Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Mar. 24, 2014 | Jun. 28, 2013 | |
Document Information [Line Items] | ' | ' | ' |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Trading Symbol | 'BVA | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 2,777,382 | ' |
Entity Registrant Name | 'Cordia Bancorp Inc | ' | ' |
Entity Central Index Key | '0001466292 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Filer Category | 'Smaller Reporting Company | ' | ' |
Entity Public Float | ' | ' | $8,104,295 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | ||||
Assets | ' | ' | ||
Cash and due from banks | $5,290 | $4,234 | ||
Federal funds sold and interest-bearing deposits with banks | 8,694 | 7,747 | ||
Total cash and cash equivalents | 13,984 | 11,981 | ||
Securities available for sale, at fair market value | 24,567 | 18,511 | ||
Securities held to maturity, at cost (fair value $14,597) | 14,753 | 0 | ||
Restricted securities | 1,074 | 1,156 | ||
Loans held for sale | 0 | 28,949 | ||
Loans net of allowance for loan losses of $1,489 and $2,110 in 2013 and 2012, respectively | 172,518 | 110,960 | ||
Premises and equipment, net | 4,464 | 4,392 | ||
Accrued interest receivable | 1,655 | 419 | ||
Other real estate owned, net of valuation allowance | 1,545 | 1,768 | ||
Other assets | 588 | 560 | ||
Total assets | 235,148 | 178,696 | ||
Deposits | ' | ' | ||
Non-interest bearing | 22,845 | 19,498 | ||
Savings and interest-bearing demand | 60,685 | 39,393 | ||
Time, $100,000 and over | 76,231 | 41,395 | ||
Other time | 51,053 | 54,142 | ||
Total deposits | 210,814 | 154,428 | ||
Accrued expenses and other liabilities | 1,047 | 1,129 | ||
FHLB borrowings | 10,000 | 10,000 | ||
Total liabilities | 221,861 | 165,557 | ||
Stockholders' Equity | ' | ' | ||
Preferred stock, 2,000 shares authorized, $0.01 par value, none issued and outstanding | 0 | 0 | ||
Common stock | 28 | 21 | ||
Additional paid-in capital | 18,648 | 14,428 | ||
Retained deficit | -5,005 | -5,701 | ||
Accumulated other comprehensive income (loss) | -384 | 56 | ||
Non-controlling interest | 0 | [1] | 4,335 | [1] |
Total stockholders' equity | 13,287 | 13,139 | ||
Total liabilities and stockholders' equity | 235,148 | 178,696 | ||
Undesignated Common Stock [Member] | ' | ' | ||
Stockholders' Equity | ' | ' | ||
Common stock | $0 | $0 | ||
[1] | Cordia Bancorp, Inc. acquired the remaining balance of BOVA shares outstanding on March 29, 2013. |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Held-to-maturity Securities, Fair Value | $14,597 | ' |
Allowance for loan losses | $1,489 | $2,110 |
Preferred Stock, Shares Authorized | 2,000 | 2,000 |
Preferred Stock, Par or Stated Value Per Share | $0.01 | $0.01 |
Preferred Stock, Shares Issued | 0 | 0 |
Preferred Stock, Shares Outstanding | 0 | 0 |
Common Stock, Shares Authorized | 120,000,000 | 120,000,000 |
Common Stock, Par or Stated Value Per Share | $0.01 | $0.01 |
Common Stock, Shares, Outstanding | 2,788,302 | 2,077,605 |
Undesignated Common Stock [Member] | ' | ' |
Common Stock, Shares Authorized | 80,000,000 | 80,000,000 |
Common Stock, Shares, Issued | 0 | 0 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 12 Months Ended | |||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | ||
Interest Income: | ' | ' | ||
Interest and fees on loans | $9,366 | $7,784 | ||
Investment securities | 426 | 587 | ||
Federal funds sold and deposits with banks | 73 | 70 | ||
Total interest income | 9,865 | 8,441 | ||
Interest expense | ' | ' | ||
Interest on deposits | 1,644 | 1,529 | ||
Interest on FHLB borrowings | 164 | 23 | ||
Total interest expense | 1,808 | 1,552 | ||
Net Interest Income | 8,057 | 6,889 | ||
Provision for loan losses | 19 | 588 | ||
Net interest income after provision for loan losses | 8,038 | 6,301 | ||
Non-interest income | ' | ' | ||
Service charges on deposit accounts | 132 | 134 | ||
Net loss on sale of available for sale securities | 0 | -30 | ||
Other fee income | 168 | 148 | ||
Total non-interest income | 300 | 252 | ||
Non-interest expense | ' | ' | ||
Salaries and employee benefits | 4,216 | 3,680 | ||
Professional services | 501 | 590 | ||
Occupancy | 565 | 664 | ||
Data processing and communications | 548 | 518 | ||
FDIC assessment and bank fees | 461 | 511 | ||
Loan expenses | 275 | 78 | ||
Other real estate expenses | 48 | 157 | ||
Gain on sale of OREO | -36 | -86 | ||
Supplies and equipment | 274 | 363 | ||
Director's fees | 138 | 150 | ||
Marketing and business development | 88 | 57 | ||
Other | 398 | 483 | ||
Total non-interest expenses | 7,642 | 7,279 | ||
Consolidated net income (loss) | 696 | -726 | ||
Less: Net loss - non-controlling interest | 0 | [1] | -182 | [1] |
Net income (loss) attributable to Cordia Bancorp, Inc. | $696 | ($544) | ||
Basic income (loss) per share | $0.27 | ($0.32) | ||
Diluted income (loss) per share | $0.27 | ($0.32) | ||
Weighted average basic shares outstanding | 2,602,357 | 1,705,112 | ||
Weighted average shares outstanding, diluted | 2,615,387 | 1,705,112 | ||
[1] | Cordia Bancorp, Inc. acquired the remaining balance of BOVA shares outstanding on March 29, 2013. |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (Loss) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Net loss | $696 | ($726) |
Unrealized gain/ losses on available-for-sale securities: | ' | ' |
Unrealized holdings gains and losses during the period | -448 | 26 |
Reclassification adjustment | 8 | 30 |
Other comprehensive loss | -440 | 56 |
Comprehensive income | 256 | -670 |
Non-controlling Interest [Member] | ' | ' |
Net loss | 0 | -182 |
Unrealized gain/ losses on available-for-sale securities: | ' | ' |
Unrealized holdings gains and losses during the period | 0 | 10 |
Reclassification adjustment | 0 | 12 |
Other comprehensive loss | 0 | 22 |
Comprehensive income | 0 | -160 |
Cordia Bancorp [Member] | ' | ' |
Net loss | 696 | -544 |
Unrealized gain/ losses on available-for-sale securities: | ' | ' |
Unrealized holdings gains and losses during the period | -448 | 16 |
Reclassification adjustment | 8 | 18 |
Other comprehensive loss | -440 | 34 |
Comprehensive income | $256 | ($510) |
Consolidated_Statements_of_Cha
Consolidated Statements of Changes in Stockholders' Equity (USD $) | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Noncontrolling Interest [Member] | Series A Common Stock [Member] | Series B Common Stock [Member] | Series C Common Stock [Member] |
In Thousands | |||||||||
Balance at Dec. 31, 2011 | $11,135 | $0 | $11,760 | ($5,157) | $22 | $4,495 | $4 | $11 | $0 |
Conversion of Series A and B to general common stock | 0 | 15 | 0 | 0 | 0 | 0 | -4 | -11 | 0 |
Issuance of Series C Shares | 2,800 | 0 | 2,794 | 0 | 0 | 0 | 0 | 0 | 6 |
Stock issuance costs | -126 | 0 | -126 | 0 | 0 | 0 | 0 | 0 | 0 |
Conversion of Series C Shares to Common shares | 0 | 6 | 0 | 0 | 0 | 0 | 0 | 0 | -6 |
Net income (loss) | -726 | 0 | 0 | -544 | 0 | -182 | 0 | 0 | 0 |
Other comprehensive loss | 56 | 0 | 0 | 0 | 34 | 22 | 0 | 0 | 0 |
Balance at Dec. 31, 2012 | 13,139 | 21 | 14,428 | -5,701 | 56 | 4,335 | 0 | 0 | 0 |
Net income (loss) | 696 | 0 | 0 | 696 | 0 | 0 | 0 | 0 | 0 |
Exchange of Bank of Virginia common stock for Cordia common stock, net of stock issuance costs | -207 | 7 | 4,121 | 0 | 0 | -4,335 | 0 | 0 | 0 |
Stock based compensation | 99 | 0 | 99 | 0 | 0 | 0 | 0 | 0 | 0 |
Other comprehensive loss | -440 | 0 | 0 | 0 | -440 | 0 | 0 | 0 | 0 |
Balance at Dec. 31, 2013 | $13,287 | $28 | $18,648 | ($5,005) | ($384) | $0 | $0 | $0 | $0 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Cash flows from operating activities: | ' | ' |
Net income (loss) | $696 | ($726) |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities | ' | ' |
Net amortization of premium on investment securities | 162 | 157 |
Depreciation and amortization | -569 | 381 |
Provision for loan losses | 19 | 588 |
Loss on available for securities | 0 | 30 |
Gain on sale of OREO | -36 | -86 |
Stock compensation | 99 | 35 |
Net change in loans held for sale | 28,949 | -28,949 |
Changes in assets and liabilities: | ' | ' |
(Increase) decrease in accrued interest receivable | -1,236 | 5 |
Increase in other assets | -28 | -52 |
(Increase) decrease in accrued expenses and other liabilities | 12 | -228 |
Net cash provided by (used in) operating activities | 28,068 | -28,845 |
Cash Flows From Investing Activities: | ' | ' |
Purchase of securities available for sale | -23,565 | -9,554 |
Purchase of securities held to maturity | -5,135 | 0 |
(Issuance) redemptions of restricted securities, net | 82 | -22 |
Proceeds from sales, maturities, paydowns of securities available for sale | 7,088 | 11,222 |
Proceeds from payments/maturities of securities held to maturity | 125 | 5,323 |
Proceeds from sale of OREO | 259 | 976 |
Net increase in loans | -60,888 | -9,085 |
Purchase of premises and equipment | -343 | -142 |
Net cash used in investing activities | -82,377 | -1,282 |
Cash Flows From Financing Activities: | ' | ' |
Proceeds from sale of stock, net | -207 | 2,674 |
Net increase (decrease) in demand savings, interest-bearing checking and money market deposits | 24,603 | 12,372 |
Net increase (decrease) in time deposits | 31,916 | -5,355 |
FHLB advances | 0 | 10,000 |
Repayment of FHLB advances | 0 | -5,000 |
Net cash provided by investing activities | 56,312 | 14,691 |
Net (decrease) increase in cash and cash equivalents | 2,003 | -15,436 |
Cash and cash equivalents, beginning of period | 11,981 | 27,417 |
Cash and cash equivalents, end of period | 13,984 | 11,981 |
Supplemental disclosure of cash flow information | ' | ' |
Cash payments for interest | 1,838 | 2,241 |
Supplemental disclosure of noninvesting activities | ' | ' |
Fair value adjustments for securities | -448 | 34 |
Other real estate owned transferred from loans | 0 | 1,396 |
Transfer of securities from available for sale to held to maturity | ($9,740) | $0 |
Organization_and_Summary_of_Si
Organization and Summary of Significant Accounting Policies | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | ||||||||
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block] | ' | ||||||||
Note 1. Organization and Summary of Significant Accounting Policies | |||||||||
Organization | |||||||||
Cordia Bancorp Inc. (“Company” or “Cordia”) was incorporated in 2009 by a team of former bank CEOs, directors and advisors seeking to invest in undervalued community banks in the Mid-Atlantic and Southeast. The Company was approved as a bank holding company by the Board of Governors of the Federal Reserve in November 2010 and granted the authority to purchase a majority interest in Bank of Virginia (“Bank” or “BVA”) at that time. | |||||||||
On December 10, 2010, Cordia purchased $10.3 million of BVA’s common stock at a price of $7.60 per Bank share, resulting in the ownership of 59.8% of the outstanding shares. On August 28, 2012, Cordia purchased an additional $3.0 million of BVA common stock at a price of $3.60 per Bank share. | |||||||||
In March 2013, the Company completed a share exchange with the Bank resulting in the Bank becoming a wholly owned subsidiary of the Company. Under the terms of the Agreement and Plan of Share Exchange between the Company and the Bank, each outstanding share of the Bank’s common stock owned by persons other than the Company were exchanged for 0.664 of a share of the Company’s common stock. Shares of the Company’s stock are listed on the Nasdaq Stock Market under the symbol “BVA”. The Company owned 100.0% of the Bank’s shares at December 31, 2013, compared to 67.4% ownership at December 31, 2012. | |||||||||
Cordia’s principal business is the ownership of BVA. Because Cordia does not have any business activities separate from the operations of BVA, the information in this document regarding the business of Cordia reflects the activities of Cordia and BVA on a consolidated basis. References to “we” and “our” in this document refer to Cordia and BVA, collectively. | |||||||||
As of December 31, 2011, the authorized common shares of the Company were comprised of 60 million shares of series A, 60 million shares of series B and 80 million undesignated shares. On July 27, 2012, after approval by a shareholder vote in June 2013, an amendment was filed that reclassified Series A and Series B as common shares and designated 5 million shares of Series C. Effective December 31, 2012, the Series C shares reverted to common shares. Therefore, at December 31, 2012 and December 31, 2013, the Company is authorized to issue 120 million shares of common stock and 80 million undesignated shares. | |||||||||
The Bank was organized under the laws of the Commonwealth of Virginia to engage in a general banking business serving the communities in and around the Richmond, Virginia metropolitan area. The Bank commenced regular operations on January 12, 2004, and is a member of the Federal Reserve System, Federal Deposit Insurance Corporation and the Federal Home Loan Bank of Atlanta. The Bank is subject to the regulations of the Federal Reserve System and the State Corporation Commission of Virginia. Consequently, it undergoes periodic examinations by these regulatory authorities. | |||||||||
Principles of Consolidation | |||||||||
The accompanying consolidated financial statements include all accounts of the Company and the Bank. All material intercompany balances and transactions have been eliminated in consolidation. | |||||||||
Prior to the completion of the share exchange in March 2013, the non-controlling interest reflected the ownership interest of the minority shareholders of the Bank. Items of income and other comprehensive income applicable to Bank operations were allocated to the non-controlling interest account based on the ownership percentage of the minority shareholders. Subsequent to the exchange, the non-controlling interest is no longer reflected in the consolidated financial statements of the Company, as the Bank is a wholly-owned subsidiary. | |||||||||
Summary of Significant Accounting Policies | |||||||||
The accounting and reporting policies of the Company are in accordance with accounting principles generally accepted in the United States of America and conform to general practices within the banking industry. The more significant of these policies are summarized below. | |||||||||
(a) Use of Estimates | |||||||||
In preparing financial statements in conformity with accounting principles generally accepted in the United States of America, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the balance sheet and reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change in the near term relate to the determination of the allowance for loan losses, the valuation of deferred tax assets, the valuation of other real estate owned, intangible assets, acquired loans with specific credit-related deterioration and fair value measurements. | |||||||||
(b) Cash and Cash Equivalents | |||||||||
For purposes of the statement of cash flows, cash and cash equivalents include cash on hand, amounts due from banks and federal funds sold. Generally, federal funds are purchased and sold for one day periods. | |||||||||
(c) Securities | |||||||||
Debt securities that management has the positive intent and ability to hold to maturity are classified as “held to maturity” and recorded at amortized cost. Securities not classified as held to maturity, including equity securities with readily determinable fair values, are classified as “available for sale” and recorded at estimated fair value. Other securities, such as Federal Reserve Bank stock and Federal Home Loan Bank stock, are carried at cost and are listed on the balance sheet as restricted securities. | |||||||||
In estimating other than temporary impairment losses management considers, (1) the length of time and extent to which the fair value has been less than cost, (2) the financial condition and near term prospects of the issuer, and (3) our ability to retain our investment for a period of time sufficient to allow for any anticipated recovery in fair value. | |||||||||
Impairment of securities occurs when the fair value of a security is less than its amortized cost. For debt securities, impairment is considered other-than-temporary and recognized in its entirety in net income if either (1) the Company intends to sell the security or (2) it is more likely than not that the Company will be required to sell the security before recovery of its amortized cost basis. If, however, the Company does not intend to sell the security and it is not more-than-likely that the Company will be required to sell the security before recovery, management must determine what portion of the impairment is attributable to a credit loss, which occurs when the amortized cost of the security exceeds the present value of the cash flows expected to be collected from the security. If there is no credit loss, there is no other-than-temporary impairment. If there is a credit loss, other-than-temporary impairment exists, and the credit loss must be recognized in net income and the remaining portion of impairment must be recognized in other comprehensive income. | |||||||||
For equity securities carried at cost as restricted securities, impairment is considered to be other-than-temporary based on our ability and intent to hold the investment until a recovery of value. Other-than-temporary impairment of an equity security results in a write-down that must be included in income. The Company regularly reviews each security for other-than-temporary impairment based on criteria that include the extent to which costs exceed market price, the duration of that market decline, the financial health of and specific prospects for the issuer, management’s best estimate of the present value of cash flows expected to be collected on these debt securities, the Company’s intention with regard to holding the security to maturity and the likelihood that the Company would be required to sell the security before recovery. The Company adjusts amortization or accretion on each bond on a level yield basis monthly. | |||||||||
(d) Loans Held For Sale | |||||||||
Secondary market mortgage loans are designated as held for sale at the time of their origination. These loans are pre-sold with servicing released and the Company does not retain any interest after the loans are sold. These loans consist primarily of fixed-rate, single-family residential mortgage loans which meet the underwriting characteristics of certain government-sponsored enterprises (conforming loans). In addition, the Company requires a firm purchase commitment from a permanent investor before a loan can be committed, thus limiting interest rate risk. Loans held for sale are carried at the lower of cost or fair value. Gains on sales of loans are recognized at the loan closing date and are included in noninterest income. The Company did not have any loans classified as held for sale as of December 31, 2013. | |||||||||
(e) Loans | |||||||||
The Company grants commercial and consumer loans to customers. A substantial portion of the loan portfolio is represented by commercial loans throughout the greater Richmond, Virginia metropolitan area. The ability of the Bank’s debtors to honor their contracts is dependent upon numerous factors including the collateral performance, general economic conditions, as well as the underlying strength of borrowers and guarantors. | |||||||||
Loans that management has the intent and ability to hold for the foreseeable future or until maturity or pay-off are generally reported at their outstanding unpaid principal balances adjusted for the allowance for loan losses and net deferred fees and costs. Interest income is accrued on the unpaid principal balance. Loan origination and commitment fees and certain direct costs are deferred and the net amount is amortized as an adjustment of the related loan’s yield. The Bank is amortizing these amounts on an effective interest method over the loan’s contractual life or to the pay-off date if the balance is repaid prior to maturity. There are no current commitments to purchase loans at this time. Loans are recorded based on purpose, collateral and repayment period. Interest is calculated on a 365/360 for commercial loans and 365/365 for consumer loans. Interest is accrued on a daily basis. | |||||||||
The Company was licensed by the U.S. Department of Education as a rehabilitated student lender effective November 2012. In the first quarter of 2013, the Company began purchasing rehabilitated student loans guaranteed by the U.S. Department of Education. The guarantee covers approximately 98% of principal and accrued interest. The unguaranteed principal balance of these loans was approximately $1.1 million at December 31, 2013. | |||||||||
The past due status of a loan is based on the contractual due date of the most delinquent payment due. Each loan will be placed in one of the following categories: current, 1 – 29 days past due, 30 – 59 days past due, 60 – 89 days past due and 90 days and over past due. Generally, the accrual of interest on a loan is discontinued at the time the loan becomes 90 days delinquent unless the credit is well-secured or in process of collection or refinancing. Due to the guaranty by the U.S. Department of Education, Guaranteed Student Loans continue to accrue interest up until payment is received from the guarantor. | |||||||||
When a loan is placed on nonaccrual or charged off, all interest accrued but not collected is reversed against interest income. The interest on loans in nonaccrual status is accounted for on the cash basis or cost recovery method, until qualifying for return to accrual. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured. | |||||||||
In situations where, for economic or legal reasons related to a borrower’s financial condition, management may grant a concession to the borrower that it would not otherwise consider, the related loan is classified as a troubled debt restructuring (TDR). Management strives to identify borrowers in financial difficulty early and work with them to modify their loan to more affordable terms before their loan reaches nonaccrual status. These modified terms may include rate reductions, principal forgiveness, payment forbearance, re-amortization, and other actions intended to minimize the economic loss and to avoid foreclosure or repossession of the collateral. In cases where borrowers are granted new terms that provide for a reduction of either interest or principal, management measures any impairment on the restructuring as noted below for impaired loans. There were five loans with an aggregate principal balance of $2.0 million classified as TDRs as of December 31, 2013, while there were three loans with an aggregate principal balance of $2.1 million classified as TDRs as of December 31, 2012. | |||||||||
Acquired loans with specific credit deterioration are accounted for by Cordia in accordance with FASB Accounting Standards Codification 310-30. Certain acquired loans, those for which specific credit-related deterioration, since origination, is identified, are recorded at fair value reflecting the present value of the amounts expected to be collected. Income recognition on these loans is based on a reasonable expectation about the timing and amount of cash flows to be collected. Acquired loans deemed impaired and considered collateral dependent, with the timing of the sale of loan collateral indeterminate, remain on non-accrual status and have no accretable yield. | |||||||||
(f) Allowance for Loan Losses | |||||||||
The allowance for loan losses (ALL) is increased by charges to income and decreased by charge-offs, net of recoveries. The allowance is established and maintained at a level management deems adequate to cover losses inherent in the portfolio as of the balance sheet date and is based on management’s evaluation of the risks in the loan portfolio and changes in the nature and volume of loan activity. There are risks inherent in all loans, so an allowance is maintained for loans to absorb probable losses on existing loans that may become uncollectible. The allowance is established and maintained as losses are estimated to have occurred through a provision for loan losses charged to earnings, which increases the balance of the allowance. Loan losses for all segments are charged against the allowance when management believes the uncollectability of a loan is confirmed, which decreases the balance of the allowance. Subsequent recoveries, if any, are credited back to the allowance. | |||||||||
The amount of the allowance is established through the application of a standardized model, the components of which are: an impairment analysis of specific loans to determine the level of any specific reserves needed and an estimate of the general reserves needed which consists of a weighted average of historical loss experience and adjustments for economic and environmental factors. | |||||||||
The allowance for loan losses is evaluated on a regular basis by management and is based upon management’s periodic review of the collectability of the loans in light of historical experience, the nature and volume of the loan portfolio, adverse situations that may affect the borrower’s ability to repay, estimated value of any underlying collateral and prevailing economic conditions. This evaluation is inherently subjective as it requires estimates that are susceptible to significant revision as more information becomes available. | |||||||||
In order for the ALL methodology to be considered valid and for Management to make the determination if any deficiencies exist in the process, the Bank at a minimum requires: | |||||||||
- | A review of trends in loan volume, delinquencies, restructurings and concentrations; | ||||||||
- | Tests of source documents and underlying assumptions to determine that the established methodology develops reasonable loss estimates; and | ||||||||
- | An evaluation of the appraisal process of the underlying collateral which may be accomplished by periodically comparing the appraised value to the actual sales price on selected properties sold. | ||||||||
- | Accurate loan risk ratings. | ||||||||
Note 4 includes additional discussion of how the allowance is quantified. The use of various estimates and judgments in the Bank’s ongoing evaluation of the required level of allowance can significantly affect the Bank’s results of operations and financial condition and may result in either greater provisions against earnings to increase the allowance or reduced provisions based upon management’s current view of portfolio and economic conditions and the application of revised estimates and assumptions. | |||||||||
The specific component of the allowance relates to loans that are classified as either doubtful or substandard. For such loans that are also classified as impaired, a loan level allowance is established. The evaluation of the need for a specific reserve involves the identification of impaired loans and an analysis of those loans’ repayment capacity from both primary (cash flow) and secondary (real estate and non real estate collateral or guarantors) sources and making specific reserve allocations to impaired loans that exhibit inherent weaknesses and various credit risk factors. All available collateral is analyzed and valued, with discounts applied according to the age of any real estate appraisals or the liquidity of other asset classes. The analysis is compared to the aggregate Bank loan exposure, giving consideration to the Bank’s lien preference and other actual and contingent obligations of the borrower. Any loan guarantors are rated and their value weighted based on an analysis of the guarantor’s net worth, including liabilities, liquid assets, and annual cash flows and total contingent liabilities. | |||||||||
The impairment of a loan occurs when it is probable that the Bank will be unable to collect all amounts due according to the contractual terms of the loan agreement. We do not consider a loan impaired during a period of insignificant delay in payment if we expect the ultimate collection of all amounts due. Impairment is measured as the difference between the recorded investment in the loan and the evaluation of the present value of expected future cash flows or the observable market price of the loan or collateral value of the impaired loan when that cash flow or collateral value is lower than the carrying value of that loan. Loans that are collateral dependent, that is, loans where repayment is expected to be provided solely by the underlying collateral, and for which management has determined foreclosure is probable, are measured for impairment based on the fair value of the collateral as described above. | |||||||||
The general component covers pass rated loans and special mention loans and is based on historical loss experience adjusted for qualitative factors. | |||||||||
The model estimates probable loan losses by analyzing historical loss experience and other trends within the portfolio, including trends in delinquencies and charge-offs, the opinions of regulators, changes in the growth rate, size and composition of the loan portfolio, particularly the level of special mention rated loans, the level of past due loans, the level of home equity loans and commercial real estate loans in aggregate and as a percentage of capital, and industry information. | |||||||||
A component of the general allowance for unimpaired loans is established based on a weighted average historical loss factor for the prior twelve quarters (with more weight given to the more recent quarters) and the level of unimpaired loans. Management applies a 45% weighting to the most recent four quarters, a 35% weighting to the next four quarters and a 20% weighting to the most distant four of the prior twelve quarters when calculating this component of the general reserve. | |||||||||
Also included in management’s estimates for loan losses are considerations with respect to the impact of local and national economic trends, the outcomes of which are uncertain. These events may include, but are not limited to, a general slowdown in the national or local economy, national and local unemployment rates, local real estate values, fluctuations in overall lending rates, political conditions, legislation that may directly or indirectly affect the banking industry and economic conditions affecting the specific geographic area in which the Bank conducts business. | |||||||||
(g) Premises and Equipment | |||||||||
Premises and equipment are stated at cost less accumulated depreciation. Depreciation is computed using the straight-line method over the assets' estimated useful lives. Estimated useful lives range from 10 to 30 years for buildings and 3 to 10 years for autos, furniture, fixtures and equipment. The value of land is carried at cost. Cost is based on the fair value at the date of the acquisition of Bank of Virginia. Subsequent purchases are recorded at cost. | |||||||||
(h) Other Real Estate Owned | |||||||||
Assets acquired through loan foreclosure are held for sale. They are initially recorded at fair market value at the date of foreclosure, less estimated selling costs thus establishing a new cost basis. Subsequent to foreclosure, valuations of the assets are periodically performed by management. Adjustments are made to the lower of the carrying amount or fair market value of the assets less selling costs. Revenue and expenses from operations are included in net expenses from foreclosed assets. The Bank’s investment in foreclosed assets totaled $1.5 million and $1.8 million at December 31, 2013 and 2012, respectively. | |||||||||
(i) Goodwill and Other Intangibles | |||||||||
FASB ASC 805, Business Combinations, requires that the acquisition method of accounting be used for all business combinations. With acquisitions, the Company is required to record assets acquired, including any intangible assets, and liabilities assumed at fair value, which involves relying on estimates based on third party valuations, such as appraisals, or internal valuations based on discounted cash flow analysis or other valuation methods. The Company records goodwill per ASC 350, Intangibles-Goodwill and Others. Accordingly, goodwill is no longer subject to amortization over its estimated useful life, but is subject to at least an annual assessment for impairment by applying a fair value-based test. Additionally, under ASC 350, acquired intangible assets (such as core deposit intangibles) are separately recognized if the benefit of the assets can be sold, transferred, licensed, rented, or exchanged, and amortized over their useful lives. Goodwill was determined to be impaired in December 2011 at the annual impairment evaluation and was written off in its entirely at that time. Core deposit intangibles of $139 thousand and $175 thousand are included in other assets at December 31, 2013 and 2012, respectively. | |||||||||
(j) Income Taxes | |||||||||
Deferred taxes are provided on a liability method whereby deferred tax assets are recognized for deductible temporary differences, operating loss carryforwards, and tax credit carryforwards. Deferred tax liabilities are recognized for taxable temporary differences. | |||||||||
Temporary differences are the differences between the reported amounts of assets and liabilities and their tax bases. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, the recognition of the asset is less than probable. A valuation allowance has been recorded against the Company’s entire net deferred tax asset. | |||||||||
When tax returns are filed, it is highly certain that some positions taken would be sustained upon examination by the taxing authorities, while others are subject to uncertainty about the merits of the positions taken or the amount of the position that would be ultimately sustained. The benefit of a tax position is recognized in the financial statements in the period during which, based on all available evidence, management believes it is more likely than not that the position will be sustained upon examination, including the resolution of appeals or litigation processes, if any. Tax positions taken are not offset or aggregated with other positions. Tax positions that meet the more-likely-than-not recognition threshold are measured as the largest amount of tax benefit that is more than 50 percent likely of being realized upon settlement with the applicable taxing authority. The portion of the benefits associated with tax positions taken that exceeds the amount measured as described above is recognized as a liability for unrecognized tax benefits in the accompanying balance sheets along with any associated interest and penalties that would be payable to the taxing authorities upon examination. As of December 31, 2013 and 2012, the Company had recorded no such liability. | |||||||||
Banks operating in Virginia are not subject to Virginia State Income Tax, but are subjected to Virginia Bank Franchise Taxes. | |||||||||
(k) Marketing Costs | |||||||||
The Company follows the policy of charging the production costs of marketing/advertising to expense as incurred unless the advertising campaign extends for a significant time period, in which case, such costs will be amortized to expense over the duration of the advertising campaign. | |||||||||
