Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2016 | May. 12, 2016 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | FPBK | |
Entity Registrant Name | FIRST PRIORITY FINANCIAL CORP. | |
Entity Central Index Key | 1,389,772 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 6,501,244 |
Consolidated Balance Sheets (Un
Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Assets | ||
Cash and due from banks | $ 3,238 | $ 3,533 |
Interest-bearing deposits in banks | 25,448 | 2,376 |
Total cash and cash equivalents | 28,686 | 5,909 |
Securities available for sale, at fair value (amortized cost: $38,750 and $94,389, respectively) | 39,365 | 94,704 |
Securities held to maturity, at amortized cost (fair value: $20,453 and $20,446, respectively) | 19,442 | 19,886 |
Loans receivable | 408,505 | 409,153 |
Less: allowance for loan losses | 2,783 | 2,795 |
Net loans | 405,722 | 406,358 |
Restricted investments in bank stocks | 2,247 | 3,368 |
Premises and equipment, net | 1,975 | 2,033 |
Bank owned life insurance | 3,197 | 3,178 |
Accrued interest receivable | 1,555 | 1,623 |
Other real estate owned | 1,975 | 1,633 |
Deferred taxes | 3,240 | 3,543 |
Goodwill | 2,725 | 2,725 |
Intangible assets with finite lives, net | 290 | 310 |
Other assets | 1,276 | 1,270 |
Total Assets | 511,695 | 546,540 |
Deposits: | ||
Non-interest bearing | 55,564 | 46,343 |
Interest-bearing | 353,819 | 362,344 |
Total deposits | 409,383 | 408,687 |
Federal home Loan Bank of Pittsburgh advances | 44,875 | 74,725 |
Subordinated debt | 9,190 | 9,201 |
Accrued interest payable | 496 | 450 |
Other liabilities | 1,025 | 1,386 |
Total Liabilities | $ 464,969 | $ 494,449 |
Commitments and contingencies (Note 9) | ||
Shareholders’ Equity: | ||
Common stock, $1 par value; authorized 10,000,000 shares; issued and outstanding: 2016: 6,501,344; 2015: 6,492,194 | $ 6,501 | $ 6,492 |
Surplus | 40,411 | 40,327 |
Accumulated deficit | (4,014) | (4,368) |
Accumulated other comprehensive income | 424 | 236 |
Total Shareholders’ Equity | 46,726 | 52,091 |
Total Liabilities and Shareholders’ Equity | 511,695 | 546,540 |
Series A Preferred Stock [Member] | ||
Shareholders’ Equity: | ||
Preferred stock, value | 4,579 | |
Series B Preferred Stock [Member] | ||
Shareholders’ Equity: | ||
Preferred stock, value | 229 | |
Series C Preferred Stock [Member] | ||
Shareholders’ Equity: | ||
Preferred stock, value | $ 3,404 | $ 4,596 |
Consolidated Balance Sheets (U3
Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Dec. 31, 2015 | |
Securities available for sale, amortized cost | $ 38,750 | $ 94,389 |
Securities held to maturity, fair value | $ 20,453 | $ 20,446 |
Preferred stock, par value | $ 100 | $ 100 |
Preferred stock, authorized shares | 10,000,000 | 10,000,000 |
Preferred stock, dividend rate | 9.00% | 9.00% |
Preferred stock, shares outstanding | 3,404 | 9,404 |
Common stock, par value | $ 1 | $ 1 |
Common stock, shares authorized | 10,000,000 | 10,000,000 |
Common stock, shares issued | 6,501,344 | 6,492,194 |
Common stock, shares outstanding | 6,501,344 | 6,492,194 |
Series A Preferred Stock [Member] | ||
Preferred stock, dividend rate | 9.00% | |
Preferred stock, shares issued | 4,579 | |
Preferred stock, shares outstanding | 4,579 | |
Preferred stock, total liquidation value | $ 4,579 | |
Series B Preferred Stock [Member] | ||
Preferred stock, dividend rate | 9.00% | |
Preferred stock, shares issued | 229 | |
Preferred stock, shares outstanding | 229 | |
Preferred stock, total liquidation value | $ 229 | |
Series C Preferred Stock [Member] | ||
Preferred stock, dividend rate | 9.00% | 9.00% |
Preferred stock, shares issued | 3,404 | 4,596 |
Preferred stock, shares outstanding | 3,404 | 4,596 |
Preferred stock, total liquidation value | $ 3,404 | $ 4,596 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Interest and Dividend Income | ||
Loans receivable, including fees | $ 4,560 | $ 4,187 |
Securities—taxable | 301 | 348 |
Securities—exempt from federal taxes | 147 | 25 |
Interest bearing deposits and other | 28 | 94 |
Total Interest and Dividend Income | 5,036 | 4,654 |
Interest Expense | ||
Deposits | 848 | 726 |
Short-term borrowings | 25 | 16 |
Long-term debt | 41 | 24 |
Subordinated debt | 172 | |
Total Interest Expense | 1,086 | 766 |
Net Interest Income | 3,950 | 3,888 |
Provision for Loan Losses | 110 | 120 |
Net Interest Income after Provision for Loan Losses | 3,840 | 3,768 |
Non-Interest Income | ||
Wealth management fee income | 69 | 90 |
Gains on sales of investment securities | 235 | |
Bank owned life insurance income | 20 | 21 |
Other | 85 | 95 |
Total Non-Interest Income | 409 | 206 |
Non-Interest Expenses | ||
Salaries and employee benefits | 1,981 | 1,852 |
Occupancy and equipment | 543 | 545 |
Data processing equipment and operations | 217 | 220 |
Professional fees | 136 | 181 |
Marketing, advertising, and business development | 44 | 30 |
FDIC insurance assessments | 57 | 89 |
Pennsylvania bank shares tax expense | 83 | 93 |
Other real estate owned | 85 | 59 |
Other | 331 | 283 |
Total Non-Interest Expenses | 3,477 | 3,352 |
Income before Income Tax Expense | 772 | 622 |
Income Tax Expense | 241 | 205 |
Net Income | 531 | 417 |
Preferred dividends, including net amortization | 177 | 166 |
Income to Common Shareholders | $ 354 | $ 251 |
Income per common share: | ||
Basic | $ 0.05 | $ 0.04 |
Diluted | $ 0.05 | $ 0.04 |
Weighted average common shares outstanding: | ||
Basic | 6,496 | 6,447 |
Diluted | 6,529 | 6,494 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Statement Of Income And Comprehensive Income [Abstract] | ||
Net income | $ 531 | $ 417 |
Securities available for sale: | ||
Change in unrealized gain on securities available for sale | 535 | 394 |
Reclassification adjustment for realized gains included in net income | (235) | |
Tax effect | (102) | (134) |
Net unrealized gains arising during the period | 198 | 260 |
Net unrealized holding losses on securities transferred between available for sale and held to maturity: | ||
Amortization of net unrealized holding losses to income during the period | (15) | (13) |
Tax effect | 5 | 4 |
Net unrealized holding losses on securities transferred during the period | (10) | (9) |
Total other comprehensive income | 188 | 251 |
Total comprehensive income | $ 719 | $ 668 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($) $ in Thousands | Total | Preferred Stock [Member] | Common Stock [Member] | Surplus [Member] | Accumulated Deficit [Member] | Accumulated Other Comprehensive Income (Loss) [Member] |
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 |
Beginning balance at Dec. 31, 2015 | 52,091 | 9,404 | 6,492 | 40,327 | (4,368) | 236 |
Preferred stock dividends | (177) | (177) | ||||
Redemption of preferred stock | (6,000) | (6,000) | ||||
Issuance of 9,150 shares of restricted common stock, net of forfeitures | 9 | (9) | ||||
Net income | 531 | 531 | ||||
Other comprehensive income | 188 | 188 | ||||
Stock based compensation expense | 93 | 93 | ||||
Ending balance at Mar. 31, 2016 | $ 46,726 | $ 3,404 | $ 6,501 | $ 40,411 | $ (4,014) | $ 424 |
Consolidated Statements of Sha7
Consolidated Statements of Shareholders' Equity (Unaudited) (Parenthetical) | 3 Months Ended |
Mar. 31, 2016shares | |
Statement Of Stockholders Equity [Abstract] | |
Issuance of restricted common stock net of forfeitures, shares | 9,150 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Cash Flows from Operating Activities | ||
Net income | $ 531 | $ 417 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Provision for Loan Losses | 110 | 120 |
Write down of other real estate owned | 27 | |
Depreciation and amortization of fixed assets | 84 | 102 |
Net amortization | 45 | 4 |
Stock based compensation expense | 93 | 78 |
Net amortization of investment securities premiums and discounts | 47 | 52 |
Net gain on sale of investment securities | (235) | |
Net loss on sale of other real estate owned | 3 | |
Net loss on disposal of premises and equipment | 28 | |
Bank owned life insurance policy income | (20) | (21) |
Originations of loans held for sale | (1,050) | |
Proceeds from sale of loans held for sale | 1,050 | |
Deferred income tax expense | 206 | 205 |
Decrease in accrued interest receivable | 68 | 45 |
Increase in other assets | (6) | (628) |
Increase in accrued interest payable | 46 | 86 |
(Decrease) increase in other liabilities | (370) | 36 |
Net Cash Provided by Operating Activities | 627 | 526 |
Cash Flows from Investing Activities | ||
Net originations in loans | 136 | 2,439 |
Purchases of securities available for sale | (60) | |
Redemption of restricted stock | 1,121 | 1,111 |
Proceeds from maturities or calls of securities available for sale | 51,781 | 30,761 |
Proceeds from maturities or calls of securities held to maturity | 410 | 145 |
Proceeds from the sale of securities available for sale | 4,063 | |
Proceeds from the sale of other real estate owned | 95 | |
Purchases of premises and equipment | (26) | (73) |
Net Cash Provided by Investing Activities | 57,485 | 34,418 |
Cash Flows from Financing Activities | ||
Net increase in deposits | 727 | 2,783 |
Net decrease in short-term borrowings | (29,850) | (24,472) |
Redemption of preferred stock | (6,000) | |
Payments regarding subordinance debt issuance costs | (16) | |
Cash dividends paid on preferred stock | (196) | (166) |
Net Cash Used in Financing Activities | (35,335) | (21,855) |
Net Increase in Cash and Cash Equivalents | 22,777 | 13,089 |
Cash and Cash Equivalents—Beginning | 5,909 | 7,866 |
Cash and Cash Equivalents—Ending | 28,686 | 20,955 |
Supplementary Disclosures of Cash Flows Information | ||
Transfer of loans receivable to other real estate owned | 342 | 230 |
Cash paid for interest on deposits and borrowings | 1,072 | $ 738 |
Cash paid for income taxes | $ 35 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2016 | |
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 8 retail branch office locations, is a locally managed community bank providing commercial banking products, primarily loans and deposits, headquartered in Malvern, PA. First Priority provides banking services through the Bank and does not engage in any activities other than banking and related activities. As of March 31, 2016, First Priority had total assets of $511.7 million and total shareholders’ equity of $46.7 million. First Priority Bank The 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. The Bank engages in a full service commercial and consumer banking business with strong private banking and individual wealth management services. The 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. The 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 the Bank, and the Bank has also entered into solicitation agreements with several investment advisors to provide portfolio management services to customers of the Bank. The Bank currently seeks deposits and commercial and private banking relationships through its eight 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 electronic banking and mobile products as well as online account opening capabilities. The Bank obtains funding in the local community by providing excellent service and competitive rates to its customers and utilizes various 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, 2015, included in the Company’s Form 10-K filed with the Securities and Exchange Commission on March 25, 2016. The results of interim periods presented are not necessarily indicative of the results that may be expected for the year ending December 31, 2016. Subsequent Events Management has evaluated events and transactions occurring subsequent to March 31, 2016 for items that should potentially be recognized or disclosed in these Consolidated Financial Statements. The evaluation was conducted through the date these financial statements were issued. See Note 12 for additional information. 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. As of March 31, 2016 there were three remaining acquired purchased credit impaired loans with a net recorded balance of $260 thousand, after a non-accretable credit discount of $362 thousand. 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. As of March 31, 2016, the net recorded balance of acquired loans resulting from the Affinity merger totaled $19.5 million, including a remaining interest rate fair value adjustment of $134 thousand offset by a remaining accretable credit discount of $108 thousand, both of which are being recognized into interest income over the remaining life of the loans. Additionally, the Company purchased two portfolios of performing residential real estate loans during 2014 and 2015, both of which included loans within Pennsylvania and were underwritten using similar underwriting standards as it uses for its organic portfolio. These combined portfolios totaled $21.1 million as of March 31, 2016 with remaining acquisition premiums of $400 thousand which will be recognized into interest income over the remaining life of the loans 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 as of both March 31, 2016 and December 31, 2015, 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 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. 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. Total reclassifications from accumulated other comprehensive income for the periods presented are as follows: Details about Accumulated Other Comprehensive Income Components Amounts Reclassified from Accumulated Other Comprehensive Income Affected Line Item in the Statement where Net Income is Presented March 31, March 31, 2016 2015 (Dollars in thousands) Sale of investment securities available for sale $ (235 ) $ — Gains on sale of investment securities Amortization of unrealized holding gain (losses) on securities transferred from available for sale to held to maturity (15 ) (13 ) Interest Income on taxable securities Tax effect 85 4 Income Tax Expense Total reclassification $ (165 ) $ (9 ) Accumulated other comprehensive income as of March 31, 2016 and December 31, 2015 consisted of the following: March 31, December 31, 2016 2015 (Dollars in thousands) Net unrealized gain on available for sale securities $ 405 $ 208 Net unrealized holding gains on securities transferred from available for sale to held to maturity 19 28 Total $ 424 $ 236 |
Recently Issued Accounting Stan
Recently Issued Accounting Standards | 3 Months Ended |
Mar. 31, 2016 | |
Accounting Changes And Error Corrections [Abstract] | |
Recently Issued Accounting Standards | Note 2—Recently Issued Accounting Standards In May 2014, the FASB issued ASU 2014-09, deferred by ASU 2015-14, 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, 2017. 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 but will continue to evaluate. In January 2016, the FASB issued Accounting Standards Update 2016-01, “Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities” (“ASU 2016-01”). ASU 2016-01 changes current U.S. GAAP for public entities by requiring the following, among others: (1) equity securities, except those accounted for under the equity method of accounting, to be measured at fair value with changes in fair value recognized in net income; (2) the use of the exit price when measuring fair value of financial instruments for disclosure purposes; (3) an entity to present separately in other comprehensive income the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value; and (4) separate presentation of financial assets and financial liabilities by measurement category and form of financial asset on the balance sheet or notes to the financial statements. ASU 2016-01 is effective for annual periods beginning after December 15, 2017, including interim periods. Early application is permitted. The Company is currently assessing the impact the adoption of ASU 2016-01 will have on future financial statements and disclosures. In February 2016, the FASB issued Accounting Standards Update ("ASU") No. 2016-02, Leases. In March 2016, the FASB issued ASU 2016-09, “Improvements to Employee Share-Based Payment Accounting.” This ASU simplifies several aspects of the accounting for employee share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. For public business entities, this ASU is effective for financial statements issued for fiscal years beginning after December 15, 2016, and interim periods therein. The Company is evaluating the impact of this ASU on its consolidated financial statements and disclosures. |
Earnings Per Common Share
Earnings Per Common Share | 3 Months Ended |
Mar. 31, 2016 | |
