Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2019 | Apr. 30, 2019 | |
Document Information [Line Items] | ||
Entity Registrant Name | OLD LINE BANCSHARES INC | |
Entity Central Index Key | 0001253317 | |
Trading Symbol | olbk | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Entity Common Stock, Shares Outstanding (in shares) | 17,039,647 | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) | Mar. 31, 2019 | Dec. 31, 2018 |
Assets | ||
Cash and due from banks | $ 49,619,806 | $ 41,495,763 |
Interest bearing accounts | 2,107,845 | 2,051,273 |
Federal funds sold | 961,329 | 953,582 |
Total cash and cash equivalents | 52,688,980 | 44,500,618 |
Investment securities available for sale-at fair value | 307,034,351 | 219,705,762 |
Loans held for sale, fair value of $9,875,442 and $11,860,147 | 9,632,523 | 11,564,993 |
Loans held for investment (net of allowance for loan losses of $7,808,142 and $7,471,023, respectively) | 2,417,186,160 | 2,409,227,698 |
Equity securities at cost | 13,863,550 | 11,150,750 |
Premises and equipment | 42,561,705 | 42,624,787 |
Accrued interest receivable | 8,607,100 | 7,958,511 |
Income taxes receivable | 2,157,137 | 5,014,510 |
Deferred income taxes | 3,410,385 | 4,660,278 |
Bank owned life insurance | 68,333,419 | 67,920,021 |
Annuity Plan | 6,269,638 | 6,268,426 |
Other real estate owned | 882,510 | 882,510 |
Goodwill | 94,668,455 | 94,668,455 |
Core deposit intangible | 14,704,408 | 15,362,232 |
Other assets | 35,245,726 | 8,497,544 |
Total assets | 3,077,246,047 | 2,950,007,095 |
Deposits | ||
Non-interest bearing | 579,962,005 | 559,059,672 |
Interest bearing | 1,755,472,767 | 1,736,989,227 |
Total deposits | 2,335,434,772 | 2,296,048,899 |
Short term borrowings | 282,141,546 | 228,184,856 |
Long term borrowings | 38,437,015 | 38,371,291 |
Accrued interest payable | 2,460,829 | 2,844,715 |
Supplemental executive retirement plan | 6,089,246 | 5,997,819 |
Other liabilities | 32,559,241 | 7,788,981 |
Total liabilities | 2,697,122,649 | 2,579,236,561 |
Stockholders’ equity | ||
Common stock, par value $0.01 per share; 25,000,000 shares authorized; 17,051,569 and 17,031,052 shares issued and outstanding in 2019 and 2018, respectively | 170,516 | 170,311 |
Additional paid-in capital | 293,590,357 | 293,501,107 |
Retained earnings | 89,084,561 | 82,628,356 |
Accumulated other comprehensive loss | (2,722,036) | (5,529,240) |
Total stockholders’ equity | 380,123,398 | 370,770,534 |
Total liabilities and stockholders’ equity | $ 3,077,246,047 | $ 2,950,007,095 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) | Mar. 31, 2019 | Dec. 31, 2018 |
Loans held for sale, fair value | $ 9,875,442 | $ 11,860,147 |
Loans held for investment, allowance for loan losses | $ 7,808,142 | $ 7,471,023 |
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) | 17,051,569 | 17,031,052 |
Common stock, shares outstanding (in shares) | 17,051,569 | 17,031,052 |
Consolidated Statements of Inco
Consolidated Statements of Income (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Interest Income | ||
Loans, including fees | $ 28,850,931 | $ 19,700,762 |
U.S. treasury securities | 16,119 | 10,029 |
U.S. government agency securities | 295,453 | 81,542 |
Corporate bonds | 258,964 | 200,469 |
Foreign bonds | 21,255 | |
Mortgage backed securities | 672,018 | 575,018 |
Municipal securities | 495,972 | 500,620 |
Federal funds sold | 5,323 | 665 |
Other | 294,208 | 255,234 |
Total interest income | 30,910,243 | 21,324,339 |
Interest expense | ||
Deposits | 5,616,515 | 2,306,733 |
Borrowed funds | 1,982,713 | 1,334,831 |
Total interest expense | 7,599,228 | 3,641,564 |
Net interest income | 23,311,015 | 17,682,775 |
Provision for loan losses | 414,175 | 394,896 |
Net interest income after provision for loan losses | 22,896,840 | 17,287,879 |
Non-interest income | ||
Account service charges | 627,260 | 576,584 |
Point of sale sponsorship program | 600,061 | |
Earnings on bank owned life insurance | 494,180 | 292,936 |
Gain on disposal of assets | 14,366 | |
Rental income | 216,597 | 198,444 |
Income on marketable loans | 496,843 | 418,472 |
Total non-interest income | 2,762,779 | 1,795,021 |
Non-interest expense | ||
Salaries and benefits | 7,133,583 | 5,485,450 |
Occupancy and equipment | 2,452,773 | 1,980,401 |
Data processing | 727,183 | 609,639 |
FDIC insurance and State of Maryland assessments | 247,249 | 188,071 |
Core deposit premium amortization | 657,824 | 312,313 |
Loss on sales of other real estate owned | 12,516 | |
OREO expense | 25,666 | 184,994 |
Directors fees | 180,650 | 170,550 |
Network services | 114,450 | 79,205 |
Other operating | 2,462,305 | 1,764,396 |
Total non-interest expense | 14,248,713 | 10,991,959 |
Income before income taxes | 11,410,906 | 8,090,941 |
Income tax expense | 2,906,732 | 2,025,759 |
Net income | $ 8,504,174 | $ 6,065,182 |
Basic earnings per common share (in dollars per share) | $ 0.50 | $ 0.48 |
Diluted earnings per common share (in dollars per share) | 0.50 | 0.48 |
Dividend per common share (in dollars per share) | $ 0.12 | $ 0.08 |
Financial Service, Other [Member] | ||
Non-interest income | ||
Income | $ 327,838 | $ 294,219 |
Public Utilities [Member] | ||
Non-interest expense | ||
Telephone | $ 247,030 | $ 204,424 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Net income | $ 8,504,174 | $ 6,065,182 |
Other comprehensive income (loss): | ||
Unrealized (loss) gain on securities available for sale, net of taxes of $1,065,736, and ($1,216,115), respectively | 2,807,204 | (3,203,310) |
Other comprehensive income (loss) | 2,807,204 | (3,203,310) |
Comprehensive income | $ 11,311,378 | $ 2,861,872 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Loss) (Unaudited) (Parentheticals) - USD ($) | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Unrealized (loss) gain on sale of securities available for sale, tax | $ 1,065,736 | $ (1,216,115) |
Consolidated Statement of Chang
Consolidated Statement of Changes in Stockholders' Equity (Unaudited) - 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 | ||||
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 income (loss) | (2,303,310) | (2,303,310) | |||
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 | (1,005,723) | (1,005,723) | |||
Balance (in shares) at Mar. 31, 2018 | 12,566,696 | ||||
Balance at Mar. 31, 2018 | $ 125,667 | 149,691,736 | 66,573,919 | (5,098,532) | 211,292,790 |
Tax Cut and Jobs Act | 459,973 | (459,973) | |||
Balance (in shares) at Dec. 31, 2018 | 17,031,052 | 17,031,052 | |||
Balance at Dec. 31, 2018 | $ 170,311 | 293,501,107 | 82,628,356 | (5,529,240) | $ 370,770,534 |
Net income attributable to Old Line Bancshares, Inc. | 8,504,174 | 8,504,174 | |||
Other comprehensive income (loss) | 2,807,204 | 2,807,204 | |||
Stock based compensation awards | 291,715 | 291,715 | |||
Stock options exercised (in shares) | 2,400 | ||||
Stock options exercised | $ 24 | 48,907 | 48,931 | ||
Restricted stock issued (in shares) | 28,191 | ||||
Restricted stock issued | $ 282 | (282) | |||
Common stock cash dividends | (2,047,969) | $ (2,047,969) | |||
Balance (in shares) at Mar. 31, 2019 | 17,051,569 | 17,051,569 | |||
Balance at Mar. 31, 2019 | $ 170,516 | 293,590,357 | 89,084,561 | (2,722,036) | $ 380,123,398 |
Stock buyback (in shares) | (10,074) | ||||
Stock buyback | $ (101) | $ (251,090) | $ (251,191) |
Consolidated Statement of Cha_2
Consolidated Statement of Changes in Stockholders' Equity (Unaudited) (Parentheticals) - $ / shares | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Retained Earnings [Member] | ||
Dividends per common share (in dollars per share) | $ 0.12 | $ 0.08 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Cash flows from operating activities | ||
Net income | $ 8,504,174 | $ 6,065,182 |
Adjustments to reconcile net income to net cash provided by operating activities | ||
Depreciation and amortization | 792,851 | 725,225 |
Provision for loan losses | 414,175 | 394,896 |
Change in deferred loan fees net of costs | (370,625) | (360,813) |
Amortization of premiums and discounts | 152,251 | 205,833 |
Origination of loans held for sale | (27,285,030) | (19,299,766) |
Proceeds from sale of loans held for sale | 29,217,500 | 19,769,974 |
Income on marketable loans | (496,843) | (418,472) |
Net realized gain/(loss) | 12,516 | |
Gain on sale of fixed assets | (14,366) | |
Amortization of intangible assets | 657,824 | 312,313 |
Deferred income taxes | 184,157 | (14,181) |
Stock based compensation awards | 291,715 | 288,559 |
Increase (decrease) in | ||
Accrued interest payable | (383,886) | (366,124) |
Income tax payable | 2,025,374 | |
Supplemental executive retirement plan | 91,427 | 81,904 |
Other liabilities | 24,770,260 | (1,041,292) |
Decrease (increase) in | ||
Accrued interest receivable | (648,589) | 166,079 |
Bank owned life insurance | (413,398) | (237,073) |
Annuity plan | (1,212) | |
Income tax receivable | 2,857,373 | |
Other assets | (26,748,182) | (612,437) |
Net cash provided by operating activities | 11,585,942 | 7,683,331 |
Cash flows from investing activities | ||
Purchase of investment securities available for sale | (87,021,376) | (2,875,007) |
Proceeds from disposal of investment securities | 3,413,477 | 6,248,518 |
Available for sale at maturity, call or paydowns | 3,413,477 | 6,248,518 |
Loans made, net of principal collected | (7,505,170) | (59,831,012) |
Proceeds from sale of other real estate owned | 191,884 | |
Change in equity securities | (2,712,800) | 1,194,900 |
Purchase of premises and equipment | (729,769) | (529,017) |
Net cash used in investing activities | (94,555,638) | (55,599,734) |
Cash flows from financing activities | ||
Time deposits | 3,108,697 | 21,502,593 |
Other deposits | 36,277,176 | 111,298,482 |
Short term borrowings | 53,956,690 | (31,134,099) |
Long term borrowings | 65,724 | 65,723 |
Proceeds from stock options exercised | 48,931 | 520,896 |
Repurchase of stock through stock repurchase program | (251,191) | |
Cash dividends paid-common stock | (2,047,969) | (1,005,723) |
Net cash provided by financing activities | 91,158,058 | 101,247,872 |
Net increase in cash and cash equivalents | 8,188,362 | 53,331,469 |
Cash and cash equivalents at beginning of period | 44,500,618 | 35,174,111 |
Cash and cash equivalents at end of period | 52,688,980 | 88,505,580 |
Supplemental Disclosure of Cash Flow Information: | ||
Interest | 7,983,114 | 4,007,688 |
Income taxes | ||
Loans transferred to other real estate owned | ||
Initial recognition of right of use asset | 26,395,472 | |
Initial recognition of right of use liability | $ 26,692,114 |
Note 1 - Summary of Significant
Note 1 - Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2019 | |
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 Basis of Presentation and Consolidation The foregoing consolidated financial statements for the periods ended March 31, 2019 2018 December 31, 2018 10 December 31, 2018. no 10 Accounting Changes - 2016 02, Leases Topic 842 2016 02 January 1, 2019. 2016 02 2016 02 January 1, 2019) not Our operating leases relate primarily to office space and bank branches. As a result of implementing ASU 2016 02, $26.2 $26.5 January 1, 2019, no 11 Use of Estimates may Reclassifications 2018 2019 not Recent Accounting Pronouncements In June 2016, 2016 13 , Financial Instruments – Credit Losses (Topic 326 December 15, 2019, third 2016 13. 2016 13 second 2019. 2016 13 2016 13 In March 2017, 2017 08, Premium Amortization on Purchased Callable Debt Securities not 2017 08 December 15, 2018; first not In July 2018, 2018 11, Leases (Topic 842 2016 02. 840, Leases not 606 606. 842 . 2016 02 January 1, 2019 2018 11 not ASU 2019 01, Leases (Topic 842 2019 01 not not not 2019 01 January 1, 2020 not |
Note 2 - Acquisition of Bay Ban
Note 2 - Acquisition of Bay Bancorp, Inc. | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | 2. ACQUISITION OF BAY BANCORP, INC. On April 13, 2018, 0.4088 4,408,087 $143.6 April 13, 2018. In connection with the merger, Bay Bank merged with and into Old Line Bank, with Old Line Bank the surviving bank. At April 13, 2018, $661 eleven The BYBK transaction was accounted for using the acquisition method of accounting and, accordingly, assets acquired, liabilities assumed and consideration exchanged were recorded at estimated fair value on the acquisition date. Management made significant estimates and exercised significant judgment in accounting for the acquisition of BYBK. 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 BYBK’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 $ 973,383 Purchase price assigned to shares exchanged for stock 142,645,695 Total purchase price for BYBK acquisition 143,619,078 Fair Value of Assets Acquired Cash and due from banks $ 22,590,994 Investment securities 51,895,757 Restricted equity securities, at cost 2,339,700 Loans, net 546,215,988 Premises and equipment 3,127,963 Accrued interest receivable 1,714,054 Accrued taxes receivable 1,912,807 Deferred income taxes 1,219,602 Bank owned life insurance 16,319,198 Other real estate owned 1,041,079 Core deposit intangible 11,243,714 Other assets 1,817,233 Total assets acquired $ 661,438,089 Fair Value of Liabilities assumed Deposits $ 541,368,907 Short term borrowings 41,100,000 Other liabilities 4,934,884 Total liabilities assumed $ 587,403,791 Fair Value of net assets acquired 74,034,298 Total Purchase Price 143,619,078 Goodwill recorded for BYBK $ 69,584,780 |
Note 3 - Investment Securities
Note 3 - Investment Securities | 3 Months Ended |
Mar. 31, 2019 | |
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. Gross Gross March 31, 2019 Available for sale U.S. treasury $ 3,000,457 $ — $ (5,379 ) $ 2,995,078 U.S. government agency 96,472,874 217,719 (262,471 ) 96,428,122 Corporate bonds 18,614,263 124,085 (3,038 ) 18,735,310 Foreign bonds 3,500,000 89 (2,994 ) 3,497,095 Municipal securities 78,627,930 220,780 (692,362 ) 78,156,348 Mortgage backed securities: FHLMC certificates 18,562,486 747 (632,632 ) 17,930,601 FNMA certificates 64,468,935 3,276 (2,022,007 ) 62,450,204 GNMA certificates 27,542,845 2,288 (703,540 ) 26,841,593 Total available for sale securities $ 310,789,790 $ 568,984 $ (4,324,423 ) $ 307,034,351 December 31, 2018 Available for sale U.S. treasury $ 3,003,410 $ — $ (10,910 ) $ 2,992,500 U.S. government agency 19,123,653 — (517,475 ) 18,606,178 Corporate bonds 22,115,768 227,789 (4,231 ) 22,339,326 Municipal securities 79,416,920 19,392 (2,147,608 ) 77,288,704 Mortgage backed securities FHLMC certificates 19,079,921 962 (1,007,115 ) 18,073,768 FNMA certificates 56,720,930 — (3,062,170 ) 53,658,760 GNMA certificates 27,873,539 — (1,127,013 ) 26,746,526 Total available for sale securities $ 227,334,141 $ 248,143 $ (7,876,522 ) $ 219,705,762 At March 31, 2019 December 31, 2018, March 31, 2019 Less than 12 months 12 Months or More Total Fair Unrealized Fair Unrealized Fair Unrealized U.S. treasury $ 1,501,172 $ 391 $ 1,493,906 $ 4,988 $ 2,995,078 $ 5,379 U.S. government agency 17,583,100 675 15,385,407 261,796 32,968,507 262,471 Corporate bonds 4,496,963 3,038 — — 4,496,963 3,038 Foreign debt securities 2,997,006 2,994 — — 2,997,006 2,994 Municipal securities — — 35,457,987 692,362 35,457,987 692,362 Mortgage backed securities FHLMC certificates 1,730,387 3,519 16,150,038 629,113 17,880,425 632,632 FNMA certificates 3,002,122 1,913 51,829,711 2,020,094 54,831,833 2,022,007 GNMA certificates 7,448,968 47,480 17,917,972 656,060 25,366,940 703,540 Total $ 38,759,718 $ 60,010 $ 138,235,021 $ 4,264,413 $ 176,994,739 $ 4,324,423 December 31, 2018 Less than 12 months 12 Months or More Total Fair Unrealized Fair Unrealized Fair Unrealized U.S. treasury $ 1,503,516 $ 1,313 $ 1,488,984 $ 9,597 $ 2,992,500 $ 10,910 U.S. government agency 1,357,980 26,795 15,288,957 490,680 16,646,937 517,475 Corporate bonds 2,995,769 4,231 — — 2,995,769 4,231 Municipal securities 13,707,759 100,387 54,243,374 2,047,221 67,951,133 2,147,608 Mortgage backed securities FHLMC certificates 1,715,756 26,062 16,293,413 981,053 18,009,169 1,007,115 FNMA certificates 1,164,291 11,023 52,494,470 3,051,147 53,658,761 3,062,170 GNMA certificates 8,871,024 138,099 17,875,503 988,914 26,746,527 1,127,013 Total $ 31,316,095 $ 307,910 $ 157,684,701 $ 7,568,612 $ 189,000,796 $ 7,876,522 At March 31, 2019 December 31, 2018, 134 166 12 18 34 12 March 31, 2019 March 31, 2019, not not not not not During the three March 31, 2019, $3.4 three March 31, 2018, $6.2 no Contractual maturities and pledged securities at March 31, 2019 may Available for Sale Amortized Fair Maturing Within one year $ 6,275,457 $ 6,267,466 Over one to five years 2,055,037 2,059,672 Over five to ten years 109,353,992 109,150,442 Over ten years 193,105,304 189,556,771 Total $ 310,789,790 $ 307,034,351 Pledged securities $ 127,039,972 $ 123,535,266 |
Note 4 - Loans
Note 4 - Loans | 3 Months Ended |
Mar. 31, 2019 | |