(l) Comprehensive Income (Loss) | |||||||||
Accounting principles generally require that recognized revenue, expenses, gains and losses be included in net income. Although certain changes in assets and liabilities, such as unrealized gains and losses on available for sale securities, are reported as a separate component of the equity section of the balance sheet, such items, along with net income, are components of comprehensive income. | |||||||||
(m) Earnings Per Share | |||||||||
Basic earnings per share represents income available to common shareholders divided by the weighted-average number of common shares outstanding during the period. Diluted earnings per share reflect additional common shares that would have been outstanding if dilutive potential common shares had been issued, as well as any adjustment to income that would result from the assumed issuance. | |||||||||
Options to purchase 116 thousand shares of the Company’s common stock were not included in the computation of earnings per share because the share awards exercise prices exceeded the average market price of the Company’s common stock during all periods presented and, therefore, the effect would have been anti-dilutive. | |||||||||
The calculation for basic and diluted earnings per common share for the years ended December 31, are as follows: | |||||||||
(dollars in thousands) | 2013 | 2012 | |||||||
Net income (loss) attributable to Company | $ | 696 | $ | (544 | ) | ||||
Weighted average basic shares outstanding | 2,615,387 | 1,705,112 | |||||||
Basic income (loss) per common share | $ | 0.27 | $ | (0.32 | ) | ||||
Weighted average dilutive shares outstanding | 2,615,387 | 1,705,112 | |||||||
Diluted income (loss) per common share | $ | 0.27 | $ | (0.32 | ) | ||||
For the years ended December 31, 2013 and 2012, 578,125 shares of unvested Common Stock were excluded from the computation of basic and diluted earnings per common share as they are performance based and unlikely to vest. All other vested and nonvested restricted common shares, which carry all rights and privilege of a stockholder with respect to the stock, including the right to vote, were included in the per common share calculation. | |||||||||
(n) Stock Option Plan | |||||||||
Authoritative accounting guidance requires the costs resulting from all share-based payments to employees be recognized in the financial statements. For stock option grants, stock-based compensation is estimated at the date of grant, using the Black-Scholes option valuation model for determining fair value. Restricted stock grants are expensed based on the grant date fair value of the Company’s common stock. The Company recognized stock-based compensation expense of $99 thousand and $35 thousand in 2013 and 2012, respectively. | |||||||||
(o) Fair Value Measurements | |||||||||
Fair values of financial instruments are estimated using relevant market information and other assumptions as more fully disclosed in Note 14. Fair value estimates involve uncertainties and matters of significant judgment. Changes in assumptions or market conditions could significantly affect the estimates. | |||||||||
(p) Transfer of Assets | |||||||||
Transfers of financial assets are accounted for as sales when control over the assets has been surrendered. Control over transferred assets is deemed to be surrendered when 1) the assets have been isolated from the Company — put presumptively beyond the reach of the transferor and its creditors, even in bankruptcy or other receivership; 2) the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets; and 3) the Company does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity of the ability to unilaterally cause the holder to return specified assets. | |||||||||
(q) Reclassification | |||||||||
In certain circumstances, reclassifications have been made to prior period information to conform to the 2013 presentation. Such reclassifications had no effect on previously reported stockholders’ equity or net income or loss. | |||||||||
Recent Accounting Pronouncements | |||||||||
In December 2011, the FASB issued ASU 2011-11, “Balance Sheet (Topic 210) — Disclosures about Offsetting Assets and Liabilities.” This ASU requires entities to disclose both gross information and net information about both instruments and transactions eligible for offset in the balance sheet and instruments and transactions subject to an agreement similar to a master netting arrangement. An entity is required to apply the amendments for annual reporting periods beginning on or after January 1, 2013, and interim periods within those annual periods. An entity should provide the disclosures required by those amendments retrospectively for all comparative periods presented. The adoption of the new guidance did not have a material impact on the Company's consolidated financial statements. | |||||||||
In July 2012, the FASB issued ASU 2012-02, “Intangibles — Goodwill and Other (Topic 350): Testing Indefinite-Lived Intangible Assets for Impairment.” The amendments in this ASU apply to all entities that have indefinite-lived intangible assets, other than goodwill, reported in their financial statements. The amendments in this ASU provide an entity with the option to make a qualitative assessment about the likelihood that an indefinite-lived intangible asset is impaired to determine whether it should perform a quantitative impairment test. The amendments also enhance the consistency of impairment testing guidance among long-lived asset categories by permitting an entity to assess qualitative factors to determine whether it is necessary to calculate the asset’s fair value when testing an indefinite-lived intangible asset for impairment. The amendments are effective for annual and interim impairment tests performed for fiscal years beginning after September 15, 2012. Early adoption is permitted. The adoption of the new guidance did not have a material impact on the Company's consolidated financial statements. | |||||||||
In January 2013, the FASB issued ASU 2013-01, “Balance Sheet (Topic 210): Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities.” The amendments in this ASU clarify the scope for derivatives accounted for in accordance with Topic 815, Derivatives and Hedging, including bifurcated embedded derivatives, repurchase agreements and reverse repurchase agreements and securities borrowing and securities lending transactions that are either offset or subject to netting arrangements. An entity is required to apply the amendments for fiscal years, and interim periods within those years, beginning on or after January 1, 2013. The adoption of the new guidance did not have a material impact on the Company's consolidate) financial statements. | |||||||||
In February 2013, the FASB issued ASU 2013-02, “Comprehensive Income (Topic 220): Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income.” The amendments in this ASU require an entity to present (either on the face of the statement where net income is presented or in the notes) the effects on the line items of net income of significant amounts reclassified out of accumulated other comprehensive income. In addition, the amendments require a cross-reference to other disclosures currently required for other reclassification items to be reclassified directly to net income in their entirety in the same reporting period. Companies should apply these amendments for fiscal years, and interim periods within those years, beginning on or after December 15, 2012. The Company has included the required disclosures from ASU 2013-02 in the consolidated financial statements. | |||||||||
In July 2013, the FASB issued ASU 2013-11, “Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists.” The amendments in this ASU provide guidance on the financial statement presentation of an unrecognized tax benefit when a net operating loss carryforward, similar tax loss, or tax credit carryforward exists. An unrecognized tax benefit, or a portion of an unrecognized tax benefit, should be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward, except as follows. To the extent a net operating loss carryforward, a similar tax loss, or a tax credit carryforward is not available at the reporting date under the tax law of the applicable jurisdiction to settle any additional income taxes that would result from the disallowance of a tax position or the tax law of the applicable jurisdiction does not require the entity to use, and the entity does not intend to use, the deferred tax asset for such purpose, the unrecognized tax benefit should be presented in the financial statements as a liability and should not be combined with deferred tax assets. The amendments in this ASU are effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. Early adoption is permitted. The amendments should be applied prospectively to all unrecognized tax benefits that exist at the effective date. Retrospective application is permitted. The adoption of the new guidance did not have a material impact on the Company's consolidated financial statements. | |||||||||
In January 2014, the FASB issued ASU 2014-01, “Investments — Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Qualified Affordable Housing Projects (a consensus of the FASB Emerging Issues Task Force).” The amendments in this ASU permit reporting entities to make an accounting policy election to account for their investments in qualified affordable housing projects using the proportional amortization method if certain conditions are met. Under the proportional amortization method, an entity amortizes the initial cost of the investment in proportion to the tax credits and other tax benefits received and recognizes the net investment performance in the income statement as a component of income tax expense (benefit). The amendments in this ASU should be applied retrospectively to all periods presented. A reporting entity that uses the effective yield method to account for its investments in qualified affordable housing projects before the date of adoption may continue to apply the effective yield method for those preexisting investments. The amendments in this ASU are effective for public business entities for annual periods and interim reporting periods within those annual periods, beginning after December 15, 2014. Early adoption is permitted. The Company is currently assessing the impact that ASU 2014-01 will have on its consolidated financial statements. | |||||||||
In January 2014, the FASB issued ASU 2014-04, “Receivables — Troubled Debt Restructurings by Creditors (Subtopic 310-40): Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure (a consensus of the FASB Emerging Issues Task Force).” The amendments in this ASU clarify that an in substance repossession or foreclosure occurs, and a creditor is considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan, upon either (1) the creditor obtaining legal title to the residential real estate property upon completion of a foreclosure or (2) the borrower conveying all interest in the residential real estate property to the creditor to satisfy that loan through completion of a deed in lieu of foreclosure or through a similar legal agreement. Additionally, the amendments require interim and annual disclosure of both (1) the amount of foreclosed residential real estate property held by the creditor and (2) the recorded investment in consumer mortgage loans collateralized by residential real estate property that are in the process of foreclosure according to local requirements of the applicable jurisdiction. The amendments in this ASU are effective for public business entities for annual periods, and interim periods within those annual periods, beginning after December 15, 2014. The Company is currently assessing the impact that ASU 2014-04 will have on its consolidated financial statements. | |||||||||
Business_Combination
Business Combination | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Business Combination, Description [Abstract] | ' | ||||||||
Business Combination Disclosure [Text Block] | ' | ||||||||
Note 2. Business Combination | |||||||||
On December 10, 2010, the Company purchased 1,355,263 newly issued shares of the common stock of the Bank of Virginia, which gave it a 59.8% ownership interest. In accordance with ASC 805-10, this transaction was considered a business combination. Under the acquisition method of accounting, the assets and liabilities of the Bank were marked to fair value and goodwill was recorded for the excess of consideration paid over net fair value received. Based on the consideration paid and the fair value of the assets received and the liabilities assumed, goodwill of $5.9 million was recorded. Goodwill was determined to be impaired in its entirety during the fourth quarter of 2011. In addition to goodwill, other assets and liabilities of the Bank of Virginia were marked to their respective fair value as of December 10, 2010. | |||||||||
(Dollars in thousands) | |||||||||
Investment in Bank of Virginia | $ | 10,300 | |||||||
Cash and cash equivalents | 15,716 | ||||||||
Investment securities | 35,914 | ||||||||
Loans | 138,681 | ||||||||
Premises and equipment | 4,823 | ||||||||
Core deposit intangibles | 249 | ||||||||
Other assets | 4,993 | ||||||||
Fair value of assets acquired | 200,376 | ||||||||
Deposits | 185,164 | ||||||||
FHLB borrowings | 10,473 | ||||||||
Other liabilities | 1,689 | ||||||||
Fair value of liabilities assumed | 197,326 | ||||||||
Minority interest | 7,468 | ||||||||
Goodwill | $ | 5,882 | |||||||
Through March 29, 2013, these estimated fair values differed substantially in some cases from the carrying amounts of the assets and liabilities reflected in the financial statements of BVA which, in most cases were valued at historical cost. The fair value adjustments are being amortized over the expected life of the related asset or liability or otherwise adjusted as required by GAAP. | |||||||||
At the time of the Company’s initial investment in the Bank, a third party expert was hired to assist in determining the fair value of assets acquired and liabilities assumed in accordance with authoritative accounting guidance. | |||||||||
The most significant asset acquired in the transaction was the $150.5 million loan portfolio at a fair value discount of $11.8 million. The estimated fair value of the performing portion of the portfolio was approximately $107 million. The fair value mark on the performing loans of $2.2 million is being accreted to interest income over the remaining lives of the loans in accordance with FASB Accounting Standards Codification (“ASC”) 10-0 (formerly SFAS 91). The estimated lives vary according to the expected maturity of loans within each segment and range between 14 and 52 months. | |||||||||
Certain loans, those for which specific credit-related deterioration since origination was identified, were recorded at fair value. Income recognition on these loans is based on expectations about the timing and amount of cash flows to be collected. Acquired loans deemed impaired and considered collateral dependent, with the timing of the sale of loan collateral indeterminate, remain on non-accrual status and have no accretable yield. | |||||||||
In accordance with U.S. GAAP, there was no carryover of the allowance for loan losses that had been previously recorded by the Bank. | |||||||||
The Company acquired an investment portfolio with a fair value of $35.9 million. The fair value of the investment portfolio was determined by taking into account market prices obtained from independent valuation sources. The total fair value adjustment at the time of Cordia’s initial investment was $920 thousand. The fair value adjustment is accreted into income over the life of the security. If the security is sold or called prior to maturity, the realized gain or loss is calculated as the difference between the current book value and the sale or call proceeds. The current book value includes the accretion of the fair value adjustment recorded to date. | |||||||||
In connection with the transaction, the Company acquired other real estate owned with a fair value of $551 thousand. Other real estate owned was measured at fair value less cost to sell. | |||||||||
The Company also acquired premises and equipment with a fair value of $4.8 million. Evaluations for all owned locations were obtained. The fair value adjustment assigned to land of $603 thousand will not be amortized. The fair value adjustment assigned to bank buildings of $252 thousand is being amortized over the remaining lives of the properties of approximately 25 years. The adjustment will reduce depreciation expense during the amortization period. The Company also acquired several lease obligations in connection with the merger. The unfavorable lease position totaled $822 thousand and is being amortized as a reduction to occupancy expense over the remaining life of the lease of 8.75 years. | |||||||||
The core deposit intangible of $249 thousand was valued by an independent third party using a discounted cash flow analysis to determine the market value of the acquired deposits to fund operations versus using comparable term (to maturity) wholesale borrowing. The core deposit intangible is being amortized into expense over the estimated lives of the acquired core deposits of 84 months. | |||||||||
The fair value of savings and transaction deposit accounts acquired was assumed to approximate their carrying value as these accounts have no stated maturity and are payable on demand. The fair value of time deposits was calculated using a discounted cash flow analyses that calculated the present value of the projected cash flows from the portfolio. This valuation adjustment totaled $1.8 million and is being amortized into income as a reduction in interest expense over the remaining maturities of the time deposits or approximately 24 months. | |||||||||
The fair value of the Federal Home Loan Bank of Atlanta advances was determined based on the discounted cash flows of future payments. This adjustment to the face value of the borrowings was $473 thousand and was amortized to reduce interest expense over the remaining lives of the respective borrowings which matured through August 2012. | |||||||||
Direct costs related to the acquisition were expensed as incurred. | |||||||||
There has been no change in the estimated lives originally assigned as of the date of acquisition for property and equipment, core deposit intangible, Federal Home Loan Bank advances, time deposits and the unfavorable lease. Federal Home Loan Bank advances were repaid in their entirety during 2012 and full amortization of the original fair value mark has occurred. The mark on loans has changed significantly as charge-offs and payoffs have occurred since the acquisition date. Also, performing acquired loans have declined significantly due to payoffs and maturities of the original acquired loans to $19.2 million and $44.5 million at December 31, 2013 and December 31, 2012, respectively. Due to calls, maturities and sales of investment securities, none of the acquired securities were remaining at December 31, 2013. | |||||||||
Interest income is impacted by the accretion of the fair value discount on the loan portfolio as well as the accretion of the accretable discount on loans acquired with deteriorated credit quality. Interest income is also impacted by the change in accretion on the investment securities that is the result of the reset of the amortized book value amount to the fair value as of the day of the investment. Interest expense is impacted by the amortization of the premiums on time deposits and the FHLB advances. Net interest income is impacted by the combination of all of these items. | |||||||||
The allowance for loan losses is significantly impacted by these acquisition accounting adjustments. The credit risk associated with the loan portfolio is reflected in the fair value determination as of the day of the investment by Cordia. Accordingly, on the day of the investment, there was no allowance for loan losses related to the purchased loans on the balance sheet of Cordia. | |||||||||
The net effect of the amortization, depreciation and accretion associated with Cordia’s acquisition accounting adjustments had the following impact on the consolidated financial statements as of the dates indicated: | |||||||||
December 31, | |||||||||
(dollars in thousands) | 2013 | 2012 | |||||||
Loans | $ | 689 | $ | 545 | |||||
Investment securities | 0 | 129 | |||||||
Premises and equipment | 8 | 8 | |||||||
Core deposit intangible | (36 | ) | (36 | ) | |||||
FHLB advances | 0 | 112 | |||||||
Time deposits | 169 | 569 | |||||||
Building lease obligations | 94 | 94 | |||||||
Net impact to net income | $ | 924 | $ | 1,421 | |||||
Securities
Securities | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Marketable Securities [Abstract] | ' | ||||||||||||||||||||||||
Cash, Cash Equivalents, and Marketable Securities [Text Block] | ' | ||||||||||||||||||||||||
Note 3. Securities | |||||||||||||||||||||||||
Our investment portfolio consists of U.S. agency debt and agency guaranteed mortgage-backed securities. Our investment security portfolio includes securities classified as available for sale as well as securities classified as held to maturity. We classify securities as available for sale or held to maturity based on our investment strategy and management’s assessment of our intent and ability to hold the securities until maturity. The total securities portfolio (excluding restricted securities) was $39.3 million at December 31, 2013 as compared to $18.5 million at December 31, 2012. At December 31, 2013, the securities portfolio consisted of $24.6 million of securities available for sale and $14.8 million of securities held to maturity. In the fourth quarter of 2013, we transferred securities with a fair value of $9.7 million as of the date of transfer, including a net unrealized loss of $342 thousand, from available for sale to held to maturity. | |||||||||||||||||||||||||
The table below presents the amortized cost, gross unrealized gains and losses, and fair value of securities available for sale at December 31, 2013 and 2012. | |||||||||||||||||||||||||
Amortized Cost | Gross Unrealized | Estimated Fair Value | |||||||||||||||||||||||
2013 (dollars in thousands) | Gains | Losses | |||||||||||||||||||||||
U.S. Government agencies | $ | 7,038 | $ | 56 | $ | (53 | ) | $ | 7,041 | ||||||||||||||||
Agency guaranteed mortgage-backed securities | 17,578 | 10 | (62 | ) | 17,526 | ||||||||||||||||||||
Total | $ | 24,616 | $ | 66 | $ | (115 | ) | $ | 24,567 | ||||||||||||||||
Amortized Cost | Gross Unrealized | Estimated Fair Value | |||||||||||||||||||||||
2012 (dollars in thousands) | Gains | Losses | |||||||||||||||||||||||
U.S. Government agencies | $ | 3,425 | $ | 30 | $ | 0 | $ | 3,455 | |||||||||||||||||
Agency guaranteed mortgage-backed securities | 15,007 | 82 | (33 | ) | 15,056 | ||||||||||||||||||||
Total | $ | 18,432 | $ | 112 | $ | (33 | ) | $ | 18,511 | ||||||||||||||||
The table below presents the carry value, gross unrealized gains and losses, and fair value of securities held to maturity at December 31, 2013. There were no securities held to maturity at December 31, 2012. | |||||||||||||||||||||||||
Carry Value | Gross Unrealized | Estimated Fair Value | |||||||||||||||||||||||
2013 (dollars in thousands) | Gains | Losses | |||||||||||||||||||||||
Agency guaranteed mortgage-backed securities | $ | 14,753 | $ | 0 | $ | (156 | ) | $ | 14,597 | ||||||||||||||||
Total | $ | 14,753 | $ | 0 | $ | (156 | ) | $ | 14,597 | ||||||||||||||||
The amortized cost and fair value of securities available for sale as of December 31, 2013, by contractual maturity are shown below. Expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations without penalties. They are as follows: | |||||||||||||||||||||||||
(Dollars in thousands) | Amortized Cost | Estimated Fair Value | |||||||||||||||||||||||
Within one year | $ | 18 | $ | 19 | |||||||||||||||||||||
Over one year within five years | 0 | 0 | |||||||||||||||||||||||
Over five years within ten years | 726 | 726 | |||||||||||||||||||||||
Over ten years | 23,872 | 23,822 | |||||||||||||||||||||||
Total | $ | 24,616 | $ | 24,567 | |||||||||||||||||||||
The carrying value and fair value of securities held to maturity as of December 31, 2013, by contractual maturity are shown below. Expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations without penalties. They are as follows: | |||||||||||||||||||||||||
(Dollars in thousands) | Carry Value | Estimated Fair Value | |||||||||||||||||||||||
Within one year | $ | 0 | $ | 0 | |||||||||||||||||||||
Over one year within five years | 0 | 0 | |||||||||||||||||||||||
Over five years within ten years | 3,756 | 3,692 | |||||||||||||||||||||||
Over ten years | 10,997 | 10,905 | |||||||||||||||||||||||
Total | $ | 14,753 | $ | 14,597 | |||||||||||||||||||||
As of December 31, 2013, the portfolio is concentrated in average maturities of over ten years. The portfolio is available to support liquidity needs of the Company. Sales of available for sale securities were $3.3 million in 2013 and $9.7 million during 2012. There were no material gains or losses recognized on the sale of available for sale securities during 2013. There was a loss of $30 thousand recognized on the sale of available for sale securities during 2012. | |||||||||||||||||||||||||
Unrealized losses on investments at December 31, 2013 and 2012 were as follows: | |||||||||||||||||||||||||
Unrealized Losses on Securities | |||||||||||||||||||||||||
Less than 12 Months | 12 Months or Longer | Total | |||||||||||||||||||||||
2013 (dollars in thousands) | Estimated Fair Value | Unrealized Losses | Estimated Fair Value | Unrealized Losses | Estimated Fair Value | Unrealized Losses | |||||||||||||||||||
U.S. Government agencies | $ | 3,697 | $ | (53 | ) | $ | 0 | $ | 0 | $ | 3,697 | $ | (53 | ) | |||||||||||
Agency guaranteed mortgage-backed securities | 17,336 | (178 | ) | 2,914 | (40 | ) | 20,250 | (218 | ) | ||||||||||||||||
Total | $ | 21,033 | $ | (231 | ) | $ | 2,914 | $ | (40 | ) | $ | 23,947 | $ | (271 | ) | ||||||||||
2012 (dollars in thousands) | Estimated Fair Value | Unrealized Losses | Estimated Fair Value | Unrealized Losses | Estimated Fair Value | Unrealized Losses | |||||||||||||||||||
U.S. Government agencies | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | |||||||||||||
Agency guaranteed mortgage-backed securities | 3,696 | (33 | ) | 0 | 0 | 3,696 | (33 | ) | |||||||||||||||||
Total | $ | 3,696 | $ | (33 | ) | $ | 0 | $ | 0 | $ | 3,696 | $ | (33 | ) | |||||||||||
All of the unrealized losses are attributable to increases in interest rates and not to credit deterioration. Currently, the Company does not believe that it is probable that it will be unable to collect all amounts due according to the contractual terms of the investments. Because the decline in market value is attributable to changes in interest rates and not to credit quality and because it is not more likely than not that the Company will be required to sell the investments before recovery of their amortized cost bases, which may be maturity, the Company does not consider these investments to be other-than-temporarily impaired at December 31, 2013. | |||||||||||||||||||||||||
Mortgage-backed securities with a combined market value of $2.1 million and $2.0 million were pledged to secure public funds with the State of Virginia at December 31, 2013 and 2012, respectively. In addition, we had $3.0 million and $2.9 million in mortgage-backed securities pledged to cover a relationship with our main correspondent bank as of December 31, 2013 and 2012, respectively. | |||||||||||||||||||||||||
Loans_Allowance_for_Loan_Losse
Loans, Allowance for Loan Losses and Credit Quality | 12 Months Ended | ||||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||||||
Allowance For Loan And Lease Losses Provision For Net Loss [Abstract] | ' | ||||||||||||||||||||||||||||||||||||
Allowance for Credit Losses [Text Block] | ' | ||||||||||||||||||||||||||||||||||||
Note 4. Loans, Allowance for Loan Losses and Credit Quality | |||||||||||||||||||||||||||||||||||||
The Bank categorizes its loan receivables into four main categories which are commercial real estate loans, commercial and industrial loans, guaranteed student loans, and consumer loans. Each category of loan has a different level of credit risk. Real estate loans are generally safer than loans secured by other assets because the value of the underlying collateral is generally ascertainable and does not fluctuate as much as other assets. Owner occupied commercial real estate loans are generally the least risky type of commercial real estate loan. Non owner occupied commercial real estate loans and construction and development loans contain more risk. Commercial loans, which can be secured by real estate or other assets, or which can be unsecured, are generally more risky than commercial real estate loans. Guaranteed student loans are generally guaranteed by the U.S. Department of Education for 98% of the principal and interest. Consumer loans may be secured by residential real estate, automobiles or other assets or may be unsecured. Those secured by residential real estate are the least risky and those that are unsecured are the most risky type of consumer loans. Any type of loan which is unsecured is generally more risky than a secured loan. These levels of risk are general in nature, and many factors including the creditworthiness of the borrower or the particular nature of the secured asset may cause any type of loan to be more or less risky than another. In the commercial real estate category of the loan portfolio the segments are acquisition-development-construction, non owner occupied and owner occupied. In the consumer category of the loan portfolio the segments are residential real estate, home equity lines of credit and other. Management has not further divided its eight segments into classes. This provides Management and the Board with sufficient information to evaluate the risks within the Bank’s portfolio. | |||||||||||||||||||||||||||||||||||||
Below is a table that exhibits the loans by segment at December 31, 2013 and 2012. | |||||||||||||||||||||||||||||||||||||
(dollars in thousands) | 2013 | 2012 | |||||||||||||||||||||||||||||||||||
Commercial Real Estate: | |||||||||||||||||||||||||||||||||||||
Acquisition, development and construction | $ | 3,475 | $ | 3,313 | |||||||||||||||||||||||||||||||||
Non-owner occupied | 28,606 | 30,747 | |||||||||||||||||||||||||||||||||||
Owner occupied | 50,500 | 39,570 | |||||||||||||||||||||||||||||||||||
Commercial and industrial | 21,085 | 23,488 | |||||||||||||||||||||||||||||||||||
Guaranteed student loans | 55,427 | 0 | |||||||||||||||||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||||||||||||||
Residential mortgage | 7,156 | 7,260 | |||||||||||||||||||||||||||||||||||
HELOC | 7,250 | 8,395 | |||||||||||||||||||||||||||||||||||
Other | 508 | 297 | |||||||||||||||||||||||||||||||||||
Total loans | 174,007 | 113,070 | |||||||||||||||||||||||||||||||||||
Allowance for loan losses | (1,489 | ) | (2,110 | ) | |||||||||||||||||||||||||||||||||
Total loans, net of allowance for loan losses | $ | 172,518 | $ | 110,960 | |||||||||||||||||||||||||||||||||
Acquired in the acquisition of Bank of Virginia, and included in the table above, are loans acquired with evidence of deterioration in credit quality. These loans are accounted for under the guidance ASC 310-30. Information related to these loans is as follows: | |||||||||||||||||||||||||||||||||||||
At December 31, (dollars in thousands) | 2013 | 2012 | |||||||||||||||||||||||||||||||||||
Contract principal balance | $ | 8,689 | $ | 16,718 | |||||||||||||||||||||||||||||||||
Accretable discount | (62 | ) | (476 | ) | |||||||||||||||||||||||||||||||||
Nonaccretable discount | (61 | ) | (165 | ) | |||||||||||||||||||||||||||||||||
Book value of loans | $ | 8,566 | $ | 16,077 | |||||||||||||||||||||||||||||||||
A discount is applied to these loans such that the carrying amount approximates the cash flows expected to be received from the borrower or from the liquidation of collateral. Due to a high level of uncertainty regarding the timing and amount of these cash flows in December 2010, Management initially considered the entire discount to be nonaccretable. However, due to improvement in the status of some credits, the majority of the discount was subsequently transferred to accretable and is amortized as a yield adjustment over the lives of the individual loans. Cash flows received on loans with a nonaccretable discount are applied on a cost recovery method, whereby payments are applied first to the loan balance. When the loan balance is fully recovered, payments are then be applied to income. Any future reductions in carrying value as a result of deteriorating credit quality require an allowance for loan losses related to these loans. | |||||||||||||||||||||||||||||||||||||
A summary of changes to the accretable and nonaccretable discounts during 2013 and 2012 are as follows: | |||||||||||||||||||||||||||||||||||||
(dollars in thousands) | Accretable Discount | Nonaccretable Discount | |||||||||||||||||||||||||||||||||||
Balance at December 31, 2011 | $ | 366 | $ | 1,290 | |||||||||||||||||||||||||||||||||
Charge-offs related to loans covered by ASC 310-30 | 0 | (361 | ) | ||||||||||||||||||||||||||||||||||
Transfer to accretable discount | 764 | (764 | ) | ||||||||||||||||||||||||||||||||||
Discount accretion | (654 | ) | 0 | ||||||||||||||||||||||||||||||||||
Balance at December 31, 2012 | 476 | 165 | |||||||||||||||||||||||||||||||||||
Transfer to accretable discount | 104 | (104 | ) | ||||||||||||||||||||||||||||||||||
Discount accretion | (518 | ) | 0 | ||||||||||||||||||||||||||||||||||
Balance at December 31, 2013 | $ | 62 | $ | 61 | |||||||||||||||||||||||||||||||||
RISK RATING PROCESS | |||||||||||||||||||||||||||||||||||||
On a quarterly basis, the process of estimating the Allowance for Loan Loss begins with Management’s review of the risk rating assigned to individual credits. Through this process, loans adversely risk rated are evaluated for impairment based on ASC 310-40. | |||||||||||||||||||||||||||||||||||||
Risk Grades | |||||||||||||||||||||||||||||||||||||
The following is a summary of the risk rating definitions the Bank uses to assign a risk grade to each loan within the portfolio: | |||||||||||||||||||||||||||||||||||||
Grade 1 – Highest Quality | Loans have little to no risk and are generally secured by liquid collateral and/or a low loan-to-value ratio. | ||||||||||||||||||||||||||||||||||||
Grade 2 – Above Average Quality | Loans have minimal risk to well qualified borrowers and no significant questions as to safety. | ||||||||||||||||||||||||||||||||||||
Grade 3 – Satisfactory | Loans are satisfactory loans with financially sound borrowers and secondary sources of repayment. | ||||||||||||||||||||||||||||||||||||
