Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2015 | 11-May-15 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | FALSE | |
Document Period End Date | 31-Mar-15 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | FPBK | |
Entity Registrant Name | FIRST PRIORITY FINANCIAL CORP. | |
Entity Central Index Key | 1389772 | |
Current Fiscal Year End Date | -19 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 6,441,669 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Assets | ||
Cash and due from banks | $4,595 | $5,038 |
Interest-bearing deposits in banks | 16,360 | 2,828 |
Total cash and cash equivalents | 20,955 | 7,866 |
Securities available for sale, at fair value (amortized cost: $44,909 and $75,643, respectively) | 45,217 | 75,557 |
Securities held to maturity, at amortized cost (fair value: $16,601 and $16,544, respectively) | 15,777 | 15,956 |
Loans receivable | 372,469 | 375,222 |
Less: allowance for loan losses | 2,377 | 2,313 |
Net loans | 370,092 | 372,909 |
Restricted investments in bank stocks | 1,873 | 2,984 |
Premises and equipment, net | 2,331 | 2,369 |
Bank owned life insurance | 3,115 | 3,093 |
Accrued interest receivable | 1,465 | 1,511 |
Other real estate owned | 1,361 | 1,257 |
Deferred tax asset, net | 4,207 | 4,541 |
Goodwill | 2,725 | 2,725 |
Intangible assets with finite lives, net | 374 | 397 |
Other assets | 1,775 | 1,146 |
Total Assets | 471,267 | 492,311 |
Deposits: | ||
Non-interest bearing | 49,542 | 49,462 |
Interest-bearing | 331,393 | 328,747 |
Total deposits | 380,935 | 378,209 |
Short-term borrowings | 27,000 | 51,472 |
Long-term debt | 11,000 | 11,000 |
Accrued interest payable | 441 | 356 |
Other liabilities | 1,100 | 1,063 |
Total Liabilities | 420,476 | 442,100 |
Commitments and contingencies (Note 9) | ||
Shareholders’ Equity | ||
Common stock, $1 par value; authorized 10,000,000 shares; issued and outstanding: 2015: 6,446,819; 2014: 6,447,019 | 6,447 | 6,447 |
Surplus | 40,123 | 40,045 |
Accumulated deficit | -5,428 | -5,679 |
Accumulated other comprehensive income (loss) | 245 | -6 |
Total Shareholders’ Equity | 50,791 | 50,211 |
Total Liabilities and Shareholders’ Equity | 471,267 | 492,311 |
Series A Preferred Stock [Member] | ||
Shareholders’ Equity | ||
Preferred stock, value | 4,579 | 4,579 |
Series B Preferred Stock [Member] | ||
Shareholders’ Equity | ||
Preferred stock, value | 229 | 229 |
Series C Preferred Stock [Member] | ||
Shareholders’ Equity | ||
Preferred stock, value | $4,596 | $4,596 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 |
Securities available for sale, amortized cost | $44,909 | $75,643 |
Securities held to maturity, fair value | 16,601 | 16,544 |
Preferred stock, par value | $100 | $100 |
Preferred stock, authorized shares | 10,000,000 | 10,000,000 |
Preferred stock, liquidation value per share | $1,000 | $1,000 |
Common stock, par value | $1 | $1 |
Common stock, shares authorized | 10,000,000 | 10,000,000 |
Common stock, shares issued | 6,446,819 | 6,447,019 |
Common stock, shares outstanding | 6,446,819 | 6,447,019 |
Series A Preferred Stock [Member] | ||
Preferred stock, dividend rate | 9.00% | 9.00% |
Preferred stock, shares issued | 4,579 | 4,579 |
Preferred stock, shares outstanding | 4,579 | 4,579 |
Preferred stock, total liquidation value | 4,579 | 4,579 |
Series B Preferred Stock [Member] | ||
Preferred stock, dividend rate | 9.00% | 9.00% |
Preferred stock, shares issued | 229 | 229 |
Preferred stock, shares outstanding | 229 | 229 |
Preferred stock, total liquidation value | 229 | 229 |
Series C Preferred Stock [Member] | ||
Preferred stock, dividend rate | 9.00% | 9.00% |
Preferred stock, shares issued | 4,596 | 4,596 |
Preferred stock, shares outstanding | 4,596 | 4,596 |
Preferred stock, total liquidation value | $4,596 | $4,596 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Interest Income | ||
Loans receivable, including fees | $4,187 | $4,061 |
Securities—taxable | 348 | 360 |
Securities—exempt from federal taxes | 25 | 27 |
Interest bearing deposits and other | 94 | 26 |
Total Interest Income | 4,654 | 4,474 |
Interest Expense | ||
Deposits | 726 | 676 |
Short-term borrowings | 16 | 12 |
Long-term debt | 24 | 24 |
Total Interest Expense | 766 | 712 |
Net Interest Income | 3,888 | 3,762 |
Provision for Loan Losses | 120 | 105 |
Net Interest Income after Provision for Loan Losses | 3,768 | 3,657 |
Non-Interest Income | ||
Wealth management fee income | 90 | 123 |
Bank owned life insurance income | 21 | 17 |
Other | 95 | 79 |
Total Non-Interest Income | 206 | 219 |
Non-Interest Expenses | ||
Salaries and employee benefits | 1,852 | 1,722 |
Occupancy and equipment | 545 | 565 |
Data processing equipment and operations | 220 | 232 |
Professional fees | 181 | 217 |
Marketing, advertising, and business development | 30 | 30 |
FDIC insurance assessments | 89 | 76 |
Pennsylvania bank shares tax expense | 93 | 78 |
Other real estate owned | 59 | 42 |
Other | 283 | 304 |
Total Non-Interest Expenses | 3,352 | 3,266 |
Income before Income Tax Expense | 622 | 610 |
Federal Income Tax Expense | 205 | 9 |
Net Income | 417 | 601 |
Preferred dividends, including net amortization | 166 | 127 |
Income to Common Shareholders | $251 | $474 |
Income per common share: | ||
Basic | $0.04 | $0.07 |
Diluted | $0.04 | $0.07 |
Weighted average common shares outstanding | ||
Basic | 6,447 | 6,439 |
Diluted | 6,494 | 6,439 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Statement Of Income And Comprehensive Income [Abstract] | ||
Net income | $417 | $601 |
Securities available for sale: | ||
Change in unrealized gain on securities available for sale | 394 | 776 |
Tax effect | -134 | |
Net unrealized gains arising during the period | 260 | 776 |
Net unrealized holding gains (losses) on securities transferred between available for sale and held to maturity: | ||
Reclassification adjustment for net unrealized holding gains (losses) on securities transferred | -137 | |
Amortization of net unrealized holding gains (losses) to income during the period | -13 | -14 |
Tax effect | 4 | |
Net unrealized holding gains (losses) on securities transferred during the period | -9 | -151 |
Total other comprehensive income | 251 | 625 |
Total comprehensive income | $668 | $1,226 |
Consolidated_Statements_of_Sha
Consolidated Statements of Shareholders' Equity (USD $) | Total | Preferred Stock [Member] | Common Stock [Member] | Surplus [Member] | Accumulated Deficit [Member] | Accumulated Other Comprehensive Income (Loss) |
In Thousands | ||||||
Beginning balance at Dec. 31, 2013 | $42,392 | $9,395 | $6,439 | $39,780 | ($12,025) | ($1,197) |
Preferred stock dividends | -120 | -120 | ||||
Net amortization on preferred stock | 7 | 7 | -7 | |||
Net income | 601 | 601 | ||||
Other comprehensive income | 625 | 625 | ||||
Stock based compensation expense | 64 | 64 | ||||
Ending balance at Mar. 31, 2014 | 43,562 | 9,402 | 6,439 | 39,844 | -11,551 | -572 |
Beginning balance at Dec. 31, 2014 | 50,211 | 9,404 | 6,447 | 40,045 | -5,679 | -6 |
Preferred stock dividends | -166 | -166 | ||||
Net income | 417 | 417 | ||||
Other comprehensive income | 251 | 251 | ||||
Stock based compensation expense | 78 | 78 | ||||
Ending balance at Mar. 31, 2015 | $50,791 | $9,404 | $6,447 | $40,123 | ($5,428) | $245 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Cash Flows from Operating Activities | ||
Net income | $417 | $601 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Provision for Loan Losses | 120 | 105 |
Provision for other real estate owned | 27 | |
Depreciation and amortization | 102 | 112 |
Net amortization (accretion) of discount securities | 56 | -44 |
Stock based compensation expense | 78 | 64 |
Net (gain) loss on sale of other real estate | 3 | -18 |
Bank owned life insurance policy income | -21 | -17 |
Originations of loans held for sale | -1,050 | |
Proceeds from sale of loans held for sale | 1,050 | |
Deferred federal income tax expense | 205 | 0 |
Decrease in accrued interest receivable | 45 | 7 |
Increase in other assets | -628 | -87 |
Increase in accrued interest payable | 86 | 49 |
Increase (decrease) in other liabilities | 36 | -193 |
Net Cash Provided by Operating Activities | 526 | 579 |
Cash Flows from Investing Activities | ||
Net repayments (originations) in loans | 2,439 | -5,174 |
Purchases of securities available for sale | -60 | -958 |
Redemption of restricted stock | 1,111 | 371 |
Proceeds from maturities or calls of securities available for sale | 30,906 | 29,231 |
Proceeds from the sale of other real estate owned | 95 | 510 |
Purchases of premises and equipment | -73 | -126 |
Net purchase of bank owned life insurance | -3,000 | |
Net Cash Provided by Investing Activities | 34,418 | 20,854 |
Cash Flows from Financing Activities | ||
Net increase (decrease) in deposits | 2,783 | -10,783 |
Net decrease in short-term borrowings | -24,472 | -11,325 |
Cash dividends paid on preferred stock | -166 | -120 |
Net Cash Used in Financing Activities | -21,855 | -22,228 |
Net Increase (Decrease) in Cash and Cash Equivalents | 13,089 | -795 |
Cash and Cash Equivalents—Beginning | 7,866 | 11,248 |
Cash and Cash Equivalents—Ending | 20,955 | 10,453 |
Supplementary Disclosures of Cash Flows Information | ||
Trade date accounting for investment securities purchases | 6,045 | |
Transfer of available for sale securities to held to maturity securities | 3,840 | |
Transfer of loans receivable to other real estate owned | 230 | 694 |
Cash paid for interest on deposits and borrowings | $738 | $760 |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 3 Months Ended | ||||||||||
Mar. 31, 2015 | |||||||||||
Accounting Policies [Abstract] | |||||||||||
Summary of Significant Accounting Policies | Note 1—Summary of Significant Accounting Policies | ||||||||||
Organization and Nature of Operations | |||||||||||
First Priority Financial Corp. | |||||||||||
First Priority Financial Corp. (“First Priority,” the “Company”) is a bank holding company incorporated under the laws of the Commonwealth of Pennsylvania on February 13, 2007. On May 11, 2007, as a result of a reorganization and merger, First Priority Bank (the “Bank”) became a wholly-owned subsidiary of First Priority. First Priority, primarily through the Bank, serves residents and businesses in the Delaware Valley with branches in Berks, Bucks, Chester and Montgomery counties in Pennsylvania. The Bank, which has 10 retail branch office locations as of March 31, 2015, is a locally managed community bank providing commercial banking products, primarily loans and deposits, headquartered in Malvern, PA. | |||||||||||
First Priority provides banking services through First Priority Bank and does not engage in any activities other than banking and related activities. As of March 31, 2015, First Priority had total assets of $471.3 million and total shareholders’ equity of $50.8 million. | |||||||||||
First Priority Bank | |||||||||||
First Priority Bank is a state-chartered commercial banking institution which was incorporated under the laws of the Commonwealth of Pennsylvania on May 25, 2005. First Priority Bank’s deposits are insured by the FDIC up to the maximum amount permitted for all banks. As of March 31, 2015, First Priority Bank had total assets of $471.0 million, total loans of $372.5 million, total deposits of $381.8 million and total shareholder’s equity of $50.0 million. | |||||||||||
First Priority Bank engages in a full service commercial and consumer banking business with strong private banking and individual wealth management services. First Priority Bank offers a variety of consumer, private banking and commercial loans, mortgage products and commercial real estate financing. The Company’s operations are significantly affected by prevailing economic conditions, competition, and the monetary, fiscal, and regulatory policies of governmental agencies. Lending activities are influenced by a number of factors, including the general credit needs of individuals and small and medium-sized businesses in the Company’s market area, competition, the current regulatory environment, the level of interest rates, and the availability of funds. Deposit flows and costs of funds are influenced by prevailing market rates of interest, competition, account maturities, and the level of personal income and savings in the market area. | |||||||||||
First Priority Bank also offers certain financial planning and investment management services. These investment services are provided by First Priority Financial Services, a Division of First Priority Bank, through an agreement with a third party provider. In addition, various life insurance products are offered through First Priority Bank, and the Bank has also entered into solicitation agreements with several investment advisors to provide portfolio management services to customers of the Bank. | |||||||||||
First Priority Bank currently seeks deposits and commercial and private banking relationships through its ten banking offices. The Bank provides deposit products that include checking, money market and savings accounts, and certificates of deposit as well as other deposit services, including cash management and electronic banking products and online account opening capabilities. The Bank obtains funding in the local community by providing excellent service and competitive rates to its customers and utilizes electronic and print media advertising to attract current and potential deposit customers. The Bank also uses brokered certificates of deposit as a cost effective funding alternative. | |||||||||||
Basis of Presentation | |||||||||||
The accompanying unaudited consolidated financial statements consist of the Company and the Company’s wholly owned consolidated subsidiary, the Bank. All significant intercompany accounts and transactions have been eliminated in consolidation. | |||||||||||
These statements are prepared in accordance with instructions to Form 10-Q, and therefore, do not include information or all footnotes necessary for a complete presentation of financial position, results of operations and cash flows in conformity with accounting principles generally accepted in the United States (“GAAP”). However, all normal recurring adjustments that, in the opinion of management, are necessary for a fair presentation of these financial statements have been included. These financial statements should be read in conjunction with the audited consolidated financial statements and the notes thereto for First Priority Financial Corp. for the year ended December 31, 2014, included in the Company’s Form 10-K filed with the Securities and Exchange Commission on March 27, 2015. The results of interim periods presented are not necessarily indicative of the results that may be expected for the year ending December 31, 2015. | |||||||||||
Subsequent Events | |||||||||||
The Company has evaluated subsequent events for potential recognition and/or disclosure through the date these unaudited consolidated financial statements were issued. | |||||||||||
Estimates | |||||||||||
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change in the near term relate to the determination of the allowance for loan losses, stock-based compensation, impairment of goodwill, impairment of investments, the valuation of deferred tax assets and the valuation of other real estate owned. | |||||||||||
Acquired Loans | |||||||||||
Acquired loans are initially recorded at their acquisition date fair values. The carryover of allowance for loan losses is prohibited as any credit losses in the loans are included in the determination of the fair value of the loans at the acquisition date. Fair values for acquired loans are based on a discounted cash flow methodology that involves assumptions and judgments as to credit risk, prepayment risk, liquidity risk, default rates, loss severity, payment speeds, collateral values and discount rate. | |||||||||||
Acquired loans that have evidence of deterioration in credit quality since origination and for which it is probable, at acquisition, that the Company will be unable to collect all contractually required payments are accounted for as impaired loans under ASC 310-30. The excess of cash flows expected at acquisition over the estimated fair value is referred to as the accretable discount and is recognized into interest income over the remaining life of the loans. The difference between contractually required payments at acquisition and the cash flows expected to be collected at acquisition is referred to as the non-accretable discount. The non-accretable discount represents estimated future credit losses expected to be incurred over the life of the loan. Subsequent decreases to the expected cash flows require the Company to evaluate the need for an allowance for loan losses on these loans. Subsequent improvements in expected cash flows result in the reversal of a corresponding amount of the non-accretable discount which the Company then reclassifies as an accretable discount that is recognized into interest income over the remaining life of the loans using the interest method. | |||||||||||
Acquired loans that met the criteria for non-accrual of interest prior to acquisition may be considered performing upon acquisition, or in the future, regardless of whether the customer is contractually delinquent, if the Company can reasonably estimate the timing and amount of the expected cash flows on such loans and if the Company expects to fully collect the new carrying value of the loans. As such, the Company may no longer consider the loan to be non-accrual or non-performing and may accrue interest on these loans, including the impact of any accretable discount. For acquired loans that are not deemed impaired at acquisition, credit discounts representing the principal losses expected over the life of the loan are a component of the initial fair value and amortized over the life of the asset. Subsequent to the acquisition date, the methods utilized to estimate the required allowance for loan losses for these loans is similar to originated loans, however, the Company records a provision for loan losses only when the required allowance exceeds any remaining pooled discounts for loans evaluated collectively for impairment. | |||||||||||
Allowance for Loan Losses | |||||||||||
The allowance for credit losses consists of the allowance for loan losses and the reserve for unfunded lending commitments. The allowance for loan losses represents management’s estimate of losses inherent in the loan portfolio as of the balance sheet date and is recorded as a reduction to loans. The reserve for unfunded lending commitments, totaling $35 thousand, represents management’s estimate of losses inherent in its unfunded loan commitments and is recorded in other liabilities on the consolidated balance sheet. The allowance for loan losses is increased by the provision for loan losses, and decreased by charge-offs, net of recoveries. Loans deemed to be uncollectible are charged against the allowance for loan losses, and subsequent recoveries, if any, are credited to the allowance. All, or part, of the principal balance of loans receivable are charged off to the allowance as soon as it is determined that the repayment of all, or part, of the principal balance is highly unlikely. Because all identified losses are immediately charged off, no portion of the allowance for loan losses is restricted to any individual loan or groups of loans, and the entire allowance is available to absorb any and all loan losses. | |||||||||||
The allowance for loan losses is maintained at a level considered adequate to provide for losses that can be reasonably anticipated. Management performs a quarterly evaluation of the adequacy of the allowance. The allowance is based on the Company’s past loan loss experience, known and inherent risks in the portfolio, adverse situations that may affect the borrower’s ability to repay, the estimated value of any underlying collateral, composition of the loan portfolio, current economic conditions and other relevant factors. This evaluation is inherently subjective as it requires material estimates that may be susceptible to significant revision as more information becomes available. | |||||||||||
The allowance consists of specific, general and unallocated components. The specific component relates to loans that are classified as impaired. For loans that are classified as impaired, an allowance is established when the discounted cash flows (or collateral value or observable market price) of the impaired loan is lower than the carrying value of that loan. The general component covers pools of loans by loan class including commercial loans not considered impaired, as well as smaller balance homogeneous loans, such as residential real estate, home equity and other consumer loans. These pools of loans are evaluated for loss exposure based upon historical loss rates for each of these categories of loans, adjusted for qualitative factors. These qualitative risk factors include: | |||||||||||
1 | Lending policies and procedures, including underwriting standards and collection, charge-off, and recovery practices. | ||||||||||
2 | National, regional, and local economic and business conditions as well as the condition of various market segments, including the value of underlying collateral for collateral dependent loans. | ||||||||||
3 | Nature and volume of the portfolio and terms of loans. | ||||||||||
4 | Management team with experience, depth, and knowledge in banking and in many areas of lending. Each contributes to the sound credit culture and control within the Company. | ||||||||||
5 | Volume and severity of past due, classified and nonaccrual loans as well as other loan modifications. | ||||||||||
6 | The Company engages a third party to perform an independent review of the loan portfolio as a measure for quality and consistency in credit evaluation and credit decisions. | ||||||||||
7 | Existence and effect of any concentrations of credit and changes in the level of such concentrations. | ||||||||||
8 | Effect of external factors, such as competition and legal and regulatory requirements. | ||||||||||
Each factor is assigned a value to reflect improving, stable or declining conditions based on management’s best judgment using relevant information available at the time of the evaluation. Adjustments to the factors are supported through documentation of changes in conditions in a narrative accompanying the allowance for loan loss calculation. | |||||||||||
A majority of the Company’s loans are to business owners of many types. The Company makes commercial loans for real estate development and other business purposes required by our customers. | |||||||||||
The Company’s credit policies determine advance rates against the different forms of collateral that can be pledged against commercial loans. Typically, the majority of loans will be limited to a percentage of their underlying collateral values such as real estate values, equipment, eligible accounts receivable and inventory. Individual loan advance rates may be higher or lower depending upon the financial strength of the borrower and/or term of the loan. The assets financed through commercial loans are used within the business for its ongoing operation. Repayment of these kinds of loans generally comes from the cash flow of the business or the ongoing conversions of assets. Commercial real estate loans include long-term loans financing commercial properties. Repayment of this kind of loan is dependent upon either the ongoing cash flow of the borrowing entity or the resale of or lease of the subject property. Commercial real estate loans typically require a loan to value ratio of not greater than 80% and vary in terms. | |||||||||||
Residential mortgages and home equity loans are secured by the borrower’s residential real estate in either a first or second lien position. Residential mortgages and home equity loans have varying loan rates depending on the financial condition of the borrower and the loan to value ratio. Residential mortgages have amortizations up to 30 years and home equity loans have maturities of no more than 15 years. Residential mortgages and home equity loans typically require a loan to value ratio of not greater than 80%. | |||||||||||
Other consumer loans include installment loans, car loans, and overdraft lines of credit. The majority of these loans are secured. | |||||||||||
An unallocated component is maintained to cover uncertainties that could affect management’s estimate of probable losses. The unallocated component of the allowance reflects the margin of imprecision inherent in the underlying assumptions used in the methodologies for estimating specific and general losses in the portfolio. | |||||||||||
A loan is considered impaired when, based on current information and events, it is probable that the Company will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case by case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record and the amount of the shortfall in relation to the principal and interest owed. | |||||||||||
Impairment is measured on a loan by loan basis for commercial and industrial loans, commercial real estate loans and commercial 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 for loan losses is established for an impaired loan if its carrying value exceeds its estimated fair value. The estimated fair values of substantially all of the Company’s impaired loans are measured based on the estimated fair value of the loan’s collateral. | |||||||||||
For commercial loans secured by real estate, estimated fair values are determined primarily through third-party appraisals. When a real estate secured loan becomes impaired, a decision is made regarding whether an updated certified appraisal of the real estate is necessary. This decision is based on various considerations, including the age of the most recent appraisal, the loan-to-value ratio based on the original appraisal and the condition of the property. Appraised values may be discounted to arrive at the estimated selling price of the collateral, which is considered to be the estimated fair value. The discounts also include estimated costs to sell the property. | |||||||||||
For commercial and industrial loans secured by non-real estate collateral, such as accounts receivable, inventory and equipment, estimated fair values are determined based on the borrower’s financial statements, inventory reports, accounts receivable aging or equipment appraisals or invoices. Indications of value from these sources are generally discounted based on the age of the financial information or the quality of the assets. | |||||||||||
Large groups of smaller balance homogeneous loans are collectively evaluated for impairment. Accordingly, the Company does not separately identify individual residential mortgage loans, home equity loans and other consumer loans for impairment disclosures, unless such loans are the subject of a troubled debt restructuring agreement. | |||||||||||
Acquired loans are recorded at acquisition date at their acquisition date fair values, and therefore, are excluded from the calculation of loan loss reserves as of the acquisition date. To the extent there is a decrease in the present value of cash flows expected from the acquired impaired loans after the date of acquisition, the Company records a provision for loan losses. During the three months ended March 31, 2015, the Company recorded a provision for loan losses totaling $42 thousand for acquired impaired loans. During the three months ended March 31, 2014, the Company recorded a provision for loan losses totaling $92 thousand for acquired impaired loans. | |||||||||||
For acquired loans that are not deemed impaired at acquisition, credit discounts representing principal losses expected over the life of the loan are a component of the initial fair value. Subsequent to the acquisition date, the methods used to estimate the required allowance for loan losses for these loans is similar to originated loans, however, the Company records a provision for loan losses only when the required allowance exceeds any remaining unamortized general credit fair value adjustment for loans evaluated collectively for impairment. | |||||||||||
The allowance calculation methodology includes further segregation of loan classes into risk rating categories. The borrower’s overall financial condition, repayment sources, guarantors and value of collateral, if appropriate, are evaluated annually for commercial loans or when credit deficiencies arise, such as delinquent loan payments, for commercial and consumer loans. Credit quality risk ratings include regulatory classifications of special mention, substandard, doubtful and loss. Loans criticized special mention have potential weaknesses that deserve management’s close attention. If uncorrected, the potential weaknesses may result in deterioration of the repayment prospects. Loans classified substandard have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They include loans that are inadequately protected by the current sound net worth and paying capacity of the obligor or of the collateral pledged, if any. Loans classified doubtful have all the weaknesses inherent in loans classified substandard with the added characteristic that collection or liquidation in full, on the basis of current conditions and facts, is highly improbable. Loans classified as a loss are considered uncollectible and are charged to the allowance for loan losses. Loans not classified are rated pass. | |||||||||||