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, 2019 December 31, 2018 Legacy (1) Acquired Total Legacy (1) Acquired Total Commercial Real Estate Owner Occupied $ 300,801,706 $ 138,198,872 $ 439,000,578 $ 299,266,275 $ 140,892,706 $ 440,158,981 Investment 582,015,759 191,197,053 773,212,812 592,529,807 195,883,002 788,412,809 Hospitality 180,062,301 13,451,634 193,513,935 172,189,046 13,134,019 185,323,065 Land and A&D 82,358,822 22,791,313 105,150,135 71,908,761 21,760,867 93,669,628 Residential Real Estate First Lien-Investment 112,538,462 45,291,275 157,829,737 104,084,050 48,483,340 152,567,390 First Lien-Owner Occupied 108,852,047 136,182,761 245,034,808 108,696,078 140,221,589 248,917,667 Residential Land and A&D 44,332,786 15,842,288 60,175,074 42,639,161 16,828,434 59,467,595 HELOC and Jr. Liens 21,433,155 39,695,513 61,128,668 20,749,184 41,939,123 62,688,307 Commercial and Industrial 257,247,741 82,159,083 339,406,824 239,766,662 91,431,724 331,198,386 Consumer 15,270,415 31,814,054 47,084,469 16,289,147 34,919,111 51,208,258 Total loans 1,704,913,194 716,623,846 2,421,537,040 1,668,118,171 745,493,915 2,413,612,086 Allowance for loan losses (7,449,768 ) (358,374 ) (7,808,142 ) (7,004,839 ) (466,184 ) (7,471,023 ) Deferred loan costs, net 3,457,262 — 3,457,262 3,086,635 — 3,086,635 Net loans $ 1,700,920,688 $ 716,265,472 $ 2,417,186,160 $ 1,664,199,967 $ 745,027,731 $ 2,409,227,698 _______________________ ( 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, April 2018, 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. Our lending staff follows pricing guidelines established periodically by our management team. In an effort to manage risk, prior to funding the loan committee, consisting of four four 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 $1.51 March 31, 2019 December 31, 2018. 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, 2019, $193.5 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 $524.2 $523.6 March 31, 2019 December 31, 2018, 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 varies from $484,350 $726,525 $726,525. 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 Baltimore City and Anne Arundel, Baltimore, Calvert, Carroll, Charles, Frederick, Harford, Howard, 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, 2019 December 31, 2018. Age Analysis of Past Due Loans Age Analysis of Past Due Loans March 31, 2019 December 31, 2018 Legacy Acquired Total Legacy Acquired Total Current $ 1,695,749,348 $ 706,863,709 $ 2,402,613,057 $ 1,659,191,112 $ 729,738,007 $ 2,388,929,119 Accruing past due loans: 30 - 89 days past due Commercial Real Estate: Owner Occupied 3,958,783 — 3,958,783 3,990,558 — 3,990,558 Investment 66,753 1,908,182 1,974,935 1,729,404 3,849,944 5,579,348 Land and A&D 1,015,998 — 1,015,998 — — — Residential Real Estate: First Lien-Investment 178,881 589,787 768,668 179,701 896,227 1,075,928 First Lien-Owner Occupied 113,936 1,735,989 1,849,925 94,178 3,062,084 3,156,262 Land and A&D 464,649 338,036 802,685 883,460 413,191 1,296,651 HELOC and Jr. Liens 137,746 574,487 712,233 119,924 790,989 910,913 Commercial and Industrial 408,106 106,718 514,824 670,318 1,444,347 2,114,665 Consumer 109,122 664,188 773,310 320,071 1,338,813 1,658,884 Total 30 - 89 days past due 6,453,974 5,917,387 12,371,361 7,987,614 11,795,595 19,783,209 90 or more days past due Commercial Real Estate: Owner Occupied 1,050,000 1,050,000 — — — Investment — — — — 139,247 139,247 Residential Real Estate: First Lien-Owner Occupied — 150,588 150,588 — 103,365 103,365 Commercial and Industrial 75,137 — 75,137 — — — Consumer — — — — 54 54 Total 90 or more days past due 1,125,137 150,588 1,275,725 — 242,666 242,666 Total accruing past due loans 7,579,111 6,067,975 13,647,086 7,987,614 12,038,261 20,025,875 Recorded Investment Non-accruing loans: Commercial Real Estate: Owner Occupied — 246,165 246,165 — 182,261 182,261 Investment 576,671 51,595 628,266 — 51,070 51,070 Land and A&D — 45,000 45,000 — 45,000 45,000 Residential Real Estate: First Lien-Investment 192,501 303,891 496,392 192,501 292,758 485,259 First Lien-Owner Occupied 257,059 1,991,129 2,248,188 262,194 2,027,974 2,290,168 Land and A&D 284,179 200,209 484,388 277,704 201,737 479,441 HELOC and Jr. Liens — 653,634 653,634 — 690,732 690,732 Commercial and Industrial 250,247 45,294 295,541 191,388 45,269 236,657 Consumer 24,078 155,245 179,323 15,658 180,846 196,504 Non-accruing past due loans: 1,584,735 3,692,162 5,276,897 939,445 3,717,647 4,657,092 Total Loans $ 1,704,913,194 $ 716,623,846 $ 2,421,537,040 $ 1,668,118,171 $ 745,493,915 $ 2,413,612,086 We consider all nonperforming loans and troubled debt restructurings (“TDRs”) to be impaired. We do not March 31, 2019 December 31, 2018. Impaired Loans March 31, 2019 Unpaid Average Interest Legacy With no related allowance recorded: Commercial Real Estate: Owner Occupied $ 1,726,708 $ 1,726,708 $ — $ 1,735,411 $ 13,300 Investment 1,673,721 1,673,721 — 1,681,508 21,024 Residential Real Estate: First Lien-Owner Occupied 257,059 257,059 — 279,950 2,129 Commercial and Industrial 351,344 351,344 — 357,469 2,483 Consumer 12,081 12,081 12,081 — With an allowance recorded: Residential Real Estate: First Lien-Investment 192,501 192,501 39,420 192,501 — Land and A&D 284,179 284,179 25,000 282,613 — Commercial and Industrial 241,972 241,972 76,307 242,610 — Consumer 11,997 11,997 1,328 12,785 446 Total legacy impaired 4,751,562 4,751,562 142,055 4,796,928 39,382 Acquired(1) With no related allowance recorded: Commercial Real Estate: Owner Occupied 267,231 267,231 — 267,012 — Land and A&D Residential Real Estate: First Lien-Owner Occupied 2,362,303 2,234,524 — 2,422,433 20,169 First Lien-Investment Land and A&D 56,939 56,939 — 61,289 1,061 HELOC and Jr. Lien 477,025 477,025 — 501,237 6,491 Commercial and Industrial 66,661 66,661 — 67,063 844 Consumer 74,762 74,762 — 89,750 1,289 With an allowance recorded: Commercial Real Estate: Investment 72,408 72,408 14,340 163,876 — Land and A&D 328,851 45,000 45,000 328,851 — Residential Real Estate: First Lien-Owner Occupied 175,873 175,873 5,620 175,873 — First Lien-Investment 309,170 309,170 85,653 315,785 — Land and A&D 154,297 154,297 86,296 161,153 — HELOC and Jr. Lien 187,136 187,136 53,711 187,136 — Commercial and Industrial 48,750 48,750 48,750 48,750 — Consumer 108,569 108,569 19,004 120,781 2,630 Total acquired impaired 4,689,975 4,278,345 358,374 4,910,989 32,484 Total impaired $ 9,441,537 $ 9,029,907 $ 500,429 $ 9,707,917 $ 71,866 _______________________ ( 1 U.S. GAAP requires 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 December 31, 2018 Unpaid Average Interest Legacy With no related allowance recorded: Commercial Real Estate: Owner Occupied $ 1,737,394 $ 1,737,394 $ — $ 1,766,117 $ 74,203 Investment 1,688,661 1,688,661 — 1,716,183 88,410 Residential Real Estate: First Lien-Owner Occupied 262,194 262,194 — 285,514 11,412 Land and A&D 277,704 277,704 — 277,704 — Consumer 1,495 1,495 — 10,707 1,130 With an allowance recorded: Residential Real Estate: First Lien-Owner Occupied First Lien-Investment 192,501 192,501 39,420 192,501 — Commercial and Industrial 148,349 148,349 13,149 152,898 3,926 Consumer 14,163 14,163 1,416 27,217 1,129 Total legacy impaired 4,808,509 4,808,509 53,985 4,938,812 198,805 Acquired(1) With no related allowance recorded: Commercial Real Estate: Owner Occupied 283,083 232,635 — 542,654 3,281 Residential Real Estate: First Lien-Owner Occupied 2,127,854 2,011,286 — 2,159,327 38,636 Land and A&D 58,659 58,659 — 62,178 2,896 Consumer 22,139 22,139 — 26,027 364 With an allowance recorded: Commercial Real Estate: Owner Occupied Investment 72,408 72,408 14,340 163,876 2,750 First Lien-Owner Occupied 459,033 459,033 98,008 482,422 7,695 First Lien-Investment 298,187 298,187 62,701 310,862 7,871 Land and A&D 154,297 154,297 99,517 159,819 — HELOC and Jr. Lien 533,565 533,565 78,814 534,204 12,254 Commercial and Industrial 48,750 48,750 48,750 48,750 237 Consumer 188,102 188,102 19,053 231,978 11,619 Total acquired impaired 4,810,584 4,359,717 466,183 5,289,532 96,107 Total impaired $ 9,619,093 $ 9,168,226 $ 520,168 $ 10,228,344 $ 294,912 _______________________ ( 1 U.S. GAAP requires 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, 2019 seven $2.3 seven $2.4 December 31, 2018. We had no three March 31, 2019 2018. no three March 31, 2019 2018. Acquired impaired loans The following table documents changes in the accretable (premium) discount on acquired impaired loans during the three March 31, 2019 2018, March 31, 2019 March 31, 2018 Balance at beginning of period $ 124,090 $ 115,066 Accretion of fair value discounts (407,618 ) (27,770 ) Reclassification (to)/from non-accretable discount 375,326 23,195 Balance at end of period $ 91,798 $ 110,491 Contractually At March 31, 2019 $ 10,994,414 $ 9,627,828 At December 31, 2018 11,146,165 9,396,862 At March 31, 2018 8,421,446 6,799,657 At December 31, 2017 8,277,731 6,617,774 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, 2019 December 31, 2018: Account Balance March 31, 2019 Legacy Acquired Total Risk Rating Pass(1 - 5) Commercial Real Estate: Owner Occupied $ 294,532,310 $ 135,256,420 $ 429,788,730 Investment 579,274,406 189,422,802 768,697,208 Hospitality 180,062,301 13,451,634 193,513,935 Land and A&D 82,358,822 22,550,396 104,909,218 Residential Real Estate: First Lien-Investment 111,733,083 42,161,186 153,894,269 First Lien-Owner Occupied 108,534,276 130,794,217 239,328,493 Land and A&D 41,975,994 15,541,118 57,517,112 HELOC and Jr. Liens 21,433,155 38,992,054 60,425,209 Commercial 255,249,209 80,452,219 335,701,428 Consumer 15,246,337 31,603,019 46,849,356 1,690,399,893 700,225,065 2,390,624,958 Special Mention(6) Commercial Real Estate: Owner Occupied 416,239 1,289,117 1,705,356 Investment 1,067,632 941,188 2,008,820 Land and A&D — 195,917 195,917 Residential Real Estate: First Lien-Investment 286,659 1,700,354 1,987,013 First Lien-Owner Occupied 60,712 1,506,258 1,566,970 Land and A&D 2,072,613 100,961 2,173,574 Commercial 322,215 1,584,961 1,907,176 Consumer — 24,815 24,815 4,226,070 7,343,571 11,569,641 Substandard(7) Commercial Real Estate: Owner Occupied 5,853,157 1,653,335 7,506,492 Investment 1,673,721 833,063 2,506,784 Land and A&D — 45,000 45,000 Residential Real Estate: First Lien-Investment 518,720 1,429,735 1,948,455 First Lien-Owner Occupied 257,059 3,882,286 4,139,345 Land and A&D 284,179 200,209 484,388 HELOC and Jr. Liens — 703,459 703,459 Commercial 1,676,317 121,903 1,798,220 Consumer 24,078 186,220 210,298 10,287,231 9,055,210 19,342,441 Doubtful(8) — — — Loss(9) — — — Total $ 1,704,913,194 $ 716,623,846 $ 2,421,537,040 Account Balance December 31, 2018 Legacy Acquired Total Risk Rating Pass(1 - 5) Commercial Real Estate: Owner Occupied $ 293,682,007 $ 137,978,800 $ 431,660,807 Investment 589,763,511 194,092,985 783,856,496 Hospitality 172,189,046 13,134,019 185,323,065 Land and A&D 71,908,761 21,514,420 93,423,181 Residential Real Estate: First Lien-Investment 103,270,617 45,431,446 148,702,063 First Lien-Owner Occupied 108,371,748 134,959,907 243,331,655 Land and A&D 40,268,376 16,524,667 56,793,043 HELOC and Jr. Liens 20,749,184 41,196,500 61,945,684 Commercial 237,713,832 89,049,308 326,763,140 Consumer 16,273,489 34,674,679 50,948,168 1,654,190,571 728,556,731 2,382,747,302 Special Mention(6) Commercial Real Estate: Owner Occupied 420,347 1,303,849 1,724,196 Investment 1,077,635 557,687 1,635,322 Land and A&D — 201,447 201,447 Residential Real Estate: First Lien-Investment 289,618 1,709,025 1,998,643 First Lien-Owner Occupied 62,136 1,522,737 1,584,873 Land and A&D 2,093,081 102,030 2,195,111 Commercial 174,729 174,429 349,158 Consumer — 30,848 30,848 4,117,546 5,602,052 9,719,598 Substandard(7) Commercial Real Estate: Owner Occupied 5,163,921 1,610,057 6,773,978 Investment 1,688,661 1,232,330 2,920,991 Land and A&D — 45,000 45,000 Residential Real Estate: First Lien-Investment 523,815 1,342,869 1,866,684 First Lien-Owner Occupied 262,194 3,738,945 4,001,139 Land and A&D 277,704 201,737 479,441 HELOC and Jr. Liens — 742,623 742,623 Commercial 1,878,101 2,207,987 4,086,088 Consumer 15,658 213,584 229,242 9,810,054 11,335,132 21,145,186 Doubtful(8) — — — Loss(9) — — — Total $ 1,668,118,171 $ 745,493,915 $ 2,413,612,086 The following table details activity in the allowance for loan losses by portfolio segment for the three March 31, 2019 2018. one not Commercial Commercial Residential Beginning balance $ 1,562,740 $ 4,728,694 $ 1,081,394 $ 98,195 $ 7,471,023 Provision for loan losses 232,962 128,045 (4,002 ) 57,170 414,175 Recoveries 10,753 417 3,119 27,552 41,841 Total 1,806,455 4,857,156 1,080,511 182,917 7,927,039 Loans charged off (4,108 ) — (1,028 ) (113,761 ) (118,897 ) Ending Balance $ 1,802,347 $ 4,857,156 $ 1,079,483 $ 69,156 $ 7,808,142 Amount allocated to: Legacy Loans: Individually evaluated for impairment $ 76,307 $ — $ 64,420 $ 1,328 $ 142,055 Other loans not individually evaluated 1,677,290 4,797,816 783,783 48,824 7,307,713 Acquired Loans: Individually evaluated for impairment 48,750 59,340 231,280 19,004 358,374 Ending balance $ 1,802,347 $ 4,857,156 $ 1,079,483 $ 69,156 $ 7,808,142 Commercial Commercial Residential 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 Our recorded investment in loans at March 31, 2019 2018 Commercial Commercial Residential Legacy loans: Individually evaluated for impairment with specific reserve $ 241,972 $ — $ 476,680 $ 11,997 $ 730,649 Individually evaluated for impairment without specific reserve 351,344 3,400,429 257,059 12,081 4,020,913 Other loans not individually evaluated 256,654,426 1,141,838,159 286,422,712 15,246,338 1,700,161,633 Acquired loans: Individually evaluated for impairment with specific reserve subsequent to acquisition (ASC 310-20 at acquisition) 48,750 117,408 826,476 108,569 1,101,203 Individually evaluated for impairment without specific reserve (ASC 310-20 at acquisition) 66,661 267,231 2,768,488 74,762 3,177,142 Individually evaluated for impairment without specific reserve (ASC 310-30 at acquisition) 201,052 4,551,734 4,875,042 — 9,627,828 Collectively evaluated for impairment without reserve (ASC 310-20 at acquisition) 81,842,619 360,702,499 228,541,830 31,630,722 702,717,672 Ending balance $ 339,406,823 $ 1,510,877,460 $ 524,168,286 $ 47,084,471 $ 2,421,537,040 Commercial Commercial Residential 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 |
Note 5 - Other Real Estate Owne
Note 5 - Other Real Estate Owned | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Real Estate Owned [Text Block] | 5. OTHER REAL ESTATE OWNED The fair value of other real estate owned was $883 March 31, 2019 December 31, 2018. two not The following outlines the transactions in OREO during the period. Three months ended March 31, 2019 Legacy Acquired Total Beginning balance $ — $ 882,510 $ 882,510 Sales/deposits on sales — — — Net realized gain/(loss) — — — Total end of period $ — $ 882,510 $ 882,510 Residential Foreclosures and Repossessed Assets March 31, 2019, $234 seven $973 March 31, 2019 five $786 December 31, 2018. |
Note 6 - Earnings Per Common Sh
Note 6 - Earnings Per Common Share | 3 Months Ended |
Mar. 31, 2019 | |
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 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 2019 2018 Weighted average number of shares 17,039,961 12,544,266 Dilutive average number of shares 17,170,507 12,743,282 |
Note 7 - Stock-based Compensati
Note 7 - Stock-based Compensation | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Shareholders' Equity and Share-based Payments [Text Block] | 7. STOCK-BASED COMPENSATION For the three March 31, 2019 2018, $291,715 $288,559, March 31, 2019, $2.1 2.0 March 31, 2019, 156,646 2010 2,400 three March 31, 2019 38,921 three March 31, 2018. For purposes of determining estimated fair value of stock options, we have computed the estimated fair value of all stock-based compensation using the Black-Scholes option pricing model and, for stock options granted prior to December 31, 2018, 10 December 31, 2018. three March 31, 2019, no 40,000 three March 31, 2018. During the three March 31, 2019 2018, 28,191 19,443 $28.74 March 31, 2019. March 31, 2019, $5.7 2.5 no three March 31, 2019 2018. |
Note 8 - Fair Value Measurement
Note 8 - Fair Value Measurement | 3 Months Ended |
Mar. 31, 2019 | |
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 no three March 31, 2019 December 31, 2018. At March 31, 2019, March 31, 2019, 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, 2019 (In thousands) Carrying Value Quoted Prices in Other Significant Total Changes Available-for-sale: Treasury securities $ 2,995 $ 2,995 $ — $ — $ — U.S. government agency 96,428 — 96,428 — — Corporate bonds 18,735 — — 18,735 — Foreign debt securities 3,497 — — 3,497 Municipal securities 78,156 — 78,156 — — FHLMC MBS 17,931 — 17,931 — — FNMA MBS 62,450 — 62,450 — — GNMA MBS 26,842 — 26,842 — — Total recurring assets at fair value $ 307,034 $ 2,995 $ 281,807 $ 22,232 $ — At December 31, 2018 (In thousands) Carrying Value Quoted Prices in Other Significant Total Changes Available-for-sale: Treasury securities $ 2,993 $ 2,993 $ — $ — $ — U.S. government agency 18,606 — 18,606 — — Corporate bonds 18,843 — — 18,843 — Foreign debt securities 3,496 — — 3,496 — Municipal securities 77,289 — 77,289 — — FHLMC MBS 18,074 — 18,074 — — FNMA MBS 53,659 — 53,659 — — GNMA MBS 26,746 — 26,746 — — Total recurring assets at fair value $ 219,706 $ 2,993 $ 194,374 $ 22,339 $ — 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, 2019 $ 22,339 Realized and unrealized gains (losses) Included in earnings — Included in other comprehensive income (107 ) Purchases, issuances, sales and settlements — Transfers into or out of level 3 — Balance at March 31, 2019 $ 22,232 The fair value calculated may not Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis We may March 31, 2019 December 31, 2018 We also measure certain non-financial assets such as OREO, 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, 2019 (In thousands) Carrying Value Quoted Prices in Other Significant Impaired Loans Legacy: $ 4,610 — — $ 4,610 Acquired: 3,920 — — 3,920 Total Impaired Loans 8,530 — — 8,530 Other real estate owned: Legacy: $ — — — $ — Acquired: 883 — — 883 Total other real estate owned: 883 — — 883 Total $ 9,413 $ — $ — $ 9,413 At December 31, 2018 (In thousands) Carrying Value Quoted Prices in Other Significant Impaired Loans Legacy: $ 2,745 — — $ 2,745 Acquired: 3,894 — — 3,894 Total Impaired Loans 6,639 — — 6,639 Other real estate owned: Legacy: $ — — — $ — Acquired: 883 — — 883 Total other real estate owned: 883 — — 883 Total $ 7,522 $ — $ — $ 7,522 As of March 31, 2019, December 31, 2018, 3 $9.4 $7.5 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, 2019 December 31, 2018. 820 Fair Value Measurement no March 31, 2019 (in thousands) Carrying Total Quoted Prices Significant Significant Assets: Cash and cash equivalents $ 52,689 $ 52,689 $ 52,689 $ — $ — Loans receivable, net 2,417,186 2,393,316 — — 2,393,316 Loans held for sale 9,633 9,875 — 9,875 — Equity Securities at cost 13,864 13,864 — 13,864 — Accrued interest receivable 8,607 8,607 — 1,874 6,733 Liabilities: Deposits: Non-interest-bearing 579,962 579,962 — 579,962 — Interest bearing 1,755,473 1,772,876 — 1,772,876 — Short term borrowings 282,142 282,142 — 282,142 — Long term borrowings 38,437 38,437 — 37,437 — Accrued Interest payable 2,461 2,461 — 2,461 — December 31, 2018 (in thousands) Carrying Total Quoted Prices Significant Significant Assets: Cash and cash equivalents $ 44,501 $ 44,501 $ 44,501 $ — $ — Loans receivable, net 2,409,228 2,383,673 — — 2,383,673 Loans held for sale 11,564 11,860 — 11,860 — Equity Securities at cost 11,151 11,151 — 11,151 — Accrued interest receivable 7,959 7,959 — 1,393 6,566 Liabilities: Deposits: Non-interest-bearing 559,060 559,060 — 559,060 — Interest bearing 1,736,989 1,752,883 — 1,752,883 — Short term borrowings 228,185 228,185 — 228,185 — Long term borrowings 38,371 38,371 — 38,371 — Accrued Interest payable 2,845 2,845 — 2,845 — |
Note 9 - Short Term Borrowings
Note 9 - Short Term Borrowings | 3 Months Ended |
Mar. 31, 2019 | |
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 FHLB. At March 31, 2019, $250.0 $190.0 December 31, 2018. March 31, 2019 December 31, 2018, no $32.1 $38.2 Securities Sold Under Agreements to Repurchase To support the $32.1 March 31, 2019, March 31, 2019 $123.5 no may $32.1 |
Note 10 - Long Term Borrowings
Note 10 - Long Term Borrowings | 3 Months Ended |
Mar. 31, 2019 | |
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, $34.2 March 31, 2019. Also included in long term borrowings are trust preferred subordinated debentures totaling $4.2 $2.5 March 31, 2019 two 1 $4.0 $1.4 March 17, 2034 2 $2.5 $1.1 December 14, 2035. |
Note 11 - Leases
