Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Feb. 28, 2015 | Jun. 30, 2014 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | FALSE | ||
Document Period End Date | 31-Dec-14 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | Community Bankers Trust Corp | ||
Entity Central Index Key | 1323648 | ||
Current Fiscal Year End Date | -19 | ||
Entity Filer Category | Accelerated Filer | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Public Float | $92,402,613 | ||
Entity Common Stock, Shares Outstanding | 21,795,273 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
ASSETS | ||
Cash and due from banks | $8,329 | $10,857 |
Interest bearing bank deposits | 14,024 | 12,978 |
Total cash and cash equivalents | 22,353 | 23,835 |
Securities available for sale, at fair value | 274,568 | 265,777 |
Securities held to maturity, at cost (fair value of $37,539 and $30,305, respectively) | 36,197 | 28,563 |
Equity securities, restricted, at cost | 8,816 | 8,358 |
Total securities | 319,581 | 302,698 |
Loans held for sale | 200 | 100 |
Loans not covered by FDIC shared-loss agreements | 664,736 | 596,173 |
Loans covered by FDIC shared-loss agreements | 62,744 | 73,275 |
Total loans | 727,480 | 669,448 |
Allowance for loan losses (non-covered loans of $9,365 and $10,444, respectively; covered loans of $386 and $484, respectively) | -9,751 | -10,928 |
Net loans | 717,729 | 658,520 |
FDIC indemnification asset | 18,609 | 25,409 |
Bank premises and equipment, net | 29,702 | 27,872 |
Bank premises and equipment held for sale | 465 | |
Other real estate owned, covered by FDIC shared-loss agreements | 2,019 | 2,692 |
Other real estate owned, non-covered | 5,724 | 6,244 |
Bank owned life insurance | 21,004 | 20,795 |
FDIC receivable under shared-loss agreements | 669 | 368 |
Core deposit intangibles, net | 4,713 | 6,621 |
Other assets | 12,966 | 14,378 |
Total assets | 1,155,734 | 1,089,532 |
Deposits: | ||
Noninterest bearing | 84,564 | 70,132 |
Interest bearing | 834,381 | 822,209 |
Total deposits | 918,945 | 892,341 |
Federal funds purchased and securities sold under agreements to repurchase | 14,500 | 6,000 |
Federal Home Loan Bank advances | 96,401 | 77,125 |
Long-term debt | 9,680 | |
Trust preferred capital notes | 4,124 | 4,124 |
Other liabilities | 4,434 | 3,283 |
Total liabilities | 1,048,084 | 982,873 |
SHAREHOLDERS' EQUITY | ||
Preferred stock (5,000,000 shares authorized, $0.01 par value; 0 and 10,680 shares issued and outstanding, respectively) | 10,680 | |
Warrants on preferred stock | 1,037 | |
Common stock (200,000,000 shares authorized, $0.01 par value; 21,791,523 and 21,709,096 shares issued and outstanding, respectively) | 218 | 217 |
Additional paid in capital | 145,321 | 144,656 |
Retained deficit | -38,553 | -45,822 |
Accumulated other comprehensive income (loss) | 664 | -4,109 |
Total shareholders' equity | 107,650 | 106,659 |
Total liabilities and shareholders' equity | $1,155,734 | $1,089,532 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Statement Of Financial Position [Abstract] | ||
Securities held to maturity | $37,539 | $30,305 |
Allowance for loan losses, non-covered loans | 9,365 | 10,444 |
Allowance for loan losses, covered loans | $386 | $484 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, par value | $0.01 | $0.01 |
Preferred stock, shares issued | 0 | 10,680 |
Preferred stock, shares outstanding | 0 | 10,680 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares issued | 21,791,523 | 21,709,096 |
Common stock, shares outstanding | 21,791,523 | 21,709,096 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Interest and dividend income | |||
Interest and fees on non-covered loans | $30,191 | $29,696 | $30,658 |
Interest and fees on FDIC covered loans | 10,672 | 11,936 | 14,105 |
Interest on deposits in other banks | 61 | 58 | 54 |
Interest on federal funds sold | 0 | 3 | 5 |
Interest and dividends on securities | |||
Taxable | 6,835 | 7,693 | 8,408 |
Nontaxable | 966 | 659 | 489 |
Total interest and dividend income | 48,725 | 50,045 | 53,719 |
Interest expense | |||
Interest on deposits | 5,858 | 6,370 | 8,508 |
Interest on other borrowed funds | 1,075 | 708 | 1,184 |
Total interest expense | 6,933 | 7,078 | 9,692 |
Net interest income | 41,792 | 42,967 | 44,027 |
Provision for loan losses | 1,200 | ||
Net interest income after provision for loan losses | 41,792 | 42,967 | 42,827 |
Noninterest income | |||
Service charges on deposit accounts | 2,200 | 2,739 | 2,736 |
Gain on securities transactions, net | 1,089 | 518 | 1,492 |
Gain (loss) on sale of other loans, net | 201 | -359 | |
Income on bank owned life insurance | 769 | 747 | 620 |
Other | 1,010 | 1,079 | 1,358 |
Total noninterest income | 5,269 | 4,724 | 6,206 |
Noninterest expense | |||
Salaries and employee benefits | 16,136 | 15,981 | 16,511 |
Occupancy expenses | 2,597 | 2,717 | 2,715 |
Equipment expenses | 957 | 1,038 | 1,087 |
FDIC assessment | 805 | 843 | 1,485 |
Data processing fees | 1,732 | 2,078 | 1,824 |
FDIC indemnification asset amortization | 5,795 | 6,449 | 6,936 |
Amortization of intangibles | 1,908 | 2,202 | 2,261 |
Other real estate expense | 540 | 2,034 | 2,493 |
Other operating expenses | 6,347 | 5,946 | 5,991 |
Total noninterest expense | 36,817 | 39,288 | 41,303 |
Income before income taxes | 10,244 | 8,403 | 7,730 |
Income tax expense | 2,728 | 2,497 | 2,148 |
Net income | 7,516 | 5,906 | 5,582 |
Dividends paid on preferred stock | 247 | 885 | 884 |
Accretion of discount on preferred stock | 234 | 220 | |
Net income available to common shareholders | $7,269 | $4,787 | $4,478 |
Net income per share - basic | $0.33 | $0.22 | $0.21 |
Net income per share - diluted | $0.33 | $0.22 | $0.21 |
Weighted average number of shares outstanding | |||
basic | 21,755 | 21,700 | 21,647 |
diluted | 21,981 | 21,922 | 21,717 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (Loss) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Statement of Comprehensive Income [Abstract] | |||
Net income | $7,516 | $5,906 | $5,582 |
Other comprehensive income (loss): | |||
Change in unrealized gain (loss) in investment securities | 9,280 | -11,386 | 2,472 |
Tax related to unrealized (gain) loss in investment securities | -3,155 | 3,871 | -841 |
Reclassification adjustment for gain in securities sold | -1,089 | -518 | -1,492 |
Tax related to realized gain in securities sold | 370 | 176 | 507 |
Defined benefit pension plan: | |||
Change in prior service cost | 4 | -68 | |
Change in unrealized (loss) gain in plan assets | -997 | 1,462 | -57 |
Tax related to defined benefit pension plan | 337 | -474 | 20 |
Cash flow hedge: | |||
Change in unrealized gain (loss) in cashflow hedge | 35 | ||
Tax related to cash flow hedge | -12 | ||
Total other comprehensive income (loss) | 4,773 | -6,937 | 609 |
Total comprehensive income (loss) | $12,289 | ($1,031) | $6,191 |
Consolidated_Statements_of_Sha
Consolidated Statements of Shareholders' Equity (USD $) | Preferred Stock [Member] | Warrants [Member] | Discount on Preferred Stock [Member] | Common Stock [Member] | Additional Paid in Capital [Member] | Retained Deficit [Member] | Accumulated Other Comprehensive Income [Member] | Total |
In Thousands | ||||||||
Beginning Balance at Dec. 31, 2011 | $17,680 | $1,037 | ($454) | $216 | $144,243 | ($53,761) | $2,219 | $111,180 |
Beginning Balance, shares at Dec. 31, 2011 | 21,628 | |||||||
Amortization of preferred stock warrants | 220 | -220 | ||||||
Issuance of common stock | 1 | 98 | 99 | |||||
Issuance of common stock, shares | 42 | |||||||
Dividends paid on preferred stock | -2,210 | -2,210 | ||||||
Issuance of stock options | 57 | 57 | ||||||
Net income | 5,582 | 5,582 | ||||||
Other comprehensive income (loss) | 609 | 609 | ||||||
Ending Balance at Dec. 31, 2012 | 17,680 | 1,037 | -234 | 217 | 144,398 | -50,609 | 2,828 | 115,317 |
Ending Balance, shares at Dec. 31, 2012 | 21,670 | |||||||
Amortization of preferred stock warrants | 234 | -234 | ||||||
Issuance of common stock | 123 | 123 | ||||||
Issuance of common stock, shares | 39 | |||||||
Dividends paid on preferred stock | -885 | -885 | ||||||
Issuance of stock options | 135 | 135 | ||||||
Redemption of preferred stock | -7,000 | -7,000 | ||||||
Net income | 5,906 | 5,906 | ||||||
Other comprehensive income (loss) | -6,937 | -6,937 | ||||||
Ending Balance at Dec. 31, 2013 | 10,680 | 1,037 | 217 | 144,656 | -45,822 | -4,109 | 106,659 | |
Ending Balance, shares at Dec. 31, 2013 | 21,709 | |||||||
Issuance of common stock | 1 | 227 | 228 | |||||
Issuance of common stock, shares | 83 | |||||||
Dividends paid on preferred stock | -247 | -247 | ||||||
Issuance of stock options | 181 | 181 | ||||||
Redemption of preferred stock | -10,680 | -10,680 | ||||||
Redemption of warrants on preferred stock | -1,037 | 257 | -780 | |||||
Net income | 7,516 | 7,516 | ||||||
Other comprehensive income (loss) | 4,773 | 4,773 | ||||||
Ending Balance at Dec. 31, 2014 | $218 | $145,321 | ($38,553) | $664 | $107,650 | |||
Ending Balance, shares at Dec. 31, 2014 | 21,792 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Operating activities: | |||
Net income | $7,516 | $5,906 | $5,582 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and intangibles amortization | 3,484 | 3,842 | 3,963 |
Non-cash contribution of other real estate owned | 68 | ||
Issuance of common stock and stock options | 409 | 258 | 156 |
Provision for loan losses | 1,200 | ||
Amortization of purchased loan premium | 1,087 | 1,265 | 1,242 |
Deferred tax (benefit) expense | -40 | 2,497 | 2,126 |
Amortization of security premiums and accretion of discounts, net | 3,461 | 3,488 | 3,196 |
Net gain on sale of securities | -1,089 | -518 | -1,492 |
Net loss on sale and valuation of other real estate owned | 407 | 1,714 | 1,833 |
Net (gain) loss on sale of loans | -201 | 359 | |
Gain on bank owned life insurance investment | -405 | ||
Changes in assets and liabilities: | |||
(Increase) decrease in loans held for sale | -100 | 1,595 | -686 |
Decrease in other assets | 3,887 | 9,437 | 9,037 |
Increase (decrease) in accrued expenses and other liabilities | 1,155 | 388 | -2,469 |
Net cash provided by operating activities | 19,639 | 30,231 | 23,688 |
Investing activities: | |||
Proceeds from available for sale securities | 109,983 | 156,123 | 174,541 |
Proceeds from held to maturity securities | 16,415 | 13,471 | 21,669 |
Proceeds from equity securities | 587 | 1,629 | 611 |
Purchase of available for sale securities | -121,228 | -127,451 | -251,111 |
Purchase of held to maturity securities | -15,777 | ||
Purchase of equity securities | -1,045 | -2,582 | -1,144 |
Proceeds from sale of other real estate owned | 4,667 | 7,491 | 9,630 |
Improvements of other real estate, net of insurance proceeds | -509 | -621 | -1,130 |
Net increase in loans | -78,169 | -46,847 | -33,408 |
Principal recoveries of loans previously charged off | 1,353 | 1,015 | 2,439 |
Purchase of premises and equipment, net | -3,875 | -1,887 | -256 |
Purchase of bank owned life insurance investment | -5,000 | ||
Proceeds from bank owned life insurance investment | 840 | ||
Proceeds from sale of loans | 13,284 | 28,611 | |
Proceeds from sale of premises and equipment | 5,177 | ||
Net cash (used in) provided by investing activities | -73,474 | 29,129 | -78,159 |
Financing activities: | |||
Net increase in noninterest bearing and interest bearing deposits | 26,604 | 111,193 | 40,827 |
Net increase in federal funds purchased and securities sold under agreements to repurchase | 8,500 | 588 | 5,412 |
Net increase (decrease) in Federal Home Loan Bank borrowings | 19,276 | 27,297 | 12,828 |
Cash dividends paid | -247 | -885 | -2,210 |
Proceeds from long-term debt | 10,680 | ||
Payments on long-term debt | -1,000 | ||
Payment from sale of deposits | -190,855 | ||
Redemption of preferred stock and related warrants | -11,460 | -7,000 | |
Net cash provided by (used in) financing activities | 52,353 | -59,662 | 56,857 |
Net (decrease) increase in cash and cash equivalents | -1,482 | -302 | 2,386 |
Cash and cash equivalents: | |||
Beginning of the period | 23,835 | 24,137 | 21,751 |
End of the period | 22,353 | 23,835 | 24,137 |
Supplemental disclosures of cash flow information: | |||
Interest paid | 6,760 | 7,252 | 10,253 |
Income taxes paid | 3,134 | 120 | |
Transfers of loans to other real estate owned property | 3,436 | 3,351 | 8,480 |
Transfer of building premises and equipment to held for sale | 465 | 5,174 | |
Transfer of deposits to held for sale | 193,170 | ||
Transfer of loans held for investment to loans held for sale | $30,228 |
Nature_of_Banking_Activities_a
Nature of Banking Activities and Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2014 | |
Nature of Banking Activities and Significant Accounting Policies [Abstract] | |
Nature of Banking Activities and Significant Accounting Policies | Note 1. Nature of Banking Activities and Significant Accounting Policies |
Organization | |
Community Bankers Trust Corporation (the “Company”) is a bank holding company that was originally incorporated in 2005. On January 1, 2014, the Company completed a reincorporation from Delaware, its original state of incorporation, to Virginia. The form of the reincorporation was the merger of the then existing Delaware corporation into a newly created Virginia corporation. The Company retained the same name and conducts business in the same manner as before the reincorporation. | |
The Company is headquartered in Richmond, Virginia and is the holding company for Essex Bank (the “Bank”), a Virginia state bank with 21 full-service offices in Virginia and Maryland. The Bank also operates two loan production offices in Virginia. | |
The Bank engages in a general commercial banking business and provides a wide range of financial services primarily to individuals and small businesses, including individual and commercial demand and time deposit accounts, commercial and industrial loans, consumer and small business loans, real estate and mortgage loans, investment services, on-line and mobile banking products, and safe deposit box facilities. | |
Prior to November 8, 2013, the Bank also had four full-service offices in Georgia. The Bank sold those offices and related deposits to Community & Southern Bank on November 8, 2013. See Note 29 for additional information. | |
Principles of Consolidation | |
The accompanying consolidated financial statements include the accounts of the Company and the Bank, its wholly-owned subsidiary. All material intercompany balances and transactions have been eliminated in consolidation. Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 810, Consolidation, requires that the Company no longer eliminate through consolidation the equity investment in BOE Statutory Trust I, which was $124,000 at each of December 31, 2014 and 2013. The subordinated debt of the Trust is reflected as a liability of the Company. | |
Cash and Cash Equivalents | |
For purposes of the consolidated statements of cash flows, the Company has defined cash and cash equivalents as cash and due from banks and interest-bearing bank balances. | |
Restricted Cash | |
The Bank is required to maintain a reserve against its deposits in accordance with Regulation D of the Federal Reserve Act. For the final weekly reporting period, the aggregate amount of daily average required reserves was $10.7 million and $9.4 million for the years ended December 31, 2014 and 2013, respectively. | |
Securities | |
Debt securities that management has the positive intent and ability to hold to maturity are classified as “held to maturity” and recorded at amortized cost. Securities not classified as held to maturity, including equity securities with readily determinable fair values, are classified as “available for sale” and recorded at fair value, with unrealized gains and losses excluded from earnings and reported in other comprehensive income. | |
Purchase premiums and discounts are recognized in interest income using the interest method over the terms of the securities. Declines in the fair value of held-to-maturity and available-for-sale securities below their cost that are deemed to be other than temporary are reflected in earnings as realized losses. In estimating other than temporary impairment losses, management considers (1) the length of time and the extent to which the fair value has been less than cost, (2) the financial condition and near-term prospects of the issuer, and (3) the intent and ability of the Company to retain its investment in the issuer for a period of time sufficient to allow for any anticipated recovery in fair value. Gains and losses on the sale of securities are determined using the specific identification method. | |
Restricted Securities | |
The Company is required to maintain an investment in the capital stock of certain correspondent banks. The Company’s investment in these securities is recorded at cost. | |
Loans Held for Sale | |
Mortgage loans originated and intended for sale in the secondary market are carried at the lower of cost or estimated market in the aggregate. Net unrealized losses are recognized through a valuation allowance by charges to income. Mortgage loans held for sale are sold with the mortgage servicing rights released by the Company. | |
The Company enters into commitments to originate certain mortgage loans whereby the interest rate on the loans is determined prior to funding (rate lock commitments). Rate lock commitments on mortgage loans that are intended to be sold are considered to be derivatives. The period of time between issuance of a loan commitment and closing and the sale of the loan generally ranges from thirty to ninety days. The Company protects itself from changes in interest rates through the use of best efforts forward delivery commitments, whereby the Company commits to sell a loan at the time the borrower commits to an interest rate with the intent that the buyer has assumed interest rate risk on the loan. As a result, the Company is not exposed to losses nor will it realize significant gains related to its rate lock commitments due to changes in interest rates. The correlation between the rate lock commitments and the best efforts contracts is very high due to their similarity. Because of this high correlation, the gain or loss that occurs on the rate lock commitments is immaterial. | |
Loans | |
The Bank grants mortgage, commercial and consumer loans to customers. A significant portion of the loan portfolio is represented by 1-4 family residential and commercial mortgage loans. The ability of the Bank’s debtors to honor their contracts is dependent upon the real estate and general economic conditions in the Bank’s market area. | |
Loans that management has the intent and ability to hold for the foreseeable future or until maturity or pay-off generally are reported at their outstanding unpaid principal balances adjusted for charge-offs, the allowance for loan losses, and any deferred fees or costs on originated loans. Interest income is accrued on the unpaid principal balance. Loan origination fees, net of certain direct origination costs, are deferred and recognized as an adjustment of the related loan yield using the effective interest method. | |
The accrual of interest on mortgage and commercial loans is discontinued at the time the loan is 90 days delinquent unless the credit is well-secured and in process of collection. Consumer loans are typically charged off no later than 180 days past due. In all cases, loans are placed on nonaccrual or charged-off at an earlier date if collection of principal or interest is considered doubtful. | |
All interest accrued but not collected for loans that are placed on nonaccrual or charged-off is reversed against interest income. The interest on these loans is accounted for on the cash-basis or cost-recovery method until qualifying for return to accrual status. Loans are returned to accrual status when all of the principal and interest amounts contractually due are brought current and future payments are reasonably assured. | |
Allowance for Loan Losses on Non-covered loans | |
The allowance for loan losses is established as losses are estimated to have occurred through a provision for loan losses charged to earnings. Loan losses are charged against the allowance when management believes the uncollectability of a loan balance is confirmed. Subsequent recoveries, if any, are credited to the allowance. | |
The allowance is an amount that management believes is appropriate to absorb estimated losses relating to specifically identified loans, as well as probable credit losses inherent in the balance of the loan portfolio, based on an evaluation of the collectability of existing loans and prior loss experience. This evaluation also takes into consideration such factors as changes in the nature and volume of the loan portfolio, overall portfolio quality, review of specific problem loans, and current economic conditions that may affect the borrower’s ability to pay. This evaluation does not include the effects of expected losses on specific loans or groups of loans that are related to future events or expected changes in economic conditions. While management uses the best information available to make its evaluation, future adjustments to the allowance may be necessary if there are significant changes in economic conditions. In addition, regulatory agencies, as an integral part of their examination process, periodically review the Bank’s allowance for loan losses, and may require the Bank to make additions to the allowance based on their judgment about information available to them at the time of their examinations. | |
The allowance consists of specific and general components. For loans that are also classified as impaired, an allowance is established when the discounted cash flows (or collateral value or observable market price) of the impaired loan is lower than the carrying value of that loan. The general component covers non-classified loans and is based on historical loss experience adjusted for qualitative factors. | |
A loan is considered impaired when, based on current information and events, it is probable that the Company will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record, and the amount of the shortfall in relation to the principal and interest owed. Impairment is measured on a loan by loan basis for commercial and construction loans by either the present value of the expected future cash flows discounted at the loan’s effective interest rate, the loan’s obtainable market price, or the fair value of the collateral if the loan is collateral dependent. | |
Large groups of smaller balance homogeneous loans are collectively evaluated for impairment. Accordingly, the Bank does not separately identify individual consumer and residential loans for impairment disclosures. | |
Accounting for Certain Loans or Debt Securities Acquired in a Transfer | |
FASB ASC 310, Receivables requires acquired loans to be recorded at fair value and prohibits carrying over valuation allowances in the initial accounting for acquired impaired loans. Loans carried at fair value, mortgage loans held for sale, and loans to borrowers in good standing under revolving credit arrangements are excluded from the scope of FASB ASC 310 which limits the yield that may be accreted to the excess of the undiscounted expected cash flows over the investor’s initial investment in the loan. The excess of the contractual cash flows over expected cash flows may not be recognized as an adjustment of yield. Subsequent increases in cash flows to be collected are recognized prospectively through an adjustment of the loan’s yield over its remaining life. Decreases in expected cash flows are recognized as impairments through the allowance for loan losses. | |
The Company’s acquired loans from the Suburban Federal Savings Bank (SFSB) transaction (the “covered loans”), subject to FASB ASC Topic 805, Business Combinations (formerly SFAS 141(R)), are recorded at fair value and no separate valuation allowance was recorded at the date of acquisition. FASB ASC 310-30, Loans and Debt Securities Acquired with Deteriorated Credit Quality (formerly SOP 03-3), applies to loans acquired in a transfer with evidence of deterioration of credit quality for which it is probable, at acquisition, that the investor will be unable to collect all contractually required payments receivable. The Company is applying the provisions of FASB ASC 310-30 to all loans acquired in the SFSB transaction. The Company has grouped loans together based on common risk characteristics including product type, delinquency status and loan documentation requirements among others. | |
The shared-loss agreement with the Federal Deposit Insurance Corporation (FDIC) related to loans other than those secured by single family, residential 1-4 family mortgages expired March 31, 2014. These loans will continue to be accounted for in accordance with FASB ASC 310-30 as purchased credit impaired loans and were classified as non-covered loans effective April 1, 2014 (the “PCI loans”). | |
The covered loans and PCI loans are subject to credit review standards described above for non-covered loans. If and when credit deterioration occurs subsequent to the acquisition date, a provision for credit loss for covered loans will be charged to earnings for the full amount without regard to the shared-loss agreements. | |
The Company has made an estimate of the total cash flows it expects to collect from each pool of loans, which includes undiscounted expected principal and interest. The excess of that amount over the fair value of the pool is referred to as accretable yield. Accretable yield is recognized as interest income on a constant yield basis over the life of the pool. The Company also determines each pool’s contractual principal and contractual interest payments. The excess of that amount over the total cash flows it expects to collect from the pool is referred to as nonaccretable difference, which is not accreted into income. Judgmental prepayment assumptions are applied to both contractually required payments and cash flows expected to be collected at acquisition. Over the life of the loan or pool, the Company continues to estimate cash flows expected to be collected. Subsequent decreases in cash flows expected to be collected over the life of the pool are recognized as an impairment in the current period through allowance for loan loss. Subsequent increases in expected or actual cash flows are first used to reverse any existing valuation allowance for that loan or pool. Any remaining increase in cash flows expected to be collected is recognized as an adjustment to the accretable yield with the amount of periodic accretion adjusted over the remaining life of the pool. | |
Bank Premises and Equipment | |
Bank premises and equipment are stated at cost less accumulated depreciation. Land is carried at cost. Depreciation of bank premises and equipment is computed on the straight-line method over estimated useful lives of 10 to 50 years for premises and 3 to 20 years for equipment, furniture and fixtures. | |
Costs of maintenance and repairs are charged to expense as incurred and major improvements are capitalized. Upon sale or retirement of depreciable properties, the cost and related accumulated depreciation are eliminated from the accounts and the resulting gain or loss is included in the determination of income. | |
Other Real Estate Owned | |
Real estate acquired through, or in lieu of, loan foreclosure is held for sale and is initially recorded at the fair value at the date of foreclosure net of estimated selling costs, establishing a new cost basis. Subsequent to foreclosure, valuations are periodically performed by management and the assets are carried at the lower of the carrying amount or the fair value less costs to sell. Revenues and expenses from operations and changes in the valuation allowance are included in other operating expenses. Costs to bring a property to salable condition are capitalized up to the fair value of the property while costs to maintain a property in salable condition are expensed as incurred. The Company had $5.7 million and $6.2 million in other real estate, non-covered at December 31, 2014 and 2013, respectively, and $2.0 million and $2.7 million in other real estate, covered at December 31, 2014 and 2013, respectively. | |
Other Intangibles | |
The Company is accounting for other intangible assets in accordance with FASB ASC 350, Intangibles - Goodwill and Others. Under FASB ASC 350, acquired intangible assets (such as core deposit intangibles) are separately recognized if the benefit of the assets can be sold, transferred, licensed, rented, or exchanged, and amortized over their useful lives. The costs of purchased deposit relationships and other intangible assets, based on independent valuation by a qualified third party, are being amortized over their estimated lives. The core deposit intangible is evaluated for impairment in accordance with FASB ASC 350. | |
Advertising Costs | |
The Company follows the policy of expensing advertising costs as incurred, which totaled $475,000, $384,000 and $336,000 for 2014, 2013 and 2012, respectively. | |
Income Taxes | |
Deferred income tax assets and liabilities are determined using the liability (or balance sheet) method. Under this method, the net deferred tax asset or liability is determined based on the tax effects of the temporary differences between the book and tax bases of the various balance sheet assets and liabilities and gives current recognition to changes in tax rates and laws. | |
When tax returns are filed, it is highly certain that some positions taken would be sustained upon examination by the taxing authorities, while others are subject to uncertainty about the merits of the position taken or the amount of the position that would be ultimately sustained. The benefit of a tax position is recognized in the financial statements in the period during which, based on all available evidence, management believes it is more likely than not that the position will be sustained upon examination, including the resolution of appeals or litigation processes, if any. Tax positions taken are not offset or aggregated with other positions. Tax positions that meet the more-likely-than-not recognition threshold are measured as the largest amount of tax benefit that is more than 50 percent likely of being realized upon settlement with the applicable taxing authority. The portion of the benefits associated with tax positions taken that exceeds the amount measured as described above is reflected as a liability for unrecognized tax benefits in the accompanying balance sheet along with any associated interest and penalties that would be payable to the taxing authorities upon examination. Interest and penalties associated with unrecognized tax benefits are classified as additional income taxes in the statement of income. Under FASB ASC 740, Income Taxes, a valuation allowance is provided when it is more likely than not that some portion of the deferred tax asset will not be realized. In management’s opinion, based on a three year taxable income projection, tax strategies that would result in potential securities gains and the effects of off-setting deferred tax liabilities, it is more likely than not that the deferred tax assets are realizable. | |
The Company and its subsidiaries are subject to U. S. federal income tax as well as various state income taxes. Years 2011 through 2014 are open to examination by the respective tax authorities. | |
Earnings Per Share | |
Basic earnings per share (EPS) is computed based on the weighted average number of shares outstanding and excludes any dilutive effects of options, warrants and convertible securities. Diluted EPS is computed in a manner similar to basic EPS, except for certain adjustments to the numerator and the denominator. Diluted EPS gives effect to all dilutive potential common shares that were outstanding at the end of the period. Potential common shares that may be issued by the Company relate solely to outstanding stock options and are determined using the treasury stock method. The Company declared and paid $247,000, $885,000 and $2.2 million in dividends on preferred stock in 2014, 2013 and 2012, respectively. | |
Stock-Based Compensation | |
In April 2009, the Company adopted the Community Bankers Trust Corporation 2009 Stock Incentive Plan which is authorized to issue up to 2,650,000 shares of common stock. See Note 13 for details regarding these plans. | |
Derivatives - Cash Flow Hedge | |
The Company uses interest rate derivatives to manage certain amounts of its exposure to interest rate movements. To accomplish this objective, the Company is a party to interest rate swaps whereby the Company pays fixed amounts to a counterparty in exchange for receiving variable payments over the life of an underlying agreement without the exchange of underlying notional amounts. | |
Derivatives designated as cash flow hedges are used primarily to minimize the variability in cash flows of assets or liabilities caused by interest rates. Cash flow hedges are periodically tested for effectiveness, which measures the correlation of the cash flows of the hedged item with the cash flows from the derivative. The effective portion of changes in the fair value of derivatives designated as cash flow hedges is recorded in accumulated other comprehensive income (loss) and is subsequently reclassified into net income in the period that the hedged forecasted transaction affects earnings. The ineffective portion of the change in fair value of the derivative is recognized directly in earnings. | |
Recent Accounting Pronouncements | |
In January 2015, the FASB issued Accounting Standards Update (ASU) No. 2015-01, Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items. The ASU eliminates the concept of extraordinary items from U.S. GAAP. Existing U.S. GAAP required that an entity separately classify, present, and disclose extraordinary events and transactions. Presently, an event or transaction is presumed to be an ordinary and usual activity of the reporting entity unless the event or transaction is both unusual in nature and infrequent in occurrence. The amendments will eliminate the requirements for reporting entities to consider whether an underlying event or transaction is extraordinary; however, the presentation and disclosure guidance for items that are unusual in nature or occur infrequently will be retained and will be expanded to include items that are both unusual in nature and infrequently occurring. | |
The amendments are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. The amendments may be applied either prospectively or retrospectively to all prior periods presented in the financial statements. Early adoption is permitted provided that the guidance is applied from the beginning of the fiscal year of adoption. The Company does not expect the adoption of this guidance to have a material impact on its consolidated financial statements. | |
In November 2014, the FASB issued ASU 2014-17, Pushdown Accounting, that gives acquired entities the option to apply pushdown accounting in their separate financial statements when an acquirer obtains control of them. In a related move, the Securities and Exchange Commission rescinded its guidance, which previously required or precluded pushdown accounting depending on the specific circumstances. Pushdown accounting is the practice of adjusting an acquired company’s separate financial statements to reflect the new basis of accounting established by the buyer for the acquired company. This commonly takes the form of “stepping up” net assets to fair value, which generally includes the recognition of goodwill and other intangibles assets. The new guidance provides an acquired entity with an option to apply pushdown accounting in its separate financial statements upon occurrence of an event in which an acquirer obtains control of the acquired entity. If the acquired company does not elect to apply pushdown accounting in the period of acquisition, it could do so in a later period through a retrospective adjustment, as long as the change is deemed to be “preferable” accounting. However, once pushdown is applied, it cannot subsequently be reversed. | |
The new guidance was effective upon issuance for current and future reporting periods and any open reporting periods for which financial statements have not yet been issued. The Company has had no recent acquisition activity; therefore, adoption of this guidance had no material impact on its consolidated financial statements. | |
In January 2014, the FASB issued ASU No. 2014-04, Receivables - Troubled Debt Restructurings by Creditors (Subtopic 310-40) - Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure. Although current guidance indicates that a creditor should reclassify a collateralized mortgage loan as other real estate owned when it determines that there has been in substance a repossession or foreclosure by the creditor, that is, the creditor receives physical possession of the debtor’s assets regardless of whether formal foreclosure proceedings take place, the terms in substance repossession or foreclosure and physical possession are not defined in the accounting literature. This has resulted in diversity about when a creditor should derecognize the loan receivable and recognize the real estate property. The objective of the amendments in this update is to reduce diversity by clarifying when an in substance repossession or foreclosure occurs. The amendments state that an in substance repossession or foreclosure occurs, and a creditor is considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan, upon either (1) the creditor obtaining legal title to the residential real estate property upon completion of a foreclosure or (2) the borrower conveying all interest in the residential real estate property to the creditor to satisfy that loan through completion of a deed in lieu of foreclosure or through a similar legal agreement. Additionally, the amendments require interim and annual disclosure of both (1) the amount of foreclosed residential real estate property held by the creditor and (2) the recorded investment in consumer mortgage loans collateralized by residential real estate property that are in the process of foreclosure according to local requirements of the applicable jurisdiction. The amendments are effective for public business entities for annual periods and interim periods within those annual periods beginning after December 15, 2014. Early adoption is permitted. The Company currently records foreclosures in accordance with this guidance; therefore, no changes are necessary for adoption. | |
Also in January 2014, the FASB issued ASU No. 2014-01, Investments - Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Qualified Affordable Housing Projects (a consensus of the FASB Emerging Issues Task Force). The amendments in this ASU apply to all reporting entities that invest in qualified affordable housing projects through limited liability entities that are flow through entities for tax purposes. Currently, an investor that invests in a qualified affordable housing project may elect to account for that investment using the effective yield method. Those not electing the effective yield method would account for the investment using the equity method or cost method. The Task Force received stakeholder feedback indicating that certain of the required conditions for the effective yield method are overly restrictive and thus prevent many investments in qualified affordable housing projects from qualifying for the use of this method. Those stakeholders stated that presenting the investment performance net of taxes as a component of income tax expense (benefit) as prescribed by the effective yield method more fairly represents the economics and provides users with a better understanding of the returns from such investments than the equity or cost methods. | |
The amendments in this 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. Under the proportional amortization method, an entity amortizes the initial cost of the investment in proportion to the tax credits and other tax benefits received and recognizes the net investment performance in the income statement as a component of income tax expense (benefit). Those not electing the proportional amortization method would account for the investment using the equity method or cost method. The decision to apply the proportional amortization method of accounting is an accounting policy decision that should be applied consistently to all qualifying affordable housing project investments rather than a decision to be applied to individual investments. A reporting entity should disclose information that enables users of its financial statements to understand the nature of its investments in qualified affordable housing projects, and the effect of the measurement of its investments in qualified affordable housing projects and the related tax credits on its financial position and results of operations. The amendments in this ASU should be applied retrospectively to all periods presented. The amendments in this ASU are effective for public business entities for annual periods and interim reporting periods within those annual periods, beginning after December 15, 2014. Early adoption is permitted. The Company does not expect the adoption of this guidance to have a material impact on its consolidated financial statements. | |
Use of Estimates | |
The preparation of 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 at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Management estimates that are particularly susceptible to significant change in the near term relate to the determination of the allowance for loan losses, the valuation of other real estate owned, projected cash flows relating to certain acquired loans, the value of the indemnification asset, and the valuation of deferred tax assets. | |
Reclassifications | |
Certain reclassifications have been made to prior period balances to conform to the current year presentations. | |
Securities
Securities | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||
Securities [Abstract] | |||||||||||||||||||
Securities | |||||||||||||||||||
Note 2. Securities | |||||||||||||||||||
Amortized costs and fair values of securities available for sale and held to maturity at December 31, 2014 and 2013 were as follows (dollars in thousands): | |||||||||||||||||||
31-Dec-14 | |||||||||||||||||||
Gross Unrealized | |||||||||||||||||||
Amortized Cost | Gains | Losses | Fair Value | ||||||||||||||||
Securities Available for Sale | |||||||||||||||||||
U.S. Treasury issue and other U.S. Gov’t agencies | $ | 99,608 | $ | 113 | $ | -1,014 | $ | 98,707 | |||||||||||
U.S. Gov’t sponsored agencies | — | — | — | — | |||||||||||||||
State, county and municipal | 134,405 | 3,926 | -854 | 137,477 | |||||||||||||||
Corporate and other bonds | 11,921 | 17 | -55 | 11,883 | |||||||||||||||
Mortgage backed – U.S. Gov’t agencies | 2,338 | 18 | -98 | 2,258 | |||||||||||||||
Mortgage backed – U.S. Gov’t sponsored agencies | 24,096 | 174 | -27 | 24,243 | |||||||||||||||
Total Securities Available for Sale | $ | 272,368 | $ | 4,248 | $ | -2,048 | $ | 274,568 | |||||||||||
Securities Held to Maturity | |||||||||||||||||||
State, county and municipal | $ | $ | $ | $ | $ | — | $ | $ | |||||||||||
31,677 | 1,103 | 32,780 | |||||||||||||||||
Mortgage backed – U.S. Gov’t agencies | 4,293 | 238 | — | 4,531 | |||||||||||||||
Mortgage backed – U.S. Gov’t sponsored agencies | 227 | 1 | — | 228 | |||||||||||||||
Total Securities Held to Maturity | $ | 36,197 | $ | 1,342 | $ | — | $ | 37,539 | |||||||||||
31-Dec-13 | |||||||||||||||||||
Gross Unrealized | |||||||||||||||||||
Amortized Cost | Gains | Losses | Fair Value | ||||||||||||||||
Securities Available for Sale | |||||||||||||||||||
U.S. Treasury issue and other U.S. Gov’t agencies | $ | $ | $ | $ | |||||||||||||||
99,789 | 165 | -967 | 98,987 | ||||||||||||||||
U.S. Gov’t sponsored agencies | 487 | — | -1 | 486 | |||||||||||||||
State, county and municipal | 138,884 | 1,297 | -6,085 | 134,096 | |||||||||||||||
Corporate and other bonds | 6,369 | 27 | -47 | 6,349 | |||||||||||||||
Mortgage backed – U.S. Gov’t agencies | 3,608 | 29 | -198 | 3,439 | |||||||||||||||
Mortgage backed – U.S. Gov’t sponsored agencies | 22,631 | 69 | -280 | 22,420 | |||||||||||||||
Total Securities Available for Sale | $ | $ | $ | $ | |||||||||||||||
271,768 | 1,587 | -7,578 | 265,777 | ||||||||||||||||
Securities Held to Maturity | |||||||||||||||||||
State, county and municipal | $ | $ | $ — | $ | |||||||||||||||
9,385 | 718 | 10,103 | |||||||||||||||||
Mortgage backed – U.S. Gov’t agencies | 6,604 | 398 | — | 7,002 | |||||||||||||||
Mortgage backed – U.S. Gov’t sponsored agencies | 12,574 | 626 | — | 13,200 | |||||||||||||||
Total Securities Held to Maturity | $ | $ | $ — | $ | |||||||||||||||
28,563 | 1,742 | 30,305 | |||||||||||||||||
The amortized cost and fair value of securities at December 31, 2014 by contractual maturity are shown below. Expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations without any penalties. | |||||||||||||||||||
Held to Maturity | Available for Sale | ||||||||||||||||||
(dollars in thousands) | Amortized Cost | Fair Value | Amortized Cost | Fair Value | |||||||||||||||
Due in one year or less | $ | 1,207 | $ | 1,229 | $ | 23,341 | $ | 23,375 | |||||||||||
Due after one year through five years | 13,283 | 14,092 | 63,204 | 63,865 | |||||||||||||||
Due after five years through ten years | 13,061 | 13,370 | 148,284 | 150,067 | |||||||||||||||
Due after ten years | 8,646 | 8,848 | 37,539 | 37,261 | |||||||||||||||
Total securities | $ | $ | 37,539 | $ | 272,368 | $ | 274,568 | ||||||||||||
36,19736,197 | |||||||||||||||||||
Proceeds from sales of securities available for sale were $79.6 million, $77.8 million and $149.9 million during the years ended December 31, 2014, 2013 and 2012, respectively. Gains and losses on the sale of securities are determined using the specific identification method. Gross realized gains and losses on sales of securities available for sale during the years ended December 31, 2014, 2013 and 2012 were as follows (dollars in thousands): | |||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||
Gross realized gains | $ | 1,584 | $ | 645 | $ | 2,236 | |||||||||||||
Gross realized losses | -495 | -127 | -744 | ||||||||||||||||
Net securities gains | $ | 1,089 | $ | 518 | $ | 1,492 | |||||||||||||
In estimating other than temporary impairment (OTTI) losses, management considers the length of time and the extent to which the fair value has been less than cost, the financial condition and short-term prospects for the issuer, and the intent and ability of management to hold its investment for a period of time to allow a recovery in fair value. There were no investments held that had OTTI losses for the years ended December 31, 2014, 2013 and 2012. | |||||||||||||||||||
The fair value and gross unrealized losses for securities, segregated by the length of time that individual securities have been in a continuous gross unrealized loss position, at December 31, 2014 and 2013 were as follows (dollars in thousands): | |||||||||||||||||||
31-Dec-14 | |||||||||||||||||||
Less than 12 Months | 12 Months or More | Total | |||||||||||||||||
Securities Available for Sale | Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | |||||||||||||
U.S. Treasury issue and other U.S. Gov’t agencies | $ | 47,475 | $ | -438 | $ | 35,630 | $ | -576 | $ | 83,105 | $ | -1,014 | |||||||
State, county and municipal | 3,673 | -8 | 32,348 | -846 | 36,021 | -854 | |||||||||||||
Corporate and other bonds | 5,756 | -21 | 3,113 | -34 | 8,869 | -55 | |||||||||||||
Mortgage backed – U.S. Gov’t agencies | — | — | 1,899 | -98 | 1,899 | -98 | |||||||||||||
Mortgage backed – U.S. Gov’t sponsored agencies | 2,551 | -16 | 712 | -11 | 3,263 | -27 | |||||||||||||
Total | $ | 59,455 | $ | -483 | $ | 73,702 | $ | -1,565 | $ | 133,157 | $ | -2,048 | |||||||
31-Dec-13 | |||||||||||||||||||
Less than 12 Months | 12 Months or More | Total | |||||||||||||||||
Securities Available for Sale | Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | |||||||||||||
U.S. Treasury issue and other U.S. Gov’t agencies | $ | $ | $ | $ | $ | $ | |||||||||||||
35,873 | -531 | 37,638 | -436 | 73,511 | -967 | ||||||||||||||
U.S. Gov’t sponsored agencies | 486 | -1 | — | — | 486 | -1 | |||||||||||||
State, county and municipal | 92,010 | -5,343 | 6,445 | -742 | 98,455 | -6,085 | |||||||||||||
Corporate and other bonds | 3,332 | -42 | 991 | -5 | 4,323 | -47 | |||||||||||||
Mortgage backed – U.S. Gov’t agencies | 2,767 | -198 | — | — | 2,767 | -198 | |||||||||||||
Mortgage backed – U.S. Gov’t sponsored agencies | 14,572 | -258 | 1,557 | -22 | 16,129 | -280 | |||||||||||||
Total | $ | $ | $ | $ | $ | $ | |||||||||||||
149,040 | -6,373 | 46,631 | -1,205 | 195,671 | -7,578 | ||||||||||||||
The unrealized losses (impairments) in the investment portfolio at December 31, 2014 and 2013 are generally a result of market fluctuations that occur daily. The unrealized losses are from 130 securities at December 31, 2014. Of those, 120 are investment grade, have U.S. government agency guarantees, or are backed by the full faith and credit of local municipalities throughout the United States. Ten investment grade corporate obligations comprise the remaining securities with unrealized losses at December 31, 2014. The Company considers the reason for impairment, length of impairment and ability to hold until the full value is recovered in determining if the impairment is temporary in nature. Based on this analysis, the Company has determined these impairments to be temporary in nature. The Company does not intend to sell and it is more likely than not that the Company will not be required to sell these securities until they recover in value or reach maturity. | |||||||||||||||||||
Market prices are affected by conditions beyond the control of the Company. Investment decisions are made by the management group of the Company and reflect the overall liquidity and strategic asset/liability objectives of the Company. Management analyzes the securities portfolio frequently and manages the portfolio to provide an overall positive impact to the Company’s income statement and balance sheet. | |||||||||||||||||||
Securities with amortized costs of $111.3 million and $109.1 million at December 31, 2014 and 2013, respectively, were pledged to secure public deposits and for other purposes required or permitted by law. At each of December 31, 2014 and 2013, there were no securities purchased from a single issuer, other than U.S. Treasury issue and other U.S. Government agencies that comprised more than 10% of the consolidated shareholders’ equity. | |||||||||||||||||||
Loans_Not_Covered_by_FDIC_Shar
Loans Not Covered by FDIC Shared-Loss Agreement (Non-Covered Loans) and Related Allowance for Loan Losses | 12 Months Ended | |||||||||||||
Dec. 31, 2014 | ||||||||||||||
Loans Not Covered by FDIC Shared-Loss Agreement (Non-Covered Loans) and Related Allowance for Loan Losses [Abstract] | ||||||||||||||
Loans Not Covered by FDIC Shared-Loss Agreement (Non-Covered Loans) and Related Allowance for Loan Losses | Note 3. Loans Not Covered by FDIC Shared-loss Agreements (Non-covered Loans) and Related Allowance for Loan Losses | |||||||||||||
