Document And Entity Information
Document And Entity Information - USD ($) | 6 Months Ended | ||
Jun. 30, 2015 | Jul. 31, 2015 | Jun. 30, 2014 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | SBT Bancorp, Inc. | ||
Trading Symbol | SBTB | ||
Document Type | S1 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Common Stock, Shares Outstanding | 907,203 | ||
Entity Public Float | $ 16,778,465 | ||
Amendment Flag | false | ||
Entity Central Index Key | 1,354,174 | ||
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 | Jun. 30, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | Q2 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) | Jun. 30, 2015 | Dec. 31, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Cash and due from banks | $ 10,606,000 | $ 10,118,000 | $ 13,355,000 | ||
Interest-bearing deposits with the Federal Reserve Bank and Federal Home Loan Bank | 9,622,000 | 9,696,000 | 24,165,000 | ||
Money market mutual funds | 566,000 | 1,000 | 346,000 | ||
Federal funds sold | 50,000 | 5,000 | 724,000 | ||
Cash and cash equivalents | 20,844,000 | 19,820,000 | 38,590,000 | $ 34,100,000 | |
Investments in available-for-sale securities (at fair value) | 75,346,000 | 83,805,000 | 87,449,000 | ||
Federal Home Loan Bank stock, at cost | 3,074,000 | 1,801,000 | 2,196,000 | ||
Loans held-for-sale | 5,744,000 | 5,374,000 | |||
Loans | 302,796,000 | 286,142,000 | 279,667,000 | ||
Less allowance for loan losses | 2,834,000 | 2,761,000 | 2,792,000 | ||
Loans, net | 299,962,000 | 283,381,000 | 276,875,000 | ||
Premises and equipment, net | 1,394,000 | 1,460,000 | 1,618,000 | ||
Accrued interest receivable | 1,088,000 | 1,095,000 | 1,074,000 | ||
Other real estate owned | 105,000 | ||||
Bank owned life insurance | 7,286,000 | 7,184,000 | 6,729,000 | ||
Other assets | 4,963,000 | 4,815,000 | 4,456,000 | ||
Total assets | 419,701,000 | 408,840,000 | 421,848,000 | ||
Deposits: | |||||
Demand deposits | 110,534,000 | 117,261,000 | 116,015,000 | ||
Savings and NOW deposits | 164,696,000 | 177,158,000 | 173,500,000 | ||
Time deposits | 58,663,000 | 61,646,000 | 68,989,000 | ||
Total deposits | 333,893,000 | 356,065,000 | 358,504,000 | ||
Securities sold under agreements to repurchase | 2,917,000 | 3,921,000 | 4,390,000 | ||
Federal Home Loan Bank advances | 51,500,000 | 17,500,000 | 30,000,000 | ||
Other liabilities | 1,683,000 | 1,882,000 | 1,558,000 | ||
Total liabilities | 389,993,000 | 379,368,000 | 394,452,000 | ||
Stockholders' equity: | |||||
Common stock, no par value; authorized 2,000,000 shares; issued and outstanding 908,170 shares and 907,756 shares, respectively, at 6/30/15, and 898,105 shares and 897,691 shares, respectively, at 12/31/14 | 10,324,000 | 10,127,000 | 10,136,000 | ||
Retained earnings | 10,933,000 | 10,549,000 | 10,347,000 | ||
Treasury stock, 414 shares | (7,000) | (7,000) | (7,000) | ||
Unearned compensation-restricted stock awards | (322,000) | (207,000) | (401,000) | ||
Accumulated other comprehensive (loss) income | (214,000) | 22,000 | (1,655,000) | ||
Total stockholders' equity | 29,708,000 | 29,472,000 | $ 28,797,000 | 27,396,000 | $ 29,437,000 |
Total liabilities and stockholders' equity | 419,701,000 | 408,840,000 | 421,848,000 | ||
Series C Preferred Stock, Senior, Non-Cumulative Perpetual [Member] | |||||
Stockholders' equity: | |||||
Preferred stock, senior non-cumulative perpetual, Series C, no par; 9,000 shares issued and outstanding at June 30, 2015 and December 31, 2014; liquidation value of $1,000 per share | $ 8,994,000 | $ 8,988,000 | $ 8,976,000 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Jun. 30, 2015 | Dec. 31, 2014 |
Common stock, par value (in Dollars per share) | $ 0 | $ 0 |
Common stock, shares authorized | 2,000,000 | 2,000,000 |
Common stock, shares issued | 908,170 | 898,105 |
Common stock, shares outstanding | 907,756 | 897,691 |
Treasury stock, shares | 414 | 414 |
Series C Preferred Stock, Senior, Non-Cumulative Perpetual [Member] | ||
Preferred stock, par value (in Dollars per share) | $ 0 | $ 0 |
Preferred stock, shares issued | 9,000 | 9,000 |
Preferred stock, shares outstanding | 9,000 | 9,000 |
Preferred stock, liquidation value per share (in Dollars per share) | $ 1,000 | $ 1,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Interest and dividend income: | ||||
Interest and fees on loans | $ 2,687 | $ 2,543 | $ 5,328 | $ 5,154 |
Investment securities | 409 | 440 | 842 | 920 |
Federal funds sold and overnight deposits | 5 | 21 | 12 | 32 |
Total interest and dividend income | 3,101 | 3,004 | 6,182 | 6,106 |
Interest expense: | ||||
Deposits | 188 | 222 | 374 | 434 |
Federal Home Loan Bank advances | 18 | 5 | 25 | 7 |
Repurchase agreements | 1 | 1 | 2 | 2 |
Total interest expense | 207 | 228 | 401 | 443 |
Net interest and dividend income | 2,894 | 2,776 | 5,781 | 5,663 |
Provision for loan losses | 30 | 80 | 30 | |
Net interest and dividend income after provision for loan losses | 2,864 | 2,776 | 5,701 | 5,633 |
Noninterest income: | ||||
Service charges on deposit accounts | 101 | 116 | 205 | 234 |
Gain on sales of available-for-sale securities, net | 26 | 103 | 69 | 103 |
Other service charges and fees | 200 | 141 | 345 | 350 |
Increase in cash surrender value of life insurance policies | 51 | 48 | 102 | 96 |
Mortgage banking activities | 309 | 82 | 444 | 154 |
Investment services fees and commissions | 77 | 68 | 111 | 129 |
Other income | 42 | 47 | 60 | 51 |
Total noninterest income | 806 | 605 | 1,336 | 1,117 |
Noninterest expense: | ||||
Salaries and employee benefits | 1,703 | 1,603 | 3,282 | 3,576 |
Occupancy expense | 328 | 320 | 706 | 667 |
Equipment expense | 100 | 127 | 202 | 228 |
Advertising and promotions | 152 | 181 | 256 | 284 |
Forms and supplies | 45 | 59 | 77 | 94 |
Professional fees | 147 | 133 | 252 | 210 |
Directors’ fees | 63 | 64 | 114 | 131 |
Correspondent charges | 92 | 51 | 121 | 131 |
FDIC assessment | 78 | 102 | 156 | 205 |
Data processing | 189 | 175 | 333 | 320 |
Other expenses | 369 | 501 | 735 | 830 |
Total noninterest expense | 3,266 | 3,316 | 6,234 | 6,676 |
Income before income taxes | 404 | 65 | 803 | 74 |
Income tax provision (benefit) | 54 | (50) | 110 | (119) |
Net income | 350 | 115 | 693 | 193 |
Net income available to common stockholders | $ 316 | $ 89 | $ 633 | $ 142 |
Weighted average shares outstanding, basic (in Shares) | 888,587 | 881,861 | 888,290 | 880,973 |
Earnings per common share, basic (in Dollars per share) | $ 0.36 | $ 0.10 | $ 0.71 | $ 0.16 |
Weighted average shares outstanding, assuming dilution (in Shares) | 889,611 | 884,675 | 889,090 | 885,673 |
Earnings per common share, assuming dilution (in Dollars per share) | $ 0.36 | $ 0.10 | $ 0.71 | $ 0.16 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Net income | $ 350 | $ 115 | $ 693 | $ 193 |
Other comprehensive (loss) income, net of tax: | ||||
Net change in unrealized holding gain (loss) on securities available for sale | (857) | 1,080 | (289) | 2,234 |
Reclassification adjustment for realized gains in net income | (26) | (103) | (69) | (103) |
Other comprehensive (loss) income, before tax | (883) | 977 | (358) | 2,131 |
Income tax benefit (expense) | 299 | (332) | 122 | (725) |
Other comprehensive (loss) income, net of tax | (584) | 645 | (236) | 1,406 |
Comprehensive (loss) income | $ (234) | $ 760 | $ 457 | $ 1,599 |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Changes in Stockholders' Equity [Unaudited] - USD ($) $ in Thousands | Series C Preferred Stock [Member]Preferred Stock [Member] | Common Stock [Member] | Retained Earnings [Member] | Treasury Stock [Member] | Unallocated Employee Stock Ownership Plan [Member] | AOCI Attributable to Parent [Member] | Total |
Balance at Dec. 31, 2012 | $ 8,964 | $ 9,901 | $ 9,819 | $ (7) | $ (368) | $ 1,128 | $ 29,437 |
Net income | 1,135 | 1,135 | |||||
Other comprehensive | (2,783) | (2,783) | |||||
Preferred stock dividend-SBLF | (94) | (94) | |||||
Preferred stock amortization (accretion) | 12 | (12) | |||||
Stock based compensation | 156 | 156 | |||||
Dividends declared common stock | (501) | (501) | |||||
Restricted stock awards | 234 | (234) | |||||
Common stock issued | 39 | 39 | |||||
Balance at Dec. 31, 2013 | 8,976 | 10,136 | 10,347 | (7) | (401) | (1,655) | 27,396 |
Net income | 193 | 193 | |||||
Other comprehensive | 1,406 | 1,406 | |||||
Preferred stock dividend-SBLF | (45) | (45) | |||||
Preferred stock amortization (accretion) | 6 | (6) | |||||
Stock based compensation | 80 | 80 | |||||
Dividends declared common stock | (252) | (252) | |||||
Common stock issued | 19 | 19 | |||||
Balance at Jun. 30, 2014 | 8,982 | 10,155 | 10,237 | (7) | (321) | (249) | 28,797 |
Balance at Dec. 31, 2013 | 8,976 | 10,136 | 10,347 | (7) | (401) | (1,655) | 27,396 |
Net income | 805 | 805 | |||||
Other comprehensive | 1,677 | 1,677 | |||||
Preferred stock dividend-SBLF | (90) | (90) | |||||
Preferred stock amortization (accretion) | 12 | (12) | |||||
Stock based compensation | 145 | 145 | |||||
Dividends declared common stock | (501) | (501) | |||||
Restricted stock awards | 41 | (41) | |||||
Common stock issued | 39 | 39 | |||||
Balance at Dec. 31, 2014 | 8,988 | 10,127 | 10,549 | (7) | (207) | 22 | 29,472 |
Net income | 693 | 693 | |||||
Other comprehensive | (236) | (236) | |||||
Preferred stock dividend-SBLF | (54) | (54) | |||||
Preferred stock amortization (accretion) | 6 | (6) | |||||
Stock based compensation | 62 | 62 | |||||
Dividends declared common stock | (249) | (249) | |||||
Restricted stock awards | 177 | (177) | |||||
Common stock issued | 20 | 20 | |||||
Balance at Jun. 30, 2015 | $ 8,994 | $ 10,324 | $ 10,933 | $ (7) | $ (322) | $ (214) | $ 29,708 |
Condensed Consolidated Stateme7
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Cash flows from operating activities: | ||
Net income | $ 693,000 | $ 193,000 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
Amortization of securities, net | 202,000 | 198,000 |
Gain on sales of available-for-sale securities | (69,000) | (103,000) |
Change in deferred origination costs, net | (53,000) | (18,000) |
Provision for loan losses | 80,000 | 30,000 |
Loans originated for sale | (37,395,000) | (16,183,000) |
Proceeds from sales of loans | 37,527,000 | 8,497,000 |
Gains on sales of loans | (502,000) | (110,000) |
(Gain) loss on sale of other real estate owned | (9,000) | 49,000 |
Depreciation and amortization | 140,000 | 201,000 |
Accretion on impairment of operating lease | (22,000) | (22,000) |
Increase in other assets | (44,000) | (442,000) |
Decrease in interest receivable | 7,000 | 23,000 |
Decrease (increase) in taxes receivable | 18,000 | (120,000) |
Increase in cash surrender value of bank owned life insurance | (102,000) | (96,000) |
Stock-based compensation | 62,000 | 80,000 |
Decrease in other liabilities | (231,000) | (33,000) |
Increase in interest payable | 54,000 | 35,000 |
Net cash provided by (used in) operating activities | 356,000 | (7,822,000) |
Cash flows from investing activities: | ||
Purchases (redemptions) of Federal Home Loan Bank stock | (1,273,000) | 376,000 |
Purchases of available-for-sale securities | (316,000) | |
Proceeds from maturities of available-for-sale securities | 7,158,000 | 3,918,000 |
Proceeds from sales of available-for-sale securities | 1,126,000 | 1,139,000 |
Loan originations and principal collections, net | (11,495,000) | 10,793,000 |
Loans purchased | (5,121,000) | (2,897,000) |
Recoveries of loans previously charged off | 8,000 | 13,000 |
Purchase of bank owned life insurance | (250,000) | |
Proceeds from sale of other real estate owned | 114,000 | |
Capital expenditures | (74,000) | (195,000) |
Net cash (used in) provided by investing activities | (9,873,000) | 12,897,000 |
Cash flows from financing activities: | ||
Net decrease in demand deposits, NOW and savings accounts | (19,189,000) | (9,508,000) |
Decrease in time deposits | (2,983,000) | (3,560,000) |
Net decrease in securities sold under agreements to repurchase | (1,004,000) | (1,513,000) |
Proceeds from (paydown of) Federal Home Loan Bank advances | 34,000,000 | (6,000,000) |
Proceeds from issuance of common stock | 20,000 | 19,000 |
Dividends paid - preferred stock | (54,000) | (45,000) |
Dividends paid - common stock | (249,000) | (252,000) |
Net cash provided by (used in) financing activities | 10,541,000 | (20,859,000) |
Net increase (decrease) in cash and cash equivalents | 1,024,000 | (15,784,000) |
Cash and cash equivalents at beginning of period | 20,844,000 | |
Cash and cash equivalents at end of period | 20,844,000 | |
Supplemental disclosures: | ||
Interest paid | 347,000 | 408,000 |
Income taxes paid | 92,000 | 1,000 |
Loan transferred to other real estate owned | 744,000 | |
Beginning of the Period [Member] | ||
Cash flows from financing activities: | ||
Cash and cash equivalents at beginning of period | 19,820,000 | 38,590,000 |
Cash and cash equivalents at end of period | 19,820,000 | 38,590,000 |
End of Period [Member] | ||
Cash flows from financing activities: | ||
Cash and cash equivalents at beginning of period | 20,844,000 | 22,806,000 |
Cash and cash equivalents at end of period | $ 20,844,000 | $ 22,806,000 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2014 | Dec. 31, 2013 |
Cash and due from banks | $ 10,118,000 | $ 13,355,000 |
Interest-bearing deposits with the Federal Reserve Bank and Federal Home Loan Bank | 9,696,000 | 24,165,000 |
Money market mutual funds | 1,000 | 346,000 |
Federal funds sold | 5,000 | 724,000 |
Cash and cash equivalents | 19,820,000 | 38,590,000 |
Investments in available-for-sale securities (at fair value) | 83,805,000 | 87,449,000 |
Federal Home Loan Bank stock, at cost | 1,801,000 | 2,196,000 |
Loans held-for-sale | 5,374,000 | 2,861,000 |
Loans | 286,142,000 | 279,667,000 |
Less: allowance for loan losses | 2,761,000 | 2,792,000 |
Loans, net | 283,381,000 | 276,875,000 |
Premises and equipment, net | 1,460,000 | 1,618,000 |
Other real estate owned | 105,000 | |
Accrued interest receivable | 1,095,000 | 1,074,000 |
Bank owned life insurance | 7,184,000 | 6,729,000 |
Other assets | 4,815,000 | 4,456,000 |
Total assets | 408,840,000 | 421,848,000 |
Deposits: | ||
Demand deposits | 117,261,000 | 116,015,000 |
Savings and NOW deposits | 177,158,000 | 173,500,000 |
Time deposits | 61,646,000 | 68,989,000 |
Total deposits | 356,065,000 | 358,504,000 |
Securities sold under agreements to repurchase | 3,921,000 | 4,390,000 |
Federal Home Loan Bank advances | 17,500,000 | 30,000,000 |
Other liabilities | 1,882,000 | 1,558,000 |
Total liabilities | 379,368,000 | 394,452,000 |
Stockholders' equity: | ||
Common stock, no par value; authorized 2,000,000 shares; issued and outstanding 898,105 shares and 897,691 shares, respectively, in 2014 and 900,264 shares and 899,850 shares, respectively, in 2013 | 10,127,000 | 10,136,000 |
Retained earnings | 10,549,000 | 10,347,000 |
Treasury stock, 414 shares at December 31, 2014 and 2013 | (7,000) | (7,000) |
Unearned compensation - restricted stock awards | (207,000) | (401,000) |
Accumulated other comprehensive income (loss) | 22,000 | (1,655,000) |
Total stockholders' equity | 29,472,000 | 27,396,000 |
Total liabilities and stockholders' equity | 408,840,000 | 421,848,000 |
Series C Preferred Stock, Senior, Non-Cumulative Perpetual [Member] | ||
Stockholders' equity: | ||
Preferred stock, senior non-cumulative perpetual, Series C, no par; 9,000 shares issued and outstanding at December 31, 2014 and 2013; liquidation value of $1,000 per share | $ 8,988,000 | $ 8,976,000 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares | Dec. 31, 2014 | Dec. 31, 2013 |
Common stock, par value (in Dollars per share) | $ 0 | $ 0 |
Common stock, shares authorized shares | 2,000,000 | 2,000,000 |
Common stock, shares issued | 898,105 | 900,264 |
Common stock, shares outstanding | 897,691 | 899,850 |
Treasury stock, shares | 414 | 414 |
Series C Preferred Stock, Senior, Non-Cumulative Perpetual [Member] | ||
Preferred stock, par value (in Dollars per share) | $ 0 | $ 0 |
Preferred stock, shares issued | 9,000 | 9,000 |
Preferred stock shares outstanding | 9,000 | 9,000 |
Preferred stock, liquidation value per share (in Dollars per share) | $ 1,000 | $ 1,000 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Interest and dividend income: | ||
Interest and fees on loans | $ 10,387 | $ 9,853 |
Interest on debt securities: | ||
Taxable | 1,340 | 1,529 |
Tax-exempt | 457 | 477 |
Dividends | 28 | 4 |
Other interest | 45 | 141 |
Total interest and dividend income | 12,257 | 12,004 |
Interest expense: | ||
Interest on deposits | 849 | 894 |
Interest on securities sold under agreements to repurchase | 4 | 4 |
Interest on Federal Home Loan Bank advances | 18 | 19 |
Total interest expense | 871 | 917 |
Net interest and dividend income | 11,386 | 11,087 |
Provision for loan losses | 55 | 345 |
Net interest and dividend income after provision for loan losses | 11,331 | 10,742 |
Noninterest income: | ||
Service charges on deposit accounts | 474 | 488 |
Writedown of securities (includes losses of $38 and $57, net of $30 and $40, respectively, recognized in other comprehensive income (loss) for the years ended December 31, 2014 and 2013, before taxes) | (8) | (17) |
Gain on sales of investments | 150 | 126 |
Mortgage banking activities | 581 | 1,390 |
Investment services fees and commissions | 237 | 231 |
Other service charges and fees | 731 | 686 |
Increase in cash surrender value of life insurance policies | 205 | 209 |
Other income | 100 | 13 |
Total noninterest income | 2,470 | 3,126 |
Noninterest expense: | ||
Salaries and employee benefits | 6,736 | 6,880 |
Occupancy expense | 1,358 | 1,185 |
Equipment expense | 443 | 290 |
Loss on sales and writedowns of other real estate owned | 51 | 87 |
Professional fees | 538 | 543 |
Advertising and promotions | 594 | 756 |
Forms and supplies | 172 | 144 |
Correspondent charges | 205 | 318 |
FDIC assessment | 374 | 188 |
Directors’ fees | 254 | 264 |
Data processing | 676 | 619 |
Other expense | 1,599 | 1,325 |
Total noninterest expense | 13,000 | 12,599 |
Income before income taxes | 801 | 1,269 |
Income tax (benefit) expense | (4) | 134 |
Net income | 805 | 1,135 |
Net income available to common stockholders | $ 703 | $ 1,029 |
Earnings per common share (in Dollars per share) | $ 0.80 | $ 1.18 |
Earnings per common share, assuming dilution (in Dollars per share) | $ 0.79 | $ 1.17 |
Consolidated Statements of In11
Consolidated Statements of Income (Parentheticals) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Writedown of securities, losses | $ 38 | $ 57 |
Writedown of securities, losses net | $ 30 | $ 40 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | |
Net income | $ 350 | $ 115 | $ 693 | $ 193 | $ 805 | $ 1,135 |
Other comprehensive income (loss), net of tax: | ||||||
Net change in unrealized holding gain/loss on available-for-sale securities | (857) | 1,080 | (289) | 2,234 | 1,677 | (2,783) |
Other comprehensive income (loss), net of tax | (584) | 645 | (236) | 1,406 | 1,677 | (2,783) |
Comprehensive income (loss) | $ (234) | $ 760 | $ 457 | $ 1,599 | $ 2,482 | $ (1,648) |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands | Series C Preferred Stock [Member]Preferred Stock [Member] | Common Stock [Member] | Retained Earnings [Member] | Treasury Stock [Member] | Unallocated Employee Stock Ownership Plan [Member] | AOCI Attributable to Parent [Member] | Total |
Balance at Dec. 31, 2012 | $ 8,964 | $ 9,901 | $ 9,819 | $ (7) | $ (368) | $ 1,128 | $ 29,437 |
Net income | 1,135 | 1,135 | |||||
Other comprehensive income, net of tax effect | (2,783) | (2,783) | |||||
Preferred stock dividends | (94) | (94) | |||||
Preferred stock amortization (accretion) | 12 | (12) | |||||
Stock based compensation | 156 | 156 | |||||
Restricted stock awards | 234 | (234) | |||||
Forfeited restricted stock awards | (45) | 45 | |||||
Tax benefit - vested restricted stock awards | 7 | 7 | |||||
Common stock issued | 39 | 39 | |||||
Dividends declared common stock | (501) | (501) | |||||
Balance at Dec. 31, 2013 | 8,976 | 10,136 | 10,347 | (7) | (401) | (1,655) | 27,396 |
Net income | 193 | 193 | |||||
Other comprehensive income, net of tax effect | 1,406 | 1,406 | |||||
Preferred stock dividends | (45) | (45) | |||||
Preferred stock amortization (accretion) | 6 | (6) | |||||
Stock based compensation | 80 | 80 | |||||
Common stock issued | 19 | 19 | |||||
Dividends declared common stock | (252) | (252) | |||||
Balance at Jun. 30, 2014 | 8,982 | 10,155 | 10,237 | (7) | (321) | (249) | 28,797 |
Balance at Dec. 31, 2013 | 8,976 | 10,136 | 10,347 | (7) | (401) | (1,655) | 27,396 |
Net income | 805 | 805 | |||||
Other comprehensive income, net of tax effect | 1,677 | 1,677 | |||||
Preferred stock dividends | (90) | (90) | |||||
Preferred stock amortization (accretion) | 12 | (12) | |||||
Stock based compensation | 145 | 145 | |||||
Restricted stock awards | 41 | (41) | |||||
Forfeited restricted stock awards | (90) | 90 | |||||
Tax benefit - vested restricted stock awards | 1 | 1 | |||||
Common stock issued | 39 | 39 | |||||
Dividends declared common stock | (501) | (501) | |||||
Balance at Dec. 31, 2014 | 8,988 | 10,127 | 10,549 | (7) | (207) | 22 | 29,472 |
Net income | 693 | 693 | |||||
Other comprehensive income, net of tax effect | (236) | (236) | |||||
Preferred stock dividends | (54) | (54) | |||||
Preferred stock amortization (accretion) | 6 | (6) | |||||
Stock based compensation | 62 | 62 | |||||
Restricted stock awards | 177 | (177) | |||||
Common stock issued | 20 | 20 | |||||
Dividends declared common stock | (249) | (249) | |||||
Balance at Jun. 30, 2015 | $ 8,994 | $ 10,324 | $ 10,933 | $ (7) | $ (322) | $ (214) | $ 29,708 |
Consolidated Statements of Ch14
Consolidated Statements of Changes in Stockholders' Equity (Parentheticals) - $ / shares | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Dividends declared common stock | $ 0.56 | $ 0.56 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - Scenario, Unspecified [Domain] - USD ($) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Cash flows from operating activities: | ||
Net income | $ 805,000 | $ 1,135,000 |
Adjustments to reconcile net income to net cash used in operating activities: | ||
Interest capitalized on interest-bearing time deposits with other banks | (106,000) | |
Amortization of securities, net | 401,000 | 592,000 |
Writedown of available-for-sale securities | 8,000 | 17,000 |
Gain on sales of available-for-sale securities | (150,000) | (126,000) |
Change in deferred origination costs (fees), net | (80,000) | (374,000) |
Provision for loan losses | 55,000 | 345,000 |
Loans originated for sale | (44,593,000) | (72,081,000) |
Proceeds from sales of loans originated for sale | 42,580,000 | 70,278,000 |
Gain on sales of loans | (500,000) | (1,058,000) |
Loss on sales of other real estate owned | 1,000 | 45,000 |
Writedown of other real estate owned | 50,000 | 42,000 |
Depreciation and amortization | 383,000 | 252,000 |
Accretion on impairment of operating lease | (44,000) | (44,000) |
Increase in other assets | (1,142,000) | (175,000) |
Increase in interest receivable | (21,000) | (55,000) |
Decrease (increase) in taxes receivable | 182,000 | (148,000) |
Deferred income tax (benefit) expense | (187,000) | 205,000 |
Increase in cash surrender value of bank owned life insurance | (205,000) | (209,000) |
Excess tax benefit related to stock based compensation | (1,000) | (7,000) |
Stock based compensation | 145,000 | 156,000 |
Increase (decrease) increase in other liabilities | 315,000 | (12,000) |
Increase in interest payable | 44,000 | 3,000 |
Net cash used in operating activities | (1,954,000) | (1,325,000) |
Cash flows from investing activities: | ||
Maturities and redemptions of interest-bearing time deposits with other banks | 3,895,000 | |
Purchase of Federal Home Loan Bank Stock | (542,000) | (1,607,000) |
Redemption of Federal Home Loan Bank Stock | 937,000 | |
Purchases of available-for-sale securities | (4,146,000) | (35,183,000) |
Proceeds from maturities of available-for-sale securities | 8,361,000 | 23,361,000 |
Proceeds from sales of available-for-sale securities | 1,712,000 | 11,493,000 |
Loan originations and principal collections, net | 7,215,000 | (28,134,000) |
Loans purchased | (14,407,000) | (15,429,000) |
Recoveries of loans previously charged off | 15,000 | 7,000 |
Proceeds from sale of other real estate owned | 540,000 | 126,000 |
Capital expenditures | (301,000) | (1,088,000) |
Purchase of bank owned life insurance | (250,000) | |
Net cash used in investing activities | (866,000) | (42,559,000) |
Cash flows from financing activities: | ||
Net increase in demand deposits, NOW and savings accounts | 4,904,000 | 21,577,000 |
Decrease in time deposits | (7,343,000) | (3,482,000) |
Net (decrease) increase in securities sold under agreements to repurchase | (469,000) | 821,000 |
Net change in short-term advances | (12,500,000) | 30,000,000 |
Proceeds from issuance of common stock | 39,000 | 39,000 |
Excess tax benefit related to stock based compensation | 1,000 | 7,000 |
Dividends paid - preferred stock | (90,000) | (94,000) |
Dividends paid - common stock | (492,000) | (494,000) |
Net cash (used in) provided by financing activities | (15,950,000) | 48,374,000 |
Net (decrease) increase in cash and cash equivalents | (18,770,000) | 4,490,000 |
Cash and cash equivalents at beginning of year | 38,590,000 | 34,100,000 |
Cash and cash equivalents at end of year | 19,820,000 | 38,590,000 |
Supplemental disclosures: | ||
Interest paid | 827,000 | 914,000 |
Income taxes paid | 1,000 | 77,000 |
Increase in common stock dividends held in escrow | 9,000 | $ 7,000 |
Loans transferred to other real estate owned | $ 696,000 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation | 6 Months Ended |
Jun. 30, 2015 | |
Disclosure Text Block [Abstract] | |
Basis of Accounting [Text Block] | NOTE 1 – BASIS OF PRESENTATION The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial statements and the instructions to Form 10-Q and, accordingly, do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all necessary adjustments, consisting of only normal recurring accruals, to present fairly the financial position, results of operations, cash flows and changes in stockholders’ equity of SBT Bancorp, Inc. (the “Company”) for the periods presented. The Company’s only business is its investment in The Simsbury Bank & Trust Company, Inc. (the “Bank”), which is a community-oriented financial institution providing a variety of banking and investment services. In preparing the interim financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the dates of the balance sheets and revenues and expenses for the periods presented. Actual results could differ significantly from those estimates. The interim results of operations are not necessarily indicative of the results to be expected for the full year ending December 31, 2015. While management believes that the disclosures presented are adequate so as to not make the information misleading, it is suggested that these condensed consolidated financial statements be read in conjunction with the financial statements and notes included in the Company’s Form 10-K for the year ended December 31, 2014. |
Note 2 - Stock-based Compensati
Note 2 - Stock-based Compensation | 6 Months Ended | 12 Months Ended |
Jun. 30, 2015 | Dec. 31, 2014 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | NOTE 2 – STOCK-BASED COMPENSATION At June 30, 2015, the Company maintained a stock-based employee compensation plan. The Company recognizes the cost resulting from all share-based payment transactions in the condensed consolidated financial statements and establishes fair value as the measurement objective in accounting for share-based payment arrangements. During the six months ended June 30, 2015, the Company recognized $62 thousand in stock-based employee compensation expense. During the six months ended June 30, 2014, the Company recognized $80 thousand in stock-based employee compensation expense. | NOTE 18 - STOCK BASED COMPENSATION PLANS The SBT Bancorp, Inc. 1998 Stock Plan (“1998 Plan”) provided for the granting of options to purchase shares of common stock or the granting of shares of restricted stock up to an aggregate amount of 142,000 shares of common stock of the Company. Options granted under the 1998 Plan may have been either Incentive Stock Options (“ISOs”) within the meaning of Section 422 of the Internal Revenue Code or non-qualified options (“NQOs”) which do not qualify as ISOs. Effective March 17, 2009, no additional restricted stock awards or stock options may be granted under the 1998 Plan. On May 10, 2011, the stockholders of SBT Bancorp, Inc. approved the SBT Bancorp, Inc. 2011 Stock Award and Option Plan (“2011 Plan”). The 2011 Plan provides for the granting of options to purchase shares of common stock or the granting of shares of restricted stock up to an aggregate amount of 100,000 shares of common stock of the Company. Options granted under the 2011 Plan may be either Incentive Stock Options (“ISOs”) within the meaning of Section 422 of the Internal Revenue Code or non-qualified options (“NQOs”) which do not qualify as ISOs. The exercise price for shares covered by an ISO may not be less than 100% of the fair market value of common stock on the date of grant. All options must expire no later than ten years from the date of grant. During 2014 and 2013, the Company granted 1,934 shares and 10,000 shares, respectively, of restricted stock with an award value of $42,000 and $234,000, respectively, or $21.50 and $23.40 per share, respectively. The restricted shares vest over a three year period. During 2014 and 2013, the Company recognized compensation expense related to the restricted shares awarded in the amounts of $145,000 and $156,000, respectively. The recognized tax benefit related to this expense was $49,000 in 2014 and $53,000 in 2013. A summary of the status of the restricted stock awards as of December 31 and changes during the years ending on that date is presented below: 2014 2013 Weighted-Average Weighted-Average Number of Grant Number of Grant Fixed Options Shares Price Shares Price Non-vested restricted stock awards at beginning of year 19,524 $ 22.95 18,042 $ 22.29 Restricted shares granted 1,934 21.50 10,000 23.39 Shares vested (7,756 ) 23.08 (6,536 ) 21.88 Shares forfeited (3,910 ) 23.09 (1,982 ) 22.62 Non-vested restricted stock awards at end of year 9,792 $ 23.00 19,524 $ 22.95 As of December 31, 2014, the unrecognized share-based compensation expense related to the non-vested restricted stock awards was $207,000. This amount is expected to be recognized over a weighted average period of 1.7 years. The Company did not grant any stock options in 2014 A summary of the status of the Company’s stock option plan as of December 31 and changes during the years ending on that date is presented below: 2014 2013 Weighted-Average Weighted-Average Fixed Options Shares Exercise Price Shares Exercise Price Outstanding at beginning of year 31,500 $ 30.67 31,500 $ 30.67 Forfeited (10,500 ) 29.00 - - Outstanding at end of year 21,000 31.50 31,500 30.67 Options exercisable at year-end 21,000 $ 31.50 31,500 $ 30.67 Weighted-average fair value of options granted during the year N/A N/A The following table summarizes information about fixed stock options outstanding as of December 31, 2014: Options Outstanding and Exercisable Weighted-Average Remaining Exercise Price Number Outstanding Contractual Life (in years) Number Exercisable Exercise Price 31.50 21,000 0.97 21,000 $ 31.50 As of December 31, 2014, compensation costs related to stock options granted under the Plans have been fully recognized. There were no shares that vested during the years ended December 31, 2014 and 2013. |
Note 3 - Recent Accounting Pron
Note 3 - Recent Accounting Pronouncements | 6 Months Ended |
Jun. 30, 2015 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | NOTE 3 – RECENT ACCOUNTING PRONOUNCEMENTS In January 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (“ASU”) 2014-01, “Investments - Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Qualified Affordable Housing Projects.” The amendments in this ASU apply to all reporting entities that invest in qualified affordable housing projects through limited liability entities that are flow-through entities for tax purposes as follows: 1. For reporting entities that meet the conditions for and that elect to use the proportional amortization method to account for investments in qualified affordable housing projects, all amendments in this ASU apply. 2. For reporting entities that do not meet the conditions for or that do not elect the proportional amortization method, only the amendments in this ASU that are related to disclosures apply . The amendments in this ASU permit reporting entities to make an accounting policy election to account for their investments in qualified affordable housing projects using the proportional amortization method if certain conditions are met. Under the proportional amortization method, an entity amortizes the initial cost of the investment in proportion to the tax credits and other tax benefits received and recognizes the net investment performance in the income statement as a component of income tax expense (benefit). For those investments in qualified affordable housing projects not accounted for using the proportional amortization method, the investment should be accounted for as an equity method investment or a cost method investment in accordance with Subtopic 970-323. The amendments in this ASU should be applied retrospectively to all periods presented. A reporting entity that uses the effective yield method to account for its investments in qualified affordable housing projects before the date of adoption may continue to apply the effective yield method for those preexisting investments. The amendments in this ASU are effective for annual periods and interim reporting periods within those annual periods, beginning after December 15, 2014. Early adoption is permitted. The adoption of this guidance did not have a material impact on the Company’s consolidated financial statements. In January 2014, the FASB issued ASU 2014-04, “Receivables-Troubled Debt Restructurings by Creditors (Subtopic 310-40): Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure.” The objective of the amendments in this ASU is to reduce diversity by clarifying when an in substance repossession or foreclosure occurs, that is, when a creditor should be considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan such that the loan receivable should be derecognized and the real estate property recognized. The amendments in this ASU clarify that an in substance repossession or foreclosure occurs, and a creditor is considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan, upon either (i) the creditor obtaining legal title to the residential real estate property upon completion of a foreclosure or (ii) the borrower conveying all interest in the residential real estate property to the creditor to satisfy that loan through completion of a deed in lieu of foreclosure or through a similar legal agreement. Additionally, the amendments require interim and annual disclosure of both (i) the amount of foreclosed residential real estate property held by the creditor and (ii) the recorded investment in consumer mortgage loans collateralized by residential real estate property that are in the process of foreclosure according to local requirements of the applicable jurisdiction. The amendments in this ASU are effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2014. The Company can elect to adopt the amendments in this ASU using either a modified retrospective transition method or a prospective transition method. The adoption of this guidance did not have a material impact on the Company’s consolidated financial statements. In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (ASU) 2014-09, “Revenue from Contracts with Customers (Topic 606).” The objective of this ASU is to clarify principles for recognizing revenue and to develop a common revenue standard for GAAP and International Financial Reporting Standards. The guidance in this ASU affects any entity that either enters into contracts with customers to transfer goods or services or enters into contracts for the transfer of nonfinancial assets unless those contracts are within the scope of other standards. The core principal of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The amendments in this update are effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. However, in July 2015, the FASB voted to approve deferring the effective date by one year (i.e., interim and annual reporting periods beginning after December 15, 2017). Early adoption is permitted, but not before the original effective date (i.e., interim and annual reporting periods beginning after December 15, 2016). The Company is currently reviewing this ASU to determine if it will have an impact on its consolidated financial statements. In June 2014, the FASB issued ASU 2014-11, “Transfers and Servicing (Topic 860): Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures.” The amendments in this ASU require two accounting changes. First, the amendments in this ASU change the accounting for repurchase-to-maturity transactions to secured borrowing accounting. Second, for repurchase financing arrangements, the amendments require separate accounting for a transfer of a financial asset executed contemporaneously with a repurchase agreement with the same counterparty, which will result in secured borrowing accounting for the repurchase agreement. This ASU also includes new disclosure requirements. The accounting changes in this Update are effective for the first interim or annual period beginning after December 15, 2014. An entity is required to present changes in accounting for transactions outstanding on the effective date as a cumulative-effect adjustment to retained earnings as of the beginning of the period of adoption. Earlier application is prohibited. The adoption of this guidance did not have an impact on the Company’s consolidated financial statements. In June 2014, the FASB issued ASU 2014-12, “Compensation - Stock Compensation (Topic 718): Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could be Achieved after the Requisite Service Period.” The amendments in this ASU require that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition. A reporting entity should apply existing guidance in Topic 718 as it relates to awards with performance conditions that affect vesting to account for such awards. This ASU is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2015. Earlier adoption is permitted. ASU 2014-12 may be adopted either (a) prospectively to all awards granted or modified after the effective date or (b) retrospectively to all awards with performance targets that are outstanding as of the beginning of the earliest annual period presented in the financial statements, and to all new or modified awards thereafter. If retrospective transition is adopted, the cumulative effect of applying this update as of the beginning of the earliest annual period presented in the financial statements should be recognized as an adjustment to the opening retained earnings balance at that date. The Company anticipates that the adoption of this guidance will not have a material impact on its consolidated financial statements. In August 2014, the FASB issued ASU 2014-13, “Consolidation (Topic 810): Measuring the Financial Assets and the Financial Liabilities of a Consolidated Collateralized Financing Entity.” This ASU applies to entities that meet the following criteria: 1. Entities that are required to consolidate a collateralized entity under the Variable Interest Entities guidance; 2. Entities that measure all of the financial assets and the financial liabilities of that consolidated collateralized financing entity at fair value in the consolidated financial statements based on other FASB rules; and 3. those changes in fair value are reflected in earnings. Under ASU 2014-13, entities that meet these criteria are provided an alternative under which they can choose to eliminate the difference between the fair value of financial assets and financial liabilities of a consolidated collateralized financing entity. If that alternative is not elected, then ASU 2014-13 indicates that the fair value of the financial assets and the fair value of the financial liabilities of the consolidated collateralized financing entity should be measured in accordance with Accounting Standards Codification (ASC) 820, “Fair Value Measurement,” and differences between the fair value of the financial assets and the financial liabilities of that consolidated collateralized financing entity should be reflected in earnings and attributed to the reporting entity in the consolidated statement of income or loss. The amendments in this ASU are effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2015. The Company anticipates that the adoption of this ASU will not have an impact on its consolidated financial statements. In August 2014, the FASB issued ASU 2014-14, “Receivables - Troubled Debt Restructurings by Creditors (Subtopic 310-40): Classification of Certain Government - Guaranteed Mortgage Loans upon Foreclosure.” The amendments in this ASU require that a mortgage loan be derecognized and that a separate other receivable be recognized upon foreclosure if the following conditions are met: 1. the loan has a government guarantee that is not separable from the loan before foreclosure; 2. at the time of foreclosure, the creditor has the intent to convey the real estate property to the guarantor and make a claim on the guarantee, and the creditor has the ability to recover under that claim; and 3. at the time of foreclosure, any amount of the claim that is determined on the basis of the fair value of the real estate is fixed. Upon foreclosure, the separate other receivable should be measured based on the amount of the loan balance (principal and interest) expected to be recovered from the guarantor. The amendments in this ASU are effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2014. The adoption of this ASU did not have an impact on the Company’s consolidated financial statements. In February 2015, the FASB issued ASU 2015-02, In April 2015, the FASB issued ASU 2015-03, “Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs.” The amendments in this ASU require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected by the amendments in this ASU. The standard is effective for interim and annual reporting periods beginning after December 15, 2015, with early adoption permitted. The guidance should be applied on a retrospective basis. The Company anticipates that the adoption of this ASU will not have a material impact on its consolidated financial statements. In April 2015, the FASB issued ASU 2015-05, “Intangibles – Goodwill and Other - Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement.” This ASU provides guidance to customers about whether a cloud computing arrangement includes a software license. If a cloud computing arrangement includes a software license, the customer should account for the software license element of the arrangement consistent with the acquisition of other software licenses. If a cloud computing arrangement does not include a software license, the customer should account for the arrangement as a service contract. The new guidance does not change the accounting for a customer’s accounting for service contracts. ASU 2015-05 is effective for interim and annual reporting periods beginning after December 15, 2015. The Company anticipates that the adoption of this ASU will not have a material impact on its consolidated financial statements. |
