Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2016 | May. 12, 2016 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | HomeTown Bankshares Corp | |
Trading Symbol | hmta | |
Document Type | 10-Q | |
Current Fiscal Year End Date | --12-31 | |
Entity Common Stock, Shares Outstanding | 3,373,259 | |
Amendment Flag | false | |
Entity Central Index Key | 1,461,640 | |
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 | Mar. 31, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q1 |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Assets | ||
Cash and due from banks | $ 27,890 | $ 28,745 |
Federal funds sold | 1,082 | 1,329 |
Securities available for sale, at fair value | 54,757 | 52,544 |
Restricted equity securities, at cost | 2,765 | 2,535 |
Loans held for sale | 289 | 1,643 |
Loans, net of allowance for loan losses of $3,347 in 2016 and $3,298 in 2015 | 377,716 | 364,060 |
Property and equipment, net | 13,864 | 14,008 |
Other real estate owned, net of valuation allowance of $420 in 2016 and in 2015 | 5,686 | 5,237 |
Bank owned life insurance | 6,328 | 6,285 |
Accrued income | 2,010 | 2,057 |
Other assets | 935 | 942 |
Total assets | 493,322 | 479,385 |
Deposits: | ||
Noninterest-bearing | 80,060 | 77,268 |
Interest-bearing | 333,558 | 322,278 |
Total deposits | 413,618 | 399,546 |
Federal Home Loan Bank borrowings | 22,000 | 22,000 |
Subordinated notes | 7,202 | 7,194 |
Other borrowings | 1,072 | 2,361 |
Accrued interest payable | 569 | 372 |
Other liabilities | 1,621 | 1,521 |
Total liabilities | $ 446,082 | $ 432,994 |
Commitments and contingencies | ||
Stockholders’ equity: | ||
Common stock, $5 par value; authorized 10,000,000 shares, issued and outstanding 3,373,259 (includes 37,633 restricted shares) at March 31, 2016 and 3,362,536 (includes 37,848 restricted shares) at December 31, 2015 | $ 16,801 | $ 16,801 |
Surplus | 15,521 | 15,484 |
Retained earnings | 1,040 | 443 |
Accumulated other comprehensive income | 597 | 396 |
Total HomeTown Bankshares Corporation stockholders’ equity | 46,852 | 46,017 |
Non-controlling interest in consolidated subsidiary | 388 | 374 |
Total stockholders’ equity | 47,240 | 46,391 |
Total liabilities and stockholders’ equity | 493,322 | 479,385 |
Series C Preferred Stock [Member] | ||
Stockholders’ equity: | ||
Convertible preferred stock, no par value; Series C authorized 20,000 shares, issued and outstanding 13,600 at March 31, 2016 and at December 31, 2015 | $ 12,893 | $ 12,893 |
Consolidated Balance Sheets (C3
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Loans, allowance for loan losses (in Dollars) | $ 3,347 | $ 3,298 |
Other real estate owned, valuation allowance (in Dollars) | $ 420 | $ 420 |
Common stock, par value (in Dollars per share) | $ 5 | $ 5 |
Common stock, authorized shares | 10,000,000 | 10,000,000 |
Common stock, shares issued | 3,373,259 | 3,362,536 |
Common stock, shares outstanding | 3,373,259 | 3,362,536 |
Common stock, restricted shares | 37,633 | 37,848 |
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 | 13,600 | 13,600 |
Preferred stock, outstanding | 13,600 | 13,600 |
Consolidated Statements of Inco
Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Interest and dividend income: | ||
Loans and fees on loans | $ 4,256 | $ 3,899 |
Taxable investment securities | 204 | 206 |
Nontaxable investment securities | 101 | 103 |
Dividends on restricted stock | 34 | 33 |
Other interest income | 19 | 9 |
Total interest and dividend income | 4,614 | 4,250 |
Interest expense: | ||
Deposits | 504 | 448 |
Subordinated notes | 134 | |
Other borrowed funds | 97 | 92 |
Total interest expense | 735 | 540 |
Net interest income | 3,879 | 3,710 |
Provision for loan losses | 60 | |
Net interest income after provision for loan losses | 3,819 | 3,710 |
Noninterest income: | ||
Service charges on deposit accounts | 154 | 110 |
ATM and interchange income | 147 | 122 |
Mortgage banking | 175 | 120 |
Gains on sales of investment securities | 5 | 40 |
Other income | 130 | 143 |
Total noninterest income | 611 | 535 |
Noninterest expense: | ||
Salaries and employee benefits | 1,726 | 1,541 |
Occupancy and equipment expense | 434 | 445 |
Data processing expense | 232 | 212 |
Advertising and marketing expense | 94 | 242 |
Professional fees | 101 | 112 |
Bank franchise taxes | 92 | 66 |
FDIC insurance expense | 83 | 75 |
Other real estate owned expense | 22 | 30 |
Directors’ fees | 107 | 52 |
Other expense | 371 | 334 |
Total noninterest expense | 3,262 | 3,109 |
Net income before income taxes | 1,168 | 1,136 |
Income tax expense | 353 | 346 |
Net income | 815 | 790 |
Less net income attributable to non-controlling interest | 14 | 14 |
Net income attributable to HomeTown Bankshares Corporation | 801 | 776 |
Effective dividends on preferred stock | 204 | 210 |
Net income available to common stockholders | $ 597 | $ 566 |
Basic earnings per common share (in Dollars per share) | $ 0.18 | $ 0.17 |
Diluted earnings per common share (in Dollars per share) | $ 0.14 | $ 0.14 |
Weighted average common shares outstanding (in Shares) | 3,366,778 | 3,291,517 |
Diluted weighted average common shares outstanding (in Shares) | 5,565,629 | 5,531,517 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Net income | $ 815 | $ 790 |
Other comprehensive income: | ||
Net unrealized holding gains on securities available for sale during the period | 310 | 312 |
Deferred income tax expense on unrealized holding gains on securities available for sale | (106) | (106) |
Reclassification adjustment for gains on sales of investment securities included in net income | (5) | (40) |
Tax expense related to realized gains on securities sold | 2 | 14 |
Total other comprehensive income | 201 | 180 |
Comprehensive income | 1,016 | 970 |
Less: Comprehensive income attributable to the non-controlling interest | 14 | 14 |
Comprehensive income attributable to HomeTown Bankshares Corporation | $ 1,002 | $ 956 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Cash flows from operating activities: | |||
Net income | $ 815 | $ 790 | |
Adjustments to reconcile net income to net cash provided by operations: | |||
Depreciation and amortization | 189 | 185 | |
Provision for loan losses | 60 | ||
Amortization of premium on securities, net | 139 | 145 | |
Amortization of discount on subordinated notes | 8 | ||
Gains on sales of loans held for sale | (144) | (86) | |
Gains on sales of investment securities | (5) | (40) | |
Increase in value of life insurance contracts | (43) | (28) | |
Stock compensation expense | 37 | 33 | |
Originations of loans held for sale | (4,664) | (3,367) | |
Proceeds from sales of loans held for sale | 6,162 | 3,156 | |
Changes in assets and liabilities: | |||
Accrued income | 47 | (64) | |
Other assets | 7 | (18) | |
Deferred taxes, net | (303) | (92) | |
Accrued interest payable | 197 | 31 | |
Other liabilities | 299 | (373) | |
Net cash flows provided by operating activities | 2,801 | 272 | |
Cash flows from investing activities: | |||
Net (increase) decrease in federal funds sold | 247 | (721) | |
Purchases of available for sale securities | (4,002) | (1,748) | |
Sales, maturities, and calls of available for sale securities | 1,935 | 5,360 | |
Purchase of restricted equity securities, net | (230) | (204) | |
Net increase in loans | (14,164) | (7,681) | |
Proceeds from sales of other real estate | 24 | 69 | |
Purchases of bank owned life insurance | (2,500) | ||
Purchases of property and equipment | (45) | (186) | |
Net cash flows used in investing activities | (16,235) | (7,611) | |
Cash flows from financing activities: | |||
Net increase in noninterest-bearing deposits | 2,792 | 1,656 | |
Net increase in interest-bearing deposits | 11,280 | 2,344 | |
Net increase in FHLB borrowings | 4,000 | ||
Net increase (decrease) in other borrowings | (1,289) | 392 | |
Net increase in equity of non-controlling interest | 317 | ||
Preferred stock dividend payment | (204) | (210) | |
Net cash flows provided by financing activities | 12,579 | 8,499 | |
Net increase (decrease) in cash and cash equivalents | (855) | 1,160 | |
Cash and cash equivalents, beginning | 28,745 | 13,795 | $ 13,795 |
Cash and cash equivalents, ending | 27,890 | 14,955 | $ 28,745 |
Supplemental disclosure of cash flow information: | |||
Cash payments for interest | 538 | 509 | |
Cash payments for income taxes | 28 | 646 | |
Supplemental disclosure of noncash investing activities: | |||
Change in unrealized gains on available for sale securities | 305 | $ 272 | |
Transfer from loans to other real estate | $ 473 |
Note 1 - Organization and Summa
Note 1 - Organization and Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2016 | |
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 Company 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 March 31, 2016 and for the periods ended March 31, 2016 and 2015 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 March 31, 2016 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, 2015, included in the Company’s Form 10-K for the year ended December 31, 2015. 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 of HomeTown Bankshares Corporation include the accounts of its wholly-owned subsidiary HomeTown Bank and the accounts of its subsidiary, HomeTown Residential Mortgage LLC. HomeTown Bank owns a 49% interest in HomeTown Residential Mortgage LLC which originates and sells mortgages secured by personal residences. Due to the marketing support and direction provided by HomeTown Bank to HomeTown Residential Mortgage LLC, along with guarantees of warehouse lines of credit used in its operation, the Company is deemed to exercise control of this entity. The ownership interest in HomeTown Residential Mortgage LLC not owned by the Company is reported as Non-Controlling Interest in a Consolidated Subsidiary. All significant intercompany balances and transactions have been eliminated in consolidation. 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. |
Note 2 - Investment Securities
Note 2 - Investment Securities | 3 Months Ended |
Mar. 31, 2016 | |
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 March 31, 2016 and December 31, 2015, are as follows: (Dollars In Thousands) March 31, 2016 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value U. S. Government agency securities $ 28,507 $ 330 $ (99 ) $ 28,738 Mortgage-backed securities 8,353 65 (45 ) 8,373 Municipal securities 17,017 661 (32 ) 17,646 $ 53,877 $ 1,056 $ (176 ) $ 54,757 (Dollars In Thousands) December 31, 2015 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value U. S. Government agency securities $ 26,385 $ 242 $ (191 ) $ 26,436 Mortgage-backed securities 8,803 60 (90 ) 8,773 Municipal securities 16,756 594 (15 ) 17,335 $ 51,944 $ 896 $ (296 ) $ 52,544 U. S. Government and federal agency securities: at March 31, 2016. Mortgage-backed securities: Municipal securities: at March 31, 2016. The following tables demonstrate the unrealized loss position of available-for-sale securities at March 31, 2016 and December 31, 2015. This information summarizes the amount of time individual securities have been in a continuous, unrealized loss position. March 31, 2016 Less than 12 months 12 months or more Total (Dollars In Thousands) Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss U. S. Government agency securities $ 6,850 $ (50 ) $ 3,284 $ (49 ) $ 10,134 $ (99 ) Mortgage-backed securities 1,562 (5 ) 2,504 (40 ) 4,066 (45 ) Municipal securities 1,743 (26 ) 539 (6 ) 2,282 (32 ) $ 10,155 $ (81 ) $ 6,327 $ (95 ) $ 16,482 $ (176 ) December 31, 2015 Less than 12 months 12 months or more Total (Dollars In Thousands) Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss U.S. Government agency securities $ 8,878 $ (106 ) $ 5,275 $ (85 ) $ 14,153 $ (191 ) Mortgage-backed securities 3,447 (32 ) 2,718 (58 ) 6,165 (90 ) Municipal securities 805 (10 ) 526 (5 ) 1,331 (15 ) $ 13,130 $ (148 ) $ 8,519 $ (148 ) $ 21,649 $ (296 ) There are thirty-six debt securities with fair values totaling $16.5 million considered temporarily impaired at March 31, 2016. As of March 31, 2016, the Company does not consider any bond in an unrealized loss position to be other-than-temporarily impaired. The Company realized gains of $5 thousand and no realized losses on sales of securities in the first three months of 2016. The Company realized gains of $55 thousand and $15 thousand of losses during the same period last year. The amortized cost and fair values of investment securities available for sale at March 31, 2016, by contractual maturity are as follows: (Dollars In Thousands) Amortized Cost Fair Value One year or less $ 2 $ 2 Over one through five years 1,963 1,993 Over five through ten years 10,708 10,771 Greater than 10 years 41,204 41,991 $ 53,877 $ 54,757 |