The Company’s non-covered loans at December 31, 2014 and 2013 were comprised of the following (dollars in thousands): | ||||||||||||||
31-Dec-14 | 31-Dec-13 | |||||||||||||
Amount | % of Non-Covered Loans | Amount | % of Non-Covered Loans | |||||||||||
Mortgage loans on real estate: | ||||||||||||||
Residential 1-4 family | $ | 25.32 | % | $ | 24.21 | % | ||||||||
168,358 | 144,382 | |||||||||||||
Commercial | 283,430 | 42.63 | 247,284 | 41.47 | ||||||||||
Construction and land development | 59,515 | 8.95 | 55,278 | 9.27 | ||||||||||
Second mortgages | 6,016 | 0.90 | 6,854 | 1.15 | ||||||||||
Multifamily | 33,830 | 5.09 | 35,774 | 6.00 | ||||||||||
Agriculture | 7,167 | 1.08 | 9,565 | 1.60 | ||||||||||
Total real estate loans | 558,316 | 83.97 | 499,137 | 83.70 | ||||||||||
Commercial loans | 99,634 | 14.99 | 90,142 | 15.12 | ||||||||||
Consumer installment loans | 5,470 | 0.82 | 5,623 | 0.94 | ||||||||||
All other loans | 1,444 | 0.22 | 1,435 | 0.24 | ||||||||||
Gross loans | 664,864 | 100.00 | % | 596,337 | 100.00 | % | ||||||||
Less unearned income on loans | -128 | -164 | ||||||||||||
Non-covered loans, net of unearned income | $ | $ | ||||||||||||
664,736 | 596,173 | |||||||||||||
The Company held $18.3 million and $38.5 million in balances of loans guaranteed by the United States Department of Agriculture (USDA), which are included in various categories in the table above, at December 31, 2014 and 2013, respectively. As these loans are 100% guaranteed by the USDA, no loan loss provision is required. These loan balances included an unamortized purchase premium of $922,000 and $2.5 million at December 31, 2014 and 2013, respectively. Unamortized purchase premium is recognized as an adjustment of the related loan yield on a straight line basis, which is substantially equivalent to the results obtained using the effective interest method. | ||||||||||||||
At December 31, 2014 and 2013, the Company’s allowance for credit losses was comprised of the following: (i) specific valuation allowances calculated in accordance with FASB ASC 310, Receivables, (ii) general valuation allowances calculated in accordance with FASB ASC 450, Contingencies, based on economic conditions and other qualitative risk factors, and (iii) historical valuation allowances calculated using historical loan loss experience. Management identified loans subject to impairment in accordance with ASC 310. | ||||||||||||||
The Purchase and Assumption Agreement into which the Company and the Federal Deposit Insurance Corporation (FDIC) entered in January 2009 that provided for the Company’s assumption of all of the deposits and certain other liabilities and acquisition of substantially all assets of Suburban Federal Savings Bank (SFSB) included two shared-loss agreements with respect to certain covered loans and foreclosed real estate assets. See Notes 4 and 5 for more information on the Purchase and Assumption Agreement and the shared-loss agreements. The shared-loss agreement for loans other than those secured by single family, residential 1-4 family mortgages expired March 31, 2014. These loans, which had an outstanding principal balance of $10.0 million and a carrying value of $5.5 million at March 31, 2014, are being accounted for in accordance with FASB ASC 310-30, Loans and Debt Securities Acquired with Deteriorated Credit Quality, are commonly referred to as purchased credit impaired loans, and were classified as non-covered loans effective April 1, 2014 (the “PCI loans”). | ||||||||||||||
The PCI loans are not classified as nonperforming assets as of December 31, 2014, as the loans are accounted for on a pooled basis, and interest income, through accretion of the difference between the carrying amount of the loans and the expected cash flows, is being recognized on all PCI loans. | ||||||||||||||
The following table reflects the outstanding principal balance and carrying amounts of the PCI loans as of December 31, 2014 (dollars in thousands): | ||||||||||||||
31-Dec-14 | ||||||||||||||
Unpaid balance | Carrying Value | |||||||||||||
Mortgage loans on real estate: | ||||||||||||||
Residential 1-4 family | $ | $ | ||||||||||||
2,189 | 1,096 | |||||||||||||
Commercial | 3,179 | 1,148 | ||||||||||||
Construction and land development | 3,658 | 2,456 | ||||||||||||
Second mortgages | 31 | 16 | ||||||||||||
Multifamily | — | — | ||||||||||||
Agriculture | — | — | ||||||||||||
Total real estate loans | 9,057 | 4,716 | ||||||||||||
Total PCI loans | $ | $ | ||||||||||||
9,057 | 4,716 | |||||||||||||
The allowance for loan losses related to PCI loans was $98,000 as of March 31, 2014 and was transferred from the allowance for loan losses on covered loans effective April 1, 2014. This allowance was related to commercial real estate loans. There was no other activity in the allowance for loan losses related to PCI loans for the year ended December 31, 2014. | ||||||||||||||
The change in the accretable yield balance for the PCI loans for the year ended December 31, 2014 (dollars in thousands): | ||||||||||||||
Balance transferred from covered loans, April 1, 2014 | $ | |||||||||||||
4,773 | ||||||||||||||
Accretion | -554 | |||||||||||||
Reclassification from nonaccretable yield | 852 | |||||||||||||
Balance, December 31, 2014 | $ | |||||||||||||
5,071 | ||||||||||||||
The following table summarizes information related to impaired loans as of December 31, 2014 (dollars in thousands): | ||||||||||||||
With an allowance recorded: | Recorded Investment (1) | Unpaid Principal Balance (2) | Related Allowance | |||||||||||
Mortgage loans on real estate: | ||||||||||||||
Residential 1-4 family | $ | 2,754 | $ | 2,895 | $ | 463 | ||||||||
Commercial | 308 | 470 | 53 | |||||||||||
Construction and land development | 4,903 | 7,643 | 627 | |||||||||||
Second mortgages | 61 | 63 | 11 | |||||||||||
Multifamily | — | — | — | |||||||||||
Agriculture | — | — | — | |||||||||||
Total real estate loans | 8,026 | 11,071 | 1,154 | |||||||||||
Commercial loans | 7,521 | 8,721 | 520 | |||||||||||
Consumer installment loans | 118 | 120 | 20 | |||||||||||
All other loans | — | — | — | |||||||||||
Subtotal impaired loans with a valuation allowance | 15,665 | 19,912 | 1,694 | |||||||||||
With no related allowance recorded: | ||||||||||||||
Mortgage loans on real estate: | ||||||||||||||
Residential 1-4 family | 588 | 626 | — | |||||||||||
Commercial | 418 | 550 | — | |||||||||||
Construction and land development | 179 | 212 | — | |||||||||||
Second mortgages | — | — | — | |||||||||||
Multifamily | — | — | — | |||||||||||
Agriculture | — | — | — | |||||||||||
Total real estate loans | 1,185 | 1,388 | — | |||||||||||
Commercial loans | — | — | — | |||||||||||
Consumer installment loans | 2 | 3 | — | |||||||||||
All other loans | — | — | — | |||||||||||
Subtotal impaired loans without a valuation allowance | 1,187 | 1,391 | — | |||||||||||
Total: | ||||||||||||||
Mortgage loans on real estate: | ||||||||||||||
Residential 1-4 family | 3,342 | 3,521 | 463 | |||||||||||
Commercial | 726 | 1,020 | 53 | |||||||||||
Construction and land development | 5,082 | 7,855 | 627 | |||||||||||
Second mortgages | 61 | 63 | 11 | |||||||||||
Multifamily | — | — | — | |||||||||||
Agriculture | — | — | — | |||||||||||
Total real estate loans | 9,211 | 12,459 | 1,154 | |||||||||||
Commercial loans | 7,521 | 8,721 | 520 | |||||||||||
Consumer installment loans | 120 | 123 | 20 | |||||||||||
All other loans | — | — | — | |||||||||||
Total impaired loans | $ | 16,852 | $ | 21,303 | $ | 1,694 | ||||||||
-1 | The amount of the investment in a loan, which is not net of a valuation allowance, but which does reflect any direct write-down of the investment | |||||||||||||
-2 | The contractual amount due, which reflects paydowns applied in accordance with loan documents, but which does not reflect any direct write-downs | |||||||||||||
The following table summarizes information related to impaired loans as of December 31, 2013 (dollars in thousands): | ||||||||||||||
With an allowance recorded: | Recorded Investment (1) | Unpaid Principal Balance (2) | Related Allowance | |||||||||||
Mortgage loans on real estate: | ||||||||||||||
Residential 1-4 family | $ | 3,485 | $ | 3,739 | $ | 881 | ||||||||
Commercial | 920 | 1,091 | 150 | |||||||||||
Construction and land development | 4,148 | 5,298 | 508 | |||||||||||
Second mortgages | 225 | 226 | 40 | |||||||||||
Multifamily | — | — | — | |||||||||||
Agriculture | — | — | — | |||||||||||
Total real estate loans | 8,778 | 10,354 | 1,579 | |||||||||||
Commercial loans | 127 | 794 | 16 | |||||||||||
Consumer installment loans | 49 | 51 | 9 | |||||||||||
All other loans | — | — | — | |||||||||||
Subtotal impaired loans with a valuation allowance | 8,954 | 11,199 | 1,604 | |||||||||||
With no related allowance recorded: | ||||||||||||||
Mortgage loans on real estate: | ||||||||||||||
Residential 1-4 family | 1,189 | 1,228 | — | |||||||||||
Commercial | 1,714 | 1,969 | — | |||||||||||
Construction and land development | 1,734 | 4,335 | — | |||||||||||
Second mortgages | — | — | — | |||||||||||
Multifamily | — | — | — | |||||||||||
Agriculture | 204 | 222 | — | |||||||||||
Total real estate loans | 4,841 | 7,754 | — | |||||||||||
Commercial loans | — | — | — | |||||||||||
Consumer installment loans | 6 | 6 | — | |||||||||||
All other loans | — | — | — | |||||||||||
Subtotal impaired loans without a valuation allowance | 4,847 | 7,760 | — | |||||||||||
Total: | ||||||||||||||
Mortgage loans on real estate: | ||||||||||||||
Residential 1-4 family | 4,674 | 4,967 | 881 | |||||||||||
Commercial | 2,634 | 3,060 | 150 | |||||||||||
Construction and land development | 5,882 | 9,633 | 508 | |||||||||||
Second mortgages | 225 | 226 | 40 | |||||||||||
Multifamily | — | — | — | |||||||||||
Agriculture | 204 | 222 | — | |||||||||||
Total real estate loans | 13,619 | 18,108 | 1,579 | |||||||||||
Commercial loans | 127 | 794 | 16 | |||||||||||
Consumer installment loans | 55 | 57 | 9 | |||||||||||
All other loans | — | — | — | |||||||||||
Total impaired loans | $ | 13,801 | $ | 18,959 | $ | 1,604 | ||||||||
-1 | The amount of the investment in a loan, which is not net of a valuation allowance, but which does reflect any direct write-down of the investment | |||||||||||||
-2 | The contractual amount due, which reflects paydowns applied in accordance with loan documents, but which does not reflect any direct write-downs | |||||||||||||
The following table summarizes the average recorded investment of impaired loans for the years ended December 31, 2014, 2013 and 2012 (dollars in thousands): | ||||||||||||||
31-Dec | ||||||||||||||
2014 | 2013 | 2012 | ||||||||||||
Mortgage loans on real estate: | ||||||||||||||
Residential 1-4 family | $ | $ | $ | |||||||||||
4,008 | 5,607 | 6,770 | ||||||||||||
Commercial | 1,680 | 4,225 | 10,505 | |||||||||||
Construction and land development | 5,482 | 7,436 | 10,602 | |||||||||||
Second mortgages | 143 | 198 | 184 | |||||||||||
Multifamily | — | — | — | |||||||||||
Agriculture | 102 | 227 | 93 | |||||||||||
Total real estate loans | 11,415 | 17,693 | 28,154 | |||||||||||
Commercial loans | 3,824 | 318 | 773 | |||||||||||
Consumer installment loans | 89 | 72 | 137 | |||||||||||
All other loans | — | — | — | |||||||||||
Total impaired loans | $ | $ | $ | |||||||||||
15,328 | 18,083 | 29,064 | ||||||||||||
The majority of impaired loans were also nonaccruing for which no interest income was recognized during each of the years ended December 31, 2014, 2013 and 2012. No significant amounts of interest income were recognized on accruing impaired loans for each of the years ended December 31, 2014, 2013 and 2012. | ||||||||||||||
Interest income on nonaccrual loans, if recognized, is recorded using the cash basis method of accounting. Cash basis income of $612,000 was recognized during the year ended December 31, 2014. There were no significant amounts recognized during either of the years ended December 31, 2013 and 2012. For the years ended December 31, 2014, 2013 and 2012, estimated interest income of $890,000, $980,000 and $1.3 million, respectively, would have been recorded if all such loans had been accruing interest according to their original contractual terms. | ||||||||||||||
The following table presents non-covered nonaccrual loans, excluding PCI loans, by loan category as of December 31, 2014 and 2013 (dollars in thousands): | ||||||||||||||
31-Dec-14 | 31-Dec-13 | |||||||||||||
Mortgage loans on real estate: | ||||||||||||||
Residential 1-4 family | $ | $ | ||||||||||||
3,342 | 4,229 | |||||||||||||
Commercial | 607 | 1,382 | ||||||||||||
Construction and land development | 4,920 | 5,882 | ||||||||||||
Second mortgages | 61 | 225 | ||||||||||||
Multifamily | — | — | ||||||||||||
Agriculture | — | 205 | ||||||||||||
Total real estate loans | 8,930 | 11,923 | ||||||||||||
Commercial loans | 7,521 | 127 | ||||||||||||
Consumer installment loans | 120 | 55 | ||||||||||||
All other loans | — | — | ||||||||||||
Total loans | $ | $ | ||||||||||||
16,571 | 12,105 | |||||||||||||
Troubled debt restructures and some special mention loans still accruing interest are loans that management expects to ultimately collect all principal and interest due, but not under the terms of the original contract. A reconciliation of impaired loans to nonaccrual loans at December 31, 2014 and 2013, is set forth in the table below (dollars in thousands): | ||||||||||||||
31-Dec-14 | 31-Dec-13 | |||||||||||||
Nonaccruals | $ | $ | ||||||||||||
16,571 | 12,105 | |||||||||||||
Trouble debt restructure and still accruing | 118 | 1,696 | ||||||||||||
Special mention and still accruing | 163 | — | ||||||||||||
Total impaired | $ | $ | ||||||||||||
16,852 | 13,801 | |||||||||||||
The following tables present an age analysis of past due status of non-covered loans, excluding PCI loans, by category as of December 31, 2014 and 2013 (dollars in thousands): | ||||||||||||||
31-Dec-14 | ||||||||||||||
30-89 Days Past Due | 90 Days Past Due | Total Past Due | Current | Total Loans Receivable | Recorded Investment 90 Days Past Due and Accruing | |||||||||
Mortgage loans on real estate: | ||||||||||||||
Residential 1-4 family | $ | 298 | $ | 3,342 | $ | 3,640 | $ | 163,622 | $ | 167,262 | $ | — | ||
Commercial | 200 | 607 | 807 | 281,475 | 282,282 | — | ||||||||
Construction and land development | 128 | 4,920 | 5,048 | 52,011 | 57,059 | — | ||||||||
Second mortgages | 26 | 61 | 87 | 5,913 | 6,000 | — | ||||||||
Multifamily | — | — | — | 33,830 | 33,830 | — | ||||||||
Agriculture | — | — | — | 7,167 | 7,167 | — | ||||||||
Total real estate loans | 652 | 8,930 | 9,582 | 544,018 | 553,600 | — | ||||||||
Commercial loans | 66 | 7,521 | 7,587 | 92,047 | 99,634 | — | ||||||||
Consumer installment loans | 10 | 120 | 130 | 5,340 | 5,470 | — | ||||||||
All other loans | — | — | — | 1,444 | 1,444 | — | ||||||||
Total loans | $ | 728 | $ | 16,571 | $ | 17,299 | $ | 642,849 | $ | 660,148 | $ | — | ||
31-Dec-13 | ||||||||||||||
30-89 Days Past Due | 90 Days Past Due | Total Past Due | Current | Total Loans Receivable | Recorded Investment 90 Days Past Due and Accruing | |||||||||
Mortgage loans on real estate: | ||||||||||||||
Residential 1-4 family | $ | 1,455 | $ | 4,229 | $ | 5,684 | $ | 138,698 | $ | 144,382 | $ | — | ||
Commercial | — | 1,382 | 1,382 | 245,902 | 247,284 | — | ||||||||
Construction and land development | 242 | 5,882 | 6,124 | 49,154 | 55,278 | — | ||||||||
Second mortgages | — | 225 | 225 | 6,629 | 6,854 | — | ||||||||
Multifamily | — | — | — | 35,774 | 35,774 | — | ||||||||
Agriculture | — | 205 | 205 | 9,360 | 9,565 | — | ||||||||
Total real estate loans | 1,697 | 11,923 | 13,620 | 485,517 | 499,137 | — | ||||||||
Commercial loans | 115 | 127 | 242 | 89,900 | 90,142 | — | ||||||||
Consumer installment loans | 58 | 55 | 113 | 5,510 | 5,623 | — | ||||||||
All other loans | — | — | — | 1,435 | 1,435 | — | ||||||||
Total loans | $ | 1,870 | $ | 12,105 | $ | 13,975 | $ | 582,362 | $ | 596,337 | $ | — | ||
Activity in the allowance for loan losses on non-covered loans, excluding PCI loans, by segment for the years ended December 31, 2014, 2013 and 2012 is presented in the following tables (dollars in thousands): | ||||||||||||||
31-Dec-13 | Provision Allocation | Charge-offs | Recoveries | 31-Dec-14 | ||||||||||
Mortgage loans on real estate: | ||||||||||||||
Residential 1-4 family | $ | 3,853 | $ | -98 | $ | -733 | $ | 78 | $ | 3,100 | ||||
Commercial | 2,333 | 636 | -446 | 95 | 2,618 | |||||||||
Construction and land development | 2,252 | -323 | — | 1 | 1,930 | |||||||||
Second mortgages | 101 | -42 | — | 4 | 63 | |||||||||
Multifamily | 151 | -15 | — | — | 136 | |||||||||
Agriculture | 81 | -15 | — | — | 66 | |||||||||
Total real estate loans | 8,771 | 143 | -1,179 | 178 | 7,913 | |||||||||
Commercial loans | 1,546 | -152 | -1,217 | 1,065 | 1,242 | |||||||||
Consumer installment loans | 101 | 8 | -134 | 110 | 85 | |||||||||
All other loans | 26 | 1 | — | — | 27 | |||||||||
Total loans | $ | 10,444 | $ | — | $ | -2,530 | $ | 1,353 | $ | 9,267 | ||||
31-Dec-12 | Provision Allocation | Charge-offs | Recoveries | 31-Dec-13 | ||||||||||
Mortgage loans on real estate: | ||||||||||||||
Residential 1-4 family | $ | 3,985 | $ | 244 | $ | -432 | $ | 56 | $ | 3,853 | ||||
Commercial | 2,482 | 1,411 | -1,580 | 20 | 2,333 | |||||||||
Construction and land development | 3,773 | -1,338 | -877 | 694 | 2,252 | |||||||||
Second mortgages | 142 | 16 | -105 | 48 | 101 | |||||||||
Multifamily | 303 | -152 | — | — | 151 | |||||||||
Agriculture | 61 | -14 | -5 | 39 | 81 | |||||||||
Total real estate loans | 10,746 | 167 | -2,999 | 857 | 8,771 | |||||||||
Commercial loans | 1,961 | -172 | -325 | 82 | 1,546 | |||||||||
Consumer installment loans | 195 | -3 | -167 | 76 | 101 | |||||||||
All other loans | 18 | 8 | — | — | 26 | |||||||||
Total loans | $ | 12,920 | $ | — | $ | -3,491 | $ | 1,015 | $ | 10,444 | ||||
31-Dec-11 | Provision Allocation | Charge-offs | Recoveries | 31-Dec-12 | ||||||||||
Mortgage loans on real estate: | ||||||||||||||
Residential 1-4 family | $ | 3,451 | $ | 2,283 | $ | -1,786 | $ | 37 | $ | 3,985 | ||||
Commercial | 3,048 | 15 | -654 | 73 | 2,482 | |||||||||
Construction and land development | 5,729 | -1,539 | -2,058 | 1,641 | 3,773 | |||||||||
Second mortgages | 296 | -165 | -45 | 56 | 142 | |||||||||
Multifamily | 224 | 79 | — | — | 303 | |||||||||
Agriculture | 25 | 75 | -39 | — | 61 | |||||||||
Total real estate loans | 12,773 | 748 | -4,582 | 1,807 | 10,746 | |||||||||
Commercial loans | 1,810 | 604 | -695 | 242 | 1,961 | |||||||||
Consumer installment loans | 241 | 91 | -220 | 83 | 195 | |||||||||
All other loans | 11 | 7 | — | — | 18 | |||||||||
Total loans | $ | 14,835 | $ | 1,450 | $ | -5,497 | $ | 2,132 | $ | 12,920 | ||||
Included in charge-offs for the year ended December 31, 2013 was a $500,000 writedown arising from the transfer of a loan from non-covered loans to loans held for sale. | ||||||||||||||
The following tables present information on the non-covered loans evaluated for impairment in the allowance for loan losses as of December 31, 2014 and 2013 (dollars in thousands): | ||||||||||||||
31-Dec-14 | ||||||||||||||
Allowance for Loan Losses | ||||||||||||||
Individually Evaluated for Impairment (1) | Collectively Evaluated for Impairment | Related to PCI loans | Total | |||||||||||
Mortgage loans on real estate: | ||||||||||||||
Residential 1-4 family | $ | 598 | $ | 2,502 | $ | — | $ | 3,100 | ||||||
Commercial | 54 | 2,564 | 98 | 2,716 | ||||||||||
Construction and land development | 628 | 1,302 | — | 1,930 | ||||||||||
Second mortgages | 11 | 52 | — | 63 | ||||||||||
Multifamily | — | 136 | — | 136 | ||||||||||
Agriculture | — | 66 | — | 66 | ||||||||||
Total real estate loans | 1,291 | 6,622 | 98 | 8,011 | ||||||||||
Commercial loans | 529 | 713 | — | 1,242 | ||||||||||
Consumer installment loans | 20 | 65 | — | 85 | ||||||||||
All other loans | — | 27 | — | 27 | ||||||||||
Total loans | $ | 1,840 | $ | 7,427 | $ | 98 | $ | 9,365 | ||||||
31-Dec-14 | ||||||||||||||
Recorded Investment in Loans | ||||||||||||||
Individually Evaluated for Impairment (1) | Collectively Evaluated for Impairment | Related to PCI loans | Total | |||||||||||
Mortgage loans on real estate: | ||||||||||||||
Residential 1-4 family | $ | 7,307 | $ | 159,955 | $ | 1,096 | $ | 168,358 | ||||||
Commercial | 5,122 | 277,160 | 1,148 | 283,430 | ||||||||||
Construction and land development | 5,096 | 51,963 | 2,456 | 59,515 | ||||||||||
Second mortgages | 61 | 5,939 | 16 | 6,016 | ||||||||||
Multifamily | — | 33,830 | — | 33,830 | ||||||||||
Agriculture | — | 7,167 | — | 7,167 | ||||||||||
Total real estate loans | 17,586 | 536,014 | 4,716 | 558,316 | ||||||||||
Commercial loans | 7,757 | 91,877 | — | 99,634 | ||||||||||
Consumer installment loans | 124 | 5,346 | — | 5,470 | ||||||||||
All other loans | — | 1,444 | — | 1,444 | ||||||||||
Total loans | $ | 25,467 | $ | 634,681 | $ | 4,716 | $ | 664,864 | ||||||
31-Dec-13 | ||||||||||||||
Allowance for Loan Losses | Recorded Investment in Loans | |||||||||||||
Individually Evaluated for Impairment (1) | Collectively Evaluated for Impairment | Total | Individually Evaluated for Impairment (1) | Collectively Evaluated for Impairment | Total | |||||||||
Mortgage loans on real estate: | ||||||||||||||
Residential 1-4 family | $ | 923 | $ | 2,930 | $ | 3,853 | $ | 6,708 | $ | 137,674 | $ | 144,382 | ||
Commercial | 200 | 2,133 | 2,333 | 8,016 | 239,268 | 247,284 | ||||||||
Construction and land development | 651 | 1,601 | 2,252 | 8,619 | 46,659 | 55,278 | ||||||||
Second mortgages | 42 | 59 | 101 | 254 | 6,600 | 6,854 | ||||||||
Multifamily | — | 151 | 151 | — | 35,774 | 35,774 | ||||||||
Agriculture | — | 81 | 81 | 205 | 9,360 | 9,565 | ||||||||
Total real estate loans | 1,816 | 6,955 | 8,771 | 23,802 | 475,335 | 499,137 | ||||||||
Commercial loans | 18 | 1,528 | 1,546 | 192 | 89,950 | 90,142 | ||||||||
Consumer installment loans | 9 | 92 | 101 | 57 | 5,566 | 5,623 | ||||||||
All other loans | — | 26 | 26 | — | 1,435 | 1,435 | ||||||||
Total loans | $ | 1,843 | $ | 8,601 | $ | 10,444 | $ | 24,051 | $ | 572,286 | $ | 596,337 | ||
(1) The category “Individually Evaluated for Impairment” includes loans individually evaluated for impairment and determined not to be impaired. These loans totalled $8.6 million and $10.3 million at December 31, 2014 and 2013, respectively. The allowance for loans losses allocated to these loans was $146,000 and $239,000 at December 31, 2014 and 2013, respectively. | ||||||||||||||
Non-covered loans are monitored for credit quality on a recurring basis. These credit quality indicators are defined as follows: | ||||||||||||||
Pass - A pass loan is not adversely classified, as it does not display any of the characteristics for adverse classification. This category includes purchased loans that are 100% guaranteed by U.S. Government agencies of $18.3 million and $38.5 million at December 31, 2014 and 2013, respectively. | ||||||||||||||
Special Mention - A special mention loan has potential weaknesses that deserve management’s close attention. If left uncorrected, such potential weaknesses may result in deterioration of the repayment prospects or collateral position at some future date. Special mention loans are not adversely classified and do not warrant adverse classification. | ||||||||||||||
Substandard - A substandard loan is inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. Loans classified as substandard generally have a well defined weakness, or weaknesses, that jeopardize the liquidation of the debt. These loans are characterized by the distinct possibility of loss if the deficiencies are not corrected. | ||||||||||||||
Doubtful - A doubtful loan has all the weaknesses inherent in a loan classified as substandard with the added characteristics that the weaknesses make collection or liquidation in full highly questionable and improbable, on the basis of currently existing facts, conditions, and values. | ||||||||||||||
The following tables present the composition of non-covered loans, excluding PCI loans, by credit quality indicator at December 31, 2014 and 2013 (dollars in thousands): | ||||||||||||||
31-Dec-14 | ||||||||||||||
Pass | Special Mention | Substandard | Doubtful | Total | ||||||||||
Mortgage loans on real estate: | ||||||||||||||
Residential 1-4 family | $ | 153,790 | $ | 7,540 | $ | 5,932 | $ | — | $ | 167,262 | ||||
Commercial | 268,546 | 10,363 | 3,373 | — | 282,282 | |||||||||
Construction and land development | 51,505 | 620 | 4,934 | — | 57,059 | |||||||||
Second mortgages | 4,639 | 1,300 | 61 | — | 6,000 | |||||||||
Multifamily | 33,830 | — | — | — | 33,830 | |||||||||
Agriculture | 7,167 | — | — | — | 7,167 | |||||||||
Total real estate loans | 519,477 | 19,823 | 14,300 | — | 553,600 | |||||||||
Commercial loans | 89,886 | 1,991 | 7,757 | — | 99,634 | |||||||||
Consumer installment loans | 5,325 | 21 | 124 | — | 5,470 | |||||||||
All other loans | 1,444 | — | — | — | 1,444 | |||||||||
Total loans | $ | 616,132 | $ | 21,835 | $ | 22,181 | $ | — | $ | 660,148 | ||||
31-Dec-13 | ||||||||||||||
Pass | Special Mention | Substandard | Doubtful | Total | ||||||||||
Mortgage loans on real estate: | ||||||||||||||
Residential 1-4 family | $ | 129,482 | $ | 8,193 | $ | 6,707 | $ | — | $ | 144,382 | ||||
Commercial | 229,168 | 11,348 | 6,768 | — | 247,284 | |||||||||
Construction and land development | 44,482 | 2,178 | 8,618 | — | 55,278 | |||||||||
Second mortgages | 6,172 | 428 | 254 | — | 6,854 | |||||||||
Multifamily | 35,774 | — | — | — | 35,774 | |||||||||
Agriculture | 9,361 | — | 204 | — | 9,565 | |||||||||
Total real estate loans | 454,439 | 22,147 | 22,551 | — | 499,137 | |||||||||
Commercial loans | 87,208 | 2,742 | 192 | — | 90,142 | |||||||||
Consumer installment loans | 5,344 | 222 | 57 | — | 5,623 | |||||||||
All other loans | 1,435 | — | — | — | 1,435 | |||||||||
Total loans | $ | 548,426 | $ | 25,111 | $ | 22,800 | $ | — | $ | 596,337 | ||||
In accordance with FASB ASU 2011-02, Receivables (Topic 310): A Creditor's Determination of Whether a Restructuring is a Troubled Debt Restructuring, the Company assesses all loan modifications to determine whether they are considered troubled debt restructurings (TDRs) under the guidance. | ||||||||||||||
During the year ended December 31, 2014, the Company modified one commercial real estate loan that was considered to be a TDR. The Company extended the terms and lowered the interest rate for this loan, which had a pre- and post-modification balance of $69,000. During the year ended December 31, 2013, the Company modified one residential 1-4 family loan and one commercial real estate loan that were considered to be TDRs. The Company extended the terms and lowered the interest rates for these loans, which had a pre- and post-modification balance of $863,000. | ||||||||||||||
A loan is considered to be in default if it is 90 days or more past due. There were no TDRs that had been restructured during the previous 12 months that resulted in default during the year ended December 31, 2014. There was one TDR that had been restructured during the previous 12 months that resulted in default during the year ended December 31, 2013. This residential 1-4 family loan had a recorded investment of $173,000. | ||||||||||||||
At December 31, 2014 the Company had 1-4 family mortgages in the amount of $139.6 million pledged as collateral to the Federal Home Loan Bank for a total borrowing capacity of $107.5 million. | ||||||||||||||
Loans_Covered_by_FDIC_SharedLo
Loans Covered by FDIC Shared-Loss Agreements (Covered Loans) and Related Allowance for Loan Losses | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Loans Covered by FDIC Shared-Loss Agreements (Covered Loans) and Related Allowance for Loan Losses [Abstract] | |||||||
Loans Covered by FDIC Shared-Loss Agreements (Covered Loans) and Related Allowance for Loan Losses | Note 4. Loans Covered by FDIC Shared-loss Agreements (Covered Loans) and Related Allowance for Loan Losses | ||||||
On January 30, 2009, the Company entered into a Purchase and Assumption Agreement with the FDIC to assume all of the deposits and certain other liabilities and acquire substantially all assets of SFSB. The Company is applying the provisions of FASB ASC 310-30, Loans and Debt Securities Acquired with Deteriorated Credit Quality, to all loans acquired in the SFSB transaction (the “covered loans”). Of the total $198.3 million in loans acquired, $49.1 million met the criteria of FASB ASC 310-30. These loans, consisting mainly of construction loans, were deemed impaired at the acquisition date. The remaining $149.1 million of loans acquired, comprised mainly of residential 1-4 family, were analogized to meet the criteria of FASB ASC 310-30. Analysis of this portfolio revealed that SFSB utilized weak underwriting and documentation standards, which led the Company to believe that significant losses were probable given the economic environment at the time. The shared-loss agreement related to loans other than those secured by single family, residential 1-4 family mortgages expired March 31, 2014. These loans, which had an outstanding principal balance of $10.0 million and a carrying value of $5.5 million at March 31, 2014, were transferred to non-covered loans effective April 1, 2014 (the PCI loans). See Note 3 for further details. | |||||||
As of December 31, 2014 and 2013, the outstanding contractual balance of the covered loans was $94.9 million and $117.0 million, respectively. The carrying amount, by loan type, as of these dates is as follows (dollars in thousands): | |||||||
31-Dec-14 | 31-Dec-13 | ||||||
Amount | % of Covered Loans | Amount | % of Covered Loans | ||||
Mortgage loans on real estate: | |||||||
Residential 1-4 family | $ | 94.15 | % | $ | 88.18 | % | |
59,075 | 64,610 | ||||||
Commercial | — | — | 1,389 | 1.90 | |||
Construction and land development | — | — | 2,940 | 4.01 | |||
Second mortgages | 3,393 | 5.41 | 3,898 | 5.32 | |||
Multifamily | 276 | 0.44 | 266 | 0.36 | |||
Agriculture | — | — | 172 | 0.23 | |||
Total real estate loans | 62,744 | 100.00 | 73,275 | 100.00 | |||
Total covered loans | $ | 100.00 | % | $ | 100.00 | % | |
62,744 | 73,275 | ||||||
The allowance for loan losses related to the PCI loans of $98,000 was transferred to the non-covered allowance for loan losses effective April 1, 2014, and was related to commercial real estate loans. The remaining allowance for loan losses on covered loans of $386,000 at December 31, 2014 related to residential 1-4 family loans. There was no other activity in the allowance for loan losses on covered loans for the year ended December 31, 2014. There was no activity in the allowance for loan losses on covered loans for the year ended December 31, 2013. | |||||||
The following table presents information on the covered loans collectively evaluated for impairment in the allowance for loan losses at December 31, 2014 and 2013 (dollars in thousands): | |||||||
31-Dec-14 | 31-Dec-13 | ||||||
Allowance for loan losses | Recorded investment in loans | Allowance for loan losses | Recorded investment in loans | ||||
Mortgage loans on real estate: | |||||||
Residential 1-4 family | $ | $ | $ | $ | |||
386 | 59,075 | 252 | 64,610 | ||||
Commercial | — | — | 232 | 1,389 | |||
Construction and land development | — | — | — | 2,940 | |||
Second mortgages | — | 3,393 | — | 3,898 | |||
Multifamily | — | 276 | — | 266 | |||
Agriculture | — | — | — | 172 | |||
Total real estate loans | 386 | 62,744 | 484 | 73,275 | |||
Total covered loans | $ | $ | $ | $ | |||
386 | 62,744 | 484 | 73,275 | ||||
The change in the accretable yield balance for the years ended December 31, 2014, 2013 and 2012 is as follows (dollars in thousands): | |||||||
Balance, January 1, 2012 | $ 56,310 | ||||||
Accretion | -14,105 | ||||||
Reclassification from nonaccretable yield | 11,939 | ||||||
Balance, December, 2012 | 54,144 | ||||||
Accretion | -11,936 | ||||||
Reclassification from nonaccretable yield | 9,307 | ||||||
Balance, December 31, 2013 | 51,515 | ||||||
Accretion | -10,650 | ||||||
Reclassification from nonaccretable yield | 9,919 | ||||||
Transfer of PCI loans to non-covered loans | -4,773 | ||||||
Balance, December 31, 2014 | $ 46,011 | ||||||
The covered loans were not classified as nonperforming assets as of December 31, 2014, as the loans are accounted for on a pooled basis, and interest income, through accretion of the difference between the carrying amount of the loans and the expected cash flows, is being recognized on all covered loans. | |||||||
FDIC_Agreements_and_FDIC_Indem
FDIC Agreements and FDIC Indemnification Asset | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
FDIC Agreements And FDIC Indemnification Asset [Abstract] | ||||||||
FDIC Agreements and FDIC Indemnification Asset | ||||||||
Note 5. FDIC Agreements and FDIC Indemnification Asset | ||||||||
On January 30, 2009, the Company entered into a Purchase and Assumption Agreement with the FDIC to assume all of the deposits and certain other liabilities and acquire substantially all assets of SFSB. Under the shared-loss agreements that are part of that agreement, the FDIC will reimburse the Bank for 80% of losses arising from covered loans and foreclosed real estate assets, on the first $118 million in losses on such covered loans and foreclosed real estate assets, and for 95% of losses on covered loans and foreclosed real estate assets thereafter. Under the shared-loss agreements, a “loss” on a covered loan or foreclosed real estate is defined generally as a realized loss incurred through a permitted disposition, foreclosure, short-sale or restructuring of the covered loan or foreclosed real estate. The reimbursements for losses on single family, residential 1-4 family mortgage assets are to be made quarterly through March 2019 for losses incurred through January 2019, and the reimbursements for losses on other covered assets were made quarterly through March 2014. The shared-loss agreements provide for indemnification from the first dollar of losses without any threshold requirement. The reimbursable losses from the FDIC are based on the book value of the relevant loan as determined by the FDIC at the date of the transaction, January 30, 2009. New loans made after that date are not covered by the shared-loss agreements. The fair value of the shared-loss agreements is detailed below. | ||||||||
The Company is accounting for the shared-loss agreements with the FDIC as an indemnification asset pursuant to the guidance in FASB ASC 805, Business Combinations. The FDIC indemnification asset is required to be measured in the same manner as the asset or liability to which it relates. The FDIC indemnification asset is measured separately from the covered loans and other real estate owned assets (OREO) because it is not contractually embedded in the covered loan and OREO and is not transferable should the Company choose to dispose of them. Fair value was estimated using projected cash flows available for loss sharing based on the credit adjustments estimated for each loan pool and other real estate owned and the loss sharing percentages outlined in the shared-loss agreements. These cash flows were discounted to reflect the uncertainty of the timing and receipt of the loss sharing reimbursement from the FDIC. | ||||||||
Because the acquired loans are subject to shared-loss agreements and a corresponding indemnification asset exists to represent the value of expected payments from the FDIC, increases and decreases in loan accretable yield due to changing loss expectations will also have an impact on the valuation of the FDIC indemnification asset. Improvement in loss expectations will typically increase loan accretable yield and decrease the value of the FDIC indemnification asset and, in some instances, result in an amortizable premium on the FDIC indemnification asset. Increases in loss expectations will typically be recognized as impairment in the current period through allowance for loan losses, resulting in additional noninterest income for the amount of the increase in the FDIC indemnification asset. | ||||||||
In addition to the premium amortization, the balance of the FDIC indemnification asset is affected by expected payments from the FDIC. Under the terms of the shared-loss agreements, the FDIC will reimburse the Company for loss events incurred related to the covered loan portfolio. These events include such things as future writedowns due to decreases in the fair market value of OREO, net loan charge-offs and recoveries, and net gains and losses on OREO sales. | ||||||||
As discussed above, the shared-loss agreement for assets other than single family, residential 1-4 family mortgage assets expired March 2014. The FDIC indemnification asset related to those assets was zero at March 31, 2014. | ||||||||
The following table presents the balances of the FDIC indemnification asset at December 31, 2014 and 2013 (dollars in thousands): | ||||||||
Anticipated Expected Losses | Estimated Loss Sharing Value | Amortizable Premium (Discount) at Present Value | FDIC Indemnification Asset Total | |||||
1-Jan-12 | $ | $ | $ | $ | ||||
28,713 | 22,971 | 19,670 | 42,641 | |||||
Increases: | ||||||||
Writedown of OREO property to FMV | 622 | 497 | 497 | |||||
Decreases: | ||||||||
Net amortization of premium | -6,936 | -6,936 | ||||||
Reclassifications to FDIC receivable: | ||||||||
Net loan charge-offs and recoveries | -1,321 | -1,057 | -1,057 | |||||
OREO sales | -1,140 | -912 | -912 | |||||
Reimbursements requested from FDIC | -495 | -396 | -396 | |||||
Reforecasted Change in Anticipated Expected Losses | -3,174 | -2,539 | 2,539 | — | ||||
31-Dec-12 | 23,205 | 18,564 | 15,273 | 33,837 | ||||
Increases: | ||||||||
Writedown of OREO property to FMV | 344 | 275 | 275 | |||||
Decreases: | ||||||||
Net amortization of premium | -6,449 | -6,449 | ||||||
Reclassifications to FDIC receivable: | ||||||||
Net loan charge-offs and recoveries | -1,268 | -1,014 | -1,014 | |||||
OREO sales | -1,180 | -944 | -944 | |||||
Reimbursements requested from FDIC | -370 | -296 | -296 | |||||
Reforecasted Change in Anticipated Expected Losses | -7,217 | -5,774 | 5,774 | — | ||||
31-Dec-13 | 13,514 | 10,811 | 14,598 | 25,409 | ||||
Increases: | ||||||||
Writedown of OREO property to FMV | 34 | 27 | 27 | |||||
Decreases: | ||||||||
Net amortization of premium | -5,795 | -5,795 | ||||||
Reclassifications to FDIC receivable: | ||||||||
Net loan charge-offs and recoveries | -87 | -69 | -69 | |||||
OREO sales | -1,085 | -868 | -868 | |||||
Reimbursements requested from FDIC | -118 | -95 | -95 | |||||
Reforecasted Change in Anticipated Expected Losses | -6,707 | -5,365 | 5,365 | — | ||||
31-Dec-14 | $ | $ | $ | $ | ||||
5,551 | 4,441 | 14,168 | 18,609 | |||||
Premises_and_Equipment
Premises and Equipment | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Premises and Equipment [Abstract] | ||||||||||||
Premises and Equipment | ||||||||||||
Note 6. Premises and Equipment | ||||||||||||
A summary of the bank premises and equipment is as follows (dollars in thousands): | ||||||||||||
December 31 | ||||||||||||
2014 | 2013 | |||||||||||
Land | $ | 8,171 | $ | 7,681 | ||||||||
Land improvements and buildings | 21,468 | 21,087 | ||||||||||
Leasehold improvements | 257 | 58 | ||||||||||
Furniture and equipment | 7,199 | 5,574 | ||||||||||
Construction in progress | 1,792 | 1,385 | ||||||||||
Total | 38,887 | 35,785 | ||||||||||
Less accumulated depreciation and amortization | -9,185 | -7,913 | ||||||||||
Bank premises and equipment, net | $ | 29,702 | $ | 27,872 | ||||||||
Other_Intangibles
Other Intangibles | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Other Intangibles [Abstract] | |||||
Other Intangibles | Note 7. Other Intangibles | ||||
Core deposit intangibles are recognized, amortized and evaluated for impairment as required by FASB ASC 350, Intangibles. As a result of the mergers with TransCommunity Financial Corporation (TFC), and BOE Financial Services of Virginia, Inc. (BOE) on May 31, 2008, the Company recorded $15.0 million in core deposit intangible assets, which are being amortized over 9 years. Core deposit intangibles resulting from the Georgia and Maryland transactions, in 2008 and 2009, respectively, equaled $3.2 million and $2.1 million, respectively, and are being amortized over 9 years. The core deposit intangible related to the Georgia transaction was written off in conjunction with the sale of the branches in that market (See Note 29). The Company estimates that it will recognize amortization expense of $1.9 million for each of the next two years and the final $898,000 in the year ended December 31, 2017. | |||||
Other intangible assets are presented in the following table (dollars in thousands): | |||||
31-Dec-14 | 31-Dec-13 | ||||
Core deposit intangibles | $ | $ | |||
20,290 | 20,290 | ||||
Accumulated amortization | -14,104 | -12,196 | |||
Reduction due to sale of deposits | -1,473 | -1,473 | |||
Balance | $ | $ | |||
4,713 | 6,621 | ||||
Deposits
Deposits | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Deposits [Abstract] | |||||||||||
Deposits | |||||||||||
Note 8. Deposits | |||||||||||
The following table provides interest bearing deposit information, by type, as of December 31, 2014 and 2013 (dollars in thousands): | |||||||||||
31-Dec-14 | 31-Dec-13 | ||||||||||
NOW | $ | 123,682 | $ | 102,111 | |||||||
MMDA | 101,784 | 94,170 | |||||||||
Savings | 78,478 | 75,159 | |||||||||
Time deposits less than or equal to $250,000 | 416,628 | 380,813 | |||||||||
Time deposits over $250,000 | 113,809 | 169,956 | |||||||||
Total interest bearing deposits | $ | 834,381 | $ | 822,209 | |||||||
The scheduled maturities of time deposits at December 31, 2014 are as follows (dollars in thousands): | |||||||||||
2015 | $ | 286,119 | |||||||||
2016 | 176,084 | ||||||||||
2017 | 31,136 | ||||||||||
2018 | 20,027 | ||||||||||
2019 | 17,071 | ||||||||||
2020 | — | ||||||||||
Total | $ | 530,437 | |||||||||
Borrowings
Borrowings | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Borrowings [Abstract] | ||||||||||||
Borrowings | Note 9. Borrowings | |||||||||||
The Company uses borrowings in conjunction with deposits to fund lending and investing activities. Borrowings include funding of a short-term and long-term nature. Short-term funding includes overnight borrowings from correspondent banks and securities sold under agreements to repurchase. The following information is provided for short-term borrowings balances, rates, and maturities (dollars in thousands): | ||||||||||||
31-Dec | ||||||||||||
2014 | 2013 | |||||||||||
Short-term: | ||||||||||||
Federal Funds purchased | $ | 14,500 | $ | — | ||||||||
Securities sold under agreements to repurchase | — | 6,000 | ||||||||||
Total short-term borrowings | $ | 14,500 | $ | 6,000 | ||||||||
Maximum month-end outstanding balance | $ | 14,500 | $ | 9,722 | ||||||||
Average outstanding balance during the year | $ | 1,855 | $ | 1,451 | ||||||||
Average interest rate during the year | 0.57 | % | 0.56 | % | ||||||||
Average interest rate at end of year | 0.51 | % | 0.45 | % | ||||||||
Long-term borrowings are obtained through the FHLB of Atlanta. As of December 31, 2014, the Company had residential 1-4 family mortgages in the amount of $139.6 million pledged as collateral to the FHLB for a total borrowing capacity of $107.5 million. | ||||||||||||
On April 23, 2014, the Company repurchased the then outstanding 10,680 shares of Series A Preferred Stock (see Note 27). The Company funded the repurchase through an unsecured third-party term loan. The term loan, which has a maturity date of April 21, 2017, requires that the Company make quarterly payments of 7.5% of the initial outstanding principal, plus accrued interest, during a six-quarter period beginning with the quarter ending December 31, 2014, quarterly payments of 10% of the initial outstanding principal, plus accrued interest, during the subsequent four-quarter period and the remaining principal amount and accrued interest at maturity. The interest rate resets quarterly based on three-month LIBOR plus 3.50% per annum. As of December 31, 2014, the interest rate was 3.73%. The Company made an unscheduled principal payment of $1.0 million during the third quarter leaving a balance of $9.680 million as of December 31, 2014. The terms of the loan require the Company to be in compliance with certain covenants, such as maintenance of minimum regulatory capital ratios, minimum return on assets, and minimum cash on hand, and subsidiary dividend restrictions. The Company was in compliance with all covenants at December 31, 2014. | ||||||||||||
The following information is provided for long-term borrowings balances, rates, and maturities (dollars in thousands): | ||||||||||||
31-Dec | ||||||||||||
2014 | 2013 | Interest Rates | Maturities | |||||||||
Long-term: | ||||||||||||
Federal Home Loan Bank advances | $ | 96,401 | $ | 77,125 | 0.22-3.78 | % | 2015 - 2019 | |||||
Long-term debt | 9,680 | — | 3.73 | % | 2017 | |||||||
Total long-term borrowings | $ | 106,081 | $ | 77,125 | ||||||||
Maturities of fixed rate long-term debt at December 31, 2014 are as follows (dollars in thousands): | ||||||||||||
2015 | $ | 74,751 | ||||||||||
2016 | 14,773 | |||||||||||
2017 | 7,462 | |||||||||||
2018 | 815 | |||||||||||
2019 | 8,280 | |||||||||||
Thereafter | — | |||||||||||
Total | $ | 106,081 | ||||||||||
The Company had unsecured lines of credit with correspondent banks available for overnight borrowing totaling $45 million at December 31, 2014. | ||||||||||||
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income (Loss) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Accumulated Other Comprehensive Income (Loss) [Abstract] | |||||||||||||
Accumulated Other Comprehensive Income (Loss) | |||||||||||||
Note 10. Accumulated Other Comprehensive Income (Loss) | |||||||||||||
The following tables present activity net of tax in accumulated other comprehensive income (loss) (AOCI) for the years ended December 31, 2014, 2013 and 2012 (dollars in thousands): | |||||||||||||
31-Dec-14 | |||||||||||||
Unrealized Gain (Loss) on Securities | Defined Benefit Pension Plan | Gain/Loss on Cash Flow Hedge | Total Other Comprehensive Income (Loss) | ||||||||||
Beginning balance | $ | -3,954 | $ | -155 | $ | - | $ | -4,109 | |||||
Other comprehensive income before reclassifications | 6,125 | -659 | 23 | 5,489 | |||||||||
Amounts reclassified from AOCI | -719 | 3 | - | -716 | |||||||||
Net current period other comprehensive income (loss) | 5,406 | -656 | 23 | 4,773 | |||||||||
Ending balance | $ | 1,452 | $ | -811 | $ | 23 | $ | 664 | |||||
31-Dec-13 | |||||||||||||
Unrealized Gain (Loss) on Securities | Defined Benefit Pension Plan | Gain/Loss on Cash Flow Hedge | Total Other Comprehensive Income (Loss) | ||||||||||
Beginning balance | $ | 3,903 | $ | -1,075 | $ | - | $ | 2,828 | |||||
Other comprehensive income before reclassifications | -7,515 | 965 | - | -6,550 | |||||||||
Amounts reclassified from AOCI | -342 | -45 | - | -387 | |||||||||
Net current period other comprehensive income (loss) | -7,857 | 920 | - | -6,937 | |||||||||
Ending balance | $ | -3,954 | $ | -155 | $ | - | $ | -4,109 | |||||
31-Dec-12 | |||||||||||||
Unrealized Gain (Loss) on Securities | Defined Benefit Pension Plan | Gain/Loss on Cash Flow Hedge | Total Other Comprehensive Income (Loss) | ||||||||||
Beginning balance | $ | 3,257 | $ | -1,038 | $ | - | $ | 2,219 | |||||
Other comprehensive income before reclassifications | 1,631 | -37 | - | 1,594 | |||||||||
Amounts reclassified from AOCI | -985 | - | - | -985 | |||||||||
Net current period other comprehensive income (loss) | 646 | -37 | - | 609 | |||||||||
Ending balance | $ | 3,903 | $ | -1,075 | $ | - | $ | 2,828 | |||||
The following tables present the effects of reclassifications out of AOCI on line items of consolidated income for the years ended December 31, 2014, 2013 and 2012 (dollars in thousands): | |||||||||||||
Details about AOCI | Amount Reclassified from AOCI | Affected Line Item in the Consolidated Statement of Income | |||||||||||
Year ended | |||||||||||||
31-Dec-14 | 31-Dec-13 | 31-Dec-12 | |||||||||||
Securities available for sale | |||||||||||||
Unrealized gains on securities available for sale | $ | -1,089 | $ | -518 | $ | -1,492 | Gain on securities transactions, net | ||||||
Related tax expense | 370 | 176 | 507 | Income tax expense | |||||||||
$ | -719 | $ | -342 | $ | -985 | Net of tax | |||||||
Defined benefit plan | |||||||||||||
Amortization of prior service cost | $ | 4 | $ | -68 | $ | - | -1 | ||||||
Related tax (benefit)expense | -1 | 23 | - | Income tax expense | |||||||||
$ | 3 | $ | -45 | $ | - | Net of tax | |||||||
Total reclassifications for the period | $ | -716 | $ | -387 | $ | -985 | |||||||
(1)This other comprehensive income (loss) component is included in the computation of net periodic pension cost (See Note 12 for details). | |||||||||||||
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||||||
Dec. 31, 2014 | ||||||||||||||
Income Taxes [Abstract] | ||||||||||||||
Income Taxes | ||||||||||||||
Note 11. Income Taxes | ||||||||||||||
The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities as of December 31 are as follows (dollars in thousands): | ||||||||||||||
2014 | 2013 | 2012 | ||||||||||||
Deferred tax assets: | ||||||||||||||
Allowance for loan losses | $ | 3,315 | $ | 3,715 | $ | 4,557 | ||||||||
Deferred compensation | 661 | 633 | 514 | |||||||||||
Nonaccrual loan interest | — | 931 | 847 | |||||||||||
Unrealized loss on available for sale securities | — | 2,037 | — | |||||||||||
FAS 158 adjustment pension | 418 | 81 | 554 | |||||||||||
Stock based compensation | — | 205 | 165 | |||||||||||
Net operating loss carryforward | — | — | 2,667 | |||||||||||
Alternative minimum tax credit | — | — | 391 | |||||||||||
Depreciation | 180 | 118 | 137 | |||||||||||
OREO | 667 | 618 | 1,007 | |||||||||||
Other | 391 | 146 | 395 | |||||||||||
$ | 5,632 | $ | 8,484 | $ | 11,234 | |||||||||
Deferred tax liabilities: | ||||||||||||||
Accrued pension | 411 | 355 | 359 | |||||||||||
Purchase accounting adjustment | 942 | 2,257 | 4,089 | |||||||||||
Unrealized gain on available for sale securities | 747 | — | 2,011 | |||||||||||
Other | 123 | 56 | 37 | |||||||||||
$ | 2,223 | $ | 2,668 | $ | 6,496 | |||||||||
Net deferred tax asset | $ | 3,409 | $ | 5,816 | $ | 4,738 | ||||||||
The Company has analyzed the tax positions taken or expected to be taken in its tax returns and concluded that it has no liability related to uncertain tax positions in accordance with FASB ASC 740, Income Taxes. | ||||||||||||||
The Company has evaluated the need for a deferred tax valuation allowance for the year ended December 31, 2014 in accordance with FASB ASC 740. Based on a three year income projection of taxable income and tax strategies that would result in potential securities gains and the effects of off-setting deferred tax liabilities, the Company believes that it is more likely than not that the deferred tax assets are realizable. Therefore, no allowance is required. Years 2011 through 2014 are subject to audit by taxing authorities. The Company had a net operating loss carryforward of $7.8 million as of December 31, 2012. The Company utilized all of the available net operating loss carryforward as of December 31, 2013. | ||||||||||||||
