Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2014 | Oct. 31, 2014 | |
Document and Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'Southern National Bancorp of Virginia Inc | ' |
Entity Central Index Key | '0001325670 | ' |
Trading Symbol | 'sona | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 12,196,070 |
Document Type | '10-Q | ' |
Document Period End Date | 30-Sep-14 | ' |
Amendment Flag | 'false | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
CONSOLIDATED_BALANCE_SHEETS_Un
CONSOLIDATED BALANCE SHEETS (Unaudited) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Cash and cash equivalents: | ' | ' |
Cash and due from financial institutions | $5,541 | $2,679 |
Interest-bearing deposits in other financial institutions | 40,262 | 18,177 |
Total cash and cash equivalents | 45,803 | 20,856 |
Securities available for sale, at fair value | 2,271 | 1,993 |
Securities held to maturity, at amortized cost (fair value of $88,970 and $76,193, respectively) | 89,993 | 82,443 |
Total loans | 665,834 | 546,058 |
Less allowance for loan losses | -7,124 | -7,090 |
Net loans | 658,710 | 538,968 |
Stock in Federal Reserve Bank and Federal Home Loan Bank | 6,131 | 5,915 |
Equity investment in mortgage affiliate | 3,745 | ' |
Preferred investment in mortgage affiliate | 1,805 | ' |
Bank premises and equipment, net | 9,443 | 6,324 |
Goodwill | 12,073 | 9,160 |
Core deposit intangibles, net | 1,424 | 813 |
FDIC indemnification asset | 3,970 | 5,804 |
Bank-owned life insurance | 20,829 | 18,374 |
Other real estate owned | 12,955 | 11,792 |
Deferred tax assets, net | 8,205 | 8,281 |
Other assets | 5,662 | 5,462 |
Total assets | 883,019 | 716,185 |
LIABILITIES AND STOCKHOLDERS' EQUITY | ' | ' |
Noninterest-bearing demand deposits | 70,679 | 44,643 |
Interest-bearing deposits: | ' | ' |
NOW accounts | 23,658 | 24,297 |
Money market accounts | 138,390 | 130,855 |
Savings accounts | 41,047 | 16,999 |
Time deposits | 424,311 | 323,565 |
Total interest-bearing deposits | 627,406 | 495,716 |
Total deposits | 698,085 | 540,359 |
Securities sold under agreements to repurchase and other short-term borrowings | 37,779 | 39,795 |
Federal Home Loan Bank (FHLB) advances | 25,000 | 25,000 |
Other liabilities | 5,775 | 4,417 |
Total liabilities | 766,639 | 609,571 |
Commitments and contingencies (See Note 5) | ' | ' |
Stockholders' equity: | ' | ' |
Preferred stock, $.01 par value. Authorized 5,000,000 shares; no shares issued and outstanding | ' | ' |
Common stock, $.01 par value. Authorized 45,000,000 shares; issued and outstanding, 12,194,570 shares at September 30, 2014 and 11,590,612 at December 31, 2013 | 122 | 116 |
Additional paid in capital | 103,791 | 97,127 |
Retained earnings | 15,486 | 12,561 |
Accumulated other comprehensive loss | -3,019 | -3,190 |
Total stockholders' equity | 116,380 | 106,614 |
Total liabilities and stockholders' equity | 883,019 | 716,185 |
Covered loans | ' | ' |
Cash and cash equivalents: | ' | ' |
Total loans | 47,989 | 51,701 |
Non-covered loans | ' | ' |
Cash and cash equivalents: | ' | ' |
Total loans | $617,845 | $494,357 |
CONSOLIDATED_BALANCE_SHEETS_Un1
CONSOLIDATED BALANCE SHEETS (Unaudited) (Parentheticals) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Statement Of Financial Position [Abstract] | ' | ' |
Securities held to maturity fair value (in dollars) | $88,970 | $76,193 |
Preferred stock, par value (in dollars per share) | $0.01 | $0.01 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | ' | ' |
Preferred stock, shares outstanding | ' | ' |
Common stock, par value (in dollars per share) | $0.01 | $0.01 |
Common stock, shares authorized | 45,000,000 | 45,000,000 |
Common stock, shares issued | 12,194,570 | 11,590,612 |
Common stock, shares outstanding | 12,194,570 | 11,590,612 |
CONSOLIDATED_STATEMENTS_OF_INC
CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Interest and dividend income: | ' | ' | ' | ' |
Interest and fees on loans | $9,181 | $8,168 | $25,037 | $24,277 |
Interest and dividends on taxable securities | 551 | 504 | 1,634 | 1,540 |
Interest and dividends on tax exepmt securities | 101 | 71 | 289 | 159 |
Interest and dividends on other earning assets | 151 | 104 | 591 | 443 |
Total interest and dividend income | 9,984 | 8,847 | 27,551 | 26,419 |
Interest expense: | ' | ' | ' | ' |
Interest on deposits | 986 | 966 | 2,779 | 3,086 |
Interest on borrowings | 186 | 157 | 514 | 465 |
Total interest expense | 1,172 | 1,123 | 3,293 | 3,551 |
Net interest income | 8,812 | 7,724 | 24,258 | 22,868 |
Provision for loan losses | 975 | 1,197 | 2,344 | 3,015 |
Net interest income after provision for loan losses | 7,837 | 6,527 | 21,914 | 19,853 |
Noninterest income: | ' | ' | ' | ' |
Account maintenance and deposit service fees | 220 | 198 | 594 | 593 |
Income from bank-owned life insurance | 159 | 147 | 455 | 445 |
Equity income from mortgage affiliate | 176 | ' | 507 | ' |
Gain on other assets | ' | ' | 202 | 13 |
Net gain on sale of available for sale securities | ' | ' | ' | 142 |
Total other-than-temporary impairment losses (OTTI) | ' | ' | -41 | -3 |
Portion of OTTI recognized in other comprehensive income (before taxes) | ' | ' | ' | ' |
Net credit related OTTI recognized in earnings | ' | ' | -41 | -3 |
Other | 54 | 30 | 145 | 169 |
Total noninterest income | 609 | 375 | 1,862 | 1,359 |
Noninterest expenses: | ' | ' | ' | ' |
Salaries and benefits | 2,671 | 2,338 | 7,487 | 6,760 |
Occupancy expenses | 804 | 768 | 2,335 | 2,280 |
Furniture and equipment expenses | 195 | 197 | 571 | 524 |
Amortization of core deposit intangible | 61 | 123 | 151 | 368 |
Virginia franchise tax expense | 113 | 115 | 342 | 357 |
Merger expenses | 65 | ' | 487 | ' |
FDIC assessment | 149 | 218 | 401 | 676 |
Data processing expense | 146 | 131 | 406 | 433 |
Telephone and communication expense | 198 | 166 | 556 | 507 |
Change in FDIC indemnification asset | 403 | 113 | 837 | 350 |
Net (gain) loss on other real estate owned | -194 | -698 | -433 | -580 |
Other operating expenses | 678 | 790 | 2,313 | 2,334 |
Total noninterest expenses | 5,289 | 4,261 | 15,453 | 14,009 |
Income before income taxes | 3,157 | 2,641 | 8,323 | 7,203 |
Income tax expense | 1,049 | 861 | 2,801 | 2,341 |
Net income | 2,108 | 1,780 | 5,522 | 4,862 |
Other comprehensive income (loss): | ' | ' | ' | ' |
Unrealized gain (loss) on available for sale securities | 66 | -12 | 283 | -207 |
Realized amount on securities sold, net | ' | ' | ' | -142 |
Non-credit component of other-than-temporary impairment on held-to-maturity securities | ' | ' | 35 | 97 |
Accretion of amounts previously recorded upon transfer to held-to-maturity from available-for-sale | -17 | -12 | -59 | -32 |
Net unrealized gain (loss) | 49 | -24 | 259 | -284 |
Tax effect | -17 | 8 | -88 | 96 |
Other comprehensive income (loss) | 32 | -16 | 171 | -188 |
Comprehensive income | $2,140 | $1,764 | $5,693 | $4,674 |
Earnings per share, basic (in dollars per share) | $0.18 | $0.15 | $0.47 | $0.42 |
Earnings per share, diluted (in dollars per share) | $0.17 | $0.15 | $0.47 | $0.42 |
CONSOLIDATED_STATEMENTS_OF_CHA
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Unaudited) (USD $) | Common Stock | Additional Paid in Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Total |
In Thousands, unless otherwise specified | |||||
Balance at Dec. 31, 2013 | $116 | $97,127 | $12,561 | ($3,190) | $106,614 |
Comprehensive income: | ' | ' | ' | ' | ' |
Net income | ' | ' | 5,522 | ' | 5,522 |
Change in unrealized loss on securities available for sale (net of tax benefit, $96) | ' | ' | ' | 187 | 187 |
Change in unrecognized loss on securities held to maturity for which a portion of OTTI has been recognized (net of tax, $8 and accretion, $59 and amounts recorded into other comprehensive income at transfer) | ' | ' | ' | -16 | -16 |
Dividends on common stock ($.22 per share) | ' | ' | -2,597 | ' | -2,597 |
Issuance of common stock under Stock Incentive Plan (78,100 shares) | 1 | 688 | ' | ' | 689 |
Issuance of common stock in exchange for net assets in acquisition (525,858 shares) | 5 | 5,743 | ' | ' | 5,748 |
Stock-based compensation expense | ' | 233 | ' | ' | 233 |
Balance at Sep. 30, 2014 | $122 | $103,791 | $15,486 | ($3,019) | $116,380 |
CONSOLIDATED_STATEMENTS_OF_CHA1
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Unaudited) (Parentheticals) (USD $) | 9 Months Ended |
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2014 |
Statement Of Stockholders Equity [Abstract] | ' |
Tax on change in unrealized loss on securities available for sale | $96 |
Tax on change in unrecognized loss on securities held to maturity, portion of OTTI | 8 |
Accretion on change in unrecognized loss on securities held to maturity, portion of OTTI | $59 |
Common stock dividends per share (in dollars per share) | $0.22 |
Issuance of common shares under Stock Incentive Plan (in shares) | 78,100 |
Issuance of common stock in exchange for net assets in acquisition (in shares) | 525,858 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Operating activities: | ' | ' |
Net income | $5,522 | $4,862 |
Adjustments to reconcile net income to net cash and cash equivalents provided by operating activities: | ' | ' |
Depreciation | 549 | 495 |
Amortization of core deposit intangible | 151 | 368 |
Other amortization, net | 143 | 275 |
Accretion of loan discount | -2,305 | -2,725 |
Amortization of FDIC indemnification asset | 837 | 350 |
Provision for loan losses | 2,344 | 3,015 |
Earnings on bank-owned life insurance | -455 | -445 |
Equity income on mortgage affiliate | -507 | ' |
Stock based compensation expense | 233 | 205 |
Net gain on sale of available for sale securities | ' | -142 |
Impairment loss on securities (OTTI) | 41 | 3 |
Net gain on other real estate owned | -433 | -580 |
Net decrease in other assets | 1,232 | 2,261 |
Net increase (decrease) in other liabilities | 860 | -757 |
Net cash and cash equivalents provided by operating activities | 8,212 | 7,185 |
Investing activities: | ' | ' |
Proceeds from sales of available for sale securities | ' | 159 |
Purchases of held to maturity securities | -12,243 | -11,345 |
Proceeds from paydowns, maturities and calls of held to maturity securities | 4,616 | 14,497 |
Loan originations and payments, net | -62,358 | -2,996 |
Proceeds from sale of PGFSB loans | 3,499 | ' |
Net cash received in PGFSB acquisition | 22,430 | ' |
Purchase of bank-owned life insurance | -2,000 | ' |
Investment in mortgage affiliate | -5,043 | ' |
Net (increase) decrease in stock in Federal Reserve Bank and Federal Home Loan Bank | -123 | 972 |
Payments received on FDIC indemnification asset | 1,018 | 1,016 |
Proceeds from sale of other real estate owned | 3,029 | 3,902 |
Purchases of bank premises and equipment | -664 | -204 |
Net cash and cash equivalents provided by (used in) investing activities | -47,839 | 6,001 |
Financing activities: | ' | ' |
Net increase (decrease) in deposits | 68,498 | -5,023 |
Cash dividends paid - common stock | -2,597 | -2,086 |
Issuance of common stock under Stock Incentive Plan | 689 | 3 |
Net decrease in securities sold under agreement to repurchase and other short-term borrowings | -2,016 | -12,930 |
Net cash and cash equivalents provided by (used in) financing activities | 64,574 | -20,036 |
Increase (decrease) in cash and cash equivalents | 24,947 | -6,850 |
Cash and cash equivalents at beginning of period | 20,856 | 39,200 |
Cash and cash equivalents at end of period | 45,803 | 32,350 |
Cash payments for: | ' | ' |
Interest | 3,144 | 3,419 |
Income taxes | 2,238 | 3,113 |
Supplemental schedule of noncash investing and financing activities | ' | ' |
Transfer from non-covered loans to other real estate owned | 4,409 | 3,044 |
Transfer from covered loans to other real estate owned | ' | 4,158 |
Issuance of common stock in exchange for net assets in acquisition | $5,748 | ' |
ORGANIZATION_AND_ACCOUNTING_PO
ORGANIZATION AND ACCOUNTING POLICIES | 9 Months Ended | |
Sep. 30, 2014 | ||
Accounting Policies [Abstract] | ' | |
ORGANIZATION AND ACCOUNTING POLICIES | ' | |
1 | ORGANIZATION AND ACCOUNTING POLICIES | |
Southern National Bancorp of Virginia, Inc. (“Southern National” or “SNBV”) is a corporation formed on July 28, 2004 under the laws of the Commonwealth of Virginia and is the holding company for Sonabank (“Sonabank”) a Virginia state chartered bank which commenced operations on April 14, 2005. The principal activities of Sonabank are to attract deposits and originate loans as permitted under applicable banking regulations. Sonabank operates 15 branches in Virginia located in Fairfax County (Reston, McLean and Fairfax), in Charlottesville, Warrenton (2), Loudoun County (Middleburg, Leesburg (2), and South Riding), Front Royal, New Market, Richmond, Haymarket and Clifton Forge, and nine branches in Maryland in Rockville, Shady Grove, Germantown, Frederick, Bethesda, Upper Marlboro, Brandywine, Owings and Huntingtown. | ||
The consolidated financial statements include the accounts of Southern National Bancorp of Virginia, Inc. and its subsidiary. Significant inter-company accounts and transactions have been eliminated in consolidation. | ||
The unaudited consolidated financial statements have been prepared in accordance with U. S. generally accepted accounting principles (“U. S. GAAP”) for interim financial information and instructions for Form 10-Q and follow general practice within the banking industry. Accordingly, the unaudited consolidated financial statements do not include all of the information and footnotes required by U. S. GAAP for complete financial statements. However, in the opinion of management, all adjustments (consisting only of normal recurring accruals) necessary for a fair presentation of the results of the interim periods presented have been made. The results of operations for the interim periods are not necessarily indicative of the results that may be expected for the full year. For further information, refer to the consolidated financial statements and footnotes thereto included in Southern National’s Form 10-K for the year ended December 31, 2013. | ||
The merger with Prince George’s Federal Savings Bank (PGFSB) was completed on August 1, 2014. Southern National acquired PGFSB in a cash and stock transaction. PGFSB was founded in 1931 and is headquartered in Upper Marlboro, which is the County Seat of Prince George’s County, Maryland. Prince George’s FSB has four offices, all of which are in Maryland, including a main office in Upper Marlboro and three branch offices in Dunkirk, Brandywine and Huntingtown. Prince George’s FSB has an excellent core deposit base reflecting its tenure in the communities it serves. Its lending activities have historically been focused on residential mortgages. See Footnote 8 for details regarding the merger. | ||
Use of Estimates | ||
The preparation of the consolidated financial statements in conformity with U. S. generally accepted accounting principles 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 revenue and expenses during the reporting period. Actual results could differ from these estimates. Material estimates that are particularly susceptible to significant change in the near term relate to the determination of the allowance for loan losses, the carrying value of investment securities, other than temporary impairment of investment securities, the valuation of goodwill and intangible assets, the FDIC indemnification asset, mortgage servicing rights, other real estate owned and deferred tax assets. | ||
Recent Accounting Pronouncements | ||
In January 2014, the FASB issued ASU No. 2014-04, “Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure.” The objective of this guidance is to clarify when an in substance repossession or foreclosure occurs, that is, when a creditor should be considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan such that the loan receivable should be derecognized and the real estate property recognized. ASU No. 2014-04 states 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, ASU No. 2014-04 requires 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. ASU No. 2014-04 is effective for interim and annual reporting periods beginning after December 15, 2014. The adoption of ASU No. 2014-04 is not expected to have a material impact on the Southern National’s Consolidated Financial Statements. | ||
In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606). These amendments affect any entity that either enters into contracts with customers to transfer goods or services or enters into contracts for the transfer of nonfinancial assets unless those contracts are within the scope of other standards (e.g. insurance contracts or lease contracts). This ASU will supersede the revenue recognition requirements in Topic 605, Revenue Recognition, and most industry-specific guidance, and creates a Topic 606, Revenue from Contracts with Customers. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This ASU also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. This ASU will be effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. Early adoption is not permitted. The ASU allows for either full retrospective or modified retrospective adoption. SNBV is assessing the effects of this ASU, which exclude financial instruments from its scope, but does not anticipate that it will have a material impact on its financial position or results of operations. | ||
In June 2014, the FASB issued ASU No. 2014-12, Compensation—Stock Compensation (Topic 718): Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved After the Requisite Service Period. The amendments clarify the proper method of accounting for share-based payments when the terms of an award provide that a performance target could be achieved after the requisite service period. This ASU requires that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition. The performance target should not be reflected in estimating the grant-date fair value of the award. Compensation cost should be recognized in the period in which it becomes probable that the performance target will be achieved and should represent the compensation cost attributable to the period(s) for which the requisite service has already been rendered. The amendments in this ASU are effective for annual periods and interim periods within those annual periods beginning after December 15, 2015. Earlier adoption is permitted. Management does not anticipate that this ASU will significantly impact SNBV. |
STOCK_BASED_COMPENSATION
STOCK- BASED COMPENSATION | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract] | ' | ||||||||||||||||
STOCK-BASED COMPENSATION | ' | ||||||||||||||||
2 | STOCK- BASED COMPENSATION | ||||||||||||||||
In 2004, the Board of Directors adopted a stock option plan that authorized the reservation of up to 302,500 shares of common stock and provided for the granting of stock options to certain directors, officers and employees. The 2010 Stock Awards and Incentive Plan was approved by the Board of Directors in January 2010 and approved by the stockholders at the Annual Meeting in April 2010. The 2010 plan authorized the reservation of an additional 700,000 shares of common stock for the granting of stock awards. The options granted to officers and employees are incentive stock options and the options granted to non-employee directors are non-qualified stock options. The purpose of the plan is to afford key employees an incentive to remain in the employ of Southern National and to assist in the attracting and retaining of non-employee directors by affording them an opportunity to share in Southern National’s future success. Under the plan, the option’s price cannot be less than the fair market value of the stock on the grant date. The maximum term of the options is ten years and options granted may be subject to a graded vesting schedule. | |||||||||||||||||
Southern National granted 104,750 options during the first nine months of 2014. The fair value of each option granted is estimated on the date of grant using the Black-Scholes options-pricing model. The following weighted-average assumptions were used to value options granted in the nine months ended September 30, 2014: | |||||||||||||||||
Expected life | 10 years | ||||||||||||||||
Expected volatility | 29.3 | % | |||||||||||||||
Risk-free interest rate | 2.48 | % | |||||||||||||||
Weighted average fair value per option granted | $ | 2.88 | |||||||||||||||
Dividend yield | 2.55 | % | |||||||||||||||
The risk-free interest rate was developed using the U. S. Treasury yield curve for periods equal to the expected life of the options on the grant date. An increase in the risk-free interest rate will increase stock compensation expense on future option grants. | |||||||||||||||||
For the three and nine months ended September 30, 2014 and 2013, stock-based compensation expense was $82 thousand and $233 thousand, respectively, compared to $79 thousand and $205 thousand for the same periods last year. As of September 30, 2014, unrecognized compensation expense associated with the stock options was $984 thousand, which is expected to be recognized over a weighted average period of 3.5 years. | |||||||||||||||||
A summary of the activity in the stock option plan during the nine months ended September 30, 2014 follows (dollars in thousands): | |||||||||||||||||
Weighted | |||||||||||||||||
Weighted | Average | Aggregate | |||||||||||||||
Average | Remaining | Intrinsic | |||||||||||||||
Exercise | Contractual | Value | |||||||||||||||
Shares | Price | Term | (in thousands) | ||||||||||||||
Options outstanding, beginning of period | 631,075 | $ | 8.21 | ||||||||||||||
Granted | 104,750 | 10.47 | |||||||||||||||
Forfeited | (12,575 | ) | 8.18 | ||||||||||||||
Exercised | (78,100 | ) | 8.82 | ||||||||||||||
Options outstanding, end of period | 645,150 | $ | 8.51 | 6.4 | $ | 1,999 | |||||||||||
Vested or expected to vest | 645,150 | $ | 8.51 | 6.4 | $ | 1,999 | |||||||||||
Exercisable at end of period | 326,865 | $ | 8.06 | 4.3 | $ | 1,158 |
SECURITIES
SECURITIES | 9 Months Ended | |||||||||||||||||||||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | |||||||||||||||||||||||||||||||||||||||||
SECURITIES | ' | |||||||||||||||||||||||||||||||||||||||||
3 | SECURITIES | |||||||||||||||||||||||||||||||||||||||||
The amortized cost and fair value of available for sale securities and the related gross unrealized gains and losses recognized in accumulated other comprehensive income (loss) were as follows (in thousands): | ||||||||||||||||||||||||||||||||||||||||||
Amortized | Gross Unrealized | Fair | ||||||||||||||||||||||||||||||||||||||||
30-Sep-14 | Cost | Gains | Losses | Value | ||||||||||||||||||||||||||||||||||||||
Obligations of states and political subdivisions | $ | 2,296 | $ | 1 | $ | (26 | ) | $ | 2,271 | |||||||||||||||||||||||||||||||||
Amortized | Gross Unrealized | Fair | ||||||||||||||||||||||||||||||||||||||||
31-Dec-13 | Cost | Gains | Losses | Value | ||||||||||||||||||||||||||||||||||||||
Obligations of states and political subdivisions | $ | 2,302 | $ | - | $ | (309 | ) | $ | 1,993 | |||||||||||||||||||||||||||||||||
The amortized cost, unrecognized gains and losses, and fair value of securities held to maturity were as follows (in thousands): | ||||||||||||||||||||||||||||||||||||||||||
Amortized | Gross Unrecognized | Fair | ||||||||||||||||||||||||||||||||||||||||
30-Sep-14 | Cost | Gains | Losses | Value | ||||||||||||||||||||||||||||||||||||||
Residential government-sponsored mortgage-backed securities | $ | 22,350 | $ | 599 | $ | (58 | ) | $ | 22,891 | |||||||||||||||||||||||||||||||||
Residential government-sponsored collateralized mortgage obligations | 3,724 | - | (88 | ) | 3,636 | |||||||||||||||||||||||||||||||||||||
Government-sponsored agency securities | 40,954 | 162 | (1,697 | ) | 39,419 | |||||||||||||||||||||||||||||||||||||
Obligations of states and political subdivisions | 15,560 | 80 | (166 | ) | 15,474 | |||||||||||||||||||||||||||||||||||||
Other residential collateralized mortgage obligations | 612 | - | (2 | ) | 610 | |||||||||||||||||||||||||||||||||||||
Trust preferred securities | 6,793 | 1,690 | (1,543 | ) | 6,940 | |||||||||||||||||||||||||||||||||||||
$ | 89,993 | $ | 2,531 | $ | (3,554 | ) | $ | 88,970 | ||||||||||||||||||||||||||||||||||
Amortized | Gross Unrecognized | Fair | ||||||||||||||||||||||||||||||||||||||||
31-Dec-13 | Cost | Gains | Losses | Value | ||||||||||||||||||||||||||||||||||||||
Residential government-sponsored mortgage-backed securities | $ | 25,609 | $ | 673 | $ | (294 | ) | $ | 25,988 | |||||||||||||||||||||||||||||||||
Residential government-sponsored collateralized mortgage obligations | 4,295 | 2 | (349 | ) | 3,948 | |||||||||||||||||||||||||||||||||||||
Government-sponsored agency securities | 29,971 | - | (3,994 | ) | 25,977 | |||||||||||||||||||||||||||||||||||||
Obligations of states and political subdivisions | 14,388 | - | (987 | ) | 13,401 | |||||||||||||||||||||||||||||||||||||
Other residential collateralized mortgage obligations | 659 | - | (12 | ) | 647 | |||||||||||||||||||||||||||||||||||||
Trust preferred securities | 7,521 | 939 | (2,228 | ) | 6,232 | |||||||||||||||||||||||||||||||||||||
$ | 82,443 | $ | 1,614 | $ | (7,864 | ) | $ | 76,193 | ||||||||||||||||||||||||||||||||||
The amortized cost amounts are net of recognized other than temporary impairment. | ||||||||||||||||||||||||||||||||||||||||||
The fair value and carrying amount, if different, of debt securities as of September 30, 2014, by contractual maturity were as follows (in thousands). Securities not due at a single maturity date, primarily mortgage-backed securities and collateralized mortgage obligations, are shown separately. | ||||||||||||||||||||||||||||||||||||||||||
Held to Maturity | Available for Sale | |||||||||||||||||||||||||||||||||||||||||
Amortized | Amortized | |||||||||||||||||||||||||||||||||||||||||
Cost | Fair Value | Cost | Fair Value | |||||||||||||||||||||||||||||||||||||||
Due in five to ten years | $ | 12,685 | $ | 12,436 | $ | - | $ | - | ||||||||||||||||||||||||||||||||||
Due after ten years | 50,622 | 49,397 | 2,296 | 2,271 | ||||||||||||||||||||||||||||||||||||||
Residential government-sponsored mortgage-backed securities | 22,350 | 22,891 | - | - | ||||||||||||||||||||||||||||||||||||||
Residential government-sponsored collateralized mortgage obligations | 3,724 | 3,636 | - | - | ||||||||||||||||||||||||||||||||||||||
Other residential collateralized mortgage obligations | 612 | 610 | - | - | ||||||||||||||||||||||||||||||||||||||
Total | $ | 89,993 | $ | 88,970 | $ | 2,296 | $ | 2,271 | ||||||||||||||||||||||||||||||||||
Securities with a carrying amount of approximately $71.4 million and $65.3 million at September 30, 2014 and December 31, 2013, respectively, were pledged to secure public deposits, repurchase agreements and a line of credit for advances from the Federal Home Loan Bank of Atlanta (“FHLB”). | ||||||||||||||||||||||||||||||||||||||||||
Southern National monitors the portfolio for indicators of other than temporary impairment. At September 30, 2014 and December 31, 2013, certain securities’ fair values were below cost. As outlined in the table below, there were securities with fair values totaling approximately $60.3 million in the portfolio with the carrying value exceeding the estimated fair value that are considered temporarily impaired at September 30, 2014. Because the decline in fair value is attributable to changes in interest rates and market illiquidity, and not credit quality, and because we do not have the intent to sell these securities and it is likely that we will not be required to sell the securities before their anticipated recovery, management does not consider these securities to be other-than-temporarily impaired as of September 30, 2014. The following tables present information regarding securities in a continuous unrealized loss position as of September 30, 2014 and December 31, 2013 (in thousands) by duration of time in a loss position: | ||||||||||||||||||||||||||||||||||||||||||
30-Sep-14 | ||||||||||||||||||||||||||||||||||||||||||
Less than 12 months | 12 Months or More | Total | ||||||||||||||||||||||||||||||||||||||||
Available for Sale | Fair value | Unrealized Losses | Fair value | Unrealized Losses | Fair value | Unrealized Losses | ||||||||||||||||||||||||||||||||||||
Obligations of states and political subdivisions | $ | - | $ | - | $ | 1,785 | $ | (26 | ) | $ | 1,785 | $ | (26 | ) | ||||||||||||||||||||||||||||
Less than 12 months | 12 Months or More | Total | ||||||||||||||||||||||||||||||||||||||||
Held to Maturity | Fair value | Unrecognized Losses | Fair value | Unrecognized Losses | Fair value | Unrecognized Losses | ||||||||||||||||||||||||||||||||||||
Residential government-sponsored mortgage-backed securities | $ | 11,256 | $ | (58 | ) | $ | - | $ | - | $ | 11,256 | $ | (58 | ) | ||||||||||||||||||||||||||||
Residential government-sponsored collateralized mortgage obligations | 734 | (13 | ) | 2,902 | (75 | ) | 3,636 | (88 | ) | |||||||||||||||||||||||||||||||||
Government-sponsored agency securities | 943 | (18 | ) | 28,296 | (1,679 | ) | 29,239 | (1,697 | ) | |||||||||||||||||||||||||||||||||
Obligations of states and political subdivisions | 479 | (25 | ) | 9,254 | (141 | ) | 9,733 | (166 | ) | |||||||||||||||||||||||||||||||||
Other residential collateralized mortgage obligations | 610 | (2 | ) | - | - | 610 | (2 | ) | ||||||||||||||||||||||||||||||||||
Trust preferred securities | - | - | 4,031 | (1,543 | ) | 4,031 | (1,543 | ) | ||||||||||||||||||||||||||||||||||
$ | 14,022 | $ | (116 | ) | $ | 44,483 | $ | (3,438 | ) | $ | 58,505 | $ | (3,554 | ) | ||||||||||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||||||||||||||||||||
Less than 12 months | 12 Months or More | Total | ||||||||||||||||||||||||||||||||||||||||
Available for Sale | Fair value | Unrealized Losses | Fair value | Unrealized Losses | Fair value | Unrealized Losses | ||||||||||||||||||||||||||||||||||||
Obligations of states and political subdivisions | $ | 409 | $ | (78 | ) | $ | 1,584 | $ | (231 | ) | $ | 1,993 | $ | (309 | ) | |||||||||||||||||||||||||||
Less than 12 months | 12 Months or More | Total | ||||||||||||||||||||||||||||||||||||||||
Held to Maturity | Fair value | Unrecognized Losses | Fair value | Unrecognized Losses | Fair value | Unrecognized Losses | ||||||||||||||||||||||||||||||||||||
Residential government-sponsored mortgage-backed securities | $ | 12,644 | $ | (294 | ) | $ | - | $ | - | $ | 12,644 | $ | (294 | ) | ||||||||||||||||||||||||||||
Residential government-sponsored collateralized mortgage obligations | 2,984 | (349 | ) | - | - | 2,984 | (349 | ) | ||||||||||||||||||||||||||||||||||
Government-sponsored agency securities | 8,733 | (1,250 | ) | 17,244 | (2,744 | ) | 25,977 | (3,994 | ) | |||||||||||||||||||||||||||||||||
Obligations of states and political subdivisions | 10,327 | (588 | ) | 3,064 | (399 | ) | 13,391 | (987 | ) | |||||||||||||||||||||||||||||||||
Other residential collateralized mortgage obligations | 647 | (12 | ) | - | - | 647 | (12 | ) | ||||||||||||||||||||||||||||||||||
Trust preferred securities | - | - | 4,070 | (2,228 | ) | 4,070 | (2,228 | ) | ||||||||||||||||||||||||||||||||||
$ | 35,335 | $ | (2,493 | ) | $ | 24,378 | $ | (5,371 | ) | $ | 59,713 | $ | (7,864 | ) | ||||||||||||||||||||||||||||
As of September 30, 2014, we owned pooled trust preferred securities as follows: | ||||||||||||||||||||||||||||||||||||||||||
Previously | ||||||||||||||||||||||||||||||||||||||||||
% of Current | Recognized | |||||||||||||||||||||||||||||||||||||||||
Defaults and | Cumulative | |||||||||||||||||||||||||||||||||||||||||
Ratings | Estimated | Deferrals to | Other | |||||||||||||||||||||||||||||||||||||||
Tranche | When Purchased | Current Ratings | Fair | Total | Comprehensive | |||||||||||||||||||||||||||||||||||||
Security | Level | Moody’s | Fitch | Moody’s | Fitch | Par Value | Book Value | Value | Collateral | Loss (1) | ||||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||||||||||||
ALESCO VII A1B | Senior | Aaa | AAA | A3 | BBB | $ | 5,773 | $ | 5,249 | $ | 3,829 | 15 | % | $ | 268 | |||||||||||||||||||||||||||
MMCF III B | Senior Sub | A3 | A- | Ba1 | CC | 331 | 325 | 202 | 34 | % | 6 | |||||||||||||||||||||||||||||||
6,104 | 5,574 | 4,031 | $ | 274 | ||||||||||||||||||||||||||||||||||||||
Cumulative Other | Cumulative | |||||||||||||||||||||||||||||||||||||||||
Comprehensive | OTTI Related to | |||||||||||||||||||||||||||||||||||||||||
Other Than Temporarily Impaired: | Loss (2) | Credit Loss (2) | ||||||||||||||||||||||||||||||||||||||||
TPREF FUNDING II | Mezzanine | A1 | A- | Caa3 | C | 1,500 | 509 | 530 | 41 | % | 591 | $ | 400 | |||||||||||||||||||||||||||||
TRAP 2007-XII C1 | Mezzanine | A3 | A | C | C | 2,170 | 57 | 428 | 28 | % | 820 | 1,293 | ||||||||||||||||||||||||||||||
TRAP 2007-XIII D | Mezzanine | NR | A- | NR | C | 2,039 | - | 347 | 19 | % | 7 | 2,032 | ||||||||||||||||||||||||||||||
MMC FUNDING XVIII | Mezzanine | A3 | A- | Ca | C | 1,095 | 27 | 328 | 21 | % | 377 | 691 | ||||||||||||||||||||||||||||||
ALESCO V C1 | Mezzanine | A2 | A | C | C | 2,150 | 475 | 609 | 15 | % | 1,014 | 661 | ||||||||||||||||||||||||||||||
ALESCO XV C1 | Mezzanine | A3 | A- | C | C | 3,268 | 30 | 85 | 33 | % | 679 | 2,559 | ||||||||||||||||||||||||||||||
ALESCO XVI C | Mezzanine | A3 | A- | C | C | 2,172 | 121 | 582 | 14 | % | 871 | 1,180 | ||||||||||||||||||||||||||||||
14,394 | 1,219 | 2,909 | $ | 4,359 | $ | 8,816 | ||||||||||||||||||||||||||||||||||||
Total | $ | 20,498 | $ | 6,793 | $ | 6,940 | ||||||||||||||||||||||||||||||||||||
(1) Pre-tax, and represents unrealized losses at date of transfer from available-for-sale to held-to-maturity, net of accretion | ||||||||||||||||||||||||||||||||||||||||||
(2) Pre-tax | ||||||||||||||||||||||||||||||||||||||||||
Each of these securities has been evaluated for other than temporary impairment. In performing a detailed cash flow analysis of each security, Sonabank works with independent third parties to estimate expected cash flows and assist with the evaluation of other than temporary impairment. The cash flow analyses performed included the following assumptions: | ||||||||||||||||||||||||||||||||||||||||||
● | .5% of the remaining performing collateral will default or defer per annum. | |||||||||||||||||||||||||||||||||||||||||
● | Recoveries of 11% with a two year lag on all defaults and deferrals. | |||||||||||||||||||||||||||||||||||||||||
● | No prepayments for 10 years and then 1% per annum for the remaining life of the security. | |||||||||||||||||||||||||||||||||||||||||
● | Additionally banks with assets over $15 billion will no longer be allowed to count down streamed trust preferred proceeds as Tier 1 capital (although it will still be counted as Tier 2 capital). That will incent the large banks to prepay their trust preferred securities if they can or if it is economically desirable. As a consequence, we have projected in all of our pools that 10% of the collateral issued by banks with assets over $15 billion will prepay in the first year of the forecast, and 15% in the second year. | |||||||||||||||||||||||||||||||||||||||||
● | Our securities have been modeled using the above assumptions by independent third parties using the forward LIBOR curve to discount projected cash flows to present values. | |||||||||||||||||||||||||||||||||||||||||
We recognized no OTTI charges during the three months ended September 30, 2014, and we recognized OTTI charges of $41 thousand for the nine months ended September 30, 2014 related to the TPREF Funding II security. We recognized no OTTI charges during the third quarter of 2013 and recognized OTTI charges of $3 thousand during the first nine months of 2013. | ||||||||||||||||||||||||||||||||||||||||||
The following table presents a roll forward of the credit losses on our securities held to maturity recognized in earnings for the nine months ended September 30, 2014 and 2013 (in thousands): | ||||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||||||||||||
