Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2018 | Apr. 30, 2018 | |
Document Information [Line Items] | ||
Entity Registrant Name | OLD LINE BANCSHARES INC | |
Entity Central Index Key | 1,253,317 | |
Trading Symbol | olbk | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Well-known Seasoned Issuer | No | |
Entity Common Stock, Shares Outstanding (in shares) | 16,974,783 | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) | Mar. 31, 2018 | Dec. 31, 2017 |
Assets | ||
Cash and due from banks | $ 85,617,226 | $ 33,562,652 |
Interest bearing accounts | 2,687,988 | 1,354,870 |
Federal funds sold | 200,366 | 256,589 |
Total cash and cash equivalents | 88,505,580 | 35,174,111 |
Investment securities available for sale-at fair value | 210,353,788 | 218,352,558 |
Loans held for sale, fair value of $4,073,887 and $4,557,722 | 3,934,086 | 4,404,294 |
Loans held for investment (net of allowance for loan losses of $6,257,519 and $5,920,586, respectively) | 1,756,576,833 | 1,696,361,431 |
Equity securities at cost | 7,782,847 | 8,977,747 |
Premises and equipment | 40,991,968 | 41,173,810 |
Accrued interest receivable | 5,310,151 | 5,476,230 |
Deferred income taxes | 8,547,392 | 7,317,096 |
Bank owned life insurance | 41,849,569 | 41,612,496 |
Annuity Plan | 5,981,809 | 5,981,809 |
Other real estate owned | 1,799,598 | 2,003,998 |
Goodwill | 25,083,675 | 25,083,675 |
Core deposit intangible | 5,985,657 | 6,297,970 |
Other assets | 8,008,664 | 7,396,227 |
Total assets | 2,210,711,617 | 2,105,613,452 |
Deposits | ||
Non-interest bearing | 572,119,981 | 451,803,052 |
Interest bearing | 1,213,584,463 | 1,201,100,317 |
Total deposits | 1,785,704,444 | 1,652,903,369 |
Short term borrowings | 161,477,872 | 192,611,971 |
Long term borrowings | 38,172,653 | 38,106,930 |
Accrued interest payable | 1,105,830 | 1,471,954 |
Supplemental executive retirement plan | 5,975,159 | 5,893,255 |
Income taxes payable | 4,182,749 | 2,157,375 |
Other liabilities | 3,700,120 | 4,741,412 |
Total liabilities | 2,000,318,827 | 1,897,886,266 |
Stockholders’ equity | ||
Common stock, par value $0.01 per share; 25,000,000 shares authorized; 12,566,696 and 12,508,332 shares issued and outstanding in 2018 and 2017, respectively | 125,667 | 125,083 |
Additional paid-in capital | 149,691,736 | 148,882,865 |
Retained earnings | 66,573,919 | 61,054,487 |
Accumulated other comprehensive loss | (5,998,532) | (2,335,249) |
Total stockholders’ equity | 210,392,790 | 207,727,186 |
Total liabilities and stockholders’ equity | $ 2,210,711,617 | $ 2,105,613,452 |
Consolidated Balance Sheets (C3
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) | Mar. 31, 2018 | Dec. 31, 2017 |
Loans held for sale, fair value | $ 4,073,887 | $ 4,557,722 |
Loans held for investment, allowance for loan losses | $ 6,257,519 | $ 5,920,586 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 25,000,000 | 25,000,000 |
Common stock, shares issued (in shares) | 12,566,696 | 12,508,332 |
Common stock, shares outstanding (in shares) | 12,566,696 | 12,508,332 |
Consolidated Statements of Inco
Consolidated Statements of Income (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Interest Income | ||
Loans, including fees | $ 19,700,762 | $ 15,365,654 |
U.S. treasury securities | 10,029 | 5,067 |
U.S. government agency securities | 81,542 | 48,504 |
Corporate bonds | 200,469 | 117,837 |
Mortgage backed securities | 575,018 | 554,429 |
Municipal securities | 500,620 | 435,554 |
Federal funds sold | 665 | 612 |
Other | 255,234 | 107,677 |
Total interest income | 21,324,339 | 16,635,334 |
Interest expense | ||
Deposits | 2,306,733 | 1,541,058 |
Borrowed funds | 1,334,831 | 932,887 |
Total interest expense | 3,641,564 | 2,473,945 |
Net interest income | 17,682,775 | 14,161,389 |
Provision for loan losses | 394,896 | 440,491 |
Net interest income after provision for loan losses | 17,287,879 | 13,720,898 |
Non-interest income | ||
Gain on sales or calls of investment securities | 15,677 | |
Earnings on bank owned life insurance | 292,936 | 281,356 |
Gain on disposal of assets | 14,366 | 112,594 |
Rental Income | 198,444 | 140,593 |
Income on marketable loans | 418,472 | 630,930 |
Total non-interest income | 1,795,021 | 1,854,734 |
Non-interest expense | ||
Salaries and benefits | 5,485,450 | 4,867,531 |
Occupancy and equipment | 1,980,401 | 1,653,413 |
Data processing | 609,639 | 356,648 |
FDIC insurance and State of Maryland assessments | 188,071 | 261,600 |
Core deposit premium amortization | 312,313 | 197,901 |
Loss (gain) on sales of other real estate owned | 12,516 | (17,689) |
OREO expense | 184,994 | 27,577 |
Directors Fees | 170,550 | 177,200 |
Network services | 79,205 | 139,607 |
Other operating | 1,764,396 | 1,674,200 |
Total non-interest expense | 10,991,959 | 9,532,130 |
Income before income taxes | 8,090,941 | 6,043,502 |
Income tax expense | 2,025,759 | 2,069,720 |
Net income available to common stockholders | $ 6,065,182 | $ 3,973,782 |
Basic earnings per common share (in dollars per share) | $ 0.48 | $ 0.36 |
Diluted earnings per common share (in dollars per share) | 0.48 | 0.36 |
Dividend per common share (in dollars per share) | $ 0.08 | $ 0.08 |
Deposit Account [Member] | ||
Non-interest income | ||
Service charges on deposit accounts | $ 576,584 | $ 412,159 |
Financial Service, Other [Member] | ||
Non-interest income | ||
Service charges on deposit accounts | 294,219 | 261,425 |
Public Utilities [Member] | ||
Non-interest expense | ||
Telephone | $ 204,424 | $ 194,142 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Net income | $ 6,065,182 | $ 3,973,782 |
Other comprehensive income: | ||
Unrealized gain/(loss) on securities available for sale, net of taxes of ($1,216,115), and $715,030, respectively | (3,203,310) | 1,097,727 |
Reclassification adjustment for realized gain on securities available for sale included in net income, net of taxes of $0 and $6,184, respectively | (9,493) | |
Other comprehensive income (loss) | (3,203,310) | 1,088,234 |
Comprehensive income | $ 2,861,872 | $ 5,062,016 |
Consolidated Statements of Com6
Consolidated Statements of Comprehensive Income (Unaudited) (Parentheticals) - USD ($) | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Unrealized gain (loss) on securities available for sale, taxes | $ (1,216,115) | $ 715,030 |
Reclassification adjustment for realized gain on securities available for sale included in net income, taxes | $ 0 | $ 6,184 |
Consolidated Statement of Chang
Consolidated Statement of Changes in Stockholders' Equity (Unaudited) - 3 months ended Mar. 31, 2018 - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total |
Balance (in shares) at Dec. 31, 2017 | 12,508,332 | 12,508,332 | |||
Balance at Dec. 31, 2017 | $ 125,083 | $ 148,882,865 | $ 61,054,487 | $ (2,335,249) | $ 207,727,186 |
Net income attributable to Old Line Bancshares, Inc. | 6,065,182 | 6,065,182 | |||
Other comprehensive loss, net of income tax of $1,216,115 | (3,203,310) | (3,203,310) | |||
Stock based compensation awards | 288,559 | 288,559 | |||
Stock options exercised (in shares) | 38,921 | ||||
Stock options exercised | $ 389 | 520,507 | 520,896 | ||
Restricted stock issued (in shares) | 19,443 | ||||
Restricted stock issued | $ 195 | (195) | |||
Common stock cash dividends $0.08 per share | (1,005,723) | $ (1,005,723) | |||
Balance (in shares) at Mar. 31, 2018 | 12,566,696 | 12,566,696 | |||
Balance at Mar. 31, 2018 | $ 125,667 | 149,691,736 | 66,573,919 | (5,998,532) | $ 210,392,790 |
Reclassification of stranded tax effect resulting from the Tax Cuts and Jobs Act | $ 459,973 | $ (459,973) |
Consolidated Statement of Chan8
Consolidated Statement of Changes in Stockholders' Equity (Unaudited) (Parentheticals) | 3 Months Ended |
Mar. 31, 2018USD ($)$ / shares | |
AOCI Attributable to Parent [Member] | |
Other comprehensive income, tax | $ | $ 1,216,115 |
Retained Earnings [Member] | |
Dividends per common share (in dollars per share) | $ / shares | $ 0.08 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Cash flows from operating activities | ||
Net income | $ 6,065,182 | $ 3,973,782 |
Adjustments to reconcile net income to net cash provided by operating activities | ||
Depreciation and amortization | 725,225 | 588,966 |
Provision for loan losses | 394,896 | 440,491 |
Change in deferred loan fees net of costs | (360,813) | 84,001 |
Gain on sales or calls of securities | (15,677) | |
Amortization of premiums and discounts | 205,833 | 265,593 |
Origination of loans held for sale | (19,299,766) | (20,356,369) |
Proceeds from sale of loans held for sale | 19,769,974 | 25,270,536 |
Income on marketable loans | (418,472) | (630,930) |
Loss (gain) on sales of other real estate owned | 12,516 | (17,689) |
Gain on sale of fixed assets | (14,366) | (112,594) |
Amortization of intangible assets | 312,313 | 197,901 |
Deferred income taxes | (14,181) | (28,358) |
Stock based compensation awards | 288,559 | 115,113 |
Increase (decrease) in | ||
Accrued interest payable | (366,124) | (487,144) |
Income tax payable | 2,025,374 | 2,042,421 |
Supplemental executive retirement plan | 81,904 | 69,864 |
Other liabilities | (1,041,292) | (333,095) |
Decrease (increase) in | ||
Accrued interest receivable | 166,079 | 233,959 |
Bank owned life insurance | (237,073) | (233,925) |
Other assets | (612,437) | 1,052,881 |
Net cash provided by operating activities | 7,683,331 | 12,119,727 |
Cash flows from investing activities | ||
Purchase of investment securities available for sale | (2,875,007) | (7,027,916) |
Available for sale at maturity, call or paydowns | 6,248,518 | 8,339,200 |
Loans made, net of principal collected | (59,831,012) | (55,381,656) |
Proceeds from sale of other real estate owned | 191,884 | (555,052) |
Change in equity securities | 1,194,900 | (1,031,900) |
Purchase of premises and equipment | (529,017) | (1,786,466) |
Proceeds from the sale of premises and equipment | 112,594 | |
Net cash used in investing activities | (55,599,734) | (57,331,196) |
Cash flows from financing activities | ||
Time deposits | 21,502,593 | 8,074,049 |
Other deposits | 111,298,482 | 34,924,175 |
Short term borrowings | (31,134,099) | 7,961,724 |
Long term borrowings | 65,723 | 65,723 |
Proceeds from stock options exercised | 520,896 | 148,382 |
Cash dividends paid-common stock | (1,005,723) | (875,758) |
Net cash provided by financing activities | 101,247,872 | 50,298,295 |
Net increase (decrease) in cash and cash equivalents | 53,331,469 | 5,086,826 |
Cash and cash equivalents at beginning of period | 35,174,111 | 23,463,171 |
Cash and cash equivalents at end of period | 88,505,580 | 28,549,997 |
Supplemental Disclosure of Cash Flow Information: | ||
Interest | 4,007,688 | 2,961,089 |
Income taxes | ||
Loans transferred to other real estate owned | $ 422,848 |
Note 1 - Summary of Significant
Note 1 - Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block] | 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Organization and Description of Business - April 11, 2003 As previously announced, on September 27, 2017, April 13, 2018. 11 Basis of Presentation and Consolidation The foregoing consolidated financial statements for the periods ended March 31, 2018 2017 December 31, 2017 10 December 31, 2017. no 10 Use of Estimates may Revenue from Contracts with Customers 606, 606” 606, not Our primary sources of revenue are derived from interest and dividends earned on loans, investment securities, and other financial instruments that are not 606. not 606 Reclassifications 2017 2018 not Recent Accounting Pronouncements – In May 2014, 2014 09 – Revenue from Contracts with Customers not January 1, 2018, not In January 2016, No. 2016 01 , Financial Instruments – Recognition and Measurement of Financial Assets and Liabilities, not December 15, 2017, January 1, 2018. no first 2018, not In February 2016, 2016 02 , Leases (Topic 842 December 15, 2018. first 2019. In June 2016, 2016 13 , Financial Instruments – Credit Losses (Topic 326 December 15, 2019, third 2016 13. 2016 13 2016 13 No. 2016 13 In August 2016, 2016 15 , Statement of Cash Flows (Topic 230 Classification of Certain Cash Receipts and Cash Payments nine 1 2 zero 3 4 5 6 7 8 9 January 1, 2018 January 1, 2018, not not In January 2017, 2017 01, Business Combinations (Topic 805 not January 1, 2018. not In January 2017, 2017 04, Simplifying the Test for Goodwill Impairment, 2 not December 15, 2019. January 1, 2017. not 2017 04 In March 2017, No. 2017 08, Premium Amortization on Purchased Callable Debt Securities not No. 2017 08 December 15, 2018; first not In August 2017, No. 2017 12, Targeted Improvements to Accounting for Hedging Activities 1 2 No. 2017 12 December 15, 2018; not not In February 2018, No. 2018 02, 220 35% 21%. 2018 02 December 15, 2018 2018 02 first 2018. $459,973 first 2018. |
Note 2 - Acquisition of DCB Ban
Note 2 - Acquisition of DCB Bancshares, Inc. | 3 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | 2. ACQUISITION OF DCB BANCSHARES, INC. On July 28, 2017, 0.9269 1,495,090 $40.9 July 28, 2017. In connection with the merger, Damascus merged with and into Old Line Bank, with Old Line Bank the surviving bank. At July 28, 2017, $311 six The acquired assets and assumed liabilities of DCB were measured at estimated fair value. Management made significant estimates and exercised significant judgment in accounting for the acquisition of DCB. Management judgmentally assigned risk ratings to loans based on appraisals and estimated collateral values, expected cash flows, prepayment speeds and estimated loss factors to measure fair value for loans. Management used quoted or current market prices to determine the fair value of DCB’s investment securities. The following table provides the purchase price as of the acquisition date and the identifiable assets acquired and liabilities assumed at their estimated fair values. Purchase Price Consideration Cash consideration $ 4,534 Purchase price assigned to shares exchanged for stock 40,845,876 Total purchase price for DCB acquisition 40,850,410 Fair Value of Assets Acquired Cash and due from banks $ 35,571,479 Investment securities available for sale 42,349,201 Loans, net 216,172,008 Premises and equipment 5,214,193 Accrued interest receivable 585,195 Deferred income taxes 599,336 Bank owned life insurance 3,085,783 Core deposit intangible 3,746,430 Other assets 3,650,800 Total assets acquired $ 310,974,425 Fair Value of Liabilities assumed Deposits $ 277,867,449 Short term borrowings 4,753,521 Other liabilities 2,800,363 Total liabilities assumed $ 285,421,333 Fair Value of net assets acquired 25,553,092 Total Purchase Price 40,850,410 Goodwill recorded for DCB $ 15,297,318 |
Note 3 - Investment Securities
Note 3 - Investment Securities | 3 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | 3. INVESTMENT SECURITIES Presented below is a summary of the amortized cost and estimated fair value of securities. Amortized Gross Gross Estimated March 31, 2018 Available for sale U.S. treasury $ 2,999,500 $ — $ (6,062 ) $ 2,993,438 U.S. government agency 19,164,818 — (529,629 ) 18,635,189 Corporate bonds 14,619,949 99,785 (5,625 ) 14,714,109 Municipal securities 79,351,920 30,292 (2,963,996 ) 76,418,216 Mortgage backed securities: FHLMC certificates 19,303,154 1,405 (950,058 ) 18,354,501 FNMA certificates 62,459,780 — (3,018,401 ) 59,441,379 GNMA certificates 20,730,502 — (933,546 ) 19,796,956 Total available for sale securities $ 218,629,623 $ 131,482 $ (8,407,317 ) $ 210,353,788 December 31, 2017 Available for sale U.S. treasury $ 3,007,728 $ — $ (2,337 ) $ 3,005,391 U.S. government agency 18,001,200 — (267,434 ) 17,733,766 Corporate bonds 14,621,378 144,574 (107,893 ) 14,658,059 Municipal securities 80,791,431 126,566 (1,362,709 ) 79,555,288 Mortgage backed securities FHLMC certificates 19,907,299 2,516 (455,580 ) 19,454,235 FNMA certificates 64,476,038 — (1,530,121 ) 62,945,917 GNMA certificates 21,403,894 — (403,992 ) 20,999,902 Total available for sale securities $ 222,208,968 $ 273,656 $ (4,130,066 ) $ 218,352,558 At March 31, 2018 December 31, 2017, March 31, 2018 Less than 12 months 12 Months or More Total Fair Unrealized Fair Unrealized Fair Unrealized U.S. treasury $ 1,492,266 $ 5,348 $ 1,501,172 $ 714 $ 2,993,438 $ 6,062 U.S. government agency 13,266,132 241,263 5,369,055 288,366 18,635,187 529,629 Corporate bonds 4,494,375 5,625 — — 4,494,375 5,625 Municipal securities 37,388,243 964,608 30,504,642 1,999,388 67,892,885 2,963,996 Mortgage backed securities FHLMC certificates — — 18,237,727 950,058 18,237,727 950,058 FNMA certificates 2,405,187 80,910 57,036,192 2,937,491 59,441,379 3,018,401 GNMA certificates 8,529,852 358,923 11,267,104 574,623 19,796,957 933,546 Total $ 67,576,055 $ 1,656,677 $ 123,915,892 $ 6,750,640 $ 191,491,948 $ 8,407,317 December 31, 2017 Less than 12 months 12 Months or More Total Fair Unrealized Fair Unrealized Fair Unrealized U.S. treasury $ 1,506,328 $ 1,422 $ 1,499,063 $ 915 $ 3,005,391 $ 2,337 U.S. government agency 12,266,502 93,043 5,467,264 174,391 17,733,766 267,434 Corporate bonds 9,407,810 107,893 — — 9,407,810 107,893 Municipal securities 25,548,751 189,668 31,343,394 1,173,041 56,892,145 1,362,709 Mortgage backed securities FHLMC certificates — — 19,314,957 455,580 19,314,957 455,580 FNMA certificates 2,516,080 19,937 60,429,837 1,510,184 62,945,917 1,530,121 GNMA certificates 8,822,021 114,278 12,177,882 289,714 20,999,904 403,992 Total $ 60,067,492 $ 526,241 $ 130,232,397 $ 3,603,825 $ 190,299,890 $ 4,130,066 At March 31, 2018 December 31, 2017, 116 56 12 76 56 12 March 31, 2018 March 31, 2018, not not not not not During the three March 31, 2018, $6.2 $8.3 $16 one three March 31, 2017. first 2017 Contractual maturities and pledged securities at March 31, 2018 may Available for Sale March 31, 2018 Amortized Fair Maturing Within one year $ 3,307,089 $ 3,296,591 Over one to five years 2,095,597 2,091,156 Over five to ten years 53,449,035 52,128,458 Over ten years 159,777,902 152,837,583 Total $ 218,629,623 $ 210,353,788 Pledged securities $ 64,300,151 $ 61,506,128 |
Note 4 - Loans
