Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2015 | 1-May-15 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | Southern National Bancorp of Virginia Inc | |
Entity Central Index Key | 1325670 | |
Trading Symbol | sona | |
Current Fiscal Year End Date | -19 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 12,263,420 | |
Document Type | 10-Q | |
Document Period End Date | 31-Mar-15 | |
Amendment Flag | FALSE | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 |
CONSOLIDATED_BALANCE_SHEETS_Un
CONSOLIDATED BALANCE SHEETS (Unaudited) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Cash and cash equivalents: | ||
Cash and due from financial institutions | $4,630 | $5,702 |
Interest-bearing deposits in other financial institutions | 31,787 | 32,618 |
Total cash and cash equivalents | 36,417 | 38,320 |
Securities available for sale, at fair value | 2,306 | 2,285 |
Securities held to maturity, at amortized cost (fair value of $97,198 and $94,093, respectively) | 92,065 | 94,058 |
Total loans | 729,224 | 703,472 |
Less allowance for loan losses | -7,741 | -7,414 |
Net loans | 721,483 | 696,058 |
Stock in Federal Reserve Bank and Federal Home Loan Bank | 5,667 | 5,681 |
Equity investment in mortgage affiliate | 3,615 | 3,631 |
Preferred investment in mortgage affiliate | 1,805 | 1,805 |
Bank premises and equipment, net | 9,355 | 9,453 |
Goodwill | 10,514 | 10,514 |
Core deposit intangibles, net | 1,289 | 1,354 |
FDIC indemnification asset | 3,439 | 3,571 |
Bank-owned life insurance | 21,140 | 20,990 |
Other real estate owned | 12,583 | 13,051 |
Deferred tax assets, net | 10,068 | 10,083 |
Other assets | 5,507 | 5,791 |
Total assets | 937,253 | 916,645 |
LIABILITIES AND STOCKHOLDERS' EQUITY | ||
Noninterest-bearing demand deposits | 71,394 | 69,560 |
Interest-bearing deposits: | ||
NOW accounts | 24,002 | 25,018 |
Money market accounts | 138,777 | 137,297 |
Savings accounts | 43,590 | 44,155 |
Time deposits | 482,732 | 466,395 |
Total interest-bearing deposits | 689,101 | 672,865 |
Total deposits | 760,495 | 742,425 |
Securities sold under agreements to repurchase and other short-term borrowings | 29,858 | 29,044 |
Federal Home Loan Bank (FHLB) advances | 25,000 | 25,000 |
Other liabilities | 6,770 | 6,197 |
Total liabilities | 822,123 | 802,666 |
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, 12,217,770 shares at March 31, 2015 and 12,216,669 at December 31, 2014 | 122 | 122 |
Additional paid in capital | 104,167 | 104,072 |
Retained earnings | 13,832 | 12,805 |
Accumulated other comprehensive loss | -2,991 | -3,020 |
Total stockholders' equity | 115,130 | 113,979 |
Total liabilities and stockholders' equity | 937,253 | 916,645 |
Covered loans | ||
Cash and cash equivalents: | ||
Total loans | 37,437 | 38,496 |
Non-covered loans | ||
Cash and cash equivalents: | ||
Total loans | $691,787 | $664,976 |
CONSOLIDATED_BALANCE_SHEETS_Un1
CONSOLIDATED BALANCE SHEETS (Unaudited) (Parentheticals) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, except Share data, unless otherwise specified | ||
Statement Of Financial Position [Abstract] | ||
Securities held to maturity fair value (in dollars) | $97,198 | $94,093 |
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 | 12,217,770 | 12,216,669 |
Common stock, shares outstanding | 12,217,770 | 12,216,669 |
CONSOLIDATED_STATEMENTS_OF_INC
CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Interest and dividend income : | ||
Interest and fees on loans | $9,551 | $7,756 |
Interest and dividends on taxable securities | 654 | 513 |
Interest and dividends on tax exempt securities | 101 | 92 |
Interest and dividends on other earning assets | 129 | 280 |
Total interest and dividend income | 10,435 | 8,641 |
Interest expense: | ||
Interest on deposits | 1,339 | 896 |
Interest on borrowings | 169 | 158 |
Total interest expense | 1,508 | 1,054 |
Net interest income | 8,927 | 7,587 |
Provision for loan losses | 525 | 1,175 |
Net interest income after provision for loan losses | 8,402 | 6,412 |
Noninterest income: | ||
Account maintenance and deposit service fees | 222 | 178 |
Income from bank-owned life insurance | 150 | 140 |
Equity income (loss) from mortgage affiliate | -16 | |
Gain on other assets | 202 | |
Total other-than-temporary impairment losses (OTTI) | -16 | |
Portion of OTTI recognized in other comprehensive income (before taxes) | ||
Net credit related OTTI recognized in earnings | -16 | |
Other | 49 | 37 |
Total noninterest income | 405 | 541 |
Noninterest expenses: | ||
Salaries and benefits | 2,803 | 2,389 |
Occupancy expenses | 871 | 772 |
Furniture and equipment expenses | 210 | 187 |
Amortization of core deposit intangible | 65 | 45 |
Virginia franchise tax expense | 88 | 116 |
Merger expenses | 213 | |
FDIC assessment | 172 | 125 |
Data processing expense | 164 | 126 |
Telephone and communication expense | 206 | 178 |
Change in FDIC indemnification asset | 129 | 124 |
Net (gain) loss on other real estate owned | 320 | -419 |
Other operating expenses | 793 | 663 |
Total noninterest expenses | 5,821 | 4,519 |
Income before income taxes | 2,986 | 2,434 |
Income tax expense | 982 | 792 |
Net income | 2,004 | 1,642 |
Other comprehensive income: | ||
Unrealized gain on available for sale securities | 23 | 143 |
Non-credit component of other-than-temporary impairment on held-to-maturity securities | 21 | |
Accretion of amounts previously recorded upon transfer to held-to-maturity from available-for-sale | 22 | -20 |
Net unrealized gain | 45 | 144 |
Tax effect | -16 | -49 |
Other comprehensive income | 29 | 95 |
Comprehensive income | $2,033 | $1,737 |
Earnings per share, basic and diluted (in dollars per share) | $0.16 | $0.14 |
CONSOLIDATED_STATEMENT_OF_CHAN
CONSOLIDATED STATEMENT 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, 2014 | $122 | $104,072 | $12,805 | ($3,020) | $113,979 |
Comprehensive income: | |||||
Net income | 2,004 | 2,004 | |||
Change in unrealized loss on securities available for sale (net of tax benefit, $8) | 15 | 15 | |||
Change in unrecognized loss on securities held to maturity for which a portion of OTTI has been recognized (net of tax, $7 and accretion, $22 and amounts recorded into other comprehensive income at transfer) | 14 | 14 | |||
Dividends on common stock ($.08 per share) | -977 | -977 | |||
Issuance of common stock under Stock Incentive Plan (1,100 shares) | 10 | 10 | |||
Stock-based compensation expense | 85 | 85 | |||
Balance at Mar. 31, 2015 | $122 | $104,167 | $13,832 | ($2,991) | $115,130 |
CONSOLIDATED_STATEMENT_OF_CHAN1
CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY (Unaudited) (Parentheticals) (USD $) | 3 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 |
Statement Of Stockholders Equity [Abstract] | |
Tax on change in unrealized loss on securities available for sale | $8 |
Tax on change in unrecognized loss on securities held to maturity, portion of OTTI | 7 |
Accretion on change in unrecognized loss on securities held to maturity, portion of OTTI | $22 |
Common stock dividends per share (in dollars per share) | $0.08 |
Issuance of common shares under Stock Incentive Plan (in shares) | 1,100 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Operating activities: | ||
Net income | $2,004 | $1,642 |
Adjustments to reconcile net income to net cash and cash equivalents provided by operating activities: | ||
Depreciation | 227 | 172 |
Amortization of core deposit intangible | 65 | 45 |
Other amortization, net | -9 | 47 |
Accretion of loan discount | -712 | -706 |
Amortization of FDIC indemnification asset | 129 | 124 |
Provision for loan losses | 525 | 1,175 |
Earnings on bank-owned life insurance | -150 | -140 |
Equity (income) loss on mortgage affiliate | 16 | |
Stock based compensation expense | 85 | 77 |
Impairment on securities | 16 | |
Net (gain) loss on other real estate owned | 320 | -419 |
Net decrease in other assets | 255 | 121 |
Net increase in other liabilities | 573 | 146 |
Net cash and cash equivalents provided by operating activities | 3,328 | 2,300 |
Investing activities: | ||
Purchases of held to maturity securities | -5,000 | |
Proceeds from paydowns, maturities and calls of held to maturity securities | 2,054 | 1,320 |
Loan originations and payments, net | -25,238 | 2,397 |
Purchase of bank-owned life insurance | -2,000 | |
Net decrease in stock in Federal Reserve Bank and Federal Home Loan Bank | 14 | 1,122 |
Payments received on FDIC indemnification asset | 3 | 638 |
Proceeds from sale of other real estate owned | 148 | 2,778 |
Purchases of bank premises and equipment | -129 | -112 |
Net cash and cash equivalents provided by (used in) investing activities | -23,148 | 1,143 |
Financing activities: | ||
Net increase in deposits | 18,070 | 15,932 |
Cash dividends paid - common stock | -977 | -811 |
Issuance of common stock under Stock Incentive Plan | 10 | 30 |
Net increase (decrease) in securities sold under agreement to repurchase and other short-term borrowings | 814 | -20,068 |
Net cash and cash equivalents provided by (used in) financing activities | 17,917 | -4,917 |
Decrease in cash and cash equivalents | -1,903 | -1,474 |
Cash and cash equivalents at beginning of period | 38,320 | 20,856 |
Cash and cash equivalents at end of period | 36,417 | 19,382 |
Cash payments for: | ||
Interest | 1,486 | 1,035 |
Income taxes | 610 | 918 |
Supplemental schedule of noncash investing and financing activities | ||
Transfer from non-covered loans to other real estate owned | $4,409 |
ACCOUNTING_POLICIES
ACCOUNTING POLICIES | 3 Months Ended | |
Mar. 31, 2015 | ||
Accounting Policies [Abstract] | ||
ACCOUNTING POLICIES | 1 | 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. Sonabank provides a range of financial services to individuals and small and medium sized businesses. Sonabank has fifteen branches in Virginia, located in Fairfax County (Reston, McLean and Fairfax), in Charlottesville, Warrenton (2), Middleburg, Leesburg (2), South Riding, Front Royal, New Market, Haymarket, Richmond and Clifton Forge, and eight branches in Maryland, in Rockville, Shady Grove, 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, 2014. | ||
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 did not to have a material impact on the Southern National’s Consolidated Financial Statements, but did add additional disclosures. | ||
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, 2017, 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. 2014-11, “Transfers and Servicing (Topic 860): Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures.” This ASU aligns the accounting for repurchase-to-maturity transactions and repurchase agreements executed as a repurchase financing with the accounting for other typical repurchase agreements. The new guidance eliminates sale accounting for repurchase-to maturity transactions and supersedes the guidance under which a transfer of a financial asset and a contemporaneous repurchase financing could be accounted for on a combined basis as a forward agreement. The amendments in the ASU also require a new disclosure for transactions economically similar to repurchase agreements in which the transferor retains substantially all of the exposure to the economic return on the transferred financial assets throughout the term of the transaction. Additional disclosures will be required for the nature of collateral pledged in repurchase agreements and similar transactions accounted for as secured borrowings. The amendments in this ASU are effective for the first interim or annual period beginning after December 15, 2014; however, the disclosure for transactions accounted for as secured borrowings is required to be presented for annual periods beginning after December 15, 2014, and interim periods beginning after March 15, 2015. Early adoption is not permitted. The adoption of ASU No. 2014-11 is not expected to have a material impact on the Southern National’s Consolidated Financial Statements. | ||
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 | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
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 no options during the first three months of 2015. | |||||||||||||||||
For the three months ended March 31, 2015 and 2014, stock-based compensation expense was $85 thousand and $77 thousand, respectively. As of March 31, 2015, unrecognized compensation expense associated with the stock options was $815 thousand, which is expected to be recognized over a weighted average period of 3.1 years. | |||||||||||||||||
A summary of the activity in the stock option plan during the three months ended March 31, 2015 follows (dollars in thousands): | |||||||||||||||||
Weighted | |||||||||||||||||
Weighted | Average | Aggregate | |||||||||||||||
Average | Remaining | Intrinsic | |||||||||||||||
Exercise | Contractual | Value | |||||||||||||||
Shares | Price | Term | (in thousands) | ||||||||||||||
Options outstanding, beginning of period | 621,050 | $ | 8.49 | ||||||||||||||
Granted | - | - | |||||||||||||||
Forfeited | - | - | |||||||||||||||
Exercised | (1,100 | ) | 9.09 | ||||||||||||||
Options outstanding, end of period | 619,950 | $ | 8.49 | 6.1 | $ | 1,952 | |||||||||||
Vested or expected to vest | 619,950 | $ | 8.49 | 6.1 | $ | 1,952 | |||||||||||
Exercisable at end of period | 344,820 | $ | 7.94 | 4.4 | $ | 1,279 |
SECURITIES
SECURITIES | 3 Months Ended | |||||||||||||||||||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||
31-Mar-15 | Cost | Gains | Losses | Value | ||||||||||||||||||||||||||||||||||
Obligations of states and political subdivisions | $ | 2,293 | $ | 22 | $ | (9 | ) | $ | 2,306 | |||||||||||||||||||||||||||||
Amortized | Gross Unrealized | Fair | ||||||||||||||||||||||||||||||||||||
31-Dec-14 | Cost | Gains | Losses | Value | ||||||||||||||||||||||||||||||||||
Obligations of states and political subdivisions | $ | 2,295 | $ | - | $ | (10 | ) | $ | 2,285 | |||||||||||||||||||||||||||||
The amortized cost, unrecognized gains and losses, and fair value of securities held to maturity were as follows (in thousands): | ||||||||||||||||||||||||||||||||||||||
Amortized | Gross Unrecognized | Fair | ||||||||||||||||||||||||||||||||||||
31-Mar-15 | Cost | Gains | Losses | Value | ||||||||||||||||||||||||||||||||||
Residential government-sponsored mortgage-backed securities | $ | 21,883 | $ | 761 | $ | (7 | ) | $ | 22,637 | |||||||||||||||||||||||||||||
Residential government-sponsored collateralized mortgage obligations | 3,403 | 1 | (23 | ) | 3,381 | |||||||||||||||||||||||||||||||||
Government-sponsored agency securities | 44,950 | 350 | (373 | ) | 44,927 | |||||||||||||||||||||||||||||||||
Obligations of states and political subdivisions | 15,502 | 136 | (148 | ) | 15,490 | |||||||||||||||||||||||||||||||||
Other residential collateralized mortgage obligations | 583 | - | (1 | ) | 582 | |||||||||||||||||||||||||||||||||
Trust preferred securities | 5,744 | 4,690 | (253 | ) | 10,181 | |||||||||||||||||||||||||||||||||
$ | 92,065 | $ | 5,938 | $ | (805 | ) | $ | 97,198 | ||||||||||||||||||||||||||||||
Amortized | Gross Unrecognized | Fair | ||||||||||||||||||||||||||||||||||||
31-Dec-14 | Cost | Gains | Losses | Value | ||||||||||||||||||||||||||||||||||
Residential government-sponsored mortgage-backed securities | $ | 22,897 | $ | 708 | $ | (8 | ) | $ | 23,597 | |||||||||||||||||||||||||||||
Residential government-sponsored collateralized mortgage obligations | 3,564 | - | (53 | ) | 3,511 | |||||||||||||||||||||||||||||||||
Government-sponsored agency securities | 44,949 | 294 | (822 | ) | 44,421 | |||||||||||||||||||||||||||||||||
Obligations of states and political subdivisions | 15,531 | 108 | (145 | ) | 15,494 | |||||||||||||||||||||||||||||||||
Other residential collateralized mortgage obligations | 599 | - | - | 599 | ||||||||||||||||||||||||||||||||||
Trust preferred securities | 6,518 | 1,527 | (1,574 | ) | 6,471 | |||||||||||||||||||||||||||||||||
$ | 94,058 | $ | 2,637 | $ | (2,602 | ) | $ | 94,093 | ||||||||||||||||||||||||||||||
The amortized cost amounts are net of recognized other than temporary impairment. | ||||||||||||||||||||||||||||||||||||||
Prior to the quarter ended March 31, 2015, due to market conditions as well as the limited trading activity of the trust preferred securities, the market value of these securities was highly sensitive to assumption changes and market volatility. We had determined that our trust preferred securities were classified within Level 3 of the fair value hierarchy. Market conditions and trading activity has improved significantly for trust preferred securities, and the fair value as of March 31, 2015 was estimated within Level 2 of the 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. | ||||||||||||||||||||||||||||||||||||||
The fair value and carrying amount, if different, of debt securities as of March 31, 2015, 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 | $ | 13,379 | $ | 13,418 | $ | - | $ | - | ||||||||||||||||||||||||||||||
Due after ten years | 52,817 | 57,180 | 2,293 | 2,306 | ||||||||||||||||||||||||||||||||||
Residential government-sponsored mortgage-backed securities | 21,883 | 22,637 | - | - | ||||||||||||||||||||||||||||||||||
Residential government-sponsored collateralized mortgage obligations | 3,403 | 3,381 | - | - | ||||||||||||||||||||||||||||||||||
Other residential collateralized mortgage obligations | 583 | 582 | - | - | ||||||||||||||||||||||||||||||||||
Total | $ | 92,065 | $ | 97,198 | $ | 2,293 | $ | 2,306 | ||||||||||||||||||||||||||||||
Securities with a carrying amount of approximately $70.6 million and $71.8 million at March 31, 2015 and December 31, 2014, 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 March 31, 2015 and December 31, 2014, certain securities’ fair values were below cost. As outlined in the table below, there were securities with fair values totaling approximately $44.1 million in the portfolio with the carrying value exceeding the estimated fair value that are considered temporarily impaired at March 31, 2015. 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 March 31, 2015. The following tables present information regarding securities in a continuous unrealized loss position as of March 31, 2015 and December 31, 2014 (in thousands) by duration of time in a loss position: | ||||||||||||||||||||||||||||||||||||||
31-Mar-15 | ||||||||||||||||||||||||||||||||||||||
Less than 12 months | 12 Months or More | Total | ||||||||||||||||||||||||||||||||||||
Available for Sale | Fair value | Unrealized | Fair value | Unrealized | Fair | Unrealized | ||||||||||||||||||||||||||||||||
Losses | Losses | value | Losses | |||||||||||||||||||||||||||||||||||
Obligations of states and political subdivisions | $ | 1,732 | $ | (9 | ) | $ | - | $ | - | $ | 1,732 | $ | (9 | ) | ||||||||||||||||||||||||
Less than 12 months | 12 Months or More | Total | ||||||||||||||||||||||||||||||||||||
Held to Maturity | Fair value | Unrecognized | Fair value | Unrecognized | Fair value | Unrecognized | ||||||||||||||||||||||||||||||||
Losses | Losses | Losses | ||||||||||||||||||||||||||||||||||||
Residential government-sponsored mortgage-backed securities | $ | 818 | $ | (7 | ) | $ | - | $ | - | $ | 818 | $ | (7 | ) | ||||||||||||||||||||||||
Residential government-sponsored collateralized mortgage obligations | - | - | 2,733 | (23 | ) | 2,733 | (23 | ) | ||||||||||||||||||||||||||||||
Government-sponsored agency securities | 19,715 | (274 | ) | 9,887 | (99 | ) | 29,602 | (373 | ) | |||||||||||||||||||||||||||||
Obligations of states and political subdivisions | 2,362 | (41 | ) | 1,974 | (107 | ) | 4,336 | (148 | ) | |||||||||||||||||||||||||||||
Other residential collateralized mortgage obligations | 582 | (1 | ) | - | - | 582 | (1 | ) | ||||||||||||||||||||||||||||||
Trust preferred securities | - | - | 4,273 | (253 | ) | 4,273 | (253 | ) | ||||||||||||||||||||||||||||||
$ | 23,477 | $ | (323 | ) | $ | 18,867 | $ | (482 | ) | $ | 42,344 | $ | (805 | ) | ||||||||||||||||||||||||
31-Dec-14 | ||||||||||||||||||||||||||||||||||||||
Less than 12 months | 12 Months or More | Total | ||||||||||||||||||||||||||||||||||||
Available for Sale | Fair value | Unrealized | Fair value | Unrealized | Fair value | Unrealized | ||||||||||||||||||||||||||||||||
Losses | Losses | Losses | ||||||||||||||||||||||||||||||||||||
Obligations of states and political subdivisions | $ | 485 | $ | (1 | ) | $ | 1,800 | $ | (9 | ) | $ | 2,285 | $ | (10 | ) | |||||||||||||||||||||||
Less than 12 months | 12 Months or More | Total | ||||||||||||||||||||||||||||||||||||
Held to Maturity | Fair value | Unrecognized | Fair value | Unrecognized | Fair value | Unrecognized | ||||||||||||||||||||||||||||||||
Losses | Losses | Losses | ||||||||||||||||||||||||||||||||||||
Residential government-sponsored mortgage-backed securities | $ | 3,506 | $ | (8 | ) | $ | - | $ | - | $ | 3,506 | $ | (8 | ) | ||||||||||||||||||||||||
Residential government-sponsored collateralized mortgage obligations | 692 | (3 | ) | 2,819 | (50 | ) | 3,511 | (53 | ) | |||||||||||||||||||||||||||||
Government-sponsored agency securities | - | - | 29,154 | (822 | ) | 29,154 | (822 | ) | ||||||||||||||||||||||||||||||
Obligations of states and political subdivisions | 485 | (20 | ) | 8,139 | (125 | ) | 8,624 | (145 | ) | |||||||||||||||||||||||||||||
