 2,059 | $ | 658,119 | $ | 6,023,282 | |||||||||||||||||||||||
Provision charged to operations | 1,872 | 160,164 | 321,659 | (62,039 | ) | (19,632 | ) | (2,444 | ) | 45 | (162,958 | ) | 236,667 | ||||||||||||||||||||||||||||
Loans charged off | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||
Recoveries of loans charged off | 417 | 8,574 | - | - | - | - | - | - | 8,991 | ||||||||||||||||||||||||||||||||
Balance – June 30, 2013 | $ | 1,212,578 | $ | 985,919 | $ | 2,451,856 | $ | 928,699 | $ | 92,733 | $ | 99,890 | $ | 2,104 | $ | 495,161 | $ | 6,268,940 | |||||||||||||||||||||||
Provision charged to operations | (4,555 | ) | 34,446 | 612,392 | (256,028 | ) | 49,093 | 10,178 | (53 | ) | 94,525 | 539,998 | |||||||||||||||||||||||||||||
Loans charged off | - | (2,068 | ) | - | - | - | - | - | - | (2,068 | ) | ||||||||||||||||||||||||||||||
Recoveries of loans charged off | - | 13,310 | - | - | - | - | - | - | 13,310 | ||||||||||||||||||||||||||||||||
Balance – September 30, 2013 | $ | 1,208,023 | $ | 1,031,607 | $ | 3,064,248 | $ | 672,671 | $ | 141,826 | $ | 110,068 | $ | 2,051 | $ | 589,686 | $ | 6,820,180 | |||||||||||||||||||||||
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) | Three months ended | Nine months ended | |||||||||||||||||||||||||||||||||||||||
September 30, 2014 | 30-Sep-14 | 30-Sep-14 | |||||||||||||||||||||||||||||||||||||||
Recorded | Unpaid | Related | Average Recorded Investment | Interest Income Recognized | Average Recorded Investment | Interest Income Recognized | |||||||||||||||||||||||||||||||||||
Investment | Principal Balance | Allowance | |||||||||||||||||||||||||||||||||||||||
With no related allowance: | |||||||||||||||||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||||||||||||||
Construction | $ | 449,663 | $ | 449,663 | $ | - | $ | 449,663 | $ | 6,134 | $ | 302,656 | $ | 10,955 | |||||||||||||||||||||||||||
Commercial Business | 793,992 | 1,380,582 | - | 786,051 | 6,971 | 579,721 | 20,055 | ||||||||||||||||||||||||||||||||||
Commercial Real Estate | 2,913,499 | 3,215,830 | - | 2,431,613 | 35,288 | 1,511,916 | 105,522 | ||||||||||||||||||||||||||||||||||
Mortgage Warehouse Lines | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||
Subtotal | 4,157,154 | 5,046,075 | - | 3,667,327 | 48,393 | 2,394,293 | 136,532 | ||||||||||||||||||||||||||||||||||
Residential Real Estate | 1,394,657 | 1,409,672 | - | 1,468,125 | 6,673 | 1,298,082 | 20,942 | ||||||||||||||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||||||||||||||||||
Loans to individuals | - | - | - | 77,329 | 8,164 | 135,612 | 15,433 | ||||||||||||||||||||||||||||||||||
Other | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||
Subtotal | - | - | - | 77,329 | 8,164 | 135,612 | 15,433 | ||||||||||||||||||||||||||||||||||
With no related allowance | $ | 5,551,811 | $ | 6,455,747 | $ | - | $ | 5,212,691 | $ | 63,230 | $ | 3,827,987 | $ | 172,907 | |||||||||||||||||||||||||||
With an allowance: | |||||||||||||||||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||||||||||||||
Construction | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | |||||||||||||||||||||||||||
Commercial Business | 31,123 | 31,123 | 1,874 | 94,772 | - | 245,858 | - | ||||||||||||||||||||||||||||||||||
Commercial Real Estate | 7,929,807 | 8,638,477 | 1,274,380 | 8,700,575 | 54,695 | 8,975,029 | 160,475 | ||||||||||||||||||||||||||||||||||
Mortgage Warehouse Lines | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||
Subtotal | 7,960,930 | 8,669,600 | 1,276,254 | 8,795,347 | 54,695 | 9,220,887 | 160,475 | ||||||||||||||||||||||||||||||||||
Residential Real Estate | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||||||||||||||||||
Loans to Individuals | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||
Other | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||
Subtotal | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||
With an allowance | $ | 7,960,930 | $ | 8,669,600 | $ | 1,276,254 | $ | 8,795,347 | $ | 54,695 | $ | 9,220,887 | $ | 160,475 | |||||||||||||||||||||||||||
Total: | |||||||||||||||||||||||||||||||||||||||||
Construction | $ | 449,663 | $ | 449,663 | - | $ | 449,663 | $ | 6,134 | $ | 302,656 | $ | 10,955 | ||||||||||||||||||||||||||||
Commercial | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||
Commercial Business | 825,115 | 1,411,705 | 1,874 | 880,823 | 6,971 | 825,579 | 20,055 | ||||||||||||||||||||||||||||||||||
Commercial Real Estate | 10,843,306 | 11,854,307 | 1,274,380 | 11,132,188 | 89,983 | 10,468,945 | 265,997 | ||||||||||||||||||||||||||||||||||
Mortgage Warehouse Lines | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||
Residential Real Estate | 1,394,657 | 1,409,672 | - | 1,468,125 | 6,673 | 1,298,082 | 20,942 | ||||||||||||||||||||||||||||||||||
Consumer | - | - | 77,239 | 8,164 | 135,612 | 15,433 | |||||||||||||||||||||||||||||||||||
Total | $ | 13,512,741 | $ | 15,125,347 | $ | 1,276,254 | $ | 14,008,038 | $ | 117,925 | $ | 13,048,874 | $ | 333,382 | |||||||||||||||||||||||||||
Impaired Loans Receivables (By Class) | Year ended | ||||||||||||||||||||||||||||||||||||||||
31-Dec-13 | 12/31/13 | ||||||||||||||||||||||||||||||||||||||||
Recorded | Unpaid | Related | Average Recorded Investment | Interest Income Recognized | |||||||||||||||||||||||||||||||||||||
Investment | Principal Balance | Allowance | |||||||||||||||||||||||||||||||||||||||
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 | - | ||||||||||||||||||||||||||||||||||||
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 | - | ||||||||||||||||||||||||||||||||||||
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 | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
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) – September 30, 2013 | |||||||||||||||||||||||||||||||||||||||||
Three months ended | Nine months ended | ||||||||||||||||||||||||||||||||||||||||
30-Sep-13 | 30-Sep-13 | ||||||||||||||||||||||||||||||||||||||||
Recorded | Unpaid | Related | Average | Interest | Average | Interest | |||||||||||||||||||||||||||||||||||
Investment | Principal | Allowance | Recorded | Income | Recorded | Income | |||||||||||||||||||||||||||||||||||
Balance | Investment | Recognized | Investment | Recognized | |||||||||||||||||||||||||||||||||||||
With no related allowance: | |||||||||||||||||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||||||||||||||
Construction | $ | 1,015,112 | $ | 1,015,112 | $ | - | $ | 1,184,249 | $ | 4,660 | $ | 636,741 | $ | 37,420 | |||||||||||||||||||||||||||
Commercial Business | 225,899 | 382,356 | - | 157,334 | 1,516 | 532,119 | - | ||||||||||||||||||||||||||||||||||
Commercial Real Estate | - | - | - | 4,004,515 | - | 1,480,516 | - | ||||||||||||||||||||||||||||||||||
Mortgage Warehouse Lines | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||
Subtotal | 1,241,011 | 1,397,468 | - | 5,346,098 | 6,176 | 2,649,376 | - | ||||||||||||||||||||||||||||||||||
Residential Real Estate | 164,542 | 164,542 | - | 164,542 | - | 102,706 | - | ||||||||||||||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||||||||||||||||||
Loans to Individuals | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||
Other | - | - | - | - | - | 22,540 | - | ||||||||||||||||||||||||||||||||||
Subtotal | - | - | - | - | 22,540 | - | |||||||||||||||||||||||||||||||||||
With no related allowance: | $ | 1,405,553 | $ | 1,562,010 | $ | - | $ | 5,510,640 | $ | 6,176 | 2,774,622 | 37,420 | |||||||||||||||||||||||||||||
With an allowance: | |||||||||||||||||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||||||||||||||
Construction | $ | - | $ | - | $ | - | $ | - | $ | - | $ | 329,138 | $ | - | |||||||||||||||||||||||||||
Commercial Business | 475,136 | 475,136 | 235,027 | 566,473 | 3,915 | 578,713 | 28,570 | ||||||||||||||||||||||||||||||||||
Commercial Real Estate | 9,646,821 | 9,646,821 | 1,476,632 | 6,184,255 | 61,306 | 4,326,187 | 182,967 | ||||||||||||||||||||||||||||||||||
Mortgage Warehouse Lines | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||
Subtotal | 10,121,957 | 10,121,957 | 1,711,659 | 6,750,728 | 65,221 | 5,234,038 | 211,537 | ||||||||||||||||||||||||||||||||||
Residential Real Estate | - | - | - | - | - | 58,928 | - | ||||||||||||||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||||||||||||||||||
Loans to Individuals | - | - | - | - | - | 5,650 | |||||||||||||||||||||||||||||||||||
Other | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||
Subtotal | - | - | - | - | - | 5,650 | - | ||||||||||||||||||||||||||||||||||
With an allowance: | 10,121,957 | 10,121,957 | 1,711,659 | 6,750,728 | 65,221 | 5,298,616 | - | ||||||||||||||||||||||||||||||||||
Total: | |||||||||||||||||||||||||||||||||||||||||
Construction | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||
Commercial | 11,362,968 | 11,519,425 | 1,711,659 | 12,096,826 | 71,397 | 7,883,414 | 248,957 | ||||||||||||||||||||||||||||||||||
Commercial Business | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||
Commercial Real Estate | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||
Mortgage Warehouse Lines | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||
Residential Real Estate | 164,542 | 164,542 | - | 164,542 | - | 161,634 | - | ||||||||||||||||||||||||||||||||||
Consumer | - | - | - | - | - | 28,190 | - | ||||||||||||||||||||||||||||||||||
Total | $ | 11,527,510 | $ | 11,683,967 | $ | 1,711,659 | $ | 12,261,368 | $ | 71,397 | $ | 8,073,238 | $ | 248,957 | |||||||||||||||||||||||||||
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 as a re-amortization or extension of a loan term to better match the loan’s repayment stream with the borrower’s cash flow. A modified loan would be considered 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 and maturity date) may be modified in various ways to enable the borrower to cover the modified debt service payments based on current financial statements 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 repayment 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. | |||||||||||||||||||||||||||||||||||||||||
At September 30, 2014 the Bank had 9 loans totaling $4,288,699 which were classified as troubled debt restructurings. | |||||||||||||||||||||||||||||||||||||||||
The following table is a summary of troubled debt restructurings, all of which were classified as impaired and occurred during the three months ended September 30, 2014. | |||||||||||||||||||||||||||||||||||||||||
Number of | Pre-Modification | Post- | |||||||||||||||||||||||||||||||||||||||
Contracts | Outstanding | Modification | |||||||||||||||||||||||||||||||||||||||
Recorded | Outstanding | ||||||||||||||||||||||||||||||||||||||||
Investment | Recorded | ||||||||||||||||||||||||||||||||||||||||
Investment | |||||||||||||||||||||||||||||||||||||||||
Troubled Debt Restructurings: | |||||||||||||||||||||||||||||||||||||||||
Commercial | 2 | $ | 31,123 | $ | 31,123 | ||||||||||||||||||||||||||||||||||||
Commercial Real Estate | - | - | - | ||||||||||||||||||||||||||||||||||||||
Residential Real Estate | - | - | - | ||||||||||||||||||||||||||||||||||||||
There were no loans modified that were TDR’s during the three and nine month periods ended September 30, 2014 and September 30, 2013 that were in default. | |||||||||||||||||||||||||||||||||||||||||
Changes in the accretable discount for acquired credit impaired loans for the nine months ended September 30, 2014 were as follows: | |||||||||||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | - | |||||||||||||||||||||||||||||||||||||||
Acquisition of impaired loans | 240,917 | ||||||||||||||||||||||||||||||||||||||||
Accretion of discount | (84,409 | ) | |||||||||||||||||||||||||||||||||||||||
Balance at end of period | $ | 156,508 | |||||||||||||||||||||||||||||||||||||||
The following table presents additional information regarding loans acquired and accounted for in accordance with ASC 310-30: | |||||||||||||||||||||||||||||||||||||||||
7-Feb-14 | 30-Sep-14 | ||||||||||||||||||||||||||||||||||||||||
Acquired loans with Evidence of Credit Deterioration | Acquired loans with Evidence of Credit Deterioration | ||||||||||||||||||||||||||||||||||||||||
Outstanding balance | $ | 3,409,340 | $ | 2,746,260 | |||||||||||||||||||||||||||||||||||||
Carrying amount | $ | 2,613,826 | $ | 2,046,085 | |||||||||||||||||||||||||||||||||||||
There were no changes in the expected cash flows of these loans during the nine month period ended September 30, 2014. No allowance for loan losses has been recorded for acquired loans with or without evidence of deterioration as of the acquisition date or as of September 30, 2014. |
Note_6_ShareBased_Compensation
Note 6 - Share-Based Compensation | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | ' | ||||||||||||||||
(6) Share-Based Compensation | |||||||||||||||||
The Company’s share-based incentive plans (“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 of the option is calculated using the Black – Scholes option valuation model. As of September 30, 2014, there were 317,866 shares of common stock available for future grants under the Stock Plans, of which 271,740 shares are available for future grants under the 2013 Equity Incentive Plan and 46,126 shares are available for future grant under the 2006 Directors Stock Plan. | |||||||||||||||||
Share-based compensation expense related to options was $77,123 and $75,949 for the nine months ended September 30, 2014 and 2013, respectively. | |||||||||||||||||
Transactions under the Stock Plans during the nine months ended September 30, 2014 are summarized as follows: | |||||||||||||||||
Weighted | |||||||||||||||||
Average | |||||||||||||||||
Weighted | Remaining | Aggregate | |||||||||||||||
Number of | Average | Contractual | Intrinsic | ||||||||||||||
Stock Options | Shares | Exercise Price | Term (years) | Value | |||||||||||||
Outstanding at January 1, 2014 | 235,598 | $ | 8.81 | ||||||||||||||
Granted | 11,700 | 11.02 | |||||||||||||||
Exercised | - | - | |||||||||||||||
Forfeited | - | - | |||||||||||||||
Expired | - | - | |||||||||||||||
Outstanding at September 30, 2014 | 247,298 | $ | 8.91 | 5.1 | $ | 502,395 | |||||||||||
Exercisable at September 30, 2014 | 199,881 | $ | 9.17 | 4.5 | $ | 380,591 | |||||||||||
The fair value of each option and the significant weighted average assumptions used to calculate the fair value of the options granted for the nine months ended September 30, 2014 are as follows: | |||||||||||||||||
Jan-14 | Apr-14 | ||||||||||||||||
Fair value of options granted | $ | 4.75 | $ | 4.32 | |||||||||||||
Risk-free rate of return | 1.65 | % | 1.7 | % | |||||||||||||
Expected option life in years | 7 | 7 | |||||||||||||||
Expected volatility | 38.01 | % | 38.01 | % | |||||||||||||
Expected dividends (1) | - | - | |||||||||||||||
(1) To date, the Company has not paid cash dividends on its common stock. | |||||||||||||||||
As of September 30, 2014, there was approximately $62,341 of unrecognized compensation cost related to nonvested 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 nine months ended September 30, 2014: | |||||||||||||||||
Average | |||||||||||||||||
Number of | Grant-Date | ||||||||||||||||
Non-vested shares | Shares | Fair Value | |||||||||||||||
Non-vested at January 1, 2014 | 136,490 | $ | 6.59 | ||||||||||||||
Granted | 60,100 | 10.81 | |||||||||||||||
Vested | (55,410 | ) | 8.77 | ||||||||||||||
Forfeited | - | - | |||||||||||||||
Non-vested at September 30, 2014 | 141,180 | $ | 7.53 | ||||||||||||||
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 $366,550 and $326,085 for the nine months ended September 30, 2014 and 2013. | |||||||||||||||||
As of September 30, 2014, there was approximately $1,141,472 of unrecognized compensation cost related to non-vested stock grants that will be recognized over the next three years. |
Note_7_Benefit_Plans
Note 7 - Benefit Plans | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | ||||||||||||||||
Pension and Other Postretirement Benefits Disclosure [Text Block] | ' | ||||||||||||||||
(7) Benefit Plans | |||||||||||||||||
The Bank has a 401(k) plan which covers substantially all employees with six months or more of service. The 401(k) plan permits all eligible employees to make contributions to the plan up to the IRS salary deferral limit. The Bank’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 plan. The Company recognizes the over funded or under funded status of a defined benefit post-retirement plan as an asset or liability in its Consolidated Balance Sheet and to recognize changes in that funded status in the year in which the changes occur, through comprehensive income. | |||||||||||||||||
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 $21.1 million and $16.2 million at September 30, 2014 and December 31, 2013, respectively. | |||||||||||||||||
The components of net periodic expense for the Company’s supplemental executive retirement plans for the three month and nine month periods ended September 30, 2014 and 2013 were as follows: | |||||||||||||||||
Three months ended | Nine months ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Service cost | $ | 102,337 | $ | 30,539 | $ | 159,504 | $ | 214,257 | |||||||||
Interest cost | 77,583 | 22,229 | 120,922 | 155,951 | |||||||||||||
Actuarial (gain) loss recognized | (3,718 | ) | (29,893 | ) | (5,795 | ) | (209,721 | ) | |||||||||
Prior service cost recognized | - | 942 | - | 6,611 | |||||||||||||
$ | 176,202 | $ | 23,817 | $ | 274,631 | $ | 167,098 | ||||||||||
Note_8_Other_Comprehensive_Inc
Note 8 - Other Comprehensive Income (Loss) and Accumulated Other Comprehensive Income (Loss) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Disclosure Text Block [Abstract] | ' | ||||||||||||||||
Comprehensive Income (Loss) Note [Text Block] | ' | ||||||||||||||||
(8) Other Comprehensive Income (Loss) and Accumulated Other Comprehensive Income (Loss) | |||||||||||||||||
Comprehensive income (loss) is the total of (1) net income (loss), and (2) all other changes in equity from non-shareholder sources, which are referred to as other comprehensive income (loss). The components of accumulated other comprehensive income (loss), and the related tax effects, are as follows: | |||||||||||||||||
Before-Tax | Income Tax | Net-of-Tax | |||||||||||||||
Amount | Effect | Amount | |||||||||||||||
September 30, 2014: | |||||||||||||||||
Unrealized holding (losses) gains on available-for-sale securities: | |||||||||||||||||
Unrealized holding (losses) on available-for-sale securities | $ | (231,763 | ) | $ | 44,966 | $ | (186,797 | ) | |||||||||
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: | |||||||||||||||||
Plan actuarial gains included in other comprehensive income | 345,309 | (138,949 | ) | 206,360 | |||||||||||||
Accumulated other comprehensive income ( loss) | $ | (387,398 | ) | $ | 76,338 | $ | (311,060 | ) | |||||||||
Before-Tax | Income Tax | Net-of-Tax | |||||||||||||||
Amount | Effect | Amount | |||||||||||||||
December 31, 2013: | |||||||||||||||||
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 | ) | |||||||||
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: | |||||||||||||||||
Plan actuarial gains included in other comprehensive income | 27,236 | (11,721 | ) | 15,515 | |||||||||||||
Accumulated other comprehensive income ( loss) | $ | (3,466,332 | ) | $ | 1,218,698 | $ | (2,247,634 | ) | |||||||||
Changes in the components of accumulated other comprehensive income (loss) for the three and nine month periods ended September 30, 2014 and September 30, 2013 are as follows and are presented net of tax: | |||||||||||||||||
Unrealized | Unrealized | Unfunded | Accumulated | ||||||||||||||
Holding | Impairment | Pension | Other | ||||||||||||||
Gains | Loss on | Liability | Comprehensive | ||||||||||||||
(Losses) on | Held to Maturity Security | Income (Loss) | |||||||||||||||
Available for | |||||||||||||||||
Sale Securities | |||||||||||||||||
Three Months Ended September 30, 2014: | |||||||||||||||||
Balance, beginning of period | $ | (408,136 | ) | $ | (330,623 | ) | $ | 110,675 | $ | (628,084 | ) | ||||||
Other comprehensive income (loss) before reclassifications | 221,339 | - | 95,685 | 317,024 | |||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | - | - | - | - | |||||||||||||
Other comprehensive income | 221,339 | - | 95,685 | 317,024 | |||||||||||||
Balance, end of period | $ | (186,797 | ) | $ | (330,623 | ) | $ | 206,360 | $ | (311,060 | ) | ||||||
Unrealized | Unrealized | Unfunded | Accumulated | ||||||||||||||
Holding Gains | Impairment | Pension Liability | Other | ||||||||||||||
(Losses) on | Loss on | Comprehensive | |||||||||||||||
Available for Sale Securities | Held to Maturity Security | Income (Loss) | |||||||||||||||
Three Months Ended September 30, 2013: | |||||||||||||||||
Balance, beginning of period | $ | (1,677,012 | ) | $ | (330,623 | ) | $ | (60,403 | ) | $ | (2,068,038 | ) | |||||
Other comprehensive income (loss) before reclassifications | (35,468 | ) | - | 37,960 | 2,492 | ||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | - | - | - | - | |||||||||||||
Other comprehensive income | (35,468 | ) | - | 37,960 | 2,492 | ||||||||||||
Balance, end of period | $ | (1,712,480 | ) | $ | (330,623 | ) | $ | (22,443 | ) | $ | (2,065,546 | ) | |||||
Unrealized | Unrealized | Unfunded | Accumulated | ||||||||||||||
Holding | Impairment | Pension Liability | Other | ||||||||||||||
Gains | Loss on | Comprehensive | |||||||||||||||
(Losses) on | Held to Maturity Security | Income (Loss) | |||||||||||||||
Available for | |||||||||||||||||
Sale Securities | |||||||||||||||||
Nine Months Ended September 30, 2014: | |||||||||||||||||
Balance, beginning of period | $ | (1,932,526 | ) | $ | (330,623 | ) | $ | 15,515 | $ | (2,247,634 | ) | ||||||
Other comprehensive income (loss) before reclassifications | 1,744,219 | - | 190,845 | 1,935,064 | |||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss), net of tax (1) | 1,510 | - | - | 1,510 | |||||||||||||
Other comprehensive income | 1,745,729 | - | 190,845 | 1,936,574 | |||||||||||||
Balance, end of period | $ | (186,797 | ) | $ | (330,623 | ) | $ | 206,360 | $ | (311,060 | ) | ||||||
(1) Amounts reclassified are included in Other Income on the Consolidated Statement of Income. | |||||||||||||||||
Unrealized | Unrealized | Unfunded | Accumulated | ||||||||||||||
Holding | Impairment | Pension | Other | ||||||||||||||
Gains | Loss on | Liability | Comprehensive | ||||||||||||||
(Losses) on | Held to Maturity Security | Income | |||||||||||||||
Available for | |||||||||||||||||
Sale Securities | |||||||||||||||||
Nine Months Ended September 30, 2013: | |||||||||||||||||
Balance, beginning of period | $ | 1,235,204 | $ | (330,623 | ) | $ | (100,288 | ) | $ | 804,293 | |||||||
Other comprehensive income (loss) before reclassifications | (2,947,683 | ) | - | 77,884 | (2,869,839 | ) | |||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | - | - | - | - | |||||||||||||
Other comprehensive income (loss) | (2,947,683 | ) | - | 77,884 | (2,869,839 | ) | |||||||||||
Balance, end of period | $ | (1,712,479 | ) | $ | (330,623 | ) | $ | (22,444 | ) | $ | (2,065,546 | ) | |||||
Note_9_Recent_Accounting_Prono
Note 9 - Recent Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2014 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | ' |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | ' |
(9) Recent Accounting Pronouncements | |
ASU 2014-04 (Receivables – Troubled Debt Restructurings by Creditors (Subtopic 310-40): Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure) | |
In January 2014, the FASB issued ASU 2014-04, Receivables – Troubled Debt Restructurings by Creditors (Subtopic 310-40): Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure. The amendments in this update clarify that an in substance repossession or foreclosure occurs, and a creditor is considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan, upon either (1) the creditor obtaining legal title to the residential real estate property upon completion of a foreclosure or (2) the borrower conveying all interest in the residential real estate property to the creditor to satisfy that loan through completion of a deed in lieu of foreclosure or through a similar legal agreements. Additionally, the amendments require interim and annual disclosure of both (1) the amount of foreclosed residential real estate property held by the creditor and (2) the recorded investment in consumer mortgage loans collateralized by residential real estate property that are in the process of foreclosure according to local requirements of the applicable jurisdiction. The amendments in this update are effective for public business entities for annual periods, and interim periods within those annual periods, beginning after December 15, 2014. An entity can elect to adopt the amendments in this update using either a modified retrospective transition method or a prospective transition method. The Company is currently evaluating the impact the adoption of the standard will have on the Company’s consolidated financial position or results of operations. | |
