Document_And_Entity_Informatio
Document And Entity Information | 6 Months Ended | |
Jun. 30, 2014 | Aug. 01, 2014 | |
Document and Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'Oak Valley Bancorp | ' |
Document Type | '10-Q | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Common Stock, Shares Outstanding | ' | 8,075,855 |
Amendment Flag | 'false | ' |
Entity Central Index Key | '0001431567 | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Voluntary Filers | 'No | ' |
Entity Filer Category | 'Smaller Reporting Company | ' |
Entity Well-known Seasoned Issuer | 'No | ' |
Document Period End Date | 30-Jun-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q2 | ' |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
ASSETS | ' | ' |
Cash and due from banks | $76,093 | $100,096 |
Federal funds sold | 12,395 | 5,095 |
Cash and cash equivalents | 88,488 | 105,191 |
Securities available for sale | 124,479 | 117,746 |
Loans, net of allowance for loan loss of $7,602 and $7,659 at June 30, 2014 and December 31, 2013, respectively | 427,655 | 411,156 |
Bank premises and equipment, net | 13,760 | 13,684 |
Other real estate owned | 899 | 916 |
Interest receivable and other assets | 23,038 | 23,160 |
678,319 | 671,853 | |
LIABILITIES AND SHAREHOLDERS’ EQUITY | ' | ' |
Deposits | 602,978 | 602,633 |
Interest payable and other liabilities | 3,972 | 4,703 |
Total liabilities | 606,950 | 607,336 |
Shareholders’ equity | ' | ' |
Common stock, no par value; 50,000,000 shares authorized, 8,075,855 and 7,929,730 shares issued and outstanding at June 30, 2014 and December 31, 2013, respectively | 24,682 | 23,758 |
Additional paid-in capital | 2,736 | 2,537 |
Retained earnings | 42,930 | 38,985 |
Accumulated other comprehensive income (loss), net of tax | 1,021 | -763 |
Total shareholders’ equity | 71,369 | 64,517 |
$678,319 | $671,853 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Net of allowance for loan loss (in Dollars) | $7,602 | $7,659 |
Common stock, par value (in Dollars per share) | $0 | $0 |
Common stock, shares authorized | 50,000,000 | 50,000,000 |
Common stock, shares issued | 8,075,855 | 7,929,730 |
Common stock, shares outstanding | 8,075,855 | 7,929,730 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Income (Unaudited) (USD $) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
INTEREST INCOME | ' | ' | ' | ' |
Interest and fees on loans | $5,343,000 | $5,311,000 | $10,648,000 | $10,543,000 |
Interest on securities available for sale | 933,000 | 870,000 | 1,848,000 | 1,657,000 |
Interest on federal funds sold | 10,000 | 5,000 | 24,000 | 12,000 |
Interest on deposits with banks | 51,000 | 54,000 | 94,000 | 111,000 |
Total interest income | 6,337,000 | 6,240,000 | 12,614,000 | 12,323,000 |
INTEREST EXPENSE | ' | ' | ' | ' |
Deposits | 162,000 | 216,000 | 335,000 | 450,000 |
Total interest expense | 162,000 | 216,000 | 335,000 | 450,000 |
Net interest income | 6,175,000 | 6,024,000 | 12,279,000 | 11,873,000 |
(REVERSAL OF) PROVISION FOR LOAN LOSSES | -1,877,000 | 100,000 | -1,877,000 | 200,000 |
Net interest income after (reversal of) provision for loan losses | 8,052,000 | 5,924,000 | 14,156,000 | 11,673,000 |
OTHER INCOME | ' | ' | ' | ' |
Service charges on deposits | 336,000 | 299,000 | 645,000 | 585,000 |
Earnings on cash surrender value of life insurance | 110,000 | 105,000 | 211,000 | 206,000 |
Mortgage commissions | 49,000 | 86,000 | 78,000 | 137,000 |
Gains on called securities | 4,000 | 16,000 | 12,000 | 35,000 |
Other | 428,000 | 312,000 | 791,000 | 640,000 |
Total non-interest income | 927,000 | 818,000 | 1,737,000 | 1,603,000 |
OTHER EXPENSES | ' | ' | ' | ' |
Salaries and employee benefits | 2,704,000 | 2,595,000 | 5,415,000 | 5,139,000 |
Occupancy expenses | 713,000 | 741,000 | 1,458,000 | 1,481,000 |
Data processing fees | 330,000 | 303,000 | 656,000 | 608,000 |
Regulatory assessments (FDIC & DBO) | 120,000 | 120,000 | 240,000 | 240,000 |
Other operating expenses | 1,122,000 | 975,000 | 2,101,000 | 1,905,000 |
Total non-interest expense | 4,989,000 | 4,734,000 | 9,870,000 | 9,373,000 |
Net income before provision for income taxes | 3,990,000 | 2,008,000 | 6,023,000 | 3,903,000 |
PROVISION FOR INCOME TAXES | 1,453,000 | 634,000 | 2,078,000 | 1,229,000 |
NET INCOME | 2,537,000 | 1,374,000 | 3,945,000 | 2,674,000 |
Preferred stock dividends | 0 | 0 | 0 | 68,000 |
NET INCOME AVAILABLE TO COMMON SHAREHOLDERS | $2,537,000 | $1,374,000 | $3,945,000 | $2,606,000 |
NET INCOME PER COMMON SHARE (in Dollars per share) | $0.32 | $0.18 | $0.50 | $0.33 |
NET INCOME PER DILUTED COMMON SHARE (in Dollars per share) | $0.32 | $0.18 | $0.49 | $0.33 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Comprehensive Income (Unaudited) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Net income | $2,537 | $1,374 | $3,945 | $2,674 |
Available for sale securities: | ' | ' | ' | ' |
Unrealized holding gains (losses) on securities arising during the current period, net of tax effect of $637 thousand and $1.3 million for the three and six month periods ended June 30, 2014, respectively and ($1.4) million and ($1.8) million for the comparable 2013 periods | 911 | -2,058 | 1,791 | -2,522 |
Reclassification adjustment due to net gains realized on calls of securities, net of tax effect of $2 thousand and $5 thousand for the three and six months ended June 30, 2014, respectively and $7 thousand and $14 thousand for the comparable 2013 periods | -2 | -10 | -7 | -20 |
Other comprehensive income (loss) | 909 | -2,068 | 1,784 | -2,542 |
Comprehensive income (loss) | $3,446 | ($694) | $5,729 | $132 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Comprehensive Income (Unaudited) (Parentheticals) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Tax effect of unrealized holding (losses) gains on securities arising during the current period | $637 | $1,300 | ($1,400) | ($1,800) |
Tax effect of reclassification adjustment due to net gains realized on calls of securities | $2 | $5 | $7 | $14 |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statements of Changes in Shareholders' Equity (Unaudited) (USD $) | Common Stock [Member] | Preferred Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Total |
In Thousands, except Share data | ||||||
Balances at Dec. 31, 2012 | $23,673 | $6,750 | $2,342 | $33,960 | $3,245 | $69,969 |
Balances (in Shares) at Dec. 31, 2012 | 7,907,780 | 6,750 | ' | ' | ' | ' |
Stock options exercised | 85 | ' | ' | ' | ' | 85 |
Stock options exercised (in Shares) | 11,250 | ' | ' | ' | ' | ' |
Restricted stock issued (in Shares) | 15,000 | ' | ' | ' | ' | ' |
Restricted stock cancelled (in Shares) | -4,300 | ' | ' | ' | ' | ' |
Repurchase of Series B preferred stock | ' | -6,750 | ' | ' | ' | -6,750 |
Repurchase of Series B preferred stock (in Shares) | ' | -6,750 | ' | ' | ' | ' |
Preferred stock dividend payments | ' | ' | ' | -68 | ' | -68 |
Common stock dividend declared | ' | ' | ' | -793 | ' | -793 |
Stock based compensation | ' | ' | 195 | ' | ' | 195 |
Other comprehensive income (loss) | ' | ' | ' | ' | -4,008 | -4,008 |
Net income | ' | ' | ' | 5,886 | ' | 5,886 |
Balances at Dec. 31, 2013 | 23,758 | 0 | 2,537 | 38,985 | -763 | 64,517 |
Balances (in Shares) at Dec. 31, 2013 | 7,929,730 | 0 | ' | ' | ' | ' |
Stock options exercised | 924 | ' | ' | ' | ' | 924 |
Stock options exercised (in Shares) | 122,625 | ' | ' | ' | ' | ' |
Tax benefit on options exercised | ' | ' | 52 | ' | ' | 52 |
Restricted stock issued (in Shares) | 23,500 | ' | ' | ' | ' | ' |
Stock based compensation | ' | ' | 147 | ' | ' | 147 |
Other comprehensive income (loss) | ' | ' | ' | ' | 1,784 | 1,784 |
Net income | ' | ' | ' | 3,945 | ' | 3,945 |
Balances at Jun. 30, 2014 | $24,682 | $0 | $2,736 | $42,930 | $1,021 | $71,369 |
Balances (in Shares) at Jun. 30, 2014 | 8,075,855 | 0 | ' | ' | ' | ' |
Condensed_Consolidated_Stateme4
Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $) | 6 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2013 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' |
Net income | $3,945,000 | $2,674,000 |
Adjustments to reconcile net earnings to net cash from operating activities: | ' | ' |
(Reversal of) Provision for loan losses | -1,877,000 | 200,000 |
Decrease in deferred fees/costs, net | -209,000 | -36,000 |
Depreciation | 299,000 | 577,000 |
Amortization of investment securities, net | 85,000 | 137,000 |
Stock based compensation | 147,000 | 88,000 |
(Gain) Loss on sale of premises and equipment | -3,000 | 32,000 |
OREO write downs and loss on sale | 17,000 | 1,000 |
Gain on called available for sale securities | -12,000 | -35,000 |
Earnings on cash surrender value of life insurance | -211,000 | -206,000 |
Increase in interest payable and other liabilities | 63,000 | 25,000 |
Decrease (increase) in interest receivable | 81,000 | -251,000 |
Decrease (increase) in other assets | 190,000 | -225,000 |
Net cash from operating activities | 2,463,000 | 2,981,000 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' |
Purchases of available for sale securities | -14,149,000 | -30,333,000 |
Proceeds from maturities, calls, and principal paydowns of securities available for sale | 10,373,000 | 10,450,000 |
Net increase in loans | -14,413,000 | -2,147,000 |
Purchase of FHLB Stock | -104,000 | 0 |
Purchase of BOLI policies | -1,029,000 | 0 |
Proceeds from sale of OREO | 0 | 54,000 |
Proceeds from sales of premises and equipment | 3,000 | 6,000 |
Net purchases of premises and equipment | -375,000 | -33,000 |
Net cash used in investing activities | -19,694,000 | -22,003,000 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' |
Shareholder cash dividends paid | -793,000 | 0 |
Preferred stock dividend payment | 0 | -68,000 |
Net increase (decrease) in demand deposits and savings accounts | 1,796,000 | -5,915,000 |
Net decrease in time deposits | -1,451,000 | -3,948,000 |
Proceeds from sale of common stock and exercise of stock options | 924,000 | 85,000 |
Net cash from (used in) financing activities | 528,000 | -16,596,000 |
NET DECREASE IN CASH AND CASH EQUIVALENTS | -16,703,000 | -35,618,000 |
CASH AND CASH EQUIVALENTS, beginning of period | 105,191,000 | 141,335,000 |
CASH AND CASH EQUIVALENTS, end of period | 88,488,000 | 105,717,000 |
Cash paid during the period for: | ' | ' |
Interest | 357,000 | 465,000 |
Income taxes | 2,075,000 | 1,190,000 |
NON-CASH INVESTING ACTIVITIES: | ' | ' |
Real estate acquired through foreclosure | 0 | 1,882,000 |
Change in unrealized gain (loss) on available-for-sale securities | 3,030,000 | -4,319,000 |
Series A Preferred Stock [Member] | ' | ' |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' |
Repurchase of Series B preferred stock | 0 | -6,750,000 |
Operating Activity [Member] | ' | ' |
Adjustments to reconcile net earnings to net cash from operating activities: | ' | ' |
Excess tax benefits from stock-based payment arrangements | -52,000 | 0 |
Financing Activity [Member] | ' | ' |
Adjustments to reconcile net earnings to net cash from operating activities: | ' | ' |
Excess tax benefits from stock-based payment arrangements | $52,000 | $0 |
Note_1_Basis_of_Presentation
Note 1 - Basis of Presentation | 6 Months Ended |
Jun. 30, 2014 | |
Disclosure Text Block [Abstract] | ' |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | ' |
NOTE 1 – BASIS OF PRESENTATION | |
On July 3, 2008 (the “Effective Date”), a bank holding company reorganization was completed whereby Oak Valley Bancorp (“Bancorp”) became the parent holding company for Oak Valley Community Bank ( the “Bank”). On the Effective Date, a tax-free exchange was completed whereby each outstanding share of the Company was converted into one share of Bancorp and the Company became the sole wholly-owned subsidiary of the holding company. | |
The consolidated financial statements include the accounts of Bancorp and its wholly-owned bank subsidiary. All material intercompany transactions have been eliminated. In the opinion of Management, the consolidated financial statements contain all adjustments necessary to present fairly the financial position, results of operations, changes in shareholders’ equity and cash flows. All adjustments are of a normal, recurring nature. | |
Oak Valley Community Bank is a California State chartered bank. The Company was incorporated under the laws of the state of California on May 31, 1990, and began operations in Oakdale on May 28, 1991. The Company operates branches in Oakdale, Sonora, Bridgeport, Bishop, Mammoth Lakes, Modesto, Manteca, Patterson, Turlock, Ripon, Stockton, and Escalon, California. The Bridgeport, Mammoth Lakes, and Bishop branches operate as a separate division, Eastern Sierra Community Bank. The Company’s primary source of revenue is providing loans to customers who are predominantly middle-market businesses. | |
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant accounting estimates reflected in the Company’s consolidated financial statements include the allowance for loan losses, determination of non-accrual loans, other-than-temporary impairment of investment securities, the fair value measurements, deferred compensation plans, and the determination, recognition and measurement of impaired loans. Actual results could differ from these estimates. | |
The interim consolidated financial statements included in this report are unaudited but reflect all adjustments which, in the opinion of management, are necessary for a fair presentation of the financial position and results of operations for the interim periods presented. All such adjustments are of a normal recurring nature. The results of operations for the three and six month periods ended June 30, 2014 are not necessarily indicative of the results of a full year’s operations. Certain prior year amounts have been reclassified to conform to the current year presentation. There was no effect on net income or shareholders’ equity as a result of reclassifications. For further information, refer to the audited consolidated financial statements and footnotes included in the Company’s Form 10-K for the year ended December 31, 2013. |
Note_2_Recent_Accounting_Prono
Note 2 - Recent Accounting Pronoucements | 6 Months Ended |
Jun. 30, 2014 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | ' |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | ' |
NOTE 2 – RECENT ACCOUNTING PRONOUNCEMENTS | |
In February 2013, the FASB issued ASU No. 2013-04, Obligations Resulting from Joint and Several Liability Arrangements for Which the Total Amount of the Obligation Is Fixed at the Reporting Date. The Update requires an entity to measure obligations resulting from joint and several liability arrangements for which the total amount of the obligation within the scope of this guidance is fixed at the reporting date, as the sum of the following: 1) The amount the reporting entity agreed to pay on the basis of its arrangement among its co-obligors, and 2) Any additional amount the reporting entity expects to pay on behalf of its co-obligors. The guidance in this Update also requires an entity to disclose the nature and amount of the obligation as well as other information about those obligations. The amendments in this Update are effective for fiscal years, and interim periods within those years, beginning after December 15, 2013, and are applied retrospectively to all prior periods presented for those obligations resulting from joint and several liability arrangements within the Update’s scope that exist at the beginning of an entity’s fiscal year of adoption. The adoption of ASU No. 2013-04 did not have a material impact on the Company's consolidated financial statements. | |
In July 2013, the FASB issued ASU No. 2013-10, Inclusion of the Fed Funds Effective Swap Rate (or Overnight Index Swap Rate) as a Benchmark Interest Rate for Hedge Accounting Purposes. ASU No. 2013-10 permits the use of the Fed Funds Effective Swap Rate (OIS) to be used as a U.S. benchmark interest rate for hedge account purposes. The amendment is effective prospectively for qualifying new or redesiginated hedging relationships entered into on or after July 17, 2013. The adoption of ASU No. 2013-10 did not have a material impact on the Company's consolidated financial statements. | |
In July 2013, the FASB issued ASU No. 2013-11, Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists. ASU No. 2013-11 requires an entity to present an unrecognized tax benefit, or a portion of an unrecognized tax benefit, as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward, except to the extent a net operating loss carryforward, a similar tax loss, or a tax credit carryforward is not available at the reporting date under the tax law of the applicable jurisdiction to settle any additional income taxes that would result from the disallowance of a tax position or the tax law of the applicable jurisdiction does not require the entity to use, and the entity does not intend to use, the deferred tax asset for such purpose, the unrecognized tax benefit should be presented in the financial statements as a liability and should not be combined with deferred tax assets. No new recurring disclosures are required. The amendments are effective for annual and interim reporting periods beginning on or after December 15, 2013 and are to be applied prospectively to all unrecognized tax benefits that exist at the effective date. Retrospective application is permitted. The adoption of ASU No. 2013-11 did not have a material impact on the Company's consolidated financial statements. | |
In January 2014, the FASB issued ASU No. 2014 – 01, Investments – Equity Method and Joint Ventures (Topic 323), Accounting for Investments in Qualified Affordable Housing Projects. This Update provides guidance on accounting for investments by a reporting entity in flow-through limited liability entities that manage or invest in affordable housing projects that qualify for the low-income housing tax credit. The amendments in this Update permit reporting entities to make an accounting policy election to account for their investments in qualified affordable housing projects using the proportional amortization method if certain conditions are met. Under the proportional amortization method, an entity amortizes the initial cost of the investment in proportion to the tax credits and other tax benefits received and recognizes the net investment performance in the income statement as a component of income tax expense (benefit). The amendments in this Update are effective for public business entities for annual periods and interim reporting periods within those annual periods, beginning after December 15, 2014. The adoption of ASU No. 2014-01 is not expected to have a material impact on the Company's consolidated financial statements. | |
In January 2014, the FASB issued ASU No. 2014 – 04, Receivables – Troubled Debt Restructurings by Creditors. This ASU provides clarification that an in substance repossession or foreclosure occurs, and a creditor is considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan, upon either (1) the creditor obtaining legal title to the residential real estate property upon completion of a foreclosure or (2) the borrower conveying all interest in the residential real estate property to the creditor to satisfy that loan through completion of a deed in lieu of foreclosure or through a similar legal agreement. Additionally, the amendments require interim and annual disclosure of both (1) the amount of foreclosed residential real estate property held by the creditor and (2) the recorded investment in consumer mortgage loans collateralized by residential real estate property that are in the process of foreclosure according to local requirements of the applicable jurisdiction. The amendments in this ASU are effective for public business entities for annual periods, and interim periods within those annual periods, beginning after December 15, 2014. The adoption of ASU No. 2014-04 is not expected to have a material impact on the Company's consolidated financial statements. |
Note_3_Preferred_Stock_Repurch
Note 3 - Preferred Stock Repurchase and Warrant Redemption | 6 Months Ended |
Jun. 30, 2014 | |
Preferred Stock Repurchase And Warrant Redemption [Abstract] | ' |
Preferred Stock Repurchase And Warrant Redemption [Text Block] | ' |
NOTE 3 – PREFERRED STOCK REPURCHASE AND WARRANT REDEMPTION | |
In August 2011, the Company repurchased the $13,500,000 of Series A Preferred Stock originally issued to the U.S. Treasury in December 2008 in connection with the Company’s participation in the Capital Purchase Program (“CPP”). The Company simultaneously issued $13,500,000 in Series B Preferred Stock to the U.S. Treasury under the Small Business Lending Funding (“SBLF”) program. Subsequently, the Company fully redeemed a warrant to purchase 350,346 shares of its Common Stock, at the exercise price of $5.78 per share that the Company had granted to the U.S. Treasury pursuant to the CPP, for a purchase price of $560,000, which settled in September 2011. | |
In May 2012, the Company repurchased from the U.S. Treasury 6,750 shares of Series B Preferred Stock for aggregate consideration of $6.75 million. In March 2013, the Company repurchased the remaining 6,750 shares of Series B Preferred Stock for aggregate consideration of $6.75 million plus $67,500 for accrued interest. As of June 30, 2014, there are no outstanding shares of Series B Preferred Stock. |
Note_4_Securities
Note 4 - Securities | 6 Months Ended | |||||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||||
Securities [Abstract] | ' | |||||||||||||||||||||||||
Securities [Text Block] | ' | |||||||||||||||||||||||||
NOTE 4 – SECURITIES | ||||||||||||||||||||||||||
The amortized cost and estimated fair values of debt securities as of June 30, 2014 are as follows: | ||||||||||||||||||||||||||
(dollars in thousands) | Amortized | Gross | Gross | Fair Value | ||||||||||||||||||||||
Cost | Unrealized | Unrealized | ||||||||||||||||||||||||
Gains | Losses | |||||||||||||||||||||||||
Available-for-sale securities: | ||||||||||||||||||||||||||
U.S. agencies | $ | 46,636 | $ | 1,814 | $ | (484 | ) | $ | 47,966 | |||||||||||||||||
Collateralized mortgage obligations | 8,138 | 290 | (50 | ) | 8,378 | |||||||||||||||||||||
Municipalities | 48,244 | 1,185 | (1,002 | ) | 48,427 | |||||||||||||||||||||
SBA pools | 920 | 0 | (2 | ) | 918 | |||||||||||||||||||||
Corporate debt | 6,711 | 116 | 0 | 6,827 | ||||||||||||||||||||||
Asset backed securities | 9,068 | 42 | (65 | ) | 9,045 | |||||||||||||||||||||
Mutual fund | 3,026 | 0 | (108 | ) | 2,918 | |||||||||||||||||||||