Note 3 - Loans Receivable
Note 3 - Loans Receivable | 3 Months Ended |
Mar. 31, 2016 | |
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 March 31, 2016 and December 31, 2015 were as follows: (Dollars In Thousands) March 31, 2016 December 31, 2015 Construction loans: Residential $ 10,983 $ 11,779 Land acquisition, development & commercial 30,167 27,440 Real estate: Residential 105,055 100,268 Commercial 147,561 140,952 Commercial, industrial & agricultural 52,913 53,012 Equity lines 26,954 26,376 Consumer 7,430 7,531 Total 381,063 367,358 Less allowance for loan losses (3,347 ) (3,298 ) Loans, net $ 377,716 $ 364,060 The past due and nonaccrual status of loans as of March 31, 2016 was as follows: (Dollars In Thousands) 30-59 Days Past Due 60-89 Days Past Due 90 Days or More Past Due Total Past Due Current Total Loans Nonaccrual Loans Construction loans: Residential $ − $ − $ − $ − $ 10,983 $ 10,983 $ − Land acquisition, development & commercial − − 10 10 30,157 30,167 10 Real estate: Residential 495 815 − 1,310 103,745 105,055 − Commercial − − − − 147,561 147,561 360 Commercial, industrial & agricultural 167 − 34 201 52,712 52,913 45 Equity lines − 98 305 403 26,551 26,954 − Consumer 2 − − 2 7,428 7,430 − Total $ 664 $ 913 $ 349 $ 1,926 $ 379,137 $ 381,063 $ 415 The past-due and nonaccrual status of loans as of December 31, 2015 was as follows: (Dollars In Thousands) 30-59 Days Past-Due 60-89 Days Past-Due 90 Days or More Past- Due Total Past- Due Current Total Loans Nonaccrual Loans Construction: Residential $ − $ − $ − $ − $ 11,779 $ 11,779 $ − Land acquisition, development & commercial − − 11 11 27,429 27,440 11 Real Estate: Residential 297 − 50 347 99,921 100,268 − Commercial 44 − 792 836 140,116 140,952 368 Commercial, industrial & agricultural 52 84 35 171 52,841 53,012 47 Equity lines 105 − − 105 26,271 26,376 − Consumer − − − − 7,531 7,531 − Total $ 498 $ 84 $ 888 $ 1,470 $ 365,888 $ 367,358 $ 426 There was one loan of $305 thousand that was past due ninety days or more and still accruing interest as of March 31, 2016. There were two loans, totaling $842 thousand, which were past due ninety days or more and still accruing interest at December 31, 2015. Impaired loans, which include TDR’s of $6.6 million, and the related allowance at March 31, 2016, were as follows: March 31, 2016 With no related allowance: (Dollars In Thousands) Recorded Investment in Loans Unpaid Principal Balance Related Allowance Average Balance Total Loans Interest Income Recognized Construction loans: Residential $ − $ − $ − $ − $ − Land acquisition, development & commercial − − − − − Real estate: Residential 195 195 − 213 5 Commercial 7,476 7,652 − 7,481 74 Commercial, industrial & agricultural 12 12 − 12 − Equity lines − − − − − Consumer − − − − − Total loans with no allowance $ 7,683 $ 7,859 $ − $ 7,706 $ 79 March 31, 2016 With an allowance recorded: (Dollars In Thousands) Recorded Investment in Loans Unpaid Principal Balance Related Allowance Average Balance Total Loans Interest Income Recognized Construction loans: Residential $ − $ − $ − $ − $ − Land acquisition, development & commercial − − − − − Real estate: Residential − − − − − Commercial 124 124 17 127 − Commercial, industrial & agricultural − − − − − Equity lines − − − − − Consumer − − − − − Total loans with an allowance $ 124 $ 124 $ 17 $ 127 $ − Impaired loans, which include TDRs of $6.7 million, and the related allowance at December 31, 2015, were as follows: December 31, 2015 Unpaid Average Interest With no related allowance: Investment Principal Related Balance Income (Dollars In Thousands) in Loans Balance Allowance Total Loans Recognized Construction: Residential $ − $ − $ – $ − $ − Land acquisition, development & commercial − − – − − Real Estate: Residential 247 247 – 255 13 Commercial 7,451 7,627 – 7,623 291 Commercial, industrial & agricultural 12 12 – 12 − Equity lines − − – − − Consumer − − – − − Total loans with no allowance $ 7,710 $ 7,886 $ – $ 7,890 $ 304 December 31, 2015 Recorded Unpaid Average Interest With an allowance recorded: Investment Principal Related Balance Income (Dollars In Thousands) in Loans Balance Allowance Total Loans Recognized Construction: Residential $ − $ − $ − $ − $ − Land acquisition, development & commercial − − − − − Real Estate: Residential − − − − − Commercial 127 127 17 135 − Commercial, industrial & agricultural − − − − − Equity lines − − − − − Consumer − − − − − Total loans with an allowance $ 127 $ 127 $ 17 $ 135 $ − Troubled Debt Restructurings Troubled debt restructurings (“TDR’s”) were comprised of six loans totaling $6.6 million at March 31, 2016. This compares with $6.7 million in total restructured loans at December 31, 2015. No loans were modified in a TDR during the first quarter of 2016. The following table presents by class of loan, information related to the loan modified in a TDR during the three months ended March 31, 2015: Loans modified as TDR's For the three months ended March 31, 2015 Class of Loan Number of Contracts Pre-Modification Outstanding Recorded Investment Post- Modification Outstanding Recorded Investment (Dollars in Thousands) Construction loans: Residential — $ — $ — Land acquisition, development & commercial — — — Real estate loans: Residential — — — Commercial 1 260 255 Commercial, industrial, agricultural — — 12 Equity lines — — — Consumer — — — Total Loans 1 $ 260 $ 267 Four of the six loans totaling $6.4 million were not on nonaccrual status at March 31, 2016. The other two loans totaling $247 thousand were on nonaccrual status at the end of the first quarter of 2016. The loan identified above in the table restructured into two TDR’s during the three months ended March 31, 2015. It was included in substandard nonaccrual loans and impaired loans at the end of 2014. All six TDR’s were current with their restructured terms at March 31, 2016. 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. 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 Los
Note 4 - Allowance for Loan Losses | 3 Months Ended |
Mar. 31, 2016 | |
Disclosure Text Block Supplement [Abstract] | |
Allowance for Credit Losses [Text Block] | Note 4. Allowance for Loan Losses The following table presents, as of March 31, 2016, 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). March 31, 2016 Allowance for loan losses Loans Class of Loan (Dollars in Thousands) Beginning balance Charge- offs Recoveries Provisions Ending Balance Ending balance: individually evaluated for impairment Ending balance: collectively evaluated for impairment Ending balance Ending balance: individually evaluated for impairment Ending balance: collectively evaluated for impairment Construction loans: Residential $ 83 $ − $ − $ (6 ) $ 77 $ − $ 77 $ 10,983 $ − $ 10,983 Land acquisition, development & commercial 187 − − 33 220 − 220 30,167 − 30,167 Real estate: Residential 1,047 − − (7 ) 1,040 − 1,040 105,055 195 104,860 Commercial 1,001 − − 95 1,096 17 1,079 147,561 7,600 139,961 Commercial, industrial & agricultural 531 − − (102 ) 429 − 429 52,913 12 52,901 Equity lines 277 − − 19 296 − 296 26,954 − 26,954 Consumer 85 (15 ) 4 23 97 − 97 7,430 − 7,430 Unallocated 87 − − 5 92 − 92 − − − Total $ 3,298 $ (15 ) $ 4 $ 60 $ 3,347 $ 17 $ 3,330 $ 381,063 $ 7,807 $ 373,256 The following table presents, as of December 31, 2015, 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). December 31, 2015 Allowance for loan losses Loans Class of Loan (Dollars in Thousands) Beginning balance Charge- offs Recoveries Provisions Ending balance Ending balance: individually evaluated for impairment Ending balance: collectively evaluated for impairment Ending balance Ending balance: individually evaluated for impairment Ending balance: collectively evaluated for impairment Construction loans: Residential $ 43 $ − $ − $ 40 $ 83 $ − $ 83 $ 11,779 $ − $ 11,779 Land acquisition, development & commercial 453 − − (266 ) 187 − 187 27,440 − 27,440 Real estate: Residential 833 − 1 213 1,047 − 1,047 100,268 247 100,021 Commercial 1,012 − − (11 ) 1,001 17 984 140,952 7,578 133,374 Commercial, industrial & agricultural 319 − 10 202 531 − 531 53,012 12 53,000 Equity lines 423 − 1 (147 ) 277 − 277 26,376 − 26,376 Consumer 65 (80 ) 34 66 85 − 85 7,531 − 7,531 Unallocated 184 − − (97 ) 87 − 87 − − − Total $ 3,332 $ (80 ) $ 46 $ − $ 3,298 $ 17 $ 3,281 $ 367,358 $ 7,837 $ 359,521 Loans by credit quality indicators as of March 31, 2016 were as follows: (Dollars In Thousands) Pass Special Mention Substandard Accruing Substandard Nonaccrual Total Construction loans: Residential $ 10,983 $ − $ − $ − $ 10,983 Land acquisition, development & commercial 30,157 − − 10 30,167 Real estate loans: Residential 104,859 − 196 − 105,055 Commercial 145,762 − 1,439 360 147,561 Commercial, industrial, agricultural 52,181 687 − 45 52,913 Equity lines 26,954 − − − 26,954 Consumer 7,424 − 6 − 7,430 Total Loans $ 378,320 $ 687 $ 1,641 $ 415 $ 381,063 Loans by credit quality indicators as of December 31, 2015 were as follows: (Dollars In Thousands) Pass Special Mention Substandard Accruing Substandard Nonaccrual Total Construction loans: Residential $ 11,779 $ − $ − $ − $ 11,779 Land acquisition, development & commercial 27,429 − − 11 27,440 Real estate loans: Residential 95,809 4,212 247 − 100,268 Commercial 138,034 1,155 1,395 368 140,952 Commercial, industrial, agricultural 51,801 1,164 − 47 53,012 Equity lines 26,376 − − − 26,376 Consumer 7,523 − 8 − 7,531 Total Loans $ 358,751 $ 6,531 $ 1,650 $ 426 $ 367,358 At March 31, 2016 and December 31, 2015, the Company had no loans classified as Doubtful or Loss. |
Note 5 - Foreclosed Properties
Note 5 - Foreclosed Properties | 3 Months Ended |
Mar. 31, 2016 | |
Disclosure Text Block [Abstract] | |
Real Estate Owned [Text Block] | Note 5. Foreclosed Properties Changes in foreclosed properties for the nine months ended March 31, 2016 were as follows: (Dollars In Thousands) Other Real Estate Owned Valuation Allowance Net Balance at the beginning of the year $ 5,657 $ (420 ) $ 5,237 Additions 473 — 473 Writedowns — — — Sales (24 ) — (24 ) Balance at the end of the period $ 6,106 $ (420 ) $ 5,686 Changes in foreclosed properties for the nine months ended March 31, 2015 were as follows: (Dollars In Thousands) Other Real Estate Owned Valuation Allowance Net Balance at the beginning of the year $ 7,408 $ (422 ) $ 6,986 Additions — — — Writedowns — — — Sales (69 ) — (69 ) Balance at the end of the period $ 7,339 $ (422 ) $ 6,917 The major classifications of other real estate owned in the consolidated balance sheets at March 31, 2016 and December 31, 2015 were as follows: (Dollars In Thousands) March 31, 2016 December 31, 2015 Residential lots $ 2,496 $ 2,520 Residential development 423 423 Commercial lots 90 90 Commercial buildings 2,677 2,204 Total Other Real Estate Owned $ 5,686 $ 5,237 There were no residential real estate loans in the process of foreclosure at March 31, 2016 or December 31, 2015. Other real estate owned related expenses in the consolidated statements of income for the three months ended March 31, 2016 and March 31, 2015 include: (Dollars In Thousands) Three months Ended March 31, 2016 Three months Ended March 31, 2015 Net gain on sales $ — $ — Provision for unrealized losses — — Operating expenses 22 30 Total Other Real Estate Owned $ 22 $ 30 |
