Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2016 | Aug. 01, 2016 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q2 | |
Entity Registrant Name | Cordia Bancorp Inc | |
Entity Central Index Key | 1,466,292 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Smaller Reporting Company | |
Trading Symbol | BVA | |
Entity Common Stock, Shares Outstanding | 6,800,690 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Assets | ||
Cash and due from banks | $ 4,244 | $ 6,135 |
Federal funds sold and interest-bearing deposits with banks | 7,548 | 12,325 |
Total cash and cash equivalents | 11,792 | 18,460 |
Securities available for sale, at fair market value | 42,910 | 46,220 |
Securities held to maturity, at cost (fair value $36,411 and $25,694 at June 30, 2016 and December 31, 2015, respectively) | 35,864 | 25,500 |
Restricted securities | 2,393 | 2,355 |
Loans held for sale | 0 | 220 |
Loans net of allowance for loan losses of $915 and $823, at June 30, 2016 and December 31, 2015, respectively | 250,538 | 245,210 |
Premises and equipment, net | 5,844 | 5,980 |
Accrued interest receivable | 2,090 | 2,085 |
Other real estate owned, net of valuation allowance | 1,885 | 1,870 |
Other assets | 440 | 590 |
Total assets | 353,756 | 348,490 |
Deposits | ||
Non-interest bearing | 29,293 | 28,969 |
Savings and interest-bearing demand | 114,015 | 107,057 |
Time deposits | 152,754 | 154,018 |
Total deposits | 296,062 | 290,044 |
Accrued expenses and other liabilities | 725 | 707 |
FHLB borrowings | 30,000 | 30,000 |
Total liabilities | 326,787 | 320,751 |
Commitments and contingencies | ||
Stockholders' equity | ||
Preferred stock, 2,000 shares authorized, $0.01 par value, none issued and outstanding | 0 | 0 |
Common stock | 53 | 51 |
Additional paid-in capital | 34,155 | 33,191 |
Retained deficit | (7,214) | (4,827) |
Accumulated other comprehensive loss | (39) | (690) |
Total stockholders' equity | 26,969 | 27,739 |
Total liabilities and stockholders' equity | 353,756 | 348,490 |
NonVoting [Member] | ||
Stockholders' equity | ||
Common stock | $ 14 | $ 14 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Held-to-maturity Securities, Fair Value | $ 36,411 | $ 25,694 |
Allowance for loan losses | $ 915 | $ 823 |
Preferred Stock, Shares Authorized | 2,000 | 2,000 |
Preferred Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 |
Preferred Stock, Shares Issued | 0 | 0 |
Preferred Stock, Shares Outstanding | 0 | 0 |
Common Stock, Shares Authorized | 120,000,000 | 120,000,000 |
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 |
Common Stock, Shares, Outstanding | 5,397,768 | 5,186,349 |
Restricted Stock [Member] | ||
Common Stock, Shares, Outstanding | 75,312 | 107,460 |
NonVoting [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 | 1,400,437 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Interest income | ||||
Interest and fees on loans | $ 2,590 | $ 2,327 | $ 5,218 | $ 4,510 |
Investment securities | 442 | 383 | 840 | 746 |
Federal funds sold and deposits with banks | 11 | 5 | 20 | 12 |
Total interest income | 3,043 | 2,715 | 6,078 | 5,268 |
Interest expense | ||||
Interest on deposits | 607 | 470 | 1,153 | 924 |
Interest on FHLB borrowings | 93 | 93 | 188 | 182 |
Total interest expense | 700 | 563 | 1,341 | 1,106 |
Net interest income | 2,343 | 2,152 | 4,737 | 4,162 |
Provision for (recovery of) loan losses | 49 | 63 | 147 | (277) |
Net interest income after provision for (recovery of) loan losses | 2,294 | 2,089 | 4,590 | 4,439 |
Non-interest income (loss) | ||||
Service charges on deposit accounts | 37 | 30 | 68 | 60 |
Net gain on sale of available for sale securities | 0 | 0 | 0 | 114 |
Realized and unrealized gains (losses) on loans held for sale | (170) | 14 | (883) | 35 |
Other fee income | 68 | 53 | 136 | 101 |
Total non-interest income (loss) | (65) | 97 | (679) | 310 |
Non-interest expense | ||||
Salaries and employee benefits | 1,010 | 1,082 | 2,914 | 2,362 |
Professional services | 118 | 100 | 288 | 184 |
Merger related expenses | 200 | 0 | 200 | 0 |
Occupancy | 129 | 159 | 273 | 312 |
Reversal of occupancy fair value discount | 0 | (225) | 0 | (225) |
Data processing and communications | 225 | 206 | 471 | 404 |
FDIC assessment and bank fees | 168 | 92 | 337 | 182 |
Bank franchise taxes | 47 | 49 | 95 | 98 |
Student loan servicing fees and other loan expenses | 125 | 208 | 292 | 354 |
Other real estate expenses | 17 | 45 | 56 | 51 |
Supplies and equipment | 68 | 70 | 141 | 143 |
Insurance | 20 | 19 | 38 | 39 |
Director's fees | 58 | 21 | 111 | 47 |
Marketing and business development | 14 | 31 | 49 | 49 |
Loss on sale of subsidiary | 0 | 0 | 843 | 0 |
Other operating expenses | 103 | 93 | 191 | 162 |
Total non-interest expense | 2,302 | 1,950 | 6,299 | 4,162 |
Net income (loss) before income taxes | (73) | 236 | (2,388) | 587 |
Income taxes | 0 | 0 | 0 | 0 |
Net income (loss) | $ (73) | $ 236 | $ (2,388) | $ 587 |
Basic net income (loss) per common share | $ (0.01) | $ 0.04 | $ (0.35) | $ 0.09 |
Diluted net income (loss) per common share | $ (0.01) | $ 0.04 | $ (0.35) | $ 0.09 |
Weighted average common shares outstanding, basic (in shares) | 6,798,170 | 6,583,848 | 6,728,573 | 6,571,600 |
Weighted average common shares outstanding, diluted (in shares) | 6,798,170 | 6,583,848 | 6,728,573 | 6,571,600 |
Consolidated Statement of Compr
Consolidated Statement of Comprehensive Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Net income (loss) | $ (73) | $ 236 | $ (2,388) | $ 587 |
Other comprehensive income (loss) | ||||
Unrealized securities gains (losses) arising during period | 99 | (470) | 630 | (52) |
Less: Reclassification adjustment for net securities gains included in net income (loss) | 0 | 0 | 0 | (114) |
Add: Amortization of unrealized losses for securities transferred from available for sale to held to maturity | 10 | 13 | 21 | 25 |
Total other comprehensive income (loss) | 109 | (457) | 651 | (141) |
Comprehensive income (loss) | $ 36 | $ (221) | $ (1,737) | $ 446 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Cash flows from operating activities: | ||
Net income (loss) | $ (2,388) | $ 587 |
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities | ||
Net amortization of premium on investment securities | 234 | 230 |
Purchase accounting accretion, net | (4) | (333) |
Depreciation | 162 | 148 |
Amortization of deferred loan costs and fees | 254 | 183 |
Provision for (recovery of) loan losses | 147 | (277) |
Net gain on sale of available for sale securities | 0 | (114) |
Gain on sale of other real estate owned | (14) | 0 |
Stock based compensation | 967 | 110 |
Other real estate owned valuation adjustment | 22 | 16 |
Originations of loans held for sale | (25,838) | (1,854) |
Proceeds from the sale of loans held for sale | 24,652 | 1,793 |
Realized and unrealized (gains) losses on loans held for sale | 883 | (35) |
Gain on disposal of premises and equipment | (8) | 0 |
Changes in assets and liabilities: | ||
Decrease (increase) in accrued interest receivable | (5) | 7 |
Decrease (increase) in other assets | 132 | (236) |
Increase (decrease) in accrued expenses and other liabilities | 22 | (125) |
Net cash (used in) provided by operating activities | (782) | 100 |
Cash flows from investing activities: | ||
Purchase of securities available for sale | 0 | (23,429) |
Purchase of securities held to maturity | (12,498) | (7,677) |
(Purchase)of restricted securities, net | (38) | (239) |
Proceeds from sales, maturities, and paydowns of securities available for sale | 3,798 | 18,239 |
Proceeds from payments/maturities of securities held to maturity | 2,063 | 1,277 |
Proceeds from the sale of other real estate owned | 132 | 104 |
Consumer mortgage loans held for sale | ||
Net increase in loans | (5,343) | (13,077) |
Improvements to other real estate owned | 0 | (6) |
Purchase of premises and equipment | (33) | (1,795) |
Proceeds from the sale of premises and equipment | 15 | 0 |
Net cash (used in) investing activities | (11,904) | (26,603) |
Cash flows from financing activities: | ||
Repurchase of common stock | 0 | (5) |
Net increase in demand savings, interest-bearing checking and money market deposits | 7,282 | 17,787 |
Net (decrease) increase in time deposits | (1,264) | 1,245 |
Proceeds from FHLB advances | 10,000 | 5,000 |
Repayment of FHLB advances | (10,000) | 0 |
Net cash provided by financing activities | 6,018 | 24,027 |
Net (decrease) in cash and cash equivalents | (6,668) | (2,476) |
Cash and cash equivalents, beginning of period | 18,460 | 21,840 |
Cash and cash equivalents, end of period | 11,792 | 19,364 |
Supplemental disclosure of cash flow information | ||
Cash payments for interest | 1,310 | 1,097 |
Supplemental disclosure of noninvesting activities | ||
Unrealized gains (losses) on securities available for sale | 630 | (166) |
Amortization of unrealized losses transferred to held to maturity | 21 | 25 |
Transfer of loans from held for investment to held for sale | 29,751 | 0 |
Transfer of loans from held for sale to held for investment | (30,274) | 0 |
Loans transferred to other real estate owned | $ 155 | $ 242 |
Organization and Summary of Sig
Organization and Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2016 | |
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 7.60 59.8 3.0 3.60 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 0.664 100.0 On April 10, 2014, Cordia completed the sale of approximately 363 0.01 42,500 15.4 100 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 a conversion price of $4.25 per share, for a total issuance of approximately 3,629,871 2,229,434 1,400,437 In the fourth quarter of 2014 the Bank launched CordiaGrad, a private student loan refinancing program aimed at high-achieving graduates with student loans. On March 1, 2016, in order for Cordia to strategically focus on its core business of community banking, the Bank transferred certain assets and marketing arrangements related to CordiaGrad to a newly formed subsidiary and subsequently sold all of the subsidiary’s outstanding stock to Jack C. Zoeller for nominal consideration in return for Mr. Zoeller’s resignation as Cordia’s President and Chief Executive Officer, resignation from the board of both Cordia and the Bank and his agreement to relinquish all of his rights under his employment agreement with Cordia, including all salary and benefits. Mr. Zoeller’s unvested restricted stock and stock options vested in connection with the agreement. No loans were sold as part of the transaction and, as part of the transaction, the Bank agreed to provide certain transition and loan origination services to the new entity acquired by Mr. Zoeller through June 30, 2016. On May 20, 2016, Cordia announced the signing of a definitive merger agreement with First-Citizens Bank & Trust Company (known as First Citizens Bank). The agreement has been approved by the boards of directors of both companies and the transaction is expected to close no later than the fourth quarter of 2016, pending the receipt of all regulatory approvals, the approval of Cordia Bancorp shareholders, and the satisfaction of customary closing conditions. Under the terms of the agreement, cash consideration of $ 5.15 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. 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 and six months ended June 30, 2016 are not necessarily indicative of the results that may be expected for any future periods or for the year ending December 31, 2016. 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. These statements should be read in conjunction with the financial statements and accompanying notes included in the Company’s 2015 Annual Report on Form 10-K as filed with the Securities and Exchange Commission (“SEC”) on March 23, 2016. The accompanying consolidated financial statements include all accounts of the Company and the Bank. All material intercompany balances and transactions have been eliminated in consolidation. We provide a summary of our significant accounting policies in our 2015 Form 10-K under “Note 1 Organization and Summary of Significant Accounting Policies”. There have been no significant changes to these policies during 2016. 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. In January 2016, the FASB issued ASU 2016-01, “Financial Instruments Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities.” The amendments in ASU 2016-01, among other things: 1) Requires equity investments (except those accounted for under the equity method of accounting, or those that result in consolidation of the investee) to be measured at fair value with changes in fair value recognized in net income. 2) Requires public business entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes. 3) Requires separate presentation of financial assets and financial liabilities by measurement category and form of financial asset (i.e., securities or loans and receivables). 4) Eliminates the requirement for public business entities to disclose the method(s) and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost. The amendments in this ASU are effective for public companies for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. The Company is currently assessing the impact that ASU 2016-01 will have on its consolidated financial statements. In February 2016, the FASB issued ASU No. 2016-02, “Leases (Topic 842).” Among other things, in the amendments in ASU 2016-02, lessees will be required to recognize the following for all leases (with the exception of short-term leases) at the commencement date: (1) A lease liability, which is a lessee‘s obligation to make lease payments arising from a lease, measured on a discounted basis; and (2) A right-of-use asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term. Under the new guidance, lessor accounting is largely unchanged. Certain targeted improvements were made to align, where necessary, lessor accounting with the lessee accounting model and Topic 606, Revenue from Contracts with Customers. The amendments in this ASU are effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early application is permitted upon issuance. Lessees (for capital and operating leases) and lessors (for sales-type, direct financing, and operating leases) must apply a modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. The modified retrospective approach would not require any transition accounting for leases that expired before the earliest comparative period presented. Lessees and lessors may not apply a full retrospective transition approach. The Company is currently assessing the impact that ASU 2016-02 will have on its consolidated financial statements. In March 2016, the FASB issued ASU No. 2016-03, “Intangibles-Goodwill and Other (Topic 350), Business Combinations (Topic 805), Consolidation (Topic 810) and Derivatives and Hedging (Topic 815): Effective Date and Transition Guidance.” The amendments to this ASU make the guidance in ASUs 2014-02, 2014-03, 2014-07, and 2014-18 effective immediately by removing their effective dates. The amendments also include transition provisions that provide that private companies are able to forgo a preferability assessment the first time they elect the accounting alternatives within the scope of this ASU. Any subsequent change to an accounting policy election requires justification that the change is preferable under Topic 250, Accounting Changes and Error Corrections. The amendments in this ASU also extend the transition guidance in ASUs 2014-02, 2014-03, 2014-07, and 2014-18 indefinitely. While this ASU extends transition guidance for Updates 2014-07 and 2014-18, there is no intention to change how transition is applied for those two ASUs. The Company is currently assessing the impact that ASU 2016-03 will have on its consolidated financial statements. During March 2016, the FASB issued ASU No. 2016-05, “Derivatives and Hedging (Topic 815): Effect of Derivative Contract Novations on Existing Hedge Accounting Relationships.” The amendments in this ASU clarify that a change in the counterparty to a derivative instrument that has been designated as the hedging instrument does not, in and of itself, require dedesignation of that hedging relationship provided that all other hedge accounting criteria remain intact. The amendments are effective for public business entities for financial statements issued for fiscal years beginning after December 15, 2016, and interim periods within those fiscal years. Early adoption is permitted, including adoption in an interim period. The Company does not expect the adoption of ASU 2016-05 to have a material impact on its consolidated financial statements. In March 2016, the FASB issued ASU No. 2016-07, “Investments Equity Method and Joint Ventures (Topic 323): Simplifying the Transition to the Equity Method of Accounting.” The amendments in this ASU eliminate the requirement that when an investment qualifies for use of the equity method as a result of an increase in the level of ownership interest or degree of influence, an investor must adjust the investment, results of operations, and retained earnings retroactively on a step-by-step basis as if the equity method had been in effect during all previous periods that the investment had been held. The amendments require that the equity method investor add the cost of acquiring the additional interest in the investee to the current basis of the investor’s previously held interest and adopt the equity method of accounting as of the date the investment becomes qualified for equity method accounting. Therefore, upon qualifying for the equity method of accounting, no retroactive adjustment of the investment is required. In addition, the amendments in this ASU require that an entity that has an available-for-sale equity security that becomes qualified for the equity method of accounting recognize through earnings the unrealized holding gain or loss in accumulated other comprehensive income at the date the investment becomes qualified for use of the equity method. The amendments are effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2016. The amendments should be applied prospectively upon their effective date to increases in the level of ownership interest or degree of influence that result in the adoption of the equity method. Early Adoption is permitted. The Company does not expect the adoption of ASU 2016-07 to have a material impact on its consolidated financial statements. During March 2016, the FASB issued ASU No. 2016-09, “Compensation Stock Compensation (Topic 718): Improvements to Employee Shares-Based Payment Accounting.” The amendments in this ASU simplify several aspects of the accounting for share-based payment award transactions including: (a) income tax consequences; (b) classification of awards as either equity or liabilities; and (c) classification on the statement of cash flows. The amendments are effective for public companies for annual periods beginning after December 15, 2016, and interim periods within those annual periods. The Company is currently assessing the impact that ASU 2016-09 will have on its consolidated financial statements. During June 2016, the FASB issued ASU No. 2016-13, “Financial Instruments Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.” The amendments in this ASU, among other things, require the measurement of all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. Financial institutions and other organizations will now use forward-looking information to better inform their credit loss estimates. Many of the loss estimation techniques applied today will still be permitted, although the inputs to those techniques will change to reflect the full amount of expected credit losses. In addition, the ASU amends the accounting for credit losses on available-for-sale debt securities and purchased financial assets with credit deterioration. The amendments in this ASU are effective for SEC filers for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. For public companies that are not SEC filers, the amendments in this ASU are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. The Company is currently assessing the impact that ASU 2016-13 will have on its consolidated financial statements. |