$ | 122,743 | $ | 3,446 | $ | (1,711 | ) | $ | 124,479 | ||||||||||||||||||
The following tables detail the gross unrealized losses and fair values aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at June 30, 2014. | ||||||||||||||||||||||||||
(dollars in thousands) | Less than 12 months | 12 months or more | Total | |||||||||||||||||||||||
Description of Securities | Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | ||||||||||||||||||||
Value | Loss | Value | Loss | Value | Loss | |||||||||||||||||||||
U.S. agencies | $ | 2,818 | $ | (51 | ) | $ | 9,484 | $ | (433 | ) | $ | 12,302 | $ | (484 | ) | |||||||||||
Collateralized mortgage obligations | 1,535 | (50 | ) | 0 | 0 | 1,535 | (50 | ) | ||||||||||||||||||
Municipalities | 7,075 | (70 | ) | 21,177 | (932 | ) | 28,252 | (1,002 | ) | |||||||||||||||||
SBA pools | 0 | 0 | 914 | (2 | ) | 914 | (2 | ) | ||||||||||||||||||
Corporate debt | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||
Asset backed securities | 2,811 | (55 | ) | 2,922 | (10 | ) | 5,733 | (65 | ) | |||||||||||||||||
Mutual fund | 0 | 0 | 2,918 | (108 | ) | 2,918 | (108 | ) | ||||||||||||||||||
Total temporarily impaired securities | $ | 14,239 | $ | (226 | ) | $ | 37,415 | $ | (1,485 | ) | $ | 51,654 | $ | (1,711 | ) | |||||||||||
At June 30, 2014, there were 7 U.S. agencies, 25 municipalities, two SBA pools, one asset backed security and one mutual fund that comprised the total securities in an unrealized loss position for greater than 12 months and one U.S. agency, one collateralized mortgage obligation, 9 municipalities, and two asset backed securities that make up the total securities in a loss position for less than 12 months. Management periodically evaluates each available-for-sale investment security in an unrealized loss position to determine if the impairment is temporary or other than temporary. This evaluation encompasses various factors including, the nature of the investment, the cause of the impairment, the severity and duration of the impairment, credit ratings and other credit related factors such as third party guarantees and volatility of the security’s fair value. Management has determined that no investment security is other than temporarily impaired. The unrealized losses are due primarily to interest rate changes and the Company does not intend to sell the securities and it is not likely that we will be required to sell the securities before the earlier of the forecasted recovery or the maturity of the underlying investment security. | ||||||||||||||||||||||||||
The amortized cost and estimated fair value of debt securities at June 30, 2014, by contractual maturity or call date, are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. | ||||||||||||||||||||||||||
(dollars in thousands) | Amortized | Fair | ||||||||||||||||||||||||
Cost | Value | |||||||||||||||||||||||||
Available-for-sale securities: | ||||||||||||||||||||||||||
Due in one year or less | $ | 9,755 | $ | 9,429 | ||||||||||||||||||||||
Due after one year through five years | 31,628 | 33,530 | ||||||||||||||||||||||||
Due after five years through ten years | 38,896 | 38,293 | ||||||||||||||||||||||||
Due after ten years | 42,464 | 43,227 | ||||||||||||||||||||||||
$ | 122,743 | $ | 124,479 | |||||||||||||||||||||||
The amortized cost and estimated fair values of debt securities as of December 31, 2013, are as follows: | ||||||||||||||||||||||||||
(dollars in thousands) | Amortized | Gross | Gross | Fair | ||||||||||||||||||||||
Cost | Unrealized | Unrealized | Value | |||||||||||||||||||||||
Gains | Losses | |||||||||||||||||||||||||
Available-for-sale securities: | ||||||||||||||||||||||||||
U.S. agencies | $ | 52,539 | 1,844 | $ | (1,268 | ) | $ | 53,115 | ||||||||||||||||||
Collateralized mortgage obligations | 9,580 | 248 | (47 | ) | 9,781 | |||||||||||||||||||||
Municipalities | 42,304 | 953 | (2,988 | ) | 40,269 | |||||||||||||||||||||
SBA Pools | 1,088 | - | (7 | ) | 1,081 | |||||||||||||||||||||
Corporate debt | 4,697 | 128 | - | 4,825 | ||||||||||||||||||||||
Asset Backed Securities | 5,858 | 28 | (29 | ) | 5,857 | |||||||||||||||||||||
Mutual Fund | 2,975 | - | (157 | ) | 2,818 | |||||||||||||||||||||
$ | 119,041 | $ | 3,201 | $ | (4,496 | ) | $ | 117,746 | ||||||||||||||||||
The following tables detail the gross unrealized losses and fair values aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at December 31, 2013. | ||||||||||||||||||||||||||
(dollars in thousands) | Less than 12 months | 12 months or more | Total | |||||||||||||||||||||||
Description of Securities | Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | ||||||||||||||||||||
Value | Loss | Value | Loss | Value | Loss | |||||||||||||||||||||
U.S. agencies | $ | 21,700 | $ | (1,012 | ) | $ | 1,740 | $ | (256 | ) | $ | 23,440 | $ | (1,268 | ) | |||||||||||
Collateralized mortgage obligations | 1,642 | (47 | ) | — | — | 1,642 | (47 | ) | ||||||||||||||||||
Municipalities | 25,502 | (2,762 | ) | 2,879 | (226 | ) | 28,381 | (2,988 | ) | |||||||||||||||||
SBA Pools | 829 | (5 | ) | 246 | (2 | ) | 1,075 | (7 | ) | |||||||||||||||||
Corporate debt | — | — | — | — | — | — | ||||||||||||||||||||
Asset Backed Securities | 3,894 | (29 | ) | — | — | 3,894 | (29 | ) | ||||||||||||||||||
Mutual Fund | 2,818 | (157 | ) | — | — | 2,818 | (157 | ) | ||||||||||||||||||
Total temporarily impaired securities | $ | 56,385 | $ | (4,012 | ) | $ | 4,865 | $ | (484 | ) | $ | 61,250 | $ | (4,496 | ) | |||||||||||
We recognized a gain of $4,000 and $12,000 for the three and six month periods ended June 30, 2014, on certain available-for-sale securities that were partially called, which compares to $16,000 and $35,000 in the same periods of 2013. There were no sales of available-for-sale securities during the first six months of 2014 and 2013. | ||||||||||||||||||||||||||
Securities carried at $68,006,000 and $72,371,000 at June 30, 2014 and December 31, 2013, respectively, were pledged to secure deposits of public funds. |
Note_5_Loans
Note 5 - Loans | 6 Months Ended | ||||||||||||||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | ' | ||||||||||||||||||||||||||||||||||||
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | ' | ||||||||||||||||||||||||||||||||||||
NOTE 5 – LOANS | |||||||||||||||||||||||||||||||||||||
Our customers are primarily located in Stanislaus, San Joaquin, Tuolumne, Inyo, and Mono Counties. As of June 30, 2014, approximately 82% of the Company’s loans are commercial real estate loans which include construction loans. Approximately 9% of the Company’s loans are for general commercial uses including professional, retail, and small business. Additionally, 6% of the Company’s loans are for residential real estate and other consumer loans. The remaining 3% are agriculture loans. Loan totals were as follows: | |||||||||||||||||||||||||||||||||||||
(in thousands) | 30-Jun-14 | 31-Dec-13 | |||||||||||||||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||||||||||||||
Commercial real estate- construction | $ | 14,575 | $ | 15,555 | |||||||||||||||||||||||||||||||||
Commercial real estate- mortgages | 309,363 | 285,840 | |||||||||||||||||||||||||||||||||||
Land | 11,065 | 11,157 | |||||||||||||||||||||||||||||||||||
Farmland | 21,142 | 20,321 | |||||||||||||||||||||||||||||||||||
Commercial and industrial | 38,815 | 48,787 | |||||||||||||||||||||||||||||||||||
Consumer | 843 | 883 | |||||||||||||||||||||||||||||||||||
Consumer residential | 25,542 | 25,623 | |||||||||||||||||||||||||||||||||||
Agriculture | 14,326 | 11,272 | |||||||||||||||||||||||||||||||||||
Total loans | 435,671 | 419,438 | |||||||||||||||||||||||||||||||||||
Less: | |||||||||||||||||||||||||||||||||||||
Deferred loan fees and costs, net | (414 | ) | (623 | ) | |||||||||||||||||||||||||||||||||
Allowance for loan losses | (7,602 | ) | (7,659 | ) | |||||||||||||||||||||||||||||||||
Net loans | $ | 427,655 | $ | 411,156 | |||||||||||||||||||||||||||||||||
Loan Origination/Risk Management. The Company has certain lending policies and procedures in place that are designed to maximize loan income within an acceptable level of risk. Management reviews and approves these policies and procedures on a regular basis. A reporting system supplements the review process by providing management with frequent reports related to loan production, loan quality, concentration of credit, loan delinquencies and non-performing and potential problem loans. Diversification in the loan portfolio is a means of managing risk associated with fluctuations in economic conditions. | |||||||||||||||||||||||||||||||||||||
Commercial and industrial loans are underwritten after evaluating and understanding the borrower’s ability to operate profitably and prudently expand its business. Underwriting standards are designed to promote relationship banking rather than transactional banking. Once it is determined that the borrower’s management possesses sound ethics and solid business acumen, our management examines current and projected cash flows to determine the ability of the borrower to repay their obligations as agreed. Commercial and industrial loans are primarily made based on the identified cash flows of the borrower and secondarily on the underlying collateral provided by the borrower. The cash flows of borrowers, however, may not be as expected and the collateral securing these loans may fluctuate in value. Most commercial and industrial loans are secured by the assets being financed or other business assets such as accounts receivable or inventory and may incorporate a personal guarantee; however, some short-term loans may be made on an unsecured basis. In the case of loans secured by accounts receivable, the availability of funds for the repayment of these loans may be substantially dependent on the ability of the borrower to collect amounts due from its customers. | |||||||||||||||||||||||||||||||||||||
Commercial real estate loans are subject to underwriting standards and processes similar to commercial and industrial loans, in addition to those of real estate loans. These loans are viewed primarily as cash flow loans and secondarily as loans secured by real estate. Commercial real estate lending typically involves higher loan principal amounts and the repayment of these loans is generally largely dependent on the successful operation of the property securing the loan or the business conducted on the property securing the loan. Commercial real estate loans may be more adversely affected by conditions in the real estate markets or in the general economy. The properties securing the Company’s commercial real estate portfolio are diverse in terms of type and geographic location. This diversity helps reduce the Company’s exposure to adverse economic events that affect any single market or industry. Management monitors and evaluates commercial real estate loans based on collateral, geography and risk grade criteria. As a general rule, the Company avoids financing single-purpose projects unless other underwriting factors are present to help mitigate risk. The Company also utilizes third-party experts to provide insight and guidance about economic conditions and trends affecting market areas it serves. In addition, management tracks the level of owner-occupied commercial real estate loans versus non-owner occupied loans. At June 30, 2014, commercial real estate loans equal to approximately 33.8% of the outstanding principal balance of our commercial real estate loans were secured by owner-occupied properties. | |||||||||||||||||||||||||||||||||||||
With respect to loans to developers and builders that are secured by non-owner occupied properties that the Company may originate from time to time, the Company generally requires the borrower to have had an existing relationship with the Company and have a proven record of success. Construction loans are underwritten utilizing feasibility studies, independent appraisal reviews, sensitivity analysis of absorption and lease rates and financial analysis of the developers and property owners. Construction loans are generally based upon estimates of costs and value associated with the complete project. These estimates may be inaccurate. Construction loans often involve the disbursement of substantial funds with repayment substantially dependent on the success of the ultimate project. Sources of repayment for these types of loans may be pre-committed permanent loans from approved long-term lenders, sales of developed property or an interim loan commitment from the Company until permanent financing is obtained. These loans are closely monitored by on-site inspections and are considered to have higher risks than other real estate loans due to their ultimate repayment being sensitive to interest rate changes, governmental regulation of real property, general economic conditions and the availability of long-term financing. | |||||||||||||||||||||||||||||||||||||
Agricultural production, real estate and development lending is susceptible to credit risks including adverse weather conditions, pest and disease, as well as market price fluctuations and foreign competition. Agricultural loan underwriting standards are maintained by following Company policies and procedures in place to minimize risk in this lending segment. These standards consist of limiting credit to experienced farmers who have demonstrated farm management capabilities, requiring cash flow projections displaying margins sufficient for repayment from normal farm operations along with equity injected as required by policy, as well as providing adequate secondary repayment and sponsorship including satisfactory collateral support. Credit enhancement obtained through government guarantee programs may also be used to provide further support as available. | |||||||||||||||||||||||||||||||||||||
The Company originates consumer loans utilizing common underwriting criteria specified in policy. To monitor and manage consumer loan risk, policies and procedures are developed and modified, as needed, jointly by line and staff personnel. This activity, coupled with relatively small loan amounts that are spread across many individual borrowers, minimizes risk. Additionally, trend and outlook reports are reviewed by management on a regular basis. Underwriting standards for 1-4 family, home equity lines and loans follow bank policy, which include, but are not limited to, a maximum loan-to-value percentage of 80%, a maximum housing and total debt ratio of 36% and 42%, respectively and other specified credit and documentation requirements. | |||||||||||||||||||||||||||||||||||||
The Company maintains an independent loan review department that reviews and validates the credit risk program on a periodic basis. Results of these reviews are presented to management. The loan review process complements and reinforces the risk identification and assessment decisions made by lenders and credit personnel, as well as the Bank’s policies and procedures. | |||||||||||||||||||||||||||||||||||||
Non-Accrual and Past Due Loans. Loans are considered past due if the required principal and interest payments have not been received as of the date such payments were due. Loans are placed on non-accrual status when, in management’s opinion, the borrower may be unable to meet payment obligations as they become due, as well as when required by regulatory provisions. Loans may be placed on non-accrual status regardless of whether or not such loans are considered past due. When interest accrual is discontinued, all unpaid accrued interest is reversed. Interest income is subsequently recognized only to the extent cash payments are received in excess of principal due. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured. | |||||||||||||||||||||||||||||||||||||
Non-accrual loans, segregated by class of loans, were as follows: | |||||||||||||||||||||||||||||||||||||
(in thousands) | 30-Jun-14 | 31-Dec-13 | |||||||||||||||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||||||||||||||
Commercial real estate- construction | $ | 0 | $ | 0 | |||||||||||||||||||||||||||||||||
Commercial real estate- mortgages | 0 | 1,047 | |||||||||||||||||||||||||||||||||||
Land | 3,736 | 1,183 | |||||||||||||||||||||||||||||||||||
Farmland | 82 | 92 | |||||||||||||||||||||||||||||||||||
Commercial and industrial | 348 | 18 | |||||||||||||||||||||||||||||||||||
Consumer | 0 | 0 | |||||||||||||||||||||||||||||||||||
Consumer residential | 0 | 0 | |||||||||||||||||||||||||||||||||||
Agriculture | 0 | 0 | |||||||||||||||||||||||||||||||||||
Total non-accrual loans | $ | 4,166 | $ | 2,340 | |||||||||||||||||||||||||||||||||
Had non-accrual loans performed in accordance with their original contract terms, we would have recognized additional interest income of approximately $59,000 and $190,000 in the three and six month periods ended June 30, 2014, as compared to $129,000 and $306,000 in the same periods of 2013. | |||||||||||||||||||||||||||||||||||||
The following table analyzes past due loans including the non-accrual loans in the above table, segregated by class of loans, as of June 30, 2014 (in thousands): | |||||||||||||||||||||||||||||||||||||
30-Jun-14 | 30-59 | 60-89 | Greater | Total Past | Current | Total | Greater | ||||||||||||||||||||||||||||||
Days Past | Days Past | Than 90 | Due | Than 90 | |||||||||||||||||||||||||||||||||
Due | Due | Days Past | Days Past Due | ||||||||||||||||||||||||||||||||||
Due | and Still Accruing | ||||||||||||||||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||||||||||||||
Commercial R.E. - construction | $ | 0 | 0 | 0 | $ | 0 | $ | 14,575 | $ | 14,575 | $ | 0 | |||||||||||||||||||||||||
Commercial R.E. - mortgages | 0 | 0 | 0 | 0 | 309,363 | 309,363 | 0 | ||||||||||||||||||||||||||||||
Land | 0 | 0 | 3,223 | 3,223 | 7,842 | 11,065 | 0 | ||||||||||||||||||||||||||||||
Farmland | 0 | 0 | 82 | 82 | 21,060 | 21,142 | 0 | ||||||||||||||||||||||||||||||
Commercial and industrial | 16 | 0 | 332 | 348 | 38,467 | 38,815 | 0 | ||||||||||||||||||||||||||||||
Consumer | 0 | 0 | 0 | 0 | 843 | 843 | 0 | ||||||||||||||||||||||||||||||
Consumer residential | 150 | 0 | 0 | 150 | 25,392 | 25,542 | 0 | ||||||||||||||||||||||||||||||
Agriculture | 0 | 0 | 0 | 0 | 14,326 | 14,326 | 0 | ||||||||||||||||||||||||||||||
Total | $ | 166 | $ | 0 | $ | 3,637 | $ | 3,803 | $ | 431,868 | $ | 435,671 | $ | 0 | |||||||||||||||||||||||
The following table analyzes past due loans including the non-accrual loans in the above table, segregated by class of loans, as of December 31, 2013 (in thousands): | |||||||||||||||||||||||||||||||||||||
31-Dec-13 | 30-59 | 60-89 | Greater | Total Past | Current | Total | Greater | ||||||||||||||||||||||||||||||
Days Past | Days Past | Than 90 | Due | Than 90 | |||||||||||||||||||||||||||||||||
Due | Due | Days Past | Days Past Due | ||||||||||||||||||||||||||||||||||
Due | and Still Accruing | ||||||||||||||||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||||||||||||||
Commercial R.E. - construction | $ | 0 | 0 | 0 | $ | 0 | $ | 15,555 | $ | 15,555 | $ | 0 | |||||||||||||||||||||||||
Commercial R.E. - mortgages | 1,348 | 0 | 1,046 | 2,394 | 283,446 | 285,840 | 0 | ||||||||||||||||||||||||||||||
Land | 0 | 2,651 | 659 | 3,310 | 7,847 | 11,157 | 0 | ||||||||||||||||||||||||||||||
Farmland | 0 | 0 | 92 | 92 | 20,229 | 20,321 | 0 | ||||||||||||||||||||||||||||||
Commercial and industrial | 0 | 1,407 | 0 | 1,407 | 47,380 | 48,787 | 0 | ||||||||||||||||||||||||||||||
Consumer | 0 | 0 | 0 | 0 | 883 | 883 | 0 | ||||||||||||||||||||||||||||||
Consumer residential | 0 | 0 | 0 | 0 | 25,623 | 25,623 | 0 | ||||||||||||||||||||||||||||||
Agriculture | 0 | 0 | 0 | 0 | 11,272 | 11,272 | 0 | ||||||||||||||||||||||||||||||
Total | $ | 1,348 | $ | 4,058 | $ | 1,797 | $ | 7,203 | $ | 412,235 | $ | 419,438 | $ | 0 | |||||||||||||||||||||||
Impaired Loans. Loans are considered impaired when, based on current information and events, it is probable the Company will be unable to collect all amounts due in accordance with the original contractual terms of the loan agreement, including scheduled principal and interest payments. Impairment is evaluated in total for smaller-balance loans of a similar nature and on an individual loan basis for other loans. If a loan is impaired, a specific valuation allowance is allocated, if necessary, so that the loan is reported net, at the present value of estimated future cash flows using the loan’s existing rate or at the fair value of collateral if repayment is expected solely from the collateral. Interest payments on impaired loans are typically applied to principal unless collectability of the principal amount is reasonably assured, in which case interest is recognized on a cash basis. There was no interest income realized on impaired loans for the three and six months ended June 30, 2014 and 2013. Average recorded investment in impaired loans was $4.71 million and $4.25 million for the three and six months ended June 30, 2014, as compared to $3.92 million and $5.24 million for the same periods of 2013. Impaired loans, or portions thereof, are charged off when deemed uncollectible. | |||||||||||||||||||||||||||||||||||||
Impaired loans as of June 30, 2014 and December 31, 2013 are set forth in the following table. | |||||||||||||||||||||||||||||||||||||
(in thousands) | Unpaid | Recorded | Recorded | Total | Related | Average | |||||||||||||||||||||||||||||||
Contractual | Investment | Investment | Recorded | Allowance | Recorded | ||||||||||||||||||||||||||||||||
Principal | With No | With | Investment | Investment | |||||||||||||||||||||||||||||||||
Balance | Allowance | Allowance | |||||||||||||||||||||||||||||||||||
30-Jun-14 | |||||||||||||||||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||||||||||||||
Commercial R.E. - construction | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | |||||||||||||||||||||||||
Commercial R.E. - mortgages | 0 | 0 | 0 | 0 | 0 | 785 | |||||||||||||||||||||||||||||||
Land | 3,965 | 0 | 3,736 | 3,736 | 1,068 | 3,111 | |||||||||||||||||||||||||||||||
Farmland | 88 | 82 | 0 | 82 | 0 | 87 | |||||||||||||||||||||||||||||||
Commercial and Industrial | 360 | 348 | 0 | 348 | 0 | 267 | |||||||||||||||||||||||||||||||
Consumer | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||
Consumer residential | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||
Agriculture | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||
Total | $ | 4,413 | $ | 430 | $ | 3,736 | $ | 4,166 | $ | 1,068 | $ | 4,250 | |||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||||||||||||||