Note 4 - Loans | 3 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | 4. LOANS Major classifications of loans held for investment are as follows: March 31, 2018 December 31, 2017 Legacy (1) Acquired Total Legacy (1) Acquired Total Commercial Real Estate Owner Occupied $ 260,238,291 $ 80,868,601 $ 341,106,892 $ 268,128,087 $ 87,658,855 $ 355,786,942 Investment 536,823,023 50,040,491 586,863,514 485,536,921 52,926,739 538,463,660 Hospitality 164,411,156 6,711,774 171,122,930 164,193,228 7,395,186 171,588,414 Land and A&D 78,199,476 9,162,901 87,362,377 67,310,660 9,230,771 76,541,431 Residential Real Estate First Lien-Investment 79,549,169 20,987,672 100,536,841 79,762,682 21,220,518 100,983,200 First Lien-Owner Occupied 75,114,741 60,957,548 136,072,289 67,237,699 62,524,794 129,762,493 Residential Land and A&D 36,633,466 6,542,940 43,176,406 35,879,853 6,536,160 42,416,013 HELOC and Jr. Liens 20,896,736 14,954,499 35,851,235 21,520,339 16,019,418 37,539,757 Commercial and Industrial 168,101,599 31,609,023 199,710,622 154,244,645 33,100,688 187,345,333 Consumer 14,407,498 44,249,501 58,656,999 10,758,589 49,082,751 59,841,340 Total loans 1,434,375,155 326,084,950 1,760,460,105 1,354,572,703 345,695,880 1,700,268,583 Allowance for loan losses (6,075,467 ) (182,052 ) (6,257,519 ) (5,738,534 ) (182,052 ) (5,920,586 ) Deferred loan costs, net 2,374,247 — 2,374,247 2,013,434 — 2,013,434 Net loans $ 1,430,673,935 $ 325,902,898 $ 1,756,576,833 $ 1,350,847,603 $ 345,513,828 $ 1,696,361,431 ____________________________ ( 1 As a result of the acquisitions of Maryland Bankcorp, Inc. (“Maryland Bankcorp”), the parent company of Maryland Bank & Trust Company, N.A. (“MB&T”), in April 2011, May 2013, December 2015 July 2017, two Credit Policies and Administration We have adopted a comprehensive lending policy, which includes stringent underwriting standards for all types of loans. We have designed our underwriting standards to promote a complete banking relationship rather than a transactional relationship. In an effort to manage risk, prior to funding, the loan committee consisting of the Executive Officers and seven Management believes that it employs experienced lending officers, secures appropriate collateral and carefully monitors the financial condition of its borrowers and loan concentrations. In addition to the internal business processes employed in the credit administration area, Old Line Bank retains an outside independent firm to review the loan portfolio. This firm performs a detailed annual review and an interim update. We use the results of the firm’s report to validate our internal ratings and we review the commentary on specific loans and on our loan administration activities in order to improve our operations. Commercial Real Estate Loans We finance commercial real estate for our clients, for owner occupied and investment properties, hospitality and land acquisition and development. Commercial real estate loans totaled $1.2 $1.1 March 31, 2018 December 31, 2017, may may one four not 80% 75%. Commercial real estate lending entails significant risks. Risks inherent in managing our commercial real estate portfolio relate to sudden or gradual drops in property values as well as changes in the economic climate that may At March 31 2018, $171.1 Residential Real Estate Loans We offer a variety of consumer oriented residential real estate loans including home equity lines of credit, home improvement loans and first second $315.6 $310.7 March 31, 2018 December 31, 2017, not 85%. may not 43%, 640 not This segment of our portfolio also consists of funds advanced for construction of custom single family residences homes (where the home buyer is the borrower) and financing to builders for the construction of pre-sold homes and multi-family housing. These loans generally have short durations, meaning maturities typically of twelve twelve Construction lending also entails significant risk. These risks generally involve larger loan balances concentrated with single borrowers with funds advanced upon the security of the land or the project under construction. An appraisal of the property estimates the value of the project “as is and as if” completed. An appraisal of the property estimates the value of the project prior to completion of construction. Thus, initial funds are advanced based on the current value of the property with the remaining construction funds advanced under a budget sufficient to successfully complete the project within the “as completed” loan to value. To further mitigate the risks, we generally limit loan amounts to 80% first We generally only offer real estate construction financing only to experienced builders, commercial entities or individuals who have demonstrated the ability to obtain a permanent loan “take-out” (conversion to a permanent mortgage upon completion of the project). We also perform a complete analysis of the borrower and the project under construction. This analysis includes a review of the cost to construct, the borrower’s ability to obtain a permanent “take-out” the cash flow available to support the debt payments and construction costs in excess of loan proceeds, and the value of the collateral. During construction, we advance funds on these loans on a percentage of completion basis. We inspect each project as needed prior to advancing funds during the term of the construction loan. We may We also offer fixed rate home improvement loans. Our home equity and home improvement loan portfolio gives us a diverse client base. Although most of these loans are in our market area, the diversity of the individual loans in the portfolio reduces our potential risk. Usually, we secure our home equity loans and lines of credit with a security interest in the borrower’s primary or secondary residence. Under our loan approval policy, all residential real estate loans approved must comply with federal regulations. Generally, we will make residential mortgage loans in amounts up to the limits established by Fannie Mae and Freddie Mac for secondary market resale purposes. Currently this amount for single-family residential loans currently varies from $453,100 $679,650 $679,650. 620 Commercial and Industrial Lending Our commercial and industrial lending consists of lines of credit, revolving credit facilities, accounts receivable financing, term loans, equipment loans, Small Business Administration loans, standby letters of credit and unsecured loans. We originate commercial loans for any business purpose including the financing of leasehold improvements and equipment, the carrying of accounts receivable, general working capital, and acquisition activities. We have a diverse client base and we do not Commercial business loans have a higher degree of risk than residential mortgage loans because the availability of funds for repayment generally depends on the success of the business. They may $250,000, Consumer Installment Lending We offer various types of secured and unsecured consumer loans. We make consumer loans for personal, family or household purposes as a convenience to our customer base. Consumer loans, however, are not not 40% Our consumer loan portfolio, includes indirect loans, which consists primarily of auto and RV loans. These loans are financed through dealers and the dealers receive a percentage of the finance charge, which varies depending on the terms of each loan. We use the same underwriting standards in originating these indirect loans as we do for consumer loans generally. Consumer loans may may not may not may Concentrations of Credit Most of our lending activity occurs within the state of Maryland within the suburban Washington, D.C.and Baltimore market areas in Anne Arundel, Baltimore, Calvert, Carroll, Charles, Frederick, Montgomery, Prince George’s and St. Mary’s Counties. The majority of our loan portfolio consists of commercial real estate loans and residential real estate loans. Non-Accrual and Past Due Loans We consider loans past due if the borrower has not 90 no not not not The table below presents an age analysis of the loans held for investment portfolio at March 31, 2018 December 31, 2017. Age Analysis of Past Due Loans March 31, 2018 December 31, 2017 Legacy Acquired Total Legacy Acquired Total Current $ 1,429,320,233 $ 319,524,653 $ 1,748,844,886 $ 1,352,406,852 $ 338,913,557 $ 1,691,320,409 Accruing past due loans: 30-89 days past due Commercial Real Estate: Owner Occupied — 585,036 585,036 — — — Investment 71,397 829,819 901,216 1,089,022 843,706 1,932,728 Hospitality 1,174,349 293,497 1,467,846 — — — Land and A&D 2,610,890 158,899 2,769,789 254,925 158,899 413,824 Residential Real Estate: First Lien-Investment 268,430 502,557 770,987 270,822 506,600 777,422 First Lien-Owner Occupied — 1,624,416 1,624,416 229 2,457,299 2,457,528 HELOC and Jr. Liens — — — — 130,556 130,556 Commercial and Industrial 403,453 50,432 453,885 51,088 261,081 312,169 Consumer 58,469 887,465 945,934 26,134 1,017,195 1,043,329 Total 30-89 days past due 4,586,988 4,932,121 9,519,109 1,692,220 5,375,336 7,067,556 90 or more days past due Residential Real Estate: First Lien-Owner Occupied — 221,828 221,828 — 37,560 37,560 Consumer — 108,031 108,031 — 78,407 78,407 Total 90 or more days past due — 329,859 329,859 — 115,967 115,967 Total accruing past due loans 4,586,988 5,261,980 9,848,968 1,692,220 5,491,303 7,183,523 Commercial Real Estate: Owner Occupied — 230,082 230,082 — 228,555 228,555 Land and A&D — 196,171 196,171 — 190,193 190,193 Residential Real Estate: First Lien-Investment 192,501 — 192,501 192,501 — 192,501 First Lien-Owner Occupied 275,433 872,064 1,147,497 281,130 872,272 1,153,402 Commercial and Industrial — — — — — — Non-accruing loans: 467,934 1,298,317 1,766,251 473,631 1,291,020 1,764,651 Total Loans $ 1,434,375,155 $ 326,084,950 $ 1,760,460,105 $ 1,354,572,703 $ 345,695,880 $ 1,700,268,583 We consider all nonperforming loans and troubled debt restructurings (“TDRs”) to be impaired. We do not The tables below present our impaired loans at and for the periods ended March 31, 2018 December 31, 2017. Impaired Loans at March 31, 2018 Three months March 31, 2018 Unpaid Recorded Related Average Interest Legacy With no related allowance recorded: Commercial Real Estate: Owner Occupied $ 1,782,165 $ 1,782,165 $ — $ 1,782,165 $ 18,595 Investment 1,143,826 1,143,826 — 1,143,826 15,341 Residential Real Estate: First Lien-Owner Occupied 224,092 224,092 — 230,786 2,188 Commercial and Industrial 377,936 377,936 — 377,936 3,365 With an allowance recorded: Commercial Real Estate: Investment 587,663 587,663 69,903 587,663 7,388 Residential Real Estate: First Lien-Investment 192,501 192,501 39,420 192,501 — First Lien-Owner Occupied 51,341 51,341 37,076 55,830 1,134 Commercial and Industrial 95,431 95,431 95,431 95,231 1,611 Total legacy impaired 4,454,955 4,454,955 241,830 4,465,938 49,622 Acquired(1) With no related allowance recorded: Commercial Real Estate: Owner Occupied 254,445 254,445 — 254,445 — Land and A&D 328,851 45,000 — 328,851 — Residential Real Estate: First Lien-Owner Occupied 1,377,804 1,265,545 — 1,374,804 4,870 With an allowance recorded: Commercial Real Estate: Land and A&D 154,297 154,297 80,072 161,153 — Residential Real Estate: First Lien-Owner Occupied 250,194 250,194 77,464 273,618 Commercial and Industrial 71,049 71,049 24,516 70,869 1,194 Total acquired impaired 2,436,640 2,040,530 182,052 2,463,740 6,064 Total impaired $ 6,891,595 $ 6,495,485 $ 423,882 $ 6,929,678 $ 55,686 _________________________ ( 1 Generally accepted accounting principles require that we record acquired loans at fair value at acquisition, which includes a discount for loans with credit impairment. These purchased credit impaired loans are not not Impaired Loans Unpaid Average Interest Principal Recorded Related Recorded Income Balance Investment Allowance Investment Recognized Legacy With no related allowance recorded: Commercial Real Estate: Owner Occupied $ 1,797,030 $ 1,797,030 $ — $ 1,913,873 $ 70,623 Investment 1,155,595 1,155,595 — 1,183,738 51,806 Residential Real Estate: First Lien-Owner Occupied 226,554 226,554 — 233,618 10,536 Commercial and Industrial 387,208 387,208 — 379,983 30,245 With an allowance recorded: Commercial Real Estate: Investment 592,432 592,432 69,903 601,959 30,576 Residential Real Estate: First Lien-Owner Occupied 54,576 54,576 37,075 217,673 — First Lien-Investment 192,501 192,501 39,420 192,501 — Commercial and Industrial 96,212 96,212 96,212 97,923 4,960 Total legacy impaired 4,502,108 4,502,108 242,610 4,821,268 198,746 Acquired(1) With no related allowance recorded: Commercial Real Estate: Owner Occupied 253,865 253,865 — 252,988 2,155 Land and A&D 334,271 45,000 — 334,271 — Residential Real Estate: First Lien-Owner Occupied 1,382,055 1,269,796 — 1,390,037 31,601 First Lien-Investment 131,294 74,066 — 132,812 4,378 With an allowance recorded: Commercial Real Estate: Land and A&D 148,196 148,196 80,072 155,621 2,498 Residential Real Estate: First Lien-Owner Occupied 250,194 250,194 77,464 273,596 23,424 Commercial and Industrial 72,125 72,125 24,517 74,279 3,775 Total acquired impaired 2,572,000 2,113,242 182,053 2,613,604 67,831 Total impaired $ 7,074,108 $ 6,615,350 $ 424,663 $ 7,434,872 $ 266,577 ______________________ ( 1 Generally accepted accounting principles require that we record acquired loans at fair value at acquisition, which includes a discount for loans with credit impairment. These purchased credit impaired loans are not not We consider a loan a TDR when we conclude that both of the following conditions exist: the restructuring constitutes a concession and the debtor is experiencing financial difficulties. Restructured loans at March 31, 2018 seven $2.6 seven December 31, 2017 $2.7 The following table includes the recorded investment in and number of modifications of TDRs for the three March 31, 2018 2017. no three three March 31, 2018 2017. Loans Modified as a TDR for the three months ended March 31, 2018 March 31, 2017 Pre- Post Pre- Post Modification Modification Modification Modification Outstanding Outstanding Outstanding Outstanding TroubledDebtRestructurings— # of Recorded Recorded # of Recorded Recorded (Dollarsinthousands) Contracts Investment Investment Contracts Investment Investment Legacy Commercial Real Estate — — — 1 1,596,740 1,596,740 Commercial and Industrial — — — 1 414,324 414,324 Total legacy TDR's — $ — $ — 2 $ 2,011,064 $ 2,011,064 Acquired impaired loans The following table documents changes in the accretable (premium) discount on acquired impaired loans during the three March 31, 2018 2017, March 31, 2018 March 31, 2017 Balance at beginning of period $ 115,066 $ (22,980 ) Accretion of fair value discounts (27,770 ) (41,601 ) Reclassification from non-accretable discount 23,195 42,146 Balance at end of period $ 110,491 $ (22,435 ) Contractually Required Payments Receivable Carrying Amount At March 31, 2018 $ 8,421,446 $ 6,799,657 At December 31, 2017 8,277,731 6,617,774 At March 31, 2017 8,857,375 7,078,918 At December 31, 2016 9,597,703 7,558,415 Credit Quality Indicators We review the adequacy of the allowance for loan losses at least quarterly. We base the evaluation of the adequacy of the allowance for loan losses upon loan categories. We categorize loans as residential real estate loans, commercial real estate loans, commercial loans and consumer loans. We further divide commercial real estate loans by owner occupied, investment, hospitality and land acquisition and development. We also divide residential real estate by owner occupied, investment, land acquisition and development and junior liens. All categories are divided by risk rating and loss factors and weighed by risk rating to determine estimated loss amounts. We evaluate delinquent loans and loans for which management has knowledge about possible credit problems of the borrower or knowledge of problems with collateral separately and assign loss amounts based upon the evaluation. We determine loss ratios for all loans based upon a review of the three We charge off loans that management has identified as losses. We consider suggestions from our external loan review firm and bank examiners when determining which loans to charge off. We automatically charge off consumer loan accounts based on regulatory requirements. We partially charge off real estate loans that are collateral dependent based on the value of the collateral. If a loan that was previously rated a pass performing loan, from our acquisitions, deteriorates subsequent to the acquisition, the subject loan will be assessed for risk and, if necessary, evaluated for impairment. If the risk assessment rating is adversely changed and the loan is determined to not no no The following tables outline the class of loans by risk rating at March 31, 2018 December 31, 2017: At March 31, 2018 Legacy Acquired Total Risk Rating Pass(1 - 5) Commercial Real Estate: Owner Occupied $ 254,527,556 $ 76,329,072 $ 330,856,628 Investment 534,711,778 48,194,797 582,906,575 Hospitality 164,411,156 6,418,277 170,829,433 Land and A&D 76,107,752 9,009,609 85,117,361 Residential Real Estate: First Lien-Investment 78,607,349 19,413,443 98,020,792 First Lien-Owner Occupied 74,773,041 56,353,386 131,126,427 Land and A&D 34,485,110 5,737,907 40,223,017 HELOC and Jr. Liens 20,896,735 14,954,499 35,851,234 Commercial and Industrial 164,571,909 31,479,248 196,051,157 Consumer 14,407,498 44,188,529 58,596,027 Total pass 1,417,499,884 312,078,767 1,729,578,651 Special Mention(6) Commercial Real Estate: Owner Occupied 431,911 2,776,523 3,208,434 Investment 379,756 1,026,752 1,406,508 Hospitality — 293,497 293,497 Land and A&D 2,091,724 108,292 2,200,016 Residential Real Estate: First Lien-Investment 298,030 1,349,598 1,647,628 First Lien-Owner Occupied 66,267 1,828,225 1,894,492 Land and A&D 2,148,357 653,862 2,802,219 Commercial and Industrial 1,518,258 56,988 1,575,246 Consumer — 60,972 60,972 Total special mention 6,934,303 8,154,709 15,089,012 Substandard(7) Commercial Real Estate: Owner Occupied 5,278,824 1,763,006 7,041,830 Investment 1,731,489 818,942 2,550,431 Hospitality — — — Land and A&D — 45,000 45,000 Residential Real Estate: First Lien-Investment 643,790 224,631 868,421 First Lien-Owner Occupied 275,433 2,775,937 3,051,370 Land and A&D — 151,171 151,171 Commercial and Industrial 2,011,432 72,787 2,084,219 Consumer — — — Total substandard 9,940,968 5,851,474 15,792,442 Doubtful(8) — — — Loss(9) — — — Total $ 1,434,375,155 $ 326,084,950 $ 1,760,460,105 At December 31, 2017 Legacy Acquired Total Risk Rating Pass(1 - 5) Commercial Real Estate: Owner Occupied $ 262,377,665 $ 83,069,390 $ 345,447,055 Investment 483,404,883 51,064,247 534,469,130 Hospitality 164,193,228 7,395,186 171,588,414 Land and A&D 65,184,837 9,065,405 74,250,242 Residential Real Estate: First Lien-Investment 78,814,931 19,846,749 98,661,680 First Lien-Owner Occupied 66,888,943 57,895,058 124,784,001 Land and A&D 33,712,187 5,727,719 39,439,906 HELOC and Jr. Liens 21,520,339 16,019,418 37,539,757 Commercial and Industrial 150,881,948 32,738,715 183,620,663 Consumer 10,758,589 49,017,427 59,776,016 Total pass 1,337,737,550 331,839,314 1,669,576,864 Special Mention(6) Commercial Real Estate: Owner Occupied 435,751 2,816,057 3,251,808 Investment 384,011 1,037,254 1,421,265 Hospitality — — — Land and A&D 2,125,823 120,366 2,246,189 Residential Real Estate: First Lien-Investment 300,824 1,034,942 1,335,766 First Lien-Owner Occupied 67,626 1,848,385 1,916,011 Land and A&D 2,167,666 663,248 2,830,914 Commercial and Industrial 1,519,394 59,902 1,579,296 Consumer — 65,324 65,324 Total special mention 7,001,095 7,645,478 14,646,573 Substandard(7) Commercial Real Estate: Owner Occupied 5,314,671 1,773,408 7,088,079 Investment 1,748,027 825,238 2,573,265 Hospitality — — — Land and A&D — 45,000 45,000 Residential Real Estate: First Lien-Investment 646,927 338,827 985,754 First Lien-Owner Occupied 281,130 2,781,351 3,062,481 Land and A&D — 145,193 145,193 Commercial and Industrial 1,843,303 302,071 2,145,374 Consumer — — — Total substandard 9,834,058 6,211,088 16,045,146 Doubtful(8) — — — Loss(9) — — — Total $ 1,354,572,703 $ 345,695,880 $ 1,700,268,583 The following table details activity in the allowance for loan losses by portfolio segment for the three March 31, 2018 2017. one not March 31, 2018 Commercial Commercial Residential Consumer Total Beginning balance $ 1,262,030 $ 3,783,735 $ 844,355 $ 30,466 $ 5,920,586 Provision for loan losses (50,372 ) 527,631 (148,161 ) 65,798 394,896 Recoveries 300 139 32 3,645 4,116 Total 1,211,958 4,311,505 696,226 99,909 6,319,598 Loans charged off — — — (62,079 ) (62,079 ) Ending Balance $ 1,211,958 $ 4,311,505 $ 696,226 $ 37,830 $ 6,257,519 Amount allocated to: Legacy Loans: Individually evaluated for impairment $ 95,431 $ 69,903 $ 76,496 $ — $ 241,830 Other loans not individually evaluated 1,092,011 4,161,530 542,266 37,830 5,833,637 Acquired Loans: Individually evaluated for impairment 24,516 80,072 77,464 — 182,052 Ending balance $ 1,211,958 $ 4,311,505 $ 696,226 $ 37,830 $ 6,257,519 March 31, 2017 Commercial Commercial Residential Consumer Total Beginning balance $ 1,372,235 $ 3,990,152 $ 823,520 $ 9,562 $ 6,195,469 Provision for loan losses 430,390 132,613 (137,611 ) 15,099 440,491 Recoveries 1,050 417 900 3,324 5,691 Total 1,803,675 4,123,182 686,809 27,985 6,641,651 Loans charged off (570,523 ) (439,922 ) (2,268 ) (19,149 ) (1,031,862 ) Ending Balance $ 1,233,152 $ 3,683,260 $ 684,541 $ 8,836 $ 5,609,789 Amount allocated to: Legacy Loans: Individually evaluated for impairment $ 300,960 $ 30,177 $ 20,262 $ — $ 351,399 Other loans not individually evaluated 906,658 3,653,083 583,711 8,836 5,152,288 Acquired Loans: Individually evaluated for impairment 25,534 — 80,568 — 106,102 Ending balance $ 1,233,152 $ 3,683,260 $ 684,541 $ 8,836 $ 5,609,789 Our recorded investment in loans at March 31, 2018 2017 March 31, 2018 Commercial Commercial Residential Consumer Total Legacy loans: Individually evaluated for impairment with specific reserve $ 95,431 $ 587,663 $ 243,842 $ — $ 926,936 Individually evaluated for impairment without specific reserve 377,936 2,925,991 224,092 — 3,528,019 Other loans not individually evaluated 167,628,232 1,036,158,293 211,726,177 14,407,498 1,429,920,200 Acquired loans: Individually evaluated for impairment with specific reserve subsequent to acquisition (ASC 310-20 at acquisition) 71,049 154,297 250,194 — 475,540 Individually evaluated for impairment without specific reserve (ASC 310-20 at acquisition) — 299,445 1,265,545 — 1,564,990 Individually evaluated for impairment without specific reserve (ASC 310-30 at acquisition) — 3,434,002 3,351,654 14,000 6,799,656 Collectively evaluated for impairment without reserve (ASC 310-20 at acquisition) 31,537,974 142,896,022 98,575,266 44,235,502 317,244,764 Ending balance $ 199,710,622 $ 1,186,455,713 $ 315,636,770 $ 58,657,000 $ 1,760,460,105 March 31, 2017 Commercial Commercial Residential Consumer Total Legacy loans: Individually evaluated for impairment with specific reserve $ 300,960 $ 607,327 $ 192,501 $ — $ 1,100,788 Individually evaluated for impairment without specific reserve 414,324 3,033,353 263,495 — 3,711,172 Other loans not individually evaluated 142,496,583 888,876,611 200,565,837 4,915,505 1,236,854,536 Acquired loans: Individually evaluated for impairment with specific reserve subsequent to acquisition (ASC 310-20 at acquisition) 75,221 150,430 — — 225,651 Individually evaluated for impairment without specific reserve (ASC 310-20 at acquisition) — — 1,048,310 — 1,048,310 Individually evaluated for impairment without specific reserve (ASC 310-30 at acquisition) — 3,934,823 3,144,095 — 7,078,918 Collectively evaluated for impairment without reserve (ASC 310-20 at acquisition) 5,251,269 97,414,215 68,369,950 121,018 171,156,452 Ending balance $ 148,538,357 $ 994,016,759 $ 273,584,188 $ 5,036,523 $ 1,421,175,827 |
Note 5 - Other Real Estate Owne
