Document_And_Entity_Informatio
Document And Entity Information | 9 Months Ended | |
Sep. 30, 2014 | Nov. 14, 2014 | |
Document and Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'HomeTown Bankshares Corp | ' |
Document Type | '10-Q | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Common Stock, Shares Outstanding | ' | 3,287,567 |
Amendment Flag | 'false | ' |
Entity Central Index Key | '0001461640 | ' |
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-Sep-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Consolidated_Balance_Sheets_Cu
Consolidated Balance Sheets (Current Period Unaudited) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Assets | ' | ' |
Cash and due from banks | $14,051 | $19,537 |
Federal funds sold | 111 | 738 |
Securities available for sale, at fair value | 56,662 | 57,922 |
Restricted equity securities, at cost | 2,577 | 2,564 |
Loans held for sale | 317 | 0 |
Loans, net of allowance for loan losses of $3,522 in 2014 and $3,721 in 2013 | 315,842 | 294,212 |
Property and equipment, net | 13,536 | 12,155 |
Other real estate owned, net of valuation allowance of $513 in 2014 and $935 in 2013 | 8,686 | 8,143 |
Bank owned life insurance | 3,595 | 3,518 |
Deferred tax asset, net | 100 | 1,159 |
Accrued income | 1,777 | 1,877 |
Other assets | 659 | 612 |
Total assets | 417,913 | 402,437 |
Liabilities and Stockholders’ Equity | ' | ' |
Noninterest-bearing | 47,179 | 46,232 |
Interest-bearing | 304,298 | 293,538 |
Total deposits | 351,477 | 339,770 |
Short term borrowings | 469 | 258 |
Federal Home Loan Bank borrowings | 22,250 | 22,000 |
Accrued interest payable | 295 | 286 |
Other liabilities | 1,174 | 585 |
Total liabilities | 375,665 | 362,899 |
Commitments and contingencies | ' | ' |
Stockholders’ Equity: | ' | ' |
Common stock, $5 par value; authorized 10,000,000 shares; issued and outstanding 3,287,567(includes 37,727 restricted shares) at September 30, 2014 and 3,270,299 (includes 27,846 restricted shares) at December 31, 2013 | 16,438 | 16,351 |
Surplus | 15,293 | 15,339 |
Retained deficit | -3,063 | -4,846 |
Accumulated other comprehensive income (loss) | 287 | -599 |
Total stockholders’ equity | 42,248 | 39,538 |
Total liabilities and stockholders’ equity | 417,913 | 402,437 |
Series C Preferred Stock [Member] | ' | ' |
Stockholders’ Equity: | ' | ' |
Convertible preferred stock, no par value; Series C 20,000 shares authorized, 14,000 issued and outstanding at September 30, 2014 and December 31, 2013 | $13,293 | $13,293 |
Consolidated_Balance_Sheets_Cu1
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Loans, allowance for loan losses (in Dollars) | $3,522 | $3,721 |
Other real estate owned, valuation allowance (in Dollars) | $513 | $935 |
Common stock, par value (in Dollars per share) | $5 | $5 |
Common stock, authorized shares | 10,000,000 | 10,000,000 |
Common stock, shares issued | 3,287,567 | 3,270,299 |
Common stock, shares outstanding | 3,287,567 | 3,270,299 |
Common stock, restricted shares | 37,727 | 27,846 |
Series C Preferred Stock [Member] | ' | ' |
Preferred stock, par value (in Dollars per share) | $0 | $0 |
Preferred stock, authorized | 20,000 | 20,000 |
Preferred stock, issued | 14,000 | 14,000 |
Preferred stock, outstanding | 14,000 | 14,000 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Interest income: | ' | ' | ' | ' |
Loans and fees on loans | $3,845 | $3,637 | $11,314 | $10,687 |
Taxable investment securities | 240 | 288 | 770 | 979 |
Nontaxable investment securities | 106 | 58 | 293 | 121 |
Dividends on restricted stock | 32 | 25 | 94 | 73 |
Other interest income | 9 | 12 | 30 | 33 |
Total interest and dividend income | 4,232 | 4,020 | 12,501 | 11,893 |
Interest expense: | ' | ' | ' | ' |
Deposits | 426 | 459 | 1,308 | 1,402 |
Other borrowed funds | 94 | 94 | 286 | 281 |
Total interest expense | 520 | 553 | 1,594 | 1,683 |
Net interest income | 3,712 | 3,467 | 10,907 | 10,210 |
Provision for loan losses | ' | ' | 202 | 125 |
Net interest income after provision for loan losses | 3,712 | 3,467 | 10,705 | 10,085 |
Noninterest income: | ' | ' | ' | ' |
Service charges on deposit accounts | 118 | 77 | 326 | 227 |
ATM and interchange income | 113 | 84 | 316 | 245 |
Mortgage loan brokerage fees | 102 | 62 | 149 | 225 |
Gains on sales of investment securities | ' | 8 | 108 | 116 |
Other income | 168 | 87 | 441 | 275 |
Total noninterest income | 501 | 318 | 1,340 | 1,088 |
Noninterest expense: | ' | ' | ' | ' |
Salaries and employee benefits | 1,510 | 1,355 | 4,303 | 4,072 |
Occupancy and equipment expense | 398 | 331 | 1,128 | 972 |
Data processing expense | 177 | 152 | 529 | 437 |
Advertising and marketing expense | 196 | 99 | 431 | 364 |
Professional fees | 245 | 88 | 432 | 385 |
Bank franchise taxes | 65 | 51 | 196 | 152 |
FDIC insurance expense | 85 | 128 | 197 | 399 |
Gains, losses on sales and writedowns of other real estate owned, net | ' | ' | -5 | 351 |
Other real estate owned expense | 50 | 91 | 173 | 192 |
Directors' fees | 56 | 52 | 165 | 162 |
Other expense | 310 | 290 | 997 | 790 |
Total noninterest expense | 3,092 | 2,637 | 8,546 | 8,276 |
Net income before income taxes | 1,121 | 1,148 | 3,499 | 2,897 |
Income tax expense | 344 | 376 | 1,086 | 958 |
Net income | 777 | 772 | 2,413 | 1,939 |
Effective dividends on preferred stock | 210 | 372 | 630 | 639 |
Accretion of discount on preferred stock | ' | 102 | ' | 142 |
Net income available to common shareholders | $567 | $298 | $1,783 | $1,158 |
Basic earnings per common share (in Dollars per share) | $0.17 | $0.09 | $0.54 | $0.35 |
Diluted earnings per common share (in Dollars per share) | $0.14 | $0.09 | $0.44 | $0.33 |
Weighted average common shares outstanding (in Shares) | 3,287,567 | 3,270,299 | 3,283,962 | 3,268,646 |
Diluted weighted average common shares outstanding (in Shares) | 5,527,567 | 5,510,299 | 5,523,962 | 4,048,133 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Net income | $777 | $772 | $2,413 | $1,939 |
Other Comprehensive Income (Loss): | ' | ' | ' | ' |
Net unrealized holding gains (losses) on securities available for sale during the period | 168 | -438 | 1,450 | -2,506 |
Deferred income tax (expense) benefit on unrealized holding gains (losses) on securities available for sale | -57 | 149 | -493 | 847 |
Reclassification adjustment for gains included in net income | ' | -8 | -108 | -116 |
Tax expense related to realized gains on securities sold | ' | 3 | 37 | 39 |
Total other comprehensive income (loss) | 111 | -294 | 886 | -1,736 |
Comprehensive income | $888 | $478 | $3,299 | $203 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (Unaudited) (USD $) | 9 Months Ended | 12 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 |
Cash flows from operating activities: | ' | ' | ' |
Net income | $2,413 | $1,939 | ' |
Adjustments to reconcile net income to net cash provided by operations: | ' | ' | ' |
Depreciation and amortization | 482 | 391 | ' |
Provision for loan losses | 202 | 125 | 125 |
Amortization of premium on securities, net | 438 | 519 | ' |
Gains, losses on sales and writedowns of other real estate, net | -5 | 351 | ' |
Gains on sales of investment securities | -108 | -116 | ' |
Gains on disposals of fixed assets | ' | -7 | ' |
Increase in value of life insurance contracts | -77 | ' | ' |
Stock compensation expense | 41 | 29 | ' |
Changes in assets and liabilities: | ' | ' | ' |
Loans held for sale | -317 | ' | ' |
Deferred tax asset, net | 603 | 835 | ' |
Accrued income | 100 | -191 | ' |
Other assets | -47 | 1,054 | ' |
Accrued interest payable | 9 | -23 | ' |
Other liabilities | 589 | -572 | ' |
Net cash flows provided by operating activities | 4,323 | 4,334 | ' |
Cash flows from investing activities: | ' | ' | ' |
Net decrease (increase) in federal funds sold | 627 | -1,224 | ' |
Purchases of investment securities | -6,438 | -16,684 | ' |
Sales, maturities, and calls of available for sale securities | 8,710 | 17,517 | ' |
(Purchase) redemption of restricted equity securities, net | -13 | 177 | ' |
Net increase in loans | -23,352 | -14,231 | ' |
Proceeds from sales of other real estate | 982 | 1,800 | ' |
Purchases of property and equipment | -1,863 | -2,010 | ' |
Proceeds from disposals of property and equipment | ' | 9 | ' |
Net cash flows used in investing activities | -21,347 | -14,646 | ' |
Cash flows from financing activities: | ' | ' | ' |
Net increase in noninterest-bearing deposits | 947 | 10,736 | ' |
Net increase in interest-bearing deposits | 10,760 | 4,635 | ' |
Net increase in short-term borrowings | 211 | 306 | ' |
Net increase (decrease) in long-term FHLB borrowings | 250 | -3,000 | ' |
Preferred stock issue, net | ' | 13,300 | ' |
Preferred stock redeemed | ' | -10,374 | ' |
Preferred stock dividend payment | -630 | -639 | ' |
Net cash flows provided by financing activities | 11,538 | 14,964 | ' |
Net (decrease) increase in cash and cash equivalents | -5,486 | 4,652 | ' |
Cash and cash equivalents, beginning | 19,537 | 9,812 | 9,812 |
Cash and cash equivalents, ending | 14,051 | 14,464 | 19,537 |
Supplemental disclosure of cash flow information: | ' | ' | ' |
Cash payments for interest | 1,585 | 1,706 | ' |
Cash payments for income taxes | 42 | 38 | ' |
Supplemental disclosure of noncash investing activities: | ' | ' | ' |
Transfer from loans to other real estate | $1,520 | $1,613 | ' |
Note_1_Organization_and_Summar
Note 1 - Organization and Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2014 | |
Accounting Policies [Abstract] | ' |
Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Text Block] | ' |
Note 1. Organization and Summary of Significant Accounting Policies | |
Organization | |
On September 4, 2009, Hometown Bankshares Corporation (the “Company”) acquired all outstanding stock of HomeTown Bank (the “Bank”) in an exchange for shares of the Registrant on a one-for-one basis to become a single-bank holding company with the Bank becoming a wholly-owned subsidiary. The Bank was organized and incorporated under the laws of the State of Virginia on November 9, 2004 and commenced operations on November 14, 2005. The Bank currently serves Roanoke City, Virginia, the County of Roanoke, Virginia, the City of Salem, Virginia, Christiansburg, Virginia, and surrounding areas. As a state chartered bank which is a member of the Federal Reserve System, the Bank is subject to regulation by the Virginia Bureau of Financial Institutions, the Federal Deposit Insurance Corporation and the Federal Reserve Board. | |
Basis of Presentation | |
The consolidated financial statements as of September 30, 2014 and for the periods ended September 30, 2014 and 2013 included herein, have been prepared by HomeTown Bankshares Corporation, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. | |
Management believes that all interim adjustments for the period ended September 30, 2014 are of a normal recurring nature. In the opinion of management, the information furnished in the interim consolidated financial statements reflects all adjustments necessary to present fairly the Company’s financial position, results of operations and cash flows for such interim periods. These consolidated financial statements should be read in conjunction with the Company’s audited financial statements and the notes thereto as of December 31, 2013, included in the Company’s Form 10-K for the year ended December 31, 2013. Interim financial performance is not necessarily indicative of performance for the full year. | |
The accounting and reporting policies of the Company follow generally accepted accounting principles and general practices within the financial services industry. | |
The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary HomeTown Bank. All significant intercompany accounts and transactions associated with the Company’s wholly-owned subsidiary have been eliminated. | |
Our accounting policies and basic principles have not changed since the summary disclosure of these in our Annual Report on Form 10-K. Please refer to Form 10-K for these policies. | |
Subsequent Events | |
In preparing these financial statements, the Company has evaluated events and transactions for potential recognition or disclosure through the date of this filing. |
Note_2_Investment_Securities
Note 2 - Investment Securities | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | ||||||||||||||||||||||||
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | ' | ||||||||||||||||||||||||
Note 2. Investment Securities | |||||||||||||||||||||||||
The amortized cost and fair value of available-for-sale securities as of September 30, 2014 and December 31, 2013, are as follows: | |||||||||||||||||||||||||
(Dollars In Thousands) | 30-Sep-14 | ||||||||||||||||||||||||
Amortized | Gross | Gross | Estimated | ||||||||||||||||||||||
Cost | Unrealized | Unrealized | Fair | ||||||||||||||||||||||
Gains | Losses | Value | |||||||||||||||||||||||
U. S. Government agency securities | $ | 27,109 | $ | 308 | $ | (225 | ) | $ | 27,192 | ||||||||||||||||
Mortgage-backed securities | 11,212 | 144 | (74 | ) | 11,282 | ||||||||||||||||||||
Municipal securities | 17,906 | 425 | (143 | ) | 18,188 | ||||||||||||||||||||
$ | 56,227 | $ | 877 | $ | (442 | ) | $ | 56,662 | |||||||||||||||||
(Dollars In Thousands) | 31-Dec-13 | ||||||||||||||||||||||||
Amortized | Gross | Gross | Estimated | ||||||||||||||||||||||
Cost | Unrealized | Unrealized | Fair | ||||||||||||||||||||||
Gains | Losses | Value | |||||||||||||||||||||||
U. S. Government agency securities | $ | 26,489 | $ | 235 | $ | (440 | ) | $ | 26,284 | ||||||||||||||||
Mortgage-backed securities | 15,328 | 193 | (160 | ) | 15,361 | ||||||||||||||||||||
Municipal securities | 17,012 | 68 | (803 | ) | 16,277 | ||||||||||||||||||||
$ | 58,829 | $ | 496 | $ | (1,403 | ) | $ | 57,922 | |||||||||||||||||
U. S. Government and federal agency securities: The unrealized losses on 22 of the Company’s investments in obligations of the U. S. government were caused by increases in market interest rates over the yields available at the time the securities were purchased. The contractual terms of those investments do not permit the issuer to settle the securities at a price less than the amortized cost bases of the investments. Because the Company does not intend to sell the investments before recovery of their amortized cost bases, which may be maturity, the Company does not consider those investments to be other-than-temporarily impaired at September 30, 2014. | |||||||||||||||||||||||||
Mortgage-backed securities: The unrealized losses on 9 of the Company’s investments in government-sponsored entity mortgage-backed securities were caused by increases in market interest rates over the yields available at the time the securities were purchased. Because the decline in market value is attributable to changes in interest rates and not credit quality, and because the Company does not intend to sell the investments before recovery of their amortized cost bases, which may be maturity, the Company does not consider those investments to be other-than-temporarily impaired at September 30, 2014. | |||||||||||||||||||||||||
Municipal securities: The unrealized losses on 15 of the Company’s investments in obligations of municipal securities were caused by increases in market interest rates over the yields available at the time the securities were purchased. All municipal securities are investment grade. Because the decline in market value is attributable to changes in interest rates, credit spreads, ratings and not credit quality, and because the Company does not intend to sell the investments before recovery of their amortized cost bases, which may be maturity, the Company does not consider those investments to be other-than-temporarily impaired at September 30, 2014. | |||||||||||||||||||||||||
The following tables demonstrate the unrealized loss position of available-for-sale securities at September 30, 2014 and December 31, 2013. This information summarizes the amount of time individual securities have been in a continuous, unrealized loss position. | |||||||||||||||||||||||||
30-Sep-14 | |||||||||||||||||||||||||
Less than 12 months | 12 months or more | Total | |||||||||||||||||||||||
(Dollars In Thousands) | Estimated | Unrealized | Estimated | Unrealized | Estimated | Unrealized | |||||||||||||||||||
Fair | Loss | Fair | Loss | Fair | Loss | ||||||||||||||||||||
Value | Value | Value | |||||||||||||||||||||||
U.S. Government agency securities | $ | 7,147 | $ | (57 | ) | $ | 6,062 | $ | (168 | ) | $ | 13,209 | $ | (225 | ) | ||||||||||
Mortgage-backed securities | 562 | (2 | ) | 4,252 | (72 | ) | 4,814 | (74 | ) | ||||||||||||||||
Municipal securities | 1,546 | (52 | ) | 3,744 | (91 | ) | 5,290 | (143 | ) | ||||||||||||||||
$ | 9,255 | $ | (111 | ) | $ | 14,058 | $ | (331 | ) | $ | 23,313 | $ | (442 | ) | |||||||||||
31-Dec-13 | |||||||||||||||||||||||||
Less than 12 months | 12 months or more | Total | |||||||||||||||||||||||
(Dollars In Thousands) | Estimated | Unrealized | Estimated | Unrealized | Estimated | Unrealized | |||||||||||||||||||
Fair | Loss | Fair | Loss | Fair | Loss | ||||||||||||||||||||
Value | Value | Value | |||||||||||||||||||||||
U.S. Government agency securities | $ | 9,676 | $ | (341 | ) | $ | 1,897 | $ | (99 | ) | $ | 11,573 | $ | (440 | ) | ||||||||||
Mortgage-backed securities | 5,964 | (134 | ) | 1,042 | (26 | ) | 7,006 | (160 | ) | ||||||||||||||||
Municipal securities | 12,253 | (683 | ) | 1,185 | (120 | ) | 13,438 | (803 | ) | ||||||||||||||||
$ | 27,893 | $ | (1,158 | ) | $ | 4,124 | $ | (245 | ) | $ | 32,017 | $ | (1,403 | ) | |||||||||||
There are 46 debt securities with fair values totaling $23.3 million considered temporarily impaired at September 30, 2014. As of September 30, 2014, the Company does not consider any bond in an unrealized loss position to be other-than-temporarily impaired. | |||||||||||||||||||||||||
The Company realized gains of $108 thousand on sales of securities in the first nine months of 2014. The Company realized $116 thousand of gains during the same period last year. | |||||||||||||||||||||||||
The amortized cost and estimated fair values of investment securities available for sale at September 30, 2014, by contractual maturity are as follows: | |||||||||||||||||||||||||
(Dollars In Thousands) | Amortized | Estimated | |||||||||||||||||||||||
Cost | Fair | ||||||||||||||||||||||||
Value | |||||||||||||||||||||||||
One year or less | $ | 255 | $ | 257 | |||||||||||||||||||||
Over one through five years | 710 | 720 | |||||||||||||||||||||||
Over five through ten years | 9,687 | 9,700 | |||||||||||||||||||||||