Commercial R.E. - construction | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 51 | |||||||||||||||||||||||||
Commercial R.E. - mortgages | 3,049 | 1,047 | 0 | 1,047 | 0 | 1,980 | |||||||||||||||||||||||||||||||
Land | 1,320 | 0 | 1,183 | 1,183 | 392 | 1,635 | |||||||||||||||||||||||||||||||
Farmland | 95 | 92 | 0 | 92 | 0 | 62 | |||||||||||||||||||||||||||||||
Commercial and Industrial | 27 | 18 | 0 | 18 | 0 | 20 | |||||||||||||||||||||||||||||||
Consumer | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||
Consumer residential | 0 | 0 | 0 | 0 | 0 | 354 | |||||||||||||||||||||||||||||||
Agriculture | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||
Total | $ | 4,491 | $ | 1,157 | $ | 1,183 | $ | 2,340 | $ | 392 | $ | 4,102 | |||||||||||||||||||||||||
Troubled Debt Restructurings – In order to determine whether a borrower is experiencing financial difficulty, an evaluation is performed of the probability that the borrower will be in payment default on any of its debt in the foreseeable future without the modification. This evaluation is performed under the Company’s internal underwriting policy. | |||||||||||||||||||||||||||||||||||||
At June 30, 2014, there were 6 loans and leases that were considered to be troubled debt restructurings, all of which are considered non-accrual totaling $4,083,000. At December 31, 2013, there were 3 loans and leases that were considered to be troubled debt restructurings, all of which are considered non-accrual totaling $1,201,000. At June 30, 2014 and December 31, 2013 there were no unfunded commitments on loans classified as a troubled debt restructures. We have allocated $1,068,000 and $392,000 of specific reserves to loans whose terms have been modified in troubled debt restructurings as of June 30, 2014 and December 31, 2013, respectively. | |||||||||||||||||||||||||||||||||||||
The modification of the terms of such loans typically includes one or a combination of the following: a reduction of the stated interest rate of the loan; an extension of the maturity date; or a temporary payment modification in which the payment amount allocated towards principal was reduced. In some cases, a permanent reduction of the accrued interest on the loan is conceded. During the three and six month periods ended June 30, 2014, the terms of three and four loans, respectively, were modified as troubled debt restructurings by reducing the interest rates and extending the maturity dates. | |||||||||||||||||||||||||||||||||||||
The following tables presents loans by class modified as troubled debt restructurings that occurred during the three and six month periods ended June 30, 2014 and 2013: | |||||||||||||||||||||||||||||||||||||
Three Months Ended | Three Months Ended | ||||||||||||||||||||||||||||||||||||
(in thousands) | 30-Jun-14 | 30-Jun-13 | |||||||||||||||||||||||||||||||||||
Number | Pre- | Post- | Number | Pre- | Post- | ||||||||||||||||||||||||||||||||
of | Modification | Modification | of | Modification | Modification | ||||||||||||||||||||||||||||||||
Loans | Outstanding | Outstanding | Loans | Outstanding | Outstanding | ||||||||||||||||||||||||||||||||
Recorded | Recorded | Recorded | Recorded | ||||||||||||||||||||||||||||||||||
Investment | Investment | Investment | Investment | ||||||||||||||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||||||||||||||
Commercial R.E. - construction | 0 | $ | 0 | $ | 0 | 0 | $ | 0 | $ | 0 | |||||||||||||||||||||||||||
Commercial R.E. - mortgages | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||
Land | 2 | 2,565 | 2,565 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||
Farmland | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||
Commercial and Industrial | 1 | 331 | 331 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||
Consumer | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||
Consumer residential | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||
Agriculture | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||
Total | 3 | $ | 2,896 | $ | 2,896 | 0 | $ | 0 | $ | 0 | |||||||||||||||||||||||||||
Six Months Ended | Six Months Ended | ||||||||||||||||||||||||||||||||||||
(in thousands) | 30-Jun-14 | 30-Jun-13 | |||||||||||||||||||||||||||||||||||
Number | Pre- | Post- | Number | Pre- | Post- | ||||||||||||||||||||||||||||||||
of | Modification | Modification | of | Modification | Modification | ||||||||||||||||||||||||||||||||
Loans | Outstanding | Outstanding | Loans | Outstanding | Outstanding | ||||||||||||||||||||||||||||||||
Recorded | Recorded | Recorded | Recorded | ||||||||||||||||||||||||||||||||||
Investment | Investment | Investment | Investment | ||||||||||||||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||||||||||||||
Commercial R.E. - construction | 0 | $ | 0 | $ | 0 | 0 | $ | 0 | $ | 0 | |||||||||||||||||||||||||||
Commercial R.E. - mortgages | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||
Land | 3 | 3,107 | 3,107 | 1 | 542 | 542 | |||||||||||||||||||||||||||||||
Farmland | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||
Commercial and Industrial | 1 | 331 | 331 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||
Consumer | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||
Consumer residential | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||
Agriculture | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||
Total | 4 | $ | 3,438 | $ | 3,438 | 1 | $ | 542 | $ | 542 | |||||||||||||||||||||||||||
The troubled debt restructuring during the three and six months ended June 30, 2014 did not increase the allowance for loan losses as a result of loan modifications because the loans are evaluated as an impaired loan and a specific valuation allowance would have already been allocated, if necessary, prior to the loan modification. There were no charge-offs as a result of loan modifications, as the contractual balances outstanding were determined to be collectible. | |||||||||||||||||||||||||||||||||||||
There were no loans modified as troubled debt restructurings within the previous twelve months and for which there was a payment default during the three and six month periods ended June 30, 2014 and 2013. A loan is considered to be in payment default once it is ninety days contractually past due under the modified terms. | |||||||||||||||||||||||||||||||||||||
Quality ratings (Risk Grades) are assigned to all commitments and stand-alone notes. Risk grades define the basic characteristics of commitments or stand-alone note in relation to their risk. All loans are graded using a system that maximizes the loan quality information contained in loan review grades, while ensuring that the system is compatible with the grades used by bank examiners. | |||||||||||||||||||||||||||||||||||||
We grade loans using the following letter system: | |||||||||||||||||||||||||||||||||||||
1 Exceptional Loan | |||||||||||||||||||||||||||||||||||||
2 Quality Loan | |||||||||||||||||||||||||||||||||||||
3A Better Than Acceptable Loan | |||||||||||||||||||||||||||||||||||||
3B Acceptable Loan | |||||||||||||||||||||||||||||||||||||
3C Marginally Acceptable Loan | |||||||||||||||||||||||||||||||||||||
4 (W) Watch Acceptable Loan | |||||||||||||||||||||||||||||||||||||
5 Other Loans Especially Mentioned | |||||||||||||||||||||||||||||||||||||
6 Substandard Loan | |||||||||||||||||||||||||||||||||||||
7 Doubtful Loan | |||||||||||||||||||||||||||||||||||||
8 Loss | |||||||||||||||||||||||||||||||||||||
1. Exceptional Loan - Loans with A+ credits that contain very little, if any, risk. Grade 1 loans are considered Pass. To qualify for this rating, the following characteristics must be present: | |||||||||||||||||||||||||||||||||||||
-A high level of liquidity and whose debt-servicing capacity exceeds expected obligations by a substantial margin. | |||||||||||||||||||||||||||||||||||||
-Where leverage is below average for the industry and earnings are consistent or growing without severe vulnerability to economic cycles. | |||||||||||||||||||||||||||||||||||||
-Also included in this rating (but not mandatory unless one or more of the preceding characteristics are missing) are loans that are fully secured and properly margined by our own time instruments or U.S. blue chip securities. To be properly margined cash collateral must be equal to, or greater than, 110% of the loan amount. | |||||||||||||||||||||||||||||||||||||
2. Quality Loan - Loans with excellent sources of repayment that conform in all respects to bank policy and regulatory requirements. These are also loans for which little repayment risk has been identified. No credit or collateral exceptions. Grade 2 loans are considered Pass. Other factors include: | |||||||||||||||||||||||||||||||||||||
-Unquestionable debt-servicing capacity to cover all obligations in the ordinary course of business from well-defined primary and secondary sources. | |||||||||||||||||||||||||||||||||||||
-Consistent strong earnings. | |||||||||||||||||||||||||||||||||||||
-A solid equity base. | |||||||||||||||||||||||||||||||||||||
3A. Better than Acceptable Loan - In the interest of better delineating the loan portfolio’s true credit risk for reserve allocation, further granularity has been sought by splitting the grade 3 category into three classifications. The distinction between the three are bank-defined guidelines and represent a further refinement of the regulatory definition of a pass, or grade 3 loan. Grade 3A is the stronger third of the pass category, but is not strong enough to be a grade 2 and is characterized by: | |||||||||||||||||||||||||||||||||||||
-Strong earnings with no loss in last three years and ample cash flow to service all debt well above policy guidelines. | |||||||||||||||||||||||||||||||||||||
-Long term experienced management with depth and defined management succession. | |||||||||||||||||||||||||||||||||||||
-The loan has no exceptions to policy. | |||||||||||||||||||||||||||||||||||||
-Loan-to-value on real estate secured transactions is 10% to 20% less than policy guidelines. | |||||||||||||||||||||||||||||||||||||
-Very liquid balance sheet that may have cash available to pay off our loan completely. | |||||||||||||||||||||||||||||||||||||
-Little to no debt on balance sheet. | |||||||||||||||||||||||||||||||||||||
3B. Acceptable Loan - 3B loans are simply defined as all loans that are less qualified than 3A loans and are stronger than 3C loans. These loans are characterized by acceptable sources of repayment that conform to bank policy and regulatory requirements. Repayment risks are acceptable for these loans. Credit or collateral exceptions are minimal, are in the process of correction, and do not represent repayment risk. These loans: | |||||||||||||||||||||||||||||||||||||
-Are those where the borrower has average financial strengths, a history of profitable operations and experienced management. | |||||||||||||||||||||||||||||||||||||
-Are those where the borrower can be expected to handle normal credit needs in a satisfactory manner. | |||||||||||||||||||||||||||||||||||||
3C. Marginally Acceptable - 3C loans have similar characteristics as that of 3Bs with the following additional characteristics: | |||||||||||||||||||||||||||||||||||||
Requires collateral. A credit facility where the borrower has average financial strengths, but usually lacks reliable secondary sources of repayment other than the subject collateral. Other common characteristics can include some or all of the following: minimal background experience of management, lacking continuity of management, a start-up operation, erratic historical profitability (acceptable reasons-well identified), lack of or marginal sponsorship of guarantor, and government guaranteed loans. | |||||||||||||||||||||||||||||||||||||
4W Watch Acceptable - Watch grade will be assigned to any credit that is adequately secured and performing but monitored for a number of indicators. These characteristics may include any unexpected short-term adverse financial performance from budgeted projections or prior period’s results (i.e., declining profits, sales, margins, cash flow, or increased reliance on leverage, including adverse balance sheet ratios, trade debt issues, etc.). Additionally, any managerial or personal problems of company management, decline in the entire industry or local economic conditions failure to provide financial information or other documentation as requested; issues regarding delinquency, overdrafts, or renewals; and any other issues that cause concern for the company. Loans to individuals or loans supported by guarantors with marginal net worth and/or marginal collateral. Weakness identified in a Watch credit is short-term in nature. Loans in this category are usually accounts the Bank would want to retain providing a positive turnaround can be expected within a reasonable time frame. Grade 4 loans are considered Pass. | |||||||||||||||||||||||||||||||||||||
5 Other Loans Especially Mentioned (Special Mention) - A special mention extension of credit is defined as having potential weaknesses that deserve management’s close attention. If left uncorrected, these potential weaknesses may, at some future date result in the deterioration of the repayment prospects for the credit or the institution’s credit position. Extensions of credit that might be detailed in this category include the following: | |||||||||||||||||||||||||||||||||||||
-The lending officer may be unable to properly supervise the credit because of an inadequate loan or credit agreement. | |||||||||||||||||||||||||||||||||||||
-Questions exist regarding the condition of and/or control over collateral. | |||||||||||||||||||||||||||||||||||||
-Economic or market conditions may unfavorably affect the obligor in the future. | |||||||||||||||||||||||||||||||||||||
-A declining trend in the obligor’s operations or an imbalanced position in the balance sheet exists, but not to the point that repayment is jeopardized. | |||||||||||||||||||||||||||||||||||||
6 Substandard Loan - A “substandard” extension of credit is inadequately protected by the current sound worth and paying capacity of the obligor or of the collateral pledged, if any. Extensions of credit so classified must have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the Bank will sustain some loss if the deficiencies are not corrected. Loss potential, while existing in the aggregate amount of substandard credits, does not have to exist in individual extensions of credit classified substandard. | |||||||||||||||||||||||||||||||||||||
7 Doubtful Loan - An extension of credit classified “doubtful” has all the weaknesses inherent in one classified substandard, with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable. The possibility of loss is extremely high but because of certain important and reasonably specific pending factors that may work to the advantage of and strengthen the credit, its classification as an estimated loss is deferred until its more exact status may be determined. Pending factors may include a proposed merger or acquisition, liquidation proceedings, capital injection, perfecting liens on additional collateral or refinancing plans. The entire loan need not be classified doubtful when collection of a specific portion appears highly probable. An example of proper use of the doubtful category is the case of a company being liquidated, with the trustee-in-bankruptcy indicating a minimum disbursement of 40 percent and a maximum of 65 percent to unsecured creditors, including the Bank. In this situation, estimates are based on liquidation value appraisals with actual values yet to be realized. By definition, the only portion of the credit that is doubtful is the 25 percent difference between 40 and 65 percent. | |||||||||||||||||||||||||||||||||||||
A proper classification of such a credit would show 40 percent substandard, 25 percent doubtful, and 35 percent loss. A credit classified as doubtful should be resolved within a ‘reasonable’ period of time. Reasonable is generally defined as the period between examinations. In other words, a credit classified doubtful at an examination should be cleared up before the next exam. However, there may be situations that warrant continuation of the doubtful classification a while longer. | |||||||||||||||||||||||||||||||||||||
8 Loss - Extensions of credit classified “loss” are considered uncollectible and of such little value that their continuance as bankable assets is not warranted. This classification does not mean that the credit has absolutely no recovery or salvage value, but rather that it is not practical or desirable to defer writing off, even though partial recovery may be affected in the future. It should not be the Company’s practice to attempt long-term recoveries while the credit remains on the books. Losses should be taken in the period in which they surface as uncollectible. | |||||||||||||||||||||||||||||||||||||
As of June 30, 2014, there are no loans that are classified with a risk grade of 8- Loss. | |||||||||||||||||||||||||||||||||||||
The following table presents weighted average risk grades of our loan portfolio: | |||||||||||||||||||||||||||||||||||||
30-Jun-14 | 31-Dec-13 | ||||||||||||||||||||||||||||||||||||
Weighted Average Risk Grade | Weighted Average Risk Grade | ||||||||||||||||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||||||||||||||
Commercial real estate - construction | 3.08 | 3.84 | |||||||||||||||||||||||||||||||||||
Commercial real estate - mortgages | 3.17 | 3.14 | |||||||||||||||||||||||||||||||||||
Land | 4.49 | 4.5 | |||||||||||||||||||||||||||||||||||
Farmland | 3.01 | 3.04 | |||||||||||||||||||||||||||||||||||
Commercial and industrial | 3.23 | 3.13 | |||||||||||||||||||||||||||||||||||
Consumer | 2.32 | 2.31 | |||||||||||||||||||||||||||||||||||
Consumer residential | 3.03 | 3.05 | |||||||||||||||||||||||||||||||||||
Agriculture | 3.21 | 3.27 | |||||||||||||||||||||||||||||||||||
Total gross loans | 3.19 | 3.2 | |||||||||||||||||||||||||||||||||||
The following table presents risk grade totals by class of loans as of June 30, 2014 and December 31, 2013. Risk grades 1 through 4 have been aggregated in the “Pass” line. | |||||||||||||||||||||||||||||||||||||
(in thousands) | Commercial R.E. | Commercial R.E. | Land | Farmland | Commercial and Industrial | Consumer | Consumer Residential | Agriculture | Total | ||||||||||||||||||||||||||||
Construction | Mortgages | ||||||||||||||||||||||||||||||||||||
30-Jun-14 | |||||||||||||||||||||||||||||||||||||
Pass | $ | 14,575 | $ | 304,266 | $ | 7,329 | $ | 21,060 | $ | 33,142 | $ | 826 | $ | 25,241 | $ | 14,326 | $ | 420,765 | |||||||||||||||||||
Special mention | - | 2,797 | - | - | 3,916 | - | - | - | 6,713 | ||||||||||||||||||||||||||||
Substandard | - | 2,300 | 3,736 | 82 | 1,757 | 17 | 301 | - | 8,193 | ||||||||||||||||||||||||||||
Doubtful | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||
Total loans | $ | 14,575 | $ | 309,363 | $ | 11,065 | $ | 21,142 | $ | 38,815 | $ | 843 | $ | 25,542 | $ | 14,326 | $ | 435,671 | |||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||||||||||
Pass | $ | 15,555 | $ | 278,533 | $ | 7,323 | $ | 20,229 | $ | 46,712 | $ | 867 | $ | 25,200 | $ | 11,272 | $ | 405,691 | |||||||||||||||||||
Special mention | - | 3,758 | - | - | 253 | - | - | - | 4,011 | ||||||||||||||||||||||||||||
Substandard | - | 3,549 | 3,834 | 92 | 1,822 | 16 | 423 | - | 9,736 | ||||||||||||||||||||||||||||
Doubtful | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||
Total loans | $ | 15,555 | $ | 285,840 | $ | 11,157 | $ | 20,321 | $ | 48,787 | $ | 883 | $ | 25,623 | $ | 11,272 | $ | 419,438 | |||||||||||||||||||
Allowance for Loan Losses. The allowance for loan losses is a reserve established by the Company through a provision for loan losses charged to expense, which represents management’s best estimate of probable losses that have been incurred within the existing portfolio of loans. The allowance, in the judgment of management, is necessary to reserve for estimated loan losses and risks inherent in the loan portfolio. The allowance for loan loss methodology includes allowance allocations calculated in accordance with ASC Topic 310, “Receivables” and allowance allocations calculated in accordance with ASC Topic 450, “Contingencies.” Accordingly, the methodology is based on historical loss experience by type of credit and internal risk grade, specific homogeneous risk pools and specific loss allocations, with adjustments for current events and conditions. The process for determining the appropriate level of the allowance for loan losses is designed to account for credit deterioration as it occurs. The provision for loan losses reflects loan quality trends, including the levels of and trends related to non-accrual loans, past due loans, potential problem loans, criticized loans and net charge-offs or recoveries, among other factors. The provision for loan losses also reflects the totality of actions taken on all loans for a particular period. In other words, the amount of the provision reflects not only the necessary increases in the allowance for loan losses related to newly identified criticized loans, but it also reflects actions taken related to other loans including, among other things, any necessary increases or decreases in required allowances for specific loans or loan pools. | |||||||||||||||||||||||||||||||||||||
The level of the allowance reflects management’s continuing evaluation of industry concentrations, specific credit risks, loan loss experience, current loan portfolio quality, present economic, political and regulatory conditions and unidentified losses inherent in the current loan portfolio. Portions of the allowance may be allocated for specific credits; however, the entire allowance is available for any credit that, in management’s judgment, should be charged off. While management utilizes its best judgment and information available, the ultimate adequacy of the allowance is dependent upon a variety of factors beyond the Company’s control, including, among other things, the performance of the Company’s loan portfolio, the economy, changes in interest rates and the view of the regulatory authorities toward loan classifications. | |||||||||||||||||||||||||||||||||||||