Trust preferred securities | - | - | 4,233 | (1,574 | ) | 4,233 | (1,574 | ) | ||||||||||||||||||||||||||||||
$ | 4,683 | $ | (31 | ) | $ | 44,345 | $ | (2,571 | ) | $ | 49,028 | $ | (2,602 | ) | ||||||||||||||||||||||||
As of March 31, 2015, 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 | $ | 4,612 | $ | 4,203 | $ | 3,997 | 12 | % | $ | 262 | |||||||||||||||||||||||
MMCF III B | Senior Sub | A3 | A- | Ba1 | CC | 328 | 323 | 276 | 34 | % | 5 | |||||||||||||||||||||||||||
4,940 | 4,526 | 4,273 | $ | 267 | ||||||||||||||||||||||||||||||||||
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 | 705 | 39 | % | 591 | $ | 400 | |||||||||||||||||||||||||
TRAP 2007-XII C1 | Mezzanine | A3 | A | C | C | 2,185 | 57 | 1,058 | 22 | % | 835 | 1,293 | ||||||||||||||||||||||||||
TRAP 2007-XIII D | Mezzanine | NR | A- | NR | C | 2,039 | - | 949 | 16 | % | 7 | 2,032 | ||||||||||||||||||||||||||
MMC FUNDING XVIII | Mezzanine | A3 | A- | Ca | C | 1,095 | 27 | 570 | 20 | % | 377 | 691 | ||||||||||||||||||||||||||
ALESCO V C1 | Mezzanine | A2 | A | C | C | 2,150 | 475 | 1,292 | 15 | % | 1,014 | 661 | ||||||||||||||||||||||||||
ALESCO XV C1 | Mezzanine | A3 | A- | C | C | 3,291 | 31 | 245 | 27 | % | 701 | 2,559 | ||||||||||||||||||||||||||
ALESCO XVI C | Mezzanine | A3 | A- | C | C | 2,145 | 119 | 1,089 | 10 | % | 846 | 1,180 | ||||||||||||||||||||||||||
14,405 | 1,218 | 5,908 | $ | 4,371 | $ | 8,816 | ||||||||||||||||||||||||||||||||
Total | $ | 19,345 | $ | 5,744 | $ | 10,181 | ||||||||||||||||||||||||||||||||
(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 10% 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 first quarter of 2015 compared to OTTI charges related to credit on the trust preferred securities totaling $16 thousand during the first quarter of 2014. | ||||||||||||||||||||||||||||||||||||||
The following table presents a roll forward of the credit losses on our securities held to maturity recognized in earnings for the three months ended March 31, 2015 and 2014 (in thousands): | ||||||||||||||||||||||||||||||||||||||
2015 | 2014 | |||||||||||||||||||||||||||||||||||||
Amount of cumulative other-than-temporary impairment related to credit loss prior to January 1 | $ | 8,949 | $ | 8,911 | ||||||||||||||||||||||||||||||||||
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 | - | 16 | ||||||||||||||||||||||||||||||||||||
Reductions due to realized losses | - | (2 | ) | |||||||||||||||||||||||||||||||||||
Amount of cumulative other-than-temporary impairment related to credit loss as of March 31 | $ | 8,949 | $ | 8,925 | ||||||||||||||||||||||||||||||||||
Changes in accumulated other comprehensive income by component for the three months ended March 31, 2015 and 2014 are shown in the table below. All amounts are net of tax (in thousands). | ||||||||||||||||||||||||||||||||||||||
Unrealized Holding | ||||||||||||||||||||||||||||||||||||||
Gains (Losses) on | ||||||||||||||||||||||||||||||||||||||
For the three months ended March 31, 2015 | Available for Sale | Held to Maturity | ||||||||||||||||||||||||||||||||||||
Securities | Securities | Total | ||||||||||||||||||||||||||||||||||||
Beginning balance | $ | (6 | ) | $ | (3,014 | ) | $ | (3,020 | ) | |||||||||||||||||||||||||||||
Other comprehensive income/(loss) before reclassifications | 15 | 14 | 29 | |||||||||||||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income/(loss) | - | - | - | |||||||||||||||||||||||||||||||||||
Net current-period other comprehensive income/(loss) | 15 | 14 | 29 | |||||||||||||||||||||||||||||||||||
Ending balance | $ | 9 | $ | (3,000 | ) | $ | (2,991 | ) | ||||||||||||||||||||||||||||||
Unrealized Holding | ||||||||||||||||||||||||||||||||||||||
Gains (Losses) on | ||||||||||||||||||||||||||||||||||||||
For the three months ended March 31, 2014 | Available for Sale | Held to Maturity | ||||||||||||||||||||||||||||||||||||
Securities | Securities | Total | ||||||||||||||||||||||||||||||||||||
Beginning balance | $ | (203 | ) | $ | (2,987 | ) | $ | (3,190 | ) | |||||||||||||||||||||||||||||
Other comprehensive income/(loss) before reclassifications | 94 | 1 | 95 | |||||||||||||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income/(loss) | - | - | - | |||||||||||||||||||||||||||||||||||
Net current-period other comprehensive income/(loss) | 94 | 1 | 95 | |||||||||||||||||||||||||||||||||||
Ending balance | $ | (109 | ) | $ | (2,986 | ) | $ | (3,095 | ) |
LOANS_AND_ALLOWANCE_FOR_LOAN_L
LOANS AND ALLOWANCE FOR LOAN LOSSES | 3 Months Ended | ||||||||||||||||||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||
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 March 31, 2015 and December 31, 2014: | |||||||||||||||||||||||||||||||||||||||||
Covered | Non-covered | Total | Covered | Non-covered | Total | ||||||||||||||||||||||||||||||||||||
Loans (1) | Loans | Loans | Loans (1) | Loans | Loans | ||||||||||||||||||||||||||||||||||||
31-Mar-15 | 31-Dec-14 | ||||||||||||||||||||||||||||||||||||||||
Loans secured by real estate: | |||||||||||||||||||||||||||||||||||||||||
Commercial real estate - owner-occupied | $ | - | $ | 142,202 | $ | 142,202 | $ | - | $ | 136,597 | $ | 136,597 | |||||||||||||||||||||||||||||
Commercial real estate - non-owner-occupied | - | 212,748 | 212,748 | - | 200,517 | 200,517 | |||||||||||||||||||||||||||||||||||
Secured by farmland | - | 606 | 606 | - | 612 | 612 | |||||||||||||||||||||||||||||||||||
Construction and land loans | - | 53,014 | 53,014 | - | 57,938 | 57,938 | |||||||||||||||||||||||||||||||||||
Residential 1-4 family | 14,537 | 129,915 | 144,452 | 14,837 | 123,233 | 138,070 | |||||||||||||||||||||||||||||||||||
Multi- family residential | - | 21,753 | 21,753 | - | 21,832 | 21,832 | |||||||||||||||||||||||||||||||||||
Home equity lines of credit | 22,900 | 10,425 | 33,325 | 23,658 | 9,751 | 33,409 | |||||||||||||||||||||||||||||||||||
Total real estate loans | 37,437 | 570,663 | 608,100 | 38,495 | 550,480 | 588,975 | |||||||||||||||||||||||||||||||||||
Commercial loans | - | 121,465 | 121,465 | - | 114,714 | 114,714 | |||||||||||||||||||||||||||||||||||
Consumer loans | - | 1,452 | 1,452 | - | 1,564 | 1,564 | |||||||||||||||||||||||||||||||||||
Gross loans | 37,437 | 693,580 | 731,017 | 38,495 | 666,758 | 705,253 | |||||||||||||||||||||||||||||||||||
Less deferred fees on loans | - | (1,793 | ) | (1,793 | ) | 1 | (1,782 | ) | (1,781 | ) | |||||||||||||||||||||||||||||||
Loans, net of deferred fees | $ | 37,437 | $ | 691,787 | $ | 729,224 | $ | 38,496 | $ | 664,976 | $ | 703,472 | |||||||||||||||||||||||||||||
-1 | Covered Loans were acquired in the Greater Atlantic transaction and are covered under an FDIC loss-share agreement. The agreement covering non-single family loans expired in December 2014. | ||||||||||||||||||||||||||||||||||||||||
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 were 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 was a 5-year agreement which expired 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 March 31, 2015, non-covered loans included $31.9 million of loans acquired in the HarVest acquisition and $57.8 million acquired in the PGFSB acquisition. | |||||||||||||||||||||||||||||||||||||||||
Accretable discount on the acquired covered loans, the PGFSB loans and the HarVest loans was $8.6 million and $9.3 million at March 31, 2015 and December 31, 2014 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): | |||||||||||||||||||||||||||||||||||||||||
31-Mar-15 | 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 | $ | - | $ | - | $ | - | $ | 5,116 | $ | 5,116 | $ | - | $ | 5,116 | $ | 5,116 | $ | - | |||||||||||||||||||||||
Commercial real estate - non-owner occupied (2) | - | - | - | 1,841 | 2,099 | - | 1,841 | 2,099 | - | ||||||||||||||||||||||||||||||||
Construction and land development | - | - | - | 447 | 576 | - | 447 | 576 | - | ||||||||||||||||||||||||||||||||
Commercial loans | - | - | - | 3,569 | 3,569 | - | 3,569 | 3,569 | - | ||||||||||||||||||||||||||||||||
Residential 1-4 family (4) | 1,656 | 1,951 | - | - | - | - | 1,656 | 1,951 | - | ||||||||||||||||||||||||||||||||
Other consumer loans | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||
Total | $ | 1,656 | $ | 1,951 | $ | - | $ | 10,973 | $ | 11,360 | $ | - | $ | 12,629 | $ | 13,311 | $ | - | |||||||||||||||||||||||
With an allowance recorded | |||||||||||||||||||||||||||||||||||||||||
Commercial real estate - owner occupied | $ | - | $ | - | $ | - | $ | 6,801 | $ | 7,422 | $ | 695 | $ | 6,801 | $ | 7,422 | $ | 695 | |||||||||||||||||||||||
Commercial real estate - non-owner occupied (2) | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||
Construction and land development | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||
Commercial loans | - | - | - | 3,723 | 4,807 | 232 | 3,723 | 4,807 | 232 | ||||||||||||||||||||||||||||||||
Residential 1-4 family (4) | - | - | - | 734 | 796 | 150 | 734 | 796 | 150 | ||||||||||||||||||||||||||||||||
Other consumer loans | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||
Total | $ | - | $ | - | $ | - | $ | 11,258 | $ | 13,025 | $ | 1,077 | $ | 11,258 | $ | 13,025 | $ | 1,077 | |||||||||||||||||||||||
Grand total | $ | 1,656 | $ | 1,951 | $ | - | $ | 22,231 | $ | 24,385 | $ | 1,077 | $ | 23,887 | $ | 26,336 | $ | 1,077 | |||||||||||||||||||||||
(1) Recorded investment is after cumulative prior charge offs of $1.4 million. These loans also have aggregate SBA guarantees of $4.5 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-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 | $ | - | $ | - | $ | - | $ | 10,394 | $ | 10,394 | $ | - | $ | 10,394 | $ | 10,394 | $ | - | |||||||||||||||||||||||
Commercial real estate - non-owner occupied (2) | - | - | - | 1,859 | 2,118 | - | 1,859 | 2,118 | - | ||||||||||||||||||||||||||||||||
Construction and land development | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||
Commercial loans | - | - | - | 4,998 | 4,999 | - | 4,998 | 4,999 | - | ||||||||||||||||||||||||||||||||
Residential 1-4 family (4) | 1,740 | 2,053 | - | - | - | - | 1,740 | 2,053 | - | ||||||||||||||||||||||||||||||||
Other consumer loans | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||
Total | $ | 1,740 | $ | 2,053 | $ | - | $ | 17,251 | $ | 17,511 | $ | - | $ | 18,991 | $ | 19,564 | $ | - | |||||||||||||||||||||||
With an allowance recorded | |||||||||||||||||||||||||||||||||||||||||
Commercial real estate - owner occupied | $ | - | $ | - | $ | - | $ | 1,609 | $ | 2,231 | $ | 151 | $ | 1,609 | $ | 2,231 | $ | 151 | |||||||||||||||||||||||
Commercial real estate - non-owner occupied (2) | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||
Construction and land development | - | - | - | 467 | 740 | 120 | 467 | 740 | 120 | ||||||||||||||||||||||||||||||||
Commercial loans | - | - | - | 3,141 | 3,944 | 134 | 3,141 | 3,944 | 134 | ||||||||||||||||||||||||||||||||
Residential 1-4 family (4) | - | - | - | 1,344 | 1,465 | 300 | 1,344 | 1,465 | 300 | ||||||||||||||||||||||||||||||||
Other consumer loans | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||
Total | $ | - | $ | - | $ | - | $ | 6,561 | $ | 8,380 | $ | 705 | $ | 6,561 | $ | 8,380 | $ | 705 | |||||||||||||||||||||||
Grand total | $ | 1,740 | $ | 2,053 | $ | - | $ | 23,812 | $ | 25,891 | $ | 705 | $ | 25,552 | $ | 27,944 | $ | 705 | |||||||||||||||||||||||
(1) Recorded investment is after cumulative prior charge offs of $1.7 million. These loans also have aggregate SBA guarantees of $4.7 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. | |||||||||||||||||||||||||||||||||||||||||
The following tables present the average recorded investment and interest income for impaired loans recognized by class of loans for the three months ended March 31, 2015 and 2014 (in thousands): | |||||||||||||||||||||||||||||||||||||||||
Three months ended March 31, 2015 | 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 | $ | - | $ | - | $ | 5,122 | $ | 74 | $ | 5,122 | $ | 74 | |||||||||||||||||||||||||||||
Commercial real estate - non-owner occupied (1) | - | - | 1,851 | 29 | 1,851 | 29 | |||||||||||||||||||||||||||||||||||
Construction and land development | - | - | 450 | 9 | 450 | 9 | |||||||||||||||||||||||||||||||||||
Commercial loans | - | - | 3,655 | 53 | 3,655 | 53 | |||||||||||||||||||||||||||||||||||
Residential 1-4 family (2) | 1,658 | 11 | - | - | 1,658 | 11 | |||||||||||||||||||||||||||||||||||
Other consumer loans | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||
Total | $ | 1,658 | $ | 11 | $ | 11,078 | $ | 165 | $ | 12,736 | $ | 176 | |||||||||||||||||||||||||||||
With an allowance recorded | |||||||||||||||||||||||||||||||||||||||||
Commercial real estate - owner occupied | $ | - | $ | - | $ | 6,837 | $ | 90 | $ | 6,837 | $ | 90 | |||||||||||||||||||||||||||||
Commercial real estate - non-owner occupied (1) | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||
Construction and land development | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||
Commercial loans | - | - | 4,050 | 21 | 4,050 | 21 | |||||||||||||||||||||||||||||||||||
Residential 1-4 family (2) | - | - | 734 | - | 734 | - | |||||||||||||||||||||||||||||||||||
Other consumer loans | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||
Total | $ | - | $ | - | $ | 11,621 | $ | 111 | $ | 11,621 | $ | 111 | |||||||||||||||||||||||||||||
Grand total | $ | 1,658 | $ | 11 | $ | 22,699 | $ | 276 | $ | 24,357 | $ | 287 | |||||||||||||||||||||||||||||
(1) Includes loans secured by farmland and multi-family residential loans. | |||||||||||||||||||||||||||||||||||||||||
(2) Includes home equity lines of credit. | |||||||||||||||||||||||||||||||||||||||||
Three months ended March 31, 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 | $ | 742 | $ | 13 | $ | 7,550 | $ | 127 | $ | 8,292 | $ | 140 | |||||||||||||||||||||||||||||
Commercial real estate - non-owner occupied (1) | 2,141 | 21 | 354 | 9 | 2,495 | 30 | |||||||||||||||||||||||||||||||||||
Construction and land development | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||
Commercial loans | - | - | 3,169 | 21 | 3,169 | 21 | |||||||||||||||||||||||||||||||||||
Residential 1-4 family (2) | 1,217 | 13 | 5,348 | 79 | 6,565 | 92 | |||||||||||||||||||||||||||||||||||
Other consumer loans | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||
Total | $ | 4,100 | $ | 47 | $ | 16,421 | $ | 236 | $ | 20,521 | $ | 283 | |||||||||||||||||||||||||||||
With an allowance recorded | |||||||||||||||||||||||||||||||||||||||||
Commercial real estate - owner occupied | $ | - | $ | - | $ | 114 | $ | 4 | $ | 114 | $ | 4 | |||||||||||||||||||||||||||||
Commercial real estate - non-owner occupied (1) | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||
Construction and land development | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||
Commercial loans | - | - | 1,143 | - | 1,143 | - | |||||||||||||||||||||||||||||||||||
Residential 1-4 family (2) | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||
Other consumer loans | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||
Total | $ | - | $ | - | $ | 1,257 | $ | 4 | $ | 1,257 | $ | 4 | |||||||||||||||||||||||||||||
Grand total | $ | 4,100 | $ | 47 | $ | 17,678 | $ | 240 | $ | 21,778 | $ | 287 | |||||||||||||||||||||||||||||
(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 March 31, 2015 and December 31, 2014 (in thousands): | |||||||||||||||||||||||||||||||||||||||||
31-Mar-15 | 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 | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | |||||||||||||||||||||||||||||
Commercial real estate - non-owner occupied (1) | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||
Construction and land development | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||
Commercial loans | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||
Residential 1-4 family (2) | 124 | 231 | - | 355 | 745 | 36,337 | 37,437 | ||||||||||||||||||||||||||||||||||
Other consumer loans | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||
Total | $ | 124 | $ | 231 | $ | - | $ | 355 | $ | 745 | $ | 36,337 | $ | 37,437 | |||||||||||||||||||||||||||
Non-covered loans: | |||||||||||||||||||||||||||||||||||||||||
Commercial real estate - owner occupied | $ | - | $ | - | $ | - | $ | - | $ | 1,522 | $ | 140,680 | $ | 142,202 | |||||||||||||||||||||||||||
Commercial real estate - non-owner occupied (1) | 140 | - | - | 140 | - | 234,967 | 235,107 | ||||||||||||||||||||||||||||||||||
Construction and land development | - | - | - | - | - | 53,014 | 53,014 | ||||||||||||||||||||||||||||||||||
Commercial loans | - | - | - | - | 3,723 | 117,742 | 121,465 | ||||||||||||||||||||||||||||||||||
Residential 1-4 family (2) | 68 | - | - | 68 | 734 | 139,538 | 140,340 | ||||||||||||||||||||||||||||||||||
Other consumer loans | 14 | - | - | 14 | - | 1,438 | 1,452 | ||||||||||||||||||||||||||||||||||
Total | $ | 222 | $ | - | $ | - | $ | 222 | $ | 5,979 | $ | 687,379 | $ | 693,580 | |||||||||||||||||||||||||||
Total loans: | |||||||||||||||||||||||||||||||||||||||||
Commercial real estate - owner occupied | $ | - | $ | - | $ | - | $ | - | $ | 1,522 | $ | 140,680 | $ | 142,202 | |||||||||||||||||||||||||||
Commercial real estate - non-owner occupied (1) | 140 | - | - | 140 | - | 234,967 | 235,107 | ||||||||||||||||||||||||||||||||||
Construction and land development | - | - | - | - | - | 53,014 | 53,014 | ||||||||||||||||||||||||||||||||||
Commercial loans | - | - | - | - | 3,723 | 117,742 | 121,465 | ||||||||||||||||||||||||||||||||||
Residential 1-4 family (2) | 192 | 231 | - | 423 | 1,479 | 175,875 | 177,777 | ||||||||||||||||||||||||||||||||||
Other consumer loans | 14 | - | - | 14 | - | 1,438 | 1,452 | ||||||||||||||||||||||||||||||||||
Total | $ | 346 | $ | 231 | $ | - | $ | 577 | $ | 6,724 | $ | 723,716 | $ | 731,017 | |||||||||||||||||||||||||||
31-Dec-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 | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | |||||||||||||||||||||||||||
Commercial real estate - non-owner occupied (1) | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||
Construction and land development | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||
Commercial loans | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||
Residential 1-4 family (2) | 10 | 148 | - | 158 | 859 | 37,478 | 38,495 | ||||||||||||||||||||||||||||||||||
Other consumer loans | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||
Total | $ | 10 | $ | 148 | $ | - | $ | 158 | $ | 859 | $ | 37,478 | $ | 38,495 | |||||||||||||||||||||||||||
Non-covered loans: | |||||||||||||||||||||||||||||||||||||||||
Commercial real estate - owner occupied | $ | - | $ | - | $ | - | $ | 1,524 | $ | 135,073 | $ | 136,597 | |||||||||||||||||||||||||||||
Commercial real estate - non-owner occupied (1) | 4,128 | - | - | 4,128 | - | 218,833 | 222,961 | ||||||||||||||||||||||||||||||||||
Construction and land development | - | - | - | - | 467 | 57,471 | 57,938 | ||||||||||||||||||||||||||||||||||
Commercial loans | - | - | - | - | 3,140 | 111,574 | 114,714 | ||||||||||||||||||||||||||||||||||
Residential 1-4 family (2) | 319 | 586 | - | 905 | 521 | 131,558 | 132,984 | ||||||||||||||||||||||||||||||||||
Other consumer loans | 6 | - | - | 6 | - | 1,558 | 1,564 | ||||||||||||||||||||||||||||||||||
Total | $ | 4,453 | $ | 586 | $ | - | $ | 5,039 | $ | 5,652 | $ | 656,067 | $ | 666,758 | |||||||||||||||||||||||||||
Total loans: | |||||||||||||||||||||||||||||||||||||||||
Commercial real estate - owner occupied | $ | - | $ | - | $ | - | $ | - | $ | 1,524 | $ | 135,073 | $ | 136,597 | |||||||||||||||||||||||||||
Commercial real estate - non-owner occupied (1) | 4,128 | - | - | 4,128 | - | 218,833 | 222,961 | ||||||||||||||||||||||||||||||||||
Construction and land development | - | - | - | - | 467 | 57,471 | 57,938 | ||||||||||||||||||||||||||||||||||
Commercial loans | - | - | - | - | 3,140 | 111,574 | 114,714 | ||||||||||||||||||||||||||||||||||
Residential 1-4 family (2) | 329 | 734 | - | 1,063 | 1,380 | 169,036 | 171,479 | ||||||||||||||||||||||||||||||||||
Other consumer loans | 6 | - | - | 6 | - | 1,558 | 1,564 | ||||||||||||||||||||||||||||||||||
Total | $ | 4,463 | $ | 734 | $ | - | $ | 5,197 | $ | 6,511 | $ | 693,545 | $ | 705,253 | |||||||||||||||||||||||||||
(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 $4.5 million and $4.7 million at March 31, 2015 and December 31, 2014, respectively. | |||||||||||||||||||||||||||||||||||||||||
Activity in the allowance for non-covered loan and lease losses for the three months ended March 31, 2015 and 2014 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 March 31, 2015 | Occupied | Occupied (1) | Development | Loans | Residential (2) | Loans | Unallocated | Total | |||||||||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 855 | $ | 1,123 | $ | 1,644 | $ | 2,063 | $ | 1,322 | $ | 49 | $ | 337 | $ | 7,393 | |||||||||||||||||||||||||
Charge offs | - | - | - | (353 | ) | - | (2 | ) | - | (355 | ) | ||||||||||||||||||||||||||||||
Recoveries | 1 | 6 | 139 | 9 | 2 | - | - | 157 | |||||||||||||||||||||||||||||||||
Provision | 568 | 59 | (432 | ) | 330 | (109 | ) | (4 | ) | 113 | 525 | ||||||||||||||||||||||||||||||