Greater than 10 years | 45,575 | 45,985 | |||||||||||||||||||||||
$ | 56,227 | $ | 56,662 | ||||||||||||||||||||||
Note_3_Loans_Receivable
Note 3 - Loans Receivable | 9 Months Ended | ||||||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||||||
Receivables [Abstract] | ' | ||||||||||||||||||||||||||||
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | ' | ||||||||||||||||||||||||||||
Note 3. Loans Receivable | |||||||||||||||||||||||||||||
The major classifications of loans in the consolidated balance sheets at September 30, 2014 and December 31, 2013 were as follows: | |||||||||||||||||||||||||||||
(Dollars In Thousands) | September 30, | December 31, | |||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||
Construction loans: | |||||||||||||||||||||||||||||
Residential | $ | 10,517 | $ | 6,768 | |||||||||||||||||||||||||
Land acquisition, development & commercial | 22,149 | 20,904 | |||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||
Residential | 82,519 | 72,934 | |||||||||||||||||||||||||||
Commercial | 132,691 | 126,100 | |||||||||||||||||||||||||||
Commercial, industrial & agricultural | 39,762 | 42,155 | |||||||||||||||||||||||||||
Equity lines | 23,523 | 20,374 | |||||||||||||||||||||||||||
Consumer | 8,203 | 8,698 | |||||||||||||||||||||||||||
Total | 319,364 | 297,933 | |||||||||||||||||||||||||||
Less allowance for loan losses | (3,522 | ) | (3,721 | ) | |||||||||||||||||||||||||
Loans, net | $ | 315,842 | $ | 294,212 | |||||||||||||||||||||||||
The past due and nonaccrual status of loans as of September 30, 2014 was as follows: | |||||||||||||||||||||||||||||
(Dollars In Thousands) | 30-59 Days | 60-89 Days | 90 Days or | Total Past | Current | Total | Nonaccrual | ||||||||||||||||||||||
Past Due | Past Due | More Past | Due | Loans | Loans | ||||||||||||||||||||||||
Due | |||||||||||||||||||||||||||||
Construction loans: | |||||||||||||||||||||||||||||
Residential | $ | - | $ | - | $ | - | $ | - | $ | 10,517 | $ | 10,517 | $ | - | |||||||||||||||
Land acquisition, development & commercial | - | - | - | - | 22,149 | 22,149 | - | ||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||
Residential | 141 | - | 480 | 621 | 81,898 | 82,519 | 480 | ||||||||||||||||||||||
Commercial | - | - | 152 | 152 | 132,539 | 132,691 | 784 | ||||||||||||||||||||||
Commercial, industrial & agricultural | 20 | - | 10 | 30 | 39,732 | 39,762 | 10 | ||||||||||||||||||||||
Equity lines | 180 | - | - | 180 | 23,343 | 23,523 | - | ||||||||||||||||||||||
Consumer | 1 | 37 | - | 38 | 8,165 | 8,203 | 24 | ||||||||||||||||||||||
Total | $ | 342 | $ | 37 | $ | 642 | $ | 1,021 | $ | 318,343 | $ | 319,364 | $ | 1,298 | |||||||||||||||
The past due and nonaccrual status of loans as of December 31, 2013 was as follows: | |||||||||||||||||||||||||||||
(Dollars In Thousands) | 30-59 Days | 60-89 Days | 90 Days or | Total Past | Current | Total | Nonaccrual | ||||||||||||||||||||||
Past Due | Past Due | More Past | Due | Loans | Loans | ||||||||||||||||||||||||
Due | |||||||||||||||||||||||||||||
Construction loans: | |||||||||||||||||||||||||||||
Residential | $ | - | $ | - | $ | - | $ | - | $ | 6,768 | $ | 6,768 | $ | - | |||||||||||||||
Land acquisition, development & commercial | - | - | - | - | 20,904 | 20,904 | - | ||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||
Residential | - | - | 931 | 931 | 72,003 | 72,934 | 707 | ||||||||||||||||||||||
Commercial | - | - | - | - | 126,100 | 126,100 | - | ||||||||||||||||||||||
Commercial, industrial & agricultural | 270 | 44 | 36 | 350 | 41,805 | 42,155 | 193 | ||||||||||||||||||||||
Equity lines | 203 | - | 59 | 262 | 20,112 | 20,374 | 59 | ||||||||||||||||||||||
Consumer | 16 | - | 30 | 46 | 8,652 | 8,698 | 30 | ||||||||||||||||||||||
Total | $ | 489 | $ | 44 | $ | 1,056 | $ | 1,589 | $ | 296,344 | $ | 297,933 | $ | 989 | |||||||||||||||
There were no loans that were past due ninety days or more and still accruing interest as of September 30, 2014. There was one loan of $223 thousand that was past due ninety days or more and still accruing interest at December 31, 2013. | |||||||||||||||||||||||||||||
Impaired loans, which include TDR’s of $6.8 million, and the related allowance at September 30, 2014, were as follows: | |||||||||||||||||||||||||||||
30-Sep-14 | Recorded | Unpaid | Related | Average | Interest | ||||||||||||||||||||||||
With no related allowance: | Investment | Principal | Allowance | Balance | Income | ||||||||||||||||||||||||
(Dollars In Thousands) | in Loans | Balance | Total | Recognized | |||||||||||||||||||||||||
Loans | |||||||||||||||||||||||||||||
Construction loans: | |||||||||||||||||||||||||||||
Residential | $ | - | $ | - | $ | - | $ | - | $ | - | |||||||||||||||||||
Land acquisition, development & commercial | 1,282 | 1,282 | - | 1,346 | 49 | ||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||
Residential | 480 | 656 | - | 480 | 8 | ||||||||||||||||||||||||
Commercial | 9,461 | 9,461 | - | 10,680 | 351 | ||||||||||||||||||||||||
Commercial, industrial & agricultural | 495 | 495 | - | 498 | 21 | ||||||||||||||||||||||||
Equity lines | - | - | - | - | - | ||||||||||||||||||||||||
Consumer | - | - | - | - | - | ||||||||||||||||||||||||
Total loans with no allowance | $ | 11,718 | $ | 11,894 | $ | - | $ | 13,004 | $ | 429 | |||||||||||||||||||
30-Sep-14 | Recorded | Unpaid | Related | Average | Interest | ||||||||||||||||||||||||
With an allowance recorded: | Investment | Principal | Allowance | Balance | Income | ||||||||||||||||||||||||
(Dollars In Thousands) | in Loans | Balance | Total | Recognized | |||||||||||||||||||||||||
Loans | |||||||||||||||||||||||||||||
Construction loans: | |||||||||||||||||||||||||||||
Residential | $ | - | $ | - | $ | - | $ | - | $ | - | |||||||||||||||||||
Land acquisition, development & commercial | - | - | - | - | - | ||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||
Residential | - | - | - | - | - | ||||||||||||||||||||||||
Commercial | 152 | 152 | 146 | 153 | 3 | ||||||||||||||||||||||||
Commercial, industrial & agricultural | - | - | - | - | - | ||||||||||||||||||||||||
Equity lines | - | - | - | - | - | ||||||||||||||||||||||||
Consumer | - | - | - | - | - | ||||||||||||||||||||||||
Total loans with an allowance | $ | 152 | $ | 152 | $ | 146 | $ | 153 | $ | 3 | |||||||||||||||||||
Impaired loans, which include TDR’s of $6.3 million, and the related allowance at December 31, 2013, were as follows: | |||||||||||||||||||||||||||||
31-Dec-13 | Recorded | Unpaid | Related | Average | Interest | ||||||||||||||||||||||||
With no related allowance: | Investment | Principal | Allowance | Balance | Income | ||||||||||||||||||||||||
(Dollars In Thousands) | in Loans | Balance | Total | Recognized | |||||||||||||||||||||||||
Loans | |||||||||||||||||||||||||||||
Construction loans: | |||||||||||||||||||||||||||||
Residential | $ | - | $ | - | $ | - | $ | - | $ | - | |||||||||||||||||||
Land acquisition, development & commercial | 1,550 | 1,550 | - | 1,550 | 67 | ||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||
Residential | 412 | 412 | - | 415 | 18 | ||||||||||||||||||||||||
Commercial | 9,266 | 9,266 | - | 9,365 | 442 | ||||||||||||||||||||||||
Commercial, industrial & agricultural | 283 | 283 | - | 733 | 46 | ||||||||||||||||||||||||
Equity lines | - | - | - | - | - | ||||||||||||||||||||||||
Consumer | - | - | - | - | - | ||||||||||||||||||||||||
Total loans with no allowance | $ | 11,511 | $ | 11,511 | $ | - | $ | 12,063 | $ | 573 | |||||||||||||||||||
31-Dec-13 | Recorded | Unpaid | Related | Average | Interest | ||||||||||||||||||||||||
With an allowance recorded: | Investment | Principal | Allowance | Balance | Income | ||||||||||||||||||||||||
(Dollars In Thousands) | in Loans | Balance | Total | Recognized | |||||||||||||||||||||||||
Loans | |||||||||||||||||||||||||||||
Construction loans: | |||||||||||||||||||||||||||||
Residential | $ | - | $ | - | $ | - | $ | - | $ | - | |||||||||||||||||||
Land acquisition, development & commercial | - | - | - | - | - | ||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||
Residential | 438 | 438 | 163 | 439 | 16 | ||||||||||||||||||||||||
Commercial | - | - | - | - | - | ||||||||||||||||||||||||
Commercial, industrial & agricultural | 41 | 41 | 10 | 34 | 1 | ||||||||||||||||||||||||
Equity lines | - | - | - | - | - | ||||||||||||||||||||||||
Consumer | - | - | - | - | - | ||||||||||||||||||||||||
Total loans with an allowance | $ | 479 | $ | 479 | $ | 173 | $ | 473 | $ | 17 | |||||||||||||||||||
Troubled Debt Restructurings | |||||||||||||||||||||||||||||
Troubled debt restructurings (“TDR’s”) were comprised of four loans totaling $6.8 million at September 30, 2014. This compares with $6.3 million in total restructured loans at December 31, 2013. | |||||||||||||||||||||||||||||
In September 2014, the Company agreed to take ownership via a deed-in-lieu of foreclosure of a commercial property pledged to a loan. The property is included in other real estate owned. The remaining balance is reported as a loan modified as a TDR. The following table presents by class of loan, information related to the loan modified in a TDR during 2014: | |||||||||||||||||||||||||||||
Loans modified as TDR's | |||||||||||||||||||||||||||||
For the nine months ended September 30, 2014 | |||||||||||||||||||||||||||||
Class of Loan | Number | Pre-Modification | Post-Modification | ||||||||||||||||||||||||||
of | Outstanding | Outstanding | |||||||||||||||||||||||||||
Contracts | Recorded | Recorded | |||||||||||||||||||||||||||
Investment | Investment | ||||||||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||||||
Construction loans: | |||||||||||||||||||||||||||||
Residential | - | $ | - | $ | - | ||||||||||||||||||||||||
Land acquisition, development & commercial | - | - | - | ||||||||||||||||||||||||||
Real estate loans: | |||||||||||||||||||||||||||||
Residential | - | - | - | ||||||||||||||||||||||||||
Commercial | 1 | 1,932 | 632 | ||||||||||||||||||||||||||
Commercial, industrial, agricultural | - | - | - | ||||||||||||||||||||||||||
Equity lines | - | - | - | ||||||||||||||||||||||||||
Consumer | - | - | - | ||||||||||||||||||||||||||
Total Loans | 1 | $ | 1,932 | $ | 632 | ||||||||||||||||||||||||
For the nine months ended September 30, 2013, no loans were modified as TDR’s. | |||||||||||||||||||||||||||||
Two of the four loans totaling $6.1 million were performing in accordance with their restructured terms and were not on nonaccrual status at September 30, 2014. The other two loans totaling $656 thousand were on nonaccrual status at the end of the third quarter of 2014. One of the loans on nonaccrual status at September 30, 2014 was the loan that was modified as a TDR during the third quarter of 2014. The other was a TDR that was classified as a substandard non-accruing loan at September 30, 2014 and 2013. The outstanding balance of this loan was $24 thousand and $39 thousand at September 30, 2014 and September 30, 2013, respectively. | |||||||||||||||||||||||||||||
Management considers troubled debt restructurings and subsequent defaults in restructured loans in the determination of the adequacy of the Company’s allowance for loan losses. The three TDR’s, modified prior to 2014, have not had any defaults during the twelve month period ended September 30, 2014, and the TDR modified in 2014 has remained current subsequent to modification. When identified as a TDR, a loan is evaluated for potential loss based on the present value of expected future cash flows discounted at the loan’s effective interest rate, the loan’s observable market price, or the estimated fair value of the collateral, less any selling costs if the loan is collateral dependent. Loans identified as TDRs frequently are on non-accrual status at the time of the restructuring and, in some cases, partial charge-offs may have already been taken against the loan and a specific allowance may have already been established for the loan. As a result of any modification as a TDR, if a specific reserve is associated with the loan it may be increased. Additionally, loans modified in a TDR are closely monitored for delinquency as an early indicator of possible future defaults. If loans modified in a TDR subsequently default, the Company evaluates the loan for possible further impairment. As a result, any specific allowance may be increased, adjustments may be made in the allocation of the total allowance balance, or partial charge-offs may be taken to further write-down the carrying value of the loan. Management exercises significant judgment in developing estimates for potential losses associated with TDRs. |
Note_4_Allowance_for_Loan_Loss
Note 4 - Allowance for Loan Losses | 9 Months Ended | ||||||||||||||||||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||||||||||||||||||
Disclosure Text Block Supplement [Abstract] | ' | ||||||||||||||||||||||||||||||||||||||||
Allowance for Credit Losses [Text Block] | ' | ||||||||||||||||||||||||||||||||||||||||
Note 4. Allowance for Loan Losses | |||||||||||||||||||||||||||||||||||||||||
The following table presents, as of September 30, 2014, the total allowance for loan losses, the allowance by impairment methodology (individually evaluated for impairment or collectively evaluated for impairment), the total loans and loans by impairment methodology (individually evaluated for impairment or collectively evaluated for impairment). | |||||||||||||||||||||||||||||||||||||||||
30-Sep-14 | Allowance for loan losses | Loans | |||||||||||||||||||||||||||||||||||||||
Class of Loan | Beginning | Charge- | Recoveries | Provisions | Ending | Ending | Ending | Ending | Ending | Ending | |||||||||||||||||||||||||||||||
(Dollars in Thousands) | balance | offs | balance | balance: | balance: | balance | balance: | balance: | |||||||||||||||||||||||||||||||||
individually | collectively | individually | collectively | ||||||||||||||||||||||||||||||||||||||
evaluated | evaluated | evaluated | evaluated | ||||||||||||||||||||||||||||||||||||||
for | for | for | for | ||||||||||||||||||||||||||||||||||||||
impairment | impairment | impairment | impairment | ||||||||||||||||||||||||||||||||||||||
Construction loans: | |||||||||||||||||||||||||||||||||||||||||
Residential | $ | 156 | $ | - | $ | - | $ | 100 | $ | 256 | $ | - | $ | 256 | $ | 10,517 | $ | - | $ | 10,517 | |||||||||||||||||||||
Land acquisition, development & commercial | 872 | - | - | (162 | ) | 710 | - | 710 | 22,149 | 1,282 | 20,867 | ||||||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||||||||||||
Residential | 867 | (233 | ) | 34 | 172 | 840 | - | 840 | 82,519 | 480 | 82,039 | ||||||||||||||||||||||||||||||
Commercial | 1,008 | - | - | (65 | ) | 943 | 146 | 797 | 132,691 | 9,613 | 123,078 | ||||||||||||||||||||||||||||||
Commercial, industrial & agricultural | 327 | (50 | ) | - | 4 | 281 | - | 281 | 39,762 | 495 | 39,267 | ||||||||||||||||||||||||||||||
Equity lines | 385 | (136 | ) | 8 | 137 | 394 | - | 394 | 23,523 | - | 23,523 | ||||||||||||||||||||||||||||||
Consumer | 63 | (26 | ) | 2 | 15 | 54 | - | 54 | 8,203 | - | 8,203 | ||||||||||||||||||||||||||||||
Unallocated | 43 | - | - | 1 | 44 | - | 44 | - | - | - | |||||||||||||||||||||||||||||||
Total | $ | 3,721 | $ | (445 | ) | $ | 44 | $ | 202 | $ | 3,522 | $ | 146 | $ | 3,376 | $ | 319,364 | $ | 11,870 | $ | 307,494 | ||||||||||||||||||||
The following table presents, as of December 31, 2013, the total allowance for loan losses, the allowance by impairment methodology (individually evaluated for impairment or collectively evaluated for impairment), the total loans and loans by impairment methodology (individually evaluated for impairment or collectively evaluated for impairment). | |||||||||||||||||||||||||||||||||||||||||
31-Dec-13 | Allowance for loan losses | Loans | |||||||||||||||||||||||||||||||||||||||
Class of Loan | Beginning | Charge- | Recoveries | Provisions | Ending | Ending | Ending | Ending | Ending | Ending | |||||||||||||||||||||||||||||||
(Dollars in Thousands) | balance | offs | balance | balance: | balance: | balance | balance: | balance: | |||||||||||||||||||||||||||||||||
individually | collectively | individually | collectively | ||||||||||||||||||||||||||||||||||||||
evaluated | evaluated | evaluated | evaluated | ||||||||||||||||||||||||||||||||||||||
for | for | for | for | ||||||||||||||||||||||||||||||||||||||
impairment | impairment | impairment | impairment | ||||||||||||||||||||||||||||||||||||||
Construction loans: | |||||||||||||||||||||||||||||||||||||||||
Residential | $ | 117 | $ | - | $ | - | $ | 39 | $ | 156 | $ | - | $ | 156 | $ | 6,768 | $ | - | $ | 6,768 | |||||||||||||||||||||
Land acquisition, development & commercial | 811 | - | - | 61 | 872 | - | 872 | 20,904 | 1,550 | 19,354 | |||||||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||||||||||||
Residential | 725 | (446 | ) | 81 | 507 | 867 | 163 | 704 | 72,934 | 850 | 72,084 | ||||||||||||||||||||||||||||||
Commercial | 1,054 | (88 | ) | 298 | (256 | ) | 1,008 | - | 1,008 | 126,100 | 9,266 | 116,834 | |||||||||||||||||||||||||||||
Commercial, industrial & agricultural | 459 | (27 | ) | - | (105 | ) | 327 | 10 | 317 | 42,155 | 324 | 41,831 | |||||||||||||||||||||||||||||
Equity lines | 386 | - | 2 | (3 | ) | 385 | - | 385 | 20,374 | - | 20,374 | ||||||||||||||||||||||||||||||
Consumer | 145 | (14 | ) | - | (68 | ) | 63 | - | 63 | 8,698 | - | 8,698 | |||||||||||||||||||||||||||||
Unallocated | 93 | - | - | (50 | ) | 43 | - | 43 | - | - | - | ||||||||||||||||||||||||||||||
Total | $ | 3,790 | $ | (575 | ) | $ | 381 | $ | 125 | $ | 3,721 | $ | 173 | $ | 3,548 | $ | 297,933 | $ | 11,990 | $ | 285,943 | ||||||||||||||||||||
Loans by credit quality indicators as of September 30, 2014 were as follows: | |||||||||||||||||||||||||||||||||||||||||
(Dollars In Thousands) | Pass | Special | Substandard | Substandard | Total | ||||||||||||||||||||||||||||||||||||
Mention | Accruing | Nonaccrual | |||||||||||||||||||||||||||||||||||||||
Construction loans: | |||||||||||||||||||||||||||||||||||||||||
Residential | $ | 10,517 | $ | - | $ | - | $ | - | $ | 10,517 | |||||||||||||||||||||||||||||||
Land acquisition, development & commercial | 20,851 | - | 1,298 | - | 22,149 | ||||||||||||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||||||||||||
Residential | 77,673 | 4,366 | - | 480 | 82,519 | ||||||||||||||||||||||||||||||||||||
Commercial | 128,615 | 596 | 2,696 | 784 | 132,691 | ||||||||||||||||||||||||||||||||||||
Commercial, industrial & agricultural | 39,067 | 41 | 644 | 10 | 39,762 | ||||||||||||||||||||||||||||||||||||
Equity lines | 23,323 | - | 200 | - | 23,523 | ||||||||||||||||||||||||||||||||||||