Note 4 - Fair Value Measurement
Note 4 - Fair Value Measurements | 6 Months Ended | 12 Months Ended |
Jun. 30, 2015 | Dec. 31, 2014 | |
Fair Value Disclosures [Abstract] | ||
Fair Value Disclosures [Text Block] | NOTE 4 – FAIR VALUE MEASUREMENTS In accordance with Accounting Standards Codification (“ASC”) 820, the Company groups its financial assets and liabilities measured at fair value in three levels, based on the markets in which the assets and liabilities are traded and the reliability of the assumptions used to determine fair value. Level 1 Inputs – Level 2 Inputs – Level 3 Inputs – A financial instrument’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The Company did not have any significant transfers of assets or liabilities to or from Levels 1 and 2 of the fair value hierarchy during the six months ended June 30, 2015. A description of the valuation methodologies used for instruments measured at fair value, as well as the general classification of such instruments pursuant to the valuation hierarchy, is set forth below. These valuation methodologies were applied to all of the Company’s financial assets and financial liabilities carried at fair value for June 30, 2015 and December 31, 2014. The Company’s investment in obligations of states and municipalities, mortgage-backed securities and other debt securities available-for-sale are generally classified within Level 2 of the fair value hierarchy. For these securities, we obtain fair value measurements from independent pricing services. The fair value measurements consider observable data that may include dealer quotes, market spreads, cash flows, the U.S. treasury yield curve, trading levels, market consensus prepayment speeds, credit information, and the instrument’s terms and conditions. Level 3 is for positions that 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. In the absence of such evidence, management’s best estimate is used. Subsequent to inception, management only changes Level 3 inputs and assumptions when corroborated by evidence such as (1) transactions in similar instruments; (2) completed or pending third-party transactions in the underlying investment or comparable entities; (3) subsequent rounds of financing, recapitalization and other transactions across the capital structure; (4) offerings in the equity or debt markets, and (5) changes in financial ratios or cash flows. The Company’s impaired loans are reported at the fair value of the underlying collateral if repayment is expected solely from the collateral. Collateral values are estimated using Level 2 inputs based upon appraisals of similar properties obtained from a third party. For Level 3 inputs, fair values are based on management estimates. Other real estate owned values are estimated using Level 2 inputs based upon appraisals of similar properties obtained from a third party. For Level 3 inputs, fair values are based on management estimates. The following summarizes assets measured at fair value at June 30, 2015 and December 31, 2014. A ssets Measured at Fair Value on a Recurring Basis Fair Value Measurements at Reporting Date Using: Quoted Prices in Significant Significant Active Markets for Other Observable Unobservable Identical Assets Inputs Inputs Total Level 1 Level 2 Level 3 (In Thousands) June 30, 2015: Debt securities issued by U.S. government corporations and agencies $ 15,190 $ - $ 15,190 $ - Obligations of states and municipalities 15,228 - 15,228 - Mortgage-backed securities 44,516 - 44,516 - SBA loan pools 412 - 412 - $ 75,346 $ - $ 75,346 $ - December 31, 2014: Debt securities issued by U.S. government corporations and agencies $ 18,064 $ - $ 18,064 $ - Obligations of states and municipalities 16,599 - 16,599 - Mortgage-backed securities 48,668 - 48,668 - SBA loan pools 474 - 474 - $ 83,805 $ - $ 83,805 $ - Assets Measured at Fair Value on a Nonrecurring Basis Fair Value Measurements at Reporting Date Using: Quoted Prices in Significant Significant Active Markets for Other Observable Unobservable Identical Assets Inputs Inputs Total Level 1 Level 2 Level 3 (In Thousands) June 30, 2015: Impaired loans $ 392 $ - $ - $ 392 $ 392 $ - $ - $ 392 Fair Value Measurements at Reporting Date Using: Quoted Prices in Significant Significant Active Markets for Other Observable Unobservable Identical Assets Inputs Inputs Total Level 1 Level 2 Level 3 (In Thousands) December 31, 2014: Impaired loans $ 433 $ - $ - $ 433 Other real estate owned 105 - - 105 $ 538 $ - $ - $ 538 The estimated fair values of the Company’s financial instruments, all of which are held or issued for purposes other than trading, were as follows as of June 30, 2015 and December 31, 2014: June 30, 2015 Carrying Fair Value Amount Level 1 Level 2 Level 3 Total (In Thousands) Financial assets: Cash and cash equivalents $ 20,844 $ 20,844 $ - $ - $ 20,844 Available-for-sale securities 75,346 - 75,346 - 75,346 Federal Home Loan Bank stock 3,074 3,074 - - 3,074 Loans held-for-sale 5,744 5,698 5,698 Loans, net 299,962 - - 301,789 301,789 Accrued interest receivable 1,088 1,088 - - 1,088 Financial liabilities: Deposits 333,893 - 326,061 - 326,061 Securities sold under agreements to repurchase 2,917 - 2,917 - 2,917 Federal Home Loan Bank advances 51,500 - 51,500 - 51,500 December 31, 2014 Carrying Fair Value Amount Level 1 Level 2 Level 3 Total (In Thousands) Financial assets: Cash and cash equivalents $ 19,820 $ 19,820 $ - $ - $ 19,820 Available-for-sale securities 83,805 - 83,805 - 83,805 Federal Home Loan Bank stock 1,801 1,801 - - 1,801 Loans held-for-sale 5,374 - - 5,499 5,499 Loans, net 283,381 - - 285,439 285,439 Accrued interest receivable 1,095 1,095 - - 1,095 Financial liabilities: Deposits 356,065 - 356,353 - 356,353 Securities sold under agreements to repurchase 3,921 - 3,921 - 3,921 Federal Home Loan Bank advances 17,500 - 17,500 - 17,500 | NOTE 11 - FAIR VALUE MEASUREMENTS ASC 820-10, “Fair Value Measurement - Overall,” provides a framework for measuring fair value under generally accepted accounting principles. This guidance also allows an entity the irrevocable option to elect fair value for the initial and subsequent measurement for certain financial assets and liabilities on a contract-by-contract basis. In accordance with ASC 820-10, the Company groups its financial assets and financial liabilities measured at fair value in three levels, based on the markets in which the assets and liabilities are traded and the reliability of the assumptions used to determine fair value. Level 1 - Valuations for assets and liabilities traded in active exchange markets, such as the New York Stock Exchange. Level 1 also includes U.S. Treasury, other U.S. Government and agency mortgage-backed securities that are traded by dealers or brokers in active markets. Valuations are obtained from readily available pricing sources for market transactions involving identical assets or liabilities. Level 2 - Valuations for assets and liabilities traded in less active dealer or broker markets. Valuations are obtained from third party pricing services for identical or comparable assets or liabilities. Level 3 - Valuations for assets and liabilities that are derived from other methodologies, including option pricing models, discounted cash flow models and similar techniques, are not based on market exchange, dealer, or broker traded transactions. Level 3 valuations incorporate certain assumptions and projections in determining the fair value assigned to such assets and liabilities. A financial instrument’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The Company did not have any significant transfers of assets between Level 1 and Level 2 of the fair value hierarchy during the year ended December 31, 2014. A description of the valuation methodologies used for instruments measured at fair value, as well as the general classification of such instruments pursuant to the valuation hierarchy, is set forth below. These valuation methodologies were applied to all of the Company’s financial assets and financial liabilities carried at fair value for December 31, 2014 and 2013. The Company’s investment in obligations of states and municipalities, mortgage-backed securities and other debt securities available-for-sale are generally classified within Level 2 of the fair value hierarchy. For these securities, we obtain fair value measurements from independent pricing services. The fair value measurements consider observable data that may include dealer quotes, market spreads, cash flows, the U.S. treasury yield curve, trading levels, market consensus prepayment speeds, credit information, and the instrument’s terms and conditions. Level 3 is for positions that 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. In the absence of such evidence, management’s best estimate is used. Subsequent to inception, management only changes Level 3 inputs and assumptions when corroborated by evidence such as transactions in similar instruments, completed or pending third-party transactions in the underlying investment or comparable entities, subsequent rounds of financing, recapitalization and other transactions across the capital structure, offerings in the equity or debt markets, and changes in financial ratios or cash flows. The Company’s impaired loans are reported at the fair value of the underlying collateral if repayment is expected solely from the collateral. Collateral values are estimated using Level 2 inputs based upon appraisals of similar properties obtained from a third party. For Level 3 inputs, fair values are based on management estimates. Other real estate owned values are estimated using Level 2 inputs based upon appraisals of similar properties obtained from a third party. For Level 3 inputs, fair values are based on management estimates. The following summarizes assets measured at fair value as of December 31: ASSETS MEASURED AT FAIR VALUE ON A RECURRING BASIS Fair Value Measurements at Reporting Date Using: Quoted Prices in Significant Significant Active Markets for Other Observable Unobservable Identical Assets Inputs Inputs Total Level 1 Level 2 Level 3 (In Thousands) December 31, 2014: Debt securities issued by U.S. government corporations and agencies $ 18,064 $ - $ 18,064 $ - Obligations of states and municipalities 16,599 - 16,599 - Mortgage-backed securities 48,668 - 48,668 - SBA loan pools 474 - 474 - Totals $ 83,805 $ - $ 83,805 $ - Fair Value Measurements at Reporting Date Using: Quoted Prices in Significant Significant Active Markets for Other Observable Unobservable Identical Assets Inputs Inputs Total Level 1 Level 2 Level 3 (In Thousands) December 31, 2013: Debt securities issued by U.S. government corporations and agencies $ 18,247 $ - $ 18,247 $ - Obligations of states and municipalities 13,973 - 13,973 - Mortgage-backed securities 54,568 - 54,568 - SBA loan pools 661 - 661 - Totals $ 87,449 $ - $ 87,449 $ - Under certain circumstances we make adjustments to fair value for our assets and liabilities although they are not measured at fair value on an ongoing basis. The following table presents the assets carried on the consolidated balance sheet by caption and by level in the fair value hierarchy, at December 31, 2014, for which a nonrecurring change in fair value has been recorded: ASSETS MEASURED AT FAIR VALUE ON A NONRECURRING BASIS Fair Value Measurements at Reporting Date Using: Quoted Prices in Significant Significant Active Markets for Other Observable Unobservable Identical Assets Inputs Inputs Total Level 1 Level 2 Level 3 (In Thousands) December 31, 2014: Impaired loans $ 433 $ - $ - $ 433 Other real estate owned 105 - - 105 Totals $ 538 $ - $ - $ 538 The estimated fair values of the Company’s financial instruments, all of which are held or issued for purposes other than trading, are as follows as of December 31: December 31, 2014 Carrying Fair Value Amount Level 1 Level 2 Level 3 Total (In Thousands) Financial assets: Cash and cash equivalents $ 19,820 $ 19,820 $ - $ - $ 19,820 Available-for-sale securities 83,805 - 83,805 - 83,805 Federal Home Loan Bank stock 1,801 1,801 - - 1,801 Loans held-for-sale 5,374 - - 5,499 5,499 Loans, net 283,381 - - 285,832 285,832 Accrued interest receivable 1,095 1,095 - - 1,095 Financial liabilities: Deposits 356,065 - 356,353 - 356,353 Securities sold under agreements to repurchase 3,921 - 3,921 - 3,921 Federal Home Loan Bank advances 17,500 - 17,500 - 17,500 December 31, 2013 Carrying Fair Value Amount Level 1 Level 2 Level 3 Total (In Thousands) Financial assets: Cash and cash equivalents $ 38,590 $ 38,590 $ - $ - $ 38,590 Available-for-sale securities 87,449 - 87,449 - 87,449 Federal Home Loan Bank stock 2,196 2,196 - - 2,196 Loans held-for-sale 2,861 - - 2,909 2,909 Loans, net 276,875 - - 277,539 277,539 Accrued interest receivable 1,074 1,074 - - 1,074 Financial liabilities: Deposits 358,504 - 358,961 - 358,961 Securities sold under agreements to repurchase 4,390 - 4,390 - 4,390 Federal Home Loan Bank advances 30,000 - 30,000 - 30,000 The carrying amounts of financial instruments shown in the above table are included in the consolidated balance sheets under the indicated captions. Accounting policies related to financial instruments are described in Note 2. |
Note 5 - Earnings Per Common Sh
Note 5 - Earnings Per Common Share | 6 Months Ended | 12 Months Ended |
Jun. 30, 2015 | Dec. 31, 2014 | |
Earnings Per Share [Abstract] | ||
Earnings Per Share [Text Block] | NOTE 5 – EARNINGS PER COMMON SHARE Basic earnings per common share (“EPS”) excludes dilution and is computed by dividing net income available to common stockholders by the weighted-average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the entity. The following information was used in the computation of EPS on both a basic and diluted basis for the three and six months ended June 30, 2015 and 2014: For the three months ended 6/30/15 6/30/14 (In Thousands, Except Per Share Data) Basic earnings per share computation: Net income $ 350 $ 115 Preferred stock net accretion (3 ) (3 ) Cumulative preferred stock dividends (31 ) (23 ) Net income available to common stockholders $ 316 $ 89 Weighted average shares outstanding, basic 888,587 881,861 Basic earnings per share $ 0.36 $ 0.10 Diluted earnings per share computation: Net income $ 350 $ 115 Preferred stock net accretion (3 ) (3 ) Cumulative preferred stock dividends (31 ) (23 ) Net income available to common stockholders $ 316 $ 89 Weighted average shares outstanding, before dilution 888,587 881,861 Dilutive potential shares 1,024 2,814 Weighted average shares outstanding, assuming dilution 889,611 884,675 Diluted earnings per share $ 0.36 $ 0.10 For the six months ended 6/30/15 6/30/14 (In Thousands, Except Per Share Data) Basic earnings per share computation: Net income $ 693 $ 193 Preferred stock net accretion (6 ) (6 ) Cumulative preferred stock dividends (54 ) (45 ) Net income available to common shareholders $ 633 $ 142 Weighted average shares outstanding, basic 888,290 880,973 Basic earnings per share $ 0.71 $ 0.16 Diluted earnings per share computation: Net income $ 693 $ 193 Preferred stock net accretion (6 ) (6 ) Cumulative preferred stock dividends (54 ) (45 ) Net income available to common shareholders $ 633 $ 142 Weighted average shares outstanding, before dilution 888,290 880,973 Dilutive potential shares 800 4,700 Weighted average shares outstanding, assuming dilution 889,090 885,673 Diluted earnings per share $ 0.71 $ 0.16 | NOTE 19 - EARNINGS PER SHARE Reconciliation of the numerators and the denominators of the basic and diluted per share computations for net income available to common stockholders are as follows: 2014 2013 (In Thousands, Except Share Data) Basic earnings per share computation: Net income $ 805 $ 1,135 Preferred stock net accretion (12 ) (12 ) Cumulative preferred stock dividends (90 ) (94 ) Net income available to common shareholders $ 703 $ 1,029 Weighted average shares outstanding, basic 880,618 872,411 Basic earnings per share $ 0.80 $ 1.18 Diluted earnings per share computation: Net income $ 805 $ 1,135 Preferred stock net accretion (12 ) (12 ) Cumulative preferred stock dividends (90 ) (94 ) Net income available to common shareholders $ 703 $ 1,029 Weighted average shares outstanding, before dilution 880,618 872,411 Dilutive potential shares 4,415 4,576 Weighted average shares outstanding, assuming dilution 885,033 876,987 Diluted earnings per share $ 0.79 $ 1.17 |
Note 6 - Investment Securities
Note 6 - Investment Securities | 6 Months Ended | 12 Months Ended |
Jun. 30, 2015 | Dec. 31, 2014 | |
Investments, Debt and Equity Securities [Abstract] | ||
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | NOTE 6 – INVESTMENT SECURITIES The aggregate fair value and unrealized losses of securities that have been in a continuous unrealized loss position for less than twelve months and for twelve months or more, and are not other than temporarily impaired, were as follows: Less than 12 Months 12 Months or Longer Total Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses (In Thousands) June 30, 2015: Debt securities issued by U.S. government corporations and agencies $ 3,200 $ 5 $ 4,472 $ 26 $ 7,672 $ 31 Obligations of states and municipalities 3,795 80 1,440 60 5,235 140 Mortgage-backed securities 10,250 136 25,581 581 35,831 717 Total temporarily impaired securities 17,245 221 31,493 667 48,738 888 Other-than-temporarily impaired securities Mortgage-backed securities 17 - 252 26 $ 269 26 Total temporarily impaired and other-than-temporarily impaired securities $ 17,262 $ 221 $ 31,745 $ 693 $ 49,007 $ 914 December 31, 2014: Debt securities issued by U.S. Government corporations and agencies $ 4,486 $ 12 13,077 $ 127 $ 17,563 $ 139 Obligations of states and municipalities 526 12 1,772 40 2,298 52 Mortgage-backed securities 1,422 6 36,550 593 37,972 599 Total temporarily impaired securities 6,434 30 51,399 760 57,833 790 Other-than-temporarily impaired securities: Mortgage-backed securities - - 274 30 274 30 Total temporarily impaired and other- than-temporarily impaired securities $ 6,434 $ 30 51,673 $ 790 $ 58,107 $ 820 The investments in the Company’s investment portfolio that were temporarily impaired as of June 30, 2015 consisted of debt issued by states and municipalities and U.S. government agencies and sponsored enterprises. The Company’s management anticipates that the fair value of securities that are currently impaired will recover to cost basis. As the Company has the ability and intent to hold securities for the foreseeable future, no declines are deemed to be other than temporary, unless otherwise noted above. The following tables summarize the amounts and distribution of the Company’s investment securities held as of June 30, 2015 and December 31, 2014: INVESTMENT PORTFOLIO (In Thousands) June 30, 2015 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Loss Value Yield AVAILABLE-FOR-SALE SECURITIES U.S. government and agency securities Due after one to five years $ 14,703 $ 14 $ 31 $ 14,686 1.26 % Due after five to ten years 500 4 - 504 1.85 % Total U.S. government and agency securities 15,203 18 31 15,190 1.28 % State and municipal securities Due after one to five years 376 6 - 382 4.25 % Due after five to ten years 4,758 139 46 4,851 3.66 % Due after ten to fifteen years 7,287 289 50 7,526 4.19 % Due beyond fifteen years 2,512 1 44 2,469 3.20 % Total state and municipal securities 14,933 435 140 15,228 3.86 % Mortgage-backed securities Due after one to five years 465 8 - 473 3.11 % Due after five to ten years 1,674 33 2 1,705 3.33 % Due after ten to fifteen years 26,470 39 346 26,163 2.43 % Due beyond fifteen years 16,543 27 395 16,175 3.07 % Total mortgage-backed securities 45,152 107 743 44,516 2.71 % SBA loan pool Due after five to ten years 382 30 - 412 4.68 % Total SBA loan pool 382 30 - 412 4.68 % Total available-for-sale securities $ 75,670 $ 590 $ 914 $ 75,346 2.66 % INVESTMENT PORTFOLIO (In Thousands) December 31,2014 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Loss Value Yield AVAILABLE-FOR-SALE SECURITIES U.S. government and agency securities Due after one to five years $ 16,702 $ 1 $ 135 $ 16,568 1.21 % Due after five to ten years 1,500 - 4 1,496 1.83 % Total U.S. government and agency securities 18,202 1 139 18,064 1.27 % State and municipal securities Due after one to five years 559 24 - 583 2.26 % Due after five to ten years 4,835 184 31 4,988 3.22 % Due after ten to fifteen years 8,065 445 21 8,489 3.23 % Due beyond fifteen years 2,513 26 - 2,539 3.09 % Total state and municipal securities 15,972 679 52 16,599 3.18 % Mortgage-backed securities Due within one year - - - - - Due after one to five years 588 14 - 602 2.97 % Due after five to ten years 1,846 36 1 1,881 2.25 % Due after ten to fifteen years 28,811 42 360 28,493 1.78 % Due beyond fifteen years 17,912 48 268 17,692 2.38 % Total mortgage-backed securities 49,157 140 629 48,668 2.03 % SBA loan pool Due after ten to fifteen years 440 34 - 474 4.96 % Total SBA loan pool 440 34 - 474 4.96 % Total available-for-sale securities $ 83,771 $ 854 $ 820 $ 83,805 2.36 % During the six months ended June 30, 2015, there were proceeds of $1.1 million from sales of available-for-sale securities. Gross realized gains on these sales amounted to $69 thousand. The tax expense applicable to these gross realized gains amounted to $23 thousand. During the six months ended June 30, 2014, there were proceeds of $1.1 million from sales of available-for-sale securities. Gross realized gains on these sales amounted to $103 thousand. The tax expense applicable to these gross realized gains amounted to $35 thousand. | NOTE 3 - INVESTMENTS IN AVAILABLE-FOR-SALE SECURITIES Debt securities have been classified in the consolidated balance sheets according to management’s intent. The amortized cost of securities and their approximate fair values are as follows as of December 31: Amortized Gross Gross Cost Unrealized Unrealized Fair Basis Gains Losses Value (In Thousands) December 31, 2014: Debt securities issued by U.S. government corporations and agencies $ 18,202 $ 1 $ 139 $ 18,064 Obligations of states and municipalities 15,972 679 52 16,599 Mortgage-backed securities 49,157 140 629 48,668 SBA loan pools 440 34 - 474 Money market mutual funds 1 - - 1 83,772 854 820 83,806 Money market mutual funds included in cash and cash equivalents (1 ) - - (1 ) $ 83,771 $ 854 $ 820 $ 83,805 December 31, 2013: Debt securities issued by U.S. government corporations and agencies $ 18,767 $ - $ 520 $ 18,247 Obligations of states and municipalities 13,780 391 198 13,973 Mortgage-backed securities 56,799 126 2,357 54,568 SBA loan pools 611 50 - 661 Money market mutual funds 346 - - 346 90,303 567 3,075 87,795 Money market mutual funds included in cash and cash equivalents (346 ) - - (346 ) $ 89,957 $ 567 $ 3,075 $ 87,449 The scheduled maturities of securities were as follows as of December 31, 2014: Fair Value (In Thousands) Due after one year through five years $ 16,568 Due after five years through ten years 7,067 Due after ten years 11,028 Mortgage-backed securities 48,668 SBA loan pools 474 $ 83,805 During 2014, proceeds from sales of available-for-sale securities amounted to $1,712,000. Gross realized gains on those sales amounted to $150,000. The tax expense applicable to these gross realized gains amounted to $51,000. During 2013, proceeds from sales of available-for-sale securities amounted to $11,493,000. Gross realized gains on those sales amounted to $126,000. The tax expense applicable to these gross realized gains amounted to $43,000. There were no securities of issuers that exceeded 10% of stockholders’ equity at December 31, 2014. As of December 31, 2014 and 2013, the total carrying amounts of securities pledged for securities sold under agreements to repurchase and public deposits were $17,271,000 and $15,418,000, respectively. The aggregate fair value and unrealized losses of securities that have been in a continuous unrealized loss position for less than twelve months and for twelve months or more are as follows: Less than 12 Months 12 Months or Longer Total Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses (In Thousands) December 31, 2014: Debt securities issued by U.S. Government corporations and agencies $ 4,486 $ 12 $ 13,077 $ 127 $ 17,563 $ 139 Obligations of states and municipalities 526 12 1,772 40 2,298 52 Mortgage-backed securities 1,422 6 36,550 593 37,972 599 Total temporarily impaired securities 6,434 30 51,399 760 57,833 790 Other-than-temporarily impaired securities: Mortgage-backed securities - - 274 30 274 30 Total temporarily impaired and other- than-temporarily impaired securities $ 6,434 $ 30 $ 51,673 $ 790 $ 58,107 $ 820 December 31, 2013: Debt securities issued by U.S. Government corporations and agencies $ 18,247 $ 520 $ - $ - $ 18,247 $ 520 Obligations of states and municipalities 3,340 198 - - 3,340 198 Mortgage-backed securities 42,185 1,958 6,240 359 48,425 2,317 Total temporarily impaired securities 63,772 2,676 6,240 359 70,012 3,035 Other-than-temporarily impaired securities: Mortgage-backed securities - - 331 40 331 40 Total temporarily impaired and other- than-temporarily impaired securities $ 63,772 $ 2,676 $ 6,571 $ 399 $ 70,343 $ 3,075 The investments in the Company’s investment portfolio that are temporarily impaired as of December 31, 2014 consist of debt issued by states of the United States and political subdivisions of the states and U.S. government corporations and agencies. Company management considers investments with an unrealized loss as of December 31, 2014 to be only temporarily impaired because the impairment is attributable to changes in market interest rates and current market inefficiencies. Company management anticipates that the fair value of securities that are currently impaired will recover to cost basis. As management has the intent and ability to hold these securities for the foreseeable future, no declines are deemed to be other than temporary. The following table summarizes other-than-temporary impairment losses on debt securities for the years ended December 31, 2014 and 2013: 2014 2013 Mortgage-Backed Mortgage-Backed Securities Securities (In Thousands) Total other-than-temporary impairment losses $ 38 $ 57 Less: unrealized other-than-temporary losses (30 ) (40 ) Net impairment losses recognized in earnings (2) $ 8 $ 17 (1) Represents the noncredit component of the other-than-temporary impairment on the securities. (2) Represents the credit component of the other-than-temporary impairment on securities. Activity related to the credit component recognized in earnings on debt securities held by the Company for which a portion of other-than-temporary impairment was recognized in other comprehensive income for the year ended December 31, 2014 is as follows: Mortgage-Backed Securities (In Thousands) Balance, December 31, 2013 $ 29 Additions for the credit component on debt securities in which 8 Balance, December 31, 2014 $ 37 For the year ended December 31, 2014, securities with other-than-temporary impairment losses related to credit that were recognized in earnings consisted of three private label collateralized mortgage obligations (CMOs). The par value of these three securities were written down by $8,000 by the issuers. Activity related to the credit component recognized in earnings on debt securities held by the Company for which a portion of other-than-temporary impairment was recognized in other comprehensive loss for the year ended December 31, 2013 is as follows: Mortgage-Backed Securities (In Thousands) Balance, December 31, 2012 $ 12 Additions for the credit component on debt securities in which 17 Balance, December 31, 2013 $ 29 For the year ended December 31, 2013, securities with other-than-temporary impairment losses related to credit that were recognized in earnings consisted of three private label collateralized mortgage obligations (CMOs). The par value of these three securities were written down by $17,000 by the issuers. |
Note 7 - Loan Information
Note 7 - Loan Information | 6 Months Ended | 12 Months Ended |
Jun. 30, 2015 | Dec. 31, 2014 | |
Receivables [Abstract] | ||
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | NOTE 7 – LOAN INFORMATION Loans consisted of the following as of June 30, 2015 and December 31, 2014: June 30, 2015 December 31, 2014 (In Thousands) Commercial and industrial $ 24,755 $ 19,038 Real estate - construction and land development 18,406 13,234 Real estate - residential 138,138 132,553 Real estate - commercial 46,190 46,982 Municipal 11,262 10,061 Home equity 46,454 46,403 Consumer 16,243 16,576 301,448 284,847 Allowance for loan losses (2,834 ) (2,761 ) Deferred loan origination costs, net 1,348 1,295 Net loans $ 299,962 $ 283,381 The allowance for loan losses is established as losses are estimated to have occurred through a provision for loan losses charged to earnings. Loan losses are charged against the allowance when management believes the uncollectability of a loan balance is confirmed. Subsequent recoveries, if any, are credited to the allowance. The allowance for loan losses is evaluated on a regular basis by management and is based upon management’s periodic review of the collectability of the loans in light of historical experience, the nature and volume of the loan portfolio, adverse situations that may affect the borrower’s ability to repay, the estimated value of any underlying collateral and prevailing economic conditions. This evaluation is inherently subjective as it requires estimates that are susceptible to significant revision as more information becomes available. General component: The general component of the allowance for loan losses is based on historical loss experience adjusted for qualitative factors stratified by the following loan segments: residential real estate, commercial real estate, construction, home equity, commercial and consumer. Management uses a rolling average of historical losses based on a time frame appropriate to capture relevant loss data for each loan segment. This historical loss factor is adjusted for the following qualitative factors: levels/trends in delinquencies; trends in volume and terms of loans; effects of changes in risk selection and underwriting standards and other changes in lending policies, procedures and practices; experience/ability/depth of lending management and staff; and national and local economic trends and conditions. There were no changes in the Company’s policies or methodology pertaining to the general component of the allowance for loan losses during the six months ended June 30, 2015. The qualitative factors are determined based on the various risk characteristics of each loan segment. Risk characteristics relevant to each portfolio segment are as follows: Residential real estate and home equity: The Company generally does not originate loans with a loan-to-value ratio greater than 80% without obtaining private mortgage insurance for any amounts over 80% and does not grant subprime loans. All loans in this segment are collateralized by owner-occupied residential real estate and repayment is dependent on the credit quality of the individual borrower. The overall health of the economy, including unemployment rates and housing prices, will have an effect on the credit quality in this segment. Commercial real estate: Loans in this segment are primarily owner occupied properties throughout the Farmington Valley in Connecticut. Management continually monitors the financial performance of these loans and the related operating entities. Construction loans: Loans in this segment primarily include real estate development loans for which payment is derived from the sale of the property. Credit risk is affected by cost overruns, time to sell at adequate prices, and market conditions. Commercial loans: Loans in this segment are made to businesses and are generally secured by the assets of the businesses. Repayment is expected from the cash flows of the businesses. A weakened economy will have an effect on the credit quality in this segment. Consumer loans: Loans in this segment are made for the purpose of financing automobiles, various types of consumer goods and other personal purposes. Most of the Company’s consumer loans are secured by personal property purchased with the proceeds of such consumer loans. Allocated component: The allocated component relates to loans that are classified as impaired. Impairment is measured on a loan-by-loan basis for commercial, commercial real estate and construction 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 is established when the discounted cash flows (or collateral value) of the impaired loan are lower than the carrying value of that loan. Large groups of smaller balance homogeneous loans are collectively evaluated for impairment. Accordingly, the Company does not separately identify individual consumer and residential real estate loans for impairment disclosures, unless such loans are subject to a troubled debt restructuring agreement. A loan is considered impaired when, based on current information and events, it is probable that the Company will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record, and the amount of the shortfall in relation to the principal and interest owed. The Company may periodically agree to modify the contractual terms of loans. When a loan is modified and a concession is made to a borrower experiencing financial difficulty, the modification is considered a troubled debt restructuring ("TDR"). All TDRs are initially classified as impaired. Unallocated component: 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 allocated and general reserves in the portfolio. The following tables present the allowance for loan losses by portfolio segment for the six months ended June 30, 2015 and June 30, 2014: Real Estate: Construction and Commercial Residential Commercial Land Development Home Equity & Industrial Consumer Unallocated Total (In thousands) June 30, 2015: Allowance for loan losses: Beginning balance $ 1,085 $ 738 $ 249 $ 324 $ 227 $ 134 $ 4 $ 2,761 Charge-offs - - - - - (15 ) - (15 ) Recoveries - - - - - 8 - 8 Provision (benefit) (15 ) (70 ) 120 (1 ) 44 (3 ) 5 80 Ending balance $ 1,070 $ 668 $ 369 $ 323 $ 271 $ 124 $ 9 $ 2,834 Real Estate: Construction and Commercial Residential Commercial Land Development Home Equity & Industrial Consumer Unallocated Total (In thousands) June 30, 2014: Allowance for loan losses: Beginning balance $ 1,174 $ 728 $ 224 $ 301 $ 243 $ 90 $ 32 $ 2,792 Charge-offs (98 ) - - - - - - (98 ) Recoveries 11 - - - 2 - - 13 Provision (benefit) (60 ) (45 ) 159 (6 ) (11 ) 9 (16 ) 30 Ending balance $ 1,027 $ 683 $ 383 $ 295 $ 234 $ 99 $ 16 $ 2,737 The following tables set forth information regarding loans and the allowance for loan losses by portfolio segment as of June 30, 2015 and December 31, 2014: Real Estate: Construction and Land Commercial Residential Commercial Development Home Equity & Industrial Consumer Unallocated Total (In Thousands) June 30, 2015: Allowance for loan losses Ending balance: Individually evaluated for impairment $ - $ - $ - $ - $ 9 $ - $ - $ 9 Ending balance: Collectively evaluated for impairment 1,070 668 369 323 262 124 9 2,825 Total allowance for loan losses ending balance $ 1,070 $ 668 $ 369 $ 323 $ 271 $ 124 $ 9 $ 2,834 Loans: Ending balance: Individually evaluated for impairment $ - $ 2,184 $ - $ - $ 401 $ - $ - $ 2,585 Ending balance: Collectively evaluated for impairment 138,138 53,478 18,406 46,454 26,144 16,243 - 298,863 Total loans ending balance $ 138,138 $ 55,662 $ 18,406 $ 46,454 $ 26,545 $ 16,243 $ - $ 301,448 Real Estate: Construction and Commercial Residential Commercial Land Development Home Equity & Industrial Consumer Unallocated Total (In thousands) December 31, 2014: Allowance for loan losses Ending balance: Individually evaluated for impairment $ - $ - $ - $ - $ 6 $ - $ - $ 6 Ending balance: Collectively evaluated for impairment 1,085 738 249 324 221 134 4 2,755 Total allowance for loan losses ending balance $ 1,085 $ 738 $ 249 $ 324 $ 227 $ 134 $ 4 $ 2,761 Loans: Ending balance: Individually evaluated for impairment $ 170 $ 860 $ - $ 3 $ 439 $ - $ - $ 1,472 Ending balance: Collectively evaluated for impairment 132,383 54,724 13,234 46,400 20,058 16,576 - 283,375 Total loans ending balance $ 132,553 $ 55,584 $ 13,234 $ 46,403 $ 20,497 $ 16,576 $ - $ 284,847 The following tables present the Company’s loans by risk rating as of June 30, 2015 and December 31, 2014: Real Estate Construction and Land Commercial Residential Commercial Development Home Equity & Industrial Consumer Total (In Thousands) June 30, 2015: Grade: Pass $ - $ 51,431 $ 18,406 $ - $ 21,645 $ - $ 91,482 Special mention - 2,688 - - 1,721 - 4,409 Substandard 773 1,543 - 237 3,179 - 5,732 Loans not formally rated 137,365 - - 46,217 - 16,243 199,825 Total $ 138,138 $ 55,662 $ 18,406 $ 46,454 $ 26,545 $ 16,243 $ 301,448 December 31, 2014: Grade: Pass $ - $ 50,208 $ 11,529 $ - $ 18,380 $ - $ 80,117 Special mention - 3,866 1,705 - 642 - 6,213 Substandard 474 1,510 - 166 1,475 - 3,625 Loans not formally rated 132,079 - - 46,237 - 16,576 194,892 Total $ 132,553 $ 55,584 $ 13,234 $ 46,403 $ 20,497 $ 16,576 $ 284,847 Credit Quality Indicators The Company utilizes a risk rating grading matrix to assign a risk grade to each of its commercial loans. Loans are graded on a scale of 1 to 7. A “Pass” is defined as risk rating 1 through 3.5 . A description of each rating class is as follows: R isk Rating 1 (Superior) Risk Rating 2 (Good) Risk Rating 3 (Satisfactory) – Risk Rating 3.5 (Bankable with Care) Risk Rating 4 (Special Mention) Risk Rating 5 (Substandard) Risk Rating 6 (Doubtful) Risk Rating 7 (Loss) Loans not formally rated include residential, home equity and consumer loans. As of June 30, 2015, $199.8 million of the total residential, home equity and consumer loan portfolio of $200.8 million were not formally rated. As of December 31, 2014, $194.9 million of the total residential, home equity and consumer loan portfolio of $195.5 million were not formally rated. The performance of these loans is measured by delinquency status. The Bank underwrites first mortgage loans in accordance with FHLMC and FNMA guidelines. These guidelines provide for specific requirements with regard to documentation, loan to value and debt to income ratios. Guidelines for home equity loans and lines place a maximum loan to value of 80% on these loans and lines and the Bank requires full underwriting disclosure documentation for these loans. These underwriting factors have produced a loan portfolio with low delinquencies. Total non-accrual and delinquent loans as of June 30, 2015 were 1.13% of total loans outstanding compared to 1.08% of total loans outstanding on December 31, 2014. There were no loans past due 90 days or more and still accruing at June 30, 2015 and December 31, 2014, repectively. The Company’s allowance for loan losses at June 30, 2015 was 0.94% of total loans compared to 0.97% of total loans as of December 31, 2014. An age analysis of past-due loans, segregated by class of loans, as of June 30, 2015 and December 31, 2014 is as follows: 90 Days Total Total Total 30–59 Days 60–89 Days or More Past Due Current Loans (In Thousands) June 30, 2015: Real estate: Residential $ - $ 173 $ 564 $ 737 $ 137,401 $ 138,138 Commercial - - 1,186 1,186 45,004 46,190 Construction and land development - - - - 18,406 18,406 Home equity 107 80 191 378 46,076 46,454 Municipal - - - - 9,472 9,472 Commercial and industrial - - 401 401 24,354 24,755 Municipal - - - - 1,790 1,790 Consumer 86 - - 86 16,157 16,243 Total $ 193 $ 253 $ 2,342 $ 2,788 $ 298,660 $ 301,448 December 31, 2014: Real estate: Residential $ 147 $ - $ 516 $ 663 $ 131,890 $ 132,553 Commercial - - 860 860 46,122 46,982 Construction and land development - - - - 13,234 13,234 Home equity 328 - 77 405 45,998 46,403 Municipal - - - - 8,602 8,602 Commercial and industrial - - 439 439 18,599 19,038 Municipal - - - - 1,459 1,459 Consumer 124 19 - 143 16,433 16,576 Total $ 599 $ 19 $ 1,892 $ 2,510 $ 282,337 $ 284,847 The following table sets forth information regarding nonaccrual loans as of June 30, 2015 and December 31, 2014: Nonaccrual Nonaccrual June 30, 2015 December 31, 2014 Real estate: Residential $ 1,100 $ 1,064 Commercial 1,186 860 Construction and land development - - Home equity 266 165 Commercial and industrial 401 439 Consumer - - Total $ 2,953 $ 2,528 Information about loans that meet the definition of an impaired loan in ASC 310-10-35 is as follows as of and for the six months ended June 30, 2015 and the year ended December 31, 2014: Unpaid Average Interest Recorded Principal Related Recorded Income Investment Balance Allowance Investment Recognized (In Thousands) June 30, 2015: With no related allowance recorded: Real Estate: Residential $ - $ - $ - $ 27 $ - Commercial 2,184 2,184 - 2,158 36 Home equity - - - - - Construction and land development - - - - - Commercial and industrial - - - - Total impaired with no related allowance $ 2,184 $ 2,184 $ - $ 2,185 $ 36 With an allowance recorded: Residential $ - $ - $ - $ - $ - Commercial - - - - - Construction and land development - - - - - Home equity - - - - - Commercial and industrial 401 401 9 417 - Total impaired with an allowance recorded $ 401 $ 401 $ 9 $ 417 $ - Total Real Estate: Residential $ - $ - $ - $ 27 $ - Commercial 2,184 2,184 - 2,158 36 Home equity - - - - - Construction and land development - - - - - Commercial and industrial 401 401 9 417 - Total impaired loans $ 2,585 $ 2,585 $ 9 $ 2,602 $ 36 Unpaid Average Interest Recorded Principal Related Recorded Income Investment Balance Allowance Investment Recognized (In Thousands) December 31, 2014: With no related allowance recorded: Real Estate: Residential $ 170 $ 170 $ - $ 172 $ 5 Commercial 860 860 - 896 - Home equity - - - 133 56 Construction and land development 3 3 - 4 - Total impaired with no related allowance $ 1,033 $ 1,033 $ - $ 1,205 $ 61 With an allowance recorded: Residential $ - $ - $ - $ - $ - Commercial - - - - - Construction and land development - - - - - Home equity - - - - - Commercial and industrial 439 439 6 372 - Total impaired with an allowance recorded $ 439 $ 439 $ 6 $ 372 $ - Total Real Estate: Residential $ 170 $ 170 $ - $ 172 $ 5 Commercial 860 860 - 896 - Home equity - - - 133 56 Construction and land development 3 3 - 4 - Commercial and industrial 439 439 6 372 - Total impaired loans $ 1,472 $ 1,472 $ 6 $ 1,577 $ 61 The Bank’s troubled debt restructurings (“TDRs”) are determined by management. TDRs may include all accrued interest, late charges, title and recording fees, and attorney’s fees being added back to the pre-modification balance. In addition, rates and terms of the loans have changed. There were no loans modified as a troubled debt restructuring during the six months ended June 30, 2015. There was one commercial loan that was modified as a troubled debt restructuring during the year ended December 31, 2014. The loan, with a recorded investment of $439 thousand, had its payments temporarily reduced as part of the modification. The loan was individually evaluated for impairment as of December 31, 2014 and it was determined that a $6 thousand specific allowance was required. On June 30, 2015, the loan had a recorded investment of $401 thousand and the specific allowance was increased to $9 thousand. The loan was in nonaccrual status at June 30, 2015 and December 31, 2014. As of June 30, 2015, there were no foreclosed residential real estate properties held by the Company. The recorded investment in consumer mortgage loans collateralized by residential real estate property that were in the process of foreclosure according to local requirements of the applicable jurisdiction amounted to $225 thousand at June 30, 2015. The balance of mortgage servicing rights included in other assets at June 30, 2015 and December 31, 2014 was $1.73 million and $1.58 million, respectively. Mortgage servicing rights of $435 thousand and $531 thousand were capitalized for the six months ended June 30, 2015 and the year ended December 31, 2014, respectively. Amortization of mortgage servicing rights was $286 thousand and $401 thousand for the six months ended June 30, 2015 and the year ended December 31, 2014, respectively. The fair value of these rights was $2.19 million and $2.05 million as of June 30, 2015 and December 31, 2014, respectively. Mortgage loans serviced for others were not included in the accompanying consolidated balance sheets. The unpaid principal balances of mortgage loans serviced for others were $195.0 million and $148.0 million as of June 30, 2015 and December 31, 2014, respectively. | NOTE 4 - LOANS Loans consisted of the following as of December 31: 2014 2013 (In Thousands) Real estate: Residential $ 132,553 $ 137,539 Commercial 46,982 48,814 Municipal 8,602 6,344 Construction and land development 13,234 7,773 Home equity 46,403 46,742 Commercial and industrial 19,038 18,432 Municipal 1,459 2,144 Consumer 16,576 10,664 284,847 278,452 Allowance for loan losses (2,761 ) (2,792 ) Deferred loan origination costs, net 1,295 1,215 Net loans $ 283,381 $ 276,875 The following tables set forth information regarding the allowance for loan losses by portfolio segment as of and for the years ended December 31: Real Estate: Construction and Land Commercial Residential Commercial Development Home Equity and Industrial Consumer Unallocated Total (In Thousands) December 31, 2014: Allowance for loan losses: Beginning balance $ 1,189 $ 748 $ 211 $ 303 $ 239 $ 102 $ - $ 2,792 Charge-offs (93 ) - - - - (8 ) - (101 ) Recoveries 8 - - - 3 4 - 15 (Benefit) provision (19 ) (10 ) 38 21 (15 ) 36 4 55 Ending balance $ 1,085 $ 738 $ 249 $ 324 $ 227 $ 134 $ 4 $ 2,761 Ending balance: Individually evaluated for impairment $ - $ - $ - $ - $ 6 $ - $ - $ 6 Ending balance: Collectively evaluated for impairment 1,085 738 249 324 221 134 4 2,755 Total allowance for loan losses ending balance $ 1,085 $ 738 $ 249 $ 324 $ 227 $ 134 $ 4 $ 2,761 Loans: Ending balance: Individually evaluated for impairment $ 170 $ 860 $ - $ 3 $ 439 $ - $ - $ 1,472 Ending balance: Collectively evaluated for impairment 132,383 54,724 13,234 46,400 20,058 16,576 283,375 Total loans ending balance $ 132,553 $ 55,584 $ 13,234 $ 46,403 $ 20,497 $ 16,576 $ - $ 284,847 Real Estate: Construction and Land Commercial Residential Commercial Development Home Equity and Industrial Consumer Unallocated Total (In Thousands) December 31, 2013: Allowance for loan losses: Beginning balance $ 1,051 $ 586 $ 142 $ 362 $ 219 $ 99 $ 135 $ 2,594 Charge-offs (40 ) (54 ) - - (2 ) (58 ) - (154 ) Recoveries - - - - 4 3 - 7 Provision (benefit) 178 216 69 (59 ) 18 58 (135 ) 345 Ending balance $ 1,189 $ 748 $ 211 $ 303 $ 239 $ 102 $ - $ 2,792 Ending balance: Individually evaluated for impairment $ - $ - $ - $ - $ - $ - $ - $ - Ending balance: Collectively evaluated for impairment 1,189 748 211 303 239 102 - 2,792 Total allowance for loan losses ending balance $ 1,189 $ 748 $ 211 $ 303 $ 239 $ 102 $ - $ 2,792 Loans: Ending balance: Individually evaluated for impairment $ 175 $ 924 $ 222 $ 4 $ - $ - $ - $ 1,325 Ending balance: Collectively evaluated for impairment 137,364 54,234 7,551 46,738 20,576 10,664 - 277,127 Total loans ending balance $ 137,539 $ 55,158 $ 7,773 $ 46,742 $ 20,576 $ 10,664 $ - $ 278,452 The following tables present the Company’s loans by risk rating as of December 31: Real Estate: Construction and Land Commercial Residential Commercial Development Home Equity and Industrial Consumer Total (In Thousands) December 31, 2014: Grade: Pass $ - $ 50,208 $ 11,529 $ - $ 18,380 $ - $ 80,117 Special mention - 3,866 1,705 - 642 - 6,213 Substandard 474 1,510 - 166 1,475 - 3,625 Loans not formally rated 132,079 - - 46,237 - 16,576 194,892 Total $ 132,553 $ 55,584 $ 13,234 $ 46,403 $ 20,497 $ 16,576 $ 284,847 December 31, 2013: Grade: Pass $ - $ 50,520 $ 6,042 $ - $ 18,425 $ - $ 74,987 Special mention - 2,661 1,163 - 1,175 - 4,999 Substandard 1,601 1,977 568 116 976 - 5,238 Loans not formally rated 135,938 - - 46,626 - 10,664 193,228 Total $ 137,539 $ 55,158 $ 7,773 $ 46,742 $ 20,576 $ 10,664 $ 278,452 Credit Quality Indicators The Company utilizes a risk rating grading matrix to assign a risk grade to each of its commercial loans. Loans are graded on a scale of 1 to 7. A description of each rating class is as follows: Risk Rating 1 (Superior) Risk Rating 2 (Good) Risk Rating 3 (Satisfactory) - Risk Rating 3.5 (Bankable with Care) Risk Rating 4 (Special Mention) Risk Rating 5 (Sub s tandard) Risk Rating 6 (Doubtful) Risk Rating 7 (Loss) Loans not formally rated include residential, home equity and consumer loans. As of December 31, 2014, $194.9 million of the total residential, home equity and consumer loan portfolio of $195.5 million were not formally rated. As of December 31, 2013, $193.2 million of the total residential, home equity and consumer loan portfolio of $195.0 million were not formally rated. The performance of these loans is measured by delinquency status. The Company underwrites first mortgage loans in accordance with FHLMC and FNMA guidelines. These guidelines provide for specific requirements with regard to documentation and loan to value and debt to income ratios. Home equity loan and line guidelines place a maximum loan to value ratio of 80% on these loans and the Company requires full underwriting disclosure documentation for these loans. These underwriting factors have produced a high performance loan portfolio. Total delinquent loans, consisting of loans past due 60 days or more, decreased from 1.17% of total loans outstanding as of December 31, 2013 to 0.67% of total loans outstanding as of December 31, 2014. An age analysis of past-due loans, segregated by class of loans is as follows as of December 31: 90 Days 90 Days or More or More Total Total Total Past Due Nonaccrual 30-59 Days 60-89 Days Past Due Past Due Current Loans and Accruing Loans (In Thousands) December 31, 2014: Real estate: Residential $ 147 $ - $ 516 $ 663 $ 131,890 $ 132,553 $ - $ 1,064 Commercial - - 860 860 46,122 46,982 - 860 Municipal - - - - 8,602 8,602 - - Construction and land development - - - - 13,234 13,234 - - Home equity 328 - 77 405 45,998 46,403 - 165 Commercial and industrial - - 439 439 18,599 19,038 - 439 Municipal - - - - 1,459 1,459 - - Consumer 124 19 - 143 16,433 16,576 - - Total $ 599 $ 19 $ 1,892 $ 2,510 $ 282,337 $ 284,847 $ - $ 2,528 December 31, 2013: Real estate: Residential $ - $ 720 $ 1,253 $ 1,973 $ 135,566 $ 137,539 $ - $ 1,597 Commercial - - 924 924 47,890 48,814 - 924 Municipal - - - - 6,344 6,344 - - Construction and land development - - 204 204 7,569 7,773 - 222 Home equity - 94 83 177 46,565 46,742 - 83 Commercial and industrial - - - - 18,432 18,432 - - Municipal - - - - 2,144 2,144 Consumer 128 - 26 154 10,510 10,664 3 23 Total $ 128 $ 814 $ 2,490 $ 3,432 $ 275,020 $ 278,452 $ 3 $ 2,849 Information about loans that meet the definition of an impaired loan in ASC 310-10-35 is as follows as of and for the years ended December 31: Unpaid Average Interest Recorded Principal Related Recorded Income Investment Balance Allowance Investment Recognized (In Thousands) December 31, 2014: With no related allowance recorded: Real estate: Residential $ 170 $ 170 $ - $ 172 $ 5 Commercial 860 860 - 896 - Construction and land development - - - 133 56 Home equity 3 3 - 4 - Commercial and industrial - - - - - Total impaired with no related allowance $ 1,033 $ 1,033 $ - $ 1,205 $ 61 With an allowance recorded: Residential $ - $ - $ - $ - $ - Commercial - - - - - Construction and land development - - - - - Home equity - - - - - Commercial and industrial 439 439 6 372 - Total impaired with an allowance recorded $ 439 $ 439 $ 6 $ 372 $ - Total Real estate: Residential $ 170 $ 170 $ - $ 172 $ 5 Commercial 860 860 - 896 - Construction and land development - - - 133 56 Home equity 3 3 - 4 - Commercial and industrial 439 439 6 372 - Total impaired loans $ 1,472 $ 1,472 $ 6 $ 1,577 $ 61 Unpaid Average Interest Recorded Principal Related Recorded Income Investment Balance Allowance Investment Recognized (In Thousands) December 31, 2013: With no related allowance recorded: Real estate: Residential $ 175 $ 175 $ - $ 178 $ 6 Commercial 924 924 - 929 3 Construction and land development 222 222 - 212 - Home equity 4 4 - 5 - Total impaired with no related allowance $ 1,325 $ 1,325 $ - $ 1,324 $ 9 With an allowance recorded: Total impaired with an allowance recorded $ - $ - $ - $ - $ - Total Real estate: Residential $ 175 $ 175 $ - $ 178 $ 6 Commercial 924 924 - 929 3 Construction and land development 222 222 - 212 - Home equity 4 4 - 5 - Total impaired loans $ 1,325 $ 1,325 $ - $ 1,324 $ 9 The following tables set forth information regarding troubled debt restructured loans that were restructured during the year ended December 31, 2014: Pre-Modification Post- Modification Number of Outstanding Recorded Outstanding Recorded Contracts Investment Investment (Dollars In Thousands) December 31, 2014: Troubled Debt Restructurings: Commercial and industrial 1 $ 439 $ 439 1 $ 439 $ 439 There was one commercial loan that was modified as a troubled debt restructuring during the year ended December 31, 2014. The loan, with a recorded investment of $439,000, had its payment temporarily reduced as part of the modification. The loan was individually evaluated for impairment as of December 31, 2014 and it was determined that a $6,000 specific allowance allocation was required. The loan was on nonaccrual status as of December 31, 2014. There were no loans modified as a troubled debt restructure during the year ended December 31, 2014 that subsequently defaulted. There were no loans modified as a troubled debt restructure during the year ended December 31, 2013. As of December 31, 2014 and 2013, there were no commitments to lend additional funds to borrowers whose loans were modified in a troubled debt restructuring. The balance of mortgage servicing rights included in other assets at December 31, 2014 and 2013 was $1,577,000 and $1,414,000, respectively. Mortgage servicing rights of $531,000 and $925,000 were capitalized in 2014 and 2013, respectively. Amortization of mortgage servicing rights was $401,000 in 2014 and $300,000 in 2013. The fair value of these rights was $2,049,000 and $1,671,000 as of December 31, 2014 and 2013, respectively. Following is an analysis of the aggregate changes in the valuation allowance for mortgage servicing rights for the years ended December 31: 2014 2013 (In Thousands) Balance, beginning of year $ 42 $ 9 Additions 5 86 Reductions (38 ) (53 ) Balance, end of year $ 9 $ 42 Mortgage loans serviced for others are not included in the accompanying consolidated balance sheets. The unpaid principal balances of mortgage loans serviced for others were $176,579,000 and $147,955,000 as of December 31, 2014 and 2013, respectively. |
Note 8 - Securities Sold Under
Note 8 - Securities Sold Under Agreements to Repurchase | 6 Months Ended | 12 Months Ended |
Jun. 30, 2015 | Dec. 31, 2014 | |
Disclosure Text Block [Abstract] | ||
Repurchase Agreements, Resale Agreements, Securities Borrowed, and Securities Loaned Disclosure [Text Block] | NOTE 8 – SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE Securities sold under agreements to repurchase consist of funds borrowed from customers on a short-term basis secured by portions of the Company's investment portfolio. The securities which were sold have been accounted for not as sales but as borrowings. The securities consisted of debt securities issued by the U.S. Treasury and other U.S. government sponsored enterprises, corporations and agencies and states and municipalities. The securities were held in safekeeping by Morgan Stanley, under the control of the Company. The purchasers have agreed to sell to the Company substantially identical securities at the maturity of the agreements. The agreements mature generally within three months from date of issue. | NOTE 7 - SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE Securities sold under agreements to repurchase consist of funds borrowed from customers on a short-term basis secured by portions of the Company's investment portfolio. The securities which were sold have been accounted for not as sales but as borrowings. The securities consisted of debt securities issued by U.S. government sponsored enterprises, corporations and agencies and states and municipalities. The securities were held in safekeeping by the Federal Home Loan Bank and Merrill Lynch, under the control of the Company. The purchasers have agreed to sell to the Company substantially identical securities at the maturity of the agreements. The agreements mature generally within three months from date of issue. |
Note 9 - Other Comprehensive (L
Note 9 - Other Comprehensive (Loss) Income | 6 Months Ended | 12 Months Ended |
Jun. 30, 2015 | Dec. 31, 2014 | |
Disclosure Text Block [Abstract] | ||
Comprehensive Income (Loss) Note [Text Block] | NOTE 9 – OTHER COMPREHENSIVE (LOSS) INCOME The following tables present the reclassification disclosure for the three and six months ended June 30, 2015 and 2014: Three months ended: 6/30/2015 6/30/2014 ( In thousands) Net change in unrealized holding gains (losses) on available-for-sale securities $ (857 ) $ 1,080 Reclassification adjustment for realized gains in net income (1) (26 ) (103 ) Other comprehensive (loss) income before income tax effect (883 ) 977 Income tax benefit (expense) 299 (332 ) Other comprehensive (loss) income, net of tax $ (584 ) $ 645 Six months ended : 6/30/2015 6/30/2014 (In thousands) Net unrealized holding gains (losses) on available-for-sale securities $ (289 ) $ 2,234 Reclassification adjustment for realized gains in net income (1) (69 ) (103 ) Other comprehensive (loss) income before income tax effect (358 ) 2,131 Income tax benefit (expense) 122 (725 ) Other comprehensive (loss) income, net of tax $ (236 ) $ 1,406 (1) Reclassification adjustments are comprised of realized security gains and losses. The gains and losses have been reclassified out of accumulated other comprehensive (loss) income and have affected certain lines in the consolidated statements of income as follows: the pre-tax amount is included in gain on sales of available-for-sale securities, net, the tax expense amount is included in income tax provision (benefit) and the after tax amount is included in net income. | NOTE 15 - OTHER COMPREHENSIVE INCOME (LOSS) Accounting principles generally require that recognized revenue, expenses, gains and losses be included in net income. Although certain changes in assets and liabilities are reported as a separate component of the stockholders’ equity section of the consolidated balance sheets, such items, along with net income, are components of comprehensive income (loss). The components of other comprehensive income (loss), included in stockholders’ equity, are as follows during the years ended December 31: 2014 2013 (In Thousands) Net unrealized holding gain (loss) on available-for-sale securities $ 2,684 $ (4,108 ) Reclassification adjustment for realized gains in net income (1) (142 ) (109 ) Other comprehensive income (loss) before income tax effect 2,542 (4,217 ) Income tax (expense) benefit (865 ) 1,434 Other comprehensive income (loss), net of tax $ 1,677 $ (2,783 ) (1) Reclassification adjustments include realized securities gains and losses and writedowns of securities. The gains and losses have been reclassified out of other comprehensive income (loss) and affect certain captions in the consolidated statements of income as follows; the pre-tax amount is reflected in writedowns and gain on sales of investments; the tax effect is included in income tax (benefit) expense; and the after tax amount is included in net income. Accumulated other comprehensive income (loss) as of December 31, 2014 and 2013 consists of net unrealized holding gains (losses) on available-for-sale securities, net of taxes. |
Note 1 - Nature of Operations
Note 1 - Nature of Operations | 12 Months Ended |
Dec. 31, 2014 | |
Disclosure Text Block [Abstract] | |
Nature of Operations [Text Block] | NOTE 1 - NATURE OF OPERATIONS On March 2, 2006, The Simsbury Bank & Trust Company, Inc. (the “Bank”) reorganized into a holding company structure. As a result, the Bank became a wholly-owned subsidiary of SBT Bancorp, Inc. (the “Company”) and each outstanding share of common stock of the Bank was converted into the right to receive one share of the common stock, no par value, of the Company. The Company files reports with the Securities and Exchange Commission and is supervised by the Board of Governors of the Federal Reserve System. The Bank is a state chartered bank which was incorporated on April 28, 1992 and is headquartered in Simsbury, Connecticut. The Bank commenced operations on March 31, 1995 engaging principally in the business of attracting deposits from the general public and investing those deposits in securities, residential and commercial real estate, consumer and small business loans. |
Note 2 - Accounting Policies
Note 2 - Accounting Policies | 12 Months Ended |
Dec. 31, 2014 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies [Text Block] | NOTE 2 - ACCOUNTING POLICIES The accounting and reporting policies of the Company and its subsidiary conform to accounting principles generally accepted in the United States of America and predominant practices within the banking industry. The consolidated financial statements of the Company were prepared using the accrual basis of accounting. The significant accounting policies of the Company are summarized below to assist the reader in better understanding the consolidated financial statements and other data contained herein. USE OF ESTIMATES: The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant changes in the near-term include the allowance for loan losses, fair values of available-for-sale securities and deferred taxes. BASIS OF PRESENTATION: The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary, the Bank, and the Bank’s wholly-owned subsidiaries, SBT Investment Services, Inc. and NERE Holdings, Inc. SBT Investment Services, Inc. was established solely for the purpose of providing investment products, financial advice and services to its clients and the community. NERE Holdings, Inc. was established to hold real estate. All significant intercompany accounts and transactions have been eliminated in the consolidation. CASH AND CASH EQUIVALENTS: For purposes of reporting cash flows, cash and cash equivalents include cash on hand, cash items, due from banks, Federal Home Loan Bank interest-bearing demand and overnight deposits, Federal Reserve Bank interest-bearing demand deposits, money market mutual funds and federal funds sold. Cash and due from banks as of December 31, 2014 and 2013 includes $6,585,000 and $7,453,000, respectively, which is subject to withdrawals and usage restrictions to satisfy the reserve requirements of the Federal Reserve Bank of Boston and Bankers’ Bank Northeast. SECURITIES: Investments in debt securities are adjusted for amortization of premiums and accretion of discounts computed so as to approximate the interest method. Gains or losses on sales of investment securities are computed on a specific identification basis. The Company classifies debt and equity securities into one of three categories: held-to-maturity, available-for-sale, or trading. These security classifications may be modified after acquisition only under certain specified conditions. In general, securities may be classified as held-to-maturity only if the Company has the positive intent and ability to hold them to maturity. Trading securities are defined as those bought and held principally for the purpose of selling them in the near term. All other securities must be classified as available-for-sale. -- Held-to-maturity securities are measured at amortized cost in the consolidated balance sheets. Unrealized holding gains and losses are not included in earnings, or in a separate component of capital. They are merely disclosed in the notes to the consolidated financial statements. -- Available-for-sale securities are carried at fair value on the consolidated balance sheets. Unrealized holding gains and losses are not included in earnings but are reported as a net amount (less expected tax) in a separate component of capital until realized. -- Trading securities are carried at fair value on the consolidated balance sheets. Unrealized holding gains and losses for trading securities are included in earnings. For any debt security with a fair value less than its amortized cost basis, the Company will determine whether it has the intent to sell the debt security or whether it is more likely than not it will be required to sell the debt security before the recovery of its amortized cost basis. If either condition is met, the Company will recognize a full impairment charge to earnings. For all other debt securities that are considered other-than-temporarily impaired and do not meet either condition, the credit loss portion of impairment will be recognized in earnings as realized losses. The other-than-temporary impairment related to all other factors will be recorded in other comprehensive income. Declines in marketable equity securities below their cost that are deemed other than temporary are reflected in earnings as realized losses. As a member of the Federal Home Loan Bank of Boston (FHLB), the Company is required to invest in $100 par value stock of the FHLB. The FHLB capital structure mandates that members must own stock as determined by their Total Stock Investment Requirement which is the sum of a member’s Membership Stock Investment Requirement and Activity-Based Stock Investment Requirement. The Membership Stock Investment Requirement is calculated as 0.35% of a member’s Stock Investment Base, subject to a minimum investment of $10,000 and a maximum investment of $25,000,000. The Stock Investment Base is an amount calculated based on certain assets held by a member that are reflected on call reports submitted to applicable regulatory authorities. The Activity-Based Stock Investment Requirement is calculated as 3.0% for overnight advances, 4.0% for FHLB advances with original terms to maturity of two days to three months and 4.5% for other advances plus a percentage of advance commitments, 0.5% of standby letters of credit issued by the FHLB and 4.5% of the value of intermediated derivative contracts. Management evaluates the Company’s investment in FHLB stock for other-than-temporary impairment at least on a quarterly basis and more frequently when economic or market conditions warrant such evaluation. Based on its most recent analysis of the FHLB as of December 31, 2014, management deems its investment in FHLB stock to be not other-than-temporarily impaired. LOANS HELD-FOR-SALE: Loans held-for-sale in the secondary market are carried at the lower of cost or estimated fair value in the aggregate. Net unrealized losses are provided for in a valuation allowance by charges to operations. Interest income on mortgages held-for-sale is accrued currently and classified as interest on loans. LOANS: Loans receivable that management has the intent and ability to hold until maturity or payoff, are reported at their outstanding principal balances adjusted for amounts due to borrowers on unadvanced loans, any charge-offs, the allowance for loan losses and any deferred fees or costs on originated loans, or unamortized premiums or discounts on purchased loans. Interest on loans is recognized on a simple interest basis. Loan origination and commitment fees and certain direct origination costs are deferred, and the net amount amortized as an adjustment of the related loan's yield. The Company is amortizing these amounts over the contractual lives of the related loans. Residential real estate loans are generally placed on nonaccrual when reaching 90 days past due or in process of foreclosure. All closed-end consumer loans 90 days or more past due and any equity line in the process of foreclosure are placed on nonaccrual status. Secured consumer loans are written down to realizable value and unsecured consumer loans are charged off upon reaching 120 or 180 days past due depending on the type of loan. Commercial real estate loans and commercial business loans and leases which are 90 days or more past due are generally placed on nonaccrual status, unless secured by sufficient cash or other assets immediately convertible to cash. When a loan has been placed on nonaccrual status, previously accrued and uncollected interest is reversed against interest on loans. A loan can be returned to accrual status when collectability of principal is reasonably assured and the loan has performed for a period of time, generally six months. Cash receipts of interest income on impaired loans are credited to principal to the extent necessary to eliminate doubt as to the collectability of the net carrying amount of the loan. Some or all of the cash receipts of interest income on impaired loans is recognized as interest income if the remaining net carrying amount of the loan is deemed to be fully collectible. When recognition of interest income on an impaired loan on a cash basis is appropriate, the amount of income that is recognized is limited to that which would have been accrued on the net carrying amount of the loan at the contractual interest rate. Any cash interest payments received in excess of the limit and not applied to reduce the net carrying amount of the loan are recorded as recoveries of charge-offs until the charge-offs are fully recovered. The Company has certain lending policies and procedures in place that are designed to maximize loan income with an acceptable level of risk. Management reviews and approves these policies and procedures on an annual basis. A reporting system is in place which provides management with frequent reports related to loan quality, loan production, loan delinquencies and non-performing or potential problem loans. Commercial and industrial loans are underwritten after evaluating historical and projected profitability and cash flow to determine the borrower’s ability to repay their obligation as agreed. Underwriting standards are designed to promote relationship banking rather than transactional banking. Commercial and industrial loans are made primarily based on the identified cash flow of the borrower and secondarily on the underlying collateral supporting the loan facility. The cash flow of the borrower may not be as expected and the collateral supporting the loan may fluctuate in value. Most commercial and industrial loans are secured by the assets being financed or other business assets such as accounts receivable and inventory and may incorporate a personal guarantee. Some loans may be made on an unsecured basis. In the case of loans secured by accounts receivable, the availability of funds for the repayment of these loans may be substantially dependent upon the ability of the borrower to collect amounts due from its customers. Commercial real estate loans are subject to the underwriting standards and processes similar to commercial and industrial loans, in addition to those underwriting standards for real estate loans. These loans are viewed primarily as cash flow dependent and secondarily as loans secured by real estate. Commercial real estate lending typically involves higher principal balances and longer repayment periods. Repayment of these loans is generally dependent upon the successful operation of the property securing the loan or the principal business conducted on the property securing the loan. Commercial real estate loans may be adversely affected by conditions in the real estate markets or the economy in general. The properties securing the Company’s commercial real estate portfolio are diverse in terms of type and geographic location. This diversification reduces the exposure to adverse economic conditions that affect any single market or industry. Management monitors and evaluates commercial real estate loans based on collateral, geography and risk-rating criteria. The Company also utilizes third-party experts to provide environmental and market valuations, in addition to economic conditions and trends within a specific industry. The Company also tracks the level of owner occupied commercial real estate loans within its commercial real estate portfolio. At December 31, 2014, approximately 82% of the outstanding principal balance of the Company’s commercial real estate loans were secured by owner-occupied properties. With respect to land developers’ and builders’ loans that are secured by non-owner-occupied properties that the Company may originate from time to time, the Company generally requires that the borrower have a proven record of success. Construction loans are underwritten based upon a financial analysis of the developers and property owners and construction cost estimates, in addition to independent appraisal valuations. These loans will rely on the value associated with the project upon completion. These cost and valuation estimates may be inaccurate. Construction loans generally involve the disbursement of substantial funds over a short period of time with repayment substantially dependent upon the success of the completed project. Sources of repayment of these loans would be permanent financing upon completion or sales of developed property. These loans are closely monitored by on site inspections and are considered to be of a higher risk than other real estate loans due to their ultimate repayment being sensitive to general economic conditions, availability of long-term financing, interest rate sensitivity, and governmental regulation of real property. The Company originates consumer loans utilizing a computer-based credit-scoring analysis to supplement the underwriting process. To monitor and manage consumer loan risk, policies and procedures are developed and modified, as needed, jointly by staff and management. This continual review, coupled with the high volume of borrowers of smaller dollar loans, minimizes risk. Additionally, trend and outlook reports are reviewed by management on a regular basis. Underwriting standards for home equity loans are heavily influenced by regulatory requirements, which include, but are not limited to, a maximum loan-to-value of 75%, collection remedies, the number of such loans that a borrower can have at one time, and documentation requirements. The Company engages an independent loan review firm that reviews and validates the credit risk program on a periodic basis. Results of these reviews are presented to management and the Board of Directors. The loan review process complements and reinforces the risk identification process and assessment decisions made by the relationship managers and credit officer, as well as the Company’s policies and procedures. ALLOWANCE FOR LOAN LOSSES: The allowance for loan losses is established as losses are estimated to have occurred through a provision for loan losses charged to earnings. Loan losses are charged against the allowance when management believes the uncollectability of a loan balance is confirmed. Subsequent recoveries, if any, are credited to the allowance. The allowance for loan losses is evaluated on a regular basis by management and is based upon management’s periodic review of the collectability of the loans in light of historical experience, the nature and volume of the loan portfolio, adverse situations that may affect the borrower’s ability to repay, estimated value of any underlying collateral and prevailing economic conditions. This evaluation is inherently subjective as it requires estimates that are susceptible to significant revision as more information becomes available. General Component: The general component of the allowance for loan losses is based on historical loss experience adjusted for qualitative factors stratified by the following loan segments: residential real estate, commercial real estate, construction, commercial and consumer. Management uses a rolling average of historical losses based on a time frame appropriate to capture relevant loss data for each loan segment. This historical loss factor is adjusted for the following qualitative factors: levels/trends in delinquencies; trends in volume and terms of loans; effects of changes in risk selection and underwriting standards and other changes in lending policies, procedures and practices; experience/ability/depth of lending management and staff; and national and local economic trends and conditions. There were no changes in the Company’s policies or methodology pertaining to the general component of the allowance for loan losses during 2014. The qualitative factors are determined based on the various risk characteristics of each loan segment. Risk characteristics relevant to each portfolio segment are as follows: Residential real estate and home equity: The Company generally does not originate loans with a loan-to-value ratio greater than 80 percent without obtaining private mortgage insurance for any amounts over 80% and does not grant subprime loans. All loans in these segments are collateralized by owner-occupied residential real estate and repayment is dependent on the credit quality of the individual borrower. The overall health of the economy, including unemployment rates and housing prices, will have an effect on the credit quality in this segment. Commercial real estate: Loans in this segment are primarily income-producing properties throughout the Farmington Valley in Connecticut. The underlying cash flows generated by the properties are adversely impacted by a downturn in the economy as evidenced by increased vacancy rates, which, in turn, will have an effect on the credit quality in this segment. Management periodically obtains rent rolls annually and continually monitors the cash flows of these loans. Construction loans: Loans in this segment primarily include speculative real estate development loans for which payment is derived from sale of the property. Credit risk is affected by cost overruns, time to sell at an adequate price, and market conditions. Commercial loans: Loans in this segment are made to businesses and are generally secured by assets of the business. Repayment is expected from the cash flows of the business. A weakened economy, and resultant decreased consumer spending, will have an effect on the credit quality in this segment. Consumer loans: Loans in this segment are generally unsecured and repayment is dependent on the credit quality of the individual borrower. Allocated Component: The allocated component relates to loans that are classified as impaired. Impairment is measured on a loan-by-loan basis for commercial, commercial real estate and construction 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 is established when the discounted cash flows (or collateral value) of the impaired loan are lower than the carrying value of that loan. Large groups of smaller balance homogeneous loans are collectively evaluated for impairment. Accordingly, the Company does not separately identify individual consumer and residential real estate loans for impairment disclosures, unless such loans are subject to a troubled debt restructuring agreement. A loan is considered impaired when, based on current information and events, it is probable that the Company will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record, and the amount of the shortfall in relation to the principal and interest owed. The Company periodically may agree to modify the contractual terms of loans. When a loan is modified and a concession is made to a borrower experiencing financial difficulty, the modification is considered a troubled debt restructuring ("TDR"). All TDRs are initially classified as impaired. Unallocated Component: 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 allocated and general reserves in the portfolio. PREMISES AND EQUIPMENT: Premises and equipment are stated at cost, less accumulated depreciation and amortization. Cost and related allowances for depreciation and amortization of premises and equipment retired or otherwise disposed of are removed from the respective accounts with any gain or loss included in income or expense. Depreciation and amortization are calculated principally on the straight-line method over the estimated useful lives of the assets. Estimated lives are 3 to 20 years for furniture and equipment. Leasehold improvements are amortized over the lesser of the life of the lease or the estimated life of the improvements. OTHER REAL ESTATE OWNED AND IN-SUBSTANCE FORECLOSURES: Other real estate owned includes properties acquired through foreclosure and properties classified as in-substance foreclosures in accordance with ASC 310-40, “Receivables - Troubled Debt Restructuring by Creditors.” These properties are held for sale and are initially recorded at fair value less cost to sell at the date of foreclosure or transfer, establishing a new cost basis. Subsequent to foreclosure or transfer, valuations are periodically performed by management and the assets are carried at the lower of carrying amount or fair value less cost to sell. Any writedown from cost to estimated fair value required at the time of foreclosure or classification as in-substance foreclosure is charged to the allowance for loan losses. Expenses incurred in connection with maintaining these assets, subsequent writedowns and gains or losses recognized upon sale are included in other expense. In accordance with ASC 310-10-35, “Receivables - Overall - Subsequent Measurement,” the Company classifies loans as in-substance repossessed or foreclosed if the Company receives physical possession of the debtor’s assets regardless of whether formal foreclosure proceedings take place. FAIR VALUES OF FINANCIAL INSTRUMENTS: ASC 825, “Financial Instruments,” requires that the Company disclose estimated fair values for its financial instruments. Fair value methods and assumptions used by the Company in estimating its fair value disclosures are as follows: Cash and cash equivalents: The carrying amounts reported in the balance sheets for cash and cash equivalents approximate those assets' fair values. Securities: Fair values for securities are based on quoted market prices, where available. If quoted market prices are not available, fair values are based on quoted market prices of comparable instruments. Loans held-for-sale: Fair values for loans held-for-sale are estimated based on outstanding investor commitments, or in the absence of such commitments, are based on current investor yield requirements. Loans receivable: For variable-rate loans that reprice frequently and with no significant change in credit risk, fair values are based on carrying values. The fair values for other loans are estimated by discounting the future cash flows, using interest rates currently being offered for loans with similar terms to borrowers of similar credit quality. Accrued interest receivable: The carrying amount of accrued interest receivable approximates its fair value. Deposit liabilities: The fair values disclosed for demand deposits, regular savings, NOW accounts, and money market accounts are equal to the amount payable on demand at the reporting date (i.e., their carrying amounts). Fair values for certificates of deposit are estimated using a discounted cash flow calculation that applies interest rates currently being offered on certificates to a schedule of aggregated expected monthly maturities on time deposits. Securities sold under agreements to repurchase: The carrying amounts of securities sold under agreements to repurchase approximate their fair values. Federal Home Loan Bank advances: Fair values of Federal Home Loan Bank advances are estimated using discounted cash flow analyses based on the Company’s current incremental borrowing rates for similar types of borrowing arrangements. Off-balance sheet instruments: The fair value of commitments to originate loans is estimated using the fees currently charged to enter similar agreements, taking into account the remaining terms of the agreements and the present creditworthiness of the counterparties. For fixed-rate loan commitments and the unadvanced portion of loans, fair value also considers the difference between current levels of interest rates and the committed rates. The fair value of letters of credit is based on fees currently charged for similar agreements or on the estimated cost to terminate them or otherwise settle the obligation with the counterparties at the reporting date. ADVERTISING: The Company directly expenses costs associated with advertising as they are incurred. INCOME TAXES: The Company recognizes income taxes under the asset and liability method. Under this method, deferred tax assets and liabilities are established for the temporary differences between the accounting basis and the tax basis of the Company's assets and liabilities at enacted tax rates expected to be in effect when the amounts related to such temporary differences are realized or settled. STOCK BASED COMPENSATION: At December 31, 2014, the Company has stock-based employee compensation plans which are described more fully in Note 18. The Company accounts for the plan under ASC 718-10, “Compensation - Stock Compensation - Overall.” During the years ended December 31, 2014 and 2013, $145,000 and $156,000, respectively, in stock-based employee compensation was recognized. EARNINGS PER SHARE: The Company defines unvested share-based payment awards that contain nonforfeitable rights to dividends as participating securities that are included in computing EPS using the two-class method. The two-class method is an earnings allocation formula that determines earnings per share for each share of common stock and participating securities according to dividends declared and participation rights in undistributed earnings. Under this method, all earnings (distributed and undistributed) are allocated to common shares and participating securities based on their respective rights to receive dividends. Earnings per common share is calculated by dividing earnings allocated to common shareholders by the weighted-average number of common shares outstanding during the period. Basic EPS excludes dilution and is computed by dividing income allocated to common stockholders by the weighted-average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the entity. RECENT ACCOUNTING PRONOUNCEMENTS: In January 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2014-01, “Investments - Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Qualified Affordable Housing Projects.” The amendments in this ASU apply to all reporting entities that invest in qualified affordable housing projects through limited liability entities that are flow-through entities for tax purposes as follows: 1. For reporting entities that meet the conditions for and that elect to use the proportional amortization method to account for investments in qualified affordable housing projects, all amendments in this ASU apply. 