Amount of cumulative other-than-temporary impairment | ||||||||||||||||||||||||||||||||||||||||||
related to credit loss prior to January 1 | $ | 8,911 | $ | 8,964 | ||||||||||||||||||||||||||||||||||||||
Amounts related to credit loss for which an other-than-temporary impairment was not previously recognized | - | - | ||||||||||||||||||||||||||||||||||||||||
Amounts related to credit loss for which an other-than-temporary impairment was previously recognized | 41 | 3 | ||||||||||||||||||||||||||||||||||||||||
Reductions due to realized losses | (3 | ) | (51 | ) | ||||||||||||||||||||||||||||||||||||||
Amount of cumulative other-than-temporary impairment related to credit loss as of September 30 | $ | 8,949 | $ | 8,916 | ||||||||||||||||||||||||||||||||||||||
Changes in accumulated other comprehensive income by component for the three and nine months ended September 30, 2014 and 2013 are shown in the table below. All amounts are net of tax (in thousands). | ||||||||||||||||||||||||||||||||||||||||||
Unrealized Holding | ||||||||||||||||||||||||||||||||||||||||||
Gains (Losses) on | ||||||||||||||||||||||||||||||||||||||||||
For the three months ended September 30, 2014 | Available for Sale | Held to Maturity | ||||||||||||||||||||||||||||||||||||||||
Securities | Securities | Total | ||||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | (60 | ) | $ | (2,991 | ) | $ | (3,051 | ) | |||||||||||||||||||||||||||||||||
Other comprehensive income/(loss) before reclassifications | 44 | (12 | ) | 32 | ||||||||||||||||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income/(loss) | - | - | - | |||||||||||||||||||||||||||||||||||||||
Net current-period other comprehensive income/(loss) | 44 | (12 | ) | 32 | ||||||||||||||||||||||||||||||||||||||
Ending balance | $ | (16 | ) | $ | (3,003 | ) | $ | (3,019 | ) | |||||||||||||||||||||||||||||||||
Unrealized Holding | ||||||||||||||||||||||||||||||||||||||||||
Gains (Losses) on | ||||||||||||||||||||||||||||||||||||||||||
For the nine months ended September 30, 2014 | Available for Sale | Held to Maturity | ||||||||||||||||||||||||||||||||||||||||
Securities | Securities | Total | ||||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | (203 | ) | $ | (2,987 | ) | $ | (3,190 | ) | |||||||||||||||||||||||||||||||||
Other comprehensive income/(loss) before reclassifications | 187 | (16 | ) | 171 | ||||||||||||||||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income/(loss) | - | - | - | |||||||||||||||||||||||||||||||||||||||
Net current-period other comprehensive income/(loss) | 187 | (16 | ) | 171 | ||||||||||||||||||||||||||||||||||||||
Ending balance | $ | (16 | ) | $ | (3,003 | ) | $ | (3,019 | ) | |||||||||||||||||||||||||||||||||
Unrealized Holding | ||||||||||||||||||||||||||||||||||||||||||
Gains (Losses) on | ||||||||||||||||||||||||||||||||||||||||||
For the three months ended September 30, 2013 | Available for Sale | Held to Maturity | ||||||||||||||||||||||||||||||||||||||||
Securities | Securities | Total | ||||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | (178 | ) | $ | (2,975 | ) | $ | (3,153 | ) | |||||||||||||||||||||||||||||||||
Other comprehensive income/(loss) before reclassifications | (8 | ) | (8 | ) | (16 | ) | ||||||||||||||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income/(loss) | - | - | - | |||||||||||||||||||||||||||||||||||||||
Net current-period other comprehensive income/(loss) | (8 | ) | (8 | ) | (16 | ) | ||||||||||||||||||||||||||||||||||||
Ending balance | $ | (186 | ) | $ | (2,983 | ) | $ | (3,169 | ) | |||||||||||||||||||||||||||||||||
Unrealized Holding | ||||||||||||||||||||||||||||||||||||||||||
Gains (Losses) on | ||||||||||||||||||||||||||||||||||||||||||
For the nine months ended September 30, 2013 | Available for Sale | Held to Maturity | ||||||||||||||||||||||||||||||||||||||||
Securities | Securities | Total | ||||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 44 | $ | (3,025 | ) | $ | (2,981 | ) | ||||||||||||||||||||||||||||||||||
Other comprehensive income/(loss) before reclassifications | (137 | ) | 43 | (94 | ) | |||||||||||||||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income/(loss) | (93 | ) | (1 | ) | (94 | ) | ||||||||||||||||||||||||||||||||||||
Net current-period other comprehensive income/(loss) | (230 | ) | 42 | (188 | ) | |||||||||||||||||||||||||||||||||||||
Ending balance | $ | (186 | ) | $ | (2,983 | ) | $ | (3,169 | ) |
LOANS_AND_ALLOWANCE_FOR_LOAN_L
LOANS AND ALLOWANCE FOR LOAN LOSSES | 9 Months Ended | ||||||||||||||||||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||||||||||||||||||
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract] | ' | ||||||||||||||||||||||||||||||||||||||||
LOANS AND ALLOWANCE FOR LOAN LOSSES | ' | ||||||||||||||||||||||||||||||||||||||||
4 | LOANS AND ALLOWANCE FOR LOAN LOSSES | ||||||||||||||||||||||||||||||||||||||||
The following table summarizes the composition of our loan portfolio as of September 30, 2014 and December 31, 2013: | |||||||||||||||||||||||||||||||||||||||||
Covered | Non-covered | Total | Covered | Non-covered | Total | ||||||||||||||||||||||||||||||||||||
Loans (1) | Loans | Loans | Loans (1) | Loans | Loans | ||||||||||||||||||||||||||||||||||||
30-Sep-14 | 31-Dec-13 | ||||||||||||||||||||||||||||||||||||||||
Loans secured by real estate: | |||||||||||||||||||||||||||||||||||||||||
Commercial real estate - owner-occupied | $ | 1,363 | $ | 115,971 | $ | 117,334 | $ | 1,603 | $ | 106,225 | $ | 107,828 | |||||||||||||||||||||||||||||
Commercial real estate - non-owner-occupied | 5,791 | 182,138 | 187,929 | 5,829 | 150,008 | 155,837 | |||||||||||||||||||||||||||||||||||
Secured by farmland | - | 580 | 580 | 100 | 508 | 608 | |||||||||||||||||||||||||||||||||||
Construction and land loans | - | 53,302 | 53,302 | 1 | 39,068 | 39,069 | |||||||||||||||||||||||||||||||||||
Residential 1-4 family | 15,358 | 118,423 | 133,781 | 16,631 | 66,482 | 83,113 | |||||||||||||||||||||||||||||||||||
Multi- family residential | 295 | 22,481 | 22,776 | 585 | 21,496 | 22,081 | |||||||||||||||||||||||||||||||||||
Home equity lines of credit | 24,341 | 10,353 | 34,694 | 25,769 | 6,431 | 32,200 | |||||||||||||||||||||||||||||||||||
Total real estate loans | 47,148 | 503,248 | 550,396 | 50,518 | 390,218 | 440,736 | |||||||||||||||||||||||||||||||||||
Commercial loans | 755 | 114,329 | 115,084 | 1,097 | 104,284 | 105,381 | |||||||||||||||||||||||||||||||||||
Consumer loans | 78 | 2,015 | 2,093 | 81 | 1,308 | 1,389 | |||||||||||||||||||||||||||||||||||
Gross loans | 47,981 | 619,592 | 667,573 | 51,696 | 495,810 | 547,506 | |||||||||||||||||||||||||||||||||||
Less deferred fees on loans | 8 | (1,747 | ) | (1,739 | ) | 5 | (1,453 | ) | (1,448 | ) | |||||||||||||||||||||||||||||||
Loans, net of deferred fees | $ | 47,989 | $ | 617,845 | $ | 665,834 | $ | 51,701 | $ | 494,357 | $ | 546,058 | |||||||||||||||||||||||||||||
(1) Covered Loans were acquired in the Greater Atlantic transaction and are covered under an FDIC loss-share agreement. | |||||||||||||||||||||||||||||||||||||||||
Accounting policy related to the allowance for loan losses is considered a critical policy given the level of estimation, judgment, and uncertainty in the levels of the allowance required to account for the inherent probable losses in the loan portfolio and the material effect such estimation, judgment, and uncertainty can have on the consolidated financial results. | |||||||||||||||||||||||||||||||||||||||||
As part of the Greater Atlantic acquisition, the Bank and the FDIC entered into loss sharing agreements on approximately $143.4 million (contractual basis) of Greater Atlantic Bank’s assets. There are two agreements with the FDIC, one for single family loans which is a 10-year agreement expiring in December 2019, and one for non-single family (commercial) assets which is a 5-year agreement expiring in December 2014. The Bank will share in the losses on the loans and foreclosed loan collateral with the FDIC as specified in the loss sharing agreements; we refer to these assets collectively as “covered assets.” Loans that are not covered in the loss sharing agreement are referred to as “non-covered loans”. As of September 30, 2014, non-covered loans included $36.4 million of loans acquired in the HarVest acquisition and $60.9 million acquired in the PGFSB acquisition. | |||||||||||||||||||||||||||||||||||||||||
Accretable discount on the acquired covered loans, the PGFSB loans and the HarVest loans was $10.1 million and $8.9 million at September 30, 2014 and December 31, 2013 respectively. | |||||||||||||||||||||||||||||||||||||||||
Credit-impaired covered loans are those loans which presented evidence of credit deterioration at the date of acquisition and it is probable that Southern National would not collect all contractually required principal and interest payments. Generally, acquired loans that meet Southern National’s definition for nonaccrual status fell within the definition of credit-impaired covered loans. | |||||||||||||||||||||||||||||||||||||||||
Impaired loans for the covered and non-covered portfolios were as follows (in thousands): | |||||||||||||||||||||||||||||||||||||||||
30-Sep-14 | Covered Loans | Non-covered Loans | Total Loans | ||||||||||||||||||||||||||||||||||||||
Unpaid | Unpaid | Unpaid | |||||||||||||||||||||||||||||||||||||||
Recorded | Principal | Related | Recorded | Principal | Related | Recorded | Principal | Related | |||||||||||||||||||||||||||||||||
Investment | Balance | Allowance | Investment (1) | Balance | Allowance | Investment | Balance | Allowance | |||||||||||||||||||||||||||||||||
With no related allowance recorded | |||||||||||||||||||||||||||||||||||||||||
Commercial real estate - owner occupied | $ | 753 | $ | 817 | $ | - | $ | 10,875 | $ | 10,980 | $ | - | $ | 11,628 | $ | 11,797 | $ | - | |||||||||||||||||||||||
Commercial real estate - non-owner occupied (2) | 1,879 | 2,141 | - | - | - | - | 1,879 | 2,141 | - | ||||||||||||||||||||||||||||||||
Construction and land development | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||
Commercial loans | - | - | - | 9,269 | 10,078 | - | 9,269 | 10,078 | - | ||||||||||||||||||||||||||||||||
Residential 1-4 family (4) | 1,206 | 1,420 | - | 45 | 47 | - | 1,251 | 1,467 | - | ||||||||||||||||||||||||||||||||
Other consumer loans | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||
Total | $ | 3,838 | $ | 4,378 | $ | - | $ | 20,189 | $ | 21,105 | $ | - | $ | 24,027 | $ | 25,483 | $ | - | |||||||||||||||||||||||
With an allowance recorded | |||||||||||||||||||||||||||||||||||||||||
Commercial real estate - owner occupied | $ | - | $ | - | $ | - | $ | 91 | $ | 191 | $ | 91 | $ | 91 | $ | 191 | $ | 91 | |||||||||||||||||||||||
Commercial real estate - non-owner occupied (2) | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||
Construction and land development | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||
Commercial loans | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||
Residential 1-4 family (4) | - | - | - | 6,019 | 6,168 | 300 | 6,019 | 6,168 | 300 | ||||||||||||||||||||||||||||||||
Other consumer loans | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||
Total | $ | - | $ | - | $ | - | $ | 6,110 | $ | 6,359 | $ | 391 | $ | 6,110 | $ | 6,359 | $ | 391 | |||||||||||||||||||||||
Grand total | $ | 3,838 | $ | 4,378 | $ | - | $ | 26,299 | $ | 27,464 | $ | 391 | $ | 30,137 | $ | 31,842 | $ | 391 | |||||||||||||||||||||||
(1) Recorded investment is after cumulative prior charge offs of $931 thousand These loans also have aggregate SBA guarantees of $3.3 million. | |||||||||||||||||||||||||||||||||||||||||
(2) Includes loans secured by farmland and multi-family residential loans. | |||||||||||||||||||||||||||||||||||||||||
(3) The Bank recognizes loan impairment and may concurrently record a charge off to the allowance for loan losses. | |||||||||||||||||||||||||||||||||||||||||
(4) Includes home equity lines of credit. | |||||||||||||||||||||||||||||||||||||||||
31-Dec-13 | Covered Loans | Non-covered Loans | Total Loans | ||||||||||||||||||||||||||||||||||||||
Unpaid | Unpaid | Unpaid | |||||||||||||||||||||||||||||||||||||||
Recorded | Principal | Related | Recorded | Principal | Related | Recorded | Principal | Related | |||||||||||||||||||||||||||||||||
Investment | Balance | Allowance | Investment (1) | Balance | Allowance | Investment | Balance | Allowance | |||||||||||||||||||||||||||||||||
With no related allowance recorded | |||||||||||||||||||||||||||||||||||||||||
Commercial real estate - owner occupied | $ | 745 | $ | 844 | $ | - | $ | 7,476 | $ | 7,476 | $ | - | $ | 8,221 | $ | 8,320 | $ | - | |||||||||||||||||||||||
Commercial real estate - non-owner occupied (2) | 2,145 | 2,486 | - | 359 | 449 | - | 2,504 | 2,935 | - | ||||||||||||||||||||||||||||||||
Construction and land development | - | - | - | 2,107 | 2,307 | - | 2,107 | 2,307 | - | ||||||||||||||||||||||||||||||||
Commercial loans | - | - | - | 3,155 | 3,631 | - | 3,155 | 3,631 | - | ||||||||||||||||||||||||||||||||
Residential 1-4 family (4) | 1,220 | 1,439 | - | 5,358 | 5,358 | - | 6,578 | 6,797 | - | ||||||||||||||||||||||||||||||||
Other consumer loans | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||
Total | $ | 4,110 | $ | 4,769 | $ | - | $ | 18,455 | $ | 19,221 | $ | - | $ | 22,565 | $ | 23,990 | $ | - | |||||||||||||||||||||||
With an allowance recorded | |||||||||||||||||||||||||||||||||||||||||
Commercial real estate - owner occupied | $ | - | $ | - | $ | - | $ | 400 | $ | 500 | $ | 192 | $ | 400 | $ | 500 | $ | 192 | |||||||||||||||||||||||
Commercial real estate - non-owner occupied (2) | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||
Construction and land development | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||
Commercial loans | - | - | - | 1,718 | 2,518 | 325 | 1,718 | 2,518 | 325 | ||||||||||||||||||||||||||||||||
Residential 1-4 family (4) | - | - | - | 2,637 | 2,637 | 200 | 2,637 | 2,637 | 200 | ||||||||||||||||||||||||||||||||
Other consumer loans | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||
Total | $ | - | $ | - | $ | - | $ | 4,755 | $ | 5,655 | $ | 717 | $ | 4,755 | $ | 5,655 | $ | 717 | |||||||||||||||||||||||
Grand total | $ | 4,110 | $ | 4,769 | $ | - | $ | 23,210 | $ | 24,876 | $ | 717 | $ | 27,320 | $ | 29,645 | $ | 717 | |||||||||||||||||||||||
(1) Recorded investment is after cumulative prior charge offs of $1.4 million. These loans also have aggregate SBA guarantees of $2.4 million. | |||||||||||||||||||||||||||||||||||||||||
(2) Includes loans secured by farmland and multi-family residential loans. | |||||||||||||||||||||||||||||||||||||||||
(3) The Bank recognizes loan impairment and may concurrently record a charge off to the allowance for loan losses. | |||||||||||||||||||||||||||||||||||||||||
The following tables present the average recorded investment and interest income for impaired loans recognized by class of loans for the three and nine months ended September 30, 2014 and 2013 (in thousands): | |||||||||||||||||||||||||||||||||||||||||
Three months ended September 30, 2014 | Covered Loans | Non-covered Loans | Total Loans | ||||||||||||||||||||||||||||||||||||||
Average | Interest | Average | Interest | Average | Interest | ||||||||||||||||||||||||||||||||||||
Recorded | Income | Recorded | Income | Recorded | Income | ||||||||||||||||||||||||||||||||||||
Investment | Recognized | Investment | Recognized | Investment | Recognized | ||||||||||||||||||||||||||||||||||||
With no related allowance recorded | |||||||||||||||||||||||||||||||||||||||||
Commercial real estate - owner occupied | $ | 756 | $ | 13 | $ | 10,903 | $ | 175 | $ | 11,659 | $ | 188 | |||||||||||||||||||||||||||||
Commercial real estate - non-owner occupied (1) | 1,884 | 67 | - | - | 1,884 | 67 | |||||||||||||||||||||||||||||||||||
Construction and land development | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||
Commercial loans | - | - | 8,563 | 95 | 8,563 | 95 | |||||||||||||||||||||||||||||||||||
Residential 1-4 family (2) | 1,208 | 10 | 15 | - | 1,223 | 10 | |||||||||||||||||||||||||||||||||||
Other consumer loans | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||
Total | $ | 3,848 | $ | 90 | $ | 19,481 | $ | 270 | $ | 23,329 | $ | 360 | |||||||||||||||||||||||||||||
With an allowance recorded | |||||||||||||||||||||||||||||||||||||||||
Commercial real estate - owner occupied | $ | - | $ | - | $ | 95 | $ | 3 | $ | 95 | $ | 3 | |||||||||||||||||||||||||||||
Commercial real estate - non-owner occupied (1) | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||
Construction and land development | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||
Commercial loans | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||
Residential 1-4 family (2) | - | - | 5,811 | 79 | 5,811 | 79 | |||||||||||||||||||||||||||||||||||
Other consumer loans | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||
Total | $ | - | $ | - | $ | 5,906 | $ | 82 | $ | 5,906 | $ | 82 | |||||||||||||||||||||||||||||
Grand total | $ | 3,848 | $ | 90 | $ | 25,387 | $ | 352 | $ | 29,235 | $ | 442 | |||||||||||||||||||||||||||||
(1) Includes loans secured by farmland and multi-family residential loans. | |||||||||||||||||||||||||||||||||||||||||
(2) Includes home equity lines of credit. | |||||||||||||||||||||||||||||||||||||||||
Three months ended September 30, 2013 | Covered Loans | Non-covered Loans | Total Loans | ||||||||||||||||||||||||||||||||||||||
Average | Interest | Average | Interest | Average | Interest | ||||||||||||||||||||||||||||||||||||
Recorded | Income | Recorded | Income | Recorded | Income | ||||||||||||||||||||||||||||||||||||
Investment | Recognized | Investment | Recognized | Investment | Recognized | ||||||||||||||||||||||||||||||||||||
With no related allowance recorded | |||||||||||||||||||||||||||||||||||||||||
Commercial real estate - owner occupied | $ | 135 | $ | 5 | $ | 7,564 | $ | 132 | $ | 7,699 | $ | 137 | |||||||||||||||||||||||||||||
Commercial real estate - non-owner occupied (1) | 1,448 | 30 | 365 | 9 | 1,813 | 39 | |||||||||||||||||||||||||||||||||||
Construction and land development | - | - | 2,241 | - | 2,241 | - | |||||||||||||||||||||||||||||||||||
Commercial loans | 44 | 1 | 2,408 | 26 | 2,452 | 27 | |||||||||||||||||||||||||||||||||||
Residential 1-4 family (2) | 1,504 | 19 | 2,917 | 35 | 4,421 | 54 | |||||||||||||||||||||||||||||||||||
Other consumer loans | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||
Total | $ | 3,131 | $ | 55 | $ | 15,495 | $ | 202 | $ | 18,626 | $ | 257 | |||||||||||||||||||||||||||||
With an allowance recorded | |||||||||||||||||||||||||||||||||||||||||
Commercial real estate - owner occupied | $ | - | $ | - | $ | 119 | $ | 4 | $ | 119 | $ | 4 | |||||||||||||||||||||||||||||
Commercial real estate - non-owner occupied (1) | - | - | 967 | 17 | 967 | 17 | |||||||||||||||||||||||||||||||||||
Construction and land development | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||
Commercial loans | - | - | 1,831 | - | 1,831 | - | |||||||||||||||||||||||||||||||||||
Residential 1-4 family (2) | - | - | 5,325 | 85 | 5,325 | 85 | |||||||||||||||||||||||||||||||||||
Other consumer loans | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||
Total | $ | - | $ | - | $ | 8,242 | $ | 106 | $ | 8,242 | $ | 106 | |||||||||||||||||||||||||||||
Grand total | $ | 3,131 | $ | 55 | $ | 23,737 | $ | 308 | $ | 26,868 | $ | 363 | |||||||||||||||||||||||||||||
(1) Includes loans secured by farmland and multi-family residential loans. | |||||||||||||||||||||||||||||||||||||||||
(2) Includes home equity lines of credit. | |||||||||||||||||||||||||||||||||||||||||
Nine months ended September 30, 2014 | |||||||||||||||||||||||||||||||||||||||||
Covered Loans | Non-covered Loans | Total Loans | |||||||||||||||||||||||||||||||||||||||
Average | Interest | Average | Interest | Average | Interest | ||||||||||||||||||||||||||||||||||||
Recorded | Income | Recorded | Income | Recorded | Income | ||||||||||||||||||||||||||||||||||||
Investment | Recognized | Investment | Recognized | Investment | Recognized | ||||||||||||||||||||||||||||||||||||
With no related allowance recorded | |||||||||||||||||||||||||||||||||||||||||
Commercial real estate - owner occupied | $ | 746 | $ | 40 | $ | 7,942 | $ | 372 | $ | 8,688 | $ | 412 | |||||||||||||||||||||||||||||
Commercial real estate - non-owner occupied (1) | 1,889 | 91 | - | - | 1,889 | 91 | |||||||||||||||||||||||||||||||||||
Construction and land development | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||
Commercial loans | - | - | 5,195 | 137 | 5,195 | 137 | |||||||||||||||||||||||||||||||||||
Residential 1-4 family (2) | 1,212 | 31 | 5 | - | 1,217 | 31 | |||||||||||||||||||||||||||||||||||
Other consumer loans | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||
Total | $ | 3,847 | $ | 162 | $ | 13,142 | $ | 509 | $ | 16,989 | $ | 671 | |||||||||||||||||||||||||||||
With an allowance recorded | |||||||||||||||||||||||||||||||||||||||||
Commercial real estate - owner occupied | $ | - | $ | - | $ | 106 | $ | 11 | $ | 106 | $ | 11 | |||||||||||||||||||||||||||||
Commercial real estate - non-owner occupied (1) | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||
Construction and land development | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||
Commercial loans | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||
Residential 1-4 family (2) | - | - | 5,598 | 236 | 5,598 | 236 | |||||||||||||||||||||||||||||||||||
Other consumer loans | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||
Total | $ | - | $ | - | $ | 5,704 | $ | 247 | $ | 5,704 | $ | 247 | |||||||||||||||||||||||||||||
Grand total | $ | 3,847 | $ | 162 | $ | 18,846 | $ | 756 | $ | 22,693 | $ | 918 | |||||||||||||||||||||||||||||
(1) Includes loans secured by farmland and multi-family residential loans. | |||||||||||||||||||||||||||||||||||||||||
(2) Includes home equity lines of credit. | |||||||||||||||||||||||||||||||||||||||||
Nine months ended September 30, 2013 | |||||||||||||||||||||||||||||||||||||||||
Covered Loans | Non-covered Loans | Total Loans | |||||||||||||||||||||||||||||||||||||||
Average | Interest | Average | Interest | Average | Interest | ||||||||||||||||||||||||||||||||||||
Recorded | Income | Recorded | Income | Recorded | Income | ||||||||||||||||||||||||||||||||||||
Investment | Recognized | Investment | Recognized | Investment | Recognized | ||||||||||||||||||||||||||||||||||||
With no related allowance recorded | |||||||||||||||||||||||||||||||||||||||||
Commercial real estate - owner occupied | $ | 136 | $ | 14 | $ | 6,144 | $ | 308 | $ | 6,280 | $ | 322 | |||||||||||||||||||||||||||||
Commercial real estate - non-owner occupied (1) | 1,464 | 92 | 373 | 28 | 1,837 | 120 | |||||||||||||||||||||||||||||||||||
Construction and land development | - | - | 903 | - | 903 | - | |||||||||||||||||||||||||||||||||||
Commercial loans | 44 | 4 | 1,718 | 47 | 1,762 | 51 | |||||||||||||||||||||||||||||||||||
Residential 1-4 family (2) | 1,464 | 53 | 2,892 | 101 | 4,356 | 154 | |||||||||||||||||||||||||||||||||||
Other consumer loans | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||
Total | $ | 3,108 | $ | 163 | $ | 12,030 | $ | 484 | $ | 15,138 | $ | 647 | |||||||||||||||||||||||||||||
With an allowance recorded | |||||||||||||||||||||||||||||||||||||||||
Commercial real estate - owner occupied | $ | - | $ | - | $ | 125 | $ | 13 | $ | 125 | $ | 13 | |||||||||||||||||||||||||||||
Commercial real estate - non-owner occupied (1) | - | - | 972 | 50 | 972 | 50 | |||||||||||||||||||||||||||||||||||
Construction and land development | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||
Commercial loans | - | - | 1,951 | - | 1,951 | - | |||||||||||||||||||||||||||||||||||
Residential 1-4 family (2) | - | - | 5,434 | 253 | 5,434 | 253 | |||||||||||||||||||||||||||||||||||
Other consumer loans | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||
Total | $ | - | $ | - | $ | 8,482 | $ | 316 | $ | 8,482 | $ | 316 | |||||||||||||||||||||||||||||
Grand total | $ | 3,108 | $ | 163 | $ | 20,512 | $ | 800 | $ | 23,620 | $ | 963 | |||||||||||||||||||||||||||||
(1) Includes loans secured by farmland and multi-family residential loans. | |||||||||||||||||||||||||||||||||||||||||
(2) Includes home equity lines of credit. | |||||||||||||||||||||||||||||||||||||||||
The following tables present the aging of the recorded investment in past due loans by class of loans as of September 30, 2014 and December 31, 2013 (in thousands): | |||||||||||||||||||||||||||||||||||||||||
30-Sep-14 | 30 - 59 | 60 - 89 | |||||||||||||||||||||||||||||||||||||||
Days | Days | 90 Days | Total | Nonaccrual | Loans Not | Total | |||||||||||||||||||||||||||||||||||
Past Due | Past Due | or More | Past Due | Loans | Past Due | Loans | |||||||||||||||||||||||||||||||||||
Covered loans: | |||||||||||||||||||||||||||||||||||||||||
Commercial real estate - owner occupied | $ | - | $ | - | $ | - | $ | - | $ | - | $ | 1,363 | $ | 1,363 | |||||||||||||||||||||||||||
Commercial real estate - non-owner occupied (1) | 342 | - | - | 342 | - | 5,744 | 6,086 | ||||||||||||||||||||||||||||||||||
Construction and land development | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||
Commercial loans | - | - | - | - | - | 755 | 755 | ||||||||||||||||||||||||||||||||||
Residential 1-4 family (2) | 83 | 42 | - | 125 | 819 | 38,755 | 39,699 | ||||||||||||||||||||||||||||||||||
Other consumer loans | - | - | - | - | - | 78 | 78 | ||||||||||||||||||||||||||||||||||
Total | $ | 425 | $ | 42 | $ | - | $ | 467 | $ | 819 | $ | 46,695 | $ | 47,981 | |||||||||||||||||||||||||||
Non-covered loans: | |||||||||||||||||||||||||||||||||||||||||
Commercial real estate - owner occupied | $ | 978 | $ | 2,106 | $ | - | $ | 3,084 | $ | 67 | $ | 112,820 | $ | 115,971 | |||||||||||||||||||||||||||
Commercial real estate - non-owner occupied (1) | - | - | - | - | - | 205,199 | 205,199 | ||||||||||||||||||||||||||||||||||
Construction and land development | - | 717 | - | 717 | - | 52,585 | 53,302 | ||||||||||||||||||||||||||||||||||
Commercial loans | 463 | 36 | - | 499 | 3,195 | 110,635 | 114,329 | ||||||||||||||||||||||||||||||||||
Residential 1-4 family (2) | 668 | - | - | 668 | 886 | 127,222 | 128,776 | ||||||||||||||||||||||||||||||||||
Other consumer loans | 20 | - | - | 20 | - | 1,995 | 2,015 | ||||||||||||||||||||||||||||||||||
Total | $ | 2,129 | $ | 2,859 | $ | - | $ | 4,988 | $ | 4,148 | $ | 610,456 | $ | 619,592 | |||||||||||||||||||||||||||
Total loans: | |||||||||||||||||||||||||||||||||||||||||
Commercial real estate - owner occupied | $ | 978 | $ | 2,106 | $ | - | $ | 3,084 | $ | 67 | $ | 114,183 | $ | 117,334 | |||||||||||||||||||||||||||
Commercial real estate - non-owner occupied (1) | 342 | - | - | 342 | - | 210,943 | 211,285 | ||||||||||||||||||||||||||||||||||
Construction and land development | - | 717 | - | 717 | - | 52,585 | 53,302 | ||||||||||||||||||||||||||||||||||
Commercial loans | 463 | 36 | - | 499 | 3,195 | 111,390 | 115,084 | ||||||||||||||||||||||||||||||||||
Residential 1-4 family (2) | 751 | 42 | - | 793 | 1,705 | 165,977 | 168,475 | ||||||||||||||||||||||||||||||||||
Other consumer loans | 20 | - | - | 20 | - | 2,073 | 2,093 | ||||||||||||||||||||||||||||||||||
Total | $ | 2,554 | $ | 2,901 | $ | - | $ | 5,455 | $ | 4,967 | $ | 657,151 | $ | 667,573 | |||||||||||||||||||||||||||
31-Dec-13 | 30 - 59 | 60 - 89 | |||||||||||||||||||||||||||||||||||||||
Days | Days | 90 Days | Total | Nonaccrual | Loans Not | Total | |||||||||||||||||||||||||||||||||||
Past Due | Past Due | or More | Past Due | Loans | Past Due | Loans | |||||||||||||||||||||||||||||||||||
Covered loans: | |||||||||||||||||||||||||||||||||||||||||
Commercial real estate - owner occupied | $ | - | $ | - | $ | - | $ | - | $ | - | $ | 1,603 | $ | 1,603 | |||||||||||||||||||||||||||
Commercial real estate - non-owner occupied (1) | 503 | - | - | 503 | 245 | 5,766 | 6,514 | ||||||||||||||||||||||||||||||||||
Construction and land development | - | - | - | - | - | 1 | 1 | ||||||||||||||||||||||||||||||||||
Commercial loans | - | - | - | - | - | 1,097 | 1,097 | ||||||||||||||||||||||||||||||||||
Residential 1-4 family (2) | 41 | - | - | 41 | 1,377 | 40,982 | 42,400 | ||||||||||||||||||||||||||||||||||
Other consumer loans | - | - | - | - | - | 81 | 81 | ||||||||||||||||||||||||||||||||||
Total | $ | 544 | $ | - | $ | - | $ | 544 | $ | 1,622 | $ | 49,530 | $ | 51,696 | |||||||||||||||||||||||||||
Non-covered loans: | |||||||||||||||||||||||||||||||||||||||||
Commercial real estate - owner occupied | $ | 708 | $ | 283 | $ | - | $ | 991 | $ | - | $ | 105,234 | $ | 106,225 | |||||||||||||||||||||||||||
Commercial real estate - non-owner occupied (1) | 359 | - | - | 359 | - | 171,653 | 172,012 | ||||||||||||||||||||||||||||||||||
Construction and land development | 8 | 3 | - | 11 | 2,107 | 36,950 | 39,068 | ||||||||||||||||||||||||||||||||||
Commercial loans | 522 | 968 | - | 1,490 | 3,070 | 99,724 | 104,284 | ||||||||||||||||||||||||||||||||||
Residential 1-4 family (2) | 957 | 98 | - | 1,055 | 2,637 | 69,221 | 72,913 | ||||||||||||||||||||||||||||||||||
Other consumer loans | 14 | - | - | 14 | - | 1,294 | 1,308 | ||||||||||||||||||||||||||||||||||
Total | $ | 2,568 | $ | 1,352 | $ | - | $ | 3,920 | $ | 7,814 | $ | 484,076 | $ | 495,810 | |||||||||||||||||||||||||||
Total loans: | |||||||||||||||||||||||||||||||||||||||||
Commercial real estate - owner occupied | $ | 708 | $ | 283 | $ | - | $ | 991 | $ | - | $ | 106,837 | $ | 107,828 | |||||||||||||||||||||||||||
Commercial real estate - non-owner occupied (1) | 862 | - | - | 862 | 245 | 177,419 | 178,526 | ||||||||||||||||||||||||||||||||||
Construction and land development | 8 | 3 | - | 11 | 2,107 | 36,951 | 39,069 | ||||||||||||||||||||||||||||||||||
Commercial loans | 522 | 968 | - | 1,490 | 3,070 | 100,821 | 105,381 | ||||||||||||||||||||||||||||||||||
Residential 1-4 family (2) | 998 | 98 | - | 1,096 | 4,014 | 110,203 | 115,313 | ||||||||||||||||||||||||||||||||||
Other consumer loans | 14 | - | - | 14 | - | 1,375 | 1,389 | ||||||||||||||||||||||||||||||||||
Total | $ | 3,112 | $ | 1,352 | $ | - | $ | 4,464 | $ | 9,436 | $ | 533,606 | $ | 547,506 | |||||||||||||||||||||||||||
(1) Includes loans secured by farmland and multi-family residential loans. | |||||||||||||||||||||||||||||||||||||||||
(2) Includes home equity lines of credit. | |||||||||||||||||||||||||||||||||||||||||
Non-covered nonaccrual loans include SBA guaranteed amounts totaling $3.3 million and $1.9 million at September 30, 2014 and December 31, 2013, respectively. | |||||||||||||||||||||||||||||||||||||||||
Activity in the allowance for non-covered loan and lease losses for the three and nine months ended September 30, 2014 and 2013 is summarized below (in thousands): | |||||||||||||||||||||||||||||||||||||||||
Commercial | Commercial | ||||||||||||||||||||||||||||||||||||||||
Real Estate | Real Estate | Construction | Other | ||||||||||||||||||||||||||||||||||||||
Non-covered loans: | Owner | Non-owner | and Land | Commercial | 1-4 Family | Consumer | |||||||||||||||||||||||||||||||||||
Three months ended September 30, 2014 | Occupied | Occupied (1) | Development | Loans | Residential (2) | Loans | Unallocated | Total | |||||||||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 596 | $ | 933 | $ | 1,400 | $ | 2,926 | $ | 785 | $ | 59 | $ | 616 | $ | 7,315 | |||||||||||||||||||||||||
Charge offs | (2 | ) | - | - | (1,057 | ) | (149 | ) | - | - | (1,209 | ) | |||||||||||||||||||||||||||||
Recoveries | 2 | 5 | 4 | 9 | 2 | - | - | 22 | |||||||||||||||||||||||||||||||||
Provision | 21 | 16 | 78 | 592 | 441 | (6 | ) | (168 | ) | 975 | |||||||||||||||||||||||||||||||
Ending balance | $ | 617 | $ | 954 | $ | 1,482 | $ | 2,470 | $ | 1,079 | $ | 53 | $ | 448 | $ | 7,103 | |||||||||||||||||||||||||
Three months ended September 30, 2013 | |||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 732 | $ | 1,090 | $ | 1,026 | $ | 2,742 | $ | 1,407 | $ | 55 | $ | 178 | $ | 7,230 | |||||||||||||||||||||||||
Charge offs | - | - | (350 | ) | (806 | ) | - | (2 | ) | - | (1,158 | ) | |||||||||||||||||||||||||||||
Recoveries | 4 | 87 | 1 | 23 | 4 | 1 | - | 120 | |||||||||||||||||||||||||||||||||
Provision | (33 | ) | (198 | ) | 484 | 552 | 49 | - | 346 | 1,200 | |||||||||||||||||||||||||||||||
Ending balance | $ | 703 | $ | 979 | $ | 1,161 | $ | 2,511 | $ | 1,460 | $ | 54 | $ | 524 | $ | 7,392 | |||||||||||||||||||||||||
(1) Includes loans secured by farmland and multi-family residential loans. | |||||||||||||||||||||||||||||||||||||||||
(2) Includes home equity lines of credit. | |||||||||||||||||||||||||||||||||||||||||
Commercial | Commercial | ||||||||||||||||||||||||||||||||||||||||
Real Estate | Real Estate | Construction | Other | ||||||||||||||||||||||||||||||||||||||
Non-covered loans: | Owner | Non-owner | and Land | Commercial | 1-4 Family | Consumer | |||||||||||||||||||||||||||||||||||
Nine months ended September 30, 2014 | Occupied | Occupied (1) | Development | Loans | Residential | Loans | Unallocated | Total | |||||||||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 814 | $ | 985 | $ | 1,068 | $ | 2,797 | $ | 1,302 | $ | 54 | $ | 19 | $ | 7,039 | |||||||||||||||||||||||||
Charge offs | (73 | ) | - | - | (1,905 | ) | (449 | ) | - | - | (2,427 | ) | |||||||||||||||||||||||||||||
Recoveries | 10 | 17 | 4 | 101 | 4 | 5 | - | 141 | |||||||||||||||||||||||||||||||||
Provision | (134 | ) | (48 | ) | 410 | 1,477 | 222 | (6 | ) | 429 | 2,350 | ||||||||||||||||||||||||||||||
Ending balance | $ | 617 | $ | 954 | $ | 1,482 | $ | 2,470 | $ | 1,079 | $ | 53 | $ | 448 | $ | 7,103 | |||||||||||||||||||||||||
Nine months ended September 30, 2013 | |||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 932 | $ | 1,474 | $ | 970 | $ | 2,110 | $ | 1,163 | $ | 33 | $ | 285 | $ | 6,967 | |||||||||||||||||||||||||
Charge offs | - | (199 | ) | (650 | ) | (1,471 | ) | (518 | ) | (143 | ) | - | (2,981 | ) | |||||||||||||||||||||||||||
Recoveries | 12 | 138 | 7 | 97 | 126 | 2 | - | 382 | |||||||||||||||||||||||||||||||||
Provision | (241 | ) | (434 | ) | 834 | 1,775 | 689 | 162 | 239 | 3,024 | |||||||||||||||||||||||||||||||
Ending balance | $ | 703 | $ | 979 | $ | 1,161 | $ | 2,511 | $ | 1,460 | $ | 54 | $ | 524 | $ | 7,392 | |||||||||||||||||||||||||
(1) Includes loans secured by farmland and multi-family residential loans. | |||||||||||||||||||||||||||||||||||||||||
(2) Includes home equity lines of credit. | |||||||||||||||||||||||||||||||||||||||||
Activity in the allowance for covered loan and lease losses by class of loan for the three and nine months ended September 30, 2014 and 2013 is summarized below (in thousands). | |||||||||||||||||||||||||||||||||||||||||
Commercial | Commercial | ||||||||||||||||||||||||||||||||||||||||
Real Estate | Real Estate | Construction | Other | ||||||||||||||||||||||||||||||||||||||
Covered loans: | Owner | Non-owner | and Land | Commercial | 1-4 Family | Consumer | |||||||||||||||||||||||||||||||||||
Three months ended September 30, 2014 | Occupied | Occupied (1) | Development | Loans | Residential (3) | Loans | Unallocated | Total | |||||||||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | - | $ | - | $ | - | $ | - | $ | 17 | $ | 4 | $ | - | $ | 21 | |||||||||||||||||||||||||
Charge offs | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||
Recoveries | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||
Adjustments (2) | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||
Provision | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||
Ending balance | $ | - | $ | - | $ | - | $ | - | $ | 17 | $ | 4 | $ | - | $ | 21 | |||||||||||||||||||||||||
Three months ended September 30, 2013 | |||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | - | $ | 45 | $ | - | $ | - | $ | - | $ | 21 | $ | - | $ | 66 | |||||||||||||||||||||||||
