Document_And_Entity_Informatio
Document And Entity Information | 9 Months Ended | |
Sep. 30, 2014 | Nov. 05, 2014 | |
Document Information [Line Items] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Sep-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Entity Registrant Name | 'Cordia Bancorp Inc | ' |
Entity Central Index Key | '0001466292 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Smaller Reporting Company | ' |
Trading Symbol | 'BVA | ' |
Entity Common Stock, Shares Outstanding | ' | 6,504,106 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Assets | ' | ' |
Cash and due from banks | $5,789 | $5,290 |
Federal funds sold and interest-bearing deposits with banks | 6,131 | 8,694 |
Total cash and cash equivalents | 11,920 | 13,984 |
Securities available for sale, at fair market value | 54,581 | 24,567 |
Securities held to maturity, at cost (fair value $21,383 and $14,597 at September 30, 2014 and December 31, 2013, respectively) | 21,263 | 14,753 |
Restricted securities | 1,525 | 1,074 |
Loans net of allowance for loan losses of $1,226 and $1,489, at September 30, 2014 and December 31, 2013, respectively | 203,092 | 172,518 |
Premises and equipment, net | 4,496 | 4,464 |
Accrued interest receivable | 1,902 | 1,655 |
Other real estate owned, net of valuation allowance | 1,543 | 1,545 |
Other assets | 485 | 588 |
Total assets | 300,807 | 235,148 |
Deposits | ' | ' |
Non-interest bearing | 24,483 | 22,845 |
Savings and interest-bearing demand | 78,786 | 60,685 |
Time, $100,000 and over | 100,446 | 76,231 |
Other time | 49,233 | 51,053 |
Total deposits | 252,948 | 210,814 |
Accrued expenses and other liabilities | 877 | 1,047 |
FHLB borrowings | 20,000 | 10,000 |
Total liabilities | 273,825 | 221,861 |
Stockholders' equity | ' | ' |
Preferred stock, 2,000 shares authorized, $0.01 par value, none issued and outstanding | 0 | 0 |
Common stock | 50 | 28 |
Additional paid-in capital | 32,896 | 18,648 |
Retained deficit | -5,477 | -5,005 |
Accumulated other comprehensive loss | -501 | -384 |
Total stockholders' equity | 26,982 | 13,287 |
Total liabilities and stockholders' equity | 300,807 | 235,148 |
Non-Voting [Member] | ' | ' |
Stockholders' equity | ' | ' |
Common stock | 14 | 0 |
Undesignated Common Stock [Member] | ' | ' |
Stockholders' equity | ' | ' |
Common stock | $0 | $0 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Securities held to maturity, at cost | $21,383 | $14,597 |
Allowance for loan losses | $1,226 | $1,489 |
Preferred Stock, Shares Authorized | 2,000 | 2,000 |
Preferred Stock, Shares Issued | 0 | 0 |
Preferred Stock, Shares Outstanding | 0 | 0 |
Preferred Stock, Par or Stated Value Per Share | $0.01 | $0.01 |
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 | 5,103,669 | 2,788,302 |
Undesignated Common Stock [Member] | ' | ' |
Common Stock, Shares Authorized | 80,000,000 | 80,000,000 |
Common Stock, Shares, Issued | 0 | 0 |
Non-Voting [Member] | ' | ' |
Common Stock, Shares Authorized | 5,000,000 | 5,000,000 |
Common Stock, Par or Stated Value Per Share | $0.01 | $0.01 |
Common Stock, Shares, Outstanding | 1,400,437 | 0 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Interest income | ' | ' | ' | ' |
Interest and fees on loans | $2,275 | $2,182 | $6,676 | $7,277 |
Investment securities | 346 | 123 | 864 | 265 |
Federal funds sold and deposits with banks | 4 | 19 | 19 | 63 |
Total interest income | 2,625 | 2,324 | 7,559 | 7,605 |
Interest expense | ' | ' | ' | ' |
Interest on deposits | 443 | 415 | 1,310 | 1,233 |
Interest on FHLB borrowings | 57 | 42 | 154 | 123 |
Total interest expense | 500 | 457 | 1,464 | 1,356 |
Net interest income | 2,125 | 1,867 | 6,095 | 6,249 |
Provision for Loan Losses Expensed | -106 | -23 | 123 | 111 |
Net interest income after provision for (recovery of) loan losses | 2,231 | 1,890 | 5,972 | 6,138 |
Non-interest income | ' | ' | ' | ' |
Service charges on deposit accounts | 44 | 31 | 89 | 93 |
Net gain (loss) on sale of available for sale securities | -3 | 0 | 61 | 0 |
Other fee income | 41 | 51 | 117 | 122 |
Total non-interest income | 82 | 82 | 267 | 215 |
Non-interest expense | ' | ' | ' | ' |
Salaries and employee benefits | 1,266 | 991 | 3,822 | 3,150 |
Professional services | 92 | 67 | 323 | 340 |
Occupancy | 139 | 137 | 426 | 427 |
Data processing and communications | 206 | 140 | 514 | 409 |
FDIC assessment and bank fees | 99 | 102 | 289 | 336 |
Bank franchise taxes | 23 | 14 | 79 | 60 |
Student loan servicing fees and other loan expenses | 144 | 81 | 480 | 198 |
Other real estate expenses | 6 | 5 | 28 | 33 |
Gain on sale of other real estate owned | 0 | -36 | 0 | -36 |
Supplies and equipment | 82 | 66 | 240 | 199 |
Insurance | 40 | 42 | 125 | 126 |
Directors fees | 24 | 34 | 67 | 106 |
Marketing and business development | 15 | 19 | 30 | 56 |
Other operating expenses | 95 | 102 | 288 | 259 |
Total non-interest expense | 2,231 | 1,764 | 6,711 | 5,663 |
Net income (loss) | $82 | $208 | ($472) | $690 |
Basic income (loss) per share | $0.01 | $0.07 | ($0.12) | $0.27 |
Diluted income (loss) per share | $0.01 | $0.07 | ($0.12) | $0.27 |
Weighted average shares outstanding, basic | 6,420,107 | 2,768,484 | 4,084,960 | 2,544,744 |
Weighted average shares outstanding, diluted | 6,504,106 | 2,777,840 | 4,122,217 | 2,557,115 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statement of Comprehensive Income (Loss) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Net income (loss) | $82 | $208 | ($472) | $690 |
Unrealized losses on available for sale securities | -72 | -232 | -153 | -512 |
Amortization of AFS to HTM reclassification adjustment | 11 | 0 | 36 | 0 |
Other comprehensive loss | -61 | -232 | -117 | -512 |
Comprehensive income (loss) | $21 | ($24) | ($589) | $178 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Cash Flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Cash flows from operating activities: | ' | ' |
Net income (loss) | ($472) | $690 |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities | ' | ' |
Net amortization of premium on investment securities | 249 | 109 |
Net amortization of acquisition accounting adjustments | -253 | -779 |
Depreciation | 215 | 215 |
Provision for loan losses | 123 | 111 |
Gain on available for securities | -61 | 0 |
Gain on sale of OREO | 0 | -36 |
OREO impairment | 2 | 0 |
Stock compensation | 32 | 57 |
Net change in loans held for sale | 0 | 28,949 |
Changes in assets and liabilities: | ' | ' |
Increase in accrued interest receivable | -247 | -916 |
Increase (decrease) in other assets | 103 | -18 |
Decrease (increase) in accrued expenses and other liabilities | -99 | -232 |
Net cash provided by (used in) operating activities | -408 | 28,150 |
Cash flows from investing activities: | ' | ' |
Purchase of securities available for sale | -42,039 | -18,458 |
Purchase of securities held to maturity | -7,686 | 0 |
(Issuance) redemptions of restricted securities, net | -451 | 85 |
Proceeds from sales, maturities, and paydowns of securities available for sale | 11,733 | 3,618 |
Proceeds from payments/maturities of securities held to maturity | 1,163 | 2,923 |
Proceeds from sale of OREO | 0 | 259 |
Net increase in loans | -30,494 | -59,838 |
Purchase of premises and equipment | -241 | -329 |
Net cash used in investing activities | -68,015 | -71,740 |
Cash flows from financing activities: | ' | ' |
Proceeds from sale of stock, net | 14,252 | -207 |
Net increase in demand savings, interest-bearing checking and money market deposits | 19,712 | 22,374 |
Net increase in time deposits | 22,395 | 32,224 |
Proceeds from FHLB advances | 10,000 | 0 |
Net cash provided by investing activities | 66,359 | 54,391 |
Net increase (decrease) in cash and cash equivalents | -2,064 | 10,801 |
Cash and cash equivalents, beginning of period | 13,984 | 11,981 |
Cash and cash equivalents, end of period | 11,920 | 22,782 |
Supplemental disclosure of cash flow information | ' | ' |
Cash payments for interest | 1,453 | 1,380 |
Supplemental disclosure of noncash activities | ' | ' |
Fair value adjustments for securities | ($153) | ($512) |
Organization_and_Summary_of_Si
Organization and Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2014 | |
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, 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. | |
On March 29, 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 has owned 100.0% of the Bank’s shares since the completion of the exchange. | |
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. | |
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. | |
Basis of Presentation | |
The accounting and reporting policies of the Company conform to accounting principles generally accepted in the United States of America (“GAAP”) and prevailing practices within the financial services industry for interim financial information and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and notes required for complete financial statements and prevailing practices within the banking industry. Operating results for the three months and nine months ended September 30, 2014 are not necessarily indicative of the results that may be expected for any future periods or for the year ending December 31, 2014. In the opinion of management, all adjustments (comprising only normal, recurring accruals) necessary for a fair presentation of the results of the interim periods have been included. Certain reclassifications have been made to prior period amounts, as necessary, to conform to the current period presentation. The Company has evaluated subsequent events through the date of the issuance of its financial statements. | |
These statements should be read in conjunction with the financial statements and accompanying notes included in the Company’s 2013 Annual Report on Form 10-K as filed with the Securities and Exchange Commission (“SEC”) on March 26, 2014. | |
Principles of Consolidation | |
The accompanying condensed consolidated financial statements include all accounts of the Company and the Bank. All material intercompany balances and transactions have been eliminated in consolidation. | |
Summary of Significant Accounting Policies | |
We provide a summary of our significant accounting policies in our 2013 Form 10-K under “Note 1 – Organization and Summary of Significant Accounting Policies”. There have been no significant changes to these policies during 2014. | |
Recent Accounting Pronouncements | |
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 does not expect the adoption of ASU 2014-01 to have a material impact 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 does not expect the adoption of ASU 2014-04 to have a material impact on its consolidated financial statements. | |
In April 2014, the FASB issued ASU 2014-08, “Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity.” The amendments in this ASU change the criteria for reporting discontinued operations while enhancing disclosures in this area. Under the new guidance, only disposals representing a strategic shift in operations should be presented as discontinued operations. Those strategic shifts should have a major effect on the organization’s operations and financial results and include disposals of a major geographic area, a major line of business, or a major equity method investment. The new guidance requires expanded disclosures about discontinued operations that will provide financial statement users with more information about the assets, liabilities, income, and expenses of discontinued operations. Additionally, the new guidance requires disclosure of the pre-tax income attributable to a disposal of a significant part of an organization that does not qualify for discontinued operations reporting. The amendments in the ASU are effective for public business entities for annual periods, and interim periods within those annual periods, beginning after December 15, 2014. Early adoption is permitted. The Company does not expect the adoption of ASU 2014-08 to have a material impact on its consolidated financial statements. | |
In June 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers: Topic 606”. This ASU applies to any entity using U.S. GAAP that either enters into contracts with customers to transfer goods or services or enters into contracts for the transfer of nonfinancial assets unless those contracts are within the scope of other standards. The guidance supersedes the revenue recognition requirements in Topic 605, “Revenue Recognition”, most industry-specific guidance, and some cost guidance included in Subtopic 605-35, “Revenue Recognition—Construction-Type and Production-Type Contracts”. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. To be in alignment with the core principle, an entity must apply a five step process including: identification of the contract(s) with a customer, identification of performance obligations in the contract(s), determination of the transaction price, allocation of the transaction price to the performance obligations, and recognition of revenue when (or as) the entity satisfies a performance obligation. Additionally, the existing requirements for the recognition of a gain or loss on the transfer of nonfinancial assets that are not in a contract with a customer have also been amended to be consistent with the guidance on recognition and measurement. The amendments in this ASU are effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. Early adoption is not permitted. The Company does not expect the adoption of ASU 2014-09 to have a material impact on its consolidated financial statements. | |
In June 2014, the FASB issued ASU No. 2014-11, “Transfers and Servicing (Topic 860): Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures”. This ASU aligns the accounting for repurchase-to-maturity transactions and repurchase agreements executed as a repurchase financing with the accounting for other typical repurchase agreements. The new guidance eliminates sale accounting for repurchase-to-maturity transactions and supersedes the guidance under which a transfer of a financial asset and a contemporaneous repurchase financing could be accounted for on a combined basis as a forward agreement. The amendments in the ASU also require a new disclosure for transactions economically similar to repurchase agreements in which the transferor retains substantially all of the exposure to the economic return on the transferred financial assets throughout the term of the transaction. Additional disclosures will be required for the nature of collateral pledged in repurchase agreements and similar transactions accounted for as secured borrowings. The amendments in this ASU are effective for the first interim or annual period beginning after December 15, 2014; however, the disclosure for transactions accounted for as secured borrowings is required to be presented for annual periods beginning after December 15, 2014, and interim periods beginning after March 15, 2015. Early adoption is not permitted. The Company does not expect the adoption of ASU 2014-11 to have a material impact on its consolidated financial statements. | |
In June 2014, the FASB issued ASU No. 2014-12, “Compensation – Stock Compensation (Topic 718): Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period”. The new guidance applies to reporting entities that grant employees share-based payments in which the terms of the award allow a performance target to be achieved after the requisite service period. The amendments in the ASU require that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition. Existing guidance in “Compensation – Stock Compensation (Topic 718)”, should be applied to account for these types of awards. The amendments in this ASU are effective for annual periods and interim periods within those annual periods beginning after December 15, 2015. Early adoption is permitted and reporting entities may choose to apply the amendments in the ASU either on a prospective or retrospective basis. The Company does not expect the adoption of ASU 2014-12 to have a material impact on its consolidated financial statements. | |
In August 2014, the FASB issued ASU No. 2014-14, “Receivables – Troubled Debt Restructurings by Creditors (Subtopic 310-40): Classification of Certain Government-Guaranteed Mortgage Loans upon Foreclosure”. The amendments in this ASU apply to creditors that hold government-guaranteed mortgage loans and is intended to eliminate the diversity in practice related to the classification of these guaranteed loans upon foreclosure. The new guidance stipulates that a mortgage loan be derecognized and a separate other receivable be recognized upon foreclosure if (1) the loan has a government guarantee that is not separable from the loan prior to foreclosure, (2) at the time of foreclosure, the creditor has the intent to convey the real estate property to the guarantor and make a claim on the guarantee, and the creditor has the ability to recover under that claim, and (3) at the time of foreclosure, any amount of the claim that is determined on the basis of the fair value of the real estate is fixed. Upon foreclosure, the other receivable should be measured on the amount of the loan balance (principal and interest) expected to be recovered from the guarantor. The amendments in this ASU are effective for annual periods and interim periods within those annual periods beginning after December 15, 2014. Entities may adopt the amendments on a prospective basis or modified retrospective basis as of the beginning of the annual period of adoption; however, the entity must apply the same method of transition as elected under ASU 2014-04. Early adoption is permitted provided the entity has already adopted ASU 2014-04. The Company does not expect the adoption of ASU 2014-14 to have a material impact on its consolidated financial statements. | |
In August 2014, the FASB issued ASU No. 2014-15, “Presentation of Financial Statements – Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern”. This update is intended to provide guidance about management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern and to provide related footnote disclosures. Management is required under the new guidance to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the entity’s ability to continue as a going concern within one year after the date the financial statements are issued when preparing financial statements for each interim and annual reporting period. If conditions or events are identified, the ASU specifies the process that must be followed by management and also clarifies the timing and content of going concern footnote disclosures in order to reduce diversity in practice. The amendments in this ASU are effective for annual periods and interim periods within those annual periods beginning after December 15, 2016. Early adoption is permitted. The Company does not expect the adoption of ASU 2014-15 to have a material impact on its consolidated financial statements. | |
Business_Combination
Business Combination | 9 Months Ended | |||||||||||||
Sep. 30, 2014 | ||||||||||||||
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 (“BVA”), which gave it a 59.8% ownership interest. In accordance with ASC 805-10, this transaction is 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. | ||||||||||||||
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. Subsequent to that date, the fair value adjustments were amortized over the expected life of the related asset or liability or otherwise adjusted as required by GAAP. | ||||||||||||||
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. | ||||||||||||||
In previous periods, the provision for loan losses was significantly impacted by these acquisition accounting adjustments. The credit risk associated with the loan portfolio was 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, while there was a significant allowance for loan losses on the balance sheet of BVA. The level of impact of these purchase accounting adjustments on the provision for loan losses and indirectly on interest income has declined considerably in recent periods. | ||||||||||||||
Non-interest income is impacted by the gain or loss on the sale of investment securities. Non-interest expense is impacted by the depreciation adjustment that is the result of a fair value discount recorded on certain branch locations, rent adjustment related to certain lease commitments being above market as of the day of the investment; and amortization of the core deposit intangible. | ||||||||||||||
On March 29, 2013, the minority shareholders of BVA exchanged their common shares in the Bank for common shares of Cordia. For each share of BVA exchanged, 0.664 shares of Cordia were received. In connection with the exchange, BVA became a wholly-owned subsidiary of Cordia. | ||||||||||||||
In addition, the increased ownership percentage of BVA by Cordia has impacted the accounting of both entities. All of Cordia’s purchase accounting adjustments are now recorded in the BVA financial statements and the Cordia financial statements no longer reflect adjustments for non-controlling interest. | ||||||||||||||