Note 5 - Other Real Estate Owned | 3 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Real Estate Owned [Text Block] | 5. OTHER REAL ESTATE OWNED At March 31, 2018 December 31, 2017, $1.8 $2.0 two not The following outlines the transactions in OREO during the period. Three months ended March 31, 2018 Legacy Acquired Total Beginning balance $ 425,000 $ 1,578,998 $ 2,003,998 Real estate acquired through foreclosure of loans — — — Addiitonal valuation adjustment of real estate owned — — — Sales/deposits on sales — (191,884 ) (191,884 ) Net realized gain/(loss) — (12,516 ) (12,516 ) Total end of period $ 425,000 $ 1,374,598 $ 1,799,598 Residential Foreclosures and Repossessed Assets March 31, 2018, $966 two $529 March 31, 2018 one $277 December 31, 2017. |
Note 6 - Earnings Per Common Sh
Note 6 - Earnings Per Common Share | 3 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 6. EARNINGS PER COMMON SHARE We determine basic earnings per common share by dividing net income available to common stockholders by the weighted average number of shares of common stock outstanding giving retroactive effect to stock dividends. We calculate diluted earnings per common share by including the average dilutive common stock equivalents outstanding during the period. Dilutive common equivalent shares consist of stock options, calculated using the treasury stock method. Three Months Ended 2018 2017 Weighted average number of shares 12,544,266 10,926,181 Dilutive average number of shares 12,743,282 11,139,802 |
Note 7 - Stock Based Compensati
Note 7 - Stock Based Compensation | 3 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Shareholders' Equity and Share-based Payments [Text Block] | 7. STOCK-BASED COMPENSATION For the three March 31, 2018 2017, $288,559 $115,113, March 31, 2018, $1.5 $4.1 2.2 March 31, 2018, 232,005 2010 36,951 three March 31, 2018 8,500 three March 31, 2017. For purposes of determining estimated fair value of stock options and restricted stock awards, we have computed the estimated fair values of all stock-based compensation using the Black-Scholes option pricing model and, for stock options and restricted stock awards granted prior to March 31, 2018, 10 December 31, 2017. three March 31, 2018, 40,000 no three March 31, 2017. 2018 $8.63 During the three March 31, 2018 2017, 19,443 24,415 $32.00 March 31, 2018. no three March 31, 2018 2017. |
Note 8 - Fair Value Measurement
Note 8 - Fair Value Measurement | 3 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 8. FAIR VALUE MEASUREMENT The fair value of an asset or liability is the price that participants would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants. A fair value measurement assumes that the transaction to sell the asset or transfer the liability occurs in the principal market for the asset or liability, or, in the absence of a principal market, the most advantageous market for the asset or liability. The price in the principal (or most advantageous) market used to measure the fair value of the asset or liability shall not not The fair value hierarchy established by accounting standards defines three three may 1 2 1 3 three March 31, 2018 December 31, 2017, no At March 31, 2018, third To validate the appropriateness of the valuations provided by the third third 2 1 3. Assets and Liabilities Measured at Fair Value on a Recurring Basis At March 31, 2018 (In thousands) Carrying Value Quoted Prices in Other Significant Total Changes Available-for-sale: Treasury securities $ 2,994 $ 2,994 $ — $ — $ — U.S. government agency 18,635 — 18,635 — — Corporate bonds 14,714 — — 14,714 — Municipal securities 76,418 — 76,418 — — FHLMC MBS 18,355 — 18,355 — — FNMA MBS 59,441 — 59,441 — — GNMA MBS 19,797 — 19,797 — — Total recurring assets at fair value $ 210,354 $ 2,994 $ 192,646 $ 14,714 $ — At December 31, 2017 (In thousands) Carrying Value Quoted Prices in Other Significant Total Changes Available-for-sale: Treasury securities $ 3,005 $ 3,005 $ — $ — $ — U.S. government agency 17,734 — 17,734 — — Corporate bonds 14,658 — — 14,658 — Municipal securities 79,555 — 79,555 — — FHLMC MBS 19,455 — 19,455 — — FNMA MBS 62,946 — 62,946 — — GNMA MBS 21,000 — 21,000 — — Total recurring assets at fair value $ 218,353 $ 3,005 $ 200,690 $ 14,658 $ — Our valuation methodologies may may not not may The fair value of the majority of the securities in significant unobservable inputs (Level 3 third The following table provides a reconciliation of changes in fair value included in assets measured in the Consolidated Balance Sheet using inputs classified as level 3 (in thousands) Level 3 Investment available-for-sale Balance as of January 1, 2018 $ 14,658 Realized and unrealized gains (losses) Included in earnings — Included in other comprehensive income 56 Purchases, issuances, sales and settlements — Transfers into or out of level 3 — Balance at March 31, 2018 $ 14,714 The fair value calculated may not Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis We may March 31, 2018 December 31, 2017 We also measure certain non-financial assets such as other real estate owned, TDRs, and repossessed or foreclosed property at fair value on a non-recurring basis. Generally, we estimate the fair value of these items using Level 2 3 At March 31, 2018 (In thousands) Carrying Value Quoted Prices in Other Significant Impaired Loans Legacy: $ 4,213 — — $ 4,213 Acquired: 1,858 — — 1,858 Total Impaired Loans 6,071 — — 6,071 Other real estate owned: Legacy: $ 425 — — $ 425 Acquired: 1,375 — — 1,375 Total other real estate owned: 1,800 — — 1,800 Total $ 7,871 $ — $ — $ 7,871 At December 31, 2017 (In thousands) Carrying Value Quoted Prices in Other Significant Impaired Loans Legacy: $ 4,260 — — $ 4,260 Acquired: 1,931 — — 1,931 Total Impaired Loans 6,191 — — 6,191 Other real estate owned: Legacy: $ 425 — — $ 425 Acquired: 1,579 — — 1,579 Total other real estate owned: 2,004 — — 2,004 Total $ 8,195 $ — $ — $ 8,195 As of March 31, 2018 December 31, 2017, 3 $7.9 $8.2 3 third twelve 0% 50%. two The following presents the carrying amount, fair value, and placement in the fair value hierarchy of Old Line Bancshares’ financial instruments not March 31, 2018 December 31, 2017. 820, no March 31,2018 (in thousands) Carrying Total Quoted Prices Significant Significant Assets: Cash and cash equivalents $ 88,506 $ 88,506 $ 88,506 $ — $ — Loans receivable, net 1,756,577 1,722,797 — — 1,722,797 Loans held for sale 3,934 4,074 — 4,074 — Investment securities available for sale 210,354 210,354 2,993 192,647 14,714 Equity Securities at cost 7,783 7,783 — 7,783 — Bank Owned Life Insurance 41,850 41,850 — 41,850 — Accrued interest receivable 5,310 5,310 — 1,152 4,158 Liabilities: Deposits: Non-interest-bearing 572,120 572,120 — 572,120 — Interest bearing 1,213,584 1,219,276 — 1,219,276 — Short term borrowings 161,478 161,478 — 161,478 — Long term borrowings 38,173 38,173 — 38,173 — Accrued Interest payable 1,106 1,106 — 1,106 — December 31,2017 (in thousands) Carrying Total Quoted Prices Significant Significant Assets: Cash and cash equivalents $ 35,174 $ 35,174 $ 35,174 $ — $ — Loans receivable, net 1,696,361 1,692,018 — — 1,692,018 Loans held for sale 4,404 4,558 — 4,558 — Investment securities available for sale 218,353 218,353 3,005 200,690 14,658 Equity Securities at cost 8,978 8,978 — 8,978 — Bank Owned Life Insurance 41,612 41,612 — 41,612 — Accrued interest receivable 5,476 5,476 — 1,215 4,261 Liabilities: Deposits: Non-interest-bearing 451,803 451,803 — 451,803 — Interest bearing 1,201,100 1,205,936 — 1,205,936 — Short term borrowings 192,612 192,612 — 192,612 — Long term borrowings 38,107 38,107 — 38,107 — Accrued Interest payable 1,472 1,472 — 1,472 — |
Note 9 - Short Term Borrowings
Note 9 - Short Term Borrowings | 3 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Short-term Debt [Text Block] | 9. SHORT TERM BORROWINGS Short term borrowings consist of promissory notes or overnight repurchase agreements sold to Old Line Bank’s customers, federal funds purchased and advances from the Federal Home Loan Bank of Atlanta (“FHLB”). At March 31, 2018, $125.0 $155.0 December 31, 2017. March 31, 2018 December 31, 2017, no $36.5 $37.6 Securities Sold Under Agreements to Repurchase To support the $36.5 March 31, 2018, March 31, 2018 $61.5 no may $36.5 |
Note 10 - Long Term Borrowings
Note 10 - Long Term Borrowings | 3 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Long-term Debt [Text Block] | 10. LONG TERM BORROWINGS Long term borrowings consist of $35 5.625% 2026 August 15, 2016, $34.1 Also included in long term borrowings are trust preferred subordinated debentures totaling $4.1 $2.6 March 31, 2018 two 1 $4.0 $1.4 March 17, 2034 2 $2.5 $1.2 December 14, 2035. |
Note 11 - Subsequent Event
Note 11 - Subsequent Event | 3 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 11. SUBSEQUENT EVENT On April 13, 2018, 0.4088 4,408,087 $143.6 4,408,087 $142.6 April 13, 2018, $968,805 In connection with the merger, the parties have caused Bay Bank to merge with and into Old Line Bank, with Old Line Bank the surviving bank. At December 31, 2017, $659 11 The initial accounting for the business combination is incomplete as of the date of this report due to the timing of the closing date for the acquisition. The required information is not |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2018 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | Basis of Presentation and Consolidation The foregoing consolidated financial statements for the periods ended March 31, 2018 2017 December 31, 2017 10 December 31, 2017. no 10 |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates may |
Revenue from Contract with Customer [Policy Text Block] | Revenue from Contracts with Customers 606, 606” 606, not Our primary sources of revenue are derived from interest and dividends earned on loans, investment securities, and other financial instruments that are not 606. not 606 |
Reclassification, Policy [Policy Text Block] | Reclassifications 2017 2018 not |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements – In May 2014, 2014 09 – Revenue from Contracts with Customers not January 1, 2018, not In January 2016, No. 2016 01 , Financial Instruments – Recognition and Measurement of Financial Assets and Liabilities, not December 15, 2017, January 1, 2018. no first 2018, not February 2016, 2016 02 , Leases (Topic 842 December 15, 2018. first 2019. In June 2016, 2016 13 , Financial Instruments – Credit Losses (Topic 326 December 15, 2019, third 2016 13. 2016 13 2016 13 No. 2016 13 In August 2016, 2016 15 , Statement of Cash Flows (Topic 230 Classification of Certain Cash Receipts and Cash Payments nine 1 2 zero 3 4 5 6 7 8 9 January 1, 2018 January 1, 2018, not not In January 2017, 2017 01, Business Combinations (Topic 805 not January 1, 2018. not In January 2017, 2017 04, Simplifying the Test for Goodwill Impairment, 2 not December 15, 2019. January 1, 2017. not 2017 04 In March 2017, No. 2017 08, Premium Amortization on Purchased Callable Debt Securities not No. 2017 08 December 15, 2018; first not In August 2017, No. 2017 12, Targeted Improvements to Accounting for Hedging Activities 1 2 No. 2017 12 December 15, 2018; not not In February 2018, No. 2018 02, 220 35% 21%. 2018 02 December 15, 2018 2018 02 first 2018. $459,973 first 2018. |
Note 2 - Acquisition of DCB B22
Note 2 - Acquisition of DCB Bancshares, Inc. (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Notes Tables | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Purchase Price Consideration Cash consideration $ 4,534 Purchase price assigned to shares exchanged for stock 40,845,876 Total purchase price for DCB acquisition 40,850,410 Fair Value of Assets Acquired Cash and due from banks $ 35,571,479 Investment securities available for sale 42,349,201 Loans, net 216,172,008 Premises and equipment 5,214,193 Accrued interest receivable 585,195 Deferred income taxes 599,336 Bank owned life insurance 3,085,783 Core deposit intangible 3,746,430 Other assets 3,650,800 Total assets acquired $ 310,974,425 Fair Value of Liabilities assumed Deposits $ 277,867,449 Short term borrowings 4,753,521 Other liabilities 2,800,363 Total liabilities assumed $ 285,421,333 Fair Value of net assets acquired 25,553,092 Total Purchase Price 40,850,410 Goodwill recorded for DCB $ 15,297,318 |
Note 3 - Investment Securities
Note 3 - Investment Securities (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Notes Tables | |
Schedule of Available-for-sale Securities Reconciliation [Table Text Block] | Amortized Gross Gross Estimated March 31, 2018 Available for sale U.S. treasury $ 2,999,500 $ — $ (6,062 ) $ 2,993,438 U.S. government agency 19,164,818 — (529,629 ) 18,635,189 Corporate bonds 14,619,949 99,785 (5,625 ) 14,714,109 Municipal securities 79,351,920 30,292 (2,963,996 ) 76,418,216 Mortgage backed securities: FHLMC certificates 19,303,154 1,405 (950,058 ) 18,354,501 FNMA certificates 62,459,780 — (3,018,401 ) 59,441,379 GNMA certificates 20,730,502 — (933,546 ) 19,796,956 Total available for sale securities $ 218,629,623 $ 131,482 $ (8,407,317 ) $ 210,353,788 December 31, 2017 Available for sale U.S. treasury $ 3,007,728 $ — $ (2,337 ) $ 3,005,391 U.S. government agency 18,001,200 — (267,434 ) 17,733,766 Corporate bonds 14,621,378 144,574 (107,893 ) 14,658,059 Municipal securities 80,791,431 126,566 (1,362,709 ) 79,555,288 Mortgage backed securities FHLMC certificates 19,907,299 2,516 (455,580 ) 19,454,235 FNMA certificates 64,476,038 — (1,530,121 ) 62,945,917 GNMA certificates 21,403,894 — (403,992 ) 20,999,902 Total available for sale securities $ 222,208,968 $ 273,656 $ (4,130,066 ) $ 218,352,558 |
Schedule of Unrealized Loss on Investments [Table Text Block] | March 31, 2018 Less than 12 months 12 Months or More Total Fair Unrealized Fair Unrealized Fair Unrealized U.S. treasury $ 1,492,266 $ 5,348 $ 1,501,172 $ 714 $ 2,993,438 $ 6,062 U.S. government agency 13,266,132 241,263 5,369,055 288,366 18,635,187 529,629 Corporate bonds 4,494,375 5,625 — — 4,494,375 5,625 Municipal securities 37,388,243 964,608 30,504,642 1,999,388 67,892,885 2,963,996 Mortgage backed securities FHLMC certificates — — 18,237,727 950,058 18,237,727 950,058 FNMA certificates 2,405,187 80,910 57,036,192 2,937,491 59,441,379 3,018,401 GNMA certificates 8,529,852 358,923 11,267,104 574,623 19,796,957 933,546 Total $ 67,576,055 $ 1,656,677 $ 123,915,892 $ 6,750,640 $ 191,491,948 $ 8,407,317 December 31, 2017 Less than 12 months 12 Months or More Total Fair Unrealized Fair Unrealized Fair Unrealized U.S. treasury $ 1,506,328 $ 1,422 $ 1,499,063 $ 915 $ 3,005,391 $ 2,337 U.S. government agency 12,266,502 93,043 5,467,264 174,391 17,733,766 267,434 Corporate bonds 9,407,810 107,893 — — 9,407,810 107,893 Municipal securities 25,548,751 189,668 31,343,394 1,173,041 56,892,145 1,362,709 Mortgage backed securities FHLMC certificates — — 19,314,957 455,580 19,314,957 455,580 FNMA certificates 2,516,080 19,937 60,429,837 1,510,184 62,945,917 1,530,121 GNMA certificates 8,822,021 114,278 12,177,882 289,714 20,999,904 403,992 Total $ 60,067,492 $ 526,241 $ 130,232,397 $ 3,603,825 $ 190,299,890 $ 4,130,066 |
Investments Classified by Contractual Maturity Date [Table Text Block] | Available for Sale March 31, 2018 Amortized Fair Maturing Within one year $ 3,307,089 $ 3,296,591 Over one to five years 2,095,597 2,091,156 Over five to ten years 53,449,035 52,128,458 Over ten years 159,777,902 152,837,583 Total $ 218,629,623 $ 210,353,788 Pledged securities $ 64,300,151 $ 61,506,128 |
Note 4 - Loans (Tables)
Note 4 - Loans (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | March 31, 2018 December 31, 2017 Legacy (1) Acquired Total Legacy (1) Acquired Total Commercial Real Estate Owner Occupied $ 260,238,291 $ 80,868,601 $ 341,106,892 $ 268,128,087 $ 87,658,855 $ 355,786,942 Investment 536,823,023 50,040,491 586,863,514 485,536,921 52,926,739 538,463,660 Hospitality 164,411,156 6,711,774 171,122,930 164,193,228 7,395,186 171,588,414 Land and A&D 78,199,476 9,162,901 87,362,377 67,310,660 9,230,771 76,541,431 Residential Real Estate First Lien-Investment 79,549,169 20,987,672 100,536,841 79,762,682 21,220,518 100,983,200 First Lien-Owner Occupied 75,114,741 60,957,548 136,072,289 67,237,699 62,524,794 129,762,493 Residential Land and A&D 36,633,466 6,542,940 43,176,406 35,879,853 6,536,160 42,416,013 HELOC and Jr. Liens 20,896,736 14,954,499 35,851,235 21,520,339 16,019,418 37,539,757 Commercial and Industrial 168,101,599 31,609,023 199,710,622 154,244,645 33,100,688 187,345,333 Consumer 14,407,498 44,249,501 58,656,999 10,758,589 49,082,751 59,841,340 Total loans 1,434,375,155 326,084,950 1,760,460,105 1,354,572,703 345,695,880 1,700,268,583 Allowance for loan losses (6,075,467 ) (182,052 ) (6,257,519 ) (5,738,534 ) (182,052 ) (5,920,586 ) Deferred loan costs, net 2,374,247 — 2,374,247 2,013,434 — 2,013,434 Net loans $ 1,430,673,935 $ 325,902,898 $ 1,756,576,833 $ 1,350,847,603 $ 345,513,828 $ 1,696,361,431 |
Past Due Financing Receivables [Table Text Block] | March 31, 2018 December 31, 2017 Legacy Acquired Total Legacy Acquired Total Current $ 1,429,320,233 $ 319,524,653 $ 1,748,844,886 $ 1,352,406,852 $ 338,913,557 $ 1,691,320,409 Accruing past due loans: 30-89 days past due Commercial Real Estate: Owner Occupied — 585,036 585,036 — — — Investment 71,397 829,819 901,216 1,089,022 843,706 1,932,728 Hospitality 1,174,349 293,497 1,467,846 — — — Land and A&D 2,610,890 158,899 2,769,789 254,925 158,899 413,824 Residential Real Estate: First Lien-Investment 268,430 502,557 770,987 270,822 506,600 777,422 First Lien-Owner Occupied — 1,624,416 1,624,416 229 2,457,299 2,457,528 HELOC and Jr. Liens — — — — 130,556 130,556 Commercial and Industrial 403,453 50,432 453,885 51,088 261,081 312,169 Consumer 58,469 887,465 945,934 26,134 1,017,195 1,043,329 Total 30-89 days past due 4,586,988 4,932,121 9,519,109 1,692,220 5,375,336 7,067,556 90 or more days past due Residential Real Estate: First Lien-Owner Occupied — 221,828 221,828 — 37,560 37,560 Consumer — 108,031 108,031 — 78,407 78,407 Total 90 or more days past due — 329,859 329,859 — 115,967 115,967 Total accruing past due loans 4,586,988 5,261,980 9,848,968 1,692,220 5,491,303 7,183,523 Commercial Real Estate: Owner Occupied — 230,082 230,082 — 228,555 228,555 Land and A&D — 196,171 196,171 — 190,193 190,193 Residential Real Estate: First Lien-Investment 192,501 — 192,501 192,501 — 192,501 First Lien-Owner Occupied 275,433 872,064 1,147,497 281,130 872,272 1,153,402 Commercial and Industrial — — — — — — Non-accruing loans: 467,934 1,298,317 1,766,251 473,631 1,291,020 1,764,651 Total Loans $ 1,434,375,155 $ 326,084,950 $ 1,760,460,105 $ 1,354,572,703 $ 345,695,880 $ 1,700,268,583 |
Impaired Financing Receivables [Table Text Block] | Impaired Loans at March 31, 2018 Three months March 31, 2018 Unpaid Recorded Related Average Interest Legacy With no related allowance recorded: Commercial Real Estate: Owner Occupied $ 1,782,165 $ 1,782,165 $ — $ 1,782,165 $ 18,595 Investment 1,143,826 1,143,826 — 1,143,826 15,341 Residential Real Estate: First Lien-Owner Occupied 224,092 224,092 — 230,786 2,188 Commercial and Industrial 377,936 377,936 — 377,936 3,365 With an allowance recorded: Commercial Real Estate: Investment 587,663 587,663 69,903 587,663 7,388 Residential Real Estate: First Lien-Investment 192,501 192,501 39,420 192,501 — First Lien-Owner Occupied 51,341 51,341 37,076 55,830 1,134 Commercial and Industrial 95,431 95,431 95,431 95,231 1,611 Total legacy impaired 4,454,955 4,454,955 241,830 4,465,938 49,622 Acquired(1) With no related allowance recorded: Commercial Real Estate: Owner Occupied 254,445 254,445 — 254,445 — Land and A&D 328,851 45,000 — 328,851 — Residential Real Estate: First Lien-Owner Occupied 1,377,804 1,265,545 — 1,374,804 4,870 With an allowance recorded: Commercial Real Estate: Land and A&D 154,297 154,297 80,072 161,153 — Residential Real Estate: First Lien-Owner Occupied 250,194 250,194 77,464 273,618 Commercial and Industrial 71,049 71,049 24,516 70,869 1,194 Total acquired impaired 2,436,640 2,040,530 182,052 2,463,740 6,064 Total impaired $ 6,891,595 $ 6,495,485 $ 423,882 $ 6,929,678 $ 55,686 Impaired Loans Unpaid Average Interest Principal Recorded Related Recorded Income Balance Investment Allowance Investment Recognized Legacy With no related allowance recorded: Commercial Real Estate: Owner Occupied $ 1,797,030 $ 1,797,030 $ — $ 1,913,873 $ 70,623 Investment 1,155,595 1,155,595 — 1,183,738 51,806 Residential Real Estate: First Lien-Owner Occupied 226,554 226,554 — 233,618 10,536 Commercial and Industrial 387,208 387,208 — 379,983 30,245 With an allowance recorded: Commercial Real Estate: Investment 592,432 592,432 69,903 601,959 30,576 Residential Real Estate: First Lien-Owner Occupied 54,576 54,576 37,075 217,673 — First Lien-Investment 192,501 192,501 39,420 192,501 — Commercial and Industrial 96,212 96,212 96,212 97,923 4,960 Total legacy impaired 4,502,108 4,502,108 242,610 4,821,268 198,746 Acquired(1) With no related allowance recorded: Commercial Real Estate: Owner Occupied 253,865 253,865 — 252,988 2,155 Land and A&D 334,271 45,000 — 334,271 — Residential Real Estate: First Lien-Owner Occupied 1,382,055 1,269,796 — 1,390,037 31,601 First Lien-Investment 131,294 74,066 — 132,812 4,378 With an allowance recorded: Commercial Real Estate: Land and A&D 148,196 148,196 80,072 155,621 2,498 Residential Real Estate: First Lien-Owner Occupied 250,194 250,194 77,464 273,596 23,424 Commercial and Industrial 72,125 72,125 24,517 74,279 3,775 Total acquired impaired 2,572,000 2,113,242 182,053 2,613,604 67,831 Total impaired $ 7,074,108 $ 6,615,350 $ 424,663 $ 7,434,872 $ 266,577 |