Allocation of the income tax expense between current and deferred portions is as follows (dollars in thousands): | ||||||||||||||
2014 | 2013 | 2012 | ||||||||||||
Current tax provision | $ | 2,768 | $ | — | $ | 22 | ||||||||
Deferred tax expense (benefit) | -40 | 2,497 | 2,126 | |||||||||||
Income tax expense (benefit) | $ | 2,728 | $ | 2,497 | $ | 2,148 | ||||||||
The following is a reconciliation of the expected income tax expense with the reported expense for each year: | ||||||||||||||
2014 | 2013 | 2012 | ||||||||||||
Statutory federal income tax rate | 34.0 | % | 34.0 | % | 34.0 | % | ||||||||
(Reduction) Increase in taxes resulting from: | ||||||||||||||
Municipal interest | -3.1 | -2.6 | -2 | |||||||||||
Bank owned life insurance income | -3.8 | -3 | -2.7 | |||||||||||
Other, net | -0.5 | 1.3 | -1.5 | |||||||||||
Effective tax rate | 26.6 | % | 29.7 | % | 27.8 | % | ||||||||
Employee_Benefit_Plans
Employee Benefit Plans | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Employee Benefit Plans [Abstract] | ||||||||||
Employee Benefit Plans | ||||||||||
Note 12. Employee Benefit Plans | ||||||||||
The Company adopted the Bank of Essex noncontributory, defined benefit pension plan for all full-time pre-merger Bank of Essex employees over 21 years of age. Benefits are generally based upon years of service and the employees’ compensation. The Company funds pension costs in accordance with the funding provisions of the Employee Retirement Income Security Act. | ||||||||||
The Company has frozen the plan benefits for all the Defined Benefit Plan participants effective December 31, 2010. The following table provides a reconciliation of the changes in the plan’s benefit obligations and fair value of assets for the year ended December 31, 2014 and 2013 (dollars in thousands): | ||||||||||
31-Dec | ||||||||||
2014 | 2013 | |||||||||
Change in Benefit Obligation | ||||||||||
Benefit obligation, beginning of year | $ | 4,662 | $ | 5,791 | ||||||
Interest cost | 223 | 224 | ||||||||
Actuarial (gain)/loss | 845 | -749 | ||||||||
Benefits paid | -583 | -649 | ||||||||
Change in obligation due to plan amendment | — | 68 | ||||||||
Settlement gain/(loss) | 7 | -23 | ||||||||
Benefit obligation, ending | $ | 5,154 | $ | 4,662 | ||||||
Change in Plan Assets | ||||||||||
Fair value of plan assets, beginning of year | $ | 5,485 | $ | 5,255 | ||||||
Actual return on plan assets | 233 | 879 | ||||||||
Benefits paid | -583 | -649 | ||||||||
Fair value of plan assets, ending | 5,135 | 5,485 | ||||||||
Funded Status | $ | -19 | $ | 823 | ||||||
Amounts Recognized in the Balance Sheet | ||||||||||
Other assets | $ | — | $ | 823 | ||||||
Other liabilities | -19 | — | ||||||||
Amounts Recognized in Accumulated Other Comprehensive Income | ||||||||||
Net loss | $ | 1,165 | $ | 168 | ||||||
Prior service cost | 63 | 68 | ||||||||
Deferred tax | -417 | -81 | ||||||||
Total amount recognized | $ | 811 | $ | 155 | ||||||
The accumulated benefit obligation for the defined benefit pension plan at December 31, 2014 and 2013 was $5.2 million and $4.7 million, respectively. | ||||||||||
The following table provides the components of net periodic benefit cost for the plan for the years ended December 31, 2014, 2013 and 2012 (dollars in thousands): | ||||||||||
31-Dec | ||||||||||
Components of net periodic benefit cost: | 2014 | 2013 | 2012 | |||||||
Interest cost | $ | $ | $ | |||||||
223 | 224 | 250 | ||||||||
Expected return on plan assets | -396 | -405 | -408 | |||||||
Amortization of prior service cost | 5 | - | - | |||||||
Recognized net loss due to settlement | 18 | 147 | 105 | |||||||
Recognized net actuarial loss | - | 69 | 66 | |||||||
Net periodic (benefit) cost | ($ 150) | $ | $ | |||||||
35 | 13 | |||||||||
Total recognized in net periodic benefit cost and accumulated other comprehensive (loss) income | $ | ($1,359) | $ | |||||||
842 | 71 | |||||||||
The weighted-average assumptions used in the measurement of the Company’s benefit obligation and net periodic benefit cost are shown in the following table: | ||||||||||
31-Dec | ||||||||||
2014 | 2013 | 2012 | ||||||||
Discount rate used for net periodic pension cost | 5.00 | % | 4.00 | % | 4.50 | % | ||||
Discount rate used for disclosure | 4.00 | % | 5.00 | % | 4.00 | % | ||||
Expected return on plan assets | 7.50 | % | 8.00 | % | 8.00 | % | ||||
Other changes in plan assets and benefit obligations recognized in other comprehensive income during 2014 are as follows (dollars in thousands): | ||||||||||
Net loss | $ | 997 | ||||||||
Prior service cost | - | |||||||||
Amortization of prior service cost | -5 | |||||||||
Total amount recognized | $ | 992 | ||||||||
The estimated amounts that will amortize from accumulated other comprehensive income into net periodic benefit cost in 2015 are as follows (dollars in thousands): | ||||||||||
Prior service cost | $ | 4 | ||||||||
Net loss due to settlement | 44 | |||||||||
Total amount recognized | $ | 48 | ||||||||
Long-Term Rate of Return | ||||||||||
The plan sponsor selects the expected long-term rate of return on assets assumption in consultation with its investment advisors and actuary. This rate is intended to reflect the average rate of earnings expected to be earned on the funds invested or to be invested to provide plan benefits. Historical performance is reviewed, especially with respect to real rates of return (net of inflation), for the major asset classes held or anticipated to be held by the trust, and for the trust itself. Undue weight is not given to recent experience that may not continue over the measurement period, with higher significance placed on current forecasts of future long-term economic conditions. | ||||||||||
Because assets are held in a qualified trust, anticipated returns are not reduced for taxes. Further, solely for this purpose, the plan is assumed to continue in force and not terminate during the period during which assets are invested. However, consideration is given to the potential impact of current and future investment policy, cash flow into and out of the trust, and expenses (both investment and non-investment) typically paid from plan assets (to the extent such expenses are not explicitly estimated within periodic cost). | ||||||||||
Asset Allocation | ||||||||||
The pension plan’s weighted-average asset allocations as of December 31, 2014 and 2013 by asset category were as follows: | ||||||||||
31-Dec | ||||||||||
2014 | 2013 | |||||||||
Asset Category | ||||||||||
Mutual funds — fixed income | 40.00 | % | 40.00 | % | ||||||
Mutual funds — equity | 60.00 | 60.00 | ||||||||
Cash and equivalents | 0.00 | 0.00 | ||||||||
Total | 100.00 | % | 100.00 | % | ||||||
The fair value of plan assets is measured based on the fair value hierarchy as discussed in Note 21, “Fair Values of Assets and Liabilities”, to the Consolidated Financial Statements. The valuations are based on third party data received as of the balance sheet date. All plan assets are considered Level 1 assets, as quoted prices exist in active markets for identical assets. | ||||||||||
The following table presents the fair value of plan assets as of December 31, 2014 and 2013 (dollars in thousands): | ||||||||||
Assets measured at Fair Value (Level 1) | ||||||||||
31-Dec-14 | 31-Dec-13 | |||||||||
Cash | $ | $ | ||||||||
6 | 6 | |||||||||
Mutual funds: | ||||||||||
Fixed income funds | 2,031 | 2,179 | ||||||||
International funds | 772 | 828 | ||||||||
Large cap funds | 801 | 844 | ||||||||
Mid cap funds | 546 | 570 | ||||||||
Small cap funds | 181 | 201 | ||||||||
Stock fund | 798 | 857 | ||||||||
$ | $ | |||||||||
5,135 | 5,485 | |||||||||
The trust fund is sufficiently diversified to maintain a reasonable level of risk without imprudently sacrificing return, with a targeted asset allocation of 40% fixed income and 60% equities. The investment manager selects investment fund managers with demonstrated experience and expertise, and funds with demonstrated historical performance, for the implementation of the plan’s investment strategy. The investment manager will consider both actively and passively managed investment strategies and will allocate funds across the asset classes to develop an efficient investment structure. | ||||||||||
It is the responsibility of the trustee to administer the investments of the trust within reasonable costs, being careful to avoid sacrificing quality. These costs include, but are not limited to, management and custodial fees, consulting fees, transaction costs and other administrative costs chargeable to the trust. | ||||||||||
Estimated future contributions and benefit payments, which reflect expected future service, as appropriate, are as follows (dollars in thousands): | ||||||||||
Expected Employer Contributions | ||||||||||
2015 | $ — | |||||||||
Expected Benefit Payments | ||||||||||
2015 | 863 | |||||||||
2016 | 242 | |||||||||
2017 | 84 | |||||||||
2018 | 205 | |||||||||
2019 | 601 | |||||||||
2020-2024 | 836 | |||||||||
401(k) Plan | ||||||||||
The Company combined the acquired BOE 401(k) and TFC 401(k) plans into the Essex Bank 401(k) plan effective October 1, 2010. The employee may contribute up to 100% of compensation, subject to statutory limitations. The Company matches 100% of employee contributions on the first 3% of compensation, then the Company matches 50% of employee contributions on the next 2% of compensation. | ||||||||||
The amounts charged to expense under these plans for the years ended December 31, 2014, 2013 and 2012 were $475,000, $472,000 and $473,000, respectively. | ||||||||||
Deferred Compensation Agreements | ||||||||||
The Company has deferred compensation agreements with certain key employees and the Board of Directors. The retirement benefits to be provided are fixed based upon the amount of compensation earned and deferred. Deferred compensation expense amounted to $165,000, $124,000 and $99,000 for the years ended December 31, 2014, 2013 and 2012, respectively. The expense associated with these agreements is offset by increased cash surrender value of life insurance policies on the individuals. | ||||||||||
Stock_Option_Plans
Stock Option Plans | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Stock Option Plans [Abstract] | ||||||||||
Stock Option Plans | ||||||||||
Note 13. Stock Option Plans | ||||||||||
2009 Stock Option Plan | ||||||||||
In 2009, the Company adopted the Community Bankers Trust Corporation 2009 Stock Incentive Plan (the “Plan”). The purpose of the Plan is to further the long-term stability and financial success of the Company by attracting and retaining employees and directors through the use of stock incentives and other rights that promote and recognize the financial success and growth of the Company. The Company believes that ownership of company stock will stimulate the efforts of such employees and directors by further aligning their interests with the interest of the Company’s shareholders. The Plan is to be used to grant restricted stock awards, stock options in the form of incentive stock options and nonstatutory stock options, stock appreciation rights and other stock-based awards to employees and directors of the Company for up to 2,650,000 shares of common stock. No more than 1,500,000 shares may be issued in connection with the exercise of incentive stock options. Annual grants of stock options are limited to 500,000 shares for each participant. | ||||||||||
The exercise price of an incentive stock option cannot be less than 100% of the fair market value of such shares on the date of grant, provided that if the participant owns, directly or indirectly, stock possessing more than 10% of the total combined voting power of all classes of stock of the Company, the exercise price of an incentive stock option shall not be less than 110% of the fair market value of such shares on the date of grant. The exercise price of nonstatutory stock option awards cannot be less than 100% of the fair market value of such shares on the date of grant. The option exercise price may be paid in cash or with shares of common stock, or a combination of cash and common stock, if permitted under the participant’s option agreement. The Plan will expire on June 17, 2019, unless terminated sooner by the Board of Directors. | ||||||||||
The fair value of each option granted is estimated on the date of grant using the “Black Scholes Option Pricing” method with the following assumptions for the years ended December 31, 2014, 2013 and 2012: | ||||||||||
31-Dec | ||||||||||
2014 | 2013 | 2012 | ||||||||
Expected volatility | 50.00% | 50.00% | 50.00% | |||||||
Expected dividend | 1.00% | 2.0% | 2.0% – 3.0% | |||||||
Expected term (years) | 6.25 | 6.25 | 6.25 | |||||||
Risk free rate | 2.00% | 1.38% | 0.77% - 1.31% | |||||||
The expected volatility is an estimate of the volatility of the Company’s share price based on historical performance. The risk free interest rates for periods within the contractual life of the awards are based on the U. S. Treasury Zero Coupon implied yield at the time of the grant correlating to the expected term. The expected term is based on the simplified method as provided by the Securities and Exchange Commission Staff Accounting Bulletin No 110 (SAB 110). In accordance with SAB 110, the Company has chosen to use the simplified method, as this is the first plan issued by the Company as Community Bankers Trust Corporation; therefore, minimal historical exercise data exists. The dividend yield assumption is based on the Company’s history and expectation of dividend payouts over the life of the options at the time of the grant. | ||||||||||
The Company plans to issue new shares of common stock when options are exercised. | ||||||||||
In January 2013, the Company granted 25,000 restricted shares of common stock to an executive officer in accordance with the minimum rules for long-term equity grants for companies participating in the Department of the Treasury’s TARP Capital Purchase Program. These rules require that for each 25% of total financial assistance repaid, 25% of the total restricted stock may become transferrable. Following the Company’s repayment of such financial assistance, 25% of this award vested and became transferable on January 17, 2014, and the remaining 75% of this award will vest (and will become transferable) in January 2015, January 2016 and January 2017 in accordance with the terms of the award. See Note 27 for further information related to the Company’s participation in the TARP Capital Purchase Program. | ||||||||||
The Company issues equity grants to non-employee directors as payment for annual retainer fees. The fair market value of these grants was the closing price of the Company’s stock at the grant date. A summary of these grants for the years ended December 31, 2014, 2013 and 2012 is shown in the following table: | ||||||||||
For the Year Ended | ||||||||||
2014 | 2013 | 2012 | ||||||||
Month | Shares Issued | Fair Market Value | Shares Issued | Fair Market Value | Shares Issued | Fair Market Value | ||||
March | 7,375 | $ | 8,751 | $ | — | $ — | ||||
4.00 | 3.37 | |||||||||
June | 9,954 | 4.16 | 9,096 | 3.24 | 15,925 | 2.04 | ||||
September | 8,901 | 4.38 | 8,073 | 3.65 | 13,477 | 2.41 | ||||
December | 8,697 | 4.48 | 7,965 | 3.70 | 13,260 | 2.45 | ||||
The Company granted 270,000 options in 2012, 230,000 options in 2013 and 175,000 options in 2014 to employees which vest ratably over the requisite service period of four years. A summary of options outstanding for the year ended December 31, 2014, is shown in the following table: | ||||||||||
Options | ||||||||||
Number of Shares | Weighted Average Exercise Price | Aggregate Intrinsic Value | ||||||||
Outstanding at beginning of year | 605,250 | $ | ||||||||
2.12 | ||||||||||
Granted | 175,000 | 3.80 | ||||||||
Forfeited | -46,250 | 2.45 | ||||||||
Expired | — | — | ||||||||
Exercised | -26,250 | 1.48 | ||||||||
Outstanding at end of year | 707,750 | 2.54 | $ | |||||||
1,332,483 | ||||||||||
Options outstanding and exercisable at end of year | 306,000 | 2.09 | $ | |||||||
707,033 | ||||||||||
Weighted average remaining contractual life for outstanding and exercisable shares at year end | 78 months | |||||||||
The weighted average fair value per option of options granted during the year was $1.73, $1.16 and $0.46 for the years ended December 31, 2014, 2013 and 2012, respectively. The aggregate intrinsic value of a stock option in the table above represents the aggregate pre-tax intrinsic value (the amount by which the current market value of the underlying stock exceeds the exercise price of the option) that would have been received by option holders had all option holders exercised their options on December 31, 2014. This amount changes with changes in the market value of the Company’s stock. The Company received $39,000 in cash related to option exercises with a total intrinsic value of $74,000 during the year ended December 31, 2014. A tax benefit of $38,000 was recognized in additional paid-in-capital in connection with the option exercises and issuances of restricted stock during 2014. | ||||||||||
The Company recorded total stock-based compensation expense of $330,000, $253,000 and $156,000 for the years ended December 31, 2014, 2013 and 2012, respectively. Of the $330,000 in expense that was recorded in 2014, $181,000 related to employee grants and is classified as personnel expense; $149,000 related to the non-employee director grants and is classified as other operating expenses. Of the $253,000 in expense that was recorded in 2013, $135,000 related to employee grants and is classified as personnel expense ; $118,000 related to the non-employee director grants and is classified as other operating expenses. Of the $156,000 in expense that was recorded in 2012, $57,000 related to employee grants and is classified as personnel expense; $99,000 related to the non-employee director grants and is classified as other operating expenses. | ||||||||||
The following table summarizes non-vested options and restricted stock outstanding at December 31, 2014: | ||||||||||
Options | Restricted Stock | |||||||||
Weighted Average Grant-Date | Weighted Average Grant-Date | |||||||||
Number of Shares | Fair Value | Number of Shares | Fair Value | |||||||
Non-vested at beginning of the year | 409,937 | $ | 28,750 | $ | ||||||
0.82 | 2.85 | |||||||||
Granted | 175,000 | 1.73 | — | — | ||||||
Vested | -136,937 | 0.73 | -10,000 | 2.83 | ||||||
Forfeited | -46,250 | 1.01 | — | — | ||||||
Non-vested at end of year | 401,750 | 1.22 | 18,750 | 2.86 | ||||||
The unrecognized compensation expense related to non-vested options and restricted stock was $360,000 at December 31, 2014 to be recognized over a weighted average period of 30 months. The total fair market value of shares vested during the years ended December 31, 2014, 2013 and 2012 was $101,000, $42,000 and $51,000, respectively. | ||||||||||
TFC and BOE Stock Option Plans | ||||||||||
Prior to the mergers, both TFC and BOE maintained stock option plans as incentives for certain officers and directors. During 2007, TFC replaced its stock option plan with an equity compensation plan that issued restricted stock awards. Under the terms of these plans, all options and awards were fully vested and exercisable, and any unrecognized compensation expenses were accelerated. Due to the mergers on May 31, 2008, these plans were terminated and the Company issued replacement options amounting to 332,351 and 161,426 to former employees of TFC and BOE, which represented exchange rates of 1.42 and 5.7278, respectively. | ||||||||||
The options were valued at $1.488 million using the Black-Scholes model at the time of acquisition of TFC and BOE by the Company. The options were considered part of the acquisition price and, therefore, were not expensed by the Company. Assumptions were for a discount rate of 4.06% and 25% volatility with a remaining term of 4.83 years for TFC options and 5.25 years for BOE options. | ||||||||||
All remaining outstanding TFC options expired during the year ended December 31, 2013, and all remaining outstanding BOE options expired during the year ended December 31, 2014. | ||||||||||
A summary of the options outstanding for the year ended December 31, 2014 is shown in the following table: | ||||||||||
Options | ||||||||||
Number of Shares | Weighted Average Exercise Price | |||||||||
Outstanding at beginning of the year | 40,134 | $ | ||||||||
4.94 | ||||||||||
Granted | — | — | ||||||||
Forfeited | -4,181 | 5.01 | ||||||||
Expired | -35,953 | 4.93 | ||||||||
Outstanding at end of year | — | — | ||||||||
The aggregate intrinsic value of the options outstanding and exercisable was zero for each of the years ended December 31, 2014, 2013 and 2012. | ||||||||||
Earnings_Per_Common_Share
Earnings Per Common Share | 12 Months Ended | |||||
Dec. 31, 2014 | ||||||
Earnings Per Common Share [Abstract] | ||||||
Earnings Per Common Share | ||||||
Note 14. Earnings Per Common Share | ||||||
Basic earnings per common share (EPS) is computed by dividing net income or loss available to common shareholders by the weighted average number of common shares outstanding during the period. Diluted EPS is computed using the weighted average number of common shares outstanding during the period, including the effect of all potentially dilutive common shares outstanding attributable to stock instruments (dollars and shares in thousands, except per share data): | ||||||
Net Income Available to Common Shareholders (Numerator) | Weighted Average Common Shares (Denominator) | Per Common Share Amount | ||||
For the year ended December 31, 2014 | ||||||
Basic EPS | $ | 21,755 | $ | |||
7,269 | 0.33 | |||||
Effect of dilutive stock awards | — | 226 | — | |||
Diluted EPS | $ | 21,981 | $ | |||
7,269 | 0.33 | |||||
For the year ended December 31, 2013 | ||||||
Shares issued | 21,689 | |||||
Unissued vested restricted stock | 11 | |||||
Basic EPS | $ | 21,700 | $ | |||
4,787 | 0.22 | |||||
Effect of dilutive stock awards | — | 222 | — | |||
Diluted EPS | $ | 21,922 | $ | |||
4,787 | 0.22 | |||||
For the year ended December 31, 2012 | ||||||
Shares issued | 21,640 | |||||
Unissued vested restricted stock | 7 | |||||
Basic EPS | $ | 21,647 | $ | |||
4,478 | 0.21 | |||||
Effect of dilutive stock awards | — | 70 | — | |||
Diluted EPS | $ | 21,717 | $ | |||
4,478 | 0.21 | |||||
Excluded from the computation of diluted earnings per common share were approximately 40,000 and 1.3 million options or warrants during 2013 and 2012, respectively, because their inclusion would be antidilutive. There were no such exclusions during 2014. | ||||||
Related_Party_Transactions
Related Party Transactions | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Related Party Transactions [Abstract] | |||||||||
Related Party Transactions | |||||||||
Note 15. Related Party Transactions | |||||||||
In the ordinary course of business, the Bank has and expects to continue to have transactions, including borrowings, with its executive officers, directors, and their affiliates. All such loans are made on substantially the same terms as those prevailing at the time for comparable loans to unrelated persons. | |||||||||
The table below presents the activity for both direct and indirect loans at December 31, 2014 and 2013 (dollars in thousands). | |||||||||
31-Dec | |||||||||
2014 | 2013 | ||||||||
Balance, beginning of year | $ | 2,301 | $ | 3,115 | |||||
Principal additions | 1,384 | 1,765 | |||||||
Repayments and reclassifications | -1,604 | -2,579 | |||||||
Balance, end of year | $ | 2,081 | $ | 2,301 | |||||
Indirect loans at December 31, 2014 and 2013 were $2.1 million and $1.8 million, respectively. | |||||||||
Cash_Flow_Hedge
Cash Flow Hedge | 12 Months Ended |
Dec. 31, 2014 | |
Cash Flow Hedge [Abstract] | |
Cash Flow Hedge | |
Note 16. Cash Flow Hedge | |
On November 7, 2014, the Company entered into an interest rate swap with a total notional amount of $30 million. The Company designated the swap as a cash flow hedge intended to protect against the variability in the expected future cash flows on the designated variable rate borrowings. The swap hedges the interest rate risk, wherein the Company will receive an interest rate based on the three month LIBOR from the counterparty and pays an interest rate of 1.69% to the same counterparty calculated on the notional amount for a term of five years. The Company intends to sequentially issue a series of three month fixed rate debt as part of a planned roll-over of short term debt for five years. The forecasted funding will be provided through one of the following wholesale funding sources: a new FHLB advance, a new repurchase agreement, or a pool of brokered CDs, based on whichever market offers the most advantageous pricing at the time that pricing is first initially determined for the effective date of the swap and each reset period thereafter. Each quarter when the Company rolls over the three month debt, it will decide at that time which funding source to use for that quarterly period. | |
The swap was entered into with a counterparty that met the Company’s credit standards, and the agreement contains collateral provisions protecting the at-risk party. The Company believes that the credit risk inherent in the contract is not significant. As of December 31, 2014, the Company had $150,000 of cash pledged as collateral. | |
Amounts receivable or payable are recognized as accrued under the terms of the agreements. In accordance with FASB ASC 815, Derivatives and Hedging, the Company has designated the swap as a cash flow hedge, with the effective portions of the derivatives’ unrealized gains or losses recorded as a component of other comprehensive income. The ineffective portions of the unrealized gains or losses, if any, would be recorded in other operating expense. The Company has assessed the effectiveness of each hedging relationship by comparing the changes in cash flows on the designated hedged item. The Company’s cash flow hedge is deemed to be effective. At December 31, 2014, the fair value of the Company’s cash flow hedge was an unrealized gain of $23,000 and was recorded in other assets. The gain was recorded as a component of other comprehensive income. | |
Dividend_Limitations_on_Affili
Dividend Limitations on Affiliate Bank | 12 Months Ended |
Dec. 31, 2014 | |
Dividend Limitations On Affiliate Bank [Abstract] | |
Dividend Limitations on Affiliate Bank | |
Note 17. Dividend Limitations on Affiliate Bank | |
Transfers of funds from the banking subsidiary to the parent corporation in the form of loans, advances and cash dividends are restricted by federal and state regulatory authorities. As of December 31, 2014, 2013 and 2012, the aggregate amount of unrestricted funds that could be transferred from the banking subsidiary to the parent corporation, without prior regulatory approval, totaled $1.1 million, $3.5 million and $787,000, respectively. From January 1, 2012 until December 5, 2012, the Bank was not permitted to make dividend payments to the holding company without prior regulatory approval, as required by the formal written agreement that the Company had with its regulators. | |
Concentration_of_Credit_Risk
Concentration of Credit Risk | 12 Months Ended |
Dec. 31, 2014 | |
Concentration of Credit Risk [Abstract] | |
Concentration of Credit Risk | Note 18. Concentration of Credit Risk |
At December 31, 2014 and 2013, the Bank’s loan portfolio consisted of commercial, real estate and consumer (installment) loans. Real estate secured loans represented the largest concentration at 85.36% and 83.75% of the loan portfolio for 2014 and 2013, respectively. | |
The Bank maintains a portion of its cash balances with several financial institutions located in its market area. Accounts at each institution are secured by the FDIC up to $250,000. Uninsured balances were $5.1 million and $7.1 million at December 31, 2014 and 2013, respectively. | |
Financial_Instruments_With_Off
Financial Instruments With Off-Balance Sheet Risk | 12 Months Ended | |||
Dec. 31, 2014 | ||||
Financial Instruments With Off Balance Sheet Risk [Abstract] | ||||
Financial Instruments With Off-Balance Sheet Risk | Note 19. Financial Instruments With Off-Balance Sheet Risk | |||
The Bank is party to financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include commitments to extend credit and standby letters of credit. Those instruments involve, to varying degrees, elements of credit and interest rate risk in excess of the amount recognized in the balance sheet. The contract amounts of those instruments reflect the extent of involvement the Bank has in particular classes of financial instruments. | ||||
The Bank’s exposure to credit loss in the event of nonperformance by the other party to the financial instrument for commitments to extend credit and standby letters of credit is represented by the contractual amount of those instruments. The Bank uses the same credit policies in making commitments and conditional obligations as it does for on-balance sheet instruments. A summary of the contract amounts of the Bank’s exposure to off-balance sheet risk as of December 31, 2014 and 2013, is as follows (dollars in thousands): | ||||
31-Dec-14 | 31-Dec-13 | |||
Commitments with off-balance sheet risk: | ||||
Commitments to extend credit | $ | $ | ||
87,017 | 72,183 | |||
Standby letters of credit | 7,358 | 9,978 | ||
Total commitments with off-balance sheet risk | $ | $ | ||
94,375 | 82,161 | |||
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 payment of a fee. Since many of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. The Bank evaluates each customer’s credit worthiness on a case-by-case basis. The amount of collateral obtained, if deemed necessary by the Bank upon extension of credit, is based on management’s credit evaluation of the counterparty. Collateral held varies but may include accounts receivable, inventory, property and equipment, and income-producing commercial properties. | ||||
Unfunded commitments under commercial lines of credit, revolving credit lines and overdraft protection agreements are commitments for possible future extensions of credit to existing customers. These lines of credit are generally uncollateralized and usually do not contain a specified maturity date and may be drawn upon only to the total extent to which the Bank is committed. | ||||
Standby letters of credit are conditional commitments issued by the Bank to guarantee the performance of a customer to a third party. Those guarantees are primarily issued to support public and private borrowing arrangements, including commercial paper, bond financing, and similar transactions. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loan facilities to customers. The amount of collateral obtained, if deemed necessary by the Bank upon extension of credit, is based on management’s evaluation of the counterparty. Since most of the letters of credit are expected to expire without being drawn upon, they do not necessarily represent future cash requirements. | ||||
Minimum_Regulatory_Capital_Req
Minimum Regulatory Capital Requirements | 12 Months Ended | |||||||||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||||||||
Minimum Regulatory Capital Requirements [Abstract] | ||||||||||||||||||||||||||||||||||
Minimum Regulatory Capital Requirements | Note 20. Minimum Regulatory Capital Requirements | |||||||||||||||||||||||||||||||||
The Company (on a consolidated basis) and the Bank are subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Company’s and Bank’s financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Company and the Bank must meet specific capital guidelines that involve quantitative measures of their assets, liabilities and certain off-balance sheet items as calculated under regulatory accounting practices. The capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings, and other factors. Prompt corrective action provisions are not applicable to bank holding companies. | ||||||||||||||||||||||||||||||||||
Quantitative measures established by regulation to ensure capital adequacy require the Company and the Bank to maintain minimum amounts and ratios (set forth in the table below) of total and tier 1 capital (as defined in the regulations) to risk weighted assets (as defined), and of tier 1 capital (as defined) to adjusted average total assets (as defined). Management believes, as of December 31, 2014 and 2013, that the Company and Bank met all capital adequacy requirements to which they are subject. | ||||||||||||||||||||||||||||||||||
As of December 31, 2014, based on regulatory guidelines, the Company believes that it is well capitalized under the regulatory framework for prompt corrective action. To be categorized as well capitalized, the Company and the Bank must maintain minimum total risk-based, tier 1 risk-based, and tier 1 leverage ratios as set forth in the table below. There are no conditions or events since that date that management believes have changed the Bank’s category. | ||||||||||||||||||||||||||||||||||
The Company’s and the Bank’s actual capital amounts and ratios are presented in the following table (dollars in thousands). | ||||||||||||||||||||||||||||||||||
Required in Order to be | ||||||||||||||||||||||||||||||||||
Actual | Required for Capital Adequacy Purposes | Well Capitalized Under Prompt Corrective Action | ||||||||||||||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||||||||||||||||||
As of December 31, 2014: | ||||||||||||||||||||||||||||||||||
Total Capital to risk weighted assets | ||||||||||||||||||||||||||||||||||
Company | $ | 115,805 | 14.72 | % | $ | 62,950 | 8.00 | % | NA | NA | ||||||||||||||||||||||||
Bank | 117,395 | 14.92 | % | 62,930 | 8.00 | % | $ | 10.00 | % | |||||||||||||||||||||||||
78,662 | ||||||||||||||||||||||||||||||||||
Tier 1 Capital to risk weighted assets | ||||||||||||||||||||||||||||||||||
Company | 106,397 | 13.52 | % | 31,475 | 4.00 | % | NA | NA | ||||||||||||||||||||||||||
Bank | 107,987 | 13.73 | % | 31,465 | 4.00 | % | 47,197 | 6.00 | % | |||||||||||||||||||||||||
Tier 1 Capital to adjusted average total assets | ||||||||||||||||||||||||||||||||||
Company | 106,397 | 9.36 | % | 45,487 | 4.00 | % | NA | NA | ||||||||||||||||||||||||||
Bank | 107,987 | 9.50 | % | 45,478 | 4.00 | % | 56,847 | 5.00 | % | |||||||||||||||||||||||||
As of December 31, 2013: | ||||||||||||||||||||||||||||||||||
Total Capital to risk weighted assets | ||||||||||||||||||||||||||||||||||
Company | $ | 113,805 | 16.82 | % | $ | 54,124 | 8.00 | % | NA | NA | ||||||||||||||||||||||||
Bank | 113,624 | 16.79 | % | 54,132 | 8.00 | % | $ | 10.00 | % | |||||||||||||||||||||||||
67,666 | ||||||||||||||||||||||||||||||||||
Tier 1 Capital to risk weighted assets | ||||||||||||||||||||||||||||||||||
Company | 105,672 | 15.62 | % | 27,062 | 4.00 | % | NA | NA | ||||||||||||||||||||||||||
Bank | 105,489 | 15.59 | % | 27,066 | 4.00 | % | 40,599 | 6.00 | % | |||||||||||||||||||||||||
Tier 1 Capital to adjusted average total assets | ||||||||||||||||||||||||||||||||||
Company | 105,672 | 9.52 | % | 44,396 | 4.00 | % | NA | NA | ||||||||||||||||||||||||||
Bank | 105,489 | 9.50 | % | 44,402 | 4.00 | % | 55,503 | 5.00 | % | |||||||||||||||||||||||||
Fair_Values_of_Assets_and_Liab
Fair Values of Assets and Liabilities | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Fair Values of Assets and Liabilities [Abstract] | |||||||||||||
Fair Values of Assets and Liabilities | |||||||||||||
Note 21. Fair Values of Assets and Liabilities | |||||||||||||
FASB ASC 820, Fair Value Measurements and Disclosures, defines fair value as the exchange price that would be received for an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. FASB ASC 820 requires that valuation techniques maximize the use of observable inputs and minimize the use of unobservable inputs and also establishes a fair value hierarchy that prioritizes the valuation inputs into three broad levels. The Company groups assets and liabilities at fair value in three levels, based on the markets in which the assets and liabilities are traded and the reliability of the assumptions used to determine fair value. These levels are: | |||||||||||||
• Level 1—Valuation is based upon quoted prices for identical instruments traded in active markets. | |||||||||||||
• Level 2—Valuation is based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant assumptions are observable in the market or can be corroborated by observable market data for substantially the full term of the assets or liabilities. | |||||||||||||
• Level 3—Valuation is determined using model-based techniques with significant assumptions not observable in the market. These unobservable assumptions reflect the Company’s own estimates of assumptions that market participants would use in pricing the asset or liability. Valuation techniques include the use of third party pricing services, option pricing models, discounted cash flow models and similar techniques. | |||||||||||||
FASB ASC 825, Financial Instruments, allows an entity the irrevocable option to elect fair value for the initial and subsequent measurement for certain financial assets and liabilities on a contract-by-contract basis. The Company has not made any material FASB ASC 825 elections as of December 31, 2014. | |||||||||||||
Assets and Liabilities Recorded at Fair Value on a Recurring Basis | |||||||||||||
The Company utilizes fair value measurements to record adjustments to certain assets to determine fair value disclosures. Securities available for sale and loans held for sale are recorded at fair value on a recurring basis. The tables below present the recorded amount of assets and liabilities measured at fair value on a recurring basis (dollars in thousands): | |||||||||||||
31-Dec-14 | |||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||
Investment securities available for sale | |||||||||||||
U.S. Treasury issue and other U.S. Gov’t agencies | $ | 98,707 | $ | 94,464 | $ | 4,243 | $ | - | |||||
State, county and municipal | 137,477 | 5,596 | 131,881 | - | |||||||||
Corporate and other bonds | 11,883 | - | 11,883 | - | |||||||||
Mortgage backed – U.S. Gov’t agencies | 2,258 | - | 2,258 | - | |||||||||
Mortgage backed – U.S. Gov’t sponsored agencies | 24,243 | - | 24,243 | - | |||||||||
Total investment securities available for sale | 274,568 | 100,060 | 174,508 | - | |||||||||
Loans held for sale | 200 | - | 200 | - | |||||||||
Cash flow hedge | 23 | - | 23 | - | |||||||||
Total assets at fair value | $ | 274,791 | $ | $ | $ | $ | $ | - | |||||
100,060 | 174,731 | ||||||||||||
Total liabilities at fair value | $ | - | $ | - | $ | - | $ | - | |||||
31-Dec-13 | |||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||
Investment securities available for sale | |||||||||||||
U.S. Treasury issue and other U.S. Gov’t agencies | $ | 98,987 | $ | 94,935 | $ | 4,052 | $ | - | |||||
U.S. Gov’t sponsored agencies | 486 | - | 486 | - | |||||||||
State, county and municipal | 134,096 | 2,482 | 131,614 | - | |||||||||
Corporate and other bonds | 6,349 | - | 6,349 | - | |||||||||
Mortgage backed – U.S. Gov’t agencies | 3,439 | - | 3,439 | - | |||||||||
Mortgage backed – U.S. Gov’t sponsored agencies | 22,420 | 2,531 | 19,889 | - | |||||||||
Total investment securities available for sale | 265,777 | 99,948 | 165,829 | - | |||||||||
Loans held for sale | 100 | - | 100 | - | |||||||||
Total assets at fair value | $ | 265,877 | $ | 99,948 | $ | 165,929 | $ | - | |||||
Total liabilities at fair value | $ | - | $ | - | $ | - | $ | - | |||||
Investment securities available for sale | |||||||||||||
Investment securities available for sale are recorded at fair value each reporting period. Fair value measurement is based upon quoted prices, if available. If quoted prices are not available, fair values are measured using independent pricing models or other model-based valuation techniques such as the present value of future cash flows, adjusted for the security’s credit rating, prepayment assumptions and other factors such as credit loss assumptions. | |||||||||||||
The Company utilizes a third party vendor to provide fair value data for purposes of determining the fair value of its available for sale securities portfolio. The third party vendor uses a reputable pricing company for security market data. The third party vendor has controls and edits in place for month-to-month market checks and zero pricing, and a Statement on Standards for Attestation Engagements No. 16 report is obtained from the third party vendor on an annual basis. The Company makes no adjustments to the pricing service data received for its securities available for sale. | |||||||||||||
Level 1 securities include those traded on an active exchange, such as the New York Stock Exchange, U.S. Treasury securities that are traded by dealers or brokers in active over-the-counter markets and money market funds. Level 2 securities include mortgage-backed securities issued by government sponsored entities, municipal bonds and corporate debt securities. | |||||||||||||
Loans held for sale | |||||||||||||
The carrying amounts of loans held for sale approximate fair value. | |||||||||||||
Cash flow hedge | |||||||||||||
The fair values of interest rate swaps are determined using the market standard methodology of netting the discounted future fixed cash receipts (or payments) and the discounted expected variable cash payments (or receipts). The variable cash payments (or receipts) are based on an expectation of future interest rates (forward curves) derived from observable market interest rate curves. | |||||||||||||
Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis | |||||||||||||
The Company is also required to measure and recognize certain other financial assets at fair value on a nonrecurring basis on the consolidated balance sheet. The following table presents assets measured at fair value on a nonrecurring basis for the years ended December 31, 2014 and 2013 (dollars in thousands): | |||||||||||||
31-Dec-14 | |||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||
Impaired loans, non-covered | $ | $ — | $ — | $ | |||||||||
14,286 | 14,286 | ||||||||||||
Other real estate owned (OREO), non-covered | 5,724 | — | — | 5,724 | |||||||||
Other real estate owned (OREO), covered | 2,019 | — | — | 2,019 | |||||||||
Total assets at fair value | $ | $ — | $ — | $ | |||||||||
22,029 | 22,029 | ||||||||||||
Total liabilities at fair value | $ — | $ — | $ — | $ — | |||||||||
31-Dec-13 | |||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||
Impaired loans, non-covered | $ | $ — | $ | $ | |||||||||
10,334 | 1,791 | 8,543 | |||||||||||
Other real estate owned (OREO), non-covered | 6,244 | — | — | 6,244 | |||||||||
Other real estate owned (OREO), covered | 2,692 | — | — | 2,692 | |||||||||
Total assets at fair value | $ | $ — | $ | $ | |||||||||
19,270 | 1,791 | 17,479 | |||||||||||
Total liabilities at fair value | $ — | $ — | $ — | $ — | |||||||||
Impaired loans, non-covered | |||||||||||||
Loans for which it is probable that payment of interest and principal will not be made in accordance with the contractual terms of the loan agreement are considered impaired. Once a loan is identified as individually impaired, management measures the impairment in accordance with FASB ASC 310, Receivables. The fair value of impaired loans is estimated using one of several methods, including collateral value and discounted cash flows. Those impaired loans not requiring an allowance represent loans for which the fair value of the expected repayments or collateral exceeds the recorded investments in such loans. At December 31, 2014 and December 31, 2013, a majority of total impaired loans were evaluated based on the fair value of the collateral. The Company frequently obtains appraisals prepared by external professional appraisers for classified loans greater than $250,000 when the most recent appraisal is greater than 12 months old. When the fair value of the collateral is based on an observable market price or a current appraised value, the Company records the impaired loan within Level 2. | |||||||||||||
The Company may also identify collateral deterioration based on current market sales data, including price and absorption, as well as input from real estate sales professionals and developers, county or city tax assessments, market data and on-site inspections by Company personnel. Internally prepared estimates generally result from current market data and actual sales data related to the Company’s collateral or where the collateral is located. When management determines that the fair value of the collateral is further impaired below the appraised value and there is no observable market price, the Company records the impaired loan as nonrecurring Level 3. In instances where an appraisal received subsequent to an internally prepared estimate reflects a higher collateral value, management does not revise the carrying amount. Impaired loans can also be evaluated for impairment using the present value of expected future cash flows discounted at the loan’s effective interest rate. The measurement of impaired loans using future cash flows discounted at the loan’s effective interest rate rather than the market rate of interest rate is not a fair value measurement and is therefore excluded from fair value disclosure requirements. Reviews of classified loans are performed by management on a quarterly basis. | |||||||||||||
Other real estate owned, covered and non-covered | |||||||||||||
Other real estate owned (OREO) assets are adjusted to fair value less estimated selling costs upon transfer of the related loans to OREO property. Subsequent to the transfer, valuations are periodically performed by management and the assets are carried at the lower of carrying value or fair value less estimated selling costs. 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 within Level 2. When an appraised value is not available or management determines that the fair value of the collateral is further impaired below the appraised value due to such things as absorption rates and market conditions, the Company records the foreclosed asset within Level 3 of the fair value hierarchy. | |||||||||||||
Fair Value of Financial Instruments | |||||||||||||
FASB ASC 825, Financial Instruments, requires disclosure of the fair value of financial assets and financial liabilities, including those financial assets and financial liabilities that are not measured and reported at fair value on a recurring or nonrecurring basis. FASB ASC 825 excludes certain financial instruments and all nonfinancial instruments from its disclosure requirements. Accordingly, the aggregate fair value amounts presented may not necessarily represent the underlying fair value of the Company. | |||||||||||||
The following reflects the fair value of financial instruments, whether or not recognized on the consolidated balance sheet, at fair value measures by level of valuation assumptions used for those assets. This table excludes financial instruments for which the carrying value approximates fair value (dollars in thousands): | |||||||||||||
31-Dec-14 | |||||||||||||
Carrying Value | Estimated Fair | Level 1 | Level 2 | Level 3 | |||||||||
Value | |||||||||||||
Financial assets: | |||||||||||||
Securities held to maturity | $ | $ | $ — | $ | $ — | ||||||||
36,197 | 37,539 | 37,539 | |||||||||||
Loans, non-covered | 655,371 | 661,806 | — | 642,645 | 19,161 | ||||||||
Loans, covered | 62,358 | 69,483 | — | — | 69,483 | ||||||||
FDIC indemnification asset | 18,609 | 4,242 | — | — | 4,242 | ||||||||
Financial liabilities: | |||||||||||||
Interest bearing deposits | 834,381 | 836,658 | — | 836,658 | — | ||||||||
Long-term borrowings | 110,205 | 110,218 | — | 110,218 | — | ||||||||
31-Dec-13 | |||||||||||||
Carrying Value | Estimated Fair | Level 1 | Level 2 | Level 3 | |||||||||
Value | |||||||||||||
Financial assets: | |||||||||||||
Securities held to maturity | $ | $ | $ — | $ | $ — | ||||||||
28,563 | 30,305 | 30,305 | |||||||||||
Loans, non-covered | 585,729 | 591,081 | — | 582,538 | 8,543 | ||||||||
Loans, covered | 72,791 | 88,693 | — | — | 88,693 | ||||||||
FDIC indemnification asset | 25,409 | 10,557 | — | — | 10,557 | ||||||||
Financial liabilities: | |||||||||||||
Interest bearing deposits | 822,209 | 824,895 | — | 824,895 | — | ||||||||
Long-term borrowings | 81,249 | 81,014 | — | 81,014 | — | ||||||||
The following methods were used to estimate the fair value of all other financial instruments recognized in the accompanying balance sheets at amounts other than fair value as of December 31, 2014. The Company applied the provisions of FASB ASC 820 to the fair value measurements of financial instruments not recognized on the consolidated balance sheet at fair value. The provisions requiring the Company to maximize the use of observable inputs and to measure fair value using a notion of exit price were factored into the Company’s selection of inputs into its established valuation techniques. | |||||||||||||
Financial Assets | |||||||||||||
Cash and cash equivalents | |||||||||||||
The carrying amounts of cash and due from banks, interest bearing bank deposits, and federal funds sold approximate fair value. | |||||||||||||
Securities held for investment | |||||||||||||
For securities held for investment, fair values are based on quoted market prices or dealer quotes. | |||||||||||||
Restricted securities | |||||||||||||
The carrying value of restricted securities approximates their fair value based on the redemption provisions of the respective issuer. | |||||||||||||
Loans held for sale | |||||||||||||
The carrying amounts of loans held for sale approximate fair value. | |||||||||||||
Loans not covered by FDIC shared-loss agreement (non-covered loans) | |||||||||||||
The fair value of loans, excluding PCI loans, is estimated by discounting the future cash flows using the current rates at which similar loans would be made to borrowers with similar credit ratings and for the same remaining maturities. The fair value of impaired loans is consistent with the methodology used for the FASB ASC 820 disclosure for assets recorded at fair value on a nonrecurring basis presented above. The fair value of non-covered loans that are PCI loans is estimated using the same methodology described below for covered loans. | |||||||||||||
Loans covered by FDIC shared-loss agreement (covered loans) and PCI loans | |||||||||||||
Fair values for covered loans and PCI loans are based on a discounted cash flow methodology that considers various factors including the type of loan and related collateral, classification status, term of loan and whether or not the loans are amortizing. Loans were pooled together according to similar characteristics and were treated in the aggregate when applying various valuation techniques. The discount rates used for loans are based on the rates used at acquisition (which were based on market rates for new originations of comparable loans) adjusted for any material changes in interest rates since acquisition. Increases in cash flow expectations since acquisition resulted in estimated fair value being higher than carrying value. The increase in cash flows is also reflected in a transfer from unaccretable yield to accretable yield as disclosed in Note 4. | |||||||||||||
FDIC indemnification asset | |||||||||||||