ASU 2014-9 Revenue from Contracts with Customers (Topic 606) | |
In May 2014, the FASB issued ASU No. 2014-9, “Revenue from Contracts with Customers (Topic 606)”. This upgrade clarifies the principles for recognizing revenue from contracts with customers. This ASU, which does not apply to financial instruments, is effective for interim and annual reporting periods beginning after December 15, 2016. The Company is currently evaluating this ASU to determine the impact on its consolidated financial position, results of operations and cash flows. | |
ASU 2014-11 Repurchase-to-maturity Transactions, Repurchase Financings, and Disclosures to change the accounting for repurchase-to-maturity transactions and certain linked repurchase financings. | |
On June 12, 2014, the FASB issued ASU 2014-11, Repurchase-to-maturity Transactions, Repurchase Financings, and Disclosures to change the accounting for repurchase-to-maturity transactions and certain linked repurchase financings. This will result in accounting for both types of arrangements as secured borrowings on the balance sheet. Additionally, the ASU introduces new disclosures to (i) increase transparency about the types of collateral pledged in secured borrowing transactions and (ii) enable users to better understand transactions in which the transferor retains substantially all of the exposure to the economic return on the transferred financial asset throughout the term of the transaction. | |
For public business entities, the disclosure for repurchase agreements, securities lending transactions, and repurchase-to-maturity transactions accounted for as secured borrowings is required to be presented for annual periods beginning after December 15, 2014, and for interim periods beginning after March 15, 2015. All other accounting and disclosure amendments in the ASU are effective for public business entities for the first interim or annual period beginning after December 15, 2014. The Company is currently evaluating the impact that the adoption of the standard will have on the Company’s consolidated financial position or results of operations. | |
ASU 2014-12 Accounting for Share-Based-Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved After the Requisite Service Period (a consensus of the FAS Emerging Issues Task Force). | |
On June 19, 2014, the FASB issued ASU 2014-12, Accounting for Share-Based-Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved After the Requisite Service Period (a consensus of the FAS Emerging Issues Task Force) to clarify that a performance target in a share-based compensation award that could be achieved after an employee completes the requisite service period should be treated as a performance condition that affects the vesting of the award. As such, the performance target should not be reflected in estimating the grant-date fair value of the award. | |
ASU 2014-12 requires that a performance target included in a share-based payment award that affects vesting and that could be achieved after the requisite service period be treated as a performance condition. Therefore, such performance target should not be reflected in estimating the grant-date fair value of the award. A reporting entity should apply existing guidance in Topic 718 as it relates to the award with performance conditions that affect vesting. | |
Compensation cost should be recognized in the period in which it becomes probable that the performance target will be achieved and should represent the compensation cost attributable to the period(s) for which the requisite service has already been rendered. In current practice, two common performance targets-a change of control event and an IPO-are considered probable when they occur. Consequently, the award would be recognized in earnings at that time. | |
If the performance target becomes probable of being achieved before the end of the requisite service period, the remaining unrecognized compensation cost should be recognized prospectively over the remaining requisite service period. The total amount of compensation cost recognized during and after the requisite service period should reflect the number of awards that are expected to vest and should be adjusted to reflect those awards that ultimately vest. The requisite service period ends when the employee can cease rendering service and still be eligible to vest in the award if the performance target is achieved. | |
For all entities, the amendments are effective for annual periods and interim periods within those annual periods beginning after December 15, 2015. The Company is currently evaluating the impact that the adoption of the standard will have on the Company’s consolidated financial position or results of operations. | |
ASU 2014-14 Receivables – Troubled Debt Restructurings by Creditors (Subtopic 310 – 40): Classification of Certain Government – Guaranteed Mortgage Loans upon Foreclosure (a consensus of the FASB Emerging Issues Task Force. | |
In August 2014, the FASB issued ASU 2014-14, Receivables – Troubled Debt Restructurings by Creditors (Subtopic 310-40); Classification of Certain Government _ Guaranteed Mortgage Loans upon Foreclosure (a consensus of the FASB Emerging Issues Task Force). The amendments in this update address a practice issue related to the classification of certain foreclosed residential and nonresidential mortgage loans that are either fully or partially guaranteed under government programs. Specifically, creditors should reclassify loans that meet certain conditions to “other receivables” upon foreclosure rather than reclassifying them to other real estate owned (OREO). The separate other receivable recorded upon foreclosure is to be measured based on the amount of the loan balance (principal and interest) the creditor expects to recover from the guarantor. | |
The ASU is effective for public business entities for annual periods, and interim periods within those annual periods, beginning after December 15, 2014. The Company is currently evaluating the impact that the adoption of the standard will have on the Company’s consolidated financial position or results of operations. |
Note_10_Fair_Value_Disclosures
Note 10 - Fair Value Disclosures | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||||
Fair Value Disclosures [Text Block] | ' | ||||||||||||||||||||
(10) 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 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 quoted market prices on nationally recognized exchanges (Level 1) or by using Level 2 Inputs. For Level 2 securities, the Company obtains fair value measurements from an independent pricing service. 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 collateral 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 | ||||||||||||||||||
September 30, 2014: | |||||||||||||||||||||
Securities available for sale: | |||||||||||||||||||||
U. S. Treasury securities and ` obligations of U.S. Government sponsored corporations (“GSE”) and agencies | $ | 9,470,990 | $ | 1,515,705 | $ | - | $ | 10,986,695 | |||||||||||||
Residential collateralized mortgage obligations – GSE | 3,723,664 | 3,723,664 | |||||||||||||||||||
Residential collateralized mortgage obligations – Non-GSE | 2,597,664 | 2,597,664 | |||||||||||||||||||
Residential mortgage backed securities – GSE | 28,680,367 | 28,680,367 | |||||||||||||||||||
Obligations of State and Political subdivisions | 21,618,512 | 21,618,512 | |||||||||||||||||||
Trust preferred debt securities – single issuer | 2,183,700 | 2,183,700 | |||||||||||||||||||
Corporate debt securities | 32,581,964 | 32,581,964 | |||||||||||||||||||
Restricted stock | 1,561,900 | 1,561,900 | |||||||||||||||||||
Mutual fund | 25,000 | 25,000 | |||||||||||||||||||
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 | - | 19,646,044 | |||||||||||||||||
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 | |||||||||||||||||
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 September 30, 2014 and December 31, 2013 were as follows: | |||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total Fair | ||||||||||||||||||
Inputs | Inputs | Inputs | Value | ||||||||||||||||||
September 30, 2014: | |||||||||||||||||||||
Impaired loans | $ | - | $ | - | $ | 7,265,700 | $ | 7,265,700 | |||||||||||||
Other real estate owned | - | - | 1,748,455 | 1,748,455 | |||||||||||||||||
December 31, 2013: | |||||||||||||||||||||
Impaired loans | $ | - | $ | - | $ | 7,879,005 | $ | 7,879,005 | |||||||||||||
Other real estate owned | - | - | 209,937 | 209,937 | |||||||||||||||||
Impaired loans measured at fair value and included in the above table consisted of 10 loans having an aggregate recorded investment of $7,960,930 and specific loan loss allowances of $1,276,254 at September 30, 2014. Charge-offs of approximately $928,000 of specific reserves for potential losses that were provided in prior periods were recorded during the third quarter ended September 30, 2014 on loans with an aggregate recorded investment of approximately $6,093,000. At December 31, 2013, there were 17 loans having an aggregate balance of $9,662,862 and specific loan loss allowances of $1,783,861. | |||||||||||||||||||||
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 | Valuation | Unobservable | Range | ||||||||||||||||||
Estimate | Techniques | Input | (Weighted Average) | ||||||||||||||||||
30-Sep-14 | |||||||||||||||||||||
Impaired loans | $ | 7,265,700 | Appraisal of collateral (1) | Appraisal adjustments (2) | Oct-40 | -19.1 | % | ||||||||||||||
Other real estate owned | $ | 1,748,455 | Appraisal of collateral (1) | Appraisal adjustments (2) | 6 | % | |||||||||||||||
31-Dec-13 | |||||||||||||||||||||
Impaired loans | $ | 7,879,005 | Appraisal of collateral (1) | Appraisal adjustments (2) | 15-May | % | -8.8 | % | |||||||||||||
Other real estate owned | $ | 209,937 | Appraisal of collateral (1) | Appraisal adjustments (2) | May-45 | % | -21.7 | % | |||||||||||||
(1) Fair value is generally determined through independent appraisals of the underlying collateral, which generally include various Level 3 inputs which are not identifiable. | |||||||||||||||||||||
(2) Includes qualitative adjustments by management and estimated liquidation expenses. | |||||||||||||||||||||
The fair value 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 carrying amounts of financial assets and liabilities were as follows: | |||||||||||||||||||||
30-Sep-14 | |||||||||||||||||||||
Carrying | Level 1 | Level 2 | Level 3 | Fair | |||||||||||||||||
Value | Inputs | Inputs | Inputs | Value | |||||||||||||||||
Cash and cash equivalents | $ | 20,371,823 | $ | 20,371,823 | $ | - | $ | - | $ | 20,371,823 | |||||||||||
Securities available for sale | 103,959,466 | 9,470,990 | 94,488,476 | - | 103,959,466 | ||||||||||||||||
Securities held to maturity | 148,182,693 | - | 152,466,765 | - | 152,466,765 | ||||||||||||||||
Loans held for sale | 9,459,172 | - | 9,602,000 | - | 9,602,000 | ||||||||||||||||
Loans, net | 613,288,046 | - | - | 615,200,000 | 615,200,000 | ||||||||||||||||
Accrued interest receivable | 2,798,265 | - | 2,798,265 | - | 2,798,265 | ||||||||||||||||
Deposits | (823,564,746 | ) | - | (824,154,00 | ) | - | (824,154,000 | ) | |||||||||||||
Borrowings | (20,798,473 | ) | - | (21,509,000 | ) | - | (21,509,000 | ) | |||||||||||||
Redeemable subordinated debentures | (18,557,000 | ) | - | (18,557,000 | ) | - | (18,557,000 | ) | |||||||||||||
Accrued interest payable | (802,851 | ) | - | (802,851 | ) | - | (802,851 | ) | |||||||||||||
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 | - | 153,629,000 | ||||||||||||||||
Loans held for sale | 10,923,689 | - | 10,924,000 | - | 10,924,000 | ||||||||||||||||
Loans, net | 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 | ) | |||||||||||||
Loan commitments and standby letters of credit as of September 30, 2014 and December 31, 2013 are based on fees charged for similar agreements; accordingly, the estimated fair value of loan commitments and standby letters of credit is nominal. |
Accounting_Policies_by_Policy_
Accounting Policies, by Policy (Policies) | 9 Months Ended |
Sep. 30, 2014 | |
Accounting Policies [Abstract] | ' |
Consolidation, Policy [Policy Text Block] | ' |
The accompanying unaudited consolidated financial statements include 1st Constitution Bancorp (the “Company”), its wholly-owned subsidiary, 1st Constitution Bank (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, LLC, 204 South Newman Street Corp. and 249 New York Avenue, LLC. 1st Constitution Capital Trust II, a subsidiary of the Company, 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. The accounting and reporting policies of the Company and its subsidiaries conform to accounting principles generally accepted in the United States of America and pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) including the instructions to Form 10-Q and Article 8 of Regulation S-X. Certain information and footnote disclosures normally included in financial statements have been condensed or omitted pursuant to such rules and regulations. These consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the notes thereto included in the Company’s Form 10-K for the year ended December 31, 2013, filed with the SEC on March 31, 2014. | |
In the opinion of the Company, all adjustments (consisting only of normal recurring accruals) which are necessary for a fair presentation of the operating results for the interim periods have been included. The results of operations for periods of less than a year are not necessarily indicative of results for the full year. | |
Subsequent Events, Policy [Policy Text Block] | ' |
The Company has evaluated events and transactions occurring subsequent to the balance sheet date of September 30, 2014 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. |
Note_2_Acquisition_of_RumsonFa1
Note 2 - Acquisition of Rumson-Fair Haven Bank and Trust Company (Tables) | 9 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
Business Combinations [Abstract] | ' | ||||||||||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | ' | ||||||||||||
($ in thousands) | Amount | ||||||||||||
Consideration paid: | |||||||||||||
Company stock issued | $ | 11,161 | |||||||||||
Cash payment | 14,770 | ||||||||||||
Total consideration paid | 25,931 | ||||||||||||
Recognized amounts of identifiable assets and liabilities assumed at fair value: | |||||||||||||
Cash and cash equivalents | 36,045 | ||||||||||||
Short-term investments | 100 | ||||||||||||
Securities available for sale | 30,024 | ||||||||||||
Loans | 143,714 | ||||||||||||
Premises and equipment, net | 2,552 | ||||||||||||
Identifiable intangible assets | 1,189 | ||||||||||||
Bank-owned life insurance | 4,471 | ||||||||||||
Accrued interest receivable and other assets | 1,483 | ||||||||||||
Deposits | (189,490 | ) | |||||||||||
Borrowings | (11,030 | ) | |||||||||||
Other liabilities | (825 | ) | |||||||||||
Total identifiable assets | 18,233 | ||||||||||||
Goodwill | $ | 7,698 | |||||||||||
Financing Receivable Credit Quality Indicators [Table Text Block] | ' | ||||||||||||
At February 7, 2014 | |||||||||||||
($ in thousands) | Loans | Loans | Total | ||||||||||
acquired with | acquired with | ||||||||||||
no credit | credit | ||||||||||||
quality | quality | ||||||||||||
deterioration | deterioration | ||||||||||||
Commercial | |||||||||||||
Construction | $ | 11,920 | $ | - | $ | 11,920 | |||||||
Commercial Real Estate | 62,398 | 1,832 | 64,230 | ||||||||||
Commercial Business | 18,086 | 368 | 18,454 | ||||||||||
Residential Real Estate | 32,743 | 180 | 32,923 | ||||||||||
Consumer | 15,953 | 234 | 16,187 | ||||||||||
Total | $ | 141,100 | $ | 2,614 | $ | 143,714 | |||||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period [Table Text Block] | ' | ||||||||||||
($ in thousands) | Acquired | ||||||||||||
Credit | |||||||||||||
Impaired | |||||||||||||
Loans | |||||||||||||
Contractually required principal and interest at acquisition | $ | 4,451 | |||||||||||
Contractual cash flows not expected to be collected (non-accretable difference) | 1,543 | ||||||||||||
Expected cash flows at acquisition | 2,908 | ||||||||||||
Interest component of expected cash flows (accretable difference) | 294 | ||||||||||||
Fair value of acquired loans | $ | 2,614 | |||||||||||
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | ' | ||||||||||||
($ in thousands) | |||||||||||||
2014 | $ | 216 | |||||||||||
2015 | 195 | ||||||||||||
2016 | 173 | ||||||||||||
2017 | 151 | ||||||||||||
2018 | 130 | ||||||||||||
Thereafter | 324 | ||||||||||||
$ | 1,189 | ||||||||||||
Business Acquisition, Pro Forma Information [Table Text Block] | ' | ||||||||||||
Actual from | Pro Forma for the | Pro Forma for the | |||||||||||
Acquisition date to | nine months | Nine months | |||||||||||
September | ended | ended | |||||||||||
30, 2014 | September | September | |||||||||||
30, 2014 | 30, 2013 | ||||||||||||
(in thousands, except per share amounts) | |||||||||||||
Net interest income | $ | 4,430 | $ | 25,021 | $ | 24,434 | |||||||
Non-interest income | 176 | 4,428 | 5,476 | ||||||||||
Non-interest expenses | 1,926 | 19,964 | 20,802 | ||||||||||
Income taxes | 1,070 | 839 | 2,543 | ||||||||||
Net income | 1,610 | 3,395 | 5,648 | ||||||||||
Earnings per share-diluted | $ | 0.48 | $ | 0.79 |
Note_3_Net_Income_Per_Common_S1
Note 3 - Net Income Per Common Share (Tables) | 9 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | ' | ||||||||||||
Three Months Ended September 30, | |||||||||||||
2014 | |||||||||||||
Income | Weighted- | Per share | |||||||||||
average | amount | ||||||||||||
shares | |||||||||||||
Basic earnings per common share: | |||||||||||||
Net Income | $ | 2,138,079 | 7,119,113 | $ | 0.3 | ||||||||
Effect of dilutive securities: | |||||||||||||
Stock options and warrants | 122,436 | ||||||||||||
Diluted EPS: | |||||||||||||
Net plus assumed conversion | $ | 2,138,079 | 7,241,549 | $ | 0.3 | ||||||||
Three Months Ended September 30, | |||||||||||||
2013 | |||||||||||||
Net | Weighted- | Per share | |||||||||||
Income | average | amount | |||||||||||
shares | |||||||||||||
Basic earnings per common share: | |||||||||||||
Net income | $ | 1,523,238 | 5,991,480 | $ | 0.25 | ||||||||
Effect of Dilutive Securities: | |||||||||||||
Stock options and warrants | 155,182 | ||||||||||||
Diluted EPS: | |||||||||||||
Net income plus assumed conversions | $ | 1,523,238 | 6,146,662 | $ | 0.25 | ||||||||
Nine Months Ended September 30, | |||||||||||||
2014 | |||||||||||||
Net | Weighted- | Per share | |||||||||||
Income | average | amount | |||||||||||
shares | |||||||||||||
Basic earnings per common share: | |||||||||||||
Net income | $ | 2,339,873 | 7,013,776 | $ | 0.33 | ||||||||
Effect of Dilutive Securities: | |||||||||||||
Stock options and warrants | 127,792 | ||||||||||||
Diluted EPS: | |||||||||||||
Net income plus assumed conversions | $ | 2,339,873 | 7,141,568 | $ | 0.33 | ||||||||
Nine Months Ended September 30, | |||||||||||||
2013 | |||||||||||||
Net | Weighted- | Per share | |||||||||||
Income | average | amount | |||||||||||
shares | |||||||||||||
Basic earnings per common share: | |||||||||||||
Net income | $ | 4,405,588 | 5,960,294 | $ | 0.74 | ||||||||
Effect of Dilutive Securities: | |||||||||||||
Stock options and warrants | 128,539 | ||||||||||||
Diluted EPS: | |||||||||||||
Net income plus assumed conversions | $ | 4,405,588 | 6,088,833 | $ | 0.72 |
Note_4_Investment_Securities_T
Note 4 - Investment Securities (Tables) | 9 Months Ended | ||||||||||||||||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | ||||||||||||||||||||||||||||||||||||||
Available-for-sale Securities [Table Text Block] | ' | ||||||||||||||||||||||||||||||||||||||
30-Sep-14 | Amortized | Gross | Gross | Fair value | |||||||||||||||||||||||||||||||||||
Cost | unrealized | unrealized | |||||||||||||||||||||||||||||||||||||
gains | losses | ||||||||||||||||||||||||||||||||||||||
Available for sale- | |||||||||||||||||||||||||||||||||||||||
U. S. Treasury securities and obligations of U.S. Government sponsored corporations (“GSE”) and agencies | $ | 11,431,027 | $ | - | $ | (444,332 | ) | $ | 10,986,695 | ||||||||||||||||||||||||||||||
Residential collateralized mortgage obligations – GSE | 3,684,424 | 82,520 | (43,280 | ) | 3,723,664 | ||||||||||||||||||||||||||||||||||
Residential collateralized mortgage obligations – non GSE | 2,564,282 | 39,395 | (6,013 | ) | 2,597,664 | ||||||||||||||||||||||||||||||||||
Residential mortgage backed securities – GSE | 28,136,260 | 822,737 | (278,630 | ) | 28,680,367 | ||||||||||||||||||||||||||||||||||
Obligations of State and Political subdivisions | 22,023,131 | 244,381 | (649,000 | ) | 21,618,512 | ||||||||||||||||||||||||||||||||||
Trust preferred debt securities – single issuer | 2,471,060 | - | (287,360 | ) | 2,183,700 | ||||||||||||||||||||||||||||||||||
Corporate debt securities | 32,294,145 | 322,566 | (34,747 | ) | 32,581,964 | ||||||||||||||||||||||||||||||||||
Restricted stock | 1,561,900 | - | - | 1,561,900 | |||||||||||||||||||||||||||||||||||
Mutual fund | 25,000 | - | - | 25,000 | |||||||||||||||||||||||||||||||||||
$ | 104,191,229 | $ | 1,511,599 | $ | (1,743,362 | ) | $ | 103,959,466 | |||||||||||||||||||||||||||||||
31-Dec-13 | Amortized | Gross | Gross | Fair value | |||||||||||||||||||||||||||||||||||
Cost | unrealized | unrealized | |||||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||
Held-to-maturity Securities [Table Text Block] | ' | ||||||||||||||||||||||||||||||||||||||
30-Sep-14 | 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- | |||||||||||||||||||||||||||||||||||||||
U. S. Treasury securities and obligations of U.S. Government sponsored corporations (“GSE”) and agencies | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | |||||||||||||||||||||||||||
Residential collateralized mortgage obligations – GSE | 12,300,297 | - | 12,300,297 | 429,031 | - | 12,729,328 | |||||||||||||||||||||||||||||||||
Residential collateralized mortgage obligations – non-GSE | 9,099,412 | - | 9,099,412 | 292,039 | 9,391,451 | ||||||||||||||||||||||||||||||||||
Residential mortgage backed securities – GSE | 58,526,504 | - | 58,526,504 | 1,085,369 | (122,585 | ) | 59,489,288 | ||||||||||||||||||||||||||||||||
Obligations of State and Political subdivisions | 68,100,762 | - | 68,100,762 | 2,250,385 | (105,740 | ) | 70,245,407 | ||||||||||||||||||||||||||||||||
Trust preferred debt securities-pooled | 656,662 | (500,944 | ) | 155,718 | 455,573 | - | 611,291 | ||||||||||||||||||||||||||||||||
Corporate debt securities | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||
$ | 148,683,637 | $ | (500,944 | ) | $ | 148,182,693 | $ | 4,512,397 | $ | (228,325 | ) | $ | 152,466,765 | ||||||||||||||||||||||||||
31-Dec-13 | Amortized | Other-Than-Temporary Impairment Recognized In | Carrying | Gross | Gross | Fair | |||||||||||||||||||||||||||||||||
Cost | Accumulated | Value | Unrealized | Unrealized | Value | ||||||||||||||||||||||||||||||||||
Other Comprehensive | Gains | Losses | |||||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||
Investments Classified by Contractual Maturity Date [Table Text Block] | ' | ||||||||||||||||||||||||||||||||||||||
Amortized Cost | Fair Value | ||||||||||||||||||||||||||||||||||||||
Available for sale- | |||||||||||||||||||||||||||||||||||||||
Due in one year or less | |||||||||||||||||||||||||||||||||||||||
Residential collateralized mortgage obligations - non GSE | $ | 263,345 | $ | 264,102 | |||||||||||||||||||||||||||||||||||
Residential mortgage backed securities – GSE | 250 | 250 | |||||||||||||||||||||||||||||||||||||
Obligations of State and Political subdivisions | 264,775 | 265,665 | |||||||||||||||||||||||||||||||||||||