Troubled Debt Restructurings on Financing Receivables [Table Text Block] | Loans Modified as a TDR for the three months ended March 31, 2018 March 31, 2017 Pre- Post Pre- Post Modification Modification Modification Modification Outstanding Outstanding Outstanding Outstanding TroubledDebtRestructurings— # of Recorded Recorded # of Recorded Recorded (Dollarsinthousands) Contracts Investment Investment Contracts Investment Investment Legacy Commercial Real Estate — — — 1 1,596,740 1,596,740 Commercial and Industrial — — — 1 414,324 414,324 Total legacy TDR's — $ — $ — 2 $ 2,011,064 $ 2,011,064 |
Schedule of Loans and Leases Receivable Outstanding Balances and Related Carrying Amounts for Acquired Impaired Loans [Table Text Block] | March 31, 2018 March 31, 2017 Balance at beginning of period $ 115,066 $ (22,980 ) Accretion of fair value discounts (27,770 ) (41,601 ) Reclassification from non-accretable discount 23,195 42,146 Balance at end of period $ 110,491 $ (22,435 ) Contractually Required Payments Receivable Carrying Amount At March 31, 2018 $ 8,421,446 $ 6,799,657 At December 31, 2017 8,277,731 6,617,774 At March 31, 2017 8,857,375 7,078,918 At December 31, 2016 9,597,703 7,558,415 |
Financing Receivable Credit Quality Indicators [Table Text Block] | At March 31, 2018 Legacy Acquired Total Risk Rating Pass(1 - 5) Commercial Real Estate: Owner Occupied $ 254,527,556 $ 76,329,072 $ 330,856,628 Investment 534,711,778 48,194,797 582,906,575 Hospitality 164,411,156 6,418,277 170,829,433 Land and A&D 76,107,752 9,009,609 85,117,361 Residential Real Estate: First Lien-Investment 78,607,349 19,413,443 98,020,792 First Lien-Owner Occupied 74,773,041 56,353,386 131,126,427 Land and A&D 34,485,110 5,737,907 40,223,017 HELOC and Jr. Liens 20,896,735 14,954,499 35,851,234 Commercial and Industrial 164,571,909 31,479,248 196,051,157 Consumer 14,407,498 44,188,529 58,596,027 Total pass 1,417,499,884 312,078,767 1,729,578,651 Special Mention(6) Commercial Real Estate: Owner Occupied 431,911 2,776,523 3,208,434 Investment 379,756 1,026,752 1,406,508 Hospitality — 293,497 293,497 Land and A&D 2,091,724 108,292 2,200,016 Residential Real Estate: First Lien-Investment 298,030 1,349,598 1,647,628 First Lien-Owner Occupied 66,267 1,828,225 1,894,492 Land and A&D 2,148,357 653,862 2,802,219 Commercial and Industrial 1,518,258 56,988 1,575,246 Consumer — 60,972 60,972 Total special mention 6,934,303 8,154,709 15,089,012 Substandard(7) Commercial Real Estate: Owner Occupied 5,278,824 1,763,006 7,041,830 Investment 1,731,489 818,942 2,550,431 Hospitality — — — Land and A&D — 45,000 45,000 Residential Real Estate: First Lien-Investment 643,790 224,631 868,421 First Lien-Owner Occupied 275,433 2,775,937 3,051,370 Land and A&D — 151,171 151,171 Commercial and Industrial 2,011,432 72,787 2,084,219 Consumer — — — Total substandard 9,940,968 5,851,474 15,792,442 Doubtful(8) — — — Loss(9) — — — Total $ 1,434,375,155 $ 326,084,950 $ 1,760,460,105 At December 31, 2017 Legacy Acquired Total Risk Rating Pass(1 - 5) Commercial Real Estate: Owner Occupied $ 262,377,665 $ 83,069,390 $ 345,447,055 Investment 483,404,883 51,064,247 534,469,130 Hospitality 164,193,228 7,395,186 171,588,414 Land and A&D 65,184,837 9,065,405 74,250,242 Residential Real Estate: First Lien-Investment 78,814,931 19,846,749 98,661,680 First Lien-Owner Occupied 66,888,943 57,895,058 124,784,001 Land and A&D 33,712,187 5,727,719 39,439,906 HELOC and Jr. Liens 21,520,339 16,019,418 37,539,757 Commercial and Industrial 150,881,948 32,738,715 183,620,663 Consumer 10,758,589 49,017,427 59,776,016 Total pass 1,337,737,550 331,839,314 1,669,576,864 Special Mention(6) Commercial Real Estate: Owner Occupied 435,751 2,816,057 3,251,808 Investment 384,011 1,037,254 1,421,265 Hospitality — — — Land and A&D 2,125,823 120,366 2,246,189 Residential Real Estate: First Lien-Investment 300,824 1,034,942 1,335,766 First Lien-Owner Occupied 67,626 1,848,385 1,916,011 Land and A&D 2,167,666 663,248 2,830,914 Commercial and Industrial 1,519,394 59,902 1,579,296 Consumer — 65,324 65,324 Total special mention 7,001,095 7,645,478 14,646,573 Substandard(7) Commercial Real Estate: Owner Occupied 5,314,671 1,773,408 7,088,079 Investment 1,748,027 825,238 2,573,265 Hospitality — — — Land and A&D — 45,000 45,000 Residential Real Estate: First Lien-Investment 646,927 338,827 985,754 First Lien-Owner Occupied 281,130 2,781,351 3,062,481 Land and A&D — 145,193 145,193 Commercial and Industrial 1,843,303 302,071 2,145,374 Consumer — — — Total substandard 9,834,058 6,211,088 16,045,146 Doubtful(8) — — — Loss(9) — — — Total $ 1,354,572,703 $ 345,695,880 $ 1,700,268,583 |
Allowance for Credit Losses on Financing Receivables [Table Text Block] | March 31, 2018 Commercial Commercial Residential Consumer Total Beginning balance $ 1,262,030 $ 3,783,735 $ 844,355 $ 30,466 $ 5,920,586 Provision for loan losses (50,372 ) 527,631 (148,161 ) 65,798 394,896 Recoveries 300 139 32 3,645 4,116 Total 1,211,958 4,311,505 696,226 99,909 6,319,598 Loans charged off — — — (62,079 ) (62,079 ) Ending Balance $ 1,211,958 $ 4,311,505 $ 696,226 $ 37,830 $ 6,257,519 Amount allocated to: Legacy Loans: Individually evaluated for impairment $ 95,431 $ 69,903 $ 76,496 $ — $ 241,830 Other loans not individually evaluated 1,092,011 4,161,530 542,266 37,830 5,833,637 Acquired Loans: Individually evaluated for impairment 24,516 80,072 77,464 — 182,052 Ending balance $ 1,211,958 $ 4,311,505 $ 696,226 $ 37,830 $ 6,257,519 March 31, 2017 Commercial Commercial Residential Consumer Total Beginning balance $ 1,372,235 $ 3,990,152 $ 823,520 $ 9,562 $ 6,195,469 Provision for loan losses 430,390 132,613 (137,611 ) 15,099 440,491 Recoveries 1,050 417 900 3,324 5,691 Total 1,803,675 4,123,182 686,809 27,985 6,641,651 Loans charged off (570,523 ) (439,922 ) (2,268 ) (19,149 ) (1,031,862 ) Ending Balance $ 1,233,152 $ 3,683,260 $ 684,541 $ 8,836 $ 5,609,789 Amount allocated to: Legacy Loans: Individually evaluated for impairment $ 300,960 $ 30,177 $ 20,262 $ — $ 351,399 Other loans not individually evaluated 906,658 3,653,083 583,711 8,836 5,152,288 Acquired Loans: Individually evaluated for impairment 25,534 — 80,568 — 106,102 Ending balance $ 1,233,152 $ 3,683,260 $ 684,541 $ 8,836 $ 5,609,789 |
Schedule of Recorded Investment Based on Impairment Methodology [Table Text Block] | March 31, 2018 Commercial Commercial Residential Consumer Total Legacy loans: Individually evaluated for impairment with specific reserve $ 95,431 $ 587,663 $ 243,842 $ — $ 926,936 Individually evaluated for impairment without specific reserve 377,936 2,925,991 224,092 — 3,528,019 Other loans not individually evaluated 167,628,232 1,036,158,293 211,726,177 14,407,498 1,429,920,200 Acquired loans: Individually evaluated for impairment with specific reserve subsequent to acquisition (ASC 310-20 at acquisition) 71,049 154,297 250,194 — 475,540 Individually evaluated for impairment without specific reserve (ASC 310-20 at acquisition) — 299,445 1,265,545 — 1,564,990 Individually evaluated for impairment without specific reserve (ASC 310-30 at acquisition) — 3,434,002 3,351,654 14,000 6,799,656 Collectively evaluated for impairment without reserve (ASC 310-20 at acquisition) 31,537,974 142,896,022 98,575,266 44,235,502 317,244,764 Ending balance $ 199,710,622 $ 1,186,455,713 $ 315,636,770 $ 58,657,000 $ 1,760,460,105 March 31, 2017 Commercial Commercial Residential Consumer Total Legacy loans: Individually evaluated for impairment with specific reserve $ 300,960 $ 607,327 $ 192,501 $ — $ 1,100,788 Individually evaluated for impairment without specific reserve 414,324 3,033,353 263,495 — 3,711,172 Other loans not individually evaluated 142,496,583 888,876,611 200,565,837 4,915,505 1,236,854,536 Acquired loans: Individually evaluated for impairment with specific reserve subsequent to acquisition (ASC 310-20 at acquisition) 75,221 150,430 — — 225,651 Individually evaluated for impairment without specific reserve (ASC 310-20 at acquisition) — — 1,048,310 — 1,048,310 Individually evaluated for impairment without specific reserve (ASC 310-30 at acquisition) — 3,934,823 3,144,095 — 7,078,918 Collectively evaluated for impairment without reserve (ASC 310-20 at acquisition) 5,251,269 97,414,215 68,369,950 121,018 171,156,452 Ending balance $ 148,538,357 $ 994,016,759 $ 273,584,188 $ 5,036,523 $ 1,421,175,827 |
Note 5 - Other Real Estate Ow25
Note 5 - Other Real Estate Owned (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Notes Tables | |
Other Real Estate, Roll Forward [Table Text Block] | Three months ended March 31, 2018 Legacy Acquired Total Beginning balance $ 425,000 $ 1,578,998 $ 2,003,998 Real estate acquired through foreclosure of loans — — — Addiitonal valuation adjustment of real estate owned — — — Sales/deposits on sales — (191,884 ) (191,884 ) Net realized gain/(loss) — (12,516 ) (12,516 ) Total end of period $ 425,000 $ 1,374,598 $ 1,799,598 |
Note 6 - Earnings Per Common 26
Note 6 - Earnings Per Common Share (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Notes Tables | |
Schedule of Weighted Average Number of Shares [Table Text Block] | Three Months Ended 2018 2017 Weighted average number of shares 12,544,266 10,926,181 Dilutive average number of shares 12,743,282 11,139,802 |
Note 8 - Fair Value Measureme27
Note 8 - Fair Value Measurement (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | At March 31, 2018 (In thousands) Carrying Value Quoted Prices in Other Significant Total Changes Available-for-sale: Treasury securities $ 2,994 $ 2,994 $ — $ — $ — U.S. government agency 18,635 — 18,635 — — Corporate bonds 14,714 — — 14,714 — Municipal securities 76,418 — 76,418 — — FHLMC MBS 18,355 — 18,355 — — FNMA MBS 59,441 — 59,441 — — GNMA MBS 19,797 — 19,797 — — Total recurring assets at fair value $ 210,354 $ 2,994 $ 192,646 $ 14,714 $ — At December 31, 2017 (In thousands) Carrying Value Quoted Prices in Other Significant Total Changes Available-for-sale: Treasury securities $ 3,005 $ 3,005 $ — $ — $ — U.S. government agency 17,734 — 17,734 — — Corporate bonds 14,658 — — 14,658 — Municipal securities 79,555 — 79,555 — — FHLMC MBS 19,455 — 19,455 — — FNMA MBS 62,946 — 62,946 — — GNMA MBS 21,000 — 21,000 — — Total recurring assets at fair value $ 218,353 $ 3,005 $ 200,690 $ 14,658 $ — |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | (in thousands) Level 3 Investment available-for-sale Balance as of January 1, 2018 $ 14,658 Realized and unrealized gains (losses) Included in earnings — Included in other comprehensive income 56 Purchases, issuances, sales and settlements — Transfers into or out of level 3 — Balance at March 31, 2018 $ 14,714 |
Fair Value Measurements, Nonrecurring [Table Text Block] | At March 31, 2018 (In thousands) Carrying Value Quoted Prices in Other Significant Impaired Loans Legacy: $ 4,213 — — $ 4,213 Acquired: 1,858 — — 1,858 Total Impaired Loans 6,071 — — 6,071 Other real estate owned: Legacy: $ 425 — — $ 425 Acquired: 1,375 — — 1,375 Total other real estate owned: 1,800 — — 1,800 Total $ 7,871 $ — $ — $ 7,871 At December 31, 2017 (In thousands) Carrying Value Quoted Prices in Other Significant Impaired Loans Legacy: $ 4,260 — — $ 4,260 Acquired: 1,931 — — 1,931 Total Impaired Loans 6,191 — — 6,191 Other real estate owned: Legacy: $ 425 — — $ 425 Acquired: 1,579 — — 1,579 Total other real estate owned: 2,004 — — 2,004 Total $ 8,195 $ — $ — $ 8,195 |
Fair Value, by Balance Sheet Grouping [Table Text Block] | March 31,2018 (in thousands) Carrying Total Quoted Prices Significant Significant Assets: Cash and cash equivalents $ 88,506 $ 88,506 $ 88,506 $ — $ — Loans receivable, net 1,756,577 1,722,797 — — 1,722,797 Loans held for sale 3,934 4,074 — 4,074 — Investment securities available for sale 210,354 210,354 2,993 192,647 14,714 Equity Securities at cost 7,783 7,783 — 7,783 — Bank Owned Life Insurance 41,850 41,850 — 41,850 — Accrued interest receivable 5,310 5,310 — 1,152 4,158 Liabilities: Deposits: Non-interest-bearing 572,120 572,120 — 572,120 — Interest bearing 1,213,584 1,219,276 — 1,219,276 — Short term borrowings 161,478 161,478 — 161,478 — Long term borrowings 38,173 38,173 — 38,173 — Accrued Interest payable 1,106 1,106 — 1,106 — December 31,2017 (in thousands) Carrying Total Quoted Prices Significant Significant Assets: Cash and cash equivalents $ 35,174 $ 35,174 $ 35,174 $ — $ — Loans receivable, net 1,696,361 1,692,018 — — 1,692,018 Loans held for sale 4,404 4,558 — 4,558 — Investment securities available for sale 218,353 218,353 3,005 200,690 14,658 Equity Securities at cost 8,978 8,978 — 8,978 — Bank Owned Life Insurance 41,612 41,612 — 41,612 — Accrued interest receivable 5,476 5,476 — 1,215 4,261 Liabilities: Deposits: Non-interest-bearing 451,803 451,803 — 451,803 — Interest bearing 1,201,100 1,205,936 — 1,205,936 — Short term borrowings 192,612 192,612 — 192,612 — Long term borrowings 38,107 38,107 — 38,107 — Accrued Interest payable 1,472 1,472 — 1,472 — |
Note 1 - Summary of Significa28
Note 1 - Summary of Significant Accounting Policies (Details Textual) - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 35.00% | ||
New Accounting Pronouncement, Early Adoption, Effect [Member] | Reclassification of Stranded Tax Debit From Accumulated Other Comprehensive Income to Retained Earnings [Member] | |||
Tax Cuts and Jobs Act of 2017, Reclassification from AOCI to Retained Earnings, Tax Effect | $ 459,973 | ||
Scenario, Forecast [Member] | |||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% |
Note 2 - Acquisition of DCB B29
Note 2 - Acquisition of DCB Bancshares, Inc. (Details Textual) - DCB Bancshares [Member] | Jul. 28, 2017USD ($)$ / sharesshares |
Business Acquisition Amount of Company Stock Received Per Share | $ / shares | $ 0.9269 |
Stock Issued During Period, Shares, Acquisitions | shares | 1,495,090 |
Business Combination, Consideration Transferred, Total | $ 40,850,410 |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets, Total | $ 310,974,425 |
Note 2 - Acquisition of DCB B30
Note 2 - Acquisition of DCB Bancshares, Inc. - Assets and Liabilities Acquired (Details) - DCB Bancshares [Member] | Jul. 28, 2017USD ($) |
Cash consideration | $ 4,534 |
Purchase price assigned to shares exchanged for stock | 40,845,876 |
Total purchase price for DCB acquisition | 40,850,410 |
Cash and due from banks | 35,571,479 |
Investment securities available for sale | 42,349,201 |
Loans, net | 216,172,008 |
Premises and equipment | 5,214,193 |
Accrued interest receivable | 585,195 |
Deferred income taxes | 599,336 |
Bank owned life insurance | 3,085,783 |
Core deposit intangible | 3,746,430 |
Other assets | 3,650,800 |
Total assets acquired | 310,974,425 |
Fair Value of Liabilities assumed | |
Deposits | 277,867,449 |
Short term borrowings | 4,753,521 |
Other liabilities | 2,800,363 |
Total liabilities assumed | 285,421,333 |
Fair Value of net assets acquired | 25,553,092 |
Total Purchase Price | 40,850,410 |
Goodwill recorded for DCB | $ 15,297,318 |
Note 3 - Investment Securitie31
Note 3 - Investment Securities (Details Textual) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2018USD ($) | Mar. 31, 2017USD ($) | Dec. 31, 2017 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | 116 | 56 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Number of Positions | 76 | 56 | |
Proceeds from Sale and Maturity of Debt Securities, Available-for-sale, Total | $ 6,200 | $ 8,300 | |
Available-for-sale Securities, Gross Realized Gain (Loss), Total | $ 16 |
Note 3 - Investment Securitie32
Note 3 - Investment Securities - Amortized Cost and Fair Value (Details) - USD ($) | Mar. 31, 2018 | Dec. 31, 2017 |
Amortized cost | $ 218,629,623 | $ 222,208,968 |
Gross unrealized gains | 131,482 | 273,656 |
Gross unrealized losses | (8,407,317) | (4,130,066) |
Estimated fair value | 210,353,788 | 218,352,558 |
US Treasury Securities [Member] | ||
Amortized cost | 2,999,500 | 3,007,728 |
Gross unrealized gains | ||
Gross unrealized losses | (6,062) | (2,337) |
Estimated fair value | 2,993,438 | 3,005,391 |
US Government Agencies Debt Securities [Member] | ||
Amortized cost | 19,164,818 | 18,001,200 |
Gross unrealized gains | ||
Gross unrealized losses | (529,629) | (267,434) |
Estimated fair value | 18,635,189 | 17,733,766 |
Corporate Debt Securities [Member] | ||
Amortized cost | 14,619,949 | 14,621,378 |
Gross unrealized gains | 99,785 | 144,574 |
Gross unrealized losses | (5,625) | (107,893) |
Estimated fair value | 14,714,109 | 14,658,059 |
US States and Political Subdivisions Debt Securities [Member] | ||
Amortized cost | 79,351,920 | 80,791,431 |
Gross unrealized gains | 30,292 | 126,566 |
Gross unrealized losses | (2,963,996) | (1,362,709) |
Estimated fair value | 76,418,216 | 79,555,288 |
Federal Home Loan Mortgage Corporation Certificates and Obligations (FHLMC) [Member] | ||
Amortized cost | 19,303,154 | 19,907,299 |
Gross unrealized gains | 1,405 | 2,516 |
Gross unrealized losses | (950,058) | (455,580) |
Estimated fair value | 18,354,501 | 19,454,235 |
Federal National Mortgage Association Certificates and Obligations (FNMA) [Member] | ||
Amortized cost | 62,459,780 | 64,476,038 |
Gross unrealized gains | ||
Gross unrealized losses | (3,018,401) | (1,530,121) |
Estimated fair value | 59,441,379 | 62,945,917 |
Government National Mortgage Association Certificates and Obligations (GNMA) [Member] | ||
Amortized cost | 20,730,502 | 21,403,894 |
Gross unrealized gains | ||
Gross unrealized losses | (933,546) | (403,992) |
Estimated fair value | $ 19,796,956 | $ 20,999,902 |
Note 3 - Investment Securitie33
Note 3 - Investment Securities - Unrealized Losses (Details) - USD ($) | Mar. 31, 2018 | Dec. 31, 2017 |
Less than 12 months, fair value | $ 67,576,055 | $ 60,067,492 |
Less than 12 months, unrealized losses | 1,656,677 | 526,241 |
12 months or more, fair value | 123,915,892 | 130,232,397 |
12 months or more, unrealized losses | 6,750,640 | 3,603,825 |
Total, fair value | 191,491,948 | 190,299,890 |
Total, unrealized losses | 8,407,317 | 4,130,066 |
US Treasury Securities [Member] | ||
Less than 12 months, fair value | 1,492,266 | 1,506,328 |
Less than 12 months, unrealized losses | 5,348 | 1,422 |
12 months or more, fair value | 1,501,172 | 1,499,063 |
12 months or more, unrealized losses | 714 | 915 |
Total, fair value | 2,993,438 | 3,005,391 |
Total, unrealized losses | 6,062 | 2,337 |
US Government Agencies Debt Securities [Member] | ||
Less than 12 months, fair value | 13,266,132 | 12,266,502 |
Less than 12 months, unrealized losses | 241,263 | 93,043 |
12 months or more, fair value | 5,369,055 | 5,467,264 |
12 months or more, unrealized losses | 288,366 | 174,391 |
Total, fair value | 18,635,187 | 17,733,766 |
Total, unrealized losses | 529,629 | 267,434 |
Corporate Debt Securities [Member] | ||
Less than 12 months, fair value | 4,494,375 | 9,407,810 |
Less than 12 months, unrealized losses | 5,625 | 107,893 |
12 months or more, fair value | ||
12 months or more, unrealized losses | ||
Total, fair value | 4,494,375 | 9,407,810 |
Total, unrealized losses | 5,625 | 107,893 |
US States and Political Subdivisions Debt Securities [Member] | ||
Less than 12 months, fair value | 37,388,243 | 25,548,751 |
Less than 12 months, unrealized losses | 964,608 | 189,668 |
12 months or more, fair value | 30,504,642 | 31,343,394 |
12 months or more, unrealized losses | 1,999,388 | 1,173,041 |
Total, fair value | 67,892,885 | 56,892,145 |
Total, unrealized losses | 2,963,996 | 1,362,709 |
Federal Home Loan Mortgage Corporation Certificates and Obligations (FHLMC) [Member] | ||
Less than 12 months, fair value | ||
Less than 12 months, unrealized losses | ||
12 months or more, fair value | 18,237,727 | 19,314,957 |
12 months or more, unrealized losses | 950,058 | 455,580 |
Total, fair value | 18,237,727 | 19,314,957 |
Total, unrealized losses | 950,058 | 455,580 |
Federal National Mortgage Association Certificates and Obligations (FNMA) [Member] | ||
Less than 12 months, fair value | 2,405,187 | 2,516,080 |
Less than 12 months, unrealized losses | 80,910 | 19,937 |
12 months or more, fair value | 57,036,192 | 60,429,837 |
12 months or more, unrealized losses | 2,937,491 | 1,510,184 |
Total, fair value | 59,441,379 | 62,945,917 |
Total, unrealized losses | 3,018,401 | 1,530,121 |
Government National Mortgage Association Certificates and Obligations (GNMA) [Member] | ||
Less than 12 months, fair value | 8,529,852 | 8,822,021 |
Less than 12 months, unrealized losses | 358,923 | 114,278 |
12 months or more, fair value | 11,267,104 | 12,177,882 |