Business Combination
Business Combination | 6 Months Ended |
Jun. 30, 2016 | |
Business Combination, Description [Abstract] | |
Business Combination Disclosure [Text Block] | Note 2. Business Combination On December 10, 2010, the Company purchased 1,355,263 59.8 5.9 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 generally accepted accounting principles (“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. Non-interest expense is impacted by a 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 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 interests. Three Months Ended June 30, Six Months Ended June 30, (dollars in thousands) 2016 2015 2016 2015 Loans $ 7 $ 54 $ 18 $ 75 Premises and equipment 2 2 4 4 Core deposit intangible (9) (9) (18) (18) Building lease obligations - 248 - 272 Net impact to net income (loss) $ - $ 295 $ 4 $ 333 |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Jun. 30, 2016 | |
Earnings Per Share [Abstract] | |
Earnings Per Share [Text Block] | Note 3. Earnings Per Share Basic earnings per share represents income available to common shareholders divided by the weighted-average number of common shares outstanding during the period. Diluted earnings per share reflect additional common shares that would have been outstanding if dilutive potential common shares had been issued, as well as any adjustment to income that would result from the assumed issuance. Options to purchase 80 109 For the periods ended June 30, 2016 and 2015, 394,125 578,125 100 Three months ended June 30, Six months ended June 30, (dollars in thousands) 2016 2015 2016 2015 Net income (loss) $ (73) $ 236 $ (2,388) $ 587 Weighted average common shares outstanding, basic 6,798,170 6,583,848 6,728,573 6,571,600 Dilutive effect of stock options - - - - Weighted average common shares outstanding, diluted 6,798,170 6,583,848 6,728,573 6,571,600 Basic net income (loss) per common share $ (0.01) $ 0.04 $ (0.35) $ 0.09 Diluted net income (loss) per common share $ (0.01) $ 0.04 $ (0.35) $ 0.09 |
Securities
Securities | 6 Months Ended |
Jun. 30, 2016 | |
Marketable Securities [Abstract] | |
Cash, Cash Equivalents, and Marketable Securities [Text Block] | Note 4. Securities Our investment portfolio consists of U.S. agency debt and an agency guaranteed mortgage-backed security. 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 $ 78.8 71.7 42.9 35.9 June 30, 2016 Amortized Gross Unrealized (dollars in thousands) Cost Gains Losses Fair Value U.S. Government agencies $ 1,944 $ 12 $ (6) $ 1,950 Agency guaranteed mortgage-backed securities 40,789 222 (51) 40,960 Total $ 42,733 $ 234 $ (57) $ 42,910 December 31, 2015 Amortized Gross Unrealized (dollars in thousands) Cost Gains Losses Fair Value U.S. Government agencies $ 2,144 $ 5 $ (10) $ 2,139 Agency guaranteed mortgage-backed securities 44,529 3 (451) 44,081 Total $ 46,673 $ 8 $ (461) $ 46,220 31 June 30, 2016 Amortized Gross Unrealized (dollars in thousands) Cost Gains Losses Fair Value Agency guaranteed mortgage-backed securities $ 35,864 $ 579 $ (32) $ 36,411 Total $ 35,864 $ 579 $ (32) $ 36,411 December 31, 2015 Amortized Gross Unrealized (dollars in thousands) Cost Gains Losses Fair Value Agency guaranteed mortgage-backed securities $ 25,500 $ 230 $ (36) $ 25,694 Total $ 25,500 $ 230 $ (36) $ 25,694 (Dollars in thousands) Amortized Fair Value Over one year within five years $ - $ - Over five years within ten years 1,944 1,950 Over ten years 40,789 40,960 Total $ 42,733 $ 42,910 The carry value and fair value of securities held to maturity as of June 30, 2016, 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 Fair Value Over five years within ten years $ 3,599 $ 3,815 Over ten years 32,265 32,596 Total $ 35,864 $ 36,411 As of June 30, 2016, the portfolio is concentrated in average maturities of over ten years, although all recently purchased securities have effective durations much shorter than ten years. The portfolio is available to support liquidity needs of the Company. The Company did not sell available for sale securities during the six months ended June 30, 2016. During the six months ended June 30, 2015, the Company sold $ 13.1 114 June 30, 2016 Less than 12 Months 12 Months or Longer Total (dollars in thousands) Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized U.S. Government agencies $ - $ - $ 1,400 $ (6) $ 1,400 $ (6) Agency guaranteed mortgage-backed securities 9,993 (39) 8,038 (44) 18,031 (83) Total $ 9,993 $ (39) $ 9,438 $ (50) $ 19,431 $ (89) December 31, 2015 (dollars in thousands) Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized U.S. Government agencies $ - $ - $ 1,521 $ (10) $ 1,521 $ (10) Agency guaranteed mortgage-backed securities 43,021 (429) 3,315 (58) 46,336 (487) Total $ 43,021 $ (429) $ 4,836 $ (68) $ 47,857 $ (497) As of June 30, 2016, there was a U.S. Government agency security and an agency guaranteed mortgage-backed security with unrealized losses totaling $ 89 497 Investment securities with combined market values of $ 12.9 13.8 21.5 16.8 |
Loans Held for Sale
Loans Held for Sale | 6 Months Ended |
Jun. 30, 2016 | |
Receivables [Abstract] | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | Note 5. Loans Held for Sale Secondary market mortgage loans are designated as held for sale at the time of their origination. These loans are pre-sold with servicing released and the Company does not retain any interest after the loans are sold. These loans consist primarily of fixed-rate, single-family residential mortgage loans which meet the underwriting characteristics of certain governmentsponsored enterprises (conforming loans). In addition, the Company requires a firm purchase commitment from a permanent investor before a loan can be committed, thus limiting interest rate risk. Loans held for sale are carried at the lower of cost or fair value. Gains on sales of loans are recognized at the loan closing date and are included in noninterest income. The Company had no residential loans held for sale as of June 30, 2016 and $ 220 In the first quarter of 2016, the Company transferred $ 29.8 24.0 30.3 409 (dollars in thousands) 2016 Balance at January 1 $ - Additions 909 Loss on sale of loans (500) Transfer to loans held for investment (409) Balance at June 30 $ - |
Loans, Allowance for Loan Losse
Loans, Allowance for Loan Losses and Credit Quality | 6 Months Ended |
Jun. 30, 2016 | |
Allowance For Loan And Lease Losses Provision For Net Loss [Abstract] | |
Allowance for Credit Losses [Text Block] | and Credit Quality Loans by Loan Class The Bank categorizes its loan receivables into four main categories which are commercial real estate loans, commercial and industrial loans, guaranteed student loans, and consumer loans. Each category of loan has a different level of credit risk. Real estate loans are generally safer than loans secured by other assets because the value of the underlying collateral is generally ascertainable and does not fluctuate as much as other assets. Owner occupied commercial real estate loans are generally the least risky type of commercial real estate loan. Non owner occupied commercial real estate loans and construction and development loans contain more risk. Commercial loans, which can be secured by real estate or other assets, or which can be unsecured, are generally more risky than commercial real estate loans. Guaranteed student loans are guaranteed by the U.S. Department of Education for approximately 98 (dollars in thousands) June 30, 2016 December 31, 2015 Commercial Real Estate: Acquisition, development and construction $ 2,202 $ 2,168 Non-owner occupied 64,417 58,044 Owner occupied 40,197 45,690 Commercial and industrial 34,926 34,819 Guaranteed student loans 49,437 53,847 Consumer: Residential mortgage 17,184 18,140 HELOC 11,957 10,603 Other 31,133 22,722 Total loans 251,453 246,033 Allowance for loan losses (915) (823) Total loans, net of allowance for loan losses $ 250,538 $ 245,210 Included in the loan balances above are net deferred loan costs of $ 1.9 1.7 775 827 30.3 21.9 Loans Acquired with Evidence of Deterioration in Credit Quality Acquired in the acquisition of Bank of Virginia and included in the table above, are purchased performing loans and loans acquired with evidence of deterioration in credit quality. The purchased performing loans are $ 4.9 6.9 (dollars in thousands) June 30, 2016 December 31, 2015 Contract principal balance $ 4,310 $ 4,779 Accretable yield - (1) Carrying value of loans $ 4,310 $ 4,778 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. In December 2010, due to the high level of uncertainty regarding the timing and amount of these cash flows, management initially considered the entire discount to be nonaccretable. However, due to improvement in the status of some credits, the majority of the nonaccretable difference was subsequently transferred to accretable yield and is being amortized as a yield adjustment over the lives of the individual loans. Cash flows received on loans with a nonaccretable difference 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 being 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. 2016 2015 (dollars in thousands) Accretable Nonaccretable Accretable Nonaccretable Beginning balance $ 1 $ - $ 42 $ 5 Charge-offs related to loans covered by ASC 310-30 - - - - Transfers - - 5 (5) Accretion (1) (41) Ending balance $ - $ - $ 6 $ - 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 and 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 and lease losses (“ALLL”) 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 - The following is the distribution of loans by credit quality and segment as of June 30, 2016 and December 31, 2015: June 30, 2016 (dollars in thousands) Commercial Real Estate Consumer Credit quality class Acq-Dev Non-owner Owner Commercial and Guaranteed Residential HELOC Other Total 1 Highest quality $ - $ - $ - $ - $ - $ - $ - $ - $ - 2 Above average quality - 7,689 2,505 2,437 49,437 - 1,976 286 64,330 3 Satisfactory 1,328 32,974 16,150 25,893 - 11,548 6,246 30,797 124,936 4 Pass 212 22,422 19,217 6,076 - 5,438 2,785 50 56,200 5 Special mention - - - 520 - 25 360 - 905 6 Substandard 121 - 381 - - 38 232 - 772 7 Doubtful - - - - - - - - - 1,661 63,085 38,253 34,926 49,437 17,049 11,599 31,133 247,143 Loans acquired with deteriorated credit quality 541 1,332 1,944 - - 135 358 - 4,310 Total loans $ 2,202 $ 64,417 $ 40,197 $ 34,926 $ 49,437 $ 17,184 $ 11,957 $ 31,133 $ 251,453 December 31, 2015 (dollars in thousands) Commercial Real Estate Consumer Credit quality class Acq-Dev Non-owner Owner Commercial and Guaranteed Residential HELOC Other Total 1 Highest quality $ - $ - $ - $ - $ - $ - $ - $ - $ - 2 Above average quality - 7,772 3,285 1,876 53,847 - 1,063 396 68,239 3 Satisfactory 989 27,397 20,355 26,289 - 11,959 5,893 22,258 115,140 4 Pass 472 19,988 19,550 6,102 - 5,976 2,779 68 54,935 5 Special mention - 1,510 - 547 - 27 269 - 2,353 6 Substandard 152 - 151 5 - 41 239 - 588 7 Doubtful - - - - - - - - - 1,613 56,667 43,341 34,819 53,847 18,003 10,243 22,722 241,255 Loans acquired with deteriorated credit quality 555 1,377 2,349 - - 137 360 - 4,778 Total loans $ 2,168 $ 58,044 $ 45,690 $ 34,819 $ 53,847 $ 18,140 $ 10,603 $ 22,722 $ 246,033 A summary of the balances of loans outstanding by days past due, including accruing and non-accruing loans by portfolio class as of June 30, 2016 and December 31, 2015 is as follows: Commercial Real Estate Consumer At June 30, 2016( in thousands) Acq-Dev Non-owner Owner Commercial and Guaranteed Residential HELOC Other Total 30 - 59 days $ - $ - $ - $ - $ 1,856 $ - $ - $ - $ 1,856 60 - 89 days - - - - 2,203 - - - 2,203 > 90 days 121 - 878 - 6,199 - 64 - 7,262 Total past due 121 - 878 - 10,258 - 64 - 11,321 Current 2,081 64,417 39,319 34,926 39,179 17,184 11,893 31,133 240,132 Total loans $ 2,202 $ 64,417 $ 40,197 $ 34,926 $ 49,437 $ 17,184 $ 11,957 $ 31,133 $ 251,453 > 90 days still accruing $ - $ - $ - $ - $ 6,199 $ - $ - $ - $ 6,199 Commercial Real Estate Consumer At December 31, 2015 (in thousands) Acq-Dev Non-owner Owner Commercial and Guaranteed Residential HELOC Other Total 30 - 59 days $ - $ - $ - $ - $ 3,178 $ - $ - $ 73 $ 3,251 60 - 89 days - - - - 2,413 - - - 2,413 > 90 days 152 - 1,388 - 9,645 - - - 11,185 Total past due 152 - 1,388 - 15,236 - - 73 16,849 Current 2,016 58,044 44,302 34,819 38,611 18,140 10,603 22,649 229,184 Total loans $ 2,168 $ 58,044 $ 45,690 $ 34,819 $ 53,847 $ 18,140 $ 10,603 $ 22,722 $ 246,033 > 90 days still accruing $ - $ - $ - $ - $ 9,645 $ - $ - $ - $ 9,645 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 generally may be returned to accrual status after: ⋅ payments are received for approximately six (6) consecutive months in accordance with the loan documents, and any doubt as to the loan's full collectability has been removed; or ⋅ the loan is restructured and supported by a well-documented credit evaluation of the borrower's financial condition and the prospects for full payment. When a restructured loan is returned to accrual status after restructuring, the risk rating remains unchanged until a satisfactory payment history is re-established, typically for approximately six months, at which time it is returned to accrual status. (dollars in thousands) June 30, December 31, Commercial Real Estate: Acquisition, development and construction $ 121 $ 152 Owner occupied 1,259 1,388 Commercial and industrial - 5 Consumer: Residential mortgage - - HELOC 284 289 Total non-accrual loans $ 1,664 $ 1,834 Non-accrual troubled debt restructurings included above $ 381 $ - Non-accrual purchased credit impaired loans included above $ 1,010 $ 1,370 Impaired Loans All loans that are rated Substandard or worse or are expected to be downgraded to Substandard, require additional analysis to determine if the loan is impaired. 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, 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 when due. 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. Government Guaranteed Student loans with a past due balance greater than 90 days are not placed on non-accrual and are not considered impaired. When a loan reaches 120 days past due, the non-guaranteed portion of the loan is charged-off. The guarantor’s payment covers approximately 98% of principal and accrued interest. A component of the general loan loss reserve covers potential losses within the 2 Certain loans were identified and individually evaluated for impairment at June 30, 2016 and December 31, 2015. 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 a supplemental specific reserve was added. There were no consumer mortgage loans collateralized by residential real estate in the process of foreclosure as of June 30, 2016. The results of those analyses are presented in the following tables. (dollars in thousands) Recorded (1) Unpaid (2) Related Average Interest With no related allowance recorded: Commercial Real Estate: Acquisition, development and construction $ 121 $ 121 $ - $ 125 $ - Non-owner occupied - - - - - Owner occupied 381 389 - 223 - Commercial and industrial - - - - - Consumer: - Residential mortgage 38 38 - 39 1 HELOC 168 168 - 171 2 Other - - - - - $ 708 $ 716 $ - $ 558 $ 3 With an allowance recorded: Commercial Real Estate: Acquisition, development and construction $ - $ - $ - $ - $ - Non-owner occupied - - - - - Owner occupied - - - - - Commercial and industrial - - - - - Consumer: Residential mortgage - - - - - HELOC 64 64 30 66 - Other - - - - - $ 64 $ 64 $ 30 $ 66 $ - Total: Commercial Real Estate: Acquisition, development and construction $ 121 $ 121 $ - $ 125 $ - Non-owner occupied - - - - - Owner occupied 381 389 - 223 - Commercial and industrial - - - - - Consumer: Residential mortgage 38 38 - 39 1 HELOC 232 232 30 237 2 Other - - - - - Total $ 772 $ 780 $ 30 $ 624 $ 3 (1) The amount of the investment in a loan, which is not net of a valuation allowance, but which does reflect any direct write-down of the investment. (2) The contractual amount due, which reflects paydowns applied in accordance with loan documents, but which does not reflect any direct write-downs. 