2. For reporting entities that do not meet the conditions for or that do not elect the proportional amortization method, only the amendments in this ASU that are related to disclosures apply. The amendments in this ASU permit reporting entities to make an accounting policy election to account for their investments in qualified affordable housing projects using the proportional amortization method if certain conditions are met. Under the proportional amortization method, an entity amortizes the initial cost of the investment in proportion to the tax credits and other tax benefits received and recognizes the net investment performance in the income statement as a component of income tax expense (benefit). For those investments in qualified affordable housing projects not accounted for using the proportional amortization method, the investment should be accounted for as an equity method investment or a cost method investment in accordance with Subtopic 970-323. The amendments in this ASU should be applied retrospectively to all periods presented. A reporting entity that uses the effective yield method to account for its investments in qualified affordable housing projects before the date of adoption may continue to apply the effective yield method for those preexisting investments. The amendments in this ASU are effective for annual periods and interim reporting periods within those annual periods, beginning after December 15, 2014. Early adoption is permitted. The Company anticipates that the adoption of this guidance will not have a material impact on its consolidated financial statements. In January 2014, the FASB issued ASU 2014-04, “Receivables-Troubled Debt Restructurings by Creditors (Subtopic 310-40): Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure.” The objective of the amendments in this ASU is to reduce diversity by clarifying when an in substance repossession or foreclosure occurs, that is, when a creditor should be considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan such that the loan receivable should be derecognized and the real estate property recognized. The amendments in this ASU clarify that an in substance repossession or foreclosure occurs, and a creditor is considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan, upon either (i) the creditor obtaining legal title to the residential real estate property upon completion of a foreclosure or (ii) the borrower conveying all interest in the residential real estate property to the creditor to satisfy that loan through completion of a deed in lieu of foreclosure or through a similar legal agreement. Additionally, the amendments require interim and annual disclosure of both (i) the amount of foreclosed residential real estate property held by the creditor and (ii) the recorded investment in consumer mortgage loans collateralized by residential real estate property that are in the process of foreclosure according to local requirements of the applicable jurisdiction. The amendments in this ASU are effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2014. The Company can elect to adopt the amendments in this ASU using either a modified retrospective transition method or a prospective transition method. The Company anticipates that the adoption of this guidance will not have a material impact on its consolidated financial statements. In April 2014, the FASB issued ASU 2014-08, “Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity.” This ASU changes the criteria for reporting discontinued operations and modifies related disclosure requirements. The new guidance is effective on a prospective basis for fiscal years beginning on or after December 15, 2014, and interim periods within those years. The Company anticipates that the adoption of this guidance will not have a material impact on its consolidated financial statements. In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers (Topic 606).” The objective of this ASU is to clarify principles for recognizing revenue and to develop a common revenue standard for GAAP and International Financial Reporting Standards. The guidance in this ASU affects any entity that either enters into contracts with customers to transfer goods or services or enters into contracts for the transfer of nonfinancial assets unless those contracts are within the scope of other standards. The core principal |
Note 5 - Premises and Equipment
Note 5 - Premises and Equipment | 12 Months Ended |
Dec. 31, 2014 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment Disclosure [Text Block] | NOTE 5 - PREMISES AND EQUIPMENT The following is a summary of premises and equipment as of December 31: 2014 2013 (In Thousands) Leasehold improvements $ 1,389 $ 1,370 Furniture and equipment 3,105 2,968 4,494 4,338 Accumulated depreciation and amortization (3,034 ) (2,720 ) $ 1,460 $ 1,618 |
Note 6 - Deposits
Note 6 - Deposits | 12 Months Ended |
Dec. 31, 2014 | |
Disclosure Text Block [Abstract] | |
Deposit Liabilities Disclosures [Text Block] | NOTE 6 - DEPOSITS The aggregate amount of time deposit accounts in denominations of $100,000 or more as of December 31, 2014 and 2013 was $26,650,000 and $29,703,000, respectively. The aggregate amount of time deposit accounts in denominations that meet or exceed the Federal Deposit Insurance Corporation (FDIC) insurance limit (currently $250,000) at December 31, 2014 was $11,160,000. For time deposits as of December 31, 2014, the scheduled maturities for years ended December 31 are: (In Thousands) 2015 $ 41,354 2016 9,623 2017 5,003 2018 3,063 2019 2,603 Total $ 61,646 As of December 31, 2014, the Bank had one depositor with total deposits of $22,497,000, or 6.32% of the Company’s total deposits. |
Note 8 - Federal Home Loan Bank
Note 8 - Federal Home Loan Bank Advances | 12 Months Ended |
Dec. 31, 2014 | |
Disclosure Text Block [Abstract] | |
Federal Home Loan Bank Advances, Disclosure [Text Block] | NOTE 8 - FEDERAL HOME LOAN BANK ADVANCES Advances consist of funds borrowed from the Federal Home Loan Bank of Boston (FHLB). There were $17,500,000 in FHLB advances outstanding as of December 31, 2014. All advances outstanding at December 31, 2014 mature in January 2015. The weighted average interest rate on these borrowings is 0.23%. Borrowings from the FHLB are secured by a blanket lien on qualified collateral, consisting primarily of loans with first mortgages secured by one to four family properties and other qualified assets. The Company has a line of credit with the FHLB in the amount of $1,525,000 at December 31, 2014 |
Note 9 - Income Taxes
Note 9 - Income Taxes | 12 Months Ended |
Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | NOTE 9 - INCOME TAXES The components of income tax (benefit) expense are as follows for the years ended December 31: 2014 2013 (In Thousands) Current: Federal $ 181 $ (72 ) State 2 1 183 (71 ) Deferred: Federal (187 ) 205 State - - (187 ) 205 Total income tax (benefit) expense $ (4 ) $ 134 The reasons for the differences between the statutory federal income tax rate and the effective tax rates are summarized as follows for the years ended December 31: 2014 2013 % of % of Income Income Federal income tax at statutory rate 34.0 % 34.0 % Increase (decrease) in tax resulting from: Tax-exempt income (38.0 ) (23.2 ) Other 3.5 (0.2 ) Effective tax rates (0.5 ) % 10.6 % The Company had gross deferred tax assets and gross deferred tax liabilities as follows as of December 31: 2014 2013 (In Thousands) Deferred tax assets: Allowance for loan losses $ 816 $ 800 Deferred compensation 243 220 Impairment of operating lease 9 24 Write-down of securities 10 10 Write-down of OREO 17 - Restricted stock awards 7 16 Charitable contribution carryover 120 93 Other 123 80 Alternative minimum tax carryforward 634 413 Net unrealized holding loss on available-for-sale securities - 853 Gross deferred tax assets 1,979 2,509 Deferred tax liabilities: Depreciation (307 ) (250 ) Deferred loan costs/fees (437 ) (413 ) Mortgage servicing rights (536 ) (481 ) Net unrealized holding gain on available-for-sale securities (12 ) - Gross deferred tax liabilities (1,292 ) (1,144 ) Net deferred tax asset $ 687 $ 1,365 Deferred tax assets as of December 31, 2014 and 2013 have not been reduced by a valuation allowance because management believes that it is more likely than not that the full amount of deferred taxes will be realized. As of December 31, 2014, the Company had no operating loss carryovers for income tax purposes. It is the Company’s policy to provide for uncertain tax positions and the related interest and penalties based upon management’s assessment of whether a tax benefit is more likely than not to be sustained upon examination by tax authorities. As of December 31, 2014 and 2013, there were no material uncertain tax positions related to federal and state income tax matters. The Company is currently open to audit under the statute of limitations by the Internal Revenue Service and state taxing authorities for the years ended December 31, 2011 through December 31, 2014. In January of 2011, the Bank formed a subsidiary Passive Investment Company (PIC). Under State of Connecticut statutes, such a company is not subject to Connecticut corporation business taxes. Provided that the Bank meets the mandated statutory requirements, the Company’s Connecticut corporation business taxes should be significantly reduced or eliminated. |
Note 10 - Commitments and Conti
Note 10 - Commitments and Contingent Liabilities | 12 Months Ended |
Dec. 31, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | NOTE 10 - COMMITMENTS AND CONTINGENT LIABILITIES As of December 31, 2014 the Company was obligated under non-cancelable operating leases for bank premises and equipment expiring between July 2015 and June 2020. Certain leases contain renewal options. The cost of such renewals is not included below. The total minimum rental due in future periods under these existing agreements is as follows as of December 31, 2014: (In Thousands) 2015 $ 912 2016 685 2017 642 2018 634 2019 577 Thereafter 393 Total $ 3,843 Certain leases contain provisions for escalation of minimum lease payments contingent upon percentage increases in the consumer price index. Total rental expense amounted to $935,000 and $708,000 for the years ended December 31, 2014 and 2013, respectively. On November 28, 2008, the Company entered into an agreement with its data processing servicer which ends in five years, and automatically continues for three years, unless terminated by either party with notice. A second amendment to this November 2008 agreement was signed between the parties on June 27, 2013 that extends the renewal term through April 19, 2019, an extension of the first renewal term for sixty (60) months. Under the agreement, the Company must pay a termination fee as described in the agreement if the Company terminates the agreement with notice, before the end of this extended agreement. |
Note 12 - Financial Instruments
Note 12 - Financial Instruments | 12 Months Ended |
Dec. 31, 2014 | |
Disclosure Text Block Supplement [Abstract] | |
Financial Instruments Disclosure [Text Block] | NOTE 12 - FINANCIAL INSTRUMENTS The Company is party to financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include commitments to originate loans, unadvanced funds on loans and standby letters of credit. The instruments involve, to varying degrees, elements of credit risk in excess of the amount recognized in the balance sheets. The contract amounts of those instruments reflect the extent of involvement the Company has in particular classes of financial instruments. The Company's exposure to credit loss in the event of nonperformance by the other party to the financial instrument for loan commitments is represented by the contractual amounts 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 originate loans are agreements to lend to a customer provided there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since many of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. The Company evaluates each customer's creditworthiness 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 of the borrower. Collateral held varies, but may include secured interests in mortgages, accounts receivable, inventory, property, plant and equipment and income-producing properties. Standby letters of credit are conditional commitments issued by the Company to guarantee the performance by a customer to a third party. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loan facilities to customers. As of December 31, 2014 and 2013, the maximum potential amount of the Company’s obligation was $1,888,000 and $857,000, respectively for financial and standby letters of credit. The Company’s outstanding letters of credit generally have a term of less than one year. If a letter of credit is drawn upon, the Company may seek recourse through the customer’s underlying line of credit. If the customer’s line of credit is also in default, the Company may take possession of the collateral, if any, securing the line of credit. Notional amounts of financial instrument liabilities with off-balance sheet credit risk are as follows as of 2014 2013 (In Thousands) Commitments to originate loans $ 17,151 $ 10,488 Standby letters of credit 1,888 857 Unadvanced portions of loans: Construction loans 6,960 5,456 Commercial lines of credit 17,394 14,265 Consumer 677 677 Home equity lines of credit 45,005 40,075 $ 89,075 $ 71,818 There is no material difference between the notional amounts and the estimated fair values of the above off-balance sheet liabilities. |
Note 13 - Related Party Transac
Note 13 - Related Party Transactions | 12 Months Ended |
Dec. 31, 2014 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure [Text Block] | NOTE 13 - RELATED PARTY TRANSACTIONS Certain directors and executive officers of the Company and companies in which they have significant ownership interest were customers of the Bank during 2014. Total loans to such persons and their companies amounted to $4,348,000 as of December 31, 2014. During the year ended December 31, 2014, principal payments totaled $375,000 and advances amounted to $86,000. Deposits from related parties held by the Company as of December 31, 2014 and 2013 amounted to $6,625,000 and $6,076,000, respectively. During 2014 and 2013, the Company paid $90,000 and $63,000, respectively, for rent and related expenses of the Company’s Granby branch office to a company of which a bank director is a principal. The rent expense for the Granby branch included in Note 10 amounted to $65,000 in 2014 and $43,000 in 2013. |
Note 14 - Significant Group Con
Note 14 - Significant Group Concentrations of Credit Risk | 12 Months Ended |
Dec. 31, 2014 | |
Risks and Uncertainties [Abstract] | |
Concentration Risk Disclosure [Text Block] | NOTE 14 - SIGNIFICANT GROUP CONCENTRATIONS OF CREDIT RISK Most of the Company's business activity is with customers located within the state. There are no concentrations of credit to borrowers that have similar economic characteristics. The majority of the Company's loan portfolio is comprised of loans collateralized by real estate located in the state of Connecticut. |
Note 16 - Regulatory Matters
Note 16 - Regulatory Matters | 12 Months Ended |
Dec. 31, 2014 | |
Disclosure Text Block [Abstract] | |
Regulatory Capital Requirements under Banking Regulations [Text Block] | NOTE 16 - REGULATORY MATTERS The Bank is subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Bank’s financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Bank must meet specific capital guidelines that involve quantitative measures of its assets, liabilities, and certain off-balance sheet items as calculated under regulatory accounting practices. The Bank’s capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings and other factors. Quantitative measures established by regulation to ensure capital adequacy require the Bank to maintain minimum amounts and ratios (set forth in the table below) of total and Tier 1 capital (as defined in the regulations) to risk-weighted assets (as defined), and of Tier 1 capital (as defined) to average assets (as defined). Management believes, as of December 31, 2014 and 2013, that the Bank meets all capital adequacy requirements to which it is subject. As of December 31, 2014, the most recent notification from the Federal Deposit Insurance Corporation categorized the Bank as well capitalized under the regulatory framework for prompt corrective action. To be categorized as well capitalized the Bank must maintain minimum total risk-based, Tier 1 risk-based and Tier 1 leverage ratios as set forth in the table. There are no conditions or events since that notification that management believes have changed the institution's category. The Bank’s actual capital amounts and ratios are also presented in the table. To Be Well Capitalized Under For Capital Prompt Corrective Actual Adequacy Purposes Action Provisions Amount Ratio Amount Ratio Amount Ratio (Dollars In Thousands) As of December 31, 2014: Total Capital (to Risk Weighted Assets) $ 31,675 12.80 % $ 19,791 8.0 % $ 24,739 10.0 % Tier 1 Capital (to Risk Weighted Assets) 28,914 11.69 9,895 4.0 14,843 6.0 Tier 1 Capital (to Average Assets) 28,914 7.17 16,137 4.0 20,171 5.0 As of December 31, 2013: Total Capital (to Risk Weighted Assets) 31,433 13.08 19,227 8.0 24,033 10.0 Tier 1 Capital (to Risk Weighted Assets) 28,641 11.92 9,613 4.0 14,420 6.0 Tier 1 Capital (to Average Assets) 28,641 7.09 16,150 4.0 20,188 5.0 The declaration of cash dividends is dependent on a number of factors, including regulatory limitations, and the Company's operating results and financial condition. The stockholders of the Company will be entitled to dividends only when, and if, declared by the Company's Board of Directors out of funds legally available therefor. The declaration of future dividends will be subject to favorable operating results, financial conditions, tax considerations, and other factors. Under Connecticut law, the Bank may pay dividends only out of net profits. The Connecticut Banking Commissioner’s approval is required for dividend payments which exceed the current year’s net profits and retained net profits from the preceding two years. As of December 31, 2014, the Bank is restricted from declaring dividends to the Company in an amount greater than $2,730,000. Basel III : On July 2, 2013, the Federal Reserve Bank (FRB) approved the final rules implementing the Basel Committee on Banking Supervision’s capital guidelines for U.S. banks. On July 9, 2013, the FDIC also approved, as an interim final rule, the regulatory capital requirements for U.S. banks, following the actions of the FRB. On April 8, 2014, the FDIC adopted as final its interim final rule, which is identical in substance to the final rules issued by the FRB in July 2013. Under the final rules, minimum requirements will increase for both the quantity and quality of capital held by the Bank. The rules include a new common equity Tier 1 capital risk-weighted assets minimum ratio of 4.5%, raise the minimum ratio of Tier 1 capital to risk-weighted assets from 4.0% to 6.0%, require a minimum ratio of Total capital to risk-weighted assets of 8.0%, and require a minimum Tier 1 leverage ratio of 4.0%. A new capital conservation buffer, comprised of common equity Tier 1 capital, is also established above the regulatory minimum capital requirements. This capital conservation buffer will be phased in beginning January 1, 2016 at 0.625% of risk-weighted assets and increase each subsequent year by an additional 0.625% until reaching its final level of 2.5% on January 1, 2019. Strict eligibility criteria for regulatory capital instruments were also implemented under the final rules. The phase-in period for the final rules will begin for the Bank on January 1, 2015, with full compliance with all of the final rule’s requirements phased in over a multi-year schedule and should be fully phased-in by January 1, 2019. Management believes that the Bank’s capital levels will remain characterized as “well-capitalized” under the new rules. |
Note 17 - Employee Benefits
Note 17 - Employee Benefits | 12 Months Ended |
Dec. 31, 2014 | |
Compensation and Retirement Disclosure [Abstract] | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | NOTE 17 - EMPLOYEE BENEFITS The Company sponsors a 401(k) savings and retirement plan. Employees who are 21 years of age and employed on the plan's effective date are immediately eligible to participate in the plan. Other employees who have attained age 21 are eligible for membership on the first day of the month following completion of 90 days of service. The provisions of the 401(k) plan allow eligible employees to contribute subject to IRS limitations. The Company's matching contribution will be determined at the beginning of the plan year. The Company's expense under this plan was $74,000 in 2014 and $125,000 in 2013. The Company entered into Supplemental Executive Retirement Agreements with current and former executive officers. The agreements require the payment of specified benefits upon retirement over specified periods as described in each agreement. The total liability for the agreements included in other liabilities was $715,000 at December 31, 2014 and $648,000 at December 31, 2013. Expenses under these agreements amounted to $101,000 and $142,000, respectively, for the years ended December 31, 2014 and 2013. Payments made under the agreements were $34,000 and $27,000, respectively for each of the years ended December 31, 2014 and 2013. The Company entered into employment agreements (the “Agreements”) with the Executive Officers of the Company. The Agreements provide for severance benefits upon termination following a change in control as defined in the agreements in amounts equal to cash compensation as defined in the agreements, and fringe benefits that the Executive(s) would have received if the Executive(s) would have continued working for an additional two years. The agreements also include provisions to accelerate vesting for stock option plans; or for additional credit for years of service under benefit plans. |
Note 20 - Preferred Stock
Note 20 - Preferred Stock | 12 Months Ended |
Dec. 31, 2014 | |
Disclosure Text Block Supplement [Abstract] | |
Preferred Stock [Text Block] | NOTE 20 - PREFERRED STOCK On August 11, 2011, as part of the United States Department of the Treasury (the “Treasury”) Small Business Lending Fund program (the “SBLF”), the Company entered into a Small Business Lending Fund – Securities Purchase Agreement (the “Purchase Agreement”) with the Secretary of the Treasury (the “Secretary”), pursuant to which the Company agreed to issue and sell, and the Secretary agreed to purchase, 9,000 shares of the Company’s Senior Non-cumulative Perpetual Preferred Stock, Series C, having a liquidation preference of $1,000 per share (the “SBLF Preferred Stock”), for a purchase price of $9,000,000. The SBLF Preferred Stock was issued pursuant to the SBLF program, a $30 billion fund established under the Small Business Jobs Act of 2010 that was created to encourage lending to small business by providing capital to qualified community banks with assets of less than $10 billion. The transaction described above closed on August 11, 2011. The SBLF Preferred Stock has no maturity date and ranks senior to the Company’s common stock with respect to the payment of dividends and distributions and amounts payable upon liquidation, dissolution and winding up of the Company. The SBLF Preferred Stock qualifies as Tier 1 capital and will pay non-cumulative dividends quarterly on each January 1, April 1, July 1 and October 1, beginning October 1, 2011. The dividend rate can fluctuate on a quarterly basis during the first 10 quarters during which the SBLF Preferred Stock is outstanding, based upon changes in the level of “Qualified Small Business Lending” or “QSBL” (as defined in the Purchase Agreement). Based upon the increase in the Bank’s level of QSBL over the baseline level calculated under the terms of the Purchase Agreement, at December 31, 2014, the dividend rate payable by the Company on the Series C Preferred Stock is 1.00%. For the second through ninth calendar quarters, the dividend rate may be adjusted between one percent (1%) and five percent (5%) per annum to reflect the amount of change in the Bank’s level of QSBL. If the level of the Bank’s qualified small business loans declines so that the percentage increase in QSBL as compared to the baseline level is less than 10% then the dividend rate payable on the SBLF Preferred Stock would increase. For the tenth calendar quarter through four and one half years after issuance, the dividend rate will be fixed at between one percent (1%) and seven percent (7%) based upon the increase in QSBL as compared to the baseline. After four and one half years from issuance, the dividend rate will increase to 9% (including a quarterly lending incentive fee of 0.5%). The SBLF Preferred Stock is non-voting, except in limited circumstances. In the event that the Company misses five dividend payments, whether or not consecutive, the holder of the SBLF Preferred Stock will have the right, but not the obligation, to appoint a representative as an observer on the Company’s Board of Directors. The SBLF Preferred Stock may be redeemed at any time at the Company’s option, at a redemption price of 100% of the liquidation amount plus accrued but unpaid dividends to the date of redemption for the current period, subject to the approval of the Federal Deposit Insurance Corporation. Under the terms of the SBLF Preferred Stock, the Company may only declare and pay a dividend on the common stock or other stock junior to the SBLF Preferred Stock, or repurchase shares of any such class or series of stock, if, after payment of such dividend, the dollar amount of the Company’s Tier 1 Capital would be at least 90% of the Signing Date Tier 1 Capital, as set forth in the Certificate of Amendment to the Certificate of Incorporation of the Company fixing the designations, preferences, limitations and relative rights of the SBLF Preferred Stock, excluding any subsequent net charge-offs and any redemption of the SBLF Preferred Stock (the “Tier 1 Dividend Threshold”). The Tier 1 Dividend Threshold is subject to reduction, beginning on the second anniversary of issuance and ending on the tenth anniversary, by 10% for each one percent increase in QSBL over the baseline level. |
Note 21 - Legal Contingencies
Note 21 - Legal Contingencies | 12 Months Ended |
Dec. 31, 2014 | |
Disclosure Text Block Supplement [Abstract] | |
Legal Matters and Contingencies [Text Block] | NOTE 21 - LEGAL CONTINGENCIES Various legal claims arise from time to time in the normal course of business which, in the opinion of management, will have no material effect on the Company’s consolidated financial statements. |
Note 22 - Reclassification
Note 22 - Reclassification | 12 Months Ended |
Dec. 31, 2014 | |
Partners' Capital, Comprehensive Income [Abstract] | |
Disclosure of Reclassification Amount [Text Block] | NOTE 22 - RECLASSIFICATION Certain amounts in the prior year have been reclassified to be consistent with the current year's statement presentation. |
Note 23 - Subsequent Events
Note 23 - Subsequent Events | 12 Months Ended |
Dec. 31, 2014 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | NOTE 23 - SUBSEQUENT EVENTS On February 20, 2015, the Company announced that its Board of Directors declared a quarterly cash dividend of $0.14 per share on the Company’s common stock. The dividend is payable on March 13, 2015 to shareholders of record as of March 2, 2015. |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 12 Months Ended |
Dec. 31, 2014 | |
Accounting Policies [Abstract] | |
Use of Estimates, Policy [Policy Text Block] | USE OF ESTIMATES: The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant changes in the near-term include the allowance for loan losses, fair values of available-for-sale securities and deferred taxes. |
Consolidation, Policy [Policy Text Block] | BASIS OF PRESENTATION: The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary, the Bank, and the Bank’s wholly-owned subsidiaries, SBT Investment Services, Inc. and NERE Holdings, Inc. SBT Investment Services, Inc. was established solely for the purpose of providing investment products, financial advice and services to its clients and the community. NERE Holdings, Inc. was established to hold real estate. All significant intercompany accounts and transactions have been eliminated in the consolidation. |
Cash and Cash Equivalents, Policy [Policy Text Block] | CASH AND CASH EQUIVALENTS: For purposes of reporting cash flows, cash and cash equivalents include cash on hand, cash items, due from banks, Federal Home Loan Bank interest-bearing demand and overnight deposits, Federal Reserve Bank interest-bearing demand deposits, money market mutual funds and federal funds sold. Cash and due from banks as of December 31, 2014 and 2013 includes $6,585,000 and $7,453,000, respectively, which is subject to withdrawals and usage restrictions to satisfy the reserve requirements of the Federal Reserve Bank of Boston and Bankers’ Bank Northeast. |
Investment, Policy [Policy Text Block] | SECURITIES: Investments in debt securities are adjusted for amortization of premiums and accretion of discounts computed so as to approximate the interest method. Gains or losses on sales of investment securities are computed on a specific identification basis. The Company classifies debt and equity securities into one of three categories: held-to-maturity, available-for-sale, or trading. These security classifications may be modified after acquisition only under certain specified conditions. In general, securities may be classified as held-to-maturity only if the Company has the positive intent and ability to hold them to maturity. Trading securities are defined as those bought and held principally for the purpose of selling them in the near term. All other securities must be classified as available-for-sale. -- Held-to-maturity securities are measured at amortized cost in the consolidated balance sheets. Unrealized holding gains and losses are not included in earnings, or in a separate component of capital. They are merely disclosed in the notes to the consolidated financial statements. -- Available-for-sale securities are carried at fair value on the consolidated balance sheets. Unrealized holding gains and losses are not included in earnings but are reported as a net amount (less expected tax) in a separate component of capital until realized. -- Trading securities are carried at fair value on the consolidated balance sheets. Unrealized holding gains and losses for trading securities are included in earnings. For any debt security with a fair value less than its amortized cost basis, the Company will determine whether it has the intent to sell the debt security or whether it is more likely than not it will be required to sell the debt security before the recovery of its amortized cost basis. If either condition is met, the Company will recognize a full impairment charge to earnings. For all other debt securities that are considered other-than-temporarily impaired and do not meet either condition, the credit loss portion of impairment will be recognized in earnings as realized losses. The other-than-temporary impairment related to all other factors will be recorded in other comprehensive income. Declines in marketable equity securities below their cost that are deemed other than temporary are reflected in earnings as realized losses. As a member of the Federal Home Loan Bank of Boston (FHLB), the Company is required to invest in $100 par value stock of the FHLB. The FHLB capital structure mandates that members must own stock as determined by their Total Stock Investment Requirement which is the sum of a member’s Membership Stock Investment Requirement and Activity-Based Stock Investment Requirement. The Membership Stock Investment Requirement is calculated as 0.35% of a member’s Stock Investment Base, subject to a minimum investment of $10,000 and a maximum investment of $25,000,000. The Stock Investment Base is an amount calculated based on certain assets held by a member that are reflected on call reports submitted to applicable regulatory authorities. The Activity-Based Stock Investment Requirement is calculated as 3.0% for overnight advances, 4.0% for FHLB advances with original terms to maturity of two days to three months and 4.5% for other advances plus a percentage of advance commitments, 0.5% of standby letters of credit issued by the FHLB and 4.5% of the value of intermediated derivative contracts. Management evaluates the Company’s investment in FHLB stock for other-than-temporary impairment at least on a quarterly basis and more frequently when economic or market conditions warrant such evaluation. Based on its most recent analysis of the FHLB as of December 31, 2014, management deems its investment in FHLB stock to be not other-than-temporarily impaired. |
Finance, Loan and Lease Receivables, Held-for-sale, Policy [Policy Text Block] | LOANS HELD-FOR-SALE: Loans held-for-sale in the secondary market are carried at the lower of cost or estimated fair value in the aggregate. Net unrealized losses are provided for in a valuation allowance by charges to operations. Interest income on mortgages held-for-sale is accrued currently and classified as interest on loans. |
Finance, Loan and Lease Receivables, Held-for-investment, Policy [Policy Text Block] | LOANS: Loans receivable that management has the intent and ability to hold until maturity or payoff, are reported at their outstanding principal balances adjusted for amounts due to borrowers on unadvanced loans, any charge-offs, the allowance for loan losses and any deferred fees or costs on originated loans, or unamortized premiums or discounts on purchased loans. Interest on loans is recognized on a simple interest basis. Loan origination and commitment fees and certain direct origination costs are deferred, and the net amount amortized as an adjustment of the related loan's yield. The Company is amortizing these amounts over the contractual lives of the related loans. Residential real estate loans are generally placed on nonaccrual when reaching 90 days past due or in process of foreclosure. All closed-end consumer loans 90 days or more past due and any equity line in the process of foreclosure are placed on nonaccrual status. Secured consumer loans are written down to realizable value and unsecured consumer loans are charged off upon reaching 120 or 180 days past due depending on the type of loan. Commercial real estate loans and commercial business loans and leases which are 90 days or more past due are generally placed on nonaccrual status, unless secured by sufficient cash or other assets immediately convertible to cash. When a loan has been placed on nonaccrual status, previously accrued and uncollected interest is reversed against interest on loans. A loan can be returned to accrual status when collectability of principal is reasonably assured and the loan has performed for a period of time, generally six months. Cash receipts of interest income on impaired loans are credited to principal to the extent necessary to eliminate doubt as to the collectability of the net carrying amount of the loan. Some or all of the cash receipts of interest income on impaired loans is recognized as interest income if the remaining net carrying amount of the loan is deemed to be fully collectible. When recognition of interest income on an impaired loan on a cash basis is appropriate, the amount of income that is recognized is limited to that which would have been accrued on the net carrying amount of the loan at the contractual interest rate. Any cash interest payments received in excess of the limit and not applied to reduce the net carrying amount of the loan are recorded as recoveries of charge-offs until the charge-offs are fully recovered. The Company has certain lending policies and procedures in place that are designed to maximize loan income with an acceptable level of risk. Management reviews and approves these policies and procedures on an annual basis. A reporting system is in place which provides management with frequent reports related to loan quality, loan production, loan delinquencies and non-performing or potential problem loans. Commercial and industrial loans are underwritten after evaluating historical and projected profitability and cash flow to determine the borrower’s ability to repay their obligation as agreed. Underwriting standards are designed to promote relationship banking rather than transactional banking. Commercial and industrial loans are made primarily based on the identified cash flow of the borrower and secondarily on the underlying collateral supporting the loan facility. The cash flow of the borrower may not be as expected and the collateral supporting the loan may fluctuate in value. Most commercial and industrial loans are secured by the assets being financed or other business assets such as accounts receivable and inventory and may incorporate a personal guarantee. Some loans may be made on an unsecured basis. In the case of loans secured by accounts receivable, the availability of funds for the repayment of these loans may be substantially dependent upon the ability of the borrower to collect amounts due from its customers. Commercial real estate loans are subject to the underwriting standards and processes similar to commercial and industrial loans, in addition to those underwriting standards for real estate loans. These loans are viewed primarily as cash flow dependent and secondarily as loans secured by real estate. Commercial real estate lending typically involves higher principal balances and longer repayment periods. Repayment of these loans is generally dependent upon the successful operation of the property securing the loan or the principal business conducted on the property securing the loan. Commercial real estate loans may be adversely affected by conditions in the real estate markets or the economy in general. The properties securing the Company’s commercial real estate portfolio are diverse in terms of type and geographic location. This diversification reduces the exposure to adverse economic conditions that affect any single market or industry. Management monitors and evaluates commercial real estate loans based on collateral, geography and risk-rating criteria. The Company also utilizes third-party experts to provide environmental and market valuations, in addition to economic conditions and trends within a specific industry. The Company also tracks the level of owner occupied commercial real estate loans within its commercial real estate portfolio. At December 31, 2014, approximately 82% of the outstanding principal balance of the Company’s commercial real estate loans were secured by owner-occupied properties. With respect to land developers’ and builders’ loans that are secured by non-owner-occupied properties that the Company may originate from time to time, the Company generally requires that the borrower have a proven record of success. Construction loans are underwritten based upon a financial analysis of the developers and property owners and construction cost estimates, in addition to independent appraisal valuations. These loans will rely on the value associated with the project upon completion. These cost and valuation estimates may be inaccurate. Construction loans generally involve the disbursement of substantial funds over a short period of time with repayment substantially dependent upon the success of the completed project. Sources of repayment of these loans would be permanent financing upon completion or sales of developed property. These loans are closely monitored by on site inspections and are considered to be of a higher risk than other real estate loans due to their ultimate repayment being sensitive to general economic conditions, availability of long-term financing, interest rate sensitivity, and governmental regulation of real property. The Company originates consumer loans utilizing a computer-based credit-scoring analysis to supplement the underwriting process. To monitor and manage consumer loan risk, policies and procedures are developed and modified, as needed, jointly by staff and management. This continual review, coupled with the high volume of borrowers of smaller dollar loans, minimizes risk. Additionally, trend and outlook reports are reviewed by management on a regular basis. Underwriting standards for home equity loans are heavily influenced by regulatory requirements, which include, but are not limited to, a maximum loan-to-value of 75%, collection remedies, the number of such loans that a borrower can have at one time, and documentation requirements. The Company engages an independent loan review firm that reviews and validates the credit risk program on a periodic basis. Results of these reviews are presented to management and the Board of Directors. The loan review process complements and reinforces the risk identification process and assessment decisions made by the relationship managers and credit officer, as well as the Company’s policies and procedures. |
