Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2014 | 8-May-14 | |
Document and Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'Village Bank & Trust Financial Corp. | ' |
Entity Central Index Key | '0001290476 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Well-known Seasoned Issuer | 'No | ' |
Entity Voluntary Filers | 'No | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Filer Category | 'Smaller Reporting Company | ' |
Entity Common Stock, Shares Outstanding | ' | 5,338,295 |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 31-Mar-14 | ' |
Consolidated_Balance_Sheets_Un
Consolidated Balance Sheets (Unaudited) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
Assets | ' | ' |
Cash and due from banks | $19,566,695 | $15,220,580 |
Federal funds sold | 36,946,987 | 24,988,512 |
Total cash and cash equivalents | 56,513,682 | 40,209,092 |
Investment securities available for sale | 59,339,067 | 57,748,040 |
Loans held for sale | 9,986,249 | 8,371,277 |
Loans | ' | ' |
Outstanding | 273,461,221 | 286,562,702 |
Allowance for loan losses | -6,600,384 | -7,238,664 |
Deferred fees and costs | 686,944 | 682,955 |
Loans, net | 267,547,781 | 280,006,993 |
Other real estate owned, net of valuation allowance | 15,688,443 | 16,741,864 |
Assets held for sale | 13,359,314 | 13,359,099 |
Premises and equipment, net | 12,937,541 | 12,408,987 |
Bank owned life insurance | 6,812,428 | 6,764,505 |
Accrued interest receivable | 1,340,386 | 1,486,163 |
Other assets | 6,784,836 | 7,077,331 |
Total assets | 450,309,727 | 444,173,351 |
Deposits | ' | ' |
Noninterest bearing demand | 63,435,899 | 57,243,718 |
Interest bearing | 332,781,210 | 333,384,593 |
Total deposits | 396,217,109 | 390,628,311 |
Federal Home Loan Bank advances | 17,000,000 | 18,000,000 |
Long-term debt - trust preferred securities | 8,764,000 | 8,764,000 |
Other borrowings | 2,903,324 | 2,713,486 |
Accrued interest payable | 1,251,836 | 1,092,520 |
Other liabilities | 5,645,495 | 4,730,965 |
Total liabilities | 431,781,764 | 425,929,282 |
Stockholders' equity | ' | ' |
Preferred stock, $4 par value, $1,000 liquidation preference, 1,000,000 shares authorized, 14,738 shares issued and outstanding | 58,952 | 58,952 |
Common stock, $4 par value, 10,000,000 shares authorized;5,338,295 shares issued and outstanding at March 31, 2014 5,338,295 shares issued and outstanding at December 31, 2013 | 21,353,180 | 21,353,180 |
Additional paid-in capital | 38,063,396 | 38,053,812 |
Accumulated deficit | -39,036,812 | -38,066,154 |
Common stock warrant | 732,479 | 732,479 |
Discount on preferred stock | -12,516 | -50,002 |
Stock in directors rabbi trust | -877,644 | -877,644 |
Directors deferred fees obligation | 877,644 | 877,644 |
Accumulated other comprehensive loss | -2,630,716 | -3,838,198 |
Total stockholders' equity | 18,527,963 | 18,244,069 |
Total liabilities and stockholders' equity | $450,309,727 | $444,173,351 |
Consolidated_Balance_Sheets_Un1
Consolidated Balance Sheets (Unaudited) (Parenthetical) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
Stockholders' equity | ' | ' |
Preferred stock, par value (in dollars per share) | $4 | $4 |
Preferred stock, liquidation preference (in dollars per share) | $1,000 | $1,000 |
Preferred stock, shares authorized (in shares) | 1,000,000 | 1,000,000 |
Preferred stock, shares issued (in shares) | 14,738 | 14,738 |
Preferred stock, shares outstanding (in shares) | 14,738 | 14,738 |
Common stock, par value (in dollars per share) | $4 | $4 |
Common stock, shares authorized (in shares) | 10,000,000 | 10,000,000 |
Common stock, shares issued (in shares) | 5,338,295 | 5,338,295 |
Common stock, shares outstanding (in shares) | 5,338,295 | 5,338,295 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (Unaudited) (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Interest income | ' | ' |
Loans | $3,970,879 | $5,142,951 |
Investment securities | 332,216 | 188,099 |
Federal funds sold | 19,095 | 25,115 |
Total interest income | 4,322,190 | 5,356,165 |
Interest expense | ' | ' |
Deposits | 785,525 | 1,042,384 |
Borrowed funds | 254,017 | 224,392 |
Total interest expense | 1,039,542 | 1,266,776 |
Net interest income | 3,282,648 | 4,089,389 |
Provision for loan losses | 100,000 | 823,000 |
Net interest income after provision for loan losses | 3,182,648 | 3,266,389 |
Noninterest income | ' | ' |
Service charges and fees | 482,553 | 511,504 |
Gain on sale of loans | 810,900 | 1,955,717 |
Gain on sale of assets | 2,813 | 598,182 |
Gain on sale of investment securities | 0 | 90,067 |
Rental income | 256,807 | 264,697 |
Other | 123,512 | 186,305 |
Total noninterest income | 1,676,585 | 3,606,472 |
Noninterest expense | ' | ' |
Salaries and benefits | 2,992,240 | 3,439,408 |
Occupancy | 482,602 | 556,930 |
Equipment | 208,798 | 177,855 |
Supplies | 88,283 | 105,272 |
Professional and outside services | 638,908 | 686,360 |
Advertising and marketing | 82,867 | 63,301 |
Expenses related to foreclosed real estate | 282,506 | 1,574,700 |
Other operating expenses | 831,975 | 780,069 |
Total noninterest expense | 5,608,179 | 7,383,895 |
Net loss | -748,946 | -511,034 |
Preferred stock dividends and amortization of discount | 221,712 | 221,328 |
Net loss available to common shareholders | ($970,658) | ($732,362) |
Loss per share, basic (in dollars per share) | ($0.18) | ($0.17) |
Loss per share, diluted (in dollars per share) | ($0.18) | ($0.17) |
Consolidated_Statements_of_Cha
Consolidated Statements of Changes in Comprehensive Income (Loss) (Unaudited) (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Consolidated Statements of Changes in Comprehensive Income (Loss) (Unaudited) [Abstract] | ' | ' |
Net loss | ($748,946) | ($511,034) |
Other comprehensive income (loss) | ' | ' |
Unrealized holding gains (losses) arising during the period | 1,826,268 | 21,161 |
Tax effect | 620,931 | 7,195 |
Net change in unrealized holding gains (losses) on securities available for sale, net of tax | 1,205,337 | 13,966 |
Reclassification adjustment for gains realized in income | 0 | -90,067 |
Tax effect | 0 | -30,623 |
Reclassification for gains included in net income, net of tax | 0 | -59,444 |
Minimum pension adjustment | 3,250 | 3,250 |
Tax effect | 1,105 | 1,105 |
Minimum pension adjustment, net of tax | 2,145 | 2,145 |
Total other comprehensive income (loss) | 1,207,482 | -43,333 |
Total comprehensive income (loss) | $458,536 | ($554,367) |
Consolidated_Statements_of_Sto
Consolidated Statements of Stockholders' Equity (Unaudited) (USD $) | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Deficit [Member] | Warrant [Member] | Discount on Preferred Stock [Member] | Stock in Directors Rabbi Trust [Member] | Directors Deferred Fees Obligation [Member] | Accumulated Other Comprehensive Loss [Member] | Total |
Balance at Dec. 31, 2012 | $58,952 | $17,007,180 | $40,705,257 | ($33,173,525) | $732,479 | ($198,993) | $0 | $0 | ($166,549) | $24,964,801 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization of preferred stock discount | 0 | 0 | 0 | -37,106 | 0 | 37,106 | 0 | 0 | 0 | 0 |
Preferred stock dividend | 0 | 0 | ' | -184,222 | 0 | 0 | 0 | 0 | 0 | -184,222 |
Stock based compensation | 0 | 0 | 241 | 0 | 0 | 0 | 0 | 0 | 0 | 241 |
Minimum pension adjustment (net of income taxes of $1,105) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2,145 | 2,145 |
Net loss | 0 | 0 | 0 | -511,034 | 0 | 0 | 0 | 0 | 0 | -511,034 |
Change in unrealized gain (loss) on investment securities available-for-sale, net of reclassification and tax effect | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -45,478 | -45,478 |
Balance at Mar. 31, 2013 | 58,952 | 17,007,180 | 40,705,498 | -33,905,887 | 732,479 | -161,887 | 0 | 0 | -209,882 | 24,226,453 |
Balance at Dec. 31, 2013 | 58,952 | 21,353,180 | 38,053,812 | -38,066,154 | 732,479 | -50,002 | -877,644 | 877,644 | -3,838,198 | 18,244,069 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization of preferred stock discount | 0 | 0 | 0 | -37,486 | 0 | 37,486 | 0 | 0 | 0 | 0 |
Preferred stock dividend | 0 | 0 | 0 | -184,226 | 0 | 0 | 0 | 0 | 0 | -184,226 |
Stock based compensation | 0 | 0 | 9,584 | 0 | 0 | 0 | 0 | 0 | 0 | 9,584 |
Minimum pension adjustment (net of income taxes of $1,105) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2,145 | 2,145 |
Net loss | 0 | 0 | 0 | -748,946 | 0 | 0 | 0 | 0 | 0 | -748,946 |
Change in unrealized gain (loss) on investment securities available-for-sale, net of reclassification and tax effect | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1,205,337 | 1,205,337 |
Balance at Mar. 31, 2014 | $58,952 | $21,353,180 | $38,063,396 | ($39,036,812) | $732,479 | ($12,516) | ($877,644) | $877,644 | ($2,630,716) | $18,527,963 |
Consolidated_Statements_of_Sto1
Consolidated Statements of Stockholders' Equity (Unaudited) (Parenthetical) (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Consolidated Statements of Stockholders' Equity (Unaudited) [Abstract] | ' | ' |
Minimum pension adjustment, income taxes | $1,105 | $1,105 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (Unaudited) (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Cash Flows from Operating Activities | ' | ' |
Net income (loss) | ($748,946) | ($511,034) |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ' | ' |
Depreciation and amortization | 171,004 | 258,649 |
Deferred income taxes | -309,726 | -108,145 |
Valuation allowance deferred income taxes | 267,000 | 0 |
Provision for loan losses | 100,000 | 823,000 |
Write-down of other real estate owned | 135,414 | 397,053 |
Valuation allowance other real estate owned | -133,931 | 0 |
Gain on securities sold | 0 | -90,067 |
Gain on loans sold | -810,900 | -1,955,717 |
Gain on sale of premises and equipment | -2,813 | -598,182 |
Gain (Loss) on sale of other real estate owned | -37,312 | 129,821 |
Stock compensation expense | 9,584 | 241 |
Proceeds from sale of mortgage loans | 29,988,547 | 67,727,357 |
Origination of mortgage loans for sale | -30,792,619 | -57,961,082 |
Amortization of premiums and accretion of discounts on securities, net | 108,073 | 86,934 |
Decrease in interest receivable | 145,777 | 96,371 |
Increase in bank owned life insurance | -47,923 | -50,307 |
Decrease (Increase) in other assets | -283,780 | 730,900 |
Increase in interest payable | 159,316 | 69,892 |
Increase in other liabilities | 730,303 | 324,488 |
Net cash provided by (used in) operating activities | -1,352,932 | 9,370,172 |
Cash Flows from Investing Activities | ' | ' |
Purchases of available for sale securities | 0 | -12,791,077 |
Proceeds from the sale or calls of available for sale securities | 127,169 | 8,244,304 |
Net decrease in loans | 11,000,766 | 27,317,573 |
Proceeds from sale of other real estate owned | 2,447,696 | 1,162,364 |
Purchases of premises and equipment | -713,933 | -105,140 |
Proceeds from sale of premises and equipment | 17,188 | 1,681,624 |
Net cash provided by investing activities | 12,878,886 | 25,509,648 |
Cash Flows from Financing Activities | ' | ' |
Net increase (decrease) in deposits | 5,588,798 | -14,903,717 |
Net decrease in Federal Home Loan Bank Advances | -1,000,000 | -1,000,000 |
Net increase (decrease) in other borrowings | 189,838 | -2,969,465 |
Net cash provided by (used in) financing activities | 4,778,636 | -18,873,182 |
Net decrease in cash and cash equivalents | 16,304,590 | 16,006,638 |
Cash and cash equivalents, beginning of period | 40,209,092 | 53,130,942 |
Cash and cash equivalents, end of period | 56,513,682 | 69,137,580 |
Supplemental Schedule of Non Cash Activities | ' | ' |
Real estate owned assets acquired in settlement of loans | 1,358,446 | 2,868,378 |
Dividends on preferred stock accrued | $184,226 | $184,224 |
Principles_of_presentation
Principles of presentation | 3 Months Ended |
Mar. 31, 2014 | |
Principles of presentation [Abstract] | ' |
Principles of presentation | ' |
Note 1 - Principles of presentation | |
Village Bank and Trust Financial Corp. (the “Company”) is the holding company of Village Bank (the “Bank”). The consolidated financial statements include the accounts of the Company, the Bank and the Bank’s subsidiary. All material intercompany balances and transactions have been eliminated in consolidation. | |
In the opinion of management, the accompanying consolidated financial statements of the Company have been prepared on the accrual basis in accordance with generally accepted accounting principles for interim financial information. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. However, all adjustments that are, in the opinion of management, necessary for a fair presentation have been included. The results of operations for the three month period ended March 31, 2014 are not necessarily indicative of the results to be expected for the full year ending December 31, 2014. The unaudited interim financial statements should be read in conjunction with the audited financial statements and notes to financial statements that are presented in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013 as filed with the Securities and Exchange Commission. | |
Use_of_estimates
Use of estimates | 3 Months Ended |
Mar. 31, 2014 | |
Use of estimates [Abstract] | ' |
Use of estimates | ' |
Note 2 - Use of estimates | |
The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the balance sheets and revenues and expenses during the reporting period. Actual results could differ significantly from those estimates. A material estimate that is particularly susceptible to significant change in the near term relates to the determination of the allowance for loan losses and the related provision. | |
Loss_per_common_share
Loss per common share | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Loss per common share [Abstract] | ' | ||||||||
Loss per common share | ' | ||||||||
Note 3 – Loss per common share | |||||||||
The following table presents the basic and diluted earnings per share computations: | |||||||||
Three Months Ended March 31, | |||||||||
2014 | 2013 | ||||||||
Numerator | |||||||||
Net loss - basic and diluted | $ | (748,946 | ) | $ | (511,034 | ) | |||
Preferred stock dividend and accretion | 221,712 | 221,328 | |||||||
Net loss available to common shareholders | $ | (970,658 | ) | $ | (732,362 | ) | |||
Denominator | |||||||||
Weighted average shares outstanding - basic | 5,338,295 | 4,253,932 | |||||||
Dilutive effect of common stock options and restricted stock awards | - | - | |||||||
Weighted average shares outstanding - diluted | 5,338,295 | 4,253,932 | |||||||
Loss per share - basic and diluted | |||||||||
Loss per share - basic | $ | (0.18 | ) | $ | (0.17 | ) | |||
Effect of dilutive common stock options | - | - | |||||||
Loss per share - diluted | $ | (0.18 | ) | $ | (0.17 | ) | |||
Outstanding options and warrants to purchase common stock were considered in the computation of diluted earnings per share for the periods presented. Stock options for 81,657 and 254,630 shares of common stock were not included in computing diluted earnings per share for the three months ended March 31, 2014 and 2013, respectively, because their effects were anti-dilutive. Warrants for 499,030 shares of common stock were not included in computing earnings per share in 2014 and 2013 because their effects were also anti-dilutive. | |||||||||
Investment_securities
Investment securities | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||
Investment securities [Abstract] | ' | ||||||||||||||||||||||||
Investment securities | ' | ||||||||||||||||||||||||
Note 4 – Investment securities | |||||||||||||||||||||||||
At March 31, 2014 and December 31, 2013, all of our securities were classified as available for sale. The following table presents the composition of our investment portfolio at the dates indicated (dollars in thousands). | |||||||||||||||||||||||||
Gross | Gross | Estimated | |||||||||||||||||||||||
Par | Amortized | Unrealized | Unrealized | Fair | Average | ||||||||||||||||||||
Value | Cost | Gains | Losses | Value | Yield | ||||||||||||||||||||
31-Mar-14 | |||||||||||||||||||||||||
US Treasury | |||||||||||||||||||||||||
Five to ten years | $ | 8,000 | $ | 7,829 | $ | - | $ | (418 | ) | $ | 7,411 | 2.13 | % | ||||||||||||
US Government Agencies | |||||||||||||||||||||||||
One to Five years | 4,000 | 4,184 | - | (129 | ) | 4,055 | 0.89 | % | |||||||||||||||||
Five to ten years | 31,625 | 33,459 | - | (2,232 | ) | 31,227 | 1.82 | % | |||||||||||||||||
35,625 | 37,643 | - | (2,361 | ) | 35,282 | 1.71 | % | ||||||||||||||||||
Mortgage-backed securities | |||||||||||||||||||||||||
More than ten years | 2,655 | 2,659 | 2 | (20 | ) | 2,641 | 2.43 | % | |||||||||||||||||
Municipals | |||||||||||||||||||||||||
Five to ten years | 6,155 | 6,663 | - | (452 | ) | 6,211 | 2.85 | % | |||||||||||||||||
More than ten years | 6,780 | 8,404 | - | (610 | ) | 7,794 | 3.34 | % | |||||||||||||||||
12,935 | 15,067 | - | (1,062 | ) | 14,005 | 3.12 | % | ||||||||||||||||||
Total investment securities | $ | 59,215 | $ | 63,198 | $ | 2 | $ | (3,861 | ) | $ | 59,339 | 2.13 | % | ||||||||||||
31-Dec-13 | |||||||||||||||||||||||||
US Treasury | |||||||||||||||||||||||||
Five to ten years | $ | 8,000 | $ | 7,825 | $ | - | $ | (615 | ) | $ | 7,210 | 2.13 | % | ||||||||||||
US Government Agencies | |||||||||||||||||||||||||
One to Five years | 4,000 | 4,194 | - | (166 | ) | 4,028 | 0.89 | % | |||||||||||||||||
Five to ten years | 31,625 | 33,510 | - | (3,187 | ) | 30,323 | 1.82 | % | |||||||||||||||||
35,625 | 37,704 | - | (3,353 | ) | 34,351 | 1.71 | % | ||||||||||||||||||
Mortgage-backed securities | |||||||||||||||||||||||||
More than ten years | 2,782 | 2,792 | 10 | (50 | ) | 2,752 | 2.43 | % | |||||||||||||||||
Municipals | |||||||||||||||||||||||||
Five to ten years | 6,155 | 6,684 | - | (678 | ) | 6,006 | 2.85 | % | |||||||||||||||||
More than ten years | 6,780 | 8,428 | - | (999 | ) | 7,429 | 3.34 | % | |||||||||||||||||
Total | 12,935 | 15,112 | - | (1,677 | ) | 13,435 | 3.12 | % | |||||||||||||||||
Total investment securities | $ | 59,342 | $ | 63,433 | $ | 10 | $ | (5,695 | ) | $ | 57,748 | 2.13 | % | ||||||||||||
Investment securities available for sale that have an unrealized loss position at March 31, 2014 and December 31, 2013 are detailed below (in thousands): | |||||||||||||||||||||||||
Securities in a loss | Securities in a loss | ||||||||||||||||||||||||
position for less than | position for more than | ||||||||||||||||||||||||
12 months | 12 months | Total | |||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | ||||||||||||||||||||
Value | Losses | Value | Losses | Value | Losses | ||||||||||||||||||||
31-Mar-14 | |||||||||||||||||||||||||
US Treasury | $ | 42,693 | $ | (2,779 | ) | $ | - | $ | - | $ | 42,693 | $ | (2,779 | ) | |||||||||||
Municipals | 11,144 | (945 | ) | 2,861 | (116 | ) | 14,005 | (1,061 | ) | ||||||||||||||||
Mortgage-backed securities | 2,503 | (21 | ) | - | - | 2,503 | (21 | ) | |||||||||||||||||
Total | $ | 56,340 | $ | (3,745 | ) | $ | 2,861 | $ | (116 | ) | $ | 59,201 | $ | (3,861 | ) | ||||||||||
31-Dec-13 | |||||||||||||||||||||||||
US Treasury | $ | 41,560 | $ | (3,968 | ) | $ | - | $ | - | $ | 41,560 | $ | (3,968 | ) | |||||||||||
Municipals | 10,864 | (1,471 | ) | 2,571 | (206 | ) | 13,435 | (1,677 | ) | ||||||||||||||||
Mortgage-backed securities | 1,861 | (50 | ) | - | - | 1,861 | (50 | ) | |||||||||||||||||
Total | $ | 54,285 | $ | (5,489 | ) | $ | 2,571 | $ | (206 | ) | $ | 56,856 | $ | (5,695 | ) | ||||||||||
Management does not believe that any individual unrealized loss as of March 31, 2014 and December 31, 2013 is other than a temporary impairment. These unrealized losses are primarily attributable to changes in interest rates. As of March 31, 2014, management does not have the intent to sell any of the securities classified as available for sale and management believes that it is more likely than not that the Company will not have to sell any such securities before a recovery of cost. Approximately $7,119,000 of these securities are pledged against borrowings. Therefore, the related borrowings would need to be repaid prior to the securities being sold in order for these securities to be converted to cash. | |||||||||||||||||||||||||
Loans_and_allowance_for_loan_l
Loans and allowance for loan losses | 3 Months Ended | ||||||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||||||
Loans and allowance for loan losses [Abstract] | ' | ||||||||||||||||||||||||||||
Loans and allowance for loan losses | ' | ||||||||||||||||||||||||||||
Note 5 – Loans and allowance for loan losses | |||||||||||||||||||||||||||||
The following table presents the composition of our loan portfolio (excluding mortgage loans held for sale) at the dates indicated. | |||||||||||||||||||||||||||||
31-Mar-14 | 31-Dec-13 | ||||||||||||||||||||||||||||
Amount | % | Amount | % | ||||||||||||||||||||||||||
Construction and land development | |||||||||||||||||||||||||||||
Residential | $ | 4,009,572 | 1.47 | % | $ | 2,930,904 | 1.02 | % | |||||||||||||||||||||
Commercial | 25,879,373 | 9.46 | % | 28,178,636 | 9.83 | % | |||||||||||||||||||||||
29,888,945 | 10.92 | % | 31,109,540 | 10.86 | % | ||||||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||||||||
Owner occupied | 68,446,883 | 25.02 | % | 73,584,396 | 25.68 | % | |||||||||||||||||||||||
Non-owner occupied | 40,173,735 | 14.69 | % | 43,868,068 | 15.31 | % | |||||||||||||||||||||||
Multifamily | 10,216,766 | 3.74 | % | 11,559,882 | 4.03 | % | |||||||||||||||||||||||
Farmland | 1,359,197 | 0.5 | % | 1,463,311 | 0.51 | % | |||||||||||||||||||||||
120,196,581 | 43.95 | % | 130,475,657 | 45.53 | % | ||||||||||||||||||||||||
Consumer real estate | |||||||||||||||||||||||||||||
Home equity lines | 20,649,359 | 7.56 | % | 21,246,032 | 7.41 | % | |||||||||||||||||||||||
Secured by 1-4 family residential, | |||||||||||||||||||||||||||||
First deed of trust | 66,299,799 | 24.24 | % | 66,872,644 | 23.34 | % | |||||||||||||||||||||||
Second deed of trust | 8,334,968 | 3.05 | % | 8,675,218 | 3.03 | % | |||||||||||||||||||||||
95,284,126 | 34.85 | % | 96,793,894 | 33.78 | % | ||||||||||||||||||||||||
Commercial and industrial loans | |||||||||||||||||||||||||||||
(except those secured by real estate) | 26,295,748 | 9.62 | % | 26,253,841 | 9.16 | % | |||||||||||||||||||||||
Consumer and other | 1,795,821 | 0.66 | % | 1,929,770 | 0.67 | % | |||||||||||||||||||||||
Total loans | 273,461,221 | 100 | % | 286,562,702 | 100 | % | |||||||||||||||||||||||
Deferred loan cost, net | 686,944 | 682,955 | |||||||||||||||||||||||||||
Less: allowance for loan losses | (6,600,384 | ) | (7,238,664 | ) | |||||||||||||||||||||||||
$ | 267,547,781 | $ | 280,006,993 | ||||||||||||||||||||||||||
The Company assigns risk rating classifications to its loans. These risk ratings are divided into the following groups: | |||||||||||||||||||||||||||||
· | Risk rated 1 to 4 loans are considered of sufficient quality to preclude an adverse rating. 1-4 assets generally are well protected by the current net worth and paying capacity of the obligor or by the value of the asset or underlying collateral; | ||||||||||||||||||||||||||||
· | Risk rated 5 loans are defined as having potential weaknesses that deserve management’s close attention; | ||||||||||||||||||||||||||||
· | Risk rated 6 loans are inadequately protected by the current sound worth and paying capacity of the obligor or of the collateral pledged, if any; and | ||||||||||||||||||||||||||||
· | Risk rated 7 loans have all the weaknesses inherent in substandard loans, with the added characteristics that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions and values, highly questionable and improbable. | ||||||||||||||||||||||||||||
The following tables provide information on the risk rating of loans at the dates indicated: | |||||||||||||||||||||||||||||
Risk Rated | Risk Rated | Risk Rated | Risk Rated | Total | |||||||||||||||||||||||||
4-Jan | 5 | 6 | 7 | Loans | |||||||||||||||||||||||||
31-Mar-14 | |||||||||||||||||||||||||||||
Construction and land development | |||||||||||||||||||||||||||||
Residential | $ | 3,605,240 | $ | - | $ | 404,332 | $ | - | $ | 4,009,572 | |||||||||||||||||||
Commercial | 18,911,155 | 985,986 | 5,982,232 | 25,879,373 | |||||||||||||||||||||||||
22,516,395 | 985,986 | 6,386,564 | - | 29,888,945 | |||||||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||||||||
Owner occupied | 50,092,436 | 9,978,424 | 7,778,133 | 597,890 | 68,446,883 | ||||||||||||||||||||||||
Non-owner occupied | 31,995,969 | 921,184 | 7,256,582 | - | 40,173,735 | ||||||||||||||||||||||||
Multifamily | 9,466,971 | 749,795 | - | - | 10,216,766 | ||||||||||||||||||||||||
Farmland | 1,143,982 | 194,124 | 21,091 | - | 1,359,197 | ||||||||||||||||||||||||
92,699,358 | 11,843,527 | 15,055,806 | 597,890 | 120,196,581 | |||||||||||||||||||||||||
Consumer real estate | |||||||||||||||||||||||||||||
Home equity lines | 17,625,545 | 522,628 | 2,501,186 | - | 20,649,359 | ||||||||||||||||||||||||
Secured by 1-4 family residential | |||||||||||||||||||||||||||||
First deed of trust | 50,520,053 | 6,505,072 | 9,274,674 | - | 66,299,799 | ||||||||||||||||||||||||
Second deed of trust | 6,739,329 | 168,334 | 1,427,305 | - | 8,334,968 | ||||||||||||||||||||||||
74,884,927 | 7,196,034 | 13,203,165 | - | 95,284,126 | |||||||||||||||||||||||||
Commercial and industrial loans | |||||||||||||||||||||||||||||
(except those secured by real estate) | 20,083,248 | 3,542,672 | 2,669,828 | - | 26,295,748 | ||||||||||||||||||||||||
Consumer and other | 1,669,281 | 73,457 | 53,083 | - | 1,795,821 | ||||||||||||||||||||||||
Total loans | $ | 211,853,209 | $ | 23,641,676 | $ | 37,368,446 | $ | 597,890 | $ | 273,461,221 | |||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||
Construction and land development | |||||||||||||||||||||||||||||
Residential | $ | 2,715,050 | $ | - | $ | 215,854 | $ | - | $ | 2,930,904 | |||||||||||||||||||
Commercial | 18,265,157 | 2,710,599 | 7,202,880 | - | 28,178,636 | ||||||||||||||||||||||||
20,980,207 | 2,710,599 | 7,418,734 | - | 31,109,540 | |||||||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||||||||
Owner occupied | 51,810,345 | 13,214,084 | 8,559,967 | - | 73,584,396 | ||||||||||||||||||||||||
Non-owner occupied | 31,990,478 | 3,453,613 | 8,423,977 | - | 43,868,068 | ||||||||||||||||||||||||
Multifamily | 10,803,958 | 755,924 | - | - | 11,559,882 | ||||||||||||||||||||||||
Farmland | 1,346,518 | - | 116,793 | - | 1,463,311 | ||||||||||||||||||||||||
95,951,299 | 17,423,621 | 17,100,737 | - | 130,475,657 | |||||||||||||||||||||||||
Consumer real estate | |||||||||||||||||||||||||||||
Home equity lines | 17,609,666 | 726,972 | 2,909,394 | - | 21,246,032 | ||||||||||||||||||||||||
Secured by 1-4 family residential | |||||||||||||||||||||||||||||
First deed of trust | 49,842,789 | 6,646,262 | 10,383,593 | - | 66,872,644 | ||||||||||||||||||||||||
Second deed of trust | 6,597,382 | 212,412 | 1,865,424 | - | 8,675,218 | ||||||||||||||||||||||||
74,049,837 | 7,585,646 | 15,158,411 | - | 96,793,894 | |||||||||||||||||||||||||
Commercial and industrial loans | |||||||||||||||||||||||||||||
(except those secured by real estate) | 19,785,628 | 1,042,226 | 5,425,987 | - | 26,253,841 | ||||||||||||||||||||||||
Consumer and other | 1,738,943 | 130,829 | 59,998 | - | 1,929,770 | ||||||||||||||||||||||||
Total loans | $ | 212,505,914 | $ | 28,892,921 | $ | 45,163,867 | $ | - | $ | 286,562,702 | |||||||||||||||||||
The following table presents the aging of the recorded investment in past due loans and leases as of the dates indicated: | |||||||||||||||||||||||||||||
Recorded | |||||||||||||||||||||||||||||
Greater | Investment > | ||||||||||||||||||||||||||||
30-59 Days | 60-89 Days | Than | Total Past | Total | 90 Days and | ||||||||||||||||||||||||
Past Due | Past Due | 90 Days | Due | Current | Loans | Accruing | |||||||||||||||||||||||
31-Mar-14 | |||||||||||||||||||||||||||||
Construction and land development | |||||||||||||||||||||||||||||
Residential | $ | - | $ | - | $ | - | $ | - | $ | 4,009,572 | $ | 4,009,572 | $ | - | |||||||||||||||
Commercial | 73,092 | - | - | 73,092 | 25,806,281 | 25,879,373 | - | ||||||||||||||||||||||
73,092 | - | - | 73,092 | 29,815,853 | 29,888,945 | - | |||||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||||||||
Owner occupied | 578,930 | - | - | 578,930 | 67,867,953 | 68,446,883 | - | ||||||||||||||||||||||
Non-owner occupied | - | - | - | - | 40,173,735 | 40,173,735 | - | ||||||||||||||||||||||
Multifamily | 218,832 | - | - | 218,832 | 9,997,934 | 10,216,766 | - | ||||||||||||||||||||||
Farmland | - | - | - | - | 1,359,197 | 1,359,197 | - | ||||||||||||||||||||||