The Company’s allowance for loan losses consists of three elements: (i) specific valuation allowances determined in accordance with ASC Topic 310 based on probable losses on specific loans; (ii) historical valuation allowances determined in accordance with ASC Topic 450 based on historical loan loss experience for similar loans with similar characteristics and trends, adjusted, as necessary, to reflect the impact of current conditions; and (iii) general valuation allowances determined in accordance with ASC Topic 450 based on general economic conditions and other qualitative risk factors both internal and external to the Bank and the Company. | |||||||||||||||||||||||||||||||||||||
The allowances established for probable losses on specific loans are based on a regular analysis and evaluation of problem loans. Loans are classified based on an internal credit risk grading process that evaluates, among other things: (i) the obligor’s ability to repay; (ii) the underlying collateral, if any; and (iii) the economic environment and industry in which the borrower operates. This analysis is performed at the relationship manager level for all commercial loans. When a loan has a calculated grade of 5 or higher, a special assets officer analyzes the loan to determine whether the loan is impaired and, if impaired, the need to specifically allocate a portion of the allowance for loan losses to the loan. Specific valuation allowances are determined by analyzing the borrower’s ability to repay amounts owed, collateral deficiencies, the relative risk grade of the loan and economic conditions affecting the borrower’s industry, among other things. | |||||||||||||||||||||||||||||||||||||
Historical valuation allowances are calculated based on the historical loss experience of specific types of loans and the internal risk grade of such loans at the time they were charged-off. The Company calculates historical loss ratios for pools of similar loans with similar characteristics based on the proportion of actual charge-offs experienced to the total population of loans in the pool. The historical loss ratios are periodically updated based on actual charge-off experience. A historical valuation allowance is established for each pool of similar loans based upon the product of the historical loss ratio and the total dollar amount of the loans in the pool. The Company’s pools of similar loans include similarly risk-graded groups of commercial and industrial loans, commercial real estate loans, consumer real estate loans and consumer and other loans. | |||||||||||||||||||||||||||||||||||||
General valuation allowances are based on general economic conditions and other qualitative risk factors both internal and external to the Bank and the Company. In general, such valuation allowances are determined by evaluating, among other things: (i) the experience, ability and effectiveness of the Bank’s lending management and staff; (ii) the effectiveness of the Bank’s loan policies, procedures and internal controls; (iii) changes in asset quality; (iv) changes in loan portfolio volume; (v) the composition and concentrations of credit; (vi) the impact of competition on loan structuring and pricing; (vii) the effectiveness of the internal loan review function; (viii) the impact of environmental risks on portfolio risks; and (ix) the impact of rising interest rates on portfolio risk. Management evaluates the degree of risk that each one of these components has on the quality of the loan portfolio on a quarterly basis. Each component is determined to have either a high, moderate or low degree of risk. The results are then input into a “general allocation matrix” to determine an appropriate general valuation allowance. | |||||||||||||||||||||||||||||||||||||
Included in the general valuation allowances are allocations for groups of similar loans with risk characteristics that exceed certain concentration limits established by management. Concentration risk limits have been established, among other things, for certain industry concentrations, large balance and highly leveraged credit relationships that exceed specified risk grades, and loans originated with policy exceptions that exceed specified risk grades. | |||||||||||||||||||||||||||||||||||||
Loans identified as losses by management, internal loan review and/or bank examiners are charged-off. Furthermore, consumer loan accounts are charged-off automatically based on regulatory requirements. | |||||||||||||||||||||||||||||||||||||
The following table details activity in the allowance for loan losses by portfolio segment for the three and six months ended June 30, 2014 and 2013. Allocation of a portion of the allowance to one category of loans does not preclude its availability to absorb losses in other categories. | |||||||||||||||||||||||||||||||||||||
Allowance for Loan Losses | |||||||||||||||||||||||||||||||||||||
For the Three and Six Months Ended June 30, 2014 and 2013 | |||||||||||||||||||||||||||||||||||||
(in thousands) | Commercial | Commercial | Consumer | ||||||||||||||||||||||||||||||||||
Real Estate | and Industrial | Consumer | Residential | Agriculture | Unallocated | Total | |||||||||||||||||||||||||||||||
Three Months Ended June 30, 2014 | |||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 6,192 | $ | 742 | $ | 45 | $ | 417 | $ | 215 | $ | 4 | $ | 7,615 | |||||||||||||||||||||||
Charge-offs | 0 | 0 | (15 | ) | 0 | 0 | 0 | (15 | ) | ||||||||||||||||||||||||||||
Recoveries | 1,877 | 0 | 0 | 2 | 0 | 0 | 1,879 | ||||||||||||||||||||||||||||||
Provision | (1,813 | ) | (182 | ) | 21 | 11 | 46 | 40 | (1,877 | ) | |||||||||||||||||||||||||||
Ending balance | $ | 6,256 | $ | 560 | $ | 51 | $ | 430 | $ | 261 | $ | 44 | $ | 7,602 | |||||||||||||||||||||||
Six Months Ended June 30, 2014 | |||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 6,247 | $ | 663 | $ | 47 | $ | 440 | $ | 217 | $ | 45 | $ | 7,659 | |||||||||||||||||||||||
Charge-offs | (50 | ) | 0 | (18 | ) | 0 | 0 | 0 | (68 | ) | |||||||||||||||||||||||||||
Recoveries | 1,877 | 0 | 1 | 10 | 0 | 0 | 1,888 | ||||||||||||||||||||||||||||||
Provision | (1,818 | ) | (103 | ) | 21 | (20 | ) | 44 | (1 | ) | (1,877 | ) | |||||||||||||||||||||||||
Ending balance | $ | 6,256 | $ | 560 | $ | 51 | $ | 430 | $ | 261 | $ | 44 | $ | 7,602 | |||||||||||||||||||||||
Three Months Ended June 30, 2013 | |||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 6,536 | $ | 470 | $ | 43 | $ | 439 | $ | 203 | $ | 52 | $ | 7,743 | |||||||||||||||||||||||
Charge-offs | (200 | ) | 0 | (1 | ) | (78 | ) | 0 | 0 | (279 | ) | ||||||||||||||||||||||||||
Recoveries | 2 | 1 | 3 | 0 | 0 | 6 | |||||||||||||||||||||||||||||||
Provision | 39 | 15 | (1 | ) | 16 | (17 | ) | 48 | 100 | ||||||||||||||||||||||||||||
Ending balance | $ | 6,377 | $ | 485 | $ | 42 | $ | 380 | $ | 186 | $ | 100 | $ | 7,570 | |||||||||||||||||||||||
Six Months Ended June 30, 2013 | |||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 6,571 | $ | 474 | $ | 50 | $ | 384 | $ | 286 | $ | 210 | $ | 7,975 | |||||||||||||||||||||||
Charge-offs | (435 | ) | 0 | (6 | ) | (179 | ) | 0 | 0 | (620 | ) | ||||||||||||||||||||||||||
Recoveries | 8 | 0 | 2 | 5 | 0 | 0 | 15 | ||||||||||||||||||||||||||||||
Provision | 233 | 11 | (4 | ) | 170 | (100 | ) | (110 | ) | 200 | |||||||||||||||||||||||||||
Ending balance | $ | 6,377 | $ | 485 | $ | 42 | $ | 380 | $ | 186 | $ | 100 | $ | 7,570 | |||||||||||||||||||||||
The following table details the allowance for loan losses and ending gross loan balances as of June 30, 2014 and December 31, 2013, summarized by collective and individual evaluation methods of impairment. | |||||||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||||
Commercial | Commercial | Consumer | |||||||||||||||||||||||||||||||||||
Real Estate | and Industrial | Consumer | Residential | Agriculture | Unallocated | Total | |||||||||||||||||||||||||||||||
30-Jun-14 | |||||||||||||||||||||||||||||||||||||
Allowance for loan losses for loans: | |||||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 1,068 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 1,068 | |||||||||||||||||||||||
Collectively evaluated for impairment | 5,188 | 560 | 51 | 430 | 261 | 44 | 6,534 | ||||||||||||||||||||||||||||||
$ | 6,256 | $ | 560 | $ | 51 | $ | 430 | $ | 261 | $ | 44 | $ | 7,602 | ||||||||||||||||||||||||
Ending gross loan balances: | |||||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 3,818 | $ | 348 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 4,166 | |||||||||||||||||||||||
Collectively evaluated for impairment | 352,327 | 38,467 | 843 | 25,542 | 14,326 | 0 | 431,505 | ||||||||||||||||||||||||||||||
$ | 356,145 | $ | 38,815 | $ | 843 | $ | 25,542 | $ | 14,326 | $ | 0 | $ | 435,671 | ||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||||||||||
Allowance for loan losses for loans: | |||||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 392 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 392 | |||||||||||||||||||||||
Collectively evaluated for impairment | 5,855 | 663 | 47 | 440 | 217 | 45 | 7,267 | ||||||||||||||||||||||||||||||
$ | 6,247 | $ | 663 | $ | 47 | $ | 440 | $ | 217 | $ | 45 | $ | 7,659 | ||||||||||||||||||||||||
Ending balances of loans: | |||||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 2,322 | $ | 18 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 2,340 | |||||||||||||||||||||||
Collectively evaluated for impairment | 330,551 | 48,769 | 883 | 25,623 | 11,272 | 0 | 417,099 | ||||||||||||||||||||||||||||||
$ | 332,873 | $ | 48,787 | $ | 883 | $ | 25,623 | $ | 11,272 | $ | 0 | $ | 419,438 | ||||||||||||||||||||||||
Changes in the reserve for off-balance-sheet commitments were as follows: | |||||||||||||||||||||||||||||||||||||
THREE MONTHS ENDED JUNE 30, | SIX MONTHS ENDED JUNE 30, | ||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||||||||||
Balance, beginning of period | $ | 131 | $ | 124 | $ | 134 | $ | 108 | |||||||||||||||||||||||||||||
Provision (Recovery) to Operations for Off Balance Sheet Commitments | 17 | (2 | ) | 14 | 14 | ||||||||||||||||||||||||||||||||
Balance, end of period | $ | 148 | $ | 122 | $ | 148 | $ | 122 | |||||||||||||||||||||||||||||
The method for calculating the reserve for off-balance-sheet loan commitments is based on a reserve percentage which is less than other outstanding loan types because they are at a lower risk level. This reserve percentage, based on many factors including historical losses and existing economic conditions, is evaluated by management periodically and is applied to the total undisbursed loan commitment balance to calculate the reserve for off-balance-sheet commitments. Reserves for off-balance-sheet commitments are recorded in interest payable and other liabilities on the condensed consolidated balance sheets. | |||||||||||||||||||||||||||||||||||||
At June 30, 2014 and December 31, 2013, loans carried at $435,671,000 and $419,438,000, respectively, were pledged as collateral on advances from the Federal Home Loan Bank. |
Note_6_Other_Real_Estate_Owned
Note 6 - Other Real Estate Owned | 6 Months Ended |
Jun. 30, 2014 | |
Disclosure Text Block [Abstract] | ' |
Real Estate Owned [Text Block] | ' |
NOTE 6 – OTHER REAL ESTATE OWNED | |
As of June 30, 2014 and December 31, 2013, the Company owned three properties classified as other real estate with outstanding balances of $899,000 and $916,000, respectively, which includes one property consisting of residential land that was written down to a zero balance. Each of these properties was acquired through loan foreclosure. The residential land property the Company owned at June 30, 2014 and December 31, 2013, was written down to a zero balance because the public utilities have not been obtainable rendering these land lots unmarketable at this time. There were no sales of OREO property during the six months ended June 30, 2014 and there was one sale of an OREO property during the same period of 2013 resulting in a loss on sale of approximately $1,000. | |
Real estate properties acquired through, or in lieu of, loan foreclosure are to be sold and are initially recorded at the lower of carrying amount of the loan or fair value of the property at the date of foreclosure less selling costs. Subsequent to foreclosure, valuations are periodically performed and any subject revisions in the estimate of fair value are reported as adjustment to the carrying value of the real estate, provided the adjusted carrying amount does not exceed the original amount at foreclosure. Revenues and expenses from operations and changes in the valuation allowance are included in other operating expenses. |
Note_7_Other_PostRetirement_Be
Note 7 - Other Post-Retirement Benefit Plans | 6 Months Ended |
Jun. 30, 2014 | |
Compensation and Retirement Disclosure [Abstract] | ' |
Pension and Other Postretirement Benefits Disclosure [Text Block] | ' |
NOTE 7–OTHER POST-RETIREMENT BENEFIT PLANS | |
During January 2008, the Bank awarded certain officers a salary continuation plan (the “Plan”). Under the Plan, the participants will be provided with a fixed annual retirement benefit for twenty years after retirement. The Bank is also responsible for certain pre-retirement death benefits under the Plan. In connection with the implementation of the Plan, the Bank purchased single premium life insurance policies on the life of each of the officers covered under the Plan. The Bank is the owner and partial beneficiary of these life insurance policies. The assets of the Plan, under Internal Revenue Service regulations, are owned by the Bank and are available to satisfy the Company’s general creditors. | |
The Bank awarded a director retirement plan (“DRP”) to two of its directors in January 2008 and to three of its newest directors in March 2014. Under the DRP, the participants will be provided with a fixed annual retirement benefit for ten years after retirement. The Bank is also responsible for certain pre-retirement death benefits under the DRP. In connection with the implementation of the DRP, the Bank purchased single premium life insurance policies on the life of each director covered under the DRP. The Bank is the owner and partial beneficiary of these life insurance policies. The assets of the DRP, under Internal Revenue Service regulations, are the property of the Bank and are available to satisfy the Bank’s general creditors. | |
Future compensation under both plans is earned for services rendered through retirement. The Bank accrues for the salary continuation liability based on anticipated years of service and vesting schedules provided under the plans. The Bank’s current benefit liability is determined based on vesting and the present value of the benefits at a corresponding discount rate. The discount rate used is an equivalent rate for investment-grade bonds with lives matching those of the service periods remaining for the salary continuation contracts, which average approximately 20 years. The salary continuation liability as of June 30, 2014 and December 31, 2013 was $2,106,000 and $2,021,000, respectively, and is reported in interest payable and other liabilities on the condensed consolidated balance sheets. | |
During January 2008, the Bank purchased $4.7 million in bank owned life insurance policies and entered into split-dollar life insurance agreements with certain officers and directors. During March 2014, the Bank purchased an additional $1.0 million in bank owned life insurance policies and entered into split-dollar life insurance agreements with its three newest directors. In connection with the implementation of the split-dollar agreements, the Bank purchased single premium life insurance policies on the life of each of the officers and directors covered by the split-dollar life insurance agreements. The Bank is the owner of the policies and the partial beneficiary in an amount equal to the cash surrender value of the policies. | |
The combined cash surrender value of all Bank-owned life insurance policies recorded in interest receivable and other assets on the condensed consolidated balance sheets were $13,323,000 and $12,083,000 at June 30, 2014 and December 31, 2013, respectively. |
Note_8_Financial_Instruments_a
Note 8 - Financial Instruments and Fair Value Measurements | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Disclosure Text Block [Abstract] | ' | ||||||||||||||||
Fair Value, Measurement Inputs, Disclosure [Text Block] | ' | ||||||||||||||||
NOTE 8 — FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS | |||||||||||||||||
Fair values of financial instruments — The consolidated financial statements include various estimated fair value information as of June 30, 2014 and December 31, 2013. Such information, which pertains to the Company’s financial instruments, does not purport to represent the aggregate net fair value of the Company. Further, the fair value estimates are based on various assumptions, methodologies, and subjective considerations, which vary widely among different financial institutions and which are subject to change. | |||||||||||||||||
Fair value measurements defines fair value, establishes a framework for measuring fair value, establishes a three-level valuation hierarchy for disclosure of fair value measurement and enhances disclosure requirements for fair value measurements. The valuation hierarchy is based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. The three levels are defined as follow: | |||||||||||||||||
Level 1: Inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. | |||||||||||||||||
Level 2: Inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. | |||||||||||||||||
Level 3: Inputs to the valuation methodology are unobservable and significant to the fair value measurement. | |||||||||||||||||
In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the level in the fair value hierarchy within which the fair value measurement in its entirety falls has been determined based on the lowest level input that is significant to the fair value measurement in its entirety. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability. Transfers between levels of the fair value hierarchy are recognized on the actual date of the event or circumstance that caused the transfer, which generally corresponds with the Company’s quarterly valuation process. | |||||||||||||||||
Following is a description of valuation methodologies used for assets and liabilities in the tables below: | |||||||||||||||||
Cash and cash equivalents – The carrying amounts of cash and cash equivalents approximate their fair value and are considered a level 1 valuation. | |||||||||||||||||
Restricted Equity Securities- The carrying amounts of the stock the Company’s owns in FRB and FHLB approximate their fair value and are considered a level 2 valuation. | |||||||||||||||||
Loans receivable — For variable-rate loans that reprice frequently and have no significant change in credit risk, fair values are based on carrying values. The fair values for other loans (e.g., real estate construction and mortgage, commercial, and installment loans) are estimated using discounted cash flow analyses, using interest rates currently being offered for loans with similar terms to borrowers of similar credit quality. The allowance for loan losses is considered to be a reasonable estimate of loan discount due to credit risks. The Company’s fair value model takes into account many inputs including current market rates on new loans, the U.S. treasury yield curve, LIBOR yield curve, rate floors, rate ceilings, remaining maturity, and average life based on specific loan type. Net loans are considered to be a level 3 valuation. | |||||||||||||||||
Deposit liabilities — The fair values estimated for demand deposits (interest and non-interest checking, savings, and certain types of money market accounts) are, by definition, equal to the amount payable on demand at the reporting date (i.e. their carrying amounts). The carrying amounts for variable-rate, fixed-term money market accounts and certificates of deposit approximate their fair values at the reporting date. Fair values for fixed-rate certificates of deposit are estimated using a discounted cash flow calculation that applies interest rates currently being offered on certificates to a schedule of the aggregate expected monthly maturities on time deposits. The fair value of deposits is determined by the Company’s internal assets and liabilities modeling system that accounts for various inputs such as decay rates, rate floors, FHLB yield curve, maturities and current rates offered on new accounts. Fair value on deposits is considered a level 3 valuation. | |||||||||||||||||
Interest receivable and payable - The carrying amounts of accrued interest approximate their fair value and are considered to be a level 2 valuation. | |||||||||||||||||
Off-balance-sheet instruments — Fair values for the Bank’s off-balance-sheet lending commitments are based on fees currently charged to enter into similar agreements, taking into account the remaining terms of the agreements and the credit standing of the counterparties. The Company considers the Bank’s off balance sheet instruments to be a level 3 valuation. | |||||||||||||||||
The estimated fair values of the Company’s financial instruments at June 30, 2014 were as follows: | |||||||||||||||||
Hierarchy | |||||||||||||||||
(in thousands) | Carrying | Fair | Valuation | ||||||||||||||
Amount | Value | Level | |||||||||||||||
Financial assets: | |||||||||||||||||
Cash and cash equivalents | $ | 88,488 | $ | 88,488 | 1 | ||||||||||||
Restricted equity securities | 3,275 | 3,275 | 2 | ||||||||||||||
Loans, net | 427,655 | 441,257 | 3 | ||||||||||||||
Interest receivable | 1,930 | 1,930 | 2 | ||||||||||||||
Financial liabilities: | |||||||||||||||||
Deposits | (602,978 | ) | (538,758 | ) | 3 | ||||||||||||
Interest payable | (38 | ) | (38 | ) | 2 | ||||||||||||
Off-balance-sheet assets (liabilities): | |||||||||||||||||
Commitments and standby letters of credit | (580 | ) | 3 | ||||||||||||||
The estimated fair values of the Company’s financial instruments at December 31, 2013 were as follows: | |||||||||||||||||
Hierarchy | |||||||||||||||||
(in thousands) | Carrying | Fair | Valuation | ||||||||||||||
Amount | Value | Level | |||||||||||||||
Financial assets: | |||||||||||||||||
Cash and cash equivalents | $ | 105,191 | $ | 105,191 | 1 | ||||||||||||
Restricted equity securities | 3,170 | 3,170 | 2 | ||||||||||||||
Loans, net | 411,156 | 426,433 | 3 | ||||||||||||||
Interest receivable | 2,011 | 2,011 | 2 | ||||||||||||||
Financial liabilities: | |||||||||||||||||
Deposits | (602,633 | ) | (590,495 | ) | 3 | ||||||||||||
Interest payable | (60 | ) | (60 | ) | 2 | ||||||||||||
Off-balance-sheet assets (liabilities): | |||||||||||||||||
Commitments and standby letters of credit | (526 | ) | 3 | ||||||||||||||