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 are 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 to determine the net income to common shareholders. Securities that could potentially dilute basic earnings per common share in future periods that were not included in the computation of diluted earnings per common share because to do so would have been anti-dilutive amounted to 463,560 shares as of March 31, 2016 and 262,667 shares as of March 31, 2015. The calculations of basic and diluted earnings per common share are presented below for the three months ended March 31, 2016 and 2015: For the three months ended March 31, (In thousands, except per share information) 2016 2015 Net income $ 531 $ 417 Less: preferred stock dividends (177 ) (166 ) Income to common shareholders $ 354 $ 251 Average basic common shares outstanding 6,496 6,447 Effect of dilutive stock options 33 47 Average number of common shares used to calculate diluted earnings per common share 6,529 6,494 Basic earnings per common share $ 0.05 $ 0.04 Diluted earnings per common share $ 0.05 $ 0.04 The amount of preferred stock dividends related to each series of preferred stock are presented below for the three months ended March 31, 2016 and 2015: For the three months ended March 31, 2016 2015 (Dollars in thousands) Preferred dividends: Preferred Series A $ 77 $ 103 Preferred Series B 4 5 Preferred Series C 96 58 Total preferred dividends $ 177 $ 166 |
Securities
Securities | 3 Months Ended |
Mar. 31, 2016 | |
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 $19 thousand as of March 31, 2016 and $28 thousand as of December 31, 2015, 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: March 31, 2016 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value (Dollars in thousands) Available For Sale: Obligations of U.S. government agencies and corporations $ 11,972 $ 55 $ — $ 12,027 Obligations of states and political subdivisions 10,145 303 (8 ) 10,440 Federal agency mortgage-backed securities 16,284 268 (4 ) 16,548 Federal agency collateralized mortgage obligations 308 1 — 309 Money market mutual fund 41 — — 41 Total investment securities available for sale $ 38,750 $ 627 $ (12 ) $ 39,365 Held To Maturity: Obligations of states and political subdivisions $ 18,961 $ 983 $ — $ 19,944 Other debt securities 481 28 — 509 Total investment securities held to maturity $ 19,442 $ 1,011 $ — $ 20,453 December 31, 2015 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value (Dollars in thousands) Available For Sale: Obligations of U.S. government agencies and corporations $ 62,967 $ - $ (63 ) $ 62,904 Obligations of states and political subdivisions 13,964 398 (15 ) 14,347 Federal agency mortgage-backed securities 17,042 87 (91 ) 17,038 Federal agency collateralized mortgage obligations 347 - (1 ) 346 Money market mutual fund 69 - - 69 Total investment securities available for sale $ 94,389 $ 485 $ (170 ) $ 94,704 Held To Maturity: Obligations of states and political subdivisions $ 19,405 $ 597 $ (47 ) $ 19,955 Other debt securities 481 10 - 491 Total investment securities held to maturity $ 19,886 $ 607 $ (47 ) $ 20,446 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, 2016 and December 31, 2015. As of March 31, 2016 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 states and political subdivisions $ 892 $ (8 ) 1 $ - $ - — $ 892 $ (8 ) 1 Federal agency mortgage-backed securities 1,331 (2 ) 2 57 (2 ) 1 1,388 (4 ) 3 Total Available for Sale $ 2,223 $ (10 ) 3 $ 57 $ (2 ) 1 $ 2,280 $ (12 ) 4 As of December 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 agencies and corporations $ 12,905 $ (63 ) 11 $ — $ — — $ 12,905 $ (63 ) 11 Obligations of states and political subdivisions 2,780 (15 ) 7 — — — 2,780 (15 ) 7 Federal agency mortgage-backed securities 4,276 (46 ) 3 2,304 (45 ) 2 6,580 (91 ) 5 Federal agency collateralized mortgage obligations 220 (1 ) 1 — — — 220 (1 ) 1 Total Available for Sale $ 20,181 $ (125 ) 22 $ 2,304 $ (45 ) 2 $ 22,485 $ (170 ) 24 Held to Maturity: Obligations of states and political subdivisions $ 2,373 $ (47 ) 5 $ - $ - - $ 2,373 $ (47 ) 5 Total Held to Maturity $ 2,373 $ (47 ) 5 $ - $ - - $ 2,373 $ (47 ) 5 As of March 31, 2016, 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, 2016, represents other than temporary impairment. For the three months ended March 31, 2016 there were realized gains of $235 thousand. There were no realized gains or losses for the three months ended March 31, 2015. Securities with an estimated fair value of $59.1 million and $55.2 million were pledged at March 31, 2016 and December 31, 2015, respectively, to secure public fund deposits. In addition, securities pledged to secure borrowings by the Bank totaled $59 thousand and $60 thousand as of March 31, 2016 and December 31, 2015, respectively. The amortized cost and fair value of securities as of March 31, 2016 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. March 31, 2016 March 31, 2016 Available for Sale Securities Held to Maturity Amortized Cost Fair Value Amortized Cost Fair Value (Dollars in thousands) Due within one year $ 252 $ 252 $ — $ — Due after one year through five years 15,564 15,663 297 303 Due after five years through ten years 683 694 1,803 1,863 Due after ten years 5,618 5,858 17,342 18,287 22,117 22,467 19,442 20,453 Federal agency collateralized mortgage obligations 308 309 — — Federal agency mortgage-backed securities 16,284 16,548 — — Money market mutual fund 41 41 — — Total $ 38,750 $ 39,365 $ 19,442 $ 20,453 |
Loans Receivable and Related Al
Loans Receivable and Related Allowance for Loan Losses | 3 Months Ended |
Mar. 31, 2016 | |
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, 2016 and December 31, 2015. March 31, December 31, 2016 2015 (Dollars in thousands) Commercial: Commercial and industrial $ 74,336 $ 74,470 Commercial mortgage 180,512 179,365 Commercial construction 17,077 13,466 Total commercial 271,925 267,301 Residential mortgage loans 96,269 101,185 Consumer: Home equity lines of credit 25,739 24,762 Other consumer loans 14,589 15,915 Total consumer 40,328 40,677 Total loans 408,522 409,163 Allowance for loan losses (2,783 ) (2,795 ) Net deferred loan cost (fees) (17 ) (10 ) Total loans receivable, net $ 405,722 $ 406,358 The following tables summarize the activity in the allowance for loan losses by loan class for the three months ended March 31, 2016 and 2015: For the three months ended March 31, 2016 Allowance for Loan Losses (Dollars in thousands) Beginning Balance Charge-offs Recoveries Provision for loan losses Ending Balance Commercial and industrial $ 631 $ — $ 17 $ 24 $ 672 Commercial mortgage 831 (72 ) — 60 819 Commercial construction 56 — — 11 67 Residential mortgage loans 259 — — (11 ) 248 Home equity lines of credit 167 — 5 (18 ) 154 Other consumer loans 84 (75 ) 3 47 59 Unallocated 767 — — (3 ) 764 Total loans $ 2,795 $ (147 ) $ 25 $ 110 $ 2,783 For the three months ended March 31, 2015 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 (14 ) — 18 163 Home equity lines of credit 270 (12 ) 4 (41 ) 221 Other consumer loans 87 (16 ) 4 (9 ) 66 Unallocated 515 — — 126 641 Total loans $ 2,313 $ (69 ) $ 13 $ 120 $ 2,377 The following tables present the balance in the allowance for loan losses at March 31, 2016 and December 31, 2015 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: March 31, 2016 Allowance for Loan Losses Loans Receivable (Dollars in thousands) Ending Balance Ending Balance Individually Evaluated for Impairment Ending Balance Collectively Evaluated for Impairment Ending Balance Ending Balance Individually Evaluated for Impairment Ending Balance Collectively Evaluated for Impairment Commercial and industrial $ 672 $ 173 $ 499 $ 74,336 $ 1,755 $ 72,581 Commercial mortgage 819 229 590 180,512 1,902 178,610 Commercial construction 67 — 67 17,077 — 17,077 Residential mortgage loans 248 46 202 96,269 668 95,601 Home equity lines of credit 154 — 154 25,739 95 25,644 Other consumer loans 59 — 59 14,589 177 14,412 Unallocated 764 — 764 — — — Total loans $ 2,783 $ 448 $ 2,335 $ 408,522 $ 4,597 $ 403,925 December 31, 2015 Allowance for Loan Losses Loans Receivable (Dollars in thousands) Ending Balance Ending Balance Individually Evaluated for Impairment Ending Balance Collectively Evaluated for Impairment Ending Balance Ending Balance Individually Evaluated for Impairment Ending Balance Collectively Evaluated for Impairment Commercial and industrial $ 631 $ 123 $ 508 $ 74,470 $ 1,259 $ 73,211 Commercial mortgage 831 264 567 179,365 2,196 177,169 Commercial construction 56 — 56 13,466 — 13,466 Residential mortgage loans 259 46 213 101,185 669 100,516 Home equity lines of credit 167 — 167 24,762 96 24,666 Other consumer loans 84 19 65 15,915 351 15,564 Unallocated 767 — 767 — — — Total loans $ 2,795 $ 452 $ 2,343 $ 409,163 $ 4,571 $ 404,592 The following tables summarize information in regard to impaired loans by loan portfolio class as of March 31, 2016 and December 31, 2015 as well as for the three month periods ended March 31, 2016 and 2015, respectively: March 31, 2016 December 31, 2015 Recorded Investment Unpaid Principal Balance Related Allowance Recorded Investment Unpaid Principal Balance Related Allowance (Dollars in thousands) With no related allowance recorded: Commercial and industrial $ 490 $ 946 $ — $ 317 $ 803 $ — Commercial mortgage 1,391 1,447 — 1,463 1,530 — Commercial construction — — — — — — Residential mortgage loans 30 63 — 31 64 — Home equity lines of credit 95 96 — 96 97 — Other consumer loans 177 200 — 185 206 — With an allowance recorded: Commercial and industrial $ 1,265 $ 1,326 $ 173 $ 942 $ 995 $ 123 Commercial mortgage 511 632 229 733 850 264 Commercial construction — — — — — — Residential mortgage loans 638 638 46 638 638 46 Home equity lines of credit — — — — — — Other consumer loans — — — 166 168 19 Total: Commercial and industrial $ 1,755 $ 2,272 $ 173 $ 1,259 $ 1,798 $ 123 Commercial mortgage 1,902 2,079 229 2,196 2,380 264 Commercial construction — — — — — — Residential mortgage loans 668 701 46 669 702 46 Home equity lines of credit 95 96 — 96 97 — Other consumer loans 177 200 — 351 374 19 Total $ 4,597 $ 5,348 $ 448 $ 4,571 $ 5,351 $ 452 Three Months ended March 31, 2016 2015 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized (Dollars in thousands) With no related allowance recorded: Commercial and industrial $ 975 $ — $ 1,239 $ 9 Commercial mortgage 1,447 14 3,573 15 Commercial construction — — — — Residential mortgage loans 31 — 232 — Home equity lines of credit 96 1 100 1 Other consumer loans 181 2 332 2 With an allowance recorded: Commercial and industrial $ 1,103 $ 2 $ 875 $ — Commercial mortgage 514 3 - — Commercial construction — — - — Residential mortgage loans 637 6 — — Home equity lines of credit — — — — Other consumer loans — — — — Total: Commercial and industrial $ 2,078 $ 2 $ 2,114 $ 9 Commercial mortgage 1,961 17 3,573 15 Commercial construction — — — — Residential mortgage loans 668 6 232 — Home equity lines of credit 96 1 100 1 Other consumer loans 181 2 332 2 Total $ 4,984 $ 28 $ 6,351 $ 27 The following table presents non-accrual loans by classes of the loan portfolio as of March 31, 2016 and December 31, 2015: March 31, 2016 December 31, 2015 (Dollars in thousands) Commercial and industrial $ 1,555 $ 1,059 Commercial mortgage 288 575 Residential mortgage loans 30 31 Home equity lines of credit 16 16 Other consumer loans 79 252 Total loans $ 1,968 $ 1,933 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 $32 thousand and $60 thousand for the three months ended March 31, 2016 and March 31, 2015, 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, 2016 and December 31, 2015: March 31, 2016 Pass Special Mention Substandard Doubtful Total (Dollars in thousands) Commercial: Commercial and industrial $ 66,712 $ 5,484 $ 2,140 $ — $ 74,336 Commercial mortgage 177,268 2,198 1,046 — 180,512 Commercial construction 17,077 — — — 17,077 Residential mortgage loans 96,239 — 30 — 96,269 Consumer: Home equity lines of credit 25,723 — 16 — 25,739 Other consumer loans 14,510 — 79 — 14,589 Total $ 397,529 $ 7,682 $ 3,311 $ — $ 408,522 December 31, 2015 Pass Special Mention Substandard Doubtful Total (Dollars in thousands) Commercial: Commercial and industrial $ 67,509 $ 5,290 $ 1,671 $ — $ 74,470 Commercial mortgage 174,339 3,478 1,548 — 179,365 Commercial construction 13,466 — - — 13,466 Residential mortgage loans 101,154 — 31 — 101,185 Consumer: Home equity lines of credit 24,746 — 16 — 24,762 Other consumer loans 15,663 — 252 — 15,915 Total $ 396,877 $ 8,768 $ 3,518 $ — $ 409,163 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, 2016 and December 31, 2015: March 31, 2016 30-59 Days Past Due 60-89 Days Past Due Greater Than 90 Days Total Past Due Current Total Loans Receivable (Dollars in thousands) Commercial: Commercial and industrial $ 64 $ — $ 757 $ 821 $ 73,515 $ 74,336 Commercial mortgage 56 — 14 70 180,442 180,512 Commercial construction — — — — 17,077 17,077 Residential mortgage loans 67 — — 67 96,202 96,269 Consumer: — Home equity lines of credit — — — — 25,739 25,739 Other consumer loans 20 — 5 25 14,564 14,589 Total $ 207 $ — $ 776 $ 983 $ 407,539 $ 408,522 December 31, 2015 30-59 Days Past Due 60-89 Days Past Due Greater Than 90 Days Total Past Due Current Total Loans Receivable (Dollars in thousands) Commercial: Commercial and industrial $ — $ 67 $ 230 $ 297 $ 74,173 $ 74,470 Commercial mortgage 51 101 195 347 179,018 179,365 Commercial construction — — — — 13,466 13,466 Residential mortgage loans 975 — — 975 100,210 101,185 Consumer: Home equity lines of credit — — — - 24,762 24,762 Other consumer loans 15 — 209 224 15,691 15,915 Total $ 1,041 $ 168 $ 634 $ 1,843 $ 407,320 $ 409,163 As of March 31, 2016 and December 31, 2015, there were no loans 90 days past due and still accruing interest. Troubled Debt Restructurings 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 tables summarize the balance of outstanding TDR’s at March 31, 2016 and December 31, 2015: Number of Loans Performing TDR's Non-Performing TDR's Total TDRs (Dollars in thousands) March 31, 2016 Commercial and industrial 4 $ 200 $ 733 $ 933 Commercial mortgage 4 1,614 275 1,889 Residential mortgage loans 2 638 30 668 Home equity lines of credit 2 79 16 95 Other consumer loans 2 98 22 120 Total 14 $ 2,629 $ 1,076 $ 3,705 Number of Loans Performing TDR's Non-Performing TDR's Total TDRs (Dollars in thousands) December 31, 2015 Commercial and industrial 4 $ 200 $ 742 $ 942 Commercial mortgage 6 1,622 343 1,965 Residential mortgage loans 2 638 31 669 Home equity lines of credit 2 79 17 96 Other consumer loans 2 99 22 121 Total 16 $ 2,638 $ 1,155 $ 3,793 At March 31, 2016 and December 31, 2015, there were no commitments to lend additional funds to debtors whose terms have been modified in TDR’s. The following table reflects information regarding TDR’s entered into by the Company for the three month periods ended March 31, 2016 and 2015. For the three months ended March 31, 2016 March 31, 2015 Number of Contracts Pre- Modification Outstanding Recorded Investments Post- Modification Outstanding Recorded Investments Number of Contracts Pre- Modification Outstanding Recorded Investments Post- Modification Outstanding Recorded Investments (Dollars in thousands) (Dollars in thousands) Troubled debt restructurings: Residential mortgage loans — $ — $ — 1 $ 35 $ 35 Total — $ — $ — 1 $ 35 $ 35 There were no new TDR’s entered into during the three months ended March 31, 2016. The sole TDR entered into during the three months ended March 31, 2015 was related to an interest rate reduction and did not include any forgiveness of debt. As of March 31, 2016, there were no TDRs that were subsequently in default as of the periods stated. As of March 31, 2015, a residential mortgage loan with a current balance of $76 thousand and two commercial loans with combined outstanding balances totaling $64 thousand, classified as TDR’s, were in default and were classified as non-accrual status. The carrying amount of foreclosed residential real estate properties held was $1.1 million as of March 31, 2016. There were no consumer mortgage loans collateralized by residential real estate property that are in the process of foreclosure as of March 31, 2016. |
Deposits
Deposits | 3 Months Ended |
Mar. 31, 2016 | |
Banking And Thrift [Abstract] | |
Deposits | Note 6—Deposits The components of deposits at March 31, 2016 and December 31, 2015 are as follows: March 31, December 31, 2016 2015 (Dollars in thousands) Demand, non-interest bearing $ 55,564 $ 46,343 Demand, interest-bearing 42,022 38,297 Money market and savings accounts 94,919 90,696 Time, $100 and over 57,067 56,138 Time, other 159,811 177,213 $ 409,383 $ 408,687 Included in time, other at March 31, 2016 and December 31, 2015 are brokered deposits of $95.8 million and $113.3 million, respectively. As of March 31, 2016 and December 31, 2015 aggregate time deposits which exceed the $250 thousand FDIC insurance limit were $10.6 million and $10.0 million, respectively. At March 31, 2016, the scheduled maturities of time deposits were as follows: March 31, 2016 (Dollars in thousands) 3/31/2017 $ 87,945 3/31/2018 84,329 3/31/2019 29,398 3/31/2020 5,334 3/31/2021 9,872 Thereafter - $ 216,878 |