The amortization of the acquisition accounting adjustments had the following impact on the financial statements: | ||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||
(dollars in thousands) | 2014 | 2013 | 2014 | 2013 | ||||||||||
Loans | $ | 44 | $ | 103 | $ | 203 | $ | 1,162 | ||||||
Allowance for loan losses | - | - | - | -577 | ||||||||||
Premises and equipment | 2 | 2 | 6 | 6 | ||||||||||
Core deposit intangible | -9 | -9 | -27 | -27 | ||||||||||
Time deposits | - | 41 | - | 145 | ||||||||||
Building lease obligations | 24 | 24 | 71 | 70 | ||||||||||
Net impact to net income | $ | 61 | $ | 161 | $ | 253 | $ | 779 | ||||||
Earnings_Loss_Per_Share
Earnings (Loss) Per Share | 9 Months Ended | |||||||||||||
Sep. 30, 2014 | ||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||
Earnings Per Share [Text Block] | ' | |||||||||||||
Note 3. Earnings (Loss) Per Share | ||||||||||||||
Basic earnings (loss) 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 143 thousand shares of the Company’s common stock were not included in the computation of earnings per share for the three and nine months ended September 30, 2014 because the share awards exercise prices exceeded the average market price of the Company’s common stock and the effect would be anti-dilutive. The nine month loss for 2014 also creates an anti-dilutive effect for that period. Options to purchase 122 thousand shares of the Company’s common stock were not included in the computation of earnings per share for the three and nine months ended September 30, 2013 because the share awards exercise prices exceeded the average market price of the Company’s common stock and the effect would be anti-dilutive. | ||||||||||||||
The calculation for basic and diluted earnings per common share for the three months and nine months ended September 30, 2014 and 2013 are as follows: | ||||||||||||||
Three months ended September 30, | Nine months ended September 30, | |||||||||||||
(dollars in thousands) | 2014 | 2013 | 2014 | 2013 | ||||||||||
Net income (loss) attributable to Company | $ | 82 | $ | 208 | $ | -472 | $ | 690 | ||||||
Weighted average basic shares outstanding | 6,420,107 | 2,768,484 | 4,084,960 | 2,544,744 | ||||||||||
Basic income (loss) per common share | $ | 0.01 | $ | 0.07 | $ | -0.12 | $ | 0.27 | ||||||
Weighted average dilutive shares outstanding | 6,504,106 | 2,777,840 | 4,122,217 | 2,557,115 | ||||||||||
Diluted income (loss) per common share | $ | 0.01 | $ | 0.07 | $ | -0.12 | $ | 0.27 | ||||||
For the periods ended September 30, 2014 and 2013, a total of 578,125 shares of unvested Common Stock were excluded from the computation of basic and diluted earnings per common share as these are performance based, nonvoting shares deemed more unlikely, than likely, to vest. All other vested and non-vested 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. | ||||||||||||||
Securities
Securities | 9 Months Ended | |||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||
Marketable Securities [Abstract] | ' | |||||||||||||||||||
Cash, Cash Equivalents, and Marketable Securities [Text Block] | ' | |||||||||||||||||||
Note 4. 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 $75.8 million at September 30, 2014 as compared to $39.3 million at December 31, 2013. At September 30, 2014, the securities portfolio consisted of $54.6 million of securities available for sale, at fair value and $21.2 million of securities held to maturity, at amortized cost. | ||||||||||||||||||||
The table below presents the amortized cost, gross unrealized gains and losses, and fair value of securities available for sale at September 30, 2014 and December 31, 2013. | ||||||||||||||||||||
September 30, 2014 | ||||||||||||||||||||
Amortized | Gross Unrealized | Estimated | ||||||||||||||||||
(dollars in thousands) | Cost | Gains | Losses | Fair Value | ||||||||||||||||
U.S. Government agencies | $ | 2,982 | $ | - | $ | -25 | $ | 2,957 | ||||||||||||
Agency guaranteed mortgage-backed securities | 51,802 | 44 | -222 | 51,624 | ||||||||||||||||
Total | $ | 54,784 | $ | 44 | $ | -247 | $ | 54,581 | ||||||||||||
31-Dec-13 | ||||||||||||||||||||
Amortized | Gross Unrealized | Estimated Fair Value | ||||||||||||||||||
(dollars in thousands) | Cost | Gains | Losses | Fair Value | ||||||||||||||||
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 | ||||||||||||
The table below presents the carry value, gross unrealized gains and losses, and fair value of securities held to maturity at September 30, 2014 and December 31, 2013. | ||||||||||||||||||||
September 30, 2014 | ||||||||||||||||||||
Carry | Gross Unrealized | Estimated | ||||||||||||||||||
(dollars in thousands) | Value | Gains | Losses | Fair Value | ||||||||||||||||
Agency guaranteed mortgage-backed securities | $ | 21,263 | $ | 145 | $ | -25 | $ | 21,383 | ||||||||||||
31-Dec-13 | ||||||||||||||||||||
Carry | Gross Unrealized | Estimated | ||||||||||||||||||
(dollars in thousands) | Value | Gains | Losses | Fair Value | ||||||||||||||||
Agency guaranteed mortgage-backed securities | $ | 14,753 | $ | - | $ | -156 | $ | 14,597 | ||||||||||||
The amortized cost and fair value of securities available for sale as of September 30, 2014, 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 | ||||||||||||||||||
Over one year within five years | $ | 3,040 | $ | 3,036 | ||||||||||||||||
Over five years within ten years | 420 | 422 | ||||||||||||||||||
Over ten years | 51,324 | 51,123 | ||||||||||||||||||
Total | $ | 54,784 | $ | 54,581 | ||||||||||||||||
The carrying value and fair value of securities held to maturity as of September 30, 2014, 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 | ||||||||||||||||||
Over five years within ten years | $ | 3,711 | $ | 3,775 | ||||||||||||||||
Over ten years | 17,552 | 17,608 | ||||||||||||||||||
Total | $ | 21,263 | $ | 21,383 | ||||||||||||||||
As of September 30, 2014, the portfolio is concentrated in average maturities of over ten years, although a substantial majority of recently purchased securities have effective durations much shorter than ten years. The portfolio is available to support liquidity needs of the Company. The Company sold $641 thousand of available for sale securities during the three months ended September 30, 2014 and recognized a loss of $3 thousand in noninterest income. During the nine months ended September 30, 2014, the Company sold $7.7 million of available for sale securities and recognized a gain of $61 thousand in noninterest income. There were no sales of securities available for sale during the three and nine months ended September 30, 2013. | ||||||||||||||||||||
Unrealized losses on investments at September 30, 2014 and December 31, 2013 were as follows: | ||||||||||||||||||||
September 30, 2014 | ||||||||||||||||||||
Less than 12 Months | 12 Months or Longer | Total | ||||||||||||||||||
(dollars in thousands) | Estimated Fair Value | Unrealized Losses | Estimated Fair Value | Unrealized Losses | Estimated Fair Value | Unrealized Losses | ||||||||||||||
U.S. Government agencies | $ | 2,574 | $ | -3 | $ | - | $ | -22 | $ | 2,574 | $ | -25 | ||||||||
Agency guaranteed mortgage-backed securities | 44,351 | -247 | 3,733 | - | 48,084 | -247 | ||||||||||||||
Total | $ | 46,925 | $ | -250 | $ | 3,733 | $ | -22 | $ | 50,658 | $ | -272 | ||||||||
31-Dec-13 | ||||||||||||||||||||
(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 | $ | - | $ | - | $ | 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 | ||||||||
All of the unrealized losses are attributable to increases in interest rates and not to credit deterioration. Currently, the Company believes that it is probable that it will be able 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 September 30, 2014. | ||||||||||||||||||||
Investment securities with a combined market value of $5.5 million and $2.1 million were pledged to secure public funds with the State of Virginia at September 30, 2014 and December 31, 2013, respectively. At December 31, 2013, the bank had $2.9 million in investment securities pledged to cover a relationship with our main correspondent bank. As of September 30, 2014, this correspondent bank relationship had been changed to an unsecured facility. We had $6.2 million of securities pledged to secure FHLB advances at September 30, 2014. There were no securities pledged to the FHLB at December 31, 2013. | ||||||||||||||||||||
Loans_Allowance_for_Loan_Losse
Loans, Allowance for Loan Losses and Credit Quality | 9 Months Ended | ||||||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||||||
Receivables [Abstract] | ' | ||||||||||||||||||||||||||||
Allowance for Credit Losses [Text Block] | ' | ||||||||||||||||||||||||||||
Note 5. Loans, Allowance for Loan Losses and Credit Quality | |||||||||||||||||||||||||||||
Loans by Loan Class | |||||||||||||||||||||||||||||
The Bank categorizes its loan receivables into four main segments 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 guaranteed by the U.S. Department of Education for approximately 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 sub-segments are acquisition-development-construction, non-owner occupied and owner occupied. In the consumer category of the loan portfolio the sub-segments are residential real estate, home equity lines of credit and other. Management has not further divided its eight sub-segments into classes. This provides Management and the Board with sufficient information to evaluate the risks within the Bank’s portfolio. | |||||||||||||||||||||||||||||
The table below presents loans by sub-segment at September 30, 2014 and December 31, 2013. | |||||||||||||||||||||||||||||
(dollars in thousands) | September 30, 2014 | December 31, 2013 | |||||||||||||||||||||||||||
Commercial Real Estate: | |||||||||||||||||||||||||||||
Acquisition, development and construction | $ | 2,247 | $ | 3,475 | |||||||||||||||||||||||||
Non-owner occupied | 39,805 | 28,606 | |||||||||||||||||||||||||||
Owner occupied | 50,248 | 50,500 | |||||||||||||||||||||||||||
Commercial and industrial | 25,376 | 21,085 | |||||||||||||||||||||||||||
Guaranteed student loans | 67,421 | 55,427 | |||||||||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||||||
Residential mortgage | 8,387 | 7,156 | |||||||||||||||||||||||||||
HELOC | 10,297 | 7,250 | |||||||||||||||||||||||||||
Other | 537 | 508 | |||||||||||||||||||||||||||
Total loans | 204,318 | 174,007 | |||||||||||||||||||||||||||
Allowance for loan losses | -1,226 | -1,489 | |||||||||||||||||||||||||||
Total loans, net of allowance for loan losses | $ | 203,092 | $ | 172,518 | |||||||||||||||||||||||||
Loans Acquired with Evidence of Deterioration in Credit Quality | |||||||||||||||||||||||||||||
Acquired in the acquisition of Bank of Virginia in 2010, 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: | |||||||||||||||||||||||||||||
(dollars in thousands) | September 30, 2014 | December 31, 2013 | |||||||||||||||||||||||||||
Contract principal balance | $ | 7,516 | $ | 8,689 | |||||||||||||||||||||||||
Accretable discount | -47 | -62 | |||||||||||||||||||||||||||
Nonaccretable discount | -5 | -61 | |||||||||||||||||||||||||||
Book value of loans | $ | 7,464 | $ | 8,566 | |||||||||||||||||||||||||
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 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 the nine months ended September 30, 2014 and 2013 is as follows: | |||||||||||||||||||||||||||||
Nine months ended September 30, | |||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||
(dollars in thousands) | Accretable Discount | Nonaccretable Discount | Accretable Discount | Nonaccretable Discount | |||||||||||||||||||||||||
Beginning balance | $ | 62 | $ | 61 | $ | 476 | $ | 165 | |||||||||||||||||||||
Charge-offs related to loans covered by ASC 310-30 | - | -56 | - | - | |||||||||||||||||||||||||
Transfer to accretable discount | - | - | 104 | -104 | |||||||||||||||||||||||||
Discount accretion | -15 | -422 | |||||||||||||||||||||||||||
Ending balance | $ | 47 | $ | 5 | $ | 158 | $ | 61 | |||||||||||||||||||||
Credit Quality Indicators | |||||||||||||||||||||||||||||
Credit risk ratings reflect the current risk of default and/or loss for a given asset. The risk of loss is driven by factors intrinsic to the borrower and the unique structural characteristics of the loan. The credit risk rating begins with an analysis of the borrower’s credit history, ability to repay the debt as agreed, use of proceeds, and the value and stability of the value of the collateral securing the loan. The attributes ordinarily considered when reviewing a borrower are as follows: | |||||||||||||||||||||||||||||
· | industry/industry segment; | ||||||||||||||||||||||||||||
· | position within industry; | ||||||||||||||||||||||||||||
· | earnings, liquidity and operating cash flow trends; | ||||||||||||||||||||||||||||
· | asset and liability values; | ||||||||||||||||||||||||||||
· | financial flexibility/debt capacity; | ||||||||||||||||||||||||||||
· | management and controls; and | ||||||||||||||||||||||||||||
· | quality of financial reporting. | ||||||||||||||||||||||||||||
The unique structural characteristics ordinarily considered when reviewing a loan are as follows: | |||||||||||||||||||||||||||||
· | credit terms/loan documentation; | ||||||||||||||||||||||||||||
· | guaranty/third party support; | ||||||||||||||||||||||||||||
· | collateral; and | ||||||||||||||||||||||||||||
· | loan maturity. | ||||||||||||||||||||||||||||
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. The following is a summary of the risk rating definitions the Company uses to assign a risk grade to each loan within the portfolio: | |||||||||||||||||||||||||||||
Grade 1 - Highest Quality | Loans to persons and businesses with unquestionable financial strength and character that carry extremely low probabilities of default. Balance sheets and cash flow are extremely strong relative to the magnitude of debt. This rating would be analogous to the highest investment grade ratings. | ||||||||||||||||||||||||||||
Grade 2 - Above Average Quality | Loans to persons and business entities with unquestioned character that carry low probabilities of default. Borrowers have strong, stable earnings and financial condition. | ||||||||||||||||||||||||||||
Grade 3 - Satisfactory | Loans to persons and businesses with acceptable financial condition that carry average probabilities of default. Borrower’s exhibit adequate cash flow to service debt and have acceptable levels of leverage. | ||||||||||||||||||||||||||||
Grade 4 - Pass | Loans to persons and businesses with a lack of stability in the primary source of repayment or temporary weakness in their balance sheet or earnings. These loans carry above average probabilities of default. These borrowers generally have higher leverage and less liquidity than loans rated 3-Satisfactory. | ||||||||||||||||||||||||||||
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 segment as of September 30, 2014 and December 31, 2013: | |||||||||||||||||||||||||||||
September 30, 2014 | |||||||||||||||||||||||||||||
(dollars in thousands) | Commercial Real Estate | Consumer | |||||||||||||||||||||||||||
Credit quality class | Acq-Dev Construction | Non-owner Occupied | Owner Occupied | Commercial and Industrial | Guaranteed Student Loans | Residential Mortgage | HELOC | Other | Total | ||||||||||||||||||||
1 Highest quality | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | |||||||||||
2 Above average quality | - | 2,253 | 2,822 | 1,930 | 67,421 | 36 | 1,097 | 45 | 75,604 | ||||||||||||||||||||
3 Satisfactory | 508 | 20,152 | 27,508 | 13,705 | - | 4,076 | 5,877 | 407 | 72,233 | ||||||||||||||||||||
4 Pass | 500 | 15,805 | 16,693 | 7,785 | - | 3,968 | 2,286 | 85 | 47,122 | ||||||||||||||||||||
5 Special mention | 125 | - | 219 | - | 121 | 317 | - | 782 | |||||||||||||||||||||
6 Substandard | 269 | - | - | 573 | - | - | 271 | - | 1,113 | ||||||||||||||||||||
7 Doubtful | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||
1,277 | 38,335 | 47,023 | 24,212 | 67,421 | 8,201 | 9,848 | 537 | 196,854 | |||||||||||||||||||||
Loans acquired with deteriorating credit quality | 970 | 1,470 | 3,225 | 1,164 | - | 186 | 449 | - | 7,464 | ||||||||||||||||||||
Total loans | $ | 2,247 | $ | 39,805 | $ | 50,248 | $ | 25,376 | $ | 67,421 | $ | 8,387 | $ | 10,297 | $ | 537 | $ | 204,318 | |||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||
(dollars in thousands) | Commercial Real Estate | Consumer | |||||||||||||||||||||||||||
Credit quality class | Acq-Dev Construction | Non-owner Occupied | Owner Occupied | Commercial and Industrial | Guaranteed Student Loans | Residential Mortgage | HELOC | Other | Total | ||||||||||||||||||||
1 Highest quality | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | |||||||||||
2 Above average quality | - | 2,078 | 2,966 | 2,170 | 55,427 | 73 | 205 | 80 | 62,999 | ||||||||||||||||||||
3 Satisfactory | 325 | 10,563 | 25,264 | 8,290 | - | 3,965 | 3,541 | 350 | 52,298 | ||||||||||||||||||||
4 Pass | 1,500 | 12,990 | 14,606 | 8,128 | - | 2,710 | 2,243 | 78 | 42,255 | ||||||||||||||||||||
5 Special mention | 299 | 1,449 | 3,486 | 268 | - | 203 | 630 | - | 6,335 | ||||||||||||||||||||
6 Substandard | 267 | - | 336 | 759 | - | 15 | 177 | - | 1,554 | ||||||||||||||||||||
7 Doubtful | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||
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 | - | 190 | 454 | - | 8,566 | ||||||||||||||||||||
Total loans | $ | 3,475 | $ | 28,606 | $ | 50,500 | $ | 21,085 | $ | 55,427 | $ | 7,156 | $ | 7,250 | $ | 508 | $ | 174,007 | |||||||||||
A summary of the balances of loans outstanding by days past due, including accruing and non-accruing loans by portfolio class as of September 30, 2014 and December 31, 2013 is as follows: | |||||||||||||||||||||||||||||
September 30, 2014 | |||||||||||||||||||||||||||||
Commercial Real Estate | Consumer | ||||||||||||||||||||||||||||
(dollars in thousands) | Acq-Dev Construction | Non-owner Occupied | Owner Occupied | Commercial and Industrial | Guaranteed Student Loans | Residential Mortgage | HELOC | Other | Total | ||||||||||||||||||||
30 - 59 days | $ | - | $ | - | $ | - | $ | 533 | $ | 3,601 | $ | - | $ | - | $ | - | $ | 4,134 | |||||||||||
60 - 89 days | - | - | - | 85 | 2,528 | - | - | - | 2,613 | ||||||||||||||||||||
> 90 days | 548 | - | 311 | 15 | 12,546 | 44 | - | - | 13,464 | ||||||||||||||||||||
Total past due | 548 | - | 311 | 633 | 18,675 | 44 | - | - | 20,211 | ||||||||||||||||||||
Current | 1,699 | 39,805 | 49,937 | 24,743 | 48,746 | 8,343 | 10,297 | 537 | 184,107 | ||||||||||||||||||||
Total loans | $ | 2,247 | $ | 39,805 | $ | 50,248 | $ | 25,376 | $ | 67,421 | $ | 8,387 | $ | 10,297 | $ | 537 | $ | 204,318 | |||||||||||
> 90 days still accruing | $ | - | $ | - | $ | - | $ | - | $ | 12,546 | $ | - | $ | - | $ | - | $ | 12,546 | |||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||
Commercial Real Estate | Consumer | ||||||||||||||||||||||||||||
(dollars in thousands) | Acq-Dev Construction | Non-owner Occupied | Owner Occupied | Commercial and Industrial | Guaranteed Student Loans | Residential Mortgage | HELOC | Other | Total | ||||||||||||||||||||
30 - 59 days | $ | - | $ | - | $ | - | $ | - | $ | 5,044 | $ | 54 | $ | - | $ | - | $ | 5,098 | |||||||||||
60 - 89 days | - | - | - | - | 2,268 | 15 | - | - | 2,283 | ||||||||||||||||||||
> 90 days | 633 | - | 2,051 | 632 | 18,387 | 44 | - | - | 21,747 | ||||||||||||||||||||
Total past due | 633 | - | 2,051 | 632 | 25,699 | 113 | - | - | 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 | $ | - | $ | - | $ | - | $ | - | $ | 18,387 | $ | - | $ | - | $ | - | $ | 18,387 | |||||||||||
Non-accrual Loans | |||||||||||||||||||||||||||||
Loans are placed on nonaccrual status when Management believes the collection of the principal and interest is doubtful. A delinquent loan is generally placed in nonaccrual status when: | |||||||||||||||||||||||||||||
· | principal and/or interest is past due for 90 days or more, unless the loan is well-secured or in the process of collection; | ||||||||||||||||||||||||||||
· | the financial strength of the borrower or a guarantor has materially declined; | ||||||||||||||||||||||||||||
· | collateral value has declined; or | ||||||||||||||||||||||||||||
· | other facts would make the repayment in full of principal and interest unlikely. | ||||||||||||||||||||||||||||
Loans placed on nonaccrual status are reported to the Board at its next regular meeting. When a loan is placed on nonaccrual, all interest which has been accrued is charged back against current earnings as a reduction in interest income, which adversely affects the yield on loans in the period of reversal. No additional interest is accrued on the loan balance until the collection of both principal and interest becomes reasonably certain. | |||||||||||||||||||||||||||||
Loans placed on non-accrual status may, at the lenders discretion, be returned to accrual status after: | |||||||||||||||||||||||||||||
· | payments are received for a reasonable period in accordance with the loan documents (typically for (6) months), and any doubt as to the loan's full collectability has been removed; or | ||||||||||||||||||||||||||||