The following table presents the carrying value of recurring and nonrecurring financial instruments that were measured at fair value and that were still held in the condensed consolidated balance sheets at each respective period end, by level within the fair value hierarchy as of June 30, 2014 and December 31, 2013. | |||||||||||||||||
Fair Value Measurements at June 30, 2014 Using | |||||||||||||||||
(in thousands) | 30-Jun-14 | Quoted Prices | Significant | Significant | |||||||||||||
in Active | Other | Unobservable | |||||||||||||||
Markets for | Observable | Inputs | |||||||||||||||
Identical Assets | Inputs | (Level 3) | |||||||||||||||
(Level 1) | (Level 2) | ||||||||||||||||
Assets and liabilities measured on a recurring basis: | |||||||||||||||||
Available-for-sale securities: | |||||||||||||||||
U.S. agencies | $ | 47,966 | $ | 0 | $ | 47,966 | $ | 0 | |||||||||
Collateralized mortgage obligations | 8,378 | 0 | 8,378 | 0 | |||||||||||||
Municipalities | 48,427 | 0 | 48,427 | 0 | |||||||||||||
SBA pools | 918 | 0 | 918 | 0 | |||||||||||||
Corporate debt | 6,827 | 0 | 6,827 | 0 | |||||||||||||
Asset backed securities | 9,045 | 0 | 9,045 | ||||||||||||||
Mutual fund | 2,918 | 2,918 | 0 | 0 | |||||||||||||
Assets and liabilities measured on a non-recurring basis: | |||||||||||||||||
Impaired loans: | |||||||||||||||||
Land | $ | 1,815 | $ | 0 | $ | 0 | $ | 1,815 | |||||||||
Other real estate owned | $ | 899 | $ | 0 | $ | 0 | $ | 899 | |||||||||
Fair Value Measurements at December 31, 2013 Using | |||||||||||||||||
(in thousands) | December 31, | Quoted Prices | Significant | Significant | |||||||||||||
2013 | in Active | Other | Unobservable | ||||||||||||||
Markets for | Observable | Inputs | |||||||||||||||
Identical Assets | Inputs | (Level 3) | |||||||||||||||
(Level 1) | (Level 2) | ||||||||||||||||
Assets and liabilities measured on a recurring basis: | |||||||||||||||||
Available-for-sale securities | |||||||||||||||||
U.S. agencies | $ | 53,116 | $ | 0 | 53,116 | $ | 0 | ||||||||||
Collateralized mortgage obligations | 9,781 | 0 | 9,781 | 0 | |||||||||||||
Municipalities | 40,269 | 0 | 40,269 | 0 | |||||||||||||
SBA pools | 1,081 | 0 | 1,081 | 0 | |||||||||||||
Corporate debt | 4,825 | 0 | 4,825 | 0 | |||||||||||||
Asset backed securities | 5,856 | 0 | 5,856 | 0 | |||||||||||||
Mutual fund | 2,818 | 2,818 | 0 | 0 | |||||||||||||
Assets and liabilities measured on a non-recurring basis: | |||||||||||||||||
Impaired loans: | |||||||||||||||||
Land | $ | 790 | $ | 0 | $ | 0 | $ | 790 | |||||||||
Other real estate owned | $ | 916 | $ | 0 | $ | 0 | $ | 916 | |||||||||
Following is a description of valuation methodologies used for assets and liabilities recorded at fair value. | |||||||||||||||||
Available-for-sale securities - Investment securities available-for-sale are recorded at fair value on a recurring basis. Fair value measurement is based upon quoted market prices, if available. If quoted market prices are not available, fair values are measured using independent pricing models or other model-based valuation techniques such as the present value of future cash flows, adjusted for the security’s credit rating, prepayment assumptions, and other factors such as credit loss assumptions. Level 1 securities include those traded on an active exchange, such as the New York Stock Exchange, U.S. Treasury securities that are traded by dealers or brokers in active over-the-counter markets and money market funds. Level 2 securities include mortgage-backed securities issued by government sponsored entities, municipal bonds and corporate debt securities. Securities classified as Level 3 include asset-backed securities in less liquid markets where significant inputs are unobservable. | |||||||||||||||||
Impaired loans - ASC Topic 820 applies to loans measured for impairment using the practical expedients permitted by ASC Topic 310, Accounting by Creditors for Impairment of a Loan. The Company does not record loans at fair value on a recurring basis. However, from time to time, a loan is considered impaired and an allowance for loan losses is established. Loans for which it is probable that payment of interest and principal will not be made in accordance with the contractual terms of the loan agreement are considered impaired. Impaired loans where an allowance is established based on the fair value of collateral less the cost related to liquidation of the collateral require classification in the fair value hierarchy. When the fair value of the collateral is based on an observable market price or a current appraised value, the Company records the impaired loan as non-recurring Level 3. Likewise, when an appraised value is not available or management determines the fair value of the collateral is further impaired below the appraised value and there is no observable market price, the Company records the impaired loan as non-recurring Level 3. | |||||||||||||||||
Other Real Estate Owned - Other real estate assets (“OREO”) acquired through, or in lieu of, foreclosure are held-for-sale and are initially recorded at the lower of cost or fair value, less selling costs. Any write-downs to fair value at the time of transfer to OREO are charged to the allowance for loan losses, subsequent to foreclosure. Appraisals or evaluations are then done periodically thereafter charging any additional write-downs or valuation allowances to the appropriate expense accounts. Values are derived from appraisals of underlying collateral and discounted cash flow analysis. OREO is classified within Level 3 of the hierarchy. | |||||||||||||||||
Net realizable value of the underlying collateral is the fair value of the collateral less estimated selling costs and any prior liens. Appraisals, recent comparable sales, offers and listing prices are factored in when valuing the collateral. We review and verify the qualifications and licenses of the certified general appraisers used for appraising commercial properties or certified residential appraisers for residential properties. Real estate appraisals may utilize a combination of approaches including replacement cost, sales comparison and the income approach. Comparable sales and income data are analyzed by the appraisers and adjusted to reflect differences between them and the subject property such as type, leasing status and physical condition. When the appraisals are received, Management reviews the assumptions and methodology utilized in the appraisal, as well as the overall resulting value in conjunction with independent data sources such as recent market data and industry-wide statistics. We generally use a 6% discount for selling costs which is applied to all properties, regardless of size. Appraised values may be adjusted to reflect changes in market conditions that have occurred subsequent to the appraisal date, or for revised estimates regarding the timing or cost of the property sale. These adjustments are based on qualitative judgments made by management on a case-by-case basis. | |||||||||||||||||
There have been no significant changes in the valuation techniques during the period ended June 30, 2014. |
Note_9_Earnings_Per_Share
Note 9 - Earnings Per Share | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Earnings Per Share [Abstract] | ' | ||||||||
Earnings Per Share [Text Block] | ' | ||||||||
NOTE 9 – EARNINGS PER SHARE | |||||||||
Earnings per share (“EPS”) are based upon the weighted average number of common shares outstanding during each year. The following table shows: (1) weighted average basic shares, (2) effect of dilutive securities related to stock options and non-vested restricted stock, and (3) weighted average shares of common stock and common stock equivalents. Net income available to common stockholders is calculated as net income reduced by dividends accumulated on preferred stock. Basic EPS are calculated by dividing net income available to common stockholders by the weighted average number of common shares outstanding during each period, excluding unvested restricted stock awards. Diluted EPS are calculated using the weighted average diluted shares, which reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock. The dilutive shares included in year-to-date diluted EPS is a weighted average of the dilutive shares included in each quarterly diluted EPS computation under the treasury stock method. We have two forms of outstanding common stock: common stock and unvested restricted stock awards. Holders of restricted stock awards receive non-forfeitable dividends at the same rate as common stockholders and they both share equally in undistributed earnings. | |||||||||
The Company’s calculation of basic and diluted earnings per share (“EPS”) for the three and six month periods ended June 30, 2014 and 2013 are reflected in the table below. | |||||||||
THREE MONTHS ENDED | |||||||||
(In thousands) | JUNE 30, | ||||||||
2014 | 2013 | ||||||||
BASIC EARNINGS PER SHARE | |||||||||
Net income available to common shareholders | $ | 2,537 | $ | 1,374 | |||||
Weighted average shares outstanding | 7,954 | 7,802 | |||||||
Net income per common share | $ | 0.32 | $ | 0.18 | |||||
DILUTED EARNINGS PER SHARE | |||||||||
Net income available to common shareholders | $ | 2,537 | $ | 1,374 | |||||
Weighted average shares outstanding | 7,954 | 7,802 | |||||||
Effect of dilutive stock options | 2 | 7 | |||||||
Effect of dilutive non-vested restricted shares | 46 | 34 | |||||||
Weighted average shares of common stock and common stock equivalents | 8,002 | 7,843 | |||||||
Net income per diluted common share | $ | 0.32 | $ | 0.18 | |||||
SIX MONTHS ENDED | |||||||||
(In thousands) | JUNE 30, | ||||||||
2014 | 2013 | ||||||||
BASIC EARNINGS PER SHARE | |||||||||
Net income available to common shareholders | $ | 3,945 | $ | 2,606 | |||||
Weighted average shares outstanding | 7,916 | 7,790 | |||||||
Net income per common share | $ | 0.5 | $ | 0.33 | |||||
DILUTED EARNINGS PER SHARE | |||||||||
Net income available to common shareholders | $ | 3,945 | $ | 2,606 | |||||
Weighted average shares outstanding | 7,916 | 7,790 | |||||||
Effect of dilutive stock options | 8 | 12 | |||||||
Effect of dilutive non-vested restricted shares | 48 | 35 | |||||||
Weighted average shares of common stock and common stock equivalents | 7,972 | 7,837 | |||||||
Net income per diluted common share | $ | 0.49 | $ | 0.33 | |||||
During the three and six month periods ended June 30, 2014, anti-dilutive weighted average options to purchase 68,500 shares of common stock were outstanding, with prices ranging from $9.95 to $15.67. Anti-dilutive weighted average stock options of 69,995 and 71,738 were outstanding during the three and six month periods of 2013, with prices ranging from $8.25 to $15.67. These options were not included in the computation of diluted EPS because the options’ exercise price was greater than the average market price of the common shares. These options begin to expire in 2015. | |||||||||
There were no anti-dilutive non-vested restricted stock grants for the three and six months ended June 30, 2014 and 2013. |
Note_4_Securities_Tables
Note 4 - Securities (Tables) | 6 Months Ended | |||||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||||
Securities [Abstract] | ' | |||||||||||||||||||||||||
Available-for-sale Securities [Table Text Block] | ' | |||||||||||||||||||||||||
(dollars in thousands) | Amortized | Gross | Gross | Fair Value | ||||||||||||||||||||||
Cost | Unrealized | Unrealized | ||||||||||||||||||||||||
Gains | Losses | |||||||||||||||||||||||||
Available-for-sale securities: | ||||||||||||||||||||||||||
U.S. agencies | $ | 46,636 | $ | 1,814 | $ | (484 | ) | $ | 47,966 | |||||||||||||||||
Collateralized mortgage obligations | 8,138 | 290 | (50 | ) | 8,378 | |||||||||||||||||||||
Municipalities | 48,244 | 1,185 | (1,002 | ) | 48,427 | |||||||||||||||||||||
SBA pools | 920 | 0 | (2 | ) | 918 | |||||||||||||||||||||
Corporate debt | 6,711 | 116 | 0 | 6,827 | ||||||||||||||||||||||
Asset backed securities | 9,068 | 42 | (65 | ) | 9,045 | |||||||||||||||||||||
Mutual fund | 3,026 | 0 | (108 | ) | 2,918 | |||||||||||||||||||||
$ | 122,743 | $ | 3,446 | $ | (1,711 | ) | $ | 124,479 | ||||||||||||||||||
(dollars in thousands) | Amortized | Gross | Gross | Fair | ||||||||||||||||||||||
Cost | Unrealized | Unrealized | Value | |||||||||||||||||||||||
Gains | Losses | |||||||||||||||||||||||||
Available-for-sale securities: | ||||||||||||||||||||||||||
U.S. agencies | $ | 52,539 | 1,844 | $ | (1,268 | ) | $ | 53,115 | ||||||||||||||||||
Collateralized mortgage obligations | 9,580 | 248 | (47 | ) | 9,781 | |||||||||||||||||||||
Municipalities | 42,304 | 953 | (2,988 | ) | 40,269 | |||||||||||||||||||||
SBA Pools | 1,088 | - | (7 | ) | 1,081 | |||||||||||||||||||||
Corporate debt | 4,697 | 128 | - | 4,825 | ||||||||||||||||||||||
Asset Backed Securities | 5,858 | 28 | (29 | ) | 5,857 | |||||||||||||||||||||
Mutual Fund | 2,975 | - | (157 | ) | 2,818 | |||||||||||||||||||||
$ | 119,041 | $ | 3,201 | $ | (4,496 | ) | $ | 117,746 | ||||||||||||||||||
Schedule of Unrealized Loss on Investments [Table Text Block] | ' | |||||||||||||||||||||||||
(dollars in thousands) | Less than 12 months | 12 months or more | Total | |||||||||||||||||||||||
Description of Securities | Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | ||||||||||||||||||||
Value | Loss | Value | Loss | Value | Loss | |||||||||||||||||||||
U.S. agencies | $ | 2,818 | $ | (51 | ) | $ | 9,484 | $ | (433 | ) | $ | 12,302 | $ | (484 | ) | |||||||||||
Collateralized mortgage obligations | 1,535 | (50 | ) | 0 | 0 | 1,535 | (50 | ) | ||||||||||||||||||
Municipalities | 7,075 | (70 | ) | 21,177 | (932 | ) | 28,252 | (1,002 | ) | |||||||||||||||||
SBA pools | 0 | 0 | 914 | (2 | ) | 914 | (2 | ) | ||||||||||||||||||
Corporate debt | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||
Asset backed securities | 2,811 | (55 | ) | 2,922 | (10 | ) | 5,733 | (65 | ) | |||||||||||||||||
Mutual fund | 0 | 0 | 2,918 | (108 | ) | 2,918 | (108 | ) | ||||||||||||||||||
Total temporarily impaired securities | $ | 14,239 | $ | (226 | ) | $ | 37,415 | $ | (1,485 | ) | $ | 51,654 | $ | (1,711 | ) | |||||||||||
(dollars in thousands) | Less than 12 months | 12 months or more | Total | |||||||||||||||||||||||
Description of Securities | Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | ||||||||||||||||||||
Value | Loss | Value | Loss | Value | Loss | |||||||||||||||||||||
U.S. agencies | $ | 21,700 | $ | (1,012 | ) | $ | 1,740 | $ | (256 | ) | $ | 23,440 | $ | (1,268 | ) | |||||||||||
Collateralized mortgage obligations | 1,642 | (47 | ) | — | — | 1,642 | (47 | ) | ||||||||||||||||||
Municipalities | 25,502 | (2,762 | ) | 2,879 | (226 | ) | 28,381 | (2,988 | ) | |||||||||||||||||
SBA Pools | 829 | (5 | ) | 246 | (2 | ) | 1,075 | (7 | ) | |||||||||||||||||
Corporate debt | — | — | — | — | — | — | ||||||||||||||||||||
Asset Backed Securities | 3,894 | (29 | ) | — | — | 3,894 | (29 | ) | ||||||||||||||||||
Mutual Fund | 2,818 | (157 | ) | — | — | 2,818 | (157 | ) | ||||||||||||||||||
Total temporarily impaired securities | $ | 56,385 | $ | (4,012 | ) | $ | 4,865 | $ | (484 | ) | $ | 61,250 | $ | (4,496 | ) | |||||||||||
Investments Classified by Contractual Maturity Date [Table Text Block] | ' | |||||||||||||||||||||||||
(dollars in thousands) | Amortized | Fair | ||||||||||||||||||||||||
Cost | Value | |||||||||||||||||||||||||
Available-for-sale securities: | ||||||||||||||||||||||||||
Due in one year or less | $ | 9,755 | $ | 9,429 | ||||||||||||||||||||||
Due after one year through five years | 31,628 | 33,530 | ||||||||||||||||||||||||
Due after five years through ten years | 38,896 | 38,293 | ||||||||||||||||||||||||
Due after ten years | 42,464 | 43,227 | ||||||||||||||||||||||||
$ | 122,743 | $ | 124,479 |
Note_5_Loans_Tables
Note 5 - Loans (Tables) | 6 Months Ended | ||||||||||||||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||||||||||||||
Note 5 - Loans (Tables) [Line Items] | ' | ||||||||||||||||||||||||||||||||||||
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | ' | ||||||||||||||||||||||||||||||||||||
(in thousands) | 30-Jun-14 | 31-Dec-13 | |||||||||||||||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||||||||||||||
Commercial real estate- construction | $ | 14,575 | $ | 15,555 | |||||||||||||||||||||||||||||||||
Commercial real estate- mortgages | 309,363 | 285,840 | |||||||||||||||||||||||||||||||||||
Land | 11,065 | 11,157 | |||||||||||||||||||||||||||||||||||
Farmland | 21,142 | 20,321 | |||||||||||||||||||||||||||||||||||
Commercial and industrial | 38,815 | 48,787 | |||||||||||||||||||||||||||||||||||
Consumer | 843 | 883 | |||||||||||||||||||||||||||||||||||
Consumer residential | 25,542 | 25,623 | |||||||||||||||||||||||||||||||||||
Agriculture | 14,326 | 11,272 | |||||||||||||||||||||||||||||||||||
Total loans | 435,671 | 419,438 | |||||||||||||||||||||||||||||||||||
Less: | |||||||||||||||||||||||||||||||||||||
Deferred loan fees and costs, net | (414 | ) | (623 | ) | |||||||||||||||||||||||||||||||||
Allowance for loan losses | (7,602 | ) | (7,659 | ) | |||||||||||||||||||||||||||||||||
Net loans | $ | 427,655 | $ | 411,156 | |||||||||||||||||||||||||||||||||
Schedule of Financing Receivables, Non Accrual Status [Table Text Block] | ' | ||||||||||||||||||||||||||||||||||||
(in thousands) | 30-Jun-14 | 31-Dec-13 | |||||||||||||||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||||||||||||||
Commercial real estate- construction | $ | 0 | $ | 0 | |||||||||||||||||||||||||||||||||
Commercial real estate- mortgages | 0 | 1,047 | |||||||||||||||||||||||||||||||||||
Land | 3,736 | 1,183 | |||||||||||||||||||||||||||||||||||
Farmland | 82 | 92 | |||||||||||||||||||||||||||||||||||
Commercial and industrial | 348 | 18 | |||||||||||||||||||||||||||||||||||
Consumer | 0 | 0 | |||||||||||||||||||||||||||||||||||
Consumer residential | 0 | 0 | |||||||||||||||||||||||||||||||||||
Agriculture | 0 | 0 | |||||||||||||||||||||||||||||||||||
Total non-accrual loans | $ | 4,166 | $ | 2,340 | |||||||||||||||||||||||||||||||||
Past Due Financing Receivables [Table Text Block] | ' | ||||||||||||||||||||||||||||||||||||
30-Jun-14 | 30-59 | 60-89 | Greater | Total Past | Current | Total | Greater | ||||||||||||||||||||||||||||||
Days Past | Days Past | Than 90 | Due | Than 90 | |||||||||||||||||||||||||||||||||
Due | Due | Days Past | Days Past Due | ||||||||||||||||||||||||||||||||||
Due | and Still Accruing | ||||||||||||||||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||||||||||||||
Commercial R.E. - construction | $ | 0 | 0 | 0 | $ | 0 | $ | 14,575 | $ | 14,575 | $ | 0 | |||||||||||||||||||||||||
Commercial R.E. - mortgages | 0 | 0 | 0 | 0 | 309,363 | 309,363 | 0 | ||||||||||||||||||||||||||||||
Land | 0 | 0 | 3,223 | 3,223 | 7,842 | 11,065 | 0 | ||||||||||||||||||||||||||||||
Farmland | 0 | 0 | 82 | 82 | 21,060 | 21,142 | 0 | ||||||||||||||||||||||||||||||
Commercial and industrial | 16 | 0 | 332 | 348 | 38,467 | 38,815 | 0 | ||||||||||||||||||||||||||||||
Consumer | 0 | 0 | 0 | 0 | 843 | 843 | 0 | ||||||||||||||||||||||||||||||
Consumer residential | 150 | 0 | 0 | 150 | 25,392 | 25,542 | 0 | ||||||||||||||||||||||||||||||
Agriculture | 0 | 0 | 0 | 0 | 14,326 | 14,326 | 0 | ||||||||||||||||||||||||||||||
Total | $ | 166 | $ | 0 | $ | 3,637 | $ | 3,803 | $ | 431,868 | $ | 435,671 | $ | 0 | |||||||||||||||||||||||
31-Dec-13 | 30-59 | 60-89 | Greater | Total Past | Current | Total | Greater | ||||||||||||||||||||||||||||||
Days Past | Days Past | Than 90 | Due | Than 90 | |||||||||||||||||||||||||||||||||
Due | Due | Days Past | Days Past Due | ||||||||||||||||||||||||||||||||||
Due | and Still Accruing | ||||||||||||||||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||||||||||||||
Commercial R.E. - construction | $ | 0 | 0 | 0 | $ | 0 | $ | 15,555 | $ | 15,555 | $ | 0 | |||||||||||||||||||||||||
Commercial R.E. - mortgages | 1,348 | 0 | 1,046 | 2,394 | 283,446 | 285,840 | 0 | ||||||||||||||||||||||||||||||
Land | 0 | 2,651 | 659 | 3,310 | 7,847 | 11,157 | 0 | ||||||||||||||||||||||||||||||
Farmland | 0 | 0 | 92 | 92 | 20,229 | 20,321 | 0 | ||||||||||||||||||||||||||||||
Commercial and industrial | 0 | 1,407 | 0 | 1,407 | 47,380 | 48,787 | 0 | ||||||||||||||||||||||||||||||
Consumer | 0 | 0 | 0 | 0 | 883 | 883 | 0 | ||||||||||||||||||||||||||||||
Consumer residential | 0 | 0 | 0 | 0 | 25,623 | 25,623 | 0 | ||||||||||||||||||||||||||||||
Agriculture | 0 | 0 | 0 | 0 | 11,272 | 11,272 | 0 | ||||||||||||||||||||||||||||||
Total | $ | 1,348 | $ | 4,058 | $ | 1,797 | $ | 7,203 | $ | 412,235 | $ | 419,438 | $ | 0 | |||||||||||||||||||||||
Impaired Financing Receivables [Table Text Block] | ' | ||||||||||||||||||||||||||||||||||||
(in thousands) | Unpaid | Recorded | Recorded | Total | Related | Average | |||||||||||||||||||||||||||||||
Contractual | Investment | Investment | Recorded | Allowance | Recorded | ||||||||||||||||||||||||||||||||
Principal | With No | With | Investment | Investment | |||||||||||||||||||||||||||||||||
Balance | Allowance | Allowance | |||||||||||||||||||||||||||||||||||
30-Jun-14 | |||||||||||||||||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||||||||||||||
Commercial R.E. - construction | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | |||||||||||||||||||||||||
Commercial R.E. - mortgages | 0 | 0 | 0 | 0 | 0 | 785 | |||||||||||||||||||||||||||||||
Land | 3,965 | 0 | 3,736 | 3,736 | 1,068 | 3,111 | |||||||||||||||||||||||||||||||
Farmland | 88 | 82 | 0 | 82 | 0 | 87 | |||||||||||||||||||||||||||||||
Commercial and Industrial | 360 | 348 | 0 | 348 | 0 | 267 | |||||||||||||||||||||||||||||||
Consumer | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||
Consumer residential | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||
Agriculture | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||
Total | $ | 4,413 | $ | 430 | $ | 3,736 | $ | 4,166 | $ | 1,068 | $ | 4,250 | |||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||||||||||||||
Commercial R.E. - construction | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 51 | |||||||||||||||||||||||||
Commercial R.E. - mortgages | 3,049 | 1,047 | 0 | 1,047 | 0 | 1,980 | |||||||||||||||||||||||||||||||
Land | 1,320 | 0 | 1,183 | 1,183 | 392 | 1,635 | |||||||||||||||||||||||||||||||
Farmland | 95 | 92 | 0 | 92 | 0 | 62 | |||||||||||||||||||||||||||||||
Commercial and Industrial | 27 | 18 | 0 | 18 | 0 | 20 | |||||||||||||||||||||||||||||||
Consumer | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||
Consumer residential | 0 | 0 | 0 | 0 | 0 | 354 | |||||||||||||||||||||||||||||||