Grade 4 – Pass | Loans are satisfactory loans with borrowers not as financially strong as risk grade 3 loans, but may exhibit a higher degree of financial risk based on the type of business supporting the loan. | ||||||||||||||||||||||||||||||||||||
Grade 5 – Special Mention | Loans to borrowers that exhibit potential credit weakness or a downward trend that warrant additional supervision. While potentially weak, the loan is currently marginally acceptable and no loss of principal or interest is envisioned. | ||||||||||||||||||||||||||||||||||||
Grade 6 – Substandard | Borrowers with one or more well defined weaknesses that jeopardize the orderly liquidation of the debt. Normal repayment from the borrower is in jeopardy, although no loss of principal is envisioned. Possibility of loss or protracted workout exists if immediate corrective action is not taken. | ||||||||||||||||||||||||||||||||||||
Grade 7 – Doubtful | Loans with all the weaknesses inherent in a Substandard classification, with the added provision that the weaknesses make collection of debt in full highly questionable and improbable, based on currently existing facts, conditions, and values. Serious problems exist to the point where a partial loss of principal is likely. | ||||||||||||||||||||||||||||||||||||
Grade 8 – Loss | Borrower is deemed incapable of repayment of the entire principal. A Charge-off is required for the portion of principal management has deemed it will not be repaid. | ||||||||||||||||||||||||||||||||||||
The following is the distribution of loans by credit quality and class as of the dates indicated. | |||||||||||||||||||||||||||||||||||||
At December 31, 2013 (dollars in thousands) | Commercial Real Estate | Commercial and Industrial | Guaranteed Student Loans | Consumer | Total | ||||||||||||||||||||||||||||||||
Credit quality class | Acq-Dev Construction | Non-owner Occupied | Owner Occupied | Residential Mortgage | HELOC | Other | |||||||||||||||||||||||||||||||
1 Highest quality | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | |||||||||||||||||||
2 Above average quality | 0 | 2,078 | 2,966 | 2,170 | 55,427 | 73 | 205 | 80 | 62,999 | ||||||||||||||||||||||||||||
3 Satisfactory | 325 | 10,563 | 25,264 | 8,290 | 0 | 3,965 | 3,541 | 350 | 52,298 | ||||||||||||||||||||||||||||
4 Pass | 1,500 | 12,990 | 14,606 | 8,128 | 0 | 2,710 | 2,243 | 78 | 42,255 | ||||||||||||||||||||||||||||
5 Special mention | 299 | 1,449 | 3,486 | 268 | 0 | 203 | 630 | 0 | 6,335 | ||||||||||||||||||||||||||||
6 Substandard | 267 | 0 | 336 | 759 | 0 | 15 | 177 | 0 | 1,554 | ||||||||||||||||||||||||||||
7 Doubtful | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||
2,391 | 27,080 | 46,658 | 19,615 | 55,427 | 6,966 | 6,796 | 508 | 165,441 | |||||||||||||||||||||||||||||
Loans acquired with deteriorating credit quality | 1,084 | 1,526 | 3,842 | 1,470 | 0 | 190 | 454 | 0 | 8,566 | ||||||||||||||||||||||||||||
Total loans | $ | 3,475 | $ | 28,606 | $ | 50,500 | $ | 21,085 | $ | 55,427 | $ | 7,156 | $ | 7,250 | $ | 508 | $ | 174,007 | |||||||||||||||||||
At December 31, 2012 (dollars in thousands) | Commercial Real Estate | Commercial and Industrial | Guaranteed Student Loans | Consumer | Total | ||||||||||||||||||||||||||||||||
Credit quality class | Acq-Dev Construction | Non-owner Occupied | Owner Occupied | Residential Mortgage | HELOC | Other | |||||||||||||||||||||||||||||||
1 Highest quality | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 1 | $ | 1 | |||||||||||||||||||
2 Above average quality | 0 | 0 | 3,082 | 1,088 | 0 | 119 | 86 | 3 | 4,378 | ||||||||||||||||||||||||||||
3 Satisfactory | 392 | 6,261 | 19,727 | 6,598 | 0 | 4,074 | 3,969 | 186 | 41,207 | ||||||||||||||||||||||||||||
4 Pass | 319 | 13,094 | 9,649 | 12,215 | 0 | 1,844 | 2,263 | 69 | 39,453 | ||||||||||||||||||||||||||||
5 Special mention | 0 | 5,769 | 1,668 | 1,351 | 0 | 684 | 274 | 16 | 9,762 | ||||||||||||||||||||||||||||
6 Substandard | 0 | 188 | 481 | 570 | 0 | 32 | 347 | 22 | 1,640 | ||||||||||||||||||||||||||||
7 Doubtful | 0 | 0 | 0 | 0 | 0 | 0 | 552 | 0 | 552 | ||||||||||||||||||||||||||||
711 | 25,312 | 34,607 | 21,822 | 0 | 6,753 | 7,491 | 297 | 96,993 | |||||||||||||||||||||||||||||
Loans acquired with deteriorating credit quality | 2,602 | 5,435 | 4,963 | 1,666 | 0 | 507 | 904 | 0 | 16,077 | ||||||||||||||||||||||||||||
Total loans | $ | 3,313 | $ | 30,747 | $ | 39,570 | $ | 23,488 | $ | 0 | $ | 7,260 | $ | 8,395 | $ | 297 | $ | 113,070 | |||||||||||||||||||
A summary of the balances of loans outstanding by days past due, including accruing and non-accruing loans by portfolio class as of December 31, 2013 and 2012 were as follows: | |||||||||||||||||||||||||||||||||||||
Commercial Real Estate | Commercial and Industrial | Guaranteed Student Loans | Consumer | Total | |||||||||||||||||||||||||||||||||
At December 31, 2013 (dollars in thousands) | Acq-Dev Construction | Non-owner Occupied | Owner Occupied | Residential Mortgage | HELOC | Other | |||||||||||||||||||||||||||||||
30 – 59 days | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 5,044 | $ | 54 | $ | 0 | $ | 0 | $ | 5,098 | |||||||||||||||||||
60 – 89 days | 0 | 0 | 0 | 0 | 2,268 | 15 | 0 | 0 | 2,283 | ||||||||||||||||||||||||||||
> 90 days | 633 | 0 | 2,051 | 632 | 18,387 | 44 | 21,747 | ||||||||||||||||||||||||||||||
Total past due | 633 | 0 | 2,051 | 632 | 25,699 | 113 | 0 | 0 | 29,128 | ||||||||||||||||||||||||||||
Current | 2,842 | 28,606 | 48,449 | 20,453 | 29,728 | 7,043 | 7,250 | 508 | 144,879 | ||||||||||||||||||||||||||||
Total loans | $ | 3,475 | $ | 28,606 | $ | 50,500 | $ | 21,085 | $ | 55,427 | $ | 7,156 | $ | 7,250 | $ | 508 | $ | 174,007 | |||||||||||||||||||
> 90 days still accruing | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 18,387 | $ | 0 | $ | 0 | $ | 0 | $ | 18,387 | |||||||||||||||||||
Commercial Real Estate | Commercial and Industrial | Guaranteed Student Loans | Consumer | Total | |||||||||||||||||||||||||||||||||
At December 31, 2012 (dollars in thousands) | Acq-Dev Construction | Non-owner Occupied | Owner Occupied | Residential Mortgage | HELOC | Other | |||||||||||||||||||||||||||||||
30 – 59 days | $ | 0 | $ | 480 | $ | 0 | $ | 139 | $ | 0 | $ | 0 | $ | 30 | $ | 0 | $ | 649 | |||||||||||||||||||
60 – 89 days | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||
> 90 days | 420 | 0 | 2,599 | 740 | 0 | 180 | 739 | 0 | 4,678 | ||||||||||||||||||||||||||||
Total past due | 420 | 480 | 2,599 | 879 | 0 | 180 | 769 | 0 | 5,327 | ||||||||||||||||||||||||||||
Current | 2,893 | 30,267 | 36,971 | 22,609 | 0 | 7,080 | 7,626 | 297 | 107,743 | ||||||||||||||||||||||||||||
Total loans | $ | 3,313 | $ | 30,747 | $ | 39,570 | $ | 23,488 | $ | 0 | $ | 7,260 | $ | 8,395 | $ | 297 | $ | 113,070 | |||||||||||||||||||
> 90 days still accruing | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | |||||||||||||||||||
A summary of non-accrual loans by portfolio class as of December 31 are as follows: | |||||||||||||||||||||||||||||||||||||
(dollars in thousands) | 2013 | 2012 | |||||||||||||||||||||||||||||||||||
Commercial Real Estate: | |||||||||||||||||||||||||||||||||||||
Acquisition, development and construction | $ | 633 | $ | 420 | |||||||||||||||||||||||||||||||||
Non-owner occupied | 0 | 0 | |||||||||||||||||||||||||||||||||||
Owner occupied | 2,051 | 2,599 | |||||||||||||||||||||||||||||||||||
Commercial and industrial | 858 | 878 | |||||||||||||||||||||||||||||||||||
Guaranteed Student Loans | 0 | 0 | |||||||||||||||||||||||||||||||||||
Consumer: | 0 | 0 | |||||||||||||||||||||||||||||||||||
Residential mortgage | 59 | 180 | |||||||||||||||||||||||||||||||||||
HELOC | 333 | 1,371 | |||||||||||||||||||||||||||||||||||
Other | 0 | 23 | |||||||||||||||||||||||||||||||||||
Total loans | $ | 3,934 | $ | 5,471 | |||||||||||||||||||||||||||||||||
Certain loans were identified and individually evaluated for impairment at December 31, 2013 and 2012. A number of these impaired loans were not charged with a valuation allowance due to Management’s judgment that the cash flows from the underlying collateral or equity available from guarantors was sufficient to recover the Bank’s entire investment, while several other loans experienced collateral deterioration and supplemental specific reserves were added. In a few cases, it was decided that the collateral deficiency was a confirmed loss and the amount of the specific reserve was recorded as a partial charge off. The results of those analyses are presented in the following tables. | |||||||||||||||||||||||||||||||||||||
The following is a summary of impaired loans, excluding acquired impaired loans, presented by portfolio class as of December 31, 2013: | |||||||||||||||||||||||||||||||||||||
(dollars in thousands) | Recorded Investment | Unpaid Principal | Related Allowance | Average Recorded Investment | Interest Recorded | ||||||||||||||||||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||||||||||||||||||||
Commercial Real Estate: | |||||||||||||||||||||||||||||||||||||
Acquisition, development and construction | $ | 267 | $ | 267 | $ | 0 | $ | 267 | $ | 0 | |||||||||||||||||||||||||||
Non-owner occupied | 1,352 | 1,352 | 0 | 1,652 | 0 | ||||||||||||||||||||||||||||||||
Owner occupied | 259 | 259 | 0 | 259 | 0 | ||||||||||||||||||||||||||||||||
Commercial and industrial | 759 | 759 | 0 | 759 | 2 | ||||||||||||||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||||||||||||||
Residential mortgage | 15 | 15 | 0 | 15 | 0 | ||||||||||||||||||||||||||||||||
HELOC | 177 | 177 | 0 | 177 | 0 | ||||||||||||||||||||||||||||||||
Other | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||
Total | $ | 2,829 | $ | 2,829 | $ | — | $ | 3,129 | $ | 2 | |||||||||||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||||||||||||||||
Commercial Real Estate: | |||||||||||||||||||||||||||||||||||||
Acquisition, development and construction | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | |||||||||||||||||||||||||||
Non-owner occupied | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||
Owner occupied | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||
Commercial and industrial | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||||||||||||||
Residential mortgage | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||
HELOC | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||
Other | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||
Total | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | |||||||||||||||||||||||||||
The following is a summary of impaired loans, excluding acquired impaired loans, presented by portfolio class as of December 31, 2012: | |||||||||||||||||||||||||||||||||||||
(dollars in thousands) | Recorded Investment | Unpaid Principal | Related Allowance | Average Recorded Investment | Interest Recorded | ||||||||||||||||||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||||||||||||||||||||
Commercial Real Estate: | |||||||||||||||||||||||||||||||||||||
Acquisition, development and construction | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | |||||||||||||||||||||||||||
Non-owner occupied | 189 | 189 | 0 | 189 | 1 | ||||||||||||||||||||||||||||||||
Owner occupied | 481 | 481 | 0 | 481 | 3 | ||||||||||||||||||||||||||||||||
Commercial and industrial | 553 | 553 | 0 | 553 | 1 | ||||||||||||||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||||||||||||||
Residential mortgage | 228 | 228 | 0 | 228 | 0 | ||||||||||||||||||||||||||||||||
HELOC | 129 | 129 | 0 | 129 | 0 | ||||||||||||||||||||||||||||||||
Other | 23 | 23 | 0 | 23 | 2 | ||||||||||||||||||||||||||||||||
Total | $ | 1,603 | $ | 1,603 | $ | 0 | $ | 1,603 | $ | 7 | |||||||||||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||||||||||||||||
Commercial Real Estate: | |||||||||||||||||||||||||||||||||||||
Acquisition, development and construction | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | |||||||||||||||||||||||||||
Non-owner occupied | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||
Owner occupied | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||
Commercial and industrial | 52 | 52 | 33 | 33 | 1 | ||||||||||||||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||||||||||||||
Residential mortgage | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||
HELOC | 661 | 661 | 405 | 405 | 0 | ||||||||||||||||||||||||||||||||
Other | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||
Total | $ | 713 | $ | 713 | $ | 438 | $ | 438 | $ | 1 | |||||||||||||||||||||||||||
Loans with deteriorated credit quality acquired as part of the Bank of Virginia acquisition are accounted for under the requirements of ASC 310-30. These loans are not considered impaired and not included in the table above. Because the Bank of Virginia acquisition occurred on December 10, 2010, all loans with deteriorated credit quality were covered by ASC 310-30 and there were no impaired loans as of December 31, 2010. | |||||||||||||||||||||||||||||||||||||
Troubled Debt Restructurings | |||||||||||||||||||||||||||||||||||||
In situations where, for economic or legal reasons related to a borrower’s financial condition, management may grant a concession to the borrower that it would not otherwise consider, the related loan is classified as a troubled debt restructuring (TDR). When loans are modified under the terms of a TDR, the Company typically offers the borrower an extension of the loan, maturity date and/or a reduction in the original contractual interest rate. | |||||||||||||||||||||||||||||||||||||
The number and outstanding recorded investment of loans entered into under the terms of a TDR during the years ended December 31, 2013 and 2012, including modifications of acquired impaired loans, by type of concession granted, are set forth in the following tables: | |||||||||||||||||||||||||||||||||||||
2013 (dollars in thousands) | Number of loans | Rate modification | Term extension | Pre-modification recorded investment | Post-modification recorded investment(1) | ||||||||||||||||||||||||||||||||
Commercial real estate – non-owner occupied | 0 | 0 | $ | 0 | $ | 0 | $ | 0 | |||||||||||||||||||||||||||||
Commercial and industrial | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||
Consumer – residential mortgage | 1 | 0 | 126 | 126 | 15 | ||||||||||||||||||||||||||||||||
Total | 1 | 0 | $ | 126 | $ | 126 | $ | 15 | |||||||||||||||||||||||||||||
2012 (dollars in thousands) | Number of | Rate modification | Term extension | Pre-modification recorded investment | Post-modification recorded investment | ||||||||||||||||||||||||||||||||
loans | |||||||||||||||||||||||||||||||||||||
Commercial real estate – non-owner occupied | 0 | 0 | $ | 0 | $ | 0 | $ | 0 | |||||||||||||||||||||||||||||
Commercial and industrial | 1 | 0 | 311 | 311 | 139 | ||||||||||||||||||||||||||||||||
Consumer – residential mortgage | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||
Total | 1 | 0 | $ | 311 | $ | 311 | $ | 139 | |||||||||||||||||||||||||||||
-1 | The period end balances are inclusive of all partial paydowns and charge-offs since the modification date. Loans modified as TDRs that were fully paid down, charged-off, or foreclosed upon by period end are not reported. | ||||||||||||||||||||||||||||||||||||
Troubled debt restructured loans are considered to be in default if the borrower fails to make timely payments under the terms of the restructure and repayment possibilities have been exhausted. There were no troubled debt restructurings that defaulted within one year during the years ended December 31, 2013 or 2012 whereby all repayment possibilities had been exhausted. | |||||||||||||||||||||||||||||||||||||
As of December 31, 2013 and 2012, loans classified as troubled debt restructurings included in the impaired disclosure above totaled $2.0 million and $2.1 million, respectively. At December 31, 2013 and 2012, substantially all of the loans classified as troubled debt restructurings are in compliance with the modified terms. | |||||||||||||||||||||||||||||||||||||
A summary of the allowance for loan losses by portfolio segment as of December 31, 2013 is as follows: | |||||||||||||||||||||||||||||||||||||
Commercial Real Estate | Commercial and Industrial | Guaranteed Student Loans | Consumer | Total | |||||||||||||||||||||||||||||||||
(dollars in thousands) | Acquisition, Development, Construction | Non-owner Occupied | Owner Occupied | Residential Mortgage | HELOC | Other | |||||||||||||||||||||||||||||||
Allowance for loan losses | |||||||||||||||||||||||||||||||||||||
Beginning balance, December 31, 2012 | $ | 229 | $ | 231 | $ | 350 | $ | 782 | $ | 0 | $ | 50 | $ | 457 | $ | 11 | $ | 2,110 | |||||||||||||||||||
(Charge-offs) recoveries | 0 | 0 | (289 | ) | 135 | (94 | ) | 5 | (393 | ) | (4 | ) | (640 | ) | |||||||||||||||||||||||
Provision (recovery) | 71 | (192 | ) | 261 | (540 | ) | 362 | 65 | (44 | ) | 36 | 19 | |||||||||||||||||||||||||
Ending balance, December 31, 2013 | $ | 300 | $ | 39 | $ | 322 | $ | 377 | $ | 268 | $ | 120 | $ | 20 | $ | 43 | $ | 1,489 | |||||||||||||||||||
Allowance for loan losses for loans | |||||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | |||||||||||||||||||
Collectively evaluated for impairment | 260 | 39 | 128 | 377 | 268 | 120 | 20 | 43 | 1,255 | ||||||||||||||||||||||||||||
Loans acquired with deteriorated credit quality | 40 | 0 | 194 | 0 | 0 | 0 | 0 | 0 | 234 | ||||||||||||||||||||||||||||
Ending balance, December 31, 2013 | $ | 300 | $ | 39 | $ | 322 | $ | 377 | $ | 268 | $ | 120 | $ | 20 | $ | 43 | $ | 1,489 | |||||||||||||||||||
Gross loan balances | |||||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 267 | $ | 1,352 | $ | 259 | $ | 759 | $ | 0 | $ | 15 | $ | 177 | $ | 0 | $ | 2,829 | |||||||||||||||||||
Collectively evaluated for impairment | 2,124 | 25,728 | 46,399 | 18,856 | 55,427 | 6,951 | 6,619 | 508 | 162,612 | ||||||||||||||||||||||||||||
Loans acquired with deteriorated credit quality | 1,084 | 1,526 | 3,842 | 1,470 | 0 | 190 | 454 | 0 | 8,566 | ||||||||||||||||||||||||||||
Ending balance, December 31, 2013 | $ | 3,475 | $ | 28,606 | $ | 50,500 | $ | 21,085 | $ | 55,427 | $ | 7,156 | $ | 7,250 | $ | 508 | $ | 174,007 | |||||||||||||||||||
A summary of the allowance for loan losses by portfolio segment as of December 31, 2012 is as follows: | |||||||||||||||||||||||||||||||||||||
Commercial Real Estate | Commercial and Industrial | Consumer | Total | ||||||||||||||||||||||||||||||||||
(dollars in thousands) | Acquisition, Development, Construction | Non-owner occupied | Owner occupied | Residential mortgage | HELOC | Other | |||||||||||||||||||||||||||||||
Allowance for loan losses | |||||||||||||||||||||||||||||||||||||
Beginning balance, December 31, 2011 | $ | 296 | $ | 474 | $ | 496 | $ | 569 | $ | 188 | $ | 215 | $ | 47 | $ | 2,285 | |||||||||||||||||||||
(Charge-offs) recoveries | (16 | ) | (273 | ) | 0 | (270 | ) | (133 | ) | (23 | ) | (48 | ) | (763 | ) | ||||||||||||||||||||||
Provision (recovery) | (51 | ) | 30 | (146 | ) | 483 | (5 | ) | 265 | 12 | 588 | ||||||||||||||||||||||||||
Ending balance, December 31, 2012 | $ | 229 | $ | 231 | $ | 350 | $ | 782 | $ | 50 | $ | 457 | $ | 11 | $ | 2,110 | |||||||||||||||||||||
Allowance for loan losses for loans | |||||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 0 | $ | 0 | $ | 0 | $ | 33 | $ | 0 | $ | 405 | $ | 0 | $ | 438 | |||||||||||||||||||||
Collectively evaluated for impairment | 29 | 231 | 61 | 744 | 50 | 9 | 11 | 1,135 | |||||||||||||||||||||||||||||
Loans acquired with deteriorated credit quality | 200 | 0 | 289 | 5 | 0 | 43 | 0 | 537 | |||||||||||||||||||||||||||||
Ending balance, December 31, 2012 | $ | 229 | $ | 231 | $ | 350 | $ | 782 | $ | 50 | $ | 457 | $ | 11 | $ | 2,110 | |||||||||||||||||||||
Gross loan balances | |||||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 0 | $ | 189 | $ | 481 | $ | 605 | $ | 228 | $ | 790 | $ | 23 | $ | 2,316 | |||||||||||||||||||||
Collectively evaluated for impairment | 711 | 25,123 | 34,126 | 21,217 | 6,525 | 6,701 | 274 | 94,677 | |||||||||||||||||||||||||||||
Loans acquired with deteriorated credit quality | 2,602 | 5,435 | 4,963 | 1,666 | 507 | 904 | 0 | 16,077 | |||||||||||||||||||||||||||||
Ending balance, December 31, 2012 | $ | 3,313 | $ | 30,747 | $ | 39,570 | $ | 23,488 | $ | 7,260 | $ | 8,395 | $ | 297 | $ | 113,070 | |||||||||||||||||||||
Intangible_Assets
Intangible Assets | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||
Goodwill and Intangible Assets Disclosure [Text Block] | ' | ||||
Note 5. Intangible Assets | |||||
In 2010, the Company acquired a majority interest in the Bank of Virginia. The Company recorded a core deposit intangible related to this acquisition of $249 thousand. This asset represents the estimated fair value of the core deposits and was determined based on the present value of future cash flows related to those deposits considering the industry standard “financial instrument” type present value methodology. The core deposit intangible is amortized over the estimated life of the deposits using the straight-line method. A summary of the activity in this account is as follows: | |||||
(dollars in thousands) | |||||
Balance at December 31, 2011 | $ | 210 | |||
Amortization | (36 | ) | |||
Balance at December 31, 2012 | 174 | ||||
Amortization | (35 | ) | |||
Balance at December 31, 2013 | $ | 139 | |||
Amortization expense is expected to be approximately $36 thousand per year through 2016 and $30 thousand in 2017. | |||||
The Company also recorded Goodwill related to the acquisition of the Bank of Virginia. Goodwill is tested at least annually to determine if there is any impairment. The test conducted in accordance with ASC 350 last occurred as of September 30, 2011. As a result of this test, it was determined that Goodwill was impaired in its entirety. As a result, an impairment charge of $5.9 million was recorded in 2011. This impairment was primarily the result of decline in the market value of the Bank of Virginia stock as a result of continuing credit losses. | |||||
Premises_and_Equipment
Premises and Equipment | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||||||
Property, Plant and Equipment Disclosure [Text Block] | ' | ||||||||||||
Note 6. Premises and Equipment | |||||||||||||
A summary of the cost and accumulated depreciation of premises and equipment is as follows: | |||||||||||||
At December 31, (dollars in thousands) | 2013 | 2012 | |||||||||||
Land | $ | 1,403 | $ | 1,403 | |||||||||
Buildings and improvements | 2,803 | 2,506 | |||||||||||
Furniture, fixtures and equipment | 830 | 777 | |||||||||||
Leasehold improvements | 369 | 376 | |||||||||||
Automobiles | 34 | 34 | |||||||||||
Total premises and equipment | $ | 5,439 | $ | 5,096 | |||||||||
Less: accumulated depreciation and amortization | (975 | ) | (704 | ) | |||||||||
Total premises and equipment, net | $ | 4,464 | $ | 4,392 | |||||||||
The Company leases two branches and an operations office under operating leases that were acquired as part of a business combination. Management determined that one of these leases required lease payments that were above market as of the date of the acquisition. A liability was established for $822 thousand at acquisition, the amount the contractual payments exceeded fair value. This liability is being accreted into income as a reduction of lease expense over the life of the lease. Following is a schedule by year of future minimum rental payments required under operating leases that have initial or remaining non-cancelable lease terms in excess of one year as of December 31, 2013. | |||||||||||||
(dollars in thousands) | Gross rent | Accretion | Net rent | ||||||||||
By year ended December 31, | |||||||||||||
2014 | $ | 330 | $ | (94 | ) | $ | 236 | ||||||
2015 | 334 | (94 | ) | 240 | |||||||||
2016 | 297 | (94 | ) | 203 | |||||||||
2017 | 291 | (94 | ) | 197 | |||||||||
2018 | 294 | (94 | ) | 200 | |||||||||
Thereafter | 139 | (70 | ) | 69 | |||||||||
Total minimum payments required | $ | 1,685 | $ | (540 | ) | $ | 1,145 | ||||||
Total rent expense for the years ended December 31, 2013 and 2012 amounted to $242 thousand and $258 thousand, respectively, net of accretion. For the years ended December 31, 2013 and 2012, depreciation expense totaled $279 thousand and $345 thousand, respectively, net of related fair value adjustments of $8 thousand per year. | |||||||||||||
Borrowings
Borrowings | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Advances from Federal Home Loan Banks [Abstract] | ' | ||||||||||||
Federal Home Loan Bank Advances, Disclosure [Text Block] | ' | ||||||||||||
Note 7. Borrowings | |||||||||||||
The Bank is a member of the Federal Home Loan Bank of Atlanta (FHLB) which provides for short-term and long-term advances, typically collateralized by various mortgage products. The FHLB maintains a blanket security agreement on qualifying collateral. Detail related to FHLB advances at December 31, 2013 and 2012 is as follows: | |||||||||||||
(dollars in thousands) | Maturity date | 2013 | 2012 | ||||||||||
FHLB Advance – 1.62% | Dec-19 | $ | 10,000 | $ | 10,000 | ||||||||
Should the FHLB borrowing be repaid prior to maturity, the Bank may have to pay a mark-to-market termination fee to unwind the obligation. The Bank also has the option of converting and extending the borrowing term, subject to the inclusion of any mark-to-market fees. The borrowing is also subject to conversion by the FHLB to floating rate advances based upon the contract terms. If converted, the advance may be repaid and the transaction terminated without penalty. As of December 31, 2013, the Bank had approximately $2.6 million of remaining eligible loan collateral available for additional FHLB borrowings and remaining additional credit availability of $34.1 million based on the amount of other balance sheet investment securities held, excluding securities otherwise already pledged. | |||||||||||||
BVA maintains a $2.5 million secured line of credit as well as a $2.0 million unsecured lines of credit with correspondent banks that were available for direct borrowings or Federal Funds purchased. The lines were undrawn at December 31, 2013 and 2012. | |||||||||||||
Related_Party_Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2013 | |
Related Party Transactions [Abstract] | ' |
Related Party Transactions Disclosure [Text Block] | ' |
Note 8. Related Party Transactions | |
Executive officers, directors and their affiliates had borrowings of $1.2 million and $1.0 million and unfunded commitments of $244 thousand and $214 thousand with the Bank at December 31, 2013 and 2012. In addition, executive officers, directors and their affiliates maintained deposits of $1.9 million at December 31, 2013 and $938 thousand at December 31, 2012. | |
Time_Deposits
Time Deposits | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Time Deposits [Abstract] | ' | ||||
Time Deposits Disclosure [Text Block] | ' | ||||
Note 9. Time Deposits | |||||
Remaining maturities on time deposits are as follows: | |||||
(dollars in thousands) | |||||
By year ended December 31, | |||||
2014 | $ | 56,163 | |||
2015 | 28,787 | ||||
2016 | 20,574 | ||||
2017 | 15,243 | ||||
2018 | 6,517 | ||||
Balance at December 31, 2013 | $ | 127,284 | |||
The aggregate amount of time deposits of $100,000 or more at December 31, 2013 and 2012 were $76.2 million and $41.4 million, respectively. The Bank maintained brokered deposits of $365 thousand and $1.5 million at December 31, 2013 and 2012, respectively. | |||||
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||
Income Tax Disclosure [Text Block] | ' | ||||||||
Note 10. Income Taxes | |||||||||
The Company and Bank file income tax returns in the U.S. federal jurisdiction. With few exceptions, the Bank is no longer subject to U.S. federal income tax examinations by tax authorities for years prior to 2010. | |||||||||
The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities at December 31, 2013 and 2012, are presented below: | |||||||||
(dollars in thousands) | 2013 | 2012 | |||||||
Deferred tax assets | |||||||||
Unrealized securites losses | $ | 142 | $ | 0 | |||||
Acquistion accounting adjustments | 370 | 684 | |||||||
Allowance for loan losses | 0 | 428 | |||||||
Charitable contrubtion charge-off | 1 | 0 | |||||||
Net operating loss carryforward | 6,298 | 5,155 | |||||||
Bank premises and equipment | 25 | 41 | |||||||
Accrued vacation | 19 | 26 | |||||||
Deferred compensation | 20 | 41 | |||||||
Non-accrual loan interest | 262 | 271 | |||||||
OREO valuation | 88 | 210 | |||||||
Total deferred tax assets | $ | 7,225 | $ | 6,856 | |||||
Deferred tax liabilities | |||||||||
Allowance for loan losses | (367 | ) | 0 | ||||||
Unrealized gain on securities available for sale | 0 | (27 | ) | ||||||
Total deferred tax liabilities | $ | (367 | ) | $ | (27 | ) | |||
Net deferred tax asset | $ | 6,858 | $ | 6,829 | |||||
Less: valuation allowance | (6,858 | ) | (6,829 | ) | |||||
$ | 0 | $ | 0 | ||||||
The provision for income taxes charged to operations as of December 31, 2013 and 2012 consists of the following: | |||||||||
(dollars in thousands) | 2013 | 2012 | |||||||
Current tax expense | $ | 0 | $ | 0 | |||||
Deferred tax (benefit) | (29 | ) | (357 | ) | |||||
Change in valuation allowance | 29 | 357 | |||||||
Total tax expense | $ | 0 | $ | 0 | |||||
Under the provisions of the Internal Revenue Code, the Company has approximately $18.5 million of net operating loss carryforwards, which will expire if unused beginning in 2024. As of December 31, 2013, deferred tax assets of $6.9 million have been fully reserved with a valuation allowance. It is estimated that $6.7 million of the valuation allowance is available to be reversed if it is deemed more-likely-than-not that all of the deferred tax asset will be realized. Of the net operating losses that occurred prior to the change in control of BVA in December 2010, the amount of the loss carryforward available to offset taxable income is limited to approximately $254,000 per year for twenty years. | |||||||||
Financial_Instruments_With_Off
Financial Instruments With Off-Balance Sheet Risk | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||
Fair Value Of Off Balance Sheet Risks Disclosure [Text Block] | ' | ||||||||
Note 11. Financial Instruments With Off-Balance Sheet Risk | |||||||||
The Bank is party to credit-related financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include commitments to extend credit and standby letters of credit. Such commitments involve, to varying degrees, elements of credit and interest rate risk in excess of the amount recognized in the consolidated Balance Sheet. | |||||||||
The Bank’s exposure to credit loss is represented by the contractual amount of these commitments. The Bank follows the same credit policies in making commitments as it does for on-balance sheet instruments. | |||||||||
At December 31, 2013 and 2012, the following financial instruments were outstanding whose contractual amounts represent credit risk: | |||||||||
(dollars in thousands) | 2013 | 2012 | |||||||
Unused commitments and commitments to fund | $ | 15,743 | $ | 11,325 | |||||
Commercial and standy letters of credit | 535 | 648 | |||||||
$ | 16,278 | $ | 11,973 | ||||||
Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. The commitments for equity lines of credit may expire without being drawn upon. Therefore, the total commitment amounts do not necessarily represent future cash requirements. The amount of collateral obtained, if it is deemed necessary by the Bank, is based on management’s credit evaluation of the customer. | |||||||||
Unfunded commitments under commercial lines of credit, revolving credit lines and overdraft protection agreements are commitments for possible future extensions of credit to existing customers. These lines of credit usually contain a specified maturity date and may not be fully drawn upon to the total extent to which the Bank is committed. The amount of collateral obtained, if it is deemed necessary by the Bank, is based on management’s credit evaluation of the customer. | |||||||||
Standby letters of credit are conditional commitments issued by the Bank to guarantee the performance of a customer to a third party. Those letters of credit are primarily issued to support public and private borrowing arrangements. Letters of credit issued generally have expiration dates within one year, except for those originally issued as two year commitments, however, upon automatic renewal, the letters of credit will then have expiration dates that expire within one year. The credit risk involved in issuing letters of credit is essentially the same as that involved in normal extensions of credit. The Bank generally holds collateral supporting those commitments, if deemed necessary. | |||||||||
The Bank maintains its primary cash accounts in two correspondent banks. Capital ratios of correspondents are reviewed periodically to ensure that their capital ratios are maintained at acceptable levels. There were uninsured balances held with one of these institutions of $4.4 million and $3.5 at December 31, 2013 and 2012, respectively. | |||||||||
Minimum_Regulatory_Capital_Req
Minimum Regulatory Capital Requirements and Dividend Limitations | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Minimum Regulatory Capital Requirements and Dividend Limitations [Abstract] | ' | ||||||||||||||||||||||||
Regulatory Capital Requirements under Banking Regulations [Text Block] | ' | ||||||||||||||||||||||||
Note 12. Minimum Regulatory Capital Requirements and Dividend Limitations | |||||||||||||||||||||||||
The Bank is subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory, possibly additional discretionary, actions by regulators that could have a direct material effect on the Bank’s financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, financial institutions must meet specific capital guidelines that involve quantitative measures of assets, liabilities, and certain off-balance-sheet items as calculated under regulatory accounting practices. A financial institution’s capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings, and other factors. Because total assets on a consolidated basis are less than $500,000,000, the Company is not subject to the consolidated capital requirements imposed by the Bank Holding Company Act. Consequently, the Company is not required to calculate its capital ratios on a consolidated basis. | |||||||||||||||||||||||||
Quantitative measures established by regulation to ensure capital adequacy require financial institutions to maintain minimum amounts and ratios (set forth in the table below) of total and Tier 1 capital (as defined in the regulations) to risk-weighted assets (as defined), and of Tier 1 capital (as defined) to average assets (as defined). Management believes, as of December 31, 2013, that the Bank meets all capital adequacy requirements to which it is subject. | |||||||||||||||||||||||||
As of December 31, 2013, the Bank was considered as well capitalized under the Federal Reserve Bank’s regulatory framework for prompt corrective action. To be categorized as well capitalized, the Bank must maintain minimum total risk-based, Tier 1 risk-based, and Tier 1 leverage ratios as set forth in the following table. There are no conditions or events since that notification that management believes have changed the Bank's category. | |||||||||||||||||||||||||