Consumer | 8,179 | - | - | 24 | 8,203 | ||||||||||||||||||||||||||||||||||||
Total | $ | 308,225 | $ | 5,003 | $ | 4,838 | $ | 1,298 | $ | 319,364 | |||||||||||||||||||||||||||||||
Loans by credit quality indicators as of December 31, 2013 were as follows: | |||||||||||||||||||||||||||||||||||||||||
(Dollars In Thousands) | Pass | Special | Substandard | Substandard | Total | ||||||||||||||||||||||||||||||||||||
Mention | Accruing | Nonaccrual | |||||||||||||||||||||||||||||||||||||||
Construction loans: | |||||||||||||||||||||||||||||||||||||||||
Residential | $ | 6,768 | $ | - | $ | - | $ | - | $ | 6,768 | |||||||||||||||||||||||||||||||
Land acquisition, development & commercial | 19,336 | - | 1,568 | - | 20,904 | ||||||||||||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||||||||||||
Residential | 67,548 | 4,455 | 223 | 708 | 72,934 | ||||||||||||||||||||||||||||||||||||
Commercial | 121,970 | 510 | 3,620 | - | 126,100 | ||||||||||||||||||||||||||||||||||||
Commercial, industrial & agricultural | 41,051 | 96 | 815 | 193 | 42,155 | ||||||||||||||||||||||||||||||||||||
Equity lines | 20,316 | - | - | 58 | 20,374 | ||||||||||||||||||||||||||||||||||||
Consumer | 8,668 | - | - | 30 | 8,698 | ||||||||||||||||||||||||||||||||||||
Total | $ | 285,657 | $ | 5,061 | $ | 6,226 | $ | 989 | $ | 297,933 | |||||||||||||||||||||||||||||||
At September 30, 2014 and December 31, 2013, the Company had no loans classified as Doubtful or Loss. |
Note_5_Foreclosed_Properties
Note 5 - Foreclosed Properties | 9 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
Valuation Allowance On Foreclosed Properties [Abstract] | ' | ||||||||||||
Valuation Allowance On Foreclosed Properties [Text Block] | ' | ||||||||||||
Note 5. Foreclosed Properties | |||||||||||||
Changes in foreclosed properties for the nine months ended September 30, 2014 were as follows: | |||||||||||||
(Dollars In Thousands) | Other Real | Valuation | Net | ||||||||||
Estate Owned | Allowance | ||||||||||||
Balance at the beginning of the year | $ | 9,078 | $ | (935 | ) | $ | 8,143 | ||||||
Additions | 1,520 | - | 1,520 | ||||||||||
Writedowns | - | - | - | ||||||||||
Sales | (1,399 | ) | 422 | (977 | ) | ||||||||
Balance at the end of the period | $ | 9,199 | $ | (513 | ) | $ | 8,686 | ||||||
Changes in foreclosed properties for the nine months ended September 30, 2013 were as follows: | |||||||||||||
(Dollars In Thousands) | Other Real | Valuation | Net | ||||||||||
Estate Owned | Allowance | ||||||||||||
Balance at the beginning of the year | $ | 9,513 | $ | (575 | ) | $ | 8,938 | ||||||
Additions | 1,613 | - | 1,613 | ||||||||||
Writedowns | - | (377 | ) | (377 | ) | ||||||||
Sales | (2,023 | ) | 249 | (1,774 | ) | ||||||||
Balance at the end of the period | $ | 9,103 | $ | (703 | ) | $ | 8,400 | ||||||
The major classifications of other real estate owned in the consolidated balance sheets at September 30, 2014 and December 31, 2013 were as follows: | |||||||||||||
(Dollars In Thousands) | September 30, | December 31, | |||||||||||
2014 | 2013 | ||||||||||||
Residential commercial | $ | 220 | $ | - | |||||||||
Residential lots | 3,023 | 3,472 | |||||||||||
Residential development | 423 | - | |||||||||||
Commercial lots | 1,075 | 1,076 | |||||||||||
Commercial buildings | 3,945 | 3,595 | |||||||||||
Total Other Real Estate Owned | $ | 8,686 | $ | 8,143 | |||||||||
Note_6_Stock_Based_Compensatio
Note 6 - Stock Based Compensation | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | ' | ||||||||||||||||
Note 6. Stock Based Compensation | |||||||||||||||||
The Company recorded stock based compensation expense of $41 thousand and $29 thousand for the years to date September 30, 2014 and 2013, respectively. | |||||||||||||||||
The Company has a 2005 Stock Option Plan (the Plan) pursuant to which the Board of Directors may grant stock options to directors, officers and employees. The Plan authorizes grants of options to purchase up to 550,000 shares of the Company’s authorized but unissued common stock. Under the fair value recognition provisions of relevant accounting guidance, stock-based compensation cost is measured at the grant date based on the fair value of the award and is recognized as expense on a straight-line basis over the requisite service period, which is the vesting period. | |||||||||||||||||
The Company uses the Black-Scholes option pricing model to determine the fair value of stock options. The fair value of the stock based payment awards is affected by the price of our stock and a number of financial assumptions and variables. These variables include the risk free interest rate, expected dividend rate, expected stock price volatility and the expected life of the options. No options were granted during the nine months ended September 30, 2014 or 2013. All previously issued options were fully vested by the end of 2012, thus no compensation expense related to stock options was recorded in 2014 or 2013. | |||||||||||||||||
A summary of option activity under the 2005 stock option plan for the year to date September 30, 2014 is as follows: | |||||||||||||||||
Options | Weighted | Aggregate Intrinsic Value(1) | Weighted | ||||||||||||||
Outstanding | Average | Average | |||||||||||||||
Exercise Price | Contractual Term | ||||||||||||||||
(years) | |||||||||||||||||
Balance at December 31, 2013 | 391,710 | $ | 9.34 | ||||||||||||||
Granted | - | - | |||||||||||||||
Exercised | - | - | |||||||||||||||
Forfeited | (7,150 | ) | 10 | ||||||||||||||
Balance at September 30, 2014 | 384,560 | $ | 9.35 | $ | - | 1.8 | |||||||||||
Exercisable at September 30, 2014 | 384,560 | $ | 9.35 | $ | - | 1.8 | |||||||||||
(1) The aggregate intrinsic value of a stock option in the table above represents the total pre-tax intrinsic value (the amount by which the current market value of the underlying stock exceeds the exercise price of the option) that would have been received by the option holders had all option holders exercised their options on September 30, 2014. | |||||||||||||||||
The Board of Directors adopted a Restricted Stock Plan (the Plan) in September 2009 whereby 120,000 shares of the Company’s authorized but unissued common stock was set aside to be granted by the Company’s Board of Directors at its discretion. The principal purpose of the Plan was to make shares available for issue to the executive officers of the Company and the Bank in payment of incentives earned under the Incentive Compensation Plan. | |||||||||||||||||
The restrictions attached to stock issued under the Plan provide for vesting over a five-year period. During the first nine months of 2014, the Company issued 17,268 shares of stock under the Plan, and in the same period of 2013, the Company issued 7,781 shares of stock under the Plan. A summary of the activity for restricted stock awards for the periods indicated is presented below: | |||||||||||||||||
For the nine months ended | For the nine months ended | ||||||||||||||||
30-Sep-14 | 30-Sep-13 | ||||||||||||||||
Shares | Weighted-Average | Shares | Weighted-Average | ||||||||||||||
Grant Date | Grant Date | ||||||||||||||||
Fair Value | Fair Value | ||||||||||||||||
Nonvested at beginning of year | 27,846 | $ | 5.05 | 25,896 | $ | 4.76 | |||||||||||
Granted | 17,268 | 6.25 | 7,781 | 5.98 | |||||||||||||
Vested | (7,387 | ) | 5.23 | (5,831 | ) | 5.03 | |||||||||||
Cancelled | - | - | - | - | |||||||||||||
Nonvested at end of year | 37,727 | $ | 5.56 | 27,846 | $ | 5.05 | |||||||||||
The remaining unamortized compensation expense for restricted stock was $174 thousand at September 30, 2014 and will be recognized over the next 4.4 years. All compensation expense for stock options has been recognized. |
Note_7_Fair_Value_Measurement
Note 7 - Fair Value Measurement | 9 Months Ended | ||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||||||
Fair Value Disclosures [Text Block] | ' | ||||||||||||||||||||||
Note 7. Fair Value Measurement | |||||||||||||||||||||||
The Company uses a hierarchy of valuation techniques based on whether the inputs to those valuation techniques are observable or unobservable. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Company’s market assumptions. The three levels of the fair value hierarchy based on these two types of inputs are as follows: | |||||||||||||||||||||||
Level 1-Valuation is based on quoted prices in active markets for identical assets and liabilities. | |||||||||||||||||||||||
Level 2-Valuation is based on observable inputs including quoted prices in active markets for similar assets and liabilities, quoted prices for identical or similar assets and liabilities in less active markets, and model-based valuation techniques for which significant assumptions can be derived primarily from or corroborated by observable data in the market. | |||||||||||||||||||||||
Level 3-Valuation is based on model-based techniques that use one or more significant inputs or assumptions that are unobservable in the market. | |||||||||||||||||||||||
The following describes the valuation techniques used by the Company to measure certain assets and liabilities recorded at fair value on a recurring basis in the financial statements: | |||||||||||||||||||||||
Securities available for sale: Securities available for sale are recorded at fair value on a recurring basis. Fair value measurement is based upon quoted market prices, when available (Level 1). If quoted market prices are not available, fair values are measured utilizing independent valuation techniques of identical or similar securities for which significant assumptions are derived primarily from or corroborated by observable market data. Third party vendors compile prices from various sources and may determine the fair value of identical or similar securities by using pricing models that consider observable market data (Level 2). | |||||||||||||||||||||||
The following table presents the balances of assets and liabilities measured at fair value on a recurring basis as of September 30, 2014 and December 31, 2013: | |||||||||||||||||||||||
(Dollars In Thousands) | Carrying value at September 30, 2014 | ||||||||||||||||||||||
Description | Balance as of | Quoted Prices | Significant | Significant | |||||||||||||||||||
September 30, | in Active | Other | Unobservable | ||||||||||||||||||||
2014 | Markets for | Observable | Inputs | ||||||||||||||||||||
Identical | Inputs | (Level 3) | |||||||||||||||||||||
Assets | (Level 2) | ||||||||||||||||||||||
(Level 1) | |||||||||||||||||||||||
Assets: | |||||||||||||||||||||||
U. S. Government agency securities | $ | 27,192 | - | $ | 27,192 | - | |||||||||||||||||
Mortgaged-backed securities | 11,282 | - | 11,282 | - | |||||||||||||||||||
Municipal securities | 18,188 | - | 18,188 | - | |||||||||||||||||||
(Dollars In Thousands) | Carrying value at December 31, 2013 | ||||||||||||||||||||||
Description | Balance as of | Quoted Prices | Significant | Significant | |||||||||||||||||||
December 31, | in Active | Other | Unobservable | ||||||||||||||||||||
2013 | Markets for | Observable | Inputs | ||||||||||||||||||||
Identical | Inputs | (Level 3) | |||||||||||||||||||||
Assets | (Level 2) | ||||||||||||||||||||||
(Level 1) | |||||||||||||||||||||||
Assets: | |||||||||||||||||||||||
U. S. Government agency securities | $ | 26,284 | - | $ | 26,284 | - | |||||||||||||||||
Mortgaged-backed securities | 15,361 | - | 15,361 | - | |||||||||||||||||||
Municipal securities | 16,277 | - | 16,277 | - | |||||||||||||||||||
Certain assets are measured at fair value on a nonrecurring basis in accordance with generally accepted accounting principles (GAAP). Adjustments to the fair value of these assets usually result from the application of lower-of-cost-or-market accounting or writedowns of individual assets. | |||||||||||||||||||||||
The following describes the valuation techniques used by the Company to measure certain assets recorded at fair value on a nonrecurring basis in the financial statements: | |||||||||||||||||||||||
Impaired Loans: The Company does not record loans at fair value on a recurring basis. However, from time to time a loan is considered impaired and a specific reserve 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. Once a loan is identified as individually impaired, management measures the extent of any loss. The fair value of impaired loans is estimated using one of several methods, including collateral value, market value of similar debt, enterprise value, liquidation value, and discounted cash flow. Those impaired loans not requiring an allowance represent loans for which the fair value of the expected repayments or collateral exceed the recorded investment in such loans. Impaired loans where an allowance is established based on the fair value of collateral require classification in the fair value hierarchy. If carried at market price based on current appraised value using observable market data, it is recorded as nonrecurring Level 2. When an appraised value is not available or management determines the fair value of the collateral is further impaired below the appraisal value and there is no observable market price, the Company records the impaired loan as nonrecurring Level 3. | |||||||||||||||||||||||
Other Real Estate Owned (OREO): The carrying amount of real estate owned by the Company resulting from foreclosures is estimated at the lesser of cost or the fair value of the real estate based on an observable market price or a current appraised value less selling costs. If carried at market price based on current appraised value using observable market data, it is recorded as nonrecurring Level 2. When an appraised value is not available or is not current, or management determines the fair value of the real estate is further impaired below the appraised value or there is no observable market price, the Company records the real estate as nonrecurring Level 3. | |||||||||||||||||||||||
The following tables summarize the Company’s assets that were measured at fair value on a nonrecurring basis as of September 30, 2014 and December 31, 2013. | |||||||||||||||||||||||
(Dollars In Thousands) | Carrying value at September 30, 2014 | ||||||||||||||||||||||
Description | Balance as of | Quoted Prices | Significant | Significant | |||||||||||||||||||
30-Sep-14 | in Active Markets | Other | Unobservable | ||||||||||||||||||||
for Identical Assets | Observable | Inputs | |||||||||||||||||||||
(Level 1) | Inputs | (Level 3) | |||||||||||||||||||||
(Level 2) | |||||||||||||||||||||||
Assets: | |||||||||||||||||||||||
Impaired loans, net of valuation allowance | $ | 6 | - | $ | - | $ | 6 | ||||||||||||||||
Other real estate owned | 8,686 | - | 3,475 | 5,211 | |||||||||||||||||||
(Dollars In Thousands) | Carrying value at December 31, 2013 | ||||||||||||||||||||||
Description | Balance as of | Quoted Prices | Significant | Significant | |||||||||||||||||||
31-Dec-13 | in Active Markets | Other | Unobservable | ||||||||||||||||||||
for Identical Assets | Observable | Inputs | |||||||||||||||||||||
(Level 1) | Inputs | (Level 3) | |||||||||||||||||||||
(Level 2) | |||||||||||||||||||||||
Assets: | |||||||||||||||||||||||
Impaired loans, net of valuation allowance | $ | 306 | - | $ | - | $ | 306 | ||||||||||||||||
Other real estate owned | 8,143 | - | 3,745 | 4,398 | |||||||||||||||||||
At September 30, 2014 and December 31, 2013, the Company did not have any liabilities measured at fair value on a nonrecurring basis. | |||||||||||||||||||||||
The following tables display quantitative information about Level 3 Fair Value Measurements for September 30, 2014 and December 31, 2013: | |||||||||||||||||||||||
(Dollars In Thousands) | Quantitative information about Level 3 Fair Value Measurements for September 30, 2014 | ||||||||||||||||||||||
Assets | Fair | Valuation Technique(s) | Unobservable input | Range (Weighted Average) | |||||||||||||||||||
Value | |||||||||||||||||||||||
Impaired loans | $ | 6 | Discounted appraised value | Selling cost | 20 | % | - | 20 | % | (20 | %) | ||||||||||||
Discount for lack of marketability and age of appraisal | 0 | % | - | 0 | % | (0 | %) | ||||||||||||||||
Other real estate owned | $ | 1,457 | Discounted appraised value | Selling cost | 0 | % | - | 6 | % | (5 | %) | ||||||||||||
Discount for lack of marketability and age | 4 | % | - | 33 | % | (8 | %) | ||||||||||||||||
$ | 3,754 | Internal evaluations | Internal evaluations | 10 | % | - | 10 | % | (10 | %) | |||||||||||||
(Dollars In Thousands) | Quantitative information about Level 3 Fair Value Measurements for December 31, 2013 | ||||||||||||||||||||||
Assets | Fair | Valuation Technique(s) | Unobservable input | Range (Weighted Average) | |||||||||||||||||||
Value | |||||||||||||||||||||||
Impaired loans | $ | 306 | Discounted appraised value | Selling cost | 10 | % | - | 10 | % | (10 | %) | ||||||||||||
Discount for lack of marketability and age of appraisal | 32 | % | - | 32 | % | (32 | %) | ||||||||||||||||
Other real estate owned | $ | 1,458 | Discounted appraised value | Selling cost | 0 | % | - | 6 | % | (5 | %) | ||||||||||||
Discount for lack of marketability and age | 0 | % | - | 25 | % | (9 | %) | ||||||||||||||||
$ | 2,940 | Internal evaluations | Internal evaluations | 10 | % | - | 10 | % | (10 | %) | |||||||||||||
The following methods and assumptions were used by the Company in estimating its fair value disclosures for financial instruments: | |||||||||||||||||||||||
Cash and due from banks: The carrying amounts reported in the consolidated balance sheet for cash on hand and amounts due from correspondent banks approximate their fair values. The fair values for certificates of deposit are estimated using a discounted cash flow calculation that applies interest rates currently being offered on certificates of deposit to a schedule of aggregated contractual maturities on such time deposits. | |||||||||||||||||||||||
Federal funds sold: Federal funds sold consist of overnight loans to other financial institutions and mature within one to three days. At September 30, 2014 and December 31, 2013, management believes the carrying value of federal funds sold approximates estimated market value. | |||||||||||||||||||||||
Available-for-sale securities: Fair values for securities, excluding restricted equity securities, are based on quoted market prices, where available. If quoted market prices are not available, fair values are based on quoted market prices of comparable instruments. | |||||||||||||||||||||||