· | the troubled loan is restructured and, evidenced by a credit evaluation of the borrower's financial condition and the prospects for full payment are good. | ||||||||||||||||||||||||||||
When a loan is returned to accrual status after restructuring, the pre-restructuring risk rating is maintained until a satisfactory payment history is re-established. Returning non-accrual loans to an accrual status requires the prior written approval of the Chief Credit Officer. | |||||||||||||||||||||||||||||
A summary of non-accrual loans by portfolio class is as follows: | |||||||||||||||||||||||||||||
(dollars in thousands) | September 30, 2014 | 31-Dec-14 | |||||||||||||||||||||||||||
Commercial Real Estate: | |||||||||||||||||||||||||||||
Acquisition, development and construction | $ | 548 | $ | 633 | |||||||||||||||||||||||||
Owner occupied | 311 | 2,051 | |||||||||||||||||||||||||||
Commercial and industrial | 100 | 858 | |||||||||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||||||
Residential mortgage | 44 | 59 | |||||||||||||||||||||||||||
HELOC | 320 | 333 | |||||||||||||||||||||||||||
Total non-accrual loans | $ | 1,323 | $ | 3,934 | |||||||||||||||||||||||||
Non-accrual troubled debt restructurings included above | $ | 85 | $ | 119 | |||||||||||||||||||||||||
Impaired Loans | |||||||||||||||||||||||||||||
All loans that are rated Doubtful are assessed as impaired based on the expectation that the full collection of principal and interest is in doubt. All loans that are rated Substandard or are expected to be downgraded to Substandard, require additional analysis to determine if a specific reserve under ASC 310-40 is required. All loans that are rated Special Mention are presumed not to be impaired. However, Special Mention rated loans are typically evaluated for the following adverse characteristics that may indicate further analysis is warranted before completing an assessment of impairment: | |||||||||||||||||||||||||||||
· | a loan is 60 days or more delinquent on scheduled principal or interest; | ||||||||||||||||||||||||||||
· | a loan is presently in an unapproved over-advanced position; | ||||||||||||||||||||||||||||
· | a loan is newly modified; or | ||||||||||||||||||||||||||||
· | a loan is expected to be modified. | ||||||||||||||||||||||||||||
The following information is a summary of the Company’s policies pertaining to impaired loans: | |||||||||||||||||||||||||||||
A loan is deemed impaired when it qualifies for a risk rating of Substandard or worse. Factors impairing repayment might include: inadequate repayment capacity, severe erosion of equity, likely reliance on non-primary source of repayment, guarantors with limited resources, and obvious material deterioration in borrower’s financial condition. The possibility of loss or protracted workout exists if immediate corrective action is not taken. | |||||||||||||||||||||||||||||
Once deemed impaired, the loan is then analyzed for the extent of the impairment. Impairment is the difference between the principal balance of the loan and (i) the discounted cash flows of the borrower or (ii) the fair market value of the collateral less the costs involved with liquidation (i.e., real estate commissions, attorney costs, etc.). This difference is then reflected as a component in the allowance for loan loss as a specific reserve. | |||||||||||||||||||||||||||||
Certain loans were identified and individually evaluated for impairment at September 30, 2014. 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 Company’s entire investment, while one loan experienced collateral deterioration and supplemental specific reserve was added. The results of those analyses are presented in the following tables. | |||||||||||||||||||||||||||||
The following information is a summary of related impaired loans, excluding loans acquired with deteriorating credit quality, presented by portfolio class as of September 30, 2014: | |||||||||||||||||||||||||||||
(dollars in thousands) | Recorded Investment | Unpaid | Related | Average Recorded Investment | Interest | ||||||||||||||||||||||||
Principal | Allowance | Recorded | |||||||||||||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||||||||||||
Commercial Real Estate: | |||||||||||||||||||||||||||||
Acquisition, development and construction | $ | 269 | $ | 269 | $ | - | $ | 269 | $ | 12 | |||||||||||||||||||
Non-owner occupied | 1,336 | 1,336 | - | 1,345 | 66 | ||||||||||||||||||||||||
Owner occupied | - | - | - | - | - | ||||||||||||||||||||||||
Commercial and industrial | 573 | 573 | - | 281 | 13 | ||||||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||||||
Residential mortgage | - | - | - | - | - | ||||||||||||||||||||||||
HELOC | 271 | 271 | - | 273 | 9 | ||||||||||||||||||||||||
Other | - | - | - | - | |||||||||||||||||||||||||
Total | $ | 2,449 | $ | 2,449 | $ | - | $ | 2,168 | $ | 100 | |||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||||||||
Commercial Real Estate: | |||||||||||||||||||||||||||||
Acquisition, development and construction | $ | - | $ | - | $ | - | $ | - | $ | - | |||||||||||||||||||
Non-owner occupied | - | - | - | - | - | ||||||||||||||||||||||||
Owner occupied | - | - | - | - | - | ||||||||||||||||||||||||
Commercial and industrial | - | - | - | - | - | ||||||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||||||
Residential mortgage | - | - | - | - | - | ||||||||||||||||||||||||
HELOC | - | - | - | - | - | ||||||||||||||||||||||||
Other | - | - | - | - | - | ||||||||||||||||||||||||
Total | $ | - | $ | - | $ | - | $ | - | $ | - | |||||||||||||||||||
The following information is a summary of related impaired loans, excluding loans acquired with deteriorating credit quality, presented by portfolio class as of December 31, 2013: | |||||||||||||||||||||||||||||
(dollars in thousands) | Recorded Investment | Unpaid | Related | Average Recorded Investment | Interest | ||||||||||||||||||||||||
Principal | Allowance | Recorded | |||||||||||||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||||||||||||
Commercial Real Estate: | |||||||||||||||||||||||||||||
Acquisition, development and construction | $ | 267 | $ | 267 | $ | - | $ | 267 | $ | 19 | |||||||||||||||||||
Non-owner occupied | 1,352 | 1,352 | - | 1,352 | 83 | ||||||||||||||||||||||||
Owner occupied | 259 | 259 | - | 259 | - | ||||||||||||||||||||||||
Commercial and industrial | 759 | 759 | - | 759 | 44 | ||||||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||||||
Residential mortgage | 15 | 15 | - | 15 | 5 | ||||||||||||||||||||||||
HELOC | 177 | 177 | - | 177 | 8 | ||||||||||||||||||||||||
Other | - | - | - | - | - | ||||||||||||||||||||||||
Total | $ | 2,829 | $ | 2,829 | $ | - | $ | 2,829 | $ | 159 | |||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||||||||
Commercial Real Estate: | |||||||||||||||||||||||||||||
Acquisition, development and construction | $ | - | $ | - | $ | - | $ | - | $ | - | |||||||||||||||||||
Non-owner occupied | - | - | - | - | - | ||||||||||||||||||||||||
Owner occupied | - | - | - | - | - | ||||||||||||||||||||||||
Commercial and industrial | - | - | - | - | - | ||||||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||||||
Residential mortgage | - | - | - | - | - | ||||||||||||||||||||||||
HELOC | - | - | - | - | - | ||||||||||||||||||||||||
Other | - | - | - | - | - | ||||||||||||||||||||||||
Total | $ | - | $ | - | $ | - | $ | - | $ | - | |||||||||||||||||||
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. | |||||||||||||||||||||||||||||
Activity in the allowance for loan losses for the nine months ended September 30, 2014 and 2013 is summarized below: | |||||||||||||||||||||||||||||
Commercial Real Estate | Consumer | ||||||||||||||||||||||||||||
(dollars in thousands) | Acquisition, | Non-owner Occupied | Owner Occupied | Commercial and | Guaranteed Student | Residential Mortgage | HELOC | Other | Total | ||||||||||||||||||||
Development, | Industrial | Loans | |||||||||||||||||||||||||||
Construction | |||||||||||||||||||||||||||||
Allowance for loan losses | |||||||||||||||||||||||||||||
Beginning balance, December 31, 2013 | $ | 300 | $ | 39 | $ | 322 | $ | 377 | $ | 268 | $ | 120 | $ | 20 | $ | 43 | $ | 1,489 | |||||||||||
Charge-offs | -6 | -114 | - | -55 | -316 | - | - | - | -491 | ||||||||||||||||||||
Recoveries | 3 | 49 | - | 27 | - | 4 | 2 | 20 | 105 | ||||||||||||||||||||
Net (charge-offs) recoveries | -3 | -65 | - | -28 | -316 | 4 | 2 | 20 | -386 | ||||||||||||||||||||
Provision (recovery) | -89 | 186 | -151 | -38 | 224 | 6 | 30 | -45 | 123 | ||||||||||||||||||||
Ending balance,September 30, 2014 | $ | 208 | $ | 160 | $ | 171 | $ | 311 | $ | 176 | $ | 130 | $ | 52 | $ | 18 | $ | 1,226 | |||||||||||
Commercial Real Estate | Consumer | ||||||||||||||||||||||||||||
(dollars in thousands) | Acquisition, | Non-owner Occupied | Owner Occupied | Commercial and | Guaranteed Student | Residential Mortgage | HELOC | Other | Total | ||||||||||||||||||||
Development, | Industrial | Loans | |||||||||||||||||||||||||||
Construction | |||||||||||||||||||||||||||||
Allowance for loan losses | |||||||||||||||||||||||||||||
Beginning balance, December 31, 2012 | $ | 229 | $ | 231 | $ | 350 | $ | 782 | $ | - | $ | 50 | $ | 457 | $ | 11 | $ | 2,110 | |||||||||||
Charge-offs | - | - | -286 | - | -66 | - | -365 | -6 | -723 | ||||||||||||||||||||
Recoveries | 1 | - | - | 18 | - | - | - | - | 19 | ||||||||||||||||||||
Net (charge-offs) recoveries | 1 | - | -286 | 18 | -66 | - | -365 | -6 | -704 | ||||||||||||||||||||
Provision (recovery) | -121 | 10 | 557 | -657 | 314 | 40 | -53 | 21 | 111 | ||||||||||||||||||||
Ending balance, September 30, 2013 | $ | 109 | $ | 241 | $ | 621 | $ | 143 | $ | 248 | $ | 90 | $ | 39 | $ | 26 | $ | 1,517 | |||||||||||
A summary of the allowance for loan losses by portfolio segment and impairment evaluation methodology as of September 30, 2014 and December 31, 2013 is as follows: | |||||||||||||||||||||||||||||
Commercial Real Estate | Consumer | ||||||||||||||||||||||||||||
(dollars in thousands) | Acquisition, | Non-owner Occupied | Owner Occupied | Commercial | Guaranteed Student | Residential Mortgage | HELOC | Other | Total | ||||||||||||||||||||
Development, | and | Loans | |||||||||||||||||||||||||||
Construction | Industrial | ||||||||||||||||||||||||||||
Allowance for loan losses | |||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | |||||||||||
Collectively evaluated for impairment | 118 | 160 | 171 | 311 | 176 | 130 | 52 | 18 | 1,136 | ||||||||||||||||||||
Loans acquired with deteriorated credit quality | 90 | - | - | - | - | - | - | - | 90 | ||||||||||||||||||||
Ending balance, September 30, 2014 | $ | 208 | $ | 160 | $ | 171 | $ | 311 | $ | 176 | $ | 130 | $ | 52 | $ | 18 | $ | 1,226 | |||||||||||
Gross loan balances | |||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 269 | $ | 1,336 | $ | - | $ | 573 | $ | - | $ | - | $ | 271 | $ | - | $ | 2,449 | |||||||||||
Collectively evaluated for impairment | 1,008 | 36,999 | 47,023 | 23,639 | 67,421 | 8,201 | 9,577 | 537 | 194,405 | ||||||||||||||||||||
Loans acquired with deteriorated credit quality | 970 | 1,470 | 3,225 | 1,164 | - | 186 | 449 | - | 7,464 | ||||||||||||||||||||
Ending balance, September 30, 2014 | $ | 2,247 | $ | 39,805 | $ | 50,248 | $ | 25,376 | $ | 67,421 | $ | 8,387 | $ | 10,297 | $ | 537 | $ | 204,318 | |||||||||||
Commercial Real Estate | Consumer | ||||||||||||||||||||||||||||
(dollars in thousands) | Acquisition, | Non-owner Occupied | Owner Occupied | Commercial and | Guaranteed Student | Residential Mortgage | HELOC | Other | Total | ||||||||||||||||||||
Development, | Industrial | Loans | |||||||||||||||||||||||||||
Construction | |||||||||||||||||||||||||||||
Allowance for loan losses for loans | |||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | |||||||||||
Collectively evaluated for impairment | 260 | 39 | 128 | 377 | 268 | 120 | 20 | 43 | 1,255 | ||||||||||||||||||||
Loans acquired with deteriorated credit quality | 40 | - | 194 | - | - | - | - | - | 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 | $ | - | $ | 15 | $ | 177 | $ | - | $ | 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 | - | 190 | 454 | - | 8,566 | ||||||||||||||||||||
Ending balance, December 31, 2013 | $ | 3,475 | $ | 28,606 | $ | 50,500 | $ | 21,085 | $ | 55,427 | $ | 7,156 | $ | 7,250 | $ | 508 | $ | 174,007 | |||||||||||
Troubled Debt Restructurings | |||||||||||||||||||||||||||||
A modification is classified as a troubled debt restructuring (“TDR”) if both of the following exist: (1) the borrower is experiencing financial difficulty and (2) the Company has granted a concession to the borrower. The Company determines that a borrower may be experiencing financial difficulty if the borrower is currently delinquent on any of its debt, or if the Company is concerned that the borrower may not be able to perform in accordance with the current terms of the loan agreement in the foreseeable future. Many aspects of the borrower’s financial situation are assessed when determining whether they are experiencing financial difficulty, particularly as it relates to commercial borrowers due to the complex nature of the loan structure, business/industry risk and borrower/guarantor structures. Concessions may include the reduction of an interest rate at a rate lower than current market rate for a new loan with similar risk, extension of the maturity date, reduction of accrued interest, or principal forgiveness. When evaluating whether a concession has been granted, the Company also considers whether the borrower has provided additional collateral or guarantors and whether such additions adequately compensate the Company for the restructured terms, or if the revised terms are consistent with those currently being offered to new loan customers. The assessments of whether a borrower is experiencing (or is likely to experience) financial difficulty and whether a concession has been granted is subjective in nature and management’s judgment is required when determining whether a modification is a TDR. | |||||||||||||||||||||||||||||
Although each occurrence is unique to the borrower and is evaluated separately, for all portfolio segments, TDRs are typically modified through reduction in interest rates, reductions in payments, changing the payment terms from principal and interest to interest only, and/or extensions in term maturity. | |||||||||||||||||||||||||||||
No loans were modified in troubled debt restructurings during the three months ended September 30, 2014. During the nine months ended September 30, 2014, two loans were modified in troubled debt restructurings and one previous troubled debt restructured loan was paid off. During the three and nine months ended September 30, 2013, one loan was modified in a troubled debt restructuring. At September 30, 2014 and December 31, 2013, six and five loans were classified as trouble debt restructurings, respectively. The principal balance outstanding relating to these was $2.8 million and $2.0 million at September 30, 2014 and December 31, 2013, respectively. Of these amounts, $2.7 million and $1.9 million were accruing, respectively. During the three and nine months ended September 30, 2014 and 2013, no defaults occurred on loans modified as TDR’s in the preceding twelve months. | |||||||||||||||||||||||||||||
The number and outstanding recorded investment of loans entered into under the terms of a TDR, including modifications of acquired impaired loans, by type of concession granted, are set forth in the following tables: | |||||||||||||||||||||||||||||
Nine Months Ended September 30, 2014 | |||||||||||||||||||||||||||||
2014 (dollars in thousands) | Number of loans | Rate modification | Term extension | Pre-modification recorded investment | Post-modification recorded | ||||||||||||||||||||||||
investment | |||||||||||||||||||||||||||||
Commercial and industrial | 1 | - | $ | 512 | $ | 512 | $ | 474 | |||||||||||||||||||||
Commercial real estate | 1 | - | $ | 595 | 595 | 421 | |||||||||||||||||||||||
Total | 2 | - | $ | 1,107 | $ | 1,107 | $ | 895 | |||||||||||||||||||||
Nine Months Ended September 30, 2013 | |||||||||||||||||||||||||||||
2013 (dollars in thousands) | Number of loans | Rate modification | Term extension | Pre-modification recorded investment | Post-modification recorded | ||||||||||||||||||||||||
investment | |||||||||||||||||||||||||||||
Consumer - Residential mortgage | 1 | - | $ | 126 | $ | 126 | $ | 153 | |||||||||||||||||||||
Total | 1 | - | $ | 126 | $ | 126 | $ | 153 | |||||||||||||||||||||
Intangible_Assets
Intangible Assets | 9 Months Ended | ||||
Sep. 30, 2014 | |||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||
Intangible Assets Disclosure [Text Block] | ' | ||||
Note 6. 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 three and nine months ending September 30, 2014 activity in this account is as follows: | |||||
(dollars in thousands) | |||||
Balance at June 30, 2014 | $ | 121 | |||
Amortization | -9 | ||||
Balance at September 30, 2014 | $ | 112 | |||
(dollars in thousands) | |||||
Balance at December 31, 2013 | $ | 139 | |||
Amortization | -27 | ||||
Balance at September 30, 2014 | $ | 112 | |||
Amortization expense is expected to be approximately $36 thousand per year through 2016 and $30 thousand in 2017. | |||||
Fair_Value_Measurements
Fair Value Measurements | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Fair Value, Measurement Inputs, Disclosure [Text Block] | ' | ||||||||||||||||
Note 7. 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, 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 | |||||||||||||||||
The fair value for securities available for sale and securities held to maturity 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. Restricted securities are valued at cost which is also the stated redemption value of the shares. | |||||||||||||||||
Loans Held for Investment | |||||||||||||||||
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. | |||||||||||||||||
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 September 30, 2014, 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 carrying value and fair values of financial assets and liabilities are as follows: | |||||||||||||||||
Fair Value Measurements at September 30, 2014 | |||||||||||||||||
(dollars in thousands) | Carrying amount | Level 1 | Level 2 | Level 3 | Fair Value | ||||||||||||
Assets: | |||||||||||||||||
Cash and cash equivalents | $ | 11,920 | $ | 11,920 | $ | - | $ | - | $ | 11,920 | |||||||
Securities available for sale | 54,581 | - | 54,581 | - | 54,581 | ||||||||||||
Securities held to maturity | 21,263 | - | 21,383 | - | 21,383 | ||||||||||||
Restricted securities | 1,525 | - | 1,525 | - | 1,525 | ||||||||||||
Net Loans held for investment | 203,092 | - | - | 205,727 | 205,727 | ||||||||||||
Interest receivable | 1,902 | - | 1,902 | - | 1,902 | ||||||||||||
Liabilities: | |||||||||||||||||
Demand deposits | 24,483 | - | 24,483 | - | 24,483 | ||||||||||||
Savings and interest-bearing demand deposits | 78,786 | - | 78,786 | - | 78,786 | ||||||||||||
Time deposits | 149,579 | - | 149,941 | - | 149,941 | ||||||||||||
FHLB Borrowings | 20,000 | - | 19,658 | - | 19,658 | ||||||||||||
Interest payable | 154 | - | 154 | - | 154 | ||||||||||||
Fair Value Measurements at December 31, 2013 | |||||||||||||||||
(dollars in thousands) | Carrying amount | Level 1 | Level 2 | Level 3 | Fair Value | ||||||||||||
Assets: | |||||||||||||||||
Cash and cash equivalents | $ | 13,984 | $ | 13,984 | $ | - | $ | - | $ | 13,984 | |||||||
Securities available for sale | 24,567 | - | 24,567 | - | 24,567 | ||||||||||||
Securities held to maturity | 14,753 | - | 14,597 | - | 14,597 | ||||||||||||
Restricted securities | 1,074 | - | 1,074 | - | 1,074 | ||||||||||||
Loans held for investment | 172,518 | - | - | 173,444 | 173,444 | ||||||||||||
Interest receivable | 1,655 | - | 1,655 | - | 1,655 | ||||||||||||
Liabilities: | |||||||||||||||||
Demand deposits | 22,845 | - | 22,845 | - | 22,845 | ||||||||||||
Savings and interest-bearing demand deposits | 60,685 | - | 60,685 | - | 60,685 | ||||||||||||
Time deposits | 127,284 | - | 127,966 | - | 127,966 | ||||||||||||
FHLB Borrowings | 10,000 | - | 9,656 | - | 9,656 | ||||||||||||
Interest payable | 143 | - | 143 | - | 143 | ||||||||||||
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: | |||||||||||||||||
Quoted Prices in Active Markets for | Significant Other Observable Inputs | Significant Unobservable Inputs | |||||||||||||||
Identical Assets | |||||||||||||||||
(dollars in thousands) | Balance | (Level 1) | (Level 2) | (Level 3) | |||||||||||||
30-Sep-14 | |||||||||||||||||
U. S. Government Agencies | $ | 2,957 | $ | - | $ | 2,957 | $ | - | |||||||||
Agency Guaranteed Mortgage-backed securities | 51,624 | - | $ | 51,624 | - | ||||||||||||
31-Dec-13 | |||||||||||||||||
U. S. Government Agencies | $ | 7,041 | $ | - | $ | 7,041 | $ | - | |||||||||
Agency Guaranteed Mortgage-backed securities | 17,526 | $ | - | 17,526 | $ | - | |||||||||||
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: | |||||||||||||||||