Loss sharing assets are measured separately from the related covered assets as they are not contractually embedded in the covered assets and are not transferable with the assets should the Company choose to dispose of them. Fair value is estimated using projected cash flows related to the obligations under the shared-loss agreements based on the expected reimbursements for losses and the applicable loss sharing percentages. These expected reimbursements do not include reimbursable amounts related to future covered expenditures. These cash flows were discounted to reflect the uncertainty of the timing and receipt of the loss sharing reimbursement from the FDIC. A reduction in loss expectations has resulted in the estimated fair value of the FDIC indemnification asset being lower than its carrying value. This creates a premium that is amortized over the life of the asset and is reflected in Note 5. | |||||||||||||
Accrued interest receivable | |||||||||||||
The carrying amounts of accrued interest receivable approximate fair value. | |||||||||||||
Financial Liabilities | |||||||||||||
Noninterest bearing deposits | |||||||||||||
The carrying amount of noninterest bearing deposits approximates fair value. | |||||||||||||
Interest bearing deposits | |||||||||||||
The fair value of NOW accounts, savings accounts, and certain money market deposits is the amount payable on demand at the reporting date. The fair value of fixed-maturity certificates of deposit is estimated using the rates currently offered for deposits of similar remaining maturities. | |||||||||||||
Federal funds purchased and securities sold under agreements to repurchase | |||||||||||||
The carrying amount of federal funds purchased and securities sold under agreements to repurchase approximates fair value. | |||||||||||||
Long-term borrowings | |||||||||||||
The fair values of the Company’s long-term borrowings, such as FHLB advances and long-term debt, are estimated using discounted cash flow analyses based on the Company’s current incremental borrowing rates for similar types of borrowing arrangements. | |||||||||||||
Accrued interest payable | |||||||||||||
The carrying amounts of accrued interest payable approximate fair value. | |||||||||||||
Off-balance sheet financial instruments | |||||||||||||
The fair value of commitments to extend credit is estimated using the fees currently charged to enter into similar agreements, taking into account the remaining terms of the agreements and the present creditworthiness of the counterparties. For fixed-rate loan commitments, fair value also considers the difference between current levels of interest rates and the committed rates. The fair value of stand-by letters of credit is based on fees currently charged for similar agreements or on the estimated cost to terminate them or otherwise settle the obligations with the counterparties at the reporting date. The Company’s off-balance sheet commitments are funded at current market rates at the date they are drawn upon. It is management’s opinion that the fair value of these commitments would approximate their carrying value, if drawn upon. | |||||||||||||
The Company assumes interest rate risk (the risk that general interest rate levels will change) as a result of its normal operations. As a result, the fair values of the Company’s financial instruments will change when interest rate levels change, and that change may be either favorable or unfavorable. Management attempts to match maturities of assets and liabilities to the extent believed necessary to minimize interest rate risk. However, borrowers with fixed rate obligations are less likely to prepay in a rising rate environment and more likely to prepay in a falling rate environment. Conversely, depositors who are receiving fixed rates are more likely to withdraw funds before maturity in a rising rate environment and less likely to do so in a falling rate environment. Management monitors rates and maturities of assets and liabilities and attempts to minimize interest rate risk by adjusting terms of new loans and deposits and by investing in securities with terms that mitigate the Company’s overall interest rate risk. | |||||||||||||
Trust_Preferred_Capital_Notes
Trust Preferred Capital Notes | 12 Months Ended |
Dec. 31, 2014 | |
Trust Preferred Capital Notes [Abstract] | |
Trust Preferred Capital Notes | Note 22. Trust Preferred Capital Notes |
On December 12, 2003, BOE Statutory Trust I, a wholly-owned subsidiary of the Company, was formed for the purpose of issuing redeemable capital securities. On December 12, 2003, $4.124 million of trust preferred securities were issued through a direct placement. The securities have a LIBOR-indexed floating rate of interest. The average interest rate at December 31, 2014, 2013 and 2012 was 3.24%, 3.28% and 3.57%, respectively. The securities have a mandatory redemption date of December 12, 2033 and are subject to varying call provisions which began December 12, 2008. The principal asset of the Trust is $4.124 million of the Company’s junior subordinated debt securities with the like maturities and like interest rates to the capital securities. | |
The trust preferred 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 not considered as tier 1 capital may be included in tier 2 capital. At December 31, 2014, all trust preferred notes were included in tier 1 capital. | |
The obligations of the Company with respect to the issuance of the capital securities constitute a full and unconditional guarantee by the Company of the Trust’s obligations with respect to the capital securities. | |
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 capital securities. The Company is current in its obligations under the trust preferred notes. | |
Lease_Commitments
Lease Commitments | 12 Months Ended | ||
Dec. 31, 2014 | |||
Lease Commitments [Abstract] | |||
Lease Commitments | Note 23. Lease Commitments | ||
The following table represents a summary of non-cancelable operating leases for bank premises that have initial or remaining terms in excess of one year as of December 31, 2014 (dollars in thousands): | |||
2015 | $ | 709 | |
2016 | 650 | ||
2017 | 597 | ||
2018 | 583 | ||
2019 | 591 | ||
Thereafter | 2,337 | ||
Total of future payments | $ | 5,467 | |
Rent expense for the years ended December 31, 2014, 2013 and 2012 was $783,000, $621,000 and $659,000, respectively. | |||
Other_Noninterest_Expense
Other Noninterest Expense | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Other Noninterest Expense [Abstract] | ||||||||||||
Other Noninterest Expense | Note 24. Other Noninterest Expense | |||||||||||
Other noninterest expense totals are presented in the following tables. Components of these expenses exceeding 1.0% of the aggregate of total net interest income and total noninterest income for any of the past three years are stated separately. | ||||||||||||
31-Dec | ||||||||||||
(dollars in thousands) | 2014 | 2013 | 2012 | |||||||||
Bank franchise tax | $ | $ | $ | |||||||||
544 | 513 | 466 | ||||||||||
Telephone and internet line | 739 | 699 | 777 | |||||||||
Stationery, printing and supplies | 449 | 453 | 504 | |||||||||
Exam fees | 567 | 529 | 569 | |||||||||
Marketing expense | 475 | 384 | 336 | |||||||||
Credit expense | 635 | 707 | 948 | |||||||||
Other expenses | 2,938 | 2,661 | 2,391 | |||||||||
Total other operating expenses | $ | 6,347 | $ | 5,946 | $ | 5,991 | ||||||
Parent_Corporation_Only_Financ
Parent Corporation Only Financial Statements | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Parent Corporation Only Financial Statements [Abstract] | |||||||||
Parent Corporation Only Financial Statements | Note 25. Parent Corporation Only Financial Statements | ||||||||
COMMUNITY BANKERS TRUST CORPORATION | |||||||||
PARENT COMPANY ONLY BALANCE SHEETS | |||||||||
AS OF DECEMBER 31, 2014 and 2013 | |||||||||
(dollars in thousands) | |||||||||
2014 | 2013 | ||||||||
Assets | |||||||||
Cash | $ | 7,910 | $ | 323 | |||||
Other assets | 252 | 1,711 | |||||||
Investments in subsidiaries | 113,364 | 108,789 | |||||||
Total assets | $ | 121,526 | $ | 110,823 | |||||
Liabilities | |||||||||
Other liabilities | $ | 72 | $ | 40 | |||||
Balances due to non-bank subsidiary | 4,124 | 4,124 | |||||||
Long term debt | 9,680 | — | |||||||
Total liabilities | 13,876 | 4,164 | |||||||
Shareholders’ Equity | |||||||||
Preferred stock (5,000,000 shares authorized, $0.01 par value; 0 and 10,680 issued and outstanding, respectively) | — | 10,680 | |||||||
Warrants on preferred stock | — | 1,037 | |||||||
Common stock (200,000,000 shares authorized $0.01 par value; 21,791,523 and 21,709,096 shares issued and outstanding, respectively) | 218 | 217 | |||||||
Additional paid in capital | 145,321 | 144,656 | |||||||
Retained earnings | -38,553 | -45,822 | |||||||
Accumulated other comprehensive income (loss) | 664 | -4,109 | |||||||
Total shareholders’ equity | $ | 107,650 | $ | 106,659 | |||||
Total liabilities and shareholders’ equity | $ | 121,526 | $ | 110,823 | |||||
COMMUNITY BANKERS TRUST CORPORATION | |||||||||
PARENT COMPANY ONLY STATEMENTS OF INCOME | |||||||||
FOR THE YEARS ENDED DECEMBER 31, 2014, 2013 and 2012 | |||||||||
(dollars in thousands) | |||||||||
2014 | 2013 | 2012 | |||||||
Income: | |||||||||
Dividends received from subsidiaries | $ | 8,250 | $ | 7,820 | $ | 3,048 | |||
Other operating income | 4 | 4 | 11 | ||||||
Total income | 8,254 | 7,824 | 3,059 | ||||||
Expenses: | |||||||||
Interest expense | 423 | 137 | 180 | ||||||
Management fee paid to subsidiaries | 164 | 144 | 138 | ||||||
Stock option expense | 7 | 5 | -54 | ||||||
State taxes | 15 | 236 | 180 | ||||||
Professional and legal expenses | 121 | 112 | 129 | ||||||
Other operating expenses | 84 | 74 | -160 | ||||||
Total expenses | 814 | 708 | 413 | ||||||
Equity in (loss) / income of subsidiaries | -198 | -1,449 | 2,778 | ||||||
Net income before income taxes | 7,242 | 5,667 | 5,424 | ||||||
Income tax benefit | 274 | 239 | 158 | ||||||
Net income | $ | 7,516 | $ | 5,906 | $ | 5,582 | |||
COMMUNITY BANKERS TRUST CORPORATION | |||||||||
PARENT COMPANY ONLY STATEMENTS OF CASH FLOWS | |||||||||
FOR THE YEARS ENDED DECEMBER 31, 2014, 2013 and 2012 | |||||||||
(dollars in thousands) | |||||||||
2014 | 2013 | 2012 | |||||||
Operating activities: | |||||||||
Net income | $ | 7,516 | $ | 5,906 | $ | 5,582 | |||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||
Issuance of common stock and stock options | 409 | 258 | 156 | ||||||
Undistributed equity in loss (income) of subsidiary | 198 | 1,449 | -2,778 | ||||||
Decrease (increase) in other assets | 1,459 | -241 | -194 | ||||||
Increase (decrease) in other liabilities | 32 | -2 | -239 | ||||||
Net cash and cash equivalents provided by operating activities | 9,614 | 7,370 | 2,527 | ||||||
Financing activities: | |||||||||
Proceeds from long-term debt | 10,680 | — | — | ||||||
Payment on long-term debt | -1,000 | — | — | ||||||
Redemption of preferred stock and related warrants | (11,460) (11,460) | (7,000) (7,000) | — | ||||||
Cash dividends paid | -247 | -885 | -2,210 | ||||||
Net cash and cash equivalents used in financing activities | -2,027 | (7,885) (7,885) | -2,210 | ||||||
(Decrease) increase in cash and cash equivalents | 7,587 | -515 | 317 | ||||||
Cash and cash equivalents at beginning of the period | 323 | 838 | 521 | ||||||
Cash and cash equivalents at end of the period | $ | 7,910 | $ | 323 | $ | 838 | |||
Subsequent_Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2014 | |
Subsequent Events [Abstract] | |
Subsequent Events | |
Note 26. Subsequent Events | |
In preparing these financial statements, the Company has evaluated events and transactions for potential recognition or disclosure through the date the financial statements were issued. | |
Preferred_Stock
Preferred Stock | 12 Months Ended |
Dec. 31, 2014 | |
Preferred Stock [Abstract] | |
Preferred Stock | Note 27. Preferred Stock |
On December 19, 2008, under the Department of the Treasury’s TARP Capital Purchase Program, the Company issued to the U.S. Treasury 17,680 shares of Fixed Rate Cumulative Perpetual Preferred Stock, Series A (Series A Preferred Stock), and a 10-year warrant to purchase up to 780,000 shares of common stock at an exercise price of $3.40 per share. Cumulative dividends on the Series A Preferred Stock were payable at 5% per annum through the February 2014 payment, and at a rate of 9% per annum thereafter. The warrant was exercisable at any time until December 19, 2018, and the number of shares of common stock underlying the warrant and the exercise price was subject to adjustment for certain dilutive events. | |
The Company received proceeds of $17.68 million for the Series A Preferred Stock and the Warrant. The Company allocated the proceeds based on a relative fair value basis between the Series A Preferred Stock and the Warrant, recording $16.64 million and $1.04 million, respectively. Fair value of the preferred stock was estimated based on a discounted cash flow model using an estimated life of 50 years and a discount rate of 12%. Fair value of the stock warrant was estimated using a Black-Scholes model assuming stock price volatility of 27.5%, a dividend yield of 0.5%, a risk-free rate of 1.35% and an expected life of five years. The $16.64 million of Series A Preferred Stock is net of a discount of $1.04 million. The discount was accreted to the $17.68 million redemption price over a five year period. The accretion of the discount and dividends on the preferred stock reduce retained earnings. | |
Each share of Series A Preferred Stock issued and outstanding had no par value, had a liquidation preference of $1,000 and is redeemable at the Company’s option, subject to approval of the Federal Reserve, at a redemption price equal to $1,000 plus accrued and unpaid dividends. The Series A Preferred Stock had a preference over the Company’s common stock upon liquidation. Dividends on the preferred stock, if declared, were payable quarterly in arrears. The Company’s ability to declare or pay dividends on, or purchase, redeem or otherwise acquire, its common stock is subject to certain restrictions in the event that the Company fails to pay or set aside full dividends on the preferred stock for the latest completed dividend period. | |
During 2013, the Company repurchased 7,000 shares of the original 17,680 shares of Series A Preferred Stock. The Company funded the repurchase through the earnings of its banking subsidiary. The form of the repurchase was a redemption under the terms of the Series A Preferred Stock. The Company paid the Treasury $7.0 million, which represented 100% of the par value of the preferred stock repurchased plus accrued dividends with respect to such shares. | |
On April 23, 2014, the Company repurchased the remaining 10,680 shares of Series A Preferred Stock. The Company funded the repurchase through an unsecured third-party term loan (See Note 9). The form of the repurchase was a redemption under the terms of the TARP preferred stock. The Company paid the Treasury $10.9 million, which represented 100% of the par value of the preferred stock repurchased plus accrued dividends with respect to such shares. | |
On June 4, 2014, the Company paid the Treasury $780,000 to repurchase the warrant that had been associated with the Series A Preferred Stock. There are no other investments from the Company's participation in TARP that remain outstanding. | |
Quarterly_Data_Unaudited
Quarterly Data (Unaudited) | 12 Months Ended | ||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||||
Quarterly Data (Unaudited) | |||||||||||||||||||||||||||
Note 28. Quarterly Data (unaudited) | |||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||
First | Second | Third | Fourth | First | Second | Third | Fourth | ||||||||||||||||||||
Interest and dividend income | $ | 11,879 | $ | 12,455 | $ | 12,665 | $ | 11,726 | $ | 12,166 | $ | 12,491 | $ | 13,171 | $ | ||||||||||||
12,217 | |||||||||||||||||||||||||||
Interest expense | 1,570 | 1,697 | 1,783 | 1,883 | 1,894 | 1,791 | 1,749 | 1,644 | |||||||||||||||||||
Net interest income | 10,309 | 10,758 | 10,882 | 9,843 | 10,272 | 10,700 | 11,422 | 10,573 | |||||||||||||||||||
Provision for loan losses | — | — | — | — | — | — | — | — | |||||||||||||||||||
Net interest income after provision for loan losses | 10,309 | 10,758 | 10,882 | 9,843 | 10,272 | 10,700 | 11,422 | 10,573 | |||||||||||||||||||
Noninterest income | 1,301 | 970 | 1,166 | 1,832 | 1,326 | 1,338 | 593 | 1,467 | |||||||||||||||||||
Noninterest expenses | 9,177 | 9,359 | 9,538 | 8,743 | 9,711 | 9,758 | 9,433 | 10,386 | |||||||||||||||||||
Income (loss) before income taxes | 2,433 | 2,369 | 2,510 | 2,932 | 1,887 | 2,280 | 2,582 | 1,654 | |||||||||||||||||||
Income tax expense (benefit) | 709 | 649 | 697 | 673 | 563 | 673 | 800 | 461 | |||||||||||||||||||
Net income (loss) | $ | 1,724 | $ | 1,720 | $ | 1,813 | $ | 2,259 | $ | 1,324 | $ | 1,607 | $ | 1,782 | $ | ||||||||||||
1,193 | |||||||||||||||||||||||||||
Dividends paid on preferred stock | 65 | 182 | — | — | 221 | 221 | 208 | 235 | |||||||||||||||||||
Accretion of discount on preferred stock | — | — | — | — | 58 | 59 | 73 | 44 | |||||||||||||||||||
Net income (loss) available to common shareholders | $ | 1,659 | $ | 1,538 | $ | 1,813 | $ | 2,259 | $ | 1,045 | $ | 1,327 | $ | 1,501 | $ | ||||||||||||
914 | |||||||||||||||||||||||||||
Earnings (loss) per common share, basic | $ | 0.08 | $ | 0.07 | $ | 0.08 | $ | 0.10 | $ | 0.05 | $ | 0.06 | $ | 0.07 | $ | ||||||||||||
0.04 | |||||||||||||||||||||||||||
Earnings (loss) per common share, diluted | $ | 0.08 | $ | 0.07 | $ | 0.08 | $ | 0.10 | $ | 0.05 | $ | 0.06 | $ | 0.07 | $ | ||||||||||||
0.04 | |||||||||||||||||||||||||||
2012 | |||||||||||||||||||||||||||
First | Second | Third | Fourth | ||||||||||||||||||||||||
Interest and dividend income | $ | 13,809 | $ | 14,119 | $ | 12,872 | $ | 12,919 | |||||||||||||||||||
Interest expense | 2,712 | 2,587 | 2,339 | 2,054 | |||||||||||||||||||||||
Net interest income | 11,097 | 11,532 | 10,533 | 10,865 | |||||||||||||||||||||||
Provision for loan losses | 250 | 500 | — | 450 | |||||||||||||||||||||||
Net interest income after provision for loan losses | 10,847 | 11,032 | 10,533 | 10,415 | |||||||||||||||||||||||
Noninterest income | 975 | 1,462 | 2,470 | 1,299 | |||||||||||||||||||||||
Noninterest expenses | 10,442 | 10,811 | 10,357 | 9,693 | |||||||||||||||||||||||
Income (loss) before income taxes | 1,380 | 1,683 | 2,646 | 2,021 | |||||||||||||||||||||||
Income tax expense (benefit) | 390 | 473 | 837 | 448 | |||||||||||||||||||||||
Net income (loss) | $ | 990 | $ | 1,210 | $ | 1,809 | $ | 1,573 | |||||||||||||||||||
Dividends paid on preferred stock | 221 | 221 | 221 | 221 | |||||||||||||||||||||||
Accretion of discount on preferred stock | 55 | 55 | 55 | 55 | |||||||||||||||||||||||
Net income (loss) available to common shareholders | $ | 714 | $ | 934 | $ | 1,533 | $ | 1,297 | |||||||||||||||||||
Earnings (loss) per common share, basic | $ | 0.03 | $ | 0.04 | $ | 0.07 | $ | 0.06 | |||||||||||||||||||
Earnings (loss) per common share, diluted | $ | 0.03 | $ | 0.04 | $ | 0.07 | $ | 0.06 | |||||||||||||||||||
Branch_Sales
Branch Sales | 12 Months Ended | |
Dec. 31, 2014 | ||
Branch Sales [Abstract] | ||
Branch Sales | ||
Note 29. Branch Sale | ||
On November 8, 2013, the Company sold the four branches located in Georgia and related deposits to Community & Southern Bank, headquartered in Atlanta, Georgia (the “Branch Sale”). The Branch Sale resulted in the transfer of $193.2 million of deposits and $20,000 of consumer loans associated with such deposits to Community & Southern Bank in exchange for the payment of a deposit premium of $2.6 million. Certain fixed assets with a fair value of $5.2 million (cost, net of accumulated depreciation of $1.2 million) were also sold. In addition, $1.5 million of remaining unamortized intangible assets related to customers and deposits were associated with the Branch Sale. | ||
The following table summarizes deposits related to the Branch Sale (dollars in thousands): | ||
Deposits | ||
Noninterest bearing | $ | |
15,869 | ||
Interest bearing | 177,301 | |
Total deposits | $ | |
193,170 | ||
On October 25, 2013 the Company sold $24.3 million in loans held by the Georgia branches to Pinnacle Bank, headquartered in Elberton, Georgia (the “Loan Sale”), at a premium of 1.0%. | ||
The following summarizes the loans related to the Loan Sale (dollars in thousands): | ||
Mortgage loans on real estate: | ||
Residential 1-4 family | $ | |
2,240 | ||
Commercial | 15,762 | |
Construction and land development | 2,895 | |
Second mortgages | 41 | |
Multifamily | 1,802 | |
Agriculture | — | |
Total real estate loans | 22,740 | |
Commercial loans | 1,147 | |
Consumer installment loans | 424 | |
All other loans | — | |
Gross loans | 24,311 | |
Net deferred costs | 34 | |
Total loans | $ | |
24,345 | ||
Based on the premiums outlined above, the Company recorded a net gain on the combined transactions of $255,000. This gain is net of the deposit premium of $2.6 million, a write off of $1.5 million of existing core deposit intangibles, a $827,000 loss on the sale of fixed assets, a $243,000 gain on the sale of loans and $258,000 in transaction related costs. | ||
Nature_of_Banking_Activities_a1
Nature of Banking Activities and Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2014 | |
Nature of Banking Activities and Significant Accounting Policies [Abstract] | |
Organization | Organization |
Community Bankers Trust Corporation (the “Company”) is a bank holding company that was originally incorporated in 2005. On January 1, 2014, the Company completed a reincorporation from Delaware, its original state of incorporation, to Virginia. The form of the reincorporation was the merger of the then existing Delaware corporation into a newly created Virginia corporation. The Company retained the same name and conducts business in the same manner as before the reincorporation. | |
The Company is headquartered in Richmond, Virginia and is the holding company for Essex Bank (the “Bank”), a Virginia state bank with 21 full-service offices in Virginia and Maryland. The Bank also operates two loan production offices in Virginia. | |
The Bank engages in a general commercial banking business and provides a wide range of financial services primarily to individuals and small businesses, including individual and commercial demand and time deposit accounts, commercial and industrial loans, consumer and small business loans, real estate and mortgage loans, investment services, on-line and mobile banking products, and safe deposit box facilities. | |
Prior to November 8, 2013, the Bank also had four full-service offices in Georgia. The Bank sold those offices and related deposits to Community & Southern Bank on November 8, 2013. See Note 29 for additional information. | |
Principles of Consolidation | Principles of Consolidation |
The accompanying consolidated financial statements include the accounts of the Company and the Bank, its wholly-owned subsidiary. All material intercompany balances and transactions have been eliminated in consolidation. Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 810, Consolidation, requires that the Company no longer eliminate through consolidation the equity investment in BOE Statutory Trust I, which was $124,000 at each of December 31, 2014 and 2013. The subordinated debt of the Trust is reflected as a liability of the Company. | |
Cash and Cash Equivalents | Cash and Cash Equivalents |
For purposes of the consolidated statements of cash flows, the Company has defined cash and cash equivalents as cash and due from banks and interest-bearing bank balances. | |
Restricted Cash | Restricted Cash |
The Bank is required to maintain a reserve against its deposits in accordance with Regulation D of the Federal Reserve Act. For the final weekly reporting period, the aggregate amount of daily average required reserves was $10.7 million and $9.4 million for the years ended December 31, 2014 and 2013, respectively. | |
Securities | Securities |
Debt securities that management has the positive intent and ability to hold to maturity are classified as “held to maturity” and recorded at amortized cost. Securities not classified as held to maturity, including equity securities with readily determinable fair values, are classified as “available for sale” and recorded at fair value, with unrealized gains and losses excluded from earnings and reported in other comprehensive income. | |
Purchase premiums and discounts are recognized in interest income using the interest method over the terms of the securities. Declines in the fair value of held-to-maturity and available-for-sale securities below their cost that are deemed to be other than temporary are reflected in earnings as realized losses. In estimating other than temporary impairment losses, management considers (1) the length of time and the extent to which the fair value has been less than cost, (2) the financial condition and near-term prospects of the issuer, and (3) the intent and ability of the Company to retain its investment in the issuer for a period of time sufficient to allow for any anticipated recovery in fair value. Gains and losses on the sale of securities are determined using the specific identification method. | |
Restricted Securities | Restricted Securities |
The Company is required to maintain an investment in the capital stock of certain correspondent banks. The Company’s investment in these securities is recorded at cost. | |
Loans Held for Sale | Loans Held for Sale |
Mortgage loans originated and intended for sale in the secondary market are carried at the lower of cost or estimated market in the aggregate. Net unrealized losses are recognized through a valuation allowance by charges to income. Mortgage loans held for sale are sold with the mortgage servicing rights released by the Company. | |
The Company enters into commitments to originate certain mortgage loans whereby the interest rate on the loans is determined prior to funding (rate lock commitments). Rate lock commitments on mortgage loans that are intended to be sold are considered to be derivatives. The period of time between issuance of a loan commitment and closing and the sale of the loan generally ranges from thirty to ninety days. The Company protects itself from changes in interest rates through the use of best efforts forward delivery commitments, whereby the Company commits to sell a loan at the time the borrower commits to an interest rate with the intent that the buyer has assumed interest rate risk on the loan. As a result, the Company is not exposed to losses nor will it realize significant gains related to its rate lock commitments due to changes in interest rates. The correlation between the rate lock commitments and the best efforts contracts is very high due to their similarity. Because of this high correlation, the gain or loss that occurs on the rate lock commitments is immaterial. | |
Loans | Loans |
The Bank grants mortgage, commercial and consumer loans to customers. A significant portion of the loan portfolio is represented by 1-4 family residential and commercial mortgage loans. The ability of the Bank’s debtors to honor their contracts is dependent upon the real estate and general economic conditions in the Bank’s market area. | |
Loans that management has the intent and ability to hold for the foreseeable future or until maturity or pay-off generally are reported at their outstanding unpaid principal balances adjusted for charge-offs, the allowance for loan losses, and any deferred fees or costs on originated loans. Interest income is accrued on the unpaid principal balance. Loan origination fees, net of certain direct origination costs, are deferred and recognized as an adjustment of the related loan yield using the effective interest method. | |
The accrual of interest on mortgage and commercial loans is discontinued at the time the loan is 90 days delinquent unless the credit is well-secured and in process of collection. Consumer loans are typically charged off no later than 180 days past due. In all cases, loans are placed on nonaccrual or charged-off at an earlier date if collection of principal or interest is considered doubtful. | |
All interest accrued but not collected for loans that are placed on nonaccrual or charged-off is reversed against interest income. The interest on these loans is accounted for on the cash-basis or cost-recovery method until qualifying for return to accrual status. Loans are returned to accrual status when all of the principal and interest amounts contractually due are brought current and future payments are reasonably assured. | |
Allowance for Loan Losses on Non-Covered Loans | Allowance for Loan Losses on Non-covered loans |
The allowance for loan losses is established as losses are estimated to have occurred through a provision for loan losses charged to earnings. Loan losses are charged against the allowance when management believes the uncollectability of a loan balance is confirmed. Subsequent recoveries, if any, are credited to the allowance. | |
The allowance is an amount that management believes is appropriate to absorb estimated losses relating to specifically identified loans, as well as probable credit losses inherent in the balance of the loan portfolio, based on an evaluation of the collectability of existing loans and prior loss experience. This evaluation also takes into consideration such factors as changes in the nature and volume of the loan portfolio, overall portfolio quality, review of specific problem loans, and current economic conditions that may affect the borrower’s ability to pay. This evaluation does not include the effects of expected losses on specific loans or groups of loans that are related to future events or expected changes in economic conditions. While management uses the best information available to make its evaluation, future adjustments to the allowance may be necessary if there are significant changes in economic conditions. In addition, regulatory agencies, as an integral part of their examination process, periodically review the Bank’s allowance for loan losses, and may require the Bank to make additions to the allowance based on their judgment about information available to them at the time of their examinations. | |
The allowance consists of specific and general components. For loans that are also classified as impaired, an allowance is established when the discounted cash flows (or collateral value or observable market price) of the impaired loan is lower than the carrying value of that loan. The general component covers non-classified loans and is based on historical loss experience adjusted for qualitative factors. | |
A loan is considered impaired when, based on current information and events, it is probable that the Company will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record, and the amount of the shortfall in relation to the principal and interest owed. Impairment is measured on a loan by loan basis for commercial and construction loans by either the present value of the expected future cash flows discounted at the loan’s effective interest rate, the loan’s obtainable market price, or the fair value of the collateral if the loan is collateral dependent. | |
Large groups of smaller balance homogeneous loans are collectively evaluated for impairment. Accordingly, the Bank does not separately identify individual consumer and residential loans for impairment disclosures. | |
Accounting for Certain Loans or Debt Securities Acquired in a Transfer | Accounting for Certain Loans or Debt Securities Acquired in a Transfer |
FASB ASC 310, Receivables requires acquired loans to be recorded at fair value and prohibits carrying over valuation allowances in the initial accounting for acquired impaired loans. Loans carried at fair value, mortgage loans held for sale, and loans to borrowers in good standing under revolving credit arrangements are excluded from the scope of FASB ASC 310 which limits the yield that may be accreted to the excess of the undiscounted expected cash flows over the investor’s initial investment in the loan. The excess of the contractual cash flows over expected cash flows may not be recognized as an adjustment of yield. Subsequent increases in cash flows to be collected are recognized prospectively through an adjustment of the loan’s yield over its remaining life. Decreases in expected cash flows are recognized as impairments through the allowance for loan losses. | |
The Company’s acquired loans from the Suburban Federal Savings Bank (SFSB) transaction (the “covered loans”), subject to FASB ASC Topic 805, Business Combinations (formerly SFAS 141(R)), are recorded at fair value and no separate valuation allowance was recorded at the date of acquisition. FASB ASC 310-30, Loans and Debt Securities Acquired with Deteriorated Credit Quality (formerly SOP 03-3), applies to loans acquired in a transfer with evidence of deterioration of credit quality for which it is probable, at acquisition, that the investor will be unable to collect all contractually required payments receivable. The Company is applying the provisions of FASB ASC 310-30 to all loans acquired in the SFSB transaction. The Company has grouped loans together based on common risk characteristics including product type, delinquency status and loan documentation requirements among others. | |
The shared-loss agreement with the Federal Deposit Insurance Corporation (FDIC) related to loans other than those secured by single family, residential 1-4 family mortgages expired March 31, 2014. These loans will continue to be accounted for in accordance with FASB ASC 310-30 as purchased credit impaired loans and were classified as non-covered loans effective April 1, 2014 (the “PCI loans”). | |
The covered loans and PCI loans are subject to credit review standards described above for non-covered loans. If and when credit deterioration occurs subsequent to the acquisition date, a provision for credit loss for covered loans will be charged to earnings for the full amount without regard to the shared-loss agreements. | |
The Company has made an estimate of the total cash flows it expects to collect from each pool of loans, which includes undiscounted expected principal and interest. The excess of that amount over the fair value of the pool is referred to as accretable yield. Accretable yield is recognized as interest income on a constant yield basis over the life of the pool. The Company also determines each pool’s contractual principal and contractual interest payments. The excess of that amount over the total cash flows it expects to collect from the pool is referred to as nonaccretable difference, which is not accreted into income. Judgmental prepayment assumptions are applied to both contractually required payments and cash flows expected to be collected at acquisition. Over the life of the loan or pool, the Company continues to estimate cash flows expected to be collected. Subsequent decreases in cash flows expected to be collected over the life of the pool are recognized as an impairment in the current period through allowance for loan loss. Subsequent increases in expected or actual cash flows are first used to reverse any existing valuation allowance for that loan or pool. Any remaining increase in cash flows expected to be collected is recognized as an adjustment to the accretable yield with the amount of periodic accretion adjusted over the remaining life of the pool. | |
Bank Premises and Equipment | Bank Premises and Equipment |
Bank premises and equipment are stated at cost less accumulated depreciation. Land is carried at cost. Depreciation of bank premises and equipment is computed on the straight-line method over estimated useful lives of 10 to 50 years for premises and 3 to 20 years for equipment, furniture and fixtures. | |
Costs of maintenance and repairs are charged to expense as incurred and major improvements are capitalized. Upon sale or retirement of depreciable properties, the cost and related accumulated depreciation are eliminated from the accounts and the resulting gain or loss is included in the determination of income. | |
Other Real Estate Owned | Other Real Estate Owned |
Real estate acquired through, or in lieu of, loan foreclosure is held for sale and is initially recorded at the fair value at the date of foreclosure net of estimated selling costs, establishing a new cost basis. Subsequent to foreclosure, valuations are periodically performed by management and the assets are carried at the lower of the carrying amount or the fair value less costs to sell. Revenues and expenses from operations and changes in the valuation allowance are included in other operating expenses. Costs to bring a property to salable condition are capitalized up to the fair value of the property while costs to maintain a property in salable condition are expensed as incurred. The Company had $5.7 million and $6.2 million in other real estate, non-covered at December 31, 2014 and 2013, respectively, and $2.0 million and $2.7 million in other real estate, covered at December 31, 2014 and 2013, respectively. | |
Other Intangibles | Other Intangibles |
The Company is accounting for other intangible assets in accordance with FASB ASC 350, Intangibles - Goodwill and Others. Under FASB ASC 350, acquired intangible assets (such as core deposit intangibles) are separately recognized if the benefit of the assets can be sold, transferred, licensed, rented, or exchanged, and amortized over their useful lives. The costs of purchased deposit relationships and other intangible assets, based on independent valuation by a qualified third party, are being amortized over their estimated lives. The core deposit intangible is evaluated for impairment in accordance with FASB ASC 350. | |
Advertising Costs | Advertising Costs |
The Company follows the policy of expensing advertising costs as incurred, which totaled $475,000, $384,000 and $336,000 for 2014, 2013 and 2012, respectively. | |
Income Taxes | Income Taxes |
Deferred income tax assets and liabilities are determined using the liability (or balance sheet) method. Under this method, the net deferred tax asset or liability is determined based on the tax effects of the temporary differences between the book and tax bases of the various balance sheet assets and liabilities and gives current recognition to changes in tax rates and laws. | |
When tax returns are filed, it is highly certain that some positions taken would be sustained upon examination by the taxing authorities, while others are subject to uncertainty about the merits of the position taken or the amount of the position that would be ultimately sustained. The benefit of a tax position is recognized in the financial statements in the period during which, based on all available evidence, management believes it is more likely than not that the position will be sustained upon examination, including the resolution of appeals or litigation processes, if any. Tax positions taken are not offset or aggregated with other positions. Tax positions that meet the more-likely-than-not recognition threshold are measured as the largest amount of tax benefit that is more than 50 percent likely of being realized upon settlement with the applicable taxing authority. The portion of the benefits associated with tax positions taken that exceeds the amount measured as described above is reflected as a liability for unrecognized tax benefits in the accompanying balance sheet along with any associated interest and penalties that would be payable to the taxing authorities upon examination. Interest and penalties associated with unrecognized tax benefits are classified as additional income taxes in the statement of income. Under FASB ASC 740, Income Taxes, a valuation allowance is provided when it is more likely than not that some portion of the deferred tax asset will not be realized. In management’s opinion, based on a three year taxable income projection, tax strategies that would result in potential securities gains and the effects of off-setting deferred tax liabilities, it is more likely than not that the deferred tax assets are realizable. | |
The Company and its subsidiaries are subject to U. S. federal income tax as well as various state income taxes. Years 2011 through 2014 are open to examination by the respective tax authorities. | |
Earnings Per Share | Earnings Per Share |
Basic earnings per share (EPS) is computed based on the weighted average number of shares outstanding and excludes any dilutive effects of options, warrants and convertible securities. Diluted EPS is computed in a manner similar to basic EPS, except for certain adjustments to the numerator and the denominator. Diluted EPS gives effect to all dilutive potential common shares that were outstanding at the end of the period. Potential common shares that may be issued by the Company relate solely to outstanding stock options and are determined using the treasury stock method. The Company declared and paid $247,000, $885,000 and $2.2 million in dividends on preferred stock in 2014, 2013 and 2012, respectively. | |
Stock-Based Compensation | Stock-Based Compensation |
In April 2009, the Company adopted the Community Bankers Trust Corporation 2009 Stock Incentive Plan which is authorized to issue up to 2,650,000 shares of common stock. See Note 13 for details regarding these plans. | |
Derivatives - Cash Flow Hedge | Derivatives - Cash Flow Hedge |
The Company uses interest rate derivatives to manage certain amounts of its exposure to interest rate movements. To accomplish this objective, the Company is a party to interest rate swaps whereby the Company pays fixed amounts to a counterparty in exchange for receiving variable payments over the life of an underlying agreement without the exchange of underlying notional amounts. | |
Derivatives designated as cash flow hedges are used primarily to minimize the variability in cash flows of assets or liabilities caused by interest rates. Cash flow hedges are periodically tested for effectiveness, which measures the correlation of the cash flows of the hedged item with the cash flows from the derivative. The effective portion of changes in the fair value of derivatives designated as cash flow hedges is recorded in accumulated other comprehensive income (loss) and is subsequently reclassified into net income in the period that the hedged forecasted transaction affects earnings. The ineffective portion of the change in fair value of the derivative is recognized directly in earnings. | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements |
In January 2015, the FASB issued Accounting Standards Update (ASU) No. 2015-01, Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items. The ASU eliminates the concept of extraordinary items from U.S. GAAP. Existing U.S. GAAP required that an entity separately classify, present, and disclose extraordinary events and transactions. Presently, an event or transaction is presumed to be an ordinary and usual activity of the reporting entity unless the event or transaction is both unusual in nature and infrequent in occurrence. The amendments will eliminate the requirements for reporting entities to consider whether an underlying event or transaction is extraordinary; however, the presentation and disclosure guidance for items that are unusual in nature or occur infrequently will be retained and will be expanded to include items that are both unusual in nature and infrequently occurring. | |
The amendments are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. The amendments may be applied either prospectively or retrospectively to all prior periods presented in the financial statements. Early adoption is permitted provided that the guidance is applied from the beginning of the fiscal year of adoption. The Company does not expect the adoption of this guidance to have a material impact on its consolidated financial statements. | |
In November 2014, the FASB issued ASU 2014-17, Pushdown Accounting, that gives acquired entities the option to apply pushdown accounting in their separate financial statements when an acquirer obtains control of them. In a related move, the Securities and Exchange Commission rescinded its guidance, which previously required or precluded pushdown accounting depending on the specific circumstances. Pushdown accounting is the practice of adjusting an acquired company’s separate financial statements to reflect the new basis of accounting established by the buyer for the acquired company. This commonly takes the form of “stepping up” net assets to fair value, which generally includes the recognition of goodwill and other intangibles assets. The new guidance provides an acquired entity with an option to apply pushdown accounting in its separate financial statements upon occurrence of an event in which an acquirer obtains control of the acquired entity. If the acquired company does not elect to apply pushdown accounting in the period of acquisition, it could do so in a later period through a retrospective adjustment, as long as the change is deemed to be “preferable” accounting. However, once pushdown is applied, it cannot subsequently be reversed. | |
The new guidance was effective upon issuance for current and future reporting periods and any open reporting periods for which financial statements have not yet been issued. The Company has had no recent acquisition activity; therefore, adoption of this guidance had no material impact on its consolidated financial statements. | |
In January 2014, the FASB issued ASU No. 2014-04, Receivables - Troubled Debt Restructurings by Creditors (Subtopic 310-40) - Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure. Although current guidance indicates that a creditor should reclassify a collateralized mortgage loan as other real estate owned when it determines that there has been in substance a repossession or foreclosure by the creditor, that is, the creditor receives physical possession of the debtor’s assets regardless of whether formal foreclosure proceedings take place, the terms in substance repossession or foreclosure and physical possession are not defined in the accounting literature. This has resulted in diversity about when a creditor should derecognize the loan receivable and recognize the real estate property. The objective of the amendments in this update is to reduce diversity by clarifying when an in substance repossession or foreclosure occurs. The amendments state that an in substance repossession or foreclosure occurs, and a creditor is considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan, upon either (1) the creditor obtaining legal title to the residential real estate property upon completion of a foreclosure or (2) the borrower conveying all interest in the residential real estate property to the creditor to satisfy that loan through completion of a deed in lieu of foreclosure or through a similar legal agreement. Additionally, the amendments require interim and annual disclosure of both (1) the amount of foreclosed residential real estate property held by the creditor and (2) the recorded investment in consumer mortgage loans collateralized by residential real estate property that are in the process of foreclosure according to local requirements of the applicable jurisdiction. The amendments are effective for public business entities for annual periods and interim periods within those annual periods beginning after December 15, 2014. Early adoption is permitted. The Company currently records foreclosures in accordance with this guidance; therefore, no changes are necessary for adoption. | |
Also in January 2014, the FASB issued ASU No. 2014-01, Investments - Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Qualified Affordable Housing Projects (a consensus of the FASB Emerging Issues Task Force). The amendments in this ASU apply to all reporting entities that invest in qualified affordable housing projects through limited liability entities that are flow through entities for tax purposes. Currently, an investor that invests in a qualified affordable housing project may elect to account for that investment using the effective yield method. Those not electing the effective yield method would account for the investment using the equity method or cost method. The Task Force received stakeholder feedback indicating that certain of the required conditions for the effective yield method are overly restrictive and thus prevent many investments in qualified affordable housing projects from qualifying for the use of this method. Those stakeholders stated that presenting the investment performance net of taxes as a component of income tax expense (benefit) as prescribed by the effective yield method more fairly represents the economics and provides users with a better understanding of the returns from such investments than the equity or cost methods. | |
The amendments in this 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. Under the proportional amortization method, an entity amortizes the initial cost of the investment in proportion to the tax credits and other tax benefits received and recognizes the net investment performance in the income statement as a component of income tax expense (benefit). Those not electing the proportional amortization method would account for the investment using the equity method or cost method. The decision to apply the proportional amortization method of accounting is an accounting policy decision that should be applied consistently to all qualifying affordable housing project investments rather than a decision to be applied to individual investments. A reporting entity should disclose information that enables users of its financial statements to understand the nature of its investments in qualified affordable housing projects, and the effect of the measurement of its investments in qualified affordable housing projects and the related tax credits on its financial position and results of operations. The amendments in this ASU should be applied retrospectively to all periods presented. The amendments in this ASU are effective for public business entities for annual periods and interim reporting periods within those annual periods, beginning after December 15, 2014. Early adoption is permitted. The Company does not expect the adoption of this guidance to have a material impact on its consolidated financial statements. | |
Use of Estimates | Use of Estimates |
The preparation of 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 at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Management estimates that are particularly susceptible to significant change in the near term relate to the determination of the allowance for loan losses, the valuation of other real estate owned, projected cash flows relating to certain acquired loans, the value of the indemnification asset, and the valuation of deferred tax assets. | |
Reclassifications | Reclassifications |
Certain reclassifications have been made to prior period balances to conform to the current year presentations. | |
Securities_Tables
Securities (Tables) | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||
Securities [Abstract] | |||||||||||||||||||