Note 11 - Leases | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Leases of Lessee Disclosure [Text Block] | 11. LEASES We have operating leases in which we are the lessee, and such leases are recorded on our consolidated balance sheets as operating lease ROU assets in other assets and operating lease liabilities in other liabilities. We are not Operating lease ROU assets represent our right to use an underlying asset during the lease term and operating lease liabilities represent our obligation to make lease payments arising from the lease during the lease term. We recognize ROU assets and operating lease liabilities at lease commencement based on the present value of the remaining lease payments using a discount rate that represents our incremental collateralized borrowing rate at the lease commencement date. We further adjust ROU assets for lease incentives. We recognize operating lease expense, which is comprised of amortization of the ROU asset and the implicit interest accreted on the operating lease liability, on a straight-line basis over the lease term, and record operating lease expense in net occupancy expense in the consolidated statements of income and other comprehensive income. Our leases relate primarily to office space and bank branches with remaining lease terms of generally 1 20 5 10 not not The tables below summarizes our net lease cost: The components of leases expense were as follows: Three months ended March 31, 2019 2019 Operating lease cost $ 719,215 Supplemental cash flow information related to leases was as follows: Three months ended March 31, 2019 2019 Operating cash flows from operating leases $ 636,202 Right-of-use assets obtained in exchange for lease Operating leases $ 443,550 Supplemental balance sheet information related to leases was as follows: Three months ended March 31, 2019 2019 Operating lease right-of-use assets $ 25,868,929 Lease liabilities $ 26,248,563 Weighted Average Remaining Operating Lease Term In Years 12.34 Weighted Average Discount Rate on Operating Leases 3.00 % Maturities of lease liabilities were as follows: (includes extensions of leases) Operating One year or less $ 1,353,185 One to three years 3,715,584 Three to five years 3,917,571 Thereafter 19,162,606 Total undiscounted cash flows 28,148,946 Discount of cash flows (1,900,383 ) Total lease liability $ 26,248,563 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2019 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | Basis of Presentation and Consolidation The foregoing consolidated financial statements for the periods ended March 31, 2019 2018 December 31, 2018 10 December 31, 2018. no 10 |
Accounting Changes [Policy Text Block] | Accounting Changes - 2016 02, Leases Topic 842 2016 02 January 1, 2019. 2016 02 2016 02 January 1, 2019) not Our operating leases relate primarily to office space and bank branches. As a result of implementing ASU 2016 02, $26.2 $26.5 January 1, 2019, no 11 |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates may |
Reclassification, Policy [Policy Text Block] | Reclassifications 2018 2019 not |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements In June 2016, 2016 13 , Financial Instruments – Credit Losses (Topic 326 December 15, 2019, third 2016 13. 2016 13 second 2019. 2016 13 2016 13 In March 2017, 2017 08, Premium Amortization on Purchased Callable Debt Securities not 2017 08 December 15, 2018; first not In July 2018, 2018 11, Leases (Topic 842 2016 02. 840, Leases not 606 606. 842 . 2016 02 January 1, 2019 2018 11 not ASU 2019 01, Leases (Topic 842 2019 01 not not not 2019 01 January 1, 2020 not |
Note 2 - Acquisition of Bay B_2
Note 2 - Acquisition of Bay Bancorp, Inc. (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Purchase Price Consideration Cash consideration $ 973,383 Purchase price assigned to shares exchanged for stock 142,645,695 Total purchase price for BYBK acquisition 143,619,078 Fair Value of Assets Acquired Cash and due from banks $ 22,590,994 Investment securities 51,895,757 Restricted equity securities, at cost 2,339,700 Loans, net 546,215,988 Premises and equipment 3,127,963 Accrued interest receivable 1,714,054 Accrued taxes receivable 1,912,807 Deferred income taxes 1,219,602 Bank owned life insurance 16,319,198 Other real estate owned 1,041,079 Core deposit intangible 11,243,714 Other assets 1,817,233 Total assets acquired $ 661,438,089 Fair Value of Liabilities assumed Deposits $ 541,368,907 Short term borrowings 41,100,000 Other liabilities 4,934,884 Total liabilities assumed $ 587,403,791 Fair Value of net assets acquired 74,034,298 Total Purchase Price 143,619,078 Goodwill recorded for BYBK $ 69,584,780 |
Note 3 - Investment Securities
Note 3 - Investment Securities (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Schedule of Available-for-sale Securities Reconciliation [Table Text Block] | Gross Gross March 31, 2019 Available for sale U.S. treasury $ 3,000,457 $ — $ (5,379 ) $ 2,995,078 U.S. government agency 96,472,874 217,719 (262,471 ) 96,428,122 Corporate bonds 18,614,263 124,085 (3,038 ) 18,735,310 Foreign bonds 3,500,000 89 (2,994 ) 3,497,095 Municipal securities 78,627,930 220,780 (692,362 ) 78,156,348 Mortgage backed securities: FHLMC certificates 18,562,486 747 (632,632 ) 17,930,601 FNMA certificates 64,468,935 3,276 (2,022,007 ) 62,450,204 GNMA certificates 27,542,845 2,288 (703,540 ) 26,841,593 Total available for sale securities $ 310,789,790 $ 568,984 $ (4,324,423 ) $ 307,034,351 December 31, 2018 Available for sale U.S. treasury $ 3,003,410 $ — $ (10,910 ) $ 2,992,500 U.S. government agency 19,123,653 — (517,475 ) 18,606,178 Corporate bonds 22,115,768 227,789 (4,231 ) 22,339,326 Municipal securities 79,416,920 19,392 (2,147,608 ) 77,288,704 Mortgage backed securities FHLMC certificates 19,079,921 962 (1,007,115 ) 18,073,768 FNMA certificates 56,720,930 — (3,062,170 ) 53,658,760 GNMA certificates 27,873,539 — (1,127,013 ) 26,746,526 Total available for sale securities $ 227,334,141 $ 248,143 $ (7,876,522 ) $ 219,705,762 |
Schedule of Unrealized Loss on Investments [Table Text Block] | March 31, 2019 Less than 12 months 12 Months or More Total Fair Unrealized Fair Unrealized Fair Unrealized U.S. treasury $ 1,501,172 $ 391 $ 1,493,906 $ 4,988 $ 2,995,078 $ 5,379 U.S. government agency 17,583,100 675 15,385,407 261,796 32,968,507 262,471 Corporate bonds 4,496,963 3,038 — — 4,496,963 3,038 Foreign debt securities 2,997,006 2,994 — — 2,997,006 2,994 Municipal securities — — 35,457,987 692,362 35,457,987 692,362 Mortgage backed securities FHLMC certificates 1,730,387 3,519 16,150,038 629,113 17,880,425 632,632 FNMA certificates 3,002,122 1,913 51,829,711 2,020,094 54,831,833 2,022,007 GNMA certificates 7,448,968 47,480 17,917,972 656,060 25,366,940 703,540 Total $ 38,759,718 $ 60,010 $ 138,235,021 $ 4,264,413 $ 176,994,739 $ 4,324,423 December 31, 2018 Less than 12 months 12 Months or More Total Fair Unrealized Fair Unrealized Fair Unrealized U.S. treasury $ 1,503,516 $ 1,313 $ 1,488,984 $ 9,597 $ 2,992,500 $ 10,910 U.S. government agency 1,357,980 26,795 15,288,957 490,680 16,646,937 517,475 Corporate bonds 2,995,769 4,231 — — 2,995,769 4,231 Municipal securities 13,707,759 100,387 54,243,374 2,047,221 67,951,133 2,147,608 Mortgage backed securities FHLMC certificates 1,715,756 26,062 16,293,413 981,053 18,009,169 1,007,115 FNMA certificates 1,164,291 11,023 52,494,470 3,051,147 53,658,761 3,062,170 GNMA certificates 8,871,024 138,099 17,875,503 988,914 26,746,527 1,127,013 Total $ 31,316,095 $ 307,910 $ 157,684,701 $ 7,568,612 $ 189,000,796 $ 7,876,522 |
Investments Classified by Contractual Maturity Date [Table Text Block] | Available for Sale Amortized Fair Maturing Within one year $ 6,275,457 $ 6,267,466 Over one to five years 2,055,037 2,059,672 Over five to ten years 109,353,992 109,150,442 Over ten years 193,105,304 189,556,771 Total $ 310,789,790 $ 307,034,351 Pledged securities $ 127,039,972 $ 123,535,266 |
Note 4 - Loans (Tables)
Note 4 - Loans (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | March 31, 2019 December 31, 2018 Legacy (1) Acquired Total Legacy (1) Acquired Total Commercial Real Estate Owner Occupied $ 300,801,706 $ 138,198,872 $ 439,000,578 $ 299,266,275 $ 140,892,706 $ 440,158,981 Investment 582,015,759 191,197,053 773,212,812 592,529,807 195,883,002 788,412,809 Hospitality 180,062,301 13,451,634 193,513,935 172,189,046 13,134,019 185,323,065 Land and A&D 82,358,822 22,791,313 105,150,135 71,908,761 21,760,867 93,669,628 Residential Real Estate First Lien-Investment 112,538,462 45,291,275 157,829,737 104,084,050 48,483,340 152,567,390 First Lien-Owner Occupied 108,852,047 136,182,761 245,034,808 108,696,078 140,221,589 248,917,667 Residential Land and A&D 44,332,786 15,842,288 60,175,074 42,639,161 16,828,434 59,467,595 HELOC and Jr. Liens 21,433,155 39,695,513 61,128,668 20,749,184 41,939,123 62,688,307 Commercial and Industrial 257,247,741 82,159,083 339,406,824 239,766,662 91,431,724 331,198,386 Consumer 15,270,415 31,814,054 47,084,469 16,289,147 34,919,111 51,208,258 Total loans 1,704,913,194 716,623,846 2,421,537,040 1,668,118,171 745,493,915 2,413,612,086 Allowance for loan losses (7,449,768 ) (358,374 ) (7,808,142 ) (7,004,839 ) (466,184 ) (7,471,023 ) Deferred loan costs, net 3,457,262 — 3,457,262 3,086,635 — 3,086,635 Net loans $ 1,700,920,688 $ 716,265,472 $ 2,417,186,160 $ 1,664,199,967 $ 745,027,731 $ 2,409,227,698 |
Financing Receivable, Past Due [Table Text Block] | Age Analysis of Past Due Loans March 31, 2019 December 31, 2018 Legacy Acquired Total Legacy Acquired Total Current $ 1,695,749,348 $ 706,863,709 $ 2,402,613,057 $ 1,659,191,112 $ 729,738,007 $ 2,388,929,119 Accruing past due loans: 30 - 89 days past due Commercial Real Estate: Owner Occupied 3,958,783 — 3,958,783 3,990,558 — 3,990,558 Investment 66,753 1,908,182 1,974,935 1,729,404 3,849,944 5,579,348 Land and A&D 1,015,998 — 1,015,998 — — — Residential Real Estate: First Lien-Investment 178,881 589,787 768,668 179,701 896,227 1,075,928 First Lien-Owner Occupied 113,936 1,735,989 1,849,925 94,178 3,062,084 3,156,262 Land and A&D 464,649 338,036 802,685 883,460 413,191 1,296,651 HELOC and Jr. Liens 137,746 574,487 712,233 119,924 790,989 910,913 Commercial and Industrial 408,106 106,718 514,824 670,318 1,444,347 2,114,665 Consumer 109,122 664,188 773,310 320,071 1,338,813 1,658,884 Total 30 - 89 days past due 6,453,974 5,917,387 12,371,361 7,987,614 11,795,595 19,783,209 90 or more days past due Commercial Real Estate: Owner Occupied 1,050,000 1,050,000 — — — Investment — — — — 139,247 139,247 Residential Real Estate: First Lien-Owner Occupied — 150,588 150,588 — 103,365 103,365 Commercial and Industrial 75,137 — 75,137 — — — Consumer — — — — 54 54 Total 90 or more days past due 1,125,137 150,588 1,275,725 — 242,666 242,666 Total accruing past due loans 7,579,111 6,067,975 13,647,086 7,987,614 12,038,261 20,025,875 Recorded Investment Non-accruing loans: Commercial Real Estate: Owner Occupied — 246,165 246,165 — 182,261 182,261 Investment 576,671 51,595 628,266 — 51,070 51,070 Land and A&D — 45,000 45,000 — 45,000 45,000 Residential Real Estate: First Lien-Investment 192,501 303,891 496,392 192,501 292,758 485,259 First Lien-Owner Occupied 257,059 1,991,129 2,248,188 262,194 2,027,974 2,290,168 Land and A&D 284,179 200,209 484,388 277,704 201,737 479,441 HELOC and Jr. Liens — 653,634 653,634 — 690,732 690,732 Commercial and Industrial 250,247 45,294 295,541 191,388 45,269 236,657 Consumer 24,078 155,245 179,323 15,658 180,846 196,504 Non-accruing past due loans: 1,584,735 3,692,162 5,276,897 939,445 3,717,647 4,657,092 Total Loans $ 1,704,913,194 $ 716,623,846 $ 2,421,537,040 $ 1,668,118,171 $ 745,493,915 $ 2,413,612,086 |
Impaired Financing Receivables [Table Text Block] | Unpaid Average Interest Legacy With no related allowance recorded: Commercial Real Estate: Owner Occupied $ 1,726,708 $ 1,726,708 $ — $ 1,735,411 $ 13,300 Investment 1,673,721 1,673,721 — 1,681,508 21,024 Residential Real Estate: First Lien-Owner Occupied 257,059 257,059 — 279,950 2,129 Commercial and Industrial 351,344 351,344 — 357,469 2,483 Consumer 12,081 12,081 12,081 — With an allowance recorded: Residential Real Estate: First Lien-Investment 192,501 192,501 39,420 192,501 — Land and A&D 284,179 284,179 25,000 282,613 — Commercial and Industrial 241,972 241,972 76,307 242,610 — Consumer 11,997 11,997 1,328 12,785 446 Total legacy impaired 4,751,562 4,751,562 142,055 4,796,928 39,382 Acquired(1) With no related allowance recorded: Commercial Real Estate: Owner Occupied 267,231 267,231 — 267,012 — Land and A&D Residential Real Estate: First Lien-Owner Occupied 2,362,303 2,234,524 — 2,422,433 20,169 First Lien-Investment Land and A&D 56,939 56,939 — 61,289 1,061 HELOC and Jr. Lien 477,025 477,025 — 501,237 6,491 Commercial and Industrial 66,661 66,661 — 67,063 844 Consumer 74,762 74,762 — 89,750 1,289 With an allowance recorded: Commercial Real Estate: Investment 72,408 72,408 14,340 163,876 — Land and A&D 328,851 45,000 45,000 328,851 — Residential Real Estate: First Lien-Owner Occupied 175,873 175,873 5,620 175,873 — First Lien-Investment 309,170 309,170 85,653 315,785 — Land and A&D 154,297 154,297 86,296 161,153 — HELOC and Jr. Lien 187,136 187,136 53,711 187,136 — Commercial and Industrial 48,750 48,750 48,750 48,750 — Consumer 108,569 108,569 19,004 120,781 2,630 Total acquired impaired 4,689,975 4,278,345 358,374 4,910,989 32,484 Total impaired $ 9,441,537 $ 9,029,907 $ 500,429 $ 9,707,917 $ 71,866 Unpaid Average Interest Legacy With no related allowance recorded: Commercial Real Estate: Owner Occupied $ 1,737,394 $ 1,737,394 $ — $ 1,766,117 $ 74,203 Investment 1,688,661 1,688,661 — 1,716,183 88,410 Residential Real Estate: First Lien-Owner Occupied 262,194 262,194 — 285,514 11,412 Land and A&D 277,704 277,704 — 277,704 — Consumer 1,495 1,495 — 10,707 1,130 With an allowance recorded: Residential Real Estate: First Lien-Owner Occupied First Lien-Investment 192,501 192,501 39,420 192,501 — Commercial and Industrial 148,349 148,349 13,149 152,898 3,926 Consumer 14,163 14,163 1,416 27,217 1,129 Total legacy impaired 4,808,509 4,808,509 53,985 4,938,812 198,805 Acquired(1) With no related allowance recorded: Commercial Real Estate: Owner Occupied 283,083 232,635 — 542,654 3,281 Residential Real Estate: First Lien-Owner Occupied 2,127,854 2,011,286 — 2,159,327 38,636 Land and A&D 58,659 58,659 — 62,178 2,896 Consumer 22,139 22,139 — 26,027 364 With an allowance recorded: Commercial Real Estate: Owner Occupied Investment 72,408 72,408 14,340 163,876 2,750 First Lien-Owner Occupied 459,033 459,033 98,008 482,422 7,695 First Lien-Investment 298,187 298,187 62,701 310,862 7,871 Land and A&D 154,297 154,297 99,517 159,819 — HELOC and Jr. Lien 533,565 533,565 78,814 534,204 12,254 Commercial and Industrial 48,750 48,750 48,750 48,750 237 Consumer 188,102 188,102 19,053 231,978 11,619 Total acquired impaired 4,810,584 4,359,717 466,183 5,289,532 96,107 Total impaired $ 9,619,093 $ 9,168,226 $ 520,168 $ 10,228,344 $ 294,912 |
Schedule of Loans and Leases Receivable Outstanding Balances and Related Carrying Amounts for Acquired Impaired Loans [Table Text Block] | March 31, 2019 March 31, 2018 Balance at beginning of period $ 124,090 $ 115,066 Accretion of fair value discounts (407,618 ) (27,770 ) Reclassification (to)/from non-accretable discount 375,326 23,195 Balance at end of period $ 91,798 $ 110,491 Contractually At March 31, 2019 $ 10,994,414 $ 9,627,828 At December 31, 2018 11,146,165 9,396,862 At March 31, 2018 8,421,446 6,799,657 At December 31, 2017 8,277,731 6,617,774 |
Financing Receivable Credit Quality Indicators [Table Text Block] | Account Balance March 31, 2019 Legacy Acquired Total Risk Rating Pass(1 - 5) Commercial Real Estate: Owner Occupied $ 294,532,310 $ 135,256,420 $ 429,788,730 Investment 579,274,406 189,422,802 768,697,208 Hospitality 180,062,301 13,451,634 193,513,935 Land and A&D 82,358,822 22,550,396 104,909,218 Residential Real Estate: First Lien-Investment 111,733,083 42,161,186 153,894,269 First Lien-Owner Occupied 108,534,276 130,794,217 239,328,493 Land and A&D 41,975,994 15,541,118 57,517,112 HELOC and Jr. Liens 21,433,155 38,992,054 60,425,209 Commercial 255,249,209 80,452,219 335,701,428 Consumer 15,246,337 31,603,019 46,849,356 1,690,399,893 700,225,065 2,390,624,958 Special Mention(6) Commercial Real Estate: Owner Occupied 416,239 1,289,117 1,705,356 Investment 1,067,632 941,188 2,008,820 Land and A&D — 195,917 195,917 Residential Real Estate: First Lien-Investment 286,659 1,700,354 1,987,013 First Lien-Owner Occupied 60,712 1,506,258 1,566,970 Land and A&D 2,072,613 100,961 2,173,574 Commercial 322,215 1,584,961 1,907,176 Consumer — 24,815 24,815 4,226,070 7,343,571 11,569,641 Substandard(7) Commercial Real Estate: Owner Occupied 5,853,157 1,653,335 7,506,492 Investment 1,673,721 833,063 2,506,784 Land and A&D — 45,000 45,000 Residential Real Estate: First Lien-Investment 518,720 1,429,735 1,948,455 First Lien-Owner Occupied 257,059 3,882,286 4,139,345 Land and A&D 284,179 200,209 484,388 HELOC and Jr. Liens — 703,459 703,459 Commercial 1,676,317 121,903 1,798,220 Consumer 24,078 186,220 210,298 10,287,231 9,055,210 19,342,441 Doubtful(8) — — — Loss(9) — — — Total $ 1,704,913,194 $ 716,623,846 $ 2,421,537,040 Account Balance December 31, 2018 Legacy Acquired Total Risk Rating Pass(1 - 5) Commercial Real Estate: Owner Occupied $ 293,682,007 $ 137,978,800 $ 431,660,807 Investment 589,763,511 194,092,985 783,856,496 Hospitality 172,189,046 13,134,019 185,323,065 Land and A&D 71,908,761 21,514,420 93,423,181 Residential Real Estate: First Lien-Investment 103,270,617 45,431,446 148,702,063 First Lien-Owner Occupied 108,371,748 134,959,907 243,331,655 Land and A&D 40,268,376 16,524,667 56,793,043 HELOC and Jr. Liens 20,749,184 41,196,500 61,945,684 Commercial 237,713,832 89,049,308 326,763,140 Consumer 16,273,489 34,674,679 50,948,168 1,654,190,571 728,556,731 2,382,747,302 Special Mention(6) Commercial Real Estate: Owner Occupied 420,347 1,303,849 1,724,196 Investment 1,077,635 557,687 1,635,322 Land and A&D — 201,447 201,447 Residential Real Estate: First Lien-Investment 289,618 1,709,025 1,998,643 First Lien-Owner Occupied 62,136 1,522,737 1,584,873 Land and A&D 2,093,081 102,030 2,195,111 Commercial 174,729 174,429 349,158 Consumer — 30,848 30,848 4,117,546 5,602,052 9,719,598 Substandard(7) Commercial Real Estate: Owner Occupied 5,163,921 1,610,057 6,773,978 Investment 1,688,661 1,232,330 2,920,991 Land and A&D — 45,000 45,000 Residential Real Estate: First Lien-Investment 523,815 1,342,869 1,866,684 First Lien-Owner Occupied 262,194 3,738,945 4,001,139 Land and A&D 277,704 201,737 479,441 HELOC and Jr. Liens — 742,623 742,623 Commercial 1,878,101 2,207,987 4,086,088 Consumer 15,658 213,584 229,242 9,810,054 11,335,132 21,145,186 Doubtful(8) — — — Loss(9) — — — Total $ 1,668,118,171 $ 745,493,915 $ 2,413,612,086 |
Financing Receivable, Allowance for Credit Loss [Table Text Block] | Commercial Commercial Residential Beginning balance $ 1,562,740 $ 4,728,694 $ 1,081,394 $ 98,195 $ 7,471,023 Provision for loan losses 232,962 128,045 (4,002 ) 57,170 414,175 Recoveries 10,753 417 3,119 27,552 41,841 Total 1,806,455 4,857,156 1,080,511 182,917 7,927,039 Loans charged off (4,108 ) — (1,028 ) (113,761 ) (118,897 ) Ending Balance $ 1,802,347 $ 4,857,156 $ 1,079,483 $ 69,156 $ 7,808,142 Amount allocated to: Legacy Loans: Individually evaluated for impairment $ 76,307 $ — $ 64,420 $ 1,328 $ 142,055 Other loans not individually evaluated 1,677,290 4,797,816 783,783 48,824 7,307,713 Acquired Loans: Individually evaluated for impairment 48,750 59,340 231,280 19,004 358,374 Ending balance $ 1,802,347 $ 4,857,156 $ 1,079,483 $ 69,156 $ 7,808,142 Commercial Commercial Residential 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 |
