Document_And_Entity_Informatio
Document And Entity Information | 3 Months Ended | |
Mar. 31, 2015 | 7-May-15 | |
Document Information [Line Items] | ||
Entity Registrant Name | SELECT BANCORP, INC. | |
Entity Central Index Key | 1263762 | |
Current Fiscal Year End Date | -19 | |
Entity Filer Category | Smaller Reporting Company | |
Trading Symbol | SLCT | |
Entity Common Stock, Shares Outstanding | 11,458,561 | |
Document Type | 10-Q | |
Amendment Flag | FALSE | |
Document Period End Date | 31-Mar-15 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2015 |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | |
In Thousands, unless otherwise specified | |||
ASSETS | |||
Cash and due from banks | $9,495 | $14,417 | [1] |
Interest-earning deposits in other banks | 24,187 | 22,810 | [1] |
Certificates of deposit | 1,000 | 1,000 | [1] |
Federal funds sold and repurchase agreements | 2,006 | 20,183 | [1] |
Investment securities available for sale, at fair value | 101,265 | 102,235 | [1] |
Loans | 558,923 | 552,038 | [1] |
Allowance for loan losses | -6,919 | -6,844 | [1] |
NET LOANS | 552,004 | 545,194 | [1] |
Accrued interest receivable | 2,273 | 2,416 | [1] |
Stock in Federal Home Loan Bank of Atlanta ("FHLB"), at cost | 1,487 | 1,524 | [1] |
Other non-marketable securities | 832 | 896 | [1] |
Foreclosed real estate | 1,187 | 1,585 | [1] |
Premises and equipment, net | 17,391 | 17,599 | [1] |
Bank owned life insurance | 21,121 | 20,966 | [1] |
Goodwill | 7,077 | 7,077 | [1] |
Core deposit intangible | 1,470 | 1,625 | [1] |
Other assets | 5,567 | 6,594 | [1] |
TOTAL ASSETS | 748,362 | 766,121 | [1] |
Deposits: | |||
Demand | 132,520 | 129,831 | [1] |
Savings | 38,448 | 37,000 | [1] |
Money market and NOW | 169,248 | 166,511 | [1] |
Time | 260,304 | 285,560 | [1] |
TOTAL DEPOSITS | 600,520 | 618,902 | [1] |
Short-term debt | 18,943 | 20,733 | [1] |
Long-term debt | 25,258 | 25,591 | [1] |
Accrued interest payable | 224 | 276 | [1] |
Accrued expenses and other liabilities | 3,326 | 2,934 | [1] |
TOTAL LIABILITIES | 648,271 | 668,436 | [1] |
Shareholders’ Equity: | |||
Preferred stock, no par value, 5,000,000 shares authorized; 7,645 shares issued and outstanding at March 31, 2015 and December 31, 2014 | 7,645 | 7,645 | [1] |
Common stock, $1.00 par value, 25,000,000 shares authorized; 11,458,561 and 11,377,980 shares issued and outstanding at March 31, 2015 and December 31, 2014, respectively | 11,459 | 11,378 | [1] |
Additional paid-in capital | 68,685 | 68,406 | [1] |
Retained earnings | 11,171 | 9,447 | [1] |
Common stock issued to deferred compensation trust, at cost; 255,666 and 259,551 shares at March 31, 2015 and December 31, 2014, respectively | -2,082 | -2,121 | [1] |
Directors’ Deferred Compensation Plan Rabbi Trust | 2,082 | 2,121 | [1] |
Accumulated other comprehensive income | 1,131 | 809 | [1] |
TOTAL SHAREHOLDERS’ EQUITY | 100,091 | 97,685 | [1] |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $748,362 | $766,121 | [1] |
[1] | Derived from audited consolidated financial statements. |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred Stock, Shares Issued | 7,645 | 7,645 |
Preferred Stock, Shares Outstanding | 7,645 | 7,645 |
Common stock, par value (in dollars per share) | $1 | $1 |
Common stock, shares authorized | 25,000,000 | 25,000,000 |
Common stock, shares issued | 11,458,561 | 11,377,980 |
Common stock, shares outstanding | 11,458,561 | 11,377,980 |
Deferred Compensation, Share-based Payments [Member] | ||
Common stock, shares issued | 255,666 | 259,551 |
CONSOLIDATED_STATEMENTS_OF_OPE
CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
INTEREST INCOME | ||
Loans | $7,749,000 | $4,873,000 |
Federal funds sold and interest-earning deposits in other banks | 25,000 | 27,000 |
Investments | 468,000 | 414,000 |
TOTAL INTEREST INCOME | 8,242,000 | 5,314,000 |
INTEREST EXPENSE | ||
Money market, NOW and savings deposits | 99,000 | 58,000 |
Time deposits | 721,000 | 975,000 |
Short-term debt | 21,000 | 6,000 |
Long-term debt | 98,000 | 72,000 |
TOTAL INTEREST EXPENSE | 939,000 | 1,111,000 |
NET INTEREST INCOME | 7,303,000 | 4,203,000 |
PROVISION FOR (RECOVERY OF) LOAN LOSSES | 130,000 | -49,000 |
NET INTEREST INCOME AFTER PROVISION FOR (RECOVERY OF) LOAN LOSSES | 7,173,000 | 4,252,000 |
NON-INTEREST INCOME | ||
Gain on the sale of securities | 85,000 | 0 |
Service charges on deposit accounts | 259,000 | 226,000 |
Other fees and income | 519,000 | 398,000 |
TOTAL NON-INTEREST INCOME | 863,000 | 624,000 |
NON-INTEREST EXPENSE | ||
Personnel | 3,061,000 | 2,155,000 |
Occupancy and equipment | 547,000 | 385,000 |
Deposit insurance | 161,000 | 102,000 |
Professional fees | 355,000 | 283,000 |
CDI amortization | 155,000 | 29,000 |
Merger-related | 0 | 162,000 |
Information systems | 363,000 | 347,000 |
Foreclosed real estate-related expense | 24,000 | 271,000 |
Other | 704,000 | 717,000 |
TOTAL NON-INTEREST EXPENSE | 5,370,000 | 4,451,000 |
INCOME BEFORE INCOME TAX | 2,666,000 | 425,000 |
INCOME TAXES | 923,000 | 153,000 |
NET INCOME | 1,743,000 | 272,000 |
DIVIDENDS ON PREFERRED STOCK | 19,000 | 0 |
NET INCOME AVAILABLE TO COMMON SHAREHOLDERS | $1,724,000 | $272,000 |
NET INCOME PER COMMON SHARE | ||
Basic (in dollars per share) | $0.15 | $0.04 |
Diluted (in dollars per share) | $0.15 | $0.04 |
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING | ||
Basic (in shares) | 11,426,378 | 6,921,651 |
Diluted (in shares) | 11,510,147 | 6,924,164 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Net income | $1,743 | $272 |
Other comprehensive income (loss): | ||
Unrealized gain (loss) on investment securities available for sale | 608 | 382 |
Tax effect | -234 | -142 |
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Net of Tax | 374 | 240 |
Reclassification adjustment for (gain) loss included in net income | -85 | 0 |
Tax effect | 33 | 0 |
Other Comprehensive Income (Loss), Reclassification Adjustment for Sale of Securities Included in Net Income, Net of Tax | -52 | 0 |
Total | 322 | 240 |
Total comprehensive income | $2,065 | $512 |
CONSOLIDATED_STATEMENTS_OF_CHA
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (USD $) | Total | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Common Stock Issued to Deferred Compensation Trust [Member] | Directors' Deferred Compensation Plan [Member] | Accumulated Other Comprehensive Income (Loss) [Member] |
In Thousands, except Share data | ||||||||
Balance at Dec. 31, 2013 | $56,004 | $0 | $6,922 | $42,062 | $7,128 | ($1,976) | $1,976 | ($108) |
Balance (in shares) at Dec. 31, 2013 | 0 | 6,921,352 | ||||||
Net income | 272 | 0 | 0 | 0 | 272 | 0 | 0 | 0 |
Other comprehensive income, net | 240 | 0 | 0 | 0 | 0 | 0 | 0 | 240 |
Stock option exercises | 2 | 0 | 0 | 2 | 0 | 0 | 0 | 0 |
Stock option exercises (in shares) | 0 | 390 | ||||||
Stock based compensation | 5 | 0 | 0 | 5 | 0 | 0 | 0 | 0 |
Director equity incentive plan, net | 0 | 0 | 0 | 0 | 0 | 2 | -2 | 0 |
Balance at Mar. 31, 2014 | 56,523 | 0 | 6,922 | 42,069 | 7,400 | -1,974 | 1,974 | 132 |
Balance (in shares) at Mar. 31, 2014 | 0 | 6,921,742 | ||||||
Balance at Dec. 31, 2014 | 97,685 | 7,645 | 11,378 | 68,406 | 9,447 | -2,121 | 2,121 | 809 |
Balance (in shares) at Dec. 31, 2014 | 7,645 | 11,377,980 | ||||||
Net income | 1,743 | 0 | 0 | 0 | 1,743 | 0 | 0 | 0 |
Other comprehensive income, net | 322 | 0 | 0 | 0 | 0 | 0 | 0 | 322 |
Preferred stock dividends paid | -19 | 0 | 0 | 0 | -19 | 0 | 0 | 0 |
Stock option exercises | 352 | 0 | 81 | 271 | 0 | 0 | 0 | 0 |
Stock option exercises (in shares) | 108,693 | 0 | 80,581 | |||||
Stock based compensation | 8 | 0 | 0 | 8 | 0 | 0 | 0 | 0 |
Director equity incentive plan, net | 0 | 0 | 0 | 0 | 0 | 39 | -39 | 0 |
Balance at Mar. 31, 2015 | $100,091 | $7,645 | $11,459 | $68,685 | $11,171 | ($2,082) | $2,082 | $1,131 |
Balance (in shares) at Mar. 31, 2015 | 7,645 | 11,458,561 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net income | $1,743 | $272 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Provision for (recovery of) loan losses | 130 | -49 |
Depreciation and amortization of premises and equipment | 245 | 135 |
Amortization and accretion of investment securities | 263 | 102 |
Amortization of deferred loan fees and costs | -70 | -65 |
Amortization of core deposit intangible | 155 | 29 |
Stock-based compensation | 8 | 5 |
Accretion on acquired loans | -572 | 0 |
Amortization of acquisition premium on time deposits | -237 | 0 |
Net accretion of acquisition discount on borrowings | -111 | 0 |
Increase in cash surrender value of bank owned life insurance | -155 | -58 |
Net loss on sale and write-downs of foreclosed real estate | 22 | 264 |
Net (gain) loss on investment security sales and pay-downs | -85 | 145 |
Change in assets and liabilities: | ||
Net change in accrued interest receivable | 143 | 63 |
Net change in other assets | 835 | 44 |
Net change in accrued expenses and other liabilities | 340 | -48 |
NET CASH PROVIDED BY OPERATING ACTIVITIES | 2,654 | 839 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Redemption of FHLB stock | 37 | 234 |
Redemption of non-marketable security | 64 | 0 |
Purchase of investment securities available for sale | -7,057 | 0 |
Maturities of investment securities available for sale | 2,460 | 1,850 |
Mortgage-backed securities pay-downs | 2,469 | 2,204 |
Proceeds from sale of investment securities available for sale | 3,443 | 550 |
Net change in loans outstanding | -6,298 | 210 |
Proceeds from sale of foreclosed real estate | 376 | 1,059 |
Purchases of premises and equipment | -37 | -144 |
NET CASH PROVIDED (USED) BY INVESTING ACTIVITIES | -4,543 | 5,963 |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Net change in deposits | -18,145 | -7,160 |
Proceeds from short-term debt | 0 | 1,319 |
Repayments on short-term debt | -1,754 | 0 |
Repayments on long-term debt | -267 | 0 |
Preferred stock dividends paid | -19 | 0 |
Proceeds from stock option exercises | 352 | 2 |
NET CASH USED IN FINANCING ACTIVITIES | -19,833 | -5,839 |
NET CHANGE IN CASH AND CASH EQUIVALENTS | -21,722 | 963 |
CASH AND CASH EQUIVALENTS, BEGINNING | 58,410 | 72,869 |
CASH AND CASH EQUIVALENTS, ENDING | 36,688 | 73,832 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION | ||
Interest | 991 | 1,119 |
Taxes | 0 | 10 |
Non-cash transactions: | ||
Unrealized gains (losses) on investment securities available for sale, net of tax | 322 | 240 |
Transfers from loans to foreclosed real estate | $0 | $548 |
BASIS_OF_PRESENTATION
BASIS OF PRESENTATION | 3 Months Ended |
Mar. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | NOTE A - BASIS OF PRESENTATION |
Select Bancorp, Inc. (the “Company”), formerly known as New Century Bancorp, Inc. (“New Century”), is a bank holding company whose principal business activity consists of ownership of Select Bank & Trust Company (the “Bank”), formerly known as New Century Bank. The Bank is engaged in general commercial and retail banking and operates under the banking laws of North Carolina and the rules and regulations of the Federal Deposit Insurance Corporation and the North Carolina Commissioner of Banks. The Bank undergoes periodic examinations by those regulatory authorities. | |
On September 30, 2013, the Company signed a merger agreement with Select Bancorp, Inc. (“Legacy Select”), a bank holding company headquartered in Greenville, North Carolina, whose wholly-owned subsidiary, Select Bank & Trust Company (“Legacy Select Bank”), was a state-chartered commercial bank with approximately $276.9 million in assets. The merger, which closed July 25, 2014, expanded the Bank’s North Carolina presence with six branches located in Greenville (two), Elizabeth City, Washington, Gibsonville and Burlington. | |
As a result of the merger, New Century acquired Legacy Select and Legacy Select Bank and changed its name to Select Bancorp, Inc. New Century Bank changed its name to Select Bank & Trust Company. | |
Under the terms of the merger agreement, former shareholders of Legacy Select common stock received 1.8264 shares of the Company’s common stock for each share of Legacy Select common stock. The Company issued 4,416,500 shares of common stock in the merger. | |
In addition, each share of Legacy Select’s issued and outstanding preferred stock was exchanged for one newly issued share of the Company’s preferred stock having terms substantially identical to the Legacy Select preferred stock. All of the issued and outstanding shares of Company’s preferred stock are held by the Secretary of the United States Treasury and were issued in connection with Legacy Select’s participation in the Small Business Lending Fund. | |
All significant inter-company transactions and balances have been eliminated in consolidation. In management’s opinion, the financial information, which is unaudited, reflects all adjustments (consisting solely of normal recurring adjustments) necessary for a fair presentation of the financial information as of and for the three month periods ended March 31, 2015 and 2014, in conformity with accounting principles generally accepted in the United States of America (“GAAP”). | |
The preparation of consolidated financial statements requires management to make estimates and assumptions that affect reported amounts of assets and liabilities at the date of the financial statements, as well as the amounts of income and expense during the reporting period. Actual results could differ from those estimates. Operating results for three- month period ended March 31, 2015 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2015. | |
The organization and business of the Company, accounting policies followed by the Company and other relevant information are contained in the notes to the financial statements filed as part of the Company’s 2014 Annual Report on Form 10-K, filed with the Securities and Exchange Commission (“SEC”) on March 31, 2015. This quarterly report should be read in conjunction with the Annual Report. | |
Certain reclassifications of the information in prior periods were made to conform to the March 31, 2015 presentation. Such reclassifications had no effect on shareholders’ equity or net income. | |
PER_SHARE_RESULTS
PER SHARE RESULTS | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Earnings Per Share [Abstract] | ||||||||
Earnings Per Share [Text Block] | NOTE B - PER SHARE RESULTS | |||||||
Basic net income per share is computed based upon the weighted average number of shares of common stock outstanding during the period. Diluted net income per share includes the dilutive effect of stock options outstanding during the period. At March 31, 2015 and 2014 there were 111,080 and 254,130 anti-dilutive options outstanding, respectively. | ||||||||
Three Months Ended | ||||||||
March 31, | ||||||||
2015 | 2014 | |||||||
Weighted average shares used for basic net income per share | 11,426,378 | 6,921,651 | ||||||
Effect of dilutive stock options | 83,769 | 2,513 | ||||||
Weighted average shares used for diluted net income per share | 11,510,147 | 6,924,164 | ||||||
RECENT_ACCOUNTING_PRONOUNCEMEN
RECENT ACCOUNTING PRONOUNCEMENTS | 3 Months Ended |
Mar. 31, 2015 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | NOTE C - RECENT ACCOUNTING PRONOUNCEMENTS |
The following summarizes recent accounting pronouncements and their expected impact on the Company: | |
In January 2014, the FASB amended Receivables topic of the Accounting Standards Codification. The amendments are intended to resolve diversity in practice with respect to when a creditor should reclassify a collateralized consumer mortgage loan to other real estate owned (OREO). In addition, the amendments require a creditor reclassify a collateralized consumer mortgage loan to OREO upon obtaining legal title to the real estate collateral, or the borrower voluntarily conveying all interest in the real estate property to the lender to satisfy the loan through a deed in lieu of foreclosure or similar legal agreement. The amendments will be effective for the Company for annual periods, and interim periods within those annual period beginning after December 15, 2014, with early implementation of the guidance permitted. In implementing this guidance, assets that are reclassified from real estate to loans are measured at the carrying value of the real estate at the date of adoption. Assets reclassified from loans to real estate are measured at the lower of the net amount of the loan receivable or the fair value of the real estate less costs to sell at the date of adoption. The Company will apply the amendments prospectively. This update became effective during the first quarter. | |
In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606). The amendments in this Update provide a comprehensive new revenue recognition model that requires a company to recognize revenue to depict the transfer of goods or services to a customer at an amount that reflects the consideration it expects to receive in exchange for those goods or services. This Update also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. The amendments in this Update are effective for periods beginning after December 15, 2016 and early adoption is not permitted. Adoption of this update is not expected to have a material impact on the Company’s financial position or results of operations because this ASU does not apply to financial instruments. | |
In January 2015, the FASB issued ASU 2015-01, Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items, to eliminate from U.S. GAAP the concept of an extraordinary item, which is an event or transaction that is both (1) unusual in nature and (2) infrequently occurring. Under the new guidance, an entity will no longer (1) segregate an extraordinary item from the results of ordinary operations; (2) separately present an extraordinary item on its income statement, net of tax, after income from continuing operations; or (3) disclose income taxes and earnings-per-share data applicable to an extraordinary item. The amendments will be effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015, with early adoption permitted provided that the guidance is applied from the beginning of the fiscal year of adoption. The Company does not expect these amendments to have a material effect on its financial statements. | |
In February 2015, the FASB issued ASU 2015-02, Amendments to the Consolidation Analysis, which amends the consolidation requirements and significantly changes the consolidation analysis required under U.S. GAAP. Although the amendments are expected to result in the deconsolidation of many entities, the Company will need to reevaluate all its previous consolidation conclusions. The amendments will be effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015, with early adoption permitted (including during an interim period), provided that the guidance is applied as of the beginning of the annual period containing the adoption date. The Company does not expect these amendments to have a material effect on its financial statements. | |
Other accounting standards that have been issued or proposed by FASB or other standards-setting bodies are not expected to have a material impact on the Company’s consolidated financial position, results of operations and cash flows. | |
From time to time, the FASB issues exposure drafts for proposed statements of financial accounting standards. Such exposure drafts are subject to comment from the public, to revisions by the FASB and to final issuance by the FASB as statements of financial accounting standards. Management considers the effect of the proposed statements on the consolidated financial statements of the Company and monitors the status of changes to and proposed effective dates of exposure drafts. | |
BUSINESS_COMBINATIONS
BUSINESS COMBINATIONS | 3 Months Ended |
Mar. 31, 2015 | |
Business Combinations [Abstract] | |
Business Combination Disclosure [Text Block] | Note D – Business Combinations |
On September 30, 2013, the Company executed a merger agreement with Legacy Select, a bank holding company headquartered in Greenville, North Carolina, whose wholly-owned subsidiary, Legacy Select Bank, was a state-chartered commercial bank with approximately $276.9 million in assets as of the merger date, July 25, 2014. The merger expanded the Bank’s North Carolina presence with six branches in Greenville (two), Elizabeth City, Washington, Gibsonville and Burlington. | |
As a result of the merger, New Century acquired Legacy Select and Legacy Select Bank and changed its name to Select Bancorp, Inc. New Century Bank changed its name to Select Bank & Trust Company. Under the acquisition method, the assets and liabilities of Legacy Select, as of the effective date of the acquisition, are recorded at their respective fair values. For the acquisition of Legacy Select, estimated fair values of assets acquired and liabilities assumed are based on the information that is available, and the Company believes this information provides a reasonable basis for determining fair values. Management has substantially completed its valuation of Legacy Select’s assets and liabilities, but may refine those valuations for up to one year following closing of the transaction. Any changes resulting from the evaluation of these or other estimates as of the acquisition date may change the amount of the preliminary fair values recorded. | |
Under the terms of the agreement, shareholders of Legacy Select common stock received 1.8264 shares of the Company’s common stock for each share of Legacy Select common stock, for a value of approximately $31.1 million in the aggregate, based on 2,418,347 shares of Legacy Select common stock outstanding and the $6.76 per share closing price of the Company’s common stock on July 25, 2014, valuing each share of Legacy Select common stock at $12.35. | |
Each share of Legacy Select’s issued and outstanding preferred stock was exchanged for one newly issued share of the Company’s preferred stock having terms substantially identical to Legacy Select’s preferred stock. All of the issued and outstanding shares of the Company’s preferred stock are held by the Secretary of the United States Treasury and were issued in connection with Legacy Select’s participation in the Small Business Lending Fund. On July 25, 2014, 202,842 Legacy Select stock options were converted to 370,278 Company stock options. At March 31, 2015, 259,299 of these converted options were outstanding and exercisable with an average weighted remaining contractual life of approximately 3.07 years and an aggregate intrinsic value of $759,000. There were no forfeitures and 108,693 options were exercised since the merger related to Legacy Select stock options. | |
In determining the acquisition date fair value of purchased credit-impaired (“PCI”) loans, and in subsequent accounting, the Company generally aggregates loans into pools of loans with common risk characteristics. Expected cash flows at the acquisition date in excess of the fair value of loans are referred to as the “accretable yield” and recorded as interest income prospectively. | |
PCI loans acquired totaled $28.6 million at estimated value and acquired performing loans totaling $189.0 million at estimated fair value. In addition, $1.6 million of core deposit intangibles and $7.1 million in goodwill were recorded as components of the acquisition. | |
FAIR_VALUE_MEASUREMENTS
FAIR VALUE MEASUREMENTS | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||
Fair Value Disclosures [Text Block] | NOTE E - FAIR VALUE MEASUREMENTS | ||||||||||||||||
Accounting Standards Codification (“ASC”) 820 defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements. ASC 820 does not require any new fair value measurements, but clarifies and standardizes some divergent practices that have emerged since prior guidance was issued. ASC 820 creates a three-level hierarchy under which individual fair value estimates are to be ranked based on the relative reliability of the inputs used in the valuation. | |||||||||||||||||
Fair value estimates are made at a specific moment in time, based on relevant market information and information about the financial instrument. These estimates do not reflect any premium or discount that could result from offering for sale at one time the Company’s entire holdings of a particular financial instrument. | |||||||||||||||||
Because no active market readily exists for a portion of the Company’s financial instruments, fair value estimates are based on judgments regarding future expected loss experience, current economic conditions, risk characteristics of various financial instruments, and other factors. These estimates are subjective in nature and involve uncertainties and matters of significant judgment and, therefore, cannot be determined with precision. Changes in assumptions could significantly affect the estimates. | |||||||||||||||||
The following methods and assumptions were used to estimate the fair value of each class of financial instruments for which it is practicable to estimate that value: | |||||||||||||||||
Fair Value Hierarchy | |||||||||||||||||
The Company groups assets and liabilities at fair value in three levels, based on the markets in which the assets and liabilities are traded and the reliability of the assumptions used to determine fair value. These levels are: | |||||||||||||||||
⋅ | Level 1 – Valuation is based upon quoted prices for identical instruments traded in active markets. | ||||||||||||||||
⋅ | Level 2 – Valuation is based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active and model-based valuation techniques for which all significant assumptions are observable in the market. | ||||||||||||||||
⋅ | Level 3 – Valuation is generated from model-based techniques that use at least one significant assumption not observable in the market. These unobservable assumptions reflect estimates of assumptions that market participants would use in pricing the asset or liability. Valuation techniques include use of option pricing models, discounted cash flow models and similar techniques. | ||||||||||||||||
The following is a description of valuation methodologies used for assets and liabilities recorded at fair value on a recurring basis. | |||||||||||||||||
Investment Securities Available-for-Sale (“AFS”) | |||||||||||||||||
Investment securities available-for-sale are recorded at fair value on a recurring basis. Fair value measurement is based upon quoted prices, if available. If quoted prices are not available, fair values are measured using independent pricing models or other model-based valuation techniques such as the present value of future cash flows, adjusted for the security’s credit rating, prepayment assumptions and other factors such as credit loss assumptions. Level 1 securities include those traded on an active exchange, such as the New York Stock Exchange, U.S. Treasury securities that are traded by dealers or brokers in active over-the-counter markets and money market funds. Level 2 securities include U.S. government agencies, mortgage-backed securities issued by government sponsored entities, and municipal bonds. There have been no changes in valuation techniques for the three months ended March 31, 2015. Valuation techniques are consistent with techniques used in prior periods. | |||||||||||||||||
The following tables summarize quantitative disclosures about the fair value measurement for each category of assets carried at fair value on a recurring basis as of March 31, 2015 and December 31, 2014 (in thousands): | |||||||||||||||||
Investment securities | Fair value | Quoted Prices in | Significant | Significant | |||||||||||||
available for sale | Active Markets | Other | Unobservable | ||||||||||||||
March 31, 2015 | for Identical | Observable | Inputs (Level 3) | ||||||||||||||
Assets (Level 1) | Inputs (Level 2) | ||||||||||||||||
U.S. government agencies – GSE's | $ | 32,226 | $ | - | $ | 32,226 | $ | - | |||||||||
Mortgage-backed securities - GSE’s | 48,323 | - | 48,323 | - | |||||||||||||
Municipal bonds | 20,716 | - | 20,716 | - | |||||||||||||
Total | $ | 101,265 | $ | - | $ | 101,265 | $ | - | |||||||||
Investment securities | Fair value | Quoted Prices in | Significant | Significant | |||||||||||||
available for sale | Active Markets | Other | Unobservable | ||||||||||||||
December 31, 2014 | for Identical | Observable | Inputs (Level 3) | ||||||||||||||
Assets (Level 1) | Inputs (Level 2) | ||||||||||||||||
U.S. government agencies – GSE's | $ | 27,921 | $ | - | $ | 27,921 | $ | - | |||||||||
Mortgage-backed securities - GSE’s | 53,304 | - | 53,304 | - | |||||||||||||
Municipal bonds | 21,010 | - | 21,010 | - | |||||||||||||
Total | $ | 102,235 | $ | - | $ | 102,235 | $ | - | |||||||||
The following is a description of valuation methodologies used for assets recorded at fair value on a non-recurring basis. | |||||||||||||||||
Loans | |||||||||||||||||
The Company does not record loans at fair value on a recurring basis. However, from time to time, a loan is considered impaired and an allowance for loan losses is established. Loans for which it is probable that payment of interest and principal will not be made in accordance with the contractual terms of the loan agreement are considered impaired. Once a loan is identified as individually impaired, management measures impairment in accordance with ASC 310, “Receivables”. The fair value of impaired loans is estimated using one of several methods, including collateral value, market value of similar debt, enterprise value, or liquidation value and discounted cash flows. Those impaired loans not requiring an allowance represent loans for which the fair value of the expected repayments or collateral exceed the recorded investments in such loans. At March 31, 2015 and December 31, 2014, substantially all of the total impaired loans were evaluated based on the fair value of the collateral. Impaired loans where an allowance is established based on the fair value of collateral require classification in the fair value hierarchy. When the fair value of the collateral is based on an observable market price or a current appraised value, the Company records the impaired loan as non-recurring Level 2. When an appraised value is not available or management determines the fair value of the collateral is further impaired below the appraised value and there is no observable market price, the Company records the impaired loan as non-recurring Level 3. The significant unobservable input used in the fair value measurement of the Company’s impaired loans is the discount applied to appraised values to account for expected liquidation and selling costs. At March 31, 2015, the discounts used are weighted between 5% and 47%. There were no transfers between levels from the prior reporting periods and there have been no changes in valuation techniques for the three months ended March 31, 2015. | |||||||||||||||||