In addition, Federal regulatory agencies, as an integral part of their examination process, periodically review the Company’s allowance for loan losses and may require the Company to recognize additions to the allowance based on their judgments about information available to them at the time of their examination, which may not be currently available to management. Based on management’s comprehensive analysis of the loan portfolio, management believes the current level of the allowance for loan losses is adequate. | |||||||||||
Comprehensive Income | |||||||||||
Accounting principles generally accepted in the United States of America 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 shareholders’ equity section of the balance sheet, such items, along with net income, are components of total comprehensive income. During the year ended December 31, 2014, the Company reversed the full valuation allowance on deferred tax assets and therefore, the Consolidated Statement of Comprehensive Income for the three months ended March 31, 2015 is presented net of the effect of income taxes. The Consolidated Statement of Comprehensive Income for the three months ended March 31, 2014 does not include the effects of income taxes due to the full valuation allowance on deferred tax assets. | |||||||||||
Details about Accumulated Other Comprehensive Income Components | Amounts Reclassified from Accumulated | Affected Line Item in the | |||||||||
Other Comprehensive Income | Statement where Net Income is | ||||||||||
Presented | |||||||||||
March 31, | March 31, | ||||||||||
2015 | 2014 | ||||||||||
(Dollars in thousands) | |||||||||||
Amortization of net unrealized holding losses on securities transferred from available-for-sale to held-to-maturity | $ | (13 | ) | $ | (14 | ) | Interest Income | ||||
Tax effect | 4 | - | Federal Income Tax Expense | ||||||||
Total reclassification | $ | (9 | ) | $ | (14 | ) | |||||
Accumulated other comprehensive income as of March 31, 2015 and December 31, 2014 consisted of the following: | |||||||||||
March 31, | December 31, | ||||||||||
2015 | 2014 | ||||||||||
(Dollars in thousands) | |||||||||||
Net unrealized gain (loss) on available for sale securities | $ | 203 | $ | (57 | ) | ||||||
Net unrealized holding gains on securities transferred | 42 | 51 | |||||||||
between available for sale and held to maturity | |||||||||||
Total | $ | 245 | $ | (6 | ) | ||||||
Recently_Issued_Accounting_Sta
Recently Issued Accounting Standards | 3 Months Ended |
Mar. 31, 2015 | |
Accounting Changes And Error Corrections [Abstract] | |
Recently Issued Accounting Standards | Note 2—Recently Issued Accounting Standards |
In January 2014, the FASB issued ASU 2014-04, Receivable (Topic 310): Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure. The ASU clarifies that an in substance repossession or foreclosure occurs upon either the creditor obtaining legal title to the residential real estate property or 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. The amendments are effective for annual periods, and interim reporting periods within those annual periods, beginning after December 15, 2014. The adoption of ASU 2014-04 did not have a significant impact on the Company’s Consolidated Financial Statements. | |
In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606). The amendments in this Update establish a comprehensive revenue recognition standard for virtually all industries under U.S. GAAP, including those that previously followed industry specific guidance such as the real estate, construction and software industries. The revenue standard’s core principle is built on the contract between a vendor and a customer for the provision of goods and services. It attempts to depict the exchange of rights and obligations between the parties in the pattern of revenue recognition based on the consideration to which the vendor is entitled. To accomplish this objective, the standard requires five basic steps: i) identify the contract with the customer, (ii) identify the performance obligations in the contract, (iii) determine the transaction price, (iv) allocate the transaction price to the performance obligations in the contract, and (v) recognize revenue when (or as) the entity satisfies a performance obligation. The amendments are effective for annual periods, and interim reporting periods within those annual periods, beginning after December 15, 2018. Early adoption is permitted. Management does not believe the adoption of ASU 2014-09 will have a significant impact on the Company’s 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 update require 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 plus interest) expected to be recovered from the guarantor. The guidance was effective on January 1, 2015, and did not have a significant impact on our financial statements. | |
In February 2015, the FASB issued ASU 2015-02, Consolidation (Topic 810) guidance which amends existing standards regarding the evaluation of certain legal entities and their consolidation in the financial statements. The amendments modify the evaluation of whether limited partnerships and similar legal entities are variable interest entities or voting interest entities and eliminate the presumption that a general partner should consolidate a limited partnership. The amendments also affect the consolidation analysis of reporting entities that are involved with variable interest entities and provide a scope exception from consolidation guidance for reporting entities with interests in legal entities that are required to comply with or operate in accordance with requirements that are similar to those in Rule 2a-7 of the Investment Company Act of 1940 for registered money market funds. The guidance becomes effective for public business entities for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2015. We are evaluating the impact of this guidance on our financial statements. | |
Earnings_Per_Common_Share
Earnings Per Common Share | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Earnings Per Share [Abstract] | ||||||||
Earnings Per Common Share | Note 3—Earnings Per Common Share | |||||||
Diluted earnings per common share take into account the potential dilution that could occur if securities or other contracts to issue common stock were exercised and converted into common stock. Proceeds assumed to have been received on such exercise or conversion, are assumed to be used to purchase shares of the Company’s common stock at the average market price during the period, as required by the “treasury stock method” of accounting for common stock equivalents. For purposes of calculating the basic and diluted earnings per share, the Company’s reported net income is adjusted for dividends on preferred stock and net accretion/amortization related to the issuance of preferred stock to determine the net income to common shareholders. | ||||||||
For the three month period ended March 31, 2014 there were 845 thousand common stock equivalent shares, all of which were antidilutive, and therefore, excluded from earnings per share calculations. As a result, diluted earnings per share for this period were the same as basic earnings per share. | ||||||||
The calculations of basic and diluted earnings per common share are presented below for the three months ended March 31, 2015 and 2014: | ||||||||
For the three months ended | ||||||||
March 31, | ||||||||
(In thousands, except per share information) | ||||||||
2015 | 2014 | |||||||
Net income | $ | 417 | $ | 601 | ||||
Less: preferred stock dividends | (166 | ) | (120 | ) | ||||
Less: net discount accretion on preferred stock | — | (7 | ) | |||||
Income to common shareholders | $ | 251 | $ | 474 | ||||
Average basic common shares outstanding | 6,447 | 6,439 | ||||||
Effect of dilutive stock options | 47 | — | ||||||
Average number of common shares used to calculate | 6,494 | 6,439 | ||||||
diluted earnings per common share | ||||||||
Basic earnings per common share | $ | 0.04 | $ | 0.07 | ||||
Diluted earnings per common share | $ | 0.04 | $ | 0.07 | ||||
The amount of preferred stock dividends and the net accretion or amortization related to each series of preferred stock are presented below for the three months ended March 31, 2015 and 2014: | ||||||||
For the three months ended | ||||||||
March 31, | ||||||||
2015 | 2014 | |||||||
(Dollars in thousands) | ||||||||
Preferred dividends: | ||||||||
Preferred Series A | $ | 103 | $ | 57 | ||||
Preferred Series B | 5 | 5 | ||||||
Preferred Series C | 58 | 58 | ||||||
Total preferred dividends | $ | 166 | $ | 120 | ||||
Net accretion (amortization) on preferred stock: | ||||||||
Preferred Series A | $ | — | $ | (9 | ) | |||
Preferred Series B | — | 2 | ||||||
Preferred Series C | — | - | ||||||
Total net accretion (amortization) on preferred stock | $ | — | $ | (7 | ) | |||
Securities
Securities | 3 Months Ended | |||||||||||||||||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||||||||||||||||
Investments Debt And Equity Securities [Abstract] | ||||||||||||||||||||||||||||||||||||
Securities | Note 4—Securities | |||||||||||||||||||||||||||||||||||
Management determines the appropriate classification of debt securities at the time of purchase and re-evaluates such designation as of each balance sheet date. Securities classified as available for sale are those securities that the Company intends to hold for an indefinite period of time, but not necessarily to maturity. Available for sale securities are carried at fair value. | ||||||||||||||||||||||||||||||||||||
Securities classified as held to maturity are those debt securities the Company has both the intent and ability to hold to maturity regardless of changes in market conditions, liquidity needs or changes in general economic conditions. These securities are carried at cost adjusted for the amortization of premium and accretion of discount, computed by a method which approximates the interest method over the terms of the securities. | ||||||||||||||||||||||||||||||||||||
The Company previously transferred investment securities from available for sale to held to maturity securities. Due to these transfers, securities classified as held to maturity have net unrealized holding gains, totaling $64 thousand as of March 31, 2015 and $77 thousand as of December 31, 2014, which are being amortized over the remaining life of the related securities as an adjustment of yield in a manner consistent with the accretion of discount on the same transferred debt securities. This will have no impact on the Company’s net income because the amortization of the unrealized holding loss reported in equity will offset the effect on the interest income of the accretion of the discount on these securities. | ||||||||||||||||||||||||||||||||||||
The amortized cost, unrealized gains and losses, and the fair value of the Company’s investment securities available for sale and held to maturity are as follows for the periods presented: | ||||||||||||||||||||||||||||||||||||
31-Mar-15 | ||||||||||||||||||||||||||||||||||||
Amortized | Gross Unrealized | Gross Unrealized | Estimated Fair | |||||||||||||||||||||||||||||||||
Cost | Gains | Losses | Value | |||||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||||||
Available For Sale: | ||||||||||||||||||||||||||||||||||||
Obligations of U.S. government agencies | $ | 19,454 | $ | 30 | $ | (28 | ) | $ | 19,456 | |||||||||||||||||||||||||||
and corporations | ||||||||||||||||||||||||||||||||||||
Obligations of states and political subdivisions | 4,885 | 49 | — | 4,934 | ||||||||||||||||||||||||||||||||
Federal agency mortgage-backed securities | 19,507 | 288 | (34 | ) | 19,761 | |||||||||||||||||||||||||||||||
Federal agency collateralized mortgage obligations | 478 | 2 | — | 480 | ||||||||||||||||||||||||||||||||
Other debt securities | 500 | 1 | — | 501 | ||||||||||||||||||||||||||||||||
Money market mutual fund | 85 | — | — | 85 | ||||||||||||||||||||||||||||||||
Total investment securities available for sale | $ | 44,909 | $ | 370 | $ | (62 | ) | $ | 45,217 | |||||||||||||||||||||||||||
Held To Maturity: | ||||||||||||||||||||||||||||||||||||
Obligations of states and political subdivisions | $ | 15,296 | $ | 776 | $ | — | $ | 16,072 | ||||||||||||||||||||||||||||
Other debt securities | 481 | 48 | — | 529 | ||||||||||||||||||||||||||||||||
Total investment securities held to maturity | $ | 15,777 | $ | 824 | $ | — | $ | 16,601 | ||||||||||||||||||||||||||||
31-Dec-14 | ||||||||||||||||||||||||||||||||||||
Amortized | Gross Unrealized | Gross Unrealized | Estimated Fair | |||||||||||||||||||||||||||||||||
Cost | Gains | Losses | Value | |||||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||||||
Available For Sale: | ||||||||||||||||||||||||||||||||||||
Obligations of U.S. government agencies | $ | 49,451 | $ | 21 | $ | (196 | ) | $ | 49,276 | |||||||||||||||||||||||||||
and corporations | ||||||||||||||||||||||||||||||||||||
Obligations of states and political subdivisions | 4,902 | 8 | (39 | ) | 4,871 | |||||||||||||||||||||||||||||||
Federal agency mortgage-backed securities | 20,233 | 192 | (74 | ) | 20,351 | |||||||||||||||||||||||||||||||
Federal agency collateralized mortgage obligations | 532 | 2 | (2 | ) | 532 | |||||||||||||||||||||||||||||||
Other debt securities | 500 | 2 | - | 502 | ||||||||||||||||||||||||||||||||
Money market mutual fund | 25 | — | — | 25 | ||||||||||||||||||||||||||||||||
Total investment securities available for sale | $ | 75,643 | $ | 225 | $ | (311 | ) | $ | 75,557 | |||||||||||||||||||||||||||
Held To Maturity: | ||||||||||||||||||||||||||||||||||||
Obligations of states and political subdivisions | $ | 15,475 | $ | 564 | $ | (12 | ) | $ | 16,027 | |||||||||||||||||||||||||||
Other debt securities | 481 | 36 | — | 517 | ||||||||||||||||||||||||||||||||
Total investment securities held to maturity | $ | 15,956 | $ | 600 | $ | (12 | ) | $ | 16,544 | |||||||||||||||||||||||||||
Included in unrealized losses are market losses on securities that have been in a continuous unrealized loss position for twelve months or more and those securities that have been in a continuous unrealized loss position for less than twelve months. The table below details the aggregate unrealized losses and aggregate fair value of the underlying securities whose fair values are below their amortized cost at March 31, 2015 and December 31, 2014. | ||||||||||||||||||||||||||||||||||||
As of March 31, 2015 | ||||||||||||||||||||||||||||||||||||
Less than 12 Months | 12 Months or longer | Total | ||||||||||||||||||||||||||||||||||
Fair Value | Unrealized Losses | Count | Fair Value | Unrealized Losses | Count | Fair Value | Unrealized Losses | Count | ||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||||||
Available for Sale: | ||||||||||||||||||||||||||||||||||||
Obligations of U.S. government | $ | — | $ | — | — | $ | 9,945 | $ | (28 | ) | 9 | $ | 9,945 | $ | (28 | ) | 9 | |||||||||||||||||||
agencies and corporations | ||||||||||||||||||||||||||||||||||||
Obligations of states and political | — | — | — | 5,742 | (34 | ) | 4 | 5,742 | (34 | ) | 4 | |||||||||||||||||||||||||
subdivisions | ||||||||||||||||||||||||||||||||||||
Total Available for Sale | $ | — | $ | — | — | $ | 15,687 | $ | (62 | ) | 13 | $ | 15,687 | $ | (62 | ) | 13 | |||||||||||||||||||
As of December 31, 2014 | ||||||||||||||||||||||||||||||||||||
Less than 12 Months | 12 Months or longer | Total | ||||||||||||||||||||||||||||||||||
Fair Value | Unrealized Losses | Count | Fair Value | Unrealized Losses | Count | Fair Value | Unrealized Losses | Count | ||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||||||
Available for Sale: | ||||||||||||||||||||||||||||||||||||
Obligations of U.S. government | $ | 30,000 | $ | - | 1 | $ | 16,753 | $ | (196 | ) | 15 | $ | 46,753 | $ | (196 | ) | 16 | |||||||||||||||||||
agencies and corporations | ||||||||||||||||||||||||||||||||||||
Obligations of states and political | 576 | (1 | ) | 1 | 3,076 | (38 | ) | 8 | 3,652 | (39 | ) | 9 | ||||||||||||||||||||||||
subdivisions | ||||||||||||||||||||||||||||||||||||
Federal agency mortgage-backed | - | - | - | 5,882 | (74 | ) | 4 | 5,882 | (74 | ) | 4 | |||||||||||||||||||||||||
securities | ||||||||||||||||||||||||||||||||||||
Federal agency collateralized | - | - | - | 296 | (2 | ) | 1 | 296 | (2 | ) | 1 | |||||||||||||||||||||||||
mortgage obligations | ||||||||||||||||||||||||||||||||||||
Total Available for Sale | $ | 30,576 | $ | (1 | ) | 2 | $ | 26,007 | $ | (310 | ) | 28 | $ | 56,583 | $ | (311 | ) | 30 | ||||||||||||||||||
Held to Maturity: | ||||||||||||||||||||||||||||||||||||
Obligations of states and political | $ | - | $ | - | - | $ | 1,481 | $ | (12 | ) | 3 | $ | 1,481 | $ | (12 | ) | 3 | |||||||||||||||||||
subdivisions | ||||||||||||||||||||||||||||||||||||
Total Held to Maturity | $ | - | $ | - | - | $ | 1,481 | $ | (12 | ) | 3 | $ | 1,481 | $ | (12 | ) | 3 | |||||||||||||||||||
As of March 31, 2015, management believes that the estimated fair value of the securities disclosed above is primarily dependent upon the movement in market interest rates, particularly given the minimal inherent credit risk associated with the issuers of these securities and that the unrealized losses in these portfolios are not the result of deteriorating credit within any investment category. | ||||||||||||||||||||||||||||||||||||
Securities issued by states and political subdivisions are all rated investment grade. Each holding is reviewed quarterly for impairment by management and our third party investment advisor. All mortgage backed securities and collateralized mortgage obligations are issued by U.S. government sponsored agencies; there are no holdings of private label mortgage backed securities or securities backed by loans classified as “Alt-A” or “Subprime”. | ||||||||||||||||||||||||||||||||||||
Although the fair value will fluctuate as market interest rates move, management believes that these fair values will recover as the underlying portfolios mature. The Company evaluates a variety of factors in concluding whether securities are other-than-temporarily impaired. These factors include, but are not limited to, the type and purpose of the bond, the underlying rating of the bond issuer, and the presence of credit enhancements (i.e. state guarantees, municipal bond insurance, collateral requirements, etc.). The Company does not intend to sell any of these securities and it is unlikely that it will be required to sell any of these securities before recovery. Management does not believe any individual unrealized loss on individual securities, as of March 31, 2015, represents other than temporary impairment. | ||||||||||||||||||||||||||||||||||||
There were no realized gains or losses for the three months ended March 31, 2015 and 2014. | ||||||||||||||||||||||||||||||||||||
Securities with an estimated fair value of $32.1 million and $32.6 million were pledged at March 31, 2015 and December 31, 2014, respectively, to secure public fund deposits. In addition, securities pledged to secure borrowings by the Bank totaled $87 thousand and $89 thousand as of March 31, 2015 and December 31, 2014, respectively. | ||||||||||||||||||||||||||||||||||||
The amortized cost and fair value of securities as of March 31, 2015 by contractual maturity are shown below. Certain of these investment securities have call features which allow the issuer to call the security prior to its maturity date at the issuer’s discretion. | ||||||||||||||||||||||||||||||||||||
31-Mar-15 | 31-Mar-15 | |||||||||||||||||||||||||||||||||||
Available for Sale Securities | Held to Maturity | |||||||||||||||||||||||||||||||||||
Amortized Cost | Fair Value | Amortized Cost | Fair Value | |||||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||||||
Due within one year | $ | 500 | $ | 501 | $ | — | $ | — | ||||||||||||||||||||||||||||
Due after one year through five years | 19,300 | 19,323 | 393 | 397 | ||||||||||||||||||||||||||||||||
Due after five years through ten years | 4,458 | 4,475 | 1,296 | 1,334 | ||||||||||||||||||||||||||||||||
Due after ten years | 581 | 592 | 14,088 | 14,870 | ||||||||||||||||||||||||||||||||
24,839 | 24,891 | 15,777 | 16,601 | |||||||||||||||||||||||||||||||||
Federal agency collateralized mortgage obligations | 478 | 480 | — | — | ||||||||||||||||||||||||||||||||
Federal agency mortgage-backed securities | 19,507 | 19,761 | — | — | ||||||||||||||||||||||||||||||||
Money market mutual fund | 85 | 85 | — | — | ||||||||||||||||||||||||||||||||
Total | $ | 44,909 | $ | 45,217 | $ | 15,777 | $ | 16,601 | ||||||||||||||||||||||||||||
Loans_Receivable_and_Related_A
Loans Receivable and Related Allowance for Loan Losses | 3 Months Ended | |||||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||||
Receivables [Abstract] | ||||||||||||||||||||||||
Loans Receivable and Related Allowance for Loan Losses | Note 5—Loans Receivable and Related Allowance for Loan Losses | |||||||||||||||||||||||
Loans receivable consist of the following at March 31, 2015 and December 31, 2014. | ||||||||||||||||||||||||
March 31, | December 31, | |||||||||||||||||||||||
2015 | 2014 | |||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||
Commercial: | ||||||||||||||||||||||||
Commercial and industrial | $ | 75,055 | $ | 75,412 | ||||||||||||||||||||
Commercial mortgage | 169,002 | 168,969 | ||||||||||||||||||||||
Commercial construction | 7,713 | 6,497 | ||||||||||||||||||||||
Total commercial | 251,770 | 250,878 | ||||||||||||||||||||||
Residential mortgage loans | 78,929 | 80,134 | ||||||||||||||||||||||
Consumer: | ||||||||||||||||||||||||
Home equity lines of credit | 26,265 | 27,902 | ||||||||||||||||||||||
Other consumer loans | 15,581 | 16,378 | ||||||||||||||||||||||
Total consumer | 41,846 | 44,280 | ||||||||||||||||||||||
Total loans | 372,545 | 375,292 | ||||||||||||||||||||||
Allowance for loan losses | (2,377 | ) | (2,313 | ) | ||||||||||||||||||||
Net deferred loan cost (fees) | (76 | ) | (70 | ) | ||||||||||||||||||||
Total loans receivable, net | $ | 370,092 | $ | 372,909 | ||||||||||||||||||||
First Priority acquired various loans through the acquisition of Affinity for which there was, at acquisition, evidence of deterioration of credit quality since origination, and for which it was probable that all contractually required payments would not be collected. The carrying amounts of the acquired impaired loans included in the loan balances above are summarized as follows: | ||||||||||||||||||||||||
March 31, | December 31, | |||||||||||||||||||||||
2015 | 2014 | |||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||
Commercial and industrial | $ | 699 | $ | 699 | ||||||||||||||||||||
Commercial mortgage | 282 | 284 | ||||||||||||||||||||||
Residential mortgage loans | 135 | 186 | ||||||||||||||||||||||
Total unpaid principal balance | $ | 1,116 | $ | 1,169 | ||||||||||||||||||||
Net recorded investment | $ | 547 | $ | 602 | ||||||||||||||||||||
The following table presents the changes in accretable yield related to acquired credit-impaired loans for the three months ended March 31, 2014 (dollars in thousands). There was no remaining accretable yield for the three months ended March 31, 2015: | ||||||||||||||||||||||||
2014 | ||||||||||||||||||||||||
Accretable yield balance, beginning of period | $ | 56 | ||||||||||||||||||||||
Additions resulting from acquisition | - | |||||||||||||||||||||||
Accretion to interest income | (24 | ) | ||||||||||||||||||||||
Reclassification from nonaccretable difference and disposals, net | 13 | |||||||||||||||||||||||
Accretable yield balance, end of period | $ | 45 | ||||||||||||||||||||||
The Company’s loans consist of credits to borrowers spread over a broad range of industrial classifications. The largest concentrations of loans are to lessors of nonresidential buildings and lessors of residential buildings and dwellings. As of March 31, 2015, these loans totaled $69.2 million and $54.3 million, respectively, or 18.5% and 14.6%, respectively, of the total loans outstanding. As of December 31, 2014, these same classifications of loans totaled $69.5 million and $54.7 million, respectively, or 18.5% and 14.6%, respectively, of the total loans outstanding at that time. These credits were subject to normal underwriting standards and did not present more than the normal amount of risk assumed by the Company’s other lending activities. The Company has no other concentration of loans which exceeds 10% of total loans. | ||||||||||||||||||||||||
The following tables summarize the activity in the allowance for loan losses by loan class for the three months ended March 31, 2015 and 2014: | ||||||||||||||||||||||||
For the three months ended | ||||||||||||||||||||||||
31-Mar-15 | ||||||||||||||||||||||||
Allowance for Loan Losses | ||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||
Beginning Balance | Charge-offs | Recoveries | Provision for loan losses | Ending Balance | ||||||||||||||||||||
Commercial and industrial | $ | 788 | $ | (16 | ) | $ | 5 | $ | (32 | ) | $ | 745 | ||||||||||||
Commercial mortgage | 468 | (11 | ) | — | 50 | 507 | ||||||||||||||||||
Commercial construction | 26 | — | — | 8 | 34 | |||||||||||||||||||
Residential mortgage loans | 159 | (28 | ) | — | 32 | 163 | ||||||||||||||||||
Home equity lines of credit | 270 | (12 | ) | 4 | (41 | ) | 221 | |||||||||||||||||
Other consumer loans | 87 | (2 | ) | 4 | (23 | ) | 66 | |||||||||||||||||
Unallocated | 515 | — | — | 126 | 641 | |||||||||||||||||||
Total loans | $ | 2,313 | $ | (69 | ) | $ | 13 | $ | 120 | $ | 2,377 | |||||||||||||
For the three months ended | ||||||||||||||||||||||||
31-Mar-14 | ||||||||||||||||||||||||
Allowance for Loan Losses | ||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||
Beginning Balance | Charge-offs | Recoveries | Provision for loan losses | Ending Balance | ||||||||||||||||||||
Commercial and industrial | $ | 445 | $ | — | $ | 10 | $ | (34 | ) | $ | 421 | |||||||||||||
Commercial mortgage | 452 | (74 | ) | — | 99 | 477 | ||||||||||||||||||
Commercial construction | 12 | (50 | ) | — | 55 | 17 | ||||||||||||||||||
Residential mortgage loans | 149 | - | — | 1 | 150 | |||||||||||||||||||
Home equity lines of credit | 177 | - | 4 | (58 | ) | 123 | ||||||||||||||||||
Other consumer loans | 67 | (52 | ) | 3 | 32 | 50 | ||||||||||||||||||
Unallocated | 971 | — | — | 10 | 981 | |||||||||||||||||||
Total loans | $ | 2,273 | $ | (176 | ) | $ | 17 | $ | 105 | $ | 2,219 | |||||||||||||
The following tables present the balance in the allowance for loan losses at March 31, 2015 and December 31, 2014 disaggregated on the basis of the Company’s impairment method by class of loans receivable along with the balance of loans receivable by class disaggregated on the basis of the Company’s impairment methodology: | ||||||||||||||||||||||||
31-Mar-15 | ||||||||||||||||||||||||
Allowance for Loan Losses | Loans Receivables | |||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||
Ending | Ending Balance Individually | Ending Balance Collectively | Ending | Ending Balance Individually | Ending Balance Collectively | |||||||||||||||||||
Balance | Evaluated for Impairment | Evaluated for Impairment | Balance | Evaluated for Impairment | Evaluated for Impairment | |||||||||||||||||||
Commercial and industrial | $ | 745 | $ | 140 | $ | 605 | $ | 75,055 | $ | 2,099 | $ | 72,956 | ||||||||||||
Commercial mortgage | 507 | — | 507 | 169,002 | 3,551 | 165,451 | ||||||||||||||||||
Commercial construction | 34 | — | 34 | 7,713 | — | 7,713 | ||||||||||||||||||
Residential mortgage loans | 163 | — | 163 | 78,929 | 237 | 78,692 | ||||||||||||||||||
Home equity lines of credit | 221 | — | 221 | 26,265 | 100 | 26,165 | ||||||||||||||||||
Other consumer loans | 66 | — | 66 | 15,581 | 313 | 15,268 | ||||||||||||||||||
Unallocated | 641 | — | 641 | — | — | — | ||||||||||||||||||
Total loans | $ | 2,377 | $ | 140 | $ | 2,237 | $ | 372,545 | $ | 6,300 | $ | 366,245 | ||||||||||||
31-Dec-14 | ||||||||||||||||||||||||
Allowance for Loan Losses | Loans Receivables | |||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||
Ending | Ending Balance | Ending Balance Collectively | Ending | Ending Balance Individually | Ending Balance Collectively | |||||||||||||||||||
Balance | Individually | Evaluated for Impairment | Balance | Evaluated for Impairment | Evaluated for Impairment | |||||||||||||||||||
Evaluated for Impairment | ||||||||||||||||||||||||
Commercial and industrial | $ | 788 | $ | 147 | $ | 641 | $ | 75,412 | $ | 2,131 | $ | 73,281 | ||||||||||||
Commercial mortgage | 468 | 5 | 463 | 168,969 | 3,660 | 165,309 | ||||||||||||||||||
Commercial construction | 26 | — | 26 | 6,497 | - | 6,497 | ||||||||||||||||||
Residential mortgage loans | 159 | — | 159 | 80,134 | 347 | 79,787 | ||||||||||||||||||
Home equity lines of credit | 270 | 12 | 258 | 27,902 | 113 | 27,789 | ||||||||||||||||||
Other consumer loans | 87 | 2 | 85 | 16,378 | 364 | 16,014 | ||||||||||||||||||
Unallocated | 515 | — | 515 | — | — | — | ||||||||||||||||||
Total loans | $ | 2,313 | $ | 166 | $ | 2,147 | $ | 375,292 | $ | 6,615 | $ | 368,677 | ||||||||||||
The following tables summarize information in regard to impaired loans by loan portfolio class as of March 31, 2015 and December 31, 2014 as well as for the three month periods then ended, respectively: | ||||||||||||||||||||||||