Note 6 - Stock Based Compensati
Note 6 - Stock Based Compensation | 3 Months Ended |
Mar. 31, 2016 | |
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 $37 thousand and $33 thousand for the years to date March 31, 2016 and 2015, 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. 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. On December 18, 2014, the Board of Directors granted 165 thousand shares which will vest over a five year period. Financial assumptions and variables used to determine the fair value of these stock options are; risk free interest rate of 2.01%, an expected term of 7.5 years, an expected stock price volatility of 26% and a dividend rate of 0%. The fair value of the options was determined to be $2.29 per option. Compensation expense will be charged to income ratably over the vesting period and was $19 thousand year to date March 31, 2016 and $18 thousand year to date March 31, 2015. As of March 31, 2016 there was $282 thousand of total unrecognized compensation cost related to nonvested stock options granted under the Plan. The cost will be recognized over the next 3.75 years. No options were granted during the three months ended March 31, 2016. All previously issued options were fully vested at the end of 2012. A summary of option activity under the 2005 stock option plan year to date March 31, 2016 is as follows: Options Outstanding Weighted Average Exercise Price Aggregate Intrinsic Value (1) Weighted Average Contractual Term (years) Balance at December 31, 2015 546,460 $ 8.62 Granted – – Exercised – – Forfeited – – Balance at March 31, 2016 546,460 $ 8.62 $ 461,028 2.81 Exercisable at March 31, 2016 437,793 $ 9.04 $ 200,228 1.34 (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 March 31, 2016. In 2009, the Board of Directors authorized 132,000 shares of common stock for issuance under the Restricted Stock Plan. The plan provides for restricted stock awards to key employees. Restricted shares awarded to employees generally vest over a five year period and compensation expense is charged to income ratably over the vesting period and was $18 thousand and $15 thousand for the years to date March 31, 2016 and 2015, respectively. Compensation is accounted for using the fair market value of the Company’s common stock on the date the restricted shares are awarded. The Company granted 10,723 and 8,670 shares of restricted stock under the plan during the years to date March 31, 2016 and 2015, respectively. The weighted-average grant date fair value of restricted stock granted in 2016 was $9.45 compared to $7.70 in 2015. As of March 31, 2016, there was $165 thousand of total unrecognized compensation cost related to restricted stock granted under the Plan. The cost is expected to be recognized through 2021. A summary of the activity for restricted stock awards for the periods indicated is presented below: For the three months ended March 31, 2016 For the three months ended March 31, 2015 Shares Weighted- Average Grant Date Fair Value Shares Weighted- Average Grant Date Fair Value Nonvested at beginning of year 37,848 $ 6.24 37,727 $ 5.56 Granted 10,723 9.45 8,670 7.70 Vested (10,938 ) 5.65 (10,848 ) 5.56 Cancelled – – – – Nonvested at the end of the period 37,633 $ 7.33 35,549 $ 6.08 |
Note 7 - Fair Value Measurement
Note 7 - Fair Value Measurement | 3 Months Ended |
Mar. 31, 2016 | |
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 financial assets and liabilities recorded at fair value on a recurring basis in the consolidated financial statements: Securities available for sale: The following table presents the balances of financial assets and liabilities measured at fair value on a recurring basis as of March 31, 2016 and December 31, 2015: (Dollars In Thousands) Carrying value at March 31, 2016 Description Balance as of March 31, 2016 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: U.S. Government agency securities $ 28,738 $ – $ 28,738 $ – Mortgaged-backed securities 8,373 – 8,373 – Municipal securities 17,646 – 17,646 – (Dollars In Thousands) Carrying value at December 31, 2015 Description Balance as of December 31, 2015 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: U.S. Government agency securities $ 26,436 $ – $ 26,436 $ – Mortgaged-backed securities 8,773 – 8,773 – Municipal securities 17,335 – 17,335 – 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 write-downs 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 consolidated financial statements: Impaired Loans: Loans held for sale: Other Real Estate Owned (OREO) The following table summarizes the Company’s assets that were measured at fair value on a nonrecurring basis as of March 31, 2016 and December 31, 2015. (Dollars In Thousands) Carrying value at March 31, 2016 Description Balance as of March 31, 2016 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Impaired loans, net of valuation allowance $ 107 $ – $ – $ 107 Loans held for sale 289 – 289 – Other real estate owned 5,686 – 1,773 3,913 (Dollars In Thousands) Carrying value at December 31, 2015 Description Balance as of December 31, 2015 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Impaired loans, net of valuation allowance $ 110 $ – $ – $ 110 Loans held for sale 1,643 – 1,643 – Other real estate owned 5,237 – 1,300 3,937 At March 31, 2016 and December 31, 2015, the Company did not have any liabilities measured at fair value on a nonrecurring basis. The following table displays quantitative information about Level 3 Fair Value Measurements for March 31, 2016: (Dollars In Thousands) Quantitative information about Level 3 Fair Value Measurements for March 31, 2016 Assets Fair Value Valuation Technique(s) Unobservable input Range (Weighted Average) Impaired loans $ 107 Discounted appraised value Selling cost 6% - 6% (6%) Discount for lack of marketability and age of appraisal 95% - 95% (95%) Other real estate owned $ 1,735 Discounted appraised value Selling cost 6% - 6% (6%) Discount for lack of marketability and age of appraisal 4% - 9% (8%) $ 2,178 Internal evaluations Internal evaluations 4% - 39% (22%) The following table displays quantitative information about Level 3 Fair Value Measurements for December 31, 2015: (Dollars In Thousands) Quantitative information about Level 3 Fair Value Measurements for December 31, 2015 Assets Fair Value Valuation Technique(s) Unobservable input Range (Weighted Average) Impaired loans $ 110 Discounted appraised value Selling cost 0% - 0% (0%) Discount for lack of marketability and age of appraisal 95% - 95% (95%) Other real estate owned $ 1,735 Discounted appraised value Selling cost 6% - 6% (6%) Discount for lack of marketability and age of appraisal 4% - 9% (8%) $ 2,202 Internal evaluations Internal evaluations 4% - 39% (21%) 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 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 March 31, 2016 and December 31, 2015, management believes the carrying value of federal funds sold approximates estimated market value. 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). 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. Their fair values are measured utilizing independent valuation techniques of similar securities for which significant assumptions are derived primarily from or corroborated by observable market data. 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 and individual retirement accounts are estimated using a discounted cash flow calculation that applies interest rates currently being offered to a schedule of contractual maturities on such time deposits. FHLB borrowings: The fair values for FHLB borrowings are estimated using a discounted cash flow calculation that applies interest rates currently being offered on FHLB borrowings to the contractual maturities on such FHLB borrowings. Subordinated notes: The fair value of the subordinated notes is estimated using a discounted cash flow calculation that applies current incremental borrowing rates for similar types of borrowing arrangements. Other borrowings: The warehouse line of credit is a short term revolving credit facility used to fund mortgage loans originations until the underlying loan is sold. The warehouse line of credit, federal funds purchased, borrowings under repurchase agreements mature within 30 days and approximate their fair values. 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 March 31, 2016 and December 31, 2015, 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 March 31, 2016: (Dollars In Thousands) Fair value at March 31, 2016 Description Carrying value as of March 31, 2015 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Approximate Fair Values Financial assets Cash and due from banks $ 27,890 $ 26,140 $ 1,761 $ – $ 27,901 Federal funds sold 1,082 1,082 – – 1,082 Securities available-for-sale 54,757 – 54,757 – 54,757 Restricted equity securities 2,765 – 2,765 – 2,765 Loans held for sale 289 – 289 – 289 Loans, net 377,716 – – 380,568 380,568 Bank owned life insurance 6,328 – 6,328 – 6,328 Accrued income 2,010 – 2,010 – 2,010 Financial liabilities Total deposits 413,618 – 414,104 – 414,104 FHLB borrowings 22,000 – 22,165 – 22,165 Subordinated notes 7,202 – 7,055 – 7,055 Other borrowings 1,072 – 1,072 – 1,072 Accrued interest payable 569 – 569 – 569 The carrying amounts and approximate fair values of the Company's financial instruments are as follows at December 31, 2015: (Dollars In Thousands) Fair value at December 31, 2015 Description Carrying value as of December 31, 2015 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Approximate Fair Values Financial assets Cash and due from banks $ 28,745 $ 26,995 $ 1,767 $ – $ 28,762 Federal funds sold 1,329 1,329 – – 1,329 Securities available for sale 52,544 – 52,544 – 52,544 Restricted equity securities 2,535 – 2,535 – 2,535 Loans held for sale 1,643 – 1,643 – 1,643 Loans, net 364,060 – – 362,440 362,440 Bank owned life insurance 6,285 – 6,285 – 6,285 Accrued income 2,057 – 2,057 – 2,057 Financial liabilities Total deposits 399,546 – 400,117 – 400,117 FHLB borrowings 22,000 – 22,191 – 22,191 Subordinated notes 7,194 – 7,354 – 7,354 Other borrowings 2,361 – 2,361 – 2,361 Accrued interest payable 372 – 372 – 372 |
Note 8 - Reclassifications Out
Note 8 - Reclassifications Out of Other Comprehensive Income | 3 Months Ended |
Mar. 31, 2016 | |
Disclosure Text Block [Abstract] | |
Comprehensive Income (Loss) Note [Text Block] | Note 8. Reclassifications Out of Other Comprehensive Income Items reclassified in their entirety to net income for the three months ended March 31, 2016 and 2015 are as follows: Amounts Reclassified from Details about Other Comprehensive Other Comprehensive Income Affected Line Item in the Statement Components for the Three Months Ended March 31, Where Net Income is Presented (Dollars In Thousands) 2015 201 5 Available for sale securities Realized gains on sales of securities held for sale during the period consider available for sale $ 5 $ 40 Gains on sales of investment securities Tax expense related to realized gains on securities sold 2 14 Income tax expense $ 3 $ 26 Net income |
Note 9 - Earnings Per Common Sh
Note 9 - Earnings Per Common Share | 3 Months Ended |
Mar. 31, 2016 | |
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. Potential dilutive common stock had no effect on income available to common shareholders. For the Three Months Ended March 31, 2016 2015 Dollars In Thousands, except share and per share data Weighted Average Common Share s Outstanding Net Income Available to Common Shareholders Per Share Amount Weighted Average Common Share s Outstanding Net Income Available to Common Shareholders Per Share Amount Earnings per common share, basic 3,366,778 $ 597 $ 0.18 3,291,517 $ 566 $ 0.17 Series C Preferred Stock Dividends 204 210 Effect of dilutive securities: Convertible preferred stock 2,176,000 − (0.04 ) 2,240,000 − (0.03 ) Dilutive stock options 22,851 − − − − − Earnings per common share, diluted 5,565,629 $ 801 $ 0.14 5,531,517 $ 776 $ 0.14 Nonvested restricted shares were included in weighted average common shares outstanding for computing basic earnings per share, as the holder has voting rights and would share in a stock or cash dividend during the vesting period. |