Restricted equity securities: For these restricted equity securities, the carrying amount is a reasonable estimate of fair value based on the redemption provisions of the related securities. | |||||||||||||||||||||||
Loans held for sale: The carrying value of these loans approximates the fair value. These loans close in the name of the bank’s joint venture subsidiary HomeTown Residential Mortgage, LLC, but are generally sold within a two-week period. | |||||||||||||||||||||||
Loans receivable: For variable-rate loans that reprice frequently and with no significant change in credit risk, fair values are based on carrying amounts. The fair values for other loans are estimated using discounted cash flow analysis, based on interest rates currently being offered for loans with similar terms to borrowers of similar credit quality. | |||||||||||||||||||||||
Bank owned life insurance: The cash values of these policies are estimates using information provided by insurance carriers. The policies are carried at their cash surrender value, which approximates fair value. | |||||||||||||||||||||||
Deposit liabilities: The fair values disclosed for demand and savings deposits are, by definition, equal to the amount payable on demand at the reporting date. The fair values for certificates of deposit are estimated using a discounted cash flow calculation that applies interest rates currently being offered on certificates of deposit to a schedule of aggregated contractual maturities on such time deposits. | |||||||||||||||||||||||
Short term borrowings: Short term borrowings consist of overnight borrowings and mature within one to three days. At September 30, 2014 and December 31, 2013, management believes the carrying value of securities sold under agreements to repurchase approximates estimated market value. | |||||||||||||||||||||||
FHLB borrowings: The fair values for long term borrowings are estimated using a discounted cash flow calculation that applies interest rates currently being offered on long term borrowings to the contractual maturities on such long term borrowings. | |||||||||||||||||||||||
Accrued interest: The carrying amount of accrued interest receivable and payable approximates fair value. | |||||||||||||||||||||||
Off-balance sheet financial instruments: The fair values of commitments to extend credit and standby letters of credit are estimated using the fees currently charged to enter into similar agreements. At September 30, 2014 and December 31, 2013, the fair value of loan commitments and standby letters of credit were deemed to be immaterial. | |||||||||||||||||||||||
The carrying amounts and approximate fair values of the Company’s financial instruments are as follows at September 30, 2014 and December 31, 2013: | |||||||||||||||||||||||
(Dollars In Thousands) | Fair value at September 30, 2014 | ||||||||||||||||||||||
Description | Carrying value as of | Quoted Prices | Significant | Significant | Approximate | ||||||||||||||||||
September 30, | in Active | Other | Unobservable | Fair Values | |||||||||||||||||||
2014 | Markets for | Observable | Inputs | ||||||||||||||||||||
Identical | Inputs | (Level 3) | |||||||||||||||||||||
Assets | (Level 2) | ||||||||||||||||||||||
(Level 1) | |||||||||||||||||||||||
Financial assets | |||||||||||||||||||||||
Cash and due from banks | $ | 14,051 | $ | 12,051 | $ | - | $ | 2,028 | $ | 14,079 | |||||||||||||
Federal funds sold | 111 | 111 | - | - | 111 | ||||||||||||||||||
Securities available-for-sale | 56,662 | - | 56,662 | - | 56,662 | ||||||||||||||||||
Restricted equity securities | 2,577 | - | 2,577 | - | 2,577 | ||||||||||||||||||
Loans held for sale | 317 | - | 317 | - | 317 | ||||||||||||||||||
Loans, net | 315,842 | - | - | 316,414 | 316,414 | ||||||||||||||||||
Bank owned life insurance | 3,595 | - | 3,595 | - | 3,595 | ||||||||||||||||||
Accrued income | 1,777 | - | 1,777 | - | 1,777 | ||||||||||||||||||
Financial liabilities | |||||||||||||||||||||||
Total deposits | 351,477 | - | 338,622 | - | 338,622 | ||||||||||||||||||
Short term borrowings | 469 | - | 469 | - | 469 | ||||||||||||||||||
FHLB borrowings | 22,250 | - | 22,629 | - | 22,629 | ||||||||||||||||||
Accrued interest payable | 295 | - | 295 | - | 295 | ||||||||||||||||||
(Dollars In Thousands) | Fair value at December 31, 2013 | ||||||||||||||||||||||
Description | Carrying value as of | Quoted Prices | Significant | Significant | Approximate | ||||||||||||||||||
December 31, | in Active | Other | Unobservable | Fair Values | |||||||||||||||||||
2013 | Markets for | Observable | Inputs | ||||||||||||||||||||
Identical | Inputs | (Level 3) | |||||||||||||||||||||
Assets | (Level 2) | ||||||||||||||||||||||
(Level 1) | |||||||||||||||||||||||
Financial assets | |||||||||||||||||||||||
Cash and due from banks | $ | 19,537 | $ | 17,537 | $ | - | $ | 2,004 | $ | 19,541 | |||||||||||||
Federal funds sold | 738 | 738 | - | - | 738 | ||||||||||||||||||
Securities available-for-sale | 57,922 | - | 57,922 | - | 57,922 | ||||||||||||||||||
Restricted equity securities | 2,564 | - | 2,564 | - | 2,564 | ||||||||||||||||||
Loans, net | 294,212 | - | - | 293,135 | 293,135 | ||||||||||||||||||
Bank owned life insurance | 3,518 | - | 3,518 | - | 3,518 | ||||||||||||||||||
Accrued income | 1,877 | - | 1,877 | - | 1,877 | ||||||||||||||||||
Financial liabilities | |||||||||||||||||||||||
Total deposits | 339,770 | - | 327,514 | - | 327,514 | ||||||||||||||||||
Short term borrowings | 258 | - | 258 | - | 258 | ||||||||||||||||||
FHLB borrowings | 22,000 | - | 22,560 | - | 22,560 | ||||||||||||||||||
Accrued interest payable | 286 | - | 286 | - | 286 | ||||||||||||||||||
Note_8_Reclassifications_Out_o
Note 8 - Reclassifications Out of Other Comprehensive Income | 9 Months Ended | |||||||||
Sep. 30, 2014 | ||||||||||
Disclosure Text Block [Abstract] | ' | |||||||||
Comprehensive Income (Loss) Note [Text Block] | ' | |||||||||
Note 8. Reclassifications Out of Other Comprehensive Income | ||||||||||
Items not reclassified in their entirety to net income for the three and nine months ended September 30, 2014 and 2013 are as follows: | ||||||||||
Details about Other Comprehensive Components | Amounts Reclassified from | Affected Line Item in the Statement | ||||||||
Other Comprehensive Income | Where Net Income is Presented | |||||||||
for the Three Months Ended September 30, | ||||||||||
(Dollars In Thousands) | 2014 | 2013 | ||||||||
Available for sale securities | ||||||||||
Realized gains on sales of securities held for sale during the period | $ | - | $ | 8 | Gains on sales of investment securities | |||||
Tax expense related to realized gains on securities sold | - | 3 | Income tax expense | |||||||
$ | - | $ | 5 | Net income | ||||||
Details about Other Comprehensive Components | Amounts Reclassified from | Affected Line Item in the Statement | ||||||||
Other Comprehensive Income | Where Net Income is Presented | |||||||||
for the Nine Months Ended September 30, | ||||||||||
(Dollars In Thousands) | 2014 | 2013 | ||||||||
Available for sale securities | ||||||||||
Realized gains on sales of securities held for sale during the period | $ | 108 | $ | 116 | Gains on sales of investment securities | |||||
Tax expense related to realized gains on securities sold | 37 | 39 | Income tax expense | |||||||
$ | 71 | $ | 77 | Net income | ||||||
Note_9_Earnings_Per_Common_Sha
Note 9 - Earnings Per Common Share | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||||||||||
Earnings Per Share [Text Block] | ' | ||||||||||||||||||||||||
Note 9. Earnings per Common Share | |||||||||||||||||||||||||
The following tables show the weighted average number of shares used in computing earnings per common share and the effect on weighted average number of shares of diluted potential common stock. | |||||||||||||||||||||||||
For the Three Months Ended September 30, | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Dollars In Thousands, except share and per share data | Weighted Average Common Shares Outstanding | Net Income Available to Common Shareholders | Per Share Amount | Weighted Average Common Shares Outstanding | Net Income Available to Common Shareholders | Per Share Amount | |||||||||||||||||||
Earnings per common share, basic | 3,287,567 | $ | 567 | $ | 0.17 | 3,270,299 | $ | 298 | $ | 0.09 | |||||||||||||||
Series C Preferred Stock Dividends | 210 | 180 | |||||||||||||||||||||||
Effect of dilutive securities: | |||||||||||||||||||||||||
Convertible preferred stock | 2,240,000 | - | (0.03 | ) | 2,240,000 | - | (0.00 | ) | |||||||||||||||||
Earnings per common share, diluted | 5,527,567 | $ | 777 | $ | 0.14 | 5,510,299 | $ | 478 | $ | 0.09 | |||||||||||||||
For the Nine Months Ended September 30, | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Dollars In Thousands, except share and per share data | Weighted Average Common Shares Outstanding | Net Income Available to Common Shareholders | Per Share Amount | Weighted Average Common Shares Outstanding | Net Income Available to Common Shareholders | Per Share Amount | |||||||||||||||||||
Earnings per common share, basic | 3,283,962 | $ | 1,783 | $ | 0.54 | 3,268,646 | $ | 1,158 | $ | 0.35 | |||||||||||||||
Series C Preferred Stock Dividends | 630 | 180 | |||||||||||||||||||||||
Effect of dilutive securities: | |||||||||||||||||||||||||
Convertible preferred stock | 2,240,000 | - | (0.10 | ) | 779,487 | - | (0.02 | ) | |||||||||||||||||
Earnings per common share, diluted | 5,523,962 | $ | 2,413 | $ | 0.44 | 4,048,133 | $ | 1,338 | $ | 0.33 | |||||||||||||||
At September 30, 2014 and 2013, stock options to purchase 384,560 and 413,710 shares, respectively, were outstanding. These options were not included in the calculation of diluted weighted average shares as their impact would be antidilutive. |
Note_10_Capital_Requirements
Note 10 - Capital Requirements | 9 Months Ended |
Sep. 30, 2014 | |
Disclosure Text Block [Abstract] | ' |
Regulatory Capital Requirements under Banking Regulations [Text Block] | ' |
Note 10. Capital Requirements | |
In July 2013, the FRB issued revised final rules that make technical changes to its market risk capital rules to align it with the Basel III regulatory capital framework and meet certain requirements of the Dodd-Frank Act. The final new capital rules require the Company to comply with the following new minimum capital ratios, effective January 1, 2015: (1) a new common equity Tier 1 capital ratio of 4.5% of risk-weighted assets; (2) a Tier 1 capital ratio of 6% of risk-weighted assets (increased from the current requirement of 4%); (3) a total capital ratio of 8% of risk-weighted assets (unchanged from current requirement); and, (4) a leverage ratio of 4% of total assets. Had the new minimum capital ratios described above been effective as of September 30, 2014, based on management’s interpretation and understanding of the new rules, the Company would have remained “well capitalized” as of such date. The rule introduces the requirement of a new 2.5% capital conservation buffer, to be phased in beginning on January 1, 2016, and ending on January 1, 2019. Banking organizations without other supervisory issues that wish to distribute capital freely, such as in the payment of dividends for example, must maintain the new capital conservation buffer. |
Note_11_Subsequent_Events
Note 11 - Subsequent Events | 9 Months Ended |
Sep. 30, 2014 | |
Subsequent Events [Abstract] | ' |
Subsequent Events [Text Block] | ' |
Note 11. Subsequent Events | |
On October 23, 2014, the Company’s Board of Directors declared a quarterly cash dividend in the amount of $15.00 per Series C convertible preferred share, payable on December 15, 2014 to preferred shareholders of record November 30, 2014. In preparing these financial statements, the Company has evaluated events and transactions for potential recognition or disclosure through the date of this filing. |
Accounting_Policies_by_Policy_
Accounting Policies, by Policy (Policies) | 9 Months Ended |
Sep. 30, 2014 | |
Accounting Policies [Abstract] | ' |
Basis of Accounting, Policy [Policy Text Block] | ' |
Basis of Presentation | |
The consolidated financial statements as of September 30, 2014 and for the periods ended September 30, 2014 and 2013 included herein, have been prepared by HomeTown Bankshares Corporation, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. | |
Management believes that all interim adjustments for the period ended September 30, 2014 are of a normal recurring nature. In the opinion of management, the information furnished in the interim consolidated financial statements reflects all adjustments necessary to present fairly the Company’s financial position, results of operations and cash flows for such interim periods. These consolidated financial statements should be read in conjunction with the Company’s audited financial statements and the notes thereto as of December 31, 2013, included in the Company’s Form 10-K for the year ended December 31, 2013. Interim financial performance is not necessarily indicative of performance for the full year. | |
The accounting and reporting policies of the Company follow generally accepted accounting principles and general practices within the financial services industry. | |
The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary HomeTown Bank. All significant intercompany accounts and transactions associated with the Company’s wholly-owned subsidiary have been eliminated. | |
Our accounting policies and basic principles have not changed since the summary disclosure of these in our Annual Report on Form 10-K. Please refer to Form 10-K for these policies. | |
Subsequent Events, Policy [Policy Text Block] | ' |
Subsequent Events | |
In preparing these financial statements, the Company has evaluated events and transactions for potential recognition or disclosure through the date of this filing. |
Note_2_Investment_Securities_T
Note 2 - Investment Securities (Tables) | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | ||||||||||||||||||||||||
Schedule of Available-for-sale Securities Reconciliation [Table Text Block] | ' | ||||||||||||||||||||||||
(Dollars In Thousands) | 30-Sep-14 | ||||||||||||||||||||||||
Amortized | Gross | Gross | Estimated | ||||||||||||||||||||||
Cost | Unrealized | Unrealized | Fair | ||||||||||||||||||||||
Gains | Losses | Value | |||||||||||||||||||||||
U. S. Government agency securities | $ | 27,109 | $ | 308 | $ | (225 | ) | $ | 27,192 | ||||||||||||||||
Mortgage-backed securities | 11,212 | 144 | (74 | ) | 11,282 | ||||||||||||||||||||
Municipal securities | 17,906 | 425 | (143 | ) | 18,188 | ||||||||||||||||||||
$ | 56,227 | $ | 877 | $ | (442 | ) | $ | 56,662 | |||||||||||||||||
(Dollars In Thousands) | 31-Dec-13 | ||||||||||||||||||||||||
Amortized | Gross | Gross | Estimated | ||||||||||||||||||||||
Cost | Unrealized | Unrealized | Fair | ||||||||||||||||||||||
Gains | Losses | Value | |||||||||||||||||||||||
U. S. Government agency securities | $ | 26,489 | $ | 235 | $ | (440 | ) | $ | 26,284 | ||||||||||||||||
Mortgage-backed securities | 15,328 | 193 | (160 | ) | 15,361 | ||||||||||||||||||||
Municipal securities | 17,012 | 68 | (803 | ) | 16,277 | ||||||||||||||||||||
$ | 58,829 | $ | 496 | $ | (1,403 | ) | $ | 57,922 | |||||||||||||||||
Schedule of Unrealized Loss on Investments [Table Text Block] | ' | ||||||||||||||||||||||||
30-Sep-14 | |||||||||||||||||||||||||
Less than 12 months | 12 months or more | Total | |||||||||||||||||||||||
(Dollars In Thousands) | Estimated | Unrealized | Estimated | Unrealized | Estimated | Unrealized | |||||||||||||||||||
Fair | Loss | Fair | Loss | Fair | Loss | ||||||||||||||||||||
Value | Value | Value | |||||||||||||||||||||||
U.S. Government agency securities | $ | 7,147 | $ | (57 | ) | $ | 6,062 | $ | (168 | ) | $ | 13,209 | $ | (225 | ) | ||||||||||
Mortgage-backed securities | 562 | (2 | ) | 4,252 | (72 | ) | 4,814 | (74 | ) | ||||||||||||||||
Municipal securities | 1,546 | (52 | ) | 3,744 | (91 | ) | 5,290 | (143 | ) | ||||||||||||||||
$ | 9,255 | $ | (111 | ) | $ | 14,058 | $ | (331 | ) | $ | 23,313 | $ | (442 | ) | |||||||||||
31-Dec-13 | |||||||||||||||||||||||||
Less than 12 months | 12 months or more | Total | |||||||||||||||||||||||
(Dollars In Thousands) | Estimated | Unrealized | Estimated | Unrealized | Estimated | Unrealized | |||||||||||||||||||
Fair | Loss | Fair | Loss | Fair | Loss | ||||||||||||||||||||
Value | Value | Value | |||||||||||||||||||||||
U.S. Government agency securities | $ | 9,676 | $ | (341 | ) | $ | 1,897 | $ | (99 | ) | $ | 11,573 | $ | (440 | ) | ||||||||||
Mortgage-backed securities | 5,964 | (134 | ) | 1,042 | (26 | ) | 7,006 | (160 | ) | ||||||||||||||||
Municipal securities | 12,253 | (683 | ) | 1,185 | (120 | ) | 13,438 | (803 | ) | ||||||||||||||||
$ | 27,893 | $ | (1,158 | ) | $ | 4,124 | $ | (245 | ) | $ | 32,017 | $ | (1,403 | ) | |||||||||||
Investments Classified by Contractual Maturity Date [Table Text Block] | ' | ||||||||||||||||||||||||
(Dollars In Thousands) | Amortized | Estimated | |||||||||||||||||||||||
Cost | Fair | ||||||||||||||||||||||||
Value | |||||||||||||||||||||||||
One year or less | $ | 255 | $ | 257 | |||||||||||||||||||||
Over one through five years | 710 | 720 | |||||||||||||||||||||||
Over five through ten years | 9,687 | 9,700 | |||||||||||||||||||||||
Greater than 10 years | 45,575 | 45,985 | |||||||||||||||||||||||
$ | 56,227 | $ | 56,662 |
Note_3_Loans_Receivable_Tables
Note 3 - Loans Receivable (Tables) | 9 Months Ended | ||||||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||||||
Receivables [Abstract] | ' | ||||||||||||||||||||||||||||
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | ' | ||||||||||||||||||||||||||||
(Dollars In Thousands) | September 30, | December 31, | |||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||
Construction loans: | |||||||||||||||||||||||||||||
Residential | $ | 10,517 | $ | 6,768 | |||||||||||||||||||||||||
Land acquisition, development & commercial | 22,149 | 20,904 | |||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||
Residential | 82,519 | 72,934 | |||||||||||||||||||||||||||
Commercial | 132,691 | 126,100 | |||||||||||||||||||||||||||
Commercial, industrial & agricultural | 39,762 | 42,155 | |||||||||||||||||||||||||||
Equity lines | 23,523 | 20,374 | |||||||||||||||||||||||||||
Consumer | 8,203 | 8,698 | |||||||||||||||||||||||||||
Total | 319,364 | 297,933 | |||||||||||||||||||||||||||
Less allowance for loan losses | (3,522 | ) | (3,721 | ) | |||||||||||||||||||||||||
Loans, net | $ | 315,842 | $ | 294,212 | |||||||||||||||||||||||||
Past Due Financing Receivables [Table Text Block] | ' | ||||||||||||||||||||||||||||
