Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Mar. 14, 2016 | Jun. 30, 2015 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | Two River Bancorp | ||
Trading Symbol | trcb | ||
Document Type | 10-K | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Common Stock, Shares Outstanding | 7,943,446 | ||
Entity Public Float | $ 65,508,574 | ||
Amendment Flag | false | ||
Entity Central Index Key | 1,343,034 | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Smaller Reporting Company | ||
Entity Well-known Seasoned Issuer | No | ||
Document Period End Date | Dec. 31, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
ASSETS | ||
Cash and due from banks | $ 21,566,000 | $ 18,349,000 |
Interest-bearing deposits in bank | 25,161,000 | 17,761,000 |
Cash and Cash Equivalents | 46,727,000 | 36,110,000 |
Securities available for sale | 33,530,000 | 45,431,000 |
Securities held to maturity (fair value of $43,668 and $25,407 at December 31, 2015 and 2014, respectively) | 43,167,000 | 25,280,000 |
Restricted investments, at cost | 3,596,000 | 3,029,000 |
Loans held for sale | 3,050,000 | 1,589,000 |
Loans | 693,150,000 | 627,614,000 |
Allowance for loan losses | (8,713,000) | (8,069,000) |
Net Loans | 684,437,000 | 619,545,000 |
OREO and repossessed assets | 411,000 | 1,603,000 |
Bank-owned life insurance | 17,294,000 | 16,849,000 |
Premises and equipment, net | 5,083,000 | 5,696,000 |
Accrued interest receivable | 1,912,000 | 1,636,000 |
Goodwill | 18,109,000 | 18,109,000 |
Other intangible assets, net of accumulated amortization of $2,097 and $2,049 at December 31, 2015 and 2014, respectively | 9,000 | 57,000 |
Other assets | 6,371,000 | 6,262,000 |
Total Assets | 863,696,000 | 781,196,000 |
Deposits: | ||
Noninterest-bearing | 144,627,000 | 140,459,000 |
Interest-bearing | 563,809,000 | 501,931,000 |
Total Deposits | 708,436,000 | 642,390,000 |
Securities sold under agreements to repurchase | 19,545,000 | 23,290,000 |
Accrued interest payable | 118,000 | 46,000 |
Long-term debt | 26,500,000 | 16,000,000 |
Subordinated debt | 9,824,000 | |
Other liabilities | 6,271,000 | 5,538,000 |
Total Liabilities | $ 770,694,000 | 687,264,000 |
Preferred stock, no par value; 6,500,000 shares authorized; | ||
Preferred stock, Series C, $1,000 liquidation preference per share; none issued and outstanding at December 31, 2015 and 6,000 at December 31, 2014 | 6,000,000 | |
Common stock, no par value; 25,000,000 shares authorized; | ||
Issued – 8,213,196 and 8,167,296 at December 31, 2015 and 2014, respectively Outstanding – 7,929,196 and 7,939,684 at December 31, 2015 and 2014, respectively | $ 72,890,000 | 72,527,000 |
Retained earnings | 22,759,000 | 17,501,000 |
Treasury stock, at cost; 284,000 and 227,612 shares at December 31, 2015 and 2014, respectively | (2,248,000) | (1,751,000) |
Accumulated other comprehensive loss | (399,000) | (345,000) |
Total Shareholders’ Equity | 93,002,000 | 93,932,000 |
Total Liabilities and Shareholders’ Equity | $ 863,696,000 | $ 781,196,000 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Securities held-to-maturity, fair value (in Dollars) | $ 43,668 | $ 25,407 |
Other intangible assets, accumulated amortization (in Dollars) | $ 2,097 | $ 2,049 |
Preferred stock, par value (in Dollars per share) | $ 0 | $ 0 |
Preferred stock, shares authorized | 6,500,000 | 6,500,000 |
Common stock, par value (in Dollars per share) | $ 0 | $ 0 |
Common stock, shares authorized | 25,000,000 | 25,000,000 |
Common stock, shares issued | 8,213,196 | 8,167,296 |
Common stock, shares outstanding | 7,929,196 | 7,939,684 |
Treasury stock, shares | 284,000 | 227,612 |
Series C Preferred Stock [Member] | ||
Preferred stock, liquidation preference (in Dollars per share) | $ 1,000 | $ 1,000 |
Preferred stock, shares issued | 0 | 6,000 |
Preferred stock, shares outstanding | 0 | 6,000 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Interest Income | ||
Loans, including fees | $ 30,624,000 | $ 28,913,000 |
Securities: | ||
Taxable | 782,000 | 972,000 |
Tax-exempt | 623,000 | 431,000 |
Interest bearing deposits | 74,000 | 70,000 |
Total Interest Income | 32,103,000 | 30,386,000 |
Interest Expense | ||
Deposits | 3,141,000 | 2,904,000 |
Securities sold under agreements to repurchase | 68,000 | 65,000 |
Long-term debt | 621,000 | 483,000 |
Subordinated debt | 33,000 | |
Total Interest Expense | 3,863,000 | 3,452,000 |
Net Interest Income | 28,240,000 | 26,934,000 |
Provision for Loan Losses | 490,000 | 621,000 |
Net Interest Income after Provision for Loan Losses | 27,750,000 | 26,313,000 |
Non-Interest Income | ||
Service fees on deposit accounts | 578,000 | 687,000 |
Mortgage banking | 783,000 | 275,000 |
Other loan fees | 214,000 | 405,000 |
Earnings from investment in bank-owned life insurance | 445,000 | 460,000 |
Gain on sale of SBA loans | 561,000 | 398,000 |
Net gain on sale of securities | 37,000 | 88,000 |
Gain on sale of premises and equipment | 208,000 | |
Other income | 711,000 | 619,000 |
Total Non-Interest Income | 3,537,000 | 2,932,000 |
Non-Interest Expenses | ||
Salaries and employee benefits | 12,486,000 | 11,514,000 |
Occupancy and equipment | 3,942,000 | 3,466,000 |
Professional | 982,000 | 845,000 |
Insurance | 268,000 | 308,000 |
FDIC insurance and assessments | 433,000 | 509,000 |
Advertising | 403,000 | 376,000 |
Data processing | 475,000 | 392,000 |
Outside service fees | 499,000 | 477,000 |
Amortization of identifiable intangibles | 48,000 | 86,000 |
OREO and repossessed asset expenses, impairments and sales, net | (70,000) | (39,000) |
Loan workout expenses | 431,000 | 359,000 |
Other operating | 1,458,000 | 1,374,000 |
Total Non-Interest Expenses | 21,355,000 | 19,667,000 |
Income before Income Taxes | 9,932,000 | 9,578,000 |
Income Tax Expense | 3,585,000 | 3,561,000 |
Net Income | 6,347,000 | 6,017,000 |
Preferred stock dividend | (57,000) | (117,000) |
Net Income available to common shareholders | $ 6,290,000 | $ 5,900,000 |
Earnings Per Common Share | ||
Basic (in Dollars per share) | $ 0.80 | $ 0.74 |
Diluted (in Dollars per share) | $ 0.78 | $ 0.73 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Net income | $ 6,347 | $ 6,017 |
Other comprehensive income (loss): | ||
Reclassification adjustment for net gain on sale of securities recognized in income, net of income tax expense 2015: $14; 2014: $35 | (23) | (53) |
Unrealized holdings gains (loss) on securities available for sale, net of income tax (benefit) 2015: $(24); 2014: $249 | (31) | 392 |
Other comprehensive (loss) income | (54) | 339 |
Total comprehensive income | $ 6,293 | $ 6,356 |
Consolidated Statements of Com6
Consolidated Statements of Comprehensive Income (Parentheticals) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Reclassification adjustment for gains on sales of securities recognized in income, tax | $ 14 | $ 35 |
Unrealized holdings (loss) gain on securities available for sale, tax | $ (24) | $ 249 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) | Series C Preferred Stock [Member]Preferred Stock [Member] | Series C Preferred Stock [Member]Retained Earnings [Member] | Series C Preferred Stock [Member] | Preferred Stock [Member] | Common Stock [Member] | Retained Earnings [Member] | Treasury Stock [Member] | AOCI Attributable to Parent [Member] | Total |
Net income | $ 6,017,000 | $ 6,017,000 | |||||||
Other comprehensive loss/income | $ 339,000 | 339,000 | |||||||
Redemption of preferred stock, Series C | $ (6,000,000) | $ (6,000,000) | |||||||
Dividends on preferred stock, Series C | $ (117,000) | (117,000) | |||||||
Stock-based compensation expense | $ 167,000 | 167,000 | |||||||
Cash dividends on common stock | (873,000) | (873,000) | |||||||
Options exercised | $ 112,000 | 112,000 | |||||||
Options exercised (in Shares) | 27,600 | ||||||||
Tax benefit of exercised stock options | $ 7,000 | 7,000 | |||||||
Common stock repurchased | $ (1,197,000) | (1,197,000) | |||||||
Common stock repurchased (in Shares) | (150,900) | ||||||||
Restricted stock awards (in Shares) | 20,370 | ||||||||
Employee stock purchase program | $ 50,000 | 50,000 | |||||||
Employee stock purchase program (in Shares) | 6,246 | ||||||||
Balance at Dec. 31, 2013 | $ 12,000,000 | $ 72,191,000 | 12,474,000 | (554,000) | (684,000) | 95,427,000 | |||
Balance (in Shares) at Dec. 31, 2013 | 8,036,368 | ||||||||
Balance at Dec. 31, 2014 | $ 6,000,000 | $ 72,527,000 | 17,501,000 | (1,751,000) | (345,000) | 93,932,000 | |||
Balance (in Shares) at Dec. 31, 2014 | 7,939,684 | ||||||||
Net income | 6,347,000 | 6,347,000 | |||||||
Other comprehensive loss/income | (54,000) | (54,000) | |||||||
Redemption of preferred stock, Series C | $ (6,000,000) | (6,000,000) | |||||||
Dividends on preferred stock, Series C | $ (57,000) | $ (57,000) | |||||||
Stock-based compensation expense | $ 186,000 | 186,000 | |||||||
Cash dividends on common stock | (1,032,000) | (1,032,000) | |||||||
Options exercised | $ 114,000 | 114,000 | |||||||
Options exercised (in Shares) | 28,450 | ||||||||
Tax benefit of exercised stock options | $ 7,000 | 7,000 | |||||||
Common stock repurchased | (497,000) | $ (497,000) | |||||||
Common stock repurchased (in Shares) | (56,388) | (56,388) | |||||||
Restricted stock awards (in Shares) | 11,100 | ||||||||
Employee stock purchase program | $ 56,000 | $ 56,000 | |||||||
Employee stock purchase program (in Shares) | 6,350 | ||||||||
Balance at Dec. 31, 2015 | $ 72,890,000 | $ 22,759,000 | $ (2,248,000) | $ (399,000) | $ 93,002,000 | ||||
Balance (in Shares) at Dec. 31, 2015 | 7,929,196 |
Consolidated Statements of Sha8
Consolidated Statements of Shareholders' Equity (Parentheticals) - $ / shares | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Cash dividends, per share | $ 0.13 | $ 0.11 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Cash Flows from Operating Activities | ||
Net income | $ 6,347,000 | $ 6,017,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 798,000 | 596,000 |
Provision for loan losses | 490,000 | 621,000 |
Intangible amortization | 48,000 | 86,000 |
Net amortization of securities premiums and discounts | 557,000 | 222,000 |
Net realized gain on sale of securities available for sale | (37,000) | (88,000) |
Deferred income taxes | (484,000) | 453,000 |
Earnings from investment in bank-owned life insurance | (445,000) | (460,000) |
Proceeds from sale of SBA loans | 6,980,000 | 4,590,000 |
Gain on sale of SBA loans | (561,000) | (398,000) |
Origination of loans held for sale | (42,091,000) | (11,963,000) |
Proceeds on sales of loans held for sale | 41,393,000 | 10,552,000 |
Gain on sale of loans held for sale | (650,000) | (178,000) |
Gain on sale of loans transferred from held for investment to held for sale | (113,000) | |
Net realized gain on sale of OREO and repossessed assets | (107,000) | (176,000) |
Impairment on OREO | 84,000 | |
Stock-based compensation expense | 186,000 | 167,000 |
Gain on sale of premises and equipment | (208,000) | |
Decrease (increase) in assets: | ||
Accrued interest receivable | (276,000) | 124,000 |
Other assets | 413,000 | (473,000) |
Increase (decrease) in liabilities: | ||
Accrued interest payable | 72,000 | (20,000) |
Other liabilities | 733,000 | 713,000 |
Net Cash Provided by Operating Activities | 13,129,000 | 10,385,000 |
Cash Flows from Investing Activities | ||
Purchase of securities available for sale | (20,707,000) | (17,252,000) |
Purchase of securities held to maturity | (25,297,000) | (11,247,000) |
Proceeds from sales of securities available for sale | 24,306,000 | 9,827,000 |
Proceeds from repayments and maturities of securities available for sale | 7,916,000 | 7,561,000 |
Proceeds from repayments and maturities of securities held to maturity | 7,184,000 | 14,579,000 |
Proceeds from sale of loans transferred from held for investment to held for sale | 5,727,000 | |
Redemption (purchase) of restricted investments, net | (567,000) | 249,000 |
Net increase in loans | (77,680,000) | (30,364,000) |
Proceeds from the sale of OREO and repossessed assets | 1,367,000 | 2,501,000 |
Improvements on OREO | (207,000) | |
Proceeds from sale of premises and equipment | 925,000 | |
Purchase of premises and equipment | (902,000) | (2,060,000) |
Net Cash Used in Investing Activities | (77,728,000) | (26,413,000) |
Cash Flows from Financing Activities | ||
Net increase in deposits | 66,046,000 | 8,941,000 |
Net increase in securities sold under agreements to repurchase | (3,745,000) | 4,850,000 |
Redemption of preferred stock, Series C | (6,000,000) | (6,000,000) |
Cash dividends paid - preferred stock | (57,000) | (117,000) |
Cash dividends paid - common stock | (1,032,000) | (873,000) |
Proceeds from employee stock purchase plan | 56,000 | 50,000 |
Repayment of long-term debt | (1,500,000) | (1,500,000) |
Proceeds from long-term debt | 12,000,000 | |
Proceeds from subordinated debt placement, net of issuance costs of $176,000 | 9,824,000 | |
Proceeds from exercise of stock options | 114,000 | 112,000 |
Common stock repurchased | (497,000) | (1,197,000) |
Tax benefit of stock options exercised | 7,000 | 7,000 |
Net Cash Provided by Financing Activities | 75,216,000 | 4,273,000 |
Net Increase (Decrease) in Cash and Cash Equivalents | 10,617,000 | (11,755,000) |
Cash and Cash Equivalents – Beginning | 36,110,000 | 47,865,000 |
Cash and Cash Equivalents – Ending | 46,727,000 | 36,110,000 |
Supplementary Cash Flows Information | ||
Interest paid | 3,791,000 | 3,472,000 |
Income taxes paid | 3,289,000 | 3,365,000 |
Supplementary schedule of non-cash activities: | ||
Transfer of loans held for investment to loans held for sale | 5,614,000 | |
OREO and repossessed assets acquired in settlement of loans | $ 152,000 | $ 950,000 |
Consolidated Statements of Ca10
Consolidated Statements of Cash Flows (Parentheticals) | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Issuance costs on subordinated debt | $ 176,000 |
Note 1 - Summary of Significant
Note 1 - Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies [Text Block] | Note 1 – Summary of Significant Accounting Policies A. Organization and Basis of Presentation The accompanying consolidated financial statements include the accounts of Two River Bancorp (the “Company”), a bank holding company, and its wholly-owned subsidiary, Two River Community Bank (“the Bank” or “Two River”) and the Bank’s wholly-owned subsidiaries, TRCB Investment Corporation, TRCB Holdings Two LLC, TRCB Holdings Three LLC, TRCB Holdings Seven LLC and TRCB Holdings Eight LLC. All inter-company balances and transactions have been eliminated in the consolidated financial statements. B. Nature of Operations Two River Bancorp is a bank holding company whose principal activity is the ownership of Two River Community Bank. Through its banking subsidiary, the Company provides banking services to small and medium-sized businesses, professionals and individual consumers primarily in the Monmouth, Middlesex and Union Counties, located in Central and Northern New Jersey. The Company competes with other banking and financial institutions in its market communities. The Company and its bank subsidiary are subject to regulations of certain state and federal agencies and, accordingly, they are periodically examined by those regulatory authorities. As a consequence of the extensive regulation of commercial banking activities, the Company’s and the Bank’s businesses are susceptible to being affected by state and federal legislation and regulations. C. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The principal material estimates that are particularly susceptible to significant change in the near term related to: the allowance for loan losses, the potential impairment of goodwill, the potential impairment of restricted investments, the valuation of deferred tax assets, valuation of other real estate owned and the determination of other-than-temporary impairment on securities. D. Significant Concentrations of Credit Risk Most of the Company’s activities are with customers located within Monmouth, Middlesex and Union Counties of New Jersey. Note 2 discusses the types of securities that the Company invests in. Note 3 discusses the types of lending that the Company engages in. Although the Company actively manages the diversification of its loan portfolio, a substantial portion of its debtors’ ability to honor their contracts is dependent upon the strength of the local economy. The loan portfolio includes commercial real estate, which is comprised of owner occupied and investment real estate, including general office, medical, manufacturing and retail space. Construction loans, short-term in nature, comprise another portion of the portfolio, along with commercial and industrial loans. The latter includes lines of credit and equipment loans. From time to time, the Company may purchase or sell an interest in a loan from or to another lender (participation loan) in order to manage its portfolio risk. Loans purchased by the Company are typically located in central New Jersey and meet the Company’s own independent underwriting guidelines. The Company does not have any significant concentrations in any one industry or customer. E. Comprehensive Income Comprehensive income consists of net income and other comprehensive income (loss). Other comprehensive income (loss) includes unrealized gains and losses on securities available for sale and unrealized losses related to factors other than credit on debt securities which have been determined to be other-than-temporarily impaired. F. Statement of Cash Flows For purposes of reporting cash flows, cash and cash equivalents include cash on hand, amounts due from banks, interest bearing demand deposits in banks, and Federal funds sold. Interest-bearing deposits are due from the Federal Reserve Bank of New York. Generally, Federal funds are purchased and sold for one-day periods. G. Securities Securities classified as available for sale are those securities that the Company intends to hold for an indefinite period of time but not necessarily to maturity. Securities available for sale are carried at fair value. Any decision to sell a security classified as available for sale would be based on various factors, including significant movement in interest rates, changes in maturity mix of the Company’s assets and liabilities, liquidity needs, regulatory capital considerations and other similar factors. Unrealized gains or losses are reported as increases or decreases in other comprehensive income, net of the related deferred tax effect. Realized gains or losses, determined on the basis of the cost of the specific securities sold, are included in earnings. Premiums and discounts are recognized in interest income using the interest method over the terms of the securities. Gains and losses on the sale of securities available for sale are recorded on the trade date and are determined using the specific identification method. Securities classified as held to maturity are those securities the Company has both the intent and ability to hold to maturity regardless of changes in market conditions, liquidity needs or changes in general economic conditions. These securities are carried at cost adjusted for the amortization of premium and accretion of discount, computed by the interest method over the terms of the securities. Management determines the appropriate classification of debt securities at the time of purchase and re-evaluates such designation as of each balance sheet date. Other-than-temporary accounting guidance specifies that (a) if a company does not have the intent to sell a debt security prior to recovery and (b) it is more likely than not that it will not have to sell the debt security prior to recovery, the security would not be considered other-than-temporary impaired unless there is a credit loss. When an entity does not intend to sell the security, and it is more likely than not, the entity will not have to sell the security before recovery of its cost basis, it will recognize the credit component of an other-than-temporary impairment of a debt security in earnings and the remaining portion in other comprehensive income. For held to maturity debt securities, the amount of an other-than-temporary impairment recorded in other comprehensive income for the noncredit portion of a previous other-than-temporary impairment should be amortized prospectively over the remaining life of the security on the basis of the timing of future cash flows of the security. H. Restricted Investments Restricted investments, which represents the required investment in the common stock of correspondent banks, is carried at cost and as of December 31, 2015 and 2014, consists of the common stock of the Federal Home Loan Bank of New York (“FHLB”) and Atlantic Community Bankers Bank (“ACBB”). Federal law requires a member institution of the FHLB to hold stock of its district FHLB according to a predetermined formula. The recorded investment in FHLB common stock was $2,020,800 and $1,454,000 at December 31, 2015 and 2014, respectively. The recorded investment in ACBB common stock was $75,000 at December 31, 2015 and 2014, respectively. Restricted investments also include the Solomon Hess SBA Loan Fund, utilized for the purpose of the Bank satisfying its CRA lending requirements. As this fund operates as a private fund, shares in the Fund are not publicly traded and therefore have no readily determinable market value. An investor can have their interest in the Fund redeemed for the balance of their capital account at any quarter end assuming they give the Fund 60 days’ notice. The investment in this Fund is recorded at cost which was $1,500,000 at December 31, 2015 and 2014, respectively. The Company does not record the investment at fair value on a recurring basis. Management evaluates the restricted investments for impairment in accordance with U.S. generally accepted accounting principles. Management’s determination of whether these investments are impaired is based on their assessment of the ultimate recoverability of their cost rather than by recognizing temporary declines in value. Management believes no impairment charge is necessary related to restricted investments as of December 31, 2015. I. Loans Receivable and Loans Held for Sale Loans receivable, which management has the intent and ability to hold for the foreseeable future or until maturity or payoff are stated at their outstanding unpaid principal balances, net of an allowance for loan losses and any deferred fees or costs. Interest income is accrued on the unpaid principal balance. Loan origination fees, net of certain direct origination costs, are deferred and recognized as an adjustment of the yield (interest income) of the related loans. The Company is generally amortizing these amounts over the contractual life of the loan. Generally, loans held for sale are designated at time of origination, generally consist of newly originated fixed rate residential loans and are recorded at the lower of aggregate cost or estimated fair value in the aggregate. The Company did not transfer any impaired loans from held for investment to held for sale in 2015 and 2014. Transfers from held for investment are infrequent and occur at fair value less costs to sell, with any charge-off to allowance for loan losses. Gains are recognized on a settlement-date basis and are determined by the difference between the net sales proceeds and the carrying value of the loans, including any net deferred fees or costs. The loans receivable portfolio is segmented into commercial and consumer loans. Commercial loans consist of the following classes: commercial and industrial, real estate-construction and real estate-commercial. Consumer loans consist of the following classes: real estate-residential and consumer. For all classes of loans receivable, the accrual of interest is discontinued when the contractual payment of principal or interest has become 90 days past due or management has serious doubts about further collectability of principal or interest, even though the loan is currently performing. A loan may remain on accrual status if it is in the process of collection and is either guaranteed or well secured. When a loan is placed on nonaccrual status, unpaid interest previously accrued on these loans is reversed from income. Interest received on nonaccrual loans including impaired loans generally is either applied against principal or reported as interest income, according to management’s judgment as to the collectability of principal. Generally, loans are restored to accrual status when the obligation is brought current, has performed in accordance with the contractual terms for a reasonable period of time (generally six months) and the ultimate collectability of the total contractual principal and interest is no longer in doubt. The past due status of all classes of loans receivable is determined based on contractual due dates for loan payments. J. Allowance for Loan Losses The allowance for credit losses consists of the allowance for loan losses and the reserve for unfunded lending commitments. The allowance for loan losses represents management’s estimate of losses inherent in the loan portfolio as of the balance sheet date and is recorded as a reduction to loans. The reserve for unfunded lending commitments represents management’s estimate of losses inherent in its unfunded loan commitments and is recorded in other liabilities on the consolidated balance sheet, which at December 31, 2015 and 2014, the Company had no such reserves. The allowance for loan losses is increased by the provision for loan losses, and decreased by charge-offs, net of recoveries. Loans deemed to be uncollectable are charged against the allowance for loan losses, and subsequent recoveries, if any, are credited to the allowance. All, or part, of the principal balance of loans receivable are charged off to the allowance as soon as it is determined that the repayment of all, or part, of the principal balance is highly unlikely. The allowance for loan losses is maintained at a level considered adequate to provide for losses that can be reasonably anticipated. Management performs a monthly evaluation of the adequacy of the allowance. The allowance is based on the Company’s past loan loss experience, known and inherent risks in the portfolio, adverse situations that may affect the borrower’s ability to repay, the estimated value of any underlying collateral, composition of the loan portfolio, current economic conditions and other relevant factors. This evaluation is inherently subjective as it requires material estimates that may be susceptible to significant revision as more information becomes available. The allowance consists of specific, general and unallocated components. For loans that are classified as impaired, an allowance is established when the discounted cash flows (or collateral value or observable market price) of the impaired loan is lower than the carrying value of the loan. The specific component relates to loans that are classified as impaired. When a loan is impaired, there are three acceptable methods under ASC 310-10-35 for measuring the impairment: 1. The loan’s observable market price; 2. The fair value of the underlying collateral; or 3. The present value (PV) of expected future cash flows. Loans that are considered “collateral-dependent” should be evaluated under the “Fair market value of collateral.” Loans that are still expected to be supported by repayment from the borrower should be evaluated under the “Present value of future cash flows.” For the most part, the Company measures impairment under the “Fair market value of collateral” for any loan that would rely on the value of collateral for recovery in the event of default. The individual impairment analysis for each loan is clearly documented as to the chosen valuation method. The general component covers pools of loans by loan class including commercial and industrial, real estate-construction and real estate-commercial not considered impaired as well as smaller balance homogeneous loans such as real estate-residential and consumer. These pools of loans are evaluated for loss exposure based upon historical loss rates for each of these categories of loans, adjusted for qualitative factors. These qualitative risk factors include: 1. Changes in lending policy and procedures, including changes in underwriting standards and collection practices not previously considered in estimating credit losses. 2. Changes in relevant economic and business conditions. 3. Changes in nature and volume of the loan portfolio and in the terms of loans. 4. Changes in experience, ability and depth of lending management and staff. 5. Changes in the volume and severity of past due loans, the volume of non-accrual loans and the volume and severity of adversely classified loans. 6. Changes in the quality of the loan review system. 7. Changes in the value of underlying collateral for collateral-dependent loans. 8. The existence and effect of any concentration of credit and changes in the level of such concentrations. 