Amortized Costs and Fair Values of Securities Available for Sale and Held to Maturity | Amortized costs and fair values of securities available for sale and held to maturity at December 31, 2014 and 2013 were as follows (dollars in thousands): | ||||||||||||||||||
31-Dec-14 | |||||||||||||||||||
Gross Unrealized | |||||||||||||||||||
Amortized Cost | Gains | Losses | Fair Value | ||||||||||||||||
Securities Available for Sale | |||||||||||||||||||
U.S. Treasury issue and other U.S. Gov’t agencies | $ | 99,608 | $ | 113 | $ | -1,014 | $ | 98,707 | |||||||||||
U.S. Gov’t sponsored agencies | — | — | — | — | |||||||||||||||
State, county and municipal | 134,405 | 3,926 | -854 | 137,477 | |||||||||||||||
Corporate and other bonds | 11,921 | 17 | -55 | 11,883 | |||||||||||||||
Mortgage backed – U.S. Gov’t agencies | 2,338 | 18 | -98 | 2,258 | |||||||||||||||
Mortgage backed – U.S. Gov’t sponsored agencies | 24,096 | 174 | -27 | 24,243 | |||||||||||||||
Total Securities Available for Sale | $ | 272,368 | $ | 4,248 | $ | -2,048 | $ | 274,568 | |||||||||||
Securities Held to Maturity | |||||||||||||||||||
State, county and municipal | $ | $ | $ | $ | $ | — | $ | $ | |||||||||||
31,677 | 1,103 | 32,780 | |||||||||||||||||
Mortgage backed – U.S. Gov’t agencies | 4,293 | 238 | — | 4,531 | |||||||||||||||
Mortgage backed – U.S. Gov’t sponsored agencies | 227 | 1 | — | 228 | |||||||||||||||
Total Securities Held to Maturity | $ | 36,197 | $ | 1,342 | $ | — | $ | 37,539 | |||||||||||
31-Dec-13 | |||||||||||||||||||
Gross Unrealized | |||||||||||||||||||
Amortized Cost | Gains | Losses | Fair Value | ||||||||||||||||
Securities Available for Sale | |||||||||||||||||||
U.S. Treasury issue and other U.S. Gov’t agencies | $ | $ | $ | $ | |||||||||||||||
99,789 | 165 | -967 | 98,987 | ||||||||||||||||
U.S. Gov’t sponsored agencies | 487 | — | -1 | 486 | |||||||||||||||
State, county and municipal | 138,884 | 1,297 | -6,085 | 134,096 | |||||||||||||||
Corporate and other bonds | 6,369 | 27 | -47 | 6,349 | |||||||||||||||
Mortgage backed – U.S. Gov’t agencies | 3,608 | 29 | -198 | 3,439 | |||||||||||||||
Mortgage backed – U.S. Gov’t sponsored agencies | 22,631 | 69 | -280 | 22,420 | |||||||||||||||
Total Securities Available for Sale | $ | $ | $ | $ | |||||||||||||||
271,768 | 1,587 | -7,578 | 265,777 | ||||||||||||||||
Securities Held to Maturity | |||||||||||||||||||
State, county and municipal | $ | $ | $ — | $ | |||||||||||||||
9,385 | 718 | 10,103 | |||||||||||||||||
Mortgage backed – U.S. Gov’t agencies | 6,604 | 398 | — | 7,002 | |||||||||||||||
Mortgage backed – U.S. Gov’t sponsored agencies | 12,574 | 626 | — | 13,200 | |||||||||||||||
Total Securities Held to Maturity | $ | $ | $ — | $ | |||||||||||||||
28,563 | 1,742 | 30,305 | |||||||||||||||||
Amortized Cost and Fair Value of Securities by Contractual Maturity | Expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations without any penalties. | ||||||||||||||||||
Held to Maturity | Available for Sale | ||||||||||||||||||
(dollars in thousands) | Amortized Cost | Fair Value | Amortized Cost | Fair Value | |||||||||||||||
Due in one year or less | $ | 1,207 | $ | 1,229 | $ | 23,341 | $ | 23,375 | |||||||||||
Due after one year through five years | 13,283 | 14,092 | 63,204 | 63,865 | |||||||||||||||
Due after five years through ten years | 13,061 | 13,370 | 148,284 | 150,067 | |||||||||||||||
Due after ten years | 8,646 | 8,848 | 37,539 | 37,261 | |||||||||||||||
Total securities | $ | $ | 37,539 | $ | 272,368 | $ | 274,568 | ||||||||||||
36,19736,197 | |||||||||||||||||||
Summary of Realized Gains and Losses on Sales of Securities | Gross realized gains and losses on sales of securities available for sale during the years ended December 31, 2014, 2013 and 2012 were as follows (dollars in thousands): | ||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||
Gross realized gains | $ | 1,584 | $ | 645 | $ | 2,236 | |||||||||||||
Gross realized losses | -495 | -127 | -744 | ||||||||||||||||
Net securities gains | $ | 1,089 | $ | 518 | $ | 1,492 | |||||||||||||
Summary of Fair Value and Gross Unrealized Losses for Securities Available for Sale | The fair value and gross unrealized losses for securities, segregated by the length of time that individual securities have been in a continuous gross unrealized loss position, at December 31, 2014 and 2013 were as follows (dollars in thousands): | ||||||||||||||||||
31-Dec-14 | |||||||||||||||||||
Less than 12 Months | 12 Months or More | Total | |||||||||||||||||
Securities Available for Sale | Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | |||||||||||||
U.S. Treasury issue and other U.S. Gov’t agencies | $ | 47,475 | $ | -438 | $ | 35,630 | $ | -576 | $ | 83,105 | $ | -1,014 | |||||||
State, county and municipal | 3,673 | -8 | 32,348 | -846 | 36,021 | -854 | |||||||||||||
Corporate and other bonds | 5,756 | -21 | 3,113 | -34 | 8,869 | -55 | |||||||||||||
Mortgage backed – U.S. Gov’t agencies | — | — | 1,899 | -98 | 1,899 | -98 | |||||||||||||
Mortgage backed – U.S. Gov’t sponsored agencies | 2,551 | -16 | 712 | -11 | 3,263 | -27 | |||||||||||||
Total | $ | 59,455 | $ | -483 | $ | 73,702 | $ | -1,565 | $ | 133,157 | $ | -2,048 | |||||||
31-Dec-13 | |||||||||||||||||||
Less than 12 Months | 12 Months or More | Total | |||||||||||||||||
Securities Available for Sale | Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | |||||||||||||
U.S. Treasury issue and other U.S. Gov’t agencies | $ | $ | $ | $ | $ | $ | |||||||||||||
35,873 | -531 | 37,638 | -436 | 73,511 | -967 | ||||||||||||||
U.S. Gov’t sponsored agencies | 486 | -1 | — | — | 486 | -1 | |||||||||||||
State, county and municipal | 92,010 | -5,343 | 6,445 | -742 | 98,455 | -6,085 | |||||||||||||
Corporate and other bonds | 3,332 | -42 | 991 | -5 | 4,323 | -47 | |||||||||||||
Mortgage backed – U.S. Gov’t agencies | 2,767 | -198 | — | — | 2,767 | -198 | |||||||||||||
Mortgage backed – U.S. Gov’t sponsored agencies | 14,572 | -258 | 1,557 | -22 | 16,129 | -280 | |||||||||||||
Total | $ | $ | $ | $ | $ | $ | |||||||||||||
149,040 | -6,373 | 46,631 | -1,205 | 195,671 | -7,578 | ||||||||||||||
Loans_Not_Covered_by_FDIC_Shar1
Loans Not Covered by FDIC Shared-Loss Agreement (Non-Covered Loans) and Related Allowance for Loan Losses (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2014 | ||||||||||||||
Summary of Non-Covered Loans | The Company’s non-covered loans at December 31, 2014 and 2013 were comprised of the following (dollars in thousands): | |||||||||||||
31-Dec-14 | 31-Dec-13 | |||||||||||||
Amount | % of Non-Covered Loans | Amount | % of Non-Covered Loans | |||||||||||
Mortgage loans on real estate: | ||||||||||||||
Residential 1-4 family | $ | 25.32 | % | $ | 24.21 | % | ||||||||
168,358 | 144,382 | |||||||||||||
Commercial | 283,430 | 42.63 | 247,284 | 41.47 | ||||||||||
Construction and land development | 59,515 | 8.95 | 55,278 | 9.27 | ||||||||||
Second mortgages | 6,016 | 0.90 | 6,854 | 1.15 | ||||||||||
Multifamily | 33,830 | 5.09 | 35,774 | 6.00 | ||||||||||
Agriculture | 7,167 | 1.08 | 9,565 | 1.60 | ||||||||||
Total real estate loans | 558,316 | 83.97 | 499,137 | 83.70 | ||||||||||
Commercial loans | 99,634 | 14.99 | 90,142 | 15.12 | ||||||||||
Consumer installment loans | 5,470 | 0.82 | 5,623 | 0.94 | ||||||||||
All other loans | 1,444 | 0.22 | 1,435 | 0.24 | ||||||||||
Gross loans | 664,864 | 100.00 | % | 596,337 | 100.00 | % | ||||||||
Less unearned income on loans | -128 | -164 | ||||||||||||
Non-covered loans, net of unearned income | $ | $ | ||||||||||||
664,736 | 596,173 | |||||||||||||
Summary of Information Related to Impaired Loans | The following table summarizes information related to impaired loans as of December 31, 2014 (dollars in thousands): | |||||||||||||
With an allowance recorded: | Recorded Investment (1) | Unpaid Principal Balance (2) | Related Allowance | |||||||||||
Mortgage loans on real estate: | ||||||||||||||
Residential 1-4 family | $ | 2,754 | $ | 2,895 | $ | 463 | ||||||||
Commercial | 308 | 470 | 53 | |||||||||||
Construction and land development | 4,903 | 7,643 | 627 | |||||||||||
Second mortgages | 61 | 63 | 11 | |||||||||||
Multifamily | — | — | — | |||||||||||
Agriculture | — | — | — | |||||||||||
Total real estate loans | 8,026 | 11,071 | 1,154 | |||||||||||
Commercial loans | 7,521 | 8,721 | 520 | |||||||||||
Consumer installment loans | 118 | 120 | 20 | |||||||||||
All other loans | — | — | — | |||||||||||
Subtotal impaired loans with a valuation allowance | 15,665 | 19,912 | 1,694 | |||||||||||
With no related allowance recorded: | ||||||||||||||
Mortgage loans on real estate: | ||||||||||||||
Residential 1-4 family | 588 | 626 | — | |||||||||||
Commercial | 418 | 550 | — | |||||||||||
Construction and land development | 179 | 212 | — | |||||||||||
Second mortgages | — | — | — | |||||||||||
Multifamily | — | — | — | |||||||||||
Agriculture | — | — | — | |||||||||||
Total real estate loans | 1,185 | 1,388 | — | |||||||||||
Commercial loans | — | — | — | |||||||||||
Consumer installment loans | 2 | 3 | — | |||||||||||
All other loans | — | — | — | |||||||||||
Subtotal impaired loans without a valuation allowance | 1,187 | 1,391 | — | |||||||||||
Total: | ||||||||||||||
Mortgage loans on real estate: | ||||||||||||||
Residential 1-4 family | 3,342 | 3,521 | 463 | |||||||||||
Commercial | 726 | 1,020 | 53 | |||||||||||
Construction and land development | 5,082 | 7,855 | 627 | |||||||||||
Second mortgages | 61 | 63 | 11 | |||||||||||
Multifamily | — | — | — | |||||||||||
Agriculture | — | — | — | |||||||||||
Total real estate loans | 9,211 | 12,459 | 1,154 | |||||||||||
Commercial loans | 7,521 | 8,721 | 520 | |||||||||||
Consumer installment loans | 120 | 123 | 20 | |||||||||||
All other loans | — | — | — | |||||||||||
Total impaired loans | $ | 16,852 | $ | 21,303 | $ | 1,694 | ||||||||
-1 | The amount of the investment in a loan, which is not net of a valuation allowance, but which does reflect any direct write-down of the investment | |||||||||||||
-2 | The contractual amount due, which reflects paydowns applied in accordance with loan documents, but which does not reflect any direct write-downs | |||||||||||||
The following table summarizes information related to impaired loans as of December 31, 2013 (dollars in thousands): | ||||||||||||||
With an allowance recorded: | Recorded Investment (1) | Unpaid Principal Balance (2) | Related Allowance | |||||||||||
Mortgage loans on real estate: | ||||||||||||||
Residential 1-4 family | $ | 3,485 | $ | 3,739 | $ | 881 | ||||||||
Commercial | 920 | 1,091 | 150 | |||||||||||
Construction and land development | 4,148 | 5,298 | 508 | |||||||||||
Second mortgages | 225 | 226 | 40 | |||||||||||
Multifamily | — | — | — | |||||||||||
Agriculture | — | — | — | |||||||||||
Total real estate loans | 8,778 | 10,354 | 1,579 | |||||||||||
Commercial loans | 127 | 794 | 16 | |||||||||||
Consumer installment loans | 49 | 51 | 9 | |||||||||||
All other loans | — | — | — | |||||||||||
Subtotal impaired loans with a valuation allowance | 8,954 | 11,199 | 1,604 | |||||||||||
With no related allowance recorded: | ||||||||||||||
Mortgage loans on real estate: | ||||||||||||||
Residential 1-4 family | 1,189 | 1,228 | — | |||||||||||
Commercial | 1,714 | 1,969 | — | |||||||||||
Construction and land development | 1,734 | 4,335 | — | |||||||||||
Second mortgages | — | — | — | |||||||||||
Multifamily | — | — | — | |||||||||||
Agriculture | 204 | 222 | — | |||||||||||
Total real estate loans | 4,841 | 7,754 | — | |||||||||||
Commercial loans | — | — | — | |||||||||||
Consumer installment loans | 6 | 6 | — | |||||||||||
All other loans | — | — | — | |||||||||||
Subtotal impaired loans without a valuation allowance | 4,847 | 7,760 | — | |||||||||||
Total: | ||||||||||||||
Mortgage loans on real estate: | ||||||||||||||
Residential 1-4 family | 4,674 | 4,967 | 881 | |||||||||||
Commercial | 2,634 | 3,060 | 150 | |||||||||||
Construction and land development | 5,882 | 9,633 | 508 | |||||||||||
Second mortgages | 225 | 226 | 40 | |||||||||||
Multifamily | — | — | — | |||||||||||
Agriculture | 204 | 222 | — | |||||||||||
Total real estate loans | 13,619 | 18,108 | 1,579 | |||||||||||
Commercial loans | 127 | 794 | 16 | |||||||||||
Consumer installment loans | 55 | 57 | 9 | |||||||||||
All other loans | — | — | — | |||||||||||
Total impaired loans | $ | 13,801 | $ | 18,959 | $ | 1,604 | ||||||||
-1 | The amount of the investment in a loan, which is not net of a valuation allowance, but which does reflect any direct write-down of the investment | |||||||||||||
-2 | The contractual amount due, which reflects paydowns applied in accordance with loan documents, but which does not reflect any direct write-downs | |||||||||||||
Summary of Financial Receivable Impaired Average Recorded Investment | The following table summarizes the average recorded investment of impaired loans for the years ended December 31, 2014, 2013 and 2012 (dollars in thousands): | |||||||||||||
31-Dec | ||||||||||||||
2014 | 2013 | 2012 | ||||||||||||
Mortgage loans on real estate: | ||||||||||||||
Residential 1-4 family | $ | $ | $ | |||||||||||
4,008 | 5,607 | 6,770 | ||||||||||||
Commercial | 1,680 | 4,225 | 10,505 | |||||||||||
Construction and land development | 5,482 | 7,436 | 10,602 | |||||||||||
Second mortgages | 143 | 198 | 184 | |||||||||||
Multifamily | — | — | — | |||||||||||
Agriculture | 102 | 227 | 93 | |||||||||||
Total real estate loans | 11,415 | 17,693 | 28,154 | |||||||||||
Commercial loans | 3,824 | 318 | 773 | |||||||||||
Consumer installment loans | 89 | 72 | 137 | |||||||||||
All other loans | — | — | — | |||||||||||
Total impaired loans | $ | $ | $ | |||||||||||
15,328 | 18,083 | 29,064 | ||||||||||||
Summary of Non-Accrual Loans, Excluding PCI Loans, by Loan Category | The following table presents non-covered nonaccrual loans, excluding PCI loans, by loan category as of December 31, 2014 and 2013 (dollars in thousands): | |||||||||||||
31-Dec-14 | 31-Dec-13 | |||||||||||||
Mortgage loans on real estate: | ||||||||||||||
Residential 1-4 family | $ | $ | ||||||||||||
3,342 | 4,229 | |||||||||||||
Commercial | 607 | 1,382 | ||||||||||||
Construction and land development | 4,920 | 5,882 | ||||||||||||
Second mortgages | 61 | 225 | ||||||||||||
Multifamily | — | — | ||||||||||||
Agriculture | — | 205 | ||||||||||||
Total real estate loans | 8,930 | 11,923 | ||||||||||||
Commercial loans | 7,521 | 127 | ||||||||||||
Consumer installment loans | 120 | 55 | ||||||||||||
All other loans | — | — | ||||||||||||
Total loans | $ | $ | ||||||||||||
16,571 | 12,105 | |||||||||||||
Reconciliation of Impaired Loans to Nonaccrual Loans | A reconciliation of impaired loans to nonaccrual loans at December 31, 2014 and 2013, is set forth in the table below (dollars in thousands): | |||||||||||||
31-Dec-14 | 31-Dec-13 | |||||||||||||
Nonaccruals | $ | $ | ||||||||||||
16,571 | 12,105 | |||||||||||||
Trouble debt restructure and still accruing | 118 | 1,696 | ||||||||||||
Special mention and still accruing | 163 | — | ||||||||||||
Total impaired | $ | $ | ||||||||||||
16,852 | 13,801 | |||||||||||||
Age Analysis of Past Due Status of Non-Covered Loans, Excluding PCI Loans | The following tables present an age analysis of past due status of non-covered loans, excluding PCI loans, by category as of December 31, 2014 and 2013 (dollars in thousands): | |||||||||||||
31-Dec-14 | ||||||||||||||
30-89 Days Past Due | 90 Days Past Due | Total Past Due | Current | Total Loans Receivable | Recorded Investment 90 Days Past Due and Accruing | |||||||||
Mortgage loans on real estate: | ||||||||||||||
Residential 1-4 family | $ | 298 | $ | 3,342 | $ | 3,640 | $ | 163,622 | $ | 167,262 | $ | — | ||
Commercial | 200 | 607 | 807 | 281,475 | 282,282 | — | ||||||||
Construction and land development | 128 | 4,920 | 5,048 | 52,011 | 57,059 | — | ||||||||
Second mortgages | 26 | 61 | 87 | 5,913 | 6,000 | — | ||||||||
Multifamily | — | — | — | 33,830 | 33,830 | — | ||||||||
Agriculture | — | — | — | 7,167 | 7,167 | — | ||||||||
Total real estate loans | 652 | 8,930 | 9,582 | 544,018 | 553,600 | — | ||||||||
Commercial loans | 66 | 7,521 | 7,587 | 92,047 | 99,634 | — | ||||||||
Consumer installment loans | 10 | 120 | 130 | 5,340 | 5,470 | — | ||||||||
All other loans | — | — | — | 1,444 | 1,444 | — | ||||||||
Total loans | $ | 728 | $ | 16,571 | $ | 17,299 | $ | 642,849 | $ | 660,148 | $ | — | ||
31-Dec-13 | ||||||||||||||
30-89 Days Past Due | 90 Days Past Due | Total Past Due | Current | Total Loans Receivable | Recorded Investment 90 Days Past Due and Accruing | |||||||||
Mortgage loans on real estate: | ||||||||||||||
Residential 1-4 family | $ | 1,455 | $ | 4,229 | $ | 5,684 | $ | 138,698 | $ | 144,382 | $ | — | ||
Commercial | — | 1,382 | 1,382 | 245,902 | 247,284 | — | ||||||||
Construction and land development | 242 | 5,882 | 6,124 | 49,154 | 55,278 | — | ||||||||
Second mortgages | — | 225 | 225 | 6,629 | 6,854 | — | ||||||||
Multifamily | — | — | — | 35,774 | 35,774 | — | ||||||||
Agriculture | — | 205 | 205 | 9,360 | 9,565 | — | ||||||||
Total real estate loans | 1,697 | 11,923 | 13,620 | 485,517 | 499,137 | — | ||||||||
Commercial loans | 115 | 127 | 242 | 89,900 | 90,142 | — | ||||||||
Consumer installment loans | 58 | 55 | 113 | 5,510 | 5,623 | — | ||||||||
All other loans | — | — | — | 1,435 | 1,435 | — | ||||||||
Total loans | $ | 1,870 | $ | 12,105 | $ | 13,975 | $ | 582,362 | $ | 596,337 | $ | — | ||
Allowance for Loan Losses on Non-Covered Loans, Excluding PCI Loans, by Segment | Activity in the allowance for loan losses on non-covered loans, excluding PCI loans, by segment for the years ended December 31, 2014, 2013 and 2012 is presented in the following tables (dollars in thousands): | |||||||||||||
31-Dec-13 | Provision Allocation | Charge-offs | Recoveries | 31-Dec-14 | ||||||||||
Mortgage loans on real estate: | ||||||||||||||
Residential 1-4 family | $ | 3,853 | $ | -98 | $ | -733 | $ | 78 | $ | 3,100 | ||||
Commercial | 2,333 | 636 | -446 | 95 | 2,618 | |||||||||
Construction and land development | 2,252 | -323 | — | 1 | 1,930 | |||||||||
Second mortgages | 101 | -42 | — | 4 | 63 | |||||||||
Multifamily | 151 | -15 | — | — | 136 | |||||||||
Agriculture | 81 | -15 | — | — | 66 | |||||||||
Total real estate loans | 8,771 | 143 | -1,179 | 178 | 7,913 | |||||||||
Commercial loans | 1,546 | -152 | -1,217 | 1,065 | 1,242 | |||||||||
Consumer installment loans | 101 | 8 | -134 | 110 | 85 | |||||||||
All other loans | 26 | 1 | — | — | 27 | |||||||||
Total loans | $ | 10,444 | $ | — | $ | -2,530 | $ | 1,353 | $ | 9,267 | ||||
31-Dec-12 | Provision Allocation | Charge-offs | Recoveries | 31-Dec-13 | ||||||||||
Mortgage loans on real estate: | ||||||||||||||
Residential 1-4 family | $ | 3,985 | $ | 244 | $ | -432 | $ | 56 | $ | 3,853 | ||||
Commercial | 2,482 | 1,411 | -1,580 | 20 | 2,333 | |||||||||
Construction and land development | 3,773 | -1,338 | -877 | 694 | 2,252 | |||||||||
Second mortgages | 142 | 16 | -105 | 48 | 101 | |||||||||
Multifamily | 303 | -152 | — | — | 151 | |||||||||
Agriculture | 61 | -14 | -5 | 39 | 81 | |||||||||
Total real estate loans | 10,746 | 167 | -2,999 | 857 | 8,771 | |||||||||
Commercial loans | 1,961 | -172 | -325 | 82 | 1,546 | |||||||||
Consumer installment loans | 195 | -3 | -167 | 76 | 101 | |||||||||
All other loans | 18 | 8 | — | — | 26 | |||||||||
Total loans | $ | 12,920 | $ | — | $ | -3,491 | $ | 1,015 | $ | 10,444 | ||||
31-Dec-11 | Provision Allocation | Charge-offs | Recoveries | 31-Dec-12 | ||||||||||
Mortgage loans on real estate: | ||||||||||||||
Residential 1-4 family | $ | 3,451 | $ | 2,283 | $ | -1,786 | $ | 37 | $ | 3,985 | ||||
Commercial | 3,048 | 15 | -654 | 73 | 2,482 | |||||||||
Construction and land development | 5,729 | -1,539 | -2,058 | 1,641 | 3,773 | |||||||||
Second mortgages | 296 | -165 | -45 | 56 | 142 | |||||||||
Multifamily | 224 | 79 | — | — | 303 | |||||||||
Agriculture | 25 | 75 | -39 | — | 61 | |||||||||
Total real estate loans | 12,773 | 748 | -4,582 | 1,807 | 10,746 | |||||||||
Commercial loans | 1,810 | 604 | -695 | 242 | 1,961 | |||||||||
Consumer installment loans | 241 | 91 | -220 | 83 | 195 | |||||||||
All other loans | 11 | 7 | — | — | 18 | |||||||||
Total loans | $ | 14,835 | $ | 1,450 | $ | -5,497 | $ | 2,132 | $ | 12,920 | ||||
Non-Covered Loans Evaluated for Impairment | The following tables present information on the non-covered loans evaluated for impairment in the allowance for loan losses as of December 31, 2014 and 2013 (dollars in thousands): | |||||||||||||
31-Dec-14 | ||||||||||||||
Allowance for Loan Losses | ||||||||||||||
Individually Evaluated for Impairment (1) | Collectively Evaluated for Impairment | Related to PCI loans | Total | |||||||||||
Mortgage loans on real estate: | ||||||||||||||
Residential 1-4 family | $ | 598 | $ | 2,502 | $ | — | $ | 3,100 | ||||||
Commercial | 54 | 2,564 | 98 | 2,716 | ||||||||||
Construction and land development | 628 | 1,302 | — | 1,930 | ||||||||||
Second mortgages | 11 | 52 | — | 63 | ||||||||||
Multifamily | — | 136 | — | 136 | ||||||||||
Agriculture | — | 66 | — | 66 | ||||||||||
Total real estate loans | 1,291 | 6,622 | 98 | 8,011 | ||||||||||
Commercial loans | 529 | 713 | — | 1,242 | ||||||||||
Consumer installment loans | 20 | 65 | — | 85 | ||||||||||
All other loans | — | 27 | — | 27 | ||||||||||
Total loans | $ | 1,840 | $ | 7,427 | $ | 98 | $ | 9,365 | ||||||
31-Dec-14 | ||||||||||||||
Recorded Investment in Loans | ||||||||||||||
Individually Evaluated for Impairment (1) | Collectively Evaluated for Impairment | Related to PCI loans | Total | |||||||||||
Mortgage loans on real estate: | ||||||||||||||
Residential 1-4 family | $ | 7,307 | $ | 159,955 | $ | 1,096 | $ | 168,358 | ||||||
Commercial | 5,122 | 277,160 | 1,148 | 283,430 | ||||||||||
Construction and land development | 5,096 | 51,963 | 2,456 | 59,515 | ||||||||||
Second mortgages | 61 | 5,939 | 16 | 6,016 | ||||||||||
Multifamily | — | 33,830 | — | 33,830 | ||||||||||
Agriculture | — | 7,167 | — | 7,167 | ||||||||||
Total real estate loans | 17,586 | 536,014 | 4,716 | 558,316 | ||||||||||
Commercial loans | 7,757 | 91,877 | — | 99,634 | ||||||||||
Consumer installment loans | 124 | 5,346 | — | 5,470 | ||||||||||
All other loans | — | 1,444 | — | 1,444 | ||||||||||
Total loans | $ | 25,467 | $ | 634,681 | $ | 4,716 | $ | 664,864 | ||||||
31-Dec-13 | ||||||||||||||
Allowance for Loan Losses | Recorded Investment in Loans | |||||||||||||
Individually Evaluated for Impairment (1) | Collectively Evaluated for Impairment | Total | Individually Evaluated for Impairment (1) | Collectively Evaluated for Impairment | Total | |||||||||
Mortgage loans on real estate: | ||||||||||||||
Residential 1-4 family | $ | 923 | $ | 2,930 | $ | 3,853 | $ | 6,708 | $ | 137,674 | $ | 144,382 | ||
Commercial | 200 | 2,133 | 2,333 | 8,016 | 239,268 | 247,284 | ||||||||
Construction and land development | 651 | 1,601 | 2,252 | 8,619 | 46,659 | 55,278 | ||||||||
Second mortgages | 42 | 59 | 101 | 254 | 6,600 | 6,854 | ||||||||
Multifamily | — | 151 | 151 | — | 35,774 | 35,774 | ||||||||
Agriculture | — | 81 | 81 | 205 | 9,360 | 9,565 | ||||||||
Total real estate loans | 1,816 | 6,955 | 8,771 | 23,802 | 475,335 | 499,137 | ||||||||
Commercial loans | 18 | 1,528 | 1,546 | 192 | 89,950 | 90,142 | ||||||||
Consumer installment loans | 9 | 92 | 101 | 57 | 5,566 | 5,623 | ||||||||
All other loans | — | 26 | 26 | — | 1,435 | 1,435 | ||||||||
Total loans | $ | 1,843 | $ | 8,601 | $ | 10,444 | $ | 24,051 | $ | 572,286 | $ | 596,337 | ||
(1) The category “Individually Evaluated for Impairment” includes loans individually evaluated for impairment and determined not to be impaired. These loans totalled $8.6 million and $10.3 million at December 31, 2014 and 2013, respectively. The allowance for loans losses allocated to these loans was $146,000 and $239,000 at December 31, 2014 and 2013, respectively. | ||||||||||||||
Non-Covered Loans, Excluding PCI Loans, by Credit Quality Indicator | The following tables present the composition of non-covered loans, excluding PCI loans, by credit quality indicator at December 31, 2014 and 2013 (dollars in thousands): | |||||||||||||
31-Dec-14 | ||||||||||||||
Pass | Special Mention | Substandard | Doubtful | Total | ||||||||||
Mortgage loans on real estate: | ||||||||||||||
Residential 1-4 family | $ | 153,790 | $ | 7,540 | $ | 5,932 | $ | — | $ | 167,262 | ||||
Commercial | 268,546 | 10,363 | 3,373 | — | 282,282 | |||||||||
Construction and land development | 51,505 | 620 | 4,934 | — | 57,059 | |||||||||
Second mortgages | 4,639 | 1,300 | 61 | — | 6,000 | |||||||||
Multifamily | 33,830 | — | — | — | 33,830 | |||||||||
Agriculture | 7,167 | — | — | — | 7,167 | |||||||||
Total real estate loans | 519,477 | 19,823 | 14,300 | — | 553,600 | |||||||||
Commercial loans | 89,886 | 1,991 | 7,757 | — | 99,634 | |||||||||
Consumer installment loans | 5,325 | 21 | 124 | — | 5,470 | |||||||||
All other loans | 1,444 | — | — | — | 1,444 | |||||||||
Total loans | $ | 616,132 | $ | 21,835 | $ | 22,181 | $ | — | $ | 660,148 | ||||
31-Dec-13 | ||||||||||||||
Pass | Special Mention | Substandard | Doubtful | Total | ||||||||||
Mortgage loans on real estate: | ||||||||||||||
Residential 1-4 family | $ | 129,482 | $ | 8,193 | $ | 6,707 | $ | — | $ | 144,382 | ||||
Commercial | 229,168 | 11,348 | 6,768 | — | 247,284 | |||||||||
Construction and land development | 44,482 | 2,178 | 8,618 | — | 55,278 | |||||||||
Second mortgages | 6,172 | 428 | 254 | — | 6,854 | |||||||||
Multifamily | 35,774 | — | — | — | 35,774 | |||||||||
Agriculture | 9,361 | — | 204 | — | 9,565 | |||||||||
Total real estate loans | 454,439 | 22,147 | 22,551 | — | 499,137 | |||||||||
Commercial loans | 87,208 | 2,742 | 192 | — | 90,142 | |||||||||
Consumer installment loans | 5,344 | 222 | 57 | — | 5,623 | |||||||||
All other loans | 1,435 | — | — | — | 1,435 | |||||||||
Total loans | $ | 548,426 | $ | 25,111 | $ | 22,800 | $ | — | $ | 596,337 | ||||
PCI Loans [Member] | ||||||||||||||
Summary of Outstanding Principal Balance and Carrying Amounts of PCI Loans | ||||||||||||||
The following table reflects the outstanding principal balance and carrying amounts of the PCI loans as of December 31, 2014 (dollars in thousands): | ||||||||||||||
31-Dec-14 | ||||||||||||||
Unpaid balance | Carrying Value | |||||||||||||
Mortgage loans on real estate: | ||||||||||||||
Residential 1-4 family | $ | $ | ||||||||||||
2,189 | 1,096 | |||||||||||||
Commercial | 3,179 | 1,148 | ||||||||||||
Construction and land development | 3,658 | 2,456 | ||||||||||||
Second mortgages | 31 | 16 | ||||||||||||
Multifamily | — | — | ||||||||||||
Agriculture | — | — | ||||||||||||
Total real estate loans | 9,057 | 4,716 | ||||||||||||
Total PCI loans | $ | $ | ||||||||||||
9,057 | 4,716 | |||||||||||||
Summary of Changes in the Accretable Yield | The change in the accretable yield balance for the PCI loans for the year ended December 31, 2014 (dollars in thousands): | |||||||||||||
Balance transferred from covered loans, April 1, 2014 | $ | |||||||||||||
4,773 | ||||||||||||||
Accretion | -554 | |||||||||||||
Reclassification from nonaccretable yield | 852 | |||||||||||||
Balance, December 31, 2014 | $ | |||||||||||||
5,071 | ||||||||||||||
Loans_Covered_by_FDIC_SharedLo1
Loans Covered by FDIC Shared-Loss Agreements (Covered Loans) and Related Allowance for Loan Losses (Tables) (Covered Loans [Member]) | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Covered Loans [Member] | |||||||
Summary of Covered Loans | The carrying amount, by loan type, as of these dates is as follows (dollars in thousands): | ||||||
31-Dec-14 | 31-Dec-13 | ||||||
Amount | % of Covered Loans | Amount | % of Covered Loans | ||||
Mortgage loans on real estate: | |||||||
Residential 1-4 family | $ | 94.15 | % | $ | 88.18 | % | |
59,075 | 64,610 | ||||||
Commercial | — | — | 1,389 | 1.90 | |||
Construction and land development | — | — | 2,940 | 4.01 | |||
Second mortgages | 3,393 | 5.41 | 3,898 | 5.32 | |||
Multifamily | 276 | 0.44 | 266 | 0.36 | |||
Agriculture | — | — | 172 | 0.23 | |||
Total real estate loans | 62,744 | 100.00 | 73,275 | 100.00 | |||
Total covered loans | $ | 100.00 | % | $ | 100.00 | % | |
62,744 | 73,275 | ||||||
Summary of Covered Loans Collectively Evaluated for Impairment in the Allowance for Loan Losses | |||||||
The following table presents information on the covered loans collectively evaluated for impairment in the allowance for loan losses at December 31, 2014 and 2013 (dollars in thousands): | |||||||
31-Dec-14 | 31-Dec-13 | ||||||
Allowance for loan losses | Recorded investment in loans | Allowance for loan losses | Recorded investment in loans | ||||
Mortgage loans on real estate: | |||||||
Residential 1-4 family | $ | $ | $ | $ | |||
386 | 59,075 | 252 | 64,610 | ||||
Commercial | — | — | 232 | 1,389 | |||
Construction and land development | — | — | — | 2,940 | |||
Second mortgages | — | 3,393 | — | 3,898 | |||
Multifamily | — | 276 | — | 266 | |||
Agriculture | — | — | — | 172 | |||
Total real estate loans | 386 | 62,744 | 484 | 73,275 | |||
Total covered loans | $ | $ | $ | $ | |||
386 | 62,744 | 484 | 73,275 | ||||
Summary of Changes in the Accretable Yield | The change in the accretable yield balance for the years ended December 31, 2014, 2013 and 2012 is as follows (dollars in thousands): | ||||||
Balance, January 1, 2012 | $ 56,310 | ||||||
Accretion | -14,105 | ||||||
Reclassification from nonaccretable yield | 11,939 | ||||||
Balance, December, 2012 | 54,144 | ||||||
Accretion | -11,936 | ||||||
Reclassification from nonaccretable yield | 9,307 | ||||||
Balance, December 31, 2013 | 51,515 | ||||||
Accretion | -10,650 | ||||||
Reclassification from nonaccretable yield | 9,919 | ||||||
Transfer of PCI loans to non-covered loans | -4,773 | ||||||
Balance, December 31, 2014 | $ 46,011 | ||||||
FDIC_Agreements_and_FDIC_Indem1
FDIC Agreements and FDIC Indemnification Asset (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
FDIC Agreements And FDIC Indemnification Asset [Abstract] | ||||||||
Summary of Balances of FDIC Indemnification Asset | The following table presents the balances of the FDIC indemnification asset at December 31, 2014 and 2013 (dollars in thousands): | |||||||
Anticipated Expected Losses | Estimated Loss Sharing Value | Amortizable Premium (Discount) at Present Value | FDIC Indemnification Asset Total | |||||
1-Jan-12 | $ | $ | $ | $ | ||||
28,713 | 22,971 | 19,670 | 42,641 | |||||
Increases: | ||||||||
Writedown of OREO property to FMV | 622 | 497 | 497 | |||||
Decreases: | ||||||||
Net amortization of premium | -6,936 | -6,936 | ||||||
Reclassifications to FDIC receivable: | ||||||||
Net loan charge-offs and recoveries | -1,321 | -1,057 | -1,057 | |||||
OREO sales | -1,140 | -912 | -912 | |||||
Reimbursements requested from FDIC | -495 | -396 | -396 | |||||
Reforecasted Change in Anticipated Expected Losses | -3,174 | -2,539 | 2,539 | — | ||||
31-Dec-12 | 23,205 | 18,564 | 15,273 | 33,837 | ||||
Increases: | ||||||||
Writedown of OREO property to FMV | 344 | 275 | 275 | |||||
Decreases: | ||||||||
Net amortization of premium | -6,449 | -6,449 | ||||||
Reclassifications to FDIC receivable: | ||||||||
Net loan charge-offs and recoveries | -1,268 | -1,014 | -1,014 | |||||
OREO sales | -1,180 | -944 | -944 | |||||
Reimbursements requested from FDIC | -370 | -296 | -296 | |||||
Reforecasted Change in Anticipated Expected Losses | -7,217 | -5,774 | 5,774 | — | ||||
31-Dec-13 | 13,514 | 10,811 | 14,598 | 25,409 | ||||
Increases: | ||||||||
Writedown of OREO property to FMV | 34 | 27 | 27 | |||||
Decreases: | ||||||||
Net amortization of premium | -5,795 | -5,795 | ||||||
Reclassifications to FDIC receivable: | ||||||||
Net loan charge-offs and recoveries | -87 | -69 | -69 | |||||
OREO sales | -1,085 | -868 | -868 | |||||
Reimbursements requested from FDIC | -118 | -95 | -95 | |||||
Reforecasted Change in Anticipated Expected Losses | -6,707 | -5,365 | 5,365 | — | ||||
31-Dec-14 | $ | $ | $ | $ | ||||
5,551 | 4,441 | 14,168 | 18,609 | |||||
Premises_and_Equipment_Tables
Premises and Equipment (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Premises and Equipment [Abstract] | ||||||||||||
Summary of the Bank Premises and Equipment | A summary of the bank premises and equipment is as follows (dollars in thousands): | |||||||||||
December 31 | ||||||||||||
2014 | 2013 | |||||||||||
Land | $ | 8,171 | $ | 7,681 | ||||||||
Land improvements and buildings | 21,468 | 21,087 | ||||||||||
Leasehold improvements | 257 | 58 | ||||||||||
Furniture and equipment | 7,199 | 5,574 | ||||||||||
Construction in progress | 1,792 | 1,385 | ||||||||||
Total | 38,887 | 35,785 | ||||||||||
Less accumulated depreciation and amortization | -9,185 | -7,913 | ||||||||||
Bank premises and equipment, net | $ | 29,702 | $ | 27,872 | ||||||||
Other_Intangibles_Tables
Other Intangibles (Tables) | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Other Intangibles [Abstract] | |||||
Other Intangible Assets | Other intangible assets are presented in the following table (dollars in thousands): | ||||
31-Dec-14 | 31-Dec-13 | ||||
Core deposit intangibles | $ | $ | |||
20,290 | 20,290 | ||||
Accumulated amortization | -14,104 | -12,196 | |||
Reduction due to sale of deposits | -1,473 | -1,473 | |||
Balance | $ | $ | |||
4,713 | 6,621 | ||||
Deposits_Tables
Deposits (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Deposits [Abstract] | |||||||||||
Summary of Interest Bearing Deposits | The following table provides interest bearing deposit information, by type, as of December 31, 2014 and 2013 (dollars in thousands): | ||||||||||
31-Dec-14 | 31-Dec-13 | ||||||||||
NOW | $ | 123,682 | $ | 102,111 | |||||||
MMDA | 101,784 | 94,170 | |||||||||
Savings | 78,478 | 75,159 | |||||||||
Time deposits less than or equal to $250,000 | 416,628 | 380,813 | |||||||||
Time deposits over $250,000 | 113,809 | 169,956 | |||||||||
Total interest bearing deposits | $ | 834,381 | $ | 822,209 | |||||||
Scheduled Maturities of Time Deposits | |||||||||||
The scheduled maturities of time deposits at December 31, 2014 are as follows (dollars in thousands): | |||||||||||
2015 | $ | 286,119 | |||||||||
2016 | 176,084 | ||||||||||
2017 | 31,136 | ||||||||||
2018 | 20,027 | ||||||||||
2019 | 17,071 | ||||||||||
2020 | — | ||||||||||
Total | $ | 530,437 | |||||||||
Borrowings_Tables
Borrowings (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Borrowings [Abstract] | ||||||||||||
Information for Borrowings Balances, Rates, and Maturities | The following information is provided for short-term borrowings balances, rates, and maturities (dollars in thousands): | |||||||||||
31-Dec | ||||||||||||
2014 | 2013 | |||||||||||
Short-term: | ||||||||||||
Federal Funds purchased | $ | 14,500 | $ | — | ||||||||
Securities sold under agreements to repurchase | — | 6,000 | ||||||||||
Total short-term borrowings | $ | 14,500 | $ | 6,000 | ||||||||
Maximum month-end outstanding balance | $ | 14,500 | $ | 9,722 | ||||||||
Average outstanding balance during the year | $ | 1,855 | $ | 1,451 | ||||||||
Average interest rate during the year | 0.57 | % | 0.56 | % | ||||||||
Average interest rate at end of year | 0.51 | % | 0.45 | % | ||||||||
Schedule of Long-Term Debt | The following information is provided for long-term borrowings balances, rates, and maturities (dollars in thousands): | |||||||||||
31-Dec | ||||||||||||
2014 | 2013 | Interest Rates | Maturities | |||||||||
Long-term: | ||||||||||||
Federal Home Loan Bank advances | $ | 96,401 | $ | 77,125 | 0.22-3.78 | % | 2015 - 2019 | |||||
Long-term debt | 9,680 | — | 3.73 | % | 2017 | |||||||
Total long-term borrowings | $ | 106,081 | $ | 77,125 | ||||||||
Maturities of Fixed Rate Long-Term Debt | ||||||||||||
Maturities of fixed rate long-term debt at December 31, 2014 are as follows (dollars in thousands): | ||||||||||||
2015 | $ | 74,751 | ||||||||||
2016 | 14,773 | |||||||||||
2017 | 7,462 | |||||||||||
2018 | 815 | |||||||||||
2019 | 8,280 | |||||||||||
Thereafter | — | |||||||||||
Total | $ | 106,081 | ||||||||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Accumulated Other Comprehensive Income (Loss) [Abstract] | |||||||||||||
Summary of Accumulated Other Comprehensive (Loss) Income | The following tables present activity net of tax in accumulated other comprehensive income (loss) (AOCI) for the years ended December 31, 2014, 2013 and 2012 (dollars in thousands): | ||||||||||||
31-Dec-14 | |||||||||||||
Unrealized Gain (Loss) on Securities | Defined Benefit Pension Plan | Gain/Loss on Cash Flow Hedge | Total Other Comprehensive Income (Loss) | ||||||||||
Beginning balance | $ | -3,954 | $ | -155 | $ | - | $ | -4,109 | |||||
Other comprehensive income before reclassifications | 6,125 | -659 | 23 | 5,489 | |||||||||
Amounts reclassified from AOCI | -719 | 3 | - | -716 | |||||||||
Net current period other comprehensive income (loss) | 5,406 | -656 | 23 | 4,773 | |||||||||
Ending balance | $ | 1,452 | $ | -811 | $ | 23 | $ | 664 | |||||
31-Dec-13 | |||||||||||||
Unrealized Gain (Loss) on Securities | Defined Benefit Pension Plan | Gain/Loss on Cash Flow Hedge | Total Other Comprehensive Income (Loss) | ||||||||||
Beginning balance | $ | 3,903 | $ | -1,075 | $ | - | $ | 2,828 | |||||
Other comprehensive income before reclassifications | -7,515 | 965 | - | -6,550 | |||||||||
Amounts reclassified from AOCI | -342 | -45 | - | -387 | |||||||||
Net current period other comprehensive income (loss) | -7,857 | 920 | - | -6,937 | |||||||||
Ending balance | $ | -3,954 | $ | -155 | $ | - | $ | -4,109 | |||||
31-Dec-12 | |||||||||||||
Unrealized Gain (Loss) on Securities | Defined Benefit Pension Plan | Gain/Loss on Cash Flow Hedge | Total Other Comprehensive Income (Loss) | ||||||||||
Beginning balance | $ | 3,257 | $ | -1,038 | $ | - | $ | 2,219 | |||||
Other comprehensive income before reclassifications | 1,631 | -37 | - | 1,594 | |||||||||
Amounts reclassified from AOCI | -985 | - | - | -985 | |||||||||
Net current period other comprehensive income (loss) | 646 | -37 | - | 609 | |||||||||
Ending balance | $ | 3,903 | $ | -1,075 | $ | - | $ | 2,828 | |||||
Effects of Reclassifications Out of AOCI | |||||||||||||
The following tables present the effects of reclassifications out of AOCI on line items of consolidated income for the years ended December 31, 2014, 2013 and 2012 (dollars in thousands): | |||||||||||||
Details about AOCI | Amount Reclassified from AOCI | Affected Line Item in the Consolidated Statement of Income | |||||||||||
Year ended | |||||||||||||
31-Dec-14 | 31-Dec-13 | 31-Dec-12 | |||||||||||
Securities available for sale | |||||||||||||
Unrealized gains on securities available for sale | $ | -1,089 | $ | -518 | $ | -1,492 | Gain on securities transactions, net | ||||||
Related tax expense | 370 | 176 | 507 | Income tax expense | |||||||||
$ | -719 | $ | -342 | $ | -985 | Net of tax | |||||||
Defined benefit plan | |||||||||||||
Amortization of prior service cost | $ | 4 | $ | -68 | $ | - | -1 | ||||||
Related tax (benefit)expense | -1 | 23 | - | Income tax expense | |||||||||
$ | 3 | $ | -45 | $ | - | Net of tax | |||||||
Total reclassifications for the period | $ | -716 | $ | -387 | $ | -985 | |||||||
(1)This other comprehensive income (loss) component is included in the computation of net periodic pension cost (See Note 12 for details). | |||||||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2014 | ||||||||||||||
Income Taxes [Abstract] | ||||||||||||||
Tax Effects of Temporary Differences on the Deferred Tax Assets and Deferred Tax Liabilities | The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities as of December 31 are as follows (dollars in thousands): | |||||||||||||
2014 | 2013 | 2012 | ||||||||||||
Deferred tax assets: | ||||||||||||||
Allowance for loan losses | $ | 3,315 | $ | 3,715 | $ | 4,557 | ||||||||
Deferred compensation | 661 | 633 | 514 | |||||||||||
Nonaccrual loan interest | — | 931 | 847 | |||||||||||
Unrealized loss on available for sale securities | — | 2,037 | — | |||||||||||
FAS 158 adjustment pension | 418 | 81 | 554 | |||||||||||
Stock based compensation | — | 205 | 165 | |||||||||||
Net operating loss carryforward | — | — | 2,667 | |||||||||||
Alternative minimum tax credit | — | — | 391 | |||||||||||
Depreciation | 180 | 118 | 137 | |||||||||||
OREO | 667 | 618 | 1,007 | |||||||||||
Other | 391 | 146 | 395 | |||||||||||
$ | 5,632 | $ | 8,484 | $ | 11,234 | |||||||||
Deferred tax liabilities: | ||||||||||||||
Accrued pension | 411 | 355 | 359 | |||||||||||
Purchase accounting adjustment | 942 | 2,257 | 4,089 | |||||||||||
Unrealized gain on available for sale securities | 747 | — | 2,011 | |||||||||||
Other | 123 | 56 | 37 | |||||||||||
$ | 2,223 | $ | 2,668 | $ | 6,496 | |||||||||
Net deferred tax asset | $ | 3,409 | $ | 5,816 | $ | 4,738 | ||||||||
Allocation of the Income Tax Expense between Current and Deferred Portions | Allocation of the income tax expense between current and deferred portions is as follows (dollars in thousands): | |||||||||||||
2014 | 2013 | 2012 | ||||||||||||
Current tax provision | $ | 2,768 | $ | — | $ | 22 | ||||||||
Deferred tax expense (benefit) | -40 | 2,497 | 2,126 | |||||||||||
Income tax expense (benefit) | $ | 2,728 | $ | 2,497 | $ | 2,148 | ||||||||
Reconciliation of the Expected Income Tax Expense with the Reported Expense | The following is a reconciliation of the expected income tax expense with the reported expense for each year: | |||||||||||||
2014 | 2013 | 2012 | ||||||||||||
Statutory federal income tax rate | 34.0 | % | 34.0 | % | 34.0 | % | ||||||||
(Reduction) Increase in taxes resulting from: | ||||||||||||||
Municipal interest | -3.1 | -2.6 | -2 | |||||||||||
Bank owned life insurance income | -3.8 | -3 | -2.7 | |||||||||||
Other, net | -0.5 | 1.3 | -1.5 | |||||||||||
Effective tax rate | 26.6 | % | 29.7 | % | 27.8 | % | ||||||||
Employee_Benefit_Plans_Tables
Employee Benefit Plans (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Employee Benefit Plans [Abstract] | ||||||||||
Schedule of Defined Benefit Plans Change in Benefit Obligation | The following table provides a reconciliation of the changes in the plan’s benefit obligations and fair value of assets for the year ended December 31, 2014 and 2013 (dollars in thousands): | |||||||||
31-Dec | ||||||||||
2014 | 2013 | |||||||||
Change in Benefit Obligation | ||||||||||
Benefit obligation, beginning of year | $ | 4,662 | $ | 5,791 | ||||||
Interest cost | 223 | 224 | ||||||||
Actuarial (gain)/loss | 845 | -749 | ||||||||
Benefits paid | -583 | -649 | ||||||||
Change in obligation due to plan amendment | — | 68 | ||||||||
Settlement gain/(loss) | 7 | -23 | ||||||||
Benefit obligation, ending | $ | 5,154 | $ | 4,662 | ||||||
Schedule of Defined Benefit Plans Change in Plan Assets | Change in Plan Assets | |||||||||
Fair value of plan assets, beginning of year | $ | 5,485 | $ | 5,255 | ||||||
Actual return on plan assets | 233 | 879 | ||||||||
Benefits paid | -583 | -649 | ||||||||
Fair value of plan assets, ending | 5,135 | 5,485 | ||||||||
Funded Status | $ | -19 | $ | 823 | ||||||
Schedule of Defined Benefit Plans Amount Recognized in Financial Statement | Amounts Recognized in the Balance Sheet | |||||||||
Other assets | $ | — | $ | 823 | ||||||
Other liabilities | -19 | — | ||||||||
Amounts Recognized in Accumulated Other Comprehensive Income | ||||||||||
Net loss | $ | 1,165 | $ | 168 | ||||||
Prior service cost | 63 | 68 | ||||||||
Deferred tax | -417 | -81 | ||||||||
Total amount recognized | $ | 811 | $ | 155 | ||||||
Components of Net Periodic Benefit Cost for Plan | ||||||||||
The following table provides the components of net periodic benefit cost for the plan for the years ended December 31, 2014, 2013 and 2012 (dollars in thousands): | ||||||||||
31-Dec | ||||||||||
Components of net periodic benefit cost: | 2014 | 2013 | 2012 | |||||||
Interest cost | $ | $ | $ | |||||||
223 | 224 | 250 | ||||||||
Expected return on plan assets | -396 | -405 | -408 | |||||||
Amortization of prior service cost | 5 | - | - | |||||||
Recognized net loss due to settlement | 18 | 147 | 105 | |||||||
Recognized net actuarial loss | - | 69 | 66 | |||||||
Net periodic (benefit) cost | ($ 150) | $ | $ | |||||||
35 | 13 | |||||||||
Total recognized in net periodic benefit cost and accumulated other comprehensive (loss) income | $ | ($1,359) | $ | |||||||
842 | 71 | |||||||||
Weighted-Average Assumptions Used in the Measurement of the Company's Benefit Obligation and Net Periodic Benefit Cost | The weighted-average assumptions used in the measurement of the Company’s benefit obligation and net periodic benefit cost are shown in the following table: | |||||||||
31-Dec | ||||||||||
2014 | 2013 | 2012 | ||||||||
Discount rate used for net periodic pension cost | 5.00 | % | 4.00 | % | 4.50 | % | ||||
Discount rate used for disclosure | 4.00 | % | 5.00 | % | 4.00 | % | ||||
Expected return on plan assets | 7.50 | % | 8.00 | % | 8.00 | % | ||||
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income | Other changes in plan assets and benefit obligations recognized in other comprehensive income during 2014 are as follows (dollars in thousands): | |||||||||
Net loss | $ | 997 | ||||||||
Prior service cost | - | |||||||||
Amortization of prior service cost | -5 | |||||||||
Total amount recognized | $ | 992 | ||||||||
Estimated Amounts that will Amortize from Accumulated Other Comprehensive Income into Net Periodic Benefit Cost | The estimated amounts that will amortize from accumulated other comprehensive income into net periodic benefit cost in 2015 are as follows (dollars in thousands): | |||||||||
Prior service cost | $ | 4 | ||||||||
Net loss due to settlement | 44 | |||||||||
Total amount recognized | $ | 48 | ||||||||
Pension Plan's Weighted-Average Asset Allocations by Asset Category | The pension plan’s weighted-average asset allocations as of December 31, 2014 and 2013 by asset category were as follows: | |||||||||
31-Dec | ||||||||||
2014 | 2013 | |||||||||
Asset Category | ||||||||||
Mutual funds — fixed income | 40.00 | % | 40.00 | % | ||||||
Mutual funds — equity | 60.00 | 60.00 | ||||||||
Cash and equivalents | 0.00 | 0.00 | ||||||||
Total | 100.00 | % | 100.00 | % | ||||||
Fair Value of Plan Assets | The following table presents the fair value of plan assets as of December 31, 2014 and 2013 (dollars in thousands): | |||||||||
Assets measured at Fair Value (Level 1) | ||||||||||
31-Dec-14 | 31-Dec-13 | |||||||||
Cash | $ | $ | ||||||||
6 | 6 | |||||||||
Mutual funds: | ||||||||||
Fixed income funds | 2,031 | 2,179 | ||||||||
International funds | 772 | 828 | ||||||||
Large cap funds | 801 | 844 | ||||||||
Mid cap funds | 546 | 570 | ||||||||
Small cap funds | 181 | 201 | ||||||||
Stock fund | 798 | 857 | ||||||||
$ | $ | |||||||||
5,135 | 5,485 | |||||||||
Estimated Future Contributions and Benefit Payments, which Reflect Expected Future Service | Estimated future contributions and benefit payments, which reflect expected future service, as appropriate, are as follows (dollars in thousands): | |||||||||
Expected Employer Contributions | ||||||||||
2015 | $ — | |||||||||
Expected Benefit Payments | ||||||||||
2015 | 863 | |||||||||
2016 | 242 | |||||||||
2017 | 84 | |||||||||
2018 | 205 | |||||||||
2019 | 601 | |||||||||
2020-2024 | 836 | |||||||||
Stock_Option_Plans_Tables
Stock Option Plans (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Fair Value of Each Option Granted is Estimated on the Date of Grant | The fair value of each option granted is estimated on the date of grant using the “Black Scholes Option Pricing” method with the following assumptions for the years ended December 31, 2014, 2013 and 2012: | |||||||||
31-Dec | ||||||||||
2014 | 2013 | 2012 | ||||||||
Expected volatility | 50.00% | 50.00% | 50.00% | |||||||
Expected dividend | 1.00% | 2.0% | 2.0% – 3.0% | |||||||
Expected term (years) | 6.25 | 6.25 | 6.25 | |||||||
Risk free rate | 2.00% | 1.38% | 0.77% - 1.31% | |||||||
Summary of Grants Shares Issued and Fair Market Value | A summary of these grants for the years ended December 31, 2014, 2013 and 2012 is shown in the following table: | |||||||||
For the Year Ended | ||||||||||
2014 | 2013 | 2012 | ||||||||
Month | Shares Issued | Fair Market Value | Shares Issued | Fair Market Value | Shares Issued | Fair Market Value | ||||
March | 7,375 | $ | 8,751 | $ | — | $ — | ||||
4.00 | 3.37 | |||||||||
June | 9,954 | 4.16 | 9,096 | 3.24 | 15,925 | 2.04 | ||||
September | 8,901 | 4.38 | 8,073 | 3.65 | 13,477 | 2.41 | ||||
December | 8,697 | 4.48 | 7,965 | 3.70 | 13,260 | 2.45 | ||||
Summary of Non-Vested Options and Restricted Stock Outstanding | The following table summarizes non-vested options and restricted stock outstanding at December 31, 2014: | |||||||||
Options | Restricted Stock | |||||||||
Weighted Average Grant-Date | Weighted Average Grant-Date | |||||||||
Number of Shares | Fair Value | Number of Shares | Fair Value | |||||||
Non-vested at beginning of the year | 409,937 | $ | 28,750 | $ | ||||||
0.82 | 2.85 | |||||||||
Granted | 175,000 | 1.73 | — | — | ||||||
Vested | -136,937 | 0.73 | -10,000 | 2.83 | ||||||
Forfeited | -46,250 | 1.01 | — | — | ||||||
Non-vested at end of year | 401,750 | 1.22 | 18,750 | 2.86 | ||||||
2009 Stock Option Plan [Member] | ||||||||||
Summary of Options Outstanding | A summary of options outstanding for the year ended December 31, 2014, is shown in the following table: | |||||||||
Options | ||||||||||
Number of Shares | Weighted Average Exercise Price | Aggregate Intrinsic Value | ||||||||
Outstanding at beginning of year | 605,250 | $ | ||||||||
2.12 | ||||||||||
Granted | 175,000 | 3.80 | ||||||||
Forfeited | -46,250 | 2.45 | ||||||||
Expired | — | — | ||||||||
Exercised | -26,250 | 1.48 | ||||||||
Outstanding at end of year | 707,750 | 2.54 | $ | |||||||
1,332,483 | ||||||||||
Options outstanding and exercisable at end of year | 306,000 | 2.09 | $ | |||||||
707,033 | ||||||||||
Weighted average remaining contractual life for outstanding and exercisable shares at year end | 78 months | |||||||||
TFC and BOE Stock Option Plans [Member] | ||||||||||
Summary of Options Outstanding | ||||||||||
A summary of the options outstanding for the year ended December 31, 2014 is shown in the following table: | ||||||||||
Options | ||||||||||
Number of Shares | Weighted Average Exercise Price | |||||||||
Outstanding at beginning of the year | 40,134 | $ | ||||||||
4.94 | ||||||||||
Granted | — | — | ||||||||
Forfeited | -4,181 | 5.01 | ||||||||
Expired | -35,953 | 4.93 | ||||||||
Outstanding at end of year | — | — | ||||||||
Earnings_Per_Common_Share_Tabl
Earnings Per Common Share (Tables) | 12 Months Ended | |||||
Dec. 31, 2014 | ||||||
Earnings Per Common Share [Abstract] | ||||||
Computation of Earnings per Share | Basic earnings per common share (EPS) is computed by dividing net income or loss available to common shareholders by the weighted average number of common shares outstanding during the period. Diluted EPS is computed using the weighted average number of common shares outstanding during the period, including the effect of all potentially dilutive common shares outstanding attributable to stock instruments (dollars and shares in thousands, except per share data): | |||||
Net Income Available to Common Shareholders (Numerator) | Weighted Average Common Shares (Denominator) | Per Common Share Amount | ||||
For the year ended December 31, 2014 | ||||||
Basic EPS | $ | 21,755 | $ | |||
7,269 | 0.33 | |||||
Effect of dilutive stock awards | — | 226 | — | |||
Diluted EPS | $ | 21,981 | $ | |||
7,269 | 0.33 | |||||
For the year ended December 31, 2013 | ||||||