Finance, Loan and Lease Receivables, Held-for-investment, Allowance and Nonperforming Loans, Policy [Policy Text Block] | ALLOWANCE FOR LOAN LOSSES: The allowance for loan losses is established as losses are estimated to have occurred through a provision for loan losses charged to earnings. Loan losses are charged against the allowance when management believes the uncollectability of a loan balance is confirmed. Subsequent recoveries, if any, are credited to the allowance. The allowance for loan losses is evaluated on a regular basis by management and is based upon management’s periodic review of the collectability of the loans in light of historical experience, the nature and volume of the loan portfolio, adverse situations that may affect the borrower’s ability to repay, estimated value of any underlying collateral and prevailing economic conditions. This evaluation is inherently subjective as it requires estimates that are susceptible to significant revision as more information becomes available. General Component: The general component of the allowance for loan losses is based on historical loss experience adjusted for qualitative factors stratified by the following loan segments: residential real estate, commercial real estate, construction, commercial and consumer. Management uses a rolling average of historical losses based on a time frame appropriate to capture relevant loss data for each loan segment. This historical loss factor is adjusted for the following qualitative factors: levels/trends in delinquencies; trends in volume and terms of loans; effects of changes in risk selection and underwriting standards and other changes in lending policies, procedures and practices; experience/ability/depth of lending management and staff; and national and local economic trends and conditions. There were no changes in the Company’s policies or methodology pertaining to the general component of the allowance for loan losses during 2014. The qualitative factors are determined based on the various risk characteristics of each loan segment. Risk characteristics relevant to each portfolio segment are as follows: Residential real estate and home equity: The Company generally does not originate loans with a loan-to-value ratio greater than 80 percent without obtaining private mortgage insurance for any amounts over 80% and does not grant subprime loans. All loans in these segments are collateralized by owner-occupied residential real estate and repayment is dependent on the credit quality of the individual borrower. The overall health of the economy, including unemployment rates and housing prices, will have an effect on the credit quality in this segment. Commercial real estate: Loans in this segment are primarily income-producing properties throughout the Farmington Valley in Connecticut. The underlying cash flows generated by the properties are adversely impacted by a downturn in the economy as evidenced by increased vacancy rates, which, in turn, will have an effect on the credit quality in this segment. Management periodically obtains rent rolls annually and continually monitors the cash flows of these loans. Construction loans: Loans in this segment primarily include speculative real estate development loans for which payment is derived from sale of the property. Credit risk is affected by cost overruns, time to sell at an adequate price, and market conditions. Commercial loans: Loans in this segment are made to businesses and are generally secured by assets of the business. Repayment is expected from the cash flows of the business. A weakened economy, and resultant decreased consumer spending, will have an effect on the credit quality in this segment. Consumer loans: Loans in this segment are generally unsecured and repayment is dependent on the credit quality of the individual borrower. Allocated Component: The allocated component relates to loans that are classified as impaired. Impairment is measured on a loan-by-loan basis for commercial, commercial real estate and construction 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 is established when the discounted cash flows (or collateral value) of the impaired loan are lower than the carrying value of that loan. Large groups of smaller balance homogeneous loans are collectively evaluated for impairment. Accordingly, the Company does not separately identify individual consumer and residential real estate loans for impairment disclosures, unless such loans are subject to a troubled debt restructuring agreement. A loan is considered impaired when, based on current information and events, it is probable that the Company will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record, and the amount of the shortfall in relation to the principal and interest owed. The Company periodically may agree to modify the contractual terms of loans. When a loan is modified and a concession is made to a borrower experiencing financial difficulty, the modification is considered a troubled debt restructuring ("TDR"). All TDRs are initially classified as impaired. Unallocated Component: 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 allocated and general reserves in the portfolio. |
Property, Plant and Equipment, Policy [Policy Text Block] | PREMISES AND EQUIPMENT: Premises and equipment are stated at cost, less accumulated depreciation and amortization. Cost and related allowances for depreciation and amortization of premises and equipment retired or otherwise disposed of are removed from the respective accounts with any gain or loss included in income or expense. Depreciation and amortization are calculated principally on the straight-line method over the estimated useful lives of the assets. Estimated lives are 3 to 20 years for furniture and equipment. Leasehold improvements are amortized over the lesser of the life of the lease or the estimated life of the improvements. |
Loans and Leases Receivable, Real Estate Acquired Through Foreclosure, Policy [Policy Text Block] | OTHER REAL ESTATE OWNED AND IN-SUBSTANCE FORECLOSURES: Other real estate owned includes properties acquired through foreclosure and properties classified as in-substance foreclosures in accordance with ASC 310-40, “Receivables - Troubled Debt Restructuring by Creditors.” These properties are held for sale and are initially recorded at fair value less cost to sell at the date of foreclosure or transfer, establishing a new cost basis. Subsequent to foreclosure or transfer, valuations are periodically performed by management and the assets are carried at the lower of carrying amount or fair value less cost to sell. Any writedown from cost to estimated fair value required at the time of foreclosure or classification as in-substance foreclosure is charged to the allowance for loan losses. Expenses incurred in connection with maintaining these assets, subsequent writedowns and gains or losses recognized upon sale are included in other expense. In accordance with ASC 310-10-35, “Receivables - Overall - Subsequent Measurement,” the Company classifies loans as in-substance repossessed or foreclosed if the Company receives physical possession of the debtor’s assets regardless of whether formal foreclosure proceedings take place. |
Fair Value of Financial Instruments, Policy [Policy Text Block] | FAIR VALUES OF FINANCIAL INSTRUMENTS: ASC 825, “Financial Instruments,” requires that the Company disclose estimated fair values for its financial instruments. Fair value methods and assumptions used by the Company in estimating its fair value disclosures are as follows: Cash and cash equivalents: The carrying amounts reported in the balance sheets for cash and cash equivalents approximate those assets' fair values. Securities: Fair values for securities are based on quoted market prices, where available. If quoted market prices are not available, fair values are based on quoted market prices of comparable instruments. Loans held-for-sale: Fair values for loans held-for-sale are estimated based on outstanding investor commitments, or in the absence of such commitments, are based on current investor yield requirements. Loans receivable: For variable-rate loans that reprice frequently and with no significant change in credit risk, fair values are based on carrying values. The fair values for other loans are estimated by discounting the future cash flows, using interest rates currently being offered for loans with similar terms to borrowers of similar credit quality. Accrued interest receivable: The carrying amount of accrued interest receivable approximates its fair value. Deposit liabilities: The fair values disclosed for demand deposits, regular savings, NOW accounts, and money market accounts are equal to the amount payable on demand at the reporting date (i.e., their carrying amounts). Fair values for certificates of deposit are estimated using a discounted cash flow calculation that applies interest rates currently being offered on certificates to a schedule of aggregated expected monthly maturities on time deposits. Securities sold under agreements to repurchase: The carrying amounts of securities sold under agreements to repurchase approximate their fair values. Federal Home Loan Bank advances: Fair values of Federal Home Loan Bank advances are estimated using discounted cash flow analyses based on the Company’s current incremental borrowing rates for similar types of borrowing arrangements. Off-balance sheet instruments: The fair value of commitments to originate loans is estimated using the fees currently charged to enter similar agreements, taking into account the remaining terms of the agreements and the present creditworthiness of the counterparties. For fixed-rate loan commitments and the unadvanced portion of loans, fair value also considers the difference between current levels of interest rates and the committed rates. The fair value of letters of credit is based on fees currently charged for similar agreements or on the estimated cost to terminate them or otherwise settle the obligation with the counterparties at the reporting date. |
Advertising Cost, Policy, Expensed Advertising Cost [Policy Text Block] | ADVERTISING: The Company directly expenses costs associated with advertising as they are incurred. |
Income Tax, Policy [Policy Text Block] | INCOME TAXES: The Company recognizes income taxes under the asset and liability method. Under this method, deferred tax assets and liabilities are established for the temporary differences between the accounting basis and the tax basis of the Company's assets and liabilities at enacted tax rates expected to be in effect when the amounts related to such temporary differences are realized or settled. |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | STOCK BASED COMPENSATION: At December 31, 2014, the Company has stock-based employee compensation plans which are described more fully in Note 18. The Company accounts for the plan under ASC 718-10, “Compensation - Stock Compensation - Overall.” During the years ended December 31, 2014 and 2013, $145,000 and $156,000, respectively, in stock-based employee compensation was recognized. |
Earnings Per Share, Policy [Policy Text Block] | EARNINGS PER SHARE: The Company defines unvested share-based payment awards that contain nonforfeitable rights to dividends as participating securities that are included in computing EPS using the two-class method. The two-class method is an earnings allocation formula that determines earnings per share for each share of common stock and participating securities according to dividends declared and participation rights in undistributed earnings. Under this method, all earnings (distributed and undistributed) are allocated to common shares and participating securities based on their respective rights to receive dividends. Earnings per common share is calculated by dividing earnings allocated to common shareholders by the weighted-average number of common shares outstanding during the period. Basic EPS excludes dilution and is computed by dividing income allocated to common stockholders by the weighted-average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the entity. |
New Accounting Pronouncements, Policy [Policy Text Block] | RECENT ACCOUNTING PRONOUNCEMENTS: In January 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2014-01, “Investments - Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Qualified Affordable Housing Projects.” The amendments in this ASU apply to all reporting entities that invest in qualified affordable housing projects through limited liability entities that are flow-through entities for tax purposes as follows: 1. For reporting entities that meet the conditions for and that elect to use the proportional amortization method to account for investments in qualified affordable housing projects, all amendments in this ASU apply. 2. For reporting entities that do not meet the conditions for or that do not elect the proportional amortization method, only the amendments in this ASU that are related to disclosures apply. The amendments in this ASU permit reporting entities to make an accounting policy election to account for their investments in qualified affordable housing projects using the proportional amortization method if certain conditions are met. Under the proportional amortization method, an entity amortizes the initial cost of the investment in proportion to the tax credits and other tax benefits received and recognizes the net investment performance in the income statement as a component of income tax expense (benefit). For those investments in qualified affordable housing projects not accounted for using the proportional amortization method, the investment should be accounted for as an equity method investment or a cost method investment in accordance with Subtopic 970-323. The amendments in this ASU should be applied retrospectively to all periods presented. A reporting entity that uses the effective yield method to account for its investments in qualified affordable housing projects before the date of adoption may continue to apply the effective yield method for those preexisting investments. The amendments in this ASU are effective for annual periods and interim reporting periods within those annual periods, beginning after December 15, 2014. Early adoption is permitted. The Company anticipates that the adoption of this guidance will not have a material impact on its consolidated financial statements. In January 2014, the FASB issued ASU 2014-04, “Receivables-Troubled Debt Restructurings by Creditors (Subtopic 310-40): Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure.” The objective of the amendments in this ASU is to reduce diversity by clarifying when an in substance repossession or foreclosure occurs, that is, when a creditor should be considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan such that the loan receivable should be derecognized and the real estate property recognized. The amendments in this ASU clarify that an in substance repossession or foreclosure occurs, and a creditor is considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan, upon either (i) the creditor obtaining legal title to the residential real estate property upon completion of a foreclosure or (ii) the borrower conveying all interest in the residential real estate property to the creditor to satisfy that loan through completion of a deed in lieu of foreclosure or through a similar legal agreement. Additionally, the amendments require interim and annual disclosure of both (i) the amount of foreclosed residential real estate property held by the creditor and (ii) the recorded investment in consumer mortgage loans collateralized by residential real estate property that are in the process of foreclosure according to local requirements of the applicable jurisdiction. The amendments in this ASU are effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2014. The Company can elect to adopt the amendments in this ASU using either a modified retrospective transition method or a prospective transition method. The Company anticipates that the adoption of this guidance will not have a material impact on its consolidated financial statements. In April 2014, the FASB issued ASU 2014-08, “Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity.” This ASU changes the criteria for reporting discontinued operations and modifies related disclosure requirements. The new guidance is effective on a prospective basis for fiscal years beginning on or after December 15, 2014, and interim periods within those years. The Company anticipates that the adoption of this guidance will not have a material impact on its consolidated financial statements. In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers (Topic 606).” The objective of this ASU is to clarify principles for recognizing revenue and to develop a common revenue standard for GAAP and International Financial Reporting Standards. The guidance in this ASU affects any entity that either enters into contracts with customers to transfer goods or services or enters into contracts for the transfer of nonfinancial assets unless those contracts are within the scope of other standards. The core principal of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The amendments in this update are effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. Early application is not permitted. The Company is currently reviewing this ASU to determine if it will have an impact on its consolidated financial statements. In June 2014, the FASB issued ASU 2014-11, “Transfers and Servicing (Topic 860): Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures.” The amendments in this ASU require two accounting changes. First, the amendments in this ASU change the accounting for repurchase-to-maturity transactions to secured borrowing accounting. Second, for repurchase financing arrangements, the amendments require separate accounting for a transfer of a financial asset executed contemporaneously with a repurchase agreement with the same counterparty, which will result in secured borrowing accounting for the repurchase agreement. This ASU also includes new disclosure requirements. The accounting changes in this Update are effective for the first interim or annual period beginning after December 15, 2014. An entity is required to present changes in accounting for transactions outstanding on the effective date as a cumulative-effect adjustment to retained earnings as of the beginning of the period of adoption. Earlier application is prohibited. The Company anticipates that the adoption of this guidance will not have a material impact on its consolidated financial statements. In June 2014, the FASB issued ASU 2014-12, “Compensation - Stock Compensation (Topic 718): Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could be Achieved after the Requisite Service Period.” The amendments in this ASU require that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition. A reporting entity should apply existing guidance in Topic 718 as it relates to awards with performance conditions that affect vesting to account for such awards. This ASU is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2015. Earlier adoption is permitted. ASU 2014-12 may be adopted either (a) prospectively to all awards granted or modified after the effective date or (b) retrospectively to all awards with performance targets that are outstanding as of the beginning of the earliest annual period presented in the financial statements, and to all new or modified awards thereafter. If retrospective transition is adopted, the cumulative effect of applying this update as of the beginning of the earliest annual period presented in the financial statements should be recognized as an adjustment to the opening retained earnings balance at that date. The Company anticipates that the adoption of this guidance will not have a material impact on its consolidated financial statements. In August 2014, the FASB issued ASU 2014-13, “Consolidation (Topic 810): Measuring the Financial Assets and the Financial Liabilities of a Consolidated Collateralized Financing Entity.” This ASU applies to entities that meet the following criteria: 1. they are required to consolidate a collateralized entity under the Variable Interest Entities guidance; 2. they measure all of the financial assets and the financial liabilities of that consolidated collateralized financing entity at fair value in the consolidated financial statements based on other FASB rules; and 3. those changes in fair value are reflected in earnings. Under ASU 2014-13, entities that meet these criteria are provided an alternative under which they can choose to eliminate the difference between the fair value of financial assets and financial liabilities of a consolidated collateralized financing entity. If that alternative is not elected, then ASU 2014-13 indicates that the fair value of the financial assets and the fair value of the financial liabilities of the consolidated collateralized financing entity should be measured in accordance with ASC 820 , “Fair Value Measurement ,” and differences between the fair value of the financial assets and the financial liabilities of that consolidated collateralized financing entity should be reflected in earnings and attributed to the reporting entity in the consolidated statement of income or loss. The amendments in this ASU are effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2015. The Company anticipates that the adoption of this ASU will not have an impact on its consolidated financial statements. In August 2014, the FASB issued ASU 2014-14, “Receivables - Troubled Debt Restructurings by Creditors (Subtopic 310-40): Classification of Certain Government - Guaranteed Mortgage Loans upon Foreclosure.” The amendments in this ASU require that a mortgage loan be derecognized and that a separate other receivable be recognized upon foreclosure if the following conditions are met: 1. the loan has a government guarantee that is not separable from the loan before foreclosure; 2. at the time of foreclosure, the creditor has the intent to convey the real estate property to the guarantor and make a claim on the guarantee, and the creditor has the ability to recover under that claim; and 3. at the time of foreclosure, any amount of the claim that is determined on the basis of the fair value of the real estate is fixed. Upon foreclosure, the separate other receivable should be measured based on the amount of the loan balance (principal and interest) expected to be recovered from the guarantor. The amendments in this ASU are effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2014. The Company anticipates that the adoption of this ASU will not have a material impact on its consolidated financial statements. In August 2014, the FASB issued ASU 2014-15, “Presentation of Financial Statements – Going Concern (Subtopic 205-40).” The amendments in this ASU provide guidance about management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern and to provide related footnote disclosures. The amendments require management to assess an entity’s ability to continue as a going concern by incorporating and expanding upon certain principles that are currently in U.S. auditing standards. Specifically, the amendments (1) provide a definition of the term substantial doubt, (2) require an evaluation every reporting period including interim periods, (3) provide principles for considering the mitigating effect of management’s plans, (4) require certain disclosures when substantial doubt is alleviated as a result of consideration of management’s plans, (5) require an express statement and other disclosures when substantial doubt is not alleviated, and (6) require an assessment for a period of one year after the date that the financial statements are issued (or available to be issued). The amendments in this ASU are effective for the annual period ending after December 15, 2016, and for annual periods and interim periods thereafter. Early application is permitted. The adoption of this guidance is not expected to have an impact on the Company’s results of operations or financial position. In November 2014, the FASB issued ASU 2014-16, “Derivatives and Hedging (Topic 815).” The objective of this ASU is to eliminate the use of different methods in practice and thereby reduce existing diversity under GAAP in the accounting for hybrid financial instruments issued in the form of a share. The amendments in this ASU apply to all entities that are issuers of, or investors in, hybrid financial instruments that are issued in the form of a share. The amendments in this ASU do not change the current criteria in GAAP for determining when separation of certain embedded derivative features in a hybrid financial instrument is required. The amendments clarify how current GAAP should be interpreted in evaluating the economic characteristics and risks of a host contract in a hybrid financial instrument that is issued in the form of a share. Specifically, the amendments clarify that an entity should consider all relevant terms and features, including the embedded derivative feature being evaluated for bifurcation, in evaluating the nature of the host contract. Furthermore, the amendments clarify that no single term or feature would necessarily determine the economic characteristics and risks of the host contract. Rather, the nature of the host contract depends upon the economic characteristics and risks of the entire hybrid financial instrument. In addition, the amendments in this ASU clarify that, in evaluating the nature of a host contract, an entity should assess the substance of the relevant terms and features when considering how to weight those terms and features. Specifically, the assessment of the substance of the relevant terms and features should incorporate a consideration of (1) the characteristics of the terms and features themselves, (2) the circumstances under which the hybrid financial instrument was issued or acquired, and (3) the potential outcomes of the hybrid financial instrument, as well as the likelihood of those potential outcomes. The amendments in this ASU are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. Early adoption is permitted. The adoption of this guidance is not expected to have an impact on the Company’s results of operations or financial position. In November 2014, the FASB issued ASU 2014-17, “Business Combinations (Topic 805): Pushdown Accounting.” The amendments in this ASU provide guidance on whether and at what threshold an acquired entity that is a business or nonprofit activity may elect to apply pushdown accounting in its separate financial statements upon a change-in-control event in which an acquirer obtains control of the acquired entity. The amendments in this ASU are effective on November 18, 2014. After the effective date, an acquired entity can make an election to apply the guidance to future change-in-control events or to its most recent change-in-control event. However, if the financial statements for the period in which the most recent change-in-control event occurred already have been issued or made available to be issued, the application of this guidance would be a change in accounting principle. The adoption of this guidance did not have an impact on the Company’s results of operations or financial position. In January 2015, the FASB issued ASU 2015-01, “Income Statement – Extraordinary and Unusual Items (Subtopic 225-20).” The amendments in this ASU eliminate the concept of extraordinary items. Eliminating the concept of extraordinary items will save time and reduce costs for preparers because they will not have to assess whether a particular event or transaction event is extraordinary (even if they ultimately would conclude it is not). This also alleviates uncertainty for preparers, auditors, and regulators because auditors and regulators no longer will need to evaluate whether a preparer treated an unusual and/or infrequent item appropriately. The presentation and disclosure guidance for items that are unusual in nature or occur infrequently will be retained and will be expanded to include items that are both unusual in nature and infrequently occurring. The amendments in this ASU are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. A reporting entity may apply the amendments prospectively. A reporting entity also may apply the amendments retrospectively to all prior periods presented in the financial statements. Early adoption is permitted provided that the guidance is applied from the beginning of the fiscal year of adoption. The adoption of this guidance is not expected to have an impact on the Company’s results of operations or financial position. |
Note 4 - Fair Value Measureme42
Note 4 - Fair Value Measurements (Tables) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2015 | Dec. 31, 2014 | |
Fair Value Disclosures [Abstract] | ||
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | Fair Value Measurements at Reporting Date Using: Quoted Prices in Significant Significant Active Markets for Other Observable Unobservable Identical Assets Inputs Inputs Total Level 1 Level 2 Level 3 (In Thousands) June 30, 2015: Debt securities issued by U.S. government corporations and agencies $ 15,190 $ - $ 15,190 $ - Obligations of states and municipalities 15,228 - 15,228 - Mortgage-backed securities 44,516 - 44,516 - SBA loan pools 412 - 412 - $ 75,346 $ - $ 75,346 $ - December 31, 2014: Debt securities issued by U.S. government corporations and agencies $ 18,064 $ - $ 18,064 $ - Obligations of states and municipalities 16,599 - 16,599 - Mortgage-backed securities 48,668 - 48,668 - SBA loan pools 474 - 474 - $ 83,805 $ - $ 83,805 $ - | Fair Value Measurements at Reporting Date Using: Quoted Prices in Significant Significant Active Markets for Other Observable Unobservable Identical Assets Inputs Inputs Total Level 1 Level 2 Level 3 (In Thousands) December 31, 2014: Debt securities issued by U.S. government corporations and agencies $ 18,064 $ - $ 18,064 $ - Obligations of states and municipalities 16,599 - 16,599 - Mortgage-backed securities 48,668 - 48,668 - SBA loan pools 474 - 474 - Totals $ 83,805 $ - $ 83,805 $ - Fair Value Measurements at Reporting Date Using: Quoted Prices in Significant Significant Active Markets for Other Observable Unobservable Identical Assets Inputs Inputs Total Level 1 Level 2 Level 3 (In Thousands) December 31, 2013: Debt securities issued by U.S. government corporations and agencies $ 18,247 $ - $ 18,247 $ - Obligations of states and municipalities 13,973 - 13,973 - Mortgage-backed securities 54,568 - 54,568 - SBA loan pools 661 - 661 - Totals $ 87,449 $ - $ 87,449 $ - |
Fair Value Measurements, Nonrecurring [Table Text Block] | Fair Value Measurements at Reporting Date Using: Quoted Prices in Significant Significant Active Markets for Other Observable Unobservable Identical Assets Inputs Inputs Total Level 1 Level 2 Level 3 (In Thousands) June 30, 2015: Impaired loans $ 392 $ - $ - $ 392 $ 392 $ - $ - $ 392 Fair Value Measurements at Reporting Date Using: Quoted Prices in Significant Significant Active Markets for Other Observable Unobservable Identical Assets Inputs Inputs Total Level 1 Level 2 Level 3 (In Thousands) December 31, 2014: Impaired loans $ 433 $ - $ - $ 433 Other real estate owned 105 - - 105 $ 538 $ - $ - $ 538 | Fair Value Measurements at Reporting Date Using: Quoted Prices in Significant Significant Active Markets for Other Observable Unobservable Identical Assets Inputs Inputs Total Level 1 Level 2 Level 3 (In Thousands) December 31, 2014: Impaired loans $ 433 $ - $ - $ 433 Other real estate owned 105 - - 105 Totals $ 538 $ - $ - $ 538 |
Fair Value, by Balance Sheet Grouping [Table Text Block] | June 30, 2015 Carrying Fair Value Amount Level 1 Level 2 Level 3 Total (In Thousands) Financial assets: Cash and cash equivalents $ 20,844 $ 20,844 $ - $ - $ 20,844 Available-for-sale securities 75,346 - 75,346 - 75,346 Federal Home Loan Bank stock 3,074 3,074 - - 3,074 Loans held-for-sale 5,744 5,698 5,698 Loans, net 299,962 - - 301,789 301,789 Accrued interest receivable 1,088 1,088 - - 1,088 Financial liabilities: Deposits 333,893 - 326,061 - 326,061 Securities sold under agreements to repurchase 2,917 - 2,917 - 2,917 Federal Home Loan Bank advances 51,500 - 51,500 - 51,500 December 31, 2014 Carrying Fair Value Amount Level 1 Level 2 Level 3 Total (In Thousands) Financial assets: Cash and cash equivalents $ 19,820 $ 19,820 $ - $ - $ 19,820 Available-for-sale securities 83,805 - 83,805 - 83,805 Federal Home Loan Bank stock 1,801 1,801 - - 1,801 Loans held-for-sale 5,374 - - 5,499 5,499 Loans, net 283,381 - - 285,439 285,439 Accrued interest receivable 1,095 1,095 - - 1,095 Financial liabilities: Deposits 356,065 - 356,353 - 356,353 Securities sold under agreements to repurchase 3,921 - 3,921 - 3,921 Federal Home Loan Bank advances 17,500 - 17,500 - 17,500 | December 31, 2014 Carrying Fair Value Amount Level 1 Level 2 Level 3 Total (In Thousands) Financial assets: Cash and cash equivalents $ 19,820 $ 19,820 $ - $ - $ 19,820 Available-for-sale securities 83,805 - 83,805 - 83,805 Federal Home Loan Bank stock 1,801 1,801 - - 1,801 Loans held-for-sale 5,374 - - 5,499 5,499 Loans, net 283,381 - - 285,832 285,832 Accrued interest receivable 1,095 1,095 - - 1,095 Financial liabilities: Deposits 356,065 - 356,353 - 356,353 Securities sold under agreements to repurchase 3,921 - 3,921 - 3,921 Federal Home Loan Bank advances 17,500 - 17,500 - 17,500 December 31, 2013 Carrying Fair Value Amount Level 1 Level 2 Level 3 Total (In Thousands) Financial assets: Cash and cash equivalents $ 38,590 $ 38,590 $ - $ - $ 38,590 Available-for-sale securities 87,449 - 87,449 - 87,449 Federal Home Loan Bank stock 2,196 2,196 - - 2,196 Loans held-for-sale 2,861 - - 2,909 2,909 Loans, net 276,875 - - 277,539 277,539 Accrued interest receivable 1,074 1,074 - - 1,074 Financial liabilities: Deposits 358,504 - 358,961 - 358,961 Securities sold under agreements to repurchase 4,390 - 4,390 - 4,390 Federal Home Loan Bank advances 30,000 - 30,000 - 30,000 |
Note 5 - Earnings Per Common 43
Note 5 - Earnings Per Common Share (Tables) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2015 | Dec. 31, 2014 | |
Earnings Per Share [Abstract] | ||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | For the three months ended 6/30/15 6/30/14 (In Thousands, Except Per Share Data) Basic earnings per share computation: Net income $ 350 $ 115 Preferred stock net accretion (3 ) (3 ) Cumulative preferred stock dividends (31 ) (23 ) Net income available to common stockholders $ 316 $ 89 Weighted average shares outstanding, basic 888,587 881,861 Basic earnings per share $ 0.36 $ 0.10 Diluted earnings per share computation: Net income $ 350 $ 115 Preferred stock net accretion (3 ) (3 ) Cumulative preferred stock dividends (31 ) (23 ) Net income available to common stockholders $ 316 $ 89 Weighted average shares outstanding, before dilution 888,587 881,861 Dilutive potential shares 1,024 2,814 Weighted average shares outstanding, assuming dilution 889,611 884,675 Diluted earnings per share $ 0.36 $ 0.10 For the six months ended 6/30/15 6/30/14 (In Thousands, Except Per Share Data) Basic earnings per share computation: Net income $ 693 $ 193 Preferred stock net accretion (6 ) (6 ) Cumulative preferred stock dividends (54 ) (45 ) Net income available to common shareholders $ 633 $ 142 Weighted average shares outstanding, basic 888,290 880,973 Basic earnings per share $ 0.71 $ 0.16 Diluted earnings per share computation: Net income $ 693 $ 193 Preferred stock net accretion (6 ) (6 ) Cumulative preferred stock dividends (54 ) (45 ) Net income available to common shareholders $ 633 $ 142 Weighted average shares outstanding, before dilution 888,290 880,973 Dilutive potential shares 800 4,700 Weighted average shares outstanding, assuming dilution 889,090 885,673 Diluted earnings per share $ 0.71 $ 0.16 | 2014 2013 (In Thousands, Except Share Data) Basic earnings per share computation: Net income $ 805 $ 1,135 Preferred stock net accretion (12 ) (12 ) Cumulative preferred stock dividends (90 ) (94 ) Net income available to common shareholders $ 703 $ 1,029 Weighted average shares outstanding, basic 880,618 872,411 Basic earnings per share $ 0.80 $ 1.18 Diluted earnings per share computation: Net income $ 805 $ 1,135 Preferred stock net accretion (12 ) (12 ) Cumulative preferred stock dividends (90 ) (94 ) Net income available to common shareholders $ 703 $ 1,029 Weighted average shares outstanding, before dilution 880,618 872,411 Dilutive potential shares 4,415 4,576 Weighted average shares outstanding, assuming dilution 885,033 876,987 Diluted earnings per share $ 0.79 $ 1.17 |
Note 6 - Investment Securities
Note 6 - Investment Securities (Tables) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2015 | Dec. 31, 2014 | |
Investments, Debt and Equity Securities [Abstract] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Table Text Block] | Less than 12 Months 12 Months or Longer Total Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses (In Thousands) June 30, 2015: Debt securities issued by U.S. government corporations and agencies $ 3,200 $ 5 $ 4,472 $ 26 $ 7,672 $ 31 Obligations of states and municipalities 3,795 80 1,440 60 5,235 140 Mortgage-backed securities 10,250 136 25,581 581 35,831 717 Total temporarily impaired securities 17,245 221 31,493 667 48,738 888 Other-than-temporarily impaired securities Mortgage-backed securities 17 - 252 26 $ 269 26 Total temporarily impaired and other-than-temporarily impaired securities $ 17,262 $ 221 $ 31,745 $ 693 $ 49,007 $ 914 December 31, 2014: Debt securities issued by U.S. Government corporations and agencies $ 4,486 $ 12 13,077 $ 127 $ 17,563 $ 139 Obligations of states and municipalities 526 12 1,772 40 2,298 52 Mortgage-backed securities 1,422 6 36,550 593 37,972 599 Total temporarily impaired securities 6,434 30 51,399 760 57,833 790 Other-than-temporarily impaired securities: Mortgage-backed securities - - 274 30 274 30 Total temporarily impaired and other- than-temporarily impaired securities $ 6,434 $ 30 51,673 $ 790 $ 58,107 $ 820 | Less than 12 Months 12 Months or Longer Total Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses (In Thousands) December 31, 2014: Debt securities issued by U.S. Government corporations and agencies $ 4,486 $ 12 $ 13,077 $ 127 $ 17,563 $ 139 Obligations of states and municipalities 526 12 1,772 40 2,298 52 Mortgage-backed securities 1,422 6 36,550 593 37,972 599 Total temporarily impaired securities 6,434 30 51,399 760 57,833 790 Other-than-temporarily impaired securities: Mortgage-backed securities - - 274 30 274 30 Total temporarily impaired and other- than-temporarily impaired securities $ 6,434 $ 30 $ 51,673 $ 790 $ 58,107 $ 820 December 31, 2013: Debt securities issued by U.S. Government corporations and agencies $ 18,247 $ 520 $ - $ - $ 18,247 $ 520 Obligations of states and municipalities 3,340 198 - - 3,340 198 Mortgage-backed securities 42,185 1,958 6,240 359 48,425 2,317 Total temporarily impaired securities 63,772 2,676 6,240 359 70,012 3,035 Other-than-temporarily impaired securities: Mortgage-backed securities - - 331 40 331 40 Total temporarily impaired and other- than-temporarily impaired securities $ 63,772 $ 2,676 $ 6,571 $ 399 $ 70,343 $ 3,075 |