Foreclosed Real Estate | |||||||||||||||||
Foreclosed real estate are properties recorded at the balance of the loan or an estimated fair value less estimated selling costs, whichever is less. Inputs include appraised values on the properties or recent sales activity for similar assets in the property’s market. Therefore, foreclosed real estate is classified within Level 3 of the hierarchy. The significant unobservable input used in the fair value measurement of the Company’s impaired loans is the discount applied to appraised values to account for expected liquidation and selling costs. At March 31, 2015, the discounts used ranged between 5% and 90%. There have been no changes in valuation techniques for the three months ended March 31, 2015. | |||||||||||||||||
The following tables summarize quantitative disclosures about the fair value measurement for each category of assets carried at fair value on a non-recurring basis as of March 31, 2015 and December 31, 2014 (in thousands): | |||||||||||||||||
Asset Category | Fair value | Quoted Prices in | Significant | Significant | |||||||||||||
March 31, 2015 | Active Markets | Other | Unobservable | ||||||||||||||
for Identical | Observable | Inputs (Level 3) | |||||||||||||||
Assets (Level 1) | Inputs (Level 2) | ||||||||||||||||
Impaired loans | $ | 6,696 | $ | - | $ | - | $ | 6,696 | |||||||||
Foreclosed real estate | 1,187 | - | - | 1,187 | |||||||||||||
Total | $ | 7,883 | $ | - | $ | - | $ | 7,883 | |||||||||
Asset Category | Fair value | Quoted Prices in | Significant | Significant | |||||||||||||
December 31, 2014 | Active Markets | Other | Unobservable | ||||||||||||||
for Identical | Observable | Inputs (Level 3) | |||||||||||||||
Assets (Level 1) | Inputs (Level 2) | ||||||||||||||||
Impaired loans | $ | 6,896 | $ | - | $ | - | $ | 6,896 | |||||||||
Foreclosed real estate | 1,585 | - | - | 1,585 | |||||||||||||
Total | $ | 8,481 | $ | - | $ | - | $ | 8,481 | |||||||||
The following table presents the carrying values and estimated fair values of the Company's financial instruments at March 31, 2015 and December 31, 2014: | |||||||||||||||||
March 31, 2015 | |||||||||||||||||
Carrying | Estimated | ||||||||||||||||
Amount | Fair Value | Level 1 | Level 2 | Level 3 | |||||||||||||
(In thousands) | |||||||||||||||||
Financial assets: | |||||||||||||||||
Cash and due from banks | $ | 9,495 | $ | 9,495 | $ | 9,495 | $ | - | $ | - | |||||||
Certificates of deposit | 1,000 | 1,000 | 1,000 | - | - | ||||||||||||
Interest-earning deposits in other banks | 24,187 | 24,187 | 24,187 | - | - | ||||||||||||
Federal funds sold and repurchase agreements | 2,006 | 2,006 | 2,006 | - | - | ||||||||||||
Investment securities available for sale | 101,265 | 101,265 | - | 101,265 | - | ||||||||||||
Loans, net | 552,004 | 561,513 | - | - | 561,513 | ||||||||||||
Accrued interest receivable | 2,273 | 2,273 | - | - | 2,273 | ||||||||||||
Stock in FHLB | 1,487 | 1,487 | - | - | 1,487 | ||||||||||||
Other non-marketable securities | 832 | 832 | - | - | 832 | ||||||||||||
Financial liabilities: | |||||||||||||||||
Deposits | $ | 600,520 | $ | 602,484 | $ | - | $ | 602,484 | $ | - | |||||||
Short term debt | 18,943 | 18,876 | - | 18,876 | - | ||||||||||||
Long term debt | 25,258 | 18,637 | - | 18,637 | - | ||||||||||||
Accrued interest payable | 224 | 224 | - | - | 224 | ||||||||||||
December 31, 2014 | |||||||||||||||||
Carrying | Estimated | ||||||||||||||||
Amount | Fair Value | Level 1 | Level 2 | Level 3 | |||||||||||||
(In thousands) | |||||||||||||||||
Financial assets: | |||||||||||||||||
Cash and due from banks | $ | 14,417 | $ | 14,417 | $ | 14,417 | $ | - | $ | - | |||||||
Certificates of deposit | 1,000 | 1,000 | 1,000 | - | - | ||||||||||||
Interest-earning deposits in other banks | 22,810 | 22,810 | 22,810 | - | - | ||||||||||||
Federal funds sold and repurchase agreeements | 20,183 | 20,183 | 20,183 | - | - | ||||||||||||
Investment securities available for sale | 102,235 | 102,235 | - | 102,235 | - | ||||||||||||
Loans, net | 545,194 | 555,736 | - | - | 555,736 | ||||||||||||
Accrued interest receivable | 2,416 | 2,416 | - | - | 2,416 | ||||||||||||
Stock in the FHLB | 1,524 | 1,524 | - | - | 1,524 | ||||||||||||
Other non-marketable securities | 896 | 896 | - | - | 896 | ||||||||||||
Financial liabilities: | |||||||||||||||||
Deposits | $ | 618,902 | $ | 621,049 | $ | - | $ | 621,049 | $ | - | |||||||
Short-term debt | 20,733 | 20,593 | - | 20,593 | - | ||||||||||||
Long-term debt | 25,591 | 20,771 | - | 20,771 | - | ||||||||||||
Accrued interest payable | 276 | 276 | - | - | 276 | ||||||||||||
Cash and Due from Banks, Certificates of Deposit, Interest-Earning Deposits in Other Banks and Federal Funds Sold | |||||||||||||||||
The carrying amounts for cash and due from banks, certificates of deposit, interest-earning deposits in other banks and federal funds sold approximate fair value because of the short maturities of those instruments. | |||||||||||||||||
Investment Securities Available for Sale | |||||||||||||||||
Fair value for investment securities available for sale equals quoted market price if such information is available. If a quoted market price is not available, fair value is estimated using prices quoted for similar investments or quoted market prices obtained from independent pricing services. | |||||||||||||||||
Loans | |||||||||||||||||
For certain homogenous categories of loans, such as residential mortgages, fair value is estimated using the quoted market prices for securities backed by similar loans, adjusted for differences in loan characteristics. The fair value of other types of loans is estimated by discounting the future cash flows using the current rates at which similar loans would be made to borrowers with similar credit ratings and for the same remaining maturities. However, the values likely do not represent exit prices due to distressed market conditions. | |||||||||||||||||
Stock in Federal Home Loan Bank of Atlanta | |||||||||||||||||
The fair value for FHLB stock approximates carrying value, based on the redemption provisions of the FHLB stock. | |||||||||||||||||
Other Non-Marketable Securities | |||||||||||||||||
The fair value of equity instruments in other non-marketable securities is assumed to approximate carrying value. | |||||||||||||||||
Deposits | |||||||||||||||||
The fair value of demand deposits is the amount payable on demand at the reporting date. The fair values of time deposits are estimated using the rates currently offered for instruments of similar remaining maturities. | |||||||||||||||||
Short-term Debt | |||||||||||||||||
Short term debt consists of repurchase agreements and FHLB advances with maturities of less than twelve months. The carrying values of these instruments is a reasonable estimate of fair value. | |||||||||||||||||
Long-term Debt | |||||||||||||||||
The fair values of long-term debt are based on discounting expected cash flows at the interest rate for debt with the same or similar remaining maturities and collateral requirements. | |||||||||||||||||
Accrued Interest Receivable and Accrued Interest Payable | |||||||||||||||||
The carrying amounts of accrued interest receivable and payable approximate fair value because of the short maturities of these instruments. | |||||||||||||||||
Financial Instruments with Off-Balance Sheet Risk | |||||||||||||||||
With regard to financial instruments with off-balance sheet risk, it is not practicable to estimate the fair value of future financing commitments. | |||||||||||||||||
INVESTMENT_SECURITIES
INVESTMENT SECURITIES | 3 Months Ended | |||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ||||||||||||||||||||
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | NOTE F - INVESTMENT SECURITIES | |||||||||||||||||||
The amortized cost and fair value of securities available for sale, with gross unrealized gains and losses, follow: | ||||||||||||||||||||
March 31, 2015 | ||||||||||||||||||||
Gross | Gross | |||||||||||||||||||
Amortized | unrealized | unrealized | Fair | |||||||||||||||||
cost | gains | losses | value | |||||||||||||||||
(In thousands) | ||||||||||||||||||||
Securities available for sale: | ||||||||||||||||||||
U.S. government agencies-GSE’s | ||||||||||||||||||||
Within 1 year | $ | 4,039 | $ | 3 | $ | - | $ | 4,042 | ||||||||||||
After 1 year but within 5 years | 12,816 | 57 | - | 12,873 | ||||||||||||||||
After 5 years but within 10 years | 11,720 | 42 | -108 | 11,654 | ||||||||||||||||
After 10 years | 3,699 | - | -42 | 3,657 | ||||||||||||||||
Mortgage-backed securities-GSE’s | ||||||||||||||||||||
Within 1 year | 13 | 1 | - | 14 | ||||||||||||||||
After 1 year but within 5 years | 27,923 | 952 | -8 | 28,867 | ||||||||||||||||
After 5 years but within 10 years | 17,216 | 294 | -8 | 17,502 | ||||||||||||||||
After 10 years | 1,866 | 74 | - | 1,940 | ||||||||||||||||
Municipal bonds | ||||||||||||||||||||
Within 1 year | 325 | 1 | - | 326 | ||||||||||||||||
After 1 year but within 5 years | 3,798 | 139 | - | 3,937 | ||||||||||||||||
After 5 years but within 10 years | 6,320 | 139 | -1 | 6,458 | ||||||||||||||||
After 10 years | 9,726 | 269 | - | 9,995 | ||||||||||||||||
$ | 99,461 | $ | 1,971 | $ | -167 | $ | 101,265 | |||||||||||||
As of March 31, 2015, accumulated other comprehensive income included net unrealized gains totaling $1.8 million. Deferred tax liabilities resulting from these unrealized gains totaled $673,000. | ||||||||||||||||||||
December 31, 2014 | ||||||||||||||||||||
Gross | Gross | |||||||||||||||||||
Amortized | unrealized | unrealized | Fair | |||||||||||||||||
cost | gains | losses | value | |||||||||||||||||
(In thousands) | ||||||||||||||||||||
Securities available for sale: | ||||||||||||||||||||
U.S. government agencies-GSE’s | ||||||||||||||||||||
Within 1 year | $ | 6,352 | $ | 8 | $ | - | $ | 6,360 | ||||||||||||
After 1 year but within 5 years | 6,018 | 21 | -24 | 6,015 | ||||||||||||||||
After 5 years but within 10 years | 10,032 | 32 | -227 | 9,837 | ||||||||||||||||
After 10 years | 5,778 | - | -69 | 5,709 | ||||||||||||||||
Mortgage-backed securities-GSE’s | ||||||||||||||||||||
Within 1 year | 21 | 1 | - | 22 | ||||||||||||||||
After 1 year but within 5 years | 35,114 | 974 | -39 | 36,049 | ||||||||||||||||
After 5 years but within 10 years | 17,143 | 140 | -50 | 17,233 | ||||||||||||||||
Municipal bonds | ||||||||||||||||||||
Within 1 year | 576 | 3 | - | 579 | ||||||||||||||||
After 1 year but within 5 years | 3,806 | 144 | - | 3,950 | ||||||||||||||||
After 5 years but within 10 years | 6,351 | 116 | -2 | 6,465 | ||||||||||||||||
After 10 years | 9,763 | 253 | - | 10,016 | ||||||||||||||||
$ | 100,954 | $ | 1,692 | $ | -411 | $ | 102,235 | |||||||||||||
As of December 31, 2014, accumulated other comprehensive income included net unrealized gains totaling $1.3 million. Deferred tax liabilities resulting from these unrealized gains totaled $481,000. | ||||||||||||||||||||
Securities with a carrying value of $36.7 million and $85.1 million at March 31, 2015 and December 31, 2014, respectively, were pledged to secure public monies on deposit as required by law, customer repurchase agreements, and access to the Federal Reserve Discount Window. | ||||||||||||||||||||
Since none of the unrealized losses relate to the liquidity of the securities or the issuer’s ability to honor redemption obligations and the Company has the intent and ability to hold these securities to recovery, no other than temporary impairments were identified for these investments having unrealized losses for the periods ended March 31, 2015 and December 31, 2014. In 2014 the Company incurred a loss on the disposal of one security and did not realize any losses related to securities in 2015. | ||||||||||||||||||||
The following tables show investments’ gross unrealized losses and fair value, aggregated by investment category and length of time that the individual securities have been in a continuous unrealized loss position, at March 31, 2015 and December 31, 2014. | ||||||||||||||||||||
March 31, 2015 | ||||||||||||||||||||
Less Than 12 Months | 12 Months or More | Total | ||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | |||||||||||||||
value | losses | value | losses | value | losses | |||||||||||||||
(In thousands) | ||||||||||||||||||||
Securities available for sale: | ||||||||||||||||||||
U.S. government agencies-GSE’s | $ | 1,978 | $ | -21 | $ | 10,705 | $ | -129 | $ | 12,683 | $ | -150 | ||||||||
Mortgage-backed securities-GSE’s | 4,481 | -16 | - | - | 4,481 | -16 | ||||||||||||||
Municipal bonds | 113 | -1 | - | - | 113 | -1 | ||||||||||||||
Total temporarily impaired securities | $ | 6,572 | $ | -38 | $ | 10,705 | $ | -129 | $ | 17,277 | $ | -167 | ||||||||
At March 31, 2015, the Company had seven AFS securities with an unrealized loss for twelve or more consecutive months. Seven U.S. government agency GSE’s had unrealized losses for more than twelve months totaling $129,000 at March 31, 2015. One U.S. government agency GSE, four mortgage-backed GSE’s, and one municipal bond had unrealized losses for less than twelve months totaling $38,000 at March 31, 2015. All unrealized losses are attributable to the general trend of interest rates. During the first quarter of 2015 gross proceeds of investment sales amounted to $3.4 million and gains of $85,000. | ||||||||||||||||||||
December 31,2014 | ||||||||||||||||||||
Less Than 12 Months | 12 Months or More | Total | ||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | |||||||||||||||
value | losses | value | losses | value | losses | |||||||||||||||
(dollars in thousands) | ||||||||||||||||||||
Securities available for sale: | ||||||||||||||||||||
U.S. government agencies – GSE’s | $ | 2,926 | $ | -24 | $ | 12,731 | $ | -296 | $ | 15,657 | $ | -320 | ||||||||
Mortgage-backed securities-GSE’s | 1,965 | -28 | 4,590 | -61 | 6,555 | -89 | ||||||||||||||
Municipal bonds | - | - | 112 | -2 | 112 | -2 | ||||||||||||||
Total temporarily impaired securities | $ | 4,891 | $ | -52 | $ | 17,433 | $ | -359 | $ | 22,324 | $ | -411 | ||||||||
At December 31, 2014, the Company had thirteen AFS securities with an unrealized loss for twelve or more consecutive months. Eight U.S. government agency GSE’s, one municipal and four mortgage-backed GSE’s had unrealized losses for more than twelve months totaling $359,000 at December 31, 2014. Two U.S. government agency GSE’s and one mortgage-backed GSE bonds had unrealized losses for less than twelve months totaling $52,000 at December 31, 2014. All unrealized losses are attributable to the general trend of interest rates and the abnormal spreads of all debt instruments to U.S. Treasury securities. The Company incurred a $46,000 loss on one municipal security during 2014. | ||||||||||||||||||||
LOANS
LOANS | 3 Months Ended | |||||||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||||||
Loans and Leases Receivable Disclosure [Abstract] | ||||||||||||||||||||||||||
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | NOTE G - LOANS | |||||||||||||||||||||||||
Following is a summary of the composition of the Company’s loan portfolio at March 31, 2015 and December 31, 2014: | ||||||||||||||||||||||||||
March 31, | December 31, | |||||||||||||||||||||||||
Total Loans: | 2015 | 2014 | ||||||||||||||||||||||||
Percent | Percent | |||||||||||||||||||||||||
Amount | of total | Amount | of total | |||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||
Real estate loans: | ||||||||||||||||||||||||||
1 to 4 family residential | $ | 87,273 | 15.62 | % | $ | 90,903 | 16.47 | % | ||||||||||||||||||
Commercial real estate | 234,754 | 42 | % | 233,630 | 42.32 | % | ||||||||||||||||||||
Multi-family residential | 41,319 | 7.39 | % | 42,224 | 7.65 | % | ||||||||||||||||||||
Construction | 85,968 | 15.38 | % | 83,593 | 15.14 | % | ||||||||||||||||||||
Home equity lines of credit (“HELOC”) | 38,481 | 6.89 | % | 38,093 | 6.9 | % | ||||||||||||||||||||
Total real estate loans | 487,795 | 87.28 | % | 488,443 | 88.48 | % | ||||||||||||||||||||
Other loans: | ||||||||||||||||||||||||||
Commercial and industrial | 66,029 | 11.81 | % | 58,217 | 10.55 | % | ||||||||||||||||||||
Loans to individuals | 5,693 | 1.02 | % | 5,953 | 1.08 | % | ||||||||||||||||||||
Overdrafts | 82 | 0.01 | % | 64 | 0.01 | % | ||||||||||||||||||||
Total other loans | 71,804 | 12.84 | % | 64,234 | 11.64 | % | ||||||||||||||||||||
Gross loans | 559,599 | 552,677 | ||||||||||||||||||||||||
Less deferred loan origination fees, net | -676 | -0.12 | % | -639 | -0.12 | % | ||||||||||||||||||||
Total loans | 558,923 | 100 | % | 552,038 | 100 | % | ||||||||||||||||||||
Allowance for loan losses | -6,919 | -6,844 | ||||||||||||||||||||||||
Total loans, net | $ | 552,004 | $ | 545,194 | ||||||||||||||||||||||
March 31, | December 31, | |||||||||||||||||||||||||
2015 | 2014 | |||||||||||||||||||||||||
Purchased Credit Impaired (PCI) Loans: | Percent | Percent | ||||||||||||||||||||||||
Amount | of total | Amount | of total | |||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||
Real estate loans: | ||||||||||||||||||||||||||
1 to 4 family residential | $ | 9,674 | 36.63 | % | $ | 9,972 | 36.89 | % | ||||||||||||||||||
Commercial real estate | 11,698 | 44.3 | % | 11,903 | 44.03 | % | ||||||||||||||||||||
Multi-family residential | 2,698 | 10.22 | % | 2,724 | 10.08 | % | ||||||||||||||||||||
Construction | 1,453 | 5.5 | % | 1,463 | 5.41 | % | ||||||||||||||||||||
Home equity lines of credit (“HELOC”) | 189 | 0.72 | % | 188 | 0.69 | % | ||||||||||||||||||||
Total real estate loans | 25,712 | 97.37 | % | 26,250 | 97.1 | % | ||||||||||||||||||||
Other loans: | ||||||||||||||||||||||||||
Commercial and industrial | 571 | 2.16 | % | 657 | 2.43 | % | ||||||||||||||||||||
Loans to individuals | 125 | 0.47 | % | 128 | 0.47 | % | ||||||||||||||||||||
Overdrafts | - | 0 | % | - | 0 | % | ||||||||||||||||||||
Total other loans | 696 | 2.63 | % | 785 | 2.9 | % | ||||||||||||||||||||
Gross loans | 26,408 | 27,035 | ||||||||||||||||||||||||
Less deferred loan origination fees, net | - | - | % | - | - | % | ||||||||||||||||||||
Total loans | 26,408 | 100 | % | 27,035 | 100 | % | ||||||||||||||||||||
Allowance for loan losses | - | - | ||||||||||||||||||||||||
Total loans, net | $ | 26,408 | $ | 27,035 | ||||||||||||||||||||||
For PCI loans acquired from Legacy Select, the contractually required payments including principal and interest, cash flows expected to be collected and fair values as of the closing date of the merger and March 31, 2015 were: | ||||||||||||||||||||||||||
(Dollars in thousands) | March 31, 2015 | July 25, 2014 | ||||||||||||||||||||||||
Contractually required payments | $ | 31,227 | $ | 34,329 | ||||||||||||||||||||||
Nonaccretable difference | 1,385 | 1,402 | ||||||||||||||||||||||||
Cash flows expected to be collected | 29,842 | 32,927 | ||||||||||||||||||||||||
Accretable yield | 3,434 | 4,360 | ||||||||||||||||||||||||
Fair value | $ | 26,408 | $ | 28,567 | ||||||||||||||||||||||
March 31, | December 31, | |||||||||||||||||||||||||
2015 | 2014 | |||||||||||||||||||||||||
Loans – excluding PCI: | Percent | Percent | ||||||||||||||||||||||||
Amount | of total | Amount | of total | |||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||
Real estate loans: | ||||||||||||||||||||||||||
1 to 4 family residential | $ | 77,599 | 14.57 | % | $ | 80,931 | 15.42 | % | ||||||||||||||||||
Commercial real estate | 223,056 | 41.89 | % | 221,727 | 42.23 | % | ||||||||||||||||||||
Multi-family residential | 38,621 | 7.25 | % | 39,500 | 7.52 | % | ||||||||||||||||||||
Construction | 84,515 | 15.87 | % | 82,130 | 15.64 | % | ||||||||||||||||||||
Home equity lines of credit (“HELOC”) | 38,292 | 7.19 | % | 37,905 | 7.22 | % | ||||||||||||||||||||
Total real estate loans | 462,083 | 86.77 | % | 462,193 | 88.03 | % | ||||||||||||||||||||
Other loans: | ||||||||||||||||||||||||||
Commercial and industrial | 65,458 | 12.29 | % | 57,560 | 10.97 | % | ||||||||||||||||||||
Loans to individuals | 5,568 | 1.05 | % | 5,825 | 1.11 | % | ||||||||||||||||||||
Overdrafts | 82 | 0.02 | % | 64 | 0.01 | % | ||||||||||||||||||||
Total other loans | 71,108 | 13.36 | % | 63,449 | 12.09 | % | ||||||||||||||||||||
Gross loans | 533,191 | 525,642 | ||||||||||||||||||||||||
Less deferred loan origination fees, net | -676 | -0.13 | % | -639 | -0.12 | % | ||||||||||||||||||||
Total loans | 532,515 | 100 | % | 525,003 | 100 | % | ||||||||||||||||||||
Allowance for loan losses | -6,919 | -6,844 | ||||||||||||||||||||||||
Total loans, net | $ | 525,596 | $ | 518,159 | ||||||||||||||||||||||
Loans are primarily secured by real estate located in eastern and central North Carolina. Real estate loans can be affected by the condition of the local real estate market and by local economic conditions. | ||||||||||||||||||||||||||
At March 31, 2015, the Company had pre-approved but unused lines of credit for customers totaling $124.1 million. In management’s opinion, these commitments, and undisbursed proceeds on loans reflected above, represent no more than normal lending risk to the Company and will be funded from normal sources of liquidity. | ||||||||||||||||||||||||||
A description of the various loan products provided by the Bank is presented below. | ||||||||||||||||||||||||||
1-to-4 Family Residential Loans | ||||||||||||||||||||||||||
Residential 1-to-4 family loans are mortgage loans secured by residential real estate within the Bank’s market areas. These loans may also include loans that convert from construction loans into permanent financing and are secured by properties within the Bank’s market areas. | ||||||||||||||||||||||||||
Commercial Real Estate Loans | ||||||||||||||||||||||||||
Commercial real estate loans are underwritten based on the borrower’s ability to generate adequate cash flow to repay the subject debt within reasonable terms. Commercial real estate loans typically include both owner and non-owner occupied properties with higher principal loan amounts. The repayment of these loans is generally dependent on the successful management of the property. Commercial real estate loans are sensitive to market and general economic conditions. Repayment analysis must be performed and consists of an identified primary/cash flow source of repayment and a secondary/liquidation source of repayment. The primary source of repayment is cash flow from income generated from rental or lease of the property. However, the cash flow can be supplemented with the borrower's and guarantor's global cash flow position. Other credit issues such as the business fundamentals and financial strength of the borrower/guarantor can be considered in determining adequacy of repayment ability. The secondary source of repayment is liquidation of the collateral, supplemented by a liquidation cushion provided by the financial assets of the borrower/guarantor. Management monitors and evaluates commercial real estate loans based on collateral, market area, and risk grade. | ||||||||||||||||||||||||||
Multi-family Residential Loans | ||||||||||||||||||||||||||
Multi-family residential loans are typically non-farm properties with 5 or more dwelling units in structures which include apartment buildings used primarily to accommodate households on a more or less permanent basis. Successful performance of these types of loans is primarily dependent on occupancy rates, rental rates, and property management. | ||||||||||||||||||||||||||
Construction Loans | ||||||||||||||||||||||||||
Construction loans are non-revolving extensions of credit secured by real property of which the proceeds are used to acquire and develop land and to construct commercial or residential buildings. The primary source of repayment for these types of loans is the sale of the improved property or permanent financing in which case the property is expected to generate the cash flow necessary for repayment on a permanent loan basis. Property cash flow may be supplemented with financial support from the borrowers/guarantors. Proper underwriting of a construction loan consists of the initial process of obtaining, analyzing, and approving various aspects of information pertaining to: the analysis of the permanent financing source, creditworthiness of the borrower and guarantors, ability of the contractor to perform under the terms of the contract, and the feasibility, marketability, and valuation of the project. | ||||||||||||||||||||||||||
Also, much consideration needs to be given to the cost of the project and sources of funds needed to complete construction as well as identifying any sources of equity funding. Construction loans are traditionally considered to be higher risk loans involving technical and legal requirements inherently different from other types of loans; however with thorough credit underwriting, proper loan structure, and diligent loan servicing, these risks can often be mitigated. Some examples of risks inherent in this type of lending include: underestimated costs, inflation of material and labor costs, site difficulties (i.e. rock, soil), project not built to plans, weather delays and natural disasters, borrower/contractor/subcontractor disputes which prompt liens, and interest rates increasing beyond budget. | ||||||||||||||||||||||||||
Home Equity Lines of Credit | ||||||||||||||||||||||||||
Home equity lines of credit are consumer-purpose revolving extensions of credit which are secured by first or second liens on owner-occupied residential real estate. Appropriate risk management and compliance practices are exercised to ensure that loan-to-value, lien perfection, and compliance risks are addressed and managed within the Bank’s established guidelines. The degree of utilization of revolving commitments within this loan segment is reviewed periodically to identify changes in the behavior of this borrowing group. | ||||||||||||||||||||||||||
Commercial and Industrial Loans | ||||||||||||||||||||||||||
Commercial and industrial loans are underwritten after evaluating and understanding the borrower’s ability to generate positive cash flow, operate profitably and prudently expand its business. Underwriting standards are designed to promote relationships to include a full range of loan, deposit, and cash management services. Commercial and industrial loans are primarily made based on the identified cash flows of the borrower and secondarily on the underlying collateral provided by the borrower and the guarantors. The cash flows of the borrower, however, may not be as expected and the collateral securing these loans may fluctuate in value. In the case of loans secured by accounts receivable, the availability of funds for repayment can be impacted by the borrower’s ability to collect amounts due from its customers. | ||||||||||||||||||||||||||
Loans to Individuals & Overdrafts | ||||||||||||||||||||||||||
Consumer loans are approved using Bank policies and procedures established to evaluate each credit request. All lending decisions and credit risks are required to be clearly documented. Several factors are considered in making these decisions such as credit score, adjusted net worth, liquidity, debt ratio, disposable income, credit history, and loan-to-value of the collateral. This process, combined with the relatively smaller loan amounts spreads the risk among many individual borrowers. Overdrafts on customer accounts are classified as loans for reporting purposes. | ||||||||||||||||||||||||||
The following tables present an age analysis of past due loans, segregated by class of loans as of March 31, 2015 and December 31, 2014, respectively: | ||||||||||||||||||||||||||
Total Loans: | March 31, 2015 | |||||||||||||||||||||||||
30+ | Non- | Total | ||||||||||||||||||||||||
Days | Accrual | Past | Total | |||||||||||||||||||||||
Past Due | Loans | Due | Current | Loans | ||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||
Commercial and industrial | $ | 370 | $ | 511 | $ | 881 | $ | 65,148 | $ | 66,029 | ||||||||||||||||
Construction | 170 | 763 | 933 | 85,035 | 85,968 | |||||||||||||||||||||
Multi-family residential | - | 883 | 883 | 40,436 | 41,319 | |||||||||||||||||||||
Commercial real estate | 617 | 4,559 | 5,176 | 229,578 | 234,754 | |||||||||||||||||||||
Loans to individuals & overdrafts | - | - | - | 5,775 | 5,775 | |||||||||||||||||||||
1-to-4 family residential | 442 | 1,960 | 2,402 | 84,871 | 87,273 | |||||||||||||||||||||
HELOC | 18 | 809 | 827 | 37,654 | 38,481 | |||||||||||||||||||||
Deferred loan (fees) cost, net | - | - | - | - | -676 | |||||||||||||||||||||
$ | 1,617 | $ | 9,485 | $ | 11,102 | $ | 548,497 | $ | 558,923 | |||||||||||||||||
Total PCI Loans: | March 31, 2015 | |||||||||||||||||||||||||
30+ | Non- | Total | ||||||||||||||||||||||||
Days | Accrual | Past | Total | |||||||||||||||||||||||
Past Due | Loans | Due | Current | Loans | ||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||
Commercial and industrial | $ | - | $ | - | $ | - | $ | 571 | $ | 571 | ||||||||||||||||
Construction | - | - | - | 1,453 | 1,453 | |||||||||||||||||||||
Multi-family residential | - | - | - | 2,698 | 2,698 | |||||||||||||||||||||
Commercial real estate | 557 | - | 557 | 11,141 | 11,698 | |||||||||||||||||||||
Loans to individuals & overdrafts | - | - | - | 125 | 125 | |||||||||||||||||||||
1-to-4 family residential | 284 | - | 284 | 9,390 | 9,674 | |||||||||||||||||||||