797,762 | - | - | 797,762 | 119,398,819 | 120,196,581 | - | |||||||||||||||||||||||
Consumer real estate | |||||||||||||||||||||||||||||
Home equity lines | 98,364 | - | - | 98,364 | 20,550,995 | 20,649,359 | - | ||||||||||||||||||||||
Secured by 1-4 family residential | |||||||||||||||||||||||||||||
First deed of trust | 378,412 | 104,385 | - | 482,797 | 65,817,002 | 66,299,799 | - | ||||||||||||||||||||||
Second deed of trust | 24,084 | - | - | 24,084 | 8,310,884 | 8,334,968 | - | ||||||||||||||||||||||
500,860 | 104,385 | - | 605,245 | 94,678,881 | 95,284,126 | - | |||||||||||||||||||||||
Commercial and industrial loans | |||||||||||||||||||||||||||||
(except those secured by real estate) | 136,832 | - | - | 136,832 | 26,158,916 | 26,295,748 | - | ||||||||||||||||||||||
Consumer and other | 256,210 | - | - | 256,210 | 1,539,611 | 1,795,821 | - | ||||||||||||||||||||||
Total loans | $ | 1,764,756 | $ | 104,385 | $ | - | $ | 1,869,141 | $ | 271,592,080 | $ | 273,461,221 | $ | - | |||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||
Construction and land development | |||||||||||||||||||||||||||||
Residential | $ | - | $ | - | $ | - | $ | - | $ | 2,930,904 | $ | 2,930,904 | $ | - | |||||||||||||||
Commercial | - | 116,180 | - | 116,180 | 28,062,456 | 28,178,636 | - | ||||||||||||||||||||||
- | 116,180 | - | 116,180 | 30,993,360 | 31,109,540 | - | |||||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||||||||
Owner occupied | 199,392 | - | - | 199,392 | 73,385,004 | 73,584,396 | - | ||||||||||||||||||||||
Non-owner occupied | - | 345,704 | - | 345,704 | 43,522,364 | 43,868,068 | - | ||||||||||||||||||||||
Multifamily | 221,474 | - | - | 221,474 | 11,338,408 | 11,559,882 | - | ||||||||||||||||||||||
Farmland | 194,124 | - | - | 194,124 | 1,269,187 | 1,463,311 | - | ||||||||||||||||||||||
614,990 | 345,704 | - | 960,694 | 129,514,963 | 130,475,657 | - | |||||||||||||||||||||||
Consumer real estate | |||||||||||||||||||||||||||||
Home equity lines | 98,364 | 403,115 | - | 501,479 | 20,744,553 | 21,246,032 | - | ||||||||||||||||||||||
Secured by 1-4 family residential | |||||||||||||||||||||||||||||
First deed of trust | 554,946 | 362,348 | - | 917,294 | 65,955,350 | 66,872,644 | - | ||||||||||||||||||||||
Second deed of trust | - | 24,291 | - | 24,291 | 8,650,927 | 8,675,218 | - | ||||||||||||||||||||||
653,310 | 789,754 | - | 1,443,064 | 95,350,830 | 96,793,894 | - | |||||||||||||||||||||||
Commercial and industrial loans | |||||||||||||||||||||||||||||
(except those secured by real estate) | 25,035 | 121,710 | 59,900 | 206,645 | 26,047,196 | 26,253,841 | 59,900 | ||||||||||||||||||||||
Consumer and other | 5,331 | 14,917 | - | 20,248 | 1,909,522 | 1,929,770 | - | ||||||||||||||||||||||
Total loans | $ | 1,298,666 | $ | 1,388,265 | $ | 59,900 | $ | 2,746,831 | $ | 283,815,871 | $ | 286,562,702 | $ | 59,900 | |||||||||||||||
Loans are considered impaired when, based on current information and events it is probable the Company will be unable to collect all amounts due in accordance with the original contractual terms of the loan agreement, including scheduled principal and interest payments. Loans evaluated individually for impairment include non-performing loans, such as loans on non-accrual, loans past due by 90 days or more, restructured loans and other loans selected by management. The evaluations are based upon discounted expected cash flows or collateral valuations. If the evaluation shows that a loan is individually impaired, then a specific reserve is established for the amount of impairment. Impairment is evaluated in total for smaller-balance loans of a similar nature and on an individual loan basis for other loans. If a loan is impaired, a specific valuation allowance is allocated, if necessary, so that the loan is reported net, at the present value of estimated future cash flows using the loan’s existing rate or at the fair value of collateral if repayment is expected solely from the collateral. Interest payments on impaired loans are typically applied to principal unless collectability of the principal amount is reasonably assured, in which case interest is recognized on a cash basis. Impaired loans, or portions thereof, are charged off when deemed uncollectible. Impaired loans are set forth in the following table as of the dates indicated. | |||||||||||||||||||||||||||||
31-Mar-14 | |||||||||||||||||||||||||||||
Unpaid | |||||||||||||||||||||||||||||
Recorded | Principal | Related | |||||||||||||||||||||||||||
Investment | Balance | Allowance | |||||||||||||||||||||||||||
With no related allowance recorded | |||||||||||||||||||||||||||||
Construction and land development | |||||||||||||||||||||||||||||
Residential | $ | 135,832 | $ | 135,832 | $ | - | |||||||||||||||||||||||
Commercial | 4,120,614 | 4,120,614 | - | ||||||||||||||||||||||||||
4,256,446 | 4,256,446 | - | |||||||||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||||||||
Owner occupied | 2,321,831 | 2,371,831 | |||||||||||||||||||||||||||
Non-owner occupied | 11,367,535 | 11,467,535 | - | ||||||||||||||||||||||||||
Multifamily | 2,360,523 | 2,360,523 | - | ||||||||||||||||||||||||||
Farmland | 21,091 | 450,000 | - | ||||||||||||||||||||||||||
16,070,980 | 16,649,889 | - | |||||||||||||||||||||||||||
Consumer real estate | |||||||||||||||||||||||||||||
Home equity lines | 1,643,669 | 1,681,303 | - | ||||||||||||||||||||||||||
Secured by 1-4 family residential | |||||||||||||||||||||||||||||
First deed of trust | 7,667,046 | 7,719,539 | - | ||||||||||||||||||||||||||
Second deed of trust | 1,347,764 | 1,491,222 | - | ||||||||||||||||||||||||||
10,658,479 | 10,892,064 | - | |||||||||||||||||||||||||||
Commercial and industrial loans | |||||||||||||||||||||||||||||
(except those secured by real estate) | 796,620 | 971,172 | - | ||||||||||||||||||||||||||
Consumer and other | 31,500 | 31,500 | - | ||||||||||||||||||||||||||
31,814,025 | 32,801,071 | - | |||||||||||||||||||||||||||
With an allowance recorded | |||||||||||||||||||||||||||||
Construction and land development | |||||||||||||||||||||||||||||
Commercial | 605,953 | 605,953 | 40,785 | ||||||||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||||||||
Owner occupied | 9,723,738 | 9,877,738 | 673,346 | ||||||||||||||||||||||||||
Non-Owner occupied | 1,288,872 | 1,288,872 | 363,508 | ||||||||||||||||||||||||||
11,012,610 | 11,166,610 | 1,036,854 | |||||||||||||||||||||||||||
Consumer real estate | |||||||||||||||||||||||||||||
Secured by 1-4 family residential | |||||||||||||||||||||||||||||
First deed of trust | 1,782,466 | 2,524,921 | 391,380 | ||||||||||||||||||||||||||
Commercial and industrial loans | |||||||||||||||||||||||||||||
(except those secured by real estate) | 116,237 | 116,237 | 11,063 | ||||||||||||||||||||||||||
13,517,266 | 14,413,721 | 1,480,082 | |||||||||||||||||||||||||||
Total | |||||||||||||||||||||||||||||
Construction and land development | |||||||||||||||||||||||||||||
Residential | 135,832 | 135,832 | |||||||||||||||||||||||||||
Commercial | 4,726,567 | 4,726,567 | 40,785 | ||||||||||||||||||||||||||
4,862,399 | 4,862,399 | 40,785 | |||||||||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||||||||
Owner occupied | 12,045,569 | 12,249,569 | 673,346 | ||||||||||||||||||||||||||
Non-owner occupied | 12,656,407 | 12,756,407 | 363,508 | ||||||||||||||||||||||||||
Multifamily | 2,360,523 | 2,360,523 | |||||||||||||||||||||||||||
Farmland | 21,091 | 450,000 | - | ||||||||||||||||||||||||||
27,083,590 | 27,816,499 | 1,036,854 | |||||||||||||||||||||||||||
Consumer real estate | |||||||||||||||||||||||||||||
Home equity lines | 1,643,669 | 1,681,303 | - | ||||||||||||||||||||||||||
Secured by 1-4 family residential, | |||||||||||||||||||||||||||||
First deed of trust | 9,449,512 | 10,244,460 | 391,380 | ||||||||||||||||||||||||||
Second deed of trust | 1,347,764 | 1,491,222 | - | ||||||||||||||||||||||||||
12,440,945 | 13,416,985 | 391,380 | |||||||||||||||||||||||||||
Commercial and industrial loans | |||||||||||||||||||||||||||||
(except those secured by real estate) | 912,857 | 1,087,409 | 11,063 | ||||||||||||||||||||||||||
Consumer and other | 31,500 | 31,500 | - | ||||||||||||||||||||||||||
$ | 45,331,291 | $ | 47,214,792 | $ | 1,480,082 | ||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||
Unpaid | |||||||||||||||||||||||||||||
Recorded | Principal | Related | |||||||||||||||||||||||||||
Investment | Balance | Allowance | |||||||||||||||||||||||||||
With no related allowance recorded | |||||||||||||||||||||||||||||
Construction and land development | |||||||||||||||||||||||||||||
Residential | $ | 215,854 | $ | 215,854 | $ | - | |||||||||||||||||||||||
Commercial | 3,451,651 | 3,497,236 | - | ||||||||||||||||||||||||||
3,667,505 | 3,713,090 | - | |||||||||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||||||||
Owner occupied | 1,919,129 | 1,969,129 | |||||||||||||||||||||||||||
Non-owner occupied | 11,769,212 | 11,927,602 | - | ||||||||||||||||||||||||||
Multifamily | 2,373,444 | 2,373,444 | - | ||||||||||||||||||||||||||
Farmland | 116,793 | 450,000 | - | ||||||||||||||||||||||||||
16,178,578 | 16,720,175 | - | |||||||||||||||||||||||||||
Consumer real estate | |||||||||||||||||||||||||||||
Home equity lines | 1,629,863 | 1,684,527 | - | ||||||||||||||||||||||||||
Secured by 1-4 family residential | |||||||||||||||||||||||||||||
First deed of trust | 8,176,613 | 8,319,093 | - | ||||||||||||||||||||||||||
Second deed of trust | 1,125,245 | 1,248,964 | - | ||||||||||||||||||||||||||
10,931,721 | 11,252,584 | - | |||||||||||||||||||||||||||
Commercial and industrial loans | |||||||||||||||||||||||||||||
(except those secured by real estate) | 808,885 | 983,436 | - | ||||||||||||||||||||||||||
Consumer and other | 34,123 | 34,123 | - | ||||||||||||||||||||||||||
31,620,812 | 32,703,408 | - | |||||||||||||||||||||||||||
With an allowance recorded | |||||||||||||||||||||||||||||
Construction and land development | |||||||||||||||||||||||||||||
Commercial | 1,752,587 | 1,752,587 | 220,164 | ||||||||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||||||||
Owner occupied | 9,794,555 | 9,948,555 | 680,346 | ||||||||||||||||||||||||||
Non-Owner occupied | 1,296,788 | 1,296,788 | 371,286 | ||||||||||||||||||||||||||
11,091,343 | 11,245,343 | 1,051,632 | |||||||||||||||||||||||||||
Consumer real estate | |||||||||||||||||||||||||||||
Secured by 1-4 family residential | |||||||||||||||||||||||||||||
First deed of trust | 2,184,026 | 2,870,301 | 483,644 | ||||||||||||||||||||||||||
Second deed of trust | 132,435 | 132,435 | 32,407 | ||||||||||||||||||||||||||
2,316,461 | 3,002,736 | 516,051 | |||||||||||||||||||||||||||
Commercial and industrial loans | |||||||||||||||||||||||||||||
(except those secured by real estate) | 150,537 | 150,537 | 42,529 | ||||||||||||||||||||||||||
15,310,928 | 16,151,203 | 1,830,376 | |||||||||||||||||||||||||||
Total | |||||||||||||||||||||||||||||
Construction and land development | |||||||||||||||||||||||||||||
Residential | 215,854 | 215,854 | - | ||||||||||||||||||||||||||
Commercial | 5,204,238 | 5,249,823 | 220,164 | ||||||||||||||||||||||||||
5,420,092 | 5,465,677 | 220,164 | |||||||||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||||||||
Owner occupied | 11,713,684 | 11,917,684 | 680,346 | ||||||||||||||||||||||||||
Non-owner occupied | 13,066,000 | 13,224,390 | 371,286 | ||||||||||||||||||||||||||
Multifamily | 2,373,444 | 2,373,444 | - | ||||||||||||||||||||||||||
Farmland | 116,793 | 450,000 | - | ||||||||||||||||||||||||||
27,269,921 | 27,965,518 | 1,051,632 | |||||||||||||||||||||||||||
Consumer real estate | |||||||||||||||||||||||||||||
Home equity lines | 1,629,863 | 1,684,527 | - | ||||||||||||||||||||||||||
Secured by 1-4 family residential, | |||||||||||||||||||||||||||||
First deed of trust | 10,360,639 | 11,189,394 | 483,644 | ||||||||||||||||||||||||||
Second deed of trust | 1,257,680 | 1,381,399 | 32,407 | ||||||||||||||||||||||||||
13,248,182 | 14,255,320 | 516,051 | |||||||||||||||||||||||||||
Commercial and industrial loans | |||||||||||||||||||||||||||||
(except those secured by real estate) | 959,422 | 1,133,973 | 42,529 | ||||||||||||||||||||||||||
Consumer and other | 34,123 | 34,123 | - | ||||||||||||||||||||||||||
$ | 46,931,740 | $ | 48,854,611 | $ | 1,830,376 | ||||||||||||||||||||||||
The following is a summary of average recorded investment in impaired loans with and without a valuation allowance and interest income recognized on those loans for periods indicated: | |||||||||||||||||||||||||||||
For the Three Months Ended March 31, | |||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||
Average | Interest | Average | Interest | ||||||||||||||||||||||||||
Recorded | Income | Recorded | Income | ||||||||||||||||||||||||||
Investment | Recognized | Investment | Recognized | ||||||||||||||||||||||||||
With no related allowance recorded | |||||||||||||||||||||||||||||
Construction and land development | |||||||||||||||||||||||||||||
Residential | $ | 171,532 | $ | 2,163 | $ | - | $ | - | |||||||||||||||||||||
Commercial | 4,133,561 | 55,755 | 7,406,223 | 60,175 | |||||||||||||||||||||||||
4,305,093 | 57,918 | 7,406,223 | 60,175 | ||||||||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||||||||
Owner occupied | 2,327,733 | 26,667 | 7,119,781 | 136,728 | |||||||||||||||||||||||||
Non-owner occupied | 11,402,497 | 133,461 | 14,579,438 | 206,192 | |||||||||||||||||||||||||
Multifamily | 2,365,837 | 35,059 | 3,043,344 | 51,755 | |||||||||||||||||||||||||
Farmland | 21,091 | - | |||||||||||||||||||||||||||
16,117,158 | 195,187 | 24,742,563 | 394,675 | ||||||||||||||||||||||||||
Consumer real estate | |||||||||||||||||||||||||||||
Home equity lines | 1,643,669 | 13,818 | 1,801,054 | - | |||||||||||||||||||||||||
Secured by 1-4 family residential | |||||||||||||||||||||||||||||
First deed of trust | 7,780,210 | 84,808 | 12,541,557 | 128,977 | |||||||||||||||||||||||||
Second deed of trust | 1,352,528 | 14,450 | 507,002 | 6,789 | |||||||||||||||||||||||||
10,776,407 | 113,076 | 14,849,613 | 135,766 | ||||||||||||||||||||||||||
Commercial and industrial loans | |||||||||||||||||||||||||||||
(except those secured by real estate) | 805,927 | 12,537 | 897,988 | 8,944 | |||||||||||||||||||||||||
Consumer and other | 32,999 | 599 | 68,248 | 1,092 | |||||||||||||||||||||||||
32,037,584 | 379,317 | 47,964,635 | 600,652 | ||||||||||||||||||||||||||
With an allowance recorded | |||||||||||||||||||||||||||||
Construction and land development | |||||||||||||||||||||||||||||
Commercial | 608,524 | 7,617 | 458,065 | 1,628 | |||||||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||||||||
Owner occupied | 9,873,927 | 146,006 | 2,400,696 | 11,935 | |||||||||||||||||||||||||
Non-owner occupied | 1,299,315 | - | 256,067 | - | |||||||||||||||||||||||||
Farmland | - | - | 1,049,489 | 1,100 | |||||||||||||||||||||||||
11,173,242 | 146,006 | 3,706,252 | 13,035 | ||||||||||||||||||||||||||
Consumer real estate | |||||||||||||||||||||||||||||
Home equity lines | - | - | 269,450 | 6,792 | |||||||||||||||||||||||||
Secured by 1-4 family residential | |||||||||||||||||||||||||||||
First deed of trust | 1,833,311 | - | 835,505 | 6,076 | |||||||||||||||||||||||||
Second deed of trust | - | - | 349,192 | 6,401 | |||||||||||||||||||||||||
1,833,311 | - | 1,454,147 | 19,269 | ||||||||||||||||||||||||||
Commercial and industrial loans | |||||||||||||||||||||||||||||
(except those secured by real estate) | 116,582 | - | 64,672 | 1,290 | |||||||||||||||||||||||||
13,731,659 | 153,623 | 5,683,136 | 35,222 | ||||||||||||||||||||||||||
Total | |||||||||||||||||||||||||||||
Construction and land development | |||||||||||||||||||||||||||||
Residential | 171,532 | 2,163 | - | - | |||||||||||||||||||||||||
Commercial | 4,742,085 | 63,372 | 7,864,288 | 61,803 | |||||||||||||||||||||||||
4,913,617 | 65,535 | 7,864,288 | 61,803 | ||||||||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||||||||
Owner occupied | 12,201,660 | 172,673 | 9,520,477 | 148,663 | |||||||||||||||||||||||||
Non-owner occupied | 12,701,812 | 133,461 | 14,835,505 | 206,192 | |||||||||||||||||||||||||
Multifamily | 2,365,837 | 35,059 | 3,043,344 | 51,755 | |||||||||||||||||||||||||
Farmland | 21,091 | - | 1,049,489 | 1,100 | |||||||||||||||||||||||||
27,290,400 | 341,193 | 28,448,815 | 407,710 | ||||||||||||||||||||||||||
Consumer real estate | |||||||||||||||||||||||||||||
Home equity lines | 1,643,669 | 13,818 | 2,070,504 | 6,792 | |||||||||||||||||||||||||
Secured by 1-4 family residential | |||||||||||||||||||||||||||||
First deed of trust | 9,613,521 | 84,808 | 13,377,062 | 135,053 | |||||||||||||||||||||||||
Second deed of trust | 1,352,528 | 14,450 | 856,194 | 13,190 | |||||||||||||||||||||||||
12,609,718 | 113,076 | 16,303,760 | 155,035 | ||||||||||||||||||||||||||
Commercial and industrial loans | |||||||||||||||||||||||||||||
(except those secured by real estate) | 922,509 | 12,537 | 962,660 | 10,234 | |||||||||||||||||||||||||
Consumer and other | 32,999 | 599 | 68,248 | 1,092 | |||||||||||||||||||||||||
$ | 45,769,243 | $ | 532,940 | $ | 53,647,771 | $ | 635,874 | ||||||||||||||||||||||
Included in impaired loans are loans classified as troubled debt restructurings (“TDRs”). A modification of a loan’s terms constitutes a TDR if the creditor grants a concession to the borrower for economic or legal reasons related to the borrower’s financial difficulties that it would not otherwise consider. For loans classified as impaired TDRs, the Company further evaluates the loans as performing or nonperforming. If, at the time of restructure, the loan is not considered nonaccrual, it will be classified as performing. TDRs originally classified as nonperforming are able to be reclassified as performing if, subsequent to restructure, they experience six months of payment performance according to the restructured terms. The following is a summary of performing and nonaccrual TDRs and the related specific valuation allowance by portfolio segment as of the dates indicated. | |||||||||||||||||||||||||||||
Specific | |||||||||||||||||||||||||||||
Valuation | |||||||||||||||||||||||||||||
Total | Performing | Nonaccrual | Allowance | ||||||||||||||||||||||||||
31-Mar-14 | |||||||||||||||||||||||||||||
Construction and land development | |||||||||||||||||||||||||||||
Residential | $ | 135,832 | $ | 22,155 | $ | 113,677 | $ | - | |||||||||||||||||||||
Commercial | 4,498,389 | 4,228,524 | 269,865 | - | |||||||||||||||||||||||||
4,634,221 | 4,250,679 | 383,542 | - | ||||||||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||||||||
Owner occupied | 10,738,307 | 9,376,227 | 1,362,080 | 298,945 | |||||||||||||||||||||||||
Non-owner occupied | 9,900,972 | 9,497,446 | 403,526 | - | |||||||||||||||||||||||||
Multifamily | 2,360,523 | 2,360,523 | - | - | |||||||||||||||||||||||||
22,999,802 | 21,234,196 | 1,765,606 | 298,945 | ||||||||||||||||||||||||||
Consumer real estate | |||||||||||||||||||||||||||||
Home equity lines | 159,994 | - | 159,994 | - | |||||||||||||||||||||||||
Secured by 1-4 family residential | |||||||||||||||||||||||||||||
First deeds of trust | 6,989,457 | 3,352,925 | 3,636,532 | 267,851 | |||||||||||||||||||||||||
Second deeds of trust | 640,709 | 480,334 | 160,375 | - | |||||||||||||||||||||||||
7,790,160 | 3,833,259 | 3,956,901 | 267,851 | ||||||||||||||||||||||||||
Commercial and industrial loans | |||||||||||||||||||||||||||||
(except those secured by real estate) | 252,288 | - | 252,288 | - | |||||||||||||||||||||||||
Consumer and other | 19,578 | - | 19,578 | - | |||||||||||||||||||||||||
$ | 35,696,049 | $ | 29,318,134 | $ | 6,377,915 | $ | 566,796 | ||||||||||||||||||||||
Number of loans | 114 | 60 | 54 | 13 | |||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||
Construction and land development | |||||||||||||||||||||||||||||
Residential | $ | 215,854 | $ | 215,854 | $ | - | $ | - | |||||||||||||||||||||
Commercial | 4,921,769 | 3,393,312 | 1,528,457 | 210,748 | |||||||||||||||||||||||||
5,137,623 | 3,609,166 | 1,528,457 | 210,748 | ||||||||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||||||||
Owner occupied | 10,377,067 | 9,009,627 | 1,367,440 | 374,401 | |||||||||||||||||||||||||
Non-owner occupied | 9,972,530 | 9,568,161 | 404,369 | 136,734 | |||||||||||||||||||||||||
Multifamily | 2,373,443 | 2,373,443 | - | - | |||||||||||||||||||||||||
22,723,040 | 20,951,231 | 1,771,809 | 511,135 | ||||||||||||||||||||||||||
Consumer real estate | |||||||||||||||||||||||||||||
Home equity lines | 159,994 | - | 159,994 | - | |||||||||||||||||||||||||
Secured by 1-4 family residential | |||||||||||||||||||||||||||||
First deeds of trust | 7,295,750 | 3,230,346 | 4,065,404 | 383,036 | |||||||||||||||||||||||||
Second deeds of trust | 691,527 | 324,096 | 367,431 | - | |||||||||||||||||||||||||
8,147,271 | 3,554,442 | 4,592,829 | 383,036 | ||||||||||||||||||||||||||
Commercial and industrial loans | |||||||||||||||||||||||||||||
(except those secured by real estate) | 255,603 | 121,098 | 134,505 | 9,416 | |||||||||||||||||||||||||
Consumer and other | 21,130 | - | 21,130 | - | |||||||||||||||||||||||||
$ | 36,284,667 | $ | 28,235,937 | $ | 8,048,730 | $ | 1,114,335 | ||||||||||||||||||||||
Number of loans | 115 | 62 | 53 | 23 | |||||||||||||||||||||||||
The following table provides information about TDRs identified during the indicated periods: | |||||||||||||||||||||||||||||
Three Months Ended March 31, 2014 | Year Ended December 31, 2013 | ||||||||||||||||||||||||||||
Pre- | Post- | Pre- | Post- | ||||||||||||||||||||||||||
Modification | Modification | Modification | Modification | ||||||||||||||||||||||||||
Number of | Recorded | Recorded | Number of | Recorded | Recorded | ||||||||||||||||||||||||
Loans | Balance | Balance | Loans | Balance | Balance | ||||||||||||||||||||||||
Construction and land development | |||||||||||||||||||||||||||||
Residential | - | $ | - | $ | - | 2 | $ | 215,854 | $ | 215,854 | |||||||||||||||||||
Commercial | 1 | 45,482 | 45,482 | 11 | 4,035,949 | 4,035,949 | |||||||||||||||||||||||
1 | 45,482 | 45,482 | 13 | 4,251,803 | 4,251,803 | ||||||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||||||||
Owner occupied | 6 | 3,095,417 | 3,095,417 | ||||||||||||||||||||||||||
Non-owner occupied | 1 | 411,785 | 411,785 | 6 | 1,753,785 | 1,753,785 | |||||||||||||||||||||||
1 | 411,785 | 411,785 | 12 | 4,849,202 | 4,849,202 | ||||||||||||||||||||||||
Consumer real estate | |||||||||||||||||||||||||||||
Home equity lines | - | - | - | 1 | 159,994 | 159,994 | |||||||||||||||||||||||
Secured by 1-4 family residential | |||||||||||||||||||||||||||||
First deed of trust | - | - | - | 26 | 2,818,946 | 2,818,946 | |||||||||||||||||||||||
Second deed of trust | - | - | - | 6 | 371,117 | 371,117 | |||||||||||||||||||||||
- | - | - | 33 | 3,350,057 | 3,350,057 | ||||||||||||||||||||||||
Consumer and other | - | - | - | 1 | 21,130 | - | |||||||||||||||||||||||
2 | $ | 457,267 | $ | 457,267 | 59 | $ | 12,472,192 | $ | 12,451,062 | ||||||||||||||||||||
The following table summarizes defaults on TDRs identified for three months ended March 31, 2014: | |||||||||||||||||||||||||||||
Number of | Recorded | ||||||||||||||||||||||||||||
Loans | Balance | ||||||||||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||||||||
Owner occupied | 1 | 470,072 | |||||||||||||||||||||||||||
Non-owner occupied | 1 | 449,793 | |||||||||||||||||||||||||||
2 | 919,865 | ||||||||||||||||||||||||||||
Consumer real estate: | |||||||||||||||||||||||||||||
Home equity lines | - | ||||||||||||||||||||||||||||
Secured by 1-4 family residential | |||||||||||||||||||||||||||||
First deed of trust | 3 | 604,545 | |||||||||||||||||||||||||||
Second deed of trust | 1 | 17,564 | |||||||||||||||||||||||||||
4 | 622,109 | ||||||||||||||||||||||||||||
Commercial and industrial loans | |||||||||||||||||||||||||||||
(except those secured by real estate) | 1 | 136,051 | |||||||||||||||||||||||||||
Consumer and other | 1 | 19,578 | |||||||||||||||||||||||||||
Total | 8 | $ | 1,697,603 | ||||||||||||||||||||||||||
Activity in the allowance for loan losses is as follows for the periods indicated: | |||||||||||||||||||||||||||||
Beginning | Provision for | Ending | |||||||||||||||||||||||||||
Balance | Loan Losses | Charge-offs | Recoveries | Balance | |||||||||||||||||||||||||
Three Months Ended March 31, 2014 | |||||||||||||||||||||||||||||
Construction and land development | |||||||||||||||||||||||||||||
Residential | $ | 134,000 | $ | 5,290 | $ | - | $ | 450 | $ | 139,740 | |||||||||||||||||||
Commercial | 1,275,000 | (421,213 | ) | (21,793 | ) | 16,995 | 848,990 | ||||||||||||||||||||||
1,409,000 | (415,923 | ) | (21,793 | ) | 17,445 | 988,730 | |||||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||||||||
Owner occupied | 1,200,000 | 652,654 | - | - | 1,852,654 | ||||||||||||||||||||||||
Non-owner occupied | 669,000 | (469,853 | ) | (199,147 | ) | - | 0 | ||||||||||||||||||||||
Multifamily | 19,000 | (2,000 | ) | - | - | 17,000 | |||||||||||||||||||||||
Farmland | 337,000 | 167,702 | (95,702 | ) | - | 409,000 | |||||||||||||||||||||||
2,225,000 | 348,503 | (294,849 | ) | - | 2,278,654 | ||||||||||||||||||||||||
Consumer real estate | |||||||||||||||||||||||||||||
Home equity lines | 424,000 | 222,611 | (180,611 | ) | - | 466,001 | |||||||||||||||||||||||
Secured by 1-4 family residential | |||||||||||||||||||||||||||||
First deed of trust | 1,992,000 | (65,028 | ) | (185,204 | ) | 13,232 | 1,755,000 | ||||||||||||||||||||||
Second deed of trust | 393,000 | 12,250 | (76,250 | ) | - | 329,000 | |||||||||||||||||||||||
2,809,000 | 169,833 | (442,065 | ) | 13,232 | 2,550,000 | ||||||||||||||||||||||||
Commercial and industrial loans | |||||||||||||||||||||||||||||
(except those secured by real estate) | 724,000 | 45,473 | (32,765 | ) | 24,292 | 761,000 | |||||||||||||||||||||||
Consumer and other | 71,664 | (47,886 | ) | (4,093 | ) | 2,316 | 22,000 | ||||||||||||||||||||||
$ | 7,238,664 | $ | 100,000 | $ | (795,565 | ) | $ | 57,285 | $ | 6,600,384 | |||||||||||||||||||
Year Ended December 31, 2013 | |||||||||||||||||||||||||||||
Construction and land development | |||||||||||||||||||||||||||||
Residential | $ | 494,742 | $ | (462,542 | ) | $ | - | $ | 101,800 | $ | 134,000 | ||||||||||||||||||
Commercial | 4,611,410 | (3,481,833 | ) | (278,703 | ) | 424,126 | 1,275,000 | ||||||||||||||||||||||
5,106,152 | (3,944,375 | ) | (278,703 | ) | 525,926 | 1,409,000 | |||||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||||||||
Owner occupied | 1,358,863 | 252,484 | (453,996 | ) | 42,649 | 1,200,000 | |||||||||||||||||||||||
Non-owner occupied | 816,852 | 451,603 | (619,455 | ) | 20,000 | 669,000 | |||||||||||||||||||||||
Multifamily | 23,434 | (4,434 | ) | - | - | 19,000 | |||||||||||||||||||||||
Farmland | - | 1,233,000 | (896,000 | ) | - | 337,000 | |||||||||||||||||||||||
2,199,149 | 1,932,653 | (1,969,451 | ) | 62,649 | 2,225,000 | ||||||||||||||||||||||||
Consumer real estate | |||||||||||||||||||||||||||||
Home equity lines | 658,135 | 23,284 | (266,119 | ) | 8,700 | 424,000 | |||||||||||||||||||||||
Secured by 1-4 family residential | |||||||||||||||||||||||||||||
First deed of trust | 1,358,102 | 2,492,702 | (1,953,177 | ) | 94,373 | 1,992,000 | |||||||||||||||||||||||
Second deed of trust | 223,307 | 498,415 | (367,200 | ) | 38,478 | 393,000 | |||||||||||||||||||||||
2,239,544 | 3,014,401 | (2,586,496 | ) | 141,551 | 2,809,000 | ||||||||||||||||||||||||
Commercial and industrial loans | |||||||||||||||||||||||||||||
(except those secured by real estate) | 1,161,654 | 144,821 | (759,726 | ) | 177,251 | 724,000 | |||||||||||||||||||||||
Consumer and other | 101,328 | 25,500 | (64,642 | ) | 9,478 | 71,664 | |||||||||||||||||||||||
$ | 10,807,827 | $ | 1,173,000 | $ | (5,659,018 | ) | $ | 916,855 | $ | 7,238,664 | |||||||||||||||||||
Loans were evaluated for impairment as follows for the periods indicated: | |||||||||||||||||||||||||||||
Loans Evaluated for Impairment | |||||||||||||||||||||||||||||
Individually | Collectively | Total | |||||||||||||||||||||||||||
Three Months Ended March 31, 2014 | |||||||||||||||||||||||||||||
Construction and land development | |||||||||||||||||||||||||||||
Residential | $ | 575,720 | $ | 3,433,852 | $ | 4,009,572 | |||||||||||||||||||||||
Commercial | 14,405,162 | 11,474,211 | 25,879,373 | ||||||||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||||||||
Owner occupied | 47,533,806 | 20,913,077 | 68,446,883 | ||||||||||||||||||||||||||
Non-owner occupied | 30,935,631 | 9,238,104 | 40,173,735 | ||||||||||||||||||||||||||
Multifamily | 8,459,271 | 1,757,495 | 10,216,766 | ||||||||||||||||||||||||||