Ending balance | $ | 1,424 | $ | 1,188 | $ | 1,351 | $ | 2,049 | $ | 1,215 | $ | 43 | $ | 450 | $ | 7,720 | |||||||||||||||||||||||||
Three months ended March 31, 2014 | |||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 814 | $ | 985 | $ | 1,068 | $ | 2,797 | $ | 1,302 | $ | 54 | $ | 19 | $ | 7,039 | |||||||||||||||||||||||||
Charge offs | (71 | ) | - | - | (588 | ) | (300 | ) | - | - | (959 | ) | |||||||||||||||||||||||||||||
Recoveries | 4 | 6 | - | 35 | - | 5 | - | 50 | |||||||||||||||||||||||||||||||||
Provision | (131 | ) | (181 | ) | 84 | 404 | 100 | (9 | ) | 908 | 1,175 | ||||||||||||||||||||||||||||||
Ending balance | $ | 616 | $ | 810 | $ | 1,152 | $ | 2,648 | $ | 1,102 | $ | 50 | $ | 927 | $ | 7,305 | |||||||||||||||||||||||||
(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 months ended March 31, 2015 and 2014 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 March 31, 2015 | 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 March 31, 2014 | |||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | - | $ | 45 | $ | - | $ | - | $ | - | $ | 6 | $ | - | $ | 51 | |||||||||||||||||||||||||
Charge offs | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||
Recoveries | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||
Adjustments (2) | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||
Provision | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||
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 March 31, 2015 and December 31, 2014 (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 | |||||||||||||||||||||||||||||||||
31-Mar-15 | |||||||||||||||||||||||||||||||||||||||||
Ending allowance balance attributable to loans: | |||||||||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 695 | $ | - | $ | - | $ | 232 | $ | 150 | $ | - | $ | - | $ | 1,077 | |||||||||||||||||||||||||
Collectively evaluated for impairment | 729 | 1,188 | 1,351 | 1,817 | 1,065 | 43 | 450 | 6,643 | |||||||||||||||||||||||||||||||||
Total ending allowance | $ | 1,424 | $ | 1,188 | $ | 1,351 | $ | 2,049 | $ | 1,215 | $ | 43 | $ | 450 | $ | 7,720 | |||||||||||||||||||||||||
Loans: | |||||||||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 11,917 | $ | 1,841 | $ | 447 | $ | 7,292 | $ | 734 | $ | - | $ | - | $ | 22,231 | |||||||||||||||||||||||||
Collectively evaluated for impairment | 130,285 | 233,266 | 52,567 | 114,173 | 139,606 | 1,452 | - | 671,349 | |||||||||||||||||||||||||||||||||
Total ending loan balances | $ | 142,202 | $ | 235,107 | $ | 53,014 | $ | 121,465 | $ | 140,340 | $ | 1,452 | $ | - | $ | 693,580 | |||||||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||||||||||||||||||
Ending allowance balance attributable to loans: | |||||||||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 151 | $ | - | $ | 120 | $ | 134 | $ | 300 | $ | - | $ | - | $ | 705 | |||||||||||||||||||||||||
Collectively evaluated for impairment | 704 | 1,123 | 1,524 | 1,929 | 1,022 | 49 | 337 | 6,688 | |||||||||||||||||||||||||||||||||
Total ending allowance | $ | 855 | $ | 1,123 | $ | 1,644 | $ | 2,063 | $ | 1,322 | $ | 49 | $ | 337 | $ | 7,393 | |||||||||||||||||||||||||
Loans: | |||||||||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 12,003 | $ | 1,859 | $ | 467 | $ | 8,139 | $ | 1,344 | $ | - | $ | - | $ | 23,812 | |||||||||||||||||||||||||
Collectively evaluated for impairment | 124,594 | 221,102 | 57,471 | 106,575 | 131,640 | 1,564 | - | 642,946 | |||||||||||||||||||||||||||||||||
Total ending loan balances | $ | 136,597 | $ | 222,961 | $ | 57,938 | $ | 114,714 | $ | 132,984 | $ | 1,564 | $ | - | $ | 666,758 | |||||||||||||||||||||||||
(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 March 31, 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 | |||||||||||||||||||||||||||||||||
31-Mar-15 | |||||||||||||||||||||||||||||||||||||||||
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 | $ | - | $ | - | $ | - | $ | - | $ | 1,656 | $ | - | $ | - | $ | 1,656 | |||||||||||||||||||||||||
Collectively evaluated for impairment | - | - | - | - | 35,781 | - | - | 35,781 | |||||||||||||||||||||||||||||||||
Total ending loan balances | $ | - | $ | - | $ | - | $ | - | $ | 37,437 | $ | - | $ | - | $ | 37,437 | |||||||||||||||||||||||||
31-Dec-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 | $ | - | $ | - | $ | - | $ | - | $ | 1,740 | $ | - | $ | - | $ | 1,740 | |||||||||||||||||||||||||
Collectively evaluated for impairment | 36,755 | - | 36,755 | ||||||||||||||||||||||||||||||||||||||
Total ending loan balances | $ | - | $ | - | $ | - | $ | - | $ | 38,495 | $ | - | $ | - | $ | 38,495 | |||||||||||||||||||||||||
(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. 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 periods ending March 31, 2015 and March 31, 2014, there were no loans modified in troubled debt restructurings. No TDRs defaulted during the quarters ending March 31, 2015 and March 31, 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 March 31, 2015 or December 31, 2014. | |||||||||||||||||||||||||||||||||||||||||
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 March 31, 2015 and December 31, 2014, and based on the most recent analysis performed, the risk category of loans by class of loans is as follows (in thousands): | |||||||||||||||||||||||||||||||||||||||||
31-Mar-15 | 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 | $ | - | $ | - | $ | - | $ | 906 | $ | 11,917 | $ | 129,379 | $ | 142,202 | $ | 12,823 | $ | 129,379 | $ | 142,202 | |||||||||||||||||||||
Commercial real estate - non-owner occupied (2) | - | - | - | 229 | 1,841 | 233,037 | 235,107 | 2,070 | 233,037 | 235,107 | |||||||||||||||||||||||||||||||
Construction and land development | - | - | - | 572 | 447 | 51,995 | 53,014 | 1,019 | 51,995 | 53,014 | |||||||||||||||||||||||||||||||
Commercial loans | - | - | - | 30 | 7,292 | 114,143 | 121,465 | 7,322 | 114,143 | 121,465 | |||||||||||||||||||||||||||||||
Residential 1-4 family (4) | 1,656 | 35,781 | 37,437 | 574 | 734 | 139,032 | 140,340 | 2,964 | 174,813 | 177,777 | |||||||||||||||||||||||||||||||
Other consumer loans | - | - | - | - | - | 1,452 | 1,452 | - | 1,452 | 1,452 | |||||||||||||||||||||||||||||||
Total | $ | 1,656 | $ | 35,781 | $ | 37,437 | $ | 2,311 | $ | 22,231 | $ | 669,038 | $ | 693,580 | $ | 26,198 | $ | 704,819 | $ | 731,017 | |||||||||||||||||||||
31-Dec-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 | $ | - | $ | - | $ | - | $ | 917 | $ | 12,003 | $ | 123,677 | $ | 136,597 | $ | 12,920 | $ | 123,677 | $ | 136,597 | |||||||||||||||||||||
Commercial real estate - non-owner occupied (2) | - | - | - | 234 | - | 222,727 | 222,961 | 234 | 222,727 | 222,961 | |||||||||||||||||||||||||||||||
Construction and land development | - | - | - | 593 | 467 | 56,878 | 57,938 | 1,060 | 56,878 | 57,938 | |||||||||||||||||||||||||||||||
Commercial loans | - | - | - | 30 | 8,139 | 106,545 | 114,714 | 8,169 | 106,545 | 114,714 | |||||||||||||||||||||||||||||||
Residential 1-4 family (4) | 1,740 | 36,755 | 38,495 | 584 | 1,344 | 131,056 | 132,984 | 3,668 | 167,811 | 171,479 | |||||||||||||||||||||||||||||||
Other consumer loans | - | - | - | - | - | 1,564 | 1,564 | - | 1,564 | 1,564 | |||||||||||||||||||||||||||||||
Total | $ | 1,740 | $ | 36,755 | $ | 38,495 | $ | 2,358 | $ | 21,953 | $ | 642,447 | $ | 666,758 | $ | 26,051 | $ | 679,202 | $ | 705,253 | |||||||||||||||||||||
(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 $4.5 million and $4.7 million as of March 31, 2015 and December 31, 2014. | |||||||||||||||||||||||||||||||||||||||||
(4) Includes home equity lines of credit. | |||||||||||||||||||||||||||||||||||||||||
The amount of foreclosed residential real estate property held at March 31, 2015 was $3.8 million. The recorded investment in consumer mortgage loans collateralized by residential real estate property that are in the process of foreclosure was $862 thousand at March 31, 2015. |
FINANCIAL_INSTRUMENTS_WITH_OFF
FINANCIAL INSTRUMENTS WITH OFF-BALANCE SHEET RISK | 3 Months Ended |
Mar. 31, 2015 | |
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 $8.6 million and $8.4 million as of March 31, 2015 and December 31, 2014, 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 March 31, 2015 and December 31, 2014, we had unfunded lines of credit and undisbursed construction loan funds totaling $105.0 million and $113.3 million, respectively. We had approved loan commitments of $24.1 million at March 31, 2015, and we had no approved loan commitments as of December 31, 2014. 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 | 3 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
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 March 31, 2015 | |||||||||||||
Basic EPS | $ | 2,004 | 12,217 | $ | 0.16 | ||||||||
Effect of dilutive stock options and warrants | - | 124 | - | ||||||||||
Diluted EPS | $ | 2,004 | 12,341 | $ | 0.16 | ||||||||
For the three months ended March 31, 2014 | |||||||||||||
Basic EPS | $ | 1,642 | 11,591 | $ | 0.14 | ||||||||
Effect of dilutive stock options and warrants | - | 66 | - | ||||||||||
Diluted EPS | $ | 1,642 | 11,657 | $ | 0.14 | ||||||||
There were 578,348 and 643,199 anti-dilutive options and warrants for the three months ended March 31, 2015 and 2014, respectively. |
FAIR_VALUE
FAIR VALUE | 3 Months Ended | |||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||
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 | |||||||||||||||||
(dollars in thousands) | 31-Mar-15 | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||||
Financial assets: | ||||||||||||||||||||
Available for sale securities | ||||||||||||||||||||
Obligations of states and political subdivisions | $ | 2,306 | $ | - | $ | 2,306 | $ | - | ||||||||||||
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-14 | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||||
Financial assets: | ||||||||||||||||||||
Available for sale securities | ||||||||||||||||||||
Obligations of states and political subdivisions | $ | 2,285 | $ | - | $ | 2,285 | $ | - | ||||||||||||
Assets and Liabilities Measured on a Non-recurring Basis: | ||||||||||||||||||||
Trust Preferred Securities Classified as Held-to-Maturity | ||||||||||||||||||||
Prior to the quarter ended March 31, 2015, due to market conditions as well as the limited trading activity of these securities, the market value of the securities was highly sensitive to assumption changes and market volatility. We had determined that our trust preferred securities were classified within Level 3 of the fair value hierarchy. Market conditions and trading activity has improved significantly for trust preferred securities, and the fair value as of March 31, 2015 was estimated within Level 2 of the 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. | ||||||||||||||||||||
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 March 31, 2015. The assumptions used in the analysis included a 3.4% prepayment speed, .4% default rate, a 61% loss severity and an accounting yield of 2.46% at March 31, 2015. | ||||||||||||||||||||
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 March 31, 2015 and December 31, 2014. Fair value is classified as Level 3 in the fair value hierarchy. Non-covered loans identified as impaired totaled $22.2 million (including SBA guarantees of $4.5 million and HarVest loans of $521 thousand) as of March 31, 2015 with an allocated allowance for loan losses totaling $1.1 million compared to a carrying amount of $23.8 million (including SBA guarantees of $4.7 million) with an allocated allowance for loan losses totaling $705 thousand at December 31, 2014. | ||||||||||||||||||||
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 March 31, 2015 and December 31, 2014. Fair value is classified as Level 3 in the fair value hierarchy. OREO is further evaluated quarterly for any additional impairment. At March 31, 2015 and December 31, 2014, the total amount of OREO was $12.6 million and $13.1 million, respectively, all of which was non-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) | 31-Mar-15 | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||||
Impaired non-covered loans: | ||||||||||||||||||||
Commercial real estate - owner occupied | $ | 11,222 | $ | 11,222 | ||||||||||||||||
Commercial real estate - non-owner occupied (1) | 1,841 | 1,841 | ||||||||||||||||||
Construction and land development | 447 | 447 | ||||||||||||||||||
Commercial loans | 7,060 | 7,060 | ||||||||||||||||||
Residential 1-4 family | 584 | 584 | ||||||||||||||||||
Impaired covered loans: | ||||||||||||||||||||
Residential 1-4 family | 1,656 | 1,656 | ||||||||||||||||||
Non-covered other real estate owned: | ||||||||||||||||||||
Commercial real estate - owner occupied | 341 | 341 | ||||||||||||||||||
Commercial real estate - non-owner occupied (1) | 1,781 | 1,781 | ||||||||||||||||||
Construction and land development | 6,682 | 6,682 | ||||||||||||||||||
Residential 1-4 family | 3,779 | 3,779 | ||||||||||||||||||
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-14 | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||||
Impaired non-covered loans: | ||||||||||||||||||||
Commercial real estate - owner occupied | $ | 11,852 | $ | 11,852 | ||||||||||||||||
Commercial real estate - non-owner occupied (1) | 1,859 | 1,859 | ||||||||||||||||||
Construction and land development | 347 | 347 | ||||||||||||||||||
Commercial loans | 8,005 | 8,005 | ||||||||||||||||||
Residential 1-4 family | 1,044 | 1,044 | ||||||||||||||||||
Impaired covered loans: | ||||||||||||||||||||
Residential 1-4 family | 1,740 | 1,740 | ||||||||||||||||||
Non-covered other real estate owned: | ||||||||||||||||||||
Commercial real estate - owner occupied | 461 | 461 | ||||||||||||||||||
Commercial real estate - non-owner occupied (1) | 1,792 | 1,792 | ||||||||||||||||||
Construction and land development | 6,818 | 6,818 | ||||||||||||||||||
Residential 1-4 family | 3,980 | 3,980 | ||||||||||||||||||
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): | ||||||||||||||||||||
31-Mar-15 | 31-Dec-14 | |||||||||||||||||||
Fair Value | Carrying | Fair | Carrying | Fair | ||||||||||||||||
Hierarchy Level | Amount | Value | Amount | Value | ||||||||||||||||
Financial assets: | ||||||||||||||||||||
Cash and cash equivalents | Level 1 | $ | 36,417 | $ | 36,417 | $ | 38,320 | $ | 38,320 | |||||||||||
Securities available for sale | See previous table | 2,306 | 2,306 | 2,285 | 2,285 | |||||||||||||||
Securities held to maturity | Level 2 | 92,065 | 97,198 | 94,058 | 94,093 | |||||||||||||||
Stock in Federal Reserve Bank and Federal | ||||||||||||||||||||
Home Loan Bank | n/a | 5,667 | n/a | 5,681 | n/a | |||||||||||||||
Equity investment in mortgage affiliate | Level 3 | 3,615 | 3,615 | 3,631 | 3,631 | |||||||||||||||
Preferred investment in mortgage affiliate | Level 3 | 1,805 | 1,805 | 1,805 | 1,805 | |||||||||||||||
Net non-covered loans | Level 3 | 684,067 | 697,357 | 657,583 | 666,621 | |||||||||||||||
Net covered loans | Level 3 | 37,416 | 44,632 | 38,475 | 43,663 | |||||||||||||||
Accrued interest receivable | Level 2 & Level 3 | 2,636 | 2,636 | 2,904 | 2,904 | |||||||||||||||
FDIC indemnification asset | Level 3 | 3,439 | 2,258 | 3,571 | 2,261 | |||||||||||||||
Financial liabilities: | ||||||||||||||||||||
Demand deposits | Level 1 | 95,396 | 95,396 | 94,578 | 94,578 | |||||||||||||||
Money market and savings accounts | Level 1 | 182,367 | 182,367 | 181,452 | 181,452 | |||||||||||||||
Certificates of deposit | Level 3 | 482,732 | 483,811 | 466,395 | 466,391 | |||||||||||||||
Securities sold under agreements to | ||||||||||||||||||||
repurchase and other short-term borrowings | Level 1 | 29,858 | 29,858 | 29,044 | 29,044 | |||||||||||||||
FHLB advances | Level 3 | 25,000 | 25,493 | 25,000 | 25,526 | |||||||||||||||
Accrued interest payable | Level 1 & Level 3 | 583 | 583 | 560 | 560 | |||||||||||||||
Carrying amount is the estimated fair value for cash and cash equivalents, equity investment in mortgage affiliate, preferred investment in mortgage affiliate, 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. |
ACCOUNTING_POLICIES_Policies
ACCOUNTING POLICIES (Policies) | 3 Months Ended |
Mar. 31, 2015 | |
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 did not to have a material impact on the Southern National’s Consolidated Financial Statements, but did add additional disclosures. | |
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, 2017, 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. 2014-11, “Transfers and Servicing (Topic 860): Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures.” This ASU aligns the accounting for repurchase-to-maturity transactions and repurchase agreements executed as a repurchase financing with the accounting for other typical repurchase agreements. The new guidance eliminates sale accounting for repurchase-to maturity transactions and supersedes the guidance under which a transfer of a financial asset and a contemporaneous repurchase financing could be accounted for on a combined basis as a forward agreement. The amendments in the ASU also require a new disclosure for transactions economically similar to repurchase agreements in which the transferor retains substantially all of the exposure to the economic return on the transferred financial assets throughout the term of the transaction. Additional disclosures will be required for the nature of collateral pledged in repurchase agreements and similar transactions accounted for as secured borrowings. The amendments in this ASU are effective for the first interim or annual period beginning after December 15, 2014; however, the disclosure for transactions accounted for as secured borrowings is required to be presented for annual periods beginning after December 15, 2014, and interim periods beginning after March 15, 2015. Early adoption is not permitted. The adoption of ASU No. 2014-11 is not expected to have a material impact on the Southern National’s Consolidated Financial Statements. | |
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) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract] | |||||||||||||||||
Schedule of activity in the stock option plan | Weighted | ||||||||||||||||
Weighted | Average | Aggregate | |||||||||||||||
Average | Remaining | Intrinsic | |||||||||||||||
Exercise | Contractual | Value | |||||||||||||||
Shares | Price | Term | (in thousands) | ||||||||||||||
Options outstanding, beginning of period | 621,050 | $ | 8.49 | ||||||||||||||
Granted | - | - | |||||||||||||||
Forfeited | - | - | |||||||||||||||
Exercised | (1,100 | ) | 9.09 | ||||||||||||||
Options outstanding, end of period | 619,950 | $ | 8.49 | 6.1 | $ | 1,952 | |||||||||||
Vested or expected to vest | 619,950 | $ | 8.49 | 6.1 | $ | 1,952 | |||||||||||
Exercisable at end of period | 344,820 | $ | 7.94 | 4.4 | $ | 1,279 |
SECURITIES_Tables
SECURITIES (Tables) | 3 Months Ended | |||||||||||||||||||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ||||||||||||||||||||||||||||||||||||||
Schedule of amortized cost and fair value of securities available-for-sale | Amortized | Gross Unrealized | Fair | |||||||||||||||||||||||||||||||||||
31-Mar-15 | Cost | Gains | Losses | Value | ||||||||||||||||||||||||||||||||||
Obligations of states and political subdivisions | $ | 2,293 | $ | 22 | $ | (9 | ) | $ | 2,306 | |||||||||||||||||||||||||||||
Amortized | Gross Unrealized | Fair | ||||||||||||||||||||||||||||||||||||
31-Dec-14 | Cost | Gains | Losses | Value | ||||||||||||||||||||||||||||||||||
Obligations of states and political subdivisions | $ | 2,295 | $ | - | $ | (10 | ) | $ | 2,285 | |||||||||||||||||||||||||||||
Schedule of amortized cost, unrecognized gains and losses, and fair value of held to maturity securities | Amortized | Gross Unrecognized | Fair | |||||||||||||||||||||||||||||||||||
31-Mar-15 | Cost | Gains | Losses | Value | ||||||||||||||||||||||||||||||||||
Residential government-sponsored mortgage-backed securities | $ | 21,883 | $ | 761 | $ | (7 | ) | $ | 22,637 | |||||||||||||||||||||||||||||
Residential government-sponsored collateralized mortgage obligations | 3,403 | 1 | (23 | ) | 3,381 | |||||||||||||||||||||||||||||||||
Government-sponsored agency securities | 44,950 | 350 | (373 | ) | 44,927 | |||||||||||||||||||||||||||||||||
Obligations of states and political subdivisions | 15,502 | 136 | (148 | ) | 15,490 | |||||||||||||||||||||||||||||||||
Other residential collateralized mortgage obligations | 583 | - | (1 | ) | 582 | |||||||||||||||||||||||||||||||||
Trust preferred securities | 5,744 | 4,690 | (253 | ) | 10,181 | |||||||||||||||||||||||||||||||||
$ | 92,065 | $ | 5,938 | $ | (805 | ) | $ | 97,198 | ||||||||||||||||||||||||||||||
Amortized | Gross Unrecognized | Fair | ||||||||||||||||||||||||||||||||||||
31-Dec-14 | Cost | Gains | Losses | Value | ||||||||||||||||||||||||||||||||||
Residential government-sponsored mortgage-backed securities | $ | 22,897 | $ | 708 | $ | (8 | ) | $ | 23,597 | |||||||||||||||||||||||||||||
Residential government-sponsored collateralized mortgage obligations | 3,564 | - | (53 | ) | 3,511 | |||||||||||||||||||||||||||||||||
Government-sponsored agency securities | 44,949 | 294 | (822 | ) | 44,421 | |||||||||||||||||||||||||||||||||