Shareholders' Equity
Shareholders' Equity | 3 Months Ended |
Mar. 31, 2016 | |
Equity [Abstract] | |
Shareholders' Equity | Note 7—Shareholders’ Equity As of March 31, 2016 and December 31, 2015 the Company had 3,404 shares and 9,404 shares, respectively, of 9%, fixed rate, Cumulative Perpetual Preferred Stock outstanding totaling $3.4 million and $9.4 million, respectively. On January 22, 2016, First Priority redeemed $6.0 million of its outstanding Preferred Stock for a total redemption price of $1,016.75 per share which included accrued dividends. This redemption included all shares of outstanding Series A (4,579 shares; par value $1,000) and Series B (229 shares; par value $1,000); and approximately 25.9% of Series C (1,192 shares of 4,596 shares outstanding; par value $1,000). The shares of Series C were selected for redemption on a pro rata basis. After the completion of these redemptions, 3,404 shares of Series C Preferred Stock is outstanding as of March 31, 2016. The Preferred Stock has no maturity date and ranks senior to common stock with respect to dividends and upon liquidation, dissolution, or winding up. The Company may redeem the Preferred Stock, in whole or in part, at its liquidation preference plus accrued and unpaid dividends. |
Stock Compensation Program
Stock Compensation Program | 3 Months Ended |
Mar. 31, 2016 | |
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 options 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. A summary of the Stock Option Plan is presented below: Options to Purchase Common Shares Weighted Outstanding at beginning of period 970,193 $ 6.41 Granted during period 25,000 5.98 Forfeited/cancelled during period ─ ─ Expired (18,133 ) 9.65 Outstanding at end of period (1) 977,060 6.34 Exercisable at end of period (1) 335,560 $ 7.84 (1) Included in options outstanding and exercisable at March 31, 2016 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 based on the closing stock price at March 31, 2016 and December 31, 2015 were 6.63 years and 3.60 years, respectively and 6.67 years and 3.66 years, respectively. The aggregate intrinsic value of all outstanding stock options was $204 thousand as of March 31, 2016, including $27 thousand related to currently exercisable options, and $618 thousand as of December 31, 2015, including $121 thousand related to exercisable options. The fair value of each option grant is estimated on the date of grant using the Black-Scholes option-pricing model with the following weighted average assumptions: 2016 Dividend yield.................................. 0.0% Expected life..................................... 7 years Expected volatility........................... 26% Risk-free interest rate...................... 1.76% Weighted average fair value.......... $ 1.88 For option grants to individual employees, the Company assumes no forfeitures. For option grants made to a group of employees, a 10% forfeiture rate is typically assumed at the date of the grant, and compared to actual forfeitures on an annual basis. Under the terms of the merger agreement dated February 28, 2013, with Affinity, each Affinity option became fully vested and was exchanged for a grant of 0.9813 FPFC options, with an adjusted exercise price to reflect the exchange ratio and maintains the same expiration date as the original option. As of March 31, 2016, 45,460 of these options remain outstanding with an average exercise price of $9.42 and a remaining contractual term of 3.54 years. The dividend yield assumption is based on the Company’s history and expectation of dividend payouts. Due to the Company’s lack of sufficient historical exercise data and the limited period of time for which shares have been issued, the “simplified” method is used to determine the expected life of options, calculated as the average of the sum of the vesting term and original contractual term for all periods presented. The expected volatility percentage is based on the average expected volatility of similar public financial institutions in the Company’s market area. The risk-free interest rates for periods within the contractual life of the awards are based on the U.S. Treasury yield curve in effect at the time of grant. As of March 31, 2016, there was $313 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 3.25 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. During 2015, there were 99,000 performance options issued to various employees. Certain performance criteria must be achieved over the performance period in order for the option granted to vest. Performance is analyzed on a quarterly basis to determine if the specific required performance is more likely than not to be achieved. Based on this evaluation, 27,500 performance options were cancelled in 2015 leaving 71,500 outstanding as of March 31, 2016. These non-vested options may be further adjusted in the future. Restricted Stock grants fully vest after a minimum of three years from the date of grant (or potentially earlier upon a change of control or retirement after the age of 66), subject to the recipient remaining an employee of the Company. Director Restricted Stock grants vest in one year to coincide with the required service period. 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 is determined at the date of the award based on the estimated fair value of the shares and is amortized over the vesting period. As of March 31, 2016, there was $358 thousand of unrecognized compensation cost related to restricted stock, which will be amortized through March 22, 2020. A summary of restricted stock award activity is presented below for the three months ended March 31, 2016: Shares Outstanding unvested shares at beginning of period 165,474 Shares Granted during period 9,250 Shares Forfeited/cancelled during the period (100 ) Vested Shares during this period (19,299 ) Outstanding unvested shares at end of period 155,325 |
Financial Instruments with Off-
Financial Instruments with Off-Balance Sheet Risk | 3 Months Ended |
Mar. 31, 2016 | |
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, 2016 and December 31, 2015, outstanding commitments to extend credit consisting of total unfunded commitments under lines of credit were $95.5 million and $97.8 million, respectively. In addition, as of each of these dates, the Company maintained $711 thousand of performance standby letters of credit outstanding, and $1.2 million and $1.1 million of financial standby letters of credit outstanding, respectively, on behalf of its customers. As of March 31, 2016, the Company also has deposit letters of credit totaling $9.8 million, issued by the Federal Home Loan Bank of Pittsburgh (“FHLB”), as required to provide collateral on certain municipal deposits maintained at First Priority. These deposit letters of credit are secured by the Company’s investment securities, which are included as part of the overall investment securities pledged to secure public fund deposits. 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. |
Regulatory Matters
Regulatory Matters | 3 Months Ended |
Mar. 31, 2016 | |
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, the 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, the 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 began to phase in over a three-year period beginning January 1, 2016 and is 0.625% during 2016. The capital buffer requirement, on a fully phased-in basis as of January 1, 2019, effectively raises the minimum required common equity Tier 1 capital ratio to 7.0% (5.125% in 2016), the Tier 1 capital ratio to 8.5% (6.625% in 2016), and the total capital ratio to 10.5% (8.625% in 2016). The Bank’s capital amounts (dollars in thousands) and ratios at March 31, 2016 and December 31, 2015 are presented below: Actual Minimum Capital Requirement To be Well Capitalized under Prompt Corrective Action Provisions Amount Ratio Amount Ratio Amount Ratio March 31, 2016 Total capital (to risk-weighted assets) $ 52,544 13.42 % $ 31,314 >8.0 % $ >39,142 >10.0 % Tier 1 capital (to risk-weighted assets) 40,536 10.36 >23,485 >6.0 >31,314 >8.0 Tier 1 common equity capital (to risk-weighted assets) 40,536 10.36 >17,614 >4.5 >25,442 >6.5 Tier 1 capital (to total assets) 40,536 8.22 >19,714 >4.0 >24,643 >5.0 December 31, 2015 Total capital (to risk-weighted assets) $ 51,889 12.98 % $ >31,985 >8.0 % $ >39,981 >10.0 % Tier 1 capital (to risk-weighted assets) 39,858 9.97 >23,989 >6.0 >31,985 >8.0 Tier 1 common equity capital (to risk-weighted assets) 39,858 9.97 >17,992 >4.5 >25,988 >6.5 Tier 1 capital (to total assets) 39,858 8.11 >19,655 >4.0 >24,568 >5.0 First Priority’s ability to pay cash dividends is dependent on receiving cash in the form of dividends from the Bank. However, certain restrictions exist regarding the ability of the 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 the 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 Fai
Fair Value Measurements and Fair Values of Financial Instruments | 3 Months Ended |
Mar. 31, 2016 | |
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, 2016 and December 31, 2015 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 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, 2016 and December 31, 2015 are as follows: Description Fair Value (Level 1) Quoted Prices in Active Markets for Identical Assets (Level 2) Significant Other Observable Inputs (Level 3) Significant Unobservable Inputs (Dollars in thousands) As of March 31, 2016: Investment securities available for sale: Obligations of U.S. government agencies and corporations $ 12,027 $ — $ 12,027 $ — Obligations of states and political subdivisions 10,440 — 10,440 — Federal agency mortgage-backed securities 16,548 — 16,548 — Federal agency collateralized mortgage obligations 309 — 309 — Money market mutual fund 41 41 — — Total assets measured at fair value on a recurring basis $ 39,365 $ 41 $ 39,324 $ — As of December 31, 2015: Investment securities available for sale: Obligations of U.S. government agencies and corporations $ 62,904 $ — $ 62,904 $ — Obligations of states and political subdivisions 14,347 — 14,347 — Federal agency mortgage-backed securities 17,037 — 17,037 — Federal agency collateralized mortgage obligations 347 — 347 — Money market mutual fund 69 69 — — Total assets measured at fair value on a recurring basis $ 94,704 $ 69 $ 94,635 $ — 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, 2016 and December 31, 2015 are as follows: Description Fair Value (Level 1) Quoted Prices in Active Markets for Identical Assets (Level 2) Significant Other Observable Inputs (Level 3) Significant Unobservable Inputs (Dollars in thousands) As of March 31, 2016: Impaired loans $ 3,628 $ — $ — $ 3,628 Total assets measured at fair value on a nonrecurring basis $ 3,628 $ — $ — $ 3,628 As of December 31, 2015: Impaired loans $ 3,699 $ — $ — $ 3,699 Other real estate owned 935 — — 935 Total assets measured at fair value on a nonrecurring basis $ 4,634 $ — $ — $ 4,634 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, 2016 is included in the table below: Fair Value Valuation Techniques Unobservable Inputs Estimated Ratings (Weighted Average) (3) (Dollars in thousands) Impaired loans $ 3,628 Appraisal of real estate collateral (1) Appraisal adjustments(2) 0%-50% (4.76%) Valuation of business assets used as collateral(1) Valuation adjustments(2) 25%-30% Liquidation expenses 2%-10% (6.21%) Quantitative information about Level 3 fair value measurements at December 31, 2015 is included in the table below: Fair Value Valuation Techniques Unobservable Inputs Estimated Ratings (Weighted Average) (3) (Dollars in thousands) Impaired loans $ 3,699 Appraisal of real estate collateral (1) Appraisal adjustments(2) 0%-50% (4.75%) Valuation of business assets used as collateral(1) Valuation adjustments(2) 25%-30% Liquidation expenses 2%-10% (6.34%) Other real estate owned $ 935 Appraisal of collateral(1) Appraisal adjustments(2) 0%-25% (3.39%) Liquidation expenses 7%-8.5% (8.38%) (1) Fair Value is generally determined through independent appraisals of the underlying collateral, which include Level 3 inputs that are not identifiable. (2) Appraisals may be 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. 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 which resulted in a gain or loss recognized during the period. Costs relating to the development or improvement of assets are capitalized and costs relating to holding the property are charged to expense. At March 31, 2016, there were no other real estate owned which included non-recurring fair value adjustments during the current period. As of December 31, 2015, the fair value consists of other real estate owned balances of $1.3 million, net of a valuation allowance of $404 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, 2016 and December 31, 2015: 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. Impaired Loans Impaired loans, which are included in loans receivable, are those that are accounted for under FASB ASC Topic 310, “Receivables” , 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. Subordinated Debt The fair values of subordinated debt has been estimated using discounted cash flow calculation taking into account contractual maturities, call features, and market interest rates for instruments with similar financial and credit characteristics. These instruments are classified within Level 2 of the fair value hierarchy. 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, 2016 and December 31, 2015, the estimated fair values of the Company’s financial instruments were as follows: March 31, 2016 Carrying Amount Fair Value Level 1 Level 2 Level 3 (Dollars in thousands) Assets: Cash and cash equivalents $ 28,686 $ 28,686 $ 28,686 $ — $ — Securities available for sale 39,365 39,365 41 39,324 — Securities held to maturity 19,442 20,453 — 20,453 — Loans receivable, net 405,722 412,704 — — 412,704 Restricted stock 2,247 2,247 — 2,247 — Accrued interest receivable 1,555 1,555 — 1,555 — Liabilities: Deposits 409,383 410,702 — 410,702 — Federal Home Loan Bank of Pittsburgh advances 44,875 44,915 — 44,915 — Subordinated debt 9,190 9,201 — 9,201 — Accrued interest payable 496 496 — 496 — Off-balance sheet credit related instruments: Commitments to extend credit — — — — — December 31, 2015 Carrying Amount Fair Value Level 1 Level 2 Level 3 (Dollars in thousands) Assets: Cash and cash equivalents $ 5,909 $ 5,909 $ 5,909 $ — $ — Securities available for sale 94,704 94,704 69 94,635 — Securities held to maturity 19,886 20,446 — 20,446 — Loans receivable, net 406,358 413,187 — — 413,187 Restricted stock 3,368 3,368 — 3,368 — Accrued interest receivable 1,623 1,623 — 1,623 — Liabilities: Deposits 408,687 409,029 — 409,029 — Federal Home Loan Bank of Pittsburgh advances 74,725 74,654 — 74,654 — Subordinated debt 9,201 9,201 — 9,201 — Accrued interest payable 450 450 — 450 — Off-balance sheet credit related instruments: Commitments to extend credit — — — — — |
Subsequent Event
Subsequent Event | 3 Months Ended |
Mar. 31, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Event | Note 12─Subsequent Event The Company amended its articles of incorporation, effective May 4, 2016, to increase the number of authorized shares of its common stock, $1.00 par value, from 10,000,000 shares to 20,000,000 shares. The amendment was approved by shareholders at the 2016 annual meeting of shareholders held on May 3, 2016. |
Summary of Significant Accoun21
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2016 | |