31-Mar-15 | 31-Dec-14 | |||||||||||||||||||||||
Recorded Investment | Unpaid | Related | Recorded Investment | Unpaid | Related | |||||||||||||||||||
Principal | Allowance | Principal | Allowance | |||||||||||||||||||||
Balance | Balance | |||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||
With no related allowance | ||||||||||||||||||||||||
recorded: | ||||||||||||||||||||||||
Commercial and industrial | $ | 1,228 | $ | 1,700 | $ | — | $ | 1,840 | $ | 2,290 | $ | — | ||||||||||||
Commercial mortgage | 3,551 | 3,813 | — | 3,618 | 3,928 | — | ||||||||||||||||||
Commercial construction | — | — | — | - | - | — | ||||||||||||||||||
Residential mortgage loans | 237 | 330 | — | 347 | 426 | — | ||||||||||||||||||
Home equity lines of credit | 100 | 100 | — | 101 | 101 | — | ||||||||||||||||||
Other consumer loans | 313 | 337 | — | 196 | 215 | — | ||||||||||||||||||
With an allowance recorded: | ||||||||||||||||||||||||
Commercial and industrial | $ | 871 | $ | 882 | $ | 140 | $ | 291 | $ | 301 | $ | 147 | ||||||||||||
Commercial mortgage | — | — | — | 42 | 70 | 5 | ||||||||||||||||||
Commercial construction | — | — | — | — | — | — | ||||||||||||||||||
Residential mortgage loans | — | — | — | — | — | — | ||||||||||||||||||
Home equity lines of credit | — | — | — | 12 | 12 | 12 | ||||||||||||||||||
Other consumer loans | — | — | — | 168 | 168 | 2 | ||||||||||||||||||
Total: | ||||||||||||||||||||||||
Commercial and industrial | $ | 2,099 | $ | 2,582 | $ | 140 | $ | 2,131 | $ | 2,591 | $ | 147 | ||||||||||||
Commercial mortgage | 3,551 | 3,813 | — | 3,660 | 3,998 | 5 | ||||||||||||||||||
Commercial construction | — | — | — | - | - | — | ||||||||||||||||||
Residential mortgage loans | 237 | 330 | — | 347 | 426 | — | ||||||||||||||||||
Home equity lines of credit | 100 | 100 | — | 113 | 113 | 12 | ||||||||||||||||||
Other consumer loans | 313 | 337 | — | 364 | 383 | 2 | ||||||||||||||||||
Total | $ | 6,300 | $ | 7,162 | $ | 140 | $ | 6,615 | $ | 7,511 | $ | 166 | ||||||||||||
Three Months ended March 31, | ||||||||||||||||||||||||
2015 | 2014 | |||||||||||||||||||||||
Average | Interest | Average | Interest | |||||||||||||||||||||
Recorded | Income | Recorded | Income | |||||||||||||||||||||
Investment | Recognized | Investment | Recognized | |||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||
With no related allowance | ||||||||||||||||||||||||
recorded: | ||||||||||||||||||||||||
Commercial and industrial | $ | 1,239 | $ | 9 | $ | 1,747 | $ | — | ||||||||||||||||
Commercial mortgage | 3,573 | 15 | 948 | — | ||||||||||||||||||||
Commercial construction | — | — | 425 | 5 | ||||||||||||||||||||
Residential mortgage loans | 232 | — | 242 | — | ||||||||||||||||||||
Home equity lines of credit | 100 | 1 | - | — | ||||||||||||||||||||
Other consumer loans | 332 | 2 | 204 | — | ||||||||||||||||||||
With an allowance recorded: | ||||||||||||||||||||||||
Commercial and industrial | $ | 875 | $ | — | $ | 74 | $ | — | ||||||||||||||||
Commercial mortgage | — | — | 125 | — | ||||||||||||||||||||
Commercial construction | — | — | - | — | ||||||||||||||||||||
Residential mortgage loans | — | — | — | — | ||||||||||||||||||||
Home equity lines of credit | — | — | 31 | — | ||||||||||||||||||||
Other consumer loans | — | — | — | — | ||||||||||||||||||||
Total: | ||||||||||||||||||||||||
Commercial and industrial | $ | 2,114 | $ | 9 | $ | 1,821 | $ | — | ||||||||||||||||
Commercial mortgage | 3,573 | 15 | 1,073 | — | ||||||||||||||||||||
Commercial construction | — | — | 425 | 5 | ||||||||||||||||||||
Residential mortgage loans | 232 | — | 242 | — | ||||||||||||||||||||
Home equity lines of credit | 100 | 1 | 31 | — | ||||||||||||||||||||
Other consumer loans | 332 | 2 | 204 | — | ||||||||||||||||||||
Total | $ | 6,351 | $ | 27 | $ | 3,796 | $ | 5 | ||||||||||||||||
The following table presents nonaccrual loans by classes of the loan portfolio as of March 31, 2015 and December 31, 2014: | ||||||||||||||||||||||||
31-Mar-15 | 31-Dec-14 | |||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||
Commercial and industrial | $ | 1,463 | $ | 1,474 | ||||||||||||||||||||
Commercial mortgage | 2,266 | 2,370 | ||||||||||||||||||||||
Residential mortgage loans | 237 | 347 | ||||||||||||||||||||||
Home equity lines of credit | 18 | 31 | ||||||||||||||||||||||
Other consumer loans | 213 | 262 | ||||||||||||||||||||||
Total loans | $ | 4,197 | $ | 4,484 | ||||||||||||||||||||
The Company’s policy for interest income recognition on nonaccrual loans is to recognize income under the cash basis when the loans are both current and the collateral on the loan is sufficient to cover the outstanding obligation to the Company. The Company will not recognize income if these factors do not exist. Interest that would have been accrued on non-accruing loans under the original terms but was not recognized as interest income totaled $60 thousand for the three months ended March 31, 2015 and $73 thousand for the three months ended March 31, 2014, respectively. | ||||||||||||||||||||||||
The following tables present the classes of the loan portfolio summarized by the aggregate pass rating and the classified ratings of special mention, substandard and doubtful within the Company’s internal risk rating system as of March 31, 2015 and December 31, 2014: | ||||||||||||||||||||||||
31-Mar-15 | ||||||||||||||||||||||||
Pass | Special | Substandard | Doubtful | Total | ||||||||||||||||||||
Mention | ||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||
Commercial: | ||||||||||||||||||||||||
Commercial and industrial | $ | 71,751 | $ | 1,145 | $ | 2,159 | $ | — | $ | 75,055 | ||||||||||||||
Commercial mortgage | 164,281 | 518 | 4,203 | — | 169,002 | |||||||||||||||||||
Commercial construction | 7,713 | — | — | — | 7,713 | |||||||||||||||||||
Residential mortgage loans | 78,692 | — | 237 | — | 78,929 | |||||||||||||||||||
Consumer: | ||||||||||||||||||||||||
Home equity lines of credit | 26,247 | — | 18 | — | 26,265 | |||||||||||||||||||
Other consumer loans | 15,368 | — | 213 | — | 15,581 | |||||||||||||||||||
Total | $ | 364,052 | $ | 1,663 | $ | 6,830 | $ | — | $ | 372,545 | ||||||||||||||
31-Dec-14 | ||||||||||||||||||||||||
Pass | Special | Substandard | Doubtful | Total | ||||||||||||||||||||
Mention | ||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||
Commercial: | ||||||||||||||||||||||||
Commercial and industrial | $ | 73,498 | $ | - | $ | 1,914 | $ | — | $ | 75,412 | ||||||||||||||
Commercial mortgage | 163,899 | 745 | 4,325 | — | 168,969 | |||||||||||||||||||
Commercial construction | 6,497 | — | - | — | 6,497 | |||||||||||||||||||
Residential mortgage loans | 79,787 | — | 347 | — | 80,134 | |||||||||||||||||||
Consumer: | ||||||||||||||||||||||||
Home equity lines of credit | 27,871 | — | 31 | — | 27,902 | |||||||||||||||||||
Other consumer loans | 16,116 | — | 262 | — | 16,378 | |||||||||||||||||||
Total | $ | 367,668 | $ | 745 | $ | 6,879 | $ | — | $ | 375,292 | ||||||||||||||
The performance and credit quality of the loan portfolio is also monitored by analyzing the age of the loans receivable as determined by the length of time a recorded payment is past due. The following tables present the classes of the loan portfolio summarized by the past due status as of March 31, 2015 and December 31, 2014: | ||||||||||||||||||||||||
31-Mar-15 | ||||||||||||||||||||||||
30-59 Days | 60-89 Days | Greater Than | Total Past Due | Current | Total Loans Receivables | |||||||||||||||||||
Past Due | Past Due | 90 Days | ||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||
Commercial: | ||||||||||||||||||||||||
Commercial and industrial | $ | 5 | $ | — | $ | 1,253 | $ | 1,258 | $ | 73,797 | $ | 75,055 | ||||||||||||
Commercial mortgage | 106 | — | 2,266 | 2,372 | 166,630 | 169,002 | ||||||||||||||||||
Commercial construction | — | — | — | — | 7,713 | 7,713 | ||||||||||||||||||
Residential mortgage loans | 1,250 | — | 202 | 1,452 | 77,477 | 78,929 | ||||||||||||||||||
Consumer: | — | |||||||||||||||||||||||
Home equity lines of credit | 55 | — | — | 55 | 26,210 | 26,265 | ||||||||||||||||||
Other consumer loans | 106 | 60 | 166 | 332 | 15,249 | 15,581 | ||||||||||||||||||
Total | $ | 1,522 | $ | 60 | $ | 3,887 | $ | 5,469 | $ | 367,076 | $ | 372,545 | ||||||||||||
31-Dec-14 | ||||||||||||||||||||||||
30-59 Days | 60-89 Days | Greater Than | Total Past Due | Current | Total Loans Receivables | |||||||||||||||||||
Past Due | Past Due | 90 Days | ||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||
Commercial: | ||||||||||||||||||||||||
Commercial and industrial | $ | 70 | $ | 102 | $ | 1,260 | $ | 1,432 | $ | 73,980 | $ | 75,412 | ||||||||||||
Commercial mortgage | 310 | 15 | 2,355 | 2,680 | 166,289 | 168,969 | ||||||||||||||||||
Commercial construction | — | — | — | — | 6,497 | 6,497 | ||||||||||||||||||
Residential mortgage loans | 478 | — | 312 | 790 | 79,344 | 80,134 | ||||||||||||||||||
Consumer: | ||||||||||||||||||||||||
Home equity lines of credit | - | — | 12 | 12 | 27,890 | 27,902 | ||||||||||||||||||
Other consumer loans | 31 | 66 | 214 | 311 | 16,067 | 16,378 | ||||||||||||||||||
Total | $ | 889 | $ | 183 | $ | 4,153 | $ | 5,225 | $ | 370,067 | $ | 375,292 | ||||||||||||
As of March 31, 2015, there were no loans 90 days past due and still accruing interest. As of December 31, 2014, there was one residential mortgage loan totaling $70 thousand which was greater than 90 days past due and still accruing interest which has subsequently been paid current. | ||||||||||||||||||||||||
The Company may grant a concession or modification for economic or legal reasons related to a borrower’s declining financial condition that it would not otherwise consider resulting in a modified loan which is then identified as a troubled debt restructuring (“TDR”). The Company may modify loans through rate reductions, extensions of maturity, interest only payments, or payment modifications to better match the timing of cash flows due under the modified terms with the cash flows from the borrowers’ operations. Loan modifications are intended to minimize the economic loss and to avoid foreclosure or repossession of the collateral. TDRs are considered impaired loans for purposes of calculating the Company’s allowance for loan losses. | ||||||||||||||||||||||||
The Company identifies loans for potential restructure primarily through direct communication with the borrower and evaluation of the borrower’s financial statements, revenue projections, tax returns, and credit reports. Even if the borrower is not presently in default, management will consider the likelihood that cash flow shortages, adverse economic conditions, and negative trends may result in a payment default in the near future. | ||||||||||||||||||||||||
The following table reflect information regarding troubled debt restructurings entered into by the Company for the three month period ended March 31, 2015. This mortgage loan, related to land, was in default and was restructured under the terms of a forbearance agreement whereby a concession was made in regards to the interest rate and the amortization period was extended. There were no troubled debt restructurings entered into by the Company for the three months ended March 31, 2014. | ||||||||||||||||||||||||
For the three months ended March 31, 2015 | ||||||||||||||||||||||||
Number of Contracts | Pre- | Post- | ||||||||||||||||||||||
Modification Outstanding Recorded Investments | Modification Outstanding Recorded Investments | |||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||
Troubled debt restructurings: | ||||||||||||||||||||||||
Residential mortgage loans | 1 | $ | 35 | $ | 35 | |||||||||||||||||||
Total | 1 | $ | 35 | $ | 35 | |||||||||||||||||||
The following table reflects information regarding troubled debt restructuring entered into by the Bank for the year ended December 31, 2014: | ||||||||||||||||||||||||
Number of Contracts | Pre-Modification Outstanding Recorded Investments | Post- | ||||||||||||||||||||||
Modification Outstanding Recorded Investments | ||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||
Troubled debt restructurings: | ||||||||||||||||||||||||
Commercial and industrial | 1 | $ | 28 | $ | 28 | |||||||||||||||||||
Commercial mortgage | 1 | 1,292 | 1,292 | |||||||||||||||||||||
Home equity lines of credit | 2 | 112 | 102 | |||||||||||||||||||||
Other consumer loans | 3 | 170 | 158 | |||||||||||||||||||||
Total | 7 | $ | 1,602 | $ | 1,580 | |||||||||||||||||||
As of March 31, 2015 and December 31, 2014, a residential mortgage loan with a current balance of $76 thousand, acquired through the Affinity merger, has remained in default and is classified as non-accrual. Additionally two commercial loans classified as troubled debt restructurings with combined outstanding balances totaling $64 thousand as of March 31, 2015 were in default and remain classified as non-accrual status. | ||||||||||||||||||||||||
No other TDRs have subsequently defaulted. | ||||||||||||||||||||||||
As of March 31, 2014, two loans acquired through the Affinity merger were in default and classified as non-accrual consisting of a residential mortgage loan with a current balance of $76 thousand and a commercial mortgage loan with an outstanding balance of $243 thousand. | ||||||||||||||||||||||||
Deposits
Deposits | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Banking And Thrift [Abstract] | ||||||||
Deposits | Note 6—Deposits | |||||||
The components of deposits at March 31, 2015 and December 31, 2014 are as follows: | ||||||||
March 31, | December 31, | |||||||
2015 | 2014 | |||||||
(Dollars in thousands) | ||||||||
Demand, non-interest bearing | $ | 49,542 | $ | 49,462 | ||||
Demand, interest-bearing | 34,762 | 34,186 | ||||||
Money market and savings accounts | 98,966 | 101,486 | ||||||
Time, $100 and over | 51,421 | 50,948 | ||||||
Time, other | 146,244 | 142,127 | ||||||
$ | 380,935 | $ | 378,209 | |||||
Included in time, other at March 31, 2015 and December 31, 2014 are brokered deposits of $81.6 million and $74.6 million, respectively. | ||||||||
At March 31, 2015, the scheduled maturities of time deposits were as follows: | ||||||||
(Dollars in thousands) | ||||||||
3/31/16 | $ | 47,422 | ||||||
3/31/17 | 78,952 | |||||||
3/31/18 | 59,672 | |||||||
3/31/19 | 5,718 | |||||||
3/31/20 | 5,893 | |||||||
Thereafter | 8 | |||||||
$ | 197,665 | |||||||
Shareholders_Equity
Shareholders' Equity | 3 Months Ended |
Mar. 31, 2015 | |
Equity [Abstract] | |
Shareholders' Equity | Note 7—Shareholders’ Equity |
During the initial offering period in 2005, the Company sold 2,107,500 shares of common stock at $10.00 per share, which resulted in net proceeds of $21.0 million. As of February 29, 2008, in connection with the acquisition of Prestige Community Bank, First Priority issued an additional 976,137 shares of common stock, resulting in additional equity of $7.4 million. | |
On February 28, 2013, in conjunction with the merger with Affinity Bancorp, Inc., shareholders of Affinity received 0.9813 newly issued shares of First Priority common stock in exchange for each Affinity share. A total of 1,933,665 shares of First Priority common stock were issued; resulting in incremental equity of $10.1 million due to the merger. | |
Also, on February 28, 2013 and in conjunction with the merger of Affinity Bancorp, Inc., First Priority issued 1,268,576 shares of common stock at an issuance price of $5.22 per share through a private placement resulting in total proceeds of $6.6 million, net of $50 thousand of related issuance costs. | |
Preferred Stock Outstanding | |
On February 20, 2009, as part of the Treasury’s TARP Capital Purchase Program, the Company issued 4,579 shares of the Company’s Fixed Rate Cumulative Perpetual Preferred Stock, Series A, $100 par value per share, having a liquidation preference of $1,000 per share (the “Series A Preferred Stock”), and a warrant (the “Warrant) to purchase, on a net basis, 229 shares of the Company’s Fixed Rate Cumulative Perpetual Preferred Stock, Series B, par value $100 per share (the “Series B Preferred Stock”), which was immediately exercised, for an aggregate purchase price of $4.58 million in cash, less $29 thousand in legal issuance costs. On December 18, 2009, the Company issued 4,596 shares of the Company’s Fixed Rate Cumulative Perpetual Preferred Stock, Series C, $100 par value per share, having a liquidation preference of $1,000 per share (the “Series C Preferred Stock”), for an aggregate purchase price of $4.60 million in cash, less $8 thousand in legal issuance costs. | |
On February 8, 2013, the Treasury sold its entire holdings of the Company’s preferred stock to certain qualified or accredited institutional investors. | |
The Series A and Series B Preferred Stock will pay cumulative dividends at a rate of 9% per annum. The Series C Preferred Stock will pay cumulative dividends at a rate of 5% per annum until February 15, 2015 and at a rate of 9% per annum thereafter. The Series A, B and C Preferred Stock have no maturity date and rank senior to common stock with respect to dividends and upon liquidation, dissolution, or winding up. The Company may redeem the Series A or Series C Preferred Stock, in whole or in part, at its liquidation preference plus accrued and unpaid dividends. The Company may redeem the Series B Preferred Stock only after all of Series A has been redeemed. |
Stock_Compensation_Program
Stock Compensation Program | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ||||||||
Stock Compensation Program | Note 8—Stock Compensation Program | |||||||
In 2005, the Company adopted the 2005 Stock Compensation Program, which was amended at the Company’s annual meeting on April 23, 2009 as the 2009 Stock Compensation Program (the “Program”) and further amended effective March 18, 2010. The Program allows equity benefits to be awarded in the form of Incentive Stock Options, Compensatory Stock Options or Restricted Stock. The Program authorizes the Board of Directors to grant options up to an aggregate maximum of 1,207,957 shares to officers, other employees and directors of the Company, including 382,957 shares which were authorized for grant under this plan as a result of the merger with Affinity. Only employees of the Company will be eligible to receive Incentive Stock Options and such grants are subject to the limitations under Section 422 of the Internal Revenue Code. | ||||||||
All stock options granted under the Program fully vest in four years from the date of grant (or potentially earlier upon a change of control), excluding options issued in regards to the Company’s Severance Plan which vest only upon change in control, and terminate ten years from the date of the grant. The exercise price of the options granted is the fair value of a share of common stock at the time of the grant, with a minimum exercise price of $10 per share for shares issued prior to March 18, 2010. Effective March 18, 2010, the Company’s stock compensation program was amended to eliminate the minimum exercise price. As of March 31, 2015 and December 31, 2014, 6,975 shares and 7,175 shares, respectively, of restricted common stock were outstanding to non-management employees throughout the Company under the Stock Compensation Program. | ||||||||
A summary of the status of the Program is presented below for the three months ended March 31, 2015: | ||||||||
Shares | Weighted | |||||||
Average | ||||||||
Exercise | ||||||||
Price | ||||||||
Outstanding at beginning of period | 866,613 | $ | 6.89 | |||||
Granted during period | — | — | ||||||
Forfeited/cancelled during period | (98 | ) | 11.21 | |||||
Expired | (34,348 | ) | 8.97 | |||||
Outstanding at end of period (1) | 832,167 | 6.8 | ||||||
Exercisable at end of period (1) | 262,667 | $ | 9.87 | |||||
-1 | Included in options outstanding and exercisable at March 31, 2015 are 100,000 organizer options, with an exercise price of $10.00 per share, exchanged as part of the 2008 acquisition of Prestige Community Bank which were issued outside of the Program. | |||||||
The weighted average remaining contractual lives of all outstanding stock options and exercisable options at March 31, 2015 and December 31, 2014 were 6.15 years and 2.46 years, respectively and 6.15 years and 2.41 years, respectively. The aggregate intrinsic value of options outstanding was $313 thousand as of March 31, 2015 while the aggregate intrinsic value of exercisable options was $0 thousand as of this same date. | ||||||||
As of March 31, 2015, there was $84 thousand of unrecognized compensation cost related to non-vested stock options granted after January 1, 2007, excluding those stock options issued in conjunction with the Company’s severance plan. That cost is expected to be recognized over a weighted average period of 2.58 years. There was no tax benefit recognized related to this stock-based compensation. There are 355,000 stock options issued in connection with the termination of the previously executed change in control agreements and the adoption of the severance plan with $576 thousand of unrecognized compensation cost which will only be recognized if a change in control occurs, based on the options which remain outstanding and are probable to vest at that time. | ||||||||
Restricted Stock grants fully vest three years from the date of grant (or potentially earlier upon a change of control), subject to the recipient remaining an employee of the Company. Upon issuance of the shares, resale of the shares is restricted during the vesting period, during which the shares may not be sold, pledged, or otherwise disposed of. Prior to the vesting date and in the event the recipient terminates association with Company for any reasons other than death, disability or change of control, the recipient forfeits all rights to the shares that would otherwise be issued under the grant. Compensation expense related to restricted stock awards granted under the Plan was recorded at the date of the award based on the estimated fair value of the shares. As of March 31, 2015, there was $270 thousand of unrecognized compensation cost related to restricted stock, which will be amortized through July 17, 2017. | ||||||||
A summary of restricted stock award activity is presented below for the three months ended March 31, 2015: | ||||||||
Shares | ||||||||
Outstanding unvested shares at beginning of period | 121,874 | |||||||
Shares Granted during period | — | |||||||
Shares Forfeited/cancelled during the period | (200 | ) | ||||||
Vested Shares during this period | (1,575 | ) | ||||||
Outstanding unvested shares at end of period | 120,099 | |||||||
Financial_Instruments_with_Off
Financial Instruments with Off-Balance Sheet Risk | 3 Months Ended |
Mar. 31, 2015 | |
Commitments And Contingencies Disclosure [Abstract] | |
Financial Instruments with Off-Balance Sheet Risk | Note 9—Financial Instruments with Off-Balance Sheet Risk |
The Company is a party to financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include commitments to extend credit. Such commitments involve, to varying degrees, elements of credit and interest rate risk in excess of the amount recognized in the consolidated balance sheet. | |
The Company’s exposure to credit loss in the event of nonperformance by the other party to the financial instrument for commitments to extend credit is represented by the contractual amount of those instruments. The Company uses the same credit policies in making commitments and conditional obligations as it does for on-balance sheet instruments. | |
At March 31, 2015 and December 31, 2014, outstanding commitments to extend credit consisting of total unfunded commitments under lines of credit were $80.7 million and $83.2 million, respectively. In addition, as of each of these dates, there were $495 thousand and $349 thousand of performance standby letters of credit outstanding, respectively, and $935 thousand and $1.1 million, respectively, of financial standby letters of credit as of each respective period. | |
Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Since many of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. | |
Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. The Bank evaluates each customer’s credit worthiness on a case-by-case basis. The amount of collateral obtained, if deemed necessary by the Bank upon extension of credit, is based on management’s credit evaluation. Collateral held varies but may include residential or commercial real estate, accounts receivable, inventory and equipment. | |
In addition, as of March 31, 2015 and December 31, 2014 the Bank pledged $149 thousand as of each respective period of deposit balances at a correspondent bank to support a letter of credit with a balance of $149 thousand, respectively, issued by the correspondent on behalf of a customer of the Bank. This transaction is fully secured by the customer through a pledge of the customer’s deposits at the Bank. |
Regulatory_Matters
Regulatory Matters | 3 Months Ended | ||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||
Banking And Thrift [Abstract] | |||||||||||||||||||||||
Regulatory Matters | Note 10—Regulatory Matters | ||||||||||||||||||||||
The Dodd-Frank Act required the FRB to establish minimum consolidated capital requirements for bank holding companies that are as stringent as those required for insured depositary subsidiaries. The federal banking agencies approved rules that implemented the Dodd-Frank requirements and certain other regulatory capital reforms which were designed to enhance such requirements and implement the revised standards of the Basel Committee on Banking Supervision, commonly referred to as Basel III. These rules (i) introduced a new capital ratio pursuant to the prompt corrective action provisions, the common equity tier 1 capital to risk rated assets ratio, (ii) increased the adequately capitalized and well capitalized thresholds for the Tier 1 risk based capital ratios to 6% and 8% respectively, (iii) changed the treatment of certain capital components for determining Tier 1 and Tier 2 capital, and (iv) changed the risk weighting of certain assets and off balance sheet items in determining risk weighted assets. The new risk based capital rules became effective January 1, 2015. | |||||||||||||||||||||||
Under the revised capital guidelines, First Priority Bank’s minimum capital to risk-adjusted assets requirements consist of a common equity tier 1 capital ratio of 4.5% (6.5% to be considered “well capitalized”) and a tier 1 capital ratio of 6.0%, increased from 4.0% (and increased from 6.0% to 8.0% to be considered “well capitalized”); the total capital ratio remains at 8.0% under the new rules (10.0% to be considered “well capitalized”). In addition, First Priority Bank must maintain a minimum Tier 1 leverage ratio of at least 4.0% (5.0% to be considered “well capitalized”). The new minimum capital requirements became effective on January 1, 2015. | |||||||||||||||||||||||
Under the new rules, in order to avoid limitations on capital distributions (including dividend payments and certain discretionary bonus payments to executive officers), a banking organization must hold a capital conservation buffer comprised of common equity tier 1 capital above its minimum risk-based capital requirements in an amount greater than 2.5% of total risk-weighted assets. The capital contribution buffer requirements phase in over a three-year period beginning January 1, 2016. | |||||||||||||||||||||||
The Bank’s capital amounts (dollars in thousands) and ratios at March 31, 2015 and December 31, 2014 are presented below: | |||||||||||||||||||||||
Actual | Minimum Capital Requirement | To be Well Capitalized under Prompt Corrective Action Provisions | |||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||||
March 31, 2015 | |||||||||||||||||||||||
Total capital (to risk-weighted assets) | $ | 47,793 | 13.17 | % | $ | 29,031 | >8.0 | % | $ | >36,289 | >10.0 | % | |||||||||||
Tier 1 capital (to risk-weighted assets) | 45,381 | 12.51 | >21,773 | >6.0 | >29,031 | >8.0 | |||||||||||||||||
Tier 1 common equity capital (to risk-weighted assets) | 45,381 | 12.51 | >16,330 | >4.5 | >23,588 | >6.5 | |||||||||||||||||
Tier 1 capital (to total assets) | 45,381 | 9.97 | >18,208 | >4.0 | >22,760 | >5.0 | |||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||
Total capital (to risk-weighted assets) | $ | 45,327 | 12.87 | % | $ | >28,177 | >8.0 | % | $ | >35,221 | >10.0 | % | |||||||||||
Tier 1 capital (to risk-weighted assets) | 42,979 | 12.2 | >14,088 | >4.0 | >21,132 | >6.0 | |||||||||||||||||
Tier 1 capital (to total assets) | 42,979 | 9.34 | >18,410 | >4.0 | >23,012 | >5.0 | |||||||||||||||||
First Priority’s ability to pay cash dividends is dependent on receiving cash in the form of dividends from First Priority Bank. However, certain restrictions exist regarding the ability of First Priority Bank to transfer funds to First Priority in the form of cash dividends. All dividends are currently subject to prior approval of the Pennsylvania Department of Banking and Securities and the FDIC and are payable only from the undivided profits of First Priority Bank, with the exception of an exemption enacted by the Pennsylvania Department of Banking and Securities which allows the Bank to pay dividends related to the preferred stock originally issued under the U.S. Department of the Treasury’s Troubled Asset Relief Program—Capital Purchase Program. Additionally, First Priority has met the requirement of obtaining prior approval from the Federal Reserve Bank on any payment of dividends, including dividends on the aforementioned preferred stock, when net income for the past four quarters is not sufficient to fund the dividend payments over that same period, or when such payment would negatively impact capital adequacy of the Company. |