Obligations of states and political subdivisions | 15,531 | 108 | (145 | ) | 15,494 | |||||||||||||||||||||||||||||||||
Other residential collateralized mortgage obligations | 599 | - | - | 599 | ||||||||||||||||||||||||||||||||||
Trust preferred securities | 6,518 | 1,527 | (1,574 | ) | 6,471 | |||||||||||||||||||||||||||||||||
$ | 94,058 | $ | 2,637 | $ | (2,602 | ) | $ | 94,093 | ||||||||||||||||||||||||||||||
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 | $ | 13,379 | $ | 13,418 | $ | - | $ | - | ||||||||||||||||||||||||||||||
Due after ten years | 52,817 | 57,180 | 2,293 | 2,306 | ||||||||||||||||||||||||||||||||||
Residential government-sponsored mortgage-backed securities | 21,883 | 22,637 | - | - | ||||||||||||||||||||||||||||||||||
Residential government-sponsored collateralized mortgage obligations | 3,403 | 3,381 | - | - | ||||||||||||||||||||||||||||||||||
Other residential collateralized mortgage obligations | 583 | 582 | - | - | ||||||||||||||||||||||||||||||||||
Total | $ | 92,065 | $ | 97,198 | $ | 2,293 | $ | 2,306 | ||||||||||||||||||||||||||||||
Schedule of present information regarding securities in a continuous unrealized loss position by duration of time in a loss position | 31-Mar-15 | |||||||||||||||||||||||||||||||||||||
Less than 12 months | 12 Months or More | Total | ||||||||||||||||||||||||||||||||||||
Available for Sale | Fair value | Unrealized | Fair value | Unrealized | Fair | Unrealized | ||||||||||||||||||||||||||||||||
Losses | Losses | value | Losses | |||||||||||||||||||||||||||||||||||
Obligations of states and political subdivisions | $ | 1,732 | $ | (9 | ) | $ | - | $ | - | $ | 1,732 | $ | (9 | ) | ||||||||||||||||||||||||
Less than 12 months | 12 Months or More | Total | ||||||||||||||||||||||||||||||||||||
Held to Maturity | Fair value | Unrecognized | Fair value | Unrecognized | Fair value | Unrecognized | ||||||||||||||||||||||||||||||||
Losses | Losses | Losses | ||||||||||||||||||||||||||||||||||||
Residential government-sponsored mortgage-backed securities | $ | 818 | $ | (7 | ) | $ | - | $ | - | $ | 818 | $ | (7 | ) | ||||||||||||||||||||||||
Residential government-sponsored collateralized mortgage obligations | - | - | 2,733 | (23 | ) | 2,733 | (23 | ) | ||||||||||||||||||||||||||||||
Government-sponsored agency securities | 19,715 | (274 | ) | 9,887 | (99 | ) | 29,602 | (373 | ) | |||||||||||||||||||||||||||||
Obligations of states and political subdivisions | 2,362 | (41 | ) | 1,974 | (107 | ) | 4,336 | (148 | ) | |||||||||||||||||||||||||||||
Other residential collateralized mortgage obligations | 582 | (1 | ) | - | - | 582 | (1 | ) | ||||||||||||||||||||||||||||||
Trust preferred securities | - | - | 4,273 | (253 | ) | 4,273 | (253 | ) | ||||||||||||||||||||||||||||||
$ | 23,477 | $ | (323 | ) | $ | 18,867 | $ | (482 | ) | $ | 42,344 | $ | (805 | ) | ||||||||||||||||||||||||
31-Dec-14 | ||||||||||||||||||||||||||||||||||||||
Less than 12 months | 12 Months or More | Total | ||||||||||||||||||||||||||||||||||||
Available for Sale | Fair value | Unrealized | Fair value | Unrealized | Fair value | Unrealized | ||||||||||||||||||||||||||||||||
Losses | Losses | Losses | ||||||||||||||||||||||||||||||||||||
Obligations of states and political subdivisions | $ | 485 | $ | (1 | ) | $ | 1,800 | $ | (9 | ) | $ | 2,285 | $ | (10 | ) | |||||||||||||||||||||||
Less than 12 months | 12 Months or More | Total | ||||||||||||||||||||||||||||||||||||
Held to Maturity | Fair value | Unrecognized | Fair value | Unrecognized | Fair value | Unrecognized | ||||||||||||||||||||||||||||||||
Losses | Losses | Losses | ||||||||||||||||||||||||||||||||||||
Residential government-sponsored mortgage-backed securities | $ | 3,506 | $ | (8 | ) | $ | - | $ | - | $ | 3,506 | $ | (8 | ) | ||||||||||||||||||||||||
Residential government-sponsored collateralized mortgage obligations | 692 | (3 | ) | 2,819 | (50 | ) | 3,511 | (53 | ) | |||||||||||||||||||||||||||||
Government-sponsored agency securities | - | - | 29,154 | (822 | ) | 29,154 | (822 | ) | ||||||||||||||||||||||||||||||
Obligations of states and political subdivisions | 485 | (20 | ) | 8,139 | (125 | ) | 8,624 | (145 | ) | |||||||||||||||||||||||||||||
Trust preferred securities | - | - | 4,233 | (1,574 | ) | 4,233 | (1,574 | ) | ||||||||||||||||||||||||||||||
$ | 4,683 | $ | (31 | ) | $ | 44,345 | $ | (2,571 | ) | $ | 49,028 | $ | (2,602 | ) | ||||||||||||||||||||||||
Schedule of owned pooled trust preferred securities | 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 | $ | 4,612 | $ | 4,203 | $ | 3,997 | 12 | % | $ | 262 | |||||||||||||||||||||||
MMCF III B | Senior Sub | A3 | A- | Ba1 | CC | 328 | 323 | 276 | 34 | % | 5 | |||||||||||||||||||||||||||
4,940 | 4,526 | 4,273 | $ | 267 | ||||||||||||||||||||||||||||||||||
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 | 705 | 39 | % | 591 | $ | 400 | |||||||||||||||||||||||||
TRAP 2007-XII C1 | Mezzanine | A3 | A | C | C | 2,185 | 57 | 1,058 | 22 | % | 835 | 1,293 | ||||||||||||||||||||||||||
TRAP 2007-XIII D | Mezzanine | NR | A- | NR | C | 2,039 | - | 949 | 16 | % | 7 | 2,032 | ||||||||||||||||||||||||||
MMC FUNDING XVIII | Mezzanine | A3 | A- | Ca | C | 1,095 | 27 | 570 | 20 | % | 377 | 691 | ||||||||||||||||||||||||||
ALESCO V C1 | Mezzanine | A2 | A | C | C | 2,150 | 475 | 1,292 | 15 | % | 1,014 | 661 | ||||||||||||||||||||||||||
ALESCO XV C1 | Mezzanine | A3 | A- | C | C | 3,291 | 31 | 245 | 27 | % | 701 | 2,559 | ||||||||||||||||||||||||||
ALESCO XVI C | Mezzanine | A3 | A- | C | C | 2,145 | 119 | 1,089 | 10 | % | 846 | 1,180 | ||||||||||||||||||||||||||
14,405 | 1,218 | 5,908 | $ | 4,371 | $ | 8,816 | ||||||||||||||||||||||||||||||||
Total | $ | 19,345 | $ | 5,744 | $ | 10,181 | ||||||||||||||||||||||||||||||||
(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 | 2015 | 2014 | ||||||||||||||||||||||||||||||||||||
Amount of cumulative other-than-temporary impairment related to credit loss prior to January 1 | $ | 8,949 | $ | 8,911 | ||||||||||||||||||||||||||||||||||
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 | - | 16 | ||||||||||||||||||||||||||||||||||||
Reductions due to realized losses | - | (2 | ) | |||||||||||||||||||||||||||||||||||
Amount of cumulative other-than-temporary impairment related to credit loss as of March 31 | $ | 8,949 | $ | 8,925 | ||||||||||||||||||||||||||||||||||
Schedule of changes in accumulated other comprehensive income by component | Unrealized Holding | |||||||||||||||||||||||||||||||||||||
Gains (Losses) on | ||||||||||||||||||||||||||||||||||||||
For the three months ended March 31, 2015 | Available for Sale | Held to Maturity | ||||||||||||||||||||||||||||||||||||
Securities | Securities | Total | ||||||||||||||||||||||||||||||||||||
Beginning balance | $ | (6 | ) | $ | (3,014 | ) | $ | (3,020 | ) | |||||||||||||||||||||||||||||
Other comprehensive income/(loss) before reclassifications | 15 | 14 | 29 | |||||||||||||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income/(loss) | - | - | - | |||||||||||||||||||||||||||||||||||
Net current-period other comprehensive income/(loss) | 15 | 14 | 29 | |||||||||||||||||||||||||||||||||||
Ending balance | $ | 9 | $ | (3,000 | ) | $ | (2,991 | ) | ||||||||||||||||||||||||||||||
Unrealized Holding | ||||||||||||||||||||||||||||||||||||||
Gains (Losses) on | ||||||||||||||||||||||||||||||||||||||
For the three months ended March 31, 2014 | Available for Sale | Held to Maturity | ||||||||||||||||||||||||||||||||||||
Securities | Securities | Total | ||||||||||||||||||||||||||||||||||||
Beginning balance | $ | (203 | ) | $ | (2,987 | ) | $ | (3,190 | ) | |||||||||||||||||||||||||||||
Other comprehensive income/(loss) before reclassifications | 94 | 1 | 95 | |||||||||||||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income/(loss) | - | - | - | |||||||||||||||||||||||||||||||||||
Net current-period other comprehensive income/(loss) | 94 | 1 | 95 | |||||||||||||||||||||||||||||||||||
Ending balance | $ | (109 | ) | $ | (2,986 | ) | $ | (3,095 | ) | |||||||||||||||||||||||||||||
LOANS_AND_ALLOWANCE_FOR_LOAN_L1
LOANS AND ALLOWANCE FOR LOAN LOSSES (Tables) | 3 Months Ended | ||||||||||||||||||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract] | |||||||||||||||||||||||||||||||||||||||||
Schedule of lcomposition of loan portfolio | Covered | Non-covered | Total | Covered | Non-covered | Total | |||||||||||||||||||||||||||||||||||
Loans (1) | Loans | Loans | Loans (1) | Loans | Loans | ||||||||||||||||||||||||||||||||||||
31-Mar-15 | 31-Dec-14 | ||||||||||||||||||||||||||||||||||||||||
Loans secured by real estate: | |||||||||||||||||||||||||||||||||||||||||
Commercial real estate - owner-occupied | $ | - | $ | 142,202 | $ | 142,202 | $ | - | $ | 136,597 | $ | 136,597 | |||||||||||||||||||||||||||||
Commercial real estate - non-owner-occupied | - | 212,748 | 212,748 | - | 200,517 | 200,517 | |||||||||||||||||||||||||||||||||||
Secured by farmland | - | 606 | 606 | - | 612 | 612 | |||||||||||||||||||||||||||||||||||
Construction and land loans | - | 53,014 | 53,014 | - | 57,938 | 57,938 | |||||||||||||||||||||||||||||||||||
Residential 1-4 family | 14,537 | 129,915 | 144,452 | 14,837 | 123,233 | 138,070 | |||||||||||||||||||||||||||||||||||
Multi- family residential | - | 21,753 | 21,753 | - | 21,832 | 21,832 | |||||||||||||||||||||||||||||||||||
Home equity lines of credit | 22,900 | 10,425 | 33,325 | 23,658 | 9,751 | 33,409 | |||||||||||||||||||||||||||||||||||
Total real estate loans | 37,437 | 570,663 | 608,100 | 38,495 | 550,480 | 588,975 | |||||||||||||||||||||||||||||||||||
Commercial loans | - | 121,465 | 121,465 | - | 114,714 | 114,714 | |||||||||||||||||||||||||||||||||||
Consumer loans | - | 1,452 | 1,452 | - | 1,564 | 1,564 | |||||||||||||||||||||||||||||||||||
Gross loans | 37,437 | 693,580 | 731,017 | 38,495 | 666,758 | 705,253 | |||||||||||||||||||||||||||||||||||
Less deferred fees on loans | - | (1,793 | ) | (1,793 | ) | 1 | (1,782 | ) | (1,781 | ) | |||||||||||||||||||||||||||||||
Loans, net of deferred fees | $ | 37,437 | $ | 691,787 | $ | 729,224 | $ | 38,496 | $ | 664,976 | $ | 703,472 | |||||||||||||||||||||||||||||
-1 | Covered Loans were acquired in the Greater Atlantic transaction and are covered under an FDIC loss-share agreement. The agreement covering non-single family loans expired in December 2014. | ||||||||||||||||||||||||||||||||||||||||
Schedule of summary of impaired loans | 31-Mar-15 | 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 | $ | - | $ | - | $ | - | $ | 5,116 | $ | 5,116 | $ | - | $ | 5,116 | $ | 5,116 | $ | - | |||||||||||||||||||||||
Commercial real estate - non-owner occupied (2) | - | - | - | 1,841 | 2,099 | - | 1,841 | 2,099 | - | ||||||||||||||||||||||||||||||||
Construction and land development | - | - | - | 447 | 576 | - | 447 | 576 | - | ||||||||||||||||||||||||||||||||
Commercial loans | - | - | - | 3,569 | 3,569 | - | 3,569 | 3,569 | - | ||||||||||||||||||||||||||||||||
Residential 1-4 family (4) | 1,656 | 1,951 | - | - | - | - | 1,656 | 1,951 | - | ||||||||||||||||||||||||||||||||
Other consumer loans | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||
Total | $ | 1,656 | $ | 1,951 | $ | - | $ | 10,973 | $ | 11,360 | $ | - | $ | 12,629 | $ | 13,311 | $ | - | |||||||||||||||||||||||
With an allowance recorded | |||||||||||||||||||||||||||||||||||||||||
Commercial real estate - owner occupied | $ | - | $ | - | $ | - | $ | 6,801 | $ | 7,422 | $ | 695 | $ | 6,801 | $ | 7,422 | $ | 695 | |||||||||||||||||||||||
Commercial real estate - non-owner occupied (2) | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||
Construction and land development | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||
Commercial loans | - | - | - | 3,723 | 4,807 | 232 | 3,723 | 4,807 | 232 | ||||||||||||||||||||||||||||||||
Residential 1-4 family (4) | - | - | - | 734 | 796 | 150 | 734 | 796 | 150 | ||||||||||||||||||||||||||||||||
Other consumer loans | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||
Total | $ | - | $ | - | $ | - | $ | 11,258 | $ | 13,025 | $ | 1,077 | $ | 11,258 | $ | 13,025 | $ | 1,077 | |||||||||||||||||||||||
Grand total | $ | 1,656 | $ | 1,951 | $ | - | $ | 22,231 | $ | 24,385 | $ | 1,077 | $ | 23,887 | $ | 26,336 | $ | 1,077 | |||||||||||||||||||||||
(1) Recorded investment is after cumulative prior charge offs of $1.4 million. These loans also have aggregate SBA guarantees of $4.5 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-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 | $ | - | $ | - | $ | - | $ | 10,394 | $ | 10,394 | $ | - | $ | 10,394 | $ | 10,394 | $ | - | |||||||||||||||||||||||
Commercial real estate - non-owner occupied (2) | - | - | - | 1,859 | 2,118 | - | 1,859 | 2,118 | - | ||||||||||||||||||||||||||||||||
Construction and land development | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||
Commercial loans | - | - | - | 4,998 | 4,999 | - | 4,998 | 4,999 | - | ||||||||||||||||||||||||||||||||
Residential 1-4 family (4) | 1,740 | 2,053 | - | - | - | - | 1,740 | 2,053 | - | ||||||||||||||||||||||||||||||||
Other consumer loans | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||
Total | $ | 1,740 | $ | 2,053 | $ | - | $ | 17,251 | $ | 17,511 | $ | - | $ | 18,991 | $ | 19,564 | $ | - | |||||||||||||||||||||||
With an allowance recorded | |||||||||||||||||||||||||||||||||||||||||
Commercial real estate - owner occupied | $ | - | $ | - | $ | - | $ | 1,609 | $ | 2,231 | $ | 151 | $ | 1,609 | $ | 2,231 | $ | 151 | |||||||||||||||||||||||
Commercial real estate - non-owner occupied (2) | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||
Construction and land development | - | - | - | 467 | 740 | 120 | 467 | 740 | 120 | ||||||||||||||||||||||||||||||||
Commercial loans | - | - | - | 3,141 | 3,944 | 134 | 3,141 | 3,944 | 134 | ||||||||||||||||||||||||||||||||
Residential 1-4 family (4) | - | - | - | 1,344 | 1,465 | 300 | 1,344 | 1,465 | 300 | ||||||||||||||||||||||||||||||||
Other consumer loans | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||
Total | $ | - | $ | - | $ | - | $ | 6,561 | $ | 8,380 | $ | 705 | $ | 6,561 | $ | 8,380 | $ | 705 | |||||||||||||||||||||||
Grand total | $ | 1,740 | $ | 2,053 | $ | - | $ | 23,812 | $ | 25,891 | $ | 705 | $ | 25,552 | $ | 27,944 | $ | 705 | |||||||||||||||||||||||
(1) Recorded investment is after cumulative prior charge offs of $1.7 million. These loans also have aggregate SBA guarantees of $4.7 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. | |||||||||||||||||||||||||||||||||||||||||
Schedule of details of average recorded investment and interest income for impaired loans recognized by class of loans | Three months ended March 31, 2015 | 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 | $ | - | $ | - | $ | 5,122 | $ | 74 | $ | 5,122 | $ | 74 | |||||||||||||||||||||||||||||
Commercial real estate - non-owner occupied (1) | - | - | 1,851 | 29 | 1,851 | 29 | |||||||||||||||||||||||||||||||||||
Construction and land development | - | - | 450 | 9 | 450 | 9 | |||||||||||||||||||||||||||||||||||
Commercial loans | - | - | 3,655 | 53 | 3,655 | 53 | |||||||||||||||||||||||||||||||||||
Residential 1-4 family (2) | 1,658 | 11 | - | - | 1,658 | 11 | |||||||||||||||||||||||||||||||||||
Other consumer loans | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||
Total | $ | 1,658 | $ | 11 | $ | 11,078 | $ | 165 | $ | 12,736 | $ | 176 | |||||||||||||||||||||||||||||
With an allowance recorded | |||||||||||||||||||||||||||||||||||||||||
Commercial real estate - owner occupied | $ | - | $ | - | $ | 6,837 | $ | 90 | $ | 6,837 | $ | 90 | |||||||||||||||||||||||||||||
Commercial real estate - non-owner occupied (1) | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||
Construction and land development | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||
Commercial loans | - | - | 4,050 | 21 | 4,050 | 21 | |||||||||||||||||||||||||||||||||||
Residential 1-4 family (2) | - | - | 734 | - | 734 | - | |||||||||||||||||||||||||||||||||||
Other consumer loans | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||
Total | $ | - | $ | - | $ | 11,621 | $ | 111 | $ | 11,621 | $ | 111 | |||||||||||||||||||||||||||||
Grand total | $ | 1,658 | $ | 11 | $ | 22,699 | $ | 276 | $ | 24,357 | $ | 287 | |||||||||||||||||||||||||||||
(1) Includes loans secured by farmland and multi-family residential loans. | |||||||||||||||||||||||||||||||||||||||||
(2) Includes home equity lines of credit. | |||||||||||||||||||||||||||||||||||||||||
Three months ended March 31, 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 | $ | 742 | $ | 13 | $ | 7,550 | $ | 127 | $ | 8,292 | $ | 140 | |||||||||||||||||||||||||||||
Commercial real estate - non-owner occupied (1) | 2,141 | 21 | 354 | 9 | 2,495 | 30 | |||||||||||||||||||||||||||||||||||
Construction and land development | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||
Commercial loans | - | - | 3,169 | 21 | 3,169 | 21 | |||||||||||||||||||||||||||||||||||
Residential 1-4 family (2) | 1,217 | 13 | 5,348 | 79 | 6,565 | 92 | |||||||||||||||||||||||||||||||||||
Other consumer loans | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||
Total | $ | 4,100 | $ | 47 | $ | 16,421 | $ | 236 | $ | 20,521 | $ | 283 | |||||||||||||||||||||||||||||
With an allowance recorded | |||||||||||||||||||||||||||||||||||||||||
Commercial real estate - owner occupied | $ | - | $ | - | $ | 114 | $ | 4 | $ | 114 | $ | 4 | |||||||||||||||||||||||||||||
Commercial real estate - non-owner occupied (1) | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||
Construction and land development | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||
Commercial loans | - | - | 1,143 | - | 1,143 | - | |||||||||||||||||||||||||||||||||||
Residential 1-4 family (2) | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||
Other consumer loans | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||
Total | $ | - | $ | - | $ | 1,257 | $ | 4 | $ | 1,257 | $ | 4 | |||||||||||||||||||||||||||||
Grand total | $ | 4,100 | $ | 47 | $ | 17,678 | $ | 240 | $ | 21,778 | $ | 287 | |||||||||||||||||||||||||||||
(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 | 31-Mar-15 | 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 | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | |||||||||||||||||||||||||||||
Commercial real estate - non-owner occupied (1) | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||
Construction and land development | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||
Commercial loans | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||
Residential 1-4 family (2) | 124 | 231 | - | 355 | 745 | 36,337 | 37,437 | ||||||||||||||||||||||||||||||||||
Other consumer loans | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||
Total | $ | 124 | $ | 231 | $ | - | $ | 355 | $ | 745 | $ | 36,337 | $ | 37,437 | |||||||||||||||||||||||||||
Non-covered loans: | |||||||||||||||||||||||||||||||||||||||||
Commercial real estate - owner occupied | $ | - | $ | - | $ | - | $ | - | $ | 1,522 | $ | 140,680 | $ | 142,202 | |||||||||||||||||||||||||||
Commercial real estate - non-owner occupied (1) | 140 | - | - | 140 | - | 234,967 | 235,107 | ||||||||||||||||||||||||||||||||||
Construction and land development | - | - | - | - | - | 53,014 | 53,014 | ||||||||||||||||||||||||||||||||||
Commercial loans | - | - | - | - | 3,723 | 117,742 | 121,465 | ||||||||||||||||||||||||||||||||||
Residential 1-4 family (2) | 68 | - | - | 68 | 734 | 139,538 | 140,340 | ||||||||||||||||||||||||||||||||||
Other consumer loans | 14 | - | - | 14 | - | 1,438 | 1,452 | ||||||||||||||||||||||||||||||||||
Total | $ | 222 | $ | - | $ | - | $ | 222 | $ | 5,979 | $ | 687,379 | $ | 693,580 | |||||||||||||||||||||||||||
Total loans: | |||||||||||||||||||||||||||||||||||||||||
Commercial real estate - owner occupied | $ | - | $ | - | $ | - | $ | - | $ | 1,522 | $ | 140,680 | $ | 142,202 | |||||||||||||||||||||||||||
Commercial real estate - non-owner occupied (1) | 140 | - | - | 140 | - | 234,967 | 235,107 | ||||||||||||||||||||||||||||||||||
Construction and land development | - | - | - | - | - | 53,014 | 53,014 | ||||||||||||||||||||||||||||||||||
Commercial loans | - | - | - | - | 3,723 | 117,742 | 121,465 | ||||||||||||||||||||||||||||||||||
Residential 1-4 family (2) | 192 | 231 | - | 423 | 1,479 | 175,875 | 177,777 | ||||||||||||||||||||||||||||||||||
Other consumer loans | 14 | - | - | 14 | - | 1,438 | 1,452 | ||||||||||||||||||||||||||||||||||
Total | $ | 346 | $ | 231 | $ | - | $ | 577 | $ | 6,724 | $ | 723,716 | $ | 731,017 | |||||||||||||||||||||||||||
31-Dec-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 | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | |||||||||||||||||||||||||||
Commercial real estate - non-owner occupied (1) | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||
Construction and land development | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||
Commercial loans | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||
Residential 1-4 family (2) | 10 | 148 | - | 158 | 859 | 37,478 | 38,495 | ||||||||||||||||||||||||||||||||||
Other consumer loans | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||
Total | $ | 10 | $ | 148 | $ | - | $ | 158 | $ | 859 | $ | 37,478 | $ | 38,495 | |||||||||||||||||||||||||||
Non-covered loans: | |||||||||||||||||||||||||||||||||||||||||