Charge offs | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||
Recoveries | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||
Adjustments (2) | - | - | - | - | - | (12 | ) | - | (12 | ) | |||||||||||||||||||||||||||||||
Provision | - | - | - | - | - | (3 | ) | - | (3 | ) | |||||||||||||||||||||||||||||||
Ending balance | $ | - | $ | 45 | $ | - | $ | - | $ | - | $ | 6 | $ | - | $ | 51 | |||||||||||||||||||||||||
(1) Includes loans secured by farmland and multi-family residential loans. | |||||||||||||||||||||||||||||||||||||||||
(2) Represents the portion of increased expected losses which is covered by the loss sharing agreement with the FDIC. | |||||||||||||||||||||||||||||||||||||||||
(3) Includes home equity lines of credit. | |||||||||||||||||||||||||||||||||||||||||
Commercial | Commercial | ||||||||||||||||||||||||||||||||||||||||
Real Estate | Real Estate | Construction | Other | ||||||||||||||||||||||||||||||||||||||
Covered loans: | Owner | Non-owner | and Land | Commercial | 1-4 Family | Consumer | |||||||||||||||||||||||||||||||||||
Nine months ended September 30, 2014 | Occupied | Occupied (1) | Development | Loans | Residential (3) | Loans | Unallocated | Total | |||||||||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | - | $ | 45 | $ | - | $ | - | $ | - | $ | 6 | $ | - | $ | 51 | |||||||||||||||||||||||||
Charge offs | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||
Recoveries | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||
Adjustments (2) | - | (36 | ) | - | - | 14 | (2 | ) | - | (24 | ) | ||||||||||||||||||||||||||||||
Provision | - | (9 | ) | - | - | 3 | - | - | (6 | ) | |||||||||||||||||||||||||||||||
Ending balance | $ | - | $ | - | $ | - | $ | - | $ | 17 | $ | 4 | $ | - | $ | 21 | |||||||||||||||||||||||||
Nine months ended September 30, 2013 | |||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | - | $ | 45 | $ | - | $ | 43 | $ | - | $ | 11 | $ | - | $ | 99 | |||||||||||||||||||||||||
Charge offs | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||
Recoveries | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||
Adjustments (2) | - | - | - | (35 | ) | - | (4 | ) | - | (39 | ) | ||||||||||||||||||||||||||||||
Provision | - | - | - | (8 | ) | - | (1 | ) | - | (9 | ) | ||||||||||||||||||||||||||||||
Ending balance | $ | - | $ | 45 | $ | - | $ | - | $ | - | $ | 6 | $ | - | $ | 51 | |||||||||||||||||||||||||
(1) Includes loans secured by farmland and multi-family residential loans. | |||||||||||||||||||||||||||||||||||||||||
(2) Represents the portion of increased expected losses which is covered by the loss sharing agreement with the FDIC. | |||||||||||||||||||||||||||||||||||||||||
(3) Includes home equity lines of credit. | |||||||||||||||||||||||||||||||||||||||||
The following tables present the balance in the allowance for loan losses and the recorded investment in non-covered loans by portfolio segment and based on impairment method as of September 30, 2014 and December 31, 2013 (in thousands): | |||||||||||||||||||||||||||||||||||||||||
Commercial | Commercial | ||||||||||||||||||||||||||||||||||||||||
Real Estate | Real Estate | Construction | Other | ||||||||||||||||||||||||||||||||||||||
Owner | Non-owner | and Land | Commercial | 1-4 Family | Consumer | ||||||||||||||||||||||||||||||||||||
Non-covered loans: | Occupied | Occupied (1) | Development | Loans | Residential (2) | Loans | Unallocated | Total | |||||||||||||||||||||||||||||||||
30-Sep-14 | |||||||||||||||||||||||||||||||||||||||||
Ending allowance balance attributable to loans: | |||||||||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 91 | $ | - | $ | - | $ | - | $ | 300 | $ | - | $ | - | $ | 391 | |||||||||||||||||||||||||
Collectively evaluated for impairment | 526 | 954 | 1,482 | 2,470 | 779 | 53 | 448 | 6,712 | |||||||||||||||||||||||||||||||||
Total ending allowance | $ | 617 | $ | 954 | $ | 1,482 | $ | 2,470 | $ | 1,079 | $ | 53 | $ | 448 | $ | 7,103 | |||||||||||||||||||||||||
Loans: | |||||||||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 10,966 | $ | - | $ | - | $ | 9,269 | $ | 6,064 | $ | - | $ | - | $ | 26,299 | |||||||||||||||||||||||||
Collectively evaluated for impairment | 105,005 | 205,199 | 53,302 | 105,060 | 122,712 | 2,015 | - | 593,293 | |||||||||||||||||||||||||||||||||
Total ending loan balances | $ | 115,971 | $ | 205,199 | $ | 53,302 | $ | 114,329 | $ | 128,776 | $ | 2,015 | $ | - | $ | 619,592 | |||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||||||||||||||
Ending allowance balance attributable to loans: | |||||||||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 192 | $ | - | $ | - | $ | 325 | $ | 200 | $ | - | $ | - | $ | 717 | |||||||||||||||||||||||||
Collectively evaluated for impairment | 622 | 985 | 1,068 | 2,472 | 1,102 | 54 | 19 | 6,322 | |||||||||||||||||||||||||||||||||
Total ending allowance | $ | 814 | $ | 985 | $ | 1,068 | $ | 2,797 | $ | 1,302 | $ | 54 | $ | 19 | $ | 7,039 | |||||||||||||||||||||||||
Loans: | |||||||||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 7,876 | $ | 359 | $ | 2,107 | $ | 4,873 | $ | 7,995 | $ | - | $ | - | $ | 23,210 | |||||||||||||||||||||||||
Collectively evaluated for impairment | 98,349 | 171,653 | 36,961 | 99,411 | 64,918 | 1,308 | - | 472,600 | |||||||||||||||||||||||||||||||||
Total ending loan balances | $ | 106,225 | $ | 172,012 | $ | 39,068 | $ | 104,284 | $ | 72,913 | $ | 1,308 | $ | - | $ | 495,810 | |||||||||||||||||||||||||
(1) Includes loans secured by farmland and multi-family residential loans. | |||||||||||||||||||||||||||||||||||||||||
(2) Includes home equity lines of credit. | |||||||||||||||||||||||||||||||||||||||||
The following tables present the balance in the allowance for covered loan losses and the recorded investment in covered loans by portfolio segment and based on impairment method as of September 30, 2014 and December 31, 2013 (in thousands): | |||||||||||||||||||||||||||||||||||||||||
Commercial | Commercial | ||||||||||||||||||||||||||||||||||||||||
Real Estate | Real Estate | Construction | Other | ||||||||||||||||||||||||||||||||||||||
Owner | Non-owner | and Land | Commercial | 1-4 Family | Consumer | ||||||||||||||||||||||||||||||||||||
Covered loans: | Occupied | Occupied (1) | Development | Loans | Residential (2) | Loans | Unallocated | Total | |||||||||||||||||||||||||||||||||
30-Sep-14 | |||||||||||||||||||||||||||||||||||||||||
Ending allowance balance attributable to loans: | |||||||||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | |||||||||||||||||||||||||
Collectively evaluated for impairment | - | - | - | - | 17 | 4 | - | 21 | |||||||||||||||||||||||||||||||||
Total ending allowance | $ | - | $ | - | $ | - | $ | - | $ | 17 | $ | 4 | $ | - | $ | 21 | |||||||||||||||||||||||||
Loans: | |||||||||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 753 | $ | 1,879 | $ | - | $ | - | $ | 1,206 | $ | - | $ | - | $ | 3,838 | |||||||||||||||||||||||||
Collectively evaluated for impairment | 610 | 4,207 | - | 755 | 38,493 | 78 | - | 44,143 | |||||||||||||||||||||||||||||||||
Total ending loan balances | $ | 1,363 | $ | 6,086 | $ | - | $ | 755 | $ | 39,699 | $ | 78 | $ | - | $ | 47,981 | |||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||||||||||||||
Ending allowance balance attributable to loans: | |||||||||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | |||||||||||||||||||||||||
Collectively evaluated for impairment | - | 45 | - | - | - | 6 | - | 51 | |||||||||||||||||||||||||||||||||
Total ending allowance | $ | - | $ | 45 | $ | - | $ | - | $ | - | $ | 6 | $ | - | $ | 51 | |||||||||||||||||||||||||
Loans: | |||||||||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 745 | $ | 2,145 | $ | - | $ | - | $ | 1,220 | $ | - | $ | - | $ | 4,110 | |||||||||||||||||||||||||
Collectively evaluated for impairment | 858 | 4,369 | 1 | 1,097 | 41,180 | 81 | - | 47,586 | |||||||||||||||||||||||||||||||||
Total ending loan balances | $ | 1,603 | $ | 6,514 | $ | 1 | $ | 1,097 | $ | 42,400 | $ | 81 | $ | - | $ | 51,696 | |||||||||||||||||||||||||
(1) Includes loans secured by farmland and multi-family residential loans. | |||||||||||||||||||||||||||||||||||||||||
(2) Includes home equity lines of credit. | |||||||||||||||||||||||||||||||||||||||||
Troubled Debt Restructurings | |||||||||||||||||||||||||||||||||||||||||
A modification is classified as a troubled debt restructuring (“TDR”) if both of the following exist: (1) the borrower is experiencing financial difficulty and (2) the Bank has granted a concession to the borrower that it would not otherwise consider. The Bank determines that a borrower may be experiencing financial difficulty if the borrower is currently delinquent on any of its debt, or if the Bank is concerned that the borrower may not be able to perform in accordance with the current terms of the loan agreement in the foreseeable future. Many aspects of the borrower’s financial situation are assessed when determining whether they are experiencing financial difficulty, particularly as it relates to commercial borrowers due to the complex nature of the loan structure, business/industry risk and borrower/guarantor structures. Concessions may include the reduction of an interest rate at a rate lower than current market rate for a new loan with similar risk, extension of the maturity date, reduction of accrued interest, or principal forgiveness. When evaluating whether a concession has been granted, the Bank also considers whether the borrower has provided additional collateral or guarantors and whether such additions adequately compensate the Bank for the restructured terms, or if the revised terms are consistent with those currently being offered to new loan customers. The assessments of whether a borrower is experiencing (or is likely to experience) financial difficulty and whether a concession has been granted is subjective in nature and management’s judgment is required when determining whether a modification is a TDR. | |||||||||||||||||||||||||||||||||||||||||
Although each occurrence is unique to the borrower and is evaluated separately, for all portfolio segments, TDRs are typically modified through reduction in interest rates, reductions in payments, changing the payment terms from principal and interest to interest only, and/or extensions in term maturity. | |||||||||||||||||||||||||||||||||||||||||
During the three and nine months ending September 30, 2014, there were no loans modified in troubled debt restructurings. No TDRs defaulted during the three and nine months ending September 30, 2014, which had been modified in the previous 12 months. | |||||||||||||||||||||||||||||||||||||||||
Credit Quality Indicators | |||||||||||||||||||||||||||||||||||||||||
Through its system of internal controls Southern National evaluates and segments loan portfolio credit quality on a quarterly basis using regulatory definitions for Special Mention, Substandard and Doubtful. Special Mention loans are considered to be criticized. Substandard and Doubtful loans are considered to be classified. Southern National had no loans classified Doubtful at September 30, 2014 or December 31, 2013. | |||||||||||||||||||||||||||||||||||||||||
Special Mention loans are loans that have a potential weakness that deserves management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or of the institution’s credit position. | |||||||||||||||||||||||||||||||||||||||||
Substandard loans may be inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged if any. Loans so classified have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the institution will sustain some loss if the deficiencies are not corrected. | |||||||||||||||||||||||||||||||||||||||||
Doubtful loans have all the weaknesses inherent in those classified as substandard, with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable. | |||||||||||||||||||||||||||||||||||||||||
As of September 30, 2014 and December 31, 2013, and based on the most recent analysis performed, the risk category of loans by class of loans is as follows (in thousands): | |||||||||||||||||||||||||||||||||||||||||
30-Sep-14 | Covered Loans | Non-covered Loans | Total Loans | ||||||||||||||||||||||||||||||||||||||
Classified/ | Special | Classified/ | |||||||||||||||||||||||||||||||||||||||
Criticized (1) | Pass | Total | Mention | Substandard (3) | Pass | Total | Criticized | Pass | Total | ||||||||||||||||||||||||||||||||
Commercial real estate - owner occupied | $ | 753 | $ | 610 | $ | 1,363 | $ | 784 | $ | 10,966 | $ | 104,221 | $ | 115,971 | $ | 12,503 | $ | 104,831 | $ | 117,334 | |||||||||||||||||||||
Commercial real estate - non-owner occupied (2) | 1,879 | 4,207 | 6,086 | - | - | 205,199 | 205,199 | 1,879 | 209,406 | 211,285 | |||||||||||||||||||||||||||||||
Construction and land development | - | - | - | 614 | - | 52,688 | 53,302 | 614 | 52,688 | 53,302 | |||||||||||||||||||||||||||||||
Commercial loans | - | 755 | 755 | 30 | 9,269 | 105,030 | 114,329 | 9,299 | 105,785 | 115,084 | |||||||||||||||||||||||||||||||
Residential 1-4 family (4) | 1,206 | 38,493 | 39,699 | 165 | 6,064 | 122,547 | 128,776 | 7,435 | 161,040 | 168,475 | |||||||||||||||||||||||||||||||
Other consumer loans | - | 78 | 78 | - | - | 2,015 | 2,015 | - | 2,093 | 2,093 | |||||||||||||||||||||||||||||||
Total | $ | 3,838 | $ | 44,143 | $ | 47,981 | $ | 1,593 | $ | 26,299 | $ | 591,700 | $ | 619,592 | $ | 31,730 | $ | 635,843 | $ | 667,573 | |||||||||||||||||||||
31-Dec-13 | Covered Loans | Non-covered Loans | Total Loans | ||||||||||||||||||||||||||||||||||||||
Classified/ | Special | Classified/ | |||||||||||||||||||||||||||||||||||||||
Criticized (1) | Pass | Total | Mention | Substandard (3) | Pass | Total | Criticized | Pass | Total | ||||||||||||||||||||||||||||||||
Commercial real estate - owner occupied | $ | 745 | $ | 858 | $ | 1,603 | $ | 802 | $ | 7,876 | $ | 97,547 | $ | 106,225 | $ | 9,423 | $ | 98,405 | $ | 107,828 | |||||||||||||||||||||
Commercial real estate - non-owner occupied (2) | 2,145 | 4,369 | 6,514 | - | 359 | 171,653 | 172,012 | 2,504 | 176,022 | 178,526 | |||||||||||||||||||||||||||||||
Construction and land development | - | 1 | 1 | 618 | 2,107 | 36,343 | 39,068 | 2,725 | 36,344 | 39,069 | |||||||||||||||||||||||||||||||
Commercial loans | - | 1,097 | 1,097 | 31 | 4,873 | 99,380 | 104,284 | 4,904 | 100,477 | 105,381 | |||||||||||||||||||||||||||||||
Residential 1-4 family (4) | 1,220 | 41,180 | 42,400 | 176 | 7,995 | 64,742 | 72,913 | 9,391 | 105,922 | 115,313 | |||||||||||||||||||||||||||||||
Other consumer loans | - | 81 | 81 | - | - | 1,308 | 1,308 | - | 1,389 | 1,389 | |||||||||||||||||||||||||||||||
Total | $ | 4,110 | $ | 47,586 | $ | 51,696 | $ | 1,627 | $ | 23,210 | $ | 470,973 | $ | 495,810 | $ | 28,947 | $ | 518,559 | $ | 547,506 | |||||||||||||||||||||
(1) Credit quality is enhanced by a loss sharing agreement with the FDIC in the covered portfolio. The same credit quality indicators used in the non-covered portfolio are combined. | |||||||||||||||||||||||||||||||||||||||||
(2) Includes loans secured by farmland and multi-family residential loans. | |||||||||||||||||||||||||||||||||||||||||
(3) Includes SBA guarantees of $3.3 million and $2.4 million as of September 30, 2014 and December 31, 2013, respectively. | |||||||||||||||||||||||||||||||||||||||||
(4) Includes home equity lines of credit. |
FINANCIAL_INSTRUMENTS_WITH_OFF
FINANCIAL INSTRUMENTS WITH OFF-BALANCE SHEET RISK | 9 Months Ended |
Sep. 30, 2014 | |
Financial Instruments With Off Balance Sheet Risk [Abstract] | ' |
FINANCIAL INSTRUMENTS WITH OFF-BALANCE SHEET RISK | ' |
5. FINANCIAL INSTRUMENTS WITH OFF-BALANCE SHEET RISK | |
Southern National is a 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. These instruments involve elements of credit and funding risk in excess of the amount recognized in the consolidated balance sheet. Letters of credit are written conditional commitments issued by Southern National to guarantee the performance of a customer to a third party. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loans to customers. We had letters of credit outstanding totaling $8.7 million and $6.9 million as of September 30, 2014 and December 31, 2013, respectively. | |
Our exposure to credit loss in the event of nonperformance by the other party to the financial instruments for commitments to extend credit and letters of credit is based on the contractual amount of these instruments. We use the same credit policies in making commitments and conditional obligations as we do for on-balance sheet instruments. Unless noted otherwise, we do not require collateral or other security to support financial instruments with credit risk. | |
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 are made predominately for adjustable rate loans, and generally have fixed expiration dates of up to three months or other termination clauses and usually require payment of a fee. Since many of the commitments may expire without being completely drawn upon, the total commitment amounts do not necessarily represent future cash requirements. We evaluate each customer’s creditworthiness on a case-by-case basis. | |
At September 30, 2014 and December 31, 2013, we had unfunded lines of credit and undisbursed construction loan funds totaling $109.9 million and $105.8 million, respectively. We had approved loan commitments of $6.3 million at September 30, 2014, and we had no approved loan commitments as of December 31, 2013. Virtually all of our unfunded lines of credit, undisbursed construction loan funds and approved loan commitments are variable rate. |
EARNINGS_PER_SHARE
EARNINGS PER SHARE | 9 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
EARNINGS PER SHARE | ' | ||||||||||||
6. EARNINGS PER SHARE | |||||||||||||
The following is a reconciliation of the denominators of the basic and diluted earnings per share (“EPS”) computations (dollars in thousands, except per share data): | |||||||||||||
Weighted | |||||||||||||
Average | |||||||||||||
Income | Shares | Per Share | |||||||||||
(Numerator) | (Denominator) | Amount | |||||||||||
For the three months ended September 30, 2014 | |||||||||||||
Basic EPS | $ | 2,108 | 11,971 | $ | 0.18 | ||||||||
Effect of dilutive stock options and warrants | - | 92 | - | ||||||||||
Diluted EPS | $ | 2,108 | 12,063 | $ | 0.17 | ||||||||
For the three months ended September 30, 2013 | |||||||||||||
Basic EPS | $ | 1,780 | 11,590 | $ | 0.15 | ||||||||
Effect of dilutive stock options and warrants | - | 47 | - | ||||||||||
Diluted EPS | $ | 1,780 | 11,637 | $ | 0.15 | ||||||||
For the nine months ended September 30, 2014 | |||||||||||||
Basic EPS | $ | 5,522 | 11,724 | $ | 0.47 | ||||||||
Effect of dilutive stock options and warrants | - | 48 | - | ||||||||||
Diluted EPS | $ | 5,522 | 11,772 | $ | 0.47 | ||||||||
For the nine months ended September 30, 2013 | |||||||||||||
Basic EPS | $ | 4,862 | 11,590 | $ | 0.42 | ||||||||
Effect of dilutive stock options and warrants | - | 35 | - | ||||||||||
Diluted EPS | $ | 4,862 | 11,625 | $ | 0.42 | ||||||||
There were 637,502 and 681,590 anti-dilutive options and warrants for the three and nine months ended September 30, 2014, respectively. Anti-dilutive options and warrants totaled 668,468 and 680,206 for the three and nine months ended September 30, 2013, respectively. |
FAIR_VALUE
FAIR VALUE | 9 Months Ended | |||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||||||
FAIR VALUE | ' | |||||||||||||||||||
7. FAIR VALUE | ||||||||||||||||||||
ASC 820-10 establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair value: | ||||||||||||||||||||
Level 1: Quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date | ||||||||||||||||||||
Level 2: Significant other observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data | ||||||||||||||||||||
Level 3: Significant unobservable inputs that reflect a reporting entity’s own assumptions about the assumptions that market participants would use in pricing an asset or liability | ||||||||||||||||||||
The following is a description of the valuation methodologies used for instruments measured at fair value, as well as the general classification of such instruments pursuant to the valuation hierarchy: | ||||||||||||||||||||
Securities Available for Sale | ||||||||||||||||||||
Where quoted prices are available in an active market, securities are classified within Level 1 of the valuation hierarchy. Level 1 securities would include highly liquid government bonds, mortgage products and exchange traded equities. If quoted market prices are not available, then fair values are estimated by using pricing models, quoted prices of securities with similar characteristics, or discounted cash flow. Level 2 securities would include U. S. agency securities, mortgage-backed securities, obligations of states and political subdivisions and certain corporate, asset-backed and other securities. In certain cases where there is limited activity or less transparency around inputs to the valuation, securities are classified within Level 3 of the valuation hierarchy. Currently, all of Southern National’s available-for-sale debt securities are considered to be Level 2 securities. | ||||||||||||||||||||
Assets measured at fair value on a recurring basis are summarized below: | ||||||||||||||||||||
Fair Value Measurements Using | ||||||||||||||||||||
Significant | ||||||||||||||||||||
Quoted Prices in | Other | Significant | ||||||||||||||||||
Active Markets for | Observable | Unobservable | ||||||||||||||||||
Total at | Identical Assets | Inputs | Inputs | |||||||||||||||||
30-Sep-14 | (Level 1) | (Level 2) | (Level 3) | |||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||
Financial assets: | ||||||||||||||||||||
Available for sale securities | ||||||||||||||||||||
Obligations of states and political subdivisions | $ | 2,271 | $ | - | $ | 2,271 | $ | - | ||||||||||||
Fair Value Measurements Using | ||||||||||||||||||||
Significant | ||||||||||||||||||||
Quoted Prices in | Other | Significant | ||||||||||||||||||
Active Markets for | Observable | Unobservable | ||||||||||||||||||
Total at | Identical Assets | Inputs | Inputs | |||||||||||||||||
31-Dec-13 | (Level 1) | (Level 2) | (Level 3) | |||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||
Financial assets: | ||||||||||||||||||||
Available for sale securities | ||||||||||||||||||||
Obligations of states and political subdivisions | $ | 1,993 | $ | - | $ | 1,993 | $ | - | ||||||||||||
Assets and Liabilities Measured on a Non-recurring Basis: | ||||||||||||||||||||
Trust Preferred Securities Classified as Held-to-Maturity | ||||||||||||||||||||
The base input in calculating fair value is a Bloomberg Fair Value Index yield curve for single issuer trust preferred securities which correspond to the ratings of the securities we own. We also use composite rating indices to fill in the gaps where the bank rating indices did not correspond to the ratings in our portfolio. When a bank index that matches the rating of our security is not available, we used the bank index that most closely matches the rating, adjusted by the spread between the composite index that most closely matches the security’s rating and the composite index with a rating that matches the bank index used. Then, we use the adjusted index yield, which is further adjusted by a liquidity premium, as the discount rate to be used in the calculation of the present value of the same cash flows used to evaluate the securities for OTTI. The liquidity premiums were derived in consultation with a securities advisor. The liquidity premiums we used ranged from 2% to 5%, and the adjusted discount rates ranged from 8.91% to 13.95% at September 30, 2014. The liquidity premiums we used ranged from 2% to 5%, and the adjusted discount rates ranged from 10.97% to 14.97% at December 31, 2013. Due to current market conditions as well as the limited trading activity of these securities, the market value of the securities is highly sensitive to assumption changes and market volatility. We have determined that our trust preferred securities are classified within Level 3 of the fair value hierarchy. | ||||||||||||||||||||
Other Residential Collateralized Mortgage Obligation Classified as Held-to Maturity | ||||||||||||||||||||
The fair value was estimated within Level 2 fair value hierarchy, as the fair value is based on either pricing models, quoted market prices of securities with similar characteristics, or discounted cash flows. We have evaluated this security for potential impairment and, based on our review of the trustee report, shock analysis and current information regarding delinquencies, nonperforming loans and credit support, it has been determined that no OTTI charge for credit exists for the three months ended September 30, 2014. The assumptions used in the analysis included a 6.3% prepayment speed, 1.4% default rate, a 72% loss severity and an accounting yield of 2.39% at September 30, 2014. The assumptions used in the analysis at December 31, 2013, included a 4.3% prepayment speed, 8.9% default rate, a 51% loss severity and an accounting yield of 1.38%. | ||||||||||||||||||||
Impaired Loans | ||||||||||||||||||||
Generally, we measure the impairment for impaired loans considering the fair value of the loan’s collateral (if the loan is collateral dependent). Fair value of the loan’s collateral is determined by an independent appraisal or evaluation less estimated costs related to selling the collateral. In some cases appraised value is net of costs to sell. Estimated selling costs range from 6% to 10% of collateral valuation at September 30, 2014 and December 31, 2013. Fair value is classified as Level 3 in the fair value hierarchy. Non-covered loans identified as impaired totaled $26.3 million (including SBA guarantees of $3.3 million and HarVest loans of $1.2 million) as of September 30, 2014 with an allocated allowance for loan losses totaling $391 thousand compared to a carrying amount of $23.2 million (including SBA guarantees of $2.4 million) with an allocated allowance for loan losses totaling $717 thousand at December 31, 2013. | ||||||||||||||||||||
Other Real Estate Owned (OREO) | ||||||||||||||||||||
OREO is evaluated at the time of acquisition and recorded at fair value as determined by independent appraisal or evaluation less cost to sell. In some cases appraised value is net of costs to sell. Selling costs have been in the range from 6% to 7.6% of collateral valuation at September 30, 2014 and December 31, 2013. Fair value is classified as Level 3 in the fair value hierarchy. OREO is further evaluated quarterly for any additional impairment. At September 30, 2014, the total amount of OREO was $13.0 million, of which $11.5 million was non-covered and $1.5 million was covered. | ||||||||||||||||||||
At December 31, 2013, the total amount of OREO was $11.8 million, of which $9.6 million was non-covered (including $509 thousand acquired from HarVest) and $2.2 million was covered. | ||||||||||||||||||||
Assets measured at fair value on a non-recurring basis are summarized below: | ||||||||||||||||||||
Fair Value Measurements Using | ||||||||||||||||||||
Significant | ||||||||||||||||||||
Quoted Prices in | Other | Significant | ||||||||||||||||||
Active Markets for | Observable | Unobservable | ||||||||||||||||||
Total at | Identical Assets | Inputs | Inputs | |||||||||||||||||
(dollars in thousands) | 30-Sep-14 | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||||
Impaired non-covered loans: | ||||||||||||||||||||
Commercial real estate - owner occupied | $ | 10,875 | $ | 10,875 | ||||||||||||||||
Commercial loans | 9,269 | 9,269 | ||||||||||||||||||
Residential 1-4 family | 5,764 | 5,764 | ||||||||||||||||||
Impaired covered loans: | ||||||||||||||||||||
Commercial real estate - owner occupied | 753 | 753 | ||||||||||||||||||
Commercial real estate - non-owner occupied (1) | 1,879 | 1,879 | ||||||||||||||||||
Residential 1-4 family | 1,206 | 1,206 | ||||||||||||||||||
Non-covered other real estate owned: | ||||||||||||||||||||
Commercial real estate - owner occupied | 461 | 461 | ||||||||||||||||||
Construction and land development | 6,970 | 6,970 | ||||||||||||||||||
Residential 1-4 family | 4,074 | 4,074 | ||||||||||||||||||
Covered other real estate owned: | ||||||||||||||||||||
Commercial real estate - non-owner occupied (1) | 1,450 | 1,450 | ||||||||||||||||||
Fair Value Measurements Using | ||||||||||||||||||||
Significant | ||||||||||||||||||||
Quoted Prices in | Other | Significant | ||||||||||||||||||
Active Markets for | Observable | Unobservable | ||||||||||||||||||
Total at | Identical Assets | Inputs | Inputs | |||||||||||||||||
(dollars in thousands) | 31-Dec-13 | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||||
Impaired non-covered loans: | ||||||||||||||||||||
Commercial real estate - owner occupied | $ | 7,684 | $ | 7,684 | ||||||||||||||||
Commercial real estate - non-owner occupied (1) | 359 | 359 | ||||||||||||||||||
Construction and land development | 2,107 | 2,107 | ||||||||||||||||||
Commercial loans | 4,548 | 4,548 | ||||||||||||||||||
Residential 1-4 family | 7,795 | 7,795 | ||||||||||||||||||
Impaired covered loans: | ||||||||||||||||||||
Commercial real estate - owner occupied | 745 | 745 | ||||||||||||||||||
Commercial real estate - non-owner occupied (1) | 2,145 | 2,145 | ||||||||||||||||||
Residential 1-4 family | 1,220 | 1,220 | ||||||||||||||||||
Non-covered other real estate owned: | ||||||||||||||||||||
Commercial real estate - owner occupied | 461 | 461 | ||||||||||||||||||
Commercial real estate - non-owner occupied (1) | 1,342 | 1,342 | ||||||||||||||||||
Construction and land development | 6,066 | 6,066 | ||||||||||||||||||
Residential 1-4 family | 1,710 | 1,710 | ||||||||||||||||||
Covered other real estate owned: | ||||||||||||||||||||
Commercial real estate - owner occupied | 557 | 557 | ||||||||||||||||||
Commercial real estate - non-owner occupied (1) | 1,450 | 1,450 | ||||||||||||||||||
Commercial | 79 | 79 | ||||||||||||||||||
Residential 1-4 family | 127 | 127 | ||||||||||||||||||
(1) Includes loans secured by farmland and multi-family residential loans. | ||||||||||||||||||||
Fair Value of Financial Instruments | ||||||||||||||||||||
The carrying amount, estimated fair values and fair value hierarchy levels (previously defined) of financial instruments were as follows (in thousands): | ||||||||||||||||||||
30-Sep-14 | 31-Dec-13 | |||||||||||||||||||
Fair Value | Carrying | Fair | Carrying | Fair | ||||||||||||||||
Hierarchy Level | Amount | Value | Amount | Value | ||||||||||||||||
Financial assets: | ||||||||||||||||||||
Cash and cash equivalents | Level 1 | $ | 45,803 | $ | 45,803 | $ | 20,856 | $ | 20,856 | |||||||||||
Securities available for sale | See previous table | 2,271 | 2,271 | 1,993 | 1,993 | |||||||||||||||
Securities held to maturity | Level 2 & Level 3 | 89,993 | 88,970 | 82,443 | 76,193 | |||||||||||||||
Stock in Federal Reserve Bank and Federal | ||||||||||||||||||||
Home Loan Bank | n/a | 6,131 | n/a | 5,915 | n/a | |||||||||||||||
Net non-covered loans | Level 3 | 610,742 | 617,574 | 487,318 | 493,472 | |||||||||||||||
Net covered loans | Level 3 | 47,968 | 53,957 | 51,650 | 57,564 | |||||||||||||||
Accrued interest receivable | Level 2 & Level 3 | 2,439 | 2,439 | 2,186 | 2,186 | |||||||||||||||
FDIC indemnification asset | Level 3 | 3,970 | 2,268 | 5,804 | 4,220 | |||||||||||||||
Financial liabilities: | ||||||||||||||||||||
Demand deposits | Level 1 | 94,337 | 94,337 | 68,940 | 68,940 | |||||||||||||||
Money market and savings accounts | Level 1 | 179,437 | 179,437 | 147,854 | 147,854 | |||||||||||||||
Certificates of deposit | Level 3 | 424,311 | 424,345 | 323,565 | 324,733 | |||||||||||||||
Securities sold under agreements to | ||||||||||||||||||||
repurchase and other short-term borrowings | Level 1 | 37,779 | 37,779 | 34,545 | 34,545 | |||||||||||||||
FHLB advances | Level 3 | 25,000 | 25,547 | 30,250 | 31,168 | |||||||||||||||
Accrued interest payable | Level 1 & Level 3 | 490 | 490 | 341 | 341 | |||||||||||||||
Carrying amount is the estimated fair value for cash and cash equivalents, accrued interest receivable and payable, demand deposits, savings accounts, money market accounts, short-term debt, and variable rate loans that reprice frequently and fully. For fixed rate loans or deposits and for variable rate loans with infrequent repricing or repricing limits, fair value is based on discounted cash flows using current market rates applied to the estimated life. A discount for liquidity risk was not considered necessary in estimating the fair value of loans. It was not practicable to determine the fair value of Federal Reserve Bank and Federal Home Loan Bank stock due to restrictions placed on its transferability. Fair value of long-term debt is based on current rates for similar financing. The fair value of the FDIC indemnification asset was determined by discounting estimated future cash flows using the long-term risk free rate plus a premium and represents the present value of our current expectation for recoveries from the FDIC on covered loans. The fair value of off-balance-sheet items is not considered material. The fair value of loans is not presented on an exit price basis. |
ACQUISTIONS
ACQUISTIONS | 9 Months Ended | ||||
Sep. 30, 2014 | |||||
Business Combinations [Abstract] | ' | ||||
ACQUISTIONS | ' | ||||
8. ACQUISTIONS | |||||
The merger with Prince George’s Federal Savings Bank (PGFSB) was completed on August 1, 2014. Southern National acquired PGFSB in a cash and stock transaction. PGFSB was founded in 1931 and is headquartered in Upper Marlboro, which is the County Seat of Prince George’s County, Maryland. Prince George’s FSB has four offices, all of which are in Maryland, including a main office in Upper Marlboro and three branch offices in Dunkirk, Brandywine and Huntingtown. Prince George’s FSB has an excellent core deposit base reflecting its tenure in the communities it serves, and its lending activities have historically been focused on residential mortgages. | |||||
The acquisition was accounted for under the acquisition method of accounting. The assets and liabilities were recorded at their estimated fair values as of the August 1, 2014 acquisition date. A summary of the net assets acquired is as follows (in thousands): | |||||
Total purchase price | $ | 11,497 | |||
Fair value of assets acquired: | |||||
Cash on hand and in banks | $ | 28,179 | |||
Loans | 61,832 | ||||
Loans held for sale | 3,499 | ||||
Land and buildings | 3,023 | ||||
Other assets | 1,022 | ||||
Core deposit intangible | 761 | ||||
Total assets acquired | $ | 98,316 | |||
Fair value of liabilities assumed: | |||||
Noninterest-bearing deposits | $ | 19,233 | |||
Interest-bearing deposits | 69,995 | ||||
Other liabilities | 504 | ||||
Total liabilities assumed | $ | 89,732 | |||
Net assets acquired | $ | 8,584 | |||
Goodwill | 2,913 | ||||
$ | 11,497 | ||||
A valuation of the acquired loans and core deposit intangible was performed with the assistance of a third-party valuation consultant. The unpaid principal balance and fair value of performing loans was $64.2 million and $61.2 million, respectively. The discount of $3.0 million will be accreted through interest income over the life of the loans in accordance with Accounting Standards Codification (ASC) topic 310-20. The unpaid principal balance and estimated fair value of acquired and retained non-performing loans was $1.5 million and $682 thousand, respectively. The discount of $790 thousand for these credit impaired loans will not be accreted in accordance with ASC 310-30. We also acquired nonperforming loans with a fair value of $3.5 million which were sold immediately after acquisition. | |||||
Merger costs related to the PGFSB acquisition were $445 thousand, consisting primarily of legal, investment banking and data processing expenses. We recorded goodwill in the amount of $2.9 million which is the difference between the total purchase price and the net assets acquired. | |||||