HELOC | - | - | - | 189 | 189 | |||||||||||||||||||||
$ | 841 | $ | - | $ | 841 | $ | 25,567 | $ | 26,408 | |||||||||||||||||
Total Loans (excluding PCI): | March 31, 2015 | |||||||||||||||||||||||||
30+ | Non- | Total | ||||||||||||||||||||||||
Days | Accrual | Past | Total | |||||||||||||||||||||||
Past Due | Loans | Due | Current | Loans | ||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||
Commercial and industrial | $ | 370 | $ | 511 | $ | 881 | $ | 64,577 | $ | 65,458 | ||||||||||||||||
Construction | 170 | 763 | 933 | 83,582 | 84,515 | |||||||||||||||||||||
Multi-family residential | - | 883 | 883 | 37,738 | 38,621 | |||||||||||||||||||||
Commercial real estate | 60 | 4,559 | 4,619 | 218,437 | 223,056 | |||||||||||||||||||||
Loans to individuals & overdrafts | - | - | - | 5,650 | 5,650 | |||||||||||||||||||||
1-to-4 family residential | 158 | 1,960 | 2,118 | 75,481 | 77,599 | |||||||||||||||||||||
HELOC | 18 | 809 | 827 | 37,465 | 38,292 | |||||||||||||||||||||
Deferred loan (fees) cost, net | - | - | - | - | -676 | |||||||||||||||||||||
$ | 776 | $ | 9,485 | $ | 10,261 | $ | 522,930 | $ | 532,515 | |||||||||||||||||
There were three loans that amounted to $400,000 that were more than 90 days past due and still accruing interest at March 31, 2015. | ||||||||||||||||||||||||||
December 31, 2014 | ||||||||||||||||||||||||||
30+ | Non- | Total | ||||||||||||||||||||||||
Days | Accrual | Past | Total | |||||||||||||||||||||||
Past Due | Loans | Due | Current | Loans | ||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||
Total Loans | ||||||||||||||||||||||||||
Commercial and industrial | $ | 141 | $ | 632 | $ | 773 | $ | 57,444 | $ | 58,217 | ||||||||||||||||
Construction | - | 816 | 816 | 82,777 | 83,593 | |||||||||||||||||||||
Multi-family residential | - | 901 | 901 | 41,323 | 42,224 | |||||||||||||||||||||
Commercial real estate | 3,377 | 2,576 | 5,953 | 227,677 | 233,630 | |||||||||||||||||||||
Loans to individuals & overdrafts | 22 | - | 22 | 5,995 | 6,017 | |||||||||||||||||||||
1 to 4 family residential | 1,464 | 1,160 | 2,624 | 88,279 | 90,903 | |||||||||||||||||||||
HELOC | 14 | 853 | 867 | 37,226 | 38,093 | |||||||||||||||||||||
Deferred loan (fees) cost, net | - | - | - | - | -639 | |||||||||||||||||||||
$ | 5,018 | $ | 6,938 | $ | 11,956 | $ | 540,721 | $ | 552,038 | |||||||||||||||||
Loans- PCI | ||||||||||||||||||||||||||
Commercial and industrial | $ | 2 | $ | - | $ | 2 | $ | 655 | $ | 657 | ||||||||||||||||
Construction | - | - | - | 1,463 | 1,463 | |||||||||||||||||||||
Multi-family residential | - | - | - | 2,724 | 2,724 | |||||||||||||||||||||
Commercial real estate | 562 | - | 562 | 11,341 | 11,903 | |||||||||||||||||||||
Loans to individuals & overdrafts | - | - | - | 128 | 128 | |||||||||||||||||||||
1 to 4 family residential | 283 | - | 283 | 9,689 | 9,972 | |||||||||||||||||||||
HELOC | - | - | - | 188 | 188 | |||||||||||||||||||||
$ | 847 | $ | - | $ | 847 | $ | 26,188 | $ | 27,035 | |||||||||||||||||
Loans- excluding PCI | ||||||||||||||||||||||||||
Commercial and industrial | $ | 139 | $ | 632 | $ | 771 | $ | 56,789 | $ | 57,560 | ||||||||||||||||
Construction | - | 816 | 816 | 81,314 | 82,130 | |||||||||||||||||||||
Multi-family residential | - | 901 | 901 | 38,599 | 39,500 | |||||||||||||||||||||
Commercial real estate | 2,815 | 2,576 | 5,391 | 216,336 | 221,727 | |||||||||||||||||||||
Loans to individuals & overdrafts | 22 | - | 22 | 5,867 | 5,889 | |||||||||||||||||||||
1 to 4 family residential | 1,181 | 1,160 | 2,341 | 78,590 | 80,931 | |||||||||||||||||||||
HELOC | 14 | 853 | 867 | 37,038 | 37,905 | |||||||||||||||||||||
Deferred loan (fees) cost, net | - | - | - | - | -639 | |||||||||||||||||||||
$ | 4,171 | $ | 6,938 | $ | 11,109 | $ | 514,533 | $ | 525,003 | |||||||||||||||||
There was one loan in the amount of $2.2 million greater than 90 days past due and still accruing interest at December 31, 2014. | ||||||||||||||||||||||||||
Impaired Loans | ||||||||||||||||||||||||||
The following tables present information on loans that were considered to be impaired as of March 31, 2015 and December 31, 2014: | ||||||||||||||||||||||||||
Three months ended | ||||||||||||||||||||||||||
Contractual | March 31, 2015 | |||||||||||||||||||||||||
Unpaid | Related | Average | Interest Income | |||||||||||||||||||||||
Recorded | Principal | Allowance | Recorded | Recognized on | ||||||||||||||||||||||
Investment | Balance | for Loan Losses | Investment | Impaired Loans | ||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||
With no related allowance recorded: | ||||||||||||||||||||||||||
Commercial and industrial | $ | 604 | $ | 604 | $ | - | $ | 541 | $ | 3 | ||||||||||||||||
Construction | 1,055 | 1,280 | - | 1,177 | 13 | |||||||||||||||||||||
Commercial real estate | 2,770 | 3,307 | - | 2,712 | 73 | |||||||||||||||||||||
Multi-family residential | 2,200 | 2,486 | - | 2,216 | 22 | |||||||||||||||||||||
HELOC | 637 | 778 | - | 637 | 11 | |||||||||||||||||||||
1 to 4 family residential | 2,543 | 3,010 | - | 2,422 | 31 | |||||||||||||||||||||
Subtotal: | 9,809 | 11,465 | - | 9,705 | 153 | |||||||||||||||||||||
With an allowance recorded: | ||||||||||||||||||||||||||
Commercial and industrial | 11 | 12 | 2 | 138 | - | |||||||||||||||||||||
Construction | 166 | 168 | 79 | 166 | 1 | |||||||||||||||||||||
Commercial real estate | 4,463 | 5,382 | 354 | 4,671 | 60 | |||||||||||||||||||||
HELOC | 284 | 526 | 50 | 283 | - | |||||||||||||||||||||
1 to 4 family residential | 640 | 642 | 90 | 545 | 5 | |||||||||||||||||||||
Subtotal: | 5,564 | 6,730 | 575 | 5,803 | 66 | |||||||||||||||||||||
Totals: | ||||||||||||||||||||||||||
Commercial | 11,269 | 13,239 | 435 | 11,621 | 172 | |||||||||||||||||||||
Residential | 4,104 | 4,956 | 140 | 3,887 | 47 | |||||||||||||||||||||
Grand Total: | $ | 15,373 | $ | 18,195 | $ | 575 | $ | 15,508 | $ | 219 | ||||||||||||||||
Impaired loans at March 31, 2015 were approximately $15.4 million and were composed of $9.5 million in nonaccrual loans and $5.9 million in loans that were still accruing interest. Recorded investment represents the current principal balance of the loan. Approximately $5.6 million in impaired loans had specific allowances provided for them while the remaining $9.8 million had no specific allowances recorded at March 31, 2015. Of the $9.8 million with no allowance recorded, $1.7 million of those loans have had partial charge-offs recorded. | ||||||||||||||||||||||||||
As of December 31, 2014 | Three months ended | |||||||||||||||||||||||||
March 31, 2014 | ||||||||||||||||||||||||||
Contractual | ||||||||||||||||||||||||||
Unpaid | Related | Average | Interest Income | |||||||||||||||||||||||
Recorded | Principal | Allowance | Recorded | Recognized on | ||||||||||||||||||||||
Investment | Balance | for Loan Losses | Investment | Impaired Loans | ||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||
With no related allowance recorded: | ||||||||||||||||||||||||||
Commercial and industrial | $ | 478 | $ | 478 | $ | - | $ | 161 | $ | 3 | ||||||||||||||||
Construction | 1,300 | 1,525 | - | 1,919 | 23 | |||||||||||||||||||||
Commercial real estate | 2,652 | 3,536 | - | 3,601 | 70 | |||||||||||||||||||||
Loans to individuals & overdrafts | - | 2 | - | 3 | - | |||||||||||||||||||||
Multi-family residential | 2,232 | 2,515 | - | 2,361 | 38 | |||||||||||||||||||||
HELOC | 637 | 768 | - | 2,445 | 39 | |||||||||||||||||||||
1 to 4 family residential | 2,301 | 2,750 | - | 761 | 10 | |||||||||||||||||||||
Subtotal: | 9,600 | 11,574 | - | 11,251 | 183 | |||||||||||||||||||||
With an allowance recorded: | ||||||||||||||||||||||||||
Commercial and industrial | 265 | 267 | 64 | 266 | - | |||||||||||||||||||||
Construction | 167 | 168 | 80 | 248 | - | |||||||||||||||||||||
Commercial real estate | 4,878 | 5,761 | 419 | 4,183 | 12 | |||||||||||||||||||||
Loans to individuals & overdrafts | - | - | - | 1 | - | |||||||||||||||||||||
HELOC | 284 | 526 | 50 | 487 | 7 | |||||||||||||||||||||
1 to 4 family residential | 450 | 455 | 74 | 550 | 5 | |||||||||||||||||||||
Subtotal: | 6,044 | 7,177 | 687 | 5,735 | 24 | |||||||||||||||||||||
Totals: | ||||||||||||||||||||||||||
Commercial | 11,972 | 14,250 | 563 | 12,739 | 146 | |||||||||||||||||||||
Consumer | - | 2 | - | 4 | - | |||||||||||||||||||||
Residential | 3,672 | 4,499 | 124 | 4,243 | 61 | |||||||||||||||||||||
Grand Total: | $ | 15,644 | $ | 18,751 | $ | 687 | $ | 16,986 | $ | 207 | ||||||||||||||||
Impaired loans at December 31, 2014 were approximately $15.6 million and consisted of $6.9 million in non-accrual loans and $8.7 million in loans still in accruing status. Recorded investment represents the current principal balance for the loan. Approximately, $6.0 million of the $15.6 million in impaired loans at December 31, 2014 had specific allowances recorded while the remaining $9.6 million had no specific allowances recorded. Of the $9.6 million with no allowance recorded, $1.6 million of those loans have had partial charge-offs recorded. | ||||||||||||||||||||||||||
Loans are placed on non-accrual status when it has been determined that all contractual principal and interest will not be received. Any payments received on these loans are applied to principal first and then to interest only after all principal has been collected. In the case of an impaired loan that is still on accrual basis, payments are applied to both principal and interest. | ||||||||||||||||||||||||||
Troubled Debt Restructurings | ||||||||||||||||||||||||||
The following table presents loans that were modified as troubled debt restructurings (“TDRs”) with a breakdown of the types of concessions made by loan class during the first quarter of 2015 and 2014: | ||||||||||||||||||||||||||
Three months ended March 31, 2015 | Three months ended March 31, 2014 | |||||||||||||||||||||||||
Pre- | Post- | Pre- | Post- | |||||||||||||||||||||||
Modification | Modification | Modification | Modification | |||||||||||||||||||||||
Outstanding | Outstanding | Outstanding | Outstanding | |||||||||||||||||||||||
Number | Recorded | Recorded | Number | Recorded | Recorded | |||||||||||||||||||||
of loans | Investment | Investment | of loans | Investment | Investment | |||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||
Below market interest rate: | ||||||||||||||||||||||||||
1-to-4 family residential | - | $ | - | $ | - | 1 | $ | 22 | $ | 22 | ||||||||||||||||
Total | - | $ | - | $ | - | 1 | $ | 22 | $ | 22 | ||||||||||||||||
Loans may be considered troubled debt restructurings for reasons other than below market interest rates, extended payment terms or forgiveness of principal. Loans in the “Other” category are those that were renewed at terms that vary from those that the Bank would enter into for new loans of the same type. | ||||||||||||||||||||||||||
The following table presents loans that were modified as TDRs within the past twelve months with a breakdown of the types for which there was a payment default together with concessions made by loan class during the twelve month period ended March 31, 2015 and 2014: | ||||||||||||||||||||||||||
Twelve months ended | Twelve months ended | |||||||||||||||||||||||||
March 31, 2015 | March 31, 2014 | |||||||||||||||||||||||||
Number | Recorded | Number | Recorded | |||||||||||||||||||||||
of loans | investment | of loans | investment | |||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||
Below market interest rate: | ||||||||||||||||||||||||||
1-to-4 family residential | - | $ | - | 4 | $ | 291 | ||||||||||||||||||||
Total | - | - | 4 | 291 | ||||||||||||||||||||||
Extended payment terms: | ||||||||||||||||||||||||||
Commercial and industrial | - | - | 3 | 401 | ||||||||||||||||||||||
Construction | - | - | 2 | 131 | ||||||||||||||||||||||
Commercial real estate | 2 | 936 | 1 | 645 | ||||||||||||||||||||||
1-to-4 family residential | 1 | 38 | 4 | 1,028 | ||||||||||||||||||||||
Total | 3 | 974 | 10 | 2,205 | ||||||||||||||||||||||
Other: | ||||||||||||||||||||||||||
Commercial real estate | - | - | 1 | 155 | ||||||||||||||||||||||
1-to-4 family residential | - | - | 1 | 68 | ||||||||||||||||||||||
Total | - | - | 2 | 223 | ||||||||||||||||||||||
Total | 3 | $ | 974 | 16 | $ | 2,719 | ||||||||||||||||||||
At March 31, 2015, the Bank had forty loans with an aggregate balance of $6.8 million that were considered to be troubled debt restructurings. Of those TDRs, twenty-three loans with a balance totaling $4.0 million were still accruing as of March 31, 2015. The remaining TDRs with balances totaling $2.8 million as of March 31, 2015 were in non-accrual status. | ||||||||||||||||||||||||||
At March 31, 2014, the Bank had forty-one loans with a total balance of $7.4 million that were considered to be troubled debt restructurings. Of those TDRs, twenty-five loans with balances totaling $5.6 million were still accruing as of March 31, 2014. The remaining TDRs with balances totaling $1.8 million as of March 31, 2014 were in non-accrual status. | ||||||||||||||||||||||||||
Credit Quality Indicators | ||||||||||||||||||||||||||
As part of the on-going monitoring of the credit quality of the loan portfolio, management utilizes a risk grading matrix to assign a risk grade to each of the Company’s loans. All non-consumer loans are graded on a scale of 1 to 9. A description of the general characteristics of these nine different risk grades is as follows: | ||||||||||||||||||||||||||
· | Risk Grade 1 (Superior) - Credits in this category are virtually risk-free and are well-collateralized by cash-equivalent instruments. The repayment program is well-defined and achievable. Repayment sources are numerous. No material documentation deficiencies or exceptions exist. | |||||||||||||||||||||||||
· | Risk Grade 2 (Very Good) - This grade is reserved for loans secured by readily marketable collateral, or loans within guidelines to borrowers with liquid financial statements. A liquid financial statement is a financial statement with substantial liquid assets relative to debts. These loans have excellent sources of repayment, with no significant identifiable risk of collection, and conform in all respects to Bank policy, guidelines, underwriting standards, and Federal and State regulations (no exceptions of any kind). | |||||||||||||||||||||||||
· | Risk Grade 3 (Good) - These loans have excellent sources of repayment, with no significant identifiable risk of collection. Generally, loans assigned this risk grade will demonstrate the following characteristics: Conformity in all respects with Bank policy, guidelines, underwriting standards, and Federal and State regulations (no exceptions of any kind). Loans assigned this risk grade will demonstrate the following characteristics: | |||||||||||||||||||||||||
o | Documented historical cash flow that meets or exceeds required minimum Bank guidelines, or that can be supplemented with verifiable cash flow from other sources. | |||||||||||||||||||||||||
o | Adequate secondary sources to liquidate the debt, including combinations of liquidity, liquidation of collateral, or liquidation value to the net worth of the borrower or guarantor. | |||||||||||||||||||||||||
· | Risk Grade 4 (Acceptable) - This grade is given to acceptable loans. These loans have adequate sources of repayment, with little identifiable risk of collection. Loans assigned this risk grade will demonstrate the following characteristics: | |||||||||||||||||||||||||
o | General conformity to the Bank's policy requirements, product guidelines and underwriting standards, with limited exceptions. Any exceptions that are identified during the underwriting and approval process have been adequately mitigated by other factors. | |||||||||||||||||||||||||
o | Documented historical cash flow that meets or exceeds required minimum Bank guidelines, or that can be supplemented with verifiable cash flow from other sources. | |||||||||||||||||||||||||
o | Adequate secondary sources to liquidate the debt, including combinations of liquidity, liquidation of collateral, or liquidation value to the net worth of the borrower or guarantor | |||||||||||||||||||||||||
Credit Quality Indicators | ||||||||||||||||||||||||||
· | Risk Grade 5 (Acceptable With Care) - This grade is given to acceptable loans that show signs of weakness in either adequate sources of repayment or collateral, but have demonstrated mitigating factors that minimize the risk of delinquency or loss. Loans assigned this grade may demonstrate some or all of the following characteristics: | |||||||||||||||||||||||||
o | Additional exceptions to the Bank's policy requirements, product guidelines or underwriting standards that present a higher degree of risk to the Bank. Although the combination and/or severity of identified exceptions is greater, all exceptions have been properly mitigated by other factors. | |||||||||||||||||||||||||
o | Unproven, insufficient or marginal primary sources of repayment that appear sufficient to service the debt at this time. Repayment weaknesses may be due to minor operational issues, financial trends, or reliance on projected (not historic) performance. | |||||||||||||||||||||||||
o | Marginal or unproven secondary sources to liquidate the debt, including combinations of liquidation of collateral and liquidation value to the net worth of the borrower or guarantor. | |||||||||||||||||||||||||
· | Risk Grade 6 (Watch List or Special Mention) – Loans in this category can have the following characteristics: | |||||||||||||||||||||||||
o | Loans with underwriting guideline tolerances and/or exceptions and with no mitigating factors. | |||||||||||||||||||||||||
o | Extending loans that are currently performing satisfactorily but with potential weaknesses that may, if not corrected, weaken the asset or inadequately protect the Bank's position at some future date. Potential weaknesses are the result of deviations from prudent lending practices. | |||||||||||||||||||||||||
o | Loans where adverse economic conditions that develop subsequent to the loan origination that don't jeopardize liquidation of the debt but do substantially increase the level of risk may also warrant this rating. | |||||||||||||||||||||||||
· | Risk Grade 7 (Substandard) - A Substandard loan is inadequately protected by the current sound net worth and paying capacity of the obligor or of the collateral pledged, if any. Loans classified as Substandard must have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt; they are characterized by the distinct possibility that the institution will sustain some loss if the deficiencies are not corrected. Loans consistently not meeting the repayment schedule should be downgraded to substandard. Loans in this category are characterized by deterioration in quality exhibited by any number of well-defined weaknesses requiring corrective action. | |||||||||||||||||||||||||
· | Risk Grade 8 (Doubtful) - Loans classified Doubtful have all the weaknesses inherent in loans classified Substandard, plus the added characteristic that the weaknesses make collection or liquidation in full on the basis of currently existing facts, conditions, and values highly questionable and improbable. However, these loans are not yet rated as loss because certain events may occur which would salvage the debt. | |||||||||||||||||||||||||
· | Risk Grade 9 (Loss) - Loans classified as Loss are considered uncollectable and of such little value that their continuance as bankable assets is not warranted. This classification does not mean that the asset has absolutely no recovery or salvage value, but rather that it is not practical or desirable to defer writing off the loan even though partial recovery may be affected in the future. | |||||||||||||||||||||||||
Consumer loans are graded on a scale of 1 to 9. A description of the general characteristics of the nine risk grades is as follows: | ||||||||||||||||||||||||||
· | Risk Grades 1 – 5 (Pass) – The loans in this category range from loans secured by cash with no risk of principal deterioration (Risk Grade 1) to loans that show signs of weakness in either adequate sources of repayment or collateral but have demonstrated mitigating factors that minimize the risk of delinquency or loss (Risk Grade 5). | |||||||||||||||||||||||||
· | Risk Grade 6 (Watch List or Special Mention) - Watch List or Special Mention loans include the following characteristics: | |||||||||||||||||||||||||
o | Loans within guideline tolerances or with exceptions of any kind that have not been mitigated by other economic or credit factors. | |||||||||||||||||||||||||
o | Extending loans that are currently performing satisfactorily but with potential weaknesses that may, if not corrected, weaken the asset or inadequately protect the Bank's position at some future date. Potential weaknesses are the result of deviations from prudent lending practices. | |||||||||||||||||||||||||
o | Loans where adverse economic conditions that develop subsequent to the loan origination that don't jeopardize liquidation of the debt but do substantially increase the level of risk may also warrant this rating. | |||||||||||||||||||||||||
· | Risk Grade 7 (Substandard) - A Substandard loan is inadequately protected by the current sound net worth and paying capacity of the obligor or of the collateral pledged, if any. Loans classified as Substandard must have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt; they are characterized by the distinct possibility that the institution will sustain some loss if the deficiencies are not corrected. | |||||||||||||||||||||||||
· | Risk Grade 8 (Doubtful) - Loans classified Doubtful have all the weaknesses inherent in loans classified Substandard, plus the added characteristic that the weaknesses make collection or liquidation in full on the basis of currently existing facts, conditions, and values highly questionable and improbable. However, these loans are not yet rated as loss because certain events may occur which would salvage the debt. | |||||||||||||||||||||||||
· | Risk Grade 9 (Loss) - Loans classified Loss are considered uncollectable and of such little value that their continuance as bankable assets is not warranted. This classification does not mean that the asset has absolutely no recovery or salvage value, but rather that it is not practical or desirable to defer writing off this worthless loan even though partial recovery may be affected in the future. | |||||||||||||||||||||||||
The following tables present information on risk ratings of the commercial and consumer loan portfolios, segregated by loan class as of March 31, 2015 and December 31, 2014, respectively: | ||||||||||||||||||||||||||
Total loans: | ||||||||||||||||||||||||||
March 31, 2015 | ||||||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||
Credit | ||||||||||||||||||||||||||
Exposure By | Commercial | Commercial | ||||||||||||||||||||||||
Internally | and | real | Multi-family | |||||||||||||||||||||||
Assigned Grade | industrial | Construction | estate | residential | ||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||
Superior | $ | 1,379 | $ | - | $ | - | $ | - | ||||||||||||||||||
Very good | 2,046 | - | - | - | ||||||||||||||||||||||
Good | 6,134 | 2,700 | 14,679 | - | ||||||||||||||||||||||
Acceptable | 27,687 | 13,648 | 126,687 | 31,214 | ||||||||||||||||||||||
Acceptable with care | 27,669 | 67,751 | 79,044 | 7,216 | ||||||||||||||||||||||
Special mention | 185 | 725 | 7,915 | 2,006 | ||||||||||||||||||||||
Substandard | 929 | 1,144 | 6,429 | 883 | ||||||||||||||||||||||
Doubtful | - | - | - | - | ||||||||||||||||||||||
Loss | - | - | - | - | ||||||||||||||||||||||
$ | 66,029 | $ | 85,968 | $ | 234,754 | $ | 41,319 | |||||||||||||||||||
Consumer Credit | ||||||||||||||||||||||||||
Exposure By | ||||||||||||||||||||||||||
Internally | 1-to-4 family | |||||||||||||||||||||||||
Assigned Grade | residential | HELOC | ||||||||||||||||||||||||
Pass | $ | 79,236 | $ | 36,800 | ||||||||||||||||||||||
Special mention | 3,834 | 631 | ||||||||||||||||||||||||
Substandard | 4,203 | 1,050 | ||||||||||||||||||||||||
$ | 87,273 | $ | 38,481 | |||||||||||||||||||||||
Consumer Credit | ||||||||||||||||||||||||||
Exposure Based | Loans to | |||||||||||||||||||||||||
On Payment | individuals & | |||||||||||||||||||||||||
Activity | overdrafts | |||||||||||||||||||||||||
Pass | $ | 5,747 | ||||||||||||||||||||||||
Non –pass | 28 | |||||||||||||||||||||||||
$ | 5,775 | |||||||||||||||||||||||||
Total PCI loans: | ||||||||||||||||||||||||||
March 31, 2015 | ||||||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||
Credit | ||||||||||||||||||||||||||
Exposure By | Commercial | Commercial | ||||||||||||||||||||||||
Internally | and | real | Multi-family | |||||||||||||||||||||||
Assigned Grade | industrial | Construction | estate | residential | ||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||
Superior | $ | - | $ | - | $ | - | $ | - | ||||||||||||||||||
Very good | - | - | - | - | ||||||||||||||||||||||
Good | - | - | - | - | ||||||||||||||||||||||
Acceptable | - | - | - | - | ||||||||||||||||||||||
Acceptable with care | 523 | 1,388 | 9,203 | 2,698 | ||||||||||||||||||||||
Special mention | - | 65 | 1,937 | - | ||||||||||||||||||||||
Substandard | 48 | - | 558 | - | ||||||||||||||||||||||
Doubtful | - | - | - | - | ||||||||||||||||||||||
Loss | - | - | - | - | ||||||||||||||||||||||
$ | 571 | $ | 1,453 | $ | 11,698 | $ | 2,698 | |||||||||||||||||||
Consumer Credit | ||||||||||||||||||||||||||
Exposure By | ||||||||||||||||||||||||||
Internally | 1-to-4 family | |||||||||||||||||||||||||
Assigned Grade | residential | HELOC | ||||||||||||||||||||||||
Pass | $ | 6,058 | $ | 189 | ||||||||||||||||||||||
Special mention | 3,011 | - | ||||||||||||||||||||||||
Substandard | 605 | - | ||||||||||||||||||||||||
$ | 9,674 | $ | 189 | |||||||||||||||||||||||
Consumer Credit | ||||||||||||||||||||||||||
Exposure Based | Loans to | |||||||||||||||||||||||||
On Payment | individuals & | |||||||||||||||||||||||||
Activity | overdrafts | |||||||||||||||||||||||||
Pass | $ | 115 | ||||||||||||||||||||||||
Non –pass | 10 | |||||||||||||||||||||||||
$ | 125 | |||||||||||||||||||||||||
Total loans, excluding PCI loans: | ||||||||||||||||||||||||||
March 31, 2015 | ||||||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||
Credit | ||||||||||||||||||||||||||
Exposure By | Commercial | Commercial | ||||||||||||||||||||||||
Internally | and | real | Multi-family | |||||||||||||||||||||||
Assigned Grade | industrial | Construction | estate | residential | ||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||
Superior | $ | 1,379 | $ | - | $ | - | $ | - | ||||||||||||||||||
Very good | 2,046 | - | - | - | ||||||||||||||||||||||
Good | 6,134 | 2,700 | 14,679 | - | ||||||||||||||||||||||
Acceptable | 27,687 | 13,648 | 126,687 | 31,214 | ||||||||||||||||||||||
Acceptable with care | 27,146 | 66,363 | 69,841 | 4,518 | ||||||||||||||||||||||
Special mention | 185 | 660 | 5,978 | 2,006 | ||||||||||||||||||||||
Substandard | 881 | 1,144 | 5,871 | 883 | ||||||||||||||||||||||
Doubtful | - | - | - | - | ||||||||||||||||||||||
Loss | - | - | - | - | ||||||||||||||||||||||
$ | 65,458 | $ | 84,515 | $ | 223,056 | $ | 38,621 | |||||||||||||||||||
Consumer Credit | ||||||||||||||||||||||||||
Exposure By | ||||||||||||||||||||||||||
Internally | 1-to-4 family | |||||||||||||||||||||||||
Assigned Grade | residential | HELOC | ||||||||||||||||||||||||
Pass | $ | 73,178 | $ | 36,611 | ||||||||||||||||||||||
Special mention | 823 | 631 | ||||||||||||||||||||||||
Substandard | 3,598 | 1,050 | ||||||||||||||||||||||||
$ | 77,599 | $ | 38,292 | |||||||||||||||||||||||
Consumer Credit | ||||||||||||||||||||||||||
Exposure Based | Loans to | |||||||||||||||||||||||||
On Payment | individuals & | |||||||||||||||||||||||||
Activity | overdrafts | |||||||||||||||||||||||||
Pass | $ | 5,632 | ||||||||||||||||||||||||
Non –pass | 18 | |||||||||||||||||||||||||
$ | 5,650 | |||||||||||||||||||||||||
Total Loans: | ||||||||||||||||||||||||||
December 31, 2014 | ||||||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||
Credit | ||||||||||||||||||||||||||
Exposure By | Commercial | Commercial | ||||||||||||||||||||||||
Internally | and | real | Multi-family | |||||||||||||||||||||||
Assigned Grade | industrial | Construction | estate | residential | ||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||
Superior | $ | 1,241 | $ | - | $ | - | $ | - | ||||||||||||||||||
Very good | 1,110 | - | - | - | ||||||||||||||||||||||
Good | 5,282 | 2,705 | 15,276 | - | ||||||||||||||||||||||
Acceptable | 26,132 | 13,579 | 128,056 | 31,619 | ||||||||||||||||||||||
Acceptable with care | 23,404 | 65,717 | 75,554 | 8,374 | ||||||||||||||||||||||
Special mention | 221 | 384 | 8,036 | 1,330 | ||||||||||||||||||||||
Substandard | 827 | 1,208 | 6,708 | 901 | ||||||||||||||||||||||
Doubtful | - | - | - | - | ||||||||||||||||||||||
Loss | - | - | - | - | ||||||||||||||||||||||
$ | 58,217 | $ | 83,593 | $ | 233,630 | $ | 42,224 | |||||||||||||||||||
Consumer Credit | ||||||||||||||||||||||||||
Exposure By | ||||||||||||||||||||||||||
Internally | 1-to-4 family | |||||||||||||||||||||||||
Assigned Grade | residential | HELOC | ||||||||||||||||||||||||
Pass | $ | 82,794 | $ | 36,357 | ||||||||||||||||||||||
Special mention | 3,978 | 695 | ||||||||||||||||||||||||
Substandard | 4,131 | 1,041 | ||||||||||||||||||||||||
$ | 90,903 | $ | 38,093 | |||||||||||||||||||||||
Consumer Credit | ||||||||||||||||||||||||||
Exposure Based | Loans to | |||||||||||||||||||||||||
On Payment | individuals & | |||||||||||||||||||||||||
Activity | overdrafts | |||||||||||||||||||||||||
Pass | $ | 5,969 | ||||||||||||||||||||||||
Non-pass | 48 | |||||||||||||||||||||||||
$ | 6,017 | |||||||||||||||||||||||||
PCI Loans: | ||||||||||||||||||||||||||
December 31, 2014 | ||||||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||
Credit | ||||||||||||||||||||||||||
Exposure By | Commercial | Commercial | ||||||||||||||||||||||||
Internally | and | real | Multi-family | |||||||||||||||||||||||
Assigned Grade | industrial | Construction | estate | residential | ||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||