Commercial real estate - owner occupied | $ | - | $ | - | $ | - | $ | 1,524 | $ | 135,073 | $ | 136,597 | |||||||||||||||||||||||||||||
Commercial real estate - non-owner occupied (1) | 4,128 | - | - | 4,128 | - | 218,833 | 222,961 | ||||||||||||||||||||||||||||||||||
Construction and land development | - | - | - | - | 467 | 57,471 | 57,938 | ||||||||||||||||||||||||||||||||||
Commercial loans | - | - | - | - | 3,140 | 111,574 | 114,714 | ||||||||||||||||||||||||||||||||||
Residential 1-4 family (2) | 319 | 586 | - | 905 | 521 | 131,558 | 132,984 | ||||||||||||||||||||||||||||||||||
Other consumer loans | 6 | - | - | 6 | - | 1,558 | 1,564 | ||||||||||||||||||||||||||||||||||
Total | $ | 4,453 | $ | 586 | $ | - | $ | 5,039 | $ | 5,652 | $ | 656,067 | $ | 666,758 | |||||||||||||||||||||||||||
Total loans: | |||||||||||||||||||||||||||||||||||||||||
Commercial real estate - owner occupied | $ | - | $ | - | $ | - | $ | - | $ | 1,524 | $ | 135,073 | $ | 136,597 | |||||||||||||||||||||||||||
Commercial real estate - non-owner occupied (1) | 4,128 | - | - | 4,128 | - | 218,833 | 222,961 | ||||||||||||||||||||||||||||||||||
Construction and land development | - | - | - | - | 467 | 57,471 | 57,938 | ||||||||||||||||||||||||||||||||||
Commercial loans | - | - | - | - | 3,140 | 111,574 | 114,714 | ||||||||||||||||||||||||||||||||||
Residential 1-4 family (2) | 329 | 734 | - | 1,063 | 1,380 | 169,036 | 171,479 | ||||||||||||||||||||||||||||||||||
Other consumer loans | 6 | - | - | 6 | - | 1,558 | 1,564 | ||||||||||||||||||||||||||||||||||
Total | $ | 4,463 | $ | 734 | $ | - | $ | 5,197 | $ | 6,511 | $ | 693,545 | $ | 705,253 | |||||||||||||||||||||||||||
(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 | Activity in the allowance for non-covered loan and lease losses for the three months ended March 31, 2015 and 2014 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 March 31, 2015 | Occupied | Occupied (1) | Development | Loans | Residential (2) | Loans | Unallocated | Total | |||||||||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 855 | $ | 1,123 | $ | 1,644 | $ | 2,063 | $ | 1,322 | $ | 49 | $ | 337 | $ | 7,393 | |||||||||||||||||||||||||
Charge offs | - | - | - | (353 | ) | - | (2 | ) | - | (355 | ) | ||||||||||||||||||||||||||||||
Recoveries | 1 | 6 | 139 | 9 | 2 | - | - | 157 | |||||||||||||||||||||||||||||||||
Provision | 568 | 59 | (432 | ) | 330 | (109 | ) | (4 | ) | 113 | 525 | ||||||||||||||||||||||||||||||
Ending balance | $ | 1,424 | $ | 1,188 | $ | 1,351 | $ | 2,049 | $ | 1,215 | $ | 43 | $ | 450 | $ | 7,720 | |||||||||||||||||||||||||
Three months ended March 31, 2014 | |||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 814 | $ | 985 | $ | 1,068 | $ | 2,797 | $ | 1,302 | $ | 54 | $ | 19 | $ | 7,039 | |||||||||||||||||||||||||
Charge offs | (71 | ) | - | - | (588 | ) | (300 | ) | - | - | (959 | ) | |||||||||||||||||||||||||||||
Recoveries | 4 | 6 | - | 35 | - | 5 | - | 50 | |||||||||||||||||||||||||||||||||
Provision | (131 | ) | (181 | ) | 84 | 404 | 100 | (9 | ) | 908 | 1,175 | ||||||||||||||||||||||||||||||
Ending balance | $ | 616 | $ | 810 | $ | 1,152 | $ | 2,648 | $ | 1,102 | $ | 50 | $ | 927 | $ | 7,305 | |||||||||||||||||||||||||
(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 months ended March 31, 2015 and 2014 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 March 31, 2015 | 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 March 31, 2014 | |||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | - | $ | 45 | $ | - | $ | - | $ | - | $ | 6 | $ | - | $ | 51 | |||||||||||||||||||||||||
Charge offs | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||
Recoveries | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||
Adjustments (2) | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||
Provision | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||
31-Mar-15 | |||||||||||||||||||||||||||||||||||||||||
Ending allowance balance attributable to loans: | |||||||||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 695 | $ | - | $ | - | $ | 232 | $ | 150 | $ | - | $ | - | $ | 1,077 | |||||||||||||||||||||||||
Collectively evaluated for impairment | 729 | 1,188 | 1,351 | 1,817 | 1,065 | 43 | 450 | 6,643 | |||||||||||||||||||||||||||||||||
Total ending allowance | $ | 1,424 | $ | 1,188 | $ | 1,351 | $ | 2,049 | $ | 1,215 | $ | 43 | $ | 450 | $ | 7,720 | |||||||||||||||||||||||||
Loans: | |||||||||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 11,917 | $ | 1,841 | $ | 447 | $ | 7,292 | $ | 734 | $ | - | $ | - | $ | 22,231 | |||||||||||||||||||||||||
Collectively evaluated for impairment | 130,285 | 233,266 | 52,567 | 114,173 | 139,606 | 1,452 | - | 671,349 | |||||||||||||||||||||||||||||||||
Total ending loan balances | $ | 142,202 | $ | 235,107 | $ | 53,014 | $ | 121,465 | $ | 140,340 | $ | 1,452 | $ | - | $ | 693,580 | |||||||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||||||||||||||||||
Ending allowance balance attributable to loans: | |||||||||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 151 | $ | - | $ | 120 | $ | 134 | $ | 300 | $ | - | $ | - | $ | 705 | |||||||||||||||||||||||||
Collectively evaluated for impairment | 704 | 1,123 | 1,524 | 1,929 | 1,022 | 49 | 337 | 6,688 | |||||||||||||||||||||||||||||||||
Total ending allowance | $ | 855 | $ | 1,123 | $ | 1,644 | $ | 2,063 | $ | 1,322 | $ | 49 | $ | 337 | $ | 7,393 | |||||||||||||||||||||||||
Loans: | |||||||||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 12,003 | $ | 1,859 | $ | 467 | $ | 8,139 | $ | 1,344 | $ | - | $ | - | $ | 23,812 | |||||||||||||||||||||||||
Collectively evaluated for impairment | 124,594 | 221,102 | 57,471 | 106,575 | 131,640 | 1,564 | - | 642,946 | |||||||||||||||||||||||||||||||||
Total ending loan balances | $ | 136,597 | $ | 222,961 | $ | 57,938 | $ | 114,714 | $ | 132,984 | $ | 1,564 | $ | - | $ | 666,758 | |||||||||||||||||||||||||
(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 March 31, 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 | |||||||||||||||||||||||||||||||||
31-Mar-15 | |||||||||||||||||||||||||||||||||||||||||
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 | $ | - | $ | - | $ | - | $ | - | $ | 1,656 | $ | - | $ | - | $ | 1,656 | |||||||||||||||||||||||||
Collectively evaluated for impairment | - | - | - | - | 35,781 | - | - | 35,781 | |||||||||||||||||||||||||||||||||
Total ending loan balances | $ | - | $ | - | $ | - | $ | - | $ | 37,437 | $ | - | $ | - | $ | 37,437 | |||||||||||||||||||||||||
31-Dec-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 | $ | - | $ | - | $ | - | $ | - | $ | 1,740 | $ | - | $ | - | $ | 1,740 | |||||||||||||||||||||||||
Collectively evaluated for impairment | 36,755 | - | 36,755 | ||||||||||||||||||||||||||||||||||||||
Total ending loan balances | $ | - | $ | - | $ | - | $ | - | $ | 38,495 | $ | - | $ | - | $ | 38,495 | |||||||||||||||||||||||||
(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 | 31-Mar-15 | 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 | $ | - | $ | - | $ | - | $ | 906 | $ | 11,917 | $ | 129,379 | $ | 142,202 | $ | 12,823 | $ | 129,379 | $ | 142,202 | |||||||||||||||||||||
Commercial real estate - non-owner occupied (2) | - | - | - | 229 | 1,841 | 233,037 | 235,107 | 2,070 | 233,037 | 235,107 | |||||||||||||||||||||||||||||||
Construction and land development | - | - | - | 572 | 447 | 51,995 | 53,014 | 1,019 | 51,995 | 53,014 | |||||||||||||||||||||||||||||||
Commercial loans | - | - | - | 30 | 7,292 | 114,143 | 121,465 | 7,322 | 114,143 | 121,465 | |||||||||||||||||||||||||||||||
Residential 1-4 family (4) | 1,656 | 35,781 | 37,437 | 574 | 734 | 139,032 | 140,340 | 2,964 | 174,813 | 177,777 | |||||||||||||||||||||||||||||||
Other consumer loans | - | - | - | - | - | 1,452 | 1,452 | - | 1,452 | 1,452 | |||||||||||||||||||||||||||||||
Total | $ | 1,656 | $ | 35,781 | $ | 37,437 | $ | 2,311 | $ | 22,231 | $ | 669,038 | $ | 693,580 | $ | 26,198 | $ | 704,819 | $ | 731,017 | |||||||||||||||||||||
31-Dec-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 | $ | - | $ | - | $ | - | $ | 917 | $ | 12,003 | $ | 123,677 | $ | 136,597 | $ | 12,920 | $ | 123,677 | $ | 136,597 | |||||||||||||||||||||
Commercial real estate - non-owner occupied (2) | - | - | - | 234 | - | 222,727 | 222,961 | 234 | 222,727 | 222,961 | |||||||||||||||||||||||||||||||
Construction and land development | - | - | - | 593 | 467 | 56,878 | 57,938 | 1,060 | 56,878 | 57,938 | |||||||||||||||||||||||||||||||
Commercial loans | - | - | - | 30 | 8,139 | 106,545 | 114,714 | 8,169 | 106,545 | 114,714 | |||||||||||||||||||||||||||||||
Residential 1-4 family (4) | 1,740 | 36,755 | 38,495 | 584 | 1,344 | 131,056 | 132,984 | 3,668 | 167,811 | 171,479 | |||||||||||||||||||||||||||||||
Other consumer loans | - | - | - | - | - | 1,564 | 1,564 | - | 1,564 | 1,564 | |||||||||||||||||||||||||||||||
Total | $ | 1,740 | $ | 36,755 | $ | 38,495 | $ | 2,358 | $ | 21,953 | $ | 642,447 | $ | 666,758 | $ | 26,051 | $ | 679,202 | $ | 705,253 | |||||||||||||||||||||
(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 $4.5 million and $4.7 million as of March 31, 2015 and December 31, 2014. | |||||||||||||||||||||||||||||||||||||||||
(4) Includes home equity lines of credit. |
EARNINGS_PER_SHARE_Tables
EARNINGS PER SHARE (Tables) | 3 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
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 March 31, 2015 | |||||||||||||
Basic EPS | $ | 2,004 | 12,217 | $ | 0.16 | ||||||||
Effect of dilutive stock options and warrants | - | 124 | - | ||||||||||
Diluted EPS | $ | 2,004 | 12,341 | $ | 0.16 | ||||||||
For the three months ended March 31, 2014 | |||||||||||||
Basic EPS | $ | 1,642 | 11,591 | $ | 0.14 | ||||||||
Effect of dilutive stock options and warrants | - | 66 | - | ||||||||||
Diluted EPS | $ | 1,642 | 11,657 | $ | 0.14 |
FAIR_VALUE_Tables
FAIR VALUE (Tables) | 3 Months Ended | |||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||
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 | |||||||||||||||||
(dollars in thousands) | 31-Mar-15 | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||||
Financial assets: | ||||||||||||||||||||
Available for sale securities | ||||||||||||||||||||
Obligations of states and political subdivisions | $ | 2,306 | $ | - | $ | 2,306 | $ | - | ||||||||||||
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-14 | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||||
Financial assets: | ||||||||||||||||||||
Available for sale securities | ||||||||||||||||||||
Obligations of states and political subdivisions | $ | 2,285 | $ | - | $ | 2,285 | $ | - | ||||||||||||
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) | 31-Mar-15 | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||||
Impaired non-covered loans: | ||||||||||||||||||||
Commercial real estate - owner occupied | $ | 11,222 | $ | 11,222 | ||||||||||||||||
Commercial real estate - non-owner occupied (1) | 1,841 | 1,841 | ||||||||||||||||||
Construction and land development | 447 | 447 | ||||||||||||||||||
Commercial loans | 7,060 | 7,060 | ||||||||||||||||||
Residential 1-4 family | 584 | 584 | ||||||||||||||||||
Impaired covered loans: | ||||||||||||||||||||
Residential 1-4 family | 1,656 | 1,656 | ||||||||||||||||||
Non-covered other real estate owned: | ||||||||||||||||||||
Commercial real estate - owner occupied | 341 | 341 | ||||||||||||||||||
Commercial real estate - non-owner occupied (1) | 1,781 | 1,781 | ||||||||||||||||||
Construction and land development | 6,682 | 6,682 | ||||||||||||||||||
Residential 1-4 family | 3,779 | 3,779 | ||||||||||||||||||
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-14 | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||||
Impaired non-covered loans: | ||||||||||||||||||||
Commercial real estate - owner occupied | $ | 11,852 | $ | 11,852 | ||||||||||||||||
Commercial real estate - non-owner occupied (1) | 1,859 | 1,859 | ||||||||||||||||||
Construction and land development | 347 | 347 | ||||||||||||||||||
Commercial loans | 8,005 | 8,005 | ||||||||||||||||||
Residential 1-4 family | 1,044 | 1,044 | ||||||||||||||||||
Impaired covered loans: | ||||||||||||||||||||
Residential 1-4 family | 1,740 | 1,740 | ||||||||||||||||||
Non-covered other real estate owned: | ||||||||||||||||||||
Commercial real estate - owner occupied | 461 | 461 | ||||||||||||||||||
Commercial real estate - non-owner occupied (1) | 1,792 | 1,792 | ||||||||||||||||||
Construction and land development | 6,818 | 6,818 | ||||||||||||||||||
Residential 1-4 family | 3,980 | 3,980 | ||||||||||||||||||
Schedule of estimated fair values and fair value hierarchy levels of financial instruments | 31-Mar-15 | 31-Dec-14 | ||||||||||||||||||
Fair Value | Carrying | Fair | Carrying | Fair | ||||||||||||||||
Hierarchy Level | Amount | Value | Amount | Value | ||||||||||||||||
Financial assets: | ||||||||||||||||||||
Cash and cash equivalents | Level 1 | $ | 36,417 | $ | 36,417 | $ | 38,320 | $ | 38,320 | |||||||||||
Securities available for sale | See previous table | 2,306 | 2,306 | 2,285 | 2,285 | |||||||||||||||
Securities held to maturity | Level 2 | 92,065 | 97,198 | 94,058 | 94,093 | |||||||||||||||
Stock in Federal Reserve Bank and Federal | ||||||||||||||||||||
Home Loan Bank | n/a | 5,667 | n/a | 5,681 | n/a | |||||||||||||||
Equity investment in mortgage affiliate | Level 3 | 3,615 | 3,615 | 3,631 | 3,631 | |||||||||||||||
Preferred investment in mortgage affiliate | Level 3 | 1,805 | 1,805 | 1,805 | 1,805 | |||||||||||||||
Net non-covered loans | Level 3 | 684,067 | 697,357 | 657,583 | 666,621 | |||||||||||||||
Net covered loans | Level 3 | 37,416 | 44,632 | 38,475 | 43,663 | |||||||||||||||
Accrued interest receivable | Level 2 & Level 3 | 2,636 | 2,636 | 2,904 | 2,904 | |||||||||||||||
FDIC indemnification asset | Level 3 | 3,439 | 2,258 | 3,571 | 2,261 | |||||||||||||||
Financial liabilities: | ||||||||||||||||||||
Demand deposits | Level 1 | 95,396 | 95,396 | 94,578 | 94,578 | |||||||||||||||
Money market and savings accounts | Level 1 | 182,367 | 182,367 | 181,452 | 181,452 | |||||||||||||||
Certificates of deposit | Level 3 | 482,732 | 483,811 | 466,395 | 466,391 | |||||||||||||||
Securities sold under agreements to | ||||||||||||||||||||
repurchase and other short-term borrowings | Level 1 | 29,858 | 29,858 | 29,044 | 29,044 | |||||||||||||||
FHLB advances | Level 3 | 25,000 | 25,493 | 25,000 | 25,526 | |||||||||||||||
Accrued interest payable | Level 1 & Level 3 | 583 | 583 | 560 | 560 |
ACCOUNTING_POLICIES_Detail_Tex
ACCOUNTING POLICIES (Detail Textuals) (Sonabank) | 3 Months Ended |
Mar. 31, 2015 | |
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 |
South Riding | Loudoun | |
Organization And Significant Accounting Policies [Line Items] | |
Number of branches | 1 |
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 |
Haymarket | |
Organization And Significant Accounting Policies [Line Items] | |
Number of branches | 1 |
Richmond | |
Organization And Significant Accounting Policies [Line Items] | |
Number of branches | 1 |
Clifton Forge | |
Organization And Significant Accounting Policies [Line Items] | |
Number of branches | 1 |
Maryland | |
Organization And Significant Accounting Policies [Line Items] | |
Number of branches | 8 |
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 | Frederick | |
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 |
STOCK_BASED_COMPENSATION_Activ
STOCK- BASED COMPENSATION - Activity in stock option plan (Details) (Stock Options, USD $) | 3 Months Ended |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2015 |
Stock Options | |
Shares | |
Options outstanding, beginning of period | 621,050 |
Granted | |
Forfeited | |
Exercised | -1,100 |
Options outstanding, end of period | 619,950 |
Vested or expected to vest | 619,950 |
Exercisable at end of period | 344,820 |
Weighted Average Exercise Price | |
Options outstanding, beginning of period | $8.49 |
Granted | |
Forfeited | |
Exercised | $9.09 |
Options outstanding, end of period | $8.49 |
Vested or expected to vest | $8.49 |
Exercisable at end of period | $7.94 |
Weighted Average Remaining Contractual Term | |
Options outstanding, end of period | 6 years 1 month 6 days |
Vested or expected to vest | 6 years 1 month 6 days |
Exercisable at end of period | 4 years 4 months 24 days |
Options outstanding, end of period - Aggregate Intrinsic Value | $1,952 |
Vested or expected to vest - Aggregate Intrinsic Value | 1,952 |
Exercisable at end of period - Aggregate Intrinsic Value | $1,279 |
STOCK_BASED_COMPENSATION_Detai
STOCK- BASED COMPENSATION (Detail Textuals) (USD $) | 3 Months Ended | |||
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2004 | Apr. 30, 2010 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation expense | $85 | $77 | ||
Unrecognized compensation expense associated with the stock options | $815 | |||
Unrecognized compensation cost weighted average recognition period | 3 years 1 month 6 days | |||
Stock Options | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-Based Compensation Arrangement By Share-Based Payment Award, Options, Grants In Period, Gross | ||||
Stock Options | Maximum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Maximum term of options | 10 years | |||
Stock Options | 2004 Stock Option Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares authorized for reservation (in shares) | 302,500 | |||
Stock Options | 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) | 700,000 |
SECURITIES_Amortized_cost_and_
SECURITIES - Amortized cost and fair value of securities (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value | $2,306 | $2,285 |
Obligations of states and political subdivisions | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 2,293 | 2,295 |
Gross Unrealized Gains | 22 | |
Gross Unrealized Losses | -9 | -10 |
Fair Value | $2,306 | $2,285 |
SECURITIES_Carrying_amount_and
SECURITIES - Carrying amount and fair value of securities (Details 1) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | $92,065 | $94,058 |
Gross Unrecognized Gains | 5,938 | 2,637 |
Gross Unrecognized Losses | -805 | -2,602 |
Fair Value | 97,198 | 94,093 |
Residential government-sponsored mortgage-backed securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 21,883 | 22,897 |
Gross Unrecognized Gains | 761 | 708 |
Gross Unrecognized Losses | -7 | -8 |
Fair Value | 22,637 | 23,597 |
Residential government-sponsored collateralized mortgage obligations | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 3,403 | 3,564 |
Gross Unrecognized Gains | 1 | |
Gross Unrecognized Losses | -23 | -53 |
Fair Value | 3,381 | 3,511 |
Government-sponsored agency securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 44,950 | 44,949 |
Gross Unrecognized Gains | 350 | 294 |
Gross Unrecognized Losses | -373 | -822 |
Fair Value | 44,927 | 44,421 |
Obligations of states and political subdivisions | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 15,502 | 15,531 |
Gross Unrecognized Gains | 136 | 108 |
Gross Unrecognized Losses | -148 | -145 |
Fair Value | 15,490 | 15,494 |
Other residential collateralized mortgage obligations | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 583 | 599 |
Gross Unrecognized Gains | ||
Gross Unrecognized Losses | -1 | |
Fair Value | 582 | 599 |
Trust preferred securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 5,744 | 6,518 |
Gross Unrecognized Gains | 4,690 | 1,527 |
Gross Unrecognized Losses | -253 | -1,574 |
Fair Value | $10,181 | $6,471 |
SECURITIES_Contractual_maturit
SECURITIES - Contractual maturity (Details 2) (USD $) | Mar. 31, 2015 |
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 | $13,379 |
Held to maturity, due in five to ten years, fair value | 13,418 |
Held to maturity, due after ten years, amortized cost | 52,817 |
Held to maturity, due after ten years, fair value | 57,180 |
Held to maturity, amortized cost | 92,065 |
Held to maturity, fair value | 97,198 |
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 | 2,293 |
Available for sale, due after ten years, fair value | 2,306 |
Available for sale, amortized cost | 2,293 |
Available for sale, fair value | 2,306 |
Residential government-sponsored mortgage-backed securities | |
Schedule Of Available For Sale and Held To Maturity Securities [Line Items] | |
Held to maturity, amortized cost | 21,883 |
Held to maturity, fair value | 22,637 |
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 | 3,403 |
Held to maturity, fair value | 3,381 |
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 | 583 |
Held to maturity, fair value | 582 |
Available for sale, amortized cost | |
Available for sale, fair value |
SECURITIES_Securities_in_conti
SECURITIES - Securities in continuous unrealized loss position (Details 3) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Schedule Of Available For Sale and Held To Maturity Securities | ||
Held to maturity, less than 12 months, fair value | $23,477 | $4,683 |
Held to Maturity, less than 12 months unrecognized losses | -323 | -31 |
Held to Maturity, 12 months or more, fair value | 18,867 | 44,345 |
Held to Maturity, 12 months or more, unrecognized losses | -482 | -2,571 |
Held to maturity, total fair value | 42,344 | 49,028 |