Note 10 - Subsequent Events
Note 10 - Subsequent Events | 3 Months Ended |
Mar. 31, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | Note 10. Subsequent Events On April 28, 2016, 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 June 15, 2016 to preferred shareholders of record May 31, 2016. |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 3 Months Ended |
Mar. 31, 2016 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation The consolidated financial statements as of March 31, 2016 and for the periods ended March 31, 2016 and 2015 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 March 31, 2016 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, 2015, included in the Company’s Form 10-K for the year ended December 31, 2015. 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 of HomeTown Bankshares Corporation include the accounts of its wholly-owned subsidiary HomeTown Bank and the accounts of its subsidiary, HomeTown Residential Mortgage LLC. HomeTown Bank owns a 49% interest in HomeTown Residential Mortgage LLC which originates and sells mortgages secured by personal residences. Due to the marketing support and direction provided by HomeTown Bank to HomeTown Residential Mortgage LLC, along with guarantees of warehouse lines of credit used in its operation, the Company is deemed to exercise control of this entity. The ownership interest in HomeTown Residential Mortgage LLC not owned by the Company is reported as Non-Controlling Interest in a Consolidated Subsidiary. All significant intercompany balances and transactions have been eliminated in consolidation. 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. |
Note 2 - Investment Securities
Note 2 - Investment Securities (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Available-for-sale Securities Reconciliation [Table Text Block] | (Dollars In Thousands) March 31, 2016 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value U. S. Government agency securities $ 28,507 $ 330 $ (99 ) $ 28,738 Mortgage-backed securities 8,353 65 (45 ) 8,373 Municipal securities 17,017 661 (32 ) 17,646 $ 53,877 $ 1,056 $ (176 ) $ 54,757 (Dollars In Thousands) December 31, 2015 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value U. S. Government agency securities $ 26,385 $ 242 $ (191 ) $ 26,436 Mortgage-backed securities 8,803 60 (90 ) 8,773 Municipal securities 16,756 594 (15 ) 17,335 $ 51,944 $ 896 $ (296 ) $ 52,544 |
Schedule of Unrealized Loss on Investments [Table Text Block] | March 31, 2016 Less than 12 months 12 months or more Total (Dollars In Thousands) Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss U. S. Government agency securities $ 6,850 $ (50 ) $ 3,284 $ (49 ) $ 10,134 $ (99 ) Mortgage-backed securities 1,562 (5 ) 2,504 (40 ) 4,066 (45 ) Municipal securities 1,743 (26 ) 539 (6 ) 2,282 (32 ) $ 10,155 $ (81 ) $ 6,327 $ (95 ) $ 16,482 $ (176 ) December 31, 2015 Less than 12 months 12 months or more Total (Dollars In Thousands) Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss U.S. Government agency securities $ 8,878 $ (106 ) $ 5,275 $ (85 ) $ 14,153 $ (191 ) Mortgage-backed securities 3,447 (32 ) 2,718 (58 ) 6,165 (90 ) Municipal securities 805 (10 ) 526 (5 ) 1,331 (15 ) $ 13,130 $ (148 ) $ 8,519 $ (148 ) $ 21,649 $ (296 ) |
Investments Classified by Contractual Maturity Date [Table Text Block] | (Dollars In Thousands) Amortized Cost Fair Value One year or less $ 2 $ 2 Over one through five years 1,963 1,993 Over five through ten years 10,708 10,771 Greater than 10 years 41,204 41,991 $ 53,877 $ 54,757 |
Note 3 - Loans Receivable (Tabl
Note 3 - Loans Receivable (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Receivables [Abstract] | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | (Dollars In Thousands) March 31, 2016 December 31, 2015 Construction loans: Residential $ 10,983 $ 11,779 Land acquisition, development & commercial 30,167 27,440 Real estate: Residential 105,055 100,268 Commercial 147,561 140,952 Commercial, industrial & agricultural 52,913 53,012 Equity lines 26,954 26,376 Consumer 7,430 7,531 Total 381,063 367,358 Less allowance for loan losses (3,347 ) (3,298 ) Loans, net $ 377,716 $ 364,060 |
Past Due Financing Receivables [Table Text Block] | (Dollars In Thousands) 30-59 Days Past Due 60-89 Days Past Due 90 Days or More Past Due Total Past Due Current Total Loans Nonaccrual Loans Construction loans: Residential $ − $ − $ − $ − $ 10,983 $ 10,983 $ − Land acquisition, development & commercial − − 10 10 30,157 30,167 10 Real estate: Residential 495 815 − 1,310 103,745 105,055 − Commercial − − − − 147,561 147,561 360 Commercial, industrial & agricultural 167 − 34 201 52,712 52,913 45 Equity lines − 98 305 403 26,551 26,954 − Consumer 2 − − 2 7,428 7,430 − Total $ 664 $ 913 $ 349 $ 1,926 $ 379,137 $ 381,063 $ 415 (Dollars In Thousands) 30-59 Days Past-Due 60-89 Days Past-Due 90 Days or More Past- Due Total Past- Due Current Total Loans Nonaccrual Loans Construction: Residential $ − $ − $ − $ − $ 11,779 $ 11,779 $ − Land acquisition, development & commercial − − 11 11 27,429 27,440 11 Real Estate: Residential 297 − 50 347 99,921 100,268 − Commercial 44 − 792 836 140,116 140,952 368 Commercial, industrial & agricultural 52 84 35 171 52,841 53,012 47 Equity lines 105 − − 105 26,271 26,376 − Consumer − − − − 7,531 7,531 − Total $ 498 $ 84 $ 888 $ 1,470 $ 365,888 $ 367,358 $ 426 |
Impaired Financing Receivables [Table Text Block] | March 31, 2016 With no related allowance: (Dollars In Thousands) Recorded Investment in Loans Unpaid Principal Balance Related Allowance Average Balance Total Loans Interest Income Recognized Construction loans: Residential $ − $ − $ − $ − $ − Land acquisition, development & commercial − − − − − Real estate: Residential 195 195 − 213 5 Commercial 7,476 7,652 − 7,481 74 Commercial, industrial & agricultural 12 12 − 12 − Equity lines − − − − − Consumer − − − − − Total loans with no allowance $ 7,683 $ 7,859 $ − $ 7,706 $ 79 March 31, 2016 With an allowance recorded: (Dollars In Thousands) Recorded Investment in Loans Unpaid Principal Balance Related Allowance Average Balance Total Loans Interest Income Recognized Construction loans: Residential $ − $ − $ − $ − $ − Land acquisition, development & commercial − − − − − Real estate: Residential − − − − − Commercial 124 124 17 127 − Commercial, industrial & agricultural − − − − − Equity lines − − − − − Consumer − − − − − Total loans with an allowance $ 124 $ 124 $ 17 $ 127 $ − December 31, 2015 Unpaid Average Interest With no related allowance: Investment Principal Related Balance Income (Dollars In Thousands) in Loans Balance Allowance Total Loans Recognized Construction: Residential $ − $ − $ – $ − $ − Land acquisition, development & commercial − − – − − Real Estate: Residential 247 247 – 255 13 Commercial 7,451 7,627 – 7,623 291 Commercial, industrial & agricultural 12 12 – 12 − Equity lines − − – − − Consumer − − – − − Total loans with no allowance $ 7,710 $ 7,886 $ – $ 7,890 $ 304 December 31, 2015 Recorded Unpaid Average Interest With an allowance recorded: Investment Principal Related Balance Income (Dollars In Thousands) in Loans Balance Allowance Total Loans Recognized Construction: Residential $ − $ − $ − $ − $ − Land acquisition, development & commercial − − − − − Real Estate: Residential − − − − − Commercial 127 127 17 135 − Commercial, industrial & agricultural − − − − − Equity lines − − − − − Consumer − − − − − Total loans with an allowance $ 127 $ 127 $ 17 $ 135 $ − |
Troubled Debt Restructurings on Financing Receivables [Table Text Block] | Loans modified as TDR's For the three months ended March 31, 2015 Class of Loan Number of Contracts Pre-Modification Outstanding Recorded Investment Post- Modification Outstanding Recorded Investment (Dollars in Thousands) Construction loans: Residential — $ — $ — Land acquisition, development & commercial — — — Real estate loans: Residential — — — Commercial 1 260 255 Commercial, industrial, agricultural — — 12 Equity lines — — — Consumer — — — Total Loans 1 $ 260 $ 267 |
Note 4 - Allowance for Loan L20
Note 4 - Allowance for Loan Losses (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Disclosure Text Block Supplement [Abstract] | |
Allowance for Credit Losses on Financing Receivables [Table Text Block] | March 31, 2016 Allowance for loan losses Loans Class of Loan (Dollars in Thousands) Beginning balance Charge- offs Recoveries Provisions Ending Balance Ending balance: individually evaluated for impairment Ending balance: collectively evaluated for impairment Ending balance Ending balance: individually evaluated for impairment Ending balance: collectively evaluated for impairment Construction loans: Residential $ 83 $ − $ − $ (6 ) $ 77 $ − $ 77 $ 10,983 $ − $ 10,983 Land acquisition, development & commercial 187 − − 33 220 − 220 30,167 − 30,167 Real estate: Residential 1,047 − − (7 ) 1,040 − 1,040 105,055 195 104,860 Commercial 1,001 − − 95 1,096 17 1,079 147,561 7,600 139,961 Commercial, industrial & agricultural 531 − − (102 ) 429 − 429 52,913 12 52,901 Equity lines 277 − − 19 296 − 296 26,954 − 26,954 Consumer 85 (15 ) 4 23 97 − 97 7,430 − 7,430 Unallocated 87 − − 5 92 − 92 − − − Total $ 3,298 $ (15 ) $ 4 $ 60 $ 3,347 $ 17 $ 3,330 $ 381,063 $ 7,807 $ 373,256 December 31, 2015 Allowance for loan losses Loans Class of Loan (Dollars in Thousands) Beginning balance Charge- offs Recoveries Provisions Ending balance Ending balance: individually evaluated for impairment Ending balance: collectively evaluated for impairment Ending balance Ending balance: individually evaluated for impairment Ending balance: collectively evaluated for impairment Construction loans: Residential $ 43 $ − $ − $ 40 $ 83 $ − $ 83 $ 11,779 $ − $ 11,779 Land acquisition, development & commercial 453 − − (266 ) 187 − 187 27,440 − 27,440 Real estate: Residential 833 − 1 213 1,047 − 1,047 100,268 247 100,021 Commercial 1,012 − − (11 ) 1,001 17 984 140,952 7,578 133,374 Commercial, industrial & agricultural 319 − 10 202 531 − 531 53,012 12 53,000 Equity lines 423 − 1 (147 ) 277 − 277 26,376 − 26,376 Consumer 65 (80 ) 34 66 85 − 85 7,531 − 7,531 Unallocated 184 − − (97 ) 87 − 87 − − − Total $ 3,332 $ (80 ) $ 46 $ − $ 3,298 $ 17 $ 3,281 $ 367,358 $ 7,837 $ 359,521 |
Financing Receivable Credit Quality Indicators [Table Text Block] | (Dollars In Thousands) Pass Special Mention Substandard Accruing Substandard Nonaccrual Total Construction loans: Residential $ 10,983 $ − $ − $ − $ 10,983 Land acquisition, development & commercial 30,157 − − 10 30,167 Real estate loans: Residential 104,859 − 196 − 105,055 Commercial 145,762 − 1,439 360 147,561 Commercial, industrial, agricultural 52,181 687 − 45 52,913 Equity lines 26,954 − − − 26,954 Consumer 7,424 − 6 − 7,430 Total Loans $ 378,320 $ 687 $ 1,641 $ 415 $ 381,063 (Dollars In Thousands) Pass Special Mention Substandard Accruing Substandard Nonaccrual Total Construction loans: Residential $ 11,779 $ − $ − $ − $ 11,779 Land acquisition, development & commercial 27,429 − − 11 27,440 Real estate loans: Residential 95,809 4,212 247 − 100,268 Commercial 138,034 1,155 1,395 368 140,952 Commercial, industrial, agricultural 51,801 1,164 − 47 53,012 Equity lines 26,376 − − − 26,376 Consumer 7,523 − 8 − 7,531 Total Loans $ 358,751 $ 6,531 $ 1,650 $ 426 $ 367,358 |
Note 5 - Foreclosed Properties
Note 5 - Foreclosed Properties (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Disclosure Text Block [Abstract] | |