Schedule of Recorded Investment Based on Impairment Methodology [Table Text Block] | Commercial Commercial Residential Legacy loans: Individually evaluated for impairment with specific reserve $ 241,972 $ — $ 476,680 $ 11,997 $ 730,649 Individually evaluated for impairment without specific reserve 351,344 3,400,429 257,059 12,081 4,020,913 Other loans not individually evaluated 256,654,426 1,141,838,159 286,422,712 15,246,338 1,700,161,633 Acquired loans: Individually evaluated for impairment with specific reserve subsequent to acquisition (ASC 310-20 at acquisition) 48,750 117,408 826,476 108,569 1,101,203 Individually evaluated for impairment without specific reserve (ASC 310-20 at acquisition) 66,661 267,231 2,768,488 74,762 3,177,142 Individually evaluated for impairment without specific reserve (ASC 310-30 at acquisition) 201,052 4,551,734 4,875,042 — 9,627,828 Collectively evaluated for impairment without reserve (ASC 310-20 at acquisition) 81,842,619 360,702,499 228,541,830 31,630,722 702,717,672 Ending balance $ 339,406,823 $ 1,510,877,460 $ 524,168,286 $ 47,084,471 $ 2,421,537,040 Commercial Commercial Residential 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 |
Note 5 - Other Real Estate Ow_2
Note 5 - Other Real Estate Owned (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Other Real Estate, Roll Forward [Table Text Block] | Three months ended March 31, 2019 Legacy Acquired Total Beginning balance $ — $ 882,510 $ 882,510 Sales/deposits on sales — — — Net realized gain/(loss) — — — Total end of period $ — $ 882,510 $ 882,510 |
Note 6 - Earnings Per Common _2
Note 6 - Earnings Per Common Share (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Schedule of Weighted Average Number of Shares [Table Text Block] | Three Months Ended 2019 2018 Weighted average number of shares 17,039,961 12,544,266 Dilutive average number of shares 17,170,507 12,743,282 |
Note 8 - Fair Value Measureme_2
Note 8 - Fair Value Measurement (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | At March 31, 2019 (In thousands) Carrying Value Quoted Prices in Other Significant Total Changes Available-for-sale: Treasury securities $ 2,995 $ 2,995 $ — $ — $ — U.S. government agency 96,428 — 96,428 — — Corporate bonds 18,735 — — 18,735 — Foreign debt securities 3,497 — — 3,497 Municipal securities 78,156 — 78,156 — — FHLMC MBS 17,931 — 17,931 — — FNMA MBS 62,450 — 62,450 — — GNMA MBS 26,842 — 26,842 — — Total recurring assets at fair value $ 307,034 $ 2,995 $ 281,807 $ 22,232 $ — At December 31, 2018 (In thousands) Carrying Value Quoted Prices in Other Significant Total Changes Available-for-sale: Treasury securities $ 2,993 $ 2,993 $ — $ — $ — U.S. government agency 18,606 — 18,606 — — Corporate bonds 18,843 — — 18,843 — Foreign debt securities 3,496 — — 3,496 — Municipal securities 77,289 — 77,289 — — FHLMC MBS 18,074 — 18,074 — — FNMA MBS 53,659 — 53,659 — — GNMA MBS 26,746 — 26,746 — — Total recurring assets at fair value $ 219,706 $ 2,993 $ 194,374 $ 22,339 $ — |
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, 2019 $ 22,339 Realized and unrealized gains (losses) Included in earnings — Included in other comprehensive income (107 ) Purchases, issuances, sales and settlements — Transfers into or out of level 3 — Balance at March 31, 2019 $ 22,232 |
Fair Value Measurements, Nonrecurring [Table Text Block] | At March 31, 2019 (In thousands) Carrying Value Quoted Prices in Other Significant Impaired Loans Legacy: $ 4,610 — — $ 4,610 Acquired: 3,920 — — 3,920 Total Impaired Loans 8,530 — — 8,530 Other real estate owned: Legacy: $ — — — $ — Acquired: 883 — — 883 Total other real estate owned: 883 — — 883 Total $ 9,413 $ — $ — $ 9,413 At December 31, 2018 (In thousands) Carrying Value Quoted Prices in Other Significant Impaired Loans Legacy: $ 2,745 — — $ 2,745 Acquired: 3,894 — — 3,894 Total Impaired Loans 6,639 — — 6,639 Other real estate owned: Legacy: $ — — — $ — Acquired: 883 — — 883 Total other real estate owned: 883 — — 883 Total $ 7,522 $ — $ — $ 7,522 |
Fair Value, by Balance Sheet Grouping [Table Text Block] | March 31, 2019 (in thousands) Carrying Total Quoted Prices Significant Significant Assets: Cash and cash equivalents $ 52,689 $ 52,689 $ 52,689 $ — $ — Loans receivable, net 2,417,186 2,393,316 — — 2,393,316 Loans held for sale 9,633 9,875 — 9,875 — Equity Securities at cost 13,864 13,864 — 13,864 — Accrued interest receivable 8,607 8,607 — 1,874 6,733 Liabilities: Deposits: Non-interest-bearing 579,962 579,962 — 579,962 — Interest bearing 1,755,473 1,772,876 — 1,772,876 — Short term borrowings 282,142 282,142 — 282,142 — Long term borrowings 38,437 38,437 — 37,437 — Accrued Interest payable 2,461 2,461 — 2,461 — December 31, 2018 (in thousands) Carrying Total Quoted Prices Significant Significant Assets: Cash and cash equivalents $ 44,501 $ 44,501 $ 44,501 $ — $ — Loans receivable, net 2,409,228 2,383,673 — — 2,383,673 Loans held for sale 11,564 11,860 — 11,860 — Equity Securities at cost 11,151 11,151 — 11,151 — Accrued interest receivable 7,959 7,959 — 1,393 6,566 Liabilities: Deposits: Non-interest-bearing 559,060 559,060 — 559,060 — Interest bearing 1,736,989 1,752,883 — 1,752,883 — Short term borrowings 228,185 228,185 — 228,185 — Long term borrowings 38,371 38,371 — 38,371 — Accrued Interest payable 2,845 2,845 — 2,845 — |
Note 11 - Leases (Tables)
Note 11 - Leases (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Lease, Cost [Table Text Block] | Three months ended March 31, 2019 2019 Operating lease cost $ 719,215 Three months ended March 31, 2019 2019 Operating cash flows from operating leases $ 636,202 Right-of-use assets obtained in exchange for lease Operating leases $ 443,550 Three months ended March 31, 2019 2019 Operating lease right-of-use assets $ 25,868,929 Lease liabilities $ 26,248,563 Weighted Average Remaining Operating Lease Term In Years 12.34 Weighted Average Discount Rate on Operating Leases 3.00 % |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Operating One year or less $ 1,353,185 One to three years 3,715,584 Three to five years 3,917,571 Thereafter 19,162,606 Total undiscounted cash flows 28,148,946 Discount of cash flows (1,900,383 ) Total lease liability $ 26,248,563 |
Note 1 - Summary of Significa_2
Note 1 - Summary of Significant Accounting Policies (Details Textual) - USD ($) | Mar. 31, 2019 | Jan. 01, 2019 |
Operating Lease, Right-of-Use Asset | $ 25,868,929 | |
Operating Lease, Liability, Total | $ 26,248,563 | |
Accounting Standards Update 2016-02 [Member] | ||
Operating Lease, Right-of-Use Asset | $ 26,200,000 | |
Operating Lease, Liability, Total | $ 26,500,000 |
Note 2 - Acquisition of Bay B_3
Note 2 - Acquisition of Bay Bancorp, Inc. (Details Textual) - Bay Bancorp, Inc [Member] | Apr. 13, 2018USD ($)$ / sharesshares |
Business Acquisition Amount of Company Stock Received Per Share | $ / shares | $ 0.4088 |
Stock Issued During Period, Shares, Acquisitions | shares | 4,408,087 |
Business Combination, Consideration Transferred, Total | $ 143,619,078 |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets, Total | $ 661,438,089 |
Note 2 - Acquisition of Bay B_4
Note 2 - Acquisition of Bay Bancorp, Inc. - Assets and Liabilities Acquired (Details) - Bay Bancorp, Inc [Member] | Apr. 13, 2018USD ($) |
Cash consideration | $ 973,383 |
Purchase price assigned to shares exchanged for stock | 142,645,695 |
Total purchase price for BYBK acquisition | 143,619,078 |
Cash and due from banks | 22,590,994 |
Investment securities | 51,895,757 |
Restricted equity securities, at cost | 2,339,700 |
Loans, net | 546,215,988 |
Premises and equipment | 3,127,963 |
Accrued interest receivable | 1,714,054 |
Accrued taxes receivable | 1,912,807 |
Deferred income taxes | 1,219,602 |
Bank owned life insurance | 16,319,198 |
Other real estate owned | 1,041,079 |
Core deposit intangible | 11,243,714 |
Other assets | 1,817,233 |
Total assets acquired | 661,438,089 |
Deposits | 541,368,907 |
Short term borrowings | 41,100,000 |
Other liabilities | 4,934,884 |
Total liabilities assumed | 587,403,791 |
Fair Value of net assets acquired | 74,034,298 |
Total Purchase Price | 143,619,078 |
Goodwill recorded for BYBK | $ 69,584,780 |
Note 3 - Investment Securitie_2
Note 3 - Investment Securities (Details Textual) | 3 Months Ended | ||
Mar. 31, 2019USD ($) | Mar. 31, 2018USD ($) | Dec. 31, 2018 | |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Greater than or Equal to One Year | 134 | 166 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Number of Positions | 18 | 34 | |
Proceeds from Maturities, Prepayments and Calls of Debt Securities, Available-for-sale | $ 3,413,477 | $ 6,248,518 | |
Proceeds from Sale and Maturity of Debt Securities, Available-for-sale, Total | 3,413,477 | $ 6,248,518 | |
Bay Bancorp, Inc [Member] | |||
Debt Securities, Available-for-sale, Gain (Loss), Total | $ 0 |
Note 3 - Investment Securitie_3
Note 3 - Investment Securities - Amortized Cost and Fair Value (Details) - USD ($) | Mar. 31, 2019 | Dec. 31, 2018 |
Amortized cost | $ 310,789,790 | $ 227,334,141 |
Gross unrealized gains | 568,984 | 248,143 |
Gross unrealized losses | (4,324,423) | (7,876,522) |
Estimated fair value | 307,034,351 | 219,705,762 |
Investment securities available for sale-at fair value | 307,034,351 | 219,705,762 |
US Treasury Securities [Member] | ||
Amortized cost | 3,000,457 | 3,003,410 |
Gross unrealized gains | ||
Gross unrealized losses | (5,379) | (10,910) |
Estimated fair value | 2,995,078 | 2,992,500 |
Investment securities available for sale-at fair value | 2,995,078 | 2,992,500 |
US Government Agencies Debt Securities [Member] | ||
Amortized cost | 96,472,874 | 19,123,653 |
Gross unrealized gains | 217,719 | |
Gross unrealized losses | (262,471) | (517,475) |
Estimated fair value | 96,428,122 | 18,606,178 |
Investment securities available for sale-at fair value | 96,428,122 | 18,606,178 |
Corporate Debt Securities [Member] | ||
Amortized cost | 18,614,263 | 22,115,768 |
Gross unrealized gains | 124,085 | 227,789 |
Gross unrealized losses | (3,038) | (4,231) |
Estimated fair value | 18,735,310 | 22,339,326 |
Investment securities available for sale-at fair value | 18,735,310 | 22,339,326 |
SBA Loan Pools [Member] | ||
Amortized cost | 3,500,000 | |
Gross unrealized gains | 89 | |
Gross unrealized losses | (2,994) | |
Estimated fair value | 3,497,095 | |
Investment securities available for sale-at fair value | 3,497,095 | |
US States and Political Subdivisions Debt Securities [Member] | ||
Amortized cost | 78,627,930 | 79,416,920 |
Gross unrealized gains | 220,780 | 19,392 |
Gross unrealized losses | (692,362) | (2,147,608) |
Estimated fair value | 78,156,348 | 77,288,704 |
Investment securities available for sale-at fair value | 78,156,348 | 77,288,704 |
Federal Home Loan Mortgage Corporation Certificates and Obligations (FHLMC) [Member] | ||
Amortized cost | 18,562,486 | 19,079,921 |
Gross unrealized gains | 747 | 962 |
Gross unrealized losses | (632,632) | (1,007,115) |
Estimated fair value | 17,930,601 | 18,073,768 |
Investment securities available for sale-at fair value | 17,930,601 | 18,073,768 |
Federal National Mortgage Association Certificates and Obligations (FNMA) [Member] | ||
Amortized cost | 64,468,935 | 56,720,930 |
Gross unrealized gains | 3,276 | |
Gross unrealized losses | (2,022,007) | (3,062,170) |
Estimated fair value | 62,450,204 | 53,658,760 |
Investment securities available for sale-at fair value | 62,450,204 | 53,658,760 |
Government National Mortgage Association Certificates and Obligations (GNMA) [Member] | ||
Amortized cost | 27,542,845 | 27,873,539 |
Gross unrealized gains | 2,288 | |
Gross unrealized losses | (703,540) | (1,127,013) |
Estimated fair value | 26,841,593 | 26,746,526 |
Investment securities available for sale-at fair value | $ 26,841,593 | $ 26,746,526 |
Note 3 - Investment Securitie_4
Note 3 - Investment Securities - Unrealized Losses (Details) - USD ($) | Mar. 31, 2019 | Dec. 31, 2018 |
Less than 12 months, fair value | $ 38,759,718 | $ 31,316,095 |
Less than 12 months, unrealized losses | 60,010 | 307,910 |
12 months or more, fair value | 138,235,021 | 157,684,701 |
12 months or more, unrealized losses | 4,264,413 | 7,568,612 |
Total, fair value | 176,994,739 | 189,000,796 |
Total, unrealized losses | 4,324,423 | 7,876,522 |
US Treasury Securities [Member] | ||
Less than 12 months, fair value | 1,501,172 | 1,503,516 |
Less than 12 months, unrealized losses | 391 | 1,313 |
12 months or more, fair value | 1,493,906 | 1,488,984 |
12 months or more, unrealized losses | 4,988 | 9,597 |
Total, fair value | 2,995,078 | 2,992,500 |
Total, unrealized losses | 5,379 | 10,910 |
US Government Agencies Debt Securities [Member] | ||
Less than 12 months, fair value | 17,583,100 | 1,357,980 |
Less than 12 months, unrealized losses | 675 | 26,795 |
12 months or more, fair value | 15,385,407 | 15,288,957 |
12 months or more, unrealized losses | 261,796 | 490,680 |
Total, fair value | 32,968,507 | 16,646,937 |
Total, unrealized losses | 262,471 | 517,475 |
Corporate Debt Securities [Member] | ||
Less than 12 months, fair value | 4,496,963 | 2,995,769 |
Less than 12 months, unrealized losses | 3,038 | 4,231 |
12 months or more, fair value | ||
12 months or more, unrealized losses | ||
Total, fair value | 4,496,963 | 2,995,769 |
Total, unrealized losses | 3,038 | 4,231 |
Foreign Debt Securities [Member] | ||
Less than 12 months, fair value | 2,997,006 | |
Less than 12 months, unrealized losses | 2,994 | |
12 months or more, fair value | ||
12 months or more, unrealized losses | ||
Total, fair value | 2,997,006 | |
Total, unrealized losses | 2,994 | |
US States and Political Subdivisions Debt Securities [Member] | ||
Less than 12 months, fair value | 13,707,759 | |
Less than 12 months, unrealized losses | 100,387 | |
12 months or more, fair value | 35,457,987 | 54,243,374 |
12 months or more, unrealized losses | 692,362 | 2,047,221 |
Total, fair value | 35,457,987 | 67,951,133 |
Total, unrealized losses | 692,362 | 2,147,608 |
Federal Home Loan Mortgage Corporation Certificates and Obligations (FHLMC) [Member] | ||
Less than 12 months, fair value | 1,730,387 | 1,715,756 |
Less than 12 months, unrealized losses | 3,519 | 26,062 |
12 months or more, fair value | 16,150,038 | 16,293,413 |
12 months or more, unrealized losses | 629,113 | 981,053 |
Total, fair value | 17,880,425 | 18,009,169 |
Total, unrealized losses | 632,632 | 1,007,115 |
Federal National Mortgage Association Certificates and Obligations (FNMA) [Member] | ||
Less than 12 months, fair value | 3,002,122 | 1,164,291 |
Less than 12 months, unrealized losses | 1,913 | 11,023 |
12 months or more, fair value | 51,829,711 | 52,494,470 |
12 months or more, unrealized losses | 2,020,094 | 3,051,147 |
Total, fair value | 54,831,833 | 53,658,761 |
Total, unrealized losses | 2,022,007 | 3,062,170 |
Government National Mortgage Association Certificates and Obligations (GNMA) [Member] | ||
Less than 12 months, fair value | 7,448,968 | 8,871,024 |
Less than 12 months, unrealized losses | 47,480 | 138,099 |
12 months or more, fair value | 17,917,972 | 17,875,503 |
12 months or more, unrealized losses | 656,060 | 988,914 |
Total, fair value | 25,366,940 | 26,746,527 |
Total, unrealized losses | $ 703,540 | $ 1,127,013 |
Note 3 - Investment Securitie_5
Note 3 - Investment Securities - Contractual Maturities (Details) | Mar. 31, 2019USD ($) |
Within one year, amortized cost | $ 6,275,457 |
Within one year, fair value | 6,267,466 |
Over one to five years, amortized cost | 2,055,037 |
Over one to five years, fair value | 2,059,672 |
Over five to ten years, amortized cost | 109,353,992 |
Over five to ten years, fair value | 109,150,442 |
Over ten years, amortized cost | 193,105,304 |
Over ten years, fair value | 189,556,771 |
Total, amortized cost | 310,789,790 |
Total, fair value | 307,034,351 |
Pledged securities, amortized cost | 127,039,972 |
Pledged securities, fair value | $ 123,535,266 |
Note 4 - Loans (Details Textual
Note 4 - Loans (Details Textual) | 3 Months Ended | ||
Mar. 31, 2019USD ($) | Mar. 31, 2018USD ($) | Dec. 31, 2018USD ($) | |
Loans and Leases Receivable, Gross, Total | $ 2,421,537,040 | $ 1,760,460,105 | $ 2,413,612,086 |
Number of Restructured Loans | 7 | 7 | |
Financing Receivable, Troubled Debt Restructuring | $ 2,300,000 | $ 2,400,000 | |
Financing Receivable, Modifications, Number of Contracts | 0 | 0 | |
Financing Receivable, Troubled Debt Restructuring, Subsequent Default, Number of Contracts | 0 | 0 | |
Commercial Real Estate Portfolio Segment [Member] | |||
Loans and Leases Receivable, Gross, Total | $ 1,510,877,460 | $ 1,186,455,713 | 1,500,000,000 |
Commercial Real Estate Portfolio Segment [Member] | Owner Occupied [Member] | |||
Loans and Leases Receivable, Gross, Total | $ 439,000,578 | 440,158,981 | |
Loan to Value Maximum Threshold | 80.00% | ||
Commercial Real Estate Portfolio Segment [Member] | Investment [Member] | |||
Loans and Leases Receivable, Gross, Total | $ 773,212,812 | 788,412,809 | |
Loan to Value Maximum Threshold | 75.00% | ||
Commercial Real Estate Portfolio Segment [Member] | Hospitality Industry [Member] | |||
Loans and Leases Receivable, Gross, Total | $ 193,513,935 | 185,323,065 | |
Residential Portfolio Segment [Member] | |||
Loans and Leases Receivable, Gross, Total | $ 524,168,286 | 315,636,770 | 523,600,000 |
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 | $ 484,350 | ||
Residential Portfolio Segment [Member] | Maximum [Member] | |||
Loan Limits Amount, Maximum, Threshold for Certain Designated Areas | $ 726,525 | ||
Residential Portfolio Segment [Member] | Construction Loans [Member] | |||
Loan to Value Maximum Threshold | 80.00% | ||
Consumer Portfolio Segment [Member] | |||
Loans and Leases Receivable, Gross, Total | $ 47,084,471 | $ 58,657,000 | $ 51,208,258 |
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, 2019 | Dec. 31, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | |
Loans | $ 2,421,537,040 | $ 2,413,612,086 | $ 1,760,460,105 | ||
Allowance for loan losses | (7,808,142) | (7,471,023) | (6,257,519) | $ (5,920,586) | |
Deferred loan costs, net | 3,457,262 | 3,086,635 | |||
Net loans | 2,417,186,160 | 2,409,227,698 | |||
Financial Asset Originated [Member] | |||||
Loans | 1,704,913,194 | 1,668,118,171 | |||
Allowance for loan losses | [1] | (7,449,768) | (7,004,839) | ||
Deferred loan costs, net | [1] | 3,457,262 | 3,086,635 | ||
Net loans | 1,700,920,688 | 1,664,199,967 | |||
Financial Assets Acquired [Member] | |||||
Loans | 716,623,846 | 745,493,915 | |||
Allowance for loan losses | (358,374) | (466,184) | |||
Deferred loan costs, net | |||||