Farmland | 775,209 | 583,988 | 1,359,197 | ||||||||||||||||||||||||||
Consumer real estate | |||||||||||||||||||||||||||||
Home equity lines | 1,349,700 | 19,299,659 | 20,649,359 | ||||||||||||||||||||||||||
Secured by 1-4 family residential | |||||||||||||||||||||||||||||
First deed of trust | 8,390,417 | 57,909,382 | 66,299,799 | ||||||||||||||||||||||||||
Second deed of trust | 526,510 | 7,808,458 | 8,334,968 | ||||||||||||||||||||||||||
Commercial and industrial loans | |||||||||||||||||||||||||||||
(except those secured by real estate) | 9,734,673 | 16,561,075 | 26,295,748 | ||||||||||||||||||||||||||
Consumer and other | - | 1,795,821 | 1,795,821 | ||||||||||||||||||||||||||
$ | 122,686,099 | $ | 150,775,122 | $ | 273,461,221 | ||||||||||||||||||||||||
Year Ended December 31, 2013 | |||||||||||||||||||||||||||||
Construction and land development | |||||||||||||||||||||||||||||
Residential | $ | 575,720 | $ | 2,355,184 | $ | 2,930,904 | |||||||||||||||||||||||
Commercial | 15,591,987 | 12,586,649 | 28,178,636 | ||||||||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||||||||
Owner occupied | 53,126,045 | 20,458,351 | 73,584,396 | ||||||||||||||||||||||||||
Non-owner occupied | 34,367,226 | 9,500,842 | 43,868,068 | ||||||||||||||||||||||||||
Multifamily | 9,363,418 | 2,196,464 | 11,559,882 | ||||||||||||||||||||||||||
Farmland | 778,599 | 684,712 | 1,463,311 | ||||||||||||||||||||||||||
Consumer real estate | |||||||||||||||||||||||||||||
Home equity lines | 1,381,700 | 19,864,332 | 21,246,032 | ||||||||||||||||||||||||||
Secured by 1-4 family residential | |||||||||||||||||||||||||||||
First deed of trust | 8,968,659 | 57,903,985 | 66,872,644 | ||||||||||||||||||||||||||
Second deed of trust | 532,977 | 8,142,241 | 8,675,218 | ||||||||||||||||||||||||||
Commercial and industrial loans | |||||||||||||||||||||||||||||
(except those secured by real estate) | 10,844,894 | 15,408,947 | 26,253,841 | ||||||||||||||||||||||||||
Consumer and other | - | 1,929,770 | 1,929,770 | ||||||||||||||||||||||||||
$ | 135,531,225 | $ | 151,031,477 | $ | 286,562,702 | ||||||||||||||||||||||||
Deposits
Deposits | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Deposits [Abstract] | ' | ||||||||||||||||
Deposits | ' | ||||||||||||||||
Note 6 – Deposits | |||||||||||||||||
Deposits were as follows at the indicated dates: | |||||||||||||||||
March 31, 2014 | December 31, 2013 | ||||||||||||||||
Amount | % | Amount | % | ||||||||||||||
Demand accounts | $ | 63,435,899 | 16 | % | $ | 57,243,718 | 14.7 | % | |||||||||
Interest checking accounts | 42,630,782 | 10.8 | % | 43,690,689 | 11.2 | % | |||||||||||
Money market accounts | 67,276,299 | 17 | % | 63,357,096 | 16.2 | % | |||||||||||
Savings accounts | 21,400,635 | 5.4 | % | 20,229,614 | 5.2 | % | |||||||||||
Time deposits of $100,000 and over | 92,324,704 | 23.3 | % | 94,245,516 | 24.1 | % | |||||||||||
Other time deposits | 109,148,790 | 27.5 | % | 111,861,678 | 28.6 | % | |||||||||||
Total | $ | 396,217,109 | 100 | % | $ | 390,628,311 | 100 | % | |||||||||
Trust_preferred_securities
Trust preferred securities | 3 Months Ended |
Mar. 31, 2014 | |
Trust preferred securities [Abstract] | ' |
Trust preferred securities | ' |
Note 7 – Trust preferred securities | |
During the first quarter of 2005, Southern Community Financial Capital Trust I, a wholly-owned subsidiary of the Company, was formed for the purpose of issuing redeemable securities. On February 24, 2005, $5.2 million of Trust Preferred Capital Notes were issued through a pooled underwriting. The securities have a LIBOR-indexed floating rate of interest (three-month LIBOR plus 2.15%) which adjusts, and is payable, quarterly. The interest rate at March 31, 2014 was 2.38%. The securities were redeemable at par beginning on March 15, 2010 and each quarter after such date until the securities mature on March 15, 2035. No amounts have been redeemed at March 31, 2014 and there are no plans to do so. The principal asset of the Trust is $5.2 million of the Company’s junior subordinated debt securities with like maturities and like interest rates to the Trust Preferred Capital Notes. | |
During the third quarter of 2007, Village Financial Statutory Trust II, a wholly-owned subsidiary of the Company, was formed for the purpose of issuing redeemable securities. On September 20, 2007, $3.6 million of Trust Preferred Capital Notes were issued through a pooled underwriting. The securities have LIBOR-indexed floating rate of interest (three-month LIBOR plus 1.4%) which adjusts, and is also payable, quarterly. The interest rate at March 31, 2014 was 1.633%. The securities may be redeemed at par at any time commencing in December 2012 until the securities mature in 2037. The principal asset of the Trust is $3.6 million of the Company’s junior subordinated debt securities with like maturities and like interest rates to the Trust Preferred Capital Notes. | |
The Trust Preferred Capital Notes may be included in Tier 1 capital for regulatory capital adequacy determination purposes up to 25% of Tier 1 capital after its inclusion. The portion of the Trust Preferred Capital Notes not considered as Tier 1 capital may be included in Tier 2 capital. | |
The obligations of the Company with respect to the issuance of the Trust Preferred Capital Notes constitute a full and unconditional guarantee by the Company of the Trust’s obligations with respect to the Trust Preferred Capital Notes. Subject to certain exceptions and limitations, the Company may elect from time to time to defer interest payments on the junior subordinated debt securities, which would result in a deferral of distribution payments on the related Trust Preferred Capital Notes and require a deferral of common dividends. In consideration of our agreements with our regulators, which require regulatory approval to make interest payments on these securities, the Company has deferred an aggregate of $907,615 in interest payments on the junior subordinated debt securities as March 31, 2014. The Company has been deferring interest payments since June 2011. Although we elected to defer payment of interest due, the amount has been accrued and is included in interest expense in the consolidated statement of operations. | |
Stock_incentive_plan
Stock incentive plan | 3 Months Ended | ||||||||||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||||||||||
Stock incentive plan [Abstract] | ' | ||||||||||||||||||||||||||||||||
Stock incentive plan | ' | ||||||||||||||||||||||||||||||||
Note 8 – Stock incentive plan | |||||||||||||||||||||||||||||||||
The Company has a stock incentive plan which authorizes the issuance of up to 555,000 shares of common stock to assist the Company in recruiting and retaining key personnel. | |||||||||||||||||||||||||||||||||
The following table summarizes stock options outstanding under the stock incentive plan at the indicated dates: | |||||||||||||||||||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||
Weighted | Weighted | ||||||||||||||||||||||||||||||||
Average | Average | ||||||||||||||||||||||||||||||||
Exercise | Fair Value | Intrinsic | Exercise | Fair Value | Intrinsic | ||||||||||||||||||||||||||||
Options | Price | Per Share | Value | Options | Price | Per Share | Value | ||||||||||||||||||||||||||
Options outstanding, beginning of period | 97,907 | $ | 6.15 | $ | 3.69 | 255,630 | $ | 9.48 | $ | 4.7 | |||||||||||||||||||||||
Granted | - | - | - | - | |||||||||||||||||||||||||||||
Forfeited | (3,750 | ) | 12.12 | 5.02 | (1,000 | ) | 7.75 | 5.05 | |||||||||||||||||||||||||
Exercised | - | - | - | - | - | - | |||||||||||||||||||||||||||
Options outstanding, end of period | 94,157 | $ | 5.92 | $ | 3.64 | $ | - | 254,630 | $ | 9.57 | $ | 4.7 | $ | - | |||||||||||||||||||
Options exercisable, end of period | 70,597 | 249,630 | |||||||||||||||||||||||||||||||
The fair value of the stock is calculated under the same methodology as stock options and the expense is recognized over the vesting period. Unamortized stock-based compensation related to nonvested share based compensation arrangements granted under the Incentive Plan as of March 31, 2014 and 2013 was $91,428 and $2,249, respectively. The time based unamortized compensation of $91,428 is expected to be recognized over a weighted average period of 2.69 years. | |||||||||||||||||||||||||||||||||
Stock-based compensation expense was $9,584 and $241 for the three months ended March 31, 2014 and 2013, respectively. | |||||||||||||||||||||||||||||||||
Fair_value
Fair value | 3 Months Ended | ||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||
Fair value [Abstract] | ' | ||||||||||||||||||
Fair value | ' | ||||||||||||||||||
Note 9 — Fair value | |||||||||||||||||||
The fair value of an asset or liability is the price that would be received to sell that asset or paid to transfer that liability in an orderly transaction between market participants. A fair value measurement assumes that the transaction to sell the asset or transfer the liability occurs in the principal market for the asset or liability or, in the absence of a principal market, the most advantageous market for the asset or liability. The price in the principal (or most advantageous) market used to measure the fair value of the asset or liability shall not be adjusted for transaction costs. An orderly transaction is a transaction that assumes exposure to the market for a period prior to the measurement date to allow for marketing activities that are usual and customary for transaction involving such assets and liabilities; it is not a forced transaction. Market participants are buyers and sellers in the principal market that are independent, knowledgeable, able to transact and willing to transact. | |||||||||||||||||||
Financial Accounting Standards Board (“FASB”) Codification Topic 820: Fair Value Measurements and Disclosures establishes a hierarchy for valuation inputs that gives the highest priority to quoted prices in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The fair values hierarch is as follows: | |||||||||||||||||||
· | Level 1 Inputs — Quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date. | ||||||||||||||||||
· | Level 2Inputs — Significant other observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. | ||||||||||||||||||
· | Level 3 Inputs- Significant unobservable inputs that reflect a company’s own assumptions about the assumptions that market participants would use in pricing an asset or liability. | ||||||||||||||||||
The Company used the following methods to determine the fair value of each type of financial instrument: | |||||||||||||||||||
Securities: Fair values for securities available-for-sale are obtained from an independent pricing service. The prices are not adjusted. The independent pricing service uses industry-standard models to price U.S. Government agency obligations and mortgage backed securities that consider various assumptions, including time value, yield curves, volatility factors, prepayment speeds, default rates, loss severity, current market and contractual prices for the underlying financial instruments, as well as other relevant economic measures. Securities of obligations of state and political subdivisions are valued using a type of matrix, or grid, pricing in which securities are benchmarked against the treasury rate based on credit rating. Substantially all assumptions used by the independent pricing service are observable in the marketplace, can be derived from observable data, or are supported by observable levels at which transactions are executed in the marketplace (Levels 1 and 2). | |||||||||||||||||||
Impaired loans: The fair values of impaired loans are measured for impairment using the fair value of the collateral for collateral-dependent loans on a nonrecurring basis. Collateral may be in the form of real estate or business assets including equipment, inventory and accounts receivable. The vast majority of the Company’s collateral is real estate. The value of real estate collateral is determined utilizing an income or market valuation approach based on an appraisal conducted by an independent, licensed appraiser using observable market data (Level 2). However, if the collateral is a house or building in the process of construction or if an appraisal of the property is more than two years old, then a Level 3 valuation is considered to measure the fair value. The value of business equipment is based upon an outside appraisal if deemed significant using observable market data. Likewise, values for inventory and account receivables collateral are based on financial statement balances or aging reports (Level 3). Any fair value adjustments are recorded in the period incurred as provision for loan losses on the Consolidated Statements of Operations. | |||||||||||||||||||
Real Estate Owned: Real estate owned assets are adjusted to fair value upon transfer of the loans to foreclosed assets. Subsequently, real estate owned assets are carried at fair value less costs to sell. Fair value is based upon independent market prices, appraised values of the collateral or management’s estimation of the value of the collateral. When the fair value of the collateral is based on an observable market price or a current appraised value, the Company records the foreclosed asset as nonrecurring 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 foreclosed asset as nonrecurring level 3. | |||||||||||||||||||
Assets measured at fair value under Topic 820 on a recurring and non-recurring basis are summarized below for the indicated dates: | |||||||||||||||||||
Fair Value Measurement | |||||||||||||||||||
at March 31, 2014 Using | |||||||||||||||||||
(In thousands) | |||||||||||||||||||
Quoted Prices | |||||||||||||||||||
in Active | Other | Significant | |||||||||||||||||
Markets for | Observable | Unobservable | |||||||||||||||||
Carrying | Identical Assets | Inputs | Inputs | ||||||||||||||||
Value | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||||
Financial Assets - Recurring | |||||||||||||||||||
US Treasuries | $ | 7,411 | $ | - | 7,411 | $ | - | ||||||||||||
US Government Agencies | 35,282 | - | 35,282 | - | |||||||||||||||
MBS | 2,641 | - | 2,641 | - | |||||||||||||||
Municipals | 14,005 | - | 14,005 | - | |||||||||||||||
Residential loans held for sale | 9,986 | - | 9,986 | - | |||||||||||||||
- | |||||||||||||||||||
Financial Assets - Non-Recurring | |||||||||||||||||||
Impaired loans | 43,860 | - | 39,473 | 4,387 | |||||||||||||||
Real estate owned | 15,688 | - | 14,901 | 787 | |||||||||||||||
Fair Value Measurement | |||||||||||||||||||
at December 31, 2013 Using | |||||||||||||||||||
(In thousands) | |||||||||||||||||||
Quoted Prices | |||||||||||||||||||
in Active | Other | Significant | |||||||||||||||||
Markets for | Observable | Unobservable | |||||||||||||||||
Carrying | Identical Assets | Inputs | Inputs | ||||||||||||||||
Value | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||||
Financial Assets - Recurring | |||||||||||||||||||
US Treasuries | $ | 7,210 | $ | - | 7,210 | $ | - | ||||||||||||
US Government Agencies | 34,350 | - | 34,350 | - | |||||||||||||||
MBS | 2,752 | - | 2,752 | - | |||||||||||||||
Municipals | 13,435 | - | 13,435 | - | |||||||||||||||
Residential loans held for sale | 8,371 | - | 8,371 | - | |||||||||||||||
- | |||||||||||||||||||
Financial Assets - Non-Recurring | |||||||||||||||||||
Impaired loans | 45,102 | - | 42,027 | 3,075 | |||||||||||||||
Real estate owned | 16,742 | - | 15,405 | 1,337 | |||||||||||||||
The following table presents qualitative information about level 3 fair value measurements for financial instruments measured at fair value at March 31, 2014: | |||||||||||||||||||
Range | |||||||||||||||||||
Fair Value | Valuation | Unobservable | (Weighted | ||||||||||||||||
Estimate | Techniques | Input | Average) | ||||||||||||||||
(In thousands) | |||||||||||||||||||
Impaired loans - real estate secured | $ | 3,365 | Appraisal (1) or Internal Valuation (2) | Selling costs | 6%-10% (7%) | ||||||||||||||
Discount for lack of | |||||||||||||||||||
marketability and age | |||||||||||||||||||
of appraisal | 6%-30% (10%) | ||||||||||||||||||
Impaired loans - non-real estate secured | $ | 1,022 | Appraisal (1) or Discounted Cash Flow | Selling costs | 10% | ||||||||||||||
Discount for lack of | |||||||||||||||||||
marketability or practical life | 0%-50% (20%) | ||||||||||||||||||
Real estate owned | $ | 787 | Appraisal (1) or Internal Valuation (2) | Selling costs | 6%-10% (7%) | ||||||||||||||
Discount for lack of | |||||||||||||||||||
marketability and age | |||||||||||||||||||
of appraisal | 6%-30% (15%) | ||||||||||||||||||
-1 | Fair Value is generally determined through independent appraisals of the underlying collateral, which generally included various level 3 inputs which are not identifiable | ||||||||||||||||||
-2 | Internal valuations may be conducted to determine Fair Value for assets with nominal carrying balances | ||||||||||||||||||
In general, fair value of securities is based upon quoted market prices, where available. If such quoted market prices are not available, fair value is based upon market prices determined by an outside, independent entity that primarily uses as inputs, observable market-based parameters. Fair value of loans held for sale is based upon internally developed models that primarily use as inputs, observable market-based parameters. Valuation adjustments may be made to ensure that financial instruments are recorded at fair value. These adjustments may include amounts to reflect counterparty credit quality, among other things, as well as unobservable parameters. Any such valuation adjustments are applied consistently over time. The Company valuation methodologies may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. While management believes the Company’s valuation methodologies are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different estimate of fair value at the reporting date. Transfers between levels of the fair value hierarchy are recognized on the actual date of the event or circumstances that caused the transfer, which generally coincides with the Company’s monthly and or quarter valuation process. | |||||||||||||||||||
Cash and cash equivalents – The carrying amount of cash and cash equivalents approximates fair value. | |||||||||||||||||||
Investment securities – The fair value of investment securities available-for-sale is estimated based on bid quotations received from independent pricing services for similar assets. The carrying amount of other investments approximates fair value. | |||||||||||||||||||
Loans – For variable rate loans that reprice frequently and have no significant change in credit risk, fair values are based on carrying values. For all other loans, fair values are calculated by discounting the contractual cash flows using estimated market discount rates which reflect the credit and interest rate risk inherent in the loans, or by using the current rates at which similar loans would be made to borrowers with similar credit ratings and for the same remaining maturities. | |||||||||||||||||||
Deposits – The fair value of deposits with no stated maturity, such as demand, interest checking and money market, and savings accounts, is equal to the amount payable on demand at year-end. The fair value of certificates of deposit is based on the discounted value of contractual cash flows using the rates currently offered for deposits of similar remaining maturities. | |||||||||||||||||||
Borrowings – The fair value of borrowings is based on the discounted value of contractual cash flows using the rates currently offered for borrowings of similar remaining maturities. | |||||||||||||||||||
Accrued interest – The carrying amounts of accrued interest receivable and payable approximate fair value. | |||||||||||||||||||
March 31, | December 31, | ||||||||||||||||||
2014 | 2013 | ||||||||||||||||||
Level in Fair | |||||||||||||||||||
Value | Carrying | Estimated | Carrying | Estimated | |||||||||||||||
Hierarchy | Value | Fair Value | Value | Fair Value | |||||||||||||||
Financial assets | |||||||||||||||||||
Cash | Level 1 | $ | 19,566,695 | $ | 19,566,695 | $ | 15,220,580 | $ | 15,220,580 | ||||||||||
Cash equivalents | Level 2 | 36,946,987 | 36,946,987 | 24,988,512 | 24,988,512 | ||||||||||||||
Investment securities available for sale | Level 2 | 59,339,067 | 59,339,067 | 57,748,040 | 57,748,040 | ||||||||||||||
Federal Home Loan Bank stock | Level 2 | 1,207,900 | 1,207,900 | 1,417,300 | 1,417,300 | ||||||||||||||
Loans held for sale | Level 2 | 9,986,249 | 9,986,249 | 8,371,277 | 8,371,277 | ||||||||||||||
Loans | Level 2 | 222,207,133 | 224,604,616 | 233,075,253 | 236,581,823 | ||||||||||||||
Impaired loans | Level 2 | 40,125,454 | 40,125,454 | 42,678,969 | 42,678,969 | ||||||||||||||
Impaired loans | Level 3 | 5,215,194 | 5,215,194 | 4,252,771 | 4,252,771 | ||||||||||||||
Other real estate owned | Level 2 | 14,900,940 | 14,900,940 | 15,404,691 | 15,404,691 | ||||||||||||||
Other real estate owned | Level 3 | 787,503 | 787,503 | 1,337,173 | 1,337,173 | ||||||||||||||
Bank owned life insurance | Level 3 | 6,812,428 | 6,812,428 | 6,764,505 | 6,764,505 | ||||||||||||||
Accrued interest receivable | Level 2 | 1,340,386 | 1,340,386 | 1,486,163 | 1,486,163 | ||||||||||||||
Financial liabilities | |||||||||||||||||||
Deposits | Level 2 | 396,217,109 | 397,328,991 | 390,628,311 | 391,814,284 | ||||||||||||||
FHLB borrowings | Level 2 | 17,000,000 | 17,162,019 | 18,000,000 | 18,211,937 | ||||||||||||||
Trust preferred securities | Level 2 | 8,764,000 | 7,274,120 | 8,764,000 | 7,274,120 | ||||||||||||||
Other borrowings | Level 2 | 2,903,324 | 2,903,324 | 2,713,486 | 3,289,463 | ||||||||||||||
Accrued interest payable | Level 2 | 1,251,836 | 1,251,836 | 1,092,520 | 1,092,520 | ||||||||||||||
Capital_Resources
Capital Resources | 3 Months Ended |
Mar. 31, 2014 | |
Capital Resources [Abstract] | ' |
Capital Resources | ' |
Note 10 – Capital Resources | |
On May 1, 2009, as part of the Capital Purchase Program established by the U.S. Department of the Treasury (the “Treasury”) under the Emergency Economic Stabilization Act of 2008, the Company entered into a Letter Agreement and Securities Purchase Agreement—Standard Terms (collectively, the “Purchase Agreement”) with the Treasury, pursuant to which the Company sold (i) 14,738 shares of the Company’s Fixed Rate Cumulative Perpetual Preferred Stock, Series A, par value $4.00 per share, having a liquidation preference of $1,000 per share (the “preferred stock”) and (ii) a warrant (the “Warrant”) to purchase 499,029 shares of the Company’s common stock at an initial exercise price of $4.43 per share, subject to certain anti-dilution and other adjustments, for an aggregate purchase price of $14,738,000 in cash. The fair value of the preferred stock was estimated using discounted cash flow methodology at an assumed market equivalent rate of 13%, with 20 quarterly payments over a five year period, and was determined to be $10,208,000. The fair value of the warrant was estimated using the Black-Scholes option pricing model, with assumptions of 25% volatility, a risk-free rate of 2.03%, a yield of 6.162% and an estimated life of 5 years, and was determined to be $534,000. The aggregate fair value for both the preferred stock and common stock warrants was determined to be $10,742,000 with 95% of the aggregate attributable to the preferred stock and 5% attributable to the common stock warrant. Therefore, the $14,738,000 issuance was allocated with $14,006,000 being assigned to the preferred stock and $732,000 being allocated to the common stock warrant. The difference between the $14,738,000 face value of the preferred stock and the amount allocated of $14,006,000 to the preferred stock is being accreted as a discount on the preferred stock using the effective interest rate method over five years. | |
The preferred stock qualifies as Tier 1 capital and paid cumulative dividends at a rate of 5% until May 1, 2014, at which time the rate increased to 9%. The preferred stock is generally non-voting, other than on certain matters that could adversely affect the preferred stock. | |
The Warrant was immediately exercisable. The Warrant provides for the adjustment of the exercise price and the number of shares of common stock issuable upon exercise pursuant to customary anti-dilution provisions, such as upon stock splits or distributions of securities or other assets to holders of common stock, and upon certain issuances of common stock at or below a specified price relative to the then-current market price of common stock. The Warrant expires ten years from the issuance date. Pursuant to the Purchase Agreement, the Treasury has agreed not to exercise voting power with respect to any shares of common stock issued upon exercise of the Warrant. | |
As required by the Federal Reserve Bank of Richmond (the “Reserve Bank”), the Company notified the Treasury in May 2011 that the Company was going to defer the payment of the quarterly cash dividend of $184,225 due on May 16, 2011, and subsequent quarterly payments, on the Fixed Rate Cumulative Perpetual Preferred Stock, Series A. The total arrearage on such preferred stock as of March 31, 2014 is $2,302,812. This amount has been accrued for and is included in other liabilities in the consolidated balance sheet. | |
In November 2013, the Company participated in a successful auction of the Company’s preferred stock securities by the Treasury that resulted in the purchase of the securities by private and institutional investors. | |
On December 4, 2013, the Company issued 1,086,500 new shares of common stock through a private placement to directors and executive officers. The sale raised $1,684,075 in new capital for the Company. The $1.55 sale price for the common shares was the stock’s book value at September 30, 2013, which represented a 30% premium over the closing price of the stock on December 3, 2013. | |
The Bank is subject to various regulatory capital requirements administered by the federal and state banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory and possible additional discretionary, actions by regulators that, if undertaken, could have a direct material effect on the Bank’s financial statements. Under the capital adequacy guidelines and the regulatory framework for prompt corrective action, the Bank must meet specific capital guidelines that involve quantitative measures of the Bank’s assets, liabilities, and certain off-balance-sheet items as calculated under regulatory accounting practices. The Bank’s capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings, and other factors. | |
Commitments_and_contingencies
Commitments and contingencies | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Commitments and contingencies [Abstract] | ' | ||||||||
Commitments and contingencies | ' | ||||||||
Note 11 – Commitments and contingencies | |||||||||
Off-balance-sheet risk – The Company is a party to financial instruments with off-balance-sheet risk in the normal course of business to meet the financial needs of its customers. These financial instruments include commitments to extend credit and standby letters of credit. These instruments involve, to varying degrees, elements of credit and interest-rate risk in excess of the amounts recognized in the financial statements. The contract amounts of these instruments reflect the extent of involvement that the Company has in particular classes of instruments. | |||||||||
The Company’s exposure to credit loss in the event of non-performance by the other party to the financial instrument for commitments to extend credit, and to potential credit loss associated with letters of credit issued, is represented by the contractual amount of those instruments. The Company uses the same credit policies in making commitments and conditional obligations as it does for loans and other such on-balance sheet instruments. | |||||||||
The Company had outstanding the following approximate off-balance-sheet financial instruments whose contract amounts represent credit risk at the dates indicated: | |||||||||
Contract | Contract | ||||||||
Amount | Amount | ||||||||
2014 | 2013 | ||||||||
Undisbursed credit lines | $ | 36,052,000 | $ | 37,474,000 | |||||
Commitments to extend or originate credit | 14,610,000 | 10,581,000 | |||||||
Standby letters of credit | 2,069,000 | 2,192,000 | |||||||
Total commitments to extend credit | $ | 52,731,000 | $ | 50,247,000 | |||||
Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require the payment of a fee. Historically, many commitments expire without being drawn upon; therefore, the total commitment amounts shown in the above table are not necessarily indicative of future cash requirements. The Company evaluates each customer’s creditworthiness on a case-by-case basis. The amount of collateral obtained, as deemed necessary by the Company upon extension of credit is based on management’s credit evaluation of the customer. Collateral held varies but may include personal or income-producing commercial real estate, accounts receivable, inventory and equipment. | |||||||||
Concentrations of credit risk – All of the Company’s loans, commitments to extend credit, and standby letters of credit have been granted to customers in the Company’s market area. Although the Company is building a diversified loan portfolio, a substantial portion of its clients’ ability to honor contracts is reliant upon the economic stability of the Richmond, Virginia area, including the real estate markets in the area. The concentrations of credit by type of loan are set forth in Note 5. The distribution of commitments to extend credit approximates the distribution of loans outstanding. | |||||||||
Consent Order – In February 2012, the Bank entered into a Stipulation and Consent to the Issuance of a Consent Order (“Consent Agreement”) with the Federal Deposit Insurance Corporation (the “FDIC”) and the Virginia Bureau of Financial Institutions (collectively, the “Supervisory Authorities”), and the Supervisory Authorities have issued the related Consent Order (the “Order”) effective February 3, 2012. The description of the Consent Agreement and the Order is set forth below: | |||||||||
Management. The Order requires that the Bank have and retain qualified management, including at a minimum a chief executive officer, senior lending officer and chief operating officer, with qualifications and experience commensurate with their assigned duties and responsibilities. The Bank was required to retain a bank consultant to develop a written analysis and assessment of the Bank’s management and staffing needs for the purpose of providing qualified management for the Bank. Following receipt of the consultant’s management report, the Bank was required to formulate a written management plan that incorporated the findings of the management report, a plan of action in response to each recommendation contained in the management report, and a timeframe for completing each action. | |||||||||
Capital Requirements. During the life of the Order, the Bank must have Tier 1 capital equal to or greater than 8 percent of its total assets, and total risk-based capital equal to or greater than 11 percent of the Bank’s total risk-weighted assets. The Bank was required to submit a written capital plan to the Supervisory Authorities that included a contingency plan in the event that the Bank fails to maintain the minimum capital ratios required in the Order, submit a capital plan that is acceptable to the Supervisory Authorities, or implement or adhere to the capital plan. | |||||||||
Charge-offs. The Order requires the Bank to eliminate from its books, by charge-off or collection, all assets or portions of assets classified “Loss” and 50 percent of those classified “Doubtful”. If an asset is classified “Doubtful”, the Bank may, in the alternative, charge off the amount that is considered uncollectible in accordance with the Bank’s written analysis of loan or lease impairment. The Order also prevents the Bank from extending, directly or indirectly, any additional credit to, or for the benefit of, any borrower who has a loan or other extension of credit from the Bank that has been charged off or classified, on whole or in part, “loss” or “doubtful” and is uncollected. The Bank may not extend, directly or indirectly, any additional credit to any borrower who has a loan or other extension of credit from the Bank that has been classified “substandard.” These limitations do not apply if the Bank’s failure to extend further credit to a particular borrower would be detrimental to the best interests of the Bank. | |||||||||
Asset Growth. While the Order is in effect, the Bank must notify the Supervisory Authorities at least 60 days prior to undertaking asset growth that exceeds 10% or more per year or initiating material changes in asset or liability composition. The Bank’s asset growth cannot result in noncompliance with the capital maintenance provisions of the Order unless the Bank receives prior written approval from the Supervisory Authorities. | |||||||||
Restriction on Dividends and Other Payments. While the Order is in effect, the Bank cannot declare or pay dividends, pay bonuses, or pay any form of payment outside the ordinary course of business resulting in a reduction of capital without the prior written approval of the Supervisory Authorities. In addition, the Bank cannot make any distributions of interest, principal, or other sums on subordinated debentures without prior written approval of the Supervisory Authorities. | |||||||||
Brokered Deposits. The Order provides that the Bank may not accept, renew, or roll over any brokered deposits unless it is in compliance with the requirements of the FDIC regulations governing brokered deposits. These regulations prohibit undercapitalized institutions from accepting, renewing, or rolling over any brokered deposits and also prohibit undercapitalized institutions from soliciting deposits by offering an effective yield that exceeds by more than 75 basis points the prevailing effective yields on insured deposits of comparable maturity in the institution’s market area. An “adequately capitalized” institution may not accept, renew, or roll over brokered deposits unless it has applied for and been granted a waiver by the FDIC. | |||||||||
Written Plans and Other Material Terms. Under the terms of the Order, the Bank was required to prepare and submit the following written plans or reports to the Supervisory Authorities: | |||||||||
· | Plan to improve liquidity, contingency funding, interest rate risk, and asset liability management; | ||||||||
· | Plan to reduce assets of $250,000 or greater classified “doubtful” and “substandard”; | ||||||||
· | Revised lending and collection policy to provide effective guidance and control over the Bank’s lending and credit administration functions; | ||||||||
· | Effective internal loan review and grading system; | ||||||||
· | Policy for managing the Bank’s other real estate; | ||||||||
· | Business/strategic plan covering the overall operation of the Bank; | ||||||||
· | Plan and comprehensive budget for all categories of income and expense for the year 2011; | ||||||||
· | Policy and procedures for managing interest rate risk; and | ||||||||
· | Assessment of the Bank’s information technology function. | ||||||||
Under the Order, the Bank’s board of directors agreed to increase its participation in the affairs of the Bank, including assuming full responsibility for the approval of policies and objectives for the supervision of all of the Bank’s activities. The Bank was also required to establish a board committee to monitor and coordinate compliance with the Order. | |||||||||
The Order will remain in effect until modified or terminated by the Supervisory Authorities. | |||||||||
While subject to the Consent Order, we expect that our management and board of directors will continue to focus considerable time and attention on taking corrective actions to comply with the terms. In addition, certain provisions of the Consent Order described above will continue to adversely impact the Company’s businesses and results of operations. | |||||||||
Written Agreement – In June 2012, the Company entered into a written agreement (“Written Agreement”) with the Federal Reserve Bank of Richmond. Pursuant to the terms of the Written Agreement, the Company developed and submitted to the Reserve Bank written plans to maintain sufficient capital and correct any violations of section 23A of the Federal Reserve Act and Regulation W. In addition, the Company submitted a written statement of its planned sources and uses of cash for debt service, operation expenses, and other purposes. | |||||||||
The Company also has agreed that it will not, without prior regulatory approval: | |||||||||
· | pay or declare any dividends; | ||||||||
· | take any other form of payment representing a reduction in Bank’s capital; | ||||||||
· | make any distributions of interest, principal or other sums on subordinated debentures or trust preferred securities; | ||||||||
· | incur, increase or guarantee any debt; or | ||||||||
· | purchase or redeem any shares of its stock. | ||||||||
Since entering into the Order and the Written Agreement, the Company has taken numerous steps to comply with their terms. As of March 31, 2014, we believe we have complied with all requirements of the Order and the Written Agreement with the exception of the capital requirements in the Order and correction of the Section 23A of the Federal Reserve Act and Regulation W to the Reserve Bank in the Written Agreement. | |||||||||
Income_Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2014 | |
Income Taxes [Abstract] | ' |
Income Taxes | ' |
Note 12 – Income Taxes | |
The net deferred tax asset is included in other assets on the balance sheet. Accounting Standards Codification Topic 740, Income Taxes, requires that companies assess whether a valuation allowance should be established against their deferred tax assets based on the consideration of all available evidence using a “more likely than not” standard. Management considers both positive and negative evidence and analyzes changes in near-term market conditions as well as other factors which may impact future operating results. In making such judgments, significant weight is given to evidence that can be objectively verified. The deferred tax assets are analyzed quarterly for changes affecting realization. Management determined that as of March 31, 2014, the objective negative evidence represented by the Company’s recent losses outweighed the more subjective positive evidence and, as a result, recognized a valuation allowance for all of the net deferred tax asset that is dependent on future earnings of the Company of approximately $12,207,000. | |
Recent_accounting_pronouncemen
Recent accounting pronouncements | 3 Months Ended |
Mar. 31, 2014 | |
Recent accounting pronouncements [Abstract] | ' |
Recent accounting pronouncements | ' |
Note 13 – Recent accounting pronouncements | |
In January 2014, the FASB issued ASU 2014-01, “Investments – Equity Method and Joint Ventures: Accounting for Investments in Qualified Affordable Housing Projects”. This ASU applies to all reporting entities that invest in qualified affordable housing projects through limited liability entities that are flow through entities for tax purposes. The amendments in the ASU eliminate the effective yield election and permit reporting entities to make an accounting policy election to account for their investments in qualified affordable housing projects using the proportional amortization method if certain conditions are met. Those not electing the proportional amortization method would account for the investment using the equity method or cost method. The amendments in this ASU are effective for public business entities for annual periods beginning after December 15, 2014. The adoption of this guidance should not have a material effect on the Company’s financial condition or results of operations. | |
In January 2014, the FASB issued ASU 2014-04, “Receivables – Troubled Debt Restructurings by Creditors”. ASU 2014-04 clarifies when a creditor should be considered to have received physical possession of residential real estate property during a foreclosure. ASU 2014-04 establishes a loan receivable should be derecognized and the real estate property recognized upon the creditor obtaining legal title to the residential real estate property upon completion of foreclosure or the borrower conveying all interest in the residential real estate property to the creditor to satisfy the loan. The provisions of ASU 2014-04 are effective for annual periods beginning after December 15, 2014. The adoption of this guidance should not have a material effect on the Company’s financial condition or results of operations. |
Principles_of_presentation_Pol
Principles of presentation (Policies) | 3 Months Ended |
Mar. 31, 2014 | |
Principles of presentation [Abstract] | ' |
Basis of presentation | ' |
Village Bank and Trust Financial Corp. (the “Company”) is the holding company of Village Bank (the “Bank”). The consolidated financial statements include the accounts of the Company, the Bank and the Bank’s subsidiary. All material intercompany balances and transactions have been eliminated in consolidation. | |
In the opinion of management, the accompanying consolidated financial statements of the Company have been prepared on the accrual basis in accordance with generally accepted accounting principles for interim financial information. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. However, all adjustments that are, in the opinion of management, necessary for a fair presentation have been included. The results of operations for the three month period ended March 31, 2014 are not necessarily indicative of the results to be expected for the full year ending December 31, 2014. The unaudited interim financial statements should be read in conjunction with the audited financial statements and notes to financial statements that are presented in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013 as filed with the Securities and Exchange Commission. | |
Use_of_estimates_Policies
Use of estimates (Policies) | 3 Months Ended |
Mar. 31, 2014 | |
Use of estimates [Abstract] | ' |
Use of estimates | ' |
The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the balance sheets and revenues and expenses during the reporting period. Actual results could differ significantly from those estimates. A material estimate that is particularly susceptible to significant change in the near term relates to the determination of the allowance for loan losses and the related provision. | |
Loss_per_common_share_Tables
Loss per common share (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Loss per common share [Abstract] | ' | ||||||||
Basic and diluted earnings per share computation | ' | ||||||||
The following table presents the basic and diluted earnings per share computations: | |||||||||
Three Months Ended March 31, | |||||||||
2014 | 2013 | ||||||||
Numerator | |||||||||
Net loss - basic and diluted | $ | (748,946 | ) | $ | (511,034 | ) | |||
Preferred stock dividend and accretion | 221,712 | 221,328 | |||||||
Net loss available to common shareholders | $ | (970,658 | ) | $ | (732,362 | ) | |||
Denominator | |||||||||
Weighted average shares outstanding - basic | 5,338,295 | 4,253,932 | |||||||
Dilutive effect of common stock options and restricted stock awards | - | - | |||||||
Weighted average shares outstanding - diluted | 5,338,295 | 4,253,932 | |||||||
Loss per share - basic and diluted | |||||||||
Loss per share - basic | $ | (0.18 | ) | $ | (0.17 | ) | |||
Effect of dilutive common stock options | - | - | |||||||
Loss per share - diluted | $ | (0.18 | ) | $ | (0.17 | ) | |||
Investment_securities_Tables
Investment securities (Tables) | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||
Investment securities [Abstract] | ' | ||||||||||||||||||||||||
Composition of investment portfolio | ' | ||||||||||||||||||||||||
The following table presents the composition of our investment portfolio at the dates indicated (dollars in thousands). | |||||||||||||||||||||||||
Gross | Gross | Estimated | |||||||||||||||||||||||
Par | Amortized | Unrealized | Unrealized | Fair | Average | ||||||||||||||||||||
Value | Cost | Gains | Losses | Value | Yield | ||||||||||||||||||||
31-Mar-14 | |||||||||||||||||||||||||
US Treasury | |||||||||||||||||||||||||
Five to ten years | $ | 8,000 | $ | 7,829 | $ | - | $ | (418 | ) | $ | 7,411 | 2.13 | % | ||||||||||||
US Government Agencies | |||||||||||||||||||||||||
One to Five years | 4,000 | 4,184 | - | (129 | ) | 4,055 | 0.89 | % | |||||||||||||||||
Five to ten years | 31,625 | 33,459 | - | (2,232 | ) | 31,227 | 1.82 | % | |||||||||||||||||
35,625 | 37,643 | - | (2,361 | ) | 35,282 | 1.71 | % | ||||||||||||||||||
Mortgage-backed securities | |||||||||||||||||||||||||
More than ten years | 2,655 | 2,659 | 2 | (20 | ) | 2,641 | 2.43 | % | |||||||||||||||||
Municipals | |||||||||||||||||||||||||
Five to ten years | 6,155 | 6,663 | - | (452 | ) | 6,211 | 2.85 | % | |||||||||||||||||
More than ten years | 6,780 | 8,404 | - | (610 | ) | 7,794 | 3.34 | % | |||||||||||||||||
12,935 | 15,067 | - | (1,062 | ) | 14,005 | 3.12 | % | ||||||||||||||||||
Total investment securities | $ | 59,215 | $ | 63,198 | $ | 2 | $ | (3,861 | ) | $ | 59,339 | 2.13 | % | ||||||||||||
31-Dec-13 | |||||||||||||||||||||||||
US Treasury | |||||||||||||||||||||||||
Five to ten years | $ | 8,000 | $ | 7,825 | $ | - | $ | (615 | ) | $ | 7,210 | 2.13 | % | ||||||||||||
US Government Agencies | |||||||||||||||||||||||||
One to Five years | 4,000 | 4,194 | - | (166 | ) | 4,028 | 0.89 | % | |||||||||||||||||
Five to ten years | 31,625 | 33,510 | - | (3,187 | ) | 30,323 | 1.82 | % | |||||||||||||||||
35,625 | 37,704 | - | (3,353 | ) | 34,351 | 1.71 | % | ||||||||||||||||||
Mortgage-backed securities | |||||||||||||||||||||||||
More than ten years | 2,782 | 2,792 | 10 | (50 | ) | 2,752 | 2.43 | % | |||||||||||||||||
Municipals | |||||||||||||||||||||||||
Five to ten years | 6,155 | 6,684 | - | (678 | ) | 6,006 | 2.85 | % | |||||||||||||||||
More than ten years | 6,780 | 8,428 | - | (999 | ) | 7,429 | 3.34 | % | |||||||||||||||||
Total | 12,935 | 15,112 | - | (1,677 | ) | 13,435 | 3.12 | % | |||||||||||||||||
Total investment securities | $ | 59,342 | $ | 63,433 | $ | 10 | $ | (5,695 | ) | $ | 57,748 | 2.13 | % | ||||||||||||
Investment securities available for sale that have unrealized loss position | ' | ||||||||||||||||||||||||
Investment securities available for sale that have an unrealized loss position at March 31, 2014 and December 31, 2013 are detailed below (in thousands): | |||||||||||||||||||||||||
Securities in a loss | Securities in a loss | ||||||||||||||||||||||||
position for less than | position for more than | ||||||||||||||||||||||||
12 months | 12 months | Total | |||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | ||||||||||||||||||||
Value | Losses | Value | Losses | Value | Losses | ||||||||||||||||||||
31-Mar-14 | |||||||||||||||||||||||||
US Treasury | $ | 42,693 | $ | (2,779 | ) | $ | - | $ | - | $ | 42,693 | $ | (2,779 | ) | |||||||||||
Municipals | 11,144 | (945 | ) | 2,861 | (116 | ) | 14,005 | (1,061 | ) | ||||||||||||||||
Mortgage-backed securities | 2,503 | (21 | ) | - | - | 2,503 | (21 | ) | |||||||||||||||||
Total | $ | 56,340 | $ | (3,745 | ) | $ | 2,861 | $ | (116 | ) | $ | 59,201 | $ | (3,861 | ) | ||||||||||
31-Dec-13 | |||||||||||||||||||||||||
US Treasury | $ | 41,560 | $ | (3,968 | ) | $ | - | $ | - | $ | 41,560 | $ | (3,968 | ) | |||||||||||
Municipals | 10,864 | (1,471 | ) | 2,571 | (206 | ) | 13,435 | (1,677 | ) | ||||||||||||||||
Mortgage-backed securities | 1,861 | (50 | ) | - | - | 1,861 | (50 | ) | |||||||||||||||||
Total | $ | 54,285 | $ | (5,489 | ) | $ | 2,571 | $ | (206 | ) | $ | 56,856 | $ | (5,695 | ) | ||||||||||
Loans_and_allowance_for_loan_l1
Loans and allowance for loan losses (Tables) | 3 Months Ended | ||||||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||||||
Loans and allowance for loan losses [Abstract] | ' | ||||||||||||||||||||||||||||
Composition of loan portfolio (excluding mortgage loans held for sale) | ' | ||||||||||||||||||||||||||||
The following table presents the composition of our loan portfolio (excluding mortgage loans held for sale) at the dates indicated. | |||||||||||||||||||||||||||||
31-Mar-14 | 31-Dec-13 | ||||||||||||||||||||||||||||
Amount | % | Amount | % | ||||||||||||||||||||||||||
Construction and land development | |||||||||||||||||||||||||||||
Residential | $ | 4,009,572 | 1.47 | % | $ | 2,930,904 | 1.02 | % | |||||||||||||||||||||
Commercial | 25,879,373 | 9.46 | % | 28,178,636 | 9.83 | % | |||||||||||||||||||||||
29,888,945 | 10.92 | % | 31,109,540 | 10.86 | % | ||||||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||||||||
Owner occupied | 68,446,883 | 25.02 | % | 73,584,396 | 25.68 | % | |||||||||||||||||||||||
Non-owner occupied | 40,173,735 | 14.69 | % | 43,868,068 | 15.31 | % | |||||||||||||||||||||||
Multifamily | 10,216,766 | 3.74 | % | 11,559,882 | 4.03 | % | |||||||||||||||||||||||
Farmland | 1,359,197 | 0.5 | % | 1,463,311 | 0.51 | % | |||||||||||||||||||||||
120,196,581 | 43.95 | % | 130,475,657 | 45.53 | % | ||||||||||||||||||||||||
Consumer real estate | |||||||||||||||||||||||||||||
Home equity lines | 20,649,359 | 7.56 | % | 21,246,032 | 7.41 | % | |||||||||||||||||||||||
Secured by 1-4 family residential, | |||||||||||||||||||||||||||||
First deed of trust | 66,299,799 | 24.24 | % | 66,872,644 | 23.34 | % | |||||||||||||||||||||||
Second deed of trust | 8,334,968 | 3.05 | % | 8,675,218 | 3.03 | % | |||||||||||||||||||||||
95,284,126 | 34.85 | % | 96,793,894 | 33.78 | % | ||||||||||||||||||||||||
Commercial and industrial loans | |||||||||||||||||||||||||||||
(except those secured by real estate) | 26,295,748 | 9.62 | % | 26,253,841 | 9.16 | % | |||||||||||||||||||||||
Consumer and other | 1,795,821 | 0.66 | % | 1,929,770 | 0.67 | % | |||||||||||||||||||||||
Total loans | 273,461,221 | 100 | % | 286,562,702 | 100 | % | |||||||||||||||||||||||
Deferred loan cost, net | 686,944 | 682,955 | |||||||||||||||||||||||||||
Less: allowance for loan losses | (6,600,384 | ) | (7,238,664 | ) | |||||||||||||||||||||||||
$ | 267,547,781 | $ | 280,006,993 | ||||||||||||||||||||||||||
Information on risk rating of loans | ' | ||||||||||||||||||||||||||||
The following tables provide information on the risk rating of loans at the dates indicated: | |||||||||||||||||||||||||||||
Risk Rated | Risk Rated | Risk Rated | Risk Rated | Total | |||||||||||||||||||||||||
4-Jan | 5 | 6 | 7 | Loans | |||||||||||||||||||||||||
31-Mar-14 | |||||||||||||||||||||||||||||
Construction and land development | |||||||||||||||||||||||||||||
Residential | $ | 3,605,240 | $ | - | $ | 404,332 | $ | - | $ | 4,009,572 | |||||||||||||||||||
Commercial | 18,911,155 | 985,986 | 5,982,232 | 25,879,373 | |||||||||||||||||||||||||
22,516,395 | 985,986 | 6,386,564 | - | 29,888,945 | |||||||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||||||||
Owner occupied | 50,092,436 | 9,978,424 | 7,778,133 | 597,890 | 68,446,883 | ||||||||||||||||||||||||
Non-owner occupied | 31,995,969 | 921,184 | 7,256,582 | - | 40,173,735 | ||||||||||||||||||||||||
Multifamily | 9,466,971 | 749,795 | - | - | 10,216,766 | ||||||||||||||||||||||||
Farmland | 1,143,982 | 194,124 | 21,091 | - | 1,359,197 | ||||||||||||||||||||||||
92,699,358 | 11,843,527 | 15,055,806 | 597,890 | 120,196,581 | |||||||||||||||||||||||||
Consumer real estate | |||||||||||||||||||||||||||||
Home equity lines | 17,625,545 | 522,628 | 2,501,186 | - | 20,649,359 | ||||||||||||||||||||||||
Secured by 1-4 family residential | |||||||||||||||||||||||||||||
First deed of trust | 50,520,053 | 6,505,072 | 9,274,674 | - | 66,299,799 | ||||||||||||||||||||||||
Second deed of trust | 6,739,329 | 168,334 | 1,427,305 | - | 8,334,968 | ||||||||||||||||||||||||
74,884,927 | 7,196,034 | 13,203,165 | - | 95,284,126 | |||||||||||||||||||||||||
Commercial and industrial loans | |||||||||||||||||||||||||||||
(except those secured by real estate) | 20,083,248 | 3,542,672 | 2,669,828 | - | 26,295,748 | ||||||||||||||||||||||||
Consumer and other | 1,669,281 | 73,457 | 53,083 | - | 1,795,821 | ||||||||||||||||||||||||
Total loans | $ | 211,853,209 | $ | 23,641,676 | $ | 37,368,446 | $ | 597,890 | $ | 273,461,221 | |||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||
Construction and land development | |||||||||||||||||||||||||||||
Residential | $ | 2,715,050 | $ | - | $ | 215,854 | $ | - | $ | 2,930,904 | |||||||||||||||||||
Commercial | 18,265,157 | 2,710,599 | 7,202,880 | - | 28,178,636 | ||||||||||||||||||||||||
20,980,207 | 2,710,599 | 7,418,734 | - | 31,109,540 | |||||||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||||||||
Owner occupied | 51,810,345 | 13,214,084 | 8,559,967 | - | 73,584,396 | ||||||||||||||||||||||||
Non-owner occupied | 31,990,478 | 3,453,613 | 8,423,977 | - | 43,868,068 | ||||||||||||||||||||||||
Multifamily | 10,803,958 | 755,924 | - | - | 11,559,882 | ||||||||||||||||||||||||
Farmland | 1,346,518 | - | 116,793 | - | 1,463,311 | ||||||||||||||||||||||||
95,951,299 | 17,423,621 | 17,100,737 | - | 130,475,657 | |||||||||||||||||||||||||
Consumer real estate | |||||||||||||||||||||||||||||
Home equity lines | 17,609,666 | 726,972 | 2,909,394 | - | 21,246,032 | ||||||||||||||||||||||||
Secured by 1-4 family residential | |||||||||||||||||||||||||||||
First deed of trust | 49,842,789 | 6,646,262 | 10,383,593 | - | 66,872,644 | ||||||||||||||||||||||||
Second deed of trust | 6,597,382 | 212,412 | 1,865,424 | - | 8,675,218 | ||||||||||||||||||||||||
74,049,837 | 7,585,646 | 15,158,411 | - | 96,793,894 | |||||||||||||||||||||||||
Commercial and industrial loans | |||||||||||||||||||||||||||||
(except those secured by real estate) | 19,785,628 | 1,042,226 | 5,425,987 | - | 26,253,841 | ||||||||||||||||||||||||
Consumer and other | 1,738,943 | 130,829 | 59,998 | - | 1,929,770 | ||||||||||||||||||||||||
Total loans | $ | 212,505,914 | $ | 28,892,921 | $ | 45,163,867 | $ | - | $ | 286,562,702 | |||||||||||||||||||
Aging of recorded investment in past due loans and leases | ' | ||||||||||||||||||||||||||||
The following table presents the aging of the recorded investment in past due loans and leases as of the dates indicated: | |||||||||||||||||||||||||||||
Recorded | |||||||||||||||||||||||||||||
Greater | Investment > | ||||||||||||||||||||||||||||
30-59 Days | 60-89 Days | Than | Total Past | Total | 90 Days and | ||||||||||||||||||||||||
Past Due | Past Due | 90 Days | Due | Current | Loans | Accruing | |||||||||||||||||||||||
31-Mar-14 | |||||||||||||||||||||||||||||
Construction and land development | |||||||||||||||||||||||||||||
Residential | $ | - | $ | - | $ | - | $ | - | $ | 4,009,572 | $ | 4,009,572 | $ | - | |||||||||||||||
Commercial | 73,092 | - | - | 73,092 | 25,806,281 | 25,879,373 | - | ||||||||||||||||||||||
73,092 | - | - | 73,092 | 29,815,853 | 29,888,945 | - | |||||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||||||||
Owner occupied | 578,930 | - | - | 578,930 | 67,867,953 | 68,446,883 | - | ||||||||||||||||||||||
Non-owner occupied | - | - | - | - | 40,173,735 | 40,173,735 | - | ||||||||||||||||||||||
Multifamily | 218,832 | - | - | 218,832 | 9,997,934 | 10,216,766 | - | ||||||||||||||||||||||
Farmland | - | - | - | - | 1,359,197 | 1,359,197 | - | ||||||||||||||||||||||
797,762 | - | - | 797,762 | 119,398,819 | 120,196,581 | - | |||||||||||||||||||||||
Consumer real estate | |||||||||||||||||||||||||||||
Home equity lines | 98,364 | - | - | 98,364 | 20,550,995 | 20,649,359 | - | ||||||||||||||||||||||
Secured by 1-4 family residential | |||||||||||||||||||||||||||||
First deed of trust | 378,412 | 104,385 | - | 482,797 | 65,817,002 | 66,299,799 | - | ||||||||||||||||||||||
Second deed of trust | 24,084 | - | - | 24,084 | 8,310,884 | 8,334,968 | - | ||||||||||||||||||||||
500,860 | 104,385 | - | 605,245 | 94,678,881 | 95,284,126 | - | |||||||||||||||||||||||
Commercial and industrial loans | |||||||||||||||||||||||||||||
(except those secured by real estate) | 136,832 | - | - | 136,832 | 26,158,916 | 26,295,748 | - | ||||||||||||||||||||||
Consumer and other | 256,210 | - | - | 256,210 | 1,539,611 | 1,795,821 | - | ||||||||||||||||||||||
Total loans | $ | 1,764,756 | $ | 104,385 | $ | - | $ | 1,869,141 | $ | 271,592,080 | $ | 273,461,221 | $ | - | |||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||
Construction and land development | |||||||||||||||||||||||||||||
Residential | $ | - | $ | - | $ | - | $ | - | $ | 2,930,904 | $ | 2,930,904 | $ | - | |||||||||||||||
Commercial | - | 116,180 | - | 116,180 | 28,062,456 | 28,178,636 | - | ||||||||||||||||||||||
- | 116,180 | - | 116,180 | 30,993,360 | 31,109,540 | - | |||||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||||||||
Owner occupied | 199,392 | - | - | 199,392 | 73,385,004 | 73,584,396 | - | ||||||||||||||||||||||