9. The effect of other external forces such as competition, legal and regulatory requirements on the level of estimated credit losses in the existing portfolio. Each factor is assigned a risk value to reflect low, moderate or high risk assessments based on management’s best judgment using current market, macro and other relevant information available at the time of the evaluation. Adjustments to the factors are supported through documentation in each factor and accompany the allowance for loan loss calculation. An unallocated component is maintained to cover uncertainties that could affect management’s estimate of probable losses. The unallocated component of the allowance reflects the margin of imprecision inherent in the underlying assumptions used in the methodologies for estimating specific and general losses in the portfolio. The Company engages in a variety of lending activities, including commercial and industrial, real estate-commercial, real estate-construction, real estate-residential and consumer loans. The Company focuses its lending activities on individuals, professionals along with small to medium sized businesses. The Company originates commercial business loans to professionals, sole proprietorships and small businesses in our market areas. We extend commercial business loans on a secured and unsecured basis. Secured commercial loans are generally collateralized by residential and nonresidential real estate, marketable securities, accounts receivable, inventory, industrial/commercial machinery and equipment and furniture and fixtures. To further enhance our security position, we generally require personal guarantees of the principal owners of the entities to which we extend credit. These loans are made on both lines of credit and fixed-term basis typically ranging from one to five years in duration. When making commercial business loans, we consider the financial statements and/or tax returns of the borrower, the borrower’s payment history along with the principal owners’ payment history, the debt service capabilities of the borrower, the projected cash flows of the business, and the value of the collateral and the financial strength of the guarantor. Commercial real estate loans are made to local commercial, retail and professional firms and individuals for the acquisition of new property or the refinancing of existing property. These loans are typically related to commercial businesses and secured by the underlying real estate used in these businesses or real property of the principals. Commercial real estate loans typically require a loan to value ratio of not greater than 75%. These loans are generally offered on a fixed or variable rate basis, subject to rate re-adjustments every five years and amortization schedules ranging from 5 to 25 years. Commercial loans are often larger and may involve greater risks than other types of lending. Because payments of such loans are often dependent on the successful operation of the business involved, repayment of such loans may be more sensitive than other types of loans and are subject to adverse conditions in the real estate market or the general economy. We are also involved with off-balance sheet financial instruments, which include collateralized commercial and standby letters of credit. We seek to minimize these risks through our underwriting guidelines and prudent risk management techniques. Any collateral securing such loans may depreciate over time, may be difficult to appraise and may fluctuate in value. Environmental surveys and inspections are obtained when circumstances suggest that the possibility of the presence of hazardous materials. There can be no assurances, however, of success in the efforts to minimize these risks. The Company is an approved Preferred Lender by the Small Business Administration (“SBA”), which allows the Company delegated authority to approve and close SBA loans up to $5.0 million. The Company maintains prudent credit risk management to monitor and evaluate the value of real estate and other collateral used to secure SBA loans. All SBA loans are originated in compliance with all applicable federal lending regulations, including but not limited to the Equal Credit Opportunity Act. The Bank currently participates in SBA’s 7a and 504 loan programs, which typically provide guarantees up to 75% per loan. The Bank generally sells the guaranteed portion of selected loans to a third party and retains the servicing rights. The servicing asset rights recorded as of December 31, 2015 and 2014 are not material. Our philosophy remains to be prudent and focused on the cash flow of the businesses and financial strength of the guarantors. The Company originates fixed-rate and adjustable-rate loans to individuals and builders to finance the construction of residential dwellings. We also originate construction loans for commercial development projects, including apartment buildings, restaurants, shopping centers and owner-occupied properties used for businesses. Our construction loans generally provide for the payment of interest only during the construction phase which is typically twelve months for residential properties and twelve to eighteen months for commercial properties. At the end of the construction phase, the loan is either converted to a permanent mortgage loan or paid off. Before making a commitment to fund a construction loan, we require an appraisal and an environmental analysis of the property performed by a bank approved independent licensed appraiser and environmental consultant, an inspection of the property before disbursement of funds during the stages of the construction process, and approval from an identified source for the permanent takeout. The Company offers a full range of residential real estate and consumer loans. These loans consist of residential mortgages, home equity lines of credit, equity loans, personal loans, automobile loans and overdraft protection. We do not originate subprime or negative amortization loans. Each residential mortgage loan is evidenced by a promissory note secured by a mortgage or deed of trust creating a first lien on one-to-four family residential property. Residential real estate properties underlying residential mortgage loans consist of single-family detached units, individual condominium units, two-to-four family dwellings units and townhouses. Our home equity revolving lines of credit come with a floating interest rate tied to the prime rate. Lines of credit are available to qualified applicants in amounts up to $350,000 for up to 15 years. We also offer fixed rate home equity loans in amounts up to $350,000 for a term of up to 15 years. Credit is based on the income and cash flow of the individual borrowers, real estate collateral supporting the mortgage debt and past credit history. Consumer loans may entail greater risk than residential mortgage loans, particularly in the case of consumer loans that are unsecured or secured by assets that depreciate in value rapidly. In such cases, repossessed collateral for a defaulted consumer loan may not provide an adequate source of repayment for the outstanding loan and the remaining deficiency often does not warrant further substantial collection efforts against the borrower. In addition, consumer loan collections depend on the borrower’s continuing financial stability, and therefore are more likely to be adversely affected by job loss, divorce, illness or personal bankruptcy. Furthermore, the application of various federal and state laws, including bankruptcy and insolvency laws, may limit the amount that can be recovered on such loans. A loan is considered impaired when it is probable that the Company will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record and the amount of the shortfall in relation to the principal and interest owed. Impairment is measured on a loan by loan basis for commercial and industrial, real estate-commercial, real estate-construction, real estate-residential and consumer loans by either the present value of expected future cash flows discounted at the loan’s effective interest rate or the fair value of the collateral if the loan is collateral dependent. An allowance for loan losses is established for an impaired loan if its carrying value exceeds its estimated fair value. The estimated fair values of substantially all of the Company’s impaired loans are measured based on the estimated fair value of the loan’s collateral. For commercial loans secured by real estate, estimated fair values are determined primarily through third-party appraisals. When a real estate secured loan becomes impaired, a decision is made regarding whether an updated certified appraisal of the real estate is necessary. This decision is based on various considerations, including the age of the most recent appraisal, the loan-to-value ratio based on the original appraisal and the condition of the property. Appraised values are discounted to arrive at the estimated selling price of the collateral, which is considered to be the estimated fair value. The discounts also include estimated costs to sell the property. For commercial loans secured by non-real estate collateral, such as accounts receivable, inventory and equipment, estimated fair values are determined based on the borrower’s financial statements, inventory reports, accounts receivable aging or equipment appraisals or invoices. Indications of value from these sources are generally discounted based on the age of the financial information or the quality of the assets. Loans whose terms are modified are classified as troubled debt restructurings (“TDRs”) if the Company grants such borrowers concessions and it is deemed that those borrowers are experiencing financial difficulty. Concessions granted under a TDR generally involve a temporary reduction in interest rate or a modification of a loan’s amortization schedule. Non-accrual TDRs are restored to accrual status if principal and interest payments, under the modified terms, are current for six consecutive months after the modification is in place. Loans classified as TDRs are designated as impaired. The Company’s troubled debt restructured modifications are made on terms typically up to 12 months in order to aggressively monitor and track performance. The short-term modifications performances are monitored for continued payment performance for an additional period of time after the expiration of the concession. Balance reductions and annualized loss rates are also important metrics that are monitored. The main objective of the modification programs is to reduce the payment burden for the borrower and improve the net present value of the Company’s expected cash flows. The allowance calculation methodology includes further segregation of loan classes into risk rating categories. The borrower’s overall financial condition, repayment sources, guarantors and value of collateral, if appropriate, are evaluated annually for commercial loans or when credit deficiencies arise, such as delinquent loan payments, for commercial and consumer loans. Credit quality risk ratings include regulatory classifications of special mention, substandard, doubtful and loss. Loans classified special mention have potential weaknesses that deserve management’s close attention. If uncorrected, the potential weaknesses may result in deterioration of the repayment prospects. Loans classified substandard have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They include loans that are inadequately protected by the current sound net worth and paying capacity of the obligor or of the collateral pledged, if any. Loans classified doubtful have all the weaknesses inherent in loans classified substandard with the added characteristics that collection or liquidation in full, on the basis of current conditions and facts, is highly improbable. Loans classified as a loss are considered uncollectable and are charged to the allowance for loan losses. Loans not classified are rated pass. In addition, federal and state regulatory agencies, as an integral part of their examination process, periodically review the Company’s allowance for loan losses and may require the Company to recognize additions to the allowance based on their judgments about information available to them at the time of their examination, which may not be currently available to management. Based on management’s comprehensive analysis of the loan portfolio, management believes the current level of the allowance for loan losses is adequate. K. Transfers of Financial Assets Transfers of financial assets, including sale of loans and loan participation sales, are accounted for as sales, when control over the assets has been surrendered. Control over transferred assets is deemed to be surrendered when (1) the assets have been isolated from the Company, (2) the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets and (3) the Company does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity. L. Other Real Estate Owned and Repossessed Assets Other Real Estate Owned (“OREO”) and repossessed assets include real estate and assets pledged as collateral acquired through foreclosure or by deed in lieu of foreclosure. OREO and repossessed assets are initially recorded at fair value less cost to sell at the date of foreclosure, establishing a new cost basis. Subsequent to foreclosure, valuations are periodically performed by management and the assets are carried at the lower of carrying amount or fair value less cost to sell. Operating results from real estate owned, including rental income, operating expenses, and gains and losses realized from the sales of real estate owned are recorded as incurred. M. Bank-Owned Life Insurance The Company invests in bank-owned life insurance (“BOLI”) as a source of funding for employee benefit expenses. BOLI involves the purchasing of life insurance by the Company’s wholly-owned trust on a chosen group of officers and directors. The Company is the owner and beneficiary of the policies. This life insurance investment is carried at the cash surrender value of the underlying policies. Income generated from the increase in cash surrender value of the policies is included in non-interest income on the statements of operations. N. Bank Premises and Equipment Premises and equipment are stated at cost less accumulated depreciation. Depreciation is charged to operations on a straight-line basis over the estimated useful lives of the respective assets. Leasehold improvements are amortized over the shorter of their estimated life or the lease term. O. Advertising The Company expenses advertising costs as incurred. P. Income Taxes Deferred income taxes are provided on the liability method whereby deferred tax assets are recognized for deductible temporary differences and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities and their tax basis. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion of the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment. The Company and its subsidiary file a consolidated Federal income tax return. The Company analyzes each tax position taken in its tax returns and those positions not taken and determines the likelihood that the position will be realized. Only tax positions that are “more likely than not” to be realized can be recognized in the Company’s financial statements. For tax positions that do not meet this recognition threshold, the Company will record an unrecognized tax benefit for the difference between the position taken on the tax return and the amount recognized in the financial statements. The Company does not have any material unrecognized tax benefits or accrued interest or penalties at December 31, 2015 or 2014 or during the years then ended. No unrecognized tax benefits are expected to arise within the next twelve months. The Company’s policy is to account for interest as a component of interest expense a |
Note 2 - Securities
Note 2 - Securities | 12 Months Ended |
Dec. 31, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | Note 2 – Securities The amortized cost, gross unrealized gains and losses, and fair values of the Company’s securities are summarized as follows: December 31, 2015 : Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (In Thousands) Securities available for sale: U.S. Government agency securities $ 1,241 $ - $ (3 ) $ 1,238 Municipal securities 508 9 - 517 U.S. Government-sponsored enterprises (“GSE”) - residential mortgage-backed securities 14,646 5 (202 ) 14,449 U.S. Government collateralized residential mortgage obligations 12,900 13 (286 ) 12,627 Corporate debt securities, primarily financial institutions 2,492 - (175 ) 2,317 31,787 27 (666 ) 31,148 Community Reinvestment Act (“CRA”) mutual fund 2,397 - (15 ) 2,382 $ 34,184 $ 27 $ (681 ) $ 33,530 Securities held to maturity: Municipal securities $ 33,956 $ 824 $ (9 ) $ 34,771 GSE - Residential mortgage-backed securities 3,789 9 (44 ) 3,754 U.S. Government collateralized residential mortgage obligations 3,602 - (46 ) 3,556 Corporate debt securities, primarily financial institutions 1,820 - (233 ) 1,587 $ 43,167 $ 833 $ (332 ) $ 43,668 December 31, 2014 : Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (In Thousands) Securities available for sale: U.S. Government agency securities $ 2,715 $ 1 $ (7 ) $ 2,709 Municipal securities 515 7 - 522 GSE - Residential mortgage-backed securities 21,403 31 (113 ) 21,321 U.S. Government collateralized residential mortgage obligations 16,419 53 (349 ) 16,123 Corporate debt securities, primarily financial institutions 2,494 4 (187 ) 2,311 43,546 96 (656 ) 42,986 CRA mutual fund 2,447 - (2 ) 2,445 $ 45,993 $ 96 $ (658 ) $ 45,431 Securities held to maturity: Municipal securities $ 18,138 $ 450 $ (33 ) $ 18,555 GSE - Residential mortgage-backed securities 2,100 19 (20 ) 2,099 U.S. Government collateralized residential mortgage obligations 3,225 - (25 ) 3,200 Corporate debt securities, primarily financial institutions 1,817 - (264 ) 1,553 $ 25,280 $ 469 $ (342 ) $ 25,407 The amortized cost and fair value of the Company’s debt securities at December 31, 2015, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Available for Sale Held to Maturity Amortized Cost Fair Value Amortized Cost Fair Value (In Thousands) Due in one year or less $ - $ - $ 6,756 $ 6,755 Due in one year through five years 3,072 3,069 4,393 4,529 Due in five years through ten years 175 176 2,704 2,784 Due after ten years 994 827 21,923 22,290 4,241 4,072 35,776 36,358 GSE - Residential mortgage-backed securities 14,646 14,449 3,789 3,754 U.S. Government collateralized residential mortgage obligations 12,900 12,627 3,602 3,556 $ 31,787 $ 31,148 $ 43,167 $ 43,668 The Company had 19 securities sales in 2015 totaling $24,306,000 and recorded gross realized gains and losses of $70,000 and $33,000, respectively, from these sales as compared to thirty-one securities sales in 2014 totaling $9,827,000 and recorded gross realized gains and losses of $105,000 and $17,000 respectively. Investment securities with a carrying value of $32,596,000 and $31,945,000 at December 31, 2015 and 2014, respectively, were pledged as collateral to secure securities sold under agreements to repurchase and public funds as required or permitted by law. The tables below indicate the length of time individual securities have been in a continuous unrealized loss position at December 31, 2015 and 2014: Less than 12 Months 12 Months or More Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses December 31, 2015 : (In Thousands) U.S. Government agency securities $ 1,238 $ (3 ) $ - $ - $ 1,238 $ (3 ) Municipal securities 5,858 (5 ) 498 (4 ) 6,356 (9 ) GSE – Residential mortgage-backed securities 11,946 (151 ) 5,006 (95 ) 16,952 (246 ) U.S. Government collateralized residential mortgage obligations 8,284 (72 ) 6,861 (260 ) 15,145 (332 ) Corporate debt securities, primarily financial institutions 496 (1 ) 2,907 (407 ) 3,403 (408 ) CRA mutual fund 2,382 (15 ) - - 2,382 (15 ) Total Temporarily Impaired Securities $ 30,204 $ (247 ) $ 15,272 $ (766 ) $ 45,476 $ (1,013 ) Less than 12 Months 12 Months or More Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses December 31, 2014 : (In Thousands) U.S. Government agency securities $ - $ - $ 1,232 $ (7 ) $ 1,232 $ (7 ) Municipal securities 6,802 (8 ) 1,994 (25 ) 8,796 (33 ) GSE – Residential mortgage-backed securities 12,512 (37 ) 6,125 (96 ) 18,637 (133 ) U.S. Government collateralized residential mortgage obligations 4,459 (23 ) 10,102 (351 ) 14,561 (374 ) Corporate debt securities, primarily financial institutions - - 2,860 (451 ) 2,860 (451 ) CRA mutual fund 2,445 (2 ) - - 2,445 (2 ) Total Temporarily Impaired Securities $ 26,218 $ (70 ) $ 22,313 $ (930 ) $ 48,531 $ (1,000 ) The Company had 49 securities in an unrealized loss position at December 31, 2015. In management’s opinion, the unrealized losses in U.S. Government agencies, corporate debt, U.S. Government collateralized residential mortgage obligations, municipal, GSE residential mortgage-backed securities and CRA mutual fund reflect changes in interest rates subsequent to the acquisition of specific securities. The unrealized loss for corporate debt securities also reflects a widening of spreads due to the liquidity and credit concerns in the financial markets. The Company may, if conditions warrant it, elect to sell debt securities at a loss and redeploy the proceeds into other investments in an effort to improve returns, risk profile and overall portfolio diversification. The Company will recognize any losses when the decision is made. At December 31, 2015, the Company does not intend to sell these debt securities prior to recovery and it is more likely than not that the Company will not have to sell these debt securities prior to recovery. Included in corporate debt securities are four individual trust preferred securities issued by large financial institutions with Moody’s ratings from Baa1 to Ba1. As of December 31, 2015, all of these securities are current with their scheduled interest payments. These single issue securities are from large money center banks. Management concluded that these securities were not other-than-temporarily impaired as of December 31, 2015. These four securities have an amortized cost value of $2.8 million and a fair value of $2.4 million at December 31, 2015. There was no other-than-temporary impairments recognized during 2015 and 2014. |
Note 3 - Loans Receivable and A
Note 3 - Loans Receivable and Allowance for Loan Losses | 12 Months Ended |
Dec. 31, 2015 | |
Receivables [Abstract] | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | Note 3 – Loans Receivable and Allowance for Loan Losses The components of the loan portfolio at December 31, 2015 and 2014 are as follows: 2015 2014 (In Thousands) Commercial and industrial $ 100,154 $ 96,514 Real estate – construction 104,231 89,145 Real estate – commercial 422,665 383,777 Real estate – residential 39,524 30,808 Consumer 27,136 28,095 693,710 628,339 Allowance for loan losses (8,713 ) (8,069 ) Net unearned fees (560 ) (725 ) Net Loans $ 684,437 $ 619,545 The performance and credit quality of the loan portfolio is monitored by analyzing the age of the loans receivable as determined by the length of time a recorded payment is past due. The following table presents the classes of the loan portfolio summarized by the past due status as of December 31, 2015 and 2014: December 31, 2015: (In Thousands) 30-59 Days Past Due 60-89 Days Past Due Greater than 90 Days Total Past Due Current Total Loans Receivable Loans Receivable >90 Days and Accruing Commercial and industrial $ 107 $ - $ 31 $ 138 $ 100,016 $ 100,154 $ - Real estate – construction - 150 - 150 104,081 104,231 - Real estate – commercial 112 - 2,075 2,187 420,478 422,665 - Real estate – residential - - 796 796 38,728 39,524 - Consumer - - - - 27,136 27,136 - Total $ 219 $ 150 $ 2,902 $ 3,271 $ 690,439 $ 693,710 $ - December 31, 2014: (In Thousands) 30-59 Days Past Due 60-89 Days Past Due Greater than 90 Days Total Past Due Current Total Loans Receivable Loans Receivable >90 Days and Accruing Commercial and industrial $ - $ - $ 119 $ 119 $ 96,395 $ 96,514 $ - Real estate – construction - - 407 407 88,738 89,145 - Real estate – commercial 254 - 4,722 4,976 378,801 383,777 - Real estate – residential - - 694 694 30,114 30,808 - Consumer - - 295 295 27,800 28,095 - Total $ 254 $ - $ 6,237 $ 6,491 $ 621,848 $ 628,339 $ - The following table presents non-accrual loans by classes of the loan portfolio at December 31, 2015 and 2014: 2015 2014 (In Thousands) Commercial and industrial $ 138 $ 119 Real estate – construction - 407 Real estate – commercial 2,244 4,722 Real estate – residential 796 694 Consumer - 295 Total $ 3,178 $ 6,237 The following table summarizes information in regards to impaired loans by loan portfolio class as of December 31, 2015 and 2014: December 31, 2015: Recorded Investment, Net of Charge-offs Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized (In Thousands) With no related allowance recorded: Commercial and industrial $ 652 $ 652 $ - $ 645 $ 18 Real estate – construction 3,855 3,855 - 4,381 186 Real estate – commercial 3,267 3,542 - 3,338 48 Real estate – residential 1,178 1,178 - 1,183 29 Consumer 209 209 - 215 9 With an allowance recorded: Commercial and industrial $ 3,305 $ 3,305 $ 49 $ 3,278 $ 152 Real estate – construction - - - - - Real estate – commercial - - - - - Real estate – residential - - - - - Consumer - - - - - Total: Commercial and industrial $ 3,957 $ 3,957 $ 49 $ 3,923 $ 170 Real estate – construction 3,855 3,855 - 4,381 186 Real estate – commercial 3,267 3,542 - 3,338 48 Real estate – residential 1,178 1,178 - 1,183 29 Consumer 209 209 - 215 9 $ 12,466 $ 12,741 $ 49 $ 13,040 $ 442 December 31, 2014: Recorded Investment, Net of Charge-offs Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized (In Thousands) With no related allowance recorded: Commercial and industrial $ 1,052 $ 1,052 $ - $ 840 $ 47 Real estate – construction 6,324 6,324 - 7,689 389 Real estate – commercial 8,235 9,166 - 9,405 206 Real estate – residential 1,083 1,083 - 1,106 26 Consumer 610 610 - 634 15 With an allowance recorded: Commercial and industrial $ - $ - $ - $ - $ - Real estate – construction 1,866 1,866 44 1,913 64 Real estate – commercial 3,352 3,352 154 3,393 163 Real estate – residential - - - - - Consumer - - - - - Total: Commercial and industrial $ 1,052 $ 1,052 $ - $ 840 $ 47 Real estate – construction 8,190 8,190 44 9,602 453 Real estate – commercial 11,587 12,518 154 12,798 369 Real estate – residential 1,083 1,083 - 1,106 26 Consumer 610 610 - 634 15 $ 22,522 $ 23,453 $ 198 $ 24,980 $ 910 The following table presents the classes of the loan portfolio summarized by the aggregate pass rating and the classified ratings of special mention, substandard and doubtful within the Company’s internal risk rating system as of December 31, 2015 and 2014: Pass Special Mention Substandard Doubtful Total (In Thousands) December 31, 2015: Commercial and industrial $ 96,038 $ 159 $ 3,957 $ - $ 100,154 Real estate – construction 100,376 1,830 2,025 - 104,231 Real estate – commercial 414,872 4,667 3,126 - 422,665 Real estate – residential 38,631 - 893 - 39,524 Consumer 26,891 38 207 - 27,136 Total: $ 676,808 $ 6,694 $ 10,208 $ - $ 693,710 Pass Special Mention Substandard Doubtful Total (In Thousands) December 31, 2014 : Commercial and industrial $ 92,225 $ 3,395 $ 894 $ - $ 96,514 Real estate – construction 79,030 2,443 7,672 - 89,145 Real estate – commercial 372,761 4,652 6,364 - 383,777 Real estate – residential 30,013 - 795 - 30,808 Consumer 27,538 40 517 - 28,095 Total: $ 601,567 $ 10,530 $ 16,242 $ - $ 628,339 The following table presents the change in the allowance for loan losses by classes of loans as of December 31, 2015 and 2014: Allowance for Loan Losses Commercial and Industrial Real Estate - Construction Real Estate - Commercial Real Estate – Residential Consumer Unallocated Total (In Thousands) Beginning balance, January 1, 2015 $ 1,044 $ 1,454 $ 4,624 $ 223 $ 565 $ 159 $ 8,069 Charge-offs - - - - (82 ) - (82 ) Recoveries 12 217 2 - 5 - 236 Provision (66 ) (388 ) 973 81 (246 ) 136 490 Ending balance, December 31, 2015 $ 990 $ 1,283 $ 5,599 $ 304 $ 242 $ 295 $ 8,713 Allowance for Loan Losses Commercial and Industrial Real Estate - Construction Real Estate - Commercial Real Estate - Residential Consumer Unallocated Total (In Thousands) Beginning balance, January 1, 2014 $ 990 $ 1,634 $ 4,325 $ 190 $ 594 $ 139 $ 7,872 Charge-offs - - (990 ) (4 ) (137 ) - (1,131 ) Recoveries 454 - 177 30 46 - 707 Provision (400 ) (180 ) 1,112 7 62 20 621 Ending balance, December 31, 2014 $ 1,044 $ 1,454 $ 4,624 $ 223 $ 565 $ 159 $ 8,069 The following table presents the balance in the allowance for loan losses at December 31, 2015 and 2014 disaggregated on the basis of the Company’s impairment method by class of loans receivable along with the balance of loans receivable by class disaggregated on the basis of the Company’s impairment methodology: Allowance for Loan Losses Loans Receivable December 31, 2015: Balance Balance Related to Loans Individually Evaluated for Impairment Balance Related to Loans Collectively Evaluated for Impairment Balance Balance Individually Evaluated for Impairment Balance Collectively Evaluated for Impairment (In Thousands) Commercial and industrial $ 990 $ 49 $ 941 $ 100,154 $ 3,957 $ 96,197 Real estate – construction 1,283 - 1,283 104,231 3,855 100,376 Real estate – commercial 5,599 - 5,599 422,665 3,267 419,398 Real estate – residential 304 - 304 39,524 1,178 38,346 Consumer 242 - 242 27,136 209 26,927 Unallocated 295 - 295 - - - Total: $ 8,713 $ 49 $ 8,664 $ 693,710 $ 12,466 $ 681,244 Allowance for Loan Losses Loans Receivable December 31, 2014: Balance Balance Related to Loans Individually Evaluated for Impairment Balance Related to Loans Collectively Evaluated for Impairment Balance Balance Individually Evaluated for Impairment Balance Collectively Evaluated for Impairment (In Thousands) Commercial and industrial $ 1,044 $ - $ 1,044 $ 96,514 $ 1,052 $ 95,462 Real estate – construction 1,454 44 1,410 89,145 8,190 80,955 Real estate – commercial 4,624 154 4,470 383,777 11,587 372,190 Real estate – residential 223 - 223 30,808 1,083 29,725 Consumer 565 - 565 28,095 610 27,485 Unallocated 159 - 159 - - - Total: $ 8,069 $ 198 $ 7,871 $ 628,339 $ 22,522 $ 605,817 The following tables present newly troubled debt restructured loans that occurred during the years ended December 31, 2015 and 2014: Year Ended December 31, 2015 Number of Contracts Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Troubled Debt Restructuring: (Dollars in Thousands) Commercial and industrial 6 $ 3,227 $ 3,227 Real estate – construction - - - Real estate – commercial - - - Real estate – residential - - - Consumer - - - Total 6 $ 3,227 $ 3,227 Year Ended December 31, 2014 Number of Contracts Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Troubled Debt Restructuring: (Dollars in Thousands) Commercial and industrial 2 $ 946 $ 946 Real estate – construction 1 178 178 Real estate – commercial 4 2,320 2,320 Real estate – residential - - - Consumer - - - Total 7 $ 3,444 $ 3,444 The Company classifies all TDRs as impaired loans. Impaired loans are individually assessed to determine that the loan’s carrying value is not in excess of the estimated fair value of the collateral (less cost to sell), if the loan is collateral dependent, or the present value of the expected future cash flows, if the loan is not collateral dependent. Management performs a detailed evaluation of each impaired loan and generally obtains updated appraisals as part of the evaluation. In addition, management adjusts estimated fair value down to appropriately consider recent market conditions, our willingness to accept a lower sales price to effect a quick sale, and costs to dispose of any supporting collateral. As of December 31, 2015, TDRs totaled $10.8 million, including $9.3 million that are current and three non-accrual loans totaling $1.5 million. As a result of our impairment evaluation, the Company established an allowance of $49,000 against one loan classified as TDR as of December 31, 2015. Our troubled debt restructured loans are generally structured with short-term payment plans. The extent of these plans is generally made on terms up to twelve-month payments and all the loans identified as troubled debt restructured as of December 31, 2015, generally involve a temporary reduction in interest rate or a modification of a loan’s amortization schedule. During the twelve months ended December 31, 2015, twelve TDR loans totaling $3.3 million were paid in full. There were no loans receivable modified as TDRs and with a payment default, with the payment default occurring within 12 months of the restructure date, and the payment default occurring during the year ended December 31, 2015. There were two commercial real estate contracts with a recorded investment totaling $281,000 in which the loans receivable were modified as TDRs and with a payment default, with the payment default occurring within 12 months of the restructure date, and the payment default occurring during the year ended December 31 2014. It is the Company’s policy to classify a TDR loan that is either 90 days or greater delinquent or that has been placed in a non-accrual status as a subsequently defaulted TDR loan. |
Note 4 - Bank Premises and Equi
Note 4 - Bank Premises and Equipment | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment Disclosure [Text Block] | Note 4 – Bank Premises and Equipment Premises and equipment at December 31, 2015 and 2014 are as follows: Estimated Useful Lives (years) 2015 2014 (In Thousands) Land Indefinite $ 1,250 $ 1,400 Buildings 30 1,419 954 Leasehold improvements 5 - 15 4,005 3,915 Furniture and equipment 2 - 7 8,954 8,241 Construction in progress - - 1,550 15,628 16,060 Less accumulated depreciation and amortization (10,545 ) (10,364 ) $ 5,083 $ 5,696 During 2014, the Company constructed a new branch in the Cranford market of Union County. This branch became operational on January 8, 2015. |
Note 5 - Goodwill and Other Int
Note 5 - Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets Disclosure [Text Block] | Note 5 – Goodwill and Other Intangible Assets The Company’s goodwill was recognized in connection with the acquisition of The Town Bank (“Town Bank”) in April 2006. GAAP requires that goodwill be tested for impairment annually or more frequently if impairment indicators arise utilizing a two-step methodology. Step one requires the Company to determine the fair value of the reporting unit and compare it to the carrying value, including goodwill, of such reporting unit. The reporting unit was determined to be our community banking operations, which is our only operating segment. If the fair value of the reporting unit exceeds the carrying value, goodwill is not impaired. If the carrying value exceeds fair value, there is an indication of impairment and the second step is performed to determine the amount of impairment, if any. The second step compares the fair value of the reporting unit to the aggregate fair values of its individual assets, liabilities and identified intangibles. The Company performed its annual step one goodwill impairment analysis as of September 30, 2015, and uses the fair value of the reporting unit based on the income approach and market approach. The income approach uses a dividend discount analysis. This approach calculates cash flows based on anticipated financial results assuming a change of control transaction. This change of control assumes that an acquirer will achieve an expected base level of earnings, achieve integration cost savings and incur certain transaction costs (including such items as legal and financial advisors fees, contract cancellations, severance and employment obligations, and other transaction costs). The present value of all excess cash flows generated by the Company (above the minimum tangible capital ratio) plus the present value of a terminal sale value is calculated to arrive at the fair value for the income approach. The market approach is used to calculate the fair value of a company by calculating median earnings and book value pricing multiples for recent actual acquisitions of companies of similar size and performance and then applying these multiples to our community banking reporting unit. No company or transaction in the analysis is identical to our community banking reporting unit and, accordingly, the results of the analysis are only indicative of comparable value. This technique uses historical data to create a current pricing level and is thus a trailing indicator. Results of the market approach need to be understood in this context, especially in periods of rapid price change and market uncertainty. The Company applied the market valuation approach to our then current stock price adjusted by an appropriate control premium and also to a peer group adjusted by an appropriate control premium. Based on the results of the step one goodwill impairment analysis, the Company determined goodwill impairment did not exist and therefore a step two test was not required. Accordingly, no goodwill impairment was recorded on the goodwill balance of $18,109,000 for the years ended December 31, 2015 and 2014, respectively. The Company acquired core deposit intangible assets in conjunction with the acquisition of Town Bank. This intangible asset has a carrying value of $9,000, net of accumulated amortization of $2,097,000, as of December 31, 2015 and a carrying value of $57,000, net of accumulated amortization of $2,049,000, as of December 31, 2014. Amortization expense related to intangible assets was $48,000 and $86,000 for the years ended December 31, 2015 and 2014, respectively. The aggregate estimated amortization expense for the next fiscal year is expected to be $9,000. |