Net loans | 716,265,472 | 745,027,731 | |||
Commercial Real Estate Portfolio Segment [Member] | |||||
Loans | 1,510,877,460 | 1,500,000,000 | 1,186,455,713 | ||
Allowance for loan losses | (4,857,156) | (4,728,694) | (4,311,505) | (3,783,735) | |
Commercial Real Estate Portfolio Segment [Member] | Owner Occupied [Member] | |||||
Loans | 439,000,578 | 440,158,981 | |||
Commercial Real Estate Portfolio Segment [Member] | Owner Occupied [Member] | Financial Asset Originated [Member] | |||||
Loans | [1] | 300,801,706 | 299,266,275 | ||
Commercial Real Estate Portfolio Segment [Member] | Owner Occupied [Member] | Financial Assets Acquired [Member] | |||||
Loans | 138,198,872 | 140,892,706 | |||
Commercial Real Estate Portfolio Segment [Member] | Investment [Member] | |||||
Loans | 773,212,812 | 788,412,809 | |||
Commercial Real Estate Portfolio Segment [Member] | Investment [Member] | Financial Asset Originated [Member] | |||||
Loans | [1] | 582,015,759 | 592,529,807 | ||
Commercial Real Estate Portfolio Segment [Member] | Investment [Member] | Financial Assets Acquired [Member] | |||||
Loans | 191,197,053 | 195,883,002 | |||
Commercial Real Estate Portfolio Segment [Member] | Hospitality Industry [Member] | |||||
Loans | 193,513,935 | 185,323,065 | |||
Commercial Real Estate Portfolio Segment [Member] | Hospitality Industry [Member] | Financial Asset Originated [Member] | |||||
Loans | [1] | 180,062,301 | 172,189,046 | ||
Commercial Real Estate Portfolio Segment [Member] | Hospitality Industry [Member] | Financial Assets Acquired [Member] | |||||
Loans | 13,451,634 | 13,134,019 | |||
Commercial Real Estate Portfolio Segment [Member] | Land and A&D [Member] | |||||
Loans | 105,150,135 | 93,669,628 | |||
Commercial Real Estate Portfolio Segment [Member] | Land and A&D [Member] | Financial Asset Originated [Member] | |||||
Loans | [1] | 82,358,822 | 71,908,761 | ||
Commercial Real Estate Portfolio Segment [Member] | Land and A&D [Member] | Financial Assets Acquired [Member] | |||||
Loans | 22,791,313 | 21,760,867 | |||
Residential Portfolio Segment [Member] | |||||
Loans | 524,168,286 | 523,600,000 | 315,636,770 | ||
Allowance for loan losses | (1,079,483) | (1,081,394) | (696,226) | (844,355) | |
Residential Portfolio Segment [Member] | Residential First Investment [Member] | |||||
Loans | 157,829,737 | 152,567,390 | |||
Residential Portfolio Segment [Member] | Residential First Investment [Member] | Financial Asset Originated [Member] | |||||
Loans | [1] | 112,538,462 | 104,084,050 | ||
Residential Portfolio Segment [Member] | Residential First Investment [Member] | Financial Assets Acquired [Member] | |||||
Loans | 45,291,275 | 48,483,340 | |||
Residential Portfolio Segment [Member] | Residential First Owner Occupied [Member] | |||||
Loans | 245,034,808 | 248,917,667 | |||
Residential Portfolio Segment [Member] | Residential First Owner Occupied [Member] | Financial Asset Originated [Member] | |||||
Loans | [1] | 108,852,047 | 108,696,078 | ||
Residential Portfolio Segment [Member] | Residential First Owner Occupied [Member] | Financial Assets Acquired [Member] | |||||
Loans | 136,182,761 | 140,221,589 | |||
Residential Portfolio Segment [Member] | Residential Land and A&D [Member] | |||||
Loans | 60,175,074 | 59,467,595 | |||
Residential Portfolio Segment [Member] | Residential Land and A&D [Member] | Financial Asset Originated [Member] | |||||
Loans | [1] | 44,332,786 | 42,639,161 | ||
Residential Portfolio Segment [Member] | Residential Land and A&D [Member] | Financial Assets Acquired [Member] | |||||
Loans | 15,842,288 | 16,828,434 | |||
Residential Portfolio Segment [Member] | HELOC and Jr Liens [Member] | |||||
Loans | 61,128,668 | 62,688,307 | |||
Residential Portfolio Segment [Member] | HELOC and Jr Liens [Member] | Financial Asset Originated [Member] | |||||
Loans | [1] | 21,433,155 | 20,749,184 | ||
Residential Portfolio Segment [Member] | HELOC and Jr Liens [Member] | Financial Assets Acquired [Member] | |||||
Loans | 39,695,513 | 41,939,123 | |||
Commercial and Industrial [Member] | |||||
Loans | 339,406,824 | 331,198,386 | |||
Commercial and Industrial [Member] | Financial Asset Originated [Member] | |||||
Loans | [1] | 257,247,741 | 239,766,662 | ||
Commercial and Industrial [Member] | Financial Assets Acquired [Member] | |||||
Loans | 82,159,083 | 91,431,724 | |||
Consumer Portfolio Segment [Member] | |||||
Loans | 47,084,471 | 51,208,258 | 58,657,000 | ||
Allowance for loan losses | (69,156) | (98,195) | $ (37,830) | $ (30,466) | |
Consumer Portfolio Segment [Member] | Financial Asset Originated [Member] | |||||
Loans | [1] | 15,270,415 | 16,289,147 | ||
Consumer Portfolio Segment [Member] | Financial Assets Acquired [Member] | |||||
Loans | $ 31,814,054 | $ 34,919,111 | |||
[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 and in April 2018, Bay Bancorp, Inc ("BYBK"), the parent company of Bay Bank, we have segmented the portfolio into two components, "Legacy" loans originated by the Bank and "Acquired" loans acquired from MB&T, WSB, Regal Bank, Damascus and Bay Bank. |
Note 4 - Loans - Past Due Loans
Note 4 - Loans - Past Due Loans (Details) - USD ($) | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 | |
Current | $ 2,402,613,057 | $ 2,388,929,119 | ||
Accruing past due loans | 13,647,086 | 20,025,875 | ||
Non-accruing loans | 5,276,897 | 4,657,092 | ||
Ending balance | 2,421,537,040 | 2,413,612,086 | $ 1,760,460,105 | |
Commercial Real Estate Portfolio Segment [Member] | ||||
Ending balance | 1,510,877,460 | 1,500,000,000 | 1,186,455,713 | |
Commercial Real Estate Portfolio Segment [Member] | Owner Occupied [Member] | ||||
Non-accruing loans | 246,165 | 182,261 | ||
Ending balance | 439,000,578 | 440,158,981 | ||
Commercial Real Estate Portfolio Segment [Member] | Investment [Member] | ||||
Non-accruing loans | 628,266 | 51,070 | ||
Ending balance | 773,212,812 | 788,412,809 | ||
Commercial Real Estate Portfolio Segment [Member] | Land and A&D [Member] | ||||
Non-accruing loans | 484,388 | 479,441 | ||
Ending balance | 105,150,135 | 93,669,628 | ||
Residential Portfolio Segment [Member] | ||||
Ending balance | 524,168,286 | 523,600,000 | 315,636,770 | |
Residential Portfolio Segment [Member] | Residential First Investment [Member] | ||||
Non-accruing loans | 496,392 | 485,259 | ||
Ending balance | 157,829,737 | 152,567,390 | ||
Residential Portfolio Segment [Member] | Residential First Owner Occupied [Member] | ||||
Non-accruing loans | 2,248,188 | 2,290,168 | ||
Ending balance | 245,034,808 | 248,917,667 | ||
Residential Portfolio Segment [Member] | HELOC and Jr Liens [Member] | ||||
Ending balance | 61,128,668 | 62,688,307 | ||
Commercial Portfolio Segment [Member] | ||||
Accruing past due loans | 75,137 | |||
Non-accruing loans | 295,541 | 236,657 | ||
Ending balance | 339,406,823 | 199,710,622 | ||
Consumer Portfolio Segment [Member] | ||||
Non-accruing loans | 179,323 | 196,504 | ||
Ending balance | 47,084,471 | 51,208,258 | $ 58,657,000 | |
Financing Receivables 30 To 89 Days Past Due [Member] | ||||
Accruing past due loans | 12,371,361 | 19,783,209 | ||
Financing Receivables 30 To 89 Days Past Due [Member] | Commercial Real Estate Portfolio Segment [Member] | Owner Occupied [Member] | ||||
Accruing past due loans | 3,958,783 | 3,990,558 | ||
Financing Receivables 30 To 89 Days Past Due [Member] | Commercial Real Estate Portfolio Segment [Member] | Investment [Member] | ||||
Accruing past due loans | 1,974,935 | 5,579,348 | ||
Financing Receivables 30 To 89 Days Past Due [Member] | Commercial Real Estate Portfolio Segment [Member] | Land and A&D [Member] | ||||
Accruing past due loans | 1,015,998 | |||
Financing Receivables 30 To 89 Days Past Due [Member] | Residential Portfolio Segment [Member] | Land and A&D [Member] | ||||
Accruing past due loans | 802,685 | 1,296,651 | ||
Financing Receivables 30 To 89 Days Past Due [Member] | Residential Portfolio Segment [Member] | Residential First Investment [Member] | ||||
Accruing past due loans | 768,668 | 1,075,928 | ||
Financing Receivables 30 To 89 Days Past Due [Member] | Residential Portfolio Segment [Member] | Residential First Owner Occupied [Member] | ||||
Accruing past due loans | 1,849,925 | 3,156,262 | ||
Financing Receivables 30 To 89 Days Past Due [Member] | Residential Portfolio Segment [Member] | HELOC and Jr Liens [Member] | ||||
Accruing past due loans | 712,233 | 910,913 | ||
Financing Receivables 30 To 89 Days Past Due [Member] | Commercial Portfolio Segment [Member] | ||||
Accruing past due loans | 514,824 | 2,114,665 | ||
Financing Receivables 30 To 89 Days Past Due [Member] | Consumer Portfolio Segment [Member] | ||||
Accruing past due loans | 773,310 | 1,658,884 | ||
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||||
Accruing past due loans | 1,275,725 | 242,666 | ||
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Commercial Real Estate Portfolio Segment [Member] | Owner Occupied [Member] | ||||
Accruing past due loans | 1,050,000 | |||
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Commercial Real Estate Portfolio Segment [Member] | Investment [Member] | ||||
Accruing past due loans | 139,247 | |||
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Residential Portfolio Segment [Member] | Land and A&D [Member] | ||||
Non-accruing loans | 45,000 | 45,000 | ||
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Residential Portfolio Segment [Member] | Residential First Owner Occupied [Member] | ||||
Accruing past due loans | 150,588 | 103,365 | ||
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Residential Portfolio Segment [Member] | HELOC and Jr Liens [Member] | ||||
Non-accruing loans | 653,634 | 690,732 | ||
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Consumer Portfolio Segment [Member] | ||||
Accruing past due loans | 54 | |||
Financial Asset Originated [Member] | ||||
Current | 1,695,749,348 | 1,659,191,112 | ||
Accruing past due loans | 7,579,111 | 7,987,614 | ||
Non-accruing loans | 1,584,735 | 939,445 | ||
Ending balance | 1,704,913,194 | 1,668,118,171 | ||
Financial Asset Originated [Member] | Commercial Real Estate Portfolio Segment [Member] | Owner Occupied [Member] | ||||
Non-accruing loans | ||||
Ending balance | [1] | 300,801,706 | 299,266,275 | |
Financial Asset Originated [Member] | Commercial Real Estate Portfolio Segment [Member] | Investment [Member] | ||||
Non-accruing loans | 576,671 | |||
Ending balance | [1] | 582,015,759 | 592,529,807 | |
Financial Asset Originated [Member] | Commercial Real Estate Portfolio Segment [Member] | Land and A&D [Member] | ||||
Non-accruing loans | 284,179 | 277,704 | ||
Ending balance | [1] | 82,358,822 | 71,908,761 | |
Financial Asset Originated [Member] | Residential Portfolio Segment [Member] | Residential First Investment [Member] | ||||
Non-accruing loans | 192,501 | 192,501 | ||
Ending balance | [1] | 112,538,462 | 104,084,050 | |
Financial Asset Originated [Member] | Residential Portfolio Segment [Member] | Residential First Owner Occupied [Member] | ||||
Non-accruing loans | 257,059 | 262,194 | ||
Ending balance | [1] | 108,852,047 | 108,696,078 | |
Financial Asset Originated [Member] | Residential Portfolio Segment [Member] | HELOC and Jr Liens [Member] | ||||
Ending balance | [1] | 21,433,155 | 20,749,184 | |
Financial Asset Originated [Member] | Commercial Portfolio Segment [Member] | ||||
Accruing past due loans | 75,137 | |||
Non-accruing loans | 250,247 | 191,388 | ||
Financial Asset Originated [Member] | Consumer Portfolio Segment [Member] | ||||
Non-accruing loans | 24,078 | 15,658 | ||
Ending balance | [1] | 15,270,415 | 16,289,147 | |
Financial Asset Originated [Member] | Financing Receivables 30 To 89 Days Past Due [Member] | ||||
Accruing past due loans | 6,453,974 | 7,987,614 | ||
Financial Asset Originated [Member] | Financing Receivables 30 To 89 Days Past Due [Member] | Commercial Real Estate Portfolio Segment [Member] | Owner Occupied [Member] | ||||
Accruing past due loans | 3,958,783 | 3,990,558 | ||
Financial Asset Originated [Member] | Financing Receivables 30 To 89 Days Past Due [Member] | Commercial Real Estate Portfolio Segment [Member] | Investment [Member] | ||||
Accruing past due loans | 66,753 | 1,729,404 | ||
Financial Asset Originated [Member] | Financing Receivables 30 To 89 Days Past Due [Member] | Commercial Real Estate Portfolio Segment [Member] | Land and A&D [Member] | ||||
Accruing past due loans | 1,015,998 | |||
Financial Asset Originated [Member] | Financing Receivables 30 To 89 Days Past Due [Member] | Residential Portfolio Segment [Member] | Land and A&D [Member] | ||||
Accruing past due loans | 464,649 | 883,460 | ||
Financial Asset Originated [Member] | Financing Receivables 30 To 89 Days Past Due [Member] | Residential Portfolio Segment [Member] | Residential First Investment [Member] | ||||
Accruing past due loans | 178,881 | 179,701 | ||
Financial Asset Originated [Member] | Financing Receivables 30 To 89 Days Past Due [Member] | Residential Portfolio Segment [Member] | Residential First Owner Occupied [Member] | ||||
Accruing past due loans | 113,936 | 94,178 | ||
Financial Asset Originated [Member] | Financing Receivables 30 To 89 Days Past Due [Member] | Residential Portfolio Segment [Member] | HELOC and Jr Liens [Member] | ||||
Accruing past due loans | 137,746 | 119,924 | ||
Financial Asset Originated [Member] | Financing Receivables 30 To 89 Days Past Due [Member] | Commercial Portfolio Segment [Member] | ||||
Accruing past due loans | 408,106 | 670,318 | ||
Financial Asset Originated [Member] | Financing Receivables 30 To 89 Days Past Due [Member] | Consumer Portfolio Segment [Member] | ||||
Accruing past due loans | 109,122 | 320,071 | ||
Financial Asset Originated [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||||
Accruing past due loans | 1,125,137 | |||
Financial Asset Originated [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Commercial Real Estate Portfolio Segment [Member] | Owner Occupied [Member] | ||||
Accruing past due loans | 1,050,000 | |||
Financial Asset Originated [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Commercial Real Estate Portfolio Segment [Member] | Investment [Member] | ||||
Accruing past due loans | ||||
Financial Asset Originated [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Residential Portfolio Segment [Member] | Land and A&D [Member] | ||||
Non-accruing loans | ||||
Financial Asset Originated [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Residential Portfolio Segment [Member] | Residential First Owner Occupied [Member] | ||||
Accruing past due loans | ||||
Financial Asset Originated [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Residential Portfolio Segment [Member] | HELOC and Jr Liens [Member] | ||||
Non-accruing loans | ||||
Financial Asset Originated [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Consumer Portfolio Segment [Member] | ||||
Accruing past due loans | ||||
Financial Assets Acquired [Member] | ||||
Current | 706,863,709 | 729,738,007 | ||
Accruing past due loans | 6,067,975 | 12,038,261 | ||
Non-accruing loans | 3,692,162 | 3,717,647 | ||
Ending balance | 716,623,846 | 745,493,915 | ||
Financial Assets Acquired [Member] | Commercial Real Estate Portfolio Segment [Member] | Owner Occupied [Member] | ||||
Non-accruing loans | 246,165 | 182,261 | ||
Ending balance | 138,198,872 | 140,892,706 | ||
Financial Assets Acquired [Member] | Commercial Real Estate Portfolio Segment [Member] | Investment [Member] | ||||
Non-accruing loans | 51,595 | 51,070 | ||
Ending balance | 191,197,053 | 195,883,002 | ||
Financial Assets Acquired [Member] | Commercial Real Estate Portfolio Segment [Member] | Land and A&D [Member] | ||||
Non-accruing loans | 200,209 | 201,737 | ||
Ending balance | 22,791,313 | 21,760,867 | ||
Financial Assets Acquired [Member] | Residential Portfolio Segment [Member] | Residential First Investment [Member] | ||||
Non-accruing loans | 303,891 | 292,758 | ||
Ending balance | 45,291,275 | 48,483,340 | ||
Financial Assets Acquired [Member] | Residential Portfolio Segment [Member] | Residential First Owner Occupied [Member] | ||||
Non-accruing loans | 1,991,129 | 2,027,974 | ||
Ending balance | 136,182,761 | 140,221,589 | ||
Financial Assets Acquired [Member] | Residential Portfolio Segment [Member] | HELOC and Jr Liens [Member] | ||||
Ending balance | 39,695,513 | 41,939,123 | ||
Financial Assets Acquired [Member] | Commercial Portfolio Segment [Member] | ||||
Accruing past due loans | ||||
Non-accruing loans | 45,294 | 45,269 | ||
Financial Assets Acquired [Member] | Consumer Portfolio Segment [Member] | ||||
Non-accruing loans | 155,245 | 180,846 | ||
Ending balance | 31,814,054 | 34,919,111 | ||
Financial Assets Acquired [Member] | Financing Receivables 30 To 89 Days Past Due [Member] | ||||
Accruing past due loans | 5,917,387 | 11,795,595 | ||
Financial Assets Acquired [Member] | Financing Receivables 30 To 89 Days Past Due [Member] | Commercial Real Estate Portfolio Segment [Member] | Owner Occupied [Member] | ||||
Accruing past due loans | ||||
Financial Assets Acquired [Member] | Financing Receivables 30 To 89 Days Past Due [Member] | Commercial Real Estate Portfolio Segment [Member] | Investment [Member] | ||||
Accruing past due loans | 1,908,182 | 3,849,944 | ||
Financial Assets Acquired [Member] | Financing Receivables 30 To 89 Days Past Due [Member] | Commercial Real Estate Portfolio Segment [Member] | Land and A&D [Member] | ||||
Accruing past due loans | ||||
Financial Assets Acquired [Member] | Financing Receivables 30 To 89 Days Past Due [Member] | Residential Portfolio Segment [Member] | Land and A&D [Member] | ||||
Accruing past due loans | 338,036 | 413,191 | ||
Financial Assets Acquired [Member] | Financing Receivables 30 To 89 Days Past Due [Member] | Residential Portfolio Segment [Member] | Residential First Investment [Member] | ||||
Accruing past due loans | 589,787 | 896,227 | ||
Financial Assets Acquired [Member] | Financing Receivables 30 To 89 Days Past Due [Member] | Residential Portfolio Segment [Member] | Residential First Owner Occupied [Member] | ||||
Accruing past due loans | 1,735,989 | 3,062,084 | ||
Financial Assets Acquired [Member] | Financing Receivables 30 To 89 Days Past Due [Member] | Residential Portfolio Segment [Member] | HELOC and Jr Liens [Member] | ||||
Accruing past due loans | 574,487 | 790,989 | ||
Financial Assets Acquired [Member] | Financing Receivables 30 To 89 Days Past Due [Member] | Commercial Portfolio Segment [Member] | ||||
Accruing past due loans | 106,718 | 1,444,347 | ||
Financial Assets Acquired [Member] | Financing Receivables 30 To 89 Days Past Due [Member] | Consumer Portfolio Segment [Member] | ||||
Accruing past due loans | 664,188 | 1,338,813 | ||
Financial Assets Acquired [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||||
Accruing past due loans | 150,588 | 242,666 | ||
Financial Assets Acquired [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Commercial Real Estate Portfolio Segment [Member] | Owner Occupied [Member] | ||||