12 months or more, unrealized losses | 574,623 | 289,714 |
Total, fair value | 19,796,957 | 20,999,904 |
Total, unrealized losses | $ 933,546 | $ 403,992 |
Note 3 - Investment Securitie34
Note 3 - Investment Securities - Contractual Maturities (Details) | Mar. 31, 2018USD ($) |
Within one year, amortized cost | $ 3,307,089 |
Within one year, fair value | 3,296,591 |
Over one to five years, amortized cost | 2,095,597 |
Over one to five years, fair value | 2,091,156 |
Over five to ten years, amortized cost | 53,449,035 |
Over five to ten years, fair value | 52,128,458 |
Over ten years, amortized cost | 159,777,902 |
Over ten years, fair value | 152,837,583 |
Total | 218,629,623 |
Total | 210,353,788 |
Pledged securities, amortized cost | 64,300,151 |
Pledged securities, fair value | $ 61,506,128 |
Note 4 - Loans (Details Textual
Note 4 - Loans (Details Textual) | 3 Months Ended | ||
Mar. 31, 2018USD ($) | Mar. 31, 2017USD ($) | Dec. 31, 2017USD ($) | |
Loans and Leases Receivable, Gross, Total | $ 1,760,460,105 | $ 1,421,175,827 | $ 1,700,268,583 |
Number of Restructured Loans | 7 | 7 | |
Financing Receivable, Modifications, Recorded Investment | $ 2,600,000 | $ 2,700,000 | |
Financing Receivable, Modifications, Subsequent Default, Number of Contracts | 0 | 0 | |
Commercial Real Estate Portfolio Segment [Member] | |||
Loans and Leases Receivable, Gross, Total | $ 1,186,455,713 | $ 994,016,759 | 1,100,000,000 |
Commercial Real Estate Portfolio Segment [Member] | Owner Occupied [Member] | |||
Loans and Leases Receivable, Gross, Total | $ 341,106,892 | 355,786,942 | |
Loan to Value Maximum Threshold | 80.00% | ||
Commercial Real Estate Portfolio Segment [Member] | Investment [Member] | |||
Loans and Leases Receivable, Gross, Total | $ 586,863,514 | 538,463,660 | |
Loan to Value Maximum Threshold | 75.00% | ||
Commercial Real Estate Portfolio Segment [Member] | Hospitality Industry [Member] | |||
Loans and Leases Receivable, Gross, Total | $ 171,122,930 | 171,588,414 | |
Residential Portfolio Segment [Member] | |||
Loans and Leases Receivable, Gross, Total | $ 315,636,770 | 273,584,188 | 310,700,000 |
Loan to Value Maximum Threshold | 85.00% | ||
Borrowers Debt to Income Ratio Maximum Threshold, Percent | 43.00% | ||
Residential Portfolio Segment [Member] | Minimum [Member] | |||
Loan Limits Amount | $ 453,100 | ||
Residential Portfolio Segment [Member] | Maximum [Member] | |||
Loan Limits Amount, Maximum, Threshold for Certain Designated Areas | $ 679,650 | ||
Residential Portfolio Segment [Member] | Construction Loans [Member] | |||
Loan to Value Maximum Threshold | 80.00% | ||
Consumer Portfolio Segment [Member] | |||
Loans and Leases Receivable, Gross, Total | $ 58,656,999 | $ 5,036,523 | $ 59,841,340 |
Borrowers Debt to Income Ratio Maximum Threshold, Percent | 40.00% |
Note 4 - Loans - Loans Held (De
Note 4 - Loans - Loans Held (Details) - USD ($) | Mar. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | |
Total before allowance and deferred loan cost | $ 1,760,460,105 | $ 1,700,268,583 | $ 1,421,175,827 | ||
Allowance for loan losses | (6,257,519) | (5,920,586) | (5,609,789) | $ (6,195,469) | |
Deferred loan costs, net | 2,374,247 | 2,013,434 | |||
Loans held for investment (net of allowance for loan losses of $6,257,519 and $5,920,586, respectively) | 1,756,576,833 | 1,696,361,431 | |||
Commercial Real Estate Portfolio Segment [Member] | |||||
Total before allowance and deferred loan cost | 1,186,455,713 | 1,100,000,000 | 994,016,759 | ||
Allowance for loan losses | (4,311,505) | (3,783,735) | (3,683,260) | (3,990,152) | |
Commercial Real Estate Portfolio Segment [Member] | Owner Occupied [Member] | |||||
Total before allowance and deferred loan cost | 341,106,892 | 355,786,942 | |||
Commercial Real Estate Portfolio Segment [Member] | Investment [Member] | |||||
Total before allowance and deferred loan cost | 586,863,514 | 538,463,660 | |||
Commercial Real Estate Portfolio Segment [Member] | Hospitality Industry [Member] | |||||
Total before allowance and deferred loan cost | 171,122,930 | 171,588,414 | |||
Commercial Real Estate Portfolio Segment [Member] | Land and A&D [Member] | |||||
Total before allowance and deferred loan cost | 87,362,377 | 76,541,431 | |||
Residential Portfolio Segment [Member] | |||||
Total before allowance and deferred loan cost | 315,636,770 | 310,700,000 | 273,584,188 | ||
Allowance for loan losses | (696,226) | (844,355) | (684,541) | (823,520) | |
Residential Portfolio Segment [Member] | Residential First Investment [Member] | |||||
Total before allowance and deferred loan cost | 100,536,841 | 100,983,200 | |||
Residential Portfolio Segment [Member] | Residential First Owner Occupied [Member] | |||||
Total before allowance and deferred loan cost | 136,072,289 | 129,762,493 | |||
Residential Portfolio Segment [Member] | Residential Land and A&D [Member] | |||||
Total before allowance and deferred loan cost | 43,176,406 | 42,416,013 | |||
Residential Portfolio Segment [Member] | HELOC and Jr Liens [Member] | |||||
Total before allowance and deferred loan cost | 35,851,235 | 37,539,757 | |||
Commercial and Industrial [Member] | |||||
Total before allowance and deferred loan cost | 199,710,622 | 187,345,333 | |||
Consumer Portfolio Segment [Member] | |||||
Total before allowance and deferred loan cost | 58,656,999 | 59,841,340 | 5,036,523 | ||
Allowance for loan losses | (37,830) | (30,466) | $ (8,836) | $ (9,562) | |
Legacy [Member] | |||||
Total before allowance and deferred loan cost | [1] | 1,434,375,155 | 1,354,572,703 | ||
Allowance for loan losses | [1] | (6,075,467) | (5,738,534) | ||
Deferred loan costs, net | [1] | 2,374,247 | 2,013,434 | ||
Loans held for investment (net of allowance for loan losses of $6,257,519 and $5,920,586, respectively) | [1] | 1,430,673,935 | 1,350,847,603 | ||
Legacy [Member] | Commercial Real Estate Portfolio Segment [Member] | Owner Occupied [Member] | |||||
Total before allowance and deferred loan cost | [1] | 260,238,291 | 268,128,087 | ||
Legacy [Member] | Commercial Real Estate Portfolio Segment [Member] | Investment [Member] | |||||
Total before allowance and deferred loan cost | [1] | 536,823,023 | 485,536,921 | ||
Legacy [Member] | Commercial Real Estate Portfolio Segment [Member] | Hospitality Industry [Member] | |||||
Total before allowance and deferred loan cost | [1] | 164,411,156 | 164,193,228 | ||
Legacy [Member] | Commercial Real Estate Portfolio Segment [Member] | Land and A&D [Member] | |||||
Total before allowance and deferred loan cost | [1] | 78,199,476 | 67,310,660 | ||
Legacy [Member] | Residential Portfolio Segment [Member] | Residential First Investment [Member] | |||||
Total before allowance and deferred loan cost | [1] | 79,549,169 | 79,762,682 | ||
Legacy [Member] | Residential Portfolio Segment [Member] | Residential First Owner Occupied [Member] | |||||
Total before allowance and deferred loan cost | [1] | 75,114,741 | 67,237,699 | ||
Legacy [Member] | Residential Portfolio Segment [Member] | Residential Land and A&D [Member] | |||||
Total before allowance and deferred loan cost | [1] | 36,633,466 | 35,879,853 | ||
Legacy [Member] | Residential Portfolio Segment [Member] | HELOC and Jr Liens [Member] | |||||
Total before allowance and deferred loan cost | [1] | 20,896,736 | 21,520,339 | ||
Legacy [Member] | Commercial and Industrial [Member] | |||||
Total before allowance and deferred loan cost | [1] | 168,101,599 | 154,244,645 | ||
Legacy [Member] | Consumer Portfolio Segment [Member] | |||||
Total before allowance and deferred loan cost | [1] | 14,407,498 | 10,758,589 | ||
Acquired [Member] | |||||
Total before allowance and deferred loan cost | 326,084,950 | 345,695,880 | |||
Allowance for loan losses | (182,052) | (182,052) | |||
Deferred loan costs, net | |||||
Loans held for investment (net of allowance for loan losses of $6,257,519 and $5,920,586, respectively) | 325,902,898 | 345,513,828 | |||
Acquired [Member] | Commercial Real Estate Portfolio Segment [Member] | Owner Occupied [Member] | |||||
Total before allowance and deferred loan cost | 80,868,601 | 87,658,855 | |||
Acquired [Member] | Commercial Real Estate Portfolio Segment [Member] | Investment [Member] | |||||
Total before allowance and deferred loan cost | 50,040,491 | 52,926,739 | |||
Acquired [Member] | Commercial Real Estate Portfolio Segment [Member] | Hospitality Industry [Member] | |||||
Total before allowance and deferred loan cost | 6,711,774 | 7,395,186 | |||
Acquired [Member] | Commercial Real Estate Portfolio Segment [Member] | Land and A&D [Member] | |||||
Total before allowance and deferred loan cost | 9,162,901 | 9,230,771 | |||
Acquired [Member] | Residential Portfolio Segment [Member] | Residential First Investment [Member] | |||||
Total before allowance and deferred loan cost | 20,987,672 | 21,220,518 | |||
Acquired [Member] | Residential Portfolio Segment [Member] | Residential First Owner Occupied [Member] | |||||
Total before allowance and deferred loan cost | 60,957,548 | 62,524,794 | |||
Acquired [Member] | Residential Portfolio Segment [Member] | Residential Land and A&D [Member] | |||||
Total before allowance and deferred loan cost | 6,542,940 | 6,536,160 | |||
Acquired [Member] | Residential Portfolio Segment [Member] | HELOC and Jr Liens [Member] | |||||
Total before allowance and deferred loan cost | 14,954,499 | 16,019,418 | |||
Acquired [Member] | Commercial and Industrial [Member] | |||||
Total before allowance and deferred loan cost | 31,609,023 | 33,100,688 | |||
Acquired [Member] | Consumer Portfolio Segment [Member] | |||||
Total before allowance and deferred loan cost | $ 44,249,501 | $ 49,082,751 | |||
[1] | As a result of the acquisitions of Maryland Bankcorp, Inc. ("Maryland Bankcorp"), the parent company of Maryland Bank & Trust Company, N.A. ("MB&T"), in April 2011, WSB Holdings Inc., the parent company of The Washington Savings Bank ("WSB"), in May 2013, Regal Bancorp, Inc. ("Regal"), the parent company of Regal Bank & Trust ("Regal Bank"), in December 2015 and DCB, the parent company of Damascus, in July 2017, we have segmented the portfolio into two components, "Legacy" loans originated by the Bank and "Acquired" loans acquired from MB&T, WSB, Regal Bank and Damascus. |
Note 4 - Loans - Past Due Loans
Note 4 - Loans - Past Due Loans (Details) - USD ($) | Mar. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2017 | |
Current | $ 1,748,844,886 | $ 1,691,320,409 | ||
Total accruing past due loans | 9,848,968 | 7,183,523 | ||
Nonaccruing loans | 1,766,251 | 1,764,651 | ||
Total Loans | 1,760,460,105 | 1,700,268,583 | $ 1,421,175,827 | |
Commercial Real Estate Portfolio Segment [Member] | ||||
Total Loans | 1,186,455,713 | 1,100,000,000 | 994,016,759 | |
Commercial Real Estate Portfolio Segment [Member] | Owner Occupied [Member] | ||||
Total Loans | 341,106,892 | 355,786,942 | ||
Commercial Real Estate Portfolio Segment [Member] | Investment [Member] | ||||
Total Loans | 586,863,514 | 538,463,660 | ||
Commercial Real Estate Portfolio Segment [Member] | Hospitality Industry [Member] | ||||
Nonaccruing loans | 1,467,846 | |||
Total Loans | 171,122,930 | 171,588,414 | ||
Commercial Real Estate Portfolio Segment [Member] | Land and A&D [Member] | ||||
Nonaccruing loans | 196,171 | 190,193 | ||
Total Loans | 87,362,377 | 76,541,431 | ||
Residential Portfolio Segment [Member] | ||||
Total Loans | 315,636,770 | 310,700,000 | 273,584,188 | |
Residential Portfolio Segment [Member] | Residential First Investment [Member] | ||||
Nonaccruing loans | 192,501 | 192,501 | ||
Total Loans | 100,536,841 | 100,983,200 | ||
Residential Portfolio Segment [Member] | Residential First Owner Occupied [Member] | ||||
Nonaccruing loans | 1,147,497 | 1,153,402 | ||
Total Loans | 136,072,289 | 129,762,493 | ||
Residential Portfolio Segment [Member] | HELOC and Jr Liens [Member] | ||||
Total Loans | 35,851,235 | 37,539,757 | ||
Commercial Portfolio Segment [Member] | ||||
Nonaccruing loans | ||||
Total Loans | 199,710,622 | 148,538,357 | ||
Consumer Portfolio Segment [Member] | ||||
Total Loans | 58,656,999 | 59,841,340 | $ 5,036,523 | |
Financing Receivables 30 To 89 Days Past Due [Member] | ||||
Total accruing past due loans | 9,519,109 | 7,067,556 | ||
Financing Receivables 30 To 89 Days Past Due [Member] | Commercial Real Estate Portfolio Segment [Member] | Owner Occupied [Member] | ||||
Total accruing past due loans | 585,036 | |||
Financing Receivables 30 To 89 Days Past Due [Member] | Commercial Real Estate Portfolio Segment [Member] | Investment [Member] | ||||
Total accruing past due loans | 901,216 | 1,932,728 | ||
Financing Receivables 30 To 89 Days Past Due [Member] | Commercial Real Estate Portfolio Segment [Member] | Land and A&D [Member] | ||||
Total accruing past due loans | 2,769,789 | 413,824 | ||
Financing Receivables 30 To 89 Days Past Due [Member] | Residential Portfolio Segment [Member] | Residential First Investment [Member] | ||||
Total accruing past due loans | 770,987 | 777,422 | ||
Financing Receivables 30 To 89 Days Past Due [Member] | Residential Portfolio Segment [Member] | Residential First Owner Occupied [Member] | ||||
Total accruing past due loans | 1,624,416 | 2,457,528 | ||
Financing Receivables 30 To 89 Days Past Due [Member] | Residential Portfolio Segment [Member] | HELOC and Jr Liens [Member] | ||||
Total accruing past due loans | 130,556 | |||
Financing Receivables 30 To 89 Days Past Due [Member] | Commercial Portfolio Segment [Member] | ||||
Total accruing past due loans | 453,885 | 312,169 | ||
Financing Receivables 30 To 89 Days Past Due [Member] | Consumer Portfolio Segment [Member] | ||||
Total accruing past due loans | 945,934 | 1,043,329 | ||
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||||
Total accruing past due loans | 329,859 | 115,967 | ||
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Commercial Real Estate Portfolio Segment [Member] | Owner Occupied [Member] | ||||
Total accruing past due loans | 230,082 | 228,555 | ||
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Residential Portfolio Segment [Member] | Residential First Owner Occupied [Member] | ||||
Total accruing past due loans | 221,828 | 37,560 | ||
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Consumer Portfolio Segment [Member] | ||||
Total accruing past due loans | 108,031 | 78,407 | ||
Legacy [Member] | ||||
Current | 1,429,320,233 | 1,352,406,852 | ||
Total accruing past due loans | 4,586,988 | 1,692,220 | ||
Nonaccruing loans | 467,934 | 473,631 | ||
Total Loans | [1] | 1,434,375,155 | 1,354,572,703 | |
Legacy [Member] | Commercial Real Estate Portfolio Segment [Member] | Owner Occupied [Member] | ||||
Total Loans | [1] | 260,238,291 | 268,128,087 | |
Legacy [Member] | Commercial Real Estate Portfolio Segment [Member] | Investment [Member] | ||||
Total Loans | [1] | 536,823,023 | 485,536,921 | |
Legacy [Member] | Commercial Real Estate Portfolio Segment [Member] | Hospitality Industry [Member] | ||||
Nonaccruing loans | 1,174,349 | |||
Total Loans | [1] | 164,411,156 | 164,193,228 | |
Legacy [Member] | Commercial Real Estate Portfolio Segment [Member] | Land and A&D [Member] | ||||
Nonaccruing loans | ||||
Total Loans | [1] | 78,199,476 | 67,310,660 | |
Legacy [Member] | Residential Portfolio Segment [Member] | Residential First Investment [Member] | ||||
Nonaccruing loans | 192,501 | 192,501 | ||
Total Loans | [1] | 79,549,169 | 79,762,682 | |
Legacy [Member] | Residential Portfolio Segment [Member] | Residential First Owner Occupied [Member] | ||||
Nonaccruing loans | 275,433 | 281,130 | ||
Total Loans | [1] | 75,114,741 | 67,237,699 | |
Legacy [Member] | Residential Portfolio Segment [Member] | HELOC and Jr Liens [Member] | ||||
Total Loans | [1] | 20,896,736 | 21,520,339 | |
Legacy [Member] | Commercial Portfolio Segment [Member] | ||||
Nonaccruing loans | ||||
Legacy [Member] | Consumer Portfolio Segment [Member] | ||||
Total Loans | [1] | 14,407,498 | 10,758,589 | |
Legacy [Member] | Financing Receivables 30 To 89 Days Past Due [Member] | ||||
Total accruing past due loans | 4,586,988 | 1,692,220 | ||
Legacy [Member] | Financing Receivables 30 To 89 Days Past Due [Member] | Commercial Real Estate Portfolio Segment [Member] | Owner Occupied [Member] | ||||
Total accruing past due loans | ||||
Legacy [Member] | Financing Receivables 30 To 89 Days Past Due [Member] | Commercial Real Estate Portfolio Segment [Member] | Investment [Member] | ||||
Total accruing past due loans | 71,397 | 1,089,022 | ||
Legacy [Member] | Financing Receivables 30 To 89 Days Past Due [Member] | Commercial Real Estate Portfolio Segment [Member] | Land and A&D [Member] | ||||
Total accruing past due loans | 2,610,890 | 254,925 | ||
Legacy [Member] | Financing Receivables 30 To 89 Days Past Due [Member] | Residential Portfolio Segment [Member] | Residential First Investment [Member] | ||||
Total accruing past due loans | 268,430 | 270,822 | ||
Legacy [Member] | Financing Receivables 30 To 89 Days Past Due [Member] | Residential Portfolio Segment [Member] | Residential First Owner Occupied [Member] | ||||
Total accruing past due loans | 229 | |||
Legacy [Member] | Financing Receivables 30 To 89 Days Past Due [Member] | Residential Portfolio Segment [Member] | HELOC and Jr Liens [Member] | ||||
Total accruing past due loans | ||||
Legacy [Member] | Financing Receivables 30 To 89 Days Past Due [Member] | Commercial Portfolio Segment [Member] | ||||
Total accruing past due loans | 403,453 | 51,088 | ||
Legacy [Member] | Financing Receivables 30 To 89 Days Past Due [Member] | Consumer Portfolio Segment [Member] | ||||
Total accruing past due loans | 58,469 | 26,134 | ||
Legacy [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||||
Total accruing past due loans | ||||
Legacy [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Commercial Real Estate Portfolio Segment [Member] | Owner Occupied [Member] | ||||
Total accruing past due loans | ||||
Legacy [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Residential Portfolio Segment [Member] | Residential First Owner Occupied [Member] | ||||
Total accruing past due loans | ||||
Legacy [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Consumer Portfolio Segment [Member] | ||||
Total accruing past due loans | ||||
Acquired [Member] | ||||
Current | 319,524,653 | 338,913,557 | ||
Total accruing past due loans | 5,261,980 | 5,491,303 | ||
Nonaccruing loans | 1,298,317 | 1,291,020 | ||
Total Loans | 326,084,950 | 345,695,880 | ||
Acquired [Member] | Commercial Real Estate Portfolio Segment [Member] | Owner Occupied [Member] | ||||
Total Loans | 80,868,601 | 87,658,855 | ||
Acquired [Member] | Commercial Real Estate Portfolio Segment [Member] | Investment [Member] | ||||
Total Loans | 50,040,491 | 52,926,739 | ||
Acquired [Member] | Commercial Real Estate Portfolio Segment [Member] | Hospitality Industry [Member] | ||||
Nonaccruing loans | 293,497 | |||
Total Loans | 6,711,774 | 7,395,186 | ||
Acquired [Member] | Commercial Real Estate Portfolio Segment [Member] | Land and A&D [Member] | ||||
Nonaccruing loans | 196,171 | 190,193 | ||
Total Loans | 9,162,901 | 9,230,771 | ||
Acquired [Member] | Residential Portfolio Segment [Member] | Residential First Investment [Member] | ||||
Nonaccruing loans | ||||
Total Loans | 20,987,672 | 21,220,518 | ||
Acquired [Member] | Residential Portfolio Segment [Member] | Residential First Owner Occupied [Member] | ||||
Nonaccruing loans | 872,064 | 872,272 | ||
Total Loans | 60,957,548 | 62,524,794 | ||
Acquired [Member] | Residential Portfolio Segment [Member] | HELOC and Jr Liens [Member] | ||||
Total Loans | 14,954,499 | 16,019,418 | ||
Acquired [Member] | Commercial Portfolio Segment [Member] | ||||
Nonaccruing loans | ||||
Acquired [Member] | Consumer Portfolio Segment [Member] | ||||
Total Loans | 44,249,501 | 49,082,751 | ||
Acquired [Member] | Financing Receivables 30 To 89 Days Past Due [Member] | ||||
Total accruing past due loans | 4,932,121 | 5,375,336 | ||
Acquired [Member] | Financing Receivables 30 To 89 Days Past Due [Member] | Commercial Real Estate Portfolio Segment [Member] | Owner Occupied [Member] | ||||
Total accruing past due loans | 585,036 | |||
Acquired [Member] | Financing Receivables 30 To 89 Days Past Due [Member] | Commercial Real Estate Portfolio Segment [Member] | Investment [Member] | ||||
Total accruing past due loans | 829,819 | 843,706 | ||
Acquired [Member] | Financing Receivables 30 To 89 Days Past Due [Member] | Commercial Real Estate Portfolio Segment [Member] | Land and A&D [Member] | ||||
Total accruing past due loans | 158,899 | 158,899 | ||
Acquired [Member] | Financing Receivables 30 To 89 Days Past Due [Member] | Residential Portfolio Segment [Member] | Residential First Investment [Member] | ||||
Total accruing past due loans | 502,557 | 506,600 | ||
Acquired [Member] | Financing Receivables 30 To 89 Days Past Due [Member] | Residential Portfolio Segment [Member] | Residential First Owner Occupied [Member] | ||||
Total accruing past due loans | 1,624,416 | 2,457,299 | ||