Corporate debt securities | 10,224,296 | 10,198,171 | |||||||||||||||||||||||||||||||||||||
Restricted stock | 1,561,900 | 1,561,900 | |||||||||||||||||||||||||||||||||||||
Mutual fund | 25,000 | 25,000 | |||||||||||||||||||||||||||||||||||||
$ | 12,339,566 | $ | 12,315,088 | ||||||||||||||||||||||||||||||||||||
Due after one year through five years | |||||||||||||||||||||||||||||||||||||||
U.S. Treasury securities and obligations of U.S. Government sponsored corporations (“GSE”) and agencies | $ | 1,540,385 | $ | 1,535,895 | |||||||||||||||||||||||||||||||||||
Residential collateralized mortgage obligations – non-GSE | - | - | |||||||||||||||||||||||||||||||||||||
Residential mortgage backed securities – GSE | 7,450,510 | 7,358,278 | |||||||||||||||||||||||||||||||||||||
Obligations of State and Political subdivisions | 681,967 | 714,360 | |||||||||||||||||||||||||||||||||||||
Corporate debt securities | 21,050,621 | 21,351,292 | |||||||||||||||||||||||||||||||||||||
$ | 30,723,483 | $ | 30,959,825 | ||||||||||||||||||||||||||||||||||||
Due after five years through ten years | |||||||||||||||||||||||||||||||||||||||
U.S. Treasury securities and obligations of US Government sponsored corporations (“GSE”) and agencies | $ | 9,890,642 | $ | 9,450,800 | |||||||||||||||||||||||||||||||||||
Residential collateralized mortgage obligations – GSE | 102,768 | 109,333 | |||||||||||||||||||||||||||||||||||||
Residential mortgage backed Securities – GSE | 6,661,024 | 6,742,207 | |||||||||||||||||||||||||||||||||||||
Obligations of State and Political Subdivisions | 4,796,387 | 4,866,134 | |||||||||||||||||||||||||||||||||||||
Corporate debt securities | 1,019,227 | 1,032,500 | |||||||||||||||||||||||||||||||||||||
$ | 22,470,048 | $ | 22,200,974 | ||||||||||||||||||||||||||||||||||||
Due after ten years | |||||||||||||||||||||||||||||||||||||||
Residential collateralized mortgage obligations – GSE | $ | 3,581,657 | $ | 3,614,332 | |||||||||||||||||||||||||||||||||||
Residential collateralized mortgage obligations – non-GSE | 2,300,936 | 2,333,561 | |||||||||||||||||||||||||||||||||||||
Residential mortgage backed securities – GSE | 14,024,476 | 14,579,634 | |||||||||||||||||||||||||||||||||||||
Obligations of State and Political subdivisions | 16,280,003 | 15,772,352 | |||||||||||||||||||||||||||||||||||||
Corporate debt securities | 0 | 0 | |||||||||||||||||||||||||||||||||||||
Trust preferred debt securities | 2,471,060 | 2,183,700 | |||||||||||||||||||||||||||||||||||||
$ | 38,658,132 | $ | 38,483,579 | ||||||||||||||||||||||||||||||||||||
Total | $ | 104,191,229 | $ | 103,959,466 | |||||||||||||||||||||||||||||||||||
Held to maturity- | |||||||||||||||||||||||||||||||||||||||
Due in one year or less | |||||||||||||||||||||||||||||||||||||||
U. S. Treasury securities and obligations of U.S. Government sponsored corporations (“GSE”) and agencies | $ | 0 | $ | 0 | |||||||||||||||||||||||||||||||||||
Obligations of State and Political subdivisions | 18,205,158 | 18,211,282 | |||||||||||||||||||||||||||||||||||||
Corporate debt securities | 0 | 0 | |||||||||||||||||||||||||||||||||||||
18,205,158 | 18,211,282 | ||||||||||||||||||||||||||||||||||||||
Due after one year through five years | |||||||||||||||||||||||||||||||||||||||
U.S. Treasury securities and obligations of US Government sponsored corporations (“GSE”) and agencies | $ | - | $ | - | |||||||||||||||||||||||||||||||||||
Obligations of State and Political subdivisions | 13,503,851 | 14,035,745 | |||||||||||||||||||||||||||||||||||||
Corporate debt securities | - | - | |||||||||||||||||||||||||||||||||||||
$ | 13,503,851 | $ | 14,035,745 | ||||||||||||||||||||||||||||||||||||
Due after five years through ten years | |||||||||||||||||||||||||||||||||||||||
Residential collateralized mortgage obligations – GSE | $ | - | $ | - | |||||||||||||||||||||||||||||||||||
Residential collateralized mortgage obligations – non-GSE | 802,511 | 805,099 | |||||||||||||||||||||||||||||||||||||
Residential mortgage backed securities – GSE | 19,279,679 | 19,492,168 | |||||||||||||||||||||||||||||||||||||
Obligations of State and Political subdivisions | 18,544,514 | 19,475,290 | |||||||||||||||||||||||||||||||||||||
$ | 38,626,704 | $ | 39,772,557 | ||||||||||||||||||||||||||||||||||||
Due after ten years | |||||||||||||||||||||||||||||||||||||||
Residential collateralized mortgage obligations – GSE | $ | 12,299,996 | $ | 12,729,330 | |||||||||||||||||||||||||||||||||||
Residential collateralized mortgage obligations – non-GSE | 8,297,202 | 8,586,350 | |||||||||||||||||||||||||||||||||||||
Residential mortgage backed securities – GSE | 39,246,826 | 39,997,121 | |||||||||||||||||||||||||||||||||||||
Obligations of State and Political subdivisions | 17,847,239 | 18,523,090 | |||||||||||||||||||||||||||||||||||||
Trust preferred debt securities – pooled | 656,661 | 611,290 | |||||||||||||||||||||||||||||||||||||
$ | 78,347,924 | $ | 80,447,181 | ||||||||||||||||||||||||||||||||||||
Total | $ | 148,683,637 | $ | 152,466,765 | |||||||||||||||||||||||||||||||||||
Investment Securities Continuous Unrealized Loss Position Fair Value [Table Text Block] | ' | ||||||||||||||||||||||||||||||||||||||
30-Sep-14 | Less than 12 months | 12 months or longer | Total | ||||||||||||||||||||||||||||||||||||
Number | Fair Value | Unrealized | Fair Value | Unrealized | Fair Value | Unrealized | |||||||||||||||||||||||||||||||||
of | Losses | Losses | Losses | ||||||||||||||||||||||||||||||||||||
Securities | |||||||||||||||||||||||||||||||||||||||
U.S. Treasury securities and obligations of U.S. Government sponsored corporations and agencies | 2 | $ | 1,535,895 | $ | (4,490 | ) | $ | 9,450,800 | $ | (439,842 | ) | $ | 10,986,695 | $ | (444,332 | ) | |||||||||||||||||||||||
Residential collateralized mortgage obligations – GSE | 1 | 1,074,027 | (43,280 | ) | - | - | 1,074,027 | (43,280 | ) | ||||||||||||||||||||||||||||||
Residential collateralized mortgage obligations – non-GSE | 2 | 989,807 | (892 | ) | 93,295 | (5,121 | ) | 1,083,102 | (6,013 | ) | |||||||||||||||||||||||||||||
Residential mortgage backed securities – GSE | 18 | 1,711,545 | (1,679 | ) | 17,021,564 | (399,536 | ) | 18,733,109 | (401,215 | ) | |||||||||||||||||||||||||||||
Obligations of State and Political Subdivisions | 63 | 394,002 | (1,596 | ) | 21,564,852 | (753,144 | ) | 21,958,854 | (754,740 | ) | |||||||||||||||||||||||||||||
Trust preferred debt securities – single issuer | 4 | - | - | 2,183,700 | (287,360 | ) | 2,183,700 | (287,360 | ) | ||||||||||||||||||||||||||||||
Corporate Debt Securities | 2 | 1,420,594 | (1,233 | ) | 1,028,880 | (33,514 | ) | 2,449,474 | (34,747 | ) | |||||||||||||||||||||||||||||
Total temporarily impaired securities | 92 | $ | 7,125,870 | $ | (53,170 | ) | $ | 51,343,091 | $ | (1,918,517 | ) | $ | 58,468,961 | $ | (1,971,687 | ) | |||||||||||||||||||||||
31-Dec-13 | Less than 12 months | 12 months or longer | Total | ||||||||||||||||||||||||||||||||||||
Number | Fair Value | Unrealized | Fair Value | Unrealized | Fair Value | Unrealized | |||||||||||||||||||||||||||||||||
of | Losses | Losses | Losses | ||||||||||||||||||||||||||||||||||||
Securities | |||||||||||||||||||||||||||||||||||||||
U.S. Treasury securities and obligations of U.S. Government sponsored corporations (GSE) 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 | ) | 148,855 | (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 | ) | |||||||||||||||||||||||
Schedule of Unrealized Loss on Investments [Table Text Block] | ' | ||||||||||||||||||||||||||||||||||||||
Excess | |||||||||||||||||||||||||||||||||||||||
Subordination (2) | |||||||||||||||||||||||||||||||||||||||
Security | Class | Book | Fair | Unrealized | Percent of | Percent of | Percent of | Expected | Moody's | Amount | % of | ||||||||||||||||||||||||||||
Value | Value | Gain (Loss) | Underlying | Underlying | Underlying | Deferrals and | S&P / | Current | |||||||||||||||||||||||||||||||
Collateral | Collateral In | Collateral In | Defaults as a | Ratings | Performing | ||||||||||||||||||||||||||||||||||
Performing | Deferral (1) | Default (1) | % of Remaining Performing | Collateral | |||||||||||||||||||||||||||||||||||
Collateral | |||||||||||||||||||||||||||||||||||||||
PreTSL XXV | B-1 | $ | 155,718 | $ | 611,290 | $ | 455,572 | 69 | % | 5.8 | % | 25.2 | % | 13.7 | % | B1/ NR | $ | 136,000 | 26 | % | |||||||||||||||||||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Table Text Block] | ' | ||||||||||||||||||||||||||||||||||||||
(in thousands) | Three months ended | Nine months ended | |||||||||||||||||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | 364 | $ | 364 | $ | 364 | $ | 364 | |||||||||||||||||||||||||||||||
Change during the period | - | - | - | - | |||||||||||||||||||||||||||||||||||
Balance at end of period | $ | 364 | $ | 364 | $ | 364 | $ | 364 |
Note_5_Allowance_for_Loan_Loss1
Note 5 - Allowance for Loan Losses and Credit Quality Disclosure (Tables) | 9 Months Ended | ||||||||||||||||||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||||||||||||||||||
Note 5 - Allowance for Loan Losses and Credit Quality Disclosure (Tables) [Line Items] | ' | ||||||||||||||||||||||||||||||||||||||||
Past Due Financing Receivables [Table Text Block] | ' | ||||||||||||||||||||||||||||||||||||||||
30-59 Days | 60-89 Days | Greater | Total Past | Current | Total | Recorded Investment | Nonaccrual Loans | ||||||||||||||||||||||||||||||||||
than 90 | Due | Loans Receivable | > 90 Days Accruing | ||||||||||||||||||||||||||||||||||||||
Days | |||||||||||||||||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||||||||||||||
Construction | $ | - | $ | - | $ | - | $ | - | $ | 88,547,583 | $ | 88,547,583 | $ | - | $ | - | |||||||||||||||||||||||||
Commercial Business | 959,386 | 14,051 | 390,396 | 1,363,833 | 107,689,596 | 109,053,429 | - | 356,577 | |||||||||||||||||||||||||||||||||
Commercial Real Estate | 2,290,804 | - | 6,119,386 | 8,410,190 | 183,957,654 | 192,367,844 | - | 5,787,533 | |||||||||||||||||||||||||||||||||
Mortgage Warehouse Lines | - | - | - | - | 157,333,717 | 157,333,717 | - | - | |||||||||||||||||||||||||||||||||
Residential Real Estate | - | - | 1,714,972 | 1,714,972 | 47,017,079 | 48,732,051 | 320,315 | 1,394,657 | |||||||||||||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||||||||||||||||||
Loans to Individuals | 279,909 | - | - | 279,909 | 23,083,133 | 23,363,042 | - | - | |||||||||||||||||||||||||||||||||
Other | - | - | - | - | 197,704 | 197,704 | - | - | |||||||||||||||||||||||||||||||||
Deferred Loan Costs | - | - | - | - | 800,548 | 800,548 | - | - | |||||||||||||||||||||||||||||||||
Total | $ | 3,530,099 | $ | 14,051 | $ | 8,224,754 | $ | 11,768,904 | $ | 608,627,014 | $ | 620,395,918 | 320,315 | $ | 7,538,767 | ||||||||||||||||||||||||||
30-59 Days | 60-89 Days | Greater | Total Past | Current | Total | Recorded Investment | Nonaccrual Loans | ||||||||||||||||||||||||||||||||||
than 90 | Due | Loans Receivable | > 90 Days Accruing | ||||||||||||||||||||||||||||||||||||||
Days | |||||||||||||||||||||||||||||||||||||||||
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 Costs | - | - | - | - | 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 | ||||||||||||||||||||||||||
Financing Receivable Credit Quality Indicators [Table Text Block] | ' | ||||||||||||||||||||||||||||||||||||||||
At February 7, 2014 | |||||||||||||||||||||||||||||||||||||||||
($ in thousands) | Loans | Loans | Total | ||||||||||||||||||||||||||||||||||||||
acquired with | acquired with | ||||||||||||||||||||||||||||||||||||||||
no credit | credit | ||||||||||||||||||||||||||||||||||||||||
quality | quality | ||||||||||||||||||||||||||||||||||||||||
deterioration | deterioration | ||||||||||||||||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||||||||||||||
Construction | $ | 11,920 | $ | - | $ | 11,920 | |||||||||||||||||||||||||||||||||||
Commercial Real Estate | 62,398 | 1,832 | 64,230 | ||||||||||||||||||||||||||||||||||||||
Commercial Business | 18,086 | 368 | 18,454 | ||||||||||||||||||||||||||||||||||||||
Residential Real Estate | 32,743 | 180 | 32,923 | ||||||||||||||||||||||||||||||||||||||
Consumer | 15,953 | 234 | 16,187 | ||||||||||||||||||||||||||||||||||||||
Total | $ | 141,100 | $ | 2,614 | $ | 143,714 | |||||||||||||||||||||||||||||||||||
Allowance for Credit Losses on Financing Receivables [Table Text Block] | ' | ||||||||||||||||||||||||||||||||||||||||
Commercial | Mortgage | Residential | Loan | ||||||||||||||||||||||||||||||||||||||
Construction | Commercial | Real Estate | Warehouse | Real Estate | Consumer | Other | Unallocated | Costs | Total | ||||||||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||||||||||||||
Ending Balance | $ | 1,099,053 | $ | 1,641,189 | $ | 2,974,785 | $ | 786,669 | $ | 202,146 | $ | 91,417 | $ | 1,583 | $ | 311,030 | $ | - | $ | 7,107,872 | |||||||||||||||||||||
Ending Balance | |||||||||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | - | 1,874 | 1,274,380 | - | - | - | - | - | - | 1,276,254 | |||||||||||||||||||||||||||||||
Collectively evaluated for impairment | $ | 1,099,053 | $ | 1,639,315 | $ | 1,700,405 | $ | 786,669 | $ | 202,146 | $ | 91,417 | $ | 1,583 | $ | 311,030 | $ | - | $ | 5,831,618 | |||||||||||||||||||||
Loans receivables: | |||||||||||||||||||||||||||||||||||||||||
Ending Balance | $ | 88,547,583 | $ | 109,053,429 | $ | 192,367,844 | $ | 157,333,717 | $ | 48,732,051 | $ | 23,363,042 | $ | 197,704 | $ | - | $ | 800,548 | $ | 620,395,918 | |||||||||||||||||||||
Individually evaluated for impairment | 449,663 | 492,940 | 9,129,396 | - | 1,394,657 | - | - | - | - | 11,466,656 | |||||||||||||||||||||||||||||||
Loans acquired with deteriorated credit quality | - | 332,175 | 1,713,910 | - | - | - | - | - | - | 2,046,085 | |||||||||||||||||||||||||||||||
Collectively evaluated for impairment | $ | 88,097,920 | $ | 108,228,314 | $ | 181,524,538 | $ | 157,333,717 | $ | 47,337,394 | $ | 23,363,042 | $ | 197,704 | $ | - | $ | 800,548 | $ | 606,883,177 | |||||||||||||||||||||
Commercial | Mortgage | Residential | Loan | ||||||||||||||||||||||||||||||||||||||
Construction | Commercial | Real Estate | Warehouse | Real Estate | Consumer | Other | Unallocated | Costs | Total | ||||||||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||||||||||||||
Ending Balance | $ | 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 | $ | - | $ | 943,950 | $ | 363,155,331 | |||||||||||||||||||||
Schedule of Credit Losses Related to Financing Receivables, Current and Noncurrent [Table Text Block] | ' | ||||||||||||||||||||||||||||||||||||||||
Construction | Commercial | Commercial | Mortgage | Residential | Consumer | Other | Unallocated | Total | |||||||||||||||||||||||||||||||||
Business | Real Estate | Warehouse | Real Estate | ||||||||||||||||||||||||||||||||||||||
Balance - 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 | |||||||||||||||||||||||
Provision charged to operations | 60,163 | 454,031 | 113,961 | (63,082 | ) | 17,332 | (16,462 | ) | (560 | ) | (65,385 | ) | 499,998 | ||||||||||||||||||||||||||||
Loans charged off | - | (510,952 | ) | - | - | - | - | - | - | (510,952 | ) | ||||||||||||||||||||||||||||||
Recoveries of loans charged off | - | 3,225 | - | - | - | - | - | - | 3,225 | ||||||||||||||||||||||||||||||||
Balance – March 31, 2014 | $ | 1,265,430 | $ | 1,218,037 | $ | 3,135,727 | $ | 521,675 | $ | 182,005 | $ | 92,387 | $ | 1,623 | $ | 613,958 | $ | 7,030,842 | |||||||||||||||||||||||
Provision charged to operations | (315,416 | ) | 4,041,190 | 471,356 | 387,884 | (9,152 | ) | (1,655 | ) | 42 | (474,251 | ) | 4,099,998 | ||||||||||||||||||||||||||||
Loans charged off | - | (3,713,789 | ) | - | - | - | - | - | - | (3,713,789 | ) | ||||||||||||||||||||||||||||||
Recoveries of loans charged off | - | 1,328 | - | - | - | - | - | - | 1,328 | ||||||||||||||||||||||||||||||||
Balance – June 30, 2014 | $ | 950,014 | $ | 1,546,766 | $ | 3,607,083 | $ | 909,559 | $ | 172,853 | $ | 90,732 | $ | 1,665 | $ | 139,707 | $ | 7,418,379 | |||||||||||||||||||||||
Provision charged to operations | 149,039 | 185,109 | 222,506 | (122,890 | ) | 44,308 | 685 | (82 | ) | 171,323 | 649,998 | ||||||||||||||||||||||||||||||
Loans charged off | - | (99,402 | ) | (893,804 | ) | - | (15,015 | ) | - | - | - | (1,008,221 | ) | ||||||||||||||||||||||||||||
Recoveries of loans charged off | - | 8,716 | 39,000 | - | - | - | - | - | 47,716 | ||||||||||||||||||||||||||||||||
Balance September 30, 2014 | $ | 1,099,053 | $ | 1,641,189 | $ | 2,974,785 | $ | 786,669 | $ | 202,146 | $ | 91,417 | $ | 1,583 | $ | 311,030 | $ | 7,107,872 | |||||||||||||||||||||||
Construction | Commercial | Commercial | Mortgage | Residential | Consumer | Other | Unallocated | Total | |||||||||||||||||||||||||||||||||
Business | Real Estate | Warehouse | Real Estate | ||||||||||||||||||||||||||||||||||||||
Balance - 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 | (218,010 | ) | (18,319 | ) | 245,769 | (429,900 | ) | 262 | 50,506 | (212 | ) | 369,804 | - | ||||||||||||||||||||||||||||
Loans charged off | (561,993 | ) | (139,289 | ) | (384,688 | ) | - | - | (50,855 | ) | - | - | (1,136,825 | ) | |||||||||||||||||||||||||||
Recoveries of loans charged off | - | 2,000 | 6,895 | - | - | - | - | - | 8,895 | ||||||||||||||||||||||||||||||||
Balance – March 31, 2013 | $ | 1,210,289 | $ | 817,181 | $ | 2,130,197 | $ | 990,738 | $ | 112,365 | $ | 102,334 | $ | 2,059 | $ | 658,119 | $ | 6,023,282 | |||||||||||||||||||||||
Provision charged to operations | 1,872 | 160,164 | 321,659 | (62,039 | ) | (19,632 | ) | (2,444 | ) | 45 | (162,958 | ) | 236,667 | ||||||||||||||||||||||||||||
Loans charged off | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||
Recoveries of loans charged off | 417 | 8,574 | - | - | - | - | - | - | 8,991 | ||||||||||||||||||||||||||||||||
Balance – June 30, 2013 | $ | 1,212,578 | $ | 985,919 | $ | 2,451,856 | $ | 928,699 | $ | 92,733 | $ | 99,890 | $ | 2,104 | $ | 495,161 | $ | 6,268,940 | |||||||||||||||||||||||
Provision charged to operations | (4,555 | ) | 34,446 | 612,392 | (256,028 | ) | 49,093 | 10,178 | (53 | ) | 94,525 | 539,998 | |||||||||||||||||||||||||||||
Loans charged off | - | (2,068 | ) | - | - | - | - | - | - | (2,068 | ) | ||||||||||||||||||||||||||||||
Recoveries of loans charged off | - | 13,310 | - | - | - | - | - | - | 13,310 | ||||||||||||||||||||||||||||||||
Balance – September 30, 2013 | $ | 1,208,023 | $ | 1,031,607 | $ | 3,064,248 | $ | 672,671 | $ | 141,826 | $ | 110,068 | $ | 2,051 | $ | 589,686 | $ | 6,820,180 | |||||||||||||||||||||||
Troubled Debt Restructurings on Financing Receivables [Table Text Block] | ' | ||||||||||||||||||||||||||||||||||||||||
Number of | Pre-Modification | Post- | |||||||||||||||||||||||||||||||||||||||
Contracts | Outstanding | Modification | |||||||||||||||||||||||||||||||||||||||
Recorded | Outstanding | ||||||||||||||||||||||||||||||||||||||||
Investment | Recorded | ||||||||||||||||||||||||||||||||||||||||
Investment | |||||||||||||||||||||||||||||||||||||||||
Troubled Debt Restructurings: | |||||||||||||||||||||||||||||||||||||||||
Commercial | 2 | $ | 31,123 | $ | 31,123 | ||||||||||||||||||||||||||||||||||||
Commercial Real Estate | - | - | - | ||||||||||||||||||||||||||||||||||||||
Residential Real Estate | - | - | - | ||||||||||||||||||||||||||||||||||||||
Credit Impaired Loans Acquired, Change In Amortizable Yield [Table Text Block] | ' | ||||||||||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | - | |||||||||||||||||||||||||||||||||||||||
Acquisition of impaired loans | 240,917 | ||||||||||||||||||||||||||||||||||||||||
Accretion of discount | (84,409 | ) | |||||||||||||||||||||||||||||||||||||||
Balance at end of period | $ | 156,508 | |||||||||||||||||||||||||||||||||||||||
Loans Acquired, With Evidence Of Credit Deterioration [Table Text Block] | ' | ||||||||||||||||||||||||||||||||||||||||
7-Feb-14 | 30-Sep-14 | ||||||||||||||||||||||||||||||||||||||||
Acquired loans with Evidence of Credit Deterioration | Acquired loans with Evidence of Credit Deterioration | ||||||||||||||||||||||||||||||||||||||||
Outstanding balance | $ | 3,409,340 | $ | 2,746,260 | |||||||||||||||||||||||||||||||||||||
Carrying amount | $ | 2,613,826 | $ | 2,046,085 | |||||||||||||||||||||||||||||||||||||
Commercial Portfolio Segment [Member] | ' | ||||||||||||||||||||||||||||||||||||||||
Note 5 - Allowance for Loan Losses and Credit Quality Disclosure (Tables) [Line Items] | ' | ||||||||||||||||||||||||||||||||||||||||
Financing Receivable Credit Quality Indicators [Table Text Block] | ' | ||||||||||||||||||||||||||||||||||||||||
Commercial Credit Exposure - | Construction | Commercial Business | Commercial Real Estate | Mortgage Warehouse | Residential Real Estate | ||||||||||||||||||||||||||||||||||||
By Internally Assigned Grade | Lines | ||||||||||||||||||||||||||||||||||||||||
Grade: | |||||||||||||||||||||||||||||||||||||||||
Pass | $ | 88,353,183 | $ | 100,658,477 | $ | 167,521,583 | $ | 157,333,717 | $ | 47,017,079 | |||||||||||||||||||||||||||||||
Special Mention | 194,400 | 7,645,736 | 14,177,468 | - | 127,977 | ||||||||||||||||||||||||||||||||||||
Substandard | - | 715,397 | 10,668,793 | - | 1,586,995 | ||||||||||||||||||||||||||||||||||||
Doubtful | - | 33,819 | - | - | - | ||||||||||||||||||||||||||||||||||||
Total | $ | 88,547,583 | $ | 109,053,429 | $ | 192,367,844 | $ | 157,333,717 | $ | 48,732,051 | |||||||||||||||||||||||||||||||
Commercial Credit Exposure - | Construction | Commercial Business | Commercial Real Estate | Mortgage Warehouse | Residential Real Estate | ||||||||||||||||||||||||||||||||||||
By Internally Assigned Grade | 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 Portfolio Segment [Member] | ' | ||||||||||||||||||||||||||||||||||||||||
Note 5 - Allowance for Loan Losses and Credit Quality Disclosure (Tables) [Line Items] | ' | ||||||||||||||||||||||||||||||||||||||||
Financing Receivable Credit Quality Indicators [Table Text Block] | ' | ||||||||||||||||||||||||||||||||||||||||
Loans To | Other | ||||||||||||||||||||||||||||||||||||||||
Individuals | |||||||||||||||||||||||||||||||||||||||||
Consumer Credit Exposure - | |||||||||||||||||||||||||||||||||||||||||
By Payment Activity | |||||||||||||||||||||||||||||||||||||||||
Performing | $ | 23,363,042 | $ | 197,704 | |||||||||||||||||||||||||||||||||||||
Nonperforming | - | - | |||||||||||||||||||||||||||||||||||||||
Total | $ | 23,363,042 | $ | 197,704 | |||||||||||||||||||||||||||||||||||||
Consumer Credit Exposure - | Loans To | Other | |||||||||||||||||||||||||||||||||||||||
By Payment Activity | Individuals | ||||||||||||||||||||||||||||||||||||||||
Performing | $ | 9,674,011 | $ | 170,526 | |||||||||||||||||||||||||||||||||||||
Nonperforming | 92,103 | - | |||||||||||||||||||||||||||||||||||||||
Total | $ | 9,766,114 | $ | 170,526 | |||||||||||||||||||||||||||||||||||||
Three and Nine Months Ended [Member] | ' | ||||||||||||||||||||||||||||||||||||||||
Note 5 - Allowance for Loan Losses and Credit Quality Disclosure (Tables) [Line Items] | ' | ||||||||||||||||||||||||||||||||||||||||
Impaired Financing Receivables [Table Text Block] | ' | ||||||||||||||||||||||||||||||||||||||||
Impaired Loans Receivables (By Class) | Three months ended | Nine months ended | |||||||||||||||||||||||||||||||||||||||
September 30, 2014 | 30-Sep-14 | 30-Sep-14 | |||||||||||||||||||||||||||||||||||||||
Recorded | Unpaid | Related | Average Recorded Investment | Interest Income Recognized | Average Recorded Investment | Interest Income Recognized | |||||||||||||||||||||||||||||||||||
Investment | Principal Balance | Allowance | |||||||||||||||||||||||||||||||||||||||
With no related allowance: | |||||||||||||||||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||||||||||||||
Construction | $ | 449,663 | $ | 449,663 | $ | - | $ | 449,663 | $ | 6,134 | $ | 302,656 | $ | 10,955 | |||||||||||||||||||||||||||
Commercial Business | 793,992 | 1,380,582 | - | 786,051 | 6,971 | 579,721 | 20,055 | ||||||||||||||||||||||||||||||||||
Commercial Real Estate | 2,913,499 | 3,215,830 | - | 2,431,613 | 35,288 | 1,511,916 | 105,522 | ||||||||||||||||||||||||||||||||||
Mortgage Warehouse Lines | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||
Subtotal | 4,157,154 | 5,046,075 | - | 3,667,327 | 48,393 | 2,394,293 | 136,532 | ||||||||||||||||||||||||||||||||||