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 8 retail branch office locations, is a locally managed community bank providing commercial banking products, primarily loans and deposits, headquartered in Malvern, PA. First Priority provides banking services through the Bank and does not engage in any activities other than banking and related activities. As of March 31, 2016, First Priority had total assets of $511.7 million and total shareholders’ equity of $46.7 million. First Priority Bank The 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. The Bank engages in a full service commercial and consumer banking business with strong private banking and individual wealth management services. The 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. The 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 the Bank, and the Bank has also entered into solicitation agreements with several investment advisors to provide portfolio management services to customers of the Bank. The Bank currently seeks deposits and commercial and private banking relationships through its eight 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 electronic banking and mobile products as well as online account opening capabilities. The Bank obtains funding in the local community by providing excellent service and competitive rates to its customers and utilizes various 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, 2015, included in the Company’s Form 10-K filed with the Securities and Exchange Commission on March 25, 2016. The results of interim periods presented are not necessarily indicative of the results that may be expected for the year ending December 31, 2016. |
Subsequent Events | Subsequent Events Management has evaluated events and transactions occurring subsequent to March 31, 2016 for items that should potentially be recognized or disclosed in these Consolidated Financial Statements. The evaluation was conducted through the date these financial statements were issued. See Note 12 for additional information. |
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. As of March 31, 2016 there were three remaining acquired purchased credit impaired loans with a net recorded balance of $260 thousand, after a non-accretable credit discount of $362 thousand. 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. As of March 31, 2016, the net recorded balance of acquired loans resulting from the Affinity merger totaled $19.5 million, including a remaining interest rate fair value adjustment of $134 thousand offset by a remaining accretable credit discount of $108 thousand, both of which are being recognized into interest income over the remaining life of the loans. Additionally, the Company purchased two portfolios of performing residential real estate loans during 2014 and 2015, both of which included loans within Pennsylvania and were underwritten using similar underwriting standards as it uses for its organic portfolio. These combined portfolios totaled $21.1 million as of March 31, 2016 with remaining acquisition premiums of $400 thousand which will be recognized into interest income over the remaining life of the loans |
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 as of both March 31, 2016 and December 31, 2015, 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 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. 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 | 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. Total reclassifications from accumulated other comprehensive income for the periods presented are as follows: Details about Accumulated Other Comprehensive Income Components Amounts Reclassified from Accumulated Other Comprehensive Income Affected Line Item in the Statement where Net Income is Presented March 31, March 31, 2016 2015 (Dollars in thousands) Sale of investment securities available for sale $ (235 ) $ — Gains on sale of investment securities Amortization of unrealized holding gain (losses) on securities transferred from available for sale to held to maturity (15 ) (13 ) Interest Income on taxable securities Tax effect 85 4 Income Tax Expense Total reclassification $ (165 ) $ (9 ) Accumulated other comprehensive income as of March 31, 2016 and December 31, 2015 consisted of the following: March 31, December 31, 2016 2015 (Dollars in thousands) Net unrealized gain on available for sale securities $ 405 $ 208 Net unrealized holding gains on securities transferred from available for sale to held to maturity 19 28 Total $ 424 $ 236 |
Recently Issued Accounting Standards | In May 2014, the FASB issued ASU 2014-09, deferred by ASU 2015-14, 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, 2017. 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 but will continue to evaluate. In January 2016, the FASB issued Accounting Standards Update 2016-01, “Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities” (“ASU 2016-01”). ASU 2016-01 changes current U.S. GAAP for public entities by requiring the following, among others: (1) equity securities, except those accounted for under the equity method of accounting, to be measured at fair value with changes in fair value recognized in net income; (2) the use of the exit price when measuring fair value of financial instruments for disclosure purposes; (3) an entity to present separately in other comprehensive income the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value; and (4) separate presentation of financial assets and financial liabilities by measurement category and form of financial asset on the balance sheet or notes to the financial statements. ASU 2016-01 is effective for annual periods beginning after December 15, 2017, including interim periods. Early application is permitted. The Company is currently assessing the impact the adoption of ASU 2016-01 will have on future financial statements and disclosures. In February 2016, the FASB issued Accounting Standards Update ("ASU") No. 2016-02, Leases. In March 2016, the FASB issued ASU 2016-09, “Improvements to Employee Share-Based Payment Accounting.” This ASU simplifies several aspects of the accounting for employee share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. For public business entities, this ASU is effective for financial statements issued for fiscal years beginning after December 15, 2016, and interim periods therein. The Company is evaluating the impact of this ASU on its consolidated financial statements and disclosures. |
Summary of Significant Accoun22
Summary of Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Accounting Policies [Abstract] | |
Schedule of Total Reclassifications from Accumulated Other Comprehensive Income | Total reclassifications from accumulated other comprehensive income for the periods presented are as follows: Details about Accumulated Other Comprehensive Income Components Amounts Reclassified from Accumulated Other Comprehensive Income Affected Line Item in the Statement where Net Income is Presented March 31, March 31, 2016 2015 (Dollars in thousands) Sale of investment securities available for sale $ (235 ) $ — Gains on sale of investment securities Amortization of unrealized holding gain (losses) on securities transferred from available for sale to held to maturity (15 ) (13 ) Interest Income on taxable securities Tax effect 85 4 Income Tax Expense Total reclassification $ (165 ) $ (9 ) |
Schedule of Accumulated Other Comprehensive Income | Accumulated other comprehensive income as of March 31, 2016 and December 31, 2015 consisted of the following: March 31, December 31, 2016 2015 (Dollars in thousands) Net unrealized gain on available for sale securities $ 405 $ 208 Net unrealized holding gains on securities transferred from available for sale to held to maturity 19 28 Total $ 424 $ 236 |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
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, 2016 and 2015: For the three months ended March 31, (In thousands, except per share information) 2016 2015 Net income $ 531 $ 417 Less: preferred stock dividends (177 ) (166 ) Income to common shareholders $ 354 $ 251 Average basic common shares outstanding 6,496 6,447 Effect of dilutive stock options 33 47 Average number of common shares used to calculate diluted earnings per common share 6,529 6,494 Basic earnings per common share $ 0.05 $ 0.04 Diluted earnings per common share $ 0.05 $ 0.04 |
Schedule of Amount of Preferred Stock Dividends Related to Each Series of Preferred Stock | The amount of preferred stock dividends related to each series of preferred stock are presented below for the three months ended March 31, 2016 and 2015: For the three months ended March 31, 2016 2015 (Dollars in thousands) Preferred dividends: Preferred Series A $ 77 $ 103 Preferred Series B 4 5 Preferred Series C 96 58 Total preferred dividends $ 177 $ 166 |
Securities (Tables)
Securities (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
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: March 31, 2016 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value (Dollars in thousands) Available For Sale: Obligations of U.S. government agencies and corporations $ 11,972 $ 55 $ — $ 12,027 Obligations of states and political subdivisions 10,145 303 (8 ) 10,440 Federal agency mortgage-backed securities 16,284 268 (4 ) 16,548 Federal agency collateralized mortgage obligations 308 1 — 309 Money market mutual fund 41 — — 41 Total investment securities available for sale $ 38,750 $ 627 $ (12 ) $ 39,365 Held To Maturity: Obligations of states and political subdivisions $ 18,961 $ 983 $ — $ 19,944 Other debt securities 481 28 — 509 Total investment securities held to maturity $ 19,442 $ 1,011 $ — $ 20,453 December 31, 2015 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value (Dollars in thousands) Available For Sale: Obligations of U.S. government agencies and corporations $ 62,967 $ - $ (63 ) $ 62,904 Obligations of states and political subdivisions 13,964 398 (15 ) 14,347 Federal agency mortgage-backed securities 17,042 87 (91 ) 17,038 Federal agency collateralized mortgage obligations 347 - (1 ) 346 Money market mutual fund 69 - - 69 Total investment securities available for sale $ 94,389 $ 485 $ (170 ) $ 94,704 Held To Maturity: Obligations of states and political subdivisions $ 19,405 $ 597 $ (47 ) $ 19,955 Other debt securities 481 10 - 491 Total investment securities held to maturity $ 19,886 $ 607 $ (47 ) $ 20,446 |
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, 2016 and December 31, 2015. As of March 31, 2016 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 states and political subdivisions $ 892 $ (8 ) 1 $ - $ - — $ 892 $ (8 ) 1 Federal agency mortgage-backed securities 1,331 (2 ) 2 57 (2 ) 1 1,388 (4 ) 3 Total Available for Sale $ 2,223 $ (10 ) 3 $ 57 $ (2 ) 1 $ 2,280 $ (12 ) 4 As of December 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 agencies and corporations $ 12,905 $ (63 ) 11 $ — $ — — $ 12,905 $ (63 ) 11 Obligations of states and political subdivisions 2,780 (15 ) 7 — — — 2,780 (15 ) 7 Federal agency mortgage-backed securities 4,276 (46 ) 3 2,304 (45 ) 2 6,580 (91 ) 5 Federal agency collateralized mortgage obligations 220 (1 ) 1 — — — 220 (1 ) 1 Total Available for Sale $ 20,181 $ (125 ) 22 $ 2,304 $ (45 ) 2 $ 22,485 $ (170 ) 24 Held to Maturity: Obligations of states and political subdivisions $ 2,373 $ (47 ) 5 $ - $ - - $ 2,373 $ (47 ) 5 Total Held to Maturity $ 2,373 $ (47 ) 5 $ - $ - - $ 2,373 $ (47 ) 5 |
Summary of Amortized Cost and Fair Value of Securities by Contractual Maturity | The amortized cost and fair value of securities as of March 31, 2016 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. March 31, 2016 March 31, 2016 Available for Sale Securities Held to Maturity Amortized Cost Fair Value Amortized Cost Fair Value (Dollars in thousands) Due within one year $ 252 $ 252 $ — $ — Due after one year through five years 15,564 15,663 297 303 Due after five years through ten years 683 694 1,803 1,863 Due after ten years 5,618 5,858 17,342 18,287 22,117 22,467 19,442 20,453 Federal agency collateralized mortgage obligations 308 309 — — Federal agency mortgage-backed securities 16,284 16,548 — — Money market mutual fund 41 41 — — Total $ 38,750 $ 39,365 $ 19,442 $ 20,453 |
Loans Receivable and Related 25
Loans Receivable and Related Allowance for Loan Losses (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Receivables [Abstract] | |
Summary of Loans Receivable | Loans receivable consist of the following at March 31, 2016 and December 31, 2015. March 31, December 31, 2016 2015 (Dollars in thousands) Commercial: Commercial and industrial $ 74,336 $ 74,470 Commercial mortgage 180,512 179,365 Commercial construction 17,077 13,466 Total commercial 271,925 267,301 Residential mortgage loans 96,269 101,185 Consumer: Home equity lines of credit 25,739 24,762 Other consumer loans 14,589 15,915 Total consumer 40,328 40,677 Total loans 408,522 409,163 Allowance for loan losses (2,783 ) (2,795 ) Net deferred loan cost (fees) (17 ) (10 ) Total loans receivable, net $ 405,722 $ 406,358 |
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, 2016 and 2015: For the three months ended March 31, 2016 Allowance for Loan Losses (Dollars in thousands) Beginning Balance Charge-offs Recoveries Provision for loan losses Ending Balance Commercial and industrial $ 631 $ — $ 17 $ 24 $ 672 Commercial mortgage 831 (72 ) — 60 819 Commercial construction 56 — — 11 67 Residential mortgage loans 259 — — (11 ) 248 Home equity lines of credit 167 — 5 (18 ) 154 Other consumer loans 84 (75 ) 3 47 59 Unallocated 767 — — (3 ) 764 Total loans $ 2,795 $ (147 ) $ 25 $ 110 $ 2,783 For the three months ended March 31, 2015 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 (14 ) — 18 163 Home equity lines of credit 270 (12 ) 4 (41 ) 221 Other consumer loans 87 (16 ) 4 (9 ) 66 Unallocated 515 — — 126 641 Total loans $ 2,313 $ (69 ) $ 13 $ 120 $ 2,377 |
Allowance For Loan Losses Impairment Method | The following tables present the balance in the allowance for loan losses at March 31, 2016 and December 31, 2015 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: March 31, 2016 Allowance for Loan Losses Loans Receivable (Dollars in thousands) Ending Balance Ending Balance Individually Evaluated for Impairment Ending Balance Collectively Evaluated for Impairment Ending Balance Ending Balance Individually Evaluated for Impairment Ending Balance Collectively Evaluated for Impairment Commercial and industrial $ 672 $ 173 $ 499 $ 74,336 $ 1,755 $ 72,581 Commercial mortgage 819 229 590 180,512 1,902 178,610 Commercial construction 67 — 67 17,077 — 17,077 Residential mortgage loans 248 46 202 96,269 668 95,601 Home equity lines of credit 154 — 154 25,739 95 25,644 Other consumer loans 59 — 59 14,589 177 14,412 Unallocated 764 — 764 — — — Total loans $ 2,783 $ 448 $ 2,335 $ 408,522 $ 4,597 $ 403,925 December 31, 2015 Allowance for Loan Losses Loans Receivable (Dollars in thousands) Ending Balance Ending Balance Individually Evaluated for Impairment Ending Balance Collectively Evaluated for Impairment Ending Balance Ending Balance Individually Evaluated for Impairment Ending Balance Collectively Evaluated for Impairment Commercial and industrial $ 631 $ 123 $ 508 $ 74,470 $ 1,259 $ 73,211 Commercial mortgage 831 264 567 179,365 2,196 177,169 Commercial construction 56 — 56 13,466 — 13,466 Residential mortgage loans 259 46 213 101,185 669 100,516 Home equity lines of credit 167 — 167 24,762 96 24,666 Other consumer loans 84 19 65 15,915 351 15,564 Unallocated 767 — 767 — — — Total loans $ 2,795 $ 452 $ 2,343 $ 409,163 $ 4,571 $ 404,592 |
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, 2016 and December 31, 2015 as well as for the three month periods ended March 31, 2016 and 2015, respectively: March 31, 2016 December 31, 2015 Recorded Investment Unpaid Principal Balance Related Allowance Recorded Investment Unpaid Principal Balance Related Allowance (Dollars in thousands) With no related allowance recorded: Commercial and industrial $ 490 $ 946 $ — $ 317 $ 803 $ — Commercial mortgage 1,391 1,447 — 1,463 1,530 — Commercial construction — — — — — — Residential mortgage loans 30 63 — 31 64 — Home equity lines of credit 95 96 — 96 97 — Other consumer loans 177 200 — 185 206 — With an allowance recorded: Commercial and industrial $ 1,265 $ 1,326 $ 173 $ 942 $ 995 $ 123 Commercial mortgage 511 632 229 733 850 264 Commercial construction — — — — — — Residential mortgage loans 638 638 46 638 638 46 Home equity lines of credit — — — — — — Other consumer loans — — — 166 168 19 Total: Commercial and industrial $ 1,755 $ 2,272 $ 173 $ 1,259 $ 1,798 $ 123 Commercial mortgage 1,902 2,079 229 2,196 2,380 264 Commercial construction — — — — — — Residential mortgage loans 668 701 46 669 702 46 Home equity lines of credit 95 96 — 96 97 — Other consumer loans 177 200 — 351 374 19 Total $ 4,597 $ 5,348 $ 448 $ 4,571 $ 5,351 $ 452 Three Months ended March 31, 2016 2015 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized (Dollars in thousands) With no related allowance recorded: Commercial and industrial $ 975 $ — $ 1,239 $ 9 Commercial mortgage 1,447 14 3,573 15 Commercial construction — — — — Residential mortgage loans 31 — 232 — Home equity lines of credit 96 1 100 1 Other consumer loans 181 2 332 2 With an allowance recorded: Commercial and industrial $ 1,103 $ 2 $ 875 $ — Commercial mortgage 514 3 - — Commercial construction — — - — Residential mortgage loans 637 6 — — Home equity lines of credit — — — — Other consumer loans — — — — Total: Commercial and industrial $ 2,078 $ 2 $ 2,114 $ 9 Commercial mortgage 1,961 17 3,573 15 Commercial construction — — — — Residential mortgage loans 668 6 232 — Home equity lines of credit 96 1 100 1 Other consumer loans 181 2 332 2 Total $ 4,984 $ 28 $ 6,351 $ 27 |