Available-for-sale Securities [Table Text Block] | INVESTMENT PORTFOLIO (In Thousands) June 30, 2015 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Loss Value Yield AVAILABLE-FOR-SALE SECURITIES U.S. government and agency securities Due after one to five years $ 14,703 $ 14 $ 31 $ 14,686 1.26 % Due after five to ten years 500 4 - 504 1.85 % Total U.S. government and agency securities 15,203 18 31 15,190 1.28 % State and municipal securities Due after one to five years 376 6 - 382 4.25 % Due after five to ten years 4,758 139 46 4,851 3.66 % Due after ten to fifteen years 7,287 289 50 7,526 4.19 % Due beyond fifteen years 2,512 1 44 2,469 3.20 % Total state and municipal securities 14,933 435 140 15,228 3.86 % Mortgage-backed securities Due after one to five years 465 8 - 473 3.11 % Due after five to ten years 1,674 33 2 1,705 3.33 % Due after ten to fifteen years 26,470 39 346 26,163 2.43 % Due beyond fifteen years 16,543 27 395 16,175 3.07 % Total mortgage-backed securities 45,152 107 743 44,516 2.71 % SBA loan pool Due after five to ten years 382 30 - 412 4.68 % Total SBA loan pool 382 30 - 412 4.68 % Total available-for-sale securities $ 75,670 $ 590 $ 914 $ 75,346 2.66 % INVESTMENT PORTFOLIO (In Thousands) December 31,2014 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Loss Value Yield AVAILABLE-FOR-SALE SECURITIES U.S. government and agency securities Due after one to five years $ 16,702 $ 1 $ 135 $ 16,568 1.21 % Due after five to ten years 1,500 - 4 1,496 1.83 % Total U.S. government and agency securities 18,202 1 139 18,064 1.27 % State and municipal securities Due after one to five years 559 24 - 583 2.26 % Due after five to ten years 4,835 184 31 4,988 3.22 % Due after ten to fifteen years 8,065 445 21 8,489 3.23 % Due beyond fifteen years 2,513 26 - 2,539 3.09 % Total state and municipal securities 15,972 679 52 16,599 3.18 % Mortgage-backed securities Due within one year - - - - - Due after one to five years 588 14 - 602 2.97 % Due after five to ten years 1,846 36 1 1,881 2.25 % Due after ten to fifteen years 28,811 42 360 28,493 1.78 % Due beyond fifteen years 17,912 48 268 17,692 2.38 % Total mortgage-backed securities 49,157 140 629 48,668 2.03 % SBA loan pool Due after ten to fifteen years 440 34 - 474 4.96 % Total SBA loan pool 440 34 - 474 4.96 % Total available-for-sale securities $ 83,771 $ 854 $ 820 $ 83,805 2.36 % | Amortized Gross Gross Cost Unrealized Unrealized Fair Basis Gains Losses Value (In Thousands) December 31, 2014: Debt securities issued by U.S. government corporations and agencies $ 18,202 $ 1 $ 139 $ 18,064 Obligations of states and municipalities 15,972 679 52 16,599 Mortgage-backed securities 49,157 140 629 48,668 SBA loan pools 440 34 - 474 Money market mutual funds 1 - - 1 83,772 854 820 83,806 Money market mutual funds included in cash and cash equivalents (1 ) - - (1 ) $ 83,771 $ 854 $ 820 $ 83,805 December 31, 2013: Debt securities issued by U.S. government corporations and agencies $ 18,767 $ - $ 520 $ 18,247 Obligations of states and municipalities 13,780 391 198 13,973 Mortgage-backed securities 56,799 126 2,357 54,568 SBA loan pools 611 50 - 661 Money market mutual funds 346 - - 346 90,303 567 3,075 87,795 Money market mutual funds included in cash and cash equivalents (346 ) - - (346 ) $ 89,957 $ 567 $ 3,075 $ 87,449 |
Investments Classified by Contractual Maturity Date [Table Text Block] | Fair Value (In Thousands) Due after one year through five years $ 16,568 Due after five years through ten years 7,067 Due after ten years 11,028 Mortgage-backed securities 48,668 SBA loan pools 474 $ 83,805 | |
Schedule of Temporary Impairment Losses, Investments [Table Text Block] | 2014 2013 Mortgage-Backed Mortgage-Backed Securities Securities (In Thousands) Total other-than-temporary impairment losses $ 38 $ 57 Less: unrealized other-than-temporary losses (30 ) (40 ) Net impairment losses recognized in earnings (2) $ 8 $ 17 | |
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Table Text Block] | Mortgage-Backed Securities (In Thousands) Balance, December 31, 2013 $ 29 Additions for the credit component on debt securities in which 8 Balance, December 31, 2014 $ 37 Mortgage-Backed Securities (In Thousands) Balance, December 31, 2012 $ 12 Additions for the credit component on debt securities in which 17 Balance, December 31, 2013 $ 29 |
Note 7 - Loan Information (Tabl
Note 7 - Loan Information (Tables) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2015 | Dec. 31, 2014 | |
Receivables [Abstract] | ||
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | June 30, 2015 December 31, 2014 (In Thousands) Commercial and industrial $ 24,755 $ 19,038 Real estate - construction and land development 18,406 13,234 Real estate - residential 138,138 132,553 Real estate - commercial 46,190 46,982 Municipal 11,262 10,061 Home equity 46,454 46,403 Consumer 16,243 16,576 301,448 284,847 Allowance for loan losses (2,834 ) (2,761 ) Deferred loan origination costs, net 1,348 1,295 Net loans $ 299,962 $ 283,381 | 2014 2013 (In Thousands) Real estate: Residential $ 132,553 $ 137,539 Commercial 46,982 48,814 Municipal 8,602 6,344 Construction and land development 13,234 7,773 Home equity 46,403 46,742 Commercial and industrial 19,038 18,432 Municipal 1,459 2,144 Consumer 16,576 10,664 284,847 278,452 Allowance for loan losses (2,761 ) (2,792 ) Deferred loan origination costs, net 1,295 1,215 Net loans $ 283,381 $ 276,875 |
Allowance for Credit Losses on Financing Receivables [Table Text Block] | Real Estate: Construction and Commercial Residential Commercial Land Development Home Equity & Industrial Consumer Unallocated Total (In thousands) June 30, 2015: Allowance for loan losses: Beginning balance $ 1,085 $ 738 $ 249 $ 324 $ 227 $ 134 $ 4 $ 2,761 Charge-offs - - - - - (15 ) - (15 ) Recoveries - - - - - 8 - 8 Provision (benefit) (15 ) (70 ) 120 (1 ) 44 (3 ) 5 80 Ending balance $ 1,070 $ 668 $ 369 $ 323 $ 271 $ 124 $ 9 $ 2,834 Real Estate: Construction and Commercial Residential Commercial Land Development Home Equity & Industrial Consumer Unallocated Total (In thousands) June 30, 2014: Allowance for loan losses: Beginning balance $ 1,174 $ 728 $ 224 $ 301 $ 243 $ 90 $ 32 $ 2,792 Charge-offs (98 ) - - - - - - (98 ) Recoveries 11 - - - 2 - - 13 Provision (benefit) (60 ) (45 ) 159 (6 ) (11 ) 9 (16 ) 30 Ending balance $ 1,027 $ 683 $ 383 $ 295 $ 234 $ 99 $ 16 $ 2,737 Real Estate: Construction and Land Commercial Residential Commercial Development Home Equity & Industrial Consumer Unallocated Total (In Thousands) June 30, 2015: Allowance for loan losses Ending balance: Individually evaluated for impairment $ - $ - $ - $ - $ 9 $ - $ - $ 9 Ending balance: Collectively evaluated for impairment 1,070 668 369 323 262 124 9 2,825 Total allowance for loan losses ending balance $ 1,070 $ 668 $ 369 $ 323 $ 271 $ 124 $ 9 $ 2,834 Loans: Ending balance: Individually evaluated for impairment $ - $ 2,184 $ - $ - $ 401 $ - $ - $ 2,585 Ending balance: Collectively evaluated for impairment 138,138 53,478 18,406 46,454 26,144 16,243 - 298,863 Total loans ending balance $ 138,138 $ 55,662 $ 18,406 $ 46,454 $ 26,545 $ 16,243 $ - $ 301,448 Real Estate: Construction and Commercial Residential Commercial Land Development Home Equity & Industrial Consumer Unallocated Total (In thousands) December 31, 2014: Allowance for loan losses Ending balance: Individually evaluated for impairment $ - $ - $ - $ - $ 6 $ - $ - $ 6 Ending balance: Collectively evaluated for impairment 1,085 738 249 324 221 134 4 2,755 Total allowance for loan losses ending balance $ 1,085 $ 738 $ 249 $ 324 $ 227 $ 134 $ 4 $ 2,761 Loans: Ending balance: Individually evaluated for impairment $ 170 $ 860 $ - $ 3 $ 439 $ - $ - $ 1,472 Ending balance: Collectively evaluated for impairment 132,383 54,724 13,234 46,400 20,058 16,576 - 283,375 Total loans ending balance $ 132,553 $ 55,584 $ 13,234 $ 46,403 $ 20,497 $ 16,576 $ - $ 284,847 | Real Estate: Construction and Land Commercial Residential Commercial Development Home Equity and Industrial Consumer Unallocated Total (In Thousands) December 31, 2014: Allowance for loan losses: Beginning balance $ 1,189 $ 748 $ 211 $ 303 $ 239 $ 102 $ - $ 2,792 Charge-offs (93 ) - - - - (8 ) - (101 ) Recoveries 8 - - - 3 4 - 15 (Benefit) provision (19 ) (10 ) 38 21 (15 ) 36 4 55 Ending balance $ 1,085 $ 738 $ 249 $ 324 $ 227 $ 134 $ 4 $ 2,761 Ending balance: Individually evaluated for impairment $ - $ - $ - $ - $ 6 $ - $ - $ 6 Ending balance: Collectively evaluated for impairment 1,085 738 249 324 221 134 4 2,755 Total allowance for loan losses ending balance $ 1,085 $ 738 $ 249 $ 324 $ 227 $ 134 $ 4 $ 2,761 Loans: Ending balance: Individually evaluated for impairment $ 170 $ 860 $ - $ 3 $ 439 $ - $ - $ 1,472 Ending balance: Collectively evaluated for impairment 132,383 54,724 13,234 46,400 20,058 16,576 283,375 Total loans ending balance $ 132,553 $ 55,584 $ 13,234 $ 46,403 $ 20,497 $ 16,576 $ - $ 284,847 Real Estate: Construction and Land Commercial Residential Commercial Development Home Equity and Industrial Consumer Unallocated Total (In Thousands) December 31, 2013: Allowance for loan losses: Beginning balance $ 1,051 $ 586 $ 142 $ 362 $ 219 $ 99 $ 135 $ 2,594 Charge-offs (40 ) (54 ) - - (2 ) (58 ) - (154 ) Recoveries - - - - 4 3 - 7 Provision (benefit) 178 216 69 (59 ) 18 58 (135 ) 345 Ending balance $ 1,189 $ 748 $ 211 $ 303 $ 239 $ 102 $ - $ 2,792 Ending balance: Individually evaluated for impairment $ - $ - $ - $ - $ - $ - $ - $ - Ending balance: Collectively evaluated for impairment 1,189 748 211 303 239 102 - 2,792 Total allowance for loan losses ending balance $ 1,189 $ 748 $ 211 $ 303 $ 239 $ 102 $ - $ 2,792 Loans: Ending balance: Individually evaluated for impairment $ 175 $ 924 $ 222 $ 4 $ - $ - $ - $ 1,325 Ending balance: Collectively evaluated for impairment 137,364 54,234 7,551 46,738 20,576 10,664 - 277,127 Total loans ending balance $ 137,539 $ 55,158 $ 7,773 $ 46,742 $ 20,576 $ 10,664 $ - $ 278,452 |
Financing Receivable Credit Quality Indicators [Table Text Block] | Real Estate Construction and Land Commercial Residential Commercial Development Home Equity & Industrial Consumer Total (In Thousands) June 30, 2015: Grade: Pass $ - $ 51,431 $ 18,406 $ - $ 21,645 $ - $ 91,482 Special mention - 2,688 - - 1,721 - 4,409 Substandard 773 1,543 - 237 3,179 - 5,732 Loans not formally rated 137,365 - - 46,217 - 16,243 199,825 Total $ 138,138 $ 55,662 $ 18,406 $ 46,454 $ 26,545 $ 16,243 $ 301,448 December 31, 2014: Grade: Pass $ - $ 50,208 $ 11,529 $ - $ 18,380 $ - $ 80,117 Special mention - 3,866 1,705 - 642 - 6,213 Substandard 474 1,510 - 166 1,475 - 3,625 Loans not formally rated 132,079 - - 46,237 - 16,576 194,892 Total $ 132,553 $ 55,584 $ 13,234 $ 46,403 $ 20,497 $ 16,576 $ 284,847 | Real Estate: Construction and Land Commercial Residential Commercial Development Home Equity and Industrial Consumer Total (In Thousands) December 31, 2014: Grade: Pass $ - $ 50,208 $ 11,529 $ - $ 18,380 $ - $ 80,117 Special mention - 3,866 1,705 - 642 - 6,213 Substandard 474 1,510 - 166 1,475 - 3,625 Loans not formally rated 132,079 - - 46,237 - 16,576 194,892 Total $ 132,553 $ 55,584 $ 13,234 $ 46,403 $ 20,497 $ 16,576 $ 284,847 December 31, 2013: Grade: Pass $ - $ 50,520 $ 6,042 $ - $ 18,425 $ - $ 74,987 Special mention - 2,661 1,163 - 1,175 - 4,999 Substandard 1,601 1,977 568 116 976 - 5,238 Loans not formally rated 135,938 - - 46,626 - 10,664 193,228 Total $ 137,539 $ 55,158 $ 7,773 $ 46,742 $ 20,576 $ 10,664 $ 278,452 |
Past Due Financing Receivables [Table Text Block] | 90 Days Total Total Total 30–59 Days 60–89 Days or More Past Due Current Loans (In Thousands) June 30, 2015: Real estate: Residential $ - $ 173 $ 564 $ 737 $ 137,401 $ 138,138 Commercial - - 1,186 1,186 45,004 46,190 Construction and land development - - - - 18,406 18,406 Home equity 107 80 191 378 46,076 46,454 Municipal - - - - 9,472 9,472 Commercial and industrial - - 401 401 24,354 24,755 Municipal - - - - 1,790 1,790 Consumer 86 - - 86 16,157 16,243 Total $ 193 $ 253 $ 2,342 $ 2,788 $ 298,660 $ 301,448 December 31, 2014: Real estate: Residential $ 147 $ - $ 516 $ 663 $ 131,890 $ 132,553 Commercial - - 860 860 46,122 46,982 Construction and land development - - - - 13,234 13,234 Home equity 328 - 77 405 45,998 46,403 Municipal - - - - 8,602 8,602 Commercial and industrial - - 439 439 18,599 19,038 Municipal - - - - 1,459 1,459 Consumer 124 19 - 143 16,433 16,576 Total $ 599 $ 19 $ 1,892 $ 2,510 $ 282,337 $ 284,847 | 90 Days 90 Days or More or More Total Total Total Past Due Nonaccrual 30-59 Days 60-89 Days Past Due Past Due Current Loans and Accruing Loans (In Thousands) December 31, 2014: Real estate: Residential $ 147 $ - $ 516 $ 663 $ 131,890 $ 132,553 $ - $ 1,064 Commercial - - 860 860 46,122 46,982 - 860 Municipal - - - - 8,602 8,602 - - Construction and land development - - - - 13,234 13,234 - - Home equity 328 - 77 405 45,998 46,403 - 165 Commercial and industrial - - 439 439 18,599 19,038 - 439 Municipal - - - - 1,459 1,459 - - Consumer 124 19 - 143 16,433 16,576 - - Total $ 599 $ 19 $ 1,892 $ 2,510 $ 282,337 $ 284,847 $ - $ 2,528 December 31, 2013: Real estate: Residential $ - $ 720 $ 1,253 $ 1,973 $ 135,566 $ 137,539 $ - $ 1,597 Commercial - - 924 924 47,890 48,814 - 924 Municipal - - - - 6,344 6,344 - - Construction and land development - - 204 204 7,569 7,773 - 222 Home equity - 94 83 177 46,565 46,742 - 83 Commercial and industrial - - - - 18,432 18,432 - - Municipal - - - - 2,144 2,144 Consumer 128 - 26 154 10,510 10,664 3 23 Total $ 128 $ 814 $ 2,490 $ 3,432 $ 275,020 $ 278,452 $ 3 $ 2,849 |
Schedule of Financing Receivables, Non Accrual Status [Table Text Block] | Nonaccrual Nonaccrual June 30, 2015 December 31, 2014 Real estate: Residential $ 1,100 $ 1,064 Commercial 1,186 860 Construction and land development - - Home equity 266 165 Commercial and industrial 401 439 Consumer - - Total $ 2,953 $ 2,528 | |
Impaired Financing Receivables [Table Text Block] | Unpaid Average Interest Recorded Principal Related Recorded Income Investment Balance Allowance Investment Recognized (In Thousands) June 30, 2015: With no related allowance recorded: Real Estate: Residential $ - $ - $ - $ 27 $ - Commercial 2,184 2,184 - 2,158 36 Home equity - - - - - Construction and land development - - - - - Commercial and industrial - - - - Total impaired with no related allowance $ 2,184 $ 2,184 $ - $ 2,185 $ 36 With an allowance recorded: Residential $ - $ - $ - $ - $ - Commercial - - - - - Construction and land development - - - - - Home equity - - - - - Commercial and industrial 401 401 9 417 - Total impaired with an allowance recorded $ 401 $ 401 $ 9 $ 417 $ - Total Real Estate: Residential $ - $ - $ - $ 27 $ - Commercial 2,184 2,184 - 2,158 36 Home equity - - - - - Construction and land development - - - - - Commercial and industrial 401 401 9 417 - Total impaired loans $ 2,585 $ 2,585 $ 9 $ 2,602 $ 36 Unpaid Average Interest Recorded Principal Related Recorded Income Investment Balance Allowance Investment Recognized (In Thousands) December 31, 2014: With no related allowance recorded: Real Estate: Residential $ 170 $ 170 $ - $ 172 $ 5 Commercial 860 860 - 896 - Home equity - - - 133 56 Construction and land development 3 3 - 4 - Total impaired with no related allowance $ 1,033 $ 1,033 $ - $ 1,205 $ 61 With an allowance recorded: Residential $ - $ - $ - $ - $ - Commercial - - - - - Construction and land development - - - - - Home equity - - - - - Commercial and industrial 439 439 6 372 - Total impaired with an allowance recorded $ 439 $ 439 $ 6 $ 372 $ - Total Real Estate: Residential $ 170 $ 170 $ - $ 172 $ 5 Commercial 860 860 - 896 - Home equity - - - 133 56 Construction and land development 3 3 - 4 - Commercial and industrial 439 439 6 372 - Total impaired loans $ 1,472 $ 1,472 $ 6 $ 1,577 $ 61 | Unpaid Average Interest Recorded Principal Related Recorded Income Investment Balance Allowance Investment Recognized (In Thousands) December 31, 2014: With no related allowance recorded: Real estate: Residential $ 170 $ 170 $ - $ 172 $ 5 Commercial 860 860 - 896 - Construction and land development - - - 133 56 Home equity 3 3 - 4 - Commercial and industrial - - - - - Total impaired with no related allowance $ 1,033 $ 1,033 $ - $ 1,205 $ 61 With an allowance recorded: Residential $ - $ - $ - $ - $ - Commercial - - - - - Construction and land development - - - - - Home equity - - - - - Commercial and industrial 439 439 6 372 - Total impaired with an allowance recorded $ 439 $ 439 $ 6 $ 372 $ - Total Real estate: Residential $ 170 $ 170 $ - $ 172 $ 5 Commercial 860 860 - 896 - Construction and land development - - - 133 56 Home equity 3 3 - 4 - Commercial and industrial 439 439 6 372 - Total impaired loans $ 1,472 $ 1,472 $ 6 $ 1,577 $ 61 Unpaid Average Interest Recorded Principal Related Recorded Income Investment Balance Allowance Investment Recognized (In Thousands) December 31, 2013: With no related allowance recorded: Real estate: Residential $ 175 $ 175 $ - $ 178 $ 6 Commercial 924 924 - 929 3 Construction and land development 222 222 - 212 - Home equity 4 4 - 5 - Total impaired with no related allowance $ 1,325 $ 1,325 $ - $ 1,324 $ 9 With an allowance recorded: Total impaired with an allowance recorded $ - $ - $ - $ - $ - Total Real estate: Residential $ 175 $ 175 $ - $ 178 $ 6 Commercial 924 924 - 929 3 Construction and land development 222 222 - 212 - Home equity 4 4 - 5 - Total impaired loans $ 1,325 $ 1,325 $ - $ 1,324 $ 9 |
Troubled Debt Restructurings on Financing Receivables [Table Text Block] | Pre-Modification Post- Modification Number of Outstanding Recorded Outstanding Recorded Contracts Investment Investment (Dollars In Thousands) December 31, 2014: Troubled Debt Restructurings: Commercial and industrial 1 $ 439 $ 439 1 $ 439 $ 439 | |
Schedule of Valuation Allowance for Impairment of Recognized Servicing Assets [Table Text Block] | 2014 2013 (In Thousands) Balance, beginning of year $ 42 $ 9 Additions 5 86 Reductions (38 ) (53 ) Balance, end of year $ 9 $ 42 |
Note 9 - Other Comprehensive 46
Note 9 - Other Comprehensive (Loss) Income (Tables) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2015 | Dec. 31, 2014 | |
Disclosure Text Block [Abstract] | ||
Comprehensive Income (Loss) [Table Text Block] | Three months ended: 6/30/2015 6/30/2014 ( In thousands) Net change in unrealized holding gains (losses) on available-for-sale securities $ (857 ) $ 1,080 Reclassification adjustment for realized gains in net income (1) (26 ) (103 ) Other comprehensive (loss) income before income tax effect (883 ) 977 Income tax benefit (expense) 299 (332 ) Other comprehensive (loss) income, net of tax $ (584 ) $ 645 Six months ended : 6/30/2015 6/30/2014 (In thousands) Net unrealized holding gains (losses) on available-for-sale securities $ (289 ) $ 2,234 Reclassification adjustment for realized gains in net income (1) (69 ) (103 ) Other comprehensive (loss) income before income tax effect (358 ) 2,131 Income tax benefit (expense) 122 (725 ) Other comprehensive (loss) income, net of tax $ (236 ) $ 1,406 | 2014 2013 (In Thousands) Net unrealized holding gain (loss) on available-for-sale securities $ 2,684 $ (4,108 ) Reclassification adjustment for realized gains in net income (1) (142 ) (109 ) Other comprehensive income (loss) before income tax effect 2,542 (4,217 ) Income tax (expense) benefit (865 ) 1,434 Other comprehensive income (loss), net of tax $ 1,677 $ (2,783 ) |
Note 5 - Premises and Equipme47
Note 5 - Premises and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2014 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment [Table Text Block] | 2014 2013 (In Thousands) Leasehold improvements $ 1,389 $ 1,370 Furniture and equipment 3,105 2,968 4,494 4,338 Accumulated depreciation and amortization (3,034 ) (2,720 ) $ 1,460 $ 1,618 |
Note 6 - Deposits (Tables)
Note 6 - Deposits (Tables) | 12 Months Ended |
Dec. 31, 2014 | |
Disclosure Text Block [Abstract] | |
Contractual Obligation, Fiscal Year Maturity Schedule [Table Text Block] | (In Thousands) 2015 $ 41,354 2016 9,623 2017 5,003 2018 3,063 2019 2,603 Total $ 61,646 |
Note 9 - Income Taxes (Tables)
Note 9 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | 2014 2013 (In Thousands) Current: Federal $ 181 $ (72 ) State 2 1 183 (71 ) Deferred: Federal (187 ) 205 State - - (187 ) 205 Total income tax (benefit) expense $ (4 ) $ 134 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | 2014 2013 % of % of Income Income Federal income tax at statutory rate 34.0 % 34.0 % Increase (decrease) in tax resulting from: Tax-exempt income (38.0 ) (23.2 ) Other 3.5 (0.2 ) Effective tax rates (0.5 ) % 10.6 % |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | 2014 2013 (In Thousands) Deferred tax assets: Allowance for loan losses $ 816 $ 800 Deferred compensation 243 220 Impairment of operating lease 9 24 Write-down of securities 10 10 Write-down of OREO 17 - Restricted stock awards 7 16 Charitable contribution carryover 120 93 Other 123 80 Alternative minimum tax carryforward 634 413 Net unrealized holding loss on available-for-sale securities - 853 Gross deferred tax assets 1,979 2,509 Deferred tax liabilities: Depreciation (307 ) (250 ) Deferred loan costs/fees (437 ) (413 ) Mortgage servicing rights (536 ) (481 ) Net unrealized holding gain on available-for-sale securities (12 ) - Gross deferred tax liabilities (1,292 ) (1,144 ) Net deferred tax asset $ 687 $ 1,365 |
Note 10 - Commitments and Con50
Note 10 - Commitments and Contingent Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | (In Thousands) 2015 $ 912 2016 685 2017 642 2018 634 2019 577 Thereafter 393 Total $ 3,843 |
Note 12 - Financial Instrumen51
Note 12 - Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2014 | |
Disclosure Text Block Supplement [Abstract] | |
Schedule of Fair Value, Off-balance Sheet Risks [Table Text Block] | 2014 2013 (In Thousands) Commitments to originate loans $ 17,151 $ 10,488 Standby letters of credit 1,888 857 Unadvanced portions of loans: Construction loans 6,960 5,456 Commercial lines of credit 17,394 14,265 Consumer 677 677 Home equity lines of credit 45,005 40,075 $ 89,075 $ 71,818 |
Note 16 - Regulatory Matters (T
Note 16 - Regulatory Matters (Tables) | 12 Months Ended |
Dec. 31, 2014 | |
Disclosure Text Block [Abstract] | |
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations [Table Text Block] | To Be Well Capitalized Under For Capital Prompt Corrective Actual Adequacy Purposes Action Provisions Amount Ratio Amount Ratio Amount Ratio (Dollars In Thousands) As of December 31, 2014: Total Capital (to Risk Weighted Assets) $ 31,675 12.80 % $ 19,791 8.0 % $ 24,739 10.0 % Tier 1 Capital (to Risk Weighted Assets) 28,914 11.69 9,895 4.0 14,843 6.0 Tier 1 Capital (to Average Assets) 28,914 7.17 16,137 4.0 20,171 5.0 As of December 31, 2013: Total Capital (to Risk Weighted Assets) 31,433 13.08 19,227 8.0 24,033 10.0 Tier 1 Capital (to Risk Weighted Assets) 28,641 11.92 9,613 4.0 14,420 6.0 Tier 1 Capital (to Average Assets) 28,641 7.09 16,150 4.0 20,188 5.0 |
Note 18 - Stock-based Compensat
Note 18 - Stock-based Compensation Plans (Tables) | 12 Months Ended |
Dec. 31, 2014 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Nonvested Restricted Stock Shares Activity [Table Text Block] | 2014 2013 Weighted-Average Weighted-Average Number of Grant Number of Grant Fixed Options Shares Price Shares Price Non-vested restricted stock awards at beginning of year 19,524 $ 22.95 18,042 $ 22.29 Restricted shares granted 1,934 21.50 10,000 23.39 Shares vested (7,756 ) 23.08 (6,536 ) 21.88 Shares forfeited (3,910 ) 23.09 (1,982 ) 22.62 Non-vested restricted stock awards at end of year 9,792 $ 23.00 19,524 $ 22.95 |
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | 2014 2013 Weighted-Average Weighted-Average Fixed Options Shares Exercise Price Shares Exercise Price Outstanding at beginning of year 31,500 $ 30.67 31,500 $ 30.67 Forfeited (10,500 ) 29.00 - - Outstanding at end of year 21,000 31.50 31,500 30.67 Options exercisable at year-end 21,000 $ 31.50 31,500 $ 30.67 Weighted-average fair value of options granted during the year N/A N/A |
Schedule of Share-based Compensation Stock Options Outstanding and Exercisable [Table Text Block] | Options Outstanding and Exercisable Weighted-Average Remaining Exercise Price Number Outstanding Contractual Life (in years) Number Exercisable Exercise Price 31.50 21,000 0.97 21,000 $ 31.50 |
Note 2 - Stock-based Compensa54
Note 2 - Stock-based Compensation (Details) - USD ($) | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | |
Note 2 - Stock-based Compensation (Details) [Line Items] | ||||
Allocated Share-based Compensation Expense | $ 62,000 | $ 80,000 | ||
Option Exercise Price as Percentage of Fair Value of Common Stock | 100.00% | |||
Share-based Compensation | $ 62,000 | $ 80,000 | $ 145,000 | $ 156,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in Shares) | 0 | 0 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period (in Shares) | 0 | 0 | ||
1998 Stock Plan [Member] | ||||
Note 2 - Stock-based Compensation (Details) [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in Shares) | 142,000 | |||
2011 Stock Award and Option Plan [Member] | ||||
Note 2 - Stock-based Compensation (Details) [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in Shares) | 100,000 | |||
Restricted Stock [Member] | ||||
Note 2 - Stock-based Compensation (Details) [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in Shares) | 1,934 | 10,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award Equity Instruments Other Than Options Granted in Period Fair Value | $ 42,000 | $ 234,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in Dollars per share) | $ 21.50 | $ 23.40 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | |||
Share-based Compensation | $ 145,000 | $ 156,000 | ||
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | 49,000 | $ 53,000 | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options | $ 207,000 | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 1 year 255 days | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period (in Shares) | 7,756 | 6,536 |
Note 4 - Fair Value Measureme55
Note 4 - Fair Value Measurements (Details) - Assets Measured at Fair Value On a Recurring Basis - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Note 4 - Fair Value Measurements (Details) - Assets Measured at Fair Value On a Recurring Basis [Line Items] | |||
Available-for-sale securities | $ 75,346 | $ 83,805 | $ 87,449 |
Fair Value, Measurements, Recurring [Member] | |||
Note 4 - Fair Value Measurements (Details) - Assets Measured at Fair Value On a Recurring Basis [Line Items] | |||
Available-for-sale securities | 75,346 | 83,805 | |
US Government Agencies Debt Securities [Member] | |||
Note 4 - Fair Value Measurements (Details) - Assets Measured at Fair Value On a Recurring Basis [Line Items] | |||
Available-for-sale securities | 18,064 | 18,247 | |
US Government Agencies Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | |||
Note 4 - Fair Value Measurements (Details) - Assets Measured at Fair Value On a Recurring Basis [Line Items] | |||
Available-for-sale securities | 15,190 | 18,064 | |
US States and Political Subdivisions Debt Securities [Member] | |||
Note 4 - Fair Value Measurements (Details) - Assets Measured at Fair Value On a Recurring Basis [Line Items] | |||
Available-for-sale securities | 16,599 | 13,973 | |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | |||
Note 4 - Fair Value Measurements (Details) - Assets Measured at Fair Value On a Recurring Basis [Line Items] | |||
Available-for-sale securities | 15,228 | 16,599 | |
Collateralized Mortgage Backed Securities [Member] | |||
Note 4 - Fair Value Measurements (Details) - Assets Measured at Fair Value On a Recurring Basis [Line Items] | |||
Available-for-sale securities | 48,668 | 54,568 | |
Collateralized Mortgage Backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | |||
Note 4 - Fair Value Measurements (Details) - Assets Measured at Fair Value On a Recurring Basis [Line Items] | |||
Available-for-sale securities | 44,516 | 48,668 | |
Other Debt Obligations [Member] | |||
Note 4 - Fair Value Measurements (Details) - Assets Measured at Fair Value On a Recurring Basis [Line Items] | |||
Available-for-sale securities | 474 | 661 | |
Other Debt Obligations [Member] | Fair Value, Measurements, Recurring [Member] | |||
Note 4 - Fair Value Measurements (Details) - Assets Measured at Fair Value On a Recurring Basis [Line Items] | |||
Available-for-sale securities | 412 | 474 | |
Fair Value, Inputs, Level 2 [Member] | |||
Note 4 - Fair Value Measurements (Details) - Assets Measured at Fair Value On a Recurring Basis [Line Items] | |||
Available-for-sale securities | 75,346 | 83,805 | 87,449 |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | |||
Note 4 - Fair Value Measurements (Details) - Assets Measured at Fair Value On a Recurring Basis [Line Items] | |||
Available-for-sale securities | 75,346 | 83,805 | 87,449 |
Fair Value, Inputs, Level 2 [Member] | US Government Agencies Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | |||
Note 4 - Fair Value Measurements (Details) - Assets Measured at Fair Value On a Recurring Basis [Line Items] | |||
Available-for-sale securities | 15,190 | 18,064 | 18,247 |
Fair Value, Inputs, Level 2 [Member] | US States and Political Subdivisions Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | |||
Note 4 - Fair Value Measurements (Details) - Assets Measured at Fair Value On a Recurring Basis [Line Items] | |||
Available-for-sale securities | 15,228 | 16,599 | 13,973 |
Fair Value, Inputs, Level 2 [Member] | Collateralized Mortgage Backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | |||
Note 4 - Fair Value Measurements (Details) - Assets Measured at Fair Value On a Recurring Basis [Line Items] | |||
Available-for-sale securities | 44,516 | 48,668 | 54,568 |
Fair Value, Inputs, Level 2 [Member] | Other Debt Obligations [Member] | Fair Value, Measurements, Recurring [Member] | |||
Note 4 - Fair Value Measurements (Details) - Assets Measured at Fair Value On a Recurring Basis [Line Items] | |||
Available-for-sale securities | $ 412 | $ 474 | $ 661 |
Note 4 - Fair Value Measureme56
Note 4 - Fair Value Measurements (Details) - Assets Measured at Fair Value on a Nonrecurring Basis - Fair Value, Measurements, Nonrecurring [Member] - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Note 4 - Fair Value Measurements (Details) - Assets Measured at Fair Value on a Nonrecurring Basis [Line Items] | ||
Asset Class | $ 392 | $ 538 |
Impaired Loans [Member] | ||
Note 4 - Fair Value Measurements (Details) - Assets Measured at Fair Value on a Nonrecurring Basis [Line Items] | ||
Asset Class | 392 | 433 |
Other Real Estate Owned [Member] | ||
Note 4 - Fair Value Measurements (Details) - Assets Measured at Fair Value on a Nonrecurring Basis [Line Items] | ||
Asset Class | 105 | |
Fair Value, Inputs, Level 3 [Member] | ||
Note 4 - Fair Value Measurements (Details) - Assets Measured at Fair Value on a Nonrecurring Basis [Line Items] | ||
Asset Class | 392 | 538 |
Fair Value, Inputs, Level 3 [Member] | Impaired Loans [Member] | ||
Note 4 - Fair Value Measurements (Details) - Assets Measured at Fair Value on a Nonrecurring Basis [Line Items] | ||
Asset Class | $ 392 | 433 |
Fair Value, Inputs, Level 3 [Member] | Other Real Estate Owned [Member] | ||
Note 4 - Fair Value Measurements (Details) - Assets Measured at Fair Value on a Nonrecurring Basis [Line Items] | ||
Asset Class | $ 105 |
Note 4 - Fair Value Measureme57
Note 4 - Fair Value Measurements (Details) - Financial Instruments - USD ($) | Jun. 30, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Financial assets: | |||
Cash and cash equivalents | $ 20,844,000 | $ 19,820,000 | |
Cash and cash equivalents, fair value | 20,844,000 | 19,820,000 | $ 38,590,000 |
Available-for-sale securities | 75,346,000 | 83,805,000 | 87,449,000 |
Available-for-sale securities, fair value | 75,346,000 | 83,805,000 | 87,449,000 |
Federal Home Loan Bank stock | 3,074,000 | 1,801,000 | 2,196,000 |
Federal Home Loan Bank stock, fair value | 3,074,000 | 1,801,000 | 2,196,000 |
Loans held-for-sale | 5,744,000 | 5,374,000 | |
Loans held-for-sale, fair value | 5,698,000 | 5,499,000 | 2,909,000 |
Loans, net | 299,962,000 | 283,381,000 | |
Loans, net, fair value | 301,789,000 | 285,439,000 | 277,539,000 |
Accrued interest receivable | 1,088,000 | 1,095,000 | 1,074,000 |
Accrued interest receivable, fair value | 1,088,000 | 1,095,000 | 1,074,000 |
Financial liabilities: | |||
Deposits | 333,893,000 | 356,065,000 | 358,504,000 |
Deposits, fair value | 326,061,000 | 356,353,000 | 358,961,000 |
Securities sold under agreements to repurchase | 2,917,000 | 3,921,000 | 4,390,000 |
Securities sold under agreements to repurchase, fair value | 2,917,000 | 3,921,000 | 4,390,000 |
Federal Home Loan Bank advances | 51,500,000 | 17,500,000 | 30,000,000 |
Federal Home Loan Bank advances, fair value | 51,500,000 | 17,500,000 | 30,000,000 |
Fair Value, Inputs, Level 1 [Member] | |||
Financial assets: | |||
Cash and cash equivalents, fair value | 20,844,000 | 19,820,000 | 38,590,000 |
Federal Home Loan Bank stock, fair value | 3,074,000 | 1,801,000 | 2,196,000 |
Accrued interest receivable | 1,088,000 | 1,095,000 | |
Accrued interest receivable, fair value | 1,088,000 | 1,095,000 | |
Fair Value, Inputs, Level 2 [Member] | |||
Financial assets: | |||
Available-for-sale securities | 75,346,000 | 83,805,000 | 87,449,000 |
Available-for-sale securities, fair value | 75,346,000 | 83,805,000 | 87,449,000 |
Financial liabilities: | |||
Deposits, fair value | 326,061,000 | 356,353,000 | 358,961,000 |
Securities sold under agreements to repurchase, fair value | 2,917,000 | 3,921,000 | 4,390,000 |
Federal Home Loan Bank advances, fair value | 51,500,000 | 17,500,000 | 30,000,000 |
Fair Value, Inputs, Level 3 [Member] | |||
Financial assets: | |||
Loans held-for-sale, fair value | 5,698,000 | 5,499,000 | 2,909,000 |
Loans, net, fair value | $ 301,789,000 | $ 285,439,000 | $ 277,539,000 |
Note 5 - Earnings Per Common 58
Note 5 - Earnings Per Common Share (Details) - Computation of EPS on Both Basic and Diluted Basis - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | |
Basic earnings per share computation: | ||||||
Net income | $ 350 | $ 115 | $ 693 | $ 193 | $ 805 | $ 1,135 |
Preferred stock net accretion | (3) | (3) | (6) | (6) | (12) | (12) |
Cumulative preferred stock dividends | (31) | (23) | (54) | (45) | (90) | (94) |
Net income available to common stockholders | $ 316 | $ 89 | $ 633 | $ 142 | $ 703 | $ 1,029 |
Weighted average shares outstanding, before dilution (in Shares) | 888,587 | 881,861 | 888,290 | 880,973 | 880,618 | 872,411 |
Dilutive potential shares (in Shares) | 1,024 | 2,814 | 800 | 4,700 | 4,415 | 4,576 |
Weighted average shares outstanding, assuming dilution (in Shares) | 889,611 | 884,675 | 889,090 | 885,673 | 885,033 | 876,987 |
Diluted earnings per share (in Dollars per share) | $ 0.36 | $ 0.10 | $ 0.71 | $ 0.16 | $ 0.79 | $ 1.17 |
Weighted average shares outstanding, basic (in Shares) | 888,587 | 881,861 | 888,290 | 880,973 | 880,618 | 872,411 |
Basic earnings per share (in Dollars per share) | $ 0.36 | $ 0.10 | $ 0.71 | $ 0.16 | $ 0.80 | $ 1.18 |
Note 6 - Investment Securitie59
Note 6 - Investment Securities (Details) - USD ($) | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | |
Investments, Debt and Equity Securities [Abstract] | ||||
Proceeds from Sale of Available-for-sale Securities | $ 1,126,000 | $ 1,139,000 | $ 1,712,000 | $ 11,493,000 |
Available-for-sale Securities, Gross Realized Gains | 69,000 | 103,000 | 150,000 | 126,000 |
Available-for-sale Securities, Realized Gain (Loss), Income Tax Expense (Benefit) | $ 23,000 | $ 35,000 | 51,000 | 43,000 |
Available-for-sale Securities, Gross Realized Gains (Losses), Sale Proceeds | 1,712,000 | 11,493,000 | ||
Available-for-sale Securities Pledged as Collateral | 17,271,000 | 15,418,000 | ||
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net, Available-for-sale Securities | $ 8,000 | $ 17,000 |
Note 6 - Investment Securitie60
Note 6 - Investment Securities (Details) - Securities in a Continuous Unrealized Loss Position - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Temporarily Impaired Securities [Member] | |||
Note 6 - Investment Securities (Details) - Securities in a Continuous Unrealized Loss Position [Line Items] | |||
Available-for-sale securities in a continuous unrealized loss position, less than 12 months, fair value | $ 17,245 | $ 6,434 | $ 63,772 |
Available-for-sale securities in a continuous unrealized loss position, less than 12 months, unrealized losses | 221 | 30 | 2,676 |
Available-for-sale securities in a continuous unrealized loss position, 12 months or longer, fair value | 31,493 | 51,399 | 6,240 |
Available-for-sale securities in a continuous unrealized loss position, 12 months or longer, unrealized losses | 667 | 760 | 359 |
Available-for-sale securities in a continuous unrealized loss position, fair value | 48,738 | 57,833 | 70,012 |
Available-for-sale securities in a continuous unrealized loss position, unrealized losses | 888 | 790 | 3,035 |
Temporarily Impaired Securities [Member] | US Government Agencies Debt Securities [Member] | |||
Note 6 - Investment Securities (Details) - Securities in a Continuous Unrealized Loss Position [Line Items] | |||
Available-for-sale securities in a continuous unrealized loss position, less than 12 months, fair value | 3,200 | 4,486 | 18,247 |
Available-for-sale securities in a continuous unrealized loss position, less than 12 months, unrealized losses | 5 | 12 | 520 |
Available-for-sale securities in a continuous unrealized loss position, 12 months or longer, fair value | 4,472 | 13,077 | |
Available-for-sale securities in a continuous unrealized loss position, 12 months or longer, unrealized losses | 26 | 127 | |
Available-for-sale securities in a continuous unrealized loss position, fair value | 7,672 | 17,563 | 18,247 |
Available-for-sale securities in a continuous unrealized loss position, unrealized losses | 31 | 139 | 520 |
Temporarily Impaired Securities [Member] | US States and Political Subdivisions Debt Securities [Member] | |||
Note 6 - Investment Securities (Details) - Securities in a Continuous Unrealized Loss Position [Line Items] | |||
Available-for-sale securities in a continuous unrealized loss position, less than 12 months, fair value | 3,795 | 526 | 3,340 |
Available-for-sale securities in a continuous unrealized loss position, less than 12 months, unrealized losses | 80 | 12 | 198 |
Available-for-sale securities in a continuous unrealized loss position, 12 months or longer, fair value | 1,440 | 1,772 | |
Available-for-sale securities in a continuous unrealized loss position, 12 months or longer, unrealized losses | 60 | 40 | |
Available-for-sale securities in a continuous unrealized loss position, fair value | 5,235 | 2,298 | 3,340 |
Available-for-sale securities in a continuous unrealized loss position, unrealized losses | 140 | 52 | 198 |
Temporarily Impaired Securities [Member] | Collateralized Mortgage Backed Securities [Member] | |||
Note 6 - Investment Securities (Details) - Securities in a Continuous Unrealized Loss Position [Line Items] | |||
Available-for-sale securities in a continuous unrealized loss position, less than 12 months, fair value | 10,250 | 1,422 | 42,185 |
Available-for-sale securities in a continuous unrealized loss position, less than 12 months, unrealized losses | 136 | 6 | 1,958 |
Available-for-sale securities in a continuous unrealized loss position, 12 months or longer, fair value | 25,581 | 36,550 | 6,240 |
Available-for-sale securities in a continuous unrealized loss position, 12 months or longer, unrealized losses | 581 | 593 | 359 |
Available-for-sale securities in a continuous unrealized loss position, fair value | 35,831 | 37,972 | 48,425 |
Available-for-sale securities in a continuous unrealized loss position, unrealized losses | 717 | 599 | 2,317 |
Other Than Temporarily Impaired Securities [Member] | |||
Note 6 - Investment Securities (Details) - Securities in a Continuous Unrealized Loss Position [Line Items] | |||
Available-for-sale securities in a continuous unrealized loss position, less than 12 months, fair value | 17,262 | 6,434 | 63,772 |
Available-for-sale securities in a continuous unrealized loss position, less than 12 months, unrealized losses | 221 | 30 | 2,676 |
Available-for-sale securities in a continuous unrealized loss position, 12 months or longer, fair value | 31,745 | 51,673 | 6,571 |
Available-for-sale securities in a continuous unrealized loss position, 12 months or longer, unrealized losses | 693 | 790 | 399 |
Available-for-sale securities in a continuous unrealized loss position, fair value | 49,007 | 58,107 | 70,343 |
Available-for-sale securities in a continuous unrealized loss position, unrealized losses | 914 | 820 | 3,075 |
Other Than Temporarily Impaired Securities [Member] | Collateralized Mortgage Backed Securities [Member] | |||
Note 6 - Investment Securities (Details) - Securities in a Continuous Unrealized Loss Position [Line Items] | |||
Available-for-sale securities in a continuous unrealized loss position, less than 12 months, fair value | 17 | ||
Available-for-sale securities in a continuous unrealized loss position, 12 months or longer, fair value | 252 | 274 | 331 |
Available-for-sale securities in a continuous unrealized loss position, 12 months or longer, unrealized losses | 26 | 30 | 40 |
Available-for-sale securities in a continuous unrealized loss position, fair value | 269 | 274 | 331 |
Available-for-sale securities in a continuous unrealized loss position, unrealized losses | $ 26 | $ 30 | $ 40 |
Note 6 - Investment Securitie61
Note 6 - Investment Securities (Details) - Amortized Cost and Fair Value - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
AVAILABLE-FOR-SALE SECURITIES | |||
Fair value, due after one to five years | $ 16,568 | ||
Fair value, due after five to ten years | 7,067 | ||
Amortized cost, total available-for-sale securities | $ 75,670 | 83,771 | |
Gross unrealized gains, total available-for-sale securities | 590 | 854 | $ 567 |
Gross unrealized loss, total available-for-sale securities | 914 | 820 | 3,075 |
Fair value, total available-for-sale securities | $ 75,346 | $ 83,805 | |
Yield, total available-for-sale securities | 2.66% | 2.36% | |
US Government Agencies Debt Securities [Member] | |||
AVAILABLE-FOR-SALE SECURITIES | |||
Amortized cost, due after one to five years | $ 14,703 | $ 16,702 | |
Gross unrealized gains, due after one to five years | 14 | 1 | |
Gross unrealized loss, due after one to five years | 31 | 135 | |
Fair value, due after one to five years | $ 14,686 | $ 16,568 | |
Yield, due after one to five years | 1.26% | 1.21% | |
Amortized cost, due after five to ten years | $ 500 | $ 1,500 | |
Gross unrealized gains, due after five to ten years | 4 | ||
Gross unrealized loss, due after five to ten years | 4 | ||
Fair value, due after five to ten years | $ 504 | $ 1,496 | |
Yield, due after five to ten years | 1.85% | 1.83% | |
Amortized cost, total available-for-sale securities | $ 15,203 | $ 18,202 | |
Gross unrealized gains, total available-for-sale securities | 18 | 1 | |
Gross unrealized loss, total available-for-sale securities | 31 | 139 | 520 |
Fair value, total available-for-sale securities | $ 15,190 | $ 18,064 | |
Yield, total available-for-sale securities | 1.28% | 1.27% | |
US States and Political Subdivisions Debt Securities [Member] | |||