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, 2015: (dollars in thousands) Recorded (1) Unpaid (2) Related Average Interest With no related allowance recorded: Commercial Real Estate: Acquisition, development and construction $ 152 $ 152 $ - $ 188 $ - Non-owner occupied - - - - - Owner occupied 151 152 - 156 - Commercial and industrial 5 5 - 13 - Consumer: Residential mortgage 41 41 - 44 3 HELOC 175 175 - 185 3 Other - - - - $ 524 $ 525 $ - $ 586 $ 6 With an allowance recorded: Commercial Real Estate: Acquisition, development and construction $ - $ - $ - $ - $ - Non-owner occupied - - - - - Owner occupied - - - - - Commercial and industrial - - - - - Consumer: Residential mortgage - - - - - HELOC 64 64 16 66 - Other - - - - - $ 64 $ 64 $ 16 $ 66 $ - Total: Commercial Real Estate: Acquisition, development and construction $ 152 $ 152 $ - $ 188 $ - Non-owner occupied - - - - - Owner occupied 151 152 - 156 - Commercial and industrial 5 5 - 13 - Consumer: Residential mortgage 41 41 - 44 3 HELOC 239 239 16 251 3 Other - - - - - Total $ 588 $ 589 $ 16 $ 652 $ 6 (1) The amount of the investment in a loan, which is not net of a valuation allowance, but which does reflect any direct write-down of the investment. (2) The contractual amount due, which reflects paydowns applied in accordance with loan documents, but which does not reflect any direct write-downs. 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 ALLL for the six months ended June 30, 2016 and 2015 is summarized below: Commercial Real Estate Consumer (dollars in thousands) Acquisition, Non-owner Owner Commercial Guaranteed Residential HELOC Other Total Allowance for loan losses Beginning balance, December 31, 2015 $ 89 $ 157 $ 82 $ 112 $ 47 $ 59 $ 61 $ 216 $ 823 Charge-offs - - - - (13) - - (71) (84) Recoveries - - - 25 - 1 3 - 29 Net (charge-offs) recoveries - - - 25 (13) 1 3 (71) (55) Provision (recovery) (53) 130 110 33 11 15 43 (142) 147 Ending balance, June 30, 2016 36 287 192 170 45 75 107 3 915 Commercial Real Estate Consumer (dollars in thousands) Acquisition, Non-owner Owner Commercial Guaranteed Residential HELOC Other Total Allowance for loan losses Beginning balance, December 31, 2014 $ 146 $ 97 $ 149 $ 357 $ 144 $ 98 $ 76 $ 22 $ 1,089 Charge-offs (127) - - (109) (106) - (20) (2) (364) Recoveries - 234 302 - 3 3 - 542 Net (charge-offs) recoveries (127) - 234 193 (106) 3 (17) (2) 178 Provision (recovery) 43 219 (295) (295) 70 (51) (1) 33 (277) Ending balance, June 30, 2015 $ 62 $ 316 $ 88 $ 255 $ 108 $ 50 $ 58 $ 53 $ 990 A summary of the ALLL by portfolio segment and impairment evaluation methodology as of June 30, 2016 and December 31, 2015 is as follows: Commercial Real Estate Consumer (dollars in thousands) Acquisition, Non-owner Owner Commercial and Guaranteed Residential HELOC Other Total Allowance for loan losses for loans Individually evaluated for impairment $ - $ - $ - $ - $ - $ - $ 30 $ - $ 30 Collectively evaluated for impairment 36 287 121 170 45 75 77 3 814 Loans acquired with deteriorated credit quality - - 71 - - - - - 71 Ending balance, June 30, 2016 $ 36 $ 287 $ 192 $ 170 $ 45 $ 75 $ 107 $ 3 $ 915 Gross loan balances Individually evaluated for impairment $ 121 $ - $ 381 $ - $ - $ 38 $ 232 $ - $ 772 Collectively evaluated for impairment 1,540 63,085 37,872 34,926 49,437 17,011 11,367 31,133 246,372 Loans acquired with deteriorated credit quality 541 1,332 1,944 - - 135 358 - 4,310 Ending balance, June 30, 2016 $ 2,202 $ 64,417 $ 40,197 $ 34,926 $ 49,437 $ 17,184 $ 11,957 $ 31,133 $ 251,453 Commercial Real Estate Consumer (dollars in thousands) Acquisition, Non-owner Owner Commercial Guaranteed Residential HELOC Other Total Allowance for loan losses for loans Individually evaluated for impairment $ - $ - $ - $ - $ - $ - $ 16 $ - $ 16 Collectively evaluated for impairment 89 157 82 112 47 59 45 216 807 Loans acquired with deteriorated credit quality - - - - - - - - - Ending balance, December 31, 2015 $ 89 $ 157 $ 82 $ 112 $ 47 $ 59 $ 61 $ 216 $ 823 Gross loan balances Individually evaluated for impairment $ 152 $ - $ 151 $ 5 $ - $ 41 $ 239 $ - $ 588 Collectively evaluated for impairment 1,461 56,667 43,190 34,814 53,847 17,962 10,004 22,722 240,667 Loans acquired with deteriorated credit quality 555 1,377 2,349 - - 137 360 - 4,778 Ending balance, December 31, 2015 $ 2,168 $ 58,044 $ 45,690 $ 34,819 $ 53,847 $ 18,140 $ 10,603 $ 22,722 $ 246,033 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 reductions in interest rates, reductions in payments, changing the payment terms from principal and interest to interest only, and/or extensions in term maturity. During the quarters ended June 30, 2016 and 2015, no loans were modified in a troubled debt restructuring. The principal balance outstanding relating to the loan at June 30, 2016, was $ 381 Three Months Ended June 30, 2016 2016 (dollars in thousands) Number of loans Rate Term extension Pre-modification Post-modification Commercial real estate - $ - $ - $ - $ - Total - - $ - $ - $ - Six Months Ended June 30, 2016 2016 (dollars in thousands) Number of loans Rate Term extension Pre-modification Post-modification Commercial real estate 1 $ - $ 353 $ 353 $ 390 Total 1 - $ 353 $ 353 $ 390 |
Intangible Assets
Intangible Assets | 6 Months Ended |
Jun. 30, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets Disclosure [Text Block] | Note 7. 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 (dollars in thousands) Balance at March 31, 2016 $ 59 Amortization (9) Balance at June 30, 2016 $ 50 (dollars in thousands) Balance at December 31, 2015 $ 68 Amortization (18) Balance at June 30, 2016 $ 50 Amortization expense is expected to be approximately $ 35 33 |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value, Measurement Inputs, Disclosure [Text Block] | Note 8. Fair Value Measurements Fair value information about financial instruments, whether or not recognized in the balance sheet, for which it is practical to estimate the value is based upon the characteristics of the instruments and relevant market information. Financial instruments include cash, evidence of ownership in an entity, or contracts that convey or impose on an entity that contractual right or obligation to either receive or deliver cash for another financial instrument. Fair value is the amount at which a financial instrument could be exchanged in a current transaction between willing parties, other than in a forced sale or liquidation, and is best evidenced by a quoted market price if one exists. The following presents the methodologies and assumptions used to estimate the fair value of the Company’s financial instruments. The information used to determine fair value is highly subjective and judgmental in nature and, therefore, the results may not be precise. Subjective factors include, among other things, estimates of cash flows, risk characteristics, credit quality, and interest rates, all of which are subject to change. Since the fair value is estimated as of the balance sheet date, the amounts that will actually be realized or paid upon settlement or maturity on these various instruments could be significantly different. Financial Instruments with Book Value Equal to Fair Value The book values of cash and due from banks, federal funds sold and purchased, loans held for sale, interest receivable, and interest payable are considered to be equal to fair value as a result of the short-term nature of these items. Securities 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. Restricted Securities Restricted securities are valued at cost which is also the stated redemption value of the shares. Loans Held for Sale The residential mortgage loans’ fair value is based on the price secondary markets are offering for similar loans using observable market data which is not materially different than cost due to the short duration between origination and sale. Loans Held for Investments 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 June 30, 2016 and December 31, 2015, 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. Fair Value Measurements at June 30, 2016 (dollars in thousands) Carrying Level 1 Level 2 Level 3 Fair Value Assets: Cash and cash equivalents $ 11,792 $ 11,792 $ - $ - $ 11,792 Securities available for sale 42,910 - 42,910 - 42,910 Securities held to maturity 35,864 - 36,411 - 36,411 Restricted securities 2,393 - 2,393 - 2,393 Loans held for sale - - - - - Net loans held for investment 250,538 - - 249,654 249,654 Interest receivable 2,090 2,090 2,090 Liabilities: - Demand deposits 29,293 - 29,293 - 29,293 Savings and interest-bearing demand deposits 114,015 - 114,015 - 114,015 Time deposits 152,754 - 153,813 - 153,813 FHLB Borrowings 30,000 - 29,970 - 29,970 Interest payable 228 - 228 - 228 Fair Value Measurements at December 31, 2015 (dollars in thousands) Carrying Level 1 Level 2 Level 3 Fair Value Assets: Cash and cash equivalents $ 18,460 $ 18,460 $ - $ - $ 18,460 Securities available for sale 46,220 - 46,220 - 46,220 Securities held to maturity 25,500 - 25,694 - 25,694 Restricted securities 2,355 - 2,355 - 2,355 Loans held for sale 220 - 220 - 220 Net loans held for investment 245,210 - - 244,776 244,776 Interest receivable 2,085 - 2,085 - 2,085 Liabilities: Demand deposits 28,969 - 28,969 - 28,969 Savings and interest-bearing demand deposits 107,057 - 107,057 - 107,057 Time deposits 154,018 - 154,027 - 154,027 FHLB Borrowings 30,000 - 29,878 - 29,878 Interest payable 197 - 197 - 197 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). Quoted Prices Significant Other Significant (dollars in thousands) Balance (Level 1) (Level 2) (Level 3) June 30, 2016 U. S. Government Agencies $ 1,950 $ - $ 1,950 $ - Agency Guaranteed Mortgage-backed securities 40,960 - 40,960 - December 31, 2015 U. S. Government Agencies $ 2,139 $ - $ 2,139 $ - Agency Guaranteed Mortgage-backed securities 44,081 - 44,081 - Loans held for sale 220 - 220 - 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 when due. The measurement of loss associated with impaired loans can be based on either the observable market price of the loan or the fair value of the collateral. Collateral may be in the form of real estate or business assets including equipment, inventory, and accounts receivable. The vast majority of the collateral is real estate. The value of real estate collateral is determined utilizing a market valuation approach based on an appraisal conducted by an independent, licensed appraiser outside of the Company using observable market data (Level 2). However, if the collateral value based on income valuation approach is significantly adjusted due to differences in the comparable properties, or is discounted by the Company because of marketability, then the fair value is considered Level 3. The value of business equipment is based upon an outside appraisal if deemed significant, or the net book value on the applicable business’s financial statements if not considered significant. Likewise, values for inventory and accounts receivables collateral are based on financial statement balances or aging reports (Level 3). Impaired loans allocated to the Allowance for Loan Losses are measured at fair value on a nonrecurring basis. Any fair value adjustments are recorded in the period incurred as provision for loan losses on the Consolidated Statements of Operations. Other Real Estate Owned (OREO) Other real estate owned (“OREO”) is measured at fair value less cost to sell, based on an appraisal conducted by an independent, licensed appraiser outside of the Company. If the collateral value is significantly adjusted due to differences in the comparable properties, or is discounted by the Company because of marketability, then the fair value is considered Level 3. OREO is measured at fair value on a nonrecurring basis. Any initial fair value adjustment is charged against the allowance for loan losses. Subsequent fair value adjustments are recorded in the period incurred and included in other noninterest expense on the Consolidated Statements of Operations. Quoted Prices Significant Other Significant (dollars in thousands) Balance (Level 1) (Level 2) (Level 3) June 30, 2016 Impaired loans 34 - - 34 OREO 1,885 - - 1,885 December 31, 2015 Impaired loans $ 48 $ - $ - $ 48 OREO 1,870 - - 1,870 There were no outstanding or in-process residential mortgage OREO properties as of June 30, 2016 or December 31, 2015. June 30, 2016 (dollars in thousands) Quantitative Information About Level 3 Fair Value Measurements Description Fair Value Valuation Technique Unobservable input Range Impaired loans $ 34 Appraisals Discount to reflect current market condition and estimated selling costs 0-15 % Other real estate owned $ 1,885 Discounted appraised value Discount for lack of marketability 6-29 % December 31, 2015 (dollars in thousands) Quantitative Information About Level 3 Fair Value Measurements Description Fair Value Valuation Technique Unobservable input Range Impaired loans $ 48 Appraisals Discount to reflect current market condition and estimated selling costs 0-10 % Other real estate owned $ 1,870 Discounted appraised values Discount for lack of marketability 6-29 % |
Stock-Based Compensation
Stock-Based Compensation | 6 Months Ended |
Jun. 30, 2016 | |
Share-Based Compensation [Abstract] | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | Note 9. 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 Company’s 2005 annual meeting of shareholders, shareholders ratified approval of the Bank of Virginia 2005 Stock Option Plan (the “2005 Plan”) which made available up to 26,560 At the Company’s 2011 annual meeting of shareholders, 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 receive grants, subject to approval by the board of directors. The plan’s intent was to reward employees, officers and directors of the Bank or its affiliates for their efforts, to assist in the long-term retention of service for those who were awarded, as well as align their interests with the Bank’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 800,000 565,346 There were 20,000 10,000 12,500 Effective upon Cordia’s acquisition of the Bank on March 29, 2013, the 2005 and 2011 Plans were assumed by Cordia. Wgt. Avg. Remaining Wgt. Avg. Aggregate Exercise Contractual Grant Date Intrinsic As of 12/31/2015 Stock Options Price Life Fair Value Value Outstanding 124,686 $ 6.59 - $ 2.25 $ - Vested 63,567 $ 8.71 - $ 2.94 $ - Nonvested 61,119 $ 4.39 - $ 1.54 $ - Period Activity Issued - $ - - $ - - Exercised - - - - - Forfeited 44,678 $ 5.14 - 1.80 - Expired - - - - - As of 6/30/2016 Outstanding 80,008 $ 7.40 7.17 $ 2.51 $ 44,243 Vested 39,432 $ 10.69 5.91 $ 3.56 $ 7,092 Nonvested 40,576 $ 4.21 8.39 $ 1.48 $ 37,152 Aggregate intrinsic value is calculated as the difference between the quoted price and the award exercise price of the stock. To the extent that the quoted price is less than the exercise price, there is no value to the underlying option awards. 22 54 Wgt. Avg. Outstanding Wgt. Avg. Remaining Stock Options Exercise Contractual Range of Exercise Prices Outstanding Price Life $ 3.82 $ 58.73 80,008 $ 7.40 7.17 Total 80,008 $ 7.40 7.17 Exercisable: Wgt. Avg. Stock Options Exercise Range of Exercise Prices Exercisable Price $ 3.82 $ 58.73 39,432 $ 10.69 Total 39,432 $ 10.69 Assumptions: Year Ended December 31, Expected dividend rate 0.00 % Expected volatility 30.00 % Expected term in years 7 Risk free rate 2.01 % Total intrinsic value of options exercised: $ - Total fair value of shares vested during the period: $ 28,478 Weighted-average period over which nonvested awards are expected to be recognized: 0.62 years Wgt. Avg. Grant Date As of 12/31/2015 Restricted Stock Fair Value Nonvested 107,460 $ 4.05 Period Activity Issued 27,419 $ 3.87 Vested 59,567 $ 4.04 Forfeited - - As of 6/30/2016 Nonvested 75,312 $ 3.99 Total fair value of shares vested during the period: $ 240,891 Weighted-average period over which nonvested awards are expected to be recognized: 1.33 years The fair value of restricted stock granted during the six months ended June 30, 2016 was $ 106 The remaining unrecognized compensation expense for the shares granted totaled $ 314 444 578,125 184,000 341,125 Stock Compensation Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2016 2015 2016 2015 Stock options $ 43 $ 12 $ 61 $ 24 Restricted stock 38 43 188 86 Founders shares - - 718 - Total $ 81 $ 55 $ 967 $ 110 For the six months ended June 30, 2016, $ 800 967 Cordia does not have any benefit plans or incentive compensation plans beyond those maintained by the Bank. |
Accumulated other Comprehensive
Accumulated other Comprehensive Income (Loss) | 6 Months Ended |
Jun. 30, 2016 | |
Statement of Comprehensive Income [Abstract] | |
Other Comprehensive Income, Noncontrolling Interest [Text Block] | Three Months Ended June 30, 2016 June 30, 2015 Unrealized Unrealized Total Unrealized Unrealized Total Beginning balance $ 78 $ (226) $ (148) $ 122 $ (274) $ (152) Unrealized holding gains (losses) on availabe for sale securities 99 - 99 (470) - (470) Amortization of unrealized losses transferred from AFS to HTM - 10 10 - 13 13 Net current period other comprehensive income 99 10 109 (470) 13 (457) Ending balance $ 177 $ (216) $ (39) $ (348) $ (261) $ (609) Six Months Ended June 30, 2016 June 30, 2015 Unrealized Unrealized Total Unrealized Unrealized Total Beginning balance $ (453) $ (237) $ (690) $ (182) $ (286) $ (468) Unrealized holding gains (losses) on available for sale securities 630 - 630 (166) - (166) Amortization of unrealized losses transferred from AFS to HTM - 21 21 - 25 25 Net current period other comprehensive income 630 21 651 (166) 25 (141) Ending balance $ 177 $ (216) $ (39) $ (348) $ (261) $ (609) Six Months Ended June 30, Affected Line Item on 2016 2015 Consolidated Statement of Operations Realized gains on sales of available for sale securities - 114 Net gain on sale of available-for-sale securities Total reclassifications $ - $ 114 |
Organization and Summary of S17
Organization and Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2016 | |