Residential Real Estate | 1,394,657 | 1,409,672 | - | 1,468,125 | 6,673 | 1,298,082 | 20,942 | ||||||||||||||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||||||||||||||||||
Loans to individuals | - | - | - | 77,329 | 8,164 | 135,612 | 15,433 | ||||||||||||||||||||||||||||||||||
Other | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||
Subtotal | - | - | - | 77,329 | 8,164 | 135,612 | 15,433 | ||||||||||||||||||||||||||||||||||
With no related allowance | $ | 5,551,811 | $ | 6,455,747 | $ | - | $ | 5,212,691 | $ | 63,230 | $ | 3,827,987 | $ | 172,907 | |||||||||||||||||||||||||||
With an allowance: | |||||||||||||||||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||||||||||||||
Construction | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | |||||||||||||||||||||||||||
Commercial Business | 31,123 | 31,123 | 1,874 | 94,772 | - | 245,858 | - | ||||||||||||||||||||||||||||||||||
Commercial Real Estate | 7,929,807 | 8,638,477 | 1,274,380 | 8,700,575 | 54,695 | 8,975,029 | 160,475 | ||||||||||||||||||||||||||||||||||
Mortgage Warehouse Lines | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||
Subtotal | 7,960,930 | 8,669,600 | 1,276,254 | 8,795,347 | 54,695 | 9,220,887 | 160,475 | ||||||||||||||||||||||||||||||||||
Residential Real Estate | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||||||||||||||||||
Loans to Individuals | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||
Other | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||
Subtotal | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||
With an allowance | $ | 7,960,930 | $ | 8,669,600 | $ | 1,276,254 | $ | 8,795,347 | $ | 54,695 | $ | 9,220,887 | $ | 160,475 | |||||||||||||||||||||||||||
Total: | |||||||||||||||||||||||||||||||||||||||||
Construction | $ | 449,663 | $ | 449,663 | - | $ | 449,663 | $ | 6,134 | $ | 302,656 | $ | 10,955 | ||||||||||||||||||||||||||||
Commercial | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||
Commercial Business | 825,115 | 1,411,705 | 1,874 | 880,823 | 6,971 | 825,579 | 20,055 | ||||||||||||||||||||||||||||||||||
Commercial Real Estate | 10,843,306 | 11,854,307 | 1,274,380 | 11,132,188 | 89,983 | 10,468,945 | 265,997 | ||||||||||||||||||||||||||||||||||
Mortgage Warehouse Lines | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||
Residential Real Estate | 1,394,657 | 1,409,672 | - | 1,468,125 | 6,673 | 1,298,082 | 20,942 | ||||||||||||||||||||||||||||||||||
Consumer | - | - | 77,239 | 8,164 | 135,612 | 15,433 | |||||||||||||||||||||||||||||||||||
Total | $ | 13,512,741 | $ | 15,125,347 | $ | 1,276,254 | $ | 14,008,038 | $ | 117,925 | $ | 13,048,874 | $ | 333,382 | |||||||||||||||||||||||||||
Impaired Loans Receivables (By Class) – September 30, 2013 | |||||||||||||||||||||||||||||||||||||||||
Three months ended | Nine months ended | ||||||||||||||||||||||||||||||||||||||||
30-Sep-13 | 30-Sep-13 | ||||||||||||||||||||||||||||||||||||||||
Recorded | Unpaid | Related | Average | Interest | Average | Interest | |||||||||||||||||||||||||||||||||||
Investment | Principal | Allowance | Recorded | Income | Recorded | Income | |||||||||||||||||||||||||||||||||||
Balance | Investment | Recognized | Investment | Recognized | |||||||||||||||||||||||||||||||||||||
With no related allowance: | |||||||||||||||||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||||||||||||||
Construction | $ | 1,015,112 | $ | 1,015,112 | $ | - | $ | 1,184,249 | $ | 4,660 | $ | 636,741 | $ | 37,420 | |||||||||||||||||||||||||||
Commercial Business | 225,899 | 382,356 | - | 157,334 | 1,516 | 532,119 | - | ||||||||||||||||||||||||||||||||||
Commercial Real Estate | - | - | - | 4,004,515 | - | 1,480,516 | - | ||||||||||||||||||||||||||||||||||
Mortgage Warehouse Lines | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||
Subtotal | 1,241,011 | 1,397,468 | - | 5,346,098 | 6,176 | 2,649,376 | - | ||||||||||||||||||||||||||||||||||
Residential Real Estate | 164,542 | 164,542 | - | 164,542 | - | 102,706 | - | ||||||||||||||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||||||||||||||||||
Loans to Individuals | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||
Other | - | - | - | - | - | 22,540 | - | ||||||||||||||||||||||||||||||||||
Subtotal | - | - | - | - | 22,540 | - | |||||||||||||||||||||||||||||||||||
With no related allowance: | $ | 1,405,553 | $ | 1,562,010 | $ | - | $ | 5,510,640 | $ | 6,176 | 2,774,622 | 37,420 | |||||||||||||||||||||||||||||
With an allowance: | |||||||||||||||||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||||||||||||||
Construction | $ | - | $ | - | $ | - | $ | - | $ | - | $ | 329,138 | $ | - | |||||||||||||||||||||||||||
Commercial Business | 475,136 | 475,136 | 235,027 | 566,473 | 3,915 | 578,713 | 28,570 | ||||||||||||||||||||||||||||||||||
Commercial Real Estate | 9,646,821 | 9,646,821 | 1,476,632 | 6,184,255 | 61,306 | 4,326,187 | 182,967 | ||||||||||||||||||||||||||||||||||
Mortgage Warehouse Lines | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||
Subtotal | 10,121,957 | 10,121,957 | 1,711,659 | 6,750,728 | 65,221 | 5,234,038 | 211,537 | ||||||||||||||||||||||||||||||||||
Residential Real Estate | - | - | - | - | - | 58,928 | - | ||||||||||||||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||||||||||||||||||
Loans to Individuals | - | - | - | - | - | 5,650 | |||||||||||||||||||||||||||||||||||
Other | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||
Subtotal | - | - | - | - | - | 5,650 | - | ||||||||||||||||||||||||||||||||||
With an allowance: | 10,121,957 | 10,121,957 | 1,711,659 | 6,750,728 | 65,221 | 5,298,616 | - | ||||||||||||||||||||||||||||||||||
Total: | |||||||||||||||||||||||||||||||||||||||||
Construction | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||
Commercial | 11,362,968 | 11,519,425 | 1,711,659 | 12,096,826 | 71,397 | 7,883,414 | 248,957 | ||||||||||||||||||||||||||||||||||
Commercial Business | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||
Commercial Real Estate | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||
Mortgage Warehouse Lines | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||
Residential Real Estate | 164,542 | 164,542 | - | 164,542 | - | 161,634 | - | ||||||||||||||||||||||||||||||||||
Consumer | - | - | - | - | - | 28,190 | - | ||||||||||||||||||||||||||||||||||
Total | $ | 11,527,510 | $ | 11,683,967 | $ | 1,711,659 | $ | 12,261,368 | $ | 71,397 | $ | 8,073,238 | $ | 248,957 | |||||||||||||||||||||||||||
Year Ended [Member] | ' | ||||||||||||||||||||||||||||||||||||||||
Note 5 - Allowance for Loan Losses and Credit Quality Disclosure (Tables) [Line Items] | ' | ||||||||||||||||||||||||||||||||||||||||
Impaired Financing Receivables [Table Text Block] | ' | ||||||||||||||||||||||||||||||||||||||||
Impaired Loans Receivables (By Class) | Year ended | ||||||||||||||||||||||||||||||||||||||||
31-Dec-13 | 12/31/13 | ||||||||||||||||||||||||||||||||||||||||
Recorded | Unpaid | Related | Average Recorded Investment | Interest Income Recognized | |||||||||||||||||||||||||||||||||||||
Investment | Principal Balance | Allowance | |||||||||||||||||||||||||||||||||||||||
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 | - | ||||||||||||||||||||||||||||||||||||
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 | - | ||||||||||||||||||||||||||||||||||||
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 | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
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 |
Note_6_ShareBased_Compensation1
Note 6 - Share-Based Compensation (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | ' | ||||||||||||||||
Weighted | |||||||||||||||||
Average | |||||||||||||||||
Weighted | Remaining | Aggregate | |||||||||||||||
Number of | Average | Contractual | Intrinsic | ||||||||||||||
Stock Options | Shares | Exercise Price | Term (years) | Value | |||||||||||||
Outstanding at January 1, 2014 | 235,598 | $ | 8.81 | ||||||||||||||
Granted | 11,700 | 11.02 | |||||||||||||||
Exercised | - | - | |||||||||||||||
Forfeited | - | - | |||||||||||||||
Expired | - | - | |||||||||||||||
Outstanding at September 30, 2014 | 247,298 | $ | 8.91 | 5.1 | $ | 502,395 | |||||||||||
Exercisable at September 30, 2014 | 199,881 | $ | 9.17 | 4.5 | $ | 380,591 | |||||||||||
Fair Value Inputs, Assets, Quantitative Information [Table Text Block] | ' | ||||||||||||||||
Jan-14 | Apr-14 | ||||||||||||||||
Fair value of options granted | $ | 4.75 | $ | 4.32 | |||||||||||||
Risk-free rate of return | 1.65 | % | 1.7 | % | |||||||||||||
Expected option life in years | 7 | 7 | |||||||||||||||
Expected volatility | 38.01 | % | 38.01 | % | |||||||||||||
Expected dividends (1) | - | - | |||||||||||||||
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block] | ' | ||||||||||||||||
Average | |||||||||||||||||
Number of | Grant-Date | ||||||||||||||||
Non-vested shares | Shares | Fair Value | |||||||||||||||
Non-vested at January 1, 2014 | 136,490 | $ | 6.59 | ||||||||||||||
Granted | 60,100 | 10.81 | |||||||||||||||
Vested | (55,410 | ) | 8.77 | ||||||||||||||
Forfeited | - | - | |||||||||||||||
Non-vested at September 30, 2014 | 141,180 | $ | 7.53 |
Note_7_Benefit_Plans_Tables
Note 7 - Benefit Plans (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | ||||||||||||||||
Schedule of Net Benefit Costs [Table Text Block] | ' | ||||||||||||||||
Three months ended | Nine months ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Service cost | $ | 102,337 | $ | 30,539 | $ | 159,504 | $ | 214,257 | |||||||||
Interest cost | 77,583 | 22,229 | 120,922 | 155,951 | |||||||||||||
Actuarial (gain) loss recognized | (3,718 | ) | (29,893 | ) | (5,795 | ) | (209,721 | ) | |||||||||
Prior service cost recognized | - | 942 | - | 6,611 | |||||||||||||
$ | 176,202 | $ | 23,817 | $ | 274,631 | $ | 167,098 |
Note_8_Other_Comprehensive_Inc1
Note 8 - Other Comprehensive Income (Loss) and Accumulated Other Comprehensive Income (Loss) (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Disclosure Text Block [Abstract] | ' | ||||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | ' | ||||||||||||||||
Before-Tax | Income Tax | Net-of-Tax | |||||||||||||||
Amount | Effect | Amount | |||||||||||||||
September 30, 2014: | |||||||||||||||||
Unrealized holding (losses) gains on available-for-sale securities: | |||||||||||||||||
Unrealized holding (losses) on available-for-sale securities | $ | (231,763 | ) | $ | 44,966 | $ | (186,797 | ) | |||||||||
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: | |||||||||||||||||
Plan actuarial gains included in other comprehensive income | 345,309 | (138,949 | ) | 206,360 | |||||||||||||
Accumulated other comprehensive income ( loss) | $ | (387,398 | ) | $ | 76,338 | $ | (311,060 | ) | |||||||||
Before-Tax | Income Tax | Net-of-Tax | |||||||||||||||
Amount | Effect | Amount | |||||||||||||||
December 31, 2013: | |||||||||||||||||
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 | ) | |||||||||
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: | |||||||||||||||||
Plan actuarial gains included in other comprehensive income | 27,236 | (11,721 | ) | 15,515 | |||||||||||||
Accumulated other comprehensive income ( loss) | $ | (3,466,332 | ) | $ | 1,218,698 | $ | (2,247,634 | ) | |||||||||
Components of Accumulated Other Comprehensive Loss [Table Text Block] | ' | ||||||||||||||||
Unrealized | Unrealized | Unfunded | Accumulated | ||||||||||||||
Holding | Impairment | Pension | Other | ||||||||||||||
Gains | Loss on | Liability | Comprehensive | ||||||||||||||
(Losses) on | Held to Maturity Security | Income (Loss) | |||||||||||||||
Available for | |||||||||||||||||
Sale Securities | |||||||||||||||||
Three Months Ended September 30, 2014: | |||||||||||||||||
Balance, beginning of period | $ | (408,136 | ) | $ | (330,623 | ) | $ | 110,675 | $ | (628,084 | ) | ||||||
Other comprehensive income (loss) before reclassifications | 221,339 | - | 95,685 | 317,024 | |||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | - | - | - | - | |||||||||||||
Other comprehensive income | 221,339 | - | 95,685 | 317,024 | |||||||||||||
Balance, end of period | $ | (186,797 | ) | $ | (330,623 | ) | $ | 206,360 | $ | (311,060 | ) | ||||||
Unrealized | Unrealized | Unfunded | Accumulated | ||||||||||||||
Holding Gains | Impairment | Pension Liability | Other | ||||||||||||||
(Losses) on | Loss on | Comprehensive | |||||||||||||||
Available for Sale Securities | Held to Maturity Security | Income (Loss) | |||||||||||||||
Three Months Ended September 30, 2013: | |||||||||||||||||
Balance, beginning of period | $ | (1,677,012 | ) | $ | (330,623 | ) | $ | (60,403 | ) | $ | (2,068,038 | ) | |||||
Other comprehensive income (loss) before reclassifications | (35,468 | ) | - | 37,960 | 2,492 | ||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | - | - | - | - | |||||||||||||
Other comprehensive income | (35,468 | ) | - | 37,960 | 2,492 | ||||||||||||
Balance, end of period | $ | (1,712,480 | ) | $ | (330,623 | ) | $ | (22,443 | ) | $ | (2,065,546 | ) | |||||
Unrealized | Unrealized | Unfunded | Accumulated | ||||||||||||||
Holding | Impairment | Pension Liability | Other | ||||||||||||||
Gains | Loss on | Comprehensive | |||||||||||||||
(Losses) on | Held to Maturity Security | Income (Loss) | |||||||||||||||
Available for | |||||||||||||||||
Sale Securities | |||||||||||||||||
Nine Months Ended September 30, 2014: | |||||||||||||||||
Balance, beginning of period | $ | (1,932,526 | ) | $ | (330,623 | ) | $ | 15,515 | $ | (2,247,634 | ) | ||||||
Other comprehensive income (loss) before reclassifications | 1,744,219 | - | 190,845 | 1,935,064 | |||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss), net of tax (1) | 1,510 | - | - | 1,510 | |||||||||||||
Other comprehensive income | 1,745,729 | - | 190,845 | 1,936,574 | |||||||||||||
Balance, end of period | $ | (186,797 | ) | $ | (330,623 | ) | $ | 206,360 | $ | (311,060 | ) | ||||||
Unrealized | Unrealized | Unfunded | Accumulated | ||||||||||||||
Holding | Impairment | Pension | Other | ||||||||||||||
Gains | Loss on | Liability | Comprehensive | ||||||||||||||
(Losses) on | Held to Maturity Security | Income | |||||||||||||||
Available for | |||||||||||||||||
Sale Securities | |||||||||||||||||
Nine Months Ended September 30, 2013: | |||||||||||||||||
Balance, beginning of period | $ | 1,235,204 | $ | (330,623 | ) | $ | (100,288 | ) | $ | 804,293 | |||||||
Other comprehensive income (loss) before reclassifications | (2,947,683 | ) | - | 77,884 | (2,869,839 | ) | |||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | - | - | - | - | |||||||||||||
Other comprehensive income (loss) | (2,947,683 | ) | - | 77,884 | (2,869,839 | ) | |||||||||||
Balance, end of period | $ | (1,712,479 | ) | $ | (330,623 | ) | $ | (22,444 | ) | $ | (2,065,546 | ) |
Note_10_Fair_Value_Disclosures1
Note 10 - Fair Value Disclosures (Tables) | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||||
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | ' | ||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total Fair | ||||||||||||||||||
Inputs | Inputs | Inputs | Value | ||||||||||||||||||
September 30, 2014: | |||||||||||||||||||||
Securities available for sale: | |||||||||||||||||||||
U. S. Treasury securities and ` obligations of U.S. Government sponsored corporations (“GSE”) and agencies | $ | 9,470,990 | $ | 1,515,705 | $ | - | $ | 10,986,695 | |||||||||||||
Residential collateralized mortgage obligations – GSE | 3,723,664 | 3,723,664 | |||||||||||||||||||
Residential collateralized mortgage obligations – Non-GSE | 2,597,664 | 2,597,664 | |||||||||||||||||||
Residential mortgage backed securities – GSE | 28,680,367 | 28,680,367 | |||||||||||||||||||
Obligations of State and Political subdivisions | 21,618,512 | 21,618,512 | |||||||||||||||||||
Trust preferred debt securities – single issuer | 2,183,700 | 2,183,700 | |||||||||||||||||||
Corporate debt securities | 32,581,964 | 32,581,964 | |||||||||||||||||||
Restricted stock | 1,561,900 | 1,561,900 | |||||||||||||||||||
Mutual fund | 25,000 | 25,000 | |||||||||||||||||||
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 | - | 19,646,044 | |||||||||||||||||
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 | |||||||||||||||||
Fair Value Measurements, Nonrecurring [Table Text Block] | ' | ||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total Fair | ||||||||||||||||||
Inputs | Inputs | Inputs | Value | ||||||||||||||||||
September 30, 2014: | |||||||||||||||||||||
Impaired loans | $ | - | $ | - | $ | 7,265,700 | $ | 7,265,700 | |||||||||||||
Other real estate owned | - | - | 1,748,455 | 1,748,455 | |||||||||||||||||
December 31, 2013: | |||||||||||||||||||||
Impaired loans | $ | - | $ | - | $ | 7,879,005 | $ | 7,879,005 | |||||||||||||
Other real estate owned | - | - | 209,937 | 209,937 | |||||||||||||||||
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis, Valuation Techniques [Table Text Block] | ' | ||||||||||||||||||||
Quantitative Information about Level 3 Fair Value Measurements | |||||||||||||||||||||
Fair Value | Valuation | Unobservable | Range | ||||||||||||||||||
Estimate | Techniques | Input | (Weighted Average) | ||||||||||||||||||
30-Sep-14 | |||||||||||||||||||||
Impaired loans | $ | 7,265,700 | Appraisal of collateral (1) | Appraisal adjustments (2) | Oct-40 | -19.1 | % | ||||||||||||||
Other real estate owned | $ | 1,748,455 | Appraisal of collateral (1) | Appraisal adjustments (2) | 6 | % | |||||||||||||||
31-Dec-13 | |||||||||||||||||||||
Impaired loans | $ | 7,879,005 | Appraisal of collateral (1) | Appraisal adjustments (2) | 15-May | % | -8.8 | % | |||||||||||||
Other real estate owned | $ | 209,937 | Appraisal of collateral (1) | Appraisal adjustments (2) | May-45 | % | -21.7 | % | |||||||||||||
Fair Value, by Balance Sheet Grouping [Table Text Block] | ' | ||||||||||||||||||||
30-Sep-14 | |||||||||||||||||||||
Carrying | Level 1 | Level 2 | Level 3 | Fair | |||||||||||||||||
Value | Inputs | Inputs | Inputs | Value | |||||||||||||||||
Cash and cash equivalents | $ | 20,371,823 | $ | 20,371,823 | $ | - | $ | - | $ | 20,371,823 | |||||||||||
Securities available for sale | 103,959,466 | 9,470,990 | 94,488,476 | - | 103,959,466 | ||||||||||||||||
Securities held to maturity | 148,182,693 | - | 152,466,765 | - | 152,466,765 | ||||||||||||||||
Loans held for sale | 9,459,172 | - | 9,602,000 | - | 9,602,000 | ||||||||||||||||
Loans, net | 613,288,046 | - | - | 615,200,000 | 615,200,000 | ||||||||||||||||
Accrued interest receivable | 2,798,265 | - | 2,798,265 | - | 2,798,265 | ||||||||||||||||
Deposits | (823,564,746 | ) | - | (824,154,00 | ) | - | (824,154,000 | ) | |||||||||||||
Borrowings | (20,798,473 | ) | - | (21,509,000 | ) | - | (21,509,000 | ) | |||||||||||||
Redeemable subordinated debentures | (18,557,000 | ) | - | (18,557,000 | ) | - | (18,557,000 | ) | |||||||||||||
Accrued interest payable | (802,851 | ) | - | (802,851 | ) | - | (802,851 | ) | |||||||||||||
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 | - | 153,629,000 | ||||||||||||||||
Loans held for sale | 10,923,689 | - | 10,924,000 | - | 10,924,000 | ||||||||||||||||
Loans, net | 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 | ) |
Note_2_Acquisition_of_RumsonFa2
Note 2 - Acquisition of Rumson-Fair Haven Bank and Trust Company (Details) (USD $) | 3 Months Ended | 9 Months Ended | 9 Months Ended | 6 Months Ended | 8 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Feb. 07, 2014 | Feb. 07, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Feb. 07, 2014 | |
No Evidence of Creidt Quality Deterioration [Member] | Acquisition-related Costs [Member] | Income Tax Expense (Benefit) [Member] | Rumson-Fair Haven Bank and Trust Company [Member] | Rumson-Fair Haven Bank and Trust Company [Member] | Rumson-Fair Haven Bank and Trust Company [Member] | Rumson-Fair Haven Bank and Trust Company [Member] | ||||||
Rumson-Fair Haven Bank and Trust Company [Member] | Rumson-Fair Haven Bank and Trust Company [Member] | Rumson-Fair Haven Bank and Trust Company [Member] | ||||||||||
Note 2 - Acquisition of Rumson-Fair Haven Bank and Trust Company (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares Per Exchanged Share (in Shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.7772 |
Business Acquisition, Share Price (in Dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $7.50 |
Business Acquisition, Percent of Cash Consideration | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 60.00% |
Business Acquisition, Percent of Equity Consideration | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 40.00% |
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares (in Shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,019,223 | ' |
Business Combination, Acquired Receivables, Gross Contractual Amount | ' | ' | ' | ' | ' | $141,100,000 | ' | ' | ' | ' | ' | ' |
Financing Receivable, Acquired with Deteriorated Credit Quality | 2,046,085 | ' | 2,046,085 | ' | 2,614,000 | ' | ' | ' | ' | ' | ' | 2,600,000 |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,200,000 |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | ' | ' | ' | ' | ' | ' | ' | ' | '10 years | ' | ' | ' |
Business Combination, Acquisition Related Costs | 0 | 0 | 1,532,153 | 0 | ' | ' | 1,800,000 | ' | ' | ' | 1,500,000 | ' |
Income Tax Expense (Benefit) | $917,483 | $604,851 | $235,459 | $1,741,974 | ' | ' | ' | $624,000 | ' | $1,070,000 | ' | ' |
Note_2_Acquisition_of_RumsonFa3
Note 2 - Acquisition of Rumson-Fair Haven Bank and Trust Company (Details) - Assets Acquired and Liabilities Assumed (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2014 |
Consideration paid: | ' |
Company stock issued | $11,161 |
Cash payment | 14,770 |
Total consideration paid | 25,931 |
Recognized amounts of identifiable assets and liabilities assumed at fair value: | ' |
Cash and cash equivalents | 36,045 |
Short-term investments | 100 |
Securities available for sale | 30,024 |
Loans | 143,714 |
Premises and equipment, net | 2,552 |
Identifiable intangible assets | 1,189 |
Bank-owned life insurance | 4,471 |
Accrued interest receivable and other assets | 1,483 |
Deposits | -189,490 |
Borrowings | -11,030 |
Other liabilities | -825 |
Total identifiable assets | 18,233 |
Goodwill | $7,698 |
Note_2_Acquisition_of_RumsonFa4
Note 2 - Acquisition of Rumson-Fair Haven Bank and Trust Company (Details) - Loans Acquired at Fair Value (USD $) | Sep. 30, 2014 | Feb. 07, 2014 | Dec. 31, 2013 |
Commercial | ' | ' | ' |
Loans acquired with credit quality deterioration | $2,046,085 | $2,614,000 | ' |
Loans | 620,395,918 | 143,714,000 | 373,336,082 |
Commercial Construction [Member] | No Evidence of Creidt Quality Deterioration [Member] | ' | ' | ' |
Commercial | ' | ' | ' |
Loans acquired with no credit quality deterioration | ' | 11,920,000 | ' |
Commercial Construction [Member] | ' | ' | ' |
Commercial | ' | ' | ' |
Loans | ' | 11,920,000 | ' |
Commercial Real Estate [Member] | No Evidence of Creidt Quality Deterioration [Member] | ' | ' | ' |
Commercial | ' | ' | ' |
Loans acquired with no credit quality deterioration | ' | 62,398,000 | ' |
Commercial Real Estate [Member] | ' | ' | ' |
Commercial | ' | ' | ' |
Loans acquired with credit quality deterioration | ' | 1,832,000 | ' |
Loans | ' | 64,230,000 | ' |
Commercial Business [Member] | No Evidence of Creidt Quality Deterioration [Member] | ' | ' | ' |
Commercial | ' | ' | ' |
Loans acquired with no credit quality deterioration | ' | 18,086,000 | ' |
Commercial Business [Member] | ' | ' | ' |
Commercial | ' | ' | ' |
Loans acquired with credit quality deterioration | ' | 368,000 | ' |
Loans | ' | 18,454,000 | ' |
Residential Mortgage [Member] | No Evidence of Creidt Quality Deterioration [Member] | ' | ' | ' |
Commercial | ' | ' | ' |
Loans acquired with no credit quality deterioration | ' | 32,743,000 | ' |
Residential Mortgage [Member] | ' | ' | ' |
Commercial | ' | ' | ' |
Loans acquired with credit quality deterioration | ' | 180,000 | ' |
Loans | ' | 32,923,000 | ' |
Consumer Loan [Member] | No Evidence of Creidt Quality Deterioration [Member] | ' | ' | ' |
Commercial | ' | ' | ' |
Loans acquired with no credit quality deterioration | ' | 15,953,000 | ' |
Consumer Loan [Member] | ' | ' | ' |
Commercial | ' | ' | ' |
Loans acquired with credit quality deterioration | ' | 234,000 | ' |
Loans | ' | 16,187,000 | ' |
No Evidence of Creidt Quality Deterioration [Member] | ' | ' | ' |