The PGFSB branches have been integrated into the Sonabank branch system. | |||||
On May 15, 2014, Southern National Bancorp of Virginia Inc., Jerry Flowers of Southern Trust Mortgage (STM), and Eastern Virginia Bankshares (EVB), the holding company for EVB, completed the purchase of the 62 percent of STM previously owned by Middleburg Bank. Jerry Flowers and other STM executives now own 51.1 percent of STM, Sonabank owns 44 percent and EVB owns 4.9 percent. | |||||
Sonabanks’s investment in STM totaled $5.0 million, including preferred shares in the amount of $1.8 million. The investment is being accounted for under the equity method. |
ORGANIZATION_AND_ACCOUNTING_PO1
ORGANIZATION AND ACCOUNTING POLICIES (Policies) | 9 Months Ended |
Sep. 30, 2014 | |
Accounting Policies [Abstract] | ' |
Use of Estimates | ' |
Use of Estimates | |
The preparation of the consolidated financial statements in conformity with U. S. generally accepted accounting principles 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 revenue and expenses during the reporting period. Actual results could differ from these estimates. Material estimates that are particularly susceptible to significant change in the near term relate to the determination of the allowance for loan losses, the carrying value of investment securities, other than temporary impairment of investment securities, the valuation of goodwill and intangible assets, the FDIC indemnification asset, mortgage servicing rights, other real estate owned and deferred tax assets. | |
Recent Accounting Pronouncements | ' |
Recent Accounting Pronouncements | |
In January 2014, the FASB issued ASU No. 2014-04, “Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure.” The objective of this guidance is to clarify when an in substance repossession or foreclosure occurs, that is, when a creditor should be considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan such that the loan receivable should be derecognized and the real estate property recognized. ASU No. 2014-04 states 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, ASU No. 2014-04 requires 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. ASU No. 2014-04 is effective for interim and annual reporting periods beginning after December 15, 2014. The adoption of ASU No. 2014-04 is not expected to have a material impact on the Southern National’s Consolidated Financial Statements. | |
In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606). These amendments affect any entity that either enters into contracts with customers to transfer goods or services or enters into contracts for the transfer of nonfinancial assets unless those contracts are within the scope of other standards (e.g. insurance contracts or lease contracts). This ASU will supersede the revenue recognition requirements in Topic 605, Revenue Recognition, and most industry-specific guidance, and creates a Topic 606, Revenue from Contracts with Customers. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This ASU also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. This ASU will be effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. Early adoption is not permitted. The ASU allows for either full retrospective or modified retrospective adoption. SNBV is assessing the effects of this ASU, which exclude financial instruments from its scope, but does not anticipate that it will have a material impact on its financial position or results of operations. | |
In June 2014, the FASB issued ASU No. 2014-12, Compensation—Stock Compensation (Topic 718): Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved After the Requisite Service Period. The amendments clarify the proper method of accounting for share-based payments when the terms of an award provide that a performance target could be achieved after the requisite service period. This ASU requires that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition. The performance target should not be reflected in estimating the grant-date fair value of the award. Compensation cost should be recognized in the period in which it becomes probable that the performance target will be achieved and should represent the compensation cost attributable to the period(s) for which the requisite service has already been rendered. The amendments in this ASU are effective for annual periods and interim periods within those annual periods beginning after December 15, 2015. Earlier adoption is permitted. Management does not anticipate that this ASU will significantly impact SNBV. |
STOCK_BASED_COMPENSATION_Table
STOCK- BASED COMPENSATION (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract] | ' | ||||||||||||||||
Schedule of weighted-average assumptions were used to value options granted | ' | ||||||||||||||||
The following weighted-average assumptions were used to value options granted in the nine months ended September 30, 2014: | |||||||||||||||||
Expected life | 10 years | ||||||||||||||||
Expected volatility | 29.3 | % | |||||||||||||||
Risk-free interest rate | 2.48 | % | |||||||||||||||
Weighted average fair value per option granted | $ | 2.88 | |||||||||||||||
Dividend yield | 2.55 | % | |||||||||||||||
Schedule of activity in the stock option plan | ' | ||||||||||||||||
A summary of the activity in the stock option plan during the nine months ended September 30, 2014 follows (dollars in thousands): | |||||||||||||||||
Weighted | |||||||||||||||||
Weighted | Average | Aggregate | |||||||||||||||
Average | Remaining | Intrinsic | |||||||||||||||
Exercise | Contractual | Value | |||||||||||||||
Shares | Price | Term | (in thousands) | ||||||||||||||
Options outstanding, beginning of period | 631,075 | $ | 8.21 | ||||||||||||||
Granted | 104,750 | 10.47 | |||||||||||||||
Forfeited | (12,575 | ) | 8.18 | ||||||||||||||
Exercised | (78,100 | ) | 8.82 | ||||||||||||||
Options outstanding, end of period | 645,150 | $ | 8.51 | 6.4 | $ | 1,999 | |||||||||||
Vested or expected to vest | 645,150 | $ | 8.51 | 6.4 | $ | 1,999 | |||||||||||
Exercisable at end of period | 326,865 | $ | 8.06 | 4.3 | $ | 1,158 |
SECURITIES_Tables
SECURITIES (Tables) | 9 Months Ended | |||||||||||||||||||||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | |||||||||||||||||||||||||||||||||||||||||
Schedule of amortized cost and fair value of securities available-for-sale | ' | |||||||||||||||||||||||||||||||||||||||||
Amortized | Gross Unrealized | Fair | ||||||||||||||||||||||||||||||||||||||||
30-Sep-14 | Cost | Gains | Losses | Value | ||||||||||||||||||||||||||||||||||||||
Obligations of states and political subdivisions | $ | 2,296 | $ | 1 | $ | (26 | ) | $ | 2,271 | |||||||||||||||||||||||||||||||||
Amortized | Gross Unrealized | Fair | ||||||||||||||||||||||||||||||||||||||||
31-Dec-13 | Cost | Gains | Losses | Value | ||||||||||||||||||||||||||||||||||||||
Obligations of states and political subdivisions | $ | 2,302 | $ | - | $ | (309 | ) | $ | 1,993 | |||||||||||||||||||||||||||||||||
Schedule of amortized cost, unrecognized gains and losses, and fair value of held to maturity securities | ' | |||||||||||||||||||||||||||||||||||||||||
Amortized | Gross Unrecognized | Fair | ||||||||||||||||||||||||||||||||||||||||
30-Sep-14 | Cost | Gains | Losses | Value | ||||||||||||||||||||||||||||||||||||||
Residential government-sponsored mortgage-backed securities | $ | 22,350 | $ | 599 | $ | (58 | ) | $ | 22,891 | |||||||||||||||||||||||||||||||||
Residential government-sponsored collateralized mortgage obligations | 3,724 | - | (88 | ) | 3,636 | |||||||||||||||||||||||||||||||||||||
Government-sponsored agency securities | 40,954 | 162 | (1,697 | ) | 39,419 | |||||||||||||||||||||||||||||||||||||
Obligations of states and political subdivisions | 15,560 | 80 | (166 | ) | 15,474 | |||||||||||||||||||||||||||||||||||||
Other residential collateralized mortgage obligations | 612 | - | (2 | ) | 610 | |||||||||||||||||||||||||||||||||||||
Trust preferred securities | 6,793 | 1,690 | (1,543 | ) | 6,940 | |||||||||||||||||||||||||||||||||||||
$ | 89,993 | $ | 2,531 | $ | (3,554 | ) | $ | 88,970 | ||||||||||||||||||||||||||||||||||
Amortized | Gross Unrecognized | Fair | ||||||||||||||||||||||||||||||||||||||||
31-Dec-13 | Cost | Gains | Losses | Value | ||||||||||||||||||||||||||||||||||||||
Residential government-sponsored mortgage-backed securities | $ | 25,609 | $ | 673 | $ | (294 | ) | $ | 25,988 | |||||||||||||||||||||||||||||||||
Residential government-sponsored collateralized mortgage obligations | 4,295 | 2 | (349 | ) | 3,948 | |||||||||||||||||||||||||||||||||||||
Government-sponsored agency securities | 29,971 | - | (3,994 | ) | 25,977 | |||||||||||||||||||||||||||||||||||||
Obligations of states and political subdivisions | 14,388 | - | (987 | ) | 13,401 | |||||||||||||||||||||||||||||||||||||
Other residential collateralized mortgage obligations | 659 | - | (12 | ) | 647 | |||||||||||||||||||||||||||||||||||||
Trust preferred securities | 7,521 | 939 | (2,228 | ) | 6,232 | |||||||||||||||||||||||||||||||||||||
$ | 82,443 | $ | 1,614 | $ | (7,864 | ) | $ | 76,193 | ||||||||||||||||||||||||||||||||||
Schedule of fair value and carrying amount, if different, of debt securities, by contractual maturity | ' | |||||||||||||||||||||||||||||||||||||||||
Held to Maturity | Available for Sale | |||||||||||||||||||||||||||||||||||||||||
Amortized | Amortized | |||||||||||||||||||||||||||||||||||||||||
Cost | Fair Value | Cost | Fair Value | |||||||||||||||||||||||||||||||||||||||
Due in five to ten years | $ | 12,685 | $ | 12,436 | $ | - | $ | - | ||||||||||||||||||||||||||||||||||
Due after ten years | 50,622 | 49,397 | 2,296 | 2,271 | ||||||||||||||||||||||||||||||||||||||
Residential government-sponsored mortgage-backed securities | 22,350 | 22,891 | - | - | ||||||||||||||||||||||||||||||||||||||
Residential government-sponsored collateralized mortgage obligations | 3,724 | 3,636 | - | - | ||||||||||||||||||||||||||||||||||||||
Other residential collateralized mortgage obligations | 612 | 610 | - | - | ||||||||||||||||||||||||||||||||||||||
Total | $ | 89,993 | $ | 88,970 | $ | 2,296 | $ | 2,271 | ||||||||||||||||||||||||||||||||||
Schedule of present information regarding securities in a continuous unrealized loss position by duration of time in a loss position | ' | |||||||||||||||||||||||||||||||||||||||||
30-Sep-14 | ||||||||||||||||||||||||||||||||||||||||||
Less than 12 months | 12 Months or More | Total | ||||||||||||||||||||||||||||||||||||||||
Available for Sale | Fair value | Unrealized Losses | Fair value | Unrealized Losses | Fair value | Unrealized Losses | ||||||||||||||||||||||||||||||||||||
Obligations of states and political subdivisions | $ | - | $ | - | $ | 1,785 | $ | (26 | ) | $ | 1,785 | $ | (26 | ) | ||||||||||||||||||||||||||||
Less than 12 months | 12 Months or More | Total | ||||||||||||||||||||||||||||||||||||||||
Held to Maturity | Fair value | Unrecognized Losses | Fair value | Unrecognized Losses | Fair value | Unrecognized Losses | ||||||||||||||||||||||||||||||||||||
Residential government-sponsored mortgage-backed securities | $ | 11,256 | $ | (58 | ) | $ | - | $ | - | $ | 11,256 | $ | (58 | ) | ||||||||||||||||||||||||||||
Residential government-sponsored collateralized mortgage obligations | 734 | (13 | ) | 2,902 | (75 | ) | 3,636 | (88 | ) | |||||||||||||||||||||||||||||||||
Government-sponsored agency securities | 943 | (18 | ) | 28,296 | (1,679 | ) | 29,239 | (1,697 | ) | |||||||||||||||||||||||||||||||||
Obligations of states and political subdivisions | 479 | (25 | ) | 9,254 | (141 | ) | 9,733 | (166 | ) | |||||||||||||||||||||||||||||||||
Other residential collateralized mortgage obligations | 610 | (2 | ) | - | - | 610 | (2 | ) | ||||||||||||||||||||||||||||||||||
Trust preferred securities | - | - | 4,031 | (1,543 | ) | 4,031 | (1,543 | ) | ||||||||||||||||||||||||||||||||||
$ | 14,022 | $ | (116 | ) | $ | 44,483 | $ | (3,438 | ) | $ | 58,505 | $ | (3,554 | ) | ||||||||||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||||||||||||||||||||
Less than 12 months | 12 Months or More | Total | ||||||||||||||||||||||||||||||||||||||||
Available for Sale | Fair value | Unrealized Losses | Fair value | Unrealized Losses | Fair value | Unrealized Losses | ||||||||||||||||||||||||||||||||||||
Obligations of states and political subdivisions | $ | 409 | $ | (78 | ) | $ | 1,584 | $ | (231 | ) | $ | 1,993 | $ | (309 | ) | |||||||||||||||||||||||||||
Less than 12 months | 12 Months or More | Total | ||||||||||||||||||||||||||||||||||||||||
Held to Maturity | Fair value | Unrecognized Losses | Fair value | Unrecognized Losses | Fair value | Unrecognized Losses | ||||||||||||||||||||||||||||||||||||
Residential government-sponsored mortgage-backed securities | $ | 12,644 | $ | (294 | ) | $ | - | $ | - | $ | 12,644 | $ | (294 | ) | ||||||||||||||||||||||||||||
Residential government-sponsored collateralized mortgage obligations | 2,984 | (349 | ) | - | - | 2,984 | (349 | ) | ||||||||||||||||||||||||||||||||||
Government-sponsored agency securities | 8,733 | (1,250 | ) | 17,244 | (2,744 | ) | 25,977 | (3,994 | ) | |||||||||||||||||||||||||||||||||
Obligations of states and political subdivisions | 10,327 | (588 | ) | 3,064 | (399 | ) | 13,391 | (987 | ) | |||||||||||||||||||||||||||||||||
Other residential collateralized mortgage obligations | 647 | (12 | ) | - | - | 647 | (12 | ) | ||||||||||||||||||||||||||||||||||
Trust preferred securities | - | - | 4,070 | (2,228 | ) | 4,070 | (2,228 | ) | ||||||||||||||||||||||||||||||||||
$ | 35,335 | $ | (2,493 | ) | $ | 24,378 | $ | (5,371 | ) | $ | 59,713 | $ | (7,864 | ) | ||||||||||||||||||||||||||||
Schedule of owned pooled trust preferred securities | ' | |||||||||||||||||||||||||||||||||||||||||
As of September 30, 2014, we owned pooled trust preferred securities as follows: | ||||||||||||||||||||||||||||||||||||||||||
Previously | ||||||||||||||||||||||||||||||||||||||||||
% of Current | Recognized | |||||||||||||||||||||||||||||||||||||||||
Defaults and | Cumulative | |||||||||||||||||||||||||||||||||||||||||
Ratings | Estimated | Deferrals to | Other | |||||||||||||||||||||||||||||||||||||||
Tranche | When Purchased | Current Ratings | Fair | Total | Comprehensive | |||||||||||||||||||||||||||||||||||||
Security | Level | Moody’s | Fitch | Moody’s | Fitch | Par Value | Book Value | Value | Collateral | Loss (1) | ||||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||||||||||||
ALESCO VII A1B | Senior | Aaa | AAA | A3 | BBB | $ | 5,773 | $ | 5,249 | $ | 3,829 | 15 | % | $ | 268 | |||||||||||||||||||||||||||
MMCF III B | Senior Sub | A3 | A- | Ba1 | CC | 331 | 325 | 202 | 34 | % | 6 | |||||||||||||||||||||||||||||||
6,104 | 5,574 | 4,031 | $ | 274 | ||||||||||||||||||||||||||||||||||||||
Cumulative Other | Cumulative | |||||||||||||||||||||||||||||||||||||||||
Comprehensive | OTTI Related to | |||||||||||||||||||||||||||||||||||||||||
Other Than Temporarily Impaired: | Loss (2) | Credit Loss (2) | ||||||||||||||||||||||||||||||||||||||||
TPREF FUNDING II | Mezzanine | A1 | A- | Caa3 | C | 1,500 | 509 | 530 | 41 | % | 591 | $ | 400 | |||||||||||||||||||||||||||||
TRAP 2007-XII C1 | Mezzanine | A3 | A | C | C | 2,170 | 57 | 428 | 28 | % | 820 | 1,293 | ||||||||||||||||||||||||||||||
TRAP 2007-XIII D | Mezzanine | NR | A- | NR | C | 2,039 | - | 347 | 19 | % | 7 | 2,032 | ||||||||||||||||||||||||||||||
MMC FUNDING XVIII | Mezzanine | A3 | A- | Ca | C | 1,095 | 27 | 328 | 21 | % | 377 | 691 | ||||||||||||||||||||||||||||||
ALESCO V C1 | Mezzanine | A2 | A | C | C | 2,150 | 475 | 609 | 15 | % | 1,014 | 661 | ||||||||||||||||||||||||||||||
ALESCO XV C1 | Mezzanine | A3 | A- | C | C | 3,268 | 30 | 85 | 33 | % | 679 | 2,559 | ||||||||||||||||||||||||||||||
ALESCO XVI C | Mezzanine | A3 | A- | C | C | 2,172 | 121 | 582 | 14 | % | 871 | 1,180 | ||||||||||||||||||||||||||||||
14,394 | 1,219 | 2,909 | $ | 4,359 | $ | 8,816 | ||||||||||||||||||||||||||||||||||||
Total | $ | 20,498 | $ | 6,793 | $ | 6,940 | ||||||||||||||||||||||||||||||||||||
(1) Pre-tax, and represents unrealized losses at date of transfer from available-for-sale to held-to-maturity, net of accretion | ||||||||||||||||||||||||||||||||||||||||||
(2) Pre-tax | ||||||||||||||||||||||||||||||||||||||||||
Schedule of credit losses recognized in earnings | ' | |||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||||||||||||
Amount of cumulative other-than-temporary impairment | ||||||||||||||||||||||||||||||||||||||||||
related to credit loss prior to January 1 | $ | 8,911 | $ | 8,964 | ||||||||||||||||||||||||||||||||||||||
Amounts related to credit loss for which an other-than-temporary impairment was not previously recognized | - | - | ||||||||||||||||||||||||||||||||||||||||
Amounts related to credit loss for which an other-than-temporary impairment was previously recognized | 41 | 3 | ||||||||||||||||||||||||||||||||||||||||
Reductions due to realized losses | (3 | ) | (51 | ) | ||||||||||||||||||||||||||||||||||||||
Amount of cumulative other-than-temporary impairment related to credit loss as of September 30 | $ | 8,949 | $ | 8,916 | ||||||||||||||||||||||||||||||||||||||
Schedule of changes in accumulated other comprehensive income by component | ' | |||||||||||||||||||||||||||||||||||||||||
Unrealized Holding | ||||||||||||||||||||||||||||||||||||||||||
Gains (Losses) on | ||||||||||||||||||||||||||||||||||||||||||
For the three months ended September 30, 2014 | Available for Sale | Held to Maturity | ||||||||||||||||||||||||||||||||||||||||
Securities | Securities | Total | ||||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | (60 | ) | $ | (2,991 | ) | $ | (3,051 | ) | |||||||||||||||||||||||||||||||||
Other comprehensive income/(loss) before reclassifications | 44 | (12 | ) | 32 | ||||||||||||||||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income/(loss) | - | - | - | |||||||||||||||||||||||||||||||||||||||
Net current-period other comprehensive income/(loss) | 44 | (12 | ) | 32 | ||||||||||||||||||||||||||||||||||||||
Ending balance | $ | (16 | ) | $ | (3,003 | ) | $ | (3,019 | ) | |||||||||||||||||||||||||||||||||
Unrealized Holding | ||||||||||||||||||||||||||||||||||||||||||
Gains (Losses) on | ||||||||||||||||||||||||||||||||||||||||||
For the nine months ended September 30, 2014 | Available for Sale | Held to Maturity | ||||||||||||||||||||||||||||||||||||||||
Securities | Securities | Total | ||||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | (203 | ) | $ | (2,987 | ) | $ | (3,190 | ) | |||||||||||||||||||||||||||||||||
Other comprehensive income/(loss) before reclassifications | 187 | (16 | ) | 171 | ||||||||||||||||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income/(loss) | - | - | - | |||||||||||||||||||||||||||||||||||||||
Net current-period other comprehensive income/(loss) | 187 | (16 | ) | 171 | ||||||||||||||||||||||||||||||||||||||
Ending balance | $ | (16 | ) | $ | (3,003 | ) | $ | (3,019 | ) | |||||||||||||||||||||||||||||||||
Unrealized Holding | ||||||||||||||||||||||||||||||||||||||||||
Gains (Losses) on | ||||||||||||||||||||||||||||||||||||||||||
For the three months ended September 30, 2013 | Available for Sale | Held to Maturity | ||||||||||||||||||||||||||||||||||||||||
Securities | Securities | Total | ||||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | (178 | ) | $ | (2,975 | ) | $ | (3,153 | ) | |||||||||||||||||||||||||||||||||
Other comprehensive income/(loss) before reclassifications | (8 | ) | (8 | ) | (16 | ) | ||||||||||||||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income/(loss) | - | - | - | |||||||||||||||||||||||||||||||||||||||
Net current-period other comprehensive income/(loss) | (8 | ) | (8 | ) | (16 | ) | ||||||||||||||||||||||||||||||||||||
Ending balance | $ | (186 | ) | $ | (2,983 | ) | $ | (3,169 | ) | |||||||||||||||||||||||||||||||||
Unrealized Holding | ||||||||||||||||||||||||||||||||||||||||||
Gains (Losses) on | ||||||||||||||||||||||||||||||||||||||||||
For the nine months ended September 30, 2013 | Available for Sale | Held to Maturity | ||||||||||||||||||||||||||||||||||||||||
Securities | Securities | Total | ||||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 44 | $ | (3,025 | ) | $ | (2,981 | ) | ||||||||||||||||||||||||||||||||||
Other comprehensive income/(loss) before reclassifications | (137 | ) | 43 | (94 | ) | |||||||||||||||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income/(loss) | (93 | ) | (1 | ) | (94 | ) | ||||||||||||||||||||||||||||||||||||
Net current-period other comprehensive income/(loss) | (230 | ) | 42 | (188 | ) | |||||||||||||||||||||||||||||||||||||
Ending balance | $ | (186 | ) | $ | (2,983 | ) | $ | (3,169 | ) | |||||||||||||||||||||||||||||||||
LOANS_AND_ALLOWANCE_FOR_LOAN_L1
LOANS AND ALLOWANCE FOR LOAN LOSSES (Tables) | 9 Months Ended | ||||||||||||||||||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||||||||||||||||||
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract] | ' | ||||||||||||||||||||||||||||||||||||||||
Schedule of loans, net of unearned income | ' | ||||||||||||||||||||||||||||||||||||||||
Covered | Non-covered | Total | Covered | Non-covered | Total | ||||||||||||||||||||||||||||||||||||
Loans (1) | Loans | Loans | Loans (1) | Loans | Loans | ||||||||||||||||||||||||||||||||||||
30-Sep-14 | 31-Dec-13 | ||||||||||||||||||||||||||||||||||||||||
Loans secured by real estate: | |||||||||||||||||||||||||||||||||||||||||
Commercial real estate - owner-occupied | $ | 1,363 | $ | 115,971 | $ | 117,334 | $ | 1,603 | $ | 106,225 | $ | 107,828 | |||||||||||||||||||||||||||||
Commercial real estate - non-owner-occupied | 5,791 | 182,138 | 187,929 | 5,829 | 150,008 | 155,837 | |||||||||||||||||||||||||||||||||||
Secured by farmland | - | 580 | 580 | 100 | 508 | 608 | |||||||||||||||||||||||||||||||||||
Construction and land loans | - | 53,302 | 53,302 | 1 | 39,068 | 39,069 | |||||||||||||||||||||||||||||||||||
Residential 1-4 family | 15,358 | 118,423 | 133,781 | 16,631 | 66,482 | 83,113 | |||||||||||||||||||||||||||||||||||
Multi- family residential | 295 | 22,481 | 22,776 | 585 | 21,496 | 22,081 | |||||||||||||||||||||||||||||||||||
Home equity lines of credit | 24,341 | 10,353 | 34,694 | 25,769 | 6,431 | 32,200 | |||||||||||||||||||||||||||||||||||
Total real estate loans | 47,148 | 503,248 | 550,396 | 50,518 | 390,218 | 440,736 | |||||||||||||||||||||||||||||||||||
Commercial loans | 755 | 114,329 | 115,084 | 1,097 | 104,284 | 105,381 | |||||||||||||||||||||||||||||||||||
Consumer loans | 78 | 2,015 | 2,093 | 81 | 1,308 | 1,389 | |||||||||||||||||||||||||||||||||||
Gross loans | 47,981 | 619,592 | 667,573 | 51,696 | 495,810 | 547,506 | |||||||||||||||||||||||||||||||||||
Less deferred fees on loans | 8 | (1,747 | ) | (1,739 | ) | 5 | (1,453 | ) | (1,448 | ) | |||||||||||||||||||||||||||||||
Loans, net of deferred fees | $ | 47,989 | $ | 617,845 | $ | 665,834 | $ | 51,701 | $ | 494,357 | $ | 546,058 | |||||||||||||||||||||||||||||
(1) Covered Loans were acquired in the Greater Atlantic transaction and are covered under an FDIC loss-share agreement. | |||||||||||||||||||||||||||||||||||||||||
Schedule of summary of impaired loans | ' | ||||||||||||||||||||||||||||||||||||||||
30-Sep-14 | Covered Loans | Non-covered Loans | Total Loans | ||||||||||||||||||||||||||||||||||||||
Unpaid | Unpaid | Unpaid | |||||||||||||||||||||||||||||||||||||||
Recorded | Principal | Related | Recorded | Principal | Related | Recorded | Principal | Related | |||||||||||||||||||||||||||||||||
Investment | Balance | Allowance | Investment (1) | Balance | Allowance | Investment | Balance | Allowance | |||||||||||||||||||||||||||||||||
With no related allowance recorded | |||||||||||||||||||||||||||||||||||||||||
Commercial real estate - owner occupied | $ | 753 | $ | 817 | $ | - | $ | 10,875 | $ | 10,980 | $ | - | $ | 11,628 | $ | 11,797 | $ | - | |||||||||||||||||||||||
Commercial real estate - non-owner occupied (2) | 1,879 | 2,141 | - | - | - | - | 1,879 | 2,141 | - | ||||||||||||||||||||||||||||||||
Construction and land development | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||
Commercial loans | - | - | - | 9,269 | 10,078 | - | 9,269 | 10,078 | - | ||||||||||||||||||||||||||||||||
Residential 1-4 family (4) | 1,206 | 1,420 | - | 45 | 47 | - | 1,251 | 1,467 | - | ||||||||||||||||||||||||||||||||
Other consumer loans | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||
Total | $ | 3,838 | $ | 4,378 | $ | - | $ | 20,189 | $ | 21,105 | $ | - | $ | 24,027 | $ | 25,483 | $ | - | |||||||||||||||||||||||
With an allowance recorded | |||||||||||||||||||||||||||||||||||||||||
Commercial real estate - owner occupied | $ | - | $ | - | $ | - | $ | 91 | $ | 191 | $ | 91 | $ | 91 | $ | 191 | $ | 91 | |||||||||||||||||||||||
Commercial real estate - non-owner occupied (2) | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||
Construction and land development | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||
Commercial loans | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||
Residential 1-4 family (4) | - | - | - | 6,019 | 6,168 | 300 | 6,019 | 6,168 | 300 | ||||||||||||||||||||||||||||||||
Other consumer loans | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||
Total | $ | - | $ | - | $ | - | $ | 6,110 | $ | 6,359 | $ | 391 | $ | 6,110 | $ | 6,359 | $ | 391 | |||||||||||||||||||||||
Grand total | $ | 3,838 | $ | 4,378 | $ | - | $ | 26,299 | $ | 27,464 | $ | 391 | $ | 30,137 | $ | 31,842 | $ | 391 | |||||||||||||||||||||||
(1) Recorded investment is after cumulative prior charge offs of $931 thousand These loans also have aggregate SBA guarantees of $3.3 million. | |||||||||||||||||||||||||||||||||||||||||
(2) Includes loans secured by farmland and multi-family residential loans. | |||||||||||||||||||||||||||||||||||||||||
(3) The Bank recognizes loan impairment and may concurrently record a charge off to the allowance for loan losses. | |||||||||||||||||||||||||||||||||||||||||
(4) Includes home equity lines of credit. | |||||||||||||||||||||||||||||||||||||||||
31-Dec-13 | Covered Loans | Non-covered Loans | Total Loans | ||||||||||||||||||||||||||||||||||||||
Unpaid | Unpaid | Unpaid | |||||||||||||||||||||||||||||||||||||||
Recorded | Principal | Related | Recorded | Principal | Related | Recorded | Principal | Related | |||||||||||||||||||||||||||||||||
Investment | Balance | Allowance | Investment (1) | Balance | Allowance | Investment | Balance | Allowance | |||||||||||||||||||||||||||||||||
With no related allowance recorded | |||||||||||||||||||||||||||||||||||||||||
Commercial real estate - owner occupied | $ | 745 | $ | 844 | $ | - | $ | 7,476 | $ | 7,476 | $ | - | $ | 8,221 | $ | 8,320 | $ | - | |||||||||||||||||||||||
Commercial real estate - non-owner occupied (2) | 2,145 | 2,486 | - | 359 | 449 | - | 2,504 | 2,935 | - | ||||||||||||||||||||||||||||||||
Construction and land development | - | - | - | 2,107 | 2,307 | - | 2,107 | 2,307 | - | ||||||||||||||||||||||||||||||||
Commercial loans | - | - | - | 3,155 | 3,631 | - | 3,155 | 3,631 | - | ||||||||||||||||||||||||||||||||
Residential 1-4 family (4) | 1,220 | 1,439 | - | 5,358 | 5,358 | - | 6,578 | 6,797 | - | ||||||||||||||||||||||||||||||||
Other consumer loans | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||
Total | $ | 4,110 | $ | 4,769 | $ | - | $ | 18,455 | $ | 19,221 | $ | - | $ | 22,565 | $ | 23,990 | $ | - | |||||||||||||||||||||||
With an allowance recorded | |||||||||||||||||||||||||||||||||||||||||
Commercial real estate - owner occupied | $ | - | $ | - | $ | - | $ | 400 | $ | 500 | $ | 192 | $ | 400 | $ | 500 | $ | 192 | |||||||||||||||||||||||
Commercial real estate - non-owner occupied (2) | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||
Construction and land development | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||
Commercial loans | - | - | - | 1,718 | 2,518 | 325 | 1,718 | 2,518 | 325 | ||||||||||||||||||||||||||||||||
Residential 1-4 family (4) | - | - | - | 2,637 | 2,637 | 200 | 2,637 | 2,637 | 200 | ||||||||||||||||||||||||||||||||
Other consumer loans | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||
Total | $ | - | $ | - | $ | - | $ | 4,755 | $ | 5,655 | $ | 717 | $ | 4,755 | $ | 5,655 | $ | 717 | |||||||||||||||||||||||
Grand total | $ | 4,110 | $ | 4,769 | $ | - | $ | 23,210 | $ | 24,876 | $ | 717 | $ | 27,320 | $ | 29,645 | $ | 717 | |||||||||||||||||||||||
(1) Recorded investment is after cumulative prior charge offs of $1.4 million. These loans also have aggregate SBA guarantees of $2.4 million. | |||||||||||||||||||||||||||||||||||||||||
(2) Includes loans secured by farmland and multi-family residential loans. | |||||||||||||||||||||||||||||||||||||||||
(3) The Bank recognizes loan impairment and may concurrently record a charge off to the allowance for loan losses. | |||||||||||||||||||||||||||||||||||||||||
Schedule of details of average recorded investment and interest income for impaired loans recognized by class of loans | ' | ||||||||||||||||||||||||||||||||||||||||
Three months ended September 30, 2014 | Covered Loans | Non-covered Loans | Total Loans | ||||||||||||||||||||||||||||||||||||||
Average | Interest | Average | Interest | Average | Interest | ||||||||||||||||||||||||||||||||||||
Recorded | Income | Recorded | Income | Recorded | Income | ||||||||||||||||||||||||||||||||||||
Investment | Recognized | Investment | Recognized | Investment | Recognized | ||||||||||||||||||||||||||||||||||||
With no related allowance recorded | |||||||||||||||||||||||||||||||||||||||||
Commercial real estate - owner occupied | $ | 756 | $ | 13 | $ | 10,903 | $ | 175 | $ | 11,659 | $ | 188 | |||||||||||||||||||||||||||||
Commercial real estate - non-owner occupied (1) | 1,884 | 67 | - | - | 1,884 | 67 | |||||||||||||||||||||||||||||||||||
Construction and land development | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||
Commercial loans | - | - | 8,563 | 95 | 8,563 | 95 | |||||||||||||||||||||||||||||||||||
Residential 1-4 family (2) | 1,208 | 10 | 15 | - | 1,223 | 10 | |||||||||||||||||||||||||||||||||||
Other consumer loans | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||
Total | $ | 3,848 | $ | 90 | $ | 19,481 | $ | 270 | $ | 23,329 | $ | 360 | |||||||||||||||||||||||||||||
With an allowance recorded | |||||||||||||||||||||||||||||||||||||||||
Commercial real estate - owner occupied | $ | - | $ | - | $ | 95 | $ | 3 | $ | 95 | $ | 3 | |||||||||||||||||||||||||||||
Commercial real estate - non-owner occupied (1) | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||
Construction and land development | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||
Commercial loans | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||
Residential 1-4 family (2) | - | - | 5,811 | 79 | 5,811 | 79 | |||||||||||||||||||||||||||||||||||
Other consumer loans | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||
Total | $ | - | $ | - | $ | 5,906 | $ | 82 | $ | 5,906 | $ | 82 | |||||||||||||||||||||||||||||
Grand total | $ | 3,848 | $ | 90 | $ | 25,387 | $ | 352 | $ | 29,235 | $ | 442 | |||||||||||||||||||||||||||||
(1) Includes loans secured by farmland and multi-family residential loans. | |||||||||||||||||||||||||||||||||||||||||
(2) Includes home equity lines of credit. | |||||||||||||||||||||||||||||||||||||||||
Three months ended September 30, 2013 | Covered Loans | Non-covered Loans | Total Loans | ||||||||||||||||||||||||||||||||||||||
Average | Interest | Average | Interest | Average | Interest | ||||||||||||||||||||||||||||||||||||
Recorded | Income | Recorded | Income | Recorded | Income | ||||||||||||||||||||||||||||||||||||
Investment | Recognized | Investment | Recognized | Investment | Recognized | ||||||||||||||||||||||||||||||||||||
With no related allowance recorded | |||||||||||||||||||||||||||||||||||||||||
Commercial real estate - owner occupied | $ | 135 | $ | 5 | $ | 7,564 | $ | 132 | $ | 7,699 | $ | 137 | |||||||||||||||||||||||||||||
Commercial real estate - non-owner occupied (1) | 1,448 | 30 | 365 | 9 | 1,813 | 39 | |||||||||||||||||||||||||||||||||||
Construction and land development | - | - | 2,241 | - | 2,241 | - | |||||||||||||||||||||||||||||||||||
Commercial loans | 44 | 1 | 2,408 | 26 | 2,452 | 27 | |||||||||||||||||||||||||||||||||||
Residential 1-4 family (2) | 1,504 | 19 | 2,917 | 35 | 4,421 | 54 | |||||||||||||||||||||||||||||||||||
Other consumer loans | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||
Total | $ | 3,131 | $ | 55 | $ | 15,495 | $ | 202 | $ | 18,626 | $ | 257 | |||||||||||||||||||||||||||||
With an allowance recorded | |||||||||||||||||||||||||||||||||||||||||
Commercial real estate - owner occupied | $ | - | $ | - | $ | 119 | $ | 4 | $ | 119 | $ | 4 | |||||||||||||||||||||||||||||
Commercial real estate - non-owner occupied (1) | - | - | 967 | 17 | 967 | 17 | |||||||||||||||||||||||||||||||||||
Construction and land development | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||
Commercial loans | - | - | 1,831 | - | 1,831 | - | |||||||||||||||||||||||||||||||||||
Residential 1-4 family (2) | - | - | 5,325 | 85 | 5,325 | 85 | |||||||||||||||||||||||||||||||||||
Other consumer loans | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||
Total | $ | - | $ | - | $ | 8,242 | $ | 106 | $ | 8,242 | $ | 106 | |||||||||||||||||||||||||||||
Grand total | $ | 3,131 | $ | 55 | $ | 23,737 | $ | 308 | $ | 26,868 | $ | 363 | |||||||||||||||||||||||||||||
(1) Includes loans secured by farmland and multi-family residential loans. | |||||||||||||||||||||||||||||||||||||||||
(2) Includes home equity lines of credit. | |||||||||||||||||||||||||||||||||||||||||
Nine months ended September 30, 2014 | |||||||||||||||||||||||||||||||||||||||||
Covered Loans | Non-covered Loans | Total Loans | |||||||||||||||||||||||||||||||||||||||
Average | Interest | Average | Interest | Average | Interest | ||||||||||||||||||||||||||||||||||||
Recorded | Income | Recorded | Income | Recorded | Income | ||||||||||||||||||||||||||||||||||||
Investment | Recognized | Investment | Recognized | Investment | Recognized | ||||||||||||||||||||||||||||||||||||
With no related allowance recorded | |||||||||||||||||||||||||||||||||||||||||
Commercial real estate - owner occupied | $ | 746 | $ | 40 | $ | 7,942 | $ | 372 | $ | 8,688 | $ | 412 | |||||||||||||||||||||||||||||
Commercial real estate - non-owner occupied (1) | 1,889 | 91 | - | - | 1,889 | 91 | |||||||||||||||||||||||||||||||||||
Construction and land development | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||
Commercial loans | - | - | 5,195 | 137 | 5,195 | 137 | |||||||||||||||||||||||||||||||||||
Residential 1-4 family (2) | 1,212 | 31 | 5 | - | 1,217 | 31 | |||||||||||||||||||||||||||||||||||
Other consumer loans | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||
Total | $ | 3,847 | $ | 162 | $ | 13,142 | $ | 509 | $ | 16,989 | $ | 671 | |||||||||||||||||||||||||||||
With an allowance recorded | |||||||||||||||||||||||||||||||||||||||||
Commercial real estate - owner occupied | $ | - | $ | - | $ | 106 | $ | 11 | $ | 106 | $ | 11 | |||||||||||||||||||||||||||||
Commercial real estate - non-owner occupied (1) | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||
Construction and land development | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||
Commercial loans | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||
Residential 1-4 family (2) | - | - | 5,598 | 236 | 5,598 | 236 | |||||||||||||||||||||||||||||||||||
Other consumer loans | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||
Total | $ | - | $ | - | $ | 5,704 | $ | 247 | $ | 5,704 | $ | 247 | |||||||||||||||||||||||||||||
Grand total | $ | 3,847 | $ | 162 | $ | 18,846 | $ | 756 | $ | 22,693 | $ | 918 | |||||||||||||||||||||||||||||
(1) Includes loans secured by farmland and multi-family residential loans. | |||||||||||||||||||||||||||||||||||||||||