(Dollars In Thousands) | 30-59 Days | 60-89 Days | 90 Days or | Total Past | Current | Total | Nonaccrual | ||||||||||||||||||||||
Past Due | Past Due | More Past | Due | Loans | Loans | ||||||||||||||||||||||||
Due | |||||||||||||||||||||||||||||
Construction loans: | |||||||||||||||||||||||||||||
Residential | $ | - | $ | - | $ | - | $ | - | $ | 10,517 | $ | 10,517 | $ | - | |||||||||||||||
Land acquisition, development & commercial | - | - | - | - | 22,149 | 22,149 | - | ||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||
Residential | 141 | - | 480 | 621 | 81,898 | 82,519 | 480 | ||||||||||||||||||||||
Commercial | - | - | 152 | 152 | 132,539 | 132,691 | 784 | ||||||||||||||||||||||
Commercial, industrial & agricultural | 20 | - | 10 | 30 | 39,732 | 39,762 | 10 | ||||||||||||||||||||||
Equity lines | 180 | - | - | 180 | 23,343 | 23,523 | - | ||||||||||||||||||||||
Consumer | 1 | 37 | - | 38 | 8,165 | 8,203 | 24 | ||||||||||||||||||||||
Total | $ | 342 | $ | 37 | $ | 642 | $ | 1,021 | $ | 318,343 | $ | 319,364 | $ | 1,298 | |||||||||||||||
(Dollars In Thousands) | 30-59 Days | 60-89 Days | 90 Days or | Total Past | Current | Total | Nonaccrual | ||||||||||||||||||||||
Past Due | Past Due | More Past | Due | Loans | Loans | ||||||||||||||||||||||||
Due | |||||||||||||||||||||||||||||
Construction loans: | |||||||||||||||||||||||||||||
Residential | $ | - | $ | - | $ | - | $ | - | $ | 6,768 | $ | 6,768 | $ | - | |||||||||||||||
Land acquisition, development & commercial | - | - | - | - | 20,904 | 20,904 | - | ||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||
Residential | - | - | 931 | 931 | 72,003 | 72,934 | 707 | ||||||||||||||||||||||
Commercial | - | - | - | - | 126,100 | 126,100 | - | ||||||||||||||||||||||
Commercial, industrial & agricultural | 270 | 44 | 36 | 350 | 41,805 | 42,155 | 193 | ||||||||||||||||||||||
Equity lines | 203 | - | 59 | 262 | 20,112 | 20,374 | 59 | ||||||||||||||||||||||
Consumer | 16 | - | 30 | 46 | 8,652 | 8,698 | 30 | ||||||||||||||||||||||
Total | $ | 489 | $ | 44 | $ | 1,056 | $ | 1,589 | $ | 296,344 | $ | 297,933 | $ | 989 | |||||||||||||||
Impaired Financing Receivables [Table Text Block] | ' | ||||||||||||||||||||||||||||
30-Sep-14 | Recorded | Unpaid | Related | Average | Interest | ||||||||||||||||||||||||
With no related allowance: | Investment | Principal | Allowance | Balance | Income | ||||||||||||||||||||||||
(Dollars In Thousands) | in Loans | Balance | Total | Recognized | |||||||||||||||||||||||||
Loans | |||||||||||||||||||||||||||||
Construction loans: | |||||||||||||||||||||||||||||
Residential | $ | - | $ | - | $ | - | $ | - | $ | - | |||||||||||||||||||
Land acquisition, development & commercial | 1,282 | 1,282 | - | 1,346 | 49 | ||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||
Residential | 480 | 656 | - | 480 | 8 | ||||||||||||||||||||||||
Commercial | 9,461 | 9,461 | - | 10,680 | 351 | ||||||||||||||||||||||||
Commercial, industrial & agricultural | 495 | 495 | - | 498 | 21 | ||||||||||||||||||||||||
Equity lines | - | - | - | - | - | ||||||||||||||||||||||||
Consumer | - | - | - | - | - | ||||||||||||||||||||||||
Total loans with no allowance | $ | 11,718 | $ | 11,894 | $ | - | $ | 13,004 | $ | 429 | |||||||||||||||||||
30-Sep-14 | Recorded | Unpaid | Related | Average | Interest | ||||||||||||||||||||||||
With an allowance recorded: | Investment | Principal | Allowance | Balance | Income | ||||||||||||||||||||||||
(Dollars In Thousands) | in Loans | Balance | Total | Recognized | |||||||||||||||||||||||||
Loans | |||||||||||||||||||||||||||||
Construction loans: | |||||||||||||||||||||||||||||
Residential | $ | - | $ | - | $ | - | $ | - | $ | - | |||||||||||||||||||
Land acquisition, development & commercial | - | - | - | - | - | ||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||
Residential | - | - | - | - | - | ||||||||||||||||||||||||
Commercial | 152 | 152 | 146 | 153 | 3 | ||||||||||||||||||||||||
Commercial, industrial & agricultural | - | - | - | - | - | ||||||||||||||||||||||||
Equity lines | - | - | - | - | - | ||||||||||||||||||||||||
Consumer | - | - | - | - | - | ||||||||||||||||||||||||
Total loans with an allowance | $ | 152 | $ | 152 | $ | 146 | $ | 153 | $ | 3 | |||||||||||||||||||
31-Dec-13 | Recorded | Unpaid | Related | Average | Interest | ||||||||||||||||||||||||
With no related allowance: | Investment | Principal | Allowance | Balance | Income | ||||||||||||||||||||||||
(Dollars In Thousands) | in Loans | Balance | Total | Recognized | |||||||||||||||||||||||||
Loans | |||||||||||||||||||||||||||||
Construction loans: | |||||||||||||||||||||||||||||
Residential | $ | - | $ | - | $ | - | $ | - | $ | - | |||||||||||||||||||
Land acquisition, development & commercial | 1,550 | 1,550 | - | 1,550 | 67 | ||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||
Residential | 412 | 412 | - | 415 | 18 | ||||||||||||||||||||||||
Commercial | 9,266 | 9,266 | - | 9,365 | 442 | ||||||||||||||||||||||||
Commercial, industrial & agricultural | 283 | 283 | - | 733 | 46 | ||||||||||||||||||||||||
Equity lines | - | - | - | - | - | ||||||||||||||||||||||||
Consumer | - | - | - | - | - | ||||||||||||||||||||||||
Total loans with no allowance | $ | 11,511 | $ | 11,511 | $ | - | $ | 12,063 | $ | 573 | |||||||||||||||||||
31-Dec-13 | Recorded | Unpaid | Related | Average | Interest | ||||||||||||||||||||||||
With an allowance recorded: | Investment | Principal | Allowance | Balance | Income | ||||||||||||||||||||||||
(Dollars In Thousands) | in Loans | Balance | Total | Recognized | |||||||||||||||||||||||||
Loans | |||||||||||||||||||||||||||||
Construction loans: | |||||||||||||||||||||||||||||
Residential | $ | - | $ | - | $ | - | $ | - | $ | - | |||||||||||||||||||
Land acquisition, development & commercial | - | - | - | - | - | ||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||
Residential | 438 | 438 | 163 | 439 | 16 | ||||||||||||||||||||||||
Commercial | - | - | - | - | - | ||||||||||||||||||||||||
Commercial, industrial & agricultural | 41 | 41 | 10 | 34 | 1 | ||||||||||||||||||||||||
Equity lines | - | - | - | - | - | ||||||||||||||||||||||||
Consumer | - | - | - | - | - | ||||||||||||||||||||||||
Total loans with an allowance | $ | 479 | $ | 479 | $ | 173 | $ | 473 | $ | 17 | |||||||||||||||||||
Troubled Debt Restructurings on Financing Receivables [Table Text Block] | ' | ||||||||||||||||||||||||||||
Loans modified as TDR's | |||||||||||||||||||||||||||||
For the nine months ended September 30, 2014 | |||||||||||||||||||||||||||||
Class of Loan | Number | Pre-Modification | Post-Modification | ||||||||||||||||||||||||||
of | Outstanding | Outstanding | |||||||||||||||||||||||||||
Contracts | Recorded | Recorded | |||||||||||||||||||||||||||
Investment | Investment | ||||||||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||||||
Construction loans: | |||||||||||||||||||||||||||||
Residential | - | $ | - | $ | - | ||||||||||||||||||||||||
Land acquisition, development & commercial | - | - | - | ||||||||||||||||||||||||||
Real estate loans: | |||||||||||||||||||||||||||||
Residential | - | - | - | ||||||||||||||||||||||||||
Commercial | 1 | 1,932 | 632 | ||||||||||||||||||||||||||
Commercial, industrial, agricultural | - | - | - | ||||||||||||||||||||||||||
Equity lines | - | - | - | ||||||||||||||||||||||||||
Consumer | - | - | - | ||||||||||||||||||||||||||
Total Loans | 1 | $ | 1,932 | $ | 632 |
Note_4_Allowance_for_Loan_Loss1
Note 4 - Allowance for Loan Losses (Tables) | 9 Months Ended | ||||||||||||||||||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||||||||||||||||||
Disclosure Text Block Supplement [Abstract] | ' | ||||||||||||||||||||||||||||||||||||||||
Allowance for Credit Losses on Financing Receivables [Table Text Block] | ' | ||||||||||||||||||||||||||||||||||||||||
30-Sep-14 | Allowance for loan losses | Loans | |||||||||||||||||||||||||||||||||||||||
Class of Loan | Beginning | Charge- | Recoveries | Provisions | Ending | Ending | Ending | Ending | Ending | Ending | |||||||||||||||||||||||||||||||
(Dollars in Thousands) | balance | offs | balance | balance: | balance: | balance | balance: | balance: | |||||||||||||||||||||||||||||||||
individually | collectively | individually | collectively | ||||||||||||||||||||||||||||||||||||||
evaluated | evaluated | evaluated | evaluated | ||||||||||||||||||||||||||||||||||||||
for | for | for | for | ||||||||||||||||||||||||||||||||||||||
impairment | impairment | impairment | impairment | ||||||||||||||||||||||||||||||||||||||
Construction loans: | |||||||||||||||||||||||||||||||||||||||||
Residential | $ | 156 | $ | - | $ | - | $ | 100 | $ | 256 | $ | - | $ | 256 | $ | 10,517 | $ | - | $ | 10,517 | |||||||||||||||||||||
Land acquisition, development & commercial | 872 | - | - | (162 | ) | 710 | - | 710 | 22,149 | 1,282 | 20,867 | ||||||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||||||||||||
Residential | 867 | (233 | ) | 34 | 172 | 840 | - | 840 | 82,519 | 480 | 82,039 | ||||||||||||||||||||||||||||||
Commercial | 1,008 | - | - | (65 | ) | 943 | 146 | 797 | 132,691 | 9,613 | 123,078 | ||||||||||||||||||||||||||||||
Commercial, industrial & agricultural | 327 | (50 | ) | - | 4 | 281 | - | 281 | 39,762 | 495 | 39,267 | ||||||||||||||||||||||||||||||
Equity lines | 385 | (136 | ) | 8 | 137 | 394 | - | 394 | 23,523 | - | 23,523 | ||||||||||||||||||||||||||||||
Consumer | 63 | (26 | ) | 2 | 15 | 54 | - | 54 | 8,203 | - | 8,203 | ||||||||||||||||||||||||||||||
Unallocated | 43 | - | - | 1 | 44 | - | 44 | - | - | - | |||||||||||||||||||||||||||||||
Total | $ | 3,721 | $ | (445 | ) | $ | 44 | $ | 202 | $ | 3,522 | $ | 146 | $ | 3,376 | $ | 319,364 | $ | 11,870 | $ | 307,494 | ||||||||||||||||||||
31-Dec-13 | Allowance for loan losses | Loans | |||||||||||||||||||||||||||||||||||||||
Class of Loan | Beginning | Charge- | Recoveries | Provisions | Ending | Ending | Ending | Ending | Ending | Ending | |||||||||||||||||||||||||||||||
(Dollars in Thousands) | balance | offs | balance | balance: | balance: | balance | balance: | balance: | |||||||||||||||||||||||||||||||||
individually | collectively | individually | collectively | ||||||||||||||||||||||||||||||||||||||
evaluated | evaluated | evaluated | evaluated | ||||||||||||||||||||||||||||||||||||||
for | for | for | for | ||||||||||||||||||||||||||||||||||||||
impairment | impairment | impairment | impairment | ||||||||||||||||||||||||||||||||||||||
Construction loans: | |||||||||||||||||||||||||||||||||||||||||
Residential | $ | 117 | $ | - | $ | - | $ | 39 | $ | 156 | $ | - | $ | 156 | $ | 6,768 | $ | - | $ | 6,768 | |||||||||||||||||||||
Land acquisition, development & commercial | 811 | - | - | 61 | 872 | - | 872 | 20,904 | 1,550 | 19,354 | |||||||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||||||||||||
Residential | 725 | (446 | ) | 81 | 507 | 867 | 163 | 704 | 72,934 | 850 | 72,084 | ||||||||||||||||||||||||||||||
Commercial | 1,054 | (88 | ) | 298 | (256 | ) | 1,008 | - | 1,008 | 126,100 | 9,266 | 116,834 | |||||||||||||||||||||||||||||
Commercial, industrial & agricultural | 459 | (27 | ) | - | (105 | ) | 327 | 10 | 317 | 42,155 | 324 | 41,831 | |||||||||||||||||||||||||||||
Equity lines | 386 | - | 2 | (3 | ) | 385 | - | 385 | 20,374 | - | 20,374 | ||||||||||||||||||||||||||||||
Consumer | 145 | (14 | ) | - | (68 | ) | 63 | - | 63 | 8,698 | - | 8,698 | |||||||||||||||||||||||||||||
Unallocated | 93 | - | - | (50 | ) | 43 | - | 43 | - | - | - | ||||||||||||||||||||||||||||||
Total | $ | 3,790 | $ | (575 | ) | $ | 381 | $ | 125 | $ | 3,721 | $ | 173 | $ | 3,548 | $ | 297,933 | $ | 11,990 | $ | 285,943 | ||||||||||||||||||||
Financing Receivable Credit Quality Indicators [Table Text Block] | ' | ||||||||||||||||||||||||||||||||||||||||
(Dollars In Thousands) | Pass | Special | Substandard | Substandard | Total | ||||||||||||||||||||||||||||||||||||
Mention | Accruing | Nonaccrual | |||||||||||||||||||||||||||||||||||||||
Construction loans: | |||||||||||||||||||||||||||||||||||||||||
Residential | $ | 10,517 | $ | - | $ | - | $ | - | $ | 10,517 | |||||||||||||||||||||||||||||||
Land acquisition, development & commercial | 20,851 | - | 1,298 | - | 22,149 | ||||||||||||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||||||||||||
Residential | 77,673 | 4,366 | - | 480 | 82,519 | ||||||||||||||||||||||||||||||||||||
Commercial | 128,615 | 596 | 2,696 | 784 | 132,691 | ||||||||||||||||||||||||||||||||||||
Commercial, industrial & agricultural | 39,067 | 41 | 644 | 10 | 39,762 | ||||||||||||||||||||||||||||||||||||
Equity lines | 23,323 | - | 200 | - | 23,523 | ||||||||||||||||||||||||||||||||||||
Consumer | 8,179 | - | - | 24 | 8,203 | ||||||||||||||||||||||||||||||||||||
Total | $ | 308,225 | $ | 5,003 | $ | 4,838 | $ | 1,298 | $ | 319,364 | |||||||||||||||||||||||||||||||
(Dollars In Thousands) | Pass | Special | Substandard | Substandard | Total | ||||||||||||||||||||||||||||||||||||
Mention | Accruing | Nonaccrual | |||||||||||||||||||||||||||||||||||||||
Construction loans: | |||||||||||||||||||||||||||||||||||||||||
Residential | $ | 6,768 | $ | - | $ | - | $ | - | $ | 6,768 | |||||||||||||||||||||||||||||||
Land acquisition, development & commercial | 19,336 | - | 1,568 | - | 20,904 | ||||||||||||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||||||||||||
Residential | 67,548 | 4,455 | 223 | 708 | 72,934 | ||||||||||||||||||||||||||||||||||||
Commercial | 121,970 | 510 | 3,620 | - | 126,100 | ||||||||||||||||||||||||||||||||||||
Commercial, industrial & agricultural | 41,051 | 96 | 815 | 193 | 42,155 | ||||||||||||||||||||||||||||||||||||
Equity lines | 20,316 | - | - | 58 | 20,374 | ||||||||||||||||||||||||||||||||||||
Consumer | 8,668 | - | - | 30 | 8,698 | ||||||||||||||||||||||||||||||||||||
Total | $ | 285,657 | $ | 5,061 | $ | 6,226 | $ | 989 | $ | 297,933 |
Note_5_Foreclosed_Properties_T
Note 5 - Foreclosed Properties (Tables) | 9 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
Valuation Allowance On Foreclosed Properties [Abstract] | ' | ||||||||||||
Summary of Valuation Allowance [Table Text Block] | ' | ||||||||||||
(Dollars In Thousands) | Other Real | Valuation | Net | ||||||||||
Estate Owned | Allowance | ||||||||||||
Balance at the beginning of the year | $ | 9,078 | $ | (935 | ) | $ | 8,143 | ||||||
Additions | 1,520 | - | 1,520 | ||||||||||
Writedowns | - | - | - | ||||||||||
Sales | (1,399 | ) | 422 | (977 | ) | ||||||||
Balance at the end of the period | $ | 9,199 | $ | (513 | ) | $ | 8,686 | ||||||
(Dollars In Thousands) | Other Real | Valuation | Net | ||||||||||
Estate Owned | Allowance | ||||||||||||
Balance at the beginning of the year | $ | 9,513 | $ | (575 | ) | $ | 8,938 | ||||||
Additions | 1,613 | - | 1,613 | ||||||||||
Writedowns | - | (377 | ) | (377 | ) | ||||||||
Sales | (2,023 | ) | 249 | (1,774 | ) | ||||||||
Balance at the end of the period | $ | 9,103 | $ | (703 | ) | $ | 8,400 | ||||||
Schedule of Real Estate Properties [Table Text Block] | ' | ||||||||||||
(Dollars In Thousands) | September 30, | December 31, | |||||||||||
2014 | 2013 | ||||||||||||
Residential commercial | $ | 220 | $ | - | |||||||||
Residential lots | 3,023 | 3,472 | |||||||||||
Residential development | 423 | - | |||||||||||
Commercial lots | 1,075 | 1,076 | |||||||||||
Commercial buildings | 3,945 | 3,595 | |||||||||||
Total Other Real Estate Owned | $ | 8,686 | $ | 8,143 |
Note_6_Stock_Based_Compensatio1
Note 6 - Stock Based Compensation (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | ' | ||||||||||||||||
Options | Weighted | Aggregate Intrinsic Value(1) | Weighted | ||||||||||||||
Outstanding | Average | Average | |||||||||||||||
Exercise Price | Contractual Term | ||||||||||||||||
(years) | |||||||||||||||||
Balance at December 31, 2013 | 391,710 | $ | 9.34 | ||||||||||||||
Granted | - | - | |||||||||||||||
Exercised | - | - | |||||||||||||||
Forfeited | (7,150 | ) | 10 | ||||||||||||||
Balance at September 30, 2014 | 384,560 | $ | 9.35 | $ | - | 1.8 | |||||||||||
Exercisable at September 30, 2014 | 384,560 | $ | 9.35 | $ | - | 1.8 | |||||||||||
Schedule of Share-based Compensation, Restricted Stock Units Award Activity [Table Text Block] | ' | ||||||||||||||||
For the nine months ended | For the nine months ended | ||||||||||||||||
30-Sep-14 | 30-Sep-13 | ||||||||||||||||
Shares | Weighted-Average | Shares | Weighted-Average | ||||||||||||||
Grant Date | Grant Date | ||||||||||||||||
Fair Value | Fair Value | ||||||||||||||||
Nonvested at beginning of year | 27,846 | $ | 5.05 | 25,896 | $ | 4.76 | |||||||||||
Granted | 17,268 | 6.25 | 7,781 | 5.98 | |||||||||||||
Vested | (7,387 | ) | 5.23 | (5,831 | ) | 5.03 | |||||||||||
Cancelled | - | - | - | - | |||||||||||||
Nonvested at end of year | 37,727 | $ | 5.56 | 27,846 | $ | 5.05 |
Note_7_Fair_Value_Measurement_
Note 7 - Fair Value Measurement (Tables) | 9 Months Ended | ||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||||||
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | ' | ||||||||||||||||||||||
(Dollars In Thousands) | Carrying value at September 30, 2014 | ||||||||||||||||||||||
Description | Balance as of | Quoted Prices | Significant | Significant | |||||||||||||||||||
September 30, | in Active | Other | Unobservable | ||||||||||||||||||||
2014 | Markets for | Observable | Inputs | ||||||||||||||||||||
Identical | Inputs | (Level 3) | |||||||||||||||||||||
Assets | (Level 2) | ||||||||||||||||||||||
(Level 1) | |||||||||||||||||||||||
Assets: | |||||||||||||||||||||||
U. S. Government agency securities | $ | 27,192 | - | $ | 27,192 | - | |||||||||||||||||
Mortgaged-backed securities | 11,282 | - | 11,282 | - | |||||||||||||||||||
Municipal securities | 18,188 | - | 18,188 | - | |||||||||||||||||||
(Dollars In Thousands) | Carrying value at December 31, 2013 | ||||||||||||||||||||||
Description | Balance as of | Quoted Prices | Significant | Significant | |||||||||||||||||||
December 31, | in Active | Other | Unobservable | ||||||||||||||||||||
2013 | Markets for | Observable | Inputs | ||||||||||||||||||||
Identical | Inputs | (Level 3) | |||||||||||||||||||||
Assets | (Level 2) | ||||||||||||||||||||||
(Level 1) | |||||||||||||||||||||||
Assets: | |||||||||||||||||||||||
U. S. Government agency securities | $ | 26,284 | - | $ | 26,284 | - | |||||||||||||||||
Mortgaged-backed securities | 15,361 | - | 15,361 | - | |||||||||||||||||||
Municipal securities | 16,277 | - | 16,277 | - | |||||||||||||||||||
Fair Value Measurements, Nonrecurring [Table Text Block] | ' | ||||||||||||||||||||||
(Dollars In Thousands) | Carrying value at September 30, 2014 | ||||||||||||||||||||||