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 an income or 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 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’ 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. There were no impaired loans fair valued on a nonrecurring basis at September 30, 2014 and December 31, 2013. | |||||||||||||||||
Other Real Estate Owned (OREO) | |||||||||||||||||
Other real estate owned (“OREO”) is measure at fair value less costs 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 tables summarize the Company’s assets that were measured at fair value on a nonrecurring basis: | |||||||||||||||||
Quoted Prices in Active Markets for | Significant Other Observable Inputs | Significant Unobservable Inputs | |||||||||||||||
Identical Assets | |||||||||||||||||
(dollars in thousands) | Balance | (Level 1) | (Level 2) | (Level 3) | |||||||||||||
30-Sep-14 | |||||||||||||||||
OREO | $ | 1,543 | $ | - | $ | - | $ | 1,543 | |||||||||
31-Dec-13 | |||||||||||||||||
OREO | $ | 1,545 | $ | - | $ | - | $ | 1,545 | |||||||||
The following table presents qualitative information about level 3 fair value measurements for financial instruments measured at fair value on a non-recurring basis at September 30, 2014 and December 31, 2013: | |||||||||||||||||
September 30, 2014 | |||||||||||||||||
(dollars in thousands) | Quantitative Information About Level 3 Fair Value Measurements | ||||||||||||||||
Description | Fair Value | Valuation Technique | Unobservable input | Range (Weighted Average) | |||||||||||||
Other real estate owned | $ | 1,543 | Discounted appraised value | Discount for lack of marketability | 6-29% (14%) | ||||||||||||
December 31, 2013 | |||||||||||||||||
(dollars in thousands) | Quantitative Information About Level 3 Fair Value Measurements | ||||||||||||||||
Description | Fair Value | Valuation Technique | Unobservable input | Range (Weighted Average) | |||||||||||||
Other real estate owned | $ | 1,545 | Discounted appraised value | Discount for lack of marketability | 6-29% (14%) | ||||||||||||
StockBased_Compensation
Stock-Based Compensation | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Share-Based Compensation [Abstract] | ' | ||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | ' | ||||||||||||||||
Note 8. Stock-Based Compensation | |||||||||||||||||
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 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 further align their interests with the Bank’s shareholders. At the 2014 Annual Meeting, Cordia shareholders approved an amendment to the 2011 Plan to increase the number of shares authorized for issuance by an additional 800,000 shares. As of September 30, 2014, there were 712,854 shares reserved under the 2011 Plan. | |||||||||||||||||
There were 20,000 Cordia stock options granted outside the plan prior to the share exchange in March 2013. In addition, there were 10,000 stock options and 12,500 restricted stock shares issued in September 2013 outside the plan as an inducement grant to a newly hired officer. | |||||||||||||||||
A summary of the Company’s option activity as of September 30, 2014 and changes during the period then ended are presented in the following table: | |||||||||||||||||
Wgt. Avg. | |||||||||||||||||
Wgt. Avg. | Remaining | Wgt. Avg. | Aggregate | ||||||||||||||
Exercise | Contractual | Grant Date | Intrinsic | ||||||||||||||
As of 1/1/2014 | Stock Options | Price | Life | Fair Value | Value | ||||||||||||
Outstanding | 115,656 | $ | 7.68 | 8.44 | $ | 2.54 | $ | 88 | |||||||||
Vested | 28,438 | $ | 12.8 | 7.36 | $ | 4.31 | - | ||||||||||
Nonvested | 87,218 | $ | 6.01 | 8.8 | $ | 1.96 | $ | 88 | |||||||||
Period Activity | |||||||||||||||||
Issued | 29,150 | $ | 4.2 | - | $ | 1.52 | - | ||||||||||
Forfeited | 1,328 | $ | 6.4 | - | $ | 5.59 | - | ||||||||||
As of 9/30/2014 | |||||||||||||||||
Outstanding | 143,478 | $ | 6.98 | 8.11 | $ | 2.3 | - | ||||||||||
Vested | 52,294 | $ | 9.84 | 7.29 | $ | 3.21 | - | ||||||||||
Nonvested | 91,184 | $ | 5.34 | 8.58 | $ | 1.78 | - | ||||||||||
The stock price as of September 30, 2014 was less than the exercise price for all of the stock options, thus the aggregate intrinsic value is zero. | |||||||||||||||||
Wgt. Avg. | |||||||||||||||||
Outstanding as of September 30, 2014 | Wgt. Avg. | Remaining | |||||||||||||||
Stock Options | Exercise | Contractual | |||||||||||||||
Range of Exercise Prices | Outstanding | Price | Life | ||||||||||||||
$ | 3.83 | $ | 7 | 116,654 | $ | 5.09 | 8.51 | ||||||||||
$ | 7.01 | $ | 12 | 24,168 | $ | 10.26 | 6.99 | ||||||||||
$ | 60.24 | $ | 60.24 | 2,656 | $ | 60.24 | 0.87 | ||||||||||
143,478 | $ | 6.98 | 8.11 | ||||||||||||||
Exercisable: | Wgt. Avg. | ||||||||||||||||
Stock Options | Exercise | ||||||||||||||||
Range of Exercise Prices | Exercisable | Price | |||||||||||||||
$ | 3.83 | $ | 7 | 33,040 | $ | 5.43 | |||||||||||
$ | 7.01 | $ | 12 | 16,598 | $ | 10.55 | |||||||||||
$ | 60.24 | $ | 60.24 | 2,656 | $ | 60.24 | |||||||||||
52,294 | $ | 9.84 | |||||||||||||||
Assumptions: | |||||||||||||||||
Nine Months Ended September 30, 2014 | Year Ended December 31, 2013 | ||||||||||||||||
Expected Volatility | 30 | % | 30 | % | |||||||||||||
Weighted-Average Volatility | 30 | % | 30 | % | |||||||||||||
Expected Dividends | - | - | |||||||||||||||
Expected Term (In years) | 7 | 7 | |||||||||||||||
Risk-Free Rate | 2.15 | % | 1.42 | % | |||||||||||||
Total intrinsic value of options exercised: | $ | - | |||||||||||||||
Total fair value of shares vested: | 49,026 | ||||||||||||||||
Weighted-average period over which nonvested awards are expected to be recognized: | 1.36 years | ||||||||||||||||
A summary of the Company’s restricted stock activity as of September 30, 2014 and changes during the period then ended are presented in the following table: | |||||||||||||||||
Grant Date | |||||||||||||||||
As of 1/1/2014 | Restricted Stock | Fair Value | |||||||||||||||
Nonvested | 11,700 | $ | 4.41 | ||||||||||||||
Period Activity | |||||||||||||||||
Issued | 85,933 | $ | 4.2 | ||||||||||||||
Vested | 17,098 | $ | 4.23 | ||||||||||||||
Forfeited | - | - | |||||||||||||||
As of 9/30/2014 | |||||||||||||||||
Nonvested | 80,535 | $ | 4.22 | ||||||||||||||
Total fair value of shares vested: | 72,304 | ||||||||||||||||
Weighted-average period over which nonvested awards are expected to be recognized: | 1.21 | year(s) | |||||||||||||||
Unamortized compensation expense | $ | 268,849 | |||||||||||||||
A total of 578,125 of restricted shares of common stock were sold to founding investors of Cordia predominantly during 2009 and 2010 and are considered at September 30, 2014 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. | |||||||||||||||||
Other_Comprehensive_Income_Los
Other Comprehensive Income (Loss) | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Statement of Comprehensive Income [Abstract] | ' | |||||||||||||||
Other Comprehensive Income, Noncontrolling Interest [Text Block] | ' | |||||||||||||||
Note 9. Other Comprehensive Income (Loss) | ||||||||||||||||
The changes in accumulated other comprehensive income (loss) for the nine months ended September30, 2014 and 2013 are summarized as follows: | ||||||||||||||||
Accumulated Other Comprehensive Income (loss) | ||||||||||||||||
(dollars in thousands) | Nine Months Ended September 30, | |||||||||||||||
2014 | 2013 | |||||||||||||||
Beginning balance | $ | -384 | $ | 56 | ||||||||||||
Unrealized holding losses on available for sale securities | -153 | -512 | ||||||||||||||
Amortization of AFS to HTM reclassification adjustment | 36 | - | ||||||||||||||
Net current period other comprehensive loss | -117 | -512 | ||||||||||||||
Ending balance | $ | -501 | $ | -456 | ||||||||||||
The following table presents information on amounts reclassified out of accumulated other comprehensive income (loss), by category, during the periods indicated: | ||||||||||||||||
(in thousands) | Three Months Ended September 30, | Nine Months Ended September 30, | Affected Line Item on | |||||||||||||
Condensed Consolidated | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | Statement of Operations | ||||||||||||
Available-for-sale securities | ||||||||||||||||
Realized gains on sales of securities | $ | -3 | $ | - | $ | 61 | $ | - | Net gain on sale of available-for-sale securities | |||||||
Preferred_Stock_Issuance_and_C
Preferred Stock Issuance and Conversion | 9 Months Ended |
Sep. 30, 2014 | |
Preferred Stock Issuance And Conversion [Abstract] | ' |
Preferred Stock Issuance And Conversion [Text Block] | ' |
Note 10. Preferred Stock Issuance and Conversion | |
On April 10, 2014, Cordia completed the sale of approximately 363 shares of Mandatorily Convertible, Noncumulative, Nonvoting, Perpetual Preferred Stock, Series A, $0.01 par value per share, to accredited investors at a purchase price of $42,500 per share for total gross proceeds of $15.4 million. The capital raise included investments by 100% of Cordia directors. The net proceeds of the offering are being used primarily to support organic growth in BVA. | |
On June 25, 2014, upon stockholder approval, each share of Series A Preferred Stock mandatorily converted into 10,000 shares of Cordia’s common stock at an initial conversion price of $4.25 per share, for a total issuance of approximately 3,629,871 new shares of common stock, of which 2,229,434 are voting and 1,400,437 are nonvoting. The holders of the Series A Preferred Stock did not receive any dividends under the provisions of the stock purchase agreements. | |
Other than voting rights, the nonvoting common stock has the same rights and privileges as the common stock, including sharing ratably in all assets of the Company upon its liquidation, dissolution or winding-up, and entitlement to receive dividends in the same amount per share and at the same time when, as and if declared by the Board, and is identical to the common stock in all other respects as to all other matters (other than voting). Holders of nonvoting common stock have no cumulative voting rights or preemptive rights (other than the limited contractual preemptive rights of certain investors in the private placement offering) to purchase or subscribe for any additional shares of common stock or nonvoting common stock or other securities, and there are no conversion rights or redemption or sinking fund provisions with respect to the nonvoting common stock. | |
Authorized Shares. 5,000,000 shares of nonvoting common stock, par value of $0.01 per share, are authorized and 1,400,437 shares of nonvoting common stock are outstanding. | |
Voting Rights. Holders of nonvoting common stock are not entitled to vote except as required by the Virginia Stock Corporation Act. Where the shares of nonvoting common stock are entitled to vote under Virginia law, each holder of nonvoting common stock will have one vote for each share of nonvoting common stock held of record solely on the matters to which such shares are entitled to vote, and subject to the rights and limitations specified by the Virginia Stock Corporation Act. | |
Automatic Conversion Upon Permitted Transfer. Each share of nonvoting common stock will automatically convert into one share of common stock in the event of a “permitted transfer” to a transferee. A “permitted transfer” is a transfer of nonvoting common stock (i) in a widespread public distribution, (ii) in which no transferee (or group of associated transferees) would receive 2% or more of any class of voting securities of the Company, or (iii) to a transferee that would control more than 50% of the voting securities of the Company without any transfer from such holder of nonvoting common stock. | |
Dividends. Subject to the prior rights of the holders of shares of preferred stock that may be issued and outstanding, the holders of nonvoting common stock are entitled to receive dividends when, as and if declared by the Company’s Board of Directors out of funds lawfully available for the payment of dividends. | |
Organization_and_Summary_of_Si1
Organization and Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Basis of Accounting, Policy [Policy Text Block] | ' |
Basis of Presentation | |
The accounting and reporting policies of the Company conform to accounting principles generally accepted in the United States of America (“GAAP”) and prevailing practices within the financial services industry for interim financial information and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and notes required for complete financial statements and prevailing practices within the banking industry. Operating results for the three months and nine months ended September 30, 2014 are not necessarily indicative of the results that may be expected for any future periods or for the year ending December 31, 2014. In the opinion of management, all adjustments (comprising only normal, recurring accruals) necessary for a fair presentation of the results of the interim periods have been included. Certain reclassifications have been made to prior period amounts, as necessary, to conform to the current period presentation. The Company has evaluated subsequent events through the date of the issuance of its financial statements. | |
These statements should be read in conjunction with the financial statements and accompanying notes included in the Company’s 2013 Annual Report on Form 10-K as filed with the Securities and Exchange Commission (“SEC”) on March 26, 2014. | |
Consolidation, Policy [Policy Text Block] | ' |
Principles of Consolidation | |
The accompanying condensed consolidated financial statements include all accounts of the Company and the Bank. All material intercompany balances and transactions have been eliminated in consolidation. | |
Summary of Significant Accounting Policies [Policy Text Block] | ' |
Summary of Significant Accounting Policies | |
We provide a summary of our significant accounting policies in our 2013 Form 10-K under “Note 1 – Organization and Summary of Significant Accounting Policies”. There have been no significant changes to these policies during 2014. | |
New Accounting Pronouncements, Policy [Policy Text Block] | ' |
Recent Accounting Pronouncements | |
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 does not expect the adoption of ASU 2014-01 to have a material impact 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 does not expect the adoption of ASU 2014-04 to have a material impact on its consolidated financial statements. | |
In April 2014, the FASB issued ASU 2014-08, “Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity.” The amendments in this ASU change the criteria for reporting discontinued operations while enhancing disclosures in this area. Under the new guidance, only disposals representing a strategic shift in operations should be presented as discontinued operations. Those strategic shifts should have a major effect on the organization’s operations and financial results and include disposals of a major geographic area, a major line of business, or a major equity method investment. The new guidance requires expanded disclosures about discontinued operations that will provide financial statement users with more information about the assets, liabilities, income, and expenses of discontinued operations. Additionally, the new guidance requires disclosure of the pre-tax income attributable to a disposal of a significant part of an organization that does not qualify for discontinued operations reporting. The amendments in the ASU are effective for public business entities for annual periods, and interim periods within those annual periods, beginning after December 15, 2014. Early adoption is permitted. The Company does not expect the adoption of ASU 2014-08 to have a material impact on its consolidated financial statements. | |
In June 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers: Topic 606”. This ASU applies to any entity using U.S. GAAP that either enters into contracts with customers to transfer goods or services or enters into contracts for the transfer of nonfinancial assets unless those contracts are within the scope of other standards. The guidance supersedes the revenue recognition requirements in Topic 605, “Revenue Recognition”, most industry-specific guidance, and some cost guidance included in Subtopic 605-35, “Revenue Recognition—Construction-Type and Production-Type Contracts”. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. To be in alignment with the core principle, an entity must apply a five step process including: identification of the contract(s) with a customer, identification of performance obligations in the contract(s), determination of the transaction price, allocation of the transaction price to the performance obligations, and recognition of revenue when (or as) the entity satisfies a performance obligation. Additionally, the existing requirements for the recognition of a gain or loss on the transfer of nonfinancial assets that are not in a contract with a customer have also been amended to be consistent with the guidance on recognition and measurement. The amendments in this ASU are effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. Early adoption is not permitted. The Company does not expect the adoption of ASU 2014-09 to have a material impact on its consolidated financial statements. | |
In June 2014, the FASB issued ASU No. 2014-11, “Transfers and Servicing (Topic 860): Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures”. This ASU aligns the accounting for repurchase-to-maturity transactions and repurchase agreements executed as a repurchase financing with the accounting for other typical repurchase agreements. The new guidance eliminates sale accounting for repurchase-to-maturity transactions and supersedes the guidance under which a transfer of a financial asset and a contemporaneous repurchase financing could be accounted for on a combined basis as a forward agreement. The amendments in the ASU also require a new disclosure for transactions economically similar to repurchase agreements in which the transferor retains substantially all of the exposure to the economic return on the transferred financial assets throughout the term of the transaction. Additional disclosures will be required for the nature of collateral pledged in repurchase agreements and similar transactions accounted for as secured borrowings. The amendments in this ASU are effective for the first interim or annual period beginning after December 15, 2014; however, the disclosure for transactions accounted for as secured borrowings is required to be presented for annual periods beginning after December 15, 2014, and interim periods beginning after March 15, 2015. Early adoption is not permitted. The Company does not expect the adoption of ASU 2014-11 to have a material impact on its consolidated financial statements. | |
In June 2014, the FASB issued ASU No. 2014-12, “Compensation – Stock Compensation (Topic 718): Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period”. The new guidance applies to reporting entities that grant employees share-based payments in which the terms of the award allow a performance target to be achieved after the requisite service period. The amendments in the ASU require that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition. Existing guidance in “Compensation – Stock Compensation (Topic 718)”, should be applied to account for these types of awards. The amendments in this ASU are effective for annual periods and interim periods within those annual periods beginning after December 15, 2015. Early adoption is permitted and reporting entities may choose to apply the amendments in the ASU either on a prospective or retrospective basis. The Company does not expect the adoption of ASU 2014-12 to have a material impact on its consolidated financial statements. | |
In August 2014, the FASB issued ASU No. 2014-14, “Receivables – Troubled Debt Restructurings by Creditors (Subtopic 310-40): Classification of Certain Government-Guaranteed Mortgage Loans upon Foreclosure”. The amendments in this ASU apply to creditors that hold government-guaranteed mortgage loans and is intended to eliminate the diversity in practice related to the classification of these guaranteed loans upon foreclosure. The new guidance stipulates that a mortgage loan be derecognized and a separate other receivable be recognized upon foreclosure if (1) the loan has a government guarantee that is not separable from the loan prior to foreclosure, (2) at the time of foreclosure, the creditor has the intent to convey the real estate property to the guarantor and make a claim on the guarantee, and the creditor has the ability to recover under that claim, and (3) at the time of foreclosure, any amount of the claim that is determined on the basis of the fair value of the real estate is fixed. Upon foreclosure, the other receivable should be measured on the amount of the loan balance (principal and interest) expected to be recovered from the guarantor. The amendments in this ASU are effective for annual periods and interim periods within those annual periods beginning after December 15, 2014. Entities may adopt the amendments on a prospective basis or modified retrospective basis as of the beginning of the annual period of adoption; however, the entity must apply the same method of transition as elected under ASU 2014-04. Early adoption is permitted provided the entity has already adopted ASU 2014-04. The Company does not expect the adoption of ASU 2014-14 to have a material impact on its consolidated financial statements. | |