Shares issued | 21,689 | |||||
Unissued vested restricted stock | 11 | |||||
Basic EPS | $ | 21,700 | $ | |||
4,787 | 0.22 | |||||
Effect of dilutive stock awards | — | 222 | — | |||
Diluted EPS | $ | 21,922 | $ | |||
4,787 | 0.22 | |||||
For the year ended December 31, 2012 | ||||||
Shares issued | 21,640 | |||||
Unissued vested restricted stock | 7 | |||||
Basic EPS | $ | 21,647 | $ | |||
4,478 | 0.21 | |||||
Effect of dilutive stock awards | — | 70 | — | |||
Diluted EPS | $ | 21,717 | $ | |||
4,478 | 0.21 | |||||
Related_Party_Transactions_Tab
Related Party Transactions (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Related Party Transactions [Abstract] | |||||||||
Schedule of Activity of Direct and Indirect Loans | The table below presents the activity for both direct and indirect loans at December 31, 2014 and 2013 (dollars in thousands). | ||||||||
31-Dec | |||||||||
2014 | 2013 | ||||||||
Balance, beginning of year | $ | 2,301 | $ | 3,115 | |||||
Principal additions | 1,384 | 1,765 | |||||||
Repayments and reclassifications | -1,604 | -2,579 | |||||||
Balance, end of year | $ | 2,081 | $ | 2,301 | |||||
Financial_Instruments_With_Off1
Financial Instruments With Off-Balance Sheet Risk (Tables) | 12 Months Ended | |||
Dec. 31, 2014 | ||||
Financial Instruments With Off Balance Sheet Risk [Abstract] | ||||
Summary of the Contract Amounts of the Bank's Exposure to Off-Balance Sheet Risk | A summary of the contract amounts of the Bank’s exposure to off-balance sheet risk as of December 31, 2014 and 2013, is as follows (dollars in thousands): | |||
31-Dec-14 | 31-Dec-13 | |||
Commitments with off-balance sheet risk: | ||||
Commitments to extend credit | $ | $ | ||
87,017 | 72,183 | |||
Standby letters of credit | 7,358 | 9,978 | ||
Total commitments with off-balance sheet risk | $ | $ | ||
94,375 | 82,161 | |||
Minimum_Regulatory_Capital_Req1
Minimum Regulatory Capital Requirements (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||||||||
Minimum Regulatory Capital Requirements [Abstract] | ||||||||||||||||||||||||||||||||||
Summary of the Company's and the Banks Actual Capital Amounts and Ratios | The Company’s and the Bank’s actual capital amounts and ratios are presented in the following table (dollars in thousands). | |||||||||||||||||||||||||||||||||
Required in Order to be | ||||||||||||||||||||||||||||||||||
Actual | Required for Capital Adequacy Purposes | Well Capitalized Under Prompt Corrective Action | ||||||||||||||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||||||||||||||||||
As of December 31, 2014: | ||||||||||||||||||||||||||||||||||
Total Capital to risk weighted assets | ||||||||||||||||||||||||||||||||||
Company | $ | 115,805 | 14.72 | % | $ | 62,950 | 8.00 | % | NA | NA | ||||||||||||||||||||||||
Bank | 117,395 | 14.92 | % | 62,930 | 8.00 | % | $ | 10.00 | % | |||||||||||||||||||||||||
78,662 | ||||||||||||||||||||||||||||||||||
Tier 1 Capital to risk weighted assets | ||||||||||||||||||||||||||||||||||
Company | 106,397 | 13.52 | % | 31,475 | 4.00 | % | NA | NA | ||||||||||||||||||||||||||
Bank | 107,987 | 13.73 | % | 31,465 | 4.00 | % | 47,197 | 6.00 | % | |||||||||||||||||||||||||
Tier 1 Capital to adjusted average total assets | ||||||||||||||||||||||||||||||||||
Company | 106,397 | 9.36 | % | 45,487 | 4.00 | % | NA | NA | ||||||||||||||||||||||||||
Bank | 107,987 | 9.50 | % | 45,478 | 4.00 | % | 56,847 | 5.00 | % | |||||||||||||||||||||||||
As of December 31, 2013: | ||||||||||||||||||||||||||||||||||
Total Capital to risk weighted assets | ||||||||||||||||||||||||||||||||||
Company | $ | 113,805 | 16.82 | % | $ | 54,124 | 8.00 | % | NA | NA | ||||||||||||||||||||||||
Bank | 113,624 | 16.79 | % | 54,132 | 8.00 | % | $ | 10.00 | % | |||||||||||||||||||||||||
67,666 | ||||||||||||||||||||||||||||||||||
Tier 1 Capital to risk weighted assets | ||||||||||||||||||||||||||||||||||
Company | 105,672 | 15.62 | % | 27,062 | 4.00 | % | NA | NA | ||||||||||||||||||||||||||
Bank | 105,489 | 15.59 | % | 27,066 | 4.00 | % | 40,599 | 6.00 | % | |||||||||||||||||||||||||
Tier 1 Capital to adjusted average total assets | ||||||||||||||||||||||||||||||||||
Company | 105,672 | 9.52 | % | 44,396 | 4.00 | % | NA | NA | ||||||||||||||||||||||||||
Bank | 105,489 | 9.50 | % | 44,402 | 4.00 | % | 55,503 | 5.00 | % | |||||||||||||||||||||||||
Fair_Values_of_Assets_and_Liab1
Fair Values of Assets and Liabilities (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Fair Values of Assets and Liabilities [Abstract] | |||||||||||||
Assets and Liabilities Recorded at Fair Value on Recurring Basis | The tables below present the recorded amount of assets and liabilities measured at fair value on a recurring basis (dollars in thousands): | ||||||||||||
31-Dec-14 | |||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||
Investment securities available for sale | |||||||||||||
U.S. Treasury issue and other U.S. Gov’t agencies | $ | 98,707 | $ | 94,464 | $ | 4,243 | $ | - | |||||
State, county and municipal | 137,477 | 5,596 | 131,881 | - | |||||||||
Corporate and other bonds | 11,883 | - | 11,883 | - | |||||||||
Mortgage backed – U.S. Gov’t agencies | 2,258 | - | 2,258 | - | |||||||||
Mortgage backed – U.S. Gov’t sponsored agencies | 24,243 | - | 24,243 | - | |||||||||
Total investment securities available for sale | 274,568 | 100,060 | 174,508 | - | |||||||||
Loans held for sale | 200 | - | 200 | - | |||||||||
Cash flow hedge | 23 | - | 23 | - | |||||||||
Total assets at fair value | $ | 274,791 | $ | $ | $ | $ | $ | - | |||||
100,060 | 174,731 | ||||||||||||
Total liabilities at fair value | $ | - | $ | - | $ | - | $ | - | |||||
31-Dec-13 | |||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||
Investment securities available for sale | |||||||||||||
U.S. Treasury issue and other U.S. Gov’t agencies | $ | 98,987 | $ | 94,935 | $ | 4,052 | $ | - | |||||
U.S. Gov’t sponsored agencies | 486 | - | 486 | - | |||||||||
State, county and municipal | 134,096 | 2,482 | 131,614 | - | |||||||||
Corporate and other bonds | 6,349 | - | 6,349 | - | |||||||||
Mortgage backed – U.S. Gov’t agencies | 3,439 | - | 3,439 | - | |||||||||
Mortgage backed – U.S. Gov’t sponsored agencies | 22,420 | 2,531 | 19,889 | - | |||||||||
Total investment securities available for sale | 265,777 | 99,948 | 165,829 | - | |||||||||
Loans held for sale | 100 | - | 100 | - | |||||||||
Total assets at fair value | $ | 265,877 | $ | 99,948 | $ | 165,929 | $ | - | |||||
Total liabilities at fair value | $ | - | $ | - | $ | - | $ | - | |||||
Assets and Liabilities Measured at Fair Value on Nonrecurring Basis | The following table presents assets measured at fair value on a nonrecurring basis for the years ended December 31, 2014 and 2013 (dollars in thousands): | ||||||||||||
31-Dec-14 | |||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||
Impaired loans, non-covered | $ | $ — | $ — | $ | |||||||||
14,286 | 14,286 | ||||||||||||
Other real estate owned (OREO), non-covered | 5,724 | — | — | 5,724 | |||||||||
Other real estate owned (OREO), covered | 2,019 | — | — | 2,019 | |||||||||
Total assets at fair value | $ | $ — | $ — | $ | |||||||||
22,029 | 22,029 | ||||||||||||
Total liabilities at fair value | $ — | $ — | $ — | $ — | |||||||||
31-Dec-13 | |||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||
Impaired loans, non-covered | $ | $ — | $ | $ | |||||||||
10,334 | 1,791 | 8,543 | |||||||||||
Other real estate owned (OREO), non-covered | 6,244 | — | — | 6,244 | |||||||||
Other real estate owned (OREO), covered | 2,692 | — | — | 2,692 | |||||||||
Total assets at fair value | $ | $ — | $ | $ | |||||||||
19,270 | 1,791 | 17,479 | |||||||||||
Total liabilities at fair value | $ — | $ — | $ — | $ — | |||||||||
Summary of Fair Value of Financial Instruments | This table excludes financial instruments for which the carrying value approximates fair value (dollars in thousands): | ||||||||||||
31-Dec-14 | |||||||||||||
Carrying Value | Estimated Fair | Level 1 | Level 2 | Level 3 | |||||||||
Value | |||||||||||||
Financial assets: | |||||||||||||
Securities held to maturity | $ | $ | $ — | $ | $ — | ||||||||
36,197 | 37,539 | 37,539 | |||||||||||
Loans, non-covered | 655,371 | 661,806 | — | 642,645 | 19,161 | ||||||||
Loans, covered | 62,358 | 69,483 | — | — | 69,483 | ||||||||
FDIC indemnification asset | 18,609 | 4,242 | — | — | 4,242 | ||||||||
Financial liabilities: | |||||||||||||
Interest bearing deposits | 834,381 | 836,658 | — | 836,658 | — | ||||||||
Long-term borrowings | 110,205 | 110,218 | — | 110,218 | — | ||||||||
31-Dec-13 | |||||||||||||
Carrying Value | Estimated Fair | Level 1 | Level 2 | Level 3 | |||||||||
Value | |||||||||||||
Financial assets: | |||||||||||||
Securities held to maturity | $ | $ | $ — | $ | $ — | ||||||||
28,563 | 30,305 | 30,305 | |||||||||||
Loans, non-covered | 585,729 | 591,081 | — | 582,538 | 8,543 | ||||||||
Loans, covered | 72,791 | 88,693 | — | — | 88,693 | ||||||||
FDIC indemnification asset | 25,409 | 10,557 | — | — | 10,557 | ||||||||
Financial liabilities: | |||||||||||||
Interest bearing deposits | 822,209 | 824,895 | — | 824,895 | — | ||||||||
Long-term borrowings | 81,249 | 81,014 | — | 81,014 | — | ||||||||
Lease_Commitments_Tables
Lease Commitments (Tables) | 12 Months Ended | ||
Dec. 31, 2014 | |||
Lease Commitments [Abstract] | |||
Summary of Non-Cancelable Operating Leases for Bank Premises that have Initial or Remaining Terms | The following table represents a summary of non-cancelable operating leases for bank premises that have initial or remaining terms in excess of one year as of December 31, 2014 (dollars in thousands): | ||
2015 | $ | 709 | |
2016 | 650 | ||
2017 | 597 | ||
2018 | 583 | ||
2019 | 591 | ||
Thereafter | 2,337 | ||
Total of future payments | $ | 5,467 | |
Other_Noninterest_Expense_Tabl
Other Noninterest Expense (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Other Noninterest Expense [Abstract] | ||||||||||||
Summary of Other Noninterest Expense | Other noninterest expense totals are presented in the following tables. Components of these expenses exceeding 1.0% of the aggregate of total net interest income and total noninterest income for any of the past three years are stated separately. | |||||||||||
31-Dec | ||||||||||||
(dollars in thousands) | 2014 | 2013 | 2012 | |||||||||
Bank franchise tax | $ | $ | $ | |||||||||
544 | 513 | 466 | ||||||||||
Telephone and internet line | 739 | 699 | 777 | |||||||||
Stationery, printing and supplies | 449 | 453 | 504 | |||||||||
Exam fees | 567 | 529 | 569 | |||||||||
Marketing expense | 475 | 384 | 336 | |||||||||
Credit expense | 635 | 707 | 948 | |||||||||
Other expenses | 2,938 | 2,661 | 2,391 | |||||||||
Total other operating expenses | $ | 6,347 | $ | 5,946 | $ | 5,991 | ||||||
Parent_Corporation_Only_Financ1
Parent Corporation Only Financial Statements (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Parent Corporation Only Financial Statements [Abstract] | |||||||||
Parent Company Only Balance Sheets | COMMUNITY BANKERS TRUST CORPORATION | ||||||||
PARENT COMPANY ONLY BALANCE SHEETS | |||||||||
AS OF DECEMBER 31, 2014 and 2013 | |||||||||
(dollars in thousands) | |||||||||
2014 | 2013 | ||||||||
Assets | |||||||||
Cash | $ | 7,910 | $ | 323 | |||||
Other assets | 252 | 1,711 | |||||||
Investments in subsidiaries | 113,364 | 108,789 | |||||||
Total assets | $ | 121,526 | $ | 110,823 | |||||
Liabilities | |||||||||
Other liabilities | $ | 72 | $ | 40 | |||||
Balances due to non-bank subsidiary | 4,124 | 4,124 | |||||||
Long term debt | 9,680 | — | |||||||
Total liabilities | 13,876 | 4,164 | |||||||
Shareholders’ Equity | |||||||||
Preferred stock (5,000,000 shares authorized, $0.01 par value; 0 and 10,680 issued and outstanding, respectively) | — | 10,680 | |||||||
Warrants on preferred stock | — | 1,037 | |||||||
Common stock (200,000,000 shares authorized $0.01 par value; 21,791,523 and 21,709,096 shares issued and outstanding, respectively) | 218 | 217 | |||||||
Additional paid in capital | 145,321 | 144,656 | |||||||
Retained earnings | -38,553 | -45,822 | |||||||
Accumulated other comprehensive income (loss) | 664 | -4,109 | |||||||
Total shareholders’ equity | $ | 107,650 | $ | 106,659 | |||||
Total liabilities and shareholders’ equity | $ | 121,526 | $ | 110,823 | |||||
Parent Company Only Statements of Income | |||||||||
COMMUNITY BANKERS TRUST CORPORATION | |||||||||
PARENT COMPANY ONLY STATEMENTS OF INCOME | |||||||||
FOR THE YEARS ENDED DECEMBER 31, 2014, 2013 and 2012 | |||||||||
(dollars in thousands) | |||||||||
2014 | 2013 | 2012 | |||||||
Income: | |||||||||
Dividends received from subsidiaries | $ | 8,250 | $ | 7,820 | $ | 3,048 | |||
Other operating income | 4 | 4 | 11 | ||||||
Total income | 8,254 | 7,824 | 3,059 | ||||||
Expenses: | |||||||||
Interest expense | 423 | 137 | 180 | ||||||
Management fee paid to subsidiaries | 164 | 144 | 138 | ||||||
Stock option expense | 7 | 5 | -54 | ||||||
State taxes | 15 | 236 | 180 | ||||||
Professional and legal expenses | 121 | 112 | 129 | ||||||
Other operating expenses | 84 | 74 | -160 | ||||||
Total expenses | 814 | 708 | 413 | ||||||
Equity in (loss) / income of subsidiaries | -198 | -1,449 | 2,778 | ||||||
Net income before income taxes | 7,242 | 5,667 | 5,424 | ||||||
Income tax benefit | 274 | 239 | 158 | ||||||
Net income | $ | 7,516 | $ | 5,906 | $ | 5,582 | |||
Parent Company Only Statements of Cash Flows | COMMUNITY BANKERS TRUST CORPORATION | ||||||||
PARENT COMPANY ONLY STATEMENTS OF CASH FLOWS | |||||||||
FOR THE YEARS ENDED DECEMBER 31, 2014, 2013 and 2012 | |||||||||
(dollars in thousands) | |||||||||
2014 | 2013 | 2012 | |||||||
Operating activities: | |||||||||
Net income | $ | 7,516 | $ | 5,906 | $ | 5,582 | |||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||
Issuance of common stock and stock options | 409 | 258 | 156 | ||||||
Undistributed equity in loss (income) of subsidiary | 198 | 1,449 | -2,778 | ||||||
Decrease (increase) in other assets | 1,459 | -241 | -194 | ||||||
Increase (decrease) in other liabilities | 32 | -2 | -239 | ||||||
Net cash and cash equivalents provided by operating activities | 9,614 | 7,370 | 2,527 | ||||||
Financing activities: | |||||||||
Proceeds from long-term debt | 10,680 | — | — | ||||||
Payment on long-term debt | -1,000 | — | — | ||||||
Redemption of preferred stock and related warrants | (11,460) (11,460) | (7,000) (7,000) | — | ||||||
Cash dividends paid | -247 | -885 | -2,210 | ||||||
Net cash and cash equivalents used in financing activities | -2,027 | (7,885) (7,885) | -2,210 | ||||||
(Decrease) increase in cash and cash equivalents | 7,587 | -515 | 317 | ||||||
Cash and cash equivalents at beginning of the period | 323 | 838 | 521 | ||||||
Cash and cash equivalents at end of the period | $ | 7,910 | $ | 323 | $ | 838 | |||
Quarterly_Data_Unaudited_Table
Quarterly Data (Unaudited) (Tables) | 12 Months Ended | ||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||||
Summary of Quarterly Data | |||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||
First | Second | Third | Fourth | First | Second | Third | Fourth | ||||||||||||||||||||
Interest and dividend income | $ | 11,879 | $ | 12,455 | $ | 12,665 | $ | 11,726 | $ | 12,166 | $ | 12,491 | $ | 13,171 | $ | ||||||||||||
12,217 | |||||||||||||||||||||||||||
Interest expense | 1,570 | 1,697 | 1,783 | 1,883 | 1,894 | 1,791 | 1,749 | 1,644 | |||||||||||||||||||
Net interest income | 10,309 | 10,758 | 10,882 | 9,843 | 10,272 | 10,700 | 11,422 | 10,573 | |||||||||||||||||||
Provision for loan losses | — | — | — | — | — | — | — | — | |||||||||||||||||||
Net interest income after provision for loan losses | 10,309 | 10,758 | 10,882 | 9,843 | 10,272 | 10,700 | 11,422 | 10,573 | |||||||||||||||||||
Noninterest income | 1,301 | 970 | 1,166 | 1,832 | 1,326 | 1,338 | 593 | 1,467 | |||||||||||||||||||
Noninterest expenses | 9,177 | 9,359 | 9,538 | 8,743 | 9,711 | 9,758 | 9,433 | 10,386 | |||||||||||||||||||
Income (loss) before income taxes | 2,433 | 2,369 | 2,510 | 2,932 | 1,887 | 2,280 | 2,582 | 1,654 | |||||||||||||||||||
Income tax expense (benefit) | 709 | 649 | 697 | 673 | 563 | 673 | 800 | 461 | |||||||||||||||||||
Net income (loss) | $ | 1,724 | $ | 1,720 | $ | 1,813 | $ | 2,259 | $ | 1,324 | $ | 1,607 | $ | 1,782 | $ | ||||||||||||
1,193 | |||||||||||||||||||||||||||
Dividends paid on preferred stock | 65 | 182 | — | — | 221 | 221 | 208 | 235 | |||||||||||||||||||
Accretion of discount on preferred stock | — | — | — | — | 58 | 59 | 73 | 44 | |||||||||||||||||||
Net income (loss) available to common shareholders | $ | 1,659 | $ | 1,538 | $ | 1,813 | $ | 2,259 | $ | 1,045 | $ | 1,327 | $ | 1,501 | $ | ||||||||||||
914 | |||||||||||||||||||||||||||
Earnings (loss) per common share, basic | $ | 0.08 | $ | 0.07 | $ | 0.08 | $ | 0.10 | $ | 0.05 | $ | 0.06 | $ | 0.07 | $ | ||||||||||||
0.04 | |||||||||||||||||||||||||||
Earnings (loss) per common share, diluted | $ | 0.08 | $ | 0.07 | $ | 0.08 | $ | 0.10 | $ | 0.05 | $ | 0.06 | $ | 0.07 | $ | ||||||||||||
0.04 | |||||||||||||||||||||||||||
2012 | |||||||||||||||||||||||||||
First | Second | Third | Fourth | ||||||||||||||||||||||||
Interest and dividend income | $ | 13,809 | $ | 14,119 | $ | 12,872 | $ | 12,919 | |||||||||||||||||||
Interest expense | 2,712 | 2,587 | 2,339 | 2,054 | |||||||||||||||||||||||
Net interest income | 11,097 | 11,532 | 10,533 | 10,865 | |||||||||||||||||||||||
Provision for loan losses | 250 | 500 | — | 450 | |||||||||||||||||||||||
Net interest income after provision for loan losses | 10,847 | 11,032 | 10,533 | 10,415 | |||||||||||||||||||||||
Noninterest income | 975 | 1,462 | 2,470 | 1,299 | |||||||||||||||||||||||
Noninterest expenses | 10,442 | 10,811 | 10,357 | 9,693 | |||||||||||||||||||||||
Income (loss) before income taxes | 1,380 | 1,683 | 2,646 | 2,021 | |||||||||||||||||||||||
Income tax expense (benefit) | 390 | 473 | 837 | 448 | |||||||||||||||||||||||
Net income (loss) | $ | 990 | $ | 1,210 | $ | 1,809 | $ | 1,573 | |||||||||||||||||||
Dividends paid on preferred stock | 221 | 221 | 221 | 221 | |||||||||||||||||||||||
Accretion of discount on preferred stock | 55 | 55 | 55 | 55 | |||||||||||||||||||||||
Net income (loss) available to common shareholders | $ | 714 | $ | 934 | $ | 1,533 | $ | 1,297 | |||||||||||||||||||
Earnings (loss) per common share, basic | $ | 0.03 | $ | 0.04 | $ | 0.07 | $ | 0.06 | |||||||||||||||||||
Earnings (loss) per common share, diluted | $ | 0.03 | $ | 0.04 | $ | 0.07 | $ | 0.06 | |||||||||||||||||||
Branch_Sale_Tables
Branch Sale (Tables) | 12 Months Ended | |
Dec. 31, 2014 | ||
Deposits [Member] | ||
Summary of Deposits Related to Branch Sale | The following table summarizes deposits related to the Branch Sale (dollars in thousands): | |
Deposits | ||
Noninterest bearing | $ | |
15,869 | ||
Interest bearing | 177,301 | |
Total deposits | $ | |
193,170 | ||
Loans Receivable [Member] | ||
Summary of Deposits Related to Branch Sale | The following summarizes the loans related to the Loan Sale (dollars in thousands): | |
Mortgage loans on real estate: | ||
Residential 1-4 family | $ | |
2,240 | ||
Commercial | 15,762 | |
Construction and land development | 2,895 | |
Second mortgages | 41 | |
Multifamily | 1,802 | |
Agriculture | — | |
Total real estate loans | 22,740 | |
Commercial loans | 1,147 | |
Consumer installment loans | 424 | |
All other loans | — | |
Gross loans | 24,311 | |
Net deferred costs | 34 | |
Total loans | $ | |
24,345 | ||
Nature_of_Banking_Activities_a2
Nature of Banking Activities and Significant Accounting Policies (Narrative) (Details) (USD $) | 12 Months Ended | 0 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Nov. 07, 2013 | Apr. 30, 2009 | |
property | |||||
Organization And Significant Accounting Policies [Line Items] | |||||
Incorporation date | 6-Apr-05 | ||||
Equity investment in BOE Statutory Trust I | $124,000 | $124,000 | |||
Restricted cash reserve maintained under statutory requirement | 10,700,000 | 9,400,000 | |||
Period of discontinuation of accrual of interest on mortgage and commercial loans | 90 days | ||||
Maximum period exceed for charged off on consumer loan | 180 days | ||||
Other real estate, non-covered | 5,724,000 | 6,244,000 | |||
Other real estate owned, covered by FDIC shared-loss agreements | 2,019,000 | 2,692,000 | |||
Advertising costs expense | 475,000 | 384,000 | 336,000 | ||
Taxable income projection years | 3 years | ||||
Preferred stock dividend declared | $247,000 | $885,000 | $2,200,000 | ||
2009 Stock Incentive Plan [Member] | |||||
Organization And Significant Accounting Policies [Line Items] | |||||
Authorized common stock for stock based compensation | 2,650,000 | ||||
Minimum [Member] | |||||
Organization And Significant Accounting Policies [Line Items] | |||||
Period of time between issuance of a loan commitment and closing and the sale of the loan | 30 days | ||||
Open tax year | 2011 | ||||
Minimum [Member] | Bank Premises [Member] | |||||
Organization And Significant Accounting Policies [Line Items] | |||||
Estimated useful lives | 10 years | ||||
Minimum [Member] | Equipment, Furniture and Fixtures [Member] | |||||
Organization And Significant Accounting Policies [Line Items] | |||||
Estimated useful lives | 3 years | ||||
Maximum [Member] | |||||
Organization And Significant Accounting Policies [Line Items] | |||||
Period of time between issuance of a loan commitment and closing and the sale of the loan | 90 days | ||||
Open tax year | 2014 | ||||
Maximum [Member] | Bank Premises [Member] | |||||
Organization And Significant Accounting Policies [Line Items] | |||||
Estimated useful lives | 50 years | ||||
Maximum [Member] | Equipment, Furniture and Fixtures [Member] | |||||
Organization And Significant Accounting Policies [Line Items] | |||||
Estimated useful lives | 20 years | ||||
Virginia [Member] | |||||
Organization And Significant Accounting Policies [Line Items] | |||||
Number of full-service offices | 21 | ||||
Number of loan production offices | 2 | ||||
GEORGIA | |||||
Organization And Significant Accounting Policies [Line Items] | |||||
Number of full-service offices | 4 |
Securities_Narrative_Detail
Securities (Narrative) (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
security | |||
Schedule Of Marketable Securities [Line Items] | |||
Proceeds from sales of securities available for sale | $79,600,000 | $77,800,000 | $149,900,000 |
Investments held having OTTI losses | 0 | 0 | 0 |
Number of securities with unrealized losses | 130 | ||
Investment grade corporate obligations comprise securities with unrealized losses | 10 | ||
Securities with amortized costs | 111,300,000 | 109,100,000 | |
Securities purchased from single issuer | $0 | $0 | |
Minimum percentage of securities purchased from U.S. Treasury issue and other U.S. Government agencies | 10.00% | 10.00% | |
U.S. Treasury Issue and Other U.S. Gov't Agencies [Member] | |||
Schedule Of Marketable Securities [Line Items] | |||
Securities with investment grade | 120 |
Securities_Amortized_Costs_and
Securities (Amortized Costs and Fair Values of Securities Available for Sale and Held to Maturity) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | ||
Securities Available for Sale, Amortized Cost | $272,368 | $271,768 |
Securities Available for Sale, Gross Unrealized Gains | 4,248 | 1,587 |
Securities Available for Sale, Gross Unrealized Losses | -2,048 | -7,578 |
Securities Available for Sale, Fair Value | 274,568 | 265,777 |
Securities Held to Maturity, Amortized Cost | 36,197 | 28,563 |
Securities Held to Maturity, Gross Unrealized Gains | 1,342 | 1,742 |
Securities Held to Maturity, Gross Unrealized Losses | ||
Securities Held to Maturity, Fair Value | 37,539 | 30,305 |
U.S. Treasury Issue and Other U.S. Gov't Agencies [Member] | ||
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | ||
Securities Available for Sale, Amortized Cost | 99,608 | 99,789 |
Securities Available for Sale, Gross Unrealized Gains | 113 | 165 |
Securities Available for Sale, Gross Unrealized Losses | -1,014 | -967 |
Securities Available for Sale, Fair Value | 98,707 | 98,987 |
U.S. Gov't Sponsored Agencies [Member] | ||
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | ||
Securities Available for Sale, Amortized Cost | 487 | |
Securities Available for Sale, Gross Unrealized Gains | ||
Securities Available for Sale, Gross Unrealized Losses | -1 | |
Securities Available for Sale, Fair Value | 486 | |
State, County and Municipal [Member] | ||
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | ||
Securities Available for Sale, Amortized Cost | 134,405 | 138,884 |
Securities Available for Sale, Gross Unrealized Gains | 3,926 | 1,297 |
Securities Available for Sale, Gross Unrealized Losses | -854 | -6,085 |
Securities Available for Sale, Fair Value | 137,477 | 134,096 |
Securities Held to Maturity, Amortized Cost | 31,677 | 9,385 |
Securities Held to Maturity, Gross Unrealized Gains | 1,103 | 718 |
Securities Held to Maturity, Gross Unrealized Losses | ||
Securities Held to Maturity, Fair Value | 32,780 | 10,103 |
Corporate and Other Bonds [Member] | ||
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | ||
Securities Available for Sale, Amortized Cost | 11,921 | 6,369 |
Securities Available for Sale, Gross Unrealized Gains | 17 | 27 |
Securities Available for Sale, Gross Unrealized Losses | -55 | -47 |
Securities Available for Sale, Fair Value | 11,883 | 6,349 |
Mortgage Backed - U.S. Gov't Agencies [Member] | ||
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | ||
Securities Available for Sale, Amortized Cost | 2,338 | 3,608 |
Securities Available for Sale, Gross Unrealized Gains | 18 | 29 |
Securities Available for Sale, Gross Unrealized Losses | -98 | -198 |
Securities Available for Sale, Fair Value | 2,258 | 3,439 |
Securities Held to Maturity, Amortized Cost | 4,293 | 6,604 |
Securities Held to Maturity, Gross Unrealized Gains | 238 | 398 |
Securities Held to Maturity, Gross Unrealized Losses | ||
Securities Held to Maturity, Fair Value | 4,531 | 7,002 |
Mortgage Backed - U.S. Gov't Sponsored Agencies [Member] | ||
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | ||
Securities Available for Sale, Amortized Cost | 24,096 | 22,631 |
Securities Available for Sale, Gross Unrealized Gains | 174 | 69 |
Securities Available for Sale, Gross Unrealized Losses | -27 | -280 |
Securities Available for Sale, Fair Value | 24,243 | 22,420 |
Securities Held to Maturity, Amortized Cost | 227 | 12,574 |
Securities Held to Maturity, Gross Unrealized Gains | 1 | 626 |
Securities Held to Maturity, Gross Unrealized Losses | ||
Securities Held to Maturity, Fair Value | $228 | $13,200 |
Securities_Amortized_Cost_and_
Securities (Amortized Cost and Fair Value of Securities by Contractual Maturity) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Securities [Abstract] | ||
Due in one year or less, Held to Maturity, Amortized Cost | $1,207 | |
Due after one year through five years, Held to Maturity, Amortized Cost | 13,283 | |
Due after five years through ten years, Held to Maturity, Amortized Cost | 13,061 | |
Due after ten years, Held to Maturity, Amortized Cost | 8,646 | |
Total securities, Held to Maturity, Amortized Cost | 36,197 | 28,563 |
Due in one year or less, Held to Maturity, Fair Value | 1,229 | |
Due after one year through five years, Held to Maturity, Fair Value | 14,092 | |
Due after five years through ten years, Held to Maturity, Fair Value | 13,370 | |
Due after ten years, Held to Maturity, Fair Value | 8,848 | |
Securities Held to Maturity, Fair Value | 37,539 | 30,305 |
Due in one year or less, Available for Sale, Amortized Cost | 23,341 | |
Due after one year through five years, Available for Sale, Amortized Cost | 63,204 | |
Due after five years through ten years, Available for Sale, Amortized Cost | 148,284 | |
Due after ten years, Available for Sale, Amortized Cost | 37,539 | |
Total securities, Available for Sale, Amortized Cost | 272,368 | 271,768 |
Due in one year or less, Available for Sale, Fair Value | 23,375 | |
Due after one year through five years, Available for Sale, Fair Value | 63,865 | |
Due after five years through ten years, Available for Sale, Fair Value | 150,067 | |
Due after ten years, Available for Sale, Fair Value | 37,261 | |
Securities Available for Sale, Fair Value | $274,568 | $265,777 |
Securities_Summary_of_Realized
Securities (Summary of Realized Gains and Losses on Sales of Securities) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Securities [Abstract] | |||
Gross realized gains | $1,584 | $645 | $2,236 |
Gross realized losses | -495 | -127 | -744 |
Net securities gains | $1,089 | $518 | $1,492 |
Securities_Summary_of_Fair_Val
Securities (Summary of Fair Value and Gross Unrealized Losses for Securities Available for Sale) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Secutities Available for Sale | ||
Fair Value, Less than 12 Months | $59,455 | $149,040 |
Unrealized Loss, Less than 12 Months | -483 | -6,373 |
Fair Value, 12 Months or More | 73,702 | 46,631 |
Unrealized Loss, 12 Months or More | -1,565 | -1,205 |
Fair Value, Total | 133,157 | 195,671 |
Unrealized Loss, Total | -2,048 | -7,578 |
U.S. Treasury Issue and Other U.S. Gov't Agencies [Member] | ||
Secutities Available for Sale | ||
Fair Value, Less than 12 Months | 47,475 | 35,873 |
Unrealized Loss, Less than 12 Months | -438 | -531 |
Fair Value, 12 Months or More | 35,630 | 37,638 |
Unrealized Loss, 12 Months or More | -576 | -436 |
Fair Value, Total | 83,105 | 73,511 |
Unrealized Loss, Total | -1,014 | -967 |
U.S. Gov't Sponsored Agencies [Member] | ||
Secutities Available for Sale | ||
Fair Value, Less than 12 Months | 486 | |
Unrealized Loss, Less than 12 Months | -1 | |
Fair Value, Total | 486 | |
Unrealized Loss, Total | -1 | |
State, County and Municipal [Member] | ||
Secutities Available for Sale | ||
Fair Value, Less than 12 Months | 3,673 | 92,010 |
Unrealized Loss, Less than 12 Months | -8 | -5,343 |
Fair Value, 12 Months or More | 32,348 | 6,445 |
Unrealized Loss, 12 Months or More | -846 | -742 |
Fair Value, Total | 36,021 | 98,455 |
Unrealized Loss, Total | -854 | -6,085 |
Corporate and Other Bonds [Member] | ||
Secutities Available for Sale | ||
Fair Value, Less than 12 Months | 5,756 | 3,332 |
Unrealized Loss, Less than 12 Months | -21 | -42 |
Fair Value, 12 Months or More | 3,113 | 991 |
Unrealized Loss, 12 Months or More | -34 | -5 |
Fair Value, Total | 8,869 | 4,323 |
Unrealized Loss, Total | -55 | -47 |
Mortgage Backed - U.S. Gov't Agencies [Member] | ||
Secutities Available for Sale | ||
Fair Value, Less than 12 Months | 2,767 | |
Unrealized Loss, Less than 12 Months | -198 | |
Fair Value, 12 Months or More | 1,899 | |
Unrealized Loss, 12 Months or More | -98 | |
Fair Value, Total | 1,899 | 2,767 |
Unrealized Loss, Total | -98 | -198 |
Mortgage Backed - U.S. Gov't Sponsored Agencies [Member] | ||
Secutities Available for Sale | ||
Fair Value, Less than 12 Months | 2,551 | 14,572 |
Unrealized Loss, Less than 12 Months | -16 | -258 |
Fair Value, 12 Months or More | 712 | 1,557 |
Unrealized Loss, 12 Months or More | -11 | -22 |
Fair Value, Total | 3,263 | 16,129 |
Unrealized Loss, Total | ($27) | ($280) |
Loans_Not_Covered_by_FDIC_Shar2
Loans Not Covered by FDIC Shared-Loss Agreement (Non-Covered Loans) and Related Allowance for Loan Losses (Narrative) (Details) (USD $) | 12 Months Ended | |||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2014 | |||
loan | loan | |||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Purchased government-guaranteed loans | $664,736,000 | $596,173,000 | ||||
Allowance for loan losses | 9,365,000 | 10,444,000 | ||||
Cash basis interest income recognized | 612,000 | 0 | 0 | |||
Interest and fees on non-covered loans | 30,191,000 | 29,696,000 | 30,658,000 | |||
Estimated interest income | 890,000 | 980,000 | 1,300,000 | |||
Write-offs from transfer of loan from non covered loans to loans held for sale | 500,000 | |||||
Number of contracts | 0 | 1 | ||||
Pre-modification balance | 863,000 | |||||
Total, Recorded Investment | 16,852,000 | [1] | 13,801,000 | [1] | ||
1-4 family mortgages pledged as collateral to the federal bank home loan | 139,600,000 | |||||
Total borrowing capacity | 107,500,000 | |||||
Residential 1-4 Family [Member] | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Shared-loss Agreement expiration date | 31-Mar-14 | |||||
Number of contracts | 1 | |||||
Post-modification balance | 863,000 | |||||
Total, Recorded Investment | 173,000 | |||||
Commercial Loans [Member] | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Number of contracts | 1 | |||||
Pre-modification balance | 69,000 | |||||
Post-modification balance | 69,000 | |||||
Nonaccruing Loans [Member] | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Interest income recognized on impaired loans | 0 | 0 | 0 | |||
Accruing Loans [Member] | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Interest income recognized on impaired loans | 0 | 0 | 0 | |||
PCI Loans [Member] | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Loans outstanding principal balance | 9,057,000 | 10,000,000 | ||||
Carrying value | 4,716,000 | 5,500,000 | ||||
Allowance for loan losses | 98,000 | |||||
Guaranteed Loans [Member] | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Purchased government-guaranteed loans | 18,300,000 | 38,500,000 | ||||
Percentage of loans guaranteed by the USDA | 100.00% | |||||
Unamortized purchase premium | 922,000,000,000 | 2,500,000 | ||||
Purchased government-guaranteed loans | $18,300,000 | $38,500,000 | ||||
[1] | The amount of the investment in a loan, which is not net of a valuation allowance, but which does reflect any direct write-down of the investment |
Loans_Not_Covered_by_FDIC_Shar3
Loans Not Covered by FDIC Shared-Loss Agreement (Non-Covered Loans) and Related Allowance for Loan Losses (Summary of Non-Covered Loans) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross loans | $664,864 | $596,337 |
Less unearned income on loans | -128 | -164 |
% of Non-Covered Loans | 100.00% | 100.00% |
Non-covered loans, net of unearned income | 664,736 | 596,173 |
Mortgage Loans on Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross loans | 558,316 | 499,137 |
% of Non-Covered Loans | 83.97% | 83.70% |
Mortgage Loans on Real Estate [Member] | Residential 1-4 Family [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross loans | 168,358 | 144,382 |
% of Non-Covered Loans | 25.32% | 24.21% |
Mortgage Loans on Real Estate [Member] | Commercial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross loans | 283,430 | 247,284 |
% of Non-Covered Loans | 42.63% | 41.47% |
Mortgage Loans on Real Estate [Member] | Construction and Land Development [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross loans | 59,515 | 55,278 |
% of Non-Covered Loans | 8.95% | 9.27% |
Mortgage Loans on Real Estate [Member] | Second Mortgages [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross loans | 6,016 | 6,854 |
% of Non-Covered Loans | 0.90% | 1.15% |
Mortgage Loans on Real Estate [Member] | Multifamily [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross loans | 33,830 | 35,774 |
% of Non-Covered Loans | 5.09% | 6.00% |
Mortgage Loans on Real Estate [Member] | Agriculture [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross loans | 7,167 | 9,565 |
% of Non-Covered Loans | 1.08% | 1.60% |
Commercial Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross loans | 99,634 | 90,142 |
% of Non-Covered Loans | 14.99% | 15.12% |
Consumer Installment Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross loans | 5,470 | 5,623 |
% of Non-Covered Loans | 0.82% | 0.94% |
All Other Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross loans | $1,444 | $1,435 |
% of Non-Covered Loans | 0.22% | 0.24% |
Recovered_Sheet1
Loans Not Covered By FDIC Shared-Loss Agreement (Non-Covered Loans) And Related Allowance For Loan Losses (Summary of Outstanding Principal Balance and Carrying Amounts of PCI Loans) (Details) (PCI Loans [Member], USD $) | Dec. 31, 2014 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid balance | $9,057 | $10,000 |
Carrying value | 4,716 | 5,500 |
Mortgage Loans on Real Estate [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid balance | 9,057 | |
Carrying value | 4,716 | |
Mortgage Loans on Real Estate [Member] | Residential 1-4 Family [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid balance | 2,189 | |
Carrying value | 1,096 | |
Mortgage Loans on Real Estate [Member] | Commercial [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid balance | 3,179 | |
Carrying value | 1,148 | |
Mortgage Loans on Real Estate [Member] | Construction and Land Development [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid balance | 3,658 | |
Carrying value | 2,456 | |
Mortgage Loans on Real Estate [Member] | Second Mortgages [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid balance | 31 | |
Carrying value | 16 | |
Mortgage Loans on Real Estate [Member] | Multifamily [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid balance | ||
Carrying value | ||
Mortgage Loans on Real Estate [Member] | Agriculture [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid balance | ||
Carrying value |
Recovered_Sheet2
Loans Not Covered By FDIC Shared-Loss Agreement (Non-Covered Loans) And Related Allowance For Loan Losses (Schedule of Change in Accretable Yield Balance for PCI Loans) (Details) (PCI Loans [Member], USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2014 |
PCI Loans [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Beginning Balance | $4,773 |
Accretion | -554 |
Reclassification from nonaccretable yield | 852 |
Ending Balance | $5,071 |
Loans_Not_Covered_by_FDIC_Shar4
Loans Not Covered by FDIC Shared-Loss Agreement (Non-Covered Loans) and Related Allowance for Loan Losses (Summary of Information Related to Impaired Loans) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | ||
Financing Receivable, Impaired [Line Items] | ||||
With a related allowance, Recorded Investment | $15,665,000 | [1] | $8,954,000 | [1] |
With a related allowance, Unpaid Principal Balance | 19,912,000 | [2] | 11,199,000 | [2] |
Related Allowance | 1,694,000 | 1,604,000 | ||
With no related allowance recorded, Recorded Investment | 1,187,000 | [1] | 4,847,000 | [1] |
With no related allowance recorded, Unpaid Principal Balance | 1,391,000 | [2] | 7,760,000 | [2] |
Total, Recorded Investment | 16,852,000 | [1] | 13,801,000 | [1] |
Total, Unpaid Principal Balance | 21,303,000 | [2] | 18,959,000 | [2] |
Related Allowance | 1,694,000 | 1,604,000 | ||
Mortgage Loans on Real Estate [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
With a related allowance, Recorded Investment | 8,026,000 | [1] | 8,778,000 | [1] |
With a related allowance, Unpaid Principal Balance | 11,071,000 | [2] | 10,354,000 | [2] |
Related Allowance | 1,154,000 | 1,579,000 | ||
With no related allowance recorded, Recorded Investment | 1,185,000 | [1] | 4,841,000 | [1] |
With no related allowance recorded, Unpaid Principal Balance | 1,388,000 | [2] | 7,754,000 | [2] |
Total, Recorded Investment | 9,211,000 | [1] | 13,619,000 | [1] |
Total, Unpaid Principal Balance | 12,459,000 | [2] | 18,108,000 | [2] |
Related Allowance | 1,154,000 | 1,579,000 | ||
Mortgage Loans on Real Estate [Member] | Residential 1-4 Family [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
With a related allowance, Recorded Investment | 2,754,000 | [1] | 3,485,000 | [1] |
With a related allowance, Unpaid Principal Balance | 2,895,000 | [2] | 3,739,000 | [2] |
Related Allowance | 463,000 | 881,000 | ||
With no related allowance recorded, Recorded Investment | 588,000 | [1] | 1,189,000 | [1] |
With no related allowance recorded, Unpaid Principal Balance | 626,000 | [2] | 1,228,000 | [2] |
Total, Recorded Investment | 3,342,000 | [1] | 4,674,000 | [1] |
Total, Unpaid Principal Balance | 3,521,000 | [2] | 4,967,000 | [2] |
Related Allowance | 463,000 | 881,000 | ||
Mortgage Loans on Real Estate [Member] | Commercial [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
With a related allowance, Recorded Investment | 308,000 | [1] | 920,000 | [1] |
With a related allowance, Unpaid Principal Balance | 470,000 | [2] | 1,091,000 | [2] |
Related Allowance | 53,000 | 150,000 | ||
With no related allowance recorded, Recorded Investment | 418,000 | [1] | 1,714,000 | [1] |
With no related allowance recorded, Unpaid Principal Balance | 550,000 | [2] | 1,969,000 | [2] |
Total, Recorded Investment | 726,000 | [1] | 2,634,000 | [1] |
Total, Unpaid Principal Balance | 1,020,000 | [2] | 3,060,000 | [2] |
Related Allowance | 53,000 | 150,000 | ||
Mortgage Loans on Real Estate [Member] | Construction and Land Development [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
With a related allowance, Recorded Investment | 4,903,000 | [1] | 4,148,000 | [1] |
With a related allowance, Unpaid Principal Balance | 7,643,000 | [2] | 5,298,000 | [2] |
Related Allowance | 627,000 | 508,000 | ||
With no related allowance recorded, Recorded Investment | 179,000 | [1] | 1,734,000 | [1] |
With no related allowance recorded, Unpaid Principal Balance | 212,000 | [2] | 4,335,000 | [2] |
Total, Recorded Investment | 5,082,000 | [1] | 5,882,000 | [1] |
Total, Unpaid Principal Balance | 7,855,000 | [2] | 9,633,000 | [2] |
Related Allowance | 627,000 | 508,000 | ||
Mortgage Loans on Real Estate [Member] | Second Mortgages [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
With a related allowance, Recorded Investment | 61,000 | [1] | 225,000 | [1] |
With a related allowance, Unpaid Principal Balance | 63,000 | [2] | 226,000 | [2] |
Related Allowance | 11,000 | 40,000 | ||
With no related allowance recorded, Recorded Investment | [1] | |||
With no related allowance recorded, Unpaid Principal Balance | [2] | |||
Total, Recorded Investment | 61,000 | [1] | 225,000 | [1] |
Total, Unpaid Principal Balance | 63,000 | [2] | 226,000 | [2] |
Related Allowance | 11,000 | 40,000 | ||
Mortgage Loans on Real Estate [Member] | Multifamily [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
With a related allowance, Recorded Investment | [1] | |||
With a related allowance, Unpaid Principal Balance | [2] | |||
Related Allowance | ||||
With no related allowance recorded, Recorded Investment | [1] | |||
With no related allowance recorded, Unpaid Principal Balance | [2] | |||
Total, Recorded Investment | [1] | |||
Total, Unpaid Principal Balance | [2] | |||
Related Allowance | ||||
Mortgage Loans on Real Estate [Member] | Agriculture [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
With a related allowance, Recorded Investment | [1] | |||
With a related allowance, Unpaid Principal Balance | [2] | |||
Related Allowance | ||||
With no related allowance recorded, Recorded Investment | [1] | 204,000 | [1] | |
With no related allowance recorded, Unpaid Principal Balance | [2] | 222,000 | [2] | |
Total, Recorded Investment | [1] | 204,000 | [1] | |
Total, Unpaid Principal Balance | [2] | 222,000 | [2] | |
Related Allowance | ||||
Commercial Loans [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
With a related allowance, Recorded Investment | 7,521,000 | [1] | 127,000 | [1] |
With a related allowance, Unpaid Principal Balance | 8,721,000 | [2] | 794,000 | [2] |
Related Allowance | 520,000 | 16,000 | ||
With no related allowance recorded, Recorded Investment | [1] | |||
With no related allowance recorded, Unpaid Principal Balance | [2] | |||
Total, Recorded Investment | 7,521,000 | [1] | 127,000 | [1] |
Total, Unpaid Principal Balance | 8,721,000 | [2] | 794,000 | [2] |
Related Allowance | 520,000 | 16,000 | ||
Consumer Installment Loans [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
With a related allowance, Recorded Investment | 118,000 | [1] | 49,000 | [1] |
With a related allowance, Unpaid Principal Balance | 120,000 | [2] | 51,000 | [2] |
Related Allowance | 20,000 | 9,000 | ||
With no related allowance recorded, Recorded Investment | 2,000 | [1] | 6,000 | [1] |
With no related allowance recorded, Unpaid Principal Balance | 3,000 | [2] | 6,000 | [2] |
Total, Recorded Investment | 120,000 | [1] | 55,000 | [1] |
Total, Unpaid Principal Balance | 123,000 | [2] | 57,000 | [2] |
Related Allowance | 20,000 | 9,000 | ||
All Other Loans [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
With a related allowance, Recorded Investment | [1] | |||
With a related allowance, Unpaid Principal Balance | [2] | |||
Related Allowance | ||||
With no related allowance recorded, Recorded Investment | [1] | |||
With no related allowance recorded, Unpaid Principal Balance | [2] | |||
Total, Recorded Investment | [1] | |||
Total, Unpaid Principal Balance | [2] | |||
Related Allowance | ||||
[1] | The amount of the investment in a loan, which is not net of a valuation allowance, but which does reflect any direct write-down of the investment | |||
[2] | The contractual amount due, which reflects paydowns applied in accordance with loan documents, but which does not reflect any direct write-downs |
Loans_Not_Covered_by_FDIC_Shar5
Loans Not Covered by FDIC Shared-Loss Agreement (Non-Covered Loans) and Related Allowance for Loan Losses (Summary of Financial Receivable Impaired Average Recorded Investment) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Noncancelable Obligations Future Minimum Payments Due [Line Items] | |||
Average Recorded Investment | $15,328 | $18,083 | $29,064 |
Mortgage Loans on Real Estate [Member] | |||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | |||
Average Recorded Investment | 11,415 | 17,693 | 28,154 |
Commercial Loans [Member] | |||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | |||
Average Recorded Investment | 3,824 | 318 | 773 |
Consumer Installment Loans [Member] | |||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | |||
Average Recorded Investment | 89 | 72 | 137 |
All Other Loans [Member] | |||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | |||
Average Recorded Investment | |||
Residential 1-4 Family [Member] | Mortgage Loans on Real Estate [Member] | |||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | |||
Average Recorded Investment | 4,008 | 5,607 | 6,770 |
Commercial [Member] | Mortgage Loans on Real Estate [Member] | |||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | |||
Average Recorded Investment | 1,680 | 4,225 | 10,505 |
Construction and Land Development [Member] | Mortgage Loans on Real Estate [Member] | |||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | |||
Average Recorded Investment | 5,482 | 7,436 | 10,602 |
Second Mortgages [Member] | Mortgage Loans on Real Estate [Member] | |||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | |||
Average Recorded Investment | 143 | 198 | 184 |
Multifamily [Member] | Mortgage Loans on Real Estate [Member] | |||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | |||
Average Recorded Investment | |||
Agriculture [Member] | Mortgage Loans on Real Estate [Member] | |||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | |||
Average Recorded Investment | $102 | $227 | $93 |
Loans_Not_Covered_by_FDIC_Shar6
Loans Not Covered by FDIC Shared-Loss Agreement (Non-Covered Loans) and Related Allowance for Loan Losses (Summarizes Non-Accrual Loans, Excluding PCI Loans, by Loan Category) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||
Total loans | $16,571 | $12,105 |
Mortgage Loans on Real Estate [Member] | ||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||
Total loans | 8,930 | 11,923 |
Commercial Loans [Member] | ||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||
Total loans | 7,521 | 127 |
Consumer Installment Loans [Member] | ||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||
Total loans | 120 | 55 |
All Other Loans [Member] | ||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||
Total loans | ||
Residential 1-4 Family [Member] | Mortgage Loans on Real Estate [Member] | ||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||
Total loans | 3,342 | 4,229 |
Commercial [Member] | Mortgage Loans on Real Estate [Member] | ||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||
Total loans | 607 | 1,382 |
Construction and Land Development [Member] | Mortgage Loans on Real Estate [Member] | ||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||
Total loans | 4,920 | 5,882 |
Second Mortgages [Member] | Mortgage Loans on Real Estate [Member] | ||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||
Total loans | 61 | 225 |
Multifamily [Member] | Mortgage Loans on Real Estate [Member] | ||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||
Total loans | ||
Agriculture [Member] | Mortgage Loans on Real Estate [Member] | ||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||
Total loans | $205 |
Loans_Not_Covered_by_FDIC_Shar7
Loans Not Covered by FDIC Shared-Loss Agreement (Non-Covered Loans) and Related Allowance for Loan Losses (Reconciliation of Impaired Loans to Nonaccrual Loans) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | ||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||||
Nonaccruals | $16,571,000 | $12,105,000 | ||
Total impaired | 16,852,000 | [1] | 13,801,000 | [1] |
Troubled Debt Restructure [Member] | ||||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||||
Still accruing | 118,000 | 1,696,000 | ||
Special Mention [Member] | ||||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||||
Still accruing | $163,000 | |||
[1] | The amount of the investment in a loan, which is not net of a valuation allowance, but which does reflect any direct write-down of the investment |
Loans_Not_Covered_by_FDIC_Shar8
Loans Not Covered by FDIC Shared-Loss Agreement (Non-Covered Loans) and Related Allowance for Loan Losses (Age Analysis of Past Due Status of Non-Covered Loans, Excluding PCI Loans) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | $664,864 | $596,337 |
Mortgage Loans on Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 558,316 | 499,137 |
Commercial Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 99,634 | 90,142 |
Consumer Installment Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 5,470 | 5,623 |
All Other Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 1,444 | 1,435 |
Commercial [Member] | Mortgage Loans on Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 283,430 | 247,284 |
Construction and Land Development [Member] | Mortgage Loans on Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 59,515 | 55,278 |
Second Mortgages [Member] | Mortgage Loans on Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 6,016 | 6,854 |
Multifamily [Member] | Mortgage Loans on Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 33,830 | 35,774 |
Agriculture [Member] | Mortgage Loans on Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 7,167 | 9,565 |
Non-Covered Loans Excluding PCI Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
30-89 Days Past Due | 728 | 1,870 |
90 Days Past Due | 16,571 | 12,105 |
Total Past Due | 17,299 | 13,975 |
Current | 642,849 | 582,362 |
Total Loans | 660,148 | 596,337 |
Recorded Investment 90 Days Past Due and Accruing | ||
Non-Covered Loans Excluding PCI Loans [Member] | Mortgage Loans on Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
30-89 Days Past Due | 652 | 1,697 |
90 Days Past Due | 8,930 | 11,923 |
Total Past Due | 9,582 | 13,620 |
Current | 544,018 | 485,517 |
Total Loans | 553,600 | 499,137 |
Recorded Investment 90 Days Past Due and Accruing | ||
Non-Covered Loans Excluding PCI Loans [Member] | Commercial Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