Note 6 - Deposits
Note 6 - Deposits | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure Text Block [Abstract] | |
Deposit Liabilities Disclosures [Text Block] | Note 6 – Deposits The components of deposits at December 31, 2015 and 2014 are as follows: 2015 2014 (In Thousands) Demand, non-interest bearing $ 144,627 $ 140,459 Demand, interest bearing, money market and savings 445,788 410,997 Time, $250,000 and over 7,693 3,993 Time, other 110,328 86,941 $ 708,436 $ 642,390 At December 31, 2015, the scheduled maturities of time deposits are as follows (in thousands): 2016 $ 23,164 2017 22,306 2018 27,149 2019 28,416 2020 14,786 Thereafter 2,200 $ 118,021 Brokered CDs as of December 31, 2015 and 2014 were $37,859,000 and $29,041,000, respectively. Deposits obtained through the use of deposit listing services that are not brokered deposits as of December 31, 2015 and 2014 were $33,261,000 and $10,176,000, respectively. The aggregate amounts of demand deposit overdrafts that have been reclassified as loan balances are $143,000 and $512,000 as of December 31, 2015 and 2014, respectively. |
Note 7 - Securities Sold Under
Note 7 - Securities Sold Under Agreements to Repurchase | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure Text Block [Abstract] | |
Repurchase Agreements, Resale Agreements, Securities Borrowed, and Securities Loaned Disclosure [Text Block] | Note 7 – Securities Sold Under Agreements to Repurchase Securities sold under agreements to repurchase, which are classified as secured borrowings, generally mature within one to four days from the transaction date. Securities sold under agreements to repurchase are reflected as the amount of cash received in connection with the transaction. Securities sold under these agreements are retained under the Company’s control at its safekeeping agent. The Company may be required to provide additional collateral based on the fair value of the underlying securities. Information concerning repurchase agreements for the years ended December 31, 2015 and 2014 is as follows: 2015 2014 (Dollars In Thousands) Repurchase agreements: Balance at year-end $ 19,545 $ 23,290 Average during the year $ 22,071 $ 20,096 Maximum month-end balance $ 27,916 $ 27,562 Weighted average rate during the year 0.31 % 0.32 % Weighted average rate at December 31 0.24 % 0.29 % The Bank enters into Sweep Account Agreements with certain of its deposit account holders for repo sweep arrangements under which funds in excess of a predetermined amount are removed from each such depositor’s account at the end of each banking day, and the Bank’s obligation to restore those funds to the account at the beginning of the following banking day is evidenced by an integrated retail repurchase agreement (a “Repurchase Agreement”) secured by a collateral interest in favor of the depositor in certain government securities held by a third party custodian. The Bank’s obligation to restore the funds under the Repurchase Agreements is accounted for as a collateralized financing arrangement (i.e., secured borrowings), and not as a sale and subsequent repurchase of securities. The obligation to restore the funds to each account is reflected as a liability in the Company's consolidated balance sheets, while the securities underlying the repurchase agreements remain in the respective securities accounts. There is no offsetting or netting of the securities against the Repurchase Agreement obligation. The following table presents the contractual maturities of the Repurchase Agreements as of December 31, 2015, disaggregated by the class of collateral pledged: Maturity of Repurchase Agreements (dollars in thousands) Overnight and Continuous Up to 30 days 30 to 90 days Over 90 days Total December 31, 2015: Class of Collateral Pledged: U.S. Government agency securities $ 1,238 $ - $ - $ - $ 1,238 GSE – Residential mortgage-backed securities 12,557 - - - 12,557 U.S. Government collateralized residential mortgage obligations 14,817 - - - 14,817 Total $ 28,612 $ - $ - $ - $ 28,612 Gross amount of recognized liabilities for repurchase agreements and securities lending $ 19,545 Excess of collateral pledged over recognized liability $ 9,067 The potential risks associated with the Repurchase Agreements and related pledged collateral, including obligations arising from a decline in the fair value of the pledged collateral, are minimal due to the fact that the Repurchase Agreements pertain to overnight borrowings and therefore not subject to fluctuations in fair market value. |
Note 8 - FHLB and Other Borrowi
Note 8 - FHLB and Other Borrowings | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Debt Disclosure [Text Block] | Note 8 – FHLB and Other Borrowings The Bank utilizes its account relationship with Atlantic Community Bankers Bank to borrow funds through its Federal funds borrowing line in an aggregate amount up to $10.0 million. The Bank also has $36.0 million in unsecured credit facilities with three correspondent banks. These borrowings are priced on a daily basis. The Company had no borrowings outstanding on these lines. The Bank also has a remaining borrowing capacity with the FHLB of approximately $55.6 million based on the current loan collateral pledged of $102.3 million at December 31, 2015. At December 31, 2015 and 2014, long-term debt consisted of advances from the FHLB, which amounted to $26.5 and $16.0 million, respectively. These advances had a weighted average interest rate of 2.28% and 2.89% at December 31, 2015 and 2014, respectively. These advances are contractually scheduled for repayment as follows: Original Term 2015 2014 Rate (years) Maturity Fixed Rate Note $ 7,500 $ 7,500 3.97 % 10 November 2017 Fixed Rate Note - 1,500 2.00 % 5 August 2015 Fixed Rate Note 1,500 1,500 2.41 % 6 August 2016 Fixed Rate Note 1,500 1,500 2.71 % 7 August 2017 Fixed Rate Note 2,000 2,000 1.28 % 4 October 2017 Fixed Rate Note 2,000 2,000 1.65 % 5 October 2018 Fixed Rate Note 2,700 - 0.60 % 1 January 2016 Fixed Rate Note 1,000 - 0.97 % 2 January 2017 Fixed Rate Note 1,300 - 1.31 % 3 January 2018 Fixed Rate Note 1,800 - 1.59 % 4 January 2019 Fixed Rate Note 2,700 - 1.81 % 5 January 2020 Fixed Rate Note 2,500 - 2.03 % 6 January 2021 $ 26,500 $ 16,000 In September 2015, the FHLB issued a $20.1 million municipal deposit letter of credit in the name of Two River Community Bank naming the NJ Department of Banking and Insurance as beneficiary. The letter of credit will take the place of securities previously pledged to the state for the Bank’s municipal deposits. |
Note 9 - Subordinated Debenture
Note 9 - Subordinated Debentures | 12 Months Ended |
Dec. 31, 2015 | |
Subordinated Borrowings [Abstract] | |
Subordinated Borrowings Disclosure [Text Block] | Note 9 – Subordinated Debentures In December 2015, the Company completed a private placement of $10 million in aggregate principal amount of fixed to floating rate subordinated debentures to certain institutional accredited investors. The subordinated debentures have a maturity date of December 31, 2025 and bear interest, payable quarterly, at the rate of 6.25% per annum until January 1, 2021. On that date, the interest rate will be adjusted to float at an annual rate equal to the three-month LIBOR rate plus 464 basis points (4.64%) until maturity. The debentures include a right of prepayment, without penalty, on or after December 14, 2020 and, in certain limited circumstances, before that date. The indebtedness evidenced by the subordinated debentures, including principal and interest, is unsecured and subordinate and junior in right to payment to general and secured creditors of the Company and depositors and all other creditors of the Bank. The subordinated debentures have been structured to qualify as Tier 2 capital for regulatory purposes. Subordinated debentures totaled $9.8 million at December 31, 2015, which includes $176,000 of remaining unamortized debt issuance costs. The debt issuance costs are being amortized over the expected life of the issue. The effective interest rate of the subordinated debentures is 6.67%. |
Note 10 - Employee Benefit Plan
Note 10 - Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure Text Block Supplement [Abstract] | |
Compensation and Employee Benefit Plans [Text Block] | Note 10 – Employee Benefit Plans Under the 401(k) plan, all employees are eligible to contribute up to 100% of their pay and bonus up to the IRS yearly limit. Annually, the Company matches a percentage of employee contributions. The Company contributed $264,000 and $226,000 for the years ended December 31, 2015 and 2014, respectively. Each year, the Company, may at its discretion, elect to contribute profit sharing amounts into the 401(k) plan. For the year ended December 31, 2015 and 2014, the Company has not contributed any profit sharing amounts. The Company has a non-qualified Supplemental Executive Retirement Plan for certain executive officers that provides for payments upon retirement, death or disability. At December 31, 2015 and 2014, other liabilities included approximately $1.4 million and $1.2 million, respectively, accrued under this plan. For the year ended December 31, 2015, expenses related to this plan included in the consolidated statements of operations are recorded in salaries and employee benefits, which amounted to $261,000 as compared to $249,000 for the year ended December 31, 2014. |
Note 11 - Income Taxes
Note 11 - Income Taxes | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | Note 1 1 – Income Taxes The components of income tax expense for the years ended December 31, 2015 and 2014 are as follows: 2015 2014 (In Thousands) Current $ 4,069 $ 3,108 Deferred (484 ) 453 $ 3,585 $ 3,561 A reconciliation of the statutory income tax at a rate of 34% to the income tax expense included in the statements of operations is as follows for the years ended December 31, 2015 and 2014: 2015 2014 Amount % Amount % (Dollars In Thousands) Pre-tax book income $ 3,376 34.0 % $ 3,257 34.0 % Tax exempt interest (239 ) (2.4 ) (177 ) (1.9 ) Bank-owned life insurance income (151 ) (1.5 ) (156 ) (1.6 ) State income taxes, net of federal income tax benefit 557 5.6 535 5.6 Other 42 0.4 102 1.1 $ 3,585 36.1 % $ 3,561 37.2 % The components of the net deferred tax asset, included in other assets on the Consolidated Balance Sheets, as of December 31, 2015 and 2014, were as follows: 2015 2014 (In Thousands) Deferred tax assets: Allowance for loan losses $ 3,501 $ 3,243 Depreciation and amortization 535 604 Deferred compensation 1,130 994 OREO write-downs 7 - Unrealized loss on securities available for sale 256 218 Other 10 7 5,439 5,066 Deferred tax liabilities: Purchase accounting adjustments (4 ) (237 ) Other (422 ) (338 ) (426 ) (575 ) Net Deferred Tax Asset $ 5,013 $ 4,491 |
Note 12 - Earnings Per Common S
Note 12 - Earnings Per Common Share | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Earnings Per Share [Text Block] | Note 12 – Earnings Per Common Share The following sets forth the computation of basic and diluted earnings per common share for the years ended December 31, 2015 and 2014: Years Ended December 31, 2015 2014 (In Thousands, Except Per Share Data) Net income $ 6,347 $ 6,017 Preferred stock dividend (57 ) (117 ) Income applicable to common shareholders $ 6,290 $ 5,900 Weighted average common shares outstanding 7,909 7,932 Effect of dilutive securities, stock options and restricted stock 193 181 Weighted average common shares outstanding used to calculate diluted earnings per share 8,102 8,113 Basic earnings per common share $ 0.80 $ 0.74 Diluted earnings per common share $ 0.78 $ 0.73 Dilutive securities in the table above exclude common stock options with exercise prices that exceed the average market price of the Company’s common stock during the periods presented. Inclusion of these common stock options would be anti-dilutive to the diluted earnings per common share calculation. For 2015, there were no stock options that were anti-dilutive while for 2014, there were 44,000 stock options that had no intrinsic value because their effect was anti-dilutive and, therefore, were not included in the diluted earnings per common share calculation. |
Note 13 - Lease Commitments and
Note 13 - Lease Commitments and Total Rental Expense | 12 Months Ended |
Dec. 31, 2015 | |
Leases, Operating [Abstract] | |
Operating Leases of Lessor Disclosure [Text Block] | Note 1 3 – Lease Commitments and Total Rental Expense The Company leases banking facilities under non-cancelable operating lease agreements expiring through 2025. Aggregate rent expense was $1,965,000 and $1,888,000 for the years ended December 31, 2015 and 2014, respectively. The approximate future minimum rental commitments under operating leases at December 31, 2015 are as follows (in thousands): 2016 $ 1,544 2017 1,468 2018 1,324 2019 1,246 2020 1,021 Thereafter 1,586 $ 8,189 |
Note 14 - Stock-Based Compensat
Note 14 - Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | Note 14 – Stock-Based Compensation Prior to the Company’s formation in 2006, its banking subsidiaries had stock option plans, with outstanding stock options, for the benefit of their employees and directors. The plans provided for the granting of both incentive and non-qualified stock options. Options to purchase 9,129 shares of the Company’s common stock outstanding under these plans expired unexercised during 2015, and no further stock options may be granted thereunder. On March 20, 2007, the Board of Directors adopted the Two River Bancorp 2007 Equity Incentive Plan (the “Plan”), which was approved by the Company’s shareholders at the 2007 annual meeting. This plan provides that the Compensation Committee of the Board of Directors (the “Committee”) may grant to those individuals who are eligible under the terms of the Plan stock options, shares of restricted stock, or such other equity incentive awards as the Committee may determine. As of December 31, 2015, the number of shares of Company common stock remaining and available for future issuance under the Plan is 183,101. Options awarded under the Plan may be either options that qualify as incentive stock options (“ISOs”) under Section 422 of the Internal Revenue Code of 1986, as amended (the “Code”), or options that do not, or cease to, qualify as incentive stock options under the Code (“nonqualified stock options” or “NQSOs”). Awards may be granted under the Plan to directors and employees of the Company, and to consultants and other persons who provide substantial services to the Company. Shares reserved under the Plan will be issued out of authorized and unissued shares, or treasury shares, or partly out of each, as determined by the Board. The exercise price per share purchasable under either an ISO or a NQSO may not be less than the fair market value of a share of stock on the date of grant of the option. The Committee will determine the vesting period and term of each option, provided that no ISO may have a term in excess of ten years after the date of grant. Restricted stock is stock which is subject to certain transfer restrictions and to a risk of forfeiture. The Committee will determine the period over which any restricted stock which is issued under the Plan will vest, and will impose such restrictions on transferability, risk of forfeiture and other restrictions as the Committee may in its discretion determine. Unless restricted by the Committee, a participant granted restricted stock will have all of the rights of a shareholder, including the right to vote the restricted stock and the right to receive dividends with respect to that stock. Unless otherwise provided by the Committee in the award document or subject to other applicable restrictions, in the event of a Change in Control (as defined in the Plan) all non-forfeited options and awards carrying a right to exercise that was not previously exercisable and vested will become fully exercisable and vested as of the time of the Change in Control, and all restricted stock and awards subject to risk of forfeiture will become fully vested. On May 11, 2015, the Committee awarded an officer an ISO to purchase an aggregate of 3,000 shares of Company’s common stock. These options are scheduled to vest 20% per year over five years beginning May 11, 2016. These options were granted with an exercise price of $9.02 per share as determined in accordance with the Plan. On December 15, 2015, the Company awarded officers ISOs to purchase an aggregate of 32,100 shares of Company common stock. These options are scheduled to vest 20% per year over five years beginning December 15, 2016. These options were granted with an exercise price of $9.66 per share based upon the average trading price of Company’s common stock on the grant date. Stock-based compensation expense related to the stock option grants was approximately $98,000 and $124,000 for the years ended December 31, 2015 and 2014, respectively, and is included in salaries and employee benefits on the statement of operations. Total unrecognized compensation cost related to non-vested options under the Plan was $293,000 as of December 31, 2015 and will be recognized over the subsequent weighted average life of 2.6 years. The following table presents information regarding the Company’s outstanding options: Number of Shares Weighted Average Price Weighted Average Remaining Contractual Life (years) Aggregate Intrinsic Value Options outstanding, December 31, 2014 449,507 $ 4.90 Options granted 35,100 9.61 Options exercised (28,450) 3.98 Options forfeited (18,101) 9.99 Options outstanding, December 31, 2015 438,056 $ 5.16 5.5 $ 2,105,419 Options exercisable, December 31, 2015 324,395 $ 4.23 4.5 $ 1,866,521 Options price range at December 31, 2015 $3.01 to $9.66 The total intrinsic value of stock options exercised was $137,000 and $116,000 during the years ended December 31, 2015 and 2014, respectively. Cash received from such exercises was $113,000 and $113,000, respectively. A tax benefit of $7,000 was recognized during the years ended December 31, 2015 and 2014. The following summarizes information about stock options outstanding at December 31, 2015: Options Outstanding Range of Exercise Prices Number Outstanding at December 31, 2015 Weighted- Average Remaining Contractual Life (years) Weighted- Average Exercise Price $3.01 - $3.83 204,678 3.3 $ 3.41 $5.19 - $5.49 130,328 6.2 5.27 $7.41 - $8.40 67,950 8.4 7.91 $9.02 - $9.66 35,100 9.1 9.61 438,056 The fair value of each option grant is estimated on the date of grant using the Black-Scholes option-pricing model. The following assumptions were used to estimate the fair value of the stock options granted on December 15, 2015: Dividend yield 1.45 % Expected volatility 27.22 % Risk-free interest rate 2.06 % Forfeiture rate 5.00 % Expected life (in years) 7.5 Weighted average fair value of options granted $ 2.66 The following assumptions were used to estimate the fair value of the stock options granted on May 11, 2015: Dividend yield 1.33 % Expected volatility 27.67 % Risk-free interest rate 2.00 % Expected life (in years) 7.5 Weighted average fair value of options granted $ 2.55 The dividend yield assumption is based on the Company’s history and expectations of cash dividends. The expected volatility is based on historical volatility. The risk-free interest rate is based on the U.S. Treasury yield curve for the expected life of the grants which is based on historical exercise experience. Restricted stock is valued at the market value on the date of grant and expense is evenly attributed to the period in which the restrictions lapse. On January 15, 2015, the Company awarded an officer an aggregate of 5,000 shares of Company’s common stock. These restricted stock awards are scheduled to vest 20% per year over five years beginning January 15, 2016. On December 15, 2015, the Company awarded an aggregate of 6,100 shares of Company’s common stock. These restricted stock awards are scheduled to vest 20% per year over five years beginning December 15, 2016. Compensation expense related to the restricted stock was to $88,000 and $43,000 for the years ended December 31, 2015 and 2014, respectively, and is included in salaries and employee benefits on the statement of operations. There was no deferred tax benefit recognized during years ended December 31, 2015 and 2014 related to the restricted stock compensation. Total unrecognized compensation cost related to restricted stock under the Plan was $179,000 as of December 31, 2015 and will be recognized over the subsequent weighted average life of 3.9 years. The following table summarizes information about restricted stock for the year ended December 31, 2015: Number of Shares Weighted Average Price Unvested at December 31, 2014 25,084 $ 7.98 Restricted stock earned (13,252 ) (8.09 ) Granted 11,100 9.05 Unvested at December 31, 2015 22,932 $ 8.36 |
Note 15 - Transactions with Exe
Note 15 - Transactions with Executive Officers, Directors and Principal Shareholders | 12 Months Ended |
Dec. 31, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure [Text Block] | Note 1 5 – Transactions with Executive Officers, Directors and Principal Shareholders Certain directors and executive officers of Two River Bancorp and its affiliates, including their immediate families and companies in which they are principal owners (more than 10%), are indebted to the Bank. In the opinion of management, such loans are consistent with sound banking practices and are within applicable regulatory bank lending limitations and in compliance with applicable rules and regulations of the Securities and Exchange Commission. Two River Bancorp relies on such directors and executive officers for the identification of their associates. These loans at December 31, 2015 were current as to principal and interest payments, and did not involve more than normal risk of collectability. Total extensions of credit to related parties at December 31, 2015 and 2014 were $15.8 million and $16.6 million, respectively. Of these amounts, loans outstanding to related parties at December 31, 2015 and 2014 were $10.2 million and $10.8 million, respectively, with the balance representing unused extensions of credit. During 2015, new loans and advances to such related parties totaled $291,000 and repayments and other reductions aggregated $905,000. Deposits from certain directors, executive officers and their affiliates at December 31, 2015 and 2014 totaled $14.8 million and $14.1 million, respectively, plus an additional $1.7 million and $2.3 million, respectively, in securities sold under agreements to repurchase. The Bank paid $1,820 and $7,990 for the years ended December 31, 2015 and 2014, respectively, to one director for certain services. |
Note 16 - Financial Instruments
Note 16 - Financial Instruments with Off-Balance Sheet Risk | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | Note 1 6 – Financial Instruments with Off-Balance Sheet Risk The Company is a party to financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include commitments to extend credit and letters of credit. Those instruments involve, to varying degrees, elements of credit risk in excess of the amount recognized in the financial statements. The Company’s exposure to credit loss in the event of non-performance by the other party to the financial instrument for commitments to extend credit and letters of credit is represented by the contractual amount of those instruments. The Company uses the same credit policies in making commitments and conditional obligations as it does for on-balance sheet instruments. 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. Since many of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. The Company evaluates each customer's credit worthiness on a case-by-case basis. The amount of collateral obtained, if deemed necessary by the Company upon extension of credit, is based on management's credit evaluation. Collateral held varies but may include personal or commercial real estate, accounts receivable, inventory and equipment. The Company had commitments to extend credit, including unused lines of credit, of approximately $166,262,000 and $160,630,000 at December 31, 2015 and 2014, respectively. Standby letters of credit are conditional commitments issued by the Company to guarantee the financial performance of a customer to a third party. Those guarantees are primarily issued to support contracts entered into by customers. Most guarantees extend for one year. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loan facilities to customers. The Company defines the fair value of these letters of credit as the fees paid by the customer or similar fees collected on similar instruments. The Company amortizes the fees collected over the life of the instrument. The Company generally obtains collateral, such as real estate or liens on customer assets for these types of commitments. The Company’s potential liability would be reduced by any proceeds obtained in liquidation of the collateral held. The Company had commercial and similar letters of credit for customers aggregating $4,315,000 and $4,754,000 at December 31, 2015 and 2014, respectively. The current amounts of the liability related to guarantees under standby letters of credit issued are not material as of December 31, 2015 and 2014. |
Note 17 - Regulatory Matters
Note 17 - Regulatory Matters | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure Text Block [Abstract] | |
Regulatory Capital Requirements under Banking Regulations [Text Block] | Note 1 7 – Regulatory Matters The Company and the Bank are subject to various regulatory and capital requirements administered by the Federal banking agencies. Our federal banking regulators, the Board of Governors of the Federal Reserve System (the “Federal Reserve”) (which regulates bank holding companies) and the Federal Deposit Insurance Corporation (the “FDIC”) (which regulated the Bank), have issued guidelines classifying and defining capital. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions that, if undertaken, could have a direct material effect on the Company’s financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Company and the Bank must meet specific capital guidelines that involve quantitative measures of their assets, liabilities and certain off-balance sheet items as calculated under regulatory accounting practices. The capital amounts and classification of the Company and the Bank is also subject to qualitative judgements by the regulators about components, risk weightings and other factors. Under the New Jersey Banking Act (the “Banking Act”), no dividend may be paid by the Bank on its capital stock unless, following the payment of each such dividend, the capital stock of the Bank will be unimpaired, and the Bank will have a surplus of not less than 50% of its capital stock. Therefore the highest amount of dividends that the Bank could pay to the Company at December 31, 2015 under the Banking Act is $76.9 million, subject to amounts it needs to retain in order to remain “well capitalized” as set forth below. Quantitative measures established by regulation to ensure capital adequacy require the Company and the Bank to maintain minimum amounts and ratios, set forth in the following tables of Tier 1 Capital to Average Assets (Leverage Ratio), Common Equity Tier 1 Capital to Risk Weighted Assets, Tier 1 Capital to Risk Weighted Assets and Total Capital to Risk Weighted Assets. Management believes that, at December 31, 2015, the Company and the Bank met all capital adequacy requirements to which they are subject. As of December 31, 2015, the Company and the Bank met all regulatory requirements for classification as well-capitalized under the applicable regulatory framework. Management believes that there are no conditions or events that have changed the classification. The capital ratios of the Company and the Bank, at December 31, 2015 and 2014, are presented below. Actual Minimum Required for Capital Adequacy Purposes To be Well Capitalized under Applicable Regulations* Amount Ratio Amount Ratio Amount Ratio (Dollars in Thousands) As of December 31, 2015 Common Equity Tier 1 Capital (to risk-weighted assets) Two River Bancorp $ 75,273 10.13 % $ ≥ ≥4.50 % $ N/A N/A Two River Community Bank 84,659 11.39 % ≥ ≥4.50 % ≥ > 6.50 % Total Capital (to risk-weighted assets) Two River Bancorp 93,986 12.65 % ≥ ≥8.00 % ≥ > % Two River Community Bank 93,372 12.56 % ≥ ≥8.00 % ≥ > % Tier 1 Capital (to risk-weighted assets) Two River Bancorp 75,273 10.13 % ≥ ≥6.00 % ≥ > % Two River Community Bank 84,659 11.39 % ≥ ≥6.00 % ≥ > % Tier 1 Capital (to average assets) Two River Bancorp 75,273 8.97 % ≥ ≥4.00 % N/A N/A Two River Community Bank 84,659 10.09 % ≥ ≥4.00 % ≥ > % As of December 31, 2014 Total Capital (to risk-weighted assets) Two River Bancorp $ 84,178 12.57 % $ ≥ ≥8.00 % $ ≥ > % Two River Community Bank 83,779 12.51 % ≥ ≥8.00 % ≥ > % Tier 1 Capital (to risk-weighted assets) Two River Bancorp 76,109 11.36 % ≥ ≥4.00 % ≥ > % Two River Community Bank 75,710 11.31 % ≥ ≥4.00 % ≥ > % Tier 1 Capital (to average assets) Two River Bancorp 76,109 9.95 % ≥ ≥4.00 % N/A N/A Two River Community Bank 75,710 9.90 % ≥ ≥4.00 % ≥ > % *The Prompt Correction Action rules apply to the Bank only. The requirements for “well-capitalized” for the Company come from the bank holding company regulations. The Bank is subject to certain legal and regulatory limitations on the amount of dividends that it may declare without prior regulatory approval. Under Federal Reserve regulations, the Bank is limited as to the amount it may lend affiliates, including the Company, unless such loans are collateralized by specific obligations. Basel III Capital Rules. These revisions generally implemented higher minimum capital requirements, added a new common equity Tier 1 Capital requirement, and established criteria that instruments must meet to be considered common equity Tier 1 Capital, additional Tier 1 Capital or Tier 2 Capital. As of January 1, 2015, the new minimum capital to risk-adjusted assets requirements are a common equity Tier 1 Capital ratio of 4.5% (6.5% for the Bank to be considered “well capitalized”) and a Tier 1 Capital ratio of 6.0%, increased from 4.0% (and increased from 6.0% to 8.0% for the Bank to be considered “well capitalized”); the total capital ratio remains at 8.0% under the new rules (10.0% to be considered “well capitalized”). Under the new rules, in order to avoid limitations on capital distributions (including dividend payments and certain discretionary bonus payment to executive officers), a banking organization must hold a capital conservation buffer comprised of common equity Tier 1 Capital above its minimum risk-based capital requirements, which amount must be greater than 2.5% of total risk-weighted assets at January 1, 2019. The capital conservation buffer requirements phase in over a three-year period beginning January 1, 2016. Additionally, the Company determined, as permitted under Basel III, to opt-out of including accumulated other comprehensive income in regulatory capital. As of December 31, 2015, the Bank would have had a capital conservation buffer greater than 2.5%. |
Note 18 - Fair Value of Financi