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 and six months ended June 30, 2016 are not necessarily indicative of the results that may be expected for any future periods or for the year ending December 31, 2016. 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. These statements should be read in conjunction with the financial statements and accompanying notes included in the Company’s 2015 Annual Report on Form 10-K as filed with the Securities and Exchange Commission (“SEC”) on March 23, 2016. |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation The accompanying consolidated financial statements include all accounts of the Company and the Bank. All material intercompany balances and transactions have been eliminated in consolidation. |
Summary Of Significant Accounting Policies [Policy Text Block] | Summary of Significant Accounting Policies We provide a summary of our significant accounting policies in our 2015 Form 10-K under “Note 1 Organization and Summary of Significant Accounting Policies”. There have been no significant changes to these policies during 2016. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements 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. In January 2016, the FASB issued ASU 2016-01, “Financial Instruments Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities.” The amendments in ASU 2016-01, among other things: 1) Requires equity investments (except those accounted for under the equity method of accounting, or those that result in consolidation of the investee) to be measured at fair value with changes in fair value recognized in net income. 2) Requires public business entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes. 3) Requires separate presentation of financial assets and financial liabilities by measurement category and form of financial asset (i.e., securities or loans and receivables). 4) Eliminates the requirement for public business entities to disclose the method(s) and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost. The amendments in this ASU are effective for public companies for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. The Company is currently assessing the impact that ASU 2016-01 will have on its consolidated financial statements. In February 2016, the FASB issued ASU No. 2016-02, “Leases (Topic 842).” Among other things, in the amendments in ASU 2016-02, lessees will be required to recognize the following for all leases (with the exception of short-term leases) at the commencement date: (1) A lease liability, which is a lessee‘s obligation to make lease payments arising from a lease, measured on a discounted basis; and (2) A right-of-use asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term. Under the new guidance, lessor accounting is largely unchanged. Certain targeted improvements were made to align, where necessary, lessor accounting with the lessee accounting model and Topic 606, Revenue from Contracts with Customers. The amendments in this ASU are effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early application is permitted upon issuance. Lessees (for capital and operating leases) and lessors (for sales-type, direct financing, and operating leases) must apply a modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. The modified retrospective approach would not require any transition accounting for leases that expired before the earliest comparative period presented. Lessees and lessors may not apply a full retrospective transition approach. The Company is currently assessing the impact that ASU 2016-02 will have on its consolidated financial statements. In March 2016, the FASB issued ASU No. 2016-03, “Intangibles-Goodwill and Other (Topic 350), Business Combinations (Topic 805), Consolidation (Topic 810) and Derivatives and Hedging (Topic 815): Effective Date and Transition Guidance.” The amendments to this ASU make the guidance in ASUs 2014-02, 2014-03, 2014-07, and 2014-18 effective immediately by removing their effective dates. The amendments also include transition provisions that provide that private companies are able to forgo a preferability assessment the first time they elect the accounting alternatives within the scope of this ASU. Any subsequent change to an accounting policy election requires justification that the change is preferable under Topic 250, Accounting Changes and Error Corrections. The amendments in this ASU also extend the transition guidance in ASUs 2014-02, 2014-03, 2014-07, and 2014-18 indefinitely. While this ASU extends transition guidance for Updates 2014-07 and 2014-18, there is no intention to change how transition is applied for those two ASUs. The Company is currently assessing the impact that ASU 2016-03 will have on its consolidated financial statements. During March 2016, the FASB issued ASU No. 2016-05, “Derivatives and Hedging (Topic 815): Effect of Derivative Contract Novations on Existing Hedge Accounting Relationships.” The amendments in this ASU clarify that a change in the counterparty to a derivative instrument that has been designated as the hedging instrument does not, in and of itself, require dedesignation of that hedging relationship provided that all other hedge accounting criteria remain intact. The amendments are effective for public business entities for financial statements issued for fiscal years beginning after December 15, 2016, and interim periods within those fiscal years. Early adoption is permitted, including adoption in an interim period. The Company does not expect the adoption of ASU 2016-05 to have a material impact on its consolidated financial statements. In March 2016, the FASB issued ASU No. 2016-07, “Investments Equity Method and Joint Ventures (Topic 323): Simplifying the Transition to the Equity Method of Accounting.” The amendments in this ASU eliminate the requirement that when an investment qualifies for use of the equity method as a result of an increase in the level of ownership interest or degree of influence, an investor must adjust the investment, results of operations, and retained earnings retroactively on a step-by-step basis as if the equity method had been in effect during all previous periods that the investment had been held. The amendments require that the equity method investor add the cost of acquiring the additional interest in the investee to the current basis of the investor’s previously held interest and adopt the equity method of accounting as of the date the investment becomes qualified for equity method accounting. Therefore, upon qualifying for the equity method of accounting, no retroactive adjustment of the investment is required. In addition, the amendments in this ASU require that an entity that has an available-for-sale equity security that becomes qualified for the equity method of accounting recognize through earnings the unrealized holding gain or loss in accumulated other comprehensive income at the date the investment becomes qualified for use of the equity method. The amendments are effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2016. The amendments should be applied prospectively upon their effective date to increases in the level of ownership interest or degree of influence that result in the adoption of the equity method. Early Adoption is permitted. The Company does not expect the adoption of ASU 2016-07 to have a material impact on its consolidated financial statements. During March 2016, the FASB issued ASU No. 2016-09, “Compensation Stock Compensation (Topic 718): Improvements to Employee Shares-Based Payment Accounting.” The amendments in this ASU simplify several aspects of the accounting for share-based payment award transactions including: (a) income tax consequences; (b) classification of awards as either equity or liabilities; and (c) classification on the statement of cash flows. The amendments are effective for public companies for annual periods beginning after December 15, 2016, and interim periods within those annual periods. The Company is currently assessing the impact that ASU 2016-09 will have on its consolidated financial statements. During June 2016, the FASB issued ASU No. 2016-13, “Financial Instruments Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.” The amendments in this ASU, among other things, require the measurement of all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. Financial institutions and other organizations will now use forward-looking information to better inform their credit loss estimates. Many of the loss estimation techniques applied today will still be permitted, although the inputs to those techniques will change to reflect the full amount of expected credit losses. In addition, the ASU amends the accounting for credit losses on available-for-sale debt securities and purchased financial assets with credit deterioration. The amendments in this ASU are effective for SEC filers for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. For public companies that are not SEC filers, the amendments in this ASU are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. The Company is currently assessing the impact that ASU 2016-13 will have on its consolidated financial statements. |
Business Combination (Tables)
Business Combination (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Business Combination, Description [Abstract] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | The accretion (amortization) of the acquisition accounting adjustments had the following impact on the financial statements: Three Months Ended June 30, Six Months Ended June 30, (dollars in thousands) 2016 2015 2016 2015 Loans $ 7 $ 54 $ 18 $ 75 Premises and equipment 2 2 4 4 Core deposit intangible (9) (9) (18) (18) Building lease obligations - 248 - 272 Net impact to net income (loss) $ - $ 295 $ 4 $ 333 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three months ended June 30, Six months ended June 30, (dollars in thousands) 2016 2015 2016 2015 Net income (loss) $ (73) $ 236 $ (2,388) $ 587 Weighted average common shares outstanding, basic 6,798,170 6,583,848 6,728,573 6,571,600 Dilutive effect of stock options - - - - Weighted average common shares outstanding, diluted 6,798,170 6,583,848 6,728,573 6,571,600 Basic net income (loss) per common share $ (0.01) $ 0.04 $ (0.35) $ 0.09 Diluted net income (loss) per common share $ (0.01) $ 0.04 $ (0.35) $ 0.09 |
Securities (Tables)
Securities (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
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 June 30, 2016 and December 31, 2015. June 30, 2016 Amortized Gross Unrealized (dollars in thousands) Cost Gains Losses Fair Value U.S. Government agencies $ 1,944 $ 12 $ (6) $ 1,950 Agency guaranteed mortgage-backed securities 40,789 222 (51) 40,960 Total $ 42,733 $ 234 $ (57) $ 42,910 December 31, 2015 Amortized Gross Unrealized (dollars in thousands) Cost Gains Losses Fair Value U.S. Government agencies $ 2,144 $ 5 $ (10) $ 2,139 Agency guaranteed mortgage-backed securities 44,529 3 (451) 44,081 Total $ 46,673 $ 8 $ (461) $ 46,220 |
Held-to-maturity Securities [Table Text Block] | The table below presents the amortized cost, gross unrealized gains and losses, and fair value of securities held to maturity at June 30, 2016 and December 31 June 30, 2016 Amortized Gross Unrealized (dollars in thousands) Cost Gains Losses Fair Value Agency guaranteed mortgage-backed securities $ 35,864 $ 579 $ (32) $ 36,411 Total $ 35,864 $ 579 $ (32) $ 36,411 December 31, 2015 Amortized Gross Unrealized (dollars in thousands) Cost Gains Losses Fair Value Agency guaranteed mortgage-backed securities $ 25,500 $ 230 $ (36) $ 25,694 Total $ 25,500 $ 230 $ (36) $ 25,694 |
Fair Value, by Balance Sheet Grouping [Table Text Block] | The amortized cost and fair value of securities available for sale as of June 30, 2016, 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 Fair Value Over one year within five years $ - $ - Over five years within ten years 1,944 1,950 Over ten years 40,789 40,960 Total $ 42,733 $ 42,910 The carry value and fair value of securities held to maturity as of June 30, 2016, 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 Fair Value Over five years within ten years $ 3,599 $ 3,815 Over ten years 32,265 32,596 Total $ 35,864 $ 36,411 |
Schedule of Unrealized Loss on Investments [Table Text Block] | Unrealized losses on investments at June 30, 2016 and December 31, 2015 were as follows: June 30, 2016 Less than 12 Months 12 Months or Longer Total (dollars in thousands) Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized U.S. Government agencies $ - $ - $ 1,400 $ (6) $ 1,400 $ (6) Agency guaranteed mortgage-backed securities 9,993 (39) 8,038 (44) 18,031 (83) Total $ 9,993 $ (39) $ 9,438 $ (50) $ 19,431 $ (89) December 31, 2015 (dollars in thousands) Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized U.S. Government agencies $ - $ - $ 1,521 $ (10) $ 1,521 $ (10) Agency guaranteed mortgage-backed securities 43,021 (429) 3,315 (58) 46,336 (487) Total $ 43,021 $ (429) $ 4,836 $ (68) $ 47,857 $ (497) |
Loans Held for Sale (Tables)
Loans Held for Sale (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Receivables [Abstract] | |
Disclosure of Long Lived Assets Held-for-sale [Table Text Block] | The activity in the valuation allowance is described in the table below: (dollars in thousands) 2016 Balance at January 1 $ - Additions 909 Loss on sale of loans (500) Transfer to loans held for investment (409) Balance at June 30 $ - |
Loans, Allowance for Loan Los22
Loans, Allowance for Loan Losses and Credit Quality (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Allowance For Loan And Lease Losses Provision For Net Loss [Abstract] | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | (dollars in thousands) June 30, 2016 December 31, 2015 Commercial Real Estate: Acquisition, development and construction $ 2,202 $ 2,168 Non-owner occupied 64,417 58,044 Owner occupied 40,197 45,690 Commercial and industrial 34,926 34,819 Guaranteed student loans 49,437 53,847 Consumer: Residential mortgage 17,184 18,140 HELOC 11,957 10,603 Other 31,133 22,722 Total loans 251,453 246,033 Allowance for loan losses (915) (823) Total loans, net of allowance for loan losses $ 250,538 $ 245,210 |
Schedule Of Loans Acquired In Business Combination [Table Text Block] | The loans acquired with evidence of deterioration in credit quality are accounted for under the guidance ASC 310-30 “Receivables Loans and Debt Securities Acquired with Deteriorated Credit Quality.” Information related to these loans is as follows: (dollars in thousands) June 30, 2016 December 31, 2015 Contract principal balance $ 4,310 $ 4,779 Accretable yield - (1) Carrying value of loans $ 4,310 $ 4,778 |
Summary Of Changes To Accretable and Non Accretable Discounts [Table Text Block] | A summary of changes to the accretable yield and nonaccretable discount during the six months ended June 30, 2016 and 2015 is as follows: 2016 2015 (dollars in thousands) Accretable Nonaccretable Accretable Nonaccretable Beginning balance $ 1 $ - $ 42 $ 5 Charge-offs related to loans covered by ASC 310-30 - - - - Transfers - - 5 (5) Accretion (1) (41) Ending balance $ - $ - $ 6 $ - |
Financing Receivable Credit Quality Indicators [Table Text Block] | June 30, 2016 (dollars in thousands) Commercial Real Estate Consumer Credit quality class Acq-Dev Non-owner Owner Commercial and Guaranteed Residential HELOC Other Total 1 Highest quality $ - $ - $ - $ - $ - $ - $ - $ - $ - 2 Above average quality - 7,689 2,505 2,437 49,437 - 1,976 286 64,330 3 Satisfactory 1,328 32,974 16,150 25,893 - 11,548 6,246 30,797 124,936 4 Pass 212 22,422 19,217 6,076 - 5,438 2,785 50 56,200 5 Special mention - - - 520 - 25 360 - 905 6 Substandard 121 - 381 - - 38 232 - 772 7 Doubtful - - - - - - - - - 1,661 63,085 38,253 34,926 49,437 17,049 11,599 31,133 247,143 Loans acquired with deteriorated credit quality 541 1,332 1,944 - - 135 358 - 4,310 Total loans $ 2,202 $ 64,417 $ 40,197 $ 34,926 $ 49,437 $ 17,184 $ 11,957 $ 31,133 $ 251,453 December 31, 2015 (dollars in thousands) Commercial Real Estate Consumer Credit quality class Acq-Dev Non-owner Owner Commercial and Guaranteed Residential HELOC Other Total 1 Highest quality $ - $ - $ - $ - $ - $ - $ - $ - $ - 2 Above average quality - 7,772 3,285 1,876 53,847 - 1,063 396 68,239 3 Satisfactory 989 27,397 20,355 26,289 - 11,959 5,893 22,258 115,140 4 Pass 472 19,988 19,550 6,102 - 5,976 2,779 68 54,935 5 Special mention - 1,510 - 547 - 27 269 - 2,353 6 Substandard 152 - 151 5 - 41 239 - 588 7 Doubtful - - - - - - - - - 1,613 56,667 43,341 34,819 53,847 18,003 10,243 22,722 241,255 Loans acquired with deteriorated credit quality 555 1,377 2,349 - - 137 360 - 4,778 Total loans $ 2,168 $ 58,044 $ 45,690 $ 34,819 $ 53,847 $ 18,140 $ 10,603 $ 22,722 $ 246,033 |
Past Due Financing Receivables [Table Text Block] | Commercial Real Estate Consumer At June 30, 2016( in thousands) Acq-Dev Non-owner Owner Commercial and Guaranteed Residential HELOC Other Total 30 - 59 days $ - $ - $ - $ - $ 1,856 $ - $ - $ - $ 1,856 60 - 89 days - - - - 2,203 - - - 2,203 > 90 days 121 - 878 - 6,199 - 64 - 7,262 Total past due 121 - 878 - 10,258 - 64 - 11,321 Current 2,081 64,417 39,319 34,926 39,179 17,184 11,893 31,133 240,132 Total loans $ 2,202 $ 64,417 $ 40,197 $ 34,926 $ 49,437 $ 17,184 $ 11,957 $ 31,133 $ 251,453 > 90 days still accruing $ - $ - $ - $ - $ 6,199 $ - $ - $ - $ 6,199 Commercial Real Estate Consumer At December 31, 2015 (in thousands) Acq-Dev Non-owner Owner Commercial and Guaranteed Residential HELOC Other Total 30 - 59 days $ - $ - $ - $ - $ 3,178 $ - $ - $ 73 $ 3,251 60 - 89 days - - - - 2,413 - - - 2,413 > 90 days 152 - 1,388 - 9,645 - - - 11,185 Total past due 152 - 1,388 - 15,236 - - 73 16,849 Current 2,016 58,044 44,302 34,819 38,611 18,140 10,603 22,649 229,184 Total loans $ 2,168 $ 58,044 $ 45,690 $ 34,819 $ 53,847 $ 18,140 $ 10,603 $ 22,722 $ 246,033 > 90 days still accruing $ - $ - $ - $ - $ 9,645 $ - $ - $ - $ 9,645 |