Superior | $ | - | $ | - | $ | - | $ | - | ||||||||||||||||||
Very good | - | - | - | - | ||||||||||||||||||||||
Good | - | - | - | - | ||||||||||||||||||||||
Acceptable | - | - | - | - | ||||||||||||||||||||||
Acceptable with care | 602 | 1,397 | 9,368 | 2,724 | ||||||||||||||||||||||
Special mention | - | 66 | 1,973 | - | ||||||||||||||||||||||
Substandard | 55 | - | 562 | - | ||||||||||||||||||||||
Doubtful | - | - | - | - | ||||||||||||||||||||||
Loss | - | - | - | - | ||||||||||||||||||||||
$ | 657 | $ | 1,463 | $ | 11,903 | $ | 2,724 | |||||||||||||||||||
Consumer Credit | ||||||||||||||||||||||||||
Exposure By | ||||||||||||||||||||||||||
Internally | 1-to-4 family | |||||||||||||||||||||||||
Assigned Grade | residential | HELOC | ||||||||||||||||||||||||
Pass | $ | 6,437 | $ | 188 | ||||||||||||||||||||||
Special mention | 2,926 | - | ||||||||||||||||||||||||
Substandard | 609 | - | ||||||||||||||||||||||||
$ | 9,972 | $ | 188 | |||||||||||||||||||||||
Consumer Credit | ||||||||||||||||||||||||||
Exposure Based | Loans to | |||||||||||||||||||||||||
On Payment | individuals & | |||||||||||||||||||||||||
Activity | overdrafts | |||||||||||||||||||||||||
Pass | $ | 117 | ||||||||||||||||||||||||
Non-pass | 11 | |||||||||||||||||||||||||
$ | 128 | |||||||||||||||||||||||||
Total Loans, excluding PCI Loans: | ||||||||||||||||||||||||||
December 31, 2014 | ||||||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||
Credit | ||||||||||||||||||||||||||
Exposure By | Commercial | Commercial | ||||||||||||||||||||||||
Internally | and | real | Multi-family | |||||||||||||||||||||||
Assigned Grade | industrial | Construction | estate | residential | ||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||
Superior | $ | 1,241 | $ | - | $ | - | $ | - | ||||||||||||||||||
Very good | 1,110 | - | - | - | ||||||||||||||||||||||
Good | 5,282 | 2,705 | 15,276 | - | ||||||||||||||||||||||
Acceptable | 26,132 | 13,579 | 128,056 | 31,619 | ||||||||||||||||||||||
Acceptable with care | 22,802 | 64,320 | 66,186 | 5,650 | ||||||||||||||||||||||
Special mention | 221 | 318 | 6,063 | 1,330 | ||||||||||||||||||||||
Substandard | 772 | 1,208 | 6,146 | 901 | ||||||||||||||||||||||
Doubtful | - | - | - | - | ||||||||||||||||||||||
Loss | - | - | - | - | ||||||||||||||||||||||
$ | 57,560 | $ | 82,130 | $ | 221,727 | $ | 39,500 | |||||||||||||||||||
Consumer Credit | ||||||||||||||||||||||||||
Exposure By | ||||||||||||||||||||||||||
Internally | 1-to-4 family | |||||||||||||||||||||||||
Assigned Grade | residential | HELOC | ||||||||||||||||||||||||
Pass | $ | 76,357 | $ | 36,169 | ||||||||||||||||||||||
Special mention | 1,052 | 695 | ||||||||||||||||||||||||
Substandard | 3,522 | 1,041 | ||||||||||||||||||||||||
$ | 80,931 | $ | 37,905 | |||||||||||||||||||||||
Consumer Credit | ||||||||||||||||||||||||||
Exposure Based | Loans to | |||||||||||||||||||||||||
On Payment | individuals & | |||||||||||||||||||||||||
Activity | overdrafts | |||||||||||||||||||||||||
Pass | $ | 5,852 | ||||||||||||||||||||||||
Non-pass | 37 | |||||||||||||||||||||||||
$ | 5,889 | |||||||||||||||||||||||||
Determining the fair value of PCI loans at acquisition required the Company to estimate cash flows expected to result from those loans and to discount those cash flows at appropriate rates of interest. For such loans, the excess of cash flows expected to be collected at acquisition over the estimated fair value is recognized as interest income over the remaining lives of the loans and is called the accretable yield. The difference between contractually required payments at acquisition and the cash flows expected to be collected at acquisition reflects the impact of estimated credit losses and is called the nonaccretable difference. In accordance with GAAP, there was no carry-over of previously established allowance for credit losses from the acquired company. | ||||||||||||||||||||||||||
The following table documents changes to the amount of the accretable yield on PCI loans for the three months ended March 31, 2015 (dollars in thousands): | ||||||||||||||||||||||||||
Accretable yield, beginning of period | $ | 3,762 | ||||||||||||||||||||||||
Accretion | -328 | |||||||||||||||||||||||||
Reclassification from (to) nonaccretable difference | - | |||||||||||||||||||||||||
Accretable yield, end of period | $ | 3,434 | ||||||||||||||||||||||||
Allowance for Loan Losses | ||||||||||||||||||||||||||
The allowance for loan losses is a reserve established through provisions for loan losses charged to income and represents management’s best estimate of probable loan losses that have been incurred within the existing portfolio of loans. The allowance, in the judgment of management, is necessary to reserve for estimated losses and risk inherent in the loan portfolio. The Company’s allowance for loan loss methodology is based on historical loss experience by type of credit and internal risk grade, specific homogeneous risk pools and specific loss allocations, with adjustments for current events and conditions. The Company’s process for determining the appropriate level of reserves is designed to account for changes in credit quality as they occur. The provision for loan losses reflects loan quality trends, including the levels of and trends related to past due loans and economic conditions at the local and national levels. It also considers the quality and risk characteristics of the Company’s loan origination and servicing policies and practices. | ||||||||||||||||||||||||||
As of March 31, 2014, the Company elected to change the allowance for loan loss model it uses to calculate historical loss rates and qualitative and environmental factors in its allowance for loan losses. The Company elected to change the model used for allowance for loan losses in order to utilize the loss migration, improve the objectivity of loss projections, and increase reliability of identifying losses inherent in the portfolio. The impact of the change to the model resulted in a $177,000 increase to the loan loss reserves as of the time of the change. In determining the loss history to be applied to its ASC 450 loan pools within the allowance for loan losses, the Company previously used loss history based on the weighted average net charge off history for the most recent fourteen consecutive quarters, based on the risk-graded pool to which the loss was assigned. Historical loss rates are now calculated by using a loss migration analysis associating losses to the risk-graded pool to which they relate for each of the previous twelve quarters. Then, using a twelve quarter look back period, loss factors are calculated for each risk-graded pool. | ||||||||||||||||||||||||||
The new model continues to incorporate various internal and external qualitative and environmental factors as described in the Interagency Policy Statement on the Allowance for Loan and Lease Losses, dated December 2006. Input for these factors is determined on the basis of management observation, judgment, and experience. The factors utilized by the Company in the new model for all loan classes are as follows: | ||||||||||||||||||||||||||
Internal Factors | ||||||||||||||||||||||||||
⋅ | Concentrations – Measures the increased risk derived from concentration of credit exposure in particular industry segments within the portfolio. | |||||||||||||||||||||||||
⋅ | Policy exceptions – Measures the risk derived from granting terms outside of underwriting guidelines. | |||||||||||||||||||||||||
⋅ | Compliance exceptions– Measures the risk derived from granting terms outside of regulatory guidelines. | |||||||||||||||||||||||||
⋅ | Document exceptions– Measures the risk exposure resulting from the inability to collect due to improperly executed documents and collateral imperfections. | |||||||||||||||||||||||||
⋅ | Financial information monitoring – Measures the risk associated with not having current borrower financial information. | |||||||||||||||||||||||||
⋅ | Nonaccrual – Reflects increased risk of loans with characteristics that merit nonaccrual status. | |||||||||||||||||||||||||
⋅ | Delinquency – Reflects the increased risk deriving from higher delinquency rates. | |||||||||||||||||||||||||
⋅ | Personnel turnover – Reflects staff competence in various types of lending. | |||||||||||||||||||||||||
⋅ | Portfolio growth – Measures the impact of growth and potential risk derived from new loan production. | |||||||||||||||||||||||||
External Factors | ||||||||||||||||||||||||||
⋅ | GDP growth rate – Impact of general economic factors that affect the portfolio. | |||||||||||||||||||||||||
⋅ | North Carolina unemployment rate – Impact of local economic factors that affect the portfolio. | |||||||||||||||||||||||||
⋅ | Peer group delinquency rate – Measures risk associated with the credit requirements of competitors. | |||||||||||||||||||||||||
⋅ | Prime rate change – Measures the effect on the portfolio in the event of changes in the prime lending rate. | |||||||||||||||||||||||||
Each pool is assigned an adjustment to the potential loss percentage by assessing its characteristics against each of the factors listed above. | ||||||||||||||||||||||||||
Reserves are generally divided into three allocation segments: | ||||||||||||||||||||||||||
1 | Individual reserves. These are calculated according to ASC Section 310-10-35 against loans evaluated individually and deemed to most likely be impaired. All loans in non-accrual status and all substandard loans that are deemed to be collateral dependent are assessed for impairment. Loans are deemed uncollectible based on a variety of credit, collateral, documentation and other issues. In the case of uncollectible receivables, the collateral is considered unsecured and therefore fully charged off. | |||||||||||||||||||||||||
2 | Formula reserves. Formula reserves are held against loans evaluated collectively. Loans are grouped by type or by risk grade, or some combination of the two. Loss estimates are based on historical loss rates for each respective loan group. Formula reserves represent the Company’s best estimate of losses that may be inherent, or embedded, within the group of loans, even if it is not apparent at this time which loans within any group or pool represent those embedded losses. | |||||||||||||||||||||||||
3 | Qualitative and external reserves. If individual reserves represent estimated losses tied to specific loans, and formula reserves represent estimated losses tied to a pool of loans but not yet to any specific loan, then these reserves represent an estimate of likely incurred losses, but are not yet tied to any loan or group of loans. | |||||||||||||||||||||||||
All information related to the calculation of the three segments, including data analysis, assumptions, and calculations are documented. Assigning specific individual reserve amounts, formula reserve factors, or unallocated amounts based on unsupported assumptions or conclusions is not permitted. | ||||||||||||||||||||||||||
The following tables present a roll forward of the Company’s allowance for loan losses by loan class for the three month periods ended March 31, 2015 and March 31, 2014, respectively: | ||||||||||||||||||||||||||
Three months ended March 31, 2015 | ||||||||||||||||||||||||||
Commercial | 1 to 4 | Loans to | Multi- | |||||||||||||||||||||||
and | Commercial | family | individuals & | family | ||||||||||||||||||||||
Allowance for loan losses | industrial | Construction | real estate | residential | HELOC | overdrafts | residential | Total | ||||||||||||||||||
Loans – excluding PCI | ||||||||||||||||||||||||||
Balance, beginning of period | $ | 803 | $ | 1,103 | $ | 2,914 | $ | 630 | $ | 930 | $ | 185 | $ | 279 | $ | 6,844 | ||||||||||
Provision for loan losses | 173 | 102 | -40 | -40 | -42 | -3 | -20 | 130 | ||||||||||||||||||
Loans charged-off | - | - | -29 | - | -40 | -24 | - | -93 | ||||||||||||||||||
Recoveries | 6 | 4 | - | 16 | 3 | 9 | - | 38 | ||||||||||||||||||
Balance, end of period | $ | 982 | $ | 1,209 | $ | 2,845 | $ | 606 | $ | 851 | $ | 167 | $ | 259 | $ | 6,919 | ||||||||||
PCI Loans | ||||||||||||||||||||||||||
Balance, beginning of period | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||
Provision for loan losses | - | - | - | - | - | - | - | - | ||||||||||||||||||
Loans charged-off | - | - | - | - | - | - | - | - | ||||||||||||||||||
Recoveries | - | - | - | - | - | - | - | - | ||||||||||||||||||
Balance, end of period | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||
Total Loans | ||||||||||||||||||||||||||
Balance, beginning of period | $ | 803 | $ | 1,103 | $ | 2,914 | $ | 630 | $ | 930 | $ | 185 | $ | 279 | $ | 6,844 | ||||||||||
Provision for loan losses | 173 | 102 | -40 | -40 | -42 | -3 | -20 | 130 | ||||||||||||||||||
Loans charged-off | - | - | -29 | - | -40 | -24 | - | -93 | ||||||||||||||||||
Recoveries | 6 | 4 | - | 16 | 3 | 9 | - | 38 | ||||||||||||||||||
Balance, end of period | $ | 982 | $ | 1,209 | $ | 2,845 | $ | 606 | $ | 851 | $ | 167 | $ | 259 | $ | 6,919 | ||||||||||
Ending Balance: individually evaluated for impairment | $ | 2 | $ | 79 | $ | 354 | $ | 90 | $ | 50 | $ | - | $ | - | $ | 575 | ||||||||||
Ending Balance: collectively evaluated for impairment | $ | 980 | $ | 1,130 | $ | 2,491 | $ | 516 | $ | 801 | $ | 167 | $ | 259 | $ | 6,344 | ||||||||||
Loans: | ||||||||||||||||||||||||||
Ending Balance: collectively evaluated for impairment | $ | 65,414 | $ | 84,747 | $ | 227,521 | $ | 84,090 | $ | 37,560 | $ | 5,775 | $ | 39,119 | $ | 544,226 | ||||||||||
Ending Balance: individually evaluated for impairment | $ | 615 | $ | 1,221 | $ | 7,233 | $ | 3,183 | $ | 921 | $ | - | $ | 2,200 | $ | 15,373 | ||||||||||
Ending Balance | $ | 66,029 | $ | 85,968 | $ | 234,754 | $ | 87,273 | $ | 38,481 | $ | 5,775 | $ | 41,319 | $ | 559,599 | ||||||||||
There is no allowance for PCI loans as of March 31, 2015. | ||||||||||||||||||||||||||
Three months ended March 31, 2014 | ||||||||||||||||||||||||||
Commercial | 1-to-4 | Loans to | Multi- | |||||||||||||||||||||||
and | Commercial | family | individuals & | family | ||||||||||||||||||||||
Allowance for loan losses | industrial | Construction | real estate | residential | HELOC | overdrafts | residential | Total | ||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||
Balance, beginning of period | $ | 245 | $ | 565 | $ | 4,599 | $ | 826 | $ | 680 | $ | 65 | $ | 74 | $ | 7,054 | ||||||||||
Provision (recovery) for loan losses | 322 | 266 | -1,340 | -265 | 645 | 106 | 217 | -49 | ||||||||||||||||||
Loans charged-off | -63 | - | - | -1 | -40 | -6 | - | -110 | ||||||||||||||||||
Recoveries | 9 | 58 | 24 | 25 | 8 | 6 | - | 130 | ||||||||||||||||||
Balance, end of period | $ | 513 | $ | 889 | $ | 3,283 | $ | 585 | $ | 1,293 | $ | 171 | $ | 291 | $ | 7,025 | ||||||||||
Ending balance: individually evaluated for impairment | $ | 66 | $ | 81 | $ | 538 | $ | 21 | $ | 313 | $ | - | $ | - | $ | 1,019 | ||||||||||
Ending balance: collectively evaluated for impairment | $ | 447 | $ | 808 | $ | 2,745 | $ | 564 | $ | 980 | $ | 171 | $ | 291 | $ | 6,006 | ||||||||||
Loans: | ||||||||||||||||||||||||||
Ending balance: collectively evaluated for impairment | $ | 29,443 | $ | 54,737 | $ | 161,393 | $ | 29,666 | $ | 29,864 | $ | 7,556 | $ | 18,742 | $ | 331,401 | ||||||||||
Ending balance: individually evaluated for impairment | $ | 392 | $ | 1,946 | $ | 6,124 | $ | 2,885 | $ | 1,300 | $ | 4 | $ | 2,339 | $ | 14,990 | ||||||||||
Ending balance | $ | 29,835 | $ | 56,683 | $ | 167,517 | $ | 32,551 | $ | 31,164 | $ | 7,560 | $ | 21,081 | $ | 346,391 | ||||||||||
During the three months ended March 31, 2015 the Company recorded net charge-offs of $55,000. Total loans outstanding during the first quarter of 2015 increased, resulting in a $130,000 provision for loan losses. | ||||||||||||||||||||||||||
ACCUMULATED_OTHER_COMPREHENSIV
ACCUMULATED OTHER COMPREHENSIVE INCOME | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||||||
Accumulated Other Comprehensive Income (Loss) [Text Block] | NOTE H – ACCUMULATED OTHER COMPREHENSIVE INCOME | |||||||
The following table presents changes in accumulated other comprehensive income for the three months ended March 31, 2015 and 2014. | ||||||||
Three Months Ended | ||||||||
March 31, | ||||||||
2015 | 2014 | |||||||
(In thousands) | ||||||||
Beginning balance | $ | 809 | $ | -108 | ||||
Unrealized gain on investment securities available for sale | 608 | 382 | ||||||
Tax benefit | -234 | -142 | ||||||
Other comprehensive income before reclassification | 374 | 240 | ||||||
Amounts reclassified from accumulated comprehensive income: | ||||||||
Realized (gain) loss on investment securities included in net income | -85 | - | ||||||
Tax effect | 33 | - | ||||||
Total reclassifications net of tax | -52 | - | ||||||
Net current period other comprehensive income | 322 | 240 | ||||||
Ending balance | $ | 1,131 | $ | 132 | ||||
The income statement line items impacted by the reclassifications of realized gains (losses) on investment securities are the gain (loss) on the sale of securities and income tax expense line items in the consolidated statement of operations. | ||||||||
PER_SHARE_RESULTS_Tables
PER SHARE RESULTS (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Earnings Per Share [Abstract] | ||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Basic net income per share is computed based upon the weighted average number of shares of common stock outstanding during the period. Diluted net income per share includes the dilutive effect of stock options outstanding during the period. At March 31, 2015 and 2014 there were 111,080 and 254,130 anti-dilutive options outstanding, respectively. | |||||||
Three Months Ended | ||||||||
March 31, | ||||||||
2015 | 2014 | |||||||
Weighted average shares used for basic net income per share | 11,426,378 | 6,921,651 | ||||||
Effect of dilutive stock options | 83,769 | 2,513 | ||||||
Weighted average shares used for diluted net income per share | 11,510,147 | 6,924,164 | ||||||
FAIR_VALUE_MEASUREMENTS_Tables
FAIR VALUE MEASUREMENTS (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | The following tables summarize quantitative disclosures about the fair value measurement for each category of assets carried at fair value on a recurring basis as of March 31, 2015 and December 31, 2014 (in thousands): | ||||||||||||||||
Investment securities | Fair value | Quoted Prices in | Significant | Significant | |||||||||||||
available for sale | Active Markets | Other | Unobservable | ||||||||||||||
March 31, 2015 | for Identical | Observable | Inputs (Level 3) | ||||||||||||||
Assets (Level 1) | Inputs (Level 2) | ||||||||||||||||
U.S. government agencies – GSE's | $ | 32,226 | $ | - | $ | 32,226 | $ | - | |||||||||
Mortgage-backed securities - GSE’s | 48,323 | - | 48,323 | - | |||||||||||||
Municipal bonds | 20,716 | - | 20,716 | - | |||||||||||||
Total | $ | 101,265 | $ | - | $ | 101,265 | $ | - | |||||||||
Investment securities | Fair value | Quoted Prices in | Significant | Significant | |||||||||||||
available for sale | Active Markets | Other | Unobservable | ||||||||||||||
December 31, 2014 | for Identical | Observable | Inputs (Level 3) | ||||||||||||||
Assets (Level 1) | Inputs (Level 2) | ||||||||||||||||
U.S. government agencies – GSE's | $ | 27,921 | $ | - | $ | 27,921 | $ | - | |||||||||
Mortgage-backed securities - GSE’s | 53,304 | - | 53,304 | - | |||||||||||||
Municipal bonds | 21,010 | - | 21,010 | - | |||||||||||||
Total | $ | 102,235 | $ | - | $ | 102,235 | $ | - | |||||||||
Fair Value Measurements, Nonrecurring [Table Text Block] | The following tables summarize quantitative disclosures about the fair value measurement for each category of assets carried at fair value on a non-recurring basis as of March 31, 2015 and December 31, 2014 (in thousands): | ||||||||||||||||
Asset Category | Fair value | Quoted Prices in | Significant | Significant | |||||||||||||
March 31, 2015 | Active Markets | Other | Unobservable | ||||||||||||||
for Identical | Observable | Inputs (Level 3) | |||||||||||||||
Assets (Level 1) | Inputs (Level 2) | ||||||||||||||||
Impaired loans | $ | 6,696 | $ | - | $ | - | $ | 6,696 | |||||||||
Foreclosed real estate | 1,187 | - | - | 1,187 | |||||||||||||
Total | $ | 7,883 | $ | - | $ | - | $ | 7,883 | |||||||||
Asset Category | Fair value | Quoted Prices in | Significant | Significant | |||||||||||||
December 31, 2014 | Active Markets | Other | Unobservable | ||||||||||||||
for Identical | Observable | Inputs (Level 3) | |||||||||||||||
Assets (Level 1) | Inputs (Level 2) | ||||||||||||||||
Impaired loans | $ | 6,896 | $ | - | $ | - | $ | 6,896 | |||||||||
Foreclosed real estate | 1,585 | - | - | 1,585 | |||||||||||||
Total | $ | 8,481 | $ | - | $ | - | $ | 8,481 | |||||||||
Schedule of Fair Value, Off-balance Sheet Risks [Table Text Block] | The following table presents the carrying values and estimated fair values of the Company's financial instruments at March 31, 2015 and December 31, 2014: | ||||||||||||||||
March 31, 2015 | |||||||||||||||||
Carrying | Estimated | ||||||||||||||||
Amount | Fair Value | Level 1 | Level 2 | Level 3 | |||||||||||||
(In thousands) | |||||||||||||||||
Financial assets: | |||||||||||||||||
Cash and due from banks | $ | 9,495 | $ | 9,495 | $ | 9,495 | $ | - | $ | - | |||||||
Certificates of deposit | 1,000 | 1,000 | 1,000 | - | - | ||||||||||||
Interest-earning deposits in other banks | 24,187 | 24,187 | 24,187 | - | - | ||||||||||||
Federal funds sold and repurchase agreements | 2,006 | 2,006 | 2,006 | - | - | ||||||||||||
Investment securities available for sale | 101,265 | 101,265 | - | 101,265 | - | ||||||||||||
Loans, net | 552,004 | 561,513 | - | - | 561,513 | ||||||||||||
Accrued interest receivable | 2,273 | 2,273 | - | - | 2,273 | ||||||||||||
Stock in FHLB | 1,487 | 1,487 | - | - | 1,487 | ||||||||||||
Other non-marketable securities | 832 | 832 | - | - | 832 | ||||||||||||
Financial liabilities: | |||||||||||||||||
Deposits | $ | 600,520 | $ | 602,484 | $ | - | $ | 602,484 | $ | - | |||||||
Short term debt | 18,943 | 18,876 | - | 18,876 | - | ||||||||||||
Long term debt | 25,258 | 18,637 | - | 18,637 | - | ||||||||||||
Accrued interest payable | 224 | 224 | - | - | 224 | ||||||||||||
December 31, 2014 | |||||||||||||||||
Carrying | Estimated | ||||||||||||||||
Amount | Fair Value | Level 1 | Level 2 | Level 3 | |||||||||||||
(In thousands) | |||||||||||||||||
Financial assets: | |||||||||||||||||
Cash and due from banks | $ | 14,417 | $ | 14,417 | $ | 14,417 | $ | - | $ | - | |||||||
Certificates of deposit | 1,000 | 1,000 | 1,000 | - | - | ||||||||||||
Interest-earning deposits in other banks | 22,810 | 22,810 | 22,810 | - | - | ||||||||||||
Federal funds sold and repurchase agreeements | 20,183 | 20,183 | 20,183 | - | - | ||||||||||||
Investment securities available for sale | 102,235 | 102,235 | - | 102,235 | - | ||||||||||||
Loans, net | 545,194 | 555,736 | - | - | 555,736 | ||||||||||||
Accrued interest receivable | 2,416 | 2,416 | - | - | 2,416 | ||||||||||||
Stock in the FHLB | 1,524 | 1,524 | - | - | 1,524 | ||||||||||||
Other non-marketable securities | 896 | 896 | - | - | 896 | ||||||||||||
Financial liabilities: | |||||||||||||||||
Deposits | $ | 618,902 | $ | 621,049 | $ | - | $ | 621,049 | $ | - | |||||||
Short-term debt | 20,733 | 20,593 | - | 20,593 | - | ||||||||||||
Long-term debt | 25,591 | 20,771 | - | 20,771 | - | ||||||||||||
Accrued interest payable | 276 | 276 | - | - | 276 | ||||||||||||
INVESTMENT_SECURITIES_Tables
INVESTMENT SECURITIES (Tables) | 3 Months Ended | |||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ||||||||||||||||||||
Schedule of Available-for-sale Securities Reconciliation [Table Text Block] | The amortized cost and fair value of securities available for sale, with gross unrealized gains and losses, follow: | |||||||||||||||||||
March 31, 2015 | ||||||||||||||||||||
Gross | Gross | |||||||||||||||||||
Amortized | unrealized | unrealized | Fair | |||||||||||||||||
cost | gains | losses | value | |||||||||||||||||
(In thousands) | ||||||||||||||||||||
Securities available for sale: | ||||||||||||||||||||
U.S. government agencies-GSE’s | ||||||||||||||||||||
Within 1 year | $ | 4,039 | $ | 3 | $ | - | $ | 4,042 | ||||||||||||
After 1 year but within 5 years | 12,816 | 57 | - | 12,873 | ||||||||||||||||
After 5 years but within 10 years | 11,720 | 42 | -108 | 11,654 | ||||||||||||||||
After 10 years | 3,699 | - | -42 | 3,657 | ||||||||||||||||
Mortgage-backed securities-GSE’s | ||||||||||||||||||||
Within 1 year | 13 | 1 | - | 14 | ||||||||||||||||
After 1 year but within 5 years | 27,923 | 952 | -8 | 28,867 | ||||||||||||||||
After 5 years but within 10 years | 17,216 | 294 | -8 | 17,502 | ||||||||||||||||
After 10 years | 1,866 | 74 | - | 1,940 | ||||||||||||||||
Municipal bonds | ||||||||||||||||||||
Within 1 year | 325 | 1 | - | 326 | ||||||||||||||||
After 1 year but within 5 years | 3,798 | 139 | - | 3,937 | ||||||||||||||||
After 5 years but within 10 years | 6,320 | 139 | -1 | 6,458 | ||||||||||||||||
After 10 years | 9,726 | 269 | - | 9,995 | ||||||||||||||||
$ | 99,461 | $ | 1,971 | $ | -167 | $ | 101,265 | |||||||||||||
As of March 31, 2015, accumulated other comprehensive income included net unrealized gains totaling $1.8 million. Deferred tax liabilities resulting from these unrealized gains totaled $673,000. | ||||||||||||||||||||
December 31, 2014 | ||||||||||||||||||||
Gross | Gross | |||||||||||||||||||
Amortized | unrealized | unrealized | Fair | |||||||||||||||||
cost | gains | losses | value | |||||||||||||||||
(In thousands) | ||||||||||||||||||||
Securities available for sale: | ||||||||||||||||||||
U.S. government agencies-GSE’s | ||||||||||||||||||||
Within 1 year | $ | 6,352 | $ | 8 | $ | - | $ | 6,360 | ||||||||||||
After 1 year but within 5 years | 6,018 | 21 | -24 | 6,015 | ||||||||||||||||
After 5 years but within 10 years | 10,032 | 32 | -227 | 9,837 | ||||||||||||||||
After 10 years | 5,778 | - | -69 | 5,709 | ||||||||||||||||
Mortgage-backed securities-GSE’s | ||||||||||||||||||||
Within 1 year | 21 | 1 | - | 22 | ||||||||||||||||
After 1 year but within 5 years | 35,114 | 974 | -39 | 36,049 | ||||||||||||||||
After 5 years but within 10 years | 17,143 | 140 | -50 | 17,233 | ||||||||||||||||
Municipal bonds | ||||||||||||||||||||
Within 1 year | 576 | 3 | - | 579 | ||||||||||||||||
After 1 year but within 5 years | 3,806 | 144 | - | 3,950 | ||||||||||||||||
After 5 years but within 10 years | 6,351 | 116 | -2 | 6,465 | ||||||||||||||||
After 10 years | 9,763 | 253 | - | 10,016 | ||||||||||||||||
$ | 100,954 | $ | 1,692 | $ | -411 | $ | 102,235 | |||||||||||||
Schedule of Unrealized Loss on Investments [Table Text Block] | The following tables show investments’ gross unrealized losses and fair value, aggregated by investment category and length of time that the individual securities have been in a continuous unrealized loss position, at March 31, 2015 and December 31, 2014. | |||||||||||||||||||
March 31, 2015 | ||||||||||||||||||||
Less Than 12 Months | 12 Months or More | Total | ||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | |||||||||||||||
value | losses | value | losses | value | losses | |||||||||||||||
(In thousands) | ||||||||||||||||||||
Securities available for sale: | ||||||||||||||||||||
U.S. government agencies-GSE’s | $ | 1,978 | $ | -21 | $ | 10,705 | $ | -129 | $ | 12,683 | $ | -150 | ||||||||
Mortgage-backed securities-GSE’s | 4,481 | -16 | - | - | 4,481 | -16 | ||||||||||||||
Municipal bonds | 113 | -1 | - | - | 113 | -1 | ||||||||||||||
Total temporarily impaired securities | $ | 6,572 | $ | -38 | $ | 10,705 | $ | -129 | $ | 17,277 | $ | -167 | ||||||||
All unrealized losses are attributable to the general trend of interest rates. During the first quarter of 2015 gross proceeds of investment sales amounted to $3.4 million and gains of $85,000. | ||||||||||||||||||||
December 31,2014 | ||||||||||||||||||||
Less Than 12 Months | 12 Months or More | Total | ||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | |||||||||||||||
value | losses | value | losses | value | losses | |||||||||||||||
(dollars in thousands) | ||||||||||||||||||||
Securities available for sale: | ||||||||||||||||||||
U.S. government agencies – GSE’s | $ | 2,926 | $ | -24 | $ | 12,731 | $ | -296 | $ | 15,657 | $ | -320 | ||||||||
Mortgage-backed securities-GSE’s | 1,965 | -28 | 4,590 | -61 | 6,555 | -89 | ||||||||||||||
Municipal bonds | - | - | 112 | -2 | 112 | -2 | ||||||||||||||
Total temporarily impaired securities | $ | 4,891 | $ | -52 | $ | 17,433 | $ | -359 | $ | 22,324 | $ | -411 | ||||||||
LOANS_Tables
LOANS (Tables) | 3 Months Ended | |||||||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||||||
Receivables [Abstract] | ||||||||||||||||||||||||||
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | Following is a summary of the composition of the Company’s loan portfolio at March 31, 2015 and December 31, 2014: | |||||||||||||||||||||||||
March 31, | December 31, | |||||||||||||||||||||||||
Total Loans: | 2015 | 2014 | ||||||||||||||||||||||||
Percent | Percent | |||||||||||||||||||||||||
Amount | of total | Amount | of total | |||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||
Real estate loans: | ||||||||||||||||||||||||||
1 to 4 family residential | $ | 87,273 | 15.62 | % | $ | 90,903 | 16.47 | % | ||||||||||||||||||
Commercial real estate | 234,754 | 42 | % | 233,630 | 42.32 | % | ||||||||||||||||||||
Multi-family residential | 41,319 | 7.39 | % | 42,224 | 7.65 | % | ||||||||||||||||||||
Construction | 85,968 | 15.38 | % | 83,593 | 15.14 | % | ||||||||||||||||||||
Home equity lines of credit (“HELOC”) | 38,481 | 6.89 | % | 38,093 | 6.9 | % | ||||||||||||||||||||
Total real estate loans | 487,795 | 87.28 | % | 488,443 | 88.48 | % | ||||||||||||||||||||
Other loans: | ||||||||||||||||||||||||||
Commercial and industrial | 66,029 | 11.81 | % | 58,217 | 10.55 | % | ||||||||||||||||||||
Loans to individuals | 5,693 | 1.02 | % | 5,953 | 1.08 | % | ||||||||||||||||||||
Overdrafts | 82 | 0.01 | % | 64 | 0.01 | % | ||||||||||||||||||||