Commercial | ' | ' | ' |
Loans acquired with no credit quality deterioration | ' | $141,100,000 | ' |
Note_2_Acquisition_of_RumsonFa5
Note 2 - Acquisition of Rumson-Fair Haven Bank and Trust Company (Details) - Loans Acquired with Evidence of Credit Quality Deterioration (USD $) | Sep. 30, 2014 |
In Thousands, unless otherwise specified | |
Loans Acquired with Evidence of Credit Quality Deterioration [Abstract] | ' |
Contractually required principal and interest at acquisition | $4,451 |
Contractual cash flows not expected to be collected (non-accretable difference) | 1,543 |
Expected cash flows at acquisition | 2,908 |
Interest component of expected cash flows (accretable difference) | 294 |
Fair value of acquired loans | $2,614 |
Note_2_Acquisition_of_RumsonFa6
Note 2 - Acquisition of Rumson-Fair Haven Bank and Trust Company (Details) - Core Deposit Future Amortization Expense (Core Deposits [Member], Rumson-Fair Haven Bank and Trust Company [Member], USD $) | Sep. 30, 2014 |
In Thousands, unless otherwise specified | |
Core Deposits [Member] | Rumson-Fair Haven Bank and Trust Company [Member] | ' |
Note 2 - Acquisition of Rumson-Fair Haven Bank and Trust Company (Details) - Core Deposit Future Amortization Expense [Line Items] | ' |
2014 | $216 |
2015 | 195 |
2016 | 173 |
2017 | 151 |
2018 | 130 |
Thereafter | 324 |
$1,189 |
Note_2_Acquisition_of_RumsonFa7
Note 2 - Acquisition of Rumson-Fair Haven Bank and Trust Company (Details) - Pro Forma Information (USD $) | 3 Months Ended | 9 Months Ended | 8 Months Ended | 9 Months Ended | |||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | |
Rumson-Fair Haven Bank and Trust Company [Member] | Rumson-Fair Haven Bank and Trust Company [Member] | Rumson-Fair Haven Bank and Trust Company [Member] | |||||
Note 2 - Acquisition of Rumson-Fair Haven Bank and Trust Company (Details) - Pro Forma Information [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Net interest income | $8,947,369 | $6,305,022 | $24,221,961 | $18,750,007 | $4,430,000 | ' | ' |
Net interest income | ' | ' | ' | ' | ' | 25,021,000 | 24,434,000 |
Non-interest income | 1,481,842 | 1,616,548 | 4,378,856 | 4,672,970 | 176,000 | ' | ' |
Non-interest income | ' | ' | ' | ' | ' | 4,428,000 | 5,476,000 |
Non-interest expenses | 6,723,651 | 5,253,483 | 20,775,491 | 16,498,751 | 1,926,000 | ' | ' |
Non-interest expenses | ' | ' | ' | ' | ' | 19,964,000 | 20,802,000 |
Income taxes | 917,483 | 604,851 | 235,459 | 1,741,974 | 1,070,000 | ' | ' |
Income taxes | ' | ' | ' | ' | ' | 839,000 | 2,543,000 |
Net income | 2,138,079 | 1,523,238 | 2,339,873 | 4,405,588 | 1,610,000 | ' | ' |
Net income | ' | ' | ' | ' | ' | $3,395,000 | $5,648,000 |
Earnings per share-diluted (in Dollars per share) | ' | ' | ' | ' | ' | $0.48 | $0.79 |
Note_3_Net_Income_Per_Common_S2
Note 3 - Net Income Per Common Share (Details) (Equity Option [Member]) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
Equity Option [Member] | ' | ' | ' | ' |
Note 3 - Net Income Per Common Share (Details) [Line Items] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 90,296 | 247,298 | 90,296 | 247,298 |
Note_3_Net_Income_Per_Common_S3
Note 3 - Net Income Per Common Share (Details) - Earnings Per Share, Basic and Diluted (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
Basic earnings per common share: | ' | ' | ' | ' |
Net income (in Dollars) | $2,138,079 | $1,523,238 | $2,339,873 | $4,405,588 |
Weighted-average shares, basic | 7,119,113 | 5,991,480 | 7,013,776 | 5,960,294 |
Basic earnings per share (in Dollars per share) | $0.30 | $0.25 | $0.33 | $0.74 |
Effect of dilutive securities: | ' | ' | ' | ' |
Stock options and warrants | 122,436 | 155,182 | 127,792 | 128,539 |
Diluted EPS: | ' | ' | ' | ' |
Net income plus assumed conversions (in Dollars) | $2,138,079 | $1,523,238 | $2,339,873 | $4,405,588 |
Weighted-average shares, diluted | 7,241,549 | 6,146,662 | 7,141,568 | 6,088,833 |
Dilutued earnings per share (in Dollars per share) | $0.30 | $0.25 | $0.33 | $0.72 |
Note_4_Investment_Securities_D
Note 4 - Investment Securities (Details) (USD $) | 12 Months Ended | 9 Months Ended | ||||||||||
Dec. 31, 2009 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | |
Texas Ratio Bucket One [Member] | Texas Ratio Bucket Two [Member] | Texas Ratio Bucket Two [Member] | Texas Ratio Bucket Three [Member] | Scenario, Actual [Member] | Scenario, Forecast [Member] | Texas Ratio Above 100 [Member] | Texas Ratio Between 75 and 100 [Member] | Texas Ratio Below 75 [Member] | ||||
Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | Texas Ratio Below 75 [Member] | Texas Ratio Below 75 [Member] | |||||||
Note 4 - Investment Securities (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Federal Home Loan Bank Stock (in Dollars) | ' | $1,496,900 | $998,100 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Atlantic Central Bankers Bank Stock (in Dollars) | ' | 15,000 | 65,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other than Temporary Impairment Losses, Investments (in Dollars) | 864,727 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net (in Dollars) | 363,783 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other than Temporary Impairment Losses, Investments, Portion in Other Comprehensive Loss, before Tax, Including Portion Attributable to Noncontrolling Interest (in Dollars) | $500,944 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Texas Ratio | ' | ' | ' | 100 | 75 | 100 | 75 | ' | ' | ' | ' | ' |
Default Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | 0.00% |
Deferral Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.00% | 100.00% | 0.00% |
Recovery Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15.00% | ' |
Recovery Period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2 years |
Expected Deferrals And Defaults, Default Basis Points Rate | ' | ' | ' | ' | ' | ' | ' | 0.36% | 0.75% | ' | ' | ' |
Note_4_Investment_Securities_D1
Note 4 - Investment Securities (Details) - Available-for-sale Securities (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available for sale, amortized cost | $104,191,229 | $102,191,431 |
Available for sale, gross unrealized gains | 1,511,599 | 1,560,546 |
Available for sale, gross unrealized losses | -1,743,362 | -4,553,170 |
Available for sale, fair value | 103,959,466 | 99,198,807 |
US Treasury and Government [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available for sale, amortized cost | 11,431,027 | 22,386,761 |
Available for sale, gross unrealized gains | ' | 33,213 |
Available for sale, gross unrealized losses | -444,332 | -910,274 |
Available for sale, fair value | 10,986,695 | 21,509,700 |
Residential Collateralized Mortgage Obligations- GSE [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available for sale, amortized cost | 3,684,424 | 3,547,404 |
Available for sale, gross unrealized gains | 82,520 | 134,388 |
Available for sale, gross unrealized losses | -43,280 | ' |
Available for sale, fair value | 3,723,664 | 3,681,792 |
Residential Collateralized Mortgage Obligations- Non GSE [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available for sale, amortized cost | 2,564,282 | 2,782,843 |
Available for sale, gross unrealized gains | 39,395 | 52,227 |
Available for sale, gross unrealized losses | -6,013 | -8,674 |
Available for sale, fair value | 2,597,664 | 2,826,396 |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available for sale, amortized cost | 28,136,260 | 31,532,051 |
Available for sale, gross unrealized gains | 822,737 | 872,169 |
Available for sale, gross unrealized losses | -278,630 | -438,273 |
Available for sale, fair value | 28,680,367 | 31,965,947 |
US States and Political Subdivisions Debt Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available for sale, amortized cost | 22,023,131 | 22,206,959 |
Available for sale, gross unrealized gains | 244,381 | 149,959 |
Available for sale, gross unrealized losses | -649,000 | -2,710,874 |
Available for sale, fair value | 21,618,512 | 19,646,044 |
Trust Preferred Debt Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available for sale, amortized cost | 2,471,060 | 2,468,839 |
Available for sale, gross unrealized losses | -287,360 | -455,739 |
Available for sale, fair value | 2,183,700 | 2,013,100 |
Corporate Debt Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available for sale, amortized cost | 32,294,145 | 16,228,474 |
Available for sale, gross unrealized gains | 322,566 | 318,590 |
Available for sale, gross unrealized losses | -34,747 | -29,336 |
Available for sale, fair value | 32,581,964 | 16,517,728 |
Equity Securities, Restricted Stock [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available for sale, amortized cost | 1,561,900 | 1,013,100 |
Available for sale, fair value | 1,561,900 | 1,013,100 |
Mutual Fund [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available for sale, amortized cost | 25,000 | 25,000 |
Available for sale, fair value | $25,000 | $25,000 |
Note_4_Investment_Securities_D2
Note 4 - Investment Securities (Details) - Held-to-maturity Securities (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
Held to maturity- | ' | ' |
Held to maturity, amortized cost | $148,683,637 | $153,317,759 |
Held to maturity, other than temporary impairment recognized in accumlated other comprehensive income | -500,944 | -500,944 |
Held to maturity | 148,182,693 | 152,816,815 |
Held to maturity, gross unrealized gains | 4,512,397 | 2,530,738 |
Held to maturity, gross unrealized losses | -228,325 | -1,717,780 |
Held to maturity, fair value | 152,466,765 | 153,629,773 |
US Treasury and Government [Member] | ' | ' |
Held to maturity- | ' | ' |
Held to maturity, amortized cost | ' | 1,524,860 |
Held to maturity | ' | 1,524,860 |
Held to maturity, gross unrealized gains | ' | 10,310 |
Held to maturity, fair value | ' | 1,535,170 |
Residential Collateralized Mortgage Obligations- GSE [Member] | ' | ' |
Held to maturity- | ' | ' |
Held to maturity, amortized cost | 12,300,297 | 14,803,739 |
Held to maturity | 12,300,297 | 14,803,739 |
Held to maturity, gross unrealized gains | 429,031 | 379,815 |
Held to maturity, fair value | 12,729,328 | 15,183,554 |
Residential Collateralized Mortgage Obligations- Non GSE [Member] | ' | ' |
Held to maturity- | ' | ' |
Held to maturity, amortized cost | 9,099,412 | 10,682,363 |
Held to maturity | 9,099,412 | 10,682,363 |
Held to maturity, gross unrealized gains | 292,039 | 119,777 |
Held to maturity, gross unrealized losses | ' | -27,526 |
Held to maturity, fair value | 9,391,451 | 10,774,614 |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ' | ' |
Held to maturity- | ' | ' |
Held to maturity, amortized cost | 58,526,504 | 65,240,620 |
Held to maturity | 58,526,504 | 65,240,620 |
Held to maturity, gross unrealized gains | 1,085,369 | 611,062 |
Held to maturity, gross unrealized losses | -122,585 | -387,034 |
Held to maturity, fair value | 59,489,288 | 65,464,648 |
US States and Political Subdivisions Debt Securities [Member] | ' | ' |
Held to maturity- | ' | ' |
Held to maturity, amortized cost | 68,100,762 | 59,400,916 |
Held to maturity | 68,100,762 | 59,400,916 |
Held to maturity, gross unrealized gains | 2,250,385 | 1,399,938 |
Held to maturity, gross unrealized losses | -105,740 | -1,296,357 |
Held to maturity, fair value | 70,245,407 | 59,504,497 |
Trust Preferred Debt Securities Pooled [Member] | ' | ' |
Held to maturity- | ' | ' |
Held to maturity, amortized cost | 656,662 | 656,662 |
Held to maturity, other than temporary impairment recognized in accumlated other comprehensive income | -500,944 | -500,944 |
Held to maturity | 155,718 | 155,718 |
Held to maturity, gross unrealized gains | 455,573 | ' |
Held to maturity, gross unrealized losses | ' | -6,863 |
Held to maturity, fair value | 611,291 | 148,855 |
Corporate Debt Securities [Member] | ' | ' |
Held to maturity- | ' | ' |
Held to maturity, amortized cost | ' | 1,008,599 |
Held to maturity | ' | 1,008,599 |
Held to maturity, gross unrealized gains | ' | 9,836 |
Held to maturity, fair value | ' | $1,018,435 |
Note_4_Investment_Securities_D3
Note 4 - Investment Securities (Details) - Securities by Contractual Maturity (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
Due in one year or less | ' | ' |
Available for sale, due in one year or less, amortized cost | $12,339,566 | ' |
Available for sale, due in one year or less, fair value | 12,315,088 | ' |
Due after one year through five years | ' | ' |
Available for sale, due after one year through five years, amortized cost | 30,723,483 | ' |
Available for sale, due after one year through five years, fair value | 30,959,825 | ' |
Due after five years through ten years | ' | ' |
Available for sale, due after five years through ten years, amortized cost | 22,470,048 | ' |
Available for sale, due after five years through ten years, fair value | 22,200,974 | ' |
Due after ten years | ' | ' |
Available for sale, due after ten years, amortized cost | 38,658,132 | ' |
Available for sale, due after ten years, fair value | 38,483,579 | ' |
Total | 104,191,229 | 102,191,431 |
Total | 103,959,466 | 99,198,807 |
Due in one year or less | ' | ' |
Held to maturity, due in one year or less, amortized cost | 18,205,158 | ' |
Held to maturity, due in one year or less, fair value | 18,211,282 | ' |
Due after one year through five years | ' | ' |
Held to maturity, due after one year through five years, amortized cost | 13,503,851 | ' |
Held to maturity, due after one year through five years, fair value | 14,035,745 | ' |
Due after five years through ten years | ' | ' |
Held to maturity, due after five years through ten years, amortized cost | 38,626,704 | ' |
Held to maturity, due after five years through ten years, fair value | 39,772,557 | ' |
Due after ten years | ' | ' |
Held to maturity, due after ten years, amortized cost | 78,347,924 | ' |
Held to maturity, due after ten years, fair value | 80,447,181 | ' |
Total | 148,683,637 | 153,317,759 |
Total | 152,466,765 | 153,629,773 |
Residential Collateralized Mortgage Obligations- Non GSE [Member] | ' | ' |
Due in one year or less | ' | ' |
Available for sale, due in one year or less, amortized cost | 263,345 | ' |
Available for sale, due in one year or less, fair value | 264,102 | ' |
Due after ten years | ' | ' |
Available for sale, due after ten years, amortized cost | 2,300,936 | ' |
Available for sale, due after ten years, fair value | 2,333,561 | ' |
Total | 2,564,282 | 2,782,843 |
Total | 2,597,664 | 2,826,396 |
Due after five years through ten years | ' | ' |
Held to maturity, due after five years through ten years, amortized cost | 802,511 | ' |
Held to maturity, due after five years through ten years, fair value | 805,099 | ' |
Due after ten years | ' | ' |
Held to maturity, due after ten years, amortized cost | 8,297,202 | ' |
Held to maturity, due after ten years, fair value | 8,586,350 | ' |
Total | 9,099,412 | 10,682,363 |
Total | 9,391,451 | 10,774,614 |
Residential Mortgage Backed Securities [Member] | ' | ' |
Due in one year or less | ' | ' |
Available for sale, due in one year or less, amortized cost | 250 | ' |
Available for sale, due in one year or less, fair value | 250 | ' |
Due after one year through five years | ' | ' |
Available for sale, due after one year through five years, amortized cost | 7,450,510 | ' |
Available for sale, due after one year through five years, fair value | 7,358,278 | ' |
Due after five years through ten years | ' | ' |
Available for sale, due after five years through ten years, amortized cost | 6,661,024 | ' |
Available for sale, due after five years through ten years, fair value | 6,742,207 | ' |
Due after ten years | ' | ' |
Available for sale, due after ten years, amortized cost | 14,024,476 | ' |
Available for sale, due after ten years, fair value | 14,579,634 | ' |
Total | 28,680,367 | 31,965,947 |
Due after five years through ten years | ' | ' |
Held to maturity, due after five years through ten years, amortized cost | 19,279,679 | ' |
Held to maturity, due after five years through ten years, fair value | 19,492,168 | ' |
Due after ten years | ' | ' |
Held to maturity, due after ten years, amortized cost | 39,246,826 | ' |
Held to maturity, due after ten years, fair value | 39,997,121 | ' |
US States and Political Subdivisions Debt Securities [Member] | ' | ' |
Due in one year or less | ' | ' |
Available for sale, due in one year or less, amortized cost | 264,775 | ' |
Available for sale, due in one year or less, fair value | 265,665 | ' |
Due after one year through five years | ' | ' |
Available for sale, due after one year through five years, amortized cost | 681,967 | ' |
Available for sale, due after one year through five years, fair value | 714,360 | ' |
Due after five years through ten years | ' | ' |
Available for sale, due after five years through ten years, amortized cost | 4,796,387 | ' |
Available for sale, due after five years through ten years, fair value | 4,866,134 | ' |
Due after ten years | ' | ' |
Available for sale, due after ten years, amortized cost | 16,280,003 | ' |
Available for sale, due after ten years, fair value | 15,772,352 | ' |
Total | 22,023,131 | 22,206,959 |
Total | 21,618,512 | 19,646,044 |
Due in one year or less | ' | ' |
Held to maturity, due in one year or less, amortized cost | 18,205,158 | ' |
Held to maturity, due in one year or less, fair value | 18,211,282 | ' |
Due after one year through five years | ' | ' |
Held to maturity, due after one year through five years, amortized cost | 13,503,851 | ' |
Held to maturity, due after one year through five years, fair value | 14,035,745 | ' |
Due after five years through ten years | ' | ' |
Held to maturity, due after five years through ten years, amortized cost | 18,544,514 | ' |
Held to maturity, due after five years through ten years, fair value | 19,475,290 | ' |
Due after ten years | ' | ' |
Held to maturity, due after ten years, amortized cost | 17,847,239 | ' |
Held to maturity, due after ten years, fair value | 18,523,090 | ' |
Total | 68,100,762 | 59,400,916 |
Total | 70,245,407 | 59,504,497 |
Corporate Debt Securities [Member] | ' | ' |
Due in one year or less | ' | ' |
Available for sale, due in one year or less, amortized cost | 10,224,296 | ' |
Available for sale, due in one year or less, fair value | 10,198,171 | ' |
Due after one year through five years | ' | ' |
Available for sale, due after one year through five years, amortized cost | 21,050,621 | ' |
Available for sale, due after one year through five years, fair value | 21,351,292 | ' |
Due after five years through ten years | ' | ' |
Available for sale, due after five years through ten years, amortized cost | 1,019,227 | ' |
Available for sale, due after five years through ten years, fair value | 1,032,500 | ' |
Due after ten years | ' | ' |
Available for sale, due after ten years, amortized cost | 0 | ' |
Available for sale, due after ten years, fair value | 0 | ' |
Total | 32,294,145 | 16,228,474 |
Total | 32,581,964 | 16,517,728 |
Due in one year or less | ' | ' |
Held to maturity, due in one year or less, amortized cost | 0 | ' |
Held to maturity, due in one year or less, fair value | 0 | ' |
Due after ten years | ' | ' |
Total | ' | 1,008,599 |
Total | ' | 1,018,435 |
Equity Securities, Restricted Stock [Member] | ' | ' |
Due in one year or less | ' | ' |
Available for sale, due in one year or less, amortized cost | 1,561,900 | ' |
Available for sale, due in one year or less, fair value | 1,561,900 | ' |
Due after ten years | ' | ' |
Total | 1,561,900 | 1,013,100 |
Total | 1,561,900 | 1,013,100 |
Mutual Fund [Member] | ' | ' |
Due in one year or less | ' | ' |
Available for sale, due in one year or less, amortized cost | 25,000 | ' |
Available for sale, due in one year or less, fair value | 25,000 | ' |
Due after ten years | ' | ' |
Total | 25,000 | 25,000 |
Total | 25,000 | 25,000 |
US Treasury and Government [Member] | ' | ' |
Due after one year through five years | ' | ' |
Available for sale, due after one year through five years, amortized cost | 1,540,385 | ' |
Available for sale, due after one year through five years, fair value | 1,535,895 | ' |
Due after five years through ten years | ' | ' |
Available for sale, due after five years through ten years, amortized cost | 9,890,642 | ' |
Available for sale, due after five years through ten years, fair value | 9,450,800 | ' |
Due after ten years | ' | ' |
Total | 11,431,027 | 22,386,761 |
Total | 10,986,695 | 21,509,700 |
Due in one year or less | ' | ' |
Held to maturity, due in one year or less, amortized cost | 0 | ' |
Held to maturity, due in one year or less, fair value | 0 | ' |
Due after ten years | ' | ' |
Total | ' | 1,524,860 |
Total | ' | 1,535,170 |
Residential Collateralized Mortgage Obligations- GSE [Member] | ' | ' |
Due after five years through ten years | ' | ' |
Available for sale, due after five years through ten years, amortized cost | 102,768 | ' |
Available for sale, due after five years through ten years, fair value | 109,333 | ' |
Due after ten years | ' | ' |
Available for sale, due after ten years, amortized cost | 3,581,657 | ' |
Available for sale, due after ten years, fair value | 3,614,332 | ' |
Total | 3,684,424 | 3,547,404 |
Total | 3,723,664 | 3,681,792 |
Due after ten years | ' | ' |
Held to maturity, due after ten years, amortized cost | 12,299,996 | ' |
Held to maturity, due after ten years, fair value | 12,729,330 | ' |
Total | 12,300,297 | 14,803,739 |
Total | 12,729,328 | 15,183,554 |
Trust Preferred Debt Securities [Member] | ' | ' |
Due after ten years | ' | ' |
Available for sale, due after ten years, amortized cost | 2,471,060 | ' |
Available for sale, due after ten years, fair value | 2,183,700 | ' |
Total | 2,471,060 | 2,468,839 |
Total | 2,183,700 | 2,013,100 |
Trust Preferred Debt Securities Pooled [Member] | ' | ' |
Due after ten years | ' | ' |
Held to maturity, due after ten years, amortized cost | 656,661 | ' |
Held to maturity, due after ten years, fair value | 611,290 | ' |
Total | 656,662 | 656,662 |
Total | $611,291 | $148,855 |
Note_4_Investment_Securities_D4
Note 4 - Investment Securities (Details) - Securities in a Continuous Unrealized Loss Position (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
Note 4 - Investment Securities (Details) - Securities in a Continuous Unrealized Loss Position [Line Items] | ' | ' |
Securities in a continuous unrealized loss position, number | 92 | 150 |
Securities in a continuous unrealized loss position, less than 12 months, fair value | $7,125,870 | $76,743,619 |
Securities in a continuous unrealized loss position, less than 12 months, unrealized losses | -53,170 | -4,049,571 |
Securities in a continuous unrealized loss position, 12 months or longer, fair value | 51,343,091 | 13,249,260 |
Securities in a continuous unrealized loss position, 12 months or longer, unrealized losses | -1,918,517 | -2,722,323 |
Securities in a continuous unrealized loss position, fair value | 58,468,961 | 89,992,879 |
Securities in a continuous unrealized loss position, unrealized losses | -1,971,687 | -6,771,894 |
US Treasury and Government [Member] | ' | ' |
Note 4 - Investment Securities (Details) - Securities in a Continuous Unrealized Loss Position [Line Items] | ' | ' |
Securities in a continuous unrealized loss position, number | 2 | 3 |
Securities in a continuous unrealized loss position, less than 12 months, fair value | 1,535,895 | 11,507,350 |
Securities in a continuous unrealized loss position, less than 12 months, unrealized losses | -4,490 | -910,274 |
Securities in a continuous unrealized loss position, 12 months or longer, fair value | 9,450,800 | ' |
Securities in a continuous unrealized loss position, 12 months or longer, unrealized losses | -439,842 | ' |
Securities in a continuous unrealized loss position, fair value | 10,986,695 | 11,507,350 |
Securities in a continuous unrealized loss position, unrealized losses | -444,332 | -910,274 |
Residential Collateralized Mortgage Obligations- GSE [Member] | ' | ' |
Note 4 - Investment Securities (Details) - Securities in a Continuous Unrealized Loss Position [Line Items] | ' | ' |
Securities in a continuous unrealized loss position, number | 1 | ' |
Securities in a continuous unrealized loss position, less than 12 months, fair value | 1,074,027 | ' |
Securities in a continuous unrealized loss position, less than 12 months, unrealized losses | -43,280 | ' |