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) June 30, December 31, Commercial Real Estate: Acquisition, development and construction $ 121 $ 152 Owner occupied 1,259 1,388 Commercial and industrial - 5 Consumer: Residential mortgage - - HELOC 284 289 Total non-accrual loans $ 1,664 $ 1,834 Non-accrual troubled debt restructurings included above $ 381 $ - Non-accrual purchased credit impaired loans included above $ 1,010 $ 1,370 |
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 June 30, 2016: (dollars in thousands) Recorded (1) Unpaid (2) Related Average Interest With no related allowance recorded: Commercial Real Estate: Acquisition, development and construction $ 121 $ 121 $ - $ 125 $ - Non-owner occupied - - - - - Owner occupied 381 389 - 223 - Commercial and industrial - - - - - Consumer: - Residential mortgage 38 38 - 39 1 HELOC 168 168 - 171 2 Other - - - - - $ 708 $ 716 $ - $ 558 $ 3 With an allowance recorded: Commercial Real Estate: Acquisition, development and construction $ - $ - $ - $ - $ - Non-owner occupied - - - - - Owner occupied - - - - - Commercial and industrial - - - - - Consumer: Residential mortgage - - - - - HELOC 64 64 30 66 - Other - - - - - $ 64 $ 64 $ 30 $ 66 $ - Total: Commercial Real Estate: Acquisition, development and construction $ 121 $ 121 $ - $ 125 $ - Non-owner occupied - - - - - Owner occupied 381 389 - 223 - Commercial and industrial - - - - - Consumer: Residential mortgage 38 38 - 39 1 HELOC 232 232 30 237 2 Other - - - - - Total $ 772 $ 780 $ 30 $ 624 $ 3 (1) The amount of the investment in a loan, which is not net of a valuation allowance, but which does reflect any direct write-down of the investment. (2) The contractual amount due, which reflects paydowns applied in accordance with loan documents, but which does not reflect any direct write-downs. 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, 2015: (dollars in thousands) Recorded (1) Unpaid (2) Related Average Interest With no related allowance recorded: Commercial Real Estate: Acquisition, development and construction $ 152 $ 152 $ - $ 188 $ - Non-owner occupied - - - - - Owner occupied 151 152 - 156 - Commercial and industrial 5 5 - 13 - Consumer: Residential mortgage 41 41 - 44 3 HELOC 175 175 - 185 3 Other - - - - $ 524 $ 525 $ - $ 586 $ 6 With an allowance recorded: Commercial Real Estate: Acquisition, development and construction $ - $ - $ - $ - $ - Non-owner occupied - - - - - Owner occupied - - - - - Commercial and industrial - - - - - Consumer: Residential mortgage - - - - - HELOC 64 64 16 66 - Other - - - - - $ 64 $ 64 $ 16 $ 66 $ - Total: Commercial Real Estate: Acquisition, development and construction $ 152 $ 152 $ - $ 188 $ - Non-owner occupied - - - - - Owner occupied 151 152 - 156 - Commercial and industrial 5 5 - 13 - Consumer: Residential mortgage 41 41 - 44 3 HELOC 239 239 16 251 3 Other - - - - - Total $ 588 $ 589 $ 16 $ 652 $ 6 (1) The amount of the investment in a loan, which is not net of a valuation allowance, but which does reflect any direct write-down of the investment. (2) The contractual amount due, which reflects paydowns applied in accordance with loan documents, but which does not reflect any direct write-downs. |
Summary Of Allowance For Loan Losses By Portfolio Segment [Table Text Block] | Commercial Real Estate Consumer (dollars in thousands) Acquisition, Non-owner Owner Commercial Guaranteed Residential HELOC Other Total Allowance for loan losses Beginning balance, December 31, 2015 $ 89 $ 157 $ 82 $ 112 $ 47 $ 59 $ 61 $ 216 $ 823 Charge-offs - - - - (13) - - (71) (84) Recoveries - - - 25 - 1 3 - 29 Net (charge-offs) recoveries - - - 25 (13) 1 3 (71) (55) Provision (recovery) (53) 130 110 33 11 15 43 (142) 147 Ending balance, June 30, 2016 36 287 192 170 45 75 107 3 915 Commercial Real Estate Consumer (dollars in thousands) Acquisition, Non-owner Owner Commercial Guaranteed Residential HELOC Other Total Allowance for loan losses Beginning balance, December 31, 2014 $ 146 $ 97 $ 149 $ 357 $ 144 $ 98 $ 76 $ 22 $ 1,089 Charge-offs (127) - - (109) (106) - (20) (2) (364) Recoveries - 234 302 - 3 3 - 542 Net (charge-offs) recoveries (127) - 234 193 (106) 3 (17) (2) 178 Provision (recovery) 43 219 (295) (295) 70 (51) (1) 33 (277) Ending balance, June 30, 2015 $ 62 $ 316 $ 88 $ 255 $ 108 $ 50 $ 58 $ 53 $ 990 A summary of the ALLL by portfolio segment and impairment evaluation methodology as of June 30, 2016 and December 31, 2015 is as follows: Commercial Real Estate Consumer (dollars in thousands) Acquisition, Non-owner Owner Commercial and Guaranteed Residential HELOC Other Total Allowance for loan losses for loans Individually evaluated for impairment $ - $ - $ - $ - $ - $ - $ 30 $ - $ 30 Collectively evaluated for impairment 36 287 121 170 45 75 77 3 814 Loans acquired with deteriorated credit quality - - 71 - - - - - 71 Ending balance, June 30, 2016 $ 36 $ 287 $ 192 $ 170 $ 45 $ 75 $ 107 $ 3 $ 915 Gross loan balances Individually evaluated for impairment $ 121 $ - $ 381 $ - $ - $ 38 $ 232 $ - $ 772 Collectively evaluated for impairment 1,540 63,085 37,872 34,926 49,437 17,011 11,367 31,133 246,372 Loans acquired with deteriorated credit quality 541 1,332 1,944 - - 135 358 - 4,310 Ending balance, June 30, 2016 $ 2,202 $ 64,417 $ 40,197 $ 34,926 $ 49,437 $ 17,184 $ 11,957 $ 31,133 $ 251,453 Commercial Real Estate Consumer (dollars in thousands) Acquisition, Non-owner Owner Commercial Guaranteed Residential HELOC Other Total Allowance for loan losses for loans Individually evaluated for impairment $ - $ - $ - $ - $ - $ - $ 16 $ - $ 16 Collectively evaluated for impairment 89 157 82 112 47 59 45 216 807 Loans acquired with deteriorated credit quality - - - - - - - - - Ending balance, December 31, 2015 $ 89 $ 157 $ 82 $ 112 $ 47 $ 59 $ 61 $ 216 $ 823 Gross loan balances Individually evaluated for impairment $ 152 $ - $ 151 $ 5 $ - $ 41 $ 239 $ - $ 588 Collectively evaluated for impairment 1,461 56,667 43,190 34,814 53,847 17,962 10,004 22,722 240,667 Loans acquired with deteriorated credit quality 555 1,377 2,349 - - 137 360 - 4,778 Ending balance, December 31, 2015 $ 2,168 $ 58,044 $ 45,690 $ 34,819 $ 53,847 $ 18,140 $ 10,603 $ 22,722 $ 246,033 |
Troubled Debt Restructurings on Financing Receivables [Table Text Block] | During the six months ended June 30, 2015, no loans were modified in troubled debt restructurings. During the six months ended June 30, 2016 and 2015, no defaults occurred on loans modified as TDR’s in the preceding twelve months. Three Months Ended June 30, 2016 2016 (dollars in thousands) Number of loans Rate Term extension Pre-modification Post-modification Commercial real estate - $ - $ - $ - $ - Total - - $ - $ - $ - Six Months Ended June 30, 2016 2016 (dollars in thousands) Number of loans Rate Term extension Pre-modification Post-modification Commercial real estate 1 $ - $ 353 $ 353 $ 390 Total 1 - $ 353 $ 353 $ 390 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | A summary of the three and six months ending June 30, 2016 activity in this account is as follows: (dollars in thousands) Balance at March 31, 2016 $ 59 Amortization (9) Balance at June 30, 2016 $ 50 (dollars in thousands) Balance at December 31, 2015 $ 68 Amortization (18) Balance at June 30, 2016 $ 50 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
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 June 30, 2016 (dollars in thousands) Carrying Level 1 Level 2 Level 3 Fair Value Assets: Cash and cash equivalents $ 11,792 $ 11,792 $ - $ - $ 11,792 Securities available for sale 42,910 - 42,910 - 42,910 Securities held to maturity 35,864 - 36,411 - 36,411 Restricted securities 2,393 - 2,393 - 2,393 Loans held for sale - - - - - Net loans held for investment 250,538 - - 249,654 249,654 Interest receivable 2,090 2,090 2,090 Liabilities: - Demand deposits 29,293 - 29,293 - 29,293 Savings and interest-bearing demand deposits 114,015 - 114,015 - 114,015 Time deposits 152,754 - 153,813 - 153,813 FHLB Borrowings 30,000 - 29,970 - 29,970 Interest payable 228 - 228 - 228 Fair Value Measurements at December 31, 2015 (dollars in thousands) Carrying Level 1 Level 2 Level 3 Fair Value Assets: Cash and cash equivalents $ 18,460 $ 18,460 $ - $ - $ 18,460 Securities available for sale 46,220 - 46,220 - 46,220 Securities held to maturity 25,500 - 25,694 - 25,694 Restricted securities 2,355 - 2,355 - 2,355 Loans held for sale 220 - 220 - 220 Net loans held for investment 245,210 - - 244,776 244,776 Interest receivable 2,085 - 2,085 - 2,085 Liabilities: Demand deposits 28,969 - 28,969 - 28,969 Savings and interest-bearing demand deposits 107,057 - 107,057 - 107,057 Time deposits 154,018 - 154,027 - 154,027 FHLB Borrowings 30,000 - 29,878 - 29,878 Interest payable 197 - 197 - 197 |
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 Significant Other Significant (dollars in thousands) Balance (Level 1) (Level 2) (Level 3) June 30, 2016 U. S. Government Agencies $ 1,950 $ - $ 1,950 $ - Agency Guaranteed Mortgage-backed securities 40,960 - 40,960 - December 31, 2015 U. S. Government Agencies $ 2,139 $ - $ 2,139 $ - Agency Guaranteed Mortgage-backed securities 44,081 - 44,081 - Loans held for sale 220 - 220 - |
Fair Value Measurements, Nonrecurring [Table Text Block] | The following tables summarize the Company’s assets that were measured at fair value on a nonrecurring basis: Quoted Prices Significant Other Significant (dollars in thousands) Balance (Level 1) (Level 2) (Level 3) June 30, 2016 Impaired loans 34 - - 34 OREO 1,885 - - 1,885 December 31, 2015 Impaired loans $ 48 $ - $ - $ 48 OREO 1,870 - - 1,870 |
Fair Value Inputs, Assets, Quantitative Information [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 June 30, 2016 and December 31, 2015: June 30, 2016 (dollars in thousands) Quantitative Information About Level 3 Fair Value Measurements Description Fair Value Valuation Technique Unobservable input Range Impaired loans $ 34 Appraisals Discount to reflect current market condition and estimated selling costs 0-15 % Other real estate owned $ 1,885 Discounted appraised value Discount for lack of marketability 6-29 % December 31, 2015 (dollars in thousands) Quantitative Information About Level 3 Fair Value Measurements Description Fair Value Valuation Technique Unobservable input Range Impaired loans $ 48 Appraisals Discount to reflect current market condition and estimated selling costs 0-10 % Other real estate owned $ 1,870 Discounted appraised values Discount for lack of marketability 6-29 % |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
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 June 30, 2016 and changes during the period then ended are presented in the following table: Wgt. Avg. Remaining Wgt. Avg. Aggregate Exercise Contractual Grant Date Intrinsic As of 12/31/2015 Stock Options Price Life Fair Value Value Outstanding 124,686 $ 6.59 - $ 2.25 $ - Vested 63,567 $ 8.71 - $ 2.94 $ - Nonvested 61,119 $ 4.39 - $ 1.54 $ - Period Activity Issued - $ - - $ - - Exercised - - - - - Forfeited 44,678 $ 5.14 - 1.80 - Expired - - - - - As of 6/30/2016 Outstanding 80,008 $ 7.40 7.17 $ 2.51 $ 44,243 Vested 39,432 $ 10.69 5.91 $ 3.56 $ 7,092 Nonvested 40,576 $ 4.21 8.39 $ 1.48 $ 37,152 |
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Table Text Block] | The remaining unrecognized compensation expense for the options granted totaled $ 22 54 Wgt. Avg. Outstanding Wgt. Avg. Remaining Stock Options Exercise Contractual Range of Exercise Prices Outstanding Price Life $ 3.82 $ 58.73 80,008 $ 7.40 7.17 Total 80,008 $ 7.40 7.17 Exercisable: Wgt. Avg. Stock Options Exercise Range of Exercise Prices Exercisable Price $ 3.82 $ 58.73 39,432 $ 10.69 Total 39,432 $ 10.69 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | The fair value of each option granted is estimated on the date of grant using the "Black-Scholes Option Pricing" method with the follwing assumptions. No options granted in 2016. Year Ended December 31, Expected dividend rate 0.00 % Expected volatility 30.00 % Expected term in years 7 Risk free rate 2.01 % Total intrinsic value of options exercised: $ - Total fair value of shares vested during the period: $ 28,478 Weighted-average period over which nonvested awards are expected to be recognized: 0.62 years |
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block] | A summary of the Company’s restricted stock activity as of June 30, 2016 and changes during the period then ended are presented in the following table: Wgt. Avg. Grant Date As of 12/31/2015 Restricted Stock Fair Value Nonvested 107,460 $ 4.05 Period Activity Issued 27,419 $ 3.87 Vested 59,567 $ 4.04 Forfeited - - As of 6/30/2016 Nonvested 75,312 $ 3.99 Total fair value of shares vested during the period: $ 240,891 Weighted-average period over which nonvested awards are expected to be recognized: 1.33 years |
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block] | Stock-based compensation expense for the second quarter of 2016 and the second quarter of 2015 was as follows: Stock Compensation Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2016 2015 2016 2015 Stock options $ 43 $ 12 $ 61 $ 24 Restricted stock 38 43 188 86 Founders shares - - 718 - Total $ 81 $ 55 $ 967 $ 110 |
Accumulated other Comprehensi26
Accumulated other Comprehensive Income (Loss) (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Statement of Comprehensive Income [Abstract] | |
Comprehensive Income (Loss) [Table Text Block] | The changes in accumulated other comprehensive income (loss) for the three and six months ended June 30, 2016 and 2015 are summarized as follows: Three Months Ended June 30, 2016 June 30, 2015 Unrealized Unrealized Total Unrealized Unrealized Total Beginning balance $ 78 $ (226) $ (148) $ 122 $ (274) $ (152) Unrealized holding gains (losses) on availabe for sale securities 99 - 99 (470) - (470) Amortization of unrealized losses transferred from AFS to HTM - 10 10 - 13 13 Net current period other comprehensive income 99 10 109 (470) 13 (457) Ending balance $ 177 $ (216) $ (39) $ (348) $ (261) $ (609) Six Months Ended June 30, 2016 June 30, 2015 Unrealized Unrealized Total Unrealized Unrealized Total Beginning balance $ (453) $ (237) $ (690) $ (182) $ (286) $ (468) Unrealized holding gains (losses) on available for sale securities 630 - 630 (166) - (166) Amortization of unrealized losses transferred from AFS to HTM - 21 21 - 25 25 Net current period other comprehensive income 630 21 651 (166) 25 (141) Ending balance $ 177 $ (216) $ (39) $ (348) $ (261) $ (609) |
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: Six Months Ended June 30, Affected Line Item on 2016 2015 Consolidated Statement of Operations Realized gains on sales of available for sale securities - 114 Net gain on sale of available-for-sale securities Total reclassifications $ - $ 114 |
Organization and Summary of S27
Organization and Summary of Significant Accounting Policies (Details Textual) - USD ($) | Apr. 10, 2014 | Jun. 25, 2014 | May 20, 2016 | Mar. 29, 2013 | Aug. 28, 2012 | Dec. 10, 2010 |
Percentage Of Capital Investments | 100.00% | |||||
Definitive Merger Agreement [Member] | ||||||
Business Acquisition, Share Price | $ 5.15 | |||||
Bank Of Virginia [Member] | ||||||
Equity Method Investments | $ 3,000,000 | $ 10,300,000 | ||||
Business Acquisition, Share Price | $ 7.60 | |||||
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% | 59.80% | ||||
Sale of Stock, Price Per Share | $ 3.60 | |||||
Business Acquisition Share Issued Per Share Of Minority Share Of Acquire | 0.664 | |||||
Redeemable Convertible Preferred Stock [Member] | ||||||
Purchase Price Of Convertible Preferred Stock | $ 42,500 | |||||
Proceeds from Issuance of Preferred Stock and Preference Stock | $ 15,400,000 | |||||
Non-Voting [Member] | ||||||
Sale of Stock, Price Per Share | $ 0.01 | |||||
Convertible Preferred Stock, Shares Issued upon Conversion | 363 | 1,400,437 | ||||
Voting [Member] | ||||||
Convertible Preferred Stock, Shares Issued upon Conversion | 2,229,434 | |||||
Series A Preferred Stock [Member] | ||||||
Convertible Preferred Stock, Shares Issued upon Conversion | 3,629,871 | |||||
Convertible Preferred Stock, Terms of Conversion | Series A Preferred Stock mandatorily converted into 10,000 shares of Cordia’s common stock at a conversion price of $4.25 per share |
Business Combination (Details)
Business Combination (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Net impact to net income (loss) | $ 0 | $ 295 | $ 4 | $ 333 |
Loans [Member] | ||||
Net impact to net income (loss) | 7 | 54 | 18 | 75 |
Premises and equipment [Member] | ||||
Net impact to net income (loss) | 2 | 2 | 4 | 4 |
Core Deposit Intangible [Member] | ||||
Net impact to net income (loss) | (9) | (9) | (18) | (18) |
Building Lease Obligations [Member] | ||||
Net impact to net income (loss) | $ 0 | $ 248 | $ 0 | $ 272 |
Business Combination (Details T
Business Combination (Details Textual) - USD ($) $ in Millions | Dec. 10, 2010 | Mar. 29, 2013 |
Goodwill | $ 5.9 | |
Bank Of Virginia [Member] | ||
Equity Method Investment, Ownership Percentage | 59.80% | |
Stock Issued During Period, Shares, New Issues | 1,355,263 | |
Business Acquisition Share Issued Per Share of Minority Share of Acquire | 0.664 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Net income (loss) | $ (73) | $ 236 | $ (2,388) | $ 587 |
Weighted average common shares outstanding, basic | 6,798,170 | 6,583,848 | 6,728,573 | 6,571,600 |
Dilutive effect of stock options | 0 | 0 | 0 | 0 |
Weighted average common shares outstanding, diluted | 6,798,170 | 6,583,848 | 6,728,573 | 6,571,600 |
Basic net income (loss) per common share | $ (0.01) | $ 0.04 | $ (0.35) | $ 0.09 |
Diluted net income (loss) per common share | $ (0.01) | $ 0.04 | $ (0.35) | $ 0.09 |
Earnings Per Share (Details Tex
Earnings Per Share (Details Textual) - shares | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 394,125 | 578,125 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 100.00% | 100.00% | [1] | ||
Employee Stock Option [Member] | |||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 80,000 | 109,000 | 80,000 | 109,000 | |
[1] | The amount of the investment in a loan, which is not net of a valuation allowance, but which does reflect any direct write-down of the investment. |
Securities (Details)
Securities (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $ 42,733 | $ 46,673 |