Total other loans | 71,804 | 12.84 | % | 64,234 | 11.64 | % | ||||||||||||||||||||
Gross loans | 559,599 | 552,677 | ||||||||||||||||||||||||
Less deferred loan origination fees, net | -676 | -0.12 | % | -639 | -0.12 | % | ||||||||||||||||||||
Total loans | 558,923 | 100 | % | 552,038 | 100 | % | ||||||||||||||||||||
Allowance for loan losses | -6,919 | -6,844 | ||||||||||||||||||||||||
Total loans, net | $ | 552,004 | $ | 545,194 | ||||||||||||||||||||||
March 31, | December 31, | |||||||||||||||||||||||||
2015 | 2014 | |||||||||||||||||||||||||
Purchased Credit Impaired (PCI) Loans: | Percent | Percent | ||||||||||||||||||||||||
Amount | of total | Amount | of total | |||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||
Real estate loans: | ||||||||||||||||||||||||||
1 to 4 family residential | $ | 9,674 | 36.63 | % | $ | 9,972 | 36.89 | % | ||||||||||||||||||
Commercial real estate | 11,698 | 44.3 | % | 11,903 | 44.03 | % | ||||||||||||||||||||
Multi-family residential | 2,698 | 10.22 | % | 2,724 | 10.08 | % | ||||||||||||||||||||
Construction | 1,453 | 5.5 | % | 1,463 | 5.41 | % | ||||||||||||||||||||
Home equity lines of credit (“HELOC”) | 189 | 0.72 | % | 188 | 0.69 | % | ||||||||||||||||||||
Total real estate loans | 25,712 | 97.37 | % | 26,250 | 97.1 | % | ||||||||||||||||||||
Other loans: | ||||||||||||||||||||||||||
Commercial and industrial | 571 | 2.16 | % | 657 | 2.43 | % | ||||||||||||||||||||
Loans to individuals | 125 | 0.47 | % | 128 | 0.47 | % | ||||||||||||||||||||
Overdrafts | - | 0 | % | - | 0 | % | ||||||||||||||||||||
Total other loans | 696 | 2.63 | % | 785 | 2.9 | % | ||||||||||||||||||||
Gross loans | 26,408 | 27,035 | ||||||||||||||||||||||||
Less deferred loan origination fees, net | - | - | % | - | - | % | ||||||||||||||||||||
Total loans | 26,408 | 100 | % | 27,035 | 100 | % | ||||||||||||||||||||
Allowance for loan losses | - | - | ||||||||||||||||||||||||
Total loans, net | $ | 26,408 | $ | 27,035 | ||||||||||||||||||||||
March 31, | December 31, | |||||||||||||||||||||||||
2015 | 2014 | |||||||||||||||||||||||||
Loans – excluding PCI: | Percent | Percent | ||||||||||||||||||||||||
Amount | of total | Amount | of total | |||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||
Real estate loans: | ||||||||||||||||||||||||||
1 to 4 family residential | $ | 77,599 | 14.57 | % | $ | 80,931 | 15.42 | % | ||||||||||||||||||
Commercial real estate | 223,056 | 41.89 | % | 221,727 | 42.23 | % | ||||||||||||||||||||
Multi-family residential | 38,621 | 7.25 | % | 39,500 | 7.52 | % | ||||||||||||||||||||
Construction | 84,515 | 15.87 | % | 82,130 | 15.64 | % | ||||||||||||||||||||
Home equity lines of credit (“HELOC”) | 38,292 | 7.19 | % | 37,905 | 7.22 | % | ||||||||||||||||||||
Total real estate loans | 462,083 | 86.77 | % | 462,193 | 88.03 | % | ||||||||||||||||||||
Other loans: | ||||||||||||||||||||||||||
Commercial and industrial | 65,458 | 12.29 | % | 57,560 | 10.97 | % | ||||||||||||||||||||
Loans to individuals | 5,568 | 1.05 | % | 5,825 | 1.11 | % | ||||||||||||||||||||
Overdrafts | 82 | 0.02 | % | 64 | 0.01 | % | ||||||||||||||||||||
Total other loans | 71,108 | 13.36 | % | 63,449 | 12.09 | % | ||||||||||||||||||||
Gross loans | 533,191 | 525,642 | ||||||||||||||||||||||||
Less deferred loan origination fees, net | -676 | -0.13 | % | -639 | -0.12 | % | ||||||||||||||||||||
Total loans | 532,515 | 100 | % | 525,003 | 100 | % | ||||||||||||||||||||
Allowance for loan losses | -6,919 | -6,844 | ||||||||||||||||||||||||
Total loans, net | $ | 525,596 | $ | 518,159 | ||||||||||||||||||||||
Schedule of Fair Values of Expected Cash Flows and Loan Related Payments to Acquired Company at the Time of Merger [Table Text Block] | For PCI loans acquired from Legacy Select, the contractually required payments including principal and interest, cash flows expected to be collected and fair values as of the closing date of the merger and March 31, 2015 were: | |||||||||||||||||||||||||
(Dollars in thousands) | March 31, 2015 | July 25, 2014 | ||||||||||||||||||||||||
Contractually required payments | $ | 31,227 | $ | 34,329 | ||||||||||||||||||||||
Nonaccretable difference | 1,385 | 1,402 | ||||||||||||||||||||||||
Cash flows expected to be collected | 29,842 | 32,927 | ||||||||||||||||||||||||
Accretable yield | 3,434 | 4,360 | ||||||||||||||||||||||||
Fair value | $ | 26,408 | $ | 28,567 | ||||||||||||||||||||||
Past Due Financing Receivables [Table Text Block] | The following tables present an age analysis of past due loans, segregated by class of loans as of March 31, 2015 and December 31, 2014, respectively: | |||||||||||||||||||||||||
Total Loans: | March 31, 2015 | |||||||||||||||||||||||||
30+ | Non- | Total | ||||||||||||||||||||||||
Days | Accrual | Past | Total | |||||||||||||||||||||||
Past Due | Loans | Due | Current | Loans | ||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||
Commercial and industrial | $ | 370 | $ | 511 | $ | 881 | $ | 65,148 | $ | 66,029 | ||||||||||||||||
Construction | 170 | 763 | 933 | 85,035 | 85,968 | |||||||||||||||||||||
Multi-family residential | - | 883 | 883 | 40,436 | 41,319 | |||||||||||||||||||||
Commercial real estate | 617 | 4,559 | 5,176 | 229,578 | 234,754 | |||||||||||||||||||||
Loans to individuals & overdrafts | - | - | - | 5,775 | 5,775 | |||||||||||||||||||||
1-to-4 family residential | 442 | 1,960 | 2,402 | 84,871 | 87,273 | |||||||||||||||||||||
HELOC | 18 | 809 | 827 | 37,654 | 38,481 | |||||||||||||||||||||
Deferred loan (fees) cost, net | - | - | - | - | -676 | |||||||||||||||||||||
$ | 1,617 | $ | 9,485 | $ | 11,102 | $ | 548,497 | $ | 558,923 | |||||||||||||||||
Total PCI Loans: | March 31, 2015 | |||||||||||||||||||||||||
30+ | Non- | Total | ||||||||||||||||||||||||
Days | Accrual | Past | Total | |||||||||||||||||||||||
Past Due | Loans | Due | Current | Loans | ||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||
Commercial and industrial | $ | - | $ | - | $ | - | $ | 571 | $ | 571 | ||||||||||||||||
Construction | - | - | - | 1,453 | 1,453 | |||||||||||||||||||||
Multi-family residential | - | - | - | 2,698 | 2,698 | |||||||||||||||||||||
Commercial real estate | 557 | - | 557 | 11,141 | 11,698 | |||||||||||||||||||||
Loans to individuals & overdrafts | - | - | - | 125 | 125 | |||||||||||||||||||||
1-to-4 family residential | 284 | - | 284 | 9,390 | 9,674 | |||||||||||||||||||||
HELOC | - | - | - | 189 | 189 | |||||||||||||||||||||
$ | 841 | $ | - | $ | 841 | $ | 25,567 | $ | 26,408 | |||||||||||||||||
Total Loans (excluding PCI): | March 31, 2015 | |||||||||||||||||||||||||
30+ | Non- | Total | ||||||||||||||||||||||||
Days | Accrual | Past | Total | |||||||||||||||||||||||
Past Due | Loans | Due | Current | Loans | ||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||
Commercial and industrial | $ | 370 | $ | 511 | $ | 881 | $ | 64,577 | $ | 65,458 | ||||||||||||||||
Construction | 170 | 763 | 933 | 83,582 | 84,515 | |||||||||||||||||||||
Multi-family residential | - | 883 | 883 | 37,738 | 38,621 | |||||||||||||||||||||
Commercial real estate | 60 | 4,559 | 4,619 | 218,437 | 223,056 | |||||||||||||||||||||
Loans to individuals & overdrafts | - | - | - | 5,650 | 5,650 | |||||||||||||||||||||
1-to-4 family residential | 158 | 1,960 | 2,118 | 75,481 | 77,599 | |||||||||||||||||||||
HELOC | 18 | 809 | 827 | 37,465 | 38,292 | |||||||||||||||||||||
Deferred loan (fees) cost, net | - | - | - | - | -676 | |||||||||||||||||||||
$ | 776 | $ | 9,485 | $ | 10,261 | $ | 522,930 | $ | 532,515 | |||||||||||||||||
There were three loans that amounted to $400,000 that were more than 90 days past due and still accruing interest at March 31, 2015. | ||||||||||||||||||||||||||
December 31, 2014 | ||||||||||||||||||||||||||
30+ | Non- | Total | ||||||||||||||||||||||||
Days | Accrual | Past | Total | |||||||||||||||||||||||
Past Due | Loans | Due | Current | Loans | ||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||
Total Loans | ||||||||||||||||||||||||||
Commercial and industrial | $ | 141 | $ | 632 | $ | 773 | $ | 57,444 | $ | 58,217 | ||||||||||||||||
Construction | - | 816 | 816 | 82,777 | 83,593 | |||||||||||||||||||||
Multi-family residential | - | 901 | 901 | 41,323 | 42,224 | |||||||||||||||||||||
Commercial real estate | 3,377 | 2,576 | 5,953 | 227,677 | 233,630 | |||||||||||||||||||||
Loans to individuals & overdrafts | 22 | - | 22 | 5,995 | 6,017 | |||||||||||||||||||||
1 to 4 family residential | 1,464 | 1,160 | 2,624 | 88,279 | 90,903 | |||||||||||||||||||||
HELOC | 14 | 853 | 867 | 37,226 | 38,093 | |||||||||||||||||||||
Deferred loan (fees) cost, net | - | - | - | - | -639 | |||||||||||||||||||||
$ | 5,018 | $ | 6,938 | $ | 11,956 | $ | 540,721 | $ | 552,038 | |||||||||||||||||
Loans- PCI | ||||||||||||||||||||||||||
Commercial and industrial | $ | 2 | $ | - | $ | 2 | $ | 655 | $ | 657 | ||||||||||||||||
Construction | - | - | - | 1,463 | 1,463 | |||||||||||||||||||||
Multi-family residential | - | - | - | 2,724 | 2,724 | |||||||||||||||||||||
Commercial real estate | 562 | - | 562 | 11,341 | 11,903 | |||||||||||||||||||||
Loans to individuals & overdrafts | - | - | - | 128 | 128 | |||||||||||||||||||||
1 to 4 family residential | 283 | - | 283 | 9,689 | 9,972 | |||||||||||||||||||||
HELOC | - | - | - | 188 | 188 | |||||||||||||||||||||
$ | 847 | $ | - | $ | 847 | $ | 26,188 | $ | 27,035 | |||||||||||||||||
Loans- excluding PCI | ||||||||||||||||||||||||||
Commercial and industrial | $ | 139 | $ | 632 | $ | 771 | $ | 56,789 | $ | 57,560 | ||||||||||||||||
Construction | - | 816 | 816 | 81,314 | 82,130 | |||||||||||||||||||||
Multi-family residential | - | 901 | 901 | 38,599 | 39,500 | |||||||||||||||||||||
Commercial real estate | 2,815 | 2,576 | 5,391 | 216,336 | 221,727 | |||||||||||||||||||||
Loans to individuals & overdrafts | 22 | - | 22 | 5,867 | 5,889 | |||||||||||||||||||||
1 to 4 family residential | 1,181 | 1,160 | 2,341 | 78,590 | 80,931 | |||||||||||||||||||||
HELOC | 14 | 853 | 867 | 37,038 | 37,905 | |||||||||||||||||||||
Deferred loan (fees) cost, net | - | - | - | - | -639 | |||||||||||||||||||||
$ | 4,171 | $ | 6,938 | $ | 11,109 | $ | 514,533 | $ | 525,003 | |||||||||||||||||
Impaired Financing Receivables [Table Text Block] | The following tables present information on loans that were considered to be impaired as of March 31, 2015 and December 31, 2014: | |||||||||||||||||||||||||
Three months ended | ||||||||||||||||||||||||||
Contractual | March 31, 2015 | |||||||||||||||||||||||||
Unpaid | Related | Average | Interest Income | |||||||||||||||||||||||
Recorded | Principal | Allowance | Recorded | Recognized on | ||||||||||||||||||||||
Investment | Balance | for Loan Losses | Investment | Impaired Loans | ||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||
With no related allowance recorded: | ||||||||||||||||||||||||||
Commercial and industrial | $ | 604 | $ | 604 | $ | - | $ | 541 | $ | 3 | ||||||||||||||||
Construction | 1,055 | 1,280 | - | 1,177 | 13 | |||||||||||||||||||||
Commercial real estate | 2,770 | 3,307 | - | 2,712 | 73 | |||||||||||||||||||||
Multi-family residential | 2,200 | 2,486 | - | 2,216 | 22 | |||||||||||||||||||||
HELOC | 637 | 778 | - | 637 | 11 | |||||||||||||||||||||
1 to 4 family residential | 2,543 | 3,010 | - | 2,422 | 31 | |||||||||||||||||||||
Subtotal: | 9,809 | 11,465 | - | 9,705 | 153 | |||||||||||||||||||||
With an allowance recorded: | ||||||||||||||||||||||||||
Commercial and industrial | 11 | 12 | 2 | 138 | - | |||||||||||||||||||||
Construction | 166 | 168 | 79 | 166 | 1 | |||||||||||||||||||||
Commercial real estate | 4,463 | 5,382 | 354 | 4,671 | 60 | |||||||||||||||||||||
HELOC | 284 | 526 | 50 | 283 | - | |||||||||||||||||||||
1 to 4 family residential | 640 | 642 | 90 | 545 | 5 | |||||||||||||||||||||
Subtotal: | 5,564 | 6,730 | 575 | 5,803 | 66 | |||||||||||||||||||||
Totals: | ||||||||||||||||||||||||||
Commercial | 11,269 | 13,239 | 435 | 11,621 | 172 | |||||||||||||||||||||
Residential | 4,104 | 4,956 | 140 | 3,887 | 47 | |||||||||||||||||||||
Grand Total: | $ | 15,373 | $ | 18,195 | $ | 575 | $ | 15,508 | $ | 219 | ||||||||||||||||
As of December 31, 2014 | Three months ended | |||||||||||||||||||||||||
March 31, 2014 | ||||||||||||||||||||||||||
Contractual | ||||||||||||||||||||||||||
Unpaid | Related | Average | Interest Income | |||||||||||||||||||||||
Recorded | Principal | Allowance | Recorded | Recognized on | ||||||||||||||||||||||
Investment | Balance | for Loan Losses | Investment | Impaired Loans | ||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||
With no related allowance recorded: | ||||||||||||||||||||||||||
Commercial and industrial | $ | 478 | $ | 478 | $ | - | $ | 161 | $ | 3 | ||||||||||||||||
Construction | 1,300 | 1,525 | - | 1,919 | 23 | |||||||||||||||||||||
Commercial real estate | 2,652 | 3,536 | - | 3,601 | 70 | |||||||||||||||||||||
Loans to individuals & overdrafts | - | 2 | - | 3 | - | |||||||||||||||||||||
Multi-family residential | 2,232 | 2,515 | - | 2,361 | 38 | |||||||||||||||||||||
HELOC | 637 | 768 | - | 2,445 | 39 | |||||||||||||||||||||
1 to 4 family residential | 2,301 | 2,750 | - | 761 | 10 | |||||||||||||||||||||
Subtotal: | 9,600 | 11,574 | - | 11,251 | 183 | |||||||||||||||||||||
With an allowance recorded: | ||||||||||||||||||||||||||
Commercial and industrial | 265 | 267 | 64 | 266 | - | |||||||||||||||||||||
Construction | 167 | 168 | 80 | 248 | - | |||||||||||||||||||||
Commercial real estate | 4,878 | 5,761 | 419 | 4,183 | 12 | |||||||||||||||||||||
Loans to individuals & overdrafts | - | - | - | 1 | - | |||||||||||||||||||||
HELOC | 284 | 526 | 50 | 487 | 7 | |||||||||||||||||||||
1 to 4 family residential | 450 | 455 | 74 | 550 | 5 | |||||||||||||||||||||
Subtotal: | 6,044 | 7,177 | 687 | 5,735 | 24 | |||||||||||||||||||||
Totals: | ||||||||||||||||||||||||||
Commercial | 11,972 | 14,250 | 563 | 12,739 | 146 | |||||||||||||||||||||
Consumer | - | 2 | - | 4 | - | |||||||||||||||||||||
Residential | 3,672 | 4,499 | 124 | 4,243 | 61 | |||||||||||||||||||||
Grand Total: | $ | 15,644 | $ | 18,751 | $ | 687 | $ | 16,986 | $ | 207 | ||||||||||||||||
Troubled Debt Restructurings on Financing Receivables [Table Text Block] | The following table presents loans that were modified as troubled debt restructurings (“TDRs”) with a breakdown of the types of concessions made by loan class during the first quarter of 2015 and 2014: | |||||||||||||||||||||||||
Three months ended March 31, 2015 | Three months ended March 31, 2014 | |||||||||||||||||||||||||
Pre- | Post- | Pre- | Post- | |||||||||||||||||||||||
Modification | Modification | Modification | Modification | |||||||||||||||||||||||
Outstanding | Outstanding | Outstanding | Outstanding | |||||||||||||||||||||||
Number | Recorded | Recorded | Number | Recorded | Recorded | |||||||||||||||||||||
of loans | Investment | Investment | of loans | Investment | Investment | |||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||
Below market interest rate: | ||||||||||||||||||||||||||
1-to-4 family residential | - | $ | - | $ | - | 1 | $ | 22 | $ | 22 | ||||||||||||||||
Total | - | $ | - | $ | - | 1 | $ | 22 | $ | 22 | ||||||||||||||||
Twelve months ended | Twelve months ended | |||||||||||||||||||||||||
March 31, 2015 | March 31, 2014 | |||||||||||||||||||||||||
Number | Recorded | Number | Recorded | |||||||||||||||||||||||
of loans | investment | of loans | investment | |||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||
Below market interest rate: | ||||||||||||||||||||||||||
1-to-4 family residential | - | $ | - | 4 | $ | 291 | ||||||||||||||||||||
Total | - | - | 4 | 291 | ||||||||||||||||||||||
Extended payment terms: | ||||||||||||||||||||||||||
Commercial and industrial | - | - | 3 | 401 | ||||||||||||||||||||||
Construction | - | - | 2 | 131 | ||||||||||||||||||||||
Commercial real estate | 2 | 936 | 1 | 645 | ||||||||||||||||||||||
1-to-4 family residential | 1 | 38 | 4 | 1,028 | ||||||||||||||||||||||
Total | 3 | 974 | 10 | 2,205 | ||||||||||||||||||||||
Other: | ||||||||||||||||||||||||||
Commercial real estate | - | - | 1 | 155 | ||||||||||||||||||||||
1-to-4 family residential | - | - | 1 | 68 | ||||||||||||||||||||||
Total | - | - | 2 | 223 | ||||||||||||||||||||||
Total | 3 | $ | 974 | 16 | $ | 2,719 | ||||||||||||||||||||
Financing Receivable Credit Quality Indicators [Table Text Block] | The following tables present information on risk ratings of the commercial and consumer loan portfolios, segregated by loan class as of March 31, 2015 and December 31, 2014, respectively: | |||||||||||||||||||||||||
Total loans: | ||||||||||||||||||||||||||
March 31, 2015 | ||||||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||
Credit | ||||||||||||||||||||||||||
Exposure By | Commercial | Commercial | ||||||||||||||||||||||||
Internally | and | real | Multi-family | |||||||||||||||||||||||
Assigned Grade | industrial | Construction | estate | residential | ||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||
Superior | $ | 1,379 | $ | - | $ | - | $ | - | ||||||||||||||||||
Very good | 2,046 | - | - | - | ||||||||||||||||||||||
Good | 6,134 | 2,700 | 14,679 | - | ||||||||||||||||||||||
Acceptable | 27,687 | 13,648 | 126,687 | 31,214 | ||||||||||||||||||||||
Acceptable with care | 27,669 | 67,751 | 79,044 | 7,216 | ||||||||||||||||||||||
Special mention | 185 | 725 | 7,915 | 2,006 | ||||||||||||||||||||||
Substandard | 929 | 1,144 | 6,429 | 883 | ||||||||||||||||||||||
Doubtful | - | - | - | - | ||||||||||||||||||||||
Loss | - | - | - | - | ||||||||||||||||||||||
$ | 66,029 | $ | 85,968 | $ | 234,754 | $ | 41,319 | |||||||||||||||||||
Consumer Credit | ||||||||||||||||||||||||||
Exposure By | ||||||||||||||||||||||||||
Internally | 1-to-4 family | |||||||||||||||||||||||||
Assigned Grade | residential | HELOC | ||||||||||||||||||||||||
Pass | $ | 79,236 | $ | 36,800 | ||||||||||||||||||||||
Special mention | 3,834 | 631 | ||||||||||||||||||||||||
Substandard | 4,203 | 1,050 | ||||||||||||||||||||||||
$ | 87,273 | $ | 38,481 | |||||||||||||||||||||||
Consumer Credit | ||||||||||||||||||||||||||
Exposure Based | Loans to | |||||||||||||||||||||||||
On Payment | individuals & | |||||||||||||||||||||||||
Activity | overdrafts | |||||||||||||||||||||||||
Pass | $ | 5,747 | ||||||||||||||||||||||||
Non –pass | 28 | |||||||||||||||||||||||||
$ | 5,775 | |||||||||||||||||||||||||
Total PCI loans: | ||||||||||||||||||||||||||
March 31, 2015 | ||||||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||
Credit | ||||||||||||||||||||||||||
Exposure By | Commercial | Commercial | ||||||||||||||||||||||||
Internally | and | real | Multi-family | |||||||||||||||||||||||
Assigned Grade | industrial | Construction | estate | residential | ||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||
Superior | $ | - | $ | - | $ | - | $ | - | ||||||||||||||||||
Very good | - | - | - | - | ||||||||||||||||||||||
Good | - | - | - | - | ||||||||||||||||||||||
Acceptable | - | - | - | - | ||||||||||||||||||||||
Acceptable with care | 523 | 1,388 | 9,203 | 2,698 | ||||||||||||||||||||||
Special mention | - | 65 | 1,937 | - | ||||||||||||||||||||||
Substandard | 48 | - | 558 | - | ||||||||||||||||||||||
Doubtful | - | - | - | - | ||||||||||||||||||||||
Loss | - | - | - | - | ||||||||||||||||||||||
$ | 571 | $ | 1,453 | $ | 11,698 | $ | 2,698 | |||||||||||||||||||
Consumer Credit | ||||||||||||||||||||||||||
Exposure By | ||||||||||||||||||||||||||
Internally | 1-to-4 family | |||||||||||||||||||||||||
Assigned Grade | residential | HELOC | ||||||||||||||||||||||||
Pass | $ | 6,058 | $ | 189 | ||||||||||||||||||||||
Special mention | 3,011 | - | ||||||||||||||||||||||||
Substandard | 605 | - | ||||||||||||||||||||||||
$ | 9,674 | $ | 189 | |||||||||||||||||||||||
Consumer Credit | ||||||||||||||||||||||||||
Exposure Based | Loans to | |||||||||||||||||||||||||
On Payment | individuals & | |||||||||||||||||||||||||
Activity | overdrafts | |||||||||||||||||||||||||
Pass | $ | 115 | ||||||||||||||||||||||||
Non –pass | 10 | |||||||||||||||||||||||||
$ | 125 | |||||||||||||||||||||||||
Total loans, excluding PCI loans: | ||||||||||||||||||||||||||
March 31, 2015 | ||||||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||
Credit | ||||||||||||||||||||||||||
Exposure By | Commercial | Commercial | ||||||||||||||||||||||||
Internally | and | real | Multi-family | |||||||||||||||||||||||
Assigned Grade | industrial | Construction | estate | residential | ||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||
Superior | $ | 1,379 | $ | - | $ | - | $ | - | ||||||||||||||||||
Very good | 2,046 | - | - | - | ||||||||||||||||||||||
Good | 6,134 | 2,700 | 14,679 | - | ||||||||||||||||||||||
Acceptable | 27,687 | 13,648 | 126,687 | 31,214 | ||||||||||||||||||||||
Acceptable with care | 27,146 | 66,363 | 69,841 | 4,518 | ||||||||||||||||||||||
Special mention | 185 | 660 | 5,978 | 2,006 | ||||||||||||||||||||||
Substandard | 881 | 1,144 | 5,871 | 883 | ||||||||||||||||||||||
Doubtful | - | - | - | - | ||||||||||||||||||||||
Loss | - | - | - | - | ||||||||||||||||||||||
$ | 65,458 | $ | 84,515 | $ | 223,056 | $ | 38,621 | |||||||||||||||||||
Consumer Credit | ||||||||||||||||||||||||||
Exposure By | ||||||||||||||||||||||||||
Internally | 1-to-4 family | |||||||||||||||||||||||||
Assigned Grade | residential | HELOC | ||||||||||||||||||||||||
Pass | $ | 73,178 | $ | 36,611 | ||||||||||||||||||||||
Special mention | 823 | 631 | ||||||||||||||||||||||||
Substandard | 3,598 | 1,050 | ||||||||||||||||||||||||
$ | 77,599 | $ | 38,292 | |||||||||||||||||||||||
Consumer Credit | ||||||||||||||||||||||||||
Exposure Based | Loans to | |||||||||||||||||||||||||
On Payment | individuals & | |||||||||||||||||||||||||
Activity | overdrafts | |||||||||||||||||||||||||
Pass | $ | 5,632 | ||||||||||||||||||||||||
Non –pass | 18 | |||||||||||||||||||||||||
$ | 5,650 | |||||||||||||||||||||||||
Total Loans: | ||||||||||||||||||||||||||
December 31, 2014 | ||||||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||
Credit | ||||||||||||||||||||||||||
Exposure By | Commercial | Commercial | ||||||||||||||||||||||||
Internally | and | real | Multi-family | |||||||||||||||||||||||
Assigned Grade | industrial | Construction | estate | residential | ||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||
Superior | $ | 1,241 | $ | - | $ | - | $ | - | ||||||||||||||||||
Very good | 1,110 | - | - | - | ||||||||||||||||||||||
Good | 5,282 | 2,705 | 15,276 | - | ||||||||||||||||||||||
Acceptable | 26,132 | 13,579 | 128,056 | 31,619 | ||||||||||||||||||||||
Acceptable with care | 23,404 | 65,717 | 75,554 | 8,374 | ||||||||||||||||||||||
Special mention | 221 | 384 | 8,036 | 1,330 | ||||||||||||||||||||||
Substandard | 827 | 1,208 | 6,708 | 901 | ||||||||||||||||||||||
Doubtful | - | - | - | - | ||||||||||||||||||||||
Loss | - | - | - | - | ||||||||||||||||||||||
$ | 58,217 | $ | 83,593 | $ | 233,630 | $ | 42,224 | |||||||||||||||||||
Consumer Credit | ||||||||||||||||||||||||||
Exposure By | ||||||||||||||||||||||||||
Internally | 1-to-4 family | |||||||||||||||||||||||||
Assigned Grade | residential | HELOC | ||||||||||||||||||||||||
Pass | $ | 82,794 | $ | 36,357 | ||||||||||||||||||||||
Special mention | 3,978 | 695 | ||||||||||||||||||||||||
Substandard | 4,131 | 1,041 | ||||||||||||||||||||||||
$ | 90,903 | $ | 38,093 | |||||||||||||||||||||||
Consumer Credit | ||||||||||||||||||||||||||
Exposure Based | Loans to | |||||||||||||||||||||||||
On Payment | individuals & | |||||||||||||||||||||||||
Activity | overdrafts | |||||||||||||||||||||||||
Pass | $ | 5,969 | ||||||||||||||||||||||||
Non-pass | 48 | |||||||||||||||||||||||||
$ | 6,017 | |||||||||||||||||||||||||
PCI Loans: | ||||||||||||||||||||||||||
December 31, 2014 | ||||||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||
Credit | ||||||||||||||||||||||||||
Exposure By | Commercial | Commercial | ||||||||||||||||||||||||
Internally | and | real | Multi-family | |||||||||||||||||||||||
Assigned Grade | industrial | Construction | estate | residential | ||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||
Superior | $ | - | $ | - | $ | - | $ | - | ||||||||||||||||||
Very good | - | - | - | - | ||||||||||||||||||||||
Good | - | - | - | - | ||||||||||||||||||||||
Acceptable | - | - | - | - | ||||||||||||||||||||||
Acceptable with care | 602 | 1,397 | 9,368 | 2,724 | ||||||||||||||||||||||
Special mention | - | 66 | 1,973 | - | ||||||||||||||||||||||
Substandard | 55 | - | 562 | - | ||||||||||||||||||||||
Doubtful | - | - | - | - | ||||||||||||||||||||||
Loss | - | - | - | - | ||||||||||||||||||||||
$ | 657 | $ | 1,463 | $ | 11,903 | $ | 2,724 | |||||||||||||||||||
Consumer Credit | ||||||||||||||||||||||||||
Exposure By | ||||||||||||||||||||||||||
Internally | 1-to-4 family | |||||||||||||||||||||||||
Assigned Grade | residential | HELOC | ||||||||||||||||||||||||
Pass | $ | 6,437 | $ | 188 | ||||||||||||||||||||||
Special mention | 2,926 | - | ||||||||||||||||||||||||
Substandard | 609 | - | ||||||||||||||||||||||||
$ | 9,972 | $ | 188 | |||||||||||||||||||||||
Consumer Credit | ||||||||||||||||||||||||||
Exposure Based | Loans to | |||||||||||||||||||||||||
On Payment | individuals & | |||||||||||||||||||||||||
Activity | overdrafts | |||||||||||||||||||||||||
Pass | $ | 117 | ||||||||||||||||||||||||
Non-pass | 11 | |||||||||||||||||||||||||
$ | 128 | |||||||||||||||||||||||||
Total Loans, excluding PCI Loans: | ||||||||||||||||||||||||||
December 31, 2014 | ||||||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||
Credit | ||||||||||||||||||||||||||
Exposure By | Commercial | Commercial | ||||||||||||||||||||||||
Internally | and | real | Multi-family | |||||||||||||||||||||||
Assigned Grade | industrial | Construction | estate | residential | ||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||
Superior | $ | 1,241 | $ | - | $ | - | $ | - | ||||||||||||||||||
Very good | 1,110 | - | - | - | ||||||||||||||||||||||
Good | 5,282 | 2,705 | 15,276 | - | ||||||||||||||||||||||
Acceptable | 26,132 | 13,579 | 128,056 | 31,619 | ||||||||||||||||||||||
Acceptable with care | 22,802 | 64,320 | 66,186 | 5,650 | ||||||||||||||||||||||
Special mention | 221 | 318 | 6,063 | 1,330 | ||||||||||||||||||||||
Substandard | 772 | 1,208 | 6,146 | 901 | ||||||||||||||||||||||
Doubtful | - | - | - | - | ||||||||||||||||||||||
Loss | - | - | - | - | ||||||||||||||||||||||
$ | 57,560 | $ | 82,130 | $ | 221,727 | $ | 39,500 | |||||||||||||||||||
Consumer Credit | ||||||||||||||||||||||||||
Exposure By | ||||||||||||||||||||||||||
Internally | 1-to-4 family | |||||||||||||||||||||||||
Assigned Grade | residential | HELOC | ||||||||||||||||||||||||
Pass | $ | 76,357 | $ | 36,169 | ||||||||||||||||||||||
Special mention | 1,052 | 695 | ||||||||||||||||||||||||
Substandard | 3,522 | 1,041 | ||||||||||||||||||||||||
$ | 80,931 | $ | 37,905 | |||||||||||||||||||||||
Consumer Credit | ||||||||||||||||||||||||||
Exposure Based | Loans to | |||||||||||||||||||||||||
On Payment | individuals & | |||||||||||||||||||||||||
Activity | overdrafts | |||||||||||||||||||||||||
Pass | $ | 5,852 | ||||||||||||||||||||||||
Non-pass | 37 | |||||||||||||||||||||||||
$ | 5,889 | |||||||||||||||||||||||||
Schedule Of Certain Loans Acquired In Transfer Accounted For As Debt Securities Accretable Yield [Table Text Block] | The following table documents changes to the amount of the accretable yield on PCI loans for the three months ended March 31, 2015 (dollars in thousands): | |||||||||||||||||||||||||
Accretable yield, beginning of period | $ | 3,762 | ||||||||||||||||||||||||
Accretion | -328 | |||||||||||||||||||||||||
Reclassification from (to) nonaccretable difference | - | |||||||||||||||||||||||||
Accretable yield, end of period | $ | 3,434 | ||||||||||||||||||||||||
Allowance for Credit Losses on Financing Receivables [Table Text Block] | The following tables present a roll forward of the Company’s allowance for loan losses by loan class for the three month periods ended March 31, 2015 and March 31, 2014, respectively: | |||||||||||||||||||||||||
Three months ended March 31, 2015 | ||||||||||||||||||||||||||
Commercial | 1 to 4 | Loans to | Multi- | |||||||||||||||||||||||
and | Commercial | family | individuals & | family | ||||||||||||||||||||||
Allowance for loan losses | industrial | Construction | real estate | residential | HELOC | overdrafts | residential | Total | ||||||||||||||||||
Loans – excluding PCI | ||||||||||||||||||||||||||
Balance, beginning of period | $ | 803 | $ | 1,103 | $ | 2,914 | $ | 630 | $ | 930 | $ | 185 | $ | 279 | $ | 6,844 | ||||||||||
Provision for loan losses | 173 | 102 | -40 | -40 | -42 | -3 | -20 | 130 | ||||||||||||||||||
Loans charged-off | - | - | -29 | - | -40 | -24 | - | -93 | ||||||||||||||||||
Recoveries | 6 | 4 | - | 16 | 3 | 9 | - | 38 | ||||||||||||||||||
Balance, end of period | $ | 982 | $ | 1,209 | $ | 2,845 | $ | 606 | $ | 851 | $ | 167 | $ | 259 | $ | 6,919 | ||||||||||
PCI Loans | ||||||||||||||||||||||||||
Balance, beginning of period | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||
Provision for loan losses | - | - | - | - | - | - | - | - | ||||||||||||||||||
Loans charged-off | - | - | - | - | - | - | - | - | ||||||||||||||||||
Recoveries | - | - | - | - | - | - | - | - | ||||||||||||||||||
Balance, end of period | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||
Total Loans | ||||||||||||||||||||||||||
Balance, beginning of period | $ | 803 | $ | 1,103 | $ | 2,914 | $ | 630 | $ | 930 | $ | 185 | $ | 279 | $ | 6,844 | ||||||||||
Provision for loan losses | 173 | 102 | -40 | -40 | -42 | -3 | -20 | 130 | ||||||||||||||||||
Loans charged-off | - | - | -29 | - | -40 | -24 | - | -93 | ||||||||||||||||||
Recoveries | 6 | 4 | - | 16 | 3 | 9 | - | 38 | ||||||||||||||||||
Balance, end of period | $ | 982 | $ | 1,209 | $ | 2,845 | $ | 606 | $ | 851 | $ | 167 | $ | 259 | $ | 6,919 | ||||||||||
Ending Balance: individually evaluated for impairment | $ | 2 | $ | 79 | $ | 354 | $ | 90 | $ | 50 | $ | - | $ | - | $ | 575 | ||||||||||
Ending Balance: collectively evaluated for impairment | $ | 980 | $ | 1,130 | $ | 2,491 | $ | 516 | $ | 801 | $ | 167 | $ | 259 | $ | 6,344 | ||||||||||