Securities in a continuous unrealized loss position, fair value | 1,074,027 | ' |
Securities in a continuous unrealized loss position, unrealized losses | -43,280 | ' |
Residential Collateralized Mortgage Obligations- Non GSE [Member] | ' | ' |
Note 4 - Investment Securities (Details) - Securities in a Continuous Unrealized Loss Position [Line Items] | ' | ' |
Securities in a continuous unrealized loss position, number | 2 | 8 |
Securities in a continuous unrealized loss position, less than 12 months, fair value | 989,807 | 5,328,485 |
Securities in a continuous unrealized loss position, less than 12 months, unrealized losses | -892 | -28,231 |
Securities in a continuous unrealized loss position, 12 months or longer, fair value | 93,295 | 1,094,754 |
Securities in a continuous unrealized loss position, 12 months or longer, unrealized losses | -5,121 | -7,969 |
Securities in a continuous unrealized loss position, fair value | 1,083,102 | 6,423,239 |
Securities in a continuous unrealized loss position, unrealized losses | -6,013 | -36,200 |
Residential Mortgage Backed Securities [Member] | ' | ' |
Note 4 - Investment Securities (Details) - Securities in a Continuous Unrealized Loss Position [Line Items] | ' | ' |
Securities in a continuous unrealized loss position, number | 18 | 38 |
Securities in a continuous unrealized loss position, less than 12 months, fair value | 1,711,545 | 40,504,327 |
Securities in a continuous unrealized loss position, less than 12 months, unrealized losses | -1,679 | -825,307 |
Securities in a continuous unrealized loss position, 12 months or longer, fair value | 17,021,564 | ' |
Securities in a continuous unrealized loss position, 12 months or longer, unrealized losses | -399,536 | ' |
Securities in a continuous unrealized loss position, fair value | 18,733,109 | 40,504,327 |
Securities in a continuous unrealized loss position, unrealized losses | -401,215 | -825,307 |
US States and Political Subdivisions Debt Securities [Member] | ' | ' |
Note 4 - Investment Securities (Details) - Securities in a Continuous Unrealized Loss Position [Line Items] | ' | ' |
Securities in a continuous unrealized loss position, number | 63 | 95 |
Securities in a continuous unrealized loss position, less than 12 months, fair value | 394,002 | 19,403,457 |
Securities in a continuous unrealized loss position, less than 12 months, unrealized losses | -1,596 | -2,285,759 |
Securities in a continuous unrealized loss position, 12 months or longer, fair value | 21,564,852 | 8,936,441 |
Securities in a continuous unrealized loss position, 12 months or longer, unrealized losses | -753,144 | -1,721,472 |
Securities in a continuous unrealized loss position, fair value | 21,958,854 | 28,339,898 |
Securities in a continuous unrealized loss position, unrealized losses | -754,740 | -4,007,231 |
Trust Preferred Debt Securities [Member] | ' | ' |
Note 4 - Investment Securities (Details) - Securities in a Continuous Unrealized Loss Position [Line Items] | ' | ' |
Securities in a continuous unrealized loss position, number | 4 | 4 |
Securities in a continuous unrealized loss position, 12 months or longer, fair value | 2,183,700 | 2,013,100 |
Securities in a continuous unrealized loss position, 12 months or longer, unrealized losses | -287,360 | -455,739 |
Securities in a continuous unrealized loss position, fair value | 2,183,700 | 2,013,100 |
Securities in a continuous unrealized loss position, unrealized losses | -287,360 | -455,739 |
Corporate Debt Securities [Member] | ' | ' |
Note 4 - Investment Securities (Details) - Securities in a Continuous Unrealized Loss Position [Line Items] | ' | ' |
Securities in a continuous unrealized loss position, number | 2 | 1 |
Securities in a continuous unrealized loss position, less than 12 months, fair value | 1,420,594 | ' |
Securities in a continuous unrealized loss position, less than 12 months, unrealized losses | -1,233 | ' |
Securities in a continuous unrealized loss position, 12 months or longer, fair value | 1,028,880 | 1,056,110 |
Securities in a continuous unrealized loss position, 12 months or longer, unrealized losses | -33,514 | -29,336 |
Securities in a continuous unrealized loss position, fair value | 2,449,474 | 1,056,110 |
Securities in a continuous unrealized loss position, unrealized losses | -34,747 | -29,336 |
Trust Preferred Debt Securities Pooled [Member] | ' | ' |
Note 4 - Investment Securities (Details) - Securities in a Continuous Unrealized Loss Position [Line Items] | ' | ' |
Securities in a continuous unrealized loss position, number | ' | 1 |
Securities in a continuous unrealized loss position, 12 months or longer, fair value | ' | 148,855 |
Securities in a continuous unrealized loss position, 12 months or longer, unrealized losses | ' | -507,807 |
Securities in a continuous unrealized loss position, fair value | ' | 148,855 |
Securities in a continuous unrealized loss position, unrealized losses | ' | ($507,807) |
Note_4_Investment_Securities_D5
Note 4 - Investment Securities (Details) - Unrealized Losses on Investments (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | |
Pretsl Xxv [Member] | ||||
Note 4 - Investment Securities (Details) - Unrealized Losses on Investments [Line Items] | ' | ' | ' | |
PreTSL XXV | ' | ' | 'B-1 | |
PreTSL XXV (in Dollars) | $148,683,637 | $153,317,759 | $155,718 | |
PreTSL XXV (in Dollars) | 152,466,765 | 153,629,773 | 611,290 | |
PreTSL XXV (in Dollars) | ' | ' | 455,572 | |
PreTSL XXV | ' | ' | 69.00% | |
PreTSL XXV | ' | ' | 5.80% | [1] |
PreTSL XXV | ' | ' | 25.20% | [1] |
PreTSL XXV | ' | ' | 13.70% | |
PreTSL XXV | ' | ' | 'B1/ NR | |
PreTSL XXV (in Dollars) | ' | ' | $136,000 | [2] |
PreTSL XXV | ' | ' | 26.00% | [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_4_Investment_Securities_D6
Note 4 - Investment Securities (Details) - Other than Temporary Impairment, Credit Losses Recognized in Earnings (USD $) | Sep. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||||||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Abstract] | ' | ' | ' | ' | ' | ' |
Balance at beginning of period | $364 | $364 | $364 | $364 | $364 | $364 |
Balance at end of period | $364 | $364 | $364 | $364 | $364 | $364 |
Note_5_Allowance_for_Loan_Loss2
Note 5 - Allowance for Loan Losses and Credit Quality Disclosure (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Feb. 07, 2014 | |
Note 5 - Allowance for Loan Losses and Credit Quality Disclosure (Details) [Line Items] | ' | ' | ' | ' | ' |
Financing Receivable, Acquired with Deteriorated Credit Quality (in Dollars) | $2,046,085 | ' | $2,046,085 | ' | $2,614,000 |
Financing Receivable, Modifications, Number of Contracts | ' | ' | 9 | ' | ' |
Financing Receivable, Modifications, Recorded Investment (in Dollars) | 4,288,699 | ' | 4,288,699 | ' | ' |
Financing Receivable, Modifications, Subsequent Default, Number of Contracts | 0 | 0 | 0 | 0 | ' |
Financing Receivable, Allowance for Credit Losses, Acquired with Deteriorated Credit Quality (in Dollars) | 0 | ' | 0 | ' | ' |
90 Days or Greater Past Due [Member] | Not Classified As Nonperforming [Member] | ' | ' | ' | ' | ' |
Note 5 - Allowance for Loan Losses and Credit Quality Disclosure (Details) [Line Items] | ' | ' | ' | ' | ' |
Financing Receivable, Acquired with Deteriorated Credit Quality (in Dollars) | 699,287 | ' | 699,287 | ' | ' |
Mortgage Warehouse Lines [Member] | Minimum [Member] | ' | ' | ' | ' | ' |
Note 5 - Allowance for Loan Losses and Credit Quality Disclosure (Details) [Line Items] | ' | ' | ' | ' | ' |
Line of Credit, Required Deposit Balance, Percent | 10.00% | ' | 10.00% | ' | ' |
Mortgage Warehouse Lines [Member] | Maximum [Member] | ' | ' | ' | ' | ' |
Note 5 - Allowance for Loan Losses and Credit Quality Disclosure (Details) [Line Items] | ' | ' | ' | ' | ' |
Line of Credit, Required Deposit Balance, Percent | 15.00% | ' | 15.00% | ' | ' |
Not Classified As Nonperforming [Member] | ' | ' | ' | ' | ' |
Note 5 - Allowance for Loan Losses and Credit Quality Disclosure (Details) [Line Items] | ' | ' | ' | ' | ' |
Financing Receivable, Acquired with Deteriorated Credit Quality (in Dollars) | $1,246,640 | ' | $1,246,640 | ' | ' |
Note_5_Allowance_for_Loan_Loss3
Note 5 - Allowance for Loan Losses and Credit Quality Disclosure (Details) - Aging of Loan Portfolio (USD $) | Sep. 30, 2014 | Feb. 07, 2014 | Dec. 31, 2013 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' |
Loans, 30-59 days past due | $3,530,099 | ' | $700,748 |
Loans, 60-89 days past due | 14,051 | ' | 1,025,764 |
Loans, greater than 90 days past due | 8,224,754 | ' | 5,703,992 |
Loans, past due | 11,768,904 | ' | 7,430,504 |
Loans, current | 608,627,014 | ' | 365,905,578 |
Loans | 620,395,918 | 143,714,000 | 373,336,082 |
Loans >90 Days Accruing | 320,315 | ' | ' |
Loans, nonaccrual | 7,538,767 | ' | 6,321,956 |
Construction [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' |
Loans, current | 88,547,583 | ' | 51,002,172 |
Loans | 88,547,583 | ' | 51,002,172 |
Commercial Business [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' |
Loans, 30-59 days past due | 959,386 | ' | 385,133 |
Loans, 60-89 days past due | 14,051 | ' | 58,665 |
Loans, greater than 90 days past due | 390,396 | ' | 453,325 |
Loans, past due | 1,363,833 | ' | 897,123 |
Loans, current | 107,689,596 | ' | 81,450,932 |
Loans | 109,053,429 | ' | 82,348,055 |
Loans, nonaccrual | 356,577 | ' | 511,990 |
Commercial Real Estate Other Receivable [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' |
Loans, 30-59 days past due | 2,290,804 | ' | ' |
Loans, greater than 90 days past due | 6,119,386 | ' | 5,217,173 |
Loans, past due | 8,410,190 | ' | 5,217,173 |
Loans, current | 183,957,654 | ' | 93,172,557 |
Loans | 192,367,844 | ' | 98,389,730 |
Loans, nonaccrual | 5,787,533 | ' | 5,555,851 |
Mortgage Warehouse Lines [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' |
Loans, current | 157,333,717 | ' | 116,951,357 |
Loans | 157,333,717 | ' | 116,951,357 |
Residential Portfolio Segment [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' |
Loans, 30-59 days past due | ' | ' | 315,615 |
Loans, 60-89 days past due | ' | ' | 967,099 |
Loans, greater than 90 days past due | 1,714,972 | ' | 33,494 |
Loans, past due | 1,714,972 | ' | 1,316,208 |
Loans, current | 47,017,079 | ' | 12,447,970 |
Loans | 48,732,051 | ' | 13,764,178 |
Loans >90 Days Accruing | 320,315 | ' | ' |
Loans, nonaccrual | 1,394,657 | ' | 162,012 |
Loans to Individuals [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' |
Loans, 30-59 days past due | 279,909 | ' | ' |
Loans, past due | 279,909 | ' | ' |
Loans, current | 23,083,133 | ' | 9,766,114 |
Loans | 23,363,042 | ' | 9,766,114 |
Loans, nonaccrual | ' | ' | 92,103 |
Consumer Other Financing Receivable [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' |
Loans, current | 197,704 | ' | 170,526 |
Loans | 197,704 | ' | 170,526 |
Deferred Loan Cost [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' |
Loans, current | 800,548 | ' | 943,950 |
Loans | $800,548 | ' | $943,950 |
Note_5_Allowance_for_Loan_Loss4
Note 5 - Allowance for Loan Losses and Credit Quality Disclosure (Details) - Commercial Loans by Credit Quality Indicators (USD $) | Sep. 30, 2014 | Feb. 07, 2014 | Dec. 31, 2013 |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Loans | $620,395,918 | $143,714,000 | $373,336,082 |
Construction [Member] | Pass [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Loans | 88,353,183 | ' | 47,539,033 |
Construction [Member] | Special Mention [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Loans | 194,400 | ' | ' |
Construction [Member] | Substandard [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Loans | ' | ' | 3,463,139 |
Construction [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Loans | 88,547,583 | ' | 51,002,172 |
Commercial Business [Member] | Pass [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Loans | 100,658,477 | ' | 79,832,704 |
Commercial Business [Member] | Special Mention [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Loans | 7,645,736 | ' | 1,406,143 |
Commercial Business [Member] | Substandard [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Loans | 715,397 | ' | 792,057 |
Commercial Business [Member] | Doubtful [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Loans | 33,819 | ' | 258,486 |
Commercial Business [Member] | Unlikely to be Collected Financing Receivable [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Loans | ' | ' | 58,665 |
Commercial Business [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Loans | 109,053,429 | ' | 82,348,055 |
Commercial Real Estate Other Receivable [Member] | Pass [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Loans | 167,521,583 | ' | 68,620,450 |
Commercial Real Estate Other Receivable [Member] | Special Mention [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Loans | 14,177,468 | ' | 19,396,574 |
Commercial Real Estate Other Receivable [Member] | Substandard [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Loans | 10,668,793 | ' | 10,372,706 |
Commercial Real Estate Other Receivable [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Loans | 192,367,844 | ' | 98,389,730 |
Mortgage Warehouse Lines [Member] | Pass [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Loans | 157,333,717 | ' | 116,951,357 |
Mortgage Warehouse Lines [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Loans | 157,333,717 | ' | 116,951,357 |
Residential Portfolio Segment [Member] | Pass [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Loans | 47,017,079 | ' | 12,635,067 |
Residential Portfolio Segment [Member] | Special Mention [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Loans | 127,977 | ' | 1,129,111 |
Residential Portfolio Segment [Member] | Substandard [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Loans | 1,586,995 | ' | ' |
Residential Portfolio Segment [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Loans | $48,732,051 | ' | $13,764,178 |
Note_5_Allowance_for_Loan_Loss5
Note 5 - Allowance for Loan Losses and Credit Quality Disclosure (Details) - Consumer Loans by Credit Quality Indicators (USD $) | Sep. 30, 2014 | Feb. 07, 2014 | Dec. 31, 2013 |
Consumer Credit Exposure - By Payment Activity | ' | ' | ' |
Loans | $620,395,918 | $143,714,000 | $373,336,082 |
Loans to Individuals [Member] | Performing Financing Receivable [Member] | ' | ' | ' |
Consumer Credit Exposure - By Payment Activity | ' | ' | ' |
Loans | 23,363,042 | ' | 9,674,011 |
Loans to Individuals [Member] | Nonperforming Financing Receivable [Member] | ' | ' | ' |
Consumer Credit Exposure - By Payment Activity | ' | ' | ' |
Loans | ' | ' | 92,103 |
Loans to Individuals [Member] | ' | ' | ' |
Consumer Credit Exposure - By Payment Activity | ' | ' | ' |
Loans | 23,363,042 | ' | 9,766,114 |
Consumer Other Financing Receivable [Member] | Performing Financing Receivable [Member] | ' | ' | ' |
Consumer Credit Exposure - By Payment Activity | ' | ' | ' |
Loans | 197,704 | ' | 170,526 |
Consumer Other Financing Receivable [Member] | ' | ' | ' |
Consumer Credit Exposure - By Payment Activity | ' | ' | ' |
Loans | $197,704 | ' | $170,526 |
Note_5_Allowance_for_Loan_Loss6
Note 5 - Allowance for Loan Losses and Credit Quality Disclosure (Details) - Allowance for Loan Losses (USD $) | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Feb. 07, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 |
Allowance for loan losses: | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Allowance for loan losses | $7,107,872 | $7,418,379 | $7,030,842 | ' | $7,038,571 | $6,820,180 | $6,268,940 | $6,023,282 | $7,151,212 |
Ending Balance | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Allowance for loan losses, individually evaluated for impairment | 1,276,254 | ' | ' | ' | 1,783,861 | ' | ' | ' | ' |
Allowance for loan losses, collectively evaluated for impairment | 5,831,618 | ' | ' | ' | 5,254,710 | ' | ' | ' | ' |
Loans receivables: | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loans | 620,395,918 | ' | ' | 143,714,000 | 373,336,082 | ' | ' | ' | ' |
Loans, individually evaluated for impairment | 11,466,656 | ' | ' | ' | 10,180,751 | ' | ' | ' | ' |
Loans acquired with deteriorated credit quality | 2,046,085 | ' | ' | 2,614,000 | ' | ' | ' | ' | ' |
Loans, collectively evaluated for impairment | 606,883,177 | ' | ' | ' | 363,155,331 | ' | ' | ' | ' |
Construction [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Allowance for loan losses: | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Allowance for loan losses | 1,099,053 | 950,014 | 1,265,430 | ' | 1,205,267 | 1,208,023 | 1,212,578 | 1,210,289 | 1,990,292 |
Ending Balance | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Allowance for loan losses, collectively evaluated for impairment | 1,099,053 | ' | ' | ' | 1,205,267 | ' | ' | ' | ' |
Loans receivables: | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loans | 88,547,583 | ' | ' | ' | 51,002,172 | ' | ' | ' | ' |
Loans, individually evaluated for impairment | 449,663 | ' | ' | ' | 19,930 | ' | ' | ' | ' |
Loans, collectively evaluated for impairment | 88,097,920 | ' | ' | ' | 50,982,242 | ' | ' | ' | ' |
Commercial Business [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Allowance for loan losses: | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Allowance for loan losses | 1,641,189 | 1,546,766 | 1,218,037 | ' | 1,271,733 | 1,031,607 | 985,919 | 817,181 | 972,789 |
Ending Balance | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Allowance for loan losses, individually evaluated for impairment | 1,874 | ' | ' | ' | 293,692 | ' | ' | ' | ' |
Allowance for loan losses, collectively evaluated for impairment | 1,639,315 | ' | ' | ' | 978,041 | ' | ' | ' | ' |
Loans receivables: | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loans | 109,053,429 | ' | ' | ' | 82,348,055 | ' | ' | ' | ' |
Loans, individually evaluated for impairment | 492,940 | ' | ' | ' | 776,101 | ' | ' | ' | ' |
Loans acquired with deteriorated credit quality | 332,175 | ' | ' | ' | ' | ' | ' | ' | ' |
Loans, collectively evaluated for impairment | 108,228,314 | ' | ' | ' | 81,571,954 | ' | ' | ' | ' |
Commercial Real Estate Portfolio Segment [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Allowance for loan losses: | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Allowance for loan losses | 2,974,785 | 3,607,083 | 3,135,727 | ' | 3,021,766 | 3,064,248 | 2,451,856 | 2,130,197 | 2,262,221 |
Ending Balance | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Allowance for loan losses, individually evaluated for impairment | 1,274,380 | ' | ' | ' | 1,490,169 | ' | ' | ' | ' |
Allowance for loan losses, collectively evaluated for impairment | 1,700,405 | ' | ' | ' | 1,531,597 | ' | ' | ' | ' |
Loans receivables: | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loans | 192,367,844 | ' | ' | ' | 98,389,730 | ' | ' | ' | ' |
Loans, individually evaluated for impairment | 9,129,396 | ' | ' | ' | 9,130,605 | ' | ' | ' | ' |
Loans acquired with deteriorated credit quality | 1,713,910 | ' | ' | ' | ' | ' | ' | ' | ' |
Loans, collectively evaluated for impairment | 181,524,538 | ' | ' | ' | 89,259,125 | ' | ' | ' | ' |
Mortgage Warehouse Lines [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Allowance for loan losses: | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Allowance for loan losses | 786,669 | 909,559 | 521,675 | ' | 584,757 | 672,671 | 928,699 | 990,738 | 1,420,638 |
Ending Balance | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Allowance for loan losses, collectively evaluated for impairment | 786,669 | ' | ' | ' | 584,757 | ' | ' | ' | ' |
Loans receivables: | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loans | 157,333,717 | ' | ' | ' | 116,951,357 | ' | ' | ' | ' |
Loans, collectively evaluated for impairment | 157,333,717 | ' | ' | ' | 116,951,357 | ' | ' | ' | ' |
Residential Portfolio Segment [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Allowance for loan losses: | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Allowance for loan losses | 202,146 | 172,853 | 182,005 | ' | 164,673 | 141,826 | 92,733 | 112,365 | 112,103 |
Ending Balance | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Allowance for loan losses, collectively evaluated for impairment | 202,146 | ' | ' | ' | 164,673 | ' | ' | ' | ' |
Loans receivables: | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loans | 48,732,051 | ' | ' | ' | 13,764,178 | ' | ' | ' | ' |
Loans, individually evaluated for impairment | 1,394,657 | ' | ' | ' | 162,012 | ' | ' | ' | ' |
Loans, collectively evaluated for impairment | 47,337,394 | ' | ' | ' | 13,602,166 | ' | ' | ' | ' |
Consumer Portfolio Segment [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Allowance for loan losses: | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Allowance for loan losses | 91,417 | 90,732 | 92,387 | ' | 108,849 | 110,068 | 99,890 | 102,334 | 102,583 |
Ending Balance | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Allowance for loan losses, collectively evaluated for impairment | 91,417 | ' | ' | ' | 108,849 | ' | ' | ' | ' |
Loans receivables: | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loans | 23,363,042 | ' | ' | ' | 9,766,114 | ' | ' | ' | ' |
Loans, individually evaluated for impairment | ' | ' | ' | ' | 92,103 | ' | ' | ' | ' |
Loans, collectively evaluated for impairment | 23,363,042 | ' | ' | ' | 9,674,011 | ' | ' | ' | ' |
Consumer Other Financing Receivable [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Allowance for loan losses: | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Allowance for loan losses | 1,583 | 1,665 | 1,623 | ' | 2,183 | 2,051 | 2,104 | 2,059 | 2,271 |
Ending Balance | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Allowance for loan losses, collectively evaluated for impairment | 1,583 | ' | ' | ' | 2,183 | ' | ' | ' | ' |
Loans receivables: | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loans | 197,704 | ' | ' | ' | 170,526 | ' | ' | ' | ' |
Loans, collectively evaluated for impairment | 197,704 | ' | ' | ' | 170,526 | ' | ' | ' | ' |
Unallocated Financing Receivables [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Allowance for loan losses: | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Allowance for loan losses | 311,030 | 139,707 | 613,958 | ' | 679,343 | 589,686 | 495,161 | 658,119 | 288,315 |
Ending Balance | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Allowance for loan losses, collectively evaluated for impairment | 311,030 | ' | ' | ' | 679,343 | ' | ' | ' | ' |
Loan Cost [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loans receivables: | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loans | 800,548 | ' | ' | ' | 943,950 | ' | ' | ' | ' |
Loans, collectively evaluated for impairment | $800,548 | ' | ' | ' | $943,950 | ' | ' | ' | ' |
Note_5_Allowance_for_Loan_Loss7
Note 5 - Allowance for Loan Losses and Credit Quality Disclosure (Details) - Allowance for Loan Losses Activity (USD $) | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
Note 5 - Allowance for Loan Losses and Credit Quality Disclosure (Details) - Allowance for Loan Losses Activity [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Allowance for loan losses | $7,418,379 | $7,030,842 | $7,038,571 | $6,268,940 | $6,023,282 | $7,151,212 | $7,038,571 | $7,151,212 |
Provision charged to operations | 649,998 | 4,099,998 | 499,998 | 539,998 | 236,667 | ' | 5,249,994 | 776,664 |
Loans charged off | -1,008,221 | -3,713,789 | -510,952 | -2,068 | ' | -1,136,825 | ' | ' |
Recoveries of loans charged off | 47,716 | 1,328 | 3,225 | 13,310 | 8,991 | 8,895 | ' | ' |
Allowance for loan losses | 7,107,872 | 7,418,379 | 7,030,842 | 6,820,180 | 6,268,940 | 6,023,282 | 7,107,872 | 6,820,180 |
Construction [Member] | ' | ' | ' | ' | ' | ' | ' | ' |
Note 5 - Allowance for Loan Losses and Credit Quality Disclosure (Details) - Allowance for Loan Losses Activity [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Allowance for loan losses | 950,014 | 1,265,430 | 1,205,267 | 1,212,578 | 1,210,289 | 1,990,292 | 1,205,267 | 1,990,292 |
Provision charged to operations | 149,039 | -315,416 | 60,163 | -4,555 | 1,872 | -218,010 | ' | ' |
Loans charged off | ' | ' | ' | ' | ' | -561,993 | ' | ' |
Recoveries of loans charged off | ' | ' | ' | ' | 417 | ' | ' | ' |