Gross Unrealized Gains | 234 | 8 |
Gross Unrealized Losses | (57) | (461) |
Fair Value | 42,910 | 46,220 |
U.S. Government Agencies [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 1,944 | 2,144 |
Gross Unrealized Gains | 12 | 5 |
Gross Unrealized Losses | (6) | (10) |
Fair Value | 1,950 | 2,139 |
Agency Guaranteed Mortgage- Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 40,789 | 44,529 |
Gross Unrealized Gains | 222 | 3 |
Gross Unrealized Losses | (51) | (451) |
Fair Value | $ 40,960 | $ 44,081 |
Securities (Details 1)
Securities (Details 1) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Amortized Cost | $ 35,864 | $ 25,500 |
Gross Unrealized Gains | 579 | 230 |
Gross Unrealized Losses | (32) | (36) |
Fair Value | 36,411 | 25,694 |
Agency Guaranteed Mortgage- Backed Securities [Member] | ||
Amortized Cost | 35,864 | 25,500 |
Gross Unrealized Gains | 579 | 230 |
Gross Unrealized Losses | (32) | (36) |
Fair Value | $ 36,411 | $ 25,694 |
Securities (Details 2)
Securities (Details 2) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Available For Sale Securities, Amortized Cost | ||
Over one year within five years | $ 0 | |
Over five years within ten years | 1,944 | |
Over ten years | 40,789 | |
Total | 42,733 | |
Available For Sale Securities, Fair Value | ||
Over one year within five years | 0 | |
Over five years within ten years | 1,950 | |
Over ten years | 40,960 | |
Total | 42,910 | $ 46,220 |
Held-to-maturity Securities, Amortized Cost | ||
Over five years within ten years | 3,599 | |
Over ten years | 32,265 | |
Total | 35,864 | 25,500 |
Held-to-maturity Securities, Fair Value | ||
Over five years within ten years | 3,815 | |
Over ten years | 32,596 | |
Total | $ 36,411 | $ 25,694 |
Securities (Details 3)
Securities (Details 3) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Unrealized Losses on Securities Less than 12 Months Fair Value | $ 9,993 | $ 43,021 |
Unrealized Losses on Securities Less than 12 Months Unrealized Losses | (39) | (429) |
Unrealized Losses on Securities 12 Months or longer Fair Value | 9,438 | 4,836 |
Unrealized Losses on Securities 12 Months or longer Unrealized Losses | (50) | (68) |
Total Fair Value | 19,431 | 47,857 |
Total Unrealized Losses | (89) | (497) |
U.S. Government Agencies [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Unrealized Losses on Securities Less than 12 Months Fair Value | 0 | 0 |
Unrealized Losses on Securities Less than 12 Months Unrealized Losses | 0 | 0 |
Unrealized Losses on Securities 12 Months or longer Fair Value | 1,400 | 1,521 |
Unrealized Losses on Securities 12 Months or longer Unrealized Losses | (6) | (10) |
Total Fair Value | 1,400 | 1,521 |
Total Unrealized Losses | (6) | (10) |
Agency Guaranteed Mortgage- Backed Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Unrealized Losses on Securities Less than 12 Months Fair Value | 9,993 | 43,021 |
Unrealized Losses on Securities Less than 12 Months Unrealized Losses | (39) | (429) |
Unrealized Losses on Securities 12 Months or longer Fair Value | 8,038 | 3,315 |
Unrealized Losses on Securities 12 Months or longer Unrealized Losses | (44) | (58) |
Total Fair Value | 18,031 | 46,336 |
Total Unrealized Losses | $ (83) | $ (487) |
Securities (Details Textual)
Securities (Details Textual) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2016 | Dec. 31, 2015 | |
Pledged Financial Instruments, Not Separately Reported, Mortgage-Related Securities Available-for-sale or Held-for-investment | $ 12,900 | $ 13,800 |
Available-for-sale Securities, Gross Realized Gains | 114 | |
Held-to-maturity Securities | 35,864 | 25,500 |
Marketable Securities, Current, Total | 78,800 | 71,700 |
Available-for-sale Securities | 42,910 | 46,220 |
Proceeds from Sale of Available-for-sale Securities, Debt | 13,100 | |
Federal Home Loan Bank Advances | 21,500 | 16,800 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss, Total | $ 89 | $ 497 |
Loans Held for Sale (Details)
Loans Held for Sale (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2016USD ($) | |
Loans Held for Sale [Line Items] | |
Beginning balance | $ 823 |
Ending balance | 915 |
Student Loan [Member] | |
Loans Held for Sale [Line Items] | |
Beginning balance | 0 |
Additions | 909 |
Loss on sale of loans | (500) |
Transfer to loans held for investment | (409) |
Ending balance | $ 0 |
Loans Held for Sale (Details Te
Loans Held for Sale (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2016 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | |
Loans Held for Sale [Line Items] | ||||
Transfer of Portfolio Loans and Leases to Held-for-sale | $ 29,751 | $ 0 | ||
Transfer of loans from held for sale to held for investment | (30,274) | $ 0 | ||
Student Loan [Member] | ||||
Loans Held for Sale [Line Items] | ||||
Transfer of Portfolio Loans and Leases to Held-for-sale | $ 29,800 | |||
Proceeds from Sale of Loans Held-for-sale, Total | $ 24,000 | |||
Provision for Loan Losses Expensed | $ 409 | |||
Residential Mortgage [Member] | ||||
Loans Held for Sale [Line Items] | ||||
Loans Receivable Held-for-sale, Net, Not Part of Disposal Group, Mortgage | $ 220 |
Loans, Allowance for Loan Los39
Loans, Allowance for Loan Losses and Credit Quality (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 | Jun. 30, 2015 | Dec. 31, 2014 |
Total loans | $ 251,453 | $ 246,033 | ||
Allowance for loan losses | (915) | (823) | $ (990) | $ (1,089) |
Total loans, net of allowance for loan losses | 250,538 | 245,210 | ||
Commercial and Industrial [Member] | ||||
Total loans | 34,926 | 34,819 | ||
Allowance for loan losses | (170) | (112) | (255) | (357) |
Guaranteed Student Loans [Member] | ||||
Total loans | 49,437 | 53,847 | ||
Allowance for loan losses | (45) | (47) | (108) | (144) |
Acquisition, Development, and Construction [Member] | Commercial real estate [Member] | ||||
Total loans | 2,202 | 2,168 | ||
Allowance for loan losses | (36) | (89) | (62) | (146) |
Non-Owner Occupied [Member] | Commercial real estate [Member] | ||||
Total loans | 64,417 | 58,044 | ||
Allowance for loan losses | (287) | (157) | (316) | (97) |
Owner Occupied [Member] | Commercial real estate [Member] | ||||
Total loans | 40,197 | 45,690 | ||
Allowance for loan losses | (192) | (82) | (88) | (149) |
Residential Mortgage [Member] | Consumer [Member] | ||||
Total loans | 17,184 | 18,140 | ||
Allowance for loan losses | (75) | (59) | (50) | (98) |
Home Equity Lines of Credit [Member] | Consumer [Member] | ||||
Total loans | 11,957 | 10,603 | ||
Allowance for loan losses | (107) | (61) | (58) | (76) |
Other [Member] | Consumer [Member] | ||||
Total loans | 31,133 | 22,722 | ||
Allowance for loan losses | $ (3) | $ (216) | $ (53) | $ (22) |
Loans, Allowance for Loan Los40
Loans, Allowance for Loan Losses and Credit Quality (Details 1) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Contract principal balance | $ 4,310 | $ 4,779 |
Accretable yield | 0 | (1) |
Carrying value of loans | $ 4,310 | $ 4,778 |
Loans, Allowance for Loan Los41
Loans, Allowance for Loan Losses and Credit Quality (Details 2) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Accretable Yield Beginning balance | $ 1 | $ 42 |
Accretable Yield Charge-offs related to loans covered by ASC 310-30 | 0 | 0 |
Accretable Yield Transfers | 0 | 5 |
Accretable Yield Accretion | (1) | (41) |
Accretable Yield Ending balance | 0 | 6 |
Nonaccretable Discount Beginning balance | 0 | 5 |
Nonaccretable Discount Charge-offs related to loans covered by ASC 310-30 | 0 | 0 |
Nonaccretable Discount Transfers | 0 | (5) |
Nonaccretable Discount Ending balance | $ 0 | $ 0 |
Loans, Allowance for Loan Los42
Loans, Allowance for Loan Losses and Credit Quality (Details 3) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Loans acquired with credit quality | $ 247,143 | $ 241,255 |
Loans acquired with deteriorated credit quality | 4,310 | 4,778 |
Total loans | 251,453 | 246,033 |
Highest Quality [Member] | ||
Loans acquired with credit quality | 0 | 0 |
Above Average Quality [Member] | ||
Loans acquired with credit quality | 64,330 | 68,239 |
Satisfactory [Member] | ||
Loans acquired with credit quality | 124,936 | 115,140 |
Pass [Member] | ||
Loans acquired with credit quality | 56,200 | 54,935 |
Special Mention [Member] | ||
Loans acquired with credit quality | 905 | 2,353 |
Substandard [Member] | ||
Loans acquired with credit quality | 772 | 588 |
Doubtful [Member] | ||
Loans acquired with credit quality | 0 | 0 |
Commercial Real Estate [Member] | Acquisition, Development, and Construction [Member] | ||
Loans acquired with credit quality | 1,661 | 1,613 |
Loans acquired with deteriorated credit quality | 541 | 555 |
Total loans | 2,202 | 2,168 |
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 | 1,328 | 989 |
Commercial Real Estate [Member] | Acquisition, Development, and Construction [Member] | Pass [Member] | ||
Loans acquired with credit quality | 212 | 472 |
Commercial Real Estate [Member] | Acquisition, Development, and Construction [Member] | Special Mention [Member] | ||
Loans acquired with credit quality | 0 | 0 |
Commercial Real Estate [Member] | Acquisition, Development, and Construction [Member] | Substandard [Member] | ||
Loans acquired with credit quality | 121 | 152 |
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 | 63,085 | 56,667 |
Loans acquired with deteriorated credit quality | 1,332 | 1,377 |
Total loans | 64,417 | 58,044 |
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 | 7,689 | 7,772 |
Commercial Real Estate [Member] | Non-Owner Occupied [Member] | Satisfactory [Member] | ||
Loans acquired with credit quality | 32,974 | 27,397 |
Commercial Real Estate [Member] | Non-Owner Occupied [Member] | Pass [Member] | ||
Loans acquired with credit quality | 22,422 | 19,988 |
Commercial Real Estate [Member] | Non-Owner Occupied [Member] | Special Mention [Member] | ||
Loans acquired with credit quality | 0 | 1,510 |
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 | 38,253 | 43,341 |
Loans acquired with deteriorated credit quality | 1,944 | 2,349 |
Total loans | 40,197 | 45,690 |
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 | 2,505 | 3,285 |
Commercial Real Estate [Member] | Owner Occupied [Member] | Satisfactory [Member] | ||
Loans acquired with credit quality | 16,150 | 20,355 |
Commercial Real Estate [Member] | Owner Occupied [Member] | Pass [Member] | ||
Loans acquired with credit quality | 19,217 | 19,550 |
Commercial Real Estate [Member] | Owner Occupied [Member] | Special Mention [Member] | ||
Loans acquired with credit quality | 0 | 0 |
Commercial Real Estate [Member] | Owner Occupied [Member] | Substandard [Member] | ||
Loans acquired with credit quality | 381 | 151 |
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 | 34,926 | 34,819 |
Loans acquired with deteriorated credit quality | 0 | 0 |
Total loans | 34,926 | 34,819 |
Commercial and Industrial [Member] | Highest Quality [Member] | ||
Loans acquired with credit quality | 0 | 0 |
Commercial and Industrial [Member] | Above Average Quality [Member] | ||
Loans acquired with credit quality | 2,437 | 1,876 |
Commercial and Industrial [Member] | Satisfactory [Member] | ||
Loans acquired with credit quality | 25,893 | 26,289 |
Commercial and Industrial [Member] | Pass [Member] | ||
Loans acquired with credit quality | 6,076 | 6,102 |
Commercial and Industrial [Member] | Special Mention [Member] | ||
Loans acquired with credit quality | 520 | 547 |
Commercial and Industrial [Member] | Substandard [Member] | ||
Loans acquired with credit quality | 0 | 5 |
Commercial and Industrial [Member] | Doubtful [Member] | ||
Loans acquired with credit quality | 0 | 0 |
Guaranteed Student Loans [Member] | ||
Loans acquired with credit quality | 49,437 | 53,847 |
Loans acquired with deteriorated credit quality | 0 | 0 |
Total loans | 49,437 | 53,847 |
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 | 49,437 | 53,847 |
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 | 17,049 | 18,003 |
Loans acquired with deteriorated credit quality | 135 | 137 |
Total loans | 17,184 | 18,140 |
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 | 0 | 0 |
Consumer [Member] | Residential Mortgage [Member] | Satisfactory [Member] | ||
Loans acquired with credit quality | 11,548 | 11,959 |
Consumer [Member] | Residential Mortgage [Member] | Pass [Member] | ||
Loans acquired with credit quality | 5,438 | 5,976 |
Consumer [Member] | Residential Mortgage [Member] | Special Mention [Member] | ||
Loans acquired with credit quality | 25 | 27 |
Consumer [Member] | Residential Mortgage [Member] | Substandard [Member] | ||
Loans acquired with credit quality | 38 | 41 |
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 | 11,599 | 10,243 |
Loans acquired with deteriorated credit quality | 358 | 360 |
Total loans | 11,957 | 10,603 |
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 | 1,976 | 1,063 |
Consumer [Member] | Home Equity Lines of Credit [Member] | Satisfactory [Member] | ||
Loans acquired with credit quality | 6,246 | 5,893 |
Consumer [Member] | Home Equity Lines of Credit [Member] | Pass [Member] | ||
Loans acquired with credit quality | 2,785 | 2,779 |
Consumer [Member] | Home Equity Lines of Credit [Member] | Special Mention [Member] | ||
Loans acquired with credit quality | 360 | 269 |
Consumer [Member] | Home Equity Lines of Credit [Member] | Substandard [Member] | ||
Loans acquired with credit quality | 232 | 239 |
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 | 31,133 | 22,722 |
Loans acquired with deteriorated credit quality | 0 | 0 |
Total loans | 31,133 | 22,722 |
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 | 286 | 396 |
Consumer [Member] | Other [Member] | Satisfactory [Member] | ||
Loans acquired with credit quality | 30,797 | 22,258 |
Consumer [Member] | Other [Member] | Pass [Member] | ||
Loans acquired with credit quality | 50 | 68 |
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 Los43
Loans, Allowance for Loan Losses and Credit Quality (Details 4) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Total past due | $ 11,321 | $ 16,849 |
Current | 240,132 | 229,184 |
Total loans | 251,453 | 246,033 |
> 90 days and still accruing | 6,199 | 9,645 |
Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Total past due | 1,856 | 3,251 |
Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Total past due | 2,203 | 2,413 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Total past due | 7,262 | 11,185 |
Commercial Real Estate [Member] | Acquisition, Development, and Construction [Member] | ||
Total past due | 121 | 152 |
Current | 2,081 | 2,016 |
Total loans | 2,202 | 2,168 |
> 90 days and still accruing | 0 | 0 |
Commercial Real Estate [Member] | Acquisition, Development, and Construction [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Total past due | 0 | 0 |
Commercial Real Estate [Member] | Acquisition, Development, and Construction [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Total past due | 0 | 0 |
Commercial Real Estate [Member] | Acquisition, Development, and Construction [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Total past due | 121 | 152 |
Commercial Real Estate [Member] | Non-Owner Occupied [Member] | ||
Total past due | 0 | 0 |
Current | 64,417 | 58,044 |
Total loans | 64,417 | 58,044 |
> 90 days and still accruing | 0 | 0 |
Commercial Real Estate [Member] | Non-Owner Occupied [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Total past due | 0 | 0 |
Commercial Real Estate [Member] | Non-Owner Occupied [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Total past due | 0 | 0 |
Commercial Real Estate [Member] | Non-Owner Occupied [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Total past due | 0 | 0 |
Commercial Real Estate [Member] | Owner Occupied [Member] | ||
Total past due | 878 | 1,388 |
Current | 39,319 | 44,302 |
Total loans | 40,197 | 45,690 |
> 90 days and still accruing | 0 | 0 |
Commercial Real Estate [Member] | Owner Occupied [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Total past due | 0 | 0 |
Commercial Real Estate [Member] | Owner Occupied [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Total past due | 0 | 0 |
Commercial Real Estate [Member] | Owner Occupied [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Total past due | 878 | 1,388 |
Commercial and Industrial [Member] | ||
Total past due | 0 | 0 |
Current | 34,926 | 34,819 |
Total loans | 34,926 | 34,819 |
> 90 days and still accruing | 0 | 0 |
Commercial and Industrial [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Total past due | 0 | 0 |
Commercial and Industrial [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Total past due | 0 | 0 |
Commercial and Industrial [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Total past due | 0 | 0 |
Guaranteed Student Loans [Member] | ||
Total past due | 10,258 | 15,236 |
Current | 39,179 | 38,611 |
Total loans | 49,437 | 53,847 |
> 90 days and still accruing | 6,199 | 9,645 |
Guaranteed Student Loans [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Total past due | 1,856 | 3,178 |
Guaranteed Student Loans [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Total past due | 2,203 | 2,413 |
Guaranteed Student Loans [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Total past due | 6,199 | 9,645 |
Consumer [Member] | Residential Mortgage [Member] | ||
Total past due | 0 | 0 |
Current | 17,184 | 18,140 |
Total loans | 17,184 | 18,140 |
> 90 days and still accruing | 0 | 0 |
Consumer [Member] | Residential Mortgage [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Total past due | 0 | 0 |
Consumer [Member] | Residential Mortgage [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Total past due | 0 | 0 |
Consumer [Member] | Residential Mortgage [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Total past due | 0 | 0 |
Consumer [Member] | Home Equity Lines of Credit [Member] | ||
Total past due | 64 | 0 |
Current | 11,893 | 10,603 |
Total loans | 11,957 | 10,603 |
> 90 days and still accruing | 0 | 0 |
Consumer [Member] | Home Equity Lines of Credit [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Total past due | 0 | 0 |