The Bank's actual capital amounts and ratios as of December 31, 2013 and 2012, are presented in the following table: | |||||||||||||||||||||||||
Actual Capital | Minimum Capital Requirement | Minimum To Be Well Capitalized Under Prompt Corrective Action | |||||||||||||||||||||||
Provisions (dollars in thousands) | Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||||||||
2013 | |||||||||||||||||||||||||
Total capital | |||||||||||||||||||||||||
(To risk-weighted assets) | $ | 15,616 | 11.25 | % | $ | 11,110 | 8 | % | $ | 13,887 | 10 | % | |||||||||||||
Tier 1 capital | |||||||||||||||||||||||||
(To risk-weighted assets) | $ | 14,127 | 10.17 | % | $ | 5,555 | 4 | % | $ | 8,332 | 6 | % | |||||||||||||
Tier 1 capital | |||||||||||||||||||||||||
(To average assets) | $ | 14,127 | 6.09 | % | $ | 9,279 | 4 | % | $ | 11,560 | 5 | % | |||||||||||||
2012 | |||||||||||||||||||||||||
Total capital | |||||||||||||||||||||||||
(To risk-weighted assets) | $ | 16,445 | 13.55 | % | $ | 9,779 | 8 | % | $ | 12,140 | 10 | % | |||||||||||||
Tier 1 capital | |||||||||||||||||||||||||
(To risk-weighted assets) | $ | 14,939 | 12.31 | % | $ | 4,856 | 4 | % | $ | 7,284 | 6 | % | |||||||||||||
Tier 1 capital | |||||||||||||||||||||||||
(To average assets) | $ | 14,939 | 8.71 | % | $ | 6,860 | 4 | % | $ | 8,575 | 5 | % | |||||||||||||
Dividend Limitations | |||||||||||||||||||||||||
As a result of regulatory restrictions due to losses realized by the Bank during the preceding two years and the Written Agreement with the Federal Reserve Bank of Richmond, which terminated on August 13, 2013, we are not presently able to pay dividends without prior approval. Accordingly, the Bank paid no dividends during 2013 or 2012. | |||||||||||||||||||||||||
Employee_Benefit_Plans_and_Sto
Employee Benefit Plans and Stock-based Compensation | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Employee Benefits and Share-based Compensation [Abstract] | ' | ||||||||||||
Compensation and Employee Benefit Plans [Text Block] | ' | ||||||||||||
Note 13. Employee Benefit Plans and Stock-based Compensation | |||||||||||||
Employee 401(k) Savings Plan | |||||||||||||
The Company provides a 401(k) Plan that is available to employees meeting minimum eligibility requirements. The Company did not make any matching contributions to the plan in 2013 or 2012. In the past, the Board has authorized a match of employee elective deferrals up to 50% of participant contributions on the first six percent of eligible deferrals. Due to continuing bank losses, that match was suspended during the fourth quarter of 2010. The employee participants have various investment alternatives available in the 401(k) Plan; however, Company stock is currently not permitted as an investment alternative. | |||||||||||||
Employee Welfare Plan | |||||||||||||
The Company provides benefit programs to eligible full-time and part-time employees who elect coverage under the plan. Each plan has its own eligibility requirement. During an annual enrollment period each year, employees have the opportunity to change their coverage or, in certain circumstances, more frequently due to certain life-changing events. Generally, amounts paid by employees for benefit coverage are deducted from their pay on a before-tax basis. Certain benefits are deducted on an after-tax basis. | |||||||||||||
Various insurance benefits offered to employees consist of medical, dental, vision, life, accidental death and dismemberment, long term disability, short term disability, medical spending account, dependent care spending account, long term care and supplemental insurance. The health and welfare plans are administered through Multiple Employer Welfare Association (“MEWA”). Monthly employer and employee contributions are remitted to a tax-exempt employer benefits trust managed by the Virginia Bankers Association, against which the MEWA processes and pays claims. | |||||||||||||
Deferred Compensation Plan | |||||||||||||
The Bank has a deferred compensation agreement with its Former Chief Executive Officer and Vice Chairman of the board entered into in January 2005, providing for benefit payments commencing January 1, 2010, for a period of five years. The remaining liability as of December 31, 2013, was $60 thousand. The annual payment for both 2013 and 2012 was $60 thousand. The obligation is based upon the present value of the expected payments over the expected payout and accrual period. The final payout is December 2014. | |||||||||||||
Stock Options and Restricted Stock | |||||||||||||
Stock-based compensation arrangements include stock options, restricted stock plans, performance-based awards, stock appreciation rights and employee stock purchase plans. ASC Topic 718 requires all share-based payments to employees to be valued using a fair value method on the date of grant and to be expensed based on that fair value over the applicable vesting period. | |||||||||||||
At the 2005 Annual Meeting, shareholders ratified approval of the Bank of Virginia 2005 Stock Option Plan (the “2005 Plan”) which made available up to 26,560 shares for potential grants of stock options. The Plan was instituted to encourage and facilitate investment in the common stock of the Bank by key employees and executives and to assist in the long-term retention of service by those executives. The Plan covers employees as determined by the Bank’s Board of Directors from time to time. Options under the Plan were granted in the form of incentive stock options. | |||||||||||||
At the 2011 Annual Meeting, the Bank’s shareholders approved a new share-based compensation plan (Bank of Virginia 2011 Stock Incentive Plan or the “2011 Plan”). Under this plan, employees, officers and directors of the Bank or its affiliates are eligible to participate. The plan’s intent was to reward employees, officers and directors of the Bank or its affiliates for their efforts, to assist in the long-term retention of service for those who were awarded, as well as align their interests with the Bank. The terms of the 2011 Plan were previously disclosed in the Bank’s definitive proxy materials for the 2011 Annual Meeting of Shareholders filed with the Board of Governors of the Federal Reserve on April 22, 2011. There are 106,240 shares reserved under the 2011 Plan. | |||||||||||||
There were 20,000 Cordia stock options granted outside the plan prior to the merger in March 2013. In addition, there are 10,000 stock options and 12,500 restricted stock shares issued in September 2013 outside the plan registered through a Form S-8 filing on September 25, 2013. | |||||||||||||
As of the merger on March 29, 2013, the 2005 and 2011 Plans were converted into the Cordia Plans. Due to the share exchange for 0.664 shares of Cordia common stock, the total number of shares reserved under the 2005 and 2011 plans are 132,800. | |||||||||||||
A summary of the Company’s option activity as of December 31, 2013 and changes during the year then ended are presented in the following table: | |||||||||||||
Option shares | Weighted-Average Exercise Price | Weighted-Average Remaining Contractual Term (Years) | |||||||||||
Outstanding at December 31, 2012 | 77,830 | $ | 9.68 | 0 | |||||||||
Granted | 56,982 | 5.16 | 0 | ||||||||||
Exercised | 0 | 0 | 0 | ||||||||||
Forfeited | (19,156 | ) | 8.34 | 0 | |||||||||
Outstanding at December 31, 2013 | 115,656 | $ | 7.68 | 8.44 | |||||||||
Exercisable at December 31, 2013 | 28,438 | $ | 12.8 | 7.36 | |||||||||
Aggregate intrinsic value is calculated as the difference between the quoted price and the award exercise price of the stock. To the extent that the quoted price is less than the exercise price, there is no value to the underlying option awards, which was the case at December 31, 2013. | |||||||||||||
The weighted average fair value of options granted during the year was $1.77. The remaining unrecognized compensation expense for the options granted totaled $141 thousand as of December 31, 2013 and will be recognized over the next 45 months, or 3.75 years. | |||||||||||||
The fair value of each option granted is estimated on the date of grant using the “Black-Scholes Option Pricing” method with the following assumptions for the year ended December 31, 2013 and 2012: | |||||||||||||
2013 | 2012 | ||||||||||||
Expected dividend rate | 0 | % | 0 | % | |||||||||
Expected volatility | 30 | % | 25 | % | |||||||||
Expected term in years | 7 – 10 | 7 | |||||||||||
Risk free rate | 1.42 | % | 1.18 | % | |||||||||
Options totaling 56,982 were granted during the year ended December 31, 2013 under the 2011 plan. The expected term of options granted under both the 2011 Plan and 2005 Plan were estimated based upon anticipated behavior patterns given the contractual terms of the options granted. The risk free rate for periods within the contractual life of the option has been based on the U.S. Treasury yield curve in effect at the time of the grant. Expected volatility has been based on the historical volatility of the Company’s stock. | |||||||||||||
Each non executive director was granted 2,237 and 2,205 restricted shared during 2012 and 2013, respectively. The 2012 grants equaled $72 thousand in value and were fully vested by the end of 2012. The 2013 grants also equaled $72 thousand in value, vested pro rata monthly over the course of 2013, and were fully vested by the end of 2013. | |||||||||||||
A summary of the status of the Company’s nonvested shares in relation to the Company’s restricted stock awards as of December 31, 2013 and 2012, and changes during the years ended December 31, 2013 and 2012 is presented below. The weighted average price is the weighted average fair value at the date of grant. | |||||||||||||
Shares | Weighted Average Price | ||||||||||||
Nonvested as of January 1, 2012 | 664 | 6.78 | |||||||||||
Vested | 0 | ||||||||||||
Forfeited | (664 | ) | 6.78 | ||||||||||
Nonvested as of December 31, 2012 | 0 | ||||||||||||
Granted | 12,500 | 4.41 | |||||||||||
Vested | 800 | 4.41 | |||||||||||
Forfeited | 0 | ||||||||||||
Nonvested as of December 31, 2013 | 11,700 | 4.41 | |||||||||||
The weighted average fair value of restricted stock granted during the year was $4.41. The remaining unrecognized compensation expense for the shares granted totaled $52 thousand as of December 31, 2013 and will be recognized over the next 45 months, or 3.75 years. | |||||||||||||
578,125 of restricted shares of common stock were sold to founding investors of Cordia predominantly during 2009 and 2010 and are considered at December 31, 2012 and December 31, 2013 more-likely-than-not to not vest due to significant performance based thresholds, for which the vesting time period expires in October 2016. | |||||||||||||
Cordia does not have any benefit plans or incentive compensation plans beyond those maintained by the Bank. Cordia does provide a life insurance benefit to the President and Chief Executive Officer under the terms of his employment agreement. | |||||||||||||
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||||
Fair Value, Measurement Inputs, Disclosure [Text Block] | ' | ||||||||||||||||||||
Note 14. Fair Value Measurements | |||||||||||||||||||||
Fair value information about financial instruments, whether or not recognized in the balance sheet, for which it is practical to estimate the value is based upon the characteristics of the instruments and relevant market information. Financial instruments include cash, evidence of ownership in an entity, or contracts that convey or impose on an entity that contractual right or obligation to either receive or deliver cash for another financial instrument. Fair value is the amount at which a financial instrument could be exchanged in a current transaction between willing parties, other than in a forced sale or liquidation, and is best evidenced by a quoted market price if one exists. | |||||||||||||||||||||
The following presents the methodologies and assumptions used to estimate the fair value of the Company’s financial instruments. The information used to determine fair value is highly subjective and judgmental in nature and, therefore, the results may not be precise. Subjective factors include, among other things, estimates of cash flows, risk characteristics, credit quality, and interest rates, all of which are subject to change. Since the fair value is estimated as of the balance sheet date, the amounts that will actually be realized or paid upon settlement or maturity on these various instruments could be significantly different. | |||||||||||||||||||||
Financial Instruments with Book Value Equal to Fair Value | |||||||||||||||||||||
The book values of cash and due from banks, federal funds sold and purchased, loans held for sale, interest receivable, and interest payable are considered to be equal to fair value as a result of the short-term nature of these items. | |||||||||||||||||||||
Securities (Available for Sale and Held to Maturity) | |||||||||||||||||||||
For securities, fair value is based on current market quotations, where available. If quoted market prices are not available, fair value has been based on the quoted price of similar instruments or third party pricing models. | |||||||||||||||||||||
Restricted Securities | |||||||||||||||||||||
Restricted securities are valued at cost which is also the stated redemption value of the shares. | |||||||||||||||||||||
Loans | |||||||||||||||||||||
The estimated value of loans held for investment is measured based upon discounted future cash flows using the current rates for similar loans, as well as assumptions related to credit risk. See below for valuation of impaired loans. | |||||||||||||||||||||
Deposits | |||||||||||||||||||||
Deposits without a stated maturity, including demand, interest-bearing demand, and savings accounts, are reported at their carrying value in accordance with authoritative accounting guidance. No value has been assigned to the franchise value of these deposits. For other types of deposits with fixed maturities, fair value has been estimated by discounting future cash flows based on interest rates currently being offered on deposits with similar characteristics and maturities. | |||||||||||||||||||||
Borrowings and Other Indebtedness | |||||||||||||||||||||
Fair value has been estimated based on interest rates currently available to the Company for borrowings with similar characteristics and maturities. | |||||||||||||||||||||
Commitments to Extend Credit, Standby Letters of Credit, and Financial Guarantees | |||||||||||||||||||||
Fair values for off-balance-sheet, credit-related financial instruments are based on fees currently charged to enter into similar agreements, taking into account the remaining terms of the agreements and the counterparties’ credit standing. At December 31, 2013 and 2012, the fair value of loan commitments and standby letters of credit was deemed to be immaterial and therefore is not included. | |||||||||||||||||||||
Determination of Fair Value | |||||||||||||||||||||
The Company uses fair value measurements to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures. In accordance with the Fair Value Measurements and Disclosure topic of FASB ASC, the fair value of a financial instrument is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value is best determined based upon quoted market prices. However, in many instances, there are no quoted market prices for the Company’s various financial instruments. In cases where quoted market prices are not available, fair values are based on estimates using present value or other valuation techniques. Those techniques are significantly affected by the assumptions used, including the discount rate and estimate of future cash flows. Accordingly, the fair value estimates may not be realized in an immediate settlement of the instrument. | |||||||||||||||||||||
The fair value guidance provides a consistent definition of fair value, which focuses on exit price in an orderly transaction (that is, not a forced liquidation or distressed sale) between market participants at the measurement date under market conditions. If there has been a significant decrease in the volume and level of activity for the asset or liability, a change in valuation technique or the use of multiple valuation techniques may be appropriate. In such instances, determining the price at which willing market participants would transact at the measurement date under market conditions depends on the facts and circumstances and requires the use of significant judgment. | |||||||||||||||||||||
Authoritative accounting literature specifies 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 upon quoted prices for identical instruments traded in active markets. | ||||||||||||||||||||
Level 2 | Valuation is based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant assumptions are observable in the market. | ||||||||||||||||||||
Level 3 | Valuation is generated from model-based techniques that use at least one significant assumption not observable in the market. These unobservable assumptions reflect estimates of assumptions that market participants would use in pricing the asset or liability. Valuation techniques include use of option pricing models, discounted cash flow models and similar techniques. | ||||||||||||||||||||
The following table presents estimated fair values of the Company’s financial statements in accordance with authoritative accounting guidance: | |||||||||||||||||||||
Carrying amount | Fair Value Measurements at December 31, 2013 | ||||||||||||||||||||
(dollars in thousands) | Level 1 | Level 2 | Level 3 | Fair Value | |||||||||||||||||
Assets: | |||||||||||||||||||||
Cash and cash equivalents | $ | 13,984 | $ | 13,984 | $ | 0 | $ | 0 | $ | 13,984 | |||||||||||
Securities available for sale | 24,567 | 0 | 24,567 | 0 | 24,567 | ||||||||||||||||
Securities held to maturity | 14,753 | 0 | 14,597 | 0 | 14,597 | ||||||||||||||||
Restricted securities | 1,074 | 0 | 1,074 | 0 | 1,074 | ||||||||||||||||
Net Loans held for investment | 172,518 | 0 | 0 | 173,444 | 173,444 | ||||||||||||||||
Interest receivable | 1,655 | 0 | 1,655 | 0 | 1,655 | ||||||||||||||||
Liabilities: | |||||||||||||||||||||
Demand deposits | 22,845 | 0 | 22,845 | 0 | 22,845 | ||||||||||||||||
Savings and interest-bearing demand deposits | 60,685 | 0 | 60,685 | 0 | 60,685 | ||||||||||||||||
Time deposits | 127,284 | 0 | 127,966 | 0 | 127,966 | ||||||||||||||||
FHLB Borrowings | 10,000 | 0 | 9,656 | 0 | 9,656 | ||||||||||||||||
Interest payable | 143 | 0 | 143 | 0 | 143 | ||||||||||||||||
Carrying amount | Fair Value Measurements at December 31, 2012 | ||||||||||||||||||||
(dollars in thousands) | Level 1 | Level 2 | Level 3 | Fair Value | |||||||||||||||||
Assets: | |||||||||||||||||||||
Cash and cash equivalents | $ | 11,981 | $ | 11,981 | $ | 0 | $ | 0 | $ | 11,981 | |||||||||||
Securities available for sale | 18,511 | 0 | 18,511 | 0 | 18,511 | ||||||||||||||||
Restricted securities | 1,156 | 0 | 1,156 | 0 | 1,156 | ||||||||||||||||
Loans held for sale | 28,949 | 0 | 28,949 | 0 | 28,949 | ||||||||||||||||
Loans held for investment | 110,960 | 0 | 0 | 113,260 | 113,260 | ||||||||||||||||
Interest receivable | 419 | 0 | 419 | 0 | 419 | ||||||||||||||||
Liabilities: | |||||||||||||||||||||
Demand deposits | 19,498 | 0 | 19,498 | 0 | 19,498 | ||||||||||||||||
Savings and interest-bearing demand deposits | 39,393 | 0 | 39,393 | 0 | 39,393 | ||||||||||||||||
Time deposits | 95,537 | 0 | 94,848 | 0 | 94,848 | ||||||||||||||||
FHLB Borrowings | 10,000 | 0 | 11,421 | 0 | 11,421 | ||||||||||||||||
Interest payable | 173 | 0 | 173 | 0 | 173 | ||||||||||||||||
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 financial statements: | |||||||||||||||||||||
Securities available for sale | |||||||||||||||||||||
Securities available for sale are recorded at fair value on a recurring basis. Fair value measurement is based upon quoted market prices, when available (Level 1). If quoted market prices are not available, fair values are measured utilizing independent valuation techniques of identical or similar securities for which significant assumptions are derived primarily from or corroborated by observable market data. Third party vendors compile prices from various sources and may determine the fair value of identical or similar securities by using pricing models that consider observable market data (Level 2). | |||||||||||||||||||||
The following table presents the balances of financial assets measured at fair value on a recurring basis at December 31, 2013 and 2012: | |||||||||||||||||||||
Balance at December 31, | Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | ||||||||||||||||||
(dollars in thousands) | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||||||
2013 | |||||||||||||||||||||
U. S. Government Agencies | $ | 7,041 | $ | 0 | $ | 7,041 | $ | 0 | |||||||||||||
Agency Guaranteed Mortgage-backed securities | 17,526 | 0 | 17,526 | 0 | |||||||||||||||||
2012 | |||||||||||||||||||||
U.S. Government Agencies | $ | 3,455 | $ | 0 | $ | 3,455 | $ | 0 | |||||||||||||
Agency Guaranteed Mortgage-backed securities | 15,056 | 0 | 15,056 | 0 | |||||||||||||||||
Certain assets are measured at fair value on a nonrecurring basis in accordance with 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 financial statements: | |||||||||||||||||||||
Loans Held for Sale | |||||||||||||||||||||
Loans held for sale are required to be measured at the lower of cost or fair value. These loans consist of residential loans originated for sale in the secondary market. Fair value is based on the price secondary markets are currently offering for similar loans using observable market data, which is generally not materially different than cost due to the short duration between origination and sale (Level 2). As such, the Company records any fair value adjustments on a nonrecurring basis. No nonrecurring fair value adjustments were recorded on loans held for sale during the years ended December 31, 2013 and 2012. This program was discontinued in the second quarter of 2013. | |||||||||||||||||||||
Impaired Loans | |||||||||||||||||||||
Loans are designated as impaired when, in the judgment of management based on current information and events, it is probable that all amounts due according to the contractual terms of the loan agreement will not be collected. The measurement of loss associated with impaired loans can be based on either the observable market price of the loan or the fair value of the collateral. Collateral may be in the form of real estate or business assets including equipment, inventory, and accounts receivable. The vast majority of the collateral is real estate. The value of real estate collateral is determined utilizing a market valuation approach based on an appraisal conducted by an independent, licensed appraiser outside of the Company using observable market data (Level 2). However, if the collateral value is based on an income valuation approach is significantly adjusted due to differences in the comparable properties, or is discounted by the Company because of marketability, then the fair value is considered Level 3. The value of business equipment is based upon an outside appraisal if deemed significant, or the net book value on the applicable business’s financial statements if not considered significant. Likewise, values for inventory and accounts receivables collateral are based on financial statement balances or aging reports (Level 3). Impaired loans allocated to the Allowance for Loan Losses are measured at fair value on a nonrecurring basis. Any fair value adjustments are recorded in the period incurred as provision for loan losses on the Consolidated Statements of Operations. No non recurring fair value adjustments were recorded on impaired loans during the year ended December 31, 2013. | |||||||||||||||||||||
Other Real Estate Owned (OREO) | |||||||||||||||||||||
Other real estate owned (“OREO”) is measure at fair value less cost to sell, based on an appraisal conducted by an independent, licensed appraiser outside of the Company. If the collateral value is significantly adjusted due to differences in the comparable properties, or is discounted by the Company because of marketability, then the fair value is considered Level 3. OREO is measured at fair value on a nonrecurring basis. Any initial fair value adjustment is charged against the Allowance for Loan Losses. Subsequent fair value adjustments are recorded in the period incurred and included in other noninterest expense on the Consolidated Statements of Operations. | |||||||||||||||||||||
The following table summarizes the Company’s assets that were measured at fair value on a nonrecurring basis at December 31, 2013 and 2012. | |||||||||||||||||||||
Balance at December 31, | Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | ||||||||||||||||||
(dollars in thousands) | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||||||
2013 | |||||||||||||||||||||
OREO | $ | 1,545 | $ | 0 | $ | 0 | $ | 1,545 | |||||||||||||
2012 | |||||||||||||||||||||
Impaired Loans, net | $ | 275 | $ | 0 | $ | 0 | $ | 275 | |||||||||||||
OREO | 1,768 | 0 | 0 | 1,768 | |||||||||||||||||
The following table displays quantitative information about Level 3 Fair Value Measurements for December 31, 2013: | |||||||||||||||||||||
Quantitative Information about Level 3 Fair Value | |||||||||||||||||||||
Measurements for December 31, 2013 | |||||||||||||||||||||
(Dollars in thousands) | Fair Value | Valuation Technique | Unobservable Input | Range | |||||||||||||||||
Description | (Weighted Average) | ||||||||||||||||||||
Other real estate owned | $ | 1,545 | Discounted | Discount for lack | 6% to 29% (14%) | ||||||||||||||||
appraised value | of marketability | ||||||||||||||||||||
Other_Real_Estate_Owned
Other Real Estate Owned | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Other Real Estate Owned [Abstract] | ' | ||||||||
Real Estate Owned [Text Block] | ' | ||||||||
Note 15. Other Real Estate Owned | |||||||||
The table below presents a summary of the activity related to other real estate owned: | |||||||||
(dollars in thousands) | 2013 | 2012 | |||||||
Beginning balance, January 31, | $ | 1,768 | $ | 1,262 | |||||
Additions | 0 | 1,396 | |||||||
Sales | (223 | ) | (890 | ) | |||||
Ending balance, December 31, | $ | 1,545 | $ | 1,768 | |||||
The Company aggressively attempts to dispose of its other real estate and has contracted with a third-party vendor to aid in expediting the sales process. The Company recorded a net gain of $36 thousand on the sale of OREO during 2013 as compared to a net gain of $86 thousand during 2012. The Company recorded an expense of $48 thousand and $157 thousand related to other real estate owned for the years ended December, 31, 2013 and 2012, respectively. | |||||||||
Other_Comprehensive_Income
Other Comprehensive Income | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Statement of Comprehensive Income [Abstract] | ' | ||||||||||||
Other Comprehensive Income, Noncontrolling Interest [Text Block] | ' | ||||||||||||
Note 16. Other Comprehensive Income | |||||||||||||
The Company’s accumulated other comprehensive income (loss) is comprised of the unrealized gain (loss) on available for sale securities and the remaining unamortized loss on securities transferred to held to maturity. | |||||||||||||
The following table presents information on amounts reclassified out of accumulated other comprehensive income, by category, during the periods presented. | |||||||||||||
Year ended | |||||||||||||
December 31, | |||||||||||||
(dollars in thousands) | 2013 | 2012 | Affected Line Item on | ||||||||||
Consolidated Statement | |||||||||||||
of Operations | |||||||||||||
Available for sale securities | |||||||||||||
Realized losses on sales of securities | $ | 0 | $ | (30 | ) | Net loss on sale of | |||||||
available for sale securities | |||||||||||||
Held to maturity securities | |||||||||||||
Reclassification adjustment | 8 | 0 | Interest income – | ||||||||||
Investment Securities | |||||||||||||
$ | 8 | $ | (30 | ) | |||||||||
Parent_Company_Activity
Parent Company Activity | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Cash Dividends Paid to Parent Company [Abstract] | ' | ||||||||
Condensed Financial Information of Parent Company Only Disclosure [Text Block] | ' | ||||||||
Note 17. Parent Company Activity | |||||||||
Cordia Bancorp, Inc. owns 100.0% of the outstanding shares of the Bank of Virginia at December 31, 2013. Condensed financial statements of Cordia Bancorp, Inc. follow: | |||||||||
Condensed Balance Sheets | |||||||||
December 31, 2013 and 2012 | |||||||||
(dollars in thousands) | 2013 | 2012 | |||||||
Assets: | |||||||||
Cash and due from banks | $ | 211 | $ | 227 | |||||
Investment in Bank of Virginia | 13,882 | 8,663 | |||||||
Other assets | 229 | 120 | |||||||
Total assets | $ | 14,322 | $ | 9,010 | |||||
Liabilities and capital: | |||||||||
Liabilities | $ | 1,035 | $ | 206 | |||||
Equity | |||||||||
Common stock | 28 | 21 | |||||||
Additional paid-in capital | 18,648 | 14,428 | |||||||
Retained (deficit) | (5,005 | ) | (5,701 | ) | |||||
Accumulated other comprehensive income (loss) | (384 | ) | 56 | ||||||
Total equity | 13,287 | 8,804 | |||||||
Total liabilities and equity | $ | 14,322 | $ | 9,010 | |||||
Condensed Statements of Operations | |||||||||
For the years ended December 31, 2013 and 2012 | |||||||||
(dollars in thousands) | 2013 | 2012 | |||||||
Income (loss): | |||||||||
Equity in undistributed income (loss) of subsidiary | $ | 1,346 | $ | (302 | ) | ||||
Interest income | 1 | 2 | |||||||
Total income (loss) | $ | 1,347 | $ | (300 | ) | ||||
Expenses: | |||||||||
Other expense | 651 | 244 | |||||||
Total expense | 651 | 244 | |||||||
Net income (loss) | $ | 696 | $ | (544 | ) | ||||
Condensed Statements of Cash Flows | |||||||||
For the years ended December 31, 2013 and 2012 | |||||||||
(dollars in thousands) | 2013 | 2012 | |||||||
Cash flows from operating activities: | |||||||||
Net income (loss) | $ | 696 | $ | (544 | ) | ||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||||||||
Equity in undistributed (income) loss of subsidiary | (1,346 | ) | 302 | ||||||
Stock-based compensation | 99 | 0 | |||||||
Net increase in other assets | (109 | ) | (120 | ) | |||||
Net increase in other liabilities | 828 | 166 | |||||||
Net cash provided by (used in) operating activities | 168 | (196 | ) | ||||||
Cash flows from investing activities: | |||||||||
Investment in Bank of Virginia, net of costs | (4,312 | ) | (2,972 | ) | |||||
Net cash used in investing activities | (4,312 | ) | (2,972 | ) | |||||
Cash flows from financing activities: | |||||||||
Issuance of Common Stock, net of costs | 4,128 | 2,674 | |||||||
Net cash provided by investing activities | 4,128 | 2,674 | |||||||
Net decrease in cash and due from banks | (16 | ) | (494 | ) | |||||
Cash and due from banks, beginning of period | 227 | 721 | |||||||
Cash and due from banks, end of period | $ | 211 | $ | 227 | |||||
Organization_and_Summary_of_Si1
Organization and Summary of Significant Accounting Policies (Policies) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | ||||||||
Use of Estimates, Policy [Policy Text Block] | ' | ||||||||
(a) Use of Estimates | |||||||||
In preparing financial statements in conformity with accounting principles generally accepted in the United States of America, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the balance sheet and reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change in the near term relate to the determination of the allowance for loan losses, the valuation of deferred tax assets, the valuation of other real estate owned, intangible assets, acquired loans with specific credit-related deterioration and fair value measurements. | |||||||||
Cash and Cash Equivalents, Policy [Policy Text Block] | ' | ||||||||
(b) Cash and Cash Equivalents | |||||||||
For purposes of the statement of cash flows, cash and cash equivalents include cash on hand, amounts due from banks and federal funds sold. Generally, federal funds are purchased and sold for one day periods. | |||||||||
Marketable Securities, Policy [Policy Text Block] | ' | ||||||||
(c) Securities | |||||||||
Debt securities that management has the positive intent and ability to hold to maturity are classified as “held to maturity” and recorded at amortized cost. Securities not classified as held to maturity, including equity securities with readily determinable fair values, are classified as “available for sale” and recorded at estimated fair value. Other securities, such as Federal Reserve Bank stock and Federal Home Loan Bank stock, are carried at cost and are listed on the balance sheet as restricted securities. | |||||||||
In estimating other than temporary impairment losses management considers, (1) the length of time and extent to which the fair value has been less than cost, (2) the financial condition and near term prospects of the issuer, and (3) our ability to retain our investment for a period of time sufficient to allow for any anticipated recovery in fair value. | |||||||||
Impairment of securities occurs when the fair value of a security is less than its amortized cost. For debt securities, impairment is considered other-than-temporary and recognized in its entirety in net income if either (1) the Company intends to sell the security or (2) it is more likely than not that the Company will be required to sell the security before recovery of its amortized cost basis. If, however, the Company does not intend to sell the security and it is not more-than-likely that the Company will be required to sell the security before recovery, management must determine what portion of the impairment is attributable to a credit loss, which occurs when the amortized cost of the security exceeds the present value of the cash flows expected to be collected from the security. If there is no credit loss, there is no other-than-temporary impairment. If there is a credit loss, other-than-temporary impairment exists, and the credit loss must be recognized in net income and the remaining portion of impairment must be recognized in other comprehensive income. | |||||||||
For equity securities carried at cost as restricted securities, impairment is considered to be other-than-temporary based on our ability and intent to hold the investment until a recovery of value. Other-than-temporary impairment of an equity security results in a write-down that must be included in income. The Company regularly reviews each security for other-than-temporary impairment based on criteria that include the extent to which costs exceed market price, the duration of that market decline, the financial health of and specific prospects for the issuer, management’s best estimate of the present value of cash flows expected to be collected on these debt securities, the Company’s intention with regard to holding the security to maturity and the likelihood that the Company would be required to sell the security before recovery. The Company adjusts amortization or accretion on each bond on a level yield basis monthly. | |||||||||