In August 2014, the FASB issued ASU No. 2014-15, “Presentation of Financial Statements – Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern”. This update is intended to provide guidance about management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern and to provide related footnote disclosures. Management is required under the new guidance to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the entity’s ability to continue as a going concern within one year after the date the financial statements are issued when preparing financial statements for each interim and annual reporting period. If conditions or events are identified, the ASU specifies the process that must be followed by management and also clarifies the timing and content of going concern footnote disclosures in order to reduce diversity in practice. The amendments in this ASU are effective for annual periods and interim periods within those annual periods beginning after December 15, 2016. Early adoption is permitted. The Company does not expect the adoption of ASU 2014-15 to have a material impact on its consolidated financial statements. | |
Business_Combination_Tables
Business Combination (Tables) | 9 Months Ended | |||||||||||||
Sep. 30, 2014 | ||||||||||||||
Business Combination, Description [Abstract] | ' | |||||||||||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | ' | |||||||||||||
The amortization of the acquisition accounting adjustments had the following impact on the financial statements: | ||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||
(dollars in thousands) | 2014 | 2013 | 2014 | 2013 | ||||||||||
Loans | $ | 44 | $ | 103 | $ | 203 | $ | 1,162 | ||||||
Allowance for loan losses | - | - | - | -577 | ||||||||||
Premises and equipment | 2 | 2 | 6 | 6 | ||||||||||
Core deposit intangible | -9 | -9 | -27 | -27 | ||||||||||
Time deposits | - | 41 | - | 145 | ||||||||||
Building lease obligations | 24 | 24 | 71 | 70 | ||||||||||
Net impact to net income | $ | 61 | $ | 161 | $ | 253 | $ | 779 | ||||||
Earnings_Loss_Per_Share_Tables
Earnings (Loss) Per Share (Tables) | 9 Months Ended | |||||||||||||
Sep. 30, 2014 | ||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | ' | |||||||||||||
The calculation for basic and diluted earnings per common share for the three months and nine months ended September 30, 2014 and 2013 are as follows: | ||||||||||||||
Three months ended September 30, | Nine months ended September 30, | |||||||||||||
(dollars in thousands) | 2014 | 2013 | 2014 | 2013 | ||||||||||
Net income (loss) attributable to Company | $ | 82 | $ | 208 | $ | -472 | $ | 690 | ||||||
Weighted average basic shares outstanding | 6,420,107 | 2,768,484 | 4,084,960 | 2,544,744 | ||||||||||
Basic income (loss) per common share | $ | 0.01 | $ | 0.07 | $ | -0.12 | $ | 0.27 | ||||||
Weighted average dilutive shares outstanding | 6,504,106 | 2,777,840 | 4,122,217 | 2,557,115 | ||||||||||
Diluted income (loss) per common share | $ | 0.01 | $ | 0.07 | $ | -0.12 | $ | 0.27 | ||||||
Securities_Tables
Securities (Tables) | 9 Months Ended | |||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||
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 September 30, 2014 and December 31, 2013. | ||||||||||||||||||||
September 30, 2014 | ||||||||||||||||||||
Amortized | Gross Unrealized | Estimated | ||||||||||||||||||
(dollars in thousands) | Cost | Gains | Losses | Fair Value | ||||||||||||||||
U.S. Government agencies | $ | 2,982 | $ | - | $ | -25 | $ | 2,957 | ||||||||||||
Agency guaranteed mortgage-backed securities | 51,802 | 44 | -222 | 51,624 | ||||||||||||||||
Total | $ | 54,784 | $ | 44 | $ | -247 | $ | 54,581 | ||||||||||||
31-Dec-13 | ||||||||||||||||||||
Amortized | Gross Unrealized | Estimated Fair Value | ||||||||||||||||||
(dollars in thousands) | Cost | Gains | Losses | Fair Value | ||||||||||||||||
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 | ||||||||||||
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 September 30, 2014 and December 31, 2013. | ||||||||||||||||||||
September 30, 2014 | ||||||||||||||||||||
Carry | Gross Unrealized | Estimated | ||||||||||||||||||
(dollars in thousands) | Value | Gains | Losses | Fair Value | ||||||||||||||||
Agency guaranteed mortgage-backed securities | $ | 21,263 | $ | 145 | $ | -25 | $ | 21,383 | ||||||||||||
31-Dec-13 | ||||||||||||||||||||
Carry | Gross Unrealized | Estimated | ||||||||||||||||||
(dollars in thousands) | Value | Gains | Losses | Fair Value | ||||||||||||||||
Agency guaranteed mortgage-backed securities | $ | 14,753 | $ | - | $ | -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 September 30, 2014, 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 | ||||||||||||||||||
Over one year within five years | $ | 3,040 | $ | 3,036 | ||||||||||||||||
Over five years within ten years | 420 | 422 | ||||||||||||||||||
Over ten years | 51,324 | 51,123 | ||||||||||||||||||
Total | $ | 54,784 | $ | 54,581 | ||||||||||||||||
The carrying value and fair value of securities held to maturity as of September 30, 2014, 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 | ||||||||||||||||||
Over five years within ten years | $ | 3,711 | $ | 3,775 | ||||||||||||||||
Over ten years | 17,552 | 17,608 | ||||||||||||||||||
Total | $ | 21,263 | $ | 21,383 | ||||||||||||||||
Schedule of Unrealized Loss on Investments [Table Text Block] | ' | |||||||||||||||||||
Unrealized losses on investments at September 30, 2014 and December 31, 2013 were as follows: | ||||||||||||||||||||
September 30, 2014 | ||||||||||||||||||||
Less than 12 Months | 12 Months or Longer | Total | ||||||||||||||||||
(dollars in thousands) | Estimated Fair Value | Unrealized Losses | Estimated Fair Value | Unrealized Losses | Estimated Fair Value | Unrealized Losses | ||||||||||||||
U.S. Government agencies | $ | 2,574 | $ | -3 | $ | - | $ | -22 | $ | 2,574 | $ | -25 | ||||||||
Agency guaranteed mortgage-backed securities | 44,351 | -247 | 3,733 | - | 48,084 | -247 | ||||||||||||||
Total | $ | 46,925 | $ | -250 | $ | 3,733 | $ | -22 | $ | 50,658 | $ | -272 | ||||||||
31-Dec-13 | ||||||||||||||||||||
(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 | $ | - | $ | - | $ | 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 | ||||||||
Loans_Allowance_for_Loan_Losse1
Loans, Allowance for Loan Losses and Credit Quality (Tables) | 9 Months Ended | ||||||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||||||
Receivables [Abstract] | ' | ||||||||||||||||||||||||||||
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | ' | ||||||||||||||||||||||||||||
The table below presents loans by sub-segment at September 30, 2014 and December 31, 2013. | |||||||||||||||||||||||||||||
(dollars in thousands) | September 30, 2014 | December 31, 2013 | |||||||||||||||||||||||||||
Commercial Real Estate: | |||||||||||||||||||||||||||||
Acquisition, development and construction | $ | 2,247 | $ | 3,475 | |||||||||||||||||||||||||
Non-owner occupied | 39,805 | 28,606 | |||||||||||||||||||||||||||
Owner occupied | 50,248 | 50,500 | |||||||||||||||||||||||||||
Commercial and industrial | 25,376 | 21,085 | |||||||||||||||||||||||||||
Guaranteed student loans | 67,421 | 55,427 | |||||||||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||||||
Residential mortgage | 8,387 | 7,156 | |||||||||||||||||||||||||||
HELOC | 10,297 | 7,250 | |||||||||||||||||||||||||||
Other | 537 | 508 | |||||||||||||||||||||||||||
Total loans | 204,318 | 174,007 | |||||||||||||||||||||||||||
Allowance for loan losses | -1,226 | -1,489 | |||||||||||||||||||||||||||
Total loans, net of allowance for loan losses | $ | 203,092 | $ | 172,518 | |||||||||||||||||||||||||
Schedule Of Loans Acquired In Business Combination [Table Text Block] | ' | ||||||||||||||||||||||||||||
Information related to these loans is as follows: | |||||||||||||||||||||||||||||
(dollars in thousands) | September 30, 2014 | December 31, 2013 | |||||||||||||||||||||||||||
Contract principal balance | $ | 7,516 | $ | 8,689 | |||||||||||||||||||||||||
Accretable discount | -47 | -62 | |||||||||||||||||||||||||||
Nonaccretable discount | -5 | -61 | |||||||||||||||||||||||||||
Book value of loans | $ | 7,464 | $ | 8,566 | |||||||||||||||||||||||||
Summary Of Changes To Accretable and Non Accretable Discounts [Table Text Block] | ' | ||||||||||||||||||||||||||||
A summary of changes to the accretable and nonaccretable discounts during the nine months ended September 30, 2014 and 2013 is as follows: | |||||||||||||||||||||||||||||
Nine months ended September 30, | |||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||
(dollars in thousands) | Accretable Discount | Nonaccretable Discount | Accretable Discount | Nonaccretable Discount | |||||||||||||||||||||||||
Beginning balance | $ | 62 | $ | 61 | $ | 476 | $ | 165 | |||||||||||||||||||||
Charge-offs related to loans covered by ASC 310-30 | - | -56 | - | - | |||||||||||||||||||||||||
Transfer to accretable discount | - | - | 104 | -104 | |||||||||||||||||||||||||
Discount accretion | -15 | -422 | |||||||||||||||||||||||||||
Ending balance | $ | 47 | $ | 5 | $ | 158 | $ | 61 | |||||||||||||||||||||
Financing Receivable Credit Quality Indicators [Table Text Block] | ' | ||||||||||||||||||||||||||||
The following is the distribution of loans by credit quality and segment as of September 30, 2014 and December 31, 2013: | |||||||||||||||||||||||||||||
September 30, 2014 | |||||||||||||||||||||||||||||
(dollars in thousands) | Commercial Real Estate | Consumer | |||||||||||||||||||||||||||
Credit quality class | Acq-Dev Construction | Non-owner Occupied | Owner Occupied | Commercial and Industrial | Guaranteed Student Loans | Residential Mortgage | HELOC | Other | Total | ||||||||||||||||||||
1 Highest quality | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | |||||||||||
2 Above average quality | - | 2,253 | 2,822 | 1,930 | 67,421 | 36 | 1,097 | 45 | 75,604 | ||||||||||||||||||||
3 Satisfactory | 508 | 20,152 | 27,508 | 13,705 | - | 4,076 | 5,877 | 407 | 72,233 | ||||||||||||||||||||
4 Pass | 500 | 15,805 | 16,693 | 7,785 | - | 3,968 | 2,286 | 85 | 47,122 | ||||||||||||||||||||
5 Special mention | 125 | - | 219 | - | 121 | 317 | - | 782 | |||||||||||||||||||||
6 Substandard | 269 | - | - | 573 | - | - | 271 | - | 1,113 | ||||||||||||||||||||
7 Doubtful | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||
1,277 | 38,335 | 47,023 | 24,212 | 67,421 | 8,201 | 9,848 | 537 | 196,854 | |||||||||||||||||||||
Loans acquired with deteriorating credit quality | 970 | 1,470 | 3,225 | 1,164 | - | 186 | 449 | - | 7,464 | ||||||||||||||||||||
Total loans | $ | 2,247 | $ | 39,805 | $ | 50,248 | $ | 25,376 | $ | 67,421 | $ | 8,387 | $ | 10,297 | $ | 537 | $ | 204,318 | |||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||
(dollars in thousands) | Commercial Real Estate | Consumer | |||||||||||||||||||||||||||
Credit quality class | Acq-Dev Construction | Non-owner Occupied | Owner Occupied | Commercial and Industrial | Guaranteed Student Loans | Residential Mortgage | HELOC | Other | Total | ||||||||||||||||||||
1 Highest quality | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | |||||||||||
2 Above average quality | - | 2,078 | 2,966 | 2,170 | 55,427 | 73 | 205 | 80 | 62,999 | ||||||||||||||||||||
3 Satisfactory | 325 | 10,563 | 25,264 | 8,290 | - | 3,965 | 3,541 | 350 | 52,298 | ||||||||||||||||||||
4 Pass | 1,500 | 12,990 | 14,606 | 8,128 | - | 2,710 | 2,243 | 78 | 42,255 | ||||||||||||||||||||
5 Special mention | 299 | 1,449 | 3,486 | 268 | - | 203 | 630 | - | 6,335 | ||||||||||||||||||||
6 Substandard | 267 | - | 336 | 759 | - | 15 | 177 | - | 1,554 | ||||||||||||||||||||
7 Doubtful | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||
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 | - | 190 | 454 | - | 8,566 | ||||||||||||||||||||
Total loans | $ | 3,475 | $ | 28,606 | $ | 50,500 | $ | 21,085 | $ | 55,427 | $ | 7,156 | $ | 7,250 | $ | 508 | $ | 174,007 | |||||||||||
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 September 30, 2014 and December 31, 2013 is as follows: | |||||||||||||||||||||||||||||
September 30, 2014 | |||||||||||||||||||||||||||||
Commercial Real Estate | Consumer | ||||||||||||||||||||||||||||
(dollars in thousands) | Acq-Dev Construction | Non-owner Occupied | Owner Occupied | Commercial and Industrial | Guaranteed Student Loans | Residential Mortgage | HELOC | Other | Total | ||||||||||||||||||||
30 - 59 days | $ | - | $ | - | $ | - | $ | 533 | $ | 3,601 | $ | - | $ | - | $ | - | $ | 4,134 | |||||||||||
60 - 89 days | - | - | - | 85 | 2,528 | - | - | - | 2,613 | ||||||||||||||||||||
> 90 days | 548 | - | 311 | 15 | 12,546 | 44 | - | - | 13,464 | ||||||||||||||||||||
Total past due | 548 | - | 311 | 633 | 18,675 | 44 | - | - | 20,211 | ||||||||||||||||||||
Current | 1,699 | 39,805 | 49,937 | 24,743 | 48,746 | 8,343 | 10,297 | 537 | 184,107 | ||||||||||||||||||||
Total loans | $ | 2,247 | $ | 39,805 | $ | 50,248 | $ | 25,376 | $ | 67,421 | $ | 8,387 | $ | 10,297 | $ | 537 | $ | 204,318 | |||||||||||
> 90 days still accruing | $ | - | $ | - | $ | - | $ | - | $ | 12,546 | $ | - | $ | - | $ | - | $ | 12,546 | |||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||
Commercial Real Estate | Consumer | ||||||||||||||||||||||||||||
(dollars in thousands) | Acq-Dev Construction | Non-owner Occupied | Owner Occupied | Commercial and Industrial | Guaranteed Student Loans | Residential Mortgage | HELOC | Other | Total | ||||||||||||||||||||
30 - 59 days | $ | - | $ | - | $ | - | $ | - | $ | 5,044 | $ | 54 | $ | - | $ | - | $ | 5,098 | |||||||||||
60 - 89 days | - | - | - | - | 2,268 | 15 | - | - | 2,283 | ||||||||||||||||||||
> 90 days | 633 | - | 2,051 | 632 | 18,387 | 44 | - | - | 21,747 | ||||||||||||||||||||
Total past due | 633 | - | 2,051 | 632 | 25,699 | 113 | - | - | 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 | $ | - | $ | - | $ | - | $ | - | $ | 18,387 | $ | - | $ | - | $ | - | $ | 18,387 | |||||||||||
Schedule of Financing Receivables, Non Accrual Status [Table Text Block] | ' | ||||||||||||||||||||||||||||
A summary of non-accrual loans by portfolio class is as follows: | |||||||||||||||||||||||||||||
(dollars in thousands) | September 30, 2014 | 31-Dec-14 | |||||||||||||||||||||||||||
Commercial Real Estate: | |||||||||||||||||||||||||||||
Acquisition, development and construction | $ | 548 | $ | 633 | |||||||||||||||||||||||||
Owner occupied | 311 | 2,051 | |||||||||||||||||||||||||||
Commercial and industrial | 100 | 858 | |||||||||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||||||
Residential mortgage | 44 | 59 | |||||||||||||||||||||||||||
HELOC | 320 | 333 | |||||||||||||||||||||||||||
Total non-accrual loans | $ | 1,323 | $ | 3,934 | |||||||||||||||||||||||||
Non-accrual troubled debt restructurings included above | $ | 85 | $ | 119 | |||||||||||||||||||||||||
Impaired Financing Receivables [Table Text Block] | ' | ||||||||||||||||||||||||||||
The following information is a summary of related impaired loans, excluding loans acquired with deteriorating credit quality, presented by portfolio class as of September 30, 2014: | |||||||||||||||||||||||||||||
(dollars in thousands) | Recorded Investment | Unpaid | Related | Average Recorded Investment | Interest | ||||||||||||||||||||||||
Principal | Allowance | Recorded | |||||||||||||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||||||||||||
Commercial Real Estate: | |||||||||||||||||||||||||||||
Acquisition, development and construction | $ | 269 | $ | 269 | $ | - | $ | 269 | $ | 12 | |||||||||||||||||||
Non-owner occupied | 1,336 | 1,336 | - | 1,345 | 66 | ||||||||||||||||||||||||
Owner occupied | - | - | - | - | - | ||||||||||||||||||||||||
Commercial and industrial | 573 | 573 | - | 281 | 13 | ||||||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||||||
Residential mortgage | - | - | - | - | - | ||||||||||||||||||||||||
HELOC | 271 | 271 | - | 273 | 9 | ||||||||||||||||||||||||
Other | - | - | - | - | |||||||||||||||||||||||||
Total | $ | 2,449 | $ | 2,449 | $ | - | $ | 2,168 | $ | 100 | |||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||||||||
Commercial Real Estate: | |||||||||||||||||||||||||||||
Acquisition, development and construction | $ | - | $ | - | $ | - | $ | - | $ | - | |||||||||||||||||||
Non-owner occupied | - | - | - | - | - | ||||||||||||||||||||||||
Owner occupied | - | - | - | - | - | ||||||||||||||||||||||||
Commercial and industrial | - | - | - | - | - | ||||||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||||||
Residential mortgage | - | - | - | - | - | ||||||||||||||||||||||||
HELOC | - | - | - | - | - | ||||||||||||||||||||||||
Other | - | - | - | - | - | ||||||||||||||||||||||||
Total | $ | - | $ | - | $ | - | $ | - | $ | - | |||||||||||||||||||
The following information is a summary of related impaired loans, excluding loans acquired with deteriorating credit quality, presented by portfolio class as of December 31, 2013: | |||||||||||||||||||||||||||||
(dollars in thousands) | Recorded Investment | Unpaid | Related | Average Recorded Investment | Interest | ||||||||||||||||||||||||
Principal | Allowance | Recorded | |||||||||||||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||||||||||||
Commercial Real Estate: | |||||||||||||||||||||||||||||
Acquisition, development and construction | $ | 267 | $ | 267 | $ | - | $ | 267 | $ | 19 | |||||||||||||||||||
Non-owner occupied | 1,352 | 1,352 | - | 1,352 | 83 | ||||||||||||||||||||||||
Owner occupied | 259 | 259 | - | 259 | - | ||||||||||||||||||||||||
Commercial and industrial | 759 | 759 | - | 759 | 44 | ||||||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||||||
Residential mortgage | 15 | 15 | - | 15 | 5 | ||||||||||||||||||||||||
HELOC | 177 | 177 | - | 177 | 8 | ||||||||||||||||||||||||
Other | - | - | - | - | - | ||||||||||||||||||||||||
Total | $ | 2,829 | $ | 2,829 | $ | - | $ | 2,829 | $ | 159 | |||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||||||||
Commercial Real Estate: | |||||||||||||||||||||||||||||
Acquisition, development and construction | $ | - | $ | - | $ | - | $ | - | $ | - | |||||||||||||||||||
Non-owner occupied | - | - | - | - | - | ||||||||||||||||||||||||
Owner occupied | - | - | - | - | - | ||||||||||||||||||||||||
Commercial and industrial | - | - | - | - | - | ||||||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||||||
Residential mortgage | - | - | - | - | - | ||||||||||||||||||||||||
HELOC | - | - | - | - | - | ||||||||||||||||||||||||
Other | - | - | - | - | - | ||||||||||||||||||||||||
Total | $ | - | $ | - | $ | - | $ | - | $ | - | |||||||||||||||||||
Allowance for Credit Losses on Financing Receivables [Table Text Block] | ' | ||||||||||||||||||||||||||||
Activity in the allowance for loan losses for the nine months ended September 30, 2014 and 2013 is summarized below: | |||||||||||||||||||||||||||||
Commercial Real Estate | Consumer | ||||||||||||||||||||||||||||
(dollars in thousands) | Acquisition, | Non-owner Occupied | Owner Occupied | Commercial and | Guaranteed Student | Residential Mortgage | HELOC | Other | Total | ||||||||||||||||||||
Development, | Industrial | Loans | |||||||||||||||||||||||||||
Construction | |||||||||||||||||||||||||||||
Allowance for loan losses | |||||||||||||||||||||||||||||
Beginning balance, December 31, 2013 | $ | 300 | $ | 39 | $ | 322 | $ | 377 | $ | 268 | $ | 120 | $ | 20 | $ | 43 | $ | 1,489 | |||||||||||
Charge-offs | -6 | -114 | - | -55 | -316 | - | - | - | -491 | ||||||||||||||||||||
Recoveries | 3 | 49 | - | 27 | - | 4 | 2 | 20 | 105 | ||||||||||||||||||||
Net (charge-offs) recoveries | -3 | -65 | - | -28 | -316 | 4 | 2 | 20 | -386 | ||||||||||||||||||||
Provision (recovery) | -89 | 186 | -151 | -38 | 224 | 6 | 30 | -45 | 123 | ||||||||||||||||||||
Ending balance,September 30, 2014 | $ | 208 | $ | 160 | $ | 171 | $ | 311 | $ | 176 | $ | 130 | $ | 52 | $ | 18 | $ | 1,226 | |||||||||||
Commercial Real Estate | Consumer | ||||||||||||||||||||||||||||
(dollars in thousands) | Acquisition, | Non-owner Occupied | Owner Occupied | Commercial and | Guaranteed Student | Residential Mortgage | HELOC | Other | Total | ||||||||||||||||||||
Development, | Industrial | Loans | |||||||||||||||||||||||||||
Construction | |||||||||||||||||||||||||||||
Allowance for loan losses | |||||||||||||||||||||||||||||
Beginning balance, December 31, 2012 | $ | 229 | $ | 231 | $ | 350 | $ | 782 | $ | - | $ | 50 | $ | 457 | $ | 11 | $ | 2,110 | |||||||||||
Charge-offs | - | - | -286 | - | -66 | - | -365 | -6 | -723 | ||||||||||||||||||||
Recoveries | 1 | - | - | 18 | - | - | - | - | 19 | ||||||||||||||||||||
Net (charge-offs) recoveries | 1 | - | -286 | 18 | -66 | - | -365 | -6 | -704 | ||||||||||||||||||||
Provision (recovery) | -121 | 10 | 557 | -657 | 314 | 40 | -53 | 21 | 111 | ||||||||||||||||||||