Description | Balance as of | Quoted Prices | Significant | Significant | |||||||||||||||||||
30-Sep-14 | in Active Markets | Other | Unobservable | ||||||||||||||||||||
for Identical Assets | Observable | Inputs | |||||||||||||||||||||
(Level 1) | Inputs | (Level 3) | |||||||||||||||||||||
(Level 2) | |||||||||||||||||||||||
Assets: | |||||||||||||||||||||||
Impaired loans, net of valuation allowance | $ | 6 | - | $ | - | $ | 6 | ||||||||||||||||
Other real estate owned | 8,686 | - | 3,475 | 5,211 | |||||||||||||||||||
(Dollars In Thousands) | Carrying value at December 31, 2013 | ||||||||||||||||||||||
Description | Balance as of | Quoted Prices | Significant | Significant | |||||||||||||||||||
31-Dec-13 | in Active Markets | Other | Unobservable | ||||||||||||||||||||
for Identical Assets | Observable | Inputs | |||||||||||||||||||||
(Level 1) | Inputs | (Level 3) | |||||||||||||||||||||
(Level 2) | |||||||||||||||||||||||
Assets: | |||||||||||||||||||||||
Impaired loans, net of valuation allowance | $ | 306 | - | $ | - | $ | 306 | ||||||||||||||||
Other real estate owned | 8,143 | - | 3,745 | 4,398 | |||||||||||||||||||
Fair Value Inputs, Assets, Quantitative Information [Table Text Block] | ' | ||||||||||||||||||||||
(Dollars In Thousands) | Quantitative information about Level 3 Fair Value Measurements for September 30, 2014 | ||||||||||||||||||||||
Assets | Fair | Valuation Technique(s) | Unobservable input | Range (Weighted Average) | |||||||||||||||||||
Value | |||||||||||||||||||||||
Impaired loans | $ | 6 | Discounted appraised value | Selling cost | 20 | % | - | 20 | % | (20 | %) | ||||||||||||
Discount for lack of marketability and age of appraisal | 0 | % | - | 0 | % | (0 | %) | ||||||||||||||||
Other real estate owned | $ | 1,457 | Discounted appraised value | Selling cost | 0 | % | - | 6 | % | (5 | %) | ||||||||||||
Discount for lack of marketability and age | 4 | % | - | 33 | % | (8 | %) | ||||||||||||||||
$ | 3,754 | Internal evaluations | Internal evaluations | 10 | % | - | 10 | % | (10 | %) | |||||||||||||
(Dollars In Thousands) | Quantitative information about Level 3 Fair Value Measurements for December 31, 2013 | ||||||||||||||||||||||
Assets | Fair | Valuation Technique(s) | Unobservable input | Range (Weighted Average) | |||||||||||||||||||
Value | |||||||||||||||||||||||
Impaired loans | $ | 306 | Discounted appraised value | Selling cost | 10 | % | - | 10 | % | (10 | %) | ||||||||||||
Discount for lack of marketability and age of appraisal | 32 | % | - | 32 | % | (32 | %) | ||||||||||||||||
Other real estate owned | $ | 1,458 | Discounted appraised value | Selling cost | 0 | % | - | 6 | % | (5 | %) | ||||||||||||
Discount for lack of marketability and age | 0 | % | - | 25 | % | (9 | %) | ||||||||||||||||
$ | 2,940 | Internal evaluations | Internal evaluations | 10 | % | - | 10 | % | (10 | %) | |||||||||||||
Fair Value, by Balance Sheet Grouping [Table Text Block] | ' | ||||||||||||||||||||||
(Dollars In Thousands) | Fair value at September 30, 2014 | ||||||||||||||||||||||
Description | Carrying value as of | Quoted Prices | Significant | Significant | Approximate | ||||||||||||||||||
September 30, | in Active | Other | Unobservable | Fair Values | |||||||||||||||||||
2014 | Markets for | Observable | Inputs | ||||||||||||||||||||
Identical | Inputs | (Level 3) | |||||||||||||||||||||
Assets | (Level 2) | ||||||||||||||||||||||
(Level 1) | |||||||||||||||||||||||
Financial assets | |||||||||||||||||||||||
Cash and due from banks | $ | 14,051 | $ | 12,051 | $ | - | $ | 2,028 | $ | 14,079 | |||||||||||||
Federal funds sold | 111 | 111 | - | - | 111 | ||||||||||||||||||
Securities available-for-sale | 56,662 | - | 56,662 | - | 56,662 | ||||||||||||||||||
Restricted equity securities | 2,577 | - | 2,577 | - | 2,577 | ||||||||||||||||||
Loans held for sale | 317 | - | 317 | - | 317 | ||||||||||||||||||
Loans, net | 315,842 | - | - | 316,414 | 316,414 | ||||||||||||||||||
Bank owned life insurance | 3,595 | - | 3,595 | - | 3,595 | ||||||||||||||||||
Accrued income | 1,777 | - | 1,777 | - | 1,777 | ||||||||||||||||||
Financial liabilities | |||||||||||||||||||||||
Total deposits | 351,477 | - | 338,622 | - | 338,622 | ||||||||||||||||||
Short term borrowings | 469 | - | 469 | - | 469 | ||||||||||||||||||
FHLB borrowings | 22,250 | - | 22,629 | - | 22,629 | ||||||||||||||||||
Accrued interest payable | 295 | - | 295 | - | 295 | ||||||||||||||||||
(Dollars In Thousands) | Fair value at December 31, 2013 | ||||||||||||||||||||||
Description | Carrying value as of | Quoted Prices | Significant | Significant | Approximate | ||||||||||||||||||
December 31, | in Active | Other | Unobservable | Fair Values | |||||||||||||||||||
2013 | Markets for | Observable | Inputs | ||||||||||||||||||||
Identical | Inputs | (Level 3) | |||||||||||||||||||||
Assets | (Level 2) | ||||||||||||||||||||||
(Level 1) | |||||||||||||||||||||||
Financial assets | |||||||||||||||||||||||
Cash and due from banks | $ | 19,537 | $ | 17,537 | $ | - | $ | 2,004 | $ | 19,541 | |||||||||||||
Federal funds sold | 738 | 738 | - | - | 738 | ||||||||||||||||||
Securities available-for-sale | 57,922 | - | 57,922 | - | 57,922 | ||||||||||||||||||
Restricted equity securities | 2,564 | - | 2,564 | - | 2,564 | ||||||||||||||||||
Loans, net | 294,212 | - | - | 293,135 | 293,135 | ||||||||||||||||||
Bank owned life insurance | 3,518 | - | 3,518 | - | 3,518 | ||||||||||||||||||
Accrued income | 1,877 | - | 1,877 | - | 1,877 | ||||||||||||||||||
Financial liabilities | |||||||||||||||||||||||
Total deposits | 339,770 | - | 327,514 | - | 327,514 | ||||||||||||||||||
Short term borrowings | 258 | - | 258 | - | 258 | ||||||||||||||||||
FHLB borrowings | 22,000 | - | 22,560 | - | 22,560 | ||||||||||||||||||
Accrued interest payable | 286 | - | 286 | - | 286 |
Note_8_Reclassifications_Out_o1
Note 8 - Reclassifications Out of Other Comprehensive Income (Tables) | 9 Months Ended | |||||||||
Sep. 30, 2014 | ||||||||||
Disclosure Text Block [Abstract] | ' | |||||||||
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | ' | |||||||||
Details about Other Comprehensive Components | Amounts Reclassified from | Affected Line Item in the Statement | ||||||||
Other Comprehensive Income | Where Net Income is Presented | |||||||||
for the Three Months Ended September 30, | ||||||||||
(Dollars In Thousands) | 2014 | 2013 | ||||||||
Available for sale securities | ||||||||||
Realized gains on sales of securities held for sale during the period | $ | - | $ | 8 | Gains on sales of investment securities | |||||
Tax expense related to realized gains on securities sold | - | 3 | Income tax expense | |||||||
$ | - | $ | 5 | Net income | ||||||
Details about Other Comprehensive Components | Amounts Reclassified from | Affected Line Item in the Statement | ||||||||
Other Comprehensive Income | Where Net Income is Presented | |||||||||
for the Nine Months Ended September 30, | ||||||||||
(Dollars In Thousands) | 2014 | 2013 | ||||||||
Available for sale securities | ||||||||||
Realized gains on sales of securities held for sale during the period | $ | 108 | $ | 116 | Gains on sales of investment securities | |||||
Tax expense related to realized gains on securities sold | 37 | 39 | Income tax expense | |||||||
$ | 71 | $ | 77 | Net income |
Note_9_Earnings_Per_Common_Sha1
Note 9 - Earnings Per Common Share (Tables) | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | ' | ||||||||||||||||||||||||
For the Three Months Ended September 30, | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Dollars In Thousands, except share and per share data | Weighted Average Common Shares Outstanding | Net Income Available to Common Shareholders | Per Share Amount | Weighted Average Common Shares Outstanding | Net Income Available to Common Shareholders | Per Share Amount | |||||||||||||||||||
Earnings per common share, basic | 3,287,567 | $ | 567 | $ | 0.17 | 3,270,299 | $ | 298 | $ | 0.09 | |||||||||||||||
Series C Preferred Stock Dividends | 210 | 180 | |||||||||||||||||||||||
Effect of dilutive securities: | |||||||||||||||||||||||||
Convertible preferred stock | 2,240,000 | - | (0.03 | ) | 2,240,000 | - | (0.00 | ) | |||||||||||||||||
Earnings per common share, diluted | 5,527,567 | $ | 777 | $ | 0.14 | 5,510,299 | $ | 478 | $ | 0.09 | |||||||||||||||
For the Nine Months Ended September 30, | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Dollars In Thousands, except share and per share data | Weighted Average Common Shares Outstanding | Net Income Available to Common Shareholders | Per Share Amount | Weighted Average Common Shares Outstanding | Net Income Available to Common Shareholders | Per Share Amount | |||||||||||||||||||
Earnings per common share, basic | 3,283,962 | $ | 1,783 | $ | 0.54 | 3,268,646 | $ | 1,158 | $ | 0.35 | |||||||||||||||
Series C Preferred Stock Dividends | 630 | 180 | |||||||||||||||||||||||
Effect of dilutive securities: | |||||||||||||||||||||||||
Convertible preferred stock | 2,240,000 | - | (0.10 | ) | 779,487 | - | (0.02 | ) | |||||||||||||||||
Earnings per common share, diluted | 5,523,962 | $ | 2,413 | $ | 0.44 | 4,048,133 | $ | 1,338 | $ | 0.33 |
Note_2_Investment_Securities_D
Note 2 - Investment Securities (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | |
Note 2 - Investment Securities (Details) [Line Items] | ' | ' | ' | ' |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | ' | 46 | ' | ' |
Other than Temporary Impairment Losses, Investments, Available-for-sale Securities | ' | $0 | ' | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | ' | 23,313,000 | ' | 32,017,000 |
Gain (Loss) on Sale of Securities, Net | 8,000 | 108,000 | 116,000 | ' |
US Government Agencies Debt Securities [Member] | ' | ' | ' | ' |
Note 2 - Investment Securities (Details) [Line Items] | ' | ' | ' | ' |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | ' | 22 | ' | ' |
Other than Temporary Impairment Losses, Investments, Available-for-sale Securities | ' | 0 | ' | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | ' | 13,209,000 | ' | 11,573,000 |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ' | ' | ' | ' |
Note 2 - Investment Securities (Details) [Line Items] | ' | ' | ' | ' |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | ' | 9 | ' | ' |
Other than Temporary Impairment Losses, Investments, Available-for-sale Securities | ' | 0 | ' | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | ' | 4,814,000 | ' | 7,006,000 |
US States and Political Subdivisions Debt Securities [Member] | ' | ' | ' | ' |
Note 2 - Investment Securities (Details) [Line Items] | ' | ' | ' | ' |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | ' | 15 | ' | ' |
Other than Temporary Impairment Losses, Investments, Available-for-sale Securities | ' | 0 | ' | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | ' | $5,290,000 | ' | $13,438,000 |
Note_2_Investment_Securities_D1
Note 2 - Investment Securities (Details) - Available-for-sale Securities (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Note 2 - Investment Securities (Details) - Available-for-sale Securities [Line Items] | ' | ' |
Securities available-for-sale, amortized cost | $56,227 | $58,829 |
Securities available-for-sale, gross unrealized gains | 877 | 496 |
Securities available-for-sale, gross unrealized losses | -442 | -1,403 |
Securities available-for-sale | 56,662 | 57,922 |
US Government Agencies Debt Securities [Member] | ' | ' |
Note 2 - Investment Securities (Details) - Available-for-sale Securities [Line Items] | ' | ' |
Securities available-for-sale, amortized cost | 27,109 | 26,489 |
Securities available-for-sale, gross unrealized gains | 308 | 235 |
Securities available-for-sale, gross unrealized losses | -225 | -440 |
Securities available-for-sale | 27,192 | 26,284 |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ' | ' |
Note 2 - Investment Securities (Details) - Available-for-sale Securities [Line Items] | ' | ' |
Securities available-for-sale, amortized cost | 11,212 | 15,328 |
Securities available-for-sale, gross unrealized gains | 144 | 193 |
Securities available-for-sale, gross unrealized losses | -74 | -160 |
Securities available-for-sale | 11,282 | 15,361 |
US States and Political Subdivisions Debt Securities [Member] | ' | ' |
Note 2 - Investment Securities (Details) - Available-for-sale Securities [Line Items] | ' | ' |
Securities available-for-sale, amortized cost | 17,906 | 17,012 |
Securities available-for-sale, gross unrealized gains | 425 | 68 |
Securities available-for-sale, gross unrealized losses | -143 | -803 |
Securities available-for-sale | $18,188 | $16,277 |
Note_2_Investment_Securities_D2
Note 2 - Investment Securities (Details) - Unrealized Loss Positions of Available-for-sale Securities (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Note 2 - Investment Securities (Details) - Unrealized Loss Positions of Available-for-sale Securities [Line Items] | ' | ' |
Securities available-for-sale in a continuous unrealized loss position, less than 12 months, fair value | $9,255 | $27,893 |
Securities available-for-sale in a continuous unrealized loss position, less than 12 months, unrealized loss | -111 | -1,158 |
Securities available-for-sale in a continuous unrealized loss position, 12 months or more, fair value | 14,058 | 4,124 |
Securities available-for-sale in a continuous unrealized loss position, 12 months or more, unrealized loss | -331 | -245 |
Securities available-for-sale in a continuous unrealized loss position, fair value | 23,313 | 32,017 |
Securities available-for-sale in a continuous unrealized loss position, unrealized loss | -442 | -1,403 |
US Government Agencies Debt Securities [Member] | ' | ' |
Note 2 - Investment Securities (Details) - Unrealized Loss Positions of Available-for-sale Securities [Line Items] | ' | ' |
Securities available-for-sale in a continuous unrealized loss position, less than 12 months, fair value | 7,147 | 9,676 |
Securities available-for-sale in a continuous unrealized loss position, less than 12 months, unrealized loss | -57 | -341 |
Securities available-for-sale in a continuous unrealized loss position, 12 months or more, fair value | 6,062 | 1,897 |
Securities available-for-sale in a continuous unrealized loss position, 12 months or more, unrealized loss | -168 | -99 |
Securities available-for-sale in a continuous unrealized loss position, fair value | 13,209 | 11,573 |
Securities available-for-sale in a continuous unrealized loss position, unrealized loss | -225 | -440 |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ' | ' |
Note 2 - Investment Securities (Details) - Unrealized Loss Positions of Available-for-sale Securities [Line Items] | ' | ' |
Securities available-for-sale in a continuous unrealized loss position, less than 12 months, fair value | 562 | 5,964 |
Securities available-for-sale in a continuous unrealized loss position, less than 12 months, unrealized loss | -2 | -134 |
Securities available-for-sale in a continuous unrealized loss position, 12 months or more, fair value | 4,252 | 1,042 |
Securities available-for-sale in a continuous unrealized loss position, 12 months or more, unrealized loss | -72 | -26 |
Securities available-for-sale in a continuous unrealized loss position, fair value | 4,814 | 7,006 |
Securities available-for-sale in a continuous unrealized loss position, unrealized loss | -74 | -160 |
US States and Political Subdivisions Debt Securities [Member] | ' | ' |
Note 2 - Investment Securities (Details) - Unrealized Loss Positions of Available-for-sale Securities [Line Items] | ' | ' |
Securities available-for-sale in a continuous unrealized loss position, less than 12 months, fair value | 1,546 | 12,253 |
Securities available-for-sale in a continuous unrealized loss position, less than 12 months, unrealized loss | -52 | -683 |
Securities available-for-sale in a continuous unrealized loss position, 12 months or more, fair value | 3,744 | 1,185 |
Securities available-for-sale in a continuous unrealized loss position, 12 months or more, unrealized loss | -91 | -120 |
Securities available-for-sale in a continuous unrealized loss position, fair value | 5,290 | 13,438 |
Securities available-for-sale in a continuous unrealized loss position, unrealized loss | ($143) | ($803) |
Note_2_Investment_Securities_D3
Note 2 - Investment Securities (Details) - Available-for-sale Securities by Contractual Maturity (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Available-for-sale Securities by Contractual Maturity [Abstract] | ' | ' |
One year or less | $255 | ' |
One year or less | 257 | ' |
Over one through five years | 710 | ' |
Over one through five years | 720 | ' |
Over five through ten years | 9,687 | ' |
Over five through ten years | 9,700 | ' |
Greater than 10 years | 45,575 | ' |
Greater than 10 years | 45,985 | ' |
56,227 | 58,829 | |
$56,662 | $57,922 |
Note_3_Loans_Receivable_Detail
Note 3 - Loans Receivable (Details) (USD $) | 0 Months Ended | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | |
Note 3 - Loans Receivable (Details) [Line Items] | ' | ' | ' | ' | ' |
Financing Receivable, Recorded Investment, 90 Days Past Due and Still Accruing | $0 | $0 | $0 | ' | $223,000 |
Financing Receivable, Modifications, Recorded Investment | 6,800,000 | 6,800,000 | 6,800,000 | ' | 6,300,000 |
Financing Receivable, Modifications, Number of Contracts | 2 | 1 | 1 | 0 | ' |
Financing Receivable, Recorded Investment, Nonaccrual Status | 1,298,000 | 1,298,000 | 1,298,000 | ' | 989,000 |
Financing Receivable, Modifications, Subsequent Default, Number of Contracts | ' | ' | 0 | ' | ' |
Troubled Debt Restructuring [Member] | Substandard [Member] | ' | ' | ' | ' | ' |
Note 3 - Loans Receivable (Details) [Line Items] | ' | ' | ' | ' | ' |
Financing Receivable, Recorded Investment, Nonaccrual Status | 24,000 | 24,000 | 24,000 | 39,000 | ' |
Troubled Debt Restructuring [Member] | ' | ' | ' | ' | ' |
Note 3 - Loans Receivable (Details) [Line Items] | ' | ' | ' | ' | ' |
Financing Receivable, Modifications, Number of Contracts | ' | ' | 4 | ' | ' |
Financing Receivable, Recorded Investment, Nonaccrual Status | 656,000 | 656,000 | 656,000 | ' | ' |
Performing Financing Receivable [Member] | ' | ' | ' | ' | ' |
Note 3 - Loans Receivable (Details) [Line Items] | ' | ' | ' | ' | ' |
Financing Receivable, Modifications, Recorded Investment | $6,100,000 | $6,100,000 | $6,100,000 | ' | ' |
Financing Receivable, Modifications, Number of Contracts | ' | ' | 2 | ' | ' |
Note_3_Loans_Receivable_Detail1
Note 3 - Loans Receivable (Details) - Classifications of Loans Receivable (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Construction loans: | ' | ' | ' |