Forclosed Properties [Table Text Block] | (Dollars In Thousands) Other Real Estate Owned Valuation Allowance Net Balance at the beginning of the year $ 5,657 $ (420 ) $ 5,237 Additions 473 — 473 Writedowns — — — Sales (24 ) — (24 ) Balance at the end of the period $ 6,106 $ (420 ) $ 5,686 (Dollars In Thousands) Other Real Estate Owned Valuation Allowance Net Balance at the beginning of the year $ 7,408 $ (422 ) $ 6,986 Additions — — — Writedowns — — — Sales (69 ) — (69 ) Balance at the end of the period $ 7,339 $ (422 ) $ 6,917 |
Schedule of Real Estate Properties [Table Text Block] | (Dollars In Thousands) March 31, 2016 December 31, 2015 Residential lots $ 2,496 $ 2,520 Residential development 423 423 Commercial lots 90 90 Commercial buildings 2,677 2,204 Total Other Real Estate Owned $ 5,686 $ 5,237 (Dollars In Thousands) Three months Ended March 31, 2016 Three months Ended March 31, 2015 Net gain on sales $ — $ — Provision for unrealized losses — — Operating expenses 22 30 Total Other Real Estate Owned $ 22 $ 30 |
Note 6 - Stock Based Compensa22
Note 6 - Stock Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | Options Outstanding Weighted Average Exercise Price Aggregate Intrinsic Value (1) Weighted Average Contractual Term (years) Balance at December 31, 2015 546,460 $ 8.62 Granted – – Exercised – – Forfeited – – Balance at March 31, 2016 546,460 $ 8.62 $ 461,028 2.81 Exercisable at March 31, 2016 437,793 $ 9.04 $ 200,228 1.34 |
Schedule of Share-based Compensation, Restricted Stock Units Award Activity [Table Text Block] | For the three months ended March 31, 2016 For the three months ended March 31, 2015 Shares Weighted- Average Grant Date Fair Value Shares Weighted- Average Grant Date Fair Value Nonvested at beginning of year 37,848 $ 6.24 37,727 $ 5.56 Granted 10,723 9.45 8,670 7.70 Vested (10,938 ) 5.65 (10,848 ) 5.56 Cancelled – – – – Nonvested at the end of the period 37,633 $ 7.33 35,549 $ 6.08 |
Note 7 - Fair Value Measureme23
Note 7 - Fair Value Measurement (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | (Dollars In Thousands) Carrying value at March 31, 2016 Description Balance as of March 31, 2016 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: U.S. Government agency securities $ 28,738 $ – $ 28,738 $ – Mortgaged-backed securities 8,373 – 8,373 – Municipal securities 17,646 – 17,646 – (Dollars In Thousands) Carrying value at December 31, 2015 Description Balance as of December 31, 2015 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: U.S. Government agency securities $ 26,436 $ – $ 26,436 $ – Mortgaged-backed securities 8,773 – 8,773 – Municipal securities 17,335 – 17,335 – |
Fair Value Measurements, Nonrecurring [Table Text Block] | (Dollars In Thousands) Carrying value at March 31, 2016 Description Balance as of March 31, 2016 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Impaired loans, net of valuation allowance $ 107 $ – $ – $ 107 Loans held for sale 289 – 289 – Other real estate owned 5,686 – 1,773 3,913 (Dollars In Thousands) Carrying value at December 31, 2015 Description Balance as of December 31, 2015 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Impaired loans, net of valuation allowance $ 110 $ – $ – $ 110 Loans held for sale 1,643 – 1,643 – Other real estate owned 5,237 – 1,300 3,937 |
Fair Value Inputs, Assets, Quantitative Information [Table Text Block] | (Dollars In Thousands) Quantitative information about Level 3 Fair Value Measurements for March 31, 2016 Assets Fair Value Valuation Technique(s) Unobservable input Range (Weighted Average) Impaired loans $ 107 Discounted appraised value Selling cost 6% - 6% (6%) Discount for lack of marketability and age of appraisal 95% - 95% (95%) Other real estate owned $ 1,735 Discounted appraised value Selling cost 6% - 6% (6%) Discount for lack of marketability and age of appraisal 4% - 9% (8%) $ 2,178 Internal evaluations Internal evaluations 4% - 39% (22%) (Dollars In Thousands) Quantitative information about Level 3 Fair Value Measurements for December 31, 2015 Assets Fair Value Valuation Technique(s) Unobservable input Range (Weighted Average) Impaired loans $ 110 Discounted appraised value Selling cost 0% - 0% (0%) Discount for lack of marketability and age of appraisal 95% - 95% (95%) Other real estate owned $ 1,735 Discounted appraised value Selling cost 6% - 6% (6%) Discount for lack of marketability and age of appraisal 4% - 9% (8%) $ 2,202 Internal evaluations Internal evaluations 4% - 39% (21%) |
Fair Value, by Balance Sheet Grouping [Table Text Block] | (Dollars In Thousands) Fair value at March 31, 2016 Description Carrying value as of March 31, 2015 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Approximate Fair Values Financial assets Cash and due from banks $ 27,890 $ 26,140 $ 1,761 $ – $ 27,901 Federal funds sold 1,082 1,082 – – 1,082 Securities available-for-sale 54,757 – 54,757 – 54,757 Restricted equity securities 2,765 – 2,765 – 2,765 Loans held for sale 289 – 289 – 289 Loans, net 377,716 – – 380,568 380,568 Bank owned life insurance 6,328 – 6,328 – 6,328 Accrued income 2,010 – 2,010 – 2,010 Financial liabilities Total deposits 413,618 – 414,104 – 414,104 FHLB borrowings 22,000 – 22,165 – 22,165 Subordinated notes 7,202 – 7,055 – 7,055 Other borrowings 1,072 – 1,072 – 1,072 Accrued interest payable 569 – 569 – 569 (Dollars In Thousands) Fair value at December 31, 2015 Description Carrying value as of December 31, 2015 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Approximate Fair Values Financial assets Cash and due from banks $ 28,745 $ 26,995 $ 1,767 $ – $ 28,762 Federal funds sold 1,329 1,329 – – 1,329 Securities available for sale 52,544 – 52,544 – 52,544 Restricted equity securities 2,535 – 2,535 – 2,535 Loans held for sale 1,643 – 1,643 – 1,643 Loans, net 364,060 – – 362,440 362,440 Bank owned life insurance 6,285 – 6,285 – 6,285 Accrued income 2,057 – 2,057 – 2,057 Financial liabilities Total deposits 399,546 – 400,117 – 400,117 FHLB borrowings 22,000 – 22,191 – 22,191 Subordinated notes 7,194 – 7,354 – 7,354 Other borrowings 2,361 – 2,361 – 2,361 Accrued interest payable 372 – 372 – 372 |
Note 8 - Reclassifications Ou24
Note 8 - Reclassifications Out of Other Comprehensive Income (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Disclosure Text Block [Abstract] | |
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | Amounts Reclassified from Details about Other Comprehensive Other Comprehensive Income Affected Line Item in the Statement Components for the Three Months Ended March 31, Where Net Income is Presented (Dollars In Thousands) 2015 201 5 Available for sale securities Realized gains on sales of securities held for sale during the period consider available for sale $ 5 $ 40 Gains on sales of investment securities Tax expense related to realized gains on securities sold 2 14 Income tax expense $ 3 $ 26 Net income |
Note 9 - Earnings Per Common 25
Note 9 - Earnings Per Common Share (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | For the Three Months Ended March 31, 2016 2015 Dollars In Thousands, except share and per share data Weighted Average Common Share s Outstanding Net Income Available to Common Shareholders Per Share Amount Weighted Average Common Share s Outstanding Net Income Available to Common Shareholders Per Share Amount Earnings per common share, basic 3,366,778 $ 597 $ 0.18 3,291,517 $ 566 $ 0.17 Series C Preferred Stock Dividends 204 210 Effect of dilutive securities: Convertible preferred stock 2,176,000 − (0.04 ) 2,240,000 − (0.03 ) Dilutive stock options 22,851 − − − − − Earnings per common share, diluted 5,565,629 $ 801 $ 0.14 5,531,517 $ 776 $ 0.14 |
Note 1 - Organization and Sum26
Note 1 - Organization and Summary of Significant Accounting Policies (Details) | 3 Months Ended |
Mar. 31, 2016 | |
HomeTown Residential Mortgage, LLC [Member] | Corporate Joint Venture [Member] | |
Note 1 - Organization and Summary of Significant Accounting Policies (Details) [Line Items] | |
Subsidiary or Equity Method Investee, Cumulative Percentage Ownership after All Transactions | 49.00% |
Note 2 - Investment Securitie27
Note 2 - Investment Securities (Details) | 3 Months Ended | ||
Mar. 31, 2016USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2015 | |
Note 2 - Investment Securities (Details) [Line Items] | |||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | 36 | 0 | |
Other than Temporary Impairment Losses, Investments, Available-for-sale Securities | $ 16,500,000 | ||
Available-for-sale Securities, Gross Realized Gains | 5,000 | $ 55,000 | |
Available-for-sale Securities, Gross Realized Losses | $ 0 | $ 15,000 | |
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 | 17 | ||
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 | 11 | ||
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 | 8 |
Note 2 - Investment Securitie28
Note 2 - Investment Securities (Details) - Available-for-sale Securities - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Note 2 - Investment Securities (Details) - Available-for-sale Securities [Line Items] | ||
Securities available-for-sale, amortized cost | $ 53,877 | $ 51,944 |
Securities available-for-sale, gross unrealized gains | 1,056 | 896 |
Securities available-for-sale, gross unrealized losses | (176) | (296) |
Securities available-for-sale | 54,757 | 52,544 |
US Government Agencies Debt Securities [Member] | ||
Note 2 - Investment Securities (Details) - Available-for-sale Securities [Line Items] | ||
Securities available-for-sale, amortized cost | 28,507 | 26,385 |
Securities available-for-sale, gross unrealized gains | 330 | 242 |
Securities available-for-sale, gross unrealized losses | (99) | (191) |
Securities available-for-sale | 28,738 | 26,436 |
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 | 8,353 | 8,803 |
Securities available-for-sale, gross unrealized gains | 65 | 60 |
Securities available-for-sale, gross unrealized losses | (45) | (90) |
Securities available-for-sale | 8,373 | 8,773 |
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 | 17,017 | 16,756 |
Securities available-for-sale, gross unrealized gains | 661 | 594 |
Securities available-for-sale, gross unrealized losses | (32) | (15) |
Securities available-for-sale | $ 17,646 | $ 17,335 |
Note 2 - Investment Securitie29
Note 2 - Investment Securities (Details) - Unrealized Loss Positions of Available-for-sale Securities - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
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 | $ 10,155 | $ 13,130 |
Securities available-for-sale in a continuous unrealized loss position, less than 12 months, unrealized loss | (81) | (148) |
Securities available-for-sale in a continuous unrealized loss position, 12 months or more, fair value | 6,327 | 8,519 |
Securities available-for-sale in a continuous unrealized loss position, 12 months or more, unrealized loss | (95) | (148) |
Securities available-for-sale in a continuous unrealized loss position, fair value | 16,482 | 21,649 |
Securities available-for-sale in a continuous unrealized loss position, unrealized loss | (176) | (296) |
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 | 6,850 | 8,878 |
Securities available-for-sale in a continuous unrealized loss position, less than 12 months, unrealized loss | (50) | (106) |
Securities available-for-sale in a continuous unrealized loss position, 12 months or more, fair value | 3,284 | 5,275 |
Securities available-for-sale in a continuous unrealized loss position, 12 months or more, unrealized loss | (49) | (85) |
Securities available-for-sale in a continuous unrealized loss position, fair value | 10,134 | 14,153 |
Securities available-for-sale in a continuous unrealized loss position, unrealized loss | (99) | (191) |
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 | 1,562 | 3,447 |
Securities available-for-sale in a continuous unrealized loss position, less than 12 months, unrealized loss | (5) | (32) |
Securities available-for-sale in a continuous unrealized loss position, 12 months or more, fair value | 2,504 | 2,718 |