Agriculture | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||
Total | $ | 4,491 | $ | 1,157 | $ | 1,183 | $ | 2,340 | $ | 392 | $ | 4,102 | |||||||||||||||||||||||||
Troubled Debt Restructurings on Financing Receivables [Table Text Block] | ' | ||||||||||||||||||||||||||||||||||||
Three Months Ended | Three Months Ended | ||||||||||||||||||||||||||||||||||||
(in thousands) | 30-Jun-14 | 30-Jun-13 | |||||||||||||||||||||||||||||||||||
Number | Pre- | Post- | Number | Pre- | Post- | ||||||||||||||||||||||||||||||||
of | Modification | Modification | of | Modification | Modification | ||||||||||||||||||||||||||||||||
Loans | Outstanding | Outstanding | Loans | Outstanding | Outstanding | ||||||||||||||||||||||||||||||||
Recorded | Recorded | Recorded | Recorded | ||||||||||||||||||||||||||||||||||
Investment | Investment | Investment | Investment | ||||||||||||||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||||||||||||||
Commercial R.E. - construction | 0 | $ | 0 | $ | 0 | 0 | $ | 0 | $ | 0 | |||||||||||||||||||||||||||
Commercial R.E. - mortgages | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||
Land | 2 | 2,565 | 2,565 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||
Farmland | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||
Commercial and Industrial | 1 | 331 | 331 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||
Consumer | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||
Consumer residential | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||
Agriculture | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||
Total | 3 | $ | 2,896 | $ | 2,896 | 0 | $ | 0 | $ | 0 | |||||||||||||||||||||||||||
Six Months Ended | Six Months Ended | ||||||||||||||||||||||||||||||||||||
(in thousands) | 30-Jun-14 | 30-Jun-13 | |||||||||||||||||||||||||||||||||||
Number | Pre- | Post- | Number | Pre- | Post- | ||||||||||||||||||||||||||||||||
of | Modification | Modification | of | Modification | Modification | ||||||||||||||||||||||||||||||||
Loans | Outstanding | Outstanding | Loans | Outstanding | Outstanding | ||||||||||||||||||||||||||||||||
Recorded | Recorded | Recorded | Recorded | ||||||||||||||||||||||||||||||||||
Investment | Investment | Investment | Investment | ||||||||||||||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||||||||||||||
Commercial R.E. - construction | 0 | $ | 0 | $ | 0 | 0 | $ | 0 | $ | 0 | |||||||||||||||||||||||||||
Commercial R.E. - mortgages | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||
Land | 3 | 3,107 | 3,107 | 1 | 542 | 542 | |||||||||||||||||||||||||||||||
Farmland | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||
Commercial and Industrial | 1 | 331 | 331 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||
Consumer | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||
Consumer residential | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||
Agriculture | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||
Total | 4 | $ | 3,438 | $ | 3,438 | 1 | $ | 542 | $ | 542 | |||||||||||||||||||||||||||
Financing Receivable Credit Quality Indicators [Table Text Block] | ' | ||||||||||||||||||||||||||||||||||||
(in thousands) | Commercial R.E. | Commercial R.E. | Land | Farmland | Commercial and Industrial | Consumer | Consumer Residential | Agriculture | Total | ||||||||||||||||||||||||||||
Construction | Mortgages | ||||||||||||||||||||||||||||||||||||
30-Jun-14 | |||||||||||||||||||||||||||||||||||||
Pass | $ | 14,575 | $ | 304,266 | $ | 7,329 | $ | 21,060 | $ | 33,142 | $ | 826 | $ | 25,241 | $ | 14,326 | $ | 420,765 | |||||||||||||||||||
Special mention | - | 2,797 | - | - | 3,916 | - | - | - | 6,713 | ||||||||||||||||||||||||||||
Substandard | - | 2,300 | 3,736 | 82 | 1,757 | 17 | 301 | - | 8,193 | ||||||||||||||||||||||||||||
Doubtful | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||
Total loans | $ | 14,575 | $ | 309,363 | $ | 11,065 | $ | 21,142 | $ | 38,815 | $ | 843 | $ | 25,542 | $ | 14,326 | $ | 435,671 | |||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||||||||||
Pass | $ | 15,555 | $ | 278,533 | $ | 7,323 | $ | 20,229 | $ | 46,712 | $ | 867 | $ | 25,200 | $ | 11,272 | $ | 405,691 | |||||||||||||||||||
Special mention | - | 3,758 | - | - | 253 | - | - | - | 4,011 | ||||||||||||||||||||||||||||
Substandard | - | 3,549 | 3,834 | 92 | 1,822 | 16 | 423 | - | 9,736 | ||||||||||||||||||||||||||||
Doubtful | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||
Total loans | $ | 15,555 | $ | 285,840 | $ | 11,157 | $ | 20,321 | $ | 48,787 | $ | 883 | $ | 25,623 | $ | 11,272 | $ | 419,438 | |||||||||||||||||||
Allowance for Credit Losses on Financing Receivables [Table Text Block] | ' | ||||||||||||||||||||||||||||||||||||
(in thousands) | Commercial | Commercial | Consumer | ||||||||||||||||||||||||||||||||||
Real Estate | and Industrial | Consumer | Residential | Agriculture | Unallocated | Total | |||||||||||||||||||||||||||||||
Three Months Ended June 30, 2014 | |||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 6,192 | $ | 742 | $ | 45 | $ | 417 | $ | 215 | $ | 4 | $ | 7,615 | |||||||||||||||||||||||
Charge-offs | 0 | 0 | (15 | ) | 0 | 0 | 0 | (15 | ) | ||||||||||||||||||||||||||||
Recoveries | 1,877 | 0 | 0 | 2 | 0 | 0 | 1,879 | ||||||||||||||||||||||||||||||
Provision | (1,813 | ) | (182 | ) | 21 | 11 | 46 | 40 | (1,877 | ) | |||||||||||||||||||||||||||
Ending balance | $ | 6,256 | $ | 560 | $ | 51 | $ | 430 | $ | 261 | $ | 44 | $ | 7,602 | |||||||||||||||||||||||
Six Months Ended June 30, 2014 | |||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 6,247 | $ | 663 | $ | 47 | $ | 440 | $ | 217 | $ | 45 | $ | 7,659 | |||||||||||||||||||||||
Charge-offs | (50 | ) | 0 | (18 | ) | 0 | 0 | 0 | (68 | ) | |||||||||||||||||||||||||||
Recoveries | 1,877 | 0 | 1 | 10 | 0 | 0 | 1,888 | ||||||||||||||||||||||||||||||
Provision | (1,818 | ) | (103 | ) | 21 | (20 | ) | 44 | (1 | ) | (1,877 | ) | |||||||||||||||||||||||||
Ending balance | $ | 6,256 | $ | 560 | $ | 51 | $ | 430 | $ | 261 | $ | 44 | $ | 7,602 | |||||||||||||||||||||||
Three Months Ended June 30, 2013 | |||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 6,536 | $ | 470 | $ | 43 | $ | 439 | $ | 203 | $ | 52 | $ | 7,743 | |||||||||||||||||||||||
Charge-offs | (200 | ) | 0 | (1 | ) | (78 | ) | 0 | 0 | (279 | ) | ||||||||||||||||||||||||||
Recoveries | 2 | 1 | 3 | 0 | 0 | 6 | |||||||||||||||||||||||||||||||
Provision | 39 | 15 | (1 | ) | 16 | (17 | ) | 48 | 100 | ||||||||||||||||||||||||||||
Ending balance | $ | 6,377 | $ | 485 | $ | 42 | $ | 380 | $ | 186 | $ | 100 | $ | 7,570 | |||||||||||||||||||||||
Six Months Ended June 30, 2013 | |||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 6,571 | $ | 474 | $ | 50 | $ | 384 | $ | 286 | $ | 210 | $ | 7,975 | |||||||||||||||||||||||
Charge-offs | (435 | ) | 0 | (6 | ) | (179 | ) | 0 | 0 | (620 | ) | ||||||||||||||||||||||||||
Recoveries | 8 | 0 | 2 | 5 | 0 | 0 | 15 | ||||||||||||||||||||||||||||||
Provision | 233 | 11 | (4 | ) | 170 | (100 | ) | (110 | ) | 200 | |||||||||||||||||||||||||||
Ending balance | $ | 6,377 | $ | 485 | $ | 42 | $ | 380 | $ | 186 | $ | 100 | $ | 7,570 | |||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||||
Commercial | Commercial | Consumer | |||||||||||||||||||||||||||||||||||
Real Estate | and Industrial | Consumer | Residential | Agriculture | Unallocated | Total | |||||||||||||||||||||||||||||||
30-Jun-14 | |||||||||||||||||||||||||||||||||||||
Allowance for loan losses for loans: | |||||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 1,068 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 1,068 | |||||||||||||||||||||||
Collectively evaluated for impairment | 5,188 | 560 | 51 | 430 | 261 | 44 | 6,534 | ||||||||||||||||||||||||||||||
$ | 6,256 | $ | 560 | $ | 51 | $ | 430 | $ | 261 | $ | 44 | $ | 7,602 | ||||||||||||||||||||||||
Ending gross loan balances: | |||||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 3,818 | $ | 348 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 4,166 | |||||||||||||||||||||||
Collectively evaluated for impairment | 352,327 | 38,467 | 843 | 25,542 | 14,326 | 0 | 431,505 | ||||||||||||||||||||||||||||||
$ | 356,145 | $ | 38,815 | $ | 843 | $ | 25,542 | $ | 14,326 | $ | 0 | $ | 435,671 | ||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||||||||||
Allowance for loan losses for loans: | |||||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 392 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 392 | |||||||||||||||||||||||
Collectively evaluated for impairment | 5,855 | 663 | 47 | 440 | 217 | 45 | 7,267 | ||||||||||||||||||||||||||||||
$ | 6,247 | $ | 663 | $ | 47 | $ | 440 | $ | 217 | $ | 45 | $ | 7,659 | ||||||||||||||||||||||||
Ending balances of loans: | |||||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 2,322 | $ | 18 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 2,340 | |||||||||||||||||||||||
Collectively evaluated for impairment | 330,551 | 48,769 | 883 | 25,623 | 11,272 | 0 | 417,099 | ||||||||||||||||||||||||||||||
$ | 332,873 | $ | 48,787 | $ | 883 | $ | 25,623 | $ | 11,272 | $ | 0 | $ | 419,438 | ||||||||||||||||||||||||
Change in Allowance For Loan Losses [Table Text Block] | ' | ||||||||||||||||||||||||||||||||||||
THREE MONTHS ENDED JUNE 30, | SIX MONTHS ENDED JUNE 30, | ||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||||||||||
Balance, beginning of period | $ | 131 | $ | 124 | $ | 134 | $ | 108 | |||||||||||||||||||||||||||||
Provision (Recovery) to Operations for Off Balance Sheet Commitments | 17 | (2 | ) | 14 | 14 | ||||||||||||||||||||||||||||||||
Balance, end of period | $ | 148 | $ | 122 | $ | 148 | $ | 122 | |||||||||||||||||||||||||||||
Weighted Average [Member] | ' | ||||||||||||||||||||||||||||||||||||
Note 5 - Loans (Tables) [Line Items] | ' | ||||||||||||||||||||||||||||||||||||
Financing Receivable Credit Quality Indicators [Table Text Block] | ' | ||||||||||||||||||||||||||||||||||||
30-Jun-14 | 31-Dec-13 | ||||||||||||||||||||||||||||||||||||
Weighted Average Risk Grade | Weighted Average Risk Grade | ||||||||||||||||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||||||||||||||
Commercial real estate - construction | 3.08 | 3.84 | |||||||||||||||||||||||||||||||||||
Commercial real estate - mortgages | 3.17 | 3.14 | |||||||||||||||||||||||||||||||||||
Land | 4.49 | 4.5 | |||||||||||||||||||||||||||||||||||
Farmland | 3.01 | 3.04 | |||||||||||||||||||||||||||||||||||
Commercial and industrial | 3.23 | 3.13 | |||||||||||||||||||||||||||||||||||
Consumer | 2.32 | 2.31 | |||||||||||||||||||||||||||||||||||
Consumer residential | 3.03 | 3.05 | |||||||||||||||||||||||||||||||||||
Agriculture | 3.21 | 3.27 | |||||||||||||||||||||||||||||||||||
Total gross loans | 3.19 | 3.2 |
Note_8_Financial_Instruments_a1
Note 8 - Financial Instruments and Fair Value Measurements (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Disclosure Text Block [Abstract] | ' | ||||||||||||||||
Fair Value, by Balance Sheet Grouping [Table Text Block] | ' | ||||||||||||||||
Hierarchy | |||||||||||||||||
(in thousands) | Carrying | Fair | Valuation | ||||||||||||||
Amount | Value | Level | |||||||||||||||
Financial assets: | |||||||||||||||||
Cash and cash equivalents | $ | 88,488 | $ | 88,488 | 1 | ||||||||||||
Restricted equity securities | 3,275 | 3,275 | 2 | ||||||||||||||
Loans, net | 427,655 | 441,257 | 3 | ||||||||||||||
Interest receivable | 1,930 | 1,930 | 2 | ||||||||||||||
Financial liabilities: | |||||||||||||||||
Deposits | (602,978 | ) | (538,758 | ) | 3 | ||||||||||||
Interest payable | (38 | ) | (38 | ) | 2 | ||||||||||||
Off-balance-sheet assets (liabilities): | |||||||||||||||||
Commitments and standby letters of credit | (580 | ) | 3 | ||||||||||||||
Hierarchy | |||||||||||||||||
(in thousands) | Carrying | Fair | Valuation | ||||||||||||||
Amount | Value | Level | |||||||||||||||
Financial assets: | |||||||||||||||||
Cash and cash equivalents | $ | 105,191 | $ | 105,191 | 1 | ||||||||||||
Restricted equity securities | 3,170 | 3,170 | 2 | ||||||||||||||
Loans, net | 411,156 | 426,433 | 3 | ||||||||||||||
Interest receivable | 2,011 | 2,011 | 2 | ||||||||||||||
Financial liabilities: | |||||||||||||||||
Deposits | (602,633 | ) | (590,495 | ) | 3 | ||||||||||||
Interest payable | (60 | ) | (60 | ) | 2 | ||||||||||||
Off-balance-sheet assets (liabilities): | |||||||||||||||||
Commitments and standby letters of credit | (526 | ) | 3 | ||||||||||||||
Fair Value Measurements, Recurring and Nonrecurring [Table Text Block] | ' | ||||||||||||||||
Fair Value Measurements at June 30, 2014 Using | |||||||||||||||||
(in thousands) | 30-Jun-14 | Quoted Prices | Significant | Significant | |||||||||||||
in Active | Other | Unobservable | |||||||||||||||
Markets for | Observable | Inputs | |||||||||||||||
Identical Assets | Inputs | (Level 3) | |||||||||||||||
(Level 1) | (Level 2) | ||||||||||||||||
Assets and liabilities measured on a recurring basis: | |||||||||||||||||
Available-for-sale securities: | |||||||||||||||||
U.S. agencies | $ | 47,966 | $ | 0 | $ | 47,966 | $ | 0 | |||||||||
Collateralized mortgage obligations | 8,378 | 0 | 8,378 | 0 | |||||||||||||
Municipalities | 48,427 | 0 | 48,427 | 0 | |||||||||||||
SBA pools | 918 | 0 | 918 | 0 | |||||||||||||
Corporate debt | 6,827 | 0 | 6,827 | 0 | |||||||||||||
Asset backed securities | 9,045 | 0 | 9,045 | ||||||||||||||
Mutual fund | 2,918 | 2,918 | 0 | 0 | |||||||||||||
Assets and liabilities measured on a non-recurring basis: | |||||||||||||||||
Impaired loans: | |||||||||||||||||
Land | $ | 1,815 | $ | 0 | $ | 0 | $ | 1,815 | |||||||||
Other real estate owned | $ | 899 | $ | 0 | $ | 0 | $ | 899 | |||||||||
Fair Value Measurements at December 31, 2013 Using | |||||||||||||||||
(in thousands) | December 31, | Quoted Prices | Significant | Significant | |||||||||||||
2013 | in Active | Other | Unobservable | ||||||||||||||
Markets for | Observable | Inputs | |||||||||||||||
Identical Assets | Inputs | (Level 3) | |||||||||||||||
(Level 1) | (Level 2) | ||||||||||||||||
Assets and liabilities measured on a recurring basis: | |||||||||||||||||
Available-for-sale securities | |||||||||||||||||
U.S. agencies | $ | 53,116 | $ | 0 | 53,116 | $ | 0 | ||||||||||
Collateralized mortgage obligations | 9,781 | 0 | 9,781 | 0 | |||||||||||||
Municipalities | 40,269 | 0 | 40,269 | 0 | |||||||||||||
SBA pools | 1,081 | 0 | 1,081 | 0 | |||||||||||||
Corporate debt | 4,825 | 0 | 4,825 | 0 | |||||||||||||
Asset backed securities | 5,856 | 0 | 5,856 | 0 | |||||||||||||
Mutual fund | 2,818 | 2,818 | 0 | 0 | |||||||||||||
Assets and liabilities measured on a non-recurring basis: | |||||||||||||||||
Impaired loans: | |||||||||||||||||
Land | $ | 790 | $ | 0 | $ | 0 | $ | 790 | |||||||||
Other real estate owned | $ | 916 | $ | 0 | $ | 0 | $ | 916 |
Note_9_Earnings_Per_Share_Tabl
Note 9 - Earnings Per Share (Tables) | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Earnings Per Share [Abstract] | ' | ||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | ' | ||||||||
THREE MONTHS ENDED | |||||||||
(In thousands) | JUNE 30, | ||||||||
2014 | 2013 | ||||||||
BASIC EARNINGS PER SHARE | |||||||||
Net income available to common shareholders | $ | 2,537 | $ | 1,374 | |||||
Weighted average shares outstanding | 7,954 | 7,802 | |||||||
Net income per common share | $ | 0.32 | $ | 0.18 | |||||
DILUTED EARNINGS PER SHARE | |||||||||
Net income available to common shareholders | $ | 2,537 | $ | 1,374 | |||||
Weighted average shares outstanding | 7,954 | 7,802 | |||||||
Effect of dilutive stock options | 2 | 7 | |||||||
Effect of dilutive non-vested restricted shares | 46 | 34 | |||||||
Weighted average shares of common stock and common stock equivalents | 8,002 | 7,843 | |||||||
Net income per diluted common share | $ | 0.32 | $ | 0.18 | |||||
SIX MONTHS ENDED | |||||||||
(In thousands) | JUNE 30, | ||||||||
2014 | 2013 | ||||||||
BASIC EARNINGS PER SHARE | |||||||||
Net income available to common shareholders | $ | 3,945 | $ | 2,606 | |||||
Weighted average shares outstanding | 7,916 | 7,790 | |||||||
Net income per common share | $ | 0.5 | $ | 0.33 | |||||
DILUTED EARNINGS PER SHARE | |||||||||
Net income available to common shareholders | $ | 3,945 | $ | 2,606 | |||||
Weighted average shares outstanding | 7,916 | 7,790 | |||||||
Effect of dilutive stock options | 8 | 12 | |||||||
Effect of dilutive non-vested restricted shares | 48 | 35 | |||||||
Weighted average shares of common stock and common stock equivalents | 7,972 | 7,837 | |||||||
Net income per diluted common share | $ | 0.49 | $ | 0.33 |
Note_3_Preferred_Stock_Repurch1
Note 3 - Preferred Stock Repurchase and Warrant Redemption (Details) (USD $) | 1 Months Ended | 1 Months Ended | ||||
Aug. 31, 2011 | 31-May-12 | Mar. 31, 2013 | Aug. 31, 2011 | Jun. 30, 2014 | Sep. 30, 2011 | |
Series A Preferred Stock [Member] | Series B Preferred Stock [Member] | Series B Preferred Stock [Member] | Series B Preferred Stock [Member] | Series B Preferred Stock [Member] | Common Stock [Member] | |
If There Is No Loan Growth [Member] | ||||||
Note 3 - Preferred Stock Repurchase and Warrant Redemption (Details) [Line Items] | ' | ' | ' | ' | ' | ' |
Stock Repurchased During Period, Value | $13,500,000 | $6,750,000 | $6,750,000 | ' | ' | ' |
Stock Issued During Period, Value, New Issues | ' | ' | ' | 13,500,000 | ' | ' |
Stock Redeemed or Called During Period, Shares | ' | 6,750 | ' | ' | ' | 350,346 |
Class of Warrant or Right, Exercise Price of Warrants or Rights | ' | ' | ' | ' | ' | $5.78 |
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | ' | ' | ' | ' | ' | 560,000 |
Stock Repurchased During Period, Shares | ' | ' | 6,750 | ' | ' | ' |
Stock Repurchased During Period Accrued Interest | ' | ' | $67,500 | ' | ' | ' |
Preferred Stock, Shares Outstanding | ' | ' | ' | ' | 0 | ' |
Note_4_Securities_Details
Note 4 - Securities (Details) (USD $) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | |
Note 4 - Securities (Details) [Line Items] | ' | ' | ' | ' | ' |
Available-for-sale Securities, Gross Realized Gain (Loss) (in Dollars) | $4,000 | $16,000 | $12,000 | $35,000 | ' |
Proceeds from Sale of Available-for-sale Securities (in Dollars) | ' | ' | 0 | 0 | ' |
Security Owned and Pledged as Collateral, Fair Value (in Dollars) | $68,006,000 | ' | $68,006,000 | ' | $72,371,000 |
US Government Agencies Debt Securities [Member] | ' | ' | ' | ' | ' |
Note 4 - Securities (Details) [Line Items] | ' | ' | ' | ' | ' |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Greater than or Equal to One Year | 7 | ' | 7 | ' | ' |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Less than One Year | 1 | ' | 1 | ' | ' |
US States and Political Subdivisions Debt Securities [Member] | ' | ' | ' | ' | ' |
Note 4 - Securities (Details) [Line Items] | ' | ' | ' | ' | ' |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Greater than or Equal to One Year | 25 | ' | 25 | ' | ' |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Less than One Year | 9 | ' | 9 | ' | ' |
SBA Pool [Member] | ' | ' | ' | ' | ' |
Note 4 - Securities (Details) [Line Items] | ' | ' | ' | ' | ' |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Greater than or Equal to One Year | 2 | ' | 2 | ' | ' |
Asset-backed Securities [Member] | ' | ' | ' | ' | ' |
Note 4 - Securities (Details) [Line Items] | ' | ' | ' | ' | ' |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Greater than or Equal to One Year | 1 | ' | 1 | ' | ' |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Less than One Year | 2 | ' | 2 | ' | ' |
Other Debt Obligations [Member] | ' | ' | ' | ' | ' |
Note 4 - Securities (Details) [Line Items] | ' | ' | ' | ' | ' |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Greater than or Equal to One Year | 1 | ' | 1 | ' | ' |
Collateralized Mortgage Obligations [Member] | ' | ' | ' | ' | ' |
Note 4 - Securities (Details) [Line Items] | ' | ' | ' | ' | ' |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Less than One Year | 1 | ' | 1 | ' | ' |
Note_4_Securities_Details_Amor
Note 4 - Securities (Details) - Amortized Cost And Estimated Fair Values Of Debt Securities (USD $) | 6 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-for-sale securities: Amortized Cost | $122,743 | $119,041 |
Available-for-sale securities: Gross Unrealized Gains | 3,446 | 3,201 |
Available-for-sale securities: Gross Unrealized Losses | -1,711 | -4,496 |
Available-for-sale securities: Fair Market Value | 124,479 | 117,746 |
US Government Agencies Debt Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-for-sale securities: Amortized Cost | 46,636 | 52,539 |
Available-for-sale securities: Gross Unrealized Gains | 1,814 | 1,844 |
Available-for-sale securities: Gross Unrealized Losses | -484 | -1,268 |
Available-for-sale securities: Fair Market Value | 47,966 | 53,115 |
Collateralized Mortgage Obligations [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-for-sale securities: Amortized Cost | 8,138 | 9,580 |
Available-for-sale securities: Gross Unrealized Gains | 290 | 248 |
Available-for-sale securities: Gross Unrealized Losses | -50 | -47 |
Available-for-sale securities: Fair Market Value | 8,378 | 9,781 |
US States and Political Subdivisions Debt Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-for-sale securities: Amortized Cost | 48,244 | 42,304 |
Available-for-sale securities: Gross Unrealized Gains | 1,185 | 953 |
Available-for-sale securities: Gross Unrealized Losses | -1,002 | -2,988 |
Available-for-sale securities: Fair Market Value | 48,427 | 40,269 |
SBA Pool [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-for-sale securities: Amortized Cost | 920 | 1,088 |
Available-for-sale securities: Gross Unrealized Gains | 0 | ' |
Available-for-sale securities: Gross Unrealized Losses | -2 | -7 |
Available-for-sale securities: Fair Market Value | 918 | 1,081 |
Corporate Debt Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-for-sale securities: Amortized Cost | 6,711 | 4,697 |
Available-for-sale securities: Gross Unrealized Gains | 116 | 128 |
Available-for-sale securities: Gross Unrealized Losses | 0 | ' |
Available-for-sale securities: Fair Market Value | 6,827 | 4,825 |
Asset-backed Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-for-sale securities: Amortized Cost | 9,068 | 5,858 |
Available-for-sale securities: Gross Unrealized Gains | 42 | 28 |
Available-for-sale securities: Gross Unrealized Losses | -65 | -29 |
Available-for-sale securities: Fair Market Value | 9,045 | 5,857 |
Other Debt Obligations [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-for-sale securities: Amortized Cost | 3,026 | 2,975 |