Loans: | ||||||||||||||||||||||||||
Ending Balance: collectively evaluated for impairment | $ | 65,414 | $ | 84,747 | $ | 227,521 | $ | 84,090 | $ | 37,560 | $ | 5,775 | $ | 39,119 | $ | 544,226 | ||||||||||
Ending Balance: individually evaluated for impairment | $ | 615 | $ | 1,221 | $ | 7,233 | $ | 3,183 | $ | 921 | $ | - | $ | 2,200 | $ | 15,373 | ||||||||||
Ending Balance | $ | 66,029 | $ | 85,968 | $ | 234,754 | $ | 87,273 | $ | 38,481 | $ | 5,775 | $ | 41,319 | $ | 559,599 | ||||||||||
There is no allowance for PCI loans as of March 31, 2015. | ||||||||||||||||||||||||||
Three months ended March 31, 2014 | ||||||||||||||||||||||||||
Commercial | 1-to-4 | Loans to | Multi- | |||||||||||||||||||||||
and | Commercial | family | individuals & | family | ||||||||||||||||||||||
Allowance for loan losses | industrial | Construction | real estate | residential | HELOC | overdrafts | residential | Total | ||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||
Balance, beginning of period | $ | 245 | $ | 565 | $ | 4,599 | $ | 826 | $ | 680 | $ | 65 | $ | 74 | $ | 7,054 | ||||||||||
Provision (recovery) for loan losses | 322 | 266 | -1,340 | -265 | 645 | 106 | 217 | -49 | ||||||||||||||||||
Loans charged-off | -63 | - | - | -1 | -40 | -6 | - | -110 | ||||||||||||||||||
Recoveries | 9 | 58 | 24 | 25 | 8 | 6 | - | 130 | ||||||||||||||||||
Balance, end of period | $ | 513 | $ | 889 | $ | 3,283 | $ | 585 | $ | 1,293 | $ | 171 | $ | 291 | $ | 7,025 | ||||||||||
Ending balance: individually evaluated for impairment | $ | 66 | $ | 81 | $ | 538 | $ | 21 | $ | 313 | $ | - | $ | - | $ | 1,019 | ||||||||||
Ending balance: collectively evaluated for impairment | $ | 447 | $ | 808 | $ | 2,745 | $ | 564 | $ | 980 | $ | 171 | $ | 291 | $ | 6,006 | ||||||||||
Loans: | ||||||||||||||||||||||||||
Ending balance: collectively evaluated for impairment | $ | 29,443 | $ | 54,737 | $ | 161,393 | $ | 29,666 | $ | 29,864 | $ | 7,556 | $ | 18,742 | $ | 331,401 | ||||||||||
Ending balance: individually evaluated for impairment | $ | 392 | $ | 1,946 | $ | 6,124 | $ | 2,885 | $ | 1,300 | $ | 4 | $ | 2,339 | $ | 14,990 | ||||||||||
Ending balance | $ | 29,835 | $ | 56,683 | $ | 167,517 | $ | 32,551 | $ | 31,164 | $ | 7,560 | $ | 21,081 | $ | 346,391 | ||||||||||
ACCUMULATED_OTHER_COMPREHENSIV1
ACCUMULATED OTHER COMPREHENSIVE INCOME (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | The following table presents changes in accumulated other comprehensive income for the three months ended March 31, 2015 and 2014. | |||||||
Three Months Ended | ||||||||
March 31, | ||||||||
2015 | 2014 | |||||||
(In thousands) | ||||||||
Beginning balance | $ | 809 | $ | -108 | ||||
Unrealized gain on investment securities available for sale | 608 | 382 | ||||||
Tax benefit | -234 | -142 | ||||||
Other comprehensive income before reclassification | 374 | 240 | ||||||
Amounts reclassified from accumulated comprehensive income: | ||||||||
Realized (gain) loss on investment securities included in net income | -85 | - | ||||||
Tax effect | 33 | - | ||||||
Total reclassifications net of tax | -52 | - | ||||||
Net current period other comprehensive income | 322 | 240 | ||||||
Ending balance | $ | 1,131 | $ | 132 | ||||
BASIS_OF_PRESENTATION_Details_
BASIS OF PRESENTATION (Details Textual) (USD $) | 3 Months Ended | |
In Millions, except Share data, unless otherwise specified | Mar. 31, 2015 | Sep. 30, 2013 |
Basis Of Presentation [Line Items] | ||
Assets Value of Merger | $276.90 | |
Common Stock [Member] | ||
Basis Of Presentation [Line Items] | ||
Sale of Stock, Price Per Share | $1.83 | |
Stock Issued During Period, Shares, New Issues | 4,416,500 |
PER_SHARE_RESULTS_Details
PER SHARE RESULTS (Details) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Weighted Average Number Of Shares [Line Items] | ||
Weighted average shares used for basic net income per share | 11,426,378 | 6,921,651 |
Effect of dilutive stock options | 83,769 | 2,513 |
Weighted average shares used for diluted net income per share | 11,510,147 | 6,924,164 |
PER_SHARE_RESULTS_Details_Text
PER SHARE RESULTS (Details Textual) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 111,080 | 254,130 |
BUSINESS_COMBINATIONS_Details_
BUSINESS COMBINATIONS (Details Textual) (USD $) | 3 Months Ended | 1 Months Ended | |||
Mar. 31, 2015 | Jul. 25, 2014 | Dec. 31, 2014 | Sep. 30, 2013 | ||
Business Acquisition [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 370,278 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 259,299 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 3 years 25 days | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $759,000 | ||||
Certain Loans Acquired in Transfer Accounted for as Debt Securities, Acquired During Period, at Acquisition, at Fair Value | 26,408,000 | 28,567,000 | |||
Share-Based Compensation Arrangement By Share-Based Payment Award, Options, Exercises In Period | 108,693 | ||||
Assets Value of Merger | 276,900,000 | ||||
Common Stock, Par or Stated Value Per Share | $1 | $1 | |||
Finite-Lived Intangible Assets, Net | 1,470,000 | 1,625,000 | [1] | ||
Goodwill | 7,077,000 | 7,077,000 | [1] | ||
Common Stock [Member] | |||||
Business Acquisition [Line Items] | |||||
Business Combination Shares Issued Ratio | 1.8264 | ||||
Business Acquisition, Equity Interest Issued or Issuable, Value Assigned | 31,100,000 | ||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | 2,418,347 | ||||
Business Acquisition, Share Price | $6.76 | ||||
Common Stock, Par or Stated Value Per Share | $12.35 | ||||
Legacy Select [Member] | |||||
Business Acquisition [Line Items] | |||||
Share Based Compensation Arrangement By Acquired Share Based Payment Award Options Converted Number | 202,842 | ||||
Purchased Credit Impaired Loans [Member] | |||||
Business Acquisition [Line Items] | |||||
Certain Loans Acquired in Transfer Accounted for as Debt Securities, Acquired During Period, at Acquisition, at Fair Value | 28,600,000 | ||||
Performing Loans [Member] | |||||
Business Acquisition [Line Items] | |||||
Certain Loans Acquired in Transfer Accounted for as Debt Securities, Acquired During Period, at Acquisition, at Fair Value | $189,000,000 | ||||
[1] | Derived from audited consolidated financial statements. |
FAIR_VALUE_MEASUREMENTS_Detail
FAIR VALUE MEASUREMENTS (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Assets, Fair Value Disclosure, Recurring | $101,265 | $102,235 |
US Government Agencies Debt Securities [Member] | ||
Assets, Fair Value Disclosure, Recurring | 32,226 | 27,921 |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Assets, Fair Value Disclosure, Recurring | 48,323 | 53,304 |
Municipal Bonds [Member] | ||
Assets, Fair Value Disclosure, Recurring | 20,716 | 21,010 |
Fair Value, Inputs, Level 1 [Member] | ||
Assets, Fair Value Disclosure, Recurring | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | US Government Agencies Debt Securities [Member] | ||
Assets, Fair Value Disclosure, Recurring | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Assets, Fair Value Disclosure, Recurring | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Municipal Bonds [Member] | ||
Assets, Fair Value Disclosure, Recurring | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ||
Assets, Fair Value Disclosure, Recurring | 101,265 | 102,235 |
Fair Value, Inputs, Level 2 [Member] | US Government Agencies Debt Securities [Member] | ||
Assets, Fair Value Disclosure, Recurring | 32,226 | 27,921 |
Fair Value, Inputs, Level 2 [Member] | Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Assets, Fair Value Disclosure, Recurring | 48,323 | 53,304 |
Fair Value, Inputs, Level 2 [Member] | Municipal Bonds [Member] | ||
Assets, Fair Value Disclosure, Recurring | 20,716 | 21,010 |
Fair Value, Inputs, Level 3 [Member] | ||
Assets, Fair Value Disclosure, Recurring | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | US Government Agencies Debt Securities [Member] | ||
Assets, Fair Value Disclosure, Recurring | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Assets, Fair Value Disclosure, Recurring | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Municipal Bonds [Member] | ||
Assets, Fair Value Disclosure, Recurring | $0 | $0 |
FAIR_VALUE_MEASUREMENTS_Detail1
FAIR VALUE MEASUREMENTS (Details 1) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Assets, Fair Value Disclosure, Nonrecurring | $7,883 | $8,481 |
Impaired Loans [Member] | ||
Assets, Fair Value Disclosure, Nonrecurring | 6,696 | 6,896 |
Foreclosed Real Estate [Member] | ||
Assets, Fair Value Disclosure, Nonrecurring | 1,187 | 1,585 |
Fair Value, Inputs, Level 1 [Member] | ||
Assets, Fair Value Disclosure, Nonrecurring | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Impaired Loans [Member] | ||
Assets, Fair Value Disclosure, Nonrecurring | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Foreclosed Real Estate [Member] | ||
Assets, Fair Value Disclosure, Nonrecurring | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ||
Assets, Fair Value Disclosure, Nonrecurring | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Impaired Loans [Member] | ||
Assets, Fair Value Disclosure, Nonrecurring | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Foreclosed Real Estate [Member] | ||
Assets, Fair Value Disclosure, Nonrecurring | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | ||
Assets, Fair Value Disclosure, Nonrecurring | 7,883 | 8,481 |
Fair Value, Inputs, Level 3 [Member] | Impaired Loans [Member] | ||
Assets, Fair Value Disclosure, Nonrecurring | 6,696 | 6,896 |
Fair Value, Inputs, Level 3 [Member] | Foreclosed Real Estate [Member] | ||
Assets, Fair Value Disclosure, Nonrecurring | $1,187 | $1,585 |
FAIR_VALUE_MEASUREMENTS_Detail2
FAIR VALUE MEASUREMENTS (Details 2) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | |
In Thousands, unless otherwise specified | |||
Financial assets: | |||
Cash and due from banks | $9,495 | $14,417 | [1] |
Certificates of deposit | 1,000 | 1,000 | |
Interest-earning deposits in other banks | 24,187 | 22,810 | |
Federal funds sold and repurchase agreements | 2,006 | 20,183 | [1] |
Investment securities available for sale | 101,265 | 102,235 | |
Loans, net | 552,004 | 545,194 | |
Accrued interest receivable | 2,273 | 2,416 | [1] |
Stock in the FHLB | 1,487 | 1,524 | [1] |
Other non-marketable securities | 832 | 896 | |
Financial liabilities: | |||
Deposits | 600,520 | 618,902 | [1] |
Short-term debt | 18,943 | 20,733 | [1] |
Long-term debt | 25,258 | 25,591 | [1] |
Accrued interest payable | 224 | 276 | [1] |
Estimate of Fair Value Measurement [Member] | |||
Financial assets: | |||
Cash and due from banks | 9,495 | 14,417 | |
Certificates of deposit | 1,000 | 1,000 | |
Interest-earning deposits in other banks | 24,187 | 22,810 | |
Federal funds sold and repurchase agreements | 2,006 | 20,183 | |
Investment securities available for sale | 101,265 | 102,235 | |
Loans, net | 561,513 | 555,736 | |
Accrued interest receivable | 2,273 | 2,416 | |
Stock in the FHLB | 1,487 | 1,524 | |
Other non-marketable securities | 832 | 896 | |
Financial liabilities: | |||
Deposits | 602,484 | 621,049 | |
Short-term debt | 18,876 | 20,593 | |
Long-term debt | 18,637 | 20,771 | |
Accrued interest payable | 224 | 276 | |
Fair Value, Inputs, Level 1 [Member] | |||
Financial assets: | |||
Cash and due from banks | 9,495 | 14,417 | |
Certificates of deposit | 1,000 | 1,000 | |
Interest-earning deposits in other banks | 24,187 | 22,810 | |
Federal funds sold and repurchase agreements | 2,006 | 20,183 | |
Investment securities available for sale | 0 | 0 | |
Loans, net | 0 | 0 | |
Accrued interest receivable | 0 | 0 | |
Stock in the FHLB | 0 | 0 | |
Other non-marketable securities | 0 | 0 | |
Financial liabilities: | |||
Deposits | 0 | 0 | |
Short-term debt | 0 | 0 | |
Long-term debt | 0 | 0 | |
Accrued interest payable | 0 | 0 | |
Fair Value, Inputs, Level 2 [Member] | |||
Financial assets: | |||
Cash and due from banks | 0 | 0 | |
Certificates of deposit | 0 | 0 | |
Interest-earning deposits in other banks | 0 | 0 | |
Federal funds sold and repurchase agreements | 0 | 0 | |
Investment securities available for sale | 101,265 | 102,235 | |
Loans, net | 0 | 0 | |
Accrued interest receivable | 0 | 0 | |
Stock in the FHLB | 0 | 0 | |
Other non-marketable securities | 0 | 0 | |
Financial liabilities: | |||
Deposits | 602,484 | 621,049 | |
Short-term debt | 18,876 | 20,593 | |
Long-term debt | 18,637 | 20,771 | |
Accrued interest payable | 0 | 0 | |
Fair Value, Inputs, Level 3 [Member] | |||
Financial assets: | |||
Cash and due from banks | 0 | 0 | |
Certificates of deposit | 0 | 0 | |
Interest-earning deposits in other banks | 0 | 0 | |
Federal funds sold and repurchase agreements | 0 | 0 | |
Investment securities available for sale | 0 | 0 | |
Loans, net | 561,513 | 555,736 | |
Accrued interest receivable | 2,273 | 2,416 | |
Stock in the FHLB | 1,487 | 1,524 | |
Other non-marketable securities | 832 | 896 | |
Financial liabilities: | |||
Deposits | 0 | 0 | |
Short-term debt | 0 | 0 | |
Long-term debt | 0 | 0 | |
Accrued interest payable | $224 | $276 | |
[1] | Derived from audited consolidated financial statements. |
FAIR_VALUE_MEASUREMENTS_Detail3
FAIR VALUE MEASUREMENTS (Details Textual) | Mar. 31, 2015 |
Minimum [Member] | |
Percentage Of Discount From Impaired Loans | 5.00% |
Maximum [Member] | |
Percentage Of Discount From Impaired Loans | 47.00% |
Fair Value [Member] | Minimum [Member] | |
Percentage Of Discount From Foreclosed Real Estate | 5.00% |
Fair Value [Member] | Maximum [Member] | |
Percentage Of Discount From Foreclosed Real Estate | 90.00% |
INVESTMENT_SECURITIES_Details
INVESTMENT SECURITIES (Details) (USD $) | 3 Months Ended | 12 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 | |
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-sale Securities, Amortized Cost Total | $99,461 | $100,954 | |
Available-for-sale Securities, Gross Unrealized Gain | 1,971 | 1,692 | |
Available-for-sale Securities, Gross Unrealized Loss | -167 | -411 | |
Available-for-sale Securities, Fair Value Total | 101,265 | 102,235 | [1] |
Us Government Agencies Debt Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost, Due within one year | 4,039 | 6,352 | |
Gross Unrealized Gains, Due within one year | 3 | 8 | |
Gross Unrealized Losses, Due within one year | 0 | 0 | |
Fair Value, Due within one year | 4,042 | 6,360 | |
Amortized Cost, Due after one but within five years | 12,816 | 6,018 | |
Gross Unrealized Gains, Due after one but within five years | 57 | 21 | |
Gross Unrealized Losses, Due after one but within five years | 0 | -24 | |
Fair Value, Due after one but within five years | 12,873 | 6,015 | |
Amortized Cost, Due after five but within ten years | 11,720 | 10,032 | |
Gross Unrealized Gains, Due after five but within ten years | 42 | 32 | |
Gross Unrealized Losses, Due after five but within ten years | -108 | -227 | |
Fair Value, Due after five but within ten years | 11,654 | 9,837 | |
Amortized Cost, Due after ten years | 3,699 | 5,778 | |
Gross Unrealized Gains, Due after ten years | 0 | 0 | |
Gross Unrealized Losses, Due after ten years | -42 | -69 | |
Fair Value, Due after ten years | 3,657 | 5,709 | |
Mortgage-Backed Securities, Issued By Us Government Sponsored Enterprises [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost, Due within one year | 13 | 21 | |
Gross Unrealized Gains, Due within one year | 1 | 1 | |
Gross Unrealized Losses, Due within one year | 0 | 0 | |
Fair Value, Due within one year | 14 | 22 | |
Amortized Cost, Due after one but within five years | 27,923 | 35,114 | |
Gross Unrealized Gains, Due after one but within five years | 952 | 974 | |
Gross Unrealized Losses, Due after one but within five years | -8 | -39 | |
Fair Value, Due after one but within five years | 28,867 | 36,049 | |
Amortized Cost, Due after five but within ten years | 17,216 | 17,143 | |
Gross Unrealized Gains, Due after five but within ten years | 294 | 140 | |
Gross Unrealized Losses, Due after five but within ten years | -8 | -50 | |
Fair Value, Due after five but within ten years | 17,502 | 17,233 | |
Amortized Cost, Due after ten years | 1,866 | ||
Gross Unrealized Gains, Due after ten years | 74 | ||
Gross Unrealized Losses, Due after ten years | 0 | ||
Fair Value, Due after ten years | 1,940 | ||
Municipal Bonds [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost, Due within one year | 325 | 576 | |
Gross Unrealized Gains, Due within one year | 1 | 3 | |
Gross Unrealized Losses, Due within one year | 0 | 0 | |
Fair Value, Due within one year | 326 | 579 | |
Amortized Cost, Due after one but within five years | 3,798 | 3,806 | |
Gross Unrealized Gains, Due after one but within five years | 139 | 144 | |
Gross Unrealized Losses, Due after one but within five years | 0 | 0 | |
Fair Value, Due after one but within five years | 3,937 | 3,950 | |
Amortized Cost, Due after five but within ten years | 6,320 | 6,351 | |
Gross Unrealized Gains, Due after five but within ten years | 139 | 116 | |
Gross Unrealized Losses, Due after five but within ten years | -1 | -2 | |
Fair Value, Due after five but within ten years | 6,458 | 6,465 | |
Amortized Cost, Due after ten years | 9,726 | 9,763 | |
Gross Unrealized Gains, Due after ten years | 269 | 253 | |
Gross Unrealized Losses, Due after ten years | 0 | 0 | |
Fair Value, Due after ten years | $9,995 | $10,016 | |
[1] | Derived from audited consolidated financial statements. |
INVESTMENT_SECURITIES_Details_
INVESTMENT SECURITIES (Details 1) (USD $) | 3 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 |
US Government Agencies Debt Securities [Member] | ||
Securities available for sale: | ||
Less Than 12 Months Fair value | $1,978 | $2,926 |
12 Months or More Unrealized losses | -21 | -24 |
12 Months or More Fair value | 10,705 | 12,731 |
12 Months or More Unrealized losses | -129 | -296 |
Total Fair value | 12,683 | 15,657 |
Total Unrealized losses | -150 | -320 |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Securities available for sale: | ||
Less Than 12 Months Fair value | 4,481 | 1,965 |
12 Months or More Unrealized losses | -16 | -28 |
12 Months or More Fair value | 0 | 4,590 |
12 Months or More Unrealized losses | 0 | -61 |
Total Fair value | 4,481 | 6,555 |
Total Unrealized losses | -16 | -89 |
Municipal Bonds [Member] | ||
Securities available for sale: | ||
Less Than 12 Months Fair value | 113 | 0 |
12 Months or More Unrealized losses | -1 | 0 |
12 Months or More Fair value | 0 | 112 |
12 Months or More Unrealized losses | 0 | -2 |
Total Fair value | 113 | 112 |
Total Unrealized losses | -1 | -2 |
Temporarily Impaired Securities [Member] | ||
Securities available for sale: | ||
Less Than 12 Months Fair value | 6,572 | 4,891 |
12 Months or More Unrealized losses | -38 | -52 |
12 Months or More Fair value | 10,705 | 17,433 |
12 Months or More Unrealized losses | -129 | -359 |
Total Fair value | 17,277 | 22,324 |
Total Unrealized losses | ($167) | ($411) |
INVESTMENT_SECURITIES_Details_1
INVESTMENT SECURITIES (Details Textual) (USD $) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | |
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-sale Securities, Gross Unrealized Gain (Loss) | $1,800,000 | $1,300,000 | |
Deferred Income Taxes and Other Liabilities, Noncurrent | 673,000 | 481,000 | |
US Government Securities, at Carrying Value | 36,700,000 | 85,100,000 | |
Trading Securities, Description | At March 31, 2015, the Company had seven AFS securities with an unrealized loss for twelve or more consecutive months. Seven U.S. government agency GSEs had unrealized losses for more than twelve months totaling $129,000 at March 31, 2015. One U.S. government agency GSE, four mortgage-backed GSEs, and one municipal bond had unrealized losses for less than twelve months totaling $38,000 at March 31, 2015. | At December 31, 2014, the Company had thirteen AFS securities with an unrealized loss for twelve or more consecutive months. Eight U.S. government agency GSEs, one municipal and four mortgage-backed GSEs had unrealized losses for more than twelve months totaling $359,000 at December 31, 2014. Two U.S. government agency GSEs and one mortgage-backed GSE bonds had unrealized losses for less than twelve months totaling $52,000 at December 31, 2014. | |
Gain (Loss) on Sale of Securities, Net | 85,000 | 0 | 46,000 |
Proceeds from Sale of Available-for-sale Securities, Total | $3,443,000 | $550,000 |
LOANS_Details
LOANS (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | |
In Thousands, unless otherwise specified | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans | $558,923 | $552,038 | [1] | $346,391 | |
Allowance for loan losses | -6,919 | -6,844 | [1] | -7,025 | -7,054 |
Total loans, net | 552,004 | 545,194 | [1] | ||
Total Loans [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Gross loans | 559,599 | 552,677 | |||
Less deferred loan origination fees, net | -676 | -639 | |||
Loans | 558,923 | 552,038 | |||
Allowance for loan losses | -6,919 | -6,844 | |||
Total loans, net | 552,004 | 545,194 | |||
Percentage of Deferred Origination Fees | -0.12% | -0.12% | |||
Percent of Loans | 100.00% | 100.00% | |||
Purchase Credit Impairment Loans [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Gross loans | 26,408 | 27,035 | |||
Less deferred loan origination fees, net | 0 | 0 | |||
Loans | 26,408 | 27,035 | |||
Allowance for loan losses | 0 | 0 | |||
Total loans, net | 26,408 | 27,035 | |||
Percentage of Deferred Origination Fees | 0.00% | 0.00% | |||
Percent of Loans | 100.00% | 100.00% | |||
Excluding Purchase Credit Impairment Loans [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Gross loans | 533,191 | 525,642 | |||
Less deferred loan origination fees, net | -676 | -639 | |||
Loans | 532,515 | 525,003 | |||
Allowance for loan losses | -6,919 | -6,844 | |||
Total loans, net | 525,596 | 518,159 | |||
Percentage of Deferred Origination Fees | -0.13% | -0.12% | |||
Percent of Loans | 100.00% | 100.00% | |||
Family Residential Real Estate 1 to 4 [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans | 87,273 | 32,551 | |||
Allowance for loan losses | -585 | -826 | |||
Family Residential Real Estate 1 to 4 [Member] | Total Loans [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans | 87,273 | 90,903 | |||
Allowance for loan losses | -606 | -630 | |||
Percent of Loans | 15.62% | 16.47% | |||
Family Residential Real Estate 1 to 4 [Member] | Purchase Credit Impairment Loans [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans | 9,674 | 9,972 | |||
Allowance for loan losses | 0 | 0 | |||
Percent of Loans | 36.63% | 36.89% | |||
Family Residential Real Estate 1 to 4 [Member] | Excluding Purchase Credit Impairment Loans [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Gross loans | 77,599 | 80,931 | |||
Loans | 77,599 | 80,931 | |||
Allowance for loan losses | -606 | -630 | |||
Percent of Loans | 14.57% | 15.42% | |||
Commercial Real Estate [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans | 234,754 | 167,517 | |||
Allowance for loan losses | -3,283 | -4,599 | |||
Commercial Real Estate [Member] | Total Loans [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans | 234,754 | 233,630 | |||
Allowance for loan losses | -2,845 | -2,914 | |||
Percent of Loans | 42.00% | 42.32% | |||
Commercial Real Estate [Member] | Purchase Credit Impairment Loans [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans | 11,698 | 11,903 | |||
Allowance for loan losses | 0 | 0 | |||
Percent of Loans | 44.30% | 44.03% | |||
Commercial Real Estate [Member] | Excluding Purchase Credit Impairment Loans [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Gross loans | 223,056 | 221,727 | |||
Loans | 223,056 | 221,727 | |||
Allowance for loan losses | -2,845 | -2,914 | |||
Percent of Loans | 41.89% | 42.23% | |||
Multi Family Residential Real Estate [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans | 41,319 | 21,081 | |||
Allowance for loan losses | -291 | -74 | |||
Multi Family Residential Real Estate [Member] | Total Loans [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans | 41,319 | 42,224 | |||
Allowance for loan losses | -259 | -279 | |||
Percent of Loans | 7.39% | 7.65% | |||
Multi Family Residential Real Estate [Member] | Purchase Credit Impairment Loans [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans | 2,698 | 2,724 | |||
Allowance for loan losses | 0 | 0 | |||
Percent of Loans | 10.22% | 10.08% | |||
Multi Family Residential Real Estate [Member] | Excluding Purchase Credit Impairment Loans [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Gross loans | 38,621 | 39,500 | |||
Loans | 38,621 | 39,500 | |||
Allowance for loan losses | -259 | -279 | |||
Percent of Loans | 7.25% | 7.52% | |||
Construction Loans Real Estate [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans | 85,968 | 56,683 | |||
Allowance for loan losses | -889 | -565 | |||
Construction Loans Real Estate [Member] | Total Loans [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans | 85,968 | 83,593 | |||
Allowance for loan losses | -1,209 | -1,103 | |||
Percent of Loans | 15.38% | 15.14% | |||
Construction Loans Real Estate [Member] | Purchase Credit Impairment Loans [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans | 1,453 | 1,463 | |||
Allowance for loan losses | 0 | 0 | |||
Percent of Loans | 5.50% | 5.41% | |||
Construction Loans Real Estate [Member] | Excluding Purchase Credit Impairment Loans [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Gross loans | 84,515 | 82,130 | |||
Loans | 84,515 | 82,130 | |||
Allowance for loan losses | -1,209 | -1,103 | |||
Percent of Loans | 15.87% | 15.64% | |||
Home Equity Line of Credit [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans | 38,481 | 31,164 | |||
Allowance for loan losses | -1,293 | -680 | |||
Home Equity Line of Credit [Member] | Total Loans [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans | 38,481 | 38,093 | |||
Allowance for loan losses | -851 | -930 | |||
Percent of Loans | 6.89% | 6.90% | |||
Home Equity Line of Credit [Member] | Purchase Credit Impairment Loans [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans | 189 | 188 | |||
Allowance for loan losses | 0 | 0 | |||
Percent of Loans | 0.72% | 0.69% | |||
Home Equity Line of Credit [Member] | Excluding Purchase Credit Impairment Loans [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Gross loans | 38,292 | 37,905 | |||
Loans | 38,292 | 37,905 | |||
Allowance for loan losses | -851 | -930 | |||
Percent of Loans | 7.19% | 7.22% | |||
Real Estate [Member] | Total Loans [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans | 487,795 | 488,443 | |||
Percent of Loans | 87.28% | 88.48% | |||
Real Estate [Member] | Purchase Credit Impairment Loans [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans | 25,712 | 26,250 | |||
Percent of Loans | 97.37% | 97.10% | |||
Real Estate [Member] | Excluding Purchase Credit Impairment Loans [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Gross loans | 462,083 | 462,193 | |||
Percent of Loans | 86.77% | 88.03% | |||
Commercial and Industrial Other [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans | 66,029 | 29,835 | |||
Allowance for loan losses | -513 | -245 | |||
Commercial and Industrial Other [Member] | Total Loans [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans | 66,029 | 58,217 | |||
Allowance for loan losses | -982 | -803 | |||
Percent of Loans | 11.81% | 10.55% | |||
Commercial and Industrial Other [Member] | Purchase Credit Impairment Loans [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans | 571 | 657 | |||
Allowance for loan losses | 0 | 0 | |||
Percent of Loans | 2.16% | 2.43% | |||
Commercial and Industrial Other [Member] | Excluding Purchase Credit Impairment Loans [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Gross loans | 65,458 | 57,560 | |||
Loans | 65,458 | 57,560 | |||
Allowance for loan losses | -982 | -803 | |||
Percent of Loans | 12.29% | 10.97% | |||
Loans to Individuals [Member] | Total Loans [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans | 5,693 | 5,953 | |||
Percent of Loans | 1.02% | 1.08% | |||
Loans to Individuals [Member] | Purchase Credit Impairment Loans [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans | 125 | 128 | |||
Percent of Loans | 0.47% | 0.47% | |||
Loans to Individuals [Member] | Excluding Purchase Credit Impairment Loans [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Gross loans | 5,568 | 5,825 | |||
Percent of Loans | 1.05% | 1.11% | |||
Overdrafts [Member] | Total Loans [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans | 82 | 64 | |||
Percent of Loans | 0.01% | 0.01% | |||
Overdrafts [Member] | Purchase Credit Impairment Loans [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans | 0 | 0 | |||
Percent of Loans | 0.00% | 0.00% | |||
Overdrafts [Member] | Excluding Purchase Credit Impairment Loans [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Gross loans | 82 | 64 | |||
Percent of Loans | 0.02% | 0.01% | |||
Other Loans [Member] | Total Loans [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans | 71,804 | 64,234 | |||
Percent of Loans | 12.84% | 11.64% | |||
Other Loans [Member] | Purchase Credit Impairment Loans [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans | 696 | 785 | |||
Percent of Loans | 2.63% | 2.90% | |||
Other Loans [Member] | Excluding Purchase Credit Impairment Loans [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Gross loans | $71,108 | $63,449 | |||
Percent of Loans | 13.36% | 12.09% | |||
[1] | Derived from audited consolidated financial statements. |
LOANS_Details_1
LOANS (Details 1) (USD $) | Mar. 31, 2015 | Jul. 25, 2014 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Contractually required payments | $31,227 | $34,329 |
Nonaccretable difference | 1,385 | 1,402 |
Cash flows expected to be collected | 29,842 | 32,927 |
Accretable yield | 3,434 | 4,360 |
Fair value | $26,408 | $28,567 |
LOANS_Details_2
LOANS (Details 2) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | |
In Thousands, unless otherwise specified | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Loans | $558,923 | $552,038 | [1] | $346,391 |