Non-owner occupied | - | 345,704 | - | 345,704 | 43,522,364 | 43,868,068 | - | ||||||||||||||||||||||
Multifamily | 221,474 | - | - | 221,474 | 11,338,408 | 11,559,882 | - | ||||||||||||||||||||||
Farmland | 194,124 | - | - | 194,124 | 1,269,187 | 1,463,311 | - | ||||||||||||||||||||||
614,990 | 345,704 | - | 960,694 | 129,514,963 | 130,475,657 | - | |||||||||||||||||||||||
Consumer real estate | |||||||||||||||||||||||||||||
Home equity lines | 98,364 | 403,115 | - | 501,479 | 20,744,553 | 21,246,032 | - | ||||||||||||||||||||||
Secured by 1-4 family residential | |||||||||||||||||||||||||||||
First deed of trust | 554,946 | 362,348 | - | 917,294 | 65,955,350 | 66,872,644 | - | ||||||||||||||||||||||
Second deed of trust | - | 24,291 | - | 24,291 | 8,650,927 | 8,675,218 | - | ||||||||||||||||||||||
653,310 | 789,754 | - | 1,443,064 | 95,350,830 | 96,793,894 | - | |||||||||||||||||||||||
Commercial and industrial loans | |||||||||||||||||||||||||||||
(except those secured by real estate) | 25,035 | 121,710 | 59,900 | 206,645 | 26,047,196 | 26,253,841 | 59,900 | ||||||||||||||||||||||
Consumer and other | 5,331 | 14,917 | - | 20,248 | 1,909,522 | 1,929,770 | - | ||||||||||||||||||||||
Total loans | $ | 1,298,666 | $ | 1,388,265 | $ | 59,900 | $ | 2,746,831 | $ | 283,815,871 | $ | 286,562,702 | $ | 59,900 | |||||||||||||||
Summary of impaired loans | ' | ||||||||||||||||||||||||||||
Impaired loans are set forth in the following table as of the dates indicated. | |||||||||||||||||||||||||||||
31-Mar-14 | |||||||||||||||||||||||||||||
Unpaid | |||||||||||||||||||||||||||||
Recorded | Principal | Related | |||||||||||||||||||||||||||
Investment | Balance | Allowance | |||||||||||||||||||||||||||
With no related allowance recorded | |||||||||||||||||||||||||||||
Construction and land development | |||||||||||||||||||||||||||||
Residential | $ | 135,832 | $ | 135,832 | $ | - | |||||||||||||||||||||||
Commercial | 4,120,614 | 4,120,614 | - | ||||||||||||||||||||||||||
4,256,446 | 4,256,446 | - | |||||||||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||||||||
Owner occupied | 2,321,831 | 2,371,831 | |||||||||||||||||||||||||||
Non-owner occupied | 11,367,535 | 11,467,535 | - | ||||||||||||||||||||||||||
Multifamily | 2,360,523 | 2,360,523 | - | ||||||||||||||||||||||||||
Farmland | 21,091 | 450,000 | - | ||||||||||||||||||||||||||
16,070,980 | 16,649,889 | - | |||||||||||||||||||||||||||
Consumer real estate | |||||||||||||||||||||||||||||
Home equity lines | 1,643,669 | 1,681,303 | - | ||||||||||||||||||||||||||
Secured by 1-4 family residential | |||||||||||||||||||||||||||||
First deed of trust | 7,667,046 | 7,719,539 | - | ||||||||||||||||||||||||||
Second deed of trust | 1,347,764 | 1,491,222 | - | ||||||||||||||||||||||||||
10,658,479 | 10,892,064 | - | |||||||||||||||||||||||||||
Commercial and industrial loans | |||||||||||||||||||||||||||||
(except those secured by real estate) | 796,620 | 971,172 | - | ||||||||||||||||||||||||||
Consumer and other | 31,500 | 31,500 | - | ||||||||||||||||||||||||||
31,814,025 | 32,801,071 | - | |||||||||||||||||||||||||||
With an allowance recorded | |||||||||||||||||||||||||||||
Construction and land development | |||||||||||||||||||||||||||||
Commercial | 605,953 | 605,953 | 40,785 | ||||||||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||||||||
Owner occupied | 9,723,738 | 9,877,738 | 673,346 | ||||||||||||||||||||||||||
Non-Owner occupied | 1,288,872 | 1,288,872 | 363,508 | ||||||||||||||||||||||||||
11,012,610 | 11,166,610 | 1,036,854 | |||||||||||||||||||||||||||
Consumer real estate | |||||||||||||||||||||||||||||
Secured by 1-4 family residential | |||||||||||||||||||||||||||||
First deed of trust | 1,782,466 | 2,524,921 | 391,380 | ||||||||||||||||||||||||||
Commercial and industrial loans | |||||||||||||||||||||||||||||
(except those secured by real estate) | 116,237 | 116,237 | 11,063 | ||||||||||||||||||||||||||
13,517,266 | 14,413,721 | 1,480,082 | |||||||||||||||||||||||||||
Total | |||||||||||||||||||||||||||||
Construction and land development | |||||||||||||||||||||||||||||
Residential | 135,832 | 135,832 | |||||||||||||||||||||||||||
Commercial | 4,726,567 | 4,726,567 | 40,785 | ||||||||||||||||||||||||||
4,862,399 | 4,862,399 | 40,785 | |||||||||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||||||||
Owner occupied | 12,045,569 | 12,249,569 | 673,346 | ||||||||||||||||||||||||||
Non-owner occupied | 12,656,407 | 12,756,407 | 363,508 | ||||||||||||||||||||||||||
Multifamily | 2,360,523 | 2,360,523 | |||||||||||||||||||||||||||
Farmland | 21,091 | 450,000 | - | ||||||||||||||||||||||||||
27,083,590 | 27,816,499 | 1,036,854 | |||||||||||||||||||||||||||
Consumer real estate | |||||||||||||||||||||||||||||
Home equity lines | 1,643,669 | 1,681,303 | - | ||||||||||||||||||||||||||
Secured by 1-4 family residential, | |||||||||||||||||||||||||||||
First deed of trust | 9,449,512 | 10,244,460 | 391,380 | ||||||||||||||||||||||||||
Second deed of trust | 1,347,764 | 1,491,222 | - | ||||||||||||||||||||||||||
12,440,945 | 13,416,985 | 391,380 | |||||||||||||||||||||||||||
Commercial and industrial loans | |||||||||||||||||||||||||||||
(except those secured by real estate) | 912,857 | 1,087,409 | 11,063 | ||||||||||||||||||||||||||
Consumer and other | 31,500 | 31,500 | - | ||||||||||||||||||||||||||
$ | 45,331,291 | $ | 47,214,792 | $ | 1,480,082 | ||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||
Unpaid | |||||||||||||||||||||||||||||
Recorded | Principal | Related | |||||||||||||||||||||||||||
Investment | Balance | Allowance | |||||||||||||||||||||||||||
With no related allowance recorded | |||||||||||||||||||||||||||||
Construction and land development | |||||||||||||||||||||||||||||
Residential | $ | 215,854 | $ | 215,854 | $ | - | |||||||||||||||||||||||
Commercial | 3,451,651 | 3,497,236 | - | ||||||||||||||||||||||||||
3,667,505 | 3,713,090 | - | |||||||||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||||||||
Owner occupied | 1,919,129 | 1,969,129 | |||||||||||||||||||||||||||
Non-owner occupied | 11,769,212 | 11,927,602 | - | ||||||||||||||||||||||||||
Multifamily | 2,373,444 | 2,373,444 | - | ||||||||||||||||||||||||||
Farmland | 116,793 | 450,000 | - | ||||||||||||||||||||||||||
16,178,578 | 16,720,175 | - | |||||||||||||||||||||||||||
Consumer real estate | |||||||||||||||||||||||||||||
Home equity lines | 1,629,863 | 1,684,527 | - | ||||||||||||||||||||||||||
Secured by 1-4 family residential | |||||||||||||||||||||||||||||
First deed of trust | 8,176,613 | 8,319,093 | - | ||||||||||||||||||||||||||
Second deed of trust | 1,125,245 | 1,248,964 | - | ||||||||||||||||||||||||||
10,931,721 | 11,252,584 | - | |||||||||||||||||||||||||||
Commercial and industrial loans | |||||||||||||||||||||||||||||
(except those secured by real estate) | 808,885 | 983,436 | - | ||||||||||||||||||||||||||
Consumer and other | 34,123 | 34,123 | - | ||||||||||||||||||||||||||
31,620,812 | 32,703,408 | - | |||||||||||||||||||||||||||
With an allowance recorded | |||||||||||||||||||||||||||||
Construction and land development | |||||||||||||||||||||||||||||
Commercial | 1,752,587 | 1,752,587 | 220,164 | ||||||||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||||||||
Owner occupied | 9,794,555 | 9,948,555 | 680,346 | ||||||||||||||||||||||||||
Non-Owner occupied | 1,296,788 | 1,296,788 | 371,286 | ||||||||||||||||||||||||||
11,091,343 | 11,245,343 | 1,051,632 | |||||||||||||||||||||||||||
Consumer real estate | |||||||||||||||||||||||||||||
Secured by 1-4 family residential | |||||||||||||||||||||||||||||
First deed of trust | 2,184,026 | 2,870,301 | 483,644 | ||||||||||||||||||||||||||
Second deed of trust | 132,435 | 132,435 | 32,407 | ||||||||||||||||||||||||||
2,316,461 | 3,002,736 | 516,051 | |||||||||||||||||||||||||||
Commercial and industrial loans | |||||||||||||||||||||||||||||
(except those secured by real estate) | 150,537 | 150,537 | 42,529 | ||||||||||||||||||||||||||
15,310,928 | 16,151,203 | 1,830,376 | |||||||||||||||||||||||||||
Total | |||||||||||||||||||||||||||||
Construction and land development | |||||||||||||||||||||||||||||
Residential | 215,854 | 215,854 | - | ||||||||||||||||||||||||||
Commercial | 5,204,238 | 5,249,823 | 220,164 | ||||||||||||||||||||||||||
5,420,092 | 5,465,677 | 220,164 | |||||||||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||||||||
Owner occupied | 11,713,684 | 11,917,684 | 680,346 | ||||||||||||||||||||||||||
Non-owner occupied | 13,066,000 | 13,224,390 | 371,286 | ||||||||||||||||||||||||||
Multifamily | 2,373,444 | 2,373,444 | - | ||||||||||||||||||||||||||
Farmland | 116,793 | 450,000 | - | ||||||||||||||||||||||||||
27,269,921 | 27,965,518 | 1,051,632 | |||||||||||||||||||||||||||
Consumer real estate | |||||||||||||||||||||||||||||
Home equity lines | 1,629,863 | 1,684,527 | - | ||||||||||||||||||||||||||
Secured by 1-4 family residential, | |||||||||||||||||||||||||||||
First deed of trust | 10,360,639 | 11,189,394 | 483,644 | ||||||||||||||||||||||||||
Second deed of trust | 1,257,680 | 1,381,399 | 32,407 | ||||||||||||||||||||||||||
13,248,182 | 14,255,320 | 516,051 | |||||||||||||||||||||||||||
Commercial and industrial loans | |||||||||||||||||||||||||||||
(except those secured by real estate) | 959,422 | 1,133,973 | 42,529 | ||||||||||||||||||||||||||
Consumer and other | 34,123 | 34,123 | - | ||||||||||||||||||||||||||
$ | 46,931,740 | $ | 48,854,611 | $ | 1,830,376 | ||||||||||||||||||||||||
Summary of average recorded investment in impaired loans | ' | ||||||||||||||||||||||||||||
The following is a summary of average recorded investment in impaired loans with and without a valuation allowance and interest income recognized on those loans for periods indicated: | |||||||||||||||||||||||||||||
For the Three Months Ended March 31, | |||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||
Average | Interest | Average | Interest | ||||||||||||||||||||||||||
Recorded | Income | Recorded | Income | ||||||||||||||||||||||||||
Investment | Recognized | Investment | Recognized | ||||||||||||||||||||||||||
With no related allowance recorded | |||||||||||||||||||||||||||||
Construction and land development | |||||||||||||||||||||||||||||
Residential | $ | 171,532 | $ | 2,163 | $ | - | $ | - | |||||||||||||||||||||
Commercial | 4,133,561 | 55,755 | 7,406,223 | 60,175 | |||||||||||||||||||||||||
4,305,093 | 57,918 | 7,406,223 | 60,175 | ||||||||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||||||||
Owner occupied | 2,327,733 | 26,667 | 7,119,781 | 136,728 | |||||||||||||||||||||||||
Non-owner occupied | 11,402,497 | 133,461 | 14,579,438 | 206,192 | |||||||||||||||||||||||||
Multifamily | 2,365,837 | 35,059 | 3,043,344 | 51,755 | |||||||||||||||||||||||||
Farmland | 21,091 | - | |||||||||||||||||||||||||||
16,117,158 | 195,187 | 24,742,563 | 394,675 | ||||||||||||||||||||||||||
Consumer real estate | |||||||||||||||||||||||||||||
Home equity lines | 1,643,669 | 13,818 | 1,801,054 | - | |||||||||||||||||||||||||
Secured by 1-4 family residential | |||||||||||||||||||||||||||||
First deed of trust | 7,780,210 | 84,808 | 12,541,557 | 128,977 | |||||||||||||||||||||||||
Second deed of trust | 1,352,528 | 14,450 | 507,002 | 6,789 | |||||||||||||||||||||||||
10,776,407 | 113,076 | 14,849,613 | 135,766 | ||||||||||||||||||||||||||
Commercial and industrial loans | |||||||||||||||||||||||||||||
(except those secured by real estate) | 805,927 | 12,537 | 897,988 | 8,944 | |||||||||||||||||||||||||
Consumer and other | 32,999 | 599 | 68,248 | 1,092 | |||||||||||||||||||||||||
32,037,584 | 379,317 | 47,964,635 | 600,652 | ||||||||||||||||||||||||||
With an allowance recorded | |||||||||||||||||||||||||||||
Construction and land development | |||||||||||||||||||||||||||||
Commercial | 608,524 | 7,617 | 458,065 | 1,628 | |||||||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||||||||
Owner occupied | 9,873,927 | 146,006 | 2,400,696 | 11,935 | |||||||||||||||||||||||||
Non-owner occupied | 1,299,315 | - | 256,067 | - | |||||||||||||||||||||||||
Farmland | - | - | 1,049,489 | 1,100 | |||||||||||||||||||||||||
11,173,242 | 146,006 | 3,706,252 | 13,035 | ||||||||||||||||||||||||||
Consumer real estate | |||||||||||||||||||||||||||||
Home equity lines | - | - | 269,450 | 6,792 | |||||||||||||||||||||||||
Secured by 1-4 family residential | |||||||||||||||||||||||||||||
First deed of trust | 1,833,311 | - | 835,505 | 6,076 | |||||||||||||||||||||||||
Second deed of trust | - | - | 349,192 | 6,401 | |||||||||||||||||||||||||
1,833,311 | - | 1,454,147 | 19,269 | ||||||||||||||||||||||||||
Commercial and industrial loans | |||||||||||||||||||||||||||||
(except those secured by real estate) | 116,582 | - | 64,672 | 1,290 | |||||||||||||||||||||||||
13,731,659 | 153,623 | 5,683,136 | 35,222 | ||||||||||||||||||||||||||
Total | |||||||||||||||||||||||||||||
Construction and land development | |||||||||||||||||||||||||||||
Residential | 171,532 | 2,163 | - | - | |||||||||||||||||||||||||
Commercial | 4,742,085 | 63,372 | 7,864,288 | 61,803 | |||||||||||||||||||||||||
4,913,617 | 65,535 | 7,864,288 | 61,803 | ||||||||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||||||||
Owner occupied | 12,201,660 | 172,673 | 9,520,477 | 148,663 | |||||||||||||||||||||||||
Non-owner occupied | 12,701,812 | 133,461 | 14,835,505 | 206,192 | |||||||||||||||||||||||||
Multifamily | 2,365,837 | 35,059 | 3,043,344 | 51,755 | |||||||||||||||||||||||||
Farmland | 21,091 | - | 1,049,489 | 1,100 | |||||||||||||||||||||||||
27,290,400 | 341,193 | 28,448,815 | 407,710 | ||||||||||||||||||||||||||
Consumer real estate | |||||||||||||||||||||||||||||
Home equity lines | 1,643,669 | 13,818 | 2,070,504 | 6,792 | |||||||||||||||||||||||||
Secured by 1-4 family residential | |||||||||||||||||||||||||||||
First deed of trust | 9,613,521 | 84,808 | 13,377,062 | 135,053 | |||||||||||||||||||||||||
Second deed of trust | 1,352,528 | 14,450 | 856,194 | 13,190 | |||||||||||||||||||||||||
12,609,718 | 113,076 | 16,303,760 | 155,035 | ||||||||||||||||||||||||||
Commercial and industrial loans | |||||||||||||||||||||||||||||
(except those secured by real estate) | 922,509 | 12,537 | 962,660 | 10,234 | |||||||||||||||||||||||||
Consumer and other | 32,999 | 599 | 68,248 | 1,092 | |||||||||||||||||||||||||
$ | 45,769,243 | $ | 532,940 | $ | 53,647,771 | $ | 635,874 | ||||||||||||||||||||||
Troubled debt restructurings | ' | ||||||||||||||||||||||||||||
The following is a summary of performing and nonaccrual TDRs and the related specific valuation allowance by portfolio segment as of the dates indicated. | |||||||||||||||||||||||||||||
Specific | |||||||||||||||||||||||||||||
Valuation | |||||||||||||||||||||||||||||
Total | Performing | Nonaccrual | Allowance | ||||||||||||||||||||||||||
31-Mar-14 | |||||||||||||||||||||||||||||
Construction and land development | |||||||||||||||||||||||||||||
Residential | $ | 135,832 | $ | 22,155 | $ | 113,677 | $ | - | |||||||||||||||||||||
Commercial | 4,498,389 | 4,228,524 | 269,865 | - | |||||||||||||||||||||||||
4,634,221 | 4,250,679 | 383,542 | - | ||||||||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||||||||
Owner occupied | 10,738,307 | 9,376,227 | 1,362,080 | 298,945 | |||||||||||||||||||||||||
Non-owner occupied | 9,900,972 | 9,497,446 | 403,526 | - | |||||||||||||||||||||||||
Multifamily | 2,360,523 | 2,360,523 | - | - | |||||||||||||||||||||||||
22,999,802 | 21,234,196 | 1,765,606 | 298,945 | ||||||||||||||||||||||||||
Consumer real estate | |||||||||||||||||||||||||||||
Home equity lines | 159,994 | - | 159,994 | - | |||||||||||||||||||||||||
Secured by 1-4 family residential | |||||||||||||||||||||||||||||
First deeds of trust | 6,989,457 | 3,352,925 | 3,636,532 | 267,851 | |||||||||||||||||||||||||
Second deeds of trust | 640,709 | 480,334 | 160,375 | - | |||||||||||||||||||||||||
7,790,160 | 3,833,259 | 3,956,901 | 267,851 | ||||||||||||||||||||||||||
Commercial and industrial loans | |||||||||||||||||||||||||||||
(except those secured by real estate) | 252,288 | - | 252,288 | - | |||||||||||||||||||||||||
Consumer and other | 19,578 | - | 19,578 | - | |||||||||||||||||||||||||
$ | 35,696,049 | $ | 29,318,134 | $ | 6,377,915 | $ | 566,796 | ||||||||||||||||||||||
Number of loans | 114 | 60 | 54 | 13 | |||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||
Construction and land development | |||||||||||||||||||||||||||||
Residential | $ | 215,854 | $ | 215,854 | $ | - | $ | - | |||||||||||||||||||||
Commercial | 4,921,769 | 3,393,312 | 1,528,457 | 210,748 | |||||||||||||||||||||||||
5,137,623 | 3,609,166 | 1,528,457 | 210,748 | ||||||||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||||||||
Owner occupied | 10,377,067 | 9,009,627 | 1,367,440 | 374,401 | |||||||||||||||||||||||||
Non-owner occupied | 9,972,530 | 9,568,161 | 404,369 | 136,734 | |||||||||||||||||||||||||
Multifamily | 2,373,443 | 2,373,443 | - | - | |||||||||||||||||||||||||
22,723,040 | 20,951,231 | 1,771,809 | 511,135 | ||||||||||||||||||||||||||
Consumer real estate | |||||||||||||||||||||||||||||
Home equity lines | 159,994 | - | 159,994 | - | |||||||||||||||||||||||||
Secured by 1-4 family residential | |||||||||||||||||||||||||||||
First deeds of trust | 7,295,750 | 3,230,346 | 4,065,404 | 383,036 | |||||||||||||||||||||||||
Second deeds of trust | 691,527 | 324,096 | 367,431 | - | |||||||||||||||||||||||||
8,147,271 | 3,554,442 | 4,592,829 | 383,036 | ||||||||||||||||||||||||||
Commercial and industrial loans | |||||||||||||||||||||||||||||
(except those secured by real estate) | 255,603 | 121,098 | 134,505 | 9,416 | |||||||||||||||||||||||||
Consumer and other | 21,130 | - | 21,130 | - | |||||||||||||||||||||||||
$ | 36,284,667 | $ | 28,235,937 | $ | 8,048,730 | $ | 1,114,335 | ||||||||||||||||||||||
Number of loans | 115 | 62 | 53 | 23 | |||||||||||||||||||||||||
The following table provides information about TDRs identified during the indicated periods: | |||||||||||||||||||||||||||||
Three Months Ended March 31, 2014 | Year Ended December 31, 2013 | ||||||||||||||||||||||||||||
Pre- | Post- | Pre- | Post- | ||||||||||||||||||||||||||
Modification | Modification | Modification | Modification | ||||||||||||||||||||||||||
Number of | Recorded | Recorded | Number of | Recorded | Recorded | ||||||||||||||||||||||||
Loans | Balance | Balance | Loans | Balance | Balance | ||||||||||||||||||||||||
Construction and land development | |||||||||||||||||||||||||||||
Residential | - | $ | - | $ | - | 2 | $ | 215,854 | $ | 215,854 | |||||||||||||||||||
Commercial | 1 | 45,482 | 45,482 | 11 | 4,035,949 | 4,035,949 | |||||||||||||||||||||||
1 | 45,482 | 45,482 | 13 | 4,251,803 | 4,251,803 | ||||||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||||||||
Owner occupied | 6 | 3,095,417 | 3,095,417 | ||||||||||||||||||||||||||
Non-owner occupied | 1 | 411,785 | 411,785 | 6 | 1,753,785 | 1,753,785 | |||||||||||||||||||||||
1 | 411,785 | 411,785 | 12 | 4,849,202 | 4,849,202 | ||||||||||||||||||||||||
Consumer real estate | |||||||||||||||||||||||||||||
Home equity lines | - | - | - | 1 | 159,994 | 159,994 | |||||||||||||||||||||||
Secured by 1-4 family residential | |||||||||||||||||||||||||||||
First deed of trust | - | - | - | 26 | 2,818,946 | 2,818,946 | |||||||||||||||||||||||
Second deed of trust | - | - | - | 6 | 371,117 | 371,117 | |||||||||||||||||||||||
- | - | - | 33 | 3,350,057 | 3,350,057 | ||||||||||||||||||||||||
Consumer and other | - | - | - | 1 | 21,130 | - | |||||||||||||||||||||||
2 | $ | 457,267 | $ | 457,267 | 59 | $ | 12,472,192 | $ | 12,451,062 | ||||||||||||||||||||
The following table summarizes defaults on TDRs identified for three months ended March 31, 2014: | |||||||||||||||||||||||||||||
Number of | Recorded | ||||||||||||||||||||||||||||
Loans | Balance | ||||||||||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||||||||
Owner occupied | 1 | 470,072 | |||||||||||||||||||||||||||
Non-owner occupied | 1 | 449,793 | |||||||||||||||||||||||||||
2 | 919,865 | ||||||||||||||||||||||||||||
Consumer real estate: | |||||||||||||||||||||||||||||
Home equity lines | - | ||||||||||||||||||||||||||||
Secured by 1-4 family residential | |||||||||||||||||||||||||||||
First deed of trust | 3 | 604,545 | |||||||||||||||||||||||||||
Second deed of trust | 1 | 17,564 | |||||||||||||||||||||||||||
4 | 622,109 | ||||||||||||||||||||||||||||
Commercial and industrial loans | |||||||||||||||||||||||||||||
(except those secured by real estate) | 1 | 136,051 | |||||||||||||||||||||||||||
Consumer and other | 1 | 19,578 | |||||||||||||||||||||||||||
Total | 8 | $ | 1,697,603 | ||||||||||||||||||||||||||
Activity in the allowance for loan losses | ' | ||||||||||||||||||||||||||||
Activity in the allowance for loan losses is as follows for the periods indicated: | |||||||||||||||||||||||||||||
Beginning | Provision for | Ending | |||||||||||||||||||||||||||
Balance | Loan Losses | Charge-offs | Recoveries | Balance | |||||||||||||||||||||||||
Three Months Ended March 31, 2014 | |||||||||||||||||||||||||||||
Construction and land development | |||||||||||||||||||||||||||||
Residential | $ | 134,000 | $ | 5,290 | $ | - | $ | 450 | $ | 139,740 | |||||||||||||||||||
Commercial | 1,275,000 | (421,213 | ) | (21,793 | ) | 16,995 | 848,990 | ||||||||||||||||||||||
1,409,000 | (415,923 | ) | (21,793 | ) | 17,445 | 988,730 | |||||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||||||||
Owner occupied | 1,200,000 | 652,654 | - | - | 1,852,654 | ||||||||||||||||||||||||
Non-owner occupied | 669,000 | (469,853 | ) | (199,147 | ) | - | 0 | ||||||||||||||||||||||
Multifamily | 19,000 | (2,000 | ) | - | - | 17,000 | |||||||||||||||||||||||
Farmland | 337,000 | 167,702 | (95,702 | ) | - | 409,000 | |||||||||||||||||||||||
2,225,000 | 348,503 | (294,849 | ) | - | 2,278,654 | ||||||||||||||||||||||||
Consumer real estate | |||||||||||||||||||||||||||||
Home equity lines | 424,000 | 222,611 | (180,611 | ) | - | 466,001 | |||||||||||||||||||||||
Secured by 1-4 family residential | |||||||||||||||||||||||||||||
First deed of trust | 1,992,000 | (65,028 | ) | (185,204 | ) | 13,232 | 1,755,000 | ||||||||||||||||||||||
Second deed of trust | 393,000 | 12,250 | (76,250 | ) | - | 329,000 | |||||||||||||||||||||||
2,809,000 | 169,833 | (442,065 | ) | 13,232 | 2,550,000 | ||||||||||||||||||||||||
Commercial and industrial loans | |||||||||||||||||||||||||||||
(except those secured by real estate) | 724,000 | 45,473 | (32,765 | ) | 24,292 | 761,000 | |||||||||||||||||||||||
Consumer and other | 71,664 | (47,886 | ) | (4,093 | ) | 2,316 | 22,000 | ||||||||||||||||||||||
$ | 7,238,664 | $ | 100,000 | $ | (795,565 | ) | $ | 57,285 | $ | 6,600,384 | |||||||||||||||||||
Year Ended December 31, 2013 | |||||||||||||||||||||||||||||
Construction and land development | |||||||||||||||||||||||||||||
Residential | $ | 494,742 | $ | (462,542 | ) | $ | - | $ | 101,800 | $ | 134,000 | ||||||||||||||||||
Commercial | 4,611,410 | (3,481,833 | ) | (278,703 | ) | 424,126 | 1,275,000 | ||||||||||||||||||||||
5,106,152 | (3,944,375 | ) | (278,703 | ) | 525,926 | 1,409,000 | |||||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||||||||
Owner occupied | 1,358,863 | 252,484 | (453,996 | ) | 42,649 | 1,200,000 | |||||||||||||||||||||||
Non-owner occupied | 816,852 | 451,603 | (619,455 | ) | 20,000 | 669,000 | |||||||||||||||||||||||
Multifamily | 23,434 | (4,434 | ) | - | - | 19,000 | |||||||||||||||||||||||
Farmland | - | 1,233,000 | (896,000 | ) | - | 337,000 | |||||||||||||||||||||||
2,199,149 | 1,932,653 | (1,969,451 | ) | 62,649 | 2,225,000 | ||||||||||||||||||||||||
Consumer real estate | |||||||||||||||||||||||||||||
Home equity lines | 658,135 | 23,284 | (266,119 | ) | 8,700 | 424,000 | |||||||||||||||||||||||
Secured by 1-4 family residential | |||||||||||||||||||||||||||||
First deed of trust | 1,358,102 | 2,492,702 | (1,953,177 | ) | 94,373 | 1,992,000 | |||||||||||||||||||||||
Second deed of trust | 223,307 | 498,415 | (367,200 | ) | 38,478 | 393,000 | |||||||||||||||||||||||
2,239,544 | 3,014,401 | (2,586,496 | ) | 141,551 | 2,809,000 | ||||||||||||||||||||||||
Commercial and industrial loans | |||||||||||||||||||||||||||||
(except those secured by real estate) | 1,161,654 | 144,821 | (759,726 | ) | 177,251 | 724,000 | |||||||||||||||||||||||
Consumer and other | 101,328 | 25,500 | (64,642 | ) | 9,478 | 71,664 | |||||||||||||||||||||||
$ | 10,807,827 | $ | 1,173,000 | $ | (5,659,018 | ) | $ | 916,855 | $ | 7,238,664 | |||||||||||||||||||
Loans evaluated for impairment | ' | ||||||||||||||||||||||||||||
Loans were evaluated for impairment as follows for the periods indicated: | |||||||||||||||||||||||||||||
Loans Evaluated for Impairment | |||||||||||||||||||||||||||||
Individually | Collectively | Total | |||||||||||||||||||||||||||
Three Months Ended March 31, 2014 | |||||||||||||||||||||||||||||
Construction and land development | |||||||||||||||||||||||||||||
Residential | $ | 575,720 | $ | 3,433,852 | $ | 4,009,572 | |||||||||||||||||||||||
Commercial | 14,405,162 | 11,474,211 | 25,879,373 | ||||||||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||||||||
Owner occupied | 47,533,806 | 20,913,077 | 68,446,883 | ||||||||||||||||||||||||||
Non-owner occupied | 30,935,631 | 9,238,104 | 40,173,735 | ||||||||||||||||||||||||||
Multifamily | 8,459,271 | 1,757,495 | 10,216,766 | ||||||||||||||||||||||||||
Farmland | 775,209 | 583,988 | 1,359,197 | ||||||||||||||||||||||||||
Consumer real estate | |||||||||||||||||||||||||||||
Home equity lines | 1,349,700 | 19,299,659 | 20,649,359 | ||||||||||||||||||||||||||
Secured by 1-4 family residential | |||||||||||||||||||||||||||||
First deed of trust | 8,390,417 | 57,909,382 | 66,299,799 | ||||||||||||||||||||||||||
Second deed of trust | 526,510 | 7,808,458 | 8,334,968 | ||||||||||||||||||||||||||
Commercial and industrial loans | |||||||||||||||||||||||||||||
(except those secured by real estate) | 9,734,673 | 16,561,075 | 26,295,748 | ||||||||||||||||||||||||||
Consumer and other | - | 1,795,821 | 1,795,821 | ||||||||||||||||||||||||||
$ | 122,686,099 | $ | 150,775,122 | $ | 273,461,221 | ||||||||||||||||||||||||
Year Ended December 31, 2013 | |||||||||||||||||||||||||||||
Construction and land development | |||||||||||||||||||||||||||||
Residential | $ | 575,720 | $ | 2,355,184 | $ | 2,930,904 | |||||||||||||||||||||||
Commercial | 15,591,987 | 12,586,649 | 28,178,636 | ||||||||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||||||||
Owner occupied | 53,126,045 | 20,458,351 | 73,584,396 | ||||||||||||||||||||||||||
Non-owner occupied | 34,367,226 | 9,500,842 | 43,868,068 | ||||||||||||||||||||||||||
Multifamily | 9,363,418 | 2,196,464 | 11,559,882 | ||||||||||||||||||||||||||
Farmland | 778,599 | 684,712 | 1,463,311 | ||||||||||||||||||||||||||
Consumer real estate | |||||||||||||||||||||||||||||
Home equity lines | 1,381,700 | 19,864,332 | 21,246,032 | ||||||||||||||||||||||||||
Secured by 1-4 family residential | |||||||||||||||||||||||||||||
First deed of trust | 8,968,659 | 57,903,985 | 66,872,644 | ||||||||||||||||||||||||||
Second deed of trust | 532,977 | 8,142,241 | 8,675,218 | ||||||||||||||||||||||||||
Commercial and industrial loans | |||||||||||||||||||||||||||||
(except those secured by real estate) | 10,844,894 | 15,408,947 | 26,253,841 | ||||||||||||||||||||||||||
Consumer and other | - | 1,929,770 | 1,929,770 | ||||||||||||||||||||||||||
$ | 135,531,225 | $ | 151,031,477 | $ | 286,562,702 | ||||||||||||||||||||||||
Deposits_Tables
Deposits (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Deposits [Abstract] | ' | ||||||||||||||||
Summary of deposits | ' | ||||||||||||||||
Deposits were as follows at the indicated dates: | |||||||||||||||||
March 31, 2014 | December 31, 2013 | ||||||||||||||||
Amount | % | Amount | % | ||||||||||||||
Demand accounts | $ | 63,435,899 | 16 | % | $ | 57,243,718 | 14.7 | % | |||||||||
Interest checking accounts | 42,630,782 | 10.8 | % | 43,690,689 | 11.2 | % | |||||||||||
Money market accounts | 67,276,299 | 17 | % | 63,357,096 | 16.2 | % | |||||||||||
Savings accounts | 21,400,635 | 5.4 | % | 20,229,614 | 5.2 | % | |||||||||||
Time deposits of $100,000 and over | 92,324,704 | 23.3 | % | 94,245,516 | 24.1 | % | |||||||||||
Other time deposits | 109,148,790 | 27.5 | % | 111,861,678 | 28.6 | % | |||||||||||
Total | $ | 396,217,109 | 100 | % | $ | 390,628,311 | 100 | % | |||||||||
Stock_incentive_plan_Tables
Stock incentive plan (Tables) | 3 Months Ended | ||||||||||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||||||||||
Stock incentive plan [Abstract] | ' | ||||||||||||||||||||||||||||||||