Loans | $319,364,000 | $297,933,000 | ' |
Less allowance for loan losses | -3,522,000 | -3,721,000 | -3,790,000 |
Loans, net | 315,842,000 | 294,212,000 | ' |
Construction Residential [Member] | ' | ' | ' |
Construction loans: | ' | ' | ' |
Loans | 10,517,000 | 6,768,000 | ' |
Less allowance for loan losses | -256,000 | -156,000 | -117,000 |
Land Acquistion, Development and Commercial [Member] | ' | ' | ' |
Construction loans: | ' | ' | ' |
Loans | 22,149,000 | 20,904,000 | ' |
Less allowance for loan losses | -710,000 | -872,000 | -811,000 |
Real Estate Residential [Member] | ' | ' | ' |
Construction loans: | ' | ' | ' |
Loans | 82,519,000 | 72,934,000 | ' |
Less allowance for loan losses | -840,000 | -867,000 | -725,000 |
Real Estate Commercial [Member] | ' | ' | ' |
Construction loans: | ' | ' | ' |
Loans | 132,691,000 | 126,100,000 | ' |
Less allowance for loan losses | -943,000 | -1,008,000 | -1,054,000 |
Commercial, Industrial and Agricultural [Member] | ' | ' | ' |
Construction loans: | ' | ' | ' |
Loans | 39,762,000 | 42,155,000 | ' |
Less allowance for loan losses | -281,000 | -327,000 | -459,000 |
Equity Lines [Member] | ' | ' | ' |
Construction loans: | ' | ' | ' |
Loans | 23,523,000 | 20,374,000 | ' |
Less allowance for loan losses | -394,000 | -385,000 | -386,000 |
Consumer [Member] | ' | ' | ' |
Construction loans: | ' | ' | ' |
Loans | 8,203,000 | 8,698,000 | ' |
Less allowance for loan losses | ($54,000) | ($63,000) | ($145,000) |
Note_3_Loans_Receivable_Detail2
Note 3 - Loans Receivable (Details) - Past Due and Non-accrual Status of Loans (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Loans, 30-59 days past due | $342,000 | $489,000 |
Loans, 60-89 days past due | 37,000 | 44,000 |
Loans, 90 days or more past due | 642,000 | 1,056,000 |
Loans, past due | 1,021,000 | 1,589,000 |
Loans, current | 318,343,000 | 296,344,000 |
Loans | 319,364,000 | 297,933,000 |
Loans, nonaccrual | 1,298,000 | 989,000 |
Construction Residential [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Loans, current | 10,517,000 | 6,768,000 |
Loans | 10,517,000 | 6,768,000 |
Land Acquistion, Development and Commercial [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Loans, current | 22,149,000 | 20,904,000 |
Loans | 22,149,000 | 20,904,000 |
Real Estate Residential [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Loans, 30-59 days past due | 141,000 | ' |
Loans, 90 days or more past due | 480,000 | 931,000 |
Loans, past due | 621,000 | 931,000 |
Loans, current | 81,898,000 | 72,003,000 |
Loans | 82,519,000 | 72,934,000 |
Loans, nonaccrual | 480,000 | 707,000 |
Real Estate Commercial [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Loans, 90 days or more past due | 152,000 | ' |
Loans, past due | 152,000 | ' |
Loans, current | 132,539,000 | 126,100,000 |
Loans | 132,691,000 | 126,100,000 |
Loans, nonaccrual | 784,000 | ' |
Commercial, Industrial and Agricultural [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Loans, 30-59 days past due | 20,000 | 270,000 |
Loans, 60-89 days past due | ' | 44,000 |
Loans, 90 days or more past due | 10,000 | 36,000 |
Loans, past due | 30,000 | 350,000 |
Loans, current | 39,732,000 | 41,805,000 |
Loans | 39,762,000 | 42,155,000 |
Loans, nonaccrual | 10,000 | 193,000 |
Equity Lines [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Loans, 30-59 days past due | 180,000 | 203,000 |
Loans, 90 days or more past due | ' | 59,000 |
Loans, past due | 180,000 | 262,000 |
Loans, current | 23,343,000 | 20,112,000 |
Loans | 23,523,000 | 20,374,000 |
Loans, nonaccrual | ' | 59,000 |
Consumer [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Loans, 30-59 days past due | 1,000 | 16,000 |
Loans, 60-89 days past due | 37,000 | ' |
Loans, 90 days or more past due | ' | 30,000 |
Loans, past due | 38,000 | 46,000 |
Loans, current | 8,165,000 | 8,652,000 |
Loans | 8,203,000 | 8,698,000 |
Loans, nonaccrual | $24,000 | $30,000 |
Note_3_Loans_Receivable_Detail3
Note 3 - Loans Receivable (Details) - Impaired Loans (USD $) | 9 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Dec. 31, 2013 |
Financing Receivable, Impaired [Line Items] | ' | ' |
Loans with no related allowance, recorded investment | $11,718 | $11,511 |
Loans with no related allowance, unpaid principal balance | 11,894 | 11,511 |
Loans with no related allowance, average balance total loans | 13,004 | 12,063 |
Loans with no related allowance, interest income recognized | 429 | 573 |
Loans with an related allowance, recorded investment | 152 | 479 |
Loans with an related allowance, unpaid principal balance | 152 | 479 |
Loans, related allowance | 146 | 173 |
Loans with an related allowance, average balance total loans | 153 | 473 |
Loans with an related allowance, interest income recognized | 3 | 17 |
Land Acquistion, Development and Commercial [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Loans with no related allowance, recorded investment | 1,282 | 1,550 |
Loans with no related allowance, unpaid principal balance | 1,282 | 1,550 |
Loans with no related allowance, average balance total loans | 1,346 | 1,550 |
Loans with no related allowance, interest income recognized | 49 | 67 |
Real Estate Residential [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Loans with no related allowance, recorded investment | 480 | 412 |
Loans with no related allowance, unpaid principal balance | 656 | 412 |
Loans with no related allowance, average balance total loans | 480 | 415 |
Loans with no related allowance, interest income recognized | 8 | 18 |
Loans with an related allowance, recorded investment | ' | 438 |
Loans with an related allowance, unpaid principal balance | ' | 438 |
Loans, related allowance | ' | 163 |
Loans with an related allowance, average balance total loans | ' | 439 |
Loans with an related allowance, interest income recognized | ' | 16 |
Real Estate Commercial [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Loans with no related allowance, recorded investment | 9,461 | 9,266 |
Loans with no related allowance, unpaid principal balance | 9,461 | 9,266 |
Loans with no related allowance, average balance total loans | 10,680 | 9,365 |
Loans with no related allowance, interest income recognized | 351 | 442 |
Loans with an related allowance, recorded investment | 152 | ' |
Loans with an related allowance, unpaid principal balance | 152 | ' |
Loans, related allowance | 146 | ' |
Loans with an related allowance, average balance total loans | 153 | ' |
Loans with an related allowance, interest income recognized | 3 | ' |
Commercial, Industrial and Agricultural [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Loans with no related allowance, recorded investment | 495 | 283 |
Loans with no related allowance, unpaid principal balance | 495 | 283 |
Loans with no related allowance, average balance total loans | 498 | 733 |
Loans with no related allowance, interest income recognized | 21 | 46 |
Loans with an related allowance, recorded investment | ' | 41 |
Loans with an related allowance, unpaid principal balance | ' | 41 |
Loans, related allowance | ' | 10 |
Loans with an related allowance, average balance total loans | ' | 34 |
Loans with an related allowance, interest income recognized | ' | $1 |
Note_3_Loans_Receivable_Detail4
Note 3 - Loans Receivable (Details) - Loans Modified in TDR by Class of Loan (USD $) | 0 Months Ended | 3 Months Ended | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 |
Construction loans: | ' | ' | ' | ' |
Number of contracts | 2 | 1 | 1 | 0 |
Pre-modification outstanding recorded investment | ' | ' | $1,932 | ' |
Post-modification outstanding recorded investment | ' | ' | 632 | ' |
Commercial Real Estate Portfolio Segment [Member] | ' | ' | ' | ' |
Construction loans: | ' | ' | ' | ' |
Number of contracts | ' | ' | 1 | ' |
Pre-modification outstanding recorded investment | ' | ' | 1,932 | ' |
Post-modification outstanding recorded investment | ' | ' | $632 | ' |
Note_4_Allowance_for_Loan_Loss2
Note 4 - Allowance for Loan Losses (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
Note 4 - Allowance for Loan Losses (Details) [Line Items] | ' | ' |
Loans and Leases Receivable, Gross | $319,364,000 | $297,933,000 |
Unlikely to be Collected Financing Receivable [Member] | ' | ' |
Note 4 - Allowance for Loan Losses (Details) [Line Items] | ' | ' |
Loans and Leases Receivable, Gross | 0 | 0 |
Doubtful [Member] | ' | ' |
Note 4 - Allowance for Loan Losses (Details) [Line Items] | ' | ' |
Loans and Leases Receivable, Gross | $0 | $0 |
Note_4_Allowance_for_Loan_Loss3
Note 4 - Allowance for Loan Losses (Details) - Allowance for Loan Losses (USD $) | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | |
Construction loans: | ' | ' | ' |
Allowance for loan losses, beginning balance | $3,721,000 | $3,790,000 | $3,790,000 |
Allowance for loan losses, charge-offs | -445,000 | ' | -575,000 |
Allowance for loan losses, recoveries | 44,000 | ' | 381,000 |
Allowance for loan losses, provisions | 202,000 | 125,000 | 125,000 |
Allowance for loan losses, ending balance | 3,522,000 | ' | 3,721,000 |
Allowance for loan losses, ending balance: individually evaluated for impairment | 146,000 | ' | 173,000 |
Allowance for loan losses, ending balance: collectively evaluated for impairment | 3,376,000 | ' | 3,548,000 |
Loans | 319,364,000 | ' | 297,933,000 |
Loans,ending balance: individually evaluated for impairment | 11,870,000 | ' | 11,990,000 |
Loans, ending balance: collectively evaluated for impairment | 307,494,000 | ' | 285,943,000 |
Construction Residential [Member] | ' | ' | ' |
Construction loans: | ' | ' | ' |
Allowance for loan losses, beginning balance | 156,000 | 117,000 | 117,000 |
Allowance for loan losses, provisions | 100,000 | ' | 39,000 |
Allowance for loan losses, ending balance | 256,000 | ' | 156,000 |
Allowance for loan losses, ending balance: collectively evaluated for impairment | 256,000 | ' | 156,000 |
Loans | 10,517,000 | ' | 6,768,000 |
Loans, ending balance: collectively evaluated for impairment | 10,517,000 | ' | 6,768,000 |
Land Acquistion, Development and Commercial [Member] | ' | ' | ' |
Construction loans: | ' | ' | ' |
Allowance for loan losses, beginning balance | 872,000 | 811,000 | 811,000 |
Allowance for loan losses, provisions | -162,000 | ' | 61,000 |
Allowance for loan losses, ending balance | 710,000 | ' | 872,000 |
Allowance for loan losses, ending balance: collectively evaluated for impairment | 710,000 | ' | 872,000 |
Loans | 22,149,000 | ' | 20,904,000 |
Loans,ending balance: individually evaluated for impairment | 1,282,000 | ' | 1,550,000 |
Loans, ending balance: collectively evaluated for impairment | 20,867,000 | ' | 19,354,000 |
Real Estate Residential [Member] | ' | ' | ' |
Construction loans: | ' | ' | ' |
Allowance for loan losses, beginning balance | 867,000 | 725,000 | 725,000 |
Allowance for loan losses, charge-offs | -233,000 | ' | -446,000 |
Allowance for loan losses, recoveries | 34,000 | ' | 81,000 |
Allowance for loan losses, provisions | 172,000 | ' | 507,000 |
Allowance for loan losses, ending balance | 840,000 | ' | 867,000 |
Allowance for loan losses, ending balance: individually evaluated for impairment | ' | ' | 163,000 |
Allowance for loan losses, ending balance: collectively evaluated for impairment | 840,000 | ' | 704,000 |
Loans | 82,519,000 | ' | 72,934,000 |
Loans,ending balance: individually evaluated for impairment | 480,000 | ' | 850,000 |
Loans, ending balance: collectively evaluated for impairment | 82,039,000 | ' | 72,084,000 |
Real Estate Commercial [Member] | ' | ' | ' |
Construction loans: | ' | ' | ' |
Allowance for loan losses, beginning balance | 1,008,000 | 1,054,000 | 1,054,000 |
Allowance for loan losses, charge-offs | ' | ' | -88,000 |
Allowance for loan losses, recoveries | ' | ' | 298,000 |
Allowance for loan losses, provisions | -65,000 | ' | -256,000 |
Allowance for loan losses, ending balance | 943,000 | ' | 1,008,000 |
Allowance for loan losses, ending balance: individually evaluated for impairment | 146,000 | ' | ' |
Allowance for loan losses, ending balance: collectively evaluated for impairment | 797,000 | ' | 1,008,000 |
Loans | 132,691,000 | ' | 126,100,000 |
Loans,ending balance: individually evaluated for impairment | 9,613,000 | ' | 9,266,000 |
Loans, ending balance: collectively evaluated for impairment | 123,078,000 | ' | 116,834,000 |
Commercial, Industrial and Agricultural [Member] | ' | ' | ' |
Construction loans: | ' | ' | ' |
Allowance for loan losses, beginning balance | 327,000 | 459,000 | 459,000 |
Allowance for loan losses, charge-offs | -50,000 | ' | -27,000 |
Allowance for loan losses, provisions | 4,000 | ' | -105,000 |
Allowance for loan losses, ending balance | 281,000 | ' | 327,000 |
Allowance for loan losses, ending balance: individually evaluated for impairment | ' | ' | 10,000 |
Allowance for loan losses, ending balance: collectively evaluated for impairment | 281,000 | ' | 317,000 |
Loans | 39,762,000 | ' | 42,155,000 |
Loans,ending balance: individually evaluated for impairment | 495,000 | ' | 324,000 |
Loans, ending balance: collectively evaluated for impairment | 39,267,000 | ' | 41,831,000 |
Equity Lines [Member] | ' | ' | ' |
Construction loans: | ' | ' | ' |
Allowance for loan losses, beginning balance | 385,000 | 386,000 | 386,000 |
Allowance for loan losses, charge-offs | -136,000 | ' | ' |
Allowance for loan losses, recoveries | 8,000 | ' | 2,000 |
Allowance for loan losses, provisions | 137,000 | ' | -3,000 |
Allowance for loan losses, ending balance | 394,000 | ' | 385,000 |
Allowance for loan losses, ending balance: collectively evaluated for impairment | 394,000 | ' | 385,000 |
Loans | 23,523,000 | ' | 20,374,000 |
Loans, ending balance: collectively evaluated for impairment | 23,523,000 | ' | 20,374,000 |
Consumer [Member] | ' | ' | ' |
Construction loans: | ' | ' | ' |
Allowance for loan losses, beginning balance | 63,000 | 145,000 | 145,000 |
Allowance for loan losses, charge-offs | -26,000 | ' | -14,000 |
Allowance for loan losses, recoveries | 2,000 | ' | ' |
Allowance for loan losses, provisions | 15,000 | ' | -68,000 |
Allowance for loan losses, ending balance | 54,000 | ' | 63,000 |
Allowance for loan losses, ending balance: collectively evaluated for impairment | 54,000 | ' | 63,000 |
Loans | 8,203,000 | ' | 8,698,000 |
Loans, ending balance: collectively evaluated for impairment | 8,203,000 | ' | 8,698,000 |
Unallocated [Member] | ' | ' | ' |
Construction loans: | ' | ' | ' |
Allowance for loan losses, beginning balance | 43,000 | 93,000 | 93,000 |
Allowance for loan losses, provisions | 1,000 | ' | -50,000 |
Allowance for loan losses, ending balance | 44,000 | ' | 43,000 |
Allowance for loan losses, ending balance: collectively evaluated for impairment | $44,000 | ' | $43,000 |
Note_4_Allowance_for_Loan_Loss4
Note 4 - Allowance for Loan Losses (Details) - Loans by Credit Quality Indicators (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
Construction loans: | ' | ' |
Loans | $319,364,000 | $297,933,000 |
Construction Residential [Member] | Pass [Member] | ' | ' |
Construction loans: | ' | ' |
Loans | 10,517,000 | 6,768,000 |
Construction Residential [Member] | ' | ' |
Construction loans: | ' | ' |
Loans | 10,517,000 | 6,768,000 |
Land Acquistion, Development and Commercial [Member] | Pass [Member] | ' | ' |
Construction loans: | ' | ' |
Loans | 20,851,000 | 19,336,000 |
Land Acquistion, Development and Commercial [Member] | Substandard [Member] | ' | ' |
Construction loans: | ' | ' |
Loans | 1,298,000 | 1,568,000 |
Land Acquistion, Development and Commercial [Member] | ' | ' |
Construction loans: | ' | ' |
Loans | 22,149,000 | 20,904,000 |
Real Estate Residential [Member] | Pass [Member] | ' | ' |
Construction loans: | ' | ' |
Loans | 77,673,000 | 67,548,000 |
Real Estate Residential [Member] | Special Mention [Member] | ' | ' |
Construction loans: | ' | ' |
Loans | 4,366,000 | 4,455,000 |
Real Estate Residential [Member] | Substandard [Member] | ' | ' |
Construction loans: | ' | ' |
Loans | ' | 223,000 |
Real Estate Residential [Member] | Substandard Nonaccrual [Member] | ' | ' |
Construction loans: | ' | ' |
Loans | 480,000 | 708,000 |
Real Estate Residential [Member] | ' | ' |
Construction loans: | ' | ' |
Loans | 82,519,000 | 72,934,000 |
Real Estate Commercial [Member] | Pass [Member] | ' | ' |
Construction loans: | ' | ' |
Loans | 128,615,000 | 121,970,000 |
Real Estate Commercial [Member] | Special Mention [Member] | ' | ' |
Construction loans: | ' | ' |
Loans | 596,000 | 510,000 |
Real Estate Commercial [Member] | Substandard [Member] | ' | ' |
Construction loans: | ' | ' |
Loans | 2,696,000 | 3,620,000 |
Real Estate Commercial [Member] | Substandard Nonaccrual [Member] | ' | ' |
Construction loans: | ' | ' |
Loans | 784,000 | ' |
Real Estate Commercial [Member] | ' | ' |
Construction loans: | ' | ' |
Loans | 132,691,000 | 126,100,000 |
Commercial, Industrial and Agricultural [Member] | Pass [Member] | ' | ' |
Construction loans: | ' | ' |
Loans | 39,067,000 | 41,051,000 |
Commercial, Industrial and Agricultural [Member] | Special Mention [Member] | ' | ' |
Construction loans: | ' | ' |
Loans | 41,000 | 96,000 |
Commercial, Industrial and Agricultural [Member] | Substandard [Member] | ' | ' |
Construction loans: | ' | ' |
Loans | 644,000 | 815,000 |
Commercial, Industrial and Agricultural [Member] | Substandard Nonaccrual [Member] | ' | ' |
Construction loans: | ' | ' |
Loans | 10,000 | 193,000 |
Commercial, Industrial and Agricultural [Member] | ' | ' |
Construction loans: | ' | ' |
Loans | 39,762,000 | 42,155,000 |
Equity Lines [Member] | Pass [Member] | ' | ' |
Construction loans: | ' | ' |
Loans | 23,323,000 | 20,316,000 |
Equity Lines [Member] | Substandard [Member] | ' | ' |
Construction loans: | ' | ' |
Loans | 200,000 | ' |
Equity Lines [Member] | Substandard Nonaccrual [Member] | ' | ' |
Construction loans: | ' | ' |
Loans | ' | 58,000 |
Equity Lines [Member] | ' | ' |
Construction loans: | ' | ' |
Loans | 23,523,000 | 20,374,000 |
Consumer [Member] | Pass [Member] | ' | ' |
Construction loans: | ' | ' |
Loans | 8,179,000 | 8,668,000 |
Consumer [Member] | Substandard Nonaccrual [Member] | ' | ' |
Construction loans: | ' | ' |
Loans | 24,000 | 30,000 |
Consumer [Member] | ' | ' |
Construction loans: | ' | ' |
Loans | 8,203,000 | 8,698,000 |
Pass [Member] | ' | ' |
Construction loans: | ' | ' |
Loans | 308,225,000 | 285,657,000 |
Special Mention [Member] | ' | ' |
Construction loans: | ' | ' |
Loans | 5,003,000 | 5,061,000 |
Substandard [Member] | ' | ' |
Construction loans: | ' | ' |
Loans | 4,838,000 | 6,226,000 |