Ending balance, September 30, 2013 | $ | 109 | $ | 241 | $ | 621 | $ | 143 | $ | 248 | $ | 90 | $ | 39 | $ | 26 | $ | 1,517 | |||||||||||
Summary Of Allowance For Loan Losses By Portfolio Segment [Table Text Block] | ' | ||||||||||||||||||||||||||||
A summary of the allowance for loan losses by portfolio segment and impairment evaluation methodology as of September 30, 2014 and December 31, 2013 is as follows: | |||||||||||||||||||||||||||||
Commercial Real Estate | Consumer | ||||||||||||||||||||||||||||
(dollars in thousands) | Acquisition, | Non-owner Occupied | Owner Occupied | Commercial | Guaranteed Student | Residential Mortgage | HELOC | Other | Total | ||||||||||||||||||||
Development, | and | Loans | |||||||||||||||||||||||||||
Construction | Industrial | ||||||||||||||||||||||||||||
Allowance for loan losses | |||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | |||||||||||
Collectively evaluated for impairment | 118 | 160 | 171 | 311 | 176 | 130 | 52 | 18 | 1,136 | ||||||||||||||||||||
Loans acquired with deteriorated credit quality | 90 | - | - | - | - | - | - | - | 90 | ||||||||||||||||||||
Ending balance, September 30, 2014 | $ | 208 | $ | 160 | $ | 171 | $ | 311 | $ | 176 | $ | 130 | $ | 52 | $ | 18 | $ | 1,226 | |||||||||||
Gross loan balances | |||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 269 | $ | 1,336 | $ | - | $ | 573 | $ | - | $ | - | $ | 271 | $ | - | $ | 2,449 | |||||||||||
Collectively evaluated for impairment | 1,008 | 36,999 | 47,023 | 23,639 | 67,421 | 8,201 | 9,577 | 537 | 194,405 | ||||||||||||||||||||
Loans acquired with deteriorated credit quality | 970 | 1,470 | 3,225 | 1,164 | - | 186 | 449 | - | 7,464 | ||||||||||||||||||||
Ending balance, September 30, 2014 | $ | 2,247 | $ | 39,805 | $ | 50,248 | $ | 25,376 | $ | 67,421 | $ | 8,387 | $ | 10,297 | $ | 537 | $ | 204,318 | |||||||||||
Commercial Real Estate | Consumer | ||||||||||||||||||||||||||||
(dollars in thousands) | Acquisition, | Non-owner Occupied | Owner Occupied | Commercial and | Guaranteed Student | Residential Mortgage | HELOC | Other | Total | ||||||||||||||||||||
Development, | Industrial | Loans | |||||||||||||||||||||||||||
Construction | |||||||||||||||||||||||||||||
Allowance for loan losses for loans | |||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | |||||||||||
Collectively evaluated for impairment | 260 | 39 | 128 | 377 | 268 | 120 | 20 | 43 | 1,255 | ||||||||||||||||||||
Loans acquired with deteriorated credit quality | 40 | - | 194 | - | - | - | - | - | 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 | $ | - | $ | 15 | $ | 177 | $ | - | $ | 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 | - | 190 | 454 | - | 8,566 | ||||||||||||||||||||
Ending balance, December 31, 2013 | $ | 3,475 | $ | 28,606 | $ | 50,500 | $ | 21,085 | $ | 55,427 | $ | 7,156 | $ | 7,250 | $ | 508 | $ | 174,007 | |||||||||||
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, including modifications of acquired impaired loans, by type of concession granted, are set forth in the following tables: | |||||||||||||||||||||||||||||
Nine Months Ended September 30, 2014 | |||||||||||||||||||||||||||||
2014 (dollars in thousands) | Number of loans | Rate modification | Term extension | Pre-modification recorded investment | Post-modification recorded | ||||||||||||||||||||||||
investment | |||||||||||||||||||||||||||||
Commercial and industrial | 1 | - | $ | 512 | $ | 512 | $ | 474 | |||||||||||||||||||||
Commercial real estate | 1 | - | $ | 595 | 595 | 421 | |||||||||||||||||||||||
Total | 2 | - | $ | 1,107 | $ | 1,107 | $ | 895 | |||||||||||||||||||||
Nine Months Ended September 30, 2013 | |||||||||||||||||||||||||||||
2013 (dollars in thousands) | Number of loans | Rate modification | Term extension | Pre-modification recorded investment | Post-modification recorded | ||||||||||||||||||||||||
investment | |||||||||||||||||||||||||||||
Consumer - Residential mortgage | 1 | - | $ | 126 | $ | 126 | $ | 153 | |||||||||||||||||||||
Total | 1 | - | $ | 126 | $ | 126 | $ | 153 | |||||||||||||||||||||
Intangible_Assets_Tables
Intangible Assets (Tables) | 9 Months Ended | ||||
Sep. 30, 2014 | |||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||
Schedule of Finite-Lived Intangible Assets [Table Text Block] | ' | ||||
A summary of the three and nine months ending September 30, 2014 activity in this account is as follows: | |||||
(dollars in thousands) | |||||
Balance at June 30, 2014 | $ | 121 | |||
Amortization | -9 | ||||
Balance at September 30, 2014 | $ | 112 | |||
(dollars in thousands) | |||||
Balance at December 31, 2013 | $ | 139 | |||
Amortization | -27 | ||||
Balance at September 30, 2014 | $ | 112 | |||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments [Table Text Block] | ' | ||||||||||||||||
The carrying value and fair values of financial assets and liabilities are as follows: | |||||||||||||||||
Fair Value Measurements at September 30, 2014 | |||||||||||||||||
(dollars in thousands) | Carrying amount | Level 1 | Level 2 | Level 3 | Fair Value | ||||||||||||
Assets: | |||||||||||||||||
Cash and cash equivalents | $ | 11,920 | $ | 11,920 | $ | - | $ | - | $ | 11,920 | |||||||
Securities available for sale | 54,581 | - | 54,581 | - | 54,581 | ||||||||||||
Securities held to maturity | 21,263 | - | 21,383 | - | 21,383 | ||||||||||||
Restricted securities | 1,525 | - | 1,525 | - | 1,525 | ||||||||||||
Net Loans held for investment | 203,092 | - | - | 205,727 | 205,727 | ||||||||||||
Interest receivable | 1,902 | - | 1,902 | - | 1,902 | ||||||||||||
Liabilities: | |||||||||||||||||
Demand deposits | 24,483 | - | 24,483 | - | 24,483 | ||||||||||||
Savings and interest-bearing demand deposits | 78,786 | - | 78,786 | - | 78,786 | ||||||||||||
Time deposits | 149,579 | - | 149,941 | - | 149,941 | ||||||||||||
FHLB Borrowings | 20,000 | - | 19,658 | - | 19,658 | ||||||||||||
Interest payable | 154 | - | 154 | - | 154 | ||||||||||||
Fair Value Measurements at December 31, 2013 | |||||||||||||||||
(dollars in thousands) | Carrying amount | Level 1 | Level 2 | Level 3 | Fair Value | ||||||||||||
Assets: | |||||||||||||||||
Cash and cash equivalents | $ | 13,984 | $ | 13,984 | $ | - | $ | - | $ | 13,984 | |||||||
Securities available for sale | 24,567 | - | 24,567 | - | 24,567 | ||||||||||||
Securities held to maturity | 14,753 | - | 14,597 | - | 14,597 | ||||||||||||
Restricted securities | 1,074 | - | 1,074 | - | 1,074 | ||||||||||||
Loans held for investment | 172,518 | - | - | 173,444 | 173,444 | ||||||||||||
Interest receivable | 1,655 | - | 1,655 | - | 1,655 | ||||||||||||
Liabilities: | |||||||||||||||||
Demand deposits | 22,845 | - | 22,845 | - | 22,845 | ||||||||||||
Savings and interest-bearing demand deposits | 60,685 | - | 60,685 | - | 60,685 | ||||||||||||
Time deposits | 127,284 | - | 127,966 | - | 127,966 | ||||||||||||
FHLB Borrowings | 10,000 | - | 9,656 | - | 9,656 | ||||||||||||
Interest payable | 143 | - | 143 | - | 143 | ||||||||||||
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: | |||||||||||||||||
Quoted Prices in Active Markets for | Significant Other Observable Inputs | Significant Unobservable Inputs | |||||||||||||||
Identical Assets | |||||||||||||||||
(dollars in thousands) | Balance | (Level 1) | (Level 2) | (Level 3) | |||||||||||||
30-Sep-14 | |||||||||||||||||
U. S. Government Agencies | $ | 2,957 | $ | - | $ | 2,957 | $ | - | |||||||||
Agency Guaranteed Mortgage-backed securities | 51,624 | - | $ | 51,624 | - | ||||||||||||
31-Dec-13 | |||||||||||||||||
U. S. Government Agencies | $ | 7,041 | $ | - | $ | 7,041 | $ | - | |||||||||
Agency Guaranteed Mortgage-backed securities | 17,526 | $ | - | 17,526 | $ | - | |||||||||||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Table Text Block] | ' | ||||||||||||||||
The following tables summarize the Company’s assets that were measured at fair value on a nonrecurring basis: | |||||||||||||||||
Quoted Prices in Active Markets for | Significant Other Observable Inputs | Significant Unobservable Inputs | |||||||||||||||
Identical Assets | |||||||||||||||||
(dollars in thousands) | Balance | (Level 1) | (Level 2) | (Level 3) | |||||||||||||
30-Sep-14 | |||||||||||||||||
OREO | $ | 1,543 | $ | - | $ | - | $ | 1,543 | |||||||||
31-Dec-13 | |||||||||||||||||
OREO | $ | 1,545 | $ | - | $ | - | $ | 1,545 | |||||||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Table Text Block] | ' | ||||||||||||||||
The following table presents qualitative information about level 3 fair value measurements for financial instruments measured at fair value on a non-recurring basis at September 30, 2014 and December 31, 2013: | |||||||||||||||||
September 30, 2014 | |||||||||||||||||
(dollars in thousands) | Quantitative Information About Level 3 Fair Value Measurements | ||||||||||||||||
Description | Fair Value | Valuation Technique | Unobservable input | Range (Weighted Average) | |||||||||||||
Other real estate owned | $ | 1,543 | Discounted appraised value | Discount for lack of marketability | 6-29% (14%) | ||||||||||||
December 31, 2013 | |||||||||||||||||
(dollars in thousands) | Quantitative Information About Level 3 Fair Value Measurements | ||||||||||||||||
Description | Fair Value | Valuation Technique | Unobservable input | Range (Weighted Average) | |||||||||||||
Other real estate owned | $ | 1,545 | Discounted appraised value | Discount for lack of marketability | 6-29% (14%) | ||||||||||||
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
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 September 30, 2014 and changes during the period then ended are presented in the following table: | |||||||||||||||||
Wgt. Avg. | |||||||||||||||||
Wgt. Avg. | Remaining | Wgt. Avg. | Aggregate | ||||||||||||||
Exercise | Contractual | Grant Date | Intrinsic | ||||||||||||||
As of 1/1/2014 | Stock Options | Price | Life | Fair Value | Value | ||||||||||||
Outstanding | 115,656 | $ | 7.68 | 8.44 | $ | 2.54 | $ | 88 | |||||||||
Vested | 28,438 | $ | 12.8 | 7.36 | $ | 4.31 | - | ||||||||||
Nonvested | 87,218 | $ | 6.01 | 8.8 | $ | 1.96 | $ | 88 | |||||||||
Period Activity | |||||||||||||||||
Issued | 29,150 | $ | 4.2 | - | $ | 1.52 | - | ||||||||||
Forfeited | 1,328 | $ | 6.4 | - | $ | 5.59 | - | ||||||||||
As of 9/30/2014 | |||||||||||||||||
Outstanding | 143,478 | $ | 6.98 | 8.11 | $ | 2.3 | - | ||||||||||
Vested | 52,294 | $ | 9.84 | 7.29 | $ | 3.21 | - | ||||||||||
Nonvested | 91,184 | $ | 5.34 | 8.58 | $ | 1.78 | - | ||||||||||
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Table Text Block] | ' | ||||||||||||||||
The stock price as of September 30, 2014 was less than the exercise price for all of the stock options, thus the aggregate intrinsic value is zero. | |||||||||||||||||
Wgt. Avg. | |||||||||||||||||
Outstanding as of September 30, 2014 | Wgt. Avg. | Remaining | |||||||||||||||
Stock Options | Exercise | Contractual | |||||||||||||||
Range of Exercise Prices | Outstanding | Price | Life | ||||||||||||||
$ | 3.83 | $ | 7 | 116,654 | $ | 5.09 | 8.51 | ||||||||||
$ | 7.01 | $ | 12 | 24,168 | $ | 10.26 | 6.99 | ||||||||||
$ | 60.24 | $ | 60.24 | 2,656 | $ | 60.24 | 0.87 | ||||||||||
143,478 | $ | 6.98 | 8.11 | ||||||||||||||
Exercisable: | Wgt. Avg. | ||||||||||||||||
Stock Options | Exercise | ||||||||||||||||
Range of Exercise Prices | Exercisable | Price | |||||||||||||||
$ | 3.83 | $ | 7 | 33,040 | $ | 5.43 | |||||||||||
$ | 7.01 | $ | 12 | 16,598 | $ | 10.55 | |||||||||||
$ | 60.24 | $ | 60.24 | 2,656 | $ | 60.24 | |||||||||||
52,294 | $ | 9.84 | |||||||||||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | ' | ||||||||||||||||
Assumptions: | |||||||||||||||||
Nine Months Ended September 30, 2014 | Year Ended December 31, 2013 | ||||||||||||||||
Expected Volatility | 30 | % | 30 | % | |||||||||||||
Weighted-Average Volatility | 30 | % | 30 | % | |||||||||||||
Expected Dividends | - | - | |||||||||||||||
Expected Term (In years) | 7 | 7 | |||||||||||||||
Risk-Free Rate | 2.15 | % | 1.42 | % | |||||||||||||
Total intrinsic value of options exercised: | $ | - | |||||||||||||||
Total fair value of shares vested: | 49,026 | ||||||||||||||||
Weighted-average period over which nonvested awards are expected to be recognized: | 1.36 years | ||||||||||||||||
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block] | ' | ||||||||||||||||
A summary of the Company’s restricted stock activity as of September 30, 2014 and changes during the period then ended are presented in the following table: | |||||||||||||||||
Grant Date | |||||||||||||||||
As of 1/1/2014 | Restricted Stock | Fair Value | |||||||||||||||
Nonvested | 11,700 | $ | 4.41 | ||||||||||||||
Period Activity | |||||||||||||||||
Issued | 85,933 | $ | 4.2 | ||||||||||||||
Vested | 17,098 | $ | 4.23 | ||||||||||||||
Forfeited | - | - | |||||||||||||||
As of 9/30/2014 | |||||||||||||||||
Nonvested | 80,535 | $ | 4.22 | ||||||||||||||
Total fair value of shares vested: | 72,304 | ||||||||||||||||
Weighted-average period over which nonvested awards are expected to be recognized: | 1.21 | year(s) | |||||||||||||||
Unamortized compensation expense | $ | 268,849 | |||||||||||||||
Other_Comprehensive_Income_Los1
Other Comprehensive Income (Loss) (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Statement of Comprehensive Income [Abstract] | ' | |||||||||||||||
Comprehensive Income (Loss) [Table Text Block] | ' | |||||||||||||||
The changes in accumulated other comprehensive income (loss) for the nine months ended September30, 2014 and 2013 are summarized as follows: | ||||||||||||||||
Accumulated Other Comprehensive Income (loss) | ||||||||||||||||
(dollars in thousands) | Nine Months Ended September 30, | |||||||||||||||
2014 | 2013 | |||||||||||||||
Beginning balance | $ | -384 | $ | 56 | ||||||||||||
Unrealized holding losses on available for sale securities | -153 | -512 | ||||||||||||||
Amortization of AFS to HTM reclassification adjustment | 36 | - | ||||||||||||||
Net current period other comprehensive loss | -117 | -512 | ||||||||||||||
Ending balance | $ | -501 | $ | -456 | ||||||||||||
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 (loss), by category, during the periods indicated: | ||||||||||||||||
(in thousands) | Three Months Ended September 30, | Nine Months Ended September 30, | Affected Line Item on | |||||||||||||
Condensed Consolidated | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | Statement of Operations | ||||||||||||
Available-for-sale securities | ||||||||||||||||
Realized gains on sales of securities | $ | -3 | $ | - | $ | 61 | $ | - | Net gain on sale of available-for-sale securities | |||||||
Organization_and_Summary_of_Si2
Organization and Summary of Significant Accounting Policies (Details Textual) (Bank of Virginia [Member], USD $) | Mar. 29, 2013 | Aug. 28, 2012 | Dec. 10, 2010 |
In Millions, except Share data, unless otherwise specified | |||
Bank of Virginia [Member] | ' | ' | ' |
Equity Method Investments | ' | $3 | $10.30 |
Business Acquisition, Percentage of Voting Interests Acquired | ' | ' | 59.80% |
Business Acquisition Share Issued Per Share Of Minority Share Of Acquire | 0.664 | ' | ' |
Equity Method Investment, Ownership Percentage | 100.00% | ' | 59.80% |
Business_Combination_Details
Business Combination (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Net impact to net income | $61 | $161 | $253 | $779 |
Allowance for Loan and Lease Losses [Member] | ' | ' | ' | ' |
Net impact to net income | 0 | 0 | 0 | -577 |
Loans [Member] | ' | ' | ' | ' |
Net impact to net income | 44 | 103 | 203 | 1,162 |
Premises and equipment [Member] | ' | ' | ' | ' |
Net impact to net income | 2 | 2 | 6 | 6 |
Core Deposit Intangible [Member] | ' | ' | ' | ' |
Net impact to net income | -9 | -9 | -27 | -27 |
Time Deposits [Member] | ' | ' | ' | ' |
Net impact to net income | 0 | 41 | 0 | 145 |
Building Lease Obligation [Member] | ' | ' | ' | ' |
Net impact to net income | $24 | $24 | $71 | $70 |
Business_Combination_Details_T
Business Combination (Details Textual) (USD $) | 0 Months Ended | |
In Millions, except Share data, unless otherwise specified | Dec. 10, 2010 | Mar. 29, 2013 |
Business Acquisition, Purchase Price Allocation, Goodwill Amount | 5.9 | ' |
Bank of Virginia [Member] | ' | ' |
Stock Issued During Period, Shares, New Issues | 1,355,263 | ' |
Equity Method Investment, Ownership Percentage | 59.80% | 100.00% |
Business Acquisition Share Issued Per Share Of Minority Share Of Acquire | ' | 0.664 |
Earnings_Loss_Per_Share_Detail
Earnings (Loss) Per Share (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Net income (loss) attributable to Company | $82 | $208 | ($472) | $690 |
Weighted average basic shares outstanding | 6,420,107 | 2,768,484 | 4,084,960 | 2,544,744 |
Basic income (loss) per common share | $0.01 | $0.07 | ($0.12) | $0.27 |
Weighted average dilutive shares outstanding | 6,504,106 | 2,777,840 | 4,122,217 | 2,557,115 |
Diluted income (loss) per common share | $0.01 | $0.07 | ($0.12) | $0.27 |
Earnings_Loss_Per_Share_Detail1
Earnings (Loss) Per Share (Details Textual) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | ' | ' | 578,125 | 578,125 |
Employee Stock Option [Member] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 143,000 | 122,000 | 143,000 | 122,000 |
Securities_Details
Securities (Details) (USD $) | 9 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Dec. 31, 2013 |
Amortized Cost | $54,784 | $24,616 |
Gross Unrealized Gains | 44 | 66 |
Gross Unrealized Losses | -247 | -115 |
Estimated Fair Value | 54,581 | 24,567 |
U.S. Government Agencies [Member] | ' | ' |
Amortized Cost | 2,982 | 7,038 |
Gross Unrealized Gains | 0 | 56 |
Gross Unrealized Losses | -25 | -53 |
Estimated Fair Value | 2,957 | 7,041 |
Agency guaranteed mortgage-backed securities [Member] | ' | ' |
Amortized Cost | 51,802 | 17,578 |
Gross Unrealized Gains | 44 | 10 |
Gross Unrealized Losses | -222 | -62 |
Estimated Fair Value | $51,624 | $17,526 |
Securities_Details_1
Securities (Details 1) (USD $) | 9 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Dec. 31, 2013 |
Carry Value | $21,263 | $14,753 |
Estimated Fair Value | 21,383 | 14,597 |
Agency guaranteed mortgage-backed securities [Member] | ' | ' |
Carry Value | 21,263 | 14,753 |
Gross Unrealized Gains | 145 | 0 |
Gross Unrealized Losses | -25 | -156 |
Estimated Fair Value | $21,383 | $14,597 |
Securities_Details_2
Securities (Details 2) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Available For Sale Securities, Amortized Cost | ' | ' |
Over one year within five years | $3,040 | ' |
Over five years within ten years | 420 | ' |
Over ten years | 51,324 | ' |
Total | 54,784 | 24,616 |
Available For Sale Securities, Estimated Fair Value | ' | ' |
Over one year within five years | 3,036 | ' |
Over five years within ten years | 422 | ' |
Over ten years | 51,123 | ' |
Total | 54,581 | 24,567 |
Held-to-maturity Securities, Carry Value | ' | ' |
Over five years within ten years | 3,711 | ' |
Over ten years | 17,552 | ' |
Total | 21,263 | 14,753 |
Held-to-maturity Securities, Fair Value | ' | ' |
Over five years within ten years | 3,775 | ' |
Over ten years | 17,608 | ' |
Total | $21,383 | $14,597 |
Securities_Details_3
Securities (Details 3) (USD $) | 9 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Dec. 31, 2013 |
Unrealized Losses on Securities Less than 12 Months Estimated Fair Value | $46,925 | $21,033 |
Unrealized Losses on Securities Less than 12 Months Estimated Unrealized Losses | -250 | -231 |
Unrealized Losses on Securities 12 Months or longer Estimated Fair Value | 3,733 | 2,914 |
Unrealized Losses on Securities 12 Months or longer Estimated Unrealized Losses | -22 | -40 |
Estimated Fair Value | 50,658 | 23,947 |
Unrealized Losses | -272 | -271 |
U.S. Government Agencies [Member] | ' | ' |
Unrealized Losses on Securities Less than 12 Months Estimated Fair Value | 2,574 | 3,697 |
Unrealized Losses on Securities Less than 12 Months Estimated Unrealized Losses | -3 | -53 |
Unrealized Losses on Securities 12 Months or longer Estimated Fair Value | 0 | 0 |
Unrealized Losses on Securities 12 Months or longer Estimated Unrealized Losses | -22 | 0 |
Estimated Fair Value | 2,574 | 3,697 |
Unrealized Losses | -25 | -53 |
Agency Guaranteed Mortgage- Backed Securities [Member] | ' | ' |
Unrealized Losses on Securities Less than 12 Months Estimated Fair Value | 44,351 | 17,336 |
Unrealized Losses on Securities Less than 12 Months Estimated Unrealized Losses | -247 | -178 |
Unrealized Losses on Securities 12 Months or longer Estimated Fair Value | 3,733 | 2,914 |
Unrealized Losses on Securities 12 Months or longer Estimated Unrealized Losses | 0 | -40 |
Estimated Fair Value | 48,084 | 20,250 |
Unrealized Losses | ($247) | ($218) |
Securities_Details_Textual
Securities (Details Textual) (USD $) | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | |
Pledged Financial Instruments, Not Separately Reported, Mortgage-Related Securities Available-for-sale or Held-for-investment | $5,500,000 | $5,500,000 | $2,100,000 |
Marketable Securities, Current, Total | 75,800,000 | 75,800,000 | 39,300,000 |
Available-for-sale Securities | 54,581,000 | 54,581,000 | 24,567,000 |