Available-for-sale securities: Gross Unrealized Gains | 0 | ' |
Available-for-sale securities: Gross Unrealized Losses | -108 | -157 |
Available-for-sale securities: Fair Market Value | $2,918 | $2,818 |
Note_4_Securities_Details_Gros
Note 4 - Securities (Details) - Gross Unrealized Losses and Fair Value of Investments (USD $) | 6 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 |
Note 4 - Securities (Details) - Gross Unrealized Losses and Fair Value of Investments [Line Items] | ' | ' |
Description of Securities- Fair Value Less than 12 months | $14,239 | $56,385 |
Description of Securities-Unrealized Loss Less than 12 months | -226 | -4,012 |
Description of Securities-Fair Value 12 months or more | 37,415 | 4,865 |
Description of Securities-Unrealized Loss 12 months or more | -1,485 | -484 |
Description of Securities-Fair Value | 51,654 | 61,250 |
Description of Securities-Unrealized Loss | -1,711 | -4,496 |
US Government Agencies Debt Securities [Member] | ' | ' |
Note 4 - Securities (Details) - Gross Unrealized Losses and Fair Value of Investments [Line Items] | ' | ' |
Description of Securities- Fair Value Less than 12 months | 2,818 | 21,700 |
Description of Securities-Unrealized Loss Less than 12 months | -51 | -1,012 |
Description of Securities-Fair Value 12 months or more | 9,484 | 1,740 |
Description of Securities-Unrealized Loss 12 months or more | -433 | -256 |
Description of Securities-Fair Value | 12,302 | 23,440 |
Description of Securities-Unrealized Loss | -484 | -1,268 |
Collateralized Mortgage Obligations [Member] | ' | ' |
Note 4 - Securities (Details) - Gross Unrealized Losses and Fair Value of Investments [Line Items] | ' | ' |
Description of Securities- Fair Value Less than 12 months | 1,535 | 1,642 |
Description of Securities-Unrealized Loss Less than 12 months | -50 | -47 |
Description of Securities-Fair Value 12 months or more | 0 | ' |
Description of Securities-Unrealized Loss 12 months or more | 0 | ' |
Description of Securities-Fair Value | 1,535 | 1,642 |
Description of Securities-Unrealized Loss | -50 | -47 |
US States and Political Subdivisions Debt Securities [Member] | ' | ' |
Note 4 - Securities (Details) - Gross Unrealized Losses and Fair Value of Investments [Line Items] | ' | ' |
Description of Securities- Fair Value Less than 12 months | 7,075 | 25,502 |
Description of Securities-Unrealized Loss Less than 12 months | -70 | -2,762 |
Description of Securities-Fair Value 12 months or more | 21,177 | 2,879 |
Description of Securities-Unrealized Loss 12 months or more | -932 | -226 |
Description of Securities-Fair Value | 28,252 | 28,381 |
Description of Securities-Unrealized Loss | -1,002 | -2,988 |
SBA Pool [Member] | ' | ' |
Note 4 - Securities (Details) - Gross Unrealized Losses and Fair Value of Investments [Line Items] | ' | ' |
Description of Securities- Fair Value Less than 12 months | 0 | 829 |
Description of Securities-Unrealized Loss Less than 12 months | 0 | -5 |
Description of Securities-Fair Value 12 months or more | 914 | 246 |
Description of Securities-Unrealized Loss 12 months or more | -2 | -2 |
Description of Securities-Fair Value | 914 | 1,075 |
Description of Securities-Unrealized Loss | -2 | -7 |
Corporate Debt Securities [Member] | ' | ' |
Note 4 - Securities (Details) - Gross Unrealized Losses and Fair Value of Investments [Line Items] | ' | ' |
Description of Securities- Fair Value Less than 12 months | 0 | ' |
Description of Securities-Unrealized Loss Less than 12 months | 0 | ' |
Description of Securities-Fair Value 12 months or more | 0 | ' |
Description of Securities-Unrealized Loss 12 months or more | 0 | ' |
Description of Securities-Fair Value | 0 | ' |
Description of Securities-Unrealized Loss | 0 | ' |
Asset-backed Securities [Member] | ' | ' |
Note 4 - Securities (Details) - Gross Unrealized Losses and Fair Value of Investments [Line Items] | ' | ' |
Description of Securities- Fair Value Less than 12 months | 2,811 | 3,894 |
Description of Securities-Unrealized Loss Less than 12 months | -55 | -29 |
Description of Securities-Fair Value 12 months or more | 2,922 | ' |
Description of Securities-Unrealized Loss 12 months or more | -10 | ' |
Description of Securities-Fair Value | 5,733 | 3,894 |
Description of Securities-Unrealized Loss | -65 | -29 |
Other Debt Obligations [Member] | ' | ' |
Note 4 - Securities (Details) - Gross Unrealized Losses and Fair Value of Investments [Line Items] | ' | ' |
Description of Securities- Fair Value Less than 12 months | 0 | ' |
Description of Securities-Unrealized Loss Less than 12 months | 0 | ' |
Description of Securities-Fair Value 12 months or more | 2,918 | ' |
Description of Securities-Unrealized Loss 12 months or more | -108 | ' |
Description of Securities-Fair Value | 2,918 | ' |
Description of Securities-Unrealized Loss | -108 | ' |
Mutual Fund [Member] | ' | ' |
Note 4 - Securities (Details) - Gross Unrealized Losses and Fair Value of Investments [Line Items] | ' | ' |
Description of Securities- Fair Value Less than 12 months | ' | 2,818 |
Description of Securities-Unrealized Loss Less than 12 months | ' | -157 |
Description of Securities-Fair Value | ' | 2,818 |
Description of Securities-Unrealized Loss | ' | ($157) |
Note_4_Securities_Details_Amor1
Note 4 - Securities (Details) - Amortized Cost And Estimated Fair Values Of Debt Securities By Contractual Maturity Or Call Date (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Amortized Cost And Estimated Fair Values Of Debt Securities By Contractual Maturity Or Call Date [Abstract] | ' | ' |
Due in one year or less | $9,755 | ' |
Due in one year or less | 9,429 | ' |
Due after one year through five years | 31,628 | ' |
Due after one year through five years | 33,530 | ' |
Due after five years through ten years | 38,896 | ' |
Due after five years through ten years | 38,293 | ' |
Due after ten years | 42,464 | ' |
Due after ten years | 43,227 | ' |
122,743 | 119,041 | |
$124,479 | ' |
Note_5_Loans_Details
Note 5 - Loans (Details) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | |
Note 5 - Loans (Details) [Line Items] | ' | ' | ' | ' | ' |
Loans And Leases Receivable Percentage Of Outstanding Principal Balance Secured By Owner Occupied Properties | ' | 33.80% | ' | 33.80% | ' |
Underwriting Standards Loan To Value Percentage | 80.00% | ' | 80.00% | ' | ' |
Underwriting Standards Housing Percentage | 36.00% | ' | 36.00% | ' | ' |
Underwriting Standards Total Debt Ratio | 42.00% | ' | 42.00% | ' | ' |
Loans and Leases Receivable, Impaired, Interest Lost on Nonaccrual Loans (in Dollars) | $59,000 | $129,000 | $190,000 | $306,000 | ' |
Impaired Financing Receivable, Interest Income, Accrual Method (in Dollars) | 0 | 0 | 0 | 0 | ' |
Impaired Financing Receivable, Average Recorded Investment (in Dollars) | 4,710,000 | 3,920,000 | 4,250,000 | 5,240,000 | 4,102,000 |
Financing Receivable Considered to be Trouble Debt Restructings | 6 | ' | 6 | ' | 3 |
Financing Receivable, Modifications, Recorded Investment (in Dollars) | 4,083,000 | ' | 4,083,000 | ' | 1,201,000 |
Allowance for Credit Losses, Change in Method of Calculating Impairment (in Dollars) | 1,068,000 | ' | 1,068,000 | ' | 392,000 |
Financing Receivable, Modifications, Number of Contracts | 3 | 0 | 4 | 1 | ' |
Financing Receivable, Modifications, Subsequent Default, Number of Contracts | 0 | 0 | 0 | 0 | ' |
Loans and Leases Receivable, Minimum Cash Collateral Percent | 110.00% | ' | 110.00% | ' | ' |
Loans and Leases Receivable, Gross (in Dollars) | 435,671,000 | ' | 435,671,000 | ' | 419,438,000 |
Commercial Real Estate Loans [Member] | ' | ' | ' | ' | ' |
Note 5 - Loans (Details) [Line Items] | ' | ' | ' | ' | ' |
Loans And Leases Receivable Gross Carrying Amount As Percentage Of Total Loans | 82.00% | ' | 82.00% | ' | ' |
General Commercial [Member] | ' | ' | ' | ' | ' |
Note 5 - Loans (Details) [Line Items] | ' | ' | ' | ' | ' |
Loans And Leases Receivable Gross Carrying Amount As Percentage Of Total Loans | ' | 9.00% | ' | 9.00% | ' |
Residential Real Estate And Other Consumer Loans [Member] | ' | ' | ' | ' | ' |
Note 5 - Loans (Details) [Line Items] | ' | ' | ' | ' | ' |
Loans And Leases Receivable Gross Carrying Amount As Percentage Of Total Loans | ' | 6.00% | ' | 6.00% | ' |
Agriculture Loans [Member] | ' | ' | ' | ' | ' |
Note 5 - Loans (Details) [Line Items] | ' | ' | ' | ' | ' |
Loans And Leases Receivable Gross Carrying Amount As Percentage Of Total Loans | ' | 3.00% | ' | 3.00% | ' |
Substandard [Member] | ' | ' | ' | ' | ' |
Note 5 - Loans (Details) [Line Items] | ' | ' | ' | ' | ' |
Financing Receivable Rating Example Percentage Of Loans Classified In Rating Category | ' | ' | 40.00% | ' | ' |
Loans and Leases Receivable, Gross (in Dollars) | $8,193,000 | ' | $8,193,000 | ' | $9,736,000 |
Doubtful [Member] | ' | ' | ' | ' | ' |
Note 5 - Loans (Details) [Line Items] | ' | ' | ' | ' | ' |
Financing Receivable Rating Example Percentage Of Loans Classified In Rating Category | ' | ' | 25.00% | ' | ' |
Loss [Member] | ' | ' | ' | ' | ' |
Note 5 - Loans (Details) [Line Items] | ' | ' | ' | ' | ' |
Financing Receivable Rating Example Percentage Of Loans Classified In Rating Category | ' | ' | 35.00% | ' | ' |
Minimum [Member] | ' | ' | ' | ' | ' |
Note 5 - Loans (Details) [Line Items] | ' | ' | ' | ' | ' |
Financing Receivable Rating Example Disbursement To Unsecured Creditors By Illusory Company In Liquidation Percentage | ' | ' | 40.00% | ' | ' |
Maximum [Member] | ' | ' | ' | ' | ' |
Note 5 - Loans (Details) [Line Items] | ' | ' | ' | ' | ' |
Financing Receivable Rating Example Disbursement To Unsecured Creditors By Illusory Company In Liquidation Percentage | ' | ' | 65.00% | ' | ' |
Note_5_Loans_Details_Loans
Note 5 - Loans (Details) - Loans (USD $) | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' |
Net Loans | $435,671,000 | ' | $419,438,000 | ' | ' | ' |
Deferred loan fees and costs, net | -414,000 | ' | -623,000 | ' | ' | ' |
Allowance for loan losses | -7,602,000 | -7,615,000 | -7,659,000 | -7,570,000 | -7,743,000 | -7,975,000 |
Net loans | 427,655,000 | ' | 411,156,000 | ' | ' | ' |
Commercial Real Estate-Construction [Member] | ' | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' |
Net Loans | 14,575,000 | ' | 15,555,000 | ' | ' | ' |
Commercial Real Estate-Mortgages [Member] | ' | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' |
Net Loans | 309,363,000 | ' | 285,840,000 | ' | ' | ' |
Land [Member] | ' | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' |
Net Loans | 11,065,000 | ' | 11,157,000 | ' | ' | ' |
Farmland [Member] | ' | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' |
Net Loans | 21,142,000 | ' | 20,321,000 | ' | ' | ' |
Commercial And Industrial [Member] | ' | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' |
Net Loans | 38,815,000 | ' | 48,787,000 | ' | ' | ' |
Allowance for loan losses | -560,000 | -742,000 | -663,000 | -485,000 | -470,000 | -474,000 |
Consumer [Member] | ' | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' |
Net Loans | 843,000 | ' | 883,000 | ' | ' | ' |
Allowance for loan losses | -51,000 | -45,000 | -47,000 | -42,000 | -43,000 | -50,000 |
Consumer Residential [Member] | ' | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' |
Net Loans | 25,542,000 | ' | 25,623,000 | ' | ' | ' |
Allowance for loan losses | -430,000 | -417,000 | -440,000 | -380,000 | -439,000 | -384,000 |
Agriculture [Member] | ' | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' |
Net Loans | 14,326,000 | ' | 11,272,000 | ' | ' | ' |
Allowance for loan losses | ($261,000) | ($215,000) | ($217,000) | ($186,000) | ($203,000) | ($286,000) |
Note_5_Loans_Details_Non_Accru
Note 5 - Loans (Details) - Non Accrual Loans (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Note 5 - Loans (Details) - Non Accrual Loans [Line Items] | ' | ' |
Non Accrual Loans | $4,166 | $2,340 |
Commercial Real Estate-Construction [Member] | ' | ' |
Note 5 - Loans (Details) - Non Accrual Loans [Line Items] | ' | ' |
Non Accrual Loans | 0 | 0 |
Commercial Real Estate-Mortgages [Member] | ' | ' |
Note 5 - Loans (Details) - Non Accrual Loans [Line Items] | ' | ' |
Non Accrual Loans | 0 | 1,047 |
Land [Member] | ' | ' |
Note 5 - Loans (Details) - Non Accrual Loans [Line Items] | ' | ' |
Non Accrual Loans | 3,736 | 1,183 |
Farmland [Member] | ' | ' |
Note 5 - Loans (Details) - Non Accrual Loans [Line Items] | ' | ' |
Non Accrual Loans | 82 | 92 |
Commercial And Industrial [Member] | ' | ' |
Note 5 - Loans (Details) - Non Accrual Loans [Line Items] | ' | ' |
Non Accrual Loans | 348 | 18 |
Consumer [Member] | ' | ' |
Note 5 - Loans (Details) - Non Accrual Loans [Line Items] | ' | ' |
Non Accrual Loans | 0 | 0 |
Consumer Residential [Member] | ' | ' |
Note 5 - Loans (Details) - Non Accrual Loans [Line Items] | ' | ' |
Non Accrual Loans | 0 | 0 |
Agriculture [Member] | ' | ' |
Note 5 - Loans (Details) - Non Accrual Loans [Line Items] | ' | ' |
Non Accrual Loans | $0 | $0 |
Note_5_Loans_Details_Aging_of_
Note 5 - Loans (Details) - Aging of Past Due Loans (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Commercial - 30-59 Days Past Due | $166,000 | $1,348,000 |
Commercial - 60-89 Days Past Due | 0 | 4,058,000 |
Commercial - Greater Than 90 Days Past Due | 3,637,000 | 1,797,000 |
Commercial - Total Past Due | 3,803,000 | 7,203,000 |
Commercial - Current | 431,868,000 | 412,235,000 |
Commercial - Total | 435,671,000 | 419,438,000 |
Commercial - Greater Than 90 Days Past Due and Still Accruing | 0 | 0 |
Commercial Real Estate-Construction [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Commercial - 30-59 Days Past Due | 0 | 0 |
Commercial - 60-89 Days Past Due | 0 | 0 |
Commercial - Greater Than 90 Days Past Due | 0 | 0 |
Commercial - Total Past Due | 0 | 0 |
Commercial - Current | 14,575,000 | 15,555,000 |
Commercial - Total | 14,575,000 | 15,555,000 |
Commercial - Greater Than 90 Days Past Due and Still Accruing | 0 | 0 |
Commercial Real Estate-Mortgages [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Commercial - 30-59 Days Past Due | 0 | 1,348,000 |
Commercial - 60-89 Days Past Due | 0 | 0 |
Commercial - Greater Than 90 Days Past Due | 0 | 1,046,000 |
Commercial - Total Past Due | 0 | 2,394,000 |
Commercial - Current | 309,363,000 | 283,446,000 |
Commercial - Total | 309,363,000 | 285,840,000 |
Commercial - Greater Than 90 Days Past Due and Still Accruing | 0 | 0 |
Land [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Commercial - 30-59 Days Past Due | 0 | 0 |
Commercial - 60-89 Days Past Due | 0 | 2,651,000 |
Commercial - Greater Than 90 Days Past Due | 3,223,000 | 659,000 |
Commercial - Total Past Due | 3,223,000 | 3,310,000 |
Commercial - Current | 7,842,000 | 7,847,000 |
Commercial - Total | 11,065,000 | 11,157,000 |
Commercial - Greater Than 90 Days Past Due and Still Accruing | 0 | 0 |
Farmland [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Commercial - 30-59 Days Past Due | 0 | 0 |
Commercial - 60-89 Days Past Due | 0 | 0 |
Commercial - Greater Than 90 Days Past Due | 82,000 | 92,000 |
Commercial - Total Past Due | 82,000 | 92,000 |
Commercial - Current | 21,060,000 | 20,229,000 |
Commercial - Total | 21,142,000 | 20,321,000 |
Commercial - Greater Than 90 Days Past Due and Still Accruing | 0 | 0 |
Commercial And Industrial [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Commercial - 30-59 Days Past Due | 16,000 | 0 |
Commercial - 60-89 Days Past Due | 0 | 1,407,000 |
Commercial - Greater Than 90 Days Past Due | 332,000 | 0 |
Commercial - Total Past Due | 348,000 | 1,407,000 |
Commercial - Current | 38,467,000 | 47,380,000 |
Commercial - Total | 38,815,000 | 48,787,000 |
Commercial - Greater Than 90 Days Past Due and Still Accruing | 0 | 0 |
Consumer [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Commercial - 30-59 Days Past Due | 0 | 0 |
Commercial - 60-89 Days Past Due | 0 | 0 |
Commercial - Greater Than 90 Days Past Due | 0 | 0 |
Commercial - Total Past Due | 0 | 0 |
Commercial - Current | 843,000 | 883,000 |
Commercial - Total | 843,000 | 883,000 |
Commercial - Greater Than 90 Days Past Due and Still Accruing | 0 | 0 |
Consumer Residential [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Commercial - 30-59 Days Past Due | 150,000 | 0 |
Commercial - 60-89 Days Past Due | 0 | 0 |
Commercial - Greater Than 90 Days Past Due | 0 | 0 |
Commercial - Total Past Due | 150,000 | 0 |
Commercial - Current | 25,392,000 | 25,623,000 |
Commercial - Total | 25,542,000 | 25,623,000 |
Commercial - Greater Than 90 Days Past Due and Still Accruing | 0 | 0 |
Agriculture [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Commercial - 30-59 Days Past Due | 0 | 0 |
Commercial - 60-89 Days Past Due | 0 | 0 |
Commercial - Greater Than 90 Days Past Due | 0 | 0 |
Commercial - Total Past Due | 0 | 0 |
Commercial - Current | 14,326,000 | 11,272,000 |
Commercial - Total | 14,326,000 | 11,272,000 |
Commercial - Greater Than 90 Days Past Due and Still Accruing | $0 | $0 |
Note_5_Loans_Details_Impaired_
Note 5 - Loans (Details) - Impaired Loans (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 |
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' | ' |
Loans Receivable - Unpaid Contractual Principal Balance | $4,413 | ' | $4,413 | ' | $4,491 |
Loans Receivable - Recorded Investment With No Allowance | 430 | ' | 430 | ' | 1,157 |
Loans Receivable. - Recorded Investment With Allowance | 3,736 | ' | 3,736 | ' | 1,183 |
Loans Receivable - Total Recorded Investment | 4,166 | ' | 4,166 | ' | 2,340 |
Loans Receivable- Related Allowance | 1,068 | ' | 1,068 | ' | 392 |
Loans Receivable. - Average Recorded Investment | 4,710 | 3,920 | 4,250 | 5,240 | 4,102 |
Commercial Real Estate-Construction [Member] | ' | ' | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' | ' |
Loans Receivable - Unpaid Contractual Principal Balance | 0 | ' | 0 | ' | 0 |
Loans Receivable - Recorded Investment With No Allowance | 0 | ' | 0 | ' | 0 |
Loans Receivable. - Recorded Investment With Allowance | 0 | ' | 0 | ' | 0 |
Loans Receivable - Total Recorded Investment | 0 | ' | 0 | ' | 0 |
Loans Receivable- Related Allowance | 0 | ' | 0 | ' | 0 |
Loans Receivable. - Average Recorded Investment | ' | ' | 0 | ' | 51 |
Commercial Real Estate-Mortgages [Member] | ' | ' | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' | ' |
Loans Receivable - Unpaid Contractual Principal Balance | 0 | ' | 0 | ' | 3,049 |
Loans Receivable - Recorded Investment With No Allowance | 0 | ' | 0 | ' | 1,047 |
Loans Receivable. - Recorded Investment With Allowance | 0 | ' | 0 | ' | 0 |
Loans Receivable - Total Recorded Investment | 0 | ' | 0 | ' | 1,047 |
Loans Receivable- Related Allowance | 0 | ' | 0 | ' | 0 |
Loans Receivable. - Average Recorded Investment | ' | ' | 785 | ' | 1,980 |
Land [Member] | ' | ' | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' | ' |
Loans Receivable - Unpaid Contractual Principal Balance | 3,965 | ' | 3,965 | ' | 1,320 |
Loans Receivable - Recorded Investment With No Allowance | 0 | ' | 0 | ' | 0 |
Loans Receivable. - Recorded Investment With Allowance | 3,736 | ' | 3,736 | ' | 1,183 |
Loans Receivable - Total Recorded Investment | 3,736 | ' | 3,736 | ' | 1,183 |
Loans Receivable- Related Allowance | 1,068 | ' | 1,068 | ' | 392 |
Loans Receivable. - Average Recorded Investment | ' | ' | 3,111 | ' | 1,635 |
Farmland [Member] | ' | ' | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' | ' |
Loans Receivable - Unpaid Contractual Principal Balance | 88 | ' | 88 | ' | 95 |
Loans Receivable - Recorded Investment With No Allowance | 82 | ' | 82 | ' | 92 |
Loans Receivable. - Recorded Investment With Allowance | 0 | ' | 0 | ' | 0 |
Loans Receivable - Total Recorded Investment | 82 | ' | 82 | ' | 92 |
Loans Receivable- Related Allowance | 0 | ' | 0 | ' | 0 |
Loans Receivable. - Average Recorded Investment | ' | ' | 87 | ' | 62 |
Commercial And Industrial [Member] | ' | ' | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' | ' |
Loans Receivable - Unpaid Contractual Principal Balance | 360 | ' | 360 | ' | 27 |
Loans Receivable - Recorded Investment With No Allowance | 348 | ' | 348 | ' | 18 |
Loans Receivable. - Recorded Investment With Allowance | 0 | ' | 0 | ' | 0 |
Loans Receivable - Total Recorded Investment | 348 | ' | 348 | ' | 18 |
Loans Receivable- Related Allowance | 0 | ' | 0 | ' | 0 |
Loans Receivable. - Average Recorded Investment | ' | ' | 267 | ' | 20 |
Consumer [Member] | ' | ' | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' | ' |
Loans Receivable - Unpaid Contractual Principal Balance | 0 | ' | 0 | ' | 0 |
Loans Receivable - Recorded Investment With No Allowance | 0 | ' | 0 | ' | 0 |
Loans Receivable. - Recorded Investment With Allowance | 0 | ' | 0 | ' | 0 |
Loans Receivable - Total Recorded Investment | 0 | ' | 0 | ' | 0 |
Loans Receivable- Related Allowance | 0 | ' | 0 | ' | 0 |
Loans Receivable. - Average Recorded Investment | ' | ' | 0 | ' | 0 |
Consumer Residential [Member] | ' | ' | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' | ' |
Loans Receivable - Unpaid Contractual Principal Balance | 0 | ' | 0 | ' | 0 |
Loans Receivable - Recorded Investment With No Allowance | 0 | ' | 0 | ' | 0 |
Loans Receivable. - Recorded Investment With Allowance | 0 | ' | 0 | ' | 0 |
Loans Receivable - Total Recorded Investment | 0 | ' | 0 | ' | 0 |
Loans Receivable- Related Allowance | 0 | ' | 0 | ' | 0 |
Loans Receivable. - Average Recorded Investment | ' | ' | 0 | ' | 354 |
Agriculture [Member] | ' | ' | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' | ' |
Loans Receivable - Unpaid Contractual Principal Balance | 0 | ' | 0 | ' | 0 |
Loans Receivable - Recorded Investment With No Allowance | 0 | ' | 0 | ' | 0 |
Loans Receivable. - Recorded Investment With Allowance | 0 | ' | 0 | ' | 0 |
Loans Receivable - Total Recorded Investment | 0 | ' | 0 | ' | 0 |
Loans Receivable- Related Allowance | 0 | ' | 0 | ' | 0 |
Loans Receivable. - Average Recorded Investment | ' | ' | $0 | ' | $0 |
Note_5_Loans_Details_Troubled_
Note 5 - Loans (Details) - Troubled Debt Restructurings (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' |
Loans Receivable - Number of Loans | 3 | 0 | 4 | 1 |
Loans Receivable - Pre-Modification Outstanding Recorded Investment | $2,896 | $0 | $3,438 | $542 |
Loans Receivable - Post-Modification Outstanding Recorded Investment | 2,896 | 0 | 3,438 | 542 |
Commercial Real Estate-Construction [Member] | ' | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' |
Loans Receivable - Number of Loans | 0 | 0 | 0 | 0 |
Loans Receivable - Pre-Modification Outstanding Recorded Investment | 0 | 0 | 0 | 0 |
Loans Receivable - Post-Modification Outstanding Recorded Investment | 0 | 0 | 0 | 0 |