Fair_Value_Measurements_and_Fa
Fair Value Measurements and Fair Values of Financial Instruments | 3 Months Ended | |||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||||||
Fair Value Measurements and Fair Values of Financial Instruments | Note 11—Fair Value Measurements and Fair Values of Financial Instruments | |||||||||||||||||||
Management uses its best judgment in estimating the fair value of the Bank’s financial instruments; however, there are inherent weaknesses in any estimation technique. Therefore, for substantially all financial instruments, the fair value estimates herein are not necessarily indicative of the amounts the Company could have realized in a sales transaction on the dates indicated. The estimated fair value amounts have been measured as of March 31, 2015 and December 31, 2014 and have not been re-evaluated or updated for purposes of these financial statements subsequent to those respective dates. As such, the estimated fair values of these financial instruments subsequent to the respective reporting dates may be different than the amounts reported at each period-end. | ||||||||||||||||||||
The Company uses fair value measurements to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures. In accordance with FASB ASC Topic 820—Fair Value Measurements, the fair value of a financial instrument is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value is best determined based upon quoted market prices. However, in some instances, there are no quoted market prices for the Company’s various financial instruments. In cases where quoted market prices are not available, fair values are based on estimates using present value or other valuation techniques. Those techniques are significantly affected by the assumptions used, including the discount rate and estimates of future cash flows. Accordingly, the fair value estimates may not be realized in an immediate settlement of the instrument. | ||||||||||||||||||||
The fair value guidance provides a consistent definition of fair value, which focuses on exit price in an orderly transaction (that is, not a forced liquidation or distressed sale) between market participants at the measurement date under current market conditions. If there has been a significant decrease in the volume and level of activity for the asset or liability, a change in valuation technique or the use of multiple valuation techniques may be appropriate. In such instances, determining the price at which willing market participants would transact at the measurement date under current market conditions depends on the facts and circumstances and requires the use of significant judgment. The fair value is a reasonable point within the range that is most representative of fair value under current market conditions. | ||||||||||||||||||||
FASB ASC Topic 820 establishes a fair value hierarchy that prioritizes the inputs to valuation methods used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy under FASB ASC Topic 820 are as follows: | ||||||||||||||||||||
Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. | ||||||||||||||||||||
Level 2: Quoted prices in markets that are not active, or inputs that are observable either directly or indirectly, for substantially the full term of the asset or liability. | ||||||||||||||||||||
Level 3: Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported with little or no market activity). Management utilizes inputs that it believes a market participant would use. | ||||||||||||||||||||
An asset’s or liability’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. | ||||||||||||||||||||
For financial assets measured at fair value on a recurring basis, the fair value measurements by level within the fair value hierarchy used at March 31, 2015 and December 31, 2014 are as follows: | ||||||||||||||||||||
Description | Fair Value | (Level 1) | (Level 2) Siginificant | (Level 3) | ||||||||||||||||
Quoted | Other | Significant Unobservable Inputs | ||||||||||||||||||
Prices in | Observable | |||||||||||||||||||
Active | Inputs | |||||||||||||||||||
Markets for Identical | ||||||||||||||||||||
Assets | ||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
As of March 31, 2015: | ||||||||||||||||||||
Investment securities available for sale: | ||||||||||||||||||||
Obligations of U.S. government agencies and | $ | 19,456 | $ | — | $ | 19,456 | $ | — | ||||||||||||
corporations | ||||||||||||||||||||
Obligations of states and political subdivisions | 4,934 | — | 4,934 | — | ||||||||||||||||
Federal agency mortgage-backed securities | 19,761 | — | 19,761 | — | ||||||||||||||||
Federal agency collateralized mortgage obligations | 480 | — | 480 | — | ||||||||||||||||
Other debt securities | 501 | — | 501 | — | ||||||||||||||||
Money market mutual fund | 85 | 85 | — | — | ||||||||||||||||
Total assets measured at fair value on a recurring basis | $ | 45,217 | $ | 85 | $ | 45,132 | $ | — | ||||||||||||
As of December 31, 2014: | ||||||||||||||||||||
Investment securities available for sale: | ||||||||||||||||||||
Obligations of U.S. government agencies and | $ | 49,276 | $ | — | $ | 49,276 | $ | — | ||||||||||||
corporations | ||||||||||||||||||||
Obligations of states and political subdivisions | 4,871 | — | 4,871 | — | ||||||||||||||||
Federal agency mortgage-backed securities | 20,351 | — | 20,351 | — | ||||||||||||||||
Federal agency collateralized mortgage obligations | 532 | — | 532 | — | ||||||||||||||||
Other debt securities | 502 | — | 502 | — | ||||||||||||||||
Money market mutual fund | 25 | 25 | — | — | ||||||||||||||||
Total assets measured at fair value on a recurring basis | $ | 75,557 | $ | 25 | $ | 75,532 | $ | — | ||||||||||||
For financial assets measured at fair value on a nonrecurring basis, the fair value measurements by level within the fair value hierarchy used at March 31, 2015 and December 31, 2014 are as follows: | ||||||||||||||||||||
Description | Fair Value | (Level 1) | (Level 2) Siginificant | (Level 3) | ||||||||||||||||
Quoted Prices | Other | Significant Unobservable Inputs | ||||||||||||||||||
in Active | Observable | |||||||||||||||||||
Markets for Identical | Inputs | |||||||||||||||||||
Assets | ||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
As of March 31, 2015: | ||||||||||||||||||||
Impaired loans | $ | 3,027 | $ | — | $ | — | $ | 3,027 | ||||||||||||
Repossessed assets | 42 | — | — | 42 | ||||||||||||||||
Other real estate owned | 105 | — | — | 105 | ||||||||||||||||
Total assets measured at fair value on a | $ | 3,174 | $ | — | $ | — | $ | 3,174 | ||||||||||||
nonrecurring basis | ||||||||||||||||||||
As of December 31, 2014: | ||||||||||||||||||||
Impaired loans | $ | 2,205 | $ | — | $ | — | $ | 2,205 | ||||||||||||
Repossessed assets | 42 | — | — | 42 | ||||||||||||||||
Other real estate owned | 105 | — | — | 105 | ||||||||||||||||
Total assets measured at fair value on a | $ | 2,352 | $ | — | $ | — | $ | 2,352 | ||||||||||||
nonrecurring basis | ||||||||||||||||||||
Management generally uses a discounted appraisal technique in valuing impaired assets, resulting in the discounting of the collateral values underlying each impaired asset. A discounted tax assessment rate has been applied for smaller assets to determine the discounted collateral value. All impaired loans are classified as Level 3 in the fair value hierarchy. Collateral may be real estate and/or business assets. Impaired loans are reviewed and evaluated on at least a quarterly basis for additional impairment. | ||||||||||||||||||||
Quantitative information about Level 3 fair value measurements at March 31, 2015 is included in the table below: | ||||||||||||||||||||
Fair Value | Valuation Techniques | Unobservable | Estimated | |||||||||||||||||
Inputs | Ratings | |||||||||||||||||||
(Weighted | ||||||||||||||||||||
Average) (3) | ||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
Impaired loans | $ | 3,027 | Appraisal of real estate | Appraisal adjustments(2) | 0%-50% | |||||||||||||||
collateral (1) | -2.04% | |||||||||||||||||||
Valuation of business | Valuation adjustments(2) | 25%-30% | ||||||||||||||||||
assets used as | ||||||||||||||||||||
collateral(1) | ||||||||||||||||||||
Liquidation expenses | 2%-8% | |||||||||||||||||||
-5.31% | ||||||||||||||||||||
Repossessed assets | $ | 42 | Appraisal of collateral(1) | Valuation adjustments(2) | 7% | |||||||||||||||
Liquidation expenses | 8% | |||||||||||||||||||
Other real estate owned | $ | 105 | Appraisal of collateral(1) | Appraisal adjustments(2) | None | |||||||||||||||
Liquidation expenses | 7%-8% | |||||||||||||||||||
-7.79% | ||||||||||||||||||||
Quantitative information about Level 3 fair value measurements at December 31, 2014 is included in the table below: | ||||||||||||||||||||
Fair Value | Valuation Techniques | Unobservable | Estimated | |||||||||||||||||
Inputs | Ratings | |||||||||||||||||||
(Weighted | ||||||||||||||||||||
Average) (3) | ||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
Impaired loans | $ | 2,205 | Appraisal of real estate | Appraisal adjustments(2) | 0%-5% (0.12%) | |||||||||||||||
collateral (1) | ||||||||||||||||||||
Valuation of business | Valuation adjustments(2) | 25%-30% | ||||||||||||||||||
assets used as | ||||||||||||||||||||
collateral(1) | ||||||||||||||||||||
Liquidation expenses | 8% | |||||||||||||||||||
-8.00% | ||||||||||||||||||||
Repossessed assets | $ | 42 | Appraisal of collateral(1) | Valuation adjustments(2) | 7% | |||||||||||||||
Liquidation expenses | 8% | |||||||||||||||||||
Other real estate owned | $ | 105 | Appraisal of collateral(1) | Appraisal adjustments(2) | None | |||||||||||||||
Liquidation expenses | 7%-8% | |||||||||||||||||||
-7.79% | ||||||||||||||||||||
-1 | Fair Value is generally determined through independent appraisals of the underlying collateral, which include Level 3 inputs that are not identifiable. | |||||||||||||||||||
-2 | Appraisals are adjusted by management for qualitative factors such as economic conditions and estimated liquidation expenses. | |||||||||||||||||||
-3 | The range and weighted average of qualitative factors such as economic conditions and estimated liquidation expenses are presented as a percent of the appraised value. | |||||||||||||||||||
Valuation of real estate collateral may be discounted based on the age of the existing appraisal. No discounts are taken for recent appraisals. Valuations related to business assets used as collateral are typically discounted more heavily due to the inherent level of uncertainty in determining the fair value of these types of assets. Liquidation costs relating to these assets are charged to expense. | ||||||||||||||||||||
Repossessed assets measured at fair value on a nonrecurring basis consist of personal property, specifically manufactured housing, that has been acquired for debts previously contracted and are included in other assets on the balance sheet. Costs relating to these assets are charged to expense. The Company had $42 thousand of repossessed assets as of both March 31, 2015 and December 31, 2014, respectively. | ||||||||||||||||||||
Other real estate owned measured at fair value on a nonrecurring basis consists of properties acquired as a result of accepting a deed in lieu of foreclosure, foreclosure or through other means related to collateral on Bank loans. Costs relating to the development or improvement of assets are capitalized and costs relating to holding the property are charged to expense. At both March 31, 2015 and December 31, 2014, the fair value consists of other real estate owned balances of $433 thousand, net of valuation allowances of $328 thousand. Fair value is generally determined based upon independent third-party appraisals of the property. | ||||||||||||||||||||
Real estate properties acquired through, or in lieu of, foreclosure are to be sold and are carried at fair value less estimated cost to sell. Fair value is based upon independent market prices or appraised value of the property. These assets are included in Level 3 fair value based upon the lowest level of input that is significant to the fair value measurement. | ||||||||||||||||||||
The following information should not be interpreted as an estimate of the fair value of the entire Company since a fair value calculation is only provided for a limited portion of the Company’s assets and liabilities. Due to a wide range of valuation techniques and the degree of subjectivity used in making the estimates, comparisons between the Company’s disclosures and those of other companies may not be meaningful. | ||||||||||||||||||||
The following methods and assumptions were used to estimate the fair values of the Company’s financial instruments at March 31, 2015 and December 31, 2014: | ||||||||||||||||||||
Cash and Cash Equivalents | ||||||||||||||||||||
The carrying amounts reported in the balance sheet for cash and short-term instruments approximate those assets’ fair values. | ||||||||||||||||||||
Securities | ||||||||||||||||||||
The fair value of securities available for sale (carried at fair value) and held to maturity (carried at amortized cost) are determined by obtaining quoted market prices on nationally recognized securities exchanges (Level 1), or matrix pricing (Level 2), which is a mathematical technique used widely in the industry to value debt securities without relying exclusively on quoted market prices for the specific securities but rather by relying on the securities’ relationship to other benchmark quoted prices. | ||||||||||||||||||||
Loans Receivable | ||||||||||||||||||||
The fair values of loans are estimated using discounted cash flow analyses, using market rates at the balance sheet date that reflect the credit and interest rate-risk inherent in the loans. Projected future cash flows are calculated based upon contractual maturity or call dates, projected repayments and prepayments of principal. | ||||||||||||||||||||
Residential Mortgage Loans Held for Sale | ||||||||||||||||||||
The fair value of loans held for sale is determined, when possible, using quoted secondary-market prices. If no such quoted prices exist, the fair value of a loan is determined using quoted prices for a similar loan or loans, adjusted for the specific attributes of that loan. The Company did not write down any loans held for sale during the three months ended March 31, 2015. There were no loans held for sale at December 31, 2014. | ||||||||||||||||||||
Impaired Loans | ||||||||||||||||||||
Impaired loans, which are included in loans receivable, are those that are accounted for under FASB ASC Topic 310, “Receivables”, in which the Company has measured impairment generally based on the fair value of the loan’s collateral. Fair value is generally determined based upon independent third party appraisals of the properties, or discounted cash flows based upon the expected proceeds. These assets are included as Level 3 fair values, based upon the lowest level of input that is significant to the fair value measurements. The fair value of the impaired loans consists of the loan balances, net of any valuation allowance. As of March 31, 2015 the fair value of impaired loans consisted of loan balances with an allowance recorded of $871 thousand, net of valuation allowances of $140 thousand; and loan balances with no related allowance recorded of $3.3 million, net of partial charge-offs of $1.0 million. As of December 31, 2014 the fair value of impaired loans consisted of loan balances with an allowance recorded of $542 thousand, net of valuation allowances of $166 thousand and partial charge-offs of $28 thousand; and loan balances with no related allowance recorded of $2.9 million, net of partial charge-offs of $1.1 million. | ||||||||||||||||||||
Restricted Investment in Bank Stock | ||||||||||||||||||||
The carrying amount of restricted investment in bank stock approximates fair value, and considers the limited marketability of such securities. | ||||||||||||||||||||
Accrued Interest Receivable and Payable | ||||||||||||||||||||
The carrying amount of accrued interest receivable and accrued interest payable approximates fair value. | ||||||||||||||||||||
Deposit Liabilities | ||||||||||||||||||||
The fair values disclosed for demand deposits (interest and noninterest checking), money market and savings accounts are, by definition, equal to the amount payable on demand at the reporting date (i.e., their carrying amounts). Fair values for fixed-rate certificates of deposit are estimated using a discounted cash flow calculation that applies interest rates currently being offered in the market to the maturities of the time deposits. | ||||||||||||||||||||
Short-Term Borrowings | ||||||||||||||||||||
The carrying amounts of short-term borrowings approximate their fair values. | ||||||||||||||||||||
Long-Term Debt | ||||||||||||||||||||
Fair values of FHLB advances are estimated using discounted cash flow analysis, based on quoted prices for new FHLB advances with similar credit risk characteristics, terms and remaining maturity. These prices obtained from this active market represent a market value that is deemed to represent the transfer price if the liability were assumed by a third party. | ||||||||||||||||||||
Off-Balance Sheet Financial Instruments | ||||||||||||||||||||
Fair values for the Company’s off-balance sheet financial instruments (lending commitments and letters of credit) are based on fees currently charged in the market to enter into similar agreements, taking into account, the remaining terms of the agreements and the counterparties’ credit standing. | ||||||||||||||||||||
At March 31, 2015 and December 31, 2014, the estimated fair values of the Company’s financial instruments were as follows: | ||||||||||||||||||||
31-Mar-15 | ||||||||||||||||||||
Carrying Amount | Fair Value | Level 1 | Level 2 | Level 3 | ||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
Assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | 20,955 | $ | 20,955 | $ | 20,955 | $ | — | $ | — | ||||||||||
Securities available for sale | 45,217 | 45,217 | 85 | 45,132 | — | |||||||||||||||
Securities held to maturity | 15,777 | 16,601 | — | 16,601 | — | |||||||||||||||
Loans receivable, net | 370,092 | 377,651 | — | — | 377,651 | |||||||||||||||
Restricted stock | 1,873 | 1,873 | — | 1,873 | — | |||||||||||||||
Accrued interest receivable | 1,465 | 1,465 | — | 1,465 | — | |||||||||||||||
Liabilities: | ||||||||||||||||||||
Deposits | 380,935 | 382,275 | — | 382,275 | — | |||||||||||||||
Short-term borrowings | 27,000 | 27,000 | — | 27,000 | — | |||||||||||||||
Long-term debt | 11,000 | 10,992 | — | 10,992 | — | |||||||||||||||
Accrued interest payable | 441 | 441 | — | 441 | — | |||||||||||||||
Off-balance sheet credit related instruments: | ||||||||||||||||||||
Commitments to extend credit | — | — | — | — | — | |||||||||||||||
31-Dec-14 | ||||||||||||||||||||
Carrying Amount | Fair Value | Level 1 | Level 2 | Level 3 | ||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
Assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | 7,866 | $ | 7,866 | $ | 7,866 | $ | — | $ | — | ||||||||||
Securities available for sale | 75,557 | 75,557 | 25 | 75,532 | — | |||||||||||||||
Securities held to maturity | 15,956 | 16,544 | — | 16,544 | — | |||||||||||||||
Loans receivable, net | 372,909 | 380,257 | — | — | 380,257 | |||||||||||||||
Restricted stock | 2,984 | 2,984 | — | 2,984 | — | |||||||||||||||
Accrued interest receivable | 1,511 | 1,511 | — | 1,511 | — | |||||||||||||||
Liabilities: | ||||||||||||||||||||
Deposits | 378,209 | 379,203 | — | 379,203 | — | |||||||||||||||
Short-term borrowings | 51,472 | 51,472 | — | 51,472 | — | |||||||||||||||
Long-term debt | 11,000 | 10,936 | — | 10,936 | — | |||||||||||||||
Accrued interest payable | 356 | 356 | — | 356 | — | |||||||||||||||
Off-balance sheet credit related instruments: | ||||||||||||||||||||
Commitments to extend credit | — | — | — | — | — | |||||||||||||||
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 3 Months Ended | ||||||||||
Mar. 31, 2015 | |||||||||||
Accounting Policies [Abstract] | |||||||||||
Organization and Nature of Operations | Organization and Nature of Operations | ||||||||||
First Priority Financial Corp. | |||||||||||
First Priority Financial Corp. (“First Priority,” the “Company”) is a bank holding company incorporated under the laws of the Commonwealth of Pennsylvania on February 13, 2007. On May 11, 2007, as a result of a reorganization and merger, First Priority Bank (the “Bank”) became a wholly-owned subsidiary of First Priority. First Priority, primarily through the Bank, serves residents and businesses in the Delaware Valley with branches in Berks, Bucks, Chester and Montgomery counties in Pennsylvania. The Bank, which has 10 retail branch office locations as of March 31, 2015, is a locally managed community bank providing commercial banking products, primarily loans and deposits, headquartered in Malvern, PA. | |||||||||||
First Priority provides banking services through First Priority Bank and does not engage in any activities other than banking and related activities. As of March 31, 2015, First Priority had total assets of $471.3 million and total shareholders’ equity of $50.8 million. | |||||||||||
First Priority Bank | |||||||||||
First Priority Bank is a state-chartered commercial banking institution which was incorporated under the laws of the Commonwealth of Pennsylvania on May 25, 2005. First Priority Bank’s deposits are insured by the FDIC up to the maximum amount permitted for all banks. As of March 31, 2015, First Priority Bank had total assets of $471.0 million, total loans of $372.5 million, total deposits of $381.8 million and total shareholder’s equity of $50.0 million. | |||||||||||
First Priority Bank engages in a full service commercial and consumer banking business with strong private banking and individual wealth management services. First Priority Bank offers a variety of consumer, private banking and commercial loans, mortgage products and commercial real estate financing. The Company’s operations are significantly affected by prevailing economic conditions, competition, and the monetary, fiscal, and regulatory policies of governmental agencies. Lending activities are influenced by a number of factors, including the general credit needs of individuals and small and medium-sized businesses in the Company’s market area, competition, the current regulatory environment, the level of interest rates, and the availability of funds. Deposit flows and costs of funds are influenced by prevailing market rates of interest, competition, account maturities, and the level of personal income and savings in the market area. | |||||||||||
First Priority Bank also offers certain financial planning and investment management services. These investment services are provided by First Priority Financial Services, a Division of First Priority Bank, through an agreement with a third party provider. In addition, various life insurance products are offered through First Priority Bank, and the Bank has also entered into solicitation agreements with several investment advisors to provide portfolio management services to customers of the Bank. | |||||||||||
First Priority Bank currently seeks deposits and commercial and private banking relationships through its ten banking offices. The Bank provides deposit products that include checking, money market and savings accounts, and certificates of deposit as well as other deposit services, including cash management and electronic banking products and online account opening capabilities. The Bank obtains funding in the local community by providing excellent service and competitive rates to its customers and utilizes electronic and print media advertising to attract current and potential deposit customers. The Bank also uses brokered certificates of deposit as a cost effective funding alternative. | |||||||||||
Basis of Presentation | Basis of Presentation | ||||||||||
The accompanying unaudited consolidated financial statements consist of the Company and the Company’s wholly owned consolidated subsidiary, the Bank. All significant intercompany accounts and transactions have been eliminated in consolidation. | |||||||||||
These statements are prepared in accordance with instructions to Form 10-Q, and therefore, do not include information or all footnotes necessary for a complete presentation of financial position, results of operations and cash flows in conformity with accounting principles generally accepted in the United States (“GAAP”). However, all normal recurring adjustments that, in the opinion of management, are necessary for a fair presentation of these financial statements have been included. These financial statements should be read in conjunction with the audited consolidated financial statements and the notes thereto for First Priority Financial Corp. for the year ended December 31, 2014, included in the Company’s Form 10-K filed with the Securities and Exchange Commission on March 27, 2015. The results of interim periods presented are not necessarily indicative of the results that may be expected for the year ending December 31, 2015. | |||||||||||
Subsequent Events | Subsequent Events | ||||||||||
The Company has evaluated subsequent events for potential recognition and/or disclosure through the date these unaudited consolidated financial statements were issued. | |||||||||||
Estimates | Estimates | ||||||||||
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change in the near term relate to the determination of the allowance for loan losses, stock-based compensation, impairment of goodwill, impairment of investments, the valuation of deferred tax assets and the valuation of other real estate owned. | |||||||||||
Acquired Loans | Acquired Loans | ||||||||||
Acquired loans are initially recorded at their acquisition date fair values. The carryover of allowance for loan losses is prohibited as any credit losses in the loans are included in the determination of the fair value of the loans at the acquisition date. Fair values for acquired loans are based on a discounted cash flow methodology that involves assumptions and judgments as to credit risk, prepayment risk, liquidity risk, default rates, loss severity, payment speeds, collateral values and discount rate. | |||||||||||
Acquired loans that have evidence of deterioration in credit quality since origination and for which it is probable, at acquisition, that the Company will be unable to collect all contractually required payments are accounted for as impaired loans under ASC 310-30. The excess of cash flows expected at acquisition over the estimated fair value is referred to as the accretable discount and is recognized into interest income over the remaining life of the loans. The difference between contractually required payments at acquisition and the cash flows expected to be collected at acquisition is referred to as the non-accretable discount. The non-accretable discount represents estimated future credit losses expected to be incurred over the life of the loan. Subsequent decreases to the expected cash flows require the Company to evaluate the need for an allowance for loan losses on these loans. Subsequent improvements in expected cash flows result in the reversal of a corresponding amount of the non-accretable discount which the Company then reclassifies as an accretable discount that is recognized into interest income over the remaining life of the loans using the interest method. | |||||||||||
Acquired loans that met the criteria for non-accrual of interest prior to acquisition may be considered performing upon acquisition, or in the future, regardless of whether the customer is contractually delinquent, if the Company can reasonably estimate the timing and amount of the expected cash flows on such loans and if the Company expects to fully collect the new carrying value of the loans. As such, the Company may no longer consider the loan to be non-accrual or non-performing and may accrue interest on these loans, including the impact of any accretable discount. For acquired loans that are not deemed impaired at acquisition, credit discounts representing the principal losses expected over the life of the loan are a component of the initial fair value and amortized over the life of the asset. Subsequent to the acquisition date, the methods utilized to estimate the required allowance for loan losses for these loans is similar to originated loans, however, the Company records a provision for loan losses only when the required allowance exceeds any remaining pooled discounts for loans evaluated collectively for impairment. | |||||||||||
Allowance for Loan Losses | Allowance for Loan Losses | ||||||||||