Accruing past due loans | ||||
Financial Assets Acquired [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Commercial Real Estate Portfolio Segment [Member] | Investment [Member] | ||||
Accruing past due loans | 139,247 | |||
Financial Assets Acquired [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Residential Portfolio Segment [Member] | Land and A&D [Member] | ||||
Non-accruing loans | 45,000 | 45,000 | ||
Financial Assets Acquired [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Residential Portfolio Segment [Member] | Residential First Owner Occupied [Member] | ||||
Accruing past due loans | 150,588 | 103,365 | ||
Financial Assets Acquired [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Residential Portfolio Segment [Member] | HELOC and Jr Liens [Member] | ||||
Non-accruing loans | 653,634 | 690,732 | ||
Financial Assets Acquired [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Consumer Portfolio Segment [Member] | ||||
Accruing past due loans | $ 54 | |||
[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 and in April 2018, Bay Bancorp, Inc ("BYBK"), the parent company of Bay Bank, we have segmented the portfolio into two components, "Legacy" loans originated by the Bank and "Acquired" loans acquired from MB&T, WSB, Regal Bank, Damascus and Bay Bank. |
Note 4 - Loans - Impaired Loans
Note 4 - Loans - Impaired Loans (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2019 | Dec. 31, 2018 | ||
Related allowance | $ 500,429 | $ 520,168 | |
Unpaid principal balance, total | 9,441,537 | 9,619,093 | |
Recorded investment, total | 9,029,907 | 9,168,226 | |
Average recorded investment, total | 9,707,917 | 10,228,344 | |
Interest income recognized, total | 71,866 | 294,912 | |
Financial Asset Originated [Member] | |||
Related allowance | 142,055 | 53,985 | |
Unpaid principal balance, total | 4,751,562 | 4,808,509 | |
Recorded investment, total | 4,751,562 | 4,808,509 | |
Average recorded investment, total | 4,796,928 | 4,938,812 | |
Interest income recognized, total | 39,382 | 198,805 | |
Financial Assets Acquired [Member] | |||
Related allowance | [1] | 358,374 | 466,183 |
Unpaid principal balance, total | [1] | 4,689,975 | 4,810,584 |
Recorded investment, total | [1] | 4,278,345 | 4,359,717 |
Average recorded investment, total | [1] | 4,910,989 | 5,289,532 |
Interest income recognized, total | [1] | 32,484 | 96,107 |
Commercial Real Estate Portfolio Segment [Member] | Owner Occupied [Member] | Financial Asset Originated [Member] | |||
Unpaid principal balance, with no related allowance recorded | 1,726,708 | 1,737,394 | |
Recorded investment, with no related allowance recorded | 1,726,708 | 1,737,394 | |
Average recorded investment, with no related allowance recorded | 1,735,411 | 1,766,117 | |
Interest income recognized, with no related allowance recorded | 13,300 | 74,203 | |
Commercial Real Estate Portfolio Segment [Member] | Owner Occupied [Member] | Financial Assets Acquired [Member] | |||
Unpaid principal balance, with no related allowance recorded | [1] | 267,231 | 283,083 |
Recorded investment, with no related allowance recorded | [1] | 267,231 | 232,635 |
Average recorded investment, with no related allowance recorded | [1] | 267,012 | 542,654 |
Interest income recognized, with no related allowance recorded | [1] | 3,281 | |
Commercial Real Estate Portfolio Segment [Member] | Investment [Member] | Financial Asset Originated [Member] | |||
Unpaid principal balance, with no related allowance recorded | 1,673,721 | 1,688,661 | |
Recorded investment, with no related allowance recorded | 1,673,721 | 1,688,661 | |
Average recorded investment, with no related allowance recorded | 1,681,508 | 1,716,183 | |
Interest income recognized, with no related allowance recorded | 21,024 | 88,410 | |
Commercial Real Estate Portfolio Segment [Member] | Investment [Member] | Financial Assets Acquired [Member] | |||
Unpaid principal balance, with an allowance recorded | [1] | 72,408 | 72,408 |
Recorded investment, with an allowance recorded | [1] | 72,408 | 72,408 |
Related allowance | [1] | 14,340 | 14,340 |
Average recorded investment, with an allowance recorded | [1] | 163,876 | 163,876 |
Interest income recognized, with an allowance recorded | [1] | 2,750 | |
Commercial Real Estate Portfolio Segment [Member] | Land and A&D [Member] | Financial Asset Originated [Member] | |||
Unpaid principal balance, with no related allowance recorded | 277,704 | ||
Recorded investment, with no related allowance recorded | 277,704 | ||
Average recorded investment, with no related allowance recorded | 277,704 | ||
Interest income recognized, with no related allowance recorded | |||
Unpaid principal balance, with an allowance recorded | 284,179 | ||
Recorded investment, with an allowance recorded | 284,179 | ||
Related allowance | 25,000 | ||
Average recorded investment, with an allowance recorded | 282,613 | ||
Interest income recognized, with an allowance recorded | |||
Commercial Real Estate Portfolio Segment [Member] | Land and A&D [Member] | Financial Assets Acquired [Member] | |||
Unpaid principal balance, with no related allowance recorded | [1] | 56,939 | 58,659 |
Recorded investment, with no related allowance recorded | [1] | 56,939 | 58,659 |
Average recorded investment, with no related allowance recorded | [1] | 61,289 | 62,178 |
Interest income recognized, with no related allowance recorded | [1] | 1,061 | 2,896 |
Unpaid principal balance, with an allowance recorded | [1] | 154,297 | |
Recorded investment, with an allowance recorded | [1] | 154,297 | |
Related allowance | [1] | 86,296 | |
Average recorded investment, with an allowance recorded | [1] | 161,153 | |
Interest income recognized, with an allowance recorded | [1] | ||
Commercial Real Estate Portfolio Segment [Member] | HELOC and Jr Liens [Member] | Financial Assets Acquired [Member] | |||
Unpaid principal balance, with no related allowance recorded | [1] | 477,025 | |
Recorded investment, with no related allowance recorded | [1] | 477,025 | |
Average recorded investment, with no related allowance recorded | [1] | 501,237 | |
Interest income recognized, with no related allowance recorded | [1] | 6,491 | |
Unpaid principal balance, with an allowance recorded | [1] | 187,136 | 533,565 |
Recorded investment, with an allowance recorded | [1] | 187,136 | 533,565 |
Related allowance | [1] | 53,711 | 78,814 |
Average recorded investment, with an allowance recorded | [1] | 187,136 | 534,204 |
Interest income recognized, with an allowance recorded | [1] | 12,254 | |
Residential Portfolio Segment [Member] | Residential First Owner Occupied [Member] | Financial Asset Originated [Member] | |||
Unpaid principal balance, with no related allowance recorded | 257,059 | 262,194 | |
Recorded investment, with no related allowance recorded | 257,059 | 262,194 | |
Average recorded investment, with no related allowance recorded | 279,950 | 285,514 | |
Interest income recognized, with no related allowance recorded | 2,129 | 11,412 | |
Residential Portfolio Segment [Member] | Residential First Owner Occupied [Member] | Financial Assets Acquired [Member] | |||
Unpaid principal balance, with no related allowance recorded | [1] | 2,362,303 | 2,127,854 |
Recorded investment, with no related allowance recorded | [1] | 2,234,524 | 2,011,286 |
Average recorded investment, with no related allowance recorded | [1] | 2,422,433 | 2,159,327 |
Interest income recognized, with no related allowance recorded | [1] | 20,169 | 38,636 |
Unpaid principal balance, with an allowance recorded | [1] | 175,873 | 459,033 |
Recorded investment, with an allowance recorded | [1] | 175,873 | 459,033 |
Related allowance | [1] | 5,620 | 98,008 |
Average recorded investment, with an allowance recorded | [1] | 175,873 | 482,422 |
Interest income recognized, with an allowance recorded | [1] | 7,695 | |
Residential Portfolio Segment [Member] | Land and A&D [Member] | Financial Assets Acquired [Member] | |||
Unpaid principal balance, with an allowance recorded | [1] | 328,851 | 154,297 |
Recorded investment, with an allowance recorded | [1] | 45,000 | 154,297 |
Related allowance | [1] | 45,000 | 99,517 |
Average recorded investment, with an allowance recorded | [1] | 328,851 | 159,819 |
Interest income recognized, with an allowance recorded | [1] | ||
Residential Portfolio Segment [Member] | Residential First Investment [Member] | Financial Asset Originated [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 | |||
Residential Portfolio Segment [Member] | Residential First Investment [Member] | Financial Assets Acquired [Member] | |||
Unpaid principal balance, with an allowance recorded | [1] | 309,170 | 298,187 |
Recorded investment, with an allowance recorded | [1] | 309,170 | 298,187 |
Related allowance | [1] | 85,653 | 62,701 |
Average recorded investment, with an allowance recorded | [1] | 315,785 | 310,862 |
Interest income recognized, with an allowance recorded | [1] | 7,871 | |
Commercial Portfolio Segment [Member] | Financial Asset Originated [Member] | |||
Unpaid principal balance, with no related allowance recorded | 351,344 | ||
Recorded investment, with no related allowance recorded | 351,344 | ||
Average recorded investment, with no related allowance recorded | 357,469 | ||
Interest income recognized, with no related allowance recorded | 2,483 | ||
Unpaid principal balance, with an allowance recorded | 241,972 | 148,349 | |
Recorded investment, with an allowance recorded | 241,972 | 148,349 | |
Related allowance | 76,307 | 13,149 | |
Average recorded investment, with an allowance recorded | 242,610 | 152,898 | |
Interest income recognized, with an allowance recorded | 3,926 | ||
Commercial Portfolio Segment [Member] | Financial Assets Acquired [Member] | |||
Unpaid principal balance, with no related allowance recorded | [1] | 66,661 | |
Recorded investment, with no related allowance recorded | [1] | 66,661 | |
Average recorded investment, with no related allowance recorded | [1] | 67,063 | |
Interest income recognized, with no related allowance recorded | [1] | 844 | |
Unpaid principal balance, with an allowance recorded | [1] | 48,750 | 48,750 |
Recorded investment, with an allowance recorded | [1] | 48,750 | 48,750 |
Related allowance | [1] | 48,750 | 48,750 |
Average recorded investment, with an allowance recorded | [1] | 48,750 | 48,750 |
Interest income recognized, with an allowance recorded | [1] | 237 | |
Consumer Portfolio Segment [Member] | Financial Asset Originated [Member] | |||
Unpaid principal balance, with no related allowance recorded | 12,081 | 1,495 | |
Recorded investment, with no related allowance recorded | 12,081 | 1,495 | |
Average recorded investment, with no related allowance recorded | 12,081 | 10,707 | |
Interest income recognized, with no related allowance recorded | 1,130 | ||
Unpaid principal balance, with an allowance recorded | 11,997 | 14,163 | |
Recorded investment, with an allowance recorded | 11,997 | 14,163 | |
Related allowance | 1,328 | 1,416 | |
Average recorded investment, with an allowance recorded | 12,785 | 27,217 | |
Interest income recognized, with an allowance recorded | 446 | 1,129 | |
Consumer Portfolio Segment [Member] | Financial Assets Acquired [Member] | |||
Unpaid principal balance, with no related allowance recorded | [1] | 74,762 | 22,139 |
Recorded investment, with no related allowance recorded | [1] | 74,762 | 22,139 |
Average recorded investment, with no related allowance recorded | [1] | 89,750 | 26,027 |
Interest income recognized, with no related allowance recorded | [1] | 1,289 | 364 |
Unpaid principal balance, with an allowance recorded | [1] | 108,569 | 188,102 |
Recorded investment, with an allowance recorded | [1] | 108,569 | 188,102 |
Related allowance | [1] | 19,004 | 19,053 |
Average recorded investment, with an allowance recorded | [1] | 120,781 | 231,978 |
Interest income recognized, with an allowance recorded | [1] | $ 2,630 | $ 11,619 |
[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 - Acquired Impai
Note 4 - Loans - Acquired Impaired Loans (Details) - USD ($) | 3 Months Ended | |||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | |
Balance at beginning of period | $ 124,090 | $ 115,066 | ||
Accretion of fair value discounts | (407,618) | (27,770) | ||
Reclassification (to)/from non-accretable discount | 375,326 | 23,195 | ||
Balance at end of period | 91,798 | 110,491 | ||
Contractually required payments receivable | 10,994,414 | 8,421,446 | $ 11,146,165 | $ 8,277,731 |
Carrying amount | $ 9,627,828 | $ 6,799,657 | $ 9,396,862 | $ 6,617,774 |
Note 4 - Loans - Credit Quality
Note 4 - Loans - Credit Quality (Details) - USD ($) | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 | |
Loans | $ 2,421,537,040 | $ 2,413,612,086 | $ 1,760,460,105 | |
Financial Asset Originated [Member] | ||||
Loans | 1,704,913,194 | 1,668,118,171 | ||
Financial Assets Acquired [Member] | ||||
Loans | 716,623,846 | 745,493,915 | ||
Commercial Real Estate Portfolio Segment [Member] | ||||
Loans | 1,510,877,460 | 1,500,000,000 | 1,186,455,713 | |
Commercial Real Estate Portfolio Segment [Member] | Owner Occupied [Member] | ||||
Loans | 439,000,578 | 440,158,981 | ||
Commercial Real Estate Portfolio Segment [Member] | Owner Occupied [Member] | Financial Asset Originated [Member] | ||||
Loans | [1] | 300,801,706 | 299,266,275 | |
Commercial Real Estate Portfolio Segment [Member] | Owner Occupied [Member] | Financial Assets Acquired [Member] | ||||
Loans | 138,198,872 | 140,892,706 | ||
Commercial Real Estate Portfolio Segment [Member] | Investment [Member] | ||||
Loans | 773,212,812 | 788,412,809 | ||
Commercial Real Estate Portfolio Segment [Member] | Investment [Member] | Financial Asset Originated [Member] | ||||
Loans | [1] | 582,015,759 | 592,529,807 | |
Commercial Real Estate Portfolio Segment [Member] | Investment [Member] | Financial Assets Acquired [Member] | ||||
Loans | 191,197,053 | 195,883,002 | ||
Commercial Real Estate Portfolio Segment [Member] | Hospitality Industry [Member] | ||||
Loans | 193,513,935 | 185,323,065 | ||
Commercial Real Estate Portfolio Segment [Member] | Hospitality Industry [Member] | Financial Asset Originated [Member] | ||||
Loans | [1] | 180,062,301 | 172,189,046 | |
Commercial Real Estate Portfolio Segment [Member] | Hospitality Industry [Member] | Financial Assets Acquired [Member] | ||||
Loans | 13,451,634 | 13,134,019 | ||
Commercial Real Estate Portfolio Segment [Member] | Land and A&D [Member] | ||||
Loans | 105,150,135 | 93,669,628 | ||
Commercial Real Estate Portfolio Segment [Member] | Land and A&D [Member] | Financial Asset Originated [Member] | ||||
Loans | [1] | 82,358,822 | 71,908,761 | |
Commercial Real Estate Portfolio Segment [Member] | Land and A&D [Member] | Financial Assets Acquired [Member] | ||||
Loans | 22,791,313 | 21,760,867 | ||
Residential Portfolio Segment [Member] | ||||
Loans | 524,168,286 | 523,600,000 | 315,636,770 | |
Residential Portfolio Segment [Member] | Residential First Investment [Member] | ||||
Loans | 157,829,737 | 152,567,390 | ||
Residential Portfolio Segment [Member] | Residential First Investment [Member] | Financial Asset Originated [Member] | ||||
Loans | [1] | 112,538,462 | 104,084,050 | |
Residential Portfolio Segment [Member] | Residential First Investment [Member] | Financial Assets Acquired [Member] | ||||
Loans | 45,291,275 | 48,483,340 | ||
Residential Portfolio Segment [Member] | Residential First Owner Occupied [Member] | ||||
Loans | 245,034,808 | 248,917,667 | ||
Residential Portfolio Segment [Member] | Residential First Owner Occupied [Member] | Financial Asset Originated [Member] | ||||
Loans | [1] | 108,852,047 | 108,696,078 | |
Residential Portfolio Segment [Member] | Residential First Owner Occupied [Member] | Financial Assets Acquired [Member] | ||||
Loans | 136,182,761 | 140,221,589 | ||
Residential Portfolio Segment [Member] | Residential Land and A&D [Member] | ||||
Loans | 60,175,074 | 59,467,595 | ||
Residential Portfolio Segment [Member] | Residential Land and A&D [Member] | Financial Asset Originated [Member] | ||||
Loans | [1] | 44,332,786 | 42,639,161 | |
Residential Portfolio Segment [Member] | Residential Land and A&D [Member] | Financial Assets Acquired [Member] | ||||
Loans | 15,842,288 | 16,828,434 | ||
Residential Portfolio Segment [Member] | HELOC and Jr Liens [Member] | ||||
Loans | 61,128,668 | 62,688,307 | ||
Residential Portfolio Segment [Member] | HELOC and Jr Liens [Member] | Financial Asset Originated [Member] | ||||
Loans | [1] | 21,433,155 | 20,749,184 | |
Residential Portfolio Segment [Member] | HELOC and Jr Liens [Member] | Financial Assets Acquired [Member] | ||||
Loans | 39,695,513 | 41,939,123 | ||
Commercial Portfolio Segment [Member] | ||||
Loans | 339,406,823 | 199,710,622 | ||
Consumer Portfolio Segment [Member] | ||||
Loans | 47,084,471 | 51,208,258 | $ 58,657,000 | |
Consumer Portfolio Segment [Member] | Financial Asset Originated [Member] | ||||
Loans | [1] | 15,270,415 | 16,289,147 | |
Consumer Portfolio Segment [Member] | Financial Assets Acquired [Member] | ||||
Loans | 31,814,054 | 34,919,111 | ||
Pass [Member] | ||||
Loans | 2,390,624,958 | 2,382,747,302 | ||
Pass [Member] | Financial Asset Originated [Member] | ||||
Loans | 1,690,399,893 | 1,654,190,571 | ||
Pass [Member] | Financial Assets Acquired [Member] | ||||
Loans | 700,225,065 | 728,556,731 | ||
Pass [Member] | Commercial Real Estate Portfolio Segment [Member] | Owner Occupied [Member] | ||||
Loans | 429,788,730 | 431,660,807 | ||
Pass [Member] | Commercial Real Estate Portfolio Segment [Member] | Owner Occupied [Member] | Financial Asset Originated [Member] | ||||
Loans | 294,532,310 | 293,682,007 | ||
Pass [Member] | Commercial Real Estate Portfolio Segment [Member] | Owner Occupied [Member] | Financial Assets Acquired [Member] | ||||
Loans | 135,256,420 | 137,978,800 | ||
Pass [Member] | Commercial Real Estate Portfolio Segment [Member] | Investment [Member] | ||||
Loans | 768,697,208 | 783,856,496 | ||
Pass [Member] | Commercial Real Estate Portfolio Segment [Member] | Investment [Member] | Financial Asset Originated [Member] | ||||
Loans | 579,274,406 | 589,763,511 | ||
Pass [Member] | Commercial Real Estate Portfolio Segment [Member] | Investment [Member] | Financial Assets Acquired [Member] | ||||
Loans | 189,422,802 | 194,092,985 | ||
Pass [Member] | Commercial Real Estate Portfolio Segment [Member] | Hospitality Industry [Member] | ||||
Loans | 193,513,935 | 185,323,065 | ||
Pass [Member] | Commercial Real Estate Portfolio Segment [Member] | Hospitality Industry [Member] | Financial Asset Originated [Member] | ||||
Loans | 180,062,301 | 172,189,046 | ||
Pass [Member] | Commercial Real Estate Portfolio Segment [Member] | Hospitality Industry [Member] | Financial Assets Acquired [Member] | ||||
Loans | 13,451,634 | 13,134,019 | ||
Pass [Member] | Commercial Real Estate Portfolio Segment [Member] | Land and A&D [Member] | ||||
Loans | 104,909,218 | 93,423,181 | ||
Pass [Member] | Commercial Real Estate Portfolio Segment [Member] | Land and A&D [Member] | Financial Asset Originated [Member] | ||||