Note 18 - Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures [Text Block] | Note 18 – Fair Value of Financial Instruments Accounting guidance establishes a fair value hierarchy that prioritizes the inputs to valuation methods used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are as follows: Level 1 Level 2 Level 3 An asset’s or liability’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. For financial assets measured at fair value on a recurring basis, the fair value measurements by level within the fair value hierarchy used at December 31, 2015 and 2014 are as follows: Description (Level 1) Quoted Prices in Active Markets for Identical Assets (Level 2) Significant Other Observable Inputs (Level 3) Significant Unobservable Inputs Total (In Thousands) At December 31, 2015 Securities available for sale: U.S. Government agency securities $ - $ 1,238 $ - $ 1,238 Municipal securities - 517 - 517 GSE - Residential mortgage-backed securities - 14,449 - 14,449 U.S. Government collateralized residential mortgage obligations - 12,627 - 12,627 Corporate debt securities, primarily financial institutions - 2,317 - 2,317 CRA mutual fund 2,382 - - 2,382 Total $ 2,382 $ 31,148 $ - $ 33,530 At December 31, Securities available for sale: U.S. Government agency securities $ - $ 2,709 $ - $ 2,709 Municipal securities - 522 - 522 GSE - Residential mortgage-backed securities - 21,321 - 21,321 U.S. Government collateralized residential mortgage obligations - 16,123 - 16,123 Corporate debt securities, primarily financial institutions - 2,311 - 2,311 CRA mutual fund 2,445 - - 2,445 Total $ 2,445 $ 42,986 $ - $ 45,431 As of December 31, 2015 and 2014, there were no securities available for sale measured at fair value on a recurring basis using significant unobservable inputs (Level 3). Description (Level 1) Quoted Prices in Active Markets for Identical Assets (Level 2) Significant Other Observable Inputs (Level 3) Significant Unobservable Inputs Total (In Thousands) At December 31, 2015 Impaired loans with an allowance recorded $ - $ - $ 3,256 $ 3,256 Impaired loans net of partial charge-offs - - 1,389 1,389 Foreclosed and repossessed assets - - 411 411 At December 31, 2014 Impaired loans with an allowance recorded $ - $ - $ 5,020 $ 5,020 Impaired loans net of partial charge-offs - - 2,140 2,140 Foreclosed and repossessed assets - - 1,603 1,603 The following valuation techniques were used to measure fair value of assets in the tables above: ● Impaired loans ● Other Real Estate Owned (“OREO”) The following information should not be interpreted as an estimate of the fair value of the entire Company since a fair value calculation is only provided for a limited portion of the Company’s assets and liabilities. Due to a wide range of valuation techniques and the degree of subjectivity used in making the estimates, comparisons between the Company’s disclosures and those of other companies may not be meaningful. The following methods and assumptions were used to estimate the fair values of the Company’s financial instruments at December 31, 2015 and 2014: Cash and Cash Equivalents (carried at cost ): The carrying amounts reported in the balance sheet for cash and short-term instruments approximate those assets’ fair values. Securities : The fair value of securities available-for-sale (carried at fair value) and held to maturity (carried at amortized cost) are determined by obtaining quoted market prices on nationally recognized securities exchanges (Level 1), or matrix pricing (Level 2), which is a mathematical technique used widely in the industry to value debt securities without relying exclusively on quoted market prices for the specific securities but rather by relying on the securities’ relationship to other benchmark quoted prices. For certain securities which are not traded in active markets or are subject to transfer restrictions, valuations are adjusted to reflect illiquidity and/or non-transferability, and such adjustments are generally based on available market evidence (Level 3). At December 31, 2015 and 2014, there were no Level 3 securities. Restricted Investments (carried at cost) : The carrying amount of restricted investment in Federal Home Loan Bank stock, Atlantic Community Bankers Bank stock and Solomon Hess SBA Loan Fund approximates fair value, and considers the limited marketability of such securities. Loans Held for Sale: Loans held for sale are carried at the lower of aggregate cost or estimated fair value, less costs to sell. The fair value of these loans are equal to the contractual sales price. Loans Receivable (carried at cost) The fair values of loans, excluding collateral dependent impaired loans, are estimated using discounted cash flow analyses, using market rates at the balance sheet date that reflect the credit and interest rate-risk inherent in the loans, including liquidity. Projected future cash flows are calculated based upon contractual maturity or call dates, projected repayments and prepayments of principal. The valuation of the loan portfolio reflects discounts that the Company believes are consistent with transactions occurring in the marketplace for both performing and distressed loan types. The carrying value that fair value is compared to is net of the allowance for loan losses and other associated premiums and discounts. Generally, for variable rate loans that reprice frequently and with no significant change in credit risk, fair values are based on carrying values. Due to the significant judgment involved in evaluating credit quality risk, loans are classified within Level 3 of the fair value hierarchy. Accrued Interest Receivable and Payable (carried at cost) The carrying amount of accrued interest receivable and accrued interest payable approximates its fair value. Deposit Liabilities (carried at cost) : The fair values disclosed for demand deposits (e.g., interest and noninterest checking, passbook savings and money market accounts) are, by definition, equal to the amount payable on demand at the reporting date, (i.e., their carrying amounts). Fair values for fixed-rate certificates of deposit are estimated using a discounted cash flow calculation that applies interest rates currently being offered in the market on certificates to a schedule of aggregated expected monthly maturities on time deposits. Securities Sold Under Agreements to Repurchase (carried at cost) The carrying amounts of these short-term borrowings approximate their fair values. Long-term Debt (carried at cost) Fair values of FHLB advances are estimated by using a discounted cash flow analysis, based on quoted prices for new FHLB advances with similar credit risk characteristics, terms and remaining maturity. These prices obtained from this active market represent a market value that is deemed to represent the transfer price if the liability were assumed by a third party. Subordinated Debentures (carried at cost): The fair value of subordinated debentures is estimated by using a discounted cash flow analysis that applies a 4.49% credit spread plus the U.S. Treasury rate (all-in issue spread) to the time remaining until the issue’s call option date. Off-Balance Sheet Financial Instruments (disclosed at cost) Fair values for the Company’s off-balance sheet financial instruments (lending commitments and letters of credit) are based on fees currently charged in the market to enter into similar agreements, taking into account, the remaining terms of the agreements and the counterparties’ credit standing. The fair values of such fees are not material at December 31, 2015 and 2014. The estimated fair values of the Company’s financial instruments at December 31, 2015 and 2014 were as follows: Fair Value Measurements at December 31, 2015 (in thousands) Carrying Amount Estimated Fair Value (Level 1) Quoted Prices in Active Markets for Identical Assets (Level 2) Significant Other Observable Inputs (Level 3) Significant Unobservable Inputs Financial assets: Cash and cash equivalents $ 46,727 $ 46,727 $ 46,727 $ - $ - Securities available for sale 33,530 33,530 2,382 31,148 - Securities held to maturity 43,167 43,668 - 43,668 - Restricted investments 3,596 3,596 - - 3,596 Loans held for sale 3,050 3,105 - - 3,105 Loans receivable, net 684,437 676,703 - - 676,703 Accrued interest receivable 1,912 1,912 - 422 1,490 Financial liabilities: Deposits 708,436 707,908 - 707,908 - Securities sold under agreements to repurchase 19,545 19,545 - 19,545 - Long-term debt 26,500 26,882 - 26,882 - Subordinated debt 9,824 9,823 - 9,823 - Accrued interest payable 118 118 - 118 - Fair Value Measurements at December 31, 2014 (in thousands) Carrying Amount Estimated Fair Value (Level 1) Quoted Prices in Active Markets for Identical Assets (Level 2) Significant Other Observable Inputs (Level 3) Significant Unobservable Inputs Financial assets: Cash and cash equivalents $ 36,110 $ 36,110 $ 36,110 $ - $ - Securities available for sale 45,431 45,431 2,445 42,986 - Securities held to maturity 25,280 25,407 - 25,407 - Restricted investments 3,029 3,029 - - 3,029 Loans receivable, net 1,589 1,619 - - 1,619 Accrued interest receivable 619,545 615,141 - - 615,141 1,636 1,636 - 245 1,391 Financial liabilities: Deposits 642,390 641,967 - 641,967 - Securities sold under agreements to repurchase 23,290 23,290 - 23,290 - Long-term debt 16,000 16,776 - 16,776 - Accrued interest payable 46 46 - 46 - |
Note 19 - Shareholders' Equity
Note 19 - Shareholders' Equity | 12 Months Ended |
Dec. 31, 2015 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | Note 19 – Shareholders’ Equity On August 11, 2011, the Company received $12 million under the Small Business Lending Fund (“SBLF”), created as part of the Small Business Jobs Act. The SBLF provided Tier 1 Capital to community banks, and the terms of this capital contained incentives for making small business loans, defined as certain loans of up to $10 million to businesses with up to $50 million in annual revenues. In exchange for the $12 million, the Company issued to the U.S. Department of the Treasury (“Treasury”) 12,000 shares of its Non-Cumulative Perpetual Preferred Stock, Series C, having a $1,000 liquidation preference per share (the “SBLF Preferred Shares”). The SBLF Preferred Shares qualified as Tier 1 Capital. On December 15, 2014, the Company redeemed $6.0 million (6,000 shares) of the outstanding SBLF Preferred Shares, and on December 15, 2015, the remaining $6.0 million (6,000 shares) was redeemed. From July 1, 2013 to their redemption on December 15, 2015, the dividend rate on the SBLF Preferred Shares was 1.00%. On January 24, 2013, the Board of Directors authorized a share repurchase program to repurchase outstanding shares of the Company’s common stock. A total of 227,612 shares for a total of approximately $1.8 million were repurchased under this program, which expired on December 31, 2014. On December 18, 2014, the Company announced that its Board of Directors approved a new share repurchase program. Under this new program, the Company repurchased a total of 56,388 shares for a total of approximately $497,000. This program expired on December 31, 2015. On December 17, 2015, the Company announced that its Board of Directors approved a new Share Repurchase Program. Under this new program, the Company may repurchase up to $2.0 million of its common stock from January 1, 2016 to December 31, 2016. |
Note 20 - Condensed Financial S
Note 20 - Condensed Financial Statements of Parent Company | 12 Months Ended |
Dec. 31, 2015 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Condensed Financial Information of Parent Company Only Disclosure [Text Block] | Note 20 – Condensed Financial Statements of Parent Company Condensed financial information pertaining to the parent company, Two River Bancorp, is as follows: Condensed Balance Sheets December 31, 2015 2014 (In Thousands) Assets Cash and cash equivalents $ 333 $ 46 Investments in subsidiaries 102,388 93,533 Other assets 345 368 Total assets $ 103,066 $ 93,947 Liabilities and Shareholders’ Equity Subordinated debt $ 9,824 $ - Other liabilities 240 15 Shareholders’ equity 93,002 93,932 Total liabilities and shareholders’ equity $ 103,066 $ 93,947 Condensed Statements of Operations and Comprehensive Income December 31, 2015 2014 (In Thousands) Dividends from Bank $ 1,456 $ 8,029 Interest expense-subordinated debt 33 - Other operating expenses 186 167 Income before income taxes 1,237 7,862 Income tax expense (benefit) (10 ) 2 Income before undistributed income of subsidiaries 1,247 7,860 Equity in undistributed income (loss) of subsidiaries 5,100 (1,843 ) Net income $ 6,347 $ 6,017 Equity in other comprehensive income (loss) of subsidiaries, net of tax (54 ) 339 Total comprehensive income, net of tax $ 6,293 $ 6,356 Condensed Statements of Cash Flows December 31, 2015 2014 (In Thousands) Cash flows from operating activities: Net income $ 6,347 $ 6,017 Adjustments to reconcile net income to net cash used in operating activities: Equity in undistributed (income) loss of subsidiaries (5,100 ) 1,843 Dividends from Bank 1,456 8,029 Stock-based compensation expense 186 167 Other, net 248 (271 ) Net cash provided by operating activities 3,137 15,785 Cash flows from investing activities: Contributions to subsidiary, net (5,265 ) (8,029 ) Net cash used in investing activities (5,265 ) (8,029 ) Cash flows from financing activities: Proceeds from exercise of stock options 114 112 Tax benefit of stock options exercised 7 7 Proceeds from employee stock purchase program 56 50 Redemption of preferred stock, Series C (6,000 ) (6,000 ) Proceeds from subordinated debt placement, net of issuance costs 9,824 - Common stock repurchased (497 ) (1,197 ) Cash dividends paid on common stock (1,032 ) (873 ) Dividends paid on preferred stock, Series C (57 ) (117 ) Net cash provided by (used in) financing activities 2,415 (8,018 ) Net increase (decrease) in cash and cash equivalents 287 (262 ) Cash and Cash Equivalents – Beginning 46 308 Cash and Cash Equivalents – Ending $ 333 $ 46 |
Note 21 - Summary of Quarterly
Note 21 - Summary of Quarterly Results (Unaudited) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information [Text Block] | Note 21 – Summary of Quarterly Results (Unaudited) The following summarizes the consolidated results of operations during 2015 and 2014, on a quarterly basis, for Two River Bancorp. Note that certain balances may not cross-foot due to rounding. (in thousands, except per share data): 2015 Fourth Quarter Third Quarter Second Quarter First Quarter Interest income $ 8,306 $ 8,218 $ 7,903 $ 7,676 Interest expense 1,019 973 967 904 Net interest income 7,287 7,245 6,936 6,772 Provision for loan losses 90 120 190 90 Net interest income after provision for loan losses 7,197 7,125 6,746 6,682 Non-interest income 984 836 941 776 Non-interest expense 5,509 5,308 5,377 5,161 Income before income taxes 2,672 2,653 2,310 2,297 Income taxes 921 961 849 854 Net income 1,751 1,692 1,461 1,443 Preferred stock dividends (12 ) (15 ) (15 ) (15 ) Net income available to common shareholders $ 1,739 $ 1,677 $ 1,446 $ 1,428 Per common share data: Basic earnings $ 0.22 $ 0.21 $ 0.18 $ 0.18 Diluted earnings $ 0.21 $ 0.21 $ 0.18 $ 0.18 2014 Fourth Quarter Third Quarter Second Quarter First Quarter Interest income $ 7,699 $ 7,655 $ 7,552 $ 7,480 Interest expense 864 851 866 871 Net interest income 6,835 6,804 6,686 6,609 Provision for loan losses 100 - 238 283 Net interest income after provision for loan losses 6,735 6,804 6,448 6,326 Non-interest income 736 712 713 771 Non-interest expense 5,149 4,822 4,904 4,792 Income before income taxes 2,322 2,694 2,257 2,305 Income taxes 863 1,006 837 855 Net income 1,459 1,688 1,420 1,450 Preferred stock dividends (27 ) (30 ) (30 ) (30 ) Net income available to common shareholders $ 1,432 $ 1,658 $ 1,390 $ 1,420 Per common share data: Basic earnings $ 0.18 $ 0.21 $ 0.18 $ 0.18 Diluted earnings $ 0.18 $ 0.20 $ 0.17 $ 0.17 |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | A. Organization and Basis of Presentation The accompanying consolidated financial statements include the accounts of Two River Bancorp (the “Company”), a bank holding company, and its wholly-owned subsidiary, Two River Community Bank (“the Bank” or “Two River”) and the Bank’s wholly-owned subsidiaries, TRCB Investment Corporation, TRCB Holdings Two LLC, TRCB Holdings Three LLC, TRCB Holdings Seven LLC and TRCB Holdings Eight LLC. All inter-company balances and transactions have been eliminated in the consolidated financial statements. |
Use of Estimates, Policy [Policy Text Block] | C. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The principal material estimates that are particularly susceptible to significant change in the near term related to: the allowance for loan losses, the potential impairment of goodwill, the potential impairment of restricted investments, the valuation of deferred tax assets, valuation of other real estate owned and the determination of other-than-temporary impairment on securities. |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | D. Significant Concentrations of Credit Risk Most of the Company’s activities are with customers located within Monmouth, Middlesex and Union Counties of New Jersey. Note 2 discusses the types of securities that the Company invests in. Note 3 discusses the types of lending that the Company engages in. Although the Company actively manages the diversification of its loan portfolio, a substantial portion of its debtors’ ability to honor their contracts is dependent upon the strength of the local economy. The loan portfolio includes commercial real estate, which is comprised of owner occupied and investment real estate, including general office, medical, manufacturing and retail space. Construction loans, short-term in nature, comprise another portion of the portfolio, along with commercial and industrial loans. The latter includes lines of credit and equipment loans. From time to time, the Company may purchase or sell an interest in a loan from or to another lender (participation loan) in order to manage its portfolio risk. Loans purchased by the Company are typically located in central New Jersey and meet the Company’s own independent underwriting guidelines. The Company does not have any significant concentrations in any one industry or customer. |
Comprehensive Income, Policy [Policy Text Block] | E. Comprehensive Income Comprehensive income consists of net income and other comprehensive income (loss). Other comprehensive income (loss) includes unrealized gains and losses on securities available for sale and unrealized losses related to factors other than credit on debt securities which have been determined to be other-than-temporarily impaired. |
Statement of Cash Flows [Policy Text Block] | F. Statement of Cash Flows For purposes of reporting cash flows, cash and cash equivalents include cash on hand, amounts due from banks, interest bearing demand deposits in banks, and Federal funds sold. Interest-bearing deposits are due from the Federal Reserve Bank of New York. Generally, Federal funds are purchased and sold for one-day periods. |
Investment, Policy [Policy Text Block] | G. Securities Securities classified as available for sale are those securities that the Company intends to hold for an indefinite period of time but not necessarily to maturity. Securities available for sale are carried at fair value. Any decision to sell a security classified as available for sale would be based on various factors, including significant movement in interest rates, changes in maturity mix of the Company’s assets and liabilities, liquidity needs, regulatory capital considerations and other similar factors. Unrealized gains or losses are reported as increases or decreases in other comprehensive income, net of the related deferred tax effect. Realized gains or losses, determined on the basis of the cost of the specific securities sold, are included in earnings. Premiums and discounts are recognized in interest income using the interest method over the terms of the securities. Gains and losses on the sale of securities available for sale are recorded on the trade date and are determined using the specific identification method. Securities classified as held to maturity are those securities the Company has both the intent and ability to hold to maturity regardless of changes in market conditions, liquidity needs or changes in general economic conditions. These securities are carried at cost adjusted for the amortization of premium and accretion of discount, computed by the interest method over the terms of the securities. Management determines the appropriate classification of debt securities at the time of purchase and re-evaluates such designation as of each balance sheet date. Other-than-temporary accounting guidance specifies that (a) if a company does not have the intent to sell a debt security prior to recovery and (b) it is more likely than not that it will not have to sell the debt security prior to recovery, the security would not be considered other-than-temporary impaired unless there is a credit loss. When an entity does not intend to sell the security, and it is more likely than not, the entity will not have to sell the security before recovery of its cost basis, it will recognize the credit component of an other-than-temporary impairment of a debt security in earnings and the remaining portion in other comprehensive income. For held to maturity debt securities, the amount of an other-than-temporary impairment recorded in other comprehensive income for the noncredit portion of a previous other-than-temporary impairment should be amortized prospectively over the remaining life of the security on the basis of the timing of future cash flows of the security. |
Restricted Investments [Policy Text Block] | H. Restricted Investments Restricted investments, which represents the required investment in the common stock of correspondent banks, is carried at cost and as of December 31, 2015 and 2014, consists of the common stock of the Federal Home Loan Bank of New York (“FHLB”) and Atlantic Community Bankers Bank (“ACBB”). Federal law requires a member institution of the FHLB to hold stock of its district FHLB according to a predetermined formula. The recorded investment in FHLB common stock was $2,020,800 and $1,454,000 at December 31, 2015 and 2014, respectively. The recorded investment in ACBB common stock was $75,000 at December 31, 2015 and 2014, respectively. Restricted investments also include the Solomon Hess SBA Loan Fund, utilized for the purpose of the Bank satisfying its CRA lending requirements. As this fund operates as a private fund, shares in the Fund are not publicly traded and therefore have no readily determinable market value. An investor can have their interest in the Fund redeemed for the balance of their capital account at any quarter end assuming they give the Fund 60 days’ notice. The investment in this Fund is recorded at cost which was $1,500,000 at December 31, 2015 and 2014, respectively. The Company does not record the investment at fair value on a recurring basis. Management evaluates the restricted investments for impairment in accordance with U.S. generally accepted accounting principles. Management’s determination of whether these investments are impaired is based on their assessment of the ultimate recoverability of their cost rather than by recognizing temporary declines in value. Management believes no impairment charge is necessary related to restricted investments as of December 31, 2015. |
Finance, Loans and Leases Receivable, Policy [Policy Text Block] | I. Loans Receivable and Loans Held for Sale Loans receivable, which management has the intent and ability to hold for the foreseeable future or until maturity or payoff are stated at their outstanding unpaid principal balances, net of an allowance for loan losses and any deferred fees or costs. Interest income is accrued on the unpaid principal balance. Loan origination fees, net of certain direct origination costs, are deferred and recognized as an adjustment of the yield (interest income) of the related loans. The Company is generally amortizing these amounts over the contractual life of the loan. Generally, loans held for sale are designated at time of origination, generally consist of newly originated fixed rate residential loans and are recorded at the lower of aggregate cost or estimated fair value in the aggregate. The Company did not transfer any impaired loans from held for investment to held for sale in 2015 and 2014. Transfers from held for investment are infrequent and occur at fair value less costs to sell, with any charge-off to allowance for loan losses. Gains are recognized on a settlement-date basis and are determined by the difference between the net sales proceeds and the carrying value of the loans, including any net deferred fees or costs. The loans receivable portfolio is segmented into commercial and consumer loans. Commercial loans consist of the following classes: commercial and industrial, real estate-construction and real estate-commercial. Consumer loans consist of the following classes: real estate-residential and consumer. For all classes of loans receivable, the accrual of interest is discontinued when the contractual payment of principal or interest has become 90 days past due or management has serious doubts about further collectability of principal or interest, even though the loan is currently performing. A loan may remain on accrual status if it is in the process of collection and is either guaranteed or well secured. When a loan is placed on nonaccrual status, unpaid interest previously accrued on these loans is reversed from income. Interest received on nonaccrual loans including impaired loans generally is either applied against principal or reported as interest income, according to management’s judgment as to the collectability of principal. Generally, loans are restored to accrual status when the obligation is brought current, has performed in accordance with the contractual terms for a reasonable period of time (generally six months) and the ultimate collectability of the total contractual principal and interest is no longer in doubt. The past due status of all classes of loans receivable is determined based on contractual due dates for loan payments. |
Loans and Leases Receivable, Allowance for Loan Losses Policy [Policy Text Block] | J. Allowance for Loan Losses The allowance for credit losses consists of the allowance for loan losses and the reserve for unfunded lending commitments. The allowance for loan losses represents management’s estimate of losses inherent in the loan portfolio as of the balance sheet date and is recorded as a reduction to loans. The reserve for unfunded lending commitments represents management’s estimate of losses inherent in its unfunded loan commitments and is recorded in other liabilities on the consolidated balance sheet, which at December 31, 2015 and 2014, the Company had no such reserves. The allowance for loan losses is increased by the provision for loan losses, and decreased by charge-offs, net of recoveries. Loans deemed to be uncollectable are charged against the allowance for loan losses, and subsequent recoveries, if any, are credited to the allowance. All, or part, of the principal balance of loans receivable are charged off to the allowance as soon as it is determined that the repayment of all, or part, of the principal balance is highly unlikely. The allowance for loan losses is maintained at a level considered adequate to provide for losses that can be reasonably anticipated. Management performs a monthly evaluation of the adequacy of the allowance. The allowance is based on the Company’s past loan loss experience, known and inherent risks in the portfolio, adverse situations that may affect the borrower’s ability to repay, the estimated value of any underlying collateral, composition of the loan portfolio, current economic conditions and other relevant factors. This evaluation is inherently subjective as it requires material estimates that may be susceptible to significant revision as more information becomes available. The allowance consists of specific, general and unallocated components. For loans that are classified as impaired, an allowance is established when the discounted cash flows (or collateral value or observable market price) of the impaired loan is lower than the carrying value of the loan. The specific component relates to loans that are classified as impaired. When a loan is impaired, there are three acceptable methods under ASC 310-10-35 for measuring the impairment: 1. The loan’s observable market price; 2. The fair value of the underlying collateral; or 3. The present value (PV) of expected future cash flows. Loans that are considered “collateral-dependent” should be evaluated under the “Fair market value of collateral.” Loans that are still expected to be supported by repayment from the borrower should be evaluated under the “Present value of future cash flows.” For the most part, the Company measures impairment under the “Fair market value of collateral” for any loan that would rely on the value of collateral for recovery in the event of default. The individual impairment analysis for each loan is clearly documented as to the chosen valuation method. The general component covers pools of loans by loan class including commercial and industrial, real estate-construction and real estate-commercial not considered impaired as well as smaller balance homogeneous loans such as real estate-residential and consumer. These pools of loans are evaluated for loss exposure based upon historical loss rates for each of these categories of loans, adjusted for qualitative factors. These qualitative risk factors include: 1. Changes in lending policy and procedures, including changes in underwriting standards and collection practices not previously considered in estimating credit losses. 2. Changes in relevant economic and business conditions. 3. Changes in nature and volume of the loan portfolio and in the terms of loans. 4. Changes in experience, ability and depth of lending management and staff. 5. Changes in the volume and severity of past due loans, the volume of non-accrual loans and the volume and severity of adversely classified loans. 6. Changes in the quality of the loan review system. 7. Changes in the value of underlying collateral for collateral-dependent loans. 8. The existence and effect of any concentration of credit and changes in the level of such concentrations. 