Allowance for loan losses | 1,099,053 | 950,014 | 1,265,430 | 1,208,023 | 1,212,578 | 1,210,289 | 1,099,053 | 1,208,023 |
Commercial Business [Member] | ' | ' | ' | ' | ' | ' | ' | ' |
Note 5 - Allowance for Loan Losses and Credit Quality Disclosure (Details) - Allowance for Loan Losses Activity [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Allowance for loan losses | 1,546,766 | 1,218,037 | 1,271,733 | 985,919 | 817,181 | 972,789 | 1,271,733 | 972,789 |
Provision charged to operations | 185,109 | 4,041,190 | 454,031 | 34,446 | 160,164 | -18,319 | ' | ' |
Loans charged off | -99,402 | -3,713,789 | -510,952 | -2,068 | ' | -139,289 | ' | ' |
Recoveries of loans charged off | 8,716 | 1,328 | 3,225 | 13,310 | 8,574 | 2,000 | ' | ' |
Allowance for loan losses | 1,641,189 | 1,546,766 | 1,218,037 | 1,031,607 | 985,919 | 817,181 | 1,641,189 | 1,031,607 |
Commercial Real Estate Portfolio Segment [Member] | ' | ' | ' | ' | ' | ' | ' | ' |
Note 5 - Allowance for Loan Losses and Credit Quality Disclosure (Details) - Allowance for Loan Losses Activity [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Allowance for loan losses | 3,607,083 | 3,135,727 | 3,021,766 | 2,451,856 | 2,130,197 | 2,262,221 | 3,021,766 | 2,262,221 |
Provision charged to operations | 222,506 | 471,356 | 113,961 | 612,392 | 321,659 | 245,769 | ' | ' |
Loans charged off | -893,804 | ' | ' | ' | ' | -384,688 | ' | ' |
Recoveries of loans charged off | 39,000 | ' | ' | ' | ' | 6,895 | ' | ' |
Allowance for loan losses | 2,974,785 | 3,607,083 | 3,135,727 | 3,064,248 | 2,451,856 | 2,130,197 | 2,974,785 | 3,064,248 |
Mortgage Warehouse Lines [Member] | ' | ' | ' | ' | ' | ' | ' | ' |
Note 5 - Allowance for Loan Losses and Credit Quality Disclosure (Details) - Allowance for Loan Losses Activity [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Allowance for loan losses | 909,559 | 521,675 | 584,757 | 928,699 | 990,738 | 1,420,638 | 584,757 | 1,420,638 |
Provision charged to operations | -122,890 | 387,884 | -63,082 | -256,028 | -62,039 | -429,900 | ' | ' |
Allowance for loan losses | 786,669 | 909,559 | 521,675 | 672,671 | 928,699 | 990,738 | 786,669 | 672,671 |
Residential Portfolio Segment [Member] | ' | ' | ' | ' | ' | ' | ' | ' |
Note 5 - Allowance for Loan Losses and Credit Quality Disclosure (Details) - Allowance for Loan Losses Activity [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Allowance for loan losses | 172,853 | 182,005 | 164,673 | 92,733 | 112,365 | 112,103 | 164,673 | 112,103 |
Provision charged to operations | 44,308 | -9,152 | 17,332 | 49,093 | -19,632 | 262 | ' | ' |
Loans charged off | -15,015 | ' | ' | ' | ' | ' | ' | ' |
Allowance for loan losses | 202,146 | 172,853 | 182,005 | 141,826 | 92,733 | 112,365 | 202,146 | 141,826 |
Consumer Portfolio Segment [Member] | ' | ' | ' | ' | ' | ' | ' | ' |
Note 5 - Allowance for Loan Losses and Credit Quality Disclosure (Details) - Allowance for Loan Losses Activity [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Allowance for loan losses | 90,732 | 92,387 | 108,849 | 99,890 | 102,334 | 102,583 | 108,849 | 102,583 |
Provision charged to operations | 685 | -1,655 | -16,462 | 10,178 | -2,444 | 50,506 | ' | ' |
Loans charged off | ' | ' | ' | ' | ' | -50,855 | ' | ' |
Allowance for loan losses | 91,417 | 90,732 | 92,387 | 110,068 | 99,890 | 102,334 | 91,417 | 110,068 |
Consumer Other Financing Receivable [Member] | ' | ' | ' | ' | ' | ' | ' | ' |
Note 5 - Allowance for Loan Losses and Credit Quality Disclosure (Details) - Allowance for Loan Losses Activity [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Allowance for loan losses | 1,665 | 1,623 | 2,183 | 2,104 | 2,059 | 2,271 | 2,183 | 2,271 |
Provision charged to operations | -82 | 42 | -560 | -53 | 45 | -212 | ' | ' |
Allowance for loan losses | 1,583 | 1,665 | 1,623 | 2,051 | 2,104 | 2,059 | 1,583 | 2,051 |
Unallocated Financing Receivables [Member] | ' | ' | ' | ' | ' | ' | ' | ' |
Note 5 - Allowance for Loan Losses and Credit Quality Disclosure (Details) - Allowance for Loan Losses Activity [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Allowance for loan losses | 139,707 | 613,958 | 679,343 | 495,161 | 658,119 | 288,315 | 679,343 | 288,315 |
Provision charged to operations | 171,323 | -474,251 | -65,385 | 94,525 | -162,958 | 369,804 | ' | ' |
Allowance for loan losses | $311,030 | $139,707 | $613,958 | $589,686 | $495,161 | $658,119 | $311,030 | $589,686 |
Note_5_Allowance_for_Loan_Loss8
Note 5 - Allowance for Loan Losses and Credit Quality Disclosure (Details) - Impaired Loans Receivables (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | |
Commercial | ' | ' | ' | ' | ' |
With No Related Allowance - Recorded Investment | $5,551,811,000,000 | $1,405,553,000,000 | $5,551,811,000,000 | $1,405,553,000,000 | $517,885 |
With No Related Allowance - Updaid Principal Balance | 6,455,747,000,000 | 1,562,010,000,000 | 6,455,747,000,000 | 1,562,010,000,000 | 674,342 |
With No Related Allowance - Average Recorded Investment | 5,212,691,000,000 | 5,510,640,000,000 | 3,827,987,000,000 | 2,774,622,000,000 | 2,407,560 |
With No Related Allowance - Interest Income Recognized | 63,230,000,000 | 6,176,000,000 | 172,907,000,000 | 37,420,000,000 | 39,040 |
Commercial | ' | ' | ' | ' | ' |
With Related Allowance - Recorded Investment | 7,960,930,000,000 | 10,121,957,000,000 | 7,960,930,000,000 | 10,121,957,000,000 | 9,662,866 |
With Related Allowance - Updaid Principal Balance | 8,669,600,000,000 | 10,121,957,000,000 | 8,669,600,000,000 | 10,121,957,000,000 | 9,662,866 |
Related Allowance | 1,276,254,000,000 | 1,711,659,000,000 | 1,276,254,000,000 | 1,711,659,000,000 | 1,783,861 |
With Related Allowance - Average Recorded Investment | 8,795,347,000,000 | 6,750,728,000,000 | 9,220,887,000,000 | 5,298,616,000,000 | 6,404,323 |
With Related Allowance - Interest Income Recognized | 54,695,000,000 | 65,221,000,000 | 160,475,000,000 | ' | 257,005 |
Total: | ' | ' | ' | ' | ' |
Recorded Investment | 13,512,741,000,000 | 11,527,510,000,000 | 13,512,741,000,000 | 11,527,510,000,000 | 10,180,751 |
Updaid Principal Balance | 15,125,347,000,000 | 11,683,967,000,000 | 15,125,347,000,000 | 11,683,967,000,000 | 10,337,208 |
Related Allowance | 1,276,254,000,000 | 1,711,659,000,000 | 1,276,254,000,000 | 1,711,659,000,000 | 1,783,861 |
Average Recorded Investment | 14,008,038,000,000 | 12,261,368,000,000 | 13,048,874,000,000 | 8,073,238,000,000 | 8,811,883 |
Interest Income Recognized | 117,925,000,000 | 71,397,000,000 | 333,382,000,000 | 248,957,000,000 | 296,045 |
Construction [Member] | ' | ' | ' | ' | ' |
Commercial | ' | ' | ' | ' | ' |
With No Related Allowance - Recorded Investment | 449,663,000,000 | 1,015,112,000,000 | 449,663,000,000 | 1,015,112,000,000 | 19,930 |
With No Related Allowance - Updaid Principal Balance | 449,663,000,000 | 1,015,112,000,000 | 449,663,000,000 | 1,015,112,000,000 | 19,930 |
With No Related Allowance - Average Recorded Investment | 449,663,000,000 | 1,184,249,000,000 | 302,656,000,000 | 636,741,000,000 | 965,268 |
With No Related Allowance - Interest Income Recognized | 6,134,000,000 | 4,660,000,000 | 10,955,000,000 | 37,420,000,000 | 33,946 |
Commercial | ' | ' | ' | ' | ' |
With Related Allowance - Average Recorded Investment | ' | ' | ' | 329,138,000,000 | 246,853 |
Total: | ' | ' | ' | ' | ' |
Recorded Investment | 449,663,000,000 | ' | 449,663,000,000 | ' | 19,930 |
Updaid Principal Balance | 449,663,000,000 | ' | 449,663,000,000 | ' | 19,930 |
Average Recorded Investment | 449,663,000,000 | ' | 302,656,000,000 | ' | 1,212,121 |
Interest Income Recognized | 6,134,000,000 | ' | 10,955,000,000 | ' | 33,946 |
Commercial Business [Member] | ' | ' | ' | ' | ' |
Commercial | ' | ' | ' | ' | ' |
With No Related Allowance - Recorded Investment | 793,992,000,000 | 225,899,000,000 | 793,992,000,000 | 225,899,000,000 | 243,840 |
With No Related Allowance - Updaid Principal Balance | 1,380,582,000,000 | 382,356,000,000 | 1,380,582,000,000 | 382,356,000,000 | 400,297 |
With No Related Allowance - Average Recorded Investment | 786,051,000,000 | 157,334,000,000 | 579,721,000,000 | 532,119,000,000 | 258,139 |
With No Related Allowance - Interest Income Recognized | 6,971,000,000 | 1,516,000,000 | 20,055,000,000 | ' | 5,094 |
Commercial | ' | ' | ' | ' | ' |
With Related Allowance - Recorded Investment | 31,123,000,000 | 475,136,000,000 | 31,123,000,000 | 475,136,000,000 | 532,261 |
With Related Allowance - Updaid Principal Balance | 31,123,000,000 | 475,136,000,000 | 31,123,000,000 | 475,136,000,000 | 532,261 |
Related Allowance | 1,874,000,000 | 235,027,000,000 | 1,874,000,000 | 235,027,000,000 | 293,692 |
With Related Allowance - Average Recorded Investment | 94,772,000,000 | 566,473,000,000 | 245,858,000,000 | 578,713,000,000 | 562,346 |
With Related Allowance - Interest Income Recognized | ' | 3,915,000,000 | ' | 28,570,000,000 | 9,728 |
Total: | ' | ' | ' | ' | ' |
Recorded Investment | 825,115,000,000 | ' | 825,115,000,000 | ' | 776,101 |
Updaid Principal Balance | 1,411,705,000,000 | ' | 1,411,705,000,000 | ' | 932,558 |
Related Allowance | 1,874,000,000 | 235,027,000,000 | 1,874,000,000 | 235,027,000,000 | 293,692 |
Average Recorded Investment | 880,823,000,000 | ' | 825,579,000,000 | ' | 820,485 |
Interest Income Recognized | 6,971,000,000 | ' | 20,055,000,000 | ' | 14,822 |
Commercial Real Estate Portfolio Segment [Member] | ' | ' | ' | ' | ' |
Commercial | ' | ' | ' | ' | ' |
With No Related Allowance - Recorded Investment | 2,913,499,000,000 | ' | 2,913,499,000,000 | ' | ' |
With No Related Allowance - Updaid Principal Balance | 3,215,830,000,000 | ' | 3,215,830,000,000 | ' | ' |
With No Related Allowance - Average Recorded Investment | 2,431,613,000,000 | 4,004,515,000,000 | 1,511,916,000,000 | 1,480,516,000,000 | 1,032,115 |
With No Related Allowance - Interest Income Recognized | 35,288,000,000 | ' | 105,522,000,000 | ' | ' |
Commercial | ' | ' | ' | ' | ' |
With Related Allowance - Recorded Investment | 7,929,807,000,000 | 9,646,821,000,000 | 7,929,807,000,000 | 9,646,821,000,000 | 9,130,605 |
With Related Allowance - Updaid Principal Balance | 8,638,477,000,000 | 9,646,821,000,000 | 8,638,477,000,000 | 9,646,821,000,000 | 9,130,605 |
Related Allowance | 1,274,380,000,000 | 1,476,632,000,000 | 1,274,380,000,000 | 1,476,632,000,000 | 1,490,169 |
With Related Allowance - Average Recorded Investment | 8,700,575,000,000 | 6,184,255,000,000 | 8,975,029,000,000 | 4,326,187,000,000 | 5,546,690 |
With Related Allowance - Interest Income Recognized | 54,695,000,000 | 61,306,000,000 | 160,475,000,000 | 182,967,000,000 | 247,277 |
Total: | ' | ' | ' | ' | ' |
Recorded Investment | 10,843,306,000,000 | ' | 10,843,306,000,000 | ' | 9,130,605 |
Updaid Principal Balance | 11,854,307,000,000 | ' | 11,854,307,000,000 | ' | 9,130,605 |
Related Allowance | 1,274,380,000,000 | 1,476,632,000,000 | 1,274,380,000,000 | 1,476,632,000,000 | 1,490,169 |
Average Recorded Investment | 11,132,188,000,000 | ' | 10,468,945,000,000 | ' | 6,578,805 |
Interest Income Recognized | 89,983,000,000 | ' | 265,997,000,000 | ' | 247,277 |
Commercial Portfolio Segment [Member] | ' | ' | ' | ' | ' |
Commercial | ' | ' | ' | ' | ' |
With No Related Allowance - Recorded Investment | 4,157,154,000,000 | 1,241,011,000,000 | 4,157,154,000,000 | 1,241,011,000,000 | 263,770 |
With No Related Allowance - Updaid Principal Balance | 5,046,075,000,000 | 1,397,468,000,000 | 5,046,075,000,000 | 1,397,468,000,000 | 420,227 |
With No Related Allowance - Average Recorded Investment | 3,667,327,000,000 | 5,346,098,000,000 | 2,394,293,000,000 | 2,649,376,000,000 | 2,255,522 |
With No Related Allowance - Interest Income Recognized | 48,393,000,000 | 6,176,000,000 | 136,532,000,000 | ' | 39,040 |
Commercial | ' | ' | ' | ' | ' |
With Related Allowance - Recorded Investment | 7,960,930,000,000 | 10,121,957,000,000 | 7,960,930,000,000 | 10,121,957,000,000 | 9,662,866 |
With Related Allowance - Updaid Principal Balance | 8,669,600,000,000 | 10,121,957,000,000 | 8,669,600,000,000 | 10,121,957,000,000 | 9,662,866 |
Related Allowance | 1,276,254,000,000 | 1,711,659,000,000 | 1,276,254,000,000 | 1,711,659,000,000 | 1,783,861 |
With Related Allowance - Average Recorded Investment | 8,795,347,000,000 | 6,750,728,000,000 | 9,220,887,000,000 | 5,234,038,000,000 | 6,355,889 |
With Related Allowance - Interest Income Recognized | 54,695,000,000 | 65,221,000,000 | 160,475,000,000 | 211,537,000,000 | 257,005 |
Total: | ' | ' | ' | ' | ' |
Recorded Investment | ' | 11,362,968,000,000 | ' | 11,362,968,000,000 | ' |
Updaid Principal Balance | ' | 11,519,425,000,000 | ' | 11,519,425,000,000 | ' |
Related Allowance | 1,276,254,000,000 | 1,711,659,000,000 | 1,276,254,000,000 | 1,711,659,000,000 | 1,783,861 |
Average Recorded Investment | ' | 12,096,826,000,000 | ' | 7,883,414,000,000 | ' |
Interest Income Recognized | ' | 71,397,000,000 | ' | 248,957,000,000 | ' |
Residential Portfolio Segment [Member] | ' | ' | ' | ' | ' |
Commercial | ' | ' | ' | ' | ' |
With No Related Allowance - Recorded Investment | 1,394,657,000,000 | 164,542,000,000 | 1,394,657,000,000 | 164,542,000,000 | 162,012 |
With No Related Allowance - Updaid Principal Balance | 1,409,672,000,000 | 164,542,000,000 | 1,409,672,000,000 | 164,542,000,000 | 162,012 |
With No Related Allowance - Average Recorded Investment | 1,468,125,000,000 | 164,542,000,000 | 1,298,082,000,000 | 102,706,000,000 | 117,746 |
With No Related Allowance - Interest Income Recognized | 6,673,000,000 | ' | 20,942,000,000 | ' | ' |
Commercial | ' | ' | ' | ' | ' |
With Related Allowance - Average Recorded Investment | ' | ' | ' | 58,928,000,000 | 44,196 |
Total: | ' | ' | ' | ' | ' |
Recorded Investment | 1,394,657,000,000 | 164,542,000,000 | 1,394,657,000,000 | 164,542,000,000 | 162,012 |
Updaid Principal Balance | 1,409,672,000,000 | 164,542,000,000 | 1,409,672,000,000 | 164,542,000,000 | 162,012 |
Average Recorded Investment | 1,468,125,000,000 | 164,542,000,000 | 1,298,082,000,000 | 161,634,000,000 | 161,942 |
Interest Income Recognized | 6,673,000,000 | ' | 20,942,000,000 | ' | ' |
Loans to Individuals [Member] | ' | ' | ' | ' | ' |
Commercial | ' | ' | ' | ' | ' |
With No Related Allowance - Recorded Investment | ' | ' | ' | ' | 92,103 |
With No Related Allowance - Updaid Principal Balance | ' | ' | ' | ' | 92,103 |
With No Related Allowance - Average Recorded Investment | 77,329,000,000 | ' | 135,612,000,000 | ' | 34,292 |
With No Related Allowance - Interest Income Recognized | 8,164,000,000 | ' | 15,433,000,000 | ' | ' |
Commercial | ' | ' | ' | ' | ' |
With Related Allowance - Average Recorded Investment | ' | ' | ' | 5,650,000,000 | 4,238 |
Consumer Other Financing Receivable [Member] | ' | ' | ' | ' | ' |
Commercial | ' | ' | ' | ' | ' |
With No Related Allowance - Average Recorded Investment | ' | ' | ' | 22,540,000,000 | ' |
Consumer Portfolio Segment [Member] | ' | ' | ' | ' | ' |
Commercial | ' | ' | ' | ' | ' |
With No Related Allowance - Recorded Investment | ' | ' | ' | ' | 92,103 |
With No Related Allowance - Updaid Principal Balance | ' | ' | ' | ' | 92,103 |
With No Related Allowance - Average Recorded Investment | 77,329,000,000 | ' | 135,612,000,000 | 22,540,000,000 | 34,292 |
With No Related Allowance - Interest Income Recognized | 8,164,000,000 | ' | 15,433,000,000 | ' | ' |
Commercial | ' | ' | ' | ' | ' |
With Related Allowance - Average Recorded Investment | ' | ' | ' | 5,650,000,000 | 4,238 |
Total: | ' | ' | ' | ' | ' |
Recorded Investment | ' | ' | ' | ' | 92,103 |
Updaid Principal Balance | ' | ' | ' | ' | 92,103 |
Average Recorded Investment | 77,239,000,000 | ' | 135,612,000,000 | 28,190,000,000 | 38,530 |
Interest Income Recognized | $8,164,000,000 | ' | $15,433,000,000 | ' | ' |
Note_5_Allowance_for_Loan_Loss9
Note 5 - Allowance for Loan Losses and Credit Quality Disclosure (Details) - Impaired Loans Receivables (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | |
Commercial | ' | ' | ' | ' | ' |
Impaired loans with no related allowance, recorded investment | $5,551,811,000,000 | $1,405,553,000,000 | $5,551,811,000,000 | $1,405,553,000,000 | $517,885 |
Impaired loans with no related allowance, unpaid principal balance | 6,455,747,000,000 | 1,562,010,000,000 | 6,455,747,000,000 | 1,562,010,000,000 | 674,342 |
Impaired loans with no related allowance, average recorded investment | 5,212,691,000,000 | 5,510,640,000,000 | 3,827,987,000,000 | 2,774,622,000,000 | 2,407,560 |
Impaired loans with no related allowance, interest income recognized | 63,230,000,000 | 6,176,000,000 | 172,907,000,000 | 37,420,000,000 | 39,040 |
Commercial | ' | ' | ' | ' | ' |
Impaired loans with an allowance, recorded investment | 7,960,930,000,000 | 10,121,957,000,000 | 7,960,930,000,000 | 10,121,957,000,000 | 9,662,866 |
Impaired loans with an allowance, unpaid principal balance | 8,669,600,000,000 | 10,121,957,000,000 | 8,669,600,000,000 | 10,121,957,000,000 | 9,662,866 |
Impaired loans, related allowance | 1,276,254,000,000 | 1,711,659,000,000 | 1,276,254,000,000 | 1,711,659,000,000 | 1,783,861 |
Impaired loans with an allowance, average recorded investment | 8,795,347,000,000 | 6,750,728,000,000 | 9,220,887,000,000 | 5,298,616,000,000 | 6,404,323 |
Impaired loans with an allowance, interest income recognized | 54,695,000,000 | 65,221,000,000 | 160,475,000,000 | ' | 257,005 |
Total: | ' | ' | ' | ' | ' |
Impaired loans, recorded investment | 13,512,741,000,000 | 11,527,510,000,000 | 13,512,741,000,000 | 11,527,510,000,000 | 10,180,751 |
Impaired loans, unpaid principal balance | 15,125,347,000,000 | 11,683,967,000,000 | 15,125,347,000,000 | 11,683,967,000,000 | 10,337,208 |
Impaired loans, related allowance | 1,276,254,000,000 | 1,711,659,000,000 | 1,276,254,000,000 | 1,711,659,000,000 | 1,783,861 |
Impaired loans, average recorded investment | 14,008,038,000,000 | 12,261,368,000,000 | 13,048,874,000,000 | 8,073,238,000,000 | 8,811,883 |
Impaired loans, interest income recognized | 117,925,000,000 | 71,397,000,000 | 333,382,000,000 | 248,957,000,000 | 296,045 |
Construction [Member] | ' | ' | ' | ' | ' |
Commercial | ' | ' | ' | ' | ' |
Impaired loans with no related allowance, recorded investment | 449,663,000,000 | 1,015,112,000,000 | 449,663,000,000 | 1,015,112,000,000 | 19,930 |
Impaired loans with no related allowance, unpaid principal balance | 449,663,000,000 | 1,015,112,000,000 | 449,663,000,000 | 1,015,112,000,000 | 19,930 |
Impaired loans with no related allowance, average recorded investment | 449,663,000,000 | 1,184,249,000,000 | 302,656,000,000 | 636,741,000,000 | 965,268 |
Impaired loans with no related allowance, interest income recognized | 6,134,000,000 | 4,660,000,000 | 10,955,000,000 | 37,420,000,000 | 33,946 |
Commercial | ' | ' | ' | ' | ' |
Impaired loans with an allowance, average recorded investment | ' | ' | ' | 329,138,000,000 | 246,853 |
Total: | ' | ' | ' | ' | ' |
Impaired loans, recorded investment | 449,663,000,000 | ' | 449,663,000,000 | ' | 19,930 |
Impaired loans, unpaid principal balance | 449,663,000,000 | ' | 449,663,000,000 | ' | 19,930 |
Impaired loans, average recorded investment | 449,663,000,000 | ' | 302,656,000,000 | ' | 1,212,121 |
Impaired loans, interest income recognized | 6,134,000,000 | ' | 10,955,000,000 | ' | 33,946 |
Commercial Business [Member] | ' | ' | ' | ' | ' |
Commercial | ' | ' | ' | ' | ' |
Impaired loans with no related allowance, recorded investment | 793,992,000,000 | 225,899,000,000 | 793,992,000,000 | 225,899,000,000 | 243,840 |
Impaired loans with no related allowance, unpaid principal balance | 1,380,582,000,000 | 382,356,000,000 | 1,380,582,000,000 | 382,356,000,000 | 400,297 |
Impaired loans with no related allowance, average recorded investment | 786,051,000,000 | 157,334,000,000 | 579,721,000,000 | 532,119,000,000 | 258,139 |
Impaired loans with no related allowance, interest income recognized | 6,971,000,000 | 1,516,000,000 | 20,055,000,000 | ' | 5,094 |
Commercial | ' | ' | ' | ' | ' |
Impaired loans with an allowance, recorded investment | 31,123,000,000 | 475,136,000,000 | 31,123,000,000 | 475,136,000,000 | 532,261 |
Impaired loans with an allowance, unpaid principal balance | 31,123,000,000 | 475,136,000,000 | 31,123,000,000 | 475,136,000,000 | 532,261 |
Impaired loans, related allowance | 1,874,000,000 | 235,027,000,000 | 1,874,000,000 | 235,027,000,000 | 293,692 |
Impaired loans with an allowance, average recorded investment | 94,772,000,000 | 566,473,000,000 | 245,858,000,000 | 578,713,000,000 | 562,346 |
Impaired loans with an allowance, interest income recognized | ' | 3,915,000,000 | ' | 28,570,000,000 | 9,728 |
Total: | ' | ' | ' | ' | ' |
Impaired loans, recorded investment | 825,115,000,000 | ' | 825,115,000,000 | ' | 776,101 |
Impaired loans, unpaid principal balance | 1,411,705,000,000 | ' | 1,411,705,000,000 | ' | 932,558 |
Impaired loans, related allowance | 1,874,000,000 | 235,027,000,000 | 1,874,000,000 | 235,027,000,000 | 293,692 |
Impaired loans, average recorded investment | 880,823,000,000 | ' | 825,579,000,000 | ' | 820,485 |
Impaired loans, interest income recognized | 6,971,000,000 | ' | 20,055,000,000 | ' | 14,822 |
Commercial Real Estate Portfolio Segment [Member] | ' | ' | ' | ' | ' |
Commercial | ' | ' | ' | ' | ' |
Impaired loans with no related allowance, recorded investment | 2,913,499,000,000 | ' | 2,913,499,000,000 | ' | ' |
Impaired loans with no related allowance, unpaid principal balance | 3,215,830,000,000 | ' | 3,215,830,000,000 | ' | ' |
Impaired loans with no related allowance, average recorded investment | 2,431,613,000,000 | 4,004,515,000,000 | 1,511,916,000,000 | 1,480,516,000,000 | 1,032,115 |
Impaired loans with no related allowance, interest income recognized | 35,288,000,000 | ' | 105,522,000,000 | ' | ' |
Commercial | ' | ' | ' | ' | ' |
Impaired loans with an allowance, recorded investment | 7,929,807,000,000 | 9,646,821,000,000 | 7,929,807,000,000 | 9,646,821,000,000 | 9,130,605 |
Impaired loans with an allowance, unpaid principal balance | 8,638,477,000,000 | 9,646,821,000,000 | 8,638,477,000,000 | 9,646,821,000,000 | 9,130,605 |
Impaired loans, related allowance | 1,274,380,000,000 | 1,476,632,000,000 | 1,274,380,000,000 | 1,476,632,000,000 | 1,490,169 |
Impaired loans with an allowance, average recorded investment | 8,700,575,000,000 | 6,184,255,000,000 | 8,975,029,000,000 | 4,326,187,000,000 | 5,546,690 |
Impaired loans with an allowance, interest income recognized | 54,695,000,000 | 61,306,000,000 | 160,475,000,000 | 182,967,000,000 | 247,277 |
Total: | ' | ' | ' | ' | ' |
Impaired loans, recorded investment | 10,843,306,000,000 | ' | 10,843,306,000,000 | ' | 9,130,605 |
Impaired loans, unpaid principal balance | 11,854,307,000,000 | ' | 11,854,307,000,000 | ' | 9,130,605 |
Impaired loans, related allowance | 1,274,380,000,000 | 1,476,632,000,000 | 1,274,380,000,000 | 1,476,632,000,000 | 1,490,169 |
Impaired loans, average recorded investment | 11,132,188,000,000 | ' | 10,468,945,000,000 | ' | 6,578,805 |
Impaired loans, interest income recognized | 89,983,000,000 | ' | 265,997,000,000 | ' | 247,277 |
Commercial Portfolio Segment [Member] | ' | ' | ' | ' | ' |
Commercial | ' | ' | ' | ' | ' |
Impaired loans with no related allowance, recorded investment | 4,157,154,000,000 | 1,241,011,000,000 | 4,157,154,000,000 | 1,241,011,000,000 | 263,770 |
Impaired loans with no related allowance, unpaid principal balance | 5,046,075,000,000 | 1,397,468,000,000 | 5,046,075,000,000 | 1,397,468,000,000 | 420,227 |
Impaired loans with no related allowance, average recorded investment | 3,667,327,000,000 | 5,346,098,000,000 | 2,394,293,000,000 | 2,649,376,000,000 | 2,255,522 |
Impaired loans with no related allowance, interest income recognized | 48,393,000,000 | 6,176,000,000 | 136,532,000,000 | ' | 39,040 |
Commercial | ' | ' | ' | ' | ' |
Impaired loans with an allowance, recorded investment | 7,960,930,000,000 | 10,121,957,000,000 | 7,960,930,000,000 | 10,121,957,000,000 | 9,662,866 |
Impaired loans with an allowance, unpaid principal balance | 8,669,600,000,000 | 10,121,957,000,000 | 8,669,600,000,000 | 10,121,957,000,000 | 9,662,866 |
Impaired loans, related allowance | 1,276,254,000,000 | 1,711,659,000,000 | 1,276,254,000,000 | 1,711,659,000,000 | 1,783,861 |
Impaired loans with an allowance, average recorded investment | 8,795,347,000,000 | 6,750,728,000,000 | 9,220,887,000,000 | 5,234,038,000,000 | 6,355,889 |