Trade and Loan Receivables, Nonmortgage Loans Held-for-sale, Policy [Policy Text Block] | ' | ||||||||
(d) Loans Held For Sale | |||||||||
Secondary market mortgage loans are designated as held for sale at the time of their origination. These loans are pre-sold with servicing released and the Company does not retain any interest after the loans are sold. These loans consist primarily of fixed-rate, single-family residential mortgage loans which meet the underwriting characteristics of certain government-sponsored enterprises (conforming loans). In addition, the Company requires a firm purchase commitment from a permanent investor before a loan can be committed, thus limiting interest rate risk. Loans held for sale are carried at the lower of cost or fair value. Gains on sales of loans are recognized at the loan closing date and are included in noninterest income. The Company did not have any loans classified as held for sale as of December 31, 2013. | |||||||||
Loan Commitments, Policy [Policy Text Block] | ' | ||||||||
(e) Loans | |||||||||
The Company grants commercial and consumer loans to customers. A substantial portion of the loan portfolio is represented by commercial loans throughout the greater Richmond, Virginia metropolitan area. The ability of the Bank’s debtors to honor their contracts is dependent upon numerous factors including the collateral performance, general economic conditions, as well as the underlying strength of borrowers and guarantors. | |||||||||
Loans that management has the intent and ability to hold for the foreseeable future or until maturity or pay-off are generally reported at their outstanding unpaid principal balances adjusted for the allowance for loan losses and net deferred fees and costs. Interest income is accrued on the unpaid principal balance. Loan origination and commitment fees and certain direct costs are deferred and the net amount is amortized as an adjustment of the related loan’s yield. The Bank is amortizing these amounts on an effective interest method over the loan’s contractual life or to the pay-off date if the balance is repaid prior to maturity. There are no current commitments to purchase loans at this time. Loans are recorded based on purpose, collateral and repayment period. Interest is calculated on a 365/360 for commercial loans and 365/365 for consumer loans. Interest is accrued on a daily basis. | |||||||||
The Company was licensed by the U.S. Department of Education as a rehabilitated student lender effective November 2012. In the first quarter of 2013, the Company began purchasing rehabilitated student loans guaranteed by the U.S. Department of Education. The guarantee covers approximately 98% of principal and accrued interest. The unguaranteed principal balance of these loans was approximately $1.1 million at December 31, 2013. | |||||||||
The past due status of a loan is based on the contractual due date of the most delinquent payment due. Each loan will be placed in one of the following categories: current, 1 – 29 days past due, 30 – 59 days past due, 60 – 89 days past due and 90 days and over past due. Generally, the accrual of interest on a loan is discontinued at the time the loan becomes 90 days delinquent unless the credit is well-secured or in process of collection or refinancing. Due to the guaranty by the U.S. Department of Education, Guaranteed Student Loans continue to accrue interest up until payment is received from the guarantor. | |||||||||
When a loan is placed on nonaccrual or charged off, all interest accrued but not collected is reversed against interest income. The interest on loans in nonaccrual status is accounted for on the cash basis or cost recovery method, until qualifying for return to accrual. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured. | |||||||||
In situations where, for economic or legal reasons related to a borrower’s financial condition, management may grant a concession to the borrower that it would not otherwise consider, the related loan is classified as a troubled debt restructuring (TDR). Management strives to identify borrowers in financial difficulty early and work with them to modify their loan to more affordable terms before their loan reaches nonaccrual status. These modified terms may include rate reductions, principal forgiveness, payment forbearance, re-amortization, and other actions intended to minimize the economic loss and to avoid foreclosure or repossession of the collateral. In cases where borrowers are granted new terms that provide for a reduction of either interest or principal, management measures any impairment on the restructuring as noted below for impaired loans. There were five loans with an aggregate principal balance of $2.0 million classified as TDRs as of December 31, 2013, while there were three loans with an aggregate principal balance of $2.1 million classified as TDRs as of December 31, 2012. | |||||||||
Acquired loans with specific credit deterioration are accounted for by Cordia in accordance with FASB Accounting Standards Codification 310-30. Certain acquired loans, those for which specific credit-related deterioration, since origination, is identified, are recorded at fair value reflecting the present value of the amounts expected to be collected. Income recognition on these loans is based on a reasonable expectation about the timing and amount of cash flows to be collected. Acquired loans deemed impaired and considered collateral dependent, with the timing of the sale of loan collateral indeterminate, remain on non-accrual status and have no accretable yield. | |||||||||
Loans and Leases Receivable, Allowance for Loan Losses Policy [Policy Text Block] | ' | ||||||||
(f) Allowance for Loan Losses | |||||||||
The allowance for loan losses (ALL) is increased by charges to income and decreased by charge-offs, net of recoveries. The allowance is established and maintained at a level management deems adequate to cover losses inherent in the portfolio as of the balance sheet date and is based on management’s evaluation of the risks in the loan portfolio and changes in the nature and volume of loan activity. There are risks inherent in all loans, so an allowance is maintained for loans to absorb probable losses on existing loans that may become uncollectible. The allowance is established and maintained as losses are estimated to have occurred through a provision for loan losses charged to earnings, which increases the balance of the allowance. Loan losses for all segments are charged against the allowance when management believes the uncollectability of a loan is confirmed, which decreases the balance of the allowance. Subsequent recoveries, if any, are credited back to the allowance. | |||||||||
The amount of the allowance is established through the application of a standardized model, the components of which are: an impairment analysis of specific loans to determine the level of any specific reserves needed and an estimate of the general reserves needed which consists of a weighted average of historical loss experience and adjustments for economic and environmental factors. | |||||||||
The allowance for loan losses is evaluated on a regular basis by management and is based upon management’s periodic review of the collectability of the loans in light of historical experience, the nature and volume of the loan portfolio, adverse situations that may affect the borrower’s ability to repay, estimated value of any underlying collateral and prevailing economic conditions. This evaluation is inherently subjective as it requires estimates that are susceptible to significant revision as more information becomes available. | |||||||||
In order for the ALL methodology to be considered valid and for Management to make the determination if any deficiencies exist in the process, the Bank at a minimum requires: | |||||||||
- | A review of trends in loan volume, delinquencies, restructurings and concentrations; | ||||||||
- | Tests of source documents and underlying assumptions to determine that the established methodology develops reasonable loss estimates; and | ||||||||
- | An evaluation of the appraisal process of the underlying collateral which may be accomplished by periodically comparing the appraised value to the actual sales price on selected properties sold. | ||||||||
- | Accurate loan risk ratings. | ||||||||
Note 4 includes additional discussion of how the allowance is quantified. The use of various estimates and judgments in the Bank’s ongoing evaluation of the required level of allowance can significantly affect the Bank’s results of operations and financial condition and may result in either greater provisions against earnings to increase the allowance or reduced provisions based upon management’s current view of portfolio and economic conditions and the application of revised estimates and assumptions. | |||||||||
The specific component of the allowance relates to loans that are classified as either doubtful or substandard. For such loans that are also classified as impaired, a loan level allowance is established. The evaluation of the need for a specific reserve involves the identification of impaired loans and an analysis of those loans’ repayment capacity from both primary (cash flow) and secondary (real estate and non real estate collateral or guarantors) sources and making specific reserve allocations to impaired loans that exhibit inherent weaknesses and various credit risk factors. All available collateral is analyzed and valued, with discounts applied according to the age of any real estate appraisals or the liquidity of other asset classes. The analysis is compared to the aggregate Bank loan exposure, giving consideration to the Bank’s lien preference and other actual and contingent obligations of the borrower. Any loan guarantors are rated and their value weighted based on an analysis of the guarantor’s net worth, including liabilities, liquid assets, and annual cash flows and total contingent liabilities. | |||||||||
The impairment of a loan occurs when it is probable that the Bank will be unable to collect all amounts due according to the contractual terms of the loan agreement. We do not consider a loan impaired during a period of insignificant delay in payment if we expect the ultimate collection of all amounts due. Impairment is measured as the difference between the recorded investment in the loan and the evaluation of the present value of expected future cash flows or the observable market price of the loan or collateral value of the impaired loan when that cash flow or collateral value is lower than the carrying value of that loan. Loans that are collateral dependent, that is, loans where repayment is expected to be provided solely by the underlying collateral, and for which management has determined foreclosure is probable, are measured for impairment based on the fair value of the collateral as described above. | |||||||||
The general component covers pass rated loans and special mention loans and is based on historical loss experience adjusted for qualitative factors. | |||||||||
The model estimates probable loan losses by analyzing historical loss experience and other trends within the portfolio, including trends in delinquencies and charge-offs, the opinions of regulators, changes in the growth rate, size and composition of the loan portfolio, particularly the level of special mention rated loans, the level of past due loans, the level of home equity loans and commercial real estate loans in aggregate and as a percentage of capital, and industry information. | |||||||||
A component of the general allowance for unimpaired loans is established based on a weighted average historical loss factor for the prior twelve quarters (with more weight given to the more recent quarters) and the level of unimpaired loans. Management applies a 45% weighting to the most recent four quarters, a 35% weighting to the next four quarters and a 20% weighting to the most distant four of the prior twelve quarters when calculating this component of the general reserve. | |||||||||
Also included in management’s estimates for loan losses are considerations with respect to the impact of local and national economic trends, the outcomes of which are uncertain. These events may include, but are not limited to, a general slowdown in the national or local economy, national and local unemployment rates, local real estate values, fluctuations in overall lending rates, political conditions, legislation that may directly or indirectly affect the banking industry and economic conditions affecting the specific geographic area in which the Bank conducts business. | |||||||||
Property, Plant and Equipment, Policy [Policy Text Block] | ' | ||||||||
(g) Premises and Equipment | |||||||||
Premises and equipment are stated at cost less accumulated depreciation. Depreciation is computed using the straight-line method over the assets' estimated useful lives. Estimated useful lives range from 10 to 30 years for buildings and 3 to 10 years for autos, furniture, fixtures and equipment. The value of land is carried at cost. Cost is based on the fair value at the date of the acquisition of Bank of Virginia. Subsequent purchases are recorded at cost. | |||||||||
Real Estate Owned, Valuation Allowance, Policy [Policy Text Block] | ' | ||||||||
(h) Other Real Estate Owned | |||||||||
Assets acquired through loan foreclosure are held for sale. They are initially recorded at fair market value at the date of foreclosure, less estimated selling costs thus establishing a new cost basis. Subsequent to foreclosure, valuations of the assets are periodically performed by management. Adjustments are made to the lower of the carrying amount or fair market value of the assets less selling costs. Revenue and expenses from operations are included in net expenses from foreclosed assets. The Bank’s investment in foreclosed assets totaled $1.5 million and $1.8 million at December 31, 2013 and 2012, respectively. | |||||||||
Goodwill and Intangible Assets, Policy [Policy Text Block] | ' | ||||||||
(i) Goodwill and Other Intangibles | |||||||||
FASB ASC 805, Business Combinations, requires that the acquisition method of accounting be used for all business combinations. With acquisitions, the Company is required to record assets acquired, including any intangible assets, and liabilities assumed at fair value, which involves relying on estimates based on third party valuations, such as appraisals, or internal valuations based on discounted cash flow analysis or other valuation methods. The Company records goodwill per ASC 350, Intangibles-Goodwill and Others. Accordingly, goodwill is no longer subject to amortization over its estimated useful life, but is subject to at least an annual assessment for impairment by applying a fair value-based test. Additionally, under ASC 350, acquired intangible assets (such as core deposit intangibles) are separately recognized if the benefit of the assets can be sold, transferred, licensed, rented, or exchanged, and amortized over their useful lives. Goodwill was determined to be impaired in December 2011 at the annual impairment evaluation and was written off in its entirely at that time. Core deposit intangibles of $139 thousand and $175 thousand are included in other assets at December 31, 2013 and 2012, respectively. | |||||||||
Income Tax, Policy [Policy Text Block] | ' | ||||||||
(j) Income Taxes | |||||||||
Deferred taxes are provided on a liability method whereby deferred tax assets are recognized for deductible temporary differences, operating loss carryforwards, and tax credit carryforwards. Deferred tax liabilities are recognized for taxable temporary differences. | |||||||||
Temporary differences are the differences between the reported amounts of assets and liabilities and their tax bases. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, the recognition of the asset is less than probable. A valuation allowance has been recorded against the Company’s entire net deferred tax asset. | |||||||||
When tax returns are filed, it is highly certain that some positions taken would be sustained upon examination by the taxing authorities, while others are subject to uncertainty about the merits of the positions taken or the amount of the position that would be ultimately sustained. The benefit of a tax position is recognized in the financial statements in the period during which, based on all available evidence, management believes it is more likely than not that the position will be sustained upon examination, including the resolution of appeals or litigation processes, if any. Tax positions taken are not offset or aggregated with other positions. Tax positions that meet the more-likely-than-not recognition threshold are measured as the largest amount of tax benefit that is more than 50 percent likely of being realized upon settlement with the applicable taxing authority. The portion of the benefits associated with tax positions taken that exceeds the amount measured as described above is recognized as a liability for unrecognized tax benefits in the accompanying balance sheets along with any associated interest and penalties that would be payable to the taxing authorities upon examination. As of December 31, 2013 and 2012, the Company had recorded no such liability. | |||||||||
Banks operating in Virginia are not subject to Virginia State Income Tax, but are subjected to Virginia Bank Franchise Taxes. | |||||||||
Advertising Cost, Policy, Expensed Advertising Cost [Policy Text Block] | ' | ||||||||
(k) Marketing Costs | |||||||||
The Company follows the policy of charging the production costs of marketing/advertising to expense as incurred unless the advertising campaign extends for a significant time period, in which case, such costs will be amortized to expense over the duration of the advertising campaign. | |||||||||
Comprehensive Income, Policy [Policy Text Block] | ' | ||||||||
(l) Comprehensive Income (Loss) | |||||||||
Accounting principles generally require that recognized revenue, expenses, gains and losses be included in net income. Although certain changes in assets and liabilities, such as unrealized gains and losses on available for sale securities, are reported as a separate component of the equity section of the balance sheet, such items, along with net income, are components of comprehensive income. | |||||||||
Earnings Per Share, Policy [Policy Text Block] | ' | ||||||||
(m) Earnings Per Share | |||||||||
Basic earnings per share represents income available to common shareholders divided by the weighted-average number of common shares outstanding during the period. Diluted earnings per share reflect additional common shares that would have been outstanding if dilutive potential common shares had been issued, as well as any adjustment to income that would result from the assumed issuance. | |||||||||
Options to purchase 116 thousand shares of the Company’s common stock were not included in the computation of earnings per share because the share awards exercise prices exceeded the average market price of the Company’s common stock during all periods presented and, therefore, the effect would have been anti-dilutive. | |||||||||
The calculation for basic and diluted earnings per common share for the years ended December 31, are as follows: | |||||||||
(dollars in thousands) | 2013 | 2012 | |||||||
Net income (loss) attributable to Company | $ | 696 | $ | (544 | ) | ||||
Weighted average basic shares outstanding | 2,615,387 | 1,705,112 | |||||||
Basic income (loss) per common share | $ | 0.27 | $ | (0.32 | ) | ||||
Weighted average dilutive shares outstanding | 2,615,387 | 1,705,112 | |||||||
Diluted income (loss) per common share | $ | 0.27 | $ | (0.32 | ) | ||||
For the years ended December 31, 2013 and 2012, 578,125 shares of unvested Common Stock were excluded from the computation of basic and diluted earnings per common share as they are performance based and unlikely to vest. All other vested and nonvested restricted common shares, which carry all rights and privilege of a stockholder with respect to the stock, including the right to vote, were included in the per common share calculation. | |||||||||
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | ' | ||||||||
(n) Stock Option Plan | |||||||||
Authoritative accounting guidance requires the costs resulting from all share-based payments to employees be recognized in the financial statements. For stock option grants, stock-based compensation is estimated at the date of grant, using the Black-Scholes option valuation model for determining fair value. Restricted stock grants are expensed based on the grant date fair value of the Company’s common stock. The Company recognized stock-based compensation expense of $99 thousand and $35 thousand in 2013 and 2012, respectively. | |||||||||
Fair Value Measurement, Policy [Policy Text Block] | ' | ||||||||
(o) Fair Value Measurements | |||||||||
Fair values of financial instruments are estimated using relevant market information and other assumptions as more fully disclosed in Note 14. Fair value estimates involve uncertainties and matters of significant judgment. Changes in assumptions or market conditions could significantly affect the estimates. | |||||||||
Transfers and Servicing of Financial Assets, Policy [Policy Text Block] | ' | ||||||||
(p) Transfer of Assets | |||||||||
Transfers of financial assets are accounted for as sales when control over the assets has been surrendered. Control over transferred assets is deemed to be surrendered when 1) the assets have been isolated from the Company — put presumptively beyond the reach of the transferor and its creditors, even in bankruptcy or other receivership; 2) the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets; and 3) the Company does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity of the ability to unilaterally cause the holder to return specified assets. | |||||||||
Reclassification, Policy [Policy Text Block] | ' | ||||||||
(q) Reclassification | |||||||||
In certain circumstances, reclassifications have been made to prior period information to conform to the 2013 presentation. Such reclassifications had no effect on previously reported stockholders’ equity or net income or loss. | |||||||||
New Accounting Pronouncements, Policy [Policy Text Block] | ' | ||||||||
Recent Accounting Pronouncements | |||||||||
In December 2011, the FASB issued ASU 2011-11, “Balance Sheet (Topic 210) — Disclosures about Offsetting Assets and Liabilities.” This ASU requires entities to disclose both gross information and net information about both instruments and transactions eligible for offset in the balance sheet and instruments and transactions subject to an agreement similar to a master netting arrangement. An entity is required to apply the amendments for annual reporting periods beginning on or after January 1, 2013, and interim periods within those annual periods. An entity should provide the disclosures required by those amendments retrospectively for all comparative periods presented. The adoption of the new guidance did not have a material impact on the Company's consolidated financial statements. | |||||||||
In July 2012, the FASB issued ASU 2012-02, “Intangibles — Goodwill and Other (Topic 350): Testing Indefinite-Lived Intangible Assets for Impairment.” The amendments in this ASU apply to all entities that have indefinite-lived intangible assets, other than goodwill, reported in their financial statements. The amendments in this ASU provide an entity with the option to make a qualitative assessment about the likelihood that an indefinite-lived intangible asset is impaired to determine whether it should perform a quantitative impairment test. The amendments also enhance the consistency of impairment testing guidance among long-lived asset categories by permitting an entity to assess qualitative factors to determine whether it is necessary to calculate the asset’s fair value when testing an indefinite-lived intangible asset for impairment. The amendments are effective for annual and interim impairment tests performed for fiscal years beginning after September 15, 2012. Early adoption is permitted. The adoption of the new guidance did not have a material impact on the Company's consolidated financial statements. | |||||||||
In January 2013, the FASB issued ASU 2013-01, “Balance Sheet (Topic 210): Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities.” The amendments in this ASU clarify the scope for derivatives accounted for in accordance with Topic 815, Derivatives and Hedging, including bifurcated embedded derivatives, repurchase agreements and reverse repurchase agreements and securities borrowing and securities lending transactions that are either offset or subject to netting arrangements. An entity is required to apply the amendments for fiscal years, and interim periods within those years, beginning on or after January 1, 2013. The adoption of the new guidance did not have a material impact on the Company's consolidate) financial statements. | |||||||||
In February 2013, the FASB issued ASU 2013-02, “Comprehensive Income (Topic 220): Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income.” The amendments in this ASU require an entity to present (either on the face of the statement where net income is presented or in the notes) the effects on the line items of net income of significant amounts reclassified out of accumulated other comprehensive income. In addition, the amendments require a cross-reference to other disclosures currently required for other reclassification items to be reclassified directly to net income in their entirety in the same reporting period. Companies should apply these amendments for fiscal years, and interim periods within those years, beginning on or after December 15, 2012. The Company has included the required disclosures from ASU 2013-02 in the consolidated financial statements. | |||||||||
In July 2013, the FASB issued ASU 2013-11, “Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists.” The amendments in this ASU provide guidance on the financial statement presentation of an unrecognized tax benefit when a net operating loss carryforward, similar tax loss, or tax credit carryforward exists. An unrecognized tax benefit, or a portion of an unrecognized tax benefit, should be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward, except as follows. To the extent a net operating loss carryforward, a similar tax loss, or a tax credit carryforward is not available at the reporting date under the tax law of the applicable jurisdiction to settle any additional income taxes that would result from the disallowance of a tax position or the tax law of the applicable jurisdiction does not require the entity to use, and the entity does not intend to use, the deferred tax asset for such purpose, the unrecognized tax benefit should be presented in the financial statements as a liability and should not be combined with deferred tax assets. The amendments in this ASU are effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. Early adoption is permitted. The amendments should be applied prospectively to all unrecognized tax benefits that exist at the effective date. Retrospective application is permitted. The adoption of the new guidance did not have a material impact on the Company's consolidated financial statements. | |||||||||
In January 2014, the FASB issued ASU 2014-01, “Investments — Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Qualified Affordable Housing Projects (a consensus of the FASB Emerging Issues Task Force).” The amendments in this ASU permit reporting entities to make an accounting policy election to account for their investments in qualified affordable housing projects using the proportional amortization method if certain conditions are met. Under the proportional amortization method, an entity amortizes the initial cost of the investment in proportion to the tax credits and other tax benefits received and recognizes the net investment performance in the income statement as a component of income tax expense (benefit). The amendments in this ASU should be applied retrospectively to all periods presented. A reporting entity that uses the effective yield method to account for its investments in qualified affordable housing projects before the date of adoption may continue to apply the effective yield method for those preexisting investments. The amendments in this ASU are effective for public business entities for annual periods and interim reporting periods within those annual periods, beginning after December 15, 2014. Early adoption is permitted. The Company is currently assessing the impact that ASU 2014-01 will have on its consolidated financial statements. | |||||||||
In January 2014, the FASB issued ASU 2014-04, “Receivables — Troubled Debt Restructurings by Creditors (Subtopic 310-40): Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure (a consensus of the FASB Emerging Issues Task Force).” The amendments in this ASU clarify that an in substance repossession or foreclosure occurs, and a creditor is considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan, upon either (1) the creditor obtaining legal title to the residential real estate property upon completion of a foreclosure or (2) the borrower conveying all interest in the residential real estate property to the creditor to satisfy that loan through completion of a deed in lieu of foreclosure or through a similar legal agreement. Additionally, the amendments require interim and annual disclosure of both (1) the amount of foreclosed residential real estate property held by the creditor and (2) the recorded investment in consumer mortgage loans collateralized by residential real estate property that are in the process of foreclosure according to local requirements of the applicable jurisdiction. The amendments in this ASU are effective for public business entities for annual periods, and interim periods within those annual periods, beginning after December 15, 2014. The Company is currently assessing the impact that ASU 2014-04 will have on its consolidated financial statements. | |||||||||
Organization_and_Summary_of_Si2
Organization and Summary of Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | ||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | ' | ||||||||
The calculation for basic and diluted earnings per common share for the years ended December 31, are as follows: | |||||||||
(dollars in thousands) | 2013 | 2012 | |||||||
Net income (loss) attributable to Company | $ | 696 | $ | (544 | ) | ||||
Weighted average basic shares outstanding | 2,615,387 | 1,705,112 | |||||||
Basic income (loss) per common share | $ | 0.27 | $ | (0.32 | ) | ||||
Weighted average dilutive shares outstanding | 2,615,387 | 1,705,112 | |||||||
Diluted income (loss) per common share | $ | 0.27 | $ | (0.32 | ) | ||||
Business_Combination_Tables
Business Combination (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Business Combination, Description [Abstract] | ' | ||||||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | ' | ||||||||
In addition to goodwill, other assets and liabilities of the Bank of Virginia were marked to their respective fair value as of December 10, 2010. | |||||||||
(Dollars in thousands) | |||||||||
Investment in Bank of Virginia | $ | 10,300 | |||||||
Cash and cash equivalents | 15,716 | ||||||||
Investment securities | 35,914 | ||||||||
Loans | 138,681 | ||||||||
Premises and equipment | 4,823 | ||||||||
Core deposit intangibles | 249 | ||||||||
Other assets | 4,993 | ||||||||
Fair value of assets acquired | 200,376 | ||||||||
Deposits | 185,164 | ||||||||
FHLB borrowings | 10,473 | ||||||||
Other liabilities | 1,689 | ||||||||
Fair value of liabilities assumed | 197,326 | ||||||||
Minority interest | 7,468 | ||||||||
Goodwill | $ | 5,882 | |||||||
Schedule of Purchase Price Allocation [Table Text Block] | ' | ||||||||
The net effect of the amortization, depreciation and accretion associated with Cordia’s acquisition accounting adjustments had the following impact on the consolidated financial statements as of the dates indicated: | |||||||||
December 31, | |||||||||
(dollars in thousands) | 2013 | 2012 | |||||||
Loans | $ | 689 | $ | 545 | |||||
Investment securities | 0 | 129 | |||||||
Premises and equipment | 8 | 8 | |||||||
Core deposit intangible | (36 | ) | (36 | ) | |||||
FHLB advances | 0 | 112 | |||||||
Time deposits | 169 | 569 | |||||||
Building lease obligations | 94 | 94 | |||||||
Net impact to net income | $ | 924 | $ | 1,421 | |||||
Securities_Tables
Securities (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Marketable Securities [Abstract] | ' | ||||||||||||||||||||||||
Available-for-sale Securities [Table Text Block] | ' | ||||||||||||||||||||||||
The table below presents the amortized cost, gross unrealized gains and losses, and fair value of securities available for sale at December 31, 2013 and 2012. | |||||||||||||||||||||||||
Amortized Cost | Gross Unrealized | Estimated Fair Value | |||||||||||||||||||||||
2013 (dollars in thousands) | Gains | Losses | |||||||||||||||||||||||
U.S. Government agencies | $ | 7,038 | $ | 56 | $ | (53 | ) | $ | 7,041 | ||||||||||||||||
Agency guaranteed mortgage-backed securities | 17,578 | 10 | (62 | ) | 17,526 | ||||||||||||||||||||
Total | $ | 24,616 | $ | 66 | $ | (115 | ) | $ | 24,567 | ||||||||||||||||
Amortized Cost | Gross Unrealized | Estimated Fair Value | |||||||||||||||||||||||
2012 (dollars in thousands) | Gains | Losses | |||||||||||||||||||||||
U.S. Government agencies | $ | 3,425 | $ | 30 | $ | 0 | $ | 3,455 | |||||||||||||||||
Agency guaranteed mortgage-backed securities | 15,007 | 82 | (33 | ) | 15,056 | ||||||||||||||||||||
Total | $ | 18,432 | $ | 112 | $ | (33 | ) | $ | 18,511 | ||||||||||||||||
Held-to-maturity Securities [Table Text Block] | ' | ||||||||||||||||||||||||
The table below presents the carry value, gross unrealized gains and losses, and fair value of securities held to maturity at December 31, 2013. There were no securities held to maturity at December 31, 2012. | |||||||||||||||||||||||||
Carry Value | Gross Unrealized | Estimated Fair Value | |||||||||||||||||||||||
2013 (dollars in thousands) | Gains | Losses | |||||||||||||||||||||||
Agency guaranteed mortgage-backed securities | $ | 14,753 | $ | 0 | $ | (156 | ) | $ | 14,597 | ||||||||||||||||
Total | $ | 14,753 | $ | 0 | $ | (156 | ) | $ | 14,597 | ||||||||||||||||
Fair Value, by Balance Sheet Grouping [Table Text Block] | ' | ||||||||||||||||||||||||
The amortized cost and fair value of securities available for sale as of December 31, 2013, by contractual maturity are shown below. Expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations without penalties. They are as follows: | |||||||||||||||||||||||||
(Dollars in thousands) | Amortized Cost | Estimated Fair Value | |||||||||||||||||||||||