Acquired [Member] | Financing Receivables 30 To 89 Days Past Due [Member] | Residential Portfolio Segment [Member] | HELOC and Jr Liens [Member] | ||||
Total accruing past due loans | 130,556 | |||
Acquired [Member] | Financing Receivables 30 To 89 Days Past Due [Member] | Commercial Portfolio Segment [Member] | ||||
Total accruing past due loans | 50,432 | 261,081 | ||
Acquired [Member] | Financing Receivables 30 To 89 Days Past Due [Member] | Consumer Portfolio Segment [Member] | ||||
Total accruing past due loans | 887,465 | 1,017,195 | ||
Acquired [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||||
Total accruing past due loans | 329,859 | 115,967 | ||
Acquired [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Commercial Real Estate Portfolio Segment [Member] | Owner Occupied [Member] | ||||
Total accruing past due loans | 230,082 | 228,555 | ||
Acquired [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Residential Portfolio Segment [Member] | Residential First Owner Occupied [Member] | ||||
Total accruing past due loans | 221,828 | 37,560 | ||
Acquired [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Consumer Portfolio Segment [Member] | ||||
Total accruing past due loans | $ 108,031 | $ 78,407 | ||
[1] | As a result of the acquisitions of Maryland Bankcorp, Inc. ("Maryland Bankcorp"), the parent company of Maryland Bank & Trust Company, N.A. ("MB&T"), in April 2011, WSB Holdings Inc., the parent company of The Washington Savings Bank ("WSB"), in May 2013, Regal Bancorp, Inc. ("Regal"), the parent company of Regal Bank & Trust ("Regal Bank"), in December 2015 and DCB, the parent company of Damascus, in July 2017, we have segmented the portfolio into two components, "Legacy" loans originated by the Bank and "Acquired" loans acquired from MB&T, WSB, Regal Bank and Damascus. |
Note 4 - Loans - Impaired Loans
Note 4 - Loans - Impaired Loans (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2018 | Dec. 31, 2017 | ||
Related allowance | $ 423,882 | $ 424,663 | |
Unpaid principal balance, total | 6,891,595 | 7,074,108 | |
Recorded investment, total | 6,495,485 | 6,615,350 | |
Average recorded investment, total | 6,929,678 | 7,434,872 | |
Interest income recognized, total | 55,686 | 266,577 | |
Legacy [Member] | |||
Related allowance | 241,830 | 242,610 | |
Unpaid principal balance, total | 4,454,955 | 4,502,108 | |
Recorded investment, total | 4,454,955 | 4,502,108 | |
Average recorded investment, total | 4,465,938 | 4,821,268 | |
Interest income recognized, total | 49,622 | 198,746 | |
Legacy [Member] | Commercial Real Estate Portfolio Segment [Member] | Owner Occupied [Member] | |||
Unpaid principal balance, with no related allowance recorded | 1,782,165 | 1,797,030 | |
Recorded investment, with no related allowance recorded | 1,782,165 | 1,797,030 | |
Average recorded investment, with no related allowance recorded | 1,782,165 | 1,913,873 | |
Interest income recognized, with no related allowance recorded | 18,595 | 70,623 | |
Legacy [Member] | Commercial Real Estate Portfolio Segment [Member] | Investment [Member] | |||
Unpaid principal balance, with no related allowance recorded | 1,143,826 | 1,155,595 | |
Recorded investment, with no related allowance recorded | 1,143,826 | 1,155,595 | |
Average recorded investment, with no related allowance recorded | 1,143,826 | 1,183,738 | |
Interest income recognized, with no related allowance recorded | 15,341 | 51,806 | |
Unpaid principal balance, with an allowance recorded | 587,663 | 592,432 | |
Recorded investment, with an allowance recorded | 587,663 | 592,432 | |
Related allowance | 69,903 | 69,903 | |
Average recorded investment, with an allowance recorded | 587,663 | 601,959 | |
Interest income recognized, with an allowance recorded | 7,388 | 30,576 | |
Legacy [Member] | Residential Portfolio Segment [Member] | Residential First Owner Occupied [Member] | |||
Unpaid principal balance, with no related allowance recorded | 224,092 | 226,554 | |
Recorded investment, with no related allowance recorded | 224,092 | 226,554 | |
Average recorded investment, with no related allowance recorded | 230,786 | 233,618 | |
Interest income recognized, with no related allowance recorded | 2,188 | 10,536 | |
Unpaid principal balance, with an allowance recorded | 51,341 | 54,576 | |
Recorded investment, with an allowance recorded | 51,341 | 54,576 | |
Related allowance | 37,076 | 37,075 | |
Average recorded investment, with an allowance recorded | 55,830 | 217,673 | |
Interest income recognized, with an allowance recorded | 1,134 | ||
Legacy [Member] | Residential Portfolio Segment [Member] | Residential First Investment [Member] | |||
Unpaid principal balance, with an allowance recorded | 192,501 | 192,501 | |
Recorded investment, with an allowance recorded | 192,501 | 192,501 | |
Related allowance | 39,420 | 39,420 | |
Average recorded investment, with an allowance recorded | 192,501 | 192,501 | |
Interest income recognized, with an allowance recorded | |||
Legacy [Member] | Commercial Portfolio Segment [Member] | |||
Unpaid principal balance, with no related allowance recorded | 377,936 | 387,208 | |
Recorded investment, with no related allowance recorded | 377,936 | 387,208 | |
Average recorded investment, with no related allowance recorded | 377,936 | 379,983 | |
Interest income recognized, with no related allowance recorded | 3,365 | 30,245 | |
Unpaid principal balance, with an allowance recorded | 95,431 | 96,212 | |
Recorded investment, with an allowance recorded | 95,431 | 96,212 | |
Related allowance | 95,431 | 96,212 | |
Average recorded investment, with an allowance recorded | 95,231 | 97,923 | |
Interest income recognized, with an allowance recorded | 1,611 | 4,960 | |
Acquired [Member] | |||
Related allowance | [1] | 182,052 | 182,053 |
Unpaid principal balance, total | [1] | 2,436,640 | 2,572,000 |
Recorded investment, total | [1] | 2,040,530 | 2,113,242 |
Average recorded investment, total | [1] | 2,463,740 | 2,613,604 |
Interest income recognized, total | [1] | 6,064 | 67,831 |
Acquired [Member] | Commercial Real Estate Portfolio Segment [Member] | Owner Occupied [Member] | |||
Unpaid principal balance, with no related allowance recorded | [1] | 254,445 | 253,865 |
Recorded investment, with no related allowance recorded | [1] | 254,445 | 253,865 |
Average recorded investment, with no related allowance recorded | [1] | 254,445 | 252,988 |
Interest income recognized, with no related allowance recorded | [1] | 2,155 | |
Acquired [Member] | Commercial Real Estate Portfolio Segment [Member] | Land and A&D [Member] | |||
Unpaid principal balance, with no related allowance recorded | [1] | 328,851 | 334,271 |
Recorded investment, with no related allowance recorded | [1] | 45,000 | 45,000 |
Average recorded investment, with no related allowance recorded | [1] | 328,851 | 334,271 |
Interest income recognized, with no related allowance recorded | [1] | ||
Unpaid principal balance, with an allowance recorded | [1] | 154,297 | 148,196 |
Recorded investment, with an allowance recorded | [1] | 154,297 | 148,196 |
Related allowance | [1] | 80,072 | 80,072 |
Average recorded investment, with an allowance recorded | [1] | 161,153 | 155,621 |
Interest income recognized, with an allowance recorded | [1] | 2,498 | |
Acquired [Member] | Residential Portfolio Segment [Member] | Residential First Owner Occupied [Member] | |||
Unpaid principal balance, with no related allowance recorded | [1] | 1,377,804 | 1,382,055 |
Recorded investment, with no related allowance recorded | [1] | 1,265,545 | 1,269,796 |
Average recorded investment, with no related allowance recorded | [1] | 1,374,804 | 1,390,037 |
Interest income recognized, with no related allowance recorded | [1] | 4,870 | 31,601 |
Unpaid principal balance, with an allowance recorded | [1] | 250,194 | 250,194 |
Recorded investment, with an allowance recorded | [1] | 250,194 | 250,194 |
Related allowance | [1] | 77,464 | 77,464 |
Average recorded investment, with an allowance recorded | [1] | 273,618 | 273,596 |
Interest income recognized, with an allowance recorded | [1] | 23,424 | |
Acquired [Member] | Residential Portfolio Segment [Member] | Residential First Investment [Member] | |||
Unpaid principal balance, with no related allowance recorded | [1] | 131,294 | |
Recorded investment, with no related allowance recorded | [1] | 74,066 | |
Average recorded investment, with no related allowance recorded | [1] | 132,812 | |
Interest income recognized, with no related allowance recorded | 4,378 | ||
Acquired [Member] | Commercial Portfolio Segment [Member] | |||
Unpaid principal balance, with an allowance recorded | [1] | 71,049 | 72,125 |
Recorded investment, with an allowance recorded | [1] | 71,049 | 72,125 |
Related allowance | [1] | 24,516 | 24,517 |
Average recorded investment, with an allowance recorded | [1] | 70,869 | 74,279 |
Interest income recognized, with an allowance recorded | [1] | $ 1,194 | $ 3,775 |
[1] | Generally accepted accounting principles require that we record acquired loans at fair value at acquisition, which includes a discount for loans with credit impairment. These purchased credit impaired loans are not performing according to their contractual terms and meet the definition of an impaired loan. Although we do not accrue interest income at the contractual rate on these loans, we do recognize an accretable yield as interest income to the extent such yield is supported by cash flow analysis of the underlying loans. |
Note 4 - Loans - Loans Modified
Note 4 - Loans - Loans Modified as TDRs (Details) | 3 Months Ended | |
Mar. 31, 2018USD ($) | Mar. 31, 2017USD ($) | |
Number of contracts | 2 | |
Pre-modification outstanding recorded investment | $ 2,011,064 | |
Post-modification outstanding recorded investment | $ 2,011,064 | |
Legacy [Member] | Commercial Real Estate Portfolio Segment [Member] | ||
Number of contracts | 1 | |
Pre-modification outstanding recorded investment | $ 1,596,740 | |
Post-modification outstanding recorded investment | $ 1,596,740 | |
Legacy [Member] | Commercial Portfolio Segment [Member] | ||
Number of contracts | 1 | |
Pre-modification outstanding recorded investment | $ 414,324 | |
Post-modification outstanding recorded investment | $ 414,324 |
Note 4 - Loans - Acquired Impai
Note 4 - Loans - Acquired Impaired Loans (Details) - USD ($) | 3 Months Ended | |||
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | |
Contractually required payments receivable | $ 8,421,446 | $ 8,857,375 | $ 8,277,731 | $ 9,597,703 |
Carrying amount | 6,799,657 | 7,078,918 | $ 6,617,774 | $ 7,558,415 |
Acquired [Member] | ||||
Balance at beginning of period | 115,066 | (22,980) | ||
Accretion of fair value discounts | (27,770) | (41,601) | ||
Reclassification from non-accretable discount | 23,195 | 42,146 | ||
Balance at end of period | $ 110,491 | $ (22,435) |
Note 4 - Loans - Credit Quality
Note 4 - Loans - Credit Quality (Details) - USD ($) | Mar. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2017 | |
Total before allowance and deferred loan cost | $ 1,760,460,105 | $ 1,700,268,583 | $ 1,421,175,827 | |
Commercial Real Estate Portfolio Segment [Member] | ||||
Total before allowance and deferred loan cost | 1,186,455,713 | 1,100,000,000 | 994,016,759 | |
Commercial Real Estate Portfolio Segment [Member] | Owner Occupied [Member] | ||||
Total before allowance and deferred loan cost | 341,106,892 | 355,786,942 | ||
Commercial Real Estate Portfolio Segment [Member] | Investment [Member] | ||||
Total before allowance and deferred loan cost | 586,863,514 | 538,463,660 | ||
Commercial Real Estate Portfolio Segment [Member] | Hospitality Industry [Member] | ||||
Total before allowance and deferred loan cost | 171,122,930 | 171,588,414 | ||
Commercial Real Estate Portfolio Segment [Member] | Land and A&D [Member] | ||||
Total before allowance and deferred loan cost | 87,362,377 | 76,541,431 | ||
Residential Portfolio Segment [Member] | ||||
Total before allowance and deferred loan cost | 315,636,770 | 310,700,000 | 273,584,188 | |
Residential Portfolio Segment [Member] | Residential First Investment [Member] | ||||
Total before allowance and deferred loan cost | 100,536,841 | 100,983,200 | ||
Residential Portfolio Segment [Member] | Residential First Owner Occupied [Member] | ||||
Total before allowance and deferred loan cost | 136,072,289 | 129,762,493 | ||
Residential Portfolio Segment [Member] | Residential Land and A&D [Member] | ||||
Total before allowance and deferred loan cost | 43,176,406 | 42,416,013 | ||
Residential Portfolio Segment [Member] | HELOC and Jr Liens [Member] | ||||
Total before allowance and deferred loan cost | 35,851,235 | 37,539,757 | ||
Commercial Portfolio Segment [Member] | ||||
Total before allowance and deferred loan cost | 199,710,622 | 148,538,357 | ||
Consumer Portfolio Segment [Member] | ||||
Total before allowance and deferred loan cost | 58,656,999 | 59,841,340 | $ 5,036,523 | |
Pass [Member] | ||||
Total before allowance and deferred loan cost | 1,729,578,651 | 1,669,576,864 | ||
Pass [Member] | Commercial Real Estate Portfolio Segment [Member] | Owner Occupied [Member] | ||||
Total before allowance and deferred loan cost | 330,856,628 | 345,447,055 | ||
Pass [Member] | Commercial Real Estate Portfolio Segment [Member] | Investment [Member] | ||||
Total before allowance and deferred loan cost | 582,906,575 | 534,469,130 | ||
Pass [Member] | Commercial Real Estate Portfolio Segment [Member] | Hospitality Industry [Member] | ||||
Total before allowance and deferred loan cost | 170,829,433 | 171,588,414 | ||
Pass [Member] | Commercial Real Estate Portfolio Segment [Member] | Land and A&D [Member] | ||||
Total before allowance and deferred loan cost | 85,117,361 | 74,250,242 | ||
Pass [Member] | Residential Portfolio Segment [Member] | Residential First Investment [Member] | ||||
Total before allowance and deferred loan cost | 98,020,792 | 98,661,680 | ||
Pass [Member] | Residential Portfolio Segment [Member] | Residential First Owner Occupied [Member] | ||||
Total before allowance and deferred loan cost | 131,126,427 | 124,784,001 | ||
Pass [Member] | Residential Portfolio Segment [Member] | Residential Land and A&D [Member] | ||||
Total before allowance and deferred loan cost | 40,223,017 | 39,439,906 | ||
Pass [Member] | Residential Portfolio Segment [Member] | HELOC and Jr Liens [Member] | ||||
Total before allowance and deferred loan cost | 35,851,234 | 37,539,757 | ||
Pass [Member] | Commercial Portfolio Segment [Member] | ||||
Total before allowance and deferred loan cost | 196,051,157 | 183,620,663 | ||
Pass [Member] | Consumer Portfolio Segment [Member] | ||||
Total before allowance and deferred loan cost | 58,596,027 | 59,776,016 | ||
Special Mention [Member] | ||||
Total before allowance and deferred loan cost | 15,089,012 | 14,646,573 | ||
Special Mention [Member] | Commercial Real Estate Portfolio Segment [Member] | Owner Occupied [Member] | ||||
Total before allowance and deferred loan cost | 3,208,434 | 3,251,808 | ||
Special Mention [Member] | Commercial Real Estate Portfolio Segment [Member] | Investment [Member] | ||||
Total before allowance and deferred loan cost | 1,406,508 | 1,421,265 | ||
Special Mention [Member] | Commercial Real Estate Portfolio Segment [Member] | Hospitality Industry [Member] | ||||
Total before allowance and deferred loan cost | 293,497 | |||
Special Mention [Member] | Commercial Real Estate Portfolio Segment [Member] | Land and A&D [Member] | ||||
Total before allowance and deferred loan cost | 2,200,016 | 2,246,189 | ||
Special Mention [Member] | Residential Portfolio Segment [Member] | Residential First Investment [Member] | ||||
Total before allowance and deferred loan cost | 1,647,628 | 1,335,766 | ||
Special Mention [Member] | Residential Portfolio Segment [Member] | Residential First Owner Occupied [Member] | ||||
Total before allowance and deferred loan cost | 1,894,492 | 1,916,011 | ||
Special Mention [Member] | Residential Portfolio Segment [Member] | Residential Land and A&D [Member] | ||||
Total before allowance and deferred loan cost | 2,802,219 | 2,830,914 | ||
Special Mention [Member] | Commercial Portfolio Segment [Member] | ||||
Total before allowance and deferred loan cost | 1,575,246 | 1,579,296 | ||
Special Mention [Member] | Consumer Portfolio Segment [Member] | ||||
Total before allowance and deferred loan cost | 60,972 | 65,324 | ||
Substandard [Member] | ||||
Total before allowance and deferred loan cost | 15,792,442 | 16,045,146 | ||
Substandard [Member] | Commercial Real Estate Portfolio Segment [Member] | Owner Occupied [Member] | ||||
Total before allowance and deferred loan cost | 7,041,830 | 7,088,079 | ||
Substandard [Member] | Commercial Real Estate Portfolio Segment [Member] | Investment [Member] | ||||
Total before allowance and deferred loan cost | 2,550,431 | 2,573,265 | ||
Substandard [Member] | Commercial Real Estate Portfolio Segment [Member] | Hospitality Industry [Member] | ||||
Total before allowance and deferred loan cost | ||||
Substandard [Member] | Commercial Real Estate Portfolio Segment [Member] | Land and A&D [Member] | ||||
Total before allowance and deferred loan cost | 45,000 | 45,000 | ||
Substandard [Member] | Residential Portfolio Segment [Member] | Residential First Investment [Member] | ||||
Total before allowance and deferred loan cost | 868,421 | 985,754 | ||
Substandard [Member] | Residential Portfolio Segment [Member] | Residential First Owner Occupied [Member] | ||||
Total before allowance and deferred loan cost | 3,051,370 | 3,062,481 | ||
Substandard [Member] | Residential Portfolio Segment [Member] | Residential Land and A&D [Member] | ||||
Total before allowance and deferred loan cost | 151,171 | 145,193 | ||
Substandard [Member] | Commercial Portfolio Segment [Member] | ||||
Total before allowance and deferred loan cost | 2,084,219 | 2,145,374 | ||
Substandard [Member] | Consumer Portfolio Segment [Member] | ||||
Total before allowance and deferred loan cost | ||||
Doubtful [Member] | ||||
Total before allowance and deferred loan cost | ||||
Unlikely to be Collected Financing Receivable [Member] | ||||
Total before allowance and deferred loan cost | ||||
Legacy [Member] | ||||
Total before allowance and deferred loan cost | [1] | 1,434,375,155 | 1,354,572,703 | |
Legacy [Member] | Commercial Real Estate Portfolio Segment [Member] | Owner Occupied [Member] | ||||
Total before allowance and deferred loan cost | [1] | 260,238,291 | 268,128,087 | |
Legacy [Member] | Commercial Real Estate Portfolio Segment [Member] | Investment [Member] | ||||
Total before allowance and deferred loan cost | [1] | 536,823,023 | 485,536,921 | |
Legacy [Member] | Commercial Real Estate Portfolio Segment [Member] | Hospitality Industry [Member] | ||||
Total before allowance and deferred loan cost | [1] | 164,411,156 | 164,193,228 | |
Legacy [Member] | Commercial Real Estate Portfolio Segment [Member] | Land and A&D [Member] | ||||
Total before allowance and deferred loan cost | [1] | 78,199,476 | 67,310,660 | |
Legacy [Member] | Residential Portfolio Segment [Member] | Residential First Investment [Member] | ||||
Total before allowance and deferred loan cost | [1] | 79,549,169 | 79,762,682 | |
Legacy [Member] | Residential Portfolio Segment [Member] | Residential First Owner Occupied [Member] | ||||
Total before allowance and deferred loan cost | [1] | 75,114,741 | 67,237,699 | |
Legacy [Member] | Residential Portfolio Segment [Member] | Residential Land and A&D [Member] | ||||
Total before allowance and deferred loan cost | [1] | 36,633,466 | 35,879,853 | |
Legacy [Member] | Residential Portfolio Segment [Member] | HELOC and Jr Liens [Member] | ||||
Total before allowance and deferred loan cost | [1] | 20,896,736 | 21,520,339 | |
Legacy [Member] | Consumer Portfolio Segment [Member] | ||||
Total before allowance and deferred loan cost | [1] | 14,407,498 | 10,758,589 | |
Legacy [Member] | Pass [Member] | ||||
Total before allowance and deferred loan cost | 1,417,499,884 | 1,337,737,550 | ||
Legacy [Member] | Pass [Member] | Commercial Real Estate Portfolio Segment [Member] | Owner Occupied [Member] | ||||
Total before allowance and deferred loan cost | 254,527,556 | 262,377,665 | ||
Legacy [Member] | Pass [Member] | Commercial Real Estate Portfolio Segment [Member] | Investment [Member] | ||||
Total before allowance and deferred loan cost | 534,711,778 | 483,404,883 | ||
Legacy [Member] | Pass [Member] | Commercial Real Estate Portfolio Segment [Member] | Hospitality Industry [Member] | ||||
Total before allowance and deferred loan cost | 164,411,156 | 164,193,228 | ||
Legacy [Member] | Pass [Member] | Commercial Real Estate Portfolio Segment [Member] | Land and A&D [Member] | ||||
Total before allowance and deferred loan cost | 76,107,752 | 65,184,837 | ||
Legacy [Member] | Pass [Member] | Residential Portfolio Segment [Member] | Residential First Investment [Member] | ||||
Total before allowance and deferred loan cost | 78,607,349 | 78,814,931 | ||
Legacy [Member] | Pass [Member] | Residential Portfolio Segment [Member] | Residential First Owner Occupied [Member] | ||||