AVAILABLE-FOR-SALE SECURITIES | |||
Amortized cost, due after one to five years | $ 376 | $ 559 | |
Gross unrealized gains, due after one to five years | 6 | 24 | |
Fair value, due after one to five years | $ 382 | $ 583 | |
Yield, due after one to five years | 4.25% | 2.26% | |
Amortized cost, due after five to ten years | $ 4,758 | $ 4,835 | |
Gross unrealized gains, due after five to ten years | 139 | 184 | |
Gross unrealized loss, due after five to ten years | 46 | 31 | |
Fair value, due after five to ten years | $ 4,851 | $ 4,988 | |
Yield, due after five to ten years | 3.66% | 3.22% | |
Amortized cost, total available-for-sale securities | $ 14,933 | $ 15,972 | |
Gross unrealized gains, total available-for-sale securities | 435 | 679 | 391 |
Gross unrealized loss, total available-for-sale securities | 140 | 52 | 198 |
Fair value, total available-for-sale securities | $ 15,228 | $ 16,599 | |
Yield, total available-for-sale securities | 3.86% | 3.18% | |
Amortized cost, due after ten to fifteen years | $ 7,287 | $ 8,065 | |
Gross unrealized gains, due after ten to fifteen years | 289 | 445 | |
Gross unrealized loss, due after ten to fifteen years | 50 | 21 | |
Fair value, due after ten to fifteen years | $ 7,526 | $ 8,489 | |
Yield, due after ten to fifteen years | 4.19% | 3.23% | |
Amortized cost, due beyond fifteen years | $ 2,512 | $ 2,513 | |
Gross unrealized gains, due beyond fifteen years | 1 | 26 | |
Gross unrealized loss, due beyond fifteen years | 44 | ||
Fair value, due beyond fifteen years | $ 2,469 | $ 2,539 | |
Yield, due beyond fifteen years | 3.20% | 3.09% | |
Collateralized Mortgage Backed Securities [Member] | |||
AVAILABLE-FOR-SALE SECURITIES | |||
Amortized cost, due after one to five years | $ 465 | $ 588 | |
Gross unrealized gains, due after one to five years | 8 | 14 | |
Fair value, due after one to five years | $ 473 | $ 602 | |
Yield, due after one to five years | 3.11% | 2.97% | |
Amortized cost, due after five to ten years | $ 1,674 | $ 1,846 | |
Gross unrealized gains, due after five to ten years | 33 | 36 | |
Gross unrealized loss, due after five to ten years | 2 | 1 | |
Fair value, due after five to ten years | $ 1,705 | $ 1,881 | |
Yield, due after five to ten years | 3.33% | 2.25% | |
Amortized cost, total available-for-sale securities | $ 45,152 | $ 49,157 | |
Gross unrealized gains, total available-for-sale securities | 107 | 140 | 126 |
Gross unrealized loss, total available-for-sale securities | 743 | 629 | 2,357 |
Fair value, total available-for-sale securities | $ 44,516 | $ 48,668 | |
Yield, total available-for-sale securities | 2.71% | 2.03% | |
Amortized cost, due after ten to fifteen years | $ 26,470 | $ 28,811 | |
Gross unrealized gains, due after ten to fifteen years | 39 | 42 | |
Gross unrealized loss, due after ten to fifteen years | 346 | 360 | |
Fair value, due after ten to fifteen years | $ 26,163 | $ 28,493 | |
Yield, due after ten to fifteen years | 2.43% | 1.78% | |
Amortized cost, due beyond fifteen years | $ 16,543 | $ 17,912 | |
Gross unrealized gains, due beyond fifteen years | 27 | 48 | |
Gross unrealized loss, due beyond fifteen years | 395 | 268 | |
Fair value, due beyond fifteen years | $ 16,175 | $ 17,692 | |
Yield, due beyond fifteen years | 3.07% | 2.38% | |
Other Debt Obligations [Member] | |||
AVAILABLE-FOR-SALE SECURITIES | |||
Amortized cost, due after five to ten years | $ 382 | ||
Gross unrealized gains, due after five to ten years | 30 | ||
Fair value, due after five to ten years | $ 412 | ||
Yield, due after five to ten years | 4.68% | ||
Amortized cost, total available-for-sale securities | $ 382 | $ 440 | |
Gross unrealized gains, total available-for-sale securities | 30 | 34 | $ 50 |
Fair value, total available-for-sale securities | $ 412 | $ 474 | |
Yield, total available-for-sale securities | 4.68% | 4.96% | |
Amortized cost, due after ten to fifteen years | $ 440 | ||
Gross unrealized gains, due after ten to fifteen years | 34 | ||
Fair value, due after ten to fifteen years | $ 474 | ||
Yield, due after ten to fifteen years | 4.96% |
Note 7 - Loan Information (Deta
Note 7 - Loan Information (Details) | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Note 7 - Loan Information (Details) [Line Items] | |||
Loan to Value Ratio | 80.00% | ||
Loans and Leases Receivable, Gross | $ 301,448,000 | $ 284,847,000 | $ 278,452,000 |
Loans and Leases Receivable, Ratio of Nonperforming Loans to All Loans | 1.13% | 1.08% | |
Allowance for Loan Losses Percentage | 0.94% | 0.97% | |
Financing Receivable, Modifications, Number of Contracts | 6 | 1 | 1 |
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | $ 9,000 | $ 6,000 | |
Mortgage Loans in Process of Foreclosure, Amount | 225,000 | ||
Percentage of Delinquent Loans Outstanding | 0.67% | 1.17% | |
Financing Receivable, Modifications, Subsequent Default, Number of Contracts | 0 | 0 | |
Residential, Home Equity and Consumer Portfolio Segments [Member] | |||
Note 7 - Loan Information (Details) [Line Items] | |||
Loans and Leases Receivable, Gross | $ 195,500,000 | $ 195,000,000 | |
Commercial Portfolio Segment [Member] | |||
Note 7 - Loan Information (Details) [Line Items] | |||
Financing Receivable, Modifications, Recorded Investment | 439,000 | ||
Allowance for Credit Losses, Change in Method of Calculating Impairment | 6,000 | ||
Mortgage Servicing Rights [Member] | |||
Note 7 - Loan Information (Details) [Line Items] | |||
Servicing Asset at Amortized Cost | 1,730,000 | 1,577,000 | 1,414,000 |
Servicing Asset at Amortized Cost, Additions | 435,000 | 531,000 | 925,000 |
Servicing Asset at Amortized Cost, Amortization | 286,000 | 401,000 | 300,000 |
Servicing Asset at Fair Value, Amount | 2,190,000 | $ 2,049,000 | 1,671,000 |
Home Equity Line of Credit [Member] | |||
Note 7 - Loan Information (Details) [Line Items] | |||
Loan to Value Ratio | 80.00% | ||
Mortgages [Member] | |||
Note 7 - Loan Information (Details) [Line Items] | |||
Principal Amount Outstanding on Loans Securitized or Asset-backed Financing Arrangement | $ 195,000,000 | $ 148,000,000 | |
Mortgage Loans on Real Estate [Member] (Deprecated 2015-01-31) | |||
Note 7 - Loan Information (Details) [Line Items] | |||
Principal Amount Outstanding on Loans Securitized or Asset-backed Financing Arrangement | 176,579,000 | 147,955,000 | |
Mortgage Loans on Real Estate [Member] (Deprecated 2015-01-31) | Home Equity Line of Credit [Member] | |||
Note 7 - Loan Information (Details) [Line Items] | |||
Loans and Leases Receivable, Gross | 46,403,000 | 46,742,000 | |
Residential Portfolio Segment [Member] | |||
Note 7 - Loan Information (Details) [Line Items] | |||
Loan to Value Ratio | 80.00% | ||
Loans and Leases Receivable, Gross | $ 138,138,000 | 132,553,000 | |
Real Estate Acquired Through Foreclosure | 0 | ||
Residential, Home Equity and Consumer Portfolio Segments [Member] | |||
Note 7 - Loan Information (Details) [Line Items] | |||
Loans and Leases Receivable, Gross | 200,800,000 | 195,500,000 | |
Commercial Portfolio Segment [Member] | |||
Note 7 - Loan Information (Details) [Line Items] | |||
Loans and Leases Receivable, Gross | 24,755,000 | 19,038,000 | |
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 9,000 | 6,000 | |
Not Formally Rated [Member] | |||
Note 7 - Loan Information (Details) [Line Items] | |||
Loans and Leases Receivable, Gross | 194,892,000 | 193,228,000 | |
Not Formally Rated [Member] | Residential, Home Equity and Consumer Portfolio Segments [Member] | |||
Note 7 - Loan Information (Details) [Line Items] | |||
Loans and Leases Receivable, Gross | 194,900,000 | 193,200,000 | |
Not Formally Rated [Member] | Mortgage Loans on Real Estate [Member] (Deprecated 2015-01-31) | Home Equity Line of Credit [Member] | |||
Note 7 - Loan Information (Details) [Line Items] | |||
Loans and Leases Receivable, Gross | 46,237,000 | $ 46,626,000 | |
Not Formally Rated [Member] | Residential, Home Equity and Consumer Portfolio Segments [Member] | |||
Note 7 - Loan Information (Details) [Line Items] | |||
Loans and Leases Receivable, Gross | 199,800,000 | $ 194,900,000 | |
Payments Temporarily Reduced [Member] | Commercial Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | |||
Note 7 - Loan Information (Details) [Line Items] | |||
Financing Receivable, Modifications, Number of Contracts | 1 | ||
Financing Receivable, Modifications, Recorded Investment | 401,000 | $ 439,000 | |
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | $ 6,000 | ||
Allowance for Loan and Lease Losses, Period Increase (Decrease) | $ 9,000 |
Note 7 - Loan Information (De63
Note 7 - Loan Information (Details) - Loans - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | $ 301,448 | $ 284,847 | $ 278,452 |
Allowance for loan losses | (2,834) | (2,761) | (2,792) |
Deferred loan origination costs, net | 1,348 | 1,295 | 1,215 |
Net loans | 299,962 | 283,381 | $ 276,875 |
Commercial Portfolio Segment [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 24,755 | 19,038 | |
Construction and Land Development Real Estate Portfolio Segment [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 18,406 | 13,234 | |
Residential Portfolio Segment [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 138,138 | 132,553 | |
Commercial Real Estate Portfolio Segment [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 46,190 | 46,982 | |
Municipal Portfolio Segment [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 11,262 | 10,061 | |
Home Equity Portfolio Segment [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 46,454 | 46,403 | |
Consumer Portfolio Segment [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | $ 16,243 | $ 16,576 |
Note 7 - Loan Information (De64
Note 7 - Loan Information (Details) - Allowance For Loan Losses - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2015 | |
Allowance for loan losses: | |||||
Beginning balance | $ 2,761 | $ 2,792 | $ 2,792 | $ 2,594 | |
Ending balance | 2,834 | 2,737 | 2,761 | 2,792 | |
Ending balance: | |||||
Allowance, individually evaluated for impairment | 6 | $ 9 | |||
Ending balance: | |||||
Allowance, collectively evaluated for impairment | 2,755 | 2,792 | 2,825 | ||
Total allowance for loan losses ending balance | 2,761 | 2,792 | 2,761 | 2,792 | 2,834 |
Ending balance: | |||||
Loans, individually evaluated for impairment | 1,472 | 1,325 | 2,585 | ||
Ending balance: | |||||
Loans, collectively evaluated for impairment | 283,375 | 277,127 | 298,863 | ||
Total loans ending balance | 284,847 | 278,452 | 301,448 | ||
Allowance for loan losses: | |||||
Charge-offs | (15) | (98) | (101) | (154) | |
Recoveries | 8 | 13 | 15 | 7 | |
Provision (benefit) | 80 | 30 | 55 | 345 | |
Residential Portfolio Segment [Member] | |||||
Allowance for loan losses: | |||||
Beginning balance | 1,085 | 1,174 | 1,174 | ||
Ending balance | 1,070 | 1,027 | 1,085 | 1,174 | |
Ending balance: | |||||
Allowance, collectively evaluated for impairment | 1,085 | 1,070 | |||
Total allowance for loan losses ending balance | 1,085 | 1,174 | 1,085 | 1,174 | 1,070 |
Ending balance: | |||||
Loans, individually evaluated for impairment | 170 | ||||
Ending balance: | |||||
Loans, collectively evaluated for impairment | 132,383 | 138,138 | |||
Total loans ending balance | 132,553 | 138,138 | |||
Allowance for loan losses: | |||||
Charge-offs | (98) | ||||
Recoveries | 11 | ||||
Provision (benefit) | (15) | (60) | |||
Commercial Real Estate Portfolio Segment [Member] | |||||
Allowance for loan losses: | |||||
Beginning balance | 738 | 728 | 728 | ||
Ending balance | 668 | 683 | 738 | 728 | |
Ending balance: | |||||
Allowance, collectively evaluated for impairment | 738 | 668 | |||
Total allowance for loan losses ending balance | 738 | 728 | 738 | 728 | 668 |
Ending balance: | |||||
Loans, individually evaluated for impairment | 860 | 2,184 | |||
Ending balance: | |||||
Loans, collectively evaluated for impairment | 54,724 | 53,478 | |||
Total loans ending balance | 55,584 | 55,662 | |||
Allowance for loan losses: | |||||
Provision (benefit) | (70) | (45) | |||
Construction and Land Development Real Estate Portfolio Segment [Member] | |||||
Allowance for loan losses: | |||||
Beginning balance | 249 | 224 | 224 | ||
Ending balance | 369 | 383 | 249 | 224 | |
Ending balance: | |||||
Allowance, collectively evaluated for impairment | 249 | 369 | |||
Total allowance for loan losses ending balance | 249 | 224 | 249 | 224 | 369 |
Ending balance: | |||||
Loans, collectively evaluated for impairment | 13,234 | 18,406 | |||
Total loans ending balance | 13,234 | 18,406 | |||
Allowance for loan losses: | |||||
Provision (benefit) | 120 | 159 | |||
Home Equity Portfolio Segment [Member] | |||||
Allowance for loan losses: | |||||
Beginning balance | 324 | 301 | 301 | ||
Ending balance | 323 | 295 | 324 | 301 | |
Ending balance: | |||||
Allowance, collectively evaluated for impairment | 324 | 323 | |||
Total allowance for loan losses ending balance | 324 | 301 | 324 | 301 | 323 |
Ending balance: | |||||
Loans, individually evaluated for impairment | 3 | ||||
Ending balance: | |||||
Loans, collectively evaluated for impairment | 46,400 | 46,454 | |||
Total loans ending balance | 46,403 | 46,454 | |||
Allowance for loan losses: | |||||
Provision (benefit) | (1) | (6) | |||
Commercial Portfolio Segment [Member] | |||||
Allowance for loan losses: | |||||
Beginning balance | 227 | 243 | 243 | ||
Ending balance | 271 | 234 | 227 | 243 | |
Ending balance: | |||||
Allowance, individually evaluated for impairment | 6 | 9 | |||
Ending balance: | |||||
Allowance, collectively evaluated for impairment | 221 | 262 | |||
Total allowance for loan losses ending balance | 227 | 243 | 227 | 243 | 271 |
Ending balance: | |||||
Loans, individually evaluated for impairment | 439 | 401 | |||
Ending balance: | |||||
Loans, collectively evaluated for impairment | 20,058 | 26,144 | |||
Total loans ending balance | 20,497 | 26,545 | |||
Allowance for loan losses: | |||||
Recoveries | 2 | ||||
Provision (benefit) | 44 | (11) | |||
Consumer Portfolio Segment [Member] | |||||
Allowance for loan losses: | |||||
Beginning balance | 134 | 90 | 90 | ||
Ending balance | 124 | 99 | 134 | 90 | |
Ending balance: | |||||
Allowance, collectively evaluated for impairment | 134 | 124 | |||
Total allowance for loan losses ending balance | 134 | 90 | 134 | 90 | 124 |
Ending balance: | |||||
Loans, collectively evaluated for impairment | 16,576 | 16,243 | |||
Total loans ending balance | 16,576 | 16,243 | |||
Allowance for loan losses: | |||||
Charge-offs | (15) | ||||
Recoveries | 8 | ||||
Provision (benefit) | (3) | 9 | |||
Unallocated Financing Receivables [Member] | |||||
Allowance for loan losses: | |||||
Beginning balance | 4 | 32 | 32 | ||
Ending balance | 9 | 16 | 4 | 32 | |
Ending balance: | |||||
Allowance, collectively evaluated for impairment | 4 | 9 | |||
Total allowance for loan losses ending balance | 4 | 32 | $ 4 | $ 32 | $ 9 |
Allowance for loan losses: | |||||
Provision (benefit) | $ 5 | $ (16) |
Note 7 - Loan Information (De65
Note 7 - Loan Information (Details) - Loans by Risk Rating - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Grade: | |||
Loans | $ 301,448 | $ 284,847 | $ 278,452 |
Pass [Member] | |||
Grade: | |||
Loans | 91,482 | 80,117 | |
Special Mention [Member] | |||
Grade: | |||
Loans | 4,409 | 6,213 | |
Substandard [Member] | |||
Grade: | |||
Loans | 5,732 | 3,625 | |
Not Formally Rated [Member] | |||
Grade: | |||
Loans | 199,825 | 194,892 | |
Residential Portfolio Segment [Member] | |||
Grade: | |||
Loans | 138,138 | 132,553 | |
Residential Portfolio Segment [Member] | Substandard [Member] | |||
Grade: | |||
Loans | 773 | 474 | |
Residential Portfolio Segment [Member] | Not Formally Rated [Member] | |||
Grade: | |||
Loans | 137,365 | 132,079 | |
Commercial Real Estate Portfolio Segment [Member] | |||
Grade: | |||
Loans | 55,662 | 55,584 | |
Commercial Real Estate Portfolio Segment [Member] | Pass [Member] | |||
Grade: | |||
Loans | 51,431 | 50,208 | |
Commercial Real Estate Portfolio Segment [Member] | Special Mention [Member] | |||
Grade: | |||
Loans | 2,688 | 3,866 | |
Commercial Real Estate Portfolio Segment [Member] | Substandard [Member] | |||
Grade: | |||
Loans | 1,543 | 1,510 | |
Construction and Land Development Real Estate Portfolio Segment [Member] | |||
Grade: | |||
Loans | 18,406 | 13,234 | |
Construction and Land Development Real Estate Portfolio Segment [Member] | Pass [Member] | |||
Grade: | |||
Loans | 18,406 | 11,529 | |
Construction and Land Development Real Estate Portfolio Segment [Member] | Special Mention [Member] | |||
Grade: | |||
Loans | 1,705 | ||
Home Equity Portfolio Segment [Member] | |||
Grade: | |||
Loans | 46,454 | 46,403 | |
Home Equity Portfolio Segment [Member] | Substandard [Member] | |||
Grade: | |||
Loans | 237 | 166 | |
Home Equity Portfolio Segment [Member] | Not Formally Rated [Member] | |||
Grade: | |||
Loans | 46,217 | 46,237 | |
Commercial Portfolio Segment [Member] | |||
Grade: | |||
Loans | 26,545 | 20,497 | |
Commercial Portfolio Segment [Member] | Pass [Member] | |||
Grade: | |||
Loans | 21,645 | 18,380 | |
Commercial Portfolio Segment [Member] | Special Mention [Member] | |||
Grade: | |||
Loans | 1,721 | 642 | |
Commercial Portfolio Segment [Member] | Substandard [Member] | |||
Grade: | |||
Loans | 3,179 | 1,475 | |
Consumer Portfolio Segment [Member] | |||
Grade: | |||
Loans | 16,243 | 16,576 | |
Consumer Portfolio Segment [Member] | Not Formally Rated [Member] | |||
Grade: | |||
Loans | $ 16,243 | $ 16,576 |
Note 7 - Loan Information (De66
Note 7 - Loan Information (Details) - Age Analysis of Past Due Loans - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Real estate: | |||
Total past due | $ 2,788 | $ 2,510 | $ 3,432 |
Total current | 298,660 | 282,337 | 275,020 |
Total loans | 301,448 | 284,847 | $ 278,452 |
Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Real estate: | |||
Total past due | 193 | 599 | |
Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Real estate: | |||
Total past due | 253 | 19 | |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Real estate: | |||
Total past due | 2,342 | 1,892 | |
Residential Portfolio Segment [Member] | |||
Real estate: | |||
Total past due | 737 | 663 | |
Total current | 137,401 | 131,890 | |
Total loans | 138,138 | 132,553 | |
Residential Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Real estate: | |||
Total past due | 147 | ||
Residential Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Real estate: | |||
Total past due | 173 | ||
Residential Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Real estate: | |||
Total past due | 564 | 516 | |
Commercial Real Estate Portfolio Segment [Member] | |||
Real estate: | |||
Total past due | 1,186 | 860 | |
Total current | 45,004 | 46,122 | |
Total loans | 46,190 | 46,982 | |
Commercial Real Estate Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Real estate: | |||
Total past due | 1,186 | 860 | |
Construction and Land Development Real Estate Portfolio Segment [Member] | |||
Real estate: | |||
Total current | 18,406 | 13,234 | |
Total loans | 18,406 | 13,234 | |
Home Equity Portfolio Segment [Member] | |||
Real estate: | |||
Total past due | 378 | 405 | |
Total current | 46,076 | 45,998 | |
Total loans | 46,454 | 46,403 | |
Home Equity Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Real estate: | |||
Total past due | 107 | 328 | |
Home Equity Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Real estate: | |||
Total past due | 80 | ||
Home Equity Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Real estate: | |||
Total past due | 191 | 77 | |
Municipal Real Estate Portfolio Segment [Member] | |||
Real estate: | |||
Total current | 9,472 | 8,602 | |
Total loans | 9,472 | 8,602 | |
Commercial Portfolio Segment [Member] | |||
Real estate: | |||
Total past due | 401 | 439 | |
Total current | 24,354 | 18,599 | |
Total loans | 24,755 | 19,038 | |
Commercial Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Real estate: | |||
Total past due | 401 | 439 | |
Municipal Non Real Estate Portfolio Segment [Member] | |||
Real estate: | |||
Total current | 1,790 | 1,459 | |
Total loans | 1,790 | 1,459 | |
Consumer Portfolio Segment [Member] | |||
Real estate: | |||
Total past due | 86 | 143 | |
Total current | 16,157 | 16,433 | |
Total loans | 16,243 | 16,576 | |
Consumer Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Real estate: | |||
Total past due | $ 86 | 124 | |
Consumer Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Real estate: | |||
Total past due | $ 19 |
Note 7 - Loan Information (De67
Note 7 - Loan Information (Details) - Nonaccrual Loans - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Real estate: | |||
Loans | $ 2,953 | $ 2,528 | $ 2,849 |
Residential Portfolio Segment [Member] | |||
Real estate: | |||
Loans | 1,100 | 1,064 | |
Commercial Real Estate Portfolio Segment [Member] | |||
Real estate: | |||
Loans | 1,186 | 860 | |
Home Equity Portfolio Segment [Member] | |||
Real estate: | |||
Loans | 266 | 165 | |
Commercial Portfolio Segment [Member] | |||
Real estate: | |||
Loans | $ 401 | $ 439 |
Note 7 - Loan Information (De68
Note 7 - Loan Information (Details) - Impaired Loans - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2015 | Dec. 31, 2014 | |
Real Estate: | ||
Recorded investment, with no allowance | $ 2,184 | $ 1,033 |
Unpaid principal balance, with no allowance | 2,184 | 1,033 |
Average recorded investment, with no allowance | 2,185 | 1,205 |
Interest income recognized, with no allowance | 36 | 61 |
With an allowance recorded: | ||
Recorded investment, with an allowance | 401 | 439 |
Unpaid principal balance, with an allowance | 401 | 439 |
Related allowance | 9 | 6 |
Average recorded investment, with an allowance | 417 | 372 |
Real Estate: | ||
Recorded investment | 2,585 | 1,472 |
Unpaid principal balance | 2,585 | 1,472 |
Related allowance | 9 | 6 |
Average recorded investment | 2,602 | 1,577 |
Interest income recognized | 36 | 61 |
Residential Portfolio Segment [Member] | ||
Real Estate: | ||
Recorded investment, with no allowance | 170 | |
Unpaid principal balance, with no allowance | 170 | |
Average recorded investment, with no allowance | 27 | 172 |
Interest income recognized, with no allowance | 5 | |
Real Estate: | ||
Recorded investment | 170 | |
Unpaid principal balance | 170 | |
Average recorded investment | 27 | 172 |
Interest income recognized | 5 | |
Commercial Real Estate Portfolio Segment [Member] | ||
Real Estate: | ||
Recorded investment, with no allowance | 2,184 | 860 |
Unpaid principal balance, with no allowance | 2,184 | 860 |
Average recorded investment, with no allowance | 2,158 | 896 |
Interest income recognized, with no allowance | 36 | |
Real Estate: | ||
Recorded investment | 2,184 | 860 |
Unpaid principal balance | 2,184 | 860 |
Average recorded investment | 2,158 | 896 |
Interest income recognized | 36 | |
Home Equity Portfolio Segment [Member] | ||
Real Estate: | ||
Average recorded investment, with no allowance | 133 | |
Interest income recognized, with no allowance | 56 | |
Real Estate: | ||
Average recorded investment | 133 | |
Interest income recognized | 56 | |
Construction and Land Development Real Estate Portfolio Segment [Member] | ||
Real Estate: | ||
Recorded investment, with no allowance | 3 | |
Unpaid principal balance, with no allowance | 3 | |
Average recorded investment, with no allowance | 4 | |
Real Estate: | ||
Recorded investment | 3 | |
Unpaid principal balance | 3 | |
Average recorded investment | 4 | |
Commercial Portfolio Segment [Member] | ||
With an allowance recorded: | ||
Recorded investment, with an allowance | 401 | 439 |
Unpaid principal balance, with an allowance | 401 | 439 |
Related allowance | 9 | 6 |
Average recorded investment, with an allowance | 417 | 372 |
Real Estate: | ||
Recorded investment | 401 | 439 |
Unpaid principal balance | 401 | 439 |
Related allowance | 9 | 6 |
Average recorded investment | $ 417 | $ 372 |
Note 8 - Securities Sold Unde69
Note 8 - Securities Sold Under Agreements to Repurchase (Details) | 6 Months Ended |
Jun. 30, 2015 | |
Disclosure Text Block [Abstract] | |
Repurchase Agreements, Maturity | 3 months |
Note 9 - Other Comprehensive 70
Note 9 - Other Comprehensive (Loss) Income (Details) - Reclassification of Other Comprehensive Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | |||||
Reclassification of Other Comprehensive Income (Loss) [Abstract] | ||||||||||
Net change in unrealized holding gains (losses) on available-for-sale securities | $ (857) | $ 1,080 | $ (289) | $ 2,234 | $ 2,684 | $ (4,108) | ||||
Reclassification adjustment for realized gains in net income (1) | (26) | [1] | (103) | [1] | (69) | [1] | (103) | [1] | (142) | (109) |
Other comprehensive (loss) income before income tax effect | (883) | 977 | (358) | 2,131 | 2,542 | (4,217) | ||||
Income tax benefit (expense) | 299 | (332) | 122 | (725) | 865 | (1,434) | ||||
Other comprehensive (loss) income, net of tax | $ (584) | $ 645 | $ (236) | $ 1,406 | $ 1,677 | $ (2,783) | ||||
[1] | Reclassification adjustments are comprised of realized security gains and losses. The gains and losses have been reclassified out of accumulated other comprehensive (loss) income and have affected certain lines in the consolidated statements of income as follows: the pre-tax amount is included in gain on sales of available-for-sale securities, net, the tax expense amount is included in income tax provision (benefit) and the after tax amount is included in net income. |
Note 2 - Accounting Policies (D
Note 2 - Accounting Policies (Details) - USD ($) | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | |
Note 2 - Accounting Policies (Details) [Line Items] | ||||
Restricted Cash and Cash Equivalents | $ 6,585,000 | $ 7,453,000 | ||
Federal Home Loan Bank Stock, Par Value Per Share | $ 100 | |||
Federal Home Loan Bank Stock, Membership Stock Investment Requirement, Percentage | 0.35% | |||
Share-based Compensation | $ 62,000 | $ 80,000 | $ 145,000 | $ 156,000 |
Residential Portfolio Segment [Member] | ||||
Note 2 - Accounting Policies (Details) [Line Items] | ||||
Loan Payments, Delinquency Period | 90 days | |||
Consumer Portfolio Segment [Member] | ||||
Note 2 - Accounting Policies (Details) [Line Items] | ||||
Loan Payments, Delinquency Period | 90 days | |||
Commercial Real Estate Portfolio Segment [Member] | ||||
Note 2 - Accounting Policies (Details) [Line Items] | ||||
Loan Payments, Delinquency Period | 90 days | |||
Derivative [Member] | ||||
Note 2 - Accounting Policies (Details) [Line Items] | ||||
Federal Home Loan Bank Stock, Activity Based Stock Investment Requirement, Percentage | 4.50% | |||
Standby Letters of Credit [Member] | ||||
Note 2 - Accounting Policies (Details) [Line Items] | ||||
Federal Home Loan Bank Stock, Activity Based Stock Investment Requirement, Percentage | 0.50% | |||
Overnight Federal Funds Rate Base [Member] | ||||
Note 2 - Accounting Policies (Details) [Line Items] | ||||
Federal Home Loan Bank Stock, Activity Based Stock Investment Requirement, Percentage | 3.00% | |||
Federal Home Loan Bank Borrowings Rate [Member] | ||||
Note 2 - Accounting Policies (Details) [Line Items] | ||||
Federal Home Loan Bank Stock, Activity Based Stock Investment Requirement, Percentage | 4.00% | |||
Other Federal Home Loan Bank Advances Rate [Member] | ||||
Note 2 - Accounting Policies (Details) [Line Items] | ||||
Federal Home Loan Bank Stock, Activity Based Stock Investment Requirement, Percentage | 4.50% | |||
Minimum [Member] | ||||
Note 2 - Accounting Policies (Details) [Line Items] | ||||
Federal Home Loan Bank Stock, Investment Base | $ 10,000 | |||
Minimum [Member] | Furniture and Fixtures [Member] | ||||
Note 2 - Accounting Policies (Details) [Line Items] | ||||
Property, Plant and Equipment, Useful Life | 3 years | |||
Maximum [Member] | ||||
Note 2 - Accounting Policies (Details) [Line Items] | ||||
Federal Home Loan Bank Stock, Investment Base | $ 25,000,000 | |||
Maximum [Member] | Furniture and Fixtures [Member] | ||||
Note 2 - Accounting Policies (Details) [Line Items] | ||||
Property, Plant and Equipment, Useful Life | 20 years | |||
Property, Plant and Equipment, Estimated Useful Lives | 20 years |
Note 3 - Investments in Availab
Note 3 - Investments in Available-for-sale Securities (Details) - Amortized Cost and Fair Value - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-sale securities, amortized cost | $ 83,771 | $ 89,957 | |
Available-for-sale securities, gross unrealized gains | $ 590 | 854 | 567 |
Available-for-sale securities, gross unrealized losses | 914 | 820 | 3,075 |
Available-for-sale securities, fair value | 75,346 | 83,805 | 87,449 |
US Government Agencies Debt Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-sale securities, amortized cost | 18,202 | 18,767 | |
Available-for-sale securities, gross unrealized gains | 18 | 1 | |
Available-for-sale securities, gross unrealized losses | 31 | 139 | 520 |
Available-for-sale securities, fair value | 18,064 | 18,247 | |
US States and Political Subdivisions Debt Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-sale securities, amortized cost | 15,972 | 13,780 | |
Available-for-sale securities, gross unrealized gains | 435 | 679 | 391 |
Available-for-sale securities, gross unrealized losses | 140 | 52 | 198 |
Available-for-sale securities, fair value | 16,599 | 13,973 | |
Collateralized Mortgage Backed Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-sale securities, amortized cost | 49,157 | 56,799 | |
Available-for-sale securities, gross unrealized gains | 107 | 140 | 126 |
Available-for-sale securities, gross unrealized losses | 743 | 629 | 2,357 |
Available-for-sale securities, fair value | 48,668 | 54,568 | |
Other Debt Obligations [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-sale securities, amortized cost | 440 | 611 | |
Available-for-sale securities, gross unrealized gains | $ 30 | 34 | 50 |
Available-for-sale securities, fair value | 474 | 661 | |
Money Market Mutual Funds [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-sale securities, amortized cost | 1 | 346 | |
Available-for-sale securities, fair value | 1 | 346 | |
Available-for-sale Equity Securities, Excluding Money Market Funds [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-sale securities, amortized cost | 83,772 | 90,303 | |
Available-for-sale securities, gross unrealized gains | 854 | 567 | |
Available-for-sale securities, gross unrealized losses | 820 | 3,075 | |
Available-for-sale securities, fair value | 83,806 | 87,795 | |
Money Market Mutual Funds in Cash and Equivalents [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-sale securities, amortized cost | (1) | (346) | |
Available-for-sale securities, fair value | $ (1) | $ (346) |
Note 3 - Investments in Avail73
Note 3 - Investments in Available-for-sale Securities (Details) - Maturities of Securities - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Note 3 - Investments in Available-for-sale Securities (Details) - Maturities of Securities [Line Items] | |||
Due after one year through five years | $ 16,568 | ||
Due after five years through ten years | 7,067 | ||
Due after ten years | 11,028 | ||
$ 75,346 | 83,805 | $ 87,449 | |
Collateralized Mortgage Obligations [Member] | |||
Note 3 - Investments in Available-for-sale Securities (Details) - Maturities of Securities [Line Items] | |||
Without single maturity date | 48,668 | ||
Other Debt Obligations [Member] | |||
Note 3 - Investments in Available-for-sale Securities (Details) - Maturities of Securities [Line Items] | |||
Due after five years through ten years | $ 412 | ||
Without single maturity date | 474 | ||
$ 474 | $ 661 |
Note 3 - Investments in Avail74
Note 3 - Investments in Available-for-sale Securities (Details) - Securities in a Continuous Unrealized Loss Position - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Temporarily Impaired Securities [Member] | |||
Note 3 - Investments in Available-for-sale Securities (Details) - Securities in a Continuous Unrealized Loss Position [Line Items] | |||
Available-for-sale securities in a continuous unrealized loss position, less than 12 months, fair value | $ 6,434 | ||
Available-for-sale securities in a continuous unrealized loss position, less than 12 months, unrealized losses | 30 | ||
Available-for-sale securities in a continuous unrealized loss position, 12 months or longer, fair value | 51,399 | ||
Available-for-sale securities in a continuous unrealized loss position, 12 months or longer, unrealized losses | 760 | ||
Available-for-sale securities in a continuous unrealized loss position, fair value | 57,833 | ||
Available-for-sale securities in a continuous unrealized loss position, unrealized losses | 790 | ||
Temporarily Impaired Securities [Member] | |||
Note 3 - Investments in Available-for-sale Securities (Details) - Securities in a Continuous Unrealized Loss Position [Line Items] | |||
Available-for-sale securities in a continuous unrealized loss position, less than 12 months, fair value | $ 17,245 | 6,434 | $ 63,772 |
Available-for-sale securities in a continuous unrealized loss position, less than 12 months, unrealized losses | 221 | 30 | 2,676 |
Available-for-sale securities in a continuous unrealized loss position, 12 months or longer, fair value | 31,493 | 51,399 | 6,240 |
Available-for-sale securities in a continuous unrealized loss position, 12 months or longer, unrealized losses | 667 | 760 | 359 |
Available-for-sale securities in a continuous unrealized loss position, fair value | 48,738 | 57,833 | 70,012 |
Available-for-sale securities in a continuous unrealized loss position, unrealized losses | 888 | 790 | 3,035 |
Temporarily Impaired Securities [Member] | US Government Agencies Debt Securities [Member] | |||
Note 3 - Investments in Available-for-sale Securities (Details) - Securities in a Continuous Unrealized Loss Position [Line Items] | |||
Available-for-sale securities in a continuous unrealized loss position, less than 12 months, fair value | 3,200 | 4,486 | 18,247 |
Available-for-sale securities in a continuous unrealized loss position, less than 12 months, unrealized losses | 5 | 12 | 520 |
Available-for-sale securities in a continuous unrealized loss position, 12 months or longer, fair value | 4,472 | 13,077 | |
Available-for-sale securities in a continuous unrealized loss position, 12 months or longer, unrealized losses | 26 | 127 | |
Available-for-sale securities in a continuous unrealized loss position, fair value | 7,672 | 17,563 | 18,247 |
Available-for-sale securities in a continuous unrealized loss position, unrealized losses | 31 | 139 | 520 |
Temporarily Impaired Securities [Member] | US States and Political Subdivisions Debt Securities [Member] | |||
Note 3 - Investments in Available-for-sale Securities (Details) - Securities in a Continuous Unrealized Loss Position [Line Items] | |||
Available-for-sale securities in a continuous unrealized loss position, less than 12 months, fair value | 3,795 | 526 | 3,340 |
Available-for-sale securities in a continuous unrealized loss position, less than 12 months, unrealized losses | 80 | 12 | 198 |
Available-for-sale securities in a continuous unrealized loss position, 12 months or longer, fair value | 1,440 | 1,772 | |
Available-for-sale securities in a continuous unrealized loss position, 12 months or longer, unrealized losses | 60 | 40 | |
Available-for-sale securities in a continuous unrealized loss position, fair value | 5,235 | 2,298 | 3,340 |
Available-for-sale securities in a continuous unrealized loss position, unrealized losses | 140 | 52 | 198 |
Temporarily Impaired Securities [Member] | Collateralized Mortgage Backed Securities [Member] | |||
Note 3 - Investments in Available-for-sale Securities (Details) - Securities in a Continuous Unrealized Loss Position [Line Items] | |||
Available-for-sale securities in a continuous unrealized loss position, less than 12 months, fair value | 10,250 | 1,422 | 42,185 |
Available-for-sale securities in a continuous unrealized loss position, less than 12 months, unrealized losses | 136 | 6 | 1,958 |
Available-for-sale securities in a continuous unrealized loss position, 12 months or longer, fair value | 25,581 | 36,550 | 6,240 |
Available-for-sale securities in a continuous unrealized loss position, 12 months or longer, unrealized losses | 581 | 593 | 359 |
Available-for-sale securities in a continuous unrealized loss position, fair value | 35,831 | 37,972 | 48,425 |
Available-for-sale securities in a continuous unrealized loss position, unrealized losses | 717 | 599 | 2,317 |
Other Than Temporarily Impaired Securities [Member] | |||
Note 3 - Investments in Available-for-sale Securities (Details) - Securities in a Continuous Unrealized Loss Position [Line Items] | |||
Available-for-sale securities in a continuous unrealized loss position, less than 12 months, fair value | 17,262 | 6,434 | 63,772 |
Available-for-sale securities in a continuous unrealized loss position, less than 12 months, unrealized losses | 221 | 30 | 2,676 |
Available-for-sale securities in a continuous unrealized loss position, 12 months or longer, fair value | 31,745 | 51,673 | 6,571 |
Available-for-sale securities in a continuous unrealized loss position, 12 months or longer, unrealized losses | 693 | 790 | 399 |
Available-for-sale securities in a continuous unrealized loss position, fair value | 49,007 | 58,107 | 70,343 |
Available-for-sale securities in a continuous unrealized loss position, unrealized losses | 914 | 820 | 3,075 |
Other Than Temporarily Impaired Securities [Member] | Collateralized Mortgage Backed Securities [Member] | |||
Note 3 - Investments in Available-for-sale Securities (Details) - Securities in a Continuous Unrealized Loss Position [Line Items] | |||
Available-for-sale securities in a continuous unrealized loss position, less than 12 months, fair value | 17 | ||
Available-for-sale securities in a continuous unrealized loss position, 12 months or longer, fair value | 252 | 274 | 331 |
Available-for-sale securities in a continuous unrealized loss position, 12 months or longer, unrealized losses | 26 | 30 | 40 |
Available-for-sale securities in a continuous unrealized loss position, fair value | 269 | 274 | 331 |
Available-for-sale securities in a continuous unrealized loss position, unrealized losses | $ 26 | $ 30 | $ 40 |
Note 3 - Investments in Avail75
Note 3 - Investments in Available-for-sale Securities (Details) - Other-than-temporary Impairment Losses on Debt Securities - USD ($) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | ||
Note 3 - Investments in Available-for-sale Securities (Details) - Other-than-temporary Impairment Losses on Debt Securities [Line Items] | |||
Total other-than-temporary impairment losses | $ 38,000 | $ 57,000 | |
Less: unrealized other-than-temporary losses recognized in other comprehensive income/loss (1) | (30,000) | (40,000) | |
Net impairment losses recognized in earnings (2) | 8,000 | 17,000 | |
Collateralized Mortgage Obligations [Member] | |||
Note 3 - Investments in Available-for-sale Securities (Details) - Other-than-temporary Impairment Losses on Debt Securities [Line Items] | |||
Total other-than-temporary impairment losses | 38,000 | 57,000 | |
Less: unrealized other-than-temporary losses recognized in other comprehensive income/loss (1) | [1] | (30,000) | (40,000) |
Net impairment losses recognized in earnings (2) | [2] | $ 8,000 | $ 17,000 |
[1] | Represents the noncredit component of the other-than-temporary impairment on the securities. | ||
[2] | Represents the credit component of the other-than-temporary impairment on securities. |
Note 3 - Investments in Avail76
Note 3 - Investments in Available-for-sale Securities (Details) - Credit Component Recognized in Earnings on Debt Securities - USD ($) | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ||||
Additions for the credit component on debt securities in which other-than-temporary impairment was previously recognized | $ 8,000 | $ 17,000 | ||
Collateralized Mortgage Obligations [Member] | ||||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ||||
Balance | 37,000 | 29,000 | $ 12,000 | |
Additions for the credit component on debt securities in which other-than-temporary impairment was previously recognized | [1] | $ 8,000 | $ 17,000 | |
[1] | Represents the credit component of the other-than-temporary impairment on securities. |
Note 4 - Loans (Details) - Loan
Note 4 - Loans (Details) - Loans - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Real estate: | |||
Loans | $ 301,448 | $ 284,847 | $ 278,452 |
Allowance for loan losses | (2,834) | (2,761) | (2,792) |
Deferred loan origination costs, net | 1,348 | 1,295 | 1,215 |
Net loans | $ 299,962 | 283,381 | 276,875 |
Municipal [Member] | |||
Real estate: | |||
Loans | 1,459 | 2,144 | |
Commercial and Industrial [Member] | |||
Real estate: | |||
Loans | 19,038 | 18,432 | |
Consumer Portfolio Segment [Member] | |||
Real estate: | |||
Loans | 16,576 | 10,664 | |
Mortgage Loans on Real Estate [Member] (Deprecated 2015-01-31) | Residential Portfolio Segment [Member] | |||
Real estate: | |||
Loans | 132,553 | 137,539 | |
Mortgage Loans on Real Estate [Member] (Deprecated 2015-01-31) | Commercial Real Estate Other Receivable [Member] (Deprecated 2015-01-31) | |||
Real estate: | |||
Loans | 46,982 | 48,814 | |
Mortgage Loans on Real Estate [Member] (Deprecated 2015-01-31) | Municipal [Member] | |||
Real estate: | |||
Loans | 8,602 | 6,344 | |
Mortgage Loans on Real Estate [Member] (Deprecated 2015-01-31) | Commercial Real Estate Construction Financing Receivable [Member] (Deprecated 2015-01-31) | |||
Real estate: | |||
Loans | 13,234 | 7,773 | |
Mortgage Loans on Real Estate [Member] (Deprecated 2015-01-31) | Consumer Portfolio Segment [Member] | |||
Real estate: | |||
Loans | 7,773 | ||
Mortgage Loans on Real Estate [Member] (Deprecated 2015-01-31) | Home Equity Line of Credit [Member] | |||
Real estate: | |||
Loans | $ 46,403 | $ 46,742 |
Note 4 - Loans (Details) - Allo
Note 4 - Loans (Details) - Allowance For Loan Losses - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2015 | Dec. 31, 2014 | |
Allowance for loan losses: | ||||||
Beginning balance | $ 2,761 | $ 2,792 | $ 2,792 | $ 2,594 | ||
Ending balance | 2,834 | 2,737 | 2,761 | 2,792 | ||
Ending balance: | ||||||
Individually evaluated for impairment | $ 9 | $ 6 | ||||
Ending balance: | ||||||
Loans: Collectively evaluated for impairment | 277,127 | 298,863 | 283,375 | |||
Total allowance for loan losses ending balance | 2,761 | 2,792 | 2,761 | 2,792 | 2,834 | 2,761 |
Ending balance: | ||||||
Loans: Individually evaluated for impairment | 1,325 | 2,585 | 1,472 | |||