The allowance for credit losses consists of the allowance for loan losses and the reserve for unfunded lending commitments. The allowance for loan losses represents management’s estimate of losses inherent in the loan portfolio as of the balance sheet date and is recorded as a reduction to loans. The reserve for unfunded lending commitments, totaling $35 thousand, represents management’s estimate of losses inherent in its unfunded loan commitments and is recorded in other liabilities on the consolidated balance sheet. The allowance for loan losses is increased by the provision for loan losses, and decreased by charge-offs, net of recoveries. Loans deemed to be uncollectible are charged against the allowance for loan losses, and subsequent recoveries, if any, are credited to the allowance. All, or part, of the principal balance of loans receivable are charged off to the allowance as soon as it is determined that the repayment of all, or part, of the principal balance is highly unlikely. Because all identified losses are immediately charged off, no portion of the allowance for loan losses is restricted to any individual loan or groups of loans, and the entire allowance is available to absorb any and all loan losses. | |||||||||||
The allowance for loan losses is maintained at a level considered adequate to provide for losses that can be reasonably anticipated. Management performs a quarterly evaluation of the adequacy of the allowance. The allowance is based on the Company’s past loan loss experience, known and inherent risks in the portfolio, adverse situations that may affect the borrower’s ability to repay, the estimated value of any underlying collateral, composition of the loan portfolio, current economic conditions and other relevant factors. This evaluation is inherently subjective as it requires material estimates that may be susceptible to significant revision as more information becomes available. | |||||||||||
The allowance consists of specific, general and unallocated components. The specific component relates to loans that are classified as impaired. For loans that are classified as impaired, an allowance is established when the discounted cash flows (or collateral value or observable market price) of the impaired loan is lower than the carrying value of that loan. The general component covers pools of loans by loan class including commercial loans not considered impaired, as well as smaller balance homogeneous loans, such as residential real estate, home equity and other consumer loans. These pools of loans are evaluated for loss exposure based upon historical loss rates for each of these categories of loans, adjusted for qualitative factors. These qualitative risk factors include: | |||||||||||
· | Lending policies and procedures, including underwriting standards and collection, charge-off, and recovery practices. | ||||||||||
· | National, regional, and local economic and business conditions as well as the condition of various market segments, including the value of underlying collateral for collateral dependent loans. | ||||||||||
· | Nature and volume of the portfolio and terms of loans. | ||||||||||
· | Management team with experience, depth, and knowledge in banking and in many areas of lending. Each contributes to the sound credit culture and control within the Company. | ||||||||||
· | Volume and severity of past due, classified and nonaccrual loans as well as other loan modifications. | ||||||||||
· | The Company engages a third party to perform an independent review of the loan portfolio as a measure for quality and consistency in credit evaluation and credit decisions. | ||||||||||
· | Existence and effect of any concentrations of credit and changes in the level of such concentrations. | ||||||||||
· | Effect of external factors, such as competition and legal and regulatory requirements. | ||||||||||
Each factor is assigned a value to reflect improving, stable or declining conditions based on management’s best judgment using relevant information available at the time of the evaluation. Adjustments to the factors are supported through documentation of changes in conditions in a narrative accompanying the allowance for loan loss calculation. | |||||||||||
A majority of the Company’s loans are to business owners of many types. The Company makes commercial loans for real estate development and other business purposes required by our customers. | |||||||||||
The Company’s credit policies determine advance rates against the different forms of collateral that can be pledged against commercial loans. Typically, the majority of loans will be limited to a percentage of their underlying collateral values such as real estate values, equipment, eligible accounts receivable and inventory. Individual loan advance rates may be higher or lower depending upon the financial strength of the borrower and/or term of the loan. The assets financed through commercial loans are used within the business for its ongoing operation. Repayment of these kinds of loans generally comes from the cash flow of the business or the ongoing conversions of assets. Commercial real estate loans include long-term loans financing commercial properties. Repayment of this kind of loan is dependent upon either the ongoing cash flow of the borrowing entity or the resale of or lease of the subject property. Commercial real estate loans typically require a loan to value ratio of not greater than 80% and vary in terms. | |||||||||||
Residential mortgages and home equity loans are secured by the borrower’s residential real estate in either a first or second lien position. Residential mortgages and home equity loans have varying loan rates depending on the financial condition of the borrower and the loan to value ratio. Residential mortgages have amortizations up to 30 years and home equity loans have maturities of no more than 15 years. Residential mortgages and home equity loans typically require a loan to value ratio of not greater than 80%. | |||||||||||
Other consumer loans include installment loans, car loans, and overdraft lines of credit. The majority of these loans are secured. | |||||||||||
An unallocated component is maintained to cover uncertainties that could affect management’s estimate of probable losses. The unallocated component of the allowance reflects the margin of imprecision inherent in the underlying assumptions used in the methodologies for estimating specific and general losses in the portfolio. | |||||||||||
A loan is considered impaired when, based on current information and events, it is probable that the Company will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case by case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record and the amount of the shortfall in relation to the principal and interest owed. | |||||||||||
Impairment is measured on a loan by loan basis for commercial and industrial loans, commercial real estate loans and commercial 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 for loan losses is established for an impaired loan if its carrying value exceeds its estimated fair value. The estimated fair values of substantially all of the Company’s impaired loans are measured based on the estimated fair value of the loan’s collateral. | |||||||||||
For commercial loans secured by real estate, estimated fair values are determined primarily through third-party appraisals. When a real estate secured loan becomes impaired, a decision is made regarding whether an updated certified appraisal of the real estate is necessary. This decision is based on various considerations, including the age of the most recent appraisal, the loan-to-value ratio based on the original appraisal and the condition of the property. Appraised values may be discounted to arrive at the estimated selling price of the collateral, which is considered to be the estimated fair value. The discounts also include estimated costs to sell the property. | |||||||||||
For commercial and industrial loans secured by non-real estate collateral, such as accounts receivable, inventory and equipment, estimated fair values are determined based on the borrower’s financial statements, inventory reports, accounts receivable aging or equipment appraisals or invoices. Indications of value from these sources are generally discounted based on the age of the financial information or the quality of the assets. | |||||||||||
Large groups of smaller balance homogeneous loans are collectively evaluated for impairment. Accordingly, the Company does not separately identify individual residential mortgage loans, home equity loans and other consumer loans for impairment disclosures, unless such loans are the subject of a troubled debt restructuring agreement. | |||||||||||
Acquired loans are recorded at acquisition date at their acquisition date fair values, and therefore, are excluded from the calculation of loan loss reserves as of the acquisition date. To the extent there is a decrease in the present value of cash flows expected from the acquired impaired loans after the date of acquisition, the Company records a provision for loan losses. During the three months ended March 31, 2015, the Company recorded a provision for loan losses totaling $42 thousand for acquired impaired loans. During the three months ended March 31, 2014, the Company recorded a provision for loan losses totaling $92 thousand for acquired impaired loans. | |||||||||||
For acquired loans that are not deemed impaired at acquisition, credit discounts representing principal losses expected over the life of the loan are a component of the initial fair value. Subsequent to the acquisition date, the methods used to estimate the required allowance for loan losses for these loans is similar to originated loans, however, the Company records a provision for loan losses only when the required allowance exceeds any remaining unamortized general credit fair value adjustment for loans evaluated collectively for impairment. | |||||||||||
The allowance calculation methodology includes further segregation of loan classes into risk rating categories. The borrower’s overall financial condition, repayment sources, guarantors and value of collateral, if appropriate, are evaluated annually for commercial loans or when credit deficiencies arise, such as delinquent loan payments, for commercial and consumer loans. Credit quality risk ratings include regulatory classifications of special mention, substandard, doubtful and loss. Loans criticized special mention have potential weaknesses that deserve management’s close attention. If uncorrected, the potential weaknesses may result in deterioration of the repayment prospects. Loans classified substandard have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They include loans that are inadequately protected by the current sound net worth and paying capacity of the obligor or of the collateral pledged, if any. Loans classified doubtful have all the weaknesses inherent in loans classified substandard with the added characteristic that collection or liquidation in full, on the basis of current conditions and facts, is highly improbable. Loans classified as a loss are considered uncollectible and are charged to the allowance for loan losses. Loans not classified are rated pass. | |||||||||||
In addition, Federal regulatory agencies, as an integral part of their examination process, periodically review the Company’s allowance for loan losses and may require the Company to recognize additions to the allowance based on their judgments about information available to them at the time of their examination, which may not be currently available to management. Based on management’s comprehensive analysis of the loan portfolio, management believes the current level of the allowance for loan losses is adequate. | |||||||||||
Comprehensive Income (Loss) | Comprehensive Income | ||||||||||
Accounting principles generally accepted in the United States of America 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 shareholders’ equity section of the balance sheet, such items, along with net income, are components of total comprehensive income. During the year ended December 31, 2014, the Company reversed the full valuation allowance on deferred tax assets and therefore, the Consolidated Statement of Comprehensive Income for the three months ended March 31, 2015 is presented net of the effect of income taxes. The Consolidated Statement of Comprehensive Income for the three months ended March 31, 2014 does not include the effects of income taxes due to the full valuation allowance on deferred tax assets. | |||||||||||
Details about Accumulated Other Comprehensive Income Components | Amounts Reclassified from Accumulated | Affected Line Item in the | |||||||||
Other Comprehensive Income | Statement where Net Income is | ||||||||||
Presented | |||||||||||
March 31, | March 31, | ||||||||||
2015 | 2014 | ||||||||||
(Dollars in thousands) | |||||||||||
Amortization of net unrealized holding losses on securities transferred from available-for-sale to held-to-maturity | $ | (13 | ) | $ | (14 | ) | Interest Income | ||||
Tax effect | 4 | - | Federal Income Tax Expense | ||||||||
Total reclassification | $ | (9 | ) | $ | (14 | ) | |||||
Accumulated other comprehensive income as of March 31, 2015 and December 31, 2014 consisted of the following: | |||||||||||
March 31, | December 31, | ||||||||||
2015 | 2014 | ||||||||||
(Dollars in thousands) | |||||||||||
Net unrealized gain (loss) on available for sale securities | $ | 203 | $ | (57 | ) | ||||||
Net unrealized holding gains on securities transferred | 42 | 51 | |||||||||
between available for sale and held to maturity | |||||||||||
Total | $ | 245 | $ | (6 | ) | ||||||
Recently Issued Accounting Standards | In January 2014, the FASB issued ASU 2014-04, Receivable (Topic 310): Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure. The ASU clarifies that an in substance repossession or foreclosure occurs upon either the creditor obtaining legal title to the residential real estate property or 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. The amendments are effective for annual periods, and interim reporting periods within those annual periods, beginning after December 15, 2014. The adoption of ASU 2014-04 did not have a significant impact on the Company’s Consolidated Financial Statements. | ||||||||||
In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606). The amendments in this Update establish a comprehensive revenue recognition standard for virtually all industries under U.S. GAAP, including those that previously followed industry specific guidance such as the real estate, construction and software industries. The revenue standard’s core principle is built on the contract between a vendor and a customer for the provision of goods and services. It attempts to depict the exchange of rights and obligations between the parties in the pattern of revenue recognition based on the consideration to which the vendor is entitled. To accomplish this objective, the standard requires five basic steps: i) identify the contract with the customer, (ii) identify the performance obligations in the contract, (iii) determine the transaction price, (iv) allocate the transaction price to the performance obligations in the contract, and (v) recognize revenue when (or as) the entity satisfies a performance obligation. The amendments are effective for annual periods, and interim reporting periods within those annual periods, beginning after December 15, 2018. Early adoption is permitted. Management does not believe the adoption of ASU 2014-09 will have a significant impact on the Company’s 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 update require 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 plus interest) expected to be recovered from the guarantor. The guidance was effective on January 1, 2015, and did not have a significant impact on our financial statements. | |||||||||||
In February 2015, the FASB issued ASU 2015-02, Consolidation (Topic 810) guidance which amends existing standards regarding the evaluation of certain legal entities and their consolidation in the financial statements. The amendments modify the evaluation of whether limited partnerships and similar legal entities are variable interest entities or voting interest entities and eliminate the presumption that a general partner should consolidate a limited partnership. The amendments also affect the consolidation analysis of reporting entities that are involved with variable interest entities and provide a scope exception from consolidation guidance for reporting entities with interests in legal entities that are required to comply with or operate in accordance with requirements that are similar to those in Rule 2a-7 of the Investment Company Act of 1940 for registered money market funds. The guidance becomes effective for public business entities for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2015. We are evaluating the impact of this guidance on our financial statements. | |||||||||||
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 3 Months Ended | ||||||||||
Mar. 31, 2015 | |||||||||||
Accounting Policies [Abstract] | |||||||||||
Schedule of Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | |||||||||||
Details about Accumulated Other Comprehensive Income Components | Amounts Reclassified from Accumulated | Affected Line Item in the | |||||||||
Other Comprehensive Income | Statement where Net Income is | ||||||||||
Presented | |||||||||||
March 31, | March 31, | ||||||||||
2015 | 2014 | ||||||||||
(Dollars in thousands) | |||||||||||
Amortization of net unrealized holding losses on securities transferred from available-for-sale to held-to-maturity | $ | (13 | ) | $ | (14 | ) | Interest Income | ||||
Tax effect | 4 | - | Federal Income Tax Expense | ||||||||
Total reclassification | $ | (9 | ) | $ | (14 | ) | |||||
Schedule of Accumulated Other Comprehensive Income (Loss) | Accumulated other comprehensive income as of March 31, 2015 and December 31, 2014 consisted of the following: | ||||||||||
March 31, | December 31, | ||||||||||
2015 | 2014 | ||||||||||
(Dollars in thousands) | |||||||||||
Net unrealized gain (loss) on available for sale securities | $ | 203 | $ | (57 | ) | ||||||
Net unrealized holding gains on securities transferred | 42 | 51 | |||||||||
between available for sale and held to maturity | |||||||||||
Total | $ | 245 | $ | (6 | ) | ||||||
Earnings_Per_Common_Share_Tabl
Earnings Per Common Share (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Earnings Per Share [Abstract] | ||||||||
Schedule of Calculations of Basic and Diluted Earnings per Common Share | The calculations of basic and diluted earnings per common share are presented below for the three months ended March 31, 2015 and 2014: | |||||||
For the three months ended | ||||||||
March 31, | ||||||||
(In thousands, except per share information) | ||||||||
2015 | 2014 | |||||||
Net income | $ | 417 | $ | 601 | ||||
Less: preferred stock dividends | (166 | ) | (120 | ) | ||||
Less: net discount accretion on preferred stock | — | (7 | ) | |||||
Income to common shareholders | $ | 251 | $ | 474 | ||||
Average basic common shares outstanding | 6,447 | 6,439 | ||||||
Effect of dilutive stock options | 47 | — | ||||||
Average number of common shares used to calculate | 6,494 | 6,439 | ||||||
diluted earnings per common share | ||||||||
Basic earnings per common share | $ | 0.04 | $ | 0.07 | ||||
Diluted earnings per common share | $ | 0.04 | $ | 0.07 | ||||
Schedule of Amount of Preferred Stock Dividends and Net Accretion or Amortization Related to Each Series of Preferred Stock | The amount of preferred stock dividends and the net accretion or amortization related to each series of preferred stock are presented below for the three months ended March 31, 2015 and 2014: | |||||||
For the three months ended | ||||||||
March 31, | ||||||||
2015 | 2014 | |||||||
(Dollars in thousands) | ||||||||
Preferred dividends: | ||||||||
Preferred Series A | $ | 103 | $ | 57 | ||||
Preferred Series B | 5 | 5 | ||||||
Preferred Series C | 58 | 58 | ||||||
Total preferred dividends | $ | 166 | $ | 120 | ||||
Net accretion (amortization) on preferred stock: | ||||||||
Preferred Series A | $ | — | $ | (9 | ) | |||
Preferred Series B | — | 2 | ||||||
Preferred Series C | — | - | ||||||
Total net accretion (amortization) on preferred stock | $ | — | $ | (7 | ) | |||
Securities_Tables
Securities (Tables) | 3 Months Ended | |||||||||||||||||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||||||||||||||||
Investments Debt And Equity Securities [Abstract] | ||||||||||||||||||||||||||||||||||||
Summary of Amortized Cost, Unrealized Gains and Losses, and Estimated Fair Value of Company's Investment Securities Available for Sale | The amortized cost, unrealized gains and losses, and the fair value of the Company’s investment securities available for sale and held to maturity are as follows for the periods presented: | |||||||||||||||||||||||||||||||||||
31-Mar-15 | ||||||||||||||||||||||||||||||||||||
Amortized | Gross Unrealized | Gross Unrealized | Estimated Fair | |||||||||||||||||||||||||||||||||
Cost | Gains | Losses | Value | |||||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||||||
Available For Sale: | ||||||||||||||||||||||||||||||||||||
Obligations of U.S. government agencies | $ | 19,454 | $ | 30 | $ | (28 | ) | $ | 19,456 | |||||||||||||||||||||||||||
and corporations | ||||||||||||||||||||||||||||||||||||
Obligations of states and political subdivisions | 4,885 | 49 | — | 4,934 | ||||||||||||||||||||||||||||||||
Federal agency mortgage-backed securities | 19,507 | 288 | (34 | ) | 19,761 | |||||||||||||||||||||||||||||||
Federal agency collateralized mortgage obligations | 478 | 2 | — | 480 | ||||||||||||||||||||||||||||||||
Other debt securities | 500 | 1 | — | 501 | ||||||||||||||||||||||||||||||||
Money market mutual fund | 85 | — | — | 85 | ||||||||||||||||||||||||||||||||
Total investment securities available for sale | $ | 44,909 | $ | 370 | $ | (62 | ) | $ | 45,217 | |||||||||||||||||||||||||||
Held To Maturity: | ||||||||||||||||||||||||||||||||||||
Obligations of states and political subdivisions | $ | 15,296 | $ | 776 | $ | — | $ | 16,072 | ||||||||||||||||||||||||||||
Other debt securities | 481 | 48 | — | 529 | ||||||||||||||||||||||||||||||||
Total investment securities held to maturity | $ | 15,777 | $ | 824 | $ | — | $ | 16,601 | ||||||||||||||||||||||||||||
31-Dec-14 | ||||||||||||||||||||||||||||||||||||
Amortized | Gross Unrealized | Gross Unrealized | Estimated Fair | |||||||||||||||||||||||||||||||||
Cost | Gains | Losses | Value | |||||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||||||
Available For Sale: | ||||||||||||||||||||||||||||||||||||
Obligations of U.S. government agencies | $ | 49,451 | $ | 21 | $ | (196 | ) | $ | 49,276 | |||||||||||||||||||||||||||
and corporations | ||||||||||||||||||||||||||||||||||||
Obligations of states and political subdivisions | 4,902 | 8 | (39 | ) | 4,871 | |||||||||||||||||||||||||||||||
Federal agency mortgage-backed securities | 20,233 | 192 | (74 | ) | 20,351 | |||||||||||||||||||||||||||||||
Federal agency collateralized mortgage obligations | 532 | 2 | (2 | ) | 532 | |||||||||||||||||||||||||||||||
Other debt securities | 500 | 2 | - | 502 | ||||||||||||||||||||||||||||||||
Money market mutual fund | 25 | — | — | 25 | ||||||||||||||||||||||||||||||||
Total investment securities available for sale | $ | 75,643 | $ | 225 | $ | (311 | ) | $ | 75,557 | |||||||||||||||||||||||||||
Held To Maturity: | ||||||||||||||||||||||||||||||||||||
Obligations of states and political subdivisions | $ | 15,475 | $ | 564 | $ | (12 | ) | $ | 16,027 | |||||||||||||||||||||||||||
Other debt securities | 481 | 36 | — | 517 | ||||||||||||||||||||||||||||||||
Total investment securities held to maturity | $ | 15,956 | $ | 600 | $ | (12 | ) | $ | 16,544 | |||||||||||||||||||||||||||
Schedule of Aggregate Unrealized Losses and Aggregate Fair Value of Underlying Securities Available for Sale | The table below details the aggregate unrealized losses and aggregate fair value of the underlying securities whose fair values are below their amortized cost at March 31, 2015 and December 31, 2014. | |||||||||||||||||||||||||||||||||||
As of March 31, 2015 | ||||||||||||||||||||||||||||||||||||
Less than 12 Months | 12 Months or longer | Total | ||||||||||||||||||||||||||||||||||
Fair Value | Unrealized Losses | Count | Fair Value | Unrealized Losses | Count | Fair Value | Unrealized Losses | Count | ||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||||||
Available for Sale: | ||||||||||||||||||||||||||||||||||||
Obligations of U.S. government | $ | — | $ | — | — | $ | 9,945 | $ | (28 | ) | 9 | $ | 9,945 | $ | (28 | ) | 9 | |||||||||||||||||||
agencies and corporations | ||||||||||||||||||||||||||||||||||||
Obligations of states and political | — | — | — | 5,742 | (34 | ) | 4 | 5,742 | (34 | ) | 4 | |||||||||||||||||||||||||
subdivisions | ||||||||||||||||||||||||||||||||||||
Total Available for Sale | $ | — | $ | — | — | $ | 15,687 | $ | (62 | ) | 13 | $ | 15,687 | $ | (62 | ) | 13 | |||||||||||||||||||
As of December 31, 2014 | ||||||||||||||||||||||||||||||||||||
Less than 12 Months | 12 Months or longer | Total | ||||||||||||||||||||||||||||||||||
Fair Value | Unrealized Losses | Count | Fair Value | Unrealized Losses | Count | Fair Value | Unrealized Losses | Count | ||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||||||
Available for Sale: | ||||||||||||||||||||||||||||||||||||
Obligations of U.S. government | $ | 30,000 | $ | - | 1 | $ | 16,753 | $ | (196 | ) | 15 | $ | 46,753 | $ | (196 | ) | 16 | |||||||||||||||||||
agencies and corporations | ||||||||||||||||||||||||||||||||||||
Obligations of states and political | 576 | (1 | ) | 1 | 3,076 | (38 | ) | 8 | 3,652 | (39 | ) | 9 | ||||||||||||||||||||||||
subdivisions | ||||||||||||||||||||||||||||||||||||
Federal agency mortgage-backed | - | - | - | 5,882 | (74 | ) | 4 | 5,882 | (74 | ) | 4 | |||||||||||||||||||||||||
securities | ||||||||||||||||||||||||||||||||||||
Federal agency collateralized | - | - | - | 296 | (2 | ) | 1 | 296 | (2 | ) | 1 | |||||||||||||||||||||||||
mortgage obligations | ||||||||||||||||||||||||||||||||||||
Total Available for Sale | $ | 30,576 | $ | (1 | ) | 2 | $ | 26,007 | $ | (310 | ) | 28 | $ | 56,583 | $ | (311 | ) | 30 | ||||||||||||||||||
Held to Maturity: | ||||||||||||||||||||||||||||||||||||
Obligations of states and political | $ | - | $ | - | - | $ | 1,481 | $ | (12 | ) | 3 | $ | 1,481 | $ | (12 | ) | 3 | |||||||||||||||||||
subdivisions | ||||||||||||||||||||||||||||||||||||
Total Held to Maturity | $ | - | $ | - | - | $ | 1,481 | $ | (12 | ) | 3 | $ | 1,481 | $ | (12 | ) | 3 | |||||||||||||||||||
Summary of Amortized Cost and Fair Value of Securities by Contractual Maturity | The amortized cost and fair value of securities as of March 31, 2015 by contractual maturity are shown below. Certain of these investment securities have call features which allow the issuer to call the security prior to its maturity date at the issuer’s discretion. | |||||||||||||||||||||||||||||||||||
31-Mar-15 | 31-Mar-15 | |||||||||||||||||||||||||||||||||||
Available for Sale Securities | Held to Maturity | |||||||||||||||||||||||||||||||||||
Amortized Cost | Fair Value | Amortized Cost | Fair Value | |||||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||||||
Due within one year | $ | 500 | $ | 501 | $ | — | $ | — | ||||||||||||||||||||||||||||
Due after one year through five years | 19,300 | 19,323 | 393 | 397 | ||||||||||||||||||||||||||||||||
Due after five years through ten years | 4,458 | 4,475 | 1,296 | 1,334 | ||||||||||||||||||||||||||||||||
Due after ten years | 581 | 592 | 14,088 | 14,870 | ||||||||||||||||||||||||||||||||
24,839 | 24,891 | 15,777 | 16,601 | |||||||||||||||||||||||||||||||||
Federal agency collateralized mortgage obligations | 478 | 480 | — | — | ||||||||||||||||||||||||||||||||
Federal agency mortgage-backed securities | 19,507 | 19,761 | — | — | ||||||||||||||||||||||||||||||||
Money market mutual fund | 85 | 85 | — | — | ||||||||||||||||||||||||||||||||
Total | $ | 44,909 | $ | 45,217 | $ | 15,777 | $ | 16,601 | ||||||||||||||||||||||||||||
Loans_Receivable_and_Related_A1
Loans Receivable and Related Allowance for Loan Losses (Tables) | 3 Months Ended | |||||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||||
Receivables [Abstract] | ||||||||||||||||||||||||
Summary of Loans Receivable | Loans receivable consist of the following at March 31, 2015 and December 31, 2014. | |||||||||||||||||||||||
March 31, | December 31, | |||||||||||||||||||||||
2015 | 2014 | |||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||
Commercial: | ||||||||||||||||||||||||
Commercial and industrial | $ | 75,055 | $ | 75,412 | ||||||||||||||||||||
Commercial mortgage | 169,002 | 168,969 | ||||||||||||||||||||||
Commercial construction | 7,713 | 6,497 | ||||||||||||||||||||||
Total commercial | 251,770 | 250,878 | ||||||||||||||||||||||
Residential mortgage loans | 78,929 | 80,134 | ||||||||||||||||||||||
Consumer: | ||||||||||||||||||||||||
Home equity lines of credit | 26,265 | 27,902 | ||||||||||||||||||||||
Other consumer loans | 15,581 | 16,378 | ||||||||||||||||||||||
Total consumer | 41,846 | 44,280 | ||||||||||||||||||||||
Total loans | 372,545 | 375,292 | ||||||||||||||||||||||
Allowance for loan losses | (2,377 | ) | (2,313 | ) | ||||||||||||||||||||
Net deferred loan cost (fees) | (76 | ) | (70 | ) | ||||||||||||||||||||
Total loans receivable, net | $ | 370,092 | $ | 372,909 | ||||||||||||||||||||