Held to maturity, total unrecognized losses | -805 | -2,602 |
Residential government-sponsored mortgage-backed securities | ||
Schedule Of Available For Sale and Held To Maturity Securities | ||
Held to maturity, less than 12 months, fair value | 818 | 3,506 |
Held to Maturity, less than 12 months unrecognized losses | -7 | -8 |
Held to Maturity, 12 months or more, fair value | ||
Held to Maturity, 12 months or more, unrecognized losses | ||
Held to maturity, total fair value | 818 | 3,506 |
Held to maturity, total unrecognized losses | -7 | -8 |
Residential government-sponsored collateralized mortgage obligations | ||
Schedule Of Available For Sale and Held To Maturity Securities | ||
Held to maturity, less than 12 months, fair value | 692 | |
Held to Maturity, less than 12 months unrecognized losses | -3 | |
Held to Maturity, 12 months or more, fair value | 2,733 | 2,819 |
Held to Maturity, 12 months or more, unrecognized losses | -23 | -50 |
Held to maturity, total fair value | 2,733 | 3,511 |
Held to maturity, total unrecognized losses | -23 | -53 |
Government-Sponsored Agency Securities | ||
Schedule Of Available For Sale and Held To Maturity Securities | ||
Held to maturity, less than 12 months, fair value | 19,715 | |
Held to Maturity, less than 12 months unrecognized losses | -274 | |
Held to Maturity, 12 months or more, fair value | 9,887 | 29,154 |
Held to Maturity, 12 months or more, unrecognized losses | -99 | -822 |
Held to maturity, total fair value | 29,602 | 29,154 |
Held to maturity, total unrecognized losses | -373 | -822 |
Obligations of states and political subdivisions | ||
Schedule Of Available For Sale and Held To Maturity Securities | ||
Available for sale, less than 12 months, fair value | 1,732 | 485 |
Available for sale, less than 12 months, unrealized losses | -9 | -1 |
Available for sale, 12 months or more, fair value | 1,800 | |
Available for sale, 12 months or more, unrealized losses | -9 | |
Available for sale, total fair value | 1,732 | 2,285 |
Available for sale, total unrealized losses | -9 | -10 |
Held to maturity, less than 12 months, fair value | 2,362 | 485 |
Held to Maturity, less than 12 months unrecognized losses | -41 | -20 |
Held to Maturity, 12 months or more, fair value | 1,974 | 8,139 |
Held to Maturity, 12 months or more, unrecognized losses | -107 | -125 |
Held to maturity, total fair value | 4,336 | 8,624 |
Held to maturity, total unrecognized losses | -148 | -145 |
Other residential collateralized mortgage obligations | ||
Schedule Of Available For Sale and Held To Maturity Securities | ||
Held to maturity, less than 12 months, fair value | 582 | |
Held to Maturity, less than 12 months unrecognized losses | -1 | |
Held to Maturity, 12 months or more, fair value | ||
Held to Maturity, 12 months or more, unrecognized losses | ||
Held to maturity, total fair value | 582 | |
Held to maturity, total unrecognized losses | -1 | |
Trust preferred securities | ||
Schedule Of Available For Sale and Held To Maturity Securities | ||
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 | 4,273 | 4,233 |
Held to Maturity, 12 months or more, unrecognized losses | -253 | -1,574 |
Held to maturity, total fair value | 4,273 | 4,233 |
Held to maturity, total unrecognized losses | ($253) | ($1,574) |
SECURITIES_Owned_pooled_trust_
SECURITIES - Owned pooled trust preferred securities (Details 4) (USD $) | 3 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | |
Other than temporarily impaired | ||||
Cumulative other comprehensive loss | ||||
Cumulative OTTI related to credit loss | ||||
Estimated fair value | 97,198 | 94,093 | ||
Trust preferred securities | ||||
Security | ||||
Par value - security | 4,940 | |||
Book value - security | 4,526 | |||
Estimated fair value - security | 4,273 | |||
Previously recognized cumulative other comprehensive loss | 267 | [1] | ||
Other than temporarily impaired | ||||
Par value - other than temporarily impaired | 14,405 | |||
Book value - other than temporarily impaired | 1,218 | |||
Estimated fair value - other than temporarily impaired | 5,908 | |||
Cumulative other comprehensive loss | 4,371 | [2] | ||
Cumulative OTTI related to credit loss | 8,816 | [2] | ||
Par value | 19,345 | |||
Book value | 5,744 | |||
Estimated fair value | 10,181 | 6,471 | ||
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 | 4,612 | |||
Book value - security | 4,203 | |||
Estimated fair value - security | 3,997 | |||
Current deferrals and defaults - security | 12.00% | |||
Previously recognized cumulative other comprehensive loss | 262 | [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 | 328 | |||
Book value - security | 323 | |||
Estimated fair value - security | 276 | |||
Current deferrals and defaults - security | 34.00% | |||
Previously recognized cumulative other comprehensive loss | 5 | [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 | |||
Book value - other than temporarily impaired | 509 | |||
Estimated fair value - other than temporarily impaired | 705 | |||
Current Deferrals and Defaults - other than temporarily impaired | 39.00% | |||
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 | 2,185 | |||
Book value - other than temporarily impaired | 57 | |||
Estimated fair value - other than temporarily impaired | 1,058 | |||
Current Deferrals and Defaults - other than temporarily impaired | 22.00% | |||
Cumulative other comprehensive loss | 835 | [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 | |||
Book value - other than temporarily impaired | ||||
Estimated fair value - other than temporarily impaired | 949 | |||
Current Deferrals and Defaults - other than temporarily impaired | 16.00% | |||
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 | |||
Book value - other than temporarily impaired | 27 | |||
Estimated fair value - other than temporarily impaired | 570 | |||
Current Deferrals and Defaults - other than temporarily impaired | 20.00% | |||
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 | |||
Book value - other than temporarily impaired | 475 | |||
Estimated fair value - other than temporarily impaired | 1,292 | |||
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 | 3,291 | |||
Book value - other than temporarily impaired | 31 | |||
Estimated fair value - other than temporarily impaired | 245 | |||
Current Deferrals and Defaults - other than temporarily impaired | 27.00% | |||
Cumulative other comprehensive loss | 701 | [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 | 2,145 | |||
Book value - other than temporarily impaired | 119 | |||
Estimated fair value - other than temporarily impaired | 1,089 | |||
Current Deferrals and Defaults - other than temporarily impaired | 10.00% | |||
Cumulative other comprehensive loss | 846 | [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 $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
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 | $8,949 | $8,911 |
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 | 16 | |
Reductions due to realized losses | -2 | |
Amount of cumulative other-than-temporary impairment related to credit loss as of March 31 | $8,949 | $8,925 |
SECURITIES_Changes_in_accumula
SECURITIES - Changes in accumulated other comprehensive income by component (Details 6) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Beginning balance | ($3,020) | ($3,190) |
Other comprehensive income/(loss) before reclassifications | 29 | 95 |
Amounts reclassified from accumulated other comprehensive income/(loss) | ||
Net current-period other comprehensive income/(loss) | 29 | 95 |
Ending balance | -2,991 | -3,095 |
Unrealized Holding Gains (Losses) on Available for Sale Securities | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Beginning balance | -6 | -203 |
Other comprehensive income/(loss) before reclassifications | 15 | 94 |
Amounts reclassified from accumulated other comprehensive income/(loss) | ||
Net current-period other comprehensive income/(loss) | 15 | 94 |
Ending balance | 9 | -109 |
Held to Maturity Securities | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Beginning balance | -3,014 | -2,987 |
Other comprehensive income/(loss) before reclassifications | 14 | 1 |
Amounts reclassified from accumulated other comprehensive income/(loss) | ||
Net current-period other comprehensive income/(loss) | 14 | 1 |
Ending balance | ($3,000) | ($2,986) |
SECURITIES_Detail_Textuals
SECURITIES (Detail Textuals) (USD $) | 3 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | |
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | |||
Temporarily impaired securities | $16,000 | ||
Federal Home Loan Bank of Atlanta | |||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | |||
Securities with a carrying amount pledged to secure public deposits | 70,600,000 | 71,800,000 | |
Temporarily impaired securities | $44,100,000 |
SECURITIES_Detail_Textuals_1
SECURITIES (Detail Textuals 1) (USD $) | 3 Months Ended |
In Billions, unless otherwise specified | Mar. 31, 2015 |
Schedule Of Available For Sale and Held To Maturity Securities | |
Other than temporary impairment performing collateral will default or defer per annum | 0.50% |
Recoveries ranging | 10.00% |
Period of no prepayments for security | 10 years |
Percentage of prepayments for remaining life of the security | 1.00% |
SBA guaranteed | |
Schedule Of Available For Sale and Held To Maturity Securities | |
Prepay collateral issued by banks with assets over $15 billion in 2014 | 10.00% |
Percentage of collateral issued by banks in second year | 15.00% |
Trust preferred securities | |
Schedule Of Available For Sale and Held To Maturity Securities | |
Average assets with bank | 15 |
SECURITIES_Detail_Textuals_2
SECURITIES (Detail Textuals 2) (Trust preferred securities, USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2014 |
Trust preferred securities | |
Schedule Of Available For Sale and Held To Maturity Securities | |
OTTI charges related to credit | $16 |
LOANS_Summary_Details
LOANS - Summary (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | ||
In Thousands, unless otherwise specified | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Loans, net of deferred fees | $721,483 | $696,058 | ||
Total Loans | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Commercial real estate - owner-occupied | 142,202 | 136,597 | ||
Commercial real estate - non-owner-occupied | 212,748 | 200,517 | ||
Secured by farmland | 606 | 612 | ||
Construction and land loan | 53,014 | 57,938 | ||
Residential 1-4 family | 144,452 | 138,070 | ||
Multi- family residential | 21,753 | 21,832 | ||
Home equity lines of credit | 33,325 | 33,409 | ||
Total real estate loans | 608,100 | 588,975 | ||
Commercial loans | 121,465 | 114,714 | ||
Consumer loans | 1,452 | 1,564 | ||
Gross loans | 731,017 | 705,253 | ||
Less deferred fees on loans | -1,793 | -1,781 | ||
Loans, net of deferred fees | 729,224 | 703,472 | ||
Total Loans | Covered loans | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Commercial real estate - owner-occupied | [1] | [1] | ||
Commercial real estate - non-owner-occupied | [1] | [1] | ||
Secured by farmland | [1] | [1] | ||
Construction and land loan | [1] | [1] | ||
Residential 1-4 family | 14,537 | [1] | 14,837 | [1] |
Multi- family residential | [1] | [1] | ||
Home equity lines of credit | 22,900 | [1] | 23,658 | [1] |
Total real estate loans | 37,437 | [1] | 38,495 | [1] |
Commercial loans | [1] | [1] | ||
Consumer loans | [1] | [1] | ||
Gross loans | 37,437 | [1] | 38,495 | [1] |
Less deferred fees on loans | [1] | 1 | [1] | |
Loans, net of deferred fees | 37,437 | [1] | 38,496 | [1] |
Total Loans | Non-covered Loans | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Commercial real estate - owner-occupied | 142,202 | 136,597 | ||
Commercial real estate - non-owner-occupied | 212,748 | 200,517 | ||
Secured by farmland | 606 | 612 | ||
Construction and land loan | 53,014 | 57,938 | ||
Residential 1-4 family | 129,915 | 123,233 | ||
Multi- family residential | 21,753 | 21,832 | ||
Home equity lines of credit | 10,425 | 9,751 | ||
Total real estate loans | 570,663 | 550,480 | ||
Commercial loans | 121,465 | 114,714 | ||
Consumer loans | 1,452 | 1,564 | ||
Gross loans | 693,580 | 666,758 | ||
Less deferred fees on loans | -1,793 | -1,782 | ||
Loans, net of deferred fees | $691,787 | $664,976 | ||
[1] | Covered Loans were acquired in the Greater Atlantic transaction and are covered under an FDIC loss-share agreement. The agreement covering non-single family loans expired in December 2014. |
LOANS_Impaired_loans_Details_1
LOANS - Impaired loans (Details 1) (Total Loans, USD $) | Mar. 31, 2015 | Dec. 31, 2014 | ||
In Thousands, unless otherwise specified | ||||
With no related allowance recorded | ||||
With no related allowance recorded - Recorded Investment | $12,629 | $18,991 | ||
With no related allowance recorded - Unpaid Principal Balance | 13,311 | 19,564 | ||
With an allowance recorded | ||||
With an allowance recorded - Recorded Investment | 11,258 | 6,561 | ||
With an allowance recorded - Unpaid Principal Balance | 13,025 | 8,380 | ||
With an allowance recorded - Allowance for Loan Losses Allocated | 1,077 | 705 | ||
Recorded Investment, Grand total | 23,887 | 25,552 | ||
Unpaid Principal Balance, Grand total | 26,336 | 27,944 | ||
Related Allowance, Grand total | 1,077 | 705 | ||
Commercial real estate - owner occupied | ||||
With no related allowance recorded | ||||
With no related allowance recorded - Recorded Investment | 5,116 | 10,394 | ||
With no related allowance recorded - Unpaid Principal Balance | 5,116 | 10,394 | ||
With an allowance recorded | ||||
With an allowance recorded - Recorded Investment | 6,801 | 1,609 | ||
With an allowance recorded - Unpaid Principal Balance | 7,422 | 2,231 | ||
With an allowance recorded - Allowance for Loan Losses Allocated | 695 | 151 | ||
Commercial real estate - non-owner occupied | ||||
With no related allowance recorded | ||||
With no related allowance recorded - Recorded Investment | 1,841 | [1] | 1,859 | [1] |
With no related allowance recorded - Unpaid Principal Balance | 2,099 | [1] | 2,118 | [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 | 447 | |||
With no related allowance recorded - Unpaid Principal Balance | 576 | |||
With an allowance recorded | ||||
With an allowance recorded - Recorded Investment | 467 | |||
With an allowance recorded - Unpaid Principal Balance | 740 | |||
With an allowance recorded - Allowance for Loan Losses Allocated | 120 | |||
Commercial loans | ||||
With no related allowance recorded | ||||
With no related allowance recorded - Recorded Investment | 3,569 | 4,998 | ||
With no related allowance recorded - Unpaid Principal Balance | 3,569 | 4,999 | ||
With an allowance recorded | ||||
With an allowance recorded - Recorded Investment | 3,723 | 3,141 | ||
With an allowance recorded - Unpaid Principal Balance | 4,807 | 3,944 | ||
With an allowance recorded - Allowance for Loan Losses Allocated | 232 | 134 | ||
Residential 1-4 family | ||||
With no related allowance recorded | ||||
With no related allowance recorded - Recorded Investment | 1,656 | [2] | 1,740 | [2] |
With no related allowance recorded - Unpaid Principal Balance | 1,951 | [2] | 2,053 | [2] |
With an allowance recorded | ||||
With an allowance recorded - Recorded Investment | 734 | [2] | 1,344 | [2] |
With an allowance recorded - Unpaid Principal Balance | 796 | [2] | 1,465 | [2] |
With an allowance recorded - Allowance for Loan Losses Allocated | 150 | [2] | 300 | [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 | 1,656 | 1,740 | ||
With no related allowance recorded - Unpaid Principal Balance | 1,951 | 2,053 | ||
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 | 1,656 | 1,740 | ||
Unpaid Principal Balance, Grand total | 1,951 | 2,053 | ||
Related Allowance, Grand total | ||||
Covered loans | Commercial real estate - owner occupied | ||||
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 real estate - non-owner occupied | ||||
With no related allowance recorded | ||||
With no related allowance recorded - Recorded Investment | [1] | [1] | ||
With no related allowance recorded - Unpaid Principal Balance | [1] | [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 | 1,656 | [2] | 1,740 | [2] |
With no related allowance recorded - Unpaid Principal Balance | 1,951 | [2] | 2,053 | [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 | 10,973 | [3] | 17,251 | [4] |
With no related allowance recorded - Unpaid Principal Balance | 11,360 | 17,511 | ||
With an allowance recorded | ||||
With an allowance recorded - Recorded Investment | 11,258 | [3] | 6,561 | [4] |
With an allowance recorded - Unpaid Principal Balance | 13,025 | 8,380 | ||
With an allowance recorded - Allowance for Loan Losses Allocated | 1,077 | 705 | ||
Recorded Investment, Grand total | 22,231 | [3] | 23,812 | [4] |
Unpaid Principal Balance, Grand total | 24,385 | 25,891 | ||
Related Allowance, Grand total | 1,077 | 705 | ||
Non-covered Loans | Commercial real estate - owner occupied | ||||
With no related allowance recorded | ||||
With no related allowance recorded - Recorded Investment | 5,116 | [3] | 10,394 | [4] |
With no related allowance recorded - Unpaid Principal Balance | 5,116 | 10,394 | ||
With an allowance recorded | ||||
With an allowance recorded - Recorded Investment | 6,801 | [3] | 1,609 | [4] |
With an allowance recorded - Unpaid Principal Balance | 7,422 | 2,231 | ||
With an allowance recorded - Allowance for Loan Losses Allocated | 695 | 151 | ||
Non-covered Loans | Commercial real estate - non-owner occupied | ||||
With no related allowance recorded | ||||
With no related allowance recorded - Recorded Investment | 1,841 | [1],[3] | 1,859 | [1],[4] |
With no related allowance recorded - Unpaid Principal Balance | 2,099 | [1] | 2,118 | [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 | 447 | [3] | [4] | |
With no related allowance recorded - Unpaid Principal Balance | 576 | |||
With an allowance recorded | ||||
With an allowance recorded - Recorded Investment | [3] | 467 | [4] | |
With an allowance recorded - Unpaid Principal Balance | 740 | |||
With an allowance recorded - Allowance for Loan Losses Allocated | 120 | |||
Non-covered Loans | Commercial loans | ||||
With no related allowance recorded | ||||
With no related allowance recorded - Recorded Investment | 3,569 | [3] | 4,998 | [4] |
With no related allowance recorded - Unpaid Principal Balance | 3,569 | 4,999 | ||
With an allowance recorded | ||||
With an allowance recorded - Recorded Investment | 3,723 | [3] | 3,141 | [4] |
With an allowance recorded - Unpaid Principal Balance | 4,807 | 3,944 | ||
With an allowance recorded - Allowance for Loan Losses Allocated | 232 | 134 | ||
Non-covered Loans | Residential 1-4 family | ||||
With no related allowance recorded | ||||
With no related allowance recorded - Recorded Investment | [2],[3] | [2],[4] | ||
With no related allowance recorded - Unpaid Principal Balance | [2] | [2] | ||
With an allowance recorded | ||||
With an allowance recorded - Recorded Investment | 734 | [2],[3] | 1,344 | [2],[4] |
With an allowance recorded - Unpaid Principal Balance | 796 | [2] | 1,465 | [2] |
With an allowance recorded - Allowance for Loan Losses Allocated | 150 | [2] | 300 | [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 $1.4 million. These loans also have aggregate SBA guarantees of $4.5 million. | |||
[4] | Recorded investment is after cumulative prior charge offs of $1.7 million. These loans also have aggregate SBA guarantees of $4.7 million. |
LOANS_Average_recorded_investm
LOANS - Average recorded investment and interest income for impaired loans (Details 2) (Total Loans, USD $) | 3 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | ||
With no related allowance recorded | ||||
With no related allowance recorded, Average Recorded Investment | $12,736 | $20,521 | ||
With no related allowance recorded, Interest Income Recognized | 176 | 283 | ||
With an allowance recorded | ||||
With an allowance recorded, Average Recorded Investment | 11,621 | 1,257 | ||
With an allowance recorded, Interest Income Recognized | 111 | 4 | ||
Average Recorded Investment, Grand total | 24,357 | 21,778 | ||
Interest Income Recognized, Grand total | 287 | 287 | ||
Commercial real estate - owner occupied | ||||
With no related allowance recorded | ||||
With no related allowance recorded, Average Recorded Investment | 5,122 | 8,292 | ||
With no related allowance recorded, Interest Income Recognized | 74 | 140 | ||
With an allowance recorded | ||||
With an allowance recorded, Average Recorded Investment | 6,837 | 114 | ||
With an allowance recorded, Interest Income Recognized | 90 | 4 | ||
Commercial real estate - non-owner occupied | ||||
With no related allowance recorded | ||||
With no related allowance recorded, Average Recorded Investment | 1,851 | [1] | 2,495 | [1] |
With no related allowance recorded, Interest Income Recognized | 29 | [1] | 30 | [1] |
With an allowance recorded | ||||
With an allowance recorded, Average Recorded Investment | [1] | [1] | ||
With an allowance recorded, Interest Income Recognized | [1] | [1] | ||
Construction and land development | ||||
With no related allowance recorded | ||||
With no related allowance recorded, Average Recorded Investment | 450 | |||