Securities held to maturity, at cost | 21,263,000 | 21,263,000 | 14,753,000 |
Available-for-sale Securities, Gross Realized Losses | 3,000 | ' | ' |
Federal Home Loan Bank Advances | 6,200,000 | 6,200,000 | ' |
Available-for-sale Securities, Gross Realized Gains | ' | 61,000 | ' |
Proceeds from Sale of Available-for-sale Securities, Debt | 641,000 | 7,700,000 | ' |
Main Correspondent Bank [Member] | ' | ' | ' |
Pledged Financial Instruments, Not Separately Reported, Mortgage-Related Securities Available-for-sale or Held-for-investment | ' | ' | $2,900,000 |
Loans_Allowance_for_Loan_Losse2
Loans, Allowance for Loan Losses and Credit Quality (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||||
Total loans | $204,318 | $174,007 | ' | ' |
Allowance for loan losses | -1,226 | -1,489 | -1,517 | -2,110 |
Total loans, net of allowance for loan losses | 203,092 | 172,518 | ' | ' |
Commercial real estate [Member] | Acquisition, Development, and Construction [Member] | ' | ' | ' | ' |
Total loans | 2,247 | 3,475 | ' | ' |
Allowance for loan losses | -208 | -300 | -109 | -229 |
Commercial real estate [Member] | Non-Owner Occupied [Member] | ' | ' | ' | ' |
Total loans | 39,805 | 28,606 | ' | ' |
Allowance for loan losses | -160 | -39 | -241 | -231 |
Commercial real estate [Member] | Owner Occupied [Member] | ' | ' | ' | ' |
Total loans | 50,248 | 50,500 | ' | ' |
Allowance for loan losses | -171 | -322 | -621 | -350 |
Commercial and Industrial [Member] | ' | ' | ' | ' |
Total loans | 25,376 | 21,085 | ' | ' |
Allowance for loan losses | -311 | -377 | -143 | -782 |
Guaranteed Student Loans [Member] | ' | ' | ' | ' |
Total loans | 67,421 | 55,427 | ' | ' |
Allowance for loan losses | -176 | -268 | -248 | 0 |
Consumer [Member] | Residential Mortgage [Member] | ' | ' | ' | ' |
Total loans | 8,387 | 7,156 | ' | ' |
Allowance for loan losses | -130 | -120 | -90 | -50 |
Consumer [Member] | Home Equity Lines of Credit [Member] | ' | ' | ' | ' |
Total loans | 10,297 | 7,250 | ' | ' |
Allowance for loan losses | -52 | -20 | -39 | -457 |
Consumer [Member] | Other [Member] | ' | ' | ' | ' |
Total loans | 537 | 508 | ' | ' |
Allowance for loan losses | ($18) | ($43) | ($26) | ($11) |
Loans_Allowance_for_Loan_Losse3
Loans, Allowance for Loan Losses and Credit Quality (Details 1) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||||
Contract principal balance | $7,516 | $8,689 | ' | ' |
Accretable discount | -47 | -62 | ' | ' |
Nonaccretable discount | -5 | -61 | -61 | -165 |
Book value of loans | $7,464 | $8,566 | ' | ' |
Loans_Allowance_for_Loan_Losse4
Loans, Allowance for Loan Losses and Credit Quality (Details 2) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Accretable Discount Beginning balance | $62 | $476 |
Accretable Discount Charge-offs related to loans covered by ASC 310-30 | 0 | 0 |
Accretable Discount Transfer to accretable discount | 0 | 104 |
Accretable Discount Discount accretion | -15 | -422 |
Accretable Discount Ending balance | 47 | 158 |
Nonaccretable Discount Beginning balance | 61 | 165 |
Nonaccretable Discount Charge-offs related to loans covered by ASC 310-30 | -56 | 0 |
Nonaccretable Discount Transfer to accretable discount | 0 | -104 |
Nonaccretable Discount accretion | ' | ' |
Nonaccretable Discount Ending balance | $5 | $61 |
Loans_Allowance_for_Loan_Losse5
Loans, Allowance for Loan Losses and Credit Quality (Details 3) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Loans acquired with credit quality | $196,854 | $165,441 |
Loans acquired with deteriorating credit quality | 7,464 | 8,566 |
Total loans | 204,318 | 174,007 |
Highest Quality [Member] | ' | ' |
Loans acquired with credit quality | 0 | 0 |
Above Average Quality [Member] | ' | ' |
Loans acquired with credit quality | 75,604 | 62,999 |
Satisfactory [Member] | ' | ' |
Loans acquired with credit quality | 72,233 | 52,298 |
Pass [Member] | ' | ' |
Loans acquired with credit quality | 47,122 | 42,255 |
Special Mention [Member] | ' | ' |
Loans acquired with credit quality | 782 | 6,335 |
Substandard [Member] | ' | ' |
Loans acquired with credit quality | 1,113 | 1,554 |
Doubtful [Member] | ' | ' |
Loans acquired with credit quality | 0 | 0 |
Commercial Real Estate [Member] | Acquisition, Development, and Construction [Member] | ' | ' |
Loans acquired with credit quality | 1,277 | 2,391 |
Loans acquired with deteriorating credit quality | 970 | 1,084 |
Total loans | 2,247 | 3,475 |
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 | 508 | 325 |
Commercial Real Estate [Member] | Acquisition, Development, and Construction [Member] | Pass [Member] | ' | ' |
Loans acquired with credit quality | 500 | 1,500 |
Commercial Real Estate [Member] | Acquisition, Development, and Construction [Member] | Special Mention [Member] | ' | ' |
Loans acquired with credit quality | ' | 299 |
Commercial Real Estate [Member] | Acquisition, Development, and Construction [Member] | Substandard [Member] | ' | ' |
Loans acquired with credit quality | 269 | 267 |
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 | 38,335 | 27,080 |
Loans acquired with deteriorating credit quality | 1,470 | 1,526 |
Total loans | 39,805 | 28,606 |
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 | 2,253 | 2,078 |
Commercial Real Estate [Member] | Non-Owner Occupied [Member] | Satisfactory [Member] | ' | ' |
Loans acquired with credit quality | 20,152 | 10,563 |
Commercial Real Estate [Member] | Non-Owner Occupied [Member] | Pass [Member] | ' | ' |
Loans acquired with credit quality | 15,805 | 12,990 |
Commercial Real Estate [Member] | Non-Owner Occupied [Member] | Special Mention [Member] | ' | ' |
Loans acquired with credit quality | 125 | 1,449 |
Commercial Real Estate [Member] | Non-Owner Occupied [Member] | Substandard [Member] | ' | ' |
Loans acquired with credit quality | 0 | 0 |
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 | 47,023 | 46,658 |
Loans acquired with deteriorating credit quality | 3,225 | 3,842 |
Total loans | 50,248 | 50,500 |
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 | 2,822 | 2,966 |
Commercial Real Estate [Member] | Owner Occupied [Member] | Satisfactory [Member] | ' | ' |
Loans acquired with credit quality | 27,508 | 25,264 |
Commercial Real Estate [Member] | Owner Occupied [Member] | Pass [Member] | ' | ' |
Loans acquired with credit quality | 16,693 | 14,606 |
Commercial Real Estate [Member] | Owner Occupied [Member] | Special Mention [Member] | ' | ' |
Loans acquired with credit quality | 0 | 3,486 |
Commercial Real Estate [Member] | Owner Occupied [Member] | Substandard [Member] | ' | ' |
Loans acquired with credit quality | 0 | 336 |
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 | 24,212 | 19,615 |
Loans acquired with deteriorating credit quality | 1,164 | 1,470 |
Total loans | 25,376 | 21,085 |
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 | 1,930 | 2,170 |
Commercial and Industrial [Member] | Satisfactory [Member] | ' | ' |
Loans acquired with credit quality | 13,705 | 8,290 |
Commercial and Industrial [Member] | Pass [Member] | ' | ' |
Loans acquired with credit quality | 7,785 | 8,128 |
Commercial and Industrial [Member] | Special Mention [Member] | ' | ' |
Loans acquired with credit quality | 219 | 268 |
Commercial and Industrial [Member] | Substandard [Member] | ' | ' |
Loans acquired with credit quality | 573 | 759 |
Commercial and Industrial [Member] | Doubtful [Member] | ' | ' |
Loans acquired with credit quality | 0 | 0 |
Guaranteed Student Loans [Member] | ' | ' |
Loans acquired with credit quality | 67,421 | 55,427 |
Loans acquired with deteriorating credit quality | 0 | 0 |
Total loans | 67,421 | 55,427 |
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 | 67,421 | 55,427 |
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 | 8,201 | 6,966 |
Loans acquired with deteriorating credit quality | 186 | 190 |
Total loans | 8,387 | 7,156 |
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 | 36 | 73 |
Consumer [Member] | Residential Mortgage [Member] | Satisfactory [Member] | ' | ' |
Loans acquired with credit quality | 4,076 | 3,965 |
Consumer [Member] | Residential Mortgage [Member] | Pass [Member] | ' | ' |
Loans acquired with credit quality | 3,968 | 2,710 |
Consumer [Member] | Residential Mortgage [Member] | Special Mention [Member] | ' | ' |
Loans acquired with credit quality | 121 | 203 |
Consumer [Member] | Residential Mortgage [Member] | Substandard [Member] | ' | ' |
Loans acquired with credit quality | 0 | 15 |
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 | 9,848 | 6,796 |
Loans acquired with deteriorating credit quality | 449 | 454 |
Total loans | 10,297 | 7,250 |
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 | 1,097 | 205 |
Consumer [Member] | Home Equity Lines of Credit [Member] | Satisfactory [Member] | ' | ' |
Loans acquired with credit quality | 5,877 | 3,541 |
Consumer [Member] | Home Equity Lines of Credit [Member] | Pass [Member] | ' | ' |
Loans acquired with credit quality | 2,286 | 2,243 |
Consumer [Member] | Home Equity Lines of Credit [Member] | Special Mention [Member] | ' | ' |
Loans acquired with credit quality | 317 | 630 |
Consumer [Member] | Home Equity Lines of Credit [Member] | Substandard [Member] | ' | ' |
Loans acquired with credit quality | 271 | 177 |
Consumer [Member] | Home Equity Lines of Credit [Member] | Doubtful [Member] | ' | ' |
Loans acquired with credit quality | 0 | 0 |
Consumer [Member] | Other [Member] | ' | ' |
Loans acquired with credit quality | 537 | 508 |
Loans acquired with deteriorating credit quality | 0 | 0 |
Total loans | 537 | 508 |
Consumer [Member] | Other [Member] | Highest Quality [Member] | ' | ' |
Loans acquired with credit quality | 0 | 0 |
Consumer [Member] | Other [Member] | Above Average Quality [Member] | ' | ' |
Loans acquired with credit quality | 45 | 80 |
Consumer [Member] | Other [Member] | Satisfactory [Member] | ' | ' |
Loans acquired with credit quality | 407 | 350 |
Consumer [Member] | Other [Member] | Pass [Member] | ' | ' |
Loans acquired with credit quality | 85 | 78 |
Consumer [Member] | Other [Member] | Special Mention [Member] | ' | ' |
Loans acquired with credit quality | 0 | 0 |
Consumer [Member] | Other [Member] | Substandard [Member] | ' | ' |
Loans acquired with credit quality | 0 | 0 |
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 $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
30 - 59 days | $4,134 | $5,098 |
60 - 89 days | 2,613 | 2,283 |
> 90 days | 13,464 | 21,747 |
Total past due | 20,211 | 29,128 |
Current | 184,107 | 144,879 |
Total loans | 204,318 | 174,007 |
> 90 days and still accruing | 12,546 | 18,387 |
Commercial Real Estate [Member] | Acquisition, Development, and Construction [Member] | ' | ' |
30 - 59 days | 0 | 0 |
60 - 89 days | 0 | 0 |
> 90 days | 548 | 633 |
Total past due | 548 | 633 |
Current | 1,699 | 2,842 |
Total loans | 2,247 | 3,475 |
> 90 days and still accruing | 0 | 0 |
Commercial Real Estate [Member] | Non-Owner Occupied [Member] | ' | ' |
30 - 59 days | 0 | 0 |
60 - 89 days | 0 | 0 |
> 90 days | 0 | 0 |
Total past due | 0 | 0 |
Current | 39,805 | 28,606 |
Total loans | 39,805 | 28,606 |
> 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 | 311 | 2,051 |
Total past due | 311 | 2,051 |
Current | 49,937 | 48,449 |
Total loans | 50,248 | 50,500 |
> 90 days and still accruing | 0 | 0 |
Commercial and Industrial [Member] | ' | ' |
30 - 59 days | 533 | 0 |
60 - 89 days | 85 | 0 |
> 90 days | 15 | 632 |
Total past due | 633 | 632 |
Current | 24,743 | 20,453 |
Total loans | 25,376 | 21,085 |
> 90 days and still accruing | 0 | 0 |
Guaranteed Student Loans [Member] | ' | ' |
30 - 59 days | 3,601 | 5,044 |
60 - 89 days | 2,528 | 2,268 |
> 90 days | 12,546 | 18,387 |
Total past due | 18,675 | 25,699 |
Current | 48,746 | 29,728 |
Total loans | 67,421 | 55,427 |
> 90 days and still accruing | 12,546 | 18,387 |
Consumer [Member] | Residential Mortgage [Member] | ' | ' |
30 - 59 days | 0 | 54 |
60 - 89 days | 0 | 15 |
> 90 days | 44 | 44 |
Total past due | 44 | 113 |
Current | 8,343 | 7,043 |
Total loans | 8,387 | 7,156 |
> 90 days and still accruing | 0 | 0 |
Consumer [Member] | Home Equity Lines of Credit [Member] | ' | ' |
30 - 59 days | 0 | 0 |
60 - 89 days | 0 | 0 |
> 90 days | 0 | 0 |
Total past due | 0 | 0 |
Current | 10,297 | 7,250 |
Total loans | 10,297 | 7,250 |
> 90 days and still accruing | 0 | 0 |
Consumer [Member] | Other [Member] | ' | ' |
30 - 59 days | 0 | 0 |
60 - 89 days | 0 | 0 |
> 90 days | 0 | 0 |
Total past due | 0 | 0 |
Current | 537 | 508 |
Total loans | 537 | 508 |
> 90 days and still accruing | $0 | $0 |
Loans_Allowance_for_Loan_Losse7
Loans, Allowance for Loan Losses and Credit Quality (Details 5) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Total non-accrual loans | $1,323 | $3,934 |
Non-accrual troubled debt restructurings included above [Member] | ' | ' |
Total non-accrual loans | 85 | 119 |
Commercial Real Estate [Member] | Acquisition, Development, and Construction [Member] | ' | ' |
Total non-accrual loans | 548 | 633 |
Commercial Real Estate [Member] | Owner Occupied [Member] | ' | ' |
Total non-accrual loans | 311 | 2,051 |
Commercial and Industrial [Member] | ' | ' |
Total non-accrual loans | 100 | 858 |
Consumer [Member] | Residential Mortgage [Member] | ' | ' |
Total non-accrual loans | 44 | 59 |
Consumer [Member] | Home Equity Lines of Credit [Member] | ' | ' |
Total non-accrual loans | $320 | $333 |
Loans_Allowance_for_Loan_Losse8
Loans, Allowance for Loan Losses and Credit Quality (Details 6) (USD $) | 9 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Dec. 31, 2013 |
With no related allowance recorded Recorded Investment | $2,449 | $2,829 |
With no related allowance recorded Unpaid Principal | 2,449 | 2,829 |
With an allowance recorded Interest Recorded | 0 | 0 |
With no related allowance recorded Related Allowance | 0 | 0 |
With no related allowance recorded Average Recorded Investment | 2,168 | 2,829 |
With no related allowance recorded Interest Recorded | 100 | 159 |
With an allowance recorded Recorded Investment | 0 | 0 |
With an allowance recorded Unpaid Principal | 0 | 0 |
With an allowance recorded Related Allowance | 0 | 0 |
With an allowance recorded Average Recorded Investment | 0 | 0 |
Commercial Real Estate [Member] | Acquisition, Development, and Construction [Member] | ' | ' |
With no related allowance recorded Recorded Investment | 269 | 267 |
With no related allowance recorded Unpaid Principal | 269 | 267 |
With an allowance recorded Interest Recorded | 0 | 0 |
With no related allowance recorded Related Allowance | 0 | 0 |
With no related allowance recorded Average Recorded Investment | 269 | 267 |
With no related allowance recorded Interest Recorded | 12 | 19 |
With an allowance recorded Recorded Investment | 0 | 0 |
With an allowance recorded Unpaid Principal | 0 | 0 |
With an allowance recorded Related Allowance | 0 | 0 |
With an allowance recorded Average Recorded Investment | 0 | 0 |
Commercial Real Estate [Member] | Non-Owner Occupied [Member] | ' | ' |
With no related allowance recorded Recorded Investment | 1,336 | 1,352 |
With no related allowance recorded Unpaid Principal | 1,336 | 1,352 |
With an allowance recorded Interest Recorded | 0 | 0 |
With no related allowance recorded Related Allowance | 0 | 0 |
With no related allowance recorded Average Recorded Investment | 1,345 | 1,352 |
With no related allowance recorded Interest Recorded | 66 | 83 |
With an allowance recorded Recorded Investment | 0 | 0 |
With an allowance recorded Unpaid Principal | 0 | 0 |
With an allowance recorded Related Allowance | 0 | 0 |
With an allowance recorded Average Recorded Investment | 0 | 0 |
Commercial Real Estate [Member] | Owner Occupied [Member] | ' | ' |
With no related allowance recorded Recorded Investment | 0 | 259 |
With no related allowance recorded Unpaid Principal | 0 | 259 |
With an allowance recorded Interest Recorded | 0 | 0 |
With no related allowance recorded Related Allowance | 0 | 0 |
With no related allowance recorded Average Recorded Investment | 0 | 259 |
With no related allowance recorded Interest Recorded | 0 | 0 |
With an allowance recorded Recorded Investment | 0 | 0 |
With an allowance recorded Unpaid Principal | 0 | 0 |
With an allowance recorded Related Allowance | 0 | 0 |
With an allowance recorded Average Recorded Investment | 0 | 0 |
Commercial and Industrial [Member] | ' | ' |
With no related allowance recorded Recorded Investment | 573 | 759 |
With no related allowance recorded Unpaid Principal | 573 | 759 |
With an allowance recorded Interest Recorded | 0 | 0 |
With no related allowance recorded Related Allowance | 0 | 0 |
With no related allowance recorded Average Recorded Investment | 281 | 759 |
With no related allowance recorded Interest Recorded | 13 | 44 |
With an allowance recorded Recorded Investment | 0 | 0 |
With an allowance recorded Unpaid Principal | 0 | 0 |
With an allowance recorded Related Allowance | 0 | 0 |
With an allowance recorded Average Recorded Investment | 0 | 0 |
Consumer [Member] | Residential Mortgage [Member] | ' | ' |
With no related allowance recorded Recorded Investment | 0 | 15 |
With no related allowance recorded Unpaid Principal | 0 | 15 |
With an allowance recorded Interest Recorded | 0 | 0 |
With no related allowance recorded Related Allowance | 0 | 0 |
With no related allowance recorded Average Recorded Investment | 0 | 15 |
With no related allowance recorded Interest Recorded | 0 | 5 |
With an allowance recorded Recorded Investment | 0 | 0 |
With an allowance recorded Unpaid Principal | 0 | 0 |
With an allowance recorded Related Allowance | 0 | 0 |
With an allowance recorded Average Recorded Investment | 0 | 0 |
Consumer [Member] | Home Equity Lines of Credit [Member] | ' | ' |
With no related allowance recorded Recorded Investment | 271 | 177 |
With no related allowance recorded Unpaid Principal | 271 | 177 |
With an allowance recorded Interest Recorded | 0 | 0 |
With no related allowance recorded Related Allowance | 0 | 0 |
With no related allowance recorded Average Recorded Investment | 273 | 177 |
With no related allowance recorded Interest Recorded | 9 | 8 |
With an allowance recorded Recorded Investment | 0 | 0 |
With an allowance recorded Unpaid Principal | 0 | 0 |
With an allowance recorded Related Allowance | 0 | 0 |
With an allowance recorded Average Recorded Investment | 0 | 0 |
Consumer [Member] | Other [Member] | ' | ' |
With no related allowance recorded Recorded Investment | 0 | 0 |
With no related allowance recorded Unpaid Principal | 0 | 0 |
With an allowance recorded Interest Recorded | 0 | 0 |
With no related allowance recorded Related Allowance | 0 | 0 |
With no related allowance recorded Average Recorded Investment | ' | 0 |
With no related allowance recorded Interest Recorded | 0 | 0 |
With an allowance recorded Recorded Investment | 0 | 0 |
With an allowance recorded Unpaid Principal | 0 | 0 |
With an allowance recorded Related Allowance | 0 | 0 |
With an allowance recorded Average Recorded Investment | $0 | $0 |
Loans_Allowance_for_Loan_Losse9
Loans, Allowance for Loan Losses and Credit Quality (Details 7) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Beginning balance | $1,489 | $2,110 |
Charge-offs | -491 | -723 |
Recoveries | 105 | 19 |
Net (charge-offs) recoveries | -386 | -704 |
Provision (recovery) | 123 | 111 |
Ending balance | 1,226 | 1,517 |
Commercial Real Estate [Member] | Acquisition, Development, and Construction [Member] | ' | ' |
Beginning balance | 300 | 229 |
Charge-offs | -6 | 0 |
Recoveries | 3 | 1 |
Net (charge-offs) recoveries | -3 | 1 |
Provision (recovery) | -89 | -121 |
Ending balance | 208 | 109 |
Commercial Real Estate [Member] | Non-Owner Occupied [Member] | ' | ' |
Beginning balance | 39 | 231 |
Charge-offs | -114 | 0 |
Recoveries | 49 | 0 |
Net (charge-offs) recoveries | -65 | 0 |
Provision (recovery) | 186 | 10 |
Ending balance | 160 | 241 |
Commercial Real Estate [Member] | Owner Occupied [Member] | ' | ' |
Beginning balance | 322 | 350 |
Charge-offs | 0 | -286 |
Recoveries | 0 | 0 |
Net (charge-offs) recoveries | 0 | -286 |
Provision (recovery) | -151 | 557 |
Ending balance | 171 | 621 |
Commercial and Industrial [Member] | ' | ' |
Beginning balance | 377 | 782 |
Charge-offs | -55 | 0 |
Recoveries | 27 | 18 |
Net (charge-offs) recoveries | -28 | 18 |
Provision (recovery) | -38 | -657 |
Ending balance | 311 | 143 |
Guaranteed Student Loans [Member] | ' | ' |
Beginning balance | 268 | 0 |
Charge-offs | -316 | -66 |
Recoveries | 0 | 0 |
Net (charge-offs) recoveries | -316 | -66 |
Provision (recovery) | 224 | 314 |
Ending balance | 176 | 248 |
Consumer [Member] | Residential Mortgage [Member] | ' | ' |
Beginning balance | 120 | 50 |
Charge-offs | 0 | 0 |
Recoveries | 4 | 0 |
Net (charge-offs) recoveries | 4 | 0 |
Provision (recovery) | 6 | 40 |
Ending balance | 130 | 90 |
Consumer [Member] | Home Equity Lines of Credit [Member] | ' | ' |
Beginning balance | 20 | 457 |
Charge-offs | 0 | -365 |
Recoveries | 2 | 0 |
Net (charge-offs) recoveries | 2 | -365 |
Provision (recovery) | 30 | -53 |
Ending balance | 52 | 39 |
Consumer [Member] | Other [Member] | ' | ' |
Beginning balance | 43 | 11 |