9. The effect of other external forces such as competition, legal and regulatory requirements on the level of estimated credit losses in the existing portfolio. Each factor is assigned a risk value to reflect low, moderate or high risk assessments based on management’s best judgment using current market, macro and other relevant information available at the time of the evaluation. Adjustments to the factors are supported through documentation in each factor and accompany the allowance for loan loss calculation. An unallocated component is maintained to cover uncertainties that could affect management’s estimate of probable losses. The unallocated component of the allowance reflects the margin of imprecision inherent in the underlying assumptions used in the methodologies for estimating specific and general losses in the portfolio. The Company engages in a variety of lending activities, including commercial and industrial, real estate-commercial, real estate-construction, real estate-residential and consumer loans. The Company focuses its lending activities on individuals, professionals along with small to medium sized businesses. The Company originates commercial business loans to professionals, sole proprietorships and small businesses in our market areas. We extend commercial business loans on a secured and unsecured basis. Secured commercial loans are generally collateralized by residential and nonresidential real estate, marketable securities, accounts receivable, inventory, industrial/commercial machinery and equipment and furniture and fixtures. To further enhance our security position, we generally require personal guarantees of the principal owners of the entities to which we extend credit. These loans are made on both lines of credit and fixed-term basis typically ranging from one to five years in duration. When making commercial business loans, we consider the financial statements and/or tax returns of the borrower, the borrower’s payment history along with the principal owners’ payment history, the debt service capabilities of the borrower, the projected cash flows of the business, and the value of the collateral and the financial strength of the guarantor. Commercial real estate loans are made to local commercial, retail and professional firms and individuals for the acquisition of new property or the refinancing of existing property. These loans are typically related to commercial businesses and secured by the underlying real estate used in these businesses or real property of the principals. Commercial real estate loans typically require a loan to value ratio of not greater than 75%. These loans are generally offered on a fixed or variable rate basis, subject to rate re-adjustments every five years and amortization schedules ranging from 5 to 25 years. Commercial loans are often larger and may involve greater risks than other types of lending. Because payments of such loans are often dependent on the successful operation of the business involved, repayment of such loans may be more sensitive than other types of loans and are subject to adverse conditions in the real estate market or the general economy. We are also involved with off-balance sheet financial instruments, which include collateralized commercial and standby letters of credit. We seek to minimize these risks through our underwriting guidelines and prudent risk management techniques. Any collateral securing such loans may depreciate over time, may be difficult to appraise and may fluctuate in value. Environmental surveys and inspections are obtained when circumstances suggest that the possibility of the presence of hazardous materials. There can be no assurances, however, of success in the efforts to minimize these risks. The Company is an approved Preferred Lender by the Small Business Administration (“SBA”), which allows the Company delegated authority to approve and close SBA loans up to $5.0 million. The Company maintains prudent credit risk management to monitor and evaluate the value of real estate and other collateral used to secure SBA loans. All SBA loans are originated in compliance with all applicable federal lending regulations, including but not limited to the Equal Credit Opportunity Act. The Bank currently participates in SBA’s 7a and 504 loan programs, which typically provide guarantees up to 75% per loan. The Bank generally sells the guaranteed portion of selected loans to a third party and retains the servicing rights. The servicing asset rights recorded as of December 31, 2015 and 2014 are not material. Our philosophy remains to be prudent and focused on the cash flow of the businesses and financial strength of the guarantors. The Company originates fixed-rate and adjustable-rate loans to individuals and builders to finance the construction of residential dwellings. We also originate construction loans for commercial development projects, including apartment buildings, restaurants, shopping centers and owner-occupied properties used for businesses. Our construction loans generally provide for the payment of interest only during the construction phase which is typically twelve months for residential properties and twelve to eighteen months for commercial properties. At the end of the construction phase, the loan is either converted to a permanent mortgage loan or paid off. Before making a commitment to fund a construction loan, we require an appraisal and an environmental analysis of the property performed by a bank approved independent licensed appraiser and environmental consultant, an inspection of the property before disbursement of funds during the stages of the construction process, and approval from an identified source for the permanent takeout. The Company offers a full range of residential real estate and consumer loans. These loans consist of residential mortgages, home equity lines of credit, equity loans, personal loans, automobile loans and overdraft protection. We do not originate subprime or negative amortization loans. Each residential mortgage loan is evidenced by a promissory note secured by a mortgage or deed of trust creating a first lien on one-to-four family residential property. Residential real estate properties underlying residential mortgage loans consist of single-family detached units, individual condominium units, two-to-four family dwellings units and townhouses. Our home equity revolving lines of credit come with a floating interest rate tied to the prime rate. Lines of credit are available to qualified applicants in amounts up to $350,000 for up to 15 years. We also offer fixed rate home equity loans in amounts up to $350,000 for a term of up to 15 years. Credit is based on the income and cash flow of the individual borrowers, real estate collateral supporting the mortgage debt and past credit history. Consumer loans may entail greater risk than residential mortgage loans, particularly in the case of consumer loans that are unsecured or secured by assets that depreciate in value rapidly. In such cases, repossessed collateral for a defaulted consumer loan may not provide an adequate source of repayment for the outstanding loan and the remaining deficiency often does not warrant further substantial collection efforts against the borrower. In addition, consumer loan collections depend on the borrower’s continuing financial stability, and therefore are more likely to be adversely affected by job loss, divorce, illness or personal bankruptcy. Furthermore, the application of various federal and state laws, including bankruptcy and insolvency laws, may limit the amount that can be recovered on such loans. A loan is considered impaired when it is probable that the Company will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record and the amount of the shortfall in relation to the principal and interest owed. Impairment is measured on a loan by loan basis for commercial and industrial, real estate-commercial, real estate-construction, real estate-residential and consumer loans by either the present value of expected future cash flows discounted at the loan’s effective interest rate or the fair value of the collateral if the loan is collateral dependent. An allowance for loan losses is established for an impaired loan if its carrying value exceeds its estimated fair value. The estimated fair values of substantially all of the Company’s impaired loans are measured based on the estimated fair value of the loan’s collateral. For commercial loans secured by real estate, estimated fair values are determined primarily through third-party appraisals. When a real estate secured loan becomes impaired, a decision is made regarding whether an updated certified appraisal of the real estate is necessary. This decision is based on various considerations, including the age of the most recent appraisal, the loan-to-value ratio based on the original appraisal and the condition of the property. Appraised values are discounted to arrive at the estimated selling price of the collateral, which is considered to be the estimated fair value. The discounts also include estimated costs to sell the property. For commercial loans secured by non-real estate collateral, such as accounts receivable, inventory and equipment, estimated fair values are determined based on the borrower’s financial statements, inventory reports, accounts receivable aging or equipment appraisals or invoices. Indications of value from these sources are generally discounted based on the age of the financial information or the quality of the assets. Loans whose terms are modified are classified as troubled debt restructurings (“TDRs”) if the Company grants such borrowers concessions and it is deemed that those borrowers are experiencing financial difficulty. Concessions granted under a TDR generally involve a temporary reduction in interest rate or a modification of a loan’s amortization schedule. Non-accrual TDRs are restored to accrual status if principal and interest payments, under the modified terms, are current for six consecutive months after the modification is in place. Loans classified as TDRs are designated as impaired. The Company’s troubled debt restructured modifications are made on terms typically up to 12 months in order to aggressively monitor and track performance. The short-term modifications performances are monitored for continued payment performance for an additional period of time after the expiration of the concession. Balance reductions and annualized loss rates are also important metrics that are monitored. The main objective of the modification programs is to reduce the payment burden for the borrower and improve the net present value of the Company’s expected cash flows. The allowance calculation methodology includes further segregation of loan classes into risk rating categories. The borrower’s overall financial condition, repayment sources, guarantors and value of collateral, if appropriate, are evaluated annually for commercial loans or when credit deficiencies arise, such as delinquent loan payments, for commercial and consumer loans. Credit quality risk ratings include regulatory classifications of special mention, substandard, doubtful and loss. Loans classified special mention have potential weaknesses that deserve management’s close attention. If uncorrected, the potential weaknesses may result in deterioration of the repayment prospects. Loans classified substandard have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They include loans that are inadequately protected by the current sound net worth and paying capacity of the obligor or of the collateral pledged, if any. Loans classified doubtful have all the weaknesses inherent in loans classified substandard with the added characteristics that collection or liquidation in full, on the basis of current conditions and facts, is highly improbable. Loans classified as a loss are considered uncollectable and are charged to the allowance for loan losses. Loans not classified are rated pass. In addition, federal and state regulatory agencies, as an integral part of their examination process, periodically review the Company’s allowance for loan losses and may require the Company to recognize additions to the allowance based on their judgments about information available to them at the time of their examination, which may not be currently available to management. Based on management’s comprehensive analysis of the loan portfolio, management believes the current level of the allowance for loan losses is adequate. |
Transfers and Servicing of Financial Assets, Policy [Policy Text Block] | K. Transfers of Financial Assets Transfers of financial assets, including sale of loans and loan participation sales, are accounted for as sales, when control over the assets has been surrendered. Control over transferred assets is deemed to be surrendered when (1) the assets have been isolated from the Company, (2) the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets and (3) the Company does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity. |
Loans and Leases Receivable, Real Estate Acquired Through Foreclosure, Policy [Policy Text Block] | L. Other Real Estate Owned and Repossessed Assets Other Real Estate Owned (“OREO”) and repossessed assets include real estate and assets pledged as collateral acquired through foreclosure or by deed in lieu of foreclosure. OREO and repossessed assets are initially recorded at fair value less cost to sell at the date of foreclosure, establishing a new cost basis. Subsequent to foreclosure, valuations are periodically performed by management and the assets are carried at the lower of carrying amount or fair value less cost to sell. Operating results from real estate owned, including rental income, operating expenses, and gains and losses realized from the sales of real estate owned are recorded as incurred. |
Bank Owned Life Insurance [Policy Text Block] | M. Bank-Owned Life Insurance The Company invests in bank-owned life insurance (“BOLI”) as a source of funding for employee benefit expenses. BOLI involves the purchasing of life insurance by the Company’s wholly-owned trust on a chosen group of officers and directors. The Company is the owner and beneficiary of the policies. This life insurance investment is carried at the cash surrender value of the underlying policies. Income generated from the increase in cash surrender value of the policies is included in non-interest income on the statements of operations. |
Property, Plant and Equipment, Policy [Policy Text Block] | N. Bank Premises and Equipment Premises and equipment are stated at cost less accumulated depreciation. Depreciation is charged to operations on a straight-line basis over the estimated useful lives of the respective assets. Leasehold improvements are amortized over the shorter of their estimated life or the lease term. |
Advertising Costs, Policy [Policy Text Block] | O. Advertising The Company expenses advertising costs as incurred. |
Income Tax, Policy [Policy Text Block] | P. Income Taxes Deferred income taxes are provided on the liability method whereby deferred tax assets are recognized for deductible temporary differences and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities and their tax basis. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion of the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment. The Company and its subsidiary file a consolidated Federal income tax return. The Company analyzes each tax position taken in its tax returns and those positions not taken and determines the likelihood that the position will be realized. Only tax positions that are “more likely than not” to be realized can be recognized in the Company’s financial statements. For tax positions that do not meet this recognition threshold, the Company will record an unrecognized tax benefit for the difference between the position taken on the tax return and the amount recognized in the financial statements. The Company does not have any material unrecognized tax benefits or accrued interest or penalties at December 31, 2015 or 2014 or during the years then ended. No unrecognized tax benefits are expected to arise within the next twelve months. The Company’s policy is to account for interest as a component of interest expense and penalties as a component of other expenses. The Company and its subsidiaries are subject to U.S. Federal income tax as well as income tax of the State of New Jersey. The Company is no longer subject to examination by taxing authorities for the years before January 1, 2012. |
Off-Balance-Sheet Credit Exposure, Policy [Policy Text Block] | Q. Off-Balance Sheet Financial Instruments In the ordinary course of business, the Company has entered into off-balance sheet financial instruments consisting of commitments to extend credit and letters of credit. Such financial instruments are recorded in the balance sheet when they are funded. |
Earnings Per Share, Policy [Policy Text Block] | R. Earnings per Common Share Earnings per common share are calculated on the basis of the weighted average number of common shares outstanding during the year. Basic earnings per common share excludes dilution and is calculated by dividing net income available to common shareholders by the weighted average common shares outstanding excluding restricted stock awards outstanding during the period. Diluted earnings per common share takes into account the potential dilution that |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | S. Stock-Based Compensation Stock compensation accounting guidance requires that the compensation cost relating to share-based payment transactions be recognized in financial statements. That cost will be measured based on the grant date fair value of the equity or liability instruments issued. The stock compensation accounting guidance covers a wide range of share-based compensation arrangements including stock options, restricted share plans, performance-based awards, share appreciation rights, and employee share purchase plans. The stock compensation accounting guidance requires that compensation cost for all stock awards be calculated and recognized over the employees’ service periods, generally defined as the vesting period. For awards with graded-vesting, compensation cost is recognized on a straight-line basis over the requisite service period for the entire award. A Black-Scholes model is used to estimate the fair value of stock options, while the market price of the Company’s common stock at the date of grant is used for restricted stock awards. |
Reclassification, Policy [Policy Text Block] | T. Reclassification Certain amounts in the 2014 financial statements have been reclassified to conform to the presentation used in the 2015 financial statements. These reclassifications had no effect on net income. |
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block] | U. Goodwill and Other Intangible Assets The Company’s goodwill was recognized in connection with the acquisition of the Town Bank in April 2006. Accounting principles generally accepted in the United States of America require that goodwill be tested for impairment annually or more frequently if impairment indicators arise utilizing a two-step methodology. Step one requires the Company to determine the fair value of the reporting unit and compare it to the carrying value, including goodwill, of such reporting unit. The reporting unit was determined to be our community banking operations, which is our only operating segment. If the fair value of the reporting unit exceeds the carrying value, goodwill is not impaired. If the carrying value exceeds fair value, there is an indication of impairment and the second step is performed to determine the amount of impairment, if any. The second step compares the fair value of the reporting unit to the aggregate fair values of its individual assets, liabilities and identified intangibles. The Company performed its annual goodwill impairment analysis as of September 30, 2015. Based on the results of the step one goodwill impairment analysis, the Company determined that there was no impairment on the current goodwill balance. See Note 5 for additional details. |
Segment Reporting, Policy [Policy Text Block] | V. Segment Reporting The Company acts as an independent community financial services provider, and offers traditional banking and related financial services to individual, business and government customers. Through its branch, automated teller machine networks, and internet banking services, the Company offers a full array of commercial and retail financial services, including time, savings and demand deposits; the making of commercial, consumer and mortgage loans; and the providing of other financial services. Management does not separately allocate expenses, including the cost of funding loan demand, between the commercial, retail, mortgage banking and consumer banking operations of the Company. Accordingly, all significant operating decisions are based upon analysis of the Bank as one segment or unit. |
Subsequent Events, Policy [Policy Text Block] | W. Subsequent Events The Company has evaluated events and transactions occurring subsequent to the balance sheet date of December 31, 2015 for items that should potentially be recognized or disclosed in these financial statements. |
New Accounting Pronouncements, Policy [Policy Text Block] | X. Recent Accounting Pronouncements ASU 2014-04; In January, 2014, the Financial Accounting Standard Board (“FASB”) issued Accounting Standards Update (“ASU”) 2015-04, Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure. ASU 2014-09: In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers ASU 2014-11: In June 2014, the FASB issued ASU 2014-11, Transfers and Servicing: Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures . ASU 2014-12: In June 2014 the FASB issued ASU 2014-12, Stock Compensation: Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period ASU 2015-03: In April 2015, the FASB issued ASU 2015-03, Simplifying the Presentation of Debt Issuance Costs ASU 2016-01: In January 2016, the FASB issued ASU 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities. ASU 2016-02: In February 2016, the FASB issued ASU No. 2016-02, Leases. |
Note 2 - Securities (Tables)
Note 2 - Securities (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |
Unrealized Gain (Loss) on Investments [Table Text Block] | Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (In Thousands) Securities available for sale: U.S. Government agency securities $ 1,241 $ - $ (3 ) $ 1,238 Municipal securities 508 9 - 517 U.S. Government-sponsored enterprises (“GSE”) - residential mortgage-backed securities 14,646 5 (202 ) 14,449 U.S. Government collateralized residential mortgage obligations 12,900 13 (286 ) 12,627 Corporate debt securities, primarily financial institutions 2,492 - (175 ) 2,317 31,787 27 (666 ) 31,148 Community Reinvestment Act (“CRA”) mutual fund 2,397 - (15 ) 2,382 $ 34,184 $ 27 $ (681 ) $ 33,530 Securities held to maturity: Municipal securities $ 33,956 $ 824 $ (9 ) $ 34,771 GSE - Residential mortgage-backed securities 3,789 9 (44 ) 3,754 U.S. Government collateralized residential mortgage obligations 3,602 - (46 ) 3,556 Corporate debt securities, primarily financial institutions 1,820 - (233 ) 1,587 $ 43,167 $ 833 $ (332 ) $ 43,668 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (In Thousands) Securities available for sale: U.S. Government agency securities $ 2,715 $ 1 $ (7 ) $ 2,709 Municipal securities 515 7 - 522 GSE - Residential mortgage-backed securities 21,403 31 (113 ) 21,321 U.S. Government collateralized residential mortgage obligations 16,419 53 (349 ) 16,123 Corporate debt securities, primarily financial institutions 2,494 4 (187 ) 2,311 43,546 96 (656 ) 42,986 CRA mutual fund 2,447 - (2 ) 2,445 $ 45,993 $ 96 $ (658 ) $ 45,431 Securities held to maturity: Municipal securities $ 18,138 $ 450 $ (33 ) $ 18,555 GSE - Residential mortgage-backed securities 2,100 19 (20 ) 2,099 U.S. Government collateralized residential mortgage obligations 3,225 - (25 ) 3,200 Corporate debt securities, primarily financial institutions 1,817 - (264 ) 1,553 $ 25,280 $ 469 $ (342 ) $ 25,407 |
Investments Classified by Contractual Maturity Date [Table Text Block] | Available for Sale Held to Maturity Amortized Cost Fair Value Amortized Cost Fair Value (In Thousands) Due in one year or less $ - $ - $ 6,756 $ 6,755 Due in one year through five years 3,072 3,069 4,393 4,529 Due in five years through ten years 175 176 2,704 2,784 Due after ten years 994 827 21,923 22,290 4,241 4,072 35,776 36,358 GSE - Residential mortgage-backed securities 14,646 14,449 3,789 3,754 U.S. Government collateralized residential mortgage obligations 12,900 12,627 3,602 3,556 $ 31,787 $ 31,148 $ 43,167 $ 43,668 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Table Text Block] | Less than 12 Months 12 Months or More Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses December 31, 2015 : (In Thousands) U.S. Government agency securities $ 1,238 $ (3 ) $ - $ - $ 1,238 $ (3 ) Municipal securities 5,858 (5 ) 498 (4 ) 6,356 (9 ) GSE – Residential mortgage-backed securities 11,946 (151 ) 5,006 (95 ) 16,952 (246 ) U.S. Government collateralized residential mortgage obligations 8,284 (72 ) 6,861 (260 ) 15,145 (332 ) Corporate debt securities, primarily financial institutions 496 (1 ) 2,907 (407 ) 3,403 (408 ) CRA mutual fund 2,382 (15 ) - - 2,382 (15 ) Total Temporarily Impaired Securities $ 30,204 $ (247 ) $ 15,272 $ (766 ) $ 45,476 $ (1,013 ) Less than 12 Months 12 Months or More Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses December 31, 2014 : (In Thousands) U.S. Government agency securities $ - $ - $ 1,232 $ (7 ) $ 1,232 $ (7 ) Municipal securities 6,802 (8 ) 1,994 (25 ) 8,796 (33 ) GSE – Residential mortgage-backed securities 12,512 (37 ) 6,125 (96 ) 18,637 (133 ) U.S. Government collateralized residential mortgage obligations 4,459 (23 ) 10,102 (351 ) 14,561 (374 ) Corporate debt securities, primarily financial institutions - - 2,860 (451 ) 2,860 (451 ) CRA mutual fund 2,445 (2 ) - - 2,445 (2 ) Total Temporarily Impaired Securities $ 26,218 $ (70 ) $ 22,313 $ (930 ) $ 48,531 $ (1,000 ) |
Note 3 - Loans Receivable and34
Note 3 - Loans Receivable and Allowance for Loan Losses (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Note 3 - Loans Receivable and Allowance for Loan Losses (Tables) [Line Items] | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | 2015 2014 (In Thousands) Commercial and industrial $ 100,154 $ 96,514 Real estate – construction 104,231 89,145 Real estate – commercial 422,665 383,777 Real estate – residential 39,524 30,808 Consumer 27,136 28,095 693,710 628,339 Allowance for loan losses (8,713 ) (8,069 ) Net unearned fees (560 ) (725 ) Net Loans $ 684,437 $ 619,545 |
Past Due Financing Receivables [Table Text Block] | (In Thousands) 30-59 Days Past Due 60-89 Days Past Due Greater than 90 Days Total Past Due Current Total Loans Receivable Loans Receivable >90 Days and Accruing Commercial and industrial $ 107 $ - $ 31 $ 138 $ 100,016 $ 100,154 $ - Real estate – construction - 150 - 150 104,081 104,231 - Real estate – commercial 112 - 2,075 2,187 420,478 422,665 - Real estate – residential - - 796 796 38,728 39,524 - Consumer - - - - 27,136 27,136 - Total $ 219 $ 150 $ 2,902 $ 3,271 $ 690,439 $ 693,710 $ - (In Thousands) 30-59 Days Past Due 60-89 Days Past Due Greater than 90 Days Total Past Due Current Total Loans Receivable Loans Receivable >90 Days and Accruing Commercial and industrial $ - $ - $ 119 $ 119 $ 96,395 $ 96,514 $ - Real estate – construction - - 407 407 88,738 89,145 - Real estate – commercial 254 - 4,722 4,976 378,801 383,777 - Real estate – residential - - 694 694 30,114 30,808 - Consumer - - 295 295 27,800 28,095 - Total $ 254 $ - $ 6,237 $ 6,491 $ 621,848 $ 628,339 $ - |
Schedule of Financing Receivables, Non Accrual Status [Table Text Block] | 2015 2014 (In Thousands) Commercial and industrial $ 138 $ 119 Real estate – construction - 407 Real estate – commercial 2,244 4,722 Real estate – residential 796 694 Consumer - 295 Total $ 3,178 $ 6,237 |
Impaired Financing Receivables [Table Text Block] | December 31, 2015: Recorded Investment, Net of Charge-offs Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized (In Thousands) With no related allowance recorded: Commercial and industrial $ 652 $ 652 $ - $ 645 $ 18 Real estate – construction 3,855 3,855 - 4,381 186 Real estate – commercial 3,267 3,542 - 3,338 48 Real estate – residential 1,178 1,178 - 1,183 29 Consumer 209 209 - 215 9 With an allowance recorded: Commercial and industrial $ 3,305 $ 3,305 $ 49 $ 3,278 $ 152 Real estate – construction - - - - - Real estate – commercial - - - - - Real estate – residential - - - - - Consumer - - - - - Total: Commercial and industrial $ 3,957 $ 3,957 $ 49 $ 3,923 $ 170 Real estate – construction 3,855 3,855 - 4,381 186 Real estate – commercial 3,267 3,542 - 3,338 48 Real estate – residential 1,178 1,178 - 1,183 29 Consumer 209 209 - 215 9 $ 12,466 $ 12,741 $ 49 $ 13,040 $ 442 December 31, 2014: Recorded Investment, Net of Charge-offs Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized (In Thousands) With no related allowance recorded: Commercial and industrial $ 1,052 $ 1,052 $ - $ 840 $ 47 Real estate – construction 6,324 6,324 - 7,689 389 Real estate – commercial 8,235 9,166 - 9,405 206 Real estate – residential 1,083 1,083 - 1,106 26 Consumer 610 610 - 634 15 With an allowance recorded: Commercial and industrial $ - $ - $ - $ - $ - Real estate – construction 1,866 1,866 44 1,913 64 Real estate – commercial 3,352 3,352 154 3,393 163 Real estate – residential - - - - - Consumer - - - - - Total: Commercial and industrial $ 1,052 $ 1,052 $ - $ 840 $ 47 Real estate – construction 8,190 8,190 44 9,602 453 Real estate – commercial 11,587 12,518 154 12,798 369 Real estate – residential 1,083 1,083 - 1,106 26 Consumer 610 610 - 634 15 $ 22,522 $ 23,453 $ 198 $ 24,980 $ 910 |
Financing Receivable Credit Quality Indicators [Table Text Block] | Pass Special Mention Substandard Doubtful Total (In Thousands) December 31, 2015: Commercial and industrial $ 96,038 $ 159 $ 3,957 $ - $ 100,154 Real estate – construction 100,376 1,830 2,025 - 104,231 Real estate – commercial 414,872 4,667 3,126 - 422,665 Real estate – residential 38,631 - 893 - 39,524 Consumer 26,891 38 207 - 27,136 Total: $ 676,808 $ 6,694 $ 10,208 $ - $ 693,710 Pass Special Mention Substandard Doubtful Total (In Thousands) December 31, 2014 : Commercial and industrial $ 92,225 $ 3,395 $ 894 $ - $ 96,514 Real estate – construction 79,030 2,443 7,672 - 89,145 Real estate – commercial 372,761 4,652 6,364 - 383,777 Real estate – residential 30,013 - 795 - 30,808 Consumer 27,538 40 517 - 28,095 Total: $ 601,567 $ 10,530 $ 16,242 $ - $ 628,339 |
Allowance for Credit Losses on Financing Receivables [Table Text Block] | Allowance for Loan Losses Loans Receivable December 31, 2015: Balance Balance Related to Loans Individually Evaluated for Impairment Balance Related to Loans Collectively Evaluated for Impairment Balance Balance Individually Evaluated for Impairment Balance Collectively Evaluated for Impairment (In Thousands) Commercial and industrial $ 990 $ 49 $ 941 $ 100,154 $ 3,957 $ 96,197 Real estate – construction 1,283 - 1,283 104,231 3,855 100,376 Real estate – commercial 5,599 - 5,599 422,665 3,267 419,398 Real estate – residential 304 - 304 39,524 1,178 38,346 Consumer 242 - 242 27,136 209 26,927 Unallocated 295 - 295 - - - Total: $ 8,713 $ 49 $ 8,664 $ 693,710 $ 12,466 $ 681,244 Allowance for Loan Losses Loans Receivable December 31, 2014: Balance Balance Related to Loans Individually Evaluated for Impairment Balance Related to Loans Collectively Evaluated for Impairment Balance Balance Individually Evaluated for Impairment Balance Collectively Evaluated for Impairment (In Thousands) Commercial and industrial $ 1,044 $ - $ 1,044 $ 96,514 $ 1,052 $ 95,462 Real estate – construction 1,454 44 1,410 89,145 8,190 80,955 Real estate – commercial 4,624 154 4,470 383,777 11,587 372,190 Real estate – residential 223 - 223 30,808 1,083 29,725 Consumer 565 - 565 28,095 610 27,485 Unallocated 159 - 159 - - - Total: $ 8,069 $ 198 $ 7,871 $ 628,339 $ 22,522 $ 605,817 |
Troubled Debt Restructurings on Financing Receivables [Table Text Block] | Year Ended December 31, 2015 Number of Contracts Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Troubled Debt Restructuring: (Dollars in Thousands) Commercial and industrial 6 $ 3,227 $ 3,227 Real estate – construction - - - Real estate – commercial - - - Real estate – residential - - - Consumer - - - Total 6 $ 3,227 $ 3,227 Year Ended December 31, 2014 Number of Contracts Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Troubled Debt Restructuring: (Dollars in Thousands) Commercial and industrial 2 $ 946 $ 946 Real estate – construction 1 178 178 Real estate – commercial 4 2,320 2,320 Real estate – residential - - - Consumer - - - Total 7 $ 3,444 $ 3,444 |
Change in Financing Receivable [Member] | |
Note 3 - Loans Receivable and Allowance for Loan Losses (Tables) [Line Items] | |
Allowance for Credit Losses on Financing Receivables [Table Text Block] | Allowance for Loan Losses Commercial and Industrial Real Estate - Construction Real Estate - Commercial Real Estate – Residential Consumer Unallocated Total (In Thousands) Beginning balance, January 1, 2015 $ 1,044 $ 1,454 $ 4,624 $ 223 $ 565 $ 159 $ 8,069 Charge-offs - - - - (82 ) - (82 ) Recoveries 12 217 2 - 5 - 236 Provision (66 ) (388 ) 973 81 (246 ) 136 490 Ending balance, December 31, 2015 $ 990 $ 1,283 $ 5,599 $ 304 $ 242 $ 295 $ 8,713 Allowance for Loan Losses Commercial and Industrial Real Estate - Construction Real Estate - Commercial Real Estate - Residential Consumer Unallocated Total (In Thousands) Beginning balance, January 1, 2014 $ 990 $ 1,634 $ 4,325 $ 190 $ 594 $ 139 $ 7,872 Charge-offs - - (990 ) (4 ) (137 ) - (1,131 ) Recoveries 454 - 177 30 46 - 707 Provision (400 ) (180 ) 1,112 7 62 20 621 Ending balance, December 31, 2014 $ 1,044 $ 1,454 $ 4,624 $ 223 $ 565 $ 159 $ 8,069 |
Note 4 - Bank Premises and Eq35
Note 4 - Bank Premises and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment [Table Text Block] | Estimated Useful Lives (years) 2015 2014 (In Thousands) Land Indefinite $ 1,250 $ 1,400 Buildings 30 1,419 954 Leasehold improvements 5 - 15 4,005 3,915 Furniture and equipment 2 - 7 8,954 8,241 Construction in progress - - 1,550 15,628 16,060 Less accumulated depreciation and amortization (10,545 ) (10,364 ) $ 5,083 $ 5,696 |
Note 6 - Deposits (Tables)
Note 6 - Deposits (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure Text Block [Abstract] | |
Deposits Components [Table Text Block] | 2015 2014 (In Thousands) Demand, non-interest bearing $ 144,627 $ 140,459 Demand, interest bearing, money market and savings 445,788 410,997 Time, $250,000 and over 7,693 3,993 Time, other 110,328 86,941 $ 708,436 $ 642,390 |
Deposits Schedule of Maturities [Table Text Block] | 2016 $ 23,164 2017 22,306 2018 27,149 2019 28,416 2020 14,786 Thereafter 2,200 $ 118,021 |
Note 7 - Securities Sold Unde37
Note 7 - Securities Sold Under Agreements to Repurchase (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure Text Block [Abstract] | |
Schedule of Repurchase Agreements [Table Text Block] | 2015 2014 (Dollars In Thousands) Repurchase agreements: Balance at year-end $ 19,545 $ 23,290 Average during the year $ 22,071 $ 20,096 Maximum month-end balance $ 27,916 $ 27,562 Weighted average rate during the year 0.31 % 0.32 % Weighted average rate at December 31 0.24 % 0.29 % |
Schedule of Repurchase Agreements, Maturities [Table Text Block] | Maturity of Repurchase Agreements (dollars in thousands) Overnight and Continuous Up to 30 days 30 to 90 days Over 90 days Total December 31, 2015: Class of Collateral Pledged: U.S. Government agency securities $ 1,238 $ - $ - $ - $ 1,238 GSE – Residential mortgage-backed securities 12,557 - - - 12,557 U.S. Government collateralized residential mortgage obligations 14,817 - - - 14,817 Total $ 28,612 $ - $ - $ - $ 28,612 Gross amount of recognized liabilities for repurchase agreements and securities lending $ 19,545 Excess of collateral pledged over recognized liability $ 9,067 |
Note 8 - FHLB and Other Borro38
Note 8 - FHLB and Other Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Schedule of Maturities of Long-term Debt [Table Text Block] | Original Term 2015 2014 Rate (years) Maturity Fixed Rate Note $ 7,500 $ 7,500 3.97 % 10 November 2017 Fixed Rate Note - 1,500 2.00 % 5 August 2015 Fixed Rate Note 1,500 1,500 2.41 % 6 August 2016 Fixed Rate Note 1,500 1,500 2.71 % 7 August 2017 Fixed Rate Note 2,000 2,000 1.28 % 4 October 2017 Fixed Rate Note 2,000 2,000 1.65 % 5 October 2018 Fixed Rate Note 2,700 - 0.60 % 1 January 2016 Fixed Rate Note 1,000 - 0.97 % 2 January 2017 Fixed Rate Note 1,300 - 1.31 % 3 January 2018 Fixed Rate Note 1,800 - 1.59 % 4 January 2019 Fixed Rate Note 2,700 - 1.81 % 5 January 2020 Fixed Rate Note 2,500 - 2.03 % 6 January 2021 $ 26,500 $ 16,000 |
Note 11 - Income Taxes (Tables)