With no related allowance recorded, Interest Income Recognized | 9 | |||
With an allowance recorded | ||||
With an allowance recorded, Average Recorded Investment | ||||
With an allowance recorded, Interest Income Recognized | ||||
Commercial loans | ||||
With no related allowance recorded | ||||
With no related allowance recorded, Average Recorded Investment | 3,655 | 3,169 | ||
With no related allowance recorded, Interest Income Recognized | 53 | 21 | ||
With an allowance recorded | ||||
With an allowance recorded, Average Recorded Investment | 4,050 | 1,143 | ||
With an allowance recorded, Interest Income Recognized | 21 | |||
Residential 1-4 family | ||||
With no related allowance recorded | ||||
With no related allowance recorded, Average Recorded Investment | 1,658 | [2] | 6,565 | [2] |
With no related allowance recorded, Interest Income Recognized | 11 | [2] | 92 | [2] |
With an allowance recorded | ||||
With an allowance recorded, Average Recorded Investment | 734 | [2] | [2] | |
With an allowance recorded, Interest Income Recognized | [2] | [2] | ||
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 | ||||
Covered loans | ||||
With no related allowance recorded | ||||
With no related allowance recorded, Average Recorded Investment | 1,658 | 4,100 | ||
With no related allowance recorded, Interest Income Recognized | 11 | 47 | ||
With an allowance recorded | ||||
With an allowance recorded, Average Recorded Investment | ||||
With an allowance recorded, Interest Income Recognized | ||||
Average Recorded Investment, Grand total | 1,658 | 4,100 | ||
Interest Income Recognized, Grand total | 11 | 47 | ||
Covered loans | Commercial real estate - owner occupied | ||||
With no related allowance recorded | ||||
With no related allowance recorded, Average Recorded Investment | 742 | |||
With no related allowance recorded, Interest Income Recognized | 13 | |||
With an allowance recorded | ||||
With an allowance recorded, Average Recorded Investment | ||||
With an allowance recorded, Interest Income Recognized | ||||
Covered loans | Commercial real estate - non-owner occupied | ||||
With no related allowance recorded | ||||
With no related allowance recorded, Average Recorded Investment | [1] | 2,141 | [1] | |
With no related allowance recorded, Interest Income Recognized | [1] | 21 | [1] | |
With an allowance recorded | ||||
With an allowance recorded, Average Recorded Investment | [1] | [1] | ||
With an allowance recorded, Interest Income Recognized | [1] | [1] | ||
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 | ||||
Covered loans | Commercial 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 | ||||
Covered loans | Residential 1-4 family | ||||
With no related allowance recorded | ||||
With no related allowance recorded, Average Recorded Investment | 1,658 | [2] | 1,217 | [2] |
With no related allowance recorded, Interest Income Recognized | 11 | [2] | 13 | [2] |
With an allowance recorded | ||||
With an allowance recorded, Average Recorded Investment | [2] | [2] | ||
With an allowance recorded, Interest Income Recognized | [2] | [2] | ||
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 | ||||
Non-covered Loans | ||||
With no related allowance recorded | ||||
With no related allowance recorded, Average Recorded Investment | 11,078 | 16,421 | ||
With no related allowance recorded, Interest Income Recognized | 165 | 236 | ||
With an allowance recorded | ||||
With an allowance recorded, Average Recorded Investment | 11,621 | 1,257 | ||
With an allowance recorded, Interest Income Recognized | 111 | 4 | ||
Average Recorded Investment, Grand total | 22,699 | 17,678 | ||
Interest Income Recognized, Grand total | 276 | 240 | ||
Non-covered Loans | Commercial real estate - owner occupied | ||||
With no related allowance recorded | ||||
With no related allowance recorded, Average Recorded Investment | 5,122 | 7,550 | ||
With no related allowance recorded, Interest Income Recognized | 74 | 127 | ||
With an allowance recorded | ||||
With an allowance recorded, Average Recorded Investment | 6,837 | 114 | ||
With an allowance recorded, Interest Income Recognized | 90 | 4 | ||
Non-covered Loans | Commercial real estate - non-owner occupied | ||||
With no related allowance recorded | ||||
With no related allowance recorded, Average Recorded Investment | 1,851 | [1] | 354 | [1] |
With no related allowance recorded, Interest Income Recognized | 29 | [1] | 9 | [1] |
With an allowance recorded | ||||
With an allowance recorded, Average Recorded Investment | [1] | [1] | ||
With an allowance recorded, Interest Income Recognized | [1] | [1] | ||
Non-covered Loans | Construction and land development | ||||
With no related allowance recorded | ||||
With no related allowance recorded, Average Recorded Investment | 450 | |||
With no related allowance recorded, Interest Income Recognized | 9 | |||
With an allowance recorded | ||||
With an allowance recorded, Average Recorded Investment | ||||
With an allowance recorded, Interest Income Recognized | ||||
Non-covered Loans | Commercial loans | ||||
With no related allowance recorded | ||||
With no related allowance recorded, Average Recorded Investment | 3,169 | |||
With no related allowance recorded, Interest Income Recognized | 21 | |||
With an allowance recorded | ||||
With an allowance recorded, Average Recorded Investment | 4,050 | 1,143 | ||
With an allowance recorded, Interest Income Recognized | 21 | |||
Non-covered Loans | Residential 1-4 family | ||||
With no related allowance recorded | ||||
With no related allowance recorded, Average Recorded Investment | [2] | 5,348 | [2] | |
With no related allowance recorded, Interest Income Recognized | [2] | 79 | [2] | |
With an allowance recorded | ||||
With an allowance recorded, Average Recorded Investment | 734 | [2] | [2] | |
With an allowance recorded, Interest Income Recognized | [2] | [2] | ||
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 $) | Mar. 31, 2015 | Dec. 31, 2014 | ||
In Thousands, unless otherwise specified | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Recorded Investment, 30 - 59 Days Past Due | $346 | $4,463 | ||
Recorded Investment, 60 - 89 Days Past Due | 231 | 734 | ||
Recorded Investment, 90 Days or More | ||||
Recorded Investment, Total Past Due | 577 | 5,197 | ||
Recorded investment, Nonaccrual Loans | 6,724 | 6,511 | ||
Recorded Investment, Loans Not Past Due | 723,716 | 693,545 | ||
Total Loans | 731,017 | 705,253 | ||
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 | 1,522 | 1,524 | ||
Recorded Investment, Loans Not Past Due | 140,680 | 135,073 | ||
Total Loans | 142,202 | 136,597 | ||
Commercial real estate - non-owner occupied | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Recorded Investment, 30 - 59 Days Past Due | 140 | [1] | 4,128 | [1] |
Recorded Investment, 60 - 89 Days Past Due | [1] | [1] | ||
Recorded Investment, 90 Days or More | [1] | [1] | ||
Recorded Investment, Total Past Due | 140 | [1] | 4,128 | [1] |
Recorded investment, Nonaccrual Loans | [1] | [1] | ||
Recorded Investment, Loans Not Past Due | 234,967 | [1] | 218,833 | [1] |
Total Loans | 235,107 | [1] | 222,961 | [1] |
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 | 467 | |||
Recorded Investment, Loans Not Past Due | 53,014 | 57,471 | ||
Total Loans | 53,014 | 57,938 | ||
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 | 3,723 | 3,140 | ||
Recorded Investment, Loans Not Past Due | 117,742 | 111,574 | ||
Total Loans | 121,465 | 114,714 | ||
Residential 1-4 family | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Recorded Investment, 30 - 59 Days Past Due | 192 | [2] | 329 | [2] |
Recorded Investment, 60 - 89 Days Past Due | 231 | [2] | 734 | [2] |
Recorded Investment, 90 Days or More | [2] | [2] | ||
Recorded Investment, Total Past Due | 423 | [2] | 1,063 | [2] |
Recorded investment, Nonaccrual Loans | 1,479 | [2] | 1,380 | [2] |
Recorded Investment, Loans Not Past Due | 175,875 | [2] | 169,036 | [2] |
Total Loans | 177,777 | [2] | 171,479 | [2] |
Other consumer loans | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Recorded Investment, 30 - 59 Days Past Due | 14 | 6 | ||
Recorded Investment, 60 - 89 Days Past Due | ||||
Recorded Investment, 90 Days or More | ||||
Recorded Investment, Total Past Due | 14 | 6 | ||
Recorded investment, Nonaccrual Loans | ||||
Recorded Investment, Loans Not Past Due | 1,438 | 1,558 | ||
Total Loans | 1,452 | 1,564 | ||
Covered loans | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Recorded Investment, 30 - 59 Days Past Due | 124 | 10 | ||
Recorded Investment, 60 - 89 Days Past Due | 231 | 148 | ||
Recorded Investment, 90 Days or More | ||||
Recorded Investment, Total Past Due | 355 | 158 | ||
Recorded investment, Nonaccrual Loans | 745 | 859 | ||
Recorded Investment, Loans Not Past Due | 36,337 | 37,478 | ||
Total Loans | 37,437 | [3] | 38,495 | [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 | ||||
Total Loans | ||||
Covered loans | Commercial real estate - non-owner occupied | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Recorded Investment, 30 - 59 Days Past Due | [1] | [1] | ||
Recorded Investment, 60 - 89 Days Past Due | [1] | [1] | ||
Recorded Investment, 90 Days or More | [1] | [1] | ||
Recorded Investment, Total Past Due | [1] | [1] | ||
Recorded investment, Nonaccrual Loans | [1] | [1] | ||
Recorded Investment, Loans Not Past Due | [1] | [1] | ||
Total Loans | [1] | [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 | ||||
Total Loans | ||||
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 | ||||
Total Loans | ||||
Covered loans | Residential 1-4 family | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Recorded Investment, 30 - 59 Days Past Due | 124 | [2] | 10 | [2] |
Recorded Investment, 60 - 89 Days Past Due | 231 | [2] | 148 | [2] |
Recorded Investment, 90 Days or More | [2] | [2] | ||
Recorded Investment, Total Past Due | 355 | [2] | 158 | [2] |
Recorded investment, Nonaccrual Loans | 745 | [2] | 859 | [2] |
Recorded Investment, Loans Not Past Due | 36,337 | [2] | 37,478 | [2] |
Total Loans | 37,437 | [2] | 38,495 | [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 | ||||
Total Loans | ||||
Non-covered Loans | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Recorded Investment, 30 - 59 Days Past Due | 222 | 4,453 | ||
Recorded Investment, 60 - 89 Days Past Due | 586 | |||
Recorded Investment, 90 Days or More | ||||
Recorded Investment, Total Past Due | 222 | 5,039 | ||
Recorded investment, Nonaccrual Loans | 5,979 | 5,652 | ||
Recorded Investment, Loans Not Past Due | 687,379 | 656,067 | ||
Total Loans | 693,580 | 666,758 | ||
Non-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 | 1,522 | 1,524 | ||
Recorded Investment, Loans Not Past Due | 140,680 | 135,073 | ||
Total Loans | 142,202 | 136,597 | ||
Non-covered Loans | Commercial real estate - non-owner occupied | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Recorded Investment, 30 - 59 Days Past Due | 140 | [1] | 4,128 | [1] |
Recorded Investment, 60 - 89 Days Past Due | [1] | [1] | ||
Recorded Investment, 90 Days or More | [1] | [1] | ||
Recorded Investment, Total Past Due | 140 | [1] | 4,128 | [1] |
Recorded investment, Nonaccrual Loans | [1] | [1] | ||
Recorded Investment, Loans Not Past Due | 234,967 | [1] | 218,833 | [1] |
Total Loans | 235,107 | [1] | 222,961 | [1] |
Non-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 | 467 | |||
Recorded Investment, Loans Not Past Due | 53,014 | 57,471 | ||
Total Loans | 53,014 | 57,938 | ||
Non-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 | 3,723 | 3,140 | ||
Recorded Investment, Loans Not Past Due | 117,742 | 111,574 | ||
Total Loans | 121,465 | 114,714 | ||
Non-covered Loans | Residential 1-4 family | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Recorded Investment, 30 - 59 Days Past Due | 68 | [2] | 319 | [2] |
Recorded Investment, 60 - 89 Days Past Due | [2] | 586 | [2] | |
Recorded Investment, 90 Days or More | [2] | [2] | ||
Recorded Investment, Total Past Due | 68 | [2] | 905 | [2] |
Recorded investment, Nonaccrual Loans | 734 | [2] | 521 | [2] |
Recorded Investment, Loans Not Past Due | 139,538 | [2] | 131,558 | [2] |
Total Loans | 140,340 | [2] | 132,984 | [2] |
Non-covered Loans | Other consumer loans | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Recorded Investment, 30 - 59 Days Past Due | 14 | 6 | ||
Recorded Investment, 60 - 89 Days Past Due | ||||
Recorded Investment, 90 Days or More | ||||
Recorded Investment, Total Past Due | 14 | 6 | ||
Recorded investment, Nonaccrual Loans | ||||
Recorded Investment, Loans Not Past Due | 1,438 | 1,558 | ||
Total Loans | $1,452 | $1,564 | ||
[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. The agreement covering non-single family loans expired in December 2014. |
LOANS_Allowance_for_loan_and_l
LOANS - Allowance for loan and lease losses (Details 4) (USD $) | 3 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | ||
Allowance for loan losses: | ||||
Beginning balance | $7,414 | |||
Provision | 525 | 1,175 | ||
Ending balance | 7,741 | |||
Total Loans | Non-covered Loans | ||||
Allowance for loan losses: | ||||
Beginning balance | 7,393 | 7,039 | ||
Charge offs | -355 | -959 | ||
Recoveries | 157 | 50 | ||
Provision | 525 | 1,175 | ||
Ending balance | 7,720 | 7,305 | ||
Total Loans | Commercial real estate - owner occupied | Non-covered Loans | ||||
Allowance for loan losses: | ||||
Beginning balance | 855 | 814 | ||
Charge offs | -71 | |||
Recoveries | 1 | 4 | ||
Provision | 568 | -131 | ||
Ending balance | 1,424 | 616 | ||
Total Loans | Commercial Real Estate Non-owner Occupied | Non-covered Loans | ||||
Allowance for loan losses: | ||||
Beginning balance | 1,123 | [1] | 985 | [1] |
Charge offs | [1] | [1] | ||
Recoveries | 6 | [1] | 6 | [1] |
Provision | 59 | [1] | -181 | [1] |
Ending balance | 1,188 | [1] | 810 | [1] |
Total Loans | Construction and Land Loans | Non-covered Loans | ||||
Allowance for loan losses: | ||||
Beginning balance | 1,644 | 1,068 | ||
Charge offs | ||||
Recoveries | 139 | |||
Provision | -432 | 84 | ||
Ending balance | 1,351 | 1,152 | ||
Total Loans | Commercial loans | Non-covered Loans | ||||
Allowance for loan losses: | ||||
Beginning balance | 2,063 | 2,797 | ||
Charge offs | -353 | -588 | ||
Recoveries | 9 | 35 | ||
Provision | 330 | 404 | ||
Ending balance | 2,049 | 2,648 | ||
Total Loans | 1-4 Family Residential | Non-covered Loans | ||||
Allowance for loan losses: | ||||
Beginning balance | 1,322 | [2] | 1,302 | [2] |
Charge offs | [2] | -300 | [2] | |
Recoveries | 2 | [2] | [2] | |
Provision | -109 | [2] | 100 | [2] |
Ending balance | 1,215 | [2] | 1,102 | [2] |
Total Loans | Other consumer loans | Non-covered Loans | ||||
Allowance for loan losses: | ||||
Beginning balance | 49 | 54 | ||
Charge offs | -2 | |||
Recoveries | 5 | |||
Provision | -4 | -9 | ||
Ending balance | 43 | 50 | ||
Total Loans | Unallocated | Non-covered Loans | ||||
Allowance for loan losses: | ||||
Beginning balance | 337 | 19 | ||
Charge offs | ||||
Recoveries | ||||
Provision | 113 | 908 | ||
Ending balance | $450 | $927 | ||
[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 | |||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | ||
Allowance for loan losses: | ||||
Beginning balance | $7,414 | |||
Provision | 525 | 1,175 | ||
Ending balance | 7,741 | |||
Loans Receivable | Covered loans | ||||
Allowance for loan losses: | ||||
Beginning balance | 21 | 51 | ||
Charge offs | ||||
Recoveries | ||||
Adjustments | [1] | [1] | ||
Provision | ||||
Ending balance | 21 | 51 | ||
Loans Receivable | Commercial real estate - owner occupied | Covered loans | ||||
Allowance for loan losses: | ||||
Beginning balance | ||||
Charge offs | ||||
Recoveries | ||||
Adjustments | [1] | [1] | ||
Provision | ||||
Ending balance | ||||
Loans Receivable | Commercial Real Estate Non-owner Occupied | Covered loans | ||||
Allowance for loan losses: | ||||
Beginning balance | [2] | 45 | [2] | |
Charge offs | [2] | [2] | ||
Recoveries | [2] | [2] | ||
Adjustments | [1],[2] | [1],[2] | ||
Provision | [2] | [2] | ||
Ending balance | [2] | 45 | [2] | |
Loans Receivable | Construction and Land Loans | Covered loans | ||||
Allowance for loan losses: | ||||
Beginning balance | ||||
Charge offs | ||||
Recoveries | ||||
Adjustments | [1] | [1] | ||
Provision | ||||
Ending balance | ||||
Loans Receivable | Commercial loans | Covered loans | ||||
Allowance for loan losses: | ||||
Beginning balance | ||||
Charge offs | ||||
Recoveries | ||||
Adjustments | [1] | [1] | ||
Provision | ||||
Ending balance | ||||
Loans Receivable | 1-4 Family Residential | Covered loans | ||||
Allowance for loan losses: | ||||
Beginning balance | 17 | [3] | [3] | |
Charge offs | [3] | [3] | ||
Recoveries | [3] | [3] | ||
Adjustments | [1],[3] | [1],[3] | ||
Provision | [3] | [3] | ||
Ending balance | 17 | [3] | [3] | |
Loans Receivable | Other consumer loans | Covered loans | ||||
Allowance for loan losses: | ||||
Beginning balance | 4 | 6 | ||
Charge offs | ||||
Recoveries | ||||
Adjustments | [1] | [1] | ||
Provision | ||||
Ending balance | 4 | 6 | ||
Loans Receivable | Unallocated | Covered loans | ||||
Allowance for loan losses: | ||||
Beginning balance | ||||
Charge offs | ||||
Recoveries | ||||
Adjustments | [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 $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | ||||
In Thousands, unless otherwise specified | ||||||||
Ending allowance balance attributable to loans: | ||||||||
Total ending allowance | $7,741 | $7,414 | ||||||
Total Loans | ||||||||
Loans: | ||||||||
Total ending loan balances | 731,017 | 705,253 | ||||||
Total Loans | Commercial real estate - owner occupied | ||||||||
Loans: | ||||||||
Total ending loan balances | 142,202 | 136,597 | ||||||
Total Loans | Commercial real estate - non-owner occupied | ||||||||
Loans: | ||||||||
Total ending loan balances | 235,107 | [1] | 222,961 | [1] | ||||
Total Loans | Construction and land development | ||||||||
Loans: | ||||||||
Total ending loan balances | 53,014 | 57,938 | ||||||
Total Loans | Commercial loans | ||||||||
Loans: | ||||||||
Total ending loan balances | 121,465 | 114,714 | ||||||
Total Loans | 1-4 Family Residential | ||||||||
Loans: | ||||||||
Total ending loan balances | 177,777 | [2] | 171,479 | [2] | ||||
Total Loans | Other consumer loans | ||||||||
Loans: | ||||||||
Total ending loan balances | 1,452 | 1,564 | ||||||
Total Loans | Non-covered Loans | ||||||||
Ending allowance balance attributable to loans: | ||||||||
Individually evaluated for impairment | 1,077 | 705 | ||||||
Collectively evaluated for impairment | 6,643 | 6,688 | ||||||
Total ending allowance | 7,720 | 7,393 | 7,305 | 7,039 | ||||
Loans: | ||||||||
Individually evaluated for impairment | 22,231 | 23,812 | ||||||
Collectively evaluated for impairment | 671,349 | 642,946 | ||||||
Total ending loan balances | 693,580 | 666,758 | ||||||
Total Loans | Non-covered Loans | Commercial real estate - owner occupied | ||||||||
Ending allowance balance attributable to loans: | ||||||||
Individually evaluated for impairment | 695 | 151 | ||||||
Collectively evaluated for impairment | 729 | 704 | ||||||
Total ending allowance | 1,424 | 855 | 616 | 814 | ||||
Loans: | ||||||||
Individually evaluated for impairment | 11,917 | 12,003 | ||||||
Collectively evaluated for impairment | 130,285 | 124,594 | ||||||
Total ending loan balances | 142,202 | 136,597 | ||||||
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 | 1,188 | [1] | 1,123 | [1] | ||||
Total ending allowance | 1,188 | [1] | 1,123 | [1] | 810 | [1] | 985 | [1] |
Loans: | ||||||||
Individually evaluated for impairment | 1,841 | [1] | 1,859 | [1] | ||||
Collectively evaluated for impairment | 233,266 | [1] | 221,102 | [1] | ||||
Total ending loan balances | 235,107 | [1] | 222,961 | [1] | ||||
Total Loans | Non-covered Loans | Construction and land development | ||||||||
Ending allowance balance attributable to loans: | ||||||||
Individually evaluated for impairment | 120 | |||||||
Collectively evaluated for impairment | 1,351 | 1,524 | ||||||
Total ending allowance | 1,351 | 1,644 | 1,152 | 1,068 | ||||
Loans: | ||||||||
Individually evaluated for impairment | 447 | 467 | ||||||
Collectively evaluated for impairment | 52,567 | 57,471 | ||||||
Total ending loan balances | 53,014 | 57,938 | ||||||
Total Loans | Non-covered Loans | Commercial loans | ||||||||
Ending allowance balance attributable to loans: | ||||||||
Individually evaluated for impairment | 232 | 134 | ||||||
Collectively evaluated for impairment | 1,817 | 1,929 | ||||||
Total ending allowance | 2,049 | 2,063 | 2,648 | 2,797 | ||||
Loans: | ||||||||
Individually evaluated for impairment | 7,292 | 8,139 | ||||||
Collectively evaluated for impairment | 114,173 | 106,575 | ||||||
Total ending loan balances | 121,465 | 114,714 | ||||||
Total Loans | Non-covered Loans | 1-4 Family Residential | ||||||||
Ending allowance balance attributable to loans: | ||||||||
Individually evaluated for impairment | 150 | [2] | 300 | [2] | ||||
Collectively evaluated for impairment | 1,065 | [2] | 1,022 | [2] | ||||
Total ending allowance | 1,215 | [2] | 1,322 | [2] | 1,102 | [2] | 1,302 | [2] |
Loans: | ||||||||