Securities available-for-sale in a continuous unrealized loss position, 12 months or more, unrealized loss | (40) | (58) |
Securities available-for-sale in a continuous unrealized loss position, fair value | 4,066 | 6,165 |
Securities available-for-sale in a continuous unrealized loss position, unrealized loss | (45) | (90) |
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 | 1,743 | 805 |
Securities available-for-sale in a continuous unrealized loss position, less than 12 months, unrealized loss | (26) | (10) |
Securities available-for-sale in a continuous unrealized loss position, 12 months or more, fair value | 539 | 526 |
Securities available-for-sale in a continuous unrealized loss position, 12 months or more, unrealized loss | (6) | (5) |
Securities available-for-sale in a continuous unrealized loss position, fair value | 2,282 | 1,331 |
Securities available-for-sale in a continuous unrealized loss position, unrealized loss | $ (32) | $ (15) |
Note 2 - Investment Securitie30
Note 2 - Investment Securities (Details) - Available-for-sale Securities by Contractual Maturity - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Available-for-sale Securities by Contractual Maturity [Abstract] | ||
One year or less | $ 2 | |
One year or less | 2 | |
Over one through five years | 1,963 | |
Over one through five years | 1,993 | |
Over five through ten years | 10,708 | |
Over five through ten years | 10,771 | |
Greater than 10 years | 41,204 | |
Greater than 10 years | 41,991 | |
53,877 | $ 51,944 | |
$ 54,757 | $ 52,544 |
Note 3 - Loans Receivable (Deta
Note 3 - Loans Receivable (Details) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2016USD ($) | Mar. 31, 2015 | Dec. 31, 2015USD ($) | |
Note 3 - Loans Receivable (Details) [Line Items] | |||
Financing Receivable, Recorded Investment, 90 Days Past Due and Still Accruing | $ 305 | $ 842 | |
Financing Receivable, Modifications, Number of Contracts | 1 | ||
Performing Financial Instruments [Member] | |||
Note 3 - Loans Receivable (Details) [Line Items] | |||
Financing Receivable, Modifications, Recorded Investment | $ 6,400 | ||
Financing Receivable, Modifications, Number of Contracts | 4 | ||
Nonperforming Financial Instruments [Member] | |||
Note 3 - Loans Receivable (Details) [Line Items] | |||
Financing Receivable, Modifications, Recorded Investment | $ 247 | ||
Financing Receivable, Modifications, Number of Contracts | 2 | 2 | |
Troubled Debt Restructuring [Member] | |||
Note 3 - Loans Receivable (Details) [Line Items] | |||
Financing Receivable, Modifications, Recorded Investment | $ 6,600 | $ 6,700 | |
Financing Receivable, Modifications, Number of Contracts | 6 |
Note 3 - Loans Receivable (De32
Note 3 - Loans Receivable (Details) - Classifications of Loans Receivable - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Construction loans: | |||
Loans | $ 381,063 | $ 367,358 | |
Less allowance for loan losses | (3,347) | (3,298) | $ (3,332) |
Loans, net | 377,716 | 364,060 | |
Construction Loan Portfolio Segment [Member] | Residential [Member] | |||
Construction loans: | |||
Loans | 10,983 | 11,779 | |
Less allowance for loan losses | (77) | (83) | (43) |
Construction Loan Portfolio Segment [Member] | Land Acquisition, Development and Commercial [Member] | |||
Construction loans: | |||
Loans | 30,167 | 27,440 | |
Less allowance for loan losses | (220) | (187) | (453) |
Real Estate Portfolio Segment [Member] | Residential [Member] | |||
Construction loans: | |||
Loans | 105,055 | 100,268 | |
Less allowance for loan losses | (1,040) | (1,047) | (833) |
Real Estate Portfolio Segment [Member] | Commercial [Member} | |||
Construction loans: | |||
Loans | 147,561 | 140,952 | |
Less allowance for loan losses | (1,096) | (1,001) | (1,012) |
Commercial, Industrial and Agricultural Portfolio Segment [Member] | |||
Construction loans: | |||
Loans | 52,913 | 53,012 | |
Less allowance for loan losses | (429) | (531) | (319) |
Equity Lines Portfolio Segment [Member] | |||
Construction loans: | |||
Loans | 26,954 | 26,376 | |
Less allowance for loan losses | (296) | (277) | (423) |
Consumer Portfolio Segment [Member] | |||
Construction loans: | |||
Loans | 7,430 | 7,531 | |
Less allowance for loan losses | $ (97) | $ (85) | $ (65) |
Note 3 - Loans Receivable (De33
Note 3 - Loans Receivable (Details) - Past Due and Non-accrual Status of Loans - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Construction loans: | ||
Loans, past due | $ 1,926 | $ 1,470 |
Loans, current | 379,137 | 365,888 |
Loans | 381,063 | 367,358 |
Loans, nonaccrual | 415 | 426 |
Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Construction loans: | ||
Loans, past due | 664 | 498 |
Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Construction loans: | ||
Loans, past due | 913 | 84 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Construction loans: | ||
Loans, past due | 349 | 888 |
Construction Loan Portfolio Segment [Member] | Residential [Member] | ||
Construction loans: | ||
Loans, current | 10,983 | 11,779 |
Loans | 10,983 | 11,779 |
Construction Loan Portfolio Segment [Member] | Land Acquisition, Development and Commercial [Member] | ||
Construction loans: | ||
Loans, past due | 10 | 11 |
Loans, current | 30,157 | 27,429 |
Loans | 30,167 | 27,440 |
Loans, nonaccrual | 10 | 11 |
Construction Loan Portfolio Segment [Member] | Land Acquisition, Development and Commercial [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Construction loans: | ||
Loans, past due | 10 | 11 |
Real Estate Portfolio Segment [Member] | Residential [Member] | ||
Construction loans: | ||
Loans, past due | 1,310 | 347 |
Loans, current | 103,745 | 99,921 |
Loans | 105,055 | 100,268 |
Real Estate Portfolio Segment [Member] | Residential [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Construction loans: | ||
Loans, past due | 495 | 297 |
Real Estate Portfolio Segment [Member] | Residential [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Construction loans: | ||
Loans, past due | 815 | |
Real Estate Portfolio Segment [Member] | Residential [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Construction loans: | ||
Loans, past due | 50 | |
Real Estate Portfolio Segment [Member] | Commercial [Member} | ||
Construction loans: | ||
Loans, past due | 836 | |
Loans, current | 147,561 | 140,116 |
Loans | 147,561 | 140,952 |
Loans, nonaccrual | 360 | 368 |
Real Estate Portfolio Segment [Member] | Commercial [Member} | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Construction loans: | ||
Loans, past due | 44 | |
Real Estate Portfolio Segment [Member] | Commercial [Member} | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Construction loans: | ||
Loans, past due | 792 | |
Commercial, Industrial and Agricultural Portfolio Segment [Member] | ||
Construction loans: | ||
Loans, past due | 201 | 171 |
Loans, current | 52,712 | 52,841 |
Loans | 52,913 | 53,012 |
Loans, nonaccrual | 45 | 47 |
Commercial, Industrial and Agricultural Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Construction loans: | ||
Loans, past due | 167 | 52 |
Commercial, Industrial and Agricultural Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Construction loans: | ||
Loans, past due | 84 | |
Commercial, Industrial and Agricultural Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Construction loans: | ||
Loans, past due | 34 | 35 |
Equity Lines Portfolio Segment [Member] | ||
Construction loans: | ||
Loans, past due | 403 | 105 |
Loans, current | 26,551 | 26,271 |
Loans | 26,954 | 26,376 |
Equity Lines Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Construction loans: | ||
Loans, past due | 105 | |
Equity Lines Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Construction loans: | ||
Loans, past due | 98 | |
Equity Lines Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Construction loans: | ||
Loans, past due | 305 | |
Consumer Portfolio Segment [Member] | ||
Construction loans: | ||
Loans, past due | 2 | |
Loans, current | 7,428 | 7,531 |
Loans | 7,430 | $ 7,531 |
Consumer Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Construction loans: | ||
Loans, past due | $ 2 |
Note 3 - Loans Receivable (De34
Note 3 - Loans Receivable (Details) - Impaired Loans - USD ($) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Dec. 31, 2015 | |
Construction loans: | ||
Loans with an related allowance, recorded investment | $ 7,683,000 | $ 7,710,000 |
Loans with an related allowance, unpaid principal balance | 7,859,000 | 7,886,000 |
Loans with an related allowance, average balance total loans | 7,706,000 | 7,890,000 |
Loans with an related allowance, interest income recognized | 79 | 304 |
Construction loans: | ||
Loans with no related allowance, recorded investment | 124,000 | 127,000 |
Loans with no related allowance, unpaid principal balance | 124,000 | 127,000 |
Related Allowance | 17 | 17 |
Loans with no related allowance, average balance total loans | 127,000 | 135,000 |
Real Estate Portfolio Segment [Member] | Residential [Member] | ||
Construction loans: | ||
Loans with an related allowance, recorded investment | 195,000 | 247,000 |
Loans with an related allowance, unpaid principal balance | 195,000 | 247,000 |
Loans with an related allowance, average balance total loans | 213,000 | 255,000 |
Loans with an related allowance, interest income recognized | 5 | 13 |
Real Estate Portfolio Segment [Member] | Commercial [Member} | ||
Construction loans: | ||
Loans with an related allowance, recorded investment | 7,476,000 | 7,451,000 |
Loans with an related allowance, unpaid principal balance | 7,652,000 | 7,627,000 |
Loans with an related allowance, average balance total loans | 7,481,000 | 7,623,000 |
Loans with an related allowance, interest income recognized | 74 | 291 |
Construction loans: | ||
Loans with no related allowance, recorded investment | 124,000 | 127,000 |
Loans with no related allowance, unpaid principal balance | 124,000 | 127,000 |
Related Allowance | 17 | 17 |
Loans with no related allowance, average balance total loans | 127,000 | 135,000 |
Commercial, Industrial and Agricultural Portfolio Segment [Member] | ||
Construction loans: | ||
Loans with an related allowance, recorded investment | 12,000 | 12,000 |
Loans with an related allowance, unpaid principal balance | 12,000 | 12,000 |
Loans with an related allowance, average balance total loans | $ 12,000 | $ 12,000 |
Note 3 - Loans Receivable (De35
Note 3 - Loans Receivable (Details) - Loans Modified in TDR by Class of Loan $ in Thousands | 3 Months Ended |
Mar. 31, 2015USD ($) | |
Construction loans: | |
Number of contracts | 1 |
Pre-modification outstanding recorded investment | $ 260 |
Post-modification outstanding recorded investment | $ 267 |
Real Estate Portfolio Segment [Member] | Commercial [Member} | |
Construction loans: | |
Number of contracts | 1 |
Pre-modification outstanding recorded investment | $ 260 |
Post-modification outstanding recorded investment | 255 |
Commercial, Industrial and Agricultural Portfolio Segment [Member] | |
Construction loans: | |
Post-modification outstanding recorded investment | $ 12 |
Note 4 - Allowance for Loan L36
Note 4 - Allowance for Loan Losses (Details) - USD ($) | Mar. 31, 2016 | Dec. 31, 2015 |
Note 4 - Allowance for Loan Losses (Details) [Line Items] | ||
Loans and Leases Receivable, Gross | $ 381,063,000 | $ 367,358,000 |
Doubtful [Member] | ||
Note 4 - Allowance for Loan Losses (Details) [Line Items] | ||
Loans and Leases Receivable, Gross | 0 | 0 |
Unlikely to be Collected Financing Receivable [Member] | ||
Note 4 - Allowance for Loan Losses (Details) [Line Items] | ||
Loans and Leases Receivable, Gross | $ 0 | $ 0 |
Note 4 - Allowance for Loan L37
Note 4 - Allowance for Loan Losses (Details) - Allowance for Loan Losses - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Dec. 31, 2015 | |
Construction loans: | ||
Allowance for loan losses, beginning balance | $ 3,298 | $ 3,332 |
Allowance for loan losses, charge-offs | (15) | (80) |