(2) Includes home equity lines of credit. | |||||||||||||||||||||||||||||||||||||||||
Nine months ended September 30, 2013 | |||||||||||||||||||||||||||||||||||||||||
Covered Loans | Non-covered Loans | Total Loans | |||||||||||||||||||||||||||||||||||||||
Average | Interest | Average | Interest | Average | Interest | ||||||||||||||||||||||||||||||||||||
Recorded | Income | Recorded | Income | Recorded | Income | ||||||||||||||||||||||||||||||||||||
Investment | Recognized | Investment | Recognized | Investment | Recognized | ||||||||||||||||||||||||||||||||||||
With no related allowance recorded | |||||||||||||||||||||||||||||||||||||||||
Commercial real estate - owner occupied | $ | 136 | $ | 14 | $ | 6,144 | $ | 308 | $ | 6,280 | $ | 322 | |||||||||||||||||||||||||||||
Commercial real estate - non-owner occupied (1) | 1,464 | 92 | 373 | 28 | 1,837 | 120 | |||||||||||||||||||||||||||||||||||
Construction and land development | - | - | 903 | - | 903 | - | |||||||||||||||||||||||||||||||||||
Commercial loans | 44 | 4 | 1,718 | 47 | 1,762 | 51 | |||||||||||||||||||||||||||||||||||
Residential 1-4 family (2) | 1,464 | 53 | 2,892 | 101 | 4,356 | 154 | |||||||||||||||||||||||||||||||||||
Other consumer loans | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||
Total | $ | 3,108 | $ | 163 | $ | 12,030 | $ | 484 | $ | 15,138 | $ | 647 | |||||||||||||||||||||||||||||
With an allowance recorded | |||||||||||||||||||||||||||||||||||||||||
Commercial real estate - owner occupied | $ | - | $ | - | $ | 125 | $ | 13 | $ | 125 | $ | 13 | |||||||||||||||||||||||||||||
Commercial real estate - non-owner occupied (1) | - | - | 972 | 50 | 972 | 50 | |||||||||||||||||||||||||||||||||||
Construction and land development | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||
Commercial loans | - | - | 1,951 | - | 1,951 | - | |||||||||||||||||||||||||||||||||||
Residential 1-4 family (2) | - | - | 5,434 | 253 | 5,434 | 253 | |||||||||||||||||||||||||||||||||||
Other consumer loans | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||
Total | $ | - | $ | - | $ | 8,482 | $ | 316 | $ | 8,482 | $ | 316 | |||||||||||||||||||||||||||||
Grand total | $ | 3,108 | $ | 163 | $ | 20,512 | $ | 800 | $ | 23,620 | $ | 963 | |||||||||||||||||||||||||||||
(1) Includes loans secured by farmland and multi-family residential loans. | |||||||||||||||||||||||||||||||||||||||||
(2) Includes home equity lines of credit. | |||||||||||||||||||||||||||||||||||||||||
Schedule of details of aging of the recorded investment in past due loans by class of loans | ' | ||||||||||||||||||||||||||||||||||||||||
30-Sep-14 | 30 - 59 | 60 - 89 | |||||||||||||||||||||||||||||||||||||||
Days | Days | 90 Days | Total | Nonaccrual | Loans Not | Total | |||||||||||||||||||||||||||||||||||
Past Due | Past Due | or More | Past Due | Loans | Past Due | Loans | |||||||||||||||||||||||||||||||||||
Covered loans: | |||||||||||||||||||||||||||||||||||||||||
Commercial real estate - owner occupied | $ | - | $ | - | $ | - | $ | - | $ | - | $ | 1,363 | $ | 1,363 | |||||||||||||||||||||||||||
Commercial real estate - non-owner occupied (1) | 342 | - | - | 342 | - | 5,744 | 6,086 | ||||||||||||||||||||||||||||||||||
Construction and land development | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||
Commercial loans | - | - | - | - | - | 755 | 755 | ||||||||||||||||||||||||||||||||||
Residential 1-4 family (2) | 83 | 42 | - | 125 | 819 | 38,755 | 39,699 | ||||||||||||||||||||||||||||||||||
Other consumer loans | - | - | - | - | - | 78 | 78 | ||||||||||||||||||||||||||||||||||
Total | $ | 425 | $ | 42 | $ | - | $ | 467 | $ | 819 | $ | 46,695 | $ | 47,981 | |||||||||||||||||||||||||||
Non-covered loans: | |||||||||||||||||||||||||||||||||||||||||
Commercial real estate - owner occupied | $ | 978 | $ | 2,106 | $ | - | $ | 3,084 | $ | 67 | $ | 112,820 | $ | 115,971 | |||||||||||||||||||||||||||
Commercial real estate - non-owner occupied (1) | - | - | - | - | - | 205,199 | 205,199 | ||||||||||||||||||||||||||||||||||
Construction and land development | - | 717 | - | 717 | - | 52,585 | 53,302 | ||||||||||||||||||||||||||||||||||
Commercial loans | 463 | 36 | - | 499 | 3,195 | 110,635 | 114,329 | ||||||||||||||||||||||||||||||||||
Residential 1-4 family (2) | 668 | - | - | 668 | 886 | 127,222 | 128,776 | ||||||||||||||||||||||||||||||||||
Other consumer loans | 20 | - | - | 20 | - | 1,995 | 2,015 | ||||||||||||||||||||||||||||||||||
Total | $ | 2,129 | $ | 2,859 | $ | - | $ | 4,988 | $ | 4,148 | $ | 610,456 | $ | 619,592 | |||||||||||||||||||||||||||
Total loans: | |||||||||||||||||||||||||||||||||||||||||
Commercial real estate - owner occupied | $ | 978 | $ | 2,106 | $ | - | $ | 3,084 | $ | 67 | $ | 114,183 | $ | 117,334 | |||||||||||||||||||||||||||
Commercial real estate - non-owner occupied (1) | 342 | - | - | 342 | - | 210,943 | 211,285 | ||||||||||||||||||||||||||||||||||
Construction and land development | - | 717 | - | 717 | - | 52,585 | 53,302 | ||||||||||||||||||||||||||||||||||
Commercial loans | 463 | 36 | - | 499 | 3,195 | 111,390 | 115,084 | ||||||||||||||||||||||||||||||||||
Residential 1-4 family (2) | 751 | 42 | - | 793 | 1,705 | 165,977 | 168,475 | ||||||||||||||||||||||||||||||||||
Other consumer loans | 20 | - | - | 20 | - | 2,073 | 2,093 | ||||||||||||||||||||||||||||||||||
Total | $ | 2,554 | $ | 2,901 | $ | - | $ | 5,455 | $ | 4,967 | $ | 657,151 | $ | 667,573 | |||||||||||||||||||||||||||
31-Dec-13 | 30 - 59 | 60 - 89 | |||||||||||||||||||||||||||||||||||||||
Days | Days | 90 Days | Total | Nonaccrual | Loans Not | Total | |||||||||||||||||||||||||||||||||||
Past Due | Past Due | or More | Past Due | Loans | Past Due | Loans | |||||||||||||||||||||||||||||||||||
Covered loans: | |||||||||||||||||||||||||||||||||||||||||
Commercial real estate - owner occupied | $ | - | $ | - | $ | - | $ | - | $ | - | $ | 1,603 | $ | 1,603 | |||||||||||||||||||||||||||
Commercial real estate - non-owner occupied (1) | 503 | - | - | 503 | 245 | 5,766 | 6,514 | ||||||||||||||||||||||||||||||||||
Construction and land development | - | - | - | - | - | 1 | 1 | ||||||||||||||||||||||||||||||||||
Commercial loans | - | - | - | - | - | 1,097 | 1,097 | ||||||||||||||||||||||||||||||||||
Residential 1-4 family (2) | 41 | - | - | 41 | 1,377 | 40,982 | 42,400 | ||||||||||||||||||||||||||||||||||
Other consumer loans | - | - | - | - | - | 81 | 81 | ||||||||||||||||||||||||||||||||||
Total | $ | 544 | $ | - | $ | - | $ | 544 | $ | 1,622 | $ | 49,530 | $ | 51,696 | |||||||||||||||||||||||||||
Non-covered loans: | |||||||||||||||||||||||||||||||||||||||||
Commercial real estate - owner occupied | $ | 708 | $ | 283 | $ | - | $ | 991 | $ | - | $ | 105,234 | $ | 106,225 | |||||||||||||||||||||||||||
Commercial real estate - non-owner occupied (1) | 359 | - | - | 359 | - | 171,653 | 172,012 | ||||||||||||||||||||||||||||||||||
Construction and land development | 8 | 3 | - | 11 | 2,107 | 36,950 | 39,068 | ||||||||||||||||||||||||||||||||||
Commercial loans | 522 | 968 | - | 1,490 | 3,070 | 99,724 | 104,284 | ||||||||||||||||||||||||||||||||||
Residential 1-4 family (2) | 957 | 98 | - | 1,055 | 2,637 | 69,221 | 72,913 | ||||||||||||||||||||||||||||||||||
Other consumer loans | 14 | - | - | 14 | - | 1,294 | 1,308 | ||||||||||||||||||||||||||||||||||
Total | $ | 2,568 | $ | 1,352 | $ | - | $ | 3,920 | $ | 7,814 | $ | 484,076 | $ | 495,810 | |||||||||||||||||||||||||||
Total loans: | |||||||||||||||||||||||||||||||||||||||||
Commercial real estate - owner occupied | $ | 708 | $ | 283 | $ | - | $ | 991 | $ | - | $ | 106,837 | $ | 107,828 | |||||||||||||||||||||||||||
Commercial real estate - non-owner occupied (1) | 862 | - | - | 862 | 245 | 177,419 | 178,526 | ||||||||||||||||||||||||||||||||||
Construction and land development | 8 | 3 | - | 11 | 2,107 | 36,951 | 39,069 | ||||||||||||||||||||||||||||||||||
Commercial loans | 522 | 968 | - | 1,490 | 3,070 | 100,821 | 105,381 | ||||||||||||||||||||||||||||||||||
Residential 1-4 family (2) | 998 | 98 | - | 1,096 | 4,014 | 110,203 | 115,313 | ||||||||||||||||||||||||||||||||||
Other consumer loans | 14 | - | - | 14 | - | 1,375 | 1,389 | ||||||||||||||||||||||||||||||||||
Total | $ | 3,112 | $ | 1,352 | $ | - | $ | 4,464 | $ | 9,436 | $ | 533,606 | $ | 547,506 | |||||||||||||||||||||||||||
(1) Includes loans secured by farmland and multi-family residential loans. | |||||||||||||||||||||||||||||||||||||||||
(2) Includes home equity lines of credit. | |||||||||||||||||||||||||||||||||||||||||
Schedule of activity in the allowance for non-covered and covered loan and lease losses by class of loan | ' | ||||||||||||||||||||||||||||||||||||||||
Commercial | Commercial | ||||||||||||||||||||||||||||||||||||||||
Real Estate | Real Estate | Construction | Other | ||||||||||||||||||||||||||||||||||||||
Non-covered loans: | Owner | Non-owner | and Land | Commercial | 1-4 Family | Consumer | |||||||||||||||||||||||||||||||||||
Three months ended September 30, 2014 | Occupied | Occupied (1) | Development | Loans | Residential (2) | Loans | Unallocated | Total | |||||||||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 596 | $ | 933 | $ | 1,400 | $ | 2,926 | $ | 785 | $ | 59 | $ | 616 | $ | 7,315 | |||||||||||||||||||||||||
Charge offs | (2 | ) | - | - | (1,057 | ) | (149 | ) | - | - | (1,209 | ) | |||||||||||||||||||||||||||||
Recoveries | 2 | 5 | 4 | 9 | 2 | - | - | 22 | |||||||||||||||||||||||||||||||||
Provision | 21 | 16 | 78 | 592 | 441 | (6 | ) | (168 | ) | 975 | |||||||||||||||||||||||||||||||
Ending balance | $ | 617 | $ | 954 | $ | 1,482 | $ | 2,470 | $ | 1,079 | $ | 53 | $ | 448 | $ | 7,103 | |||||||||||||||||||||||||
Three months ended September 30, 2013 | |||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 732 | $ | 1,090 | $ | 1,026 | $ | 2,742 | $ | 1,407 | $ | 55 | $ | 178 | $ | 7,230 | |||||||||||||||||||||||||
Charge offs | - | - | (350 | ) | (806 | ) | - | (2 | ) | - | (1,158 | ) | |||||||||||||||||||||||||||||
Recoveries | 4 | 87 | 1 | 23 | 4 | 1 | - | 120 | |||||||||||||||||||||||||||||||||
Provision | (33 | ) | (198 | ) | 484 | 552 | 49 | - | 346 | 1,200 | |||||||||||||||||||||||||||||||
Ending balance | $ | 703 | $ | 979 | $ | 1,161 | $ | 2,511 | $ | 1,460 | $ | 54 | $ | 524 | $ | 7,392 | |||||||||||||||||||||||||
(1) Includes loans secured by farmland and multi-family residential loans. | |||||||||||||||||||||||||||||||||||||||||
(2) Includes home equity lines of credit. | |||||||||||||||||||||||||||||||||||||||||
Commercial | Commercial | ||||||||||||||||||||||||||||||||||||||||
Real Estate | Real Estate | Construction | Other | ||||||||||||||||||||||||||||||||||||||
Non-covered loans: | Owner | Non-owner | and Land | Commercial | 1-4 Family | Consumer | |||||||||||||||||||||||||||||||||||
Nine months ended September 30, 2014 | Occupied | Occupied (1) | Development | Loans | Residential | Loans | Unallocated | Total | |||||||||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 814 | $ | 985 | $ | 1,068 | $ | 2,797 | $ | 1,302 | $ | 54 | $ | 19 | $ | 7,039 | |||||||||||||||||||||||||
Charge offs | (73 | ) | - | - | (1,905 | ) | (449 | ) | - | - | (2,427 | ) | |||||||||||||||||||||||||||||
Recoveries | 10 | 17 | 4 | 101 | 4 | 5 | - | 141 | |||||||||||||||||||||||||||||||||
Provision | (134 | ) | (48 | ) | 410 | 1,477 | 222 | (6 | ) | 429 | 2,350 | ||||||||||||||||||||||||||||||
Ending balance | $ | 617 | $ | 954 | $ | 1,482 | $ | 2,470 | $ | 1,079 | $ | 53 | $ | 448 | $ | 7,103 | |||||||||||||||||||||||||
Nine months ended September 30, 2013 | |||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 932 | $ | 1,474 | $ | 970 | $ | 2,110 | $ | 1,163 | $ | 33 | $ | 285 | $ | 6,967 | |||||||||||||||||||||||||
Charge offs | - | (199 | ) | (650 | ) | (1,471 | ) | (518 | ) | (143 | ) | - | (2,981 | ) | |||||||||||||||||||||||||||
Recoveries | 12 | 138 | 7 | 97 | 126 | 2 | - | 382 | |||||||||||||||||||||||||||||||||
Provision | (241 | ) | (434 | ) | 834 | 1,775 | 689 | 162 | 239 | 3,024 | |||||||||||||||||||||||||||||||
Ending balance | $ | 703 | $ | 979 | $ | 1,161 | $ | 2,511 | $ | 1,460 | $ | 54 | $ | 524 | $ | 7,392 | |||||||||||||||||||||||||
(1) Includes loans secured by farmland and multi-family residential loans. | |||||||||||||||||||||||||||||||||||||||||
(2) Includes home equity lines of credit. | |||||||||||||||||||||||||||||||||||||||||
Commercial | Commercial | ||||||||||||||||||||||||||||||||||||||||
Real Estate | Real Estate | Construction | Other | ||||||||||||||||||||||||||||||||||||||
Covered loans: | Owner | Non-owner | and Land | Commercial | 1-4 Family | Consumer | |||||||||||||||||||||||||||||||||||
Three months ended September 30, 2014 | Occupied | Occupied (1) | Development | Loans | Residential (3) | Loans | Unallocated | Total | |||||||||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | - | $ | - | $ | - | $ | - | $ | 17 | $ | 4 | $ | - | $ | 21 | |||||||||||||||||||||||||
Charge offs | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||
Recoveries | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||
Adjustments (2) | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||
Provision | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||
Ending balance | $ | - | $ | - | $ | - | $ | - | $ | 17 | $ | 4 | $ | - | $ | 21 | |||||||||||||||||||||||||
Three months ended September 30, 2013 | |||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | - | $ | 45 | $ | - | $ | - | $ | - | $ | 21 | $ | - | $ | 66 | |||||||||||||||||||||||||
Charge offs | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||
Recoveries | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||
Adjustments (2) | - | - | - | - | - | (12 | ) | - | (12 | ) | |||||||||||||||||||||||||||||||
Provision | - | - | - | - | - | (3 | ) | - | (3 | ) | |||||||||||||||||||||||||||||||
Ending balance | $ | - | $ | 45 | $ | - | $ | - | $ | - | $ | 6 | $ | - | $ | 51 | |||||||||||||||||||||||||
(1) Includes loans secured by farmland and multi-family residential loans. | |||||||||||||||||||||||||||||||||||||||||
(2) Represents the portion of increased expected losses which is covered by the loss sharing agreement with the FDIC. | |||||||||||||||||||||||||||||||||||||||||
(3) Includes home equity lines of credit. | |||||||||||||||||||||||||||||||||||||||||
Commercial | Commercial | ||||||||||||||||||||||||||||||||||||||||
Real Estate | Real Estate | Construction | Other | ||||||||||||||||||||||||||||||||||||||
Covered loans: | Owner | Non-owner | and Land | Commercial | 1-4 Family | Consumer | |||||||||||||||||||||||||||||||||||
Nine months ended September 30, 2014 | Occupied | Occupied (1) | Development | Loans | Residential (3) | Loans | Unallocated | Total | |||||||||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | - | $ | 45 | $ | - | $ | - | $ | - | $ | 6 | $ | - | $ | 51 | |||||||||||||||||||||||||
Charge offs | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||
Recoveries | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||
Adjustments (2) | - | (36 | ) | - | - | 14 | (2 | ) | - | (24 | ) | ||||||||||||||||||||||||||||||
Provision | - | (9 | ) | - | - | 3 | - | - | (6 | ) | |||||||||||||||||||||||||||||||
Ending balance | $ | - | $ | - | $ | - | $ | - | $ | 17 | $ | 4 | $ | - | $ | 21 | |||||||||||||||||||||||||
Nine months ended September 30, 2013 | |||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | - | $ | 45 | $ | - | $ | 43 | $ | - | $ | 11 | $ | - | $ | 99 | |||||||||||||||||||||||||
Charge offs | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||
Recoveries | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||
Adjustments (2) | - | - | - | (35 | ) | - | (4 | ) | - | (39 | ) | ||||||||||||||||||||||||||||||
Provision | - | - | - | (8 | ) | - | (1 | ) | - | (9 | ) | ||||||||||||||||||||||||||||||
Ending balance | $ | - | $ | 45 | $ | - | $ | - | $ | - | $ | 6 | $ | - | $ | 51 | |||||||||||||||||||||||||
(1) Includes loans secured by farmland and multi-family residential loans. | |||||||||||||||||||||||||||||||||||||||||
(2) Represents the portion of increased expected losses which is covered by the loss sharing agreement with the FDIC. | |||||||||||||||||||||||||||||||||||||||||
(3) Includes home equity lines of credit. | |||||||||||||||||||||||||||||||||||||||||
Schedule of allowance for non-covered loan and covered loan losses and the recorded investment by portfolio segment | ' | ||||||||||||||||||||||||||||||||||||||||
Commercial | Commercial | ||||||||||||||||||||||||||||||||||||||||
Real Estate | Real Estate | Construction | Other | ||||||||||||||||||||||||||||||||||||||
Owner | Non-owner | and Land | Commercial | 1-4 Family | Consumer | ||||||||||||||||||||||||||||||||||||
Non-covered loans: | Occupied | Occupied (1) | Development | Loans | Residential (2) | Loans | Unallocated | Total | |||||||||||||||||||||||||||||||||
30-Sep-14 | |||||||||||||||||||||||||||||||||||||||||
Ending allowance balance attributable to loans: | |||||||||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 91 | $ | - | $ | - | $ | - | $ | 300 | $ | - | $ | - | $ | 391 | |||||||||||||||||||||||||
Collectively evaluated for impairment | 526 | 954 | 1,482 | 2,470 | 779 | 53 | 448 | 6,712 | |||||||||||||||||||||||||||||||||
Total ending allowance | $ | 617 | $ | 954 | $ | 1,482 | $ | 2,470 | $ | 1,079 | $ | 53 | $ | 448 | $ | 7,103 | |||||||||||||||||||||||||
Loans: | |||||||||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 10,966 | $ | - | $ | - | $ | 9,269 | $ | 6,064 | $ | - | $ | - | $ | 26,299 | |||||||||||||||||||||||||
Collectively evaluated for impairment | 105,005 | 205,199 | 53,302 | 105,060 | 122,712 | 2,015 | - | 593,293 | |||||||||||||||||||||||||||||||||
Total ending loan balances | $ | 115,971 | $ | 205,199 | $ | 53,302 | $ | 114,329 | $ | 128,776 | $ | 2,015 | $ | - | $ | 619,592 | |||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||||||||||||||
Ending allowance balance attributable to loans: | |||||||||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 192 | $ | - | $ | - | $ | 325 | $ | 200 | $ | - | $ | - | $ | 717 | |||||||||||||||||||||||||
Collectively evaluated for impairment | 622 | 985 | 1,068 | 2,472 | 1,102 | 54 | 19 | 6,322 | |||||||||||||||||||||||||||||||||
Total ending allowance | $ | 814 | $ | 985 | $ | 1,068 | $ | 2,797 | $ | 1,302 | $ | 54 | $ | 19 | $ | 7,039 | |||||||||||||||||||||||||
Loans: | |||||||||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 7,876 | $ | 359 | $ | 2,107 | $ | 4,873 | $ | 7,995 | $ | - | $ | - | $ | 23,210 | |||||||||||||||||||||||||
Collectively evaluated for impairment | 98,349 | 171,653 | 36,961 | 99,411 | 64,918 | 1,308 | - | 472,600 | |||||||||||||||||||||||||||||||||
Total ending loan balances | $ | 106,225 | $ | 172,012 | $ | 39,068 | $ | 104,284 | $ | 72,913 | $ | 1,308 | $ | - | $ | 495,810 | |||||||||||||||||||||||||
(1) Includes loans secured by farmland and multi-family residential loans. | |||||||||||||||||||||||||||||||||||||||||
(2) Includes home equity lines of credit. | |||||||||||||||||||||||||||||||||||||||||
Commercial | Commercial | ||||||||||||||||||||||||||||||||||||||||
Real Estate | Real Estate | Construction | Other | ||||||||||||||||||||||||||||||||||||||
Owner | Non-owner | and Land | Commercial | 1-4 Family | Consumer | ||||||||||||||||||||||||||||||||||||
Covered loans: | Occupied | Occupied (1) | Development | Loans | Residential (2) | Loans | Unallocated | Total | |||||||||||||||||||||||||||||||||
30-Sep-14 | |||||||||||||||||||||||||||||||||||||||||
Ending allowance balance attributable to loans: | |||||||||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | |||||||||||||||||||||||||
Collectively evaluated for impairment | - | - | - | - | 17 | 4 | - | 21 | |||||||||||||||||||||||||||||||||
Total ending allowance | $ | - | $ | - | $ | - | $ | - | $ | 17 | $ | 4 | $ | - | $ | 21 | |||||||||||||||||||||||||
Loans: | |||||||||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 753 | $ | 1,879 | $ | - | $ | - | $ | 1,206 | $ | - | $ | - | $ | 3,838 | |||||||||||||||||||||||||
Collectively evaluated for impairment | 610 | 4,207 | - | 755 | 38,493 | 78 | - | 44,143 | |||||||||||||||||||||||||||||||||
Total ending loan balances | $ | 1,363 | $ | 6,086 | $ | - | $ | 755 | $ | 39,699 | $ | 78 | $ | - | $ | 47,981 | |||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||||||||||||||
Ending allowance balance attributable to loans: | |||||||||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | |||||||||||||||||||||||||
Collectively evaluated for impairment | - | 45 | - | - | - | 6 | - | 51 | |||||||||||||||||||||||||||||||||
Total ending allowance | $ | - | $ | 45 | $ | - | $ | - | $ | - | $ | 6 | $ | - | $ | 51 | |||||||||||||||||||||||||
Loans: | |||||||||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 745 | $ | 2,145 | $ | - | $ | - | $ | 1,220 | $ | - | $ | - | $ | 4,110 | |||||||||||||||||||||||||
Collectively evaluated for impairment | 858 | 4,369 | 1 | 1,097 | 41,180 | 81 | - | 47,586 | |||||||||||||||||||||||||||||||||
Total ending loan balances | $ | 1,603 | $ | 6,514 | $ | 1 | $ | 1,097 | $ | 42,400 | $ | 81 | $ | - | $ | 51,696 | |||||||||||||||||||||||||
(1) Includes loans secured by farmland and multi-family residential loans. | |||||||||||||||||||||||||||||||||||||||||
(2) Includes home equity lines of credit. | |||||||||||||||||||||||||||||||||||||||||
Schedule of the risk category of loans by class of loans | ' | ||||||||||||||||||||||||||||||||||||||||
30-Sep-14 | Covered Loans | Non-covered Loans | Total Loans | ||||||||||||||||||||||||||||||||||||||
Classified/ | Special | Classified/ | |||||||||||||||||||||||||||||||||||||||
Criticized (1) | Pass | Total | Mention | Substandard (3) | Pass | Total | Criticized | Pass | Total | ||||||||||||||||||||||||||||||||
Commercial real estate - owner occupied | $ | 753 | $ | 610 | $ | 1,363 | $ | 784 | $ | 10,966 | $ | 104,221 | $ | 115,971 | $ | 12,503 | $ | 104,831 | $ | 117,334 | |||||||||||||||||||||
Commercial real estate - non-owner occupied (2) | 1,879 | 4,207 | 6,086 | - | - | 205,199 | 205,199 | 1,879 | 209,406 | 211,285 | |||||||||||||||||||||||||||||||
Construction and land development | - | - | - | 614 | - | 52,688 | 53,302 | 614 | 52,688 | 53,302 | |||||||||||||||||||||||||||||||
Commercial loans | - | 755 | 755 | 30 | 9,269 | 105,030 | 114,329 | 9,299 | 105,785 | 115,084 | |||||||||||||||||||||||||||||||
Residential 1-4 family (4) | 1,206 | 38,493 | 39,699 | 165 | 6,064 | 122,547 | 128,776 | 7,435 | 161,040 | 168,475 | |||||||||||||||||||||||||||||||
Other consumer loans | - | 78 | 78 | - | - | 2,015 | 2,015 | - | 2,093 | 2,093 | |||||||||||||||||||||||||||||||
Total | $ | 3,838 | $ | 44,143 | $ | 47,981 | $ | 1,593 | $ | 26,299 | $ | 591,700 | $ | 619,592 | $ | 31,730 | $ | 635,843 | $ | 667,573 | |||||||||||||||||||||
31-Dec-13 | Covered Loans | Non-covered Loans | Total Loans | ||||||||||||||||||||||||||||||||||||||
Classified/ | Special | Classified/ | |||||||||||||||||||||||||||||||||||||||
Criticized (1) | Pass | Total | Mention | Substandard (3) | Pass | Total | Criticized | Pass | Total | ||||||||||||||||||||||||||||||||
Commercial real estate - owner occupied | $ | 745 | $ | 858 | $ | 1,603 | $ | 802 | $ | 7,876 | $ | 97,547 | $ | 106,225 | $ | 9,423 | $ | 98,405 | $ | 107,828 | |||||||||||||||||||||
Commercial real estate - non-owner occupied (2) | 2,145 | 4,369 | 6,514 | - | 359 | 171,653 | 172,012 | 2,504 | 176,022 | 178,526 | |||||||||||||||||||||||||||||||
Construction and land development | - | 1 | 1 | 618 | 2,107 | 36,343 | 39,068 | 2,725 | 36,344 | 39,069 | |||||||||||||||||||||||||||||||
Commercial loans | - | 1,097 | 1,097 | 31 | 4,873 | 99,380 | 104,284 | 4,904 | 100,477 | 105,381 | |||||||||||||||||||||||||||||||
Residential 1-4 family (4) | 1,220 | 41,180 | 42,400 | 176 | 7,995 | 64,742 | 72,913 | 9,391 | 105,922 | 115,313 | |||||||||||||||||||||||||||||||
Other consumer loans | - | 81 | 81 | - | - | 1,308 | 1,308 | - | 1,389 | 1,389 | |||||||||||||||||||||||||||||||
Total | $ | 4,110 | $ | 47,586 | $ | 51,696 | $ | 1,627 | $ | 23,210 | $ | 470,973 | $ | 495,810 | $ | 28,947 | $ | 518,559 | $ | 547,506 | |||||||||||||||||||||
(1) Credit quality is enhanced by a loss sharing agreement with the FDIC in the covered portfolio. The same credit quality indicators used in the non-covered portfolio are combined. | |||||||||||||||||||||||||||||||||||||||||
(2) Includes loans secured by farmland and multi-family residential loans. | |||||||||||||||||||||||||||||||||||||||||
(3) Includes SBA guarantees of $3.3 million and $2.4 million as of September 30, 2014 and December 31, 2013, respectively. | |||||||||||||||||||||||||||||||||||||||||
(4) Includes home equity lines of credit. | |||||||||||||||||||||||||||||||||||||||||
EARNINGS_PER_SHARE_Tables
EARNINGS PER SHARE (Tables) | 9 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
Schedule of reconciliation of the denominators of the basic and diluted earnings per share | ' | ||||||||||||
Weighted | |||||||||||||
Average | |||||||||||||
Income | Shares | Per Share | |||||||||||
(Numerator) | (Denominator) | Amount | |||||||||||
For the three months ended September 30, 2014 | |||||||||||||
Basic EPS | $ | 2,108 | 11,971 | $ | 0.18 | ||||||||
Effect of dilutive stock options and warrants | - | 92 | - | ||||||||||
Diluted EPS | $ | 2,108 | 12,063 | $ | 0.17 | ||||||||
For the three months ended September 30, 2013 | |||||||||||||
Basic EPS | $ | 1,780 | 11,590 | $ | 0.15 | ||||||||
Effect of dilutive stock options and warrants | - | 47 | - | ||||||||||
Diluted EPS | $ | 1,780 | 11,637 | $ | 0.15 | ||||||||
For the nine months ended September 30, 2014 | |||||||||||||
Basic EPS | $ | 5,522 | 11,724 | $ | 0.47 | ||||||||
Effect of dilutive stock options and warrants | - | 48 | - | ||||||||||
Diluted EPS | $ | 5,522 | 11,772 | $ | 0.47 | ||||||||
For the nine months ended September 30, 2013 | |||||||||||||
Basic EPS | $ | 4,862 | 11,590 | $ | 0.42 | ||||||||
Effect of dilutive stock options and warrants | - | 35 | - | ||||||||||
Diluted EPS | $ | 4,862 | 11,625 | $ | 0.42 |
FAIR_VALUE_Tables
FAIR VALUE (Tables) | 9 Months Ended | |||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||||||
Schedule of assets measured at fair value on a recurring basis | ' | |||||||||||||||||||
Fair Value Measurements Using | ||||||||||||||||||||
Significant | ||||||||||||||||||||
Quoted Prices in | Other | Significant | ||||||||||||||||||
Active Markets for | Observable | Unobservable | ||||||||||||||||||
Total at | Identical Assets | Inputs | Inputs | |||||||||||||||||
30-Sep-14 | (Level 1) | (Level 2) | (Level 3) | |||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||
Financial assets: | ||||||||||||||||||||
Available for sale securities | ||||||||||||||||||||
Obligations of states and political subdivisions | $ | 2,271 | $ | - | $ | 2,271 | $ | - | ||||||||||||
Fair Value Measurements Using | ||||||||||||||||||||
Significant | ||||||||||||||||||||
Quoted Prices in | Other | Significant | ||||||||||||||||||
Active Markets for | Observable | Unobservable | ||||||||||||||||||
Total at | Identical Assets | Inputs | Inputs | |||||||||||||||||
31-Dec-13 | (Level 1) | (Level 2) | (Level 3) | |||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||
Financial assets: | ||||||||||||||||||||
Available for sale securities | ||||||||||||||||||||
Obligations of states and political subdivisions | $ | 1,993 | $ | - | $ | 1,993 | $ | - | ||||||||||||
Schedule of assets measured at fair value on non recurring basis | ' | |||||||||||||||||||
Fair Value Measurements Using | ||||||||||||||||||||
Significant | ||||||||||||||||||||
Quoted Prices in | Other | Significant | ||||||||||||||||||
Active Markets for | Observable | Unobservable | ||||||||||||||||||
Total at | Identical Assets | Inputs | Inputs | |||||||||||||||||
(dollars in thousands) | 30-Sep-14 | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||||
Impaired non-covered loans: | ||||||||||||||||||||
Commercial real estate - owner occupied | $ | 10,875 | $ | 10,875 | ||||||||||||||||
Commercial loans | 9,269 | 9,269 | ||||||||||||||||||
Residential 1-4 family | 5,764 | 5,764 | ||||||||||||||||||
Impaired covered loans: | ||||||||||||||||||||
Commercial real estate - owner occupied | 753 | 753 | ||||||||||||||||||
Commercial real estate - non-owner occupied (1) | 1,879 | 1,879 | ||||||||||||||||||
Residential 1-4 family | 1,206 | 1,206 | ||||||||||||||||||
Non-covered other real estate owned: | ||||||||||||||||||||
Commercial real estate - owner occupied | 461 | 461 | ||||||||||||||||||
Construction and land development | 6,970 | 6,970 | ||||||||||||||||||
Residential 1-4 family | 4,074 | 4,074 | ||||||||||||||||||
Covered other real estate owned: | ||||||||||||||||||||
Commercial real estate - non-owner occupied (1) | 1,450 | 1,450 | ||||||||||||||||||
Fair Value Measurements Using | ||||||||||||||||||||
Significant | ||||||||||||||||||||
Quoted Prices in | Other | Significant | ||||||||||||||||||
Active Markets for | Observable | Unobservable | ||||||||||||||||||
Total at | Identical Assets | Inputs | Inputs | |||||||||||||||||
(dollars in thousands) | 31-Dec-13 | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||||
Impaired non-covered loans: | ||||||||||||||||||||
Commercial real estate - owner occupied | $ | 7,684 | $ | 7,684 | ||||||||||||||||
Commercial real estate - non-owner occupied (1) | 359 | 359 | ||||||||||||||||||
Construction and land development | 2,107 | 2,107 | ||||||||||||||||||
Commercial loans | 4,548 | 4,548 | ||||||||||||||||||
Residential 1-4 family | 7,795 | 7,795 | ||||||||||||||||||
Impaired covered loans: | ||||||||||||||||||||
Commercial real estate - owner occupied | 745 | 745 | ||||||||||||||||||
Commercial real estate - non-owner occupied (1) | 2,145 | 2,145 | ||||||||||||||||||
Residential 1-4 family | 1,220 | 1,220 | ||||||||||||||||||
Non-covered other real estate owned: | ||||||||||||||||||||
Commercial real estate - owner occupied | 461 | 461 | ||||||||||||||||||
Commercial real estate - non-owner occupied (1) | 1,342 | 1,342 | ||||||||||||||||||
Construction and land development | 6,066 | 6,066 | ||||||||||||||||||
Residential 1-4 family | 1,710 | 1,710 | ||||||||||||||||||
Covered other real estate owned: | ||||||||||||||||||||
Commercial real estate - owner occupied | 557 | 557 | ||||||||||||||||||
Commercial real estate - non-owner occupied (1) | 1,450 | 1,450 | ||||||||||||||||||
Commercial | 79 | 79 | ||||||||||||||||||
Residential 1-4 family | 127 | 127 | ||||||||||||||||||
(1) Includes loans secured by farmland and multi-family residential loans. | ||||||||||||||||||||
Schedule of estimated fair values and fair value hierarchy levels of financial instruments | ' | |||||||||||||||||||
30-Sep-14 | 31-Dec-13 | |||||||||||||||||||
Fair Value | Carrying | Fair | Carrying | Fair | ||||||||||||||||
Hierarchy Level | Amount | Value | Amount | Value | ||||||||||||||||
Financial assets: | ||||||||||||||||||||
Cash and cash equivalents | Level 1 | $ | 45,803 | $ | 45,803 | $ | 20,856 | $ | 20,856 | |||||||||||
Securities available for sale | See previous table | 2,271 | 2,271 | 1,993 | 1,993 | |||||||||||||||
Securities held to maturity | Level 2 & Level 3 | 89,993 | 88,970 | 82,443 | 76,193 | |||||||||||||||
Stock in Federal Reserve Bank and Federal | ||||||||||||||||||||
Home Loan Bank | n/a | 6,131 | n/a | 5,915 | n/a | |||||||||||||||
Net non-covered loans | Level 3 | 610,742 | 617,574 | 487,318 | 493,472 | |||||||||||||||
Net covered loans | Level 3 | 47,968 | 53,957 | 51,650 | 57,564 | |||||||||||||||
Accrued interest receivable | Level 2 & Level 3 | 2,439 | 2,439 | 2,186 | 2,186 | |||||||||||||||
FDIC indemnification asset | Level 3 | 3,970 | 2,268 | 5,804 | 4,220 | |||||||||||||||
Financial liabilities: | ||||||||||||||||||||
Demand deposits | Level 1 | 94,337 | 94,337 | 68,940 | 68,940 | |||||||||||||||
Money market and savings accounts | Level 1 | 179,437 | 179,437 | 147,854 | 147,854 | |||||||||||||||
Certificates of deposit | Level 3 | 424,311 | 424,345 | 323,565 | 324,733 | |||||||||||||||
Securities sold under agreements to | ||||||||||||||||||||
repurchase and other short-term borrowings | Level 1 | 37,779 | 37,779 | 34,545 | 34,545 | |||||||||||||||
FHLB advances | Level 3 | 25,000 | 25,547 | 30,250 | 31,168 | |||||||||||||||
Accrued interest payable | Level 1 & Level 3 | 490 | 490 | 341 | 341 |
ACQUISTIONS_Tables
ACQUISTIONS (Tables) | 9 Months Ended | ||||
Sep. 30, 2014 | |||||
Business Combinations [Abstract] | ' | ||||
summary of the net assets acquired is as follows | ' | ||||
Total purchase price | $ | 11,497 | |||
Fair value of assets acquired: | |||||
Cash on hand and in banks | $ | 28,179 | |||
Loans | 61,832 | ||||
Loans held for sale | 3,499 | ||||
Land and buildings | 3,023 | ||||
Other assets | 1,022 | ||||
Core deposit intangible | 761 | ||||
Total assets acquired | $ | 98,316 | |||
Fair value of liabilities assumed: | |||||
Noninterest-bearing deposits | $ | 19,233 | |||
Interest-bearing deposits | 69,995 | ||||
Other liabilities | 504 | ||||
Total liabilities assumed | $ | 89,732 | |||
Net assets acquired | $ | 8,584 | |||
Goodwill | 2,913 | ||||
$ | 11,497 |
ORGANIZATION_AND_ACCOUNTING_PO2
ORGANIZATION AND ACCOUNTING POLICIES (Detail Textuals) (Sonabank) | 9 Months Ended |
Sep. 30, 2014 | |
Branch | |
Virginia | ' |
Organization And Significant Accounting Policies [Line Items] | ' |
Number of branches | 15 |
Warrenton | ' |
Organization And Significant Accounting Policies [Line Items] | ' |
Number of branches | 2 |
Middleburg and Leesburg | Loudoun | ' |
Organization And Significant Accounting Policies [Line Items] | ' |
Number of branches | 2 |
Maryland | ' |
Organization And Significant Accounting Policies [Line Items] | ' |
Number of branches | 9 |
Maryland | Frederick | ' |
Organization And Significant Accounting Policies [Line Items] | ' |
Number of branches | 1 |
Maryland | Rockville | ' |
Organization And Significant Accounting Policies [Line Items] | ' |
Number of branches | 1 |
Maryland | Shady Grove | ' |
Organization And Significant Accounting Policies [Line Items] | ' |
Number of branches | 1 |
Maryland | Germantown | ' |
Organization And Significant Accounting Policies [Line Items] | ' |
Number of branches | 1 |
Maryland | Bethesda | ' |
Organization And Significant Accounting Policies [Line Items] | ' |
Number of branches | 1 |
Maryland | Upper Marlboro | ' |
Organization And Significant Accounting Policies [Line Items] | ' |
Number of branches | 1 |
Maryland | Brandywine | ' |
Organization And Significant Accounting Policies [Line Items] | ' |
Number of branches | 1 |
Maryland | Owings | ' |
Organization And Significant Accounting Policies [Line Items] | ' |
Number of branches | 1 |
Maryland | Huntingtown | ' |
Organization And Significant Accounting Policies [Line Items] | ' |
Number of branches | 1 |
South Riding | Loudoun | ' |
Organization And Significant Accounting Policies [Line Items] | ' |
Number of branches | 2 |
Front Royal | ' |
Organization And Significant Accounting Policies [Line Items] | ' |
Number of branches | 1 |
New Market | ' |
Organization And Significant Accounting Policies [Line Items] | ' |
Number of branches | 1 |
Richmond | ' |
Organization And Significant Accounting Policies [Line Items] | ' |
Number of branches | 1 |
Haymarket | ' |
Organization And Significant Accounting Policies [Line Items] | ' |
Number of branches | 1 |
Clifton Forge | ' |
Organization And Significant Accounting Policies [Line Items] | ' |
Number of branches | 1 |
STOCK_BASED_COMPENSATION_weigh
STOCK- BASED COMPENSATION - weighted-average assumptions (Details ) (USD $) | 9 Months Ended |
Sep. 30, 2014 | |
Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract] | ' |
Expected life | '10 years |
Expected volatility | 29.30% |
Risk-free interest rate | 2.48% |
Weighted average fair value per option granted | $2.88 |
Dividend yield | 2.55% |
STOCK_BASED_COMPENSATION_Activ
STOCK- BASED COMPENSATION - Activity in stock option plan (Details 1) (Stock Options, USD $) | 9 Months Ended |
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2014 |