Non-accrual Loans by Classes of Loan Portfolio | The following table presents non-accrual loans by classes of the loan portfolio as of March 31, 2016 and December 31, 2015: March 31, 2016 December 31, 2015 (Dollars in thousands) Commercial and industrial $ 1,555 $ 1,059 Commercial mortgage 288 575 Residential mortgage loans 30 31 Home equity lines of credit 16 16 Other consumer loans 79 252 Total loans $ 1,968 $ 1,933 |
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, 2016 and December 31, 2015: March 31, 2016 Pass Special Mention Substandard Doubtful Total (Dollars in thousands) Commercial: Commercial and industrial $ 66,712 $ 5,484 $ 2,140 $ — $ 74,336 Commercial mortgage 177,268 2,198 1,046 — 180,512 Commercial construction 17,077 — — — 17,077 Residential mortgage loans 96,239 — 30 — 96,269 Consumer: Home equity lines of credit 25,723 — 16 — 25,739 Other consumer loans 14,510 — 79 — 14,589 Total $ 397,529 $ 7,682 $ 3,311 $ — $ 408,522 December 31, 2015 Pass Special Mention Substandard Doubtful Total (Dollars in thousands) Commercial: Commercial and industrial $ 67,509 $ 5,290 $ 1,671 $ — $ 74,470 Commercial mortgage 174,339 3,478 1,548 — 179,365 Commercial construction 13,466 — - — 13,466 Residential mortgage loans 101,154 — 31 — 101,185 Consumer: Home equity lines of credit 24,746 — 16 — 24,762 Other consumer loans 15,663 — 252 — 15,915 Total $ 396,877 $ 8,768 $ 3,518 $ — $ 409,163 |
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, 2016 and December 31, 2015: March 31, 2016 30-59 Days Past Due 60-89 Days Past Due Greater Than 90 Days Total Past Due Current Total Loans Receivable (Dollars in thousands) Commercial: Commercial and industrial $ 64 $ — $ 757 $ 821 $ 73,515 $ 74,336 Commercial mortgage 56 — 14 70 180,442 180,512 Commercial construction — — — — 17,077 17,077 Residential mortgage loans 67 — — 67 96,202 96,269 Consumer: — Home equity lines of credit — — — — 25,739 25,739 Other consumer loans 20 — 5 25 14,564 14,589 Total $ 207 $ — $ 776 $ 983 $ 407,539 $ 408,522 December 31, 2015 30-59 Days Past Due 60-89 Days Past Due Greater Than 90 Days Total Past Due Current Total Loans Receivable (Dollars in thousands) Commercial: Commercial and industrial $ — $ 67 $ 230 $ 297 $ 74,173 $ 74,470 Commercial mortgage 51 101 195 347 179,018 179,365 Commercial construction — — — — 13,466 13,466 Residential mortgage loans 975 — — 975 100,210 101,185 Consumer: Home equity lines of credit — — — - 24,762 24,762 Other consumer loans 15 — 209 224 15,691 15,915 Total $ 1,041 $ 168 $ 634 $ 1,843 $ 407,320 $ 409,163 |
Summary of Information Regarding Troubled Debt Restructurings | The following tables summarize the balance of outstanding TDR’s at March 31, 2016 and December 31, 2015: Number of Loans Performing TDR's Non-Performing TDR's Total TDRs (Dollars in thousands) March 31, 2016 Commercial and industrial 4 $ 200 $ 733 $ 933 Commercial mortgage 4 1,614 275 1,889 Residential mortgage loans 2 638 30 668 Home equity lines of credit 2 79 16 95 Other consumer loans 2 98 22 120 Total 14 $ 2,629 $ 1,076 $ 3,705 Number of Loans Performing TDR's Non-Performing TDR's Total TDRs (Dollars in thousands) December 31, 2015 Commercial and industrial 4 $ 200 $ 742 $ 942 Commercial mortgage 6 1,622 343 1,965 Residential mortgage loans 2 638 31 669 Home equity lines of credit 2 79 17 96 Other consumer loans 2 99 22 121 Total 16 $ 2,638 $ 1,155 $ 3,793 The following table reflects information regarding TDR’s entered into by the Company for the three month periods ended March 31, 2016 and 2015. For the three months ended March 31, 2016 March 31, 2015 Number of Contracts Pre- Modification Outstanding Recorded Investments Post- Modification Outstanding Recorded Investments Number of Contracts Pre- Modification Outstanding Recorded Investments Post- Modification Outstanding Recorded Investments (Dollars in thousands) (Dollars in thousands) Troubled debt restructurings: Residential mortgage loans — $ — $ — 1 $ 35 $ 35 Total — $ — $ — 1 $ 35 $ 35 |
Deposits (Tables)
Deposits (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Banking And Thrift [Abstract] | |
Components of Deposits | The components of deposits at March 31, 2016 and December 31, 2015 are as follows: March 31, December 31, 2016 2015 (Dollars in thousands) Demand, non-interest bearing $ 55,564 $ 46,343 Demand, interest-bearing 42,022 38,297 Money market and savings accounts 94,919 90,696 Time, $100 and over 57,067 56,138 Time, other 159,811 177,213 $ 409,383 $ 408,687 |
Scheduled Maturities of Time Deposits | At March 31, 2016, the scheduled maturities of time deposits were as follows: March 31, 2016 (Dollars in thousands) 3/31/2017 $ 87,945 3/31/2018 84,329 3/31/2019 29,398 3/31/2020 5,334 3/31/2021 9,872 Thereafter - $ 216,878 |
Stock Compensation Program (Tab
Stock Compensation Program (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Summary of Stock Option Plan | A summary of the Stock Option Plan is presented below: Options to Purchase Common Shares Weighted Outstanding at beginning of period 970,193 $ 6.41 Granted during period 25,000 5.98 Forfeited/cancelled during period ─ ─ Expired (18,133 ) 9.65 Outstanding at end of period (1) 977,060 6.34 Exercisable at end of period (1) 335,560 $ 7.84 (1) Included in options outstanding and exercisable at March 31, 2016 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. |
Weighted Average Assumption of Fair Value Option Grant | The fair value of each option grant is estimated on the date of grant using the Black-Scholes option-pricing model with the following weighted average assumptions: 2016 Dividend yield.................................. 0.0% Expected life..................................... 7 years Expected volatility........................... 26% Risk-free interest rate...................... 1.76% Weighted average fair value.......... $ 1.88 |
Summary of Restricted Stock Award Activity | A summary of restricted stock award activity is presented below for the three months ended March 31, 2016: Shares Outstanding unvested shares at beginning of period 165,474 Shares Granted during period 9,250 Shares Forfeited/cancelled during the period (100 ) Vested Shares during this period (19,299 ) Outstanding unvested shares at end of period 155,325 |
Regulatory Matters (Tables)
Regulatory Matters (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
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, 2016 and December 31, 2015 are presented below: Actual Minimum Capital Requirement To be Well Capitalized under Prompt Corrective Action Provisions Amount Ratio Amount Ratio Amount Ratio March 31, 2016 Total capital (to risk-weighted assets) $ 52,544 13.42 % $ 31,314 >8.0 % $ >39,142 >10.0 % Tier 1 capital (to risk-weighted assets) 40,536 10.36 >23,485 >6.0 >31,314 >8.0 Tier 1 common equity capital (to risk-weighted assets) 40,536 10.36 >17,614 >4.5 >25,442 >6.5 Tier 1 capital (to total assets) 40,536 8.22 >19,714 >4.0 >24,643 >5.0 December 31, 2015 Total capital (to risk-weighted assets) $ 51,889 12.98 % $ >31,985 >8.0 % $ >39,981 >10.0 % Tier 1 capital (to risk-weighted assets) 39,858 9.97 >23,989 >6.0 >31,985 >8.0 Tier 1 common equity capital (to risk-weighted assets) 39,858 9.97 >17,992 >4.5 >25,988 >6.5 Tier 1 capital (to total assets) 39,858 8.11 >19,655 >4.0 >24,568 >5.0 |
Fair Value Measurements and F29
Fair Value Measurements and Fair Values of Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
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, 2016 and December 31, 2015 are as follows: Description Fair Value (Level 1) Quoted Prices in Active Markets for Identical Assets (Level 2) Significant Other Observable Inputs (Level 3) Significant Unobservable Inputs (Dollars in thousands) As of March 31, 2016: Investment securities available for sale: Obligations of U.S. government agencies and corporations $ 12,027 $ — $ 12,027 $ — Obligations of states and political subdivisions 10,440 — 10,440 — Federal agency mortgage-backed securities 16,548 — 16,548 — Federal agency collateralized mortgage obligations 309 — 309 — Money market mutual fund 41 41 — — Total assets measured at fair value on a recurring basis $ 39,365 $ 41 $ 39,324 $ — As of December 31, 2015: Investment securities available for sale: Obligations of U.S. government agencies and corporations $ 62,904 $ — $ 62,904 $ — Obligations of states and political subdivisions 14,347 — 14,347 — Federal agency mortgage-backed securities 17,037 — 17,037 — Federal agency collateralized mortgage obligations 347 — 347 — Money market mutual fund 69 69 — — Total assets measured at fair value on a recurring basis $ 94,704 $ 69 $ 94,635 $ — |
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, 2016 and December 31, 2015 are as follows: Description Fair Value (Level 1) Quoted Prices in Active Markets for Identical Assets (Level 2) Significant Other Observable Inputs (Level 3) Significant Unobservable Inputs (Dollars in thousands) As of March 31, 2016: Impaired loans $ 3,628 $ — $ — $ 3,628 Total assets measured at fair value on a nonrecurring basis $ 3,628 $ — $ — $ 3,628 As of December 31, 2015: Impaired loans $ 3,699 $ — $ — $ 3,699 Other real estate owned 935 — — 935 Total assets measured at fair value on a nonrecurring basis $ 4,634 $ — $ — $ 4,634 |
Quantitative Information about Level 3 Fair Value Measurements | Quantitative information about Level 3 fair value measurements at March 31, 2016 is included in the table below: Fair Value Valuation Techniques Unobservable Inputs Estimated Ratings (Weighted Average) (3) (Dollars in thousands) Impaired loans $ 3,628 Appraisal of real estate collateral (1) Appraisal adjustments(2) 0%-50% (4.76%) Valuation of business assets used as collateral(1) Valuation adjustments(2) 25%-30% Liquidation expenses 2%-10% (6.21%) Quantitative information about Level 3 fair value measurements at December 31, 2015 is included in the table below: Fair Value Valuation Techniques Unobservable Inputs Estimated Ratings (Weighted Average) (3) (Dollars in thousands) Impaired loans $ 3,699 Appraisal of real estate collateral (1) Appraisal adjustments(2) 0%-50% (4.75%) Valuation of business assets used as collateral(1) Valuation adjustments(2) 25%-30% Liquidation expenses 2%-10% (6.34%) Other real estate owned $ 935 Appraisal of collateral(1) Appraisal adjustments(2) 0%-25% (3.39%) Liquidation expenses 7%-8.5% (8.38%) (1) Fair Value is generally determined through independent appraisals of the underlying collateral, which include Level 3 inputs that are not identifiable. (2) Appraisals may be 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, 2016 and December 31, 2015, the estimated fair values of the Company’s financial instruments were as follows: March 31, 2016 Carrying Amount Fair Value Level 1 Level 2 Level 3 (Dollars in thousands) Assets: Cash and cash equivalents $ 28,686 $ 28,686 $ 28,686 $ — $ — Securities available for sale 39,365 39,365 41 39,324 — Securities held to maturity 19,442 20,453 — 20,453 — Loans receivable, net 405,722 412,704 — — 412,704 Restricted stock 2,247 2,247 — 2,247 — Accrued interest receivable 1,555 1,555 — 1,555 — Liabilities: Deposits 409,383 410,702 — 410,702 — Federal Home Loan Bank of Pittsburgh advances 44,875 44,915 — 44,915 — Subordinated debt 9,190 9,201 — 9,201 — Accrued interest payable 496 496 — 496 — Off-balance sheet credit related instruments: Commitments to extend credit — — — — — December 31, 2015 Carrying Amount Fair Value Level 1 Level 2 Level 3 (Dollars in thousands) Assets: Cash and cash equivalents $ 5,909 $ 5,909 $ 5,909 $ — $ — Securities available for sale 94,704 94,704 69 94,635 — Securities held to maturity 19,886 20,446 — 20,446 — Loans receivable, net 406,358 413,187 — — 413,187 Restricted stock 3,368 3,368 — 3,368 — Accrued interest receivable 1,623 1,623 — 1,623 — Liabilities: Deposits 408,687 409,029 — 409,029 — Federal Home Loan Bank of Pittsburgh advances 74,725 74,654 — 74,654 — Subordinated debt 9,201 9,201 — 9,201 — Accrued interest payable 450 450 — 450 — Off-balance sheet credit related instruments: Commitments to extend credit — — — — — |
Summary of Significant Accoun30
Summary of Significant Accounting Policies - Additional Information (Detail) | 3 Months Ended | |||
Mar. 31, 2016USD ($)Branchportfolio | Dec. 31, 2015USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Summary Of Significant Accounting Policies [Line Items] | ||||
Entity date of formation | Feb. 13, 2007 | |||
Agreement of reorganization and merger date | May 11, 2007 | |||
Number of retail branch office locations | Branch | 8 | |||
Total assets | $ 511,695,000 | $ 546,540,000 | ||
Total Shareholders' Equity | 46,726,000 | 52,091,000 | $ 50,791,000 | $ 50,211,000 |
Purchased credit impairment loans | 260,000 | |||
Credit impairment loans non-accretable discount difference | 362,000 | |||
Acquired loans interest rate fair value adjustment | 134,000 | |||
Accretable credit discount | $ 108,000 | |||
Number of portfolios purchased | portfolio | 2 | |||
Combined purchase price of portfolio | $ 21,100,000 | |||
Mortgage loan portfolio acquisition purchase price premium amount | 400,000 | |||
Portion of allowance for loan losses | $ 0 | |||
Residential mortgages amortization period, description | Residential mortgages have amortizations up to 30 years | |||
Home equity loans maturity period, description | Home equity loans have maturities of no more than 15 years. | |||
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 | $ 35,000 | ||
Affinity Merger [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Net recorded balance of acquired loans from merger | $ 19,500,000 | |||
First Priority Bank [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Entity date of formation | May 25, 2005 |
Summary of Significant Accoun31
Summary of Significant Accounting Policies - Schedule of Total Reclassifications from Accumulated Other Comprehensive Income (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Reclassification Adjustment out Of Accumulated Other Comprehensive Income [Line Items] | ||
Interest Income on taxable securities | $ (5,036) | $ (4,654) |
Income Tax Expense | 241 | 205 |
Total reclassification | 354 | 251 |
Reclassification out of Accumulated Other Comprehensive Income | ||
Reclassification Adjustment out Of Accumulated Other Comprehensive Income [Line Items] | ||
Income Tax Expense | 85 | 4 |
Total reclassification | (165) | (9) |
Amortization Of Unrealized Holding Gain ( 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 on taxable securities | (15) | $ (13) |
Sale of Investment Securities Available for Sale | Reclassification out of Accumulated Other Comprehensive Income | ||
Reclassification Adjustment out Of Accumulated Other Comprehensive Income [Line Items] | ||
Gains on sale of Investment securities | $ (235) |
Summary of Significant Accoun32
Summary of Significant Accounting Policies - Schedule of Accumulated Other Comprehensive income (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Net unrealized gain on available for sale securities | $ 535 | $ 394 | |
Net unrealized holding gains on securities transferred from available for sale to held to maturity | (10) | $ (9) | |
Total | 424 | $ 236 | |
Accumulated Other Comprehensive Income (Loss) [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Net unrealized gain on available for sale securities | 405 | 208 | |
Net unrealized holding gains on securities transferred from available for sale to held to maturity | 19 | 28 | |
Total | $ 424 | $ 236 |
Earnings Per Common Share - Add
Earnings Per Common Share - Additional Information (Detail) - shares | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Earnings Per Share [Abstract] | ||
Anti-dilutive securities not included in the computation of diluted earnings per common share | 463,560 | 262,667 |
Earnings Per Common Share - Sch
Earnings Per Common Share - Schedule of Calculations of Basic and Diluted Earnings per Common Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Earnings Per Share [Abstract] | ||
Net income | $ 531 | $ 417 |
Less: preferred stock dividends | (177) | (166) |
Income to Common Shareholders | $ 354 | $ 251 |
Average basic common shares outstanding | 6,496 | 6,447 |
Effect of dilutive stock options | 33 | 47 |
Average number of common shares used to calculate diluted earnings per common share | 6,529 | 6,494 |
Basic earnings per common share | $ 0.05 | $ 0.04 |
Diluted earnings per common share | $ 0.05 | $ 0.04 |