Note 11 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | 2015 2014 (In Thousands) Current $ 4,069 $ 3,108 Deferred (484 ) 453 $ 3,585 $ 3,561 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | 2015 2014 Amount % Amount % (Dollars In Thousands) Pre-tax book income $ 3,376 34.0 % $ 3,257 34.0 % Tax exempt interest (239 ) (2.4 ) (177 ) (1.9 ) Bank-owned life insurance income (151 ) (1.5 ) (156 ) (1.6 ) State income taxes, net of federal income tax benefit 557 5.6 535 5.6 Other 42 0.4 102 1.1 $ 3,585 36.1 % $ 3,561 37.2 % |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | 2015 2014 (In Thousands) Deferred tax assets: Allowance for loan losses $ 3,501 $ 3,243 Depreciation and amortization 535 604 Deferred compensation 1,130 994 OREO write-downs 7 - Unrealized loss on securities available for sale 256 218 Other 10 7 5,439 5,066 Deferred tax liabilities: Purchase accounting adjustments (4 ) (237 ) Other (422 ) (338 ) (426 ) (575 ) Net Deferred Tax Asset $ 5,013 $ 4,491 |
Note 12 - Earnings Per Common40
Note 12 - Earnings Per Common Share (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Years Ended December 31, 2015 2014 (In Thousands, Except Per Share Data) Net income $ 6,347 $ 6,017 Preferred stock dividend (57 ) (117 ) Income applicable to common shareholders $ 6,290 $ 5,900 Weighted average common shares outstanding 7,909 7,932 Effect of dilutive securities, stock options and restricted stock 193 181 Weighted average common shares outstanding used to calculate diluted earnings per share 8,102 8,113 Basic earnings per common share $ 0.80 $ 0.74 Diluted earnings per common share $ 0.78 $ 0.73 |
Note 13 - Lease Commitments a41
Note 13 - Lease Commitments and Total Rental Expense (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Leases, Operating [Abstract] | |
Schedule of Rent Expense [Table Text Block] | 2016 $ 1,544 2017 1,468 2018 1,324 2019 1,246 2020 1,021 Thereafter 1,586 $ 8,189 |
Note 14 - Stock-Based Compens42
Note 14 - Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award [Table Text Block] | Number of Shares Weighted Average Price Weighted Average Remaining Contractual Life (years) Aggregate Intrinsic Value Options outstanding, December 31, 2014 449,507 $ 4.90 Options granted 35,100 9.61 Options exercised (28,450) 3.98 Options forfeited (18,101) 9.99 Options outstanding, December 31, 2015 438,056 $ 5.16 5.5 $ 2,105,419 Options exercisable, December 31, 2015 324,395 $ 4.23 4.5 $ 1,866,521 Options price range at December 31, 2015 $3.01 to $9.66 |
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Table Text Block] | Options Outstanding Range of Exercise Prices Number Outstanding at December 31, 2015 Weighted- Average Remaining Contractual Life (years) Weighted- Average Exercise Price $3.01 - $3.83 204,678 3.3 $ 3.41 $5.19 - $5.49 130,328 6.2 5.27 $7.41 - $8.40 67,950 8.4 7.91 $9.02 - $9.66 35,100 9.1 9.61 438,056 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Dividend yield 1.45 % Expected volatility 27.22 % Risk-free interest rate 2.06 % Forfeiture rate 5.00 % Expected life (in years) 7.5 Weighted average fair value of options granted $ 2.66 Dividend yield 1.33 % Expected volatility 27.67 % Risk-free interest rate 2.00 % Expected life (in years) 7.5 Weighted average fair value of options granted $ 2.55 |
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block] | Number of Shares Weighted Average Price Unvested at December 31, 2014 25,084 $ 7.98 Restricted stock earned (13,252 ) (8.09 ) Granted 11,100 9.05 Unvested at December 31, 2015 22,932 $ 8.36 |
Note 17 - Regulatory Matters (T
Note 17 - Regulatory Matters (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure Text Block [Abstract] | |
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations [Table Text Block] | Actual Minimum Required for Capital Adequacy Purposes To be Well Capitalized under Applicable Regulations* Amount Ratio Amount Ratio Amount Ratio (Dollars in Thousands) As of December 31, 2015 Common Equity Tier 1 Capital (to risk-weighted assets) Two River Bancorp $ 75,273 10.13 % $ ≥ ≥4.50 % $ N/A N/A Two River Community Bank 84,659 11.39 % ≥ ≥4.50 % ≥ > 6.50 % Total Capital (to risk-weighted assets) Two River Bancorp 93,986 12.65 % ≥ ≥8.00 % ≥ > % Two River Community Bank 93,372 12.56 % ≥ ≥8.00 % ≥ > % Tier 1 Capital (to risk-weighted assets) Two River Bancorp 75,273 10.13 % ≥ ≥6.00 % ≥ > % Two River Community Bank 84,659 11.39 % ≥ ≥6.00 % ≥ > % Tier 1 Capital (to average assets) Two River Bancorp 75,273 8.97 % ≥ ≥4.00 % N/A N/A Two River Community Bank 84,659 10.09 % ≥ ≥4.00 % ≥ > % As of December 31, 2014 Total Capital (to risk-weighted assets) Two River Bancorp $ 84,178 12.57 % $ ≥ ≥8.00 % $ ≥ > % Two River Community Bank 83,779 12.51 % ≥ ≥8.00 % ≥ > % Tier 1 Capital (to risk-weighted assets) Two River Bancorp 76,109 11.36 % ≥ ≥4.00 % ≥ > % Two River Community Bank 75,710 11.31 % ≥ ≥4.00 % ≥ > % Tier 1 Capital (to average assets) Two River Bancorp 76,109 9.95 % ≥ ≥4.00 % N/A N/A Two River Community Bank 75,710 9.90 % ≥ ≥4.00 % ≥ > % |
Note 18 - Fair Value of Finan44
Note 18 - Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | Description (Level 1) Quoted Prices in Active Markets for Identical Assets (Level 2) Significant Other Observable Inputs (Level 3) Significant Unobservable Inputs Total (In Thousands) At December 31, 2015 Securities available for sale: U.S. Government agency securities $ - $ 1,238 $ - $ 1,238 Municipal securities - 517 - 517 GSE - Residential mortgage-backed securities - 14,449 - 14,449 U.S. Government collateralized residential mortgage obligations - 12,627 - 12,627 Corporate debt securities, primarily financial institutions - 2,317 - 2,317 CRA mutual fund 2,382 - - 2,382 Total $ 2,382 $ 31,148 $ - $ 33,530 At December 31, Securities available for sale: U.S. Government agency securities $ - $ 2,709 $ - $ 2,709 Municipal securities - 522 - 522 GSE - Residential mortgage-backed securities - 21,321 - 21,321 U.S. Government collateralized residential mortgage obligations - 16,123 - 16,123 Corporate debt securities, primarily financial institutions - 2,311 - 2,311 CRA mutual fund 2,445 - - 2,445 Total $ 2,445 $ 42,986 $ - $ 45,431 |
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis, Valuation Techniques [Table Text Block] | Description (Level 1) Quoted Prices in Active Markets for Identical Assets (Level 2) Significant Other Observable Inputs (Level 3) Significant Unobservable Inputs Total (In Thousands) At December 31, 2015 Impaired loans with an allowance recorded $ - $ - $ 3,256 $ 3,256 Impaired loans net of partial charge-offs - - 1,389 1,389 Foreclosed and repossessed assets - - 411 411 At December 31, 2014 Impaired loans with an allowance recorded $ - $ - $ 5,020 $ 5,020 Impaired loans net of partial charge-offs - - 2,140 2,140 Foreclosed and repossessed assets - - 1,603 1,603 |
Fair Value, by Balance Sheet Grouping [Table Text Block] | Fair Value Measurements at December 31, 2015 (in thousands) Carrying Amount Estimated Fair Value (Level 1) Quoted Prices in Active Markets for Identical Assets (Level 2) Significant Other Observable Inputs (Level 3) Significant Unobservable Inputs Financial assets: Cash and cash equivalents $ 46,727 $ 46,727 $ 46,727 $ - $ - Securities available for sale 33,530 33,530 2,382 31,148 - Securities held to maturity 43,167 43,668 - 43,668 - Restricted investments 3,596 3,596 - - 3,596 Loans held for sale 3,050 3,105 - - 3,105 Loans receivable, net 684,437 676,703 - - 676,703 Accrued interest receivable 1,912 1,912 - 422 1,490 Financial liabilities: Deposits 708,436 707,908 - 707,908 - Securities sold under agreements to repurchase 19,545 19,545 - 19,545 - Long-term debt 26,500 26,882 - 26,882 - Subordinated debt 9,824 9,823 - 9,823 - Accrued interest payable 118 118 - 118 - Fair Value Measurements at December 31, 2014 (in thousands) Carrying Amount Estimated Fair Value (Level 1) Quoted Prices in Active Markets for Identical Assets (Level 2) Significant Other Observable Inputs (Level 3) Significant Unobservable Inputs Financial assets: Cash and cash equivalents $ 36,110 $ 36,110 $ 36,110 $ - $ - Securities available for sale 45,431 45,431 2,445 42,986 - Securities held to maturity 25,280 25,407 - 25,407 - Restricted investments 3,029 3,029 - - 3,029 Loans receivable, net 1,589 1,619 - - 1,619 Accrued interest receivable 619,545 615,141 - - 615,141 1,636 1,636 - 245 1,391 Financial liabilities: Deposits 642,390 641,967 - 641,967 - Securities sold under agreements to repurchase 23,290 23,290 - 23,290 - Long-term debt 16,000 16,776 - 16,776 - Accrued interest payable 46 46 - 46 - |
Note 20 - Condensed Financial45
Note 20 - Condensed Financial Statements of Parent Company (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Condensed Balance Sheet [Table Text Block] | December 31, 2015 2014 (In Thousands) Assets Cash and cash equivalents $ 333 $ 46 Investments in subsidiaries 102,388 93,533 Other assets 345 368 Total assets $ 103,066 $ 93,947 Liabilities and Shareholders’ Equity Subordinated debt $ 9,824 $ - Other liabilities 240 15 Shareholders’ equity 93,002 93,932 Total liabilities and shareholders’ equity $ 103,066 $ 93,947 |
Condensed Income Statement [Table Text Block] | December 31, 2015 2014 (In Thousands) Dividends from Bank $ 1,456 $ 8,029 Interest expense-subordinated debt 33 - Other operating expenses 186 167 Income before income taxes 1,237 7,862 Income tax expense (benefit) (10 ) 2 Income before undistributed income of subsidiaries 1,247 7,860 Equity in undistributed income (loss) of subsidiaries 5,100 (1,843 ) Net income $ 6,347 $ 6,017 Equity in other comprehensive income (loss) of subsidiaries, net of tax (54 ) 339 Total comprehensive income, net of tax $ 6,293 $ 6,356 |
Condensed Cash Flow Statement [Table Text Block] | December 31, 2015 2014 (In Thousands) Cash flows from operating activities: Net income $ 6,347 $ 6,017 Adjustments to reconcile net income to net cash used in operating activities: Equity in undistributed (income) loss of subsidiaries (5,100 ) 1,843 Dividends from Bank 1,456 8,029 Stock-based compensation expense 186 167 Other, net 248 (271 ) Net cash provided by operating activities 3,137 15,785 Cash flows from investing activities: Contributions to subsidiary, net (5,265 ) (8,029 ) Net cash used in investing activities (5,265 ) (8,029 ) Cash flows from financing activities: Proceeds from exercise of stock options 114 112 Tax benefit of stock options exercised 7 7 Proceeds from employee stock purchase program 56 50 Redemption of preferred stock, Series C (6,000 ) (6,000 ) Proceeds from subordinated debt placement, net of issuance costs 9,824 - Common stock repurchased (497 ) (1,197 ) Cash dividends paid on common stock (1,032 ) (873 ) Dividends paid on preferred stock, Series C (57 ) (117 ) Net cash provided by (used in) financing activities 2,415 (8,018 ) Net increase (decrease) in cash and cash equivalents 287 (262 ) Cash and Cash Equivalents – Beginning 46 308 Cash and Cash Equivalents – Ending $ 333 $ 46 |
Note 21 - Summary of Quarterl46
Note 21 - Summary of Quarterly Results (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information [Table Text Block] | 2015 Fourth Quarter Third Quarter Second Quarter First Quarter Interest income $ 8,306 $ 8,218 $ 7,903 $ 7,676 Interest expense 1,019 973 967 904 Net interest income 7,287 7,245 6,936 6,772 Provision for loan losses 90 120 190 90 Net interest income after provision for loan losses 7,197 7,125 6,746 6,682 Non-interest income 984 836 941 776 Non-interest expense 5,509 5,308 5,377 5,161 Income before income taxes 2,672 2,653 2,310 2,297 Income taxes 921 961 849 854 Net income 1,751 1,692 1,461 1,443 Preferred stock dividends (12 ) (15 ) (15 ) (15 ) Net income available to common shareholders $ 1,739 $ 1,677 $ 1,446 $ 1,428 Per common share data: Basic earnings $ 0.22 $ 0.21 $ 0.18 $ 0.18 Diluted earnings $ 0.21 $ 0.21 $ 0.18 $ 0.18 2014 Fourth Quarter Third Quarter Second Quarter First Quarter Interest income $ 7,699 $ 7,655 $ 7,552 $ 7,480 Interest expense 864 851 866 871 Net interest income 6,835 6,804 6,686 6,609 Provision for loan losses 100 - 238 283 Net interest income after provision for loan losses 6,735 6,804 6,448 6,326 Non-interest income 736 712 713 771 Non-interest expense 5,149 4,822 4,904 4,792 Income before income taxes 2,322 2,694 2,257 2,305 Income taxes 863 1,006 837 855 Net income 1,459 1,688 1,420 1,450 Preferred stock dividends (27 ) (30 ) (30 ) (30 ) Net income available to common shareholders $ 1,432 $ 1,658 $ 1,390 $ 1,420 Per common share data: Basic earnings $ 0.18 $ 0.21 $ 0.18 $ 0.18 Diluted earnings $ 0.18 $ 0.20 $ 0.17 $ 0.17 |
Note 1 - Summary of Significa47
Note 1 - Summary of Significant Accounting Policies (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Note 1 - Summary of Significant Accounting Policies (Details) [Line Items] | ||
Federal Home Loan Bank Stock | $ 2,020,800 | $ 1,454,000 |
Atlantic Community Bankers Bank Stock | 75,000 | 75,000 |
Investment in Solomon Hess SBA Loan Fund | 1,500,000 | $ 1,500,000 |
SBA Loans Authorized | 5,000,000 | |
Line of Credit Available to Applicants | $ 350,000 | |
Line of Credit Facility, Expiration Period | 15 years | |
Goodwill, Impairment Loss | $ 0 | |
Number of Operating Segments | 1 | |
Home Equity Line of Credit [Member] | ||
Note 1 - Summary of Significant Accounting Policies (Details) [Line Items] | ||
Line of Credit Available to Applicants | $ 350,000 | |
Line of Credit Facility, Expiration Period | 15 years | |
Commercial Real Estate Portfolio Segment [Member] | ||
Note 1 - Summary of Significant Accounting Policies (Details) [Line Items] | ||
Rate Readjustment Period | 5 years | |
Minimum [Member] | Commercial Portfolio Segment [Member] | ||
Note 1 - Summary of Significant Accounting Policies (Details) [Line Items] | ||
Debt Instrument, Term | 1 year | |
Minimum [Member] | Commercial Real Estate Portfolio Segment [Member] | ||
Note 1 - Summary of Significant Accounting Policies (Details) [Line Items] | ||
Debt Amortization Schedule | 5 years | |
Maximum [Member] | Commercial Portfolio Segment [Member] | ||
Note 1 - Summary of Significant Accounting Policies (Details) [Line Items] | ||
Debt Instrument, Term | 5 years | |
Maximum [Member] | Commercial Real Estate Portfolio Segment [Member] | ||
Note 1 - Summary of Significant Accounting Policies (Details) [Line Items] | ||
Loan to Value Ratio | 75.00% | |
Debt Amortization Schedule | 25 years |
Note 2 - Securities (Details)
Note 2 - Securities (Details) | 12 Months Ended | |
Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Note 2 - Securities (Details) [Line Items] | ||
Available For Sale Securities Number Of Positions Sold | 19 | 31 |
Proceeds from Sale of Available-for-sale Securities | $ 24,306,000 | $ 9,827,000 |
Available-for-sale Securities, Gross Realized Gains | 70,000 | 105,000 |
Available-for-sale Securities, Gross Realized Losses | 33,000 | 17,000 |
Available-for-sale Securities Pledged as Collateral | $ 32,596,000 | 31,945,000 |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | 49 | |
Number of Individual Trust Preferred Securities | 4 | |
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net | $ 0 | $ 0 |
Corporate Debt Securities, Primarily Financial Institutions [Member] | Not Other Than Temporary Impaired [Member] | ||
Note 2 - Securities (Details) [Line Items] | ||
Continuous Unrealized Loss, 12 Months or More, Amortized Cost | 2,800,000 | |
Continuous Unrealized Loss, 12 Months or More | $ 2,400,000 |
Note 2 - Securities (Details) -
Note 2 - Securities (Details) - Summary of Securities - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Securities available for sale: | ||
Securities available-for-sale, amortized cost | $ 34,184 | $ 45,993 |
Securities available-for-sale, gross unrealized gains | 27 | 96 |
Securities available-for-sale, gross unrealized losses | (681) | (658) |
Securities available-for-sale | 33,530 | 45,431 |
Securities held to maturity: | ||
Securities held-to-maturity, amortized cost | 43,167 | 25,280 |
Securities held-to-maturity, gross unrealized gains | 833 | 469 |
Securities held-to-maturity, gross unrealized losses | (332) | (342) |
Securities available-for-sale | 43,668 | 25,407 |
US Government Agencies Debt Securities [Member] | ||
Securities available for sale: | ||
Securities available-for-sale, amortized cost | 1,241 | 2,715 |
Securities available-for-sale, gross unrealized gains | 0 | 1 |
Securities available-for-sale, gross unrealized losses | (3) | (7) |
Securities available-for-sale | 1,238 | 2,709 |
US States and Political Subdivisions Debt Securities [Member] | ||
Securities available for sale: | ||
Securities available-for-sale, amortized cost | 508 | 515 |
Securities available-for-sale, gross unrealized gains | 9 | 7 |
Securities available-for-sale, gross unrealized losses | 0 | 0 |
Securities available-for-sale | 517 | 522 |
Securities held to maturity: | ||
Securities held-to-maturity, amortized cost | 33,956 | 18,138 |
Securities held-to-maturity, gross unrealized gains | 824 | 450 |
Securities held-to-maturity, gross unrealized losses | (9) | (33) |
Securities available-for-sale | 34,771 | 18,555 |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Securities available for sale: | ||
Securities available-for-sale, amortized cost | 14,646 | 21,403 |
Securities available-for-sale, gross unrealized gains | 5 | 31 |
Securities available-for-sale, gross unrealized losses | (202) | (113) |
Securities available-for-sale | 14,449 | 21,321 |
Securities held to maturity: | ||
Securities held-to-maturity, amortized cost | 3,789 | 2,100 |
Securities held-to-maturity, gross unrealized gains | 9 | 19 |
Securities held-to-maturity, gross unrealized losses | (44) | (20) |
Securities available-for-sale | 3,754 | 2,099 |
Residential Mortgage Backed Securities [Member] | ||
Securities available for sale: | ||
Securities available-for-sale, amortized cost | 12,900 | 16,419 |
Securities available-for-sale, gross unrealized gains | 13 | 53 |
Securities available-for-sale, gross unrealized losses | (286) | (349) |
Securities available-for-sale | 12,627 | 16,123 |
Securities held to maturity: | ||
Securities held-to-maturity, amortized cost | 3,602 | 3,225 |
Securities held-to-maturity, gross unrealized gains | 0 | 0 |
Securities held-to-maturity, gross unrealized losses | (46) | (25) |
Securities available-for-sale | 3,556 | 3,200 |
Corporate Debt Securities [Member] | ||
Securities available for sale: | ||
Securities available-for-sale, amortized cost | 2,492 | 2,494 |
Securities available-for-sale, gross unrealized gains | 0 | 4 |
Securities available-for-sale, gross unrealized losses | (175) | (187) |
Securities available-for-sale | 2,317 | 2,311 |
Securities held to maturity: | ||
Securities held-to-maturity, amortized cost | 1,820 | 1,817 |
Securities held-to-maturity, gross unrealized gains | 0 | 0 |
Securities held-to-maturity, gross unrealized losses | (233) | (264) |
Securities available-for-sale | 1,587 | 1,553 |
Securities Portfolio Without CRA [Member] | ||
Securities available for sale: | ||
Securities available-for-sale, amortized cost | 31,787 | 43,546 |
Securities available-for-sale, gross unrealized gains | 27 | 96 |
Securities available-for-sale, gross unrealized losses | (666) | (656) |
Securities available-for-sale | 31,148 | 42,986 |
Securities held to maturity: | ||
Securities held-to-maturity, amortized cost | 43,167 | |
Securities available-for-sale | 43,668 | |
CRA Mutual Fund [Member] | ||
Securities available for sale: | ||
Securities available-for-sale, amortized cost | 2,397 | 2,447 |
Securities available-for-sale, gross unrealized gains | 0 | 0 |
Securities available-for-sale, gross unrealized losses | (15) | (2) |
Securities available-for-sale | $ 2,382 | $ 2,445 |
Note 2 - Securities (Details)50
Note 2 - Securities (Details) - Investments Classified by Contractual Maturity Date - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Note 2 - Securities (Details) - Investments Classified by Contractual Maturity Date [Line Items] | ||
Due in one year or less | $ 6,756 | |
Due in one year or less | 6,755 | |
Due in one year through five years | 3,072 | |
Due in one year through five years | 3,069 | |
Due in one year through five years | 4,393 | |
Due in one year through five years | 4,529 | |
Due in five years through ten years | 175 | |
Due in five years through ten years | 176 | |
Due in five years through ten years | 2,704 | |
Due in five years through ten years | 2,784 | |
Due after ten years | 994 | |
Due after ten years | 827 | |
Due after ten years | 21,923 | |
Due after ten years | 22,290 | |
4,241 | ||
4,072 | ||
35,776 | ||
36,358 | ||
34,184 | $ 45,993 | |
33,530 | 45,431 | |
43,167 | 25,280 | |
43,668 | 25,407 | |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Note 2 - Securities (Details) - Investments Classified by Contractual Maturity Date [Line Items] | ||
Available-for-sale Securities, wthout single maturity date, Amortized Cost | 14,646 | |
Available-for-sale Securities, without single maturity date, Fair Value | 14,449 | |
Held-to-maturity Securities, without single maturity date, Amortized Cost | 3,789 | |
Held-to-maturity Securities, without single maturity date, Fair Value | 3,754 | |
14,646 | 21,403 | |
14,449 | 21,321 | |
3,789 | 2,100 | |
3,754 | 2,099 | |
Residential Mortgage Backed Securities [Member] | ||
Note 2 - Securities (Details) - Investments Classified by Contractual Maturity Date [Line Items] | ||
Available-for-sale Securities, wthout single maturity date, Amortized Cost | 12,900 | |
Available-for-sale Securities, without single maturity date, Fair Value | 12,627 | |
Held-to-maturity Securities, without single maturity date, Amortized Cost | 3,602 | |
Held-to-maturity Securities, without single maturity date, Fair Value | 3,556 | |
12,900 | 16,419 | |
12,627 | 16,123 | |
3,602 | 3,225 | |
3,556 | 3,200 | |
Securities Portfolio Without CRA [Member] | ||
Note 2 - Securities (Details) - Investments Classified by Contractual Maturity Date [Line Items] | ||
31,787 | 43,546 | |
31,148 | $ 42,986 | |
43,167 | ||
$ 43,668 |
Note 2 - Securities (Details)51
Note 2 - Securities (Details) - Securities in a Continuous Unrealized Loss Position - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Note 2 - Securities (Details) - Securities in a Continuous Unrealized Loss Position [Line Items] | ||
Less than 12 Months Fair Value | $ 30,204 | $ 26,218 |
Less than 12 Months Unrealized Losses | (247) | (70) |
12 Months or More Fair Value | 15,272 | 22,313 |
12 Months or More Unrealized Losses | (766) | (930) |
Total Fair Value | 45,476 | 48,531 |
Total Unrealized Losses | (1,013) | (1,000) |
US Government Agencies Debt Securities [Member] | ||
Note 2 - Securities (Details) - Securities in a Continuous Unrealized Loss Position [Line Items] | ||
Less than 12 Months Fair Value | 1,238 | |
Less than 12 Months Unrealized Losses | (3) | |
12 Months or More Fair Value | 0 | 1,232 |
12 Months or More Unrealized Losses | 0 | (7) |
Total Fair Value | 1,238 | 1,232 |
Total Unrealized Losses | (3) | (7) |
US States and Political Subdivisions Debt Securities [Member] | ||
Note 2 - Securities (Details) - Securities in a Continuous Unrealized Loss Position [Line Items] | ||
Less than 12 Months Fair Value | 5,858 | 6,802 |
Less than 12 Months Unrealized Losses | (5) | (8) |
12 Months or More Fair Value | 498 | 1,994 |
12 Months or More Unrealized Losses | (4) | (25) |
Total Fair Value | 6,356 | 8,796 |
Total Unrealized Losses | (9) | (33) |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Note 2 - Securities (Details) - Securities in a Continuous Unrealized Loss Position [Line Items] | ||
Less than 12 Months Fair Value | 11,946 | 12,512 |
Less than 12 Months Unrealized Losses | (151) | (37) |
12 Months or More Fair Value | 5,006 | 6,125 |
12 Months or More Unrealized Losses | (95) | (96) |
Total Fair Value | 16,952 | 18,637 |
Total Unrealized Losses | (246) | (133) |
Residential Mortgage Backed Securities [Member] | ||
Note 2 - Securities (Details) - Securities in a Continuous Unrealized Loss Position [Line Items] | ||
Less than 12 Months Fair Value | 8,284 | 4,459 |
Less than 12 Months Unrealized Losses | (72) | (23) |
12 Months or More Fair Value | 6,861 | 10,102 |
12 Months or More Unrealized Losses | (260) | (351) |
Total Fair Value | 15,145 | 14,561 |
Total Unrealized Losses | (332) | (374) |
Corporate Debt Securities [Member] | ||
Note 2 - Securities (Details) - Securities in a Continuous Unrealized Loss Position [Line Items] | ||
Less than 12 Months Fair Value | 496 | 0 |
Less than 12 Months Unrealized Losses | (1) | 0 |
12 Months or More Fair Value | 2,907 | 2,860 |
12 Months or More Unrealized Losses | (407) | (451) |
Total Fair Value | 3,403 | 2,860 |
Total Unrealized Losses | (408) | (451) |
CRA Mutual Fund [Member] | ||
Note 2 - Securities (Details) - Securities in a Continuous Unrealized Loss Position [Line Items] | ||
Less than 12 Months Fair Value | 2,382 | 2,445 |
Less than 12 Months Unrealized Losses | (15) | (2) |
12 Months or More Fair Value | 0 | 0 |
12 Months or More Unrealized Losses | 0 | 0 |
Total Fair Value | 2,382 | 2,445 |
Total Unrealized Losses | $ (15) | $ (2) |
Note 3 - Loans Receivable and52
Note 3 - Loans Receivable and Allowance for Loan Losses (Details) | 12 Months Ended | |
Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Note 3 - Loans Receivable and Allowance for Loan Losses (Details) [Line Items] | ||
Financing Receivable, Modifications, Recorded Investment | $ 10,800,000 | |
Financing Receivable Modifications Recorded Investment, Current | $ 9,300,000 | |
Financing Receivable, Modifications, Number of Contracts | 6 | 7 |
Financing Receivable Modifications Non-Accrual Status Recorded Investment | $ 1,500,000 | |
Allowance for Credit Losses, Change in Method of Calculating Impairment | 49,000 | |
Payments for (Proceeds from) Loans and Leases | $ 77,680,000 | $ 30,364,000 |
Financing Receivable, Modifications, Subsequent Default, Number of Contracts | 0 | |
Trouble Debt Restructuring [Member] | ||
Note 3 - Loans Receivable and Allowance for Loan Losses (Details) [Line Items] | ||
Financing Receivable Paid in Full Number of Loans | 12 | |
Payments for (Proceeds from) Loans and Leases | $ (3,300,000) | |
Non Accrual Loans [Member] | ||
Note 3 - Loans Receivable and Allowance for Loan Losses (Details) [Line Items] | ||
Financing Receivable, Modifications, Number of Contracts | 3 | |
Commercial Real Estate Portfolio Segment [Member] | ||
Note 3 - Loans Receivable and Allowance for Loan Losses (Details) [Line Items] | ||
Financing Receivable, Modifications, Subsequent Default, Number of Contracts | 2 | |
Financing Receivable, Modifications, Subsequent Default, Recorded Investment | $ 281,000 |
Note 3 - Loans Receivable and53
Note 3 - Loans Receivable and Allowance for Loan Losses (Details) - Components of Loan Portfolio - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | $ 693,710 | $ 628,339 | |
Allowance for loan losses | (8,713) | (8,069) | $ (7,872) |
Net unearned fees | (560) | (725) | |
Net Loans | 684,437 | 619,545 | |
Commercial Portfolio Segment [Member] | Commercial and Industrial Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 100,154 | 96,514 | |
Allowance for loan losses | (990) | (1,044) | (990) |
Commercial Portfolio Segment [Member] | Construction Real Estate Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 104,231 | 89,145 | |
Allowance for loan losses | (1,283) | (1,454) | (1,634) |
Commercial Portfolio Segment [Member] | Commercial Real Estate Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 422,665 | 383,777 | |
Allowance for loan losses | (5,599) | (4,624) | (4,325) |
Consumer Portfolio Segment [Member] | Residential Real Estate Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 39,524 | 30,808 | |
Allowance for loan losses | (304) | (223) | (190) |
Consumer Portfolio Segment [Member] | Consumer Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 27,136 | 28,095 | |
Allowance for loan losses | $ (242) | $ (565) | $ (594) |
Note 3 - Loans Receivable and54
Note 3 - Loans Receivable and Allowance for Loan Losses (Details) - Past Due Financing Recievables - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | $ 3,271 | $ 6,491 |
Current | 690,439 | 621,848 |
Loans | 693,710 | 628,339 |
Loans receivable >90 days and still accruing | 0 | 0 |
Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 219 | 254 |
Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 150 | 0 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 2,902 | 6,237 |
Commercial Portfolio Segment [Member] | Commercial and Industrial Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 138 | 119 |
Current | 100,016 | 96,395 |
Loans | 100,154 | 96,514 |
Loans receivable >90 days and still accruing | 0 | 0 |
Commercial Portfolio Segment [Member] | Commercial and Industrial Loans [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 107 | 0 |
Commercial Portfolio Segment [Member] | Commercial and Industrial Loans [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 0 | 0 |
Commercial Portfolio Segment [Member] | Commercial and Industrial Loans [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 31 | 119 |
Commercial Portfolio Segment [Member] | Construction Real Estate Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 150 | 407 |
Current | 104,081 | 88,738 |
Loans | 104,231 | 89,145 |
Loans receivable >90 days and still accruing | 0 | 0 |
Commercial Portfolio Segment [Member] | Construction Real Estate Loans [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 0 | 0 |
Commercial Portfolio Segment [Member] | Construction Real Estate Loans [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 150 | 0 |
Commercial Portfolio Segment [Member] | Construction Real Estate Loans [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 0 | 407 |
Commercial Portfolio Segment [Member] | Commercial Real Estate Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 2,187 | 4,976 |
Current | 420,478 | 378,801 |
Loans | 422,665 | 383,777 |
Loans receivable >90 days and still accruing | 0 | 0 |
Commercial Portfolio Segment [Member] | Commercial Real Estate Loans [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 112 | 254 |
Commercial Portfolio Segment [Member] | Commercial Real Estate Loans [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 0 | 0 |
Commercial Portfolio Segment [Member] | Commercial Real Estate Loans [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 2,075 | 4,722 |
Consumer Portfolio Segment [Member] | Residential Real Estate Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 796 | 694 |
Current | 38,728 | 30,114 |
Loans | 39,524 | 30,808 |
Loans receivable >90 days and still accruing | 0 | 0 |
Consumer Portfolio Segment [Member] | Residential Real Estate Loans [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 0 | 0 |
Consumer Portfolio Segment [Member] | Residential Real Estate Loans [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 0 | 0 |
Consumer Portfolio Segment [Member] | Residential Real Estate Loans [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 796 | 694 |
Consumer Portfolio Segment [Member] | Consumer Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 0 | 295 |
Current | 27,136 | 27,800 |
Loans | 27,136 | 28,095 |
Loans receivable >90 days and still accruing | 0 | 0 |
Consumer Portfolio Segment [Member] | Consumer Loans [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 0 | 0 |
Consumer Portfolio Segment [Member] | Consumer Loans [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 0 | 0 |
Consumer Portfolio Segment [Member] | Consumer Loans [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | $ 0 | $ 295 |
Note 3 - Loans Receivable and55
Note 3 - Loans Receivable and Allowance for Loan Losses (Details) - Financing Recievables, Non Accrual Status - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Note 3 - Loans Receivable and Allowance for Loan Losses (Details) - Financing Recievables, Non Accrual Status [Line Items] | ||
Non-accrual loans | $ 3,178 | $ 6,237 |
Commercial Portfolio Segment [Member] | Commercial and Industrial Loans [Member] | ||
Note 3 - Loans Receivable and Allowance for Loan Losses (Details) - Financing Recievables, Non Accrual Status [Line Items] | ||
Non-accrual loans | 138 | 119 |
Commercial Portfolio Segment [Member] | Construction Real Estate Loans [Member] | ||
Note 3 - Loans Receivable and Allowance for Loan Losses (Details) - Financing Recievables, Non Accrual Status [Line Items] | ||
Non-accrual loans | 0 | 407 |
Commercial Portfolio Segment [Member] | Commercial Real Estate Loans [Member] | ||
Note 3 - Loans Receivable and Allowance for Loan Losses (Details) - Financing Recievables, Non Accrual Status [Line Items] | ||
Non-accrual loans | 2,244 | 4,722 |
Consumer Portfolio Segment [Member] | Residential Real Estate Loans [Member] | ||
Note 3 - Loans Receivable and Allowance for Loan Losses (Details) - Financing Recievables, Non Accrual Status [Line Items] | ||
Non-accrual loans | 796 | 694 |
Consumer Portfolio Segment [Member] | Consumer Loans [Member] | ||
Note 3 - Loans Receivable and Allowance for Loan Losses (Details) - Financing Recievables, Non Accrual Status [Line Items] | ||
Non-accrual loans | $ 0 | $ 295 |
Note 3 - Loans Receivable and56
Note 3 - Loans Receivable and Allowance for Loan Losses (Details) - Impaired Financing Receivables - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
With an allowance recorded: | ||
Related allowance | $ 49 | $ 198 |
Total: | ||
Recorded investment, net of charge-offs | 12,466 | 22,522 |
Unpaid principal balance | 12,741 | 23,453 |
Related allowance | 49 | 198 |
Average recorded investment | 13,040 | 24,980 |
Interest income recognized | 442 | 910 |
Commercial Portfolio Segment [Member] | Commercial and Industrial Loans [Member] | ||