Stock Options | ' |
Shares | ' |
Options outstanding, beginning of period | 631,075 |
Granted | 104,750 |
Forfeited | -12,575 |
Exercised | -78,100 |
Options outstanding, end of period | 645,150 |
Vested or expected to vest | 645,150 |
Exercisable at end of period | 326,865 |
Weighted Average Exercise Price | ' |
Options outstanding, beginning of period | $8.21 |
Granted | $10.47 |
Forfeited | $8.18 |
Exercised | $8.82 |
Options outstanding, end of period | $8.51 |
Vested or expected to vest | $8.51 |
Exercisable at end of period | $8.06 |
Weighted Average Remaining Contractual Term | ' |
Options outstanding, end of period | '6 years 4 months 24 days |
Vested or expected to vest | '6 years 4 months 24 days |
Exercisable at end of period | '4 years 3 months 18 days |
Options outstanding, end of period - Aggregate Intrinsic Value | $1,999 |
Vested or expected to vest - Aggregate Intrinsic Value | 1,999 |
Exercisable at end of period - Aggregate Intrinsic Value | $1,158 |
STOCK_BASED_COMPENSATION_Detai
STOCK- BASED COMPENSATION (Detail Textuals) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2004 | Apr. 30, 2010 |
Stock Options | Stock Options | Stock Options | Stock Options | |||||
Maximum | 2004 Stock Option Plan | 2010 Stock Awards and Incentive Plan | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares authorized for reservation (in shares) | ' | ' | ' | ' | ' | ' | 302,500 | 700,000 |
Share-Based Compensation Arrangement By Share-Based Payment Award, Options, Grants In Period, Gross | ' | ' | ' | ' | 104,750 | ' | ' | ' |
Maximum term of options | ' | ' | ' | ' | ' | '10 years | ' | ' |
Stock-based compensation expense | $82 | $79 | $233 | $205 | ' | ' | ' | ' |
Unrecognized compensation expense associated with the stock options | $984 | ' | $984 | ' | ' | ' | ' | ' |
Unrecognized compensation cost weighted average recognition period | ' | ' | '3 years 6 months | ' | ' | ' | ' | ' |
SECURITIES_Amortized_cost_and_
SECURITIES - Amortized cost and fair value of securities (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Fair Value | $2,271 | $1,993 |
Obligations of states and political subdivisions | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 2,296 | 2,302 |
Gross Unrealized Gains | 1 | ' |
Gross Unrealized Losses | -26 | -309 |
Fair Value | $2,271 | $1,993 |
SECURITIES_Carrying_amount_and
SECURITIES - Carrying amount and fair value of securities (Details 1) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Amortized Cost | $89,993 | $82,443 |
Gross Unrecognized Gains | 2,531 | 1,614 |
Gross Unrecognized Losses | -3,554 | -7,864 |
Fair Value | 88,970 | 76,193 |
Residential government-sponsored mortgage-backed securities | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Amortized Cost | 22,350 | 25,609 |
Gross Unrecognized Gains | 599 | 673 |
Gross Unrecognized Losses | -58 | -294 |
Fair Value | 22,891 | 25,988 |
Residential government-sponsored collateralized mortgage obligations | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Amortized Cost | 3,724 | 4,295 |
Gross Unrecognized Gains | ' | 2 |
Gross Unrecognized Losses | -88 | -349 |
Fair Value | 3,636 | 3,948 |
Government-sponsored agency securities | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Amortized Cost | 40,954 | 29,971 |
Gross Unrecognized Gains | 162 | ' |
Gross Unrecognized Losses | -1,697 | -3,994 |
Fair Value | 39,419 | 25,977 |
Obligations of states and political subdivisions | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Amortized Cost | 15,560 | 14,388 |
Gross Unrecognized Gains | 80 | ' |
Gross Unrecognized Losses | -166 | -987 |
Fair Value | 15,474 | 13,401 |
Other residential collateralized mortgage obligations | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Amortized Cost | 612 | 659 |
Gross Unrecognized Gains | ' | ' |
Gross Unrecognized Losses | -2 | -12 |
Fair Value | 610 | 647 |
Trust preferred securities | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Amortized Cost | 6,793 | 7,521 |
Gross Unrecognized Gains | 1,690 | 939 |
Gross Unrecognized Losses | -1,543 | -2,228 |
Fair Value | $6,940 | $6,232 |
SECURITIES_Contractual_maturit
SECURITIES - Contractual maturity (Details 2) (USD $) | Sep. 30, 2014 |
In Thousands, unless otherwise specified | |
Schedule Of Available For Sale and Held To Maturity Securities [Line Items] | ' |
Held to maturity, due in five to ten years, amortized cost | $12,685 |
Held to maturity, due in five to ten years, fair value | 12,436 |
Held to maturity, due after ten years, amortized cost | 50,622 |
Held to maturity, due after ten years, fair value | 49,397 |
Held to maturity, amortized cost | 89,993 |
Held to maturity, fair value | 88,970 |
Available for sale, due in five to ten years, amortized cost | ' |
Available for sale, due in five to ten years, fair value | ' |
Available for sale, due after ten years, amortized cost | 2,296 |
Available for sale, due after ten years, fair value | 2,271 |
Available for sale, amortized cost | 2,296 |
Available for sale, fair value | 2,271 |
Residential government-sponsored mortgage-backed securities | ' |
Schedule Of Available For Sale and Held To Maturity Securities [Line Items] | ' |
Held to maturity, amortized cost | 22,350 |
Held to maturity, fair value | 22,891 |
Available for sale, amortized cost | ' |
Available for sale, fair value | ' |
Residential government-sponsored collateralized mortgage obligations | ' |
Schedule Of Available For Sale and Held To Maturity Securities [Line Items] | ' |
Held to maturity, amortized cost | 3,724 |
Held to maturity, fair value | 3,636 |
Available for sale, amortized cost | ' |
Available for sale, fair value | ' |
Other residential collateralized mortgage obligations | ' |
Schedule Of Available For Sale and Held To Maturity Securities [Line Items] | ' |
Held to maturity, amortized cost | 612 |
Held to maturity, fair value | 610 |
Available for sale, amortized cost | ' |
Available for sale, fair value | ' |
SECURITIES_Securities_in_conti
SECURITIES - Securities in continuous unrealized loss position (Details 3) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Held to Maturity | ' | ' |
Held to maturity, less than 12 months, fair value | $14,022 | $35,335 |
Held to Maturity, less than 12 months unrecognized losses | -116 | -2,493 |
Held to Maturity, 12 months or more, fair value | 44,483 | 24,378 |
Held to Maturity, 12 months or more, unrecognized losses | -3,438 | -5,371 |
Held to maturity, total fair value | 58,505 | 59,713 |
Held to maturity, total unrecognized losses | -3,554 | -7,864 |
Residential government-sponsored mortgage-backed securities | ' | ' |
Held to Maturity | ' | ' |
Held to maturity, less than 12 months, fair value | 11,256 | 12,644 |
Held to Maturity, less than 12 months unrecognized losses | -58 | -294 |
Held to Maturity, 12 months or more, fair value | ' | ' |
Held to Maturity, 12 months or more, unrecognized losses | ' | ' |
Held to maturity, total fair value | 11,256 | 12,644 |
Held to maturity, total unrecognized losses | -58 | -294 |
Residential government-sponsored collateralized mortgage obligations | ' | ' |
Held to Maturity | ' | ' |
Held to maturity, less than 12 months, fair value | 734 | 2,984 |
Held to Maturity, less than 12 months unrecognized losses | -13 | -349 |
Held to Maturity, 12 months or more, fair value | 2,902 | ' |
Held to Maturity, 12 months or more, unrecognized losses | -75 | ' |
Held to maturity, total fair value | 3,636 | 2,984 |
Held to maturity, total unrecognized losses | -88 | -349 |
Government-Sponsored Agency Securities | ' | ' |
Held to Maturity | ' | ' |
Held to maturity, less than 12 months, fair value | 943 | 8,733 |
Held to Maturity, less than 12 months unrecognized losses | -18 | -1,250 |
Held to Maturity, 12 months or more, fair value | 28,296 | 17,244 |
Held to Maturity, 12 months or more, unrecognized losses | -1,679 | -2,744 |
Held to maturity, total fair value | 29,239 | 25,977 |
Held to maturity, total unrecognized losses | -1,697 | -3,994 |
Obligations of states and political subdivisions | ' | ' |
Held to Maturity | ' | ' |
Available for sale, less than 12 months, fair value | ' | 409 |
Available for sale, less than 12 months, unrecognized losses | ' | -78 |
Available for sale, 12 months or more, fair value | 1,785 | 1,584 |
Available for sale, 12 months or more, unrecognized losses | -26 | -231 |
Available for sale, total fair value | 1,785 | 1,993 |
Available for sale, total unrecognized losses | -26 | -309 |
Held to maturity, less than 12 months, fair value | 479 | 10,327 |
Held to Maturity, less than 12 months unrecognized losses | -25 | -588 |
Held to Maturity, 12 months or more, fair value | 9,254 | 3,064 |
Held to Maturity, 12 months or more, unrecognized losses | -141 | -399 |
Held to maturity, total fair value | 9,733 | 13,391 |
Held to maturity, total unrecognized losses | -166 | -987 |
Other residential collateralized mortgage obligations | ' | ' |
Held to Maturity | ' | ' |
Held to maturity, less than 12 months, fair value | 610 | 647 |
Held to Maturity, less than 12 months unrecognized losses | -2 | -12 |
Held to Maturity, 12 months or more, fair value | ' | ' |
Held to Maturity, 12 months or more, unrecognized losses | ' | ' |
Held to maturity, total fair value | 610 | 647 |
Held to maturity, total unrecognized losses | -2 | -12 |
Trust preferred securities | ' | ' |
Held to Maturity | ' | ' |
Held to maturity, less than 12 months, fair value | ' | ' |
Held to Maturity, less than 12 months unrecognized losses | ' | ' |
Held to Maturity, 12 months or more, fair value | 4,031 | 4,070 |
Held to Maturity, 12 months or more, unrecognized losses | -1,543 | -2,228 |
Held to maturity, total fair value | 4,031 | 4,070 |
Held to maturity, total unrecognized losses | ($1,543) | ($2,228) |
SECURITIES_Owned_pooled_trust_
SECURITIES - Owned pooled trust preferred securities (Details 4) (USD $) | 3 Months Ended | 9 Months Ended | ||||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | |
Other than temporarily impaired | ' | ' | ' | ' | ' | |
Cumulative other comprehensive loss | ' | ' | ' | ' | ' | |
Cumulative OTTI related to credit loss | ' | ' | ' | ' | ' | |
Estimated fair value | 88,970 | ' | 88,970 | ' | 76,193 | |
Trust preferred securities | ' | ' | ' | ' | ' | |
Security | ' | ' | ' | ' | ' | |
Par value - security | 6,104 | ' | 6,104 | ' | ' | |
Book value - security | 5,574 | ' | 5,574 | ' | ' | |
Estimated fair value - security | 4,031 | ' | 4,031 | ' | ' | |
Previously recognized cumulative other comprehensive loss | ' | ' | 274 | [1] | ' | ' |
Other than temporarily impaired | ' | ' | ' | ' | ' | |
Par value - other than temporarily impaired | 14,394 | ' | 14,394 | ' | ' | |
Book value - other than temporarily impaired | 1,219 | ' | 1,219 | ' | ' | |
Estimated fair value - other than temporarily impaired | 2,909 | ' | 2,909 | ' | ' | |
Cumulative other comprehensive loss | ' | ' | 4,359 | [2] | ' | ' |
Cumulative OTTI related to credit loss | ' | ' | 8,816 | [2] | ' | ' |
Par value | 20,498 | ' | 20,498 | ' | ' | |
Book value | 6,793 | ' | 6,793 | ' | ' | |
Estimated fair value | 6,940 | ' | 6,940 | ' | 6,232 | |
Trust preferred securities | ALESCO VII A1B Senior | Rating Of Moody AAA Fitch AAA When Purchased and Current Moody A3 Fitch BBB | ' | ' | ' | ' | ' | |
Security | ' | ' | ' | ' | ' | |
Par value - security | 5,773 | ' | 5,773 | ' | ' | |
Book value - security | 5,249 | ' | 5,249 | ' | ' | |
Estimated fair value - security | 3,829 | ' | 3,829 | ' | ' | |
Current deferrals and defaults - security | ' | ' | 15.00% | ' | ' | |
Previously recognized cumulative other comprehensive loss | ' | ' | 268 | [1] | ' | ' |
Trust preferred securities | MMCF III B Senior Sub | Rating Of Moody A3 Fitch A- When Purchased and Current Moody Ba1 Fitch CC | ' | ' | ' | ' | ' | |
Security | ' | ' | ' | ' | ' | |
Par value - security | 331 | ' | 331 | ' | ' | |
Book value - security | 325 | ' | 325 | ' | ' | |
Estimated fair value - security | 202 | ' | 202 | ' | ' | |
Current deferrals and defaults - security | ' | ' | 34.00% | ' | ' | |
Previously recognized cumulative other comprehensive loss | ' | ' | 6 | [1] | ' | ' |
Trust preferred securities | TPREF FUNDING II Mezzanine | Rating Of Moody A1 Fitch A- When Purchased and Current Moody Caa3 Fitch C | ' | ' | ' | ' | ' | |
Other than temporarily impaired | ' | ' | ' | ' | ' | |
Par value - other than temporarily impaired | 1,500 | ' | 1,500 | ' | ' | |
Book value - other than temporarily impaired | 509 | ' | 509 | ' | ' | |
Estimated fair value - other than temporarily impaired | 530 | ' | 530 | ' | ' | |
Current Deferrals and Defaults - other than temporarily impaired | ' | ' | 41.00% | ' | ' | |
Cumulative other comprehensive loss | ' | ' | 591 | [2] | ' | ' |
Cumulative OTTI related to credit loss | ' | ' | 400 | [2] | ' | ' |
Trust preferred securities | TRAP 2007-XII C1 Mezzanine | Rating Of Moody A3 Fitch A When Purchased and Current Moody C Fitch C | ' | ' | ' | ' | ' | |
Other than temporarily impaired | ' | ' | ' | ' | ' | |
Par value - other than temporarily impaired | 2,170 | ' | 2,170 | ' | ' | |
Book value - other than temporarily impaired | 57 | ' | 57 | ' | ' | |
Estimated fair value - other than temporarily impaired | 428 | ' | 428 | ' | ' | |
Current Deferrals and Defaults - other than temporarily impaired | ' | ' | 28.00% | ' | ' | |
Cumulative other comprehensive loss | ' | ' | 820 | [2] | ' | ' |
Cumulative OTTI related to credit loss | ' | ' | 1,293 | [2] | ' | ' |
Trust preferred securities | TRAP 2007-XIII D Mezzanine | Rating Of Fitch A- When Purchased and Current Fitch C | ' | ' | ' | ' | ' | |
Other than temporarily impaired | ' | ' | ' | ' | ' | |
Par value - other than temporarily impaired | 2,039 | ' | 2,039 | ' | ' | |
Book value - other than temporarily impaired | ' | ' | ' | ' | ' | |
Estimated fair value - other than temporarily impaired | 347 | ' | 347 | ' | ' | |
Current Deferrals and Defaults - other than temporarily impaired | ' | ' | 19.00% | ' | ' | |
Cumulative other comprehensive loss | ' | ' | 7 | [2] | ' | ' |
Cumulative OTTI related to credit loss | ' | ' | 2,032 | [2] | ' | ' |
Trust preferred securities | MMC FUNDING XVIII Mezzanine | Rating Of Moody A3 Fitch A- When Purchased and Current Moody Ca Fitch C | ' | ' | ' | ' | ' | |
Other than temporarily impaired | ' | ' | ' | ' | ' | |
Par value - other than temporarily impaired | 1,095 | ' | 1,095 | ' | ' | |
Book value - other than temporarily impaired | 27 | ' | 27 | ' | ' | |
Estimated fair value - other than temporarily impaired | 328 | ' | 328 | ' | ' | |
Current Deferrals and Defaults - other than temporarily impaired | ' | ' | 21.00% | ' | ' | |
Cumulative other comprehensive loss | ' | ' | 377 | [2] | ' | ' |
Cumulative OTTI related to credit loss | ' | ' | 691 | [2] | ' | ' |
Trust preferred securities | ALESCO V C1 Mezzanine | Rating Of Moody A2 Fitch A When Purchased and Current Moody C Fitch C | ' | ' | ' | ' | ' | |
Other than temporarily impaired | ' | ' | ' | ' | ' | |
Par value - other than temporarily impaired | 2,150 | ' | 2,150 | ' | ' | |
Book value - other than temporarily impaired | 475 | ' | 475 | ' | ' | |
Estimated fair value - other than temporarily impaired | 609 | ' | 609 | ' | ' | |
Current Deferrals and Defaults - other than temporarily impaired | ' | ' | 15.00% | ' | ' | |
Cumulative other comprehensive loss | ' | ' | 1,014 | [2] | ' | ' |
Cumulative OTTI related to credit loss | ' | ' | 661 | [2] | ' | ' |
Trust preferred securities | ALESCO XV C1 Mezzanine | Rating Of Moody A3 Fitch A- When Purchased and Current Moody C Fitch C | ' | ' | ' | ' | ' | |
Other than temporarily impaired | ' | ' | ' | ' | ' | |
Par value - other than temporarily impaired | 3,268 | ' | 3,268 | ' | ' | |
Book value - other than temporarily impaired | 30 | ' | 30 | ' | ' | |
Estimated fair value - other than temporarily impaired | 85 | ' | 85 | ' | ' | |
Current Deferrals and Defaults - other than temporarily impaired | ' | ' | 33.00% | ' | ' | |
Cumulative other comprehensive loss | ' | ' | 679 | [2] | ' | ' |
Cumulative OTTI related to credit loss | ' | ' | 2,559 | [2] | ' | ' |
Trust preferred securities | ALESCO XVI C Mezzanine | Rating Of Moody A3 Fitch A- When Purchased and Current Moody C Fitch C | ' | ' | ' | ' | ' | |
Other than temporarily impaired | ' | ' | ' | ' | ' | |
Par value - other than temporarily impaired | 2,172 | ' | 2,172 | ' | ' | |
Book value - other than temporarily impaired | 121 | ' | 121 | ' | ' | |
Estimated fair value - other than temporarily impaired | 582 | ' | 582 | ' | ' | |
Current Deferrals and Defaults - other than temporarily impaired | ' | ' | 14.00% | ' | ' | |
Cumulative other comprehensive loss | ' | ' | 871 | [2] | ' | ' |
Cumulative OTTI related to credit loss | ' | ' | $1,180 | [2] | ' | ' |
[1] | Pre-tax, and represents unrealized losses at date of transfer from available-for-sale to held-to-maturity, net of accretion | |||||
[2] | Pre-tax |
SECURITIES_Roll_forward_of_cre
SECURITIES - Roll forward of credit losses (Details 5) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Roll Forward] | ' | ' |
Amount of cumulative other-than-temporary impairment related to credit loss prior to January 1 | $8,911 | $8,964 |
Amounts related to credit loss for which an other-than-temporary impairment was not previously recognized | ' | ' |
Amounts related to credit loss for which an other-than-temporary impairment was previously recognized | 41 | 3 |
Reductions due to realized losses | -3 | -51 |
Amount of cumulative other-than-temporary impairment related to credit loss as of September 30 | $8,949 | $8,916 |
SECURITIES_Changes_in_accumula
SECURITIES - Changes in accumulated other comprehensive income by component (Details 6) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ' | ' | ' | ' |
Beginning balance | ($3,051) | ($3,153) | ($3,190) | ($2,981) |
Other comprehensive income/(loss) before reclassifications | 32 | -16 | 171 | -94 |
Amounts reclassified from accumulated other comprehensive income/(loss) | ' | ' | ' | -94 |
Net current-period other comprehensive income/(loss) | 32 | -16 | 171 | -188 |
Ending balance | -3,019 | -3,169 | -3,019 | -3,169 |
Unrealized Holding Gains (Losses) on Available for Sale Securities | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ' | ' | ' | ' |
Beginning balance | -60 | -178 | -203 | 44 |
Other comprehensive income/(loss) before reclassifications | 44 | -8 | 187 | -137 |
Amounts reclassified from accumulated other comprehensive income/(loss) | ' | ' | ' | -93 |
Net current-period other comprehensive income/(loss) | 44 | -8 | 187 | -230 |
Ending balance | -16 | -186 | -16 | -186 |
Held to Maturity Securities | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ' | ' | ' | ' |
Beginning balance | -2,991 | -2,975 | -2,987 | -3,025 |
Other comprehensive income/(loss) before reclassifications | -12 | -8 | -16 | 43 |
Amounts reclassified from accumulated other comprehensive income/(loss) | ' | ' | ' | -1 |
Net current-period other comprehensive income/(loss) | -12 | -8 | -16 | 42 |
Ending balance | ($3,003) | ($2,983) | ($3,003) | ($2,983) |
SECURITIES_Detail_Textuals
SECURITIES (Detail Textuals) (USD $) | 9 Months Ended | |||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | |
Federal Home Loan Bank of Atlanta | Federal Home Loan Bank of Atlanta | |||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ' | ' | ' | ' |
Securities with a carrying amount were pledged to secure public deposits | ' | ' | $71,400,000 | $65,300,000 |
Temporarily impaired securities | $41,000 | $3,000 | $60,300,000 | ' |
SECURITIES_Detail_Textuals_1
SECURITIES (Detail Textuals 1) (USD $) | 9 Months Ended | |
In Billions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Held to Maturity | ' | ' |
Other than temporary impairment performing collateral will default or defer per annum | 0.50% | ' |
Recoveries ranging | 11.00% | ' |
Period of no prepayments for security | '10 years | ' |
Percentage of prepayments for remaining life of the security | 1.00% | ' |
SBA guaranteed | ' | ' |
Held to Maturity | ' | ' |
Prepay collateral issued by banks with assets over $15 billion in 2014 | 10.00% | 15.00% |
Trust preferred securities | ' | ' |
Held to Maturity | ' | ' |
Average assets with bank | 15 | ' |
SECURITIES_Detail_Textuals_2
SECURITIES (Detail Textuals 2) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Held to Maturity | ' | ' |
OTTI charges related to credit | $41 | $3 |
LOANS_Summary_Details
LOANS - Summary (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Accounts Notes And Loans Receivable [Line Items] | ' | ' | ||
Loans, net of deferred fees | $658,710 | $538,968 | ||
Total Loans | ' | ' | ||
Accounts Notes And Loans Receivable [Line Items] | ' | ' | ||
Commercial real estate - owner-occupied | 117,334 | 107,828 | ||
Commercial real estate - non-owner-occupied | 187,929 | 155,837 | ||
Secured by farmland | 580 | 608 | ||
Construction and land loan | 53,302 | 39,069 | ||
Residential 1-4 family | 133,781 | 83,113 | ||
Multi- family residential | 22,776 | 22,081 | ||
Home equity lines of credit | 34,694 | 32,200 | ||
Total real estate loans | 550,396 | 440,736 | ||
Commercial loans | 115,084 | 105,381 | ||
Consumer loans | 2,093 | 1,389 | ||
Gross loans | 667,573 | 547,506 | ||
Less deferred fees on loans | -1,739 | -1,448 | ||
Loans, net of deferred fees | 665,834 | 546,058 | ||
Total Loans | Covered loans | ' | ' | ||
Accounts Notes And Loans Receivable [Line Items] | ' | ' | ||
Commercial real estate - owner-occupied | 1,363 | [1] | 1,603 | [1] |
Commercial real estate - non-owner-occupied | 5,791 | [1] | 5,829 | [1] |
Secured by farmland | ' | [1] | 100 | [1] |
Construction and land loan | ' | [1] | 1 | [1] |
Residential 1-4 family | 15,358 | [1] | 16,631 | [1] |
Multi- family residential | 295 | [1] | 585 | [1] |
Home equity lines of credit | 24,341 | [1] | 25,769 | [1] |
Total real estate loans | 47,148 | [1] | 50,518 | [1] |
Commercial loans | 755 | [1] | 1,097 | [1] |
Consumer loans | 78 | [1] | 81 | [1] |
Gross loans | 47,981 | [1] | 51,696 | [1] |
Less deferred fees on loans | 8 | [1] | 5 | [1] |
Loans, net of deferred fees | 47,989 | [1] | 51,701 | [1] |
Total Loans | Non-covered Loans | ' | ' | ||
Accounts Notes And Loans Receivable [Line Items] | ' | ' | ||
Commercial real estate - owner-occupied | 115,971 | 106,225 | ||
Commercial real estate - non-owner-occupied | 182,138 | 150,008 | ||
Secured by farmland | 580 | 508 | ||
Construction and land loan | 53,302 | 39,068 | ||
Residential 1-4 family | 118,423 | 66,482 | ||
Multi- family residential | 22,481 | 21,496 | ||
Home equity lines of credit | 10,353 | 6,431 | ||
Total real estate loans | 503,248 | 390,218 | ||
Commercial loans | 114,329 | 104,284 | ||
Consumer loans | 2,015 | 1,308 | ||
Gross loans | 619,592 | 495,810 | ||
Less deferred fees on loans | -1,747 | -1,453 | ||
Loans, net of deferred fees | $617,845 | $494,357 | ||
[1] | Covered Loans were acquired in the Greater Atlantic transaction and are covered under an FDIC loss-share agreement. |
LOANS_Impaired_loans_Details_1
LOANS - Impaired loans (Details 1) (Total Loans, USD $) | Sep. 30, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
With no related allowance recorded | ' | ' | ||
With no related allowance recorded - Recorded Investment | $24,027 | $22,565 | ||
With no related allowance recorded - Unpaid Principal Balance | 25,483 | 23,990 | ||
With an allowance recorded | ' | ' | ||
With an allowance recorded - Recorded Investment | 6,110 | 4,755 | ||
With an allowance recorded - Unpaid Principal Balance | 6,359 | 5,655 | ||
With an allowance recorded - Allowance for Loan Losses Allocated | 391 | 717 | ||
Recorded Investment, Grand total | 30,137 | 27,320 | ||
Unpaid Principal Balance, Grand total | 31,842 | 29,645 | ||
Related Allowance, Grand total | 391 | 717 | ||
Commercial real estate - owner occupied | ' | ' | ||
With no related allowance recorded | ' | ' | ||
With no related allowance recorded - Recorded Investment | 11,628 | 8,221 | ||
With no related allowance recorded - Unpaid Principal Balance | 11,797 | 8,320 | ||
With an allowance recorded | ' | ' | ||
With an allowance recorded - Recorded Investment | 91 | 400 | ||
With an allowance recorded - Unpaid Principal Balance | 191 | 500 | ||
With an allowance recorded - Allowance for Loan Losses Allocated | 91 | 192 | ||
Commercial real estate - non-owner occupied | ' | ' | ||
With no related allowance recorded | ' | ' | ||
With no related allowance recorded - Recorded Investment | 1,879 | [1] | 2,504 | [1] |
With no related allowance recorded - Unpaid Principal Balance | 2,141 | [1] | 2,935 | [1] |
With an allowance recorded | ' | ' | ||
With an allowance recorded - Recorded Investment | ' | [1] | ' | [1] |
With an allowance recorded - Unpaid Principal Balance | ' | [1] | ' | [1] |
With an allowance recorded - Allowance for Loan Losses Allocated | ' | [1] | ' | [1] |
Construction and land development | ' | ' | ||
With no related allowance recorded | ' | ' | ||
With no related allowance recorded - Recorded Investment | ' | 2,107 | ||
With no related allowance recorded - Unpaid Principal Balance | ' | 2,307 | ||
With an allowance recorded | ' | ' | ||
With an allowance recorded - Recorded Investment | ' | ' | ||
With an allowance recorded - Unpaid Principal Balance | ' | ' | ||
With an allowance recorded - Allowance for Loan Losses Allocated | ' | ' | ||
Commercial loans | ' | ' | ||
With no related allowance recorded | ' | ' | ||
With no related allowance recorded - Recorded Investment | 9,269 | 3,155 | ||
With no related allowance recorded - Unpaid Principal Balance | 10,078 | 3,631 | ||
With an allowance recorded | ' | ' | ||
With an allowance recorded - Recorded Investment | ' | 1,718 | ||
With an allowance recorded - Unpaid Principal Balance | ' | 2,518 | ||
With an allowance recorded - Allowance for Loan Losses Allocated | ' | 325 | ||
Residential 1-4 family | ' | ' | ||
With no related allowance recorded | ' | ' | ||
With no related allowance recorded - Recorded Investment | 1,251 | [2] | 6,578 | [2] |
With no related allowance recorded - Unpaid Principal Balance | 1,467 | [2] | 6,797 | [2] |
With an allowance recorded | ' | ' | ||
With an allowance recorded - Recorded Investment | 6,019 | [2] | 2,637 | [2] |
With an allowance recorded - Unpaid Principal Balance | 6,168 | [2] | 2,637 | [2] |
With an allowance recorded - Allowance for Loan Losses Allocated | 300 | [2] | 200 | [2] |
Other consumer loans | ' | ' | ||
With no related allowance recorded | ' | ' | ||
With no related allowance recorded - Recorded Investment | ' | ' | ||
With no related allowance recorded - Unpaid Principal Balance | ' | ' | ||
With an allowance recorded | ' | ' | ||
With an allowance recorded - Recorded Investment | ' | ' | ||
With an allowance recorded - Unpaid Principal Balance | ' | ' | ||
With an allowance recorded - Allowance for Loan Losses Allocated | ' | ' | ||
Covered loans | ' | ' | ||
With no related allowance recorded | ' | ' | ||
With no related allowance recorded - Recorded Investment | 3,838 | 4,110 | ||
With no related allowance recorded - Unpaid Principal Balance | 4,378 | 4,769 | ||
With an allowance recorded | ' | ' | ||
With an allowance recorded - Recorded Investment | ' | ' | ||
With an allowance recorded - Unpaid Principal Balance | ' | ' | ||
With an allowance recorded - Allowance for Loan Losses Allocated | ' | ' | ||
Recorded Investment, Grand total | 3,838 | 4,110 | ||
Unpaid Principal Balance, Grand total | 4,378 | 4,769 | ||
Related Allowance, Grand total | ' | ' | ||
Covered loans | Commercial real estate - owner occupied | ' | ' | ||
With no related allowance recorded | ' | ' | ||
With no related allowance recorded - Recorded Investment | 753 | 745 | ||
With no related allowance recorded - Unpaid Principal Balance | 817 | 844 | ||
With an allowance recorded | ' | ' | ||
With an allowance recorded - Recorded Investment | ' | ' | ||
With an allowance recorded - Unpaid Principal Balance | ' | ' | ||
With an allowance recorded - Allowance for Loan Losses Allocated | ' | ' | ||
Covered loans | Commercial real estate - non-owner occupied | ' | ' | ||
With no related allowance recorded | ' | ' | ||
With no related allowance recorded - Recorded Investment | 1,879 | [1] | 2,145 | [1] |
With no related allowance recorded - Unpaid Principal Balance | 2,141 | [1] | 2,486 | [1] |
With an allowance recorded | ' | ' | ||
With an allowance recorded - Recorded Investment | ' | [1] | ' | [1] |
With an allowance recorded - Unpaid Principal Balance | ' | [1] | ' | [1] |
With an allowance recorded - Allowance for Loan Losses Allocated | ' | [1] | ' | [1] |
Covered loans | Construction and land development | ' | ' | ||
With no related allowance recorded | ' | ' | ||
With no related allowance recorded - Recorded Investment | ' | ' | ||
With no related allowance recorded - Unpaid Principal Balance | ' | ' | ||
With an allowance recorded | ' | ' | ||
With an allowance recorded - Recorded Investment | ' | ' | ||
With an allowance recorded - Unpaid Principal Balance | ' | ' | ||
With an allowance recorded - Allowance for Loan Losses Allocated | ' | ' | ||
Covered loans | Commercial loans | ' | ' | ||
With no related allowance recorded | ' | ' | ||
With no related allowance recorded - Recorded Investment | ' | ' | ||
With no related allowance recorded - Unpaid Principal Balance | ' | ' | ||
With an allowance recorded | ' | ' | ||
With an allowance recorded - Recorded Investment | ' | ' | ||
With an allowance recorded - Unpaid Principal Balance | ' | ' | ||
With an allowance recorded - Allowance for Loan Losses Allocated | ' | ' | ||
Covered loans | Residential 1-4 family | ' | ' | ||
With no related allowance recorded | ' | ' | ||
With no related allowance recorded - Recorded Investment | 1,206 | [2] | 1,220 | [2] |
With no related allowance recorded - Unpaid Principal Balance | 1,420 | [2] | 1,439 | [2] |
With an allowance recorded | ' | ' | ||
With an allowance recorded - Recorded Investment | ' | [2] | ' | [2] |
With an allowance recorded - Unpaid Principal Balance | ' | [2] | ' | [2] |
With an allowance recorded - Allowance for Loan Losses Allocated | ' | [2] | ' | [2] |
Covered loans | Other consumer loans | ' | ' | ||
With no related allowance recorded | ' | ' | ||
With no related allowance recorded - Recorded Investment | ' | ' | ||
With no related allowance recorded - Unpaid Principal Balance | ' | ' | ||
With an allowance recorded | ' | ' | ||
With an allowance recorded - Recorded Investment | ' | ' | ||
With an allowance recorded - Unpaid Principal Balance | ' | ' | ||
With an allowance recorded - Allowance for Loan Losses Allocated | ' | ' | ||
Non-covered Loans | ' | ' | ||
With no related allowance recorded | ' | ' | ||
With no related allowance recorded - Recorded Investment | 20,189 | [3] | 18,455 | [4] |
With no related allowance recorded - Unpaid Principal Balance | 21,105 | 19,221 | ||
With an allowance recorded | ' | ' | ||
With an allowance recorded - Recorded Investment | 6,110 | [3] | 4,755 | [4] |
With an allowance recorded - Unpaid Principal Balance | 6,359 | 5,655 | ||
With an allowance recorded - Allowance for Loan Losses Allocated | 391 | 717 | ||
Recorded Investment, Grand total | 26,299 | 23,210 | ||
Unpaid Principal Balance, Grand total | 27,464 | 24,876 | ||
Related Allowance, Grand total | 391 | 717 | ||
Non-covered Loans | Commercial real estate - owner occupied | ' | ' | ||
With no related allowance recorded | ' | ' | ||
With no related allowance recorded - Recorded Investment | 10,875 | [3] | 7,476 | [4] |
With no related allowance recorded - Unpaid Principal Balance | 10,980 | 7,476 | ||
With an allowance recorded | ' | ' | ||
With an allowance recorded - Recorded Investment | 91 | [3] | 400 | [4] |
With an allowance recorded - Unpaid Principal Balance | 191 | 500 | ||
With an allowance recorded - Allowance for Loan Losses Allocated | 91 | 192 | ||
Non-covered Loans | Commercial real estate - non-owner occupied | ' | ' | ||
With no related allowance recorded | ' | ' | ||
With no related allowance recorded - Recorded Investment | ' | [1],[3] | 359 | [1],[4] |
With no related allowance recorded - Unpaid Principal Balance | ' | [1] | 449 | [1] |
With an allowance recorded | ' | ' | ||
With an allowance recorded - Recorded Investment | ' | [1],[3] | ' | [1],[4] |
With an allowance recorded - Unpaid Principal Balance | ' | [1] | ' | [1] |
With an allowance recorded - Allowance for Loan Losses Allocated | ' | [1] | ' | [1] |
Non-covered Loans | Construction and land development | ' | ' | ||
With no related allowance recorded | ' | ' | ||
With no related allowance recorded - Recorded Investment | ' | [3] | 2,107 | [4] |
With no related allowance recorded - Unpaid Principal Balance | ' | 2,307 | ||
With an allowance recorded | ' | ' | ||
With an allowance recorded - Recorded Investment | ' | [3] | ' | [4] |
With an allowance recorded - Unpaid Principal Balance | ' | ' | ||
With an allowance recorded - Allowance for Loan Losses Allocated | ' | ' | ||
Non-covered Loans | Commercial loans | ' | ' | ||
With no related allowance recorded | ' | ' | ||
With no related allowance recorded - Recorded Investment | 9,269 | [3] | 3,155 | [4] |
With no related allowance recorded - Unpaid Principal Balance | 10,078 | 3,631 | ||
With an allowance recorded | ' | ' | ||
With an allowance recorded - Recorded Investment | ' | [3] | 1,718 | [4] |
With an allowance recorded - Unpaid Principal Balance | ' | 2,518 | ||
With an allowance recorded - Allowance for Loan Losses Allocated | ' | 325 | ||
Non-covered Loans | Residential 1-4 family | ' | ' | ||
With no related allowance recorded | ' | ' | ||
With no related allowance recorded - Recorded Investment | 45 | [1],[3] | 5,358 | [2],[4] |
With no related allowance recorded - Unpaid Principal Balance | 47 | [1] | 5,358 | [2] |
With an allowance recorded | ' | ' | ||
With an allowance recorded - Recorded Investment | 6,019 | [1],[3] | 2,637 | [2],[4] |
With an allowance recorded - Unpaid Principal Balance | 6,168 | [1] | 2,637 | [2] |
With an allowance recorded - Allowance for Loan Losses Allocated | 300 | [1] | 200 | [2] |
Non-covered Loans | Other consumer loans | ' | ' | ||
With no related allowance recorded | ' | ' | ||
With no related allowance recorded - Recorded Investment | ' | [3] | ' | [4] |
With no related allowance recorded - Unpaid Principal Balance | ' | ' | ||
With an allowance recorded | ' | ' | ||
With an allowance recorded - Recorded Investment | ' | [3] | ' | [4] |
With an allowance recorded - Unpaid Principal Balance | ' | ' | ||
With an allowance recorded - Allowance for Loan Losses Allocated | ' | ' | ||
[1] | Includes loans secured by farmland and multi-family residential loans. | |||
[2] | Includes home equity lines of credit. | |||
[3] | Recorded investment is after cumulative prior charge offs of $931 thousand These loans also have aggregate SBA guarantees of $3.3 million. | |||
[4] | Recorded investment is after cumulative prior charge offs of $1.4 million. These loans also have aggregate SBA guarantees of $2.4 million. |
LOANS_Average_recorded_investm
LOANS - Average recorded investment and interest income for impaired loans (Details 2) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | ||||
Covered loans | ' | ' | ' | ' | ||||
With an allowance recorded | ' | ' | ' | ' | ||||
Average Recorded Investment, Grand total | $3,848 | $3,131 | $3,847 | $3,108 | ||||
Interest Income Recognized, Grand total | 90 | 55 | 162 | 163 | ||||
Non-covered Loans | ' | ' | ' | ' | ||||
With an allowance recorded | ' | ' | ' | ' | ||||
Average Recorded Investment, Grand total | ' | ' | 18,846 | 20,512 | ||||
Interest Income Recognized, Grand total | ' | ' | 756 | 800 | ||||
Total Loans | ' | ' | ' | ' | ||||
With no related allowance recorded | ' | ' | ' | ' | ||||
With no related allowance recorded, Average Recorded Investment | 23,329 | 18,626 | 16,989 | 15,138 | ||||
With no related allowance recorded, Interest Income Recognized | 360 | 257 | 671 | 647 | ||||
With an allowance recorded | ' | ' | ' | ' | ||||