Total before allowance and deferred loan cost | 74,773,041 | 66,888,943 | ||
Legacy [Member] | Pass [Member] | Residential Portfolio Segment [Member] | Residential Land and A&D [Member] | ||||
Total before allowance and deferred loan cost | 34,485,110 | 33,712,187 | ||
Legacy [Member] | Pass [Member] | Residential Portfolio Segment [Member] | HELOC and Jr Liens [Member] | ||||
Total before allowance and deferred loan cost | 20,896,735 | 21,520,339 | ||
Legacy [Member] | Pass [Member] | Commercial Portfolio Segment [Member] | ||||
Total before allowance and deferred loan cost | 164,571,909 | 150,881,948 | ||
Legacy [Member] | Pass [Member] | Consumer Portfolio Segment [Member] | ||||
Total before allowance and deferred loan cost | 14,407,498 | 10,758,589 | ||
Legacy [Member] | Special Mention [Member] | ||||
Total before allowance and deferred loan cost | 6,934,303 | 7,001,095 | ||
Legacy [Member] | Special Mention [Member] | Commercial Real Estate Portfolio Segment [Member] | Owner Occupied [Member] | ||||
Total before allowance and deferred loan cost | 431,911 | 435,751 | ||
Legacy [Member] | Special Mention [Member] | Commercial Real Estate Portfolio Segment [Member] | Investment [Member] | ||||
Total before allowance and deferred loan cost | 379,756 | 384,011 | ||
Legacy [Member] | Special Mention [Member] | Commercial Real Estate Portfolio Segment [Member] | Hospitality Industry [Member] | ||||
Total before allowance and deferred loan cost | ||||
Legacy [Member] | Special Mention [Member] | Commercial Real Estate Portfolio Segment [Member] | Land and A&D [Member] | ||||
Total before allowance and deferred loan cost | 2,091,724 | 2,125,823 | ||
Legacy [Member] | Special Mention [Member] | Residential Portfolio Segment [Member] | Residential First Investment [Member] | ||||
Total before allowance and deferred loan cost | 298,030 | 300,824 | ||
Legacy [Member] | Special Mention [Member] | Residential Portfolio Segment [Member] | Residential First Owner Occupied [Member] | ||||
Total before allowance and deferred loan cost | 66,267 | 67,626 | ||
Legacy [Member] | Special Mention [Member] | Residential Portfolio Segment [Member] | Residential Land and A&D [Member] | ||||
Total before allowance and deferred loan cost | 2,148,357 | 2,167,666 | ||
Legacy [Member] | Special Mention [Member] | Commercial Portfolio Segment [Member] | ||||
Total before allowance and deferred loan cost | 1,518,258 | 1,519,394 | ||
Legacy [Member] | Special Mention [Member] | Consumer Portfolio Segment [Member] | ||||
Total before allowance and deferred loan cost | ||||
Legacy [Member] | Substandard [Member] | ||||
Total before allowance and deferred loan cost | 9,940,968 | 9,834,058 | ||
Legacy [Member] | Substandard [Member] | Commercial Real Estate Portfolio Segment [Member] | Owner Occupied [Member] | ||||
Total before allowance and deferred loan cost | 5,278,824 | 5,314,671 | ||
Legacy [Member] | Substandard [Member] | Commercial Real Estate Portfolio Segment [Member] | Investment [Member] | ||||
Total before allowance and deferred loan cost | 1,731,489 | 1,748,027 | ||
Legacy [Member] | Substandard [Member] | Commercial Real Estate Portfolio Segment [Member] | Hospitality Industry [Member] | ||||
Total before allowance and deferred loan cost | ||||
Legacy [Member] | Substandard [Member] | Commercial Real Estate Portfolio Segment [Member] | Land and A&D [Member] | ||||
Total before allowance and deferred loan cost | ||||
Legacy [Member] | Substandard [Member] | Residential Portfolio Segment [Member] | Residential First Investment [Member] | ||||
Total before allowance and deferred loan cost | 643,790 | 646,927 | ||
Legacy [Member] | Substandard [Member] | Residential Portfolio Segment [Member] | Residential First Owner Occupied [Member] | ||||
Total before allowance and deferred loan cost | 275,433 | 281,130 | ||
Legacy [Member] | Substandard [Member] | Residential Portfolio Segment [Member] | Residential Land and A&D [Member] | ||||
Total before allowance and deferred loan cost | ||||
Legacy [Member] | Substandard [Member] | Commercial Portfolio Segment [Member] | ||||
Total before allowance and deferred loan cost | 2,011,432 | 1,843,303 | ||
Legacy [Member] | Substandard [Member] | Consumer Portfolio Segment [Member] | ||||
Total before allowance and deferred loan cost | ||||
Legacy [Member] | Doubtful [Member] | ||||
Total before allowance and deferred loan cost | ||||
Legacy [Member] | Unlikely to be Collected Financing Receivable [Member] | ||||
Total before allowance and deferred loan cost | ||||
Acquired [Member] | ||||
Total before allowance and deferred loan cost | 326,084,950 | 345,695,880 | ||
Acquired [Member] | Commercial Real Estate Portfolio Segment [Member] | Owner Occupied [Member] | ||||
Total before allowance and deferred loan cost | 80,868,601 | 87,658,855 | ||
Acquired [Member] | Commercial Real Estate Portfolio Segment [Member] | Investment [Member] | ||||
Total before allowance and deferred loan cost | 50,040,491 | 52,926,739 | ||
Acquired [Member] | Commercial Real Estate Portfolio Segment [Member] | Hospitality Industry [Member] | ||||
Total before allowance and deferred loan cost | 6,711,774 | 7,395,186 | ||
Acquired [Member] | Commercial Real Estate Portfolio Segment [Member] | Land and A&D [Member] | ||||
Total before allowance and deferred loan cost | 9,162,901 | 9,230,771 | ||
Acquired [Member] | Residential Portfolio Segment [Member] | Residential First Investment [Member] | ||||
Total before allowance and deferred loan cost | 20,987,672 | 21,220,518 | ||
Acquired [Member] | Residential Portfolio Segment [Member] | Residential First Owner Occupied [Member] | ||||
Total before allowance and deferred loan cost | 60,957,548 | 62,524,794 | ||
Acquired [Member] | Residential Portfolio Segment [Member] | Residential Land and A&D [Member] | ||||
Total before allowance and deferred loan cost | 6,542,940 | 6,536,160 | ||
Acquired [Member] | Residential Portfolio Segment [Member] | HELOC and Jr Liens [Member] | ||||
Total before allowance and deferred loan cost | 14,954,499 | 16,019,418 | ||
Acquired [Member] | Consumer Portfolio Segment [Member] | ||||
Total before allowance and deferred loan cost | 44,249,501 | 49,082,751 | ||
Acquired [Member] | Pass [Member] | ||||
Total before allowance and deferred loan cost | 312,078,767 | 331,839,314 | ||
Acquired [Member] | Pass [Member] | Commercial Real Estate Portfolio Segment [Member] | Owner Occupied [Member] | ||||
Total before allowance and deferred loan cost | 76,329,072 | 83,069,390 | ||
Acquired [Member] | Pass [Member] | Commercial Real Estate Portfolio Segment [Member] | Investment [Member] | ||||
Total before allowance and deferred loan cost | 48,194,797 | 51,064,247 | ||
Acquired [Member] | Pass [Member] | Commercial Real Estate Portfolio Segment [Member] | Hospitality Industry [Member] | ||||
Total before allowance and deferred loan cost | 6,418,277 | 7,395,186 | ||
Acquired [Member] | Pass [Member] | Commercial Real Estate Portfolio Segment [Member] | Land and A&D [Member] | ||||
Total before allowance and deferred loan cost | 9,009,609 | 9,065,405 | ||
Acquired [Member] | Pass [Member] | Residential Portfolio Segment [Member] | Residential First Investment [Member] | ||||
Total before allowance and deferred loan cost | 19,413,443 | 19,846,749 | ||
Acquired [Member] | Pass [Member] | Residential Portfolio Segment [Member] | Residential First Owner Occupied [Member] | ||||
Total before allowance and deferred loan cost | 56,353,386 | 57,895,058 | ||
Acquired [Member] | Pass [Member] | Residential Portfolio Segment [Member] | Residential Land and A&D [Member] | ||||
Total before allowance and deferred loan cost | 5,737,907 | 5,727,719 | ||
Acquired [Member] | Pass [Member] | Residential Portfolio Segment [Member] | HELOC and Jr Liens [Member] | ||||
Total before allowance and deferred loan cost | 14,954,499 | 16,019,418 | ||
Acquired [Member] | Pass [Member] | Commercial Portfolio Segment [Member] | ||||
Total before allowance and deferred loan cost | 31,479,248 | 32,738,715 | ||
Acquired [Member] | Pass [Member] | Consumer Portfolio Segment [Member] | ||||
Total before allowance and deferred loan cost | 44,188,529 | 49,017,427 | ||
Acquired [Member] | Special Mention [Member] | ||||
Total before allowance and deferred loan cost | 8,154,709 | 7,645,478 | ||
Acquired [Member] | Special Mention [Member] | Commercial Real Estate Portfolio Segment [Member] | Owner Occupied [Member] | ||||
Total before allowance and deferred loan cost | 2,776,523 | 2,816,057 | ||
Acquired [Member] | Special Mention [Member] | Commercial Real Estate Portfolio Segment [Member] | Investment [Member] | ||||
Total before allowance and deferred loan cost | 1,026,752 | 1,037,254 | ||
Acquired [Member] | Special Mention [Member] | Commercial Real Estate Portfolio Segment [Member] | Hospitality Industry [Member] | ||||
Total before allowance and deferred loan cost | 293,497 | |||
Acquired [Member] | Special Mention [Member] | Commercial Real Estate Portfolio Segment [Member] | Land and A&D [Member] | ||||
Total before allowance and deferred loan cost | 108,292 | 120,366 | ||
Acquired [Member] | Special Mention [Member] | Residential Portfolio Segment [Member] | Residential First Investment [Member] | ||||
Total before allowance and deferred loan cost | 1,349,598 | 1,034,942 | ||
Acquired [Member] | Special Mention [Member] | Residential Portfolio Segment [Member] | Residential First Owner Occupied [Member] | ||||
Total before allowance and deferred loan cost | 1,828,225 | 1,848,385 | ||
Acquired [Member] | Special Mention [Member] | Residential Portfolio Segment [Member] | Residential Land and A&D [Member] | ||||
Total before allowance and deferred loan cost | 653,862 | 663,248 | ||
Acquired [Member] | Special Mention [Member] | Commercial Portfolio Segment [Member] | ||||
Total before allowance and deferred loan cost | 56,988 | 59,902 | ||
Acquired [Member] | Special Mention [Member] | Consumer Portfolio Segment [Member] | ||||
Total before allowance and deferred loan cost | 60,972 | 65,324 | ||
Acquired [Member] | Substandard [Member] | ||||
Total before allowance and deferred loan cost | 5,851,474 | 6,211,088 | ||
Acquired [Member] | Substandard [Member] | Commercial Real Estate Portfolio Segment [Member] | Owner Occupied [Member] | ||||
Total before allowance and deferred loan cost | 1,763,006 | 1,773,408 | ||
Acquired [Member] | Substandard [Member] | Commercial Real Estate Portfolio Segment [Member] | Investment [Member] | ||||
Total before allowance and deferred loan cost | 818,942 | 825,238 | ||
Acquired [Member] | Substandard [Member] | Commercial Real Estate Portfolio Segment [Member] | Hospitality Industry [Member] | ||||
Total before allowance and deferred loan cost | ||||
Acquired [Member] | Substandard [Member] | Commercial Real Estate Portfolio Segment [Member] | Land and A&D [Member] | ||||
Total before allowance and deferred loan cost | 45,000 | 45,000 | ||
Acquired [Member] | Substandard [Member] | Residential Portfolio Segment [Member] | Residential First Investment [Member] | ||||
Total before allowance and deferred loan cost | 224,631 | 338,827 | ||
Acquired [Member] | Substandard [Member] | Residential Portfolio Segment [Member] | Residential First Owner Occupied [Member] | ||||
Total before allowance and deferred loan cost | 2,775,937 | 2,781,351 | ||
Acquired [Member] | Substandard [Member] | Residential Portfolio Segment [Member] | Residential Land and A&D [Member] | ||||
Total before allowance and deferred loan cost | 151,171 | 145,193 | ||
Acquired [Member] | Substandard [Member] | Commercial Portfolio Segment [Member] | ||||
Total before allowance and deferred loan cost | 72,787 | 302,071 | ||
Acquired [Member] | Substandard [Member] | Consumer Portfolio Segment [Member] | ||||
Total before allowance and deferred loan cost | ||||
Acquired [Member] | Doubtful [Member] | ||||
Total before allowance and deferred loan cost | ||||
Acquired [Member] | Unlikely to be Collected Financing Receivable [Member] | ||||
Total before allowance and deferred loan cost | ||||
[1] | As a result of the acquisitions of Maryland Bankcorp, Inc. ("Maryland Bankcorp"), the parent company of Maryland Bank & Trust Company, N.A. ("MB&T"), in April 2011, WSB Holdings Inc., the parent company of The Washington Savings Bank ("WSB"), in May 2013, Regal Bancorp, Inc. ("Regal"), the parent company of Regal Bank & Trust ("Regal Bank"), in December 2015 and DCB, the parent company of Damascus, in July 2017, we have segmented the portfolio into two components, "Legacy" loans originated by the Bank and "Acquired" loans acquired from MB&T, WSB, Regal Bank and Damascus. |
Note 4 - Loans - Allowance for
Note 4 - Loans - Allowance for Loan Losses Activity (Details) - USD ($) | 3 Months Ended | ||||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2018 | Mar. 31, 2017 | ||
Beginning balance | $ 5,920,586 | $ 6,195,469 | |||
Provision for loan losses | 394,896 | 440,491 | |||
Recoveries | 4,116 | 5,691 | |||
Total | 6,319,598 | 6,641,651 | |||
Loans charged off | (62,079) | (1,031,862) | |||
Ending Balance | 6,257,519 | 5,609,789 | |||
Loans held for investment, allowance for loan losses | 6,257,519 | 6,195,469 | $ 6,257,519 | $ 5,609,789 | |
Legacy [Member] | |||||
Beginning balance | [1] | 5,738,534 | |||
Ending Balance | [1] | 6,075,467 | |||
Individually evaluated for impairment | 241,830 | 351,399 | |||
Other loans not individually evaluated | 5,833,637 | 5,152,288 | |||
Loans held for investment, allowance for loan losses | [1] | 6,075,467 | 6,075,467 | ||
Acquired [Member] | |||||
Beginning balance | 182,052 | ||||
Ending Balance | 182,052 | ||||
Individually evaluated for impairment | 182,052 | 106,102 | |||
Loans held for investment, allowance for loan losses | 182,052 | 182,052 | |||
Commercial Portfolio Segment [Member] | |||||
Beginning balance | 1,262,030 | 1,372,235 | |||
Provision for loan losses | (50,372) | 430,390 | |||
Recoveries | 300 | 1,050 | |||
Total | 1,211,958 | 1,803,675 | |||
Loans charged off | (570,523) | ||||
Ending Balance | 1,211,958 | 1,233,152 | |||
Loans held for investment, allowance for loan losses | 1,262,030 | 1,372,235 | 1,211,958 | 1,233,152 | |
Commercial Portfolio Segment [Member] | Legacy [Member] | |||||
Individually evaluated for impairment | 95,431 | 300,960 | |||
Other loans not individually evaluated | 1,092,011 | 906,658 | |||
Commercial Portfolio Segment [Member] | Acquired [Member] | |||||
Individually evaluated for impairment | 24,516 | 25,534 | |||
Commercial Real Estate Portfolio Segment [Member] | |||||
Beginning balance | 3,783,735 | 3,990,152 | |||
Provision for loan losses | 527,631 | 132,613 | |||
Recoveries | 139 | 417 | |||
Total | 4,311,505 | 4,123,182 | |||
Loans charged off | (439,922) | ||||
Ending Balance | 4,311,505 | 3,683,260 | |||
Loans held for investment, allowance for loan losses | 3,783,735 | 3,990,152 | 4,311,505 | 3,683,260 | |
Commercial Real Estate Portfolio Segment [Member] | Legacy [Member] | |||||
Individually evaluated for impairment | 69,903 | 30,177 | |||
Other loans not individually evaluated | 4,161,530 | 3,653,083 | |||
Commercial Real Estate Portfolio Segment [Member] | Acquired [Member] | |||||
Individually evaluated for impairment | 80,072 | ||||
Residential Portfolio Segment [Member] | |||||
Beginning balance | 844,355 | 823,520 | |||
Provision for loan losses | (148,161) | (137,611) | |||
Recoveries | 32 | 900 | |||
Total | 696,226 | 686,809 | |||
Loans charged off | (2,268) | ||||
Ending Balance | 696,226 | 684,541 | |||
Loans held for investment, allowance for loan losses | 844,355 | 823,520 | 696,226 | 684,541 | |
Residential Portfolio Segment [Member] | Legacy [Member] | |||||
Individually evaluated for impairment | 76,496 | 20,262 | |||
Other loans not individually evaluated | 542,266 | 583,711 | |||
Residential Portfolio Segment [Member] | Acquired [Member] | |||||
Individually evaluated for impairment | 77,464 | 80,568 | |||
Consumer Portfolio Segment [Member] | |||||
Beginning balance | 30,466 | 9,562 | |||
Provision for loan losses | 65,798 | 15,099 | |||
Recoveries | 3,645 | 3,324 | |||
Total | 99,909 | 27,985 | |||
Loans charged off | (62,079) | (19,149) | |||
Ending Balance | 37,830 | 8,836 | |||
Loans held for investment, allowance for loan losses | $ 30,466 | $ 9,562 | 37,830 | 8,836 | |
Consumer Portfolio Segment [Member] | Legacy [Member] | |||||
Individually evaluated for impairment | |||||
Other loans not individually evaluated | 37,830 | 8,836 | |||
Consumer Portfolio Segment [Member] | Acquired [Member] | |||||
Individually evaluated for impairment | |||||
[1] | As a result of the acquisitions of Maryland Bankcorp, Inc. ("Maryland Bankcorp"), the parent company of Maryland Bank & Trust Company, N.A. ("MB&T"), in April 2011, WSB Holdings Inc., the parent company of The Washington Savings Bank ("WSB"), in May 2013, Regal Bancorp, Inc. ("Regal"), the parent company of Regal Bank & Trust ("Regal Bank"), in December 2015 and DCB, the parent company of Damascus, in July 2017, we have segmented the portfolio into two components, "Legacy" loans originated by the Bank and "Acquired" loans acquired from MB&T, WSB, Regal Bank and Damascus. |
Note 4 - Loans - Allowance by I
Note 4 - Loans - Allowance by Impairment Methodology (Details) - USD ($) | Mar. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2017 | |
Individually evaluated for impairment without specific reserve (ASC 310-30 at acquisition) | $ 6,799,656 | $ 7,078,918 | ||
Total Loans | 1,760,460,105 | $ 1,700,268,583 | 1,421,175,827 | |
Commercial Portfolio Segment [Member] | ||||
Individually evaluated for impairment without specific reserve (ASC 310-30 at acquisition) | ||||
Total Loans | 199,710,622 | 148,538,357 | ||
Commercial Real Estate Portfolio Segment [Member] | ||||
Individually evaluated for impairment without specific reserve (ASC 310-30 at acquisition) | 3,434,002 | 3,934,823 | ||
Total Loans | 1,186,455,713 | 1,100,000,000 | 994,016,759 | |
Residential Portfolio Segment [Member] | ||||
Individually evaluated for impairment without specific reserve (ASC 310-30 at acquisition) | 3,351,654 | 3,144,095 | ||
Total Loans | 315,636,770 | 310,700,000 | 273,584,188 | |
Consumer Portfolio Segment [Member] | ||||
Individually evaluated for impairment without specific reserve (ASC 310-30 at acquisition) | 14,000 | |||
Total Loans | 58,656,999 | 59,841,340 | 5,036,523 | |
Legacy [Member] | ||||
Individually evaluated for impairment with specific reserve | 926,936 | 1,100,788 | ||
Individually evaluated for impairment without specific reserve | 3,528,019 | 3,711,172 | ||
Other loans not individually evaluated | 1,429,920,200 | 1,236,854,536 | ||
Total Loans | [1] | 1,434,375,155 | 1,354,572,703 | |
Legacy [Member] | Commercial Portfolio Segment [Member] | ||||
Individually evaluated for impairment with specific reserve | 95,431 | 300,960 | ||
Individually evaluated for impairment without specific reserve | 377,936 | 414,324 | ||
Other loans not individually evaluated | 167,628,232 | 142,496,583 | ||
Legacy [Member] | Commercial Real Estate Portfolio Segment [Member] | ||||
Individually evaluated for impairment with specific reserve | 587,663 | 607,327 | ||
Individually evaluated for impairment without specific reserve | 2,925,991 | 3,033,353 | ||
Other loans not individually evaluated | 1,036,158,293 | 888,876,611 | ||
Legacy [Member] | Residential Portfolio Segment [Member] | ||||
Individually evaluated for impairment with specific reserve | 243,842 | 192,501 | ||
Individually evaluated for impairment without specific reserve | 224,092 | 263,495 | ||
Other loans not individually evaluated | 211,726,177 | 200,565,837 | ||
Legacy [Member] | Consumer Portfolio Segment [Member] | ||||
Individually evaluated for impairment with specific reserve | ||||
Individually evaluated for impairment without specific reserve | ||||
Other loans not individually evaluated | 14,407,498 | 4,915,505 | ||
Total Loans | [1] | 14,407,498 | 10,758,589 | |
Acquired [Member] | ||||
Individually evaluated for impairment with specific reserve subsequent to acquisition (ASC 310-20 at acquisition) | 475,540 | 225,651 | ||
Individually evaluated for impairment without specific reserve (ASC 310-20 at acquisition) | 1,564,990 | 1,048,310 | ||
Collectively evaluated for impairment without reserve (ASC 310-20 at acquisition) | 317,244,764 | 171,156,452 | ||
Total Loans | 326,084,950 | 345,695,880 | ||
Acquired [Member] | Commercial Portfolio Segment [Member] | ||||
Individually evaluated for impairment with specific reserve subsequent to acquisition (ASC 310-20 at acquisition) | 71,049 | 75,221 | ||
Individually evaluated for impairment without specific reserve (ASC 310-20 at acquisition) | ||||
Collectively evaluated for impairment without reserve (ASC 310-20 at acquisition) | 31,537,974 | 5,251,269 | ||
Acquired [Member] | Commercial Real Estate Portfolio Segment [Member] | ||||
Individually evaluated for impairment with specific reserve subsequent to acquisition (ASC 310-20 at acquisition) | 154,297 | 150,430 | ||