Total Loans [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
30+ Days Past Due | 1,617 | 5,018 | ||
Non-Accrual Loans | 9,485 | 6,938 | ||
Total Past Due | 11,102 | 11,956 | ||
Current | 548,497 | 540,721 | ||
Less deferred loan origination fees, net | -676 | -639 | ||
Total Loans | 558,923 | 552,038 | ||
Purchase Credit Impairment Loans [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
30+ Days Past Due | 841 | 847 | ||
Non-Accrual Loans | 0 | 0 | ||
Total Past Due | 841 | 847 | ||
Current | 25,567 | 26,188 | ||
Less deferred loan origination fees, net | 0 | 0 | ||
Total Loans | 26,408 | 27,035 | ||
Excluding Purchase Credit Impairment Loans [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
30+ Days Past Due | 776 | 4,171 | ||
Non-Accrual Loans | 9,485 | 6,938 | ||
Total Past Due | 10,261 | 11,109 | ||
Current | 522,930 | 514,533 | ||
Less deferred loan origination fees, net | -676 | -639 | ||
Total Loans | 532,515 | 525,003 | ||
Commercial and Industrial [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Loans | 66,029 | 29,835 | ||
Commercial and Industrial [Member] | Total Loans [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
30+ Days Past Due | 370 | 141 | ||
Non-Accrual Loans | 511 | 632 | ||
Total Past Due | 881 | 773 | ||
Current | 65,148 | 57,444 | ||
Total Loans | 66,029 | 58,217 | ||
Commercial and Industrial [Member] | Purchase Credit Impairment Loans [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
30+ Days Past Due | 0 | 2 | ||
Non-Accrual Loans | 0 | 0 | ||
Total Past Due | 0 | 2 | ||
Current | 571 | 655 | ||
Total Loans | 571 | 657 | ||
Commercial and Industrial [Member] | Excluding Purchase Credit Impairment Loans [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
30+ Days Past Due | 370 | 139 | ||
Non-Accrual Loans | 511 | 632 | ||
Total Past Due | 881 | 771 | ||
Current | 64,577 | 56,789 | ||
Total Loans | 65,458 | 57,560 | ||
Construction Loans Real Estate [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Loans | 85,968 | 56,683 | ||
Construction Loans Real Estate [Member] | Total Loans [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
30+ Days Past Due | 170 | 0 | ||
Non-Accrual Loans | 763 | 816 | ||
Total Past Due | 933 | 816 | ||
Current | 85,035 | 82,777 | ||
Total Loans | 85,968 | 83,593 | ||
Construction Loans Real Estate [Member] | Purchase Credit Impairment Loans [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
30+ Days Past Due | 0 | 0 | ||
Non-Accrual Loans | 0 | 0 | ||
Total Past Due | 0 | 0 | ||
Current | 1,453 | 1,463 | ||
Total Loans | 1,453 | 1,463 | ||
Construction Loans Real Estate [Member] | Excluding Purchase Credit Impairment Loans [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
30+ Days Past Due | 170 | 0 | ||
Non-Accrual Loans | 763 | 816 | ||
Total Past Due | 933 | 816 | ||
Current | 83,582 | 81,314 | ||
Total Loans | 84,515 | 82,130 | ||
Multi Family Residential Real Estate [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Loans | 41,319 | 21,081 | ||
Multi Family Residential Real Estate [Member] | Total Loans [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
30+ Days Past Due | 0 | 0 | ||
Non-Accrual Loans | 883 | 901 | ||
Total Past Due | 883 | 901 | ||
Current | 40,436 | 41,323 | ||
Total Loans | 41,319 | 42,224 | ||
Multi Family Residential Real Estate [Member] | Purchase Credit Impairment Loans [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
30+ Days Past Due | 0 | 0 | ||
Non-Accrual Loans | 0 | 0 | ||
Total Past Due | 0 | 0 | ||
Current | 2,698 | 2,724 | ||
Total Loans | 2,698 | 2,724 | ||
Multi Family Residential Real Estate [Member] | Excluding Purchase Credit Impairment Loans [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
30+ Days Past Due | 0 | 0 | ||
Non-Accrual Loans | 883 | 901 | ||
Total Past Due | 883 | 901 | ||
Current | 37,738 | 38,599 | ||
Total Loans | 38,621 | 39,500 | ||
Commercial Real Estate [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Loans | 234,754 | 167,517 | ||
Commercial Real Estate [Member] | Total Loans [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
30+ Days Past Due | 617 | 3,377 | ||
Non-Accrual Loans | 4,559 | 2,576 | ||
Total Past Due | 5,176 | 5,953 | ||
Current | 229,578 | 227,677 | ||
Total Loans | 234,754 | 233,630 | ||
Commercial Real Estate [Member] | Purchase Credit Impairment Loans [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
30+ Days Past Due | 557 | 562 | ||
Non-Accrual Loans | 0 | 0 | ||
Total Past Due | 557 | 562 | ||
Current | 11,141 | 11,341 | ||
Total Loans | 11,698 | 11,903 | ||
Commercial Real Estate [Member] | Excluding Purchase Credit Impairment Loans [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
30+ Days Past Due | 60 | 2,815 | ||
Non-Accrual Loans | 4,559 | 2,576 | ||
Total Past Due | 4,619 | 5,391 | ||
Current | 218,437 | 216,336 | ||
Total Loans | 223,056 | 221,727 | ||
Loans to Individuals and Overdrafts [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Loans | 5,775 | 7,560 | ||
Loans to Individuals and Overdrafts [Member] | Total Loans [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
30+ Days Past Due | 0 | 22 | ||
Non-Accrual Loans | 0 | 0 | ||
Total Past Due | 0 | 22 | ||
Current | 5,775 | 5,995 | ||
Total Loans | 5,775 | 6,017 | ||
Loans to Individuals and Overdrafts [Member] | Purchase Credit Impairment Loans [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
30+ Days Past Due | 0 | 0 | ||
Non-Accrual Loans | 0 | 0 | ||
Total Past Due | 0 | 0 | ||
Current | 125 | 128 | ||
Total Loans | 125 | 128 | ||
Loans to Individuals and Overdrafts [Member] | Excluding Purchase Credit Impairment Loans [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
30+ Days Past Due | 0 | 22 | ||
Non-Accrual Loans | 0 | 0 | ||
Total Past Due | 0 | 22 | ||
Current | 5,650 | 5,867 | ||
Total Loans | 5,650 | 5,889 | ||
Family Residential Real Estate 1 to 4 [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Loans | 87,273 | 32,551 | ||
Family Residential Real Estate 1 to 4 [Member] | Total Loans [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
30+ Days Past Due | 442 | 1,464 | ||
Non-Accrual Loans | 1,960 | 1,160 | ||
Total Past Due | 2,402 | 2,624 | ||
Current | 84,871 | 88,279 | ||
Total Loans | 87,273 | 90,903 | ||
Family Residential Real Estate 1 to 4 [Member] | Purchase Credit Impairment Loans [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
30+ Days Past Due | 284 | 283 | ||
Non-Accrual Loans | 0 | 0 | ||
Total Past Due | 284 | 283 | ||
Current | 9,390 | 9,689 | ||
Total Loans | 9,674 | 9,972 | ||
Family Residential Real Estate 1 to 4 [Member] | Excluding Purchase Credit Impairment Loans [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
30+ Days Past Due | 158 | 1,181 | ||
Non-Accrual Loans | 1,960 | 1,160 | ||
Total Past Due | 2,118 | 2,341 | ||
Current | 75,481 | 78,590 | ||
Total Loans | 77,599 | 80,931 | ||
Home Equity Line of Credit [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Loans | 38,481 | 31,164 | ||
Home Equity Line of Credit [Member] | Total Loans [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
30+ Days Past Due | 18 | 14 | ||
Non-Accrual Loans | 809 | 853 | ||
Total Past Due | 827 | 867 | ||
Current | 37,654 | 37,226 | ||
Total Loans | 38,481 | 38,093 | ||
Home Equity Line of Credit [Member] | Purchase Credit Impairment Loans [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
30+ Days Past Due | 0 | 0 | ||
Non-Accrual Loans | 0 | 0 | ||
Total Past Due | 0 | 0 | ||
Current | 189 | 188 | ||
Total Loans | 189 | 188 | ||
Home Equity Line of Credit [Member] | Excluding Purchase Credit Impairment Loans [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
30+ Days Past Due | 18 | 14 | ||
Non-Accrual Loans | 809 | 853 | ||
Total Past Due | 827 | 867 | ||
Current | 37,465 | 37,038 | ||
Total Loans | $38,292 | $37,905 | ||
[1] | Derived from audited consolidated financial statements. |
LOANS_Details_3
LOANS (Details 3) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
Financing Receivable, Impaired [Line Items] | |||
With no related allowance, Recorded Investment | $9,809 | $9,600 | |
With no related allowance, Contractual Unpaid Principal Balance | 11,465 | 11,574 | |
With no related allowance, Average Recorded Investment | 9,705 | 11,251 | |
With no related allowance, Interest Income Recognized on Impaired Loans | 153 | 183 | |
With an related allowance, Recorded Investment | 5,564 | 6,044 | |
With an related allowance, Contractual Unpaid Principal Balance | 6,730 | 7,177 | |
Related Allowance | 575 | 687 | |
With an related allowance, Average Recorded Investment | 5,803 | 5,735 | |
With an related allowance, Interest Income Recognized on Impaired Loans | 66 | 24 | |
Recorded Investment Total | 15,373 | 15,644 | |
Contractual Unpaid Principal Balance Total | 18,195 | 18,751 | |
Average Recorded Investment Total | 15,508 | 16,986 | |
Interest Income Recognized on impaired Loans Total | 219 | 207 | |
Residential Real Estate [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Related Allowance | 140 | 124 | |
Recorded Investment Total | 4,104 | 3,672 | |
Contractual Unpaid Principal Balance Total | 4,956 | 4,499 | |
Average Recorded Investment Total | 3,887 | 4,243 | |
Interest Income Recognized on impaired Loans Total | 47 | 61 | |
Commercial Loan [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Related Allowance | 435 | 563 | |
Recorded Investment Total | 11,269 | 11,972 | |
Contractual Unpaid Principal Balance Total | 13,239 | 14,250 | |
Average Recorded Investment Total | 11,621 | 12,739 | |
Interest Income Recognized on impaired Loans Total | 172 | 146 | |
Consumer Loan [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Related Allowance | 0 | ||
Recorded Investment Total | 0 | ||
Contractual Unpaid Principal Balance Total | 2 | ||
Average Recorded Investment Total | 4 | ||
Interest Income Recognized on impaired Loans Total | 0 | ||
Commercial and Industrial [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
With no related allowance, Recorded Investment | 604 | 478 | |
With no related allowance, Contractual Unpaid Principal Balance | 604 | 478 | |
With no related allowance, Average Recorded Investment | 541 | 161 | |
With no related allowance, Interest Income Recognized on Impaired Loans | 3 | 3 | |
With an related allowance, Recorded Investment | 11 | 265 | |
With an related allowance, Contractual Unpaid Principal Balance | 12 | 267 | |
Related Allowance | 2 | 64 | |
With an related allowance, Average Recorded Investment | 138 | 266 | |
With an related allowance, Interest Income Recognized on Impaired Loans | 0 | 0 | |
Construction Loans Real Estate [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
With no related allowance, Recorded Investment | 1,055 | 1,300 | |
With no related allowance, Contractual Unpaid Principal Balance | 1,280 | 1,525 | |
With no related allowance, Average Recorded Investment | 1,177 | 1,919 | |
With no related allowance, Interest Income Recognized on Impaired Loans | 13 | 23 | |
With an related allowance, Recorded Investment | 166 | 167 | |
With an related allowance, Contractual Unpaid Principal Balance | 168 | 168 | |
Related Allowance | 79 | 80 | |
With an related allowance, Average Recorded Investment | 166 | 248 | |
With an related allowance, Interest Income Recognized on Impaired Loans | 1 | 0 | |
Commercial Real Estate [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
With no related allowance, Recorded Investment | 2,770 | 2,652 | |
With no related allowance, Contractual Unpaid Principal Balance | 3,307 | 3,536 | |
With no related allowance, Average Recorded Investment | 2,712 | 3,601 | |
With no related allowance, Interest Income Recognized on Impaired Loans | 73 | 70 | |
With an related allowance, Recorded Investment | 4,463 | 4,878 | |
With an related allowance, Contractual Unpaid Principal Balance | 5,382 | 5,761 | |
Related Allowance | 354 | 419 | |
With an related allowance, Average Recorded Investment | 4,671 | 4,183 | |
With an related allowance, Interest Income Recognized on Impaired Loans | 60 | 12 | |
Loans to Individuals and Overdrafts [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
With no related allowance, Recorded Investment | 0 | ||
With no related allowance, Contractual Unpaid Principal Balance | 2 | ||
With no related allowance, Average Recorded Investment | 3 | ||
With no related allowance, Interest Income Recognized on Impaired Loans | 0 | ||
With an related allowance, Recorded Investment | 0 | ||
With an related allowance, Contractual Unpaid Principal Balance | 0 | ||
Related Allowance | 0 | ||
With an related allowance, Average Recorded Investment | 1 | ||
With an related allowance, Interest Income Recognized on Impaired Loans | 0 | ||
Multi Family Residential Real Estate [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
With no related allowance, Recorded Investment | 2,200 | 2,232 | |
With no related allowance, Contractual Unpaid Principal Balance | 2,486 | 2,515 | |
With no related allowance, Average Recorded Investment | 2,216 | 2,361 | |
With no related allowance, Interest Income Recognized on Impaired Loans | 22 | 38 | |
Home Equity Line of Credit [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
With no related allowance, Recorded Investment | 637 | 637 | |
With no related allowance, Contractual Unpaid Principal Balance | 778 | 768 | |
With no related allowance, Average Recorded Investment | 637 | 2,445 | |
With no related allowance, Interest Income Recognized on Impaired Loans | 11 | 39 | |
With an related allowance, Recorded Investment | 284 | 284 | |
With an related allowance, Contractual Unpaid Principal Balance | 526 | 526 | |
Related Allowance | 50 | 50 | |
With an related allowance, Average Recorded Investment | 283 | 487 | |
With an related allowance, Interest Income Recognized on Impaired Loans | 0 | 7 | |
Family Residential Real Estate 1 to 4 [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
With no related allowance, Recorded Investment | 2,543 | 2,301 | |
With no related allowance, Contractual Unpaid Principal Balance | 3,010 | 2,750 | |
With no related allowance, Average Recorded Investment | 2,422 | 761 | |
With no related allowance, Interest Income Recognized on Impaired Loans | 31 | 10 | |
With an related allowance, Recorded Investment | 640 | 450 | |
With an related allowance, Contractual Unpaid Principal Balance | 642 | 455 | |
Related Allowance | 90 | 74 | |
With an related allowance, Average Recorded Investment | 545 | 550 | |
With an related allowance, Interest Income Recognized on Impaired Loans | $5 | $5 |
LOANS_Details_4
LOANS (Details 4) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Financing Receivable, Modifications [Line Items] | ||
Number of loans | 3 | 16 |
Financing Receivable, Modifications, Recorded Investment | $974 | $2,719 |
Residential 1 to 4 Family Below Market Interest Rate [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of loans | 0 | 1 |
Pre-Modification Outstanding Recorded Investment | 0 | 22 |
Post-Modification Outstanding Recorded Investment | 0 | 22 |
Number of loans | 0 | 4 |
Financing Receivable, Modifications, Recorded Investment | 0 | 291 |
Below Market Interest Rate [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of loans | 0 | 1 |
Pre-Modification Outstanding Recorded Investment | 0 | 22 |
Post-Modification Outstanding Recorded Investment | 0 | 22 |
Number of loans | 0 | 4 |
Financing Receivable, Modifications, Recorded Investment | 0 | 291 |
Commercial and Inustrial Extended Payment Term [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of loans | 0 | 3 |
Financing Receivable, Modifications, Recorded Investment | 0 | 401 |
Construction Extended Payment Term [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of loans | 0 | 2 |
Financing Receivable, Modifications, Recorded Investment | 0 | 131 |
Commercial Real Estate Extended Payment Term [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of loans | 2 | 1 |
Financing Receivable, Modifications, Recorded Investment | 936 | 645 |
Residential 1 to 4 Family Extended Payment Term [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of loans | 1 | 4 |
Financing Receivable, Modifications, Recorded Investment | 38 | 1,028 |
Extended Payment Term [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of loans | 3 | 10 |
Financing Receivable, Modifications, Recorded Investment | 974 | 2,205 |
Commercial Real Estate Other [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of loans | 0 | 1 |
Financing Receivable, Modifications, Recorded Investment | 0 | 155 |
Residential 1 to 4 Family Other [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of loans | 0 | 1 |
Financing Receivable, Modifications, Recorded Investment | 0 | 68 |
Other [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of loans | 0 | 2 |
Financing Receivable, Modifications, Recorded Investment | $0 | $223 |
LOANS_Details_5
LOANS (Details 5) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | |
In Thousands, unless otherwise specified | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | $558,923 | $552,038 | [1] | $346,391 |
Total Loans [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 558,923 | 552,038 | ||
Purchase Credit Impairment Loans [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 26,408 | 27,035 | ||
Excluding Purchase Credit Impairment Loans [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 532,515 | 525,003 | ||
Commercial and Industrial [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 66,029 | 29,835 | ||
Commercial and Industrial [Member] | Total Loans [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 66,029 | 58,217 | ||
Commercial and Industrial [Member] | Purchase Credit Impairment Loans [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 571 | 657 | ||
Commercial and Industrial [Member] | Excluding Purchase Credit Impairment Loans [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 65,458 | 57,560 | ||
Commercial and Industrial [Member] | Superior [Member] | Total Loans [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 1,379 | 1,241 | ||
Commercial and Industrial [Member] | Superior [Member] | Purchase Credit Impairment Loans [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 0 | 0 | ||
Commercial and Industrial [Member] | Superior [Member] | Excluding Purchase Credit Impairment Loans [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 1,379 | 1,241 | ||
Commercial and Industrial [Member] | Very Good [Member] | Total Loans [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 2,046 | 1,110 | ||
Commercial and Industrial [Member] | Very Good [Member] | Purchase Credit Impairment Loans [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 0 | 0 | ||
Commercial and Industrial [Member] | Very Good [Member] | Excluding Purchase Credit Impairment Loans [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 2,046 | 1,110 | ||
Commercial and Industrial [Member] | Good [Member] | Total Loans [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 6,134 | 5,282 | ||
Commercial and Industrial [Member] | Good [Member] | Purchase Credit Impairment Loans [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 0 | 0 | ||
Commercial and Industrial [Member] | Good [Member] | Excluding Purchase Credit Impairment Loans [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 6,134 | 5,282 | ||
Commercial and Industrial [Member] | Acceptable [Member] | Total Loans [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 27,687 | 26,132 | ||
Commercial and Industrial [Member] | Acceptable [Member] | Purchase Credit Impairment Loans [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 0 | 0 | ||
Commercial and Industrial [Member] | Acceptable [Member] | Excluding Purchase Credit Impairment Loans [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 27,687 | 26,132 | ||
Commercial and Industrial [Member] | Acceptable With Care [Member] | Total Loans [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 27,669 | 23,404 | ||
Commercial and Industrial [Member] | Acceptable With Care [Member] | Purchase Credit Impairment Loans [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 523 | 602 | ||
Commercial and Industrial [Member] | Acceptable With Care [Member] | Excluding Purchase Credit Impairment Loans [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 27,146 | 22,802 | ||
Commercial and Industrial [Member] | Special Mention [Member] | Total Loans [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 185 | 221 | ||
Commercial and Industrial [Member] | Special Mention [Member] | Purchase Credit Impairment Loans [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 0 | 0 | ||
Commercial and Industrial [Member] | Special Mention [Member] | Excluding Purchase Credit Impairment Loans [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 185 | 221 | ||
Commercial and Industrial [Member] | Substandard [Member] | Total Loans [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 929 | 827 | ||
Commercial and Industrial [Member] | Substandard [Member] | Purchase Credit Impairment Loans [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 48 | 55 | ||
Commercial and Industrial [Member] | Substandard [Member] | Excluding Purchase Credit Impairment Loans [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 881 | 772 | ||
Commercial and Industrial [Member] | Doubtful [Member] | Total Loans [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 0 | 0 | ||
Commercial and Industrial [Member] | Doubtful [Member] | Purchase Credit Impairment Loans [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 0 | 0 | ||
Commercial and Industrial [Member] | Doubtful [Member] | Excluding Purchase Credit Impairment Loans [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 0 | 0 | ||
Commercial and Industrial [Member] | Loss [Member] | Total Loans [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 0 | 0 | ||
Commercial and Industrial [Member] | Loss [Member] | Purchase Credit Impairment Loans [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 0 | 0 | ||
Commercial and Industrial [Member] | Loss [Member] | Excluding Purchase Credit Impairment Loans [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 0 | 0 | ||
Construction Loans [Member] | Superior [Member] | Total Loans [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 0 | 0 | ||
Construction Loans [Member] | Superior [Member] | Purchase Credit Impairment Loans [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 0 | 0 | ||
Construction Loans [Member] | Superior [Member] | Excluding Purchase Credit Impairment Loans [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 0 | 0 | ||
Construction Loans [Member] | Very Good [Member] | Total Loans [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 0 | 0 | ||
Construction Loans [Member] | Very Good [Member] | Purchase Credit Impairment Loans [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 0 | 0 | ||
Construction Loans [Member] | Very Good [Member] | Excluding Purchase Credit Impairment Loans [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 0 | 0 | ||
Construction Loans [Member] | Good [Member] | Total Loans [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 2,700 | 2,705 | ||
Construction Loans [Member] | Good [Member] | Purchase Credit Impairment Loans [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 0 | 0 | ||
Construction Loans [Member] | Good [Member] | Excluding Purchase Credit Impairment Loans [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 2,700 | 2,705 | ||
Construction Loans [Member] | Acceptable [Member] | Total Loans [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 13,648 | 13,579 | ||
Construction Loans [Member] | Acceptable [Member] | Purchase Credit Impairment Loans [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 0 | 0 | ||
Construction Loans [Member] | Acceptable [Member] | Excluding Purchase Credit Impairment Loans [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 13,648 | 13,579 | ||
Construction Loans [Member] | Acceptable With Care [Member] | Total Loans [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 67,751 | 65,717 | ||
Construction Loans [Member] | Acceptable With Care [Member] | Purchase Credit Impairment Loans [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 1,388 | 1,397 | ||
Construction Loans [Member] | Acceptable With Care [Member] | Excluding Purchase Credit Impairment Loans [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 66,363 | 64,320 | ||
Construction Loans [Member] | Special Mention [Member] | Total Loans [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 725 | 384 | ||
Construction Loans [Member] | Special Mention [Member] | Purchase Credit Impairment Loans [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 65 | 66 | ||
Construction Loans [Member] | Special Mention [Member] | Excluding Purchase Credit Impairment Loans [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 660 | 318 | ||
Construction Loans [Member] | Substandard [Member] | Total Loans [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 1,144 | 1,208 | ||
Construction Loans [Member] | Substandard [Member] | Purchase Credit Impairment Loans [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 0 | 0 | ||
Construction Loans [Member] | Substandard [Member] | Excluding Purchase Credit Impairment Loans [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 1,144 | 1,208 | ||
Construction Loans [Member] | Doubtful [Member] | Total Loans [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 0 | 0 | ||
Construction Loans [Member] | Doubtful [Member] | Purchase Credit Impairment Loans [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 0 | 0 | ||
Construction Loans [Member] | Doubtful [Member] | Excluding Purchase Credit Impairment Loans [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 0 | 0 | ||
Construction Loans [Member] | Loss [Member] | Total Loans [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 0 | 0 | ||
Construction Loans [Member] | Loss [Member] | Purchase Credit Impairment Loans [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 0 | 0 | ||
Construction Loans [Member] | Loss [Member] | Excluding Purchase Credit Impairment Loans [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 0 | 0 | ||
Commercial Real Estate [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 234,754 | 167,517 | ||
Commercial Real Estate [Member] | Total Loans [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 234,754 | 233,630 | ||
Commercial Real Estate [Member] | Purchase Credit Impairment Loans [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 11,698 | 11,903 | ||
Commercial Real Estate [Member] | Excluding Purchase Credit Impairment Loans [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 223,056 | 221,727 | ||
Commercial Real Estate [Member] | Superior [Member] | Total Loans [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 0 | 0 | ||
Commercial Real Estate [Member] | Superior [Member] | Purchase Credit Impairment Loans [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 0 | 0 | ||
Commercial Real Estate [Member] | Superior [Member] | Excluding Purchase Credit Impairment Loans [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 0 | 0 | ||
Commercial Real Estate [Member] | Very Good [Member] | Total Loans [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 0 | 0 | ||
Commercial Real Estate [Member] | Very Good [Member] | Purchase Credit Impairment Loans [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 0 | 0 | ||
Commercial Real Estate [Member] | Very Good [Member] | Excluding Purchase Credit Impairment Loans [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 0 | 0 | ||
Commercial Real Estate [Member] | Good [Member] | Total Loans [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 14,679 | 15,276 | ||
Commercial Real Estate [Member] | Good [Member] | Purchase Credit Impairment Loans [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 0 | 0 | ||
Commercial Real Estate [Member] | Good [Member] | Excluding Purchase Credit Impairment Loans [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 14,679 | 15,276 | ||
Commercial Real Estate [Member] | Acceptable [Member] | Total Loans [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 126,687 | 128,056 | ||
Commercial Real Estate [Member] | Acceptable [Member] | Purchase Credit Impairment Loans [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 0 | 0 | ||
Commercial Real Estate [Member] | Acceptable [Member] | Excluding Purchase Credit Impairment Loans [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 126,687 | 128,056 | ||
Commercial Real Estate [Member] | Acceptable With Care [Member] | Total Loans [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 79,044 | 75,554 | ||
Commercial Real Estate [Member] | Acceptable With Care [Member] | Purchase Credit Impairment Loans [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 9,203 | 9,368 | ||
Commercial Real Estate [Member] | Acceptable With Care [Member] | Excluding Purchase Credit Impairment Loans [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 69,841 | 66,186 | ||
Commercial Real Estate [Member] | Special Mention [Member] | Total Loans [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 7,915 | 8,036 | ||
Commercial Real Estate [Member] | Special Mention [Member] | Purchase Credit Impairment Loans [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 1,937 | 1,973 | ||
Commercial Real Estate [Member] | Special Mention [Member] | Excluding Purchase Credit Impairment Loans [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 5,978 | 6,063 | ||
Commercial Real Estate [Member] | Substandard [Member] | Total Loans [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 6,429 | 6,708 | ||
Commercial Real Estate [Member] | Substandard [Member] | Purchase Credit Impairment Loans [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 558 | 562 | ||
Commercial Real Estate [Member] | Substandard [Member] | Excluding Purchase Credit Impairment Loans [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 5,871 | 6,146 | ||
Commercial Real Estate [Member] | Doubtful [Member] | Total Loans [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 0 | 0 | ||