With an allowance recorded, Average Recorded Investment | 5,906 | 8,242 | 5,704 | 8,482 | ||||
With an allowance recorded, Interest Income Recognized | 82 | 106 | 247 | 316 | ||||
Average Recorded Investment, Grand total | 29,235 | 26,868 | 22,693 | 23,620 | ||||
Interest Income Recognized, Grand total | 442 | 363 | 918 | 963 | ||||
Total Loans | Commercial real estate - owner occupied | ' | ' | ' | ' | ||||
With no related allowance recorded | ' | ' | ' | ' | ||||
With no related allowance recorded, Average Recorded Investment | 11,659 | 7,699 | 8,688 | 6,280 | ||||
With no related allowance recorded, Interest Income Recognized | 188 | 137 | 412 | 322 | ||||
With an allowance recorded | ' | ' | ' | ' | ||||
With an allowance recorded, Average Recorded Investment | 95 | 119 | 106 | 125 | ||||
With an allowance recorded, Interest Income Recognized | 3 | 4 | 11 | 13 | ||||
Total Loans | Commercial real estate - non-owner occupied | ' | ' | ' | ' | ||||
With no related allowance recorded | ' | ' | ' | ' | ||||
With no related allowance recorded, Average Recorded Investment | 1,884 | [1] | 1,813 | [1] | 1,889 | [1] | 1,837 | [1] |
With no related allowance recorded, Interest Income Recognized | 67 | [1] | 39 | [1] | 91 | [1] | 120 | [1] |
With an allowance recorded | ' | ' | ' | ' | ||||
With an allowance recorded, Average Recorded Investment | ' | [1] | 967 | [1] | ' | [1] | 972 | [1] |
With an allowance recorded, Interest Income Recognized | ' | [1] | 17 | [1] | ' | [1] | 50 | [1] |
Total Loans | Construction and land development | ' | ' | ' | ' | ||||
With no related allowance recorded | ' | ' | ' | ' | ||||
With no related allowance recorded, Average Recorded Investment | ' | 2,241 | ' | 903 | ||||
With no related allowance recorded, Interest Income Recognized | ' | ' | ' | ' | ||||
With an allowance recorded | ' | ' | ' | ' | ||||
With an allowance recorded, Average Recorded Investment | ' | ' | ' | ' | ||||
With an allowance recorded, Interest Income Recognized | ' | ' | ' | ' | ||||
Total Loans | Commercial loans | ' | ' | ' | ' | ||||
With no related allowance recorded | ' | ' | ' | ' | ||||
With no related allowance recorded, Average Recorded Investment | 8,563 | 2,452 | 5,195 | 1,762 | ||||
With no related allowance recorded, Interest Income Recognized | 95 | 27 | 137 | 51 | ||||
With an allowance recorded | ' | ' | ' | ' | ||||
With an allowance recorded, Average Recorded Investment | ' | 1,831 | ' | 1,951 | ||||
With an allowance recorded, Interest Income Recognized | ' | ' | ' | ' | ||||
Total Loans | Residential 1-4 family | ' | ' | ' | ' | ||||
With no related allowance recorded | ' | ' | ' | ' | ||||
With no related allowance recorded, Average Recorded Investment | 1,223 | [2] | 4,421 | [2] | 1,217 | [2] | 4,356 | [2] |
With no related allowance recorded, Interest Income Recognized | 10 | [2] | 54 | [2] | 31 | [2] | 154 | [2] |
With an allowance recorded | ' | ' | ' | ' | ||||
With an allowance recorded, Average Recorded Investment | 5,811 | [2] | 5,325 | [2] | 5,598 | [2] | 5,434 | [2] |
With an allowance recorded, Interest Income Recognized | 79 | [2] | 85 | [2] | 236 | [2] | 253 | [2] |
Total Loans | Other consumer loans | ' | ' | ' | ' | ||||
With no related allowance recorded | ' | ' | ' | ' | ||||
With no related allowance recorded, Average Recorded Investment | ' | ' | ' | ' | ||||
With no related allowance recorded, Interest Income Recognized | ' | ' | ' | ' | ||||
With an allowance recorded | ' | ' | ' | ' | ||||
With an allowance recorded, Average Recorded Investment | ' | ' | ' | ' | ||||
With an allowance recorded, Interest Income Recognized | ' | ' | ' | ' | ||||
Total Loans | Covered loans | ' | ' | ' | ' | ||||
With no related allowance recorded | ' | ' | ' | ' | ||||
With no related allowance recorded, Average Recorded Investment | 3,848 | 3,131 | 3,847 | 3,108 | ||||
With no related allowance recorded, Interest Income Recognized | 90 | 55 | 162 | 163 | ||||
With an allowance recorded | ' | ' | ' | ' | ||||
With an allowance recorded, Average Recorded Investment | ' | ' | ' | ' | ||||
With an allowance recorded, Interest Income Recognized | ' | ' | ' | ' | ||||
Average Recorded Investment, Grand total | 3,848 | 3,131 | 3,847 | 3,108 | ||||
Interest Income Recognized, Grand total | 90 | 55 | 162 | 163 | ||||
Total Loans | Covered loans | Commercial real estate - owner occupied | ' | ' | ' | ' | ||||
With no related allowance recorded | ' | ' | ' | ' | ||||
With no related allowance recorded, Average Recorded Investment | 756 | 135 | 746 | 136 | ||||
With no related allowance recorded, Interest Income Recognized | 13 | 5 | 40 | 14 | ||||
With an allowance recorded | ' | ' | ' | ' | ||||
With an allowance recorded, Average Recorded Investment | ' | ' | ' | ' | ||||
With an allowance recorded, Interest Income Recognized | ' | ' | ' | ' | ||||
Total Loans | Covered loans | Commercial real estate - non-owner occupied | ' | ' | ' | ' | ||||
With no related allowance recorded | ' | ' | ' | ' | ||||
With no related allowance recorded, Average Recorded Investment | 1,884 | [1] | 1,448 | [1] | 1,889 | [1] | 1,464 | [1] |
With no related allowance recorded, Interest Income Recognized | 67 | [1] | 30 | [1] | 91 | [1] | 92 | [1] |
With an allowance recorded | ' | ' | ' | ' | ||||
With an allowance recorded, Average Recorded Investment | ' | [1] | ' | [1] | ' | [1] | ' | [1] |
With an allowance recorded, Interest Income Recognized | ' | [1] | ' | [1] | ' | [1] | ' | [1] |
Total Loans | Covered loans | Construction and land development | ' | ' | ' | ' | ||||
With no related allowance recorded | ' | ' | ' | ' | ||||
With no related allowance recorded, Average Recorded Investment | ' | ' | ' | ' | ||||
With no related allowance recorded, Interest Income Recognized | ' | ' | ' | ' | ||||
With an allowance recorded | ' | ' | ' | ' | ||||
With an allowance recorded, Average Recorded Investment | ' | ' | ' | ' | ||||
With an allowance recorded, Interest Income Recognized | ' | ' | ' | ' | ||||
Total Loans | Covered loans | Commercial loans | ' | ' | ' | ' | ||||
With no related allowance recorded | ' | ' | ' | ' | ||||
With no related allowance recorded, Average Recorded Investment | ' | 44 | ' | 44 | ||||
With no related allowance recorded, Interest Income Recognized | ' | 1 | ' | 4 | ||||
With an allowance recorded | ' | ' | ' | ' | ||||
With an allowance recorded, Average Recorded Investment | ' | ' | ' | ' | ||||
With an allowance recorded, Interest Income Recognized | ' | ' | ' | ' | ||||
Total Loans | Covered loans | Residential 1-4 family | ' | ' | ' | ' | ||||
With no related allowance recorded | ' | ' | ' | ' | ||||
With no related allowance recorded, Average Recorded Investment | 1,208 | [2] | 1,504 | [2] | 1,212 | [2] | 1,464 | [2] |
With no related allowance recorded, Interest Income Recognized | 10 | [2] | 19 | [2] | 31 | [2] | 53 | [2] |
With an allowance recorded | ' | ' | ' | ' | ||||
With an allowance recorded, Average Recorded Investment | ' | [2] | ' | [2] | ' | [2] | ' | [2] |
With an allowance recorded, Interest Income Recognized | ' | [2] | ' | [2] | ' | [2] | ' | [2] |
Total Loans | Covered loans | Other consumer loans | ' | ' | ' | ' | ||||
With no related allowance recorded | ' | ' | ' | ' | ||||
With no related allowance recorded, Average Recorded Investment | ' | ' | ' | ' | ||||
With no related allowance recorded, Interest Income Recognized | ' | ' | ' | ' | ||||
With an allowance recorded | ' | ' | ' | ' | ||||
With an allowance recorded, Average Recorded Investment | ' | ' | ' | ' | ||||
With an allowance recorded, Interest Income Recognized | ' | ' | ' | ' | ||||
Total Loans | Non-covered Loans | ' | ' | ' | ' | ||||
With no related allowance recorded | ' | ' | ' | ' | ||||
With no related allowance recorded, Average Recorded Investment | 19,481 | 15,495 | 13,142 | 12,030 | ||||
With no related allowance recorded, Interest Income Recognized | 270 | 202 | 509 | 484 | ||||
With an allowance recorded | ' | ' | ' | ' | ||||
With an allowance recorded, Average Recorded Investment | 5,906 | 8,242 | 5,704 | 8,482 | ||||
With an allowance recorded, Interest Income Recognized | 82 | 106 | 247 | 316 | ||||
Average Recorded Investment, Grand total | 25,387 | 23,737 | 18,846 | 20,512 | ||||
Interest Income Recognized, Grand total | 352 | 308 | 756 | 800 | ||||
Total Loans | Non-covered Loans | Commercial real estate - owner occupied | ' | ' | ' | ' | ||||
With no related allowance recorded | ' | ' | ' | ' | ||||
With no related allowance recorded, Average Recorded Investment | 10,903 | 7,564 | 7,942 | 6,144 | ||||
With no related allowance recorded, Interest Income Recognized | 175 | 132 | 372 | 308 | ||||
With an allowance recorded | ' | ' | ' | ' | ||||
With an allowance recorded, Average Recorded Investment | 95 | 119 | 106 | 125 | ||||
With an allowance recorded, Interest Income Recognized | 3 | 4 | 11 | 13 | ||||
Total Loans | Non-covered Loans | Commercial real estate - non-owner occupied | ' | ' | ' | ' | ||||
With no related allowance recorded | ' | ' | ' | ' | ||||
With no related allowance recorded, Average Recorded Investment | ' | [1] | 365 | [1] | ' | [1] | 373 | [1] |
With no related allowance recorded, Interest Income Recognized | ' | [1] | 9 | [1] | ' | [1] | 28 | [1] |
With an allowance recorded | ' | ' | ' | ' | ||||
With an allowance recorded, Average Recorded Investment | ' | [1] | 967 | [1] | ' | [1] | 972 | [1] |
With an allowance recorded, Interest Income Recognized | ' | [1] | 17 | [1] | ' | [1] | 50 | [1] |
Total Loans | Non-covered Loans | Construction and land development | ' | ' | ' | ' | ||||
With no related allowance recorded | ' | ' | ' | ' | ||||
With no related allowance recorded, Average Recorded Investment | ' | 2,241 | ' | 903 | ||||
With no related allowance recorded, Interest Income Recognized | ' | ' | ' | ' | ||||
With an allowance recorded | ' | ' | ' | ' | ||||
With an allowance recorded, Average Recorded Investment | ' | ' | ' | ' | ||||
With an allowance recorded, Interest Income Recognized | ' | ' | ' | ' | ||||
Total Loans | Non-covered Loans | Commercial loans | ' | ' | ' | ' | ||||
With no related allowance recorded | ' | ' | ' | ' | ||||
With no related allowance recorded, Average Recorded Investment | 8,563 | 2,408 | 5,195 | 1,718 | ||||
With no related allowance recorded, Interest Income Recognized | 95 | 26 | 137 | 47 | ||||
With an allowance recorded | ' | ' | ' | ' | ||||
With an allowance recorded, Average Recorded Investment | ' | 1,831 | ' | 1,951 | ||||
With an allowance recorded, Interest Income Recognized | ' | ' | ' | ' | ||||
Total Loans | Non-covered Loans | Residential 1-4 family | ' | ' | ' | ' | ||||
With no related allowance recorded | ' | ' | ' | ' | ||||
With no related allowance recorded, Average Recorded Investment | 15 | [2] | 2,917 | [2] | 5 | [2] | 2,892 | [2] |
With no related allowance recorded, Interest Income Recognized | ' | [2] | 35 | [2] | ' | [2] | 101 | [2] |
With an allowance recorded | ' | ' | ' | ' | ||||
With an allowance recorded, Average Recorded Investment | 5,811 | [2] | 5,325 | [2] | 5,598 | [2] | 5,434 | [2] |
With an allowance recorded, Interest Income Recognized | 79 | [2] | 85 | [2] | 236 | [2] | 253 | [2] |
Total Loans | Non-covered Loans | Other consumer loans | ' | ' | ' | ' | ||||
With no related allowance recorded | ' | ' | ' | ' | ||||
With no related allowance recorded, Average Recorded Investment | ' | ' | ' | ' | ||||
With no related allowance recorded, Interest Income Recognized | ' | ' | ' | ' | ||||
With an allowance recorded | ' | ' | ' | ' | ||||
With an allowance recorded, Average Recorded Investment | ' | ' | ' | ' | ||||
With an allowance recorded, Interest Income Recognized | ' | ' | ' | ' | ||||
[1] | Includes loans secured by farmland and multi-family residential loans. | |||||||
[2] | Includes home equity lines of credit. |
LOANS_Aging_of_recorded_invest
LOANS - Aging of recorded investment (Details 3) (Total Loans, USD $) | Sep. 30, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Accounts Notes And Loans Receivable [Line Items] | ' | ' | ||
Recorded Investment, 30 - 59 Days Past Due | $2,554 | $3,112 | ||
Recorded Investment, 60 - 89 Days Past Due | 2,901 | 1,352 | ||
Recorded Investment, 90 Days or More | ' | ' | ||
Recorded Investment, Total Past Due | 5,455 | 4,464 | ||
Recorded investment, Nonaccrual Loans | 4,967 | 9,436 | ||
Recorded Investment, Loans Not Past Due | 657,151 | 533,606 | ||
Total Loans | 667,573 | 547,506 | ||
Commercial real estate - owner occupied | ' | ' | ||
Accounts Notes And Loans Receivable [Line Items] | ' | ' | ||
Recorded Investment, 30 - 59 Days Past Due | 978 | 708 | ||
Recorded Investment, 60 - 89 Days Past Due | 2,106 | 283 | ||
Recorded Investment, 90 Days or More | ' | ' | ||
Recorded Investment, Total Past Due | 3,084 | 991 | ||
Recorded investment, Nonaccrual Loans | 67 | ' | ||
Recorded Investment, Loans Not Past Due | 114,183 | 106,837 | ||
Total Loans | 117,334 | 107,828 | ||
Commercial real estate - non-owner occupied | ' | ' | ||
Accounts Notes And Loans Receivable [Line Items] | ' | ' | ||
Recorded Investment, 30 - 59 Days Past Due | 342 | [1] | 862 | [1] |
Recorded Investment, 60 - 89 Days Past Due | ' | [1] | ' | [1] |
Recorded Investment, 90 Days or More | ' | [1] | ' | [1] |
Recorded Investment, Total Past Due | 342 | [1] | 862 | [1] |
Recorded investment, Nonaccrual Loans | ' | [1] | 245 | [1] |
Recorded Investment, Loans Not Past Due | 210,943 | [1] | 177,419 | [1] |
Total Loans | 211,285 | [1] | 178,526 | [1] |
Construction and land development | ' | ' | ||
Accounts Notes And Loans Receivable [Line Items] | ' | ' | ||
Recorded Investment, 30 - 59 Days Past Due | ' | 8 | ||
Recorded Investment, 60 - 89 Days Past Due | 717 | 3 | ||
Recorded Investment, 90 Days or More | ' | ' | ||
Recorded Investment, Total Past Due | 717 | 11 | ||
Recorded investment, Nonaccrual Loans | ' | 2,107 | ||
Recorded Investment, Loans Not Past Due | 52,585 | 36,951 | ||
Total Loans | 53,302 | 39,069 | ||
Commercial loans | ' | ' | ||
Accounts Notes And Loans Receivable [Line Items] | ' | ' | ||
Recorded Investment, 30 - 59 Days Past Due | 463 | 522 | ||
Recorded Investment, 60 - 89 Days Past Due | 36 | 968 | ||
Recorded Investment, 90 Days or More | ' | ' | ||
Recorded Investment, Total Past Due | 499 | 1,490 | ||
Recorded investment, Nonaccrual Loans | 3,195 | 3,070 | ||
Recorded Investment, Loans Not Past Due | 111,390 | 100,821 | ||
Total Loans | 115,084 | 105,381 | ||
Residential 1-4 family | ' | ' | ||
Accounts Notes And Loans Receivable [Line Items] | ' | ' | ||
Recorded Investment, 30 - 59 Days Past Due | 751 | [2] | 998 | [2] |
Recorded Investment, 60 - 89 Days Past Due | 42 | [2] | 98 | [2] |
Recorded Investment, 90 Days or More | ' | [2] | ' | [2] |
Recorded Investment, Total Past Due | 793 | [2] | 1,096 | [2] |
Recorded investment, Nonaccrual Loans | 1,705 | [2] | 4,014 | [2] |
Recorded Investment, Loans Not Past Due | 165,977 | [2] | 110,203 | [2] |
Total Loans | 168,475 | [2] | 115,313 | [2] |
Other consumer loans | ' | ' | ||
Accounts Notes And Loans Receivable [Line Items] | ' | ' | ||
Recorded Investment, 30 - 59 Days Past Due | 20 | 14 | ||
Recorded Investment, 60 - 89 Days Past Due | ' | ' | ||
Recorded Investment, 90 Days or More | ' | ' | ||
Recorded Investment, Total Past Due | 20 | 14 | ||
Recorded investment, Nonaccrual Loans | ' | ' | ||
Recorded Investment, Loans Not Past Due | 2,073 | 1,375 | ||
Total Loans | 2,093 | 1,389 | ||
Covered loans | ' | ' | ||
Accounts Notes And Loans Receivable [Line Items] | ' | ' | ||
Recorded Investment, 30 - 59 Days Past Due | 425 | 544 | ||
Recorded Investment, 60 - 89 Days Past Due | 42 | ' | ||
Recorded Investment, 90 Days or More | ' | ' | ||
Recorded Investment, Total Past Due | 467 | 544 | ||
Recorded investment, Nonaccrual Loans | 819 | 1,622 | ||
Recorded Investment, Loans Not Past Due | 46,695 | 49,530 | ||
Total Loans | 47,981 | [3] | 51,696 | [3] |
Covered loans | Commercial real estate - owner occupied | ' | ' | ||
Accounts Notes And Loans Receivable [Line Items] | ' | ' | ||
Recorded Investment, 30 - 59 Days Past Due | ' | ' | ||
Recorded Investment, 60 - 89 Days Past Due | ' | ' | ||
Recorded Investment, 90 Days or More | ' | ' | ||
Recorded Investment, Total Past Due | ' | ' | ||
Recorded investment, Nonaccrual Loans | ' | ' | ||
Recorded Investment, Loans Not Past Due | 1,363 | 1,603 | ||
Total Loans | 1,363 | 1,603 | ||
Covered loans | Commercial real estate - non-owner occupied | ' | ' | ||
Accounts Notes And Loans Receivable [Line Items] | ' | ' | ||
Recorded Investment, 30 - 59 Days Past Due | 342 | [1] | 503 | [1] |
Recorded Investment, 60 - 89 Days Past Due | ' | [1] | ' | [1] |
Recorded Investment, 90 Days or More | ' | [1] | ' | [1] |
Recorded Investment, Total Past Due | 342 | [1] | 503 | [1] |
Recorded investment, Nonaccrual Loans | ' | [1] | 245 | [1] |
Recorded Investment, Loans Not Past Due | 5,744 | [1] | 5,766 | [1] |
Total Loans | 6,086 | [1] | 6,514 | [1] |
Covered loans | Construction and land development | ' | ' | ||
Accounts Notes And Loans Receivable [Line Items] | ' | ' | ||
Recorded Investment, 30 - 59 Days Past Due | ' | ' | ||
Recorded Investment, 60 - 89 Days Past Due | ' | ' | ||
Recorded Investment, 90 Days or More | ' | ' | ||
Recorded Investment, Total Past Due | ' | ' | ||
Recorded investment, Nonaccrual Loans | ' | ' | ||
Recorded Investment, Loans Not Past Due | ' | 1 | ||
Total Loans | ' | 1 | ||
Covered loans | Commercial loans | ' | ' | ||
Accounts Notes And Loans Receivable [Line Items] | ' | ' | ||
Recorded Investment, 30 - 59 Days Past Due | ' | ' | ||
Recorded Investment, 60 - 89 Days Past Due | ' | ' | ||
Recorded Investment, 90 Days or More | ' | ' | ||
Recorded Investment, Total Past Due | ' | ' | ||
Recorded investment, Nonaccrual Loans | ' | ' | ||
Recorded Investment, Loans Not Past Due | 755 | 1,097 | ||
Total Loans | 755 | 1,097 | ||
Covered loans | Residential 1-4 family | ' | ' | ||
Accounts Notes And Loans Receivable [Line Items] | ' | ' | ||
Recorded Investment, 30 - 59 Days Past Due | 83 | [2] | 41 | [2] |
Recorded Investment, 60 - 89 Days Past Due | 42 | [2] | ' | [2] |
Recorded Investment, 90 Days or More | ' | [2] | ' | [2] |
Recorded Investment, Total Past Due | 125 | [2] | 41 | [2] |
Recorded investment, Nonaccrual Loans | 819 | [2] | 1,377 | [2] |
Recorded Investment, Loans Not Past Due | 38,755 | [2] | 40,982 | [2] |
Total Loans | 39,699 | [2] | 42,400 | [2] |
Covered loans | Other consumer loans | ' | ' | ||
Accounts Notes And Loans Receivable [Line Items] | ' | ' | ||
Recorded Investment, 30 - 59 Days Past Due | ' | ' | ||
Recorded Investment, 60 - 89 Days Past Due | ' | ' | ||
Recorded Investment, 90 Days or More | ' | ' | ||
Recorded Investment, Total Past Due | ' | ' | ||
Recorded investment, Nonaccrual Loans | ' | ' | ||
Recorded Investment, Loans Not Past Due | 78 | 81 | ||
Total Loans | 78 | 81 | ||
Non-covered Loans | ' | ' | ||
Accounts Notes And Loans Receivable [Line Items] | ' | ' | ||
Recorded Investment, 30 - 59 Days Past Due | 2,129 | 2,568 | ||
Recorded Investment, 60 - 89 Days Past Due | 2,859 | 1,352 | ||
Recorded Investment, 90 Days or More | ' | ' | ||
Recorded Investment, Total Past Due | 4,988 | 3,920 | ||
Recorded investment, Nonaccrual Loans | 4,148 | 7,814 | ||
Recorded Investment, Loans Not Past Due | 610,456 | 484,076 | ||
Total Loans | 619,592 | 495,810 | ||
Non-covered Loans | Commercial real estate - owner occupied | ' | ' | ||
Accounts Notes And Loans Receivable [Line Items] | ' | ' | ||
Recorded Investment, 30 - 59 Days Past Due | 978 | 708 | ||
Recorded Investment, 60 - 89 Days Past Due | 2,106 | 283 | ||
Recorded Investment, 90 Days or More | ' | ' | ||
Recorded Investment, Total Past Due | 3,084 | 991 | ||
Recorded investment, Nonaccrual Loans | 67 | ' | ||
Recorded Investment, Loans Not Past Due | 112,820 | 105,234 | ||
Total Loans | 115,971 | 106,225 | ||
Non-covered Loans | Commercial real estate - non-owner occupied | ' | ' | ||
Accounts Notes And Loans Receivable [Line Items] | ' | ' | ||
Recorded Investment, 30 - 59 Days Past Due | ' | [1] | 359 | [1] |
Recorded Investment, 60 - 89 Days Past Due | ' | [1] | ' | [1] |
Recorded Investment, 90 Days or More | ' | [1] | ' | [1] |
Recorded Investment, Total Past Due | ' | [1] | 359 | [1] |
Recorded investment, Nonaccrual Loans | ' | [1] | ' | [1] |
Recorded Investment, Loans Not Past Due | 205,199 | [1] | 171,653 | [1] |
Total Loans | 205,199 | [1] | 172,012 | [1] |
Non-covered Loans | Construction and land development | ' | ' | ||
Accounts Notes And Loans Receivable [Line Items] | ' | ' | ||
Recorded Investment, 30 - 59 Days Past Due | ' | 8 | ||
Recorded Investment, 60 - 89 Days Past Due | 717 | 3 | ||
Recorded Investment, 90 Days or More | ' | ' | ||
Recorded Investment, Total Past Due | 717 | 11 | ||
Recorded investment, Nonaccrual Loans | ' | 2,107 | ||
Recorded Investment, Loans Not Past Due | 52,585 | 36,950 | ||
Total Loans | 53,302 | 39,068 | ||
Non-covered Loans | Commercial loans | ' | ' | ||
Accounts Notes And Loans Receivable [Line Items] | ' | ' | ||
Recorded Investment, 30 - 59 Days Past Due | 463 | 522 | ||
Recorded Investment, 60 - 89 Days Past Due | 36 | 968 | ||
Recorded Investment, 90 Days or More | ' | ' | ||
Recorded Investment, Total Past Due | 499 | 1,490 | ||
Recorded investment, Nonaccrual Loans | 3,195 | 3,070 | ||
Recorded Investment, Loans Not Past Due | 110,635 | 99,724 | ||
Total Loans | 114,329 | 104,284 | ||
Non-covered Loans | Residential 1-4 family | ' | ' | ||
Accounts Notes And Loans Receivable [Line Items] | ' | ' | ||
Recorded Investment, 30 - 59 Days Past Due | 668 | [2] | 957 | [2] |
Recorded Investment, 60 - 89 Days Past Due | ' | [2] | 98 | [2] |
Recorded Investment, 90 Days or More | ' | [2] | ' | [2] |
Recorded Investment, Total Past Due | 668 | [2] | 1,055 | [2] |
Recorded investment, Nonaccrual Loans | 886 | [2] | 2,637 | [2] |
Recorded Investment, Loans Not Past Due | 127,222 | [2] | 69,221 | [2] |
Total Loans | 128,776 | [2] | 72,913 | [2] |
Non-covered Loans | Other consumer loans | ' | ' | ||
Accounts Notes And Loans Receivable [Line Items] | ' | ' | ||
Recorded Investment, 30 - 59 Days Past Due | 20 | 14 | ||
Recorded Investment, 60 - 89 Days Past Due | ' | ' | ||
Recorded Investment, 90 Days or More | ' | ' | ||
Recorded Investment, Total Past Due | 20 | 14 | ||
Recorded investment, Nonaccrual Loans | ' | ' | ||
Recorded Investment, Loans Not Past Due | 1,995 | 1,294 | ||
Total Loans | $2,015 | $1,308 | ||
[1] | Includes loans secured by farmland and multi-family residential loans. | |||
[2] | Includes home equity lines of credit. | |||
[3] | Covered Loans were acquired in the Greater Atlantic transaction and are covered under an FDIC loss-share agreement. |
LOANS_Allowance_for_loan_and_l
LOANS - Allowance for loan and lease losses (Details 4) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | ||||
Allowance for loan losses: | ' | ' | ' | ' | ||||
Beginning balance | ' | ' | $7,090 | ' | ||||
Provision | 975 | 1,197 | 2,344 | 3,015 | ||||
Ending balance | 7,124 | ' | 7,124 | ' | ||||
Total Loans | Non-covered Loans | ' | ' | ' | ' | ||||
Allowance for loan losses: | ' | ' | ' | ' | ||||
Beginning balance | 7,315 | 7,230 | 7,039 | 6,967 | ||||
Charge offs | -1,209 | -1,158 | -2,427 | -2,981 | ||||
Recoveries | 22 | 120 | 141 | 382 | ||||
Provision | 975 | 1,200 | 2,350 | 3,024 | ||||
Ending balance | 7,103 | 7,392 | 7,103 | 7,392 | ||||
Total Loans | Commercial real estate - owner occupied | Non-covered Loans | ' | ' | ' | ' | ||||
Allowance for loan losses: | ' | ' | ' | ' | ||||
Beginning balance | 596 | 732 | 814 | 932 | ||||
Charge offs | -2 | ' | -73 | ' | ||||
Recoveries | 2 | 4 | 10 | 12 | ||||
Provision | 21 | -33 | -134 | -241 | ||||
Ending balance | 617 | 703 | 617 | 703 | ||||
Total Loans | Commercial Real Estate Non-owner Occupied | Non-covered Loans | ' | ' | ' | ' | ||||
Allowance for loan losses: | ' | ' | ' | ' | ||||
Beginning balance | 933 | [1] | 1,090 | [1] | 985 | [1] | 1,474 | [1] |
Charge offs | ' | [1] | ' | [1] | ' | [1] | -199 | [1] |
Recoveries | 5 | [1] | 87 | [1] | 17 | [1] | 138 | [1] |
Provision | 16 | [1] | -198 | [1] | -48 | [1] | -434 | [1] |
Ending balance | 954 | [1] | 979 | [1] | 954 | [1] | 979 | [1] |
Total Loans | Construction and Land Loans | Non-covered Loans | ' | ' | ' | ' | ||||
Allowance for loan losses: | ' | ' | ' | ' | ||||
Beginning balance | 1,400 | 1,026 | 1,068 | 970 | ||||
Charge offs | ' | -350 | ' | -650 | ||||
Recoveries | 4 | 1 | 4 | 7 | ||||
Provision | 78 | 484 | 410 | 834 | ||||
Ending balance | 1,482 | 1,161 | 1,482 | 1,161 | ||||
Total Loans | Commercial loans | Non-covered Loans | ' | ' | ' | ' | ||||
Allowance for loan losses: | ' | ' | ' | ' | ||||
Beginning balance | 2,926 | 2,742 | 2,797 | 2,110 | ||||
Charge offs | -1,057 | -806 | -1,905 | -1,471 | ||||
Recoveries | 9 | 23 | 101 | 97 | ||||
Provision | 592 | 552 | 1,477 | 1,775 | ||||
Ending balance | 2,470 | 2,511 | 2,470 | 2,511 | ||||
Total Loans | 1-4 Family Residential | Non-covered Loans | ' | ' | ' | ' | ||||
Allowance for loan losses: | ' | ' | ' | ' | ||||
Beginning balance | 785 | [2] | 1,407 | [2] | 1,302 | [2] | 1,163 | [2] |
Charge offs | -149 | [2] | ' | [2] | -449 | [2] | -518 | [2] |
Recoveries | 2 | [2] | 4 | [2] | 4 | [2] | 126 | [2] |
Provision | 441 | [2] | 49 | [2] | 222 | [2] | 689 | [2] |
Ending balance | 1,079 | [2] | 1,460 | [2] | 1,079 | [2] | 1,460 | [2] |
Total Loans | Other consumer loans | Non-covered Loans | ' | ' | ' | ' | ||||
Allowance for loan losses: | ' | ' | ' | ' | ||||
Beginning balance | 59 | 55 | 54 | 33 | ||||
Charge offs | ' | -2 | ' | -143 | ||||
Recoveries | ' | 1 | 5 | 2 | ||||
Provision | -6 | ' | -6 | 162 | ||||
Ending balance | 53 | 54 | 53 | 54 | ||||
Total Loans | Unallocated | Non-covered Loans | ' | ' | ' | ' | ||||
Allowance for loan losses: | ' | ' | ' | ' | ||||
Beginning balance | 616 | 178 | 19 | 285 | ||||
Charge offs | ' | ' | ' | ' | ||||
Recoveries | ' | ' | ' | ' | ||||
Provision | -168 | 346 | 429 | 239 | ||||
Ending balance | $448 | $524 | $448 | $524 | ||||
[1] | Includes loans secured by farmland and multi-family residential loans. | |||||||
[2] | Includes home equity lines of credit. |
LOANS_Activity_in_allowance_fo
LOANS - Activity in allowance for covered loan and lease losses by class of loan (Details 5) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | ||||
Allowance for loan losses: | ' | ' | ' | ' | ||||
Beginning balance | ' | ' | $7,090 | ' | ||||
Provision | 975 | 1,197 | 2,344 | 3,015 | ||||
Ending balance | 7,124 | ' | 7,124 | ' | ||||
Loans Receivable | Covered loans | ' | ' | ' | ' | ||||
Allowance for loan losses: | ' | ' | ' | ' | ||||
Beginning balance | 21 | 66 | 51 | 99 | ||||
Charge offs | ' | ' | ' | ' | ||||
Recoveries | ' | ' | ' | ' | ||||
Adjustments | ' | [1] | -12 | [1] | -24 | [1] | -39 | [1] |
Provision | ' | -3 | -6 | -9 | ||||
Ending balance | 21 | 51 | 21 | 51 | ||||
Loans Receivable | Commercial real estate - owner occupied | Covered loans | ' | ' | ' | ' | ||||
Allowance for loan losses: | ' | ' | ' | ' | ||||
Beginning balance | ' | ' | ' | ' | ||||
Charge offs | ' | ' | ' | ' | ||||
Recoveries | ' | ' | ' | ' | ||||
Adjustments | ' | [1] | ' | [1] | ' | [1] | ' | [1] |
Provision | ' | ' | ' | ' | ||||
Ending balance | ' | ' | ' | ' | ||||
Loans Receivable | Commercial Real Estate Non-owner Occupied | Covered loans | ' | ' | ' | ' | ||||
Allowance for loan losses: | ' | ' | ' | ' | ||||
Beginning balance | ' | [2] | 45 | [2] | 45 | [2] | 45 | [3] |
Charge offs | ' | [2] | ' | [2] | ' | [2] | ' | [3] |
Recoveries | ' | [2] | ' | [2] | ' | [2] | ' | [3] |
Adjustments | ' | [1],[2] | ' | [1],[2] | -36 | [1],[2] | ' | [1],[2] |
Provision | ' | [2] | ' | [2] | -9 | [2] | ' | [3] |
Ending balance | ' | [2] | 45 | [3] | ' | [2] | 45 | [3] |
Loans Receivable | Construction and Land Loans | Covered loans | ' | ' | ' | ' | ||||
Allowance for loan losses: | ' | ' | ' | ' | ||||
Beginning balance | ' | ' | ' | ' | ||||
Charge offs | ' | ' | ' | ' | ||||
Recoveries | ' | ' | ' | ' | ||||
Adjustments | ' | [1] | ' | [1] | ' | [1] | ' | [1] |
Provision | ' | ' | ' | ' | ||||
Ending balance | ' | ' | ' | ' | ||||
Loans Receivable | Commercial loans | Covered loans | ' | ' | ' | ' | ||||
Allowance for loan losses: | ' | ' | ' | ' | ||||
Beginning balance | ' | ' | ' | 43 | ||||
Charge offs | ' | ' | ' | ' | ||||
Recoveries | ' | ' | ' | ' | ||||
Adjustments | ' | [1] | ' | [1] | ' | [1] | -35 | [1] |
Provision | ' | ' | ' | -8 | ||||
Ending balance | ' | ' | ' | ' | ||||
Loans Receivable | 1-4 Family Residential | Covered loans | ' | ' | ' | ' | ||||
Allowance for loan losses: | ' | ' | ' | ' | ||||
Beginning balance | 17 | [3] | ' | [3] | ' | [3] | ' | [3] |
Charge offs | ' | [3] | ' | [3] | ' | [3] | ' | [3] |
Recoveries | ' | [3] | ' | [3] | ' | [3] | ' | [3] |
Adjustments | ' | [1],[3] | ' | [1],[3] | 14 | [1],[3] | ' | [1],[2] |
Provision | ' | [3] | ' | [3] | 3 | [3] | ' | [3] |
Ending balance | 17 | [3] | ' | [3] | 17 | [3] | ' | [3] |
Loans Receivable | Other consumer loans | Covered loans | ' | ' | ' | ' | ||||
Allowance for loan losses: | ' | ' | ' | ' | ||||
Beginning balance | 4 | 21 | 6 | 11 | ||||
Charge offs | ' | ' | ' | ' | ||||
Recoveries | ' | ' | ' | ' | ||||
Adjustments | ' | [1] | -12 | [1] | -2 | [1] | -4 | [1] |
Provision | ' | -3 | ' | -1 | ||||
Ending balance | 4 | 6 | 4 | 6 | ||||
Loans Receivable | Unallocated | Covered loans | ' | ' | ' | ' | ||||
Allowance for loan losses: | ' | ' | ' | ' | ||||
Beginning balance | ' | ' | ' | ' | ||||
Charge offs | ' | ' | ' | ' | ||||
Recoveries | ' | ' | ' | ' | ||||
Adjustments | ' | [1] | ' | [1] | ' | [1] | ' | [1] |
Provision | ' | ' | ' | ' | ||||
Ending balance | ' | ' | ' | ' | ||||
[1] | Represents the portion of increased expected losses which is covered by the loss sharing agreement with the FDIC. | |||||||
[2] | Includes loans secured by farmland and multi-family residential loans. | |||||||
[3] | Includes home equity lines of credit. |
LOANS_Allowance_for_loan_losse
LOANS -Allowance for loan losses and recorded investment in non covered loans by portfolio segment (Details 6) (USD $) | Sep. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Dec. 31, 2012 | ||||||
In Thousands, unless otherwise specified | ||||||||||||
Ending allowance balance attributable to loans: | ' | ' | ' | ' | ' | ' | ||||||
Total ending allowance | $7,124 | ' | $7,090 | ' | ' | ' | ||||||
Total Loans | ' | ' | ' | ' | ' | ' | ||||||
Loans: | ' | ' | ' | ' | ' | ' | ||||||
Total ending loan balances | 667,573 | ' | 547,506 | ' | ' | ' | ||||||
Total Loans | Commercial real estate - owner occupied | ' | ' | ' | ' | ' | ' | ||||||
Loans: | ' | ' | ' | ' | ' | ' | ||||||
Total ending loan balances | 117,334 | ' | 107,828 | ' | ' | ' | ||||||
Total Loans | Commercial real estate - non-owner occupied | ' | ' | ' | ' | ' | ' | ||||||
Loans: | ' | ' | ' | ' | ' | ' | ||||||
Total ending loan balances | 211,285 | [1] | ' | 178,526 | [1] | ' | ' | ' | ||||
Total Loans | Construction and land development | ' | ' | ' | ' | ' | ' | ||||||
Loans: | ' | ' | ' | ' | ' | ' | ||||||
Total ending loan balances | 53,302 | ' | 39,069 | ' | ' | ' | ||||||
Total Loans | Commercial loans | ' | ' | ' | ' | ' | ' | ||||||
Loans: | ' | ' | ' | ' | ' | ' | ||||||
Total ending loan balances | 115,084 | ' | 105,381 | ' | ' | ' | ||||||
Total Loans | 1-4 Family Residential | ' | ' | ' | ' | ' | ' | ||||||
Loans: | ' | ' | ' | ' | ' | ' | ||||||
Total ending loan balances | 168,475 | [2] | ' | 115,313 | [2] | ' | ' | ' | ||||
Total Loans | Other consumer loans | ' | ' | ' | ' | ' | ' | ||||||
Loans: | ' | ' | ' | ' | ' | ' | ||||||
Total ending loan balances | 2,093 | ' | 1,389 | ' | ' | ' | ||||||
Total Loans | Non-covered Loans | ' | ' | ' | ' | ' | ' | ||||||
Ending allowance balance attributable to loans: | ' | ' | ' | ' | ' | ' | ||||||
Individually evaluated for impairment | 391 | ' | 717 | ' | ' | ' | ||||||
Collectively evaluated for impairment | 6,712 | ' | 6,322 | ' | ' | ' | ||||||
Total ending allowance | 7,103 | 7,315 | 7,039 | 7,392 | 7,230 | 6,967 | ||||||
Loans: | ' | ' | ' | ' | ' | ' | ||||||
Individually evaluated for impairment | 26,299 | ' | 23,210 | ' | ' | ' | ||||||
Collectively evaluated for impairment | 593,293 | ' | 472,600 | ' | ' | ' | ||||||
Total ending loan balances | 619,592 | ' | 495,810 | ' | ' | ' | ||||||
Total Loans | Non-covered Loans | Commercial real estate - owner occupied | ' | ' | ' | ' | ' | ' | ||||||
Ending allowance balance attributable to loans: | ' | ' | ' | ' | ' | ' | ||||||
Individually evaluated for impairment | 91 | ' | 192 | ' | ' | ' | ||||||
Collectively evaluated for impairment | 526 | ' | 622 | ' | ' | ' | ||||||
Total ending allowance | 617 | 596 | 814 | 703 | 732 | 932 | ||||||
Loans: | ' | ' | ' | ' | ' | ' | ||||||
Individually evaluated for impairment | 10,966 | ' | 7,876 | ' | ' | ' | ||||||
Collectively evaluated for impairment | 105,005 | ' | 98,349 | ' | ' | ' | ||||||
Total ending loan balances | 115,971 | ' | 106,225 | ' | ' | ' | ||||||
Total Loans | Non-covered Loans | Commercial real estate - non-owner occupied | ' | ' | ' | ' | ' | ' | ||||||
Ending allowance balance attributable to loans: | ' | ' | ' | ' | ' | ' | ||||||
Individually evaluated for impairment | ' | [1] | ' | ' | [1] | ' | ' | ' | ||||
Collectively evaluated for impairment | 954 | [1] | ' | 985 | [1] | ' | ' | ' | ||||
Total ending allowance | 954 | [1] | 933 | [1] | 985 | [1] | 979 | [1] | 1,090 | [1] | 1,474 | [1] |
Loans: | ' | ' | ' | ' | ' | ' | ||||||
Individually evaluated for impairment | ' | [1] | ' | 359 | [1] | ' | ' | ' | ||||
Collectively evaluated for impairment | 205,199 | [1] | ' | 171,653 | [1] | ' | ' | ' | ||||
Total ending loan balances | 205,199 | [1] | ' | 172,012 | [1] | ' | ' | ' | ||||
Total Loans | Non-covered Loans | Construction and land development | ' | ' | ' | ' | ' | ' | ||||||
Ending allowance balance attributable to loans: | ' | ' | ' | ' | ' | ' | ||||||
Individually evaluated for impairment | ' | ' | ' | ' | ' | ' | ||||||
Collectively evaluated for impairment | 1,482 | ' | 1,068 | ' | ' | ' | ||||||
Total ending allowance | 1,482 | 1,400 | 1,068 | 1,161 | 1,026 | 970 | ||||||
Loans: | ' | ' | ' | ' | ' | ' | ||||||
Individually evaluated for impairment | ' | ' | 2,107 | ' | ' | ' | ||||||
Collectively evaluated for impairment | 53,302 | ' | 36,961 | ' | ' | ' | ||||||
Total ending loan balances | 53,302 | ' | 39,068 | ' | ' | ' | ||||||
Total Loans | Non-covered Loans | Commercial loans | ' | ' | ' | ' | ' | ' | ||||||
Ending allowance balance attributable to loans: | ' | ' | ' | ' | ' | ' | ||||||
Individually evaluated for impairment | ' | ' | 325 | ' | ' | ' | ||||||
Collectively evaluated for impairment | 2,470 | ' | 2,472 | ' | ' | ' | ||||||
Total ending allowance | 2,470 | 2,926 | 2,797 | 2,511 | 2,742 | 2,110 | ||||||
Loans: | ' | ' | ' | ' | ' | ' | ||||||
Individually evaluated for impairment | 9,269 | ' | 4,873 | ' | ' | ' | ||||||
Collectively evaluated for impairment | 105,060 | ' | 99,411 | ' | ' | ' | ||||||
Total ending loan balances | 114,329 | ' | 104,284 | ' | ' | ' | ||||||
Total Loans | Non-covered Loans | 1-4 Family Residential | ' | ' | ' | ' | ' | ' | ||||||
Ending allowance balance attributable to loans: | ' | ' | ' | ' | ' | ' | ||||||
Individually evaluated for impairment | 300 | [2] | ' | 200 | [2] | ' | ' | ' | ||||
Collectively evaluated for impairment | 779 | [2] | ' | 1,102 | [2] | ' | ' | ' | ||||
Total ending allowance | 1,079 | [2] | 785 | [2] | 1,302 | [2] | 1,460 | [2] | 1,407 | [2] | 1,163 | [2] |
Loans: | ' | ' | ' | ' | ' | ' | ||||||
Individually evaluated for impairment | 6,064 | [2] | ' | 7,995 | [2] | ' | ' | ' | ||||
Collectively evaluated for impairment | 122,712 | [2] | ' | 64,918 | [2] | ' | ' | ' | ||||
Total ending loan balances | 128,776 | [2] | ' | 72,913 | [2] | ' | ' | ' | ||||
Total Loans | Non-covered Loans | Other consumer loans | ' | ' | ' | ' | ' | ' | ||||||