First Priority acquired various loans through the acquisition of Affinity for which there was, at acquisition, evidence of deterioration of credit quality since origination, and for which it was probable that all contractually required payments would not be collected. The carrying amounts of the acquired impaired loans included in the loan balances above are summarized as follows: | ||||||||||||||||||||||||
March 31, | December 31, | |||||||||||||||||||||||
2015 | 2014 | |||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||
Commercial and industrial | $ | 699 | $ | 699 | ||||||||||||||||||||
Commercial mortgage | 282 | 284 | ||||||||||||||||||||||
Residential mortgage loans | 135 | 186 | ||||||||||||||||||||||
Total unpaid principal balance | $ | 1,116 | $ | 1,169 | ||||||||||||||||||||
Net recorded investment | $ | 547 | $ | 602 | ||||||||||||||||||||
Accretable Purchased Credit Impaired Loans | The following table presents the changes in accretable yield related to acquired credit-impaired loans for the three months ended March 31, 2014 (dollars in thousands). There was no remaining accretable yield for the three months ended March 31, 2015: | |||||||||||||||||||||||
2014 | ||||||||||||||||||||||||
Accretable yield balance, beginning of period | $ | 56 | ||||||||||||||||||||||
Additions resulting from acquisition | - | |||||||||||||||||||||||
Accretion to interest income | (24 | ) | ||||||||||||||||||||||
Reclassification from nonaccretable difference and disposals, net | 13 | |||||||||||||||||||||||
Accretable yield balance, end of period | $ | 45 | ||||||||||||||||||||||
Activity in Allowance for Loan Losses by Loan Class | The following tables summarize the activity in the allowance for loan losses by loan class for the three months ended March 31, 2015 and 2014: | |||||||||||||||||||||||
For the three months ended | ||||||||||||||||||||||||
31-Mar-15 | ||||||||||||||||||||||||
Allowance for Loan Losses | ||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||
Beginning Balance | Charge-offs | Recoveries | Provision for loan losses | Ending Balance | ||||||||||||||||||||
Commercial and industrial | $ | 788 | $ | (16 | ) | $ | 5 | $ | (32 | ) | $ | 745 | ||||||||||||
Commercial mortgage | 468 | (11 | ) | — | 50 | 507 | ||||||||||||||||||
Commercial construction | 26 | — | — | 8 | 34 | |||||||||||||||||||
Residential mortgage loans | 159 | (28 | ) | — | 32 | 163 | ||||||||||||||||||
Home equity lines of credit | 270 | (12 | ) | 4 | (41 | ) | 221 | |||||||||||||||||
Other consumer loans | 87 | (2 | ) | 4 | (23 | ) | 66 | |||||||||||||||||
Unallocated | 515 | — | — | 126 | 641 | |||||||||||||||||||
Total loans | $ | 2,313 | $ | (69 | ) | $ | 13 | $ | 120 | $ | 2,377 | |||||||||||||
For the three months ended | ||||||||||||||||||||||||
31-Mar-14 | ||||||||||||||||||||||||
Allowance for Loan Losses | ||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||
Beginning Balance | Charge-offs | Recoveries | Provision for loan losses | Ending Balance | ||||||||||||||||||||
Commercial and industrial | $ | 445 | $ | — | $ | 10 | $ | (34 | ) | $ | 421 | |||||||||||||
Commercial mortgage | 452 | (74 | ) | — | 99 | 477 | ||||||||||||||||||
Commercial construction | 12 | (50 | ) | — | 55 | 17 | ||||||||||||||||||
Residential mortgage loans | 149 | - | — | 1 | 150 | |||||||||||||||||||
Home equity lines of credit | 177 | - | 4 | (58 | ) | 123 | ||||||||||||||||||
Other consumer loans | 67 | (52 | ) | 3 | 32 | 50 | ||||||||||||||||||
Unallocated | 971 | — | — | 10 | 981 | |||||||||||||||||||
Total loans | $ | 2,273 | $ | (176 | ) | $ | 17 | $ | 105 | $ | 2,219 | |||||||||||||
Allowance For Loan Losses Impairment Method | The following tables present the balance in the allowance for loan losses at March 31, 2015 and December 31, 2014 disaggregated on the basis of the Company’s impairment method by class of loans receivable along with the balance of loans receivable by class disaggregated on the basis of the Company’s impairment methodology: | |||||||||||||||||||||||
31-Mar-15 | ||||||||||||||||||||||||
Allowance for Loan Losses | Loans Receivables | |||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||
Ending | Ending Balance Individually | Ending Balance Collectively | Ending | Ending Balance Individually | Ending Balance Collectively | |||||||||||||||||||
Balance | Evaluated for Impairment | Evaluated for Impairment | Balance | Evaluated for Impairment | Evaluated for Impairment | |||||||||||||||||||
Commercial and industrial | $ | 745 | $ | 140 | $ | 605 | $ | 75,055 | $ | 2,099 | $ | 72,956 | ||||||||||||
Commercial mortgage | 507 | — | 507 | 169,002 | 3,551 | 165,451 | ||||||||||||||||||
Commercial construction | 34 | — | 34 | 7,713 | — | 7,713 | ||||||||||||||||||
Residential mortgage loans | 163 | — | 163 | 78,929 | 237 | 78,692 | ||||||||||||||||||
Home equity lines of credit | 221 | — | 221 | 26,265 | 100 | 26,165 | ||||||||||||||||||
Other consumer loans | 66 | — | 66 | 15,581 | 313 | 15,268 | ||||||||||||||||||
Unallocated | 641 | — | 641 | — | — | — | ||||||||||||||||||
Total loans | $ | 2,377 | $ | 140 | $ | 2,237 | $ | 372,545 | $ | 6,300 | $ | 366,245 | ||||||||||||
31-Dec-14 | ||||||||||||||||||||||||
Allowance for Loan Losses | Loans Receivables | |||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||
Ending | Ending Balance | Ending Balance Collectively | Ending | Ending Balance Individually | Ending Balance Collectively | |||||||||||||||||||
Balance | Individually | Evaluated for Impairment | Balance | Evaluated for Impairment | Evaluated for Impairment | |||||||||||||||||||
Evaluated for Impairment | ||||||||||||||||||||||||
Commercial and industrial | $ | 788 | $ | 147 | $ | 641 | $ | 75,412 | $ | 2,131 | $ | 73,281 | ||||||||||||
Commercial mortgage | 468 | 5 | 463 | 168,969 | 3,660 | 165,309 | ||||||||||||||||||
Commercial construction | 26 | — | 26 | 6,497 | - | 6,497 | ||||||||||||||||||
Residential mortgage loans | 159 | — | 159 | 80,134 | 347 | 79,787 | ||||||||||||||||||
Home equity lines of credit | 270 | 12 | 258 | 27,902 | 113 | 27,789 | ||||||||||||||||||
Other consumer loans | 87 | 2 | 85 | 16,378 | 364 | 16,014 | ||||||||||||||||||
Unallocated | 515 | — | 515 | — | — | — | ||||||||||||||||||
Total loans | $ | 2,313 | $ | 166 | $ | 2,147 | $ | 375,292 | $ | 6,615 | $ | 368,677 | ||||||||||||
Summary of Impaired Loans by Loan Portfolio Class | The following tables summarize information in regard to impaired loans by loan portfolio class as of March 31, 2015 and December 31, 2014 as well as for the three month periods then ended, respectively: | |||||||||||||||||||||||
31-Mar-15 | 31-Dec-14 | |||||||||||||||||||||||
Recorded Investment | Unpaid | Related | Recorded Investment | Unpaid | Related | |||||||||||||||||||
Principal | Allowance | Principal | Allowance | |||||||||||||||||||||
Balance | Balance | |||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||
With no related allowance | ||||||||||||||||||||||||
recorded: | ||||||||||||||||||||||||
Commercial and industrial | $ | 1,228 | $ | 1,700 | $ | — | $ | 1,840 | $ | 2,290 | $ | — | ||||||||||||
Commercial mortgage | 3,551 | 3,813 | — | 3,618 | 3,928 | — | ||||||||||||||||||
Commercial construction | — | — | — | - | - | — | ||||||||||||||||||
Residential mortgage loans | 237 | 330 | — | 347 | 426 | — | ||||||||||||||||||
Home equity lines of credit | 100 | 100 | — | 101 | 101 | — | ||||||||||||||||||
Other consumer loans | 313 | 337 | — | 196 | 215 | — | ||||||||||||||||||
With an allowance recorded: | ||||||||||||||||||||||||
Commercial and industrial | $ | 871 | $ | 882 | $ | 140 | $ | 291 | $ | 301 | $ | 147 | ||||||||||||
Commercial mortgage | — | — | — | 42 | 70 | 5 | ||||||||||||||||||
Commercial construction | — | — | — | — | — | — | ||||||||||||||||||
Residential mortgage loans | — | — | — | — | — | — | ||||||||||||||||||
Home equity lines of credit | — | — | — | 12 | 12 | 12 | ||||||||||||||||||
Other consumer loans | — | — | — | 168 | 168 | 2 | ||||||||||||||||||
Total: | ||||||||||||||||||||||||
Commercial and industrial | $ | 2,099 | $ | 2,582 | $ | 140 | $ | 2,131 | $ | 2,591 | $ | 147 | ||||||||||||
Commercial mortgage | 3,551 | 3,813 | — | 3,660 | 3,998 | 5 | ||||||||||||||||||
Commercial construction | — | — | — | - | - | — | ||||||||||||||||||
Residential mortgage loans | 237 | 330 | — | 347 | 426 | — | ||||||||||||||||||
Home equity lines of credit | 100 | 100 | — | 113 | 113 | 12 | ||||||||||||||||||
Other consumer loans | 313 | 337 | — | 364 | 383 | 2 | ||||||||||||||||||
Total | $ | 6,300 | $ | 7,162 | $ | 140 | $ | 6,615 | $ | 7,511 | $ | 166 | ||||||||||||
Three Months ended March 31, | ||||||||||||||||||||||||
2015 | 2014 | |||||||||||||||||||||||
Average | Interest | Average | Interest | |||||||||||||||||||||
Recorded | Income | Recorded | Income | |||||||||||||||||||||
Investment | Recognized | Investment | Recognized | |||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||
With no related allowance | ||||||||||||||||||||||||
recorded: | ||||||||||||||||||||||||
Commercial and industrial | $ | 1,239 | $ | 9 | $ | 1,747 | $ | — | ||||||||||||||||
Commercial mortgage | 3,573 | 15 | 948 | — | ||||||||||||||||||||
Commercial construction | — | — | 425 | 5 | ||||||||||||||||||||
Residential mortgage loans | 232 | — | 242 | — | ||||||||||||||||||||
Home equity lines of credit | 100 | 1 | - | — | ||||||||||||||||||||
Other consumer loans | 332 | 2 | 204 | — | ||||||||||||||||||||
With an allowance recorded: | ||||||||||||||||||||||||
Commercial and industrial | $ | 875 | $ | — | $ | 74 | $ | — | ||||||||||||||||
Commercial mortgage | — | — | 125 | — | ||||||||||||||||||||
Commercial construction | — | — | - | — | ||||||||||||||||||||
Residential mortgage loans | — | — | — | — | ||||||||||||||||||||
Home equity lines of credit | — | — | 31 | — | ||||||||||||||||||||
Other consumer loans | — | — | — | — | ||||||||||||||||||||
Total: | ||||||||||||||||||||||||
Commercial and industrial | $ | 2,114 | $ | 9 | $ | 1,821 | $ | — | ||||||||||||||||
Commercial mortgage | 3,573 | 15 | 1,073 | — | ||||||||||||||||||||
Commercial construction | — | — | 425 | 5 | ||||||||||||||||||||
Residential mortgage loans | 232 | — | 242 | — | ||||||||||||||||||||
Home equity lines of credit | 100 | 1 | 31 | — | ||||||||||||||||||||
Other consumer loans | 332 | 2 | 204 | — | ||||||||||||||||||||
Total | $ | 6,351 | $ | 27 | $ | 3,796 | $ | 5 | ||||||||||||||||
Nonaccrual Loans by Classes of Loan Portfolio | The following table presents nonaccrual loans by classes of the loan portfolio as of March 31, 2015 and December 31, 2014: | |||||||||||||||||||||||
31-Mar-15 | 31-Dec-14 | |||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||
Commercial and industrial | $ | 1,463 | $ | 1,474 | ||||||||||||||||||||
Commercial mortgage | 2,266 | 2,370 | ||||||||||||||||||||||
Residential mortgage loans | 237 | 347 | ||||||||||||||||||||||
Home equity lines of credit | 18 | 31 | ||||||||||||||||||||||
Other consumer loans | 213 | 262 | ||||||||||||||||||||||
Total loans | $ | 4,197 | $ | 4,484 | ||||||||||||||||||||
Classes of Loan Portfolio within Company's Internal Risk Rating System | The following tables present the classes of the loan portfolio summarized by the aggregate pass rating and the classified ratings of special mention, substandard and doubtful within the Company’s internal risk rating system as of March 31, 2015 and December 31, 2014: | |||||||||||||||||||||||
31-Mar-15 | ||||||||||||||||||||||||
Pass | Special | Substandard | Doubtful | Total | ||||||||||||||||||||
Mention | ||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||
Commercial: | ||||||||||||||||||||||||
Commercial and industrial | $ | 71,751 | $ | 1,145 | $ | 2,159 | $ | — | $ | 75,055 | ||||||||||||||
Commercial mortgage | 164,281 | 518 | 4,203 | — | 169,002 | |||||||||||||||||||
Commercial construction | 7,713 | — | — | — | 7,713 | |||||||||||||||||||
Residential mortgage loans | 78,692 | — | 237 | — | 78,929 | |||||||||||||||||||
Consumer: | ||||||||||||||||||||||||
Home equity lines of credit | 26,247 | — | 18 | — | 26,265 | |||||||||||||||||||
Other consumer loans | 15,368 | — | 213 | — | 15,581 | |||||||||||||||||||
Total | $ | 364,052 | $ | 1,663 | $ | 6,830 | $ | — | $ | 372,545 | ||||||||||||||
31-Dec-14 | ||||||||||||||||||||||||
Pass | Special | Substandard | Doubtful | Total | ||||||||||||||||||||
Mention | ||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||
Commercial: | ||||||||||||||||||||||||
Commercial and industrial | $ | 73,498 | $ | - | $ | 1,914 | $ | — | $ | 75,412 | ||||||||||||||
Commercial mortgage | 163,899 | 745 | 4,325 | — | 168,969 | |||||||||||||||||||
Commercial construction | 6,497 | — | - | — | 6,497 | |||||||||||||||||||
Residential mortgage loans | 79,787 | — | 347 | — | 80,134 | |||||||||||||||||||
Consumer: | ||||||||||||||||||||||||
Home equity lines of credit | 27,871 | — | 31 | — | 27,902 | |||||||||||||||||||
Other consumer loans | 16,116 | — | 262 | — | 16,378 | |||||||||||||||||||
Total | $ | 367,668 | $ | 745 | $ | 6,879 | $ | — | $ | 375,292 | ||||||||||||||
Classes of Loan Portfolio Summarized by Past Due Status | The following tables present the classes of the loan portfolio summarized by the past due status as of March 31, 2015 and December 31, 2014: | |||||||||||||||||||||||
31-Mar-15 | ||||||||||||||||||||||||
30-59 Days | 60-89 Days | Greater Than | Total Past Due | Current | Total Loans Receivables | |||||||||||||||||||
Past Due | Past Due | 90 Days | ||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||
Commercial: | ||||||||||||||||||||||||
Commercial and industrial | $ | 5 | $ | — | $ | 1,253 | $ | 1,258 | $ | 73,797 | $ | 75,055 | ||||||||||||
Commercial mortgage | 106 | — | 2,266 | 2,372 | 166,630 | 169,002 | ||||||||||||||||||
Commercial construction | — | — | — | — | 7,713 | 7,713 | ||||||||||||||||||
Residential mortgage loans | 1,250 | — | 202 | 1,452 | 77,477 | 78,929 | ||||||||||||||||||
Consumer: | — | |||||||||||||||||||||||
Home equity lines of credit | 55 | — | — | 55 | 26,210 | 26,265 | ||||||||||||||||||
Other consumer loans | 106 | 60 | 166 | 332 | 15,249 | 15,581 | ||||||||||||||||||
Total | $ | 1,522 | $ | 60 | $ | 3,887 | $ | 5,469 | $ | 367,076 | $ | 372,545 | ||||||||||||
31-Dec-14 | ||||||||||||||||||||||||
30-59 Days | 60-89 Days | Greater Than | Total Past Due | Current | Total Loans Receivables | |||||||||||||||||||
Past Due | Past Due | 90 Days | ||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||
Commercial: | ||||||||||||||||||||||||
Commercial and industrial | $ | 70 | $ | 102 | $ | 1,260 | $ | 1,432 | $ | 73,980 | $ | 75,412 | ||||||||||||
Commercial mortgage | 310 | 15 | 2,355 | 2,680 | 166,289 | 168,969 | ||||||||||||||||||
Commercial construction | — | — | — | — | 6,497 | 6,497 | ||||||||||||||||||
Residential mortgage loans | 478 | — | 312 | 790 | 79,344 | 80,134 | ||||||||||||||||||
Consumer: | ||||||||||||||||||||||||
Home equity lines of credit | - | — | 12 | 12 | 27,890 | 27,902 | ||||||||||||||||||
Other consumer loans | 31 | 66 | 214 | 311 | 16,067 | 16,378 | ||||||||||||||||||
Total | $ | 889 | $ | 183 | $ | 4,153 | $ | 5,225 | $ | 370,067 | $ | 375,292 | ||||||||||||
Summary of Information Regarding Bank's Troubled Debt Restructurings | The following table reflect information regarding troubled debt restructurings entered into by the Company for the three month period ended March 31, 2015. This mortgage loan, related to land, was in default and was restructured under the terms of a forbearance agreement whereby a concession was made in regards to the interest rate and the amortization period was extended. There were no troubled debt restructurings entered into by the Company for the three months ended March 31, 2014. | |||||||||||||||||||||||
For the three months ended March 31, 2015 | ||||||||||||||||||||||||
Number of Contracts | Pre- | Post- | ||||||||||||||||||||||
Modification Outstanding Recorded Investments | Modification Outstanding Recorded Investments | |||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||
Troubled debt restructurings: | ||||||||||||||||||||||||
Residential mortgage loans | 1 | $ | 35 | $ | 35 | |||||||||||||||||||
Total | 1 | $ | 35 | $ | 35 | |||||||||||||||||||
The following table reflects information regarding troubled debt restructuring entered into by the Bank for the year ended December 31, 2014: | ||||||||||||||||||||||||
Number of Contracts | Pre-Modification Outstanding Recorded Investments | Post- | ||||||||||||||||||||||
Modification Outstanding Recorded Investments | ||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||
Troubled debt restructurings: | ||||||||||||||||||||||||
Commercial and industrial | 1 | $ | 28 | $ | 28 | |||||||||||||||||||
Commercial mortgage | 1 | 1,292 | 1,292 | |||||||||||||||||||||
Home equity lines of credit | 2 | 112 | 102 | |||||||||||||||||||||
Other consumer loans | 3 | 170 | 158 | |||||||||||||||||||||
Total | 7 | $ | 1,602 | $ | 1,580 | |||||||||||||||||||
Deposits_Tables
Deposits (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Banking And Thrift [Abstract] | ||||||||
Components of Deposits | The components of deposits at March 31, 2015 and December 31, 2014 are as follows: | |||||||
March 31, | December 31, | |||||||
2015 | 2014 | |||||||
(Dollars in thousands) | ||||||||
Demand, non-interest bearing | $ | 49,542 | $ | 49,462 | ||||
Demand, interest-bearing | 34,762 | 34,186 | ||||||
Money market and savings accounts | 98,966 | 101,486 | ||||||
Time, $100 and over | 51,421 | 50,948 | ||||||
Time, other | 146,244 | 142,127 | ||||||
$ | 380,935 | $ | 378,209 | |||||
Scheduled Maturities of Time Deposits | At March 31, 2015, the scheduled maturities of time deposits were as follows: | |||||||
(Dollars in thousands) | ||||||||
3/31/16 | $ | 47,422 | ||||||
3/31/17 | 78,952 | |||||||
3/31/18 | 59,672 | |||||||
3/31/19 | 5,718 | |||||||
3/31/20 | 5,893 | |||||||
Thereafter | 8 | |||||||
$ | 197,665 | |||||||
Stock_Compensation_Program_Tab
Stock Compensation Program (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ||||||||
Summary of Stock Option Activity | A summary of the status of the Program is presented below for the three months ended March 31, 2015: | |||||||
Shares | Weighted | |||||||
Average | ||||||||
Exercise | ||||||||
Price | ||||||||
Outstanding at beginning of period | 866,613 | $ | 6.89 | |||||
Granted during period | — | — | ||||||
Forfeited/cancelled during period | (98 | ) | 11.21 | |||||
Expired | (34,348 | ) | 8.97 | |||||
Outstanding at end of period (1) | 832,167 | 6.8 | ||||||
Exercisable at end of period (1) | 262,667 | $ | 9.87 | |||||
-1 | Included in options outstanding and exercisable at March 31, 2015 are 100,000 organizer options, with an exercise price of $10.00 per share, exchanged as part of the 2008 acquisition of Prestige Community Bank which were issued outside of the Program. | |||||||
Summary of Restricted Stock Award Activity | A summary of restricted stock award activity is presented below for the three months ended March 31, 2015: | |||||||
Shares | ||||||||
Outstanding unvested shares at beginning of period | 121,874 | |||||||
Shares Granted during period | — | |||||||
Shares Forfeited/cancelled during the period | (200 | ) | ||||||
Vested Shares during this period | (1,575 | ) | ||||||
Outstanding unvested shares at end of period | 120,099 | |||||||
Regulatory_Matters_Tables
Regulatory Matters (Tables) | 3 Months Ended | ||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||
Banking And Thrift [Abstract] | |||||||||||||||||||||||
Schedule of Bank's Capital Amounts and Ratios | The Bank’s capital amounts (dollars in thousands) and ratios at March 31, 2015 and December 31, 2014 are presented below: | ||||||||||||||||||||||
Actual | Minimum Capital Requirement | To be Well Capitalized under Prompt Corrective Action Provisions | |||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||||
March 31, 2015 | |||||||||||||||||||||||
Total capital (to risk-weighted assets) | $ | 47,793 | 13.17 | % | $ | 29,031 | >8.0 | % | $ | >36,289 | >10.0 | % | |||||||||||
Tier 1 capital (to risk-weighted assets) | 45,381 | 12.51 | >21,773 | >6.0 | >29,031 | >8.0 | |||||||||||||||||
Tier 1 common equity capital (to risk-weighted assets) | 45,381 | 12.51 | >16,330 | >4.5 | >23,588 | >6.5 | |||||||||||||||||
Tier 1 capital (to total assets) | 45,381 | 9.97 | >18,208 | >4.0 | >22,760 | >5.0 | |||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||
Total capital (to risk-weighted assets) | $ | 45,327 | 12.87 | % | $ | >28,177 | >8.0 | % | $ | >35,221 | >10.0 | % | |||||||||||
Tier 1 capital (to risk-weighted assets) | 42,979 | 12.2 | >14,088 | >4.0 | >21,132 | >6.0 | |||||||||||||||||
Tier 1 capital (to total assets) | 42,979 | 9.34 | >18,410 | >4.0 | >23,012 | >5.0 | |||||||||||||||||
Fair_Value_Measurements_and_Fa1
Fair Value Measurements and Fair Values of Financial Instruments (Tables) | 3 Months Ended | |||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||||||
Summary of Financial Assets Measured at Fair Value on Recurring Basis | For financial assets measured at fair value on a recurring basis, the fair value measurements by level within the fair value hierarchy used at March 31, 2015 and December 31, 2014 are as follows: | |||||||||||||||||||
Description | Fair Value | (Level 1) | (Level 2) Siginificant | (Level 3) | ||||||||||||||||
Quoted | Other | Significant Unobservable Inputs | ||||||||||||||||||
Prices in | Observable | |||||||||||||||||||
Active | Inputs | |||||||||||||||||||
Markets for Identical | ||||||||||||||||||||
Assets | ||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
As of March 31, 2015: | ||||||||||||||||||||
Investment securities available for sale: | ||||||||||||||||||||
Obligations of U.S. government agencies and | $ | 19,456 | $ | — | $ | 19,456 | $ | — | ||||||||||||
corporations | ||||||||||||||||||||
Obligations of states and political subdivisions | 4,934 | — | 4,934 | — | ||||||||||||||||
Federal agency mortgage-backed securities | 19,761 | — | 19,761 | — | ||||||||||||||||
Federal agency collateralized mortgage obligations | 480 | — | 480 | — | ||||||||||||||||
Other debt securities | 501 | — | 501 | — | ||||||||||||||||
Money market mutual fund | 85 | 85 | — | — | ||||||||||||||||
Total assets measured at fair value on a recurring basis | $ | 45,217 | $ | 85 | $ | 45,132 | $ | — | ||||||||||||
As of December 31, 2014: | ||||||||||||||||||||
Investment securities available for sale: | ||||||||||||||||||||
Obligations of U.S. government agencies and | $ | 49,276 | $ | — | $ | 49,276 | $ | — | ||||||||||||
corporations | ||||||||||||||||||||
Obligations of states and political subdivisions | 4,871 | — | 4,871 | — | ||||||||||||||||
Federal agency mortgage-backed securities | 20,351 | — | 20,351 | — | ||||||||||||||||
Federal agency collateralized mortgage obligations | 532 | — | 532 | — | ||||||||||||||||
Other debt securities | 502 | — | 502 | — | ||||||||||||||||
Money market mutual fund | 25 | 25 | — | — | ||||||||||||||||
Total assets measured at fair value on a recurring basis | $ | 75,557 | $ | 25 | $ | 75,532 | $ | — | ||||||||||||
Summary of Financial Assets Measured at Fair Value on Nonrecurring Basis | For financial assets measured at fair value on a nonrecurring basis, the fair value measurements by level within the fair value hierarchy used at March 31, 2015 and December 31, 2014 are as follows: | |||||||||||||||||||
Description | Fair Value | (Level 1) | (Level 2) Siginificant | (Level 3) | ||||||||||||||||
Quoted Prices | Other | Significant Unobservable Inputs | ||||||||||||||||||
in Active | Observable | |||||||||||||||||||
Markets for Identical | Inputs | |||||||||||||||||||
Assets | ||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
As of March 31, 2015: | ||||||||||||||||||||
Impaired loans | $ | 3,027 | $ | — | $ | — | $ | 3,027 | ||||||||||||
Repossessed assets | 42 | — | — | 42 | ||||||||||||||||
Other real estate owned | 105 | — | — | 105 | ||||||||||||||||
Total assets measured at fair value on a | $ | 3,174 | $ | — | $ | — | $ | 3,174 | ||||||||||||
nonrecurring basis | ||||||||||||||||||||
As of December 31, 2014: | ||||||||||||||||||||
Impaired loans | $ | 2,205 | $ | — | $ | — | $ | 2,205 | ||||||||||||
Repossessed assets | 42 | — | — | 42 | ||||||||||||||||
Other real estate owned | 105 | — | — | 105 | ||||||||||||||||
Total assets measured at fair value on a | $ | 2,352 | $ | — | $ | — | $ | 2,352 | ||||||||||||
nonrecurring basis | ||||||||||||||||||||
Quantitative Information about Level 3 Fair Value Measurements | Quantitative information about Level 3 fair value measurements at March 31, 2015 is included in the table below: | |||||||||||||||||||
Fair Value | Valuation Techniques | Unobservable | Estimated | |||||||||||||||||
Inputs | Ratings | |||||||||||||||||||
(Weighted | ||||||||||||||||||||
Average) (3) | ||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
Impaired loans | $ | 3,027 | Appraisal of real estate | Appraisal adjustments(2) | 0%-50% | |||||||||||||||
collateral (1) | -2.04% | |||||||||||||||||||
Valuation of business | Valuation adjustments(2) | 25%-30% | ||||||||||||||||||
assets used as | ||||||||||||||||||||
collateral(1) | ||||||||||||||||||||
Liquidation expenses | 2%-8% | |||||||||||||||||||
-5.31% | ||||||||||||||||||||
Repossessed assets | $ | 42 | Appraisal of collateral(1) | Valuation adjustments(2) | 7% | |||||||||||||||
Liquidation expenses | 8% | |||||||||||||||||||
Other real estate owned | $ | 105 | Appraisal of collateral(1) | Appraisal adjustments(2) | None | |||||||||||||||
Liquidation expenses | 7%-8% | |||||||||||||||||||
-7.79% | ||||||||||||||||||||
Quantitative information about Level 3 fair value measurements at December 31, 2014 is included in the table below: | ||||||||||||||||||||
Fair Value | Valuation Techniques | Unobservable | Estimated | |||||||||||||||||
Inputs | Ratings | |||||||||||||||||||
(Weighted | ||||||||||||||||||||
Average) (3) | ||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
Impaired loans | $ | 2,205 | Appraisal of real estate | Appraisal adjustments(2) | 0%-5% (0.12%) | |||||||||||||||
collateral (1) | ||||||||||||||||||||
Valuation of business | Valuation adjustments(2) | 25%-30% | ||||||||||||||||||
assets used as | ||||||||||||||||||||
collateral(1) | ||||||||||||||||||||
Liquidation expenses | 8% | |||||||||||||||||||
-8.00% | ||||||||||||||||||||
Repossessed assets | $ | 42 | Appraisal of collateral(1) | Valuation adjustments(2) | 7% | |||||||||||||||
Liquidation expenses | 8% | |||||||||||||||||||
Other real estate owned | $ | 105 | Appraisal of collateral(1) | Appraisal adjustments(2) | None | |||||||||||||||
Liquidation expenses | 7%-8% | |||||||||||||||||||
-7.79% | ||||||||||||||||||||
-1 | Fair Value is generally determined through independent appraisals of the underlying collateral, which include Level 3 inputs that are not identifiable. | |||||||||||||||||||
-2 | Appraisals are adjusted by management for qualitative factors such as economic conditions and estimated liquidation expenses. | |||||||||||||||||||
-3 | The range and weighted average of qualitative factors such as economic conditions and estimated liquidation expenses are presented as a percent of the appraised value. | |||||||||||||||||||
Summary of Estimated Fair Values of Company's Financial Instruments | At March 31, 2015 and December 31, 2014, the estimated fair values of the Company’s financial instruments were as follows: | |||||||||||||||||||
31-Mar-15 | ||||||||||||||||||||
Carrying Amount | Fair Value | Level 1 | Level 2 | Level 3 | ||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
Assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | 20,955 | $ | 20,955 | $ | 20,955 | $ | — | $ | — | ||||||||||
Securities available for sale | 45,217 | 45,217 | 85 | 45,132 | — | |||||||||||||||
Securities held to maturity | 15,777 | 16,601 | — | 16,601 | — | |||||||||||||||
Loans receivable, net | 370,092 | 377,651 | — | — | 377,651 | |||||||||||||||
Restricted stock | 1,873 | 1,873 | — | 1,873 | — | |||||||||||||||
Accrued interest receivable | 1,465 | 1,465 | — | 1,465 | — | |||||||||||||||
Liabilities: | ||||||||||||||||||||
Deposits | 380,935 | 382,275 | — | 382,275 | — | |||||||||||||||
Short-term borrowings | 27,000 | 27,000 | — | 27,000 | — | |||||||||||||||
Long-term debt | 11,000 | 10,992 | — | 10,992 | — | |||||||||||||||
Accrued interest payable | 441 | 441 | — | 441 | — | |||||||||||||||
Off-balance sheet credit related instruments: | ||||||||||||||||||||
Commitments to extend credit | — | — | — | — | — | |||||||||||||||
31-Dec-14 | ||||||||||||||||||||
Carrying Amount | Fair Value | Level 1 | Level 2 | Level 3 | ||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
Assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | 7,866 | $ | 7,866 | $ | 7,866 | $ | — | $ | — | ||||||||||
Securities available for sale | 75,557 | 75,557 | 25 | 75,532 | — | |||||||||||||||
Securities held to maturity | 15,956 | 16,544 | — | 16,544 | — | |||||||||||||||
Loans receivable, net | 372,909 | 380,257 | — | — | 380,257 | |||||||||||||||
Restricted stock | 2,984 | 2,984 | — | 2,984 | — | |||||||||||||||
Accrued interest receivable | 1,511 | 1,511 | — | 1,511 | — | |||||||||||||||
Liabilities: | ||||||||||||||||||||
Deposits | 378,209 | 379,203 | — | 379,203 | — | |||||||||||||||
Short-term borrowings | 51,472 | 51,472 | — | 51,472 | — | |||||||||||||||
Long-term debt | 11,000 | 10,936 | — | 10,936 | — | |||||||||||||||
Accrued interest payable | 356 | 356 | — | 356 | — | |||||||||||||||
Off-balance sheet credit related instruments: | ||||||||||||||||||||
Commitments to extend credit | — | — | — | — | — | |||||||||||||||
Summary_of_Significant_Account3