Consumer [Member] | Home Equity Lines of Credit [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Total past due | 0 | 0 |
Consumer [Member] | Home Equity Lines of Credit [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Total past due | 64 | 0 |
Consumer [Member] | Other Credit Derivatives [Member] | ||
Total past due | 0 | 73 |
Current | 31,133 | 22,649 |
Total loans | 31,133 | 22,722 |
> 90 days and still accruing | 0 | 0 |
Consumer [Member] | Other Credit Derivatives [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Total past due | 0 | 73 |
Consumer [Member] | Other Credit Derivatives [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Total past due | 0 | 0 |
Consumer [Member] | Other Credit Derivatives [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Total past due | $ 0 | $ 0 |
Loans, Allowance for Loan Los44
Loans, Allowance for Loan Losses and Credit Quality (Details 5) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Total non-accrual loans | $ 1,664 | $ 1,834 |
Non-accrual troubled debt restructurings included above [Member] | ||
Total non-accrual loans | 381 | 0 |
Non-accrual purchased credit impaired loans included above [Member] | ||
Total non-accrual loans | 1,010 | 1,370 |
Commercial Real Estate [Member] | Acquisition, Development, and Construction [Member] | ||
Total non-accrual loans | 121 | 152 |
Commercial Real Estate [Member] | Owner Occupied [Member] | ||
Total non-accrual loans | 1,259 | 1,388 |
Commercial and Industrial [Member] | ||
Total non-accrual loans | 0 | 5 |
Consumer [Member] | Residential Mortgage [Member] | ||
Total non-accrual loans | 0 | 0 |
Consumer [Member] | Home Equity Lines of Credit [Member] | ||
Total non-accrual loans | $ 284 | $ 289 |
Loans, Allowance for Loan Los45
Loans, Allowance for Loan Losses and Credit Quality (Details 6) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2016 | Dec. 31, 2015 | ||
With no related allowance recorded Recorded Investment | [1] | $ 708 | $ 524 |
With no related allowance recorded Unpaid Principal | [2] | 716 | 525 |
With no related allowance recorded Related Allowance | 0 | 0 | |
With no related allowance recorded Average Recorded Investment | 558 | 586 | |
With no related allowance recorded Interest Recorded | 3 | 6 | |
With an allowance recorded Recorded Investment | [1] | 64 | 64 |
With an allowance recorded Unpaid Principal | [2] | 64 | 64 |
With an allowance recorded Related Allowance | 30 | 16 | |
With an allowance recorded Average Recorded Investment | 66 | 66 | |
With an allowance recorded Interest Recorded | 0 | 0 | |
Recorded Investment | [1] | 772 | 588 |
Unpaid Principal | [2] | 780 | 589 |
Related Allowance | 30 | 16 | |
Average Recorded Investment | 624 | 652 | |
Interest Recorded | 3 | 6 | |
Commercial Real Estate [Member] | Acquisition, Development, and Construction [Member] | |||
With no related allowance recorded Recorded Investment | [1] | 121 | 152 |
With no related allowance recorded Unpaid Principal | [2] | 121 | 152 |
With no related allowance recorded Related Allowance | 0 | 0 | |
With no related allowance recorded Average Recorded Investment | 125 | 188 | |
With no related allowance recorded Interest Recorded | 0 | 0 | |
With an allowance recorded Recorded Investment | [1] | 0 | 0 |
With an allowance recorded Unpaid Principal | [2] | 0 | 0 |
With an allowance recorded Related Allowance | 0 | 0 | |
With an allowance recorded Average Recorded Investment | 0 | 0 | |
With an allowance recorded Interest Recorded | 0 | 0 | |
Recorded Investment | [1] | 121 | 152 |
Unpaid Principal | [2] | 121 | 152 |
Related Allowance | 0 | 0 | |
Average Recorded Investment | 125 | 188 | |
Interest Recorded | 0 | 0 | |
Commercial Real Estate [Member] | Non-Owner Occupied [Member] | |||
With no related allowance recorded Recorded Investment | [1] | 0 | 0 |
With no related allowance recorded Unpaid Principal | [2] | 0 | 0 |
With no related allowance recorded Related Allowance | 0 | 0 | |
With no related allowance recorded Average Recorded Investment | 0 | 0 | |
With no related allowance recorded Interest Recorded | 0 | 0 | |
With an allowance recorded Recorded Investment | [1] | 0 | 0 |
With an allowance recorded Unpaid Principal | [2] | 0 | 0 |
With an allowance recorded Related Allowance | 0 | 0 | |
With an allowance recorded Average Recorded Investment | 0 | 0 | |
With an allowance recorded Interest Recorded | 0 | 0 | |
Recorded Investment | [1] | 0 | 0 |
Unpaid Principal | [2] | 0 | 0 |
Related Allowance | 0 | 0 | |
Average Recorded Investment | 0 | 0 | |
Interest Recorded | 0 | 0 | |
Commercial Real Estate [Member] | Owner Occupied [Member] | |||
With no related allowance recorded Recorded Investment | [1] | 381 | 151 |
With no related allowance recorded Unpaid Principal | [2] | 389 | 152 |
With no related allowance recorded Related Allowance | 0 | 0 | |
With no related allowance recorded Average Recorded Investment | 223 | 156 | |
With no related allowance recorded Interest Recorded | 0 | 0 | |
With an allowance recorded Recorded Investment | [1] | 0 | 0 |
With an allowance recorded Unpaid Principal | [2] | 0 | 0 |
With an allowance recorded Related Allowance | 0 | 0 | |
With an allowance recorded Average Recorded Investment | 0 | 0 | |
With an allowance recorded Interest Recorded | 0 | 0 | |
Recorded Investment | [1] | 381 | 151 |
Unpaid Principal | [2] | 389 | 152 |
Related Allowance | 0 | 0 | |
Average Recorded Investment | 223 | 156 | |
Interest Recorded | 0 | 0 | |
Commercial and Industrial [Member] | |||
With no related allowance recorded Recorded Investment | [1] | 0 | 5 |
With no related allowance recorded Unpaid Principal | [2] | 0 | 5 |
With no related allowance recorded Related Allowance | 0 | 0 | |
With no related allowance recorded Average Recorded Investment | 0 | 13 | |
With no related allowance recorded Interest Recorded | 0 | 0 | |
With an allowance recorded Recorded Investment | [1] | 0 | 0 |
With an allowance recorded Unpaid Principal | [2] | 0 | 0 |
With an allowance recorded Related Allowance | 0 | 0 | |
With an allowance recorded Average Recorded Investment | 0 | 0 | |
With an allowance recorded Interest Recorded | 0 | 0 | |
Recorded Investment | [1] | 0 | 5 |
Unpaid Principal | [2] | 0 | 5 |
Related Allowance | 0 | 0 | |
Average Recorded Investment | 0 | 13 | |
Interest Recorded | 0 | 0 | |
Consumer [Member] | Residential Mortgage [Member] | |||
With no related allowance recorded Recorded Investment | [1] | 38 | 41 |
With no related allowance recorded Unpaid Principal | [2] | 38 | 41 |
With no related allowance recorded Related Allowance | 0 | 0 | |
With no related allowance recorded Average Recorded Investment | 39 | 44 | |
With no related allowance recorded Interest Recorded | 1 | 3 | |
With an allowance recorded Recorded Investment | [1] | 0 | 0 |
With an allowance recorded Unpaid Principal | [2] | 0 | 0 |
With an allowance recorded Related Allowance | 0 | 0 | |
With an allowance recorded Average Recorded Investment | 0 | 0 | |
With an allowance recorded Interest Recorded | 0 | 0 | |
Recorded Investment | [1] | 38 | 41 |
Unpaid Principal | [2] | 38 | 41 |
Related Allowance | 0 | 0 | |
Average Recorded Investment | 39 | 44 | |
Interest Recorded | 1 | 3 | |
Consumer [Member] | Home Equity Lines of Credit [Member] | |||
With no related allowance recorded Recorded Investment | [1] | 168 | 175 |
With no related allowance recorded Unpaid Principal | [2] | 168 | 175 |
With no related allowance recorded Related Allowance | 0 | 0 | |
With no related allowance recorded Average Recorded Investment | 171 | 185 | |
With no related allowance recorded Interest Recorded | 2 | 3 | |
With an allowance recorded Recorded Investment | [1] | 64 | 64 |
With an allowance recorded Unpaid Principal | [2] | 64 | 64 |
With an allowance recorded Related Allowance | 30 | 16 | |
With an allowance recorded Average Recorded Investment | 66 | 66 | |
With an allowance recorded Interest Recorded | 0 | 0 | |
Recorded Investment | [1] | 232 | 239 |
Unpaid Principal | [2] | 232 | 239 |
Related Allowance | 30 | 16 | |
Average Recorded Investment | 237 | 251 | |
Interest Recorded | 2 | 3 | |
Consumer [Member] | Other Credit Derivatives [Member] | |||
With no related allowance recorded Recorded Investment | [1] | 0 | 0 |
With no related allowance recorded Unpaid Principal | [2] | 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 | [1] | 0 | 0 |
With an allowance recorded Unpaid Principal | [2] | 0 | 0 |
With an allowance recorded Related Allowance | 0 | 0 | |
With an allowance recorded Average Recorded Investment | 0 | 0 | |
With an allowance recorded Interest Recorded | 0 | 0 | |
Recorded Investment | [1] | 0 | 0 |
Unpaid Principal | [2] | 0 | 0 |
Related Allowance | 0 | 0 | |
Average Recorded Investment | 0 | 0 | |
Interest Recorded | $ 0 | $ 0 | |
[1] | The amount of the investment in a loan, which is not net of a valuation allowance, but which does reflect any direct write-down of the investment. | ||
[2] | The contractual amount due, which reflects paydowns applied in accordance with loan documents, but which does not reflect any direct write-downs. |
Loans, Allowance for Loan Los46
Loans, Allowance for Loan Losses and Credit Quality (Details 7) - USD ($) $ in Thousands | 6 Months Ended | |||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Dec. 31, 2015 | |
Beginning balance | $ 823 | $ 1,089 | ||
Charge-offs | (84) | (364) | ||
Recoveries | 29 | 542 | ||
Net (charge-offs) recoveries | (55) | 178 | ||
Provision (recovery) | 147 | (277) | ||
Ending balance | 915 | 990 | ||
Allowance for loan losses for loans | ||||
Individually evaluated for impairment | $ 30 | $ 16 | ||
Collectively evaluated for impairment | 814 | 807 | ||
Ending balance | 915 | 1,089 | 915 | 823 |
Gross loan balances | ||||
Individually evaluated for impairment | 772 | 588 | ||
Collectively evaluated for impairment | 246,372 | 240,667 | ||
Loans acquired with deteriorated credit quality | 251,453 | 246,033 | ||
Ending balance | 251,453 | 246,033 | ||
Receivables Acquired with Deteriorated Credit Quality [Member] | ||||
Allowance for loan losses for loans | ||||
Loans acquired with deteriorated credit quality | 71 | 0 | ||
Gross loan balances | ||||
Loans acquired with deteriorated credit quality | 4,310 | 4,778 | ||
Commercial Real Estate [Member] | Acquisition, Development, and Construction [Member] | ||||
Beginning balance | 89 | 146 | ||
Charge-offs | 0 | (127) | ||
Recoveries | 0 | 0 | ||
Net (charge-offs) recoveries | 0 | (127) | ||
Provision (recovery) | (53) | 43 | ||
Ending balance | 36 | 62 | ||
Allowance for loan losses for loans | ||||
Individually evaluated for impairment | 0 | 0 | ||
Collectively evaluated for impairment | 36 | 89 | ||
Ending balance | 36 | 146 | 36 | 89 |
Gross loan balances | ||||
Individually evaluated for impairment | 121 | 152 | ||
Collectively evaluated for impairment | 1,540 | 1,461 | ||
Loans acquired with deteriorated credit quality | 2,202 | 2,168 | ||
Ending balance | 2,202 | 2,168 | ||
Commercial Real Estate [Member] | Acquisition, Development, and Construction [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | ||||
Allowance for loan losses for loans | ||||
Loans acquired with deteriorated credit quality | 0 | 0 | ||
Gross loan balances | ||||
Loans acquired with deteriorated credit quality | 541 | 555 | ||
Commercial Real Estate [Member] | Non-Owner Occupied [Member] | ||||
Beginning balance | 157 | 97 | ||
Charge-offs | 0 | 0 | ||
Recoveries | 0 | 0 | ||
Net (charge-offs) recoveries | 0 | 0 | ||
Provision (recovery) | 130 | 219 | ||
Ending balance | 287 | 316 | ||
Allowance for loan losses for loans | ||||
Individually evaluated for impairment | 0 | 0 | ||
Collectively evaluated for impairment | 287 | 157 | ||
Ending balance | 287 | 97 | 287 | 157 |
Gross loan balances | ||||
Individually evaluated for impairment | 0 | 0 | ||
Collectively evaluated for impairment | 63,085 | 56,667 | ||
Loans acquired with deteriorated credit quality | 64,417 | 58,044 | ||
Ending balance | 64,417 | 58,044 | ||
Commercial Real Estate [Member] | Non-Owner Occupied [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | ||||
Allowance for loan losses for loans | ||||
Loans acquired with deteriorated credit quality | 0 | 0 | ||
Gross loan balances | ||||
Loans acquired with deteriorated credit quality | 1,332 | 1,377 | ||
Commercial Real Estate [Member] | Owner Occupied [Member] | ||||
Beginning balance | 82 | 149 | ||
Charge-offs | 0 | 0 | ||
Recoveries | 0 | 234 | ||
Net (charge-offs) recoveries | 0 | 234 | ||
Provision (recovery) | 110 | (295) | ||
Ending balance | 192 | 88 | ||
Allowance for loan losses for loans | ||||
Individually evaluated for impairment | 0 | 0 | ||
Collectively evaluated for impairment | 121 | 82 | ||
Ending balance | 192 | 149 | 192 | 82 |
Gross loan balances | ||||
Individually evaluated for impairment | 381 | 151 | ||
Collectively evaluated for impairment | 37,872 | 43,190 | ||
Loans acquired with deteriorated credit quality | 40,197 | 45,690 | ||
Ending balance | 40,197 | 45,690 | ||
Commercial Real Estate [Member] | Owner Occupied [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | ||||
Allowance for loan losses for loans | ||||
Loans acquired with deteriorated credit quality | 71 | 0 | ||
Gross loan balances | ||||
Loans acquired with deteriorated credit quality | 1,944 | 2,349 | ||
Commercial and Industrial [Member] | ||||
Beginning balance | 112 | 357 | ||
Charge-offs | 0 | (109) | ||
Recoveries | 25 | 302 | ||
Net (charge-offs) recoveries | 25 | 193 | ||
Provision (recovery) | 33 | (295) | ||
Ending balance | 170 | 255 | ||
Allowance for loan losses for loans | ||||
Individually evaluated for impairment | 0 | 0 | ||
Collectively evaluated for impairment | 170 | 112 | ||
Ending balance | 170 | 357 | 170 | 112 |
Gross loan balances | ||||
Individually evaluated for impairment | 0 | 5 | ||
Collectively evaluated for impairment | 34,926 | 34,814 | ||
Loans acquired with deteriorated credit quality | 34,926 | 34,819 | ||
Ending balance | 34,926 | 34,819 | ||
Commercial and Industrial [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | ||||
Allowance for loan losses for loans | ||||
Loans acquired with deteriorated credit quality | 0 | 0 | ||
Gross loan balances | ||||
Loans acquired with deteriorated credit quality | 0 | 0 | ||
Guaranteed Student Loans [Member] | ||||
Beginning balance | 47 | 144 | ||
Charge-offs | (13) | (106) | ||
Recoveries | 0 | 0 | ||
Net (charge-offs) recoveries | (13) | (106) | ||
Provision (recovery) | 11 | 70 | ||
Ending balance | 45 | 108 | ||
Allowance for loan losses for loans | ||||
Individually evaluated for impairment | 0 | 0 | ||
Collectively evaluated for impairment | 45 | 47 | ||
Ending balance | 45 | 144 | 45 | 47 |
Gross loan balances | ||||
Individually evaluated for impairment | 0 | 0 | ||
Collectively evaluated for impairment | 49,437 | 53,847 | ||
Loans acquired with deteriorated credit quality | 49,437 | 53,847 | ||
Ending balance | 49,437 | 53,847 | ||
Guaranteed Student Loans [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | ||||
Allowance for loan losses for loans | ||||
Loans acquired with deteriorated credit quality | 0 | 0 | ||
Gross loan balances | ||||
Loans acquired with deteriorated credit quality | 0 | 0 | ||
Consumer [Member] | Residential Mortgage [Member] | ||||
Beginning balance | 59 | 98 | ||
Charge-offs | 0 | 0 | ||
Recoveries | 1 | 3 | ||
Net (charge-offs) recoveries | 1 | 3 | ||
Provision (recovery) | 15 | (51) | ||
Ending balance | 75 | 50 | ||
Allowance for loan losses for loans | ||||
Individually evaluated for impairment | 0 | 0 | ||
Collectively evaluated for impairment | 75 | 59 | ||
Ending balance | 75 | 98 | 75 | 59 |
Gross loan balances | ||||
Individually evaluated for impairment | 38 | 41 | ||
Collectively evaluated for impairment | 17,011 | 17,962 | ||
Loans acquired with deteriorated credit quality | 17,184 | 18,140 | ||
Ending balance | 17,184 | 18,140 | ||
Consumer [Member] | Residential Mortgage [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | ||||
Allowance for loan losses for loans | ||||
Loans acquired with deteriorated credit quality | 0 | 0 | ||
Gross loan balances | ||||
Loans acquired with deteriorated credit quality | 135 | 137 | ||
Consumer [Member] | Home Equity Lines of Credit [Member] | ||||
Beginning balance | 61 | 76 | ||
Charge-offs | 0 | (20) | ||
Recoveries | 3 | 3 | ||
Net (charge-offs) recoveries | 3 | (17) | ||
Provision (recovery) | 43 | (1) | ||
Ending balance | 107 | 58 | ||
Allowance for loan losses for loans | ||||
Individually evaluated for impairment | 30 | 16 | ||
Collectively evaluated for impairment | 77 | 45 | ||
Ending balance | 107 | 76 | 107 | 61 |
Gross loan balances | ||||
Individually evaluated for impairment | 232 | 239 | ||
Collectively evaluated for impairment | 11,367 | 10,004 | ||
Loans acquired with deteriorated credit quality | 11,957 | 10,603 | ||
Ending balance | 11,957 | 10,603 | ||
Consumer [Member] | Home Equity Lines of Credit [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | ||||
Allowance for loan losses for loans | ||||
Loans acquired with deteriorated credit quality | 0 | 0 | ||
Gross loan balances | ||||
Loans acquired with deteriorated credit quality | 358 | 360 | ||
Consumer [Member] | Other Credit Derivatives [Member] | ||||
Beginning balance | 216 | 22 | ||
Charge-offs | (71) | (2) | ||
Recoveries | 0 | 0 | ||
Net (charge-offs) recoveries | (71) | (2) | ||
Provision (recovery) | (142) | 33 | ||
Ending balance | 3 | 53 | ||
Allowance for loan losses for loans | ||||
Individually evaluated for impairment | 0 | 0 | ||
Collectively evaluated for impairment | 3 | 216 | ||
Ending balance | $ 3 | $ 22 | 3 | 216 |
Gross loan balances | ||||
Individually evaluated for impairment | 0 | 0 | ||
Collectively evaluated for impairment | 31,133 | 22,722 | ||
Loans acquired with deteriorated credit quality | 31,133 | 22,722 | ||
Ending balance | 31,133 | 22,722 | ||
Consumer [Member] | Other Credit Derivatives [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | ||||
Allowance for loan losses for loans | ||||
Loans acquired with deteriorated credit quality | 0 | 0 | ||
Gross loan balances | ||||