30-89 Days Past Due | 66 | 115 |
90 Days Past Due | 7,521 | 127 |
Total Past Due | 7,587 | 242 |
Current | 92,047 | 89,900 |
Total Loans | 99,634 | 90,142 |
Recorded Investment 90 Days Past Due and Accruing | ||
Non-Covered Loans Excluding PCI Loans [Member] | Consumer Installment Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
30-89 Days Past Due | 10 | 58 |
90 Days Past Due | 120 | 55 |
Total Past Due | 130 | 113 |
Current | 5,340 | 5,510 |
Total Loans | 5,470 | 5,623 |
Recorded Investment 90 Days Past Due and Accruing | ||
Non-Covered Loans Excluding PCI Loans [Member] | All Other Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current | 1,444 | 1,435 |
Total Loans | 1,444 | 1,435 |
Recorded Investment 90 Days Past Due and Accruing | ||
Non-Covered Loans Excluding PCI Loans [Member] | Residential 1-4 Family [Member] | Mortgage Loans on Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
30-89 Days Past Due | 298 | 1,455 |
90 Days Past Due | 3,342 | 4,229 |
Total Past Due | 3,640 | 5,684 |
Current | 163,622 | 138,698 |
Total Loans | 167,262 | 144,382 |
Recorded Investment 90 Days Past Due and Accruing | ||
Non-Covered Loans Excluding PCI Loans [Member] | Commercial [Member] | Mortgage Loans on Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
30-89 Days Past Due | 200 | |
90 Days Past Due | 607 | 1,382 |
Total Past Due | 807 | 1,382 |
Current | 281,475 | 245,902 |
Total Loans | 282,282 | 247,284 |
Recorded Investment 90 Days Past Due and Accruing | ||
Non-Covered Loans Excluding PCI Loans [Member] | Construction and Land Development [Member] | Mortgage Loans on Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
30-89 Days Past Due | 128 | 242 |
90 Days Past Due | 4,920 | 5,882 |
Total Past Due | 5,048 | 6,124 |
Current | 52,011 | 49,154 |
Total Loans | 57,059 | 55,278 |
Recorded Investment 90 Days Past Due and Accruing | ||
Non-Covered Loans Excluding PCI Loans [Member] | Second Mortgages [Member] | Mortgage Loans on Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
30-89 Days Past Due | 26 | |
90 Days Past Due | 61 | 225 |
Total Past Due | 87 | 225 |
Current | 5,913 | 6,629 |
Total Loans | 6,000 | 6,854 |
Recorded Investment 90 Days Past Due and Accruing | ||
Non-Covered Loans Excluding PCI Loans [Member] | Multifamily [Member] | Mortgage Loans on Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current | 33,830 | 35,774 |
Total Loans | 33,830 | 35,774 |
Recorded Investment 90 Days Past Due and Accruing | ||
Non-Covered Loans Excluding PCI Loans [Member] | Agriculture [Member] | Mortgage Loans on Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
90 Days Past Due | 205 | |
Total Past Due | 205 | |
Current | 7,167 | 9,360 |
Total Loans | 7,167 | 9,565 |
Recorded Investment 90 Days Past Due and Accruing |
Loans_Not_Covered_by_FDIC_Shar9
Loans Not Covered by FDIC Shared-Loss Agreement (Non-Covered Loans) and Related Allowance for Loan Losses (Allowance for Loan Losses on Non-Covered Loans, Excluding PCI Loans, by Segment) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||
Dec. 31, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||||||
Allowance for loan losses, Beginning of Period | $10,444,000 | |||||
Provision Allocation | -450,000 | -500,000 | -250,000 | -1,200,000 | ||
Allowance for loan losses, End of Period | 9,365,000 | 10,444,000 | ||||
Non Covered Loans [Member] | ||||||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||||||
Allowance for loan losses, Beginning of Period | 14,835,000 | 10,444,000 | 12,920,000 | 14,835,000 | ||
Provision Allocation | 1,450,000 | |||||
Charge-offs | -2,530,000 | -3,491,000 | -5,497,000 | |||
Recoveries | 1,353,000 | 1,015,000 | 2,132,000 | |||
Allowance for loan losses, End of Period | 12,920,000 | 9,267,000 | 10,444,000 | 12,920,000 | ||
Non Covered Loans [Member] | Mortgage Loans on Real Estate [Member] | ||||||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||||||
Allowance for loan losses, Beginning of Period | 12,773,000 | 8,771,000 | 10,746,000 | 12,773,000 | ||
Provision Allocation | 143,000 | 167,000 | 748,000 | |||
Charge-offs | -1,179,000 | -2,999,000 | -4,582,000 | |||
Recoveries | 178,000 | 857,000 | 1,807,000 | |||
Allowance for loan losses, End of Period | 10,746,000 | 7,913,000 | 8,771,000 | 10,746,000 | ||
Non Covered Loans [Member] | Commercial Loans [Member] | ||||||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||||||
Allowance for loan losses, Beginning of Period | 1,810,000 | 1,546,000 | 1,961,000 | 1,810,000 | ||
Provision Allocation | -152,000 | -172,000 | 604,000 | |||
Charge-offs | -1,217,000 | -325,000 | -695,000 | |||
Recoveries | 1,065,000 | 82,000 | 242,000 | |||
Allowance for loan losses, End of Period | 1,961,000 | 1,242,000 | 1,546,000 | 1,961,000 | ||
Non Covered Loans [Member] | Consumer Installment Loans [Member] | ||||||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||||||
Allowance for loan losses, Beginning of Period | 241,000 | 101,000 | 195,000 | 241,000 | ||
Provision Allocation | 8,000 | -3,000 | 91,000 | |||
Charge-offs | -134,000 | -167,000 | -220,000 | |||
Recoveries | 110,000 | 76,000 | 83,000 | |||
Allowance for loan losses, End of Period | 195,000 | 85,000 | 101,000 | 195,000 | ||
Non Covered Loans [Member] | All Other Loans [Member] | ||||||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||||||
Allowance for loan losses, Beginning of Period | 11,000 | 26,000 | 18,000 | 11,000 | ||
Provision Allocation | 1,000 | 8,000 | 7,000 | |||
Allowance for loan losses, End of Period | 18,000 | 27,000 | 26,000 | 18,000 | ||
Non Covered Loans [Member] | Residential 1-4 Family [Member] | Mortgage Loans on Real Estate [Member] | ||||||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||||||
Allowance for loan losses, Beginning of Period | 3,451,000 | 3,853,000 | 3,985,000 | 3,451,000 | ||
Provision Allocation | -98,000 | 244,000 | 2,283,000 | |||
Charge-offs | -733,000 | -432,000 | -1,786,000 | |||
Recoveries | 78,000 | 56,000 | 37,000 | |||
Allowance for loan losses, End of Period | 3,985,000 | 3,100,000 | 3,853,000 | 3,985,000 | ||
Non Covered Loans [Member] | Commercial [Member] | Mortgage Loans on Real Estate [Member] | ||||||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||||||
Allowance for loan losses, Beginning of Period | 3,048,000 | 2,333,000 | 2,482,000 | 3,048,000 | ||
Provision Allocation | 636,000 | 1,411,000 | 15,000 | |||
Charge-offs | -446,000 | -1,580,000 | -654,000 | |||
Recoveries | 95,000 | 20,000 | 73,000 | |||
Allowance for loan losses, End of Period | 2,482,000 | 2,618,000 | 2,333,000 | 2,482,000 | ||
Non Covered Loans [Member] | Construction and Land Development [Member] | Mortgage Loans on Real Estate [Member] | ||||||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||||||
Allowance for loan losses, Beginning of Period | 5,729,000 | 2,252,000 | 3,773,000 | 5,729,000 | ||
Provision Allocation | -323,000 | -1,338,000 | -1,539,000 | |||
Charge-offs | -877,000 | -2,058,000 | ||||
Recoveries | 1,000 | 694,000 | 1,641,000 | |||
Allowance for loan losses, End of Period | 3,773,000 | 1,930,000 | 2,252,000 | 3,773,000 | ||
Non Covered Loans [Member] | Second Mortgages [Member] | Mortgage Loans on Real Estate [Member] | ||||||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||||||
Allowance for loan losses, Beginning of Period | 296,000 | 101,000 | 142,000 | 296,000 | ||
Provision Allocation | -42,000 | 16,000 | -165,000 | |||
Charge-offs | -105,000 | -45,000 | ||||
Recoveries | 4,000 | 48,000 | 56,000 | |||
Allowance for loan losses, End of Period | 142,000 | 63,000 | 101,000 | 142,000 | ||
Non Covered Loans [Member] | Multifamily [Member] | Mortgage Loans on Real Estate [Member] | ||||||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||||||
Allowance for loan losses, Beginning of Period | 224,000 | 151,000 | 303,000 | 224,000 | ||
Provision Allocation | -15,000 | -152,000 | 79,000 | |||
Allowance for loan losses, End of Period | 303,000 | 136,000 | 151,000 | 303,000 | ||
Non Covered Loans [Member] | Agriculture [Member] | Mortgage Loans on Real Estate [Member] | ||||||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||||||
Allowance for loan losses, Beginning of Period | 25,000 | 81,000 | 61,000 | 25,000 | ||
Provision Allocation | -15,000 | -14,000 | 75,000 | |||
Charge-offs | -5,000 | -39,000 | ||||
Recoveries | 39,000 | |||||
Allowance for loan losses, End of Period | $61,000 | $66,000 | $81,000 | $61,000 |
Recovered_Sheet3
Loans Not Covered by FDIC Shared-Loss Agreement (Non-Covered Loans) and Related Allowance for Loan Losses (Non-Covered Loans Evaluated for Impairment) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Allowance for Loan Losses | $9,365,000 | $10,444,000 | |||
Total Loans | 664,864,000 | 596,337,000 | |||
PCI Loans [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Allowance for Loan Losses | 98,000 | ||||
Allowance for Loan Losses [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Allowance for Loan Losses, Individually Evaluated for Impairment | 1,840,000 | [1] | 1,843,000 | [1] | |
Allowance for Loan Losses, Collectively Evaluated for Impairment | 7,427,000 | 8,601,000 | |||
Allowance for Loan Losses | 9,365,000 | 10,444,000 | |||
Allowance for Loan Losses [Member] | PCI Loans [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Allowance for Loan Losses | 98,000 | ||||
Recorded Investment in Loans [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Recorded Investment in Loans, Individually Evaluated for Impairment | 25,467,000 | [1] | 24,051,000 | [1] | |
Recorded Investment in Loans, Collectively Evaluated for Impairment | 634,681,000 | 572,286,000 | |||
Total Loans | 664,864,000 | 596,337,000 | |||
Recorded Investment in Loans [Member] | PCI Loans [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Recorded Investment in Loans, Related to PCI loans | 4,716,000 | ||||
Mortgage Loans on Real Estate [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Total Loans | 558,316,000 | 499,137,000 | |||
Mortgage Loans on Real Estate [Member] | Allowance for Loan Losses [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Allowance for Loan Losses, Individually Evaluated for Impairment | 1,291,000 | [1] | 1,816,000 | [1] | |
Allowance for Loan Losses, Collectively Evaluated for Impairment | 6,622,000 | 6,955,000 | |||
Allowance for Loan Losses | 8,011,000 | 8,771,000 | |||
Mortgage Loans on Real Estate [Member] | Allowance for Loan Losses [Member] | PCI Loans [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Allowance for Loan Losses | 98,000 | ||||
Mortgage Loans on Real Estate [Member] | Recorded Investment in Loans [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Recorded Investment in Loans, Individually Evaluated for Impairment | 17,586,000 | [1] | 23,802,000 | [1] | |
Recorded Investment in Loans, Collectively Evaluated for Impairment | 536,014,000 | 475,335,000 | |||
Total Loans | 558,316,000 | 499,137,000 | |||
Mortgage Loans on Real Estate [Member] | Recorded Investment in Loans [Member] | PCI Loans [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Recorded Investment in Loans, Related to PCI loans | 4,716,000 | ||||
Commercial Loans [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Total Loans | 99,634,000 | 90,142,000 | |||
Commercial Loans [Member] | Allowance for Loan Losses [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Allowance for Loan Losses, Individually Evaluated for Impairment | 529,000 | [1] | 18,000 | [1] | |
Allowance for Loan Losses, Collectively Evaluated for Impairment | 713,000 | 1,528,000 | |||
Allowance for Loan Losses | 1,242,000 | 1,546,000 | |||
Commercial Loans [Member] | Recorded Investment in Loans [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Recorded Investment in Loans, Individually Evaluated for Impairment | 7,757,000 | [1] | 192,000 | [1] | |
Recorded Investment in Loans, Collectively Evaluated for Impairment | 91,877,000 | 89,950,000 | |||
Total Loans | 99,634,000 | 90,142,000 | |||
Consumer Installment Loans [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Total Loans | 5,470,000 | 5,623,000 | |||
Consumer Installment Loans [Member] | Allowance for Loan Losses [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Allowance for Loan Losses, Individually Evaluated for Impairment | 20,000 | [1] | 9,000 | [1] | |
Allowance for Loan Losses, Collectively Evaluated for Impairment | 65,000 | 92,000 | |||
Allowance for Loan Losses | 85,000 | 101,000 | |||
Consumer Installment Loans [Member] | Recorded Investment in Loans [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Recorded Investment in Loans, Individually Evaluated for Impairment | 124,000 | [1] | 57,000 | [1] | |
Recorded Investment in Loans, Collectively Evaluated for Impairment | 5,346,000 | 5,566,000 | |||
Total Loans | 5,470,000 | 5,623,000 | |||
All Other Loans [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Total Loans | 1,444,000 | 1,435,000 | |||
All Other Loans [Member] | Allowance for Loan Losses [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Allowance for Loan Losses, Collectively Evaluated for Impairment | 27,000 | 26,000 | |||
Allowance for Loan Losses | 27,000 | 26,000 | |||
All Other Loans [Member] | Recorded Investment in Loans [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Recorded Investment in Loans, Collectively Evaluated for Impairment | 1,444,000 | 1,435,000 | |||
Total Loans | 1,444,000 | 1,435,000 | |||
Residential 1-4 Family [Member] | Mortgage Loans on Real Estate [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Total Loans | 168,358,000 | 144,382,000 | |||
Residential 1-4 Family [Member] | Mortgage Loans on Real Estate [Member] | Allowance for Loan Losses [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Allowance for Loan Losses, Individually Evaluated for Impairment | 598,000 | [1] | 923,000 | [1] | |
Allowance for Loan Losses, Collectively Evaluated for Impairment | 2,502,000 | 2,930,000 | |||
Allowance for Loan Losses | 3,100,000 | 3,853,000 | |||
Residential 1-4 Family [Member] | Mortgage Loans on Real Estate [Member] | Recorded Investment in Loans [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Recorded Investment in Loans, Individually Evaluated for Impairment | 7,307,000 | [1] | 6,708,000 | [1] | |
Recorded Investment in Loans, Collectively Evaluated for Impairment | 159,955,000 | 137,674,000 | |||
Total Loans | 168,358,000 | 144,382,000 | |||
Residential 1-4 Family [Member] | Mortgage Loans on Real Estate [Member] | Recorded Investment in Loans [Member] | PCI Loans [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Recorded Investment in Loans, Related to PCI loans | 1,096,000 | ||||
Commercial [Member] | Mortgage Loans on Real Estate [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Total Loans | 283,430,000 | 247,284,000 | |||
Commercial [Member] | Mortgage Loans on Real Estate [Member] | Allowance for Loan Losses [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Allowance for Loan Losses, Individually Evaluated for Impairment | 54,000 | [1] | 200,000 | [1] | |
Allowance for Loan Losses, Collectively Evaluated for Impairment | 2,564,000 | 2,133,000 | |||
Allowance for Loan Losses | 2,716,000 | 2,333,000 | |||
Commercial [Member] | Mortgage Loans on Real Estate [Member] | Allowance for Loan Losses [Member] | PCI Loans [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Allowance for Loan Losses | 98,000 | ||||
Commercial [Member] | Mortgage Loans on Real Estate [Member] | Recorded Investment in Loans [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Recorded Investment in Loans, Individually Evaluated for Impairment | 5,122,000 | [1] | 8,016,000 | [1] | |
Recorded Investment in Loans, Collectively Evaluated for Impairment | 277,160,000 | 239,268,000 | |||
Total Loans | 283,430,000 | 247,284,000 | |||
Commercial [Member] | Mortgage Loans on Real Estate [Member] | Recorded Investment in Loans [Member] | PCI Loans [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Recorded Investment in Loans, Related to PCI loans | 1,148,000 | ||||
Construction and Land Development [Member] | Mortgage Loans on Real Estate [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Total Loans | 59,515,000 | 55,278,000 | |||
Construction and Land Development [Member] | Mortgage Loans on Real Estate [Member] | Allowance for Loan Losses [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Allowance for Loan Losses, Individually Evaluated for Impairment | 628,000 | [1] | 651,000 | [1] | |
Allowance for Loan Losses, Collectively Evaluated for Impairment | 1,302,000 | 1,601,000 | |||
Allowance for Loan Losses | 1,930,000 | 2,252,000 | |||
Construction and Land Development [Member] | Mortgage Loans on Real Estate [Member] | Recorded Investment in Loans [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Recorded Investment in Loans, Individually Evaluated for Impairment | 5,096,000 | [1] | 8,619,000 | [1] | |
Recorded Investment in Loans, Collectively Evaluated for Impairment | 51,963,000 | 46,659,000 | |||
Total Loans | 59,515,000 | 55,278,000 | |||
Construction and Land Development [Member] | Mortgage Loans on Real Estate [Member] | Recorded Investment in Loans [Member] | PCI Loans [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Recorded Investment in Loans, Related to PCI loans | 2,456,000 | ||||
Second Mortgages [Member] | Mortgage Loans on Real Estate [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Total Loans | 6,016,000 | 6,854,000 | |||
Second Mortgages [Member] | Mortgage Loans on Real Estate [Member] | Allowance for Loan Losses [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Allowance for Loan Losses, Individually Evaluated for Impairment | 11,000 | [1] | 42,000 | [1] | |
Allowance for Loan Losses, Collectively Evaluated for Impairment | 52,000 | 59,000 | |||
Allowance for Loan Losses | 63,000 | 101,000 | |||
Second Mortgages [Member] | Mortgage Loans on Real Estate [Member] | Recorded Investment in Loans [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Recorded Investment in Loans, Individually Evaluated for Impairment | 61,000 | [1] | 254,000 | [1] | |
Recorded Investment in Loans, Collectively Evaluated for Impairment | 5,939,000 | 6,600,000 | |||
Total Loans | 6,016,000 | 6,854,000 | |||
Second Mortgages [Member] | Mortgage Loans on Real Estate [Member] | Recorded Investment in Loans [Member] | PCI Loans [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Recorded Investment in Loans, Related to PCI loans | 16,000 | ||||
Multifamily [Member] | Mortgage Loans on Real Estate [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Total Loans | 33,830,000 | 35,774,000 | |||
Multifamily [Member] | Mortgage Loans on Real Estate [Member] | Allowance for Loan Losses [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Allowance for Loan Losses, Collectively Evaluated for Impairment | 136,000 | 151,000 | |||
Allowance for Loan Losses | 136,000 | 151,000 | |||
Multifamily [Member] | Mortgage Loans on Real Estate [Member] | Recorded Investment in Loans [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Recorded Investment in Loans, Collectively Evaluated for Impairment | 33,830,000 | 35,774,000 | |||
Total Loans | 33,830,000 | 35,774,000 | |||
Agriculture [Member] | Mortgage Loans on Real Estate [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Total Loans | 7,167,000 | 9,565,000 | |||
Agriculture [Member] | Mortgage Loans on Real Estate [Member] | Allowance for Loan Losses [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Allowance for Loan Losses, Collectively Evaluated for Impairment | 66,000 | 81,000 | |||
Allowance for Loan Losses | 66,000 | 81,000 | |||
Agriculture [Member] | Mortgage Loans on Real Estate [Member] | Recorded Investment in Loans [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Recorded Investment in Loans, Individually Evaluated for Impairment | 205,000 | [1] | |||
Recorded Investment in Loans, Collectively Evaluated for Impairment | 7,167,000 | 9,360,000 | |||
Total Loans | $7,167,000 | $9,565,000 | |||
[1] | The category bIndividually Evaluated for Impairmentb includes loans individually evaluated for impairment and determined not to be impaired. These loans totalled $8.6 million and $10.3 million at December 31, 2014 and 2013, respectively. The allowance for loans losses allocated to these loans was $146,000 and $239,000 at December 31, 2014 and 2013, respectively. |
Recovered_Sheet4
Loans Not Covered by FDIC Shared-Loss Agreement (Non-Covered Loans) and Related Allowance for Loan Losses (Non-Covered Loans Evaluated for Impairment Footnote) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Accounts Notes And Loans Receivable [Line Items] | ||
Individually evaluated for impairment | $8,600,000 | $10,300,000 |
Loans Determined not to be Impaired [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Allowance for loans losses | $146,000 | $239,000 |
Recovered_Sheet5
Loans Not Covered by FDIC Shared-Loss Agreement (Non-Covered Loans) and Related Allowance for Loan Losses (Non-Covered Loans, Excluding PCI Loans, by Credit Quality Indicator) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||
Total loans | $664,864 | $596,337 |
Mortgage Loans on Real Estate [Member] | ||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||
Total loans | 558,316 | 499,137 |
Commercial Loans [Member] | ||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||
Total loans | 99,634 | 90,142 |
Consumer Installment Loans [Member] | ||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||
Total loans | 5,470 | 5,623 |
All Other Loans [Member] | ||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||
Total loans | 1,444 | 1,435 |
Residential 1-4 Family [Member] | Mortgage Loans on Real Estate [Member] | ||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||
Total loans | 168,358 | 144,382 |
Commercial [Member] | Mortgage Loans on Real Estate [Member] | ||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||
Total loans | 283,430 | 247,284 |
Construction and Land Development [Member] | Mortgage Loans on Real Estate [Member] | ||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||
Total loans | 59,515 | 55,278 |
Second Mortgages [Member] | Mortgage Loans on Real Estate [Member] | ||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||
Total loans | 6,016 | 6,854 |
Multifamily [Member] | Mortgage Loans on Real Estate [Member] | ||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||
Total loans | 33,830 | 35,774 |
Agriculture [Member] | Mortgage Loans on Real Estate [Member] | ||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||
Total loans | 7,167 | 9,565 |
Non-Covered Loans Excluding PCI Loans [Member] | ||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||
Total loans | 660,148 | 596,337 |
Non-Covered Loans Excluding PCI Loans [Member] | Mortgage Loans on Real Estate [Member] | ||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||
Total loans | 553,600 | 499,137 |
Non-Covered Loans Excluding PCI Loans [Member] | Commercial Loans [Member] | ||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||
Total loans | 99,634 | 90,142 |
Non-Covered Loans Excluding PCI Loans [Member] | Consumer Installment Loans [Member] | ||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||
Total loans | 5,470 | 5,623 |
Non-Covered Loans Excluding PCI Loans [Member] | All Other Loans [Member] | ||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||
Total loans | 1,444 | 1,435 |
Non-Covered Loans Excluding PCI Loans [Member] | Residential 1-4 Family [Member] | Mortgage Loans on Real Estate [Member] | ||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||
Total loans | 167,262 | 144,382 |
Non-Covered Loans Excluding PCI Loans [Member] | Commercial [Member] | Mortgage Loans on Real Estate [Member] | ||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||
Total loans | 282,282 | 247,284 |
Non-Covered Loans Excluding PCI Loans [Member] | Construction and Land Development [Member] | Mortgage Loans on Real Estate [Member] | ||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||
Total loans | 57,059 | 55,278 |
Non-Covered Loans Excluding PCI Loans [Member] | Second Mortgages [Member] | Mortgage Loans on Real Estate [Member] | ||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||
Total loans | 6,000 | 6,854 |
Non-Covered Loans Excluding PCI Loans [Member] | Multifamily [Member] | Mortgage Loans on Real Estate [Member] | ||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||
Total loans | 33,830 | 35,774 |
Non-Covered Loans Excluding PCI Loans [Member] | Agriculture [Member] | Mortgage Loans on Real Estate [Member] | ||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||
Total loans | 7,167 | 9,565 |
Non-Covered Loans Excluding PCI Loans [Member] | Pass [Member] | ||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||
Total loans | 616,132 | 548,426 |
Non-Covered Loans Excluding PCI Loans [Member] | Pass [Member] | Mortgage Loans on Real Estate [Member] | ||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||
Total loans | 519,477 | 454,439 |
Non-Covered Loans Excluding PCI Loans [Member] | Pass [Member] | Commercial Loans [Member] | ||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||
Total loans | 89,886 | 87,208 |
Non-Covered Loans Excluding PCI Loans [Member] | Pass [Member] | Consumer Installment Loans [Member] | ||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||
Total loans | 5,325 | 5,344 |
Non-Covered Loans Excluding PCI Loans [Member] | Pass [Member] | All Other Loans [Member] | ||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||
Total loans | 1,444 | 1,435 |
Non-Covered Loans Excluding PCI Loans [Member] | Pass [Member] | Residential 1-4 Family [Member] | Mortgage Loans on Real Estate [Member] | ||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||
Total loans | 153,790 | 129,482 |
Non-Covered Loans Excluding PCI Loans [Member] | Pass [Member] | Commercial [Member] | Mortgage Loans on Real Estate [Member] | ||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||
Total loans | 268,546 | 229,168 |
Non-Covered Loans Excluding PCI Loans [Member] | Pass [Member] | Construction and Land Development [Member] | Mortgage Loans on Real Estate [Member] | ||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||
Total loans | 51,505 | 44,482 |
Non-Covered Loans Excluding PCI Loans [Member] | Pass [Member] | Second Mortgages [Member] | Mortgage Loans on Real Estate [Member] | ||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||
Total loans | 4,639 | 6,172 |
Non-Covered Loans Excluding PCI Loans [Member] | Pass [Member] | Multifamily [Member] | Mortgage Loans on Real Estate [Member] | ||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||
Total loans | 33,830 | 35,774 |
Non-Covered Loans Excluding PCI Loans [Member] | Pass [Member] | Agriculture [Member] | Mortgage Loans on Real Estate [Member] | ||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||
Total loans | 7,167 | 9,361 |
Non-Covered Loans Excluding PCI Loans [Member] | Special Mention [Member] | ||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||
Total loans | 21,835 | 25,111 |
Non-Covered Loans Excluding PCI Loans [Member] | Special Mention [Member] | Mortgage Loans on Real Estate [Member] | ||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||
Total loans | 19,823 | 22,147 |
Non-Covered Loans Excluding PCI Loans [Member] | Special Mention [Member] | Commercial Loans [Member] | ||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||
Total loans | 1,991 | 2,742 |
Non-Covered Loans Excluding PCI Loans [Member] | Special Mention [Member] | Consumer Installment Loans [Member] | ||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||
Total loans | 21 | 222 |
Non-Covered Loans Excluding PCI Loans [Member] | Special Mention [Member] | Residential 1-4 Family [Member] | Mortgage Loans on Real Estate [Member] | ||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||
Total loans | 7,540 | 8,193 |
Non-Covered Loans Excluding PCI Loans [Member] | Special Mention [Member] | Commercial [Member] | Mortgage Loans on Real Estate [Member] | ||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||
Total loans | 10,363 | 11,348 |
Non-Covered Loans Excluding PCI Loans [Member] | Special Mention [Member] | Construction and Land Development [Member] | Mortgage Loans on Real Estate [Member] | ||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||
Total loans | 620 | 2,178 |
Non-Covered Loans Excluding PCI Loans [Member] | Special Mention [Member] | Second Mortgages [Member] | Mortgage Loans on Real Estate [Member] | ||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||
Total loans | 1,300 | 428 |
Non-Covered Loans Excluding PCI Loans [Member] | Substandard [Member] | ||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||
Total loans | 22,181 | 22,800 |
Non-Covered Loans Excluding PCI Loans [Member] | Substandard [Member] | Mortgage Loans on Real Estate [Member] | ||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||
Total loans | 14,300 | 22,551 |
Non-Covered Loans Excluding PCI Loans [Member] | Substandard [Member] | Commercial Loans [Member] | ||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||
Total loans | 7,757 | 192 |
Non-Covered Loans Excluding PCI Loans [Member] | Substandard [Member] | Consumer Installment Loans [Member] | ||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||
Total loans | 124 | 57 |
Non-Covered Loans Excluding PCI Loans [Member] | Substandard [Member] | Residential 1-4 Family [Member] | Mortgage Loans on Real Estate [Member] | ||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||
Total loans | 5,932 | 6,707 |
Non-Covered Loans Excluding PCI Loans [Member] | Substandard [Member] | Commercial [Member] | Mortgage Loans on Real Estate [Member] | ||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||
Total loans | 3,373 | 6,768 |
Non-Covered Loans Excluding PCI Loans [Member] | Substandard [Member] | Construction and Land Development [Member] | Mortgage Loans on Real Estate [Member] | ||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||
Total loans | 4,934 | 8,618 |
Non-Covered Loans Excluding PCI Loans [Member] | Substandard [Member] | Second Mortgages [Member] | Mortgage Loans on Real Estate [Member] | ||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||
Total loans | 61 | 254 |
Non-Covered Loans Excluding PCI Loans [Member] | Substandard [Member] | Agriculture [Member] | Mortgage Loans on Real Estate [Member] | ||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||
Total loans | 204 | |
Non-Covered Loans Excluding PCI Loans [Member] | Doubtful [Member] | ||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||
Total loans | ||
Non-Covered Loans Excluding PCI Loans [Member] | Doubtful [Member] | Mortgage Loans on Real Estate [Member] | ||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||
Total loans | ||
Non-Covered Loans Excluding PCI Loans [Member] | Doubtful [Member] | Commercial Loans [Member] | ||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||
Total loans | ||
Non-Covered Loans Excluding PCI Loans [Member] | Doubtful [Member] | Consumer Installment Loans [Member] | ||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||
Total loans | ||
Non-Covered Loans Excluding PCI Loans [Member] | Doubtful [Member] | All Other Loans [Member] | ||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||
Total loans | ||
Non-Covered Loans Excluding PCI Loans [Member] | Doubtful [Member] | Residential 1-4 Family [Member] | Mortgage Loans on Real Estate [Member] | ||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||
Total loans | ||
Non-Covered Loans Excluding PCI Loans [Member] | Doubtful [Member] | Commercial [Member] | Mortgage Loans on Real Estate [Member] | ||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||
Total loans | ||
Non-Covered Loans Excluding PCI Loans [Member] | Doubtful [Member] | Construction and Land Development [Member] | Mortgage Loans on Real Estate [Member] | ||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||
Total loans | ||
Non-Covered Loans Excluding PCI Loans [Member] | Doubtful [Member] | Second Mortgages [Member] | Mortgage Loans on Real Estate [Member] | ||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||
Total loans | ||
Non-Covered Loans Excluding PCI Loans [Member] | Doubtful [Member] | Multifamily [Member] | Mortgage Loans on Real Estate [Member] | ||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||
Total loans | ||
Non-Covered Loans Excluding PCI Loans [Member] | Doubtful [Member] | Agriculture [Member] | Mortgage Loans on Real Estate [Member] | ||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||
Total loans |
Recovered_Sheet6
Loans Covered by FDIC Shared-loss Agreements (Covered Loans) and Related Allowance for Loan Losses (Narrative) (Detail) (USD $) | 12 Months Ended | ||||
Dec. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2012 | Dec. 31, 2011 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Allowance for loan losses, covered loans | $386,000 | $484,000 | |||
Allowance for loan losses | 9,365,000 | 10,444,000 | |||
Residential 1-4 Family [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Shared-loss Agreement expiration date | 31-Mar-14 | ||||
Allowance for loan losses, covered loans | 386,000 | ||||
Covered Loans [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Carrying value | 198,300,000 | ||||
Loans met criteria of ASC 310-30 | 49,100,000 | ||||
Outstanding contractual balance of covered loans other than 1-4 family loans | 94,900,000 | 117,000,000 | |||
Covered Loans [Member] | Residential 1-4 Family [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Remaining of loans acquired | 149,100,000 | ||||
Non Covered Loans [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Carrying value | 5,500,000 | ||||
Outstanding contractual balance of covered loans other than 1-4 family loans | 10,000,000 | ||||
Allowance for loan losses | 9,267,000 | 10,444,000 | 12,920,000 | 14,835,000 | |
PCI Loans [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Carrying value | 4,716,000 | 5,500,000 | |||
Outstanding contractual balance of covered loans other than 1-4 family loans | 9,057,000 | 10,000,000 | |||
Allowance for loan losses | $98,000 |
Loans_Covered_by_FDIC_SharedLo2
Loans Covered by FDIC Shared-Loss Agreements (Covered Loans) and Related Allowance for Loan Losses (Summary of Covered Loans) (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Recorded investment in loans | $62,744 | $73,275 |
% of Covered Loans | 100.00% | 100.00% |
Mortgage Loans on Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Recorded investment in loans | 62,744 | 73,275 |
% of Covered Loans | 100.00% | 100.00% |
Residential 1-4 Family [Member] | Mortgage Loans on Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Recorded investment in loans | 59,075 | 64,610 |
% of Covered Loans | 94.15% | 88.18% |
Commercial [Member] | Mortgage Loans on Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Recorded investment in loans | 1,389 | |
% of Covered Loans | 1.90% | |
Construction and Land Development [Member] | Mortgage Loans on Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Recorded investment in loans | 2,940 | |
% of Covered Loans | 4.01% | |
Second Mortgages [Member] | Mortgage Loans on Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Recorded investment in loans | 3,393 | 3,898 |
% of Covered Loans | 5.41% | 5.32% |
Multifamily [Member] | Mortgage Loans on Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Recorded investment in loans | 276 | 266 |
% of Covered Loans | 0.44% | 0.36% |
Agriculture [Member] | Mortgage Loans on Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Recorded investment in loans | $172 | |
% of Covered Loans | 0.23% |
Loans_Covered_by_FDIC_SharedLo3
Loans Covered by FDIC Shared-Loss Agreements (Covered Loans) and Related Allowance for Loan Losses (Summary of Covered Loans Collectively Evaluated for Impairment in the Allowance for Loan Losses) (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Allowance for loan losses | $386 | $484 |
Recorded investment in loans | 62,744 | 73,275 |
Mortgage Loans on Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Allowance for loan losses | 386 | 484 |
Recorded investment in loans | 62,744 | 73,275 |
Mortgage Loans on Real Estate [Member] | Residential 1-4 Family [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Allowance for loan losses | 386 | 252 |
Recorded investment in loans | 59,075 | 64,610 |
Mortgage Loans on Real Estate [Member] | Commercial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Allowance for loan losses | 232 | |
Recorded investment in loans | 1,389 | |
Mortgage Loans on Real Estate [Member] | Construction and Land Development [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Allowance for loan losses | ||
Recorded investment in loans | 2,940 | |
Mortgage Loans on Real Estate [Member] | Second Mortgages [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Allowance for loan losses | ||
Recorded investment in loans | 3,393 | 3,898 |
Mortgage Loans on Real Estate [Member] | Multifamily [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Allowance for loan losses | ||
Recorded investment in loans | 276 | 266 |
Mortgage Loans on Real Estate [Member] | Agriculture [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Allowance for loan losses | ||
Recorded investment in loans | $172 |
Loans_Covered_by_FDIC_SharedLo4
Loans Covered by FDIC Shared-Loss Agreements (Covered Loans) and Related Allowance for Loan Losses (Summary of Changes in Accretable Yield) (Details) (Covered Loan [Member], USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Covered Loan [Member] | |||
Accretable Yield [Line Items] | |||
Beginning Balance | $51,515 | $54,144 | $56,310 |
Accretion | -10,650 | -11,936 | -14,105 |
Reclassification from nonaccretable yield | 9,919 | 9,307 | 11,939 |
Transfer of PCI loans to non-covered loans | -4,773 | ||
Ending Balance | $46,011 | $51,515 | $54,144 |
FDIC_Agreements_and_FDIC_Indem2
FDIC Agreements and FDIC Indemnification Asset (Narrative) (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Mar. 31, 2014 | |
FDIC Agreements And FDIC Indemnification Asset [Abstract] | ||
Purchase and Assumption Agreement date with the FDIC | 30-Jan-09 | |
Percentage of losses reimbursed by FDIC to bank arising from covered loans and foreclosed real estate assets | 80.00% | |
Losses on covered loans and foreclosed real estate assets benchmark | $118,000,000 | |
Percentage of losses reimbursed by FDIC to bank on covered loans and foreclosed real estate assets after benchmark | 95.00% | |
FDIC indemnification asset for non single family assets | $0 |
FDIC_Agreements_and_FDIC_Indem3
FDIC Agreements and FDIC Indemnification Asset (Summary Balances of FDIC Indemnification Asset) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Fdic Agreements And Fdic Indemnification Asset [Line Items] | |||
Beginning Balance | $25,409 | $33,837 | $42,641 |
Increases: | |||
Writedown of OREO property to FMV | 27 | 275 | 497 |
Decreases: | |||
Net amortization of premium | -5,795 | -6,449 | -6,936 |
Reclassifications to FDIC receivable: | |||
Net loan charge-offs and recoveries | -69 | -1,014 | -1,057 |
OREO sales | -868 | -944 | -912 |
Reimbursements requested from FDIC | -95 | -296 | -396 |
Ending Balance | 18,609 | 25,409 | 33,837 |
Anticipated Expected Losses [Member] | |||
Fdic Agreements And Fdic Indemnification Asset [Line Items] | |||
Beginning Balance | 13,514 | 23,205 | 28,713 |
Increases: | |||
Writedown of OREO property to FMV | 34 | 344 | 622 |
Reclassifications to FDIC receivable: | |||
Net loan charge-offs and recoveries | -87 | -1,268 | -1,321 |
OREO sales | -1,085 | -1,180 | -1,140 |
Reimbursements requested from FDIC | -118 | -370 | -495 |
Reforecasted Change in Anticipated Expected Losses | -6,707 | -7,217 | -3,174 |
Ending Balance | 5,551 | 13,514 | 23,205 |
Estimated Loss Sharing Value [Member] | |||
Fdic Agreements And Fdic Indemnification Asset [Line Items] | |||
Beginning Balance | 10,811 | 18,564 | 22,971 |
Increases: | |||
Writedown of OREO property to FMV | 27 | 275 | 497 |
Reclassifications to FDIC receivable: | |||
Net loan charge-offs and recoveries | -69 | -1,014 | -1,057 |
OREO sales | -868 | -944 | -912 |
Reimbursements requested from FDIC | -95 | -296 | -396 |
Reforecasted Change in Anticipated Expected Losses | -5,365 | -5,774 | -2,539 |
Ending Balance | 4,441 | 10,811 | 18,564 |
Amortizable Premium (Discount) at Present Value [Member] | |||
Fdic Agreements And Fdic Indemnification Asset [Line Items] | |||
Beginning Balance | 14,598 | 15,273 | 19,670 |
Decreases: | |||
Net amortization of premium | -5,795 | -6,449 | -6,936 |
Reclassifications to FDIC receivable: | |||
Reforecasted Change in Anticipated Expected Losses | 5,365 | 5,774 | 2,539 |
Ending Balance | $14,168 | $14,598 | $15,273 |
Premises_and_Equipment_Summary
Premises and Equipment (Summary of the Bank Premises and Equipment) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ||
Total | $38,887 | $35,785 |
Less accumulated depreciation and amortization | -9,185 | -7,913 |
Property, plant and equipment, net, total | 29,702 | 27,872 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total | 8,171 | 7,681 |
Land Improvements and Buildings [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total | 21,468 | 21,087 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total | 257 | 58 |
Furniture and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total | 7,199 | 5,574 |
Construction in Progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total | $1,792 | $1,385 |
Other_Intangibles_Narrative_De
Other Intangibles (Narrative) (Details) (USD $) | 1 Months Ended | 12 Months Ended | ||
31-May-08 | Dec. 31, 2008 | Dec. 31, 2014 | Dec. 31, 2009 | |
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization of finite life intangible assets in 2015 | $1,900,000 | |||
Amortization of finite life intangible assets in 2016 | 1,900,000 | |||
Amortization of finite life intangible assets in 2017 | 898,000 | |||
Core Deposit Intangibles [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Core deposit intangible assets | 15,000,000 | |||
Core deposit intangible assets are amortized over the expected period | 9 years | |||
Core Deposit Intangibles [Member] | Georgia and Maryland [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Core deposit intangible assets | $3,200,000 | $2,100,000 | ||
Core deposit intangible assets are amortized over the expected period | 9 years |
Other_Intangibles_Other_Intang
Other Intangibles (Other Intangible Assets) (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Finite-Lived Intangible Assets [Line Items] | ||
Core deposit intangibles, net | $4,713 | $6,621 |
Core Deposit Intangibles [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Core deposit intangibles | 20,290 | 20,290 |
Accumulated amortization | -14,104 | -12,196 |
Reduction due to sale of deposits | -1,473 | -1,473 |
Core deposit intangibles, net | $4,713 | $6,621 |
Deposits_Summary_of_Interest_B
Deposits (Summary of Interest Bearing Deposits) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Deposits [Abstract] | ||
NOW | $123,682 | $102,111 |
MMDA | 101,784 | 94,170 |
Savings | 78,478 | 75,159 |
Time deposits less than $250,000 | 416,628 | 380,813 |
Time deposits $250,000 and over | 113,809 | 169,956 |
Total interest bearing deposits | $834,381 | $822,209 |
Deposits_Scheduled_Maturities_
Deposits (Scheduled Maturities of Time Deposits) (Details) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Deposits [Abstract] | |
2015 | $286,119 |
2016 | 176,084 |
2017 | 31,136 |
2018 | 20,027 |
2019 | 17,071 |
2020 | |
Total | $530,437 |
Borrowings_Narrative_Details
Borrowings (Narrative) (Details) (USD $) | 12 Months Ended | 3 Months Ended | |||
Dec. 31, 2014 | Sep. 30, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Apr. 23, 2014 | |
Schedule of Capitalization, Long-term Debt [Line Items] | |||||
Term loan, maturity date | 31-Dec-17 | ||||
Long-term debt | $106,081,000 | 106,081,000 | $77,125,000 | ||
Term Loan [Member] | |||||
Schedule of Capitalization, Long-term Debt [Line Items] | |||||
Term loan, maturity date | 21-Apr-17 | ||||
Interest rate on loan, description | three-month LIBOR plus 3.50% per annum | ||||
Effective interest rate | 3.73% | 3.73% | |||
Principal payment | 1,000,000 | ||||
Long-term debt | 9,680,000 | 9,680,000 | |||
Term Loan [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||
Schedule of Capitalization, Long-term Debt [Line Items] | |||||
Interest rate on loan | 3.50% | ||||
Six-Quarter Period Beginning From December 31, 2014 [Member] | Term Loan [Member] | |||||
Schedule of Capitalization, Long-term Debt [Line Items] | |||||
Quarterly payments of outstanding principal | 7.50% | ||||
Four-Quarter Period Beginning From June 30, 2016 [Member] | Term Loan [Member] | |||||
Schedule of Capitalization, Long-term Debt [Line Items] | |||||
Quarterly payments of outstanding principal | 10.00% | ||||
Series A Preferred Stock [Member] | |||||
Schedule of Capitalization, Long-term Debt [Line Items] | |||||
Outstanding number of shares repurchased | 10,680 | ||||
Residential 1-4 Family [Member] | |||||
Schedule of Capitalization, Long-term Debt [Line Items] | |||||
Loans pledged as collateral to the FHLB for borrowing | 139,600,000 | 139,600,000 | |||
Total borrowing capacity | 107,500,000 | 107,500,000 | |||
Unused Lines of Credit [Member] | |||||
Schedule of Capitalization, Long-term Debt [Line Items] | |||||
Total overnight borrowing unsecured lines of credit | $45,000,000 |
Borrowings_Information_for_Bor
Borrowings (Information for Borrowings Balances, Rates, and Maturities) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Short-term: | ||
Securities sold under agreements to repurchase | $6,000 | |
Total short-term borrowings | 14,500 | 6,000 |
Maximum month-end outstanding balance | 14,500 | 9,722 |
Average outstanding balance during the year | 1,855 | 1,451 |
Average interest rate during the year | 0.57% | 0.56% |
Average interest rate at end of year | 0.51% | 0.45% |
Long-term: | ||
Federal Home Loan Bank advances | 96,401 | 77,125 |
Long-term debt | 9,680 | |
Total long-term debt | 106,081 | 77,125 |
Interest rate at year end | 3.73% | |
Debt maturity date | 31-Dec-17 | |
Minimum [Member] | ||
Long-term: | ||
Average interest rate during the year | 0.22% | |
Debt maturity date | 1-Jan-15 | |
Maximum [Member] | ||
Long-term: | ||
Average interest rate during the year | 3.78% | |
Debt maturity date | 31-Dec-19 | |
Federal Funds Purchased [Member] | ||
Short-term: | ||
Federal Funds purchased | $14,500 |
Borrowings_Maturities_of_Fixed
Borrowings (Maturities of Fixed Rate Long-Term Debt) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Borrowings [Abstract] | ||
2015 | $74,751 | |
2016 | 14,773 | |
2017 | 7,462 | |
2018 | 815 | |
2019 | 8,280 | |
Thereafter | ||
Total long-term debt | $106,081 | $77,125 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income (Loss) (Summary of Accumulated Other Comprehensive (Loss) Income) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning balance | ($4,109) | $2,828 | $2,219 |
Other comprehensive income (loss) before reclassifications | 5,489 | -6,550 | 1,594 |
Amounts reclassified from AOCL | -716 | -387 | -985 |
Net current period other comprehensive income (loss) | 4,773 | -6,937 | 609 |
Ending balance | 664 | -4,109 | 2,828 |
Unrealized Gain (Loss) on Securities [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning balance | -3,954 | 3,903 | 3,257 |
Other comprehensive income (loss) before reclassifications | 6,125 | -7,515 | 1,631 |
Amounts reclassified from AOCL | -719 | -342 | -985 |
Net current period other comprehensive income (loss) | 5,406 | -7,857 | 646 |
Ending balance | 1,452 | -3,954 | 3,903 |
Defined Benefit Pension Plan [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning balance | -155 | -1,075 | -1,038 |
Other comprehensive income (loss) before reclassifications | -659 | 965 | -37 |
Amounts reclassified from AOCL | 3 | -45 | |
Net current period other comprehensive income (loss) | -656 | 920 | -37 |
Ending balance | -811 | -155 | -1,075 |
Gain (Loss) on Cash Flow Hedges [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning balance | |||
Other comprehensive income (loss) before reclassifications | 23 | ||
Amounts reclassified from AOCL | |||
Net current period other comprehensive income (loss) | 23 | ||
Ending balance | 23 | ||
Parent Company [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Ending balance | $664 | ($4,109) |
Accumulated_Other_Comprehensiv3
Accumulated Other Comprehensive Income (Loss) (Effects of Reclassifications Out of AOCI) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||||||||
Gain on securities transactions, net | $1,089 | $518 | $1,492 | ||||||||||||||
Amortization of prior service cost | 4 | -68 | |||||||||||||||
Income tax (bendfit) expense | -673 | -697 | -649 | -709 | -461 | -800 | -673 | -563 | -448 | -837 | -473 | -390 | -2,728 | -2,497 | -2,148 | ||
Total amount recognized | -716 | -387 | -985 | ||||||||||||||
Unrealized Gain (Loss) on Securities [Member] | |||||||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||||||||
Total amount recognized | -719 | -342 | -985 | ||||||||||||||
Defined Benefit Pension Plan [Member] | |||||||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||||||||
Amortization of prior service cost | 4 | [1] | -68 | [1] | |||||||||||||
Income tax (bendfit) expense | -1 | 23 | |||||||||||||||
Total amount recognized | 3 | -45 | |||||||||||||||
Parent Company [Member] | |||||||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||||||||
Income tax (bendfit) expense | 274 | 239 | 158 | ||||||||||||||
Amount Reclassified from AOCI [Member] | |||||||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||||||||
Income tax (bendfit) expense | 370 | 176 | 507 | ||||||||||||||
Total amount recognized | -719 | -342 | -985 | ||||||||||||||
Amount Reclassified from AOCI [Member] | Unrealized Gain (Loss) on Securities [Member] | |||||||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||||||||
Gain on securities transactions, net | ($1,089) | ($518) | ($1,492) | ||||||||||||||
[1] | This other comprehensive income (loss) component is included in the computation of net periodic pension cost (See Note 12 for details). |
Income_Taxes_Narrative_Details
Income Taxes (Narrative) (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2012 | |
Income Taxes [Abstract] | ||
Liability related to uncertain tax positions | $0 | |
Taxable income projection years | 3 years | |
Deferred tax valuation allowance | 0 | |
Auditing period by taxing authorities | Years 2011 through 2014 are subject to audit by taxing authorities. | |
Net operating loss carryforwards | $7,800,000 | |
US state and federal income tax year open for examination ending year | 2014 | |
US state and federal income tax year open for examination beginning year | 2011 |
Income_Taxes_Tax_Effects_of_Te
Income Taxes (Tax Effects of Temporary Differences on the Deferred Tax Assets and Deferred Tax Liabilities) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |||
Deferred tax assets: | |||
Allowance for loan losses | $3,315 | $3,715 | $4,557 |
Deferred compensation | 661 | 633 | 514 |
Nonaccrual loan interest | 931 | 847 | |
Unrealized loss on available for sale securities | 2,037 | ||
FAS 158 adjustment pension | 418 | 81 | 554 |
Stock based compensation | 205 | 165 | |
Net operating loss carryforward | 2,667 | ||
Alternative minimum tax credit | 391 | ||