Summary of Significant Accounting Policies - Additional Information (Detail) (USD $) | 3 Months Ended | |||
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | |
Branch | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Entity date of formation | 13-Feb-07 | |||
Agreement of reorganization and merger date | 11-May-07 | |||
Number of retail branch office locations | 10 | |||
Total assets | $471,267,000 | $492,311,000 | ||
Total Shareholders' Equity | 50,791,000 | 43,562,000 | 50,211,000 | 42,392,000 |
Loans receivable | 372,469,000 | 375,222,000 | ||
Deposits, Carrying Amount | 380,935,000 | 378,209,000 | ||
Portion of allowance for loan losses | 0 | |||
Residential mortgages amortization period | Residential mortgages have amortizations up to 30 years | |||
Home equity loans maturity period | Home equity loans have maturities of no more than 15 years. | |||
Provision for loan losses on acquired loans | 42,000 | 92,000 | ||
Maximum [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Commercial real estate percentage of loan to value ratio | 80.00% | |||
Residential mortgages amortization period | 30 years | |||
Home equity loans maturity period | 15 years | |||
Residential mortgages home equity percentage of loan to value ratio | 80.00% | |||
Reserve For Off Balance Sheet Activities [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Reserve for unfunded lending commitments | 35,000 | |||
First Priority Bank [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Entity date of formation | 25-May-05 | |||
Total assets | 471,000,000 | |||
Total Shareholders' Equity | 50,000,000 | |||
Loans receivable | 372,500,000 | |||
Deposits, Carrying Amount | $381,800,000 |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies - Schedule of Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Reclassification Adjustment out Of Accumulated Other Comprehensive Income [Line Items] | ||
Interest Income | $4,654 | $4,474 |
Total reclassification | 251 | 474 |
Reclassification out of Accumulated Other Comprehensive Income | ||
Reclassification Adjustment out Of Accumulated Other Comprehensive Income [Line Items] | ||
Federal income tax expenses | 4 | |
Total reclassification | -9 | -14 |
Amortization Of Unrealized Holding Losses On Securities Transferred From Available For Sale To Held To Maturity | Reclassification out of Accumulated Other Comprehensive Income | ||
Reclassification Adjustment out Of Accumulated Other Comprehensive Income [Line Items] | ||
Interest Income | ($13) | ($14) |
Summary_of_Significant_Account5
Summary of Significant Accounting Policies - Schedule of Accumulated Other Comprehensive Income (Loss) (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Net unrealized gain (loss) on available for sale securities | $394 | $776 | |
Net unrealized holding gains on securities transferred between available for sale and held to maturity | -9 | -151 | |
Total | 245 | -6 | |
Accumulated Other Comprehensive Income (Loss) | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Net unrealized gain (loss) on available for sale securities | 203 | -57 | |
Net unrealized holding gains on securities transferred between available for sale and held to maturity | 42 | 51 | |
Total | $245 | ($6) |
Earnings_Per_Common_Share_Addi
Earnings Per Common Share - Additional Information (Detail) | 3 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2014 |
Earnings Per Share [Abstract] | |
Common stock equivalent shares, excluded from earnings per share calculations | 845 |
Earnings_Per_Common_Share_Sche
Earnings Per Common Share - Schedule of Calculations of Basic and Diluted Earnings per Common Share (Detail) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Earnings Per Share [Abstract] | ||
Net income | $417 | $601 |
Less: preferred stock dividends | -166 | -120 |
Less: net discount accretion on preferred stock | -7 | |
Income to Common Shareholders | $251 | $474 |
Average basic common shares outstanding | 6,447 | 6,439 |
Effect of dilutive stock options | 47 | 0 |
Average number of common shares used to calculate diluted earnings per common share | 6,494 | 6,439 |
Basic earnings per common share | $0.04 | $0.07 |
Diluted earnings per common share | $0.04 | $0.07 |
Earnings_Per_Common_Share_Sche1
Earnings Per Common Share - Schedule of Amount of Preferred Stock Dividends and Net Accretion or Amortization Related to Each Series of Preferred Stock (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Class Of Stock [Line Items] | ||
Preferred dividends | $166 | $120 |
Net accretion (amortization) on preferred stock | -7 | |
Series A Preferred Stock [Member] | ||
Class Of Stock [Line Items] | ||
Preferred dividends | 103 | 57 |
Net accretion (amortization) on preferred stock | -9 | |
Series B Preferred Stock [Member] | ||
Class Of Stock [Line Items] | ||
Preferred dividends | 5 | 5 |
Net accretion (amortization) on preferred stock | 2 | |
Series C Preferred Stock [Member] | ||
Class Of Stock [Line Items] | ||
Preferred dividends | $58 | $58 |
Securities_Additional_Informat
Securities - Additional Information (Detail) (USD $) | 3 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | |
Investments Debt And Equity Securities [Abstract] | |||
Net unrealized holding gains amortized adjustment related to debt securities | $64,000 | $77,000 | |
Gross gains on sale of available for sale securities | 0 | 0 | |
Securities pledged to secure public fund deposits | 32,100,000 | 32,600,000 | |
Securities pledged to secure borrowings | $87,000 | $89,000 |
Securities_Summary_of_Amortize
Securities - Summary of Amortized Cost, Unrealized Gains and Losses, and Estimated Fair Value of Company's Investment Securities Available for Sale (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | $44,909 | $75,643 |
Gross Unrealized Gains | 370 | 225 |
Gross Unrealized Losses | -62 | -311 |
Fair Value | 45,217 | 75,557 |
Obligations of U.S. Government Agencies and Corporations [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 19,454 | 49,451 |
Gross Unrealized Gains | 30 | 21 |
Gross Unrealized Losses | -28 | -196 |
Fair Value | 19,456 | 49,276 |
Obligations of States and Political Subdivisions [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 4,885 | 4,902 |
Gross Unrealized Gains | 49 | 8 |
Gross Unrealized Losses | -39 | |
Fair Value | 4,934 | 4,871 |
Federal Agency Mortgage-Backed Securities [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 19,507 | 20,233 |
Gross Unrealized Gains | 288 | 192 |
Gross Unrealized Losses | -34 | -74 |
Fair Value | 19,761 | 20,351 |
Federal Agency Collateralized Mortgage Obligations [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 478 | 532 |
Gross Unrealized Gains | 2 | 2 |
Gross Unrealized Losses | -2 | |
Fair Value | 480 | 532 |
Other Debt Securities [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 500 | 500 |
Gross Unrealized Gains | 1 | 2 |
Fair Value | 501 | 502 |
Money Market Mutual Fund [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 85 | 25 |
Fair Value | $85 | $25 |
Securities_Summary_of_Amortize1
Securities - Summary of Amortized Cost, Unrealized Gains and Losses, and Estimated Fair Value of Company's Investment Securities Held to Maturity (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Schedule Of Held To Maturity Securities [Line Items] | ||
Amortized Cost | $15,777 | $15,956 |
Gross Unrealized Gains | 824 | 600 |
Gross Unrealized Losses | -12 | |
Securities held to maturity, fair value | 16,601 | 16,544 |
Obligations of States and Political Subdivisions [Member] | ||
Schedule Of Held To Maturity Securities [Line Items] | ||
Amortized Cost | 15,296 | 15,475 |
Gross Unrealized Gains | 776 | 564 |
Gross Unrealized Losses | -12 | |
Securities held to maturity, fair value | 16,072 | 16,027 |
Other Debt Securities [Member] | ||
Schedule Of Held To Maturity Securities [Line Items] | ||
Amortized Cost | 481 | 481 |
Gross Unrealized Gains | 48 | 36 |
Securities held to maturity, fair value | $529 | $517 |
Securities_Schedule_of_Aggrega
Securities - Schedule of Aggregate Unrealized Losses and Aggregate Fair Value of Underlying Securities Available for Sale (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | Positions | Positions |
Schedule Of Available For Sale Securities [Line Items] | ||
Available for Sale, Fair Value Less than 12 Months | $30,576 | |
Available for Sale, Unrealized Losses Less than 12 Months | -1 | |
Available for Sale, Count Less than 12 Months | 2 | |
Available for Sale, Fair Value More than 12 Months | 15,687 | 26,007 |
Available for Sale, Unrealized Losses More than 12 Months | -62 | -310 |
Available for Sale, Count More than 12 Months | 13 | 28 |
Available for Sale, Total Fair Value | 15,687 | 56,583 |
Available for Sale, Total Unrealized Losses | -62 | -311 |
Available for Sale, Total Count | 13 | 30 |
Obligations of U.S. Government Agencies and Corporations [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Available for Sale, Fair Value Less than 12 Months | 30,000 | |
Available for Sale, Count Less than 12 Months | 1 | |
Available for Sale, Fair Value More than 12 Months | 9,945 | 16,753 |
Available for Sale, Unrealized Losses More than 12 Months | -28 | -196 |
Available for Sale, Count More than 12 Months | 9 | 15 |
Available for Sale, Total Fair Value | 9,945 | 46,753 |
Available for Sale, Total Unrealized Losses | -28 | -196 |
Available for Sale, Total Count | 9 | 16 |
Obligations of States and Political Subdivisions [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Available for Sale, Fair Value Less than 12 Months | 576 | |
Available for Sale, Unrealized Losses Less than 12 Months | -1 | |
Available for Sale, Count Less than 12 Months | 1 | |
Available for Sale, Fair Value More than 12 Months | 5,742 | 3,076 |
Available for Sale, Unrealized Losses More than 12 Months | -34 | -38 |
Available for Sale, Count More than 12 Months | 4 | 8 |
Available for Sale, Total Fair Value | 5,742 | 3,652 |
Available for Sale, Total Unrealized Losses | -34 | -39 |
Available for Sale, Total Count | 4 | 9 |
Federal Agency Mortgage-Backed Securities [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Available for Sale, Fair Value More than 12 Months | 5,882 | |
Available for Sale, Unrealized Losses More than 12 Months | -74 | |
Available for Sale, Count More than 12 Months | 4 | |
Available for Sale, Total Fair Value | 5,882 | |
Available for Sale, Total Unrealized Losses | -74 | |
Available for Sale, Total Count | 4 | |
Federal Agency Collateralized Mortgage Obligations [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Available for Sale, Fair Value More than 12 Months | 296 | |
Available for Sale, Unrealized Losses More than 12 Months | -2 | |
Available for Sale, Count More than 12 Months | 1 | |
Available for Sale, Total Fair Value | 296 | |
Available for Sale, Total Unrealized Losses | ($2) | |
Available for Sale, Total Count | 1 |
Securities_Schedule_of_Aggrega1
Securities - Schedule of Aggregate Unrealized Losses and Aggregate Fair Value of Underlying Securities Held to Maturity (Detail) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | Positions |
Schedule Of Held To Maturity Securities [Line Items] | |
Held to Maturity, Fair Value More than 12 Months | $1,481 |
Held to Maturity, Unrealized Losses More than 12 Months | -12 |
Held to Maturity, Count More than 12 Months | 3 |
Held to Maturity, Total Fair Value | 1,481 |
Held to Maturity, Total Unrealized Losses | -12 |
Held to Maturity, Total Count | 3 |
Obligations of States and Political Subdivisions [Member] | |
Schedule Of Held To Maturity Securities [Line Items] | |
Held to Maturity, Fair Value More than 12 Months | 1,481 |
Held to Maturity, Unrealized Losses More than 12 Months | -12 |
Held to Maturity, Count More than 12 Months | 3 |
Held to Maturity, Total Fair Value | 1,481 |
Held to Maturity, Total Unrealized Losses | ($12) |
Held to Maturity, Total Count | 3 |
Securities_Summary_of_Amortize2
Securities - Summary of Amortized Cost and Fair Value of Securities by Contractual Maturity (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Investments Debt And Equity Securities [Line Items] | ||
Amortized Cost, Due within one year, Available for Sale Securities | $500 | |
Amortized Cost, Due after one year through five years, Available for Sale Securities | 19,300 | |
Amortized Cost, Due after five years through ten years, Available for Sale Securities | 4,458 | |
Amortized Cost, Due after ten years, Available for Sale Securities | 581 | |
Total Amortized Cost, Available for Sale Securities | 24,839 | |
Securities available for sale, amortized cost | 44,909 | 75,643 |
Fair Value, Due within one year, Available for Sale Securities | 501 | |
Fair Value, Due after one year through five years, Available for Sale Securities | 19,323 | |
Fair Value, Due after five years through ten years, Available for Sale Securities | 4,475 | |
Fair Value, Due after ten years, Available for Sale Securities | 592 | |
Total Fair Value, Available for Sale Securities | 24,891 | |
Fair Value | 45,217 | 75,557 |
Amortized Cost, Due after one year through five years, Held to Maturity | 393 | |
Amortized Cost, Due after five years through ten years, Held to Maturity | 1,296 | |
Amortized Cost, Due after ten years, Held to Maturity | 14,088 | |
Amortized Cost | 15,777 | 15,956 |
Fair Value, Due after one year through five years, Held to Maturity | 397 | |
Fair Value, Due after five years through ten years, Held to Maturity | 1,334 | |
Fair Value, Due after ten years, Held to Maturity | 14,870 | |
Total Fair Value | 16,601 | 16,544 |
Federal Agency Collateralized Mortgage Obligations [Member] | ||
Investments Debt And Equity Securities [Line Items] | ||
Securities available for sale, amortized cost | 478 | 532 |
Fair Value | 480 | 532 |
Federal Agency Mortgage-Backed Securities [Member] | ||
Investments Debt And Equity Securities [Line Items] | ||
Securities available for sale, amortized cost | 19,507 | 20,233 |
Fair Value | 19,761 | 20,351 |
Money Market Mutual Fund [Member] | ||
Investments Debt And Equity Securities [Line Items] | ||
Securities available for sale, amortized cost | 85 | 25 |
Fair Value | $85 | $25 |
Loans_Receivable_and_Related_A2
Loans Receivable and Related Allowance for Loan Losses - Summary of Loans Receivable (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||||
Commercial: | ||||
Commercial and industrial | $75,055 | $75,412 | ||
Commercial mortgage | 169,002 | 168,969 | ||
Commercial construction | 7,713 | 6,497 | ||
Total commercial | 251,770 | 250,878 | ||
Residential mortgage loans | 78,929 | 80,134 | ||
Consumer: | ||||
Home equity lines of credit | 26,265 | 27,902 | ||
Other consumer loans | 15,581 | 16,378 | ||
Total consumer | 41,846 | 44,280 | ||
Total loans | 372,545 | 375,292 | ||
Allowance for loan losses | -2,377 | -2,313 | -2,219 | -2,273 |
Net deferred loan cost (fees) | -76 | -70 | ||
Net loans | 370,092 | 372,909 | ||
Total unpaid principal balance | 7,162 | 7,511 | ||
Net recorded investment | 6,300 | 6,615 | ||
Acquired Purchased Credit Impaired Loans [Member] | ||||
Commercial: | ||||
Commercial and industrial | 699 | 699 | ||
Commercial mortgage | 282 | 284 | ||
Residential mortgage loans | 135 | 186 | ||
Consumer: | ||||
Total unpaid principal balance | 1,116 | 1,169 | ||
Net recorded investment | $547 | $602 |
Loans_Receivable_and_Related_A3
Loans Receivable and Related Allowance for Loan Losses - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | |
Contract | SecurityLoan | Contract | ||
Accounts Notes And Loans Receivable [Line Items] | ||||
Accretable yield balance, remaining | $0 | $45,000 | $56,000 | |
Loans | 370,092,000 | 372,909,000 | ||
Concentration of loans | The Company has no other concentration of loans which exceeds 10% of total loans. | |||
Non-accruing loans interest income not yet recognized | 60,000 | 73,000 | ||
Loans past due 90 days or more and still accruing interest | 0 | 70,000 | ||
Number of Contracts | 1 | 0 | 7 | |
Foreclosed residential real estate properties | 305,000 | |||
Affinity Bancorp, Inc [Member] | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Commercial mortgage loan with outstanding balance | 243,000 | |||
Commercial Loans [Member] | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Number of Contracts | 2 | 2 | ||
Pre-Modification Outstanding Recorded Investments | 64,000 | |||
Residential Mortgage Loans [Member] | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Number of Contracts | 1 | |||
Foreclosed residential real estate properties | 612,000 | |||
Residential Mortgage Loans [Member] | Affinity Bancorp, Inc [Member] | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Non-accrual loans | 76,000 | 76,000 | 76,000 | |
Number of loans acquired | 2 | |||
Lessors of Nonresidential Buildings [Member] | Credit Concentration Risk [Member] | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Loans | 69,200,000 | 69,500,000 | ||
Lessors of Nonresidential Buildings [Member] | Credit Concentration Risk [Member] | Loans Receivable [Member] | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Outstanding loans receivable, Percentage | 18.50% | 18.50% | ||
Lessors of Residential Buildings and Dwellings [Member] | Credit Concentration Risk [Member] | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Loans | $54,300,000 | $54,700,000 | ||
Lessors of Residential Buildings and Dwellings [Member] | Credit Concentration Risk [Member] | Loans Receivable [Member] | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Outstanding loans receivable, Percentage | 14.60% | 14.60% |
Loans_Receivable_and_Related_A4
Loans Receivable and Related Allowance for Loan Losses - Changes in Accretable Yield Related to Purchased-Credit-Impaired Loans (Detail) (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2015 | |
Receivables [Abstract] | ||
Accretable yield balance, beginning of period | $56,000 | $0 |
Accretion to interest income | -24,000 | |
Reclassification from nonaccretable difference and disposals, net | 13,000 | |
Accretable yield balance, end of period | $45,000 | $0 |
Loans_Receivable_and_Related_A5
Loans Receivable and Related Allowance for Loan Losses - Activity in Allowance for Loan Losses by Loan Class (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Allowance for Loan Losses, Beginning Balance | $2,313 | $2,273 |
Allowance for Loan Losses, Charge-offs | -69 | -176 |
Allowance for Loan Losses, Recoveries | 13 | 17 |
Allowance for Loan Losses, Provision for loan losses | 120 | 105 |
Allowance for Loan Losses, Ending Balance | 2,377 | 2,219 |
Residential Mortgage Loans [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Allowance for Loan Losses, Beginning Balance | 159 | 149 |
Allowance for Loan Losses, Charge-offs | -28 | |
Allowance for Loan Losses, Provision for loan losses | 32 | 1 |
Allowance for Loan Losses, Ending Balance | 163 | 150 |
Home Equity Lines of Credit [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Allowance for Loan Losses, Beginning Balance | 270 | 177 |
Allowance for Loan Losses, Charge-offs | -12 | |
Allowance for Loan Losses, Recoveries | 4 | 4 |
Allowance for Loan Losses, Provision for loan losses | -41 | -58 |
Allowance for Loan Losses, Ending Balance | 221 | 123 |
Commercial and Industrial [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Allowance for Loan Losses, Beginning Balance | 788 | 445 |
Allowance for Loan Losses, Charge-offs | -16 | |
Allowance for Loan Losses, Recoveries | 5 | 10 |
Allowance for Loan Losses, Provision for loan losses | -32 | -34 |
Allowance for Loan Losses, Ending Balance | 745 | 421 |
Commercial Mortgage [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Allowance for Loan Losses, Beginning Balance | 468 | 452 |
Allowance for Loan Losses, Charge-offs | -11 | -74 |
Allowance for Loan Losses, Provision for loan losses | 50 | 99 |
Allowance for Loan Losses, Ending Balance | 507 | 477 |
Commercial Construction [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Allowance for Loan Losses, Beginning Balance | 26 | 12 |
Allowance for Loan Losses, Charge-offs | -50 | |
Allowance for Loan Losses, Provision for loan losses | 8 | 55 |
Allowance for Loan Losses, Ending Balance | 34 | 17 |
Other Consumer Loans [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Allowance for Loan Losses, Beginning Balance | 87 | 67 |
Allowance for Loan Losses, Charge-offs | -2 | -52 |
Allowance for Loan Losses, Recoveries | 4 | 3 |
Allowance for Loan Losses, Provision for loan losses | -23 | 32 |
Allowance for Loan Losses, Ending Balance | 66 | 50 |
Unallocated [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Allowance for Loan Losses, Beginning Balance | 515 | 971 |
Allowance for Loan Losses, Provision for loan losses | 126 | 10 |
Allowance for Loan Losses, Ending Balance | $641 | $981 |
Loans_Receivable_and_Related_A6
Loans Receivable and Related Allowance for Loan Losses - Balance in Allowance for Loan Losses Disaggregated on Basis of Company's Impairment Method (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Allowance for Loan Losses, Ending Balance | $2,377 | $2,313 | $2,219 | $2,273 |
Allowance for Loan Losses, Ending Balance: Individually Evaluated for Impairment | 140 | 166 | ||
Allowance for Loan Losses, Ending Balance: Collectively Evaluated for Impairment | 2,237 | 2,147 | ||
Loans Receivables, Ending Balance | 372,545 | 375,292 | ||
Loans Receivables, Ending Balance: Individually Evaluated for Impairment | 6,300 | 6,615 | ||
Loans Receivables, Ending Balance: Collectively Evaluated for Impairment | 366,245 | 368,677 | ||
Residential Mortgage Loans [Member] | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Allowance for Loan Losses, Ending Balance | 163 | 159 | 150 | 149 |
Allowance for Loan Losses, Ending Balance: Collectively Evaluated for Impairment | 163 | 159 | ||
Loans Receivables, Ending Balance | 78,929 | 80,134 | ||
Loans Receivables, Ending Balance: Individually Evaluated for Impairment | 237 | 347 | ||
Loans Receivables, Ending Balance: Collectively Evaluated for Impairment | 78,692 | 79,787 | ||
Home Equity Lines of Credit [Member] | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Allowance for Loan Losses, Ending Balance | 221 | 270 | 123 | 177 |
Allowance for Loan Losses, Ending Balance: Individually Evaluated for Impairment | 12 | |||
Allowance for Loan Losses, Ending Balance: Collectively Evaluated for Impairment | 221 | 258 | ||
Loans Receivables, Ending Balance | 26,265 | 27,902 | ||
Loans Receivables, Ending Balance: Individually Evaluated for Impairment | 100 | 113 | ||
Loans Receivables, Ending Balance: Collectively Evaluated for Impairment | 26,165 | 27,789 | ||
Commercial and Industrial [Member] | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Allowance for Loan Losses, Ending Balance | 745 | 788 | 421 | 445 |
Allowance for Loan Losses, Ending Balance: Individually Evaluated for Impairment | 140 | 147 | ||
Allowance for Loan Losses, Ending Balance: Collectively Evaluated for Impairment | 605 | 641 | ||
Loans Receivables, Ending Balance | 75,055 | 75,412 | ||
Loans Receivables, Ending Balance: Individually Evaluated for Impairment | 2,099 | 2,131 | ||
Loans Receivables, Ending Balance: Collectively Evaluated for Impairment | 72,956 | 73,281 | ||
Commercial Mortgage [Member] | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Allowance for Loan Losses, Ending Balance | 507 | 468 | 477 | 452 |
Allowance for Loan Losses, Ending Balance: Individually Evaluated for Impairment | 5 | |||
Allowance for Loan Losses, Ending Balance: Collectively Evaluated for Impairment | 507 | 463 | ||
Loans Receivables, Ending Balance | 169,002 | 168,969 | ||
Loans Receivables, Ending Balance: Individually Evaluated for Impairment | 3,551 | 3,660 | ||
Loans Receivables, Ending Balance: Collectively Evaluated for Impairment | 165,451 | 165,309 | ||
Commercial Construction [Member] | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Allowance for Loan Losses, Ending Balance | 34 | 26 | 17 | 12 |
Allowance for Loan Losses, Ending Balance: Collectively Evaluated for Impairment | 34 | 26 | ||
Loans Receivables, Ending Balance | 7,713 | 6,497 | ||
Loans Receivables, Ending Balance: Collectively Evaluated for Impairment | 7,713 | 6,497 | ||
Other Consumer Loans [Member] | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Allowance for Loan Losses, Ending Balance | 66 | 87 | 50 | 67 |
Allowance for Loan Losses, Ending Balance: Individually Evaluated for Impairment | 2 | |||
Allowance for Loan Losses, Ending Balance: Collectively Evaluated for Impairment | 66 | 85 | ||
Loans Receivables, Ending Balance | 15,581 | 16,378 | ||
Loans Receivables, Ending Balance: Individually Evaluated for Impairment | 313 | 364 | ||
Loans Receivables, Ending Balance: Collectively Evaluated for Impairment | 15,268 | 16,014 | ||
Unallocated [Member] | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Allowance for Loan Losses, Ending Balance | 641 | 515 | 981 | 971 |
Allowance for Loan Losses, Ending Balance: Collectively Evaluated for Impairment | $641 | $515 |
Loans_Receivable_and_Related_A7
Loans Receivable and Related Allowance for Loan Losses - Summary of Impaired Loans by Loan Portfolio Class (Detail) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
Financing Receivable, Impaired [Line Items] | |||
Total, Related Allowance | $140 | $166 | |
Net recorded investment | 6,300 | 6,615 | |
Total, Unpaid Principle Balance | 7,162 | 7,511 | |
Total, Average Recorded Investment | 6,351 | 3,796 | |
Total, Interest Income Recognized | 27 | 5 | |
Commercial and Industrial [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
With no related allowance recorded, Recorded Investment | 1,228 | 1,840 | |
With no related allowance recorded, Unpaid Principle Balance | 1,700 | 2,290 | |
Total, Related Allowance | 140 | 147 | |
With an allowance recorded, Recorded Investment | 871 | 291 | |
With an allowance recorded, Unpaid Principle Balance | 882 | 301 | |
Net recorded investment | 2,099 | 2,131 | |
Total, Unpaid Principle Balance | 2,582 | 2,591 | |
With no related allowance recorded, Average Recorded Investment | 1,239 | 1,747 | |
With no related allowance recorded, Interest Income Recognized | 9 | ||
With an allowance recorded, Average Recorded Investment | 875 | 74 | |
Total, Average Recorded Investment | 2,114 | 1,821 | |
Total, Interest Income Recognized | 9 | ||
Commercial Mortgage [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
With no related allowance recorded, Recorded Investment | 3,551 | 3,618 | |
With no related allowance recorded, Unpaid Principle Balance | 3,813 | 3,928 | |
Total, Related Allowance | 5 | ||
With an allowance recorded, Recorded Investment | 42 | ||
With an allowance recorded, Unpaid Principle Balance | 70 | ||
Net recorded investment | 3,551 | 3,660 | |
Total, Unpaid Principle Balance | 3,813 | 3,998 | |
With no related allowance recorded, Average Recorded Investment | 3,573 | 948 | |
With no related allowance recorded, Interest Income Recognized | 15 | ||
With an allowance recorded, Average Recorded Investment | 125 | ||
Total, Average Recorded Investment | 3,573 | 1,073 | |
Total, Interest Income Recognized | 15 | ||
Commercial Construction [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
With no related allowance recorded, Average Recorded Investment | 425 | ||
With no related allowance recorded, Interest Income Recognized | 5 | ||
Total, Average Recorded Investment | 425 | ||
Total, Interest Income Recognized | 5 | ||
Other Consumer Loans [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
With no related allowance recorded, Recorded Investment | 313 | 196 | |
With no related allowance recorded, Unpaid Principle Balance | 337 | 215 | |
Total, Related Allowance | 2 | ||
With an allowance recorded, Recorded Investment | 168 | ||
With an allowance recorded, Unpaid Principle Balance | 168 | ||
Net recorded investment | 313 | 364 | |
Total, Unpaid Principle Balance | 337 | 383 | |
With no related allowance recorded, Average Recorded Investment | 332 | 204 | |
With no related allowance recorded, Interest Income Recognized | 2 | ||
Total, Average Recorded Investment | 332 | 204 | |
Total, Interest Income Recognized | 2 | ||
Residential Mortgage Loans [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
With no related allowance recorded, Recorded Investment | 237 | 347 | |
With no related allowance recorded, Unpaid Principle Balance | 330 | 426 | |
Net recorded investment | 237 | 347 | |
Total, Unpaid Principle Balance | 330 | 426 | |
With no related allowance recorded, Average Recorded Investment | 232 | 242 | |
Total, Average Recorded Investment | 232 | 242 | |
Home Equity Lines of Credit [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
With no related allowance recorded, Recorded Investment | 100 | 101 | |
With no related allowance recorded, Unpaid Principle Balance | 100 | 101 | |
Total, Related Allowance | 12 | ||
With an allowance recorded, Recorded Investment | 12 | ||
With an allowance recorded, Unpaid Principle Balance | 12 | ||
Net recorded investment | 100 | 113 | |
Total, Unpaid Principle Balance | 100 | 113 | |
With no related allowance recorded, Average Recorded Investment | 100 | ||
With no related allowance recorded, Interest Income Recognized | 1 | ||
With an allowance recorded, Average Recorded Investment | 31 | ||
Total, Average Recorded Investment | 100 | 31 | |
Total, Interest Income Recognized | $1 |
Loans_Receivable_and_Related_A8
Loans Receivable and Related Allowance for Loan Losses - Nonaccrual Loans by Classes of Loan Portfolio (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Nonaccrual loans | $4,197 | $4,484 |