Earnings Per Common Share - S35
Earnings Per Common Share - Schedule of Amount of Preferred Stock Dividends Related to Each Series of Preferred Stock (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Class Of Stock [Line Items] | ||
Preferred dividends | $ 177 | $ 166 |
Series A Preferred Stock [Member] | ||
Class Of Stock [Line Items] | ||
Preferred dividends | 77 | 103 |
Series B Preferred Stock [Member] | ||
Class Of Stock [Line Items] | ||
Preferred dividends | 4 | 5 |
Series C Preferred Stock [Member] | ||
Class Of Stock [Line Items] | ||
Preferred dividends | $ 96 | $ 58 |
Securities - Additional Informa
Securities - Additional Information (Detail) - USD ($) | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Investments Debt And Equity Securities [Abstract] | |||
Net unrealized holding gains amortized adjustment related to debt securities | $ 19,000 | $ 28,000 | |
Gross gains on sale of available for sale securities | 235,000 | $ 0 | |
Securities pledged to secure public fund deposits | 59,100,000 | 55,200,000 | |
Securities pledged to secure borrowings | $ 59,000 | $ 60,000 |
Securities - Summary of Amortiz
Securities - Summary of Amortized Cost, Unrealized Gains and Losses, and Estimated Fair Value of Company's Investment Securities Available for Sale (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | $ 38,750 | $ 94,389 |
Gross Unrealized Gains | 627 | 485 |
Gross Unrealized Losses | (12) | (170) |
Fair Value | 39,365 | 94,704 |
Obligations of U.S. Government Agencies and Corporations [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 11,972 | 62,967 |
Gross Unrealized Gains | 55 | |
Gross Unrealized Losses | (63) | |
Fair Value | 12,027 | 62,904 |
Obligations of States and Political Subdivisions [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 10,145 | 13,964 |
Gross Unrealized Gains | 303 | 398 |
Gross Unrealized Losses | (8) | (15) |
Fair Value | 10,440 | 14,347 |
Federal Agency Mortgage-Backed Securities [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 16,284 | 17,042 |
Gross Unrealized Gains | 268 | 87 |
Gross Unrealized Losses | (4) | (91) |
Fair Value | 16,548 | 17,038 |
Federal Agency Collateralized Mortgage Obligations [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 308 | 347 |
Gross Unrealized Gains | 1 | |
Gross Unrealized Losses | (1) | |
Fair Value | 309 | 346 |
Money Market Mutual Fund [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 41 | 69 |
Fair Value | $ 41 | $ 69 |
Securities - Summary of Amort38
Securities - Summary of Amortized Cost, Unrealized Gains and Losses, and Estimated Fair Value of Company's Investment Securities Held to Maturity (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Schedule Of Held To Maturity Securities [Line Items] | ||
Amortized Cost | $ 19,442 | $ 19,886 |
Gross Unrealized Gains | 1,011 | 607 |
Gross Unrealized Losses | (47) | |
Securities held to maturity, fair value | 20,453 | 20,446 |
Obligations of States and Political Subdivisions [Member] | ||
Schedule Of Held To Maturity Securities [Line Items] | ||
Amortized Cost | 18,961 | 19,405 |
Gross Unrealized Gains | 983 | 597 |
Gross Unrealized Losses | (47) | |
Securities held to maturity, fair value | 19,944 | 19,955 |
Other Debt Securities [Member] | ||
Schedule Of Held To Maturity Securities [Line Items] | ||
Amortized Cost | 481 | 481 |
Gross Unrealized Gains | 28 | 10 |
Securities held to maturity, fair value | $ 509 | $ 491 |
Securities - Schedule of Aggreg
Securities - Schedule of Aggregate Unrealized Losses and Aggregate Fair Value of Underlying Securities Available for Sale (Detail) $ in Thousands | Mar. 31, 2016USD ($)Positions | Dec. 31, 2015USD ($)Positions |
Schedule Of Available For Sale Securities [Line Items] | ||
Available for Sale, Fair Value Less than 12 Months | $ 2,223 | $ 20,181 |
Available for Sale, Unrealized Losses Less than 12 Months | $ (10) | $ (125) |
Available for Sale, Count Less than 12 Months | Positions | 3 | 22 |
Available for Sale, Fair Value More than 12 Months | $ 57 | $ 2,304 |
Available for Sale, Unrealized Losses More than 12 Months | $ (2) | $ (45) |
Available for Sale, Count More than 12 Months | Positions | 1 | 2 |
Available for Sale, Total Fair Value | $ 2,280 | $ 22,485 |
Available for Sale, Total Unrealized Losses | $ (12) | $ (170) |
Available for Sale, Total Count | Positions | 4 | 24 |
Obligations of States and Political Subdivisions [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Available for Sale, Fair Value Less than 12 Months | $ 892 | $ 2,780 |
Available for Sale, Unrealized Losses Less than 12 Months | $ (8) | $ (15) |
Available for Sale, Count Less than 12 Months | Positions | 1 | 7 |
Available for Sale, Total Fair Value | $ 892 | $ 2,780 |
Available for Sale, Total Unrealized Losses | $ (8) | $ (15) |
Available for Sale, Total Count | Positions | 1 | 7 |
Federal Agency Mortgage-Backed Securities [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Available for Sale, Fair Value Less than 12 Months | $ 1,331 | $ 4,276 |
Available for Sale, Unrealized Losses Less than 12 Months | $ (2) | $ (46) |
Available for Sale, Count Less than 12 Months | Positions | 2 | 3 |
Available for Sale, Fair Value More than 12 Months | $ 57 | $ 2,304 |
Available for Sale, Unrealized Losses More than 12 Months | $ (2) | $ (45) |
Available for Sale, Count More than 12 Months | Positions | 1 | 2 |
Available for Sale, Total Fair Value | $ 1,388 | $ 6,580 |
Available for Sale, Total Unrealized Losses | $ (4) | $ (91) |
Available for Sale, Total Count | Positions | 3 | 5 |
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 | $ 12,905 | |
Available for Sale, Unrealized Losses Less than 12 Months | $ (63) | |
Available for Sale, Count Less than 12 Months | Positions | 11 | |
Available for Sale, Total Fair Value | $ 12,905 | |
Available for Sale, Total Unrealized Losses | $ (63) | |
Available for Sale, Total Count | Positions | 11 | |
Federal Agency Collateralized Mortgage Obligations [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Available for Sale, Fair Value Less than 12 Months | $ 220 | |
Available for Sale, Unrealized Losses Less than 12 Months | $ (1) | |
Available for Sale, Count Less than 12 Months | Positions | 1 | |
Available for Sale, Total Fair Value | $ 220 | |
Available for Sale, Total Unrealized Losses | $ (1) | |
Available for Sale, Total Count | Positions | 1 |
Securities - Schedule of Aggr40
Securities - Schedule of Aggregate Unrealized Losses and Aggregate Fair Value of Underlying Securities Held to Maturity (Detail) $ in Thousands | Dec. 31, 2015USD ($)Positions |
Schedule Of Held To Maturity Securities [Line Items] | |
Held to Maturity, Fair Value Less than 12 Months | $ 2,373 |
Held to Maturity, Unrealized Losses Less than 12 Months | $ (47) |
Held to Maturity, Count Less than 12 Months | Positions | 5 |
Held to Maturity, Total Fair Value | $ 2,373 |
Held to Maturity, Total Unrealized Losses | $ (47) |
Held to Maturity, Total Count | Positions | 5 |
Obligations of States and Political Subdivisions [Member] | |
Schedule Of Held To Maturity Securities [Line Items] | |
Held to Maturity, Fair Value Less than 12 Months | $ 2,373 |
Held to Maturity, Unrealized Losses Less than 12 Months | $ (47) |
Held to Maturity, Count Less than 12 Months | Positions | 5 |
Held to Maturity, Total Fair Value | $ 2,373 |
Held to Maturity, Total Unrealized Losses | $ (47) |
Held to Maturity, Total Count | Positions | 5 |
Securities - Summary of Amort41
Securities - Summary of Amortized Cost and Fair Value of Securities by Contractual Maturity (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost, Due within one year, Available for Sale Securities | $ 252 | |
Amortized Cost, Due after one year through five years, Available for Sale Securities | 15,564 | |
Amortized Cost, Due after five years through ten years, Available for Sale Securities | 683 | |
Amortized Cost, Due after ten years, Available for Sale Securities | 5,618 | |
Total Amortized Cost, Available for Sale Securities | 22,117 | |
Securities available for sale, amortized cost | 38,750 | $ 94,389 |
Fair Value, Due within one year, Available for Sale Securities | 252 | |
Fair Value, Due after one year through five years, Available for Sale Securities | 15,663 | |
Fair Value, Due after five years through ten years, Available for Sale Securities | 694 | |
Fair Value, Due after ten years, Available for Sale Securities | 5,858 | |
Total Fair Value, Available for Sale Securities | 22,467 | |
Fair Value | 39,365 | 94,704 |
Amortized Cost, Due after one year through five years, Held to Maturity | 297 | |
Amortized Cost, Due after five years through ten years, Held to Maturity | 1,803 | |
Amortized Cost, Due after ten years, Held to Maturity | 17,342 | |
Amortized Cost | 19,442 | 19,886 |
Fair Value, Due after one year through five years, Held to Maturity | 303 | |
Fair Value, Due after five years through ten years, Held to Maturity | 1,863 | |
Fair Value, Due after ten years, Held to Maturity | 18,287 | |
Total Fair Value | 20,453 | 20,446 |
Federal Agency Collateralized Mortgage Obligations [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Securities available for sale, amortized cost | 308 | 347 |
Fair Value | 309 | 346 |
Federal Agency Mortgage-Backed Securities [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Securities available for sale, amortized cost | 16,284 | 17,042 |
Fair Value | 16,548 | 17,038 |
Money Market Mutual Fund [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Securities available for sale, amortized cost | 41 | 69 |
Fair Value | $ 41 | $ 69 |
Loans Receivable and Related 42
Loans Receivable and Related Allowance for Loan Losses - Summary of Loans Receivable (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | Dec. 31, 2014 |
Commercial: | ||||
Commercial and industrial | $ 74,336 | $ 74,470 | ||
Commercial mortgage | 180,512 | 179,365 | ||
Commercial construction | 17,077 | 13,466 | ||
Total commercial | 271,925 | 267,301 | ||
Residential mortgage loans | 96,269 | 101,185 | ||
Consumer: | ||||
Home equity lines of credit | 25,739 | 24,762 | ||
Other consumer loans | 14,589 | 15,915 | ||
Total consumer | 40,328 | 40,677 | ||
Total loans | 408,522 | 409,163 | ||
Allowance for loan losses | (2,783) | (2,795) | $ (2,377) | $ (2,313) |
Net deferred loan cost (fees) | (17) | (10) | ||
Net loans | $ 405,722 | $ 406,358 |
Loans Receivable and Related 43
Loans Receivable and Related Allowance for Loan Losses - Activity in Allowance for Loan Losses by Loan Class (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Allowance for Loan Losses, Beginning Balance | $ 2,795 | $ 2,313 |
Allowance for Loan Losses, Charge-offs | (147) | (69) |
Allowance for Loan Losses, Recoveries | 25 | 13 |
Allowance for Loan Losses, Provision for loan losses | 110 | 120 |
Allowance for Loan Losses, Ending Balance | 2,783 | 2,377 |
Residential Mortgage Loans [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Allowance for Loan Losses, Beginning Balance | 259 | 159 |
Allowance for Loan Losses, Charge-offs | (14) | |
Allowance for Loan Losses, Provision for loan losses | (11) | 18 |
Allowance for Loan Losses, Ending Balance | 248 | 163 |
Home Equity Lines of Credit [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Allowance for Loan Losses, Beginning Balance | 167 | 270 |
Allowance for Loan Losses, Charge-offs | (12) | |
Allowance for Loan Losses, Recoveries | 5 | 4 |
Allowance for Loan Losses, Provision for loan losses | (18) | (41) |
Allowance for Loan Losses, Ending Balance | 154 | 221 |
Commercial and Industrial [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Allowance for Loan Losses, Beginning Balance | 631 | 788 |
Allowance for Loan Losses, Charge-offs | (16) | |
Allowance for Loan Losses, Recoveries | 17 | 5 |
Allowance for Loan Losses, Provision for loan losses | 24 | (32) |
Allowance for Loan Losses, Ending Balance | 672 | 745 |
Commercial Mortgage [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Allowance for Loan Losses, Beginning Balance | 831 | 468 |
Allowance for Loan Losses, Charge-offs | (72) | (11) |
Allowance for Loan Losses, Provision for loan losses | 60 | 50 |
Allowance for Loan Losses, Ending Balance | 819 | 507 |
Commercial Construction [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Allowance for Loan Losses, Beginning Balance | 56 | 26 |
Allowance for Loan Losses, Provision for loan losses | 11 | 8 |
Allowance for Loan Losses, Ending Balance | 67 | 34 |
Other Consumer Loans [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Allowance for Loan Losses, Beginning Balance | 84 | 87 |
Allowance for Loan Losses, Charge-offs | (75) | (16) |
Allowance for Loan Losses, Recoveries | 3 | 4 |
Allowance for Loan Losses, Provision for loan losses | 47 | (9) |
Allowance for Loan Losses, Ending Balance | 59 | 66 |
Unallocated [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Allowance for Loan Losses, Beginning Balance | 767 | 515 |
Allowance for Loan Losses, Provision for loan losses | (3) | 126 |
Allowance for Loan Losses, Ending Balance | $ 764 | $ 641 |
Loans Receivable and Related 44
Loans Receivable and Related Allowance for Loan Losses - Balance in Allowance for Loan Losses Disaggregated on Basis of Company's Impairment Method (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | Dec. 31, 2014 |
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Allowance for Loan Losses, Ending Balance | $ 2,783 | $ 2,795 | $ 2,377 | $ 2,313 |
Allowance for Loan Losses, Ending Balance: Individually Evaluated for Impairment | 448 | 452 | ||
Allowance for Loan Losses, Ending Balance: Collectively Evaluated for Impairment | 2,335 | 2,343 | ||
Total loans | 408,522 | 409,163 | ||
Loans Receivable, Ending Balance: Individually Evaluated for Impairment | 4,597 | 4,571 | ||
Loans Receivable, Ending Balance: Collectively Evaluated for Impairment | 403,925 | 404,592 | ||
Residential Mortgage Loans [Member] | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Allowance for Loan Losses, Ending Balance | 248 | 259 | 163 | 159 |
Allowance for Loan Losses, Ending Balance: Individually Evaluated for Impairment | 46 | 46 | ||
Allowance for Loan Losses, Ending Balance: Collectively Evaluated for Impairment | 202 | 213 | ||
Total loans | 96,269 | 101,185 | ||
Loans Receivable, Ending Balance: Individually Evaluated for Impairment | 668 | 669 | ||
Loans Receivable, Ending Balance: Collectively Evaluated for Impairment | 95,601 | 100,516 | ||
Home Equity Lines of Credit [Member] | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Allowance for Loan Losses, Ending Balance | 154 | 167 | 221 | 270 |
Allowance for Loan Losses, Ending Balance: Collectively Evaluated for Impairment | 154 | 167 | ||
Total loans | 25,739 | 24,762 | ||
Loans Receivable, Ending Balance: Individually Evaluated for Impairment | 95 | 96 | ||
Loans Receivable, Ending Balance: Collectively Evaluated for Impairment | 25,644 | 24,666 | ||
Commercial and Industrial [Member] | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Allowance for Loan Losses, Ending Balance | 672 | 631 | 745 | 788 |
Allowance for Loan Losses, Ending Balance: Individually Evaluated for Impairment | 173 | 123 | ||
Allowance for Loan Losses, Ending Balance: Collectively Evaluated for Impairment | 499 | 508 | ||
Total loans | 74,336 | 74,470 | ||
Loans Receivable, Ending Balance: Individually Evaluated for Impairment | 1,755 | 1,259 | ||
Loans Receivable, Ending Balance: Collectively Evaluated for Impairment | 72,581 | 73,211 | ||
Commercial Mortgage [Member] | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Allowance for Loan Losses, Ending Balance | 819 | 831 | 507 | 468 |
Allowance for Loan Losses, Ending Balance: Individually Evaluated for Impairment | 229 | 264 | ||
Allowance for Loan Losses, Ending Balance: Collectively Evaluated for Impairment | 590 | 567 | ||
Total loans | 180,512 | 179,365 | ||
Loans Receivable, Ending Balance: Individually Evaluated for Impairment | 1,902 | 2,196 | ||
Loans Receivable, Ending Balance: Collectively Evaluated for Impairment | 178,610 | 177,169 | ||
Commercial Construction [Member] | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Allowance for Loan Losses, Ending Balance | 67 | 56 | 34 | 26 |
Allowance for Loan Losses, Ending Balance: Collectively Evaluated for Impairment | 67 | 56 | ||
Total loans | 17,077 | 13,466 | ||
Loans Receivable, Ending Balance: Collectively Evaluated for Impairment | 17,077 | 13,466 | ||
Other Consumer Loans [Member] | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Allowance for Loan Losses, Ending Balance | 59 | 84 | 66 | 87 |
Allowance for Loan Losses, Ending Balance: Individually Evaluated for Impairment | 19 | |||
Allowance for Loan Losses, Ending Balance: Collectively Evaluated for Impairment | 59 | 65 | ||