Individually evaluated for impairment without specific reserve (ASC 310-20 at acquisition) | 299,445 | |||
Collectively evaluated for impairment without reserve (ASC 310-20 at acquisition) | 142,896,022 | 97,414,215 | ||
Acquired [Member] | Residential Portfolio Segment [Member] | ||||
Individually evaluated for impairment with specific reserve subsequent to acquisition (ASC 310-20 at acquisition) | 250,194 | |||
Individually evaluated for impairment without specific reserve (ASC 310-20 at acquisition) | 1,265,545 | 1,048,310 | ||
Collectively evaluated for impairment without reserve (ASC 310-20 at acquisition) | 98,575,266 | 68,369,950 | ||
Acquired [Member] | Consumer Portfolio Segment [Member] | ||||
Individually evaluated for impairment with specific reserve subsequent to acquisition (ASC 310-20 at acquisition) | ||||
Individually evaluated for impairment without specific reserve (ASC 310-20 at acquisition) | ||||
Collectively evaluated for impairment without reserve (ASC 310-20 at acquisition) | 44,235,502 | $ 121,018 | ||
Total Loans | $ 44,249,501 | $ 49,082,751 | ||
[1] | As a result of the acquisitions of Maryland Bankcorp, Inc. ("Maryland Bankcorp"), the parent company of Maryland Bank & Trust Company, N.A. ("MB&T"), in April 2011, WSB Holdings Inc., the parent company of The Washington Savings Bank ("WSB"), in May 2013, Regal Bancorp, Inc. ("Regal"), the parent company of Regal Bank & Trust ("Regal Bank"), in December 2015 and DCB, the parent company of Damascus, in July 2017, we have segmented the portfolio into two components, "Legacy" loans originated by the Bank and "Acquired" loans acquired from MB&T, WSB, Regal Bank and Damascus. |
Note 5 - Other Real Estate Ow44
Note 5 - Other Real Estate Owned (Details Textual) | Mar. 31, 2018USD ($) | Dec. 31, 2017USD ($) |
Other Real Estate, Foreclosed Assets, and Repossessed Assets, Total | $ 1,799,598 | $ 2,003,998 |
Loans in Process of Foreclosure, Number | 2 | 1 |
Mortgage Loans in Process of Foreclosure, Amount | $ 529,000 | $ 277,000 |
Residential Portfolio Segment [Member] | ||
Other Real Estate, Foreclosed Assets, and Repossessed Assets, Total | $ 966,000 |
Note 5 - Other Real Estate Ow45
Note 5 - Other Real Estate Owned - Transactions in Other Real Estate Owned (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Beginning balance | $ 2,003,998 | |
Real estate acquired through foreclosure of loans | ||
Addiitonal valuation adjustment of real estate owned | ||
Sales/deposits on sales | (191,884) | |
Net realized gain/(loss) | 12,516 | $ (17,689) |
Total end of period | 1,799,598 | |
Legacy [Member] | ||
Beginning balance | 425,000 | |
Real estate acquired through foreclosure of loans | ||
Addiitonal valuation adjustment of real estate owned | ||
Sales/deposits on sales | ||
Net realized gain/(loss) | ||
Total end of period | 425,000 | |
Acquired [Member] | ||
Beginning balance | 1,578,998 | |
Real estate acquired through foreclosure of loans | ||
Addiitonal valuation adjustment of real estate owned | ||
Sales/deposits on sales | (191,884) | |
Net realized gain/(loss) | 12,516 | |
Total end of period | $ 1,374,598 |
Note 6 - Earnings Per Share - W
Note 6 - Earnings Per Share - Weighted Average Number of Shares (Details) - shares | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Weighted average number of shares (in shares) | 12,544,266 | 10,926,181 |
Dilutive average number of shares (in shares) | 12,743,282 | 11,139,802 |
Note 7 - Stock Based Compensa47
Note 7 - Stock Based Compensation (Details Textual) - USD ($) | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Allocated Share-based Compensation Expense, Total | $ 288,559 | $ 115,113 |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years 73 days | |
Common Stock, Capital Shares Reserved for Future Issuance | 232,005 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 40,000 | 0 |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 8.63 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 19,443 | 24,415 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 32 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | 0 | 0 |
Officer [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 36,951 | 8,500 |
Employee Stock Option [Member] | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Total | $ 1,500,000 | |
Restricted Stock [Member] | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Total | $ 4,100,000 |
Note 8 - Fair Value Measureme48
Note 8 - Fair Value Measurement (Details Textual) - Fair Value, Inputs, Level 3 [Member] $ in Millions | Mar. 31, 2018USD ($) | Dec. 31, 2017USD ($) |
Assets, Fair Value Disclosure | $ 7.9 | $ 8.2 |
Minimum [Member] | Measurement Input, Discount Rate [Member] | ||
Other Real Estate Owned, Measurement Input | 0 | |
Impaired Financing Receivable Measurement Input | 0 | |
Maximum [Member] | Measurement Input, Discount Rate [Member] | ||
Other Real Estate Owned, Measurement Input | 50 | |
Impaired Financing Receivable Measurement Input | 50 |
Note 8 - Fair Value Measureme49
Note 8 - Fair Value Measurement - Assets and Liabilities Measured on a Recurring Basis (Details) - USD ($) | Mar. 31, 2018 | Dec. 31, 2017 |
Investment securities available for sale-at fair value | $ 210,353,788 | $ 218,352,558 |
US Treasury Securities [Member] | ||
Investment securities available for sale-at fair value | 2,993,438 | 3,005,391 |
US Government Agencies Debt Securities [Member] | ||
Investment securities available for sale-at fair value | 18,635,189 | 17,733,766 |
Corporate Debt Securities [Member] | ||
Investment securities available for sale-at fair value | 14,714,109 | 14,658,059 |
US States and Political Subdivisions Debt Securities [Member] | ||
Investment securities available for sale-at fair value | 76,418,216 | 79,555,288 |
Federal Home Loan Mortgage Corporation Certificates and Obligations (FHLMC) [Member] | ||
Investment securities available for sale-at fair value | 18,354,501 | 19,454,235 |
Federal National Mortgage Association Certificates and Obligations (FNMA) [Member] | ||
Investment securities available for sale-at fair value | 59,441,379 | 62,945,917 |
Government National Mortgage Association Certificates and Obligations (GNMA) [Member] | ||
Investment securities available for sale-at fair value | 19,796,956 | 20,999,902 |
Fair Value, Measurements, Recurring [Member] | ||
Investment securities available for sale-at fair value | 210,354,000 | 218,353,000 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Investment securities available for sale-at fair value | 2,994,000 | 3,005,000 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Investment securities available for sale-at fair value | 192,646,000 | 200,690,000 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Investment securities available for sale-at fair value | 14,714,000 | 14,658,000 |
Fair Value, Measurements, Recurring [Member] | US Treasury Securities [Member] | ||
Investment securities available for sale-at fair value | 2,994,000 | 3,005,000 |
Fair Value, Measurements, Recurring [Member] | US Treasury Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Investment securities available for sale-at fair value | 2,994,000 | 3,005,000 |
Fair Value, Measurements, Recurring [Member] | US Treasury Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Investment securities available for sale-at fair value | ||
Fair Value, Measurements, Recurring [Member] | US Treasury Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Investment securities available for sale-at fair value | ||
Fair Value, Measurements, Recurring [Member] | US Government Agencies Debt Securities [Member] | ||
Investment securities available for sale-at fair value | 18,635,000 | 17,734,000 |
Fair Value, Measurements, Recurring [Member] | US Government Agencies Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Investment securities available for sale-at fair value | ||
Fair Value, Measurements, Recurring [Member] | US Government Agencies Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Investment securities available for sale-at fair value | 18,635,000 | 17,734,000 |
Fair Value, Measurements, Recurring [Member] | US Government Agencies Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Investment securities available for sale-at fair value | ||
Fair Value, Measurements, Recurring [Member] | Corporate Debt Securities [Member] | ||
Investment securities available for sale-at fair value | 14,714,000 | 14,658,000 |
Fair Value, Measurements, Recurring [Member] | Corporate Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Investment securities available for sale-at fair value | ||
Fair Value, Measurements, Recurring [Member] | Corporate Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Investment securities available for sale-at fair value | ||
Fair Value, Measurements, Recurring [Member] | Corporate Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Investment securities available for sale-at fair value | 14,714,000 | 14,658,000 |
Fair Value, Measurements, Recurring [Member] | US States and Political Subdivisions Debt Securities [Member] | ||
Investment securities available for sale-at fair value | 76,418,000 | 79,555,000 |
Fair Value, Measurements, Recurring [Member] | US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Investment securities available for sale-at fair value | ||
Fair Value, Measurements, Recurring [Member] | US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Investment securities available for sale-at fair value | 76,418,000 | 79,555,000 |
Fair Value, Measurements, Recurring [Member] | US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Investment securities available for sale-at fair value | ||
Fair Value, Measurements, Recurring [Member] | Federal Home Loan Mortgage Corporation Certificates and Obligations (FHLMC) [Member] | ||
Investment securities available for sale-at fair value | 18,355,000 | 19,455,000 |
Fair Value, Measurements, Recurring [Member] | Federal Home Loan Mortgage Corporation Certificates and Obligations (FHLMC) [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Investment securities available for sale-at fair value | ||
Fair Value, Measurements, Recurring [Member] | Federal Home Loan Mortgage Corporation Certificates and Obligations (FHLMC) [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Investment securities available for sale-at fair value | 18,355,000 | 19,455,000 |
Fair Value, Measurements, Recurring [Member] | Federal Home Loan Mortgage Corporation Certificates and Obligations (FHLMC) [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Investment securities available for sale-at fair value | ||
Fair Value, Measurements, Recurring [Member] | Federal National Mortgage Association Certificates and Obligations (FNMA) [Member] | ||
Investment securities available for sale-at fair value | 59,441,000 | 62,946,000 |
Fair Value, Measurements, Recurring [Member] | Federal National Mortgage Association Certificates and Obligations (FNMA) [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Investment securities available for sale-at fair value | ||
Fair Value, Measurements, Recurring [Member] | Federal National Mortgage Association Certificates and Obligations (FNMA) [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Investment securities available for sale-at fair value | 59,441,000 | 62,946,000 |
Fair Value, Measurements, Recurring [Member] | Federal National Mortgage Association Certificates and Obligations (FNMA) [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Investment securities available for sale-at fair value | ||
Fair Value, Measurements, Recurring [Member] | Government National Mortgage Association Certificates and Obligations (GNMA) [Member] | ||
Investment securities available for sale-at fair value | 19,797,000 | 21,000,000 |
Fair Value, Measurements, Recurring [Member] | Government National Mortgage Association Certificates and Obligations (GNMA) [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Investment securities available for sale-at fair value | ||
Fair Value, Measurements, Recurring [Member] | Government National Mortgage Association Certificates and Obligations (GNMA) [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Investment securities available for sale-at fair value | 19,797,000 | 21,000,000 |
Fair Value, Measurements, Recurring [Member] | Government National Mortgage Association Certificates and Obligations (GNMA) [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Investment securities available for sale-at fair value |
Note 8 - Fair Value Measureme50
Note 8 - Fair Value Measurement - Reconciliation of Changes in Fair Value (Details) - Fair Value, Inputs, Level 3 [Member] $ in Thousands | 3 Months Ended |
Mar. 31, 2018USD ($) | |
Balance | $ 14,658 |
Included in earnings | |
Included in other comprehensive income | 56 |
Purchases, issuances, sales and settlements | |
Transfers into or out of level 3 | |
Balance | $ 14,714 |
Note 8 - Fair Value Measureme51
Note 8 - Fair Value Measurement - Loan Fair Value on a Non-recurring Basis (Details) - USD ($) | Mar. 31, 2018 | Dec. 31, 2017 | |
Impaired Loans | $ 6,495,485 | $ 6,615,350 | |
Fair Value, Inputs, Level 3 [Member] | |||
Total | 7,900,000 | 8,200,000 | |
Fair Value, Measurements, Nonrecurring [Member] | |||
Impaired Loans | 6,071,000 | 6,191,000 | |
Other real estate owned | 1,800,000 | 2,004,000 | |
Total | 7,871,000 | 8,195,000 | |
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Impaired Loans | |||
Other real estate owned | |||
Total | |||
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Impaired Loans | |||
Other real estate owned | |||
Total | |||
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Impaired Loans | 6,071,000 | 6,191,000 | |
Other real estate owned | 1,800,000 | 2,004,000 | |
Total | 7,871,000 | 8,195,000 | |
Legacy [Member] | |||
Impaired Loans | 4,454,955 | 4,502,108 | |
Legacy [Member] | Fair Value, Measurements, Nonrecurring [Member] | |||
Impaired Loans | 4,213,000 | 4,260,000 | |
Other real estate owned | 425,000 | 425,000 | |
Legacy [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Impaired Loans | |||
Other real estate owned | |||
Legacy [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Impaired Loans | |||
Other real estate owned | |||
Legacy [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Impaired Loans | 4,213,000 | 4,260,000 | |
Other real estate owned | 425,000 | 425,000 | |
Acquired [Member] | |||
Impaired Loans | [1] | 2,040,530 | 2,113,242 |
Acquired [Member] | Fair Value, Measurements, Nonrecurring [Member] | |||
Impaired Loans | 1,858,000 | 1,931,000 | |
Other real estate owned | 1,375,000 | 1,579,000 | |
Acquired [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Impaired Loans | |||
Other real estate owned | |||
Acquired [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Impaired Loans | |||
Other real estate owned | |||
Acquired [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Impaired Loans | 1,858,000 | 1,931,000 | |
Other real estate owned | $ 1,375,000 | $ 1,579,000 | |
[1] | Generally accepted accounting principles require that we record acquired loans at fair value at acquisition, which includes a discount for loans with credit impairment. These purchased credit impaired loans are not performing according to their contractual terms and meet the definition of an impaired loan. Although we do not accrue interest income at the contractual rate on these loans, we do recognize an accretable yield as interest income to the extent such yield is supported by cash flow analysis of the underlying loans. |
Note 8 - Fair Value Measureme52
Note 8 - Fair Value Measurement - Carrying and Fair Value (Details) - USD ($) | Mar. 31, 2018 | Dec. 31, 2017 |
Loans held for sale, fair value | $ 4,073,887 | $ 4,557,722 |
Bank owned life insurance | 41,849,569 | 41,612,496 |
Accrued interest receivable | 5,310,151 | 5,476,230 |
Non-interest bearing | 572,119,981 | 451,803,052 |
Interest bearing | 1,213,584,463 | 1,201,100,317 |
Accrued Interest payable | 1,105,830 | 1,471,954 |
Reported Value Measurement [Member] | ||
Cash and cash equivalents | 88,506,000 | 35,174,000 |
Loans receivable, net | 1,756,577,000 | 1,696,361,000 |
Loans held for sale, fair value | 3,934,000 | 4,404,000 |
Investment securities available for sale | 210,354,000 | 218,353,000 |
Equity Securities at cost | 7,783,000 | 8,978,000 |
Bank owned life insurance | 41,850,000 | 41,612,000 |
Accrued interest receivable | 5,310,000 | 5,476,000 |
Non-interest bearing | 572,120,000 | 451,803,000 |
Interest bearing | 1,213,584,000 | 1,201,100,000 |
Short term borrowings | 161,478,000 | 192,612,000 |
Long term borrowings | 38,173,000 | 38,107,000 |
Accrued Interest payable | 1,106,000 | 1,472,000 |
Estimate of Fair Value Measurement [Member] | ||
Cash and cash equivalents | 88,506,000 | 35,174,000 |
Loans receivable, net | 1,722,797,000 | 1,692,018,000 |
Loans held for sale, fair value | 4,074,000 | 4,558,000 |
Investment securities available for sale | 210,354,000 | 218,353,000 |
Equity Securities at cost | 7,783,000 | 8,978,000 |
Bank owned life insurance | 41,850,000 | 41,612,000 |
Accrued interest receivable | 5,310,000 | 5,476,000 |
Non-interest bearing | 572,120,000 | 451,803,000 |
Interest bearing | 1,219,276,000 | 1,205,936,000 |
Short term borrowings | 161,478,000 | 192,612,000 |
Long term borrowings | 38,173,000 | 38,107,000 |
Accrued Interest payable | 1,106,000 | 1,472,000 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Cash and cash equivalents | 88,506,000 | 35,174,000 |
Loans receivable, net | ||
Loans held for sale, fair value | ||
Investment securities available for sale | 2,993,000 | 3,005,000 |
Equity Securities at cost | ||
Bank owned life insurance | ||
Accrued interest receivable | ||
Non-interest bearing | ||
Interest bearing | ||
Short term borrowings | ||
Long term borrowings | ||
Accrued Interest payable | ||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Cash and cash equivalents | ||
Loans receivable, net | ||
Loans held for sale, fair value | 4,074,000 | 4,558,000 |
Investment securities available for sale | 192,647,000 | 200,690,000 |
Equity Securities at cost | 7,783,000 | 8,978,000 |
Bank owned life insurance | 41,850,000 | 41,612,000 |
Accrued interest receivable | 1,152,000 | 1,215,000 |
Non-interest bearing | 572,120,000 | 451,803,000 |
Interest bearing | 1,219,276,000 | 1,205,936,000 |
Short term borrowings | 161,478,000 | 192,612,000 |
Long term borrowings | 38,173,000 | 38,107,000 |
Accrued Interest payable | 1,106,000 | 1,472,000 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Cash and cash equivalents | ||
Loans receivable, net | 1,722,797,000 | 1,692,018,000 |
Loans held for sale, fair value | ||
Investment securities available for sale | 14,714,000 | 14,658,000 |
Equity Securities at cost | ||
Bank owned life insurance | ||
Accrued interest receivable | 4,158,000 | 4,261,000 |
Non-interest bearing | ||
Interest bearing | ||
Short term borrowings | ||
Long term borrowings | ||
Accrued Interest payable |
Note 9 - Short Term Borrowings
Note 9 - Short Term Borrowings (Details Textual) - USD ($) $ in Millions | Mar. 31, 2018 | Dec. 31, 2017 |
Secured Debt, Repurchase Agreements | $ 36.5 | $ 37.6 |
Securities Sold under Agreements to Repurchase, Total | 36.5 | |
Secured Debt [Member] | Federal Home Loan Bank of Atlanta [Member] | ||
Federal Home Loan Bank, Advances, Maturities Summary, Due in Next Twelve Months, Total | 125 | $ 155 |
Securities Sold under Agreements to Repurchase [Member] | ||
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Collateral Pledged | $ 61.5 |
Note 10 - Long Term Borrowings
Note 10 - Long Term Borrowings (Details Textual) - USD ($) | 3 Months Ended | |
Mar. 31, 2018 | Dec. 31, 2017 | |
Long-term Debt, Total | $ 38,172,653 | $ 38,106,930 |
Trust One Maturing on March 17, 2034 [Member] | ||
Long-term Debt, Fair Value | 4,000,000 | |
Liabilities, Fair Value Adjustment | 1,400,000 | |
Trust Two Maturing on December 14, 2035 [Member] | ||
Long-term Debt, Fair Value | 2,500,000 | |
Liabilities, Fair Value Adjustment | 1,200,000 | |
Subordinated Debt [Member] | ||
Long-term Debt, Total | $ 35,000,000 | |
Debt Instrument, Interest Rate, Stated Percentage | 5.625% | |
Long-term Debt, Fair Value | $ 34,100,000 | |
Trust Preferred Subordinated Debentures [Member] | ||
Long-term Debt, Fair Value | 4,100,000 | |
Liabilities, Fair Value Adjustment | $ 2,600,000 |
Note 11 - Subsequent Event (Det
Note 11 - Subsequent Event (Details Textual) - Bay Bancorp, Inc [Member] - USD ($) | Apr. 13, 2018 | Dec. 31, 2017 |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets, Total | $ 659,000,000 | |
Subsequent Event [Member] | ||
Business Acquisition Amount of Company Stock Received Per Share | $ 0.4088 | |
Stock Issued During Period, Shares, Acquisitions | 4,408,087 | |
Business Combination, Consideration Transferred, Total | $ 143,600,000 | |
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable | 142,600,000 | |
Payments to Acquire Businesses, Gross | $ 968,805 |