With no related allowance recorded: | ||
Recorded investment, net of charge-offs, with no related allowance recorded | 652 | 1,052 |
Unpaid principal balance, with no related allowance recorded | 652 | 1,052 |
Average recorded investment, with no related allowance recorded | 645 | 840 |
Interest income recognized, with no related allowance recorded | 18 | 47 |
With an allowance recorded: | ||
Recorded investment, net of charge-offs, with an allowance recorded | 3,305 | 0 |
Unpaid principal balance, with an allowance recorded | 3,305 | 0 |
Related allowance | 49 | 0 |
Average recorded investment, with an allowance recorded | 3,278 | 0 |
Interest income recognized, with an allowance recorded | 152 | 0 |
Total: | ||
Recorded investment, net of charge-offs | 3,957 | 1,052 |
Unpaid principal balance | 3,957 | 1,052 |
Related allowance | 49 | 0 |
Average recorded investment | 3,923 | 840 |
Interest income recognized | 170 | 47 |
Commercial Portfolio Segment [Member] | Construction Real Estate Loans [Member] | ||
With no related allowance recorded: | ||
Recorded investment, net of charge-offs, with no related allowance recorded | 3,855 | 6,324 |
Unpaid principal balance, with no related allowance recorded | 3,855 | 6,324 |
Average recorded investment, with no related allowance recorded | 4,381 | 7,689 |
Interest income recognized, with no related allowance recorded | 186 | 389 |
With an allowance recorded: | ||
Recorded investment, net of charge-offs, with an allowance recorded | 0 | 1,866 |
Unpaid principal balance, with an allowance recorded | 0 | 1,866 |
Related allowance | 0 | 44 |
Average recorded investment, with an allowance recorded | 0 | 1,913 |
Interest income recognized, with an allowance recorded | 0 | 64 |
Total: | ||
Recorded investment, net of charge-offs | 3,855 | 8,190 |
Unpaid principal balance | 3,855 | 8,190 |
Related allowance | 0 | 44 |
Average recorded investment | 4,381 | 9,602 |
Interest income recognized | 186 | 453 |
Commercial Portfolio Segment [Member] | Commercial Real Estate Loans [Member] | ||
With no related allowance recorded: | ||
Recorded investment, net of charge-offs, with no related allowance recorded | 3,267 | 8,235 |
Unpaid principal balance, with no related allowance recorded | 3,542 | 9,166 |
Average recorded investment, with no related allowance recorded | 3,338 | 9,405 |
Interest income recognized, with no related allowance recorded | 48 | 206 |
With an allowance recorded: | ||
Recorded investment, net of charge-offs, with an allowance recorded | 0 | 3,352 |
Unpaid principal balance, with an allowance recorded | 0 | 3,352 |
Related allowance | 0 | 154 |
Average recorded investment, with an allowance recorded | 0 | 3,393 |
Interest income recognized, with an allowance recorded | 0 | 163 |
Total: | ||
Recorded investment, net of charge-offs | 3,267 | 11,587 |
Unpaid principal balance | 3,542 | 12,518 |
Related allowance | 0 | 154 |
Average recorded investment | 3,338 | 12,798 |
Interest income recognized | 48 | 369 |
Consumer Portfolio Segment [Member] | Residential Real Estate Loans [Member] | ||
With no related allowance recorded: | ||
Recorded investment, net of charge-offs, with no related allowance recorded | 1,178 | 1,083 |
Unpaid principal balance, with no related allowance recorded | 1,178 | 1,083 |
Average recorded investment, with no related allowance recorded | 1,183 | 1,106 |
Interest income recognized, with no related allowance recorded | 29 | 26 |
With an allowance recorded: | ||
Recorded investment, net of charge-offs, with an allowance recorded | 0 | 0 |
Unpaid principal balance, with an allowance recorded | 0 | 0 |
Related allowance | 0 | 0 |
Average recorded investment, with an allowance recorded | 0 | 0 |
Interest income recognized, with an allowance recorded | 0 | 0 |
Total: | ||
Recorded investment, net of charge-offs | 1,178 | 1,083 |
Unpaid principal balance | 1,178 | 1,083 |
Related allowance | 0 | 0 |
Average recorded investment | 1,183 | 1,106 |
Interest income recognized | 29 | 26 |
Consumer Portfolio Segment [Member] | Consumer Loans [Member] | ||
With no related allowance recorded: | ||
Recorded investment, net of charge-offs, with no related allowance recorded | 209 | 610 |
Unpaid principal balance, with no related allowance recorded | 209 | 610 |
Average recorded investment, with no related allowance recorded | 215 | 634 |
Interest income recognized, with no related allowance recorded | 9 | 15 |
With an allowance recorded: | ||
Recorded investment, net of charge-offs, with an allowance recorded | 0 | 0 |
Unpaid principal balance, with an allowance recorded | 0 | 0 |
Related allowance | 0 | 0 |
Average recorded investment, with an allowance recorded | 0 | 0 |
Interest income recognized, with an allowance recorded | 0 | 0 |
Total: | ||
Recorded investment, net of charge-offs | 209 | 610 |
Unpaid principal balance | 209 | 610 |
Related allowance | 0 | 0 |
Average recorded investment | 215 | 634 |
Interest income recognized | $ 9 | $ 15 |
Note 3 - Loans Receivable and57
Note 3 - Loans Receivable and Allowance for Loan Losses (Details) - Financing Receivable Credit Quality Indicators - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | $ 693,710 | $ 628,339 |
Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 676,808 | 601,567 |
Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 6,694 | 10,530 |
Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 10,208 | 16,242 |
Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 0 | 0 |
Commercial Portfolio Segment [Member] | Commercial and Industrial Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 100,154 | 96,514 |
Commercial Portfolio Segment [Member] | Commercial and Industrial Loans [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 96,038 | 92,225 |
Commercial Portfolio Segment [Member] | Commercial and Industrial Loans [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 159 | 3,395 |
Commercial Portfolio Segment [Member] | Commercial and Industrial Loans [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 3,957 | 894 |
Commercial Portfolio Segment [Member] | Commercial and Industrial Loans [Member] | Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 0 | 0 |
Commercial Portfolio Segment [Member] | Construction Real Estate Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 104,231 | 89,145 |
Commercial Portfolio Segment [Member] | Construction Real Estate Loans [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 100,376 | 79,030 |
Commercial Portfolio Segment [Member] | Construction Real Estate Loans [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 1,830 | 2,443 |
Commercial Portfolio Segment [Member] | Construction Real Estate Loans [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 2,025 | 7,672 |
Commercial Portfolio Segment [Member] | Construction Real Estate Loans [Member] | Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 0 | 0 |
Commercial Portfolio Segment [Member] | Commercial Real Estate Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 422,665 | 383,777 |
Commercial Portfolio Segment [Member] | Commercial Real Estate Loans [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 414,872 | 372,761 |
Commercial Portfolio Segment [Member] | Commercial Real Estate Loans [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 4,667 | 4,652 |
Commercial Portfolio Segment [Member] | Commercial Real Estate Loans [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 3,126 | 6,364 |
Commercial Portfolio Segment [Member] | Commercial Real Estate Loans [Member] | Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 0 | 0 |
Consumer Portfolio Segment [Member] | Residential Real Estate Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 39,524 | 30,808 |
Consumer Portfolio Segment [Member] | Residential Real Estate Loans [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 38,631 | 30,013 |
Consumer Portfolio Segment [Member] | Residential Real Estate Loans [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 0 | 0 |
Consumer Portfolio Segment [Member] | Residential Real Estate Loans [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 893 | 795 |
Consumer Portfolio Segment [Member] | Residential Real Estate Loans [Member] | Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 0 | 0 |
Consumer Portfolio Segment [Member] | Consumer Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 27,136 | 28,095 |
Consumer Portfolio Segment [Member] | Consumer Loans [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 26,891 | 27,538 |
Consumer Portfolio Segment [Member] | Consumer Loans [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 38 | 40 |
Consumer Portfolio Segment [Member] | Consumer Loans [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 207 | 517 |
Consumer Portfolio Segment [Member] | Consumer Loans [Member] | Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | $ 0 | $ 0 |
Note 3 - Loans Receivable and58
Note 3 - Loans Receivable and Allowance for Loan Losses (Details) - Change in Allowance for Credit Losses on Financing Receivables - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||
Beginning balance | $ 8,069 | $ 7,872 | $ 8,069 | $ 7,872 | |||||
Charge-offs | (82) | (1,131) | |||||||
Recoveries | 236 | 707 | |||||||
Provision | $ 90 | $ 120 | $ 190 | 90 | $ 100 | $ 238 | 283 | 490 | 621 |
Ending Balance | 8,713 | 8,069 | 8,713 | 8,069 | |||||
Commercial Portfolio Segment [Member] | Commercial and Industrial Loans [Member] | |||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||
Beginning balance | 1,044 | 990 | 1,044 | 990 | |||||
Charge-offs | 0 | 0 | |||||||
Recoveries | 12 | 454 | |||||||
Provision | (66) | (400) | |||||||
Ending Balance | 990 | 1,044 | 990 | 1,044 | |||||
Commercial Portfolio Segment [Member] | Construction Real Estate Loans [Member] | |||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||
Beginning balance | 1,454 | 1,634 | 1,454 | 1,634 | |||||
Charge-offs | 0 | 0 | |||||||
Recoveries | 217 | 0 | |||||||
Provision | (388) | (180) | |||||||
Ending Balance | 1,283 | 1,454 | 1,283 | 1,454 | |||||
Commercial Portfolio Segment [Member] | Commercial Real Estate Loans [Member] | |||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||
Beginning balance | 4,624 | 4,325 | 4,624 | 4,325 | |||||
Charge-offs | 0 | (990) | |||||||
Recoveries | 2 | 177 | |||||||
Provision | 973 | 1,112 | |||||||
Ending Balance | 5,599 | 4,624 | 5,599 | 4,624 | |||||
Consumer Portfolio Segment [Member] | Residential Real Estate Loans [Member] | |||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||
Beginning balance | 223 | 190 | 223 | 190 | |||||
Charge-offs | 0 | (4) | |||||||
Recoveries | 0 | 30 | |||||||
Provision | 81 | 7 | |||||||
Ending Balance | 304 | 223 | 304 | 223 | |||||
Consumer Portfolio Segment [Member] | Consumer Loans [Member] | |||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||
Beginning balance | 565 | 594 | 565 | 594 | |||||
Charge-offs | (82) | (137) | |||||||
Recoveries | 5 | 46 | |||||||
Provision | (246) | 62 | |||||||
Ending Balance | 242 | 565 | 242 | 565 | |||||
Unallocated Financing Receivables [Member] | |||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||
Beginning balance | $ 159 | $ 139 | 159 | 139 | |||||
Charge-offs | 0 | 0 | |||||||
Recoveries | 0 | 0 | |||||||
Provision | 136 | 20 | |||||||
Ending Balance | $ 295 | $ 159 | $ 295 | $ 159 |
Note 3 - Loans Receivable and59
Note 3 - Loans Receivable and Allowance for Loan Losses (Details) - Allowance for Credit Losses on Financing Receivables - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for loan losses | $ 8,713 | $ 8,069 | $ 7,872 |
Allowance for loan losses individually evaluated for impairment | 49 | 198 | |
Allowance for loan losses collectively evaluated for impairment | 8,664 | 7,871 | |
Loans | 693,710 | 628,339 | |
Loans individually evaluated for impairment | 12,466 | 22,522 | |
Loans collectively evaluated for impairment | 681,244 | 605,817 | |
Commercial Portfolio Segment [Member] | Commercial and Industrial Loans [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for loan losses | 990 | 1,044 | 990 |
Allowance for loan losses individually evaluated for impairment | 49 | 0 | |
Allowance for loan losses collectively evaluated for impairment | 941 | 1,044 | |
Loans | 100,154 | 96,514 | |
Loans individually evaluated for impairment | 3,957 | 1,052 | |
Loans collectively evaluated for impairment | 96,197 | 95,462 | |
Commercial Portfolio Segment [Member] | Construction Real Estate Loans [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for loan losses | 1,283 | 1,454 | 1,634 |
Allowance for loan losses individually evaluated for impairment | 0 | 44 | |
Allowance for loan losses collectively evaluated for impairment | 1,283 | 1,410 | |
Loans | 104,231 | 89,145 | |
Loans individually evaluated for impairment | 3,855 | 8,190 | |
Loans collectively evaluated for impairment | 100,376 | 80,955 | |
Commercial Portfolio Segment [Member] | Commercial Real Estate Loans [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for loan losses | 5,599 | 4,624 | 4,325 |
Allowance for loan losses individually evaluated for impairment | 0 | 154 | |
Allowance for loan losses collectively evaluated for impairment | 5,599 | 4,470 | |
Loans | 422,665 | 383,777 | |
Loans individually evaluated for impairment | 3,267 | 11,587 | |
Loans collectively evaluated for impairment | 419,398 | 372,190 | |
Consumer Portfolio Segment [Member] | Residential Real Estate Loans [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for loan losses | 304 | 223 | 190 |
Allowance for loan losses individually evaluated for impairment | 0 | 0 | |
Allowance for loan losses collectively evaluated for impairment | 304 | 223 | |
Loans | 39,524 | 30,808 | |
Loans individually evaluated for impairment | 1,178 | 1,083 | |
Loans collectively evaluated for impairment | 38,346 | 29,725 | |
Consumer Portfolio Segment [Member] | Consumer Loans [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for loan losses | 242 | 565 | 594 |
Allowance for loan losses individually evaluated for impairment | 0 | 0 | |
Allowance for loan losses collectively evaluated for impairment | 242 | 565 | |
Loans | 27,136 | 28,095 | |
Loans individually evaluated for impairment | 209 | 610 | |
Loans collectively evaluated for impairment | 26,927 | 27,485 | |
Unallocated Financing Receivables [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for loan losses | 295 | 159 | $ 139 |
Allowance for loan losses individually evaluated for impairment | 0 | 0 | |
Allowance for loan losses collectively evaluated for impairment | 295 | 159 | |
Loans | 0 | 0 | |
Loans individually evaluated for impairment | 0 | 0 | |
Loans collectively evaluated for impairment | $ 0 | $ 0 |
Note 3 - Loans Receivable and60
Note 3 - Loans Receivable and Allowance for Loan Losses (Details) - Troubled Debt Restructings on Financing Receivables $ in Thousands | 12 Months Ended | |
Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Financing Receivable, Modifications [Line Items] | ||
Number of contracts | 6 | 7 |
Pre-modification recorded investment | $ 3,227 | $ 3,444 |
Post-modification recorded investment | $ 3,227 | $ 3,444 |
Commercial Portfolio Segment [Member] | Commercial and Industrial Loans [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of contracts | 6 | 2 |
Pre-modification recorded investment | $ 3,227 | $ 946 |
Post-modification recorded investment | $ 3,227 | $ 946 |
Commercial Portfolio Segment [Member] | Construction Real Estate Loans [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of contracts | 0 | 1 |
Pre-modification recorded investment | $ 0 | $ 178 |
Post-modification recorded investment | $ 0 | $ 178 |
Commercial Portfolio Segment [Member] | Commercial Real Estate Loans [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of contracts | 0 | 4 |
Pre-modification recorded investment | $ 0 | $ 2,320 |
Post-modification recorded investment | $ 0 | $ 2,320 |
Consumer Portfolio Segment [Member] | Residential Real Estate Loans [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of contracts | 0 | 0 |
Pre-modification recorded investment | $ 0 | $ 0 |
Post-modification recorded investment | $ 0 | $ 0 |
Consumer Portfolio Segment [Member] | Consumer Loans [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of contracts | 0 | 0 |
Pre-modification recorded investment | $ 0 | $ 0 |
Post-modification recorded investment | $ 0 | $ 0 |
Note 4 - Bank Premises and Eq61
Note 4 - Bank Premises and Equipment (Details) - Premises and Equipment - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 15,628 | $ 16,060 |
Less accumulated depreciation and amortization | (10,545) | (10,364) |
5,083 | 5,696 | |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 1,250 | 1,400 |
Building [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, useful life | 30 years | |
Property, plant and equipment, gross | $ 1,419 | 954 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 4,005 | 3,915 |
Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 8,954 | 8,241 |
Construction in Progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 1,550 | |
Minimum [Member] | Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, useful life | 5 years | |
Minimum [Member] | Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, useful life | 2 years | |
Maximum [Member] | Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, useful life | 15 years | |
Maximum [Member] | Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, useful life | 7 years |
Note 5 - Goodwill and Other I62
Note 5 - Goodwill and Other Intangible Assets (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Note 5 - Goodwill and Other Intangible Assets (Details) [Line Items] | ||
Goodwill, Impaired, Accumulated Impairment Loss | $ 0 | $ 0 |
Goodwill | 18,109,000 | 18,109,000 |
Finite-Lived Intangible Assets, Accumulated Amortization | 2,097,000 | 2,049,000 |
Amortization of Intangible Assets | 48,000 | 86,000 |
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | 9,000 | |
Core Deposits [Member] | ||
Note 5 - Goodwill and Other Intangible Assets (Details) [Line Items] | ||
Finite-Lived Intangible Assets, Net | 9,000 | 57,000 |
Finite-Lived Intangible Assets, Accumulated Amortization | $ 2,097,000 | $ 2,049,000 |
Note 6 - Deposits (Details)
Note 6 - Deposits (Details) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Note 6 - Deposits (Details) [Line Items] | ||
Certificates of Deposit, at Carrying Value | $ 33,261,000 | $ 10,176,000 |
Deposit Liabilities Reclassified as Loans Receivable | 143,000 | 512,000 |
Certificates of Deposit [Member] | ||
Note 6 - Deposits (Details) [Line Items] | ||
Interest-bearing Domestic Deposit, Brokered | $ 37,859,000 | $ 29,041,000 |
Note 6 - Deposits (Details) - D
Note 6 - Deposits (Details) - Deposits - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Deposits [Abstract] | ||
Demand, non-interest bearing | $ 144,627 | $ 140,459 |
Demand, interest bearing, money market and savings | 445,788 | 410,997 |
Time, $250,000 and over | 7,693 | 3,993 |
Time, other | 110,328 | 86,941 |
$ 708,436 | $ 642,390 |
Note 6 - Deposits (Details) - M
Note 6 - Deposits (Details) - Maturities of Time Deposits $ in Thousands | Dec. 31, 2015USD ($) |
Maturities of Time Deposits [Abstract] | |
2,016 | $ 23,164 |
2,017 | 22,306 |
2,018 | 27,149 |
2,019 | 28,416 |
2,020 | 14,786 |
Thereafter | 2,200 |
$ 118,021 |
Note 7 - Securities Sold Unde66
Note 7 - Securities Sold Under Agreements to Repurchase (Details) - Repurchase Agreements - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Repurchase agreements: | ||
Balance at year-end | $ 19,545 | $ 23,290 |
Securities Sold under Agreements to Repurchase [Member] | ||
Repurchase agreements: | ||
Balance at year-end | 19,545 | 23,290 |
Average during the year | 22,071 | 20,096 |
Maximum month-end balance | $ 27,916 | $ 27,562 |
Weighted average rate during the year | 0.31% | 0.32% |
Weighted average rate at December 31 | 0.24% | 0.29% |
Note 7 - Securities Sold Unde67
Note 7 - Securities Sold Under Agreements to Repurchase (Details) - Maturities of Repurchase Agreements - Securities Sold under Agreements to Repurchase [Member] - Securities Pledged as Collateral [Member] $ in Thousands | Dec. 31, 2015USD ($) |
Class of Collateral Pledged: | |
Securities sold under repurchase agreements | $ 28,612 |
Gross amount of recognized liabilities for repurchase agreements and securities lending | 19,545 |
Excess of collateral pledged over recognized liability | 9,067 |
Maturity Overnight and Continuous [Member] | |
Class of Collateral Pledged: | |
Securities sold under repurchase agreements | 28,612 |
Maturity Less than 30 Days [Member] | |
Class of Collateral Pledged: | |
Securities sold under repurchase agreements | 0 |
Maturity 30 to 90 Days [Member] | |
Class of Collateral Pledged: | |
Securities sold under repurchase agreements | 0 |
Maturity Greater than 90 Days [Member] | |
Class of Collateral Pledged: | |
Securities sold under repurchase agreements | 0 |
US Government Agencies Debt Securities [Member] | |
Class of Collateral Pledged: | |
Securities sold under repurchase agreements | 1,238 |
US Government Agencies Debt Securities [Member] | Maturity Overnight and Continuous [Member] | |
Class of Collateral Pledged: | |
Securities sold under repurchase agreements | 1,238 |
US Government Agencies Debt Securities [Member] | Maturity Less than 30 Days [Member] | |
Class of Collateral Pledged: | |
Securities sold under repurchase agreements | 0 |
US Government Agencies Debt Securities [Member] | Maturity 30 to 90 Days [Member] | |
Class of Collateral Pledged: | |
Securities sold under repurchase agreements | 0 |
US Government Agencies Debt Securities [Member] | Maturity Greater than 90 Days [Member] | |
Class of Collateral Pledged: | |
Securities sold under repurchase agreements | 0 |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | |
Class of Collateral Pledged: | |
Securities sold under repurchase agreements | 12,557 |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | Maturity Overnight and Continuous [Member] | |
Class of Collateral Pledged: | |
Securities sold under repurchase agreements | 12,557 |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | Maturity Less than 30 Days [Member] | |
Class of Collateral Pledged: | |
Securities sold under repurchase agreements | 0 |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | Maturity 30 to 90 Days [Member] | |
Class of Collateral Pledged: | |
Securities sold under repurchase agreements | 0 |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | Maturity Greater than 90 Days [Member] | |
Class of Collateral Pledged: | |
Securities sold under repurchase agreements | 0 |
Residential Mortgage Backed Securities [Member] | |
Class of Collateral Pledged: | |
Securities sold under repurchase agreements | 14,817 |
Residential Mortgage Backed Securities [Member] | Maturity Overnight and Continuous [Member] | |
Class of Collateral Pledged: | |
Securities sold under repurchase agreements | 14,817 |
Residential Mortgage Backed Securities [Member] | Maturity Less than 30 Days [Member] | |
Class of Collateral Pledged: | |
Securities sold under repurchase agreements | 0 |
Residential Mortgage Backed Securities [Member] | Maturity 30 to 90 Days [Member] | |
Class of Collateral Pledged: | |
Securities sold under repurchase agreements | 0 |
Residential Mortgage Backed Securities [Member] | Maturity Greater than 90 Days [Member] | |
Class of Collateral Pledged: | |
Securities sold under repurchase agreements | $ 0 |
Note 8 - FHLB and Other Borro68
Note 8 - FHLB and Other Borrowings (Details) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Note 8 - FHLB and Other Borrowings (Details) [Line Items] | ||
Letters of Credit Outstanding, Amount | $ 4,315,000 | $ 4,754,000 |
Unsecured Debt [Member] | ||
Note 8 - FHLB and Other Borrowings (Details) [Line Items] | ||
Line of Credit Facility, Maximum Borrowing Capacity | 36,000,000 | |
Federal Fund Borrowing Line [Member] | Atlantic Community Bankers Bank [Member] | ||
Note 8 - FHLB and Other Borrowings (Details) [Line Items] | ||
Line of Credit Facility, Maximum Borrowing Capacity | 10,000,000 | |
Federal Home Loan Bank [Member] | ||
Note 8 - FHLB and Other Borrowings (Details) [Line Items] | ||
Line of Credit Facility, Remaining Borrowing Capacity | 55,600,000 | |
Pledged Assets Separately Reported, Loans Pledged for Federal Home Loan Bank, at Fair Value | 102,300,000 | |
Advances from Federal Home Loan Banks | $ 26,500,000 | $ 16,000,000 |
Federal Home Loan Bank, Advances, Weighted Average Interest Rate | 2.28% | 2.89% |
Letters of Credit Outstanding, Amount | $ 20,100,000 |
Note 8 - FHLB and Other Borro69
Note 8 - FHLB and Other Borrowings (Details) - Maturities of Long-Term Debt - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Note 8 - FHLB and Other Borrowings (Details) - Maturities of Long-Term Debt [Line Items] | ||
Fixed Rate Note | $ 26,500 | $ 16,000 |
Fixed Rate Note 1 [Member] | ||
Note 8 - FHLB and Other Borrowings (Details) - Maturities of Long-Term Debt [Line Items] | ||
Fixed Rate Note | $ 7,500 | 7,500 |
Fixed Rate Note, Rate | 3.97% | |
Fixed Rate Note, Original Term | 10 years | |
Fixed Rate Note 2 [Member] | ||
Note 8 - FHLB and Other Borrowings (Details) - Maturities of Long-Term Debt [Line Items] | ||
Fixed Rate Note | $ 0 | 1,500 |
Fixed Rate Note, Rate | 2.00% | |
Fixed Rate Note, Original Term | 5 years | |
Fixed Rate Note 3 [Member] | ||
Note 8 - FHLB and Other Borrowings (Details) - Maturities of Long-Term Debt [Line Items] | ||
Fixed Rate Note | $ 1,500 | 1,500 |
Fixed Rate Note, Rate | 2.41% | |
Fixed Rate Note, Original Term | 6 years | |
Fixed Rate Note 4 [Member] | ||
Note 8 - FHLB and Other Borrowings (Details) - Maturities of Long-Term Debt [Line Items] | ||
Fixed Rate Note | $ 1,500 | 1,500 |
Fixed Rate Note, Rate | 2.71% | |
Fixed Rate Note, Original Term | 7 years | |
Fixed Rate Note 5 [Member] | ||
Note 8 - FHLB and Other Borrowings (Details) - Maturities of Long-Term Debt [Line Items] | ||
Fixed Rate Note | $ 2,000 | 2,000 |
Fixed Rate Note, Rate | 1.28% | |
Fixed Rate Note, Original Term | 4 years | |
Fixed Rate Note 6 [Member] | ||
Note 8 - FHLB and Other Borrowings (Details) - Maturities of Long-Term Debt [Line Items] | ||
Fixed Rate Note | $ 2,000 | 2,000 |
Fixed Rate Note, Rate | 1.65% | |
Fixed Rate Note, Original Term | 5 years | |
Fixed Rate Note 7 [Member] | ||
Note 8 - FHLB and Other Borrowings (Details) - Maturities of Long-Term Debt [Line Items] | ||
Fixed Rate Note | $ 2,700 | 0 |
Fixed Rate Note, Rate | 0.60% | |
Fixed Rate Note, Original Term | 1 year | |
Fixed Rate Note 8 [Member] | ||
Note 8 - FHLB and Other Borrowings (Details) - Maturities of Long-Term Debt [Line Items] | ||
Fixed Rate Note | $ 1,000 | 0 |
Fixed Rate Note, Rate | 0.97% | |
Fixed Rate Note, Original Term | 2 years | |
Fixed Rate Note 9 [Member] | ||
Note 8 - FHLB and Other Borrowings (Details) - Maturities of Long-Term Debt [Line Items] | ||
Fixed Rate Note | $ 1,300 | 0 |
Fixed Rate Note, Rate | 1.31% | |
Fixed Rate Note, Original Term | 3 years | |
Fixed Rate Note 10 [Member] | ||
Note 8 - FHLB and Other Borrowings (Details) - Maturities of Long-Term Debt [Line Items] | ||
Fixed Rate Note | $ 1,800 | 0 |
Fixed Rate Note, Rate | 1.59% | |
Fixed Rate Note, Original Term | 4 years | |
Fixed Rate Note 11 [Member] | ||
Note 8 - FHLB and Other Borrowings (Details) - Maturities of Long-Term Debt [Line Items] | ||
Fixed Rate Note | $ 2,700 | 0 |
Fixed Rate Note, Rate | 1.81% | |
Fixed Rate Note, Original Term | 5 years | |
Fixed Rate Note 12 [Member] | ||
Note 8 - FHLB and Other Borrowings (Details) - Maturities of Long-Term Debt [Line Items] | ||
Fixed Rate Note | $ 2,500 | $ 0 |
Fixed Rate Note, Rate | 2.03% | |
Fixed Rate Note, Original Term | 6 years |
Note 9 - Subordinated Debentu70
Note 9 - Subordinated Debentures (Details) | 1 Months Ended | 12 Months Ended |
Dec. 31, 2015USD ($) | Dec. 31, 2015USD ($) | |
Note 9 - Subordinated Debentures (Details) [Line Items] | ||
Proceeds from Issuance of Subordinated Long-term Debt | $ 10,000,000 | $ 9,824,000 |
Subordinated Borrowing, Interest Rate | 6.25% | |
Subordinated Debt | $ 9,824,000 | 9,824,000 |
Subordinated Debt [Member] | ||
Note 9 - Subordinated Debentures (Details) [Line Items] | ||
Unamortized Debt Issuance Expense | $ 176,000 | $ 176,000 |
Debt Instrument, Interest Rate, Effective Percentage | 6.67% | 6.67% |
London Interbank Offered Rate (LIBOR) [Member] | Subordinated Debt [Member] | ||
Note 9 - Subordinated Debentures (Details) [Line Items] | ||
Debt Instrument, Basis Spread on Variable Rate | 4.64% |
Note 10 - Employee Benefit Pl71
Note 10 - Employee Benefit Plans (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Note 10 - Employee Benefit Plans (Details) [Line Items] | ||
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | 100.00% | |
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 264,000 | $ 226,000 |
Other Liabilities [Member] | ||
Note 10 - Employee Benefit Plans (Details) [Line Items] | ||
Deferred Compensation Liability, Current and Noncurrent | 1,400,000 | 1,200,000 |
Salaries and Employee Benefits [Member] | ||
Note 10 - Employee Benefit Plans (Details) [Line Items] | ||
Defined Contribution Plan, Cost Recognized | $ 261,000 | $ 249,000 |
Note 11 - Income Taxes (Details
Note 11 - Income Taxes (Details) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | ||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 34.00% | 34.00% |
Note 11 - Income Taxes (Detai73
Note 11 - Income Taxes (Details) - Components of Income Tax Expense - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | |
Components of Income Tax Expense [Abstract] | ||||||||||
Current | $ 4,069 | $ 3,108 | ||||||||
Deferred | (484) | 453 | ||||||||
$ 921 | $ 961 | $ 849 | $ 854 | $ 863 | $ 1,006 | $ 837 | $ 855 | $ 3,585 | $ 3,561 |
Note 11 - Income Taxes (Detai74
Note 11 - Income Taxes (Details) - Reconciliation of Statutory Income Tax - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | |
Reconciliation of Statutory Income Tax [Abstract] | ||||||||||
Pre-tax book income | $ 3,376 | $ 3,257 | ||||||||
Pre-tax book income | 34.00% | 34.00% | ||||||||
Tax exempt interest | $ (239) | $ (177) | ||||||||
Tax exempt interest | (2.40%) | (1.90%) | ||||||||
Bank-owned life insurance income | $ (151) | $ (156) | ||||||||
Bank-owned life insurance income | (1.50%) | (1.60%) | ||||||||
State income taxes, net of federal income tax benefit | $ 557 | $ 535 | ||||||||
State income taxes, net of federal income tax benefit | 5.60% | 5.60% | ||||||||
Other | $ 42 | $ 102 | ||||||||
Other | 0.40% | 1.10% | ||||||||
$ 921 | $ 961 | $ 849 | $ 854 | $ 863 | $ 1,006 | $ 837 | $ 855 | $ 3,585 | $ 3,561 | |
36.10% | 37.20% |
Note 11 - Income Taxes (Detai75
Note 11 - Income Taxes (Details) - Components of Net Deferred Tax Asset Included in Other Assets - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Deferred tax assets: | ||
Allowance for loan losses | $ 3,501 | $ 3,243 |
Depreciation and amortization | 535 | 604 |
Deferred compensation | 1,130 | 994 |
OREO write-downs | 7 | 0 |
Unrealized loss on securities available for sale | 256 | 218 |
Other | 10 | 7 |
5,439 | 5,066 | |
Deferred tax liabilities: | ||
Purchase accounting adjustments | (4) | (237) |
Other | (422) | (338) |
(426) | (575) | |
Net Deferred Tax Asset | $ 5,013 | $ 4,491 |
Note 12 - Earnings Per Common76
Note 12 - Earnings Per Common Share (Details) - shares | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Employee Stock Option [Member] | ||
Note 12 - Earnings Per Common Share (Details) [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0 | 44,000 |
Note 12 - Earnings Per Common77
Note 12 - Earnings Per Common Share (Details) - Earnings Per Common Share - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | |
Earnings Per Common Share [Abstract] | ||||||||||
Net income | $ 1,751 | $ 1,692 | $ 1,461 | $ 1,443 | $ 1,459 | $ 1,688 | $ 1,420 | $ 1,450 | $ 6,347 | $ 6,017 |
Preferred stock dividend | 12 | 15 | 15 | 15 | 27 | 30 | 30 | 30 | (57) | (117) |
Income applicable to common shareholders | $ 1,739 | $ 1,677 | $ 1,446 | $ 1,428 | $ 1,432 | $ 1,658 | $ 1,390 | $ 1,420 | $ 6,290 | $ 5,900 |
Weighted average common shares outstanding | 7,909 | 7,932 | ||||||||
Effect of dilutive securities, stock options and restricted stock | 193 | 181 | ||||||||
Weighted average common shares outstanding used to calculate diluted earnings per share | 8,102 | 8,113 | ||||||||
Basic earnings per common share | $ 0.22 | $ 0.21 | $ 0.18 | $ 0.18 | $ 0.18 | $ 0.21 | $ 0.18 | $ 0.18 | $ 0.80 | $ 0.74 |
Diluted earnings per common share | $ 0.21 | $ 0.21 | $ 0.18 | $ 0.18 | $ 0.18 | $ 0.20 | $ 0.17 | $ 0.17 | $ 0.78 | $ 0.73 |
Note 13 - Lease Commitments a78
Note 13 - Lease Commitments and Total Rental Expense (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Leases, Operating [Abstract] | ||
Operating Leases, Rent Expense | $ 1,965,000 | $ 1,888,000 |
Note 13 - Lease Commitments a79
Note 13 - Lease Commitments and Total Rental Expense (Details) - Future Minimum Rental Commitments $ in Thousands | Dec. 31, 2015USD ($) |
Future Minimum Rental Commitments [Abstract] | |
2,016 | $ 1,544 |
2,017 | 1,468 |
2,018 | 1,324 |
2,019 | 1,246 |
2,020 | 1,021 |
Thereafter | 1,586 |
$ 8,189 |