Within one year | $ | 18 | $ | 19 | |||||||||||||||||||||
Over one year within five years | 0 | 0 | |||||||||||||||||||||||
Over five years within ten years | 726 | 726 | |||||||||||||||||||||||
Over ten years | 23,872 | 23,822 | |||||||||||||||||||||||
Total | $ | 24,616 | $ | 24,567 | |||||||||||||||||||||
Schedule Of Held To Maturity Securities By Contractual Maturity [Table Text Block] | ' | ||||||||||||||||||||||||
The carrying value and fair value of securities held to maturity as of December 31, 2013, by contractual maturity are shown below. Expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations without penalties. They are as follows: | |||||||||||||||||||||||||
(Dollars in thousands) | Carry Value | Estimated Fair Value | |||||||||||||||||||||||
Within one year | $ | 0 | $ | 0 | |||||||||||||||||||||
Over one year within five years | 0 | 0 | |||||||||||||||||||||||
Over five years within ten years | 3,756 | 3,692 | |||||||||||||||||||||||
Over ten years | 10,997 | 10,905 | |||||||||||||||||||||||
Total | $ | 14,753 | $ | 14,597 | |||||||||||||||||||||
Schedule of Realized Gain (Loss) [Table Text Block] | ' | ||||||||||||||||||||||||
Unrealized losses on investments at December 31, 2013 and 2012 were as follows: | |||||||||||||||||||||||||
Unrealized Losses on Securities | |||||||||||||||||||||||||
Less than 12 Months | 12 Months or Longer | Total | |||||||||||||||||||||||
2013 (dollars in thousands) | Estimated Fair Value | Unrealized Losses | Estimated Fair Value | Unrealized Losses | Estimated Fair Value | Unrealized Losses | |||||||||||||||||||
U.S. Government agencies | $ | 3,697 | $ | (53 | ) | $ | 0 | $ | 0 | $ | 3,697 | $ | (53 | ) | |||||||||||
Agency guaranteed mortgage-backed securities | 17,336 | (178 | ) | 2,914 | (40 | ) | 20,250 | (218 | ) | ||||||||||||||||
Total | $ | 21,033 | $ | (231 | ) | $ | 2,914 | $ | (40 | ) | $ | 23,947 | $ | (271 | ) | ||||||||||
2012 (dollars in thousands) | Estimated Fair Value | Unrealized Losses | Estimated Fair Value | Unrealized Losses | Estimated Fair Value | Unrealized Losses | |||||||||||||||||||
U.S. Government agencies | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | |||||||||||||
Agency guaranteed mortgage-backed securities | 3,696 | (33 | ) | 0 | 0 | 3,696 | (33 | ) | |||||||||||||||||
Total | $ | 3,696 | $ | (33 | ) | $ | 0 | $ | 0 | $ | 3,696 | $ | (33 | ) | |||||||||||
Loans_Allowance_for_Loan_Losse1
Loans, Allowance for Loan Losses and Credit Quality (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||||||
Allowance For Loan And Lease Losses Provision For Net Loss [Abstract] | ' | ||||||||||||||||||||||||||||||||||||
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | ' | ||||||||||||||||||||||||||||||||||||
Below is a table that exhibits the loans by segment at December 31, 2013 and 2012. | |||||||||||||||||||||||||||||||||||||
(dollars in thousands) | 2013 | 2012 | |||||||||||||||||||||||||||||||||||
Commercial Real Estate: | |||||||||||||||||||||||||||||||||||||
Acquisition, development and construction | $ | 3,475 | $ | 3,313 | |||||||||||||||||||||||||||||||||
Non-owner occupied | 28,606 | 30,747 | |||||||||||||||||||||||||||||||||||
Owner occupied | 50,500 | 39,570 | |||||||||||||||||||||||||||||||||||
Commercial and industrial | 21,085 | 23,488 | |||||||||||||||||||||||||||||||||||
Guaranteed student loans | 55,427 | 0 | |||||||||||||||||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||||||||||||||
Residential mortgage | 7,156 | 7,260 | |||||||||||||||||||||||||||||||||||
HELOC | 7,250 | 8,395 | |||||||||||||||||||||||||||||||||||
Other | 508 | 297 | |||||||||||||||||||||||||||||||||||
Total loans | 174,007 | 113,070 | |||||||||||||||||||||||||||||||||||
Allowance for loan losses | (1,489 | ) | (2,110 | ) | |||||||||||||||||||||||||||||||||
Total loans, net of allowance for loan losses | $ | 172,518 | $ | 110,960 | |||||||||||||||||||||||||||||||||
Schedule Of Loans Acquired In Business Combination [Table Text Block] | ' | ||||||||||||||||||||||||||||||||||||
Acquired in the acquisition of Bank of Virginia, and included in the table above, are loans acquired with evidence of deterioration in credit quality. These loans are accounted for under the guidance ASC 310-30. Information related to these loans is as follows: | |||||||||||||||||||||||||||||||||||||
At December 31, (dollars in thousands) | 2013 | 2012 | |||||||||||||||||||||||||||||||||||
Contract principal balance | $ | 8,689 | $ | 16,718 | |||||||||||||||||||||||||||||||||
Accretable discount | (62 | ) | (476 | ) | |||||||||||||||||||||||||||||||||
Nonaccretable discount | (61 | ) | (165 | ) | |||||||||||||||||||||||||||||||||
Book value of loans | $ | 8,566 | $ | 16,077 | |||||||||||||||||||||||||||||||||
Summary Of Changes To Accretable and Non Accretable Discounts [Table Text Block] | ' | ||||||||||||||||||||||||||||||||||||
A summary of changes to the accretable and nonaccretable discounts during 2013 and 2012 are as follows: | |||||||||||||||||||||||||||||||||||||
(dollars in thousands) | Accretable Discount | Nonaccretable Discount | |||||||||||||||||||||||||||||||||||
Balance at December 31, 2011 | $ | 366 | $ | 1,290 | |||||||||||||||||||||||||||||||||
Charge-offs related to loans covered by ASC 310-30 | 0 | (361 | ) | ||||||||||||||||||||||||||||||||||
Transfer to accretable discount | 764 | (764 | ) | ||||||||||||||||||||||||||||||||||
Discount accretion | (654 | ) | 0 | ||||||||||||||||||||||||||||||||||
Balance at December 31, 2012 | 476 | 165 | |||||||||||||||||||||||||||||||||||
Transfer to accretable discount | 104 | (104 | ) | ||||||||||||||||||||||||||||||||||
Discount accretion | (518 | ) | 0 | ||||||||||||||||||||||||||||||||||
Balance at December 31, 2013 | $ | 62 | $ | 61 | |||||||||||||||||||||||||||||||||
Financing Receivable Credit Quality Indicators [Table Text Block] | ' | ||||||||||||||||||||||||||||||||||||
The following is the distribution of loans by credit quality and class as of the dates indicated. | |||||||||||||||||||||||||||||||||||||
At December 31, 2013 (dollars in thousands) | Commercial Real Estate | Commercial and Industrial | Guaranteed Student Loans | Consumer | Total | ||||||||||||||||||||||||||||||||
Credit quality class | Acq-Dev Construction | Non-owner Occupied | Owner Occupied | Residential Mortgage | HELOC | Other | |||||||||||||||||||||||||||||||
1 Highest quality | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | |||||||||||||||||||
2 Above average quality | 0 | 2,078 | 2,966 | 2,170 | 55,427 | 73 | 205 | 80 | 62,999 | ||||||||||||||||||||||||||||
3 Satisfactory | 325 | 10,563 | 25,264 | 8,290 | 0 | 3,965 | 3,541 | 350 | 52,298 | ||||||||||||||||||||||||||||
4 Pass | 1,500 | 12,990 | 14,606 | 8,128 | 0 | 2,710 | 2,243 | 78 | 42,255 | ||||||||||||||||||||||||||||
5 Special mention | 299 | 1,449 | 3,486 | 268 | 0 | 203 | 630 | 0 | 6,335 | ||||||||||||||||||||||||||||
6 Substandard | 267 | 0 | 336 | 759 | 0 | 15 | 177 | 0 | 1,554 | ||||||||||||||||||||||||||||
7 Doubtful | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||
2,391 | 27,080 | 46,658 | 19,615 | 55,427 | 6,966 | 6,796 | 508 | 165,441 | |||||||||||||||||||||||||||||
Loans acquired with deteriorating credit quality | 1,084 | 1,526 | 3,842 | 1,470 | 0 | 190 | 454 | 0 | 8,566 | ||||||||||||||||||||||||||||
Total loans | $ | 3,475 | $ | 28,606 | $ | 50,500 | $ | 21,085 | $ | 55,427 | $ | 7,156 | $ | 7,250 | $ | 508 | $ | 174,007 | |||||||||||||||||||
At December 31, 2012 (dollars in thousands) | Commercial Real Estate | Commercial and Industrial | Guaranteed Student Loans | Consumer | Total | ||||||||||||||||||||||||||||||||
Credit quality class | Acq-Dev Construction | Non-owner Occupied | Owner Occupied | Residential Mortgage | HELOC | Other | |||||||||||||||||||||||||||||||
1 Highest quality | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 1 | $ | 1 | |||||||||||||||||||
2 Above average quality | 0 | 0 | 3,082 | 1,088 | 0 | 119 | 86 | 3 | 4,378 | ||||||||||||||||||||||||||||
3 Satisfactory | 392 | 6,261 | 19,727 | 6,598 | 0 | 4,074 | 3,969 | 186 | 41,207 | ||||||||||||||||||||||||||||
4 Pass | 319 | 13,094 | 9,649 | 12,215 | 0 | 1,844 | 2,263 | 69 | 39,453 | ||||||||||||||||||||||||||||
5 Special mention | 0 | 5,769 | 1,668 | 1,351 | 0 | 684 | 274 | 16 | 9,762 | ||||||||||||||||||||||||||||
6 Substandard | 0 | 188 | 481 | 570 | 0 | 32 | 347 | 22 | 1,640 | ||||||||||||||||||||||||||||
7 Doubtful | 0 | 0 | 0 | 0 | 0 | 0 | 552 | 0 | 552 | ||||||||||||||||||||||||||||
711 | 25,312 | 34,607 | 21,822 | 0 | 6,753 | 7,491 | 297 | 96,993 | |||||||||||||||||||||||||||||
Loans acquired with deteriorating credit quality | 2,602 | 5,435 | 4,963 | 1,666 | 0 | 507 | 904 | 0 | 16,077 | ||||||||||||||||||||||||||||
Total loans | $ | 3,313 | $ | 30,747 | $ | 39,570 | $ | 23,488 | $ | 0 | $ | 7,260 | $ | 8,395 | $ | 297 | $ | 113,070 | |||||||||||||||||||
Past Due Financing Receivables [Table Text Block] | ' | ||||||||||||||||||||||||||||||||||||
A summary of the balances of loans outstanding by days past due, including accruing and non-accruing loans by portfolio class as of December 31, 2013 and 2012 were as follows: | |||||||||||||||||||||||||||||||||||||
Commercial Real Estate | Consumer | ||||||||||||||||||||||||||||||||||||
Commercial | Guaranteed | ||||||||||||||||||||||||||||||||||||
Acq-Dev | Non-owner | Owner | and | Student | Residential | ||||||||||||||||||||||||||||||||
At December 31, 2013 (dollars in thousands) | Construction | Occupied | Occupied | Industrial | Loans | Mortgage | HELOC | Other | Total | ||||||||||||||||||||||||||||
30 – 59 days | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 5,044 | $ | 54 | $ | 0 | $ | 0 | $ | 5,098 | |||||||||||||||||||
60 – 89 days | 0 | 0 | 0 | 0 | 2,268 | 15 | 0 | 0 | 2,283 | ||||||||||||||||||||||||||||
> 90 days | 633 | 0 | 2,051 | 632 | 18,387 | 44 | 21,747 | ||||||||||||||||||||||||||||||
Total past due | 633 | 0 | 2,051 | 632 | 25,699 | 113 | 0 | 0 | 29,128 | ||||||||||||||||||||||||||||
Current | 2,842 | 28,606 | 48,449 | 20,453 | 29,728 | 7,043 | 7,250 | 508 | 144,879 | ||||||||||||||||||||||||||||
Total loans | $ | 3,475 | $ | 28,606 | $ | 50,500 | $ | 21,085 | $ | 55,427 | $ | 7,156 | $ | 7,250 | $ | 508 | $ | 174,007 | |||||||||||||||||||
> 90 days still accruing | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 18,387 | $ | 0 | $ | 0 | $ | 0 | $ | 18,387 | |||||||||||||||||||
Commercial Real Estate | Consumer | ||||||||||||||||||||||||||||||||||||
Commercial | Guaranteed | ||||||||||||||||||||||||||||||||||||
Acq-Dev | Non-owner | Owner | and | Student | Residential | ||||||||||||||||||||||||||||||||
At December 31, 2012 (dollars in thousands) | Construction | occupied | occupied | industrial | Loans | mortgage | HELOC | Other | Total | ||||||||||||||||||||||||||||
30 – 59 days | $ | 0 | $ | 480 | $ | 0 | $ | 139 | $ | 0 | $ | 0 | $ | 30 | $ | 0 | $ | 649 | |||||||||||||||||||
60 – 89 days | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||
> 90 days | 420 | 0 | 2,599 | 740 | 0 | 180 | 739 | 0 | 4,678 | ||||||||||||||||||||||||||||
Total past due | 420 | 480 | 2,599 | 879 | 0 | 180 | 769 | 0 | 5,327 | ||||||||||||||||||||||||||||
Current | 2,893 | 30,267 | 36,971 | 22,609 | 0 | 7,080 | 7,626 | 297 | 107,743 | ||||||||||||||||||||||||||||
Total loans | $ | 3,313 | $ | 30,747 | $ | 39,570 | $ | 23,488 | $ | 0 | $ | 7,260 | $ | 8,395 | $ | 297 | $ | 113,070 | |||||||||||||||||||
> 90 days still accruing | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | |||||||||||||||||||
Schedule of Financing Receivables, Non Accrual Status [Table Text Block] | ' | ||||||||||||||||||||||||||||||||||||
A summary of non-accrual loans by portfolio class as of December 31 are as follows: | |||||||||||||||||||||||||||||||||||||
(dollars in thousands) | 2013 | 2012 | |||||||||||||||||||||||||||||||||||
Commercial Real Estate: | |||||||||||||||||||||||||||||||||||||
Acquisition, development and construction | $ | 633 | $ | 420 | |||||||||||||||||||||||||||||||||
Non-owner occupied | 0 | 0 | |||||||||||||||||||||||||||||||||||
Owner occupied | 2,051 | 2,599 | |||||||||||||||||||||||||||||||||||
Commercial and industrial | 858 | 878 | |||||||||||||||||||||||||||||||||||
Guaranteed Student Loans | 0 | 0 | |||||||||||||||||||||||||||||||||||
Consumer: | 0 | 0 | |||||||||||||||||||||||||||||||||||
Residential mortgage | 59 | 180 | |||||||||||||||||||||||||||||||||||
HELOC | 333 | 1,371 | |||||||||||||||||||||||||||||||||||
Other | 0 | 23 | |||||||||||||||||||||||||||||||||||
Total loans | $ | 3,934 | $ | 5,471 | |||||||||||||||||||||||||||||||||
Impaired Financing Receivables [Table Text Block] | ' | ||||||||||||||||||||||||||||||||||||
The following is a summary of impaired loans, excluding acquired impaired loans, presented by portfolio class as of December 31, 2013: | |||||||||||||||||||||||||||||||||||||
(dollars in thousands) | Recorded Investment | Unpaid Principal | Related Allowance | Average Recorded Investment | Interest Recorded | ||||||||||||||||||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||||||||||||||||||||
Commercial Real Estate: | |||||||||||||||||||||||||||||||||||||
Acquisition, development and construction | $ | 267 | $ | 267 | $ | 0 | $ | 267 | $ | 0 | |||||||||||||||||||||||||||
Non-owner occupied | 1,352 | 1,352 | 0 | 1,652 | 0 | ||||||||||||||||||||||||||||||||
Owner occupied | 259 | 259 | 0 | 259 | 0 | ||||||||||||||||||||||||||||||||
Commercial and industrial | 759 | 759 | 0 | 759 | 2 | ||||||||||||||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||||||||||||||
Residential mortgage | 15 | 15 | 0 | 15 | 0 | ||||||||||||||||||||||||||||||||
HELOC | 177 | 177 | 0 | 177 | 0 | ||||||||||||||||||||||||||||||||
Other | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||
Total | $ | 2,829 | $ | 2,829 | $ | — | $ | 3,129 | $ | 2 | |||||||||||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||||||||||||||||
Commercial Real Estate: | |||||||||||||||||||||||||||||||||||||
Acquisition, development and construction | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | |||||||||||||||||||||||||||
Non-owner occupied | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||
Owner occupied | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||
Commercial and industrial | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||||||||||||||
Residential mortgage | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||
HELOC | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||
Other | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||
Total | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | |||||||||||||||||||||||||||
The following is a summary of impaired loans, excluding acquired impaired loans, presented by portfolio class as of December 31, 2012: | |||||||||||||||||||||||||||||||||||||
(dollars in thousands) | Recorded Investment | Unpaid Principal | Related Allowance | Average Recorded Investment | Interest Recorded | ||||||||||||||||||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||||||||||||||||||||
Commercial Real Estate: | |||||||||||||||||||||||||||||||||||||
Acquisition, development and construction | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | |||||||||||||||||||||||||||
Non-owner occupied | 189 | 189 | 0 | 189 | 1 | ||||||||||||||||||||||||||||||||
Owner occupied | 481 | 481 | 0 | 481 | 3 | ||||||||||||||||||||||||||||||||
Commercial and industrial | 553 | 553 | 0 | 553 | 1 | ||||||||||||||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||||||||||||||
Residential mortgage | 228 | 228 | 0 | 228 | 0 | ||||||||||||||||||||||||||||||||
HELOC | 129 | 129 | 0 | 129 | 0 | ||||||||||||||||||||||||||||||||
Other | 23 | 23 | 0 | 23 | 2 | ||||||||||||||||||||||||||||||||
Total | $ | 1,603 | $ | 1,603 | $ | 0 | $ | 1,603 | $ | 7 | |||||||||||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||||||||||||||||
Commercial Real Estate: | |||||||||||||||||||||||||||||||||||||
Acquisition, development and construction | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | |||||||||||||||||||||||||||
Non-owner occupied | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||
Owner occupied | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||
Commercial and industrial | 52 | 52 | 33 | 33 | 1 | ||||||||||||||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||||||||||||||
Residential mortgage | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||
HELOC | 661 | 661 | 405 | 405 | 0 | ||||||||||||||||||||||||||||||||
Other | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||
Total | $ | 713 | $ | 713 | $ | 438 | $ | 438 | $ | 1 | |||||||||||||||||||||||||||
Troubled Debt Restructurings on Financing Receivables [Table Text Block] | ' | ||||||||||||||||||||||||||||||||||||
The number and outstanding recorded investment of loans entered into under the terms of a TDR during the years ended December 31, 2013 and 2012, including modifications of acquired impaired loans, by type of concession granted, are set forth in the following tables: | |||||||||||||||||||||||||||||||||||||
2013 (dollars in thousands) | Number of loans | Rate modification | Term extension | Pre-modification recorded investment | Post-modification recorded investment(1) | ||||||||||||||||||||||||||||||||
Commercial real estate – non-owner occupied | 0 | 0 | $ | 0 | $ | 0 | $ | 0 | |||||||||||||||||||||||||||||
Commercial and industrial | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||
Consumer – residential mortgage | 1 | 0 | 126 | 126 | 15 | ||||||||||||||||||||||||||||||||
Total | 1 | 0 | $ | 126 | $ | 126 | $ | 15 | |||||||||||||||||||||||||||||
2012 (dollars in thousands) | Number of | Rate modification | Term extension | Pre-modification recorded investment | Post-modification recorded investment | ||||||||||||||||||||||||||||||||
loans | |||||||||||||||||||||||||||||||||||||
Commercial real estate – non-owner occupied | 0 | 0 | $ | 0 | $ | 0 | $ | 0 | |||||||||||||||||||||||||||||
Commercial and industrial | 1 | 0 | 311 | 311 | 139 | ||||||||||||||||||||||||||||||||
Consumer – residential mortgage | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||
Total | 1 | 0 | $ | 311 | $ | 311 | $ | 139 | |||||||||||||||||||||||||||||
-1 | The period end balances are inclusive of all partial paydowns and charge-offs since the modification date. Loans modified as TDRs that were fully paid down, charged-off, or foreclosed upon by period end are not reported. | ||||||||||||||||||||||||||||||||||||
Summary Of Allowance For Loan Losses By Portfolio Segment [Table Text Block] | ' | ||||||||||||||||||||||||||||||||||||
A summary of the allowance for loan losses by portfolio segment as of December 31, 2013 is as follows: | |||||||||||||||||||||||||||||||||||||
Commercial Real Estate | Commercial and Industrial | Guaranteed Student Loans | Consumer | Total | |||||||||||||||||||||||||||||||||
(dollars in thousands) | Acquisition, Development, Construction | Non-owner Occupied | Owner Occupied | Residential Mortgage | HELOC | Other | |||||||||||||||||||||||||||||||
Allowance for loan losses | |||||||||||||||||||||||||||||||||||||
Beginning balance, December 31, 2012 | $ | 229 | $ | 231 | $ | 350 | $ | 782 | $ | 0 | $ | 50 | $ | 457 | $ | 11 | $ | 2,110 | |||||||||||||||||||
(Charge-offs) recoveries | 0 | 0 | (289 | ) | 135 | (94 | ) | 5 | (393 | ) | (4 | ) | (640 | ) | |||||||||||||||||||||||
Provision (recovery) | 71 | (192 | ) | 261 | (540 | ) | 362 | 65 | (44 | ) | 36 | 19 | |||||||||||||||||||||||||
Ending balance, December 31, 2013 | $ | 300 | $ | 39 | $ | 322 | $ | 377 | $ | 268 | $ | 120 | $ | 20 | $ | 43 | $ | 1,489 | |||||||||||||||||||
Allowance for loan losses for loans | |||||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | |||||||||||||||||||
Collectively evaluated for impairment | 260 | 39 | 128 | 377 | 268 | 120 | 20 | 43 | 1,255 | ||||||||||||||||||||||||||||
Loans acquired with deteriorated credit quality | 40 | 0 | 194 | 0 | 0 | 0 | 0 | 0 | 234 | ||||||||||||||||||||||||||||
Ending balance, December 31, 2013 | $ | 300 | $ | 39 | $ | 322 | $ | 377 | $ | 268 | $ | 120 | $ | 20 | $ | 43 | $ | 1,489 | |||||||||||||||||||
Gross loan balances | |||||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 267 | $ | 1,352 | $ | 259 | $ | 759 | $ | 0 | $ | 15 | $ | 177 | $ | 0 | $ | 2,829 | |||||||||||||||||||
Collectively evaluated for impairment | 2,124 | 25,728 | 46,399 | 18,856 | 55,427 | 6,951 | 6,619 | 508 | 162,612 | ||||||||||||||||||||||||||||
Loans acquired with deteriorated credit quality | 1,084 | 1,526 | 3,842 | 1,470 | 0 | 190 | 454 | 0 | 8,566 | ||||||||||||||||||||||||||||
Ending balance, December 31, 2013 | $ | 3,475 | $ | 28,606 | $ | 50,500 | $ | 21,085 | $ | 55,427 | $ | 7,156 | $ | 7,250 | $ | 508 | $ | 174,007 | |||||||||||||||||||
A summary of the allowance for loan losses by portfolio segment as of December 31, 2012 is as follows: | |||||||||||||||||||||||||||||||||||||
Commercial Real Estate | Commercial and Industrial | Consumer | Total | ||||||||||||||||||||||||||||||||||
(dollars in thousands) | Acquisition, Development, Construction | Non-owner occupied | Owner occupied | Residential mortgage | HELOC | Other | |||||||||||||||||||||||||||||||
Allowance for loan losses | |||||||||||||||||||||||||||||||||||||
Beginning balance, December 31, 2011 | $ | 296 | $ | 474 | $ | 496 | $ | 569 | $ | 188 | $ | 215 | $ | 47 | $ | 2,285 | |||||||||||||||||||||
(Charge-offs) recoveries | (16 | ) | (273 | ) | 0 | (270 | ) | (133 | ) | (23 | ) | (48 | ) | (763 | ) | ||||||||||||||||||||||
Provision (recovery) | (51 | ) | 30 | (146 | ) | 483 | (5 | ) | 265 | 12 | 588 | ||||||||||||||||||||||||||
Ending balance, December 31, 2012 | $ | 229 | $ | 231 | $ | 350 | $ | 782 | $ | 50 | $ | 457 | $ | 11 | $ | 2,110 | |||||||||||||||||||||
Allowance for loan losses for loans | |||||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 0 | $ | 0 | $ | 0 | $ | 33 | $ | 0 | $ | 405 | $ | 0 | $ | 438 | |||||||||||||||||||||
Collectively evaluated for impairment | 29 | 231 | 61 | 744 | 50 | 9 | 11 | 1,135 | |||||||||||||||||||||||||||||
Loans acquired with deteriorated credit quality | 200 | 0 | 289 | 5 | 0 | 43 | 0 | 537 | |||||||||||||||||||||||||||||
Ending balance, December 31, 2012 | $ | 229 | $ | 231 | $ | 350 | $ | 782 | $ | 50 | $ | 457 | $ | 11 | $ | 2,110 | |||||||||||||||||||||
Gross loan balances | |||||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 0 | $ | 189 | $ | 481 | $ | 605 | $ | 228 | $ | 790 | $ | 23 | $ | 2,316 | |||||||||||||||||||||
Collectively evaluated for impairment | 711 | 25,123 | 34,126 | 21,217 | 6,525 | 6,701 | 274 | 94,677 | |||||||||||||||||||||||||||||
Loans acquired with deteriorated credit quality | 2,602 | 5,435 | 4,963 | 1,666 | 507 | 904 | 0 | 16,077 | |||||||||||||||||||||||||||||
Ending balance, December 31, 2012 | $ | 3,313 | $ | 30,747 | $ | 39,570 | $ | 23,488 | $ | 7,260 | $ | 8,395 | $ | 297 | $ | 113,070 | |||||||||||||||||||||
Intangible_Assets_Tables
Intangible Assets (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||
Schedule of Finite-Lived Intangible Assets [Table Text Block] | ' | ||||
A summary of the activity in this account is as follows: | |||||
(dollars in thousands) | |||||
Balance at December 31, 2011 | $ | 210 | |||
Amortization | (36 | ) | |||
Balance at December 31, 2012 | 174 | ||||
Amortization | (35 | ) | |||
Balance at December 31, 2013 | $ | 139 | |||
Premises_and_Equipment_Tables
Premises and Equipment (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||||||
Property, Plant and Equipment [Table Text Block] | ' | ||||||||||||
A summary of the cost and accumulated depreciation of premises and equipment is as follows: | |||||||||||||
At December 31, (dollars in thousands) | 2013 | 2012 | |||||||||||
Land | $ | 1,403 | $ | 1,403 | |||||||||
Buildings and improvements | 2,803 | 2,506 | |||||||||||
Furniture, fixtures and equipment | 830 | 777 | |||||||||||
Leasehold improvements | 369 | 376 | |||||||||||
Automobiles | 34 | 34 | |||||||||||
Total premises and equipment | $ | 5,439 | $ | 5,096 | |||||||||
Less: accumulated depreciation and amortization | (975 | ) | (704 | ) | |||||||||
Total premises and equipment, net | $ | 4,464 | $ | 4,392 | |||||||||
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | ' | ||||||||||||
Following is a schedule by year of future minimum rental payments required under operating leases that have initial or remaining non-cancelable lease terms in excess of one year as of December 31, 2013. | |||||||||||||
(dollars in thousands) | Gross rent | Accretion | Net rent | ||||||||||
By year ended December 31, | |||||||||||||
2014 | $ | 330 | $ | (94 | ) | $ | 236 | ||||||
2015 | 334 | (94 | ) | 240 | |||||||||
2016 | 297 | (94 | ) | 203 | |||||||||
2017 | 291 | (94 | ) | 197 | |||||||||
2018 | 294 | (94 | ) | 200 | |||||||||
Thereafter | 139 | (70 | ) | 69 | |||||||||
Total minimum payments required | $ | 1,685 | $ | (540 | ) | $ | 1,145 | ||||||
Borrowings_Tables
Borrowings (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Advances from Federal Home Loan Banks [Abstract] | ' | ||||||||||||
Schedule of Federal Home Loan Bank, Advances, by Branch of FHLB Bank [Table Text Block] | ' | ||||||||||||
The FHLB maintains a blanket security agreement on qualifying collateral. Detail related to FHLB advances at December 31, 2013 and 2012 is as follows: | |||||||||||||
(dollars in thousands) | Maturity date | 2013 | 2012 | ||||||||||
FHLB Advance – 1.62% | Dec-19 | $ | 10,000 | $ | 10,000 | ||||||||
Time_Deposits_Tables
Time Deposits (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Time Deposits [Abstract] | ' | ||||
Schedule Of Maturities Of Time Deposits [Table Text Block] | ' | ||||
Remaining maturities on time deposits are as follows: | |||||
(dollars in thousands) | |||||
By year ended December 31, | |||||
2014 | $ | 56,163 | |||
2015 | 28,787 | ||||
2016 | 20,574 | ||||
2017 | 15,243 | ||||
2018 | 6,517 | ||||
Balance at December 31, 2013 | $ | 127,284 | |||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | ' | ||||||||
The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities at December 31, 2013 and 2012, are presented below: | |||||||||
(dollars in thousands) | 2013 | 2012 | |||||||
Deferred tax assets | |||||||||
Unrealized securites losses | $ | 142 | $ | 0 | |||||
Acquistion accounting adjustments | 370 | 684 | |||||||
Allowance for loan losses | 0 | 428 | |||||||
Charitable contrubtion charge-off | 1 | 0 | |||||||
Net operating loss carryforward | 6,298 | 5,155 | |||||||
Bank premises and equipment | 25 | 41 | |||||||
Accrued vacation | 19 | 26 | |||||||
Deferred compensation | 20 | 41 | |||||||
Non-accrual loan interest | 262 | 271 | |||||||
OREO valuation | 88 | 210 | |||||||
Total deferred tax assets | $ | 7,225 | $ | 6,856 | |||||
Deferred tax liabilities | |||||||||
Allowance for loan losses | (367 | ) | 0 | ||||||
Unrealized gain on securities available for sale | 0 | (27 | ) | ||||||
Total deferred tax liabilities | $ | (367 | ) | $ | (27 | ) | |||
Net deferred tax asset | $ | 6,858 | $ | 6,829 | |||||
Less: valuation allowance | (6,858 | ) | (6,829 | ) | |||||
$ | 0 | $ | 0 | ||||||
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | ' | ||||||||
The provision for income taxes charged to operations as of December 31, 2013 and 2012 consists of the following: | |||||||||
(dollars in thousands) | 2013 | 2012 | |||||||
Current tax expense | $ | 0 | $ | 0 | |||||
Deferred tax (benefit) | (29 | ) | (357 | ) | |||||
Change in valuation allowance | 29 | 357 | |||||||
Total tax expense | $ | 0 | $ | 0 | |||||
Financial_Instruments_With_Off1
Financial Instruments With Off-Balance Sheet Risk (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||
Schedule of Fair Value, Off-balance Sheet Risks [Table Text Block] | ' | ||||||||
At December 31, 2013 and 2012, the following financial instruments were outstanding whose contractual amounts represent credit risk: | |||||||||
(dollars in thousands) | 2013 | 2012 | |||||||
Unused commitments and commitments to fund | $ | 15,743 | $ | 11,325 | |||||
Commercial and standy letters of credit | 535 | 648 | |||||||
$ | 16,278 | $ | 11,973 | ||||||
Minimum_Regulatory_Capital_Req1
Minimum Regulatory Capital Requirements and Dividend Limitations (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Minimum Regulatory Capital Requirements and Dividend Limitations [Abstract] | ' | ||||||||||||||||||||||||
Minimum Regulatory Capital Requirements and Dividend Limitations [Table Text Block] | ' | ||||||||||||||||||||||||
The Bank's actual capital amounts and ratios as of December 31, 2013 and 2012, are presented in the following table: | |||||||||||||||||||||||||
Actual Capital | Minimum Capital Requirement | Minimum To Be Well Capitalized Under Prompt Corrective Action | |||||||||||||||||||||||
Provisions (dollars in thousands) | Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||||||||
2013 | |||||||||||||||||||||||||
Total capital | |||||||||||||||||||||||||
(To risk-weighted assets) | $ | 15,616 | 11.25 | % | $ | 11,110 | 8 | % | $ | 13,887 | 10 | % | |||||||||||||
Tier 1 capital | |||||||||||||||||||||||||
(To risk-weighted assets) | $ | 14,127 | 10.17 | % | $ | 5,555 | 4 | % | $ | 8,332 | 6 | % | |||||||||||||
Tier 1 capital | |||||||||||||||||||||||||
(To average assets) | $ | 14,127 | 6.09 | % | $ | 9,279 | 4 | % | $ | 11,560 | 5 | % | |||||||||||||
2012 | |||||||||||||||||||||||||
Total capital | |||||||||||||||||||||||||
(To risk-weighted assets) | $ | 16,445 | 13.55 | % | $ | 9,779 | 8 | % | $ | 12,140 | 10 | % | |||||||||||||
Tier 1 capital | |||||||||||||||||||||||||
(To risk-weighted assets) | $ | 14,939 | 12.31 | % | $ | 4,856 | 4 | % | $ | 7,284 | 6 | % | |||||||||||||
Tier 1 capital | |||||||||||||||||||||||||
(To average assets) | $ | 14,939 | 8.71 | % | $ | 6,860 | 4 | % | $ | 8,575 | 5 | % | |||||||||||||
Employee_Benefit_Plans_and_Sto1
Employee Benefit Plans and Stock-based Compensation (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Employee Benefits and Share-based Compensation [Abstract] | ' | ||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | ' | ||||||||||||
A summary of the Company’s option activity as of December 31, 2013 and changes during the year then ended are presented in the following table: | |||||||||||||
Option shares | Weighted-Average Exercise Price | Weighted-Average Remaining Contractual Term (Years) | |||||||||||
Outstanding at December 31, 2012 | 77,830 | $ | 9.68 | 0 | |||||||||
Granted | 56,982 | 5.16 | 0 | ||||||||||
Exercised | 0 | 0 | 0 | ||||||||||
Forfeited | (19,156 | ) | 8.34 | 0 | |||||||||
Outstanding at December 31, 2013 | 115,656 | $ | 7.68 | 8.44 | |||||||||
Exercisable at December 31, 2013 | 28,438 | $ | 12.8 | 7.36 | |||||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | ' | ||||||||||||
The fair value of each option granted is estimated on the date of grant using the “Black-Scholes Option Pricing” method with the following assumptions for the year ended December 31, 2013 and 2012: | |||||||||||||
2013 | 2012 | ||||||||||||
Expected dividend rate | 0 | % | 0 | % | |||||||||
Expected volatility | 30 | % | 25 | % | |||||||||
Expected term in years | 7 – 10 | 7 | |||||||||||
Risk free rate | 1.42 | % | 1.18 | % | |||||||||
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block] | ' | ||||||||||||
The weighted average price is the weighted average fair value at the date of grant. | |||||||||||||
Shares | Weighted Average Price | ||||||||||||
Nonvested as of January 1, 2012 | 664 | 6.78 | |||||||||||
Vested | 0 | ||||||||||||
Forfeited | (664 | ) | 6.78 | ||||||||||
Nonvested as of December 31, 2012 | 0 | ||||||||||||
Granted | 12,500 | 4.41 | |||||||||||
Vested | 800 | 4.41 | |||||||||||
Forfeited | 0 | ||||||||||||
Nonvested as of December 31, 2013 | 11,700 | 4.41 | |||||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||||
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments [Table Text Block] | ' | ||||||||||||||||||||
The following table presents estimated fair values of the Company’s financial statements in accordance with authoritative accounting guidance: | |||||||||||||||||||||
Carrying amount | Fair Value Measurements at December 31, 2013 | ||||||||||||||||||||
(dollars in thousands) | Level 1 | Level 2 | Level 3 | Fair Value | |||||||||||||||||
Assets: | |||||||||||||||||||||
Cash and cash equivalents | $ | 13,984 | $ | 13,984 | $ | 0 | $ | 0 | $ | 13,984 | |||||||||||
Securities available for sale | 24,567 | 0 | 24,567 | 0 | 24,567 | ||||||||||||||||
Securities held to maturity | 14,753 | 0 | 14,597 | 0 | 14,597 | ||||||||||||||||
Restricted securities | 1,074 | 0 | 1,074 | 0 | 1,074 | ||||||||||||||||
Net Loans held for investment | 172,518 | 0 | 0 | 173,444 | 173,444 | ||||||||||||||||
Interest receivable | 1,655 | 0 | 1,655 | 0 | 1,655 | ||||||||||||||||
Liabilities: | |||||||||||||||||||||
Demand deposits | 22,845 | 0 | 22,845 | 0 | 22,845 | ||||||||||||||||
Savings and interest-bearing demand deposits | 60,685 | 0 | 60,685 | 0 | 60,685 | ||||||||||||||||
Time deposits | 127,284 | 0 | 127,966 | 0 | 127,966 | ||||||||||||||||
FHLB Borrowings | 10,000 | 0 | 9,656 | 0 | 9,656 | ||||||||||||||||
Interest payable | 143 | 0 | 143 | 0 | 143 | ||||||||||||||||
Carrying amount | Fair Value Measurements at December 31, 2012 | ||||||||||||||||||||
(dollars in thousands) | Level 1 | Level 2 | Level 3 | Fair Value | |||||||||||||||||
Assets: | |||||||||||||||||||||
Cash and cash equivalents | $ | 11,981 | $ | 11,981 | $ | 0 | $ | 0 | $ | 11,981 | |||||||||||
Securities available for sale | 18,511 | 0 | 18,511 | 0 | 18,511 | ||||||||||||||||
Restricted securities | 1,156 | 0 | 1,156 | 0 | 1,156 | ||||||||||||||||
Loans held for sale | 28,949 | 0 | 28,949 | 0 | 28,949 | ||||||||||||||||
Loans held for investment | 110,960 | 0 | 0 | 113,260 | 113,260 | ||||||||||||||||
Interest receivable | 419 | 0 | 419 | 0 | 419 | ||||||||||||||||
Liabilities: | |||||||||||||||||||||
Demand deposits | 19,498 | 0 | 19,498 | 0 | 19,498 | ||||||||||||||||
Savings and interest-bearing demand deposits | 39,393 | 0 | 39,393 | 0 | 39,393 | ||||||||||||||||
Time deposits | 95,537 | 0 | 94,848 | 0 | 94,848 | ||||||||||||||||
FHLB Borrowings | 10,000 | 0 | 11,421 | 0 | 11,421 | ||||||||||||||||
Interest payable | 173 | 0 | 173 | 0 | 173 | ||||||||||||||||
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | ' | ||||||||||||||||||||
The following table presents the balances of financial assets measured at fair value on a recurring basis at December 31, 2013 and 2012: | |||||||||||||||||||||
Balance at December 31, | Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | ||||||||||||||||||
(dollars in thousands) | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||||||
2013 | |||||||||||||||||||||
U. S. Government Agencies | $ | 7,041 | $ | 0 | $ | 7,041 | $ | 0 | |||||||||||||
Agency Guaranteed Mortgage-backed securities | 17,526 | 0 | 17,526 | 0 | |||||||||||||||||
2012 | |||||||||||||||||||||
U.S. Government Agencies | $ | 3,455 | $ | 0 | $ | 3,455 | $ | 0 | |||||||||||||
Agency Guaranteed Mortgage-backed securities | 15,056 | 0 | 15,056 | 0 | |||||||||||||||||
Fair Value Measurements, Nonrecurring [Table Text Block] | ' | ||||||||||||||||||||
The following table summarizes the Company’s assets that were measured at fair value on a nonrecurring basis at December 31, 2013 and 2012. | |||||||||||||||||||||