Summary of stock option outstanding under the stock incentive plan | ' | ||||||||||||||||||||||||||||||||
The following table summarizes stock options outstanding under the stock incentive plan at the indicated dates: | |||||||||||||||||||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||
Weighted | Weighted | ||||||||||||||||||||||||||||||||
Average | Average | ||||||||||||||||||||||||||||||||
Exercise | Fair Value | Intrinsic | Exercise | Fair Value | Intrinsic | ||||||||||||||||||||||||||||
Options | Price | Per Share | Value | Options | Price | Per Share | Value | ||||||||||||||||||||||||||
Options outstanding, beginning of period | 97,907 | $ | 6.15 | $ | 3.69 | 255,630 | $ | 9.48 | $ | 4.7 | |||||||||||||||||||||||
Granted | - | - | - | - | |||||||||||||||||||||||||||||
Forfeited | (3,750 | ) | 12.12 | 5.02 | (1,000 | ) | 7.75 | 5.05 | |||||||||||||||||||||||||
Exercised | - | - | - | - | - | - | |||||||||||||||||||||||||||
Options outstanding, end of period | 94,157 | $ | 5.92 | $ | 3.64 | $ | - | 254,630 | $ | 9.57 | $ | 4.7 | $ | - | |||||||||||||||||||
Options exercisable, end of period | 70,597 | 249,630 | |||||||||||||||||||||||||||||||
Fair_value_Tables
Fair value (Tables) | 3 Months Ended | ||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||
Fair value [Abstract] | ' | ||||||||||||||||||
Fair value of assets and liabilities measured on a recurring and non-recurring basis | ' | ||||||||||||||||||
Assets measured at fair value under Topic 820 on a recurring and non-recurring basis are summarized below for the indicated dates: | |||||||||||||||||||
Fair Value Measurement | |||||||||||||||||||
at March 31, 2014 Using | |||||||||||||||||||
(In thousands) | |||||||||||||||||||
Quoted Prices | |||||||||||||||||||
in Active | Other | Significant | |||||||||||||||||
Markets for | Observable | Unobservable | |||||||||||||||||
Carrying | Identical Assets | Inputs | Inputs | ||||||||||||||||
Value | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||||
Financial Assets - Recurring | |||||||||||||||||||
US Treasuries | $ | 7,411 | $ | - | 7,411 | $ | - | ||||||||||||
US Government Agencies | 35,282 | - | 35,282 | - | |||||||||||||||
MBS | 2,641 | - | 2,641 | - | |||||||||||||||
Municipals | 14,005 | - | 14,005 | - | |||||||||||||||
Residential loans held for sale | 9,986 | - | 9,986 | - | |||||||||||||||
- | |||||||||||||||||||
Financial Assets - Non-Recurring | |||||||||||||||||||
Impaired loans | 43,860 | - | 39,473 | 4,387 | |||||||||||||||
Real estate owned | 15,688 | - | 14,901 | 787 | |||||||||||||||
Fair Value Measurement | |||||||||||||||||||
at December 31, 2013 Using | |||||||||||||||||||
(In thousands) | |||||||||||||||||||
Quoted Prices | |||||||||||||||||||
in Active | Other | Significant | |||||||||||||||||
Markets for | Observable | Unobservable | |||||||||||||||||
Carrying | Identical Assets | Inputs | Inputs | ||||||||||||||||
Value | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||||
Financial Assets - Recurring | |||||||||||||||||||
US Treasuries | $ | 7,210 | $ | - | 7,210 | $ | - | ||||||||||||
US Government Agencies | 34,350 | - | 34,350 | - | |||||||||||||||
MBS | 2,752 | - | 2,752 | - | |||||||||||||||
Municipals | 13,435 | - | 13,435 | - | |||||||||||||||
Residential loans held for sale | 8,371 | - | 8,371 | - | |||||||||||||||
- | |||||||||||||||||||
Financial Assets - Non-Recurring | |||||||||||||||||||
Impaired loans | 45,102 | - | 42,027 | 3,075 | |||||||||||||||
Real estate owned | 16,742 | - | 15,405 | 1,337 | |||||||||||||||
Level 3 fair value measurement, qualitative information | ' | ||||||||||||||||||
The following table presents qualitative information about level 3 fair value measurements for financial instruments measured at fair value at March 31, 2014: | |||||||||||||||||||
Range | |||||||||||||||||||
Fair Value | Valuation | Unobservable | (Weighted | ||||||||||||||||
Estimate | Techniques | Input | Average) | ||||||||||||||||
(In thousands) | |||||||||||||||||||
Impaired loans - real estate secured | $ | 3,365 | Appraisal (1) or Internal Valuation (2) | Selling costs | 6%-10% (7%) | ||||||||||||||
Discount for lack of | |||||||||||||||||||
marketability and age | |||||||||||||||||||
of appraisal | 6%-30% (10%) | ||||||||||||||||||
Impaired loans - non-real estate secured | $ | 1,022 | Appraisal (1) or Discounted Cash Flow | Selling costs | 10% | ||||||||||||||
Discount for lack of | |||||||||||||||||||
marketability or practical life | 0%-50% (20%) | ||||||||||||||||||
Real estate owned | $ | 787 | Appraisal (1) or Internal Valuation (2) | Selling costs | 6%-10% (7%) | ||||||||||||||
Discount for lack of | |||||||||||||||||||
marketability and age | |||||||||||||||||||
of appraisal | 6%-30% (15%) | ||||||||||||||||||
-1 | Fair Value is generally determined through independent appraisals of the underlying collateral, which generally included various level 3 inputs which are not identifiable | ||||||||||||||||||
-2 | Internal valuations may be conducted to determine Fair Value for assets with nominal carrying balances | ||||||||||||||||||
Fair value - financial instruments summary | ' | ||||||||||||||||||
The carrying amounts of accrued interest receivable and payable approximate fair value. | |||||||||||||||||||
March 31, | December 31, | ||||||||||||||||||
2014 | 2013 | ||||||||||||||||||
Level in Fair | |||||||||||||||||||
Value | Carrying | Estimated | Carrying | Estimated | |||||||||||||||
Hierarchy | Value | Fair Value | Value | Fair Value | |||||||||||||||
Financial assets | |||||||||||||||||||
Cash | Level 1 | $ | 19,566,695 | $ | 19,566,695 | $ | 15,220,580 | $ | 15,220,580 | ||||||||||
Cash equivalents | Level 2 | 36,946,987 | 36,946,987 | 24,988,512 | 24,988,512 | ||||||||||||||
Investment securities available for sale | Level 2 | 59,339,067 | 59,339,067 | 57,748,040 | 57,748,040 | ||||||||||||||
Federal Home Loan Bank stock | Level 2 | 1,207,900 | 1,207,900 | 1,417,300 | 1,417,300 | ||||||||||||||
Loans held for sale | Level 2 | 9,986,249 | 9,986,249 | 8,371,277 | 8,371,277 | ||||||||||||||
Loans | Level 2 | 222,207,133 | 224,604,616 | 233,075,253 | 236,581,823 | ||||||||||||||
Impaired loans | Level 2 | 40,125,454 | 40,125,454 | 42,678,969 | 42,678,969 | ||||||||||||||
Impaired loans | Level 3 | 5,215,194 | 5,215,194 | 4,252,771 | 4,252,771 | ||||||||||||||
Other real estate owned | Level 2 | 14,900,940 | 14,900,940 | 15,404,691 | 15,404,691 | ||||||||||||||
Other real estate owned | Level 3 | 787,503 | 787,503 | 1,337,173 | 1,337,173 | ||||||||||||||
Bank owned life insurance | Level 3 | 6,812,428 | 6,812,428 | 6,764,505 | 6,764,505 | ||||||||||||||
Accrued interest receivable | Level 2 | 1,340,386 | 1,340,386 | 1,486,163 | 1,486,163 | ||||||||||||||
Financial liabilities | |||||||||||||||||||
Deposits | Level 2 | 396,217,109 | 397,328,991 | 390,628,311 | 391,814,284 | ||||||||||||||
FHLB borrowings | Level 2 | 17,000,000 | 17,162,019 | 18,000,000 | 18,211,937 | ||||||||||||||
Trust preferred securities | Level 2 | 8,764,000 | 7,274,120 | 8,764,000 | 7,274,120 | ||||||||||||||
Other borrowings | Level 2 | 2,903,324 | 2,903,324 | 2,713,486 | 3,289,463 | ||||||||||||||
Accrued interest payable | Level 2 | 1,251,836 | 1,251,836 | 1,092,520 | 1,092,520 | ||||||||||||||
Commitments_and_contingencies_
Commitments and contingencies (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Commitments and contingencies [Abstract] | ' | ||||||||
Summary of outstanding off-balance sheet financial instruments | ' | ||||||||
The Company had outstanding the following approximate off-balance-sheet financial instruments whose contract amounts represent credit risk at the dates indicated: | |||||||||
Contract | Contract | ||||||||
Amount | Amount | ||||||||
2014 | 2013 | ||||||||
Undisbursed credit lines | $ | 36,052,000 | $ | 37,474,000 | |||||
Commitments to extend or originate credit | 14,610,000 | 10,581,000 | |||||||
Standby letters of credit | 2,069,000 | 2,192,000 | |||||||
Total commitments to extend credit | $ | 52,731,000 | $ | 50,247,000 | |||||
Loss_per_common_share_Details
Loss per common share (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Numerator [Abstract] | ' | ' |
Net loss - basic and diluted | ($748,946) | ($511,034) |
Preferred stock dividend and accretion | 221,712 | 221,328 |
Net loss available to common shareholders | ($970,658) | ($732,362) |
Denominator [Abstract] | ' | ' |
Weighted average shares outstanding - basic (in shares) | 5,338,295 | 4,253,932 |
Dilutive effect of common stock options and restricted stock awards (in shares) | 0 | 0 |
Weighted average shares outstanding - diluted (in shares) | 5,338,295 | 4,253,932 |
Loss per share - basic and diluted [Abstract] | ' | ' |
Loss per share - basic (in dollars per share) | ($0.18) | ($0.17) |
Effect of dilutive common stock options (in dollars per share) | $0 | $0 |
Loss per share - diluted (in dollars per share) | ($0.18) | ($0.17) |
Stock Options [Member] | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Antidilutive securities excluded from computation of earnings per share, amount (in shares) | 81,657 | 254,630 |
Warrants [Member] | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Antidilutive securities excluded from computation of earnings per share, amount (in shares) | 499,030 | 499,030 |
Investment_securities_Details
Investment securities (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Par value | $59,215,000 | $59,342,000 |
Amortized Cost | 63,198,000 | 63,433,000 |
Gross Unrealized Gains | 2,000 | 10,000 |
Gross Unrealized Losses | -3,861,000 | -5,695,000 |
Estimated Fair Value | 59,339,000 | 57,748,000 |
Average yield (in hundredths) | 2.13% | 2.13% |
Gross gains and losses pertaining to available for sale securities [Abstract] | ' | ' |
Securities in a Loss Position for Less Than 12 Months, Fair Value | 56,340,000 | 54,285,000 |
Securities in a Loss Position for Less Than 12 Months, Unrealized Losses | -3,745,000 | -5,489,000 |
Securities in a Loss Position for More Than 12 Months, Fair Value | 2,861,000 | 2,571,000 |
Securities in a Loss Position for More Than 12 Months, Unrealized Losses | -116,000 | -206,000 |
Total Fair Value | 59,201,000 | 56,856,000 |
Total Unrealized Losses | -3,861,000 | -5,695,000 |
U.S. Government Agencies [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Par value | 35,625,000 | 35,625,000 |
Amortized Cost | 37,643,000 | 37,704,000 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | -2,361,000 | -3,353,000 |
Estimated Fair Value | 35,282,000 | 34,351,000 |
Average yield (in hundredths) | 1.71% | 1.71% |
U.S. Government Agencies [Member] | One to five years [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Par value | 4,000,000 | 4,000,000 |
Amortized Cost | 4,184,000 | 4,194,000 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | -129,000 | -166,000 |
Estimated Fair Value | 4,055,000 | 4,028,000 |
Average yield (in hundredths) | 0.89% | 0.89% |
U.S. Government Agencies [Member] | Five to ten years [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Par value | 31,625,000 | 31,625,000 |
Amortized Cost | 33,459,000 | 33,510,000 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | -2,232,000 | -3,187,000 |
Estimated Fair Value | 31,227,000 | 30,323,000 |
Average yield (in hundredths) | 1.82% | 1.82% |
Mortgage Backed Securities [Member] | ' | ' |
Gross gains and losses pertaining to available for sale securities [Abstract] | ' | ' |
Securities in a Loss Position for Less Than 12 Months, Fair Value | 2,503,000 | 1,861,000 |
Securities in a Loss Position for Less Than 12 Months, Unrealized Losses | -21,000 | -50,000 |
Securities in a Loss Position for More Than 12 Months, Fair Value | 0 | 0 |
Securities in a Loss Position for More Than 12 Months, Unrealized Losses | 0 | 0 |
Total Fair Value | 2,503,000 | 1,861,000 |
Total Unrealized Losses | -21,000 | -50,000 |
Mortgage Backed Securities [Member] | More than ten years [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Par value | 2,655,000 | 2,782,000 |
Amortized Cost | 2,659,000 | 2,792,000 |
Gross Unrealized Gains | 2,000 | 10,000 |
Gross Unrealized Losses | -20,000 | -50,000 |
Estimated Fair Value | 2,641,000 | 2,752,000 |
Average yield (in hundredths) | 2.43% | 2.43% |
US Treasury [Member] | ' | ' |
Gross gains and losses pertaining to available for sale securities [Abstract] | ' | ' |
Securities in a Loss Position for Less Than 12 Months, Fair Value | 42,693,000 | 41,560,000 |
Securities in a Loss Position for Less Than 12 Months, Unrealized Losses | -2,779,000 | -3,968,000 |
Securities in a Loss Position for More Than 12 Months, Fair Value | 0 | 0 |
Securities in a Loss Position for More Than 12 Months, Unrealized Losses | 0 | 0 |
Total Fair Value | 42,693,000 | 41,560,000 |
Total Unrealized Losses | -2,779,000 | -3,968,000 |
US Treasury [Member] | Five to ten years [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Par value | 8,000,000 | 8,000,000 |
Amortized Cost | 7,829,000 | 7,825,000 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | -418,000 | -615,000 |
Estimated Fair Value | 7,411,000 | 7,210,000 |
Average yield (in hundredths) | 2.13% | 2.13% |
Municipals [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Par value | 12,935,000 | 12,935,000 |
Amortized Cost | 15,067,000 | 15,112,000 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | -1,062,000 | -1,677,000 |
Estimated Fair Value | 14,005,000 | 13,435,000 |
Average yield (in hundredths) | 3.12% | 3.12% |
Gross gains and losses pertaining to available for sale securities [Abstract] | ' | ' |
Securities in a Loss Position for Less Than 12 Months, Fair Value | 11,144,000 | 10,864,000 |
Securities in a Loss Position for Less Than 12 Months, Unrealized Losses | -945,000 | -1,471,000 |
Securities in a Loss Position for More Than 12 Months, Fair Value | 2,861,000 | 2,571,000 |
Securities in a Loss Position for More Than 12 Months, Unrealized Losses | -116,000 | -206,000 |
Total Fair Value | 14,005,000 | 13,435,000 |
Total Unrealized Losses | -1,061,000 | -1,677,000 |
Municipals [Member] | Five to ten years [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Par value | 6,155,000 | 6,155,000 |
Amortized Cost | 6,663,000 | 6,684,000 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | -452,000 | -678,000 |
Estimated Fair Value | 6,211,000 | 6,006,000 |
Average yield (in hundredths) | 2.85% | 2.85% |
Municipals [Member] | More than ten years [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Par value | 6,780,000 | 6,780,000 |
Amortized Cost | 8,404,000 | 8,428,000 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | -610,000 | -999,000 |
Estimated Fair Value | $7,794,000 | $7,429,000 |
Average yield (in hundredths) | 3.34% | 3.34% |
Loans_and_allowance_for_loan_l2
Loans and allowance for loan losses, Part 1 (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Total loans | $273,461,221 | $286,562,702 | ' |
Deferred loan cost, net | 686,944 | 682,955 | ' |
Less: Allowance for loan losses | -6,600,384 | -7,238,664 | -10,807,827 |
Loans, net | 267,547,781 | 280,006,993 | ' |
Percentage of class of loans to loan portfolio (in hundredths) | 100.00% | 100.00% | ' |
Residential [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Total loans | 4,009,572 | 2,930,904 | ' |
Less: Allowance for loan losses | -139,740 | -134,000 | -494,742 |
Percentage of class of loans to loan portfolio (in hundredths) | 1.47% | 1.02% | ' |
Commercial [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Total loans | 25,879,373 | 28,178,636 | ' |
Less: Allowance for loan losses | -848,990 | -1,275,000 | -4,611,410 |
Percentage of class of loans to loan portfolio (in hundredths) | 9.46% | 9.83% | ' |
Total construction and land development [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Total loans | 29,888,945 | 31,109,540 | ' |
Less: Allowance for loan losses | -988,730 | -1,409,000 | -5,106,152 |
Percentage of class of loans to loan portfolio (in hundredths) | 10.92% | 10.86% | ' |
Commercial real estate - owner occupied [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Total loans | 68,446,883 | 73,584,396 | ' |
Less: Allowance for loan losses | -1,852,654 | -1,200,000 | -1,358,863 |
Percentage of class of loans to loan portfolio (in hundredths) | 25.02% | 25.68% | ' |
Commercial real estate - non-owner occupied [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Total loans | 40,173,735 | 43,868,068 | ' |
Less: Allowance for loan losses | 0 | -669,000 | -816,852 |
Percentage of class of loans to loan portfolio (in hundredths) | 14.69% | 15.31% | ' |
Multifamily [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Total loans | 10,216,766 | 11,559,882 | ' |
Less: Allowance for loan losses | -17,000 | -19,000 | -23,434 |
Percentage of class of loans to loan portfolio (in hundredths) | 3.74% | 4.03% | ' |
Farmland [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Total loans | 1,359,197 | 1,463,311 | ' |
Less: Allowance for loan losses | -409,000 | -337,000 | 0 |
Percentage of class of loans to loan portfolio (in hundredths) | 0.50% | 0.51% | ' |
Total commercial real estate [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Total loans | 120,196,581 | 130,475,657 | ' |
Less: Allowance for loan losses | -2,278,654 | -2,225,000 | -2,199,149 |
Percentage of class of loans to loan portfolio (in hundredths) | 43.95% | 45.53% | ' |
Home equity lines [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Total loans | 20,649,359 | 21,246,032 | ' |
Less: Allowance for loan losses | -466,001 | -424,000 | -658,135 |
Percentage of class of loans to loan portfolio (in hundredths) | 7.56% | 7.41% | ' |
Secured by 1-4 family residential, secured by first deed of trust [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Total loans | 66,299,799 | 66,872,644 | ' |
Less: Allowance for loan losses | -1,755,000 | -1,992,000 | -1,358,102 |
Percentage of class of loans to loan portfolio (in hundredths) | 24.24% | 23.34% | ' |
Secured by 1-4 family residential, secured by second deed of trust [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Total loans | 8,334,968 | 8,675,218 | ' |
Less: Allowance for loan losses | -329,000 | -393,000 | -223,307 |
Percentage of class of loans to loan portfolio (in hundredths) | 3.05% | 3.03% | ' |
Total consumer real estate [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Total loans | 95,284,126 | 96,793,894 | ' |
Less: Allowance for loan losses | -2,550,000 | -2,809,000 | -2,239,544 |
Percentage of class of loans to loan portfolio (in hundredths) | 34.85% | 33.78% | ' |
Commercial and industrial loans (except those secured by real estate) [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Total loans | 26,295,748 | 26,253,841 | ' |
Less: Allowance for loan losses | -761,000 | -724,000 | -1,161,654 |
Percentage of class of loans to loan portfolio (in hundredths) | 9.62% | 9.16% | ' |
Consumer and other [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Total loans | 1,795,821 | 1,929,770 | ' |
Less: Allowance for loan losses | ($22,000) | ($71,664) | ($101,328) |
Percentage of class of loans to loan portfolio (in hundredths) | 0.66% | 0.67% | ' |
Loans_and_allowance_for_loan_l3
Loans and allowance for loan losses, Part 2 (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | $273,461,221 | $286,562,702 |
Residential [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 4,009,572 | 2,930,904 |
Commercial [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 25,879,373 | 28,178,636 |
Total construction and land development [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 29,888,945 | 31,109,540 |
Commercial real estate - owner occupied [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 68,446,883 | 73,584,396 |
Commercial real estate - non-owner occupied [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 40,173,735 | 43,868,068 |
Multifamily [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 10,216,766 | 11,559,882 |
Farmland [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 1,359,197 | 1,463,311 |
Total commercial real estate [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 120,196,581 | 130,475,657 |
Home equity lines [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 20,649,359 | 21,246,032 |
Secured by 1-4 family residential, secured by first deeds of trust [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 66,299,799 | 66,872,644 |
Secured by 1-4 family residential, secured by second deeds of trust [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 8,334,968 | 8,675,218 |
Total consumer real estate [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 95,284,126 | 96,793,894 |
Commercial and industrial loans (except those secured by real estate) [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 26,295,748 | 26,253,841 |
Consumer and other [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 1,795,821 | 1,929,770 |
Risk Rated 1-4 [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 211,853,209 | 212,505,914 |
Risk Rated 1-4 [Member] | Residential [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 3,605,240 | 2,715,050 |
Risk Rated 1-4 [Member] | Commercial [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 18,911,155 | 18,265,157 |
Risk Rated 1-4 [Member] | Total construction and land development [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 22,516,395 | 20,980,207 |
Risk Rated 1-4 [Member] | Commercial real estate - owner occupied [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 50,092,436 | 51,810,345 |
Risk Rated 1-4 [Member] | Commercial real estate - non-owner occupied [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 31,995,969 | 31,990,478 |
Risk Rated 1-4 [Member] | Multifamily [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 9,466,971 | 10,803,958 |
Risk Rated 1-4 [Member] | Farmland [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 1,143,982 | 1,346,518 |
Risk Rated 1-4 [Member] | Total commercial real estate [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 92,699,358 | 95,951,299 |
Risk Rated 1-4 [Member] | Home equity lines [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 17,625,545 | 17,609,666 |
Risk Rated 1-4 [Member] | Secured by 1-4 family residential, secured by first deeds of trust [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 50,520,053 | 49,842,789 |
Risk Rated 1-4 [Member] | Secured by 1-4 family residential, secured by second deeds of trust [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 6,739,329 | 6,597,382 |
Risk Rated 1-4 [Member] | Total consumer real estate [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 74,884,927 | 74,049,837 |
Risk Rated 1-4 [Member] | Commercial and industrial loans (except those secured by real estate) [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 20,083,248 | 19,785,628 |
Risk Rated 1-4 [Member] | Consumer and other [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 1,669,281 | 1,738,943 |
Risk Rated 5 [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 23,641,676 | 28,892,921 |
Risk Rated 5 [Member] | Residential [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 0 | 0 |
Risk Rated 5 [Member] | Commercial [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 985,986 | 2,710,599 |
Risk Rated 5 [Member] | Total construction and land development [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 985,986 | 2,710,599 |
Risk Rated 5 [Member] | Commercial real estate - owner occupied [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 9,978,424 | 13,214,084 |
Risk Rated 5 [Member] | Commercial real estate - non-owner occupied [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 921,184 | 3,453,613 |
Risk Rated 5 [Member] | Multifamily [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 749,795 | 755,924 |
Risk Rated 5 [Member] | Farmland [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 194,124 | 0 |
Risk Rated 5 [Member] | Total commercial real estate [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 11,843,527 | 17,423,621 |
Risk Rated 5 [Member] | Home equity lines [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 522,628 | 726,972 |
Risk Rated 5 [Member] | Secured by 1-4 family residential, secured by first deeds of trust [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 6,505,072 | 6,646,262 |
Risk Rated 5 [Member] | Secured by 1-4 family residential, secured by second deeds of trust [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 168,334 | 212,412 |
Risk Rated 5 [Member] | Total consumer real estate [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 7,196,034 | 7,585,646 |
Risk Rated 5 [Member] | Commercial and industrial loans (except those secured by real estate) [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 3,542,672 | 1,042,226 |
Risk Rated 5 [Member] | Consumer and other [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 73,457 | 130,829 |
Risk Rate 6 [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 37,368,446 | 45,163,867 |
Risk Rate 6 [Member] | Residential [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 404,332 | 215,854 |
Risk Rate 6 [Member] | Commercial [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 5,982,232 | 7,202,880 |
Risk Rate 6 [Member] | Total construction and land development [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 6,386,564 | 7,418,734 |
Risk Rate 6 [Member] | Commercial real estate - owner occupied [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 7,778,133 | 8,559,967 |
Risk Rate 6 [Member] | Commercial real estate - non-owner occupied [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 7,256,582 | 8,423,977 |
Risk Rate 6 [Member] | Multifamily [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 0 | 0 |
Risk Rate 6 [Member] | Farmland [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 21,091 | 116,793 |
Risk Rate 6 [Member] | Total commercial real estate [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 15,055,806 | 17,100,737 |
Risk Rate 6 [Member] | Home equity lines [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 2,501,186 | 2,909,394 |
Risk Rate 6 [Member] | Secured by 1-4 family residential, secured by first deeds of trust [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 9,274,674 | 10,383,593 |
Risk Rate 6 [Member] | Secured by 1-4 family residential, secured by second deeds of trust [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 1,427,305 | 1,865,424 |
Risk Rate 6 [Member] | Total consumer real estate [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 13,203,165 | 15,158,411 |
Risk Rate 6 [Member] | Commercial and industrial loans (except those secured by real estate) [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 2,669,828 | 5,425,987 |
Risk Rate 6 [Member] | Consumer and other [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 53,083 | 59,998 |
Risk Rated 7 [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 597,890 | 0 |
Risk Rated 7 [Member] | Residential [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 0 | 0 |
Risk Rated 7 [Member] | Commercial [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 0 | 0 |
Risk Rated 7 [Member] | Total construction and land development [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 0 | 0 |
Risk Rated 7 [Member] | Commercial real estate - owner occupied [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 597,890 | 0 |
Risk Rated 7 [Member] | Commercial real estate - non-owner occupied [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 0 | 0 |
Risk Rated 7 [Member] | Multifamily [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 0 | 0 |
Risk Rated 7 [Member] | Farmland [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 0 | 0 |
Risk Rated 7 [Member] | Total commercial real estate [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 597,890 | 0 |
Risk Rated 7 [Member] | Home equity lines [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 0 | 0 |
Risk Rated 7 [Member] | Secured by 1-4 family residential, secured by first deeds of trust [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 0 | 0 |
Risk Rated 7 [Member] | Secured by 1-4 family residential, secured by second deeds of trust [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 0 | 0 |
Risk Rated 7 [Member] | Total consumer real estate [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 0 | 0 |
Risk Rated 7 [Member] | Commercial and industrial loans (except those secured by real estate) [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 0 | 0 |
Risk Rated 7 [Member] | Consumer and other [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | $0 | $0 |
Loans_and_allowance_for_loan_l4