Allowance for loan losses, recoveries | 4 | 46 |
Allowance for loan losses, provisions | 60 | |
Allowance for loan losses, ending balance | 3,347 | 3,298 |
Allowance for loan losses, ending balance: individually evaluated for impairment | 17 | 17 |
Allowance for loan losses, ending balance: collectively evaluated for impairment | 3,330 | 3,281 |
Loans | 381,063 | 367,358 |
Loans,ending balance: individually evaluated for impairment | 7,807 | 7,837 |
Loans, ending balance: collectively evaluated for impairment | 373,256 | 359,521 |
Construction Loan Portfolio Segment [Member] | Residential [Member] | ||
Construction loans: | ||
Allowance for loan losses, beginning balance | 83 | 43 |
Allowance for loan losses, provisions | (6) | 40 |
Allowance for loan losses, ending balance | 77 | 83 |
Allowance for loan losses, ending balance: collectively evaluated for impairment | 77 | 83 |
Loans | 10,983 | 11,779 |
Loans, ending balance: collectively evaluated for impairment | 10,983 | 11,779 |
Construction Loan Portfolio Segment [Member] | Land Acquisition, Development and Commercial [Member] | ||
Construction loans: | ||
Allowance for loan losses, beginning balance | 187 | 453 |
Allowance for loan losses, provisions | 33 | (266) |
Allowance for loan losses, ending balance | 220 | 187 |
Allowance for loan losses, ending balance: collectively evaluated for impairment | 220 | 187 |
Loans | 30,167 | 27,440 |
Loans, ending balance: collectively evaluated for impairment | 30,167 | 27,440 |
Real Estate Portfolio Segment [Member] | Residential [Member] | ||
Construction loans: | ||
Allowance for loan losses, beginning balance | 1,047 | 833 |
Allowance for loan losses, recoveries | 1 | |
Allowance for loan losses, provisions | (7) | 213 |
Allowance for loan losses, ending balance | 1,040 | 1,047 |
Allowance for loan losses, ending balance: collectively evaluated for impairment | 1,040 | 1,047 |
Loans | 105,055 | 100,268 |
Loans,ending balance: individually evaluated for impairment | 195 | 247 |
Loans, ending balance: collectively evaluated for impairment | 104,860 | 100,021 |
Real Estate Portfolio Segment [Member] | Commercial [Member} | ||
Construction loans: | ||
Allowance for loan losses, beginning balance | 1,001 | 1,012 |
Allowance for loan losses, provisions | 95 | (11) |
Allowance for loan losses, ending balance | 1,096 | 1,001 |
Allowance for loan losses, ending balance: individually evaluated for impairment | 17 | 17 |
Allowance for loan losses, ending balance: collectively evaluated for impairment | 1,079 | 984 |
Loans | 147,561 | 140,952 |
Loans,ending balance: individually evaluated for impairment | 7,600 | 7,578 |
Loans, ending balance: collectively evaluated for impairment | 139,961 | 133,374 |
Commercial, Industrial and Agricultural Portfolio Segment [Member] | ||
Construction loans: | ||
Allowance for loan losses, beginning balance | 531 | 319 |
Allowance for loan losses, recoveries | 10 | |
Allowance for loan losses, provisions | (102) | 202 |
Allowance for loan losses, ending balance | 429 | 531 |
Allowance for loan losses, ending balance: collectively evaluated for impairment | 429 | 531 |
Loans | 52,913 | 53,012 |
Loans,ending balance: individually evaluated for impairment | 12 | 12 |
Loans, ending balance: collectively evaluated for impairment | 52,901 | 53,000 |
Equity Lines Portfolio Segment [Member] | ||
Construction loans: | ||
Allowance for loan losses, beginning balance | 277 | 423 |
Allowance for loan losses, recoveries | 1 | |
Allowance for loan losses, provisions | 19 | (147) |
Allowance for loan losses, ending balance | 296 | 277 |
Allowance for loan losses, ending balance: collectively evaluated for impairment | 296 | 277 |
Loans | 26,954 | 26,376 |
Loans, ending balance: collectively evaluated for impairment | 26,954 | 26,376 |
Consumer Portfolio Segment [Member] | ||
Construction loans: | ||
Allowance for loan losses, beginning balance | 85 | 65 |
Allowance for loan losses, charge-offs | (15) | (80) |
Allowance for loan losses, recoveries | 4 | 34 |
Allowance for loan losses, provisions | 23 | 66 |
Allowance for loan losses, ending balance | 97 | 85 |
Allowance for loan losses, ending balance: collectively evaluated for impairment | 97 | 85 |
Loans | 7,430 | 7,531 |
Loans, ending balance: collectively evaluated for impairment | 7,430 | 7,531 |
Unallocated Financing Receivables [Member] | ||
Construction loans: | ||
Allowance for loan losses, beginning balance | 87 | 184 |
Allowance for loan losses, provisions | 5 | (97) |
Allowance for loan losses, ending balance | 92 | 87 |
Allowance for loan losses, ending balance: collectively evaluated for impairment | $ 92 | $ 87 |
Note 4 - Allowance for Loan L38
Note 4 - Allowance for Loan Losses (Details) - Loans by Credit Quality Indicators - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Construction loans: | ||
Loans | $ 381,063 | $ 367,358 |
Pass [Member] | ||
Construction loans: | ||
Loans | 378,320 | 358,751 |
Special Mention [Member] | ||
Construction loans: | ||
Loans | 687 | 6,531 |
Substandard [Member] | ||
Construction loans: | ||
Loans | 1,641 | 1,650 |
Substandard Nonaccrual [Member] | ||
Construction loans: | ||
Loans | 415 | 426 |
Construction Loan Portfolio Segment [Member] | Residential [Member] | ||
Construction loans: | ||
Loans | 10,983 | 11,779 |
Construction Loan Portfolio Segment [Member] | Residential [Member] | Pass [Member] | ||
Construction loans: | ||
Loans | 10,983 | 11,779 |
Construction Loan Portfolio Segment [Member] | Land Acquisition, Development and Commercial [Member] | ||
Construction loans: | ||
Loans | 30,167 | 27,440 |
Construction Loan Portfolio Segment [Member] | Land Acquisition, Development and Commercial [Member] | Pass [Member] | ||
Construction loans: | ||
Loans | 30,157 | 27,429 |
Construction Loan Portfolio Segment [Member] | Land Acquisition, Development and Commercial [Member] | Substandard Nonaccrual [Member] | ||
Construction loans: | ||
Loans | 10 | 11 |
Real Estate Portfolio Segment [Member] | Residential [Member] | ||
Construction loans: | ||
Loans | 105,055 | 100,268 |
Real Estate Portfolio Segment [Member] | Residential [Member] | Pass [Member] | ||
Construction loans: | ||
Loans | 104,859 | 95,809 |
Real Estate Portfolio Segment [Member] | Residential [Member] | Special Mention [Member] | ||
Construction loans: | ||
Loans | 4,212 | |
Real Estate Portfolio Segment [Member] | Residential [Member] | Substandard [Member] | ||
Construction loans: | ||
Loans | 196 | 247 |
Real Estate Portfolio Segment [Member] | Commercial [Member} | ||
Construction loans: | ||
Loans | 147,561 | 140,952 |
Real Estate Portfolio Segment [Member] | Commercial [Member} | Pass [Member] | ||
Construction loans: | ||
Loans | 145,762 | 138,034 |
Real Estate Portfolio Segment [Member] | Commercial [Member} | Special Mention [Member] | ||
Construction loans: | ||
Loans | 1,155 | |
Real Estate Portfolio Segment [Member] | Commercial [Member} | Substandard [Member] | ||
Construction loans: | ||
Loans | 1,439 | 1,395 |
Real Estate Portfolio Segment [Member] | Commercial [Member} | Substandard Nonaccrual [Member] | ||
Construction loans: | ||
Loans | 360 | 368 |
Commercial, Industrial and Agricultural Portfolio Segment [Member] | ||
Construction loans: | ||
Loans | 52,913 | 53,012 |
Commercial, Industrial and Agricultural Portfolio Segment [Member] | Pass [Member] | ||
Construction loans: | ||
Loans | 52,181 | 51,801 |
Commercial, Industrial and Agricultural Portfolio Segment [Member] | Special Mention [Member] | ||
Construction loans: | ||
Loans | 687 | 1,164 |
Commercial, Industrial and Agricultural Portfolio Segment [Member] | Substandard Nonaccrual [Member] | ||
Construction loans: | ||
Loans | 45 | 47 |
Equity Lines Portfolio Segment [Member] | ||
Construction loans: | ||
Loans | 26,954 | 26,376 |
Equity Lines Portfolio Segment [Member] | Pass [Member] | ||
Construction loans: | ||
Loans | 26,954 | 26,376 |
Consumer Portfolio Segment [Member] | ||
Construction loans: | ||
Loans | 7,430 | 7,531 |
Consumer Portfolio Segment [Member] | Pass [Member] | ||
Construction loans: | ||
Loans | 7,424 | 7,523 |
Consumer Portfolio Segment [Member] | Substandard [Member] | ||
Construction loans: | ||
Loans | $ 6 | $ 8 |
Note 5 - Foreclosed Propertie39
Note 5 - Foreclosed Properties (Details) - Foreclosed Properties Valuation Allowance - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Foreclosed Properties Valuation Allowance [Abstract] | ||
Other real estate owned, beginning balance | $ 5,657 | $ 7,408 |
Other real estate owned, valuation allowance, beginning balance | (420) | (422) |
Other real estate owned, net, beginning balance | 5,237 | 6,986 |
Other real estate owned, ending balance | 6,106 | 7,339 |
Other real estate owned, valuation allowance, ending balance | (420) | (422) |
Other real estate owned, net, ending balance | 5,686 | 6,917 |
Other real estate owned, additions | 473 | |
Other real estate owned, additions, net | 473 | |
Other real estate owned, sales | (24) | (69) |
Other real estate owned, sales, net | $ (24) | $ (69) |
Note 5 - Foreclosed Propertie40
Note 5 - Foreclosed Properties (Details) - Classification of Other Real Estate Owned and Expenses - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | |
Real Estate Properties [Line Items] | ||||
Other Real Estate Owned | $ 5,686 | $ 6,917 | $ 5,237 | $ 6,986 |
Provision for unrealized losses | 0 | |||
Operating expenses | 22 | 30 | ||
Total Other Real Estate Owned | 22 | $ 30 | ||
Residential Lots [Member] | ||||
Real Estate Properties [Line Items] | ||||
Other Real Estate Owned | 2,496 | 2,520 | ||
Residential Development [Member] | ||||
Real Estate Properties [Line Items] | ||||
Other Real Estate Owned | 423 | 423 | ||
Commercial Lots [Member] | ||||
Real Estate Properties [Line Items] | ||||
Other Real Estate Owned | 90 | 90 | ||
Commercial Buildings [Member] | ||||
Real Estate Properties [Line Items] | ||||
Other Real Estate Owned | $ 2,677 | $ 2,204 |
Note 6 - Stock Based Compensa41
Note 6 - Stock Based Compensation (Details) - USD ($) $ / shares in Units, $ in Thousands | Dec. 18, 2014 | Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2009 |
Note 6 - Stock Based Compensation (Details) [Line Items] | ||||
Allocated Share-based Compensation Expense | $ 37 | $ 33 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in Shares) | 165,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value (in Dollars per share) | $ 2.29 | |||
Employee Stock Option [Member] | ||||
Note 6 - Stock Based Compensation (Details) [Line Items] | ||||
Allocated Share-based Compensation Expense | 19 | 18 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 5 years | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 2.01% | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 7 years 6 months | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 26.00% | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0.00% | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 282 | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 3 years 9 months | |||
Restricted Stock [Member] | ||||
Note 6 - Stock Based Compensation (Details) [Line Items] | ||||
Allocated Share-based Compensation Expense | $ 18 | $ 15 | ||
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 | $ 165 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in Shares) | 132,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in Shares) | 10,723 | 8,670 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in Dollars per share) | $ 9.45 | $ 7.70 |
Note 6 - Stock Based Compensa42
Note 6 - Stock Based Compensation (Details) - Stock Option Activity - 2005 Stock Option Plan [Member] $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2016USD ($)$ / sharesshares | ||
Note 6 - Stock Based Compensation (Details) - Stock Option Activity [Line Items] | ||
Balance at December 31, 2015 | shares | 546,460 | |
Balance at December 31, 2015 | $ / shares | $ 8.62 | |