Loans | 82,358,822 | 71,908,761 | ||
Pass [Member] | Commercial Real Estate Portfolio Segment [Member] | Land and A&D [Member] | Financial Assets Acquired [Member] | ||||
Loans | 22,550,396 | 21,514,420 | ||
Pass [Member] | Residential Portfolio Segment [Member] | Residential First Investment [Member] | ||||
Loans | 153,894,269 | 148,702,063 | ||
Pass [Member] | Residential Portfolio Segment [Member] | Residential First Investment [Member] | Financial Asset Originated [Member] | ||||
Loans | 111,733,083 | 103,270,617 | ||
Pass [Member] | Residential Portfolio Segment [Member] | Residential First Investment [Member] | Financial Assets Acquired [Member] | ||||
Loans | 42,161,186 | 45,431,446 | ||
Pass [Member] | Residential Portfolio Segment [Member] | Residential First Owner Occupied [Member] | ||||
Loans | 239,328,493 | 243,331,655 | ||
Pass [Member] | Residential Portfolio Segment [Member] | Residential First Owner Occupied [Member] | Financial Asset Originated [Member] | ||||
Loans | 108,534,276 | 108,371,748 | ||
Pass [Member] | Residential Portfolio Segment [Member] | Residential First Owner Occupied [Member] | Financial Assets Acquired [Member] | ||||
Loans | 130,794,217 | 134,959,907 | ||
Pass [Member] | Residential Portfolio Segment [Member] | Residential Land and A&D [Member] | ||||
Loans | 57,517,112 | 56,793,043 | ||
Pass [Member] | Residential Portfolio Segment [Member] | Residential Land and A&D [Member] | Financial Asset Originated [Member] | ||||
Loans | 41,975,994 | 40,268,376 | ||
Pass [Member] | Residential Portfolio Segment [Member] | Residential Land and A&D [Member] | Financial Assets Acquired [Member] | ||||
Loans | 15,541,118 | 16,524,667 | ||
Pass [Member] | Residential Portfolio Segment [Member] | HELOC and Jr Liens [Member] | ||||
Loans | 60,425,209 | 61,945,684 | ||
Pass [Member] | Residential Portfolio Segment [Member] | HELOC and Jr Liens [Member] | Financial Asset Originated [Member] | ||||
Loans | 21,433,155 | 20,749,184 | ||
Pass [Member] | Residential Portfolio Segment [Member] | HELOC and Jr Liens [Member] | Financial Assets Acquired [Member] | ||||
Loans | 38,992,054 | 41,196,500 | ||
Pass [Member] | Commercial Portfolio Segment [Member] | ||||
Loans | 335,701,428 | 326,763,140 | ||
Pass [Member] | Commercial Portfolio Segment [Member] | Financial Asset Originated [Member] | ||||
Loans | 255,249,209 | 237,713,832 | ||
Pass [Member] | Commercial Portfolio Segment [Member] | Financial Assets Acquired [Member] | ||||
Loans | 80,452,219 | 89,049,308 | ||
Pass [Member] | Consumer Portfolio Segment [Member] | ||||
Loans | 46,849,356 | 50,948,168 | ||
Pass [Member] | Consumer Portfolio Segment [Member] | Financial Asset Originated [Member] | ||||
Loans | 15,246,337 | 16,273,489 | ||
Pass [Member] | Consumer Portfolio Segment [Member] | Financial Assets Acquired [Member] | ||||
Loans | 31,603,019 | 34,674,679 | ||
Special Mention [Member] | ||||
Loans | 11,569,641 | 9,719,598 | ||
Special Mention [Member] | Financial Asset Originated [Member] | ||||
Loans | 4,226,070 | 4,117,546 | ||
Special Mention [Member] | Financial Assets Acquired [Member] | ||||
Loans | 7,343,571 | 5,602,052 | ||
Special Mention [Member] | Commercial Real Estate Portfolio Segment [Member] | Owner Occupied [Member] | ||||
Loans | 1,705,356 | 1,724,196 | ||
Special Mention [Member] | Commercial Real Estate Portfolio Segment [Member] | Owner Occupied [Member] | Financial Asset Originated [Member] | ||||
Loans | 416,239 | 420,347 | ||
Special Mention [Member] | Commercial Real Estate Portfolio Segment [Member] | Owner Occupied [Member] | Financial Assets Acquired [Member] | ||||
Loans | 1,289,117 | 1,303,849 | ||
Special Mention [Member] | Commercial Real Estate Portfolio Segment [Member] | Investment [Member] | ||||
Loans | 2,008,820 | 1,635,322 | ||
Special Mention [Member] | Commercial Real Estate Portfolio Segment [Member] | Investment [Member] | Financial Asset Originated [Member] | ||||
Loans | 1,067,632 | 1,077,635 | ||
Special Mention [Member] | Commercial Real Estate Portfolio Segment [Member] | Investment [Member] | Financial Assets Acquired [Member] | ||||
Loans | 941,188 | 557,687 | ||
Special Mention [Member] | Commercial Real Estate Portfolio Segment [Member] | Land and A&D [Member] | ||||
Loans | 195,917 | 201,447 | ||
Special Mention [Member] | Commercial Real Estate Portfolio Segment [Member] | Land and A&D [Member] | Financial Asset Originated [Member] | ||||
Loans | ||||
Special Mention [Member] | Commercial Real Estate Portfolio Segment [Member] | Land and A&D [Member] | Financial Assets Acquired [Member] | ||||
Loans | 195,917 | 201,447 | ||
Special Mention [Member] | Residential Portfolio Segment [Member] | Residential First Investment [Member] | ||||
Loans | 1,987,013 | 1,998,643 | ||
Special Mention [Member] | Residential Portfolio Segment [Member] | Residential First Investment [Member] | Financial Asset Originated [Member] | ||||
Loans | 286,659 | 289,618 | ||
Special Mention [Member] | Residential Portfolio Segment [Member] | Residential First Investment [Member] | Financial Assets Acquired [Member] | ||||
Loans | 1,700,354 | 1,709,025 | ||
Special Mention [Member] | Residential Portfolio Segment [Member] | Residential First Owner Occupied [Member] | ||||
Loans | 1,566,970 | 1,584,873 | ||
Special Mention [Member] | Residential Portfolio Segment [Member] | Residential First Owner Occupied [Member] | Financial Asset Originated [Member] | ||||
Loans | 60,712 | 62,136 | ||
Special Mention [Member] | Residential Portfolio Segment [Member] | Residential First Owner Occupied [Member] | Financial Assets Acquired [Member] | ||||
Loans | 1,506,258 | 1,522,737 | ||
Special Mention [Member] | Residential Portfolio Segment [Member] | Residential Land and A&D [Member] | ||||
Loans | 2,173,574 | 2,195,111 | ||
Special Mention [Member] | Residential Portfolio Segment [Member] | Residential Land and A&D [Member] | Financial Asset Originated [Member] | ||||
Loans | 2,072,613 | 2,093,081 | ||
Special Mention [Member] | Residential Portfolio Segment [Member] | Residential Land and A&D [Member] | Financial Assets Acquired [Member] | ||||
Loans | 100,961 | 102,030 | ||
Special Mention [Member] | Residential Portfolio Segment [Member] | HELOC and Jr Liens [Member] | ||||
Loans | 703,459 | 742,623 | ||
Special Mention [Member] | Residential Portfolio Segment [Member] | HELOC and Jr Liens [Member] | Financial Asset Originated [Member] | ||||
Loans | ||||
Special Mention [Member] | Residential Portfolio Segment [Member] | HELOC and Jr Liens [Member] | Financial Assets Acquired [Member] | ||||
Loans | 703,459 | 742,623 | ||
Special Mention [Member] | Commercial Portfolio Segment [Member] | ||||
Loans | 1,907,176 | 349,158 | ||
Special Mention [Member] | Commercial Portfolio Segment [Member] | Financial Asset Originated [Member] | ||||
Loans | 322,215 | 174,729 | ||
Special Mention [Member] | Commercial Portfolio Segment [Member] | Financial Assets Acquired [Member] | ||||
Loans | 1,584,961 | 174,429 | ||
Special Mention [Member] | Consumer Portfolio Segment [Member] | ||||
Loans | 24,815 | 30,848 | ||
Special Mention [Member] | Consumer Portfolio Segment [Member] | Financial Asset Originated [Member] | ||||
Loans | ||||
Special Mention [Member] | Consumer Portfolio Segment [Member] | Financial Assets Acquired [Member] | ||||
Loans | 24,815 | 30,848 | ||
Substandard [Member] | ||||
Loans | 19,342,441 | 21,145,186 | ||
Substandard [Member] | Financial Asset Originated [Member] | ||||
Loans | 10,287,231 | 9,810,054 | ||
Substandard [Member] | Financial Assets Acquired [Member] | ||||
Loans | 9,055,210 | 11,335,132 | ||
Substandard [Member] | Commercial Real Estate Portfolio Segment [Member] | Owner Occupied [Member] | ||||
Loans | 7,506,492 | 6,773,978 | ||
Substandard [Member] | Commercial Real Estate Portfolio Segment [Member] | Owner Occupied [Member] | Financial Asset Originated [Member] | ||||
Loans | 5,853,157 | 5,163,921 | ||
Substandard [Member] | Commercial Real Estate Portfolio Segment [Member] | Owner Occupied [Member] | Financial Assets Acquired [Member] | ||||
Loans | 1,653,335 | 1,610,057 | ||
Substandard [Member] | Commercial Real Estate Portfolio Segment [Member] | Investment [Member] | ||||
Loans | 2,506,784 | 2,920,991 | ||
Substandard [Member] | Commercial Real Estate Portfolio Segment [Member] | Investment [Member] | Financial Asset Originated [Member] | ||||
Loans | 1,673,721 | 1,688,661 | ||
Substandard [Member] | Commercial Real Estate Portfolio Segment [Member] | Investment [Member] | Financial Assets Acquired [Member] | ||||
Loans | 833,063 | 1,232,330 | ||
Substandard [Member] | Commercial Real Estate Portfolio Segment [Member] | Land and A&D [Member] | ||||
Loans | 45,000 | 45,000 | ||
Substandard [Member] | Commercial Real Estate Portfolio Segment [Member] | Land and A&D [Member] | Financial Asset Originated [Member] | ||||
Loans | ||||
Substandard [Member] | Commercial Real Estate Portfolio Segment [Member] | Land and A&D [Member] | Financial Assets Acquired [Member] | ||||
Loans | 45,000 | 45,000 | ||
Substandard [Member] | Residential Portfolio Segment [Member] | Residential First Investment [Member] | ||||
Loans | 1,948,455 | 1,866,684 | ||
Substandard [Member] | Residential Portfolio Segment [Member] | Residential First Investment [Member] | Financial Asset Originated [Member] | ||||
Loans | 518,720 | 523,815 | ||
Substandard [Member] | Residential Portfolio Segment [Member] | Residential First Investment [Member] | Financial Assets Acquired [Member] | ||||
Loans | 1,429,735 | 1,342,869 | ||
Substandard [Member] | Residential Portfolio Segment [Member] | Residential First Owner Occupied [Member] | ||||
Loans | 4,139,345 | 4,001,139 | ||
Substandard [Member] | Residential Portfolio Segment [Member] | Residential First Owner Occupied [Member] | Financial Asset Originated [Member] | ||||
Loans | 257,059 | 262,194 | ||
Substandard [Member] | Residential Portfolio Segment [Member] | Residential First Owner Occupied [Member] | Financial Assets Acquired [Member] | ||||
Loans | 3,882,286 | 3,738,945 | ||
Substandard [Member] | Residential Portfolio Segment [Member] | Residential Land and A&D [Member] | ||||
Loans | 484,388 | 479,441 | ||
Substandard [Member] | Residential Portfolio Segment [Member] | Residential Land and A&D [Member] | Financial Asset Originated [Member] | ||||
Loans | 284,179 | 277,704 | ||
Substandard [Member] | Residential Portfolio Segment [Member] | Residential Land and A&D [Member] | Financial Assets Acquired [Member] | ||||
Loans | 200,209 | 201,737 | ||
Substandard [Member] | Commercial Portfolio Segment [Member] | ||||
Loans | 1,798,220 | 4,086,088 | ||
Substandard [Member] | Commercial Portfolio Segment [Member] | Financial Asset Originated [Member] | ||||
Loans | 1,676,317 | 1,878,101 | ||
Substandard [Member] | Commercial Portfolio Segment [Member] | Financial Assets Acquired [Member] | ||||
Loans | 121,903 | 2,207,987 | ||
Substandard [Member] | Consumer Portfolio Segment [Member] | ||||
Loans | 210,298 | 229,242 | ||
Substandard [Member] | Consumer Portfolio Segment [Member] | Financial Asset Originated [Member] | ||||
Loans | 24,078 | 15,658 | ||
Substandard [Member] | Consumer Portfolio Segment [Member] | Financial Assets Acquired [Member] | ||||
Loans | 186,220 | 213,584 | ||
Doubtful [Member] | ||||
Loans | ||||
Doubtful [Member] | Financial Asset Originated [Member] | ||||
Loans | ||||
Doubtful [Member] | Financial Assets Acquired [Member] | ||||
Loans | ||||
Unlikely to be Collected Financing Receivable [Member] | ||||
Loans | ||||
Unlikely to be Collected Financing Receivable [Member] | Financial Asset Originated [Member] | ||||
Loans | ||||
Unlikely to be Collected Financing Receivable [Member] | Financial Assets Acquired [Member] | ||||
Loans | ||||
[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 and in April 2018, Bay Bancorp, Inc ("BYBK"), the parent company of Bay Bank, we have segmented the portfolio into two components, "Legacy" loans originated by the Bank and "Acquired" loans acquired from MB&T, WSB, Regal Bank, Damascus and Bay Bank. |
Note 4 - Loans - Allowance for
Note 4 - Loans - Allowance for Loan Losses Activity (Details) - USD ($) | 3 Months Ended | ||||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2019 | Mar. 31, 2018 | ||
Beginning balance | $ 7,471,023 | $ 5,920,586 | |||
Provision for loan losses | 414,175 | 394,896 | |||
Recoveries | 41,841 | 4,116 | |||
Total | 7,927,039 | 6,319,598 | |||
Loans charged off | (118,897) | (62,079) | |||
Ending Balance | 7,808,142 | 6,257,519 | |||
Loans held for investment, allowance for loan losses | 7,808,142 | 5,920,586 | $ 7,808,142 | $ 6,257,519 | |
Financial Asset Originated [Member] | |||||
Beginning balance | [1] | 7,004,839 | |||
Ending Balance | [1] | 7,449,768 | |||
Individually evaluated for impairment | 142,055 | 241,830 | |||
Other loans not individually evaluated | 7,307,713 | 5,833,637 | |||
Loans held for investment, allowance for loan losses | [1] | 7,449,768 | 7,449,768 | ||
Financial Assets Acquired [Member] | |||||
Beginning balance | 466,184 | ||||
Ending Balance | 358,374 | ||||
Individually evaluated for impairment | 358,374 | 182,052 | |||
Loans held for investment, allowance for loan losses | 358,374 | 358,374 | |||
Commercial Portfolio Segment [Member] | |||||
Beginning balance | 1,562,740 | 1,262,030 | |||
Provision for loan losses | 232,962 | (50,372) | |||
Recoveries | 10,753 | 300 | |||
Total | 1,806,455 | 1,211,958 | |||
Loans charged off | (4,108) | ||||
Ending Balance | 1,802,347 | 1,211,958 | |||
Loans held for investment, allowance for loan losses | 1,562,740 | 1,262,030 | 1,802,347 | 1,211,958 | |
Commercial Portfolio Segment [Member] | Financial Asset Originated [Member] | |||||
Individually evaluated for impairment | 76,307 | 95,431 | |||
Other loans not individually evaluated | 1,677,290 | 1,092,011 | |||
Commercial Portfolio Segment [Member] | Financial Assets Acquired [Member] | |||||
Individually evaluated for impairment | 48,750 | 24,516 | |||
Commercial Real Estate Portfolio Segment [Member] | |||||
Beginning balance | 4,728,694 | 3,783,735 | |||
Provision for loan losses | 128,045 | 527,631 | |||
Recoveries | 417 | 139 | |||
Total | 4,857,156 | 4,311,505 | |||
Loans charged off | |||||
Ending Balance | 4,857,156 | 4,311,505 | |||
Loans held for investment, allowance for loan losses | 4,728,694 | 3,783,735 | 4,857,156 | 4,311,505 | |
Commercial Real Estate Portfolio Segment [Member] | Financial Asset Originated [Member] | |||||
Individually evaluated for impairment | 69,903 | ||||
Other loans not individually evaluated | 4,797,816 | 4,161,530 | |||
Commercial Real Estate Portfolio Segment [Member] | Financial Assets Acquired [Member] | |||||
Individually evaluated for impairment | 59,340 | 80,072 | |||
Residential Portfolio Segment [Member] | |||||
Beginning balance | 1,081,394 | 844,355 | |||
Provision for loan losses | (4,002) | (148,161) | |||
Recoveries | 3,119 | 32 | |||
Total | 1,080,511 | 696,226 | |||
Loans charged off | (1,028) | ||||
Ending Balance | 1,079,483 | 696,226 | |||
Loans held for investment, allowance for loan losses | 1,081,394 | 844,355 | 1,079,483 | 696,226 | |
Residential Portfolio Segment [Member] | Financial Asset Originated [Member] | |||||
Individually evaluated for impairment | 64,420 | 76,496 | |||
Other loans not individually evaluated | 783,783 | 542,266 | |||
Residential Portfolio Segment [Member] | Financial Assets Acquired [Member] | |||||
Individually evaluated for impairment | 231,280 | 77,464 | |||
Consumer Portfolio Segment [Member] | |||||
Beginning balance | 98,195 | 30,466 | |||
Provision for loan losses | 57,170 | 65,798 | |||
Recoveries | 27,552 | 3,645 | |||
Total | 182,917 | 99,909 | |||
Loans charged off | (113,761) | (62,079) | |||
Ending Balance | 69,156 | 37,830 | |||
Loans held for investment, allowance for loan losses | $ 98,195 | $ 30,466 | 69,156 | 37,830 | |
Consumer Portfolio Segment [Member] | Financial Asset Originated [Member] | |||||
Individually evaluated for impairment | 1,328 | ||||
Other loans not individually evaluated | 48,824 | 37,830 | |||
Consumer Portfolio Segment [Member] | Financial Assets Acquired [Member] | |||||
Individually evaluated for impairment | $ 19,004 | ||||
[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 and in April 2018, Bay Bancorp, Inc ("BYBK"), the parent company of Bay Bank, we have segmented the portfolio into two components, "Legacy" loans originated by the Bank and "Acquired" loans acquired from MB&T, WSB, Regal Bank, Damascus and Bay Bank. |
Note 4 - Loans - Allowance by I
Note 4 - Loans - Allowance by Impairment Methodology (Details) - USD ($) | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 | |
Ending balance | $ 2,421,537,040 | $ 2,413,612,086 | $ 1,760,460,105 | |
Financial Asset Originated [Member] | ||||
Individually evaluated for impairment with specific reserve | 730,649 | 926,936 | ||
Individually evaluated for impairment without specific reserve | 4,020,913 | 3,528,019 | ||
Other loans not individually evaluated | 1,700,161,633 | 1,429,920,200 | ||
Ending balance | 1,704,913,194 | 1,668,118,171 | ||
Financial Assets Acquired [Member] | ||||
Individually evaluated for impairment with specific reserve subsequent to acquisition (ASC 310-20 at acquisition) | 1,101,203 | 475,540 | ||
Individually evaluated for impairment without specific reserve (ASC 310-20 at acquisition) | 3,177,142 | 1,564,990 | ||
Individually evaluated for impairment without specific reserve (ASC 310-30 at acquisition) | 9,627,828 | 6,799,656 | ||
Collectively evaluated for impairment without reserve (ASC 310-20 at acquisition) | 702,717,672 | 317,244,764 | ||
Ending balance | 716,623,846 | 745,493,915 | ||
Commercial Portfolio Segment [Member] | ||||
Ending balance | 339,406,823 | 199,710,622 | ||
Commercial Portfolio Segment [Member] | Financial Asset Originated [Member] | ||||
Individually evaluated for impairment with specific reserve | 241,972 | 95,431 | ||
Individually evaluated for impairment without specific reserve | 351,344 | 377,936 | ||
Other loans not individually evaluated | 256,654,426 | 167,628,232 | ||
Commercial Portfolio Segment [Member] | Financial Assets Acquired [Member] | ||||
Individually evaluated for impairment with specific reserve subsequent to acquisition (ASC 310-20 at acquisition) | 48,750 | 71,049 | ||
Individually evaluated for impairment without specific reserve (ASC 310-20 at acquisition) | 66,661 | |||
Individually evaluated for impairment without specific reserve (ASC 310-30 at acquisition) | 201,052 | |||
Collectively evaluated for impairment without reserve (ASC 310-20 at acquisition) | 81,842,619 | 31,537,974 | ||
Commercial Real Estate Portfolio Segment [Member] | ||||
Ending balance | 1,510,877,460 | 1,500,000,000 | 1,186,455,713 | |
Commercial Real Estate Portfolio Segment [Member] | Financial Asset Originated [Member] | ||||
Individually evaluated for impairment with specific reserve | 587,663 | |||