Note 14 - Stock-Based Compens80
Note 14 - Stock-Based Compensation (Details) - USD ($) | Dec. 15, 2015 | May. 11, 2015 | Jan. 15, 2015 | Dec. 31, 2015 | Dec. 31, 2014 |
Note 14 - Stock-Based Compensation (Details) [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number (in Shares) | 438,056 | 449,507 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 7 years 6 months | 7 years 6 months | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in Shares) | 35,100 | ||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in Dollars per share) | $ 9.61 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 137,000 | $ 116,000 | |||
Employee Service Share-based Compensation, Cash Received from Exercise of Stock Options | 113,000 | 113,000 | |||
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | 7,000 | 7,000 | |||
Employee Benefits and Share-based Compensation | $ 0 | 0 | |||
Officer [Member] | |||||
Note 14 - Stock-Based Compensation (Details) [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in Shares) | 32,100 | 3,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 20.00% | 20.00% | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 5 years | ||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in Dollars per share) | $ 9.66 | $ 9.02 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 5 years | ||||
Banking Subsidiaries [Member] | |||||
Note 14 - Stock-Based Compensation (Details) [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number (in Shares) | 9,129 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in Shares) | 0 | ||||
Two River Bancorp 2007 Equity Incentive Plan [Member] | |||||
Note 14 - Stock-Based Compensation (Details) [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in Shares) | 183,101 | ||||
Employee Stock Option [Member] | |||||
Note 14 - Stock-Based Compensation (Details) [Line Items] | |||||
Allocated Share-based Compensation Expense | $ 98,000 | 124,000 | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options | $ 293,000 | ||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years 219 days | ||||
Restricted Stock [Member] | |||||
Note 14 - Stock-Based Compensation (Details) [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 20.00% | 20.00% | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 5 years | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 5 years | ||||
Allocated Share-based Compensation Expense | $ 88,000 | $ 43,000 | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 3 years 328 days | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in Shares) | 6,100 | 5,000 | 11,100 | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options | $ 179,000 | ||||
Maximum [Member] | Two River Bancorp 2007 Equity Incentive Plan [Member] | |||||
Note 14 - Stock-Based Compensation (Details) [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 10 years |
Note 14 - Stock-Based Compens81
Note 14 - Stock-Based Compensation (Details) - Outstanding Stock Options $ / shares in Units, $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($)$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Options outstanding, December 31, 2014 (in Shares) | shares | 449,507 |
Options outstanding, December 31, 2014 | $ 4.90 |
Options granted (in Shares) | shares | 35,100 |
Options granted | $ 9.61 |
Options exercised (in Shares) | shares | (28,450) |
Options exercised | $ 3.98 |
Options forfeited (in Shares) | shares | (18,101) |
Options forfeited | $ 9.99 |
Options outstanding, December 31, 2015 (in Shares) | shares | 438,056 |
Options outstanding, December 31, 2015 | $ 5.16 |
Options outstanding, December 31, 2015 | 5 years 6 months |
Options outstanding, December 31, 2015 (in Dollars) | $ | $ 2,105,419 |
Options exercisable, December 31, 2015 (in Shares) | shares | 324,395 |
Options exercisable, December 31, 2015 | $ 4.23 |
Options exercisable, December 31, 2015 | 4 years 6 months |
Options exercisable, December 31, 2015 (in Dollars) | $ | $ 1,866,521 |
Minimum [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Options price range at December 31, 2015 | $ 3.01 |
Maximum [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Options price range at December 31, 2015 | $ 9.66 |
Note 14 - Stock-Based Compens82
Note 14 - Stock-Based Compensation (Details) - Stock Options Outstanding - $ / shares | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Number of options outstanding (in Shares) | 438,056 | |
Weighted average exercise price of options outstanding | $ 5.16 | $ 4.90 |
Range 1 {Member] | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Lower exercise price range | 3.01 | |
Upper exercise price range | $ 3.83 | |
Number of options outstanding (in Shares) | 204,678 | |
Weighted average remaining contractual life | 3 years 109 days | |
Weighted average exercise price of options outstanding | $ 3.41 | |
Range 2 [Member] | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Lower exercise price range | 5.19 | |
Upper exercise price range | $ 5.49 | |
Number of options outstanding (in Shares) | 130,328 | |
Weighted average remaining contractual life | 6 years 73 days | |
Weighted average exercise price of options outstanding | $ 5.27 | |
Range 3 [Member] | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Lower exercise price range | 7.41 | |
Upper exercise price range | $ 8.40 | |
Number of options outstanding (in Shares) | 67,950 | |
Weighted average remaining contractual life | 8 years 146 days | |
Weighted average exercise price of options outstanding | $ 7.91 | |
Range 4 [Member] | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Lower exercise price range | 9.02 | |
Upper exercise price range | $ 9.66 | |
Number of options outstanding (in Shares) | 35,100 | |
Weighted average remaining contractual life | 9 years 36 days | |
Weighted average exercise price of options outstanding | $ 9.61 |
Note 14 - Stock-Based Compens83
Note 14 - Stock-Based Compensation (Details) - Weighted Average Fair Value Assumptions - $ / shares | Dec. 15, 2015 | May. 11, 2015 |
Weighted Average Fair Value Assumptions [Abstract] | ||
Dividend yield | 1.45% | 1.33% |
Expected volatility | 27.22% | 27.67% |
Risk-free interest rate | 2.06% | 2.00% |
Forfeiture rate | 5.00% | |
Expected life (in years) | 7 years 6 months | 7 years 6 months |
Weighted average fair value of options granted (in Dollars per share) | $ 2.66 | $ 2.55 |
Note 14 - Stock-Based Compens84
Note 14 - Stock-Based Compensation (Details) - Restricted Stock - Restricted Stock [Member] - $ / shares | Dec. 15, 2015 | Jan. 15, 2015 | Dec. 31, 2015 |
Note 14 - Stock-Based Compensation (Details) - Restricted Stock [Line Items] | |||
Unvested at December 31, 2014 | 25,084 | ||
Unvested at December 31, 2014 | $ 7.98 | ||
Unvested at December 31, 2015 | 22,932 | ||
Unvested at December 31, 2015 | $ 8.36 | ||
Restricted stock earned | (13,252) | ||
Restricted stock earned | $ (8.09) | ||
Granted | 6,100 | 5,000 | 11,100 |
Granted | $ 9.05 |
Note 15 - Transactions with E85
Note 15 - Transactions with Executive Officers, Directors and Principal Shareholders (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Note 15 - Transactions with Executive Officers, Directors and Principal Shareholders (Details) [Line Items] | ||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 10.00% | |
Loans and Leases Receivable, Extensions of Credit, Related Parties | $ 15,800,000 | $ 16,600,000 |
Loans and Leases Receivable, Related Parties | 10,200,000 | 10,800,000 |
Loans and Leases Receivable, Related Parties, Additions | 291,000 | |
Loans and Leases Receivable, Related Parties, Collections | 905,000 | |
Related Party Deposit Liabilities | 14,800,000 | 14,100,000 |
Securities Sold under Agreements to Repurchase, Related Parties | 1,700,000 | 2,300,000 |
Services [Member] | Director [Member] | ||
Note 15 - Transactions with Executive Officers, Directors and Principal Shareholders (Details) [Line Items] | ||
Related Party Transaction, Amounts of Transaction | $ 1,820 | $ 7,990 |
Note 16 - Financial Instrumen86
Note 16 - Financial Instruments with Off-Balance Sheet Risk (Details) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Note 16 - Financial Instruments with Off-Balance Sheet Risk (Details) [Line Items] | ||
Letters of Credit Outstanding, Amount | $ 4,315,000 | $ 4,754,000 |
Commitments to Extend Credit [Member] | ||
Note 16 - Financial Instruments with Off-Balance Sheet Risk (Details) [Line Items] | ||
Fair Value Disclosure, Off-balance Sheet Risks, Amount, Liability | $ 166,262,000 | $ 160,630,000 |
Note 17 - Regulatory Matters (D
Note 17 - Regulatory Matters (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Note 17 - Regulatory Matters (Details) [Line Items] | ||
4.50% | ||
Tier One Risk Based Capital Required to be Well Capitalized to Risk Weighted Assets | 6.00% | 6.00% |
Capital Required for Capital Adequacy to Risk Weighted Assets | 8.00% | 8.00% |
Capital Required to be Well Capitalized to Risk Weighted Assets | 10.00% | 10.00% |
Capital Conservation Buffer Above Minimum Risk-Based Capital | 2.50% | |
Parent Company [Member] | ||
Note 17 - Regulatory Matters (Details) [Line Items] | ||
Statutory Accounting Practices, Statutory Amount Available for Dividend Payments without Regulatory Approval (in Dollars) | $ 76.9 | |
6.50% | ||
Tier One Risk Based Capital Required to be Well Capitalized to Risk Weighted Assets | 8.00% | 6.00% |
Minimum [Member] | ||
Note 17 - Regulatory Matters (Details) [Line Items] | ||
Tier One Risk Based Capital Required to be Well Capitalized to Risk Weighted Assets | 4.00% |
Note 17 - Regulatory Matters 88
Note 17 - Regulatory Matters (Details) - Capital Ratios - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Common Equity Tier 1 Capital (to risk-weighted assets) | ||
Common Equity Tier 1 Capital (to risk-weighted assets), amount | $ 75,273 | |
Common Equity Tier 1 Capital (to risk-weighted assets), ratio | 10.13% | |
Common Equity Tier 1 Capital (to risk-weighted assets), minimum required, amount | $ 33,438 | |
Common Equity Tier 1 Capital (to risk-weighted assets), minimum required, ratio | 4.50% | |
Common Equity Tier 1 Capital (to risk-weighted assets), to be well capitalized, amount | ||
Common Equity Tier 1 Capital (to risk-weighted assets), to be well capitalized, ratio | ||
Total Capital (to risk-weighted assets) | ||
Total Capital (to risk-weighted assets), amount | $ 93,986 | $ 84,178 |
Total Capital (to risk-weighted assets), ratio | 12.65% | 12.57% |
Total Capital (to risk-weighted assets), minimum required, amount | $ 59,438 | $ 53,574 |
Total Capital (to risk-weighted assets), minimum required, ratio | 8.00% | 8.00% |
Total Capital (to risk-weighted assets), to be well capitalized, amount | $ 74,297 | $ 66,967 |
Total Capital (to risk-weighted assets), to be well capitalized, ratio | 10.00% | 10.00% |
Tier 1 Capital (to risk-weighted assets) | ||
Tier 1 Capital (to risk-weighted assets), amount | $ 75,273 | $ 76,109 |
Tier 1 Capital (to risk-weighted assets), ratio | 10.13% | 11.36% |
Tier 1 Capital (to risk-weighted assets), minimum required, amount | $ 44,584 | $ 26,775 |
Tier 1 Capital (to risk-weighted assets), minimum, ratio | 6.00% | 4.00% |
Tier 1 Capital (to risk-weighted assets), to be well capitalized, amount | $ 44,584 | $ 40,198 |
Tier 1 Capital (to risk-weighted assets), to be well capitalized, ratio | 6.00% | 6.00% |
Tier 1 Capital (to average assets) | ||
Tier 1 Capital (to average assets), amount | $ 75,273 | $ 76,109 |
Tier 1 Capital (to average assets), ratio | 8.97% | 9.95% |
Tier 1 Capital (to average assets), minimum required, amount | $ 33,567 | $ 30,597 |
Tier 1 Capital (to average assets), minimum required, ratio | 4.00% | 4.00% |
Tier 1 Capital (to average assets), to be well capitalized, amount | ||
Tier 1 Capital (to average assets), to be well captialized, ratio | ||
Two River Community Bank [Member] | ||
Common Equity Tier 1 Capital (to risk-weighted assets) | ||
Common Equity Tier 1 Capital (to risk-weighted assets), amount | $ 84,659 | |
Common Equity Tier 1 Capital (to risk-weighted assets), ratio | 11.39% | |
Common Equity Tier 1 Capital (to risk-weighted assets), minimum required, amount | $ 33,447 | |
Common Equity Tier 1 Capital (to risk-weighted assets), minimum required, ratio | 4.50% | |
Common Equity Tier 1 Capital (to risk-weighted assets), to be well capitalized, amount | $ 48,313 | |
Common Equity Tier 1 Capital (to risk-weighted assets), to be well capitalized, ratio | 6.50% | |
Total Capital (to risk-weighted assets) | ||
Total Capital (to risk-weighted assets), amount | $ 93,372 | $ 83,779 |
Total Capital (to risk-weighted assets), ratio | 12.56% | 12.51% |
Total Capital (to risk-weighted assets), minimum required, amount | $ 59,473 | $ 53,576 |
Total Capital (to risk-weighted assets), minimum required, ratio | 8.00% | 8.00% |
Total Capital (to risk-weighted assets), to be well capitalized, amount | $ 74,341 | $ 66,969 |
Total Capital (to risk-weighted assets), to be well capitalized, ratio | 10.00% | 10.00% |
Tier 1 Capital (to risk-weighted assets) | ||
Tier 1 Capital (to risk-weighted assets), amount | $ 84,659 | $ 75,710 |
Tier 1 Capital (to risk-weighted assets), ratio | 11.39% | 11.31% |
Tier 1 Capital (to risk-weighted assets), minimum required, amount | $ 44,596 | $ 26,776 |
Tier 1 Capital (to risk-weighted assets), minimum, ratio | 6.00% | 4.00% |
Tier 1 Capital (to risk-weighted assets), to be well capitalized, amount | $ 59,462 | $ 40,164 |
Tier 1 Capital (to risk-weighted assets), to be well capitalized, ratio | 8.00% | 6.00% |
Tier 1 Capital (to average assets) | ||
Tier 1 Capital (to average assets), amount | $ 84,659 | $ 75,710 |
Tier 1 Capital (to average assets), ratio | 10.09% | 9.90% |
Tier 1 Capital (to average assets), minimum required, amount | $ 33,562 | $ 30,590 |
Tier 1 Capital (to average assets), minimum required, ratio | 4.00% | 4.00% |
Tier 1 Capital (to average assets), to be well capitalized, amount | $ 41,952 | $ 38,237 |
Tier 1 Capital (to average assets), to be well captialized, ratio | 5.00% | 5.00% |
Note 18 - Fair Value of Finan89
Note 18 - Fair Value of Financial Instruments (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Note 18 - Fair Value of Financial Instruments (Details) [Line Items] | ||
Available-for-sale Securities (in Dollars) | $ 33,530,000 | $ 45,431,000 |
Real Estate Acquired Through Foreclosure (in Dollars) | 411,000 | 1,603,000 |
Mortgage Loans in Process of Foreclosure, Amount (in Dollars) | $ 542,000 | |
Fair Value of Subordinated Debentures, Credit Spread on Variable Rate | 4.49% | |
Residential Real Estate Loans [Member] | ||
Note 18 - Fair Value of Financial Instruments (Details) [Line Items] | ||
Real Estate Acquired Through Foreclosure (in Dollars) | $ 153,000 | $ 1,300,000 |
Impaired Loan [Member] | Appraisal Values [Member] | ||
Note 18 - Fair Value of Financial Instruments (Details) [Line Items] | ||
Fair Value Inputs, Discount Rate | 0.00% | 0.00% |
Impaired Loan [Member] | Liquidation Expenses [Member] | ||
Note 18 - Fair Value of Financial Instruments (Details) [Line Items] | ||
Fair Value Inputs, Discount Rate | 5.00% | |
Weighted Average [Member] | Impaired Loan [Member] | Liquidation Expenses [Member] | ||
Note 18 - Fair Value of Financial Instruments (Details) [Line Items] | ||
Fair Value Inputs, Discount Rate | 5.00% | 5.30% |
Weighted Average [Member] | Other Real Estate Owned [Member] | ||
Note 18 - Fair Value of Financial Instruments (Details) [Line Items] | ||
Fair Value Inputs, Discount Rate | 3.90% | 12.00% |
Minimum [Member] | Impaired Loan [Member] | Liquidation Expenses [Member] | ||
Note 18 - Fair Value of Financial Instruments (Details) [Line Items] | ||
Fair Value Inputs, Discount Rate | 5.00% | |
Minimum [Member] | Other Real Estate Owned [Member] | ||
Note 18 - Fair Value of Financial Instruments (Details) [Line Items] | ||
Fair Value Inputs, Discount Rate | 0.40% | 6.00% |
Maximum [Member] | Impaired Loan [Member] | Liquidation Expenses [Member] | ||
Note 18 - Fair Value of Financial Instruments (Details) [Line Items] | ||
Fair Value Inputs, Discount Rate | 6.00% | |
Maximum [Member] | Other Real Estate Owned [Member] | ||
Note 18 - Fair Value of Financial Instruments (Details) [Line Items] | ||
Fair Value Inputs, Discount Rate | 6.00% | 14.50% |
Fair Value, Inputs, Level 3 [Member] | ||
Note 18 - Fair Value of Financial Instruments (Details) [Line Items] | ||
Available-for-sale Securities (in Dollars) | $ 0 | $ 0 |
Marketable Securities (in Dollars) | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Note 18 - Fair Value of Financial Instruments (Details) [Line Items] | ||
Available-for-sale Securities (in Dollars) | $ 0 | $ 0 |
Note 18 - Fair Value of Finan90
Note 18 - Fair Value of Financial Instruments (Details) - Fair Value, Assets and Liabillities Measured on Recurring Basis - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Securities available for sale: | ||
Securities available-for-sale | $ 33,530 | $ 45,431 |
US Government Agencies Debt Securities [Member] | ||
Securities available for sale: | ||
Securities available-for-sale | 1,238 | 2,709 |
US States and Political Subdivisions Debt Securities [Member] | ||
Securities available for sale: | ||
Securities available-for-sale | 517 | 522 |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Securities available for sale: | ||
Securities available-for-sale | 14,449 | 21,321 |
Residential Mortgage Backed Securities [Member] | ||
Securities available for sale: | ||
Securities available-for-sale | 12,627 | 16,123 |
Corporate Debt Securities [Member] | ||
Securities available for sale: | ||
Securities available-for-sale | 2,317 | 2,311 |
CRA Mutual Fund [Member] | ||
Securities available for sale: | ||
Securities available-for-sale | 2,382 | 2,445 |
Fair Value, Inputs, Level 1 [Member] | ||
Securities available for sale: | ||
Securities available-for-sale | 2,382 | 2,445 |
Fair Value, Inputs, Level 1 [Member] | US Government Agencies Debt Securities [Member] | ||
Securities available for sale: | ||
Securities available-for-sale | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | US States and Political Subdivisions Debt Securities [Member] | ||
Securities available for sale: | ||
Securities available-for-sale | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Securities available for sale: | ||
Securities available-for-sale | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Residential Mortgage Backed Securities [Member] | ||
Securities available for sale: | ||
Securities available-for-sale | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Corporate Debt Securities [Member] | ||
Securities available for sale: | ||
Securities available-for-sale | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | CRA Mutual Fund [Member] | ||
Securities available for sale: | ||
Securities available-for-sale | 2,382 | 2,445 |
Fair Value, Inputs, Level 2 [Member] | ||
Securities available for sale: | ||
Securities available-for-sale | 31,148 | 42,986 |
Fair Value, Inputs, Level 2 [Member] | US Government Agencies Debt Securities [Member] | ||
Securities available for sale: | ||
Securities available-for-sale | 1,238 | 2,709 |
Fair Value, Inputs, Level 2 [Member] | US States and Political Subdivisions Debt Securities [Member] | ||
Securities available for sale: | ||
Securities available-for-sale | 517 | 522 |
Fair Value, Inputs, Level 2 [Member] | Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Securities available for sale: | ||
Securities available-for-sale | 14,449 | 21,321 |
Fair Value, Inputs, Level 2 [Member] | Residential Mortgage Backed Securities [Member] | ||
Securities available for sale: | ||
Securities available-for-sale | 12,627 | 16,123 |
Fair Value, Inputs, Level 2 [Member] | Corporate Debt Securities [Member] | ||
Securities available for sale: | ||
Securities available-for-sale | 2,317 | 2,311 |
Fair Value, Inputs, Level 2 [Member] | CRA Mutual Fund [Member] | ||
Securities available for sale: | ||
Securities available-for-sale | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | ||
Securities available for sale: | ||
Securities available-for-sale | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | US Government Agencies Debt Securities [Member] | ||
Securities available for sale: | ||
Securities available-for-sale | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | US States and Political Subdivisions Debt Securities [Member] | ||
Securities available for sale: | ||
Securities available-for-sale | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Securities available for sale: | ||
Securities available-for-sale | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Residential Mortgage Backed Securities [Member] | ||
Securities available for sale: | ||
Securities available-for-sale | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Corporate Debt Securities [Member] | ||
Securities available for sale: | ||
Securities available-for-sale | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | CRA Mutual Fund [Member] | ||
Securities available for sale: | ||
Securities available-for-sale | $ 0 | $ 0 |
Note 18 - Fair Value of Finan91
Note 18 - Fair Value of Financial Instruments (Details) - Assets Measured on a Nonrecurring Basis - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Note 18 - Fair Value of Financial Instruments (Details) - Assets Measured on a Nonrecurring Basis [Line Items] | ||
Impaired loans | $ 12,466 | $ 22,522 |
Foreclosed and repossessed assets | 411 | 1,603 |
Impaired Loans With an Allowance Recorded [Member] | ||
Note 18 - Fair Value of Financial Instruments (Details) - Assets Measured on a Nonrecurring Basis [Line Items] | ||
Impaired loans | 3,256 | 5,020 |
Impaired Loans Net of Partial Charge-offs [Member] | ||
Note 18 - Fair Value of Financial Instruments (Details) - Assets Measured on a Nonrecurring Basis [Line Items] | ||
Impaired loans | 1,389 | 2,140 |
Fair Value, Inputs, Level 3 [Member] | ||
Note 18 - Fair Value of Financial Instruments (Details) - Assets Measured on a Nonrecurring Basis [Line Items] | ||
Foreclosed and repossessed assets | 411 | 1,603 |
Fair Value, Inputs, Level 3 [Member] | Impaired Loans With an Allowance Recorded [Member] | ||
Note 18 - Fair Value of Financial Instruments (Details) - Assets Measured on a Nonrecurring Basis [Line Items] | ||
Impaired loans | 3,256 | 5,020 |
Fair Value, Inputs, Level 3 [Member] | Impaired Loans Net of Partial Charge-offs [Member] | ||
Note 18 - Fair Value of Financial Instruments (Details) - Assets Measured on a Nonrecurring Basis [Line Items] | ||
Impaired loans | $ 1,389 | $ 2,140 |
Note 18 - Fair Value of Finan92
Note 18 - Fair Value of Financial Instruments (Details) - Estimated Fair Values of Financial Instruments - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Financial assets: | |||
Cash and cash equivalents | $ 46,727 | $ 36,110 | $ 47,865 |
Cash and cash equivalents | 46,727 | 36,110 | |
Securities available-for-sale | 33,530 | 45,431 | |
Securities held to maturity | 43,167 | 25,280 | |
Securities held to maturity | 43,668 | 25,407 | |
Restricted investments | 3,596 | 3,029 | |
Restricted investments | 3,596 | 3,029 | |
Loans held for sale | 3,050 | 1,589 | |
Loans held for sale | 3,105 | 1,619 | |
Loans receivable, net | 684,437 | 619,545 | |
Loans receivable, net | 676,703 | 615,141 | |
Accrued interest receivable | 1,912 | 1,636 | |
Accrued interest receivable | 1,912 | 1,636 | |
Financial liabilities: | |||
Deposits | 708,436 | 642,390 | |
Deposits | 707,908 | 641,967 | |
Securities sold under agreements to repurchase | 19,545 | 23,290 | |
Securities sold under agreements to repurchase | 19,545 | 23,290 | |
Long-term debt | 26,500 | 16,000 | |
Long-term debt | 26,882 | 16,776 | |
Subordinated debt | 9,824 | ||
Subordinated debt | 9,823 | ||
Accrued interest payable | 118 | 46 | |
Accrued interest payable | 118 | 46 | |
Fair Value, Inputs, Level 1 [Member] | |||
Financial assets: | |||
Cash and cash equivalents | 46,727 | 36,110 | |
Securities available-for-sale | 2,382 | 2,445 | |
Fair Value, Inputs, Level 2 [Member] | |||
Financial assets: | |||
Securities available-for-sale | 31,148 | 42,986 | |
Securities held to maturity | 43,668 | 25,407 | |
Accrued interest receivable | 422 | 245 | |
Financial liabilities: | |||
Deposits | 707,908 | 641,967 | |
Securities sold under agreements to repurchase | 19,545 | 23,290 | |
Long-term debt | 26,882 | 16,776 | |
Subordinated debt | 9,823 | ||
Accrued interest payable | 118 | 46 | |
Fair Value, Inputs, Level 3 [Member] | |||
Financial assets: | |||
Securities available-for-sale | 0 | 0 | |
Restricted investments | 3,596 | 3,029 | |
Loans held for sale | 3,105 | 1,619 | |
Loans receivable, net | 676,703 | 615,141 | |
Accrued interest receivable | $ 1,490 | $ 1,391 |
Note 19 - Shareholders' Equity
Note 19 - Shareholders' Equity (Details) - USD ($) | 12 Months Ended | 23 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 17, 2015 | Aug. 11, 2011 | |
Note 19 - Shareholders' Equity (Details) [Line Items] | |||||
Treasury Stock, Shares, Acquired (in Shares) | 56,388 | 227,612 | |||
Treasury Stock, Value, Acquired, Cost Method | $ 497,000 | $ 1,197,000 | $ 1,800,000 | ||
Stock Repurchase Program, Authorized Amount | $ 2,000,000 | ||||
Series C Preferred Stock [Member] | |||||
Note 19 - Shareholders' Equity (Details) [Line Items] | |||||
Preferred Stock, Value, Outstanding | $ 12,000,000 | ||||
Preferred Stock, Shares Issued (in Shares) | 0 | 6,000 | 6,000 | 12,000 | |
Preferred Stock, Liquidation Preference Per Share (in Dollars per share) | $ 1,000 | $ 1,000 | $ 1,000 | $ 1,000 | |
Stock Redeemed or Called During Period, Value | $ 6,000,000 | $ 6,000,000 | |||
Stock Redeemed or Called During Period, Shares (in Shares) | 6,000 | 6,000 |
Note 20 - Condensed Financial94
Note 20 - Condensed Financial Statements of Parent Company (Details) - Condensed Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Assets | |||
Cash and cash equivalents | $ 21,566 | $ 18,349 | |
Other assets | 6,371 | 6,262 | |
Total assets | 863,696 | 781,196 | |
Liabilities and Shareholders’ Equity | |||
Subordinated debt | 9,824 | ||
Other liabilities | 6,271 | 5,538 | |
Shareholders’ equity | 93,002 | 93,932 | $ 95,427 |
Total liabilities and shareholders’ equity | 863,696 | 781,196 | |
Parent Company [Member] | |||
Assets | |||
Cash and cash equivalents | 333 | 46 | |
Investments in subsidiaries | 102,388 | 93,533 | |
Other assets | 345 | 368 | |
Total assets | 103,066 | 93,947 | |
Liabilities and Shareholders’ Equity | |||
Subordinated debt | 9,824 | ||
Other liabilities | 240 | 15 | |
Shareholders’ equity | 93,002 | 93,932 | |
Total liabilities and shareholders’ equity | $ 103,066 | $ 93,947 |
Note 20 - Condensed Financial95
Note 20 - Condensed Financial Statements of Parent Company (Details) - Condensed Statements of Operations and Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | |
Condensed Income Statements, Captions [Line Items] | ||||||||||
Interest expense-subordinated debt | $ 33 | |||||||||
Other operating expenses | 1,458 | $ 1,374 | ||||||||
Income before income taxes | $ 2,672 | $ 2,653 | $ 2,310 | $ 2,297 | $ 2,322 | $ 2,694 | $ 2,257 | $ 2,305 | 9,932 | 9,578 |
Income tax expense (benefit) | 921 | 961 | 849 | 854 | 863 | 1,006 | 837 | 855 | 3,585 | 3,561 |
Net income | $ 1,751 | $ 1,692 | $ 1,461 | $ 1,443 | $ 1,459 | $ 1,688 | $ 1,420 | $ 1,450 | 6,347 | 6,017 |
Equity in other comprehensive income (loss) of subsidiaries, net of tax | (54) | 339 | ||||||||
Total comprehensive income, net of tax | 6,293 | 6,356 | ||||||||
Parent Company [Member] | ||||||||||
Condensed Income Statements, Captions [Line Items] | ||||||||||
Dividends from Bank | 1,456 | 8,029 | ||||||||
Interest expense-subordinated debt | 33 | |||||||||
Other operating expenses | 186 | 167 | ||||||||
Income before income taxes | 1,237 | 7,862 | ||||||||
Income tax expense (benefit) | (10) | 2 | ||||||||
Income before undistributed income of subsidiaries | 1,247 | 7,860 | ||||||||
Equity in undistributed income (loss) of subsidiaries | 5,100 | (1,843) | ||||||||
Net income | 6,347 | 6,017 | ||||||||
Equity in other comprehensive income (loss) of subsidiaries, net of tax | (54) | 339 | ||||||||
Total comprehensive income, net of tax | $ 6,293 | $ 6,356 |
Note 20 - Condensed Financial96
Note 20 - Condensed Financial Statements of Parent Company (Details) - Condensed Statements of Cash Flows - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2015 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | |
Cash flows from operating activities: | |||||||||||
Net income | $ 1,751 | $ 1,692 | $ 1,461 | $ 1,443 | $ 1,459 | $ 1,688 | $ 1,420 | $ 1,450 | $ 6,347 | $ 6,017 | |
Adjustments to reconcile net income to net cash used in operating activities: | |||||||||||
Stock-based compensation expense | 186 | 167 | |||||||||
Other, net | 733 | 713 | |||||||||
Net cash provided by operating activities | 13,129 | 10,385 | |||||||||
Cash flows from investing activities: | |||||||||||
Net cash used in investing activities | (77,728) | (26,413) | |||||||||
Cash flows from financing activities: | |||||||||||
Proceeds from exercise of stock options | 114 | 112 | |||||||||
Proceeds from employee stock purchase program | 56 | 50 | |||||||||
Redemption of preferred stock, Series C | (6,000) | (6,000) | |||||||||
Proceeds from subordinated debt placement, net of issuance costs | $ 10,000 | 9,824 | |||||||||
Common stock repurchased | (497) | (1,197) | |||||||||
Cash dividends paid on common stock | (1,032) | (873) | |||||||||
Dividends paid on preferred stock, Series C | (57) | (117) | |||||||||
Net cash provided by (used in) financing activities | 75,216 | 4,273 | |||||||||
Net increase (decrease) in cash and cash equivalents | 10,617 | (11,755) | |||||||||
Cash and Cash Equivalents – Beginning | 36,110 | 47,865 | 36,110 | 47,865 | |||||||
Cash and Cash Equivalents – Ending | 46,727 | 46,727 | 36,110 | 46,727 | 36,110 | ||||||
Parent Company [Member] | |||||||||||
Cash flows from operating activities: | |||||||||||
Net income | 6,347 | 6,017 | |||||||||
Adjustments to reconcile net income to net cash used in operating activities: | |||||||||||
Equity in undistributed (income) loss of subsidiaries | (5,100) | 1,843 | |||||||||
Dividends from Bank | 1,456 | 8,029 | |||||||||
Stock-based compensation expense | 186 | 167 | |||||||||
Other, net | 248 | (271) | |||||||||
Net cash provided by operating activities | 3,137 | 15,785 | |||||||||
Cash flows from investing activities: | |||||||||||
Contributions to subsidiary, net | (5,265) | (8,029) | |||||||||
Net cash used in investing activities | (5,265) | (8,029) | |||||||||
Cash flows from financing activities: | |||||||||||
Proceeds from exercise of stock options | 114 | 112 | |||||||||
Tax benefit of stock options exercised | 7 | 7 | |||||||||
Proceeds from employee stock purchase program | 56 | 50 | |||||||||
Redemption of preferred stock, Series C | (6,000) | (6,000) | |||||||||
Proceeds from subordinated debt placement, net of issuance costs | 9,824 | ||||||||||
Common stock repurchased | (497) | (1,197) | |||||||||
Cash dividends paid on common stock | (1,032) | (873) | |||||||||
Dividends paid on preferred stock, Series C | (57) | (117) | |||||||||
Net cash provided by (used in) financing activities | 2,415 | (8,018) | |||||||||
Net increase (decrease) in cash and cash equivalents | 287 | (262) | |||||||||
Cash and Cash Equivalents – Beginning | $ 46 | $ 308 | 46 | 308 | |||||||
Cash and Cash Equivalents – Ending | $ 333 | $ 333 | $ 46 | $ 333 | $ 46 |
Note 21 - Summary of Quarterl97
Note 21 - Summary of Quarterly Results (Unaudited) (Details) - Consolidated Results of Operations on Quarterly Basis - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | |
Consolidated Results of Operations on Quarterly Basis [Abstract] | ||||||||||
Interest income | $ 8,306 | $ 8,218 | $ 7,903 | $ 7,676 | $ 7,699 | $ 7,655 | $ 7,552 | $ 7,480 | $ 32,103 | $ 30,386 |
Interest expense | 1,019 | 973 | 967 | 904 | 864 | 851 | 866 | 871 | 3,863 | 3,452 |
Net interest income | 7,287 | 7,245 | 6,936 | 6,772 | 6,835 | 6,804 | 6,686 | 6,609 | 28,240 | 26,934 |
Provision for loan losses | 90 | 120 | 190 | 90 | 100 | 238 | 283 | 490 | 621 | |
Net interest income after provision for loan losses | 7,197 | 7,125 | 6,746 | 6,682 | 6,735 | 6,804 | 6,448 | 6,326 | 27,750 | 26,313 |
Non-interest income | 984 | 836 | 941 | 776 | 736 | 712 | 713 | 771 | 3,537 | 2,932 |
Non-interest expense | 5,509 | 5,308 | 5,377 | 5,161 | 5,149 | 4,822 | 4,904 | 4,792 | 21,355 | 19,667 |
Income before income taxes | 2,672 | 2,653 | 2,310 | 2,297 | 2,322 | 2,694 | 2,257 | 2,305 | 9,932 | 9,578 |
Income taxes | 921 | 961 | 849 | 854 | 863 | 1,006 | 837 | 855 | 3,585 | 3,561 |
Net income | 1,751 | 1,692 | 1,461 | 1,443 | 1,459 | 1,688 | 1,420 | 1,450 | 6,347 | 6,017 |
Preferred stock dividends | (12) | (15) | (15) | (15) | (27) | (30) | (30) | (30) | 57 | 117 |
Net income available to common shareholders | $ 1,739 | $ 1,677 | $ 1,446 | $ 1,428 | $ 1,432 | $ 1,658 | $ 1,390 | $ 1,420 | $ 6,290 | $ 5,900 |
Per common share data: | ||||||||||
Basic earnings (in Dollars per share) | $ 0.22 | $ 0.21 | $ 0.18 | $ 0.18 | $ 0.18 | $ 0.21 | $ 0.18 | $ 0.18 | $ 0.80 | $ 0.74 |
Diluted earnings (in Dollars per share) | $ 0.21 | $ 0.21 | $ 0.18 | $ 0.18 | $ 0.18 | $ 0.20 | $ 0.17 | $ 0.17 | $ 0.78 | $ 0.73 |