Impaired loans with an allowance, interest income recognized | 54,695,000,000 | 65,221,000,000 | 160,475,000,000 | 211,537,000,000 | 257,005 |
Total: | ' | ' | ' | ' | ' |
Impaired loans, recorded investment | ' | 11,362,968,000,000 | ' | 11,362,968,000,000 | ' |
Impaired loans, unpaid principal balance | ' | 11,519,425,000,000 | ' | 11,519,425,000,000 | ' |
Impaired loans, related allowance | 1,276,254,000,000 | 1,711,659,000,000 | 1,276,254,000,000 | 1,711,659,000,000 | 1,783,861 |
Impaired loans, average recorded investment | ' | 12,096,826,000,000 | ' | 7,883,414,000,000 | ' |
Impaired loans, interest income recognized | ' | 71,397,000,000 | ' | 248,957,000,000 | ' |
Residential Portfolio Segment [Member] | ' | ' | ' | ' | ' |
Commercial | ' | ' | ' | ' | ' |
Impaired loans with no related allowance, recorded investment | 1,394,657,000,000 | 164,542,000,000 | 1,394,657,000,000 | 164,542,000,000 | 162,012 |
Impaired loans with no related allowance, unpaid principal balance | 1,409,672,000,000 | 164,542,000,000 | 1,409,672,000,000 | 164,542,000,000 | 162,012 |
Impaired loans with no related allowance, average recorded investment | 1,468,125,000,000 | 164,542,000,000 | 1,298,082,000,000 | 102,706,000,000 | 117,746 |
Impaired loans with no related allowance, interest income recognized | 6,673,000,000 | ' | 20,942,000,000 | ' | ' |
Commercial | ' | ' | ' | ' | ' |
Impaired loans with an allowance, average recorded investment | ' | ' | ' | 58,928,000,000 | 44,196 |
Total: | ' | ' | ' | ' | ' |
Impaired loans, recorded investment | 1,394,657,000,000 | 164,542,000,000 | 1,394,657,000,000 | 164,542,000,000 | 162,012 |
Impaired loans, unpaid principal balance | 1,409,672,000,000 | 164,542,000,000 | 1,409,672,000,000 | 164,542,000,000 | 162,012 |
Impaired loans, average recorded investment | 1,468,125,000,000 | 164,542,000,000 | 1,298,082,000,000 | 161,634,000,000 | 161,942 |
Impaired loans, interest income recognized | 6,673,000,000 | ' | 20,942,000,000 | ' | ' |
Loans to Individuals [Member] | ' | ' | ' | ' | ' |
Commercial | ' | ' | ' | ' | ' |
Impaired loans with no related allowance, recorded investment | ' | ' | ' | ' | 92,103 |
Impaired loans with no related allowance, unpaid principal balance | ' | ' | ' | ' | 92,103 |
Impaired loans with no related allowance, average recorded investment | 77,329,000,000 | ' | 135,612,000,000 | ' | 34,292 |
Impaired loans with no related allowance, interest income recognized | 8,164,000,000 | ' | 15,433,000,000 | ' | ' |
Commercial | ' | ' | ' | ' | ' |
Impaired loans with an allowance, average recorded investment | ' | ' | ' | 5,650,000,000 | 4,238 |
Consumer Other Financing Receivable [Member] | ' | ' | ' | ' | ' |
Commercial | ' | ' | ' | ' | ' |
Impaired loans with no related allowance, average recorded investment | ' | ' | ' | 22,540,000,000 | ' |
Consumer Portfolio Segment [Member] | ' | ' | ' | ' | ' |
Commercial | ' | ' | ' | ' | ' |
Impaired loans with no related allowance, recorded investment | ' | ' | ' | ' | 92,103 |
Impaired loans with no related allowance, unpaid principal balance | ' | ' | ' | ' | 92,103 |
Impaired loans with no related allowance, average recorded investment | 77,329,000,000 | ' | 135,612,000,000 | 22,540,000,000 | 34,292 |
Impaired loans with no related allowance, interest income recognized | 8,164,000,000 | ' | 15,433,000,000 | ' | ' |
Commercial | ' | ' | ' | ' | ' |
Impaired loans with an allowance, average recorded investment | ' | ' | ' | 5,650,000,000 | 4,238 |
Total: | ' | ' | ' | ' | ' |
Impaired loans, recorded investment | ' | ' | ' | ' | 92,103 |
Impaired loans, unpaid principal balance | ' | ' | ' | ' | 92,103 |
Impaired loans, average recorded investment | 77,239,000,000 | ' | 135,612,000,000 | 28,190,000,000 | 38,530 |
Impaired loans, interest income recognized | $8,164,000,000 | ' | $15,433,000,000 | ' | ' |
Recovered_Sheet1
Note 5 - Allowance for Loan Losses and Credit Quality Disclosure (Details) - Troubled Debt Restructurings (USD $) | 9 Months Ended | 3 Months Ended |
Sep. 30, 2014 | Sep. 30, 2014 | |
Commercial Portfolio Segment [Member] | ||
Troubled Debt Restructurings: | ' | ' |
Number of Contracts | 9 | 2 |
Pre-Modification Outstanding Recording Investment | ' | $31,123 |
Post-Modification Outstanding Recording Investment | ' | $31,123 |
Recovered_Sheet2
Note 5 - Allowance for Loan Losses and Credit Quality Disclosure (Details) - Acquired Credit Impaired Loans (USD $) | 9 Months Ended |
Sep. 30, 2014 | |
Acquired Credit Impaired Loans [Abstract] | ' |
Acquisition of impaired loans | $240,917 |
Accretion of discount | -84,409 |
Balance at end of period | $156,508 |
Recovered_Sheet3
Note 5 - Allowance for Loan Losses and Credit Quality Disclosure (Details) - Additional Information for Acquired Credit Impaired Loans (USD $) | Sep. 30, 2014 | Feb. 07, 2014 |
Additional Information for Acquired Credit Impaired Loans [Abstract] | ' | ' |
Outstanding balance | $2,746,260 | $3,409,340 |
Carrying amount | $2,046,085 | $2,613,826 |
Note_6_ShareBased_Compensation2
Note 6 - Share-Based Compensation (Details) (USD $) | 9 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | |
Note 6 - Share-Based Compensation (Details) [Line Items] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in Shares) | 440,701 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in Shares) | 317,866 | ' |
Allocated Share-based Compensation Expense | $77,123 | $75,949 |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options | 62,341 | ' |
Employee Stock Option [Member] | ' | ' |
Note 6 - Share-Based Compensation (Details) [Line Items] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | '10 years | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | '4 years | ' |
Restricted Stock [Member] | ' | ' |
Note 6 - Share-Based Compensation (Details) [Line Items] | ' | ' |
Allocated Share-based Compensation Expense | 366,550 | 326,085 |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | '3 years | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | '4 years | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options | $1,141,472 | ' |
The 2013 Equity Incentive Plan [Member] | ' | ' |
Note 6 - Share-Based Compensation (Details) [Line Items] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in Shares) | 271,740 | ' |
2006 Directors Stock Plan [Member] | ' | ' |
Note 6 - Share-Based Compensation (Details) [Line Items] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in Shares) | 46,126 | ' |
Note_6_ShareBased_Compensation3
Note 6 - Share-Based Compensation (Details) - Share-based Compensation Activity (USD $) | 9 Months Ended |
Sep. 30, 2014 | |
Share-based Compensation Activity [Abstract] | ' |
Outstanding at January 1, 2014 | 235,598 |
Outstanding at January 1, 2014 | $8.81 |
Granted | 11,700 |
Granted | $11.02 |
Outstanding at September 30, 2014 | 247,298 |
Outstanding at September 30, 2014 | $8.91 |
Outstanding at September 30, 2014 | '5 years 36 days |
Outstanding at September 30, 2014 | $502,395 |
Exercisable at September 30, 2014 | 199,881 |
Exercisable at September 30, 2014 | $9.17 |
Exercisable at September 30, 2014 | '4 years 6 months |
Exercisable at September 30, 2014 | $380,591 |
Note_6_ShareBased_Compensation4
Note 6 - Share-Based Compensation (Details) - Fair Value Inputs, Assets, Quantitative Information (USD $) | 1 Months Ended | |||
Apr. 30, 2014 | Jan. 31, 2014 | |||
Fair Value Inputs, Assets, Quantitative Information [Abstract] | ' | ' | ||
Fair value of options granted (in Dollars per share) | $4.32 | $4.75 | ||
Risk-free rate of return | 1.70% | 1.65% | ||
Expected option life in years | '7 years | '7 years | ||
Expected volatility | 38.01% | 38.01% | ||
Expected dividends (1) | ' | [1] | ' | [1] |
[1] | To date, the Company has not paid cash dividends on its common stock. |
Note_6_ShareBased_Compensation5
Note 6 - Share-Based Compensation (Details) - Restricted Stock Activity (USD $) | 9 Months Ended |
Sep. 30, 2014 | |
Restricted Stock Activity [Abstract] | ' |
Non-vested at January 1, 2014 | 136,490 |
Non-vested at January 1, 2014 | $6.59 |
Granted | 60,100 |
Granted | $10.81 |
Vested | -55,410 |
Vested | $8.77 |
Non-vested at September 30, 2014 | 141,180 |
Non-vested at September 30, 2014 | $7.53 |
Note_7_Benefit_Plans_Details
Note 7 - Benefit Plans (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Compensation and Retirement Disclosure [Abstract] | ' | ' |
Cash Surrender Value of Life Insurance | $21.10 | $16.20 |
Note_7_Benefit_Plans_Details_N
Note 7 - Benefit Plans (Details) - Net Periodic Benefit Costs (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
Net Periodic Benefit Costs [Abstract] | ' | ' | ' | ' |
Service cost | $102,337 | $30,539 | $159,504 | $214,257 |
Interest cost | 77,583 | 22,229 | 120,922 | 155,951 |
Actuarial (gain) loss recognized | -3,718 | -29,893 | -5,795 | -209,721 |
Prior service cost recognized | ' | 942 | ' | 6,611 |
$176,202 | $23,817 | $274,631 | $167,098 |
Note_8_Other_Comprehensive_Inc2
Note 8 - Other Comprehensive Income (Loss) and Accumulated Other Comprehensive Income (Loss) (Details) - Components of Accumulated Other Comprehensive Income (Loss) (USD $) | Sep. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Dec. 31, 2012 |
Unrealized holding (losses) gains on available-for-sale securities: | ' | ' | ' | ' | ' | ' |
Accumulated other comprehensive income (loss) before tax | ($387,398) | ' | ($3,466,332) | ' | ' | ' |
Accumulated other comprehensive income (loss) income tax effect | 76,338 | ' | 1,218,698 | ' | ' | ' |
Accumulated other comprehensive income (loss) net of tax | -311,060 | -628,084 | -2,247,634 | -2,065,546 | -2,068,038 | 804,293 |
Accumulated Net Unrealized Investment Gain (Loss) [Member] | ' | ' | ' | ' | ' | ' |
Unrealized holding (losses) gains on available-for-sale securities: | ' | ' | ' | ' | ' | ' |
Accumulated other comprehensive income (loss) before tax | -231,763 | ' | -2,992,624 | ' | ' | ' |
Accumulated other comprehensive income (loss) income tax effect | 44,966 | ' | 1,060,098 | ' | ' | ' |
Accumulated other comprehensive income (loss) net of tax | -186,797 | -408,136 | -1,932,526 | -1,712,480 | -1,677,012 | 1,235,204 |
Accumulated Other-than-Temporary Impairment [Member] | ' | ' | ' | ' | ' | ' |
Unrealized holding (losses) gains on available-for-sale securities: | ' | ' | ' | ' | ' | ' |
Accumulated other comprehensive income (loss) before tax | -500,944 | ' | -500,944 | ' | ' | ' |
Accumulated other comprehensive income (loss) income tax effect | 170,321 | ' | 170,321 | ' | ' | ' |
Accumulated other comprehensive income (loss) net of tax | -330,623 | -330,623 | -330,623 | -330,623 | -330,623 | -330,623 |
Accumulated Defined Benefit Plans Adjustment, Net Unamortized Gain (Loss) [Member] | ' | ' | ' | ' | ' | ' |
Unrealized holding (losses) gains on available-for-sale securities: | ' | ' | ' | ' | ' | ' |
Accumulated other comprehensive income (loss) before tax | 345,309 | ' | 27,236 | ' | ' | ' |
Accumulated other comprehensive income (loss) income tax effect | -138,949 | ' | -11,721 | ' | ' | ' |
Accumulated other comprehensive income (loss) net of tax | $206,360 | ' | $15,515 | ' | ' | ' |
Note_8_Other_Comprehensive_Inc3
Note 8 - Other Comprehensive Income (Loss) and Accumulated Other Comprehensive Income (Loss) (Details) - Changes in the Components of AOCI (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Jun. 30, 2014 | Sep. 30, 2013 | Jun. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |||||
Accumulated Net Unrealized Investment Gain (Loss) [Member] | Accumulated Net Unrealized Investment Gain (Loss) [Member] | Accumulated Net Unrealized Investment Gain (Loss) [Member] | Accumulated Net Unrealized Investment Gain (Loss) [Member] | Accumulated Other-than-Temporary Impairment [Member] | Accumulated Other-than-Temporary Impairment [Member] | Accumulated Other-than-Temporary Impairment [Member] | Accumulated Other-than-Temporary Impairment [Member] | Accumulated Other-than-Temporary Impairment [Member] | Accumulated Defined Benefit Plans Adjustment [Member] | Accumulated Defined Benefit Plans Adjustment [Member] | Accumulated Defined Benefit Plans Adjustment [Member] | Accumulated Defined Benefit Plans Adjustment [Member] | |||||||||
Note 8 - Other Comprehensive Income (Loss) and Accumulated Other Comprehensive Income (Loss) (Details) - Changes in the Components of AOCI [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Accumulated other comprehensive income (loss) | ($628,084) | ($2,068,038) | ($2,247,634) | $804,293 | ($408,136) | ($1,677,012) | ($1,932,526) | $1,235,204 | ($330,623) | ($330,623) | ($330,623) | ($330,623) | ($330,623) | $110,675 | ($60,403) | $15,515 | ($100,288) | ||||
Other comprehensive income (loss) before reclassifications | 317,024 | 2,492 | 1,935,064 | -2,869,839 | 221,339 | -35,468 | 1,744,219 | -2,947,683 | ' | ' | ' | ' | ' | 95,685 | 37,960 | 190,845 | 77,884 | ||||
Amounts reclassified from accumulated other comprehensive income (loss) | ' | ' | 1,510 | [1] | ' | ' | ' | 1,510 | [1] | ' | ' | [1] | ' | ' | ' | ' | ' | ' | ' | [1] | ' |
Other comprehensive income (loss) | 317,024 | 2,492 | 1,936,574 | -2,869,839 | 221,339 | -35,468 | 1,745,729 | -2,947,683 | ' | ' | ' | ' | ' | 95,685 | 37,960 | 190,845 | 77,884 | ||||
Accumulated other comprehensive income (loss) | ($311,060) | ($2,065,546) | ($311,060) | ($2,065,546) | ($186,797) | ($1,712,480) | ($186,797) | ($1,712,480) | ($330,623) | ($330,623) | ($330,623) | ($330,623) | ($330,623) | $206,360 | ($22,443) | $206,360 | ($22,443) | ||||
[1] | Amounts reclassified are included in Other Income on the Consolidated Statement of Income. |
Note_10_Fair_Value_Disclosures2
Note 10 - Fair Value Disclosures (Details) (USD $) | 3 Months Ended | |||||
Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Sep. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | |
Note 10 - Fair Value Disclosures (Details) [Line Items] | ' | ' | ' | ' | ' | ' |
Impaired Financing Receivable, Recorded Investment | $13,512,741,000,000 | ' | ' | $11,527,510,000,000 | ' | $10,180,751 |
Impaired Financing Receivable, Related Allowance | 1,276,254,000,000 | ' | ' | 1,711,659,000,000 | ' | 1,783,861 |
Financing Receivable, Allowance for Credit Losses, Write-downs | 1,008,221 | 3,713,789 | 510,952 | 2,068 | 1,136,825 | ' |
Loan Reserve Charged Off [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ' | ' | ' | ' |
Note 10 - Fair Value Disclosures (Details) [Line Items] | ' | ' | ' | ' | ' | ' |
Impaired Financing Receivable, Recorded Investment | 6,093,000 | ' | ' | ' | ' | ' |
Fair Value, Inputs, Level 3 [Member] | ' | ' | ' | ' | ' | ' |
Note 10 - Fair Value Disclosures (Details) [Line Items] | ' | ' | ' | ' | ' | ' |
Number of Impaired Loans | 10 | ' | ' | ' | ' | 17 |
Impaired Financing Receivable, Recorded Investment | 7,960,930 | ' | ' | ' | ' | 9,662,862 |
Impaired Financing Receivable, Related Allowance | 1,276,254 | ' | ' | ' | ' | 1,783,861 |
Financing Receivable, Allowance for Credit Losses, Write-downs | $928,000 | ' | ' | ' | ' | ' |
Note_10_Fair_Value_Disclosures3
Note 10 - Fair Value Disclosures (Details) - Financial Assets and Liabillities at Fair Value Measured on Recurring Basis (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
Securities available for sale: | ' | ' |
Securities available for sale | $103,959,466 | $99,198,807 |
US Treasury and Government [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' |
Securities available for sale: | ' | ' |
Securities available for sale | 9,470,990 | 19,994,430 |
US Treasury and Government [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Securities available for sale: | ' | ' |
Securities available for sale | 1,515,705 | 1,515,270 |
US Treasury and Government [Member] | ' | ' |
Securities available for sale: | ' | ' |
Securities available for sale | 10,986,695 | 21,509,700 |
Residential Collateralized Mortgage Obligations- GSE [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Securities available for sale: | ' | ' |
Securities available for sale | 3,723,664 | 3,681,792 |
Residential Collateralized Mortgage Obligations- GSE [Member] | ' | ' |
Securities available for sale: | ' | ' |
Securities available for sale | 3,723,664 | 3,681,792 |
Residential Collateralized Mortgage Obligations- Non GSE [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Securities available for sale: | ' | ' |
Securities available for sale | 2,597,664 | 2,826,396 |
Residential Collateralized Mortgage Obligations- Non GSE [Member] | ' | ' |
Securities available for sale: | ' | ' |
Securities available for sale | 2,597,664 | 2,826,396 |
Residential Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Securities available for sale: | ' | ' |
Securities available for sale | 28,680,367 | 31,965,947 |
Residential Mortgage Backed Securities [Member] | ' | ' |
Securities available for sale: | ' | ' |
Securities available for sale | 28,680,367 | 31,965,947 |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Securities available for sale: | ' | ' |
Securities available for sale | 21,618,512 | 19,646,044 |
US States and Political Subdivisions Debt Securities [Member] | ' | ' |
Securities available for sale: | ' | ' |
Securities available for sale | 21,618,512 | 19,646,044 |
Trust Preferred Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Securities available for sale: | ' | ' |
Securities available for sale | 2,183,700 | 2,013,100 |
Trust Preferred Debt Securities [Member] | ' | ' |
Securities available for sale: | ' | ' |
Securities available for sale | 2,183,700 | 2,013,100 |
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Securities available for sale: | ' | ' |
Securities available for sale | 32,581,964 | 16,517,728 |
Corporate Debt Securities [Member] | ' | ' |
Securities available for sale: | ' | ' |
Securities available for sale | 32,581,964 | 16,517,728 |
Equity Securities, Restricted Stock [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Securities available for sale: | ' | ' |
Securities available for sale | 1,561,900 | 1,013,100 |
Equity Securities, Restricted Stock [Member] | ' | ' |
Securities available for sale: | ' | ' |
Securities available for sale | 1,561,900 | 1,013,100 |
Mutual Fund [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Securities available for sale: | ' | ' |
Securities available for sale | 25,000 | 25,000 |
Mutual Fund [Member] | ' | ' |
Securities available for sale: | ' | ' |
Securities available for sale | 25,000 | 25,000 |
Fair Value, Inputs, Level 1 [Member] | ' | ' |
Securities available for sale: | ' | ' |
Securities available for sale | 9,470,990 | 19,994,430 |
Fair Value, Inputs, Level 2 [Member] | ' | ' |
Securities available for sale: | ' | ' |
Securities available for sale | $94,488,476 | $79,204,377 |
Note_10_Fair_Value_Disclosures4
Note 10 - Fair Value Disclosures (Details) - Financial Assets and Liabillities at Fair Value Measured on Non-recurring Basis (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
Note 10 - Fair Value Disclosures (Details) - Financial Assets and Liabillities at Fair Value Measured on Non-recurring Basis [Line Items] | ' | ' |
Impaired loans | $7,265,700 | $7,879,005 |
Other real estate owned | 1,748,455 | 209,937 |
Fair Value, Inputs, Level 3 [Member] | ' | ' |
Note 10 - Fair Value Disclosures (Details) - Financial Assets and Liabillities at Fair Value Measured on Non-recurring Basis [Line Items] | ' | ' |
Impaired loans | 7,265,700 | 7,879,005 |
Other real estate owned | $1,748,455 | $209,937 |
Note_10_Fair_Value_Disclosures5
Note 10 - Fair Value Disclosures (Details) - Fair Value Qualitative Information (USD $) | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2014 | Dec. 31, 2013 | |||
Note 10 - Fair Value Disclosures (Details) - Fair Value Qualitative Information [Line Items] | ' | ' | ||
Impaired loans (in Dollars) | 7,265,700 | 7,879,005 | ||
Other real estate owned (in Dollars) | 1,748,455 | 209,937 | ||
Impaired Loans [Member] | Minimum [Member] | ' | ' | ||
Note 10 - Fair Value Disclosures (Details) - Fair Value Qualitative Information [Line Items] | ' | ' | ||
Appraisal adjustments | 10.00% | 5.00% | ||
Impaired Loans [Member] | Maximum [Member] | ' | ' | ||
Note 10 - Fair Value Disclosures (Details) - Fair Value Qualitative Information [Line Items] | ' | ' | ||
Appraisal adjustments | 40.00% | 15.00% | ||
Impaired Loans [Member] | Weighted Average [Member] | ' | ' | ||
Note 10 - Fair Value Disclosures (Details) - Fair Value Qualitative Information [Line Items] | ' | ' | ||
Appraisal adjustments | -19.10% | -8.80% | ||
Impaired Loans [Member] | ' | ' | ||
Note 10 - Fair Value Disclosures (Details) - Fair Value Qualitative Information [Line Items] | ' | ' | ||
Impaired loans (in Dollars) | 7,265,700 | 7,879,005 | ||
Valuation techniques | 'Appraisal of collateral (1) | [1] | 'Appraisal of collateral (1) | [1] |
Unobservable Input | 'Appraisal adjustments (2) | [2] | 'Appraisal adjustments (2) | [2] |
Other Real Estate Owned [Member] | Minimum [Member] | ' | ' | ||
Note 10 - Fair Value Disclosures (Details) - Fair Value Qualitative Information [Line Items] | ' | ' | ||
Appraisal adjustments | ' | 5.00% | ||
Other Real Estate Owned [Member] | Maximum [Member] | ' | ' | ||
Note 10 - Fair Value Disclosures (Details) - Fair Value Qualitative Information [Line Items] | ' | ' | ||
Appraisal adjustments | ' | 45.00% | ||
Other Real Estate Owned [Member] | Weighted Average [Member] | ' | ' | ||
Note 10 - Fair Value Disclosures (Details) - Fair Value Qualitative Information [Line Items] | ' | ' | ||
Appraisal adjustments | ' | -21.70% | ||
Other Real Estate Owned [Member] | ' | ' | ||
Note 10 - Fair Value Disclosures (Details) - Fair Value Qualitative Information [Line Items] | ' | ' | ||
Valuation techniques | 'Appraisal of collateral (1) | [1] | 'Appraisal of collateral (1) | [1] |
Unobservable Input | 'Appraisal adjustments (2) | [2] | 'Appraisal adjustments (2) | [2] |
Appraisal adjustments | 6.00% | ' | ||
Other real estate owned (in Dollars) | 1,748,455 | 209,937 | ||
[1] | Fair value is generally determined through independent appraisals of the underlying collateral, which generally include various Level 3 inputs which are not identifiable. | |||
[2] | Includes qualitative adjustments by management and estimated liquidation expenses. |
Note_10_Fair_Value_Disclosures6
Note 10 - Fair Value Disclosures (Details) - Estimated Fair Value of Financial Assets and Liabilities (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Cash and cash equivalents | $20,371,823 | $69,278,771 |
Cash and cash equivalents, fair value | 20,371,823 | 69,278,771 |
Securities available for sale | 103,959,466 | 99,198,807 |
Securities held to maturity | 148,182,693 | 152,816,815 |
Securities held to maturity, fair value | 152,466,765 | 153,629,773 |
Loans held for sale | 9,459,172 | 10,923,689 |
Loans held for sale, fair value | 9,602,000 | 10,924,000 |
Loans | 613,288,046 | 366,297,511 |
Loans, fair value | 615,200,000 | 372,548,000 |
Accrued interest receivable | 2,798,265 | 2,542,602 |
Accrued interest receivable, fair value | 2,798,265 | 2,542,602 |
Deposits | -823,564,746 | -638,552,030 |
Deposits, fair value | -824,154,000 | -639,539,000 |
Borrowings | -20,798,473 | -10,000,000 |
Borrowings, fair value | -21,509,000 | -11,148,000 |
Redeemable subordinated debentures | -18,557,000 | -18,557,000 |
Redeemable subordinated debentures, fair value | -18,557,000 | -18,557,000 |
Accrued interest payable | -802,851 | -883,212 |
Accrued interest payable, fair value | -802,851 | -883,212 |
Fair Value, Inputs, Level 1 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Cash and cash equivalents, fair value | 20,371,823 | 69,278,771 |
Securities available for sale | 9,470,990 | 19,994,430 |
Fair Value, Inputs, Level 2 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Securities available for sale | 94,488,476 | 79,204,377 |
Securities held to maturity, fair value | 152,466,765 | 153,629,773 |
Loans held for sale, fair value | 9,602,000 | 10,924,000 |
Accrued interest receivable, fair value | 2,798,265 | 2,542,602 |
Deposits, fair value | -82,415,400 | -639,539,000 |
Borrowings, fair value | -21,509,000 | -11,148,000 |
Redeemable subordinated debentures, fair value | -18,557,000 | -18,557,000 |
Accrued interest payable, fair value | -802,851 | -883,212 |
Fair Value, Inputs, Level 3 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Loans, fair value | $615,200,000 | $372,548,000 |