Commercial and Industrial [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Nonaccrual loans | 1,463 | 1,474 |
Commercial Mortgage [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Nonaccrual loans | 2,266 | 2,370 |
Other Consumer Loans [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Nonaccrual loans | 213 | 262 |
Residential Mortgage Loans [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Nonaccrual loans | 237 | 347 |
Home Equity Lines of Credit [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Nonaccrual loans | $18 | $31 |
Loans_Receivable_and_Related_A9
Loans Receivable and Related Allowance for Loan Losses - Classes of Loan Portfolio within Company's Internal Risk Rating System (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Commercial: | ||
Commercial and industrial | $75,055 | $75,412 |
Commercial mortgage | 169,002 | 168,969 |
Commercial construction | 7,713 | 6,497 |
Residential mortgage loans | 78,929 | 80,134 |
Consumer: | ||
Home equity lines of credit | 26,265 | 27,902 |
Other consumer loans | 15,581 | 16,378 |
Total loans | 372,545 | 375,292 |
Pass [Member] | ||
Commercial: | ||
Commercial and industrial | 71,751 | 73,498 |
Commercial mortgage | 164,281 | 163,899 |
Commercial construction | 7,713 | 6,497 |
Residential mortgage loans | 78,692 | 79,787 |
Consumer: | ||
Home equity lines of credit | 26,247 | 27,871 |
Other consumer loans | 15,368 | 16,116 |
Total loans | 364,052 | 367,668 |
Special Mention [Member] | ||
Commercial: | ||
Commercial and industrial | 1,145 | |
Commercial mortgage | 518 | 745 |
Consumer: | ||
Total loans | 1,663 | 745 |
Substandard [Member] | ||
Commercial: | ||
Commercial and industrial | 2,159 | 1,914 |
Commercial mortgage | 4,203 | 4,325 |
Residential mortgage loans | 237 | 347 |
Consumer: | ||
Home equity lines of credit | 18 | 31 |
Other consumer loans | 213 | 262 |
Total loans | $6,830 | $6,879 |
Recovered_Sheet1
Loans Receivable and Related Allowance for Loan Losses - Classes of Loan Portfolio Summarized by Past Due Status (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
30-59 Days Past Due | $1,522 | $889 |
60-89 Days Past Due | 60 | 183 |
Greater Than 90 Days | 3,887 | 4,153 |
Total Past Due | 5,469 | 5,225 |
Current | 367,076 | 370,067 |
Total loans | 372,545 | 375,292 |
Commercial and Industrial [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
30-59 Days Past Due | 5 | 70 |
60-89 Days Past Due | 102 | |
Greater Than 90 Days | 1,253 | 1,260 |
Total Past Due | 1,258 | 1,432 |
Current | 73,797 | 73,980 |
Total loans | 75,055 | 75,412 |
Commercial Mortgage [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
30-59 Days Past Due | 106 | 310 |
60-89 Days Past Due | 15 | |
Greater Than 90 Days | 2,266 | 2,355 |
Total Past Due | 2,372 | 2,680 |
Current | 166,630 | 166,289 |
Total loans | 169,002 | 168,969 |
Commercial Construction [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Current | 7,713 | 6,497 |
Total loans | 7,713 | 6,497 |
Other Consumer Loans [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
30-59 Days Past Due | 106 | 31 |
60-89 Days Past Due | 60 | 66 |
Greater Than 90 Days | 166 | 214 |
Total Past Due | 332 | 311 |
Current | 15,249 | 16,067 |
Total loans | 15,581 | 16,378 |
Residential Mortgage Loans [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
30-59 Days Past Due | 1,250 | 478 |
Greater Than 90 Days | 202 | 312 |
Total Past Due | 1,452 | 790 |
Current | 77,477 | 79,344 |
Total loans | 78,929 | 80,134 |
Home Equity Lines of Credit [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
30-59 Days Past Due | 55 | |
Greater Than 90 Days | 12 | |
Total Past Due | 55 | 12 |
Current | 26,210 | 27,890 |
Total loans | $26,265 | $27,902 |
Recovered_Sheet2
Loans Receivable and Related Allowance for Loan Losses - Summary of Information Regarding Bank's Troubled Debt Restructurings (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
Contract | SecurityLoan | Contract | |
Financing Receivable Modifications [Line Items] | |||
Number of Contracts | 1 | 0 | 7 |
Pre-Modification Outstanding Recorded Investments | $35 | $1,602 | |
Post-Modification Outstanding Recorded Investments | 35 | 1,580 | |
Commercial and Industrial [Member] | |||
Financing Receivable Modifications [Line Items] | |||
Number of Contracts | 1 | ||
Pre-Modification Outstanding Recorded Investments | 28 | ||
Post-Modification Outstanding Recorded Investments | 28 | ||
Commercial Mortgage [Member] | |||
Financing Receivable Modifications [Line Items] | |||
Number of Contracts | 1 | ||
Pre-Modification Outstanding Recorded Investments | 1,292 | ||
Post-Modification Outstanding Recorded Investments | 1,292 | ||
Other Consumer Loans [Member] | |||
Financing Receivable Modifications [Line Items] | |||
Number of Contracts | 3 | ||
Pre-Modification Outstanding Recorded Investments | 170 | ||
Post-Modification Outstanding Recorded Investments | 158 | ||
Residential Mortgage Loans [Member] | |||
Financing Receivable Modifications [Line Items] | |||
Number of Contracts | 1 | ||
Pre-Modification Outstanding Recorded Investments | 35 | ||
Post-Modification Outstanding Recorded Investments | 35 | ||
Home Equity Lines of Credit [Member] | |||
Financing Receivable Modifications [Line Items] | |||
Number of Contracts | 2 | ||
Pre-Modification Outstanding Recorded Investments | 112 | ||
Post-Modification Outstanding Recorded Investments | $102 |
Deposits_Components_of_Deposit
Deposits - Components of Deposits (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Deposits [Abstract] | ||
Demand, non-interest bearing | $49,542 | $49,462 |
Demand, interest-bearing | 34,762 | 34,186 |
Money market and savings accounts | 98,966 | 101,486 |
Time, $100 and over | 51,421 | 50,948 |
Time, other | 146,244 | 142,127 |
Total deposits | $380,935 | $378,209 |
Deposits_Additional_Informatio
Deposits - Additional Information (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | ||
Deposits [Abstract] | ||
Brokered deposits | $81.60 | $74.60 |
Deposits_Scheduled_Maturities_
Deposits - Scheduled Maturities of Time Deposits (Detail) (USD $) | Mar. 31, 2015 |
In Thousands, unless otherwise specified | |
Deposits [Abstract] | |
3/31/2016............ | $47,422 |
3/31/2017............ | 78,952 |
3/31/2018............ | 59,672 |
3/31/2019............ | 5,718 |
3/31/2020............ | 5,893 |
Thereafter............. | 8 |
Total time deposits | $197,665 |
Shareholders_Equity_Additional
Shareholders' Equity - Additional Information (Detail) (USD $) | 0 Months Ended | 3 Months Ended | 0 Months Ended | ||||
Feb. 28, 2013 | Feb. 20, 2009 | Dec. 31, 2005 | Mar. 31, 2015 | Dec. 31, 2014 | Dec. 18, 2009 | Feb. 29, 2008 | |
Class Of Stock [Line Items] | |||||||
Common stock, shares issued | 2,107,500 | ||||||
Common stock, initial offering price | $10 | ||||||
Value of shares issued in private placement | $21,000,000 | ||||||
Legal issuance cost | 50,000 | 29,000 | |||||
Preferred stock, par value | 100 | 100 | |||||
Preferred stock, liquidation value per share | 1,000 | 1,000 | |||||
Series A Preferred Stock [Member] | |||||||
Class Of Stock [Line Items] | |||||||
Preferred stock, shares issued | 4,579 | 4,579 | 4,579 | ||||
Preferred stock, par value | $100 | ||||||
Preferred stock, liquidation value per share | $1,000 | ||||||
Proceeds from Series A Preferred Stock and warrants | 4,580,000 | ||||||
Preferred stock, dividend rate | 9.00% | 9.00% | |||||
Series B Preferred Stock [Member] | |||||||
Class Of Stock [Line Items] | |||||||
Preferred stock, shares issued | 229 | 229 | |||||
Preferred stock, par value | $100 | ||||||
Preferred stock issuable under warrants | 229 | ||||||
Preferred stock, dividend rate | 9.00% | 9.00% | |||||
Series C Preferred Stock [Member] | |||||||
Class Of Stock [Line Items] | |||||||
Preferred stock, shares issued | 4,596 | 4,596 | |||||
Preferred stock, dividend rate | 9.00% | 9.00% | |||||
Series C Preferred Stock [Member] | Until February 15, 2015 | |||||||
Class Of Stock [Line Items] | |||||||
Preferred stock, dividend rate | 5.00% | ||||||
Series C Preferred Stock [Member] | After February 15, 2015 | |||||||
Class Of Stock [Line Items] | |||||||
Preferred stock, dividend rate | 9.00% | ||||||
Series C Preferred Stock [Member] | Obligations of U.S. Government Agencies and Corporations [Member] | |||||||
Class Of Stock [Line Items] | |||||||
Legal issuance cost | 8,000 | ||||||
Preferred stock, shares issued | 4,596 | ||||||
Preferred stock, par value | $100 | ||||||
Preferred stock, liquidation value per share | $1,000 | ||||||
Proceeds from Series A Preferred Stock and warrants | 4,600,000 | ||||||
Affinity Bancorp, Inc [Member] | |||||||
Class Of Stock [Line Items] | |||||||
Issuance of common stock, shares | 1,933,665 | ||||||
Common stock exchange ratio | 98.13% | ||||||
Incremental equity | 10,100,000 | ||||||
Business acquisition share price related to merger | $5.22 | ||||||
Value of shares issued in business acquisition | 6,600,000 | ||||||
Common Stock Including Additional Paid in Capital [Member] | Prestige Community Bank [Member] | |||||||
Class Of Stock [Line Items] | |||||||
Issuance of common stock, shares | 976,137 | ||||||
Value of shares issued | $7,400,000 | ||||||
Common Stock [Member] | Private Placement [Member] | |||||||
Class Of Stock [Line Items] | |||||||
Common stock, shares issued | 1,268,576 |
Stock_Compensation_Program_Add
Stock Compensation Program - Additional Information (Detail) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Dec. 31, 2014 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Stock Compensation Program, aggregate maximum number of share to grant | 1,207,957 | |
Vesting period of granted stock options | 4 years | |
Description of termination from the date of grant | Terminate ten years from the date of the grant | |
Minimum exercise price per share for shares issued | $10 | |
Stock options outstanding | 832,167 | 866,613 |
Weighted average remaining contractual life, outstanding stock options | 6 years 1 month 24 days | 6 years 1 month 24 days |
Weighted average remaining contractual life, exercisable stock options | 2 years 5 months 16 days | 2 years 4 months 28 days |
Options outstanding, intrinsic value | $313,000 | |
Options exercisable, intrinsic value | 0 | |
Unrecognized compensation cost | 84,000 | |
Weighted average period for cost is expected to be recognized | 2 years 6 months 29 days | |
Tax benefit recognized related to stock-based compensation | 0 | |
Stock options issued under Severance Plan | 355,000 | |
Unrecognized Compensation Cost for Shares Issued and Restricted under the Severance Plan | 576,000 | |
Unrecognized compensation cost amortized period | 17-Jul-17 | |
Restricted Stock [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Vesting period of granted stock options | 3 years | |
Unrecognized compensation cost related to restricted stock | $270,000 | |
Restricted Stock [Member] | Non-Management Employees [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Stock options outstanding | 6,975 | 7,175 |
Affinity Bancorp, Inc [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Shares authorized for grant | 382,957 |
Stock_Compensation_Program_Sum
Stock Compensation Program - Summary of Stock Option Activity (Detail) (USD $) | 3 Months Ended |
Mar. 31, 2015 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Options, Beginning balance, Shares | 866,613 |
Options, Forfeited/cancelled, Shares | -98 |
Options, expired, Shares | -34,348 |
Options, Ending balance, Shares | 832,167 |
Options, Exercisable, Shares | 262,667 |
Options, Beginning balance, Weighted Average Exercise Price | $6.89 |
Options, Forfeited/cancelled, Weighted Average Exercise Price | $11.21 |
Options, Expired, Weighted Average Exercise Price | $8.97 |
Options, Ending balance, Weighted Average Exercise Price | $6.80 |
Options, Exercisable, Weighted Average Exercise Price | $9.87 |
Stock_Compensation_Program_Sum1
Stock Compensation Program - Summary of Stock Option Activity (Parenthetical) (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Stock options outstanding | 832,167 | 866,613 |
Options, Exercisable, Shares | 262,667 | |
Options, Exercisable, Weighted Average Exercise Price | $9.87 | |
Options outstanding, exercise price | $6.80 | $6.89 |
Organizer Options [Member] | 2008 Acquisition of Prestige [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Stock options outstanding | 100,000 | |
Options, Exercisable, Shares | 100,000 | |
Options, Exercisable, Weighted Average Exercise Price | $10 | |
Options outstanding, exercise price | $10 |
Stock_Compensation_Program_Sum2
Stock Compensation Program - Summary of Restricted Stock Award Activity (Detail) | 3 Months Ended |
Mar. 31, 2015 | |
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Roll Forward | |
Restricted stock award, Beginning balance, Unvested shares | 121,874 |
Restricted stock award, Forfeited/cancelled, Shares | -200 |
Vested Shares during this period | -1,575 |
Restricted stock award, Ending balance, Unvested shares | 120,099 |
Financial_Instruments_with_Off1
Financial Instruments with Off-Balance Sheet Risk - Additional Information (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Loss Contingencies [Line Items] | ||
Commitments issued under lines of credit | ||
Customer deposits pledged to bank as collateral for the letter of credit | 149 | 149 |
Financial Standby Letters of Credit [Member] | ||
Loss Contingencies [Line Items] | ||
Commitments issued under lines of credit | 935 | 1,100 |
Customer Letter of Credit Issued [Member] | ||
Loss Contingencies [Line Items] | ||
Commitments issued under lines of credit | 149 | 149 |
Lines of Credit [Member] | ||
Loss Contingencies [Line Items] | ||
Commitments issued under lines of credit | 80,700 | 83,200 |
Performance Standby Letters of Credit [Member] | ||
Loss Contingencies [Line Items] | ||
Commitments issued under lines of credit | $495 | $349 |
Regulatory_Matters_Additional_
Regulatory Matters - Additional Information (Detail) | 3 Months Ended | |
Mar. 31, 2015 | Dec. 31, 2014 | |
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | ||
Tier One Risk Based Capital Required To Be Adequately Capitalized | 6.00% | 4.00% |
Tier One Risk Based Capital Required To Be Well Capitalized | 8.00% | 6.00% |
Tier 1 common equity capital (to risk-weighted assets), Minimum Capital Requirement Ratio | 4.50% | |
Tier 1 common equity capital (to risk-weighted assets), To be Well Capitalized under Prompt Corrective Action Provisions Ratio | 6.50% | |
Total capital (to risk-weighted assets), Minimum Capital Requirement Ratio | 8.00% | 8.00% |
Total capital (to risk-weighted assets), To be Well Capitalized under Prompt Corrective Action Provisions Ratio | 10.00% | 10.00% |
Tier 1 capital (to total assets), Minimum Capital Requirement Ratio | 4.00% | 4.00% |
Tier 1 capital (to total assets), To be Well Capitalized under Prompt Corrective Action Provisions Ratio | 5.00% | 5.00% |
Dodd Frank Act | ||
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | ||
Tier One Risk Based Capital Required To Be Adequately Capitalized | 6.00% | |
Tier One Risk Based Capital Required To Be Well Capitalized | 8.00% | |
Effective date of new risk based capital rules | 1-Jan-15 |
Regulatory_Matters_Schedule_of
Regulatory Matters - Schedule of Bank's Capital Amounts and Ratios (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Banking And Thrift [Abstract] | ||
Total capital (to risk-weighted assets), Actual Amount | $47,793 | $45,327 |
Tier 1 capital (to risk-weighted assets), Actual Amount | 45,381 | 42,979 |
Tier 1 common equity capital (to risk-weighted assets), Actual Amount | 45,381 | |
Tier 1 capital (to total assets), Actual Amount | 45,381 | 42,979 |
Total capital (to risk-weighted assets), Actual Ratio | 13.17% | 12.87% |
Tier 1 capital (to risk-weighted assets), Actual Ratio | 12.51% | 12.20% |
Tier 1 common equity capital (to risk-weighted assets), Actual Ratio | 12.51% | |
Tier 1 capital (to total assets), Actual Ratio | 9.97% | 9.34% |
Total capital (to risk-weighted assets), Minimum Capital Requirement Amount | 29,031 | 28,177 |
Tier 1 capital (to risk-weighted assets), Minimum Capital Requirement Amount | 21,773 | 14,088 |
Tier 1 common equity capital (to risk-weighted assets), Minimum Capital Requirement Amount | 16,330 | |
Tier 1 capital (to total assets), Minimum Capital Requirement Amount | 18,208 | 18,410 |
Total capital (to risk-weighted assets), Minimum Capital Requirement Ratio | 8.00% | 8.00% |
Tier One Risk Based Capital Required To Be Adequately Capitalized | 6.00% | 4.00% |
Tier 1 common equity capital (to risk-weighted assets), Minimum Capital Requirement Ratio | 4.50% | |
Tier 1 capital (to total assets), Minimum Capital Requirement Ratio | 4.00% | 4.00% |
Total capital (to risk-weighted assets), To be Well Capitalized under Prompt Corrective Action Provisions Amount | 36,289 | 35,221 |
Tier 1 capital (to risk-weighted assets), To be Well Capitalized under Prompt Corrective Action Provisions Amount | 29,031 | 21,132 |
Tier 1 common equity capital (to risk-weighted assets), To be Well Capitalized under Prompt Corrective Action Provisions Amount | 23,588 | |
Tier 1 capital (to total assets), To be Well Capitalized under Prompt Corrective Action Provisions Amount | $22,760 | $23,012 |
Total capital (to risk-weighted assets), To be Well Capitalized under Prompt Corrective Action Provisions Ratio | 10.00% | 10.00% |
Tier One Risk Based Capital Required To Be Well Capitalized | 8.00% | 6.00% |
Tier 1 common equity capital (to risk-weighted assets), To be Well Capitalized under Prompt Corrective Action Provisions Ratio | 6.50% | |
Tier 1 capital (to total assets), To be Well Capitalized under Prompt Corrective Action Provisions Ratio | 5.00% | 5.00% |
Fair_Value_Measurements_and_Fa2
Fair Value Measurements and Fair Values of Financial Instruments - Summary of Financial Assets Measured at Fair Value on Recurring Basis (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value on a recurring basis | $45,217 | $75,557 |
(Level 1) Quoted Prices in Active Markets for Identical Assets [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value on a recurring basis | 85 | 25 |
(Level 2) Significant Other Observable Inputs [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value on a recurring basis | 45,132 | 75,532 |
Obligations of U.S. Government Agencies and Corporations [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value on a recurring basis | 19,456 | 49,276 |
Obligations of U.S. Government Agencies and Corporations [Member] | (Level 2) Significant Other Observable Inputs [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value on a recurring basis | 19,456 | 49,276 |
Obligations of States and Political Subdivisions [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value on a recurring basis | 4,934 | 4,871 |
Obligations of States and Political Subdivisions [Member] | (Level 2) Significant Other Observable Inputs [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value on a recurring basis | 4,934 | 4,871 |
Federal Agency Mortgage-Backed Securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value on a recurring basis | 19,761 | 20,351 |
Federal Agency Mortgage-Backed Securities [Member] | (Level 2) Significant Other Observable Inputs [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value on a recurring basis | 19,761 | 20,351 |
Federal Agency Collateralized Mortgage Obligations [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value on a recurring basis | 480 | 532 |
Federal Agency Collateralized Mortgage Obligations [Member] | (Level 2) Significant Other Observable Inputs [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value on a recurring basis | 480 | 532 |
Other Debt Securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value on a recurring basis | 501 | 502 |
Other Debt Securities [Member] | (Level 2) Significant Other Observable Inputs [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value on a recurring basis | 501 | 502 |
Money Market Mutual Fund [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value on a recurring basis | 85 | 25 |
Money Market Mutual Fund [Member] | (Level 1) Quoted Prices in Active Markets for Identical Assets [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value on a recurring basis | $85 | $25 |
Fair_Value_Measurements_and_Fa3
Fair Value Measurements and Fair Values of Financial Instruments - Summary of Financial Assets Measured at Fair Value on Nonrecurring Basis (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value on a nonrecurring basis | $3,174 | $2,352 |
(Level 3) Significant Unobservable Inputs [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value on a nonrecurring basis | 3,174 | 2,352 |
Impaired Loans [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value on a nonrecurring basis | 3,027 | 2,205 |
Impaired Loans [Member] | (Level 3) Significant Unobservable Inputs [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value on a nonrecurring basis | 3,027 | 2,205 |
Repossessed Assets [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value on a nonrecurring basis | 42 | 42 |
Repossessed Assets [Member] | (Level 3) Significant Unobservable Inputs [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value on a nonrecurring basis | 42 | 42 |
Other Real Estate Owned [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value on a nonrecurring basis | 105 | 105 |
Other Real Estate Owned [Member] | (Level 3) Significant Unobservable Inputs [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value on a nonrecurring basis | $105 | $105 |
Fair_Value_Measurements_and_Fa4
Fair Value Measurements and Fair Values of Financial Instruments - Quantitative Information about Level 3 Fair Value Measurements (Detail) (USD $) | 3 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 |
Impaired Loans [Member] | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Asset at fair Value | 3,027 | 2,205 |
Impaired Loans [Member] | Unobservable Inputs Appraisal Adjustments [Member] | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Unobservable Inputs | Appraisal adjustments | Appraisal adjustments |
Impaired Loans [Member] | Unobservable Inputs Valuation Adjustments [Member] | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Unobservable Inputs | Valuation adjustments | Valuation adjustments |
Impaired Loans [Member] | Unobservable Inputs Liquidation Expenses [Member] | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Estimated Ratings, maximum | 8.00% | 8.00% |
Estimated Ratings Weighted Average, Liquidation expenses | 5.31% | 8.00% |
Unobservable Inputs | Liquidation expenses | Liquidation expenses |
Estimated Ratings, minimum | 2.00% | 8.00% |
Impaired Loans [Member] | Appraisal of Real Estate Collateral [Member] | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Valuation Techniques | Appraisal of real estate collateral | Appraisal of real estate collateral |
Impaired Loans [Member] | Appraisal of Real Estate Collateral [Member] | Unobservable Inputs Appraisal Adjustments [Member] | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Estimated Ratings, maximum | 50.00% | 5.00% |
Estimated Ratings Weighted Average, Appraisal adjustments | 2.04% | 0.12% |
Estimated Ratings, minimum | 0.00% | 0.00% |
Impaired Loans [Member] | Valuation of Business Assets Used as Collateral [Member] | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Valuation Techniques | Valuation of business assets used as collateral | Valuation of business assets used as collateral |
Impaired Loans [Member] | Valuation of Business Assets Used as Collateral [Member] | Unobservable Inputs Valuation Adjustments [Member] | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Estimated Ratings, maximum | 30.00% | 30.00% |
Estimated Ratings, minimum | 25.00% | 25.00% |
Repossessed Assets [Member] | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Asset at fair Value | 42 | 42 |
Repossessed Assets [Member] | Unobservable Inputs Valuation Adjustments [Member] | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Unobservable Inputs | Valuation adjustments | Valuation adjustments |
Repossessed Assets [Member] | Unobservable Inputs Liquidation Expenses [Member] | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Estimated Ratings, maximum | 8.00% | 8.00% |
Unobservable Inputs | Liquidation expenses | Liquidation expenses |
Repossessed Assets [Member] | Appraisal Of Collateral | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Valuation Techniques | Appraisal of collateral | Appraisal of collateral |
Repossessed Assets [Member] | Appraisal Of Collateral | Unobservable Inputs Valuation Adjustments [Member] | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Estimated Ratings, maximum | 7.00% | 7.00% |
Other Real Estate Owned [Member] | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Asset at fair Value | 105 | 105 |
Other Real Estate Owned [Member] | Unobservable Inputs Appraisal Adjustments [Member] | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Unobservable Inputs | Appraisal adjustments | Appraisal adjustments |
Estimated Ratings, minimum | 0.00% | 0.00% |
Other Real Estate Owned [Member] | Unobservable Inputs Liquidation Expenses [Member] | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Estimated Ratings, maximum | 8.00% | 8.00% |
Estimated Ratings Weighted Average, Liquidation expenses | 7.79% | 7.79% |
Unobservable Inputs | Liquidation expenses | Liquidation expenses |
Estimated Ratings, minimum | 7.00% | 7.00% |
Other Real Estate Owned [Member] | Appraisal Of Collateral | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Valuation Techniques | Appraisal of collateral | Appraisal of collateral |
Other Real Estate Owned [Member] | Appraisal Of Collateral | Unobservable Inputs Appraisal Adjustments [Member] | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Estimated Ratings, maximum | 0.00% | 0.00% |
Fair_Value_Measurements_and_Fa5
Fair Value Measurements and Fair Values of Financial Instruments - Additional Information (Detail) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Dec. 31, 2014 | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Valuation of real estate collateral, discount | $0 | |
Other real estate owned | 1,361,000 | 1,257,000 |
Impaired loan balances | 6,300,000 | 6,615,000 |
Total, Related Allowance | 140,000 | 166,000 |
Impaired Loans Fair Value with Allowance Recorded [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Impaired loan balances | 871,000 | 542,000 |
Total, Related Allowance | 140,000 | 166,000 |
Net of partial charge-offs | 28,000 | |
Impaired Loans Fair Value with no Related Allowance Recorded [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Impaired loan balances | 3,300,000 | 2,900,000 |
Net of partial charge-offs | 1,000,000 | 1,100,000 |
Portion at Fair Value Measurement [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Other real estate owned | 433,000 | 433,000 |
Repossessed Assets [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Repossessed assets | 42,000 | 42,000 |
Other Real Estate Owned [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Net of valuation allowance | $328,000 | $328,000 |
Fair_Value_Measurements_and_Fa6
Fair Value Measurements and Fair Values of Financial Instruments - Summary of Estimated Fair Values of Company's Financial Instruments (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents, Fair Value | $20,955 | $7,866 | ||
Fair Value | 45,217 | 75,557 | ||
Securities held to maturity, Fair Value | 16,601 | 16,544 | ||
Loans receivable, net, Fair Value | 377,651 | 380,257 | ||
Restricted stock, Fair Value | 1,873 | 2,984 | ||
Accrued interest receivable, Fair Value | 1,465 | 1,511 | ||
Deposits, Fair Value | 382,275 | 379,203 | ||
Short-term borrowings, Fair Value | 27,000 | 51,472 | ||
Long-term debt, Fair Value | 10,992 | 10,936 | ||
Accrued interest payable, Fair Value | 441 | 356 | ||
Cash and cash equivalents, Carrying Amount | 20,955 | 7,866 | 10,453 | 11,248 |
Securities available for sale, Carrying amount | 45,217 | 75,557 | ||
Securities held to maturity, Carrying Amount | 15,777 | 15,956 | ||
Loans receivable, net, Carrying Amount | 370,092 | 372,909 | ||
Restricted stock, Carrying Amount | 1,873 | 2,984 | ||
Accrued interest receivable, Carrying Amount | 1,465 | 1,511 | ||
Deposits, Carrying Amount | 380,935 | 378,209 | ||
Balance at year end | 27,000 | 51,472 | ||
Long-term debt, Carrying Amount | 11,000 | 11,000 | ||
Accrued interest payable, Carrying Amount | 441 | 356 | ||
(Level 1) Quoted Prices in Active Markets for Identical Assets [Member] | ||||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents, Fair Value | 20,955 | 7,866 | ||
Fair Value | 85 | 25 | ||
(Level 2) Significant Other Observable Inputs [Member] | ||||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||||
Fair Value | 45,132 | 75,532 | ||
Securities held to maturity, Fair Value | 16,601 | 16,544 | ||
Restricted stock, Fair Value | 1,873 | 2,984 | ||
Accrued interest receivable, Fair Value | 1,465 | 1,511 | ||
Deposits, Fair Value | 382,275 | 379,203 | ||
Short-term borrowings, Fair Value | 27,000 | 51,472 | ||
Long-term debt, Fair Value | 10,992 | 10,936 | ||
Accrued interest payable, Fair Value | 441 | 356 | ||
(Level 3) Significant Unobservable Inputs [Member] | ||||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||||
Loans receivable, net, Fair Value | $377,651 | $380,257 |