Balance at March 31, 2016 | shares | 546,460 | |
Balance at March 31, 2016 | $ / shares | $ 8.62 | |
Balance at March 31, 2016 | 2 years 295 days | |
Balance at March 31, 2016 | $ | $ 461,028 | [1] |
Exercisable at March 31, 2016 | shares | 437,793 | |
Exercisable at March 31, 2016 | $ / shares | $ 9.04 | |
Exercisable at March 31, 2016 | 1 year 124 days | |
Exercisable at March 31, 2016 | $ | $ 200,228 | [1] |
[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 March 31, 2016. |
Note 6 - Stock Based Compensa43
Note 6 - Stock Based Compensation (Details) - Restricted Stock Awards Activity - Restricted Stock [Member] - $ / shares | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Note 6 - Stock Based Compensation (Details) - Restricted Stock Awards Activity [Line Items] | ||
Nonvested at beginning of year | 37,848 | 37,727 |
Nonvested at beginning of year | $ 6.24 | $ 5.56 |
Granted | 10,723 | 8,670 |
Granted | $ 9.45 | $ 7.70 |
Vested | (10,938) | (10,848) |
Vested | $ 5.65 | $ 5.56 |
Nonvested at the end of the period | 37,633 | 35,549 |
Nonvested at the end of the period | $ 7.33 | $ 6.08 |
Note 7 - Fair Value Measureme44
Note 7 - Fair Value Measurement (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2016 | Dec. 31, 2015 | |
Note 7 - Fair Value Measurement (Details) [Line Items] | ||
Liabilities, Fair Value Disclosure, Nonrecurring | $ 0 | $ 0 |
Minimum [Member] | ||
Note 7 - Fair Value Measurement (Details) [Line Items] | ||
Federal Funds, Maturity | 1 day | |
Maximum [Member] | ||
Note 7 - Fair Value Measurement (Details) [Line Items] | ||
Federal Funds, Maturity | 3 days |
Note 7 - Fair Value Measureme45
Note 7 - Fair Value Measurement (Details) - Fair Value of Financial Assets and Liabililties Measure on Recurring Basis - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Assets: | ||
Available-for-sale securities | $ 54,757 | $ 52,544 |
US Government Agencies Debt Securities [Member] | ||
Assets: | ||
Available-for-sale securities | 28,738 | 26,436 |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Assets: | ||
Available-for-sale securities | 8,373 | 8,773 |
US States and Political Subdivisions Debt Securities [Member] | ||
Assets: | ||
Available-for-sale securities | 17,646 | 17,335 |
Fair Value, Inputs, Level 2 [Member] | ||
Assets: | ||
Available-for-sale securities | 54,757 | 52,544 |
Fair Value, Inputs, Level 2 [Member] | US Government Agencies Debt Securities [Member] | ||
Assets: | ||
Available-for-sale securities | 28,738 | 26,436 |
Fair Value, Inputs, Level 2 [Member] | Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Assets: | ||
Available-for-sale securities | 8,373 | 8,773 |
Fair Value, Inputs, Level 2 [Member] | US States and Political Subdivisions Debt Securities [Member] | ||
Assets: | ||
Available-for-sale securities | $ 17,646 | $ 17,335 |
Note 7 - Fair Value Measureme46
Note 7 - Fair Value Measurement (Details) - Fair Value of Financial Assets and Liabililties Measure on Non-recurring Basis - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | Dec. 31, 2014 |
Assets: | ||||
Impaired loans, net of valuation allowance | $ 107 | $ 110 | ||
Loans held for sale | 289 | 1,643 | ||
Other real estate owned | 5,686 | 5,237 | $ 6,917 | $ 6,986 |
Fair Value, Inputs, Level 2 [Member] | ||||
Assets: | ||||
Loans held for sale | 289 | 1,643 | ||
Other real estate owned | 1,773 | 1,300 | ||
Fair Value, Inputs, Level 3 [Member] | ||||
Assets: | ||||
Impaired loans, net of valuation allowance | 107 | 110 | ||
Other real estate owned | $ 3,913 | $ 3,937 |
Note 7 - Fair Value Measureme47
Note 7 - Fair Value Measurement (Details) - Fair Value Quantitative Information - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Dec. 31, 2015 | |
Discounted Appraised Value [Member] | Impaired Loans [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Impaired loans | 0.00% | |
Impaired loans | (0.00%) | |
Range | 95.00% | |
Weighted average | (95.00%) | |
Other real estate owned | 0.00% | |
Other real estate owned | (0.00%) | |
Discounted Appraised Value [Member] | Other Real Estate Owned [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Impaired loans | 6.00% | |
Impaired loans | (6.00%) | |
Range | 8.00% | |
Weighted average | (8.00%) | |
Other real estate owned | 6.00% | |
Other real estate owned | (6.00%) | |
Internal Evaluations [Member] | Other Real Estate Owned [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
21.00% | ||
(21.00%) | ||
Fair Value, Inputs, Level 3 [Member] | Discounted Appraised Value [Member] | Impaired Loans [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Impaired loans (in Dollars) | $ 107 | $ 110 |
Impaired loans | 6.00% | 0.00% |
Impaired loans | (6.00%) | (0.00%) |
Range | 95.00% | 95.00% |
Weighted average | (95.00%) | (95.00%) |
Other real estate owned | 6.00% | 0.00% |
Other real estate owned | (6.00%) | (0.00%) |
Fair Value, Inputs, Level 3 [Member] | Discounted Appraised Value [Member] | Other Real Estate Owned [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Impaired loans | 6.00% | 6.00% |
Impaired loans | (6.00%) | (6.00%) |
Range | 8.00% | 4.00% |
Weighted average | (8.00%) | (4.00%) |
(in Dollars) | $ 1,735 | $ 1,735 |
Other real estate owned (in Dollars) | $ 1,735 | $ 1,735 |
Other real estate owned | 6.00% | 6.00% |
Other real estate owned | (6.00%) | (6.00%) |
Fair Value, Inputs, Level 3 [Member] | Internal Evaluations [Member] | Other Real Estate Owned [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
(in Dollars) | $ 2,178 | $ 2,202 |
22.00% | 4.00% | |
(22.00%) | (4.00%) | |
Other real estate owned (in Dollars) | $ 2,178 | $ 2,202 |
Fair Value, Inputs, Level 3 [Member] | Minimum [Member] | Discounted Appraised Value [Member] | Impaired Loans [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Impaired loans | 6.00% | |
Impaired loans | (6.00%) | |
Range | 95.00% | |
Weighted average | (95.00%) | |
Other real estate owned | 6.00% | |
Other real estate owned | (6.00%) | |
Fair Value, Inputs, Level 3 [Member] | Minimum [Member] | Discounted Appraised Value [Member] | Other Real Estate Owned [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Impaired loans | 6.00% | |
Impaired loans | (6.00%) | |
Range | 4.00% | |
Weighted average | (4.00%) | |
Other real estate owned | 6.00% | |
Other real estate owned | (6.00%) | |
Fair Value, Inputs, Level 3 [Member] | Minimum [Member] | Internal Evaluations [Member] | Other Real Estate Owned [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
4.00% | ||
(4.00%) | ||
Fair Value, Inputs, Level 3 [Member] | Weighted Average [Member] | Discounted Appraised Value [Member] | Impaired Loans [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Impaired loans | 6.00% | 0.00% |
Impaired loans | (6.00%) | (0.00%) |
Range | 95.00% | 95.00% |
Weighted average | (95.00%) | (95.00%) |
Other real estate owned | 6.00% | 0.00% |
Other real estate owned | (6.00%) | (0.00%) |
Fair Value, Inputs, Level 3 [Member] | Weighted Average [Member] | Discounted Appraised Value [Member] | Other Real Estate Owned [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Impaired loans | 6.00% | 6.00% |
Impaired loans | (6.00%) | (6.00%) |
Range | 9.00% | 9.00% |
Weighted average | (9.00%) | (9.00%) |
Other real estate owned | 6.00% | 6.00% |
Other real estate owned | (6.00%) | (6.00%) |
Fair Value, Inputs, Level 3 [Member] | Weighted Average [Member] | Internal Evaluations [Member] | Other Real Estate Owned [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
39.00% | 39.00% | |
(39.00%) | (39.00%) |
Note 7 - Fair Value Measureme48
Note 7 - Fair Value Measurement (Details) - Fair Value of Financial Instruments - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Financial assets | ||
Cash and due from banks | $ 27,890 | $ 28,745 |
Cash and due from banks, fair value | 27,901 | 28,762 |
Federal funds sold | 1,082 | 1,329 |
Federal funds sold, fair value | 1,082 | 1,329 |
Securities available-for-sale | 54,757 | 52,544 |
Restricted equity securities | 2,765 | 2,535 |
Restricted equity securities, fair value | 2,765 | 2,535 |
Loans held for sale | 289 | 1,643 |
Loans held for sale, fair value | 289 | 1,643 |
Loans, net | 377,716 | 364,060 |
Loans, net, fair value | 380,568 | 362,440 |
Bank owned life insurance | 6,328 | 6,285 |
Bank owned life insurance, fair value | 6,328 | 6,285 |
Accrued income | 2,010 | 2,057 |
Accrued income, fair value | 2,010 | 2,057 |
Financial liabilities | ||
Total deposits | 413,618 | 399,546 |
Total deposits, fair value | 414,104 | 400,117 |
FHLB borrowings | 22,000 | 22,000 |
FHLB borrowings, fair value | 22,165 | 22,191 |
Subordinated notes | 7,202 | 7,194 |
Subordinated notes, fair value | 7,055 | 7,354 |
Other borrowings | 1,072 | 2,361 |
Other borrowings, fair value | 1,072 | 2,361 |
Accrued interest payable | 569 | 372 |
Accrued interest payable, fair value | 569 | 372 |
Fair Value, Inputs, Level 1 [Member] | ||
Financial assets | ||
Cash and due from banks, fair value | 26,140 | 26,995 |
Federal funds sold | 1,082 | 1,329 |
Federal funds sold, fair value | 1,082 | 1,329 |
Fair Value, Inputs, Level 2 [Member] | ||
Financial assets | ||
Cash and due from banks, fair value | 1,761 | 1,767 |
Securities available-for-sale | 54,757 | 52,544 |
Restricted equity securities | 2,765 | 2,535 |
Restricted equity securities, fair value | 2,765 | 2,535 |
Loans held for sale | 289 | 1,643 |
Loans held for sale, fair value | 289 | 1,643 |
Bank owned life insurance | 6,328 | 6,285 |
Bank owned life insurance, fair value | 6,328 | 6,285 |
Accrued income | 2,010 | 2,057 |
Accrued income, fair value | 2,010 | 2,057 |
Financial liabilities | ||
Total deposits, fair value | 414,104 | 400,117 |
FHLB borrowings, fair value | 22,165 | 22,191 |
Subordinated notes, fair value | 7,055 | 7,354 |
Other borrowings | 1,072 | 2,361 |
Other borrowings, fair value | 1,072 | 2,361 |
Accrued interest payable, fair value | 569 | 372 |
Fair Value, Inputs, Level 3 [Member] | ||
Financial assets | ||
Loans, net, fair value | $ 380,568 | $ 362,440 |
Note 8 - Reclassifications Ou49
Note 8 - Reclassifications Out of Other Comprehensive Income (Details) - Items Reclassified to Net Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Available for sale securities | ||
Tax expense related to realized gains on securities sold | $ 353 | $ 346 |
801 | 776 | |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Net Investment Gain (Loss) Attributable to Parent [Member] | ||
Available for sale securities | ||
Realized gains on sales of securities held for sale during the period consider available for sale | 5 | 40 |
Tax expense related to realized gains on securities sold | 2 | 14 |
$ 3 | $ 26 |
Note 9 - Earnings Per Common 50
Note 9 - Earnings Per Common Share (Details) - Earnings Per Common Share - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Earnings Per Common Share [Abstract] | ||
Earnings per common share, basic | 3,366,778 | 3,291,517 |
Earnings per common share, basic (in Dollars) | $ 597 | $ 566 |
Earnings per common share, basic (in Dollars per share) | $ 0.18 | $ 0.17 |
Series C Preferred Stock Dividends (in Dollars) | $ 204 | $ 210 |
Effect of dilutive securities: | ||
Convertible preferred stock | 2,176,000 | 2,240,000 |
Convertible preferred stock (in Dollars per share) | $ (0.04) | $ (0.03) |
Dilutive stock options | 22,851 | |
Earnings per common share, diluted | 5,565,629 | 5,531,517 |
Earnings per common share, diluted (in Dollars) | $ 801 | $ 776 |
Earnings per common share, diluted (in Dollars per share) | $ 0.14 | $ 0.14 |
Note 10 - Subsequent Events (De
Note 10 - Subsequent Events (Details) - Series C Preferred Stock [Member] - $ / shares | Jun. 15, 2016 | Apr. 28, 2016 |
Scenario, Forecast [Member] | ||
Note 10 - Subsequent Events (Details) [Line Items] | ||
Preferred Stock, Dividends, Per Share, Cash Paid | $ 15 | |
Subsequent Event [Member] | ||
Note 10 - Subsequent Events (Details) [Line Items] | ||
Preferred Stock, Dividends, Per Share, Cash Paid | $ 15 |