Commercial Real Estate [Member] | Doubtful [Member] | Purchase Credit Impairment Loans [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 0 | 0 | ||
Commercial Real Estate [Member] | Doubtful [Member] | Excluding Purchase Credit Impairment Loans [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 0 | 0 | ||
Commercial Real Estate [Member] | Loss [Member] | Total Loans [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 0 | 0 | ||
Commercial Real Estate [Member] | Loss [Member] | Purchase Credit Impairment Loans [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 0 | 0 | ||
Commercial Real Estate [Member] | Loss [Member] | Excluding Purchase Credit Impairment Loans [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 0 | 0 | ||
Multi Family Residential Real Estate [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 41,319 | 21,081 | ||
Multi Family Residential Real Estate [Member] | Total Loans [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 41,319 | 42,224 | ||
Multi Family Residential Real Estate [Member] | Purchase Credit Impairment Loans [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 2,698 | 2,724 | ||
Multi Family Residential Real Estate [Member] | Excluding Purchase Credit Impairment Loans [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 38,621 | 39,500 | ||
Multi Family Residential Real Estate [Member] | Superior [Member] | Total Loans [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 0 | 0 | ||
Multi Family Residential Real Estate [Member] | Superior [Member] | Purchase Credit Impairment Loans [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 0 | 0 | ||
Multi Family Residential Real Estate [Member] | Superior [Member] | Excluding Purchase Credit Impairment Loans [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 0 | 0 | ||
Multi Family Residential Real Estate [Member] | Very Good [Member] | Total Loans [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 0 | 0 | ||
Multi Family Residential Real Estate [Member] | Very Good [Member] | Purchase Credit Impairment Loans [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 0 | 0 | ||
Multi Family Residential Real Estate [Member] | Very Good [Member] | Excluding Purchase Credit Impairment Loans [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 0 | 0 | ||
Multi Family Residential Real Estate [Member] | Good [Member] | Total Loans [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 0 | 0 | ||
Multi Family Residential Real Estate [Member] | Good [Member] | Purchase Credit Impairment Loans [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 0 | 0 | ||
Multi Family Residential Real Estate [Member] | Good [Member] | Excluding Purchase Credit Impairment Loans [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 0 | 0 | ||
Multi Family Residential Real Estate [Member] | Acceptable [Member] | Total Loans [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 31,214 | 31,619 | ||
Multi Family Residential Real Estate [Member] | Acceptable [Member] | Purchase Credit Impairment Loans [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 0 | 0 | ||
Multi Family Residential Real Estate [Member] | Acceptable [Member] | Excluding Purchase Credit Impairment Loans [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 31,214 | 31,619 | ||
Multi Family Residential Real Estate [Member] | Acceptable With Care [Member] | Total Loans [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 7,216 | 8,374 | ||
Multi Family Residential Real Estate [Member] | Acceptable With Care [Member] | Purchase Credit Impairment Loans [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 2,698 | 2,724 | ||
Multi Family Residential Real Estate [Member] | Acceptable With Care [Member] | Excluding Purchase Credit Impairment Loans [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 4,518 | 5,650 | ||
Multi Family Residential Real Estate [Member] | Special Mention [Member] | Total Loans [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 2,006 | 1,330 | ||
Multi Family Residential Real Estate [Member] | Special Mention [Member] | Purchase Credit Impairment Loans [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 0 | 0 | ||
Multi Family Residential Real Estate [Member] | Special Mention [Member] | Excluding Purchase Credit Impairment Loans [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 2,006 | 1,330 | ||
Multi Family Residential Real Estate [Member] | Substandard [Member] | Total Loans [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 883 | 901 | ||
Multi Family Residential Real Estate [Member] | Substandard [Member] | Purchase Credit Impairment Loans [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 0 | 0 | ||
Multi Family Residential Real Estate [Member] | Substandard [Member] | Excluding Purchase Credit Impairment Loans [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 883 | 901 | ||
Multi Family Residential Real Estate [Member] | Doubtful [Member] | Total Loans [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 0 | 0 | ||
Multi Family Residential Real Estate [Member] | Doubtful [Member] | Purchase Credit Impairment Loans [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 0 | 0 | ||
Multi Family Residential Real Estate [Member] | Doubtful [Member] | Excluding Purchase Credit Impairment Loans [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 0 | 0 | ||
Multi Family Residential Real Estate [Member] | Loss [Member] | Total Loans [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 0 | 0 | ||
Multi Family Residential Real Estate [Member] | Loss [Member] | Purchase Credit Impairment Loans [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 0 | 0 | ||
Multi Family Residential Real Estate [Member] | Loss [Member] | Excluding Purchase Credit Impairment Loans [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 0 | 0 | ||
Loans to Individuals and Overdrafts [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 5,775 | 7,560 | ||
Loans to Individuals and Overdrafts [Member] | Total Loans [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 5,775 | 6,017 | ||
Loans to Individuals and Overdrafts [Member] | Purchase Credit Impairment Loans [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 125 | 128 | ||
Loans to Individuals and Overdrafts [Member] | Excluding Purchase Credit Impairment Loans [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 5,650 | 5,889 | ||
Loans to Individuals and Overdrafts [Member] | Pass [Member] | Total Loans [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 5,747 | 5,969 | ||
Loans to Individuals and Overdrafts [Member] | Pass [Member] | Purchase Credit Impairment Loans [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 115 | 117 | ||
Loans to Individuals and Overdrafts [Member] | Pass [Member] | Excluding Purchase Credit Impairment Loans [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 5,632 | 5,852 | ||
Loans to Individuals and Overdrafts [Member] | Non-Pass [Member] | Total Loans [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 28 | 48 | ||
Loans to Individuals and Overdrafts [Member] | Non-Pass [Member] | Purchase Credit Impairment Loans [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 10 | 11 | ||
Loans to Individuals and Overdrafts [Member] | Non-Pass [Member] | Excluding Purchase Credit Impairment Loans [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 18 | 37 | ||
Family Residential Real Estate 1 to 4 [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 87,273 | 32,551 | ||
Family Residential Real Estate 1 to 4 [Member] | Total Loans [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 87,273 | 90,903 | ||
Family Residential Real Estate 1 to 4 [Member] | Purchase Credit Impairment Loans [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 9,674 | 9,972 | ||
Family Residential Real Estate 1 to 4 [Member] | Excluding Purchase Credit Impairment Loans [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 77,599 | 80,931 | ||
Family Residential Real Estate 1 to 4 [Member] | Pass [Member] | Total Loans [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 79,236 | 82,794 | ||
Family Residential Real Estate 1 to 4 [Member] | Pass [Member] | Purchase Credit Impairment Loans [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 6,058 | 6,437 | ||
Family Residential Real Estate 1 to 4 [Member] | Pass [Member] | Excluding Purchase Credit Impairment Loans [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 73,178 | 76,357 | ||
Family Residential Real Estate 1 to 4 [Member] | Special Mention [Member] | Total Loans [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 3,834 | 3,978 | ||
Family Residential Real Estate 1 to 4 [Member] | Special Mention [Member] | Purchase Credit Impairment Loans [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 3,011 | 2,926 | ||
Family Residential Real Estate 1 to 4 [Member] | Special Mention [Member] | Excluding Purchase Credit Impairment Loans [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 823 | 1,052 | ||
Family Residential Real Estate 1 to 4 [Member] | Substandard [Member] | Total Loans [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 4,203 | 4,131 | ||
Family Residential Real Estate 1 to 4 [Member] | Substandard [Member] | Purchase Credit Impairment Loans [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 605 | 609 | ||
Family Residential Real Estate 1 to 4 [Member] | Substandard [Member] | Excluding Purchase Credit Impairment Loans [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 3,598 | 3,522 | ||
Home Equity Line Of Credit [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 38,481 | 31,164 | ||
Home Equity Line Of Credit [Member] | Total Loans [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 38,481 | 38,093 | ||
Home Equity Line Of Credit [Member] | Purchase Credit Impairment Loans [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 189 | 188 | ||
Home Equity Line Of Credit [Member] | Excluding Purchase Credit Impairment Loans [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 38,292 | 37,905 | ||
Home Equity Line Of Credit [Member] | Pass [Member] | Total Loans [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 36,800 | 36,357 | ||
Home Equity Line Of Credit [Member] | Pass [Member] | Purchase Credit Impairment Loans [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 189 | 188 | ||
Home Equity Line Of Credit [Member] | Pass [Member] | Excluding Purchase Credit Impairment Loans [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 36,611 | 36,169 | ||
Home Equity Line Of Credit [Member] | Special Mention [Member] | Total Loans [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 631 | 695 | ||
Home Equity Line Of Credit [Member] | Special Mention [Member] | Purchase Credit Impairment Loans [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 0 | 0 | ||
Home Equity Line Of Credit [Member] | Special Mention [Member] | Excluding Purchase Credit Impairment Loans [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 631 | 695 | ||
Home Equity Line Of Credit [Member] | Substandard [Member] | Total Loans [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 1,050 | 1,041 | ||
Home Equity Line Of Credit [Member] | Substandard [Member] | Purchase Credit Impairment Loans [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 0 | 0 | ||
Home Equity Line Of Credit [Member] | Substandard [Member] | Excluding Purchase Credit Impairment Loans [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | $1,050 | $1,041 | ||
[1] | Derived from audited consolidated financial statements. |
LOANS_Details_6
LOANS (Details 6) (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2015 |
Schedule Of Certain Loans Acquired In Transfer Accounted For As Debt Securities Accretable Yield [Line Items] | |
Accretable yield, beginning of period | $3,762 |
Investment in wholly owned subsidiary | -328 |
Reclassification from (to) nonaccretable difference | 0 |
Accretable yield, end of period | $3,434 |
LOANS_Details_7
LOANS (Details 7) (USD $) | 3 Months Ended | ||||
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Allowance for loan losses, Balance, beginning of period | $6,844,000 | [1] | $7,054,000 | ||
Provision for loan losses | 130,000 | -49,000 | |||
Loans charged-off | -110,000 | ||||
Recoveries | 130,000 | ||||
Allowance for loan losses, Balance, end of period | 6,919,000 | 7,025,000 | |||
Ending Balance: individually evaluated for impairment | 575,000 | 1,019,000 | |||
Ending Balance: collectively evaluated for impairment | 6,344,000 | 6,006,000 | |||
Loans | |||||
Ending Balance: collectively evaluated for impairment | 544,226,000 | 331,401,000 | |||
Ending Balance: individually evaluated for impairment | 15,373,000 | 14,990,000 | |||
Ending balance | 558,923,000 | 346,391,000 | 552,038,000 | [1] | |
Purchase Credit Impairment Loans [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Allowance for loan losses, Balance, beginning of period | 0 | ||||
Provision for loan losses | 0 | ||||
Loans charged-off | 0 | ||||
Recoveries | 0 | ||||
Allowance for loan losses, Balance, end of period | 0 | ||||
Loans | |||||
Ending balance | 26,408,000 | 27,035,000 | |||
Excluding Purchase Credit Impairment Loans [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Allowance for loan losses, Balance, beginning of period | 6,844,000 | ||||
Provision for loan losses | 130,000 | ||||
Loans charged-off | -93,000 | ||||
Recoveries | 38,000 | ||||
Allowance for loan losses, Balance, end of period | 6,919,000 | ||||
Loans | |||||
Ending balance | 532,515,000 | 525,003,000 | |||
Total Loans [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Allowance for loan losses, Balance, beginning of period | 6,844,000 | ||||
Provision for loan losses | 130,000 | ||||
Loans charged-off | -93,000 | ||||
Recoveries | 38,000 | ||||
Allowance for loan losses, Balance, end of period | 6,919,000 | ||||
Loans | |||||
Ending balance | 558,923,000 | 552,038,000 | |||
Commercial and Industrial [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Allowance for loan losses, Balance, beginning of period | 245,000 | ||||
Provision for loan losses | 322,000 | ||||
Loans charged-off | -63,000 | ||||
Recoveries | 9,000 | ||||
Allowance for loan losses, Balance, end of period | 513,000 | ||||
Ending Balance: individually evaluated for impairment | 2,000 | 66,000 | |||
Ending Balance: collectively evaluated for impairment | 980,000 | 447,000 | |||
Loans | |||||
Ending Balance: collectively evaluated for impairment | 65,414,000 | 29,443,000 | |||
Ending Balance: individually evaluated for impairment | 615,000 | 392,000 | |||
Ending balance | 66,029,000 | 29,835,000 | |||
Commercial and Industrial [Member] | Purchase Credit Impairment Loans [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Allowance for loan losses, Balance, beginning of period | 0 | ||||
Provision for loan losses | 0 | ||||
Loans charged-off | 0 | ||||
Recoveries | 0 | ||||
Allowance for loan losses, Balance, end of period | 0 | ||||
Loans | |||||
Ending balance | 571,000 | 657,000 | |||
Commercial and Industrial [Member] | Excluding Purchase Credit Impairment Loans [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Allowance for loan losses, Balance, beginning of period | 803,000 | ||||
Provision for loan losses | 173,000 | ||||
Loans charged-off | 0 | ||||
Recoveries | 6,000 | ||||
Allowance for loan losses, Balance, end of period | 982,000 | ||||
Loans | |||||
Ending balance | 65,458,000 | 57,560,000 | |||
Commercial and Industrial [Member] | Total Loans [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Allowance for loan losses, Balance, beginning of period | 803,000 | ||||
Provision for loan losses | 173,000 | ||||
Loans charged-off | 0 | ||||
Recoveries | 6,000 | ||||
Allowance for loan losses, Balance, end of period | 982,000 | ||||
Loans | |||||
Ending balance | 66,029,000 | 58,217,000 | |||
Construction Loans Real Estate [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Allowance for loan losses, Balance, beginning of period | 565,000 | ||||
Provision for loan losses | 266,000 | ||||
Loans charged-off | 0 | ||||
Recoveries | 58,000 | ||||
Allowance for loan losses, Balance, end of period | 889,000 | ||||
Ending Balance: individually evaluated for impairment | 79,000 | 81,000 | |||
Ending Balance: collectively evaluated for impairment | 1,130,000 | 808,000 | |||
Loans | |||||
Ending Balance: collectively evaluated for impairment | 84,747,000 | 54,737,000 | |||
Ending Balance: individually evaluated for impairment | 1,221,000 | 1,946,000 | |||
Ending balance | 85,968,000 | 56,683,000 | |||
Construction Loans Real Estate [Member] | Purchase Credit Impairment Loans [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Allowance for loan losses, Balance, beginning of period | 0 | ||||
Provision for loan losses | 0 | ||||
Loans charged-off | 0 | ||||
Recoveries | 0 | ||||
Allowance for loan losses, Balance, end of period | 0 | ||||
Loans | |||||
Ending balance | 1,453,000 | 1,463,000 | |||
Construction Loans Real Estate [Member] | Excluding Purchase Credit Impairment Loans [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Allowance for loan losses, Balance, beginning of period | 1,103,000 | ||||
Provision for loan losses | 102,000 | ||||
Loans charged-off | 0 | ||||
Recoveries | 4,000 | ||||
Allowance for loan losses, Balance, end of period | 1,209,000 | ||||
Loans | |||||
Ending balance | 84,515,000 | 82,130,000 | |||
Construction Loans Real Estate [Member] | Total Loans [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Allowance for loan losses, Balance, beginning of period | 1,103,000 | ||||
Provision for loan losses | 102,000 | ||||
Loans charged-off | 0 | ||||
Recoveries | 4,000 | ||||
Allowance for loan losses, Balance, end of period | 1,209,000 | ||||
Loans | |||||
Ending balance | 85,968,000 | 83,593,000 | |||
Commercial Real Estate [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Allowance for loan losses, Balance, beginning of period | 4,599,000 | ||||
Provision for loan losses | -1,340,000 | ||||
Loans charged-off | 0 | ||||
Recoveries | 24,000 | ||||
Allowance for loan losses, Balance, end of period | 3,283,000 | ||||
Ending Balance: individually evaluated for impairment | 354,000 | 538,000 | |||
Ending Balance: collectively evaluated for impairment | 2,491,000 | 2,745,000 | |||
Loans | |||||
Ending Balance: collectively evaluated for impairment | 227,521,000 | 161,393,000 | |||
Ending Balance: individually evaluated for impairment | 7,233,000 | 6,124,000 | |||
Ending balance | 234,754,000 | 167,517,000 | |||
Commercial Real Estate [Member] | Purchase Credit Impairment Loans [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Allowance for loan losses, Balance, beginning of period | 0 | ||||
Provision for loan losses | 0 | ||||
Loans charged-off | 0 | ||||
Recoveries | 0 | ||||
Allowance for loan losses, Balance, end of period | 0 | ||||
Loans | |||||
Ending balance | 11,698,000 | 11,903,000 | |||
Commercial Real Estate [Member] | Excluding Purchase Credit Impairment Loans [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Allowance for loan losses, Balance, beginning of period | 2,914,000 | ||||
Provision for loan losses | -40,000 | ||||
Loans charged-off | -29,000 | ||||
Recoveries | 0 | ||||
Allowance for loan losses, Balance, end of period | 2,845,000 | ||||
Loans | |||||
Ending balance | 223,056,000 | 221,727,000 | |||
Commercial Real Estate [Member] | Total Loans [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Allowance for loan losses, Balance, beginning of period | 2,914,000 | ||||
Provision for loan losses | -40,000 | ||||
Loans charged-off | -29,000 | ||||
Recoveries | 0 | ||||
Allowance for loan losses, Balance, end of period | 2,845,000 | ||||
Loans | |||||
Ending balance | 234,754,000 | 233,630,000 | |||
Family Residential Real Estate 1 to 4 [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Allowance for loan losses, Balance, beginning of period | 826,000 | ||||
Provision for loan losses | -265,000 | ||||
Loans charged-off | -1,000 | ||||
Recoveries | 25,000 | ||||
Allowance for loan losses, Balance, end of period | 585,000 | ||||
Ending Balance: individually evaluated for impairment | 90,000 | 21,000 | |||
Ending Balance: collectively evaluated for impairment | 516,000 | 564,000 | |||
Loans | |||||
Ending Balance: collectively evaluated for impairment | 84,090,000 | 29,666,000 | |||
Ending Balance: individually evaluated for impairment | 3,183,000 | 2,885,000 | |||
Ending balance | 87,273,000 | 32,551,000 | |||
Family Residential Real Estate 1 to 4 [Member] | Purchase Credit Impairment Loans [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Allowance for loan losses, Balance, beginning of period | 0 | ||||
Provision for loan losses | 0 | ||||
Loans charged-off | 0 | ||||
Recoveries | 0 | ||||
Allowance for loan losses, Balance, end of period | 0 | ||||
Loans | |||||
Ending balance | 9,674,000 | 9,972,000 | |||
Family Residential Real Estate 1 to 4 [Member] | Excluding Purchase Credit Impairment Loans [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Allowance for loan losses, Balance, beginning of period | 630,000 | ||||
Provision for loan losses | -40,000 | ||||
Loans charged-off | 0 | ||||
Recoveries | 16,000 | ||||
Allowance for loan losses, Balance, end of period | 606,000 | ||||
Loans | |||||
Ending balance | 77,599,000 | 80,931,000 | |||
Family Residential Real Estate 1 to 4 [Member] | Total Loans [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Allowance for loan losses, Balance, beginning of period | 630,000 | ||||
Provision for loan losses | -40,000 | ||||
Loans charged-off | 0 | ||||
Recoveries | 16,000 | ||||
Allowance for loan losses, Balance, end of period | 606,000 | ||||
Loans | |||||
Ending balance | 87,273,000 | 90,903,000 | |||
Home Equity Line of Credit [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Allowance for loan losses, Balance, beginning of period | 680,000 | ||||
Provision for loan losses | 645,000 | ||||
Loans charged-off | -40,000 | ||||
Recoveries | 8,000 | ||||
Allowance for loan losses, Balance, end of period | 1,293,000 | ||||
Ending Balance: individually evaluated for impairment | 50,000 | 313,000 | |||
Ending Balance: collectively evaluated for impairment | 801,000 | 980,000 | |||
Loans | |||||
Ending Balance: collectively evaluated for impairment | 37,560,000 | 29,864,000 | |||
Ending Balance: individually evaluated for impairment | 921,000 | 1,300,000 | |||
Ending balance | 38,481,000 | 31,164,000 | |||
Home Equity Line of Credit [Member] | Purchase Credit Impairment Loans [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Allowance for loan losses, Balance, beginning of period | 0 | ||||
Provision for loan losses | 0 | ||||
Loans charged-off | 0 | ||||
Recoveries | 0 | ||||
Allowance for loan losses, Balance, end of period | 0 | ||||
Loans | |||||
Ending balance | 189,000 | 188,000 | |||
Home Equity Line of Credit [Member] | Excluding Purchase Credit Impairment Loans [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Allowance for loan losses, Balance, beginning of period | 930,000 | ||||
Provision for loan losses | -42,000 | ||||
Loans charged-off | -40,000 | ||||
Recoveries | 3,000 | ||||
Allowance for loan losses, Balance, end of period | 851,000 | ||||
Loans | |||||
Ending balance | 38,292,000 | 37,905,000 | |||
Home Equity Line of Credit [Member] | Total Loans [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Allowance for loan losses, Balance, beginning of period | 930,000 | ||||
Provision for loan losses | -42,000 | ||||
Loans charged-off | -40,000 | ||||
Recoveries | 3,000 | ||||
Allowance for loan losses, Balance, end of period | 851,000 | ||||
Loans | |||||
Ending balance | 38,481,000 | 38,093,000 | |||
Loans to Individuals and Overdrafts [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Allowance for loan losses, Balance, beginning of period | 65,000 | ||||
Provision for loan losses | 106,000 | ||||
Loans charged-off | -6,000 | ||||
Recoveries | 6,000 | ||||
Allowance for loan losses, Balance, end of period | 171,000 | ||||
Ending Balance: individually evaluated for impairment | 0 | 0 | |||
Ending Balance: collectively evaluated for impairment | 167,000 | 171,000 | |||
Loans | |||||
Ending Balance: collectively evaluated for impairment | 5,775,000 | 7,556,000 | |||
Ending Balance: individually evaluated for impairment | 0 | 4,000 | |||
Ending balance | 5,775,000 | 7,560,000 | |||
Loans to Individuals and Overdrafts [Member] | Purchase Credit Impairment Loans [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Allowance for loan losses, Balance, beginning of period | 0 | ||||
Provision for loan losses | 0 | ||||
Loans charged-off | 0 | ||||
Recoveries | 0 | ||||
Allowance for loan losses, Balance, end of period | 0 | ||||
Loans | |||||
Ending balance | 125,000 | 128,000 | |||
Loans to Individuals and Overdrafts [Member] | Excluding Purchase Credit Impairment Loans [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Allowance for loan losses, Balance, beginning of period | 185,000 | ||||
Provision for loan losses | -3,000 | ||||
Loans charged-off | -24,000 | ||||
Recoveries | 9,000 | ||||
Allowance for loan losses, Balance, end of period | 167,000 | ||||
Loans | |||||
Ending balance | 5,650,000 | 5,889,000 | |||
Loans to Individuals and Overdrafts [Member] | Total Loans [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Allowance for loan losses, Balance, beginning of period | 185,000 | ||||
Provision for loan losses | -3,000 | ||||
Loans charged-off | -24,000 | ||||
Recoveries | 9,000 | ||||
Allowance for loan losses, Balance, end of period | 167,000 | ||||
Loans | |||||
Ending balance | 5,775,000 | 6,017,000 | |||
Multi Family Residential Real Estate [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Allowance for loan losses, Balance, beginning of period | 74,000 | ||||
Provision for loan losses | 217,000 | ||||
Loans charged-off | 0 | ||||
Recoveries | 0 | ||||
Allowance for loan losses, Balance, end of period | 291,000 | ||||
Ending Balance: individually evaluated for impairment | 0 | 0 | |||
Ending Balance: collectively evaluated for impairment | 259,000 | 291,000 | |||
Loans | |||||
Ending Balance: collectively evaluated for impairment | 39,119,000 | 18,742,000 | |||
Ending Balance: individually evaluated for impairment | 2,200,000 | 2,339,000 | |||
Ending balance | 41,319,000 | 21,081,000 | |||
Multi Family Residential Real Estate [Member] | Purchase Credit Impairment Loans [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Allowance for loan losses, Balance, beginning of period | 0 | ||||
Provision for loan losses | 0 | ||||
Loans charged-off | 0 | ||||
Recoveries | 0 | ||||
Allowance for loan losses, Balance, end of period | 0 | ||||
Loans | |||||
Ending balance | 2,698,000 | 2,724,000 | |||
Multi Family Residential Real Estate [Member] | Excluding Purchase Credit Impairment Loans [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Allowance for loan losses, Balance, beginning of period | 279,000 | ||||
Provision for loan losses | -20,000 | ||||
Loans charged-off | 0 | ||||
Recoveries | 0 | ||||
Allowance for loan losses, Balance, end of period | 259,000 | ||||
Loans | |||||
Ending balance | 38,621,000 | 39,500,000 | |||
Multi Family Residential Real Estate [Member] | Total Loans [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Allowance for loan losses, Balance, beginning of period | 279,000 | ||||
Provision for loan losses | -20,000 | ||||
Loans charged-off | 0 | ||||
Recoveries | 0 | ||||
Allowance for loan losses, Balance, end of period | 259,000 | ||||
Loans | |||||
Ending balance | $41,319,000 | $42,224,000 | |||
[1] | Derived from audited consolidated financial statements. |
LOANS_Details_Textual
LOANS (Details Textual) (USD $) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Impaired Financing Receivable, Recorded Investment | $15,373,000 | $15,644,000 | |
Impaired Loans Required for Specific Reserves | 5,600,000 | 6,000,000 | |
With no related allowance, Recorded Investment | 9,809,000 | 9,600,000 | |
Increase (Decrease) in Finance Receivables | 1,700,000 | 1,600,000 | |
Allowance for Loan and Lease Losses, Period Increase (Decrease) | 177,000 | ||
Financing Receivable, Recorded Investment, Equal to Greater than 90 Days Past Due | 400,000 | 2,200,000 | |
Allowance for Loan and Lease Losses Write-offs, Net | 55,000 | ||
Provision for Loan and Lease Losses | 130,000 | -49,000 | |
Nonaccrual Impaired Loans [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Impaired Financing Receivable, Recorded Investment | 9,500,000 | 6,900,000 | |
Accrual Impaired Loans [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Impaired Financing Receivable, Recorded Investment | 5,900,000 | 8,700,000 | |
Troubled Debt Restructurings [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Impaired Financing Receivable, Recorded Investment | 6,800,000 | 7,400,000 | |
Troubled Debt Restructuring Accrual Status [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Impaired Financing Receivable, Recorded Investment | 4,000,000 | 5,600,000 | |
Troubled Debt Restructuring Nonaccrual Status [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Impaired Financing Receivable, Recorded Investment | 2,800,000 | 1,800,000 | |
Unused Lines of Credit [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Line of Credit Facility, Maximum Amount Outstanding During Period | $124,100,000 |
ACCUMULATED_OTHER_COMPREHENSIV2
ACCUMULATED OTHER COMPREHENSIVE INCOME (Details) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | |
Beginning balance | $809 | [1] | ($108) |
Unrealized gain on investment securities available for sale | 608 | 382 | |
Tax benefit | -234 | -142 | |
Other comprehensive income before reclassification | 374 | 240 | |
Amounts reclassified from accumulated comprehensive income: | |||
Realized (gain) loss on investment securities included in net income | -85 | 0 | |
Tax effect | 33 | 0 | |
Total reclassifications net of tax | -52 | 0 | |
Net current period other comprehensive income | 322 | 240 | |
Ending balance | $1,131 | $132 | |
[1] | Derived from audited consolidated financial statements. |