Substandard Nonaccrual [Member] | ' | ' |
Construction loans: | ' | ' |
Loans | $1,298,000 | $989,000 |
Note_5_Foreclosed_Properties_D
Note 5 - Foreclosed Properties (Details) - Foreclosed Properties Valuation Allowance (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Foreclosed Properties Valuation Allowance [Abstract] | ' | ' |
Other real estate owned, beginning balance | $9,078 | $9,513 |
Other real estate owned, valuation allowance, beginning balance | -935 | -575 |
Other real estate owned, net, beginning balance | 8,143 | 8,938 |
Other real estate owned, additions | 1,520 | 1,613 |
Other real estate owned, additions, net | 1,520 | 1,613 |
Other real estate owned, writedowns | ' | -377 |
Other real estate owned, writedowns, net | ' | -377 |
Other real estate owned, sales | -1,399 | -2,023 |
Other real estate owned, valuation allowance, sales | 422 | 249 |
Other real estate owned, sales, net | -977 | -1,774 |
Other real estate owned, ending balance | 9,199 | 9,103 |
Other real estate owned, valuation allowance, ending balance | -513 | -703 |
Other real estate owned, net, ending balance | $8,686 | $8,400 |
Note_5_Foreclosed_Properties_D1
Note 5 - Foreclosed Properties (Details) - Classification of Other Real Estate Owned (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||||
Real Estate Properties [Line Items] | ' | ' | ' | ' |
Other real estate owned | $8,686 | $8,143 | $8,400 | $8,938 |
Residential Homes [Member] | ' | ' | ' | ' |
Real Estate Properties [Line Items] | ' | ' | ' | ' |
Other real estate owned | 220 | ' | ' | ' |
Residential Lots [Member] | ' | ' | ' | ' |
Real Estate Properties [Line Items] | ' | ' | ' | ' |
Other real estate owned | 3,023 | 3,472 | ' | ' |
Residential Development [Member] | ' | ' | ' | ' |
Real Estate Properties [Line Items] | ' | ' | ' | ' |
Other real estate owned | 423 | ' | ' | ' |
Commercial Lots [Member] | ' | ' | ' | ' |
Real Estate Properties [Line Items] | ' | ' | ' | ' |
Other real estate owned | 1,075 | 1,076 | ' | ' |
Commercial Buildings [Member] | ' | ' | ' | ' |
Real Estate Properties [Line Items] | ' | ' | ' | ' |
Other real estate owned | $3,945 | $3,595 | ' | ' |
Note_6_Stock_Based_Compensatio2
Note 6 - Stock Based Compensation (Details) (USD $) | 9 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | |
Note 6 - Stock Based Compensation (Details) [Line Items] | ' | ' |
Allocated Share-based Compensation Expense (in Dollars) | $41,000 | $29,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 550,000 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 0 | 0 |
Stock Issued During Period, Shares, Restricted Stock Award, Gross | 17,268 | 7,781 |
Employee Stock Option [Member] | ' | ' |
Note 6 - Stock Based Compensation (Details) [Line Items] | ' | ' |
Allocated Share-based Compensation Expense (in Dollars) | 0 | 0 |
Restricted Stock [Member] | ' | ' |
Note 6 - Stock Based Compensation (Details) [Line Items] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 120,000 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | '5 years | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized (in Dollars) | $174,000 | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | '4 years 146 days | ' |
Note_6_Stock_Based_Compensatio3
Note 6 - Stock Based Compensation (Details) - Stock Option Activity (2005 Stock Option Plan [Member], USD $) | 9 Months Ended | ||
Sep. 30, 2014 | Dec. 30, 2013 | ||
2005 Stock Option Plan [Member] | ' | ' | |
Note 6 - Stock Based Compensation (Details) - Stock Option Activity [Line Items] | ' | ' | |
Options outstanding | ' | 391,710 | |
Options, weighted average exercise price | ' | $9.34 | |
Options, weighted average contractual term | '1 year 292 days | ' | |
Options, aggregate intrinsic value | ' | [1] | ' |
Exercisable at September 30, 2014 | 384,560 | ' | |
Exercisable at September 30, 2014 | $9.35 | ' | |
Exercisable at September 30, 2014 | '1 year 292 days | ' | |
Exercisable at September 30, 2014 | ' | [1] | ' |
Forfeited | -7,150 | ' | |
Forfeited | $10 | ' | |
Options outstanding | 384,560 | 391,710 | |
Options, weighted average exercise price | $9.35 | $9.34 | |
Options, weighted average contractual term | '1 year 292 days | ' | |
[1] | The aggregate intrinsic value of a stock option in the table above represents the total pre-tax intrinsic value (the amount by which the current market value of theunderlying stock exceeds the exercise price of the option) that would have been received by the option holders had all option holders exercised their options onSeptember 30, 2014. |
Note_6_Stock_Based_Compensatio4
Note 6 - Stock Based Compensation (Details) - Restricted Stock Awards Activity (Restricted Stock [Member], USD $) | 9 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | |
Restricted Stock [Member] | ' | ' |
Note 6 - Stock Based Compensation (Details) - Restricted Stock Awards Activity [Line Items] | ' | ' |
Nonvested at beginning of year | 27,846 | 25,896 |
Nonvested at beginning of year | $5.05 | $4.76 |
Granted | 17,268 | 7,781 |
Granted | $6.25 | $5.98 |
Vested | -7,387 | -5,831 |
Vested | $5.23 | $5.03 |
Nonvested at end of year | 37,727 | 27,846 |
Nonvested at end of year | $5.56 | $5.05 |
Note_7_Fair_Value_Measurement_1
Note 7 - Fair Value Measurement (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 |
Short-term Debt [Member] | Short-term Debt [Member] | Minimum [Member] | Maximum [Member] | |||
Minimum [Member] | Maximum [Member] | |||||
Note 7 - Fair Value Measurement (Details) [Line Items] | ' | ' | ' | ' | ' | ' |
Liabilities, Fair Value Disclosure, Nonrecurring (in Dollars) | $0 | $0 | ' | ' | ' | ' |
Federal Funds Maturity | ' | ' | ' | ' | '1 day | '3 days |
Debt Instrument, Term | ' | ' | '1 day | '3 days | ' | ' |
Note_7_Fair_Value_Measurement_2
Note 7 - Fair Value Measurement (Details) - Fair Value of Financial Assets and Liabililties Measure on Recurring Basis (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Assets: | ' | ' |
Available-for-sale securities | $56,662 | $57,922 |
US Government Agencies Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Assets: | ' | ' |
Available-for-sale securities | 27,192 | 26,284 |
US Government Agencies Debt Securities [Member] | ' | ' |
Assets: | ' | ' |
Available-for-sale securities | 27,192 | 26,284 |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Assets: | ' | ' |
Available-for-sale securities | 11,282 | 15,361 |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ' | ' |
Assets: | ' | ' |
Available-for-sale securities | 11,282 | 15,361 |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Assets: | ' | ' |
Available-for-sale securities | 18,188 | 16,277 |
US States and Political Subdivisions Debt Securities [Member] | ' | ' |
Assets: | ' | ' |
Available-for-sale securities | 18,188 | 16,277 |
Fair Value, Inputs, Level 2 [Member] | ' | ' |
Assets: | ' | ' |
Available-for-sale securities | $56,662 | $57,922 |
Note_7_Fair_Value_Measurement_3
Note 7 - Fair Value Measurement (Details) - Fair Value of Financial Assets and Liabililties Measure on Non-Recurring Basis (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||||
Note 7 - Fair Value Measurement (Details) - Fair Value of Financial Assets and Liabililties Measure on Non-Recurring Basis [Line Items] | ' | ' | ' | ' |
Impaired loans, net of valuation allowance | $6 | $306 | ' | ' |
Other real estate owned | 8,686 | 8,143 | 8,400 | 8,938 |
Fair Value, Inputs, Level 2 [Member] | ' | ' | ' | ' |
Note 7 - Fair Value Measurement (Details) - Fair Value of Financial Assets and Liabililties Measure on Non-Recurring Basis [Line Items] | ' | ' | ' | ' |
Other real estate owned | 3,475 | 3,745 | ' | ' |
Fair Value, Inputs, Level 3 [Member] | ' | ' | ' | ' |
Note 7 - Fair Value Measurement (Details) - Fair Value of Financial Assets and Liabililties Measure on Non-Recurring Basis [Line Items] | ' | ' | ' | ' |
Impaired loans, net of valuation allowance | 6 | 306 | ' | ' |
Other real estate owned | $5,211 | $4,398 | ' | ' |
Note_7_Fair_Value_Measurement_4
Note 7 - Fair Value Measurement (Details) - Fair Value Quantitative Information (Fair Value, Inputs, Level 3 [Member], USD $) | 9 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Dec. 31, 2013 |
Discounted Appraised Value [Member] | Impaired Loans [Member] | Minimum [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Unobservable input, selling cost | 20.00% | 10.00% |
Unobservable input, selling cost | -20.00% | -10.00% |
Unobservable input, discount for lack of marketability and age of appraisal | 0.00% | 32.00% |
Unobservable input, discount for lack of marketability and age of appraisal | 0.00% | -32.00% |
Unobservable input, internal evaluations | 20.00% | 10.00% |
Unobservable input, internal evaluations | -20.00% | -10.00% |
Discounted Appraised Value [Member] | Impaired Loans [Member] | Maximum [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Unobservable input, selling cost | 20.00% | 10.00% |
Unobservable input, selling cost | -20.00% | -10.00% |
Unobservable input, discount for lack of marketability and age of appraisal | 0.00% | 32.00% |
Unobservable input, discount for lack of marketability and age of appraisal | 0.00% | -32.00% |
Unobservable input, internal evaluations | 20.00% | 10.00% |
Unobservable input, internal evaluations | -20.00% | -10.00% |
Discounted Appraised Value [Member] | Impaired Loans [Member] | Weighted Average [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Unobservable input, selling cost | 20.00% | 10.00% |
Unobservable input, selling cost | -20.00% | -10.00% |
Unobservable input, discount for lack of marketability and age of appraisal | 0.00% | 32.00% |
Unobservable input, discount for lack of marketability and age of appraisal | 0.00% | -32.00% |
Unobservable input, internal evaluations | 20.00% | 10.00% |
Unobservable input, internal evaluations | -20.00% | -10.00% |
Discounted Appraised Value [Member] | Impaired Loans [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Fair value (in Dollars) | 6 | 306 |
Fair value (in Dollars) | 6 | 306 |
Discounted Appraised Value [Member] | Other Real Estate Owned [Member] | Minimum [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Unobservable input, selling cost | 0.00% | 0.00% |
Unobservable input, selling cost | 0.00% | 0.00% |
Unobservable input, discount for lack of marketability and age of appraisal | 4.00% | 0.00% |
Unobservable input, discount for lack of marketability and age of appraisal | -4.00% | 0.00% |
Unobservable input, internal evaluations | 0.00% | 0.00% |
Unobservable input, internal evaluations | 0.00% | 0.00% |
Discounted Appraised Value [Member] | Other Real Estate Owned [Member] | Maximum [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Unobservable input, selling cost | 6.00% | 6.00% |
Unobservable input, selling cost | -6.00% | -6.00% |
Unobservable input, discount for lack of marketability and age of appraisal | 33.00% | 25.00% |
Unobservable input, discount for lack of marketability and age of appraisal | -33.00% | -25.00% |
Unobservable input, internal evaluations | 6.00% | 6.00% |
Unobservable input, internal evaluations | -6.00% | -6.00% |
Discounted Appraised Value [Member] | Other Real Estate Owned [Member] | Weighted Average [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Unobservable input, selling cost | 5.00% | 5.00% |
Unobservable input, selling cost | -5.00% | -5.00% |
Unobservable input, discount for lack of marketability and age of appraisal | 8.00% | 9.00% |
Unobservable input, discount for lack of marketability and age of appraisal | -8.00% | -9.00% |
Unobservable input, internal evaluations | 5.00% | 5.00% |
Unobservable input, internal evaluations | -5.00% | -5.00% |
Discounted Appraised Value [Member] | Other Real Estate Owned [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Fair value (in Dollars) | 1,457 | 1,458 |
Fair value (in Dollars) | 1,457 | 1,458 |
Internal Evaluations [Member] | Other Real Estate Owned [Member] | Minimum [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Unobservable input, selling cost | 10.00% | 10.00% |
Unobservable input, selling cost | -10.00% | -10.00% |
Unobservable input, internal evaluations | 10.00% | 10.00% |
Unobservable input, internal evaluations | -10.00% | -10.00% |
Internal Evaluations [Member] | Other Real Estate Owned [Member] | Maximum [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Unobservable input, selling cost | 10.00% | 10.00% |
Unobservable input, selling cost | -10.00% | -10.00% |
Unobservable input, internal evaluations | 10.00% | 10.00% |
Unobservable input, internal evaluations | -10.00% | -10.00% |
Internal Evaluations [Member] | Other Real Estate Owned [Member] | Weighted Average [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Unobservable input, selling cost | 10.00% | 10.00% |
Unobservable input, selling cost | -10.00% | -10.00% |
Unobservable input, internal evaluations | 10.00% | 10.00% |
Unobservable input, internal evaluations | -10.00% | -10.00% |
Internal Evaluations [Member] | Other Real Estate Owned [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Fair value (in Dollars) | 3,754 | 2,940 |
Fair value (in Dollars) | 3,754 | 2,940 |
Note_7_Fair_Value_Measurement_5
Note 7 - Fair Value Measurement (Details) - Fair Value of Financial Instruments (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Financial assets | ' | ' |
Cash and due from banks | $14,051 | $19,537 |
Cash and due from banks, fair value | 14,079 | 19,541 |
Federal funds sold | 111 | 738 |
Federal funds sold, fair value | 111 | 738 |
Securities available-for-sale | 56,662 | 57,922 |
Restricted equity securities | 2,577 | 2,564 |
Restricted equity securities, fair value | 2,577 | 2,564 |
Loans held for sale | 317 | 0 |
Loans held for sale | 317 | ' |
Loans, net | 315,842 | 294,212 |
Loans, net, fair value | 316,414 | 293,135 |
Bank owned life insurance | 3,595 | 3,518 |
Bank owned life insurance, fair value | 3,595 | 3,518 |
Accrued income | 1,777 | 1,877 |
Accrued income, fair value | 1,777 | 1,877 |
Financial liabilities | ' | ' |
Total deposits | 351,477 | 339,770 |
Total deposits, fair value | 338,622 | 327,514 |
Short term borrowings | 469 | 258 |
Short term borrowings, fair value | 469 | 258 |
FHLB borrowings | 22,250 | 22,000 |
FHLB borrowings, fair value | 22,629 | 22,560 |
Accrued interest payable | 295 | 286 |
Accrued interest payable, fair value | 295 | 286 |
Fair Value, Inputs, Level 1 [Member] | ' | ' |
Financial assets | ' | ' |
Cash and due from banks, fair value | 12,051 | 17,537 |
Federal funds sold | 111 | 738 |
Federal funds sold, fair value | 111 | 738 |
Fair Value, Inputs, Level 2 [Member] | ' | ' |
Financial assets | ' | ' |
Securities available-for-sale | 56,662 | 57,922 |
Restricted equity securities | 2,577 | 2,564 |
Restricted equity securities, fair value | 2,577 | 2,564 |
Loans held for sale | 317 | ' |
Bank owned life insurance | 3,595 | 3,518 |
Bank owned life insurance, fair value | 3,595 | 3,518 |
Accrued income | 1,777 | 1,877 |
Accrued income, fair value | 1,777 | 1,877 |
Financial liabilities | ' | ' |
Total deposits, fair value | 338,622 | 327,514 |
Short term borrowings, fair value | 469 | 258 |
FHLB borrowings, fair value | 22,629 | 22,560 |
Accrued interest payable, fair value | 295 | 286 |
Fair Value, Inputs, Level 3 [Member] | ' | ' |
Financial assets | ' | ' |
Cash and due from banks, fair value | 2,028 | 2,004 |
Loans, net, fair value | $316,414 | $293,135 |
Note_8_Reclassifications_Out_o2
Note 8 - Reclassifications Out of Other Comprehensive Income (Details) - Items Not Reclassified in Their Entirety to Net Income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Available for sale securities | ' | ' | ' | ' |
Tax expense related to realized gains on securities sold | $344 | $376 | $1,086 | $958 |
777 | 772 | 2,413 | 1,939 | |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Net Unrealized Investment Gain (Loss) [Member] | ' | ' | ' | ' |
Available for sale securities | ' | ' | ' | ' |
Realized gains on sales of securities held for sale during the period | ' | 8 | 108 | 116 |
Tax expense related to realized gains on securities sold | ' | 3 | 37 | 39 |
' | $5 | $71 | $77 |
Note_9_Earnings_Per_Common_Sha2
Note 9 - Earnings Per Common Share (Details) (Equity Option [Member]) | 9 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | |
Equity Option [Member] | ' | ' |
Note 9 - Earnings Per Common Share (Details) [Line Items] | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 384,560 | 413,710 |
Note_9_Earnings_Per_Common_Sha3
Note 9 - Earnings Per Common Share (Details) - Earnings Per Common Share (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Note 9 - Earnings Per Common Share (Details) - Earnings Per Common Share [Line Items] | ' | ' | ' | ' |
Earnings per common share, basic | 3,287,567 | 3,270,299 | 3,283,962 | 3,268,646 |
Earnings per common share, basic | $567 | $298 | $1,783 | $1,158 |
Earnings per common share, basic | $0.17 | $0.09 | $0.54 | $0.35 |
Series C Preferred Stock Dividends | 210 | 372 | 630 | 639 |
Effect of dilutive securities: | ' | ' | ' | ' |
Convertible preferred stock | 2,240,000 | 2,240,000 | 2,240,000 | 779,487 |
Convertible preferred stock | ($0.03) | $0 | ($0.10) | ($0.02) |
Earnings per common share, diluted | 5,527,567 | 5,510,299 | 5,523,962 | 4,048,133 |
Earnings per common share, diluted | 777 | 478 | 2,413 | 1,338 |
Earnings per common share, diluted | $0.14 | $0.09 | $0.44 | $0.33 |
Series C Preferred Stock [Member] | ' | ' | ' | ' |
Note 9 - Earnings Per Common Share (Details) - Earnings Per Common Share [Line Items] | ' | ' | ' | ' |
Series C Preferred Stock Dividends | $210 | $180 | $630 | $180 |
Note_10_Capital_Requirements_D
Note 10 - Capital Requirements (Details) | Sep. 30, 2014 | Jan. 01, 2015 |
Scenario, Forecast [Member] | ||
Note 10 - Capital Requirements (Details) [Line Items] | ' | ' |
Common Equity Tier One Risk Based Capital Required for Capital Adequacy to Risk Weighted Assets | ' | 4.50% |
Tier One Risk Based Capital Required for Capital Adequacy to Risk Weighted Assets | 4.00% | 6.00% |
Capital Required for Capital Adequacy to Risk Weighted Assets | ' | 8.00% |
Tier One Leverage Capital Required for Capital Adequacy to Average Assets | ' | 4.00% |
Capital Conservation Buffer | ' | 2.50% |
Note_11_Subsequent_Events_Deta
Note 11 - Subsequent Events (Details) (Series C Preferred Stock [Member], Subsequent Event [Member], USD $) | 0 Months Ended |
Oct. 23, 2014 | |
Series C Preferred Stock [Member] | Subsequent Event [Member] | ' |
Note 11 - Subsequent Events (Details) [Line Items] | ' |
Preferred Stock, Dividends Per Share, Declared | $15 |