Charge-offs | 0 | -6 |
Recoveries | 20 | 0 |
Net (charge-offs) recoveries | 20 | -6 |
Provision (recovery) | -45 | 21 |
Ending balance | $18 | $26 |
Recovered_Sheet1
Loans, Allowance for Loan Losses and Credit Quality (Details 8) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||||
Allowance for loan losses for loans | ' | ' | ' | ' |
Individually evaluated for impairment | $0 | $0 | ' | ' |
Collectively evaluated for impairment | 1,136 | 1,255 | ' | ' |
Loans acquired with deteriorated credit quality | 90 | 234 | ' | ' |
Ending balance | 1,226 | 1,489 | 1,517 | 2,110 |
Gross loan balances | ' | ' | ' | ' |
Individually evaluated for impairment | 2,449 | 2,829 | ' | ' |
Collectively evaluated for impairment | 194,405 | 162,612 | ' | ' |
Loans acquired with deteriorated credit quality | 7,464 | 8,566 | ' | ' |
Ending balance | 204,318 | 174,007 | ' | ' |
Commercial Real Estate [Member] | Acquisition, Development, and Construction [Member] | ' | ' | ' | ' |
Allowance for loan losses for loans | ' | ' | ' | ' |
Individually evaluated for impairment | 0 | 0 | ' | ' |
Collectively evaluated for impairment | 118 | 260 | ' | ' |
Loans acquired with deteriorated credit quality | 90 | 40 | ' | ' |
Ending balance | 208 | 300 | 109 | 229 |
Gross loan balances | ' | ' | ' | ' |
Individually evaluated for impairment | 269 | 267 | ' | ' |
Collectively evaluated for impairment | 1,008 | 2,124 | ' | ' |
Loans acquired with deteriorated credit quality | 970 | 1,084 | ' | ' |
Ending balance | 2,247 | 3,475 | ' | ' |
Commercial Real Estate [Member] | Non-Owner Occupied [Member] | ' | ' | ' | ' |
Allowance for loan losses for loans | ' | ' | ' | ' |
Individually evaluated for impairment | 0 | 0 | ' | ' |
Collectively evaluated for impairment | 160 | 39 | ' | ' |
Loans acquired with deteriorated credit quality | 0 | 0 | ' | ' |
Ending balance | 160 | 39 | 241 | 231 |
Gross loan balances | ' | ' | ' | ' |
Individually evaluated for impairment | 1,336 | 1,352 | ' | ' |
Collectively evaluated for impairment | 36,999 | 25,728 | ' | ' |
Loans acquired with deteriorated credit quality | 1,470 | 1,526 | ' | ' |
Ending balance | 39,805 | 28,606 | ' | ' |
Commercial Real Estate [Member] | Owner Occupied [Member] | ' | ' | ' | ' |
Allowance for loan losses for loans | ' | ' | ' | ' |
Individually evaluated for impairment | 0 | 0 | ' | ' |
Collectively evaluated for impairment | 171 | 128 | ' | ' |
Loans acquired with deteriorated credit quality | 0 | 194 | ' | ' |
Ending balance | 171 | 322 | 621 | 350 |
Gross loan balances | ' | ' | ' | ' |
Individually evaluated for impairment | 0 | 259 | ' | ' |
Collectively evaluated for impairment | 47,023 | 46,399 | ' | ' |
Loans acquired with deteriorated credit quality | 3,225 | 3,842 | ' | ' |
Ending balance | 50,248 | 50,500 | ' | ' |
Commercial and Industrial [Member] | ' | ' | ' | ' |
Allowance for loan losses for loans | ' | ' | ' | ' |
Individually evaluated for impairment | 0 | 0 | ' | ' |
Collectively evaluated for impairment | 311 | 377 | ' | ' |
Loans acquired with deteriorated credit quality | 0 | 0 | ' | ' |
Ending balance | 311 | 377 | 143 | 782 |
Gross loan balances | ' | ' | ' | ' |
Individually evaluated for impairment | 573 | 759 | ' | ' |
Collectively evaluated for impairment | 23,639 | 18,856 | ' | ' |
Loans acquired with deteriorated credit quality | 1,164 | 1,470 | ' | ' |
Ending balance | 25,376 | 21,085 | ' | ' |
Guaranteed Student Loans [Member] | ' | ' | ' | ' |
Allowance for loan losses for loans | ' | ' | ' | ' |
Individually evaluated for impairment | 0 | 0 | ' | ' |
Collectively evaluated for impairment | 176 | 268 | ' | ' |
Loans acquired with deteriorated credit quality | 0 | 0 | ' | ' |
Ending balance | 176 | 268 | 248 | 0 |
Gross loan balances | ' | ' | ' | ' |
Individually evaluated for impairment | 0 | 0 | ' | ' |
Collectively evaluated for impairment | 67,421 | 55,427 | ' | ' |
Loans acquired with deteriorated credit quality | 0 | 0 | ' | ' |
Ending balance | 67,421 | 55,427 | ' | ' |
Consumer [Member] | Residential Mortgage [Member] | ' | ' | ' | ' |
Allowance for loan losses for loans | ' | ' | ' | ' |
Individually evaluated for impairment | 0 | 0 | ' | ' |
Collectively evaluated for impairment | 130 | 120 | ' | ' |
Loans acquired with deteriorated credit quality | 0 | 0 | ' | ' |
Ending balance | 130 | 120 | 90 | 50 |
Gross loan balances | ' | ' | ' | ' |
Individually evaluated for impairment | 0 | 15 | ' | ' |
Collectively evaluated for impairment | 8,201 | 6,951 | ' | ' |
Loans acquired with deteriorated credit quality | 186 | 190 | ' | ' |
Ending balance | 8,387 | 7,156 | ' | ' |
Consumer [Member] | Home Equity Lines of Credit [Member] | ' | ' | ' | ' |
Allowance for loan losses for loans | ' | ' | ' | ' |
Individually evaluated for impairment | 0 | 0 | ' | ' |
Collectively evaluated for impairment | 52 | 20 | ' | ' |
Loans acquired with deteriorated credit quality | 0 | 0 | ' | ' |
Ending balance | 52 | 20 | 39 | 457 |
Gross loan balances | ' | ' | ' | ' |
Individually evaluated for impairment | 271 | 177 | ' | ' |
Collectively evaluated for impairment | 9,577 | 6,619 | ' | ' |
Loans acquired with deteriorated credit quality | 449 | 454 | ' | ' |
Ending balance | 10,297 | 7,250 | ' | ' |
Consumer [Member] | Other Credit Derivatives [Member] | ' | ' | ' | ' |
Allowance for loan losses for loans | ' | ' | ' | ' |
Individually evaluated for impairment | 0 | 0 | ' | ' |
Collectively evaluated for impairment | 18 | 43 | ' | ' |
Loans acquired with deteriorated credit quality | 0 | 0 | ' | ' |
Ending balance | 18 | 43 | 26 | 11 |
Gross loan balances | ' | ' | ' | ' |
Individually evaluated for impairment | 0 | 0 | ' | ' |
Collectively evaluated for impairment | 537 | 508 | ' | ' |
Loans acquired with deteriorated credit quality | 0 | 0 | ' | ' |
Ending balance | $537 | $508 | ' | ' |
Recovered_Sheet2
Loans, Allowance for Loan Losses and Credit Quality (Details 9) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 |
Loan | Loan | Loan | |
Number of loans | 2 | 1 | 5 |
Rate modification | $0 | $0 | ' |
Term extension | 1,107 | 126 | ' |
Pre-modification recorded investment | 1,107 | 126 | ' |
Post-modification recorded investment | 895 | 153 | ' |
Commercial Real Estate [Member] | ' | ' | ' |
Number of loans | 1 | ' | ' |
Rate modification | 0 | ' | ' |
Term extension | 595 | ' | ' |
Pre-modification recorded investment | 595 | ' | ' |
Post-modification recorded investment | 421 | ' | ' |
Commercial and Industrial [Member] | ' | ' | ' |
Number of loans | 1 | 1 | ' |
Rate modification | 0 | 0 | ' |
Term extension | 512 | 126 | ' |
Pre-modification recorded investment | 512 | 126 | ' |
Post-modification recorded investment | $474 | $153 | ' |
Recovered_Sheet3
Loans, Allowance for Loan Losses and Credit Quality (Details Textual) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 |
Loan | Loan | Loan | |
Fair Value, Concentration of Risk, Retained Interest | 98.00% | 98.00% | ' |
Financing Receivable, Modifications, Number of Contracts | 2 | 1 | 5 |
Financing Receivable, Modifications, Recorded Investment | $2.80 | $2.80 | $2 |
Loans Receivable Accruing Troubled Debt Restructured Loans | $2.70 | $2.70 | $1.90 |
Intangible_Assets_Details
Intangible Assets (Details) (USD $) | 3 Months Ended | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2014 |
Balance at Begining Period | $121 | $139 |
Amortization | -9 | -27 |
Balance at Ending Period | $112 | $112 |
Intangible_Assets_Detail_Textu
Intangible Assets (Detail Textual) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2014 |
Finite-lived Intangible Assets Acquired | $249 |
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 36 |
Finite-Lived Intangible Assets, Amortization Expense, Year Three | $30 |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||||
Assets: | ' | ' | ' | ' |
Cash and cash equivalents | $11,920 | $13,984 | $22,782 | $11,981 |
Securities available for sale | 54,581 | 24,567 | ' | ' |
Securities held to maturity | 21,263 | 14,753 | ' | ' |
Interest receivable | 1,902 | 1,655 | ' | ' |
Liabilities: | ' | ' | ' | ' |
Demand deposits | 78,786 | 60,685 | ' | ' |
FHLB Borrowings | 20,000 | 10,000 | ' | ' |
Fair Value, Inputs, Level 1 [Member] | ' | ' | ' | ' |
Assets: | ' | ' | ' | ' |
Cash and cash equivalents | 11,920 | 13,984 | ' | ' |
Securities available for sale | 0 | 0 | ' | ' |
Securities held to maturity | 0 | 0 | ' | ' |
Restricted securities | 0 | 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, Inputs, Level 2 [Member] | ' | ' | ' | ' |
Assets: | ' | ' | ' | ' |
Cash and cash equivalents | 0 | 0 | ' | ' |
Securities available for sale | 54,581 | 24,567 | ' | ' |
Securities held to maturity | 21,383 | 14,597 | ' | ' |
Restricted securities | 1,525 | 1,074 | ' | ' |
Net Loans held for investment | 0 | 0 | ' | ' |
Interest receivable | 1,902 | 1,655 | ' | ' |
Liabilities: | ' | ' | ' | ' |
Demand deposits | 24,483 | 22,845 | ' | ' |
Savings and interest-bearing demand deposits | 78,786 | 60,685 | ' | ' |
Time deposits | 149,941 | 127,966 | ' | ' |
FHLB Borrowings | 19,658 | 9,656 | ' | ' |
Interest payable | 154 | 143 | ' | ' |
Fair Value, Inputs, Level 3 [Member] | ' | ' | ' | ' |
Assets: | ' | ' | ' | ' |
Cash and cash equivalents | 0 | 0 | ' | ' |
Securities available for sale | 0 | 0 | ' | ' |
Securities held to maturity | 0 | 0 | ' | ' |
Restricted securities | 0 | 0 | ' | ' |
Net Loans held for investment | 205,727 | 173,444 | ' | ' |
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 | ' | ' |
Carrying Amount [Member] | ' | ' | ' | ' |
Assets: | ' | ' | ' | ' |
Cash and cash equivalents | 11,920 | 13,984 | ' | ' |
Securities available for sale | 54,581 | 24,567 | ' | ' |
Securities held to maturity | 21,263 | 14,753 | ' | ' |
Restricted securities | 1,525 | 1,074 | ' | ' |
Net Loans held for investment | 203,092 | 172,518 | ' | ' |
Interest receivable | 1,902 | 1,655 | ' | ' |
Liabilities: | ' | ' | ' | ' |
Demand deposits | 24,483 | 22,845 | ' | ' |
Savings and interest-bearing demand deposits | 78,786 | 60,685 | ' | ' |
Time deposits | 149,579 | 127,284 | ' | ' |
FHLB Borrowings | 20,000 | 10,000 | ' | ' |
Interest payable | 154 | 143 | ' | ' |
Fair Value [Member] | ' | ' | ' | ' |
Assets: | ' | ' | ' | ' |
Cash and cash equivalents | 11,920 | 13,984 | ' | ' |
Securities available for sale | 54,581 | 24,567 | ' | ' |
Securities held to maturity | 21,383 | 14,597 | ' | ' |
Restricted securities | 1,525 | 1,074 | ' | ' |
Net Loans held for investment | 205,727 | 173,444 | ' | ' |
Interest receivable | 1,902 | 1,655 | ' | ' |
Liabilities: | ' | ' | ' | ' |
Demand deposits | 24,483 | 22,845 | ' | ' |
Savings and interest-bearing demand deposits | 78,786 | 60,685 | ' | ' |
Time deposits | 149,941 | 127,966 | ' | ' |
FHLB Borrowings | 19,658 | 9,656 | ' | ' |
Interest payable | $154 | $143 | ' | ' |
Fair_Value_Measurements_Detail1
Fair Value Measurements (Details 1) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
U.S. Government Agencies [Member] | ' | ' |
Assets, Fair Value Disclosure, Recurring | $2,957 | $7,041 |
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 | 2,957 | 7,041 |
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 | 51,624 | 17,526 |
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 | 51,624 | 17,526 |
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 $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
OREO | $1,543 | $1,545 |
Fair Value, Inputs, Level 1 [Member] | ' | ' |
OREO | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ' | ' |
OREO | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | ' | ' |
OREO | $1,543 | $1,545 |
Fair_Value_Measurements_Detail3
Fair Value Measurements (Details 3) (Other Real Estate Owned [Member], USD $) | 9 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Dec. 31, 2013 |
Fair value Measurements Quantitative Information Regarding Level Three | $1,543 | $1,545 |
Valuation Techniques | 'Discounted appraised value | 'Discounted appraised value |
Unobservable Inputs | 'Discount for lack of marketability | 'Discount for lack of marketability |
Fair Value Inputs, Discount Rate | 14.00% | 14.00% |
Minimum [Member] | ' | ' |
Fair Value Inputs, Discount Rate | 6.00% | 6.00% |
Maximum [Member] | ' | ' |
Fair Value Inputs, Discount Rate | 29.00% | 29.00% |
StockBased_Compensation_Detail
Stock-Based Compensation (Details) (USD $) | 9 Months Ended | 12 Months Ended |
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2014 | Dec. 31, 2013 |
Stock Options Outstanding, Beginning Balance | 115,656 | ' |
Stock Options Vested, Beginning Balance | 28,438 | ' |
Stock Options Nonvested, Beginning Balance | 87,218 | ' |
Stock Options, Issued | 29,150 | ' |
Stock Options, Forfeited | 1,328 | ' |
Stock Options Outstanding, Ending Balance | 143,478 | 115,656 |
Stock Options Vested, Ending Balance | 52,294 | 28,438 |
Stock Options Nonvested, Ending Balance | 91,184 | 87,218 |
Weighted Average Exercise Price Outstanding, Beginning balance | $7.68 | ' |
Weighted Average Exercise Price Vested, Beginning balance | $12.80 | ' |
Weighted Average Exercise Price Nonvesed, Beginning balance | $6.01 | ' |
Weighted Average Exercise Price, Issued | $4.20 | ' |
Weighted Average Exercise Price, Forfeited | $6.40 | ' |
Weighted Average Exercise Price Outstanding, Ending Balance | $6.98 | $7.68 |
Weighted Average Exercise Price Vested, Ending Balance | $9.84 | $12.80 |
Weighted Average Exercise Price Nonvested, Ending balance | $5.34 | $6.01 |
Weighted Average Remaining Contractual Life, Outstanding | '8 years 1 month 10 days | '8 years 5 months 8 days |
Weighted Average Remaining Contractual Life, Vested | '7 years 3 months 14 days | '7 years 4 months 10 days |
Weighted Average Remaining Contractual Life, Nonvested | '8 years 6 months 29 days | '8 years 9 months 18 days |
Weighted Average Remaining Contractual Life, Issued | '0 years | ' |
Weighted Average Remaining Contractual Life, Forfeited | '0 years | ' |
Weighted Average Grant Date Fair Value Outstanding, Beginning Balance | $2.54 | ' |
Weighted Average Grant Date Fair Value Vested, Beginning Balance | $4.31 | ' |
Weighted Average Grant Date Fair Value Nonvested, Beginning Balance | $1.96 | ' |
Weighted Average Grant Date Fair Value, Issued | $1.52 | ' |
Weighted Average Grant Date Fair Value, Forfeited | $5.59 | ' |
Weighted Average Grant Date Fair Value Outstanding, Ending Balance | $2.30 | $2.54 |
Weighted Average Grant Date Fair Value Vested, Ending Balance | $3.21 | $4.31 |
Weighted Average Grant Date Fair Value Nonvested, Ending Balance | $1.78 | $1.96 |
Aggregate Intrinsic Value Outstanding, Beginning balance | $88 | ' |
Aggregate Intrinsic Value Vested, Beginning balance | 0 | ' |
Aggregate Intrinsic Value Nonvested, Beginning balance | 88 | ' |
Aggregate Intrinsic Value, Issued | 0 | ' |
Aggregate Intrinsic Value, Forfeited | 0 | ' |
Aggregate Intrinsic Value Outstanding, Ending balance | 0 | 88 |
Aggregate Intrinsic Value Vested, Ending balance | 0 | 0 |
Aggregate Intrinsic Value Nonvested, Ending balance | $0 | $88 |
StockBased_Compensation_Detail1
Stock-Based Compensation (Details 1) (USD $) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2014 | Dec. 31, 2013 | |
Stock Options Outstanding | 143,478 | 115,656 |
Wgt. Avg Exerciese Price Outstanding | $6.98 | $7.68 |
Wgt. Avg. Remaining Contractual Life | '8 years 1 month 10 days | '8 years 5 months 8 days |
Stock Options Exercisable | 52,294 | ' |
Wgt. Avg Exerciese Price Exercisable | $9.84 | ' |
Exercise Price Range One [Member] | ' | ' |
Stock Options Outstanding | 116,654 | ' |
Wgt. Avg Exerciese Price Outstanding | $5.09 | ' |
Wgt. Avg. Remaining Contractual Life | '8 years 6 months 4 days | ' |
Stock Options Exercisable | 33,040 | ' |
Wgt. Avg Exerciese Price Exercisable | $5.43 | ' |
Range of Exercise Prices, Minimum | $3.83 | ' |
Range of Exercise Prices, Maximum | $7 | ' |
Exercise Price Range Two [Member] | ' | ' |
Stock Options Outstanding | 24,168 | ' |
Wgt. Avg Exerciese Price Outstanding | $10.26 | ' |
Wgt. Avg. Remaining Contractual Life | '6 years 11 months 26 days | ' |
Stock Options Exercisable | 16,598 | ' |
Wgt. Avg Exerciese Price Exercisable | $10.55 | ' |
Range of Exercise Prices, Minimum | $7.01 | ' |
Range of Exercise Prices, Maximum | $12 | ' |
Exercise Price Range Three [Member] | ' | ' |
Stock Options Outstanding | 2,656 | ' |
Wgt. Avg Exerciese Price Outstanding | $60.24 | ' |
Wgt. Avg. Remaining Contractual Life | '10 months 13 days | ' |
Stock Options Exercisable | 2,656 | ' |
Wgt. Avg Exerciese Price Exercisable | $60.24 | ' |
Range of Exercise Prices, Minimum | $60.24 | ' |
Range of Exercise Prices, Maximum | $60.24 | ' |
StockBased_Compensation_Detail2
Stock-Based Compensation (Details 2) (USD $) | 9 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Dec. 31, 2013 |
Expected Volatility | 30.00% | 30.00% |
Weighted-Average Volatility | 30.00% | 30.00% |
Expected Dividends | $0 | $0 |
Expected Term (In years) | '7 years | '7 years |
Risk-Free Rate | 2.15% | 1.42% |
Maximum [Member] | ' | ' |
Expected Volatility | 30.00% | 30.00% |
Minimum [Member] | ' | ' |
Expected Volatility | 30.00% | 30.00% |
StockBased_Compensation_Detail3
Stock-Based Compensation (Details 3) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2014 |
Total intrinsic value of options exercised: | $0 |
Total fair value of shares vested: | $49,026 |
Weighted-average period over which nonvested awards are expected to be recognized: | '1 year 4 months 10 days |
StockBased_Compensation_Detail4
Stock-Based Compensation (Details 4) (Restricted Stock [Member], USD $) | 9 Months Ended |
Sep. 30, 2014 | |
Restricted Stock [Member] | ' |
Nonvested, Opening Balance | 11,700 |
Issued | 85,933 |
Vested | 17,098 |
Forfeited | 0 |
Nonvested, Ending Balance | 80,535 |
Nonvested, Wgt. Avg. Grant Date Fair Value Opening Balance | $4.41 |
Issued | $4.20 |
Vested | $4.23 |
Forfeited | $0 |
Nonvested, Wgt. Avg. Grant Date Fair Value Ending Balance | $4.22 |
StockBased_Compensation_Detail5
Stock-Based Compensation (Details 5) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2014 |
Total fair value of shares vested: | $49,026 |
Weighted-average period over which nonvested awards are expected to be recognized: | '1 year 4 months 10 days |
Restricted Stock [Member] | ' |
Total fair value of shares vested: | 72,304 |
Weighted-average period over which nonvested awards are expected to be recognized: | '1 year 2 months 16 days |
Unamortized compensation expense | $268,849 |
StockBased_Compensation_Detail6
Stock-Based Compensation (Details Textual) | 9 Months Ended |
Sep. 30, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 29,150 |
Prior To Merger [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 |
Restricted Stock [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 85,933 |
Restricted Stock [Member] | Outside Plan In September 2013 [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 12,500 |
2011 Plan [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 712,854 |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized | 800,000 |
Founding Investors Of Cordia [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 578,125 |
Other_Comprehensive_Income_Los2
Other Comprehensive Income (Loss) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Beginning balance | ' | ' | ($384) | $56 |
Unrealized losses on available for sale securities | -72 | -232 | -153 | -512 |
Amortization of AFS to HTM reclassification adjustment | -11 | 0 | -36 | 0 |
Net current period other comprehensive loss | -61 | -232 | -117 | -512 |
Ending balance | ($501) | ($456) | ($501) | ($456) |
Other_Comprehensive_Income_Los3
Other Comprehensive Income (Loss) (Details 1) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Realized gains on sales of securities | ($3) | $0 | $61 | $0 |
Preferred_Stock_Issuance_and_C1
Preferred Stock Issuance and Conversion (Details Textual) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Apr. 10, 2014 | Jun. 25, 2014 | Sep. 30, 2014 | Apr. 10, 2014 | Jun. 25, 2014 | Jun. 25, 2014 |
Redeemable Convertible Preferred Stock [Member] | Series A Preferred Stock [Member] | Non-Voting [Member] | Non-Voting [Member] | Non-Voting [Member] | Voting [Member] | |||
Redeemable Convertible Preferred Stock [Member] | Series A Preferred Stock [Member] | Series A Preferred Stock [Member] | ||||||
Convertible Preferred Stock, Shares Issued upon Conversion | ' | ' | ' | ' | ' | 363 | ' | 10,000 |
Sale of Stock, Price Per Share | ' | ' | ' | ' | ' | $0.01 | ' | ' |
Purchase Price Of Convertible Preferred Stock | ' | ' | $42,500 | ' | ' | ' | ' | ' |
Preferred Stock Conversion Price | ' | ' | ' | $4.25 | ' | ' | ' | ' |
Proceeds from Issuance of Preferred Stock and Preference Stock | ' | ' | $15,400,000 | ' | ' | ' | ' | ' |
Common Stock, Shares Authorized | 120,000,000 | 120,000,000 | ' | ' | 5,000,000 | ' | ' | ' |
Common Stock, Par or Stated Value Per Share | $0.01 | $0.01 | ' | ' | $0.01 | ' | ' | ' |
Common Stock, Shares, Outstanding | 5,103,669 | 2,788,302 | ' | ' | 1,400,437 | ' | ' | ' |
Stock Issued During Period, Shares, New Issues | ' | ' | ' | 3,629,871 | ' | ' | 1,400,437 | 2,229,434 |
Percentage Of Capital Investments | 100.00% | ' | ' | ' | ' | ' | ' | ' |