Ending allowance balance attributable to loans: | ' | ' | ' | ' | ' | ' | ||||||
Individually evaluated for impairment | ' | ' | ' | ' | ' | ' | ||||||
Collectively evaluated for impairment | 53 | ' | 54 | ' | ' | ' | ||||||
Total ending allowance | 53 | 59 | 54 | 54 | 55 | 33 | ||||||
Loans: | ' | ' | ' | ' | ' | ' | ||||||
Individually evaluated for impairment | ' | ' | ' | ' | ' | ' | ||||||
Collectively evaluated for impairment | 2,015 | ' | 1,308 | ' | ' | ' | ||||||
Total ending loan balances | 2,015 | ' | 1,308 | ' | ' | ' | ||||||
Total Loans | Non-covered Loans | Unallocated | ' | ' | ' | ' | ' | ' | ||||||
Ending allowance balance attributable to loans: | ' | ' | ' | ' | ' | ' | ||||||
Individually evaluated for impairment | ' | ' | ' | ' | ' | ' | ||||||
Collectively evaluated for impairment | 448 | ' | 19 | ' | ' | ' | ||||||
Total ending allowance | 448 | 616 | 19 | 524 | 178 | 285 | ||||||
Loans: | ' | ' | ' | ' | ' | ' | ||||||
Individually evaluated for impairment | ' | ' | ' | ' | ' | ' | ||||||
Collectively evaluated for impairment | ' | ' | ' | ' | ' | ' | ||||||
Total ending loan balances | ' | ' | ' | ' | ' | ' | ||||||
[1] | Includes loans secured by farmland and multi-family residential loans. | |||||||||||
[2] | Includes home equity lines of credit. |
LOANS_Balance_in_allowance_for
LOANS - Balance in allowance for covered loan losses and recorded investment in covered loans by portfolio segment and based on impairment method (Details 7) (USD $) | Sep. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Dec. 31, 2012 | ||||||
In Thousands, unless otherwise specified | ||||||||||||
Ending allowance balance attributable to loans: | ' | ' | ' | ' | ' | ' | ||||||
Less allowance for loan losses | $7,124 | ' | $7,090 | ' | ' | ' | ||||||
Loans Receivable | ' | ' | ' | ' | ' | ' | ||||||
Loans: | ' | ' | ' | ' | ' | ' | ||||||
Total loans | 667,573 | ' | 547,506 | ' | ' | ' | ||||||
Loans Receivable | Commercial real estate - owner occupied | ' | ' | ' | ' | ' | ' | ||||||
Loans: | ' | ' | ' | ' | ' | ' | ||||||
Total loans | 117,334 | ' | 107,828 | ' | ' | ' | ||||||
Loans Receivable | Commercial real estate - non-owner occupied | ' | ' | ' | ' | ' | ' | ||||||
Loans: | ' | ' | ' | ' | ' | ' | ||||||
Total loans | 211,285 | [1] | ' | 178,526 | [1] | ' | ' | ' | ||||
Loans Receivable | Construction and land development | ' | ' | ' | ' | ' | ' | ||||||
Loans: | ' | ' | ' | ' | ' | ' | ||||||
Total loans | 53,302 | ' | 39,069 | ' | ' | ' | ||||||
Loans Receivable | Commercial loans | ' | ' | ' | ' | ' | ' | ||||||
Loans: | ' | ' | ' | ' | ' | ' | ||||||
Total loans | 115,084 | ' | 105,381 | ' | ' | ' | ||||||
Loans Receivable | Residential 1-4 family | ' | ' | ' | ' | ' | ' | ||||||
Loans: | ' | ' | ' | ' | ' | ' | ||||||
Total loans | 168,475 | [2] | ' | 115,313 | [2] | ' | ' | ' | ||||
Loans Receivable | Other consumer loans | ' | ' | ' | ' | ' | ' | ||||||
Loans: | ' | ' | ' | ' | ' | ' | ||||||
Total loans | 2,093 | ' | 1,389 | ' | ' | ' | ||||||
Loans Receivable | Covered loans | ' | ' | ' | ' | ' | ' | ||||||
Ending allowance balance attributable to loans: | ' | ' | ' | ' | ' | ' | ||||||
Individually evaluated for impairment | ' | ' | ' | ' | ' | ' | ||||||
Collectively evaluated for impairment | 21 | ' | 51 | ' | ' | ' | ||||||
Less allowance for loan losses | 21 | 21 | 51 | 51 | 66 | 99 | ||||||
Loans: | ' | ' | ' | ' | ' | ' | ||||||
Individually evaluated for impairment | 3,838 | ' | 4,110 | ' | ' | ' | ||||||
Collectively evaluated for impairment | 44,143 | ' | 47,586 | ' | ' | ' | ||||||
Total loans | 47,981 | [3] | ' | 51,696 | [3] | ' | ' | ' | ||||
Loans Receivable | Covered loans | Commercial real estate - owner occupied | ' | ' | ' | ' | ' | ' | ||||||
Ending allowance balance attributable to loans: | ' | ' | ' | ' | ' | ' | ||||||
Individually evaluated for impairment | ' | ' | ' | ' | ' | ' | ||||||
Collectively evaluated for impairment | ' | ' | ' | ' | ' | ' | ||||||
Less allowance for loan losses | ' | ' | ' | ' | ' | ' | ||||||
Loans: | ' | ' | ' | ' | ' | ' | ||||||
Individually evaluated for impairment | 753 | ' | 745 | ' | ' | ' | ||||||
Collectively evaluated for impairment | 610 | ' | 858 | ' | ' | ' | ||||||
Total loans | 1,363 | ' | 1,603 | ' | ' | ' | ||||||
Loans Receivable | Covered loans | Commercial real estate - non-owner occupied | ' | ' | ' | ' | ' | ' | ||||||
Ending allowance balance attributable to loans: | ' | ' | ' | ' | ' | ' | ||||||
Individually evaluated for impairment | ' | [1] | ' | ' | [1] | ' | ' | ' | ||||
Collectively evaluated for impairment | ' | [1] | ' | 45 | [1] | ' | ' | ' | ||||
Less allowance for loan losses | ' | [1] | ' | [1] | 45 | [1] | 45 | [2] | 45 | [1] | 45 | [2] |
Loans: | ' | ' | ' | ' | ' | ' | ||||||
Individually evaluated for impairment | 1,879 | [1] | ' | 2,145 | [1] | ' | ' | ' | ||||
Collectively evaluated for impairment | 4,207 | [1] | ' | 4,369 | [1] | ' | ' | ' | ||||
Total loans | 6,086 | [1] | ' | 6,514 | [1] | ' | ' | ' | ||||
Loans Receivable | Covered loans | Construction and land development | ' | ' | ' | ' | ' | ' | ||||||
Ending allowance balance attributable to loans: | ' | ' | ' | ' | ' | ' | ||||||
Individually evaluated for impairment | ' | ' | ' | ' | ' | ' | ||||||
Collectively evaluated for impairment | ' | ' | ' | ' | ' | ' | ||||||
Less allowance for loan losses | ' | ' | ' | ' | ' | ' | ||||||
Loans: | ' | ' | ' | ' | ' | ' | ||||||
Individually evaluated for impairment | ' | ' | ' | ' | ' | ' | ||||||
Collectively evaluated for impairment | ' | ' | 1 | ' | ' | ' | ||||||
Total loans | ' | ' | 1 | ' | ' | ' | ||||||
Loans Receivable | Covered loans | Commercial loans | ' | ' | ' | ' | ' | ' | ||||||
Ending allowance balance attributable to loans: | ' | ' | ' | ' | ' | ' | ||||||
Individually evaluated for impairment | ' | ' | ' | ' | ' | ' | ||||||
Collectively evaluated for impairment | ' | ' | ' | ' | ' | ' | ||||||
Less allowance for loan losses | ' | ' | ' | ' | ' | 43 | ||||||
Loans: | ' | ' | ' | ' | ' | ' | ||||||
Individually evaluated for impairment | ' | ' | ' | ' | ' | ' | ||||||
Collectively evaluated for impairment | 755 | ' | 1,097 | ' | ' | ' | ||||||
Total loans | 755 | ' | 1,097 | ' | ' | ' | ||||||
Loans Receivable | Covered loans | Residential 1-4 family | ' | ' | ' | ' | ' | ' | ||||||
Ending allowance balance attributable to loans: | ' | ' | ' | ' | ' | ' | ||||||
Individually evaluated for impairment | ' | [2] | ' | ' | [2] | ' | ' | ' | ||||
Collectively evaluated for impairment | 17 | [2] | ' | ' | [2] | ' | ' | ' | ||||
Less allowance for loan losses | 17 | [2] | 17 | [2] | ' | [2] | ' | [2] | ' | [2] | ' | [2] |
Loans: | ' | ' | ' | ' | ' | ' | ||||||
Individually evaluated for impairment | 1,206 | [2] | ' | 1,220 | [2] | ' | ' | ' | ||||
Collectively evaluated for impairment | 38,493 | [2] | ' | 41,180 | [2] | ' | ' | ' | ||||
Total loans | 39,699 | [2] | ' | 42,400 | [2] | ' | ' | ' | ||||
Loans Receivable | Covered loans | Other consumer loans | ' | ' | ' | ' | ' | ' | ||||||
Ending allowance balance attributable to loans: | ' | ' | ' | ' | ' | ' | ||||||
Individually evaluated for impairment | ' | ' | ' | ' | ' | ' | ||||||
Collectively evaluated for impairment | 4 | ' | 6 | ' | ' | ' | ||||||
Less allowance for loan losses | 4 | 4 | 6 | 6 | 21 | 11 | ||||||
Loans: | ' | ' | ' | ' | ' | ' | ||||||
Individually evaluated for impairment | ' | ' | ' | ' | ' | ' | ||||||
Collectively evaluated for impairment | 78 | ' | 81 | ' | ' | ' | ||||||
Total loans | 78 | ' | 81 | ' | ' | ' | ||||||
Loans Receivable | Covered loans | Unallocated | ' | ' | ' | ' | ' | ' | ||||||
Ending allowance balance attributable to loans: | ' | ' | ' | ' | ' | ' | ||||||
Individually evaluated for impairment | ' | ' | ' | ' | ' | ' | ||||||
Collectively evaluated for impairment | ' | ' | ' | ' | ' | ' | ||||||
Less allowance for loan losses | ' | ' | ' | ' | ' | ' | ||||||
Loans: | ' | ' | ' | ' | ' | ' | ||||||
Individually evaluated for impairment | ' | ' | ' | ' | ' | ' | ||||||
Collectively evaluated for impairment | ' | ' | ' | ' | ' | ' | ||||||
Total loans | ' | ' | ' | ' | ' | ' | ||||||
[1] | Includes loans secured by farmland and multi-family residential loans. | |||||||||||
[2] | Includes home equity lines of credit. | |||||||||||
[3] | Covered Loans were acquired in the Greater Atlantic transaction and are covered under an FDIC loss-share agreement. |
LOANS_Risk_category_of_loans_b
LOANS - Risk category of loans by class of loans (Details 8) (Total Loans, USD $) | Sep. 30, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Accounts Notes And Loans Receivable [Line Items] | ' | ' | ||
Commercial real estate - owner-occupied | $117,334 | $107,828 | ||
Commercial real estate - non-owner occupied | 211,285 | [1] | 178,526 | [1] |
Construction and land loan | 53,302 | 39,069 | ||
Commercial loans | 115,084 | 105,381 | ||
Residential 1-4 family | 168,475 | [2] | 115,313 | [2] |
Consumer loans | 2,093 | 1,389 | ||
Total loans | 667,573 | 547,506 | ||
Classified/Criticized | ' | ' | ||
Accounts Notes And Loans Receivable [Line Items] | ' | ' | ||
Commercial real estate - owner-occupied | 12,503 | 9,423 | ||
Commercial real estate - non-owner occupied | 1,879 | [1] | 2,504 | [1] |
Construction and land loan | 614 | 2,725 | ||
Commercial loans | 9,299 | 4,904 | ||
Residential 1-4 family | 7,435 | [2] | 9,391 | [2] |
Consumer loans | ' | ' | ||
Total loans | 31,730 | 28,947 | ||
Pass | ' | ' | ||
Accounts Notes And Loans Receivable [Line Items] | ' | ' | ||
Commercial real estate - owner-occupied | 104,831 | 98,405 | ||
Commercial real estate - non-owner occupied | 209,406 | [1] | 176,022 | [1] |
Construction and land loan | 52,688 | 36,344 | ||
Commercial loans | 105,785 | 100,477 | ||
Residential 1-4 family | 161,040 | [2] | 105,922 | [2] |
Consumer loans | 2,093 | 1,389 | ||
Total loans | 635,843 | 518,559 | ||
Covered loans | ' | ' | ||
Accounts Notes And Loans Receivable [Line Items] | ' | ' | ||
Commercial real estate - owner-occupied | 1,363 | [3] | 1,603 | [3] |
Commercial real estate - non-owner occupied | 6,086 | [3] | 6,514 | [3] |
Construction and land loan | ' | [3] | 1 | [3] |
Commercial loans | 755 | [3] | 1,097 | [3] |
Residential 1-4 family | 39,699 | [3] | 42,400 | [3] |
Consumer loans | 78 | [3] | 81 | [3] |
Total loans | 47,981 | [3] | 51,696 | [3] |
Covered loans | Classified/Criticized | ' | ' | ||
Accounts Notes And Loans Receivable [Line Items] | ' | ' | ||
Commercial real estate - owner-occupied | 753 | [4] | 745 | [4] |
Commercial real estate - non-owner occupied | 1,879 | [1],[4] | 2,145 | [1],[4] |
Construction and land loan | ' | [4] | ' | [4] |
Commercial loans | ' | [4] | ' | [4] |
Residential 1-4 family | 1,206 | [2],[4] | 1,220 | [2],[4] |
Consumer loans | ' | [4] | ' | [4] |
Total loans | 3,838 | [4] | 4,110 | [4] |
Covered loans | Pass | ' | ' | ||
Accounts Notes And Loans Receivable [Line Items] | ' | ' | ||
Commercial real estate - owner-occupied | 610 | 858 | ||
Commercial real estate - non-owner occupied | 4,207 | [1] | 4,369 | [1] |
Construction and land loan | ' | 1 | ||
Commercial loans | 755 | 1,097 | ||
Residential 1-4 family | 38,493 | [2] | 41,180 | [2] |
Consumer loans | 78 | 81 | ||
Total loans | 44,143 | 47,586 | ||
Non-covered Loans | ' | ' | ||
Accounts Notes And Loans Receivable [Line Items] | ' | ' | ||
Commercial real estate - owner-occupied | 115,971 | 106,225 | ||
Commercial real estate - non-owner occupied | 205,199 | [1] | 172,012 | [1] |
Construction and land loan | 53,302 | 39,068 | ||
Commercial loans | 114,329 | 104,284 | ||
Residential 1-4 family | 128,776 | [2] | 72,913 | [2] |
Consumer loans | 2,015 | 1,308 | ||
Total loans | 619,592 | 495,810 | ||
Non-covered Loans | Special Mention | ' | ' | ||
Accounts Notes And Loans Receivable [Line Items] | ' | ' | ||
Commercial real estate - owner-occupied | 784 | 802 | ||
Commercial real estate - non-owner occupied | ' | [1] | ' | [1] |
Construction and land loan | 614 | 618 | ||
Commercial loans | 30 | 31 | ||
Residential 1-4 family | 165 | [2] | 176 | [2] |
Consumer loans | ' | ' | ||
Total loans | 1,593 | 1,627 | ||
Non-covered Loans | Substandard | ' | ' | ||
Accounts Notes And Loans Receivable [Line Items] | ' | ' | ||
Commercial real estate - owner-occupied | 10,966 | [5] | 7,876 | [5] |
Commercial real estate - non-owner occupied | ' | [1],[5] | 359 | [1],[5] |
Construction and land loan | ' | [5] | 2,107 | [5] |
Commercial loans | 9,269 | [5] | 4,873 | [5] |
Residential 1-4 family | 6,064 | [2],[5] | 7,995 | [2],[5] |
Consumer loans | ' | [5] | ' | [5] |
Total loans | 26,299 | [5] | 23,210 | [5] |
Non-covered Loans | Pass | ' | ' | ||
Accounts Notes And Loans Receivable [Line Items] | ' | ' | ||
Commercial real estate - owner-occupied | 104,221 | 97,547 | ||
Commercial real estate - non-owner occupied | 205,199 | [1] | 171,653 | [1] |
Construction and land loan | 52,688 | 36,343 | ||
Commercial loans | 105,030 | 99,380 | ||
Residential 1-4 family | 122,547 | [2] | 64,742 | [2] |
Consumer loans | 2,015 | 1,308 | ||
Total loans | $591,700 | $470,973 | ||
[1] | Includes loans secured by farmland and multi-family residential loans. | |||
[2] | Includes home equity lines of credit. | |||
[3] | Covered Loans were acquired in the Greater Atlantic transaction and are covered under an FDIC loss-share agreement. | |||
[4] | Credit quality is enhanced by a loss sharing agreement with the FDIC in the covered portfolio. The same credit quality indicators used in the non-covered portfolio are combined. | |||
[5] | Includes SBA guarantees of $3.3 million and $2.4 million as of September 30, 2014 and December 31, 2013, respectively. |
LOANS_Details_Textuals
LOANS (Details Textuals) (Loans Receivable, USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | ||
Covered loans | Covered loans | Covered loans | Covered loans | Covered loans | Covered loans | Covered loans | Non-covered Loans | Non-covered Loans | Non-covered Loans | Non-covered Loans | FDIC | FDIC | FDIC | |||||
Greater Atlantic Bank | HarVest Bank of Maryland | HarVest Bank of Maryland | PGFSB | PGFSB | HarVest Bank of Maryland | PGFSB | Agreement | Single family loans | Non-Single Family (Commercial) | |||||||||
Accounts Notes And Loans Receivable [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Loss sharing agreement | ' | ' | ' | ' | $143,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Total loans | 667,573,000 | 547,506,000 | 47,981,000 | [1] | 51,696,000 | [1] | ' | ' | ' | ' | ' | 619,592,000 | 495,810,000 | 36,400,000 | 60,900,000 | ' | ' | ' |
Accretable discount on the acquired covered loans | ' | ' | ' | ' | ' | $10,100,000 | $8,900,000 | $10,100,000 | $8,900,000 | ' | ' | ' | ' | ' | ' | ' | ||
Number of agreements | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ||
Term loan agreement expiring | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '10 years | '5 years | ||
[1] | Covered Loans were acquired in the Greater Atlantic transaction and are covered under an FDIC loss-share agreement. |
LOANS_Details_Textuals_1
LOANS (Details Textuals 1) (Loans Receivable, USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
Accounts Notes And Loans Receivable [Line Items] | ' | ' |
Nonaccrual loans | $4,967,000 | $9,436,000 |
Non-covered Loans | ' | ' |
Accounts Notes And Loans Receivable [Line Items] | ' | ' |
Nonaccrual loans | 4,148,000 | 7,814,000 |
SBA guaranteed | Non-covered Loans | ' | ' |
Accounts Notes And Loans Receivable [Line Items] | ' | ' |
SBA guarantees | 3,300,000 | 2,400,000 |
Charge off on recorded investment | 931,000 | 1,400,000 |
Nonaccrual loans | 3,300,000 | 1,900,000 |
SBA guaranteed | Non-covered Loans | Substandard | ' | ' |
Accounts Notes And Loans Receivable [Line Items] | ' | ' |
SBA guarantees | $3,300,000 | $2,400,000 |
FINANCIAL_INSTRUMENTS_WITH_OFF1
FINANCIAL INSTRUMENTS WITH OFF-BALANCE SHEET RISK (Detail Textuals) (Letter of Credit, USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Letter of Credit | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Letters of credit outstanding | $8.70 | $6.90 |
FINANCIAL_INSTRUMENTS_WITH_OFF2
FINANCIAL INSTRUMENTS WITH OFF-BALANCE SHEET RISK (Detail Textuals 1) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Unfunded Lines Of Credit and Undisbursed Construction Loan Funds | ' | ' |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ' | ' |
Unfunded lines of credit and undisbursed construction loan funds | $109.90 | $105.80 |
Approved loan commitment | ' | ' |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ' | ' |
Unfunded lines of credit and undisbursed construction loan funds | $6.30 | ' |
EARNINGS_PER_SHARE_Reconciliat
EARNINGS PER SHARE - Reconciliation of the denominators of the basic and diluted EPS computations (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Earnings Per Share [Abstract] | ' | ' | ' | ' |
Basic EPS - Income (Numerator) (in dollars) | $2,108 | $1,780 | $5,522 | $4,862 |
Effect of dilutive stock options and warrants - Income (Numerator) (in dollars) | ' | ' | ' | ' |
Diluted EPS - Income (Numerator) | $2,108 | $1,780 | $5,522 | $4,862 |
Basic EPS- Weighted Average Shares (Denominator) (in shares) | 11,971 | 11,590 | 11,724 | 11,590 |
Effect of dilutive stock options and warrants- Weighted Average Shares (Denominator) (in shares) | 92 | 47 | 48 | 35 |
Diluted EPS- Weighted Average Shares (Denominator) (in shares) | 12,063 | 11,637 | 11,772 | 11,625 |
Basic EPS - Per Share Amount (in dollars per share) | $0.18 | $0.15 | $0.47 | $0.42 |
Effect of dilutive stock options and warrants- Per Share Amount (in dollars per share) | ' | ' | ' | ' |
Diluted EPS- Per Share Amount (in dollars per share) | $0.17 | $0.15 | $0.47 | $0.42 |
EARNINGS_PER_SHARE_Detail_Text
EARNINGS PER SHARE (Detail Textuals) (Stock Options and Warrants) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
Stock Options and Warrants | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Anti-dilutive options and warrants (in shares) | 637,502 | 668,468 | 681,590 | 680,206 |
FAIR_VALUE_Assets_measured_at_
FAIR VALUE - Assets measured at fair value on recurring basis (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Available for sale securities | ' | ' |
Fair value | $2,271 | $1,993 |
Fair Value, Measurements, Recurring | Total | Obligations of states and political subdivisions | ' | ' |
Available for sale securities | ' | ' |
Fair value | 2,271 | 1,993 |
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Obligations of states and political subdivisions | ' | ' |
Available for sale securities | ' | ' |
Fair value | ' | ' |
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Obligations of states and political subdivisions | ' | ' |
Available for sale securities | ' | ' |
Fair value | 2,271 | 1,993 |
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Obligations of states and political subdivisions | ' | ' |
Available for sale securities | ' | ' |
Fair value | ' | ' |
FAIR_VALUE_Assets_measured_at_1
FAIR VALUE - Assets measured at fair value on non-recurring basis (Details 1) (Fair Value, Measurements, Nonrecurring, USD $) | Sep. 30, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Total | Commercial real estate - owner occupied | ' | ' | ||
Impaired non-covered loans: | ' | ' | ||
Impaired non-covered loans | $10,875 | $7,684 | ||
Impaired covered loans: | ' | ' | ||
Impaired covered loans | 753 | 745 | ||
Non covered other real estate owned: | ' | ' | ||
Non-covered other real estate owned | 461 | 461 | ||
Covered other real estate owned: | ' | ' | ||
Covered other real estate owned | ' | 557 | ||
Total | Commercial real estate - non-owner occupied | ' | ' | ||
Impaired non-covered loans: | ' | ' | ||
Impaired non-covered loans | ' | 359 | [1] | |
Impaired covered loans: | ' | ' | ||
Impaired covered loans | 1,879 | [1] | 2,145 | [1] |
Non covered other real estate owned: | ' | ' | ||
Non-covered other real estate owned | ' | 1,342 | [1] | |
Covered other real estate owned: | ' | ' | ||
Covered other real estate owned | 1,450 | [1] | 1,450 | [1] |
Total | Construction and land development | ' | ' | ||
Impaired non-covered loans: | ' | ' | ||
Impaired non-covered loans | ' | 2,107 | ||
Non covered other real estate owned: | ' | ' | ||
Non-covered other real estate owned | 6,970 | 6,066 | ||
Total | Commercial loans | ' | ' | ||
Impaired non-covered loans: | ' | ' | ||
Impaired non-covered loans | 9,269 | 4,548 | ||
Covered other real estate owned: | ' | ' | ||
Covered other real estate owned | ' | 79 | ||
Total | Residential 1-4 family | ' | ' | ||
Impaired non-covered loans: | ' | ' | ||
Impaired non-covered loans | 5,764 | 7,795 | ||
Impaired covered loans: | ' | ' | ||
Impaired covered loans | 1,206 | 1,220 | ||
Non covered other real estate owned: | ' | ' | ||
Non-covered other real estate owned | 4,074 | 1,710 | ||
Covered other real estate owned: | ' | ' | ||
Covered other real estate owned | ' | 127 | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) | Commercial real estate - owner occupied | ' | ' | ||
Impaired non-covered loans: | ' | ' | ||
Impaired non-covered loans | ' | ' | ||
Impaired covered loans: | ' | ' | ||
Impaired covered loans | ' | ' | ||
Non covered other real estate owned: | ' | ' | ||
Non-covered other real estate owned | ' | ' | ||
Covered other real estate owned: | ' | ' | ||
Covered other real estate owned | ' | ' | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) | Commercial real estate - non-owner occupied | ' | ' | ||
Impaired non-covered loans: | ' | ' | ||
Impaired non-covered loans | ' | ' | [1] | |
Impaired covered loans: | ' | ' | ||
Impaired covered loans | ' | [1] | ' | [1] |
Non covered other real estate owned: | ' | ' | ||
Non-covered other real estate owned | ' | ' | [1] | |
Covered other real estate owned: | ' | ' | ||
Covered other real estate owned | ' | [1] | ' | [1] |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Construction and land development | ' | ' | ||
Impaired non-covered loans: | ' | ' | ||
Impaired non-covered loans | ' | ' | ||
Non covered other real estate owned: | ' | ' | ||
Non-covered other real estate owned | ' | ' | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) | Commercial loans | ' | ' | ||
Impaired non-covered loans: | ' | ' | ||
Impaired non-covered loans | ' | ' | ||
Covered other real estate owned: | ' | ' | ||
Covered other real estate owned | ' | ' | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) | Residential 1-4 family | ' | ' | ||
Impaired non-covered loans: | ' | ' | ||
Impaired non-covered loans | ' | ' | ||
Impaired covered loans: | ' | ' | ||
Impaired covered loans | ' | ' | ||
Non covered other real estate owned: | ' | ' | ||
Non-covered other real estate owned | ' | ' | ||
Covered other real estate owned: | ' | ' | ||
Covered other real estate owned | ' | ' | ||
Significant Other Observable Inputs (Level 2) | Commercial real estate - owner occupied | ' | ' | ||
Impaired non-covered loans: | ' | ' | ||
Impaired non-covered loans | ' | ' | ||
Impaired covered loans: | ' | ' | ||
Impaired covered loans | ' | ' | ||
Non covered other real estate owned: | ' | ' | ||
Non-covered other real estate owned | ' | ' | ||
Covered other real estate owned: | ' | ' | ||
Covered other real estate owned | ' | ' | ||
Significant Other Observable Inputs (Level 2) | Commercial real estate - non-owner occupied | ' | ' | ||
Impaired non-covered loans: | ' | ' | ||
Impaired non-covered loans | ' | ' | [1] | |
Impaired covered loans: | ' | ' | ||
Impaired covered loans | ' | [1] | ' | [1] |
Non covered other real estate owned: | ' | ' | ||
Non-covered other real estate owned | ' | ' | [1] | |
Covered other real estate owned: | ' | ' | ||
Covered other real estate owned | ' | [1] | ' | [1] |
Significant Other Observable Inputs (Level 2) | Construction and land development | ' | ' | ||
Impaired non-covered loans: | ' | ' | ||
Impaired non-covered loans | ' | ' | ||
Non covered other real estate owned: | ' | ' | ||
Non-covered other real estate owned | ' | ' | ||
Significant Other Observable Inputs (Level 2) | Commercial loans | ' | ' | ||
Impaired non-covered loans: | ' | ' | ||
Impaired non-covered loans | ' | ' | ||
Covered other real estate owned: | ' | ' | ||
Covered other real estate owned | ' | ' | ||
Significant Other Observable Inputs (Level 2) | Residential 1-4 family | ' | ' | ||
Impaired non-covered loans: | ' | ' | ||
Impaired non-covered loans | ' | ' | ||
Impaired covered loans: | ' | ' | ||
Impaired covered loans | ' | ' | ||
Non covered other real estate owned: | ' | ' | ||
Non-covered other real estate owned | ' | ' | ||
Covered other real estate owned: | ' | ' | ||
Covered other real estate owned | ' | ' | ||
Significant Unobservable Inputs (Level 3) | Commercial real estate - owner occupied | ' | ' | ||
Impaired non-covered loans: | ' | ' | ||
Impaired non-covered loans | 10,875 | 7,684 | ||
Impaired covered loans: | ' | ' | ||
Impaired covered loans | 753 | 745 | ||
Non covered other real estate owned: | ' | ' | ||
Non-covered other real estate owned | 461 | 461 | ||
Covered other real estate owned: | ' | ' | ||
Covered other real estate owned | ' | 557 | ||
Significant Unobservable Inputs (Level 3) | Commercial real estate - non-owner occupied | ' | ' | ||
Impaired non-covered loans: | ' | ' | ||
Impaired non-covered loans | ' | 359 | [1] | |
Impaired covered loans: | ' | ' | ||
Impaired covered loans | 1,879 | [1] | 2,145 | [1] |
Non covered other real estate owned: | ' | ' | ||
Non-covered other real estate owned | ' | 1,342 | [1] | |
Covered other real estate owned: | ' | ' | ||
Covered other real estate owned | 1,450 | [1] | 1,450 | [1] |
Significant Unobservable Inputs (Level 3) | Construction and land development | ' | ' | ||
Impaired non-covered loans: | ' | ' | ||
Impaired non-covered loans | ' | 2,107 | ||
Non covered other real estate owned: | ' | ' | ||
Non-covered other real estate owned | 6,970 | 6,066 | ||
Significant Unobservable Inputs (Level 3) | Commercial loans | ' | ' | ||
Impaired non-covered loans: | ' | ' | ||
Impaired non-covered loans | 9,269 | 4,548 | ||
Covered other real estate owned: | ' | ' | ||
Covered other real estate owned | ' | 79 | ||
Significant Unobservable Inputs (Level 3) | Residential 1-4 family | ' | ' | ||
Impaired non-covered loans: | ' | ' | ||
Impaired non-covered loans | 5,764 | 7,795 | ||
Impaired covered loans: | ' | ' | ||
Impaired covered loans | 1,206 | 1,220 | ||
Non covered other real estate owned: | ' | ' | ||
Non-covered other real estate owned | 4,074 | 1,710 | ||
Covered other real estate owned: | ' | ' | ||
Covered other real estate owned | ' | $127 | ||
[1] | Includes loans secured by farmland and multi-family residential loans. |
FAIR_VALUE_Fair_Value_of_Finan
FAIR VALUE - Fair Value of Financial Instruments (Details 2) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | ||||||
Financial assets: | ' | ' | ' | ' | ||
Cash and cash equivalents | $45,803 | $20,856 | $32,350 | $39,200 | ||
Securities available for sale | 2,271 | 1,993 | ' | ' | ||
Securities held to maturity | 89,993 | 82,443 | ' | ' | ||
Stock in Federal Reserve Bank and Federal Home Loan Bank | 6,131 | 5,915 | ' | ' | ||
FDIC indemnification asset | 3,970 | 5,804 | ' | ' | ||
Financial liabilities: | ' | ' | ' | ' | ||
Certificates of deposit | 424,311 | 323,565 | ' | ' | ||
Securities sold under agreements to repurchase and other short-term borrowings | 37,779 | 39,795 | ' | ' | ||
FHLB advances | 25,000 | 25,000 | ' | ' | ||
Carrying Amount | ' | ' | ' | ' | ||
Financial assets: | ' | ' | ' | ' | ||
Cash and cash equivalents | 45,803 | [1] | 20,856 | [1] | ' | ' |
Securities available for sale | 2,271 | 1,993 | ' | ' | ||
Securities held to maturity | 89,993 | [2] | 82,443 | [2] | ' | ' |
Stock in Federal Reserve Bank and Federal Home Loan Bank | 6,131 | 5,915 | ' | ' | ||
Net non-covered loans | 610,742 | [3] | 487,318 | [3] | ' | ' |
Net covered loans | 47,968 | [3] | 51,650 | [3] | ' | ' |
Accrued interest receivable | 2,439 | [2] | 2,186 | [2] | ' | ' |
FDIC indemnification asset | 3,970 | [3] | 5,804 | [3] | ' | ' |
Financial liabilities: | ' | ' | ' | ' | ||
Demand deposits | 94,337 | [1] | 68,940 | [1] | ' | ' |
Money market and savings accounts | 179,437 | [1] | 147,854 | [1] | ' | ' |
Certificates of deposit | 424,311 | [3] | 323,565 | [3] | ' | ' |
Securities sold under agreements to repurchase and other short-term borrowings | 37,779 | [1] | 34,545 | [1] | ' | ' |
FHLB advances | 25,000 | [3] | 30,250 | [3] | ' | ' |
Accrued interest payable | 490 | [4] | 341 | [4] | ' | ' |
Fair Value | ' | ' | ' | ' | ||
Financial assets: | ' | ' | ' | ' | ||
Cash and cash equivalents | 45,803 | [1] | 20,856 | [1] | ' | ' |
Securities available for sale | 2,271 | 1,993 | ' | ' | ||
Securities held to maturity | 88,970 | [2] | 76,193 | [2] | ' | ' |
Stock in Federal Reserve Bank and Federal Home Loan Bank | ' | ' | ' | ' | ||
Net non-covered loans | 617,574 | [3] | 493,472 | [3] | ' | ' |
Net covered loans | 53,957 | [3] | 57,564 | [3] | ' | ' |
Accrued interest receivable | 2,439 | [2] | 2,186 | [2] | ' | ' |
FDIC indemnification asset | 2,268 | [3] | 4,220 | [3] | ' | ' |
Financial liabilities: | ' | ' | ' | ' | ||
Demand deposits | 94,337 | [1] | 68,940 | [1] | ' | ' |
Money market and savings accounts | 179,437 | [1] | 147,854 | [1] | ' | ' |
Certificates of deposit | 424,345 | [3] | 324,733 | [3] | ' | ' |
Securities sold under agreements to repurchase and other short-term borrowings | 37,779 | [1] | 34,545 | [1] | ' | ' |
FHLB advances | 25,547 | [3] | 31,168 | [3] | ' | ' |
Accrued interest payable | $490 | [4] | $341 | [4] | ' | ' |
[1] | Level 1 | |||||
[2] | Level 2 & Level 3 | |||||
[3] | Level 3 | |||||
[4] | Level 1 & Level 3 |
FAIR_VALUE_Details_Textuals
FAIR VALUE (Details Textuals) (Trust Preferred Securities) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2014 | Dec. 31, 2013 | |
Minimum | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Minimum / Maximum Liquidity Premiums | 2.00% | 2.00% |
Minimum / Maximum Adjusted discount rates | 8.91% | 10.97% |
Maximum | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Minimum / Maximum Liquidity Premiums | 5.00% | 5.00% |
Minimum / Maximum Adjusted discount rates | 13.95% | 14.97% |
FAIR_VALUE_Details_Textuals_1
FAIR VALUE (Details Textuals 1) (Fair Value, Measurements, Nonrecurring, Other Residential Collateralized Mortgage Obligation Classified as Held-to Maturity) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2014 | Dec. 31, 2013 | |
Fair Value, Measurements, Nonrecurring | Other Residential Collateralized Mortgage Obligation Classified as Held-to Maturity | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Prepayment speed | 6.30% | 4.30% |
Default rate | 1.40% | 8.90% |
Loss severity | 72.00% | 51.00% |
Accounting yield | 2.39% | 1.38% |
FAIR_VALUE_Details_Textuals_2
FAIR VALUE (Details Textuals 2) (USD $) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2014 | Dec. 31, 2013 | |
Accounts Notes And Loans Receivable [Line Items] | ' | ' |
Allowances for loan losses | 7,124,000 | 7,090,000 |
Minimum | ' | ' |
Accounts Notes And Loans Receivable [Line Items] | ' | ' |
Fair value of estimated costs related to selling the collateral | 6.00% | 6.00% |
Maximum | ' | ' |
Accounts Notes And Loans Receivable [Line Items] | ' | ' |
Fair value of estimated costs related to selling the collateral | 10.00% | 10.00% |
Non-covered Loans | ' | ' |
Accounts Notes And Loans Receivable [Line Items] | ' | ' |
Non covered Impaired loans | 26,300,000 | 23,200,000 |
Allowances for loan losses | 391,000 | 717,000 |
HarVest Loans | ' | ' |
Accounts Notes And Loans Receivable [Line Items] | ' | ' |
HarVest loans | 1,200,000 | ' |
SBA guaranteed | ' | ' |
Accounts Notes And Loans Receivable [Line Items] | ' | ' |
SBA guarantees | 3,300,000 | 2,400,000 |
FAIR_VALUE_Details_Textuals_3
FAIR VALUE (Details Textuals 3) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2014 | Dec. 31, 2013 | |
Fair Value, Assets Measured On Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Description of other real estate owned loan collateral liquidation expenses | 'Fair value is classified as Level 3 in the fair value hierarchy. OREO is further evaluated quarterly for any additional impairment. | ' |
Minimum | ' | ' |
Fair Value, Assets Measured On Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Percentage of selling costs on other real estate owned | 6.00% | 6.00% |
Maximum | ' | ' |
Fair Value, Assets Measured On Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Percentage of selling costs on other real estate owned | 7.60% | 7.60% |
FAIR_VALUE_Details_Textuals_4
FAIR VALUE (Details Textuals 4) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Total other real estate owned | $12,955,000 | $11,792,000 |
Significant Unobservable Inputs (Level 3) | Non-covered Loans | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Non covered other real estate owned | 11,500,000 | 9,600,000 |
Other real estate owned acquired | ' | 509,000 |
Significant Unobservable Inputs (Level 3) | Covered loans | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Covered other real estate owned | $1,500,000 | $2,200,000 |
ACQUISTIONS_Summary_of_net_ass
ACQUISTIONS - Summary of net assets acquired (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Aug. 01, 2014 |
In Thousands, unless otherwise specified | Prince George's Federal Savings Bank (FSB) | ||
Business Acquisition [Line Items] | ' | ' | ' |
Total purchase price | ' | ' | $11,497 |
Fair value of assets acquired: | ' | ' | ' |
Cash on hand and in banks | ' | ' | 28,179 |
Loans | ' | ' | 61,832 |
Loans held for sale | ' | ' | 3,499 |
Land and buildings | ' | ' | 3,023 |
Other assets | ' | ' | 1,022 |
Core deposit intangible | ' | ' | 761 |
Total assets acquired | ' | ' | 98,316 |
Fair value of liabilities assumed: | ' | ' | ' |
Noninterest-bearing deposits | ' | ' | 19,233 |
Interest-bearing deposits | ' | ' | 69,995 |
Other liabilities | ' | ' | 504 |
Total liabilities assumed | ' | ' | 89,732 |
Net assets acquired | ' | ' | 8,584 |
Goodwill | 12,073 | 9,160 | 2,913 |
Total purchase price | ' | ' | $11,497 |
ACQUISTIONS_Detail_Textuals
ACQUISTIONS (Detail Textuals) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | 15-May-14 | 15-May-14 | 15-May-14 | 15-May-14 | Aug. 01, 2014 | Aug. 01, 2014 | Aug. 01, 2014 |
Southern National Bancorp Of Virginia | Southern Trust Mortgage LLC (STM) | EVB | Middleburg Bank | Prince George's Federal Savings Bank (FSB) | Prince George's Federal Savings Bank (FSB) | Prince George's Federal Savings Bank (FSB) | |||
Southern National Bancorp Of Virginia | Maryland | Dunkirk, Brandywine And Huntingtown | |||||||
Office | Branch | ||||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of offices | ' | ' | ' | ' | ' | ' | ' | 4 | ' |
Number of branches | ' | ' | ' | ' | ' | ' | ' | ' | 3 |
Unpaid principal balance of performing loans | ' | ' | ' | ' | ' | ' | $64,200,000 | ' | ' |
Fair value of performing loans | ' | ' | ' | ' | ' | ' | 61,200,000 | ' | ' |
Discount accreted through interest income over the life of the loans | ' | ' | ' | ' | ' | ' | 3,000,000 | ' | ' |
Unpaid principal balance of non-performing loans | ' | ' | ' | ' | ' | ' | 1,500,000 | ' | ' |
Fair value of non-performing loans | ' | ' | ' | ' | ' | ' | 682,000 | ' | ' |
Non accreted discount for credit impaired loans | ' | ' | ' | ' | ' | ' | 790,000 | ' | ' |
Fair value of nonperforming loans sold after acquisition | ' | ' | ' | ' | ' | ' | 3,500,000 | ' | ' |
Merger related costs | ' | ' | ' | ' | ' | ' | 445,000 | ' | ' |
Goodwill | 12,073,000 | 9,160,000 | ' | ' | ' | ' | 2,913,000 | ' | ' |
Percentage of common stock purchase by entity | ' | ' | ' | ' | ' | 62.00% | ' | ' | ' |
Percentage of common stock hold by entity | ' | ' | 44.00% | 51.10% | 4.90% | ' | ' | ' | ' |
Value of investment owned | ' | ' | ' | 5,000,000 | ' | ' | ' | ' | ' |
Value of preferred shares owned as the investment | ' | ' | ' | $1,800,000 | ' | ' | ' | ' | ' |