Individually evaluated for impairment without specific reserve | 3,400,429 | 2,925,991 | ||
Other loans not individually evaluated | 1,141,838,159 | 1,036,158,293 | ||
Commercial Real Estate Portfolio Segment [Member] | Financial Assets Acquired [Member] | ||||
Individually evaluated for impairment with specific reserve subsequent to acquisition (ASC 310-20 at acquisition) | 117,408 | 154,297 | ||
Individually evaluated for impairment without specific reserve (ASC 310-20 at acquisition) | 267,231 | 299,445 | ||
Individually evaluated for impairment without specific reserve (ASC 310-30 at acquisition) | 4,551,734 | 3,434,002 | ||
Collectively evaluated for impairment without reserve (ASC 310-20 at acquisition) | 360,702,499 | 142,896,022 | ||
Residential Portfolio Segment [Member] | ||||
Ending balance | 524,168,286 | 523,600,000 | 315,636,770 | |
Residential Portfolio Segment [Member] | Financial Asset Originated [Member] | ||||
Individually evaluated for impairment with specific reserve | 476,680 | 243,842 | ||
Individually evaluated for impairment without specific reserve | 257,059 | 224,092 | ||
Other loans not individually evaluated | 286,422,712 | 211,726,177 | ||
Residential Portfolio Segment [Member] | Financial Assets Acquired [Member] | ||||
Individually evaluated for impairment with specific reserve subsequent to acquisition (ASC 310-20 at acquisition) | 826,476 | 250,194 | ||
Individually evaluated for impairment without specific reserve (ASC 310-20 at acquisition) | 2,768,488 | 1,265,545 | ||
Individually evaluated for impairment without specific reserve (ASC 310-30 at acquisition) | 4,875,042 | 3,351,654 | ||
Collectively evaluated for impairment without reserve (ASC 310-20 at acquisition) | 228,541,830 | 98,575,266 | ||
Consumer Portfolio Segment [Member] | ||||
Ending balance | 47,084,471 | 51,208,258 | 58,657,000 | |
Consumer Portfolio Segment [Member] | Financial Asset Originated [Member] | ||||
Individually evaluated for impairment with specific reserve | 11,997 | |||
Individually evaluated for impairment without specific reserve | 12,081 | |||
Other loans not individually evaluated | 15,246,338 | 14,407,498 | ||
Ending balance | [1] | 15,270,415 | 16,289,147 | |
Consumer Portfolio Segment [Member] | Financial Assets Acquired [Member] | ||||
Individually evaluated for impairment with specific reserve subsequent to acquisition (ASC 310-20 at acquisition) | 108,569 | |||
Individually evaluated for impairment without specific reserve (ASC 310-20 at acquisition) | 74,762 | |||
Individually evaluated for impairment without specific reserve (ASC 310-30 at acquisition) | 14,000 | |||
Collectively evaluated for impairment without reserve (ASC 310-20 at acquisition) | 31,630,722 | $ 44,235,502 | ||
Ending balance | $ 31,814,054 | $ 34,919,111 | ||
[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 and in April 2018, Bay Bancorp, Inc ("BYBK"), the parent company of Bay Bank, we have segmented the portfolio into two components, "Legacy" loans originated by the Bank and "Acquired" loans acquired from MB&T, WSB, Regal Bank, Damascus and Bay Bank. |
Note 5 - Other Real Estate Ow_3
Note 5 - Other Real Estate Owned (Details Textual) | Mar. 31, 2019USD ($) | Dec. 31, 2018USD ($) |
Other Real Estate, Foreclosed Assets, and Repossessed Assets, Total | $ 882,510 | $ 882,510 |
Loans in Process of Foreclosure, Number | 7 | 5 |
Mortgage Loans in Process of Foreclosure, Amount | $ 973,000 | $ 786,000 |
Residential Portfolio Segment [Member] | ||
Other Real Estate, Foreclosed Assets, and Repossessed Assets, Total | $ 234,000 |
Note 5 - Other Real Estate Ow_4
Note 5 - Other Real Estate Owned - Transactions in Other Real Estate Owned (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Beginning balance | $ 882,510 | |
Sales/deposits on sales | ||
Net realized gain/(loss) | $ 12,516 | |
Total end of period | 882,510 | |
Financial Asset Originated [Member] | ||
Beginning balance | ||
Sales/deposits on sales | ||
Net realized gain/(loss) | ||
Total end of period | ||
Financial Assets Acquired [Member] | ||
Beginning balance | 882,510 | |
Sales/deposits on sales | ||
Net realized gain/(loss) | ||
Total end of period | $ 882,510 |
Note 6 - Earnings Per Common _3
Note 6 - Earnings Per Common Share - Weighted Average Number of Shares (Details) - shares | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Weighted average number of shares (in shares) | 17,039,961 | 12,544,266 |
Dilutive average number of shares (in shares) | 17,170,507 | 12,743,282 |
Note 7 - Stock-based Compensa_2
Note 7 - Stock-based Compensation (Details Textual) - USD ($) | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Share-based Payment Arrangement, Expense | $ 291,715 | $ 288,559 |
Share-based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount | $ 2,100,000 | |
Common Stock, Capital Shares Reserved for Future Issuance | 156,646 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 0 | 40,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 28,191 | 19,443 |
Officer [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 2,400 | 38,921 |
Share-based Payment Arrangement, Option [Member] | ||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 2 years | |
Restricted Stock [Member] | ||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 2 years 182 days | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 28.74 | |
Share-based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount | $ 5,700,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | 0 | 0 |
Note 8 - Fair Value Measureme_3
Note 8 - Fair Value Measurement (Details Textual) - Fair Value, Inputs, Level 3 [Member] $ in Millions | Mar. 31, 2019USD ($) | Dec. 31, 2018USD ($) |
Assets, Fair Value Disclosure | $ 9.4 | $ 7.5 |
Measurement Input, Discount Rate [Member] | Minimum [Member] | ||
Other Real Estate Owned, Measurement Input | 0 | |
Measurement Input, Discount Rate [Member] | Maximum [Member] | ||
Other Real Estate Owned, Measurement Input | 0.5 |
Note 8 - Fair Value Measureme_4
Note 8 - Fair Value Measurement - Assets and Liabilities Measured on a Recurring Basis (Details) - USD ($) | Mar. 31, 2019 | Dec. 31, 2018 |
Investment securities available for sale-at fair value | $ 307,034,351 | $ 219,705,762 |
US Treasury Securities [Member] | ||
Investment securities available for sale-at fair value | 2,995,078 | 2,992,500 |
US Government Agencies Debt Securities [Member] | ||
Investment securities available for sale-at fair value | 96,428,122 | 18,606,178 |
Corporate Debt Securities [Member] | ||
Investment securities available for sale-at fair value | 18,735,310 | 22,339,326 |
US States and Political Subdivisions Debt Securities [Member] | ||
Investment securities available for sale-at fair value | 78,156,348 | 77,288,704 |
Federal Home Loan Mortgage Corporation Certificates and Obligations (FHLMC) [Member] | ||
Investment securities available for sale-at fair value | 17,930,601 | 18,073,768 |
Federal National Mortgage Association Certificates and Obligations (FNMA) [Member] | ||
Investment securities available for sale-at fair value | 62,450,204 | 53,658,760 |
Government National Mortgage Association Certificates and Obligations (GNMA) [Member] | ||
Investment securities available for sale-at fair value | 26,841,593 | 26,746,526 |
Fair Value, Recurring [Member] | ||
Investment securities available for sale-at fair value | 307,034,000 | 219,706,000 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Investment securities available for sale-at fair value | 2,995,000 | 2,993,000 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Investment securities available for sale-at fair value | 281,807,000 | 194,374,000 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Investment securities available for sale-at fair value | 22,232,000 | 22,339,000 |
Fair Value, Recurring [Member] | US Treasury Securities [Member] | ||
Investment securities available for sale-at fair value | 2,995,000 | 2,993,000 |
Fair Value, Recurring [Member] | US Treasury Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Investment securities available for sale-at fair value | 2,995,000 | 2,993,000 |
Fair Value, Recurring [Member] | US Treasury Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Investment securities available for sale-at fair value | ||
Fair Value, Recurring [Member] | US Treasury Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Investment securities available for sale-at fair value | ||
Fair Value, Recurring [Member] | US Government Agencies Debt Securities [Member] | ||
Investment securities available for sale-at fair value | 96,428,000 | 18,606,000 |
Fair Value, Recurring [Member] | US Government Agencies Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Investment securities available for sale-at fair value | ||
Fair Value, Recurring [Member] | US Government Agencies Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Investment securities available for sale-at fair value | 96,428,000 | 18,606,000 |
Fair Value, Recurring [Member] | US Government Agencies Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Investment securities available for sale-at fair value | ||
Fair Value, Recurring [Member] | Corporate Debt Securities [Member] | ||
Investment securities available for sale-at fair value | 18,735,000 | 18,843,000 |
Fair Value, Recurring [Member] | Corporate Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Investment securities available for sale-at fair value | ||
Fair Value, Recurring [Member] | Corporate Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Investment securities available for sale-at fair value | ||
Fair Value, Recurring [Member] | Corporate Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Investment securities available for sale-at fair value | 18,735,000 | 18,843,000 |
Fair Value, Recurring [Member] | Foreign Debt Securities [Member] | ||
Investment securities available for sale-at fair value | 3,497,000 | 3,496,000 |
Fair Value, Recurring [Member] | Foreign Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Investment securities available for sale-at fair value | ||
Fair Value, Recurring [Member] | Foreign Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Investment securities available for sale-at fair value | ||
Fair Value, Recurring [Member] | Foreign Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Investment securities available for sale-at fair value | 3,497,000 | 3,496,000 |
Fair Value, Recurring [Member] | US States and Political Subdivisions Debt Securities [Member] | ||
Investment securities available for sale-at fair value | 78,156,000 | 77,289,000 |
Fair Value, 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, Recurring [Member] | US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Investment securities available for sale-at fair value | 78,156,000 | 77,289,000 |
Fair Value, 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, Recurring [Member] | Federal Home Loan Mortgage Corporation Certificates and Obligations (FHLMC) [Member] | ||
Investment securities available for sale-at fair value | 17,931,000 | 18,074,000 |
Fair Value, 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, 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 | 17,931,000 | 18,074,000 |
Fair Value, 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, Recurring [Member] | Federal National Mortgage Association Certificates and Obligations (FNMA) [Member] | ||
Investment securities available for sale-at fair value | 62,450,000 | 53,659,000 |
Fair Value, 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, 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 | 62,450,000 | 53,659,000 |
Fair Value, 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, Recurring [Member] | Government National Mortgage Association Certificates and Obligations (GNMA) [Member] | ||
Investment securities available for sale-at fair value | 26,842,000 | 26,746,000 |
Fair Value, 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, 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 | 26,842,000 | 26,746,000 |
Fair Value, 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 Measureme_5
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, 2019USD ($) | |
Balance | $ 22,339 |
Included in earnings | |
Included in other comprehensive income | (107) |
Purchases, issuances, sales and settlements | |
Transfers into or out of level 3 | |
Balance | $ 22,232 |
Note 8 - Fair Value Measureme_6
Note 8 - Fair Value Measurement - Loan Fair Value on a Non-recurring Basis (Details) - USD ($) | Mar. 31, 2019 | Dec. 31, 2018 |
Impaired Loans | $ 9,029,907 | $ 9,168,226 |
Fair Value, Inputs, Level 3 [Member] | ||
Total | 9,400,000 | 7,500,000 |
Fair Value, Nonrecurring [Member] | ||
Impaired Loans | 8,530,000 | 6,639,000 |
Other real estate owned | 883,000 | 883,000 |
Total | 9,413,000 | 7,522,000 |
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Impaired Loans | ||
Other real estate owned | ||
Total | ||
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Impaired Loans | ||
Other real estate owned | ||
Total | ||
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Impaired Loans | 8,530,000 | 6,639,000 |
Other real estate owned | 883,000 | 883,000 |
Total | 9,413,000 | 7,522,000 |
Legacy [Member] | Fair Value, Nonrecurring [Member] | ||
Impaired Loans | 4,610,000 | 2,745,000 |
Other real estate owned | ||
Legacy [Member] | Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Impaired Loans | ||
Other real estate owned | ||
Legacy [Member] | Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Impaired Loans | ||
Other real estate owned | ||
Legacy [Member] | Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Impaired Loans | 4,610,000 | 2,745,000 |
Other real estate owned | ||
Acquired [Member] | Fair Value, Nonrecurring [Member] | ||
Impaired Loans | 3,920,000 | 3,894,000 |
Other real estate owned | 883,000 | 883,000 |
Acquired [Member] | Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Impaired Loans | ||
Other real estate owned | ||
Acquired [Member] | Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Impaired Loans | ||
Other real estate owned | ||
Acquired [Member] | Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Impaired Loans | 3,920,000 | 3,894,000 |
Other real estate owned | $ 883,000 | $ 883,000 |
Note 8 - Fair Value Measureme_7
Note 8 - Fair Value Measurement - Carrying and Fair Value (Details) - USD ($) | Mar. 31, 2019 | Dec. 31, 2018 |
Loans held for sale, fair value | $ 9,875,442 | $ 11,860,147 |
Accrued interest receivable | 8,607,100 | 7,958,511 |
Non-interest bearing | 579,962,005 | 559,059,672 |
Interest bearing | 1,755,472,767 | 1,736,989,227 |
Long term borrowings | 34,200,000 | |
Accrued Interest payable | 2,460,829 | 2,844,715 |
Reported Value Measurement [Member] | ||
Cash and cash equivalents | 52,689,000 | 44,501,000 |
Loans receivable, net | 2,417,186,000 | 2,409,228,000 |
Loans held for sale, fair value | 9,633,000 | 11,564,000 |
Equity Securities at cost | 13,864,000 | 11,151,000 |
Accrued interest receivable | 8,607,000 | 7,959,000 |
Non-interest bearing | 579,962,000 | 559,060,000 |
Interest bearing | 1,755,473,000 | 1,736,989,000 |
Short term borrowings | 282,142,000 | 228,185,000 |
Long term borrowings | 38,437,000 | 38,371,000 |
Accrued Interest payable | 2,461,000 | 2,845,000 |
Estimate of Fair Value Measurement [Member] | ||
Cash and cash equivalents | 52,689,000 | 44,501,000 |
Loans receivable, net | 2,393,316,000 | 2,383,673,000 |
Loans held for sale, fair value | 9,875,000 | 11,860,000 |
Equity Securities at cost | 13,864,000 | 11,151,000 |
Accrued interest receivable | 8,607,000 | 7,959,000 |
Non-interest bearing | 579,962,000 | 559,060,000 |
Interest bearing | 1,772,876,000 | 1,752,883,000 |
Short term borrowings | 282,142,000 | 228,185,000 |
Long term borrowings | 38,437,000 | 38,371,000 |
Accrued Interest payable | 2,461,000 | 2,845,000 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Cash and cash equivalents | 52,689,000 | 44,501,000 |
Loans receivable, net | ||
Loans held for sale, fair value | ||
Equity Securities at cost | ||
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 | 9,875,000 | 11,860,000 |
Equity Securities at cost | 13,864,000 | 11,151,000 |
Accrued interest receivable | 1,874,000 | 1,393,000 |
Non-interest bearing | 579,962,000 | |
Interest bearing | 1,772,876,000 | 1,752,883,000 |
Short term borrowings | 282,142,000 | 228,185,000 |
Long term borrowings | 37,437,000 | 38,371,000 |
Accrued Interest payable | 2,461,000 | 2,845,000 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Cash and cash equivalents | ||
Loans receivable, net | 2,393,316,000 | 2,383,673,000 |
Loans held for sale, fair value | ||
Equity Securities at cost | ||
Accrued interest receivable | 6,733,000 | 6,566,000 |
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 Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Unsecured Debt, Total | $ 0 | $ 0 |
Secured Debt, Repurchase Agreements | 32,100 | 38,200 |
Secured Debt [Member] | Federal Home Loan Bank of Atlanta [Member] | ||
Federal Home Loan Bank, Advances, Maturities Summary, Due in Next Twelve Months, Total | 250,000 | $ 190,000 |
Securities Sold under Agreements to Repurchase [Member] | ||
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Collateral Pledged | $ 123,500 |
Note 10 - Long Term Borrowings
Note 10 - Long Term Borrowings (Details Textual) - USD ($) | 3 Months Ended | |
Mar. 31, 2019 | Dec. 31, 2018 | |
Long-term Debt, Total | $ 38,437,015 | $ 38,371,291 |
Long-term Debt, Fair Value | 34,200,000 | |
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 | 1,100,000 | |
Subordinated Debt [Member] | ||
Long-term Debt, Total | $ 35,000,000 | |
Debt Instrument, Interest Rate, Stated Percentage | 5.625% | |
Trust Preferred Subordinated Debentures [Member] | ||
Long-term Debt, Fair Value | $ 4,200,000 | |
Liabilities, Fair Value Adjustment | $ 2,500,000 |
Note 11 - Leases (Details Textu
Note 11 - Leases (Details Textual) | Mar. 31, 2019 |
Minimum [Member] | |
Lessee, Operating Lease, Term of Contract | 1 year |
Lessee, Operating Lease, Renewal Term | 5 years |
Maximum [Member] | |
Lessee, Operating Lease, Term of Contract | 20 years |
Lessee, Operating Lease, Renewal Term | 10 years |
Note 11 - Leases - Lease Expens
Note 11 - Leases - Lease Expense and Information (Details) | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Operating lease cost | $ 719,215 |
Operating cash flows from operating leases | 636,202 |
Operating leases | 443,550 |
Operating lease right-of-use assets | 25,868,929 |
Lease liabilities | $ 26,248,563 |
Weighted Average Remaining Operating Lease Term In Years (Year) | 12 years 124 days |
Weighted Average Discount Rate on Operating Leases | 3.00% |
Note 11 - Leases - Operating Le
Note 11 - Leases - Operating Lease Liability Maturity (Details) | Mar. 31, 2019USD ($) |
One year or less | $ 1,353,185 |
One to three years | 3,715,584 |
Three to five years | 3,917,571 |
Thereafter | 19,162,606 |
Total undiscounted cash flows | 28,148,946 |
Discount of cash flows | (1,900,383) |
Lease liabilities | $ 26,248,563 |