Loans acquired with deteriorated credit quality | $ 0 | $ 0 |
Loans, Allowance for Loan Los47
Loans, Allowance for Loan Losses and Credit Quality (Details 8) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2016USD ($) | Jun. 30, 2016USD ($) | |
Gross loan balances | ||
Number of loans | 0 | 1 |
Rate modification | $ 0 | $ 0 |
Term extension | 0 | 353 |
Pre-modification recorded investment | 0 | 353 |
Post-modification recorded investment | $ 0 | $ 390 |
Commercial Real Estate Portfolio Segment [Member] | ||
Gross loan balances | ||
Number of loans | 0 | 1 |
Rate modification | $ 0 | $ 0 |
Term extension | 0 | 353 |
Pre-modification recorded investment | 0 | 353 |
Post-modification recorded investment | $ 0 | $ 390 |
Loans, Allowance for Loan Los48
Loans, Allowance for Loan Losses and Credit Quality (Details Textual) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2016 | Dec. 31, 2015 | |
Financing Receivable, Modifications, Recorded Investment | $ 381 | |
Percentage Of Principal And Interest On Guaranteed Student Loans | 98.00% | |
Deferred Loan Costs, Net | $ 1,900 | $ 1,700 |
Purchased Performing Loans | $ 4,900 | 6,900 |
Percentage Of Principal And Interest Non Guaranteed Student Loans | 2.00% | |
Loans and Leases Receivable, Net Amount, Total | $ 250,538 | 245,210 |
Other Credit Derivatives [Member] | Student Loan [Member] | ||
Loans and Leases Receivable, Net Amount, Total | 30,300 | 21,900 |
Guaranteed Student Loans [Member] | ||
Loan Premiums | $ 775 | $ 827 |
Intangible Assets (Details)
Intangible Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2016 | Jun. 30, 2016 | |
Beginning Balance | $ 59 | $ 68 |
Amortization | (9) | (18) |
Ending Balance | $ 50 | $ 50 |
Intangible Assets (Details Text
Intangible Assets (Details Textual) $ in Thousands | 6 Months Ended |
Jun. 30, 2016USD ($) | |
Finite-lived Intangible Assets Acquired | $ 249 |
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | 35 |
Finite-Lived Intangible Assets, Amortization Expense, Year Two | $ 33 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 | Jun. 30, 2015 | Dec. 31, 2014 |
Assets: | ||||
Cash and cash equivalents | $ 11,792 | $ 18,460 | $ 19,364 | $ 21,840 |
Securities available for sale | 42,910 | 46,220 | ||
Securities held to maturity | 35,864 | 25,500 | ||
Interest receivable | 2,090 | 2,085 | ||
Liabilities: | ||||
Demand deposits | 29,293 | 28,969 | ||
Savings and interest-bearing demand deposits | 114,015 | 107,057 | ||
Time deposits | 152,754 | 154,018 | ||
FHLB Borrowings | 30,000 | 30,000 | ||
Fair Value, Inputs, Level 1 [Member] | ||||
Assets: | ||||
Cash and cash equivalents | 11,792 | 18,460 | ||
Securities available for sale | 0 | 0 | ||
Securities held to maturity | 0 | 0 | ||
Restricted securities | 0 | 0 | ||
Loans held for sale | 0 | 0 | ||
Net Loans held for investment | 0 | 0 | ||
Interest receivable | 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 | 42,910 | 46,220 | ||
Securities held to maturity | 36,411 | 25,694 | ||
Restricted securities | 2,393 | 2,355 | ||
Loans held for sale | 0 | 220 | ||
Net Loans held for investment | 0 | 0 | ||
Interest receivable | 2,090 | 2,085 | ||
Liabilities: | ||||
Demand deposits | 29,293 | 28,969 | ||
Savings and interest-bearing demand deposits | 114,015 | 107,057 | ||
Time deposits | 153,813 | 154,027 | ||
FHLB Borrowings | 29,970 | 29,878 | ||
Interest payable | 228 | 197 | ||
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 | ||
Loans held for sale | 0 | 0 | ||
Net Loans held for investment | 249,654 | 244,776 | ||
Interest receivable | 0 | |||
Liabilities: | ||||
Demand deposits | 0 | 0 | ||
Savings and interest-bearing demand deposits | 0 | 0 | ||
Time deposits | 0 | 0 | ||
FHLB Borrowings | 0 | 0 | ||
Interest payable | 0 | 0 | ||
Fair Value [Member] | ||||
Assets: | ||||
Cash and cash equivalents | 11,792 | 18,460 | ||
Securities available for sale | 42,910 | 46,220 | ||
Securities held to maturity | 36,411 | 25,694 | ||
Restricted securities | 2,393 | 2,355 | ||
Loans held for sale | 0 | 220 | ||
Net Loans held for investment | 249,654 | 244,776 | ||
Interest receivable | 2,090 | 2,085 | ||
Liabilities: | ||||
Demand deposits | 29,293 | 28,969 | ||
Savings and interest-bearing demand deposits | 114,015 | 107,057 | ||
Time deposits | 153,813 | 154,027 | ||
FHLB Borrowings | 29,970 | 29,878 | ||
Interest payable | 228 | 197 | ||
Carrying Amount [Member] | ||||
Assets: | ||||
Cash and cash equivalents | 11,792 | 18,460 | ||
Securities available for sale | 42,910 | 46,220 | ||
Securities held to maturity | 35,864 | 25,500 | ||
Restricted securities | 2,393 | 2,355 | ||
Loans held for sale | 0 | 220 | ||
Net Loans held for investment | 250,538 | 245,210 | ||
Interest receivable | 2,090 | 2,085 | ||
Liabilities: | ||||
Demand deposits | 29,293 | 28,969 | ||
Savings and interest-bearing demand deposits | 114,015 | 107,057 | ||
Time deposits | 152,754 | 154,018 | ||
FHLB Borrowings | 30,000 | 30,000 | ||
Interest payable | $ 228 | $ 197 |
Fair Value Measurements (Deta52
Fair Value Measurements (Details 1) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
U.S. Government Agencies [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Recurring | $ 1,950 | $ 2,139 |
U.S. Government Agencies [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Recurring | 0 | 0 |
U.S. Government Agencies [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Recurring | 1,950 | 2,139 |
U.S. Government Agencies [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Recurring | 0 | 0 |
Agency Guaranteed Mortgage- Backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Recurring | 40,960 | 44,081 |
Agency Guaranteed Mortgage- Backed Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Recurring | 0 | 0 |
Agency Guaranteed Mortgage- Backed Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Recurring | 40,960 | 44,081 |
Agency Guaranteed Mortgage- Backed Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Recurring | $ 0 | 0 |
Loans Held For Sale [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Recurring | 220 | |
Loans Held For Sale [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Recurring | 0 | |
Loans Held For Sale [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Recurring | 220 | |
Loans Held For Sale [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Recurring | $ 0 |
Fair Value Measurements (Deta53
Fair Value Measurements (Details 2) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Fair Value Measurements [Line Items] | ||
Impaired loans | $ 34 | $ 48 |
Other real estate owned | 1,885 | 1,870 |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value Measurements [Line Items] | ||
Impaired loans | 0 | 0 |
Other real estate owned | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value Measurements [Line Items] | ||
Impaired loans | 0 | 0 |
Other real estate owned | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Measurements [Line Items] | ||
Impaired loans | 34 | 48 |
Other real estate owned | $ 1,885 | $ 1,870 |
Fair Value Measurements (Deta54
Fair Value Measurements (Details 3) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2016 | Dec. 31, 2015 | |
Other Real Estate Owned [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value | $ 1,885 | $ 1,870 |
Valuation Technique | Discounted appraised value | Discounted appraised values |
Unobservable Input | Discount for lack of marketability | Discount for lack of marketability |
Impaired Loan [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value | $ 34 | $ 48 |
Valuation Technique | Appraisals | Appraisals |
Unobservable Input | Discount to reflect current market condition and estimated selling costs | Discount to reflect current market condition and estimated selling costs |
Minimum [Member] | Other Real Estate Owned [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Range | 6.00% | 6.00% |
Minimum [Member] | Impaired Loan [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Range | 0.00% | 0.00% |
Maximum [Member] | Other Real Estate Owned [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Range | 29.00% | 29.00% |
Maximum [Member] | Impaired Loan [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Range | 15.00% | 10.00% |
Stock-Based Compensation (Detai
Stock-Based Compensation (Details) - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2016 | Dec. 31, 2015 | |
Stock Options Outstanding, Beginning Balance | 124,686 | |
Stock Options Vested, Beginning Balance | 63,567 | |
Stock Options Nonvested, Beginning Balance | 61,119 | |
Stock Options, Issued | 0 | |
Stock Options, Exercised | 0 | |
Stock Options, Forfeited | 44,678 | |
Stock Options, Expired | 0 | |
Stock Options Outstanding, Ending Balance | 80,008 | |
Stock Options Vested, Ending Balance | 39,432 | |
Stock Options Nonvested, Ending Balance | 40,576 | |
Weighted Average Exercise Price Outstanding, Beginning balance | $ 6.59 | |
Weighted Average Exercise Price Vested, Beginning balance | 8.71 | |
Weighted Average Exercise Price Nonvested, Beginning balance | $ 4.39 | |
Weighted Average Exercise Price, Issued | $ 0 | |
Weighted Average Exercise Price, Exercised | 0 | |
Weighted Average Exercise Price, Forfeited | 5.14 | |
Weighted Average Exercise Price, Expired | 0 | |
Weighted Average Exercise Price Outstanding, Ending Balance | 7.4 | |
Weighted Average Exercise Price Vested, Ending Balance | 10.69 | |
Weighted Average Exercise Price Nonvested, Ending balance | $ 4.21 | |
Weighted Average Remaining Contractual Life, Outstanding | 7 years 2 months 1 day | 0 years |
Weighted Average Remaining Contractual Life, Vested | 5 years 10 months 28 days | 0 years |
Weighted Average Remaining Contractual Life, Nonvested | 8 years 4 months 20 days | 0 years |
Weighted Average Remaining Contractual Life, Issued | 0 years | |
Weighted Average Remaining Contractual Life, Exercised | 0 years | |
Weighted Average Remaining Contractual Life, Forfeited | 0 years | |
Weighted Average Remaining Contractual Life, Expired | 0 years | |
Weighted Average Grant Date Fair Value Outstanding, Beginning Balance | $ 2.25 | |
Weighted Average Grant Date Fair Value Vested, Beginning Balance | 2.94 | |
Weighted Average Grant Date Fair Value Nonvested, Beginning Balance | $ 1.54 | |
Weighted Average Grant Date Fair Value, Issued | $ 0 | |
Weighted Average Grant Date Fair Value, Exercised | 0 | |
Weighted Average Grant Date Fair Value, Forfeited | 1.8 | |
Weighted Average Grant Date Fair Value, Expired | 0 | |
Weighted Average Grant Date Fair Value Outstanding, Ending Balance | 2.51 | |
Weighted Average Grant Date Fair Value Vested, Ending Balance | 3.56 | |
Weighted Average Grant Date Fair Value Nonvested, Ending Balance | $ 1.48 | |
Aggregate Intrinsic Value Outstanding, Beginning balance | $ 0 | |
Aggregate Intrinsic Value Vested, Beginning balance | 0 | |
Aggregate Intrinsic Value Nonvested, Beginning balance | $ 0 | |
Aggregate Intrinsic Value, Issued | $ 0 | |
Aggregate Intrinsic Value, Exercised | 0 | |
Aggregate Intrinsic Value, Forfeited | 0 | |
Aggregate Intrinsic Value, Expired | 0 | |
Aggregate Intrinsic Value Outstanding, Ending balance | 44,243 | |
Aggregate Intrinsic Value Vested, Ending balance | 7,092 | |
Aggregate Intrinsic Value Nonvested, Ending balance | $ 37,152 |
Stock-Based Compensation (Det56
Stock-Based Compensation (Details 1) - $ / shares | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Stock Options Outstanding | 80,008 | 124,686 | |
Wgt. Avg Exerciese Price Outstanding | $ 7.4 | $ 6.59 | |
Wgt. Avg. Remaining Contractual Life | 7 years 2 months 1 day | 0 years | |
Employee Stock Option [Member] | |||
Stock Options Outstanding | 80,008 | ||
Wgt. Avg Exerciese Price Outstanding | $ 7.4 | ||
Wgt. Avg. Remaining Contractual Life | 7 years 2 months 1 day | ||
Stock Options Exercisable | 39,432 | ||
Wgt. Avg Exerciese Price Exercisable | $ 10.69 | ||
Exercise Price Range One [Member] | Employee Stock Option [Member] | |||
Stock Options Outstanding | 80,008 | ||
Wgt. Avg Exerciese Price Outstanding | $ 7.40 | ||
Wgt. Avg. Remaining Contractual Life | 7 years 2 months 1 day | ||
Range of Exercise Prices, Minimum | $ 3.82 | ||
Range of Exercise Prices, Maximum | $ 58.73 | ||
Exercise Price Range Two [Member] | Employee Stock Option [Member] | |||
Stock Options Exercisable | 39,432 | ||
Wgt. Avg Exerciese Price Exercisable | $ 10.69 | ||
Range of Exercise Prices, Minimum | 3.82 | ||
Range of Exercise Prices, Maximum | $ 58.73 |
Stock-Based Compensation (Det57
Stock-Based Compensation (Details 2) | 12 Months Ended |
Dec. 31, 2015 | |
Expected dividend rate | 0.00% |
Expected volatility | 30.00% |
Expected term in years | 7 years |
Risk free rate | 2.01% |
Stock-Based Compensation (Det58
Stock-Based Compensation (Details 3) $ in Thousands | 6 Months Ended |
Jun. 30, 2016USD ($) | |
Total intrinsic value of options exercised: | $ 0 |
Total fair value of shares vested during the period: | $ 28,478 |
Weighted-average period over which nonvested awards are expected to be recognized: | 7 months 13 days |
Stock-Based Compensation (Det59
Stock-Based Compensation (Details 4) - Restricted Stock [Member] | 6 Months Ended |
Jun. 30, 2016$ / sharesshares | |
Nonvested, Number, Beginning Balance | shares | 107,460 |
Issued | shares | 27,419 |
Vested | shares | 59,567 |
Forfeited | shares | 0 |
Nonvested, Number, Ending Balance | shares | 75,312 |
Nonvested, Number,Weighted Average Price Beginning Balance | $ / shares | $ 4.05 |
Issued | $ / shares | 3.87 |
Vested | $ / shares | 4.04 |
Forfeited | $ / shares | 0 |
Nonvested, Number,Weighted Average Price Ending Balance | $ / shares | $ 3.99 |
Stock-Based Compensation (Det60
Stock-Based Compensation (Details 5) $ in Thousands | 6 Months Ended |
Jun. 30, 2016USD ($) | |
Total fair value of shares vested during the period: | $ 28,478 |
Restricted Stock [Member] | |
Total fair value of shares vested during the period: | $ 240,891 |
Weighted-average period over which nonvested awards are expected to be recognized: | 1 year 3 months 29 days |
Stock-Based Compensation (Det61
Stock-Based Compensation (Details 6) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Allocated Share-based Compensation Expense | $ 81 | $ 55 | $ 967 | $ 110 |
Employee Stock Option [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Allocated Share-based Compensation Expense | 43 | 12 | 61 | 24 |
Restricted Stock Options [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Allocated Share-based Compensation Expense | 38 | 43 | 188 | 86 |
Founders Shares [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Allocated Share-based Compensation Expense | $ 0 | $ 0 | $ 718 | $ 0 |
Stock-Based Compensation (Det62
Stock-Based Compensation (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 0 | |||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options | $ 22 | $ 54 | $ 22 | $ 54 | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options | 314 | 444 | 314 | 444 | ||
Allocated Share-based Compensation Expense | $ 81 | $ 55 | $ 967 | $ 110 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 100.00% | 100.00% | [1] | |||
Employee Stock Option [Member] | Mr. Zoeller [Member] | ||||||
Allocated Share-based Compensation Expense | $ 800 | |||||
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 | 27,419 | |||||
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period Grant Date Fair Value | $ 106 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 59,567 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 75,312 | 75,312 | 107,460 | |||
Restricted Stock [Member] | Mr. Zoeller [Member] | ||||||
Allocated Share-based Compensation Expense | $ 967 | |||||
Restricted Stock [Member] | September 2013 [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 12,500 | |||||
2005 Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 26,560 | 26,560 | ||||
2011 Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 565,346 | 565,346 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Other Increases (Decreases) in Period | 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 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 184,000 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 341,125 | 341,125 | ||||
Outside Plan Prior To Merger In March 2013 [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 20,000 | |||||
[1] | The amount of the investment in a loan, which is not net of a valuation allowance, but which does reflect any direct write-down of the investment. |
Accumulated other Comprehensi63
Accumulated other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | $ (148) | $ (152) | $ (690) | $ (468) |
Unrealized holding gains (losses) on availabe for sale securities | 99 | (470) | 630 | (166) |
Amortization of unrealized losses transferred from AFS to HTM | 10 | 13 | 21 | 25 |
Net current period other comprehensive income | 109 | (457) | 651 | (141) |
Ending balance | (39) | (609) | (39) | (609) |
Unrealized Gain (Loss) on Available-for-Sale Securities [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | 78 | 122 | (453) | (182) |
Unrealized holding gains (losses) on availabe for sale securities | 99 | (470) | 630 | (166) |
Amortization of unrealized losses transferred from AFS to HTM | 0 | 0 | 0 | 0 |
Net current period other comprehensive income | 99 | (470) | 630 | (166) |
Ending balance | 177 | (348) | 177 | (348) |
Unrealized losses transferred Held-to-Maturity Securities [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | (226) | (274) | (237) | (286) |
Unrealized holding gains (losses) on availabe for sale securities | 0 | 0 | 0 | 0 |
Amortization of unrealized losses transferred from AFS to HTM | 10 | 13 | 21 | 25 |
Net current period other comprehensive income | 10 | 13 | 21 | 25 |
Ending balance | $ (216) | $ (261) | $ (216) | $ (261) |
Accumulated other Comprehensi64
Accumulated other Comprehensive Income (Loss) (Details 1) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Realized gains on sales of available for sale securities | $ 0 | $ 0 | $ 0 | $ 114 |
Total reclassifications | 0 | 114 | ||
Net gain on sale of available-for-sale securities [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Realized gains on sales of available for sale securities | $ 0 | $ 114 |