Balance at December 31, | Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | ||||||||||||||||||
(dollars in thousands) | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||||||
2013 | |||||||||||||||||||||
OREO | $ | 1,545 | $ | 0 | $ | 0 | $ | 1,545 | |||||||||||||
2012 | |||||||||||||||||||||
Impaired Loans, net | $ | 275 | $ | 0 | $ | 0 | $ | 275 | |||||||||||||
OREO | 1,768 | 0 | 0 | 1,768 | |||||||||||||||||
Fair Value Inputs, Assets, Quantitative Information [Table Text Block] | ' | ||||||||||||||||||||
The following table displays quantitative information about Level 3 Fair Value Measurements for December 31, 2013: | |||||||||||||||||||||
Quantitative Information about Level 3 Fair Value | |||||||||||||||||||||
Measurements for December 31, 2013 | |||||||||||||||||||||
(Dollars in thousands) | Fair Value | Valuation Technique | Unobservable Input | Range | |||||||||||||||||
Description | (Weighted Average) | ||||||||||||||||||||
Other real estate owned | $ | 1,545 | Discounted | Discount for lack | 6% to 29% (14%) | ||||||||||||||||
appraised value | of marketability | ||||||||||||||||||||
Other_Real_Estate_Owned_Tables
Other Real Estate Owned (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Other Real Estate Owned [Abstract] | ' | ||||||||
Other Real Estate, Roll Forward [Table Text Block] | ' | ||||||||
The table below presents a summary of the activity related to other real estate owned: | |||||||||
(dollars in thousands) | 2013 | 2012 | |||||||
Beginning balance, January 31, | $ | 1,768 | $ | 1,262 | |||||
Additions | 0 | 1,396 | |||||||
Sales | (223 | ) | (890 | ) | |||||
Ending balance, December 31, | $ | 1,545 | $ | 1,768 | |||||
Other_Comprehensive_Income_Tab
Other Comprehensive Income (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Statement of Comprehensive Income [Abstract] | ' | ||||||||||||
Schedule Of Amounts Reclassified From Accumulated Other Comprehensive Income Loss [Table Text Block] | ' | ||||||||||||
The following table presents information on amounts reclassified out of accumulated other comprehensive income, by category, during the periods presented. | |||||||||||||
Year ended | |||||||||||||
December 31, | |||||||||||||
(dollars in thousands) | 2013 | 2012 | Affected Line Item on | ||||||||||
Consolidated Statement | |||||||||||||
of Operations | |||||||||||||
Available for sale securities | |||||||||||||
Realized losses on sales of securities | $ | 0 | $ | (30 | ) | Net loss on sale of | |||||||
available for sale securities | |||||||||||||
Held to maturity securities | |||||||||||||
Reclassification adjustment | 8 | 0 | Interest income – | ||||||||||
Investment Securities | |||||||||||||
$ | 8 | $ | (30 | ) | |||||||||
Parent_Company_Activity_Tables
Parent Company Activity (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Cash Dividends Paid to Parent Company [Abstract] | ' | ||||||||
Condensed Balance Sheet [Table Text Block] | ' | ||||||||
Cordia Bancorp, Inc. owns 100.0% of the outstanding shares of the Bank of Virginia at December 31, 2013. Condensed financial statements of Cordia Bancorp, Inc. follow: | |||||||||
Condensed Balance Sheets | |||||||||
December 31, 2013 and 2012 | |||||||||
(dollars in thousands) | 2013 | 2012 | |||||||
Assets: | |||||||||
Cash and due from banks | $ | 211 | $ | 227 | |||||
Investment in Bank of Virginia | 13,882 | 8,663 | |||||||
Other assets | 229 | 120 | |||||||
Total assets | $ | 14,322 | $ | 9,010 | |||||
Liabilities and capital: | |||||||||
Liabilities | $ | 1,035 | $ | 206 | |||||
Equity | |||||||||
Common stock | 28 | 21 | |||||||
Additional paid-in capital | 18,648 | 14,428 | |||||||
Retained (deficit) | (5,005 | ) | (5,701 | ) | |||||
Accumulated other comprehensive income (loss) | (384 | ) | 56 | ||||||
Total equity | 13,287 | 8,804 | |||||||
Total liabilities and equity | $ | 14,322 | $ | 9,010 | |||||
Condensed Income Statement [Table Text Block] | ' | ||||||||
Condensed Statements of Operations | |||||||||
For the years ended December 31, 2013 and 2012 | |||||||||
(dollars in thousands) | 2013 | 2012 | |||||||
Income (loss): | |||||||||
Equity in undistributed income (loss) of subsidiary | $ | 1,346 | $ | (302 | ) | ||||
Interest income | 1 | 2 | |||||||
Total income (loss) | $ | 1,347 | $ | (300 | ) | ||||
Expenses: | |||||||||
Other expense | 651 | 244 | |||||||
Total expense | 651 | 244 | |||||||
Net income (loss) | $ | 696 | $ | (544 | ) | ||||
Condensed Cash Flow Statement [Table Text Block] | ' | ||||||||
Condensed Statements of Cash Flows | |||||||||
For the years ended December 31, 2013 and 2012 | |||||||||
(dollars in thousands) | 2013 | 2012 | |||||||
Cash flows from operating activities: | |||||||||
Net income (loss) | $ | 696 | $ | (544 | ) | ||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||||||||
Equity in undistributed (income) loss of subsidiary | (1,346 | ) | 302 | ||||||
Stock-based compensation | 99 | 0 | |||||||
Net increase in other assets | (109 | ) | (120 | ) | |||||
Net increase in other liabilities | 828 | 166 | |||||||
Net cash provided by (used in) operating activities | 168 | (196 | ) | ||||||
Cash flows from investing activities: | |||||||||
Investment in Bank of Virginia, net of costs | (4,312 | ) | (2,972 | ) | |||||
Net cash used in investing activities | (4,312 | ) | (2,972 | ) | |||||
Cash flows from financing activities: | |||||||||
Issuance of Common Stock, net of costs | 4,128 | 2,674 | |||||||
Net cash provided by investing activities | 4,128 | 2,674 | |||||||
Net decrease in cash and due from banks | (16 | ) | (494 | ) | |||||
Cash and due from banks, beginning of period | 227 | 721 | |||||||
Cash and due from banks, end of period | $ | 211 | $ | 227 | |||||
Organization_and_Summary_of_Si3
Organization and Summary of Significant Accounting Policies (Details) (USD $) | 12 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Net income (loss) attributable to Company | $696 | ($544) |
Weighted average basic shares outstanding | 2,602,357 | 1,705,112 |
Basic income (loss) per common share | $0.27 | ($0.32) |
Weighted average shares outstanding, diluted | 2,615,387 | 1,705,112 |
Diluted income (loss) per share | $0.27 | ($0.32) |
Organization_and_Summary_of_Si4
Organization and Summary of Significant Accounting Policies (Details Textual) (USD $) | 3 Months Ended | 12 Months Ended | 12 Months Ended | |||||||||||||||
Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Aug. 28, 2012 | Dec. 10, 2010 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2011 | Dec. 31, 2011 | Jul. 27, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Bank Of Virginia [Member] | Bank Of Virginia [Member] | Bank Of Virginia [Member] | Bank Of Virginia [Member] | Bank Of Virginia [Member] | Building [Member] | Building [Member] | Furniture and Fixtures [Member] | Furniture and Fixtures [Member] | Series A Common Stock [Member] | Series B Common Stock [Member] | Series C Common Stock [Member] | Undesignated Common Stock [Member] | Undesignated Common Stock [Member] | Undesignated Common Stock [Member] | ||||
Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | |||||||||||||||
Equity Method Investments | ' | ' | ' | ' | ' | ' | $3,000,000 | $10,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition, Share Price | ' | ' | ' | ' | ' | ' | ' | $7.60 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition, Percentage of Voting Interests Acquired | ' | ' | ' | 100.00% | ' | 67.40% | ' | 59.80% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sale of Stock, Price Per Share | ' | ' | ' | ' | ' | ' | $3.60 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common Stock, Shares Authorized | ' | 120,000,000 | 120,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 60,000,000 | 60,000,000 | 5,000,000 | 80,000,000 | 80,000,000 | 80,000,000 |
Business Acquisition Share Issued Per Share Of Minority Share Of Acquire | ' | ' | ' | ' | 0.664 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Guaranteed Amount Of Student Loan Percentage | 98.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unguaranteed Amount Of Student Loan | ' | 1,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Troubled Debt Restructuring Amount | ' | 2,000,000 | 2,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other real estate owned, net of valuation allowance | ' | 1,545,000 | 1,768,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage Of Income Tax Benefit Realized Upon Settlement | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation | ' | 99,000 | 35,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restricted Stock Shares | ' | 578,125 | 578,125 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | ' | 116,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property, Plant and Equipment, Estimated Useful Lives (in years) | ' | ' | ' | ' | ' | ' | ' | ' | '10 | '30 | '3 | '10 | ' | ' | ' | ' | ' | ' |
Description Of General Allowance For Un-impaired Loans | ' | 'Management applies a 45% weighting to the most recent four quarters, a 35% weighting to the next four quarters and a 20% weighting to the most distant four of the prior twelve quarters when calculating this component of the general reserve. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Finite-Lived Core Deposits, Gross | ' | $139,000 | $175,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business_Combination_Details
Business Combination (Details) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Investment in Bank of Virginia | $10,300 |
Cash and cash equivalents | 15,716 |
Investment securities | 35,914 |
Loans | 138,681 |
Premises and equipment | 4,823 |
Core deposit intangibles | 249 |
Other assets | 4,993 |
Fair value of assets acquired | 200,376 |
Deposits | 185,164 |
FHLB borrowings | 10,473 |
Other liabilities | 1,689 |
Fair value of liabilities assumed | 197,326 |
Minority interest | 7,468 |
Goodwill | $5,882 |
Business_Combination_Details_1
Business Combination (Details 1) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Net impact to net income | $924 | $1,421 |
Loans [Member] | ' | ' |
Net impact to net income | 689 | 545 |
Investment Securities [Member] | ' | ' |
Net impact to net income | 0 | 129 |
Property and Equipment [Member] | ' | ' |
Net impact to net income | 8 | 8 |
Core Deposit Intangible [Member] | ' | ' |
Net impact to net income | -36 | -36 |
FLHB Advances [Member] | ' | ' |
Net impact to net income | 0 | 112 |
Time Deposits [Member] | ' | ' |
Net impact to net income | 169 | 569 |
Building Lease Obligation [Member] | ' | ' |
Net impact to net income | $94 | $94 |
Business_Combination_Details_T
Business Combination (Details Textual) (USD $) | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 0 Months Ended | |||||||
Dec. 31, 2013 | Dec. 10, 2010 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 10, 2010 | Dec. 31, 2013 | |
Time Deposits | Core Deposits [Member] | Unfavorable Regulatory Action [Member] | Land | Bank Buildings | Premises And Equipment | Other Real Estate [Member] | Loan Portfolio [Member] | Loan Portfolio [Member] | Investment Portolio [Member] | Bank Of Virginia [Member] | Bank Of Virginia [Member] | |||
Equity Method Investment, Ownership Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 59.80% | 100.00% |
Business Acquisition, Purchase Price Allocation, Goodwill Amount | ' | $5,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets, Total | 200,376,000 | ' | ' | ' | ' | ' | ' | ' | ' | 150,500,000 | ' | 35,900,000 | ' | ' |
Business Combination Recognized Identifiable Assets Acquired Fair Value Of Discount | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11,800,000 | ' | ' | ' | ' |
Fair Value of Assets Acquired | ' | ' | ' | ' | ' | ' | ' | ' | 551,000 | 107,000,000 | ' | 920,000 | ' | ' |
Servicing Asset at Fair Value, Additions | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,200,000 | ' | ' | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment, Total | 4,823,000 | ' | ' | ' | ' | 603,000 | 252,000 | 4,800,000 | ' | ' | ' | ' | ' | ' |
Property, Plant and Equipment, Useful Life | ' | ' | ' | ' | '8 years 9 months | ' | '25 years | ' | ' | ' | ' | ' | ' | ' |
Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Lease Obligation | 822,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | 249,000 | ' | ' | 249,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Loans Decreased Value | ' | ' | ' | ' | ' | ' | ' | ' | ' | 19,200,000 | 44,500,000 | ' | ' | ' |
Business Combination Purchase Of Common Stock Shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,355,263 | ' |
Face Value Of Borrowings Adjustments | 473,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Time Deposits Fair Value Valuation Adjustment | ' | ' | $1,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Securities_Details
Securities (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Amortized Cost | $24,616 | $18,432 |
Gross Unrealized Gains | 66 | 112 |
Gross Unrealized Losses | -115 | -33 |
Estimated Fair Value Total | 24,567 | 18,511 |
U.S. Government Agencies [Member] | ' | ' |
Amortized Cost | 7,038 | 3,425 |
Gross Unrealized Gains | 56 | 30 |
Gross Unrealized Losses | -53 | 0 |
Estimated Fair Value Total | 7,041 | 3,455 |
Agency Guaranteed Mortgage- Backed Securities [Member] | ' | ' |
Amortized Cost | 17,578 | 15,007 |
Gross Unrealized Gains | 10 | 82 |
Gross Unrealized Losses | -62 | -33 |
Estimated Fair Value Total | $17,526 | $15,056 |
Securities_Details_1
Securities (Details 1) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Gross Unrealized Carry Value | $14,753 | $0 |
Gross Unrealized Gains | 0 | ' |
Gross Unrealized Losses | -156 | ' |
Estimated Fair Value | 14,597 | ' |
Agency Guaranteed Mortgage- Backed Securities [Member] | ' | ' |
Gross Unrealized Carry Value | 14,753 | ' |
Gross Unrealized Gains | 0 | ' |
Gross Unrealized Losses | -156 | ' |
Estimated Fair Value | $14,597 | ' |
Securities_Details_2
Securities (Details 2) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Amortized Cost | ' | ' |
Amortized Cost Within one year | $18 | ' |
Amortized Cost Over one year within five years | 0 | ' |
Amortized Cost Over Over five years within ten years | 726 | ' |
Amortized Cost Over ten years | 23,872 | ' |
Amortized Cost Total | 24,616 | ' |
Estimated Fair Value | ' | ' |
Estimated Fair Value Within one year | 19 | ' |
Estimated Fair Value Over one year within five years | 0 | ' |
Estimated Fair Value Over five years within ten years | 726 | ' |
Estimated Fair Value Over ten years | 23,822 | ' |
Estimated Fair Value Total | $24,567 | $18,511 |
Securities_Details_3
Securities (Details 3) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Carry Value | ' | ' |
Carry Value Within one year | $0 | ' |
Carry Value Over one year within five years | 0 | ' |
Carry Value Over five years within ten years | 3,756 | ' |
Carry Value Over ten years | 10,997 | ' |
Total | 14,753 | 0 |
Estimated Fair Value | ' | ' |
Estimated Fair Value Within one year | 0 | ' |
Estimated Fair Value Over one year within five years | 0 | ' |
Estimated Fair Value Over five years within ten years | 3,692 | ' |
Estimated Fair Value Over ten years | 10,905 | ' |
Total | $14,597 | ' |
Securities_Details_4
Securities (Details 4) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Unrealized Losses on Securities Less than 12 Months Estimated Fair Value | $21,033 | $3,696 |
Unrealized Losses on Securities Less than 12 Months Estimated Unrealized Losses | -231 | -33 |
Unrealized Losses on Securities 12 Months or longer Estimated Fair Value | 2,914 | 0 |
Unrealized Losses on Securities 12 Months or longer Estimated Unrealized Losses | -40 | 0 |
Estimated Fair Value | 23,947 | 3,696 |
Unrealized Losses | -271 | -33 |
U.S. Government Agencies [Member] | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Unrealized Losses on Securities Less than 12 Months Estimated Fair Value | 3,697 | 0 |
Unrealized Losses on Securities Less than 12 Months Estimated Unrealized Losses | -53 | 0 |
Unrealized Losses on Securities 12 Months or longer Estimated Fair Value | 0 | 0 |
Unrealized Losses on Securities 12 Months or longer Estimated Unrealized Losses | 0 | 0 |
Estimated Fair Value | 3,697 | 0 |
Unrealized Losses | -53 | 0 |
Agency Guaranteed Mortgage- Backed Securities [Member] | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Unrealized Losses on Securities Less than 12 Months Estimated Fair Value | 17,336 | 3,696 |
Unrealized Losses on Securities Less than 12 Months Estimated Unrealized Losses | -178 | -33 |
Unrealized Losses on Securities 12 Months or longer Estimated Fair Value | 2,914 | 0 |
Unrealized Losses on Securities 12 Months or longer Estimated Unrealized Losses | -40 | 0 |
Estimated Fair Value | 20,250 | 3,696 |
Unrealized Losses | ($218) | ($33) |
Securities_Details_Textual
Securities (Details Textual) (USD $) | 3 Months Ended | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | |
Pledged Financial Instruments, Not Separately Reported, Mortgage-Related Securities Available-for-sale or Held-for-investment | $2,100,000 | $2,100,000 | $2,000,000 |
Available-for-sale Securities, Debt Securities | 3,300,000 | 3,300,000 | 9,700,000 |
Available-for-sale Securities, Gross Realized Losses | ' | ' | 30,000 |
Held-to-maturity Securities | 14,753,000 | 14,753,000 | 0 |
Marketable Securities, Current, Total | 39,300,000 | 39,300,000 | 18,500,000 |
Available-for-sale Securities | 24,567,000 | 24,567,000 | 18,511,000 |
Transferred Securities Fair Value From Available For Sale To Held To Maturity | 9,700,000 | 9,740,000 | 0 |
Transferred Securities Net Unrealized Loss From Available For Sale To Held To Maturity | 342,000 | ' | ' |
Main Correspondent Bank [Member] | ' | ' | ' |
Pledged Financial Instruments, Not Separately Reported, Mortgage-Related Securities Available-for-sale or Held-for-investment | $3,000,000 | $3,000,000 | $2,900,000 |
Loans_Allowance_for_Loan_Losse2
Loans, Allowance for Loan Losses and Credit Quality (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | |||
Total loans | $174,007 | $113,070 | ' |
Allowance for loan losses | -1,489 | -2,110 | -2,285 |
Total loans, net of allowance | 172,518 | 110,960 | ' |
Commercial and Industrial [Member] | ' | ' | ' |
Total loans | 21,085 | 23,488 | ' |
Guaranteed Student Loans [Member] | ' | ' | ' |
Total loans | 55,427 | 0 | ' |
Commercial real estate [Member] | Acquisition, Development, and Construction [Member] | ' | ' | ' |
Total loans | 3,475 | 3,313 | ' |
Allowance for loan losses | -300 | -229 | -296 |
Commercial real estate [Member] | Non-Owner Occupied [Member] | ' | ' | ' |
Total loans | 28,606 | 30,747 | ' |
Allowance for loan losses | -39 | -231 | -474 |
Commercial real estate [Member] | Owner Occupied [Member] | ' | ' | ' |
Total loans | 50,500 | 39,570 | ' |
Allowance for loan losses | -322 | -350 | -496 |
Consumer [Member] | Residential Mortgage [Member] | ' | ' | ' |
Total loans | 7,156 | 7,260 | ' |
Allowance for loan losses | -120 | -50 | -188 |
Consumer [Member] | Home Equity Lines of Credit [Member] | ' | ' | ' |
Total loans | 7,250 | 8,395 | ' |
Allowance for loan losses | -20 | -457 | -215 |
Consumer [Member] | Other [Member] | ' | ' | ' |
Total loans | 508 | 297 | ' |
Allowance for loan losses | ($43) | ($11) | ($47) |
Loans_Allowance_for_Loan_Losse3
Loans, Allowance for Loan Losses and Credit Quality (Details 1) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | |||
Contract principal balance | $8,689 | $16,718 | ' |
Accretable discount | -62 | -476 | ' |
Nonaccretable discount | -61 | -165 | -1,290 |
Book value of loans | $8,566 | $16,077 | ' |
Loans_Allowance_for_Loan_Losse4
Loans, Allowance for Loan Losses and Credit Quality (Details 2) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Accretable Discount Beginning balance | $476 | $366 |
Accretable Discount Charge-offs related to loans covered by ASC 310-30 | ' | 0 |
Accretable Discount Transfer to accretable discount | 104 | 764 |
Accretable Discount accretion | -518 | -654 |
Accretable Discount Ending balance | 62 | 476 |
Nonaccretable Discount Beginning balance | 165 | 1,290 |
Nonaccretable Discount Charge-offs related to loans covered by ASC 310-30 | ' | -361 |
Nonaccretable Discount Transfer to accretable discount | -104 | -764 |
Nonaccretable Discount accretion | 0 | 0 |
Nonaccretable Discount Ending balance | $61 | $165 |
Loans_Allowance_for_Loan_Losse5
Loans, Allowance for Loan Losses and Credit Quality (Details 3) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Loans acquired with credit quality | $165,441 | $96,993 |
Loans acquired with deteriorating credit quality | 8,566 | 16,077 |
Total loans | 174,007 | 113,070 |
Highest Quality [Member] | ' | ' |
Loans acquired with credit quality | 0 | 1 |
Above Average Quality [Member] | ' | ' |
Loans acquired with credit quality | 62,999 | 4,378 |
Satisfactory [Member] | ' | ' |
Loans acquired with credit quality | 52,298 | 41,207 |
Pass [Member] | ' | ' |
Loans acquired with credit quality | 42,255 | 39,453 |
Special Mention [Member] | ' | ' |
Loans acquired with credit quality | 6,335 | 9,762 |
Substandard [Member] | ' | ' |
Loans acquired with credit quality | 1,554 | 1,640 |
Doubtful [Member] | ' | ' |
Loans acquired with credit quality | 0 | 552 |
Commercial Real Estate [Member] | Acquisition, Development, and Construction [Member] | ' | ' |
Loans acquired with credit quality | 2,391 | 711 |
Loans acquired with deteriorating credit quality | 1,084 | 2,602 |
Total loans | 3,475 | 3,313 |
Commercial Real Estate [Member] | Acquisition, Development, and Construction [Member] | Highest Quality [Member] | ' | ' |
Loans acquired with credit quality | 0 | 0 |
Commercial Real Estate [Member] | Acquisition, Development, and Construction [Member] | Above Average Quality [Member] | ' | ' |
Loans acquired with credit quality | 0 | 0 |
Commercial Real Estate [Member] | Acquisition, Development, and Construction [Member] | Satisfactory [Member] | ' | ' |
Loans acquired with credit quality | 325 | 392 |
Commercial Real Estate [Member] | Acquisition, Development, and Construction [Member] | Pass [Member] | ' | ' |
Loans acquired with credit quality | 1,500 | 319 |
Commercial Real Estate [Member] | Acquisition, Development, and Construction [Member] | Special Mention [Member] | ' | ' |
Loans acquired with credit quality | 299 | 0 |
Commercial Real Estate [Member] | Acquisition, Development, and Construction [Member] | Substandard [Member] | ' | ' |
Loans acquired with credit quality | 267 | 0 |
Commercial Real Estate [Member] | Acquisition, Development, and Construction [Member] | Doubtful [Member] | ' | ' |
Loans acquired with credit quality | 0 | 0 |
Commercial Real Estate [Member] | Non-Owner Occupied [Member] | ' | ' |
Loans acquired with credit quality | 27,080 | 25,312 |
Loans acquired with deteriorating credit quality | 1,526 | 5,435 |
Total loans | 28,606 | 30,747 |
Commercial Real Estate [Member] | Non-Owner Occupied [Member] | Highest Quality [Member] | ' | ' |
Loans acquired with credit quality | 0 | 0 |
Commercial Real Estate [Member] | Non-Owner Occupied [Member] | Above Average Quality [Member] | ' | ' |
Loans acquired with credit quality | 2,078 | 0 |
Commercial Real Estate [Member] | Non-Owner Occupied [Member] | Satisfactory [Member] | ' | ' |
Loans acquired with credit quality | 10,563 | 6,261 |
Commercial Real Estate [Member] | Non-Owner Occupied [Member] | Pass [Member] | ' | ' |
Loans acquired with credit quality | 12,990 | 13,094 |
Commercial Real Estate [Member] | Non-Owner Occupied [Member] | Special Mention [Member] | ' | ' |
Loans acquired with credit quality | 1,449 | 5,769 |
Commercial Real Estate [Member] | Non-Owner Occupied [Member] | Substandard [Member] | ' | ' |
Loans acquired with credit quality | 0 | 188 |
Commercial Real Estate [Member] | Non-Owner Occupied [Member] | Doubtful [Member] | ' | ' |
Loans acquired with credit quality | 0 | 0 |
Commercial Real Estate [Member] | Owner Occupied [Member] | ' | ' |
Loans acquired with credit quality | 46,658 | 34,607 |
Loans acquired with deteriorating credit quality | 3,842 | 4,963 |
Total loans | 50,500 | 39,570 |
Commercial Real Estate [Member] | Owner Occupied [Member] | Highest Quality [Member] | ' | ' |
Loans acquired with credit quality | 0 | 0 |
Commercial Real Estate [Member] | Owner Occupied [Member] | Above Average Quality [Member] | ' | ' |
Loans acquired with credit quality | 2,966 | 3,082 |
Commercial Real Estate [Member] | Owner Occupied [Member] | Satisfactory [Member] | ' | ' |
Loans acquired with credit quality | 25,264 | 19,727 |
Commercial Real Estate [Member] | Owner Occupied [Member] | Pass [Member] | ' | ' |
Loans acquired with credit quality | 14,606 | 9,649 |
Commercial Real Estate [Member] | Owner Occupied [Member] | Special Mention [Member] | ' | ' |
Loans acquired with credit quality | 3,486 | 1,668 |
Commercial Real Estate [Member] | Owner Occupied [Member] | Substandard [Member] | ' | ' |
Loans acquired with credit quality | 336 | 481 |
Commercial Real Estate [Member] | Owner Occupied [Member] | Doubtful [Member] | ' | ' |
Loans acquired with credit quality | 0 | 0 |
Commercial and Industrial [Member] | ' | ' |
Loans acquired with credit quality | 19,615 | 21,822 |
Loans acquired with deteriorating credit quality | 1,470 | 1,666 |
Total loans | 21,085 | 23,488 |
Commercial and Industrial [Member] | Highest Quality [Member] | ' | ' |
Loans acquired with credit quality | 0 | 0 |
Commercial and Industrial [Member] | Above Average Quality [Member] | ' | ' |
Loans acquired with credit quality | 2,170 | 1,088 |
Commercial and Industrial [Member] | Satisfactory [Member] | ' | ' |
Loans acquired with credit quality | 8,290 | 6,598 |
Commercial and Industrial [Member] | Pass [Member] | ' | ' |
Loans acquired with credit quality | 8,128 | 12,215 |
Commercial and Industrial [Member] | Special Mention [Member] | ' | ' |
Loans acquired with credit quality | 268 | 1,351 |
Commercial and Industrial [Member] | Substandard [Member] | ' | ' |
Loans acquired with credit quality | 759 | 570 |
Commercial and Industrial [Member] | Doubtful [Member] | ' | ' |
Loans acquired with credit quality | 0 | 0 |
Guaranteed Student Loans [Member] | ' | ' |
Loans acquired with credit quality | 55,427 | 0 |
Loans acquired with deteriorating credit quality | 0 | 0 |
Total loans | 55,427 | 0 |
Guaranteed Student Loans [Member] | Highest Quality [Member] | ' | ' |
Loans acquired with credit quality | 0 | 0 |
Guaranteed Student Loans [Member] | Above Average Quality [Member] | ' | ' |
Loans acquired with credit quality | 55,427 | 0 |
Guaranteed Student Loans [Member] | Satisfactory [Member] | ' | ' |
Loans acquired with credit quality | 0 | 0 |
Guaranteed Student Loans [Member] | Pass [Member] | ' | ' |
Loans acquired with credit quality | 0 | 0 |
Guaranteed Student Loans [Member] | Special Mention [Member] | ' | ' |
Loans acquired with credit quality | 0 | 0 |
Guaranteed Student Loans [Member] | Substandard [Member] | ' | ' |
Loans acquired with credit quality | 0 | 0 |
Guaranteed Student Loans [Member] | Doubtful [Member] | ' | ' |
Loans acquired with credit quality | 0 | 0 |
Consumer [Member] | Residential Mortgage [Member] | ' | ' |
Loans acquired with credit quality | 6,966 | 6,753 |
Loans acquired with deteriorating credit quality | 190 | 507 |
Total loans | 7,156 | 7,260 |
Consumer [Member] | Residential Mortgage [Member] | Highest Quality [Member] | ' | ' |
Loans acquired with credit quality | 0 | 0 |
Consumer [Member] | Residential Mortgage [Member] | Above Average Quality [Member] | ' | ' |
Loans acquired with credit quality | 73 | 119 |
Consumer [Member] | Residential Mortgage [Member] | Satisfactory [Member] | ' | ' |
Loans acquired with credit quality | 3,965 | 4,074 |
Consumer [Member] | Residential Mortgage [Member] | Pass [Member] | ' | ' |
Loans acquired with credit quality | 2,710 | 1,844 |
Consumer [Member] | Residential Mortgage [Member] | Special Mention [Member] | ' | ' |
Loans acquired with credit quality | 203 | 684 |
Consumer [Member] | Residential Mortgage [Member] | Substandard [Member] | ' | ' |
Loans acquired with credit quality | 15 | 32 |
Consumer [Member] | Residential Mortgage [Member] | Doubtful [Member] | ' | ' |
Loans acquired with credit quality | 0 | 0 |
Consumer [Member] | Home Equity Lines of Credit [Member] | ' | ' |
Loans acquired with credit quality | 6,796 | 7,491 |
Loans acquired with deteriorating credit quality | 454 | 904 |
Total loans | 7,250 | 8,395 |
Consumer [Member] | Home Equity Lines of Credit [Member] | Highest Quality [Member] | ' | ' |
Loans acquired with credit quality | 0 | 0 |
Consumer [Member] | Home Equity Lines of Credit [Member] | Above Average Quality [Member] | ' | ' |
Loans acquired with credit quality | 205 | 86 |
Consumer [Member] | Home Equity Lines of Credit [Member] | Satisfactory [Member] | ' | ' |
Loans acquired with credit quality | 3,541 | 3,969 |
Consumer [Member] | Home Equity Lines of Credit [Member] | Pass [Member] | ' | ' |
Loans acquired with credit quality | 2,243 | 2,263 |
Consumer [Member] | Home Equity Lines of Credit [Member] | Special Mention [Member] | ' | ' |
Loans acquired with credit quality | 630 | 274 |
Consumer [Member] | Home Equity Lines of Credit [Member] | Substandard [Member] | ' | ' |
Loans acquired with credit quality | 177 | 347 |
Consumer [Member] | Home Equity Lines of Credit [Member] | Doubtful [Member] | ' | ' |
Loans acquired with credit quality | 0 | 552 |
Consumer [Member] | Other [Member] | ' | ' |
Loans acquired with credit quality | 508 | 297 |
Loans acquired with deteriorating credit quality | 0 | 0 |
Total loans | 508 | 297 |
Consumer [Member] | Other [Member] | Highest Quality [Member] | ' | ' |
Loans acquired with credit quality | 0 | 1 |
Consumer [Member] | Other [Member] | Above Average Quality [Member] | ' | ' |
Loans acquired with credit quality | 80 | 3 |
Consumer [Member] | Other [Member] | Satisfactory [Member] | ' | ' |
Loans acquired with credit quality | 350 | 186 |
Consumer [Member] | Other [Member] | Pass [Member] | ' | ' |
Loans acquired with credit quality | 78 | 69 |
Consumer [Member] | Other [Member] | Special Mention [Member] | ' | ' |
Loans acquired with credit quality | 0 | 16 |
Consumer [Member] | Other [Member] | Substandard [Member] | ' | ' |
Loans acquired with credit quality | 0 | 22 |
Consumer [Member] | Other [Member] | Doubtful [Member] | ' | ' |
Loans acquired with credit quality | $0 | $0 |
Loans_Allowance_for_Loan_Losse6
Loans, Allowance for Loan Losses and Credit Quality (Details 4) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
30 - 59 days | $5,098 | $649 |
60 - 89 days | 2,283 | 0 |
> 90 days | 21,747 | 4,678 |
Total past due | 29,128 | 5,327 |
Current | 144,879 | 107,743 |
Total loans | 174,007 | 113,070 |
> 90 days and still accruing | 18,387 | 0 |
Commercial Real Estate [Member] | Acquisition, Development, and Construction [Member] | ' | ' |
30 - 59 days | 0 | 0 |
60 - 89 days | 0 | 0 |
> 90 days | 633 | 420 |
Total past due | 633 | 420 |
Current | 2,842 | 2,893 |
Total loans | 3,475 | 3,313 |
> 90 days and still accruing | 0 | 0 |
Commercial Real Estate [Member] | Non-Owner Occupied [Member] | ' | ' |
30 - 59 days | 0 | 480 |
60 - 89 days | 0 | 0 |
> 90 days | 0 | 0 |
Total past due | 0 | 480 |
Current | 28,606 | 30,267 |
Total loans | 28,606 | 30,747 |
> 90 days and still accruing | 0 | 0 |
Commercial Real Estate [Member] | Owner Occupied [Member] | ' | ' |
30 - 59 days | 0 | 0 |
60 - 89 days | 0 | 0 |
> 90 days | 2,051 | 2,599 |
Total past due | 2,051 | 2,599 |
Current | 48,449 | 36,971 |
Total loans | 50,500 | 39,570 |
> 90 days and still accruing | 0 | 0 |
Commercial and Industrial [Member] | ' | ' |
30 - 59 days | 0 | 139 |
60 - 89 days | 0 | 0 |
> 90 days | 632 | 740 |
Total past due | 632 | 879 |
Current | 20,453 | 22,609 |
Total loans | 21,085 | 23,488 |
> 90 days and still accruing | 0 | 0 |
Guaranteed Student Loans [Member] | ' | ' |
30 - 59 days | 5,044 | 0 |
60 - 89 days | 2,268 | 0 |
> 90 days | 18,387 | 0 |
Total past due | 25,699 | 0 |
Current | 29,728 | 0 |
Total loans | 55,427 | 0 |
> 90 days and still accruing | 18,387 | 0 |
Consumer [Member] | Residential Mortgage [Member] | ' | ' |
30 - 59 days | 54 | 0 |
60 - 89 days | 15 | 0 |
> 90 days | 44 | 180 |
Total past due | 113 | 180 |
Current | 7,043 | 7,080 |
Total loans | 7,156 | 7,260 |
> 90 days and still accruing | 0 | 0 |
Consumer [Member] | Home Equity Lines of Credit [Member] | ' | ' |
30 - 59 days | 0 | 30 |
60 - 89 days | 0 | 0 |
> 90 days | 0 | 739 |
Total past due | 0 | 769 |
Current | 7,250 | 7,626 |
Total loans | 7,250 | 8,395 |
> 90 days and still accruing | 0 | 0 |
Consumer [Member] | Other Credit Derivatives [Member] | ' | ' |
30 - 59 days | 0 | 0 |
60 - 89 days | 0 | 0 |
> 90 days | 0 | 0 |
Total past due | 0 | 0 |
Current | 508 | 297 |
Total loans | 508 | 297 |
> 90 days and still accruing | $0 | $0 |
Loans_Allowance_for_Loan_Losse7
Loans, Allowance for Loan Losses and Credit Quality (Details 5) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Total loans | $3,934 | $5,471 |
Commercial Real Estate [Member] | Acquisition, Development, and Construction [Member] | ' | ' |
Total loans | 633 | 420 |
Commercial Real Estate [Member] | Non-Owner Occupied [Member] | ' | ' |
Total loans | 0 | 0 |
Commercial Real Estate [Member] | Owner Occupied [Member] | ' | ' |
Total loans | 2,051 | 2,599 |
Commercial and Industrial [Member] | ' | ' |
Total loans | 858 | 878 |
Guaranteed Student Loans [Member] | ' | ' |
Total loans | 0 | 0 |
Consumer [Member] | ' | ' |
Total loans | 0 | 0 |
Consumer [Member] | Residential Mortgage [Member] | ' | ' |
Total loans | 59 | 180 |
Consumer [Member] | Home Equity Lines of Credit [Member] | ' | ' |
Total loans | 333 | 1,371 |
Consumer [Member] | Other [Member] | ' | ' |
Total loans | $0 | $23 |
Loans_Allowance_for_Loan_Losse8
Loans, Allowance for Loan Losses and Credit Quality (Details 6) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
With no related allowance recorded Recorded Investment | $2,829 | $1,603 |
With no related allowance recorded Unpaid Principal Balance | 2,829 | 1,603 |
With no related allowance recorded Related Allowance | 0 | 0 |
With no related allowance recorded Average Recorded Investment | 3,129 | 1,603 |
With no related allowance recorded Interest Recorded | 2 | 7 |
With an allowance recorded Recorded Investment | 0 | 713 |
With an allowance recorded Unpaid Principal Balance | 0 | 713 |
With an allowance recorded Related Allowance | 0 | 438 |
With an allowance recorded Average Recorded Investment | 0 | 438 |
With an allowance recorded Interest Recorded | 0 | 1 |
Commercial Real Estate [Member] | Acquisition, Development, and Construction [Member] | ' | ' |
With no related allowance recorded Recorded Investment | 267 | 0 |
With no related allowance recorded Unpaid Principal Balance | 267 | 0 |
With no related allowance recorded Related Allowance | 0 | 0 |
With no related allowance recorded Average Recorded Investment | 267 | 0 |
With no related allowance recorded Interest Recorded | 0 | 0 |
With an allowance recorded Recorded Investment | 0 | 0 |
With an allowance recorded Unpaid Principal Balance | 0 | 0 |
With an allowance recorded Related Allowance | 0 | 0 |