Individually evaluated for impairment | 734 | [2] | 1,344 | [2] | ||||
Collectively evaluated for impairment | 139,606 | [2] | 131,640 | [2] | ||||
Total ending loan balances | 140,340 | [2] | 132,984 | [2] | ||||
Total Loans | Non-covered Loans | Other consumer loans | ||||||||
Ending allowance balance attributable to loans: | ||||||||
Individually evaluated for impairment | ||||||||
Collectively evaluated for impairment | 43 | 49 | ||||||
Total ending allowance | 43 | 49 | 50 | 54 | ||||
Loans: | ||||||||
Individually evaluated for impairment | ||||||||
Collectively evaluated for impairment | 1,452 | 1,564 | ||||||
Total ending loan balances | 1,452 | 1,564 | ||||||
Total Loans | Non-covered Loans | Unallocated | ||||||||
Ending allowance balance attributable to loans: | ||||||||
Individually evaluated for impairment | ||||||||
Collectively evaluated for impairment | 450 | 337 | ||||||
Total ending allowance | 450 | 337 | 927 | 19 | ||||
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 $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | ||||
In Thousands, unless otherwise specified | ||||||||
Ending allowance balance attributable to loans: | ||||||||
Less allowance for loan losses | $7,741 | $7,414 | ||||||
Loans Receivable | ||||||||
Loans: | ||||||||
Total loans | 731,017 | 705,253 | ||||||
Loans Receivable | Commercial real estate - owner occupied | ||||||||
Loans: | ||||||||
Total loans | 142,202 | 136,597 | ||||||
Loans Receivable | Commercial real estate - non-owner occupied | ||||||||
Loans: | ||||||||
Total loans | 235,107 | [1] | 222,961 | [1] | ||||
Loans Receivable | Construction and land development | ||||||||
Loans: | ||||||||
Total loans | 53,014 | 57,938 | ||||||
Loans Receivable | Commercial loans | ||||||||
Loans: | ||||||||
Total loans | 121,465 | 114,714 | ||||||
Loans Receivable | Residential 1-4 family | ||||||||
Loans: | ||||||||
Total loans | 177,777 | [2] | 171,479 | [2] | ||||
Loans Receivable | Other consumer loans | ||||||||
Loans: | ||||||||
Total loans | 1,452 | 1,564 | ||||||
Loans Receivable | Covered loans | ||||||||
Ending allowance balance attributable to loans: | ||||||||
Individually evaluated for impairment | ||||||||
Collectively evaluated for impairment | 21 | 21 | ||||||
Less allowance for loan losses | 21 | 21 | 51 | 51 | ||||
Loans: | ||||||||
Individually evaluated for impairment | 1,656 | 1,740 | ||||||
Collectively evaluated for impairment | 35,781 | 36,755 | ||||||
Total loans | 37,437 | [3] | 38,495 | [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 | ||||||||
Collectively evaluated for impairment | ||||||||
Total loans | ||||||||
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] | [1] | ||||||
Less allowance for loan losses | [1] | [1] | 45 | [1] | 45 | [1] | ||
Loans: | ||||||||
Individually evaluated for impairment | [1] | [1] | ||||||
Collectively evaluated for impairment | [1] | [1] | ||||||
Total loans | [1] | [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 | ||||||||
Total loans | ||||||||
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 | ||||||||
Loans: | ||||||||
Individually evaluated for impairment | ||||||||
Collectively evaluated for impairment | ||||||||
Total loans | ||||||||
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] | 17 | [2] | ||||
Less allowance for loan losses | 17 | [2] | 17 | [2] | [2] | [2] | ||
Loans: | ||||||||
Individually evaluated for impairment | 1,656 | [2] | 1,740 | [2] | ||||
Collectively evaluated for impairment | 35,781 | [2] | 36,755 | [2] | ||||
Total loans | 37,437 | [2] | 38,495 | [2] | ||||
Loans Receivable | Covered loans | Other consumer loans | ||||||||
Ending allowance balance attributable to loans: | ||||||||
Individually evaluated for impairment | ||||||||
Collectively evaluated for impairment | 4 | 4 | ||||||
Less allowance for loan losses | 4 | 4 | 6 | 6 | ||||
Loans: | ||||||||
Individually evaluated for impairment | ||||||||
Collectively evaluated for impairment | ||||||||
Total loans | ||||||||
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. The agreement covering non-single family loans expired in December 2014. |
LOANS_Risk_category_of_loans_b
LOANS - Risk category of loans by class of loans (Details 8) (Total Loans, USD $) | Mar. 31, 2015 | Dec. 31, 2014 | ||
In Thousands, unless otherwise specified | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Commercial real estate - owner-occupied | $142,202 | $136,597 | ||
Commercial real estate - non-owner occupied | 235,107 | [1] | 222,961 | [1] |
Construction and land loan | 53,014 | 57,938 | ||
Commercial loans | 121,465 | 114,714 | ||
Residential 1-4 family | 177,777 | [2] | 171,479 | [2] |
Consumer loans | 1,452 | 1,564 | ||
Total loans | 731,017 | 705,253 | ||
Classified/Criticized | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Commercial real estate - owner-occupied | 12,823 | 12,920 | ||
Commercial real estate - non-owner occupied | 2,070 | [1] | 234 | [1] |
Construction and land loan | 1,019 | 1,060 | ||
Commercial loans | 7,322 | 8,169 | ||
Residential 1-4 family | 2,964 | [2] | 3,668 | [2] |
Consumer loans | ||||
Total loans | 26,198 | 26,051 | ||
Pass | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Commercial real estate - owner-occupied | 129,379 | 123,677 | ||
Commercial real estate - non-owner occupied | 233,037 | [1] | 222,727 | [1] |
Construction and land loan | 51,995 | 56,878 | ||
Commercial loans | 114,143 | 106,545 | ||
Residential 1-4 family | 174,813 | [2] | 167,811 | [2] |
Consumer loans | 1,452 | 1,564 | ||
Total loans | 704,819 | 679,202 | ||
Covered loans | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Commercial real estate - owner-occupied | [3] | [3] | ||
Commercial real estate - non-owner occupied | [1] | [1] | ||
Construction and land loan | [3] | [3] | ||
Commercial loans | [3] | [3] | ||
Residential 1-4 family | 37,437 | [2] | 38,495 | [2] |
Consumer loans | [3] | [3] | ||
Total loans | 37,437 | [3] | 38,495 | [3] |
Covered loans | Classified/Criticized | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Commercial real estate - owner-occupied | [4] | [4] | ||
Commercial real estate - non-owner occupied | [1],[4] | [1],[4] | ||
Construction and land loan | [4] | [4] | ||
Commercial loans | [4] | [4] | ||
Residential 1-4 family | 1,656 | [2],[4] | 1,740 | [2],[4] |
Consumer loans | [4] | [4] | ||
Total loans | 1,656 | [4] | 1,740 | [4] |
Covered loans | Pass | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Commercial real estate - owner-occupied | ||||
Commercial real estate - non-owner occupied | [1] | [1] | ||
Construction and land loan | ||||
Commercial loans | ||||
Residential 1-4 family | 35,781 | [2] | 36,755 | [2] |
Consumer loans | ||||
Total loans | 35,781 | 36,755 | ||
Non-covered Loans | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Commercial real estate - owner-occupied | 142,202 | 136,597 | ||
Commercial real estate - non-owner occupied | 235,107 | [1] | 222,961 | [1] |
Construction and land loan | 53,014 | 57,938 | ||
Commercial loans | 121,465 | 114,714 | ||
Residential 1-4 family | 140,340 | [2] | 132,984 | [2] |
Consumer loans | 1,452 | 1,564 | ||
Total loans | 693,580 | 666,758 | ||
Non-covered Loans | Special Mention | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Commercial real estate - owner-occupied | 906 | 917 | ||
Commercial real estate - non-owner occupied | 229 | [1] | 234 | [1] |
Construction and land loan | 572 | 593 | ||
Commercial loans | 30 | 30 | ||
Residential 1-4 family | 574 | [2] | 584 | [2] |
Consumer loans | ||||
Total loans | 2,311 | 2,358 | ||
Non-covered Loans | Substandard | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Commercial real estate - owner-occupied | 11,917 | [5] | 12,003 | [5] |
Commercial real estate - non-owner occupied | 1,841 | [1],[5] | [1],[5] | |
Construction and land loan | 447 | [5] | 467 | [5] |
Commercial loans | 7,292 | [5] | 8,139 | [5] |
Residential 1-4 family | 734 | [2],[5] | 1,344 | [2],[5] |
Consumer loans | [5] | [5] | ||
Total loans | 22,231 | [5] | 21,953 | [5] |
Non-covered Loans | Pass | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Commercial real estate - owner-occupied | 129,379 | 123,677 | ||
Commercial real estate - non-owner occupied | 233,037 | [1] | 222,727 | [1] |
Construction and land loan | 51,995 | 56,878 | ||
Commercial loans | 114,143 | 106,545 | ||
Residential 1-4 family | 139,032 | [2] | 131,056 | [2] |
Consumer loans | 1,452 | 1,564 | ||
Total loans | $669,038 | $642,447 | ||
[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. The agreement covering non-single family loans expired in December 2014. | |||
[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 $4.5 million and $4.7 million as of March 31, 2015 and December 31, 2014. |
LOANS_Details_Textuals
LOANS (Details Textuals) (Loans Receivable, USD $) | 3 Months Ended | |||
Mar. 31, 2015 | Dec. 31, 2014 | |||
Agreement | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Total loans | 731,017,000 | $705,253,000 | ||
Covered loans | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Total loans | 37,437,000 | [1] | 38,495,000 | [1] |
Covered loans | Greater Atlantic Bank | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Loss sharing agreement | 143,400,000 | |||
Covered loans | HarVest Bank of Maryland | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Accretable discount on the acquired covered loans | 8,600,000 | 9,600,000 | ||
Covered loans | PGFSB | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Accretable discount on the acquired covered loans | 8,600,000 | 9,600,000 | ||
Non-covered Loans | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Total loans | 693,580,000 | 666,758,000 | ||
Non-covered Loans | HarVest Bank of Maryland | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Total loans | 31,900,000 | |||
Non-covered Loans | PGFSB | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Total loans | 57,800,000 | |||
FDIC | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Number of agreements | 2 | |||
FDIC | Single family loans | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Term loan agreement expiring | 10 years | |||
FDIC | Non-Single Family (Commercial) | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Term loan agreement expiring | 5 years | |||
[1] | Covered Loans were acquired in the Greater Atlantic transaction and are covered under an FDIC loss-share agreement. The agreement covering non-single family loans expired in December 2014. |
LOANS_Details_Textuals_1
LOANS (Details Textuals 1) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Dec. 31, 2014 | |
Accounts Notes And Loans Receivable [Line Items] | ||
Foreclosed residential real estate property | $3,800,000 | |
Consumer mortgage loans collateralized by residential real estate property | 862,000 | |
Loans Receivable | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Nonaccrual loans | 6,724,000 | 6,511,000 |
Loans Receivable | Non-covered Loans | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Nonaccrual loans | 5,979,000 | 5,652,000 |
SBA guaranteed | Loans Receivable | Non-covered Loans | ||
Accounts Notes And Loans Receivable [Line Items] | ||
SBA guarantees | 4,500,000 | 4,700,000 |
Charge off on recorded investment | 1,400,000 | 1,700,000 |
Nonaccrual loans | $4,500,000 | $4,700,000 |
FINANCIAL_INSTRUMENTS_WITH_OFF1
FINANCIAL INSTRUMENTS WITH OFF-BALANCE SHEET RISK (Detail Textuals) (Letter of Credit, USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | ||
Letter of Credit | ||
Line of Credit Facility [Line Items] | ||
Letters of credit outstanding | $8.60 | $8.40 |
FINANCIAL_INSTRUMENTS_WITH_OFF2
FINANCIAL INSTRUMENTS WITH OFF-BALANCE SHEET RISK (Detail Textuals 1) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
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 | $105 | $113.30 |
Approved loan commitment | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Unfunded lines of credit and undisbursed construction loan funds | $24.10 |
EARNINGS_PER_SHARE_Reconciliat
EARNINGS PER SHARE - Reconciliation of the denominators of the basic and diluted EPS computations (Details) (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Earnings Per Share [Abstract] | ||
Basic EPS - Income (Numerator) (in dollars) | $2,004 | $1,642 |
Effect of dilutive stock options and warrants - Income (Numerator) (in dollars) | ||
Diluted EPS - Income (Numerator) | $2,004 | $1,642 |
Basic EPS- Weighted Average Shares (Denominator) (in shares) | 12,217 | 11,591 |
Effect of dilutive stock options and warrants- Weighted Average Shares (Denominator) (in shares) | 124 | 66 |
Diluted EPS- Weighted Average Shares (Denominator) (in shares) | 12,341 | 11,657 |
Basic EPS - Per Share Amount (in dollars per share) | $0.16 | $0.14 |
Effect of dilutive stock options and warrants- Per Share Amount (in dollars per share) | ||
Diluted EPS- Per Share Amount (in dollars per share) | $0.16 | $0.14 |
EARNINGS_PER_SHARE_Detail_Text
EARNINGS PER SHARE (Detail Textuals) (Stock Options and Warrants) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Stock Options and Warrants | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive options and warrants (in shares) | 578,348 | 643,199 |
FAIR_VALUE_Assets_measured_at_
FAIR VALUE - Assets measured at fair value on recurring basis (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Available for sale securities | ||
Fair value | $2,306 | $2,285 |
Fair Value, Measurements, Recurring | Total | Obligations of states and political subdivisions | ||
Available for sale securities | ||
Fair value | 2,306 | 2,285 |
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 | 2,306 | 2,285 |
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 $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Total | Commercial real estate - owner occupied | ||
Impaired non-covered loans: | ||
Impaired non-covered loans | $11,222 | $11,852 |
Non covered other real estate owned: | ||
Non-covered other real estate owned | 341 | 461 |
Total | Commercial real estate - non-owner occupied | ||
Impaired non-covered loans: | ||
Impaired non-covered loans | 1,841 | 1,859 |
Non covered other real estate owned: | ||
Non-covered other real estate owned | 1,781 | 1,792 |
Total | Construction and land development | ||
Impaired non-covered loans: | ||
Impaired non-covered loans | 447 | 347 |
Non covered other real estate owned: | ||
Non-covered other real estate owned | 6,682 | 6,818 |
Total | Commercial loans | ||
Impaired non-covered loans: | ||
Impaired non-covered loans | 7,060 | 8,005 |
Total | Residential 1-4 family | ||
Impaired non-covered loans: | ||
Impaired non-covered loans | 584 | 1,044 |
Impaired covered loans: | ||
Impaired covered loans | 1,656 | 1,740 |
Non covered other real estate owned: | ||
Non-covered other real estate owned | 3,779 | 3,980 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Commercial real estate - owner occupied | ||
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 real estate - non-owner occupied | ||
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) | 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 | ||
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 | ||
Significant Other Observable Inputs (Level 2) | Commercial real estate - owner occupied | ||
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 real estate - non-owner occupied | ||
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) | 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 | ||
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 | ||
Significant Unobservable Inputs (Level 3) | Commercial real estate - owner occupied | ||
Impaired non-covered loans: | ||
Impaired non-covered loans | 11,222 | 11,852 |
Non covered other real estate owned: | ||
Non-covered other real estate owned | 341 | 461 |
Significant Unobservable Inputs (Level 3) | Commercial real estate - non-owner occupied | ||
Impaired non-covered loans: | ||
Impaired non-covered loans | 1,841 | 1,859 |
Non covered other real estate owned: | ||
Non-covered other real estate owned | 1,781 | 1,792 |
Significant Unobservable Inputs (Level 3) | Construction and land development | ||
Impaired non-covered loans: | ||
Impaired non-covered loans | 447 | 347 |
Non covered other real estate owned: | ||
Non-covered other real estate owned | 6,682 | 6,818 |
Significant Unobservable Inputs (Level 3) | Commercial loans | ||
Impaired non-covered loans: | ||
Impaired non-covered loans | 7,060 | 8,005 |
Significant Unobservable Inputs (Level 3) | Residential 1-4 family | ||
Impaired non-covered loans: | ||
Impaired non-covered loans | 584 | 1,044 |
Impaired covered loans: | ||
Impaired covered loans | 1,656 | 1,740 |
Non covered other real estate owned: | ||
Non-covered other real estate owned | $3,779 | $3,980 |
FAIR_VALUE_Fair_Value_of_Finan
FAIR VALUE - Fair Value of Financial Instruments (Details 2) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||||
Financial assets: | ||||||
Cash and cash equivalents | $36,417 | $38,320 | $19,382 | $20,856 | ||
Securities available for sale | 2,306 | 2,285 | ||||
Securities held to maturity | 92,065 | 94,058 | ||||
Stock in Federal Reserve Bank and Federal Home Loan Bank | 5,667 | 5,681 | ||||
Preferred investment in mortgage affiliate | 1,805 | 1,805 | ||||
FDIC indemnification asset | 3,439 | 3,571 | ||||
Financial liabilities: | ||||||
Certificates of deposit | 482,732 | 466,395 | ||||
Securities sold under agreements to repurchase and other short-term borrowings | 29,858 | 29,044 | ||||
FHLB advances | 25,000 | 25,000 | ||||
Carrying Amount | ||||||
Financial assets: | ||||||
Cash and cash equivalents | 36,417 | [1] | 38,320 | [1] | ||
Securities available for sale | 2,306 | 2,285 | ||||
Securities held to maturity | 92,065 | [2] | 94,058 | [2] | ||
Stock in Federal Reserve Bank and Federal Home Loan Bank | 5,667 | 5,681 | ||||
Equity investment in mortgage affiliate | 3,615 | [3] | 3,631 | [3] | ||
Preferred investment in mortgage affiliate | 1,805 | [3] | 1,805 | [3] | ||
Net non-covered loans | 684,067 | [3] | 657,583 | [3] | ||
Net covered loans | 37,416 | [3] | 38,475 | [3] | ||
Accrued interest receivable | 2,636 | [4] | 2,904 | [4] | ||
FDIC indemnification asset | 3,439 | [3] | 3,571 | [3] | ||
Financial liabilities: | ||||||
Demand deposits | 95,396 | [1] | 94,578 | [1] | ||
Money market and savings accounts | 182,367 | [1] | 181,452 | [1] | ||
Certificates of deposit | 482,732 | [3] | 466,395 | [3] | ||
Securities sold under agreements to repurchase and other short-term borrowings | 29,858 | [1] | 29,044 | [1] | ||
FHLB advances | 25,000 | [3] | 25,000 | [3] | ||
Accrued interest payable | 583 | [5] | 560 | [5] | ||
Fair Value | ||||||
Financial assets: | ||||||
Cash and cash equivalents | 36,417 | [1] | 38,320 | [1] | ||
Securities available for sale | 2,306 | 2,285 | ||||
Securities held to maturity | 97,198 | [2] | 94,093 | [2] | ||
Stock in Federal Reserve Bank and Federal Home Loan Bank | ||||||
Equity investment in mortgage affiliate | 3,615 | [3] | 3,631 | [3] | ||
Preferred investment in mortgage affiliate | 1,805 | [3] | 1,805 | [3] | ||
Net non-covered loans | 697,357 | [3] | 666,621 | [3] | ||
Net covered loans | 44,632 | [3] | 43,663 | [3] | ||
Accrued interest receivable | 2,636 | [4] | 2,904 | [4] | ||
FDIC indemnification asset | 2,258 | [3] | 2,261 | [3] | ||
Financial liabilities: | ||||||
Demand deposits | 95,396 | [1] | 94,578 | [1] | ||
Money market and savings accounts | 182,367 | [1] | 181,452 | [1] | ||
Certificates of deposit | 483,811 | [3] | 466,391 | [3] | ||
Securities sold under agreements to repurchase and other short-term borrowings | 29,858 | [1] | 29,044 | [1] | ||
FHLB advances | 25,493 | [3] | 25,526 | [3] | ||
Accrued interest payable | $583 | [5] | $560 | [5] | ||
[1] | Level 1 | |||||
[2] | Level 2 | |||||
[3] | Level 3 | |||||
[4] | Level 2 & Level 3 | |||||
[5] | Level 1 & Level 3 |
FAIR_VALUE_Details_Textuals
FAIR VALUE (Details Textuals) (Fair Value, Measurements, Nonrecurring, Other Residential Collateralized Mortgage Obligation Classified as Held-to Maturity) | 3 Months Ended |
Mar. 31, 2015 | |
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 | 3.40% |
Default rate | 4.00% |
Loss severity | 61.00% |
Accounting yield | 2.46% |
FAIR_VALUE_Details_Textuals_1
FAIR VALUE (Details Textuals 1) (USD $) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2015 | Dec. 31, 2014 | |
Accounts Notes And Loans Receivable [Line Items] | ||
Allowances for loan losses | 7,741,000 | 7,414,000 |
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 | 22,200,000 | 23,800,000 |
Allowances for loan losses | 1,100,000 | 705,000 |
HarVest Loans | ||
Accounts Notes And Loans Receivable [Line Items] | ||
HarVest loans | 521,000 | |
SBA guaranteed | ||
Accounts Notes And Loans Receivable [Line Items] | ||
SBA guarantees | 4,500,000 | 4,700,000 |
FAIR_VALUE_Details_Textuals_2
FAIR VALUE (Details Textuals 2) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2015 | Dec. 31, 2014 | |
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_3
FAIR VALUE (Details Textuals 3) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total other real estate owned | $12,583 | $13,051 |
Non-covered Loans | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total other real estate owned | $12,600 | $13,100 |