Loans and allowance for loan losses, Part 3 (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
Financing Receivable, Recorded Investment, Aging [Abstract] | ' | ' |
30 to 59 days past due | $1,764,756 | $1,298,666 |
60 to 89 days past due | 104,385 | 1,388,265 |
Greater than 90 days | 0 | 59,900 |
Total past due | 1,869,141 | 2,746,831 |
Current | 271,592,080 | 283,815,871 |
Total loans | 273,461,221 | 286,562,702 |
Recorded investment, 90 days and accruing | 0 | 59,900 |
Residential [Member] | ' | ' |
Financing Receivable, Recorded Investment, Aging [Abstract] | ' | ' |
30 to 59 days past due | 0 | 0 |
60 to 89 days past due | 0 | 0 |
Greater than 90 days | 0 | 0 |
Total past due | 0 | 0 |
Current | 4,009,572 | 2,930,904 |
Total loans | 4,009,572 | 2,930,904 |
Recorded investment, 90 days and accruing | 0 | 0 |
Commercial [Member] | ' | ' |
Financing Receivable, Recorded Investment, Aging [Abstract] | ' | ' |
30 to 59 days past due | 73,092 | 0 |
60 to 89 days past due | 0 | 116,180 |
Greater than 90 days | 0 | 0 |
Total past due | 73,092 | 116,180 |
Current | 25,806,281 | 28,062,456 |
Total loans | 25,879,373 | 28,178,636 |
Recorded investment, 90 days and accruing | 0 | 0 |
Total construction and land development [Member] | ' | ' |
Financing Receivable, Recorded Investment, Aging [Abstract] | ' | ' |
30 to 59 days past due | 73,092 | 0 |
60 to 89 days past due | 0 | 116,180 |
Greater than 90 days | 0 | 0 |
Total past due | 73,092 | 116,180 |
Current | 29,815,853 | 30,993,360 |
Total loans | 29,888,945 | 31,109,540 |
Recorded investment, 90 days and accruing | 0 | 0 |
Commercial real estate - owner occupied [Member] | ' | ' |
Financing Receivable, Recorded Investment, Aging [Abstract] | ' | ' |
30 to 59 days past due | 578,930 | 199,392 |
60 to 89 days past due | 0 | 0 |
Greater than 90 days | 0 | 0 |
Total past due | 578,930 | 199,392 |
Current | 67,867,953 | 73,385,004 |
Total loans | 68,446,883 | 73,584,396 |
Recorded investment, 90 days and accruing | 0 | 0 |
Commercial real estate - non-owner occupied [Member] | ' | ' |
Financing Receivable, Recorded Investment, Aging [Abstract] | ' | ' |
30 to 59 days past due | 0 | 0 |
60 to 89 days past due | 0 | 345,704 |
Greater than 90 days | 0 | 0 |
Total past due | 0 | 345,704 |
Current | 40,173,735 | 43,522,364 |
Total loans | 40,173,735 | 43,868,068 |
Recorded investment, 90 days and accruing | 0 | 0 |
Multifamily [Member] | ' | ' |
Financing Receivable, Recorded Investment, Aging [Abstract] | ' | ' |
30 to 59 days past due | 218,832 | 221,474 |
60 to 89 days past due | 0 | 0 |
Greater than 90 days | 0 | 0 |
Total past due | 218,832 | 221,474 |
Current | 9,997,934 | 11,338,408 |
Total loans | 10,216,766 | 11,559,882 |
Recorded investment, 90 days and accruing | 0 | 0 |
Farmland [Member] | ' | ' |
Financing Receivable, Recorded Investment, Aging [Abstract] | ' | ' |
30 to 59 days past due | 0 | 194,124 |
60 to 89 days past due | 0 | 0 |
Greater than 90 days | 0 | 0 |
Total past due | 0 | 194,124 |
Current | 1,359,197 | 1,269,187 |
Total loans | 1,359,197 | 1,463,311 |
Recorded investment, 90 days and accruing | 0 | 0 |
Total commercial real estate [Member] | ' | ' |
Financing Receivable, Recorded Investment, Aging [Abstract] | ' | ' |
30 to 59 days past due | 797,762 | 614,990 |
60 to 89 days past due | 0 | 345,704 |
Greater than 90 days | 0 | 0 |
Total past due | 797,762 | 960,694 |
Current | 119,398,819 | 129,514,963 |
Total loans | 120,196,581 | 130,475,657 |
Recorded investment, 90 days and accruing | 0 | 0 |
Home equity lines [Member] | ' | ' |
Financing Receivable, Recorded Investment, Aging [Abstract] | ' | ' |
30 to 59 days past due | 98,364 | 98,364 |
60 to 89 days past due | 0 | 403,115 |
Greater than 90 days | 0 | 0 |
Total past due | 98,364 | 501,479 |
Current | 20,550,995 | 20,744,553 |
Total loans | 20,649,359 | 21,246,032 |
Recorded investment, 90 days and accruing | 0 | 0 |
Secured by 1-4 family residential, secured by first deeds of trust [Member] | ' | ' |
Financing Receivable, Recorded Investment, Aging [Abstract] | ' | ' |
30 to 59 days past due | 378,412 | 554,946 |
60 to 89 days past due | 104,385 | 362,348 |
Greater than 90 days | 0 | 0 |
Total past due | 482,797 | 917,294 |
Current | 65,817,002 | 65,955,350 |
Total loans | 66,299,799 | 66,872,644 |
Recorded investment, 90 days and accruing | 0 | 0 |
Secured by 1-4 family residential, secured by second deeds of trust [Member] | ' | ' |
Financing Receivable, Recorded Investment, Aging [Abstract] | ' | ' |
30 to 59 days past due | 24,084 | 0 |
60 to 89 days past due | 0 | 24,291 |
Greater than 90 days | 0 | 0 |
Total past due | 24,084 | 24,291 |
Current | 8,310,884 | 8,650,927 |
Total loans | 8,334,968 | 8,675,218 |
Recorded investment, 90 days and accruing | 0 | 0 |
Total consumer real estate [Member] | ' | ' |
Financing Receivable, Recorded Investment, Aging [Abstract] | ' | ' |
30 to 59 days past due | 500,860 | 653,310 |
60 to 89 days past due | 104,385 | 789,754 |
Greater than 90 days | 0 | 0 |
Total past due | 605,245 | 1,443,064 |
Current | 94,678,881 | 95,350,830 |
Total loans | 95,284,126 | 96,793,894 |
Recorded investment, 90 days and accruing | 0 | 0 |
Commercial and industrial loans (except those secured by real estate) [Member] | ' | ' |
Financing Receivable, Recorded Investment, Aging [Abstract] | ' | ' |
30 to 59 days past due | 136,832 | 25,035 |
60 to 89 days past due | 0 | 121,710 |
Greater than 90 days | 0 | 59,900 |
Total past due | 136,832 | 206,645 |
Current | 26,158,916 | 26,047,196 |
Total loans | 26,295,748 | 26,253,841 |
Recorded investment, 90 days and accruing | 0 | 59,900 |
Consumer and other [Member] | ' | ' |
Financing Receivable, Recorded Investment, Aging [Abstract] | ' | ' |
30 to 59 days past due | 256,210 | 5,331 |
60 to 89 days past due | 0 | 14,917 |
Greater than 90 days | 0 | 0 |
Total past due | 256,210 | 20,248 |
Current | 1,539,611 | 1,909,522 |
Total loans | 1,795,821 | 1,929,770 |
Recorded investment, 90 days and accruing | $0 | $0 |
Loans_and_allowance_for_loan_l5
Loans and allowance for loan losses, Part 4 (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
With no related allowance recorded [Abstract] | ' | ' |
Recorded investment | $31,814,025 | $31,620,812 |
Unpaid principal balance | 32,801,071 | 32,703,408 |
With an allowance recorded [Abstract] | ' | ' |
Recorded investment | 13,517,266 | 15,310,928 |
Unpaid principal balance | 14,413,721 | 16,151,203 |
Related allowance | 1,480,082 | 1,830,376 |
Total [Abstract] | ' | ' |
Recorded investment | 45,331,291 | 46,931,740 |
Unpaid principal balance | 47,214,792 | 48,854,611 |
Related Allowance | 1,480,082 | 1,830,376 |
Residential [Member] | ' | ' |
With no related allowance recorded [Abstract] | ' | ' |
Recorded investment | 135,832 | 215,854 |
Unpaid principal balance | 135,832 | 215,854 |
Total [Abstract] | ' | ' |
Recorded investment | 135,832 | 215,854 |
Unpaid principal balance | 135,832 | 215,854 |
Related Allowance | ' | 0 |
Commercial [Member] | ' | ' |
With no related allowance recorded [Abstract] | ' | ' |
Recorded investment | 4,120,614 | 3,451,651 |
Unpaid principal balance | 4,120,614 | 3,497,236 |
With an allowance recorded [Abstract] | ' | ' |
Recorded investment | 605,953 | 1,752,587 |
Unpaid principal balance | 605,953 | 1,752,587 |
Related allowance | 40,785 | 220,164 |
Total [Abstract] | ' | ' |
Recorded investment | 4,726,567 | 5,204,238 |
Unpaid principal balance | 4,726,567 | 5,249,823 |
Related Allowance | 40,785 | 220,164 |
Total construction and land development [Member] | ' | ' |
With no related allowance recorded [Abstract] | ' | ' |
Recorded investment | 4,256,446 | 3,667,505 |
Unpaid principal balance | 4,256,446 | 3,713,090 |
Total [Abstract] | ' | ' |
Recorded investment | 4,862,399 | 5,420,092 |
Unpaid principal balance | 4,862,399 | 5,465,677 |
Related Allowance | 40,785 | 220,164 |
Commercial real estate - owner occupied [Member] | ' | ' |
With no related allowance recorded [Abstract] | ' | ' |
Recorded investment | 2,321,831 | 1,919,129 |
Unpaid principal balance | 2,371,831 | 1,969,129 |
With an allowance recorded [Abstract] | ' | ' |
Recorded investment | 9,723,738 | 9,794,555 |
Unpaid principal balance | 9,877,738 | 9,948,555 |
Related allowance | 673,346 | 680,346 |
Total [Abstract] | ' | ' |
Recorded investment | 12,045,569 | 11,713,684 |
Unpaid principal balance | 12,249,569 | 11,917,684 |
Related Allowance | 673,346 | 680,346 |
Commercial real estate - non-owner occupied [Member] | ' | ' |
With no related allowance recorded [Abstract] | ' | ' |
Recorded investment | 11,367,535 | 11,769,212 |
Unpaid principal balance | 11,467,535 | 11,927,602 |
With an allowance recorded [Abstract] | ' | ' |
Recorded investment | 1,288,872 | 1,296,788 |
Unpaid principal balance | 1,288,872 | 1,296,788 |
Related allowance | 363,508 | 371,286 |
Total [Abstract] | ' | ' |
Recorded investment | 12,656,407 | 13,066,000 |
Unpaid principal balance | 12,756,407 | 13,224,390 |
Related Allowance | 363,508 | 371,286 |
Multifamily [Member] | ' | ' |
With no related allowance recorded [Abstract] | ' | ' |
Recorded investment | 2,360,523 | 2,373,444 |
Unpaid principal balance | 2,360,523 | 2,373,444 |
Total [Abstract] | ' | ' |
Recorded investment | 2,360,523 | 2,373,444 |
Unpaid principal balance | 2,360,523 | 2,373,444 |
Related Allowance | 0 | 0 |
Farmland [Member] | ' | ' |
With no related allowance recorded [Abstract] | ' | ' |
Recorded investment | 21,091 | 116,793 |
Unpaid principal balance | 450,000 | 450,000 |
Total [Abstract] | ' | ' |
Recorded investment | 21,091 | 116,793 |
Unpaid principal balance | 450,000 | 450,000 |
Related Allowance | 0 | 0 |
Total commercial real estate [Member] | ' | ' |
With no related allowance recorded [Abstract] | ' | ' |
Recorded investment | 16,070,980 | 16,178,578 |
Unpaid principal balance | 16,649,889 | 16,720,175 |
With an allowance recorded [Abstract] | ' | ' |
Recorded investment | 11,012,610 | 11,091,343 |
Unpaid principal balance | 11,166,610 | 11,245,343 |
Related allowance | 1,036,854 | 1,051,632 |
Total [Abstract] | ' | ' |
Recorded investment | 27,083,590 | 27,269,921 |
Unpaid principal balance | 27,816,499 | 27,965,518 |
Related Allowance | 1,036,854 | 1,051,632 |
Home equity lines [Member] | ' | ' |
With no related allowance recorded [Abstract] | ' | ' |
Recorded investment | 1,643,669 | 1,629,863 |
Unpaid principal balance | 1,681,303 | 1,684,527 |
Total [Abstract] | ' | ' |
Recorded investment | 1,643,669 | 1,629,863 |
Unpaid principal balance | 1,681,303 | 1,684,527 |
Related Allowance | 0 | 0 |
Secured by 1-4 family residential, secured by first deeds of trust [Member] | ' | ' |
With no related allowance recorded [Abstract] | ' | ' |
Recorded investment | 7,667,046 | 8,176,613 |
Unpaid principal balance | 7,719,539 | 8,319,093 |
With an allowance recorded [Abstract] | ' | ' |
Recorded investment | 1,782,466 | 2,184,026 |
Unpaid principal balance | 2,524,921 | 2,870,301 |
Related allowance | 391,380 | 483,644 |
Total [Abstract] | ' | ' |
Recorded investment | 9,449,512 | 10,360,639 |
Unpaid principal balance | 10,244,460 | 11,189,394 |
Related Allowance | 391,380 | 483,644 |
Secured by 1-4 family residential, secured by second deeds of trust [Member] | ' | ' |
With no related allowance recorded [Abstract] | ' | ' |
Recorded investment | 1,347,764 | 1,125,245 |
Unpaid principal balance | 1,491,222 | 1,248,964 |
With an allowance recorded [Abstract] | ' | ' |
Recorded investment | ' | 132,435 |
Unpaid principal balance | ' | 132,435 |
Related allowance | ' | 32,407 |
Total [Abstract] | ' | ' |
Recorded investment | 1,347,764 | 1,257,680 |
Unpaid principal balance | 1,491,222 | 1,381,399 |
Related Allowance | 0 | 32,407 |
Total consumer real estate [Member] | ' | ' |
With no related allowance recorded [Abstract] | ' | ' |
Recorded investment | 10,658,479 | 10,931,721 |
Unpaid principal balance | 10,892,064 | 11,252,584 |
With an allowance recorded [Abstract] | ' | ' |
Recorded investment | ' | 2,316,461 |
Unpaid principal balance | ' | 3,002,736 |
Related allowance | ' | 516,051 |
Total [Abstract] | ' | ' |
Recorded investment | 12,440,945 | 13,248,182 |
Unpaid principal balance | 13,416,985 | 14,255,320 |
Related Allowance | 391,380 | 516,051 |
Commercial and industrial loans (except those secured by real estate) [Member] | ' | ' |
With no related allowance recorded [Abstract] | ' | ' |
Recorded investment | 796,620 | 808,885 |
Unpaid principal balance | 971,172 | 983,436 |
With an allowance recorded [Abstract] | ' | ' |
Recorded investment | 116,237 | 150,537 |
Unpaid principal balance | 116,237 | 150,537 |
Related allowance | 11,063 | 42,529 |
Total [Abstract] | ' | ' |
Recorded investment | 912,857 | 959,422 |
Unpaid principal balance | 1,087,409 | 1,133,973 |
Related Allowance | 11,063 | 42,529 |
Consumer and other [Member] | ' | ' |
With no related allowance recorded [Abstract] | ' | ' |
Recorded investment | 31,500 | 34,123 |
Unpaid principal balance | 31,500 | 34,123 |
Total [Abstract] | ' | ' |
Recorded investment | 31,500 | 34,123 |
Unpaid principal balance | 31,500 | 34,123 |
Related Allowance | $0 | $0 |
Loans_and_allowance_for_loan_l6
Loans and allowance for loan losses, Part 5 (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Impaired Loans With No Related Allowance Recorded [Abstract] | ' | ' |
Average recorded investment | $32,037,584 | $47,964,635 |
Interest income recognized | 379,317 | 600,652 |
Impaired Loans With Related Allowance Recorded [Abstract] | ' | ' |
Average recorded investment | 13,731,659 | 5,683,136 |
Interest income recognized | 153,623 | 35,222 |
Total [Abstract] | ' | ' |
Average recorded investment | 45,769,243 | 53,647,771 |
Interest income recognized | 532,940 | 635,874 |
Residential [Member] | ' | ' |
Impaired Loans With No Related Allowance Recorded [Abstract] | ' | ' |
Average recorded investment | 171,532 | 0 |
Interest income recognized | 2,163 | 0 |
Impaired Loans With Related Allowance Recorded [Abstract] | ' | ' |
Average recorded investment | ' | 0 |
Interest income recognized | ' | 0 |
Total [Abstract] | ' | ' |
Average recorded investment | 171,532 | ' |
Interest income recognized | 2,163 | ' |
Commercial [Member] | ' | ' |
Impaired Loans With No Related Allowance Recorded [Abstract] | ' | ' |
Average recorded investment | 4,133,561 | 7,406,223 |
Interest income recognized | 55,755 | 60,175 |
Impaired Loans With Related Allowance Recorded [Abstract] | ' | ' |
Average recorded investment | 608,524 | 458,065 |
Interest income recognized | 7,617 | 1,628 |
Total [Abstract] | ' | ' |
Average recorded investment | 4,742,085 | 7,864,288 |
Interest income recognized | 63,372 | 61,803 |
Total construction and land development [Member] | ' | ' |
Impaired Loans With No Related Allowance Recorded [Abstract] | ' | ' |
Average recorded investment | 4,305,093 | 7,406,223 |
Interest income recognized | 57,918 | 60,175 |
Total [Abstract] | ' | ' |
Average recorded investment | 4,913,617 | 7,864,288 |
Interest income recognized | 65,535 | 61,803 |
Commercial real estate - owner occupied [Member] | ' | ' |
Impaired Loans With No Related Allowance Recorded [Abstract] | ' | ' |
Average recorded investment | 2,327,733 | 7,119,781 |
Interest income recognized | 26,667 | 136,728 |
Impaired Loans With Related Allowance Recorded [Abstract] | ' | ' |
Average recorded investment | 9,873,927 | 2,400,696 |
Interest income recognized | 146,006 | 11,935 |
Total [Abstract] | ' | ' |
Average recorded investment | 12,201,660 | 9,520,477 |
Interest income recognized | 172,673 | 148,663 |
Commercial real estate - non-owner occupied [Member] | ' | ' |
Impaired Loans With No Related Allowance Recorded [Abstract] | ' | ' |
Average recorded investment | 11,402,497 | 14,579,438 |
Interest income recognized | 133,461 | 206,192 |
Impaired Loans With Related Allowance Recorded [Abstract] | ' | ' |
Average recorded investment | 1,299,315 | 256,067 |
Interest income recognized | 0 | 0 |
Total [Abstract] | ' | ' |
Average recorded investment | 12,701,812 | 14,835,505 |
Interest income recognized | 133,461 | 206,192 |
Multifamily [Member] | ' | ' |
Impaired Loans With No Related Allowance Recorded [Abstract] | ' | ' |
Average recorded investment | 2,365,837 | 3,043,344 |
Interest income recognized | 35,059 | 51,755 |
Total [Abstract] | ' | ' |
Average recorded investment | 2,365,837 | 3,043,344 |
Interest income recognized | 35,059 | 51,755 |
Farmland [Member] | ' | ' |
Impaired Loans With No Related Allowance Recorded [Abstract] | ' | ' |
Average recorded investment | 21,091 | ' |
Interest income recognized | 0 | ' |
Impaired Loans With Related Allowance Recorded [Abstract] | ' | ' |
Average recorded investment | 0 | 1,049,489 |
Interest income recognized | 0 | 1,100 |
Total [Abstract] | ' | ' |
Average recorded investment | 21,091 | 1,049,489 |
Interest income recognized | 0 | 1,100 |
Total commercial real estate [Member] | ' | ' |
Impaired Loans With No Related Allowance Recorded [Abstract] | ' | ' |
Average recorded investment | 16,117,158 | 24,742,563 |
Interest income recognized | 195,187 | 394,675 |
Impaired Loans With Related Allowance Recorded [Abstract] | ' | ' |
Average recorded investment | 11,173,242 | 3,706,252 |
Interest income recognized | 146,006 | 13,035 |
Total [Abstract] | ' | ' |
Average recorded investment | 27,290,400 | 28,448,815 |
Interest income recognized | 341,193 | 407,710 |
Home equity lines [Member] | ' | ' |
Impaired Loans With No Related Allowance Recorded [Abstract] | ' | ' |
Average recorded investment | 1,643,669 | 1,801,054 |
Interest income recognized | 13,818 | 0 |
Impaired Loans With Related Allowance Recorded [Abstract] | ' | ' |
Average recorded investment | 0 | 269,450 |
Interest income recognized | 0 | 6,792 |
Total [Abstract] | ' | ' |
Average recorded investment | 1,643,669 | 2,070,504 |
Interest income recognized | 13,818 | 6,792 |
Secured by 1-4 family residential, secured by first deed of trust [Member] | ' | ' |
Impaired Loans With No Related Allowance Recorded [Abstract] | ' | ' |
Average recorded investment | 7,780,210 | 12,541,557 |
Interest income recognized | 84,808 | 128,977 |
Impaired Loans With Related Allowance Recorded [Abstract] | ' | ' |
Average recorded investment | 1,833,311 | 835,505 |
Interest income recognized | 0 | 6,076 |
Total [Abstract] | ' | ' |
Average recorded investment | 9,613,521 | 13,377,062 |
Interest income recognized | 84,808 | 135,053 |
Secured by 1-4 family residential, secured by second deed of trust [Member] | ' | ' |
Impaired Loans With No Related Allowance Recorded [Abstract] | ' | ' |
Average recorded investment | 1,352,528 | 507,002 |
Interest income recognized | 14,450 | 6,789 |
Impaired Loans With Related Allowance Recorded [Abstract] | ' | ' |
Average recorded investment | 0 | 349,192 |
Interest income recognized | 0 | 6,401 |
Total [Abstract] | ' | ' |
Average recorded investment | 1,352,528 | 856,194 |
Interest income recognized | 14,450 | 13,190 |
Total consumer real estate [Member] | ' | ' |
Impaired Loans With No Related Allowance Recorded [Abstract] | ' | ' |
Average recorded investment | 10,776,407 | 14,849,613 |
Interest income recognized | 113,076 | 135,766 |
Impaired Loans With Related Allowance Recorded [Abstract] | ' | ' |
Average recorded investment | 1,833,311 | 1,454,147 |
Interest income recognized | 0 | 19,269 |
Total [Abstract] | ' | ' |
Average recorded investment | 12,609,718 | 16,303,760 |
Interest income recognized | 113,076 | 155,035 |
Commercial and industrial loans (except those secured by real estate) [Member] | ' | ' |
Impaired Loans With No Related Allowance Recorded [Abstract] | ' | ' |
Average recorded investment | 805,927 | 897,988 |
Interest income recognized | 12,537 | 8,944 |
Impaired Loans With Related Allowance Recorded [Abstract] | ' | ' |
Average recorded investment | 116,582 | 64,672 |
Interest income recognized | 0 | 1,290 |
Total [Abstract] | ' | ' |
Average recorded investment | 922,509 | 962,660 |
Interest income recognized | 12,537 | 10,234 |
Consumer and other [Member] | ' | ' |
Impaired Loans With No Related Allowance Recorded [Abstract] | ' | ' |
Average recorded investment | 32,999 | 68,248 |
Interest income recognized | 599 | 1,092 |
Total [Abstract] | ' | ' |
Average recorded investment | 32,999 | 68,248 |
Interest income recognized | $599 | $1,092 |
Loans_and_allowance_for_loan_l7
Loans and allowance for loan losses, Part 6 (Details) (USD $) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2014 | Dec. 31, 2013 | |
Loan | Loan | |
Information concerning Troubled Debt Restructurings [Abstract] | ' | ' |
Total | $35,696,049 | $36,284,667 |
Number of loans | 114 | 115 |
Information about TDRs Identified during the period [Abstract] | ' | ' |
Number of loans | 2 | 59 |
Pre-Modification Recorded Balance | 457,267 | 12,472,192 |
Post-Modification Recorded Balance | 457,267 | 12,451,062 |
Defaults on TDRs [Abstract] | ' | ' |
Number of Loans | 8 | ' |
Recorded Balance | 1,697,603 | ' |
Specific Valuation Allowance [Member] | ' | ' |
Information concerning Troubled Debt Restructurings [Abstract] | ' | ' |
Specific Valuation Allowance | 566,796 | 1,114,335 |
Number of loans | 13 | 23 |
Performing [Member] | ' | ' |
Information concerning Troubled Debt Restructurings [Abstract] | ' | ' |
Total | 29,318,134 | 28,235,937 |
Number of loans | 60 | 62 |
Nonaccrual [Member] | ' | ' |
Information concerning Troubled Debt Restructurings [Abstract] | ' | ' |
Total | 6,377,915 | 8,048,730 |
Number of loans | 54 | 53 |
Residential [Member] | ' | ' |
Information concerning Troubled Debt Restructurings [Abstract] | ' | ' |
Total | 135,832 | 215,854 |
Information about TDRs Identified during the period [Abstract] | ' | ' |
Number of loans | 0 | 2 |
Pre-Modification Recorded Balance | 0 | 215,854 |
Post-Modification Recorded Balance | 0 | 215,854 |
Residential [Member] | Specific Valuation Allowance [Member] | ' | ' |
Information concerning Troubled Debt Restructurings [Abstract] | ' | ' |
Specific Valuation Allowance | 0 | 0 |
Residential [Member] | Performing [Member] | ' | ' |
Information concerning Troubled Debt Restructurings [Abstract] | ' | ' |
Total | 22,155 | 215,854 |
Residential [Member] | Nonaccrual [Member] | ' | ' |
Information concerning Troubled Debt Restructurings [Abstract] | ' | ' |
Total | 113,677 | 0 |
Commercial [Member] | ' | ' |
Information concerning Troubled Debt Restructurings [Abstract] | ' | ' |
Total | 4,498,389 | 4,921,769 |
Information about TDRs Identified during the period [Abstract] | ' | ' |
Number of loans | 1 | 11 |
Pre-Modification Recorded Balance | 45,482 | 4,035,949 |
Post-Modification Recorded Balance | 45,482 | 4,035,949 |
Commercial [Member] | Specific Valuation Allowance [Member] | ' | ' |
Information concerning Troubled Debt Restructurings [Abstract] | ' | ' |
Specific Valuation Allowance | 0 | 210,748 |
Commercial [Member] | Performing [Member] | ' | ' |
Information concerning Troubled Debt Restructurings [Abstract] | ' | ' |
Total | 4,228,524 | 3,393,312 |
Commercial [Member] | Nonaccrual [Member] | ' | ' |
Information concerning Troubled Debt Restructurings [Abstract] | ' | ' |
Total | 269,865 | 1,528,457 |
Total construction and land development [Member] | ' | ' |
Information concerning Troubled Debt Restructurings [Abstract] | ' | ' |
Total | 4,634,221 | 5,137,623 |
Information about TDRs Identified during the period [Abstract] | ' | ' |
Number of loans | 1 | 13 |
Pre-Modification Recorded Balance | 45,482 | 4,251,803 |
Post-Modification Recorded Balance | 45,482 | 4,251,803 |
Total construction and land development [Member] | Specific Valuation Allowance [Member] | ' | ' |
Information concerning Troubled Debt Restructurings [Abstract] | ' | ' |
Specific Valuation Allowance | 0 | 210,748 |
Total construction and land development [Member] | Performing [Member] | ' | ' |
Information concerning Troubled Debt Restructurings [Abstract] | ' | ' |
Total | 4,250,679 | 3,609,166 |
Total construction and land development [Member] | Nonaccrual [Member] | ' | ' |
Information concerning Troubled Debt Restructurings [Abstract] | ' | ' |
Total | 383,542 | 1,528,457 |
Commercial real estate - owner occupied [Member] | ' | ' |
Information concerning Troubled Debt Restructurings [Abstract] | ' | ' |
Total | 10,738,307 | 10,377,067 |
Information about TDRs Identified during the period [Abstract] | ' | ' |
Number of loans | ' | 6 |
Pre-Modification Recorded Balance | ' | 3,095,417 |
Post-Modification Recorded Balance | ' | 3,095,417 |
Defaults on TDRs [Abstract] | ' | ' |
Number of Loans | 1 | ' |
Recorded Balance | 470,072 | ' |
Commercial real estate - owner occupied [Member] | Specific Valuation Allowance [Member] | ' | ' |
Information concerning Troubled Debt Restructurings [Abstract] | ' | ' |
Specific Valuation Allowance | 298,945 | 374,401 |
Commercial real estate - owner occupied [Member] | Performing [Member] | ' | ' |
Information concerning Troubled Debt Restructurings [Abstract] | ' | ' |
Total | 9,376,227 | 9,009,627 |
Commercial real estate - owner occupied [Member] | Nonaccrual [Member] | ' | ' |
Information concerning Troubled Debt Restructurings [Abstract] | ' | ' |
Total | 1,362,080 | 1,367,440 |
Commercial real estate - non-owner occupied [Member] | ' | ' |
Information concerning Troubled Debt Restructurings [Abstract] | ' | ' |
Total | 9,900,972 | 9,972,530 |
Information about TDRs Identified during the period [Abstract] | ' | ' |
Number of loans | 1 | 6 |
Pre-Modification Recorded Balance | 411,785 | 1,753,785 |
Post-Modification Recorded Balance | 411,785 | 1,753,785 |
Defaults on TDRs [Abstract] | ' | ' |
Number of Loans | 1 | ' |
Recorded Balance | 449,793 | ' |
Commercial real estate - non-owner occupied [Member] | Specific Valuation Allowance [Member] | ' | ' |
Information concerning Troubled Debt Restructurings [Abstract] | ' | ' |
Specific Valuation Allowance | 0 | 136,734 |
Commercial real estate - non-owner occupied [Member] | Performing [Member] | ' | ' |
Information concerning Troubled Debt Restructurings [Abstract] | ' | ' |
Total | 9,497,446 | 9,568,161 |
Commercial real estate - non-owner occupied [Member] | Nonaccrual [Member] | ' | ' |
Information concerning Troubled Debt Restructurings [Abstract] | ' | ' |
Total | 403,526 | 404,369 |
Multifamily [Member] | ' | ' |
Information concerning Troubled Debt Restructurings [Abstract] | ' | ' |
Total | 2,360,523 | 2,373,443 |
Multifamily [Member] | Specific Valuation Allowance [Member] | ' | ' |
Information concerning Troubled Debt Restructurings [Abstract] | ' | ' |
Specific Valuation Allowance | 0 | 0 |
Multifamily [Member] | Performing [Member] | ' | ' |
Information concerning Troubled Debt Restructurings [Abstract] | ' | ' |
Total | 2,360,523 | 2,373,443 |
Multifamily [Member] | Nonaccrual [Member] | ' | ' |
Information concerning Troubled Debt Restructurings [Abstract] | ' | ' |
Total | 0 | 0 |
Total commercial real estate [Member] | ' | ' |
Information concerning Troubled Debt Restructurings [Abstract] | ' | ' |
Total | 22,999,802 | 22,723,040 |
Information about TDRs Identified during the period [Abstract] | ' | ' |
Number of loans | 1 | 12 |
Pre-Modification Recorded Balance | 411,785 | 4,849,202 |
Post-Modification Recorded Balance | 411,785 | 4,849,202 |
Defaults on TDRs [Abstract] | ' | ' |
Number of Loans | 2 | ' |
Recorded Balance | 919,865 | ' |
Total commercial real estate [Member] | Specific Valuation Allowance [Member] | ' | ' |
Information concerning Troubled Debt Restructurings [Abstract] | ' | ' |
Specific Valuation Allowance | 298,945 | 511,135 |
Total commercial real estate [Member] | Performing [Member] | ' | ' |
Information concerning Troubled Debt Restructurings [Abstract] | ' | ' |
Total | 21,234,196 | 20,951,231 |
Total commercial real estate [Member] | Nonaccrual [Member] | ' | ' |
Information concerning Troubled Debt Restructurings [Abstract] | ' | ' |
Total | 1,765,606 | 1,771,809 |
Home equity lines [Member] | ' | ' |
Information concerning Troubled Debt Restructurings [Abstract] | ' | ' |
Total | 159,994 | 159,994 |
Information about TDRs Identified during the period [Abstract] | ' | ' |
Number of loans | 0 | 1 |
Pre-Modification Recorded Balance | 0 | 159,994 |
Post-Modification Recorded Balance | 0 | 159,994 |
Home equity lines [Member] | Specific Valuation Allowance [Member] | ' | ' |
Information concerning Troubled Debt Restructurings [Abstract] | ' | ' |
Specific Valuation Allowance | 0 | 0 |
Home equity lines [Member] | Performing [Member] | ' | ' |
Information concerning Troubled Debt Restructurings [Abstract] | ' | ' |
Total | 0 | 0 |
Home equity lines [Member] | Nonaccrual [Member] | ' | ' |
Information concerning Troubled Debt Restructurings [Abstract] | ' | ' |