With an allowance recorded Average Recorded Investment | 0 | 0 |
With an allowance recorded Interest Recorded | 0 | 0 |
Commercial Real Estate [Member] | Non-Owner Occupied [Member] | ' | ' |
With no related allowance recorded Recorded Investment | 1,352 | 189 |
With no related allowance recorded Unpaid Principal Balance | 1,352 | 189 |
With no related allowance recorded Related Allowance | 0 | 0 |
With no related allowance recorded Average Recorded Investment | 1,652 | 189 |
With no related allowance recorded Interest Recorded | 0 | 1 |
With an allowance recorded Recorded Investment | 0 | 0 |
With an allowance recorded Unpaid Principal Balance | 0 | 0 |
With an allowance recorded Related Allowance | 0 | 0 |
With an allowance recorded Average Recorded Investment | 0 | 0 |
With an allowance recorded Interest Recorded | 0 | 0 |
Commercial Real Estate [Member] | Owner Occupied [Member] | ' | ' |
With no related allowance recorded Recorded Investment | 259 | 481 |
With no related allowance recorded Unpaid Principal Balance | 259 | 481 |
With no related allowance recorded Related Allowance | 0 | 0 |
With no related allowance recorded Average Recorded Investment | 259 | 481 |
With no related allowance recorded Interest Recorded | 0 | 3 |
With an allowance recorded Recorded Investment | 0 | 0 |
With an allowance recorded Unpaid Principal Balance | 0 | 0 |
With an allowance recorded Related Allowance | 0 | 0 |
With an allowance recorded Average Recorded Investment | 0 | 0 |
With an allowance recorded Interest Recorded | 0 | 0 |
Commercial and Industrial [Member] | ' | ' |
With no related allowance recorded Recorded Investment | 759 | 553 |
With no related allowance recorded Unpaid Principal Balance | 759 | 553 |
With no related allowance recorded Related Allowance | 0 | 0 |
With no related allowance recorded Average Recorded Investment | 759 | 553 |
With no related allowance recorded Interest Recorded | 2 | 1 |
With an allowance recorded Recorded Investment | 0 | 52 |
With an allowance recorded Unpaid Principal Balance | 0 | 52 |
With an allowance recorded Related Allowance | 0 | 33 |
With an allowance recorded Average Recorded Investment | 0 | 33 |
With an allowance recorded Interest Recorded | 0 | 1 |
Consumer [Member] | Residential Mortgage [Member] | ' | ' |
With no related allowance recorded Recorded Investment | 15 | 228 |
With no related allowance recorded Unpaid Principal Balance | 15 | 228 |
With no related allowance recorded Related Allowance | 0 | 0 |
With no related allowance recorded Average Recorded Investment | 15 | 228 |
With no related allowance recorded Interest Recorded | 0 | 0 |
With an allowance recorded Recorded Investment | 0 | 0 |
With an allowance recorded Unpaid Principal Balance | 0 | 0 |
With an allowance recorded Related Allowance | 0 | 0 |
With an allowance recorded Average Recorded Investment | 0 | 0 |
With an allowance recorded Interest Recorded | 0 | 0 |
Consumer [Member] | Home Equity Lines of Credit [Member] | ' | ' |
With no related allowance recorded Recorded Investment | 177 | 129 |
With no related allowance recorded Unpaid Principal Balance | 177 | 129 |
With no related allowance recorded Related Allowance | 0 | 0 |
With no related allowance recorded Average Recorded Investment | 177 | 129 |
With no related allowance recorded Interest Recorded | 0 | 0 |
With an allowance recorded Recorded Investment | 0 | 661 |
With an allowance recorded Unpaid Principal Balance | 0 | 661 |
With an allowance recorded Related Allowance | 0 | 405 |
With an allowance recorded Average Recorded Investment | 0 | 405 |
With an allowance recorded Interest Recorded | 0 | 0 |
Consumer [Member] | Other Credit Derivatives [Member] | ' | ' |
With no related allowance recorded Recorded Investment | 0 | 23 |
With no related allowance recorded Unpaid Principal Balance | 0 | 23 |
With no related allowance recorded Related Allowance | 0 | 0 |
With no related allowance recorded Average Recorded Investment | 0 | 23 |
With no related allowance recorded Interest Recorded | 0 | 2 |
With an allowance recorded Recorded Investment | 0 | 0 |
With an allowance recorded Unpaid Principal Balance | 0 | 0 |
With an allowance recorded Related Allowance | 0 | 0 |
With an allowance recorded Average Recorded Investment | 0 | 0 |
With an allowance recorded Interest Recorded | $0 | $0 |
Loans_Allowance_for_Loan_Losse9
Loans, Allowance for Loan Losses and Credit Quality (Details 7) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Loan | Loan | |
Number of loans | 1 | 1 |
Rate modification | $0 | $0 |
Term extension | 126 | 311 |
Pre-modification recorded investment | 126 | 311 |
Post-modification recorded investment | 15 | 139 |
Commercial Real Estate [Member] | Non Owner Occupied [Member] | ' | ' |
Number of loans | 0 | 0 |
Rate modification | 0 | 0 |
Term extension | 0 | 0 |
Pre-modification recorded investment | 0 | 0 |
Post-modification recorded investment | 0 | 0 |
Commercial and Industrial [Member] | ' | ' |
Number of loans | 0 | 1 |
Rate modification | 0 | 0 |
Term extension | 0 | 311 |
Pre-modification recorded investment | 0 | 311 |
Post-modification recorded investment | 0 | 139 |
Consumer [Member] | Residential Mortgage [Member] | ' | ' |
Number of loans | 1 | 0 |
Rate modification | 0 | 0 |
Term extension | 126 | 0 |
Pre-modification recorded investment | 126 | 0 |
Post-modification recorded investment | $15 | $0 |
Recovered_Sheet1
Loans, Allowance for Loan Losses and Credit Quality (Details 8) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Beginning balance | $2,110 | $2,285 |
(Charge-offs) recoveries | -640 | -763 |
Provision (recovery) | 19 | 588 |
Ending balance | 1,489 | 2,110 |
Allowance for loan losses for loans | ' | ' |
Individually evaluated for impairment | 0 | 438 |
Collectively evaluated for impairment | 1,255 | 1,135 |
Loans acquired with deteriorated credit quality | 234 | 537 |
Ending balance | 1,489 | 2,110 |
Gross loan balances | ' | ' |
Individually evaluated for impairment | 2,829 | 2,316 |
Collectively evaluated for impairment | 162,612 | 94,677 |
Loans acquired with deteriorated credit quality | 8,566 | 16,077 |
Ending balance | 174,007 | 113,070 |
Commercial Real Estate [Member] | Acquisition, Development, and Construction [Member] | ' | ' |
Beginning balance | 229 | 296 |
(Charge-offs) recoveries | 0 | -16 |
Provision (recovery) | 71 | -51 |
Ending balance | 300 | 229 |
Allowance for loan losses for loans | ' | ' |
Individually evaluated for impairment | 0 | 0 |
Collectively evaluated for impairment | 260 | 29 |
Loans acquired with deteriorated credit quality | 40 | 200 |
Ending balance | 300 | 229 |
Gross loan balances | ' | ' |
Individually evaluated for impairment | 267 | 0 |
Collectively evaluated for impairment | 2,124 | 711 |
Loans acquired with deteriorated credit quality | 1,084 | 2,602 |
Ending balance | 3,475 | 3,313 |
Commercial Real Estate [Member] | Non-Owner Occupied [Member] | ' | ' |
Beginning balance | 231 | 474 |
(Charge-offs) recoveries | 0 | -273 |
Provision (recovery) | -192 | 30 |
Ending balance | 39 | 231 |
Allowance for loan losses for loans | ' | ' |
Individually evaluated for impairment | 0 | 0 |
Collectively evaluated for impairment | 39 | 231 |
Loans acquired with deteriorated credit quality | 0 | 0 |
Ending balance | 39 | 231 |
Gross loan balances | ' | ' |
Individually evaluated for impairment | 1,352 | 189 |
Collectively evaluated for impairment | 25,728 | 25,123 |
Loans acquired with deteriorated credit quality | 1,526 | 5,435 |
Ending balance | 28,606 | 30,747 |
Commercial Real Estate [Member] | Owner Occupied [Member] | ' | ' |
Beginning balance | 350 | 496 |
(Charge-offs) recoveries | -289 | 0 |
Provision (recovery) | 261 | -146 |
Ending balance | 322 | 350 |
Allowance for loan losses for loans | ' | ' |
Individually evaluated for impairment | 0 | 0 |
Collectively evaluated for impairment | 128 | 61 |
Loans acquired with deteriorated credit quality | 194 | 289 |
Ending balance | 322 | 350 |
Gross loan balances | ' | ' |
Individually evaluated for impairment | 259 | 481 |
Collectively evaluated for impairment | 46,399 | 34,126 |
Loans acquired with deteriorated credit quality | 3,842 | 4,963 |
Ending balance | 50,500 | 39,570 |
Commercial and Industrial [Member] | ' | ' |
Beginning balance | 782 | 569 |
(Charge-offs) recoveries | 135 | -270 |
Provision (recovery) | -540 | 483 |
Ending balance | 377 | 782 |
Allowance for loan losses for loans | ' | ' |
Individually evaluated for impairment | 0 | 33 |
Collectively evaluated for impairment | 377 | 744 |
Loans acquired with deteriorated credit quality | 0 | 5 |
Ending balance | 377 | 782 |
Gross loan balances | ' | ' |
Individually evaluated for impairment | 759 | 605 |
Collectively evaluated for impairment | 18,856 | 21,217 |
Loans acquired with deteriorated credit quality | 1,470 | 1,666 |
Ending balance | 21,085 | 23,488 |
Guaranteed Student Loans [Member] | ' | ' |
Beginning balance | 0 | ' |
(Charge-offs) recoveries | -94 | ' |
Provision (recovery) | 362 | ' |
Ending balance | 268 | ' |
Allowance for loan losses for loans | ' | ' |
Individually evaluated for impairment | 0 | ' |
Collectively evaluated for impairment | 268 | ' |
Loans acquired with deteriorated credit quality | 0 | ' |
Ending balance | 268 | ' |
Gross loan balances | ' | ' |
Individually evaluated for impairment | 0 | ' |
Collectively evaluated for impairment | 55,427 | ' |
Loans acquired with deteriorated credit quality | 0 | 0 |
Ending balance | 55,427 | ' |
Consumer [Member] | Residential Mortgage [Member] | ' | ' |
Beginning balance | 50 | 188 |
(Charge-offs) recoveries | 5 | -133 |
Provision (recovery) | 65 | -5 |
Ending balance | 120 | 50 |
Allowance for loan losses for loans | ' | ' |
Individually evaluated for impairment | 0 | 0 |
Collectively evaluated for impairment | 120 | 50 |
Loans acquired with deteriorated credit quality | 0 | 0 |
Ending balance | 120 | 50 |
Gross loan balances | ' | ' |
Individually evaluated for impairment | 15 | 228 |
Collectively evaluated for impairment | 6,951 | 6,525 |
Loans acquired with deteriorated credit quality | 190 | 507 |
Ending balance | 7,156 | 7,260 |
Consumer [Member] | Home Equity Lines of Credit [Member] | ' | ' |
Beginning balance | 457 | 215 |
(Charge-offs) recoveries | -393 | -23 |
Provision (recovery) | -44 | 265 |
Ending balance | 20 | 457 |
Allowance for loan losses for loans | ' | ' |
Individually evaluated for impairment | 0 | 405 |
Collectively evaluated for impairment | 20 | 9 |
Loans acquired with deteriorated credit quality | 0 | 43 |
Ending balance | 20 | 457 |
Gross loan balances | ' | ' |
Individually evaluated for impairment | 177 | 790 |
Collectively evaluated for impairment | 6,619 | 6,701 |
Loans acquired with deteriorated credit quality | 454 | 904 |
Ending balance | 7,250 | 8,395 |
Consumer [Member] | Other Credit Derivatives [Member] | ' | ' |
Beginning balance | 11 | 47 |
(Charge-offs) recoveries | -4 | -48 |
Provision (recovery) | 36 | 12 |
Ending balance | 43 | 11 |
Allowance for loan losses for loans | ' | ' |
Individually evaluated for impairment | 0 | 0 |
Collectively evaluated for impairment | 43 | 11 |
Loans acquired with deteriorated credit quality | 0 | 0 |
Ending balance | 43 | 11 |
Gross loan balances | ' | ' |
Individually evaluated for impairment | 0 | 23 |
Collectively evaluated for impairment | 508 | 274 |
Loans acquired with deteriorated credit quality | 0 | 0 |
Ending balance | $508 | $297 |
Recovered_Sheet2
Loans, Allowance for Loan Losses and Credit Quality (Details Textual) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Financing Receivable, Modifications, Recorded Investment | $2 | $2.10 |
Percentage Of Principal And Interest On Guaranteed Student Loans | 98.00% | ' |
Intangible_Assets_Details
Intangible Assets (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Beginning Balance | $174 | $210 |
Amortization | -35 | -36 |
Ending Balance | $139 | $174 |
Intangible_Assets_Details_Text
Intangible Assets (Details Textual) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2011 | |
Finite-lived Intangible Assets Acquired | $249,000 | ' |
Goodwill, Impairment Loss | ' | 5,900,000 |
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | 36,000 | ' |
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 36,000 | ' |
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 36,000 | ' |
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 36,000 | ' |
Finite-Lived Intangible Assets, Amortization Expense, Year Five | $30,000 | ' |
Premises_and_Equipment_Details
Premises and Equipment (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ' | ' |
Total premises and equipment | $5,439 | $5,096 |
Less: accumulated depreciation and amortization | -975 | -704 |
Total premises and equipment, net | 4,464 | 4,392 |
Land | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Total premises and equipment | 1,403 | 1,403 |
Buildings and improvements | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Total premises and equipment | 2,803 | 2,506 |
Furniture, fixtures and equipment | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Total premises and equipment | 830 | 777 |
Leasehold improvements | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Total premises and equipment | 369 | 376 |
Automobiles | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Total premises and equipment | $34 | $34 |
Premises_and_Equipment_Details1
Premises and Equipment (Details 1) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Property, Plant and Equipment [Line Items] | ' |
Gross rent, 2014 | $330 |
Gross rent, 2015 | 334 |
Gross rent, 2016 | 297 |
Gross rent, 2017 | 291 |
Gross rent, 2018 | 294 |
Gross rent, Thereafter | 139 |
Total minimum payments required | 1,685 |
Accretion, 2014 | -94 |
Accretion, 2015 | -94 |
Accretion, 2016 | -94 |
Accretion, 2017 | -94 |
Accretion, 2018 | -94 |
Accretion, Thereafter | -70 |
Total minimum payments required | -540 |
Net rent, 2014 | 236 |
Net rent, 2015 | 240 |
Net rent, 2016 | 203 |
Net rent, 2017 | 197 |
Net rent, 2018 | 200 |
Net rent, Thereafter | 69 |
Total minimum payments required | $1,145 |
Premises_and_Equipment_Details2
Premises and Equipment (Details Textual) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Property, Plant and Equipment [Line Items] | ' | ' |
Fair Value Adjustments In Depreciation Expense | $8 | ' |
Business Combination, Contingent Consideration, Liability | 822 | ' |
Operating Leases, Rent Expense, Net, Total | 242 | 258 |
Depreciation | $279 | $345 |
Borrowings_Details
Borrowings (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
FHLB Advance - 1.62% | $10,000 | $10,000 |
Maturity date | '2019 | ' |
Borrowings_Details_Textual
Borrowings (Details Textual) (USD $) | Dec. 31, 2013 |
In Millions, unless otherwise specified | |
FederalHomeLoanBankAdvancesGeneralDebtObligationsDisclosuresAmountOfAvailableUnusedFunds | $2.60 |
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Collateral Pledged | 34.1 |
Federal Home Loan Bank, Advances, Branch of FHLB Bank, Interest Rate | 1.62% |
Secured Line Of Credit [Member] | ' |
Line of Credit Facility, Amount Outstanding | 2.5 |
Unsecured Line Of Credit [Member] | ' |
Line of Credit Facility, Amount Outstanding | $2 |
Related_Party_Transactions_Det
Related Party Transactions (Details Textual) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Related Party Transactions [Line Items] | ' | ' |
Deposits, Total | $210,814 | $154,428 |
Unfunded Commitments [Member] | ' | ' |
Related Party Transactions [Line Items] | ' | ' |
Due from Related Parties | 244 | 214 |
Cheif Executive Officers, Directors And Their Affiliates [Member] | ' | ' |
Related Party Transactions [Line Items] | ' | ' |
Due from Related Parties | 1,200 | 1,000 |
Deposits, Total | $1,900 | $938 |
Time_Deposits_Details
Time Deposits (Details) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
2014 | $56,163 |
2015 | 28,787 |
2016 | 20,574 |
2017 | 15,243 |
2018 | 6,517 |
Balance at December 31, 2013 | $127,284 |
Time_Deposits_Details_Textual
Time Deposits (Details Textual) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Time Deposits, $100,000 or More, Total | $76,231 | $41,395 |
Interest-bearing Domestic Deposit, Brokered | $365 | $1,500 |
Income_Taxes_Details
Income Taxes (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Deferred tax assets | ' | ' |
Unrealized securities losses | $142 | $0 |
Acquisition accounting adjustments | 370 | 684 |
Allowance for loan losses | 0 | 428 |
Charitable contrubtion charge-off | 1 | 0 |
Net operating loss carryforward | 6,298 | 5,155 |
Bank premises and equipment | 25 | 41 |
Accrued vacation | 19 | 26 |
Deferred compensation | 20 | 41 |
Non-accrual loan interest | 262 | 271 |
OREO valuation | 88 | 210 |
Total deferred tax assets | 7,225 | 6,856 |
Deferred tax liabilities | ' | ' |
Allowance for loan losses | -367 | 0 |
Unrealized gain on securities available for sale | 0 | -27 |
Total deferred tax liabilities | -367 | -27 |
Net deferred tax asset | 6,858 | 6,829 |
Less: valuation allowance | -6,858 | -6,829 |
Deferred Tax Assets, Net of Valuation Allowance, Total | $0 | $0 |
Income_Taxes_Details_1
Income Taxes (Details 1) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Current tax expense | $0 | $0 |
Deferred tax (benefit) | -29 | -357 |
Change in valuation allowance | 29 | 357 |
Total tax expense | $0 | $0 |
Income_Taxes_Details_Textual
Income Taxes (Details Textual) (USD $) | Dec. 31, 2013 | Dec. 31, 2010 |
Operating Loss Carryforwards | $18,500,000 | $254,000 |
Deferred Tax Assets Reserve Valuation Allowance | 6,900,000 | ' |
Deferred Tax Assets Valuation Allowance Expected Reverse | $6,700,000 | ' |
Financial_Instruments_With_Off2
Financial Instruments With Off-Balance Sheet Risk (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ' | ' |
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Liability | $16,278 | $11,973 |
Unused Commitments And Commitments To Fund [Member] | ' | ' |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ' | ' |
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Liability | 15,743 | 11,325 |
Commercial And Standby Letters Of Credit | ' | ' |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ' | ' |
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Liability | $535 | $648 |
Financial_Instruments_With_Off3
Financial Instruments With Off-Balance Sheet Risk (Details Textual) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Cash, Uninsured Amount | $4.40 | $3.50 |
Minimum_Regulatory_Capital_Req2
Minimum Regulatory Capital Requirements and Dividend Limitations (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Capital To Risk Weighted Assets, Actual Capital, Ratio | 11.25% | 13.55% |
Tier One Capital To Risk Weighted Assets, Actual Capital, Ratio | 10.17% | 12.31% |
Tier One Capital To Risk Average Assets, Actual Capital, Ratio | 6.09% | 8.71% |
Capital To Risk Weighted Assets, Minimum Capital Requirement, Ratio | 8.00% | 8.00% |
Tier One Capital To Risk Weighted Assets, Minimum Capital Requirement, Ratio | 4.00% | 4.00% |
Tier One Capital To Risk Average Assets, Minimum Capital Requirement, Ratio | 4.00% | 4.00% |
Capital To Risk Weighted Assets, Minimum To Be Well Capitalized Under Prompt Corrective Action, Ratio | 10.00% | 10.00% |
Tier One Capital To Risk Weighted Assets, Minimum To Be Well Capitalized Under Prompt Corrective Action, Ratio | 6.00% | 6.00% |
Tier One Capital To Risk Average Assets, Minimum To Be Well Capitalized Under Prompt Corrective Action, Ratio | 5.00% | 5.00% |
Capital To Risk Weighted Assets, Actual Capital, Amount | $15,616 | $16,445 |
Tier One Capital To Risk Weighted Assets, Actual Capital, Amount | 14,127 | 14,939 |
Tier One Capital To Risk Average Assets, Actual Capital, Amount | 14,127 | 14,939 |
Capital To Risk Weighted Assets, Minimum Capital Requirement, Amount | 11,110 | 9,779 |
Tier One Capital To Risk Weighted Assets, Minimum Capital Requirement, Amount | 5,555 | 4,856 |
Tier One Capital To Risk Average Assets, Minimum Capital Requirement, Amount | 9,279 | 6,860 |
Capital To Risk Weighted Assets, Minimum To Be Well Capitalized Under Prompt Corrective Action, Amount | 13,887 | 12,140 |
Tier One Capital To Risk Weighted Assets, Minimum To Be Well Capitalized Under Prompt Corrective Action, Amount | 8,332 | 7,284 |
Tier One Capital To Risk Average Assets, Minimum To Be Well Capitalized Under Prompt Corrective Action, Amount | $11,560 | $8,575 |
Minimum_Regulatory_Capital_Req3
Minimum Regulatory Capital Requirements and Dividend Limitations (Details Textuals) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Description of Regulatory Requirements, Capital Adequacy Purposes | 'total assets on a consolidated basis are less than $500,000,000, the Company is not subject to the consolidated capital requirements imposed by the Bank Holding Company Act. Consequently, the Company is not required to calculate its capital ratios on a consolidated basis. |
Minimum Total Assets Required For Applicability Of Capital Adequacy Requirements | $500,000,000 |
Employee_Benefit_Plans_and_Sto2
Employee Benefit Plans and Stock-based Compensation (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Option shares | ' | ' |
Stock Options Outstanding, Beginning Balance | 77,830 | ' |
Granted | 56,982 | ' |
Exercised | 0 | ' |
Forfeited | -19,156 | ' |
Stock Options Outstanding, Ending Balance | 115,656 | 77,830 |
Exercisable at December 31, 2013 | 28,438 | ' |
Weighted- Average Exercise Price | ' | ' |
Weighted Average Exercise Price Outstanding, Beginning balance | $9.68 | ' |
Granted | $5.16 | ' |
Weighted Average Exercise Price, Exercised | $0 | ' |
Forfeited | $8.34 | ' |
Weighted Average Exercise Price Outstanding, Ending Balance | $7.68 | $9.68 |
Exercisable at December 31, 2013 | $12.80 | ' |
Weighted- Average Remaining Contractual Term (Years) | ' | ' |
Weighted Average Remaining Contractual Life, Issued | '0 years | ' |
Weighted Average Remaining Contractual Life, Exercised | '0 years | ' |
Forfeited | '0 years | ' |
Weighted Average Remaining Contractual Life, Outstanding | '8 years 5 months 8 days | '0 years |
Exercisable at December 31, 2013 | '7 years 4 months 10 days | ' |
Employee_Benefit_Plans_and_Sto3
Employee Benefit Plans and Stock-based Compensation (Details 1) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Expected Dividends | 0.00% | 0.00% |
Expected Volatility | 30.00% | 25.00% |
Expected term in years | ' | '7 years |
Risk free rate | 1.42% | 1.18% |
Maximum [Member] | ' | ' |
Expected term in years | '10 years | ' |
Minimum [Member] | ' | ' |
Expected term in years | '7 years | ' |
Employee_Benefit_Plans_and_Sto4
Employee Benefit Plans and Stock-based Compensation (Details 2) (Restricted Stock [Member], USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Restricted Stock [Member] | ' | ' |
Nonvested, Number, Beginning Balance | 0 | 664 |
Granted | 12,500 | ' |
Vested | 800 | 0 |
Forfeited | 0 | -664 |
Nonvested, Number, Ending Balance | 11,700 | 0 |
Nonvested, Number,Weighted Average Price Beginning Balance | $0 | $6.78 |
Granted | $4.41 | ' |
Vested | $4.41 | ' |
Forfeited | $0 | $6.78 |
Nonvested, Number,Weighted Average Price Ending Balance | $4.41 | $0 |
Employee_Benefit_Plans_and_Sto5
Employee Benefit Plans and Stock-based Compensation (Details Textual) (USD $) | 12 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | 50.00% | ' |
Deferred Compensation Arrangement with Individual, Recorded Liability | $60 | ' |
Deferred Compensation Arrangement with Individual, Compensation Expense | 60 | 60 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $1.77 | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options | 141 | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | '45 months | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 56,982 | ' |
Restricted Stock [Member] | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | '3 years 9 months | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 12,500 | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options | $52 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $4.41 | ' |
Each Non Executive Director [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 2,205 | 2,237 |
Founding Investors Of Cordia [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 578,125 | 578,125 |
2005 Plan [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 26,560 | ' |
2011 Plan [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 106,240 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 56,982 | ' |
Outside Plan Prior To Merger In March 2013 [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 20,000 | ' |
Outside Plan In September 2013 [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 10,000 | ' |
Outside Plan In September 2013 [Member] | Restricted Stock [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 12,500 | ' |
Plan 2005 And 2011 [Member] | ' | ' |
Per Share In Exchange Of Common Stock | $0.66 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 132,800 | ' |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | |||
Assets: | ' | ' | ' |
Cash and cash equivalents | $13,984 | $11,981 | $27,417 |
Securities available for sale | 24,567 | 18,511 | ' |
Securities held to maturity | 14,753 | 0 | ' |
Interest receivable | 1,655 | 419 | ' |
Liabilities: | ' | ' | ' |
Demand deposits | 22,845 | 19,498 | ' |
Savings and interest-bearing demand deposits | 60,685 | 39,393 | ' |
Time deposits | 127,284 | ' | ' |
FHLB Borrowings | 10,000 | 10,000 | ' |
Carrying Amount [Member] | ' | ' | ' |
Assets: | ' | ' | ' |
Cash and cash equivalents | 13,984 | 11,981 | ' |
Securities available for sale | 24,567 | 18,511 | ' |
Securities held to maturity | 14,753 | ' | ' |
Restricted securities | 1,074 | 1,156 | ' |
Loans held for sale | ' | 28,949 | ' |
Net Loans held for investment | 172,518 | 110,960 | ' |
Interest receivable | 1,655 | 419 | ' |
Liabilities: | ' | ' | ' |
Demand deposits | 22,845 | 19,498 | ' |
Savings and interest-bearing demand deposits | 60,685 | 39,393 | ' |
Time deposits | 127,284 | 95,537 | ' |
FHLB Borrowings | 10,000 | 10,000 | ' |
Interest payable | 143 | 173 | ' |
Fair Value [Member] | ' | ' | ' |
Assets: | ' | ' | ' |
Cash and cash equivalents | 13,984 | 11,981 | ' |
Securities available for sale | 24,567 | 18,511 | ' |
Securities held to maturity | 14,597 | ' | ' |
Restricted securities | 1,074 | 1,156 | ' |
Loans held for sale | ' | 28,949 | ' |
Net Loans held for investment | 173,444 | 113,260 | ' |
Interest receivable | 1,655 | 419 | ' |
Liabilities: | ' | ' | ' |
Demand deposits | 22,845 | 19,498 | ' |
Savings and interest-bearing demand deposits | 60,685 | 39,393 | ' |
Time deposits | 127,966 | 94,848 | ' |
FHLB Borrowings | 9,656 | 11,421 | ' |
Interest payable | 143 | 173 | ' |
Fair Value [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ' |
Assets: | ' | ' | ' |
Cash and cash equivalents | 13,984 | 11,981 | ' |
Securities available for sale | 0 | 0 | ' |
Securities held to maturity | 0 | ' | ' |
Restricted securities | 0 | 0 | ' |
Loans held for sale | ' | 0 | ' |
Net Loans held for investment | 0 | 0 | ' |
Interest receivable | 0 | 0 | ' |
Liabilities: | ' | ' | ' |
Demand deposits | 0 | 0 | ' |
Savings and interest-bearing demand deposits | 0 | 0 | ' |
Time deposits | 0 | 0 | ' |
FHLB Borrowings | 0 | 0 | ' |
Interest payable | 0 | 0 | ' |
Fair Value [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ' |
Assets: | ' | ' | ' |
Cash and cash equivalents | 0 | 0 | ' |
Securities available for sale | 24,567 | 18,511 | ' |
Securities held to maturity | 14,597 | ' | ' |
Restricted securities | 1,074 | 1,156 | ' |
Loans held for sale | ' | 28,949 | ' |
Net Loans held for investment | 0 | 0 | ' |
Interest receivable | 1,655 | 419 | ' |
Liabilities: | ' | ' | ' |
Demand deposits | 22,845 | 19,498 | ' |
Savings and interest-bearing demand deposits | 60,685 | 39,393 | ' |
Time deposits | 127,966 | 94,848 | ' |
FHLB Borrowings | 9,656 | 11,421 | ' |
Interest payable | 143 | 173 | ' |
Fair Value [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ' |
Assets: | ' | ' | ' |
Cash and cash equivalents | 0 | 0 | ' |
Securities available for sale | 0 | 0 | ' |
Securities held to maturity | 0 | ' | ' |
Restricted securities | 0 | 0 | ' |
Loans held for sale | ' | 0 | ' |
Net Loans held for investment | 173,444 | 113,260 | ' |
Interest receivable | 0 | 0 | ' |
Liabilities: | ' | ' | ' |
Demand deposits | 0 | 0 | ' |
Savings and interest-bearing demand deposits | 0 | 0 | ' |
Time deposits | 0 | 0 | ' |
FHLB Borrowings | 0 | 0 | ' |
Interest payable | $0 | $0 | ' |
Fair_Value_Measurements_Detail1
Fair Value Measurements (Details 1) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
U.S. Government Agencies [Member] | ' | ' |
Assets, Fair Value Disclosure, Recurring | $7,041 | $3,455 |
U.S. Government Agencies [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' |
Assets, Fair Value Disclosure, Recurring | 0 | 0 |
U.S. Government Agencies [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Assets, Fair Value Disclosure, Recurring | 7,041 | 3,455 |
U.S. Government Agencies [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' |
Assets, Fair Value Disclosure, Recurring | 0 | 0 |
Agency Guaranteed Mortgage- Backed Securities [Member] | ' | ' |
Assets, Fair Value Disclosure, Recurring | 17,526 | 15,056 |
Agency Guaranteed Mortgage- Backed Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' |
Assets, Fair Value Disclosure, Recurring | 0 | 0 |
Agency Guaranteed Mortgage- Backed Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Assets, Fair Value Disclosure, Recurring | 17,526 | 15,056 |
Agency Guaranteed Mortgage- Backed Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' |
Assets, Fair Value Disclosure, Recurring | $0 | $0 |
Fair_Value_Measurements_Detail2
Fair Value Measurements (Details 2) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | |||
Impaired loans, net | ' | $275 | ' |
OREO | 1,545 | 1,768 | 1,262 |
Fair Value, Inputs, Level 1 [Member] | ' | ' | ' |
Impaired loans, net | ' | 0 | ' |
OREO | 0 | 0 | ' |
Fair Value, Inputs, Level 2 [Member] | ' | ' | ' |
Impaired loans, net | ' | 0 | ' |
OREO | 0 | 0 | ' |
Fair Value, Inputs, Level 3 [Member] | ' | ' | ' |
Impaired loans, net | ' | 275 | ' |
OREO | $1,545 | $1,768 | ' |
Fair_Value_Measurements_Detail3
Fair Value Measurements (Details 3) (Impaired Loan Consumer [Member], Other Real Estate Owned [Member], USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Fair value Measurements Quantitative Information Regarding Level Three | $1,545 |
Valuation Techniques | 'Discounted appraised value |
Unobservable Inputs | 'Discount for lack of marketability |
Fair Value Inputs, Discount Rate | 14.00% |
Minimum [Member] | ' |
Fair Value Inputs, Discount Rate | 6.00% |
Maximum [Member] | ' |
Fair Value Inputs, Discount Rate | 29.00% |
Other_Real_Estate_Owned_Detail
Other Real Estate Owned (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Beginning balance, January 31 | $1,768 | $1,262 |
Additions | 0 | 1,396 |
Sales | -223 | -890 |
Ending balance, December 31 | $1,545 | $1,768 |
Other_Real_Estate_Owned_Detail1
Other Real Estate Owned (Details Textual) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Other Revenue (Expense) from Real Estate Operations | $36 | $86 |
Other Expense from Real Estate Partnership Operations | $48 | $157 |
Other_Comprehensive_Income_Det
Other Comprehensive Income (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Other Comprehensive Income (Loss), before Tax, Total | $8 | ($30) |
Net Loss On Sale Of Available Sale Of Securities [Member] | ' | ' |
Available for sale securities, Realized losses on sales of securities | 0 | -30 |
Interest Income [Member] | ' | ' |
Held to maturity securities, Reclassification adjustment | $8 | $0 |
Parent_Company_Activity_Detail
Parent Company Activity (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | |||
Assets: | ' | ' | ' |
Cash and due from banks | $5,290 | $4,234 | ' |
Other Assets | 588 | 560 | ' |
Total assets | 235,148 | 178,696 | ' |
Liabilities and capital: | ' | ' | ' |
Liabilities | 221,861 | 165,557 | ' |
Equity | ' | ' | ' |
Common stock | 28 | 21 | ' |
Additional paid-in capital | 18,648 | 14,428 | ' |
Retained (deficit) | -5,005 | -5,701 | ' |
Accumulated other comprehensive income (loss) | -384 | 56 | ' |
Total liabilities and equity | 235,148 | 178,696 | ' |
Parent Company [Member] | ' | ' | ' |
Assets: | ' | ' | ' |
Cash and due from banks | 211 | 227 | 721 |
Investment in Bank of Virginia | 13,882 | 8,663 | ' |
Other Assets | 229 | 120 | ' |
Total assets | 14,322 | 9,010 | ' |
Liabilities and capital: | ' | ' | ' |
Liabilities | 1,035 | 206 | ' |
Equity | ' | ' | ' |
Common stock | 28 | 21 | ' |
Additional paid-in capital | 18,648 | 14,428 | ' |
Retained (deficit) | -5,005 | -5,701 | ' |
Accumulated other comprehensive income (loss) | -384 | 56 | ' |
Total equity | 13,287 | 8,804 | ' |
Total liabilities and equity | $14,322 | $9,010 | ' |
Parent_Company_Activity_Detail1
Parent Company Activity (Details 1) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Income (loss): | ' | ' |
Interest income | $9,865 | $8,441 |
Expenses: | ' | ' |
Net income (loss) | 696 | -544 |
Parent Company [Member] | ' | ' |
Income (loss): | ' | ' |
Equity in undistributed income (loss) of subsidiary | 1,346 | -302 |
Interest income | 1 | 2 |
Total income (loss) | 1,347 | -300 |
Expenses: | ' | ' |
Other expense | 651 | 244 |
Total expense | 651 | 244 |
Net income (loss) | $696 | ($544) |
Parent_Company_Activity_Detail2
Parent Company Activity (Details 2) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Cash flows from operating activities: | ' | ' |
Net income (loss) | $696 | ($544) |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ' | ' |
Stock-based compensation | 99 | 35 |
Cash flows from financing activities: | ' | ' |
Issuance of Common Stock, net of costs | -207 | 2,674 |
Net decrease in cash and due from banks | 31,916 | -5,355 |
Cash and due from banks, beginning of period | 4,234 | ' |
Cash and due from banks, end of period | 5,290 | 4,234 |
Parent Company [Member] | ' | ' |
Cash flows from operating activities: | ' | ' |
Net income (loss) | 696 | -544 |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ' | ' |
Equity in undistributed (income) loss of subsidiary | 1,346 | -302 |
Stock-based compensation | 99 | 0 |
Net increase in other assets | -109 | -120 |
Net increase in other liabilities | 828 | 166 |
Net cash provided by (used in) operating activities | 168 | -196 |
Cash flows from investing activities: | ' | ' |
Investment in Bank of Virginia, net of costs | -4,312 | -2,972 |
Net cash used in investing activities | -4,312 | -2,972 |
Cash flows from financing activities: | ' | ' |
Issuance of Common Stock, net of costs | 4,128 | 2,674 |
Net cash provided by investing activities | 4,128 | 2,674 |
Net decrease in cash and due from banks | -16 | -494 |
Cash and due from banks, beginning of period | 227 | 721 |
Cash and due from banks, end of period | $211 | $227 |
Parent_Company_Activity_Detail3
Parent Company Activity (Details Textual) (Bank Of Virginia [Member]) | Dec. 31, 2013 | Dec. 10, 2010 |
Bank Of Virginia [Member] | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' |
Equity Method Investment, Ownership Percentage | 100.00% | 59.80% |