Total loans | 14,589 | 15,915 | ||
Loans Receivable, Ending Balance: Individually Evaluated for Impairment | 177 | 351 | ||
Loans Receivable, Ending Balance: Collectively Evaluated for Impairment | 14,412 | 15,564 | ||
Unallocated [Member] | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Allowance for Loan Losses, Ending Balance | 764 | 767 | $ 641 | $ 515 |
Allowance for Loan Losses, Ending Balance: Collectively Evaluated for Impairment | $ 764 | $ 767 |
Loans Receivable and Related 45
Loans Receivable and Related Allowance for Loan Losses - Summary of Impaired Loans by Loan Portfolio Class (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Financing Receivable, Impaired [Line Items] | |||
Total, Related Allowance | $ 448 | $ 452 | |
Net recorded investment | 4,597 | 4,571 | |
Total, Unpaid Principle Balance | 5,348 | 5,351 | |
Total, Average Recorded Investment | 4,984 | $ 6,351 | |
Total, Interest Income Recognized | 28 | 27 | |
Commercial and Industrial [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
With no related allowance recorded, Recorded Investment | 490 | 317 | |
With no related allowance recorded, Unpaid Principle Balance | 946 | 803 | |
Total, Related Allowance | 173 | 123 | |
With an allowance recorded, Recorded Investment | 1,265 | 942 | |
With an allowance recorded, Unpaid Principle Balance | 1,326 | 995 | |
Net recorded investment | 1,755 | 1,259 | |
Total, Unpaid Principle Balance | 2,272 | 1,798 | |
With an allowance recorded, Average Recorded Investment | 1,103 | 875 | |
With an allowance recorded, Interest Income Recognized | 2 | ||
Total, Average Recorded Investment | 2,078 | 2,114 | |
Total, Interest Income Recognized | 2 | 9 | |
With no related allowance recorded, Average Recorded Investment | 975 | 1,239 | |
With no related allowance recorded, Interest Income Recognized | 9 | ||
Commercial Mortgage [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
With no related allowance recorded, Recorded Investment | 1,391 | 1,463 | |
With no related allowance recorded, Unpaid Principle Balance | 1,447 | 1,530 | |
Total, Related Allowance | 229 | 264 | |
With an allowance recorded, Recorded Investment | 511 | 733 | |
With an allowance recorded, Unpaid Principle Balance | 632 | 850 | |
Net recorded investment | 1,902 | 2,196 | |
Total, Unpaid Principle Balance | 2,079 | 2,380 | |
With an allowance recorded, Average Recorded Investment | 514 | ||
With an allowance recorded, Interest Income Recognized | 3 | ||
Total, Average Recorded Investment | 1,961 | 3,573 | |
Total, Interest Income Recognized | 17 | 15 | |
With no related allowance recorded, Average Recorded Investment | 1,447 | 3,573 | |
With no related allowance recorded, Interest Income Recognized | 14 | 15 | |
Other Consumer Loans [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
With no related allowance recorded, Recorded Investment | 177 | 185 | |
With no related allowance recorded, Unpaid Principle Balance | 200 | 206 | |
Total, Related Allowance | 19 | ||
With an allowance recorded, Recorded Investment | 166 | ||
With an allowance recorded, Unpaid Principle Balance | 168 | ||
Net recorded investment | 177 | 351 | |
Total, Unpaid Principle Balance | 200 | 374 | |
Total, Average Recorded Investment | 181 | 332 | |
Total, Interest Income Recognized | 2 | 2 | |
With no related allowance recorded, Average Recorded Investment | 181 | 332 | |
With no related allowance recorded, Interest Income Recognized | 2 | 2 | |
Residential Mortgage Loans [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
With no related allowance recorded, Recorded Investment | 30 | 31 | |
With no related allowance recorded, Unpaid Principle Balance | 63 | 64 | |
Total, Related Allowance | 46 | 46 | |
With an allowance recorded, Recorded Investment | 638 | 638 | |
With an allowance recorded, Unpaid Principle Balance | 638 | 638 | |
Net recorded investment | 668 | 669 | |
Total, Unpaid Principle Balance | 701 | 702 | |
With an allowance recorded, Average Recorded Investment | 637 | ||
With an allowance recorded, Interest Income Recognized | 6 | ||
Total, Average Recorded Investment | 668 | 232 | |
Total, Interest Income Recognized | 6 | ||
With no related allowance recorded, Average Recorded Investment | 31 | 232 | |
Home Equity Lines of Credit [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
With no related allowance recorded, Recorded Investment | 95 | 96 | |
With no related allowance recorded, Unpaid Principle Balance | 96 | 97 | |
Net recorded investment | 95 | 96 | |
Total, Unpaid Principle Balance | 96 | $ 97 | |
Total, Average Recorded Investment | 96 | 100 | |
Total, Interest Income Recognized | 1 | 1 | |
With no related allowance recorded, Average Recorded Investment | 96 | 100 | |
With no related allowance recorded, Interest Income Recognized | $ 1 | $ 1 |
Loans Receivable and Related 46
Loans Receivable and Related Allowance for Loan Losses - Non-accrual Loans by Classes of Loan Portfolio (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Non-accrual loans | $ 1,968 | $ 1,933 |
Commercial and Industrial [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Non-accrual loans | 1,555 | 1,059 |
Commercial Mortgage [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Non-accrual loans | 288 | 575 |
Other Consumer Loans [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Non-accrual loans | 79 | 252 |
Residential Mortgage Loans [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Non-accrual loans | 30 | 31 |
Home Equity Lines of Credit [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Non-accrual loans | $ 16 | $ 16 |
Loans Receivable and Related 47
Loans Receivable and Related Allowance for Loan Losses - Additional Information (Detail) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2016USD ($)Contract | Mar. 31, 2015USD ($)ContractSecurityLoan | Dec. 31, 2015USD ($) | |
Accounts Notes And Loans Receivable [Line Items] | |||
Non-accruing loans interest income not yet recognized | $ 32,000 | $ 60,000 | |
Loans past due 90 days or more and still accruing interest | 0 | $ 0 | |
Commitments to lend additional funds | $ 0 | 0 | |
Number of Contracts | Contract | 0 | 1 | |
Foreclosed residential real estate properties | $ 1,100,000 | ||
Residential Mortgage Loans [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Number of Contracts | Contract | 1 | ||
Outstanding Default Loans | 0 | $ 76,000 | $ 0 |
Foreclosed residential real estate properties | 0 | ||
Commercial Loans [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Number of Contracts | SecurityLoan | 2 | ||
Outstanding Default Loans | $ 0 | $ 64,000 |
Loans Receivable and Related 48
Loans Receivable and Related Allowance for Loan Losses - Classes of Loan Portfolio within Company's Internal Risk Rating System (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Commercial: | ||
Commercial and industrial | $ 74,336 | $ 74,470 |
Commercial mortgage | 180,512 | 179,365 |
Commercial construction | 17,077 | 13,466 |
Residential mortgage loans | 96,269 | 101,185 |
Consumer: | ||
Home equity lines of credit | 25,739 | 24,762 |
Other consumer loans | 14,589 | 15,915 |
Total loans | 408,522 | 409,163 |
Pass [Member] | ||
Commercial: | ||
Commercial and industrial | 66,712 | 67,509 |
Commercial mortgage | 177,268 | 174,339 |
Commercial construction | 17,077 | 13,466 |
Residential mortgage loans | 96,239 | 101,154 |
Consumer: | ||
Home equity lines of credit | 25,723 | 24,746 |
Other consumer loans | 14,510 | 15,663 |
Total loans | 397,529 | 396,877 |
Special Mention [Member] | ||
Commercial: | ||
Commercial and industrial | 5,484 | 5,290 |
Commercial mortgage | 2,198 | 3,478 |
Consumer: | ||
Total loans | 7,682 | 8,768 |
Substandard [Member] | ||
Commercial: | ||
Commercial and industrial | 2,140 | 1,671 |
Commercial mortgage | 1,046 | 1,548 |
Residential mortgage loans | 30 | 31 |
Consumer: | ||
Home equity lines of credit | 16 | 16 |
Other consumer loans | 79 | 252 |
Total loans | $ 3,311 | $ 3,518 |
Loans Receivable and Related 49
Loans Receivable and Related Allowance for Loan Losses - Classes of Loan Portfolio Summarized by Past Due Status (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | $ 983 | $ 1,843 |
Current | 407,539 | 407,320 |
Total loans | 408,522 | 409,163 |
Commercial and Industrial [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 821 | 297 |
Current | 73,515 | 74,173 |
Total loans | 74,336 | 74,470 |
Commercial Mortgage [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 70 | 347 |
Current | 180,442 | 179,018 |
Total loans | 180,512 | 179,365 |
Commercial Construction [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Current | 17,077 | 13,466 |
Total loans | 17,077 | 13,466 |
Other Consumer Loans [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 25 | 224 |
Current | 14,564 | 15,691 |
Total loans | 14,589 | 15,915 |
30-59 Days Past Due [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 207 | 1,041 |
30-59 Days Past Due [Member] | Commercial and Industrial [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 64 | |
30-59 Days Past Due [Member] | Commercial Mortgage [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 56 | 51 |
30-59 Days Past Due [Member] | Other Consumer Loans [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 20 | 15 |
60-89 Days Past Due [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 168 | |
60-89 Days Past Due [Member] | Commercial and Industrial [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 67 | |
60-89 Days Past Due [Member] | Commercial Mortgage [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 101 | |
Greater Than 90 Days [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 776 | 634 |
Greater Than 90 Days [Member] | Commercial and Industrial [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 757 | 230 |
Greater Than 90 Days [Member] | Commercial Mortgage [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 14 | 195 |
Greater Than 90 Days [Member] | Other Consumer Loans [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 5 | 209 |
Residential Mortgage Loans [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 67 | 975 |
Current | 96,202 | 100,210 |
Total loans | 96,269 | 101,185 |
Residential Mortgage Loans [Member] | 30-59 Days Past Due [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 67 | 975 |
Home Equity Lines of Credit [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Current | 25,739 | 24,762 |
Total loans | $ 25,739 | $ 24,762 |
Loans Receivable and Related 50
Loans Receivable and Related Allowance for Loan Losses - Summary of Outstanding Troubled Debt Restructurings (Detail) $ in Thousands | Mar. 31, 2016USD ($)loan | Dec. 31, 2015USD ($)loan |
Financing Receivable Modifications [Line Items] | ||
Number of Loans | loan | 14 | 16 |
Total TDRs | $ 3,705 | $ 3,793 |
Performing [Member] | ||
Financing Receivable Modifications [Line Items] | ||
Total TDRs | 2,629 | 2,638 |
Non-Performing [Member] | ||
Financing Receivable Modifications [Line Items] | ||
Total TDRs | $ 1,076 | $ 1,155 |
Commercial and Industrial [Member] | ||
Financing Receivable Modifications [Line Items] | ||
Number of Loans | loan | 4 | 4 |
Total TDRs | $ 933 | $ 942 |
Commercial and Industrial [Member] | Performing [Member] | ||
Financing Receivable Modifications [Line Items] | ||
Total TDRs | 200 | 200 |
Commercial and Industrial [Member] | Non-Performing [Member] | ||
Financing Receivable Modifications [Line Items] | ||
Total TDRs | $ 733 | $ 742 |
Commercial Mortgage [Member] | ||
Financing Receivable Modifications [Line Items] | ||
Number of Loans | loan | 4 | 6 |
Total TDRs | $ 1,889 | $ 1,965 |
Commercial Mortgage [Member] | Performing [Member] | ||
Financing Receivable Modifications [Line Items] | ||
Total TDRs | 1,614 | 1,622 |
Commercial Mortgage [Member] | Non-Performing [Member] | ||
Financing Receivable Modifications [Line Items] | ||
Total TDRs | $ 275 | $ 343 |
Other Consumer Loans [Member] | ||
Financing Receivable Modifications [Line Items] | ||
Number of Loans | loan | 2 | 2 |
Total TDRs | $ 120 | $ 121 |
Other Consumer Loans [Member] | Performing [Member] | ||
Financing Receivable Modifications [Line Items] | ||
Total TDRs | 98 | 99 |
Other Consumer Loans [Member] | Non-Performing [Member] | ||
Financing Receivable Modifications [Line Items] | ||
Total TDRs | $ 22 | $ 22 |
Residential Mortgage Loans [Member] | ||
Financing Receivable Modifications [Line Items] | ||
Number of Loans | loan | 2 | 2 |
Total TDRs | $ 668 | $ 669 |
Residential Mortgage Loans [Member] | Performing [Member] | ||
Financing Receivable Modifications [Line Items] | ||
Total TDRs | 638 | 638 |
Residential Mortgage Loans [Member] | Non-Performing [Member] | ||
Financing Receivable Modifications [Line Items] | ||
Total TDRs | $ 30 | $ 31 |
Home Equity Lines of Credit [Member] | ||
Financing Receivable Modifications [Line Items] | ||
Number of Loans | loan | 2 | 2 |
Total TDRs | $ 95 | $ 96 |
Home Equity Lines of Credit [Member] | Performing [Member] | ||
Financing Receivable Modifications [Line Items] | ||
Total TDRs | 79 | 79 |
Home Equity Lines of Credit [Member] | Non-Performing [Member] | ||
Financing Receivable Modifications [Line Items] | ||
Total TDRs | $ 16 | $ 17 |
Loans Receivable and Related 51
Loans Receivable and Related Allowance for Loan Losses - Summary of Information Regarding Bank's Troubled Debt Restructurings (Detail) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016Contract | Mar. 31, 2015USD ($)Contract | |
Financing Receivable Modifications [Line Items] | ||
Number of Contracts | Contract | 0 | 1 |
Pre-Modification Outstanding Recorded Investments | $ 35 | |
Post-Modification Outstanding Recorded Investments | $ 35 | |
Residential Mortgage Loans [Member] | ||
Financing Receivable Modifications [Line Items] | ||
Number of Contracts | Contract | 1 | |
Pre-Modification Outstanding Recorded Investments | $ 35 | |
Post-Modification Outstanding Recorded Investments | $ 35 |
Deposits - Components of Deposi
Deposits - Components of Deposits (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Deposits [Abstract] | ||
Demand, non-interest bearing | $ 55,564 | $ 46,343 |
Demand, interest-bearing | 42,022 | 38,297 |
Money market and savings accounts | 94,919 | 90,696 |
Time, $100 and over | 57,067 | 56,138 |
Time, other | 159,811 | 177,213 |
Total deposits | $ 409,383 | $ 408,687 |
Deposits - Additional Informati
Deposits - Additional Information (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Deposits [Abstract] | ||
Brokered deposits | $ 95,800 | $ 113,300 |
FDIC insurance limit | 250 | 250 |
Time deposits in excess of FDIC Insurance limit | $ 10,600 | $ 10,000 |
Deposits - Scheduled Maturities
Deposits - Scheduled Maturities of Time Deposits (Detail) $ in Thousands | Mar. 31, 2016USD ($) |
Time Deposits Rolling Year Maturity [Abstract] | |
3/31/2017 | $ 87,945 |
3/31/2018 | 84,329 |
3/31/2019 | 29,398 |
3/31/2020 | 5,334 |
3/31/2021 | 9,872 |
Total time deposits | $ 216,878 |
Shareholders' Equity - Addition
Shareholders' Equity - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | Jan. 22, 2016 | Mar. 31, 2016 | Dec. 31, 2015 |
Class Of Stock [Line Items] | |||
Preferred stock, shares outstanding | 3,404 | 9,404 | |
Preferred stock, value outstanding | $ 3,400 | $ 9,400 | |
Preferred stock, dividend rate | 9.00% | 9.00% | |
Preferred Stock, redemption amount | $ 6,000 | $ 6,000 | |
Preferred Stock, redemption price per share | $ 1,016.75 | ||
Preferred stock, par value | $ 100 | $ 100 | |
Series A Preferred Stock [Member] | |||
Class Of Stock [Line Items] | |||
Preferred stock, shares outstanding | 4,579 | ||
Preferred stock, dividend rate | 9.00% | ||
Preferred Stock, redemption price per share | $ 1,000 | ||
Preferred stock, shares redeemed | 4,579 | ||
Preferred stock, shares issued | 4,579 | ||
Series B Preferred Stock [Member] | |||
Class Of Stock [Line Items] | |||
Preferred stock, shares outstanding | 229 | ||
Preferred stock, dividend rate | 9.00% | ||
Preferred Stock, redemption price per share | $ 1,000 | ||
Preferred stock, shares redeemed | 229 | ||
Preferred stock, shares issued | 229 | ||
Series C Preferred Stock [Member] | |||
Class Of Stock [Line Items] | |||
Preferred stock, shares outstanding | 3,404 | 4,596 | |
Preferred stock, dividend rate | 9.00% | 9.00% | |
Preferred stock, shares redeemed | 1,192 | ||
Preferred stock pro rata percentage shares redeemed | 25.90% | ||
Preferred stock, shares issued | 4,596 | 3,404 | 4,596 |
Preferred stock, par value | $ 1,000 |
Stock Compensation Program - Ad
Stock Compensation Program - Additional Information (Detail) - USD ($) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Dec. 31, 2015 | |