Total | 159,994 | 159,994 |
Secured by 1-4 family residential, secured by first deeds of trust [Member] | ' | ' |
Information concerning Troubled Debt Restructurings [Abstract] | ' | ' |
Total | 6,989,457 | 7,295,750 |
Information about TDRs Identified during the period [Abstract] | ' | ' |
Number of loans | 0 | 26 |
Pre-Modification Recorded Balance | 0 | 2,818,946 |
Post-Modification Recorded Balance | 0 | 2,818,946 |
Defaults on TDRs [Abstract] | ' | ' |
Number of Loans | 3 | ' |
Recorded Balance | 604,545 | ' |
Secured by 1-4 family residential, secured by first deeds of trust [Member] | Specific Valuation Allowance [Member] | ' | ' |
Information concerning Troubled Debt Restructurings [Abstract] | ' | ' |
Specific Valuation Allowance | 267,851 | 383,036 |
Secured by 1-4 family residential, secured by first deeds of trust [Member] | Performing [Member] | ' | ' |
Information concerning Troubled Debt Restructurings [Abstract] | ' | ' |
Total | 3,352,925 | 3,230,346 |
Secured by 1-4 family residential, secured by first deeds of trust [Member] | Nonaccrual [Member] | ' | ' |
Information concerning Troubled Debt Restructurings [Abstract] | ' | ' |
Total | 3,636,532 | 4,065,404 |
Secured by 1-4 family residential, secured by second deeds of trust [Member] | ' | ' |
Information concerning Troubled Debt Restructurings [Abstract] | ' | ' |
Total | 640,709 | 691,527 |
Information about TDRs Identified during the period [Abstract] | ' | ' |
Number of loans | 0 | 6 |
Pre-Modification Recorded Balance | 0 | 371,117 |
Post-Modification Recorded Balance | 0 | 371,117 |
Defaults on TDRs [Abstract] | ' | ' |
Number of Loans | 1 | ' |
Recorded Balance | 17,564 | ' |
Secured by 1-4 family residential, secured by second deeds of trust [Member] | Specific Valuation Allowance [Member] | ' | ' |
Information concerning Troubled Debt Restructurings [Abstract] | ' | ' |
Specific Valuation Allowance | 0 | 0 |
Secured by 1-4 family residential, secured by second deeds of trust [Member] | Performing [Member] | ' | ' |
Information concerning Troubled Debt Restructurings [Abstract] | ' | ' |
Total | 480,334 | 324,096 |
Secured by 1-4 family residential, secured by second deeds of trust [Member] | Nonaccrual [Member] | ' | ' |
Information concerning Troubled Debt Restructurings [Abstract] | ' | ' |
Total | 160,375 | 367,431 |
Total consumer real estate [Member] | ' | ' |
Information concerning Troubled Debt Restructurings [Abstract] | ' | ' |
Total | 7,790,160 | 8,147,271 |
Information about TDRs Identified during the period [Abstract] | ' | ' |
Number of loans | 0 | 33 |
Pre-Modification Recorded Balance | 0 | 3,350,057 |
Post-Modification Recorded Balance | 0 | 3,350,057 |
Defaults on TDRs [Abstract] | ' | ' |
Number of Loans | 4 | ' |
Recorded Balance | 622,109 | ' |
Total consumer real estate [Member] | Specific Valuation Allowance [Member] | ' | ' |
Information concerning Troubled Debt Restructurings [Abstract] | ' | ' |
Specific Valuation Allowance | 267,851 | 383,036 |
Total consumer real estate [Member] | Performing [Member] | ' | ' |
Information concerning Troubled Debt Restructurings [Abstract] | ' | ' |
Total | 3,833,259 | 3,554,442 |
Total consumer real estate [Member] | Nonaccrual [Member] | ' | ' |
Information concerning Troubled Debt Restructurings [Abstract] | ' | ' |
Total | 3,956,901 | 4,592,829 |
Commercial and industrial loans (except those secured by real estate) [Member] | ' | ' |
Information concerning Troubled Debt Restructurings [Abstract] | ' | ' |
Total | 252,288 | 255,603 |
Defaults on TDRs [Abstract] | ' | ' |
Number of Loans | 1 | ' |
Recorded Balance | 136,051 | ' |
Commercial and industrial loans (except those secured by real estate) [Member] | Specific Valuation Allowance [Member] | ' | ' |
Information concerning Troubled Debt Restructurings [Abstract] | ' | ' |
Specific Valuation Allowance | 0 | 9,416 |
Commercial and industrial loans (except those secured by real estate) [Member] | Performing [Member] | ' | ' |
Information concerning Troubled Debt Restructurings [Abstract] | ' | ' |
Total | 0 | 121,098 |
Commercial and industrial loans (except those secured by real estate) [Member] | Nonaccrual [Member] | ' | ' |
Information concerning Troubled Debt Restructurings [Abstract] | ' | ' |
Total | 252,288 | 134,505 |
Consumer and other [Member] | ' | ' |
Information concerning Troubled Debt Restructurings [Abstract] | ' | ' |
Total | 19,578 | 21,130 |
Information about TDRs Identified during the period [Abstract] | ' | ' |
Number of loans | 0 | 1 |
Pre-Modification Recorded Balance | 0 | 21,130 |
Post-Modification Recorded Balance | 0 | 0 |
Defaults on TDRs [Abstract] | ' | ' |
Number of Loans | 1 | ' |
Recorded Balance | 19,578 | ' |
Consumer and other [Member] | Specific Valuation Allowance [Member] | ' | ' |
Information concerning Troubled Debt Restructurings [Abstract] | ' | ' |
Specific Valuation Allowance | 0 | 0 |
Consumer and other [Member] | Performing [Member] | ' | ' |
Information concerning Troubled Debt Restructurings [Abstract] | ' | ' |
Total | 0 | 0 |
Consumer and other [Member] | Nonaccrual [Member] | ' | ' |
Information concerning Troubled Debt Restructurings [Abstract] | ' | ' |
Total | $19,578 | $21,130 |
Loans_and_allowance_for_loan_l8
Loans and allowance for loan losses, Part 7 (Details) (USD $) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2014 | Dec. 31, 2013 | |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ' | ' |
Beginning balance | $7,238,664 | $10,807,827 |
Provision for loan losses | 100,000 | 1,173,000 |
Charge-offs | -795,565 | -5,659,018 |
Recoveries | 57,285 | 916,855 |
Ending balance | 6,600,384 | 7,238,664 |
Loans individually evaluated for impairment | 122,686,099 | 135,531,225 |
Loans collectively evaluated for impairment | 150,775,122 | 151,031,477 |
Total loans | 273,461,221 | 286,562,702 |
Residential [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ' | ' |
Beginning balance | 134,000 | 494,742 |
Provision for loan losses | 5,290 | -462,542 |
Charge-offs | 0 | 0 |
Recoveries | 450 | 101,800 |
Ending balance | 139,740 | 134,000 |
Loans individually evaluated for impairment | 575,720 | 575,720 |
Loans collectively evaluated for impairment | 3,433,852 | 2,355,184 |
Total loans | 4,009,572 | 2,930,904 |
Commercial [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ' | ' |
Beginning balance | 1,275,000 | 4,611,410 |
Provision for loan losses | -421,213 | -3,481,833 |
Charge-offs | -21,793 | -278,703 |
Recoveries | 16,995 | 424,126 |
Ending balance | 848,990 | 1,275,000 |
Loans individually evaluated for impairment | 14,405,162 | 15,591,987 |
Loans collectively evaluated for impairment | 11,474,211 | 12,586,649 |
Total loans | 25,879,373 | 28,178,636 |
Total construction and land development [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ' | ' |
Beginning balance | 1,409,000 | 5,106,152 |
Provision for loan losses | -415,923 | -3,944,375 |
Charge-offs | -21,793 | -278,703 |
Recoveries | 17,445 | 525,926 |
Ending balance | 988,730 | 1,409,000 |
Owner occupied [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ' | ' |
Beginning balance | 1,200,000 | 1,358,863 |
Provision for loan losses | 652,654 | 252,484 |
Charge-offs | 0 | -453,996 |
Recoveries | 0 | 42,649 |
Ending balance | 1,852,654 | 1,200,000 |
Loans individually evaluated for impairment | 47,533,806 | 53,126,045 |
Loans collectively evaluated for impairment | 20,913,077 | 20,458,351 |
Total loans | 68,446,883 | 73,584,396 |
Non-owner occupied [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ' | ' |
Beginning balance | 669,000 | 816,852 |
Provision for loan losses | -469,853 | 451,603 |
Charge-offs | -199,147 | -619,455 |
Recoveries | 0 | 20,000 |
Ending balance | 0 | 669,000 |
Loans individually evaluated for impairment | 30,935,631 | 34,367,226 |
Loans collectively evaluated for impairment | 9,238,104 | 9,500,842 |
Total loans | 40,173,735 | 43,868,068 |
Multifamily [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ' | ' |
Beginning balance | 19,000 | 23,434 |
Provision for loan losses | -2,000 | -4,434 |
Charge-offs | 0 | 0 |
Recoveries | 0 | 0 |
Ending balance | 17,000 | 19,000 |
Loans individually evaluated for impairment | 8,459,271 | 9,363,418 |
Loans collectively evaluated for impairment | 1,757,495 | 2,196,464 |
Total loans | 10,216,766 | 11,559,882 |
Farmland [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ' | ' |
Beginning balance | 337,000 | 0 |
Provision for loan losses | 167,702 | 1,233,000 |
Charge-offs | -95,702 | -896,000 |
Recoveries | 0 | 0 |
Ending balance | 409,000 | 337,000 |
Loans individually evaluated for impairment | 775,209 | 778,599 |
Loans collectively evaluated for impairment | 583,988 | 684,712 |
Total loans | 1,359,197 | 1,463,311 |
Total commercial real estate [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ' | ' |
Beginning balance | 2,225,000 | 2,199,149 |
Provision for loan losses | 348,503 | 1,932,653 |
Charge-offs | -294,849 | -1,969,451 |
Recoveries | 0 | 62,649 |
Ending balance | 2,278,654 | 2,225,000 |
Home equity lines [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ' | ' |
Beginning balance | 424,000 | 658,135 |
Provision for loan losses | 222,611 | 23,284 |
Charge-offs | -180,611 | -266,119 |
Recoveries | 0 | 8,700 |
Ending balance | 466,001 | 424,000 |
Loans individually evaluated for impairment | 1,349,700 | 1,381,700 |
Loans collectively evaluated for impairment | 19,299,659 | 19,864,332 |
Total loans | 20,649,359 | 21,246,032 |
Secured by 1-4 family residential, secured by first deeds of trust [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ' | ' |
Beginning balance | 1,992,000 | 1,358,102 |
Provision for loan losses | -65,028 | 2,492,702 |
Charge-offs | -185,204 | -1,953,177 |
Recoveries | 13,232 | 94,373 |
Ending balance | 1,755,000 | 1,992,000 |
Loans individually evaluated for impairment | 8,390,417 | 8,968,659 |
Loans collectively evaluated for impairment | 57,909,382 | 57,903,985 |
Total loans | 66,299,799 | 66,872,644 |
Secured by 1-4 family residential, secured by second deeds of trust [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ' | ' |
Beginning balance | 393,000 | 223,307 |
Provision for loan losses | 12,250 | 498,415 |
Charge-offs | -76,250 | -367,200 |
Recoveries | 0 | 38,478 |
Ending balance | 329,000 | 393,000 |
Loans individually evaluated for impairment | 526,510 | 532,977 |
Loans collectively evaluated for impairment | 7,808,458 | 8,142,241 |
Total loans | 8,334,968 | 8,675,218 |
Total consumer real estate [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ' | ' |
Beginning balance | 2,809,000 | 2,239,544 |
Provision for loan losses | 169,833 | 3,014,401 |
Charge-offs | -442,065 | -2,586,496 |
Recoveries | 13,232 | 141,551 |
Ending balance | 2,550,000 | 2,809,000 |
Commercial and industrial loans (except those secured by real estate) [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ' | ' |
Beginning balance | 724,000 | 1,161,654 |
Provision for loan losses | 45,473 | 144,821 |
Charge-offs | -32,765 | -759,726 |
Recoveries | 24,292 | 177,251 |
Ending balance | 761,000 | 724,000 |
Loans individually evaluated for impairment | 9,734,673 | 10,844,894 |
Loans collectively evaluated for impairment | 16,561,075 | 15,408,947 |
Total loans | 26,295,748 | 26,253,841 |
Consumer and other [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ' | ' |
Beginning balance | 71,664 | 101,328 |
Provision for loan losses | -47,886 | 25,500 |
Charge-offs | -4,093 | -64,642 |
Recoveries | 2,316 | 9,478 |
Ending balance | 22,000 | 71,664 |
Loans individually evaluated for impairment | 0 | 0 |
Loans collectively evaluated for impairment | 1,795,821 | 1,929,770 |
Total loans | $1,795,821 | $1,929,770 |
Deposits_Details
Deposits (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
Deposits [Abstract] | ' | ' |
Demand accounts | $63,435,899 | $57,243,718 |
Interest checking accounts | 42,630,782 | 43,690,689 |
Money market accounts | 67,276,299 | 63,357,096 |
Savings accounts | 21,400,635 | 20,229,614 |
Time deposits of $100,000 and over | 92,324,704 | 94,245,516 |
Other time deposits | 109,148,790 | 111,861,678 |
Total deposits | $396,217,109 | $390,628,311 |
Percentage of individual deposits to deposit liability [Abstract] | ' | ' |
Demand accounts (in hundredths) | 16.00% | 14.70% |
Interest checking accounts (in hundredths) | 10.80% | 11.20% |
Money market accounts (in hundredths) | 17.00% | 16.20% |
Savings account (in hundredths) | 5.40% | 5.20% |
Time deposits of $100,000 and over (in hundredths) | 23.30% | 24.10% |
Other time deposits (in hundredths) | 27.50% | 28.60% |
Total (in hundredths) | 100.00% | 100.00% |
Trust_preferred_securities_Det
Trust preferred securities (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Dec. 31, 2013 | |
Trust Preferred Securities [Line Items] | ' | ' |
Trust preferred capital notes | $8,764,000 | $8,764,000 |
Percentage of Tier one risk based capital required for capital adequacy (in hundredths) | 25.00% | ' |
Deferred interest payments on the junior subordinated debt securities | 1,251,836 | 1,092,520 |
Southern Community Financial Capital Trust I [Member] | ' | ' |
Trust Preferred Securities [Line Items] | ' | ' |
Debt Instrument, issuance Date | 24-Feb-05 | ' |
Trust preferred capital notes | 5,200,000 | ' |
Debt Instrument, description of variable rate basis | 'three-month LIBOR plus 2.15% | ' |
Debt Instrument, variable rate basis (in hundredths) | 2.15% | ' |
Interest rate (in hundredths) | 2.38% | ' |
Maturity date | 15-Mar-35 | ' |
Principal assets of the trust | 5,200,000 | ' |
Village Financial Statutory Trust II [Member] | ' | ' |
Trust Preferred Securities [Line Items] | ' | ' |
Debt Instrument, issuance Date | 20-Sep-07 | ' |
Trust preferred capital notes | 3,600,000 | ' |
Debt Instrument, description of variable rate basis | 'three-month LIBOR plus 1.40% | ' |
Debt Instrument, variable rate basis (in hundredths) | 1.63% | ' |
Maturity date | 31-Dec-37 | ' |
Principal assets of the trust | 3,600,000 | ' |
Trust Preferred Securities [Member] | ' | ' |
Trust Preferred Securities [Line Items] | ' | ' |
Deferred interest payments on the junior subordinated debt securities | $907,615 | ' |
Stock_incentive_plan_Details
Stock incentive plan (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Stock incentive plan [Abstract] | ' | ' |
Number of shares authorized for issuance (in shares) | 555,000 | ' |
Options [Roll Forward] | ' | ' |
Options outstanding, beginning of period (in shares) | 97,907 | 255,630 |
Granted (in shares) | 0 | 0 |
Forfeited (in shares) | -3,750 | -1,000 |
Exercised (in shares) | 0 | 0 |
Options outstanding, end of period (in shares) | 94,157 | 254,630 |
Options exercisable end of period (in shares) | 70,597 | 249,630 |
Weighted Average Exercise Price [Roll Forward] | ' | ' |
Options outstanding, beginning of period (in dollars per share) | $6.15 | $9.48 |
Granted (in dollars per share) | $0 | $0 |
Forfeited (in dollars per share) | $12.12 | $7.75 |
Exercised (in dollars per share) | $0 | $0 |
Options outstanding, end of period (in dollars per share) | $5.92 | $9.57 |
Options outstanding, fair value per share [Abstract] | ' | ' |
Options outstanding, beginning of the period, fair value (in dollars per share) | $3.69 | $4.70 |
Granted (in dollars per share) | $0 | $0 |
Forfeited (in dollars per share) | $5.02 | $5.05 |
Exercised (in dollars per share) | $0 | $0 |
Options outstanding, ending balance fair value (in dollars per share) | $3.64 | $4.70 |
Options outstanding, end of period, intrinsic value | $0 | $0 |
Unamortized stock-based compensation related to non-vested share based compensation arrangements | 91,428 | 2,249 |
Weighed average period of time based unamortized compensation, recognition | '2 years 8 months 8 days | ' |
Stock-based compensation expense | $9,584 | $241 |
Fair_value_Details
Fair value (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
Recurring [Member] | Carrying Value [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
US Treasuries | $7,411,000 | $7,210,000 |
US Government Agencies | 35,282,000 | 34,350,000 |
MBS | 2,641,000 | 2,752,000 |
Municipals | 14,005,000 | 13,435,000 |
Residential loans held for sale | 9,986,000 | 8,371,000 |
Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
US Treasuries | 0 | 0 |
US Government Agencies | 0 | 0 |
MBS | 0 | 0 |
Municipals | 0 | 0 |
Residential loans held for sale | 0 | 0 |
Recurring [Member] | Other Observable Inputs (Level 2) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
US Treasuries | 7,411,000 | 7,210,000 |
US Government Agencies | 35,282,000 | 34,350,000 |
MBS | 2,641,000 | 2,752,000 |
Municipals | 14,005,000 | 13,435,000 |
Residential loans held for sale | 9,986,000 | 8,371,000 |
Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
US Treasuries | 0 | 0 |
US Government Agencies | 0 | 0 |
MBS | 0 | 0 |
Municipals | 0 | 0 |
Residential loans held for sale | 0 | 0 |
Nonrecurring [Member] | Carrying Value [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Impaired loans | 43,860,000 | 45,102,000 |
Other real estate owned | 15,688,000 | 16,742,000 |
Nonrecurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Impaired loans | 0 | 0 |
Other real estate owned | 0 | 0 |
Nonrecurring [Member] | Other Observable Inputs (Level 2) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Impaired loans | 39,473,000 | 42,027,000 |
Other real estate owned | 14,901,000 | 15,405,000 |
Nonrecurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Impaired loans | 4,387,000 | 3,075,000 |
Other real estate owned | $787,000 | $1,337,000 |
Fair_value_Qualitative_informa
Fair value, Qualitative information about Level 3 Fair Value Measurements for Financial Instruments (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | |
Impaired Loans Real-Estate Secured [Member] | ' | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | |
Fair Value Estimate | $3,365 | |
Valuation Techniques | 'Appraisal (1) or Internal Valuation (2) | [1],[2] |
Impaired Loans Real-Estate Secured [Member] | Appraisal or Internal Valuation Technique [Member] | Minimum [Member] | ' | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | |
Selling costs (in hundredths) | 6.00% | |
Discount for lack of marketability and age of appraisal (in hundredths) | 6.00% | |
Impaired Loans Real-Estate Secured [Member] | Appraisal or Internal Valuation Technique [Member] | Maximum [Member] | ' | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | |
Selling costs (in hundredths) | 10.00% | |
Discount for lack of marketability and age of appraisal (in hundredths) | 30.00% | |
Impaired Loans Real-Estate Secured [Member] | Appraisal or Internal Valuation Technique [Member] | Weighted Average [Member] | ' | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | |
Selling costs (in hundredths) | 7.00% | |
Discount for lack of marketability and age of appraisal (in hundredths) | 10.00% | |
Impaired Loans-Non-Real Estate Secured [Member] | ' | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | |
Fair Value Estimate | 1,022 | |
Valuation Techniques | 'Appraisal (1) or Discounted Cash Flow | [1] |
Impaired Loans-Non-Real Estate Secured [Member] | Appraisal or Discounted Cash Flow Valuation Technique [Member] | ' | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | |
Selling costs (in hundredths) | 10.00% | |
Impaired Loans-Non-Real Estate Secured [Member] | Appraisal or Discounted Cash Flow Valuation Technique [Member] | Minimum [Member] | ' | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | |
Discount for lack of marketability or practical life (in hundredths) | 0.00% | |
Impaired Loans-Non-Real Estate Secured [Member] | Appraisal or Discounted Cash Flow Valuation Technique [Member] | Maximum [Member] | ' | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | |
Discount for lack of marketability or practical life (in hundredths) | 50.00% | |
Impaired Loans-Non-Real Estate Secured [Member] | Appraisal or Discounted Cash Flow Valuation Technique [Member] | Weighted Average [Member] | ' | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | |
Discount for lack of marketability or practical life (in hundredths) | 20.00% | |
Real Estate Owned [Member] | ' | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | |
Fair Value Estimate | $787 | |
Valuation Techniques | 'Appraisal (1) or Internal Valuation (2) | [1],[2] |
Real Estate Owned [Member] | Appraisal or Internal Valuation Technique [Member] | Minimum [Member] | ' | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | |
Selling costs (in hundredths) | 6.00% | |
Discount for lack of marketability and age of appraisal (in hundredths) | 6.00% | |
Real Estate Owned [Member] | Appraisal or Internal Valuation Technique [Member] | Maximum [Member] | ' | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | |
Selling costs (in hundredths) | 10.00% | |
Discount for lack of marketability and age of appraisal (in hundredths) | 30.00% | |
Real Estate Owned [Member] | Appraisal or Internal Valuation Technique [Member] | Weighted Average [Member] | ' | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | |
Selling costs (in hundredths) | 7.00% | |
Discount for lack of marketability and age of appraisal (in hundredths) | 15.00% | |
[1] | Fair Value is generally determined through independent appraisals of the underlying collateral, which generally included various level 3 inputs which are not identifiable. | |
[2] | Internal valuations may be conducted to determine Fair Value for assets with nominal carrying balances |
Fair_value_Financial_Instrumen
Fair value, Financial Instrument Summary (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
Financial assets [Abstract] | ' | ' |
Investment securities available for sale | $59,339,000 | $57,748,000 |
Carrying Value [Member] | Level 1 [Member] | ' | ' |
Financial assets [Abstract] | ' | ' |
Cash | 19,566,695 | 15,220,580 |
Carrying Value [Member] | Level 2 [Member] | ' | ' |
Financial assets [Abstract] | ' | ' |
Cash equivalents | 36,946,987 | 24,988,512 |
Investment securities available for sale | 59,339,067 | 57,748,040 |
Federal Home Loan Bank stock | 1,207,900 | 1,417,300 |
Loans held for sale | 9,986,249 | 8,371,277 |
Loans | 222,207,133 | 233,075,253 |
Impaired loans | 40,125,454 | 42,678,969 |
Other real estate owned | 14,900,940 | 15,404,691 |
Accrued interest receivable | 1,340,386 | 1,486,163 |
Financial liabilities [Abstract] | ' | ' |
Deposits | 396,217,109 | 390,628,311 |
FHLB borrowings | 17,000,000 | 18,000,000 |
Trust preferred securities | 8,764,000 | 8,764,000 |
Other borrowings | 2,903,324 | 2,713,486 |
Accrued interest payable | 1,251,836 | 1,092,520 |
Carrying Value [Member] | Level 3 [Member] | ' | ' |
Financial assets [Abstract] | ' | ' |
Impaired loans | 5,215,194 | 4,252,771 |
Other real estate owned | 787,503 | 1,337,173 |
Bank owned life insurance | 6,812,428 | 6,764,505 |
Estimated Fair Value [Member] | Level 1 [Member] | ' | ' |
Financial assets [Abstract] | ' | ' |
Cash | 19,566,695 | 15,220,580 |
Estimated Fair Value [Member] | Level 2 [Member] | ' | ' |
Financial assets [Abstract] | ' | ' |
Cash equivalents | 36,946,987 | 24,988,512 |
Investment securities available for sale | 59,339,067 | 57,748,040 |
Federal Home Loan Bank stock | 1,207,900 | 1,417,300 |
Loans held for sale | 9,986,249 | 8,371,277 |
Loans | 224,604,616 | 236,581,823 |
Impaired loans | 40,125,454 | 42,678,969 |
Other real estate owned | 14,900,940 | 15,404,691 |
Accrued interest receivable | 1,340,386 | 1,486,163 |
Financial liabilities [Abstract] | ' | ' |
Deposits | 397,328,991 | 391,814,284 |
FHLB borrowings | 17,162,019 | 18,211,937 |
Trust preferred securities | 7,274,120 | 7,274,120 |
Other borrowings | 2,903,324 | 3,289,463 |
Accrued interest payable | 1,251,836 | 1,092,520 |
Estimated Fair Value [Member] | Level 3 [Member] | ' | ' |
Financial assets [Abstract] | ' | ' |
Impaired loans | 5,215,194 | 4,252,771 |
Other real estate owned | 787,503 | 1,337,173 |
Bank owned life insurance | $6,812,428 | $6,764,505 |
Capital_Resources_Details
Capital Resources (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2011 | Dec. 31, 2009 | 1-May-09 | |
Payment | |||||
Capital Resources [Abstract] | ' | ' | ' | ' | ' |
Shares of Series A preferred stocks sold (in shares) | 14,738 | 14,738 | ' | ' | 14,738 |
Preferred stock, par value (in dollars per share) | $4 | $4 | ' | ' | $4 |
Liquidation preference (in dollars per share) | $1,000 | $1,000 | ' | ' | $1,000 |
Number of securities called by warrant (in shares) | ' | ' | ' | ' | 499,029 |
Common stocks purchased at initial exercise price per share subject to certain dilution (in dollars per share) | ' | ' | ' | ' | $4.43 |
Aggregate purchase price | ' | ' | ' | $14,738,000 | ' |
Fair value of preferred stock estimated using discounted cash flow methodology (in hundredths) | 13.00% | ' | ' | ' | ' |
Discounted cash flow methodology, number of payments | 20 | ' | ' | ' | ' |
Discount cash flow methodology, term | '5 years | ' | ' | ' | ' |
Fair value assumptions, volatility rate (in hundredths) | 25.00% | ' | ' | ' | ' |
Fair value assumptions, risk-free rate (in hundredths) | 2.03% | ' | ' | ' | ' |
Fair value assumption, yield (in hundredths) | 6.16% | ' | ' | ' | ' |
Fair value assumption, estimated life | '5 years | ' | ' | ' | ' |
Preference stock issued during period value new issues allocated to preferred stock | ' | ' | ' | 14,006,000 | ' |
Preference stock issued during period value new issues allocated to common stock warrant | ' | ' | ' | 732,000 | ' |
Proceeds from issuance of common stock | ' | 1,684,075 | ' | ' | ' |
Common shares sale price (in dollars per share) | ' | $1.55 | ' | ' | ' |
Percentage of premium over closing price (in hundredths) | ' | 0.30% | ' | ' | ' |
Accretion amortization of discounts period | '5 years | ' | ' | ' | ' |
Cumulative dividend rate per annum for first five years (in hundredths) | 5.00% | ' | ' | ' | ' |
Cumulative dividend rate per annum thereafter (in hundredths) | 9.00% | ' | ' | ' | ' |
Warrants expiration period | '10 years | ' | ' | ' | ' |
Quarterly cash dividend deferred | ' | ' | 184,225 | ' | ' |
Aggregate dividend on preferred stock | 2,302,812 | ' | ' | ' | ' |
Class of Stock [Line Items] | ' | ' | ' | ' | ' |
Fair value stock | ' | 10,742,000 | ' | ' | ' |
Common stock issued (in shares) | 5,338,295 | 5,338,295 | ' | ' | ' |
Directors and Executive Officers [Member] | ' | ' | ' | ' | ' |
Class of Stock [Line Items] | ' | ' | ' | ' | ' |
Common stock issued (in shares) | ' | 1,086,500 | ' | ' | ' |
Preferred Stock [Member] | ' | ' | ' | ' | ' |
Class of Stock [Line Items] | ' | ' | ' | ' | ' |
Fair value stock | ' | 10,208,000 | ' | ' | ' |
Aggregate fair value attributable percentage (in hundredths) | ' | 95.00% | ' | ' | ' |
Warrant [Member] | ' | ' | ' | ' | ' |
Class of Stock [Line Items] | ' | ' | ' | ' | ' |
Fair value stock | ' | $534,000 | ' | ' | ' |
Common Stock Warrant [Member] | ' | ' | ' | ' | ' |
Class of Stock [Line Items] | ' | ' | ' | ' | ' |
Aggregate fair value attributable percentage (in hundredths) | ' | 5.00% | ' | ' | ' |
Commitments_and_contingencies_1
Commitments and contingencies (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Dec. 31, 2013 | |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ' | ' |
Total commitments to extend credit | $52,731,000 | $50,247,000 |
Tier one risk based capital requirement (in hundredths) | 8.00% | ' |
Risk based capital to total risk weighted assets (in hundredths) | 11.00% | ' |
Policy for charge offs | 'The Order requires the Bank to eliminate from its books, by charge-off or collection, all assets or portions of assets classified "Loss" and 50 percent of those classified "Doubtful". | ' |
Number of days required to notify Supervisory Authorities prior to undertaking asset growth | '60 days | ' |
Percentage of asset growth (in hundredths) | 10.00% | ' |
Prevailing effective yields on insured deposits (in hundredths) | 0.75% | ' |
Asset reduction plan | 250,000 | ' |
Undisbursed credit lines [Member] | ' | ' |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ' | ' |
Total commitments to extend credit | 36,052,000 | 37,474,000 |
Commitments to extend credit or originate credit [Member] | ' | ' |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ' | ' |
Total commitments to extend credit | 14,610,000 | 10,581,000 |
Standby letters of credit [Member] | ' | ' |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ' | ' |
Total commitments to extend credit | $2,069,000 | $2,192,000 |
Income_Taxes_Details
Income Taxes (Details) (USD $) | Mar. 31, 2014 |
Income Taxes [Abstract] | ' |
Deferred tax asset, valuation allowance | $12,207,000 |