Depreciation | 180 | 118 | 137 |
OREO | 667 | 618 | 1,007 |
Other | 391 | 146 | 395 |
Deferred tax assets, Total | 5,632 | 8,484 | 11,234 |
Deferred tax liabilities: | |||
Accrued pension | 411 | 355 | 359 |
Purchase accounting adjustment | 942 | 2,257 | 4,089 |
Unrealized gain on available for sale securities | 747 | 2,011 | |
Other | 123 | 56 | 37 |
Deferred tax liabilities, Total | 2,223 | 2,668 | 6,496 |
Net deferred tax asset | $3,409 | $5,816 | $4,738 |
Income_Taxes_Allocation_of_the
Income Taxes (Allocation of the Income Tax Expense Between Current and Deferred Portions) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Current tax provision | $2,768 | $22 | |||||||||||||
Deferred tax expense (benefit) | -40 | 2,497 | 2,126 | ||||||||||||
Income tax expense (benefit), total | 673 | 697 | 649 | 709 | 461 | 800 | 673 | 563 | 448 | 837 | 473 | 390 | 2,728 | 2,497 | 2,148 |
Parent Company [Member] | |||||||||||||||
Income tax expense (benefit), total | ($274) | ($239) | ($158) |
Income_Taxes_Reconciliation_of
Income Taxes (Reconciliation of the Expected Income Tax Expense with the Reported Expense) (Details) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Income Taxes [Abstract] | |||
Statutory federal income tax rate | 34.00% | 34.00% | 34.00% |
(Reduction) Increase in taxes resulting from: | |||
Municipal interest | -3.10% | -2.60% | -2.00% |
Bank owned life insurance income | -3.80% | -3.00% | -2.70% |
Other, net | -0.50% | 1.30% | -1.50% |
Effective tax rate | 26.60% | 29.70% | 27.80% |
Employee_Benefit_Plans_Narrati
Employee Benefit Plans (Narrative) (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Minimum eligibility criteria of full-time pre-merger bank employees for Bank of Essex noncontributory defined benefit pension plan | 21 years | ||
Accumulated benefit obligation for the defined benefit pension plan | $5,200,000 | $4,700,000 | |
Targeted asset allocation | 100.00% | 100.00% | |
Amounts charged to expense under plans | 475,000 | 472,000 | 473,000 |
Deferred compensation expense | $165,000 | $124,000 | $99,000 |
Combined BOE 401(k) and TFC 401(k) Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Employee's contribution of compensation, subject to statutory limitations | 100.00% | ||
Company's first matching employee contributions | 100.00% | ||
Maximum matching contribution per employee based on employee compensation, percent | 50.00% | ||
Employee's contribution on first compensation | 3.00% | ||
Employee's contribution of compensation percent | 2.00% | ||
Fixed Income Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Targeted asset allocation | 40.00% | ||
Mutual Funds - Equity [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Targeted asset allocation | 60.00% | 60.00% |
Employee_Benefit_Plans_Schedul
Employee Benefit Plans (Schedule of Defined Benefit Plans Change in Benefit Obligation) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Change in Benefit Obligation | |||
Benefit obligation, beginning of year | $4,662 | $5,791 | |
Interest cost | 223 | 224 | 250 |
Actuarial gain/(loss) | 845 | -749 | |
Benefits paid | -583 | -649 | |
Change in obligation due to plan amendment | 68 | ||
Settlement (gain)/loss | 7 | -23 | |
Benefit obligation, ending | $5,154 | $4,662 | $5,791 |
Employee_Benefit_Plans_Schedul1
Employee Benefit Plans (Schedule of Defined Benefit Plans Change in Plan Assets) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Change in Plan Assets | ||
Fair value of plan assets, beginning of year | $5,485 | $5,255 |
Actual return on plan assets | 233 | 879 |
Benefits paid | -583 | -649 |
Fair value of plan assets, ending | 5,135 | 5,485 |
Funded Status | ($19) | $823 |
Employee_Benefit_Plans_Schedul2
Employee Benefit Plans (Schedule of Defined Benefit Plans Amount Recognized in Financial Statement) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Amounts Recognized in the Balance Sheet | ||
Other assets | $823 | |
Other liabilities | -19 | |
Amounts Recognized in Accumulated Other Comprehensive Income | ||
Net loss | 1,165 | 168 |
Prior service cost | 63 | 68 |
Deferred tax | -417 | -81 |
Total amount recognized | $811 | $155 |
Employee_Benefit_Plans_Compone
Employee Benefit Plans (Components of Net Periodic Benefit Cost for Plan) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Employee Benefit Plans [Abstract] | |||
Interest cost | $223 | $224 | $250 |
Expected return on plan assets | -396 | -405 | -408 |
Amortization of prior service cost | 5 | ||
Recognized net (gain)/loss due to settlement | 18 | 147 | 105 |
Recognized net actuarial loss | 69 | 66 | |
Net periodic (benefit) cost | -150 | 35 | 13 |
Total recognized in net periodic benefit cost and accumulated other comprehensive (loss) income | $842 | ($1,359) | $71 |
Employee_Benefit_Plans_Weighte
Employee Benefit Plans (Weighted-Average Assumptions Used in the Measurement of the Company's Benefit Obligation and Net Periodic Benefit Cost) (Details) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Employee Benefit Plans [Abstract] | |||
Discount rate used for net periodic pension cost | 5.00% | 4.00% | 4.50% |
Discount rate used for disclosure | 4.00% | 5.00% | 4.00% |
Expected return on plan assets | 7.50% | 8.00% | 8.00% |
Employee_Benefit_Plans_Other_C
Employee Benefit Plans (Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income) (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Employee Benefit Plans [Abstract] | |||
Net (gain)/loss | $997 | ($1,462) | $57 |
Prior service cost | |||
Amortization of prior service cost | -5 | ||
Total amount recognized | $992 |
Employee_Benefit_Plans_Estimat
Employee Benefit Plans (Estimated Amounts that will Amortize from Accumulated Other Comprehensive Income into Net Periodic Benefit Cost) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Defined Benefit Plan Net Periodic Benefit Cost [Line Items] | |||
Amortization of prior service cost | $5 | ||
Recognized net (gain)/loss due to settlement | 18 | 147 | 105 |
Forecast [Member] | |||
Defined Benefit Plan Net Periodic Benefit Cost [Line Items] | |||
Amortization of prior service cost | 4 | ||
Recognized net (gain)/loss due to settlement | 44 | ||
Total amount recognized | $48 |
Employee_Benefit_Plans_Pension
Employee Benefit Plans (Pension Plan's Weighted-Average Asset Allocations by Asset Category) (Details) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Pension plan's weighted-average asset allocations by asset category | ||
Total | 100.00% | 100.00% |
Mutual Funds - Fixed Income [Member] | ||
Pension plan's weighted-average asset allocations by asset category | ||
Total | 40.00% | 40.00% |
Mutual Funds - Equity [Member] | ||
Pension plan's weighted-average asset allocations by asset category | ||
Total | 60.00% | 60.00% |
Cash and Equivalents [Member] | ||
Pension plan's weighted-average asset allocations by asset category | ||
Total | 0.00% | 0.00% |
Employee_Benefit_Plans_Fair_Va
Employee Benefit Plans (Fair Value of Plan Assets) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $5,135 | $5,485 | $5,255 |
Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 5,135 | 5,485 | |
Cash and Equivalents [Member] | Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 6 | 6 | |
Mutual Funds - Fixed Income [Member] | Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 2,031 | 2,179 | |
International Funds [Member] | Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 772 | 828 | |
Large Cap Funds [Member] | Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 801 | 844 | |
Mid Cap Funds [Member] | Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 546 | 570 | |
Small Cap Funds [Member] | Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 181 | 201 | |
Stock Fund [Member] | Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $798 | $857 |
Employee_Benefit_Plans_Estimat1
Employee Benefit Plans (Estimated Future Contributions and Benefit Payments, Which Reflect Expected Future Service) (Details) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2014 |
Expected Employer Contributions | |
2015 | |
Expected Benefit Payments | |
2015 | 863 |
2016 | 242 |
2017 | 84 |
2018 | 205 |
2019 | 601 |
2020-2024 | $836 |
Stock_Option_Plans_Narrative_D
Stock Option Plans (Narrative) (Details) (USD $) | 12 Months Ended | 1 Months Ended | ||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | 31-May-08 | Jan. 31, 2013 | Dec. 31, 2009 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Stock options grants in period | 175,000 | |||||
Stock option vesting period | 4 years | |||||
Granted, weighted average grant date fair value | $1.73 | $1.16 | $0.46 | |||
Cash received related to option exercises | $39,000 | |||||
Option exercises, total intrinsic value | 74,000 | |||||
Tax benefit recognized in APIC resulting from option exercises and issuance of restricted stock | 38,000 | |||||
Stock-based compensation expense | 330,000 | 253,000 | 156,000 | |||
Total fair market value of shares non-option and restricted stock vested | 101,000 | 42,000 | 51,000 | |||
Personnel Expense [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Stock-based compensation expense | 181,000 | 135,000 | 57,000 | |||
Other Operating Expense [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Stock-based compensation expense | 149,000 | 118,000 | 99,000 | |||
TFC Stock Option Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Stock options grants in period | 332,351 | |||||
Stock option issued plans former employees exchange rates | 142.00% | |||||
Stock options remaining term | 4 years 9 months 29 days | |||||
BOE Stock Option Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Stock options grants in period | 161,426 | |||||
Stock option issued plans former employees exchange rates | 572.78% | |||||
Stock options remaining term | 5 years 3 months | |||||
Stock Options [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Percentage of total financial assistance repaid | 25.00% | |||||
Stock options grants in period | 175,000 | 230,000 | 270,000 | |||
Restricted Stock [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Percentage of restricted stock transferrable | 25.00% | |||||
Granted, Restricted Stock number of shares | ||||||
Restricted Stock [Member] | Senior Executive [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Granted, Restricted Stock number of shares | 25,000 | |||||
Options And Restricted Stock [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Unrecognized compensation expense related to non-vested options and restricted stock | 360,000 | |||||
Weighted average period | 2 years 6 months | |||||
2009 Stock Option Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Common stock shares authorized under 2009 stock incentive plan | 2,650,000 | |||||
Authorized annual grant of stock options per employee | 500,000 | |||||
Share-based compensation arrangement by share-based payment award, expiration date | 17-Jun-19 | |||||
Stock options grants in period | 175,000 | |||||
Options exercised | 26,250 | |||||
Intrinsic value of stock options outstanding and exercisable | 707,033 | |||||
2009 Stock Option Plan [Member] | Stock Options [Member] | Maximum [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Common stock shares authorized under 2009 stock incentive plan | 1,500,000 | |||||
Minimum fair value percentage, if participant owns up to 10% voting power | 100.00% | |||||
2009 Stock Option Plan [Member] | Stock Options [Member] | Minimum [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Minimum fair value percentage, if participant owns more than 10% voting power | 110.00% | |||||
Specified voting power percentage | 10.00% | |||||
2009 Stock Option Plan [Member] | Nonstatutory Stock Options [Member] | Minimum [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Minimum fair value percentage, if participant owns up to 10% voting power | 100.00% | |||||
TFC and BOE Stock Option Plans [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Stock options grants in period | ||||||
Fair value of stock options at acquisition date | 1,488,000 | |||||
Stock option discount rate | 4.06% | |||||
stock options volatility rate | 25.00% | |||||
Intrinsic value of stock options outstanding and exercisable | $0 | $0 | $0 |
Stock_Option_Plans_Fair_Value_
Stock Option Plans (Fair Value of Each Option Granted is Estimated on the Date of Grant) (Details) (Stock Option [Member]) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected volatility | 50.00% | 50.00% | 50.00% |
Expected dividend | 1.00% | 2.00% | |
Expected term (years) | 6 years 3 months | 6 years 3 months | 6 years 3 months |
Risk free rate | 2.00% | 1.38% | |
Risk free rate, minimum | 0.77% | ||
Risk free rate, maximum | 1.31% | ||
Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected dividend | 2.00% | ||
Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected dividend | 3.00% |
Stock_Option_Plans_Summary_of_
Stock Option Plans (Summary of Grants Shares Issued and Fair Market Value) (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
March [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares Issued | 7,375 | 8,751 | |
Fair Market Value | $4 | $3.37 | |
June [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares Issued | 9,954 | 9,096 | 15,925 |
Fair Market Value | $4.16 | $3.24 | $2.04 |
September [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares Issued | 8,901 | 8,073 | 13,477 |
Fair Market Value | $4.38 | $3.65 | $2.41 |
December [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares Issued | 8,697 | 7,965 | 13,260 |
Fair Market Value | $4.48 | $3.70 | $2.45 |
Stock_Option_Plans_Summary_of_1
Stock Option Plans (Summary of Options Outstanding) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Granted, Options number of shares | 175,000 | ||
Forfeited, Options number of shares | -46,250 | ||
2009 Stock Option Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Outstanding Options number of shares, Beginning Balance | 605,250 | ||
Granted, Options number of shares | 175,000 | ||
Forfeited, Options number of shares | -46,250 | ||
Expired, Options number of shares | |||
Exercised, Options number of shares | -26,250 | ||
Outstanding options number of shares, Ending Balance | 707,750 | ||
Options outstanding and exercisable at end of the year, options number of shares | 306,000 | ||
Weighted average remaining contractual life for outstanding and exercisable shares at year end | 6 years 6 months | ||
Options outstanding, Aggregate Intrinsic Value | $1,332,483 | ||
Options outstanding and exercisable, Aggregate Intrinsic value | 707,033 | ||
Weighted Average Exercise Price, Beginning Balance | $2.12 | ||
Granted, Weighted Average Exercise Price | $3.80 | ||
Forfeited, Weighted Average Exercise Price | $2.45 | ||
Expired, Weighted Average Exercise Price | |||
Exercised, Weighted Average Exercise Price | $1.48 | ||
Weighted Average Exercise Price, Ending Balance | $2.54 | ||
Options outstanding and exercisable at end of the year, weighted average exercise price | $2.09 | ||
TFC and BOE Stock Option Plans [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Outstanding Options number of shares, Beginning Balance | 40,134 | ||
Granted, Options number of shares | |||
Forfeited, Options number of shares | -4,181 | ||
Expired, Options number of shares | -35,953 | ||
Outstanding options number of shares, Ending Balance | |||
Options outstanding and exercisable, Aggregate Intrinsic value | $0 | $0 | $0 |
Weighted Average Exercise Price, Beginning Balance | $4.94 | ||
Granted, Weighted Average Exercise Price | |||
Forfeited, Weighted Average Exercise Price | $5.01 | ||
Expired, Weighted Average Exercise Price | $4.93 | ||
Weighted Average Exercise Price, Ending Balance |
Stock_Option_Plans_Summary_of_2
Stock Option Plans (Summary of Non-Vested Options and Restricted Stock Outstanding) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Options, number of shares, Beginning Balance | 409,937 | ||
Granted Option number of shares | 175,000 | ||
Vested, Option number of shares | -136,937 | ||
Forfeited, Option number of shares | -46,250 | ||
Options, number of shares, Ending Balance | 401,750 | 409,937 | |
Weighted Average Grant Date Fair Value, Beginning Balance | $0.82 | ||
Granted, weighted average grant date fair value | $1.73 | $1.16 | $0.46 |
Vested, Weighted Average Grant Date Fair Value | $0.73 | ||
Forfeited, Weighted Average Grant Date Fair Value | $1.01 | ||
Weighted Average Grant Date Fair Value, Ending Balance | $1.22 | $0.82 | |
Vested, Restricted Stock number of shares | -11,000 | -7,000 | |
Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted Stock number of shares, Beginning Balance | 28,750 | ||
Granted, Restricted Stock number of shares | |||
Vested, Restricted Stock number of shares | -10,000 | ||
Forfeited, Restricted Stock number of shares | |||
Restricted Stock number of shares, Ending Balance | 18,750 | ||
Weighted Average Grant Date Fair Value, Beginning Balance | $2.85 | ||
Granted, Weighted Average Grant Date Fair Value | |||
Vested, Weighted Average Grant Date Fair Value | $2.83 | ||
Forfeited, Weighted Average Grant Date Fair Value | |||
Weighted Average Exercise Price, Ending Balance | $2.86 |
Earnings_Per_Common_Share_Narr
Earnings Per Common Share (Narrative) (Details) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Earnings Per Common Share [Abstract] | |||
Anti-dilutive common shares | 0 | 40,000 | 1,300,000 |
Earnings_Per_Common_Share_Comp
Earnings Per Common Share (Computation of Earnings per Share) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Earnings Per Common Share [Abstract] | |||||||||||||||
Basic EPS, Net Income Available to Common Shareholders (Numerator) | $2,259 | $1,813 | $1,538 | $1,659 | $914 | $1,501 | $1,327 | $1,045 | $1,297 | $1,533 | $934 | $714 | $7,269 | $4,787 | $4,478 |
Effect of dilutive stock awards, Net Income Available to Common Shareholders (Numerator) | |||||||||||||||
Diluted EPS, Net Income Available to Common Shareholders (Numerator) | $7,269 | $4,787 | $4,478 | ||||||||||||
Shares issued, Weighted Average Common Shares (Denominator) | 21,689 | 21,640 | |||||||||||||
Unissued vested restricted stock, Weighted Average Common Shares (Denominator) | 11 | 7 | |||||||||||||
Basic EPS , Weighted Average Common Shares (Denominator) | 21,755 | 21,700 | 21,647 | ||||||||||||
Effect of dilutive stock awards, Weighted Average Common Shares (Denominator) | 226 | 222 | 70 | ||||||||||||
Diluted EPS, Weighted Average Common Shares (Denominator) | 21,981 | 21,922 | 21,717 | ||||||||||||
Basic EPS, Per Common Share Amount | $0.10 | $0.08 | $0.07 | $0.08 | $0.04 | $0.07 | $0.06 | $0.05 | $0.06 | $0.07 | $0.04 | $0.03 | $0.33 | $0.22 | $0.21 |
Effect of dilutive stock awards, Per Common Share Amount | |||||||||||||||
Diluted EPS, Per Common Share Amount | $0.10 | $0.08 | $0.07 | $0.08 | $0.04 | $0.07 | $0.06 | $0.05 | $0.06 | $0.07 | $0.04 | $0.03 | $0.33 | $0.22 | $0.21 |
Related_Party_Transactions_Nar
Related Party Transactions (Narrative) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |||
Indirect loans | $2,081 | $2,301 | $3,115 |
Indirect Loans [Member] | |||
Indirect loans | $2,100 | $1,800 |
Related_Party_Transactions_Sch
Related Party Transactions (Schedule of Activity of Direct and Indirect Loans) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Related Party Transactions [Abstract] | ||
Balance, beginning of year | $2,301 | $3,115 |
Principal additions | 1,384 | 1,765 |
Repayments and reclassifications | -1,604 | -2,579 |
Balance, end of year | $2,081 | $2,301 |
Cash_Flow_Hedge_Narrative_Deta
Cash Flow Hedge (Narrative) (Details) (Interest Rate Swap [Member], Cash Flow Hedging [Member], USD $) | 2 Months Ended | |
Dec. 31, 2014 | Nov. 07, 2014 | |
Interest Rate Swap [Member] | Cash Flow Hedging [Member] | ||
Derivative notional amount | $30,000,000 | |
Derivative interest rate | 1.69% | |
Derivative term | 5 years | |
Cash pledged as collateral | 150,000 | |
Cash flow hedge | $23,000 |
Dividend_Limitations_on_Affili1
Dividend Limitations on Affiliate Bank (Narrative) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Dividend Limitations On Affiliate Bank [Abstract] | |||
Unrestricted funds that could be transferred from banking subsidiary to parent corporation | $1,100,000 | $3,500,000 | $787,000 |
Concentration_of_Credit_Risk_N
Concentration of Credit Risk (Narrative) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Concentration of Credit Risk [Abstract] | ||
Real estate secured loan credit risk concentration percentage | 85.36% | 83.75% |
Secured accounts by the FDIC | $250,000 | |
Uninsured accounts by the FDIC | $5,100,000 | $7,100,000 |
Financial_Instruments_With_Off2
Financial Instruments With Off-Balance Sheet Risk (Summary of the Contract Amounts of the Bank's Exposure to Off-Balance Sheet Risk) (Details) (Commitments with Off-Balance Sheet Risk [Member], USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Commitments with off-balance sheet risk: | ||
Total commitments with off-balance sheet risk | $94,375 | $82,161 |
Commitments to Extend Credit [Member] | ||
Commitments with off-balance sheet risk: | ||
Total commitments with off-balance sheet risk | 87,017 | 72,183 |
Standby Letters of Credit [Member] | ||
Commitments with off-balance sheet risk: | ||
Total commitments with off-balance sheet risk | $7,358 | $9,978 |
Minimum_Regulatory_Capital_Req2
Minimum Regulatory Capital Requirements (Summary of the Company's and the Banks Actual Capital Amounts and Ratios) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Total Capital to risk weighted assets, Actual Amount | $115,805 | $113,805 |
Total Capital to risk weighted assets, Actual Ratio | 14.72% | 16.82% |
Total Capital to risk weighted assets, Required for Capital Adequacy Purposes Amount | 62,950 | 54,124 |
Total Capital to risk weighted assets, Required for Capital Adequacy Purposes Ratio | 8.00% | 8.00% |
Tier 1 Capital to risk weighted assets, Actual Amount | 106,397 | 105,672 |
Tier 1 Capital to risk weighted assets, Actual Ratio | 13.52% | 15.62% |
Tier 1 Capital to risk weighted assets, Required for Capital Adequacy Purposes Amount | 31,475 | 27,062 |
Tier 1 Capital to risk weighted assets, Required for Capital Adequacy Purposes Ratio | 4.00% | 4.00% |
Tier 1 Capital to adjusted average total assets, Actual Amount | 106,397 | 105,672 |
Tier 1 Capital to adjusted average total assets, Actual Ratio | 9.36% | 9.52% |
Tier 1 Capital to adjusted average total assets, Required for Capital Adequacy Purposes Amount | 45,487 | 44,396 |
Tier 1 Capital to adjusted average total assets, Required for Capital Adequacy Purposes Ratio | 4.00% | 4.00% |
Bank [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Total Capital to risk weighted assets, Actual Amount | 117,395 | 113,624 |
Total Capital to risk weighted assets, Actual Ratio | 14.92% | 16.79% |
Total Capital to risk weighted assets, Required for Capital Adequacy Purposes Amount | 62,930 | 54,132 |
Total Capital to risk weighted assets, Required for Capital Adequacy Purposes Ratio | 8.00% | 8.00% |
Total Capital to risk weighted assets, Required in Order to be Well Capitalized Under Prompt Corrective Action Amount | 78,662 | 67,666 |
Total Capital to risk weighted assets, Required in Order to be Well Capitalized Under Prompt Corrective Action Ratio | 10.00% | 10.00% |
Tier 1 Capital to risk weighted assets, Actual Amount | 107,987 | 105,489 |
Tier 1 Capital to risk weighted assets, Actual Ratio | 13.73% | 15.59% |
Tier 1 Capital to risk weighted assets, Required for Capital Adequacy Purposes Amount | 31,465 | 27,066 |
Tier 1 Capital to risk weighted assets, Required for Capital Adequacy Purposes Ratio | 4.00% | 4.00% |
Tier 1 Capital to risk weighted assets, Required in Order to be Well Capitalized Under Prompt Corrective Action Amount | 47,197 | 40,599 |
Tier 1 Capital to risk weighted assets, Required in Order to be Well Capitalized Under Prompt Corrective Action Ratio | 6.00% | 6.00% |
Tier 1 Capital to adjusted average total assets, Actual Amount | 107,987 | 105,489 |
Tier 1 Capital to adjusted average total assets, Actual Ratio | 9.50% | 9.50% |
Tier 1 Capital to adjusted average total assets, Required for Capital Adequacy Purposes Amount | 45,478 | 44,402 |
Tier 1 Capital to adjusted average total assets, Required for Capital Adequacy Purposes Ratio | 4.00% | 4.00% |
Tier 1 Capital to adjusted average total assets, Required in Order to be Well Capitalized Under Prompt Corrective Action Amount | $56,847 | $55,503 |
Tier 1 Capital to adjusted average total assets, Required in Order to be Well Capitalized Under Prompt Corrective Action Ratio | 5.00% | 5.00% |
Fair_Values_of_Assets_and_Liab2
Fair Values of Assets and Liabilities (Narrative) (Details) (USD $) | 12 Months Ended |
Dec. 31, 2014 | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Fair value appraisal minimum period | 12 months |
Minimum [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Eligibility criteria of classified loans for appraisal by professional appraiser | 250,000 |
Fair_Values_of_Assets_and_Liab3
Fair Values of Assets and Liabilities (Assets and Liabilities Recorded at Fair Value on Recurring Basis) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total investment securities available for sale | $274,568,000 | $265,777,000 |
U.S. Treasury Issue and Other U.S. Gov't Agencies [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total investment securities available for sale | 98,707,000 | 98,987,000 |
U.S. Gov't Sponsored Agencies [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total investment securities available for sale | 486,000 | |
State, County and Municipal [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total investment securities available for sale | 137,477,000 | 134,096,000 |
Corporate and Other Bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total investment securities available for sale | 11,883,000 | 6,349,000 |
Mortgage Backed - U.S. Gov't Agencies [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total investment securities available for sale | 2,258,000 | 3,439,000 |
Mortgage Backed - U.S. Gov't Sponsored Agencies [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total investment securities available for sale | 24,243,000 | 22,420,000 |
Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total investment securities available for sale | 274,568,000 | 265,777,000 |
Loans held for sale | 200,000 | 100,000 |
Cash flow hedge | 23,000 | |
Total assets at fair value | 274,791,000 | 265,877,000 |
Total liabilities at fair value | ||
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total investment securities available for sale | 100,060,000 | 99,948,000 |
Loans held for sale | ||
Cash flow hedge | ||
Total assets at fair value | 100,060,000 | 99,948,000 |
Total liabilities at fair value | ||
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total investment securities available for sale | 174,508,000 | 165,829,000 |
Loans held for sale | 200,000 | 100,000 |
Cash flow hedge | 23,000 | |
Total assets at fair value | 174,731,000 | 165,929,000 |
Total liabilities at fair value | ||
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total investment securities available for sale | ||
Loans held for sale | ||
Cash flow hedge | ||
Total assets at fair value | ||
Total liabilities at fair value | ||
Fair Value, Measurements, Recurring [Member] | U.S. Treasury Issue and Other U.S. Gov't Agencies [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total investment securities available for sale | 98,707,000 | 98,987,000 |
Fair Value, Measurements, Recurring [Member] | U.S. Treasury Issue and Other U.S. Gov't Agencies [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total investment securities available for sale | 94,464,000 | 94,935,000 |
Fair Value, Measurements, Recurring [Member] | U.S. Treasury Issue and Other U.S. Gov't Agencies [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total investment securities available for sale | 4,243,000 | 4,052,000 |
Fair Value, Measurements, Recurring [Member] | U.S. Treasury Issue and Other U.S. Gov't Agencies [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total investment securities available for sale | ||
Fair Value, Measurements, Recurring [Member] | U.S. Gov't Sponsored Agencies [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total investment securities available for sale | 486,000 | |
Fair Value, Measurements, Recurring [Member] | U.S. Gov't Sponsored Agencies [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total investment securities available for sale | ||
Fair Value, Measurements, Recurring [Member] | U.S. Gov't Sponsored Agencies [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total investment securities available for sale | 486,000 | |
Fair Value, Measurements, Recurring [Member] | U.S. Gov't Sponsored Agencies [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total investment securities available for sale | ||
Fair Value, Measurements, Recurring [Member] | State, County and Municipal [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total investment securities available for sale | 137,477,000 | 134,096,000 |
Fair Value, Measurements, Recurring [Member] | State, County and Municipal [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total investment securities available for sale | 5,596,000 | 2,482,000 |
Fair Value, Measurements, Recurring [Member] | State, County and Municipal [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total investment securities available for sale | 131,881,000 | 131,614,000 |
Fair Value, Measurements, Recurring [Member] | State, County and Municipal [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total investment securities available for sale | ||
Fair Value, Measurements, Recurring [Member] | Corporate and Other Bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total investment securities available for sale | 11,883,000 | 6,349,000 |
Fair Value, Measurements, Recurring [Member] | Corporate and Other Bonds [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total investment securities available for sale | ||
Fair Value, Measurements, Recurring [Member] | Corporate and Other Bonds [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total investment securities available for sale | 11,883,000 | 6,349,000 |
Fair Value, Measurements, Recurring [Member] | Corporate and Other Bonds [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total investment securities available for sale | ||
Fair Value, Measurements, Recurring [Member] | Mortgage Backed - U.S. Gov't Agencies [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total investment securities available for sale | 2,258,000 | 3,439,000 |
Fair Value, Measurements, Recurring [Member] | Mortgage Backed - U.S. Gov't Agencies [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total investment securities available for sale | ||
Fair Value, Measurements, Recurring [Member] | Mortgage Backed - U.S. Gov't Agencies [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total investment securities available for sale | 2,258,000 | 3,439,000 |
Fair Value, Measurements, Recurring [Member] | Mortgage Backed - U.S. Gov't Agencies [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total investment securities available for sale | ||
Fair Value, Measurements, Recurring [Member] | Mortgage Backed - U.S. Gov't Sponsored Agencies [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total investment securities available for sale | 24,243,000 | 22,420,000 |
Fair Value, Measurements, Recurring [Member] | Mortgage Backed - U.S. Gov't Sponsored Agencies [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total investment securities available for sale | 2,531,000 | |
Fair Value, Measurements, Recurring [Member] | Mortgage Backed - U.S. Gov't Sponsored Agencies [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total investment securities available for sale | 24,243,000 | 19,889,000 |
Fair Value, Measurements, Recurring [Member] | Mortgage Backed - U.S. Gov't Sponsored Agencies [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total investment securities available for sale |
Fair_Values_of_Assets_and_Liab4
Fair Values of Assets and Liabilities (Assets and Liabilities Measured at Fair Value on Nonrecurring Basis) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other real estate owned (OREO), non-covered | $5,724 | $6,244 |
Other real estate owned (OREO), covered | 2,019 | 2,692 |
Fair Value, Measurements, Nonrecurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans, non-covered | 14,286 | 10,334 |
Other real estate owned (OREO), non-covered | 5,724 | 6,244 |
Other real estate owned (OREO), covered | 2,019 | 2,692 |
Total assets at fair value | 22,029 | 19,270 |
Total liabilities at fair value | ||
Level 1 [Member] | Fair Value, Measurements, Nonrecurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans, non-covered | ||
Other real estate owned (OREO), non-covered | ||
Other real estate owned (OREO), covered | ||
Total assets at fair value | ||
Total liabilities at fair value | ||
Level 2 [Member] | Fair Value, Measurements, Nonrecurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans, non-covered | 1,791 | |
Other real estate owned (OREO), non-covered | ||
Other real estate owned (OREO), covered | ||
Total assets at fair value | 1,791 | |
Total liabilities at fair value | ||
Level 3 [Member] | Fair Value, Measurements, Nonrecurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans, non-covered | 14,286 | 8,543 |
Other real estate owned (OREO), non-covered | 5,724 | 6,244 |
Other real estate owned (OREO), covered | 2,019 | 2,692 |
Total assets at fair value | 22,029 | 17,479 |
Total liabilities at fair value |
Fair_Values_of_Assets_and_Liab5
Fair Values of Assets and Liabilities (Summary of Fair Value of Financial Instruments) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||
Financial assets: | ||||
Securities held to maturity | $37,539 | $30,305 | ||
FDIC indemnification asset | 18,609 | 25,409 | 33,837 | 42,641 |
Financial liabilities: | ||||
Interest bearing deposits | 834,381 | 822,209 | ||
Carrying Value [Member] | ||||
Financial assets: | ||||
Securities held to maturity | 36,197 | 28,563 | ||
Loans, non-covered | 655,371 | 585,729 | ||
Loans, covered | 62,358 | 72,791 | ||
FDIC indemnification asset | 18,609 | 25,409 | ||
Financial liabilities: | ||||
Interest bearing deposits | 834,381 | 822,209 | ||
Long-term borrowings | 110,205 | 81,249 | ||
Estimated Fair Value [Member] | ||||
Financial assets: | ||||
Securities held to maturity | 37,539 | 30,305 | ||
Loans, non-covered | 661,806 | 591,081 | ||
Loans, covered | 69,483 | 88,693 | ||
FDIC indemnification asset | 4,242 | 10,557 | ||
Financial liabilities: | ||||
Interest bearing deposits | 836,658 | 824,895 | ||
Long-term borrowings | 110,218 | 81,014 | ||
Estimated Fair Value [Member] | Level 1 [Member] | ||||
Financial assets: | ||||
Securities held to maturity | ||||
Loans, non-covered | ||||
Loans, covered | ||||
FDIC indemnification asset | ||||
Financial liabilities: | ||||
Interest bearing deposits | ||||
Long-term borrowings | ||||
Estimated Fair Value [Member] | Level 2 [Member] | ||||
Financial assets: | ||||
Securities held to maturity | 37,539 | 30,305 | ||
Loans, non-covered | 642,645 | 582,538 | ||
Loans, covered | ||||
FDIC indemnification asset | ||||
Financial liabilities: | ||||
Interest bearing deposits | 836,658 | 824,895 | ||
Long-term borrowings | 110,218 | 81,014 | ||
Estimated Fair Value [Member] | Level 3 [Member] | ||||
Financial assets: | ||||
Securities held to maturity | ||||
Loans, non-covered | 19,161 | 8,543 | ||
Loans, covered | 69,483 | 88,693 | ||
FDIC indemnification asset | 4,242 | 10,557 | ||
Financial liabilities: | ||||
Interest bearing deposits | ||||
Long-term borrowings |
Trust_Preferred_Capital_Notes_
Trust Preferred Capital Notes (Narrative) (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 13, 2003 |
Financial Instruments Subject to Mandatory Redemption by Settlement Terms [Line Items] | ||||
Principal assets value for trust preferred security | 4,124 | 4,124 | ||
Trust Preferred Capital Notes [Member] | ||||
Financial Instruments Subject to Mandatory Redemption by Settlement Terms [Line Items] | ||||
Issue of trust preferred security | 4,124 | |||
Preferred security average interest rate | 3.24% | 3.28% | 3.57% | |
Trust preferred securities redemption date | 12-Dec-33 | |||
Trusted preferred security included for capital requirement under Tier1 capital | 25.00% | |||
Parent Company [Member] | ||||
Financial Instruments Subject to Mandatory Redemption by Settlement Terms [Line Items] | ||||
Principal assets value for trust preferred security | 4,124 | 4,124 |
Lease_Commitments_Narrative_De
Lease Commitments (Narrative) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Lease Commitments [Abstract] | |||
Rent expenses | $783,000 | $621,000 | $659,000 |
Lease_Commitments_Summary_of_N
Lease Commitments (Summary of Non-Cancelable Operating Leases for Bank Premises that have Initial or Remaining Terms) (Details) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Lease Commitments [Abstract] | |
2015 | $709 |
2016 | 650 |
2017 | 597 |
2018 | 583 |
2019 | 591 |
Thereafter | 2,337 |
Total of future payments | $5,467 |
Other_Noninterest_Expense_Narr
Other Noninterest Expense (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2014 | |
Other Noninterest Expense [Abstract] | |
Aggregate of total net interest income and total noninterest income | 1.00% |
Other_Noninterest_Expense_Summ
Other Noninterest Expense (Summary of Other Noninterest Expense) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Other Noninterest Expense [Abstract] | |||
Bank franchise tax | $544 | $513 | $466 |
Telephone and internet line | 739 | 699 | 777 |
Stationery, printing and supplies | 449 | 453 | 504 |
Exam fees | 567 | 529 | 569 |
Directors fees | 475 | 384 | 336 |
Credit expense | 635 | 707 | 948 |
Other expenses | 2,938 | 2,661 | 2,391 |
Total other operating expenses | $6,347 | $5,946 | $5,991 |
Parent_Corporation_Only_Financ2
Parent Corporation Only Financial Statements (Parent Company Only Balance Sheets) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||
ASSETS | ||||
Other assets | $12,966 | $14,378 | ||
Total assets | 1,155,734 | 1,089,532 | ||
LIABILITIES | ||||
Other liabilities | 4,434 | 3,283 | ||
Balances due to non-bank subsidiary | 4,124 | 4,124 | ||
Long-term debt | 9,680 | |||
Total liabilities | 1,048,084 | 982,873 | ||
SHAREHOLDERS' EQUITY | ||||
Warrants on preferred stock | 1,037 | |||
Retained earnings | -38,553 | -45,822 | ||
Accumulated other comprehensive income | 664 | -4,109 | 2,828 | 2,219 |
Total shareholders' equity | 107,650 | 106,659 | 115,317 | 111,180 |
Total liabilities and stockholders' equity | 1,155,734 | 1,089,532 | ||
Parent Company [Member] | ||||
ASSETS | ||||
Cash | 7,910 | 323 | ||
Other assets | 252 | 1,711 | ||
Investments in subsidiaries | 113,364 | 108,789 | ||
Total assets | 121,526 | 110,823 | ||
LIABILITIES | ||||
Other liabilities | 72 | 40 | ||
Balances due to non-bank subsidiary | 4,124 | 4,124 | ||
Long-term debt | 9,680 | |||
Total liabilities | 13,876 | 4,164 | ||
SHAREHOLDERS' EQUITY | ||||
Preferred stock (5,000,000 shares authorized, $0.01 par value) 10,680 and 17,680 issued and outstanding, respectively | 10,680 | |||
Warrants on preferred stock | 1,037 | |||
Common stock (200,000,000 shares authorized $0.01 par value; 21,791,523 and 21,709,096 shares issued and outstanding, respectively) | 218 | 217 | ||
Additional paid in capital | 145,321 | 144,656 | ||
Retained earnings | -38,553 | -45,822 | ||
Accumulated other comprehensive income | 664 | -4,109 | ||
Total shareholders' equity | 107,650 | 106,659 | ||
Total liabilities and stockholders' equity | $121,526 | $110,823 |
Parent_Corporation_Only_Financ3
Parent Corporation Only Financial Statements (Parent Company Only Balance Sheets Footnote) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Condensed Financial Statements, Captions [Line Items] | ||
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, par value | $0.01 | $0.01 |
Preferred stock, shares issued | 0 | 10,680 |
Preferred stock, shares outstanding | 0 | 10,680 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares issued | 21,791,523 | 21,709,096 |
Common stock, shares outstanding | 21,791,523 | 21,709,096 |
Parent Company [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, par value | $0.01 | $0.01 |
Preferred stock, shares issued | 0 | 10,680 |
Preferred stock, shares outstanding | 0 | 10,680 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares issued | 21,791,523 | 21,709,096 |
Common stock, shares outstanding | 21,791,523 | 21,709,096 |
Parent_Corporation_Only_Financ4
Parent Corporation Only Financial Statements (Parent Company Only Statements of Income) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Expenses: | |||||||||||||||
Interest expense | $1,883 | $1,783 | $1,697 | $1,570 | $1,644 | $1,749 | $1,791 | $1,894 | $2,054 | $2,339 | $2,587 | $2,712 | $6,933 | $7,078 | $9,692 |
Other operating expenses | 2,938 | 2,661 | 2,391 | ||||||||||||
Income tax (bendfit) expense | -673 | -697 | -649 | -709 | -461 | -800 | -673 | -563 | -448 | -837 | -473 | -390 | -2,728 | -2,497 | -2,148 |
Net income | 2,259 | 1,813 | 1,720 | 1,724 | 1,193 | 1,782 | 1,607 | 1,324 | 1,573 | 1,809 | 1,210 | 990 | 7,516 | 5,906 | 5,582 |
Parent Company [Member] | |||||||||||||||
Income: | |||||||||||||||
Dividends received from subsidiaries | 8,250 | 7,820 | 3,048 | ||||||||||||
Other operating income | 4 | 4 | 11 | ||||||||||||
Total income | 8,254 | 7,824 | 3,059 | ||||||||||||
Expenses: | |||||||||||||||
Interest expense | 423 | 137 | 180 | ||||||||||||
Management fee paid to subsidiaries | 164 | 144 | 138 | ||||||||||||
Stock option expense | 7 | 5 | -54 | ||||||||||||
State taxes | 15 | 236 | 180 | ||||||||||||
Professional and legal expenses | 121 | 112 | 129 | ||||||||||||
Other operating expenses | 84 | 74 | -160 | ||||||||||||
Total expenses | 814 | 708 | 413 | ||||||||||||
Equity in income / (loss) of subsidiaries | -198 | -1,449 | 2,778 | ||||||||||||
Net income before income taxes | 7,242 | 5,667 | 5,424 | ||||||||||||
Income tax (bendfit) expense | 274 | 239 | 158 | ||||||||||||
Net income | $7,516 | $5,906 | $5,582 |
Parent_Corporation_Only_Financ5
Parent Corporation Only Financial Statements (Parent Company Only Statements of Cash Flows) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Operating activities: | |||
Net income | $7,516,000 | $5,906,000 | $5,582,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Issuance of common stock and stock options | 409,000 | 258,000 | 156,000 |
Decrease in other assets | 3,887,000 | 9,437,000 | 9,037,000 |
(Decrease) increase in other liabilities, net | 1,155,000 | 388,000 | -2,469,000 |
Provision for loan loss | 1,200,000 | ||
Financing activities: | |||
Proceeds from long-term debt | 10,680,000 | ||
Payments on long-term debt | -1,000,000 | ||
Cash dividends paid | -247,000 | -885,000 | -2,210,000 |
(Decrease) increase in cash and cash equivalents | -1,482,000 | -302,000 | 2,386,000 |
Parent Company [Member] | |||
Operating activities: | |||
Net income | 7,516,000 | 5,906,000 | 5,582,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Issuance of common stock and stock options | 409,000 | 258,000 | 156,000 |
Undistributed equity in loss (income) of subsidiary | 198,000 | 1,449,000 | -2,778,000 |
Decrease in other assets | 1,459,000 | -241,000 | -194,000 |
(Decrease) increase in other liabilities, net | 32,000 | -2,000 | -239,000 |
Net cash and cash equivalents provided by operating activities | 9,614,000 | 7,370,000 | 2,527,000 |
Financing activities: | |||
Proceeds from long-term debt | 10,680,000 | ||
Payments on long-term debt | -1,000,000 | ||
Repurchase of preferred stock | -11,460,000 | -7,000,000 | |
Cash dividends paid | -247,000 | -885,000 | -2,210,000 |
Net cash and cash equivalents used in financing activities | -2,027,000 | -2,210,000 | |
(Decrease) increase in cash and cash equivalents | 7,587,000 | -515,000 | 317,000 |
Cash and cash equivalents at beginning of the period | 323,000 | 838,000 | 521,000 |
Cash and cash equivalents at end of the period | $7,910,000 | $323,000 | $838,000 |
Preferred_Stock_Narrative_Deta
Preferred Stock (Narrative) (Details) (USD $) | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | |
Dec. 09, 2008 | Apr. 23, 2014 | Dec. 31, 2013 | Jun. 04, 2014 | Dec. 31, 2014 | |
Class of Stock [Line Items] | |||||
Proceeds from Series A Preferred Stock and the Warrant | $17,680,000 | ||||
Preferred stock discount on issue | 1,040,000 | ||||
Preferred stock, par value | $0.01 | 0.01 | |||
Preferred shares | 10,680 | 0 | |||
Series A Preferred Stock [Member] | |||||
Class of Stock [Line Items] | |||||
Preferred stock | 17,680 | ||||
Cumulative dividends rate on preferred stock | 5.00% | ||||
Cumulative dividends rate on preferred stock thereafter | 9.00% | ||||
Proceeds based on a relative fair value Series A Preferred Stock | 16,640,000 | ||||
Proceeds based on a relative fair value warrant | 1,040,000 | ||||
Preferred stock estimated life | 50 years | ||||
Discount rate | 12.00% | ||||
Redemption price | 17,680,000 | ||||
Preferred stock discount amortization period | 5 years | ||||
Liquidation preference of Series A Preferred Stock | 1,000 | ||||
Preferred stock, par value | 0 | ||||
Redemption price per share | 1,000 | ||||
Number of shares repurchased | 10,680 | 7,000 | |||
Preferred shares | 17,680 | ||||
Payment for repurchase of shares | 10,900,000 | 7,000,000 | |||
Percentage of preferred stock par value repurchased | 100.00% | 100.00% | |||
Warrant [Member] | |||||
Class of Stock [Line Items] | |||||
Warrant period | 10 years | ||||
Number of common stock shares covered under warrant | 780,000 | ||||
Warrant exercise, expiry date | 19-Dec-18 | ||||
Exercise price of warrant | 3.4 | ||||
Stock price volatility | 27.50% | ||||
Dividend yield | 0.50% | ||||
Risk-free rate | 1.35% | ||||
Expected life | 5 years | ||||
Payment for repurchase of shares | 780,000 | ||||
Parent Company [Member] | |||||
Class of Stock [Line Items] | |||||
Preferred stock, par value | $0.01 | 0.01 | |||
Preferred shares | 10,680 | 0 | |||
Payment for repurchase of shares | $7,000,000 | 11,460,000 |
Quarterly_Data_Unaudited_Summa
Quarterly Data (Unaudited) (Summary of Quarterly Data) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Quarterly Data [Abstract] | |||||||||||||||
Interest and dividend income | $11,726 | $12,665 | $12,455 | $11,879 | $12,217 | $13,171 | $12,491 | $12,166 | $12,919 | $12,872 | $14,119 | $13,809 | $48,725 | $50,045 | $53,719 |
Interest expense | 1,883 | 1,783 | 1,697 | 1,570 | 1,644 | 1,749 | 1,791 | 1,894 | 2,054 | 2,339 | 2,587 | 2,712 | 6,933 | 7,078 | 9,692 |
Net interest income | 9,843 | 10,882 | 10,758 | 10,309 | 10,573 | 11,422 | 10,700 | 10,272 | 10,865 | 10,533 | 11,532 | 11,097 | 41,792 | 42,967 | 44,027 |
Provision for loan losses | 450 | 500 | 250 | 1,200 | |||||||||||
Net interest income after provision for loan losses | 9,843 | 10,882 | 10,758 | 10,309 | 10,573 | 11,422 | 10,700 | 10,272 | 10,415 | 10,533 | 11,032 | 10,847 | 41,792 | 42,967 | 42,827 |
Noninterest income | 1,832 | 1,166 | 970 | 1,301 | 1,467 | 593 | 1,338 | 1,326 | 1,299 | 2,470 | 1,462 | 975 | 5,269 | 4,724 | 6,206 |
Noninterest expenses | 8,743 | 9,538 | 9,359 | 9,177 | 10,386 | 9,433 | 9,758 | 9,711 | 9,693 | 10,357 | 10,811 | 10,442 | 36,817 | 39,288 | 41,303 |
Income (loss) before income taxes | 2,932 | 2,510 | 2,369 | 2,433 | 1,654 | 2,582 | 2,280 | 1,887 | 2,021 | 2,646 | 1,683 | 1,380 | 10,244 | 8,403 | 7,730 |
Income tax expense (benefit) | 673 | 697 | 649 | 709 | 461 | 800 | 673 | 563 | 448 | 837 | 473 | 390 | 2,728 | 2,497 | 2,148 |
Net income (loss) | 2,259 | 1,813 | 1,720 | 1,724 | 1,193 | 1,782 | 1,607 | 1,324 | 1,573 | 1,809 | 1,210 | 990 | 7,516 | 5,906 | 5,582 |
Dividends paid on preferred stock | 182 | 65 | 235 | 208 | 221 | 221 | 221 | 221 | 221 | 221 | 247 | 885 | 884 | ||
Amortization of preferred stock warrants | 44 | 73 | 59 | 58 | 55 | 55 | 55 | 55 | |||||||
Net income (loss) available to common shareholders | $2,259 | $1,813 | $1,538 | $1,659 | $914 | $1,501 | $1,327 | $1,045 | $1,297 | $1,533 | $934 | $714 | $7,269 | $4,787 | $4,478 |
Net income per share - basic | $0.10 | $0.08 | $0.07 | $0.08 | $0.04 | $0.07 | $0.06 | $0.05 | $0.06 | $0.07 | $0.04 | $0.03 | $0.33 | $0.22 | $0.21 |
Net income per share - diluted | $0.10 | $0.08 | $0.07 | $0.08 | $0.04 | $0.07 | $0.06 | $0.05 | $0.06 | $0.07 | $0.04 | $0.03 | $0.33 | $0.22 | $0.21 |
Branch_Sale_Narrative_Details
Branch Sale (Narrative) (Details) (USD $) | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Nov. 08, 2013 | Oct. 25, 2013 | |
entity | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Number of branches sold | 4 | |||
Transfer of deposit | $193,170,000 | |||
Deposit premium | 2,600,000 | 2,600,000 | ||
Certain fixed assets sold, fair value | 5,200,000 | |||
Accumulated depreciation on fixed assets sold | 1,200,000 | |||
Intangible assets to customer & deposits | 1,500,000 | |||
Transfer of Loans | 20,000 | |||
Date of completion of branch sale | 8-Nov-13 | |||
Net gain on transaction | 255,000 | |||
Core deposit intangible assets | 1,500,000 | |||
Loss on sale of fixed assets | 827,000 | |||
Gain on sale of loans | 243,000 | |||
Transaction related cost | 258,000 | |||
Pinnacle Bank [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Premium on selling | 1.00% | |||
Loans sold | $24,345,000 |
Branch_Sale_Summary_of_Deposit
Branch Sale (Summary of Deposits Related to Branch Sale) (Details) (USD $) | Nov. 08, 2013 |
In Thousands, unless otherwise specified | |
Deposits: | |
Total deposits | $193,170 |
Noninterest Bearing [Member] | |
Deposits: | |
Total deposits | 15,869 |
Interest Bearing [Member] | |
Deposits: | |
Total deposits | $177,301 |
Branch_Sale_Summary_of_Loans_R
Branch Sale (Summary of Loans Related to Loan Sale) (Details) (Pinnacle Bank [Member], USD $) | Oct. 25, 2013 |
In Thousands, unless otherwise specified | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Gross loans | $24,311 |
Net deferred costs | 34 |
Total loans | 24,345 |
Mortgage Loans on Real Estate [Member] | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Gross loans | 22,740 |
Mortgage Loans on Real Estate [Member] | Residential 1-4 Family [Member] | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Gross loans | 2,240 |
Mortgage Loans on Real Estate [Member] | Commercial [Member] | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Gross loans | 15,762 |
Mortgage Loans on Real Estate [Member] | Construction and Land Development [Member] | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Gross loans | 2,895 |
Mortgage Loans on Real Estate [Member] | Second Mortgages [Member] | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Gross loans | 41 |
Mortgage Loans on Real Estate [Member] | Multifamily [Member] | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Gross loans | 1,802 |
Mortgage Loans on Real Estate [Member] | Agriculture [Member] | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Gross loans | |
Commercial Loans [Member] | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Gross loans | 1,147 |
Consumer Installment Loans [Member] | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Gross loans | 424 |
All Other Loans [Member] | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Gross loans |