Commercial Real Estate-Mortgages [Member] | ' | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' |
Loans Receivable - Number of Loans | 0 | 0 | 0 | 0 |
Loans Receivable - Pre-Modification Outstanding Recorded Investment | 0 | 0 | 0 | 0 |
Loans Receivable - Post-Modification Outstanding Recorded Investment | 0 | 0 | 0 | 0 |
Land [Member] | ' | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' |
Loans Receivable - Number of Loans | 2 | 0 | 3 | 1 |
Loans Receivable - Pre-Modification Outstanding Recorded Investment | 2,565 | 0 | 3,107 | 542 |
Loans Receivable - Post-Modification Outstanding Recorded Investment | 2,565 | 0 | 3,107 | 542 |
Farmland [Member] | ' | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' |
Loans Receivable - Number of Loans | 0 | 0 | 0 | 0 |
Loans Receivable - Pre-Modification Outstanding Recorded Investment | 0 | 0 | 0 | 0 |
Loans Receivable - Post-Modification Outstanding Recorded Investment | 0 | 0 | 0 | 0 |
Commercial And Industrial [Member] | ' | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' |
Loans Receivable - Number of Loans | 1 | 0 | 1 | 0 |
Loans Receivable - Pre-Modification Outstanding Recorded Investment | 331 | 0 | 331 | 0 |
Loans Receivable - Post-Modification Outstanding Recorded Investment | 331 | 0 | 331 | 0 |
Consumer [Member] | ' | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' |
Loans Receivable - Number of Loans | 0 | 0 | 0 | 0 |
Loans Receivable - Pre-Modification Outstanding Recorded Investment | 0 | 0 | 0 | 0 |
Loans Receivable - Post-Modification Outstanding Recorded Investment | 0 | 0 | 0 | 0 |
Consumer Residential [Member] | ' | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' |
Loans Receivable - Number of Loans | 0 | 0 | 0 | 0 |
Loans Receivable - Pre-Modification Outstanding Recorded Investment | 0 | 0 | 0 | 0 |
Loans Receivable - Post-Modification Outstanding Recorded Investment | 0 | 0 | 0 | 0 |
Agriculture [Member] | ' | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' |
Loans Receivable - Number of Loans | 0 | 0 | 0 | 0 |
Loans Receivable - Pre-Modification Outstanding Recorded Investment | 0 | 0 | 0 | 0 |
Loans Receivable - Post-Modification Outstanding Recorded Investment | $0 | $0 | $0 | $0 |
Note_5_Loans_Details_Weighted_
Note 5 - Loans (Details) - Weighted Average Risk Grades Of Loan Portfolio | 6 Months Ended | 12 Months Ended |
Jun. 30, 2014 | Dec. 31, 2013 | |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans Receivable - Weighted Average Risk Grade | 3.19 | 3.2 |
Commercial Real Estate-Construction [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans Receivable - Weighted Average Risk Grade | 3.08 | 3.84 |
Commercial Real Estate-Mortgages [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans Receivable - Weighted Average Risk Grade | 3.17 | 3.14 |
Land [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans Receivable - Weighted Average Risk Grade | 4.49 | 4.5 |
Farmland [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans Receivable - Weighted Average Risk Grade | 3.01 | 3.04 |
Commercial And Industrial [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans Receivable - Weighted Average Risk Grade | 3.23 | 3.13 |
Consumer [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans Receivable - Weighted Average Risk Grade | 2.32 | 2.31 |
Consumer Residential [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans Receivable - Weighted Average Risk Grade | 3.03 | 3.05 |
Agriculture [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans Receivable - Weighted Average Risk Grade | 3.21 | 3.27 |
Note_5_Loans_Details_Loans_by_
Note 5 - Loans (Details) - Loans by Credit Quality Indicator (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Risk Grade Total by Class | $435,671,000 | $419,438,000 |
Commercial Real Estate-Construction [Member] | Pass [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Risk Grade Total by Class | 14,575,000 | 15,555,000 |
Commercial Real Estate-Construction [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Risk Grade Total by Class | 14,575,000 | 15,555,000 |
Commercial Real Estate-Mortgages [Member] | Pass [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Risk Grade Total by Class | 304,266,000 | 278,533,000 |
Commercial Real Estate-Mortgages [Member] | Special Mention [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Risk Grade Total by Class | 2,797,000 | 3,758,000 |
Commercial Real Estate-Mortgages [Member] | Substandard [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Risk Grade Total by Class | 2,300,000 | 3,549,000 |
Commercial Real Estate-Mortgages [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Risk Grade Total by Class | 309,363,000 | 285,840,000 |
Land [Member] | Pass [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Risk Grade Total by Class | 7,329,000 | 7,323,000 |
Land [Member] | Substandard [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Risk Grade Total by Class | 3,736,000 | 3,834,000 |
Land [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Risk Grade Total by Class | 11,065,000 | 11,157,000 |
Farmland [Member] | Pass [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Risk Grade Total by Class | 21,060,000 | 20,229,000 |
Farmland [Member] | Substandard [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Risk Grade Total by Class | 82,000 | 92,000 |
Farmland [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Risk Grade Total by Class | 21,142,000 | 20,321,000 |
Commercial And Industrial [Member] | Pass [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Risk Grade Total by Class | 33,142,000 | 46,712,000 |
Commercial And Industrial [Member] | Special Mention [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Risk Grade Total by Class | 3,916,000 | 253,000 |
Commercial And Industrial [Member] | Substandard [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Risk Grade Total by Class | 1,757,000 | 1,822,000 |
Commercial And Industrial [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Risk Grade Total by Class | 38,815,000 | 48,787,000 |
Consumer [Member] | Pass [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Risk Grade Total by Class | 826,000 | 867,000 |
Consumer [Member] | Substandard [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Risk Grade Total by Class | 17,000 | 16,000 |
Consumer [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Risk Grade Total by Class | 843,000 | 883,000 |
Consumer Residential [Member] | Pass [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Risk Grade Total by Class | 25,241,000 | 25,200,000 |
Consumer Residential [Member] | Substandard [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Risk Grade Total by Class | 301,000 | 423,000 |
Consumer Residential [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Risk Grade Total by Class | 25,542,000 | 25,623,000 |
Agriculture [Member] | Pass [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Risk Grade Total by Class | 14,326,000 | 11,272,000 |
Agriculture [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Risk Grade Total by Class | 14,326,000 | 11,272,000 |
Pass [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Risk Grade Total by Class | 420,765,000 | 405,691,000 |
Special Mention [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Risk Grade Total by Class | 6,713,000 | 4,011,000 |
Substandard [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Risk Grade Total by Class | $8,193,000 | $9,736,000 |
Note_5_Loans_Details_Allowance
Note 5 - Loans (Details) - Allowance for Loan Losses (USD $) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' | ' |
Beginning balance | $7,615,000 | $7,743,000 | $7,659,000 | $7,975,000 | ' |
Ending balance | 7,602,000 | 7,570,000 | 7,602,000 | 7,570,000 | ' |
Allowance for loan losses for loans: | ' | ' | ' | ' | ' |
Individually evaluated for impairment | 1,068,000 | ' | 1,068,000 | ' | 392,000 |
Collectively evaluated for impairment | 6,534,000 | ' | 6,534,000 | ' | 7,267,000 |
Ending gross loan balances: | ' | ' | ' | ' | ' |
Individually evaluated for impairment | 4,166,000 | ' | 4,166,000 | ' | 2,340,000 |
Collectively evaluated for impairment | 431,505,000 | ' | 431,505,000 | ' | 417,099,000 |
Gross Loan Balance | 435,671,000 | ' | 435,671,000 | ' | 419,438,000 |
Charge-offs | -15,000 | -279,000 | -68,000 | -620,000 | ' |
Recoveries | 1,879,000 | 6,000 | 1,888,000 | 15,000 | ' |
Provision | -1,877,000 | 100,000 | -1,877,000 | 200,000 | ' |
Commercial Real Estate Loan [Member] | ' | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' | ' |
Beginning balance | 6,192,000 | 6,536,000 | 6,247,000 | 6,571,000 | ' |
Ending balance | 6,256,000 | 6,377,000 | 6,256,000 | 6,377,000 | ' |
Allowance for loan losses for loans: | ' | ' | ' | ' | ' |
Individually evaluated for impairment | 1,068,000 | ' | 1,068,000 | ' | 392,000 |
Collectively evaluated for impairment | 5,188,000 | ' | 5,188,000 | ' | 5,855,000 |
Ending gross loan balances: | ' | ' | ' | ' | ' |
Individually evaluated for impairment | 3,818,000 | ' | 3,818,000 | ' | 2,322,000 |
Collectively evaluated for impairment | 352,327,000 | ' | 352,327,000 | ' | 330,551,000 |
Gross Loan Balance | 356,145,000 | ' | 356,145,000 | ' | 332,873,000 |
Charge-offs | 0 | -200,000 | -50,000 | -435,000 | ' |
Recoveries | 1,877,000 | 2,000 | 1,877,000 | 8,000 | ' |
Provision | -1,813,000 | 39,000 | -1,818,000 | 233,000 | ' |
Commercial And Industrial [Member] | ' | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' | ' |
Beginning balance | 742,000 | 470,000 | 663,000 | 474,000 | ' |
Ending balance | 560,000 | 485,000 | 560,000 | 485,000 | ' |
Allowance for loan losses for loans: | ' | ' | ' | ' | ' |
Individually evaluated for impairment | 0 | ' | 0 | ' | 0 |
Collectively evaluated for impairment | 560,000 | ' | 560,000 | ' | 663,000 |
Ending gross loan balances: | ' | ' | ' | ' | ' |
Individually evaluated for impairment | 348,000 | ' | 348,000 | ' | 18,000 |
Collectively evaluated for impairment | 38,467,000 | ' | 38,467,000 | ' | 48,769,000 |
Gross Loan Balance | 38,815,000 | ' | 38,815,000 | ' | 48,787,000 |
Charge-offs | 0 | 0 | 0 | 0 | ' |
Recoveries | 0 | ' | 0 | 0 | ' |
Provision | -182,000 | 15,000 | -103,000 | 11,000 | ' |
Consumer [Member] | ' | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' | ' |
Beginning balance | 45,000 | 43,000 | 47,000 | 50,000 | ' |
Ending balance | 51,000 | 42,000 | 51,000 | 42,000 | ' |
Allowance for loan losses for loans: | ' | ' | ' | ' | ' |
Individually evaluated for impairment | 0 | ' | 0 | ' | 0 |
Collectively evaluated for impairment | 51,000 | ' | 51,000 | ' | 47,000 |
Ending gross loan balances: | ' | ' | ' | ' | ' |
Individually evaluated for impairment | 0 | ' | 0 | ' | 0 |
Collectively evaluated for impairment | 843,000 | ' | 843,000 | ' | 883,000 |
Gross Loan Balance | 843,000 | ' | 843,000 | ' | 883,000 |
Charge-offs | -15,000 | -1,000 | -18,000 | -6,000 | ' |
Recoveries | 0 | 1,000 | 1,000 | 2,000 | ' |
Provision | 21,000 | -1,000 | 21,000 | -4,000 | ' |
Consumer Residential [Member] | ' | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' | ' |
Beginning balance | 417,000 | 439,000 | 440,000 | 384,000 | ' |
Ending balance | 430,000 | 380,000 | 430,000 | 380,000 | ' |
Allowance for loan losses for loans: | ' | ' | ' | ' | ' |
Individually evaluated for impairment | 0 | ' | 0 | ' | 0 |
Collectively evaluated for impairment | 430,000 | ' | 430,000 | ' | 440,000 |
Ending gross loan balances: | ' | ' | ' | ' | ' |
Individually evaluated for impairment | 0 | ' | 0 | ' | 0 |
Collectively evaluated for impairment | 25,542,000 | ' | 25,542,000 | ' | 25,623,000 |
Gross Loan Balance | 25,542,000 | ' | 25,542,000 | ' | 25,623,000 |
Charge-offs | 0 | -78,000 | 0 | -179,000 | ' |
Recoveries | 2,000 | 3,000 | 10,000 | 5,000 | ' |
Provision | 11,000 | 16,000 | -20,000 | 170,000 | ' |
Agriculture [Member] | ' | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' | ' |
Beginning balance | 215,000 | 203,000 | 217,000 | 286,000 | ' |
Ending balance | 261,000 | 186,000 | 261,000 | 186,000 | ' |
Allowance for loan losses for loans: | ' | ' | ' | ' | ' |
Individually evaluated for impairment | 0 | ' | 0 | ' | 0 |
Collectively evaluated for impairment | 261,000 | ' | 261,000 | ' | 217,000 |
Ending gross loan balances: | ' | ' | ' | ' | ' |
Individually evaluated for impairment | 0 | ' | 0 | ' | 0 |
Collectively evaluated for impairment | 14,326,000 | ' | 14,326,000 | ' | 11,272,000 |
Gross Loan Balance | 14,326,000 | ' | 14,326,000 | ' | 11,272,000 |
Charge-offs | 0 | 0 | 0 | 0 | ' |
Recoveries | 0 | 0 | 0 | 0 | ' |
Provision | 46,000 | -17,000 | 44,000 | -100,000 | ' |
Unallocated Financing Receivables [Member] | ' | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' | ' |
Beginning balance | 4,000 | 52,000 | 45,000 | 210,000 | ' |
Ending balance | 44,000 | 100,000 | 44,000 | 100,000 | ' |
Allowance for loan losses for loans: | ' | ' | ' | ' | ' |
Individually evaluated for impairment | 0 | ' | 0 | ' | 0 |
Collectively evaluated for impairment | 44,000 | ' | 44,000 | ' | 45,000 |
Ending gross loan balances: | ' | ' | ' | ' | ' |
Individually evaluated for impairment | 0 | ' | 0 | ' | 0 |
Collectively evaluated for impairment | 0 | ' | 0 | ' | 0 |
Gross Loan Balance | 0 | ' | 0 | ' | 0 |
Charge-offs | 0 | 0 | 0 | 0 | ' |
Recoveries | 0 | 0 | 0 | 0 | ' |
Provision | $40,000 | $48,000 | ($1,000) | ($110,000) | ' |
Note_5_Loans_Details_Changes_i
Note 5 - Loans (Details) - Changes in the Allowance Off Balance Sheet Commitments (USD $) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Changes in the Allowance Off Balance Sheet Commitments [Abstract] | ' | ' | ' | ' |
Balance, beginning of period | $131 | $124 | $134 | $108 |
Provision (Recovery) to Operations for Off Balance Sheet Commitments | 17 | -2 | 14 | 14 |
Balance, end of period | $148 | $122 | $148 | $122 |
Note_6_Other_Real_Estate_Owned1
Note 6 - Other Real Estate Owned (Details) (USD $) | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | |
Note 6 - Other Real Estate Owned (Details) [Line Items] | ' | ' | ' |
Number of Real Estate Properties | 3 | ' | 3 |
Real Estate Acquired Through Foreclosure | $899,000 | ' | $916,000 |
Proceeds from Sale of Other Real Estate | 0 | 54,000 | ' |
Number of Real Estate Properties Sold | ' | 1 | ' |
Gain (Loss) on Sale of OREO Property | ' | -1,000 | ' |
Residential Land [Member] | ' | ' | ' |
Note 6 - Other Real Estate Owned (Details) [Line Items] | ' | ' | ' |
Number of Real Estate Properties | 1 | ' | ' |
Real Estate Acquired Through Foreclosure | $0 | ' | ' |
Note_7_Other_PostRetirement_Be1
Note 7 - Other Post-Retirement Benefit Plans (Details) (USD $) | 1 Months Ended | 6 Months Ended | ||
Mar. 31, 2014 | Jan. 31, 2008 | Jun. 30, 2014 | Dec. 31, 2013 | |
Note 7 - Other Post-Retirement Benefit Plans (Details) [Line Items] | ' | ' | ' | ' |
Other Postretirement Defined Benefit Plan Expected Annual Future Benefit Payments Period | ' | ' | '20 years | ' |
Other Postretirement Defined Benefit Plan, Liabilities | ' | ' | $2,106,000 | $2,021,000 |
Payments to Acquire Life Insurance Policies | 1,000,000 | 4,700,000 | ' | ' |
Bank Owned Life Insurance | ' | ' | $13,323,000 | $12,083,000 |
Director Retirement Plan [Member] | ' | ' | ' | ' |
Note 7 - Other Post-Retirement Benefit Plans (Details) [Line Items] | ' | ' | ' | ' |
Other Postretirement Defined Benefit Plan Expected Annual Future Benefit Payments Period | ' | ' | '10 years | ' |
Note_8_Financial_Instruments_a2
Note 8 - Financial Instruments and Fair Value Measurements (Details) (Other Real Estate Owned [Member]) | 6 Months Ended |
Jun. 30, 2014 | |
Other Real Estate Owned [Member] | ' |
Note 8 - Financial Instruments and Fair Value Measurements (Details) [Line Items] | ' |
Fair Value Inputs, Discount Rate | 6.00% |
Note_8_Financial_Instruments_a3
Note 8 - Financial Instruments and Fair Value Measurements (Details) - Fair Value of Financial Instruments (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||||
Financial assets: | ' | ' | ' | ' |
Cash and cash equivalents | $88,488 | $105,191 | $105,717 | $141,335 |
Loans, net | 427,655 | 411,156 | ' | ' |
Financial liabilities: | ' | ' | ' | ' |
Deposits | 602,978 | 602,633 | ' | ' |
Fair Value, Inputs, Level 1 [Member] | ' | ' | ' | ' |
Financial assets: | ' | ' | ' | ' |
Cash and cash equivalents | 88,488 | 105,191 | ' | ' |
Cash and cash equivalents | 88,488 | 105,191 | ' | ' |
Fair Value, Inputs, Level 2 [Member] | ' | ' | ' | ' |
Financial assets: | ' | ' | ' | ' |
Restricted equity securities | 3,275 | 3,170 | ' | ' |
Restricted equity securities | 3,275 | 3,170 | ' | ' |
Interest receivable | 1,930 | 2,011 | ' | ' |
Financial liabilities: | ' | ' | ' | ' |
Interest payable | -38 | -60 | ' | ' |
Fair Value, Inputs, Level 3 [Member] | ' | ' | ' | ' |
Financial assets: | ' | ' | ' | ' |
Loans, net | 427,655 | 411,156 | ' | ' |
Loans, net | 441,257 | 426,433 | ' | ' |
Financial liabilities: | ' | ' | ' | ' |
Deposits | -602,978 | -602,633 | ' | ' |
Deposits | -538,758 | -590,495 | ' | ' |
Off-balance-sheet assets (liabilities): | ' | ' | ' | ' |
Commitments and standby letters of credit | ($580) | ($526) | ' | ' |
Note_8_Financial_Instruments_a4
Note 8 - Financial Instruments and Fair Value Measurements (Details) - Assets and Liabilities Measured at Fair Value On Recurring and Non Recurring Basis (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities | $124,479,000 | $117,746,000 |
Other real estate owned | 899,000 | 916,000 |
US Agency [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities | 0 | 0 |
US Agency [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities | 47,966,000 | 53,116,000 |
US Agency [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities | 0 | 0 |
US Agency [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities | 47,966,000 | 53,116,000 |
Collateralized Mortgage Obligations [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities | 0 | 0 |
Collateralized Mortgage Obligations [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities | 8,378,000 | 9,781,000 |
Collateralized Mortgage Obligations [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities | 0 | 0 |
Collateralized Mortgage Obligations [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities | 8,378,000 | 9,781,000 |
Municipalities [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities | 0 | 0 |
Municipalities [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities | 48,427,000 | 40,269,000 |
Municipalities [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities | 0 | 0 |
Municipalities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities | 48,427,000 | 40,269,000 |
SBA Pool [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities | 0 | 0 |
SBA Pool [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities | 918,000 | 1,081,000 |
SBA Pool [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities | 0 | 0 |
SBA Pool [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities | 918,000 | 1,081,000 |
Corporate Debt [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities | 0 | 0 |
Corporate Debt [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities | 6,827,000 | 4,825,000 |
Corporate Debt [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities | 0 | 0 |
Corporate Debt [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities | 6,827,000 | 4,825,000 |
Asset-backed Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities | 0 | 0 |
Asset-backed Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities | 9,045,000 | 5,856,000 |
Asset-backed Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities | ' | 0 |
Asset-backed Securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities | 9,045,000 | 5,856,000 |
Mutual Fund [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities | 2,918,000 | 2,818,000 |
Mutual Fund [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities | 0 | 0 |
Mutual Fund [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities | 0 | 0 |
Mutual Fund [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities | 2,918,000 | 2,818,000 |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Nonrecurring [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Impaired loans | 0 | 0 |
Other real estate owned | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Nonrecurring [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Impaired loans | 0 | 0 |
Other real estate owned | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Nonrecurring [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Impaired loans | 1,815,000 | 790,000 |
Other real estate owned | 899,000 | 916,000 |
Fair Value, Measurements, Nonrecurring [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Impaired loans | 1,815,000 | 790,000 |
Other real estate owned | $899,000 | $916,000 |
Note_9_Earnings_Per_Share_Deta
Note 9 - Earnings Per Share (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Note 9 - Earnings Per Share (Details) [Line Items] | ' | ' | ' | ' |
Number Of Forms Of Outstanding Common Stock | ' | ' | 2 | ' |
Equity Option [Member] | ' | ' | ' | ' |
Note 9 - Earnings Per Share (Details) [Line Items] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 68,500 | 69,995 | 68,500 | 71,738 |
Equity Option [Member] | Minimum [Member] | ' | ' | ' | ' |
Note 9 - Earnings Per Share (Details) [Line Items] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price (in Dollars per share) | 9.95 | 8.25 | 9.95 | 8.25 |
Equity Option [Member] | Maximum [Member] | ' | ' | ' | ' |
Note 9 - Earnings Per Share (Details) [Line Items] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price (in Dollars per share) | 15.67 | 15.67 | 15.67 | 15.67 |
Restricted Stock [Member] | ' | ' | ' | ' |
Note 9 - Earnings Per Share (Details) [Line Items] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0 | 0 | 0 | 0 |
Note_9_Earnings_Per_Share_Deta1
Note 9 - Earnings Per Share (Details) - Earnings Per Share (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
BASIC EARNINGS PER SHARE | ' | ' | ' | ' |
Net income available to common shareholders (in Dollars) | $2,537 | $1,374 | $3,945 | $2,606 |
Weighted average shares outstanding | 7,954 | 7,802 | 7,916 | 7,790 |
Effect of dilutive stock options | 2 | 7 | 8 | 12 |
Effect of dilutive non-vested restricted shares | 46 | 34 | 48 | 35 |
Weighted average shares of common stock and common stock equivalents | 8,002 | 7,843 | 7,972 | 7,837 |
Net income per diluted common share (in Dollars per share) | $0.32 | $0.18 | $0.49 | $0.33 |
Net income per common share (in Dollars per share) | $0.32 | $0.18 | $0.50 | $0.33 |