Ending balance: | ||||||
Allowance for loan losses: Collectively evaluated for impairment | 2,792 | 2,825 | 2,755 | |||
Total loans ending balance | 278,452 | $ 301,448 | 284,847 | |||
Allowance for loan losses: | ||||||
Charge-offs | (15) | (98) | (101) | (154) | ||
Recoveries | 8 | 13 | 15 | 7 | ||
Provision (benefit) | 80 | 30 | 55 | 345 | ||
Commercial and Industrial [Member] | ||||||
Allowance for loan losses: | ||||||
Beginning balance | 227 | 239 | 239 | 219 | ||
Ending balance | 227 | 239 | ||||
Ending balance: | ||||||
Individually evaluated for impairment | 6 | |||||
Ending balance: | ||||||
Loans: Collectively evaluated for impairment | 20,576 | 221 | ||||
Total allowance for loan losses ending balance | 227 | 239 | 239 | 239 | 227 | |
Ending balance: | ||||||
Loans: Individually evaluated for impairment | 439 | |||||
Ending balance: | ||||||
Allowance for loan losses: Collectively evaluated for impairment | 239 | 20,058 | ||||
Total loans ending balance | 20,576 | 20,497 | ||||
Allowance for loan losses: | ||||||
Charge-offs | (2) | |||||
Recoveries | 3 | 4 | ||||
Provision (benefit) | (15) | 18 | ||||
Consumer Portfolio Segment [Member] | ||||||
Allowance for loan losses: | ||||||
Beginning balance | 134 | 102 | 102 | 99 | ||
Ending balance | 134 | 102 | ||||
Ending balance: | ||||||
Loans: Collectively evaluated for impairment | 10,664 | 134 | ||||
Total allowance for loan losses ending balance | 134 | 102 | 102 | 102 | 134 | |
Ending balance: | ||||||
Allowance for loan losses: Collectively evaluated for impairment | 102 | 16,576 | ||||
Total loans ending balance | 10,664 | 16,576 | ||||
Allowance for loan losses: | ||||||
Charge-offs | (8) | (58) | ||||
Recoveries | 4 | 3 | ||||
Provision (benefit) | 36 | 58 | ||||
Unallocated Financing Receivables [Member] | ||||||
Allowance for loan losses: | ||||||
Beginning balance | 4 | 135 | ||||
Ending balance | 4 | |||||
Ending balance: | ||||||
Loans: Collectively evaluated for impairment | 4 | |||||
Total allowance for loan losses ending balance | 4 | 4 | 135 | 4 | ||
Allowance for loan losses: | ||||||
Provision (benefit) | 4 | (135) | ||||
Mortgage Loans on Real Estate [Member] (Deprecated 2015-01-31) | Residential Portfolio Segment [Member] | ||||||
Allowance for loan losses: | ||||||
Beginning balance | 1,085 | 1,189 | 1,189 | 1,051 | ||
Ending balance | 1,085 | 1,189 | ||||
Ending balance: | ||||||
Loans: Collectively evaluated for impairment | 137,364 | 1,085 | ||||
Total allowance for loan losses ending balance | 1,085 | 1,189 | 1,189 | 1,189 | 1,085 | |
Ending balance: | ||||||
Loans: Individually evaluated for impairment | 175 | 170 | ||||
Ending balance: | ||||||
Allowance for loan losses: Collectively evaluated for impairment | 1,189 | 132,383 | ||||
Total loans ending balance | 137,539 | 132,553 | ||||
Allowance for loan losses: | ||||||
Charge-offs | (93) | (40) | ||||
Recoveries | 8 | |||||
Provision (benefit) | (19) | 178 | ||||
Mortgage Loans on Real Estate [Member] (Deprecated 2015-01-31) | Commercial Real Estate Other Receivable [Member] (Deprecated 2015-01-31) | ||||||
Allowance for loan losses: | ||||||
Beginning balance | 738 | 748 | 748 | 586 | ||
Ending balance | 738 | 748 | ||||
Ending balance: | ||||||
Loans: Collectively evaluated for impairment | 54,234 | 738 | ||||
Total allowance for loan losses ending balance | 738 | 748 | 748 | 748 | 738 | |
Ending balance: | ||||||
Loans: Individually evaluated for impairment | 924 | 860 | ||||
Ending balance: | ||||||
Allowance for loan losses: Collectively evaluated for impairment | 748 | 54,724 | ||||
Total loans ending balance | 55,158 | 55,584 | ||||
Allowance for loan losses: | ||||||
Charge-offs | (54) | |||||
Provision (benefit) | (10) | 216 | ||||
Mortgage Loans on Real Estate [Member] (Deprecated 2015-01-31) | Commercial Real Estate Construction Financing Receivable [Member] (Deprecated 2015-01-31) | ||||||
Allowance for loan losses: | ||||||
Beginning balance | 249 | 211 | 211 | 142 | ||
Ending balance | 249 | 211 | ||||
Ending balance: | ||||||
Loans: Collectively evaluated for impairment | 7,551 | 249 | ||||
Total allowance for loan losses ending balance | 249 | 211 | 211 | 211 | 249 | |
Ending balance: | ||||||
Loans: Individually evaluated for impairment | 222 | |||||
Ending balance: | ||||||
Allowance for loan losses: Collectively evaluated for impairment | 211 | 13,234 | ||||
Total loans ending balance | 7,773 | 13,234 | ||||
Allowance for loan losses: | ||||||
Provision (benefit) | 38 | 69 | ||||
Mortgage Loans on Real Estate [Member] (Deprecated 2015-01-31) | Home Equity Line of Credit [Member] | ||||||
Allowance for loan losses: | ||||||
Beginning balance | 324 | 303 | 303 | 362 | ||
Ending balance | 324 | 303 | ||||
Ending balance: | ||||||
Loans: Collectively evaluated for impairment | 46,738 | 324 | ||||
Total allowance for loan losses ending balance | $ 324 | $ 303 | 303 | 303 | 324 | |
Ending balance: | ||||||
Loans: Individually evaluated for impairment | 4 | 3 | ||||
Ending balance: | ||||||
Allowance for loan losses: Collectively evaluated for impairment | 303 | 46,400 | ||||
Total loans ending balance | 46,742 | $ 46,403 | ||||
Allowance for loan losses: | ||||||
Provision (benefit) | $ 21 | $ (59) |
Note 4 - Loans (Details) - Lo79
Note 4 - Loans (Details) - Loans by Risk Rating - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Grade: | |||
Loans | $ 301,448 | $ 284,847 | $ 278,452 |
Pass [Member] | |||
Grade: | |||
Loans | 80,117 | 74,987 | |
Special Mention [Member] | |||
Grade: | |||
Loans | 6,213 | 4,999 | |
Substandard [Member] | |||
Grade: | |||
Loans | 3,625 | 5,238 | |
Not Formally Rated [Member] | |||
Grade: | |||
Loans | 194,892 | 193,228 | |
Commercial and Industrial and Non Real Estate Municipal [Member] | |||
Grade: | |||
Loans | 20,497 | 20,576 | |
Commercial and Industrial and Non Real Estate Municipal [Member] | Pass [Member] | |||
Grade: | |||
Loans | 18,380 | 18,425 | |
Commercial and Industrial and Non Real Estate Municipal [Member] | Special Mention [Member] | |||
Grade: | |||
Loans | 642 | 1,175 | |
Commercial and Industrial and Non Real Estate Municipal [Member] | Substandard [Member] | |||
Grade: | |||
Loans | 1,475 | 976 | |
Consumer Portfolio Segment [Member] | |||
Grade: | |||
Loans | 16,576 | 10,664 | |
Consumer Portfolio Segment [Member] | Not Formally Rated [Member] | |||
Grade: | |||
Loans | 16,576 | 10,664 | |
Mortgage Loans on Real Estate [Member] (Deprecated 2015-01-31) | Residential Portfolio Segment [Member] | |||
Grade: | |||
Loans | 132,553 | 137,539 | |
Mortgage Loans on Real Estate [Member] (Deprecated 2015-01-31) | Residential Portfolio Segment [Member] | Substandard [Member] | |||
Grade: | |||
Loans | 474 | 1,601 | |
Mortgage Loans on Real Estate [Member] (Deprecated 2015-01-31) | Residential Portfolio Segment [Member] | Not Formally Rated [Member] | |||
Grade: | |||
Loans | 132,079 | 135,938 | |
Mortgage Loans on Real Estate [Member] (Deprecated 2015-01-31) | Commercial and Municipal Loan [Member] | |||
Grade: | |||
Loans | 55,584 | 55,158 | |
Mortgage Loans on Real Estate [Member] (Deprecated 2015-01-31) | Commercial and Municipal Loan [Member] | Pass [Member] | |||
Grade: | |||
Loans | 50,208 | 50,520 | |
Mortgage Loans on Real Estate [Member] (Deprecated 2015-01-31) | Commercial and Municipal Loan [Member] | Special Mention [Member] | |||
Grade: | |||
Loans | 3,866 | 2,661 | |
Mortgage Loans on Real Estate [Member] (Deprecated 2015-01-31) | Commercial and Municipal Loan [Member] | Substandard [Member] | |||
Grade: | |||
Loans | 1,510 | 1,977 | |
Mortgage Loans on Real Estate [Member] (Deprecated 2015-01-31) | Commercial Real Estate Construction Financing Receivable [Member] (Deprecated 2015-01-31) | |||
Grade: | |||
Loans | 13,234 | 7,773 | |
Mortgage Loans on Real Estate [Member] (Deprecated 2015-01-31) | Commercial Real Estate Construction Financing Receivable [Member] (Deprecated 2015-01-31) | Pass [Member] | |||
Grade: | |||
Loans | 11,529 | 6,042 | |
Mortgage Loans on Real Estate [Member] (Deprecated 2015-01-31) | Commercial Real Estate Construction Financing Receivable [Member] (Deprecated 2015-01-31) | Special Mention [Member] | |||
Grade: | |||
Loans | 1,705 | 1,163 | |
Mortgage Loans on Real Estate [Member] (Deprecated 2015-01-31) | Commercial Real Estate Construction Financing Receivable [Member] (Deprecated 2015-01-31) | Substandard [Member] | |||
Grade: | |||
Loans | 568 | ||
Mortgage Loans on Real Estate [Member] (Deprecated 2015-01-31) | Consumer Portfolio Segment [Member] | |||
Grade: | |||
Loans | 7,773 | ||
Mortgage Loans on Real Estate [Member] (Deprecated 2015-01-31) | Home Equity Line of Credit [Member] | |||
Grade: | |||
Loans | 46,403 | 46,742 | |
Mortgage Loans on Real Estate [Member] (Deprecated 2015-01-31) | Home Equity Line of Credit [Member] | Substandard [Member] | |||
Grade: | |||
Loans | 166 | 116 | |
Mortgage Loans on Real Estate [Member] (Deprecated 2015-01-31) | Home Equity Line of Credit [Member] | Not Formally Rated [Member] | |||
Grade: | |||
Loans | $ 46,237 | $ 46,626 |
Note 4 - Loans (Details) - Age
Note 4 - Loans (Details) - Age Analysis of Past Due Loans - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans, 30-59 days past due | $ 599 | $ 128 | |
Loans, 60-89 days past due | 19 | 814 | |
Loans, 90 days or more past due | 1,892 | 2,490 | |
Loans, past due | $ 2,788 | 2,510 | 3,432 |
Loans, current | 298,660 | 282,337 | 275,020 |
Loans | 301,448 | 284,847 | 278,452 |
Loans, 90 days or more past due and accruing | 3 | ||
Nonaccrual loans | $ 2,953 | 2,528 | 2,849 |
Municipal [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans, current | 1,459 | 2,144 | |
Loans | 1,459 | 2,144 | |
Commercial and Industrial [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans, 90 days or more past due | 439 | ||
Loans, past due | 439 | ||
Loans, current | 18,599 | 18,432 | |
Loans | 19,038 | 18,432 | |
Nonaccrual loans | 439 | ||
Consumer Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans, 30-59 days past due | 124 | 128 | |
Loans, 60-89 days past due | 19 | ||
Loans, 90 days or more past due | 26 | ||
Loans, past due | 143 | 154 | |
Loans, current | 16,433 | 10,510 | |
Loans | 16,576 | 10,664 | |
Loans, 90 days or more past due and accruing | 3 | ||
Nonaccrual loans | 23 | ||
Mortgage Loans on Real Estate [Member] (Deprecated 2015-01-31) | Residential Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans, 30-59 days past due | 147 | ||
Loans, 60-89 days past due | 720 | ||
Loans, 90 days or more past due | 516 | 1,253 | |
Loans, past due | 663 | 1,973 | |
Loans, current | 131,890 | 135,566 | |
Loans | 132,553 | 137,539 | |
Nonaccrual loans | 1,064 | 1,597 | |
Mortgage Loans on Real Estate [Member] (Deprecated 2015-01-31) | Commercial Real Estate Other Receivable [Member] (Deprecated 2015-01-31) | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans, 90 days or more past due | 860 | 924 | |
Loans, past due | 860 | 924 | |
Loans, current | 46,122 | 47,890 | |
Loans | 46,982 | 48,814 | |
Nonaccrual loans | 860 | 924 | |
Mortgage Loans on Real Estate [Member] (Deprecated 2015-01-31) | Municipal [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans, current | 8,602 | 6,344 | |
Loans | 8,602 | 6,344 | |
Mortgage Loans on Real Estate [Member] (Deprecated 2015-01-31) | Commercial Real Estate Construction Financing Receivable [Member] (Deprecated 2015-01-31) | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans, current | 13,234 | ||
Loans | 13,234 | 7,773 | |
Mortgage Loans on Real Estate [Member] (Deprecated 2015-01-31) | Consumer Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans, 90 days or more past due | 204 | ||
Loans, past due | 204 | ||
Loans, current | 7,569 | ||
Loans | 7,773 | ||
Nonaccrual loans | 222 | ||
Mortgage Loans on Real Estate [Member] (Deprecated 2015-01-31) | Home Equity Line of Credit [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans, 30-59 days past due | 328 | ||
Loans, 60-89 days past due | 94 | ||
Loans, 90 days or more past due | 77 | 83 | |
Loans, past due | 405 | 177 | |
Loans, current | 45,998 | 46,565 | |
Loans | 46,403 | 46,742 | |
Nonaccrual loans | $ 165 | $ 83 |
Note 4 - Loans (Details) - Impa
Note 4 - Loans (Details) - Impaired Loans - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Total | |||
Recorded investment | $ 2,585 | $ 1,472 | |
Unpaid principal balance | 2,585 | 1,472 | |
Related Allowance | 9 | 6 | |
Average recorded investment | 2,602 | 1,577 | |
Interest income recognized | 36 | 61 | |
Total | |||
Loans, recorded investment-with no allowance | 2,184 | 1,033 | |
Loans, unpaid principal balance-with no allowance | 2,184 | 1,033 | |
Loans, average recorded investment-with no allowance | 2,185 | 1,205 | |
Loans, interest income recognized-with no allowance | 36 | 61 | |
Loans with related allowance recorded, recorded investment | 401 | 439 | |
Loans with related allowance recorded, unpaid principal balance | 401 | 439 | |
Loans with related allowance recorded, average recorded investment | 417 | 372 | |
Related Allowance | $ 9 | 6 | |
Commercial Real Estate Other Receivable [Member] (Deprecated 2015-01-31) | |||
Total | |||
Recorded investment | 439 | ||
Unpaid principal balance | 439 | ||
Related Allowance | 6 | ||
Average recorded investment | 372 | ||
Total | |||
Related Allowance | 6 | ||
Mortgage Loans on Real Estate [Member] (Deprecated 2015-01-31) | |||
Total | |||
Recorded investment | $ 1,325 | ||
Unpaid principal balance | 1,325 | ||
Related Allowance | 6 | ||
Average recorded investment | 1,324 | ||
Interest income recognized | 9 | ||
Total | |||
Loans, recorded investment-with no allowance | 1,033 | 1,325 | |
Loans, unpaid principal balance-with no allowance | 1,033 | 1,325 | |
Loans, average recorded investment-with no allowance | 1,205 | 1,324 | |
Loans, interest income recognized-with no allowance | 61 | 9 | |
Loans with related allowance recorded, recorded investment | 439 | ||
Loans with related allowance recorded, unpaid principal balance | 439 | ||
Loans with related allowance recorded, average recorded investment | 372 | ||
Related Allowance | 6 | ||
Mortgage Loans on Real Estate [Member] (Deprecated 2015-01-31) | Residential Portfolio Segment [Member] | |||
Total | |||
Recorded investment | 170 | 175 | |
Unpaid principal balance | 170 | 175 | |
Average recorded investment | 172 | 178 | |
Interest income recognized | 5 | 6 | |
Total | |||
Loans, recorded investment-with no allowance | 170 | 175 | |
Loans, unpaid principal balance-with no allowance | 170 | 175 | |
Loans, average recorded investment-with no allowance | 172 | 178 | |
Loans, interest income recognized-with no allowance | 5 | 6 | |
Mortgage Loans on Real Estate [Member] (Deprecated 2015-01-31) | Commercial Real Estate Other Receivable [Member] (Deprecated 2015-01-31) | |||
Total | |||
Recorded investment | 860 | 924 | |
Unpaid principal balance | 860 | 924 | |
Average recorded investment | 896 | 929 | |
Interest income recognized | 3 | ||
Total | |||
Loans, recorded investment-with no allowance | 860 | 924 | |
Loans, unpaid principal balance-with no allowance | 860 | 924 | |
Loans, average recorded investment-with no allowance | 896 | 929 | |
Loans, interest income recognized-with no allowance | 3 | ||
Mortgage Loans on Real Estate [Member] (Deprecated 2015-01-31) | Commercial Real Estate Construction Financing Receivable [Member] (Deprecated 2015-01-31) | |||
Total | |||
Recorded investment | 222 | ||
Unpaid principal balance | 222 | ||
Average recorded investment | 133 | 212 | |
Interest income recognized | 56 | ||
Total | |||
Loans, recorded investment-with no allowance | 222 | ||
Loans, unpaid principal balance-with no allowance | 222 | ||
Loans, average recorded investment-with no allowance | 133 | 212 | |
Loans, interest income recognized-with no allowance | 56 | ||
Mortgage Loans on Real Estate [Member] (Deprecated 2015-01-31) | Commercial and Industrial [Member] | |||
Total | |||
Related Allowance | 6 | ||
Total | |||
Loans with related allowance recorded, recorded investment | 439 | ||
Loans with related allowance recorded, unpaid principal balance | 439 | ||
Loans with related allowance recorded, average recorded investment | 372 | ||
Related Allowance | 6 | ||
Mortgage Loans on Real Estate [Member] (Deprecated 2015-01-31) | Home Equity Line of Credit [Member] | |||
Total | |||
Recorded investment | 3 | 4 | |
Unpaid principal balance | 3 | 4 | |
Average recorded investment | 4 | 5 | |
Total | |||
Loans, recorded investment-with no allowance | 3 | 4 | |
Loans, unpaid principal balance-with no allowance | 3 | 4 | |
Loans, average recorded investment-with no allowance | $ 4 | $ 5 |
Note 4 - Loans (Details) - Trou
Note 4 - Loans (Details) - Troubled Debt Restructured Loans $ in Thousands | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2015 | Dec. 31, 2014USD ($) | Dec. 31, 2013 | |
Troubled Debt Restructurings: | |||
Number of contracts | 6 | 1 | 1 |
Pre Modification of recorded investment | $ 439 | ||
Post Modification Outstanding recorded investment | $ 439 | ||
Mortgage Loans on Real Estate [Member] (Deprecated 2015-01-31) | Commercial and Industrial [Member] | |||
Troubled Debt Restructurings: | |||
Number of contracts | 1 | ||
Pre Modification of recorded investment | $ 439 | ||
Post Modification Outstanding recorded investment | $ 439 |
Note 4 - Loans (Details) - Mort
Note 4 - Loans (Details) - Mortgage Servicing Rights - Mortgage Servicing Rights [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Valuation Allowance for Impairment of Recognized Servicing Assets [Line Items] | ||
Balance, beginning of year | $ 42 | $ 9 |
Additions | 5 | 86 |
Reductions | (38) | (53) |
Balance, end of year | $ 9 | $ 42 |
Note 5 - Premises and Equipme84
Note 5 - Premises and Equipment (Details) - Premises and Equipment - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Property, Plant and Equipment [Line Items] | |||
Premises and equipment | $ 4,494 | $ 4,338 | |
Accumulated depreciation and amortization | (3,034) | (2,720) | |
$ 1,394 | 1,460 | 1,618 | |
Leasehold Improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Premises and equipment | 1,389 | 1,370 | |
Furniture and Fixtures [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Premises and equipment | $ 3,105 | $ 2,968 |
Note 6 - Deposits (Details)
Note 6 - Deposits (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2014 | Jun. 30, 2015 | Dec. 31, 2013 | |
Note 6 - Deposits (Details) [Line Items] | |||
Time Deposits, $100,000 or More | $ 26,650,000 | $ 29,703,000 | |
FDIC, Limit | 250,000 | ||
FDIC, Unisured Amount | 11,160,000 | ||
Deposits | 356,065,000 | $ 333,893,000 | $ 358,504,000 |
Customer Concentration Risk [Member] | |||
Note 6 - Deposits (Details) [Line Items] | |||
Deposits | $ 22,497,000 | ||
Customer Concentration Risk [Member] | Deposits [Member] | |||
Note 6 - Deposits (Details) [Line Items] | |||
Concentration Risk, Percentage | 6.32% |
Note 6 - Deposits (Details) - S
Note 6 - Deposits (Details) - Scheduled Maturities - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Scheduled Maturities [Abstract] | |||
2,015 | $ 41,354 | ||
2,016 | 9,623 | ||
2,017 | 5,003 | ||
2,018 | 3,063 | ||
2,019 | 2,603 | ||
Total | $ 58,663 | $ 61,646 | $ 68,989 |
Note 8 - Federal Home Loan Ba87
Note 8 - Federal Home Loan Bank Advances (Details) - USD ($) | Jun. 30, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Disclosure Text Block [Abstract] | |||
Advances from Federal Home Loan Banks | $ 51,500,000 | $ 17,500,000 | $ 30,000,000 |
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Weighted Average Interest Rate | 0.23% | ||
Federal Home Loan Bank, Advances, General Debt Obligations, Maximum Amount Available | $ 1,525,000 | 1,525,000 | |
Federal Home Loan Bank Advances | $ 0 | $ 0 |
Note 9 - Income Taxes (Details)
Note 9 - Income Taxes (Details) | Dec. 31, 2014USD ($) |
Income Tax Disclosure [Abstract] | |
Deferred Tax Assets, Operating Loss Carryforwards | $ 0 |
Note 9 - Income Taxes (Detail89
Note 9 - Income Taxes (Details) - Income Tax Expense - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | |
Current: | ||||||
Federal | $ 181 | $ (72) | ||||
State | 2 | 1 | ||||
183 | (71) | |||||
Deferred: | ||||||
Federal | (187) | 205 | ||||
State | 0 | 0 | ||||
$ 18 | $ (120) | (187) | 205 | |||
Total income tax (benefit) expense | $ 54 | $ (50) | $ 110 | $ (119) | $ (4) | $ 134 |
Note 9 - Income Taxes (Detail90
Note 9 - Income Taxes (Details) - Income Tax Reconciliation | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Reconciliation [Abstract] | ||
Federal income tax at statutory rate | 34.00% | 34.00% |
Increase (decrease) in tax resulting from: | ||
Tax-exempt income | (38.00%) | (23.20%) |
Other | 3.50% | (0.20%) |
Effective tax rates | (0.50%) | 10.60% |
Note 9 - Income Taxes (Detail91
Note 9 - Income Taxes (Details) - Deferred Tax Assets Liabilities - USD ($) $ in Thousands | Dec. 31, 2014 | Dec. 31, 2013 |
Deferred tax assets: | ||
Allowance for loan losses | $ 816 | $ 800 |
Deferred compensation | 243 | 220 |
Impairment of operating lease | 9 | 24 |
Write-down of securities | 10 | 10 |
Write-down of OREO | 17 | |
Restricted stock awards | 7 | 16 |
Charitable contribution carryover | 120 | 93 |
Other | 123 | 80 |
Alternative minimum tax carryforward | 634 | 413 |
Net unrealized holding loss on available-for-sale securities | 853 | |
Gross deferred tax assets | 1,979 | 2,509 |
Deferred tax liabilities: | ||
Depreciation | (307) | (250) |
Deferred loan costs/fees | (437) | (413) |
Mortgage servicing rights | (536) | (481) |
Net unrealized holding gain on available-for-sale securities | (12) | |
Gross deferred tax liabilities | (1,292) | (1,144) |
Net deferred tax asset | $ 687 | $ 1,365 |
Note 10 - Commitments and Con92
Note 10 - Commitments and Contingent Liabilities (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | ||
Operating Leases, Rent Expense, Net | $ 935,000 | $ 708,000 |
Note 10 - Commitments and Con93
Note 10 - Commitments and Contingent Liabilities (Details) - Operating Leases Minimum Rent Due $ in Thousands | Dec. 31, 2014USD ($) |
Operating Leases Minimum Rent Due [Abstract] | |
2,015 | $ 912 |
2,016 | 685 |
2,017 | 642 |
2,018 | 634 |
2,019 | 577 |
Thereafter | 393 |
Total | $ 3,843 |
Note 11 - Fair Value Measuremen
Note 11 - Fair Value Measurements (Details) - Assets Measured at Fair Value on a Recurring Basis - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Note 11 - Fair Value Measurements (Details) - Assets Measured at Fair Value on a Recurring Basis [Line Items] | |||
Available-for-sale securities | $ 75,346 | $ 83,805 | $ 87,449 |
Fair Value, Measurements, Recurring [Member] | |||
Note 11 - Fair Value Measurements (Details) - Assets Measured at Fair Value on a Recurring Basis [Line Items] | |||
Available-for-sale securities | 75,346 | 83,805 | |
US Government Agencies Debt Securities [Member] | |||
Note 11 - Fair Value Measurements (Details) - Assets Measured at Fair Value on a Recurring Basis [Line Items] | |||
Available-for-sale securities | 18,064 | 18,247 | |
US Government Agencies Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | |||
Note 11 - Fair Value Measurements (Details) - Assets Measured at Fair Value on a Recurring Basis [Line Items] | |||
Available-for-sale securities | 15,190 | 18,064 | |
US States and Political Subdivisions Debt Securities [Member] | |||
Note 11 - Fair Value Measurements (Details) - Assets Measured at Fair Value on a Recurring Basis [Line Items] | |||
Available-for-sale securities | 16,599 | 13,973 | |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | |||
Note 11 - Fair Value Measurements (Details) - Assets Measured at Fair Value on a Recurring Basis [Line Items] | |||
Available-for-sale securities | 15,228 | 16,599 | |
Collateralized Mortgage Backed Securities [Member] | |||
Note 11 - Fair Value Measurements (Details) - Assets Measured at Fair Value on a Recurring Basis [Line Items] | |||
Available-for-sale securities | 48,668 | 54,568 | |
Collateralized Mortgage Backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | |||
Note 11 - Fair Value Measurements (Details) - Assets Measured at Fair Value on a Recurring Basis [Line Items] | |||
Available-for-sale securities | 44,516 | 48,668 | |
Other Debt Obligations [Member] | |||
Note 11 - Fair Value Measurements (Details) - Assets Measured at Fair Value on a Recurring Basis [Line Items] | |||
Available-for-sale securities | 474 | 661 | |
Other Debt Obligations [Member] | Fair Value, Measurements, Recurring [Member] | |||
Note 11 - Fair Value Measurements (Details) - Assets Measured at Fair Value on a Recurring Basis [Line Items] | |||
Available-for-sale securities | 412 | 474 | |
Fair Value, Inputs, Level 2 [Member] | |||
Note 11 - Fair Value Measurements (Details) - Assets Measured at Fair Value on a Recurring Basis [Line Items] | |||
Available-for-sale securities | 75,346 | 83,805 | 87,449 |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | |||
Note 11 - Fair Value Measurements (Details) - Assets Measured at Fair Value on a Recurring Basis [Line Items] | |||
Available-for-sale securities | 75,346 | 83,805 | 87,449 |
Fair Value, Inputs, Level 2 [Member] | US Government Agencies Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | |||
Note 11 - Fair Value Measurements (Details) - Assets Measured at Fair Value on a Recurring Basis [Line Items] | |||
Available-for-sale securities | 15,190 | 18,064 | 18,247 |
Fair Value, Inputs, Level 2 [Member] | US States and Political Subdivisions Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | |||
Note 11 - Fair Value Measurements (Details) - Assets Measured at Fair Value on a Recurring Basis [Line Items] | |||
Available-for-sale securities | 15,228 | 16,599 | 13,973 |
Fair Value, Inputs, Level 2 [Member] | Collateralized Mortgage Backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | |||
Note 11 - Fair Value Measurements (Details) - Assets Measured at Fair Value on a Recurring Basis [Line Items] | |||
Available-for-sale securities | 44,516 | 48,668 | 54,568 |
Fair Value, Inputs, Level 2 [Member] | Other Debt Obligations [Member] | Fair Value, Measurements, Recurring [Member] | |||
Note 11 - Fair Value Measurements (Details) - Assets Measured at Fair Value on a Recurring Basis [Line Items] | |||
Available-for-sale securities | $ 412 | $ 474 | $ 661 |
Note 11 - Fair Value Measurem95
Note 11 - Fair Value Measurements (Details) - Assets Measured at Fair Value on a Nonrecurring Basis - Fair Value, Measurements, Nonrecurring [Member] - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Note 11 - Fair Value Measurements (Details) - Assets Measured at Fair Value on a Nonrecurring Basis [Line Items] | ||
Other real estate owned | $ 392 | $ 538 |
Impaired Loans [Member] | ||
Note 11 - Fair Value Measurements (Details) - Assets Measured at Fair Value on a Nonrecurring Basis [Line Items] | ||
Other real estate owned | 392 | 433 |
Other Real Estate Owned [Member] | ||
Note 11 - Fair Value Measurements (Details) - Assets Measured at Fair Value on a Nonrecurring Basis [Line Items] | ||
Other real estate owned | 105 | |
Fair Value, Inputs, Level 3 [Member] | ||
Note 11 - Fair Value Measurements (Details) - Assets Measured at Fair Value on a Nonrecurring Basis [Line Items] | ||
Other real estate owned | 392 | 538 |
Fair Value, Inputs, Level 3 [Member] | Impaired Loans [Member] | ||
Note 11 - Fair Value Measurements (Details) - Assets Measured at Fair Value on a Nonrecurring Basis [Line Items] | ||
Other real estate owned | $ 392 | 433 |
Fair Value, Inputs, Level 3 [Member] | Other Real Estate Owned [Member] | ||
Note 11 - Fair Value Measurements (Details) - Assets Measured at Fair Value on a Nonrecurring Basis [Line Items] | ||
Other real estate owned | $ 105 |
Note 11 - Fair Value Measurem96
Note 11 - Fair Value Measurements (Details) - Financial Instruments - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Financial assets: | |||
Cash and cash equivalents | $ 20,844 | $ 19,820 | $ 38,590 |
Available-for-sale securities | 75,346 | 83,805 | 87,449 |
Federal Home Loan Bank stock | 3,074 | 1,801 | 2,196 |
Loans held-for-sale | 5,698 | 5,499 | 2,909 |
Loans, net | 301,789 | 285,439 | 277,539 |
Accrued interest receivable | 1,095 | 1,074 | |
Financial liabilities: | |||
Deposits | 326,061 | 356,353 | 358,961 |
Securities sold under agreements to repurchase | 2,917 | 3,921 | 4,390 |
Federal Home Loan Bank advances | 51,500 | 17,500 | 30,000 |
Reported Value Measurement [Member] | |||
Financial assets: | |||
Cash and cash equivalents | 19,820 | 38,590 | |
Available-for-sale securities | 83,805 | 87,449 | |
Federal Home Loan Bank stock | 1,801 | 2,196 | |
Loans held-for-sale | 5,374 | 2,861 | |
Loans, net | 283,381 | 276,875 | |
Accrued interest receivable | 1,095 | 1,074 | |
Financial liabilities: | |||
Deposits | 356,065 | 358,504 | |
Securities sold under agreements to repurchase | 3,921 | 4,390 | |
Federal Home Loan Bank advances | 17,500 | 30,000 | |
Fair Value, Inputs, Level 1 [Member] | |||
Financial assets: | |||
Cash and cash equivalents | 20,844 | 19,820 | 38,590 |
Federal Home Loan Bank stock | 3,074 | 1,801 | 2,196 |
Accrued interest receivable | 1,095 | 1,074 | |
Fair Value, Inputs, Level 2 [Member] | |||
Financial assets: | |||
Available-for-sale securities | 75,346 | 83,805 | 87,449 |
Financial liabilities: | |||
Deposits | 326,061 | 356,353 | 358,961 |
Securities sold under agreements to repurchase | 2,917 | 3,921 | 4,390 |
Federal Home Loan Bank advances | 51,500 | 17,500 | 30,000 |
Fair Value, Inputs, Level 3 [Member] | |||
Financial assets: | |||
Loans held-for-sale | 5,698 | 5,499 | 2,909 |
Loans, net | $ 301,789 | $ 285,439 | $ 277,539 |
Note 12 - Financial Instrumen97
Note 12 - Financial Instruments (Details) - USD ($) | Dec. 31, 2014 | Dec. 31, 2013 |
Disclosure Text Block Supplement [Abstract] | ||
Credit Derivative, Maximum Exposure, Undiscounted | $ 1,888,000 | $ 857,000 |
Note 12 - Financial Instrumen98
Note 12 - Financial Instruments (Details) - Financial Instrument Liabilities with Off-balance-sheet Credit Risk - Derivative Financial Instruments, Liabilities [Member] - USD ($) $ in Thousands | Dec. 31, 2014 | Dec. 31, 2013 |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Notional amounts of financial instrument liabilities with off-balance-sheet credit risk | $ 89,075 | $ 71,818 |
Commercial Real Estate Construction Financing Receivable [Member] (Deprecated 2015-01-31) | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Notional amounts of financial instrument liabilities with off-balance-sheet credit risk | 6,960 | 5,456 |
Commercial Portfolio Segment [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Notional amounts of financial instrument liabilities with off-balance-sheet credit risk | 17,394 | 14,265 |
Consumer Portfolio Segment [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Notional amounts of financial instrument liabilities with off-balance-sheet credit risk | 677 | 677 |
Loan Origination Commitments [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Notional amounts of financial instrument liabilities with off-balance-sheet credit risk | 17,151 | 10,488 |
Home Equity Line of Credit [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Notional amounts of financial instrument liabilities with off-balance-sheet credit risk | 45,005 | 40,075 |
Standby Letters of Credit [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Notional amounts of financial instrument liabilities with off-balance-sheet credit risk | $ 1,888 | $ 857 |
Note 13 - Related Party Trans99
Note 13 - Related Party Transactions (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Related Party Transactions [Abstract] | ||
Loans and Leases Receivable, Related Parties | $ 4,348,000 | |
Loans and Leases Receivable, Related Parties, Collections | 375,000 | |
Loans and Leases Receivable, Related Parties, Additions | 86,000 | |
Related Party Deposit Liabilities | 6,625,000 | $ 6,076,000 |
Related Party Transaction, Amounts of Transaction | 90,000 | 63,000 |
Related Party Transaction, Expenses from Transactions with Related Party | $ 65,000 | $ 43,000 |
Note 15 - Other Comprehensive I
Note 15 - Other Comprehensive Income (Loss) (Details) - Reclassification of Other Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | |||||
Reclassification of Other Comprehensive Income [Abstract] | ||||||||||
Net unrealized holding gain (loss) on available-for-sale securities | $ (857) | $ 1,080 | $ (289) | $ 2,234 | $ 2,684 | $ (4,108) | ||||
Reclassification adjustment for realized gains in net income (1) | (26) | [1] | (103) | [1] | (69) | [1] | (103) | [1] | (142) | (109) |
Other comprehensive income (loss) before income tax effect | (883) | 977 | (358) | 2,131 | 2,542 | (4,217) | ||||
Income tax (expense) benefit | (299) | 332 | (122) | 725 | (865) | 1,434 | ||||
Other comprehensive income (loss), net of tax | $ (584) | $ 645 | $ (236) | $ 1,406 | $ 1,677 | $ (2,783) | ||||
[1] | Reclassification adjustments are comprised of realized security gains and losses. The gains and losses have been reclassified out of accumulated other comprehensive (loss) income and have affected certain lines in the consolidated statements of income as follows: the pre-tax amount is included in gain on sales of available-for-sale securities, net, the tax expense amount is included in income tax provision (benefit) and the after tax amount is included in net income. |
Note 16 - Regulatory Matters (D
Note 16 - Regulatory Matters (Details) - USD ($) | Dec. 31, 2014 | Apr. 28, 2014 | Apr. 08, 2014 | Apr. 07, 2014 |
Disclosure Text Block [Abstract] | ||||
Statutory Accounting Practices, Statutory Amount Available for Dividend Payments without Regulatory Approval (in Dollars) | $ 2,730,000 | |||
Tier One Risk Based Common Equity Capital to Risk Weighted Assets | 4.50% | |||
Tier One Risk Based Minimum Ratio Capital to Risk Weighted Assets | 6.00% | 4.00% | ||
Minimum Capital to Risk Weighted Assets | 8.00% | |||
Tier One Leverage Minimum Capital To Risk Weighted Assets | 4.00% | |||
Tier One Risk Based Common Equity Capital to Risk Weighted Assets Buffer for Year Two | 0.625% | |||
Tier One Risk Based Common Equity Capital to Risk Weighted Assets Buffer for Each Year | 0.625% | |||
Tier One Risk Based Common Equity Capital to Risk Weighted AssetsBuffer For Year Five | 2.50% |
Note 16 - Regulatory Matters102
Note 16 - Regulatory Matters (Details) - Capital Amounts and Ratios - USD ($) $ in Thousands | Dec. 31, 2014 | Dec. 31, 2013 |
Capital Amounts and Ratios [Abstract] | ||
Total Capital (to Risk Weighted Assets) actual amount | $ 31,675 | $ 31,433 |
Total Capital (to Risk Weighted Assets) actual ratio | 12.80% | 13.08% |
Total Capital (to Risk Weighted Assets) amount for capital adequacy purposes | $ 19,791 | $ 19,227 |
Total Capital (to Risk Weighted Assets) ratio for capital adequacy purposes | 8.00% | 8.00% |
Total Capital (to Risk Weighted Assets) amount to be well capitalized under prompt corrective action provisions | $ 24,739 | $ 24,033 |
Total Capital (to Risk Weighted Assets) amount to be well capitalized under prompt corrective action provisions | 10.00% | 10.00% |
Tier 1 Capital (to Risk Weighted Assets) actual amount | $ 28,914 | $ 28,641 |
Tier 1 Capital (to Risk Weighted Assets) actual ratio | 11.69% | 11.92% |
Tier 1 Capital (to Risk Weighted Assets) amount for capital adequacy purposes | $ 9,895 | $ 9,613 |
Tier 1 Capital (to Risk Weighted Assets) ratio for capital adequacy purposes | 4.00% | 4.00% |
Tier 1 Capital (to Risk Weighted Assets) amount to be well capitalized under prompt corrective action provisions | $ 14,843 | $ 14,420 |
Total Capital (to Risk Weighted Assets) amount to be well capitalized under prompt corrective action provisions | 6.00% | 6.00% |
Tier 1 Capital (to Average Assets) actual amount | $ 28,914 | $ 28,641 |
Tier 1 Capital (to Average Assets) actual ratio | 7.17% | 7.09% |
Tier 1 Capital (to Average Assets) amount for capital adequacy purposes | $ 16,137 | $ 16,150 |
Tier 1 Capital (to Average Assets) ratio for capital adequacy purposes | 4.00% | 4.00% |
Tier 1 Capital (to Average Assets) amount to be well capitalized under prompt corrective action provisions | $ 20,171 | $ 20,188 |
Total Capital (to Risk Weighted Assets) amount to be well capitalized under prompt corrective action provisions | 5.00% | 5.00% |
Note 17 - Employee Benefits (De
Note 17 - Employee Benefits (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Compensation and Retirement Disclosure [Abstract] | ||
Defined Contribution Plan, Employee Eligibility Age | 21 years | |
Defined Contribution Plan, Vesting Period | 90 days | |
Defined Contribution Plan, Cost Recognized | $ 74,000 | $ 125,000 |
Pension and Other Postretirement Defined Benefit Plans, Liabilities | 715,000 | 648,000 |
Defined Benefit Plan, Net Periodic Benefit Cost | 101,000 | 142,000 |
Defined Benefit Plan, Benefits Paid | $ 34,000 | $ 27,000 |
Note 18 - Stock-based Compen104
Note 18 - Stock-based Compensation Plans (Details) - Restricted Stock Activity - $ / shares | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Note 18 - Stock-based Compensation Plans (Details) - Restricted Stock Activity [Line Items] | ||
Shares vested | 0 | 0 |
Restricted Stock [Member] | ||
Note 18 - Stock-based Compensation Plans (Details) - Restricted Stock Activity [Line Items] | ||
Non-vested restricted stock awards at beginning of year | 19,524 | 18,042 |
Non-vested restricted stock awards at beginning of year | $ 22.95 | $ 22.29 |
Restricted shares granted | 1,934 | 10,000 |
Restricted shares granted | $ 21.50 | $ 23.40 |
Shares vested | (7,756) | (6,536) |
Shares vested | $ 23.08 | $ 21.88 |
Shares forfeited | (3,910) | (1,982) |
Shares forfeited | $ 23.09 | $ 22.62 |
Non-vested restricted stock awards at end of year | 9,792 | 19,524 |
Non-vested restricted stock awards at end of year | $ 23 | $ 22.95 |
Note 18 - Stock-based Compen105
Note 18 - Stock-based Compensation Plans (Details) - Stock Option Activity - $ / shares | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Stock Option Activity [Abstract] | ||
Outstanding at beginning of year | 31,500 | 31,500 |
Outstanding at beginning of year | $ 30.67 | $ 30.67 |
Forfeited | (10,500) | 0 |
Forfeited | $ 29 | $ 0 |
Outstanding at end of year | 21,000 | 31,500 |
Outstanding at end of year | $ 31.50 | $ 30.67 |
Options exercisable at year-end | 21,000 | 31,500 |
Options exercisable at year-end | $ 31.50 | $ 30.67 |
Note 18 - Stock-based Compen106
Note 18 - Stock-based Compensation Plans (Details) - Fixed Stock Options Outstanding - Dec. 31, 2014 - $ / shares | Total |
Fixed Stock Options Outstanding [Abstract] | |
$ 31.50 | |
21,000 | |
354 days | |
21,000 | |
$ 31.50 |
Note 19 - Earnings Per Share (D
Note 19 - Earnings Per Share (Details) - Information Used in Computation of EPS on Both Basic and Diluted Basis - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | |
Basic earnings per share computation: | ||||||
Net income | $ 350 | $ 115 | $ 693 | $ 193 | $ 805 | $ 1,135 |
Preferred stock net accretion | $ (3) | $ (3) | $ (6) | $ (6) | $ (12) | $ (12) |
Weighted average shares outstanding, before dilution (in Shares) | 888,587 | 881,861 | 888,290 | 880,973 | 880,618 | 872,411 |
Cumulative preferred stock dividends | $ (31) | $ (23) | $ (54) | $ (45) | $ (90) | $ (94) |
Dilutive potential shares (in Shares) | 1,024 | 2,814 | 800 | 4,700 | 4,415 | 4,576 |
Net income available to common shareholders | $ 316 | $ 89 | $ 633 | $ 142 | $ 703 | $ 1,029 |
Weighted average shares outstanding, assuming dilution (in Shares) | 889,611 | 884,675 | 889,090 | 885,673 | 885,033 | 876,987 |
Weighted average shares outstanding, basic (in Shares) | 888,587 | 881,861 | 888,290 | 880,973 | 880,618 | 872,411 |
Diluted earnings per share (in Dollars per share) | $ 0.36 | $ 0.10 | $ 0.71 | $ 0.16 | $ 0.79 | $ 1.17 |
Basic earnings per share (in Dollars per share) | $ 0.36 | $ 0.10 | $ 0.71 | $ 0.16 | $ 0.80 | $ 1.18 |
Diluted earnings per share computation: | ||||||
Net income | $ 350 | $ 115 | $ 693 | $ 193 | $ 805 | $ 1,135 |
Note 20 - Preferred Stock (Deta
Note 20 - Preferred Stock (Details) - USD ($) | Aug. 11, 2011 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2013 |
Note 20 - Preferred Stock (Details) [Line Items] | |||||
Stock Issued During Period, Value, New Issues (in Dollars) | $ 20,000 | $ 19,000 | $ 39,000 | $ 39,000 | |
Preferred Stock, Redemption Price, Percentage | 100.00% | ||||
Preferred Stock, Dividend Rate Reduction, Percentage | 10.00% | ||||
SBLF Preferred Stock [Member] | |||||
Note 20 - Preferred Stock (Details) [Line Items] | |||||
Stock Issued During Period, Shares, New Issues (in Shares) | 9,000 | ||||
Preferred Stock, Liquidation Preference Per Share (in Dollars per share) | $ 1,000 | ||||
Stock Issued During Period, Value, New Issues (in Dollars) | $ 9,000,000 | ||||
First Quarter Dividend Rate [Member] | SBLF Preferred Stock [Member] | |||||
Note 20 - Preferred Stock (Details) [Line Items] | |||||
Preferred Stock, Dividend Rate, Percentage | 1.00% | ||||
Thereafter Dividend Rate [Member] | SBLF Preferred Stock [Member] | |||||
Note 20 - Preferred Stock (Details) [Line Items] | |||||
Preferred Stock, Dividend Rate, Percentage | 9.00% | ||||
Lending Incentive Fee, Percentage | 0.50% | ||||
Minimum [Member] | Second Through Ninth Quarter Dividend Rate [Member] | SBLF Preferred Stock [Member] | |||||
Note 20 - Preferred Stock (Details) [Line Items] | |||||
Preferred Stock, Dividend Rate, Percentage | 1.00% | ||||
Minimum [Member] | Tenth Quarter Through Four and One Half Years Dividend Rate [Member] | SBLF Preferred Stock [Member] | |||||
Note 20 - Preferred Stock (Details) [Line Items] | |||||
Preferred Stock, Dividend Rate, Percentage | 1.00% | ||||
Maximum [Member] | Second Through Ninth Quarter Dividend Rate [Member] | SBLF Preferred Stock [Member] | |||||
Note 20 - Preferred Stock (Details) [Line Items] | |||||
Preferred Stock, Dividend Rate, Percentage | 5.00% | ||||
Maximum [Member] | Tenth Quarter Through Four and One Half Years Dividend Rate [Member] | SBLF Preferred Stock [Member] | |||||
Note 20 - Preferred Stock (Details) [Line Items] | |||||
Preferred Stock, Dividend Rate, Percentage | 7.00% |
Note 23 - Subsequent Events (De
Note 23 - Subsequent Events (Details) - $ / shares | Feb. 20, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Note 23 - Subsequent Events (Details) [Line Items] | |||
Common Stock, Dividends, Per Share, Declared | $ 0.56 | $ 0.56 | |
Subsequent Event [Member] | |||
Note 23 - Subsequent Events (Details) [Line Items] | |||
Common Stock, Dividends, Per Share, Declared | $ 0.14 |