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 options termination from the date of grant | Terminate ten years from the date of the grant | |
Weighted average remaining contractual life, outstanding stock options | 6 years 7 months 17 days | 6 years 8 months 1 day |
Weighted average remaining contractual life, exercisable stock options | 3 years 7 months 6 days | 3 years 7 months 28 days |
Options outstanding, intrinsic value | $ 204,000 | $ 618,000 |
Options exercisable, intrinsic value | $ 27,000 | $ 121,000 |
Stock options outstanding | 977,060 | 970,193 |
Average Exercise Price - Options Granted this period | $ 5.98 | |
Unrecognized compensation cost | $ 313,000 | |
Weighted average period for cost is expected to be recognized | 3 years 3 months | |
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 | |
Shares issued to various employees is included in options granted | 25,000 | |
Unrecognized compensation cost amortized period | Mar. 22, 2020 | |
Performance Options [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Stock options outstanding | 71,500 | |
Shares issued to various employees is included in options granted | 99,000 | |
Options, cancelled, Shares | 27,500 | |
Restricted Stock [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Unrecognized compensation cost related to restricted stock | $ 358,000 | |
Restricted Stock [Member] | Employee [Member] | Minimum [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Vesting period of granted stock options | 3 years | |
Restricted Stock [Member] | Director [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Vesting period of granted stock options | 1 year | |
Affinity Bancorp, Inc [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Shares authorized for grant | 382,957 | |
Weighted average remaining contractual life, exercisable stock options | 3 years 6 months 15 days | |
Business combination shares exchange ratio | 0.9813% | |
Stock options outstanding | 45,460 | |
Average Exercise Price - Options Granted this period | $ 9.42 |
Stock Compensation Program - Su
Stock Compensation Program - Summary of Stock Option Plan (Detail) | 3 Months Ended |
Mar. 31, 2016$ / sharesshares | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Options, Beginning balance, Options to Purchase Common Shares | shares | 970,193 |
Options, Granted, Options to Purchase Common Shares | shares | 25,000 |
Options, expired, Options to Purchase Common Shares | shares | (18,133) |
Options, Ending balance, Options to Purchase Common Shares | shares | 977,060 |
Options, Exercisable, Options to Purchase Common Shares | shares | 335,560 |
Options, Beginning balance, Weighted Average Exercise Price | $ / shares | $ 6.41 |
Options, Granted, Weighted Average Exercise Price | $ / shares | 5.98 |
Options, Expired, Weighted Average Exercise Price | $ / shares | 9.65 |
Options, Ending balance, Weighted Average Exercise Price | $ / shares | 6.34 |
Options, Exercisable, Weighted Average Exercise Price | $ / shares | $ 7.84 |
Stock Compensation Program - 58
Stock Compensation Program - Summary of Stock Option Plan (Parenthetical) (Detail) - $ / shares | Mar. 31, 2016 | Dec. 31, 2015 |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Stock options outstanding | 977,060 | 970,193 |
Options, Exercisable, Options to Purchase Common Shares | 335,560 | |
Options, Exercisable, Weighted Average Exercise Price | $ 7.84 | |
Options outstanding, exercise price | $ 6.34 | $ 6.41 |
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, Options to Purchase Common Shares | 100,000 | |
Options, Exercisable, Weighted Average Exercise Price | $ 10 | |
Options outstanding, exercise price | $ 10 |
Stock Compensation Program - We
Stock Compensation Program - Weighted Average Assumption of Fair Value Option Grant (Detail) | 3 Months Ended |
Mar. 31, 2016$ / shares | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Dividend yield | 0.00% |
Expected life | 7 years |
Expected volatility | 26.00% |
Risk-free interest rate | 1.76% |
Weighted average fair value | $ 1.88 |
Stock Compensation Program - 60
Stock Compensation Program - Summary of Restricted Stock Award Activity (Detail) | 3 Months Ended |
Mar. 31, 2016shares | |
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Roll Forward | |
Restricted stock award, Beginning balance, Unvested shares | 165,474 |
Restricted stock award, Granted, Shares | 9,250 |
Restricted stock award, Forfeited/cancelled, Shares | (100) |
Restricted stock award, Vested, Shares | (19,299) |
Restricted stock award, Ending balance, Unvested shares | 155,325 |
Financial Instruments with Of61
Financial Instruments with Off-Balance Sheet Risk - Additional Information (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Federal Home Loan Bank of Pittsburgh [Member] | ||
Loss Contingencies [Line Items] | ||
Letters of credit | $ 9,800 | |
Financial Standby Letters of Credit [Member] | ||
Loss Contingencies [Line Items] | ||
Letters of credit | 1,200 | $ 1,100 |
Lines of Credit [Member] | ||
Loss Contingencies [Line Items] | ||
Commitments issued under lines of credit | 95,500 | 97,800 |
Performance Standby Letters of Credit [Member] | ||
Loss Contingencies [Line Items] | ||
Letters of credit | $ 711 | $ 711 |
Regulatory Matters - Additional
Regulatory Matters - Additional Information (Detail) | Jan. 01, 2019 | Mar. 31, 2016 | Dec. 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% | 6.00% | 4.00% | |
Tier One Risk Based Capital Required To Be Well Capitalized | 8.00% | 8.00% | 6.00% | |
Tier 1 common equity capital (to risk-weighted assets), Minimum Capital Requirement Ratio | 4.50% | 4.50% | ||
Tier 1 common equity capital (to risk-weighted assets), To be Well Capitalized under Prompt Corrective Action Provisions Ratio | 6.50% | 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% | ||
Tier 1 risk based capital required capital conservation buffer ratio | 0.625% | |||
Tier 1 common equity capital ratio minimum requirement | 5.125% | |||
Tier 1 capital ratio minimum requirement | 6.625% | |||
Tier 1 total capital ratio minimum requirement | 8.625% | |||
Scenario, Forecast [Member] | ||||
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | ||||
Tier 1 common equity capital ratio | 7.00% | |||
Tier 1 capital ratio | 8.50% | |||
Tier 1 total capital ratio | 10.50% | |||
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 | Jan. 1, 2015 |
Regulatory Matters - Schedule o
Regulatory Matters - Schedule of Bank's Capital Amounts and Ratios (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Banking And Thrift [Abstract] | |||
Total capital (to risk-weighted assets), Actual Amount | $ 52,544 | $ 51,889 | |
Tier 1 capital (to risk-weighted assets), Actual Amount | 40,536 | 39,858 | |
Tier 1 common equity capital (to risk-weighted assets), Actual Amount | 40,536 | 39,858 | |
Tier 1 capital (to total assets), Actual Amount | $ 40,536 | $ 39,858 | |
Total capital (to risk-weighted assets), Actual Ratio | 13.42% | 12.98% | |
Tier 1 capital (to risk-weighted assets), Actual Ratio | 10.36% | 9.97% | |
Tier 1 common equity capital (to risk-weighted assets), Actual Ratio | 10.36% | 9.97% | |
Tier 1 capital (to total assets), Actual Ratio | 8.22% | 8.11% | |
Total capital (to risk-weighted assets), Minimum Capital Requirement Amount | $ 31,314 | $ 31,985 | |
Tier 1 capital (to risk-weighted assets), Minimum Capital Requirement Amount | 23,485 | 23,989 | |
Tier 1 common equity capital (to risk-weighted assets), Minimum Capital Requirement Amount | 17,614 | 17,992 | |
Tier 1 capital (to total assets), Minimum Capital Requirement Amount | $ 19,714 | $ 19,655 | |
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% | 6.00% | 4.00% |
Tier 1 common equity capital (to risk-weighted assets), Minimum Capital Requirement Ratio | 4.50% | 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 | $ 39,142 | $ 39,981 | |
Tier 1 capital (to risk-weighted assets), To be Well Capitalized under Prompt Corrective Action Provisions Amount | 31,314 | 31,985 | |
Tier 1 common equity capital (to risk-weighted assets), To be Well Capitalized under Prompt Corrective Action Provisions Amount | 25,442 | 25,988 | |
Tier 1 capital (to total assets), To be Well Capitalized under Prompt Corrective Action Provisions Amount | $ 24,643 | $ 24,568 | |
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% | 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% | 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 F64
Fair Value Measurements and Fair Values of Financial Instruments - Summary of Financial Assets Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value on a recurring basis | $ 39,365 | $ 94,704 |
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 | 12,027 | 62,904 |
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 | 10,440 | 14,347 |
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 | 16,548 | 17,037 |
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 | 309 | 347 |
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 | 41 | 69 |
(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 | 41 | 69 |
(Level 1) Quoted Prices in Active Markets for Identical Assets [Member] | 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 | 41 | 69 |
(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 | 39,324 | 94,635 |
(Level 2) Significant Other Observable Inputs [Member] | 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 | 12,027 | 62,904 |
(Level 2) Significant Other Observable Inputs [Member] | 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 | 10,440 | 14,347 |
(Level 2) Significant Other Observable Inputs [Member] | 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 | 16,548 | 17,037 |
(Level 2) Significant Other Observable Inputs [Member] | 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 | $ 309 | $ 347 |
Fair Value Measurements and F65
Fair Value Measurements and Fair Values of Financial Instruments - Summary of Financial Assets Measured at Fair Value on Nonrecurring Basis (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value on a nonrecurring basis | $ 3,628 | $ 4,634 |
(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 | 3,628 | 4,634 |
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 | 3,628 | 3,699 |
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 | $ 3,628 | 3,699 |
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 | 935 | |
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 | $ 935 |
Fair Value Measurements and F66
Fair Value Measurements and Fair Values of Financial Instruments - Quantitative Information about Level 3 Fair Value Measurements (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Dec. 31, 2015 | |
Impaired Loans [Member] | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Asset at fair Value | $ 3,628 | $ 3,699 |
Impaired Loans [Member] | Unobservable Inputs Appraisal Adjustments [Member] | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Unobservable Inputs | Appraisal adjustments | |
Impaired Loans [Member] | Unobservable Inputs Valuation Adjustments [Member] | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Unobservable Inputs | Valuation adjustments | |
Impaired Loans [Member] | Unobservable Inputs Liquidation Expenses [Member] | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Estimated Ratings, maximum | 10.00% | 10.00% |
Estimated Ratings Weighted Average, Liquidation expenses | 6.21% | 6.34% |
Unobservable Inputs | Liquidation expenses | |
Estimated Ratings, minimum | 2.00% | 2.00% |
Impaired Loans [Member] | Appraisal of Real Estate Collateral [Member] | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Valuation Techniques | Appraisal of real estate collateral | |
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% | 50.00% |
Estimated Ratings Weighted Average, Appraisal adjustments | 4.76% | 4.75% |
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 | |
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% |
Other Real Estate Owned [Member] | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Asset at fair Value | $ 935 | |
Other Real Estate Owned [Member] | Unobservable Inputs Appraisal Adjustments [Member] | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Estimated Ratings, minimum | 0.00% | |
Other Real Estate Owned [Member] | Unobservable Inputs Liquidation Expenses [Member] | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Estimated Ratings Weighted Average, Liquidation expenses | 8.38% | |
Estimated Ratings, minimum | 7.00% | |
Estimated Ratings, maximum | 8.50% | |
Other Real Estate Owned [Member] | Appraisal of Collateral [Member] | Unobservable Inputs Appraisal Adjustments [Member] | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Estimated Ratings, maximum | 25.00% | |
Other Real Estate Owned [Member] | Appraisal of Collateral [Member] | Unobservable Inputs Liquidation Expenses [Member] | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Estimated Ratings Weighted Average, Liquidation expenses | 3.39% |
Fair Value Measurements and F67
Fair Value Measurements and Fair Values of Financial Instruments - Additional Information (Detail) - USD ($) | 3 Months Ended | |
Mar. 31, 2016 | Dec. 31, 2015 | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Valuation of real estate collateral, discount | $ 0 | |
Other real estate owned | 1,975,000 | $ 1,633,000 |
Impaired loan balances | 4,597,000 | 4,571,000 |
Total, Related Allowance | 448,000 | 452,000 |
Impaired Loans Fair Value with Allowance Recorded [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Impaired loan balances | 2,400,000 | 2,500,000 |
Total, Related Allowance | 448,000 | 452,000 |
Net of partial charge-offs | 2,000 | |
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 | 2,500,000 | 2,500,000 |
Net of partial charge-offs | 852,000 | 867,000 |
Portion at Fair Value Measurement [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Other real estate owned | 0 | 1,300,000 |
Other Real Estate Owned [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Valuation allowance | $ 0 | $ 404,000 |
Fair Value Measurements and F68
Fair Value Measurements and Fair Values of Financial Instruments - Summary of Estimated Fair Values of Company's Financial Instruments (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | Dec. 31, 2014 |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents, Fair Value | $ 28,686 | $ 5,909 | ||
Fair Value | 39,365 | 94,704 | ||
Securities held to maturity, Fair Value | 20,453 | 20,446 | ||
Loans receivable, net, Fair Value | 412,704 | 413,187 | ||
Restricted stock, Fair Value | 2,247 | 3,368 | ||
Accrued interest receivable, Fair Value | 1,555 | 1,623 | ||
Deposits, Fair Value | 410,702 | 409,029 | ||
Federal Home Loan Bank of Pittsburgh advances, Fair Value | 44,915 | 74,654 | ||
Subordinated debt, Fair Value | 9,201 | 9,201 | ||
Accrued interest payable, Fair Value | 496 | 450 | ||
Cash and cash equivalents, Carrying Amount | 28,686 | 5,909 | $ 20,955 | $ 7,866 |
Securities available for sale, Carrying amount | 39,365 | 94,704 | ||
Securities held to maturity, Carrying Amount | 19,442 | 19,886 | ||
Loans receivable, net, Carrying Amount | 405,722 | 406,358 | ||
Restricted stock, Carrying Amount | 2,247 | 3,368 | ||
Accrued interest receivable, Carrying Amount | 1,555 | 1,623 | ||
Deposits, Carrying Amount | 409,383 | 408,687 | ||
Federal Home Loan Bank of Pittsburgh advances, Carrying Amount | 44,875 | 74,725 | ||
Subordinated debt, Carrying amount | 9,190 | 9,201 | ||
Accrued interest payable, Carrying Amount | 496 | 450 | ||
(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 | 28,686 | 5,909 | ||
Fair Value | 41 | 69 | ||
(Level 2) Significant Other Observable Inputs [Member] | ||||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||||
Fair Value | 39,324 | 94,635 | ||
Securities held to maturity, Fair Value | 20,453 | 20,446 | ||
Restricted stock, Fair Value | 2,247 | 3,368 | ||
Accrued interest receivable, Fair Value | 1,555 | 1,623 | ||
Deposits, Fair Value | 410,702 | 409,029 | ||
Federal Home Loan Bank of Pittsburgh advances, Fair Value | 44,915 | 74,654 | ||
Subordinated debt, Fair Value | 9,201 | 9,201 | ||
Accrued interest payable, Fair Value | 496 | 450 | ||
(Level 3) Significant Unobservable Inputs [Member] | ||||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||||
Loans receivable, net, Fair Value | $ 412,704 | $ 413,187 |
Subsequent Event - Additional I
Subsequent Event - Additional Information (Detail) - $ / shares | May. 04, 2016 | Mar. 31, 2016 | Dec. 31, 2015 |
Subsequent Event [Line Items] | |||
Common stock, par value | $ 1 | $ 1 | |
Common stock, shares authorized | 10,000,000 | 10,000,000 | |
Subsequent Event | |||
Subsequent Event [Line Items] | |||
Common stock, par value | $ 1 | ||
Common stock, shares authorized | 20,000,000 |